Full text of Federal Reserve Bulletin : March 1922
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FEDERAL RESERVE
BULLETIN
(FINAL EDITION)
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
MARCH, 1922
WASHINGTON
GOVERNMENT FEINTING OFFICE
1922
FEDERAL RESERVE BOARD.
EX OFFICIO MEMBERS.
EDMUND PLATT, Vice Governor.
A. W. MELLON,
Secretary of the Treasury,
Chairman.
Comptroller of the Currency.
JOHN R. MITCHELL.
Secretary.
W. L . EDDY, Assistant
ADOLPH C. MILLER.
CHARLES S. HAMLIN.
D. R. CRISSINGER,
W. W. H O X T O N ,
W. P. G. HARDING, Governor.
WALTER S. LOGAN, General Counsel
H. PARKER WILLIS,
Secretary.
Directort Division of Analysis and Research.
W. M. IMLAY, Fiscal
Agent.
M. JACOBSON,
Chief, Division of Examination
Reserve Examiner.
II
Statistician.
E. A. GOLDENWEISER, Associate
J. F. H E R S O N ,
and Chief Federal
Statistician.
E. L. SMEAD.
Chief\ Division of Reports and Statistics.
OFFICERS OF FEDERAL RESERVE BANKS.
Federal Reserve Bank o— .
f
Governor.
Chairman.
Frederic II. Curtiss..
Philadelphia..
Cleveland
Benj. Strong
i R.L.Austin
! D. C. Wills
i Caldwell Hardy.
Richmond
C. C. Bullen
W. W. Paddock
J. H. Case
L. F. Sailer
G.L.Harrison...
E. R. Kenzel
Chas. A. Morss.
Pierre Jay
Boston
New York..
Deputy governor.
George J. Seay
Atlanta
Joseph A. McCord..
Chicago
Wm. A. Heath
M. B. Wellborn
J. B. McDougal
St. Louis
Minneapolis..
Wm. McC. Martin..
John H. Rich
D.C. Biggs
R. A. Young
Kansas City..
Dallas
San Francisco
Asa E. Ramsay
Wm. F. Ramsey...
John Perrin
J.Z. Miller, jr
B. A. McKinney
J. U. Calkins
1
2
Controller.
W. Willett.
L. H. Hendricks.i
J. D. Higgins 1
A. W. Gilbart.»
Leslie R. Rounds.*
J. W. Jones.i 1
Ray M. Gidney.
W. A. Dyer.
H. G. Davis.
Wm. II. Huttjr
M. J. Fleming
Frank J. Zurlinden
C. A. Peple
R. H. Broaddus8
A. S. Johnstone
John S. Walden s
L. C. Adelson
J. L. Campbell
C. R. McKay..
S. B. Cramer
JohnH. Blair
Georgo W. Norris
E. R. Fancher
Geo. H. Keesee.
M. W. Bell.
W. C. Bachman.i
K. C. Childs.i
J. II. Dillard.i
D. A. Jones.1
0. J. Netterstrom.i
A. H. Vogt.i
Clark Washburne.i
J. W. White.
B. V. Moore.
0. M. Attebery
W. B. Geery
Frank C. Dunlop l
S. S.Cook
C. A. Worthington
R. G. Emerson
Wm. A. Day
Ira Clerk 3
L. C. Pontious*
Assistant to governor.
Cashier.
J. W. Helm.
R. R. Gilbert.
W. N. Ambrose.
a Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank ofNew York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Atlanta:
New Orleans branch..
Jacksonville branch..,
Birmingham branch..
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch...
Manager.
W. W. Schneckenburger.
L, W. Manning.
Geo. De Camp.
A. H. Dudley.
Marcus Walker.
Geo. R. De Saussure.
A. E. Walker.
J. B. McNamara.
R. B. Locke.
W. P. Kincheloe.
J. J. Heflin.
A. F. Bailey.
Manager.
Federal Reserve Bank o—
f
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
I
, R. E. Towle.
!
j L. H. Earhart.
C. A. Burkhardt.
C. E. Daniel.
W. C, Weiss.
Floyd Ikard.
:j
C. J. Shepherd.
Frederick Greenwood.
, R. B. Motherwell.
C. R. Shaw.
W. L. Partner.
SUBSCRIPTION PRICE OF BULLETIN.
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with
member banks of the Federal Reserve System and is the only official organ or periodical
publication of the Board. It is printed in two editions, of which the first contains the
regular official announcements, the national review of business conditions, and other
general matter, and is distributed without charge to the member banks of the Federal
Reserve System. Additional copies may be had at a subscription price of $1.50 per
annum.
The second edition contains detailed analyses of business conditions, special articles,
review of foreign banking, and complete statistics showing the condition of Federal
Reserve Banks. For this second edition the Board has fixed a subscription price of
$4 per annum to cover the cost of paper and printing. Single copies will be sold at
40 cents. Foreign postage should be added when it will be required. Remittances
should be made to the Federal Reserve Board.
No complete sets of the BULLETIN foj 1915,1916, 1917, or 1918 are available.
in
TABLE OF CONTENTS.
General summary:
Page.
Review of the month.
261
Business, industry, and finance, February, 1922
271
Attitude of State Department toward foreign loans
282
Member bank acceptances at the close of 1921
283
Tobacco
finance
285
Indexes of trade and production
292
Commercial credit practice of Japanese banks
296
Business and financial conditions abroad—England, France, Italy, and Germany
301
Argentine financial statistics
314
Official:
Law department
318
State banks admitted to system
317
Fiduciary powers granted to national banks
317
Charters issued to national banks
317
Price movement and volume of trade:
International wholesale price indexes—-United States and England
319
Comparative wholesale prices in principal countries
325
Comparative retail prices in principal countries
330
Foreign trade—United Kingdom, France, Italy, Sweden, Norway, Japan, and Germany
330
Indexes of industrial activity—England, France, and Germany
332
Foreign trade index
334
Physical volume of trade
335
Ocean freight rates
339
Report of knit-goods manufacturers of America
339
Retail trade
340
Wholesale trade
342
Commercial failures
317
Banking and financial statistics:
Domestic—
Discount and open-market operations of Federal Reserve Banks
342
Condition of: Federal Reserve Banks
347
Federal Reserve note account
354
Condition of member banks in leading cities
355
Bank debits
'.
358
Operations of the Federal Reserve clearing system
362
Gold settlement fund
363
Gold and silver imports and exports
363
Money outside the Treasury and Federal Reserve System
364
Discount and interest rates in various centers
365
Discount rates approved by the Federal Reserve Board
364
Foreign exchange rates
366
Abstract of condition reports of member bank
371
Foreign—
England, France, Italy, Germany, Sweden, Norway, and Japan
375
Condition of principal European banks of issue, 1913-1921
367
Charts:
Index numbers of domestic business, 1919-1922
294
Index numbers of wholesale prices in the IJnited States and England
319
Index number of wholesale prices in the United States—constructed by Federal Reserve Board for purposes
of international comparisons
320
Index numbers of wholesale prices in England
321
Movement of principal assets and liabilities of Federal Reserve Banks
347
Movement of principal assets and liabilities of member banks
347
Debits to individual accounts
358
Foreign exchange index
367
IV
FEDERAL RESERVE BULLETIN
VOL.
MARCH, 1922.
8
REVIEW OF THE MONTH.
With the return of the planting season, the
Recurrence of question of agricultural credit
agricultural prob- once more assumes a renewed
lem.
importance and significance.
This question has naturally been prominent in
current discussion during the past few months
because of the continuance of the difficult
conditions growing out of economic readjustment to which the farmers of the country have
been subjected. These conditions, as noted on
former occasions, have included the lack of
adjustment of farm prices to costs of equipment
and supplies which the farmer must purchase,
the unsatisfactory "adaptation of the credit
system to rural needs, and sudden changes and
modifications in export demand, which have
naturally tended to alter the economic position
of the grower. Added to these have been the
various banking problems growing out of the
fact that the sudden shrinkage of prices had
prevented the farming population in some parts
of the country from liquidating their bank
obligations as they otherwise would have done,
so that at not a few points it was necessary
during the past season or two for banks to
carry over a substantial amount of the farmers7
current obligations which would ordinarily
have been settled out of the proceeds of the
crop year just closed. This has produced a
substantial element of "frozen loans77 which it
has been difficult for the farmer to liquidate,
and which the banker was thus obliged to carry
on the renewal basis for a period much longer
than that which would ordinarily be considered
sound practice.
These conditions have given rise to renewed
study of the agricultural credit situation, with
a view to providing more fully for it through
modifications or amendments in our existing
body of banking legislation. Several important
suggestions have been made and are now
before the country for consideration. At the
No. 3
same time the banks have had to face the
problem of how to provide additional credit as
needed for financing the new crop. In various
parts of the country there has seemed to be
danger that, because of the fact that the banks
were already carrying considerable amounts of
held-over loans, there might be an indisposition on their part to finance the planting of the
new crop as freely as would be desirable.
Uncertainty as to future prices of agricultural
products is of course in no small measure
responsible for such an attitude, but this fact
itself emphasizes the question how to provide
for the needs of agriculture on a safe and
systematic basis.
In these circumstances there has naturally
been a search for remedies or
Suggested rem- ^
^ improvement of the
r
©dies.
.
• .
agricultural situation, liecommendations have been of many sorts and have
included better and cheaper transportation,
cooperative marketing, changes in the conditions of granting farm credit, higher customs
duties, and others. Congress has already acted
upon a cooperative marketing proposal, but
farm credit legislation has offered a more difficult issue as well as one which calls for much
more careful adaptation or adjustment to other
economic factors in the situation. In the discussion thus far carried on, however, certain
suggestions stand clearly out. Among these is
the proposal of more liberal bank lending
policies and especially of more liberal bank
rediscount facilities. These are urged in the
belief that there has been an undue degree of
conservatism on the part of the banks in dealing with agricultural applications or that the
conditions which they have fixed as regards
duration of loans or eligibility of paper have
been unduly narrow. Another type of suggestion has been founded upon the belief that
new means of reaching the public or of assisting
the public to reach the banks were called for.
These ideas have rested upon the belief that,
261
262
FEDERAL RESERVE BULLETIN.
as things stand, with barely one-third of all
banks members of the Federal Reserve System,
it was not feasible for the resources of the
system to be as widely and generously distributed as would be needful if they are to
reach the ultimate borrower. On the other
hand, it has been supposed that the intervention of some new type of institution lending
direct to the people or the expansion of the
powers of the land banks so that they could
make liberal short-time loans might be of
assistance. Another type of suggestion is not
based upon a desire to modify standards of
eligibility or to change the machinery of rediscounting, but it is rather designed to alter
the economic situation of the reserve system in relation to farming by calling upon
it to provide means for carrying agricultural
products in warehouses. All these ideas and
sundry variations of them have been freely
considered both by official and unofficial organizations, with the result that certain concrete suggestions have taken definite form.
Of such suggestions those put forward by the
Joint Commission of Agricultural Inquiry, the
Federal Advisory Council, and the President's
Agricultural Conference have been directed
along somewhat parallel lines, although the
views of the latter organization have been far
more radical in their proposals for innovations
upon existing credit conditions than have those
of the other bodies.
The Joint Commission of Agricultural InWork of the q u i r y> to which reference has
Joint Commission just been made, was appointed
of Agricultural In- for the purpose of investigating
quiry
*
" the causes of the present condition of agriculture/' and during the past
summer held hearings at which extensive agricultural information was secured. This related
to the bearing of the prices of agricultural commodities on those of other commodities, the
adequacy of the available facilities for financing
the production and sale of agricultural commodities and the difficulties connected with
their transportation and distribution. I n P a r t
I I of its report (Credit), the commission took
the view t h a t the banking machinery of the
country was in certain respects not well adapted
to the farmers 7 requirements. B u t the com-
MABCIT,
1922.
mission made it clear that it attributed the disabilities under which not only farmers b u t the
rest of the community have been laboring as
due only " i n a m e a s u r e " to credit restrictions
and limitations. The pressure of liquidation,
it was stated, " w a s greater upon the agricultural sections because of the peculiar conditions
surrounding the marketing of agricultural
crops, and as a result of the fact that the crops
of 1920 had been produced at costs greater t h a n
those applicable to any other crops in the history of the country. These hardships were also
greater because the prices of agricultural commodities declined to a greater degree and with
greater rapidity than the prices of other commodities." This relatively rapid decline was
not, however, attributed to a greater pressure
for liquidation exerted b y the banks in the
agricultural sections of the country. On the
contrary, the evidence showed t h a t liquidation
of bank loans and discounts in the agricultural
sections of the country was less than in the industrial sections, and, in fact, t h a t b u t little
actual liquidation of loans and discounts had
occurred in such agricultural districts taken
as an aggregate up to May, 1921. The trouble
was due not to excessive liquidation, but to inability in many cases to liquidate at all, because
agricultural products were selling at prices
whose proceeds were not sufficient to enable
farmers to meet debts incurred in the course
of production.
The reason for this situation is not hard to
Reason for find- Foodstuffs are peculiarly
disproportionate subject to the vicissitudes of the
price declines in market. A relatively slight suragriculture.
p j u s w j ] | result in a disproportionately sharp drop in prices. On the contrary, scarcity in relation to demand will
bring about a sharp rise. I t was natural,
therefore, that during the war prices of foodstuffs should advance out of relation to m a n y
other prices, even under such regulation of
distribution and of selling prices as was enforced. Following the war the great increase
in foreign demand for American products,
coupled with active domestic buying, gave an
enormous impetus to the rise in agricultural
prices. As a result, at the peak of the domestic
price inflation, the price index for agricultural
MARCH, 1922.
FEDERAL RESERVE BULLETIN.
products, according to the index of the Bureau
of Labor Statistics as recomputed by the Federal Reserve Board, registered 314, while the
all-commodity index reached 272. Following
the general price decline, the price index of
agricultural products dropped to 122 in July,
1921, while that of all commodities fell to 148
in the same month, the lowest point since the
conclusion of the war. With prices for foodstuffs thus subjected to sharp and sudden
fluctuations it is very necessary to develop
credit machinery to enable the farmer to carry
such surpluses within reason. The farmer,
however, usually expects to sell for cash and
to leave the matter of distributive financing
to intermediaries, with the result that the
full force of price declines falls primarily upon
him. I t is not surprising, therefore, that the
recent heavy declines in prices led to appeals
from large numbers of farmers for credit in
order to avoid forced sales. Not only was the
banking machinery of the country not equipped to take care of many of these appeals,
but they often represented demands for
credit of a sort not acceptable to commercial banks from the point of view either of the
time element or of the t3^pe of security tendered. Losses have undeniably been severe,
as well as unavoidable, but preparations for the
new crops have nevertheless gone forward ia
orderly fashion, and a recent rise in the prices
of leading agricultural, products testifies to a
relative improvement in the economic status of
the farmer, since commodit}^ prices in general
have remained fairly stead}'.
As a result of its deliberations, based upon a
Legislation pro- review of the conditions just
posed by Joint indicated, the Joint CommisCommission.
Agricultural Inquiry
sjon
of
lately embodied in a bill subsequently introduced into both Houses of Congress its proposals for permanently improving the credit
facilities directly available to farmers and filling
in the " g a p between the short and long time
credit furnished by banking agencies." The
bill in question provides for the establishment
of a farm credits department in each Federal
land bank whose function it will be to provide
for an intermediate type of farm credit running
from six months to three years. Each credits
263
department will be empowered to discount for
any national bank, State bank, trust company,
incorporated live-stock company, or savings
institution, with its indorsement, notes, or obligations whose proceeds have been used for
agricultural purposes or for raising, breeding,
fattening, or marketing live stock. Loans may
also be made directly to cooperative associations of agricultural producers, if such loans or
obligations are covered by warehouse receipts
securing the products. Such loans or discounts
must have a maturity at the time they are made
or discounted by the Federal land bank of not
less than six months or more than three years.
Kates of interest and discount are subject to
the approval of the Federal Farm Loan Board.
The legislation proposed also provides for the
sale of debentures with a maximum maturity
of three years, secured by cash or by notes or
other obligations against which advances have
been made. Each farm credits department
would have a capital of $1,000,000 subscribed
by the Government before it exercises any of the
powers granted. Section 204 of the proposed
bill is of special importance in that it extends
the rediscount powers of the Federal Reserve
Banks to notes or other obligations representing loans of the type just described, with the
proviso that at the time of rediscounting such
notes or obligations they shall not have a maturity in excess of six months. Section 206 also
permits any Federal Reserve Bank to buy and
sell debentures and other obligations issued by
a Federal land bank, but "only to the same
extent as and subject to the same limitations
as those upon which they may buy and sell
farm-loan bonds. 77
Not long after the work of the Joint Commission of Agricultural Inquiry had
Attitude of Adbeen brought to a conclusion,
visory Council.
members of the Federal Advisory Council filed with the President (Jan.
12, 1922) a memorandum relating to some
problems affecting the Federal Reserve System, in which they took occasion to speak of
the general needs of the agricultural community. They then referred to the possible
danger of special opportunities offered to
special classes in connection with the making
of lonna under peculiarly favored conditions,
264
FEDERAL RESERVE BULLETIN.
and urged that in such an event the Federal
Reserve System would not "be kept inviolate
as a reserve system/ 7 since it would not be in
a position to "always restrict its investments
to those having a reasonably short maturity/ 7
while it would "incur the risk of immobilizing
its funds in credits that conceivably may become frozen.77 Because of these apprehended
dangers the Council affirmed its belief that
u
whatever relief Federal Reserve Banks may
furnish must be granted through the inter
mediary and under the responsibility of banking channels. If the existing country banking
machinery is inadequate in certain sections, it
ought to be strengthened and supplemented,
but there should always be a 'buffer7 between
the borrower and the Federal Reserve Bank.77
In this same memorandum the Advisory Council expresses its hearty indorsement of the proposal contained in the report of the Joint Commission of Agricultural Inquiry to extend the
activities of the Federal farm loan system in
such a way as to make provision for affording longer credit accommodation to farmers
than afforded by existing banking facilities.
It is conceded that although the Federal Reserve Banks have been generous in the amount
of credit accommodation extended to the
farming communities, and although contraction of loans has been confined to the nonagricultural sections, it is nevertheless true
that the machinery of agricultural credit is not
yet complete. It is pointed out that the agricultural sections are largely served by small
member banks with limited operating power,
and by nonmember State banks, and furthermore that even where banking facilities are
available the credits extended to the farmer
are not granted for a period of time sufficiently
long to meet his needs.
In a letter addressed to the chairman of the
Attitude of the Committee on Banking and
Federal Reserve Currency of the United States
Board.
Senate (Jan. 26, 1922), the
Federal Reserve Board has approved the provisions for enlarging the powers of the Federal
farm loan banks in the way provided in the
pending bill, embodying the recommendations of
the Joint Commission of Agricultural Inquiry.
The Board is of the opinion that "there is a
need for agricultural credits of an intermediate
MARCH, 1922.
type running from six months to three years
for production and marketing purposes. The.
farmer7s turnover normally requires approximately 12 months, and in the live-stock industry the turnover may require as long as three
years.77 It is believed by the Board that banks
are not disposed to lend on such long terms the
amounts required to meet the needs of agriculture unless they are in a position to rediscount
such paper in emergencies. The Board is of
the opinion that by restricting rediscount to
paper having a maturity not in excess of six
months, it will not only be possible to encourage the granting of these intermediary
credits by banks, but that it can be done without lessening the liquidity of the paper held by
the Federal Reserve Banks and the elasticity
of the Federal Reserve note currency, which is
based upon and secured by the paper so held.
The assigned reasons for granting this rediscount privilege to the land banks are based
upon the fact that seasonal needs are more or
less concentrated and that unless the Federal
land bank system were prepared to carry unutilized resources for a considerable part of the
year it would be unable to respond to the sudden increases in demands for loans that would
be made upon it at certain periods. If, however, paper held could be rediscounted at such
times with the Federal Reserve Banks, the
farm loan system would be in a position to
secure additional funds instantaneously and in
the precise amounts required. The reason why
this provision for rediscounts should not be
made by direct application to the Federal
Reserve Banks is fairly clear, in view of the
nature of the Federal Reserve System and the
particular functions assigned to it. The problems of agricultural credit are of a special sort,
and for that reason it has been regarded as best
that the new type of loan should be developed
as an adjunct of the Federal farm loan system
already engaged in making long-time loans to
agriculture.
In view of the importance of the agricultural
credit situation at the present
Work of the time, the conclusions arrived at
f r a l C ° n ^ t h e Agricultural Conference,
which convened in Washington;
on January 23, are of noteworthy importance.
The conference was called for the purpose of
MARCH, 1922.
FEDERAL RESERVE BULLETIN".
considering the causes and remedies of agricultural depression, and was a body of national
scope and significance, consisting of representatives not only of agriculture but of allied
industries, and of transportation and financial
interests as well. The purpose of the conference, as expressed by President Harding in
his letter to the Secretary of Agriculture
authorizing the latter to call such a conference, was indicated as twofold—first, "to give
consideration to our present-day difficulties,
which admittedly are serious and need effective attention," and, second, "to include a
survey of the future, in an effort to determine
upon general policies, having in view the
maintenance of production, the greatest possible use and at the same time the conservation
of our agricultural resources, and the more
complete coordination of our agricultural,
manufacturing, and general business interests."
Among the many resolutions passed by the
conference those relating to the need for better
facilities emphasized the inadequacy of the
existing banking machinery to meet the needs
of the farmer for short-time credit accommodation. The proposals for correcting this
situation put forward by the conference went
beyond those embodied in the pending legislation growing out of the investigation of the
Joint Commission of Agricultural Inquiry.
Not only is the suggestion made that the
Federal Reserve Banks should be authorized
to rediscount notes and buy and sell debentures of any government agency which may
be established for the purpose of making loans
running from six months to three years to
banks, live-stock associations, or cooperative
groups of producers, but no restriction is imposed which would limit such rediscounts by
Federal Reserve Banks to paper within six
months of maturity as is the case in the bill
now before Congress. It is further urged that
the Federal Reserve Act be amended to give
the Federal Reserve Banks the authority to
buy and sell, with or without the indorsement
of member banks, notes secured by warehouse
receipts covering readily marketable, nonperishable agricultural staples or live-stock
paper of the kinds and maturities now eligible
for rediscount under the act. Under the pro-
265
visions of the commission bill, investments in
debentures or other obligations would be confined to those issued by the Federal land banks
against the security of loans made by them to
banks and cooperative associations, with the
further limitations imposed by the Federal
Reserve Act upon the buying and selling of
bonds. The resolutions reported by the committee on credit of the Agricultural Conference would, if followed, amend the Federal
Reserve Act so as to give an opportunity for
the Federal Reserve Banks to make direct
loans to agriculture. It should bo recognized
that such a proposal looks toward putting the
Federal Reserve Banks into the position of
competitors of the member banks whose reserves they carry, since it would involve an
extension of the open-market operations of
the reserve system beyond the limited dealings
in bills of exchange and limited purchases of
securities engaged in under the act as it now
stands. Moreover, it would involve the adoption of a policy of legislative favoritism, since
no other classes of borrowers arc given an
equal opportunitjr to utilize directly the resources of the system. The Federal Reserve
Banks in such case would cease to occupy the
position which they have come to hold in the
general banking system, as already noted by
the Federal Advisory Council in the memorandum recently submitted to the President
of the United States and referred to above.
It may well be hoped that legislation of the
Agricultural type urged by the commission
credit and inter- and the Board will provide
est rates.
more abundant credits for
periods of time better suited to the farmer's
needs; and it is also to be expected that the
new credit machinery will aid in bringing
down farm-loan interest rates. In its annual
report for 1921 the Federal Reserve Board
publishes figures showing the marked discrepancies between rediscount rates and the
maximum rates charged to the public by
certain member banks during December, 1921.
In some instances these latter rates have gone
as high as 12 per cent, with rediscount rates
at 5 per cent. It should be said, however,
that such a situation is not peculiar to the
districts in the less well-developed sections of
266
FEDERAL RESERVE BULLETIN.
the country, but appears to be quite general.
Certainly the new legislation will be an aid to
the reduction of high interest rates to the
extent that it brings about better standardization and gives a better rating to paper secured
by agricultural products.
The data furnished by the Board under this
head may be briefly presented as follows:
R a t e s charged b y
member banks (per
cent).
Rates
charged
by
Federal
Reserve
Banks
(per
cent).
Federal Reserve District.
| Margin
j between
I average
j rates
; charged
|
by
I member
I banks
i and
i rates
i charged
i
by
Federal
' Reserve
Banks.
Boston
New York ..
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago.
St. Louis...
Minneapolis
Kansas City
Dallas
San Francisco
All districts
;
12.0 j 4.00 I
6.27
1
Average rate. Discount rate was reduced from ol- to 5 per cent on
Dec. 10.
* Average rate. Discount rate was reduced from o£ to 5 per cent on
Dec. 19.
s Average rate.
From manjr points of view the question of
Proportion of agricultural credit really reagricultura! loans duces itself to the share or perto total loans.
centage of available loanable
funds obtainable or obtained by farmers. Independent investigations made during the
past year by the Department of Agriculture
and the Federal Reserve Board, with a view
to determining just what percentage of the
total loans of tho banks of the United States
was represented by advances to agriculture,
gave results substantially similar, although
the methods of arriving at estimates were different. The Department of Agriculture sent
out a questionnaire to over 30,000 banks,
receiving returns from about 45 per cent of
that number. From these questionnaires it
was determined that personal and collateral
loans to farmers constituted 13.3 per cent and
farm mortgage loans about 5 per cent of all
MAIICH, 1922.
the loans and discounts of the reporting
banks. The statistics upon which the estimates were based were obtained for December 31, 1920. The Federal Reserve Board attempted to estimate loans on the basis of the
location of reporting member banks, as the
nature of the loans made by the banks was
not ascertainable from their reports. Banks
were classified as agricultural, semiagricultural,
and nonagricultural, according to whether they
were located in counties whose products in terms
of value were at least 80 per cent agricultural,
from 50 to 80 per cent agricultural, or less than
50 per cent. On this basis loans in agricultural
counties as of April 28,1921, appeared to constitute 17 per cent of the total member bank loans,
while they amounted to 8 per cent in semiagricultural counties. Given the fact that
during the summer and early fall harvesting
and crop moving demands had to bo met,
while liquidation of old loans was on a limited
scale, it is highly likely that the proportion of
agricultural loans to total loans rose rather
than fell after the date of inquiry. Certainly such evidence as is available points to
the continued existence of a considerable mass
of unliquidated agricultural paper in many sections of the country, and the contraction that
has occurred since the date of this investigation appears to have been very largely confined to the large cities and industrial sections of the country. I t would seem then that
in the agricultural regions themselves, farmers during the past year or two have been
able to count upon an accommodation possibly
equal to 15 to 20 per cent of all advances on
current account, with an additional 5 per cent
for mortgage loans. How much larger a proportion of our loanable funds could or should
be assigned to farmers through the new credit
machinery is worthy of discussion.
In studying the general question of bank
Misunderstand- advances to agricultural boring of banking rowers, it is well worth noting
policy,
that considerable misunderstanding exists. There is a prevailing opinion
that farmers are unable to get accommodation
at their banks because the latter are cut off
by Federal Reserve Banks. I n fact, the
MARCH, 1922.
FEDERAL RESERVE BULLETIN".
excuse is frequently given by bankers who
seek to curtail credit to farmers that they
are obliged to do so because their loans have
been called or because they have otherwise
been obliged to make payment by their
Federal Reserve Bank. As has often been
explained in the past, this is usually merely a
means of evading responsibility for refusing to
make a loan, and is frequently nothing more
than a means of clothing a refusal in what is
supposed to be more acceptable language.
As the Board itself notes in its annual report:
Banks, as a rule, do not like to admit to customers that
they are short of loanable funds, nor do they wish to
arouse enmity in declining to make loans or in asking
for a reduction of a loan already made. There are doubtless some bank officers who are able frankly to decline an
application for a loan in a way which leaves no sting,
but not all bank officers have such tact. Some are frank
enough, but their bluntness hurts the feelings of the wouldbe borrower. It is not unusual, therefore, for some bank
officers in declining loans to seem to evade direct responsibility. Formerly the board of directors was made
useful in this capacity. In recent years, however, bank
officers have found in the Federal Reserve Board or the
Federal Reserve Bank a much more satisfactory buffer
than a local board of directors. In many cases, in small
towns particularly, banks have found it convenient to
pass the responsibility on to the Federal Reserve Bank or
the Federal Reserve Board, and have stated to a borrower
or would-be borrower that they would like to grant the
extension asked for or make the loan desired, but the
Federal Reserve would not permit it. Such a procedure
has a tendency to relieve the situation as far as the local
bank is concerned, but it is certainly unfair to the Federal
Reserve System. This evasion of responsibility has
subjected the Federal Reserve Banks to a great amount
of unjust criticism and has given the public a wrong
impression of the authority and attitude of the Federal
Reserve Banks and the Federal Reserve Board.
A similar misconception exists in most
minds with respect to "deposits" which member banks are obliged to keep with the Federal
Reserve Banks. Some regard this as analogous
to the 20 per cent deposit "balance" required
by many commercial banks of their customers.
There is no analogy of this sort, but on the
contrary the "balance" kept by a member
bank with the Federal Reserve Bank is merely
its actual reserve against outstanding liabilities
which the law requires it to maintain there
for the sake of safety and for the purpose of
enabling it to meet demand liabilities when
required to do so by its customers.
267
Closely connected with the credit question is
Export situation that of export demand, it being
in relation to realized that good foreign deagriculture,
mand is necessary to good
prices and hence to liberal credit. The economic situation in which the farmer now finds
himself has of late frequently been ascribed to
the difficulty of marketing his surplus products
abroad. There is no doubt some truth in such
statements, but an examination of the official
foreign trade statistics shows at once that exports of most agricultural products were better
maintained during 1921 than other classes of
goods, judged either according to values or
actual quantities exported. While exports of
all commodities declined in value by 45.5 per
cent in 1921, as compared with the previous
year, the value of foodstuffs in crude condition
and food animals decreased but 24.6 per cent.
Judging by the Board's foreign trade index, the
quantities of all classes of exports taken as a
whole were not far from equal in the two years,
1920 and 1921. Agricultural products, on the
other hand, were exported in somewhat greater
volume in 1921 than in the year previous, as a
comparison of the quantities of the principal
agricultural exports will show. This means, of
course, that average export prices of farm
products declined during this time more than
did the total values of agricultural exports.
As an illustration of what has been taking
place, there may be mentioned the case of raw
cotton, exports of which increased slightly, from
3,179,000,000 pounds in 1920 to 3,339,000,000
pounds in 1921, but the value of which in the
same years fell from §1,136,000,000 to $534,000,000. So, too, the volume of wheat exports increased from 218,000,000 bushels in
1920 to 280,000,000 bushels in 1921, while the
corresponding values dropped from $597,000,000 to $433,000,000. In the first of the following tables corn and wheat have been
selected to illustrate the monthly movement of
this class of exports during the past two years
and also in 1913. The different trend of export
values is shown in the second table, which gives
the monthly values of the group of unmanufactured foodstuffs (including food animals)
and of raw cotton exported from the United
States in 1913, 1920, and 1921.
268
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
tal of foreign countries, have been the chief
topics of anxiety throughout the export credit
[In thousands of bushels.]
discussion. Indeed, most of the foreign trade
credit plans which were evolved subsequent to
Corn.
Wheat.
the Brussels financial conference were intended
Month.
to facilitate the importation of raw materials
1920
1921
1913
1913 j 1920 1921
I
from the United States and from other raw
i
2,211 :: 5,436
11,317
8,441 | 8,480
21,345 material producing countries, rather than to
January
1,791 8,144
12,307
4,357 i 4,938
18,469
February
1,843 i 13,373
10,109
4,569 I 6,939
14,599
March
1,147 , 10,426
5,596
6,590 ! 4,176
17,641 develop any new and distinctively export credit
April
772 , 8,535
1,252
7,159 | 10,864
25,932 ideas.
May
I t was recognized that the demand for
743
835 ' 11,835
5,661 : 12,846
25,235
June
926
1,145 i 14,973
9,404 ! 23,838 24,842 raw materials takes care of itself when there is
July
745
781
13,652
24,3(6
27,691
58,537
August..
670
11,971 . 30,771 30,842 a demand for finished products, and that the
September
949 ' 18,600
404
7,434 I 35,803
18,362
October
1,417 i 9,217
* 444
3,851 ! 26,035 13,846 surest way to promote sales of and payment for
November
1,829 , 4,622
773
5,727 I 25,903
10,451
December
3,041 : 10,243
raw materials is to create a market for manuTotal
45,287
17,761 ' 129,055 1 99,509 ; 218,287 279,949
i
!
i
factures produced from them. Both the English Government export-credit plan and the
VALUE OF C H I E F AGRICULTURAL EXPORTS FROM THE
various plans of continental origin thus took
U N I T E D STATES.
definite form primarily as means of promoting
[In thousands of dollars.]
manufacturing industry. The inference to be
drawn from these factors is that increase in the
Foodstuffs in crude condiCotton, unmanufactured.
tion and food animals.
demand for staples by the manufacturing counMonth.
1920
1921
tries is regarded as most likely to be favorably
1913
1920
1921
1913
Iaffected by the growth of manufacturing and
1
194,973 - 60,899
January
i 20,827 ' 44,403 i 75,452 58,405
60,748 33,903
135,950 44,333 by the application of credit in the latter direc31,695
February
; 16,310 !
171,899 27,133
March
I 13,907 ! 49,820 I 52,712 23,725
:
Doubtless the increase of agricultural
117,536 : 20,544 tion.
13,210 I 38,671 i 50,105 33, 727
Anril
59,302 28,621
77,500 ! 30,640
11,007 j 67,805
May
62,779
13,792
30,519 exporting will depend largely on the improve50,141 I
9,015 j 64,305 !
June
8,385
44,152 i 31,796
12,915 ! 101,148 ! 58,522
July
105,871
16,519
28,052 30,361 ment of international trade in general. The
August
| 26,731 104,233 ,
65,746
41,436 ! 43,233
September... j 14,842 108,174 ;
107,381
91,247 : 91,028 future of agricultural exports, while of course
October
j 11,765 : 118,684 ! 40,205
91,138 ! 64,255
Novem b e r . . . | 8,879 i 94,230 I 30,052 103,340
81.953
92,385 i 61,774 influenced, as usual, by the quantity of compet9,977 I 91,823 ! 28,737
,
December
575,490 i 1,136,409 ! 534,242 ing articles produced abroad, will depend in no
Total . . J (59, 588 917,991 092, ] 06
small degree upon the restoration of normal
business conditions, with larger manufacturing,
The conclusion which the facts would seem
to warrant, therefore, is not that there has been hence demand for raw materials, and larger ema falling off in the foreign demand for American ployment for labor, hence stronger buying of
farm products, but rather that the world-wide foodstuffs.
In connection with the questions discussed
fall in prices has resulted in giving the farmer
Index of busi- above, the Board's usual induring the past year a smaller monetary return
than he received in 1920 for a greater quantity ness conditions, dexes of current production
and marketing conditions are of interest. Agriof goods shipped abroad.
The change in point of view which has led cultural prosperity is naturally closely interwithin recent months to less- woven with satisfactory conditions in other
Nonagricnltnral - t h e m h a s i s l a i d
branches of industry, for the latter determine
&
export credits.
_. r .
.
, •r,
export credits is m part the the extent of the demand for the farmer's prodresult of study of foreign experience. The ucts. These indexes show increased activity
export credit schemes instituted abroad have in January as compared with December in
been thus far primarily plans for facilitating several leading industries, notably steel and
the shipment of goods representing a fairly textiles. On the other hand, however, the
advanced stage of production. Manufactured heavy marketing season for several of the
goods, representing the product of labor and principal crops has passed, although corn is
capital in competition with the labor and capi- moving in large volume. Most of these prodEXPORTS OF CORN AND W H E A T FROM T H E U N I T E D
STATES.
ucts have moved at distinctly satisfactory
prices, and trade in the agricultural regions,
both wholesale and retail, has tended to be
benefited accordingly.
[000 omitted.]
i January, 1921. January, 1922. December, 1921
I Total.
Receipts of live stock
at 15 western markets
(head)
5,667
Receipts of grain at 17
interior centers (bushels)
98,732
Sight receipts of cotton .
(bales)
I
Shipments of lumber j
reported by three associations
(million |
feet)
Bituminous coal production (short tons)..
Anthracite coal production (tons)
Crude petroleum production (barrels)
Pig iron production
(long tons)
Steel ingot production
(long tons)
Cotton
consumption
(bales)
Wool
consumption
(pounds)
RelaRelaRelative. Total. tive. Total. tive.
40,270
7,410
5, 114
90.8
4,039
100
97.265
98.5
85,013
865
75.0
1,484
639
71.6
81.9
100 ; 37,600 ! 93.4 | 30,975
76.9
8,454
41,957
110. 5
68.3
43,326 ' 114.1
100
2,416
100
1,639
67.8 |
1,649
2,203
100
1,593
72.3
1,427
61.8
512
139.9
61,283
205.6
366
100
527 I 143.9
100 j 61,192
205.3
[In thousands of dollars.]
Imports.
Aug. 1,1911, to Dec. 31,1918
Jan. 1 to Dec. 31,1919
Jan. 1 to Dec. 31, 1920
Jan. 1 to Dec. 31,1921
Jan. 1 to Jan. 31,1922
1
Exports.
Excess of
imports.
1,776,616
76,534
417,068
691,267
26,571
705,210
368,185
322,091
23,891
863
1,071,406
1291,651
94,977
667,376
25,708
2,988,056
1,420,240
1,567/816
Excess of exports.
Net imports of silver during January totaled
$2,519,000, as compared with net exports of
Excess of
exports.
Imports, i Exports.
Aug. 1,1911, to Dec. 31, 1918
Jan. 1 to Dec? 31,1919
Jan. 1 to Dec. 31,1920
Jan. 1 to Dec. 31,1921
Jan. 1 to Jan. 31,1922
114.1
100 '. 6,258 ; 84.5 '
37,959
29,807
[In thousands of dollars.]
128.6
712 j 79.7
$1,629,000 for the preceding month. Mexico
furnished over 58 per cent of the $6,496,000
silver imports for the month, the remainder
coming mainly from Canada, Germany, Peru,
and Chile. Of the silver exports for the month,
amounting to $3,977,000, over 40 per cent was
consigned to China and about 50 per cent to the
other countries in the Far East. Net exports
of silver since August 1, 1914, totaled $440,742,000, as may be seen from the following exhibit:
86.1
100
100
1,154
100
During January, 1922, the net inward movement of gold totaled $25,708,Gold and silver
000, compared with a net inmovements.
ward movement of §29,523,000
for the month of December, 1921. England,
Sweden, France, and Denmark furnished $17,776,000, or about 67 per cent of the $26,571,000
of gold imported during January. In addition
large gold imports for the month are credited
to Canada, British Oceania, and Colombia.
Gold exports during the month totaled $863,000 and w^ere consigned chiefly to Mexico,
Spain, Hongkong, and Canada. Net imports
of gold since August 1, 1914, totaled $1,567,816,000, as*may be seen from the following
exhibit:
Total
269
FEDERAL, RESERVE BULLETIN.
M A R C H , 1922.
Total.
1
203,592
89,410
88,060
63,242
6,496
483,353
239,021
113,616
51,575
3,977
450,800 |
891,512
'
!
!
!
i
279,761
149,611
25,556
111,667
12,519
440,742
Excess of imports.
Further reduction in the volume of loans and
discounts, more than offset,
The banking
however, by increases of insituation.
vestments in Government securities, largely United States Treasury notes,
is indicated by the weekly bank statements of
over 800 member banks in leading cities for
the period from January 18 to February 15
of the present year. Although the bill holdings of the Federal Reserve Banks show a more
than commensuarate reduction, only moderate
decreases are shown in their note and deposit
liabilities. A moderate rise in the reserve ratio,
from 77.2 to 78.1 per cent, is due largely to the
gain in gold held by the Federal Reserve Banks.
As against a further reduction of $28,000,000 in loans secured by Government obligations, the reporting banks7 loans secured b}^
corporate obligations show an increase for the
period of $19,000,000, while commercial loans
proper declined by about $75,000,000. Under
date of February 1, 1922, the Government
allotted over $600,000,000 of Treasury notes,
accepting in part payment about $200,000,000
of Victory notes. The effect of this operation
on the status of the member banks is seen in
an increase of $247,000,000 in their holdings of Treasury notes and a decrease of
$48,000,000 in their holdings of Victory notes.
During the following week the banks distributed substantial amounts of newly issued
270
FEDERAL RESERVE BULLETIN.
Treasury notes, so that their holdings of
Government securities at the close of the
period show a net increase of $162,000,000.
Total loans and investments of the reporting
member banks on February 15 aggregated
$14,684,000,000, an increase of $73,000,000
for the four-week period.
Aggregate borrowings of the reporting institutions from the Federal Reserve Banks
show a further decrease during the four weeks
from $468,000,000 to $378,000,000, or from 3.2
to 2.6 per cent of the banks' combined loans
and investments. Of the total discounts of
all Federal Reserve Banks, the amount discounted for the reporting banks, i. e., member
banks located in the larger cities, constituted
48.1 per cent on February 15, compared with
51.2 per cent four weeks earlier and 78.1 per
cent about a year ago.
A general idea of member bank operations
during the four weeks under review may be
had from the following exhibit:
REPORTING MEMBER
BANKS.
[In millions of dollars.
Date.
Loans
Number
of reporting
, banks.
i
Jan.18..
Jan. 25..
Feb.l..
Feb. 8 . .
Feb. 15.
1
800 '
801 |
806 !
807 ;
807 !
Redis-
and
investments.1
with
F.R.
Bank.
14,611 I
14. o31 i
14,708 I
14,639 j
14,68-1 I
(3+2).
468
•109
-100
395
378
3.2
2.8
2.7
2.7
2.6 j
demand
deposits.
10. 332
10)271
10.298
10,236
10,321
Including rediscounts with Federal .Reserve Banks.
Federal Reserve Bank figures which cover
the four-week period between January 25 and
February 21 show further liquidation of discounted bills aggregating $128,900,000, a
nominal reduction in the holdings of acceptances, a decrease of $16,000,000 in Pittman certificates, and an increase of $62,500,000 in
other Treasury certificates, largely held by the
Boston, New York, Cleveland, and Chicago reserve banks.
During the period under review the Federal
Reserve Banks increased by $58,500,000 their
investments in United States bonds and notes,
through purchases of Victory notes and newly
issued Treasury notes, while their total earning
assets show a decline of $24,100,000. Reserve
deposits fluctuated within a minimum of
MARCH, 1922.
$1,652,300,000 at the beginning of the period
and a maximum of $1,744,400,000 on February
15, while Government deposits, after reaching a
high total of $114,700,000 on February 1,
show a gradual decline to $63,900,000 at the
close of the period. The large return movement of Federal Reserve notes may be said to
have terminated, though the February 21
total of Federal Reserve note circulation, $2,173,500,000, shows a decrease for the four
weeks of $10,500,000, compared with a decrease of $39,000,000 for the corresponding
period in 1921. In addition there is shown a
loss of $20,600,000 in reserve cash other than
gold, composed largely of greenbacks and
silver certificates of the smaller denominations
issued to meet the circulation demand for the
smaller bills.
Gold holdings of the Federal Reserve Banks
show a further increase of $42,600,000, and at
the close of the period reached the record total
of $2,946,800,000. In addition to this gain
some shift in the distribution of gold reserves
through the gold settlement fund is noted.
Chicago reports the largest increase in gold
holdings for the period, viz, by $38,200,000,
Atlanta reports an increase of $32,000,000,
while smaller increases, aggregating $29,900,000, are shown for the Minneapolis, Kansas
City, Dallas, and Richmond banks. All the
four eastern banks show decreases in their gold
reserves for the four weeks under review, the
largest decreases being shown for Boston, by
$28,000,000, and for New York, by $22,100,000,
while smaller decreases in gold reserves aggregating $7,400,000 are shown for the Federal
Reserve Banks of Philadelphia, Cleveland, St.
Louis, and San Francisco.
Principal weekly changes in the condition of
the Federal Reserve Banks during the period
under review are shown in the following exhibit:
FEDERAL RESERVE BANKS.
[In millions of dollars.]
Bills discounted.
Date.
Cash SecuredS.
by U.
reserves. Government
obliga-
All
other.
F.R.
Total notes in Reserve
deactual ratio.
posits. circulation.
tions.
•
Jan. 25
Feb.l
Feb. 8
Feb.15
Feb. 21
3,058.9
3,061.5
3,062.6
3,075.9
3,080.8
357.9
361.1
361.9
327.6
282.0
492.3
476.7
461.6
458.0
439.3
1,778.8 ! 2,184.0 \
1,840.5 1 2,178.1 !
1,858.5 ! 2,166.2 j
1,857.5 2,170.0 !
1,772.2 2,173.5 !
77.2
76.2
76.1
76.4
78.1
MARCH, 1922.
FEDERAL RESERVE BULLETIN.
271
BUSINESS, INDUSTRY, AND FINANCE, FEBRUARY, 1922.
During the past month improvement of conditions in several basic industries has furnished
a more hopeful prospect for the trade of the coming months. This better outlook has in some
measure been offset by labor and other difficulties in the textile industry, which have resulted
in reduced activity in that branch of business. Fluctuations in the price of raw materials
have subjected the textile trade to still further difficulty, while in that industry, as well as in
others, the lack of forward orders has made it difficult to plan policies far in advance. Fairly
good conditions are reported in the shoe and leather industry, although improvement has
been largely confined to New England. There has been distinct increase in the activity of
the plants of the United States Steel Corporation as well as some increase in the activity of
independent mills. Iron and steel prices have, however, tended to decline, or at best to hold
their own, rather than to advance. In the chemical industry business activity has been given
a severe setback as a result of uncertainty as to the future. In the nonferrous metals, especially
copper, there has been a distinct increase in production with the reopening of mines, which
had been shut down for a long time past.
The net outcome of these changes has been to diminish the irregularity and unevenness
noted in the movement of industry during 1921. Textiles and allied lines which have been
far in advance of others are losing their relative momentum. The evening tendency thus
evidenced by current readjustments is reflected in the fact that the Board's price index remains
unchanged at 138. The significance of this apparent stability of the price situation is not
disclosed until account is taken of the fact that there have been noteworthy advances in prices
of many agricultural products during the month. The effect of these advances would have
been to raise the general price index had they not been offset by corresponding price declines
in other lines of industry. The readjustment process, it would appear, has now definitely
reached the stage of interindustrial price revision.
The advance in value of agricultural products has tended to create conditions materially
facilitating both the liquidation of loans at banks and the rapidity of movement of products
to market. The more satisfactory marketing and price conditions have not only extended to
grain but have also included tobacco and other products. Early crop reports from the southwestern grain regions have not been altogether reassuring.
The long-continued slackness of employment and past uncertainty as to agricultural
prices have produced an effect upon trade activity, with the result that both wholesale and
retail trade indexes are disposed to show recession of buying in most parts of the country save
for seasonal activity in special lines, such as dry goods. Although betterment of retail demand
has been reported in the farming districts, the effect of higher agricultural prices has not yet
brought about any considerable modification of conditions. It should, however, be remembered in this connection that the farmer had already largely disposed of his last year's crop.
The volume of employment (another important factor in influencing demand for goods)
shows but little modification, although figures reported by the United States Employment
Service indicate a slight advance. This condition, however, holds good chiefly in the population centers. Strikes in the textile region of New England as well as labor troubles elsewhere
have during the latter part of the month of February tended to aggravate the unemployment
situation.
Continued improvement is noted in building operations. As compared with last year the
volume of building is very much larger, January permits being more than double what they
were a year ago. This is resulting in an increased demand for steel and iron products as well as
for other materials. It has also increased the demand for labor in parts of the country where
the surplus of unemployment would otherwise have been more considerable.
Financially the month has shown continued reduction in the volume of credit required
by the community. Portfolios both of reserve and member banks show still further reduction,
while interest rates have remained fairly stable at the levels already reached. Foreign exchange
has shown a decidedly stronger tendency, the highest levels for a long time past having been
reached in sterling, francs, and some other European currencies. Business failures are on a
materially higher level than in 1921, while the month of February, as previously predicted by
commercial agencies, also shows an increase in commercial failures as contrasted with January.
272
FEDEBAL RESERVE BULLETIK.
AGRICULTURE.
The condition of winter wheat has shown
some improvement recently, as a result of
snows and rains in the latter part of January and the early part of February. District
No. 10 (Kansas City) states that the Kansas
wheat crop, except in the eastern half of
the State, is in poorer condition than has
been reported at this season in many years.
Drought still prevails in large sections of
Oklahoma and Colorado, but the deterioration of wheat in Nebraska has been checked
by recent snows. Weather was favorable for
the wheat crop in districts No. 7 (Chicago)
and No. 8 (St. Louis) up to the middle of
February. In district No. 11 (Dallas) February rains have benefited crops, but the Texas
wheat crop is reported to be far below normal.
Vegetable and truck crops of the Gulf Coast
and the Rio Grande Valley have so far escaped
damage from killing freezes and generally
promise fair yields. District No. 8 (St. Louis)
reports that stocks of corn on the farms are
unusually large for this season and that much
corn is being fed to cattle and hogs.
COTTON.
The price of middling upland cotton at New
Orleans in the third week of February was 16.75
cents, the same as the January average. In
district No. 11 (Dallas) cold rainy weather has
temporarily halted the preparation of soil for
the new crop but has been very beneficial in
furnishing an abundant supply of subsoil moisture. Although freezing temperatures have
frequently occurred in the jiorthern part of the
district, it is feared that the cold waves have
not been sufficiently severe to insure widespread
destruction of boll weevils. Heavy reduction
in Texas wheat acreage may result in an increased planting of cotton. District No. 8 (St.
Louis) reports that demand for cotton is quiet,
while district No. 5 (Richmond) states that
farmers continue to hold a substantial portion
of the last crop on farms or in bonded warehouses. Exports of raw cotton from the United
States amounted to 475,910 bales in January,
as compared with 639,825 bales in December.
TOBACCO.
Sales of leaf tobacco on the markets of Virginia and North Carolina have been limited.
Most of the markets in the bright belt closed
during February, and the dark markets expect
to close during March. In spite of the large
amount of low-grade tobacco coming on the
market as farmers clean their barns, prices have
MARCH, 1922.
been well sustained. The Growers7 Cooperative
Association has commenced operations in the
burley district, making advances to growers as
tobacco is delivered to it. Several large sales
at quite satisfactory prices are reported by it.
In the western dark district the greater portion
of the tobacco has been delivered at very satisfactory prices. Most of the und.eliyeredftobacco is of inferior grade but is bringing a fair
price.
The cigar-leaf market in district No. 3 (Philadelphia) continues dull, and in all but a few
sections the largest part of the 1921 crop is
still in the growers7 hands. While the quality
in general is poor, prices to date have been
lower than in recent years. Demand for cigars
is reported light in district No. 3 (Philadelphia)
and production is still being curtailed. January, 1922, sales were no greater than January,
1921, which in turn was the poorest month in
years. A slight improvement is reported since
the 1st of February. Only a few makers of
popular brands are producing cigars in any
appreciable volume.
FRUIT.
Prices of citrus fruit, both in California and
Florida, rose rapidly in the latter part of January, as a result of the severe damage to the
California crops from frost. Officials of the
California Fruit Growers' Exchange estimate
that 50 per cent of the orange crop and 33£
per cent of the lemon crop have been destroyed
by frosts and winds. Oranges suffered more
severely than lemons, because lemons are
planted in more favored situations and are
more generally protected by smudge fires and
heating plants. Shipments of oranges and
lemons from California from November 1, 1921,
to January 29, 1922, amounted to 10,439 cars,
an increase of about 2 per cent over the shipments in the corresponding period of the previous crop year. According to district No. 6
(Atlanta), extremely cold weather at distributing points has hindered the movement of
citrus fruit from Florida, but during this season
to date shipments of oranges have been approximately as heavy and shipments of grapefruit have been 12 per cent heavier than in the
corresponding weeks of the last crop year. It
is estimated that only 45 per cent of the grapefruit crop has been shipped from Florida, and
over 6,500 carloads are said to be still on the
trees.
Unsettled and cold weather during January
is reported to have caused some damage to
fruit in Michigan. In New Mexico there was
some premature blossoming of apricot trees in
January, but district No. 10 (Kansas City) re-
273
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
orts
subsequent
Egible.thatThe southern loss from frosts was negstrawberry crop was in
good condition at the end of January.
GRAIN MOVEMENTS.
The volume of grain movements showed a
further slight advance during January, due to
the exceedingly heavy marketing of corn. Receipts of corn at Chicago amounted to 28,568,000 bushels in January, as compared with
18,288,000 bushels in December, and correspondingly large increases in receipts were recorded at Minneapolis, Omaha, and St. Louis.
January receipts of wheat showed some curtailment at most reporting centers, although slight
increases were recorded at St. Louis and Wichita. Receipts of rye also declined, but receipts
of oats and barley registered moderate increases. Stocks of grain at 11 interior centers
declined somewhat during January, although
there was some increase in stocks of rye and
barley. The most general reduction occurred
in the case of wheat stocks, which declined at
all important centers except Duluth. District
IJo. 12 (San Francisco) reports that total exports of wheat and barley from Pacific coast
ports during the present cereal year are considerably higher than during the same period
of the previous season. These exports
amounted in the case of wheat to 47,468,211
bushels this year, as compared with 28,616,256
bushels last year.
FLOUR.
January production of flour showed an increase over December in certain districts, but
in others the reverse was true. In district No.
9 (Minneapolis) the January output reported
was 1,935,754 barrels, as compared with 1,754,654 barrels in December, while in district
No. 8 (St. Louis) the respective figures for 11
millers were 333,966 barrels and 248,600 barrels. In district No. 7 (Chicago), however, January production of 44 millers was 289,478 barrels, a decrease of 3.3 per cent from the December figure, while in district No. 10 (Kansas
City) 1,398,989 barrels were produced in January. Output in district No. 12 (San Francisco) decreased from 775,139 barrels reported
by 61 mills in December to 711,292 barrels reported by 67 mills in January. A decidedly
better feeling pervaded the trade in district
No. 8 (St. Louis), accompanied by stronger
demand for both home consumption iand export. Retailers and ultimate consumers show
a disposition to replenish stocks. In district
No. 10 (Kansas City) demand was somewhat
slow early in January, most of the orders being
92371—22
2
for quick shipment. The increase in wheat
prices and the accompanying increase in flour
has stimulated purchasing, although, states
district No. 10 (Kansas City), "not to the extent of creating any extraordinary demands."
LIVE STOCK.
Movement of each of the principal classes of
live stock to market during January was
heavier than in December, although in all cases
less than in January, 1921. Receipts of cattle
and calves at 15 western markets during January were 1,128,020 head, as compared with
975,330 head during December and 1,191,814
head during January, 1921. In the case of
hogs, receipts increased from 2,673,947 head
during December to 2,882,551 head during
January, as compared with 3,339,419 head
during January, 1921. Receipts of sheep during January were 1,101,679 head, as compared
with 974,034 head during December and
1,112,024 head during January, 1921. During
January there was more activity in the purchase of stocker and feeder cattle, calves, and
sheep in district No. 10 (Kansas City) than had
been observed for many months. Such purchasers in quite a number of instances outbid
buyers for the packers. The live stock in the
district in general is reported to be in a very
favorable position. In districts No. 11 (Dallas)
and No. 12 (San Francisco), however, conditions have been unfavorable. Winter rains in
district No. 11 (Dallas) have not been sufficient
to relieve the drought from which ranges have
been suffering for several months, while in
district No. 12 (San Francisco) there was
unusually cold weather throughout January.
Twenty-three representative packers report
an increase of 1.8 per cent in January sales
(measured in dollars) over those for December,
but a decline of 17.8 per cent from those for
January, 1921. Reports from district No. 7
(Chicago) generally state that domestic trade
in fresh meats was slow during the latter part
of January and early February, although
domestic trade in cured meats and lard was
good. A marked revival took place in the
demand for lard and provisions in the United
Kingdom and on the Continent, and prices
advanced.
COAL.
Production of bituminous coal showed an
increase during January. The output for the
month was 37,600,000 tons, as compared with
the December production of 30,975,000 tons
and a production in January, 1921, of 40,270,000 tons. With the exception of October, the
figures for January, 1922, are the largest since
274
FEDERAL RESERVE BULLETIN.
January a year ago. The present production
is large enough to meet current requirements
for consumption and export and at the same
time add to the reserve in storage. Due to the
expectation of a strike of bituminous miners on
April 1, there has been an improved demand
and a building up of reserves during the last
month. This has been especially noticeable
with railroads and public utilities, electric
utility plants having 51 days' supply on hand
and coal gas plants 89 days' supply on January
1. Other classes of consumers hold from 4 to
8 weeks' supply. Stocks throughout the country on January 1 amounted to 47,500,000 tons
in addition to 7,151,000 tons on the Upper
Lakes docks.
Production of anthracite coal increased from
5,984,000 tons in December to 6,258,000 tons
in January, which is 15 per cent below the
7,410,000 tons production for January 1921.
District No. 3 (Philadelphia) reports that continued cold weather during the past month has
resulted in only a slight improvement in the
domestic demand for prepared sizes of anthracite. All purchasing is of a hand-to-mouth
-nature and orders are for only small lots, as
operators and dealers alike are unwilling to
accumulate stocks before the end of the present
coal year. Domestic consumers are unwilling
to purchase at the present price, as their fuel
needs will lessen considerably after April, and
consumers of steam sizes are also reluctant to
stock at the present price, since they are
aware of the existence of heavy- supplies of
steam coal in the yards of dealers and operators.
In an endeavor to reduce their holdings, independent operators have reduced their prices,
even on some of the popular sizes, to the
companies' level, and retail dealers have
shaded existing prices as much as 50 cents or
SI a ton. The production of the beehive coke
for January was 496,000 tons, as compared with
514,000 tons in December and 1,137,000 tons
in January, 1921, while January production of
by-product coke was 1,903,000 tons, as compared with 1,860,000 tons in December and
2,278,000 tons in January a year ago.
PETROLEUM.
Reports from district No. 10 (Kansas City)
state that the number of oil wells completed
in January of this year was less than one-half
the total completed during January, 1921, but
the quality of the wells was such as to bring
the new production to within 3 per cent of the
total new production for January, 1921.
Crude-oil production for Kansas, Oklahoma,
and Wyoming amounted to approximately
14,369,000 barrels, as compared with 12,158,000
MARCH, 1922.
barrels in January, 1921. Production of crude
petroleum in district No. 11 (Dallas) totaled
14,916,130 barrels during January, breaking
all previous records and registering an increase of 1,496,380 barrels over the December
production figure. In that district 212 new
producing wells, with an initial flow "of 259,188
barrels, were completed in January, as compared with 203 producers, with an initial flow
of 328,984 barrels, in December. Average
daily production of petroleum in California
during January was 315,755 barrels, a decrease
of 9,723 barrels a day compared with December and of 15,431 barrels a day compared with
January a year ago. Fifty-two new producing wells, with an initial daily production of
11,210 barrels, were completed during January. Stored stocks at the end of the month
increased to 36,184,527 barrels, an increase of
1,162,615 barrels over the amount stored
during December. Prices for crude oil showed
very little change during the month of January, but are higher than in January, 1921, at
which time crude-oil prices were showing rapid
declines.
IRON AND STEEL.
After the extreme dullness of December,
January steel-ingot production showed an increase to 1,593,482 tons from the figure of
1,427,093 tons during the preceding month,
but pig-iron production showed a slight decrease, from 1,649,086 tons in December to
1,638,697 tons in January. The unfilled orders
of the United States Steel Corporation at the
close of the month likewise showed a small
decrease, from 4,268,414 tons to 4,241,678
tons. Divergent reports have been heard as
to conditions in February. On the one hand,
the fact that increased demand since the middle of January has served to carry operations back to the level obtained in November
is pointed to. Furthermore, some important
companies having a diversified output have
recently been able to run at better than 60 per
cent of their capacity. On the other hand,
while it is acknowledged that many firms report an increasing volume of inquiries and in
some instances a larger number of orders, the
increase is regarded as relatively slight. It is
generally acknowledged that at least a considerable part of the present demand is for small
quantities and for immediate delivery. A
large part has been for the replenishment of
exhausted lines revealed when inventories
were completed in January. More active demand by cement and oil interests, as well as for
export, is reported. There have been increased
inquiries for and some sales of both railroad
equipment and structural steel. All in all, con-
275
FEDEEAL RESERVE BULLETIN.
MARCH, 1922.
flicting tendencies have been in evidence and
until recently no marked tendency toward
either further progress or recession has appeared. This is reflected by the fact that prices
for both pig iron and finished steel products in
general have continued weak.
AUTOMOBILES.
Some improvement in the automobile industry in January is reported, and production
is also considerably greater than in the same
month a year ago. Companies reporting produced 81,424 passenger cars in January, as
against 70,435 in December. These companies
produced 99 per cent of the total output reported for December. Manufacturers report
that the results of the New York and Chicago
automobile shows, both in attendance and interest displayed by the public, were better than
expected. It is stated by district No. 4 (Cleveland) that the public is showing more confidence
after the recent price reductions, and that orders are starting to come in. Output of reporting truck manufacturers increased from 8,183
trucks in December to 9,127 trucks in January.
These manufacturers produced 98 per cent of
the total output reported for December.
NOXFERROUS METALS.
There was little change in the nonferrous
metal market during February. The price of
copper (New York, net refinery) was 12.875
cents to 13 cents per pound on February 15,
as compared with 13.25 cents per pound on
February 1, while the price of lead has been
practically stabilized at 4.70 cents per pound
since last September. The zinc market has
been exceptionally quiet, the price remaining
around 4.50 cents. Copper production in
January amounted to 25,848,284 pounds, in
comparison with a production of 18,595,182
pounds in December. Some of the more
important copper companies have resumed
operations in spite of the reduction in the
price of the metal. District No. 10 (Kansas
City) reports January shipments of 28,431
tons of zinc blende as compared with 30,096
tons for January 1921, average prices being
$26.44 and $27.11, respectively. Production
of zinc showed a further increase, amounting
to 23,706 tons in January as compared with
22,013 tons in December, but was still less than
the amount produced in January, 1921, which
totaled 25,916 tons. There was a further
slight reduction in the amount of zinc on hand,
stocks at the end of January amounting to
65fi78 tons as compared with 66,608 tons at
the end of December. District No. 10 (Kansas
City) reports that the price of lead ore was
very steady throughout the month of January,
the prevailing price being $60 per ton every
week. Ore stocks at the end of the month
showed 72,000 tons of zinc blende as against
50,000 tons for the same date in 1921, and of
600 tons of lead ore as against 500 tons on the
corresponding date in 1921. District No. 12
(San Francisco) states that reports received
from 14 of the largest mines in that district
show a decreased production of gold, silver,
and lead for December as compared with the
previous month.
COTTON. TEXTILES.
There has been a subsidence of activity in the
cotton goods mills during recent weeks, although
the consumption of cotton in January as reported by the Bureau of the Census rose to
526,552 bales, as compared with 511,800 bales
in December. The continued fluctuations in
the price of raw cotton have been a serious
.hindrance to the placing of forward orders, and
the extensive strikes in New England mills
following announced wage reductions have
added to the already existing uncertainties.
During January, however, the rate of activity
of the New England cotton industry was well
maintained and even showed a slight increase.
Goods mills in district No. 3 (Philadelphia)
are operating at about 70 per cent of capacity,
with sufficient orders booked to enable them
to continue running at that rate for about six
to eight weeks. Very little manufacturing is
being done for stock. During the first part
of February the yarn market in district No. 3
(Philadelphia) was reported to be exceedingly
dull. Orders were in small lots for immediate
delivery and buying was confined chiefly to
the knitting trade. Yarn mills in the district
were operating at 65 per cent of capacity, with
about 75 per cent of orders being filled from
stock. District No. 5 (Richmond) says that
the mills in that section " continued to run on
approximately full time in an effort to get the
cost of production as low as possible, but
orders being far less than the output, some
accumulation of stock has resulted." On
account of the unwillingness of buyers to
place forward orders, many mills were beginning to curtail their operating time. Cottoncloth manufacturers in district No. 6 (Atlanta)
have also felt the unfavorable effects of the
uncertain markets for raw cotton. In the
case of the goods mills, demand decreased
during January and a number of the mills reported that they were "unable to secure orders
under present conditions for future delivery."
Statistics based on the returns from 40 repre-
276
FEDERAL RESERVE BULLETIN.
sentative goods mills in the district showed a
reduction in the yardage output of cloth
during January of 1.7 per cent as compared
with December, but an increase of 39.1 per
cent as compared with a year ago. Shipments increased 3.4 per cent during the month
as compared with December and 29.4 per cent
as compared with January, 1921. Orders on
hand were 6.8 per cent greater than at the end
of the preceding month and 8.2 per cent above
those on hand a year ago. Although yarn
buyers were also said to be purchasing only
for immediate needs, the reports received from
39 representative yarn mills in district No. 6
(Atlanta) showed a great increase in activity
during January. Production rose 17.9 per
cent as compared with December and was 90.6
per cent greater than a year ago. Yarn shipments increased 2.8 per cent as compared
with December and 108.1 per cent as compared
with January, 1921. Orders on hand at the
end of the month were 15.9 per cent larger
than at the end of December and 20.5 per cent
larger than a year ago. It is stated that the
demand for lowT-grade yarns appears to be
weak, consumers showing preference for the
better grades.
WOOLEN TEXTILES.
Activity in woolen textiles has shown a
slight recession during the past month, as is
evident from the statistics of active and idle
machinery and percentages of idle hours
reported by the Bureau of the Census. The
percentages of idle looms to total reported
rose in all cases except in that of carpet and
rug looms. For looms wider than 50-inch
reed space the percentage of idle machinery
on February 1 was 34.3, as compared with
30.3 at the beginning of January. The corresponding percentages for looms 50-inch reed
space or less were 27.2 and 21.2, respectively.
On the other hand, there was a reduction in
the percentage of idle carpet and rug looms from
26.2 to 22.4 (February 1). The percentage
of idle woolen spindles rose from 25.1 to 27
and for worsted spindles from 13 to 14.3.
Percentages of idle hours to totals reported
were also greater in the case of weaving
machinery excepting carpet and rug looms,
the figures for looms wider than 50-inch reed
space being 35.2 per cent on February 1 as
compared with 32.9 per cent at the beginning
of January. The corresponding figures for
looms 50-inch reed space or less were 32 per
cent and 27.8 per cent. The percentage of idle
hours for carpet and rug looms, however, wTas
reduced to 23.9, as compared with 29.7 lor the
preceding month. Percentages of idle spindle
hours remained practically unchanged, falling
MARCH, 1922.
in the case of woolen spindles from 25.6 at
the beginning of January to 25.4 on February 1,
while in the case of worsted spindles they rose
from 13.8 at the beginning of January to
13.9 on February 1.
District No. 1 (Boston) reports woolen and
worsted machinery to be "moderately active,"
although not operating at as high a rate as
during the past two or three months. Orders
taken at the recent opening sales of the mills
were, generally speaking, below expectations.
In district No. 3 (Philadelphia) production of
woolen and worsted cloth increased slightly
during the month, and reporting mills averaged
about 75 per cent of operating capacity.
However, orders on hand were not in most
cases sufficient to make possible the maintenance of this rate of production for more than
30 days. In the yarn market, district No. 3
(Philadelphia) reports a falling off in the
demand for knitting yarns, but there was a
slight improvement in the call for weaving
yarns, although the market continues to be
very limited. Carpet yarns, however, were
in active demand. Operations of yarn mills
in the district averaged about 80 per cent of
capacity, and it was stated that most spinners
could continue at that rate for two or three
months on the basis of orders on hand. In
some cases, departments were being operated
at night and a majority of the mills were
employing a full force of men.
The market for raw wool continues to remain
firm, although a lessening of the volume of
operations has been noticeable since the beginning of February, according to the report
from district No. 1 (Boston). Raw wool prices
in the Boston market advanced on the average
nearly 50 per cent to the beginning of February
as compared with fall quotations. District
No. 12 (San Francisco) reports that at the present time little or no wool is held by growers in
that district. Between 75 per cent and 80 per
cent of the 1921 wool clip and carry-over was
sold between June 1 and November 1, 1921,
at prices ranging from 9 cents to 20 cents per
pound, according to the grade of wool and
locality where grown. Wool buyers are now
said to be offering from 17 cents to 33 cents
per pound for various small holdings still in
the growers7 hands. Raw wool consumption
during the month of January amounted to
61,192,000 pounds.
CLOTHING.
Clothing sales in districts No. 2 (New York)
and No. 8 (St. Louis) showed very slight
changes in January as compared with December. In the former district there was a negligible increase of 2.3 per cent in sales for 10 report-
277
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
ing firms, while in the latter theie was a sligh
recession in the volume of sales of 23 report-in
firms. In both districts sales as compared
with a year ago showed reductions. In district No. 2 (New York) this drop amounted t
<
22.8 per cent. Returns received from six
wholesale manufacturers of men's clothing
located in district No. 7 (Chicago) showed tha
the volume of orders for spring received to date
was 25.8 per cent ahead of orders received for
the spring season last year. The comparison
is for the same number of days during the two
seasons. The production increased slightly
during the month, the number of suits made
being 5.4 per cent greater than during December and 64.1 per cent in excess of production for January, 1921. Shipments were 327.9
per cent greater than in December and 58.9 per
cent greater than in January a year ago. The
reports received from 10 tailors-to-the-trade
showed a slowing down in activity, as the
number of suits made was 36.5 per cent below
that of the preceding month, although 11.4 per
cent greater than a year ago. Orders received
during the month were 30 per cent below December figures but 14.5 per cent above those
for January a year ago. Shipments declined
36.5 per cent from the December totals but increased 11 per cent over last year.
SILK TEXTILES.
only 60 per cent of capacity and on the basis
of present orders can not continue at that rate
more than two weeks. Latest reports from
Paterson , and North Hudson, February 11,
show a very low percentage of activity, as
only 3,653 looms out of a total of 15,000 reporting were operating in Paterson and the
percentage of operating loom hours to total
available was only 23.02, a reduction from the
figure of 24.13 per cent reported two weeks
ago. In North Hudson, the percentage of
operating loom hours to total reported was
57.48, as compared with 58.81 on January 28.
Active looms amounted to 2,456 out of a total
of 4,179.
HOSIERY.
Reports from 33 hosiery firms in district
No. 3 (Philadelphia) show a large increase in
orders booked during January. In the case of
those reporting firms which sell to the wholesale trade, orders booked during the month increased 55.5 per cent as compared with December, while in the case of the firms selling to the
retail trade the increase was 181.9 per cent.
Unfilled orders on hand January 1 were 1.9 per
cent greater than during the preceding month
in the case of those firms selling to the wholesale trade, and 33 per cent larger in the case of
firms selling to the retail trade. Product
manufactured during the month rose for both
classes of firms, the respective percentages
being 0.4 and 18. Shipments in the case of
firms selling to the wholesale trade advanced
11.7 per cent and in the case of firms selling to
the retail trade dropped 24.7 per cent. The
report from district No. 3 (Philadelphia) says
that "statements received regarding the
amount of business being done are very
onflicting and it is agreed difficulties are met
with, due to the fact that the cost of materials
has increased while there is difficulty in placing
orders at any advance in prices over those
named earlier in the season. During the
month there was a slight decline in the price
of silk and cotton yarns but not sufficient to
enable manufacturers to make any concessions
to buyers.77 District No. 6 (Atlanta) reports
that there is little change in the activity of the
otton hosiery mills in that section. Orders
booked during the month were, however, considerably larger than in December and about
;he same as reported for January of the preceding year.
The market for silk goods of all descriptions
is in a highly unsatisfactory condition, due in
considerable part to the uncertainties growing
out of the speculative rise in the prices of raw
silk in the Japanese markets. Buyers, in consequence, are unwilling to make forward commitments on the basis of present costs of production, and the few orders that are being
placed are chiefly for immediate delivery.
The situation in district No. 3 (Philadelphia)
in the case of mills manufacturing silk goods
is better than might be expected, considering
these disturbing factors, as the average rate
of operation of reporting firms is about 70 per
cent of capacity. A number of mills, as a
matter of fact, are operating at full capacity,
but in all cases activity is based on orders received some time ago. The demand for silk
yarns has fallen off to a certain extent and the
cessation of buying by hosiery manufacturers
has been an unfavorable faqtor, but, nevertheless, yarn manufacturers in district No. 3
(Philadelphia) are operating at "an almost
normal77 rate for this season of the year. They
UNDERWEAR.
are, however, engaged on orders taken during
previous months. Although a few mills are
In January, 1922, reports were received from
running at full capacity, with enough business 55 mills producing underwear, as comp are( i
to insure capacity operation for about six with 49 in December and 61 in January, 1921.
weeks, reporting establishments are averaging \ctuai production during the past twelve
278
FEDERAL. RESERVE BULLETIN.
months shows material progress. A year ago
the production of 61 reporting mills was only
148,023 dozens, or 16.4 per cent of normal,
while the most recent figures from 55 mills
place actual production at 640,489 dozens, or
79.1 per cent of normal. In December the
production of 49 mills stood at 77 per cent of
normal.
The greater part of the January, 1922, production was along the line of summer underwear, which amounted to 347,977 dozens, or
95.3 per cent of normal, while the production
of winter garments amounted to 292,512
dozens, or 65.8 per cent of normal.
Comparative reports received from 34 mills
show marked improvement for the month of
January as compared with the December returns from the same mills. Production rose
from 398,338 dozens in December to 417,051
dozens in January, a gain of 4.7 per cent. Unfilled orders fell slightly, from 1,228,611 dozens
on December 13 to 1,175,377 dozens on January
14, a decrease of 4.3 per cent. The most
striking gains are seen in new orders received
and shipments during the month. The former
rose from271,764 dozens inDecember to 481,270
dozens in January, an increase of 77.1 per
cent, while 524,007 dozens were shipped during
January as compared with 320,126 dozens in
December, a gain of 63.7 per cent. At the
same time cancellations fell off 36 per cent,
from 10,850 dozens in December to 6,940 dozens
in January.
Forty mills, with a normal production of
685,149 dozens, reported an actual production
of 505,242 dozens during January, with unfilled
orders on hand on February 1 amounting to
1,531,205 dozens, the balance of orders having
increased 18.2 per cent since January 1.
New orders amounted to 782,616 dozens, or
114.2 per cent of normal production, while
shipments were 78.7 per cent of normal production. Cancellations were slight, being only
1.1 per cent of normal production.
MARCH, 1922.
several months. District No. 3 (Philadelphia)
states that sales of leather are not large, but
orders are being received steadily. Sales of
belting in district No. 7 (Chicago) were greater
in January than in either December or January,
1921, but belting prices advanced. Demand
for shoe leathers has been restricted largely to
specialties, such as patent, gray suede, smoked
elk skins, and veals. January sales in the
United States were 124 per cent larger than
those of December, due to a heavy increase in
demand in the Middle West.
Shoe manufacturing showTed an encouraging
increase in activity during January, except in
district No. 8 (St. Louis). Reports from eight
manufacturers in district No. 1 (Boston) indicate that January production was 12 per cent
greater than that of December and 113 per cent
greater than that in January, 1921. Six of
these manufacturers showed an increase of 2
per cent in shipments and a decrease of 7 per
cent in new orders for January in comparison
with December. Forty-five reporting firms in
district No. 3 (Philadelphia) show increases of
15 per cent in production, 14 per cent in shipments, 18 per cent in new orders, 8.5 per cent
in stocks, and 5 per cent in number of operatives during January, while the volume of
unfilled orders was reduced about 5 per cent.
Shoe manufacturers in that district are running their factories at a higher percentage of
capacity than at any time since last spring,
although prices still continue to decline. In
the high-grade factories specialties predominate, varying from strap slippers to sport shoes.
Reports from 28 concerns in district No. 7
(Chicago) show that production increased 1
per cent, shipments 4 per cent, and stocks 16
per cent during the month of January. Retail
merchants are reported to be buying only in
small quantities and low-priced shoes have the
best demand. Factory operation in district
No. 8 (St. Louis) ranged from 45 per cent to
100 per cent of capacity, with lower production confined chiefly to interests specializing
in expensive footwear. January sales of 11
SHOES AND LEATHER.
reporting manufacturers in that district showed
Demand for hides and skins continued to increases ranging from 62 per cent to 140 perbe very dull during the last week in January cent in number of pairs over January, 1921, but
and the first three weeks in February, and prices were slightly smaller than in December, 1921.
of packer hides at Chicago yielded somewhat
in the week ending February 18. District
LUMBER.
No. 7 (Chicago) reports, however, that more
interest has been shown in country and
The lumber situation shows a slight improvespecialty hides than in the packer class. Sales ment. The close of the inventory period has
of green calf and kip skins throughout the benefited the industry by an increased demand,
United States were 105 per cent greater in but the increase has fallen short of expectaJanuary than in December. The curtailment tions. General conditions in the lumber inmade several weeks ago by most of the tanners dustry of district No. 12 (San Francisco)
in the number of hides put into process will improved during January, which was evidenced
not be felt in the finished leather market for by an increase in production, shipments, and
MARCH, 1922.
orders, both as compared with December, 1921,
and with January a year ago. Production of
lumber during the four weeks ending January
28, according to reports received from three
lumber associations, totaled 327,624,000 feet,
compared with 264,544,000 feet in the preceding four weeks, an increase of 23.7 per cent
during the month. Compared with January,
1921, when 152,110,000 feet were cut, there
was an increase of 175,514,000 feet, or 115.3
per cent. Present cut is approximately 80 per
cent of normal production for the reporting
mills. Orders received during the month
totaled 343,565,000 feet, compared with
270,724,000 feet in December and 178,614,000
feet in January a year ago. The January
orders exceeded the January cut by 4.8 per
cent and the shipments were 5.3 per cent
above the actual production, continuing the
reduction in stocks which has been in progress
since last November. Logging production
during January was reported to be approximately 50 per cent of normal. Severe weather
conditions have forced man}' camps to suspend
operations for the past three months. District
No. 6 (Atlanta) reports that although winter
weather has interfered somewhat with mill
and logging operations, there has been some
improvement in the industry, as shown by
an increase both in orders and production over
the preceding month. For the week ending
February 3, of the 75 reporting mills of the
Southern Pine Association 57 reported full
time and only 4 shut down, compared with 6
operating full time and 23 shut down out of
the 78 reporting for the last week in December.
Production since January 1 has been about 81
per cent of normal. District No. 11 (Dallas)
reports a production of 85,572,937 feet for 41
mills during January, as compared with
95,954,972 feet for 45 mills in December.
There has been a sharp decline of shipments
combined with an increase in new orders,
making the unfilled orders of 41 mills on
January 31, 44,667,936 feet, against a total of
39,230,622 feet for 45 mills on December 31.
The demand for upper grades of lumber has
been very weak.
Lumber sales at retail in district No. 9
(Minneapolis) declined 25 per cent between
December and January, but were larger than
in January a year ago. Stocks, while lower
than a year ago, were larger at the end of
January than at the end of December. On
the other hand, the number of board feet
ordered during January, 1922, nearly doubled
that of January a year ago, and shipments
during January were more than double those
of a year ago. Production of reporting mills
in January was 4,536,322 board feet, as compared with 1,803,114 board feet in December.
279
FEDERAL EESERVE BULLETIN.
In district No. 8 (St. Louis) there has been a
declining market for west coast lumber,
moderate reduction of stocks, ragged prices,
and a somewhat lower selling basis for hardwoods. Southern pine, however, has been
making headway, and with a gradually increasing demand has apparently strengthened
its price position since the new year.
BUILDING.
Building permits issued in 166 selected cities
reached a total value of $138,631,902 during
January, as compared with §140,382,406 during December and $61,522,867 during January,
1921. In seven of the twelve Federal Reserve
districts—No. 1 (Boston), No. 3 (Philadelphia),
No. 5 (Richmond),. No. 6 (Atlanta), No. 7
(Chicago), No. 11 (Dallas), and No. 12 (San
Francisco)—the value of permits issued was
greater in January than in December. These
increases varied in size from 3 per cent in
district No. 7 (Chicago) to 64 per cent in
district No. 11 (Dallas). Decreases were
registered in the other five districts and ranged
in size from 3 per cent for district No. 2 (New
York) to 52 per cent for district No. 9 (Minneapolis). The value of permits issued in
January, 1922, was greater than in January,
1921, in the case of every Federal Reserve
district. These increases varied from 4 per
cent for district No. 4 (Cleveland) to 230 per
cent for district No. 2 (New York). The
value of contracts awarded in seven Federal
Reserve districts (statistics of which are
compiled by the F. W. Dodge Co.) decreased
from $183,633,754 in December to $148,377,055
in January. Decreases occurred in districts
No. 1 (Boston), No. 2 (New York), No. 3
(Philadelphia), No. 5 (Richmond), No. 7
(Chicago), and No. 9 (Minneapolis), while
there was a moderate increase in the value of
contracts awarded in district No. 4 (Cleveland).
District No. 1 (Boston) states that residential
construction continues to be maintained at a
high rate, whereas the number of new business
buildings shows a marked decline. Reports
from district No. 3 (Philadelphia) indicate
considerable building activity, which has been
encouraged by further declines in prices of
materials. In district No. 6 (Atlanta) building
has continued in large volume during the
winter months, as the weather has been unusually mild, but building for industrial purposes has not revived to the same extent as
home building. A large number of small homes
are also being built in the southern sections of
district No. 8 (St. Louis), where favorable
weather conditions prevail. District No. 9
(Minneapolis) reports that there is a noticeable
increase in the average size of permit issued
for new construction, in spite of declining
280
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
building costs. Construction activity in dis-;1 ranging from 4.5 per cent in district No. 4
trict No. 11 (Dallas) is increasing in volume/ (Cleveland), 11 firms reporting, to 95.3 per cent
and is being extended from residential building in district No. 10 (Kansas City), 5 firms reportto building for business purposes. District ing. A majority of the other districts record
No. 12 (San Francisco) reports that building exceptionally heavy increases, amountingfc)49.2
activity in January once more reached record per cent in the case of district No. 7 (Chicago),
proportions, exceeding that in any month with 11 firms reporting, and 54.9 per cent in
district No. 5 (Richmond), 14 firms reporting.
with the exception of October, 1921.
In all other cases except district No. 12 (San
EMPLOYMENT.
Francisco) increases were in excess of 25 per cent
The reports received from the various dis- as compared with the preceding month. Sales
tricts concerning developments in the labor were heavier as compared with January a year
situation during the past month are of a some- ago in every case except district No. 6 (Atlanta),
what conflicting character. The latest state- where there was a negligible drop of 1.5 per cent
ments issued by the United States Employ- for 21 reporting firms. Otherwise increases
ment Service, covering firms employing more ranged from 2.5 per cent for 14 firms in district
than 500 workers, show that for the period No. 5 (Richmond) to 62.1 per cent for 5 firms
ending January 1 there was an increase of in district No. 10 (Kansas City). Increases as
4.2 per cent in numbers employed as com- compared with a year ago were also especially
pared with the end of December. Increases heavy in district No. 2 (New York), district
were especially noticeable in the case of No. 7 (Chicago), and districtNo. 9 (Minneapolis),
vehicles for land transportation, in which the advances amounting to 40.3 per cent for 3
there was an increase of 58.4 per cent during firms, 42.4 per cent for 11 firms, and 50.1 per
the month. Leather and its finished products cent for 4 firms, respectively.
and metals followed with increases of 3.7 per
Reports from wholesale grocery firms indicent and 2.8 per cent, respectively. The cate a generally dull trade during the month of
largest decreases occurred in railroad repair January in all districts except district No. 9
shops, which showed a reduction of 3.9 per (Minneapolis), in which an advance of 3.5 per
cent in numbers employed, and in tobacco cent for 12 firms occurred, and district No. .12
manufacture, in which there was a decrease (San Francisco), in which there was an increase
of 2.6 per cent. The net increase in numbers of 15.5 per cent for 31 firms. Decreases were
employed amounted to 63,400 for the 1,428 recorded ranging from 2.4 per cent in district
reporting firms, which were employing 1,556,- No. 11 (Dallas), 12 firms reporting, to 11.8 per
507 workers on January 31. Since the date of cent in district No. 2 (New York), 41 firms rethis report, conditions have arisen which porting. As compared with a year ago, dehave brought about increases in unemploy- creases were evident in all reporting districts,
ment in certain sections of the country, although in most cases they were not suffinotably in district No. 1 (Boston), where ciently pronounced to more than offset the
widespread strikes in the textile mills of intervening price declines in most cases. The
Rhode Island and New Hampshire are now declines in sales were least in district No. 12
in progress. The strikes started about the (San Francisco), where a drop of 1.9 per cent
middle of February, when mills in northern was recorded for 31 firms; the decrease was
New England and Rhode Island announced a greatest in district No. 6 (Atlanta), where
reduction of 20 per cent in wage rates, accom- sales were 18.8 per cent less for the 32 reportpanied in some instances by an increase in ing firms. Seasonal dullness in the hardware
working hours from 48 to 54 per week. So trade is also reflected in the fairly pronounced
far, cotton mill operatives in Massachusetts drop in sales that occurred in most reporting
have not been affected to any great extent, as districts during the month of January. Exno wage reductions have been made either in clusive of district No. 5 (Richmond), in which
Fall River or New Bedford.
an advance of 7.1 per cent in the sales of 19
reporting firms occurred, declines were regisWHOLESALE TRADE.
tered in all reporting districts, the miniStatistics of sales for four reporting whole- mum being 2.5 per cent for district No. 12
sale lines—groceries, dry goods, hardware, (San Francisco), with 21 firms reporting, and
and boots and shoes—indicate no changes of the maximum amounting to 29.5 per cent
moment during the past month, although in for 8 reporting firms in district No. 10
the case of dry goods a marked seasonal upturn (Kansas City). The volume of sales as comin sales is registered for all districts except dis- pared with a year ago has been fairly well
trict No. 2 (New York), in which there was a sustained, the decreases ranging from a' neglidecline of 14.3 per cent for 3 reporting firms. gible amount of 0.7 per cent in district No. 12
In all other districts there were advances (San Francisco), 21 firms reporting, to 28.6
281
FEDERAL, RESERVE BULLETIN.
M A R C H , 1922.
per cent in district No. 4 (Cleveland) 10 firms
reporting. Three reporting shoe wholesalers
in district No. 9 (Minneapolis) reported a very
heavy increase in sales during January of 73.6
per cent as compared with the preceding
month. Otherwise declines were recorded in
districts No. 2 (New York), No. 5 (Richmond),
No. 6 (Atlanta), No. 7 (Chicago), and No. 12
(San Francisco), rising from 2.7 per cent in the
case of district No. 6 (Atlanta), 9 firms reporting, to 15.2 per cent in the case of district No. 7
(Chicago), 16 firms reporting. As compared
with a year ago, four districts—No. 2 (New
York), No. 5 (Richmond), No. 9 (Minneapolis),
and No. 12 (San Francisco)—show increases
amounting to 6.4 per cent, 8 firms reporting;
36.5 per cent, 20 firms reporting; 47.1 per
cent, 3 firms reporting; and 26.2 per cent, 21
firms reporting, respectively.
RETAIL TRADE.
Retail sales in January showed the usual decrease in volume after the holiday buying. All
districts reported decreases in dollar amounts
as compared with January, 1 1921, figures, but
this is attributed in most cases to decline of
prices rather than a smaller volume of trade.
The public did not respond as usual to the
annual sales, and extra sales efforts were necessary to maintain even the current volume of
sales. Collections were rather poorer than in
the preceding months, the percentage of unpaid charge accounts compared with cash payments being large, especially in country districts. The dollar amount of sales recorded by
387 stores throughout the United States
showed a decrease of 12.4 per cent from January, 1921. Decreases recorded by the various
districts amounted to 8.1 per cent in district
No. 1 (Boston); 7.8 per cent in district No. 2
(New York); 12.2 per cent in district No. 3
(Philadelphia); 21.9 per cent in district No. 4
(Cleveland); 17 per cent in district No. 5
(Richmond); 19.4 per cent in district No. 6
(Atlanta); 6.6 per cent in district No. 7 (Chicago) ; 15.1 per cent in district No. 8 (St. Louis);
15.6 per cent in district No. 9 (Minneapolis);
12.9 per cent in district No. 10 (Kansas City);
19 per cent in district No. 11 (Dallas); and 6.3
per cent in No. 12 (San Francisco). Department stores stocks showed a decrease of 4.2
per cent from last month, but are about the
same size as last year. The rate of turnover
was slightly less than in December, 1921, but
there was a rather substantial increase in the
volume of outstanding orders.
the rise in the prices of agricultural commodities.
Prices of grains and live stock, not only on the
large exchanges but generally throughout the
country, showed appreciable advances, while
wool prices, especially for the finer grades,
were materially higher than in December and
January. Raw cotton, however, was slightly
lower at the opening of February than in January, and the average quotation for the first three
weeks of February for upland middling at New
Orleans was $0.1629 a pound, as compared with
$0.1675 in January. Prices of nonagricultural
raw materials were for the most part lower in
February than in January. An average of the
prices of all grades of bituminous coal on the
leading markets of the country was $2.21 a ton
at the mine in February, as compared with
$2.26 in January. Pig iron prices were also
lower in February, as were prices of copper and
tin. Lumber prices have been practically unchanged for a period of several weeks.
An average of February prices of manufactured goods would probably show little change
from the January average. Steel products continued to decline in February; also cotton yarns
and cloth. Wool and silk textiles, on the other
hand, increased, although in the case of the
finished goods trading appears to have been on
a comparatively narrow basis. Food prices
showed a tendency to increase because of the
rise in prices of agricultural commodities.
January is the most recent month for which
index numbers of wholesale prices are available. The Federal Reserve Board index for that
month was 138 (with prices in 1913 considered
as 100). This figure was the same as the December index. Between December and January small reductions were made on the average
in the prices of manufactured goods, while raw
materials as a group advanced. The increase
in the latter group was due to the advance in
prices of farm products.
Changes in retail prices and the cost of living
in general have been slight during the past few
months, as is shown by a study of the cost of
living in 32 cities which was published by the
Bureau of Labor Statistics early in February.
This study shows that between September and
December, 1921, there was an average reduction in the cost of living of only 1.7 per cent.
The total reduction since the peak of prices in
the summer of 1920 is estimated at 19.5 per
cent.
FOREIGN TRADE.
January exports and imports were both
somewhat lower than those reported for December. Exports, which amounted to $279,The most significant feature in the price situ- 000,000, were at a level lower than had been
ation in the first three weeks of February was reached at any time since xiugust, 1915, Im-
PRICES.
282
FEDERAL RESEKVE BULLETIN.
ports, which were valued at $216,000,000, although lower than the December total, did
not decline to the very low. values recorded in
the summer months of 1921. Foreign trade
at this season of the year is normally less than
at other times, so that this latest decline is
not unexpected, nor does it signify anything
new of a disturbing sort.
One of the most significant facts in connection with American foreign trade in recent
months has been the readjustment of exports
and imports upon a basis more nearly approaching an even balance. In January the
excess of merchandise exports over imports
was only $63,000,000, as compared with
$445,000,000 for the previous January, and a
monthly average during 1921 of $165,000,000.
The latest foreign trade figures, therefore,
indicate the continuance of a tendency which
became especially pronounced in November,
1921, when merchandise exports exceeded imports by $83,000,000, as compared with the
far greater amount of $155,000,000 in October. If allowance is made for imports of
gold and also for estimates of the various
"invisible" elements in our trade balance,
such as immigrants7 remittances and foreign
investments, the excess of merchandise exports has been more than offset in each of the
last three months, with the result that our
balance of trade has actually been reversed
and for those months constituted a small
debit against us.
SHIPPING.
Ocean freight rates during February remained generally steady, while such changes
as occurred were in the direction of higher
quotations. Grain was the principal commodity for which substantially increased rates
were paid from American ports to the United
Kingdom and the Continent, while small increases over January rates were effective on
flour in the same trades. West Indian sugar
cargoes, although not so active as in January,
continued to furnish employment to many
vessels. Time chartering for future requirements was less in evidence than in the previous month, but there was good demand for
steamers in position for prompt loading, and
charterers at times found difficulty in filling
their immediate needs without offering a
premium. Steamship men report that cargo
offerings are on the increase, which, coupled
with the firmness of freight rates and improved
foreign exchange conditions, has given rise to
a feeling of greater confidence in shipping
circles than prevailed two or three months
ago.
MARCH, 1922.
FLOTATION OF FOREIGN LOANS.
Following is the text of a statement given
to the press by the Department of State on
March 3:
At a conference held last summer between
the President, certain members of the Cabinet,
and a number of American investment bankers,
the interest of the Government in the public
flotation of issues of foreign bonds in the
American market was informally discussed and
the desire of the Government to be duly and
adequately informed regarding such transactions before their consummation, so that it
might express itself regarding them if that
should be requested or seem desirable, was
fully explained. Subsequently the President
was informed by the bankers that they and
their associates were in harmony with the Government's wishes and would act accordingly.
The desirability of such cooperation, however, does not seem sufficiently well understood
in banking and investment circles.
The flotation of foreign bond issues in the
American market is assuming an increasing
importance, and on account of the bearing of
such operations upon the proper conduct of
affairs it is hoped that American concerns that
contemplate making foreign loans will inform
the Department of State in due time of the
essential facts and of subsequent developments
of importance. Responsible American bankers
will be competent to determine what information they should furnish and when it should be
supplied.
American concerns that wish to ascertain the
attitude of the Department regarding any projected loan should request the Secretary of
State in writing, for an expression of the Department's views. The Department will then
give the matter consideration and, in the light
of the information in its possession, endeavor
to say whether objection to the loan in question
does or does not exist, but it should be carefully noted that the absence of a statement
from the Department, even though the Department may have been fully informed, does not
indicate either acquiescence or objection. The
Department will reply as promptly as possible
to such inquiries.
The Department of State can not, of course,
require American bankers to consult it. It
will not pass upon the merits of foreign loans as
business propositions, nor assume any responsibility whatever in connection with loan transactions. Offers for foreign loans should not,
therefore, state or imply that they are contingent upon an expression from the Department of State regarding them, nor should any
prospectus or contract refer to the attitude of
MARCH,
1922.
283
FEDERAL BESERVE BULLETIN.
this Government. The Department believes
that in view of the possible national interests
involved it should have the opportunity of s&ying to the underwriters concerned, should it
appear advisable to do so, that there is or is
not objection to any particular issue.
average rates of decline are reported for the
following cities: Baltimore, 62 per cent; Cleveland, 65 per cent; Minneapolis, 70 per cent;
St. Louis, 79 per cent; and Kansas City, 91 per
cent.
In the following table are shown acceptance
liabilities by principal cities separately for
national and other member banks, also for all
member banks on all call dates for the period
Member Bank Acceptances at the Close of 1921. December 29, 1920, to December 31, 1921:
Between June 30 and December 31, 1921,
outstanding acceptances of all member banks ACCEPTANCE LIABILITIES E ROFB ANATIONAL AND OTHER
MEMB
NKS.
decreased from $431,887,000 to $367,294,000,
[In thousands of dollars.]
or by about 15 per cent. The shrinkage in the
volume of outstanding member bank acceptances has been continuous since May 4, 1920, Class of banks and Dec. 29, Pel). 21,'!Apr. 28.1'j Juno 30, Sept. 6, Dec. 31,
1921.
1921.
1921. 1921.
1921.
1920.
city.
when the peak total of $673,852,000 was shown.
Between that date and the end of 1921 the
National banks.
shrinkage totaled $306,558,000, or over 45
193,3091 191,918: 173,062| 142,620 122,638, 111,724
per cent, while $226,414,000, or 38 per cent, New York
1,194
1,484
772'
568
512
Buffalo
768:
49,786: 47,181! 46,207: 33,697 25,949 35,332
constitutes the decrease for the past calendar Boston
775
518
Providence,
l,05l !
404
303
932
year. This per cent decline is somewhat Philadelphia
10,343! 12,143 11,862 l(),402
9,463j 10,589
1,244
1,067
1,471; 1,240;
1,198'
Pittsburgh
1,700,
smaller than the relative decline for the year in Cleveland
1,137. 2,123
959
8,528
1,197!
1,924'j
3,385! 3,558'
453
4,527; 5,003
1,533
our total foreign trade, viz, 48 per cent. Detroit
68.1.1
150
1,202!
511
182!
742'
Cincinnati
Acceptance liabilities of the national banks, Memphis
100 .
2,484'
2,818'
492
1,365
316!
55i;
which constitute about 60 per cent of the total Indianapolis
' 2,190| 2,0J 9'
Richmond
1,028
1,903.1 3,6.15
acceptance liabilities of member banks, show Baltimore
4,273'
3,100!
1,812
1,446
2,118l
1^749
600!
700;
Atlanta
450
250j.
a decline of about 40 per cent, while those of New Orleans
1,532,
908|
920
846i
911
Charle
2,166
1,441
1,927
778!
409
1,009
trust company and State bank members de- Chicagos t o n s . C
28,819i 23,894 24,280; 19,2951 24,030' 18,582
clined only 32 per cent during the year. St. Louis
3,116;
524!
2,615
922
657j
5681
8,208
1,819;
5,888'
2,462
1,4221 1,658;
National banks in New York City show a de- Minneapolis Mo
Kansas City,
3, G49i
2,240!
l,023|
350
1,079
2,293
Dallas
".
890|
150
1,181
300
250!
1,750:
crease in their acceptance liabilities from San Francisco
7,4011 8,393
13,241! 14,091' 13,611i 10,66o|
$193,309,000 to $111,724,000, or at about the Los Angeles
1,102
1,367;
1,816! l,78lj
9771
1,703
Portland
2,507! 2,772'i
2,493'
1,64*
938
1,453
same rate as all other national banks, while Seattle
l,021j
1,099!
474
351
931|
495
Allother
17,302| 12,369! 12,093
19,845!
9,872| 15,440
trust companies and State banks in New York
City show a decline from $148,296,000 to
Total.
375,416! 345,644 304,2311 250,925| 218,180; 218,936
i
I
i
$103,398,000, or at a rate of decline slightly
lower than member banks of their class in
Dec. 29, Apr. 28, June 30, Dec. 31.
Class of banks and city.
1920.
1921.
1921.
1921.
other cities. The relative volume of outstanding New York member bank acceptances,
and trust
compared with the total volume of member State bank members. company •\
bank acceptances outstanding, shows a slight
118,296
138,856 , i12,554
103,398
increase for the }Tear from 57.5 to 58.1 per cent. New York
1,950
Buffalo
856 i
919
534
14,349
11,857
11,012
9,402
Smaller than average reductions are reported Boston
1,309 !
751
Providence...
1,569
353
200 '
624
1,100
156
by member banks in the southern cities, in- Philadelphia.. .
198
376
Pittsburgh
450
100
cluding New Orleans and Dallas, whose fig- Cleveland
8,746 :
9,008
4,746
3,649
400
450
Detroit
900
225
ures, because of the rise in the price of cotton, Cincinnati
150
3
444
275
280
545
show substantial increases during the second Memphis
Richmond
100
part of the year. Member banks in Richmond Baltimore...
500
197
100
162
197
111
337
more than doubled their acceptance liabilities Atlanta
Savannah
562
475
410
964
7,442
6,569
6,714
4,467
during the latter half of the year and the New (Means
23,TS81
21,273
Chicago
16,697
20,996
December 31 total is about 58 per cent larger St. Louis
1,472
4,937
1,152
793
1,550
132
1,966
than the total reportedjabout the- close'of 1920. Kansas City, Mo.
125
Dallas
1,122 '
726
Of the larger financial centers outside of New San Francisco
971
1,499
390
200 ,
Los Angeles
744
217
York, Philadelphia shows a decline for the year Portland
630 i
785
684
4 !
66
3 ;
of 38 per cent, Chicago a decline of 35 per cent, Seattle
Allother
4,810 i
4,318
2,078
3,660
San Francisco a decline of 31 per cent, and
-Total
! 218,292 . 199,938 ; 180,962 j 148,358
Boston a decline of 30 per" cent. Larger than
:
:
:
:
!
i
!
:
1
1
!
1
1
!
!
284
FEDERAL RESERVE BULLETIN".
ACCEPTANCE
LIABILITIES OF NATIONAL AND
MEMBER BANKS—Continued.
OTHER
[In thousands of dollars.]
Class of banks and city.
about $600,000,000, the October 1 estimate of
the American Acceptance Council.
HOLDINGS
Apr. 28, i June, 30,
1921. : 1921.
MARCH, 1922.
OF B A N K E R S ' ACCEPTANCES
RESERVE BANKS.
Dec. 31,
1921.
BY F E D E R A L
[In thousands of dollars.]
I
Purchased in open market.
.
Held under discount.
All member banks.
New York
Buffalo
Boston.,
Providence
.'
Philadelphia
Pittsburgh
Cleveland
Detroit
Cincinnati
Memphis
Indianapolis
Richmond
Baltimore
Atlanta
Savannah
New Orleans
Charleston, S. C
Chicago
St. Louis
Minneapolis
Kansas City, Mo
Dallas
San Francisco
Los Angeles
Portland
Seattle
All other
Total
311,918 ' 264,164
311,005
1,628 :
1,687
3,434
58,064 !
44,709
64,135
2,084 i
1,158
2,620 |
11,026 |
17,443 j 12,062 :
1,442
2,076
1,921 !
9,883 ;
13,274 !
11,131
3,785
5,427 i
4,008 I
681 i
1,352 J
511
444 .
375
280
1,365
2,818 "
•
551
1,028
2,290 :
1,741
1,643 .
1,849
4,773 ;
612
361
797 ;
475 :
410
562 |
7,489
5,378
8,974 !
1,441
778
2,166 !
40,291
52,500 | 45,553 '
1,996 :
1,809
8,053 j
1,819
1,422
8,208 '
2,573 •
3,045
3,781 j
150 ,
300
1,750 i
14,337
11,636
14,303
1,177
2,447
2,206
3,557
2,137
3,123
934
561
1,103 j
16,029
16,411
24,655
215,122
1,046
44,734
871
10,745
1,167
4,608
678
153
545
492
3,615
1,812
337
964
7,697
1,009
35,279
1,715
2,462
350
1,306
9,892
1,319
1,507
351
17,518
593,708 ' 504,169 j 431,887
367,294
Recapitulation.
Total national banks
i 375,416 ! 304,231
Total State bank and trust j
|
company members
! 218,292 ! 199,938
Grand total
i 593,708 j 504,169
250,925
148,358
431,887
367,294
Federal Reserve Bank holdings of purchased
and discounted bank acceptances, which reached
the low total of $17,912,000 on July 31 of last
3rear, show a gradual increase to $145,045,000
at the close of the year, of which $110,552,000
represented member bank acceptances. The
latter amount constitutes about 30 per cent of
all the member bank acceptances outstanding
on that date, which is about the proportion
of member bank acceptances hold in the portfolios of the reserve banks about the end of
1920. In addition, as shown in the subjoined
exhibit, the reserve banks held at the (Jose of
last year a total of $34,831,000 of bills accepted
by nonmember banks, including private banks,
agencies of foreign banks, and discount corporations. It is believed by some that the percentage of total outstanding nonmember bank
acceptances held in the portfolios of the reserve
banks is somewhat larger than the percentage
of member bank acceptances. Assuming, however, an equal 30 per cent of both classes of
acceptances held by the reserve banks, we may
estimate the total amount of bank acceptances
outstanding at the close of last year at somewhat less than $500,000,000, compared with
j Nonmem- i
!
bcr I
ibanksj Pri- j B r ?"f s JTotal. MemTotal. Mem! and
Other
and
vate j agencies
ber
ber
banks. banks.
I
Date.
! pora1
tions.
1920.
Dec. 3 1 . .
1921.
Tan. 31..
Feb. 28..
Mar. 3 1 . .
Apr. 30..
May 3 1 . .
June 30..
July 3 1 . .
Ausr. 31.Sept. 30..
Oct. 3 1 . .
Nov. 30..
Dec. 3 1 . .
258,878169,387 38,374! 21,905
!
162,385' 89,240
169,048! 96,313
119,054' 65,868
109,142': 62,327
75,239' 46,754
40,130! 26,787
17,912! 13,411
35,280! 25,158
44,9161 33,620
86,055! 64,886
72,824.1.53,490
145,0451110,264
32,372
33,768
20,653
18,341
10,053
6,960J
3,087j
5,63Si
4,8J3|
11,746i
8,873"
13,656i
18,055
18,458
15,878
13,915,
9,517|
3,39li
l,034i
3,022i
2,6351
6,488'
4,960
1231i>
26,212,17,218
22,718.12,506
20,509,13,421'
16,65513,052'
14,559'l0,188i
8,915' 9,472:
2,992 8,456i
380 6,089)
1,462, 1,715;
3,842' 845
2,935! 899
5,501!
447j
8,806' 338
0)
8,454
8,669
9,181
6,343!
6,469!
6,033
4,075
924
3811
623j
378i
288|
4,052
4,752
3,871
3,845
3,003
2,423
2,014
791
464
276
69
50
218,936
180,962
Accepted b y -
Accepted by—
i No data.
Acceptance liabilities of 13 of the leading
British banks show for the same period (i. e.,
between the last of 1920 and 1921) a decline
from £96,598,000 to £69,894,000, though it
should be noted that a much lower total was
reached on Juno 30 of last year and that since
then quite a substantial recovery of the British
acceptance business has taken place.
Acceptance liabilities of the three great
French banks declined nearly one-third between the end of November, 1920 and 1921,
while the Italian great commercial banks,
except the now insolvent Banca Italiana di
Sconto, show a decline of over 20 per cent for
the same period. The Sconto's acceptance
liabilities on October 31, 1921, were about
200,000,000 lire, the largest total ever reported
by that institution and, for that matter, by any
Italian commercial bank.
The greater ease in the general credit situation affected also the course of acceptance rates,
which show a practically continuous decline
during the second half of the year. Openmarket rates in New York on prime bank
acceptances, which were quoted as high as 5J-6
per cent during June of last year, declined to
4J-4\ per cent about the end of November, and
these rates were in effect about the end of the
year.
FEDERAL RESERVE BULLETIN.
MABcn, 1922.
TOBACCO FINANCE.
The following is the fifth of a series of articles
describing the financing methods which are
employed in the tobacco industry. The previous articles appeared in the September, 1921,
October, 1921, November, 1921, and December,
1921, issues. Data were obtained partly
through the cooperation of the Federal Reserve
Agents in the various districts, and partly direct
from banks and persons interested in the
industry in various capacities, as well as from
other Government organizations. To all of
them acknowledgment is due.
V. LEAF TOBACCO DEALING—MANUFACTURED AND EXPORT TYPES.
The Commissioner of Internal Revenue, in
pursuance of his duty as collector of taxes on
tobacco and tobacco products, has laid down
regulations which govern in certain particulars
the operations of persons engaged in the
industry. In addition to growers, he recognizes as distinct classes dealers (including
bu}rers who act for two or more dealers) and
manufacturers. To the extent that a manufacturer receives tobacco for resale or for any
purpose other than manufacture, or receives it
off his bonded factory premises, he is regarded
as a dealer. ' 'Dealer'3 includes any person whose
business it is, for himself or on commission, to
sell, or offer for sale, leaf tobacco, and every
person who, as a principal, receives leaf tobacco into his actual possession. Accordingly,
anyone who operates a sales or storage warehouse, a stemmery, or a rehandling plant is
regarded as a dealer. Every dealer is required
to give bond and register with the collector of
internal revenue of the district in which the
business is to be conducted. He is permitted
to sell only to other dealers in tobacco, to registered manufacturers, or for export. The quantity sold shall not be less than a hogshead,
case, or bale, except loose-leaf tobacco, comprising the breaks on warehouse floors, and
except to a duly registered manufacturer of
cigars, for use in his own manufactory exclusively. These regulations apply to both dealers
in the cigar and in the manufactured and
export types.
A. CLASSES OF DEALING.
From the description just given it will be
clear that dealing in the manufactured and export types of tobacco (using the term in the
more restricted sense in which it is generally
understood in the trade) may be done in one
of several ways. The dealer may either buy
the leaf outright or else he may act merely as
intermediary and purchase and re dry or rehandle it as he receives specific orders. This is
285
called buying on order. He may do the latter
either under contract, that is, agree to deliver
at a fixed price, or under order, receiving a
specified commission and charge for rehandling,
as will be indicated below. There is little contract business, and this is said to be done only
where the buyer has great confidence in the
dealer.
The extent to which each of these two
general methods—purchase for own account
and purchase on order—is used varies with
market conditions and with the type of tobacco in question. It is often said"to be hazardous to buy tobacco for one's own account,
due both to uncertainty as to when the same
may be sold and possible changes in price, so
that the practice is often designated as speculating. In an active advancing market more
tobacco is therefore bought b}^ dealers on their
own account. During the 1919-20 season
many dealers did this, but during the 1920-21
season, with the drop in the price of tobacco,
they confined their business to purchasing on
order. Bright tobacco is said to afford greater
opportunities for speculation, due to the value
attached to the color of the leaf. Purchase on
own account shades into order buying in certain cases, for dealers may also buy to some
,extent in an endeavor to anticipate later orders
of customers, basing their action on the regular needs of the latter as shown by past experience. Some dealers act as brokers in selling
hogshead tobacco for others.
Sales of tobacco bought by the dealer on his
own account may be made either to manufacturers or to other dealers or for export. A considerable number of local dealers in the smaller
markets confine their business to buying on
order for others, and do this to a considerable
extent for other dealers who themselves have
received an order from a manufacturer or from
abroad. Certain local dealers purchase to
some extent on their own account, but this is
done especially by larger dealers in the leading
markets. The latter maintain on hand stocks
of leaf of their own standard grades, which
they are able to supply at all times to the trade.
These larger dealers in general arc interested
in other firms, in some cases very extensively,
in addition to themselves having branches at
various markets, which provide facilities for
handling or storing tobacco. In particular,
Danville is the headquarters of dealers in the
East and Louisville in the West. The smaller
dealers tend to specialize in either the eastern
or the western types, but a number of the
larger dealers handle both.
The proportion of the crop which passes
through the hands of dealers differs greatly as
between the different types. This question is
closely related to the extent to which the sev-
286
FEDERAL RESERVE BULLETIN.
era! types are exported instead of being used
domestically. It is estimated that 35 to 40
per cent of bright tobacco is used domestically,
and 30 per cent of the Virginia dark type. In
the West, 85 to 90 per cent of burley is so used,
30 to 40 per cent of one-sucker tobacco, and
one-half the Green River type, but the major
part of the Paducah, Clarksville-Hopkinsville, and stemming types is exported. The
bulk of the tobacco used domestically is purchased by the four large companies. These
large companies in general have highly developed buying organizations, and purchase direct
from the farmer, either at the leaf sales warehouses or in the country, according to the
district in question. Foreign business is therefore more important to the dealer, and he furthermore pays much less attention on the
whole 7 burley than to the other types.
to
Dealers estimates place the proportion of the
1921 crop passing through their hands at not
over 25 per cent. A considerable number
make the estimate 10 to 15 per cent, and another group 25 per cent. From the eastern
districts it is generally reported that dealers
are confining their buying largely to the common grades.
The destination of exports in 1920 is given in
the following table:
Pounds.
Total leaf tobacco
United Kingdom
France
Italy
Belgium
Netherlands..
Scandanavia
Germany
Canada
China
Australia
British West Africa
:
Value.
467,662,124 '• $244,897,187
!
;
!
'
,
!
i
j
!
:
i
162,709,819
60,396,643
44,160,278
28,499,360
26,351,990
23,420,970
14,773,1.36
16,678,521
18,224,923
18,372,538
12,507,022
128. 020,512
18! 664,414
; 097,714
099,062
304,032
237,156
637,017
884,751
097,216
222,956
757,282
Consideration of the total volume of exports,
and the major countries to which they go, will
serve to show why the fall in foreign exchange
has had so great an effect upon the leaf tobacco
business.
The bulk of these exports pass through the
customs districts of New York, Philadelphia,
Maryland, Virginia, and New Orleans, the 1920
figures for these districts being as follows:
|
Pounds.
Value.
I
"United States
New York
Philadelphia
Maryland
Virginia
New Orleans
467,662,124
§244,897,187
139.672,664
25,845,788
70,722,943
105,186,923
93,242,408
62,385,102
12,498,350
32,217,257
94,828,404
24,659,241
MAECH, 1922.
B. SERVICES OF THE DEALER.
In acting in the manner indicated above,
the dealer performs several services. Whether
buying on order or for his own account, it is
necessary for him to assemble the tobacco
desired by the manufacturer and in so doing
to sort or grade the leaf he purchases, and to
redry or renandlc it, placing it in keeping order.
Whore he buys it for his own account, he has
the further duty of keeping it in stock until it
is ready for use. It frequently takes a considerable time to assemble a lot of tobacco, for
the individual manufacturer often has his
preferences as to color and kind of leaf, as
well as with respect to method of preparation.
Some tobacco is air dried, which takes
about six months, but the great majority is
redried with the aid of steam. The machine
is a steel enclosure, from 73 to 200 feet long,
and approximately 18 feet wide and 9 feet
high. It contains moving conveyors, on which
the tobacco is carried from one end to the
other. The machine has three compartments,
used respectively for drying, cooling, and ordering or steaming. The first chamber is approximately half the total length, the second oneeighth, and the third, the remainder.
The tobacco leaves, tied in hands, are placed
on sticks, which arc then placed in the notches
on the chains of the conveyor. The hands are
first carried into the drying chamber, which
contains steam coils for heating the air. The
object here is to dry thoroughly every leaf and
stem to the point of brittlencss. The temperature for the heavier grades varies from 120°170° F., and for the lighter grades from 120°145° F. The tobacco then enters the cooling
chamber, through which passes a continuous
stream of cold air sucked in from the outside
atmosphere by large fans. Finally, the tobacco
passes through the ordering chamber. Here
steam comes in contact with the hands, and
reduces them to a condition of pliability. The
details as to length of time spent -in passingthrough the dryer, temperatures, etc., are
determined by the expert in charge of the
operation and vary according to his judgment,
mien the tobacco emerges from the machine,
the sticks are removed from the conveyor and
the hands packed and compressed into hogsheads. The hogshead is then headed, and is
ready for shipping or storing.
Tobacco is not used by the manufacturer
immediately after it is rchandled, but is
"aged" instead. The dealer who buys tobacco on his own account generally performs
this service for the manufacturer. This involves him in further expense, namely, that
of interest on his investment, storage charges,
and insurance.
287
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
The Bureau of the Census docs not separate QUANTITY OF MANUFACTURED AND EXPORT LEAF TOBACCO
the stocks of leaf held by dealers from those HELD BY MANUFACTURERS AND DEALERS, 191.9—1921.
held by manufacturers, showing merely total
[Pounds.]
figures for the first of each quarter. The leaf
is, however, divided according to types. The
Virginia j Bright. I Burley.
Western
Total.
dark.
dark.
stocks held vary widely from year to year, as
well as at different dates within a given year.
1919.
"This may be accounted for in part by prac- J a n . 1 . : 913,252,894: 46,472,484' 427,369, 856j! 139,038,535 267,878,756
tices and customs prevailing in the various Apr. 1. : 1,255,869,264 59,590,593 434,517,068 333,912,305394,027,730
ul .
42,919,482 327,277,360! 287,564.917:322,333,696
tobacco-growing localities, the size of the crop, JOct.y l1. !". 1,012,255,690 34,221,05-i| 367,976,734 229,890^ 560.222,499,314
891,633,932
the prices obtaining, transportation facilities, 1920.
and the amounts of export tobacco awaiting J a n . 1 .
962,807,355 37,714,823 i 448,541,704 227,278,528 210,558,048
cargo space.77 The following table gives the Auplry. ll .. : 1,179,823,043: 48,530,911* 415,332,199j 328,135,558 353,386,528
J
1,013,719,134 34,972,322: 304,206,285 326,920,164J320,217,568
"
~
amounts of each of the principal types heldO c t . l . ; 849,199,335 30,808,5051229,703,235 267,7S9,489,283,185,141
'
:
i
quarterly during 1919, 1920, and 1921.
.1921.
!
:
:
!
QUANTITY OF LEAP TOBACCO HELD BY MANUFACTURERS
J a n . l . . . 1,061,696,4.01. 32,492,507: 523,912,560: 237,777,164J235,9L9,234
Apr. 1. ..j 1,363,499,010 50,180,089. 571,148,382| 399,001,690 307,285,600
AND DEALERS, 1919-1921.
[Pounds.]
i
i
Total.
' Manufactured \
\
i and exported i Cigar typos. '
|
types.
!
1919.
Jan.l...
Apr.l..
Taly 1..
Oct. 1..
1,234,884,390
913,252,894 ' 254,309,051 i
1,627,233,87G 1,255,809,204 , 303,505,8G9 !
1,400,963,823 : 1,012,255,690 j 323,531,210 :
1,203,769,070:
891,633,932! 302,972,044
1920.
Jan.l..
Apr.l..
Julyl..
Oct.l..
1,318,131,291 i 902,807,355 j
1,590,624,644 1,179,823,043
1,452,962,024 1,013,719,134 !
1,271,524,630
849,199,335
1921.
Jan.l..
Apr.l..
1,446,914,469 | 1,06 L, 696,401 ! 297,471, S22 i
1,818,781,268 I 1,363,499,010 . 307,854,007 \
283,303,899!
328,724,633 "
350,692,935
331,848,564
07,322,451
07,798,743
05,170,917
69,163,094
72,020,037
82,076,968
88,549,955
90,470,731
87,740,24G
87,428,191
By far the major part of this tobacco is held
in unstemmed form, although the proportion
varies as between the different districts. The
largest proportion of stemmed tobacco is found
in the case of the manufactured and export
types, and the least in the case of the imported
types. The proportions vary somewhat for
the several manufactured and export types,
being largest for burley, with bright tobacco
second. This is seen in the following table:
QUANTITIES
OF UNSTEMMED
AND STEMMED
LEAF
TOBACCO HELD BY MANUFACTURERS
AND DEALERS, 1920.
[Pounds.]
The amount of tobacco of the manufactured
Jan. 1.
Apr. 1.
and export types held on January 1, 1920,
thus amounted to 73 per cent of the total leaf
Unstemmed. i Stemmed. Unstemmed. Stemmed.
held, and on January 1, 1921, to 73.4 per cent,
while the figures for cigar leaf were 21.5 per Aggregate
1,179,623,879 138,507,412 1,437,166,452 153,458,192
,
,
,
,
,
,
259,398,312
cent and 20.5 per cent, and for imported leaf Cigar types
Imported types
69,036,241 23,905,587! 306,583,916; 22,140 717
2,983,796;
78,725,336" 3,351,632
5.5 per cent and 6.1 per cent, respectively. If Manufactured a n d
851,189,326 111,618,0291. 051,857, 200.127,965,843
values were taken, the proportion of cigar leaf export types
Virginia dark
35,370,788 2,344,035 ' 42,670, 110' 5,860,771
Bright
412,184,260 36,357,441 376,4.04, 063 38,928,136
would, however, be greater. I t will be ob- Burley
165,880,7071 61, 397,821; 274;-loo! 117 273,969,162
Western d a r k . . .
202,131,701, 8, 423,317, 327,111, 396, 26,275,132
served that stocks of manufactured and export
Fired
117,417,736! 1, 382,508 196,204, 473 10,223,498
type tobacco on the whole arc smallest on
Henderson..
4,5-19,313i 1, 350,023'
10,903, 300: 6,119,220
Green River.
39,363,077 4, 661,238,
57,719, 293 7,898,296
October 1 and highest on April 1, while in the
One sucker..
40,804,441 1, 029,578=
62,28-1, 330 2,031,118
case of the cigar types the low point comes on
January 1 and the high point on July 1. This
July 1.
Oct. 1.
variation is due largely to difference in date of
marketing of the two types. Stocks of im• Unstemmed. Stemmed. Unstemmed. Stemmed.
ported leaf apparently show no regular seasonal change. The following table shows Aggregate
1,300,157, 070 152, 80t, 954; 1 111, 531,8531159,992,777
,
Cigar types
329,724, lot 20, 968,781 304,023,563 27,825,001
separately the stocks of each of the principal Imported types
85,658, 842 2, 891,113
87,518,007 2,928,724
types of manufactured and export leaf held on Manufactured a n d
the same dates as those given in the table export typesa r k . . . . 884,774, 074128, 945,060 719,900,283129, 239,052
Virginia d
31,820, 5271 3, 151,795
>,634 ~ 678,871
28,129,
Bright
266,736, 261! 37, 470,024 189,729,
1,339
973,896
above.
Burley
259,701,
515,935 207,697,
091,910
',579
Western dark
304,033,
887,120 260,822,
It will be observed that stocks of burley and
362,256
5,885
Fired
675,031 174,497, 732
197,309,
754,941
',
the western dark types are lowest on January
Henderson...
838,684
10,008,
5,333,
798,613
!,252
Green River..
461,135
51,644,
38,772,
438,947
5,865
1, while stocks of bright tobacco, due to the
One sucker...
912,270 42,219,
45,071,
""V55
earlier marketing, are lowest in July to October.
fiorar twnoo
Or«O 'iQSi 'i\O O'i O.(\~* W7:
:
Qflft Wi
0 1 «• 0 0 t Ad n\n
288
FEDERAL RESERVE BULLETIN.
C. FINANCIAL REQUIREMENTS.
A number of the larger dealers are incorporated, but the majority are merely partnerships.
Considerable changes in the plan of capitalization took place during the years 1919-1921.
Several firms have an issue of preferred stock
as well as common, and in a few cases it exceeds the volume of common stock. The
financial strength of the dealers as a whole
varies greatly. Some dealers are so situated
that they do not need to borrow at all, while
others have only capital sufficient for their
plant investment. A modern rehandling plant
such as described above is expensive. The
volume of business that is done with this plant
varies greatly from season to season. During
the 1919-20 season, c. g., it was said by one
dealer that he could not run tobacco through
his "factory," as it is often termed, quickly
enough, while the following season the movement was decidedly slow. The volume of
business a dealer ma}^ do on a given capital also
depends on whether the dealer buys on order or
on his own account, as in the former case he does
not need to have capital tied up in inventory,
but merely holds the tobacco while he is assembling and preparing a given lot, and thus avoids
storage. The 1921 statements (generally either
for January 1 or June 30) of some dealers with
total resources of over $1,000,000 in general show
net worth equal to from four to seven times the
plant investment, although several companies
have only a very small plant item. Kant
includes real estate and buildings, machinery,
fixtures and furniture, and automobiles.
In a general way, the financial requirements
of the leaf dealer who purchases tobacco on his
own account, are determined by the following
factors: (1) Purchases—amount and time of
year; (2) expense of "handling" tobacco; (3)
shocks of leaf carried; (4) sales of tobacco—
amount and time of year; terms of sale. In
other words, the dealer first needs funds to
pay for leaf when it is delivered to him. He
later will need additional funds, for preparing
the tobacco. These requirements will increase
until he either ceases to receive tobacco, or
until his sales exceed his purchases; i. e., until
a period of selling succeeds a period of buying.
His need for funds, however, may not in all
cases be reduced at once, for he often extends
credit to those who buy from him. This
naturally tends to keep up the amount of funds
required, and to prevent liquidation of indebtedness incurred, the amount previously
represented by inventory then being represented by receivables. As a result, the funds
needed vary to some extent from season to
season, as well as greatly over a longer period
of time.
MARCH, 192I\
Where the dealer purchases tobacco on order,
his requirements are substantially similar, exept that the stocks he maintains may be very
small. He may, when buying for another
dealer, not put up any funds himself at all,
but only pay the warehouse when he receives
a remittance from his principal, and thus
merely needs funds for rehandling. If he has
to finance himself locally in such transactions,
his requirements will nevertheless be for a
short period of time only. On the other hand,
when buying on order for a manufacturer,
assembly of the tobacco may take a considerable period of time, and he further may arrange
to extend credit, the factors in his requirements
then being the same as those in the case of
purchases on his own account. The needs of
different dealers vary according to the composition of their business, and the extent to
which they do each form.
(1) Purchases of leaf tobacco by dealers from
farmers are regularly made during the leaf
sales warehouse season. The amount sold on
the loose-leaf floors during various months was
indicated in Section I of this study (September,
1921, BULLETIN, pp. 1065-1066). It will be
recalled that, while the time of heavy marketing varies somewhat from year to year, tobacco
in the South Carolina new bright belt moves in
July and August and to a less extent in September, in the old and new bright belts of
Virginia and North Carolina in September—
January, inclusive, in the Virginia dark district
from November — February, in the burley
region from December—March, and in the western dark districts from December—April. The
season was relatively late in 1920-21, but tobacco has moved freely again this year, with
the exception of the burley district, where a
new form of marketing is^being tried. This
concentration of movement means that the
dealer purchases his year's requirements during
the several months listed, and passes the leaf
on during the remainder of the year. Thus
several dealers in the western dark districts
state that from 70 to 75 per cent of their purchases during the 1920-21 season were made in
December—-February, inclusive. The dealer is
usually required to settle for these purchases at
once, but in any event generally at least weekly
(December, 1921, BULLETIN, p. 1414). He
practically therefore pays cash for his tobacco
at the auctions. Only to the extent that he
purchases from other dealers tobacco which they
themselves had previously bought, is it possible
for him to obtain credit to any considerable
extent other than from banks.
(2) The local dealer who buys on order for
another dealer either may or may not redry
the tobacco. If he does not, he merely packs
it in warehouse or winter order, and ships it to
his principal. Two general scales of charges
by the local dealer therefore apply. The charge
for either operation further varies according to
the grade and type of tobacco. The figure
given for buying and packing in winter order
ranges from 80 cents to $1.50 per hundredweight, various dealers also quoting $1 or
$1.25. The figure for buying and redrying is
generally given as $2 to $2.50, many specifying
$2.25 also. If strips (the leaf after the stem
has been pulled out) are to be made, the charge
is still more, $4 and $5 being quoted by various
dealers. The charge may be increased somewhat if the leaf is to be re tied also.
These figures serve to give an indication of
the general expense of the operation. Where
the dealer himself redries tobacco which he has
bought on his own account, he must pay for
the fuel, labor, and material used. Air drying
naturally does not call for the same expenses,
but requires the dealer to hold the tobacco in
unfinished form for months instead.
(3) Tobacco owned by the dealer is generally
held by him not longer than from 6 to 12
months, although some place the usual figure
at about 8 to 9 months, and others at 12
months. At times, however, tobacco moves
slowly, and may even be held for several years.
This occurs very seldom, and involves the
dealer in the risk of deterioration, besides requiring him to pay carrying charges. The common grades during recent seasons have had a
tendency to remain in dealers' hands because of
the fact that Europe on the whole has not been
purchasing freely. The dealer may also have
in his stock sorts of tobacco which the growing
season shows will be short in the next crop, or
may have accumulated a stock at very cheap
prices which he is justified in holding for advance. In general, however, he aims to sell out
his purchases as far as possible every year before
he commences to buy the new crop. A prominent dealer in the new bright belt observes that
his stocks are at a maximum on January 1 and
that he endeavors to liquidate them by July 1.
A dealer in the western dark districts states that
his stocks are heaviest on May 1, and that they
then decrease until November. Stocks, however, fluctuated very greatly from year to year
during the war and just after, and comparison
of two successive annual statements of the
same dealer often shows great change. Extreme instances noted in the case of two western
dealers when comparing the 1920 and 1921
statements were a decrease to less than onetenth for one, at the same time that the other
showed almost a three fold increase.
Stocks held naturally differ according to
whether the dealer buys largely on order or on
92371—22
289
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
3
his own account. Tobacco bought on, order
may, however, bo carried in stock for some
time by the dealer. Fall and winter purchases may not be shipped out until the following summer. Thus the dealer's statement,
in addition to the amount he actually owns,
may include an item for tobacco sold but undelivered. In some statements the item appears
as accounts receivable secured by tobacco
held for customers, while sometimes the
item ''accounts receivable secured by tobacco in warehouse7' is shown. Tobacco is
sometimes shipped abroad to agents or representatives on consignment, the latter then
maintaining a stock from which deliveries
can bo made. Some statements list the
principal foreign accounts separately. Part
of the dealer's inventory may be held on
joint account, and this may be represented
by a separate item. Supplies, such as fuel
arid hogshead material, are sometimes included
with the leaf inventory, but are sometimes
listed separately. The item is generally so
small, however, as to make little material
diffe.ro.nce. Tobacco is usually shown at
cash or market value, and this is of special
importance -in view of the decrease in price
during the last few years.
(4) Sales of tobacco owned by the dealer display a certain seasonal tendency. This tendency,
however, varies from one season to another,
sales being effected earlier some years than in
others. On the whole, says one dealer, domestic sales are more regular than foreign sales.
As already indicated, the dealer endeavors to
sell his tobacco as soon after the beginning of
the season as possible. In the eastern districts
several dealers report largest sales in the spring
and early summer. Generally speaking, howover, no certainty attaches to the business and
sales may vary greatly from month to month.
A dealer .may do a large proportion of his business one month and find sales dwindle greatly
the following month. This is illustrated by the
following figures for one eastern and one western
dealer, snowing the percentage of 1921 sales
made in each of the first 11 months of the year.
The figures are only approximate, as the sum of
the former equals 105 per cent and the sum of
the latter equals 96 per cent, but they serve to
give an indication of conditions.
Eastern Western
dealer, dealer.
January
February
March. .*
April
May
June
:
!
'
:
0. f>
12. r.
JO
.11
Eastern \ Western
dealer, dealer.
1921
July
August
September
October
November
;
I
i
;
i
30
3
13
4
5
I
y
8
12
6
290
FEDERAL RESERVE BULLETIN.
During the last few years the situation has
not been one in which price pays a large role,
as tobacco, it is said, either moves or will not
do so at any price. This has been accentuated
by the fact that foreign business has been
adversely affected, due to the exchange
situation.
Terms on which tobacco is sold vary considerably. Arrangements where one dealer
bu}^s on order for another were indicated in
a previous section and need only be recalled
here. Either a check is sent after invoices
have been compared with the shipment of
tobacco or else a sight draft is drawn and
put through the bank. Statements may, however, be rendered and settlement made at regular intervals, such as weekly. A variation is
seen in the case of one large dealer, who pays
weekly for the green weight of leaf bought, and
later for redrying.
Where tobacco is bought on order for manufacturers similar arrangements may prevail.
Some may pay as the tobacco is shipped, others
weekly or monthly as it is bought, still others
make a deposit, such as 25 per cent, and pay
the remainder when shipped, while the rest
pay at the close of the season, being charged
interest accordingly. The last named, of course,
requires the dealer to carry the purchaser and
this is often done when dealers sell tobacco the€y
own to the smaller manufacturer, although a
considerable proportion of such sales are for
cash. The time granted varies greatly, depending upon the needs of the individual case, and
ranges from 30 days to four and even six months.
Both open account, note and trade acceptance
are used, the proportions varying to some
extent between different dealers. Examination of annual statements of condition shows
that for larger dealers the open account far
overshadows both the note and trade acceptance. The acceptances used generally run for
30, 60, or 90 days, but it is said that renewals
are often requested.
Terms on foreign sales also vary greatly.
They depend in large measure not only on the
buyer's individual needs but also upon the
country to which the sale is made. Both
drafts and oj)en accounts are largely used. It
is said that for several years it has been customary to draw at 60 days' sight, although in
the 1919-20 season a sight draft was used instead. Ninety-day drafts are also often used,
and four and six months7 bills are found, while
in some cases the foreign dealer may desire
considerable time and pay interest accordingly.
Clean bills may be drawn on representatives
abroad or documentary bills on the purchasers.
Where tobacco is consigned to foreign representatives, agreement may be made to draw
MARCH, 1922.
for a specified proportion of the value of the
shipments. Bankers' acceptances are also
used to some extent on foreign sales. One
dealer illustrates his situation by stating that
he buys on order for a foreign customer from
December 15 to March, ships in July and
August, and is paid October 1.
Receivables outstanding should naturally
vary somewhat in amount from one season to
another. They should be heaviest in the late
spring and summer months and remain at a
high point for some months after sales have
commenced to decline. The time should vary
somewhat from year to year, according to the
readiness with which tobacco is sold. The
seasonal tendency in the case of receivables,
however, may be offset by the variety of terms
which are in use, as more cash sales, e. g., may
occur at the time of heaviest sales, and thus
serve to hold down the volume of receivables.
Several dealers in fact state that very little
seasonal variation is noticeable in them.
Taken together, all these factors tend to
cause the dealer's financial needs to show a
certain seasonal variation. This is reflected in
his bank borrowing. In the eastern districts
his borrowings increase from September to
January, remain at a peak from January to
March, and then dimmish until he has cleaned
up about July 1. Dealers often make their
statements as of June 30, although a considerable number use other dates between -then
and October 1. In the western districts the
seasonal tendency appears several months
later, and dealers often make statements as of
January 1. These dates are by no means universal but merely afford a general indication
of the situation. The interrelation of purchases, sales, receivables, and bank borrowing
is well illustrated by the following figures for
a western dealer.
Percentage of 1921. ;
Receivables.1
Owing
to
banks, i
19*0.
December.,
10 !
1921.
January...
February..
March
April
May
June
July
August
September.
October
November.
December..
35 I
25
15 !
6.5
12.5
7
10
11
5
9
9
8
12
100 j
83 |
67
93 i
117
129
137
129
110 !
93
78 !
83
1
1921 average^ 100.
..
a Scattered.Tobacco kept in stock on the average for 9 months.
64
82
152
162
171
131
126
102
92
52
28
28
MARCH, 1922.
FEDERAL RESERVE BULLETIN.
D. FINANCING ARRANGEMENTS.
Two principal questions, aside from the seasonal variation just indicated, arise in connection with the arrangements which the dealer
makes to finance himself—the form of the paper
and the location of the financing. Certain
standard situations may be distinguished in the
case of these problems. Accordingly, there are
several types of fairly uniform practice with
respect to each problem.
The banker, it has been said, generally considers the following credit elements in making
a loan to a dealer: (1) His character; (2) his
ability and experience as a tobacco man; (3)
his tobacco collateral in the shape of warehouse
receipts; (4) his financial worth. In both the
burley and western dark districts warehouse
receipts are very generally used by banks as
collateral for loans to dealers, unless the dealer
happens to be ver}^ strong and entitled to large
credit upon his financial statement.
Neglecting export business, the usual practice for the larger dealer is to borrow on his
straight note. One dealer in the eastern districts told the writer that he had always borrowed in this way since commencing business
in the eighties, at which time his banker had
said that no collateral which he could put up
would enable him to get the loan more cheaply.
This emphasizes the personal basis of the
accommodation, and the close contact which
exists between the dealer and his banker. In
fact, the criticism has been made that New
York banks formerly did not know how to
finance the business, as they insisted upon
collateral. Only in case such a dealer's regular line of credit is exhausted is collateral
regularly used. While many notes are single
name, some are indorsed, e. g., by the stockholders in a closed corporation, or by a corporation for its subsidiaries. Receivables,
both notes and trade acceptances, are also rediscounted to some extent, at times only when
the regular line of credit is exhausted.
Warehouse receipts are placed third among
the credit elements for several reasons. Much
tobacco is stored by the dealer on his own
premises. This is more convenient for him, as
the tobacco requires rehandling, sampling, etc.
Furthermore, tobacco grades are not standardized, and each buyer who places an order has
his individual peculiarities as to color of leaf,
etc. The warehouse receipt ordinarily merely
calls for one hogshead of tobacco, without
specifying grade or type. The tobacco itself
by no means has a ready market at all times,,
and may change greatly in value. Where
tobacco is pledged, the bank must either have
291
several experts to appraise it, which is expensive, or else accept the dealer's word. In the
latter case, however, the dealer's character
bulks large, as the basis for the advance is in
many respects the same as if the dealer had
merely given his straight note. Varying percentages are given for which a loan is made,
such as 60 to 75 per cent of the value or cost,
according to whether or not the bank employs
experts to determine the value. In a time of
falling prices, such as found during the past
several years, the limitations of a cost basis
are apparent. Distinction in the percentage
loaned may also be made between common
and fine grades, as the latter have had a much
readier market recently. It should also be
noted that where a warehouse receipt is used,
each transaction is financed by itself, and the
line of credit method is not employed.
Where export business is done on open
account, the dealer finances himself in precisely
the same way as for his domestic needs. As
seen above, notes or drafts may be used, or
banker's acceptances drawn under a letter of
credit opened in his favor. In the former case
the notes or drafts drawn on the foreign buyer
may be discounted or taken for collection. In
the latter case the banker's acceptances will be
negotiated by an American bank. In these
cases each individual transaction is handled
separately, and the line of credit system is not
used. Ninety days is the usual maturity.
Several banks state that some bankers' acceptances are drawn for dealers or manufacturers against warehouse receipts, but with the
majority their use is confined to foreign trade
finance.
With few exceptions, the dealer generally
does not borrow in the open market. This is
usually ascribed to the uncertainty of sales,
and the fact that liquidation by the dealer
can not be expected within any "fixed period,
so that he must be carried until he sells his
tobacco. He, therefore, prefers to make arrangements directly with his banks because of
the greater sense of security which he then has.
Small dealers obtain sufficient funds from their
local banks, but the larger dealers in the East
find it necessary to borrow heavily in Richmond and New York. Baltimore is also used
by some dealers. In certain cases there is, of
course, a combination of centers, according to
the dealer's particular requirements, and borrowing in Richmond may be combined with
borrowing in several large markets, such as
Danville or some of the eastern North Carolina
centers. In the western districts Louisville
and Cincinnati are naturally the leadingcenters.
292
FEDEKAL RESERVE BULLETIN.
E. THE BURLEY TOBACCO GROWERS COOPERATIVE ASSOCIATION.1
With the past year there has been formed in
Kentucky a cooperative association for the
marketing of burley tobacco, modeled on the
plan of various associations in California.
Growers of at least 75 per cent of the entire
burley crop have pledged all the tobacco produced by them within the next five years.
The association is incorporated under an act of
the Kentucky Legislature authorizing the
formation of such associations for marketing
cooperatively agricultural products.
The burley section is divided into districts,
and almost all of the burley loose-leaf warehouses in those districts are consolidated into
warehouse corporations to receive and warehouse the crop. These warehouse corporations
are controlled by the association, but they are
entirely separate corporations and are licensed
under the Federal warehousing act. The association has title to the tobacco and may either
sell the tobacco at public or private sale in
loose-leaf form, or may have it redried and
placed in warehouses to be marketed to the
best advantage.
This association is now operating on the 1921
crop and it is, therefore, the largest single leaftobacco dealer in the entire tobacco trade.
The crop this y-ear was financed in the following manner: A meeting of the bankers in the
burley district was called at Lexington, Ky.
Practically every bank in that district pledged
the amount it would loan to the Burley Tobacco Growers Association at that meeting, or
soon thereafter. The result was that a revolving fund of a little more than $5,000,000 was
pledged. The purpose of this revolving fund
was to make the first payment to the grower
and to take care of the cost of handling the
tobacco, either for immediate sale in loose-leaf
form or for placing it in the warehouse. These
lending banks were secured by deed of trust
from the Burley Tobacco Growers Association to a trust company in Lexington, by which
title to all of the tobacco received by the association at any of its warehouses passed to the
trustee for the benefit of the lending banks
pledging the revolving fund. The banks
loaned their money against notes of the Burley
Tobacco Growers Association, each of which
was registered by the trustee and named as
one of those secured by the tobacco under the
trust agreement. The trustee paid out these
funds to the growers on a basis of 50 per cent
of a loan value previously fixed by a committee of expert tobacco men for the various
iTliis section has been kindly prepared by Mr. N. H. Dosker, vice
president of the National Bank of Kentucky, Louisville, Ky.
MARCH, 1922.
types and grades established by the association. These payments amounted to about 40
per cent of the market value of that tobacco.
The expenses for handling and redrying were
limited to 2£ cents per pound.
A number of very large sales have already
been made in losse-Jeaf form to the buyers,
principally from the ranks of the four large
manufacturing companies. Arrangements have
been made with the War Finance Corporation
at Washington to finance the association on
warehouse receipts to the extent of $10,000,000.
From the success that the association has had
in disposing of part of its tobacco in green
condition in loose-leaf form on the floors of its
warehouses, it is highly improbable that it will
be required to call upon the War Finance Corporation for the full amount of the $10,000,000
of permanent financing arranged for, or it may
not be necessary to call upon it at all.
One of the principal advantages to be derived from this method of handling tobacco is
that the association divides all of the burley
crop into 12 main types, with various subgrades, so that there are in all 52 grades of
tobacco. The most expert tobacco growers
have been obtained and all of the leaf delivered to their warehouses will be graded into
one or the other of these 52 grades. When
placed in hogsheads each hogshead will contain nothing but leaf of that definite grade,
and each warehouse receipt will call for a certain definite number of pounds of tobacco all
of a certain definite type.
This is the consummation which bankers
have hoped could be attained, but because of
the multiplicity of management of warehouses
has never before been possible. It is the
greatest single advance ever made in the tobacco trade and it should place loans on tobacco
warehoused under this plan on a basis with any
other properly warehoused commodity.
INDEXES OF TRADE AND PRODUCTION.
A number of indexes of agricultural and industrial activity have been developed in order
to present past and future trends of business
activity in a more compact and better coordinated form. The material for this purpose has
been obtained from the physical volume of
trade section of the BULLETIN. At the present
time the physical volume of trade section contains over 100 different series of data which
measure the current activity of business.
After analyzing this material, it was determined to use only direct measures of domestic
business, as shown by commodity production
MARCH, 1922.
FEDERAL RESERVE BULLETIN.
293
and movement. Accordingly, the following American Government and people, so that its
55 series of data for agricultural or industrial value was very doubtful and that year also was
products were selected for use in composites:
omitted. This narrowed the period covered by
the study to the months from January, 1919,
to date.
Data.
Source.
In the selection of a base for relatives the
Wheat receipts at 17 interior Compiled from reports of chambers of three chief possibilities were the use of a prewar
centers.
commerce.
base, the use of the postwar years 1919 and 1920
Do.
Corn receipts at 17 interior
centers.
combined, or the use of one of these years alone.
Oats receipts at 17 interior cenDo.
The idea of a prewar base was eliminated,
ters.
Rye receipts at 17 interior cenDo.
because such a base was not available for certers.
Barley receipts at 17 interior
Do.
tain important series and because the years
centers.
prior to 1914 do not measure accurately the
New Orleans Cotton Exchange.
Cotton sight receipts
U . S . Bureau of the Census.
Cottonseed receipts
relative importance of certain industries in the
Compiled from State reports.
Tobacco leaf sales
Cattle receipts at 59 markets... U. S. Bureau of Markets.
postwar period. On the other hand, it did not
Calf receipts at 59 markets
Do.
seem wise to use 1920 as a base either alone
Sheep receipts at 59 markets...
Do.
Hog receipts at 59 markets
Do.
or with 1919, as it was marked by a great
Orange shipments (California). California Fruit News.
Lemon shipments (California).
depression in certain industries (e. g., wool, silk,
Do.
Iron production
Iron Age.
copper, etc.). The use of the average of the
Copper production
American Bureau of '.Metal Statistics.
Zinc production
American Zinc Institute.
months of the year 1919 as a base is not ideal,
Lead production
American Bureau of Metal Statistics.
Bituminous coal production... U. S. Geological Survey.
as the period is rather short and is also someAnthracite coal production
Do.
what distorted. However, it seems probable
drudo petroleum production...
Do.
Wheat Hour production
Russell's Commercial News.
that the inactivity in the early part of the year
Cattle slaughtered
U. S. Bureau of Animal Industry.
tended to balance the great activity in the
Calves slaughtered
Do.
Sheep slaughtered
Do.
latter part and make the monthly average
Hogs slaughtered
:
Do.
Sugar melted (seven cities)
Weekly Statistical Sugar Trade Jour- reasonably normal for the great majority of
nal. "
industries. In view of all these considerations
Cotton consumption—
U. S. Bureau of the Census.
Wool consumption
U. S. Bureau of Markets.
it was deemed best for the purpose of this study
Silk consumption
The Sill. Association of AmericaSole leather production.
Tanners' Council of the United States to base all the relatives on the average monthly
of America.
Douglas fir production
West Coast Lumbermen's Association. production or distribution of commodities in
Yellow pine production
] Southern Pine Association.
the year 1919.
Cement production
j U. S. Geological Survey.
Naval Stores Review and chambers of
Hosin receipts at 3 centers
Having determined the period of time to be
commerce.
Turpentine receipts at 3 centers
Do.
covered and the base to be used in calculating
LC(L
Cotton seed crushed
U. S. Bureau of the Census.
Wood pulp production
relatives, the original data were further anaFederal Trade Commission.
Newsprint production
Do.
lyzed. The commodities were divided into
Hook paper production
Do.
Fine paper production
Do.
three main groups, according to the nature of
Wrapping paper production...
Do.
the processes employed in their preparation—
Paperboard production
Do.
Gasoline production
U. S. Bureau of Mines.
agricultural products, extracted minerals, and
Kerosene production
Do.
Fuel oil production—
Do.
manufactures. The agricultural products are
Lubricatnig oil production
i
Do.
Manufactured tobacco produc- j U. S. Commissioner of Internal Reve- those raised on the farms, their production
tion.
I nue.
isually requires a year, and their supply is
Cigarettes (small) production..!
Do.
Cigars (large) production
j
Do.
ietermined once a year. The extracted minSteel ingot production
American Iron and Steel Instiinlc.
erals are natural resources found in restricted
Locomotive production
Compiled from company reports.
Vessels built
' U. S." Bureau of Navigation.
areas and are in most cases definitely limited as
Beehive coke production
•, U. S. Geological Survey.
Tin consumption
, N. V. Metal Kxehango.
to ultimate supply. Manufactures, on the other
hand, are directly prepared by human beings
It then became necessary to determine the and their available supply may be increased, as
number of months to be covered by the study well as diminished, within a short period of
and the base period to be used for relatives. ime. It is possible to measure production of
It would be desirable to start a comparison minerals and manufactures by monthly periods,
of this kind in the years prior to the World but agricultural production can only be measWar, but this would necessitate the omission ured annually. In so far as agricultural producof a large number of series which were first tion enters into the nation's business activity,
collected and published during the period however, its condition is perhaps more accuof participation by the United States in the rately measured by the movement to markets
war. As a large proportion of the material than by production. Consequently it was
would become unavailable in this way, it did decided to measure activity in mining and
not seem wise to carry the study back further manufacturing by actual monthly production,
than 1918. On the other hand, the year 1918 but to measure agricultural activity by monthly
was distorted by the war activities of the receipts from the farms at primary markets.
294
.L'lODERAL ."RESERVE BULT,ETIX.
As there is a fundamental difference in these
systems of measurement, as well as in the
factors measured, no attempt was made to
combine these three main groups of commodities.
After each commodity series had been converted into relatives on a base of average
monthly activity in 1919 it seemed advisable
to summarize the results of the study by
grouping together all closely related products
(e. g., manufactured foods) and finally to
obtain a combined measure for each of the
three main groups (e. g.; manufactures). Experiments were made with three methods of
MARCH,
1922.
than the geometric method of averaging.
Furthermore, in the averaging of actual figures
of production, which on the whole are quite
inclusive, there seems no justification for minimizing increases over the base (which would
result from the use of the geometric average).
The system of weights was next considered.
As the commodities are measured in varying
units the best system of determining their
relative importance seemed to be their value.
Two methods of determining relative value are
the use of census statistics of value and the
use of market prices. As the census statistics
for 1919 have not yet been published in final
INDEX NUMBERS OF DOMESTIC BUSSMESS
1919 -- 1922
PER
PER
CENT
CENT
140
140
\
130
/
120
ll
110
too
m
90
80
1
V\ >\
i
Ley
1
70
60
130
\
V
/
r
I
\
\
'•'I
v
j
\
Ml \
I
Y
120
\
110
\
100
\
.....
0
V
90
N
80
70
V
60
50
50
40
40
\GRICULTURE
FINING
MANUFACTURE
30
30
20
20
10
0
10
J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0- N. D. 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
combining the series of relatives of certain
mineral products—the unweighted arithmetic
average; the weighted arithmetic average, and
the weighted geometric average. The results
obtained by use of the weighted arithmetic
average and the weighted geometric average
corresponded very closely, while there was
considerable divergence in the case of the
unweighted arithmetic average. The use of
the weighted arithmetic average (sometimes
known as the method of aggregates) was
determined upon, as the curve thus obtained
is the steadiest, is very nearly the same as that
obtained by the geometric method, and as its
computation is more readily understand able-
1921
1922
form and as it might be very difficult to coordinate census classifications of certain products
with other classifications, each series was
weighted by its average price.in the year 1919
(i. e., for each month of the period covered the
production is multiplied by the 1919 average
price in dollars). A further correction was
made for each manufactured product by
multiplying its price by the average percentage
added by manufacture in that industry during
the census years 1909 and 1914, thus eliminating the cost of materials used in manufacture
which are included in the other two groups.
Corrective factors were used also in combining the commodities into groups in the case
MARCH, 1922.
of the index of agricultural movements. The
actual receipts of each of the grain crops except
corn were weighted by the average ratio between the total crop production in 1919 and
amount marketed at reporting centers during
the ensuing crop year. (A check was made
to make certain that this ratio did not fluctuate
greatly from year to year). Corn receipts were
not weighted, as hogs and cattle on the farms
consume most of the corn crop which is not
received at the primary markets, and receipts
of these animals are included separately in the
index.
The three sets of indexes obtained for agricultural movements, mineral production, and
manufacturing are shown in the following
tables, while the comparative movement of the
group indexes arc reproduced in the accompanying chart.
AGRICULTURAL MOVEMENTS.
1919.
January
February
March
April
May
June
July
August
September...
October
November...
December
1920.
March
April
116.1
74.7
72.3
74.6
74.7
70.6 i
95. 8 i
104. 4 i
117.7 j
143.9 ! :
136. 8 126. 3 |
,
!
i
;
May
June
July
August
September
October
November
December
•
!
1921.
January
February
March
April
May
June
July
August
September
October
November
December
!
1
!
ToCotton.l Fruit. bacco.
Total Total J
agricul-: ani- !
ture. 1 mals.
Date.
January
February
295
FEDERAL RESERVE BULLETIN.
i
|
!
|
j
:
•
:
|
;
;
122. 4 :
85.5 !
78.3
86.4 i
89.9
84.3 !
91.1
86.5 I
103. 8
130.3 j
96.9
58.7 •
69.8 :
58.7
62.5 ,
106. 6
128. 9 i
171.7 !
155.2 !
118.6 j
88. 7 i
116.' 5 I 83.7 I
i
108.3 !
76.7 i
84.9 !
73.9 |
60.8
70.5 ! 91.5
,
9.1.3 i
69.9
70.9 ! 79.2 l
85.1
87.3 i
106.2
99.4 i
120. 5 101.1 i
12o. 9 H 7 . 8 ;
101.2
84.2 :
83.3 !
71.5 i
69.6 ;
49.5
64.1 I
68.6
83.5 '
113.3 \
130.9 I
114.3 i
94.7 j
84. 8 1
105.0
96.5
81.1
73.9
79.4
76.4
66.3
74.2 •
73.6
77.3 .
82.2
81.9 ,
93.4
68.1 •
116.7
85. 4 .
115.3
85.9 '
130.9 107.0 :
104.6 i 9 9 . 2 ;
92. 4 i
82.0 '
97.9
66.7
77. 5
60.5
71.7
96.0
151.9
195.5
151.6
121. 3
65.3
79.0
111.7 I
83.1 i
78.9 j
I
133. 0 I
74.4 :
57.1 •
49. 4 : I
53.7
57.5 !
49.4 ,
28.3 >
67.8 i
191.1
235. 9 !
202. 5 i
84.5 i
89.5 !
140. 2 •
151.4
172.4 ;
120.6
84.1
51. 8
52.6
76.5
86.3
90.1 !
148.4 !
97. 5
72.7 i
48.4 i
31.1 ,
23.2 i
30.5;
26.6 :
72.9 :
155.1 !
179.3
151. 2
82. 5 !
125. 2 (
98.6 !
149.3 :
113.6 .
81.3 '
57.3 I
43. 7 i
39.1 I
40. 2 ! :
96.6
110. 8
77.1
57. 8 .
51. 3
67. 4
57. 8 •
52. 7
56.0
114.7
195.3
163.2 :
133. 4
94.6 ; 195. 7
95. 5 . 297. 4
137. 4
181.1
175.1
24.1
139.0 •
8.9
183.3 :
4.1
123. 8
12.1
86.4 • 54.7
79.9
79.3
69.9
107.6
34. 7 ' 188.4
83. 6
69.5
Combination of 14 independent series.
MINERAL PRODUCTS.
Total ! Bi- • AnDate.
il ous
p<?
^
1919.
J a n u a r y . . . . 111.2 , 108.7 j 106.4 | 95.9 129.6 126.4
F e b r u a r y . . 89.1 ' 8 2 . 7 ! 69.4 91.6 115.3 ! 104.0 '
March
! 93.1 : 88.3 ' 70.6 96.1 121.2 j 95.0 .
April
• 89.9': 84.2 ; 9 3 . 7 : 93.4 97. 2 . 92.0 !
1
Combination of 7 independent series.
72.0 I
MINERAL PRODUCTS—Continued.
Date.
Copper.
Zinc. Lead.
!££•!«*• II
1919. !
May
i 94.8;
June
i 94.9 :
July
! 106.4 !
August
! 109.6
September., 111.4
October....: 119.7
November .| 78.8
December.. 100.6
98.3
97.1
111.8
112.3
124.2
147.3
48.9
95.9
1920.
January... .' 117.7
February.. J 104.7
March
. 119.9
April.
.j 101.1
May
.; 108.3
June
.' 11.6.2
July
.: 11.6.7
August— ., 121.9
September .' 113.2
October... .' 126.1
November. j 121.1
December. . 121.7
127.5 ; 103.1 : 107. 3
105.2 : 88.6 ! 104.0
122.7 i 106.7 !, 113. 8
99.4 i 81. 5 113.1
102.1 j .1.08.1 i 1.16.0
118.2 ! 111.0 i 1.1.7.4
117.9 i 112.2 i 121.4
128.1 ! 109.0 : 124.1
128. 8 ' 63.1 ! 119.2
136. 6 | 109.6 !I 125.8
134. 8 ; 101.2 123.0
136. 5 | 115.0 ! 123.8
1921. !
January 1
February...
March
:
:
April
May
:
June
i
July
"
August
,
September.
October
November..
December..
31.3
53.6
160. 3
238. 9
128.4
174.0
171. 4
150. 3
62.1
16.3
8.0
5.3
16.0
61.3
86.6
190. 4
1.88. 9
144.3
. Total i
Bi- i AnPe! 1Tlin - I tumi-! thra- tronous | cite leum. Iron.
coal.
j 1.02,4
i 100.7
I 108.5
I 110.1
I 102.0
j 117.6
!
107.1
i 110.1
95.3
100.6
107.7 ,
107. 6
107.0
105.9
105.2 :
103.3 '
82.7 , 86.3 '
83.0 ' 89.3 |
93. 5
107.6 100.6 '
97.6 i 101.2
73.1 ' 107.2
93.9 i 109.2
103.3 ! 95.9
118.3
116.9
132,4
107. 5
117.1
119.4
J20.3
123. 5
122.8
129.2
115.1
106.1
113.5 ' 110.5
109.4 . 111.7
112.0 i 12? 8
108.1 • 115.5
107.0 ! 115.5
!
108.1 104.3
102.2 ! 102.3
108. 4 ! 108.4
I 97.7 i 92.2
98.0 : 74.4
I 99.3 i 84.8
i 89.1 ! 72.4 ! . . .
i
102.8 105.5 : 100.8 120. 3
87.5 80. 8 i .104.8 111.2
86.8 79.6 i 100.8 130.2
78.7
127.3
72.2 i 104.8
84.7
87.3 ! 102.0 133.2 :
83.9
88.7 105.9 128.4
76.7 79.6
95.9 128.1
82.8 90.5 . 97.9 130.1
81.6 : 91.9 ' 96.9 116.3
93.9 114.6 103.1 113.2
86.0 94.2 ' 93.3 120.0
82.0
81.1 81.4 133.3
94. 8 j 80.0 I 65.9 i 79.5
i
76.0 71.2 ! 45.2 i 73.4
62.6 83.0 40.0
76.6
46. 8 47.6 . 42.1 ; 69.0
47.9 22.6 :'' 45.9 ;! 72.9
18.1 49.5
74.8
41.8
33. 9 16.6 i 39.4 ,' 73.4
19.9 ' 37.2 ! 82.7
37.4
38.7
19. 5 i 36.6 , 79.5
83.0
48.9 22.9 : 37.0
55.5 20. 8 i 53.8 j . . .
64.7 17.3 56.0 ...
PRODUCTION OF MANUFACTURED GOODS.
1919.
January
j
February—
March.
April..
May
June..
July..
August
September..-j
October
[
November...!
December.. .1
104.7!
89.2'
95.5|
95.3!
99.61
98.6j
102.3i
108.7!
97.2i
108.41
101.1!
99.4:
1920.
!
January
j
February—
March
April
M y
June
!
July
!
August
I
September...!
October
I
November... i
December., .j
HO.o; 118.0
99.2! 113.9
110.4' 131.2
301.3" 104.9
101.31 114.7
101.8! 1.18.5
93.5i 111.5
98.6i 119.3
96.3! 119.3
95.9i 119.9
89. Oj 104.9
78.61 93.0
1921.
January
'
February—l
March..'
April
;
May
,
June
''
July
j
August
1
September... !
October
November...
December...
1
84.51
77.4!
87.8
S3.1
84.4!
87.1
80. l!
90.7
90.2
94.6j!
89. o
81.3
103.2i
103.2j
113.8!
115.8!
121.2!
104.7
94.21
106.8!
98.5'
98.7'
83.8,
66.9
87.6 67.7,
69.6 75. i62.5 89.3!
48.3 87.51:
50.3 100.4
9.9 89.6:
31.9 85.3!
45.3 99.7j
46.7 92.9,
6-1.3J 103.1;
66.0! 100. t
56.81 92.2;
115.21 102.0 115.5
101.01 98.8 108.6
118. lj 108.3 114.9"
121.2 105.7", 111.6
121.9 H0.9 1.02.9
120.9 116.1' 93.5.
118. Oj 117.7' 83.1,
116.21 124.0: 85. 8114.21 125.9: 80.1!
116.8! 130.9; 69.6
109.1 128.5! 58.3'
97.6 130.3: 50.3.
90.
81.7i
94.0!
81. ?!
90.9j
95.2!
80.7|
70.5 !
73.3i
77.8;
70. II
70.5|
127.71 72.0
106.8; 7 3 . !••
113.0i 90.8
113.8' 91.5'
114.7, 95.0 :
110.1. 101.9
108.3: 94.5 1
110.61 103.4=
110.21 105.5
119.7. 104.81
11.7. l.;! 100.4,
119.6 99.7!
63. oi
87.8
79.5
84.4
81.7J
72,4j
70.2!
65.6!
75.6'
78.6i
90.8j
95.8!
94.7!
Combination of 34 independent series.
62,8[
72.
75.
83.2i
81.1
76.3!
85.7|
80.3j
86.21
90.9;
93.0
113.2, 114.2
85.1 1 98.8
92.7'. 122.8
79.3' 107.7
88.2!. 11.0.9
86.51 113. 5
84.8! 99.0
86.01 101.5
81.6| 104.7
83.2 104.3
91.2 91.1
88.0 71.7
88.2
77.4
88.1
84.0
82.2
85.1
85.5
98.5
92.8
99.8
89.4
85.2
87.8
94.1
106.1
95.5
99.3
106.8
100.6
117.2
111. 6
115.8
102.9
76.8
296
•FEDERAL RESERVE BULLETIN.
A comparison of these three indexes indicates
that, although the total volume of agricultural
movements was somewhat higher in 1919 than
in either 1920 or 1921, the monthly changes in
volume of shipments are due largely to seasonal
conditions. The tendency of farmers to hold
their crops in the 1920-21 season was clearly
shown both by the fact that the peak point
was one month later and the fact that the
volume was much less in the fall of 1920 and
greater in the spring of 1921 than the year
before. Manufacturing activity suffered a
steady decline from March, 1920, to February,
1921, and fluctuated in the spring of 1921,
showing some tendency to recover in the late
summer. Operations in extractive industries,
on the other hand, were maintained at a high
level throughout 1920, but were severely contracted from" February, 1921, to September,
1921. Each of these group indexes of business
indicates an encouraging recovery of activity
in the early fall of 1921, which was not, however, maintained during the months of November and December.
COMMERCIAL CREDIT PRACTICE OF
JAPANESE BANKS.
I. INTRODUCTION—DEVELOPMENT . OF
NESE EXCHANGE BANKS.
JAPA-
The following study presents a survey of the
commercial credit practice of Japanese banks,
and should be of interest because of the importance of Japanese-American trade relations.
From one-fourth to one-third of the total foreign
trade of Japan is conducted with the United
States, which is Japan's best customer. The
development of the banking system for financing this trade has passed through a rapid evolution. In the early history of Japan's commerce
it was financed almost entirely by branches and
agencies of British, European, and later, American banks. A small part of this trade was
financed by some of the old private firms of
Japan which had been engaged for several
centuries both in banking and in merchandising.
The next period in the evolution of Japanese banking was initiated by the founding of
native exchange banks. They were ordinary
commercial banks engaged both in domestic
and foreign business and operated under either
a special or general charter. An example of
the former is the Yokohama Specie Bank which
organized in 1880 was under a special imperial
charter for the purpose of stabilizing the currency of Japan and for facilitating its foreign
trade. Some of these special chartered institutions were given definite territories for their
MARCH, 1922.
activities, as, for example, the Bank of Taiwan
which was formed, to develop the resources of
Formosa and the trade with South China and
the South Sea Islands, and the Bank of Chosen
recently established to expand Japan's trade
in Korea (Chosen) and in Manchuria. In addition, a number of the old private banks were
incorporated under the general chartering act
of the Imperial Government. Although the
two types of banks, special and general chartered, differ as to form of incorporation, their
operations are practically the same in nature.
These native organizations soon entered into
active competition with the branches of foreign
banks, and in time the former took over the
financing of the greater part of the exports from
Japan, while the latter were able to retain control over the handling of the country's imports.
This division of the field proved favorable to
the Japanese banks which accumulated gold
balances abroad, while foreign banks which
held silver balances in Japan endured heavy
losses due to the fall in the price of silver.
With the beginning of the century, the Japanese banks established their own branches in
foreign money centers and so were in a position
to handle imports to Japan as well as exports.
The latest stage in the financing of Japanese
foreign trade came with the outbreak of the
war in 1914. The branches of German banks
were eliminated entirely, and even the British
agencies were forced to restrict their credit activities. On the other hand, American banks
increased in relative importance, and the
Japanese exchange banks were likewise able
enormously to augment their business. The
former increased the number of their branches in
Japan, while the latter established new agencies
in the United States, especially in New York,
San Francisco, and Seattle. Because of this
expanded American and Japanese bank organization and the dislocation of the British money
market, the dollar and yen exchange to a
large extent replaced sterling as a means of
settling balances between the United States
and Japan. Formerly the method of paying
for exports from Japan was almost entirely
through London, but in the past few years
direct exchange relations have been established.
This movement has been accelerated by the
growth of an acceptance market in both
Yokohama and New York. The period since
1914 has also been marked by a change in the
, technique of financing Japanese imports. For
! years they were financed largely by the authority to purchase and by trade drafts, but these
methods have given way to the use of the
letter of credit and bankers' bills.
Consideration will therefore be given mainly
to the operation of Japanese letters of credit.
FEDERAL RESERVE BULLETIN..
MARCH, 1922.
This study does not present many varied
or new technicalities. Japanese commercial
credit practice is quite uniform because the
financing of foreign trade has been controlled
by a small number of banks located in Yokohama, Tokyo, Kobe, and Osaka. The practice
of these institutions to a large extent has been
modeled after the usage of British and American banks, and so attention need be given only
to those phases which are peculiar to Japanese
operations.
II. LETTER OF CREDIT.
1. Opening of credit.—A Japanese bank in
issuing a letter of credit may base its action
merely on the credit standing of the importer
or may require him to deposit some form of collateral. When the Japanese applicant is of uncertain credit standing or is not in a position to
furnish collateral, he may still be able to obtain
a credit by inducing another party to act as
his guarantor. The latter binds himself to reimburse the bank for all its advances if the opener
fails to meet his obligations. This form of
personally indorsed credit, while quite common
in Japan and in fact throughout the entire
Far East, is not extensively used in the United
States or Great Britain. Japanese banks
usually require openers of credits to present
formal applications and also to sign regular
contracts, which are quite similar in content
to the forms employed by American banks.
A rather peculiar Japanese form is presented
below:
I/We shall, feel obliged by your forwarding instructions
by cable/letter to your agents in
to make payment or payments as follows:
To M. —
Anv sum or sums not exceeding in all
say
Against a draft; or drafts at —
days sight drawn by
the said firm-upon the X Bank. Ltd.,
, for my/our
account.
Against a shipment or shipments of — —
Not later than
. the drafts to be accompanied by
a full set of shipping documents .relating to the abovementioned merchandise ordered by me us viz:
Invoices
Bills of lading
Policies of insurance
In consideration of your granting me/us the above request,
T /we hereby agree and engage to accept a draft or drafts at
usance of
days sight drawn on me us by your bank in
reimbursement for the amount so paid by your agents, and
duly to pay the amount at maturity at exchange ol'
plus interest thereon at the rate of - — per cent per
annum, and also I/we undertake to hold myself/ourselves
liable to you as per conditions set forth in the letter of
guarantee signed by me/us.
This application calls for an instrument which
is somewhat different from the ordinary letter of credit. It is used only between the
home office and its foreign agency, which is instructed to pay the beneficiary cash for his
297
documents, and the home office obtains reimbursement by drawing an interest-bearing draft
on the importer.
Because of distance, a Japanese bank in issuing a letter of credit to a foreign seller, say in
New York, may first send him a cablegram or
permit him to effect his negotiation before the
arrival of the letter itself. lie is then instructed
to note on his draft'' Drawn under letter of credit
en route.77
2. Issuing of letter of credit.—Japanese banks
seldom issue their letters of credits to the beneficiaries directly, but instead notify them either
through agents or correspondents. As mentioned above, Japanese banks operate a considerable number of agencies in the more important commercial centers throughout the world
and elsewhere maintain a network of correspondents. When they arc asked to advise a
credit of a Japanese bank, the question of confirmation naturally arises. The distinction
between irrevocable and confirmed credits is
not sharply drawn by Japanese banks. One
bank, in answering the question of the Division of Analysis and Research regarding confirmation, states that if requested by a foreign bank to notify a Japanese beneficiary of
the opening of an irrevocable credit, it would
be inclined to add its confirmation unless
instructed to the contrary. Another bank
clearly differentiates between these two types
of credits as evidenced by its answer, which
reads as follows: "When an American bank
issues an irrevocable letter of credit and does
not request the Japanese bank to confirm the
same, it is an irrevocable unconfirmed letter of
credit; therefore an irrevocable credit 77 not
is
always confirmed by the Japanese bank.
As
a matter of actual practice, American banks
issuing their irrevocable credits in favor of
Japanese exporters generally expect Japanese
banks merely to notify the beneficiaries and
not to add their confirmation. On the other
hand, in the financing of an importation to
Japan, the beneficiary abroad receives a credit
from the local agent and not from the home
office of the Japanese bank, and so the credit
is either revocable or irrevocable by the agency
without involving any act of confirmation. It
is therefore essential for American importers
and bankers carefully to specify whether credits
should be advised by Japanese banks as confirmed or unconfirmed by them.
On the subject of cancellation, Japanese
banks generally hold that they have the right
to rescind a revocable unconfirmed advice at
any time without the necessity of giving notice
of their action to the beneficiary. The revocable unconfirmed advice of one Japanese bank to
the beneficiary contains the statement "We
298
FEDERAL RESERVE B U L L E T I N .
have no authority from our correspondents to
confirm this credit. The credit is therefore
subject to cancellation with or without notice
and the above particulars are for your guidance
only." Another bank explains its policy as
follows: "We have the understanding that the
validity of such revocation starts at any time
that we receive such instruction without notice
to the beneficiary." The same institution adds
the following comment: "In case of an unconfirmed revocable credit, 7i. e., unconfirmed with
'subject to cancellation clause, we act only as
advising agents and have no right to revoke the
credit unless we receive instructions from the
issuing bank to this effect."
3. Transferring of credit.—Japanese banks do
not usually permit a beneficiary to transfer
his credit to another party. The right of assignment is, however, recognized by a few banks
which insert in a form drawn especially for this
purpose the expression that the credit is available b}^ the accreditoe "or to any nominee or
nominees appointed by him in writing." As
explained in the FEDERAL RESERVE BULLETIN
(February, 1921), some banks in the United
States make it a practice, at the request of the
beneficiary of a credit, to issue an ancillary
instrument in favor of a second party who is
supplying or manufacturing the merchandise.
This practice is not followed by Japanese banks
which, if necessary, prefer to cancel the original
credit and to open a new credit.
4. Presenting of documents.—Japanese banks
naturally will accept documents only when they
are drawn in conformity with the terms specified
in the letter of credit. When these conditions
are not stipulated, the procedure of handling
shipping documents in a general way is governed by the same principles of commercial usage which apply in the United States. Japanese
bills of lading must conform to an imperial
statute, which is quite similar in content to the
Barter Act of the United States. The''received
for shipment" instrument is not regarded as a
bill of lading in Japan. Some banks will accept
on board bills of lading only, while others follow
the rule of compelling beneficiaries to furnish
on board bills of lading unless instructed to
accept "received for shipment" bills. This
policy is the inverse of American usage, which
recognizes the right of an American bank to
accept a "received for shipment" bill of lading
unless advised to the contrary. Japanese
banks do not discriminate against the offering
of certificates of insurance under blanket policies and do not insist upon the production of
the policies themselves. However, brokers7
cover notes are not regarded as satisfactory.
The remaining documents of the commercial
set are similar in nature to those which are
used in the United States.
MARCH, 1922.
Japanese bankers are usually unwilling to
permit a beneficiary to present documents
covering merely a partial and not a complete
shipment. On this subject one bank writes:
Whon the terms of the letter of credit include the quantity of the goods ordered, we do not negotiate drafts accompanied by documents which represent partial or separate
shipments, unless we receive specific authority to this
effect from the issuing bank. We do, however, negotiate
them when there is no mention of the quantity in the letter
of credit and also when no such stipulation against this
action by the issuing bank.
5. Negotiation ofdrafts.—As mentioned above,
Japanese banks issue most of their credits
through their agents or correspondents. Upon
notification by an agent, the beneficiary of
such a credit is not usually allowed to sell his
drafts to banks at large, but is bound to confine his negotiation with the advising bank
only. Accordingly, the Japanese issuing bank
usually gives the notifying bank the following
instruction: "Kindly advise the beneficiary of
the above credit and also of the condition that
this credit shall be valid only when the drafts
are negotiated through your bank." Japanese
credits, if notified by agents, may therefore be
described as special rather than general.
Most Japanese banks do not claim the right
of recourse to the beneficiary on drafts which
lie has drawn under letters of credit, whether
revocable or irrevocable. The general policy
of Japanese banks is well stated in one answer, which reads—
An issuing bank has not the right of recourse to the
beneficiary irrespective of "irrevocable" or "revocable,"
unless especially stipulated to that effect in the credit.
If there is no mention in the letter of credit, only the bona
fide negotiator of the draft, excluding the issuing bank and
the confirming bank, has the right of recourse to the drawer.
6. Expiration of credit.—Japanese banks
quite naturally refuse to honor documents which
are presented after the date of expiration of
the credit. The question was raised by the
Division of Analysis and Research as to the
policy which a bank would follow if the Japanese beneficiary presented before the date of
expiration documents which were unacceptable and Avhich were again presented in cor
rected form after the termination of his credit.
To this question all banks replied that the
beneficiary was not entitled to payment under
these conditions. Letters of credit frequently
contain an expression calling for "prompt
shipment." Japanese banks in their answer
express a dislike for this statement because of
its indefiniteness. They interpret the length
of time within which the exporter must make
shipment under such a credit variously from
one week to ten days.
7. Reimbursement of credit.—Reimbursement
between the notifier and issuer is effected by the
former debiting the account of the latter, or
MARCH, 1922.
FEDERAL RESERVE BULLETIN.
299
drawing drafts on the latter. The issuing bank
in turn may obtain cash from the opener who is
importing the goods or may draw a draft on
him. This bill he has agreed to accept according to the terms of his application, which
also specifies the rate of interest to be paid.
In consideration of your granting me/us the above request
I/we hereby engage to accept and duly pay the draft or
drafts drawn as above said, and guarantee that I/we shall
not cause you any loss or losses in consequence of such
shipment or shipments being delayed or the goods turning out on arrival to be of defective quality, or under any
circumstances whatever irrespective of the goods.
III. AUTHORITY TO PURCHASE.
The bank in turn acknowledges the receipt
of the application and signifies its approval in
the following form:
Transactions in foreign trade may be
financed by the importer or by his bank either
through the letter of credit or the authority
to purchase. The general features of this
instrument have been described in the FEDERAL
RESERVE BULLETIN for August, 1921, pages 926932, and so only the characteristics peculiar to
Japanese practice will be described. As explained above, the letter of credit has to some
extent replaced the authority to purchase as an
instrument for financing imports to Japan from
the more advanced commercial nations, such as
the United States, Great Britain, and Europe.
However, the authority to purchase still remains
an instrument of primary importance for facilitating Japanese commerce with other eastern
countries, such as China, India, and the Philippine Islands. The authority to purchase or letter of instruction, as it is known in Japan, gives
rise to a trade bill drawn by the exporter on the
Japanese importer, and is purchased by a bank
acting upon the instructions of the importer.
The buyer and seller in the contract of sale
determine the form of the authority which
in most cases is revocable rather than irrevocable. Also the drafts are made with
recourse on the drawer and so the authority
to purchase is a less desirable instrument than
the letter of credit from the standpoint of the
exporter. Acting in accordance with the
contract of sale the Japanese importer requests
his bank to authorize the purchase of the exporter 's draft by an agent located near the
latter. The application of the exporter to
his bank may read as follows:
DEAR SIR: In accordance with your application No.
we shall have the pleasure of instructing our
branch/agency to negotiate the drafts drawn by on your good/self/selves if offered before
, 19
.
We reserve to ourselves the option of cancelling at any
time if deemed expedient in the interest of the parties
concerned.
Yours, faithfully.
For the X Bank,
of
In issuing authorities to purchase the
Japanese bank is careful to relieve itself of all
the commercial risks attendant upon the shipping of goods in foreign trade, as indicated in
the expressions found in the above forms.
Responsibility is waived especially as to the
genuineness of the merchandise and the
validity of the underlying documents. It may
also be observed that in its acknowledgement
the bank reserves for itself the right to cancel
the authority at will.
IV. TRUST RECEIPT.
In extending its credit on an export or import transaction a bank is usually covered by
the merchandise which serves as collateral.
However, at some stage in the movement of
the goods to market, it is often necessary for
the bank to surrender its control over the
goods or documents and under these conditions it makes use of the trust receipt. (See
FEDERAL RESERVE BULLETIN, January, 1922.)
In Japanese practice this instrument is better
known as a letter of guarantee, or, following
British usage, as a letter of lien. The trust
receipt may be used in connection with the
No.
financing of a foreign trade transaction either
.19.
by the importer or by the exporter. As menTo the X BANK.
DEAR SIRS: I/we request you to forward instructions tioned above, the former's bank may extend
by mail/cable to your
branch/agency to purchase the credit cither through the authority to purdraft or drafts as follows:
chase or the letter of credit. When goods
Drawn by
.
imported under authority to purchase arrive
Upon
.
in Japan the documents may be released to the
Against shipment of
.
importer under a trust receipt which may read
At usance of
.
To be drawn in
(payable at the ba-nk:s drawing as follows:
rate for demand drafts on
).
Not later than
.
To the extent of accompanied by a full set of shipping documents, viz:
Bills of lading, invoices, and policies of marine insurance
relating to the above-mentioned merchandise ordered by
me/us, it being understood that you will take the invoice
as genuine and reliable evidence,
To the MANAGER, THE X BANK, LTD.
DEAR SIR: In consideration of your having this day
delivered to me/us the following documents, viz:
Bills of lading (marks and numbers of packages, etc., as
on the back hereof) vhich you hold as collateral security
for the due payment of the draft,
, amounting to
, drawn upon me/us by M.
, of
, and
300
FEDERAL RESERVE BULLETIN.
accepted by mo/us, I/we hereby undertake to land and.
store on your behalf the goods covered by the said bills
of lading in
godown on lot No'.
. holding
them strictly under lien to you, and keep them fully insured on your behalf against fire, to the extent of the
acceptance, payable, in case of loss, to you with understanding that any expenses incurred on these goods shall
be borne by me/us and not chargeable to you.
I/we also hold myself/ourselves responsible for any
damage or loss caused to the said goods and not covered
by fire insurance policy, during the time so stored in
my/our godown.
I/we also engage to hand you the proceeds of portion of
the goods on delivery before maturity of the bills, and also
to return undelivered-goods to you, should you so desire
at any time.
MARCH, 1922.
to your inspection at any time, either alone or jointly with
other interested banks, until shipment when bills and shipping documents shall be completely delivered to you, in
compliance with the terms of the above contract.
I/we further guarantee that the goods held by me/us
under the present agreement shall be fully insured against
loss or damage by lire at ray/our expense until delivered to
the steamship company. The amount insured'must be
paid in case of fire direct to your bank.
it is understood that interest shall be charged on the
daily maximum balance of my/our overdraft at a rate to
be notified by you from time to time.
Letters of lien are employed by Japanese
banks in surrendering shipping documents to
importers so as to enable them to enter their
goods at the customhouse, and later to store
There is no need to reproduce the trust receipt
issued in connection with a let-tor of credit, for them in warehouses or "godowns" as they are
called in
As mentioned in the
the form is similar in content to those forms study on the Far East. American banks usutrust receipts,
analyzed in the FEDERAL RESERVE BULLETIN ally insist
place the merfor January, 1922. The burden of furnishing chandise in that the importer which he has no
a warehouse over
credit to a transaction in international com- control. However,
Japanese
merce may be carried by the exporter or by banks are not so in this respect customers
particular, as
his bank which permits him under Japanese are permitted to store goods in their own wareusage to make an overdraft on the bank —a houses, but the goods must be segregated and
practice not general in the United States but available for inspection at any time by the
common in Europe. It agrees to honor a deits agents. The Japanese
mand draft which therefore becomes a check. bank or to protect its interests by bank eninsisting
The bank is secured by the merchandise which deavors satisfactory insurance coverage. The
upon a
is kept in a godown. When the exporter is
mainly as a
ready to make shipment he is given the go- Japanese trust receipt serves store goods means
of enabling the importer to
godown receipt upon signing an agreement or downs, but is seldom used to permit him in sell
to
letter of lien which reads as follows:
the goods. These are released for the purpose
And in consideration of your allowing me/us to overdraw of sale only if the importer has a very good
my/our account (export account) with you by my/our j credit standing, or if he is able to induce a seccheque or cheques, against the above contract, I/we hereby ond party, either a merchant or a banker, to
agree that such cheque or cheques shall be drawn only for
payment of: merchandise purchased by me/us for shipment act as his guarantor. Japanese banks seldom
as well as for freight, insurance, and other shipping charges surrender goods to the importer on trust reon the said merchandise and that cheques shall be made ceipts for the purpose of manufacture. In genout only in favour of a party to whom actual cash payment is eral, the trust receipt although widely employed
due. I/we also hereby agree to convey the ownership of
the merchandise to your bank, keeping them in my/our in Japan does not rest on a very firm legal
godo.wn separate and distinct from other goods and open basis.
MARCH, 1922.
FEDERAL RESERVE BULLETIN.
301
BUSINESS AND FINANCIAL CONDITIONS ABROAD.
amounting to 500,000,000 gold marks, was due
on January 15. Germany was unable to meet
hi the BULLETIN' for November, 1921, an this payment and therefore on December 15
estimate was given of the reparation payments asked a delay in both the January and February
made by Germany to the Allies under the terms payments. Her request was considered at the
of the Treaty of Versailles between November conference at Cannes, but no decision was
11, 1918, arid October 31, 1921. Since that reached before M. Briand resigned as premier
time there have been important developments of France. Just before the conference broke up,
which will affect the future handling of the however, the Reparations Commission granted
reparations problem. A summary of the pay- Germany a delay on the following conditions:
ments which have been made up to November
(1) That during the period of delay Germany
30, 1921, is therefore presented preliminary to pay in approved foreign securities 31,000,000
a discussion of recent developments.
gold marks every 10 days, the first payment to
PAYMENTS AND D E L I V E R I E S ON REPARATIONS BY G E R - be made on January 16.
M A N Y — A R M I S T I C E - N O v . 30, 1921. .
(2) That within a fortnight (i. o., by January
[Millions of gold marks.]
27) Germany submit to the Reparations Commission a plan for reforms or appropriate guarMay 1 to
antees for its budget and paper currency, and
i Nov. 30,
Period
1921 '
also a program for reparations payments in
:
to May L,! (under Tola.].
1
cash and kind during 1922.
\92O : schedule'
!
! ofpay(3) That the period of provisional delay end
:
; merits).
when the Reparations Commission or the
Cash
1,178 Allied Governments reach a decision regarding
127 ! 1,051
;
Deliveries in kind and transfers of prop- I
I
the plan and program presented by the German
5,216
4,964 |
282
crty, etc
j
Government, the balance of the January 15
o,()91 ]
1,333 G, -12-J payment to become due two weeks thereafter.
Total.
1
Five cash payments of 31,000,000 gold
Estimates presented in the "November issue of the BULLETIN were
approximately 500,0()0.()()0 gold marks lower than this estimate.
marks were made between January 16 and
gold marks, the
Between November 30 and December 31, March 1, totaling 155,000,000 estimate of paysum referred to above in the
1921, payments on all accounts amounted to
64,000,000 gold marks, while between Janu- ments since January 1, 1922. was made after
This
ary 1 and March 1, 1922, payments in cash Premiertemporary arrangementwhen it was apBriand had resigned,
amounted to 155,000,000 gold marks. No
for payments during the
figures are available showing payments in kind parent that the scheme been tentatively worked
coming year which had
since January 1, but they probably have not out by the Allies at Cannes would not be acexceeded a value of 100,000,000 gold marks. cepted in
This makes an estimated total of 6,743,000,- reparations,France. The Cannestoscheme for
as reported by cable New York,
000 gold marks paid to date on reparations.
provided for an annual payment of 720,000,000
The schedule of payments agreed to in Lon- gold
place
don in May, 1921 (the so-called London agree- gold marks in cash (in for inof the 2,000,000,000
marks provided
ment), provided for payment of 1,000,000,000 ment) and payments in kindthe London agreeto the
gold marks on May 31, 1921, the other 1921 1,750,000,000 gold marks (in place amount of
of the 26
payments to be made in goods. The cash pay- per cent export tax provided for in the London
ment was met, as is apparent from the table agreement, which it has been estimated would
above, although not completed until August 31.
about 1,200,000,000 gold marks
The amounts of the payments in goods were yield distribution of the payments in in 1922).
The
not specified, except that they were to equal 26 tween the Allies was to be as follows: kind beper cent of the value of the total export trade.
The first payment in goods was due on or before
cent
November 15, 1921, and was equal to 26 per
•• (Jold marks. • Pertotal.
of
,
!
cent of the gold value of German exports in the
three months ending July 31, 1921. On Feb- France
•...! J, 125, 000,000 !
!
64.0
j
240,000,000
14.0
ruary 15 payments equal to 26 per cent of the Italy Britain
Great
100,000,000
6.0
value of trade in July, August, and September Belgium
•
125,000,000 j
7.0
Japan
!
7,000.000 i
.4
fell due. Thefirstpayment rwas met in full, but Other beneficiaries
j
153,000,000 j
8.6
the payment due on Februarj 15, 1922, was not
Total
| 1,750,000,000 |
100.0
completed. The first cash payment in 1922,
GERMAX
.REPARATIONS.
302
FEDERAL RESERVE BULLETIN.
Belgium was to be the main beneficiary of the
1922 cash payment of 720,000,000 gold marks.
She was to receive the whole sum, except
159,000,000 gold marks which was to go to
Great Britain. Of the latter sum Great Britain
agreed to lend 139,000,000 gold marks to
France, repayment to be made from funds to be
obtained irom Germany at some later date.
Cash payments after 1922, it was proposed,
should be applied as interest on the 12,000,000,000 gold marks class " A " bonds, the issue of
which was provided for in the London agreement. Interest at 6 per cent on these bonds (5
per cent to the investor and 1 per cent for a
sinking fund) would require exactly 720,000,000
gold marks a year.
Annual payments of 720,000,000 gold marks
in cash and i,750,000,000 gold marks in goods
(which were the sums reported as determined
upon at Cannes by the Allies) were considered
beyond Germany's ability to pay by representatives of the Wirth Government. The latter
stated that, considered on an annual basis, the
limit of Germany's ability was 500,000,000
gold marks in cash and 1,000,000,000 gold
marks in goods.
As is well known, there has been considerable controversy among the Allies as to the
division of the reparations already obtained
from Germany. This applies especially to
the 1,000,000,000 gold marks paid by "Germany to the Reparations Commission between
May 1 and September 1, 1921. At Cannes,
France agreed (provisionally, of course) to
renounce all ^claims to any part of this payment and it, was decided to divide this sum
between Great Britain, Belgium, and Italy,
Great Britain and Belgium to receive the larger
shares. The British portion was to be used in
payment of expenses already incurred by the
army of occupation. In the case of Belgium
the payment was to cover the sum promised
her in priority of other claims at the time of the
Spa agreement. The distribution of payments
made prior to November 30, 1921, has been as
follows:
DISTRIBUTION OF REPARATIONS PAYMENTS BETWEEN
THE ALLIES.
[Millions of gold marks.]
NOV. 11, 1918, TO MAY 1,1921.
Deliy- State
Cash. eriesin proper-. Total,
kind. , ty, etc.'
United States..
Great Britain..
France
Belgium
Italy
Japan
Other Powers..
Undistributed.
Total.
127
58
303
976
571
'
,
;
!
1
402
8 !
59
29 |
429 ! 2,042
127
2,460 I
2,504
58
431
1,378
571
86
67
29
2,471
5,091
MARCH, 1922.
MAY 1 TO NOV. 30, 1921.
i DeliyCash. eriesin Total.
i kind.
United States.
Great Britain.
France
Belgium
Italy
Japan.
Other Powers..
Undistributed.
Total.
29 i
i 923 :
39
144
964
46
3o j
6
99
1,051
10
144
41
46
:
35
10o
282 I
1,333
Grand
total.
58
470
1,522
1,535
132
67
64
2,576
6,42 i
1
Out of the 923,000,000 gold marks in cash assigned to Belgium,
430,000,000 gold marks have been paid over to Great Britain on account
of the British claim for cost of occupation up to May 1, .1921. This
distribution is subject to ratification by France.
The Wiesbaden agreement between France
and Germany, which has been another source
of difficulty among the Allies, was also under
consideration at Cannes. If the Wiesbaden
agreement had been carried out in all its
provisions and the deliveries of goods to the
amount of 7,000,000,000 gold marks for which
it provides in the next 4^ years had been spread
evenly over that period, Germany would have
delivered to the Allies about 4,000,000,000 gold
marks in gold and goods during the current
year instead of the 2,000,000,000 marks in gold
and approximately 1,200,000,000 gold marks
in goods contemplated by the London agreement. The excess of about 800,000,000, gold
marks would have consisted entirely of goods,
to be ordered by the French " sinistres " and used
for reconstruction purposes in the devastated regions. This excess would not have been credited
on reparations account until after 1926, when
deliveries under this agreement were to cease.
Although it was recognized in October, 1921,
when the Wiesbaden agreement was concluded,
that an increase in payments in goods with a
corresponding decrease in payments in cash
would be desirable, it was felt that Germany
would be unable to make the excess payments
to France and at the same time meet her
obligations to the other allies. Sir John Bradbury, the British delegate on the Reparations
Commission, in reporting to his government on
the subject, said:
If there were reasonable grounds for anticipating that the
obligations under the schedule of payments could be maintained, and would be discharged, in full, during the whole
of the period contemplated by the Wiesbaden agreement,
the excess deliveries to France being made in addition, it
would be not unreasonable to allow to France the full advantage of the acceleration in the payment of her share of
reparations for which she has been able to arrange.
The obligations of the schedule of payments were, however, fixed as recently as May last and they then represented
in the opinion of the Reparations Commission and of the
allied Governments, the maximum burden which, in the
light of the indications available, Germany could be expected to be able to bear.
MARCH,
1922.
Two weeks after the Cannes Conference, i. e.,
on January 27, the German Government replied to the demand of the Reparations Commission for a plan for the reform of German
public finances and a program of reparations
payments in 1922. Discussion of the financial
reforms which were promised may be found on
page 311. As regards 1922 reparations payments, the German Government urged that the
cash payment be reduced from 720,000,000
gold marks and that this be compensated for,
if necessary, by increases in payments in kind.
It was also requested that the method of payment be changed from that prescribed under
the London agreement to a monthly basis and
that the cost of the armies of occupation payable in foreign currencies be included in these
estimates. As regards payments in kind, the
German Government requested that separate
estimates be made for each country and that
these be limited to goods to be used during the
current year.
On February 21 it was unofficial!}^ reported
that France and Great Britain had agreed
to leave the determination of reparations
for 1922 "or longer" to the Reparations Commission. According to this report the commission "will have the power to lix, without consultation with the governments, whatever modifications it deems should be made of
the schedule of payments laid down in London
last May * * *. Further, it will have to
fix the amount of reparations in kind which
shall be made under the Wiesbaden agreement." It is definitely stated that the decision to leave reparations problems to the commission applies only to future payments, not
to payments which have already been made,
distribution of which apparently is to be otherwise negotiated.
It is reported that a provisional agreement
was made between Germany and representatives of the Reparations Commission on February 28, providing for the payment of
720,000,000 gold marks in cash and 1,450,000,000 gold marks in kind during 1922. These
figures are radically lower than the payments
specified in the London agreement last May,
which were of course very much lower than the
terms of the Paris ultimatum of January, 1921.
The London agreement of May, 1921, provided for annual cash payments of 2,000,000,000 gold marks and payments in goods equal
to 26 per cent of the export trade, or about
1,200,000,000 gold marks In the current year.
The Wiesbaden agreement provided for additional goods payments to France to the extent
of 800,000,000 gold marks annually. The new
formula of payments is a confession that
reparations can not be collected on such a
303
FEDERAL RESERVE BULLETIN.
large scale as was planned at London and
Wiesbaden.
ENGLAND.1
RECEtPTS FROM REPARATIONS.
Of the 1,000,000,000 gold marks which were
paid to the Reparations Commission between
May 1 and September 1, 1921, Great Britain
made claims for 450,000,000 gold marks on
account of the cost of her army of occupation.
France tentatively agreed to the division of
this 1,000,000,000 gold marks between Great
Britain, Belgium, and Italy last August, when
M. Doumer, Minister of Finance at that time,
signed the so-called financial agreement of
August 13, but the agreement was never approved by the Chamber of Deputies or the
French press. At that time, however, approximately 450,000,000 gold marks were
allocated to Great Britain for expenses connected with the army of occupation, and the
rest was allotted to Belgium and Italy. The
allocation in the case of Great Britain was
made " subject to adjustment of the final
settlement." Since this question was raised
again at Cannes and no definite adjustment
reached, the status of it now is apparently the
same as at the time of the August agreement.
In other words, Great Britain has the funds
in prospect but can not meet current expenses
with them.
Excluding this sum of about 450,000,000
gold marks which is held in suspense, Great
Britain had received the following sums in payment of reparations by November 30, 1921:
Gold marks.
Cash
Deliveries in kind
State property, etc
.'
Total
156, 000,000
313. 000,000
L 000,000
470, 000.000
The cost of the British army of occupation,
however, between the armistice and April 30,
1921, amounted to £52,880,470; in other words,
receipts on all accounts for a period of 36
months were several million pounds sterling
less than the expenditures for occupation during 29 months. No estimates are available
for the cost of occupation since April 30, 1921,
nor for receipts from reparations since November 30. It is entirely possible, however, that
receipts on all reparations accounts have not
exceeded the cost of the army of occupation.
GENOA CONFERENCE.
These problems connected with reparations
payments have an intimate relation to the
1
British price, trade, and financial statistics may be found on pp. 325,
330, 332, 375.
304
FEDERAL RESERVE BULLETIN.
Genoa Conference. France has been determined that reparations should not be included
in the agenda of the conference, while the British view has been that discussion of this question was a necessary preliminary to any proposals for the reconstruction of eastern Europe.
Apparently French views have prevailed on
this point, since the problem of future reparations payments has been definitely assigned
to the Reparations Commission and to that
extent removed from the political arena. The
question of Great Britain's share in the distribution of the payments, however, may still be
used as a political weapon in connection with
the conference. She may consider it more to
her advantage to obtain the general cooperation of Europe (including that of France) in
the reconstruction of trade than to receive her
full share of whatever reparations payments
are made. Another financial consideration
which may be an important factor in connection with the conference is the fact that
France owes Great Britain large mms for
expenditures during the war.
Great Britain is not likely, however, to make
any concessions regarding her share of reparations payments which have already been made;
in other words, it is probable that she will
receive her portion of'the 1,000,000,000 gold
marks payment which was completed last
August. The payment or nonpayment of this
sum may in fact make it possible or impossible
for her to balance her 1921-22 budget. According to reports to the end of January, public expenditures during the preceding 10
months had amounted to £846,000,000. Revenue collected during the same period totaled
£784,000,000, leaving a deficit of £62,000,000
that, had been raised by borrowing. As total
expenditures for the fiscal year had been estimated at £1,040,000,000 and receipts at
£1,217,000,000, it is apparent that on both
sides of the balance sheet the totals for eight
months are appreciably less than was anticipated. This is due, in the main, to the decline
in prices which has occurred during the year.
GEDDES REPORT.
Taxation has borne so heavily upon business
interests in England during the depression that,
especially since last summer, there have been
uninterrupted and concerted protests against socalled Government extravagance. This agitation led to the appointment last summer of
a committee of business men to investigate
Government expenditures, with a view to the
elimination of unnecessary expenses, waste,
etc. The report of this committee, which was
headed by Sir Eric Geddes, formerly director
MARCH, 1922.
of railways, has just been made public. It calls
for economies which will bring about an estimated saving of £100,000,000 a year. It is
recommended that the army be reduced by
50,000 officers and men, the navy by 35,000,
and that the army, navy, and air forces be
combined as a single ministry. It is stated
that the naval estimates for next year could be
reduced by £60,000,000 to £81,000,000, exclusive of savings as a result of the naval holiday, and that army estimates could be reduced
by £20,000,000 and the cost of the air service
by £5,000,000. Recommendations are also
made for material reductions in- next year's
estimates for education, the board of trade,
and various other civil services.
REDUCTION IX
BANK OF ENGLAND DISCOUNT
RATE.
On February 16 the official rate of discount
at the Bank of England was reduced from 5
per cent to 4-J- per cent. This compares with
a 4 per cent rate at the Federal Reserve Bank
of New York and with a 2J per cent rate for
3 months' treasury bills in London. Money on
deposit in London banks receives 2\ per cent
interest. The following table shows rates on
different kinds of paper at the end of each
month since last July:
RATES OF INTEREST.
I
1921.
End of—
July
August
September
October
November
December
Three
; Three | Three
Bank of ; months' ! months' months'
trade
England, treasury j bank
bills.
. bills. • bills.
Per cent. Per cent. Per cent. Per cent.
£
,'ijj
4:i
1922.
January
February
The lowering of the bank rate brings it more
into touch with outside market rates than has
been the case since last spring. However, it is
unlikely, in view of recent bank policy, that
the change would have been made if there had
not been an improvement in public finances.
Conditions have been improving, however,
with the increase in revenue normal at this time
of year, and outstanding Treasury bills have
been appreciably reduced. At the same time
there has been a steady advance in the value
of sterling in terms of dollars, which brought
the quotation at the end of February to $4.42,
as compared with an average of $3.97 in November and $3.68 last August. This rapid
305
l^EDE tAL RESERVE BULLETIN.
MARCH, 1922.
advance in exchange rates is due in part to
the trade situation and in part to other factors
operative in the market. On the visible items
alone there is a far closer balance between imports and exports than has existed at any
time since the war. In 1919 the monthly
average value of imports was £136,000,000; of
exports and reexports, £80,000,000. In 1920
imports had increased to a monthly average of
£161,000,000, but exports had advanced also
to a point where they were only £30,000,000
lower. In the last six months of 1921 imports
averaged £86,000,000 and exports and reexports £65,000,000, a difference of only
£21,000,000 a month, or, on an annual basis,
£252,000,000. In spite of the shrinkage in
freight earnings, etc., this sum is probably
covered by such invisible items as shipping
services, interest on investments, etc. The
shift in the trade balance is in part due to the
fact that prices of commodities in England
have been definitely on the decline during
recent months in contrast to the relative
stability of the price level in the United States
and many other countries. This fact has encouraged purchases in England by foreigners
and vice versa has discouraged imports into
England from abroad.
WAGE REDUCTIONS DURING 1921.
The January number of the Labour Gazette,
the official publication of the British Ministry
of Labor, contains a summary of the reductions
that were made in 192.1 in the full-time rates
of wages of workers in leading British industries. These are tabulated below:
Skilled workers in the building trades.1
Laborers in the building trades
Hewers in coal mining industry (according to
districts)
Underground laborers, mining industry (according
to districts)
,
Workers in blast furnaces
Processmen in iron and steel manufacture
Laborers in iron and steel manufacture
Skilled workers in engineering and shipbuilding
(time work)
Laborers in engineering and shipbuilding
Cotton operatives
Wood textile operatives
Workers in textile bleaching, dyeing, printing,
and finishing trades
Engine drivers in transport trades
Porters
Dock laborers
Seamen
Hand compositors in printing and bookbinding
trades
Bookbinders
Cabinet makers, upholsterers, etc
Pottery workers
Heavy chemical workers
Per cent.
12-16
19-23
20-50
30-60
33-46
33-45
30-45
17-18
20
22
27-29
19-21
11-14
17-18
1
12-13
10-14
5- 6
7J- 9
12 -13
10
19 -21
The Ministry of Labor estimates that 20 per
cent may be taken as the average reduction in
rates of wages during the year. In certain
industries, such as boot making, no reductions
were experienced, while in others, notably the
coal industry, very severe reductions were
made. Earnings, however, were probably
much more than 20 per cent less in 1921 than in
1920, as there has never been a period of such
serious unemployment as the past year. The
following table shows the percentage of the
12,000,000 people insured under the unemployment insurance act who were out of work
or working short time at the end of each month
in 1921:
UNEMPLOYMENT IN INSURED TRADES.
Unom-
End of—
January.-.
February.. .
March.
April
May
June.. .
Julv
Aucust ..
September...
October
November.
December
92371—22
4
1921.
Per cent.
8
10
H
Per cent. ^
16
10
16
16
2
3
18
19
Jo
U3
U2
15
6
7
11
8
4
3
3
2
1
Thisfigureis affected by the unavoidable exclusion of those unemploj-od insured persons who had removed their insurance books from
the employment exchange after the exhaustion of their right to benefit.
FRANCE.1
„
THE RECOVERABLE BUDGET.
The amount to be spent by France during
the current year for the reconstruction of the
devastated regions, for pensions, and for the
interest on loans previously floated for reconstruction purposes has not yet been finally determined. Recent cable dispatches state that
the Chamber of Deputies has voted to spend
13,500,000,000 francs for these purposes, and
that this sum will be met, as far as it is not
covered by payments from Germany, by the
sale of treasury bonds and of bonds of the
Credit National and of the "Sinistres." The
Senate has not yet given its approval of this
figure, however.
To what extent France can depend upon receipts from Germany during the current year
for the payment of pensions and the expenses
of reconstruction can not be stated at the present time. On the basis of the figures reported
as adopted by the Allies at Cannes, France
would receive during 1922 goods to the amount
1
i Further reduction already scheduled.
On
short time.
French price, trade, and financial statistics may be found on pp.
331, 333, 376.
225
>5,
306
FEDERAL RESERVE BULLETIN.
of 1,125,000,000 gold marks, and gold to the
amount of 139,000,000 gold marks to be loaned
to her by England. These two sums would be
equivalent to about 1,555,000,000 gold francs.
What that amount would yield in paper francs
will depend upon the course of the French
price level during the current year. Upon the
basis of the French wholesale price index in
January, 1922, it would yield about 4,665,000,000 paper francs, but upon the basis of
current exchange rates on the United States it
would yield only about 8,110,000,000 paper
francs. In either case it is evident that the
sum of 1,555,000,000 gold francs would not go
very far toward meeting the expenditures for
reconstruction and pensions proposed for the
current year. The deficit which already exists
in the French account as " recoverable from
Germany/' therefore, continues to increase.
In the course of the debate on the ordinary
budget last December it was stated that France
had already spent 69,000,000,000 francs on reconstruction. During the debate on the "recoverable budget'7 this figure was explained
and enlarged. According to the later report,
France has spent in repairing material damages
45,000,000,000 francs, in repairing damages
done to persons 29,000,000,000 francs, and in
interest on sums borrowed to meet expenditures recoverable from Germany under the
peace treaty 6,000,000,000 francs, or 80,000,000,000 francs in all.
Meanwhile the Credit National is issuing
another loan for the benefit of the devastated
regions. It is dated February 1 and will bear
interest at 6 per cent on the face value of the
bonds. The 500-franc bonds will be marketed
at 482, and will bear 6 per cent interest on
their face value. They will be repaid at three
different prices, the price varying with the date
of maturity. The 2-year bonds will be redeemed at par, the 5-year bonds at 507.50
francs, and the 10-year bonds at 525 francs.
This new system is based upon the public preference for short-term securities. Up to the
present time the loans floated by the Credit
National have yielded about 10,675,000,000
francs—3,910,000,000 in 1919, 3,825,000,000 in
1920, and 2,941,000,000 in 1921.
INTEREST RATE OX THE NATIONAL DEFENSE
BILLS.
In the Journal Officiel of February 26 there appeared a ministerial decree reducing the interest
rate on national defense bills and treasury bills
one-half of 1 per cent as of March 12. This action
on the part of the Government will reduce the
rate on 1-year bills from 5 to 4£ per cent, on
6 months' bills from 4J to 4 per cent, on 3months' bills from 4 to 3£ per cent. The re-
MARCH, 1922.
duction has been actively urged by the French
public for some weeks past, partly because it
was contended that the high rate of interest
was unduly increasing the expenses of the Government and partly because of the difficulty
being experienced by French capitalists in
raising funds for industrial purposes.
. Figures recently made public on the amount
of money invested in securities in France during the last year confirm the statement that
funds have been diverted from industrial to
Government investments during the past year.
This is undoubtedly due in part to the uncertainty in regard to the return on industrial
stocks as well as to the high rate of interest on
Government securities. The following table
sets forth the issues of securities in France
during 1921 as compiled by the Association
Nationale des Porteurs fran^ais de valeurs
mobiiieres:
SECUJUTIES PLACED ON THE
F R E N C H M A R K E T IN
1921.
[Estimates of the Association nationale des Porteurs frangais de valours
mobiiieres, in millions of francs.]
Securities of the Federal Government, of departments and cities
6, G40
Bonds of various sorts
4,173
Capital shares
2,359
Railroad bonds
National defense bills and bonds l
Total
13,171
3,100
22, 700
38,871
The average rate of interest on the bonds
and bills offered to the public varied from 6.60
to 6.85 per cent. ^
TAX RECEIPTS IN 1921.
According to the preliminary figures recently
issued, French tax receipts in 1921 did not go
as far toward improving the financial situation of the Government as it had been hoped
that they would. Receipts from indirect taxes
and Government monopolies show a deficit of
over l,000,00(),000 francs for the year. This
deficit in indirect taxes is largely accounted
for by the disappointing yield of customs
duties and of the tax on total business turnover. Receipts from the income taxes brought
in only about one-third of the revenue expected
from them, and of 10,325,000,000 francs due
on the war profits tax this year only 7,578,000,000 francs were received. In connection
with the last-named tax it is interesting to note,
however, that the return is actually larger than
that expected by the Government, although it
is smaller than the amount owing. Last July,
in his report to the Senate on the budget for
1 Excluding renewals and reimbursements, but including the 2-year
bonds issued in June.
MARCH,
FEDERAL RESERVE BULLETIN.
1922.
307
1922, M. Doumer, then Finance Minister,
stated: "As for exceptional resources, the
yield in 1922 for the extraordinary tax on
war profits is estimated at 2,550,000,000
francs as against 4,000,000,000 francs in 1921."
The relatively small yield of the tax on total
business turnover and on incomes is undoubtedly due in part to the business depression
which has prevailed in France this year, but
it is attributed by the French press in part
to the unpopularity of those taxes and the
inefficiency of the Finance Ministry in collecting them. M. de Lasteyrie, the new Finance
Minister under Premier Poincare, is said to
have remarked, some time before he assumed
office: "In France he pays taxes who wishes
to do so/ 7
It is more satisfactory to deal jvith the
figures on French trade which are expressed
in volume than to use the figures in value,
because of the French system of using official
valuations in compiling foreign trade statistics.
The total value of the trade is computed by
assigning a fixed, value to each commodity
instead of using the values declared by the
importers and exporters as is customary in
this country and in Great Britain. As a rule
the trade for a given year is valued in the
units of the year previous, and later revalued
according to the prices prevailing in the year
to which the figures apply. In 1921, however,
1919 values have been used since the 1920
values were too high to be applicable to the
trade of 1921.
FRENCH FOREIGN TRADE IN 192 L.
FRENCH WHOLESALE PRICES.
The decline in French imports which took
place during 1921 has been frequently attributed to the lack of industrial activity in France
during the year. It should be pointed out,
however, that the total weight of French
imports was only slightly smaller during 1921
than during the five years before the war.
During the present year the greatest decline
has taken place in imports of raw materials,
which declined from 41,872,000 tons in 1920
to 32,448,000 tons in 1921, as compared with
an average of 32,855,000 tons in the nva years
before the war. As regards exports, the volume
of exports in 1921 is actually larger than the
volume of exports in 1920, although the value
assigned them is less than in the year previous.
The total weight of 1921 exports is 16,000,000
metric tons, as compared with 12,855,000 metric tons in 1920 and an average of 17,800,000
metric tons in the five years ending in 1913.
The low point in the volume of French exports
in 1921 occurred in August, and in the last four
months of the year a distinct improvement
took place. Tho following table gives the volume of French trade in 1921 as compared with
the trade in 1920:
The index number of the French General
Statistical Bureau seems to bear out the
decision of the customs officials in valuing
French trade in 1921 at 1919 prices, as the
average index for year 1921 is 345 as compared with an average of 357 in 1919. There
were three different movements in French
wholesale prices in 1921. Prices fell until
June, rose in July, August, and September,
and have fallen since that time. The rise in
the summer was small as compared with the
level at the first of the year, and the February,
1922, index shows a further decline.
FRENCH FOREIGN TRADE.
[In thousands of metric tons.l
1920
1921
IMPORTS.
Food
Raw materials
Manufactured articles
Total
6.19o
41 872
2,465
4,066
32 449
1.459
50,532
37,974
1 258
9 709
1,865
1 227
12 S58
1,891
12,855
16,001
EXPORTS.
Food
Raw materials
Manufactured articles
Parcels post
Total
23
25
COST OF LIVING IN FRANCE.
In connection with the trend of wholesale
prices in France during the past year, it is interesting to review the figures on tne cost of living
which have been assembled by the central commission for studies relating to the cost of living.
This commission was created by a decree of
February 19, 1920, at a time when both living
costs and wholesale prices were still rising rapidly. The central commission has assembled
the work of 20 regional, 26 departmental, and
several local commissions. The figures collected show in most cases the relation between
the cost of living in various French cities in 1920
and 1921 with living costs in 1913, although in
the case of the reports from Nancy, Limoges,
and Quimper, costs in the year 1919 are used as
a base. The figures show that the peak of living costs was reached in the summer and fall of
1920. From November and December of that
year until the spring of 1921 the decline was
general. Figures for the third quarter of 1921
indicate an increase in costs in several regions,
although the general trend was still downward
at that time. The most important increases
occurred in Clermont-Ferrand (a city in the
south-central coal district of France), where the
308
FEDERAL RESERVE BULLETIN.
index rose from 286 in June to 319 in September,
1921; in Lyon, where the index increased from
247 on August 1 to 251 on October 1; in St.
Etienne, where living costs rose from 325 in
June to 350 in October; and in Marseille, where
an increase from 310 in July to 322 in October
was registered. All the cities mentioned use
1914 as 100 in computing their indexes. It will
be observed from the figures cited that there is
very little uniformity observed in the dates for
which the regional indexes are compiled. It is
possible, however, to compare the different
indexes in general. The highest total figure
reported is for lievin, a city in the northeast of
France, where the total index rose to 472 on
October 1, 1920. Indexes of over 400 as compared with 100 in 1914 were common in 1920,
however. They occurred in 16 out of the 37
cases where figures for 1920 are presented. In
the 21 cases remaining the peak figures for 1920
vary from 300 to 400. In most cities the index
for rent is lower than the other group indexes
because of Government regulation of rents.
In some cities, however, there is no indication
of such regulation. In Arras the rent index
stood at 350 in 1920, in Mines de Brassac it
stood at 300 in that year, while in ClermontFerrand in January and June, 1921, it registered 464, rising to 500 in September.
The following table gives the indexes compiled for Paris:
COST OF LIVING INDEX FOR A PARIS WORKING MAN'S
FAMILY OF FOUR PERSONS.
[Expenses in 1914=100.]
Date.
Heat
and
light.
Food.
!
1919, first half
1920:
First quarter
Second quarter..
Third quarter...
Fourth quarter .
1921:
First quarter
Second quarter..
Third quarter...
Fourth quarter.
Rent,
j
260
164 I
306
344
358
389
350
323
310
310
200
296
349
349
319
' 308
307
307
100
100
100
100
100
110
121
133
ITALY.1
REPARATIONS.
Italy's reparation claims were defined as follows in the statement of the Reparations Commission of February 12, 1921:
Reparations of damages to property and
other compensation of civilians and
returned war prisoners
lire. - 33, 086, 836, 000
Pensions and separation allowances.franc. 37, 926,130,395
Shipping losses
£128, 000, 000
1
Italian price, trade, and financial statistics may be found on p. 325,
330, 331, 376.
MARCH, 102:2.
At no time, however, did the Governments
that have succeeded one another in Italy since
the armistice entertain or encourage any expectation of considerable revenues from reparations
payments or attempt to base their financial
policies upon such revenues.
At the Spa Conference, Italy's share of German reparations was fixed at 10 per cent. At
the same time she was allowed 25 per cent of
the eventual reparations payments of Austria,
.Hungary, and Bulgaria. The Paris InterAllied Conference of last August fixed the
reparations due from Austria and Hungary at
a minimum of 6,000,000,000 gold marks, and
those due from Bulgaria at a minimum of
2,250,000,000 gold francs. The Paris Conference
also adopted the principle that the settlement
of Italy's claims should not be delayed until
the time when the economic rehabilitation of
Austria, Hungary, and Bulgaria made payment on their part possible. It was accordingly decided that the reparations due from
these countries should be advanced by Germany as part of her total reparations liability
of 132,000,000,000 gold marks, in the shape of
group C bonds. This decision was confirmed
at the Cannes Conference last January, following its ratification by France.
Italy's share of German reparations in kind
to be paid during the year 1922 was tentatively
fixed by the Cannes Conference at 240,000,000
gold marks. Furthermore, the Cannes Conference granted to Italy the following advantages :
(1) The value of reparations in kind delivered to Italy up to December 31, 1921, shall
be charged to the account of reparations payments due to Italy in 1923 and subsequent
years, instead of being remitted to Belgium by
right of priority.
(2) The amount of 175,000,000 paper lire,
(or 31,000,000 gold marks) of the first billion
gold marks paid by Germany, which was deposited at the Banca d'ltalia to be later remitted to the Allies under their priority rights,
shall be definitely allocated to Italy.
The last-named amount, payment of which
has not been ratified by France, seems to be the
only cash payment thus far received by Italy
on reparations account. By June 30, 1921,
the following deliveries in kind were effected
by Germany: In 1919, 33,140 tons of coal. In
1920, 987,000 tons of coal; 3,728 quintals of
aniline dyes; 2,569 quintals of other dyeing
and tanning materials. January-June, 1921,
1,089,755 tons of coal; 11,293 quintals of
aniline dyes; 4,947 quintals of other dyeing
and tanning materials.
MARCH, 1922.
PRICE MOVEMENT IN ITALY.
The upward movement of wholesale price:
of commodities, which began last Jul}r, continued until October. In that month the
Bachi index number for all commodities wai
nearly 18 per cent above that of June, 1921
whicli was the lowest of the year. While the
index numbers for the several groups of commodities have fluctuated up and down since
last October, the general index number has
been practically stationary, with a tendency
to decrease. At the end of December, 1921,
it stood at 95 (the average monthly prices in
1920 being taken as 100), which was more than
11 per cent below the index for November,
1920, when the highest level of prices since the
armistice was reached. In December, 1921,
prices of vegetable foods and of sundry vegetable products and those of animal foods were
higher than the average monthly prices of
1920. Prices of all other groups of commodities were lower than the 1920 average.
Retail prices of food, as shown by the index
numbers of the Italian Ministry of Labor,
reached their highest level in April, 1921, the
index number for that month being 564-, with
the average monthly prices of 1913 taken as a
basis of 100. Prices decreased in the following
three months, the index for July being 501,
but a new increase began in August, and in
September the price level was higher than at the
beginning of the year.
The monthly index numbers of retail prices
of food in 1920 and in the first nine months
of 1921 are shown in the following table:
MONTHLY I N D E X NUMBERS OF RETAIL P R I C E S OF F O O D .
[Monthly average in 1913=100.|
1920
January
February
March
April
May
June
July
August
September
October
November
December
•
j
i
I
j
i
!
;
I
i
|
384
393
401
416
435
445
452
464
ISO
507
533
543 i
1921
542
540
556
564
544
509
501
534
542
The movement of stock prices in 1921 nearly
paralleled that of commodity prices. The following table, showing the index numbers computed by Prof. Bachi for the monthly settlement quotations of dividend-bearing shares of
125 corporations, with an aggregate capital of
6,382,000,000 lire at the end of 1920, contains
the end-of-month figures for 1921. Quotations on December 31, 1920, are considered
as 100:
309
FEDERAL RESERVE BULLETIN.
1921, end of—
January
February
March. .*
April
May
June
July
August
September
October
• November
December
94. 23
98. 43
91. 82
90. 51
85. 84
80. 76
78.71
82. 87
87.04
91. 07
83. 99
80.13
The downward movement of stock prices between February and July was succeeded in the
following three months by an advance in quotations; the index for October being 12 points
above that for July. The November and December index numbers show a new sharp decline.
The effect of the industrial depression is seen in
the fact that the index at the end of 1920 was
higher than that of any month in 1921. If
prices on December 31, 1918, are taken as 100,
the highest monthly index number in 1921 is
78.42, and the lowest 62.71, as compared with
106.42 and 73.24, respectively, in 1920. The
variation of foreign exchange rates has been
probably the most important single factor
affecting the general stock market situation.
The advance of quotations from August to
October, in particular, is largely accounted for
by speculative buying at the time of the fall
in the value of the lira. Another factor that
affected the market as a whole was the changing
outlook in regard to the enforcement of the
law of September. 1920, regarding the compulsory registration of bearer securities. The
ecree making that law effective as regards
securities of private corporations was published in June. This fact accounts to a great
extent for the low quotations at the end of June
and July. The suspension of that decree in Aiigust was immediately reflected on the financial
markets, especially as it gave grounds for the belief that a repeal or a general revision of the
compulsory registration law was impending.
The following table shows the Bachi monthly
index numbers of the quotations of some of the
most important groups of shares at the end of
each month from June to November, 1921,
their respective quotations on December 31.
1920, being taken as a basis of 100:
i June. S July.
Banks
j
Merchant marine
Cotton
i
Wool
i
-inen and hemp
I
Silk
; '•
Mining
•
;
Iron and steel
Machine i n d u s t r y . . . ;
Automobiles
•
Electric t r a d e s . . . . . . :
Chemicals
:
90.98
60.03
68.21
96.08
54.24
59.56
60.87
48.73
98.43
64.02
96.29
75.58
91.04
58.48
76.70
94.87
62.71
66.47
61.33
47.91
80.00
61.82
96.48
72.77
Aug. j Sept. j Oct. Nov.
92.65
53.91
87.60
103.00
79.66
78.77
71.85
53.50
85.72
64.02
99.12
73.32
94.73 98.09
67.89 67.30
96.64 99.54
i 106.29 115.68
89.80 96.20
! 89.68 92.92
j 80.27 82.76
i 52.30 50.78
I 95.84 107.05
! 65.06 77.28
:101.65 103.18
! 74.79 80.26
94.73
65.29
93.92
115.45
100.00
88.67
73.11
39.10
77.53
78.10
98.43
74.26
310
FEDERAL RESERVE BULLETIN.
These figures show, among other things, that
the shares of the several textile groups stood
higher at the end of November than during the
summer months, thus reflecting the recovery
of those industries. The same is true to a
certain extent as regards the automobile industry. On the other hand, the shares of the
iron and steel industry and those of the machine
industry fell at the end of November to ^ the
lowest level since the armistice, the November
index numbers being 18.55 and 42.73, respectively, if quotations on December 31, 1918, are
taken as a basis of 100. This is explained by
the critical situation of the Ansaldo group and
by the failure to agree upon a settlement of the
liabilities of the Ilva Society.
MARCH, 1922.
(45 per cent in the original proposal) be refunded to the creditors in cash within a year,
while another portion (originally set at 5 per
cent) is to be remitted to them in the form of
stock of the new credit institution and the remainder in registered bonds gradually redeemable as the realization of the assets of the Banca
di Sconto proceeds. Discussions which are
now under way between the receivers and the
Government on the one hand and the representatives of the bank's creditors on the other
relate chieffy to the amount to be refunded in
cash to the latter. Another important question under discussion is whether the assets and
liabilities of the old bank and its liquidation
shall be taken over by the new institution or
whether the liquidation shall be carried on
THE BANCA DI SCONTO CRISIS.
under the auspices of a separate body especially
created for this purpose. Finally, it remains
Trading on the stock exchange has been to be decided whether and to what extent cash
inactive since the end of December, when a pa}7ments to creditors shall be guaranteed by
government decree limited transactions to cash the banks of issue.
operations, in order to prevent speculation on
the fall of Banca di Sconto shares. The crisis
BANKING SITUATION IN 1921.
of the Banca di Sconto also caused the postponement of the December monthly stock
The principal assets and liabilities of the
exchange settlement until January 4. A large four leading private banks (Banca Commcrnumber of shares of the bank, estimated at ciale Italiana, Banca Italiana di Sconto, Credito
60,000, had been sold for the December and Italiano, and Banco di Roma) on October 31,
January settlements, the sales having been ef- 1921, as compared with December 31, 1920,
fected at or near par (500 lire). The principal are shown, in millions of lire, in the following
buyer was the Banca di Sconto, acting through table:
a subsidiary company, the Banca Italo Caucasica, as under the Italian law a corporation
Dec. 31, Oct. 31,
is not permitted to deal on the exchange in its
1920.
1921.
own securities. The commission of receivers
of the Banca di Sconto appointed by the court Discounts
'
:
9,034
9,87(5
1,287
Loans
!
1,504
under the moratorium decree refused the bank Due from correspondents
5,822
j
5,950
3,527
!
3,229
permission to continue the payments required Deposits
13,495
Due to correspondents
• 12,581
lor these operations. A consortium of stock
exchange brokers was formed, which succeeded,
after many difficulties, in completing the DeDeposits and correspondents' credit balances
cember settlement on January 11. The trans- combined increased in all banks, with the exactions in Banca di Sconto shares for the De- ception of the Banca di Sconto, which showed,
cember settlement were settled with the sellers, on the contrary, for the two items combined,
who assumed a part of the loss, and transactions a decrease of over 11 per cent (from 4,509,for the January settlement were canceled.
000,000 lire to 3,956,000,000 lire). This clearly
While the value of the assets of the Banca indicates a curtailment of the activities of the
di Sconto has not been definitely ascertained Banca di Sconto since the beginning of the
as yet, the deficit, after allowing for deprecia- year. Outstanding loans of the four banks
tion, has been estimated at 1,265,000,000 lire combined decreased nearly 18 per cent. This
in a preliminary statement of the receivers. decrease, which occurred in all banks except
It has also been estimated that not more than the Banco di Roma, reflects the curtailment
1,500,000,000 lire of its assets are realizable of stock exchange transactions. An effect of
within one year. Its liabilities, on the other the business depression may also be seen in the
hand, are in excess of 4,000,000,000 lire. decrease in balances due from correspondents,
Accordingly, the several tentative plans for the which likewise applied to all banks, with the
liquidation of the old bank and the creation of exception of the Banco di Roma. Discounted
a new credit institution in its place, which have bills held by the Banca di Sconto decreased
been submitted by the receivers, provide that from 2,456,000,000 lire to 1,970,000,000 lire, or
only a certain portion of the bank's liabilities nearly 20 per cent, The coinbixied. discounts
MARCH, 1922.
of the three other banks increased more than
20 per cent. In this connection it should be
observed that discounts, as indicated in the
bank statements, include Treasury bills held
by the several banks.
Short-terra Treasury
bills in circulation increased between December
31, 1920, and October 31, 1921, from 12,545,000,000 lire to 22,997,000,000 lire, or over
10,000,000,000 lire. It is true that these bills,
which are issued in small denominations and
are specifically exempted from compulsory
registration, are a preferred form of investment, even by small investors, and circulate
widely. There is no doubt, however, that a
large proportion of the issues was taken by the
leading banks. The increase of 1,328,000,000
lire in the portfolios of the three banks does
not therefore necessarily mean a considerable
expansion of purely commercial credit, but
may, on the contrary, coincide with an actual
contraction in the amount of commercial bills
discounted.
Domestic bills discounted by the three
banks of issue likewise include, in addition
to commercial bills, rcdiscounted Treasury
bills and also bills directly purchased by the
banks of issue. The aggregate amount of
discounts at the three banks of issue remained
practically stationary during the period under
consideration (4,256,000,000 lire on December 31, 1920, and 4,226,000,000 lire on October
31, 1921). The official discount rate has been
maintained at 6 per cent since May, 1920.
Outstanding loans of the banks of issue increased from 2,818,000,000 lire to 3,590,000,000
lire, or 25 per cent. Deposits and demand
liabilities decreased from 2,563,000,000 lire to
2,243,000,000 lire.
Bank-note circulation on December 31, 1921,
amounted to 18,800,000,000 lire, as compared
with 19,700,000,000 lire on December 31, 1920,
a decrease of 900,000,000 lire, or about 4.5 per
cent. This decrease was due to the redemption
of notes advanced to the Treasury. The note
circulation on that account, which amounted
to 10,743,000,000 lire at the end of 1920,
decreased steadily in 1921 until August, and,
in spite of a slight increase in subsequent
months, amounted to only about 8,500,000,000
Lire on December 31. Commercial circulation,
on the contrary, increased from about
9,000,000,000 lire" on December 31, 1920, to
about 9,800,000,000 lire at the end of September, 1921, and rapidly decreased in the following months, so that on December 20 it was
practically the same as at the beginning of
the year. After that date, however, the crisis
of the Banca di Sconto led to a new expansion,
and on December 31, 1921, the commercial
circulation of the three banks of issue amounted
311
FEDERAL RESERVE BULLETIN.
to 10,300,000,000 lire, or 14 per cent more than
that at the end of 1920.
A comparison of the statements of the
Banca d'ltalia of December 20 and December
31, 1921, shows the effect upon the general
banking situation of the crisis caused by the
collapse of the Banca di Sconto. During
those 10 days the note circulation of that bank
increased by 1,574,000,000 lire, 1,539,000,000
lire for the amount being due to an expansion
of commercial circulation. Discounts increased
538,000,000 lire, loans 1,698,000,000 lire, and
demand liabilities (drafts payable at sight)
735,000,000 lire, while deposits decreased
174,000,000 lire.
A decree was issued on November 12, 1921,
designed to facilitate the expansion of banknote circulation for the needs of trade. Under
the terms of the general banking law, the
commercial circulation in excess of a certain
amount (fixed during the war at 1,320,000,000
lire for the Banca dltalia, 400,000,000 lire for
the Banco di Napoli, and 96,000,000 lire for
the Banco di Sicilia) is subject to a tax ranging
from one-fourth of the official discount rate to
the full amount of that rate. The new decree
provides that one-third of the amount of this
tax collected during the period from July 1,
1921, to December 31, 1923, shall be converted
into short-term Treasury bills and shall constitute a special fund. If at the end of that
period the average annual profits of any of
the banks of issue for the three years 1921 to
1923 shall appear to be below 5 per cent of its
capital, the difference shall be paid to such
banks from the fund thus formed, the balance
of the fund being definitely remitted to the
Treasury.
GERMANY.
THE
GERMAN
NOTE TO THE
COMMISSION.
REPARATIONS
The note addressed to the Reparations Commission by the German Chancellor on January
27 is of such importance that it seems worth
while to summarize it briefly, as follows:
The German Government is resolved to complete the
reform of its finances and to balance its budget during the
current year. A bill at present before the Reichstag proposes new taxes on wealth, on increases in wealth, on
transfers of capital and on corporations, a tax of 2 per cent
on total business turnover, and increases in the coal tax,
in customs duties, and in certain consumption taxes.
Government receipts for the fiscal year will be considerably increased by these measures and at the same time
Government expenditures are to be greatly reduced.
Subsidies to reduce the cost of living, which last year
caused the expenditure by the State of 22,500.000,000
paper marks, are to be curtailed so that they will require
only 1,000,000,000 paper marks during 1922, unless there is
a new depreciation of the mark. Reforms proposed for the
railway and postal services will make it possible, beginning
312
FEDERAL RESERVE BULLETIN.
April 1, 1922, to balance ordinary expenses by ordinary
receipts. Their extraordinary expenses will be met by
loans. The Government's ordinary budget for 1922 will
balance and leave a surplus of 16,500,000,000 paper marks
to be used to cover expenses accruing under the Peace
Treaty. Against ordinary expenditures of 86,700,000,000
marks there will be 103,200,000,000 marks from ordinary
receipts.
During the course of the year 1922 the German Government will endeavor to float an internal loan. It will be
possible to do so successfully, however, only after confidence is reestablished in the economic and financial reconstruction of Germany, and people are convinced that
the provisions of the treaty of Versailles will not affect the
payment of interest on a consolidated Federal loan.
Quite apart from the voluntary loan, the German Government will issue a forced loan, the proceeds of which
will be used to check the increase of the floating debt.
The German Government is resolved to resort to this
extreme measure, a measure which could not be repeated,
for the purpose of financing reparation payments at least
for 1922, as far as possible without printing notes.
The Government has submitted for the approval of the
Reichstag the draft of a law which will have the effect
of withdrawing the privilege which the Chancellor at
present legally enjoys of interfering in the affairs of the
Reichsbank. This law will have the effect of establishing the autonomy of the Reichsbank.
As regards a program for reparations payments in 1922,
the Chancellor admits that the proposed increases in
receipts and reductions in expenditures will not provide
for a satisfactory financing of reparations payments during
the current year. Only "fiduciary money is received by
the treasury, and it is impossible to affect the payments
in gold mar'-rs on reparations account by means of it,
given the present depreciation of the mark. This depreciation has been caused, despite the greatest eSorts on the
part of the German Government, by the impossibility of
affecting the total reparations payments in the time given.
The principal factors which make it impossible are as
follows: With the exception of coal, Germany possesses
few raw materials. There has been a sensible decline in
general production, especially in agricultural production.
Necessary imports of raw materials and of foods amount to
5,000,000^,000 marks a year. The total value of German
exports, which in 1913 amounted to about 10,000,000,000
gold marks, has fallen to 4,000,000,000 gold marks. Taking
into account the universal rise in prices all over the world,
this is equivalent to saying that German exports at present
only represents a quarter of exports before the war. The
unfavorable balance in German foreign trade now amounts
to about 2,000,000,000 gold marks.
In these circumstances every large payment in foreign
bills brings about a new depression of the mark quotation
and at the same time results in a depreciation of all internal
receipts, increases all expenses, adds to inflation, and
weakens more and more Germany's ability to make
reparations payments. Viewing the reparations problem
from the economic angle one is obliged to see that Germany
ought to be relieved for a relatively long period, at least
for the entire year 1922, from the necessity of making any
payments in cash. The German Government at the same
time does not refuse to recognize that given the actual
state of affairs, it is necessary, for political reasons, to
ignore important considerations affecting the economic
and fiscal situation in Germany.
The German Government is not unaware of the fact
that on the side of the Allies the following figures were
considered at Cannes for German payments for reparations
pusposes in the course of the year 1922: 720,000,000 gold
marks to be paid in cash; 1,450,000,000 gold marks to be
paid in kind. The German Government estimates that
even after the reform of its internal finances it could procure funds to meet such payments only by increasing the
floating debt, and it therefore is forced to request the
MARCH, 1922.
Allies to fix a much lower figure as regards the payments in
cash required from Germany, and, if need be, in return to
increase the volume of payments in kind".
In whatever way the reparations payments for the year
1922 are fixed, the German Government proposes the
following program for their execution:
(a) That payments in specie as well as payments In
kind already made or ta be made on the installments due
January 15 and February 15, 1922, should be deducted
from the sums fixed. That payments in specie yet to be
made should be divided evenly between the months of
1922.
(b) That expenses necessary for the armies of occupation
payable in foreign money shall be deducted from the total
of the payments for the year 1922. The contribution to th e
expenses of the army of occupation to be paid in paper
marks should be sensibly reduced.
(c) That the other financial obligations covered by the
peace treaty which have to be met by payments of foreign
money, particularly the charges resulting from the operations of verification and clearing should be reduced by
special agreements so as to be bearable.
As regards payments in kind, Germany renews the
expression of her eagerness to cooperate with all her
ability and to serve in every possible way the work of
reconstructing the devastated regions.
The program outlined in the Chancellor's
note has not yet been enacted by the Reichstag,
partly because of political difficulties which
arose in connection with the strike of the German railway employees. A more fundamental
cause for the delay is the difficulty in deciding
upon a basis on which the forced loan is to be
levied. Certain parties in the Reichstag wish
to use the assessments of 1919 which were
made in connection with the Erzberger tax
plan. Others object on the ground that the
inflation which has taken place in the last two
years renders these figures invalid for taxation
purposes. It is generally recognized, however,
that a delay long enough for a new assessment
to be made would be undesirable.
THE 1922 BUDGET.
On January 30 the Finance Minister presented to the" Reichstag a draft of the budget
for the fiscal year 1922, an outline of which
had already been sent to the Reparations
Commission. The chief items in the new
budget are as follows:
1)IIAFT OF THE GERMAN BUDGET FOR 1922.
[In marks.]
I. General expenses:
(a) Ordinary b u d g e t Receipts
103/208,856,000
Expenditures—
Ordinary expenses
Nonrecurring expenses
83,657,942,000
3,050,914,000
86,708,856,000
Surplus available for the
carrying out of the
peace treaty
(b) Extraordinary b u d g e t Receipts—
Sundry receipts
Receipts from loans
Expenditures
16,500,000,000
1,849,656,000
3,095,462,000
4,945,118,000
4,945,118,000
MARCH, 1922.
II. Government monopolies:
(a) Ordinary budget—
(1) Federal post and telegraph
serviceReceipts
16,247,351,000
ExpendituresOrdinary expenditures
15,926,532,000
Nonrecurring e x penditures
320,819,000
16,247,351,000
(2) Federal printing office—
Receipts
499,150,000
- Expenditures
499,150,000
(3) Federal railways—
Receipts
71,998,628,000
Expenditures
71,998,628,000
(b) Extraordinary budget—
(1) Federal post and telegraph
" serviceReceipts—
Sundry
78,000,000
Receipts from loans. 2,456,460,000
Expenditures
(2) Federal railways—
ReceiptsSundry
Recei pts from loan s.
2,534,460,000
2,534,460,000
6,500,000
6,782,759,000
6,789,259,000
Expenditures
III. Execution of the peace treaty:
ReceiptsSurplus from general budget... 16,500,000,000
Receipts from loans
171,031,696,000
ExpendituresOrdinary budget
Extraordinary budget
6,789,259,000
187,531,696,000
147,687,168,000
39,844,528,000
187,531,696,000
It will be noted that according to this draft
of German Government finance for 1922 the
finance minister expects to raise more than
183 billion paper marks by loans during the
year, 3 billions on account of general administrative expenses, 2J^ billions for the post and
telegraph service, almost 7 billions for the railways, and 171 billions for the execution of the
Peace Treaty.
Of this amount approximately 40,000,000,000
marks will be provided by the forced loan, but
it is evident that unless some way can be found
to decrease the remaining 140,000,000,000
marks, or to raise that sum without discounting treasury bills, and issuing notes through
the Reichsbank, this budget will soon be out
of date. It is also pointed out by the German
press that recent increases in telegraph, postal,
and railway rates, and the removal of the cost
of living subsidies will so increase costs that a
revision of the budget within a few months will
be necessary on that account.
THE SITUATION OF THE REICHSBANK.
Of the reforms proposed in the January note
not the least important is that of the Reichsbank, In the week of January 23 to January
29 the Government announced that it would
pay 780 paper marks for a 20-mark gold piece.
The official price of gold in Germany has fluctuated during the last two months above 35
paper marks for 1 gold mark. The following
313
FEDERAL RESERVE BULLETIN.
table from the Frankfurter Zeitung gives the
fluctuations of Government prices for gold since
June, 1921:
GERMAN GOVERNMENT P R I C E TOR GOLD.
(Paper marks paid through the Reichsbank for a 20-mark gold piece.)
1921:
June 1-11
June 12-25
June 26-July 3
July 4-10
July 11-31
Aug. 1-Sept. 11....
Sept. 12-18
Sept. 19-Oct. 2 . . . .
Oct. 3-16
260
280
300
310
320
340
390
450
480
! 1921:
I
Oct. 17-23
I
Oct. 24-Nov. 6 . . . .
!
Nov. 7-13
|
Nov. 14-Dec. 4 . . . .
Dec. 5-31
1922:
Jan. 1-22.
Jan. 23-29
540
600
720
850
720
720
780
It is obvious that a more fundamental reform than the mere separation of the Reichsbank from the interference of the Government
is now necessary before German currency can
be stabilized. At the end of 1921 Reichsbank
notes to the amount of 113,639,000,000 paper
marks were in circulation, and the Reichsbank
was holding 132,331,000,000 paper marks of
the 246,921,000,000 paper marks of outstanding treasury bills. During January the note
circulation had declined somewhat, but rose
again at the end of the month, standing at
115,376,000,000 paper marks on January 31,
while the treasury bills in the possession of
the Reichsbank amounted to 126,160,000,000
paper marks on that date.
GERMAN BUSINESS CONDITIONS.
Reports from Germany seem to indicate
that industrial activity there is continuing on
the basis of orders placed during the decline of
the mark last fall. The latest figures available on unemployment (those for December 1,
1921,) state that 81,228 trade union members out of 5,912,750 were unemployed on
that date and that the Government was paying unemployment doles to 147,806. These
figures may be compared with those for
February and March, 1921, when the greatest
unemployment for the year was reported. In
February 266,069 trade-union members were
unemployed and in March 426,852 persons
were receiving unemployment aid from the
Government.
The general course of prices in Germany
still seems to be upward, although declines
have been noted in some branches of the
textile industry. The Eisenwirtschaftsbund
announced an increase in iron and steel prices
as of February 1. The increase was caused
partly by increase in coal prices and in railway
rates and partly by the continued export
demand. The wholesale price index number of
the Frankfurter Zeitung for March 4 shows
314
FEDERAL RESERVE BULLETIN.
an increase of almost 24 per cent. This index
now stands at 4,713. as compared with 100 in
the middle of 1914.
The question of wages has been very much
agitated in Germany during the last month.
The cost of living has been increased through
the withdrawal of various Government subsidies, and since it seems that wages in most
industries had not kept pace with the increase
in living costs, even before the subsidies were
removed, it is natural that wage increases
should be demanded within the next few
months.
ARGENTINE FINANCIAL STATISTICS.
A comprehensive article dealing with banking and financial conditions in Argentina
appeared in the FEDERAL RESERVE BULLETIN
for June, 1920. This issue contains a statistical summary designed to reflect the present
financial situation in the Argentine Republic.
Accordingly, the following brief resume of the
more important financial institutions of the
country is published in order that these figures
and similar material which will appear regularly in the BULLETIN each month may be
fully understood.
The monetary system of the Argentine
Republic is theoretically on a monometallic
basis, the unit being the gold peso or gold
dollar, weighing 1.6129 grams, with a standard
of 0.9 of fine gold. The gold peso is divided
into 100 centavos. Transactions with foreign
countries are generally conducted on the basis
either of the gold peso or of foreign currency.
The only circulating medium within the
country at present, however, is the paper peso,
known as moncda nacional" (m/n), issued
in the form of State notes, this paper money
being employed exclusively in all domestic
transactions and constituting unlimited legal
tender. The legal value of the paper peso is
44 centavos gold, and conversely the value of
the gold peso is 2.27 paper pesos, this fixed
ratio having been in force since 1899. Prior
to that date the paper currency was not
convertible into gold and the ratio of paper
to gold suffered frequently from wide fluctuations.
The official institution known as the "Caja
de Conversion/' under the control of the
Ministry of Finance, deals with the issue, exchange, and conversion of the paper currency
of the country and holds a supply of gold as
guaranty for the convertible value of the
paper which it issues. This gold conversion
fund is built up from certain specified resources, provided for by law. At the outbreak of the war in August, 1914, when the
MARCH, 1922.
embargo on gold became widespread, the
Caja de Conversi6n was authorized to deliver
paper money in exchange for gold deposited
in foreign countries to the order of the respective Argentine legations. It was thus possible for Argentine exporters to obtain paper
currency from the Conversion Office in Buenos
Aires, issued against gold which had been
placed by foreign importers to the account of
Argentine legations abroad. At the same
time the exportation of gold from xirgentina
was prohibited, except for limited amounts
belonging to travelers leaving the country and
amounts needed for payment of maritime
freights and passages. In September, 1914,
an emergency measure was passed suspending
delivery of gold by the Caja de Conversion in
exchange for paper money. These decrees
still remain in force. There is considerable
agitation in favor of the resumption of gold
exports, especially on the part of importers,
because of the greatly increased cost to them of
merchandise shipped from the United States
at the present exchange level. The Government, however, has been consistently opposed
to the shipment of gold in the belief that it was
more desirable to keep the metal in the country, in view of present financial conditions in
Europe. The authorities argue that inasmuch as most of the countries to which Argentine goods are exported are not on a gold basis
at present, the settlement of the existing unfavorable balance of trade with the United
States would entirely deplete the gold reserve
and result in an even greater depreciation of
the currency.
During the latter half of 1920 the trade
balance, which had been running heavily in
Argentina's favor, gradually turned against the
country, but exchange with the United States
was temporarily stabilized by means of a
series of operati©ns which had the efFect of
gold movements from Buenos Aires to New
York without actually releasing any gold.
The Argentine Government had on deposit in
the United States a credit of about 79,000,000
gold pesos which had been built up during the
war when the balance of trade had strongly
favored Argentina and when shipments of
gold from the United States were prohibited
under the war-time embargo. The gold in
this fund was gradually released and paid over
to American exporters, while at the same time
Argentine importers settled their obligations,
through the medium of their local banks, by
depositing equivalent amounts of gold in the
Caja de Conversion. In this way the stock of
gold held by the Buenos Aires banks was reduced from $114,014,000 on May 31, 1920, to
$46,179,000 on October 31, 1920, and at the
MARCH, 1922.
EEDEKAL RESERVE BULLETIN'.
same time the gold holdings of the Caja de
Conversion increased correspondingly from
$399,421,000 to $466,477,000. Gold transfers
by this method could continue, however, only
so long as the Caja de Conversion had golcl
available in the United States. By the
autumn of 1920 this fund was exhausted, the
trade balance was moving more and more adversely against Argentina, and the prohibition
of gold exports continued. The peso suffered
severe depreciation as a consequence. Another
contributory cause for this depreciation, in
addition to unfavorable trade conditions, is
found in the necessity for remitting large sums
abroad for the service of the public debt and
for interest on the great amount of foreign
capital invested in Argentine undertakings.
Further investment of foreign capital is needed
but under present world conditions is hard to
obtain. Since the middle of 1920 the fiduciary
circulation of the country has remained
practically stationary at 1,362,564,000 paper
pesos, and there has been no change in the
gold reserve held in guaranty of this paper.
The continued suspension of gold delivery by
the Caja de Conversion has not affected the
fixed ratio of gold to paper. Stocks of gold
held in the banks show a steady diminution.
There has been a great deal of agitation in
Argentine financial circles in favor of the establishment of a central banking system, similar to
the Federal Reserve System, with a strong
central bank of issue and rediscount. At
present the official Government bank, the
Banco de la Nacion, operates largely as a commercial bank and is regarded by other commercial banks as a competitor rather than as a
central institution. Although it has authority
to. rediscount bills for these banks, this power
is not exercised to any great degree. The
National Government appoints the directors
and is directly responsible for the operations
and for the deposits of the Banco de la Nacion.
The bank can not make loans to any Government
or municipality except the National Government, and such loans may not exceed 20 per
cent of its capital, though this restriction is
withdrawn in case of necessity. The bank is
allowed to employ up to 20 per cent of its
funds in bonds of the national public debt
acquired in the open market. As an emergency
measure, the Caja de Conversion was empowered to issue and deliver to the Banco de la
Nacion, at its request, legal tender notes in
exchange for commercial bills of the bank's
own portfolio, or those which it might have rediscounted for other banks in Argentina,
always provided that the gold guaranty of the
315
fiduciary circulation did not fall below 40 per
cent. The Banco de la Nacion is to-day the
most important banking institution in the
country and has figured prominently during
recent years as the intermediary of the National
Government in its various credit operations with
foreign Governments. At the end of 1919 it
had 156 brandies and 25 agencies throughout
the Republic. Many of the commercial banks
in Argentina are organized with foreign capital
and are largely interested in financing foreign
trade.
The "Banco Hipotecario Nacional," or
National Mortgage Bank, which was founded
in 1886, grants loans on real estate throughout
the Republic by means of the issue of " cedulas,"
or mortgage certificates, bearing interest of 6
to 7 per cent, to persons mortgaging their
properties to the bank. The bank is authorized
by law to maintain a total circulation of 1,000,000,000 paper pesos, and thus far 10 series of
these bonds have been issued. The latest,
amounting to 50,000,000 paper pesos, was
placed on the market in the autumn of 1921,
bringing the total amount of cedillas outstanding up to 688,000,000 paper pesos. Transactions in cedulas constitute an important element in the business of the Buenos Aires stock
exchange. These bonds are also listed on the
stock exchanges of Paris, Antwerp, and
Madrid.
Administrative expenditures in the Argentine Republic have increased less during the
past ten years than has been the case in most
other countries, but there was a serious falling
off in fiscal revenues during the war years, due
largely to the decline in imports. Important
sources of revenue in addition to customs receipts are the land tax, tobacco, and alcohol
taxes, licenses and stamps. There is as yet no
income tax in Argentina, although proposals
for such taxation have been under discussion.
The floating debt, resulting chiefly from
budgetary deficits, amounted on July 31, 1921,
to $640,000,000 (paper), consisting entirely of
internal obligations, most of them in the form
of Treasury bills. On December 31, 1921, the
floating debt was estimated to be $636,817,477
(paper) which included the 2-year $50,000,000
loan contracted in New York last September.
Many schemes have been proposed for the consolidation of this floating debt, among others
a national lottery loan of $600,000,000, and a
foreign loan, but thus far no definite action has
been taken by the Government. The consolidated debt, consisting of both external and
internal obligations, amounted on September
30, 1920, to §553,270,910 gold.
CO
A R G E N T I N E FINANCIAL SITUATION.
[Amounts expressed in thousands.]
Private banks.1
Banco de la Nation.
Cash.
Caja de Conversion.
Cash.
Discounts'
Deposits and ad- !
(paper).
vanccs
(paper). | Gold.
Date.
Paper.
l
i
- i
;
Deposits ! counts !
I and
(paper).
! vanccs \
| (paper). ;
!
i
Gold guarantee j
Clearings 2
(paper).
DLS
Public debt.
Note
circulation
(paper).
Paper.
Exchange,
average
monthly
Consolidated.
Bank- rate of
ruptcies New
during2 York on
Float- month Buenos
ing
(paper). (paper). Aires
(par:
of note
I
circulation held i
in—
Caja
!
Internal.
Exj Argon- ternal
(gold).
do
j tine
Cqnver- • lcgasion.:{
tions.
Gold.
$96.48=
100 gold
pesos).
Paper.
I
E n d of—
1933...
1914
1915
1916
1917
1918
1919
1920
E n d of—
July....
Aug
Sept
Oct
Nov
Dec
1921.
E n d of—
Jan
Feb
Mar
Apr
May
June
July
Aug..
Sept.
Oct..
Nov..
Dec
! 1,468,514
i 1,242,043
I 1,469,121
1
1,657,058
2,013,781
j 2,843,606
I 3,009,794
3,529,841
1,540,817
1,195,552
1,241,992
1,317,035
1,553,540
1,,884,802
2,113,333
2,505,215
i
i
I
i
2,356,009
2,401,751
2,433,500
2,465,490
2,508,708
2,505,215
3,494,194
3,556,180
3,508,980
3,463,507
3,518,366
: 3,529,841
61,737
50,264
26,922
33,344
57,057
54,146
65,908
45,863
!
'
i
i
I
j
70,084
64,905
53,640
46,179
45,649
45,863
435,343
541,385 477,696 32,000
404,175
605,411 496,660 28,000
598,126
692,365 444,579 10,000
624,310
755,655 441,682 14,000
656,765
871,056 533,452 36,000
830,400 1,195,044 532,009 36,000
•770,620 1,249,730 676,028 38,959
1,081,134 1,412,351 803,846 24,726
996,011
1,031,718
1,029,933
1,038,244
1,068,351
1,08.1,134
ISO, 000
194.000
362) 000
366.000
295'000
315,000
267,963
405,731
1,4.71,073
1,023, 234
1,125,203
1,315,315
1,586,941
2, 244,627
2,805,335
3,611,547
1,390,669 730,521 I 48,222
327,052
i " 387*431'
,
1,374,133
1,412,955
1,412,351
4,124,264
3, 494,088
3,517,365
3,379,833
3,329,885
3,319,678
727,098
748,872
779,258
803,846
31,900
24,791
24,651
24,726
440,416
803,425
814,328
840,025
817,706
830,015
844,367
846,006
827,588
816,265
802,617
840,438
866,186
24,660
23,990
23.766
23,671
23.767
23,760
23,321
23,566
23,176
23,197
23,158
23,174
400,754
401,458
39S, 509
423.191
419)093
386,430
386,821
402,731
I 431,076
448,063
463,245
410,160
438,194
442,553
405,731
j
i
':
i
i
I
;
I
823,263 263, 198
803,280 231,71.0 ;
987,640 247,292
1,013,099 270)321 j
1,013,137 I 271,598
1,154,456 289,465
1,177,174 320,032
1,362,564 476,478
2,695
68,344
56/514
55,254
99,567
78,997
4,123
1,362,561 452,865
1.362,563 458,048
1,362,563 •469,460
1.362,564 476,477
1,362,564 476,477
1,362,564 476,477
27,734 !
22,552 i
11,140 !
4,123 i
4,123
4,123
308,855
312,424
309,302
i
i
|
\
'
301)278
294,625
282,828
275,028
157,
155,
153,
151,
202,
199,
196,
177, 493 |
" 14,413
•
174, US j 140,611 I 35,895
169, 173 276,736
14,376
•j-7-7 o n o !
o ana
214,
377,893
8.506
223,
587,800
6)656
219,
515,692
3,229
214,
650,938
2,508
515,798
T
4,817
0180
7040
3,744
3, 021
545,988 ; 4,283
5,023
11,490
515,798 12,199
92.26(10
87.1000
84.5740
81.3710
70.8740
78.7340
11,722
10,065
10,092
14,406
7,969
16,658
12,132
11,778
7,837
16,050
13,109
12,845
78.202
73.958
71. 848
69. 857
65.799
66.555
69.63
73.078
73.4739
74.8042
i
I
! 3,489,487 2,532,177
3,401,920 2,546,055
I 3,437,544 2,558,296
!
3,459,472 2,529,260
I 3,461,139 2,545,837
i 3,455,410 2,538,109
I 3,454,432 2,544,285
3,444,350 2,518,570
3,446,703 2,492,297
3,390,975 2,467,292
3,358,766 2,501,150
! 3,375,086 2,543,410
45,582
44,022
42,771
41,484
40,872
39,457
38,316
37,688
36,391
36,066
35,956
35,782
1,071,579
1,023,630
1,059,237
1,082,060
1,098,761
1,090,002
1,072,425
1,092,727
1,151,904
1,171,500
1,150,213
1,087,131
1,373,967
1,341,822
1,352,611
1,356,370
1,360,732
1,351,870
1,349,529
I 1,349,138
|1,350,486
1,311,197
1,293.389
l,310;050
308,094 I 1,362,564 I
816,960 I 1,362,564 '
131,733 ; 1,362,564
372,810 i 1,362,564
103,766 I 1,362,564
052,043 j 1,362,564
065,151 I 1,362,56 i .
093,090 i 1,362,564 I
076,066 i 1,362,564
909,200 : 1,302,564
133,300 ! 1,362,564
,482,239 ! 1,362,564
470,477
476,477
476,477
476,477
476,477
476,477
476,477
476,477
476,477
476,477
476,477
476,477
4,123
4,123
4,123
4,123
4,123
4,123
4,123
4,123
4,123
4,123
4,123
4,123
800,000
'640,'666'
636,817
79.382
1
Includesfiguresof Banco do la Nation.
2
1913-1919 figures arc monthly averages.
3 Includes amount held in conversion fund of Banco de la Nation. Prior to outbreak of war the Banco de la Nation hold $30,000,000 as its portion of the gold guarantee. In August, 1914,
§20,000,000 of this amount was mobilized, leaving 810,000,000 in the bank's conversion fund since that date.
317
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
State Banks and Trust Companies.
DISTRICT N O . 8.
ADMISSIONS.
The following list shows the State banks and trust companies which were admitted to membership in the Federal
Reserve System during the month ending February 28,
1922, on which date 1,632 State institutions were members
of the system.
Total resources.
Trustee, executor, administrator, guardian of estates, assignee, receiver,
and committee of estates of lunatics:
National Bank of Berild, Benld, 111.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
American National Bank, Mt. Carmel, 111.
DISTRICT N O . 10.
Guardian of estates, assignee, receiver, and committee of estates of
lunatics:
First National Bank, Kansas City, Mo.
Commercial Failures Reported.
District No. 2.
Overpeck Trust Co., Ridgefield Park,
Globe Exchange Bankj Brooklyii*N.* Y.
Midwood Trust Co., Brooklyn, N. Y . . .
$100,000 I $25,000 $125,000
200,000 I 40,000 2,026,284
500,000 j 250,000 ! 2,097,207
District No. 8.
Peoples Savings & Dime Bank, Scranton, Pa
700,000 I 450,000 HO, 813,148
District No. 6.
Polk County Trust Co., Lakeland, Fla..
District No. 8.
Montgomery County Loan & Trust Co.,
Hillsboro,Ill
Southern Commercial & Savings Bank,
St. Louis, Mo
-
300,000 j
!
i
!
438,119
100,000
50,000 I
650,215
200,000 i
50,000 I 2,745,536
District No. 9.
Daly Bank & Trust Co., Anaconda,
Mont
100,000
100,000 I 2,731,029
i, 000
i.000
Current statistics disclose a continued increase in number of failures in the United States over those of a year ago,
the 1,820 defaults reported to R. G. Dun & Co. for three
weeks of February comparing with 1,186 in the corresponding period of 1921. The returns for January, the latest
month for which complete figures are available, show
2,723 commercial insolvencies for 873,795,780, as against
1,895 failures, with liabilities of $52,136,631, in January,
1921. In point of number, the defaults of January, this
year, are the largest of any month since January* 1915,
but the indebtedness, although much above the monthly
average, reveals a considerable reduction from the highrecord total of $87,500,000 in December, 1921.
Separated according to Federal Reserve districts, the
January statistics disclose more defaults in every instance
than in that month of 1921, while only in the first and
fourth districts arc the liabilities less, than those of the
earlier period.
|
5,000 ! 103,417
5,000 j 104,626
FAILURES DURING JANUARY.
District No. 11.
First State Bank, Bedias, Tex
Iola State Bank, Iola, Tex
Number.
Withdrawal.—Hillsboro State Bank, Hillsboro, Ind.
Converted into national banks.—City Trust & Savings Bank, Grand
Rapids, Mich.; First State Bank, Locust Grove, Okla.; State Bank of
Enumclaw, Enumclaw, Wash.; Mercantile Trust Co., New York, N. Y. First
Second
Insolvent bank.—Woodville State Bank, Woodville, Tex.
Third
Voluntary liquidation.—Rideout Bank, Marysville, Calif.
Merger.—Long Beach Trust & Savings Bank, Long Beach, Calif., Fourth
and Guaranty Trust & Savings Bank, Los Angeles, Calif., with Security Fifth
Sixth
Trust «e Savings Bank, Los Angeles, Calif., a member bank.
f
Soventh..
Eighth
Ninth...
Tenth
Fiduciary Powers Granted to National Banks. Eleventh
The applications of the following banks for permission Twelfth
to act under section 11 (k) of the Federal Reserve Act
were approved by the Board during the month ending
February 28, 1922:
DISTRICT No. 2.
Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
Hudson County National Bank, Jersey City, N. J.
National Exchange Bank, Carthage, N. Y.
Mercantile National Bank, New York, N. Y.
DISTRICT NO. 5.
Trustee, executor, administrator, guardian of estates, assignee, receiver
and committee of estates of lunatics:
First National Bank, Holly Hill, S. C.
Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates assignee, receiver, and committee of estates of lunatics:
First National Bank, St. Marys, W. Va.
Liabilities.
District-
Total
1922
1921
1922
1921
209
429
136
242
233
283
362
177
109
112
207
224
183 $2,600,442
390 22,885,754
96 2,561,559
133 6,238,303
142 4,696,036
195 5,012,931
222 10,314,358
126 4,013,092
48 2,597,637
82 3,400,430
155 4,326,594
123 5,148,644
$3,841,114
9,808,623
2,183,908
6,661,913
3,887,908
4,054,436
9,182,523
2,370,168
583,858
1,767,286
3,359,871
4,435,023
2,723
1,895 73,795,780
52,136,631
New National Bank Charters.
The Comptroller of the Currency reports th • following
increases and reductions in the number and capital of
national banks during the period from January 28, 1922,
to February 24, 1922, inclusive:
: Num- Amount
berof
of
; banks. | capital.
New chaters issued
••
,§1,245,000
Restored to solvency
•
!
o
Increases of capital approved i
;
I 7,960,000
Trustee, executor, administrator, registrar of stocks and bonds, guardnew charters, banks restored to sol- ;
* ian oi estates, assignee, receiver, and committee of estates of lunatics: Aggregate of banks increasing capital
9,205,000
vency, and
American National Bank, West Palm Beach, Fla.
Liquidations
1,575,000
First National Bank, Barnesville, Ga.
Reducing capital
90,000
First National Bank, Gulfport, Miss.
Total liquidations and reductions of capital
1,665,000
Consolidations of national banks under act of Nov. :
DISTRICT NO. 7.
7,1918
750,000
Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: Aggregate increased capital for period
i
9,205,000
Galesburg National Bank, Galesburg, 111.
1,665,000
Reduction of capital owing to liquidations, etc
'
First National Bank, Elwood, ind.
Net increase
....!
7,540,000
American National Bank, Racine, Wis.
Trustee, executor, administrator, guardian of estates, assignee, receiver,
* Includes one increase in capital of $50,000, incident to a consolidation
and committee of estates of lunatics:
under act of Nov. 7,1918.
First National Bank, Colfax, Iowa.
DISTRICT N O . 6.
318
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
LAW DEPARTMENT.
There is published below the text of a letter
addressed to the chairman of the Banking and
Currency Committee of the Senate, expressing
the opinion of the Federal Eeserve Board in
favor of the bill recently recommended to Congress by the Joint Commission of Agricultural
Inquiry.
JANUARY 26, 1922.
MY DEAR MR. CHAIRMAN: Receipt is acknowledged of
your letter of January 23, 1922, inclosing a copy of Senate
bill 3051 and requesting the views of the Federal Reserve
Board with regard to it. This is the bill the enactment of
which is recommended in the recently published report
of the Joint Commission of Agricultural Inquiry. The
same bill has also been introduced in the House of Representatives as H. R. 10058.
While the proposed bill deals mainly with the Federal
farm loan system, the administration of which does not, of
course, come within the jurisdiction of the Federal Reserve
Board, the Board is glad of the opportunity to say that the
bill has its cordial approval and support. The Board
believes the bill to be sound and constructive legislation
that is well designed to a fiord much needed relief to agricultural and live-stock interests by adding to their available credit facilities, which at the present time are not
adequate for their requirements.
The bill proposes to add to the Federal farm loan act a
new title, Title II, consisting of sections 201 to 209. Subdivision (a) of section 201 provides that each Federal land
bank, subject to regulation by the Federal Farm Loan
Board, may discount for any bank or live stock loan company, with the indorsement of such bank or company, any
note or other such obligation the proceeds of which have
been used for an agricultural purpose or for the raising,
breeding, fattening, or marketing of live stock, and may
make loans to any cooperative association of producers of
staple agricultural products upon the security of warehouse receipts covering such products. Subdivision (b)
of section 201 provides for the issuance by Federal land
banks of debentures or other such obligations with maturities not in excess of three years, secured by discounts or
loans made under subdivision (a). Section 204 provides
that any Federal Reserve Bank may discount for a Federal
land bank, upon the latter's indorsement, discounts or
loans made under section 201 which have a maturity at the
time of discount by the Federal Reserve Bank not in excess
of six months, and section 206 provides that any Federal
Reserve Bank may buy and sell the debentures and other
obligations of a Federal land bank issued under section 201
to the same extent and subject to the same limitations as
those upon which they may buy and sell Federal farm loan
bonds. The other sections of the new title provides for
the creation of a "farm credits department" in each
Federal land bank for the purpose of exercising the powers
conferred by the title, and provide that the capital of each
such department shall be $1,000,000, to be subscribed by
the United States, and contain certain other necessary
administrative provisions which are not important for the
purposes of this general discussion.
At the present time the Federal farm loan act provides
the means for supplying the farmers long-time credits
upon the security of first mortgages upon agricultural
lands; and under the terms of the Federal Reserve Act
agricultural paper with a maturity not in excess of six
months is eligible for rediscount by Federal Reserve
Banks after it has been discounted and indorsed by a
member bank of the Federal Reserve System. As pointed
out, however, in the Report of the Joint Commission of
Agricultural Inquiry, there is need for agricultural credits
of an intermediate type, running from six months to three
years, for production and marketing purposes. The
farmers' turnover in the production of crops, including
the planting, harvesting, and gradual marketing through
orderly processes designed to avoid flooding the market at
any one time, normally requires approximately twelve
months; and in the live-stock industry the turnover may
require as long as three years. Consequently, in order to
make it possible for the farmer and live-stock man to
liquidate, out of the ultimate proceeds of his agricultural
transactions, his indebtedness incurred for production
and marketing purposes, it is necessary that such indebtedness be permitted to run for periods ranging from
six months to three years, depending upon the particular
commodities being produced and marketed.
Loans with such maturities can not be granted, in sufficient amounts to meet the needs of agriculture, by ordinary banking institutions the liabilities of which are for
the most part payable on demand, unless the banks can
rely on being able to rediscount the loans in emergencies.
The main purpose of the bill under consideration, as the
Federal Reserve Board understands it, is to provide
proper and adequate facilities for such rediscounts.
Bills have been introduced in Congress within the past
year proposing to amend the Federal Reserve Act so as to
make eligible for discount by Federal Reserve Banks
agricultural paper with maturities up to twelve months,
instead of six months, as the law now provides. The
Board has expressed its disapproval of these and similar
bills, because the enactment of any such bill would
materially lessen both the liquidity of the paper held by
the Federal Reserve Banks and the elasticity of the
Federal Reserve note currency which is based upon and
secured by the paper so held. The bill recommended by
the Joint Commission of Agricultural Inquiry avoids this
danger, and at the same time offers far more adequate
relief to the agricultural interests of the country than
could be obtained through the enactment of such an
amendment to the Federal Reserve Act.
The Federal Reserve Board has carefully examined the
bill introduced in the Senate as S. 3051, and in the House
of Representatives as H. 11. 10058, and approves not only
the purpose and substance of the bill, but also the form
and language that have been adopted in drafting it.
The Board is of the opinion that the bill is admirably
designed to accomplish the purposes which its framers
have in mind and that its various provisions are so coordinated as to provide the most efficient machinery for
the performance of the new functions of the Federal land
banks without in any way interfering with their present
activities.
Very truly, yours,
W. P. G. HARDING,
Governor.
Hon. GEORGE P. MCLEAN,
Chairman Committee on Banking and Currency,
United States Senate.
MARCH,
319
FEDERAL RESERVE BULLETIN.
1022.
PRICE MOVEMENT AND VOLUME OF TRADE.
INTERNATIONAL WHOLESALE PRICE INDEXES—UNITED STATES AND ENGLAND.
In the chart below a comparison is made between wholesale prices in England and the
United States. The upper line shows English prices in terms of sterling, the dotted line English
prices in gold, and the solid line the American price level. All are expressed in their ratio to
the prewar level which is taken as 100. The American dollar and British sterling prices were
obtained by the construction of similar index numbers of wholesale prices of commodities in the
United States and England. Gold prices for England were obtained by multiplying the British
index number by a ratio showing the depreciation of sterling in terms of dollars; the quotient
was then divided by 100. On page s 320 and 321 the index numbers upon which the charts are
based are published in detail; there is also a description of how they are constructed.
The general similarity in the trend of British and American prices is apparent from this
^hart. In both countries there was a brief post armistice decline in prices, followed by a more
or less steady advance to May, 1920. From that time until the spring of 1921 there was a rapid
decline in both countries, but it was more rapid in the United States than in England. Since
last spring American prices have not shifted greatly, but, following a brief period of stability
during the summer, British prices have continued to decline. The dotted line shows that since
control of exchange rates ceased the difference in the level of prices in the two countries has
been to a large extent compensated for by the exchanges. In other words, British prices in
terms of gold have approximated American prices since Government control of the exchanges
was lifted. Exception must be made to this statement for the period from January to June,
1921, when American prices were appreciably lower than British, even when the latter were
converted to the gold or dollar basis.
INDEX NUMBERS
OF WHOLESALE PRICES IN THE UNITED STATES AND ENGLAND
FEDERAL RESERVE BOARD, 1919-1922
AVERAGE PRICE LEVEL OF 1S13 = 1OO
5OO
500
4-50
450
400
400
350
350
300
300
250
200
150
150
- U N I T E D STATES
- ENGLAND (IN STERLING)
•ENGLAND .CONVERTED TO GOLD BASIS )
100
too
60
J.F. M.A.M. J. J.A. S.O.N.D. J. F. M. A. M. J. J. A.3. O. 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.
1919
1920
1921
1922
80
320
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
INDEX NUMBERS OF WHOLESALE PRICES IN UNITED STATES—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR
THE PURPOSE OF INTERNATIONAL COMPARISON.*
[Average prices in 1913=100.]
Raw
Goods | Goods
imexI mateported, ported.
rials.
Date.
1919, average
1920, average
1921, average
Producers'
goods.
Consumers'
goods.
All commodities.
174
191
108
214
227 !
131
209
235
141
198
237
142
207
229
149
206
233
145
114 •
;
103 !
104
106 !
107 i
108
111
142
122
123
144
141
138
136
164
134
133
138
140
141
140
166
133
133
132
128
127
159
153
157
152
145
143
140
163
142
142
143
141
140
138
110
135
141
126
139
138
1921.
January
July
August
September
October
November
December
;
1
:
!
13(3
1922.
January
i The index number of the Federal Reserve Board has been constructed primarily with a view to international comparisons of wholesale prices.
The number has been published monthly since May, 1920, but is computed for the years 1913,1919, and the first of 1920 as well.
For detailed information regarding the makeup of the number, reference may be made to the FEDERAL RESERVE BULLETIN for May, 1920,
pages 499-503. The commodities included in the different groups are listed there with exact specifications and markets indicated. The "weights"
assigned to the different commodities in constructing the index numbers are also given in detail. Revisions in prices or weights appear in
BULLETINS for June, 1920, and Juno, 1921.
The index of "goods produced" consists of 74 quotations (30 raw materials, 24 producers' and 20 consumers' goods). These include agricultural
products (such as grains, live stock, and textiles), minerals, and lumber, among the raw materials; yarns, leather, semifinished steel products,
refined oils, chemicals, building materials, etc., among the producers' goods; and potatoes, meats, flour, rice, dairy products, cotton and woolen
cloths, boots and shoes, and kerosene among the consumers' goods.
s, DOOIS ana snoes, ana Kerosene among nio consumers' gooas.
Theind of "goods imported" consists of 18 quotations (9 raw materials, 7 producers' and 2 consumers' goods). It-includes Egyptian cotton,
* '
"
Hie index ""
Australian •< South American raw wool, Japanese and Chinese silk, South American hides, Straits tin, and Canadian lumber among the raw
ralian and
materials; plantation and Para rubber, Chilean nitrate, cane sugar, burlap, sisal, etc., among producers' goods; and tea and cotlce for consumers'
goods.
Leading American exports arc included in the index of prices of "goods exported," which is made up of 40 quotations (17 raw materials, 12
producers' and 11 consumers' goods). Grains, tobacco, cotton, copper, coal, pig iron, petroleum, and lumber make up the list of raw materials;
vegetable oils, leather, semifinished metal products, refined oils, and chemicals the producers' goods; and wheat flour, refined sugar, pork products,
coffee, cotton cloth, boots and shoes, and kerosene the consumers' goods.
The index numbers of "raw materials," producers' goods,'.' and "consumers' goods," consist of the commodities mentioned above which fall
into these classes, whether they are of domestic or foreign origin. The raw materials group include 39 quotations, the producers' goods 29, and
the consumers' goods 22.
The quotations are obtained from representative trade journals and private firms. About half of them are the same that are used by the
Bureau of Labor Statistics in its larger compilation of prices and are furnished to the Board by that bureau.
INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES
1920-1922
CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON
AVERAGE PRICE LEVEL OF 1913 = 1OO
500
500
450
450
ALL COMMODITIES
1
^AW M A T E R I A L S
GOODS EXPORTED
400
:ONSUMERS GOODS
400
350
350
300
300
250
250
/
•
'
\
200
200
\
\
\
150
150
>
:
100
100
B0
80
M.A.M. J. J. A.S. O. N. D. J. F. M. A. M. d. J. A. S. 0-N-D-J. F. M.A. M.J. J. A. S. M. A. M. J. J. A. S. O. N. D- J. F. M. A. M. J. J. A. S. O. N. D. J. F. M. A.M.J. J. A. S.
1920
1921
1922
1920
1921
1922
MARCH,
321
FEDERAL RESERVE BULLETIN.
1922.
INDEX NUMBERS OF WHOLESALE PRICES IN GREAT BRITAIN—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR
THE PURPOSE OF INTERNATIONAL COMPARISON.*
[Average prices in 1913=100.1
ConProduc- ! Consum- All comGoods
Goods
Goods
Raw
verted to
ers'
ers'
produced. imported.! exported materials. goods. j goods. modities. gold basis.
;
Dale.
1919, average..
1920, average..
1921, average..
238 I
315 !
207 i
247 !
294 I
171 i
275
438
183
226
291 '
197
26 L !
355 i
178 •
241
292
219
241
314
201
221
242
159
252
204
202
199
192
182
176
207;
164 !
165 i
170
163 i
154 :
152
24(>
174
168
171
175
164
15S
233
192
193
195
187
177
173
231
165 !
161 1
1.65
166
1.53
M7
261
222
223
212
200
191
186
244.
196
195
194
187
177
172
188
146
146
148
149
144
147
149
158
11
7
147
1921.
January
July..:
August
September..
October
November..
December..
I
;
!
'
'
i
!
1922.
January.
L70 i
i
1
The British index number is the second of the series of wholesale price indexes to be completed by the Federal Reserve Board for the purpose
of international comparisons. It was published for the first time in the FEDERAL RESERVE BULLETIN for February, 1922, but is also computed for
the years 1913,1919,1920, and 1921.
'
Detailed information regarding the make-up of the number may be found in the FEDERAL RESERVE BULLETIN for February, 1922. pages 147-153.
The entire list of commodities included in the different groups is furnished there with exact specifications and markets indicated. The "weights"
assigned to the different commodities in constructing the index numbers are also given in detail.
The commodities which form the basis for the index number are for the most part the same as those used in the Federal Reserve Board index
of American prices.
The index of" goods produced" consists of 55 quotations (16 raw materials, 26 producers' and 13 consumers' goods). These include agricultural
products (grains, live stock, wool, and hides), pig iron, coal and coke among the raw materials; cotton yarns, woolen yarns and wool tops, semifinished iron and steel products, building materials, chemicals, leather, etc., among the producers' goods: cotton cloth, boots and shoes, food
products, and tobacco among the consumers' goods.
The index of "goods imported" consists of 43 quotations (23 raw materials, 9 producers7 and 11 consumers' goods). These include American
and Australian wheat, American tobacco, American and Egyptian cotton, Australian wool. Straits tin. American copper, Swedish lumber, etc..
. .^
*
'
v._
IT*
*. T
a:
r._-i«_
• _J ^
-r-fc
„ " Ii
... i _ ._ J. ._ i •
a. T.
*
_
•
'
,
i
i
X
,
7
.
*
*.
.
*
,
.
'
into these classes, whether they are of domes! ic or foreign origin. The raw materials group includes 39 quotations, the producers' goods 35, and the
consumers' goods 21.
The " all commodities " index is obtained by combining the group indexes of domestic and foreign goods. 11 consists of 98 diffcreii t, quotations.
As a general rule quotations have been obtained from trade journals which have well organized price collecting services, or from individual
firms. The American consul in London supervises the collection of the prices each month and cables them to the United States about the 7th of
the following month. The index number is constructed here and is ordinarily ready for publication by the 1.0th to 15th of each month.
INDEX NUMBERS OF WHOLESALE PRICES IN ENGLAND
1920-1922
CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON
AVERAGE PRICE LEVEL OF 1913 = 100
500
450
*\
400
—--ALL
\
500
450
COMMODITIES
400
•.
350
350
.....
300
300
\
\
250
\
\ \ •
\
*^\
V
\ \
200
s
N
\
\ '**
\
••
150
100
100
80
M.A.M.J. J. A. S.O.N.D. J. F. M. A. M. J. J. A.S-0. N. D. J. F. MA. M.J. J. A. S. 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.
1920
92371—22-
1921
1922
1920
1921
1922
322
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES FOR PRINCIPAL CLASSES OF 2
COMMODITIES—BUREAU
OF LABOR STATISTICS—REGROUPED BY FEDERAL RESERVE BOARD.
[Average prices in 1913=100.1
Raw materials.
Producers'
goods.
Year and month.
Animal
1920, average 3
1921, average s
Forcst
! Mineral
256
133
183 ,
JOS :
333 :
208 !
235
187
.155
122
123
142
134
129 .
129 :
119
109 i
112
104 :
.105 !
103 •
'
102 !
245 i
200 !
194 :
193
200 !
208 !
220
177
175
172
170
178
178 .
129 i
107 !
207 :
176
Consumers'
goods.
All commodities.
240
] 51
235
140
252
161
243
153
175 |
145 !
.146 i
1.45 I
145 :
146 !
109
134 .
132
133 :
133 i
.130
130 i
182
153
162
160
158
157
155
177
148
152
152
150
149
149
147 |
127 :
151
148
1921.
January
July
August
September..
October
November..
December..
2 0 3 '••
145:
I
1922.
January.
2 As the index number of the Bureau of Labor Statistics (which-is based upon 315 quotations) has been reclassified by the Federal Reserve
Board, the raw materials group consists of approximately 76 quotations, the producers' goods of about 80, and the consumers' goods of 158. R;aw
materials have been subclassified into agricultural products (mainly grains, cotton, and tobacco), based upon 19 quotations, animal products based
upon the same number, forest products based upon 11 quotations, and mineral products based upon 27 quotations. The FEDERAL RESERVE
BULLETIN for October, 191.8, contains a list of the commodities in each group. The weights are the same as those used by the Bureau of Labor
Statistics.
3
These reclassifiod averages, with the.exception of those for the "all commodities," are based on the 12 monthly, .not the weekly, figures for the
year, as are the original averages compiled by the Bureau of Labor Statistics.
In order to give a more concrete illustration
of actual price movements in the United States,
there are also presented in the following table
monthly actual and relative figures for certain
commodities of a basic character. The prices
shown in tlie table have been obtained from the
records of the United States Bureau of Labor
Statistics, except in the case of bituminous coal,
prices for which have been obtained from the
Coal Age.
AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES.
[Average price for 1913= J.OO.J
Corn, No. 3,
Chicago.
Year and moni'h.
1913
1919
1920
1921
Wheat,
[ Cotton,middling, northern Xo. 1,
spring,
• New Orleans.
Minneapolis.
Wheat, No. 2,
red winter.
Chicago.
Cattle, steers,
good to choice,
Chicago.
Hides, packers,
heavy native
steers, Chicago.
I
Average I Rela- j Average j Rela- i Average
price per tive ! price per live I price per
bushel. price. ; pound, i price, j bushel.
Relative
price.
SO. 8735
2.5000
2, 5581
1.4000
100
294
293
168
SO. 9863 ]
2.5370
2.5225
1.4353
100
214
114 !
90 |
102 j
155 I
151 I
138
1.35
1.7884
1.4384
1.3953
1.4825
1.3191
1.2535
1.2594
205
165
160
170
151
144
144
1.9613
1.2291
1.2373
1.2769
1.1938
1.1758
1.1767
91
75
76
76
81
80
90
130
1.2995
149
1. i960
90
SO. 0155 •
'
1.5800 :
1.3908 i
. 5048 •
100 . SO. .1.270
257
.3185 '
227 ''
.330L !
92 '
. H14 !
100
251
200
111
Average
prit e per
bushel.
Average j Relaprice per' tive
pound.
price.
170
76
1921.
January
July
August
September
October
November
December
.6553 .
.0019 :
.5578 '
.5344
.4047 "
•
.4728 ;
. 4609
100
98
9L
87
,
'
"
!
!
70 '
. 1450 .
.1.147 !
.1290 '•
.1903 !
.1913 i
. .1750 ;
. 1713 !
1922.
January
.4738 ,
.1650
!
MARCH,
323
FEDERAL RESERVE BULLETIN.
1922.
AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES-Continued.
Wool, Ohio, J-$
grades, scoured,
eastern markets.
Hogs, light,
Chicago.
Yellow pine,
flooring,
New York.
Hemlock, New
York.
Yen r a n d month.
I Average
1
price per
:
100
; pounds.
1913
19.19
J920
1921
i S8.4541 I
18.3260 '
14.710(3
:.."
8. 8913
1921.
January
J nly..."
August;
September
October
November
December
|
\ 9. 6700 i
i 10.2000
; 10.3950
! 8.5000
j 8.1800
: 6.8688
' 7.0250
Relative
price.
Average
price per
pound.
Relative
price.
Average
price per
Mfeet.
!
Average I
price per j Re'.a- ; Average Rela- ; Average j RelaM'feel
tive | price per live j price per • tive
manufac- price, i short Ion.- price, short ton. price.
Relative
price.
lured,
100
2L7
174
J 05
SO. 4710
1.1894
.9712
. 5076
S24.2273
39.7500
56.6667
40. 8960
1.16
104
100
100
100
108
112
48.0000
37.5000
37.2500
37.2500
37.2500
37.2500
37.2500
198
155
154
154
154
154
154
. 5818
si:
83
100
248
203
108
. 5455
. 4909
.4727
.4727
.4727
. 5091
. 5273
1L4 i
121
123
L01 :
97 '
! Coal,bituminous, Coal,bituminous,
!
run of mine, f.o.b. Pocahonlas, f.o.b.
spot at mines,
spot at mines,
Pittsburgh.
Columbus.
124
37.2500
j
154 : 95.5000
'•
SI.3200
100
i 81.5710 :
1.00
6.0433
2.2030
458
167
5.8891 i
3.1804 |
375
202
247
204
206
206
202
204
214
2. 5300
2.0750
2.1300
2.2310
2.1800 |
2.1500
2.1500
192
157
161
169
165
163
163
4.2500 :
3.2000 i
3.0600 i
2.9190 '
2. 6800
2.4500 ,
2.1950 '
271
204
214
ioo ! 844.5909
164 I 78. 8333
234 : 145.4167
169 I 93. 7083
i
!
i
I
I
i
!
j
2,1500
163 ! 2.1500
100
177 ;
326 =
210
110.0000
91.0000 |
92.0000 i
92.0000 j
90.0000 I
91.0000 '
95.5000 !
195
186
171
156
140
1922.
8. .1600 j
Januarv.
1
I
Coal, anthracite, j
r
,
r
stove, New York,! \R« e 'at furnace. :
i
tidewater. ' j ville, at
Co
Load, pig,
desilverized,
New York.
PPer, ingot,
electrolytic,
New
Y ork.
:
137
Petroleum, crude,; Pig iron, basic,
Mahoning and
Pennsylvania, Shenango Valley,
at wells.
at furnace.
Year and month.
1
.Average
i price per
long ton.
1913
1919
1920
192L
i $5.0613
1 8.1639
,.;
9. 4265
I 10. 5514
January
July
August
September..
October
November..
December..
!
I
!
laRela- I Average | Rela- Average Rela- Average j Rela- , Average | Rela- ! Average • Relative \ price per ! tive price per , tive p'rice per ; tive ! price per j tive : price per j tive
ve
price, j short ton.; price. pound. price. pound. | price.
barrel, j price, 'long ton.! price.
ce.
100
161
186
209
$2.4396 ;
4.7375
10.8163 j
3.6361
1921.
10.6373
10. 5048
10.6036
10.7075
10. 7125
10.6859
10. 7063
210
208
210
212
212
211
212
5. 5313
2.9063
2.8000
3.1875
3. 2750
2.9700
2. 7500
10.6935
211
2.7500 !
SO.1573
. 1911
.1797
. 1262
227
119
115
131
134
122
113
!
100
194
413
149
.1288 '
. 1253 i
.1173 :
.1200 .
. 1268
. 1303
. 1356
113
.1355 !
SO. 04-10
. 0578
. 0808
. 0457
100
122
11.4
100
188
287
147
. 0497
. 0440
. 0440
. 0461
.0470
. 0470
. 0470
113
100
100
105
1.07
107
107
204
132
124
130
130
129
127
. 0170
s
o
100 = $2.4500 i 100 $14.7058
131
4.1346 ! 169 27.6971
184 I 5.9750 1 244 42.2692
104
3.3144 ! 135 21.6683
107 i
|
i
.
j
5.7750
2. 2500
2.2500
2.3125
3.1250
i 3.9000
4.0000
236
92
92
94
128
159
163
j 30.0000
19.3750
| 18. 2000
i 19.1250
' 19.1875
I 19.0000
i 18.6250
1922.
January.
Cotton yarns,
northern cones,
10/1 Boston.
Leather, sole,
hemlock, No. 1,
Chicago.
Year and month.
I Average Rela- ! Average
price per : tive price per
I pound, price, i pound.
1
Steel billets,
Bessemer,
Pittsburgh.
Steel plates,
tank, Pittsburgh.
100 i $0.2821
241 ; . 5283
. 5342
282
131
. 3583
100 $25.7892 i
187 ' 40.5385 •
189
56.2596 !
127
34.3846 j
100
157
218
133
130 ,
109 ;
"
117
156 •
173 :;
165
153 ,
. 4000
. 3500
.3400
. 3400
. 3400
.3400
. 3400
142
124
121.
121
121
121
121
169 I
125;
115 !
112 I
112 !
112 j
112 !
.3259 !
147
.3400
121 ; 28.0000 j 109
i S0.2213
i
. 5340 [
.6245 :
.2904 ,
3.3000 I
135 j 18.1500 I
Steel rails,
open-hearth,
Pittsburgh.
Rela- Average ; Rela- ; Average j Rela- Average Relative : price per j tive ! price per i tive
price per tive
price. ! long ton.; price. \ pound, price. long ton. price.
. 2S78
. 2411
.2586
. 3446
.3832
.3655
.3391
1913
1919
1920.
1921.
January
July
August
September..
October....
November..
December..
86
| SO. 0148 I
!
.0271 i
i
.0328 i
!
.0193 j
123
Worsted yarns,
2-32's crossbred,
Philadelphia.
Average ! Relaprice per i tive
pound. ; price.
100 S30.0000
183 • 49.2642
222 : 53.8269
130 . 45.6538
100
SO. 7767
164
1.6274
179
.1.8250
152 j 1.1792
100
210
235
152
. 0265
. 0185
.0178
.0164
. 0160
. 0152
. 0150
1.79 i
125 !
120,1
in ;
108 !
103 '
101 I
157
157
157
157
151
133
133
1.1500
1.1500
1.1500
1.1500
1.1500
1.1500
1.2500
148
148
148
148
148
148
161
.0150
101 ! 40.0000
133
1. 2774
164
1921.
» On Toledo market, average for last six months of 1913.
47.0000
47.0000 i
47.0000
47.0000 I
45.2500
40.0000
40.0000
!
1922.
January.
: 43.5000 j
32.2500
! 29.6000
| 29.0000 |
; 29.0000 I
29.0000 !
: 29.0000 I
324
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES—Continued.
I
Beef, carcass,
good native
steers, Chicago.
Year and month.
I Flour, wheat,
, T?in No 7 I| standardt apatents
Kip, JS o. 7, ( 1 9 1 g j s i l d a r d
New York.
war),
Minneapolis.
Hams, smoked,
Chicago.
Illuminating oil,
150° fire test,
New York.
Sugar,
granulated,
New York.
Average Relaprice per i tive
gallon, i price.
Average ! Relaprice per j tive
pound. ! price.
Average
price per
pound.
January
July
August
September.
October
November..
December..
January.
1921.
Rela- i Average
tive price per
price. I barrel.
I "
" !
Rela- j Average i Relative I price peri tive
price, j pound, j price.
:
|
i $0.1295
!
.2333
2304
.1627
1913
1919
.1920
1921
Rela- i Average
tive
price per
price. ! pound.
100 | SO. 1113
180 i
.1785
178 I
.1198
126 ;
.0719
100 ; $4.5837
160 j 11.9982
108 i 12.6750
65 : 8.3264
100 ! $0.1662 j 100
262 ; .3433 ' 207
277 | .3340 !! 201
1821 i! .2678
161
100
163
213
197
SO. 0427 |
.0894 i
.1267
.0616 !
235
178
178
178
188
195
195
. 0757
. 0546
.0583
. 0559
.0519
. 0517
.0500 i
100
209
297
144
177
128
137
131
122
121
117
.0480 !
112
I
. 1738
. 1490
.1600
. 1595
. 1644
.1725
.1640
134
115
124
123
127
133
127
. 0669
.0647
. 0703
. 07S9
. 0S13
. 0883
. 0931
60
58
63
71
73
9.6250
8. 9000
8.1200
8. 3188
7. 4250
79 •
7.1700
84 I 6. 8813
210
194 I
177 :
181 !
162 I
156 j
150 I
.2488
.3200 .
.3248 !
.2756 "
. 2372
.2238 •
.2150
150
193
195
166
1.43
135
129
.2900 i
.2200 !
.2200 :
!
.2200
.2320 i
.2400 !
.2400 '
.1538
119
.0963
87 |
153 '
.2210 :
133 !
.2175 i
1922.
SO. 1233 !
.2004 i
.2629 I
.2432 !
i
!
i
.
i
7.0000
MARCH,
325
FEDERAL HESEKVE BULLETIN.
1922.
COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.
The foreign index numbers published hereIn the following table the all-commodities
with are constructed by various foreign sta- index numbers for the whole series of countries
tistical offices, and are sent to the Federal appear together to facilitate the study of comReserve Board by cable.a
parative price levels:
INDEX NUMBERS OF WHOLESALE PRICES (ALL COMMODITIES).
j
i
United
States;
Bureau
of
Labor
Statistics (315
quotations).2
! United
j States;
Federal
• Reserve
• I Board
i (90
i quotai tions).2
1913
1914
1919
1920
1921
100
.
Italy; 1
Ger! ChristiI United i France;
Prof.
GerTJ
j Belgium;
many;
Sweden; j ania,
BulBachi
i King- ! letinde
many;
Statis1
maric, ' *>epartSvensk j Norway;. mark- . m o n t o f
dom; i laSta- (38 com- Frank;
tisches Handels-: 0-kono- Finans! Federal ! tistique ! modifurter
Reichstidning I misk j tidende Statis: Keservo I Generaie | ties
tics
Zeitung
(47
I Revue i (33 cornamt
until
Board
(77 com1
quota- :j (93 com- modi- i(130com(38 com1920, 76
"'(98 quota-!
6
7
niodimodimoditions). , modi- • ties).
there:
ties).*
ties) .2
ties).6
after).2
100 ;
145
163 :
154 ;
142
142 •
143 ;
!
141
140 ,
138;
1922.
100 '
100
95
364
624
578
I.
i
i.
i
!
100
101
217
246
182
!
j
;
i
|
314 I
202 !
241 i
314 j
201
100
101
357
510
345
177 j
167 i
148
152 '
152 |
150 !
149 !
149 i
!
208
199 .
176
174
172
169 :
168
170
251 I
230 '
198 I
194 i
191 i
184 i
176 !
171 !
244
226
196
195
194
187
177
172
407
377
330
331
344
331
332
326
642
613
520
542
580
599
595
595
1(59 i
314
306
562 ;
16S
169;
January...
February..
March.."...
I
|
BulCairo;
'; Holland;
garia;
DepartCentral
Direcment of
Bureau
Dr.
tion
StatisLorenz of Statis(71 com- tics (53 Generaie tics (23
comdela
commodimodimodiStaties) .i*
ties).!6 tistique.
ties).
j Sw:
1913
1914
100
1919
1920
1921
195
1921.
100
105
297
282
181
January
February
July
August
September...
October
November
December
238 !
230
179 :
177 '
181
184 i
182 :
178 "
1922.
January
February
176
171
161
:
213
197
176
180
180
169
165
165
100
103
1,166
1,940
2,006
2,392
2,135
1,721
1,730
1,758
2,052
2.061
2,155
(17)
•
:
:
I
j'
i
!
I
i
j
of the BULLETIN for April, 1921.
!
9 ioo :
io
o
1,509 i
1,797 i
1,549 !
1,484 [
1,473 !
1,723 i
1,820
1,993 :
2,698 ''
3,283
1,436
1,372
1,425
1,909
2,067
2,460
3,416
3,569
100 ,
225 ! |
299
180 I
100 I
181 i
245 j
214
196
164
166
176
186
181
170
260 |
12 100
180
218
167
196
192
159
160
160
156
151
148
216
210
200
197
197
195
o 115 ,
322
377
100
294
382
250
344
319
300
297
287
286
276
i
j.
.
!.
211 I
198
182
175
174
172
I
!
!
;
:
170 '
166 .
341
290
253
256
224
202
186
188
260
253
267
250
178
177
182
347
364
368
36S
I
Calcutta,
India;
Department of
Statistics (75
comrnodties).2
Japan: I
B a n k of ; ShangJapan
hai;
for
! Depart-
Tokyo ! m e n t of
(56 corn- j Statismodi- j tics.
ties) .2
Peru;
Department of
Statistics
(58 commodi-1
ties).*
100 J
* 100 '
281 •
226 ..
166 :
204
181
96 '
236 I
259 1
200
214 ;
197 :
183 '
184 !
188 :
175 .
170 :
166 *
206
195
183
184
1.87
184
180
180
201
195
196
199
207
219
214
209
178
205 j
13 100
.
;
i
i
109 '
100
104
220
238
205
104
107
109
112
111
110
109
110
221.
215
201
205
205
203
195
190
20 100 !
106 |
!
2,095
146
168
190
13
End of July, 1914= 100.
1 As of Jan. 1.
*
Prices as of first of the month. 1914= 100.
Based upon prices of 52 commodities during 1920; 53 during 1921.
1913=100.
" Jan. 1,1913-July 31,1914=100.
18
Average annual expenditure, 1913=100.
is 1914= 100.
so September, 1919=100.
*! Average for month until September, 1921; thereafter prices as of 15th
of month.
22 Average of last half of month.
23 April, 1914=100.
15
18
Average for the month.
End of month.
* Beginning of month, but not always the first.
»Middle of month.
• End of year and end of month.
7
First of month.
» July 1,1913, to June 30,1914=100.
•Middle of 1914=-100.
w Dec. 31,1913-June 30,1914=100.
" July 1,1912-June 30,1914=100.
"July, 1914=100.
a See following page for issues of BULLETIN containing descriptions of the methods used in constructing these indexes.
11
i
3,467
3,814;
4,713 •
8 100
104
178
212
!
B 100
116
330
347
211
1,479 j
1,915 |
AusSouth
tralian
ComAfrica;
monDutch
NewOffice of
East
Census wealth; Zealand;
and Sta- Bureau Depart- Indies;
of Cen- ment of
Statististics
sus and
tical
Statis(187
Bureau.6
tics.
com- Statistics
(92 commodimodities).
ties).'
1
Index numbers for 1920 and thereafter based upon prices of 76 commodities. Computations arrived at by the method described on p. 465
a
3
!
i
I
,
:
i
100 i
100 i
212 ,
243 i
153;
206
1921.
."January...
February..
July...."..
August
September
October...
November.
December. |
United
Kingdom;
Board
of
Trade
(150
commodities).
j Canada;
' Depart| merit of
1
Labor
(272
| quotations).5
'
326
MARCH,
FEDERAL RESERVE BULLETIN.
The index number for the Dutch East Indies,
which appears in this issue of the BULLETIN
for the first time, is compiled by the Statistical Bureau of the Department of Agriculture, Industry, and Commerce in Buitenzorg, and is cabled each month by the American consul at Batavia, Java. The index is
constructed on the basis of average prices for
the five-year period 1901-1905, but as published in the BULLETIN it has been recomputed
on the basis of prices of January 1, 1914, for
purposes of comparison. The commodities
used are classified under five headings—I,
Grains and Meats; II, Other Foodstuffs; III,
Textiles; TV, Minerals; V, Miscellaneous (oil,
wood, rubber, etc.). The "all commodities"
index number, which is the • only figure published in the BULLETIN, is a weighted arithmetic
average of these group indexes.
The statistical section of the Belgian Ministry
of Labor has constructed a monthly index of
wholesale prices in Belgium beginning with
August, 1921. The index numbers are calculated according to the "chain system," i. e.,
the base is shifted each month so that prices of
any one month are expressed in terms of the
preceding month. For purposes of comparison, however, the index numbers published in
the BULLETIN have been recomputed on a
permanent basis of prices in April, 1914, as 100.
The index consists of 130 commodities of both
domestic and foreign origin, represented by
more than 200 price quotations. The commodities are divided into 16 groups and
weighted according to the number of articles
included under, each head. Where several
quotations aie given for a certain commodity,
a simple arithmetic average of these quotations is taken. Both the group indexes and
the general index are geometric averages.
The prices are furnished by well-known industrial and commercial organizations and apply
to the last half of each month only.
The BULLETIN for January, 1920, contains a
description of the Statist index for England,
and the French, Australian, Japanese, and Canadian indexes. A description of the method
used in the construction of the Swedish index
number appeared in the BULLETIN for February, 1921, the new Italian index number was
discussed in the April, 1921, issue of the BULLETIN, and the method used by the Frankfurter
Zeitung in the case of the German index number was described in the BULLETINS of February and March, 1921. Complete information
regarding the computation of the index of the
United States Bureau of Labor Statistics appears in the publications of that bureau, and
a description of the index number of the Federal Reserve Board may be found in the BULLETIN for May, 1920. The Danish index has
been constructed only recently, is based upon
the prices of 33 commodities, and is roughly
weighted according to consumption. The new
British index number, compiled by the Board
of Trade, was described in the March, 1921,
issue of the BULLETIN. The BULLETIN for
December, 1921, contains a description of the
index published by the Federal Statistical Bureau for Germany, and the indexes for Switzerland, Holland, Finland, Norway, Bulgaria,
Cairo, the Union of South Africa, the Dominion
of New Zealand, and Peru. Lack of space prevents the publication of group index numbers
for these countries, but they can be obtained
at any time upon request. In the case of the
two American index numbers, 1913 is used as
the basis in the original computations. In most
other cases in which 1913 appears as the basis
for the computation, the index numbers have
been shifted from their original bases. The
computations in these cases are, therefore, only
approximately correct. In certain cases July,
1914, or the year immediately preceding that, is
used as the base. Since the figures are for the
most part received by cable, the latest ones are
subject to revision. In certain cases the index
numbers for the war years were published in
various issues of the BULLETIN in 1920.
GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS.
[1913= 10Q.]
Date.
Farm
products.
Food,
etc.
Fuel and
lighting.
Cloths arid
clothing.
|a ddnigs
"
1913..
1919..
1920..
192J..
.100
234
218
120
100
210
239
143
100
261
302
183
1921.
January
July
August
September...
October
November...
December...
136
115
118
322
119
1L4
113
162
134
152
J40
142
142
139
208
179
179
187
190
186
185
1922.
January.
116
134
183
-
«IH at
All
commodities.
100
212
243
153
183
i
MARCH,
FEDERAL RESERVE
1922.
327
BULLETIN.
ALL COMMODITIES GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE.
[1913=100.]
j
"'••
i
a
Meat
lid fish.
Other
foods.
Total
food.
Iron and
steel.
Other
mot als
and
minerals.
Cotton. . Other
textiles.
Other
Total
All comarticles. not food. modities.
i
.1920 average
1921 average
January
July..:
August
September
October
November
December
Jannaiy
278 j
272
214 j
21.0
406
243
252
ISO
480
193
362
174
274
197
340
198
314
202
221 :
172
160
157
153
152
180
176
213
225
199
1S8
220
161
159
163
170
169
167
221
194
189
190
190
183
177
248
192
186
186
185
176
170
251
198
194
187
359
229
220
207
194
181
172
.185
181.
257
210
210
200
183
177
173
213
.185
245
215
21.0
201
193
182
m
166
149
18! '
no
174
167
167
273 j
195 •
263
222
245 i
202 !
204
197
170
157 •
1.53
285
214
217
201
!
147 '
170
192 L
1922.
j
j
i
j
•
195 ;
179
19.1.
184
176
171
GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU.
[1913=100.1
Jiaw '
l
Ani- ; ^ ^ . c o f f e c | j Foods: Min- i Tex-. Smi- mate-• i
malr ' i / ^ T i and ; (20). j erals.! tiles. \ dries rials i
i
food
(25). , ities. |!
J)al.e.
cX; Foodss Minerals.
a n d ' (20).
cocoa.
foocls oods
f -
-..!.
1919 average.: 392
1920average.! 503
1921 average. : 380
313 :: 253 ! 336 ! 272 i 4-14 405
427 422 i 459 ! 419 i 737 524
330 | 343 355 i 275 I 355 374
1921.
February....
July
;
August
September..
373 !: 357 '< 1921
550
510 : October
: 345 I 305
3 3 8 •• 345 i; N o v e m b e r . . . 331. ! 306
;
;' D e c e m b e r . . . : 324 I 303
317 :
364 |
337 '
311 j
378
301
312
338
452 !
353 j
371 •
373 i
338
393
352
389
378 , 300 j 398
366 :! 253 290
355 215 321
352 ' 253 388
422
343
356
370
i
i
j
|
Raw
materials
(25).
Textiles.
All
commodities.
305
324
300
262
277
391
388
365 i 338
362 J 341
364 . 337
331
332
326
306
318
377 !!
1922. :I
i
330 i1. January
309 j 289
331 :,! February....^ 303 , 288
344 i
'
'
323
321
313
302
301
258
242
363
345
350 : 324
341 . 3.1.1
314
306
GROUP INDEX NUMBERS—ITALY—RfCCARDO BACH1.
.
i
'.
1921.
January
July .
August
September.
. : 107
i 100
.i 107
.! 114
116 '
121
109
113
125
i
i
:
;
[1920 = 100.]
Other
• AliuAll
Sun- comTex- and
tiles. met- mate- table dries. modprodities.
als. rials. ucts.
! Vege- Ani- , r i
;v
table mal 11C
!
foods. foods.
1921 average J 107
.
77
98
65
68
65
. ...
67
77
54
62
75
88
60
60
59
101
113
95
92
91
96
110
123
92
96
102
107
87
87
93
Yege-, Anitablo; mal '
foods J foods. |
1921.
October
November
103 December....
83
87
1922.
93 January
i
93
116 !
114 ;
115 i
Minerals
and
met-
SET
I
129 i
126 i
121
75
76
74.
76
75
79
64
73
68
i
lild Other
All
vege- Sun- comate- table dries. modprodities.
91
62
65
QQ
no
89
114
114
114
94
96
95
95
92
90
94
94
•
i
i
109 j . 112 |
i
1
111
GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG. 1
[Middle of 1914=100.]
j Agricul- TexMiner- Miscel; tural
tiles,
laneous.
i prod- leather, i als.
I UCtS.
1920 average
1921 average
1921.
J3eginning of—
March
July
August
September
October
!
1,230
; 1,693
i 1,204
: 1,274
: 1,784
1,851
, 1,995
i Latest revised figures.
3,160
2,957
2,343
2,153
2,289
2,616
3,270
1,747
1,932
1,552
1,594
1,636
1.748
2^ 112
1,432
1,768
1,517
1,592
1,550
1,608
2,567
: Agricul- Tex- .
! tural
Misceltiles, i Miner- laneous.
prodals.
! ucts. Jcather.i
All
commodities.
1,509
1,797
1,419
1,473
1,723
1,820
1,993
AH
commodities.
1921.
Beginning of—
November..
Dc( ember..
2,78;;
??2Z
'567
2,937 !
3,580 |
2,092
2,458
2,60S
3,283
1922.
Beginning of—
January
February...
March
3,295
3,576
4,745
6,567 i
6,975 |
7,357 I
3,636
4,084
5,105
3,033
3,450
4,083
3,467
3,814
4,713
328
FEDERAL RESERVE BULLETIN.
MAKCH, 1922.
GROUP INDEX NUMBERS—GERMANY—FEDERAL STATISTICAL BUREAU.
[1913 prices^ 100.]
Goods
produced
(16 commodities).
G oods
imported
(22 commodities).
!
15)20 average
1921 average,
December, 1920..
1,253 |
2*005 j
1,3(19
1,479 ji August.
1 915 September
October
1,437
November
Decoraber
1,425
2, 009 ;
1,323
1921.
July.
G oods
produced
(16 commodities).
All commodities
(38 commodities).
1.70K .
1,909
2.067
2,400
3,1l(i
3,569
1,888 I
1,913
1.952
2, 235
2,967
;
All commodities
(38 commodities.)
Ci oods
imported
(22 commodities).
2,043 !
3,585 !
5,002 :
!.
i
GROUP INDEX NUMBERS—SWEDEN—SVENSK HANDELSTIDNING.
[July 1,1.9L3-June30, 1914=100.]
i
Animal
foods.
Raw materials
for agriculture.
100
261
262
210
.100
409
290
220
100
340
312
227
23 L
236
217
183
167
1.61
156
241
227
230
208
198
.196
186
2-18
216
214
207
200
197
202
168 i
170 !
173
159
202 !
170 i
Vegetable
foods.
Date.
1913-14.
191.9
1920....
1921....
Metals.
Coal.
i
i Building j
mate! rials.
Hides
and
Textiles. :
leather.
j All commodities.
Oils.
100 !
286 I
371 !
2-13 i
100
308
675
310
100
21J
2.15
107
100 i
100
324 j
141 :
294
228
100
330
347
211.
204
149
130
.130
130
133
.134
319 j
.199 i
L98 !
191 j
21.1 I
239 I
243 !
I
511 !
197
183 !
178
169
..1
18
189
108
LI2
107
108
119
.108
147
133
132
166
161
.149
31S
191
191.
191
187
179
.179
250
21.1.
.198
182
175
174
172
131 '
130 ,
100
804 !
1,007 I
285 i
228 i
226 I
189
178
104
97
144 |
1.38:
179
179
170
1(56
KM) •
258 '
278
159 :
.1921.
February..
July....:...
August
September.
October
November.
December..
January..
.February.
362 ;
315 \
250 i
223 !
202 i
. 194 !
197 i
no
1.922
179 I
186 !
GROUP INDEX NUMBERS—CHRISTIANIA, NORWAY—OKONOMISK REVUE.
| Dee. 31, 1913-Junc 30, 1914=100.]
Fuel.
Feed- :•
Date.
i and fer- i
I
I Animal |
; foods. I
Coal
! tilixcrs. i and
coke.
Petro- i
leum i
and i
benzine..
Iron.
I BuildMetals. | ing mai tcrials.
Textiles.
Hides
and
leather.
I ****•
All
commodities.
r
End of—
1914..
1919..
1920..
1921..
115
329
352
203
130
281
385
279
1921.
February
July....;
August
September
October
November
December
294
J01
296
V)2
297
273
263
24-1 I
:
i
I
i
108 j
277 !
340 i
233 '
15L
767
647
104
162
407
276
115
442 :
482 !
278
128
187
200
183
324
408
360
303
303
282
279
292
254
260
254
251
233
233
358
388
371
333
333
316
364
303
297
297
297
276
276
310
307
307
339
335
319
278
167
190
190
190
197
184
183
256 I
250 !
226 |
224 |
279
279
276
256
263
183 !
165 i
I
j
j
i
105
356 I
402 i
320 I
158
284
255
219 !
.1.03
277
321.
183
10.1. ;
322
472 i
33S |
11.5
322
377
269
362
309
305
299
297
293
291
352
319
315
309
315
320
320
21.2 j
197 i
197 I
21.0 i
228 i
219 |
219 i
2S9 |
276 i
262 !
227 •
227 !
227 !
183 !
472 i
392 '
319
300
297
287
286
276
269
279
274
316
310
219 :
219:
183 i
1S3 !
332 i
107
358
416
291
i
392 •
377 ;
350 ;
338 :
338 '
1922.
January
February
236 j
327 •
-
260
253
MAUCJF,
329
FEDERAL RESERVE BULLETIN".
1922.
GROUP INDEX NUMBERS—AUSTRALIAN COMMONWEALTH—BUREAU OF CENSUS AND STATISTICS.
[July, 1914=100.]
Textiles,
leather,
etc.
' Metals a n d
i
coal.
Date.
Agricultural
products.
Groceries
and
tobacco.
Dairy
products.
Building
Meat. ; materials.
Chemicals, j
All commodities.
I
100
100
100
100
100
100
100
100
100
193
209
198
217
243
125
186
229
I6f>
137
184
166
147
186
1.92
145 '
201 ,
133 :
261
295
249
282 '
277 i
225 '
ISO
218
167
215
145
111
116
143
147
138
134
197
158
160
159
157
155
149
208
166
164
146
129
123
122
1.97
188
190
187
189
188
187
191. i
119
120
110
98
'87 '
183
93 j
279
238
231
226
210
198
192
24.1
220
224
220
220
208
205
•
'
|
196
159
160
160
156
151
148
1S5
i
July, 1914
1919
1920
L921
L33
14.0
US
1SS
92
190
200 \
146
Building m a - Fuel and
terials, lighting.
lumber.
Drugs
and
chemicals.
1921.
January
Julv ' .
\.ugust
September
October
November
December
195
194
193
193
190
!
!
i
1922.
Fanuarv
GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABOR.1
[1913=100.]
I
Grains • Animals Dairy
i and j and
I fodder, j meats. ucts.
Date.
1913
1919
1920
1921
1921.
February
July....."
August
September
October
November
December
I
!
!
1922.
|
]
January
February
1
100
171
268
211
163
157
182
170
171
176
188
205
174
173
170
162
158
159
20.
179
181
183
185
179
176
126
106
101
100
100
100
100
239
217
192
189
190
180
180
231
207
206
206
210
211
211
186
204
155
155
176
174
99
97
180
179
206
204
1.57
171
143
143
133
134
113
122
1S5
333
142
141
149
158
170
129
140
149
141
100
192
204
!
133 ;
145 :
;
100
213
192
110
100
201
255
1.
81
100
285
303
189
100
222
258
100
199
198
119
100
227
263
150
I
...!
vegetables.
100
206
261
172
I
I
I
i
i
171.
146 i
152
144 j
127
125 |
131 :
;
!
,
!
! Hides,
Textiles.! leather,
•
I etc.
and
I
: All
I comi modiI ties.
ioo;
205 !
204
2.1.S
18$ !
175
176
171
169
165
166
!
j
'
I
'
;
j
163 I
164
100
217
246
182
199
176
174
172
169
168
170
168
169
Unimportant groups omitted.
GROUP INDEX NUMBERS—CALCUTTA, INDIA—DEPARTMENT OF STATISTICS.
[End of July, 1914=100.]
Date.
Cotton;
Build-! Manu-'
Hides manu-i Raw
ing I fac- •»
and
mate-! tured , tals. skins. fac- |cotton,
tures.
rials, jartioles
All
Tea.
Sugar.
foods
i
End of July, 1914..
1920 average
1921 average
100 j 100
138 I 231 j
146 ' 242 j
100
238
237
100
147
108
100 i
354 j
306
100
153
143
149 .
100 i
162 i
1.12;
100
128
105
1921.
January
July../.
August
September..
October
November..
December...
158;
149 ,
143 !
143 ;
141 j
141
L.V j
238
237 '
242 ,
247
251 ,
946 :
235 :
247
245
241
214
214
213
219
81
116
121
120
122
116
128
324
316
301
302
310
1.07
136
150
217
193
166
176
104
102
107
127
112
108
111
149 ;
147 "
,
135:
147 !
148 ;
150 •
150 !
116
115
116
115
106
104
103
1922.
January
132 ;
220
236 | 2 2 0
126
275
165
110 :
156 I
105 i
100
100
104
83
.1.08
!
i
'
I
I
100
173
135
100
78
100
100
407
270
85
80
85
102
88
77
86
130
157
150
145
122
123
124
77
92
107
116
124
151
152
85
132
161
ioo !
com
modi.
ties.
166 I
160 !
100
100
154 ! 184
1-15 , 157
100
204
18.1
314
247
236
219
205
203
194
139 I
173
182
182
184
178
180
151
153
157
154
143
147
139
162
170
172
166
164
169
178
183
184
187
184
180
180
225
177
139
150
178
i
'
!
;
i
330
FEDERAL RESERVE BULLETIN.
MARCH,
COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES.
In the following table are presented statistics j
showing the trend of retail prices and the cost j
of living in the United States and important'
European countries: 1
\
1
Three of these index numbers—those for the United Kingdom,
Paris, and Sweden.—are constructed on the basis of prices in July, 1914=
100. In the case of the United States, the original base, that of'the year
1913, has been shifted to the July, 1914, base. The German index uses
the year ending July, 1914, as a base.
The American index number, constructed by the Bureau of Labor
Statistics, was based upon the retail prices of 22 articles of food, weighted
according to family consumption, 'until January, 1921, when it was
increased to 43 articles reported by dealers in 51 important cities. The
method of weighting continues the same, although the actual "weight" j
applied has been changed.
The .British index number or the cost of living constructed by the
Ministrv of Labor consists of I he retail prices not only of foodstuffs but i
of other articles as well. Retail clothing prices, reins, and the cost of
fuel, lighting, and miscellaneous household items are also taken into
consideration. The index number is weighted according to the importance of the items in the budgets of working-class families.
The retail price index for Paris, compiled by the French General
Statistical Office, consists of retail prices of 13 different commodities,
weighted according to the average annual consumption of a workingman's family of four persons. Eleven of the commodities included in
this index are foods, and the other two arc kerosene and alcohol.
The Swedish index number consists of the retail prices of foodstuffs, \
fuel, and lighting and is based upon the prices of 51 articles in 44 towns i
(in 1920, 50 articles in 49 towns), weighted according to the budget of •
a workingman's family which before the war had a yearly income of i
2,000 kroner.
The German index expresses upon a percentage basis figures compiled by Dr. R. R. Kuczynski of the Statistical Office of Berlin-Schoneberg. Dr. Kuczynski bases his calculations upon the cost of living per
week of a family of four in. Greater Berlin. The Italian retail price index
«
.
m
V
.
.
I
11
•*-<*.
i
>
1
T
l
1
«
•
- 1 . 1
.
.a
RETAIL PRICES IN THE UNITED STATES, PARIS, AND
SWEDEN; COST OF LIVING IN UNITED KINGDOM AND
BERLIN.
[July, 1914=100.]
Sweden,
retail
prices.
1919
1920
1921
1921.
January...
February..
July
August
September. 1
October...
November. :
December.;
l
1922.
January...;
Februarv..;
182 i
Berlin,
cost of
living. 3
Italv.
retail
prices. 4
199 i
ISO j
216 :
249 .
226
260
371
337
298
237
1,080
1,236
454
109
:I55
145
152
]50
150
149 :
147 |
265
251
219
222
220
210
203
199
410
3S2
306
317
329 |
331
326 |
323 I
283
262
232
234
228
218
211
202
1,111
1,087
1,125
1,177
1,212
1,340
1,767
1,934
542
540
501
534
542
.139;
189 j
192 I
188;
319
307 !
]90
"
•
:
•
.
'
:
321
1
2
Average for the m o n t h .
Beginning of month.
a August. 1913-July, 1914=100.
41913=100.
for the most important cities, computed by the Kalian Ministry of
Labor, consists of retail prices of 21 commodities. Twenty of the commodities included are foods and the 21st. is charcoal.
FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, NORWAY, JAPAN,
AND GERMANY.
Sweden. Tn France and Italy the value of foreign trade is estimated
In the following table ar<
not in terms of current prices but in terms of those of some earlier, dated
showing the monthly value of the foreign trade usually the preceding year.
of
of a group of important European countries of None andthe figures presented ofbelow include the import or export,
gold
silver. In the case
England and France, group figures
1
are given as well as total values, while in the case of the other countries
and Japan.
total values only are presented. This does not mean that group figures
are not obtainable, merely that they are either delayed in publication
1
Currencies have not been converted to a common unit, nor are or appear not to be of such general interest as the French and English
methods of valuation the same in all countries. Tn England imports ; material.
arc given current c. i. f. values in England; exports and reexports, \ Japanese figures for recent months are received by cable and subject
current f. o. b. values. The same method is followed in Japan and ; to revision.
FOREIGN TRADE OF THE UNITED KINGDOM.
Exports.
Imports.
In thousands of pounds sterling.
In thousands of pounds sterling.
In
Articles i Miscel- |
• thousands
rials and wholly | laneous,!
or
. articles mainly includ- | Total. i of tons.
ing
manuparcel j
factured. post, j
iactured.
I
Raw
ai id
Monthly average:
1913.
....
1919
1920
1921
1921.
January
July..."....
August
September
October
November.
December.
1922.
January
February
Reexports.
! Raw Articles! MiscelmateFood, I rials and wholly laneous,
drink, ; articles
or
! includI
mainly j ing
manu- ! parcel
Ifactured. factured.j post.
Total.
In I
thou- I
In
thou- san f ds i
sands
sands
1
of tons. P
of tons.
ling.
I
!
.
|
23,485
50,505
59,196
22,598
16,134
24,663
37,787
20,421
358
254
268
64,061
4,669
135,513
161,387
3,795
90,557 i 3,263
2,716
2,814
4,245
3,122
, 5,825
I 9,274
i 12,126
i 5,297
34,281
53,457
93,312 j
49,055 j
949 43,770 : 7,650 9,131
1,008 ! 66,553 ;
13,729
1,523 i 111,206 I 3,292 18,563
1,126 j 58,000 ! 2,748 8,921
139
118
49,149 i
42,090 i
50,584 |
\ 48,410
44,475 !
41,246 i
39,063 i
37,005
20,232
19,589
20,465
21,256
29,946
27,792
30,167
18,005
18,194
17,905
18,691
17,913
18,291 j
420
431
214
338
320
154
165
117,041
80,757
88,581
87,119
84,742
89,259
85,312
3,852 " 7,668
2,702 i 2,775
3,124 ,' 7,058
3,300 ! 6,997
7,359
3,466
3,586 ; 7,046
3,187 ; 7,446
79,746 i
36,705 ;
39,936 !
44,009 i
50,328 j
51,094 :
47,364 :
1,491
990
1,228
942
1,113
1,169
1,378
92,756
2,558
43,172 11,350
3,747
51,346
4,128
55,248
4,297
62,265
co one i• 4; 541
62,895 '
59,375 i 5,238
9,955
9,362
9,998
8,595
10,386
9,823
9,204
154
116
159
139
107
I 33,972 j 24,565
I
!
17,710 j
241
2,861
51,824
1,429
63,147 i.
58,335 i.
8,459
10,174
24,184
59,927
63,817
47,271
I
1 Includes reexports.
i
i 3,383
! 4,050
3,389
3,515
j 3,470
! 3,343
i 3,088
69,375 j .
7,032
152
MARCH,
331
FEDERAL KKSEJiVE BULLETIN.
1922.
FOREIGN TRADE OF FRANCE.1
Exports.
Imports.
In thousands of francs.
!
Monthly average:
I
19132
1
19193
1020 8
1921 «
•
!
•
1921.3
.)ami:.!ry
J uly...'
.Raw
matcrials.
! Manufae| t ured.
• articles.
:
412,144 :
151,465
892; 040 1,229,435 j
718)179 ! 1.400,046 j
517,158 i 1,033,170
Total. ! T 0 l l Sf !j | Food.
™f l
1
138, 169
861,797
832,187
412,045
701,778
2.983,272
2,950,413
L962,373
3,685 ; 69,908
3,204
99,201
4)211 | 184', 277
3,165 ! 161.', 03 L
•
I
!
:
inate- ! ^ S l " "
rials.
154,841.
203,691
397,677
463,21.9
Total.
. articles.
in
thouIsands of
j metric
I tons.
301.420
47,182
573,351
615)630 ! 71,44-1 ! 989.966
1,187,742
99,867 .1, S69'. 583
1.067.413 : 104,430 1,796,092
1. 840
' 464
1,071
1,333
;
'
:
August
September
October
November
December
Food.
1
In thousands of francs.
In '
ihou- :
sands of;
;
346, 703
434,001
555.545
091 ',972
717,091
504.012
754,671
1.10L.207 . 534,498
704! 069 | 331,047
855;697 i 320;052
329,494
1,204,213
i. L9J, 860 j 31.8; 000
'
323'. 593
1,446.125 :
1,856! 148 | 543.445
982,468
3, 702 .
469,1.17
2, 164 I
731,294 j 2, 593 1
225,679
3^ 993
220,051.
2; 809
333,730 ! 5, 161 :
154.264
5. .197 .
188.546
123,303
112,654
.146,467
1.32, 424
.157. 180
259,605
i
436,069 • 1,142,
925,
439,534
445.312 ! ].084.
444'. 89 L ; .1)087;
482; 3 7 6 ••
.1,041;
478,875 : ' 992;
549.495 : 1.193;
.115,605 1,882,618
74,350 j .1.563,055
82,933 ! 1)725,092
8!
'- —
95)852 1774; 653
59.472
103,078
120,1543 l'.74<654
180,059 2) 1S2,320
1,11.7
1,194
1,035
1.172
1)25J
I.51.5
2, 507
1922.
January..
1
Not: including gold, silver, or the reexport trsade. Latest figures subject to revision.
- Calculated in 1913 value units.
. Calculated in i919 value units. French foreign trade figures arc originally recorded in quantity units only, and the value of the trade is calculated by applying official value units to the quantities imported and exported. Normally the monthly statements of trade appear computed at
the rates of the year previous, and only at (;hc end of the year is the trade evaluated at the prices prevailing during that year. 'Because ofihe disturbed price conditions in France during the past two years. L919 price units are being applied to the 1921 trade.
4
Calculated in 1920 value units.
3
FOREIGN TRADE OF ITALY, SWEDEN, NORWAY, AND JAPAN.1
Italy.
(In millions of
1
Sweden.
(In millions of
kronor.)
•lire.)
Japan,
(in millions of
yen.)
Norway.
(In millions of
kronor.)
Imports. Exports. Imports. Exports. Imports. Exports. Imports. EXL or Is.
—
-
Monthly average:
J913
304
2 1,322
->06
.1.921.
2
3
44.1
587
659
683
;
650
February.
»557
» 981
.
8
3
December...
1922.
January
Fcbruarv
1
Latest; figures subject to revision.
(^
46
33
61
J31
191
91
21 "
>
65
104
63
J Si 1
253
128
195
135
122
116
98
103
124
131
134
148
6S
56
6L
72
105
119
110
132
101
95
112
91
89
94
113
.105
99
103
108
61
71
53
175
162
104
;
January
.July
August
September
October
November
9ii
281
!06
77
210
1 3^ r )
1919
1920
1921
3
•« % 2
•
3
1,101
1,125
3
;
3 718 i
126
176
82
153
82
65
82
1J6
129
129
130
75
77
99
106
96
154
160
112
.121
145
176
196
101
i
2
Based on 19L9 values.
3
Based 011 actual current prices.
S7
332
FEDERAL RESERVE BULLETIN.
M A R C H , 101*2.
FOREIGN TRADE OF GERMANY.
Imports.1
Exports.2
j
Merchandise.
j Gold and
; silver (in
j thousands In millions In thouof marks). of marks.
sands of
metric tons.
Merchandise.
Gold and
silver (in
thousands
In thouof marks). In millions sands of
of marks. metric tons.
Monthly average:
927
17,756 !
9,910
7,572
9,382
10,642
13,814
12,273 i
13,702 :
1,925
2,411
2,533
3,005
2,535
2,086
2.31.0
8,450
17,773
34,901
6,068
1,570
2,232
12,800 |
1913
1920..
19213.
841 i
5,776 |
8,295 !
6, .146
1,657
1,715
I
July
;
August
September.
October...
November.
December.
8,376
35,765
26,674
60,693
5,312
4,922
January4
37, 567
13, 514
26, 832
30',013
44, 073
86, 227
6,175
6,670
7,492
9,681
11,887
14,468
1,55S
1,828
1,871
1,973
1.908
1,930
14,500
2,030
1
2
3
Not including philanthropic gifts.
Not including deliveries on reparations account.
Average for 8 months. Figures covering first 4 months of 1921 are not available.
* Subject to revision.
INDEXES OF INDUSTRIAL ACTIVITY.
ENGLAND.
Production (long tons, 000 omitted).
Railways! Iron and Cotton
nage under net ton
steel | manuCoal
construcmiles | maim- j
(long
tion (gross (000.000 i factures I factures tons, 000
tons).
omitted). |
omitted).
Coal.
19.1.3, average
1920, average
1921, average
1921.
January
23,953 :
19,108 :
13,696
I
I
21,805 I
! 215,214
16,589 :
September
October
November
December
!
1922.
January
:
2
2
16,517 •
21,090
17,875
22,594
642
10
94
158
236
272
275
I
17,693 '
1 Average of 4 quarterly estimates.
2 Five weeks.
12,002,699 I
13,603,131 !
13,312,983 I
646
OW4
£•00
j
493
373
,
'
117
434
429
405
444
381
137
321
322
304
330
292
i
1,546
;
2
July-/August
;
i
855
670
218;
:
,
1.268
1,310
1,194
1,060
1,123
1,216
1,271
!
|
3 3 283,000
!
I
& 2,640,000
328
3
4
Work suspended on all but 2,094,000 tons.
End of month.
16.2
6 Work suspended on all b u t 1,918,319 tons,
e Yards.
333
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
FRANCE.
Pig
iron
production.
Coal.
Crudel
steel
proProduction. duced.
Stocks
at
mines.1
Raw cotton imCotton
ported
for
for con- stocks at
Havre.i
consump- sumption.
tion.
Metric
tons.
Thousands of
bales of
50 kilograms.
1,558
2,005
1,472
27,428
19,577
16,660
274
225
109
629
390
200
3,685 j
4,211 I
3,105 j
1,840
1,071
1,333
3,022
20,671
1,738
000
1,065
1,874
1,301
3,291
2,895
20,393
6,539
10,700
11,769
25,757
29,059
30,835
188
131
132
131
181
.192
208
161.
51
202
201
385
277
382 !
I
3,702 I
2,164
2,593 i
3,993 '.
2,809
5,101 !
5,197 i
1,117
1,194
1,035
1,172
1,251
1,515
2,507
34, 758
10, 616
9 706
7 480
5,348
3,730
4,175
Thousands of metric tons.
1913, average
1920, average
11)21, average
I * 434 j » 391
i 286 1 254
; 280 255
|
I 293 208
!
267 223
i 255 232
: 244 230
• 250 200
| 295 } 277
!
301 j 302
1921.
January
July...*.
August
September
October
November
December
3,338
2,025
279
2,352
2,280
2,403
2,432
2,524
879
256
1,353
1,476
1,560
Raw
silk imported
Total ! Total
for con- imports., exports, j
^
sumpemployed
tion.
i receiving
^municipal
Thou- ! Thou- || aid in
2
Metric sands of i sands of i Pans.
tons.
metric ! metric I
tons. I tons. |
1922.
January.
188
T
4,058
1
End of month.
s
End of month. These figures have been substituted as an index to unemployment conditions in France because the basis on which the
figures previously published were calculated seemed to be changed from time to time.
a
Does not include Lorraine.
GERMANY.*
Production (in 000s of
metric tons).
:. L i g -
Coal.
i nite. I
Imports (in12
metric
tons).
Iron
ore.3
Exports (in metric
tons).2
Cotton.<
Iron
and
iron
manufactures.5
and
dyestuffs.
Coal.
' Ship arrivals in
Hamburg.
= Nurnber of
; ships.
Tonnage
(net
registered
tons;
000s
omitted).
Unemployment.
Per
cent
of
trade'. union
i unem! ploy; ment.
I
1913, average
1920, average
1921, average
January
July
August
September
October
November
December
1921.
j
i
j
|
j
14,425
10,945
11,351
12,009'
10 731
! ll,727i
j 11,607,
11,977!
J 11,708;
I 11,923!
2,7211
2,098!
2,327j
7,269 212,163-1, 224,951
9,323j 49,290 ! 537^ 535
10,251 200,2641 619,194
43,424
12,490
30,894
541,439
145,883
203,993
,881,126'
., 812 2,
2,350
2,218
2,247
2,278
2,396
2,344
2,420
10,0711.
.1.
10,0651 155,2001 493,434 35,176
10,606! 278,661 356; 397i 52,433
10,359! 262,915 564,8271 28,766
10,567i 273,490 919,822J 29,739
10,479! 191,932 937,268; 27,242
11,029. 97,499 790.81V 28,313
177,773;
240,071!
225,331:
216,115
23-1,249;
216,2641
7,353 453,173:
9,618 613,739:
10,156 649,158
10,255 570,048
9,953 569,057:
9,212 640,877!.
008,749;
518,9371
1,250
407
1,182i
525
809
942
957
915
838
055!
8881
95ol
1, OI81
1,047:
1922.
Latest figures subject to revision.
Import and export figures for the first four months of 1921 are not available.
Includes manganese ore.
* Includes linters.
* Not including machinery.
2.9..
3.8!
January..
1
3
8
i NumI ber of
I unem! ployed
: persons
j receiving
State
aid
(000s
omitted).
1921 averages are based on eight months.
88i;
366
4.5
2.51
2.
410
314
267
232
185
152
1.2:
1.4!
384
FEDERAL RESERVE BULLETIN.
FOREIGN TRADE INDEX.
There are presented below the usual indexes
designed to reflect the movements in foreign
trade of the United States, with the fluctuations due to price changes eliminated. The
commodities chosen for these indexes are those
for which prices are compiled by the Federal
.Reserve Board in the preparation of its international price index.1
The export index for January increased
slightly, due to substantial gains in the volume
of exports of producers' goods and consumers'
goods. In the group of producers7 commodities, exports of gasoline and copper wire increased considerably, while most of the other
commodities showed some reduction in shipments. The increase in volume of consumers'
i The list includes 27 of the most important imports the value of which
in 1913 formed 49.3 per cent of the total import values, and 29 of the
most important exports the value of which in 1913 formed 56.3 per cent
of the total export values. The classification of the original list of commodities used was given in the July, 192G, 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.
MARCH, 1922.
goods was caused by pronouned increases in
exports of sugar, illuminating oil, flour, and
pork products. The outstanding movement
among the raw materials was the decline in
exports of cotton, which were smaller than in
any month since April, 1921. Exports of corn
increased 149 per cent during January and were
larger than in any month since the war.
The volume of imports of the 27 selected
commodities showed a moderate decline, in
spite of an increase in imports of producers'
goods. This increase in importation of producers' goods was due primarily to the imports
of sugar, which were larger than in any month
since April, 1921. In the raw material group,
imports of raw silk, lumber, cotton, and refined
copper declined materially, which was partly
counterbalanced by substantial increases in
imports of wool and tobacco. The decline in
the volume of consumers' goods imported was
due to a curtailment in the imports of coffee,
tea, bananas, and oilive oil. Imports of
bananas were smaller than in anv month since
February, 1921.
INDEX OF VALUE OF FOREIGN TRADE IN SELECTED COMMODITIES AT 1913 PRICES.
[Monthly average values, 1913=100.]
Exports.
Imports.
Raw mate- Producers'; Consumers'! Total (29 Raw mate- Producers' | Consumers' Total (27
goods (12
goods (5 ;
goods (10 ! goods (7
rials
rials
comcom(10 comcomi
comcomj
com(12 commodities). moditie s). i modities).; modities). modities). modities). I modities). • modities).
100.0
88.9
92.2
103.1
1913—Year
1919—Year
1920—Year
1921—Year
January
February
March
April
May
June
July
August
September
October
November
December
1921.
100.0
154.7
142.5
95.8
100.0
188.5
138.0
126.1
100.0
118.6
107.7
107.9
100.0
157.5
135.8
113.6
100.0 '•
193.0 I
227.4
162.8
100.0
147.5
166.7
141.4 ,
100.0
168.4
168.8
135.6
105.2
91.0
78.2
76.6
97.7
107.9
111.6
142.7
115.7
121.7
95.1
187.9 !
141.0 i
104.4 i
102.7 I
81.8 !
74.4 |
68.3 !
68.1 I
79.1 !
83.5 I
•83.7 '!
74.1 i
126.0
116.4
122.4
122.5
112.8
135.1
131.8
164.1
147.5
119.2
108.6
106.5
117.6
101.6
91.1
89.9
100.0
111.3
112.5
140.9
119.9
117.6
97.3
95.0
74.5
118.2
160.7
153.4
198.7
94.5
99.3
116.7
102.8
96.2
115.1
133.0
130.8
143.5 :
177.5
177.7
150.2 :
152.5
126.5
165.0
137.8
173.5
199.5
218.9
123.9
135.5
178.9
185.1
162.1
130.4
121.4
129.8
99.4
116.5
149.2
164.8
102.6
130.0
169.7
167.2
127.3
120.9
112.6
136.0
114.6
126.9
150.6
168.7
;6.7
96.0 !
126.2
97.0
11.8.4
228.8
135.2 I
1922.
January
;
:
i
j
160.0
MARCH, 1922.
PHYSICAL VOLUME OF TRADE.
The volume of domestic business showed
very little change during January. Agricultural movements, coal mining, copper mining, and textile manufacturing showed somewhat increased activity, while production of
lumber, cement, and leather fell off rather
sharply.
Receipts of live stock at 59 markets registered
their customary seasonal increase. Grain receipts at 17 interior centers were also larger
than in December, due to substantial increases
in receipts of corn and oats. Stocks of grain,
however, continued to shrink at both interior
and seaboard centers. Production of flour
increased materially and was considerably
larger than in January, 1921. Receipts of
both cotton and cotton seed continued to
decline during January, whereas tobacco sales
increased due to an increased volume of
marketing of the Kentucky crops. Shipments
of citrus fruit from California were considerably larger than in December or January, 1921.
The January lumber cut was smaller than
that of December for all reporting associations,
except the Northern Pine Association, while
there was no material change in size of mill
shipments. Receipts of lumber at Chicago
and St. Louis also declined in January, but
increased in volume during February in spite
of the fewer working days. Production of
wood pulp showed some curtailment in January,
but paper output was about equal in volume
to that of December. Receipts of rosin and
turpentine fell to a very low level, but this
is a customary occurrence in midwinter.
Output of both bituminous and anthracite
coal mines increased substantially during
January, while there was little change in the
amount of coal coked by beehive and byproduct ovens. The production of crude oil
in January was the largest ever recorded in a
single month, yet the number of producing
oil wells completed showed a further increase.
Pig iron production declined slightly in both
January and February, whereas steel ingot
production registered large gains in both
those months. There was a moderate increase in zinc refining during January and a
rather impressive increase in the output of
copper. Production of automobiles and vessels increased in volume, while there was a
moderate reduction in the number of locomotives completed.
Factory consumption of cotton resumed its
upward trend in January, and silk deliveries
were larger than in either of the two previous
months. The quantity of wool consumed,
on the other hand, was slightly smaller than
in December. Both production and ship-1
335
FEDERAL RESERVE BULLETIN.
ments of cement were further reduced in
volume due to the seasonal curtailment of
the building industry. Production of both
sole and upper leatner also declined. Railroad car loadings showed a slight gain, as a
result of increased loadings of coal, live stock,
and grain.
Index
•
Jan.,
1922.
Dec,
Jan.,
.1921.
1921.
[January average
1919-21 = 100.1
•
—
•
-
.
•
-
-
•
Jan., Dec, 1 Jan.,
1922.
1921.
1921.
PRODUCTS OF AGRICULTURE.
Grain and flour.
Receipts at 17 interior
centers (000 omitted):
Wheat (bushels)...
Corn (bushels)
Oats (bushels)
live (bushels)
Barley (bushels)...
Total grain (bushi
els)....
Flour (barrels)
Total grain and
flour (bushels).
Shipments at 14 interior
centers (000 omitted):
Wheat (bushels) - - Corn (bushels)
Oats ( b u s h e l s ) . . . .
live (bushels)
Barley (bushels)...
Total grain (bushels)..
Flour (barrels)
Total grain and
flour (bushels)
1
20,341
55,069
18,32;}
1,267
2,265
24,572
41,731
14,661.
2.346
1,704
32,229 7-1.; : 83. P J IS. 0
42,037 174. ( ; 147.1 132.9
18,509 <SS." 100.0 89.0
2,203 ; 31. L 80.8 54.2
3,754 42. : • I S . n 70.")
97,265
1,768
85,013
1,890
98,732 109.: i()7. C1 110.8
' 1,431 103. i" 97. 2 83.7
105,222
93,516
105,171 I 108.7 100.9 108.0
12,212
29,167
12,148
360
1,435
14,051
17,310
10,883
1,996
1,335
20,187 70.l. i
17,289 202. ? :
11,524 77.4
2,381
lo. 7
2,874 44. <
55,322
2,896
45,576
3,272
54,255 .107..' • 9 9 . C 105.4
2,678 90. -1 90.2 83.0
78.5 127.1
141.4 119.9
98.1 73.4
80.7 104.1
50.9 90.0
68,353
60,298
66,307 103. 7
Stocks at 11 interior
centers at close of
month (000 omitted):
Wheat (bushels)...
Corn (bushels)
Oats (bushels)
liye (bushels)
Barley (bushels)...
26,671
16,836
52,900
3,855
1,620
29,869
15,597
53,918
3,182
1, S31
14,414 5 4 . (•
93.9 29.0
11,597 200. 2 203.5 183.3
29,435 307.1 ! 170.7 170.9
478 •U.4 51.9
5.4
2,057 40.8 92.8 51. S
Total grain (bushels)
;....
101,882
104,396
57,981 119.8 133.7
Total visible supply
(000 omitted):
Wheat (bushels)...
Corn (bushels)
120,804
30,383
135,823
27,109
74,036 120.1 127.4 77.0
15,977 390. 7 240.2 208.0
18,037
17,532
2,306
1,104
648
27,304
11,341
1,941
2,095
1,1] 6
12,717 191.9 130.8 135.3
6,228 570.0 201.5 204.0
1,542 51.3 85.1 84.3
2,749 oo. 0 80.7 138.4
1,971 38.8 58.0 118.1
39,627
1,601
43,797
1,746
25,207 192.4 137. C 122.4
1,175 100.9 03.4 74.0
46,833
51,653
30,494 168.9 110.6| 109.9
13,157
3,959
1,751
2,609
2,230
15,176
2,557
1 447;
2,510!
2,543
15,060 101.4 77.4 116.1
2,525 300.0 229.2: 195. L
1,980 53.2 71.3 60.2
1,602 131.0 139.1 80.5
2,106| 80.4 80.0 81.6
23,706
24,233
23,273 107.1
9,496
8,856
Receipts at 9 seaboard
centers (000 omitted):
Wheat (bushels)...
Corn (bushels)
Oats (bushels)
liye (bushels)
Barley (bushels)...
Total grain (bushels)
Flour (barrels)
Total grain and
flour (bushels).
Stocks at 8 seaboard
centers at close of
month (000 omitted):
Wheat (bushels)...
Corn (bushels)
Oats (bushels)
Eve (bushels)
Barley (bushels)...
Total grain (bushels)....
Wheat Hour production
(barrels)
8,924
90.7 100.0
OS. 2
88.1 105.2
88.8 .86.9|
83.4
336
FEDERAL RESERVE BULLETIN.
Jan.,
!
Index.
j [January average
1919-21=100.]
Jan., I
Dec,
1921.
1922.
MARCH, 1922.
,
Index.
i [January average
! 1919-21=100.]
Dec,
1921.
1921.
Jan.,
1921.
:
Jan., Dec, Jan.,
: 1922. 1921. 1921.
Total
;
Shipments at 54 princi- I
pal markets (head, |
000 omitted):
Cattle and calves... i
Hogs
j
Sheep
'•
Horses and mules
(43 m a r k e t s ) . . . j
Total
I
Other agricultural products.
1,611"
4,2101
I,?""
:
1,404
3,873:
1,622j
45
23
7,670!
6,922;
603
1,740
870
077
1,745
856j
85.1
89.3
87.5
87.3
88.8
47.9
55.4
30.7
8,092; 80.7
87.8
91.5
1,030 80.2
4,058! 80.4
1,709" 110.1
35
i
002 93.9 88. O 85.3
1,64.1 107.5 107.5 101.0
082 132.3 93.4 103.8
33
3,323
3,301;
Receipts at 15 western = .
markets (head, 000 '
omitted):
i
Cattle and calves... j 1,12S
Hogs
! 2,882
Sheep
1,102
Horses and mules.. i
32
47.2
975'
2,074:
974.
lGj
Total.
Shipments at 15 west- j
em markets (head, |
000 omitted):
j
Cattle and calves... I
Hogs
!
!
Sheep
Horses and mules.. j
Total.
Shipments of stockers ;
and feeders from 34 j
markets (head, 000 I
omitted):
Cattle and calves...
Hogs
Sheep
Total
Slaughter at principal
centers under Federal inspection (head,
000 omitted):
Cattle
Calves
Hogs
Sheep
Total
i
Meats, cold-storage j
holdings (pounds, 000
omitted):
Beef
Pork products
Lamb and mutton.
53.4
35. 7
98. ('»
90.0
8L.2
80.1
83.4
2,958| L07.9
84.3
85.0
103.4
42.4
87.5
79.4
5,144
4,039!
5,007
471
1,141
535
31
1,208'
503.
16!
|
427 90.2j 88. 9 81.9
1,079 110.6 114.9 104.5
310' 147.9 95.8 87.4
24 53.8 59.1 42.5
2,178
2,215|
1,840 110.4
231
25
183
242
31
205
203
42
70. L
44.7
74.1
72.7
51.8
041
288
3,985
954
259!
3,807i
890;
282
4,347
1,068
72.8
98.0
78.3
94.0
5,868
5,542:
6,387
79.4 78.3
95.3 95.9
90.8 85.4
87.3 105.9
80.
84,548
457,177
6 401
80,007 142,813
396,397i 593,299
7,508
68,113
00.8
74.5
42. 7
02.5
333
439
93.0
32.
05.9
21.1
87.8
54.7 55.2
96.7 85.6
30.0 224.1
Dairy products.
Receipts at 5 principal markets (000
omitted):
Butter (pounds)...
Cheese (pounds)
Cold-storage holdings
(000 omitted):
Creamery butter
(pounds)
American cheese
(pounds).
r —
TURE—continued .
|
Live stock.
i
Receipts at 59 principal |
markets (head, 000 '
omitted):
(battle and calves...;
Hogs
I
Sheep
i
Horses and mules ,
(43 markets)... i
r
Jan., D e c , Jan.,
: 1922. ; 1921. 1921.
PRODUCTS OF AGRICUL-
PRODUCTS OF AGR1CUL- !
TURE—contin u ed.
;
41,697
10,684
805
48,391
37,172
11,237
538
124.5 90.1
30,939 129.
11,387 90.0 95.7 102.9
147.4 130.0 118.7
648
65,138
58,682
92.9
89.4! 112.0
34,062
2,402
34,115
408
77.4
74.9!
95.2\
95.6
45.5
Cotton seed (tons):
Received at mills..
Crushed
•.
On hand at mills at
close of month..
Cottonseed oil (pounds,
000 omitted):
Production
Stocks
Oleomargarine consumption (pounds,
000 omitted)
Tobacco sales at looseleaf w a r e h o u s e s
(pounds, 000 omitted):
Virginia dark
Bright beltVirginia
North Carolina.
South Carolina.
130,373
329,901
273,306
416,021
418,840: 30.2 01.9! 06.9
527,521' 53.4 77.9; 85.3
418,3491 018,173
484,832 09.4! 100.2! SO. 4
100,700
98,295
131,961
100,167
171,887 25.7 38.8; 43.9
100,710 00.1 79.7 [ 112.1.
10,887
19,411
22,688 53.2! 70.4! 71.5
6,277
7,083
7,862 94.41 103.7; 118.3
10,460
16,718
11,572
28,947
18,060 102.2: 87.0 170.4
49,315 00.0: 75. O 194.7
i
17,178
40,519
67,375 53.31 78.0!
Total.
31,782
11,070
49,149, 56.3 52.9,
Burlcy
20,992
21,680
9,011| 102.9; 111.9,
Western dark
70,228
80,352 133,397| 05.
Grand total
81.5:
Sale of revenue stamps
for manufactures of
tobacco (excluding
Porto Rico and Philippine Islands
(pounds, 000 omitted):
443,201 463,664 462,798! 80.81 85.2
Cigars (large)
61,495
44,289
64,662; 94.1 90. 9
Cigars (small)
i,935 3,901,560) 90.01 80.5
Cigarettes (small).. 3,705,516 2,995,
Manufactured tobacco...
30,938
22,057
24,750J 105.9| 98.9
Fruit shipments (citrus
and deciduous) from
California (carloads):
3,546
3,097
3,429! 118.1' 88.8
Oranges
575
487
627j 90.5 i 129.9
Lemons
142
118
981 107.3 00.2
Deciduous
Apples, cold-storage h o l d i n g s
4,304
5,429
5,105;.
(bbls.)
Sugar, 7 ports (long
tons):
320,773 222,773 132,013
Receipts
290,791 264,941 128,5T"'
Meltings
Raw stocks at close
85,002
62,419 103,7831
of month
209.0
87.0
44.2
115.2
84.4
99.0
101.7
84.7
114.2
10f>. 2
89.1
FOREST PRODUCTS.
Lumber:
Number of mills—
Southern pine..
Western pine..
Douglas fir
Eastern white
174
14
119
pine
19
i
North Carolina j
pine
'
Production (M !
feet)—
|
Southern pine..!
Western pine. .1
Douglas fir
Eastern white
pine
North Carolina
pine
S h i p m e n t s (M
feet)—
Southern pine..
Western pine..
Douglas liiEastern white
pine
North Carolina
pine
182
50
108
193!.
54".
110..
19'.
lOJ.
373,231 377,332
35,385 38,901
326,588 238,036
22,530
19,205
5,397
12,095
320,152
82,874
308,817
348,178
83,350
207,162
25,029
3,632
23,574
12,535
289,824; 111.3 113.'
24,698' 78.7 77.0
153,1571 138.7 109.1
80.4
54.9
65.0
24,319J 96/ 134.1
7,123:
311,977, 92.2 105.2 89.8
42,793; 97.2! 112.2 50.2
170,821. 124.8| 108.7 69.0
10,602j
7,880|
84.0: 136.0 35.6
|...
MARCH,
Jan.,
1922.
Jan.,
1921.
Dec,
1921.
.
Index.
! [January average
I 1919-21=100.]
Jan., Dec.,
1922. 1921.
i
\
!
j
;
i
124,613a,071,534.1,309,480" 104.0 95.5| 121.9
j
I
i
IB, 844i
5L,880|
67,1781.
J
;
!
|
'
328,249. 403,875! 263,<X)Lj 104,9 100.9: 84.1
i
[
\
j
190,897; 258,355 165,308; 109.8 111.4
95.1
I
25!
25i
25;.
!
'
!
19,262;
17,510.'
4,269 .
I
:
1.4,970!
27,467;
18,085|
21,763.
4,182
39,949 . .
21,230!
20,888!
3,620 ! ..
7,1.19
'
•
53,423|
62,180
23,136|
,
:
66,965j
!
115,181
327,932
330, 680,
i
8,919;
'
.
51,563;
85.4 113.4! 1.07.0
79.3 J32.8|
76.0
36,333 j 155.
128. (<j 91.0
.
|
310,905. 129. 0 120. Oj 122.3
!
I
37.600'
|
6.258 1
4J848J
30,975
5,9841
4,636!
4(),270|
7,4101
5,741
80.5
82.3
83. (I
77.0J
79. T
80.8,
92.0
97. 5
89.0
Jan., D e c , J a n . ,
1922. 1921. 1921.
continued.
Electric power produced by public utility power plants
(kw. hours):
Produced by water
276,29911,31?, 502:1,342,689
power
Produced by fuels..j2, 514,018J2,497,335 2,198,804
Total
49(>i
I
1,903'j
514;
1,137
1,86()!
!
2,278
43,326
41,9571
193,705
182,4821
1,151
27.0
37,959 ! 127.0
02.0
111.0 111.7
130,321; ir>i
150.8 121.9 101.5
1,825!
1,108
41.5
75
75.4
72. 1 119. 0
39,223
37,212
40,485; 105.0 102.5 108. 4
439,031
431,887
464,393 100.3 J05.9 112.4
s
:
170,315
175,241
865,769
799,257 859,131 : 107.8 104.9 106.9
82,573
77,005
26,562
21,856
586,087
495,590:
2L0,668
83. 7
90,895, 100.9
80.9 103.5
94.0 111.1
21,261: 130.7! 114.0; 104.0
462,3821 117.0. 121.01
92,8
1 Figures for December, 1921, November, 1921, and December, 1920.
92371—22
6
|3,790,317i3,809,837 3,541,493
METALS.
Iron and steel (long
tons, 000 omitted): 1
Pig-iron production.
Steel ingot production
Unfilled orders, U.
S. Steel Corp
Structural steel (long
tons):
Fabricated structural steel, contracted for, tonnage
Structural s t e e l
orders, tonnage
Shipments
Copper " p r o d u c t i o n
(pounds. 000 omitted)
Zinc (short tons, .000
omitted):
Production
Stocks at close of
month
Tin (p 0 u n d s, 000
omitted):
Imports
Deliveries to factories
Stocks at close of
month
TEXTILES.
Kerosene (gallons)
I 341,009 340,026 393,071; 95.3i 93.9! 109.9
Gas and fuel
(gallons)
'1,331,265 1,279,451 837,404 138.5 133.3J 87.1
L u b r i c a t- i
ing (gallons)-! 216,766 228,038! 160,523 120.4| 131.7! 93.0
Jan.,
1921.
FUEL AND POWER—
FUEL AXD POWER.
Coal and coke (short !
tons, 000 omitted):
Bituminous coal
production (cst.) -i
Anthracile coal—
P rodu e t i o u
(est.)
Shipments
Coke—
Beehive, production (est.)
By-product,
production
(est.)
Crude petroleum:
Production (bbls.,
000 omit led)
Stocks at close of
m o n t h (bbls.,
000 omitted)
Producing oil wells
completed
Oil refineries: 1
Total production
(000 omitted)—
Crude oil run
(barrels)
Gasoline (gallons)
Kerosene (gallons)
Gas and fuel
(gallons)
Lubricating (gallons) .
Stocks at close of
m o n t h (000
omitted)—
Crude oil run
(barrels)
Gasoline (gallons)
Jan., i Dec.,
1922.
1921.
Index.
[January average
1919-21=100.]
Jan.,
1921.
FOREST PRODUCTS—
continued.
Lumber:—Continued.
Stocks at end of
m o n t h (M feet)— ;
Southern p i n e - j l ,
North Carolina
pine
i
Receipts at Chicago.
and St. Louis (M ,
feet)
|
Shipments at Chicago
and
St. :
Louis (M feet)....••
Oak
flooring—
N u m b e r of mills
P r o d u c t i o n (M :
feet)
'
S h i p m e n t s (M
feet)
I
Slocks (M feet).
Unfilled orders •
(Mfcot)
;
Naval stores at 3 southeastern p o r t s :
Spirits of t u r p e n tine (casks)—
Receipts
j
Stocks a t close
of m o n t h . . . .
:
Rosin (barrels)—
Receipts
Stocks at close
of m o o t h
i
337
FEDERAL RESERVE BULLETIN.
1922.
1,630
1,639
1,
937J 02 .2
50.3
74.0
1,742
1,593
h
799;
71 .4
57.7
71.7
4,1.41
4,242
54.1.
92.7
934!
.3
|
25,848
71,500
32, 000.
28,910
29,056
72,100
12, 194
32, 964;.
114 . 7
79.0
42.4
84.1
96.1
39.1
84.0
18,595:
5:
88.2
77.2
03-8
i
85,929|.
|
26 ! .
24
66
9,103
76'...
67
8,880
i
2,584- 137.8
9,576
8,310
2,981
3,799
3,483! 175.3
«,703 . . .
I
!
Cotton ( b a l e s , 000
omitted):
],154j 02.4 81.3
865
Sight receipts
72.0
421
Port receipts
636'
54.3
1,484|
Overland m 0 v e590;
95.1
133
ment
157J 7 7 . 0
American spinners'
100.7
954|
623
takings
527!,
92.3
Stocks at ports and
2,863J 89.7 95.0
2,588:
2,383
interior points
1
1,273; 102.0 107.9
1,7381
1,675
Stocks at mills
Stocks at ware5,645' 99.0| 103.8
5,1774,618
houses
4,544
4,202
Visible supply
4,822| 94.8] 97.7
Consumption b v
mills
\.
527
312
366! 104.2J HO. 4
Spindles a c t i v e
34,489 s
during month
. 34,458
31,539; IO3.2| 104.5
Wool:
Consumption b y
mills (pounds,
61,283
29,807. 130.4 123.0
61,192
000 omitted)
Percentage of idle
machinery 0 n
first of month] to
total reported —
Looms wider
than 50-inch
53.9!
80.8
30.3:
34. 3
reed space
Looms 50-inch
reed space or
48.7 75.8 03.5
21.2:
less
27.2
56. 5 70.0 78.o
25. 9"
26.0
Sets of cards...
43. 8j 00.0
18.5.
18.3
Combs
Spinning spin58.9'
75.0
25.11
27.0
dles, woolen..
Spinning spin39.0,
43.0J 4 3 . 1
13.01
14.3
dles, worsted.
1 Figures for February, 1922, January, 1921, and February, 1921.
83. 2
82.1
90. 7
78. 0
107.8
78.0
121.0
108.9
72.0
94.5
03. 5
i
130.5
135.7
104.7
115.0
129. 5
338
FEDERAL RESERVE BULLETIN.
Jan.,
1922.
Dec,
1921.
Jan.,
1921.
Index.
[January average
1919-21=100.]
M A R C H , 1922.
Jan.,
1922.
Index.
[January average
1919-21=100.]
D e c , Jan.,
1921. I 1921.
Jan., I Dec, Jan.,
1922. j 1921. 1921.
TEXTILES—continued.
Wool—Continued.
Percentage of idle
hours on first of
month to total
reportedLooms wider
than 50-inch
reed space
Looms 50-inch
reed space or
less
Sets of c a r d s . . .
Combs
Spinning spindleSj woolen..
Spinning spindles, worsted.
Raw silk:
Imports (pounds,
000 omitted)
Consumption
(bales)
Stocks at close of
month
32.9!
35.2;
60.0
27.8
27.1
66.7
64.3
51.0
|
32. Oj
24.6;
3.7|
25.4
13. o!
3,881
1.4
25.6
13.8;
5,
55.3
709 165.7' 108.4
i
20,930
22,176
31,139!
24,804J
31,85o!
HIDES AND LEATHER.
Stocks of raw hides and
skins at close of
month (number, 000
omitted):
5,819
7,899] 88.
Cattle hides
6,053!
2,965
3,0871 137.
2,897
Calfskins
1,025
1,382 107.0
1,046
Kip skins
8,998 10,380
10,870! 90.7
Goat and kid
'500
547
2,155j 32.3
Cabretta
12,281
13,184 127.3 106.3
12,661
Sheep and lamb....
Production of leather:
Sole leather (sides). 1,654,744:1,745,625 1,190,950 .
Skivers (dozens)...
17,950- 20,149
14,234:.
Oak and Union
harness
(sides
59,815; 62,551; 42,
stuffed)
Stocks of leather:
Sole and belting
(pounds, 000 omitted)....!
195,8971 186,531
Upper (square feet,
415,790! 425,942
000 omitted)
Leather products:
B e l t i n g , sales
( p o u n d s , 000
309,474
omitted)
Boots and shoes,
o u t p u t (pairs,
000 omitted).
7,455!
7,350
7,77li
Men's
7,748!
7,727
7,976;
Women's
9,039!
9,020
9,427|
Other
MISCELLANEOUS MANUFACTURES.
Woodpulp (short tons):
Production
Consumption
!
Shipments
I
Stocks, e n d of !
month
i
Paper (short tons):
Newsprint—
!
Production
!
Shipments
|
Stocks, end of '
month
I
Book production...\
Paper board—
]
Production
i
Shipments
I
Stocks at end I
of month
'
Wrapping paper i
production
•
Fine paper produc- ;
tion
,
266,921! 272,835: 275,353 93.0 92.8
220,064: 213,571! 215,087 100.8 94.7
40,667: 47,896: 32,098 03.0| 82.7
176,113
169,923
200,817
99.5:
105,808: 107,877: 123,830| 85.9
103,192| 107,070: 116,176 86.3
26,550!
73,446'
23,934!
70,798,
g
91.0
91.
32,417 112.9 112.1
64,382 95.3 90.1
145,198! 149,047! 105,806
145,485 145,809! 100,431
MISCELLANEOUS MANUFACTURES— contd.
Building materials (000
omitted):
Silica b r i c k Production
4,7
6,581
11,659
Shipments
8,246
7,32l
8,656
Stocks, close of
36,344 38,812J 39,730
month
Face brick—
17,833 87.0
Production
25,331
38,444
.5
14,902 23,151
8,704
Shipments
Stocks in sheds
154,285 160,961 154,092 143.1 124.8
and kilns
Unfilled orders
a t close of
31,799 34,755
month
28,3921
47.4
Cement (barrels)—
4,052
6,559
J roduction
4,0
Shipments
3,697
2,5
2,829
Stocks a t close
13,148
of m o n t h . . ..
10,300L
30.3
Rubber (pounds, 000
omitted):
Imports of crude
54,011
rubber
58,645; 26,912 139.2 127.2!
Consumption bytire
manufacturers
18,0491
6,625
Pneumatic tires: 1
1,840
Production
1,757|
506.
3,697
Stocks
5,5081.
3,908j
Shipments, domestic
1,327.
1,343
115.1 Inner tubes: 1
2,070
Production
2,126
50sL
14G. 9
4,731
Stocks
5,204i
5,787;.
141.3
Shipments, domes109.0
2,523
tic
l,540|
1,481;.
139.0
|
136.7 Solid tires: 1
40
Production
I
44;
16!.
169
Stocks
:
173i
303!.
Shipments, domes- 1
40
tic
!
35.
41
Automobiles:
;
Production (number)—
81,424
70,435:.
Passenger cars.
9,127
8,183!.
Trucks
j
Locomotives (number):
11
30!
Domestic shipped..
154 j 6.8 27. c
63
59;
Foreign completed.
71 i 106.8 90.il
Vessels built i n t h e
United States a n d
officially numbered
by t h e Bureau of i
Navigation:
•
:
:
711
45!
94 j 62.3
47. S
Number
40,108! 216,280; 21.0 26.8
Gross tonnage
j 52,704
TRANSPORTATION. :
Railroad operating sta- !
tistics: 1
i
Net ton-miles, rev- '
enue and nonrevenue (000 omitted)
25,707
29,139! 34,670; 82.1 88.]
Net tons per train..,
609
633:
657: 94.7 94.8
Net tons per loaded ]
95.9
car
'
27.11
31.1; 94. ( 97.1
98.5
49.7
Revenue-freight loaded
and received from
113.5
connections, classified according to nature of product (short
100.5
tons):
97.2
Grain and grain
210,2441
products
186,545 182,220! 120.2 109.9
137.8
135,707 129,522 147,029 84.8 92.7
Live stock
83.5
703,001 582,839 850,938! 83.8 77.0
Coal
31,650
Coke
30,519
43,423! 76.7 68.8
9.2
Forest products... 203,997 199,560 201,711i 91.0 93.9
18,836
Ore
24,693 37,590! 38.5 50.3
Merchandise, 1. c. 1. 875,296 941,824 766,574 138.9 115.6
881,887 945,115 898,056 74.9
Miscellaneous
81.0
Total
|3,060,107-3,040,617J3,023,677J 93.8 91.1
i
64.5
33,842
Jan., Dec, Jan.,
1922. 1921. 1921.
95.0 104.2
62,731;
63,018|
65,791;
64,850J
44,620 119.5 107.2
27,405:
25,843!
22,756
58,479
98.7
92.2
81.9
L
01.2
142.9
42.3
69.4
95.7
120.4
82.5
110.7
102.2
109.1
104.2
91.8
101.5
105.2
89.9
76.7
121.7
76.3
92.7
Figures are for December, 1921, and November, 1921, and December, 1920.
339
FEDERAL RESERVE BULLETIN.
M A R C H , 1922.
Jan.,
1922.
Dec,
1921.
Jan.,
1921.
Index.
[January average
I " 1919-21=100.]
.
r
.Jan., 'Dec, | Jan.,
j 1922. • 1921. 1921.
TRANSPORTATION—COIl.
Revenue-freight loaded,
classified according to
geographical divisions:
Eastern
Allegheny
Pocahontas
Southern.
Northwestern
Central western
Southwestern
Total
741,
607,
130, 4(58, i
411,'
-168,1
230, (
Freight car surplus
(number):
Total
Box
Coal
Freight car shortage:
Total
1
!,730
;,094!
670,445!
613, lfe'8,
123,169
460,037i
401,721!
467,
216.535
97.2
88.9!
91.6!' 87.8
88.2: 89.7
For the first time since May, 1921, the general
European index shows an increase last month,
thus marking the end, temporarily at least, of
the severe decline in ocean freight rates which
has continued for so many months. Higher
quotations on grain and flour have had the most
influence in raising the level of the February
index numbers, the increase being greatest in
the French Atlantic and United Kingdom
trades. Charter rates were likewise higher,
and particularly for steamers "in prompt position" charterers found difficulty in filling their
immediate requirements except on owners'
terms.
REPORT OF KNIT-GOODS MANUFACTURERS OF AMERICA.
330,681 470,516
132,174! 191,707
145,913! 221,614
The total production of winter and summer
underwear for the six months- ended January
31 was as follows:
ISox
Coal.
Bad-order cars, t o t a l . . . | 313,190
Vessels cleared in for!
eign trade (net tons): !
i
'
!
!
American
% 050,856 2,431,309 2,191,201 116.3 100.5| 124.2
Foreign
jl, 935,475 2,580; 301 ;2, -15t,617 j 92.2: 100.7> 116.9
,3,986,331 5,020,610 4,645,818. 103. 2 103.
Total
Percentage of American
47.2
48.5
to total
Panama Canal traffic
(tons, 000 omitted):i
Total cargo traffic ..
American vessels...
British vessels
855
356
237
953
349
343
1,077 138.1
473:
335
106.2 156.
Number Actual Per ceu t
of mills producof
reporttion
ing.
(dozens). normal.
August
September
October
November
December
1921.
j
48 | 412,627
55 ; 572,833
56 : 675,205
57 ! 692,452
49 : 518.376
J922.
January
Winter"underwear (January)..
Summer underwear (j anuary).
INDEX OF OCEAN FREIGHT RATES.
71.1
84.4
87.3
55 : 040,489
30 ! 292;512 .
37 i 347,977
!
;
i
79.1
65. 8
95. 3
The accompanying table shows the monthly
fluctuations in ocean freight rates prevailing
Order
for
between United States Atlantic ports and the January and production report The mon tii ended
31, 1922, follows.
number of
principal European trade regions. The figures mills reporting was 40.
are derived from the actual rates quoted on
the following commodities: Grain, provisions,
Per cent
!
of normal
cotton, cottonseed oil, and sack flour. For
i Dozens. production.
the methods used in constructing the index
! 1,295,379
see the August, 1921, BULLETIN, pages 931- Unfilled orders first of m o n t h
114.2
New orders received d u r i n g m o n t h
J
782,616
934.
RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND
EUROPE TRADE.
[January, 1920, rates=100.]
United States Atlantic ports to
j
; NetherU n i t e d ; F r e n c h ; l a n d s i ScandiKing- j Atlantic.. and
navia.
Month.
!
|
1921.
January
February
March
April
May
June
July
August
September
October
November
December
1922.
January
February
1
60.7
54.7
49.3
50.1
50.6
42.7
42.5
42.9
41.8
37.0
33.5
32.4
:
!
i
I
!
;
'
!
;
|
!
31.7
34.7 !
30.2
27.7
24.6
32.6
35.0
34.7
33.2
33.4
32.7
28.5
25.0
22.7
Belgium.
;
:
.
;
"
i
22.7 '•
25.7 I
34.1
29.2
28.3
36.6
38.2
38.3
37.0
36.7
35.8
30.7
25.2 :
22.9 ;
23.3
25.2
4.2.9
30.9 j
30.8
29.4
31.3
31.3
29.0
28.4
28.2
26.7
24.0
23.3
23.4 j
23.3 I
Mediterranean.
43.2
43.8
42.2
35.7
34.6
34.0
34.7
34.3
33.6
33.3
32.9
32.3
32.2
31.8 ;
Total (A)
539,526
7,264
:
78.7
1.1
546,790 :
Balance orders on hand Feb. 1 (A minus B ) .
Production
1,531,205 '
.
505,242:
73.7
All
Europe.
43.3
38.5
35.9
39.0
40.1
37.6
36.8
36.7
36.0
32.3
28.8
27.2
27.1
29.1
Thirty-four representative mills which reported for December, 1921 and January, 1922,
furnish the data for the following table:
[In dozens.]
Decem- i
Loss.
5S5SJ
Un filled orders first of m o n t h . • 1,228,611
N e w orders
! 271,764
Shipments
320,126
Cancellations
10,850
Production
• 398,338
Figures are for December, 1921, November, 1921, and December, 1920.
: 2,077,995
Shipments during month
Cancellations during month.
Total (B).
;
:
:
1,175,377
481,270 i 209,506
524,007 ! 203,881
6,940 :
417,051 '
18,713
53,234
3,910
340
FEDERAL RESERVE BULLETIN.
RETAIL TRADE.
The following tables are a summary of the
data obtained from 387 representative department stores in the 12 Federal Reserve districts.
In districts Nos. 1, 2, 5, 6, 7, 9, 11, and 12 the
data were received in (and averages computed
from) actual dollar amounts. In districts Nos.
3, 4, 8, and 10 most of the material was received
in the form of percentages, and the averages for
the cities and districts computed from such percentages were weighted according to volume of
business done during the calendar year 1920.
The changes in retail trade for the United
States as a whole are obtained by combining
the district percentages, after multiplying them
by a system of weights based partly on population and partly on banking recourccs.
The tables for the month of January are
based on reports from 26 stores in district No. 1
(Boston), 64 stores in district No. 2 (New
York), 54 stores in district No. 3 (Philadelphia),
29 stores in district No. 4 (Cleveland), 22
stores in district No. 5 (Richmond). 34 stores
in district No. 6 (Atlanta), 6C stores in district No. 7 (Chicago), 19 stores in district
No. 8 (St. Louis), 13 stores in district No. 9
(Minneapolis), 11 stores in district No. 10 (Kansas City), 22 stores in district No. 11 (Dallas),
MARCH,
1922.
and 33 stores in district No. 12 (San Francisco).
Bridgeport, in district No. 2 (Now York), and
Milwaukee, in district No. 7 (Chicago), are
shown separately for the first time this month.
Figures for Denver, which are shown separately
for December, are included in "outside" stores
in district No. 10 (Kansas City) for January.
A comparison of monthly changes in activity
of different types of retail business since January, 1921, is shown in. ths second of the following tables. The 158 department stores are
located in districts Nos. 1, 2, 5, 6, 9, 11, and 12,
while the mail order houses do business in all
parts of the United States. Chain-store figures
are based upon the total sales of the same
reporting chains for each month, but the actul
number of stores in those chains shows some
variation.
It may be noted that all reporting types of
business show decided decreases in volume of
trade for January as compared with December,
this being most emphasized in the case of department stores and 5 and 10 cent stores. The
5 and 10 cent chains and grocery chains, however, had larger sales in January than in January, 1921. Department stores, mail order
houses, and cigar chains had smaller sales than
in January, 1921.
CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS.
[Minus sign (—) denotes decrease.]
Percentage of change in n ct sales
compared with corresp onding
period previous year.
Percentage of cllangc in stocks
at close of m on In compared
with—
Perccn tage of
outsta nding
at clo se of
orders iit close
month 1to avcrofinoi ithto
age mi nthly total pu rchases
sales for same during jorevious
pen od.
calendsir year.
Pcrcen
1 averagetago of
stocks
:
District and city.
Dec,
1921.
J u l y l Jan. 1
Jan..
to
1922. Dec. 31, to 31,
1922.
1921.
Same month
previous year.
Dec,
1921.
Jan.,
1922.
Previous
month.
July 1 Jan. 1
to
Dec. 31, to 31,
1922.
Dec, j Jan.,
1921.
1921. | 1922.
Dec,
1921.
Jan.,
1922.
. _ ... .
|
District No. 1:
Boston
Outside . .
5.9
5.5
District
District No. 2:
New York City and Brooklyn
Buffalo
Newark
Rochester
Syracuse
Bridgeport
Outside
District
District No. 3:
Philadelphia..
Outside
District
District No. 4:
Cleveland
Pittsburgh
Cincinnati .
Toledo.....
Outside
- 8.7
- 6.3
- 1.9
- 4.9
- 8.7 — 5.5
— 6.3 - 7.6
0.9
1.4
—13.7 i - 8.7
- 1 8 . 1 ! - 3.4
290.0
395. D
298.4
428.3 .
4.3
3.6
6.6
5.1
5.8
-
- 2.7
- 8.1
- 6.2
1.0
-15.0
1-7.1
316.0
329.2
4.2
6.4
- 7.3
-16.2
- 0.8
-11.3
- 6.9
-14.4
- 8.5 - 2.4
— 3.0
- 0.1
-10.9
—22.0
-25.1
5.5
— 5.6
314.2
372.9
315.8
350.5
356.2
5.8
76
57
3 7
13.3
473.0
350.8
454.8
332.5
379.6
426.2
305.9
568.8
5.2
6 0
- 4.0
- 1 4 . 9 !! - 3.6
22.6
1.7
—18.6 — 0.4
- 1 2 . 4 ; - 9.9
12.6 1
1.5
. . . . ! —11.9
- 1 4 . 1 - 8.3
5.0
4.8
- 7.8
- 3.9
- 7.8
- 5.5
3.7
-16.3
323.1
347.1
5.1
6.4
-10.9
-15.6
- 6.4
- 7.5
-10.9
-15.6
-10.4
- 1.2
-
8.4
.6
-12.0 j - 0 . 3
-19.7 .
2.8
321.7
426.6
345.3
536.3
6.8
2.9
8.8
6.8
-12.2
- 6.7
-12.2
-
- 6.1
-13.9
347.9
394.0
5.9
8.3
—15.3
—6.5
- 6.5
- 4.8
- 3.2
379.1
363.6
407.7
388.2
443.1
348 4
369.3
439.7
359.3
476.4
57
7.1
4.6
7.5
77
10 4
11.1
6.2
16.5
- 1 7 . 6 : - 8.7
381.0
376.5
5.6
9.3
1.6
.
3.0
- 3.6
1.2
. .
District
8.1
3.6 - 7.3
— 6.8 - 1 6 . 2
3.5
— 0.8
- 4.5 - 1 1 . 3
- 8.2 - 6.9
-14.4
- 5.2 - 2.4
-10.0
—15.2
- 3.2
- 4.7
- 7.4
I -10.7
-19.6
-28.9
- 8.6
-14.4
-23.3
—
—
-
3.1
5.6
2.3
3.8
7.2
— 18.9
-21.6
- 7.3
- 9.5
-17.5
-21.9 -17.3
=====
.3
-21.0
- 3.8
5.7
8.2
- 3.7
.4
!
—19.6
-28.9
- 8.6
-14.4
-23.3
-11.2
-13.3
-14.2
-23.4
- 2.0
5.0
— 15.3
- 4.7 — 16.1
- 9.9 - 1 9 . 0
- 7.8 - 2 8 . 0
- 1.9 - 1 8 . 4 i
-21.9
-13.2
- 2.7
3.6
2.3
2.2
67
5.2
FEDERAL RESERVE BULLETIN
M A R C H , 1922.
341
CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS—Continued.
Percen tage of change in net sales
compared with corres ponding
period previous year.
. Percentage of
• average stocks
at close of
;
month to aver1
age monthly
sales for same
period.
Percentage of change i n stocks
at close of 1nonth c()m pared
with—
|
District and city.
I
July I Jan. 1
Jan.,
to
1922. D e c 31 to 31,
1922.
1921.
Dec,
192 L.
Same month
previous year.
District No. 5:
Dec,
•
— 7.4
~ 0. 7
.7
-12.4
—19.5
-14.0
-12.1
-21.8
-17.0
Jan., • D e c ,
1922.
1921.
- 9.5 j - 1 7 . 0 — 5.9
51 i
5.7
2.8
7.0
3.7
5.3
3.9
- 2 1 . 8 j - 5 . 1 ; 369.3
414.3
4.4
5.9
726.4
957.0
502.2
449.4
957.4
661.4
3.3
4.3
8.0
2.2
2.1
7.5
8.2
9.0
2.6
6.5
436.3
593.2
5.0
7.7
1.4 1 - 2 0 . 9i - 5 . 7 : 345.6
— 16.1 1 - 1 8 . 7 I — 6. 7 349.0
— 1.7
- 2.0 i - 1 4 . 5 - 5.2 473.4
338.1
330.6
505.1
469.5
3.5
5.8
7.1
8.6
4.4
5.4
7.1
5.4
—24.9
-37. 9
-.10.7
— 15.2
-33.0
-12.2
—24.7
-32.2
-12.8
—15.4
-26.1
-21.8
—24. q
-37.9
-10.7
— 15.2
-33.0
-12.2
- 7.8
8.8
- 9.8
- 8.1
11.7
- 6.3
-
-19.4
-20.5
-19.4
- 4.5
- 2.5
- 8.5
— 9 2
-14.4
- 1 1 . 4 - 9.9 - 7.0
1.8 —20.9
— 14.7
— 9 2
- 1 3 . 1 - 1 4 . 4 ! - 6.8
- 7.1
-
-13.5
- 6 . 6 1 -12.3
- 8 7
-16.2
— 10.9
— 13 5
— 14.7
—10.8
-15.0
- 7.6 - 9.9
— 5.6
1.8
District
District No. S:
St. Louis
Louisville
Memphis.
Little Rock
Outside
6.6
— 8.8
4 0
— 8.3 — 13.1
—10.6 —24.5
-11.9 | -15.2
!
406.3
449.2
414.3
595.1
-16.8
District
District No. 7:
Chicago
Detroit.
. . . .
\filwaukec
Outside
:
Dec, i Jan.,
1921. | 1922.
350.1
346.5
354.5
475.6
— 17.2
-30.1
- 3. 7
-13.4
-24. 7
-17.3
:
' July 1 Jan. 1
to
jDcc 31, to 31,
1922.
1921.
Jan.,
1922.
!
;
—21.9 ' — 2 0
3.3
9.4 - 2 0 . 4 ; - 8.7 :
3.6 - 2 0 . 7 1 - 9 . 7
16. 8 - 2 5 . 2 - 1.9 !
19 5
— 12 5
4.3 •
1.6 :
- 6.7 - 1 4 . 0
— 3.8 — 12.1 — 7.0
-15.0 . -21.8 -11.8 ;
- 4.5
Richmond
Washington .
Outside
Pre vious
me nth.
.
1921.
District
District No. 6:
'Vtlanta
Birmingham
Nashville
New Orleans
Savannah
Outside
Percentage of
outstanding
orders at close
of month to
total purchases
during previous
calendar year.
12.9
7.4
6.3
2.0
8.0
3.4
:
470.6
-25.0 i - 0 . 1
i -10.8
1.3 ; 490.0
441.3
i -15.8
' -22.0
!4 394.3
- 9.0 • — 1 . 1 1 568.7
; -14.6
3.4 443.9
-17.9 j -
0.2
3.0
8 1
6.4
- 7.6
-16.7
- 5.0
407.4
410.2
4.9
7.6
-16.2 :
4.0
— 13.1
-24.5
-15.2:
- 2.6 - 8 . 8
— 11.9 — 1.5
- 5.2 — 0.6
1.9.2
1.5
- 3.0
3.5
-15.9
—25.0
-15.3
-19.7
-17.1
— 14.6
— 4.4
- 2.8
-14.0
360.6
580.4
485.7
441.3
507. 5
394.9
561.2
557.3
424.7
357.0
3.7
3.6
6.0
6.8
6.6
8.7
5.3
8.1
9.3
4.1
6.4
-8.6
-15.1
-11.9
-15.1 1
- 3.9
— 4.0 - 1 7 . 3
- 9.8
401.4
442.1
4.5
8.3
-18.3
District
District, No. 9
District No. 10:
Kansas Citv
Denver
Outside
-15.6
-17.3
-15.6 j
- 8.1
- 3.7
-12.9
- 3.6
321.3
582.9
2.8
6.1
1.0
— 8.0 - 1 1 . 2 '
8.6
— 0.1
- 9.9 - 1 4 . 5 ! - 1 1 . 3
7.6
24.1
-19.1
-15.4
- 4.5
436.2 :
552.8 :
393.3 |
505.1
18.9
475.5 !
1.0
2.1
5.0
12.5
— 3.9 !—11.2
-14.5
-CIS
11.0
8.0
- 4.3
District
District No. 11
District No. 12:
Los Angeles....
San Francisco....
Oakland
Sacrament o
Seattle
Spokane
Salt Lake Citv
-•--
i
-12.9
- 7.6
-12.9
- 1.8
13.4
-20.3
3.1
443.7 !
490.0 |
2.2
10.2
-16.7
-19.0
-21.3
-19.0 . -11.6
- 2.0
-22.5
-0.4
443.2 ;
474.6 '
7.5
9.8
l
;
9.9
6.8
- 7.9
10.9
416.5
382.3 !
434.4 :
409.7
343.9
469.2 .'
439.2 .
467.3
343.4 :
581.8
483.2
437.9
748.3
523.5 !
-5.5
411,7 ;
489.6 i
6.8
8.9
— 4.1
378.5 .
425.8
5.0
7.7
14.4
22.7
5.3
— 6.2
15.0
- 2.6
1.1
— 2 5
— 17.4 — 16.8
— 4.9 - 1.6
— 6.4 - 4.6
-17.2
— 14.4
-12.1
—21.0
— 19.7
-18.0
-11.8
10.6
— 0.6
— 3.9
— 3.8
-10.8
- 3.0 : - 6.3
- 7 . 7 ; - 6.3
-13.6
3.4
-15.4
i — 5. 5 ! - 1 2 . 4
District
— 2.5
1.1
—6 6 — 4 9
- 9.4 - 1 5 . 3
— 13 8 — 4 6
— 10.6 1— 11.8
—11.0 - 1 4 . 7
-16.5 j -19.9
-12.4
- 8. 0 ] - 0.3
-17.2
— 2.5
1.8
— 4 9
— 15.3
— 4 6
—11.8
— 14.7
-.1.9.9
16
- 9.1
— 15 3
— 5.0
—14.5
-16.0
. . . .
United States
-10.8
8.7
- 5.7
4.0
6.2
9.0
10.0
VALUE OF RETAIL TRADE.
[Average monthly value , 1919=100.]
Chain stores.
Date.
Depart- Mail- :
ment
order ,
i stores
; (156
1
stores).
i
Cigars
*l '(6 l g 1 (3
jchains) . chains).
i
1921.
January
February
March *
Amii
May
Tune
Julv
August
"i
i
103.8
^S. 5
116.9
: 112.5
!
112.6
111.1
79.7
• **2. 7
i
Date.
1
Chain stores.
Depart- Mailorder
ment
stores houses Grocery! Five : Drug Cigars
;
(158
(13 and ten
(3
(6
stores). houses). chains).j cent (4 chains). chains).
chains)..
69.1 ' 1.15.5
64. 8
95.1
77.5
60.2
62.1
! 109. L
;
119.2
! 112.1
i 111.3
! 108.7
49.3 I 106.8
56.4 : 114.3
:
86. .
1
92.9
121.1
HI. 9
112. 2
109. 7
108.0
116.0
115.3 i
108.6
120.8
119.2
117.2
118.2
118.9
! .11.6. 4 ,
!
'
|
:
H9.9
1921.
September..
October
116.
131. 8
November..
134. 7 •• D e c e m b e r . . .
1.29. 5 i
1922.
127. 8
UiMuarv
128. 5
127. 6
95.0
130.6
123.4
182.8
72.7
88.6
83.3
80.3
110.4
126.2
125.7
134.9
91.2
65. 4
1.28. 0
113.4 ;
116.7
141.9
134.1
241.6
:
121. 7
1.1.2. 5
141.6
128.0
138.0
124. 8
172.7
94.6 :
114.2
111.0
342
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
WHOLESALE TRADE.
P E R C E N T A G E O F I N C R E A S E ( O R D E C R E A S E ) I N N E T S A L E S I N JANUARY, 1«)22, A S C O M P A R E D W I T H T H E P R E C E D I N G
M O N T H ( D E C E M B E R , 1921).
Dry goods. Hardware.
Groceries.
I
District.
n-
|Xn
Boots and
shoos.
Furniture.
,> or Num-;
p
Farm im- Auto tires.
plements.
Auto sup- rtalionory.
plies.
Drugs.
iNum-l
Xuin-
Num-
Num- p
jj N u m o
ber of 00111 W1 offf
ccnt • | firms.
firms.
cent, j!firms.!
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
-a.
2
3
— 7.
— 5
-10
- 6
+ 3
5
6
7
9
10..
11
12
- 2
:
41|-14.3|
4Sj
i.
221 + 4.5 ;
46:-L 51.9]
321-1-26.2!
31 -f 49.2j
12!+29.6i
101+95.3!
12U-37.3:
31+15.6;
3"—22.4i
- 2 1 . 8!
HI
11-h 7. i;
2i;-4.-i!
i
4 | - 9. lj
51-29, 5!
]2'-22.0i
1.2 - 2. 5i
10
; -3.7
1-19. 61
11-10.4,
i
19— 3.S=
22 - 2. T
17 1.0.2!
10+ r3.6|
8
.1J
21 "- J-1. 2
20-13.3
9-3S.3;
10
'•
3 .....-;. . . — 5.6'
... -28. V
21—21. 7.
j+0.5:.
!
!
. . . - . . . + 3.3>
4!
8
i
12i —2. S
.1.
'
6!—13.51
4
:
8!
I
••
•
9!+ 0.3
21,-20.7;
<S'
13|+0.31
i+5.2
5!_ 8.9j
35-4- 4.9:
1 3 ! - 9.-1'
:
!
i
I
i
i
4 ; -32.4;
i
!.
1-13.8'
j+273.0
1+43.0":
2(>i-12.5 :
!
8
4
23 - 3 6 . 2 !
15
'
P E R C E N T A G E O F I N C R E A S E ( O R D E C R E A S E ) I N N E T S A L E S I N JANUARY, 1922, A S C O M P A R E D W I T H JANUARY, 1 9 2 1 .
Groceries, j D r y goods. Hardware. • Boots and
shoes.
District.
r nrniture.
Drugs
i"
• NumiNum- Per 'Num-. Per i X u m - Per Num-: Per Num-! Per I N u m - Per
mi P e r Num-'
ber of! cent. bcr of
.ber of
ber of
r of!
ber oil Per
bcr of
ibcr of1
I cent. firms.; c c n t - f i r m s . c c n l " • iber of
firms. cent, i
'firms.
firms.'
firms.) cent. firms.
:
j
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 9
No.
Xo.
No. 12
-10.3
-15. 2
-14.5
— 14.9
|-18. 8
! - 6.1
j - 9.9
" 5.1
—
— 17.0
— 1.9
41!+40.3
48;
'.
22'+ 6.4:
46'+ 2.5s
3 2 , - 1.5
31'+42.41
10,+62. ii
.12,+ 8.0:
31 +12.7'
i
3J-28.5;
...-20.2;
11.1-28.6:
141—13.5"
211— 8:8!
l l j!- 1 4 . 1
4 -12.-1'
o!-1.2. 6
]2 l -26.6"
12|— 0.7
11 + 6.4:
!
25.
10
19.+36.5"
2 2 ! - 8.3'
. +10.0
20+206.7
9"+ 17. 8
16:
10+47.1
3"
8
....: +57. 6
11
i. . . . . - 5.9
2L. + 43.9
21 +26.2
1 7 -
3 . ]"•
. . . i - 7.0
8
i
1 3 : ^ 3.0."
...:+ 0.2!
1
3 -16. 2|
13— ().8 !
-1-24.7
12J + 14.9
6 i - 6.3
8,...
9 : - 5.9
.'-10.8;
4—1.7.2
21I-U.7!
—22.9!
'— 73. 7i
i
26-45.1
i
-21.7
41
4j
i
I
23-11.6,
I
!
Jo
DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS.
Following is a set of tables showing the volume of bills discounted and of acceptances,
municipal warrants, and Government securities purchased by the Federal Reserve Banks
during January, 1922.
V O L U M E O F O P E R A T I O N S D U R I N G JANUARY, 1922.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Sfc Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total: January, 1922.
January, 1921.
Bills discounted for
member
banks.
8148,728,662 i
945,228,302 i
246,117,377 i
184,602,699 I
204,741,710 i
80,778,934 I
186,179,652 ,
74,527,672 i
25,324,136 ,.
46,220,158 |
39,195,873 L
164,122,291 i
United States securities
purchased.
Bills bought
in open
market.
814,526,904
49,226,015
8,923,046
3,307,588
1,098,000
2,395,176
19,409,308
880,054
26," 666'
Bonds and
notes.
Total.
i Municipal |
! warrants j
Certificate i purchased, i
of indebtJanuary, 1922. J January, 1921.
edness.
S2,140,000
30,697,550
10,043,200
1,162,350
§26,318,500
77,845,500
500
6,880,000
9,287,650
339,800
24,600
10,000
29,125,500
203,000
721,500
4,000
""3,"72i,"84i
8,452,350
62,157,500
11,700
141,100,500
274,092,000
9,029
2,000
2,345,767,466 ! 103,507,932
8,257,762,245 ! 122,268,488
Sol, 000
60,029
S191.714,066
1,102,997,367
265,135,123
195,952,637
205,839,710
83,174,110
244,002,110
75,950,526
26,079,265
46,254,158
39,195,873
176,298,482
5521,894,102
5,789,802,707
383,218,493
412,390,636
247,729,048
185,274,510
474,435,863
146,870,654
81,980,175
100,742,070
92,743,276
217,052,899
2,652,593,427
8,654,134,433
MARCH,
343
FEDERAL RESERVE BULLETIN.
1922.
VOLUME OF BILLS DISCOUNTED DURING JANUARY, 1922, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS
ACCOMMODATED.
Federal Reserve Bark.
Boston
New York
Philadelphia
Cleveland
Richmond.
~' "
'
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Member banks' collateral
Customers'
notes.
paper
secured by
GovernSecured by
I merit
Otherwise
! obligations. Government
secured.
obligations.
i §3,905,042
I
860,058
i 5,715,470
j 1,910,487
1,010,735
1,718,095
2,201,630
757,582
126,755
783,289
228,185
721,700
Bankers' acceptances.
Commercial
paper,
n. e. s.
846,084,900
748,840,062
187,805,807
134,713,633
§159,000
178,642,883 1,389,900
36,235,510
579,000
126,263,396 1,476,953
51,878,803
99,000
12,647,176 3,081,740
30,494,194
18,253,733 2," 893,' 733"
86,867,154 24,995,792
$98,248,591
193,812,364
52,532,863
45,152,639
17,882,895
35,863,279
46,047,758
17,157,115
4,487,055
8,988,522
7,870,527
46,349,902
Total: January, 1922... i 19,939,028 1,658,227,251 34,675,118
574,393,510
December, 1921.. j 34,447,381 2,643,303,761 38,970,549 1,369,899,777
January, 1921.... 148,545,029
3,992,943,600
29,724,638
December, 1920.. 143,335,882
4,886,257,779
Agricultural
paper.
38,638,721
3,986,445,075
Livestock
paper.
$342,
832,
444,
205,
5,019,
5,250,
9,781
3,417,
3,465,
2,161,
5,381,
2,664,
$11,637
95,454
17,412
390,569 I
109,106
540,159
1,493,998 '
3,732,026
4,065,895
2,064,248
$500,000
75,000 I.
260,497 !
.
439,564
38,967,290 12,520,504 j
i 1,275,061 I
52,648,490 17,040,568 :$2,061,000 j 137,395 j $40,000
8,429,562
51,176,925 20,326,421 j
9,643,021
4,367,464,512
i Total reduced to a com! mon maturity basis.1
Trade acceptances.
Member banks.
Total, all
classes.
Federal Reserve Bank.
Foreign.
Dollar
Foreign, j Domestic. exchange.
Domestic. !
$147,890 !
871,472 i
118,289
1,866,305
778,291 !
742,341 !
223,890 I
416,632 •
22,098 !
60,361 i
62,821 i
459,314 I
$148,728,662 j
945,228,302 1
246,117,377 j
184,602,699 j
204,741,710 !
80,778,934 j
186,179,652
74,527,672 !
25,324,136 '
46,220,158
39,195,873
164,122,291
Accommodated.
Number
in district
Jan. 31.
Per cent
of total.
Amount.
dumber.
231
356
402
376
395
364
937
320
500
563
536
366
53.0
44.6
56.7
42.6
63.1
70.0
64.8
54.3
48.8
50.6
62.6
43.0
Per cent.
$119,314,720
413,090,262
188,271,828
200,356,428
181,033,113
216,824,167
375,427,816
131,410,645
83,722,540
120,787,307
130,493,085
185,035,555
5.1
17.6
8.0
8.5
7.7
9.2
16.0
5.6
3.6
5.2
5.6
7.9
436
798
709
883
626
520
1,445
589
1,024
1,112
856
852
j 5,769,704 • 2,345,767,466 I 2,345,767,466
1 10,016,944 ! 4,168,565,865 '
$20,170,995
8,257,762,245
16,317,764
9,461,657,679
100.0
9,850 j
9,855 !
5,346
5,676
54.3
57.6
9,659 !
9,628 j
5,291
5,551
54.8
57.7
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta.
Chicago
St. Louis
Minneapolis. „.
Kansas City...
Dallas
San Francisco.,
Total: January, 1922
December, 1921
January, 1921....
December, 1920.,
j
!
I
i
!
1 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (13.75) for system.
VOLUME OF BILLS DISCOUNTED DURING JANUARY, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND
MATURITIES.
4£ per cent.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
'.
!
!
:
!
j
4f per cent.;
5 per cent.
5.v per cent.
Total.
728,662
22S,302
117,377
602,699
741,710
778,934
179,652
527,672
324,136
220,158
195,873
122,291
Per cent.
4.50
4.50
4.50
5.00
5.00
5.00
5.00
5.00
5.18
5.00
5.19
4.73
Days.
11.03
6.00
10.52
14.92
12.16
36.91
27. 73
24.25
45.46
35.94
45. 78
15.50
402,564 1 913,412,292 i 20,808,305 :' 2,345, 767,468
! 1,072,731,549 i 197J633J045 4,168, 565,865
"" '•"" "'"
i
I
4.84
4.91
13.75
11.67
$148,728,662
|
945,228,302 j
'
246,117,377
j
:....!
•
j
!
!
!
!
j
j
:
1
{
j
! §402,564 i
71,069,964
"
8184,602,699
204,741,710
80,778.934
186,179,652
74,527,672
17,475,180
46,220,158 I
25,833,900
93,052,327
$148,
945,
246,
184,
204,
87,848,956 |
"12*9597349"!
.{
Total: Jaimary, 1922
December, 1921
1,411,144,305
2,898,201,271
Average
Average
rate (365day basis). maturity.
186,
74;
25,
46,
39;
164,
:
344
M A R C H , 1922.
FEDERAL RESERVE BULLETIN.
VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING JANUARY, 1922, BY CLASSES.
I
1J ankers' acce pta nces.
j
Trade acceptances.
: TOW urns
Federal Reserve Bank.
' §7,724,615
! 35,112,897
i 5,574,860
" 1,8.13,438
'
170,000
1,387,940
: 13,572,413
278,503
,
j
i
i
'
|
,
i
'•
;
:
i.
2,795,308 ^
;
Dollar i
exchange. !
86,542,289
10,394,668
2,500,039
1,449,150
928,000
1,007,236
5,353,207
601J 551
Total..
Domestic.
8260,000 !$14,526,904
3,71.8,450 ' 49,226,015
804,000
8,878,899
45,000
3,307,588
' 1,098,000
' 2,395,176
483.688 19,409,308
.....!
880,054
20,000 |
;
r
"739,"386 T "
;
January, 1.921..1 77,992.228 32,275,174
.I.)ecember,1920- L77,656,948 \ 63,555,187
j
:
, Percent
Amount. i of total.
Total.
S44.147 •
....'.....•
''
,
20,000
Ii5,36C)"]" 3,650,(Vvi
1,787 !
;
71.787 ! 44,147
208,664 '
10,858,001 121,125,403 i 1,073,284
11,239,769 252,451,904 i 1,1.20,968
7.64
25.34
87,909,340
26,230,138
11,721,351
2,663,859
1 .-477,812
i 1,098,000
! 2,395,176 4>11,887
! 19,409.308 44,050,647
1,731,585
i
880,054
[814,526,904
i 19,226,015
$44,147 \ 8,923,046
i 3,307,588
20,000 j
Total: January, 1922.. 68,429,974 i 29,535,526 ', 5,426,498 103,391,998
December,1921. 155,482,374 ; 53,331,146 j 21,079,169 229,892,689
1
bU3K1
-•' purchased.
Foreign, i Domestic.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City
Dallas....."
San Francisco
Total reduced to a
common maturity
71,787
11.33
2. 57
1, 43
4.-19
42. 56
1.67
.02
23,457
*3*72L84T *3,"6f)i.*856":
115.931 :103.507,032 103.507.032
208,664 230.101,353 "
2/95
100.00
69.801 1,1-13,085 ' 1.22.268,488
2ooi 000 • 1,375,968 |253,827,872
Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average inaiunly (31.61) for system.
VOLUME OF ACCEPTANCES PURCHASED DURING JANUARY, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE
RATES AND MATURITIES.
Federal Reserve Bank.
Boston
New York..
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City.
Dallas.
San Francisco.
Total: January, 1922....
December, 1921.
Federal Reserve Bank.
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas.
; 3} per cent. 3J per cent, j 4 per cent, j4jV per cent.j 4i per cent. ; A\ per cent.' 4$ per cenl. 4J per cenl;
$2,005,975
,
!
I
!
•
i
.1
1
'
!
i
i
25,000
;
•I-
I-
, 85,640,154 ! -S3,339,046
7,512,810
2,061,832
1,916,015 •
296,371 ;
616,242 .
1,978,389 !
$29,140
"I" 10,700,996 I.
!
97,881 j
15,737'.
,
$337,392:
•I-
120,000
20,167,957 i
1,209,130 i 1,283,076 ;
29,140
49,378
526,599
24,852,381 j 9,651,393 ! 2,680,156
54,068,217 i 32,252,5-48 ; 12,634,039
$79,181
5,000 I
§25,000
20,000
105,530
3,051,852
84,181 i
1,220,983 I
68,536
130,000
409,016
3,550,831
4,029,033
TOW.
814,526,904
49,226,015
8,923,046
3,307,588
1,098,000
2,395,176
19,409,308
880,054
835,000
1,098,000
2,329,295
105,000
39,616.864
120,421; 785
day basis).
Per ccM. \
4.20 :
4.47 ]:
4. 10
4.27
5.07 I
5.05 i
4.13 ,
3. 90
Days.
17. 54
16.85
41.53
25.46
42.55
61.31
71.75
62.21
20,000
5.07;
37.08
3,721,841
'4*32';
"25*95
53,251
103,507,932
186,500 ^ 230,101,353
4.28 '
4.41 !
31.61
23.39
$53,251
Includes $60,500 and $1,766,880 of acceptances purchased at 51 and 5& per cent, respectively.
NOTE.—All Federal Reserve Banks use 360 days to the year in calculating interest on bills bought in open market.
§289,306
39,257,126
50,000
20,432
500,778
51,750
4$ per cent. 4} per con 1.1 4£ per cent. 5 per cent. 5& per cent.
i
$32,200
23,952
8486,487
318,955
290,200
505,387
65,881 =.
1,611,651 ;
377,294 •
6,595,883
356,249 i
337,392 ! 2,248,856
San Francisco.
Total: January, 1922...
December, 1921.
§2,654,555
51,340
6,345,460
43,620
•
',
345
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
HOLDINGS OF EARNING ASSETS, BY CLASSES.
Following is a set of tables giving a detailed analysis of the different classes of earning
assets held by the Federal Reserve Banks at the end of January, 1922:
AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF
EARNINGS DURING JANUARY, 1922.
Average daily holdings of—
Federal Reserve Bank. : All classes
of earning
assets.
Discounted Purchased
bills.
bills.
Earnings o n -
United
States
securities.
All
classes
of
earning
assets.
Discounted
bills.
Annual rate of earnings on—
Pur- I United
States
™!f
of ;counted chased securibills.
+V/i "' earning! bills.
ties.
assets. !
Purchased
bills.
\Per cent Per
| 883,164,494: 842,229,543.810,566,8481830,368,103 $307,005 8162,120i 837, 728 8107,157!
4.35
! 270,457,485: 160,815,091 36,559,362^ 73,083,032
625,204! 142, ""- .193,257;
961,186
4.18:
106,852,081= 75,906,729- 14,108,097 16,654,481. 382,910
290,327i 50,
40,795
4.21
114,923,243
406,001!
95,404,389 4,775,428 14,743,426; 462,488
39,080,
4.74
I 95,440,744. 87,255,559. 3,191,785 4,993,400
381,432
404,520
4.99;
99,867,047: 79,655,201 3,749,935 16,461,911
352,272!
414,273
45,352!
4.88'
204,026,172 156,875,243 12,893,373 34,257,556; 828,626i 68(),386:
4.78
,958 103,2821
59,289,406. 51,059,716
305,635 7,924,055
217,842;
233,831
:,054 14,9351
4.64
49,586,0001 45,078,000'
220,650l! 212,720 . i
4,465,000
5.24
7,739
76,201,668
270,826'
300,550
61,269,376
933 26,463,
4.64
616,178 14,238,695
52,631,555 48,072,539
229,448
29,516! 4,529,500
238,405
138
5.33
8,819'
91,694,175: 65,349,786. 11,944,808 14,399,581 360,307
277,897j
4.63
796 38,614;
Boston
New York
Philadelphia
Cleveland
Richmon d
Atlanta.
Chicago
St. Louis
Minneapol is
Kansas City
1 )allas
San Francisco
II
Tol al: Jan., 1922.... 1,304,134,070 968,971,172. 98,740,965 236,118,740 5,114,751 4,106,475: 372,758 634,122!
Dec, 192.1
1,517,194,027,1,185,431,602 105,499,127 226,005,""" 6,109,243 5,144,494; 402,917 56(),640:
Jan., 1921
Dec, 1920
3,034,655,353 2,536,104,523 200,913,063 297,637,767 15.
.,154,34913,568,1521.
,048,344 537,853:
3,313,502,262 2,730,360,460 244,001,410 339,140,392 16i 792,813'14,844,052; ,250,273
i;
;,
cent Per cent'.Per cent
4.52
4.20!
4.16
4.58
4.60l
3.11
4.50
4.24;
2.88
4.29;
5.01
3.12
5.33"
5.L
2.03
5.23,
5.21
3.24
4.11
5.11
3.55
5.02
2.22
5.56
2.04
5.20
2.19
5.62
5.49
2.29
5.01
3.16
4.32'
4.621
4.74
4.99!
5.11
4.50:
3.16
2.92
5.88
5.98
6.30
6.42
6.14:
6.05
2.13
2.43
4.44
1
NOT!.:.—The figures for Philadelphia, Minneapolis, and Kansas City banks include average daily holdings of municipal w;arrants, earnings
and annual rales of earnings thereon as follows: Philadelphia, 8182,774, 8877, and 5.65 per cent; Minneapolis. 843.000, 819J, and 5.10 per cent; Kansas
City, 877,419, 8328, and 5 per cent: total, 8303,193, 81,396, and 5.42 per cent.
HOLDINGS OF DISCOUNTED BILLS, BY CLASSES.
[End of January figures. In thousands of dollars.]
Member banks'
Custom- . collateral notes.
. ers' paper1
secured !v
—
Federal Reserve Bank.
Total.
obligations.
'
"
"""
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
"
San Francisco
Total: Jan. 31, 1922
Dec. 31, 1921
Jan. 30, 1920
Dec. 30, 1920
""
" j
I
i
:
j
!
Commer- AgriLivecial paper, cultural stock
paper.
paper.
n. e. s.
Trade acceptances.
Foreign.
Foreign.
Domestic.
Domestic.
i
:
39,018
123,636
79,019 •
74,733 .
81,966
71,139
1.22,861
41,173
40,997
53,998
45,494
64,851
838,885
" 1,144,347
,
2,252 :
957 i
6,985 '.
2,268 :
1,874 '
2,360
2,289 .
1,438
221
1,193
313
1,016
23,166 "
41,611
! 2,174,357 ; 317,688
2,719,134 ' 271,526
!
wise
Bankers' acceptances.
:
13,411
94,206
51,524
30,195
89
34,771
985
16,487 :
214
41,996
597
13,364 I
69
6,020 I 1,510
11,783 .
7,532 " 1,642
19,802 j 11,731
341,091 !
443,723
1,140,204 !
869,510 |
16,837
17,785
6,427
17,907
22,439
26,855
19,588
38,216
33,222
38,417
37,650
17,224
6,034
14,446
8)293 j
18,332
180,716
mn
452,199
.t
"o
751
8<J6
778
929
547
18
9,277
978
11,559
39,829
7,491
20,913 : 6,098
i, i o±
7,781 ii 18,753
15,121 I 11,621
6,377 ; 7,235
121,702 i 45,919
129,036 ' : 49,670 j
ion
AOI:;
AI\
/»TM
608,283 23,212 I 33,693 \
1,274,606 .143,145 j 103,795 \
165
722
144
l, 989
1 819
i 124
500
487
201
42
723
358
500
249
249
50
931 j
288 |
19,964 !
. . . . 17,218
I'""
5 |
8,274
9!
24,886
21,427
346
FEDERAL RESERVE BULLETIN.
M A S C H , 1922.
HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES.
[End of January figures. In thousands of dollars.]
I—
Federal Reserve Bank.
Total.
Boston
NewYork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas... ..*
San Francisco
|
j
|
!
Total: .Tan. 31, 1922
Dec. 31,1921
Purchased in open market:
Jan. 31,1922
Dec. 31,1921
Discounted for member banks:
Jan. 31, 1922
Deo. 31,1921
i
!
.
;.
j.
j
23,654
14,205
5,867
4,324
4,103
1.5,840
987
201
103
987
5,749
8,204
22,932
14,061
3,378
2,505
2,979
15,340
76,013
49,470
145,383 I
84,389 i
155,586 i
1
.
74,935
145,263
74,833
345,045
9,454 I
10,323 I
1,180
338
694 :
2,040 j
1,909 !
45 I
3,263
5,355
3,298
1,441
1,846
1,514
2,658
475
4,247
165
8,204
722
15,509
22,904
8,854
144
14,061
2,392
2,489
3,878
2,505
659
1,819
2,979
1,465
1,124
15,340 I 11,749
500
500
25
918
201
61 .
42
249
972
264 I
4,321 |
358 I 5,317 !
61
15
632
364
20,558
34,250
165
722
144
1,989
1,819
1,124
500
487
201
42
723
361
5,985
11,164
19,627
49,221
99,919 I 33,962
249 j
50 i
8,376 i
10,203 :
5,985 !
11,164 |
931 !
i
99 |
223 i
102 I
218 |
8,277
9,980
218
8.274 L..
8,274
9,980
9', 985 I
HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS.
[End of January figures. In thousands of dollars.]
Member banks.
Federal Reserve Bank.
Total.
National.
Boston
NewYork....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total: Ja n. 31, 1922
Dec. 31, 1921
Purchased in open market:
Jan. 31,1922
Dec. 31, 1921
Discounted for member banks:
Jan. 31,1922
Dec. 31,1921
8,204
22,904
14,061
3,878
2,505
2,979
15,340
500
5,693 !
7,924 !
5,733 i
687 I
2,500 i
745 I
•7,301 i
226 1
j Nonmem- ;
I bcr banks j Private
1
and bank- I
| ing cor- | banks.
Nonnational. j p orations, j
2,225 ;
!
8,297
4,652 j
1,772 .
37!
2,333 !
1,722 I
362
2,234 '.'.
6,907:
27-1 :
.
958 ;
"249"L
452 I
61
264
5,317
61
15
2,429
1,627 :
76,013
145,383
33,314
60,210
27,993 i
50,342 ;
74,833
145,045
33,101
60,173
27,275 !
50,091 I
1,180
213
37
718 '
251 :
6,113 i
13.706 i
!
5,864 I
13,656 i
249 .
50 :
Branches
and
agencies
of foreign
banks.
2-19 i
970 !
855 I
105 I
121
286
3,380
1,099
952
53
523
2,586 !
32,319 I
6,007
8, 806
- 2,586
12,319
6,007
8,806
MARCH,
347
FEDERAL RESERVE BULLETIN.
1922.
BANKING CONDITIONS DURING JANUARY AND FEBRUARY, 1922.
Continuous loan liquidation by reporting operations in connection with the allotment on
member banks, as well as Federal Reserve February 1 of $601,600,000 of Treasury notes.
Banks, offset in part by increases in their invest- On February 16 about $256,000,000 of loan
ments in Government securities, mainly Treas- certificates fell due, but apparently the larger
ury notes, and a substantial increase of Gov- part of these certificates had been received
ernment balances held by the member banks before maturity in payment for the newly
WEEKLY C VIANGES IN
PRINCIPAL ASSET• < I AND LIABILITIES
>1
FEDERAL RESERVE BANKS
1
2
3
4
5
RESERVE RATIO
TOTAL DEPOSITS
CASH RESERVES
F. R. NOTE CIRCULATION
PURCHASED ACCEPTANCES
6 U. S. SECURITIES
_ DISCOUNTS SECURED BY
U.S.GOVERNMENT OBLIGATIONS
8 TOTAL DISCOUNTS
9 TOTAL EARNING ASSETS
MILLIONS
or
DOLLARS
3000
MILLIONS
OF
DOLLARS
REPORTING MEMBER BANKS
1
2
3
4
5
LOANS SECURED BY U.S. OBLIGATIONS 6 OTHER LOANS (Largely Commercial)
U.S. GOVERNMENT OBLIGATIONS
7 NET DEMAND DEPOSITS
ACCOMMODATION A T F. R. BANKS
8 TOTAL LOANS
STOCKS, BONDS E T C .
9 TOTAL LOANS AKD INVESTMENTS
LOANS SECURED BY STOCKS AND BONDS
BILLIONS
BILLIONS
OF
OF
DOLLARS
17
DOLLARS
17
9
9
V
3000
16
V
2500
A
16
\
\
2500
1
v \
V
V
15
\
2000
\
\
Y
1500
\
2000
VA
-\
s
14
14
13
8
13
c
1500
\
\
12
7
' • .
1
500
o
5
«.
»
-
k
1000
s
v
\
500
7*
9
#.
&
--
^*A
A
/
A.
—
i
10
9
\
>
\
8
• ^
y
"s •X f
3
*v
6
0
>X
\\
\
10
IE
\\
RESERVE
RATIO
3000
- %
\
"\
MILLIONS
OF
DOLLARS
2500
%
11
-
-
1000
\
15
J
PER.
CENT
100
y
"V
8
i
N •*«
!
7
7
6
I
90
6
j
2000
,2
4
80
«.'
5
j
70
4
i
60
1500
1
50
3
5
40
1000
30
20
560
10
J. F. M.A.M. J. J. A.S.O. N. D. J. F M. A. M. J. J. A.S. 0. N. 0.
.
1921
1922
are the leading features of development in the
banking field during the four-week period ending February 15 and 21, respectively. Some
of the changes, notably those in meiiiber bank
investments in Government securities and in
Government deposits, are traceable to fiscal
4
3
4
2
5
••*
•
>
2
1
— s"
^*.
-—
-
!!
"-
2
- • •
1
"
^
.
J. F. M.A M . J . J . A . S . O . N. D. J. F. M.A.M. J. J. A . S . O . N. D.
192!
1922
issued Treasury notes, so that the effect of
these operations is reflected but little in changes
of condition of either the member banks or the
Federal Reserve Banks. The return movement
of currency, mainly Federal Reserve notes,
characteristic of the early part of the year, has
848
FEDERAL RESERVE BULLETIN.
practically ceased, and both reserve note and
deposit liabilities of the Federal Reserve Banks
show only moderate decreases for the period
under review. An increase for the period in
the reserve ratio from 77.2 to 78.1 per cent is
due largely to the gain in gold by the Federal
Reserve Banks*
Loans secured by Government obligations (socalled Government paper) show a continuous
reduction, totaling $28,000,000 foi the period.
Loans secured by corporate obligations fluctuated between a low of 83,074,000,000 on January 25 and a high of $3,129,000,000 on February 8, the February 15 total of $3,126,000,000
being $19,000,000 in. excess of the January 18
total. All other loans and discounts, comprising largely commercial and industrial loans followed a downward course (luring the first three
weeks of the period under review, but increased
by about §62,000,000 during the week ending
February 15. Loans and discounts of reporting member banks on the latter date aggregated $10,930,000,000, marking a decrease of
$85,000,000 for the four weeks under review.
United States bond holdings of the reporting
institutions show an increase for the four weeks
of $10,000,000, while Victory note holdings of
these banks show a decline of $48,000,000 on
February 1 and of an additional $7,000,000 on
the following Wednesday, these decreases apparently representing largely the amounts of
notes tendered to the Government in payment
for Treasury notes of the February 1 series.
Investments in these notes show an increase
of $247,000,000 in the February 1 member bank
statement. During the following two weeks the
banks distributed"substantial amounts of the
newly acquired notes among their customers,
reducing their maximum holdings by $52,000,000. Treasury certificate holdings show an
increase of $4,000,000 for the period, while
investments in corporate and other securities
totaled $4,000,000 less at the close of the period
than at its beginning. In consequence of the
changes noted, loans and investments of the
reporting member banks on February 15 aggregated $14,684,000,000, an increase of $73,000,000 for the period. This increase is accompanied by increases of $237,000,000 in Government deposits and of $44,000,000 in time
deposits, as against a decline of $11,000,000 in
other demand deposits.
Borrowings of the reporting institutions from
the Federal Reserve Banks show a further decrease during the four weeks from $468,000,000
to $378,000,000, or from 3.2 to 2.6 per cent of
the banks' aggregate loans and investments.
But little change is seen in the borrowings of
member banks in New York City from the
local reserve bank.
MARCH, 19 ik-.
Of the total discounts of all Federal Reserve
Banks the amount held for reporting banks,
i. e. member banks located in the larger cities,
constituted 48.1 per cent on February 15, compared with 51.2 per cent four weeks earlier
and 78.1 per cent about a year ago. Notwithstanding the decrease in borrowings from the
Federal Reserve Banks and in their net demand deposits, reserve balances of the reporting members show a practically continuous
increase for the period of $66,000,000. Cash
in vault shows a further decline of $18,000,000, the February 15 total of $270,000,000
being 2.6 per cent of the net demand deposits
of all reporting institutions, as compared with
slightly over 3 per cent on the corresponding
date of last year.
In the following table are shown the principal changes in the condition of reporting
member banks during the four weeks ending
February 15. Corresponding changes since the
beginning of 1921 are traced on the chart on
page 347.
MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OK
'REPORTING MEMBER BANKS.
[In millions of dollars.]
Jan. Jan.
IS. ' 25.
Number of reporting banks
Loans and discounts:
Secured by U. S. Government
obligations l
Secured by stocks and bonds
(other than. U. S. Government obligations)
All other i
Feb. i Feb.
1. : 8.
806 :
804
800
807
470 .
451
450 i
Feb.
15.
444 ;
.'{, 107 : 3,074
7,438 j 7,394
3.1LH i 3,129
7,315 j 7,300
3,12(>
7,302
Total loans and discounts l . . 11,015 10,919 10,878 10,873 ,10,930
U.S. bonds
995
997
999
U. S. Victory notes
189
134
188
141
U. S. Treasury notes
120
322
120
367
U . S . certificates of indebtedness...
204
224
198 : 230
Other bonds, stocks, and securities. 2,095 2,112 , 2,093 2,091
Total investments.
3,596 • 3,615 . 3,830
'
3, 766
998
142
315
208
2,091
3,754
Total loans and discounts
and. investments l
14,611 14,534 ; 14,708 14,639 .14,084
Reserve with F. II. Banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
| 1,267
i 288
110,332
! 3,018
: 186
Bills payable and rediscounts with
F. R. Banks, total
Secured by U . S . Government •
obligations
•
All other
Ratio of accommodation at F. R. !
Banks to total loans and in- I
vestments
1
:
1,250
: 278
:10,271
3,021
' 168
; 1,285 1,308 1.333
, 260
279
270
,10,298 10,236 10,321
. 2,979 3,004 3,062
350
450
423
468
409
.400
395
378
216
252 :
187
222
194
206
202
193
172
206
3. 2 s
2. 8 .
2. 7
2.7
2.6
Including bills rediscountcd with Federal Reserve Banks.
Figures for the Federal Reserve Banks
which cover the four-week period between
January 25 and February 21 show further
liquidation of $128,900,000 of discounted
MARCH,
FEDERAL RESERVE BULLETIN.
1922.
bills, the greater part, viz, $75,900,000, representing bills secured by Government obligations. Over 80 per cent of the Government
paper held by the reserve banks on February
21 was paper secured by United States bonds,
mainly Liberty bonds, about 9 per cent paper
secured by Victory notes, less than 3 per cent
paper secured by Treasury notes, and a little
over 8 per cent paper secured by Treasury
certificates.
Holdings of acceptances purchased in open
market fluctuated between $94,300,000 on
February 8 and $82,600,000 on February 21,
the latter amount differing but little from the
amount reported four weeks earlier. United
States bonds and notes showed an increase
during the first three weeks of $59,900,000,
most of the Federal Reserve Banks, notably
those of New York, Cleveland, Chicago, and
Kansas City, reporting substantial increases
under this head through purchases of Victory
notes and newly issued Treasury notes.- Pittman certificates on deposit with the Treasury
to secure Federal Reserve Bank note circulation show a further reduction of $16,000,000
while other Treasury certificates, largely held by
the Boston, New York, Cleveland, and Chicago
Federal Reserve Banks, show an increase of $62,500,000 for the period. Total earning assets on
February 21 stood at $1,159,000,000, marking
a decline of $24,100,000 for the four weeks
and of $1,695,100,000 since February 25 of
last year.
In the subjoined table are given the weekly
changes in the principal assets and liabilities
of the Federal Reserve Banks for the four
weeks under review. Similar changes since
the beginning o 1921 are presented on the
chart on page 347.
MOVEMENT OP PRINCIPAL ASSETS AND LIABILITIES OF THE
12 FEDERAL RESERVE BANKS COMBINED.
[In millions of dollars.]
Jan. | Feb.
25.
Reserves:
Total
Gold
i
1.
Feb.
Feb.
15.
Feb.
21.
..3,058.9 ;3,061.5 3,062.6 3,07"). 9 j 3,080.8
..;2,904,2 !2,911.5 2,921.4 2,936.1 j2,946.8
Bills discounted:
•.
Total
850.2
837.8 823.5
785.6
721.3
Secured by U. S.
;
Government obligations
357.9 !i 361.1 361.9
327.6 i 282.0
All other
492.3 476.7
461.6
458.0 439.3
78.3 ; 82.6
Bills bought in open market..
82.7 i 90.0
94.3
259.0
Certificate of indebtedness... 184.3
214.7 232.2
230.7
Total earning assets
jl, 183.1 il, 233.5 1,260.0 1,248.7 11,159.0
Government deposits
Members' reserve deposits
Total deposits
F. H. notes in circulation
F. It. Bank notes in circulation—net liability
Reserve percentage
j 95.9
'1,652.3
,1,778.8
|2,184.0
j
! 84.9
| 77.2
i
| 114.7
112.7
79.3 ! 63.9
1,689.4 1,714.7 1.744.4 1,677.0
1,858.5 1.857.5 1,772.2
% 178.1 2,166.2 2,170.0 :2,173.5
j
83.5
83.0 ; 81.2
' 83.9
! 76.2
76.1
76.4 : 78.1
;1,840.5
!
349
Reserve deposits show a gradual rise from
$1,652,300,000 on January 25 to $1,744,400,000
on February 15, followed by a decline to
$1,677,000,000 on the following Tuesday.
Government deposits reached a high total of
$114,700,000 on February 1, the date of issue
of the most recent series of Treasury notes.
Since then a gradual decline to $63,900,000 is
noted. Federal Reserve note circulation on
February 21 aggregated $2,173,500,000, a
decrease of $10,500,000 for the four weeks,
compared with a decrease of $39,000,000 for
the corresponding period in 1921. On the
other hand, the Federal Reserve Banks report
a decrease of $20,600,000 in reserve cash
other than gold, the amount representing
largely greenbacks and silver certificates issued
by reserve banks to meet the increased demand
for currency of the smaller denominations.
Gold holdings of the Federal Reserve Banks
show a further gain for the four weeks of
$42,600,000 and at the close of the period
reached a record total of $2,946,800,000.
Besides the actual gain in gold there may be
noted considerable shifting of gold holdings
through the gold settlement fund among the
Federal Reserve Banks, six of the banks reporting increases and six decreases in their
gold reserves for the four weeks under review. Chicago shows the largest increase,
viz, of $38,200,000, Atlanta being next with
an increase of $32,000,000, while smaller
increases aggregating $29,900,000 are reported
by the Kansas City, Dallas, Minneapolis,
and Richmond banks. Boston reports the
largest decrease in gold holdings for the four
weeks, viz. $28,000,000, followed by New
York with a decrease of $22,100,000, while
smaller decreases aggregating $7,400,000 are
shown for Philadelphia, San Francisco, Cleveland, and St. Louis.
Since February 25 of last year gold holdings
of the Federal Reserve Banks have increased
by $806,500,000, the largest accretion for the
period, viz, $689,300,000, being shown for the
New York bank. Chicago shows an addition
to its gold holdings of $100,400,000, San Francisco an addition of $95,400,000, while smaller
additions aggregating $65,500,000 are shown
for the Atlanta, Minneapolis, Philadelphia,
Kansas City, and St. Louis Federal Reserve
Banks. Cleveland reports a decrease in gold
holdings for the period of $65,000,000, Boston
a decrease of $57,300,000. Richmond a decrease
of $21,400,000, and Dallas a nominal decrease
of about $400,000. Decreases in the goldieserves of the Cleveland and Boston banks are
due in part to the return of their reserve notes
for redemption by other Federal Reserve
Banks.
350
FEDERAL RESERVE BULLETIN.
MAKCH, 1922.
In the following table are shown comparative percentages for the months of January and
figures of average daily cash reserves, deposits, February, 1922, as compared with data for
Federal Reserve note circulation, and reserve the same months in 1919, 1920, and 1921.
CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR
FEBRUARY AND JANUARY, 1922.
[Daily averages. Amounts in thousands of dollars.]
Total cash reserves.
j
Total deposits.
Federal Reserve notes
in circulation.
Reserve percentages.
February. I January.
February, j January.
Federal Reserve Bank.
February.
January, j February.
January.
119,837
727,201
105,342
134,367
57,048
48,849
244,386
68,422
44,479
74,101
45,776
131,181
L
183,233
626,865
187,815
202,570
100,973
115,521
383,910
89,889
54,712
65,804
33,188
227,577
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco...
237,351
211,545 j
1,130,814 ! 1,158,375
216,613
208,920 j
249,372
259,900
71,541
78,788
78,046
103,590
472,027
456,292
114,035
119,090 I
62,792
68,088
88,072
79,881
35,902
43,370 !
287,241 i
283,784
• 123,427
709,388 |
105,399 !
139,062 !
57,421
50,632
250,486
70,179
46,014
75,512
49,004
137,322
Total, 1922.
3,070,045 ! 3,043,984
1,814,446
1,800,989
2,170,529 | 2,272,057
76.9 \
2,287,274
2,098,498
2,164,167
1,804,476
2,002,503
1,855,124
1,822,600
2,027,861
1,825,147
3,068,578 i 3,177,656
2,946,863 2,887,846
2,462,941 i 2,540,642
149.6 '
143.3
i 52. 5
1921.
1920.
1919.
2,343,537
2,053,422
2,183,641
i
1
Calculated on basis of net deposits and Federal Reserve notes in circulation.
160,707 i
622,185 :
185,356 ;
193,661 !
95,670 '
109,650 i
364,244 !
84,999
52,252 ;
61,871 :
30,148 !
215,786 i
78.3
85.5
73.9
74.0
45.3
47.5
72.6
72.0
63.3
57.1
45.5
79.1
74.5 ;
84.9 !
71.9 !
78.1 i
51.5 i
63.4 ;
76.8 1
77.1 .
68.9 |
64.1 ! i
54.8
81.4 ;
74.7
l
47.5
144.9
152.0
351
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
CONDITION OF FEDERAL RESERVE BANKS.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, FEB. 1, 8, 15, AND ON TUESDAY, FEB.
21, 1922.
RESOURCES.
[In thousands of dollars.]
Total.
Gold and gold certificates:
385,044
Feb.l
382.418
Feb. 8
382,260
Feb. 15
381,673
Feb. 21
Gold
settlement
fund—F.R. Board:
509,163
Feb.l
514,110
Feb. 8
531,354
Feb. 15
520,681
Feb. 21
Gold with F. R.
agents:
1,928,419
Feb.l
1,942,725
Feb. 8
1,940,665
Feb. 15
1,977,602
Feb. 21
Gold
redemption
fund:
88,872
Feb.l
82,099
Feb. 8
81,775
Feb. 15
66,847
Feb. 21
Total gold reserves:
2,911,528
Feb.l
2,921,352
Feb. 8
2,936,054
Feb. 15
2,946,803
Feb. 21
Legal tender notes,
silver, etc.:
149,990
Feb.l
141,277
Feb. 8
139,886
Feb. 15
134,006
Feb. 21
Total reserves:
3,061,518
Feb.l
3,062,629
Feb. 8
3,075,940
Feb. 15
3,080,809
Feb. 21
Hills discounted:
Secured by U. S.
Government obligations—
361,092
Feb.l...
361,900
Feb. 8.
Feb. 15
j
" " "
Feb. 21
All other—
Feb.l
Feb. 8
Feb. 15
Feb. 21
Bills bought in open
market:
!
Feb.l
Feb. 8
i
Feb. 15
:
Feb. 21
i
U. S. bonds and notes::
Feb.l
i
Feb. 8
!
Feb. 15
i
Feb. 21
i
U. S. certificates of
indebtedness:
One year certificates (Fittrnaii
Act)—
Feb.l
'•
Feb. 8
Feb. 15
j
Feb. 21
!
All other—
:
Feb.l
Feb. 8
'
Feb. 15
i
Feb..21
;
Municipal warrants: ;
Feb.l
Feb. 8
Feb. 15
Feb. 21
:
New
York.
Boston.
Phila- Clevedelphia. land.
289,068 i
286,890 !
286,244 i
285,045 j
7,672
7,773
7,855
7,945
42,410
35,687
25,518
24,247
2,037 I
2,085
2,082
2,117
Richmond. Atlanta, Chicago. Louis.
Minne- Kansas Dallas.
apolis. City.
2,823
2,846
2,862
2,877
5,135
5,188
5, 111
5,151
22,281
22,513
22,630
22,808
3,511
3,536
3,569
3,584
9,241
9,258
9,276
9,304
48,987 44,877
51,783 | 46,229
51,022 ! 57,316
51,475 46,104
78,412
54,376
53,005
71,979 i
13,266
12,332
12,361
12,414
27,157
33,173
31,728
29,439
21,423
26,559
32,056
31,425
88,557
98,265
109,400
100,308
29,634
31,406
34,053
22,426
31,877 | 52,314 312,011
29,969
53,545 321,840
27,942 59,917 327,115
26,386 68,561 332,778
2,551
2,587
2,575
2,585
Francisco.
8,259
8,475
8,635
19,199
18,935
19,060
19,144
28.249
34,'457
31,968
34,126
42,911 ; 11,185
41,812 j 17,673
45,702 15,813
52,917 18,140
45,391
39,690
43,773
38,095
72,967
71,927
75,213
75,666
24,021
23,898
23,136
22,746
32,159
32,266
31,336 '
30,415
10,822
11,475
10,925
10,296
217,223
223,112
218,947
216,112
1,743
2,591
2,143
1,551
2,141
2,056
2,606
2,991
2,736
2,232 I
2,779 i
3,401
2,084
1,336
1,821
2,392
5,065
7,986
4,936
3,758
!
137,929
135,448
132,880
131,412
711,967 i 138,823 186,306
711,797 ! 135,412 189,036
711,647 j 100, ou» 185,099
136,508 i»;>,uyy
/ ii, 0-1/
741,396 134,896 , 186,938
14,509
16,957
19,493
10,913
5,684
2,890
6,750
4,815
6,677
8,246
9,943
11,128
4,087 j 25,839
3,504 i 12,887
3,868 | 10,517
2,979
4,727
250,133
250,487
261,526
250,271
68,534
74,234
72,475
82,960
88,796 458,505
100,952 469,662
108,116 j 460,621
8,497
8 256
7,260
6,650
6,778
6,565
10,000 i 8,307
10,000 i 11,414
10,000 i 6,919
10,000 8,192
202,520
195,865
185,746
174,517
1,089,447
1,063,063
1,060,896
1,108,420
198,154
200,694
196,531
196,680
23,564
24,950
24,785
24,378
48,613
43,059
40,366
36,271
9,176
9,089
8,697
226,084
220,815
210,531
198,895
1,138,060
1,106,122
1,101,262
1,144,691
208,019
209,870
205,620
205,377
327,641
281,994
15,850
14,511
12,997
12,262
92,442
111,432
86,258
54,168
476,726
461,553
457,979
439,289
26,810
27,378
26,683
33,053
90,027
94,255
78,287
82,564
90,709
109,919
125,633
124,299
7,961
258,630
258,743
269,856
258,232
107,855 63,652
112,460 69,669
114,978 66,986
103,227 ! 69,167
80,357
78,897
82,392
89,318
32,350 286,878
38,959 289,723
37,194 286,716
39,527 277,109
I
15,979
14,812
14,056
13,635
13,720 i
12,761 I
14,247 j
15,040 I
654
850
800
723
6,943
6,151
6,781
6,282
5,947
5,742
5,900
4,610
4,512
4,588
4,559
75,794
87,298 464,667
il(\ OU4
OQ IRA
80,884 93,154 473,317
79,253 105,118 483,718
76,395 112,208 474,256
121,575 i
125,221 !
129,225
118,267
64,306
70,519
67,786
69,890
87,300
85,048
89,173
95,600
38,297
44,701
43,094
45,330
291,488
294,235
291,304
281,668
4,338
4,358
4,166
4,092
58,934 i 31,504
56,629 30,492
59,502 29,411
55,182 j 25,834
36,444
34,339
34,999
34,717
18,468
18,560
16,106
14,374
43,237
39,391
35,238
34,620
15,232
13,468
13,572
11,175
6,073
5,799
5,486
5,170
14,139
13,754
10,301
7,675
6,733
6,471
6,189
21,094
16,798
17,300
19,468
26,770
41,345
54,531
46,805
19,073
13,131
20,472
18,793
44,365
46,623
43,969
39,040
45,590
43,636
41,823
42,442
51,138
49,661
43,448
38,861
81,207
69,451
64,491
63,207
26,179
23,640
24,364
24,075
31,387
33,413
32,395
32,003
40,250
36,939
33,750
31,572
37,346
35,626
33,777
33,665
43,611
40,710
38,276
35,773
8,424
7,817
11,784
12,611
36,560
40,402
19,277
23,007
15,857
17,539
17,229
16,971
3,275
2,415
2,310
2,535
2,504
2,459
2,364
2,135
2,819
2,945
2,390
2,271
15,247
15,689
16,161
16,813
303
999
1,469
1,269
61
58
45
46
15
15
15
15
4,962
3,917
5,243
4,891
3,449
3,469
3,569
3,476
24,714
29,452
37,017
30,622
11,765
14,044
14,475
14,654
6,534
11,556
11,561
14,861
1,233
1,233
1,233
1,233
2,829
916
116
164
15,166
16,674
21,124
22,583
1,714
2,853
4,133
4,340
220
181
240
180
9,038
13,885
17,381
2,630
2,630
2,630
2,630
11,417
13,026
12,154
12,118
8,040
6,000
6,000
6,000
3,760
3,560
3,560
3,560
8,564
7,866
7,866
7,866
I 12,667
j 8,667
I 8,667
j 8,667
6,569
4,071
4,071
4,071
4,450
4,350
4,350
4,350
5,320
5,320
5,320
5,320
18,806
25,025
24,793
27,482
300
1,468
4,747
5,544
'
i
S
!
I
113,000
98,466
98,466
96,966
101,702
133,723
160,499
133,743
206
193
. 193
191
8,450 j
8,450
8,450
8,450
25,581
26,706
26,816
26,334
35,400
33,900
33,900
32,400
47,695
69,215
92,397
61,857
10,000 i
8,000 |
8,000
8,000
27
27
27
27
191
191
191
191
8,870
10,345
10,355
11,581
380 j
4.06 :
833 !
15 i
2 j
2 i
42
520
520
45
1,900 I
1,900
1,900
1,900
7,880
6,382
6,382
6382
10
10
10
352
FEDERAL. RESERVE BULLETIN.
MAKCH, 192.;.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, FEB. 1, 8, 15, AND ON TUESDAY,
FEB. 21, 1922—Continued.
RESOURCES—Continued.
[In thousands of dollars.]
Total earning assets:
Feb.l....
1, 233,462
Feb.8
1, 260,015
Feb. 15
1, 248,698
Feb. 21
|1, .159,046
Bank premises:
Feb.l
Feb.8
Feb. 15
Feb. 21
Five per cent re- !
demption f u n d :
against F . R. Bank j
notes:
i
!
Feb.l
Feb.8
i
Feb. 15
Feb. 21
Uncollected items:
Feb.l
>
;
Feb.8
Feb. 15
Feb. 21
All other resources:
Feb.l
Feb.8
Feb. 15
Feb. 21
Total resources:
Feb.l
Feb.8
Feb. 15
Feb. 21
186,330
174,897
170,474
173,372
83,81.9
79,949
69,927
63,537
1,055
7,084
1,076 " 7,085
•
1,082 ;
7,129
1,089 :
7,129
68,850
70,476
67,317
63,256
643
643
643
643
828
828
828
871
4,740
4,740
4,740
4,740
2,Oi-0
2,091
2,099
2,101
83 \
831
884
S34
136
136
136
136
394
394
394
394
502
638
506
551
1,527,965
.1,535,117
1,558,920
1,505,808
1,
664
1,
665
1,
665
1,
665
523
523
523
2,023
220
297
365
296
916
916
916
916
21,194
21
, 119
23 191
22, 550
63,867
52,958
70 739
61, 1 5
8
26,980
25,449
28,268
29,068
13,239
10,975
12,638
11,552
32, 152
32,266
34,326
33,716
151
95
114
83
274
107
98
137
49,566
88,964
46,904 '. 8(),8-t3
44,793 ' 79,365
44,399 ' 78,6;2
50,297 •
• 45,525
46,499 = 44,151
43,306
52,356
42,565
50,474
516
520
715
810
194
223
278
296
974
1,033
1,045
1,009
294
318
362
355
412,161 207,529 19.1,019 ;724,128 200,2.12
4.14,413 i 206,783 196,031 I710,4-.;2 1^8,558
433,886 • 205,914 199,938 734,440 j 211,293
109,710 202,316 200,021 718,717 i 200,771
125,012 194,552
127.803 1/J3,764
125,908 ! 196,831
126,183 198,583
30,725
22,033
22,019 ! 32,853
26,473 . 39,366
24,143
34,303
2,349
2,590
2,675
2,044
5,986
6,074
6,074
6,084
114,471. '•
418,391
118,441 : 415; 233
119,270 I 4.1.7,337
118,156 401,925
LIABILITIES.
Capital paid in:
7,966 I
26,958
8,748
11,134 !
Feb.l
103,200
26,958
8,748
11,134
Feb.8
103,233
27,029
8,748
7,969
11,133
Feb. 15
103,325
27,049
8,817
7,969
11,343 i
Feb. 21
103,685
Surplus:
60,197
17,945 I 22,509
16,-1 §3
Feb.l
215,398
60,197
17,945 I 22,509
16,483
Feb.8
215,398
60,197
16,483
17,945 j 22,509
Feb. 15
215,398
16,483
60,197
17,945 ! 22,509
Feb. 21
215,398
Reserv e d for G over n mentfranchise tax:
122
142 j
170
Feb.l
1,250
153
191 '
204 !
Feb.8
1,548
189
180 .
249
Feb. 15
1,504
100
226
Feb. 21
1,317
Deposits:
Government—
I
5,455
11,745
504
50,255
Feb.l
114,744
4,636
6,713 ;
16,237
41,397 !
Feb.8
112,717
6,380
6,821 I
13,587
20,542
Feb. 15
79,316
4,592
1,469 !
5,362
25,335
Feb. 21
63,910
Member bank —
reserve account—
662,370 103,999 131,800 i
Feb.l
1,689,422 ! 116,250
686,330
99,987 136,131
Feb.8
1,714,668 '• 110,590
689,778
97,092 144,554
Feb. 15
1,744,430 111,308
650,439
93,754 130,632 •
Feb. 21
1,677,011 110,791
All other—
760 !
1,066
15,203
Feb.l
36,304 |
765
1,016
11,408
Feb.8
31,111
870
1,378
Feb. 15
33,728 ! 1,080 ! 11,849
773 ,
1,033
Feb. 21
31,260
873 . 11,734
Total deposits:
;
727,828 105,569 i 141,015
Feb.l
1,840,170 i 129,071
Feb.8
1,858,496 I 127,585 , 739,135 105,639 ' 143,609 1
"
Feb. 15
.(1,857,474 125,975 . 722,169 104.850 j 152,245 !
GO', 379 1 .132,874
Feb. 21
1,772,181 : 117,026 ! 687,508
F . R. notes in actual
circulation:
Feb.l
2,178,053 1 166,679 i 614,031 181,448 ! 192,826
Feb.8
2,166,179 ! 163,136 ' 615,027 182,439 i 192,920
Feb. 15
2,169,953 I 159,685 ! 621,792 1 185,907 192,625 I
Feb. 21
12,173,514 I 158,721 ! 626,544 I 185,669 193,598
5,458
5,460
5463
4,201 !
4,215 i
4,215
4,215 !
1J,439 i
14,451
14,458
14,480 j
9,114 1 29,025
9,114 ! 29,025 !
9,1.14
29,025 '•
9,114
29,025 ;
11,030
11,030
11,030
11,030
242
274
298
339
162
216
21.8
252
4,606
4,604
4,604
4,622
3.552
3', 556
3.555
3.556
4.578
4; 580
4,600
4,191
4,189
4,194
4,195
7,370
7,371
7,377
7,376
9,388
9,388
9,388 I
9,388
7,468
7,468
7,468
7,468
9,646
9,646
9,646
9,646
7,394
7,394
7,394
7,394
15,199
15,199
15,199
15,1.99
1.40
154
163
185
70
122
98
86
114 i
114
3,872
5,425
10,744 !
3,397 i 5,255 i 8,810
2,635 '• 3,145 !
3,870
5,834 i 2,909 ;
3,330
4,946
2,554
6,165
2,892
239,541 !
237,754 '
245,843 ;
240,564 I
63,708
66,093
71,365
67,645
452
5,218 :
822
415
2,324 !
710
503
3,692 I
805
442 I
345
2,729 :
752
503 i
443 j
46,641 i 255,503 = 69,476
59,217
50,377 I 248,888 I 69,357
57,778
52,786 i 252,680
78;335
57,859
52-, 817 ! 246,202 , 71,289
56,716
j 362,961 ! 86,089
j 360,925 . 84,323
'
* 364,388
85,017
I 365,719 i 84,023
53,348
53,939
53,486
52,943
42,317
44,707
49,648
46,638
i
96,944
96,379
94,431
94,505
i 110,835
J 109,438
j 108,943
I 109,259
•i,577
I
5,594
4,680
2,315
1,553
2,148
5,058
3,413
3,278
9,453
9,742
7,740
4,155
41,000
43,934
42,533
44,228
69,015
70,258
73,326
76,034
42,929
44,960
42,708
45,757
120, 115
119, 985
122, 789
117, 086
509
477
502
503
693
580
769
900
608
747
785
813
9,453
11,469
10,992
10,362
46,112
48,649
45,738
•17,932
75,302
75,518
76,410
78,487
45,685 J39,051
50;705 141,196
46.906 141,521
4<V, 848 132,1.03
52,639
52,526
52,162
52,027
62,676
62,223
61,355
61,493
31,247
30,507
29,895
29,657
4,603 I
4,238!
2,703
3,201
219,678
216,336
213,753
212,299
353
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, FEB. 1, 8, 15, AND ON TUESDAY,
FEB, 21, 1922 -Continued.
LIABILITIES—Continued.
[In thousands of dollars.]
RichSt.
mond. Atlanta. Chicago. Louis.
Boston.
F. R. Bank notes in
circulation—net liability:
Feb.l
Feb. 8
Feb. 15
Feb. 21
Deferred availability
items:
Feb.l
Feb. 8
Feb. 15
Feb. 21
All other liabilities:
Feb.l
Feb. 8
Feb. 15
Feb. 21
Total liabilities:
Feb.l
e
Fb 8
Feb.
Feb. 15
Feb. 21
83,888
7,984
83,507
8,017
82,988
8,221
81,165 I 8,180
414,475
388,650
494,582
425,437
Minne- Kansas
apolis.
City.
Dallas.
Francisco.
3,127
3,058
3,063
3,009
6,777
6,564
6,190
6,214
7,843
7,933
7,987
8,062
4,003
3,827
3,679
3,577
3,829
3,837
3,715
3,686
9,607
9,550
9,662
9,623
2,667
2,582
2,540
2,488
4,889
4,760
4,688
4,808
36,018
33,027
38,279
36,391
15,188
15,768
15,839 i
16,290
,851,922
,832,779
,941,063
,788,987
75,374
70,084
101,365
83,012
47,231
36,317
53,763
40,617
38,068
37,560
48,650
42,656
31,019
32,274
33,249
30,746
15,507
15,322
17,690
17,397
50,320
45.161
6i;999
51,225
26,013
26,388
29,611
27,175
10,328
10,598
12,173
10,343
31,882
31,365
34,358
33,904
21,696
21,395
26,824
23,044
31,019
29,159
33,621
28,927
810
811
860
881
3,270
3,527
3,395
438
475
488
649
706
726
756
982
572
588
601
595
702
727
702
666
3,923
3,945
3,903
4,004
565
607
597
654
1,024
1,015
994
986
792
762
725
744
1,591
1,609
1,517
1,530
1,176
1,203
1,169
1,204
368,384
359,059
379,753
3ol,039
412,161
414,413
433,886
409,740
194,019
196,031
199,938
200,021
724,128
710,442
734,440
718,717
200,212 125,092
198,558 127,803
211,293 125,968
200,771 126,183
194,552
193,764
196,834
198,583
114,471
118,441
119,270
118,156
418,391
415,233
417,337
401,925
365,018
357,105
357,510
345,728
. 527,965
,
. 535,147
,
.,558,920
.,505,808
207,529
208,783
205,914
j 202,316
MEMORANDA.
Ratio of total reserves
to deposit and F . R .
note liabilities combined—per cent:
Feb.l
Feb. 8
Feb. 15 •.
Feb. 21
Contingent liability
on bills purchased
for foreign correspondents:
Feb 1
Feb. 8
Feb. 15
Feb. 21
76.2
76.1
76.4
78.1
76.4 j
76.0 !
73.7
72,1
2,336
2,336
2,336
2,336
32,263
32,240
32,256
32,260
84.8
81.7
81.9
87.1
12,007
11,984
12,000
12,004
72.5 ,
72,9 '
70.7
72.0 !
2,560
2,560
2,560
2,560
77.5
76.9
78.2
79.1
48.5
52.5
52.0
50.5
55.4
58.3
65.0
69.2
75.1
77.6
78.4
77.5
78.2
81.5
79.1
76.1
65.1
69.7
69.2
69.9
63.3
61.7
64.7
68.3
49.8
55.0
56.1
57.1
82.0
81.8
2,624
2,624
2,624
2,624
1,568
1,568
1,568
1,568
1,152
1,152
1,152
1,152
3,808
3,808
3,808
1,504
1,504
1,504
1,504
864
864
864
1,536
1,536
1,536
1,536
832
832
832
832
1,472
1,472
1,472
1,472
81.3
MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12
FEDERAL RESERVE BANKS COMBINED.
[In thousands of dollars.]
Total.
Bills discounted:
Feb.l
:
Feb. 8
Feb. 15...
Feb. 21
Bills bought in open market:
Feb.l
Feb. 8
Feb. 15
Feb. 21
United States certificates of indebtedness:
Feb.l
Feb.8
Feb. 15
Feb. 21
Municipal warrants:
Feb.l
Feb.8
Feb. 15
Feb. 21
92371>—22
7
Within
15 days.
16 to 30
31 to 60
days.
61 to 90
days.
Over 90
days.
837,817
823,459
785,615
721,283
492,041
500,208
485,495
428,670
87,361
81,307
75,271
74,039
119,719
113,179
104,904
109,593
91,344
82,558
77,396
67,644
47,352
46,207
42,549
41,337
90,027
94,255
78,287
82,564
51,708
49,096
28,665
29,473
13,089
16,768
19,161
22,050
14,677
16,743
15,137
15,289
10,187
11,431
15,011
15,633
217
313
119
214,702
232,189
258,965
230,708
26,527
35,019
23,768
1,884
2,009
2,000
35,999
39,302
34,773
9,294
9,671
15,449
3,200
38,165
2,700
2,700
148,193
147,711
186,827
171,373
206
193
193
191
2
142
140
140
140
51
51
51
51
354
FEDERAL RESERVE BULLETIN.
MARCH,
1922.
FEDERAL RESERVE NOTES.
FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, FEB. 1, 8, 15, AND ON TUESDAY, FEB. 21, 1922.
[In thousands of dollars.]
New I Phila- CleveYork. j delphia. land.
RichSt.
mond. Atlanta, Chicago. Louis.
Minneapolis.
Dallas.
64,532 I 83,295
64,089
81,403
62,827
80,473
63,797
80,152
56,141
55,295
54,744
54,115
318,507
315,196
312,312
313,555
i
Net amount of F . R.
notes received from
Comptroller of the
Currency:
Feb. 1
Feb. 8
Feb. 15
Feb. 21
F. R. notes on hand:
Feb. 1
Feb. 8
Feb. 15
Feb. 21
F. R. notes outstanding:
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Collateral security for
F. R. notes outstanding:
Gold and gold
certificates—
Feb.
Feb.
Feb.
Feb.
1...
8
15
21
3,515,117 303,316 11,162,805 252,690 256,643
3,496,610 300,835 ;11,174,441 249,280 251,873
3,467,738 298,267 1,172,400 245,375 249,336
3,458,017 296,799 1,171,091 243,764 247,076
131,596
129,688
128,160
128,564
192,234
189,964
188,336
189,480
561,347
554,175
546,450
542,113
132,011
130,371
129,058
127,511
39,000
38,300
37,300
35,800
28,575
27,155
27,655
27,805
75,581
75,386
74,296
74,811
155,280
156,280
150,280
143,080
25,460
25,460
25,260
25,060
8,875
9,180
8,855
9,055
13,440
13,440
11,990
11,490
21,240
21,630
21,530
21,610
48,300
48,300
52,010
50,810
103,021
102,533
100,505
100,759
116,653
114,578
114,040
114,669
406,067
397,895
396,170
399,033
106,551
104,911
103,798
102,451
55,657
54,909
53,972
54,742
69,855
67,963
68,483
68,662
34,901
33,665
33,214
32,505
270,207
266,896
260,302
262,745
955,461
971,601
960,766
947,441
129,240
129,600
130,200
130,650
360,710
378,510
378,510
376,010
2,559,656
2,525,009
2,506,972
2,510,576
174,076
171,235
168,067
166,149
802,095
795,931
793,890
795,081
202,930 | 217,643
200,920 : 213,573
202,495 212,036
202,504 211,276
344,013
344,013
344,012
344,012
5,600
5,600
5,600
5,600
296,925
296,924
296,924
296,924
13,375
13,376
13,375
i 13,375
12,329
19,848
17,280
15,812
34,042
33,873
33,723
33,472
Gold redemption
fund—
Feb. 1
122,166
Feb. 8
134,397
Feb. 15
123,374
Feb. 21
123.729
Gold fund—F.R.
Board—
Feb. 1
1,462,240
Feb. 8
1,464,315
Feb. 15
1,473,279
Feb. 21
1,509,861
Eligible p a p e r Amount required—
Feb. 1.... 631,237
Feb. 8....! 582,284
Feb. 15... ! 566,307
Feb. 21...J 532,974
Excess amount!
held—
!
Feb. 1.... 260,411
Feb. 8...J 304,523
Feb. 15... i 261,247
Feb. 21...i 234,354
San
Francisco.
Kansas
City.
120,000 381,000
130,000 i 381,000
110,000 1 381,000
110,000 411,000
49,760
48,360
42,880
41,260
13,434 I
10,023 !
11,119
14,507 .
12,931
15,660
11,724
13,563
|
125,389 j 160,000
125,389 :! 160,000
125,389 160,000
120,389 ; 160,000
5,960
13,052 1
5,960
13,052 !
5,960 ; 13,052
5,960 13,052
2,400
2,400
2,400
2,400
3,582
4,674
2,647
4,091
4,914
5,645
4,017
3,161
28,295
25,295
25,295
22,295
45,000
45,500
53,500
63,000
64,339
61,033
54,123
46,108
|
94,056 :
J
73,055
69,055
66,255
33,584
32,984
28,585
26,785
7,749
9,803
7,503
9,064
45,635:
51,458 I
46,836 !
48,287 I
8,124
5,112
10,820
9,699
36,147
35,787
35,187
34,737
90,128
84,134
82,243
53,685
64,107
65, 508
65,987
67,608
31,337
24,537
26,937
24,338
71,144
72,564
72,563
74,373
14,937
13,919
16,277
23,189
48,869
93,099
61,077
52,609
15,182
9,887
17,298
9,164
47,807
54,709
48,653
43,071
10,654 :
7,101 ;
2,821 i
1,801 :
15,367
14,196
15,471
15,134
4,307
4,667
2,953
3,4.06
1,799
2,637
1,906 ! 3,290
2,976 I 2,740
2,055 1 2,111
15,055
18,989
16,840
14,923
1,484
1,484
1,484
1,484
202,168
204,143
202,107
201,189
!
31,636 j 37,696 24,079
31,011 i 35,697 22,190
30,836 37,147 I 22,289
31,996 38,247 | 22,209
52,984
43,784
41,355
46,633
, I
16,676 20,751
15,054 i 20,150
6,937:' 17,861
2,185 | 17,660
16,507
17,458
19,162
13,310
1,769
1,646
1,884
1,494
9,200
296,644 ! 62,700
310,644 i 61,300 . 9,200
,
i
,
,
311644 i 66300 : 8,200
311,644 i 66,300 : 8 2 0 0
317,644 j 66,300 j
6,701
! 6,701
1 6,701
! 6,70.1
8,200
8200
7,520
6,773
6,002
4,315
30,360
30,360
28,360
355
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
CONDITION OF MEMBER BANKS IN LEADING CITIES.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JAN. 25 TO
FEB. 15, 1922.
ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT.
[Amounts in thousands of dollars.]
Clevc- ! RichAtland.
mond. > lanta.
Number of reporting banks:
49!
107
Jan. 25
806|
107
Feb.l
807
108
Feb. 8
807|
108
Feb. 15
Loans and discounts, including bills rediscounted with
F. R. Banks:
Secured by U. S. Government obligations—
450,892!
27,265 164,197
Jan. 25
449,7341 30,668 158,324
Feb.l
443,632! 29,142 155,575
Feb. 8
441,727;
27,520 161,467
Feb. 15
Secured by stocks and
bonds (other than U.
S. Government obligations)—
3,074,170. 221, 6261L329.101
Jan.25
3,112,865 213, 60511,387,725
Feb.l
3,129,004, 223, 3011L,362,949
Feb.8
Feb. 15
3,125,795! 217, 0731;1,370,162
All otherJan .25
7,393,467! 554.S 2!, 467,120
514
Feb.l
968 2!
7,315,444 558. S 2,454,184
Feb.8
7,300,518! 554,791 2,462,245
Feb. 15
7,362,6811 565, 534 2,466,571
or 2
Total loans and discounts,
including
bills
rediscounted with F. R. Banks:
Jan. 25
10,918,529 803, 405 3,960,418
Feb.l
10.878,013, 803, 241 1
1,000,233
Feb.8
id, 873,1.54 807 234 Z
5,980,769
Feb. 15
10,930,203, 810, 1273:
3,998,200
U. S. bonds:
Jan. 25
997,1331
47,985 395,761
Feb.l
48,217 404,150
998,525
Feb.8
994,836! 48,719 400,918
Feb. 15
48,513 401,181
997,684
U. S. Victory notes:
j
Jan.25
3,882 103.600
188,076
Feb.l
3,493
69,086
141,387,
Feb.8
3,210
71,332
134,287;
Feb. 15
74,115
141,960'
U. S. Treasury notes:
Jan. 25
120,430
4,576
82,323
Feb.l
366,543'
14,902 164,481
Feb.8
322,340
16,435 172,989
Feb. 15
315,05oi
16,683 167,578
IT. S. certificates of indebtedness:
197,613
128,936
Jan. 25
230,547|
7,685 137,788
Feb.l
224,017
6,814 122,068
Feb.8
207,739j
6,138 117,54L
Feb. 15
Other bonds, stocks, and
securities:
2.111.963! 144,533 746,649
Jan.25
2,092,675 139,275 744,594
Feb.l
2,091,066 142,258 737,822
Feb.8
2,090,869 ! 142,387 737,969
Feb. 15
Total loans and discounts
and investments, including bills rediscounted with
F. R. Banks:
14,533,7441,011,009 5,417,687
Jan. 25
114,707,720' 1,016,813 5,520,332
Feb.l
14,639,700 1,024,67()l5,485,898
Feb.8
114,683,510 1,027,207 5,496,584
Feb. 15
Reserve with F. R. Banks:
1,250,355
77,302 596,031
Jan. 25
81,873 604,756
1,285,175.
Feb.l
75,508 630,145
1,308,450'
Feb.8
76,794 633,850
1,333,056
Feb. 15
Cash in vault:
19,261
89,641
278,480
Jan. 25
266,108
18,21.4: 84,456
Feb.l
278,695
18,1281 90,995
Feb.8
269,880
Feb. 15
17,626
87,382
Net demand deposits:
756,51714,682,791
Jan. 25
1
Feb.l
10,270,792 760,245:4,71.5,214
Feb.8
il0,297,990 741,85414,636,253
Feb. 15
10,235,655 747,359)4,680,770
10,320,674
i
!
Chica
! San
Minne- Kansas
Fran" ° - Louis. apolis. Citv. Dallas, j cisco.
110
110
HO!
110
47,454
46,686
45,773
44,382
45,833
45,333!
44,450!
42,663
18,572
17,722
17,902
17,563
13,898
13,479
13,369
12,920
205,221
196,853
214,238
206,695
320,111
318,423
323,439
328,118
108,515
107,984
107,990
106,893
53,571
54,534
55,278
53,524
66
68
16,767
18,435
16,521
16,616
9,797
9,527
11,471
15,078
15,720
14,970
14,813
5,422
5,360
5,530
5,388
19,428
18,956
21,763
18,242
435,471 123,211
434,578 123,916
443,722 123,761
121,798
32,332
33,145
32,302
32,642
63,649
64,217
63,703
63,151
39,783
39,596
41,000
41,663
141,579
138,289
137,321
140,783
67,181
69,524
67,166
70,467
319,051i 615,453! 315,538 292,3491,062,618
321,15l! 609,8511 314,081 288,8971,058,957
320,620 608,290J 316,188 283,904:1,048,854
327,520| 632,279; 313,468 289,0461,051,271
294,058
292,429
295,774
298,778
204,01.9
200,935
199,394
201,893
353,676
350,864
350,502
349,287
189,846
189,991
188,328
189,556
725,225
675,136
671,628
677,478
571,726 981,397.
564,690: 973,607'
580,631' 976,179
578,597;l,003,060|
434,036 246,148
434,780 243,607
436,056! 2.13,167
437,192! 244,221
432,403
430,801
429,175
427,251
235,051
234,947
234,858
236,607
886,232
832,381
830,712
836,503
18,620
19,327
18,796
19,315
35,669
34,611
36,218
36,416
32,973
34,914
34,646
34,706
104,655
95,384
96,486
98,061
710
2,922
3,391
3,047
3,069
1,242
1,285
1,210
1,214
13,685
12,998
11,303
11,284
547!
1,207518
5,820
3,245 13,969
3,988 3,125 10,946
3,815 3,685 10,644
1,
1,708
4,289
3,787
10,049
15,699
14,698
19,780
442,625
439,787
442,080
437,924
359,8181, 565,270
356,910(1, 503,059;
352,55l| 1, 559,742!
355,490jl, 565,031j
47,684
47,884!
48,057
47,751j
118,130|
122,657:
120,7501
120,980
61,665
61,387
61,463
61,341
26,967'
27,3611
28,354!
26,570J
79,777i
76,013j
75,084:
76,850|
15,099.
12,8941
7,922
8,560,
18,367!
15,461!
16,261
17,077j
2,035
1,965
2,040
2,160
1,151:
1,3461
1 137
1,153
21,907!
15,438:
12,060
15,122
5,18725,103.,
22,484]
19,175
j
2,768j
21,642!
20,539;
18,595|
4,
,
! 7,575
376i 94,566
5i 032
2,303
43,197
7,347
2,033
41,795
7,485
6,885!
8,815"8.9801
8,443|
7,825!
10,320:
9,893!
9,835!
2,280
5,487
4,093
3,316
1,189
1,673!
5,064;
3,439!
48,419
268,087! 48,505
273,226 48,343
275,948! 47,854
35,270i
35,831,
35,589
35,768:
I
165,483
162,639,
162,253
163,037,
4<JO, vot\
812,0641,397,471!
822,025,1,411,774
830,3271,416,848!
825,563:1,445,495;
561,112
562,163
565,366
560,080|
62,232!
68,324.
63,100:
59,284'
'86,1771
92,514
93,297i
99,881
33,973
31,781,
32,168
31,848
14,561:
13,467;
14,938,
14,666
25,935
25,292
28,070
25,874
13,992!
13,084J
622,056!
614,523i
623,839
612,914,
770,217
769,514
789,000
776,3811
304,679
4,679
300,816
305,076
303,3981
27,247
"26,620
25,345
26,000
3,476|
3,6651
4,157
4,238
609
4,657
6,317
6,370
5,
4,216
10,632
10,073
3,486
8,773
5,959
4,985
3,264
3,381
5,850
4,478
13,556
15,425
22,369
19,374
382,457!
383,917! 68^ 499|
381,844 68,436
rtl
382,554
20,767
20,534
20,633
21,390
47,275
46,236
46,656
46,732
9,091
9,037
9,199
9,183
174,006
165,521
164,807
158,389
14,691
14,251
16,484
15,615j
I
,
424,39523,071,6771
423,497 2: 147,244'
J,
2,088,411!
424,998 2, .,___.
424,453 2,096,967:
!
26,001: 164,347j
26,025' 179,762i
27,940 178,524!
32,554' 185,511|
538,9921 291,66! 522,273
545,701! 297,71 537,781
544352 29640 532,001
529,097
283, 2131, ,202,183
285, 2721 ,137,408
290, 0521 ,140,375
289i 9751,143,391
43,593
41,286i
44,374
49,160
18,895
18,388
21,027
19,550
40,909
40,517
41,587
44,114
20,597
21,126
22,813
20,835
80,298
78,823
77,967
79,675
49,460!
48,794i
48,894
49,21l!
6,634
6,620
6,636|
6,603]
6,412
6,178!
7,174
"
11,870
10,954
11,767
11,321
9,332
9,330
9,283
9,502
21,992
20,044
19,850
20,271
222,9531,260,480 !
224,370:i,286,785!
223,89511,287,6291
229,326,1,312,794;
309,318!
308,723!
312,973;
320,360!
175,030
175,290
174,941
176,257
372,034
372,354
374,029
383,207
9,316!
10,057!
8,968!
8,246j
190,998 603,719
189,769 580,387
192,166 574,000
196,534 581,374
356
FEDERAL RESERVE BULLETIN.
MARCH,
1922.
PRINCIPAL RESOURCES AND BIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JUNE 25, TO
FEB. 15, 1922—Continued.
ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued.
[Amounts in thousands of dollars.]
Total.
Time deposits:
Jan. 25
Feb.l
Feb. 8
Feb. 15
Government deposits:
Jan.25
Feb.l
Feb. 8
Feb. 15
Bills payable with F. R.
Banks:
Secured by U. S. Government obligationsJan.25
Feb.l
Feb. 8
Feb. 15
All otherJan. 25
Feb.l
Feb. 8
Feb. 15
Bills rediscounted with F.R.
Banks:
Secured by U. S. Government obligations—
Jan.25
Feb.l
Feb. 8
Fob. 15
AU otherJan. 25
Feb.l
Jan. 8
Feb. 15
New
Phila- Cleve- Rich- AtBoston. York. delphia. land. mond. lanta.
Chicago.
San
Francisco.
MinneSt.
Louis. apolis.
3,021,337
2,979,403
3,003,848
3,061,970
183,565
185,941
186,824
187,742
480,013
486,463
491,607
509,919
47,308
47,234
47,562
47,966
425,539
425,923
430,105
465,269
130,973
130,413
130,516
130,164
143,321
141,428
145,395
143,239
648,472
647,536
653,582
656,401
155,196
156,49o|
156,4481
155,996|
76,205
76,276
75,613
76,609
105,020
105,341
105,731
105,256j
61,486
59,596
62,513
62,870
564,239
516,757
517,952
520,539
168,462
350,490
450,272
422,896j
12,753
33,709
34,611
34,559
66,005
163,647
165,726
165,476
17,701
37,615
37,595
21,645
18,286
18,286
47,325
46,257
4,897
5,053
12,919
12,841
4,251
7,665
12,775
12,775
20,713
21,108
59,704
58,203
4,177J
" ~
13,641
13,742
4,760
13,709
13,700
13,165
#147
15,147
15,147
3,684
3,730
11,429
11,429
7,266
24,735
25,700
17,657
170,651!
181,217,
186,628]
157,014J
4,
4,170
3,050
2,380
62,784
71,977
92,145
66,279
19,892
21,395
19,878
23,137
14,259
14,885
14,474
14,264
20,105
18,192
16,400
17,515
5,467
6,185
5,675
4,130
20,697
17,371
13,294
9,450
5,894
4,042
3,200
3,734
1,037
953
993
. 996
3,719
6,603
6,526
3,596
2,218
2,409
1,848
1,765
9,890
13,035
9,145
9,768
325
410
610
360
349
354
299
285
52
52
52
52
382
460
3,384
300
837 j.
1,136.
1,266'.
27
27
27
84
145
14;
2001.
185
155
soo;.
16,215,
13,277!
15,567
14,609!
1,018
221,590
204,415
191,615|
205,804
14,024
19,191
20,376
20,697
1,6
187
479
772
1,222
5,331
6,378
5,819
6,255
2,077
1,194
651
587
1,2
947;
794
2,104
1,493
1,390
1,078
1,!
353
587
1,288
1,161
1,001
682
812
50;
87|
77|
73
745
706
608
520
26,020
17,459
32,487
46,643
12,265
6,810
14,360
39,199
34,876
37,346
35,742
23,305
21,929
20,917
19,433
17,822
16,039
13,398
12,854
34,157
28,772
18,883
16,099
16,173
13,425
11,128
11,859
5,008
3,8U
3,144
2,703
19,307
17,566
14,449
12,032
5,145!
5,263j
4,434|
12,448
13,819
8,243
9,516
MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.
Number of reporting banks:
Jan. 25"
Feb.l.
Feb. 8
Feb. 15
Loans and discounts, including bills rediscounted
with F . R. Banks:
Secured by U. S. Government obligationsJan. 25
Feb.l
Feb.8
Feb. 15
Secured by stocks and
bonds (other than.U.S.
Government obligations)—
Jan. 25
Feb. 1
Feb.8
Feb. 15
All other—
Jan. 25
Feb.l
Feb.8
Feb. 15
Total loans and discounts,
including bills rediscounted with F.R. banks:
Jan. 25
Feb.]
Feb.8
Feb. 15
U.S. bonds:
Jan. 25
Feb. 1
Feb.8
Feb.15
U.S. Victory notes:
Jan. 25
Feb.l
Feb.8
Feb. 15
!
275
275
275
275
15
15
15
15
|
13
13.
i
145,505
140,455
137,958
143,626
44,496
43,768
42,916
41,222
12,646
12,653;
12, 54l|
12,209
3,
3,
3, 785
3,738
1,942
1,976
1,909
1,905
52,156
55,187
52,824
55,809
10,607
12,424
10,790
10,811
6,301
6,088
6,057
5,974
5,164;
5,102|
4,785:
4,659
1,497
1,543
1,538
1,513
7,187
6,389
9,212
6,094
2,196,540
2,229,023
2,245,269
2,237,740
,159,696
176,696 1,
.,
168,406 I! 214,161
178,0361.,191,874
.,
171,6941 196,813
,
184,960
176,434
193,994
185,958
126,308;
124,773
126,146
126,244
15,409
15,427
15,460
15,414
9,766
9,759
9,551
9,619
319,626
319,188
328,640
328,800
92,219j
92,739.
92,894:
92,8831
13,882
14,843
14,976
14,822!
20,613
20,685
20,830
20,400
10,113
10,391
10,478
10,750
67,252
62,217
62,390
64,343
4,71.7,963
1,625,828
4,616,382
4,671,887
416,692 2,1831,609
420,946"!, 173,327
"
414,403 2,175,657
4 2 6», " 1,178,407
/ 141 2.
286,899
289,11.5
288,253
294,612
263,572
258,4411
259,940!
287,724
60,628
61,086
63,095
62,009
49,806
50,053
50,212
50,617
074,400
667,150
660,017
662,729
174,570
174,509!
177,741!
178,6281
91,263
91', 890.
92,458!
92,6731
1.23,747
122,478
121,732
122.220]
46,884
40,480
45,429
45,318
342,893
27) 353
2G7,445
270,809
7,228,500
7,170,432
7,170,594
7,220,172
3.
615, 888 «,, 488,810
615,455 3,527,943
617,""" ",,505,489
067 3.
620, 8 3! 518,846
820 ;,
516,355
509,317
525,163
521,792
402,526i
395,867-!
398,627 i
426,177
80,033
80,406
82,340
81,161
61,5 .14 1. 048,182 277,390!
.
,
61,7: I!
788 .041,525 279.6721
672 .
61,6' 1, Oil, 481 281^425;
'
62,141 1,047,338 282,322
114,440
112,82,1
113,491
113,409
149,524
148,265;
147; 347!
147,279!
57
58. 494
58; 414
> 44<">
57, 581
417,332
338,959
339,047
341,246
313,997
315,581
308,943
310,545
22,500
26,103
24,628
22,985
547,357
539,330
537,939
540,504
15,953
15,583
16,077
15,533
347,044
353,828
350,5271
349,998
34,037
34,249
34,427:
34,026
12,749
12,728
12,873
13,787
6,851
6,854
6,849
6,938
4,31.1
4,311
4,318
4,327
23,120
24,273
23,773
25,135
11,627,
11,330
10,149
11,095,
4,473
4,690
4,872
4,677
12,839,
11,0891
12,38o|
12,665*
7,885
7,884
7,896
7,915
66,468
52,511
53,793
54,408
128,767
89,841
84,767
91,463
1,587
1,248
951
998
96,207
61,734
64,128
66,730
13,049
10,833
5,880
6,588
266
253
251
356
6
6
6
6
5
5
3
3
7,787
6,140
5,565
8,750
2,0531
2,520:
2,999:.
3,1031
137
137
137
679
1,194
121
199
125
129
6,870
5,572
3,863
3,832
580!
357
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
PRINCIPAL R E S O U R C E S A N D LIABILITIES O F M E M B E R B A N K S I N LEADING CITIES O N W E D N E S D A Y S , F R O M J U N E 25, TO
FEB. 15, 1922—Continued.
MEMBER BANKS IN FEDERAL RESERVE BANK CITIES-Continucd.
[Amounts in thousands of dollars.]
|
Total. ! Boston.
U. S. Treasury notes:
Jan. 25
Feb.1
Feb. 8
Feb. 15
U. S. certificates of indebtedness:
Jan. 25...'.
Feb. l
Feb.8
Feb. 15
Other bonds, stocks, and
securities:
Jan. 25
Feb. J.
Feb. 8
Feb.15
Total loans and discounts
and investments, including bills rediscountcd with
F. JR. Banks:
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Reserve with F. K. Banks:
Jan.25
Feb.I
Feb. 8
Feb. 15
Cash in vault:
Jan.25
Feb.]
Feb. 8
Feb.15
Net demand deposits:
Jan. 25
Feb.l
Feb.8
Feb. 15
Time deposits:
Jan. 25
Feb.l
Feb.8
Feb.15
Government deposits:
Jan.25
Feb.l
Feb.8
Feb.15
Bills payable with F. R.
Banks:
Secured by IT. S. Government obligationsJan. 25
Feb.l
Feb.8
Feb. 15
All other:
Jan. 25
Feb.l
Feb.8
Feb. 15
Bills rediscounted with F. V..
Banks:
Secured by U. S. Government obligationsJan. 25
Feb.l
....
Feb.8
Feb. 15
All otherJan.25
Feb.l
Feb.8
Feb. 15
90.003
285,173
240,918
236,755
2,116
10,186
11,011
11,746
153,
.
172,390!
.159,982
150,100
3,058
4,411
3,381
3,067
1,171,897
.1,150,215
1,141,522
1,140,295
68,453
63, 148
65,868
65,477
New
York.
I Philadelphia,
Clevcland,
Richmond.
4,568
23,536
21,190
17,940
570
3,892
2,841
2, 756
730
874
447
276
123,980 6,198
131,416'
8,089
116,354
7,335
112,334
7,340
873
1,211
797
781.
441
349
841
561
. 741
362
1,971
1,999
132,527
129,718
129,512
130,343
58,315
59,308
60,861
63,733
3,569
3,599
3,637
3,588
3,216j
3,216
8,216
3,206
706,734
715,742
723,507
718,029
475,299
473,259
476,250
507,590
90,90.1
91,944
94,547
92,701
77,930
156,802
164.595
159; 218-'
570,093'
567,214;
558,443!
557,402
Minne- Kansas
apolis. City. Dallas.
Atlanta.
3,076
69,678
24,527
24,361
29
3,763
2,026
1,775
4,241
6,144
5,512
5,835
6,440
5,458
5,679! 5,121
San
Francisco.
10,296
7,373
7,021
27
1,009
2) 365
2,363
1,686
5,155
3; 516
8,851
95
3,:
3,119
2,852
426
2,911
573
590
1,496
1,613
3,687
2,301
6,195
6,873
10,026
7,475
1,420
1,356
1,249
1,251
96,543
84,216
82,325
173,519
174,736
173,353
173,856
45,030
44,200
44,269
45,0S6
8,465
8,451
8,493
8,503
10,
1.1,053
10,296
10,179
69,7S7 ! J,259,828
69,8081.1,322,1.87
71,180! 1,275,139
71,9521,285,119
340,376
346', 997
346,326
348,502
127,616!
129,907!
130,112!
129,890
174,215
184,808
178,833
178,314
31,487
30,624
32,733
37,453
9,333
8,523
10,535
9,607
14,369
15, 124
14,245
15,047
4,979
4,923
5, 593
5,001
34,757
30,080
29,989
32,816
i
9,320,412
9,407,38J
9,335,722,
9,379,289J
707,055 4,704,064
710,031 4,798,937
714,955 4,759,536
717,641 4,764,528
914.617
949)917
959,650
980,141
62,110
67,167
60,760
6.1,450
553,129i
562,281585,3641
586,994
55,851
61,665
57,327
53,632
24,210
28,914
27,382
33,664
6,550
5,8.11
5,063
5,798
4,051
4,349
4,415
4,493
156,537 i
145,482
153,194
149,785
10,640
9,852
9,470
8,883
78, .1.79
73,635
78,987
75,9l9i
11,919
10,693
12,167
11,787
6,293
5,834
6,050
6,792
1,033
897
954
838
1,763
1,740
1,718
1,444
29,456
28,453
28,754
29,170!
3,1
3,058
3,137
3,046
2,118
1,851
2,144
2,055
2,586
2,352
2,596
2,252
1,475
1,424
1,504
1,568
7,988
5,693
5,713
6,031
7,258,008
7,268,7841
7,189,163'
7,245,3111
594,300
598,200
578,368
582,290
,212,339
,247,320
,169,276i
,200,699:
542,408
534.505
544; 796
534,388
193,934
196,208
204,054
196,811
48,567
46.994
46.682
47)790
35,894
35,142
34,267
36,409
870,020
889,4421
888,079|
909,833
216,516
215,032
217,407
225,152
81,464
81,524
82,391
81,890
136,554
135,491
135,808
137,613
50,184
49,743
50,335
53,206
275,828
239,183
237,700
239,230
1,408,461.
1,343,208
1,349,2081
1,402,633,
73,891
75,336
75,904
76,381
302,355
304,272
305,541
321,253!
31,458
31,712
31,988
32,327
231,373
232,398
232,577
267,246
23,450
22,973
22.995
23,122
21,645
21,656
21,791
21,761
312,419!
311,230!
314,7461
314,376!
90,148
90,496
90,355
90,202
26,872
26,890
26,940
27,134!
13,875
13,855
13,823
13,790
7,471
7,497
7,601
7,628
273,504
204,893
204,947
207,413
127,698
278,4.1.6
331,490!
309,2081
1.0,477
27,976
28,298
28,298
61,71151,4f
153,524i
153,274J
16,988
35,112
35,092
19,786
3,41.2
3,412
7,587
7,587
1,856
1,856
4,594
4,594!
1,131
1,148
3,850
3,850
15,431
15,751
44,721
43,220
3,280
4,569
10.804
10.805
2,381
6,506j
6,497
6,420
3,577
11,910
11,910
11,910
2,975
3,005
7,934
7,934
4,476
15,677
16,679
11,530
872
1,556
931
85
1,123
4,169
2,958
671
7,440
10,000
7,450
7,468
322
230
161
132
2
171
2; 3,144
2
70
I
85,067
95,219!
111,305!
85,218'
2,515
2,150
1,130
590
49,005|
54, lOOi
75,373j
49,575
113,791
130,456
126,244
134,186
69,44? 595,094
70 475 493,286
72,767 492,570
71,540 493,483
!
16,846
18,195
16,808
19,731
2,593
2,054
3,035
3,484
2,958
1,940
3,095
1,—
250
250
250
250
1,380
805
275
1,461
52
145
145
52J.
145.
H5
9,359
8,471
11,113
9,671
793
201
396
1,426
429
681
1,131
5,231
6,378
5,819
6,005
1,527
812
475
425
103,755
97,346
94 729!
115,2551
13,517
18,363
19,214
19,351
12,846
4,679
20,024
32,811
12,039
6,581
14,095
29,569
25.444
27,325
28,2r
!59|
:i
72
85
22
22
1,329
30
300
350
50
50
40
35
2,176
2,080
2,382|
2,319
2,075
2,121
1,5S7
1,395
13,056
11,230
4,918
4,249
1,102
896
387
492
83
73
73
2,655
lj305
1,103
9,564
8,096
6,252
5,077
852
778
224
135
7,482
9,731
4,530
5.969
358
FEDERAL RESERVE BULLETIN.
MAECII,
1922.
BANK DEBITS.
much more pronounced than during the period
under review, the average daily volume for
Beginning with the statement for the week the two years was approximately the same.
ending Februaiy 4 the Board's figures of debits
to individual accounts cover all the centers of
the United States where clearing-house assoDEBIl "5 'TO INDIVIDUAL AC^COUNTS
AT BANKS \H
ciations have been established, provided reREPORTIMG CLEARING HOUSE CENTERS
ports reach the Board in time for inclusion in
E•EBIT S FOR 1921
DEBITS FOR 19;22
~its weekly statement. The number of centers
( IN BlULiONS OF DOLLARS )
12
reporting at present is about 230, of which,
11
however, only 166 are included in the summary 11
10
by Federal Reserve districts, for the reason that 10
these are the centers for which comparable 9
»h
9
figures for 1921 are available.
A
A \A N\ 8
8
\
V
\ 7
Volume of business showed a downward 7
V- \
V
j
tendency for the four weeks under review, but 6
6
this decline is largely accounted for by the two
5
5 tlegal holidays in the latter part of the month— 4
4\ A Kh
\A W *A
\j
Lincoln's Birthday on February 12 (observed
\p
\ 3
3
on February 13) and Washington's Birthday on
2
2
February 22. On the basis of average daily
1 AND 2 : BANKS IN NEW YORK CITY
1
1
volume the figures for the most recent four
2\ AND 4*- BANKS 1N ALL REPORTING CENTERS
I
I
I
i
I
- O
0 weeks are only about 7 per cent below those for
the preceding weeks. Volume of business in
5
5
February has been lower than in January for 4
\ A
\/\ ^ ^ \ ^A 4
every year for which statistics are available,
\
V
3
since the week at the opening of the year is one 3 \
2
2
during which large amounts of annual pay1
1
ments are made.
BANKS OUTSIDE OF N E W YORK Ci Y
While the decline in volume of business durJan. Feb. Mar. Apr. May June July Au£. Sept. Oct. Nov. Dec.
ing the corresponding four weeks in 1921 was
K
X
A V r
r
A
-
- •
i
DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE
SUMMARY BY F E D E R A L RESERVE
i
BANKS.
DISTRICTS.
[In thousands of dollars.]
1921
W e e k ending—
1922
Week ending—
Number
of centers
included.
Feb. 1.
Feb. 8.
Feb. 15.
Feb. 21.
Feb. 2.
Feb. 9.
Feb. 16.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
463,844
4,460,342
39G, 128
409,226
182,894
179,283
923,317
200,76.1
112,926
216,427
139,197
427,174
452,505
4,214,255
3S9,297
438,571
191,279
176,223
904,882
196,454
118,922
225,269
142,468
439,376
402,734
3,802,553
339,572
389,8«1
182,820
162,653
822,892
194,855
110,020
218,521
129,452
406,513
396,861
3,974,091
353,193
360,711
151,184
151,045
807,860
177,388
109.103
199,328
125,335
424,938
497,831
4,771,038
402,831
518.559
226,383
201,272
966,859
221,093
129,220
253,586
157,370
469,79S
429,114
3,988,564
347,983
440,956
199.985
178' 390
880,538
207,848
121,960
235,122
152,882
451,886
442,736
3,766,451
361,659
457,631
204,178
184,036
892,021
220,245
129,591
228,254
140,567
457,150
364,747
3,235,403
326,224
484,299
171,795
169,661
774,541
211,023
102,096
232,471
133,92*
391,533
Total....
166 ' 8,111,521
7,889,501
7,162,466 | 7.234,037
8,815,840
7,635,228
7,484,519
6,597,721
j
I
j
!
I
!
Feb. 23.
MAUCH, 1922.
359
FEDERAL RESERVE BULLETIN".
DATA FOR EACH REPORTING CENTER.
[In thousands of dollars.]
I
1922
Week ending—
Feb. 8.
Feb. 15.
Feb. 21.
1921
Week endingFeb. 2. ! Feb. 9.
i
Feb. 16.
District No. 1—Boston:
Bangor
i
3,563
3,567
2,995
2.770
3,615 |
3,098 j
2,797 i
Boston
j
307,145
296,986
333,230
319,174 I 274,966 ' 279,434 I 352,702!
Fall River
:
'
5,752
7,180
6,546 j
6,547
6,628
5.771 !
4,732 •
Hartford
i
21,560
19,284
22,254 i
21,108
20,602
17,300 I
17,766 i
llolyoke
2,793
2,885
2,840 I
3,305
2,714
2,560 '
2 573 !
Lowell
!
3,886
4,1G6
4,473 |
4,156
3,897 |
5,274 ;
3,887 |
Manchester
J
4,103
3,995
4 167 :
4,206
4,013
4,192 !
3,246 j
New Bedford
]
6,258
5,823
5,692 I
5,358
6,721
5,893 ;
6,069 I
New Haven
j
15,366
15,799
18,356 f
16,559
15,924 I
13,878 !
14,265
Portia rid
j
7,514
6,860 i
10,370 I
8,271
6,670
6,044
5,866 i
Providence
i
31,766 !
29,379
30,994 i
28,773
29,628
32,337
26,372Springfield
i
13,788 j
12,323 ,
15,186
12,808 !
11,287
11,733
11,583
Waterbury
|
5,183
5,299
5,667 !
5,428 !
5,473
8,354
7,387
Worcester
|
14,932
13,127 J
15,487 |
14,088
13,564 i
12,153
11,567
District No. 2—New York:
i
Albany
i
24,355 j
21,615
26,043
22,310 '
24,091 I
18,444
17,751
Binghamton
I
3,961 !
3,292
3,550
4,235 I
3,708
4,304
3,255
Buffalo
57,473 ,
56,686
53,217
47,820 |
59,607
47,178
48,329: i
Elmira
'
2,629 !
3,326
2,837 '
2,305
Jamestown
I
3,105
2,787
2,957
2,857!
Montclair
I
2,438 !
1,779
3,419 i
2,327
New York
I 4,330,748 ! 4,098,131 ! 3,694,540 3,866,176 4,632,279 3,856,031 3,642,864
Northern New Jersey Clearing House
Association
,
49,248 '
44,875 j
38,926
39,367
Passaic
'
4,789 '
4,473
4,434
4,580 ]
4,361
4,297 !
Rochester
|
27,263 i
27,990
23,802
27,667
33,077
26.525 |
23,429 i
Stamford
j
2,492 ,
1,939
2,161
1,721 |
Syracuse
I
11,753 :
12,742
10,520
14,411
12,654
10,854!"
13,684!
District No. 3—Philadelphia:
]
Allcntown
|
5,384!
5,032
4,667
4,613 i
Altoona
\
2,798 !
3,025
2,930
2,675
2,396
2,081 j
2,917
Camden
!
9,803 !
8,920
8,420
7,643
Chester
j
3,523 •
5,430
4,355
3,799
3,403
4,599
3,432 I
Harrisburg
!
7,300 I
6,400
5,900
6,587
5,604
7,000 I
5,970 I
Hazleton
i
2,352 i
2,035 !
2,063
1,620 j
Johnstown
<
4,422 !
4,122 i
3,475
4,227
3,393
5,081
4,610
Lancaster
!
4,250
4,604
3,963 !
4,790
3,988
4,984
4,781
Lebanon
|
1 004 !
1,028
995 I
885 ,
Norristown
'
774 I
550
617 •
492 !
.
Philadelphia
|
282,597
270,488
320,460 ' 316,292 j 267,429
284,598 ; 322,762
Reading
i
6,760 !
6,228
6,158
6,561 ;
6,351 '
6,818
6,397
Scranton
i
13,330 !
15,151
15,777
14,014 !
12,460 i
12,867
13,800 !
Trenton
!
11,387
9,850
10,875 ! . 10,573
12,081
10,168 i
9.791 '
Wilkes-Barre
i
7,532
8,256
7,201
8,859 !
8,095
8,735 j
7,126 j
WiUiamsport
\
3,628
3,699
3,929
3,291 i
3,765
3,979
4,262 !
Wilmington
i
6,233 I
7,627
8,032
6,445 i
6,257
8,081
6,446
York...
I
3,516 i
3,437
3,485
3,617 !
3,199
3,799 !
3,295
District No. 4—Cleveland:
!
i
I 12,532 j 12,552
Akron
,
12,356 |
12,834 i
9,152
11,446
11,034 '
Butler
1,576 i
2,051
1,556
Canton
5,874 i
5,787
5,437 j
Cincinnati
i
57,310
59,355 !
60,404!
54,795 j
61,230
53,962
52,376 i
Cleveland
'
117,251 j 121,954
113,585 | 115,053 i 114,280
98,964 i 146,316
!
26,202 j
Columbus
23,947 i
29,126
26,937
41,420 |
45,690
25,878 ;
Connellsville
!
956
774,
11,216
11,837
Dayton
'•
11,498 •
11,695
12,328 I
11,445
10,452 |
5,134 i
6,018
6,895
Erie
\
5,006 !
6,204 !
5,133
4 595 !
9,964 ;
3,863
3,557
Greensburg
j
2,645 i
5,127 |
3,464
2,321
Homestead
!
707 I
479
534 j
3,760 |
5,530 |
5,717
5,567 I
5,402
Lexington
j
5.309 |
5,989
2,775 !
Lima
i
2,659 .
.
3,301
869 i
Lorain
|
989
827 I
1,611 !
New Brighton
i
1,585
1.310 ;
2,492
2,540 '
2,955 !
3,206
2,375 I
2,001
2,211 !
Oil City
i
185r096
150,003 ! 161,855 i 118,335
133,028 | 212,551 I 177,648
Pittsburgh
|
3,156
3,805
3,852 i
3,419
3,246 '
3,015 |
Springfield, Ohio
I
3,285
37,118 !
39,948
26,234 |
29,933
Toledo
i
1,955 i
1,927 !
2,664
Warren, Ohio
j
8,084
7,847
6,840 i
6,495 j
7,601
9,731 :
5,959
Wheeling
i
6,915 !
12,722 !
11,947
7,448 !
11,159 j
8,892
Youngstown
j
1,622 :
1,654 ,
Zanesville
2,010
District No. 5—Richmond:
78,876
93,833
74,225! !
73,942
62,306 I 104,723 I
Baltimore
6,001 '
6,410
5,600 i
6,895
5,674
6,010 I
6,400 '
Charleston, S. C
6,100 i
6,674
6,891
6,213
Charleston, W. Va
5,572 -. 6,330
4,641
6,382 i
5,523
4,588 !
Charlotte
4.792
4,591 i
4,799
5,220
4,990
4,666
4,550 j
Columbia
3,963
1,554 i
1,671
1,822
Cumberland
1,357 !
1,905 i
2,173
2,059
Danville
1,474 !
3,558 i
3,397
3,384
Greensboro
2,762!
2,882 I
3,422
2,865
Greenville
2,452 !
3,345
3,132
3,505 ;
1,443 i
1,726
1,510
Hagerstown
1,385 |
3,979 i
3,921 !
3,990
Huntington
3,632
5,648
'5,'478
"5," 957"'
4,384 i
4,391 |
4,409
Lynchburg
3,595 I
1,392 !
1,562 !
1,588
Newport News
943 !
Norfolk
13,182
13,528
13,902 I
13,816
15,046 I
10,500
13,050
Raleigh
4,100
3,750 !
4,380 i
4,300
3,890 i
3,065
3,900
Richmond
29,145
25,057 j
26,521 i
21,254
33,867 I 29,6
23,456
Feb. 23.
2,836
248,934
5,282
16,082
2,574
3,669
3,482
5,104
13,732
7,366
27,053
11,992
4,540
12,101
18,712
3,244
51,819
3,122,242
3,743
23,797
11,846
2,499
4,277
4,529
4,305
4,276
247,378
5,721
13,743
9,024
8,161
3,549
15,527
3,235
10,940
51,491
97,524
21,728
11,145
5,118
2,892
4,825
2,613
256,926
3,443
6,669
73,854
5,211
4,783
3,778
2,708
5,217
11,349
4,050
26,782
360
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]
1921
Week Ending—
1922
Week Ending—
Feb. 1.
Roanoke...
Spartanburg
Washington.
Wilmington, N. C
Winston-Salem
District No. 6—Atlanta:
Albany
Atlanta
Augusta
Birmingham
Brunswick
Chatanooga
Columbus
Cordele
Dothan
Elberton
Jackson
Jacksonville
Knoxville
Maeon
Meridian
Mobile
Montgomery
Nashville
Newnan
New Orleans
Pensacola
Savannah
Tampa
Valdosta
Vicksburg
District No. 7—Chicago:
Adrian
,
;..
Aurora
Bay City
Bloomington
Cedar Rapids
Chicago
Danville
Davenport
Decatur
Des Moines
Detroit.
Dubuque
Flint
Fort Wayne
Gary
Grand Rapids
Indianapolis
Jackson
Kalamazoo
Lansing
Mason City
Milwaukee
Moline
Muscatine
Oshkosh
Peoria
Rockford
Sioux City
South Bend
Springfield, 111
Waterloo
District No. 8—St. Louis:
East St. Louis and National Stock Yards
Evansville
Greenville
Helena, Ark
Little Rock
Louisville
Memphis
O wensboro
Quincy
St. Louis
Springfield, Mo
District No. 9—Minneapolis:
Aberdeen
Billings
Dickinson
,
Duluth
Fargo
Grand Forks
Great Falls
Helena.
Jamestown
Lewistown
Minneapolis
Feb. 8.
Feb. 15.
Feb. 21.
4,306
2,054
34,628
4,030
4,823
4,702
1,933
42,144
4,319
4,811
3,732
1,786
40,158
4,413
4,648
3,892 j
1,565
32,375
3,835
3,798
961
25,275
5,521
11,645
443
6,595
1,846
1,114
21,960
5,196
15,940
819
6,603
2,067
426
141
530
200
9,131
5,375
3,081
10,075
6,450
3,265
1,082
20,600
4,725
15,512
506
6,944
2,128
213
424
184
3,455
10,117
5,699
3,240
5,695
3,223
15,286
7,127
3,525
14,809
267
61,057
1,308
8,704
8,498
1,127
1,706
5,824
3,113
13,842
277
55,503
2,144
8,160
5,584
974
1,646
732
19,712
4,212
13,585
449
5,995
2,055
214
368
114
2,695
9,182
5,684
3,144
2,040 !
5,043
2,756
12,505
323
53,930
917
7,622
5,311
799
1,447
703
2,765
2,235
1,935
8,300
608,715
2,400
8,398
2,842
14,680
92,139
2,796
4,670
6,409
1,761
12,686
27,752
3,074
3,428
4,186
1,786
62,288
1,641
1,141
2,022
7,567
4,498
10,804
5,341
5,319
3,179
539
2,090
1,843
2,037
6,220
540,2^4
2,400
5,580
2,793
13,619
97,945
2,756
3,250
5,567
2 467
12,712
Feb. 2.
69,230
1,094
8,418
8,023
729
1,691
580
1/
1,987
2,098
7,600
639,468
2,500
5,906
2,647
12,272
2,538
4,100
5,782
2,237
13,281
26,718
3,158
4,072
3,815
1,891
53,691
1,337
878
1,951
6,922
3,985
11,432
4,839
5,309
2,671
2,445
3,588
3,601
1,546
52,721
1,435
977
1,700
7,422
4,052
11,519
4,819
5,172
2,908
8,467
4,943
1,111
915
9,508
28,884
22,698
1,656
1 806
121,408
3,049
11,888
28,481
21,372
1,741
1,957
116,520
3,179
8,952
5,214
891
905
,9,581
33,985
19,745
1,394
1,789
112,924
2,665
981
1,593
223
10,665
2,020
1,132
1,299
2,321
294
776
57,402
1,055
1,562
223
11,640
2,232
1,263
1,393
2,388
446
701
65,687
1,416
129
10,534
1,838
1,088
1,124
2,256
333
686
61,342
4,764
500
1,983
2,244
2,012
6,629
531,061
1,800
6,323
2,332
13,227
100,990
2,475
4,350
6,049
1 627
10,802
26! 812
2,589
3 277
4 154
1 562
46,642
1,582
996
1,800
6,693
3,618
10,933
6,175
4,321
2,570
6,800
4,757
880
776
8,043
27,302
19,219
1,378
1,639
107,358 j
2,270 j
902 ;
1,155 j
217 |
9,983
1,434
902
1,112
1,661
Feb. 9.
36,414
7,443
38,054
5,517
27,620
6,039
17,238
9,194-
Feb. 16.
Feb. 23.
33,958
5,500
29,862
4,201
23,892 !
6,087
15,563
24,973
5,263
15,862
22,163
4,937
16,026
8,245 i
8,970
7,545
!
12,702
6,027
3,765
12,170
5,560
3,937
10,953
6,137
3,813
10,342
5,128
3,315
6,461
4,015
19,070
5,840
3,181
21,252
5,682
3,079
18,908
5,504
2,930
19,595
69,157
1,941
10,677
5,622
53,319
1,395
10,810
5,297
J.
1,842
60,941
1,604
9,661
6,438
53,553
1,295
9,263
6,733
1,752
i,332
2,472
2,112
2,593
2
^63
1,744 |
2,597 |
2 239
8,880
652,027 i
579,381
586,511
2,356
2,195
8,009
505,701
6,150
2,896
16,252
109,992
2,956
3,697
6,028
6,220
2,684
16,486
95,455
3,067
3,643
6,512
7,007
2,660
15,386
93,922
2,838
3,142
6^017
5,883
2,576
14,707
84,584
2,426
3,722
5,681
18,215
27,216
2,940
4,023
4,886
18,960
31,915
3,774
3,643
4,278
17,778
27,597
2,096
3,290
3,630
58,063
1,650
59,578
1,707
59,297
2,244
46,589
2,426
8,395
4,382
12,629
3,017
5,222
2,815
8,051
4,420
11,560
3,091
4,809
2,704
7, Go*
5,352
11,851
3,270
5,269
3,027
7,070
4,356
10,849
4,294
4,265
2,461
9,470
4,415
9,723
4,324
8,305
4,539
7,356
4,382
9,616
34,814
24,265
11,133
30,895
23,014
9,742
31,215
21,872
7,781
59,065
18,006
2,140
133,496
2,877
2,518
123,647
2,594
2,226
139,865
2,481
2,047
109,839
2,547
1,362
1,446
1,332
1,626
1,163
1,550
14,358
2,050
1,030
1,747
2,075
14,159
2,171
1,224
1,645
2,313
15,902
2,234
994
1,357
1 774
70,212
63,187
69,766 I
16,764
28,375
3,373
3,898
4 562
I
I
I
I
'
9,306
""
I
1,400
I
I
i
|
j
10,953
2,211
821
1,126
1,822
298
59,090 |
53 490
MARCH, 1922. '
361
FEDERAL, RESERVE BULLETIN.
DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]
1921
Week E n d i n g -
1922
Week Ending—
Feb. 1.
District No. 9—Minneapolis—Continued.
Minot
Redwing
St.Paul
DO
..:
Sioux Falls
Superior
Winona
District No. 10—Kansas City:
Atchison
."
Bartlesvillc
Casper
Cheyenne
Colorado Springs
Denver
:
Grand Island
Grand Junction
Guthrie
Hutchin son
Joplin
Kansas City, Kans
Kansas City, Mo
Lawrence
McAlester
Muskogee
Oklahoma City
Okmulgee
Omaha
Parsons
Pittsburg, Kans
Pueblo...
St. Joseph
Topeka
Tulsa
Wichita
District No. 11—Dallas:
Albuquerque
Amarillo ."
Austin
Beaumont
Corsicana
Dallas
El Paso
Fort Worth
Galveston
Houston
Roswell
San Antonio
Shreveport
Texarkana, Tex
Tucson
Waco
District No. 12—San Francisco:
Bellingham
Berkeley
Boise
Eugene
Fresu o
Long Beach
Los Angeles
Oakland
Ogden
Pasadena
Phoenix
Portland
Reno
Ritz ville
Sacramento
Salt Lake City
San Bernardino
San Diego
San Francisco
San Jose
Seattle
Spokane
Stockton
Tacoma
Yakima
600
449
30,622
35,992
2,728
1,389
774
1,101
1,783
3,091
2,922
2,432
30,666
1,103
500
577
3,787
1,940
3,262
65,008
883
822
5,516
18,145
1,941
39,900
939
936
4,307
10,941
4,236
24,339
8,771
[
I Feb. 15.
499
348
124,575
27,196
2,664
1,423
824
643
421
126,504
31,048
2,809
1,529
981
2,028
2,453
2,460
2,391
34,637
1,042
515
733
2,986
1,918
3,160
49,368
828
1,082
5,187
16,693
1
38,193
648
3,601
15,594
2,825
28,544
8,844
1,583
3,443
3,712
1.356
34,801
7 463
31,947
15,831
22,695
595
6,329
6,911
1,756
2.357
3,292
I
I
'
I
33,457
7,885
32,599
15,954
23,871
5,359
6,370
1,172
1,359
3,555
1,115
2,829 i
3,267 i
1,196
8,654
6,341
118,452
16,416
4,522
5,301
3,666
29,235
1,930
144
10,171
11,465
1,500
7,597
148,534
4,201
26,193
8,532
4,140
7,108
2,286
1,108
1,996
1,919
3,351
2,221
29,104
1,092
555
557
3,500
2,397
3.009
61,428
806
965
5,415
16,717
2,532
37,433
634
.1,407
3,220
13,240
3,608
24,431
9,843
1,550
1,931
2,552
3,481
Debits of banks which submitted reports in 1921.
Feb. 8
j
|
!
I
,
|
1,180
4,214 '
2,573
1,471
9,201
6,666
112,873
21.403
4,796
5,886
4,424
30,656
2,302
144
12,152
12,582
1,419
8,116
144,184
4,730 I
30,485 !
11,275
4,857
7,691 |
2,734 I
2,429
3,860
1,178
29,866
6,838
30,427
11,983
22,540
713
5,552
8,201
1,436
1,470
3,300
1,200
2,715
2,385
1,846
8,745
5,630
102,257
16,400
3,595
4,739
3,595
26,318
1,861
121
10,159
9,577
1,279
7,766
144,782
4,129
33,140
7,374
4,752
7,811
2,378
Feb. 21.
Febi 2.
618 !.
455 j .
127,641
32,088 ! .
3,043 j
1,386 !
74
9
i
1,185 "
1,599 I
2,388 !.
1,744
2,144
31,2.11 I
1,077 |.
459 j .
485 .
2,700 .
1,778
2,771 !
58,912 i
710 ! .
786 l.t
4,898
15,157
1,592
38,607
747
1,031
2,416
11,240
2,605
13,832
9,199
1,611
1,552 !
2,126
3,518
1,492
31,890
5,731
32,146!
11,812
20,397
526
5,192
5,410 i
1,572 I
1,400 j
2,500
1,278 j.
5,204 !
2,035 i
1,241 .
7,887 j
6,099 |
97,950 |
16,928 j
3,581 !!
5,106
3,119 |
.
24,167 !
1,791 i
111
11,790
9,391
1,244
172,435
3,958
29,319
7,728
3,533
6,187
2,127
Feb. 9.
Feb. 16.
Feb. 23.
28,024
26,445
27,877
22,753
*"4,"I66'
5,000
1,968
3,800
2,104
1,070
3,600
2,012
920
1.100
1,069
2,767
3,024
2,478
1,932
26,987
1,044
3,488
2,771
2,427
37,040
2,318
31,116
1,348
2,652
28,976
1,957
4,027
72,295
2,185
3,845
68,315
2,299
3,902
65,481
1,727
3,101
60,649
5,091
22,009
5,503
22,433
5,386
20,275
4,191
18,321
43,327
41,631
40,663
37,382
2,919
15,846
3,393
26,164
9,788
2,917
16,620
4,754
18,975
9,236
3,811
14,405
2,629
23,428
9,163
3,044
15,390
3,168
40,368
9,723
2; 209
1,065
1,673
2,084
1,682
1,535
3,275
3,641
2,863
4,486
3,311
4,419
3,082
3,583
37,765
8,469
23,660
21,349
34,814
32,182
7,825
24,180
23,928
31,457
34,468
7,331
23,470
16,290
27,298
31,181
7,706
24,100
18,194
27,135
7,515
8,190
1,623
1,264
4,132
7,079
9,349
1,661
1,825
3,903
6,891
7 747
1,456
1,673
4,501
5,248
6,405
1,214
1,380
3,165
2,569
2,619
3,092
2,403
2,558
2,851
2,568
1,763
10,855
5,165
96,424
19,115
3,051
5,670
17,684
5,004
93,795
18,221
3,067
5,470
14,852
5,041
95,703
18,192
3,069
5,301
4,660
84,350
17,819
3,007
4,901
34,902
2,207
32,506
2,243
38,248
2,305
32,624
1,802
10,991
14,305
13,896
13,137
12,533
12,907
13,012
7,292
190,932
5,955
31,842
10,208
4,618
7,768
2,680
7,832
174,592
4,486
29,373
10,821
4,634
7,339
2,291
8,843
175,218
4,066
31,327
9,732
4,939
7,461
2,004
7,999
150; 639
3,522
24,109
8,684
3,800
6,419
1,880
362
FEDERAL RESERVE BULLETIN.
MAKCH,
1922.
FEDERAL RESERVE CLEARING SYSTEM.
OPERATIONS FROM JAN. 16 TO FEB. 15, 1922.
[Allfiguresshown in thousands.]
Items drawn on banks located
in own district.
Federal Reserve Bank
or branch.
Outside F. R.
Bank or
branch city.
In F. R. Bank
or branch city.
Total:
557,061 3,450
360,2-12
630
550,683
1,889 3,576,027 4,342
40,868
406 i
76,317
219
691,321 2,032 ! 229,192
1,738
187,984 1,211 j 132,004
398
68,769
107,220
186
807
190,021
820 ! 80,485
455
113,297 1,828
231,027
111
127,706
56,974
254
651
40,041
112
50', 487
332
7,304
133
227
31,867
17,263
169
63
21,375
18,620
199
59
26,681
12,709
111
43,652
66
530,037 3,483
269,077
1,011
454
43,604
265
126,496
73,795
338
188,837 1,292
16,651
44
290
20,794
23,294
92
418
53,529
9,224
82
153
28,549
61, 136
217
94,155 1,275
10,3-17
22
184
7,177
85,150
282
212,577 1,279
18,931.
131
39,813
31.1
61,310
71
896
44,378
26,363
178
476
43', 321
164
57,435 1,258
170,837
42
132
9,528
61
321
38,507
29,756
196
495
102,617
37,521
364
107,785 1,203
81,733
61
27,748
10,305
199
47
21,414
24,796
369
109
31,659
13,613
216
37
15,951
10,055
168
1
939,375
102 22,072 I 4,182
968 110,166 I 7,199 4,236, 876 1,012
122
1,986 ! 633
119,171
8
669
949,410
140 28,897 3,910
326,317
49
6,329 1,659
50
6,368 11,049
12
1183,712
48
3,991 1,304
280,497
91
29
353,294
8.970 1,983
174
44
191,672
58
49
i\, 992 954
479
104,681
32
35 14,153
370
18
40,119
10
948
240
39.667
36
8
1,029
271
17
46,651
13
1,347
217
65,338
48
40
8,977
843,664
287
244 44,550 4,738
173,076
745
9
26
2,976
275,025
34
111 12,393 1,741
341
38,490
9
1,045
7
541
80,468
9
31
3,645
246
38,770
1
11
997
78
23 11,488 11,517 1167,95 i
213
20,893
7
3,369
316', 091
229
59 18,364 1,620
465
62,189 i OS
23
3,445
977
107,097
10
1,409
172,326 ! 41
18
2,360 1673
237,461
28
9,189 1,450
190*
20,052
11
16
1,616
420
70,141
19
38
1,878
751
209,090
26
60 68,952
116
198,175
36
8,657 1,603
275
42,678
5
15
4,625
428
14
48,873
12
2,663
350
11
25
5,942
51,214
213
12
8
873
26,879
,
J a n . 16 t o F e b . 15,1922.. 10,221 7,608,706 131,363 2,933,507 2,352
Dec. 16 t o J a n . 15,1922.. |9,939 6,590,445 |32,157 3,175,862 i2,965
J a n . 16 t o F e b . 15,1921.. 7,715 % 923,213 ,29,068 3,529,757 [2; 205
47,691 i
115,105 :
18,145
114,142 ;
5,133 ;
7,698 .
36,664
5k 421
25,758
10,188
8,250
7,534
2,675 !
13,031 !
29,707 i
2,409 .
4,502 !
1,044
706 I
228 •
15,301 !
2,528 i
33,084 .
16,545 i
7,082 1
5,071 •
10,887 !
1,628 1
2,808 ,
2,772 i
16,160 i
1,550 !
3,019 ;
6,206 ,
2,052 1
4,375
1
987,066
4.579
1,063,552
337,579
194,709
324,483
416,397
223,537
118' 508
65,973
48, 151
50,352
79,037
875,986
176,097
280,500
41,496
81,343
39,084
183,578
24,201
359,133
88,132
120,544
81,950
252,786
22,224
74,156
216,867
223,960
47,826
54,172
61,938
33,345
18 j 5,531 8,229 4,357,512
40 ; 22,854 ; 795
160,170
6,129 I l', 734
3,299 ! 1,074
7,322 1,423
8,682 2,192
6,107 1,082
3,639
533
17,604
414
1,250
282
1,026
293
668
271
2,615 5,032
612
757
973 L, 785
1,962
376
169
553
86
249
320 1,000
783
222
9,958 1,918
9,398
570
6,365 1,038
4,553
733
4,438 1,568
544
206
1,207
444
5,005
812
9,625 1,788
3,598
315
2,280
452
4,518
401
4,414
241
432,661 -143,947 ! 110,977,386 ,3,645
434,981 '145,072 il0,203,575 .3,778
444,749 Ii38,995i 19,899,312 .3,491
i
Total items
handled,
including
duplications.
Number. Amount.
NumNumAmount. ber. Amount. ber. Amount.
Number. Amount.
Boston
New York
Buffalo
Philadelphia
Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
Chicago
Detroit
St. Louis
Little Rock
Louisville
Memphis'
Minneapolis
Helena
Kansas City
Denver
Oklahoma City
Omaha
Dallas
El Paso
Houston
San Francisco
Los Angeles
Portland
Salt Lake City
Seattle
Spokane
Items
forwarded
to parent
bank or
to branch
in same
district.
Items
forwarded
to other
F. R. Banks
and their
branches.
Total items
handled,
exclusive of
duplications.
Items drawn
on Treasurer
of U. S.
157,534 i48,336! 11,766,647
162,925 49,630 I 11,033,310
220,583 43,280 j 11,261,341
I
1 Includes items drawn on banks in other Federal Reserve districts forwarded direct to drawee bank.
NOTE.—Number of business days in period was 26 in all Federal Reserve bank and branch cities except as follows: Birmingham and Memphis,
25 days; Boston, Cleveland, Cincinnati, Richmond, Baltimore, New Orleans, Kansas City, and Oklahoma City, 27 days.
NUMBER OF MEMBER AND NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, FEB. 15, 1922 AND 1921.
Nonmember banks.
Federal reserve
district.
On par list.
Not on par list.1
Federal reserve
district.
!
1
Nonmember banks.
I Member banks. ! • - - —
[
I
On par list. '. Not on par list-1
;
I
1922
1921
! 1922 j 1921 j 1922
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
1 Incorporated banks other than mutual savings banks.
1921
! 590
j 1,023
1 1,115
i 856
! 852
572
1,005
1,094
854
838
2,627
3,092
1,121
968
2,513
2,867
3,392
1,259
1,017
165
186
220
33
174
9,853
9,668
18,053
19,023
2,327
1,744
363
FEDERAL. RESERVE BULLETIN.
MARCH, 1922.
GOLD SETTLEMENT FUND.
INTERBANK TRANSACTIONS FROM JAN. 20 TO FEB. 23, 1922, INCLUSIVE.
[In thousands of dollars.]
Changes in ownership
of gold through trans- Balance in
fers and settlements.
fund at
end of
period.
Decrease. I Increase.
Daily settlements.
Transfers.
Federal Reserve Bank.
Debits.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City...
Dallas
San Francisco..
Credits,
2,000
"5," 666"
Total, 5 weeks ending—
Feb. 23,1922
Jan. 19,1922
Feb. 24,1921
Jan. 20,1921
112,000
165,475
267,055
561,698
471,221
1,749,293
590,071
452,494
506,634
189,287
862,902
434,678113,666
351,068
188,142
239,390
....
| 477,408
1,727,871
I 583,890
i 461,576
508,389
! 221,624
j 893,289
- 420,280
110.753
! 335', 469
i 189,695
| 218,602
112,000
165,475
267,055
561,698
2,000
4,000
| Credits.
55,000
15,000
5,000
8,000
2,000
7,000
6,000
3' 000
8,000
3,000
40,000
35,000
11,000
7,000
6,000
Debits.
6,148,846
6,428,702
6,203,222
7,038,789
j
i
1
1
33,813
1,422
2,181 I
!
7,082
3,755
34,337
35,387
i2,398 !.
87
"9^599'I.
25,788
6,148,846
6; 428,702
6,203,222
7,038,789
85,201
-I
4,553 i
"I
85,201
.1
26,253
77,409
56,891
39,438
33,820
28,049
101,557
20,728
32,360
47,510
18,549
37,588
518,152
468,174
521.727
397;858
GOLD AND SILVER IMPORTS AND EXPORTS.
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.
Gold.
Countries.
1922
IMPORTS.
France
| $4,695,491
61
Germany
.
•
442,554
Greece
394,287
Netherlands
!
39,280
Spain
i
Sweden
•.
United Kingdom—England. .1 17,764,747 i
188,123
Canada
j
417,134
Central American States
j
505,832
Mexico
1
493,830 I
West Indies
'
9,060 !
Argentina
'
14,321 I
Chile
j
975,325
Colombia
1
118,924
Peru
I
Uruguay
:.
!
112,235
Venezuela
1,311,561
China
I
1,014,025
British India
75,44.9
Dutch East Indies
j
1.042,000
Hongkong
'.
89,988
Philippine Islands
'
1,459,950
British Oceania
2,469,790
AU other
Total
Seven months ending
January.
January.
1921
33,633,967
;
Silver.
1921
Total.
• 1921
1922
1922
1921
1922
I
$1,874,799
$35,194,047 $119,202,809
7,764
19,919,482
866,254
5,003
1,332,215
9,896
4,186,976
529,823
306,124
10,900
2,036,064
4,275,999
28,011,345
238,218,844 110,308,645
10,467,791
6,962,650
2,381,294
14,149,796
3,375,102
537,567
4,004,774
3,198,875
469,303
3,261,271
1,768,681
312,685
2,608,540
1,670,123
254,154
123,545
21,358
373,931
9,049,026
1,365,937
6,873,387
111,123
987,646
1,107,793
15,058
3,802,964
36,749
436,460
511,977
1,311,561
168,108
3,894,520
1,014,025
14,863,765
"*i8i"7is"
643,183
1,124,624
7,618,087
534,429
69,'744!
669,787
891,360
11,658,304
2,106,707 I 4,669,122
19,960,976
2,154,635 1 4,568,169
26,571,371 •
841,626
7,237
187,655
S19,057
553,118
552
24,838
5,497
242,264
136,332
3,390,654
23,210
805,911
55,565
1,781,575
211,418
395,470
31,600
450,319
$94,174
10,972
229,895
24,041
95,079
31,395
144,450
1,962,230
1,709,081
21,817,716
70,804
18,530
1,903,288
638,325
5,034,485
132
100
642
91
1,283,444
1
83,461
45,238
872,267
!
I
i
1,303
1,209
70
96,427
10,982
1,029
862,206
856
136,355
19,163
529,754
326,251,053 ! 371,876,949 ;
"Si," 934*
4,834,875 j
6,495,758 j
1,370,145
259,991
1,000
449,798 i
369,696 I
142,500 j
131,870
186,215
!
!
i
!
!
j
!
!
!
$114,097
5,624,379
1*669
25,281
1,354
80,325
2,369,061
1,023,570
27,219,435
440,014
6,801
1,139,625
124,566
3,302,855
25,347
1,441
1,582
11,718
296,997
204
12,680
1,263
463,802
36,815,362 |
42,288,068
106,950
4,202,372
1,741,876 :
93,705 !
1,351,450 1
862,774 I
142,500 !
5,947,813
3,478,826
6,543
1,051,450
19,535
1,600,562
13,393,679 ,
1,087,010 I
11,528,775
1,557,099
10,370,366 I
4,909,224
30,368
2,745,600
6,326,771
1,562,967
285,543
T
EXPORTS.
United Kingdom—England
Canada
Central American States
Mexico
West Indies
Colombia
Peru
China
British India
Dutch East Indies
French East Indies
1
Hongkong
'
Japan
1
Allother
!
Seven months ending
January.
January.
180,177 i
101,512
2,191,203 I
50,000 j .
339,071
85,565 '
2,994,819 I
' "5*263,* 556 T
593,000 I
1,874,330 |
3,411,915 !
350 1
3,653,376
60,000 !
"219*366*1
24,300
2,724,980
136,400
286,000
12,000,000 I
1,414,461
600,000
2,290,000
8,026,490
92,537,289
173,762
862,983 I 129,572,318 j
1,179,000 :
8,561,125 i
"
3,037,076 '.
18,063,796
896,263
667,813
2,298,062
235,480
897,600
1,053,578
343
6,690,748 I
3,977,118
38,185,324
34,510,922
364
FEDERAL RESERVE BULLETIN.
MAECII, 1922.
MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL
RESERVE SYSTEM, FEBRUARY 1, 1922.
Held outside
Held by or for
S.
F. R. Banks and U.andTreasury
F. R.
system.
Held in the
Generate*. !
Government.1
Gold coin and bullion
Gold certificates
Standard silver dollars
Silver certificates
Subsidiary silver
Treasury notes of 1890
United States notes
Federal Reserve notes
Federal Reserve Bank notes.
National bank notes
Total: Feb. 1,1922...
Jan. 1,1922...
Dec. 1,19213..
Nov. 1,1921 'K
Oct. 1,19213..
Sept. 1,19213.
Aug. 1, 19213.
July 1,1921.3..
Juno 1,19213.
May 1, 192 i s . .
Apr. 1,19213..
Mar. 1,19213.
Feb. 1,19213.
Jan. 1,19213...
"272," 54^ 512
14,950,395
346,681, 016 !
2,560,887, 510
111, 140. 400
749,611, 367
3,967,098
3,158,867
1,719,532
20,072,624
§2,166,703,166
529,876,156
8,637,252
43,908,192
27,906,903
1,020 I
73,960,042
354,834,075 !
18,374,798 j
19,068,741 j
S, 079,226,057
8,282,433,487
8,156,446,983
8,117,812,092
8,150,752,689
8,082,456,974
8,059,103,327
8,096,033,684
8,144,987.895
8,128,219' 183
8,181,529,274
8,176,356,209
8,286,360,557
8,516,984,381
423,791,434
427,628,569
450,610,144
457,988,002
430,580,014
431,623,906
432,471,109
460,595,721
499,236,987
508,349,193
496,945,969
493,976,120
499,358,809
494,296,257
3,243,270,345 !
3,147,357.764 j
3,082,379,182 !
2,982,192,610 •
'
2,980,284,106 |
2,907,188,113 j
2,818,800,024 !
2,697,553,897 !
2,562,692,917
2,512,465,834 !
2,534,743,843 !
,
2,385,101,578
2,438,773,422 j
2,377,972,494 '
§3,680,882,401 ,
357,481.
$367,064,680
12,858,238
j
'
I
i
i
Amount per
capita outside
TJ. S. Treasury
and F. R.
system.
$444,482,276 !
172,756,123 !
58,225,364
232,309,781 •
229,684,214 ,
1,542,004 ;
268,753,876 I
2,202,894,568 '.
91,046,070
710,470,002
4,412,164,278 .
4,707,447,154
4,623,457,657 '
4,677.631,480 •
4,739' 888,569
4,743,644,955
4,807,832,194
4,937,884,066
5,083,057,991
5,107,404,156
5,149,839,462
5,297,278,511
5,348,228,326
5,644,715,630
S40-46
43. 22
42.50
43.06
43.68
43.77
44.42
45.68
47. 09
17. 38
47.83
49.26
49. 80
52.63
1
Includes reserve funds hold against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of
national-bank notes, Federal Reserve notes, and Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in trust for the
redemption of outstanding gold and silver certificates and Treasury notes of 1890.
2
3 Exclusive of amounts held with United States Treasurer in gold redemption fund against Federal Reserve notes.
Revised figures.
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT MAR. 1, 1922.
I
Paper maturing within 90 days.
Secured b y Federal Reserve Bank.
Boston
New York....
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas.
San Francisco.
Treasury
Liberty
notes and
certificates bonds and
Victory
of indebtedness. notes.
44
44
4i
41
5
5
5
5
5
5
5
41
Trade
acceptances.
f
5
5
5
5
5
5
44
Commercial, agricultural,
and livestock
paper,
n. e. s.
41
41
41
41
5
5
5
5
5
5
5
Agricultural and
Bankers' live-stock
acceptpaper
ances
maturing maturing
after 90
within
3 months. days, but
within
6 months.
41
4}
5
5
5
5
5
5
5
44
DISCOUNT AND INTEREST RATES.
In the following table are presented actual discount and interest rates
prevailing during the 30-day period ending February 15, 1922, in the various
cities in which the several Federal Reserve Banks and their branches are
located. A complete description of the several types of paper for which
quotations are given will be found in the September, 1918, and October, 1918,
A comparison between interest rates prevailing during the 30-day period
ending February 15 and the 30-day period ending January 15 indicates that
there has been a noticeable trend toward stabilization, although rates for
prime commercial paper purchased in the open market continued to decline.
Rates for all classes of paper were lower than in the corresponding period o
E
FEDERAL RESERVE BULLETINS. Quotations for new types of paper will be 1921, the declines being most general in the case of indorsed bankers' acceptadded from time to time as deemed of interest.
ances.
DISCOUNT AND INTEREST RATE PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING FEB. 15, 1922.
Prime commercial paper.
City.
District.
30 to 60
days.
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
Ordinary
loans to
Secured by customers
warehouse secured by
receipts.
Liberty
bonds.
Boston
Now York l
Buffalo
Philadelphia...
I Cleveland
Pittsburgh
Cincinnati
Richmond
Baltimore
Atlanta
| Birmingham
| Jacksonville.
I New Orleans,
Nashville
I Chicago
I Detroit
• St. Louis
Louisville.
Memphis.
Little Rock
Minneapolis
Helena
Kansas City
Omaha.
Denver.
Oklahoma City
j Dallas
; El Paso.
I Houston
San Francisco
Portland
Seattle
Spokane
Salt Lake City
Los Angeles
i 4 to 0
! months.
_|
6J 5-1 5
7 5 5
7
5
7 5J 6-7
6 6
6J- 6 6
6 51 6
6 6 6
8 5 7
6 5-1 6
6 6
8 6 7
71 6 7
6i
6"
6
8
8
6
61 6-1
oh 6
6" 6
6 7
6 7
7 8
7 61 7
8 8
8 6 7716 71
8 6 7
7
10
8
10
7
7
7
617-1
6 8
7 7
5-1 61
! 8
8
7
Rates for demand paper secured by prime bankers' acceptances; high, 51; low, 4; customary 4-1.
00.
366
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
per cent two years ago, the February, 1920,
average of $3.23 per pound being the lowest
Continued advances in sterling and in most on record.
of the other European and South American In the computation of the general index for
exchanges are reported for the months of the month changes in the rates on the different
February. The German mark, however, and currencies approximately offset each other.
the currencies of central and eastern Europe The final result of these changes, together with
show further declines. A downward tendency certain shifts in the weights assigned to the
is noted also in the rates on the Orient. The different countries, is a slight decline of the
rise in sterling was consistently maintained index from 59 in January to 58 in February.
throughout the month. The rate on February
The rates used in the compilation of the table
1 was about $4.23 and on February 28 $4.43, are noon buying rates for cable transfers in
or only about 9 per cent below par, as compared New York, as published by the Treasury in
with 20 per cent below par a year ago and 31 accordance with the act of May 27, 1921.
FOREIGN EXCHANGE.
FOREIGN EXCHANGE RATES.1
COUNTRIES INCLUDED IN COMPUTATION OF INDEX.
High.
Low.
Par
of exchange.
Countries.
Belgium
Denmark
France
Germany
Italy
Netherlands
Norway
Spain
Sweden
Switzerland
United Kingdom
January.
February.
February.
Average.
January.
Weight.
February.
7.5900
7. 8144 i 43.11 i 40.49
19.30
8.0000
7.9500
8.7300
8.3195
26.80 20.1900 19.7900 21.0700 20.1900 20.6414 19.9744
77.02
74.53
19.30
8.1636
8.3300
7.9600
9.2000
8.3500
8.7305
45.24 ! 42.30
23.82
.5876
.4697
.5204
.4339
.5207
.4811
2.02 j
2.18
19.30
4.6400
4. 2600
5.3300
4. 5900
4. 3744
4.9095
25.44 ;
22.67
40.20 36.9900 36. 3000 38.4700 36.9400 37.6082 36. 6772
93.56
91.24
26.80 15.8700 15.4700 17.2700 15. 8700 16.6641 15.6636
62.18 , 58.45
19.30 15.2000 14. 8500 16.0300 15.1800 15.6927 14.9768
81.31 i 77.60
26.80 25.4400 24. 6500 26.6600 25.4200 26.1495 24. 9488
97.57 j 93.09
19.30 19.4400 19. 3000 19.6000 19. 5200 19.5227 19.4156
101.15 ! 100.60
486. 65 428.7800 418.6500 443.2200 427. 6700 436.2000 422.4780
89.63 !
86.81
Franc
Krone.
Franc
j Rcichsmark
i Lira
Florin
Krone
I Peseta
j Krona
Franc
Pound
28
11
76
80
35
29
8
21
23 i
10
244
20
11
74
68
47
29
9
19
17
10
247
150
Canada
Dollar.
100.00
95.5547
93.5469
97.9844
95.6641
96.3114
94. 8222
96.31
94.82
155
Argentina.
Brazil
Chile
Peso (gold)
Milreis
Peso (paper)
96.48
32.44
3
19. 53
80.6400
12.6100
9.8750
75.3000
12.4200
9. 3750
83.8300
13.0500
11.0000
83. 0800
12. 6800
10.7500
82.5764
13.2459
10.3958
77.1892
12.5752
10.1302
85.59
40.83
53.23
80.01
38.76
51.87
29
China
India
Japan
Shanghai tael... 3 66.85
48.66
Rupee
49.85
Yen.
j
68.6400
27.7400
47.2600
72, 4500
27.5800
47.4300
74.2400
28.4400
47.4900
75.1100
27.9700
47.9200
72.1532
28.1427
47.3727
74.1456
27. 8104
47.6244
107.94 . 110.91
57.84 57.15
95.03
95.54
51
23
141
1
37
.7
40
26
163
Noon buying rates for cable transfers in New York as published by Treasury in accordance with act of May 27,1921.
Based on average.
1913 average.
OTHER COUNTRIES.
2
3
I
Low.
Monetary unit.
February.
Austria
Bulgaria
Czechoslovakia
Finland
Greece
Hungary
Poland
Portugal
Rumania
;
Cuba
Mexico
Uruguay
China
Hongkong
Straits Settlements
January.
! Peso...
:
do.
!
I
!
20.26
19.30
20.26
19.30
19.30
20.26
23.82
108.05
19.30
20.26
19.30
0.0199
.6817
1.(5894
1.9857
4.4200
.1425
.0237
7.2400
. 7442
.3055
1.2267
0.0267
. 6933
1.5481
1.8400
4.2200
. 1244
.0288
7.2100
.7375
.3275
1.314
100.00
49.85
j Krone
: . . : Lev
Krone
Markka
! Drachma
: Krone
' Polish mark
Escudo
Leu
Average.
High.
Index (per cent of
par).i
Par of
'exchange.^
99.7501
48.6250
99.6462
48.3000
February.
January.
0.0389
.7438
1.9713
2.0136
4.4400
.1722
.0356
7.8200
.8340
.3766
1.509
0.0339
.7083
1.9316
2.0214
4.6000
. 1563
.0310
8.0200
.8233
.3316 ,
1.3300 I
99.9375
49.0250
February.
January.
January.
0.0281
.6930
1.8550
2.0029
4.5082
.1497
.0286
7.4895
.7953
. 3235
1.2975
0.0325
.7104
1.7319
1.8871
4.3644
. 1525
.0327
7.6644
.7783
.3430
1.3814
0.14
3.59
9.16
10.38
23.36
.74
.12
6.93
4.12
1.60
6.72
0.16
3.68
8.55
9.78
22.61
.75
.14
7.09
4.03
1.69
7.16
99.8542
99.8542
48.9825 ] 48.8076
99.7256
48.6898
99.85
97.91
99.73
97.67
103.42
do
! Mexican dollar
' Dollar
j Singapore dollar
75.6100 I 70.9200 j 82.3700
76.4200
79.2391
72.6472
76.62
70.24
2 48.11
2 47.77
56.78
50.4200 j 52.9000
52.3400 i 54.5100
47.8300 ! 47.0000
54.7800
55.6900
48.2900
52.7445
53.9795
49.2959
54.1040
54.9864
47.9296
109.63
113.00
86.82
112.46
115.11
84.41
i Hased on average.
54.2500
55.2900
50.2500
2
1913 average-
Average price of silver per fine ounce: In London (converted at average rate of exchange), $0.66589; in New York, $0.65696.
February.
367
FEDERAL RESERVE BULLETIN".
MARCH, 1922.
F< }RIEION EXCHANGE 1 ND EX
1918 - 1922
IT/
G .NERAL 1NDF
E
1GLAND
^MAN\ f
^
AQAI
THEHLt *NDS
ENTINA
HH 1 A P i
PERCENT
PERCENT
110
110
>
PAR-
^*
\
90
80
90
IN
\
\
70
\#
N
X
60
"v.
\
50
y
\
\\
80
-
—
'
70
A
v
60
/ \
/
\i
30
50
40
9"
30
20
£0
••
10
10
....
N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F M. A. M. J. J. A. S. 6. N. D.' J. F. M. A. M. J. J. A. S. 0. N. D." J. F M. A. M. J. J. A. S. 0. N. D.
1918
1919
1920
1921
1922
CONDITION OF PRINCIPAL BANKS OF ISSUE, 1913-1921.
BANK OF JAPAN.
[From annual reports and weekly statements of the Bank of Japan.]
[In thousands of yen.]
Dec. 31,
1913.
Dec. 26,
1914.
Dec. 25,
1915.
Dec. 30,
1916.
Dec. 28,
1918.
Dec. 29,
1917.
Dec. 27,
1919.
Dec. 25,
1920.
Dec. 3.1,
1921.
ASSETS.
Gold and silver, coin and bullion held at
homo and abroad
Loans, discounts and advances
Advances to the Government (Laws of 1888
and 1890)
Other advances
Foreign bills discounted
"Duo from agents and offices
Due from banks and correspondents
Due from branches
G overnment securities
Government securities held as cover for
fractional currency
lical estate, including bank promises
225,568
78,772
22,000
32,872
44,835
181,749
1,054
6,320
55,530
218,834
25,448
249,269
27,524
413,702 !
74,242 |
655,931
60,659
725,021
99,195
908,533
289,510
1,234,894
109,233
1,247,031
296,313
22,000
39,109
39,467
162,214
351
5,527
55,922
22,000
43,861
13,300
335,308
108
10,127
43,951
22,000 I
60,108 i
122,006 I
340,167
97
5,676
36,724
22,000
48,995
209,007
477,908
89
7,315
34,774
22,000
48,537
420,847
833,293
20
5,322
32,043
22,000
55,804
340,525
1,005,796
143
18,522
77,453
22,000
05,743
73,478
820,318
30
45,100
190,508
22,000
40,811
76,215
742,668
157
36,334
191,915
2,022
2,023
2,588
2,504
19,825
2,485
91,210
2,291
145,300
2,268
200,000
2,392
216,500
2,367
051,32S
571,495
748,162
2,280,385
2,925,914
2,703,762
2,872,311
Capital paid in
Surplus and undivided profits
Notes in circulation
Government deposits
Other deposits
Funds for amortization of and interest on
national debt
Due to the G overnment on account of loans
issued
Due to banks and correspondents
Due to branches
Government securities held as cover for
fractional currency
37,500
33,318
426,389
85,739
37,500
34,140
300,441
78,194
14,610
37,500
35,062
396,384
185,820
25,564
I
37,500 !
37,500
!!
50,212 | ^ ,60,799
I l,090;910 ' l,460;327
921,395 I 1,117,279
!
|
53,024 i
43,078
37,500
02,436
1,311,234
940,956
98,581
37,500
52,965
1,546,546
886,659
40,509
32,233
46,540
Total
Katio of metallic reserve to deposit and j
note liabilities combined—per cent
!
651,328 I 571,495
Total
|
LIABILITIES.
296 |
30,894!
70
67,807 |
25
37,500
39,075
610,539
331,420 j
29,210
29,522
37,500
41,811
824,105
550,566
33,809
"
31,239 i
14
"109* |
19,825
43.63 I
48.29
35,425 I
91,210
01,139
97,763
1
491
15,262
30
3,222
16
145,300
200,000
216,500
748,162 ; 1,077,286 j 1,538,988 j 2,280,385 ] 2,925,914
2,763,762
2,872,311
52.55
50.41
41.01 .
42.60 I
46.54
35.12 j
30.97
FEDERAL RESERVE BULLETIN.
MARCH,
1922.
BANK OF ITALY.
[From annual reports and weekly statements of the Bank of Italy.]
[In thousands of lire.]
Dec. 31,
1915.
1,107,633 1,118,188 1,077,364
94,607
104,803
107,890
Gold..
Silver.
Dec. 31,
1917.
Dec. 31,
1916.
899,686
72,655
Dec. 31,
1913.
Dec. 31,
1914.
Dec. 31,
1918.
835,852
87,410
Dec. 31,
1919.
Dec. 31,
1921.
804,824
75,096
817,759
77,148
Total metallic vault reserve
1,202,240 1,226,078 1,182,167
972,341
923,262
894,907
Notes of Italian Government and of
other, including foreign, banks of
4,517
57,774
104,204
142,509
338,457
179,229
issue
14,112
25,756
31,985
6,652
42,494
17,032
Other cash and cash equivalents
757,137
539,828
473,728
886,834
505,968
705,839
Bills payable in Itply
Bills payable in foreign countries, in22,125
20,810
87,068
20,901
315,391
72,736
cluding foreign treasury bills
3,524
25,354
20,448
10,914
35,287
24,083
Bills payable, received for collection...
192,582
762,704
126,063
307,013
436,380
151,195
Advances, ordinary
Advances to the Government or for
518,812 1,608,534 1,830,749 4,327,128 5,244,870
account of the Government
223,121
204,884
204,916
219,760
Securities
218,650
204,591
Debtors in current account:
10,975 ! 11,082
12,454
381,772
35,508 j
40,025
In Italy
467,924
148,458 j 386,488
775,363
46,524 '
42,460
,
In foreign countries
28,302
26,757 '
27,794
29,239
28,498 ! 29,259
Bank premises
In fiscal account with the Government
95,252 I 252,358
8,822 j
11,740 I
5,122
7,250
and provincial administration
427,183 i 733,995 4,011,591 I 2,344,626
Sundry assets
190,610 j 175,496
4,450,434 | 5,247,288 11,519,414 I 12,484,813
Total.,
2,483,252 , 3,283,3
LIABILITIES.
Dec. 31,
1920.
819,316
74,985
850,006
74,351
879,920
894,301
924,357
475,611
62,853
1,355,917
381,456
62,920
3,158,819
466,156
64,874
3,895,824
21,568
8,964
1,365,320
20,685
1.1,864
2,294,159
9,435
14,882
4,176,175
7,771,975
212,668
8,036,723 6,407,527
214,176 ! 533,685
369,534 , 1,130,388 I
771,955 : 777 438
29,817 1
35,024 I
640,459
702,084
519,125
348,531 I 375,544
2,656,223 ' 1,682,119! 1,
i 16,501,450 j 19,048,603
19,656,979
I
180,000
180,000
Capital paid in
180,000 . 180,000
48,000
48,000
48,000 ! 48,000
Surplus
22,025
17,525
13,025 i 22,025
Extraordinary and special reserves
Circulation:
For account of commerce
ill irA w 1/1,643,637 1,431,642 2,045,993
For account of the Government... |Jl,/64,433 !| » g l 8 8 1 2 1,608,534 1,830,749
1
207,885 : 549,923
865,933
Demand and time deposits
745,888
In fiscal account with the Govern158,831
112,226
86,258
208,912
ment and provincial administration.
111,078
Sundry liabilities
302,119 j 172,830
112,060
Total
Ratio of metallic reserve to deposit
and note liabilities combined—per
cent
180,000
48,000
28,946
180,000
48,000
46,623
180,000
48,000
68,615
180,000
48,000
79,528
180,000
48,000
100,676
2,212,067
4,327,128
1,449,077
3,978,488
5,244,870
1,596,656
4,919,805
7,771,975
2,084,850
7,400,199
8,036,723
2,081,569
8,439,883
6,407,527
2,440,511
290,327
2,983,869
265,954
1,124,222
44,823
1,383,382
2,483,252 | 3,283,369 4,450,434 ; 5,247,288 11,519,414
354,839 1,140,411
899,971
867,745
12,484,813 16,501,450 I 19,048,603 19,656,979
I
60.95
45.20
31.22 i
11.56
20.50
8.27
5.95 :
5.10
5.35
I
NATIONAL BANK OF SWITZERLAND.
[From annual reports and weekly statements of the Bank of Switzerland.]
[In thousands of francs.]
Dec. 31,
1913.
Dec. 31, i Dec. 31,
'
1914.
I 1915.
Dec. 31,
1916.
Dec. 31,
1917.
Dec. 31,
1918.
Dec. 31,
1919.
i
Dec. 31,
1920.
Dec. 31,
1921.
Gold in vault.
Silver
169,956
20,836
237,936
24,913
250,132 j
51,238 j
344,998
52,454
357,644
51,830 j
414,719
58,412
453,114 I
73,649 I
477,743
121,571
1549,521
108,240
Total metallic vault reserve
Gold held abroad
Notes of other banks of issue
Loans and discounts
Foreign demand credits
Advances on securities
Public securities
Due from correspondents
Bank premises
Sundry assets
190,792
262,849
301,370 |
397,452
409,474 !
473,131
i46,54i
17,103 I '" 2,"484|
190,007 ; 222,319 i
28,385
6,377
21,240
6,480
5,043
19,552
9,329
33,826
6,250
6,828
9,765
588,818
50,069
40,899
8,553
28,073
6,600
8,048
526,763
63,878
12,040
511,603
70,285
32,669
6,638
36,149
5,425
7,721
599,314
65,160
13,261
474,883
3,456
36,630
5,864
34,975
5,427
9,123
1657,761
29,345
196,271
883,666 ; 1,213,956
1,273,171
1,248,093
1,204,266
20,954 !
8,099 j
30,984 I
6,150 •
'
9,014 ;
22,140 I
6,802
42,944 i
6,644: !
9,284
1
12,674..
360,312
45,201
7,295 I
32,921 ! !
6,008
9,781
18,317
378,123
15,300
75,696
5,407
53,662
404,858 ! 564,250
Total.
583,681
710,069 |
2.% 000
1,147
313,821
59,012
5,878
25,000
1,495
455,889
70,842
11,024
25,000
1,995
465,609
82,710
8,367
25,000
2,441
536,518
129,747
16,363
25,000
25,000
7,441
12,941
975,706 i 1,036,123
187,641 ! 180,856
18,168 1
18,251
25,000
14,441
1,023,712
163,334
21,606
25,000
4,941
1,009,264
128,765
36,296
564,250
583,681
710,069
1,213,956 j 1,273,171
1,248,093
1,204,266
LIABILITIES.
Capital paid in
Surplus
Notes in circulation.
Deposits
Sundry liabilities...
Total
Ratio of metallic reserve to deposit
and note liabilities combined—per
cent
1
Includes gold held abroad.
i
51.19
49.90
54.96
59.66
40.67
43.28
50.49
369
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
BANK OF SWEDEN
[From annual reports and weekly statements of the Bank of Sweden.]
[In thousands of kronor.]
Doc. 31, = Dec. 31, Dec. 31,
1915.
1913.
1914.
Gold coin and bullion
Silver and other metallic reserve..
Total metallic reserve
Checks and sight drafts, including foreign.
Current account deposits held abroad
Government securities
Securities of domestic corporations
Bills payable m Sweden
Bills payable abroad..
Advances in current account
Other advances
Sundry assets
Total
Dec. 31,
1918.
Doc. 31,
1919,
Dec. 31,
1920.
285,566
281,158
1,015
281,777
2,733
282,173
37, 859
48,750
48,359
5,046
453,369
66,390
285,931
246,057
25,210 i 35,464
19,150 ' 45,667
54,618
59,856
5,046
5,539
186,345 ! 280,306
110,129
70,494
1,396
1,202
121,296
180,544
85,030
92,310
107,336
11,043
30,458
27, 490
3,411
157,268
69, 804
3,303
19, 576
608
I 430,297
503, 590 | 549,204 I 676,523
860,008 1,051,582
50,000
12,500
234,472
109,361
5,918
1,972
7,058
9,016
124,572
2,134
110,425
13,328
16,751
24, 574
3,002
174,938
43,400
"2,505
42,694
71,973
LIABILITIES.
126,706
18,030
51,084
52,156
5,334
113,620
91,141
2,289
24, 880
63,964
I
183,520
2,339
244,457
1,600
:
185, 859
17,170
39,070
62,910
5,692
121,623
122,413
2,498
1,377 :
101,391 I
29,959
1,075,259 I 1,017,519
50,000
12,500
417,537
173,130
4,810
3,598
8,120
6,848
50, 000
12, 500
572,722
197,448
1,934
8,821
50,000 !
12,500 :
813,534 !
141,424
318 I
11,477
221,469 !
5,016 •
'
10,351 i
50,000
12,500 !
759,877 I
176,773 I
4,899
5,361
16,583
22,329 |
28,361 ;
8,109 I
Total
i 430,297 ! 503, 590 i 549,204 j 676,523
Ratio of metallic reserve to deposit and note ,
liabilites combined—per cent
!
26.79 | 27.73 ' 31.47
31.22 '
860, 008
1,051,582
31.95
29.94
Capital
Surplus
Notes in circulation
Deposits
Due to foreign banks
Bank ordersl
Dividends due and payable to the Government..
Sundry liabilities
Dec. 31,
1921.
284,510
48,653
73,561
12,696
4,488
541,188
31,332
1,126
15, 895
4,070
102,133
108,537
5,203 i 1,888
Dec. 31, Dec. 31,
1916.
1917.
50,000 i 50,000
12, 500
12,500 j 327, 880
304,058 !
108,144 i 129,069
9.019 | 9,955
2,049 ! 2,608
8,800 ! 8,760
9.020 ! 8,426
50,000 I
12,500 i
747,562 i
274,743
11,317
1,054,280
50,000
12,500
627,699
336,105
3,924
4,469
3,500
16,083
1,075,259 i 1,017,519 j 1,054,280
!9.12
30.38 j
29.68
BANK OF NORWAY.
[From annual report and monthly statements of the Bank of Norway.]
[In thousands of kroner,]
Dec. 31,
1914.
Dec. 31,
1917.
Dec. 31, ! Dec. 31,
1915. i 1916.
Dec. 31,
1918.
Dec. 31,
1919.
Dec. 31,
1920.
121,980
147,724
147,284
147,293
121,980
3,230
147,284
147,293
58,294
504,660
40
815
9,077
7,250
39,064
476,236
Dec. 31,
1921.
I
51,630
G old in vault
123,236
116,393
LIABILITIES.
Capital
Surplus
Notes in circulation.
Deposits
Sundry liabilities...
Total
Ratio of metallic reserve to deposit and note
liabilities combined—per cent
92371—22
8
8,963
6,540
433,841
241
998
13,221
1,073
147,724
4,775
71,419
410,604
114
910
10,563
1,257
644,370
647,366
727,420 i.
|
25,000 ! 35,000
11,453 i 17,366
257,854 ! 326,319
j
83,307
226,451
10,361 | 17,024
Total.
38,394
3,327
27,884
119,650
804
1,512
116,393 !
51,630 I 123,236
15,638 !
3,089
3,365 i
63,240 I 79,206
76,921 !
86,343 i 159,711 409,783 |
310 i
551
665 !
1,256
1,385 !
1 , 1 0 2 '•
13,440 | 13,091 |
13,394 ,
2,428 = 7,486 I
840 :
387,975 j 622,160 .
Total metallic vault reserve
Held with Scandinavian banks of issue.
Held with other foreign agencies
Loans and discounts, domestic
Foreign bills
Real estate loans
Securities
Sundry assets
35,000
17,048
436,212
127,530
28,580
35,000
15,374
454,281
109,742
35,000
14,000 I
482,611
133,288
62,521
387,975 | 622,160
644,370
647,366
727,420
21.64
26.19
23.91
36.12 I
21.06
69,786
8,792
35,000
14,033
409,781
140,838
370
FEDERAL RESERVE BULLETIN.
MARCH,
1922.
NATIONAL BANK OF COPENHAGEN (DENMARK).
[From monthly statements of the National Bank of Copenhagen.]
[In thousands of kroner.]
Dec. 31.
Doc. 31,
1920.
95,184
37,170
111,312
38,736
10,296
12,042
36,990
162
1
97,452
1
119,718
102,132
Total.
194,624
2,438
226,892
3,308
227, 582
2,603
228,330
3,542
161, 546
41,959
31,686
6,123
9,138
48
57,220
10,411
23, 204
2,480
77,890
176,384
44,918
197,062
89,563
16,652
9,708
29,603
56,020
9,395
24,498
2,955
175,435
230,200
29, 522
42,232
11,546
4,259
25, 518
176,905
15,232
53,554
3,037
163,362
230,185
9,405
36, 389
10,716
4,087
32,119
187,749
3,624
52,816
3,089
232,012
231, 872
22,684
24,877
10, 520
4,000
16,623
136,714
3,447
79, 231
4,173
183,928
485,110
614,887 ;
755,367
802,191
718,069
27,000
10,193
284,864
3,426
60,871
28, 570
5,718
500
663
27,000
14,931
337,864
3,317
54,977
43, 548
2, 877
500
96
27,000
19,749
450,035
3,204
99,323
14,658
27,000
27, 243
489,347
3,087
71,920
135,371
27,000
31,995
556,706
2,966
65,210
117,359
485,110
614,887 .
755,367
42.77
79,434
12,240
173,922
2,462
421,805
Dec. 31,
1915.
Dec. 31,
1917.
421,805 |
Gold coin and bullion
Silver and other metallic reserve.
Total metallic vault reserve
Foreign credits
Danish Government securities
Other Danish securities
Foreign G overnment securities
Notes of and credits with other banks of issue.
Domestic bills
Foreign bills
Loans and discounts
Real estate
Other assets
Dec. 31,
1914.
Dec. 30,
1916.
159,877
1,669
1913.
40.11
34.74 !
32.90
6,417
8,624
31
33, 580
9,907
21,882
3,057
153,428
Dec. 31,
1918.
I Dec. 31,
! 1919.
Dec. 31,
1921.
LIABILITIES.
Capital
Surplus and special reserves
Notes in circulation
G overnment deposits
Current account deposits
Other deposits
Due to foreign central banks of issue
Profit and loss
Other liabilities
; 27,000
|
I 151,560
I
I 6,894
I
27,000
27,000
206,622
220,416
"ii,"934
""IB," 570*
Total
Ratio of metallic reserve to deposit and note
liabilities combined—per cent
1
500 899 '
500 i
418 j
I
I
.
27,000
38,957
470,964
2,840
128,458
48,811
500 ;
455 !
500
539
802,191
i
!
31.01
j
!
;
718,069
35.61
Includes also some "other assets."
CHARTERED BANKS OF CANADA.
[From official monthly returns of the chartered banks, supplement to the Canada Gazette.]
[In thousands of dollars.]
Dec. 31,
1913.
Gold and silver in vault
Gold heid abroad
Dominion notes
Deposited with Minister of Finance for security of note circulation
Deposit in central gold reserve
Notes of other banks
Cheques on other banks
Loans and discounts
Due from banks and bankers in Canada and
in the United Kingdom
Due from banks and bankers elsewhere
Government, municipal, and other public
securities
Railway and other stocks and bonds
Call and short loans outside of Canada
Overdue debts
Bank premises, other real estate, and niortliabilities of customers under letters of
credit
Sundry assets
Total..
Dec. 31, I Dec. 31,
1917. j 1918.
25,945
19,478
104,778
38,746
42,583
23,824
25,413
138, 056 j 145,548
6,651
7,597
14,777
60,899
988, 032
6,733
9,700
13, 063
48,991
955,449
14,127
25,601
M !
«
55,349
26,684
167, 509
44,506
26,666
124,750
60, 928
18, 388
175,745
62, 553
17,535
172 964
62,582
59,651
20,106 I 19,200
177,489 | 195, 731
6,302
5, 947
5,770
6,529
re,86i
5,558
6,775
I
113,353
125, 800
68,453
97,270
130,900
43, 700
! 17,360
53,502
50, 880
36,138
24, 079
31, 379
19,702
j 15,103
149,970
109,315
145,524
95, 599
116,359
76, 836
! 63. 809
1,
j 968, 081 1,009,341 j1, 088, 020 j 323, 018 1, 559, 777 1, 669, 562 1, 504, 999
17,901 i
35,427 |
43,792 I
74,144 '
33, 290
74,108
115,985
4,538
33,605
72,056
85, 013
6,188
45,475
51, 893
54,459 i
57,018
8,556
4,426
12,248
6,667
9,126 '
5,517 !
9,131
4,604
55, 727 • 198,671
66,769 I 64,108
137,158 I 173,878
6,632
5,761
20,367 !
51,356 |
19,705
43,221
24, 787
60,794
412, 797 ! 460,453
55,609 I 53,138
134,483 ' 150,248
. 4,859 i 4,543
32,063 i
50,449 !
405,020
54,958
172, 232
4,528
30,771
82,327
311,662
46,495
211,443
6,636
323,642
44, 021
169, 859
8, 444
19, 027
62,324
58,860 j
60,238 !
64,046 j
67,364
77,348
!
21,981 :
2,571
33, 670 !,
2, 042
51,188
3,583 |
43,751
3,664
22,986
4,324
1,554,263 1,555,560 1,737,996 1,948, 045 2,323,163 j 2, 689, 833 i 2, 967,374 J 3, 050, 979
2, 746, 733
LIABILITIES.
Capital paid in.
Reserve
Notes in circulation
,
Due to Dominion and Provincial Governments
,
Other deposits
Due to banks and bankers in Canada and
in the United Kingdom
,
Due to banks and bankers elsewhere
Bills payable
Acceptances under letters of credit
Sundry liabilities
Total i
114, 809
112,118
113, 917
113,071
113,988 | 113,346
112,457 I 113,383
111,674
114,101
109,492 , 119,199 | 128,067
116,016 ' 124,713 j 133, 049
129,317
128, 073
108,646
105,970
122,200 | 148, 785
192,924
224,501 ! 232,487 | 228,759
184,603
32,309
1,109,971
20,603
8,267
16,537
8,556
3,866
41,554
47,117
43,009
1, 111, 641 1,279,330 1,467,076
24,628
7,916
7,961
12,248
2,729
22,364
10, 800
3,850
9,071
4,551
12,729
17, 595
5, 242
8,131
4,381
82,781
137, 989
150,161
269,684
243,960
1, 740,199 1,876,353 i2,116, 822 2,307,275 2,052,471
13,667
19, 842
3,480
21,981
6,861
14,502
23, 794
917
33,670
4,830
18,956
33,913
6,381
51,188
3,009
17, 471
29,218
10,415
43, 751
3,431
18,407
30,236
11,167
2,319
2,472,350
1,314,647 1,499,283 | 1,708,948 2, 081, 735 2, 448, 251 i 2, 706, 716 : 2, 778,309
I
1
Exclusive of capital, surplus, and undivided profits.
1,308,755
371
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
CONDITION OF MEMBER BANKS.
ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS IN EACH FEDERAL RESERVE
DISTRICT ON DEC. 31, 1921.
[In thousands of dollars.]
DisDis- i DisDistrict I trict
trict
trict
No. 3 | No. 4
No.l
No. 2
(51 ! (115
(133
(40
banks). banks). banks).: banks).
District
Total
United
States
(1,614
banks).
RESOURCES.
Loans and discounts
451,8751,974,510; 182,378:
Overdrafts
....
428j •
268
268
428|
85
Customers' liability on account
of acceptances
306
99,6611
7,450
16,231
9,281
U. S. Government securities
8,922! 100,640
35,871 332,626 32,300!
Stock of F. It. Bank
2,272,
1,368
5,571
11,258
2,261
Other bonds, stocks, and securities
105,058 509,917 101,427 175,901
Banking house, furniture, and
fixtures
25,592, 4,527 13,776
31,484 12,2631 2,596j 2,87
12,863
65,630 10,196
Other real estate
918 2,230!
2,556
1,737!
906
26S
9,9051
1,593
4,5001 2,763j
Gold and gold certificates
367
277
1,638
257
165
312!
19C
1,449 ;
2,969'
All other cash in vault
2,612: 4,976
28,438 5,283: 2,037
1,490
12,736
36,8811 4,496! 13,797
Reserve with F . R. Bank
48,009
13,493; 91,386 23,784J 4,594
9,304
41,688: 307,720J
21,661j
6,182
Items with F. R. Bank in process of collection
16,263
7,37o' 14,678 10,117; 1,184J 4,682
11,072
45,177
5,139;
2,501
Due from banks, bankers, and
trust companies
27,879
27,548i 73,615 23,87o| 10,030i 15,288
79,072:
19,856
13,509
10,144
Exchanges for clearing house;
also checks on other banks in
same place
3,070
14,475
1,105
7,115
9,319| 174,104
7,823! 32,479
2,524
Outside checks and other cash
2,7
37J
1,738| 12,882
1,359
items
2,026| 11,400
617
374
United States securities bor7,686
271
488!
3,065
rowed
40J 5,374 7, OSli 10,319
29
191
71j
I
215
40 ,
Other securities borrowed
256
2,092
6,248j
245 ' "8," 725
'"7," 2671
4,080| 11,451 2,137!
'3,700
Other assets.'
Total.
LIABILITIES.
142,896
674,353
33,512
1,398,542
3,469
2,022
103
2,571
5,471
1,61
10,39'
1,436
489
27,403 212,671
3,315
32,804
908
8,727
13,219 128,536
41,785 615,082
7,
127,131
47,835
359,043
16,297 270,613
9,203
44,133
855
311 35,710
30
25
381
2,169
5,493 123,863
724,5233,734,967j 389,5201,019,144! 153,148! 333,829,1,709,952 417,959] 126,896 151,183 124,654 959,085 9,904,860
I
Capital stock paid in
36,411' 186,867
Surplus fund
38,939! 178,510
Undivided profits, less expenses
and taxes paid
15,788
68,737
Amount reserved for interest
and taxes accrued
3,12"
13,187
Due to F. R. Bank
478;
2,964
Due to banks, bankers, and
trust companies
29,466 294,809
Certified and cashiers' or treas5,079| 91,391
urers' checks outstanding
408,82()!2,224,301
Demand deposits
158,992, 441,251
Time deposits...
United States deposits
8,4111 47,733 j
Bills payable with F. R. Bank..
4,834;
30,745;
Bills payable with War Fi248L
nance Corporation
Bills payable other than witn
F. R. Bank and War Finance
Corporation
720
465!
Cash letters of credit and trav2
10,771
elers' checks outstanding
Acceptances executed for cus9,422;' 99,531
tomers
Acceptances executed by other
banks for account of report4,8
ing banks
604
United States securities bor5,374
rowed
40
40
Other securities borrowed
33,425!
3,"l42
Other assets
Total.
Liability for rediscounts with
F.R.Bank
Liability for rediscounts other
than with F. R. Bank
5,692,229
4,634
26,770
49,647
65,189! 15,623j 27,942: 100,299
81,623, 9,966- 17,700;
13,261
16,032'
3,357J
3,703:
27,652
1,287
1,091
2,526
K0
°
588
367
442
740
154
8,961
59
10,605
44,421
8,161
32,503;
2,497
191,342
56,846
17,757
343,348
392,894
14,053
17,260
8,391
16,655
30,517| 10,452
22,594, 3,946
9,960
3,744
15,355
6,356
60,704
24,665 524,574
6,263;
1,619
2,168
1,207
10,328 170,115
1,1801
14
216
145
276
759
7,785
26,675
6,016
1,925' 6,669i 14,550
1,398
7,198
55,987 130,325 614,933 160,6161 39,175
47,967| 87,584: 768,432 126,450 54,167
2,4731 3,623i 17,491 2,886
765
8,008, 1,819
3,975
3,248' 26,198
5,564
63,554
27,901
2,691
4,529
452
1,626
j
l,130|
30,969
65,528
1,146
I
1,104
207
3,631
111
1,
4,096
306
7,081
2,586
10,319
215
4,504
32,947
6,639
30,937 587,875
1,975 17,484 173,487
66,135 273,964 1,572,500
19,002 520,624 1,702,110
584 2,338 120,308
1,912
6,505 116,819
735
143
5,165
j
8,388
5,492
3,261
4,005
2,754
16
126
31
5
40
379
8,125
17,044
1,703
4
19
439
935
83
173
311
488
3,067
7,686
137|
1,472
11,917
8,512
2,930
3,286
94
36,997
1,131
125
2,311
144,177
191
29
238
91
855
25
405
3111
30
4,318|
12,491
25
5,687
35,752
381
70,747
724,523J3,734,967| 389,5201,019,144 153,148 333,8291,769,952 417,959i 126,896 151,183 124,654 959,085 9,904,860
• " •
• • • • • • :
I
20,889|
47I
19,682;
86,!
3,382
41,128
7,971
31,271
37,168
1,043
281
1,106
2,671
18,120
19,800j
1,534|
-
4,836
572
5,325
616
515
• •
7,176
206,511
27,522
372
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
ABSTRACT OP CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE
SYSTEM ON DEC. 31, 1921, BY CLASSES OF BANKS.
[In thousands of dollars.]
Central reserve city banks.
New York
(30
banks).
Chicago
(14
banks).
St. Louis
(10
banks)-
Total United States.
Total
(54
banks).
Other
reserve
city
banks
(192
banks).
Country
banks
(1,368
banks).
2,185,076
2,122
25,623
233,922
13,374
591,521
96,695
20,154
2,410
50,494
195,376
64,488
161,833
1,469,113
2,105
2,016
153,633
8,415
382,577
61,637
10,148
3,157
42,943
96,963
16,998
107,820
5,692,229
4,634
142,896
674,353
33,512
1,398,542
212,671
32,804
8,727
128,536
615,082
127,131
359,043
5,772,959
4,619
174,284
644,043
33,196
1,405,300
198,518
29,060
13,125
143,063
584,457
120,763
338,151
270,613
44,133
35,710
381
123,863
368,894
39,377
9,904,860
10,009,135
586,089
524,574
585; 530
531,918
Dec. 31,
1921 (1,614
banks).
June 30,
1921 (1,595
banks).
RESOURCES.
Loans and discounts
Overdrafts
Customers7 liability on account of acceptances.
U. S. Government securities
Stock of F. R. Bank
Other bonds, stocks, and securities
Bankinghouse, furniture and fixtures
Other real estate
Gold and gold certificates
All other cash in vault
Reserve with F. R. Bank
Items with F. R. Bank 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
U. S. securities borrowed
Other securities borrowed
Other assets
437,141
55
15,803
25,950
2,317
102,172
2,894
66
731
9,884
48,879
8,974
29,883
122,438
30
793
' 4,740
841
28,567
5,673
428
49
6,587
2,038,040
407
115,257
286,798
11,723
424,444
54,339
2,502
3,160
35,099
322,743
45,645
|
89,390
164,974
8,869
276
40
68,269
19,240
7,696
188,964
17,156
4,778
101
77,913
66,255
20,167
20,194
8,954
4,750
591
4,502
61
690
33,841
15,394
6,810
10,738
280
12,109
2,795,902
Total.
1,478,461
322
98,661
256,108
8,565
293,705
45,772
2,008
2,380
23,557
260,906
30,109
52,920
720,639
201,918
3,718,459
3,783,545
2,402,856
132,400
141,661
35.150
42,090
13,325
14.815
180,875
198,566
224,952
223,586
180,262
102,422
51,655
14,585
2,931
69,171
57,012
43,932
170,115
170,389
11.137
203
267,687
7,193
656
42,094
11,806
18,986
203
321,587
8,130
1,678
217,986
5,83.1
4,758
48,302
32,947
6,639
587,875
49,750
5,915
556,184
85,538
1,754,882
157,659
40.525
7,500
7,498
319,428
214,164
12,788
5,531
78,719
60,140
2,312
3,409
98,567
2,153,029
431,963
55,625
10,977
59,743
1,459,957
1,332,167
51,841
59,442
1,408
15,177
959,514
937,980
12,842
46,400
3,757
173,487
4,572,500
2,702,110
120,308
116,819
5,165
226,934
4,585,885
2,671,593
142,457
164,189
13,545
23,166
36,997
55,489
10,699
98,531
65
16,629
10
793
10,774
115,953
1,692
26,324
25
1,900
12,491
144,177 !
18,998
178,483
4,502
61
2,622
5,039
4,778
101
41,979
1,658
12,958
6,562
139,326
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes
paid
Amount reserved for interest and taxes
accrued
Due to F. R. Bank
Due to banks, bankers, and trust companies..
Certified and cashiers' or treasurers' checks
outstanding
Demand deposits
Time deposits
U. S. deposits
Bills payable with F. R. Bank
Bills payable with War Finance Corporation .
Biils payable other than with F. R. Bank and
War Finance Corporation
Cash letters of credit and travelers' checks
outstanding
Acceptances executed for customers
Acceptances executed by other banks for
account of reporting banks
U. S. securities borrowed
Other securities borrowed
Other liabilities
Total .
Liability for rediscounts with F. R. Bank
Liability for rediscounts other than with
F. R. B ank
Ratio of reserve with F. R. Bank to net deposit liability (per cent)
4,866 |
276
40 '
30,643 ;
8,714
2,795,902 i
720,639
5,555 l
12,004
173
201,918 j 3,718,459
4,803
13.0
10,780
280
23,240 \
5,687 !
35,752 I.
381 i.
70,747
3,783,545 I 2,402,856
2,479
62,942
9,904,860 I 10,009,135
13.2
22,362
117,507 j
66,642
206,511
344,571
15,654
15,654
13.6
648 j .
20,194 |
.
5,219 |
6,649
27,522
20,849
13.5
10.2 I
7.1
10.8
10.4
373
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON DEC. 31, 1921
(INCLUDING 8,165 NATIONAL BANKS AND 1,614 STATE BANKS AND TRUST COMPANIES).
[In thousands of dollars.]
District District j District District District District District District District
No. 2
No. 3
No. 7
No.l
No. 4
No. 5
No. 6
No. 8
No. 9
(1,442
(795 I (704
(436
(625
(883
(512
(585
(1,017
banks). banks). I banks). banks). banks). banks). banks). banks). banks).
District District i District
! No. 10 No. 11 ! No. 12
(851
(837
i (1,092
| banks). banks). banks).
Total
United
States
(9,779
banks).
I
RESOURCES.
Loans and discounts.. 1,251,439 4,788,2311,002,587 1,526,900 805,127 606,916 2,559,283
Overdrafts
519
1 242!
317
782
901
1,380; 1,965
Customers' liability
on account of acceptances
44,239 200,804'
10,554
7,038
10,136,
9,757l
35,472
U. S. Government securities
271,586 150,261 j 100,213 303,732
161,6-19J 821,531 j 230,079
Other bonds, stocks,
and securities
276,623! 1,108,080| 441,012 465,753 101,485|
66,053 ! 471,001
Banking house, furniture, and fixtures
44,039
76,388
41,119| 127,669
38,552 j 31,9501
92,507
Other real estate
6,166
7,449: 9,451
15,063
•!•' 4] 2
4,735. 7^910
Cash in vault
34,645
38,463! 109,541
50,412! 24,2891 19,612'
80,389
Reserve with F. R.
Bank
110,440 724,373' 104,413 132,128
58,02ii
44,357 235,593
Items \yith F. R.
Bank in process of
collection
40,717! 120,976!
44,054
31,598!
]7,3-13;
57,649
43,987
Due from
banks,
bankers, and trust
companies
90,049 153,5901
91,794 120,055
71,059i
84,367' 247, C
Exchanges for clearing
i
j
house; also checks
!
on other banks in
j
same place
30,139 462,376|
40,980
32,853
17,130j 15,967' 79,619
Outside checks and
other cash items
7,568J
25,80l'
5,397
5,539!
4,078
19,007
5,913
Redemption fund and
i
•
j
due from U. S.
!
Treasurer
2,535
4,5111 2,919
4,917
3,259i
2,163!
4,354
U. S. securities borrowed1
40
5,374' 7,081
10,319
271 j
488 : 3,065
Other securities borrowed i
40i.
215
19,549 175,1827,498
Other assets
9,877 " -i,63J|
4,933' 18,3
i
Total..
716,828
1,200
3,127
102,937
666,77o' 795,697 549,227ll, 402,273 16,671,278
14,582
1,826
1,825J
8171
!
2,725
3,5011 12,742:
343,559
2, S64j
75,249].
20,4581
6,069!
17,166j
33,726'
4,80l|
25,035
30,933!
8,345,
19,039!
263,497i 3,512,891
i
67,295i
612,503
8,418|
87,152
41,908;
478,416
65,171
43,537!
22
72,322
45,305'
122,678 1,758,341
33,098
I
8,308i
30,681.
21,784
77,350
87,079
156,266
81,728
115,651
176,681
187,783
186,936
105,219
76,492
55,487
2,"
68,821
1,980
477,042
186,231 1,449,637
1
i
20,314
8,745
17,405
11,029'
40,852
777,439
3,073
5,267,
4,143
4,585|
15,962
105,333
2,173
1,724.
2,326
2,53S|
3,253
36,672
29
855
311
35,710
7,686
71
3,424
2,836,
166,234
167,183
11,530
29,992
890,630 1,078,630
829,679
466,531
31,965
29,405
66,391
43,146
10,083
25'
4,6871 18,7-
381
276,749
97,027
52,237
88,4951
49,107!
165,214
79,832
867,821
557,475
22,650'29!
21,653
209
17,535,
2,479!
38,956
.528
667,711
25,521
86,841|
190,880
97,764
55,974
76,76()i
41,550|
27,879
6,056
18,344;
607'
95,333
741
24,379
192
96,766
81,81.4, 411,911
i
127,335
9.115
11,875
31,325
490,636 404,588|l,617,085
362,8611 246,313 1,285,597
13,235
9,445! 37,466
10,667
505,192
284,143
8,106
39,796
28,420J
55,177
1,612!
2,960
580
!
11,556
11,934
166
1,453
24
9,805
7,658
10,209
1,211
23
75,377 j 189,143 2,834,645
i
29,397 20,129
10,9J9|
347,491j 620,218 456,524 ;
563,010 242,616 104,835J
10,321
8,834
8,325:
15,806
19,719
3,738
3,875
I
83,595, 276,252
55,693 ! 202,932
I
S
10,70l!
1,222
52,435
438,336
967,403 13, 176,122
8 0 8,3 6 1 ,450,629
808,361
306,103
15,092
1,018j
22,773
498,708
i
4,305
790
16,540
15,680:
15,628
140,056
I
18,341
16,062
16! 1,028
18
I
25'
117
43j
560
16,437
3,129
2,206
2,675
3,416J
13,053
346,555
15,251!
10,346!
I
35,963
17,253
231
847
22,245
46,467
48,613:
64,377
716,968
661
357' 1,508
57,408
95,156
61,695
42,852!
85,989
42,259
13,466
25,074
8,630
3,768
9,364
13,013
1,5
4,449
2,362
3,895
102,675
6,103
817
6,957
66
2,300
356;
2,090
102
17,883
215
10,157
3
1,230
538
1,141
264!
2,872
523
6,978
6,121
125,810
33,751
2,122,537 8,838,778 2,073,565 2,774,786 1,326,6741,017,342 4,216,957 1,210,9351,027,9791,352,739 907,798 2,446,388 29,316,478
I
52,317
71,428
26,088
»By State and bank trust company members.
26,847
2,122,537! 8,838,778! 2,073,565 2,774,786 1, 326,674 1,017,34.2,1,216,9571,210,935 .1,027,9791,352,739 907,798 2,446,388 29,31.6,478
.
Capital stock paid in.. 139,913 434,145
124,750 455,2851
Surplus fund
Undivided profits, less
expenses and taxes
64,190 212,4841
paid
3,177
Due to F. R. Bank....
6,53o!
Due to banks, bank!
ers, and trust com136,226 1,104,935j
panies
Certified and cashiers'
or treasurers' checks
14,193 206,729
outstanding
1,079,212k (J88,5131
Demand deposits
408,7781,047,905
Time deposits
'""
« 25,445 108,464
U.S. deposits
Bills payable with
18,463 169,450
F. R. Bank
Bills payable with
War Finance Cor248
07
oration
Is payable other
than with F. R.
Bank and War Fi3,654
2,729
nance Corporation..
Cash letters of credit
and travelers' checks
130 12,857
outstanding
Acceptances executed
44,062 204,033
for customers
Acceptances executed
by other banks for
account of reporting
3,522
14,093
banks
National-bank notes
88,674
49,727
outstanding
. U. S. Government se15,342
2,043
curities borrowed
Other bonds and se184
3,053
curities borrowed...
4,614
63,485
Other liabilities....
Total..
$9,174; 233,543 2,647,793
30,218,
29,867
4,330
17,887
LIABILITIES.
Liability for rediscounts, including
those with F. R.
Bank
107,839
87,832)
122,399
73,874
59,725
76,500j
153,176
46,237
44,784
60,738
I
42,633;
50,139
757,639
374
FEDERAL RESERVE BULLETIN.
MARCH, 1922.
ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM ON DEC. 31, 1921, BY
CLASSES OF BANKS (INCLUDING 8,165 NATIONAL BANKS AND 1,614 STATE BANKS AND TRUST COMPANIES).
[In thousands of dollars.]
Central reserve city banks.
Other •
reserve
city
St. Louis Total (103
New York
Chicago
(30 banks). (28 banks). (17 banks).
banks).
(568
banks).
Total United States.
Country
banks
(9,108
banks).
Dec. 31,
1921 (9,779
banks).
June 30,
1921 (9,745
banks).
RESOURCES.
Loans and discounts
Overdrafts
Customers' liability on account of acceptances.
U. S. Government securities
Other bonds, stocks, and securities
Banking house, furniture and fixtures
Other real estate
:..
Cash in vault
Reserve with F. R. Bank
Items with F. R. Bank 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 U. S. Treasurer
United States securities borrowed i
Other securities borrowed 1
Other assets
3,609,659
838
197,829 !
577,780 j
567,705
78,907
4,038
70,849
612,859
87,538
72,123
962,496
367
33,378
42,374
143,060
16,862
178
26,393
121,463
29,901
97,158
280,763
54
1,715
19,081
47,130
11,705
3,818
3,480
31,377
21,630
22,072
4,852,918
1,259
232,922
639,235
757,895
107,474
6,034
100,722
765,699
139,069
191,353
5,309,004
4,063
98,770
711,887
1,027,070
223,389
34,681
133,926
514,898
275,265
577,878
6,509,356
9,260
11,867
1,296,671
1,727,926
311,640
46,437
243,768
477,744
62,708
16,671,278
14,582
343,559
2,647,793
3,512,891
642,503
87,152
478,416
1,758,341
477,042
1,449,637
16,894,785
14,588
412,571
2,661,078
3,443,577
608,812
80,786
529.764
1,624,662
448.765
1,353,614
445,270
19,419
49,871
9,160
13,994
1,104
509,135
29,683
205,419
45, 999
62,885
30,651
777,439
106,333
1,085,375
100,607
1,955
276
40
167,069
30
487
4,502
61
1,273
2,472
4,778
101
180,381
8,964
20,194
69,000
25,236
10,738
280
27,368
36,672
35,710
381
276,749
344,011
462,246 | 8,521,130
9,260,407
11,534,941
29,316,478
29,639,259
431,375
466,156
571,359
511,188
865,087
580,131
1,867,821
1,557,475
1,858,710
1,557,719
215,980
338
1,378,739
196,880
6,418
1,156,643
254,851
18,765
299,263
667,711
25,521
2,834,645
716,076
24,593
2,688,096
146,548
74,605
3,954,354
4,683,851
2,018,842
3,813,855
136,068 :
47,409
152,847 , 219,163
438,336
13,176,122
6,450.629
306; 103
563,443
13,292,177
6,366,632
389,910
616,557
12,039
6,514,154 I 1,544,730 !
Total.,
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits, less expenses a n d taxes
paid
Due to F . R. Banks
Due to banks, bankers, and trust companies..
Certified a n d cashiers' or treasurers' checks
outstanding-.
Demand deposits
Time deposits
United States deposits
- Bills payable with F . R. Bank
Bills payable with W a r Finance Corporation . . I
Bills payable other t h a n with F . K. Bank
and War Finance Corporation
Cash letters of credit a n d travelers' checks
outstanding
Acceptances executed for customers
Acceptances executed b y other banks for
account of reporting banks
National bank notes outstanding
U. S. Government securities borrowed
Other bonds and securities borrowed
,
Other liabilities
Total.
301,500
356,706
161,765
338
1,036,068
278,054
193,880
3,617,581
295,094
92,375
122,120
16,034
724,800
232,979
24,657
241
12,779
201,105
871
33,913
14,016
38,297
8,468
2,941
59,011
1,471
599
27
6,514,154
10,750 |
1,544,730 |
17 '
1,715;
9,399
6,256
61
3,544
15,132
946
110
By State bank and trust company members.
7,269 !
217,183
195,536 i 4,537,917
89,859 i
67,9
617,932
5,594
"
122,626
4,337
1,408 !
Liability for rediscounts, including those
with F. R. Bank
Ratio of reserve with F. R. Bank to net
deposit liability (per cent)
1
64,617
38,084'
101,026
13,667
236,733
2,509 |
98,058 ;
15,487
48,295
14,751
3,002
73,305
6,513
173,191 !
52,178 ;
1,161 ;
36,158 !
462,246 | 8,521,130
498,708
16,540
195,684
261.
11,764
140,056
16,437
346,555
25,185
418,165
245
495,482
35,746
1,958
16,347
22,245
716,968
102,675
6,121
125,810
13,722
703,654
100,324
2,830
105,782
9,260,407 I 11,534,941
29,316,478
29,639,259
39,785
51,200
10,664
101,649
317,444
338,546
757,639
1,243,764
14.1
13.3
13.1
14.0
10.4
7.5
10.5
9.8
MARCH,
375
FEDERAL RESERVE BULLETIN.
1922.
SYSTEM ON DEC. 31, 1921.
[In thousands of dollars.]
Dis- District DisDisDisDisDistrict 1 Dis- l
trict
trict
trict i trict .
trict trict
trict trict
No.l
No. 2
No. 7
No. 8
No. 3 No. 4 No. 5 No. 6
(66
(40
(133
(51
(115
(127
(377
(105 !
banks). banks). banks). banks). banks). banks). banks). ! banks),
I
DisDisDisDistrict
trict
trict
trict
No. 9 No. 10 No. 11 No. 12
(202 | (219
(44
(135
banks). banks). banks).! banks).|
Total
United
States
(1,614
banks).
1
On demand:
Not secured by collateral
33,706
71,906'
Secured by U. S. Government obligations
29,392
2,482
Secured by other collateral... 75,712 644,368
On time:
Not secured by collateral
209,6391 769,974
Secured by U. S. GovernI
ment obligations
12,65l'i
67,162.
Secured by other collateral... 67.5001 316,176
Secured by real estate deeds of
I
,
trust or other real estate liens... 69,229' 78,273
Acceptances of other banks dis!
j
counted
1,928. 29,371,
Acceptances of this bank purl,302i
20,119'.
chase or discounted
Customers liabilities on account
of drafts paid under letters of
!
!
266
credit
Loans and discounts not classi1
fied
I
I
13,545
3,493J
l,912j
3,428! 19,905'
4,658
7,051
902
4651
6,9941 • 1,839!
92; 379] 120,152. 11,567, 35,723. 136,055! 43,699'
204
6,333!
4
5,526
162
7,064
104,104! 32,011
32,808
8,730
29,488|
2,186
6,834
36,008,
40,410 227, 454
55,705
93,455j
439, A
8,9ol :
17,211;
19, 426
91, 024
4,741
28,123
10,402
22,445
234,732
13,360 153,926
9,088
268
991
743
113
50
17,976!
21l!
18
2,549|
255,211
5,755
67,058:
38,825;
27,731 161,9112,191,611
1,637' 2.7211
848
29,429: 30; 982, 41,122
20,298
9,359,
955,231
79; 10,749
i
i
616
306;
52,391
281
655
7,317i 163,560
78,0281,073,498
10,045' 279,641,
226
2,806
526
1,270
....!
i
72, 113:
5,259'
231,141
l,824i
55,977
27,648'1,206,226
27,115
36
IL
1,743
699
3701
311
Total loans and discounts..! 474,149 2,027,007 186,803 650,852 112,3371 240, lOl'l, 138,140 278,
•
93.912! 83,350;
'
I
I
2,424
4,788
238
93,519 587,622 5,966,281
FINANCIAL STATISTICS FOR ENGLAND, FRANCE, ITALY, GERMANY, SWEDEN,
NORWAY, AND JAPAN.
A summary of banking and financial conditions abroad is presented statistically in the
accompanying tables. Similar material will be published regularly each month" in the
BULLETIN.
BRITISH FINANCIAL SITUATION.
floating debt.
: !
land and Treasury.
Nine London 3
clearing
banks.
gdo
[Amounts in millions of pounds sterling.]
Discount rates.
Dis
c
p
I 3,
O
5 i
Tre
3
el
In c/i
II
©
II
r
"El
•a
©
Average of end of month figures:
1913
1920
1921
1921, ond of—
February
July
August
September
October
November
December
1922, end of—
January
February
1
2
3
I
I *
a ; a
-So
"
!B
i
1
5
1
9x
3
I o
38
146
157
15
1,078
1,139
157
157
157
157
157
157
157
1,110
1,202
1,166
1,159
1,124
1,108
1,060
29
103
108
348
327
108
109
107
106
104
106
107
336
325
319
314
312
313
326
57 j
147
136 I
j
127 I
122 :
137 ;
118 I
175 !
144 i
123 I
103
102
305
298
135 I 157 1,039
138 ' 157
Per Per Per
cent. cent. ' cent.
219
182
189
150
180
361
214
193
200
1,297 :
1,822 I 97 1,176 ;
1,299
88 1,172
1,355 104 1,191
1,347 100 ", 179
.
1,321
, 186
99
1,338 102 , 196
1,300
96
,205
1,260 108 ,191
116
1,154
114
111
,192
,152
309 1,768
41 I 4|J I
1\ \ 101.6
"" ! 120.1
306 1,754
306 1,785
302 1,764
302 1,771
306 1,802
311 1,793
315 1,8.18
120.9
112.9
113.0
114.6
121.7
128.1
127.3
333
357
Per
cent.
11.7
15.2
10.3
132.6
1,826
1,802
8.4
Less notes in currency notes account.
Held by the Bank of England and by the Treasury as note reserve.
Average weekly figures.
* Compilation of London Joint City and Midland Bank, British Government loans for national purposes excluded. Revised figures.
6
Compilation of London Economist. Ratio of net profits to ordinary and preferred capital of industrial companies, exclusive of railways,
mines, insurance companies, and banks. Applies to earnings disclosed during the quarter and has therefore a probable lag of six months.
376
FEDERAL RESERVE BULLETIN".
MARCH,
1922.
FRENCH FINANCIAL SITUATION.
[Amounts in millions of francs.]
Bank of France.*
Silver
De- 2
Gold
reserves. reserves, j posits.
1913, average
1920, average
1921, average
1921—
February
July
August
September
October
November
December
1922.
January
February
3,343
8 3,586
" 3,568
;
\
i
i
I
j
629 |
253
274
9 3,555
9 3,573
9 3,574
9 3,575
9
3,575
9 3,576
9 3,576
» 3,576
»»3,577
Situation of the Government.
Value of Savings
new
:
stock 1 banks, Average
excess
daily
and
Advances
of dePrice of
to the
bond posits^) clearings
Govern- Govern- Internal External
3 per
of the
Circula- ment for | ment
or
Paris
placed
tion.
debt. 5 cent per- upon the withpurposes j revenue/ debt.
petual
banks.
drawrente. 6
French7 als (-).
of 3
the war.
market.
830 ! 5,565
3,527
38,066
2,927 ! 37,404
26,042 !
25,300
320
1,005
1,103
264 I
275
277
. 277
278
279
280
3,293
3,252
2,749
2,509
2,563
2,563
2,743
25,600
25,100
24,900
24,900
25,100
24,500
24,600
921 ;
.
1,242 : 229,055
1,016 j.
1,011 !
.
1,305 .
1,051 .
1,228 ;
.
280
281
2.392
2; 429
i
!
j
'
37,808
36,911
36,783
37,129
37,154
i 36,336
! 36,487
36,433 j
36,151
'
:
!
i
I
86.77 j
57.34 !
56.56 :
35,000
35,286
1,861
2,345
152
234
3,355
434
853
56.55
59.55
1,323 :
.
23,000
22,500
58.15
56. 35
56. 50
56.20
54.30
54.90
54.75
- 65
4,654
1,098
+ 48
+ 67
+ 181
+ 52
+ 72
+ 68
+ 33
-0.5
+ 38
+ 41
10 554
550
591
438
467
553
463
505
527
489
I
1 End of month figures.
2 Includes Treasury and individual deposits.
3 Under the laws of Aug. 5 and Dec. 26, 1914, July 10,1915, and Feb. 16,1917.
4
From indirect taxation and Government monopolies.
3
Foreign debt converted to francs at par.
6
Last Wednesday in the month.
7
Figures of the "Association Nationale des Porteurs Frangais de Valeurs Mobilieres."
Bonds issued by the Government and the railroad
companies not included.
» Not including 1,978,000,000 francs held abroad from January through August and 1,948,000,000 francs from September through December.
» Not including about 1,948,000,000 francs held abroad,
w Average for 11 months.
ITALIAN FINANCIAL SITUATION.
[In millions of lire.]
Leading private banks. 1
Government finances.
Banks of issue.
I
Loans,
Deposdiscounts, its and Loans Gold
due to and
Cash
redis- IdnStom correi corre- spond- counts. serve.
j spond- ents.
i ents.
i
129
1913, end of December..
19^0 end of December . 1,297 .
] 92l'Average
1921, end of—
1,140
July
1,131
August
1,052
September
1,364 '
October
3 1,174
November
Depos- Com- CirculaTOM
» - * mer- tion for State
cial account curcircu- of the rency
lation. state. notes.
i ties.
s*™- Si
7,509
2,007
1,674
16,851 16,704
17,024 16,672
17,223 16,825
15,413 17,022
3 12,844 312,778
1,375
1,058
1,074
1,661 :
318
2,077 :
2,020
2,352
7,156
7,315
7,327
7,816
7,810
10,020
1,076
1,079
1,073
1,086
1 089
1,092
1,990
1,964
1,966
1,990
1,948
1,999
857
:
i
;
'
'
:
2,290
2,143
2,124
2,243
2,151
2,913
2,284
8,988
9,304
10,743
9,064
9,433
9,491
9,785
9,746
9,435
10,304
8,507
8,352
8,395
8,554
8,485
8,505
Treas- Shortterm
ury
metal- treasury
lic reserve. bills.
493
117
2,546
348
2,546
Principal revenues from
Total
public taxation
and modebt. nopolies
during
month. 2
13,200
20,276
21,173 108,729
21,612
22,997 110,754
1,029
691
1,381
564
1,404
648
1,458
1
1 Banca Commerciale Italiania, Banca Italiana di Sconto, Credito Italiano, Banco di Roma.
Revenues from state railways; from post, telegraph, and telephones; from state domain; from import duties on grain; and from Government
sales of sugar are not included.
3 Excluding Banca Italiana di Sconto.
3
MARCH,
377
FEDERAL RESERVE BULLETIN.
1922.
GERMAN FINANCIAL SITUATION.
[Amounts in millions of marks.]
Reichsbank statistics.
Discounts.
1
Note
circulation. 1
Gold '
i
reDis- ! Comservo.1 ! counted mercial
. ! treasury i paper.
I bills, i
Value of i
-new stock1
Darlehnsiand bond.1
kassenscheine
in circu- :
placed on15
lation.1 Receipts Revenue; Treasury : German ' 25
of State bills put-1 market, i stocks, bonds.
Deposits.1 Clearings.,
from
taxes. railways. Standing.
,
1913, average.
1920, average.
1921, average.
1,068 ;
:
1,092 I 4 47,980
.1,056 i 4 83,133,1
!
1921.
February
July
August
September...
October
November...
December
1,092
1,092
1,024
1,024
994
994
995
1922.
January
February »...
l
i
j
'
;
=
i
996
;
Index numbers
of securities
prices.'
Situation of the Government.;
1,958
53,964
80,952
17,702 j
20,213;
6,136 ,
57,898 !
89,297
.•.
!
13,145
8,861 •
6,285
j
207
13
_^
j
3
..
!
220
2,358 j 192,832'
i
i
2,655!
'
..
\
'
j
1
:
'
4 56,451 i
67,427
79,982
1,136 77,391
84,044 • 1,002 80,073
;
98,422 i 1,142
86,384
98,705 :
881 91,528
114,023 !
1,446 ; 100,944
132,331 • 1,062 113,639
126,160
134,252
;
1,592
1,857
17,357 i 70,499
10,755 1
15,824
78,337
8,358.
13,650 I 79,172
7,837 i
19,980 i 98,004 ;
7,610 !j
18,303 I 119; 496
7,316
25,313
140,493 ; 7,330 ;
32,906 I 120,835 • 8,325 1
23,412! 116,680
26,526 1
115,376''
120,026 .
I
7,766
5,566
5,145
4,908
6,185
7,044
8,016
8,046 j
7,977 I
'
1,590'
2,269 i
2,416 1
2,599 •
2,825 '
3,397 '
4,329 j
161,750
190,770
202,872
210,504
218,000
226,676
245,921
2,397 \
1,507 :
1,228!
1,534
2,889 !
7,135;
5,965'
!
\ 255,678
1 277,320'
•
'
•
6 269 !
«206 '
5
181
5
4.831
'....J
'223!
8 222,
' 152
8 154
!
'
'
!
j
i
i
147
* End of month.
2
Calculated by the Frankfurter Zeitung with prices of 25 stocks, 10 domestic and 5 foreign bonds (prices as of Jan. 1,1921=100). These
gurcs, recently revised, now include subscription privileges which were heretofore omitted,
s End of March, 1913.
* Combined figure for all discounts.
» As of Nov. 10,1921.
* As of Dec. 30, 1921.
' As of Jan. 5, 1922.
8 As of Feb. 3, 1922.
» Latest figures subject to revision.
SWEDISH FINANCIAL SITUATION.
[Values in millions of kronor.]
: Situation of the
! Government.
Riksbank.
Joint-stock
banks.
:
Protested
bills
during month. 1
i
Gold
coin
and
bullion.
1913, end of December
l920,average
1921, average
1921, end of—
February
July
August
September
October
November
December
1922, end ofJanuary
February
1
Note
circu!
lation.
;
: 102.1
269.2
279.7 .
i
281.8 :
280.3 :
285.0
275.9
275.5 !
275.0
274.7
9
Bills
Float- s disLoans
ing ! counted and dis- • NumState j with counts. :j ber.
debt. Riks; bank.
234.5 :
733.0
225.8
660.6 : 273.7
628.2 I 20.1
1,280.8 j 248.1
•,
687.6 :
629.4 \
632.4'
672.4 ,
650.3 '
628.0 ;
627.7
1,341.5
1,359.9
1,367.8
1,393.1
1,409.2
228.4 '
177.2
152.1;
113.4 ;
126.4 .
1S7.6 .
331.4 ;
274.5 = 563.0 : 337.2
271- 4
579.0
Source: Kommorsiella Mod del an den.
92371—22
De- .Funded
State
posits. i' debt.
134.3
137.1
60.1
62.9
76.8
Value.
138.9 ; 2,286.9 4,314
476.3 : 6,008.3 ; 3,586
388.6 ' o, 948. 2 0.007.
I
'
i
:
1.9
6.4
15.2
451.3 ! (i, 119. 2 .
362.6 1 5,929.9 •
344.8 5,937.1 ,
329.7 ; 5,900.9 •
340.9 j 5,837.4 '
354.4 ' 5,735.1 ••
464.3 i 5,655.8
14.1
16. S
16.0
10.3
12.6
13.1
10.1
420,8 ! 5,654.2
i 5.571.8
0,411 •
7,383
6,515
5,786 !
6,449
6,089 •
0 . 2 9 8 ••
Business Foreign
failexures
change
during1 index. 1
month.
Number.
Foreign
exchange
value
of the
krona
abroad
(foreign
currencies
=---100).
Value
Index ;j of stock
num- issues
ber of : xegistered
stock
I prices— during
! A list. 1
the
i
month.
309 !.
196 ! 112.9
432 ; 121.8 I
116.4 '
381
413 : 119.3
;
353 : 119.5
121.4
4.93
505 i 124.9
491 i 124.0
.528 , 126.3
VA\ 0
258 .
176 ,
121 ,
.
24,0
60.6
138
125 I
120 I
114
107 i
104 i,
.107 '.
71.2
67.1
30.9
13.0
16.5
378
FUIMOKAL KESERVE
NORWEGIAN FINANCIAL SITUATION.
[Tn millions of kroner.]
Norges Bank.
Gold
holdings.
Loans and jClearings atj index* ;
discounts. ''Christiania. j (Farmand)j
Note
circulation.
cies.
Per cent.
2
84.2 ,
147.4 .
147.3 '
-
1
,
122.5
450.5
410.9
14.4
102.4
111. 4
88.4 ;.
419.1 j
443.0 :
652 !
537
9~i.Y
32
SO
147.3
147.3
147.3 .
147.3
147.3
147.3 '
147. 3
423. 3
428.4 i
421.0
415.9 ;
411.4
395.4
409. S ;
133.7
1.00.0
110.2
SS.6
112. 9
121.3
140.8 '
457.1 •
452.0 =
454.8 '
42.0.0
452.5
438. 0
476.2
588 :
541
580
637
589
538 :
551
99. 4
82.4
81.9
85.9
86.2
95.4
71
96
101.
102
78
89
81
147.3
1 !)•] 1, end of July
1920, average
1921. average
1921) end of—
January
July.. I
August
September
October
November
December
19*22, end of—
Januar v
378.1
L30.8 .
433.2
2
Average value of krone in terms of foreign currencies.
JAPANESE FINANCIAL SITUATION.
;
524 :
Includes balances abroad.
1
[Amounts in millions of yen.
.Bank of Japan.
Specie
Note
reserve
circulation. for notes.' 2
1913, average.
1921, average.
1.220
1921.
End of—
February..
July
August
September.
October
November.
December..
Knd of January...
February.
210
1,200
Tokyo banks.
Current j
Ordinary I Advances ; Govern- ! J'rival;©
loans and j on foreign ' merit dedeposits
discounts. \ bills.
posits in
in Japan.
Japan.
.107 :
33
39
297
40
23
31
32
30
30
20
222
330
345
293 !
309 !
325 i
203 I
47 •
..Ul.
; .1.72
. 192
1232
,255
.283
1..1U
1,172
1,192
.1,232
1,255
J',2G4
J,2!G
1.07 !
101 '
157 !
197 ,
298
1,377
1,210
1,241
1,223
224
172
Total
Tokyo
Average
loans
bank
discount
Tokyo
clearings,
rate
associated ; total in
(Tokyo
ba nk.
tl i c month. m a r k e t ) .
7
50
1,932
364. [
2,572 |
8.38
9.00
130
70
35
30
31
37
35
1,874
1,987
1,951
1,955
1.993 j
l'.989
2,000
2,143 I
2,341 :
2,816 j
2,(327 i
2,079 i
2,783 i
3,340 i
9.71
8.36
8.43
8.28
8.50
8.79
9.20
35
1,984
1.95)
2,246 i
2,438 ,
9.02
1922.
277
•328
Kigureri a p p l y tolas!, d a y ofino.niliinca.se of Bank of Japan, to last Saturday of ihc m o n t h in the case of the other items.
- This includes the specie segregated against notes only. It includes gold credits a I.-.road as v ell as 1 •i>lli<;n and coin al home.
INDEX.
Page.
Acceptance liabilit ies of mem her banks, 1921
283
Acceptances:
Held by Federal Reserve Banks
346
Purchased by Federal Reserve Banks
344
Agricultural confcrence, work of
201
Agricultural credit
20.1-208
Agricultural exports, value of
268
Agricultural loans, proportion of, to total loans
266
Agricultural movements, index of
295
Amendment to Federal Reserve Act, proposed, relative to agricultural credit
'.
265
Argentine financial statistics
31.4
Authority l,o purchase, use of, by Japanese banks
299
Bank debits, February
358
Banking and Currency Committee, Idler of Board to, approving
bill granting long-term credit to farmers
31S
Business and financial conditions:
Abroad
301-316
In the United States
271-2S2
Canada:
Condition of chartered banks of, 19.13-J92.1
369
Wholesale prices
325,329
Charters issued to national banks
317
Charts:
Assets and liabilities of Federal Reserve Banks and member
banks
,
347
Debits to individual account
358
Foreign exchange
367
Index numbers of domestic business, 19MM922
294
Wholesale prices in England
319,321
Wholesale prices in the United SI nl es
320
Clearing and collection:
Gold settlement, fund transact ions
303
Operations of the system during February
302
Number of banks on par list
362
Condition statements:
Federal Reserve Banks
347.351
Foreign banks of issue
367-370
Member banks in leading cit ies
317,355
Abstract of
".
371
Credit practice of .1 apanese banks
296-300
Credit to farmers, letter of Board to Banking and Currency Committee approving
'
3.1 S
Denmark:
Bank of Copenhagen, condition of, 1913-1921
-.... 370
Wholesale prices in
*
.
325
Discount and open-market operations of Federal Reserve Ban ks. 3-12-316
Discount rates:
Agricultural paper
260
Bank of England, reduction in
301
in ellcct -Nfarch 1
301
Prevailing in various centers
305
En gland:
Acceptance liabilities of 13 leading banks
281
Business and financial conditions'
303,375
. Cost of living
330
Discount rates of Bank of Kngland, reduction in
30!
Foreign trade
1
330
(jeddes's report
304
Index of industrial activit y
332
Reparations receipts
'.
303
Wage reductions during 1921
:W5
Wholesale prices
319,321,325,327
iOxport situation in relation, to agriculture
207
Failures, commercial, reported
31.7
Federal Advisory Council on agricultural credit
203
Federal Reserve'note accou nl;.'.
35-1
Fiduciary powers granted to national banks
317
Foreign exchange rates
300
Foreign loans, attitude of Stale Department toward
282
Foreign trade:
Commercial credit practice of Japanese banks
290
France
307,331
England
330
Germany
332
I ndcx of
334
I taly
:m
Japan
• 331
Norway
331
Sweden.
331
France:
Acceptance liabilities of banks in
284
Budget
305
Business and financial conditions
305
Cost of living
307
Foreign trade
307.331
I ndexes of industrial activity
333
I ntercst rates
'.
300
Issues of securities during 1921
300
Retail prices in Paris
' ' 330
Tax receipt s
306
Wholesale prices
307,325,327
(ienoa intcrna tion al confereni-e
303
Germany:
Budget for 1922
312
Business and financial condii ions
312
Cost of livi ng in B e r l i n . , . , . , . , . ,
330
Page.
Gemianv --ConLinucd.
Foreign trade
332
G old prices in paper marks
313
Indexes of industrial activity
333
Reichsbank situation
313
Reparations situation
301,303,31.1.
Wholesale prices
325,327
G old settlement fund transactions
363
Imports and exports of gold and silver
269,363
Index numbers:
Foreign exchange
1
366
Foreign trade
334
International wholesale prices. United States and Kngland... 319
Ocean freight rates
'.
Physical volume of trade
335
Retail prices in principal countries
330
Trade and production
292
Wholesale prices abroad
319-329
Wholesale prices in the United States
322,325
In!crest rates prevailing in various centers
365
' Italy:
'Acceptanceliabilities of banks in.
284
Banca di Scontocrisis
310
Bank of "Italy, condition, of, 1913-1921
368
Business and financial conditions
308,376
Foreign trade
331
Reparations claims
308
Retail prices
309,330
Wholesale prices
309,325,327
Japan:
Commercial credit practice of ban ks in
296-300
Financial statistics!
378
Foreign trade
331
Wholesale prices
325
Joint Commission of Agricultural Inquiry:
Bill affording long-time credit to farmers recommended b y . . 318
Work of
202
K nit. goods production
339
Law department:
Letter of Board to Banking and Currency Committee approving bill granting long-term credit to farmers
318
Lei 1 ers of credit, use of, by Japanese banks
297
Loans, foreign, statement of State Department on flotation of
282
M anufact urcd goods, index of
295
Member banks:
Condition of
347,355
Abstract of
371
Number discounting during February
3-13
Number in each district
343
State banks admitted to system
31.7
M in oral products, index of...'.
295
Money, stock of, in the United Stales
361
National banks:
Chart ers issued to
317
Fiduciary powers granted, to
317
Norway:
Bank of Norway, condition of, 1913-192J
369
Financial conditions
378
Foreign trade
331
Wholesale prices
325,328
Ocean freight rates
339
Par list, number of banks on
362
Physical volume of trade
335
Prices. (Sac Retail prices: Wholesale1-prices.)
Rates, discount. (See Discount rates.)
Reparations payments, Gcrman
303,308,31.1
Reserves, deposits, and note circulation of Federal Reserve Banks. 350
Retail pi ices in principal countries
330
Ret ail trade, condition of
340
Silver import s and exports
209,3(53
State bank members:
Accept ai ice liabilities of
283
Admissions to system
317
Condition of, abstract of
371
State Department, statement of, on flotation of foreign loans
282
Sweden:
Bank of Sweden, condition of, 19.1.3-1921
369
Financial statistics
377
Foreign trade
331
Retail prices
330
Wholesale prices
325,328
Switzerland:
Bank of Switzerland, condition of, J9L3-1921
368
Wholesale prices in
1
325
Tobacco finance, study of
285-292
Trade:
Foreign. (Sec Foreign trade.)
Physical volume of
335
Retail
340
Wholesale
342
Trade and production, indexes of
292
Trust receipt, form of, used by Japanese banks..'
299
"Wage reductions in England .*
305
Wholesale prices:
Abroad
3L9-329
In the United States
281,31.9,322,325; 32(>
Italy
309,325,327
Wholesale trade, condition of
'.. 342
I
FEDERAL RESERVE DISTRICTS
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