Full text of Federal Reserve Bulletin : May 1923
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FEDERAL RESERVE
BULLETIN
(FINAL EDITION)
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
MAY, 1923
WASHINGTON
GOVERNMENT PRINTmG OFFICE
1923
FEDERAL RESERVE BOARD.
D. R. CRIBBINGER, Governor
EDMUND PLATT, Vice Governor.
Ex officio members:
A. W. MELLON,
Secretary of the Treasury, Chairman.
HENRY M. DAWES,
Comptroller of the Currency.
ADOLPH C. MILLER.
CHARLES S. HAMLIN.
JOHN R. MITCHELL.
W. W. HOXTON, Secretary.
WALTER WYATT, General Counsel.
W. L. EDDY, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
WALTER W. STEWART,
J. F. HERSON,
M. JACOBSON, Statistician.
Director, Division of Analysis and Research.
Chief, Division of Examination and Chief Federal E. A. GOLDENWEISER, Associate Statistician.
E. L. SMEAP, Chief, Division of Bank Operations.
Reserve Examiner.
FEDERAL ADVISORY COUNCIL.
(For the year 1923.)
District No. 1 (BOSTON)
ALFRED L. AIKEN.
District No. 2 (NEW YORK)
PAUL M. WARBURG, Vice President.
District No. 3 (PHILADELPHIA)
L. L. RUE, President.
District No. 4 (CLEVELAND)
C. E. SULLIVAN.
District No. 5 (RICHMOND)
JOHN M. MILLER, Jr.
District No. 6 (ATLANTA)
EDWARD W. LANE.
District No. 7 (CHICAGO).
JOHN J. MITCHELL.
District No. 8 (ST. LOUIS)
FESTUS J. WADE.
District No. 9 (MINNEAPOLIS)
G. H. PRINCE.
District No. 10 (KANSAS CITY)
E. F. SWINNBY.
District No. 11 (DALLAS)
R. L. BALL.
District No. 12 (SAN FRANCISCO)
D. W. TWOHY.
n
OFFICERS OF FEDERAL RESERVE BANKS.
Chairman.
Federal Reserve Bank of—
Governor.
Boston
Frederic H.Curtiss
W. P . O . Harding
New York
Pierre Jay
BenJ. Strong
Philadelphia
Cleveland
R. L.Austin
D.C.Wills
George W. Norris
E. R. Fancher
Richmond
Caldwell Hardy
George J. Seay
Atlanta
Joseph A. McCord
M. B. Wellborn
Chicago
Wm.A. Heath
J.B.McDougal
St. Louis
Minneapolis
Wm. McC. Martin
John H. Rich
D.C. Biggs
R. A. Young
Kansas City
Dallas
San Francisco
M. L. McClure,
Lynn P. Talley
JohnPerrln
W.J.BaUey
B. A. McKlnney
J. U. Calkins
' Controller.
Deputy governor.
Cashier.
C.C. BuUen
W. W. Paddock
J. H. Case.
L. F. Sailer
G. L. Harrison
E , R . Kernel
W. WUlett.
L. E . Hendricks.'
J.D. Higgins."
A. W. GUbarM
Leslie R. Rounds. >
J.W.Jones.'
G. E.Chapin.»
W. A. Dyer.
Wm.H. Hutt.jr
M. J. Fleming.
Frank J. Zurflnden
C. A. Peple
R. H. Broaddus
A. S. Johnstone*
John S. Walden»
L. C. Adelson
J.L.Campbell
C. R. McKay
John H.Blair
Geo. H. Keesee.
M. W. Bell.
W.C. Bachman.i
K.C.Childs.»
J. H. Dillard.1
D.A.Jones. 1
0 . J. Netterstrom.1
Clark Washburne. >
J. W. White.
B. V. Moore.
0 . M. Attebery
W. B. Geery
S.S.Cook
Frank C. Dunlop»
C. A. Worthington
R.G.Emerson
Wm.A. Day
Ira Clerk.'.
L. C. Pontlous'
> Assistant to governor.
J. W. Helm.
R. R. Gilbert.
W. N. Ambrose.
• Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Manager.
W. W. Schneckenburger.
L. W. Manning.
Geo. DeCamp.
A. H. Dudley.
Marcus Walker.
Geo. R. De Saussure.
A. E. Walker.
J. B. McNamara.
W. R. Cation, acting.
W. P. Kincheloe.
J. J. Heflin.
A. F. Bailey.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch
Dallas:
El Paso branch
Houston branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
,
Spokane branch
Manager.
R. E . Towle.
L. H. Earhart.
C. A. Burkhardt.
C. E. Daniel.
W. C. Weiss.
Floyd Ikard.
C. J. Shepherd.
Frederick Greenwood.
R. B. Motherwell.
C. R. Shaw.
W. L. Partner.
SUBSCRIPTION PRICE OF BULLETIN.
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with
member banks of the Federal Reserve System and is the only official organ or periodical
publication of the Board. It is printed in two editions, of which the first contains the
regular official announcements, the national review of business conditions, and other
general matter, and is distributed without charge to the member banks of the Federal
Reserve System. Additional copies may be had at a subscription price of $1.50 per
annum.
The second edition contains detailed analyses of business conditions, special articles,
review of foreign banking, and complete statistics showing the condition of Federal
Reserve Banks. For this second edition the Board has fixed a subscription price of
$4 per annum to cover the cost of paper and printing. Single copies will be sold at
40 cents. Foreign postage should be added when it will be required. Remittances
should be made to the Federal Reserve Board.
No complete sets of the BULLETIN for 1915,1916,1917, or 1918 are available.
in
:
i
|
TABLE OF CONTENTS.
General summary:
Page.
Review of the month—Credit and currency requirements and the Federal reserve banks
539
Business conditions in the United States
545
Special articles:
•i Velocity of bank deposits
562
Cotton financing (IV)
566
Condition of State banks and trust companies in Missouri on June 30 and Dec. 29, 1922
576
Official:
Rulings of the Federal Reserve Board—
Xonnegotiable paper ineligible for rediscount by Federal reserve banks
559
Government deposits in member banks exempt from the reserve requirements of section 19 of the Federal Reserve Act
559
Law department—Exercise of fiduciary powers by national banks located in Pennsylvania
560
State banks admitted to system
558
Fiduciary powers granted to national banks
561
Charters issued to national banks
558
Business and financial conditions abroad
577
Trend of business abroad—Statistical summary
578
Agricultural credit in Great Britain
"
579
Prices in Italy
583
Mexico—Review of year 1922
587
Government control of banking and foreign exchange in Brazil
592
Price movement and volume of trade:
International wholesale price index, monthly, 1919-1923
596
Comparative wholesale prices in principal countries, monthly, 1919-1923
6<)0
Group index numbers, monthly, 1922-23
602
Comparative retail prices and cost of living in principal countries, monthly, 1922-23
608
Indexes of industrial activity—United Kingdom, France, Germany, Sweden, Canada, and Japan
609
Foreign trade of principal countries
612
Foreign trade index
614
Ocean freight rates
615
Report of Associated K n i t Underwear Manufacturers of America
615
Production and shipments of finished cotton fabrics
616
Physical volume of trade
617
Building statistics
622
Wholesale and retail trade
623
Commercial failures
616
Banking and financial statistics:
Domestic—
Discount and open-market operations of Federal reserve banks
626
Condition of Federal reserve banks
630
Federal reserve note account
633
Condition of member banks in leading cities
634
Savings deposits
614
Bank debits
637
Operations of the Federal reserve clearing system
641
Gold settlement fund
'.
642
Gold and silver imports and exports
643
Money in circulation
642
Discount rates approved by the Federal Reserve Board
643
Discount and interest rates in various centers
644
Foreign exchange rates
645
Foreign—
England, France, Italy, Germany, Sweden, Canada, Argentina, and Japan
646
Condition of foreign banks of issue
650
Charts:
Index of production in basic industries and wholesale prices in the United States
545
Bank credit
546
Annual rate of turnover of bank deposits
563
Wholesale prices and exchange in Italy
583,584,585
International wholesale price index—Federal Reserve Board
596
Volume of domestic business
617
Wholesale trade and department-store sales
623
Sales of mail-order houses
623
IV
FEDERAL RESERVE BULLETIN
MAY, 1923
VOL. 9
REVIEW OF THE MONTH.
Credit developments during the past month
have further emphasized the fact that current
Business ex- business expansion is being
pansion and the financed independently of rereserve banks. serve bank credit. In these
circumstances, the weekly statement of the
reserve banks is not indicative of changes in
credit conditions. Changes in reserves, in
earning assets, and in Federal reserve note
circulation have been relatively slight since
last summer and have not reflected the considerable growth i n ' bank credit. The reserve ratio, as was pointed out last month in
a discussion of the effect of gold imports on
our credit situation, has at present little value
as an indicator of credit movements. It was
these gold imports that enabled member banks
to meet the increased credit and currency demands of their customers without obtaining a
corresponding amount of accommodation at
the reserve banks. Thus, under immediately
prevailing conditions, it is the changes in
member bank loans and investments rather
than any item in the reserve bank statement
that roughly measure the rate of increase in
the use of bank credit. This rate of growth
for bank credit, compared with the rate of expansion for production and trade, affords, in
the absence of such a test as the reserve ratio
which is dependent upon free gold movement,
an important indicator of changes in credit
conditions. The fact that the recent growth
of credit has been accompanied by a^further
increase in the physical volume of production
is favorable evidence of the economic effectiveness of the credit in use.
Comparative stability in the volume of reserve bank credit while member bank credit
increased has characterized credit develop-
No. 5
ments during the past 15 months. Since the
middle of 1922, wnen renewed demand for
credit was first reflected in larger commercial
loans, total loans and investments of member
banks in leading fcities f have increased by
$1,300,000,000, while earning assets of the reserve banks have increased by less than
$100,000,000. At the present time the total of
member bank credit is nearly as large as in
1920 and the volume of goods being produced
and marketed exceeds the peak reached in that
year, yet the volume of reserve bank credit is
$2,200,000,000 ess.
During the past two months Federal reserve
Present cur- no^e circulation has declined
rency require- slightly and the growing dements,
j *
i.
\
mand for currency has been
met by an increase in other forms of money in
circulation. In fact, the total money in circulation is now $242,000,000 larger than a
year ago, while Federal reserve notes during
this period have increased by only $52,000,000
and Federal reserve bank notes have declined
by $58,000,000. Gold and gold certificates in
circulation have increased by $127,000,000,
silver and silver certificates by $100,000,000,
national-bank notes by $11,000,000, and United
States notes by $10,000,000. More than threefifths of the year's increase in circulation occurred between February 1 and April 1 of this
year. A part of this additional currency has
been supplied out of the cash reserves of the
reserve banks, which declined slightly during
the past two months. But, like the additional
demand for credit, the recent demand for additional currency has been met without substantial increase in the use of reserve bank
credit.
While increases in other forms of money
in circulation have largely supplied the recent
demand for more currency, the fact is that the
539
540
FEDERAL RESERVE BULLETIN.
present volume of currency is much less than
in 1920, even though production, trade, employment, and member-bank credit are now at
or near 1920 levels. On April 1, 1923, the
total volume of money in circulation was
nearly $1,000,000,000 less than at its peak in
November, 1920, and over $600,000,000 less
than on the corresponding date of 1920.
Changes in the demand for hand-to-hand currency arise chiefly from the pocket-money and
till-money requirements of retail trade, from
pay-roll needs, and from the habit of accumulating and holding currency as savings. The
volume of retail trade, taking the country as a
whole, is approximately the same now as at
this season in 1920, though retail prices are
lower. In certain agricultural sections, however, where ha^d-to-hand currency is largely
used and where business recovery has been slow
and incomplete, the volume of business is
still much below the 1920 level, and it is
probable that in those sections there is a
smaller demand for currency. There is also at
present a much reduced amount of currency
held as savings. The extent of such holdings
depends less upon the current volume of employment than upon the duration of the period
of full employment; in 1920 such holdings were
doubtless at a record figure, since full-time employment and high wages had continued for
several years. During the subsequent period
of slack employment much of the currency held
as savings was spent, and the present period of
fuller employment has not yet continued long
enough to result in similar accumulation.
Of the various fluctuating demands for currency the pay-roll requirement is probably the
most important because it includes the seasonal demand at harvest time and because it
influences other currency demands arising from
retail trade and from savings. The accompanying chart shows for recent years the relation between the total pay roll of reporting
industrial establishments in the State of New
York, which may be taken as fairly representative of changes in factory pay rolls for the
entire country, and the volume of Federal
reserve notes in circulation. The range of
MAY,
1923.
fluctuation in pay roll and in currency has been
similar, though the changes in the volume of
currency have lagged behind the changes in
pay roll. The chart shows that while the
pay roll increased since the beginning of 1922,
it is still much lower than at the peak in 1920.
This, taken together with the lower level of
retail prices, is probably the most important
single fact in accounting for the smaller volume
of currency now in circulation. This lesser
demand for currency, together with the gold
imports which have supplied member banks
with a basis for loans without additional borrowings from the reserve banks, accounts for
140
130!
PAYRO
120
/,
V; —•«
_./ IS
>\
If
r
130
X
X
s
\
120
i
F.R.NOTE
L
I
\
i
/
/
»»»
/
srT
1919
1920
1921
1922
'23
Pay roll of representative factories in New York State. Federal reserve
note circulation of 12 Federal reserve banks combined—daily average
figures by months. Relatives with 1919 monthly average as 100.
the present reduced volume of reserve bank
credit compared with 1920.
If the relation between pay roll and Federal
reserve notes which held during previous years ~
continues, the rapid increase in the pay roll since
the middle of 1922 will soon result in a substantial increase in demand for currency, and
in order to secure the additional currency
member banks will seek accommodation at the
reserve banks.
The increased use of credit, which is reflected
in the larger loans and investments of member
„ ,
banks, but not in the earning
Production and
credit
.
, rn j
i
,
.
assets of b ederal reserve banks,
has been primarily in response
to the increased volume of production. Thus
far business expansion has been characterized
by a rapid increase in the output of basic commodities. In fact, the growth in the physical
volume of production since the middle of 1921
indicates a rate of industrial recovery almost
without parallel in American business. Within
a year and a half after recovery began the
MAY, 1923.
FEDERAL EESERVE BULLETIN.
monthly output of 21 basic commodities, as
measured by the Federal Reserve Board's index of production, increased over 67 per cent.
The volume of goods produced and consumed
during the first quarter of 1923 probably exceeds that of any similar period in the history
of the country. Fuller employment of equipment and of labor has produced the additional
income from which profits and wages were
realized. In fact, profits in many lines of industry have been dependent upon quantity
production, the lower production cost per unit
more than offsetting the increased cost of
materials. It is partly in consequence of
larger output that the prices of manufactured
goods have not more fully reflected the increases in prices of raw materials. Larger
pay rolls also until quite recently have resulted
chiefly from increased employment rather than
from advances in wage rates. These increases
in production and employment have thus far
economically justified the increases in the total
volume of bank credit. For credit extension
does not result in overexpansion so long as the
additional credit yields proportionate results
in the larger production and marketing of
goods.
The current volume of wholesale and retail
trade indicates that the goods now being proCredit condi- duced are moving satisfactorily
tions, 1923 and into the channels of distribu1920.
tion. About 700 firms engaged in various lines of wholesale trade and
representing practically all sections of the
country are now reporting their monthly sales
to the Federal reserve banks. Since the opening
of the year the total volume of sales by these
concerns has been about 18 per cent larger
than during the corresponding period a year
ago. In retail trade the sales of 306 department stores located in ^100 cities throughout
the country have also exceeded the sales of
last year by 15 per cent. In March, 1923,
sales of these stores were above the level of
March, 1920, in spite of the lower retail prices
now prevailing. Department-store sales are
at present relatively higher in the industrial
districts of the East than in the agricultural
541
sections of the South and West. The volume
of merchandise buying in rural districts is further indicated by the sales of mail-order
houses, which during recent months have been
approximately 37 per cent above the sales of a
year ago, though the present dollar volume of
their buying is still much below the level of
1920.
The extent to which various sections of the
country have shared in the current growth of
business and credit may be shown in a general
way by the changes in the volume of check
payments and of member bank credit. For
this purpose a comparison is made of the total
volume of bank debits during the first quarter
of 1923 with the corresponding period in 1920,
and a comparison of the total loans and investments of member banks at the end of the
year 1922 with similar figures for November,
1920. This comparison in the form of percentages, with 1920 figures taken as 100, is
shown below, by Federal reserve districts.
Federal reserve Check
paydistrict.
ments.
Member
bank
credit.
Federal reserve
district.
Per
cent.
105.5
99.6
100.6
97.8
85.6
80.9
94.6
Pet
cent.
105.0
99.2
101.4
105.4
96.4
90.7
95.9
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco...
Per
cent.
96.9
88.2
81.6
87.8
101.9
Per
cent.
105.0
90.5
87.5
84.8
104.0
System....
97.5
98.6
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago.
Check Member
paybank
ments. credit.
Both in volume of business and in bank
credit the more recent figures, taking the country as a whole, show but a slight reduction compared with 1920. When considered by reserve
districts there is a close correspondence in the
changes since 1920 in credit and in business
volume. With but few exceptions, business
activity in the industrial East and on the
Pacific coast either approximates or exceeds
that of 1920 and has been accompanied by
corresponding increases in credit. In marked
contrast are conditions in the South and Middle
West, wheFe both business volume and bank
credit are considerably below the 1920 level.
This regional comparison emphasizes the
fact that, while the total volume of business
542
FEDERAL RESERVE BULLETIN.
MAY,
1923.
and bank credit is nearly as large as in 1920, market purchases, with a" consequent stability
there are important differences between the in the total volume of earning assets. This is
situation at that time and now. In 19-20in contrast to the situation in'the early part
credit expansion was more pronounced in agri- of 1922, when member banks were rapidly liquicultural than in industrial communities, while dating their indebtedness at the reserve banks.
at the present time it is in the large cities that At that time, also, the volume of earning assets
the volume of credit is relatively larger. remained relatively constant, because the deThus the reserve banks in the South and West cline in discounts was accompanied by a corin meeting the demands of their member banks responding increase in the holdings of Governin 1920 were obliged to rediscount large ment securities. Thus, for a period of more
amounts with the banks in the industrial sec- 11,an a year the total of reserve bank credit has
tions, while at present there are no interbank fluctuated around $1,200,000,000 and has rerediscounts and no Federal reserve bank ap- mained within a range of $1,000,000,000 to
proaches the limit of its lending capacity.
$1,350,000,000. During that period discounts
have
fluctuated between $1,000,000,000 and
The lesser dependence of the member banks
upon the reserve banks is reflected in the much
smaller total volume of reserve bank earning
assets and in the smaller proportion which
paper discounted for member banks constitutes of that total. On October 15, 1920, of
the total earning assets held by reserve banks,
discounts for member banks constituted 81 per
cent, while on April 18, 1923, the percentage 600
was 58, and in the middle of 1922, when discounts were at low ebb, the percentage was as
low as 35 per cent.
1922
1923
Total earning assets of the 12 Federal reWeekly figures for 12 Federal reserve banks combined.
serve banks combined measure
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
EARNING ASSETS
\S*\A
U S SECURITIES
,*•'
]
DISCOUNTS'
*>.«•
ACCEPTANCES
the
V0lume
Of r e S e r V e
bank
less than $400,000,000, and Government security
credit in actual use and are
continuously in process of adjustment to the holdings between $600,000,000 and$225,000,000.
demand for such credit. It is this total rather Acceptances have shown an upward trend bethan any single class of assets which indicates ginning with June, 1922, and recently have
at a given time the extent to which reserve exceeded the Government security holdings.
bank credit is being utilized as a basis of Thus, during the period covered by the chart,
member bank credit and as a source of cur- fluctuations in the volume of discounts and in
rency. The relationship between the open- the holdings of open-market purchases have
market operations of the Federal reserve offset each other and consequently have not
banks and the demand for discount accom- resulted in corresponding changes in the total
modation on the part of the members has volume of reserve bank credit in use.
The relation between open-market purchases
been brought out clearly by the experience
and
discounts has not held true for reserve
of 1922 and the first quarter of 1923. The
banks
considered individually. There have
chart shows for each week in 1922 and in
been
large
purchases of Government securi1923 to date the volume of discounts, openties
by
reserve
banks in the interior without
market purchases, and total earning assets.
a
corresponding
decline in the discounts for
Since the middle of January, 1923, the intheir
member
banks.
But the fact that for
crease in discounts at reserve banks has been
accompanied by a decline in holdings of open- the 12 banks combined earning assets have
MAT,
1923.
FEDERAL RESERVE BULLETIN.
remained comparatively constant indicates that
a corresponding liquidation has taken place at
other reserve banks.
A recognition of the desirability of coordinating more closely the open-market operations of the several reserve banks led to a discussion of open-market policy at the recent
conference of the Federal Reserve Board with
the governors of the reserve banks. The Federal Reserve Board's position in the matter
is indicated by the adoption of the following
principle with respect to open-market investment operations of the Federal reserve banks:
"That the time, manner, character, and volume
of open-market investments purchased by Federal reserve banks be governed with primary
regard to the accommodation of commerce and
business and to the effect of such purchases
or sales on the general credit situation."
By providing that open-market investment
operations are to be governed "with primary
regard to the accommodation of commerce
and business," the principle rests upon the
same general considerations as those provided
in the Federal reserve act for the determination
of discount rates. Since in open-market operations the initiative can be taken by the reserve
banks rather than by member banks, these
operations may be used as a gauge of the degree
of adjustment between the requirements for
reserve-bank credit and the volume of it in
actual use. The sale of an investment by a
reserve bank is a means of testing the demand for credit by placing the initiative for
and the cost of such credit directly upon borrowing member banks.
To what extent the member banks will be
able to finance a further growth
ofACT^tt!Strati°n o f business without additional
accommodation from the reserve banks depends mainly upon the size of gold
imports in the immediate future and the further
possibilities of shifting from investments and
loans on securities to loans for commercial and
industrial purposes. Gold imports have recently
been small, the net imports for February being
$7,000,000 and for March, $5,500,000, com-
543
pared with a monthly average of $20,000,000
for 1922 and of $55,000,000 in 1921. If the
gold movement continues at the present reduced scale, the imported gold will not be
sufficient to form a basis for any considerable
increase in credit extension by member banks
and also to meet a growth in the demand for
currency. Furthermore, while member banks
since the opening of the year have been able in
part to increase their loans for commercial purposes by the use of funds withdrawn from investments and from loans on securities, the
extent of such; transfer is limited since the
sale of securities in excess of current savings
indirectly leads to a demand for bank credit.
Since the opening'of the year the monthly
rate of growth in commercial loans at member banks in leading cities has been nearly
2 per cent. A continuance of this credit
trend must soon result in increased borrowings
by member banks at the reserve banks.
The relation between the expansion of bank
credit and the expansion of business, as well as
the responsibility of the banking community
for the economic use of credit, is clearly set
forth in a recent report of a committee on
unemolovment and business cycles, appointed
by Secretary Herbert Hoover, as chairman
of the President's Conference on Unemployment, held in September, 1921. The report
states: "Expansion of bank credit is a necessary condition of expansion of business
operations. * * * But an overexpansion
of credit may so increase the purchasing
power of business men that it will merely result
in enabling; them to bid against one another for
limited supplies of goods and materials so as
to force prices above what consumers are willing
and able to pay. Bank credit often expands
so rapidly that it lifts the buying or investment
power of business men out of line with the
general buying power of the community.
Because of their strategic position the banks
have an unusual duty and an exceptional
opportunity to give sound information and
counsel to business men. * * * While the
relationship between the volume of credit and
544
FEDERAL EESERVE BULLETIN.
the volume of business and the movement of
prices is not always simple to interpret, it
appears to be sufficiently close to make it a
matter of first importance that the volume and
the flow of credit should at all times, be tested
by the contribution which additions to the
volume of credit make to the total of economic
production. Additions to credit which can
not be economically validated by a commensurate effect in actual production are speculative, and as such should be subjected to control, so that business and industry can be
maintained in a healthy state."
The present lending capacity of the country's
banking system, in view of the great growth
of the reserves at the reserve banks, is now
far in excess of the credit needs of the country's
productive capacity. In such a situation
it is the available supplies of labor and equipment and not the potential supply of credit
that in the end must fix the limit which may
be attained by aggregate national production.
As these limits are approached credit policy
must be increasingly influenced by careful
consideration of the continued effectiveness
of further additions to the total volume of
credit in contributing to increased productivity.
NOTES.
Minutes of 1920 conference with Class A directors.
A stenographic transcript of the conference
held by the Federal Reserve Board with the
Federal Advisory Council and the Class A directors of the Federal reserve banks on May
18, 1920, has been issued as a Senate Docu-
MAY,
1923.
ment (No. 310, 67th Cong., 4th sess.). Copies
may be obtained from the Superintendent of
Documents, Government Printing Office.
Report of committee on business cycles and unemployment.
The committee appointed by Secretary
Hoover, as chairman of the Conference on Unemployment, which met in Washington in
September, 1921, has recently submitted its report and recommendations. This report has
been published with a foreword by Secretary
Hoover, and copies may be obtained from the
Superintendent of Documents, Government
Printing Office.
Congress of International Chamber of Commerce.
The Second Congress of the International
Chamber of Commerce was held at Rome,
Italy, between March 17 and 25. In addition
to discussing questions of industry and trade
and transportation, the Congress dealt with
the following important financial topics: Reparations, interallied debts, Government budgets
and inflation, international credits, foreign
exchange, and stabilization.
Federal intermediate credit banks.
Under the authority of the agricultural
credits act of 1923, the 12 Federal intermediate credit banks, each with an initial
paid-in capital of $1,000,000, have been chartered and were formally opened for business
on May 1. These banks are located in the
cities in which the Federal land banks are
located and, like the latter, are under the
supervision of the Federal Farm Loan Board.
MAY,
1923.
545
FEDERAL RESERVE BULLETIN.
BUSINESS CONDITIONS IN THE UNITED STATES.
Further increases in the production of basic commodities, in wholesale prices, employment,
wage rates, and wholesale and retail trade took place in March.
Production.—Production in basic industries, according to the Federal Reserve Board's
index, increased 4 per cent in March to a level 8 per cent higher than at the 1920 peak and 69
per cent above the low point of 1921. The output of pig iron, steel ingots, automobiles, and
crude petroleum, and the mill consumption of cotton exceeded all previously reported monthly
totals. Building operations showed a further large expansion, and the value of contracts let
for residences in March was the highest on record. Railroad freight shipments have been larger
every week this year than in the corresponding weeks of the past four years. Car shortage has
been reduced to the lowest point since September, chiefly as a result of the addition of new equipment, a decrease in the number of bad-order locomotives and cars, and a concerted effort to
increase the average loadings.
Employment in the building trades and in many lines of manufacturing continued to
increase in the Eastern States. The surplus of unskilled labor in the West reported in earlier
months is being gradually absorbed by the seasonal increase in farm work. A number of leading
textile mills, steel mills, and packing plants announced general wage advances ranging between
11 and 12£ per cent, and numerous wage advances in other industries also were reported.
Trade.—March sales by department stores reporting to Federal reserve banks were 22 per
cent above those of March a year ago, partly because Easter purchases were made in March
this year, whereas last year such purchases were largely deferred until April. Stocks of goods
held by department stores were 6 per cent larger than those held a year ago, but this increase
INDEX OF PRODUCTION IN BASIC INDUSTRIES
PRICES
COMBINATION OF 2 2 I N D I V I D U A L SERIES
CORRECTED FOR SEASONAL VARIATION
( ISIS -100)
INDEX NUMBERS OF WHOLESALE PRICES
U. S. BUREAU OF LABOR STATISTICS
( 1313 *1OO BASt ADOPTED BY BUREAU )
PER CENT
16£>r
PER CENT
160
PERCENT
300
PERCENT
300
250
250
1Z0
200
/
A/
\
\
80
80
60
60
150
^
150
.
100
100
40
50
50
20
LATEST FIGURE MARCH
LATEST FIGURE MARCH
1919
1920
1921
1922
1923
1919
1920
1921
1922
1923
546
FEDERAL RESERVE BULLETIN.
MAY,
BANK CREDIT
BANK CREDIT
800 MEMBER BANKS IN LEADING CITIES
ALL FEDERAL-RESERVE BANKS
3ILU0HS OF DOLLARS
BILLIONS OF DOLLARS
116
16
MILLIONS OF DOLLARS
1923.
MILLIONS OF OOLLARS
I
1*000
14
j * - . LOANS AND
\ DISCOUNTS
3000
1500
INVESTMENTS/'"'""
' LATEST FIGURE APR.18
LATEST FIGURE APR. 1
1919
1920
1921
1922
1923
1919
1920
1921
1922
1923
was not as large as the increase in sales, and hence the rate of stock turnover has been somewhat
more rapid. Sales of mail-order houses were larger than for any month since November, 1920,
and 35 per cent larger than in March, 1922. Wholesale trade in all reporting lines was larger
than in March a year ago.
Wholesale prices.—Wholesale prices, as measured by the Bureau of Labor Statistics index,
advanced 1.2 per cent during March and were 15 per cent above the low point of January,
1922. As in recent months, the prices of metals and building materials showed the greatest
increases, while fuel prices showed a further decline from recent high levels. Compared with a
year ago, metals were 37 per cent and building materials 28 per cent higher. The cost of living
increased slightly more than 1 per cent during March to a level of 3 per cent higher than a year
ago.
Bank credit.—During the month prior to April l l a more moderate growth in the demand
for credit from member banks in leading cities resulted in an increase of about $48,000,000 in
their loans made largely for commercial purposes, as compared with an increase of $235,000,000
in the preceding month. Through withdrawal of funds from investments and a further inflow
of gold, member banks have been able to meet demands of their customers for increased credit
and currency independently of the reserve banks.
Consequently, the total volume of Federal reserve bank credit, as measured by total earning assets, has remained relatively constant during the past month, and, in fact, since the
seasonal liquidation at the turn of the year. The volume of Federal reserve notes in circulation has also changed but little, as the larger demand for hand-to-hand money has been met
chiefly by an increase in other forms of money in circulation.
There has been little change in money rates from those prevailing in March.
547
FEDERAL RESERVE BULLETIN.
MAT, 1923.
VALUE OP PRINCIPAL CROPS.
AGRICULTURE.
During the early weeks of March weather
conditions were generally favorable in the
agricultural and live-stock sections of the
country. Crops made considerable progress
after having been retarded by unsatisfactory
weather conditions in February. However,
the later weeks in March and the early periods
of April were accompanied by excessive precipitation and abnormally cold weather, both
of which were retarding factors in all Federal
reserve districts. Due to these conditions little
advancement was made during the early weeks
of spring, but as the winter was extremely
favorable 'for both winter growing crops and
theTJfpreparations for spring plantings, farm
progress is only slightly delayed as compared
with the corresponding period one year ago.
Spring seedings of small grains have been delayed in sections of the Chicago, St. Louis, and
Kansas City districts, but the weather was not
generally unfavorable for outdoor work. The
truck season is gradually extending northward,
although plantings were somewhat retarded
in the districts of St. Louis, Richmond, and
Philadelphia. In the Carolinas and sections
of the Atlanta district truck crops made considerable progress, but in some sections they
were somewhat damaged by the low temperatures and late frosts in the early weeks of
April. The continued industrial expansion
has attracted agricultural labor from the farms
in all Federal reserve districts, but the shortage
of farm labor is greatest in the industrial districts of Boston, Philadelphia, Cleveland, and
Chicago. According to estimates by the Department of Agriculture, on April 1 the supply of farm labor was sufficient to provide for
only 88.4 per cent of the demand.
Prices of principal agricultural products continued their upward movement in March, increasing slightly more than 3 per cent, but
were approximately 20 per cent higher on
April 1 than on the same date one year ago.
The principal crops of the United States, with
the exception of potatoes, which decreased in
value in 1922, showed increases in value over
1921. The values and relative importance of
the leading crops are shown in the following
table:
1922
Corn
Cotton (lint and seed)
Hay (tame and wild)
Wheat
Oats
Tobacco
Potatoes
Apples
$1,900,000,000
j 1,370,000,000
! 1,332,000,000
864,000,000
479,000,000
i
306,000.000
!
283,000,000
202,000,000
1921
$1,302,670,000
751,905,000
1,090,776,000
737,068,000
321,540,000
213,846,000
398,000,000
167,631,000
According to reports by the Department of
Agriculture of the intended plantings in 1923 of
the principal spring crops, increases in acreage
as compared with the previous year are noted
for all crops except spring wheat and Irish and
sweet potatoes. The increases vary from 26.
per cent for corn and oats to 89 per cent for
flax.
Grain.
While weather conditions have been generally unfavorable to the progress of the growing grain crops, the movement of grain to
market showed improvement over the preceding month. In some sections, however,
receipts at primary markets were somewhat
retarded on account of the unseasonal weather.
The movement of grain during March, as indicated by receipts of all grains at 17 interior
centers, amounted to 74,078,000 bushels, a
decrease of 2,924,000 bushels over February
and an increase of 21,000 bushels over March
one year ago. Increases were noted in all
grains except corn and rye, where seasonal
declines were evident.
After having been almost dormant during
the winter, export demands for wheat were
more active during the early weeks of spring,
but American wheat in the export markets of
the world is still higher than that from other
grain-producing countries, a factor which is
unfavorable to American exporters.
According to estimates by the Department of
Agriculture, as indicated by the condition report on April 1, the production of winter wheat
will be 572,317,000 bushels, as compared with
the estimated production of 586,204,000 bushels in 1922, and 600,316,000 bushels in 1921.
The condition of winter wheat was lower on
April 1 than on December 1, 1922, or April 1,
548
FEDERAL RESERVE BULLETIN.
MAT, 1923.
1922, and considerably lower than the 10-year March, 1922. Stocks in consuming establishaverage on April 1. The detailed figures are ments continued greater in March than in the
corresponding month a year ago, but stocks in
given in the following table:
warehouses were less, accounting for the deCONDITIONS OP WINTER WHEAT AND RYE IN THE UNITED crease in total stocks at mills and warehouses.
STATES.
Exports during March were 140,000 bales less
than during the corresponding month in 1922,
April 1.
and likewise total exports for the season were
Decem10-year
ber 1,
considerably
lower than for the previous
average.
1922.
1922
1923
season, amounting to 4,057,000 bales, as compared with 4,384,000 bales one year ago. Up79.5 land spot cotton prices have undergone con75.2
84.1
78.4
84 3
Rve
81.8
88.6
89 0
siderable reactions since the high figure of
31.30 cents reached in New York on March 17.
The market has fluctuated around.30 cents,
Cotton.
The weather during March and the early but the low figure of 27.60 cents was reached
weeks in April was instrumental in retarding on April 20.
advancement in the cotton crop. Winter plowing and early preparation, combined with a Tobacco.
few favorable days in early March, induced
The marketing of last year's tobacco crop
considerable early planting in the southern has been practically completed, and many
sections of the Atlanta and Dallas districts, markets in the brignt tobacco sections have
but the cold waves occurring in the later weeks closed. The dark markets will close during
of March and early April delayed further plant- April. During the closing months of the season
ings and killed considerable amounts of the much tobacco of lower quality was handled in
early planted crop. Dry warm weather fol- the markets, and the prices were somewhat
lowing the middle of April enabled work and lower. The average price received by the
seeding to be carried forward and the early rowers in the Virginia markets in March for
plants to progress. In the Richmond district right tobacco was $23.50 per hundred pounds,
the planters are not discouraged over the late- compared with $26.17 per hundred in Febness of the crop, as the cold weather has de- ruary and $8.35 in March, 1922. Dark tobacco
layed the emergence of the boll weevil from prices were also lower than in February, but
its hibernation. Efforts are being made to remained higher than in March a year ago.
concentrate on intensive cultivation on a mod- The tobacco season has been successful from
erate acreage. Planting has advanced rapidly the standpoint of the growers, as the crop was
in the districts of Atlanta and St. Louis, while larger and higher prices were received for the
in the Dallas district seeding has been prac- product, yielding the producers greater retically completed and in many localities the turns than in 1921. Up to April 1 tne tobacco
young plants have been growing nicely since sold in the Virginia markets, including the rethe temporary setback caused by the low ceipts of the Tobacco Growers' Cooperative Astemperatures. In the cotton areas of the San sociation, amounted to 160,918,000 pounds,
Francisco district increased planting is reported, compared with 96,634,000 in the 1921-22 seaand the increases have been made largely in son. In the tobacco districts of Cleveland and
medium staple cotton, partly because of the St. Louis approximately 250,000,000 pounds
reater market prevailing for this cotton and of burley tobacco were sold by the growers,
ecause of larger profits realized for its culture and the marketing season is nearing a close.
than for American-Egyptian or Pima cotton. Cooperative marketing associations functioned
The movement of the old cotton crop to in most of the. tobacco sections during the past
market generally declines during the' spring season, and reports indicate that they have
months, but sight receipts during March were been very successful, despite the fact that many
larger than those in February, though less than of them were recently organized and operated
in March one year ago. Likewise, spinners' for the first time. In the Richmond district
takings increased in March over the previous tobacco beds have been prepared and some
month and the corresponding month in 1922. plants are up. Transplanting is being done in
Stocks at mills and warehouses decreased from the southern sections of the district. Cold
4,826,000 bales in February to 4,413,000 bales weather has delayed transplanting in some secin March and were 896,000 bales less than in tions of the St. Louis district, but with mild
f
f
MAI, 1923.
FEDERAL RESERVE BULLETIN.
weather in April the young plants will develop
rapidly, and transplanting will be completed
with put little delay.
Owing to the greater number of working
days in March than in February, production of
all tobacco products increased as compared
with the preceding month, but only large cigars
were produced in greater quantities than in
January. Output of large cigars and cigarettes increased, as compared with March,
1922, but small cigars and manufactured tobacco decreased. In the Philadelphia district the demand for cigars improved during
the early weeks of April, after a dull season
lasting for several months. Cigar manufacturers report that the demand for their products is greater than in the corresponding period one year ago. The average of the operations of the district is approximately 80 to 85
per cent of capacity, although some small factories are operating at near capacity. Prices
of cigars have remained firm and unchanged,
while tobacco leaf prices are advancing slightly.
Fruit.
The early fruit crops in the Richmond,
Atlanta, St. Louis, and Dallas districts were
damaged by the cold and unsettled weather
in March. In the Atlanta and Dallas districts
the greatest damage was apparent in the peach
sections, and estimates are approximately 50
per cent for Dallas and 37 per cent for Georgia.
Losses in the St. Louis district were greater in
the small fruit areas. In the fruit sections of
the Philadelphia and Cleveland districts damages were less pronounced, as the season is
later. Recent rains in Florida were beneficial
to the citrus fruit groves, which are in bloom
in all sections. A shortage of refrigerator cars
was a retarding factor in the movement of
both oranges and grapefruit during March, but
the shipments were greater than in March,
1922, and the season's shipments of oranges
and grapefruit were 34,414 cars, as compared
with 28,053 cars during the previous season.
Approximately 2,000,000 boxes of grapefruit
and 15 per cent of the orange crop remained
at the end of March in the State. In the San
Francisco district stocks of apples were more
than three times as large as they were at the
same date a year ago. Apples that remained
in storage amounted to 5,286 cars, as compared
with 1,521 cars last year. Prices paid to
growers continued downward and are approximately 4.4 per cent lower than they were a
year ago. Shipments of oranges since Novem-
549
ber 1 were 20,529 cars, as compared with
19,113 in the corresponding season one year
ago. Lemon shipments were slightly smaller
than during the preceding season. Estimates
of the final yield of the orange crop are
9,516,000 boxes. The lemon crop is estimated
to be slightly in excess of 4,000,000 boxes. On
account of cold weather which persisted in the
eastern markets and a sluggish foreign demand,
markets for California citrus fruits were depressed during March, and prices received by
orange growers were approximately 46 per cent
below prices received in March, 1922.
Live stock.
During March the marketing of live stock
continued the downward movement which
began in November. Although March contained more business days than February, the
total receipts of all live stock were smaller
than in February, but greater than in March,
1922. Slight increases were noted for all
stock as compared with February, except
sheep, which declined more than 40 per cent.
Receipts of cattle, calves, and sheep were
smaller than in March, 1922, but hogs, horse,s,
and mules were greater. Detail figures for
March, 1923, February, 1923, and March, 1922,
are given in the table on page 170.
Live-stock prices during March showed slight
changes from the preceding month. Prices for
hogs increased; cattle remained fairly steady
and lambs declined.
Although the cold waves in March were
somewhat unfavorable to young pigs and
lambs in sections of the Kansas City district,
ranges and pastures were generally unaffected.
Warmer weather, accompanied by rains in
April, invigorated the grass, and sheep and
cattle are beginning to show improvement.
In the Dallas district grazing conditions have
reacted well to the warmer weather and
abundant precipitation occurring in April.
Both live stock and ranges were in satisfactory
condition. In the San Francisco district much
of the damage suffered by pastures and ranges
during the drought of February and March was
repaired by the rains of early April. Lambing
has been practically completed in California
and Arizona and is progressing rapidly in the
northern States of the district. Shipments of
spring lambs from California and Arizona to
both local and eastern markets increased during
March, and the peak of the movement is
expected in May.
550
FEDERAL EESEKVE BULLETIN.
MINING.
Coal.
Mine output of anthracite coal and manufacture of coke reached very high levels in March,
while daily average production of bituminous
coal has shown a slight downward-tendency,
and in the week ending April 21 reached the
lowest level for the current year. This decrease in bituminous-coal production has followed a steady decline in prices since last summer, which has reduced the average price of
soft coal by one-half. Shortage of shipping
facilities is still claimed as the main check on
production by fields in Pennsylvania, West
Virginia, and Kentucky, but all the more western fields complain of lack of demand. The
Philadelphia district reports the closing of
some high-cost mines, while active demand is
confined to steel and certain other industrial
plants. Railroads and public utilities are buying cautiously. Commercial stocks of bituminous coal amounted to 36,000,000 tons on
March 1, which was 2,000,000 tons less than
onfFebruary 1.
Sales and shipments of domestic sizes of
anthracite coal continued to be heavy in March
and the first half of April. Production amounted to 9,382,000 tons, which was 21 per cent
larger than in February and the largest
monthly total during the past five years.
Prices of steam sizes of anthracite are declining, as they are compelled to compete with
bituminous coal. Coke prices also declined
during April, the range for Connellsville furnace being from $6 to $7 on April 19, as compared with $7.50 to $8 on March 29. Output
of by-product coke reached a new maximum
rate in March, while beehive production was
the largest since September, 1920.
Petroleum.
Crude petroleum output continues to break
previous records and to exceed consumption by
a substantial margin. The increase in stocks
of both crude and refined products resulted
late in March in a series of price reductions.
Declines in crude-oil prices have been announced by a number of producers, but they
have as yet been small when compared with
the rapid rise earlier in the year. The output of heavy crude in California has been
particularly great, and shipments of this oil
to the East are more than sufficient to take
care of the reduction in the imports of Mexican
oils. The markets for refined products have
likewise been weak, and some tank-wagon
prices of gasoline have been reduced.
MAY,
1923.
Both the total and the average daily output
of crude petroleum during March exceeded
that for all previous months. The number of
new wells completed totaled 1,248, as compared
with 1,094 during February. The daily average
production in the Dallas Federal reserve district was below that for February, but the
number of new wells completed was larger
in both the Kansas City and Dallas districts.
The increase in the daily rate of output
during March for the country as a whole
was chiefly due to the greater production in
California fields, where there was an increase
of 7 per cent over the February daily output.
Metals.
Mine output oi all nonferrous metals $ in
March reached the highest level since 1919.
This was followed by a moderate reaction in
prices during April, but prices of copper and
lead are still substantially higher than at the
beginning of 1923. An important factor in
the mining situation during the past two
months has been the approach of the termination of the Government purchases of silver.
As the United States has now purchased at the
fixed price of $1 an ounce most of the silver
for which provision was made by the Pittman
Act, and the market price of silver is only 67
cents per ounce, the silver mines have accelerated their operations in order to market as
much as possible at the former price. This
resulted in a production of 6,110,000 ounces in
March, an increase of 29 per cent.
Copper production in March totaled
122,194,000 pounds, which was about twice as
large as that a year ago and the highest
monthly total since January, 1919. The
price of refined copper reached a maximum on
March 22, and has receded about one-half a
cent in the past month. This decline in price
has been accompanied by a marked decrease
in orders booked, but this seems a natural
reaction from the heavy wave of buying
during the first quarter of the year. Shipments to domestic and foreign consumers
during those three months amounted to about
600,000,000 pounds, which was considerably in
excess of domestic production and imports.
The price of zinc at St. Louis receded more
sharply than the copper price during the first
three weeks of April, but lead prices showed
only a slight tendency to soften. Zinc production increased 15 per cent over February,
while the output of lead increased 16 per cent.
Shipments of zinc were larger than production,
which resulted in a decline of stocks to about
MAY,
FEDERAL RESERVE BULLETIN.
1923.
six days' supply at the current rate of consump tien. Operations in the Joplin district
reached record proportions in March, and much
prospecting has been done in search for
additional lead ores.
Food products.
MANUFACTURES.
Production of wheat flour during March increased over the preceding month and over
the corresponding month in 1922, amounting
to 10,607,000 barrels, the highest March output
on record. The increase was 1,182,000 barrels
over February and 949,000 barrels over March,
1922. Activity in the milling industry varied
from 45 per cent of capacity in the Chicago
district to 59 per cent of capacity in the
Kansas City district, as compared with 52
per cent and 67 per cent in the respective districts in March, 1922. The domestic flour
market during March was again characterized
by the inactivity which has been prevailing
in the trade for several months. Increased
production, accompanied by small shipments,
caused increases in stocks on hand as compared with the same date last year in most
districts from which reports were received.
Little export demand was evident during
March, but the upturn in the wheat market
during the early weeks of April resulted in
increased domestic and foreign trade.
Meat-packing activities, as indicated by the
number of animals slaughtered under Federal
inspection, increased during March as compared
with February, but decreased slightly from the
high points reached in December and January,
when the greatest number since December,
1919, were slaughtered. The number of animals slaughtered in March was 6,871,000,
compared with 5,997,000 in February, 7,252,000
in January, and 5,243,000 in March, 1922.
Sales by 45 meat-packing companies reporting
to the Chicago Federal Reserve Bank showed a
seasonal decline during March and were 3.7
per cent less than in February, but were 5.4
er cent greater than in March a year ago.
ince the lenten season improvement has been
noted in the domestic trade, but European
demand tended to slacken after the middle of
March. Lard and fats, however, continued to
go abroad in volume about equal to that of
February and January. Meat exports have
shown a downward trend since the war, and
the volume of meat exported in 1922 only
totaled 1,785,967,000 pounds, as compared
with 1,945,610,000 pounds in 1921.
46598—23 2
E
551
Textiles.
Although buying of textile products fell off
to some extent during March and early April,
productive activity continued unabated for
the purpose of filling orders booked earlier in
the year. Many plants were running overtime and new production records were established. The upward movement of prices proceeded at a slower rate and some recessions
occurred. Wage increases have been announced
in practically all branches of the industry, and
reports of labor shortages are common.
In cotton textile manufacturing, production,
as measured both by the consumption of raw
cotton and by the number of active spindles,
was the largest ever recorded. Dullness generally prevailed in the Philadelphia cottonyarn market in March and April, owing to the
tact that customers had previously covered
their requirements and were awaiting further
developments in the raw-cotton market.
Carded yarns, after holding firm for several
weeks, declined in price during the second
week in April. Yarn manufacturers reporting
to the Federal Reserve Bank of Atlanta gave
statistical evidence of continued good business
during March, as shown by increases in production, shipments, and orders, but stated that
the market had become rather dull. The
weakness in raw cotton also affected the goods
market in Philadelphia, but demand continued
to be fairly good. Manufacturers of cloth in
the Atlanta district reported declines in shipments and orders as compared with February,
but production was well maintained. The
industry in the Richmond district continued
full-time operations, but a distinct falling off
in orders was noted in March and early April.
Finishers of cotton fabrics throughout the
country reported rather substantial increases
in business during March as compared with
February. The rise in prices of cotton goods,
which had continued steadily since last summer, was checked during the latter part of
March, and in April all of the gray cloth
markets eased off some.
In the woolen industry, plants operated
during March about 90 per cent of all machinery
in place, and many establishments were running
overtime during March and April. Worsted
spindle hours active, for example, totaled in
March over 100 per cent of maximum singleshift capacity. All of the woolen and worsted
machinery has not been so active at the same
time since early in 1920. Consumption of raw
wool was over 10 per cent greater in March
552
FEDERAL, RESERVE BULLETIN.
than in February.il The buying season for
heavyweight men'sjwear is now practically
over and sufficient orders were taken to insure
operations for some months to come. Many
orders had to be limited in size. High-grade
worsteds were in greatest demand, and the
call for overcoatings was particularly heavy
this year. The trend of prices is upward,
under the influence of higher raw material
costs and advancing wages. The worsted yarn
market is rather dull now, as weavers have
practically covered their requirements, but
yarn prices have been stronger. The raw-wool
clip in the West is now being marketed, and
some large clips have been contracted for at
about 50 cents a pound, as compared with 40
cents last year. A better demand for fine
wools is developing in all markets.
Although deliveries of silk to mills during
March were the smallest since December, mill
operations continued at a fairly high rate of
activity. Plants are still operating at considerably under capacity—about 70 per cent in
Pennsylvania and above 60 per cent in the
Paterson and North Hudson section, but they
are much more active than they were a year
ago. Ribbon looms are less active than the
others. Monthly sales, according to reports
received by the Philadelphia Federal Reserve
Bank, are running in many cases 100 per cent
of those at this time last year, and from 30 to
50 per cent of the orders are for future delivery.
Raw-silk prices during April reached the
highest point since January, 1920. As a
result, manufacturers have curtailed purchases
of raw materials and the market has become
inactive. Despite reduced takings by mills
during March, stocks of raw silk fell off during
that month and reached the lowest figure
since October 1. March imports were smaller
than those of any month since last July.
Fall lines of clothing were opened by the
leading manufacturers during March and April
at prices generally higher than those prevailing
at the last opening. Rough comparisons indicate that the new prices are about equal to those
of 1921, are under the maximum quotations of
1920 by about 40 per cent, and exceed those of
all previous years. The advance over last year
reflects higher cloth prices and recent increases
in wage rates. The demand for overcoats, so
far as can be determined this early, is excellent.
According to the Federal Reserve Bank of
Philadelphia, manufacturers in that district
are operating their plants at about 84 per cent of
capacity. In April they were engaged chiefly
in filling late orders for spring suits. Whole-
MAY,
1923.
sale clothing dealers in the New York Federal
reserve district reported substantial increases
in sales during March as compared with February. Women's clothing sales were 13 per
cent above sales for last March and those of
men's clothing increased 52 per cent in the
same period. Tailors to the trade in the
Chicago district report that March business was
90 per cent above that of February and 50
per cent above March, 1922.
Knit-underwear production during March
was well above the February output, Dut considerably below that of last March. Shipments and new orders received were likewise
greater than the corresponding figures for
February, but as shipments exceeded orders,
the volume of unfilled orders fell off during the
month. Although production was less than
during last March, shipments and unfilled
orders were somewhat larger. Production of
summer underwear showed a greater increase
than did the output of the heavy-weight garments, and according to reports from mills in
the Philadelphia Federal reserve district, orders
for winter underwear fell off substantially during the month, whereas purchases of summer
farments increased. Manufacturers in the
'hiladelphia district reported that a considerable majority of orders for next fall have
been booked, and the demand was so heavy
that in some cases allotments were necessary.
Prices are now higher than those prevailing
at the opening of the season.
Conditions in the hosiery industry are somewhat spotty and demand is good for only
certain grades. The call for full-fashioned
silk hosiery is poor and the mixtures of wool,
silk, fiber, and the like are less active. Cotton
hosiery, however, is in excellent demand, according to reports from manufacturers in the
Atlanta Federal reserve district, and statistics
of orders, shipments, and production during
March were well above corresponding figures
for February and for last March. In the
Philadelphia district, also, increases in these
items were reported, but they were relatively
smaller than lor the southern mills.
Iron and steel.
Demand for both pig iron and steel products
has been quieter during April than in the earlier
months of 1923. The price composite of the
Iron Trade Review, however, continued to advance slightly each week and was 4 per cent
higher on April 19 than on March 22. Most of
the advances were in the prices of finished steel
products. Pig iron, however, was firm in spite
MAT,
1923.
FEDERAL RESERVE BULLETIN.
of a considerable reduction in the price of coke.
Railroads, automobile companies, and building
contractors have continued to be the most important purchasers of steel, and large future
orders for rails, plates, and structural shapes
have accumulated. In fact, manufacturers of
sheets and plates in the Philadelphia district
will only accept certain orders at the present
time, and most mills are unable to handle
further rail tonnage. Premuims are now paid
for early delivery on almost all products.
Unfilled orders of the United States Steel Corporation increased 119,343 tons during March
and amounted to 7,403,332 tons at the end of
the month.
Output of pig iron and of steel ingots both
reached maximum levels in March. Pig-iron
production totaled 3,521,000 tons, an increase
of 18 per cent over February, while steel-ingot
production aggregated 3,402,000 tons, which
was 17 per cent higher than in February and 1.5
per cent above the record output of October,
1918. Additional blast furnaces have been
blown in during April, and an increase of 11
per cent in wages has been announced by all
leading companies in order to maintain the size
of their forces and the present high level of
production.
Automobiles.
Automobile production in March was much
the largest of any month on record. The output of passenger cars totaled 319,527, which
was 23 per cent larger than in February and 22
per cent more than in June, 1922, the month of
largest output in the past Truck production
also reached a new high level and aggregated
34,063 in March, which was 59 per cent higher
than in February and 34 per cent higher than
in June, 1922. The demand for closed cars
continues to increase, except in the case of the
lowest priced machines, and over one-half of
the current output have closed bodies. This
has resulted in great activity for the body
building industry, and manufacturers of automobile ^bodies are receiving orders for immediate delivery in excess of their capacity.
Tire manufacturers continue to maintain the
high level of production reached in March, but
have not attempted to increase further their
rate of output. Production has been somewhat in excess of consumption, as dealers have
increased their stocks in anticipation of a
heavy summer demand and in the belief that
prices were likely to be higher. The price
advance thus far this spring has averaged
between 10 and 12 per cent.
553
Leather and shoes.
Leather and shoe markets within recent
weeks have been only moderately active.
These industries have been generally lagging
behind others, both as to increase in business
and as to price advances. Prices of hides,
leather, and shoes are firm, but only a few
increases have been effected.
Calfskins and packer green hides were more
active at Chicago during March, and packers
have sold at unchanged or higher prices the
balance of their winter hides. Prices had not
been established on April hides up to the
middle of the month. Leather markets were
generally quiet during March and early April.
Sole-leather production increased during March
by more than a seasonal amount and was well
in excess of that of last March. Stocks of
leather showed practically no change during
the month. Reports from the Philadelphia
reserve district indicate that sales of nearly
all kinds of leather decreased during April, as
shoe factories had in most cases covered their
current needs and had not started ordering
for fall.
Shoe production during March increased in
all districts and for the country as a whole
exceeded that of February by 17 per cent, and
was likewise well above the output for last
March. Manufacturers in the Philadelphia
district report that a great majority of their
orders are for delivery within the next six
weeks, although some firms have secured
business up to October. Factories, however,
reduced operations somewhat in April. Shipments and orders received during March by
manufacturers in the Philadelphia and Chicago
districts increased as compared with February
and with March, 1922, but fewer unfilled
orders were on the books at the end of the
month than a month previous. Wholesale
shoe sales showed enormous increases during
March in all districts, and retail sales were
likewise very large during that month.
Paper.
Production of all grades of paper continues
at a high rate under the impetus of a good
demand. Reports from the Philadelphia Federal reserve district indicate that many mills
making book and magazine papers, manila
papers, building paper and boards, and cardboards were running at capacity. Prices of
some grades have recently been advanced, but
no general increases have occurred. Paper
boards, however, which have risen considerably
554
FEDERAL KESEBVE BULLETIN.
in recent months, declined in price at the beginning of April. Chemical pulp prices have advanced recently, whereas mechanical pulp has
declined. Newsprint production and shipments during March were at a high rate and
exceeded the figures for any other March on
record. Stocks declined slightly and were
rather low for this season. Output and shipments of all other grades of paper and of wood
pulp were well maintained during February,
the latest month for which statistics are
available. Stocks of wood pulp at the end of
February were at the lowest point recorded
within the last four years.
Lumber.
Lumber markets for the last two months
have been characterized by a check in demand
from dealers, an increasing rate of production,
moderate decline in the volume of shipments
from mills, and a slight retardation in the
advance of prices. Orders received weekly by
mills reached a peak late in January and have
tended lower since that date, until now they
are slightly below the weekly cut of the same
mills. Shipments, however, continue to exceed cut, and manufacturers' stocks are
decreasing. In fact, the supply of dry lumber is so low that green material has been
shipped in many cases. The greatest demand
in recent weeks has been for building lumber,
but railroads, automobile producers, furniture
manufacturers, and other industrial users have
been active buyers. Prices on some grades of
softwood fell off slightly during April, but
hardwoods continued to advance, though at a
somewhat slower rate.
Lumber cut during March by 587 mills
reporting to the National Lumber Manufacturers' Association totaled 1,355,082,000 feet, the
largest monthly figure since 1918 and the greatest ever recorded for March. Shipments were
even larger and equaled 1,479,044,000 feet, as
compared with 1,132,320,000 feet by 569 mills
in February. Many complaints of a car shortage are reported, but such shortage, except in
a few districts, is due to the unusually large
demand, as statistics of car loadings of forest
products for the country as a whole show that
loadings each week of this year have exceeded
those of the corresponding weeks for all years
since 1920. Reports from the Philadelphia
Federal reserve district indicate that retailers
have curtailed buying, as bad weather has
prevented them from moving their heavy
stocks. Buying from mills in the Atlanta district, and likewise in the St. Louis district, was
MAT,
1923.
checked some during March and April, but in
the Chicago district the demand continued
heavy. Receipts of lumber at St. Louis during March was the largest in history. Retail
yards in the Minneapolis district reported
greater stocks at the end of March, although
sales were large during the month. Manufacturers in that district increased cut and shipments and diminished their stocks. Many sawmills in the San Francisco district are operating on a double-shift basis, and both production and shipments have increased considerably. Both domestic and foreign markets have
been exceedingly active.
BUILDING.
Operations of building contractors expanded
substantially during March and April, while
both production and prices of building materials
showed large increases. Contracts awarded iu
10 Federal reserve districts (compiled from
statistics collected by the F. W. Dodge Co.)
totaled $367,599,000 in March, which was 33
per cent higher than in February. March
awards in the seven districts for which figures
are available since 1919 were 18 per cent larger
than a year ago and reached the third largest
monthly total on record. AH the northern
districts showed pronounced increases in value
of contracts awarded during March as compared with February, but the Atlanta, St.
Louis, and Kansas City districts reported
decreases ranging from 27 per cent to 10 per
cent. Residential contracts during March
reached the highest dollar value ever recorded,
and amounted to almost one-half of all new
contracts, as compared with one-third in
February. Building of homes increased in all
districts except Atlanta and Minneapolis, but
most of the gain occurred in the industrial
sections of the East. The value of building
permits at 168 cities in March was 50 per cent
larger than in March, 1922, the previous record
month. Statistics of number and value of
building contracts and building permits are
published on page 622.
Prices of building materials advanced 3
per cent in March and were 28 per cent above
the low point of March, 1922. Production of
oak flooring, clay fire brick, and silica brick
reached the largest monthly totals since 1920.
Stocks of most kinds of building material continued to decline and there was a further
accumulation of unfilled orders. A comparison
of stocks at the end of March with those of a
year ago indicates that the supply of building
MAT, 1923.
555
FEDERAL RESERVE BULLETIN.
materials has been about sufficient to meet the ings of southern railroads were particularly
demand during the past year and that there is heavy and reached the highest aggregate ever
as yet no evidence that the rapid rise in prices recorded in a single month.
has resulted in overproduction of materials.
TRADE.
Wholesale trade.
TRANSPORTATION.
Wholesale distribution during the quarter of
the year ending March 31 showed considerable
improvement as compared with the same period in 1922. Sales by wholesale firms in all
lines and in almost all Federal reserve districts
have surpassed each month the levels reached
in corresponding months in 1922. The improvements reflect the increased purchasing
power of the consuming public, as has been
evidenced by demands made upon retail distributers in all sections of the country. Sales
during March were greater for all lines of goods
in all Federal reserve districts from which reports were received than in February, with the
exception of grocery sales in the Kansas City
and San Francisco districts and dry-goods sales
in the St. Louis and Dallas districts. Declines
in the latter of 10.8 per cent were indicated in
St. Louis and 5.7 per cent in Dallas. The
greatest improvements over February were
in the sales of shoes, where increases ranging
from 17.6 per cent in the St. Louis district to
115.3 percent in the Philadelphia district were
noted. Compared with March a year ago the
CAR LOADINGS BY WEEKS
THOUSANDS OF CARS
THOUSANDS OF CARS greatest activity was indicated in the sales of
11000
19/
farm implements, which ranged from an increase
!
—
of 27.9 per cent in the San Francisco district to
800
800
187.8 per cent in the Dallas district. As com192 2
1—)
pared with February, activity in dry goods was
less pronounced than in other lines, which was
600
I
due largely to active buying in earlier months and
i
to a hesitancy to place additional orders pend<t00
ing developments of the new cotton crop and
price movements of the old crop. Collections
i
of wholesale firms are from "fan*" to "good"
!
throughout all districts, but deliveries were
somewhat retarded, as shipments were slow
1
I
I
JANUARY
A-'R.
and in many cases delayed. The table on
page 624 gives detailed figures of wholesale
The chart indicates the consistently heavy trade.
railroad loadings during the first 14 weeks of
1923. It may be noted that the loadings in
each week of the current year have not only Retail trade.
been larger than a year previous, but have also
Retail trade maintained a high rate of
been larger than in the corresponding week of activity during the first quarter of the year,
any earlier year. March loadings reached a each month showing improvements over the
total of 4,124,214 cars, which was 22 per cent corresponding month in 1922. While the
more than in February and 12 per cent more unseasonal cold weather during the last two
than in March, 1922. Loadings of forest prod- weeks of March was a retarding factor to retail
ucts and coke were larger than in any previous distribution in many sections, the early date of
month on record, while live-stock loadings were Easter accentuated the trade and March
exceptionally large for a spring month. Load- department-store sales throughout all sections
The shortage of railroad equipment was
materially reduced during March and April,
due to the efforts of the railroads to secure
more efficient loading of cars and trains, the
delivery of much new equipment from factories,
and a further substantial reduction in the
number of cars and locomotives awaiting repairs. Freight-car shortage totaled 58,237 cars
for the week ending April 7, as compared with
79,270 carsfortheweekendingMarch8. During
this 30-day period the shortage of coal cars was
reduced 29 per cent, while the shortage of box
cars was reduced 26 per cent. In the first
quarter of this year 935 new locomotives and
39,172 new freight cars were put into service on
United States railroads, and orders were outstanding on April 1 for 1,974 locomotives and
107,453 freight cars. The number of badorder cars amounted to 206,312 on April 1,
which was only 9 per cent of the cars on line
and the lowest aggregate awaiting repairs
since January, 1921.
— • •
—
I
556
FEDERAL RESERVE BULLETIN.
of the United States were 22 per cent greater
than in March, 1922, and 38 per cent greater
than in February. The greatest gains over
February were in the Philadelphia, Richmond,
and New York districts, and ranged from 52
points in Philadelphia to 41 points in New
York.
Mail-order hottses and chain stores showed
considerable increases in sales in March as compared with February and also with March,
1922. Mail-order house sales increased 34 per
cent over February and 35 per cent over
March, 1922. The greatest chain-store gain
was noted in the case of shoe chains, which increased 105 per cent as compared with February and 40.1 per cent as compared with March,
1922.
Stocks of department stores continued to
increase during March and were greater than
any month since November, 1922. Increases
were noted in all Federal reserve districts, and
for the country as a whole the index number of
department-store stocks on a 1919 base stood
at 124.9 at the end of March, as compared
with 115.2 at the close of February and 118.2 in
March, 1922. Detailed figures of retail trade
ire given in the table on page 625.
PRICES.
Wholesale prices increased in March at a
more rapid rate than in February. The general level of prices rose 3 points according to
the Federal Reserve Board's index and 2
points according to the index of the Bureau of
Labor Statistics. All groups in the board's
index have risen, but the increase in the prices
of imported goods is more pronounced than
that of produced or exported goods, and the
prices of producers' goods have risen much
more sharply than raw materials or consumers'
goods.
In the raw materials group of the Bureau of
Labor Statistics index, as subdivided by the
Federal Reserve Board, mineral products declined 3 per cent in March, the same rate as in
February, while agricultural products increased,
though at a less rapid rate than in the month
before. Forest products continued the steady
increase that began in March of last year.
The most striking price increases during the
month occurred in iron and steel products and
nonferrous metals, which rose 12 per cent as a
group, with steel billets and copper products
leading.
Among consumers' goods, prices of cloths
and clothing moved upward as did foods, while
MAY,
1923.
prices of fuel and lighting declined. Granulated sugar advanced 18 per cent, in comparison
with 9 per cent in February.
Retail prices have not as yet shown any consistent tendency to follow the upward course
of wholesale prices. Retail food prices, after
a rise toward the end of last year, fell again in
January and February and did not change in
March. The cost of living index, computed
by the Massachusetts Special Commission on
the Necessaries of Life, was stationary from
November through January at the same level
at which it stood in January, 1922.
EMPLOYMENT.
Demand for labor continues to be strong,
with advancing wages at industrial establishments, in the building trades, and at western
metal mines. On the other hand, the demand
for farm labor is as yet only moderate and
there continues to be a surplus of clerical
workers. Reports received by the Bureau of
Labor Statistics from 5,453 manufacturing
establishments in all parts of the United States
indicate that there was a 2 per cent increase
in number of employees and a 3 per cent
increase in average weekly earnings during
March. The largest increases in number of
workers were reported by fertilizer plants,
brick kilns, and shipbuilding yards. The brick
and shipbuilding industries also reported increases of over 5 per cent in per capita earnings, but the millinery and lace goods industries led in this respect with an advance of 9.6
per cent. During April a number of horizontal
wage advances have been reported by important industries—most woolen mills which
had not previously this year changed their
schedules announced increases of 12J per cent,
all leading steel companies increased wages of
unskilled workers 11 per cent, cotton muls at
Fall River and other important centers announced increases of 12£ per cent, and meat
packers at Chicago and other western cities
advanced all schedules by about 11 per cent.
Investigations of employment conditions by
Federal reserve banks and State departments
of labor agree closely with the results of the
Bureau of Labor Statistics. Reports to the
Massachusetts Department of Labor and Industry indicate that industrial employment in
that State increased 0.6 per cent during March.
The men's clothing, electrical machinery, and
textile machinery plants reported the largest
increases in their forces, while jewelry and
hosiery factories made the greatest curtail-
MAY,
1923.
557
FEDERAL RESERVE BULLETIN.
ment. The New York State Department of
Labor reports a 2 per cent increase in factory
employment during March, while average
weekly earnings increased about 4 per cent.
The most important increases of employment
occurred at metal and machine plants. Reports from 501 establishments in the Philadelphia district showed an increase in number of
employees of 2 per cent during March, and
the number on pay rolls was 17 per cent
greater than the average in 1922. The Chicago
Federal Reserve Bank reports the number employed by 198 concerns increased 3 per cent
in March, and that the number of man-hours
was 8 per cent more than in February. Steel
mills and building contractors made the largest
additions to their forces.
COMMERCIAL FAILURES.
Although the number of commercial failures
was greater in March than in February, the
total reported during the first three weeks in
April was slightly less than for the same period
in March. As compared with corresponding
periods of last year, the number of insolvencies
during March showed a decrease of 32 per cent,
and those during the first three weeks of April
were fewer by 30 per cent. The liabilities
involved in the March failures were also greater
than those of February and only slightly less
than the January figures, but were 33 per cent
below those reported for last March. The
volume of failures are still rather large, particularly when compared with the years of wartime prosperity. In making comparisons with
years prior to the war allowances must be
made for growth in the volume of business and
for higher prices, which affect liabilities.
Failures, by Federal reserve districts, are
shown in the table on page 615. The number
of failures during March were smaller than during the same month last year, except in the
San Francisco district, but liabilities were
greater in the Philadelphia, Cleveland, and
Dallas districts. In fact, the liabilities in the
Philadelphia district were the largest on record,
totaling $10,622,911, whereas the monthly
average for that district during 1921 and 1922
equaled only about $2,600,000. By branches
of business, the liabilities among the miscellaneous group of manufacturers were unusually
large. The indebtedness of the manufacturing
group as a whole was larger than that of last
March, whereas liabilities involved in failures
among traders were smaller than during both
February, 1923, and March, 1922.
FOREIGN TRADE.
According to the reports of the Department
of Commerce, imports of merchandise into the
United States have been growing steadily for
some months past. To some extent the larger
totals recently reported are due to higher commodity valuations, but at the same time the
quantities of certain classes of goods imported
have considerably expanded. This is particu<larly true of raw materials and semifinished
products entering into manufacture, for which
there has been a growing demand as a result of
the activity of domestic industry. The latest
import figures are for January and show an
inward movement of merchandise totaling
$319,000,000. In December, 1922, imports
amounted to $293,000,000, and in January a
year ago they were only $217,000,000.
Exports also are higher than they were either
a year ago or in most months recently, but
the increase during the last three or four
months has not been pronounced, and exports
have fallen as compared with the high level of
last November. The result has been to reduce
very materially the amount of our favorable
merchandise trade balance, so that in January
it amounted to only $17,000,000, in contrast to
$51,000,000 in December and $88,000,000 in
November. In March preliminary estimates
place the value of our export trade at $350,000,000, a moderate increase over January
and February of the present year and some
$20,000,000 in excess of the March, 1922, total.
The figures made public in the past few months
thus indicate the maintenance of exports somewhat above the levels 6 to 12 months earlier.
There is no evidence, however, that foreign
demand for American goods has had much connection with the great expansion of production
which has recently taken place in this country.
GOLD AND SILVER MOVEMENTS.
Net gold imports for the month of March
totaled $5,559,000, marking a further decline
from the unusually low total of $6,984,000 for
the preceding month. Both imports and exports of gold proceeded in larger volume than in
February, the decrease in net imports being due
to the considerable increase in the gold exports
for the month under review. Gross imports
of gold totaled $15,951,000, of which 35 per cent
came from the Netherlands and about 25 per
cent each from Canada and France. About
two-thirds of the total of $10,392,000 of gold
exported during March was consigned to India,
about 25 per cent to France, and over 5 per
cent to Mexico.
558
MAT, 1923.
FEDERAL BESEBVE BtTUJSTlN.
State Banks and Trust Companies.
Net imports of gold since August 1, 1914,
totaled $1,817,275,000, as shown in the follow- The following list shows the State banks and trust companies which were admitted to membership in the Feding exhibit:
[In thousands of dollars.)
Imports.
Aug. 1, 1914, to Dec. 31,1918
Jan. 1 to Dec. 31,1919
Jan. 1 to Dee. 31,1920
Jan. 1 to Dec. 31,1921
Jan. 1 to Dec. 31,1922
Jan. 1 to Mar. 31,1923
Total
1
Exports.
Excess of
imports.
1,776,616
76,534
417,068
691,248
275,170
57,154
705,210
368,185
322,091
23,891
36,875
20.263
1,071,406
i 291,651
94,977
667,357
238,295
36,891
3,293,790
1,476,515
1,817,275
Excess of exports.
Silver imports during March, $4,626,000,
while higher than in February, continued at a
low level as compared with the average
monthly imports for the past calendar or fiscal
years. Over 90 per cent of the total imported
during the month came from Mexico, Peru, and
Canada. Silver exports for the month, $4,732,000, were slightly in excess of the imports
and in the main showed about the same distribution as in February, i. e., about 90 per
cent going to China, British India, and England.
Net silver exports since August 1, 1914,
totaled $434,651,000, as is seen from the following table:
(In thousands of dollars.]
Imports.
Aug. 1,1914, 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 Dec. 31,1922
Jan. 1 to Mar. 31, 1923
Total
Exports.
Excess of
exports.
203,592
89,410
88,060
53,242
70,807
14,243
483,353
239,021
113,616
51,575
62,807
13,844
279,761
149,611
25,556
Ul,667
18,000
1399
529,354
964,216
434,882
* Excess of imports.
FOREIGN EXCHANGE.
eral reserve system during the month ending April 28,
1923, on which date 1,644 State institutions were members
of the system:
reCapital. Surplus. Total
sources.
District No. 1.
$100,000 $100,000 l$2,506,858
Union Trust Co., Ellsworth, Me.1
District No. I.
Long Branch Banking Co., Long
Branch, N. J
150,000 100,000 2,418,711
Amherst Bank, WiUiamsville, N. Y . . . .
65,000
50,000
15,000
District No. i.
Fanners State Bank, Lyons, Ohio
25,000
2,000 i 203,172
District No. 6.
j
Evangeline Batik & Trust Co., Ville
75,000 , 37,500 j 764,272
Platte, La.
District No. 8.
Grant State Bank, St. Louis, Mo
200,000
50,000 |
674,413
District No. 11.
Slaton State Bank, Slaton, Tex
First State Bank, Idalou, Tex
First State Bank,
Rochester, Tex
District No. It
Yakima Trust Co., Yakima, Wash
25,000
10,000
25,000
25,000 • 6,000
200,000
453,193
156,669
305 769
50,000 ! 1,692,490
i Admitted Jan. 8,1923, but not previously published.
Correction.—In the April BULLETIN the capital and surplus of the Wa tsesssing Bank, Bloomfield, N . J . , was given as $1,000,000 each. This
should have read $100,000 in each instance.
Absorbed by national bank.—Bank of Eufaula, Ala.; Bank of Fergus
County, Lewistown, Mont.
Bank closed.—First State Bank, Clyde Park, Mont.
Bank reopened.—Edgar State Bank, Edgar, Mont.
Change of name.—Commercial Trust Co., Philadelphia, Pa., to Bank
of North America and Trust Co.; Morton Park State Bank, Cicero, 111.,
to Cicero Trust and Savings Bank.
Consolidation.—Beaverhead State Bank, Dillon, Mont., and Security
State Bank, Dillon, Mont., member banks, have consolidated. Illinois Trust & Savings Bank, Chicago, 111., and Merchants Loan it
Trust Co., Chicago, 111., both member institutions, have consolidated
under the name "Illinois Merchants Trust Co."
Converted into national bank.—Southwest State Bank, Wichita, Kans.
Withdrawals.—Moline Trust & Savings Bank, Moline, 111.; Peoples
Savings Bank & Trust Co., Moline, 111.; State Savings Bank & Trust Co.,
Moline, 111.; Polk County Trust Co., Lakeland, Fla.
Insolvent.—First State Bank, Malone, Tex.
Foreign exchange rates during April showed
New National Bank Charters.
unusual stability. The pound sterling con- The Comptroller of the Currency reports the following
tinued to decline slowly and stood at $4.63 increases and reductions in the number and capital of
on April 27, compared with $4.72, the peak national banks during the period from March 24 to April
figure reported on February 21. French and 20, 1923, inclusive:
Belgian francs and Italian lire showed little
Num- Amount
change. The rate on the French franc, after
ber of
of
banks.
capital.
its rapid rise in March, ranged between 6.49
and 6.78 cents in April; that on the Belgian New charters issued
$3,275,000
franc between 5.62 and 5.88 cents, and that on Restored to solvency
0
Increase of capital approved
3,130,000
the Italian lira between 4.92 and 5.02 cents.
Aggregate of new charters, banks restored to
solvency, and banks increasing capital
The German mark, after being stabilized at
6,405,000
48 and 47 cents per ten thousand since the Liquidations
60,000
capital i
early part of March, dropped on April 18 to Reducing
Total liquidations and reductions of capital..
820,000
32 cents per ten thousand, but rallied to 38 Consolidations of national banks under act of Nov.
300,000
cents on April 20. At the end of the month 7,1918
Aggregate increased capital for period
the rate was 34 per ten thousand.
820,000
of capital owing to liquidations, etc
Other European currencies as well as those Reduction
Net increase
5,585,000
of South American and oriental countries, 1
Includes one reduction in capital of $25,000 incident to a consolidaremained fairly constant.
tion under act of Nov. 7,1918.
MAT,
1923.
FEDERAL RESERVE BULLETIN.
559
RULINGS OF THE FEDERAL RESERVE BOARD.
Nonnegotiable paper ineligible for rediscount by Federal Government deposits in member banks as exempt from
reserve banks.
the reserve requirements of section 19 of the Federal
reserve act.
The board has been requested to rule upon
the eligibility for rediscount of nonnegotiable
paper. The note in question contained a clause
iving the payee the right to confess judgment
efore maturity, and it was stated that the
highest court of the State in which the question
arose had held such a note to be nonnegotiable.
For the purpose of the ruling, therefore, the
board assumed that the note was nonnegotiable and ruled substantially as follows:
Although negotiability is not required in
specific terms by the Federal reserve act or by
the board's regulations as a condition of the
eligibility of notes, drafts, or bills of exchange
for rediscount, it has always been contemplated by the board as one of the primary requisites of eligibility. A promissory note is defined by the board's Regulation A as follows:
f
A promissory note, within the meaning of this regulation, is defined as an unconditional promise in writing,
signed by the maker, to pay, in the United States, at a
fixed or determinate future time, a sum certain in dollars
to order or to bearer.
This definition incorporates substantially the
requirements of a negotiable promissory note
as set forth in the negotiable instruments law;
in fact, the definition of a note eligible for
rediscount is, with certain additional limitations, an adoption of the definition of a negotiable promissory note. A note eligible for
rediscount must not only meet the requirements
of a negotiable promissory note, but must also
ossess the additional characteristics required
y the definition in Regulation A as above.
Notes eligible for rediscount are thus merely
a restricted class of negotiable promissory
notes as defined in the negotiable instruments
law. The definition of a draft or bill of
exchange contained in the board's Regulation
A is substantially the same as the definition of
a bill of exchange set forth in the negotiable
instruments law, thus indicating clearly that
these instruments also must be negotiable in
order to be eligible for rediscount.
All nonnegotiable notes, drafts, and bills of
exchange, therefore, are ineligible for rediscount at Federal reserve banks.
E
The board has recently had occasion to pass
upon the question as to whether certain deposits made in member banks should be considered as Government deposits and therefore
exempt from the reserve requirements of
section 19 of the Federal reserve act.
Section 7 of the first Liberty bond act and
corresponding sections of the second and third
Liberty bond acts provide that the reserve
requirements of the Federal reserve act "shall
not apply to deposits of public moneys by the
United States in designated depositaries."
In construing this provision the board, after
consultation with the Treasury Department,
has ruled that the following classes of deposits
are not "deposits of public moneys by the
United States," and are therefore not exempt
from the reserve requirements set forth in section 19 of the Federal reserve act:
(1) Deposits of Philippine funds made by the
Philippine Government and carried
under the title "Treasurer of the
Philippine Islands currency reserve
fund account."
(2) Deposits of Porto Rican funds made by
the Porto Rican Government.
(3) Deposits of Indian funds under the control of the Department of the Interior.
(4) Deposits of States, counties, or municipalities.
(5) Deposits of the United States Shipping
Board and deposits of the Emergency
Fleet Corporation. (See F E D E R A L
RESERVE BULLETIN for November,
1919, page 1054.)
In the same connection, however, the board
has held that deposits made by United States
postmasters of Government funds, other than
postal savings deposits, collected by them or
which have come into their possession by virtue
of their official position, should be deemed to
constitute "deposits of public moneys by the
United States," and, when made in designated
depositaries, such deposits are exempt from the
reserve requirements specified in section 19 of
the Federal reserve act.
560
FEDERAL EESERVE BULLETIN.
MAI', 1923.
LAW DEPARTMENT.
Exercise of fiduciary powers by national banks located in identified as belonging to the estate of the person for whose
Pennsylvania.
account the same has been received, and that trust funds
by said bank, either as fiduciary or for the person
There is printed below the opinion of the received
or persons for whom it is surety shall be deposited in a
Supreme Court of Pennsylvania, rendered separate account" in another bank or trust company of
April 9, 1923, in the case of the Estate of Edna good standing. This application was refused by the
Orphans' Court, whereupon the bank filed a petition, as
Frisbie Turner upholding the right of national guardian
the minors, asking that, notwithstanding the
banks to act in fiduciary capacities in the refusal to ofapprove
its application to act as fiduciary, the
State of Pennsylvania. This decision affirms funds in question be awarded to it as guardian." This
that of the Superior Court of Pennsylvania, petition was also dismissed and an appeal taken to the
Superior Court which reversed the court below and from
which was published in the FEDERAL RESERVE that
decree we have the present appeals.
BULLETIN for January, 1923 (page 23 of the
The act of Congress, approved December 13, 1913, (38
first edition and page 20 of the final edition).
Stat. 251), gave the Federal Reserve Board power, inter
alia, "to grant by special permit to national banks applyIN THE SUPREME COURT OF PENNSYLVANIA, ing therefor, when not in contravention of State or local
law, the right to act as trustee, executor, administrator
EASTERN DISTRICT.
or registrar of stocks and bonds under such rules and
l a the matter of the Corn Exchange National Bank of regulations as the said board may prescribe." It was
Philadelphia. No. 272. In the matter of the petition thus left to the courts to ascertain whether in any given
of Estate of Edna Frisbie Turner, deceased. Nos. 273 case, the exercise of the powers granted would be in conand 274, January term, 1923. Appeals of Common- travention of State or local law. Difficulties arose in the
wealth of Pennsylvania. Appeal from the decision of construction of the act, resulting in its amendment in
the Superior Court of Pennsylvania, reversing decree 1918 (act September 26, 1918, 40 Stat. 867) by permitting
national banks to act as executor, administrator, trustee,
of the Orphans' Court of Philadelphia County.
guardian, etc., in all cases where State banks, trust companies or other corporations "which come into comOPINION.
petition with national banks are permitted to act under
FRAZBR, J.: These three appeals involve the same ques- the laws of the State in which the national bank is lotion, namely, whether a national bank has the right to cated," and also providing that "whenever the laws of
act as a fiduciary under the laws of Pennsylvania; they such State authorize or permit the exercise of any or all
were argued together and will be decided in a single of the foregoing powers by State banks, trust companies
or other corporations which compete with national banks,
opinion.
In settling the account of executors of the estate of Edna the granting to and exercise of such powers by national
F. Turner a fund was awarded to minor children, bene- banks shall not be deemed to be in contravention of
ficiaries under the will of decedent. The court appointed State or local law within the meaning of this act." The
The Rittenhouse Trust Company, of the city of Phila- statute contained a further provision that banks exercisdelphia, guardian of their estate and before the account ing fiduciary powers should "segregate all assets held in
was called for audit that company was converted into a any fiduciary capacity from the general assets of the bank
national bank and consolidated with the Corn Exchange and shall keep a separate set of books and records showing
National Bank, with power granted by the Federal in proper detail all transactions engaged in under authority
Reserve Board to transact a fiduciary business. The of this section * * * but nothing in this act shall be
latter applied for and secured a certificate from the State construed as authorizing the State authorities to examine
banking department authorizing it to do fiduciary's the books, records and accounts of the national bank
business in Pennsylvania and presented a petition asking which are not held in trust under authority of this subthat funds belonging to the minors be paid to it. This the section. " It also required that -funds deposited or held
court refused to do until the bank secured the approval of in trust by the bank awaiting investment shall be carried
the Orphans' Court of Philadelphia County, under rule 21 in a separate account and shall not be used by the bank in
of that court relating to approval of fiduciaries. Accord- the conduct of its business, unless it shall first set aside
ingly, a petition was presented for that purpose setting in its trust department, United States bonds or other
forth the fact of petitioner's incorporation under the securities approved by the Federal Reserve Board."
national banking laws and its subsequent consolidation Numerous other administrative provisions are found in
with The Rittenhouse National Bank, formerly The Rit- the Federal act that need not be referred to here.
The contention of the Commonwealth is that, to permit
tenhouse Trust Company, stating it was authorized by the
Federal Reserve Board to transact a fiduciary business and a Federal bank to act in a fiduciary capacity in this State,
had complied with the law of Pennsylvania governing the under the statutory provisions referred to, would amount
transaction of such business; had conformed with the acts w a violation of our laws. The act of May 21, 1919, P. L.
of May 9, 1889, P. L. 159, and May 20, 1921, P. L. 991, 209 provides, inter alia, that the banking department shall
agreeing to be subject to supervision and examination by have supervision of all corporations pr persons receiving
the banking department of Pennsylvania in the same money on deposit for safe keeping, including banks inmanner as corporations of Pennsylvania; and stipulated, corporated under the laws of the United States, which
pursuant to requirements of the before mentioned rule of shall, pursuant to Federal law or regulations, be permitted
court, that "securities and other property received by the to act in any fiduciary capacity and makes all such corcorporation both in a fiduciary capacity and from the porations subject to inspection and examination by the
person or persons for whom it is surety, shall not be taken banking commissioner. By act of May 20, 1921, P. L.
out of the jurisdiction of the court and shall be kept sepa- 991, it was provided that no person should have the right
rate and apart from all moneys, securities and property of to appoint, in a fiduciary capacity any corporation other
the said bank, so that the same can, at all times, be easily than a corporation organized and doing business under the
MAY,
1923.
laws of Pennsylvania and subject to the supervision and
examination of the banking department of the State, or a
corporation organized under the laws of the United States
and doing business in Pennsylvania by resolution of its
board of directors agreeing to place itself under and subject to the supervision and examination of the State banking department "in the same manner and to the same extent as corporations organized and existing under the laws
of this State."
A comparison of the foregoing Federal and State acts
shows the main points of difference are that the Federal
statute allows inspection of the books and records of only
that part of the assets of national banks as are received in
a fiduciary capacity and requires them to segregate all
assets held in a fiduciary capacity and prohibits commingling them with other assets in its business, unless it
shall first set aside in the trust department United States
bonds or other securities approved by the Federal Reserve Board, while on the other hand the State acts authorize the supervision by the banking department of all
assets of the corporation and forbids substitution of securities for the funds, but requires the companies, in all
cases, to keep trust funds separate from its other assets
and to indicate all investments made as fiduciaries, so
that the trust to which the investment belongs shall be
clearly known. It is argued this difference in the two
provisions produces a conflict, making the Federal reserve
act in direct violation of State law by permitting uninvested funds to be mingled with the general assets and
removing such funds from the inspection and supervision
of State authorities. The Corn Exchange National Bank
has complied with every provision of the State rules, regulations and laws, by consenting to the examination of all
its assets by the State bank examiners and agreeing to
keep trust securities on deposit in a separate bank. This
voluntary compliance with State rules would, in itself,
seem to render unnecessary a further discussion of the
questions raised. Appellant contends, however, that the
national bank can not, validly, agree to be bound by State
law or by local rule of court, which is contrary or inconsistent with the Federal law and that, consequently, the
question still remains whether it was not beyond the power
of the bank to agree to comply with the State regulations
where they are in conflict with Federal practice.
The answer to tnis contention is that insofar as the State
law is inconsistent with the Federal act, the former must
yield to the latter, even though the result may be to place
upon Federal banks a benefit or burden not received or
assumed by the State banks and trust companies.
The definition given in the Federal act as to what constitutes a violation of the State law takes no cognizance
of the fact that certain administrative details in the regulations of Federal banks were different from those governing State institutions. The existence of these differences, however, is not sufficient to deprive a national
bank of the enjoyment of its powers under the Federal
law. The establishment of the Federal reserve bank
was a matter within the scope of Federal power and a
State can not, in any way interfere with the powers of
such banks, except insofar as Congress has permitted it
to do so. When the Federal act was passed Congress had
knowledge of the fact that various States had adopted
different laws and systems governing persons or corporations acting in a fiduciary capacity. Having this knowledge, they gave to the Federal Reserve Board power to
prescribe regulations for the government of Federal
banks. Regulations thus established are paramount to
State rules and the latter must yield whenever a conflict
arises. It was with knowledge of this situation and the
existing difference between rules governing State and
Federal banks that Congress undertook to define, by the
act of 1918, what would be considered "in contravention
of State law." It will be observed the definition refers
561
FEDERAL KESERVE BULLETIN.
to "powers" only and not the rules governing the exercise
of such powers. It is the right itself, not the rules governing the exercise of the right, to which reference is made.
Concede the existence of the right in the State banks
and trust companies and we have the same right bestowed
upon national banks. Had Congress intended the latter
to be governed by State laws in the exercise of the right
given, surely expression of that intention would be found
in the statute. In the absence of such utterance, we
must assume Congress was satisfied with the rules already
prescribed by the Federal Reserve Board. If these rules
happen to conflict with State regulations on the subject,
the latter must yieid to the former because the right
being conceded the power to regulate the exercise of the
right would follow as a necessary incident. We believe
this view is fully supported by the opinion in First
National Bank v."Union Trust Company, 244 U. S. 416,
and cases therein cited.
The decrees of the Superior Court are affirmed.
Fiduciary Powers Granted to National Banks.
During the month ending April 28 the Federal Reserve
Board approved applications of the national banks listed
below for permission to exercise one or more of the fiduciary powers named in section 11 (k) of the Federal
reserve act as amended, as follows:
1. Trustee.
2. Executor.
3. Administrator.
4. Registrar of stocks and bonds.
5. Guardian of estates.
6. Assignee.
7. Receiver.
8. Committee of estates of lunatics.
9. In any other fiduciary capacity in which State banks,
trust companies, or other corporations which come into
competition with national banks are permitted to act under
the laws of the State in which the bank is located.
The numerals opposite the name of each bank indicate
the power or powers it is authorized to exercise, as given
below:
Place.
Boston, Mass
Newport, R. I...
Rockville, Conn.
Rutland, Vt
Kingston, N. Y....
Long Beach, N.Y.
Middletown, N.Y
Utica.N. Y
Caristadt, N. J
Jersey City, N. J
Summit, N. J
Orange, N. J
Chester, Pa
Philadelphia, Pa
Cynthiana, Ky
Mount Vernon, Ohio
Parkersburg, W. Va
De Funiak Springs, Fla
Gallatin, Tenn
Sycamore, 111
Rising Sun, Ind
Little Falls, Minn
Houston, Tex
Santa Ana, Calif
District
No.
Name of bank.
1
1
1
1
! Federal National Bank....
| Aquidneck National Bank
Rockville National Bank.
! Clement National Bank...
State of New York National Bank.
National Bank of Long
Beach.
2 First National Bank
2 First National Bank
2 Caristadt National Bank..
2 Bergen National Bank
2 First National Bank
2 Brick Church National
Bank.
3 j Pennsylvania National
Bank.
3 I National Bank of North
Philadelphia.
4 The National Bank
The Knox National Bank.
Second National Bank
First National Bank
First & Peoples National
Bank.
Citizens National Bank...
The National Bank
American NationalBank..
The Union National Bank.
First Naitonal Bank
Powers
granted.
Ito9.
5 to 9.
1 to 9.
lto 3, 5
to 7.
lto 9.
ltoS.
lto 9.
lto 9.
lto 9.
1 to 9.
1 to 9.
lto 9.
lto 9.
lto 9.
1 to 5, 7
to 9.
1 to 7
and 9.
lto 9.
5 to 8.
lto 9.
lto 9.
lto 9.
lto 9.
lto 9.
lto 9.
562
FEDERAL EESEEVE BULLETIN.
VELOCITY OF BANK DEPOSITS.1
For 40 years bank clearings have been used
as an index of business activity. They were
among the earliest of the statistics of business
to be compiled on a monthly basis and for
this term of years they have furnished perhaps
the most accurate single index available of
the comparative volume of business transactions at different periods.
These bank clearings figures have had, however, a number of limitations to their usefulness, especially when one considers them as
an index of changes in the banking and credit
situation. In the first place their scope has
left room for question as to their meaning.
They include only checks passing through
clearing houses and do not include counter
checks. They include drafts drawn by bankers against their own balances, which do
not reflect business activity as directly as do
checks drawn by individuals. These defects
in the returns were corrected in the middle of
1918, when the Federal Eeserve Board and
banks.inaugurated a series of weekly reports,
from the banks of clearing-house centers, of
the total amount of checks drawn and other
debits to individual accounts. The actual
change in the magnitude or movement of the
figures reported as compared with clearings
was smaller than might have been anticipated,
but the inauguration of the new form of
report gave us much more clearly denned
figures.
A second hindrance to a complete interpretation of clearing-house figures from the banking
point of view is found in the fact that clearings
and the new debits reports also reflect two different elements—changes in the amounts of
bank deposits and changes in the velocity or
rate of turnover of such deposits. When we
wish to consider the possibility of credit
expansion existing in any situation it makes a
good deal of difference whether a high figure
For bank clearings is due to large bank
deposits, or whether it is due to an exceptionally rapid turnover of deposits. The distinction becomes of still greater importance
when the subject under consideration is the
relation of the volume of credit to the price
level.
1
This article,by W. Randolph Burgess, of the Federal Reserve Bank of
New York, presents the results of a study made by the reports department of the Federal Reserve Bank of New York, with the help of the
statistical offices of the Federal reserve banks of Boston, Chicago, and
San Francisco. Acknowledgment is made to Prof. Irving Fisher and
Prof. E. W. Kemmerer for counsel, to Mr. I. H. Riddle, and to Mr.
Clark A. Warburton. Summary results of the study have been reported
currently in the Monthly Review of the Federal Reserve Bank of New
York.
MAT,
1923.
The desirability of measuring velocity more
accurately may be gathered from the following quotation from an address to the
stockholders of his bank made in January,
1922, by the Hon. Reginald McKenna, chairman of the London Joint City and Midland
Bank:
If it were possible accurately to measure the velocity
of circulation of money in 1921, as compared with 1920,
I think it would be found that there was a decline last
year of at least 40 per cent, a diminution which, while it
did not affect the total of bank deposits, caused a fall in
prices and was largely responsible for the great reduction
in trade and trade profits.
Until recently there has been no instrument
for measuring currently the velocity or rate
of turnover for bank deposits. The most
comprehensive study of the subject is contained in Prof. Irving Fisher's "Purchasing
Power of Money." On the basis of the incomplete data available at that time, Professor
Fisher made an estimate of the velocity of
deposits in the United States in the years
1896 and 1909, and on the basis of these
figures interpolated data for the intervening
years and in later articles extrapolated the
figures for a number of succeeding years.
This study was entirely on an annual basis,
however, and depended on a number of hypotheses which were not at that time verifiable.
A more precise and more current measure
is now made possible by the comprehensive
statistical returns received each week by the
Federal reserve banks from a selected group
of 800 member banks in principal centers.
Utilizing these figures, a computation has
been made of the velocity of deposits for
several groups of banks.
METHOD OF COMPUTATION.
The final figure desired was the annual rate
of turnover of deposits or the following fraction:
Annual amount of debits to individual accounts
Average demand deposits of individuals
The first step in the computation was to
select groups of banks which reported to the
Federal reserve banks both the figures for
debits to individual accounts and net demand
deposits. Reports of debits to individual
accounts are made by members of clearing
houses in the different cities, while the available reports of net demand deposits are for
selected member banks in the different cities.
The banks in these two groups are not identical,
and hence it was necessary to deal with the
figures for individual banks.
MAT,
1923.
FEDERAL. RESERVE
In order to secure a comparable series of
figures showing changes from time to time, it
was desirable to have these figures on a monthlybasis. Two major steps were necessary to
field the equation given above for each month,
n the first place, debits to individual accounts
are reported by weeks and have to be converted to an annual rate for each month, taking
account of holidays and the length of the
month. In the second place, certain subtractions had to be made from both the debits
and the demand deposits in order to make
them strictly comparable with each other.
Figures for debits include withdrawals of time
deposits and also Government withdrawals.
An estimate was made of the amount of withdrawals against time deposits each week by
securing from six New York City banks, for a
number of different periods, records of their
withdrawals of time deposits. It was found
that time deposits in these banks were turning
over about twice a year. The debits were corrected on the assumption that about this rate
of withdrawal of time deposits is maintained
consistently. Figures for Government withdrawals were secured from the records of the
Federal reserve banks and these figures subtracted from the debits.
563
BTJLI*ETIN.
The figure which comes nearest is that for net
demand deposits. The make-up of this figure
is best shown by quoting the method of computation from the weekly condition report:
7. Net demand deposits on which reserve is computed
Individual deposits subject to check, certificates of deposit due in less than 30 days, dividends unpaid, State and municipal deposits, and
other deposits subject to notice of less than 30
days, exclusive of United States Government
deposits.
Plus excess of total of—
(a) Balances due to all banks other than
Federal reserve bank, foreign banks
included.
(6) Amouut due to Federal reserve bank—
Deferred credits.
(c) Cashier's, secretary's, or treasurer's
checks on own bank outstanding.
(d) Certified checks outstanding.
Over the total of—
(e) Balances due from banks other than
Federal reserve bank and foreign
banks.
(f) Items with Federal reserve bank in process of collection.
(g) Exchanges for clearing house.
j
(ft) Checks on other banks in the same place.
NOTE.—In case the sum of items (e) to (ft), inclusive, is in excess of the
sum of items (a) to ((i), disregard items (a) to (ft) in making up total of
net demand deposits.
Since debits to individual accounts do not
include checks drawn against bank balances,
such figures must be excluded from the de-
RATE OP TURNOVER or BANK DEPOSITS.
RATE OF TURNOVER OP BANK DEPOSITS.
ANNUAL RATE
ANNUAL RATE
/
—AL
J\
/
\ .
ROCHESTCRV*
r-—i
'•Z-S
V •ML % '
<
\
£0
BU
I
V
1920
1921
192E
1923
The adjustments necessary in the debits to
individual accounts figures were comparatively
small in size, and fluctuations one way or the
other have but little effect on the final results.
There is considerably more room for differences
of opinion and for error in computing the figure
to be used for demand deposits. The figure
desired to compare with debits to individual
accounts is the amount of individual deposits,
and for the purpose of the current computation
the figure has been limited to demand deposits.
There is no figure reported currently showing
segregated the demand deposits of individuals.
1919
f
t
\ a RACUSE
'• J \ /
1919
\ N
V
\
1920
1921
-—/\.- \V/
1922.
1923
posits as well. The amounts due to banks and
due from banks are reported separately; so1
that a deduction can be made for these items.
No adequate allowance, however, can be made
for items b, c, and d, and/, g, and h, which are
used in computing net demand deposits. The
procedure has been to deduct from net demand
deposits the net amount due to banks—that is,
the excess, if any, of due to banks over due
from banks. No attempt has been made to
1
In the case of New York City these figures were available for
individual banks. For other centers they were estimated from the
percentage of the net amounts due to banks to net demand deposits for
all the banks reported.
564
MAT, 1923.
FEDERAL RESERVE BULLETIN.
correct for the items b, c, d, and/, g, h, but a
study of the results of not making any such
correction indicates that in those cities where
the amount due to banks exceeds the amount
due from banks, the adjusted net demand
deposits figure which is used for this computation tends to be slightly lower than the true
figure for demand deposits of individuals.
The amount by which it is lower is the excess
of items/, g, and Ti over items i, c, and d, or, to
put it another way, demand deposits are
reduced by a part of the uncollected checks
and other similar items which the bank holds
or has presented for collection. This reduction
may be justified by the fact that such uncollected checks may not in theory be drawn
against and hence are a proper deduction from
deposits subject to check. The practice of
different banks in this matter is so varied that
no safe estimate can be made of the proportion
of uncollected items which should be deducted
from deposits, but the deduction made in this
computation appears to be a reasonable one.
In cities where the item " Due to banks'' is not
as large as theitem "Duefrombanks," the figures
for net demand deposits are under ordinary
circumstances the same as total demand
deposits. This condition held in only two of
the cities studied, Rochester and Syracuse, and
tends to make the velocity figures computed
for these cities slightly smaller than they would
be if the computation could be made on
exactly the same basis as the figures for the
larger centers.
The various steps in the computation of
velocity are shown in the accompanying
working sheet for 42 New York City banks.
VELOCITY IK EIGHT CITIES, 1919-1922.
The annual rate of turnover of individual
demand deposits for representative groups of
banks in eight cities is shown in the accompanying diagram and table. The diagrams
are drawn on a logarithmic scale in order that
the percentage fluctuations in the lines representing velocity in different cities may be
directly comparable. The use of this scale
tends to distort somewhat the contrast in rate
of velocity between the different cities, but
shows more truly the relative size of fluctuations.
It is notable that the rate of turnover in New
York City is much more rapid than in any
other city reported, ranging from about sixty
times a year to about ninety times a year.
Chicago ranks second among the cities reported,
with a rate of turnover of deposits between
forty and fifty times a year. San Francisco,
Boston, and four up-State New York cities
follow in the order named. Syracuse shows
the slowest rate of turnover, reaching, in
August, 1921, a rate as low as seven times a
year. It is clear that the rate of turnover
bears some relation to the size of the city and
its population, although there are a number of
cases in which the order of ranking of the cities
in velocity is different from their order in size
of population. The population of Boston, for
example, is considerably larger than that of
San Francisco and the population of Buffalo
is practically as large as that of San Francisco.
The velocity of deposits in both Boston and
Buffalo is less than in San Francisco. There
are clearly other influences affecting the rate
WORKING SHEET FOB COMPUTING VELOCITY OF BANK DEPOSITS IN 42 NEW YORK CITY REPORTING BANKS.
[000 omitted, except columns 6 and 12.]
1
2
3
4
Government
Debits to Time
Week individual deposits withRevised
ended. accounts;
4-26
drawals • debits
(to be each week for each
total
subfor each
(to be
week.
week. tracted). subtracted).
1922.
Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
$4,529,355
4,592,367
4,766,247
3,933,296
4,233,272
$7,120
7,370
7,196
7.367
7,333
5
Total
debits
each
month)
$4,522,235
$5,884 4,579,113
16,884 4,742,167
6,233 3,919,696 $18,571,486
4 225 939
6
7
8
NumAnnual rate
ber of
work- Average of debits,
col. 7X302 Date.
ing
daily
(working
days debits.
days in
in
year).
each,
month.
1922.
Jan. 4
Jan. 11
Jan. 18
25 $742,859 $224,343,418 Jan. 25
9
Net
demand
deposits.
10
11
12
Annual
Net due
of
to
Revised rate
turnbanks
demand over
of
(to be
deposits deposits
sub(average). (col. 8 *
tracted).
col. 11).
$3,866,822 $804,960
3,850,902 799,187
3,788,338 781,546
3,754,903 782,753 $3,023,130
74.2
COMMENTS.—Column 2: An investigation in 6 New York City banks showed that time deposits turned over on an average about twice a
year. Checks drawn against time deposits each week therefore amount to about 2/52, or A , of the amount of time deposits.
Column 5: In arriving at the monthly figures, the debits for weeks at the beginning and end of the month are included in proportion to the number of working days falling within the month. For example, { of the debits of the week ended January 4 and { of the debits of the week ended February 1 are included in January.
Column 10: This column is the excess of "Due to banks" over "Due from banks." If there is no excess, no correction is made.
MAY,
1923.
FEDERAL RESERVE BULLETIN.
of turnover besides size of population. Among
the most important of these factors should
probably be listed the size of the population
in the immediate environment of the city and
the character of the city as a financial center.
The factor which correlates most closely with
velocity is the amount of bank deposits. This
relationship will be presented more fully later
in this paper.
A second striking feature of the figures is the
distinct seasonal movement in the velocity of
deposits. In New York, for example, deposits
turn over most rapidly in November and December, accompanying the heavy volume of
retail trade preceding Christmas. In most
years there is a secondary peak early in the
summer, at the time when summer purchases
are being made. The seasonal movement in
Boston is closely similar to that in New York.
In Chicago and San Francisco there is apparently no distinctive seasonal movement. The
four up-State New York cities combined show
a movement somewhat like that in New York
City, but with less violent fluctuations. The
diagram, which segregates the figures for these
four different cities, indicates that the most
striking fluctuations are in the case of Albany,
which appears to experience a high peak of
velocity in May or June of each year and a
secondary peak in December.
The fluctuations shown in the diagrams for
the past two years are clearly the result not
simply of seasonal changes, but also of changes
in the business situation. In most of the
cities for which figures are available, velocity
was at its highest in the latter part of 1919 or
in the latter part of 1920. The figures for 1921
were almost universally low, and the greatest
inactivity appears to have been reached in midsummer of 1921. A considerable recovery has
taken place since that time, particularly in the
past few months.
VELOCITY IN THE UNITED STATES AS A WHOLE.
From the figures which have been computed
for the velocity of deposits in eight cities it is
possible to learn something of the velocity of
deposits in the country as a whole, although the
eight cities are not sufficiently representative
to give a basis for anything more than an
approximate figure for the country.
For the eight cities the average velocity,
weighted by the amount of total bank deposits
as reported in the Bankers' Encyclopedia, was
61 for the year 1920 and 56.9 for the year 1921.
Even a casual inspection of the figures, however, makes it clear that this average is too high
565
to be representative of the country as a whole.
The cities included in the computation are
mostly large cities, which are to a considerable
degree financial centers, and it is clear that the
rate of deposit turnover tends to be more rapid
in large cities and financial centers than in
smaller communities.
In an effort to discover some general relationship, the rate of turnover in these eight
cities has been compared with other factors,
such as population, bank deposits, and bank
deposits per capita. Of these three factors,
the one showing the highest correlation with
velocity was bank deposits. For seven of the
cities (excluding Albany, which appears to be
an exceptional case) the correlation between
velocity and deposit figures was very close.
On the basis of the data for the seven cities
(excluding Albany), an attempt has been made
to estimate the velocity of deposits in other
cities for which the only available data are
those for bank deposits. The largest group of
cities for which we have these figures is that
published in the Bankers' Encyclopedia including 282 clearing-house centers and giving
deposit figures for about December, 1921.
The list includes 107 of the 134 cities of 50,000
or more inhabitants and includes also 175 cities
of less than 50,000 inhabitants. Any average
velocity computed from this list would undoubtedly be too large to be representative of
the country as a whole, but it would be one
step nearer to a country-wide figure than the
weighted average computed simply from the
eight cities.
On the assumption that velocity in these 282
clearing-house centers bears the same relation
to deposits as in the seven cities studied,
velocity figures have been estimated. The
24 cities reporting bank deposits over
$100,000,000 were treated individually. The
remaining cities were divided into seven groups
and a velocity figure for each group estimated.
An average velocity for all the 282 cities was
then computed, weighting the velocity of each
roup in accordance with the total amount of
ank deposits in the group. The resulting
figure is 36. The large amounts of bank
deposits in such centers as New York, Chicago,
and Boston give a weight to the high velocity
in those cities which offsets in considerable
degree the very low velocity for cities with
deposits under $100,000,000.
The 282 clearing-house centers used in this
computation showed on December 31, 1921,
total deposits of about $26,000,000,000, as
compared with total deposits for the country
as a whole reported in the Bankers' Encyclo-
f
566
FEDERAL RESERVE
pedia at $40,600,000,000. A minimum estimate of velocity for the country as a whole
may be secured by assuming that the velocity
in all centers not included in our tabulations
was zero. The computation on this basis gives
a velocity figure of 23.6.
On the basis of the foregoing, computations
it is probable that in 1920 and 1921 the velocity
of circulation of individual demand deposits
was at a rate somewhere between 25 and 35
a year.
SUMMARY.
(1) Figures now collected by the Federal
reserve banks make it possible to separate the
two elements entering into the volume of checks
drawn, changes in the amount of individual
bank deposits, and changes in the' rate of turnover of deposits.
(2) The rate of turnover of deposits computed for groups of banks in 8 cities, for each
month since January, 1919, ranges from a
minimum of seven times a year in Syracuse to
ninety times a year in New York City.
(3) Different cities reflect quite differently
changes in seasonal demands for funds and
cyclical changes in business.
(4) Velocity for the country as a whole in
1920 and 1921 is estimated at somewhere
between twenty-five and thirty-five times a
year.
ANNUAL RATE OP TURNOVER OP BANK DEPOSITS.
1919.
January
February
April
64.7
63.6
62.1
63.7
May
72.4
"
J . . . . . . . . . 81.2
June
81.3
July .
72.6
August
September... 74.5
85.4
October
November... 91.3
December... 89.5
1920.
83.1
January
77.0
February
76.6
March
April
77.3
May
70 6
68.7
June...
67.1
July
62.7
August
September... 66.0
77.5
October
November... 79.1
December... 83.8
a
s
33.0
29.1
27.4
34.2
40.6
49 0
43.1
28.9
30.3
35.0
33.8
39.2
16.5
17.0
17.8
18.8
18.4
19.4
17.9
17.5
16.5
18.4
19.0
19.7
24.6
28.7
25.7
32.2
34.6
32.9
35 0
32.1
31.8
32.6
31.8
35.9
21.0
19.4
18.6
18.8
19.9
19.4
22.3
19.9
21.1
22.8
22.2
23.1
A
^ d
14
inks.
.a
10
inks.
Year.
New Al- Buf- Roch- Syra- 4Total
up- Bos- Chi- San
York
State ton. cago. FranCity. bany. falo. ester. cuse. cities.
cisco
£
2
16.7
17.0
16.7
18.4
17.5
18.9
18.5
17.7
19.2
20.6
19.6
20.4
15.3 18.8
11.4 17.1
9.0 16.0
9.8 18.2
8.6 18.0
9.7 19.8
10.2 18.6
9.9 16.6
10.4 16.8
11.5 18.7
12.2 18.8
12.1 19.7
31.7
30.5
31.4
31.2
34.2
37.3
38.2
33.8
35.4
42.9
45.1
47.6
50.2
44.3
46.4
47.0
46.5
51.3
35.5
39.6
39.0
34.0
38.0
38 5
41.9
43.1
44.2
42.8
42.5
44.9
20.0
19.6
19.2
20.9
20 5
20.6
20.4
19.8
21.4
21.9
21.9
22.5
11.6
10.8
10.0
11.7
11.4
11.7
12.8
11.4
11.6
13.2
11.6
11.5
42.5
37.4
38.0
39.4
38 0
36.1
36.2
30.8
34.4
37.0
38.0
39.0
50.0
44.1
45.3
46.3
47 0
49.7
48.2
46.3
51.5
50.8
46.9
49.4
40.9
42.6
43.1
40.3
40.7
39.4
38.5
35.4
41.6
41.6
40.2
41.8
£>
18.9
18.5
17.4
18.9
19.5
19.2
21.0
19.0
19.9
21.2
20.5
21.3
478
1
£
MAY, 1923.
BULLETIN.
ANNUAL RATE OP TURNOVER OP BANK DEPOSITS—Con.
Year.
New Al- Buf- Roch- Syra- Total
4 up- Bos- Chi- San
York
State ton. cago. cisco.
City. bany. falo. ester. cuse. cities.
ss!
s
1921.
January
February
March
April.
May
June
July
August
September
October...
November.
December.
1922.
January...
February..
March
April
May
June
July
August
September...
October...
November.
December.
1923.
January
February.
March
s!
.a
s i
C3
» £a
M
.
a
£
c3
&
si
,O
w
M
£
76.3
68.0
64.1
62.9
68.7
66.2
66.2
58.7
65.7
70.4
75.7
77.1
26.1
24.8
27.0
27.4
36.8
30.5
28.1
22.5
24.4
26.0
27.7
30.5
20.9
19.2
16.9
18.2
18.0
18.3
19.2
16.1
17.8
19.9
19.9
20.2
21.7 10.1 19.1 33.5 46.4
20.3 9.2 17.8 30.9 42.4
19.3 8.6 16.7 30.0 41.3
21.5 9.1 17.9 30.0 42.7
19.8 8.9 18.6 31.1 43.3
21.4 8.6 18.0 30.4 42.0
19.6 8.8 17.8 29.3 43.6
18.3 7.0 14.9 25.9 41.5
21.4 8.1 16.7 28.2 44.1
21.8 9.0 18.1 32.2 46.6
22.0 9.8 18.5 33.6 47.4
21.8 9.1 18. S 32.8 48.4
39.4
37.7
42.8
42.4
40.2
42.3
38.9
36.7
38.6
42.2
37.4
42.8
74.2
75.2
75.4
79 9
77.8
75.7
74.2
65.2
68.6
86.3
77.4
79.9
28.5
25.4
22.4
29.4
28.6
26 2
24.3
22.1
21.6
24.0
25.8
31.4
20.1
18.9
18.0
19.5
19.7
20.2
21.9
18.3
20.4
22.6
23.0
21.5
21.7
18.9
19.2
19.9
19.1
22.0
19.7
17.8
21.1
23.6
22.3
22.7
8.3
8.2
8.1
9.2
8.4
8.5
8.8
7.3
8.4
8.8
9.7
9.6
18.6
17.3
16.4
18.6
18.1
18.3
18.7
15.9
17.5
19.3
19.6
21.0
47.3
49.7
49.3
47.1
44.5
45.6
41.7
38.4
41.9
43.7
41.4
45.9
43.9
37.7
41.2
39.4
37.3
37.8
37.1
34.4
40.7
37.4
39.7
39.9
79.9 23.5 24.6 21.4
82.3 26.0 25.1 21.4
84.0 23.9 24.2 21.4
8.7
8.6
9.7
19.2 34.7 47.0
20.0 35.7 50.3
19.8 38.0 46.4
39.0
39.7
42.6
32.4
29.6
32.7
33.6
31.4
33.4
32.3
24.7
28.6
34.3
32.5
35.4
COTTON FINANCING.
IV. FINANCING AMERICAN COTTON EXPORTS. 1
Methods of financing the production of cotton and its marketing within the United States
were described in previous sections of this
study. It is the purpose of this article to
analyze the importance of cotton in American
foreign trade; to describe the methods of financing the exporter and of supplying credit in the
importing country as the cotton awaits consumption; and to discuss the changes that were
introduced during and since the war to facilitate the movement of cotton to foreign consumers.
A. COTTON IN AMERICAN FOREIGN TRADE.
The United States produces on the average
about 60 per cent of the world's cotton crop.
Approximately 35 per cent of the cotton pro1
This is the fourth of a series of articles describing the methodsjof
financing the production and distribution of cotton. The preceding
articles appeared in the BULLETINS for February, March, and April,
1923.
Data upon which this study is based were obtained largely from information furnished by banks in the leading cotton-exporting cities, cottonexporting firms, sections of the reports of the World Cotton Conferences, New Orleans, 1919, and Liverpool and Manchester, 1921, and reports of Government agencies. To all of the contributors acknowledgment is due, especially to Mr. John J. Sample, of the Guaranty
Trust Co. of New York, whose cooperation was very valuable.
MAY, 1923.
567
FEDERAL. RESERVE BULLETIN.
duced within the United States prior to 1913 While the domestic cotton-manufacturing
was consumed by domestic mills and 65 per industry has developed rapidly and is consumcent was exported. Since the beginning of the ing yearly large quantities of domestic cotton,
war domestic consumption has increased and foreign markets are still the principal consumthe average consumption for the nine years, ers of the American crop and, therefore, are
1913-1922, was approximately one-half of the important in determining the economic sitcotton produced and the remainder was ex- uation of the cotton producers of the Southern
ported.
States. The cotton-producing industry has
Raw cotton has been one of the chief exports expanded to meet the increased demand from
from the United States since the beginning of cotton manufacturers, and the economic welthe producing industry. Small quantities had fare of both is closely interwoven. The early
been sold to foreign countries from time to expansion of the industry and the developtime before the Revolutionary War, but regular ment until the beginning of the Civil War were
commerce did not begin until 1784. In that to meet the increased demand from abroad.
year 8 bags were exported to England. The From 1870 to 1913 exports were approxidevelopment of the cotton-manufacturing in- mately 65 per cent of the annual production,
dustry in Great Britain during the last decades but since 1913 domestic consumption has been
of the eighteenth century caused an increased increasing and total exports have been slightly
demand for cotton, and exports increased grad- smaller. The importance of foreign markets
ually from 1784 to 1793, when more than 3,000 to the cotton-producing industry is indicated
bales were exported. The invention of the in the following table, which shows the yearly
cotton gin in 1793, combined with inventions production, exports, and percentage of cotton
and improvements in the cotton-manufacturing exported for selected years from 1800 to 1921:
industry in England, gave a renewed impetus
to the cotton-producing industry, and since AMERICAN COTTON PRODUCTION, EXPORTS, AND P E R that time cotton has been one of the chief
CENTAGE OP COTTON EXPORTED, SELECTED YEARS
commodities in American foreign trade. In 1800-1921.1
[Including linters.]
1800 the value of cotton exported was
$5,000,000, or 15.7 per cent of the total AmerProducExports
ican exports; in 1913 cotton constituted 22.5
tion (000
(000
Percentage.
Year.
omitted.) omitted).
per cent of the value of all exports, but in 1921
the percentage exported, due mainly to disBales.
Bales.
turbed economic conditions in Europe and to a 1800.
57.5
73
42
rapid shrinkage in the value of raw cotton, was 1810
69.7
178
124
1850.
86.8
2,136
1,854
only 12.2 per cent. The value of all exports, 1870.
72.6
4,025
2,923
1900.
66.3
10,266
6,807
cotton exports, and percentage of cotton to 1910.
66.8
12,006
8,206
1911
68.1
total exports, for selected years 1800-1921, are 1912
16,250
10,681
64.3
14,313
9,199
shown in the following table:
1913
62.5
14,795
9,256
•VALUE O P COTTON E X P O R T S , ALL E X P O R T S , A N D P E R C E N T AGE OF COTTON TO T O T A L , S E L E C T E D Y E A R S 1800-1921.'
Year.
1800
1810.
1850.
1870
1900
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920,
1921
1
Value of
Value of
cotton ex- all exports Percentage
of cotton
ports (000
(000
to total.
omitted). omitted).
$5,000
15,108
71,985
227,028
241,833
450,447
585,319
565,849
547,357
610,475
376,218
374,186
543,075
665,025
1,137,371
1,136,409
534,242
$31,841
42,367
134,900
376,616
1,370,764
1,710,084
2,013,549
2,170,320
2,428,506
2,329,684
2,716,178
4,272,178
6,227,164
5,838,652
7,749,816
8,080,481
4,378,928
15.70
35.66
53.36
60.28
17.64
26.34
29.07
26.07
22.54
26.20
13.85
8.76
8.72
11.39
14.68
14.06
12.20
Fiscal years to and including 1918; subsequently, calendar years.
1914
1915
1916
1917
1918
1919
1920
1921
16,992
12,123
12,781
12,428
12,970
12,029
13,880
8,351
8,931
6,406
5,964
4,587
5,664
6,761
6,026
6 476
52.5
52.8
46.6
36.9
43.7
56.2
43.4
>77.5
1
Statistical Abstract, Bureau of Foreign and Domestic Commerce;
and
Cotton Production and Distribution Bulletins, Bureau of the Census.
1
The high percentage in 1921 is due largely to the small crop of that
year, as total exports showed an increase over the preceding year.
As foreign spinners were the most important
consumers of American cotton prior to the
World War, customary methods of exporting
had their inception in the early days of the
industry, and the machinery for handling the
exports was gradually developed to meet the
needs. The yearly exporting period had closely
followed harvesting and movement to markets within the United States. A study of the
periods of exporting for the 10 years, 1912-13
568
FEDERAL RESERVE BULLETIN.
to 1921-22, shows that prior to the war more
than 65 per cent of the cotton was exported
during the months of September, October,
November, December, and January; that during the war the percentage exported in these
months was approximately 55 per cent, and
since the war the exports have tended to become more regular, as 45 per cent was exported
during the five corresponding months. The
percentage of cotton exported, t>y months, from
1912-13 to 1921-22, inclusive, is shown in the
following table:
PERCENTAGE
August
September..
October
November..
December..
January
February...
March
April
May
June
July
DISTRIBUTION OF COTTON EXPORTS, BY
MONTHS, 1912-13 TO 1921-22.
[Linters included.]
1912-13
1913-14
1914-15
2.84
8.30
17.24
19.73
15.82
10.24
6.04
4.23
6.08
5.33
2.55
1.60
2.81
10.17
16.59
16.40
13.45
11.50
8.21
0.25
1.47
5.82
8.91
14.07
16.06
17.57
14.14
7.87
7.20
3.78
2.86
7. GO
4.35
4.31
3.23
1.38
2.62
8.10
10.91
8.47
9.02
8.71
11.37
7.49
8.44
8.24
8.88
7.75
7.41
9.40
13.88
12.78
13.34
10.47
6.23
6.19
4.74
6.55
4.28
4.73
MAY, 1923.
increased from 95,000 bales to 895,000 bales.
The increased exports to Japan since the beginning of the war have partly offset the reduced
demands of Germany and central Europe.
In addition, larger quantities of cotton were
taken by the neutral countries of Europe during the war than before that period, a factor
which further tended to reduce the surplus
caused by decreased consumption in belligerent
Europe.
In spite of the fact that Germany has increased her cotton imports since the war, almost all countries of Europe are suffering from
disturbed economic conditions, and as a result
cotton has been imported and financed under
conditions which are quite different from those
in pre-war years. Since 1920 exports to the
United Kingdom have decreased from 3,445,000
bales in that year to 1,787,000 in 1921 and
1,807,000 bales in 1922. This has been due
partly to the decreased demand from Europe
for English yarns and cloth resulting from
reduced purchasing power of continental consumers, and also to increased imports of cotton
into English markets from other producing
countries of the world.
Methods of shipping cotton abroad.—Methods
of distributing cotton abroad have developed
with the growth of the producing and manu10.27
5.08
7.26
6.70 facturing industries. Prior to the Civil War,
2.53
August
3.59
3.93
8.26
September..
10.14
6.47
5.34
10.07
13.85 when cotton was grown by large planters,
October
11.86
6.78
14.01
11.79
10.27
November..
9.35
6.18
consignments for sale were often made to
13.29
13.62
December..
10.13
10.66
10.39
14.09
10.44
7.53 English merchants who had extended credit to
January
10.33
11.62
9.70
8.51
5.36
February...
8.04
7.94
12.04
6.47
7.31 the producers. The planter would thereby
March
6.96
8.90
8.2S
5.52
9.47 liquidate his obligations to the merchant and
April
4.87
7.27
5.53
8.24
7.43
May
6.52
7.85
3.66
8.55
7.78 receive additional supplies or build up credit
June
6.11
12.18
3.21
10.33
5.91 with the merchant, to be used in producing the
July
4.89
9.34
next crop. The plan was similar to that in
Principal export markets.—The principal ex- use in some sections by planters and factors inport markets for American cotton before the marketing and financing the crop under present
war were England, Germany, France, Italy, conditions. Cotton was also distributed
Austria, and Spain. Other countries of Europe through factors who consigned it to agents
were important consumers of cotton, but the abroad, who in turn disposed of it to spinners.
ones mentioned were the most important and After the war between the States the cotton
the South looked to them to consume her sur- exchanges of Liverpool, New York, and New
plus of raw material. At the outbreak of the Orleans were organized, and as new methods
war the regular channels of commerce were dis- of marketing cotton in the United States deorganized and central Europe, including Ger- veloped changes in the methods of exporting
many, was almost entirely cut off from the were evolved.
American markets, and since then new markets
The English spinners procure their cotton
have been sought to take the surplus that was through channels similar to those by which the
formerly taken by Germany and Central raw fiber makes its way into the hands of
Europe.- Although Japan did not begin taking American spinners. Cotton is shipped to
American cotton until the last decade of the Great Britain by three classes of dealers: (1) By
nineteenth century, she gradually increased her American shippers, who consign it to Liverpool
takings until 1910, but it was during the years merchants; (2) by buyers sent out from Liver1910 to 1922 that her American cotton imports pool and Manchester houses; or (3) by Ameri1917-18
1918-19 ! 1919-20
1920-21
1921-22
MAY,
1923.
FEDERAL RESERVE BULLETIN.
569
can firms which have branch offices in Eng- while the French mills purchase most of their
land.2
cotton through Havre. While prior to the
The importing merchant does not always war some German spinners bought part of
deal directly with the spinner. The customary their material directly in America and some
method of disposing of cotton in Liverpool is was consigned to Bremen by American shippers
through a selling broker. The spinner usually to be sold on commission, the bulk of the
employs a buying broker, who assembles cotton was handled by Bremen importers and
samples of the required grade to be inspected merchants who disposed of it through agents
by the spinner on his weekly visit to Liverpool. located in the manufacturing centers. French
The spinner who purchases cotton in this man- spinners also formerly bought part of their
ner usually has one or two buying brokers with supply directly from American shippers, but
whom he deals. The selling broker, repre- the bulk o(f the American cotton is now bought
senting the importer, and the buying broker, from Havre merchants through agents residrepresenting the spinner, each receive a com- ing in the mill districts. Havre merchants
mission, generally of one-half of 1 per cent of buy the cotton from importers and American
the value of the cotton. In Manchester the shippers, generally through the medium of
importers, who have head offices there, usually brokers. In view of the disturbed financial
serve as merchants and deal directly with the conditions which have prevailed in Europe
spinners. Importers of Liverpool often have since the war, the old-established methods of
agents at Manchester and the method of dealing importing and financing cotton have been
with spinners is similar to that used in Liver- changed. Some cotton is still consigned by
pool. While some merchants sell several kinds American shippers to agents and importers, but
of cotton, others handle only a special type, mills have been unable to take large quantities
such as long-staple cotton from the Mississippi of cotton, and consequently new methods of
Delta, or some other special grade.
selling and distributing cotton have been
introduced,
with which the problem of financing
Unless the market is very favorable the
English spinner seldom buys a large stock is closely interwoven.
of cotton early in the season. He usually
B. FINANCING COTTON EXPORTS.
buys to cover yarn sales, and few mills have
warehouse accommodations for more than
The problem of financing American cotton
one or two months' consumption. Importers that enters international trade can be divided
and merchants maintain large warehouses at into two parts—(1) that which relates to the
Liverpool and Manchester, where cotton is handling of the transaction in the exporting
held pending delivery. Spot cotton is usually country, and (2) that which deals with the
bought by the spinners for immediate de- credit arrangement that is used by the importer
livery, although contracts for future deliveries in establishing credit to make cotton purof so much per month are often made. These chases and financing the shipment until it
contracts for future delivery often extend reaches the spinner. Shipments from the
over several months. Price for spot cotton United States follow demands from abroad
is generally determined by the current quota- and the initial steps in arranging credits are
tions, but for future deliveries it is often taken by the importer with his bank in the
arranged that the spinner shall pay a certain importing country. But, as the problem is
number of points " o n " or "off" the Liver- largely one of exports from the standpoint of
pool cotton exchange quotation at the time the United States, it is advisable to analyze,
he receives the cotton or at whatever time he first, the steps in financing exports and,
designates. The actual payment for the cotton second, the methods used by importers in
may not be made until 60 days after delivery, establishing financial connections to make
but shorter terms are more commonly used.
their purchases and to finance the cotton after
Formerly European spinners obtained large it arrives and while it awaits consumption.
quantities of cotton through Liverpool, but In order to discuss the problem from the
the markets of Bremen and Havre have be- standpoint of the exporter it must be assumed
come important distributing points on the that the initial steps for financing the transContinent. The German and central Euro- action have been taken by the importer.
pean mills are supplied mainly through Bremen,
As England is the greatest consumer of
2
This description of the methods of distributing cotton in Great American raw cotton the methods of financing
Britain and on the Continent is based in part upon " The Cotton Manu- exports have developed from practices that
facturing Industry of the United States," Chapter XXI, p. 354, by
had their inception in the London discount
M. T. Copeland.
570
FEDERAL RESERVE BULLETIN.
market and the Liverpool cotton market.
Formerly three principal plans were used in
financing cotton to the United Kingdom and
to the Continent, namely, (1) bankers' commercial credits; (2) importers' acceptances:
and (3) spinners' acceptances. These methods
are still used in financing sales to England and
to a large extent to some countries on the
Continent, but new methods have been established to finance sales to the countries of
Europe that have been undergoing disturbed
financial conditions resulting from rapidly
depreciating currencies.
Bankers' commercial credits.—Bankers' credits
are still the universal system of financing sales to
the United Kingdom and are the most important methods used. Under this method the importer arranges with his bank in England to accept drafts drawn on it by the American cotton
exporter for the account of the importer. The
importer and exporter then enter into a sales
contract concerning a given number of bales
of cotton of specified grade. At the same time
the importer notifies the exporter of the name
of the bank upon which the draft is to be
drawn. The exporter prepares the cotton for
shipment; if it is at a port he delivers it to the
steamship Company and secures an ocean bill
of lading, insurance policy, and other shipping
documents, but if the cotton is at an inland
city the exporter delivers it to the transportation company and secures a "through" bill of
lading. The cotton is then moved to the port
and loaded on the steamship.
The exporter then draws a sterling draft at
60 or 90 days' sight upon the importer's bank
and discounts his sterling bill with a bank.
In many cases, however, where the exporter's
local bank does not deal in foreign exchange,
he draws a dollar draft on a bank in New York
which has consented to buy the sterling draft.
If the shipment is made from a southern port
the exporter presents the New York dollar
draft to his southern bank, accompanied by
the sterling draft, bill of lading, marine insurance certificate, and other documents. The
southern bank applies the amount of the draft
in repayment of the advances, in case some
were made in purchasing the cotton, and credits the remainder to the account of the exporter. The dollar draft, accompanied by the
sterling bill and documents, is forwarded to the
southern bank's correspondent in New York,
who presents it to the bank that has contracted
to purchase the exchange and upon payment
of same surrenders to it the sterling draft and
accompanying documents.
MAY,
1023.
The bank that has bought the sterling draft
sends it forward immediately to its agent in
London, who presents it to the importer's
bank for acceptance. The accepting bank
retains the bill of lading and insurance certificate as security against its acceptance,
which is then held until maturity for account
of the American bank with its agent or correspondent in London. If funds are needed
the acceptance is disposed of in the London discount market. Under this method of financing cottdn the entire transaction, from the
standpoint of the English importer and his
bank, is based entirely on credit, as no funds
are advanced by either of them.
Importers' trade acceptances.—While the bulk
of cotton going to the United Kingdom is
financed largely in the manner outlined, some
co.tton is moved on bills drawn directly on the
importers. The original steps in preparing the
shipment are taken in the same manner as in
the case of bankers' commercial credits, except
that the foreign buyer notifies the American
exporter at the time the cotton is ordered to
draw a sterling draft on him (the importer)
covering the shipment. The draft, accompanied by the shipping documents, is then
forwarded to the correspondent of the southern
bank in New York and the same method of
procedure as in the case of bankers' credits in
handling the exchange is followed. The bank
which has purchased the draft sends it forward
to its agent in London, and the agent presents
it to the importer for acceptance. The banking agent presenting the draft is generally
requested to retain the shipping documents
until the cotton arrives in England. In case
the importer takes up the acceptance before
its maturity a rebate is allowed, but if the bank
advances funds to take up the acceptance
under rebate or at maturity the bank generally
holds the documents as security for the advance.
Spinners' acceptances.—Some cotton is exported directly to spinners, the shipments and
bills arising in the same manner as those described for importers, but this method is only
used to a limited extent. Spinners generally
prefer to purchase cotton through cotton merchants or importers, but on account of disturbed financial conditions a few American
exporters have exported some cotton to Europe
in this manner. Exports to continental spinners under spinners' acceptances are usually
insured against loss through indemnity insurance companies making a specialty of this
type of business. They usually insure the pay-
MAY,
1923.
FEDERAL RESERVE BULLETIN.
571
ment for about 75 per cent of its amount, and porting country and as it awaits sale to the
the American exporter carries the remaining spinners.
25 per cent. Some of these bills have been disArrival of cotton in England.—Having traced
counted by American banks, but this method the movement of cotton, the origin of the
of exporting has not made much progress and documents in the United States, and the
is not considered a very favorable method of methods used by the exporter and the Amerfinancing cotton exports by American bankers. ican banks in handling the sterling drafts, the
The extent to which they have been willing to next problem that arises is the handling of
discount such acceptances has depended upon the cotton after it arrives in England. When
the financial standing of the American exporter, the cotton arrives the importer receives the
the drawer of the bill.
shipping documents from the bank that
Currencies used in drawing hills.—Before the accepted the draft, or holds them for his
war interrupted the machinery used in financ- account, with instructions to claim the cotton
ing exports, it was customary for the exporter from the steamship company and warehouse
to draw his reimbursement draft in foreign cur- it in the name of the bank or hold it in trust
rency. This was due to the lack of a discount for the bank pending sale. The importer
market in the United States and to the fact gives a trust receipt to the bank on receiving
that American banks, with few exceptions, had the bill of lading and becomes the trustee for
no authority to grant acceptance credits. The the bank in handling the cotton, which is
pound sterling was the principal currency used generally held by the importer, properly
for the drawing of cotton bills, and these were insured, in warehouses at Liverpool or Mansold in the London discount market, where chester for the account of the bank. If the
they were considered generally as credit instru- goods are sold to a spinner immediately, the
ments of the highest type. In addition, franc proceeds are surrendered to the bank in liquidaand mark bills were used freely in financing tion of the acceptance or to reimburse the
sales to the Continent. This custom continued bank for advances that were made to the immainly in the trade with Great Britain and with porter to enable him to take up the acceptance
the principal cotton-consuming countries on the under rebate.
Continent. However, during the war France
Unlike the American manufacturer, the
found it necessary to purchase large quantities English spinner does not purchase large quanof cotton, but as the franc and pound sterling tities of cotton in advance. On the other
had become unstable, the French commission in hand, the importers of Liverpool and Mancharge of purchases arranged for reimbursement chester usually keep large quantities of raw
in United States dollars
for cotton purchased in cotton in warehouses in these cities in order to
the United States.3 Since the war this method meet the demands from the spinners. In
has beenfollowed bymost continental countries, order to keep the necessary supplies of raw
as the continued fluctuations of continental ex- cotton on hand the importers must sometimes
changes have made it desirable for American hold it for long periods of time, varying from
exporters to do business with Europe on a dollar several months to a year. This necessitates
basis. Cotton is quoted in cents per pound financing over long periods.
landed at a European port. The European imFinancing stored cotton in England.—Most of
porter, when he contracts by cable for an order
of cotton, contracts in his country for dollars in the cotton shipped to England is financed by
New York in order to meet the draft drawn in means of acceptance credits furnished either
dollars by the American exporter. Some cotton by banks in England or by cotton importers
is sold to England and reimbursement made by of strong financial standing. These bills are
way of New York bank credit in dollars, but made to mature generally within 60 to 90 days,
the extent to which exports to England are but as cotton is often stored for longer periods,
financed on this basis is very small; the old additional financing is necessary. Acceptances
under which cotton is moved from the United
basis of sterling credits has continued.
States are usually discounted in the London
money market at a comparatively low rate,
C. FINANCING COTTON IMPORTING.
but it is customary to liquidate the bills at
maturity and use other methods for carrying
The problem of financing cotton imports the cotton.4
concerns primarily the importer and his bank
in financing cotton after it arrives in the im- * This and the following paragraphs are based upon " Finance of the
3
FEDERAL RESERVE BULLETIN, September, 1921, p. 1066.
Cotton Trade,"prepared by Peter Forrester, managing director, Union
Bank of Manchester (Ltd.), and director of Barclays (Ltd.), and printed
in Oldham and District Journal of Commerce, April, 1920.
572
FEDERAL RESERVE BULLETIN.
If the importer has ample means of his own,
he provides the bank with funds to meet the
acceptance when due and carries the cotton
himself until it is sold. But, as few importers
are thus situated, one of the following three
plans is used: (1) A bill is drawn by the importer on an "accepting house," and the cotton is stored in a warehouse in the name of
the " accepting house." The bill accepted by
the "accepting house" is discounted by the
importer with his bank, or elsewhere. This is
the cheapest form of financing, practically
controlling the charges on all other methods,
and is used generally for large operations. The
cost of this method is, accepting commission
(usually one-fourth to three-eighths of 1 per cent
for 3 months' bill), plus bill stamp (equal 4 s. per
100 pounds per annum), plus cost of discounting
the bill. (2) The importer draws a bill, generally
at 3 months, on the broker to whom he intrusts
the cotton for sale, and discounts this bill
with his bank and stores the cotton to the
bank's order as security for the payment of the
bill. The importer who is financing the cotton
is willing to pay a little more to the bank for
this accommodation than he would have to
pay under method (1), as the broker does not
charge a commission for accepting. Also it
is more convenient, as it can be carried out
locally without the intervention of the London
"accepting house." In cases where the importer is selling cotton himself, and does not
employ a broker, he can not avail himself of
this method. (3) The importer goes to his
bank and takes a loan for 3 months and stores
the cotton in the bank's name, and thus avoids
the intervention of any third party, and he
will usually pay a little more for this than he
would under methods (1) and (2), as it is less
troublesome and is entirely between him and
his bank.
In all three cases the cotton, or some of it,
will usually be sold before the period of the
advance has elapsed, and it is customary for
the bank to receive these payments and make
an interest allowance for them.
Hedging.—While the marketing and distribution of cotton is a gigantic financial task
for the financial institutions in the United
States and those of all the principal cottonconsuming countries of the world, the ease and
effectiveness with which the crop is handled is
due in a large measure to the organized cotton
exchanges of the world and the facilities which
they offer for insuring against the risks which accompany fluctuations in the cotton market,
resulting from daily price changes. Use is made
of exchanges in the United States and Liverpool
MAY,
1923.
in buying and selling futures throughout the
year. When a cotton merchant buys a lot of
100 bales of cotton during the marketing
season he either sells it immediately to another
merchant, spinner, or exporter, or sells in one
of the principal cotton markets a future contract for the same number of bales of cotton
in order to protect himself as far as possible in
the event of a decline in the value of his purchased cotton. If cotton is bought in October
the merchant may immediately sell a January
or any other future-month contract against it.
This transaction is known as a "hedge" and
serves as a method of protecting the merchant
against losses in case of a decline in the market.
If the cotton is sold in the meantime the
merchant cancels the "hedge" by buying in
the future contract.
In the United States two future-contract markets—New York and New Orleans—are used by
merchants, brokers, exporters, and others, but the
principle of hedging is of even greater importance
to the importers in England and on the Continent. When an importer buys cotton in the
United States in 100-bale lots he immediately
sells a future contract in the Liverpool market
covering the amount purchased to protect
himself against price declines while the cotton
is en route from the exporting country. Thus,
if an importer buys cotton in October or
November in the United States, he usually sells
a January or March future contract against it
in Liverpool, the future month being determined by the approximate date of arrival or
sale of the cotton.
The problem of hedging is of great importance to the banks that extend credit to the
merchants who handle cotton in the United
States as well as to the banks that finance its
importation. If the American cotton merchant keeps his cotton hedged through the
sale of future contracts the loans are more
secure and business can be transacted on a
much narrower margin than on cotton that
is unprotected. In England the banker is
primarily interested in keeping cotton hedged,
because he has accepted the bills under which
it is moving, and if it was not thus protected
the margin maintained on cotton loans would
have to be much larger to insure the bank
against loss.
Payment of differences.—An important problem in connection with hedging is that of the
payment of "differences." As cotton rises
m value the seller of a future contract is required to pay "differences" for the protection
of the buyer of the contract. In New York payment of such differences may be called for daily,
MAY,
1923.
FEDERAL RESERVE BULLETIN.
but in Liverpool it is called for once a week,
and the banker holding the actual cotton that
has been hedged often has to furnish the importer with money required to meet the differences. Oftentimes the bank is called upon to
provide differences for a greater number of
bales of cotton than the number against which
it has made advances or given acceptances.
Differences may even represent cotton that
has been shipped to England but not yet arrived. In such cases the bank is less eager to
provide money to meet the differences than
when the cotton is actually in its possession.
In a falling market the opposite conditions
prevail, and the importer will receive differences
in respect of hedges. Such differences enable
him to keep up the margin which his banks
require in the value of the cotton held by them
as a security.
D. CHANGES BROUGHT ABOUT BY THE WAR.
At the close of the war the established
practices of distributing and financing cotton
were found to be in many respects impracticable, partly because they had grown up during a
period when the United States was a debtor
country and cotton exports had been an important means of settling international balances. As a consequence of changes brought
about by the war, which have made the United
States into a creditor nation, the burden of
financing American cotton for export has been
largely shifted to financial institutions within
the United States.
Consignment of cotton abroad.—As has been
indicated, cotton is often consigned to Europe
by American exporters and held in storage
in the ports to meet the demands from the
spinners. This method, although not an entirely new departure, is used extensively in
distributing cotton to continental consumers.
Such cotton is consigned to a representative of
the American exporter located in one of the
principal European ports and is financed entirely in dollars. The exporter contracts with
an American bank, generally in New York, to
finance his transaction. At the time of consignment the exporter usually draws a sight draft of
90 days with documents attached, on the New
York bank for 80 per cent of the value of the
cotton. The draft is accepted, documents
detached, at an agreed commission, and
the drawer (the exporter) then discounts it
in the open market and obtains dollars, with
which he reimburses the bank in the South that
financed the cotton up to the port. The New
573
York bank then forwards the documents to its
correspondent in the European port, with
instructions to receive and warehouse the cotton on arrival and hold the warehouse receipts
under control. The receipts are delivered
against sales contracts made by the agent or
representative of the American exporter, but
documents are delivered to the purchaser only
against payment. The proceeds are remitted
by the European bank direct to the bank in
New York that accepted the original draft.
The funds are then held pending maturity of
the exporter's obligation and finally used for
liquidating the original loan, the excess being
credited to the account or paid to the exporter.
During the last few years this method has been
used extensively and has been a great relief to
the European spinners who have been unable
to finance their requirements as formerly.
The plan has necessitated the keeping of stocks
of cotton by American exporters in the principal European ports in order to supply the
spinners who have been forced to purchase
their consumption requirements weekly or
monthly. The furnishing of cotton in this
manner to Europe and, of late, also to Japan,
has necessitated the development of efficient
organizations by export concerns for handling
cotton in the importing country.
Dollar credits.—In view of the disturbed
financial conditions existing in Europe since
the war, many American exporters who are
still selling cotton on the pre-war plan demand
that their reimbursement credits be opened
with New York banks, to which they may
deliver the shipping documents and receive the
amount of their invoice in dollars. In some
cases the exporter draws on the New York
bank in dollars at 60 or 90 days' sight against
delivery of the documents. The exporter then
has a prime New York bank acceptance which
he can sell in the open market at favorable
rates. Such credits are generally opened in
New York by European banks for due payment, so that when drafts are paid or accepted
the New York bank forwards the documents
direct to the European bank, which disposes of
them to the importer.
Within the last few years many European
importers have been buying cotton in dollars,
payment to be made at the foreign port on
arrival of the vessel carrying the cotton.
Exporters doing business on this basis have
been financed by New York banks and a large
volume of business has been handled in this
manner. The banks generally depend upon
the exporter and the documents covering the
574
FEDERAL RESERVE BULLETIN.
shipments, which are hypothecated for their
security. Banks report that the plan has
worked very satisfactorily, and it js estimated
that approximately 65 per cent of the total
American cotton exports are financed by means
of dollar credits.
Insurance.—In connection with the methods
that have been introduced in financing cotton
under present conditions the problem of insuring cotton that is consigned abroad has likewise undergone changes. Before the war all
risks affecting cotton were covered by foreign
insurance companies, and such methods continued for a time after the beginning of the war.
However, when the American banks, on account of the violent fluctuations in foreign
currencies, began to finance exports on a dollar
basis, it became necessary for the cotton to be
insured in dollars, so as to protect those making
advances on it. American companies began
to enter the field, and now practically all of the
cotton stored abroad is insured immediately
after discharge from the steamer against loss
by fire, civil riots, strikes, lockouts, and general
disturbances. The risks are carried in dollars.
In addition, American companies are also insuring against marine risks, but a large volume
of these risks are still carried by British companies.
Banking legislation.—While the war was instrumental in causing changes to be made in
methods of exporting and financing cotton,
American banking laws have been amended
and changed to permit greater participation
by American institutions in handling the transactions. Through the passage of the Federal
reserve act acceptances were introduced into
American banking practice, but later legislation
was enacted that permitted the establishment
of additional institutions to facilitate American
foreign trade.
Eage law banks.—While national banks were
permitted under the Federal reserve act to
grant acceptance credits, additional institutions to facilitate foreign trade were provided
for through the Edge Act, which was approved
in December, 1919. According to the Federal
Reserve Board's regulations, Edge law banks
were empowered, under certain conditions, to
accept drafts or bills of exchange growing out
of transactions involving the importation and
exportation of goods, and having a maturity not
in excess of six months except with the
approval of the Federal Reserve Board.
Several of these corporations have been organized and have aided in financing cotton
exports along new lines required by post-war
conditions.
MAY,
1923.
The Federal International Banking Co. of New
Orleans, organized about the close of 1920
under the Edge Act, for the accommodation of
southern foreign commerce, has been instrumental in facilitating the
export of more than
700,000 bales of cotton.5 In order to use the facilities offered by the Edge corporations the exporter establishes his credit with the corporation,
and the bank agrees to finance the transaction
within certain limits and upon certain terms.
Having established a credit, the exporter sends
to the Edge bank his "documentary drafts"
(the draft or bill on the foreign customer with
consular invoice, ship's bill of lading, and insurance contract attached), which the bank
sends to a foreign correspondent bank to
collect. The exporter then draws a draft upon
the bank payable on the date agreed upon
(usually the date when the money from the
foreign collection will reach the Edge law bank)
for the amount which the exporter wants advanced against the shipment. The second
draft is accepted by the bank and discounted
by the exporter in the open market.6
War Finance Corporation.-—In the autumn
of 1920, when the collapse of commodity markets became acute and likewise exports failed
to move in the usual manner, emergency legislation appeared necessary to relieve the situation. The War Finance Corporation was revived in January, 1921, after having suspended
its activities in May, 1920, "with the view of
assisting in the financing of the exportation of
agricultural and other products to foreign
countries." Cotton being the country's greatest agricultural export, attention was given immediately to the conditions affecting its export.
Financing cotton through the corporation.—In
order to aid the exportation of cotton, the first
step taken by the corporation was to make
advances to finance the carrying of stocks of
American cotton in foreign warehouses. This
did not seem sufficient to meet the needs at the
time and the corporation then began to make
advances on cotton stored in the United States,
but under contract for sale abroad. Under its
export powers the corporation financed cotton
and other agricultural commodities
for export
under the following conditions: 7
(1) For prompt shipment against deferred
payments.
(2) • For future shipment within a reasonable
time, against either prompt or deferred payments, where the products are under a definite
contract of sale.
6
Federal International News, February. 1923.
• Todd, Frederick, "The First Year of Edge Law Banking." Economic
World, Feb. 26,1921.
7
Annual report of War Finance Corporation, NOT. 30, 1921.
MAY,
1023.
FEDERAL RESERVE BULLETIN.
(3) For prompt shipment to warehouses in
foreign distributing points, to be held there for
account of American exporters and bankers for
marketing out of warehouses.
(4) For shipment within a definite period, the
products to be held in warehouses in this
country until they can be marketed abroad in
an orderly manner, the applicant to give definite assurance that the agricultural products
pledged as security for the advance will be
exported before the maturity of the advance,
to an aggregate amount (including insurance
and freight if paid by the exporter to domestic
insurers and carriers) not less than the amount
of the advance.
Loans were made to exporters who were engaged in the business of exporting domestic
products to foreign countries and to banks that
were engaged in the financing of exports. The
corporation from January, 1921, to November,
1922, inclusive, advanced $38,654,000 for export purposes, of which advances for the exporting of cotton totaled $26,561,000. Of the
total loans for exports purposes $7,547,000
were advanced to exporters, $2,638,000 to cooperative marketing associations, and $28,469,000
to banking and financing institutions.8
While the corporation originally offered to
make advances for cotton exports under certain conditions, it soon became evident that
applications for advances were not being made
on a sufficiently large scale to become an important factor. A further step became necessary. Early in July, 1921, the corporation
agreed to advance funds to cooperative associations to finance the carrying of cotton until it
could be exported. Methods used by cooperative associations in financing their cotton
transactions will be described in a subsequent
article.
Finishing credits.—In addition to the plans
which were introduced to extend credits to
aid the financing of the exportation of cotton,
other methods were developed for shipping
cotton abroad. At the Brussels Financial
Conference in September, 1920. a "finishing
credits" plan was adopted. Under this plan
it was thought that cotton could be exported
to Europe by American firms to be manufactured into yarns and cloth and be sold in
the world's markets, and the proceeds
distributed to the original owners of the
cotton.
Operation of plan.—The plan was an entirely new departure in American export
methods, and necessitated the working out of
considerable details in the methods of handling
the transaction. The plan adopted and put
8
Annual report of War Finance Corporation, Nov. 30, 1922.
575
into operation was known as the "toll plan"
of exporting and financing. The owner who
desired to dispose of his cotton under this
plan shipped it to the company handling the
transaction at the nearest American port.
The cotton was inspected and classified and
all that was suitable for manufacture under
the contract was accepted irrevocably for
account of the foreign mills by an agent of the
mills. The owner received in return for his
cotton a trust receipt and participation certificate, and his particular cotton was combined
in lots of 100 or more bales with other cotton
of like staple and grade. The cotton was then
exported to Hamburg, where it was received
by the agent of the mills, principally in
Czechoslovakia. The mills received the staple
under a trust receipt, guaranteeing to manufacture the cotton into such yarns and cloth
as directed. Thus, the cotton was held and
manufactured by the mills as trustees for the
owners, and the banks in Prague and Vienna
guaranteed the transaction.
The yarns and cloth made from the cotton
were redelivered by the mills to the warehouses
of the company, usually at Hamburg or other
European ports, where it was sold. The proceeds of the sales, after deducting the cost of
manufacture, handling, shipping, commission
for services both in America and abroad, were
distributed in proportion to the amount and
value of the cotton shipped by each individual
owner.
In order to complete the cycle of manufacture and to resell the goods it was estimated
that from 6 to 9 months would be required.
Funds for financing the process during this
period were obtained through the agencies
handling the cotton. The documents representing the cotton during the entire period
were pledged with banking companies against
which acceptances were issued. Loans were
made to the owners of the cotton up to a
certain^ percentage of its value, against which
the company had a first lien on the cotton.
From the proceeds borrowed it was estimated
that approximately $20 per bale (1921) were
needed to meet expenses arising from handling
the cotton. This was retained and the remainder was advanced to the owner of the
cotton.
More than 20,000 bales of cotton have been
exported in this manner, and a considerable
part of such cotton was of very low grade. The
returns are reported to have been profitable.
The plan has been reasonably satisfactory and
the yield to the owners was more than could
have been received for the cotton in the
domestic market at the time the shipment
576
FEDERAL BESERVE BULLETIN.
was made. However, the continued demoralized conditions in Europe have caused delays
in final liquidation recently, though it is stated
that such liquidation will be made within a few
months and on a satisfactory basis. The rise
in the spot-cotton market in the United States
has made it attractive for owners to sell in local
markets, and further efforts at the present time
to export cotton for fabrication have not been
attempted.
CONDITION OF STATE BANKS AND TRUST
COMPANIES ON JUNE 30 AND DECEMBER 29, 1922.
Since the publication in the April FEDERAL
of the consolidated statement of condition as of the middle and end
of 1922 of State banks and trust companies,
figures have been received from the Missouri
State Banking Department showing the conRESERVE BULLETIN
MAT, 1923.
dition on December 6 of the past year of the
banks subject to State supervision.
In the following table are shown comparative figures of the principal assets and liabilities
of the Missouri State banks and trust companies (including 3 private banks) on April 3,
as given in the report of the Comptroller of
the Currency and on December 6, the date of
the most recent condition report published by
the State Banking Department, also amended
middle and end-of-year figures for State banks
and trust companies in the Middle West section
of the country and in the United States as a
whole. The inclusion of figures for over 1,500
additional banks does not cause sufficient
changes in the totals to call for new comment
or discussion. In making comparisons between developments in Missouri and elsewhere
one should remember, however, that the interval between the two condition statements for
the Missouri banks in the following tabulation
is about 9 months, as against 6 months for the
banks in most of the other States.
PRINCIPAL RESOURCES AND LIABILITIES OF STATE BANKS AND TRUST COMPANIES IN MISSOURI AS OF APRIL AND
DECEMBER, 1922, ALSO TOTALS FOR MIDDLE WESTERN STATES AND GRAND TOTALS FOR THE UNITED STATES.
[In thousands of dollars.]
Total Middle Western.
Missouri.
Apr. 3.
June.
Dec. 6.
December.
Total United States.
June.
December
RESOURCES.
Number of banks reporting
Loans and discounts
Overdrafts
United States Government securities
All other securities
Total investments
Banking house, furniture, and fixtures
Other real estate owned
Due from banks
Reserve with Federal reserve or other banks
Checks and other cash items, including clearing-house exchanges..
Cash on hand.'.
Other resources..;
Total.
8,271
1,516
1,501
8,267
20,894
20,901
544,673
984
620,106
1,204
116,731
116,731
18,920
4,241
109,947
192,000
192,000
21,035
4,740
139,938
13,734
16,137
26,398
10,605
21,653
34,720
4,536,466
6 216
313,441
1,211,915
1,525,356
177,559
37,952
488,895
299,956
125,972
154,837
167,738
4,724,766 13,280,121
8,962
21,421
358 702
731,302
1,361,882 4,278,447
1,720,584 5,009,749
188,063
572,559
41,706
118,811
547,571 1,272,337
247,421 1,174,624
165,353
674,067
213,448
449,966
177,709
540,424
13,489,420
30,702
739,502
4,969,872
5,709,374
611,326
120,086
1,357,918
1,137,384
688,833
597 849
589^754
851,765
1,046,001
7,520,947
8,035,583
23,114,079
24,332,646
72,551
41,507
12,691
53,472
80,517
45,990
16,298
65,418
>615,182
1 775,115
2 21,441
34,921
2 26,414
36,249
543,513
303,046
137,335
213,967
45,055
5,886 152
4,764
47,981
138,073
201,061
557,016
311,041
131,487
239,207
65,192
6,296,494
15,917
25,653
167,185
226,391
1,591,816
1,171,740
341 110
715,294
100,414
18,049,332
24,375
151,264
396,006
572,728
1,623,695
1,230,337
344,241
839,885
106,791
18,943,205
17,892
107,443
433,790
685,367
851,765 ; 1,046,001
7,520,947
8,035,583
23,114,079 I 24,332,646
LIABILITIES.
Capital stock paid in
.,
Surplus
Undivided profits
Due to all banks
Certified and cashiers' checks
Individual deposits, including dividends unpaid and postal savings
United States deposits (exclusive of postal savings)
Notes and bills rediscounted
Bills payable
Other liabilities
Total.
1
Includes cashiers' checks.
2
Includes rediscounts.
MAY, 1923.
FEDERAL RESERVE BULLETIN.
577
BUSINESS AND FINANCIAL CONDITIONS ABROAD.
Great Britain.—Employment continued to increase in March, the percentage of insured
persons out of work falling from 11.8 to 11.1 per cent. The improvement was most marked
in iron mining, shipbuilding, and the metal trades, while in cotton manufacturing the number
of unemployed increased nearly 4 per cent. Coal and iron production has been expanding
as a result of the lowered output in Germany and France, but the British textile trades are feeling
the effect of heav3^ cancellations of continental orders. Prices of iron and steel and other
metals have risen sharply since the beginning of the year and have been reflected in a 5-point
advance in the .Federal Reserve Board index for March to a level of 175 (1913 = 100). Food
prices, on the other hand, have declined and prices of textiles have changed but little.
Money rates in the London market continue low. The slightly tighter credit situation
during February and March—largely due to heavy tax payments—became easier in April
through Government disbursements for interest and maturing treasury bills. With the further
easing of short-term money rates, the yield of high-grade bonds has become lower. During
April sterling exchange dropped to $4.63, the lowest point since the opening of the year. The
decline of the pound has been attributed chiefly to the larger adverse trade balance in the first
quarter of 1923, to recent increases in British commodity prices, and to the transfer of funds
from London to New York.
France.—No general decrease in employment seems to have occurred in France, although
unemployment resulted in the French steel industry on account of the interruption in the usual
supply of coke obtained from Germany. For some months unemployment in Paris has been
declining slightly, and the shortage of labor throughout the country is shown by the steady
increase in the weekly reports of the number of situations vacant. The latest business statistics
available for France continue to show great activity, except in the metal industry. Freightcar loadings rose from a daily average of 54,432 in January to 56,528 in March, an increase of
14 per cent over March, 1922. Receipts from the turnover tax in March have been exceeded
only once since October, 1920, and average daily clearings in Paris continued high.
Deposits, bank notes, and discounts of the Bank of France showed further reduction during
April. Open-market rates in Paris have remained slightly above 4 per cent for several months
past. The recovery of French exchange during March and April checked the rise in the prices
of numerous imported commodities and consequently the rapid rise in the general level of
prices.
Germany.—The decrease of business activity in Germany following the occupation of the
Ruhr continued during March and April. Coal and coke output has been reduced to small
proportions, and unemployment throughout the country has further increased. As a result
of the stabilization of the mark and reduced consumption of most commodities, wholesale prices
as measured by the Frankfurter Zeitung index declined from 715,881 (July, 1914=100) on
February 1 to 677,000 and 639,300, respectively, at the beginning of the two following months.
Prices of domestic commodities, however, which previously had been considerably lower than
those of imported articles, showed much smaller declines than did those of foreign goods, so
that the difference between the prices of the two classes of merchandise was narrower in March
than in any recent month.
With the decline in business activity the demand for credit has diminished. The rate of
increase in note circulation has been reduced, the output of paper notes during the first three
weeks of April being 578 billion marks, as compared with 1,442 billion marks in the corresponding weeks of March. The German mark, which up to April 17 had been stabilized for over two
months at about 21,000 to the dollar, declined to 32,000 to the dollar at the end of April.
Following the break in mark exchange, the Reichsbank on April 23" raised its discount rate
from 12 to 18 per cent in order to further its program for the support of the mark, and also to
bring the bank rate closer to the far higher rates prevailing in the open market.
Scandinavia.-—Credit and banking in the Scandinavian countries have been affected by
the depressing influence of the recent bank failures, which in Denmark assumed a character
so serious that Parliament on April 26 adopted the Government's proposal to guarantee the
liabilities of such solvent banks as were in distress. In view of the situation the Bank of Denmark and the Bank of Norway raised their discount rates from 5 to 6 per cent.
578
MAY, 1923.
FEDERAL RESERVE BULLETIN.
THE TREND OF BUSINESS ABROAD.1
United
Ger- United
King- France many.
States.
dom.
Items.
III. PRODUCTION AND TRADE.
I. CREDIT.*
COMMERCIAL BANK LOANS:
1921—March
1922—March
June
September
December
1923—January
February
March
-
COMMERCIAL BANK DEPOSITS:
1921—March
1922—March
June
September
December
1923—January
February
March
1921—March
1922—March
June
September
December
1923—January
February
March
P I G IRON PRODUCTION (relatives6):
1,145 13,058
1,097 12,558
1,070 13,676
1,007 13,354
1,031 13,268
1,046 13,361
1,023
992
12,599
10,842
10,783
10,988
11,329
11,425
11,639
11,783
1,715
1,747
1,755
1,660
1,685
1,693
1,644
1,596
12,775
12,374
13,583
13,167
13,250
13,744
10,186
10,309
11,124
11,085
11,255
11,537
11,525
11,082
113
98
76
71
78
66
79
80
3,052
2,914
2,332
2,104
2,401
2,662
2,684
2,685
67
149
191
400
1,607
2,306
4,777
6,924
2,287
636
469
420
630
597
596
700
454
404
399
390
405
381
381
388
38,435
35,528
36,039
36,603
36,359
36,780
37,055
37,188
131
169
317
1,280
1,984
3,513
5,518
2,931
2,182
2,124
2,243
2,464
2,204
2,247
2,232
CENTRAL BANK N O T E ISSUES:
1921—March
1922—March
June
September
December
1923—January
February
March
1921—March
1922—March
June
September
December
1923—January
February
March
45
46
43
50
62
66
64
74
CENTRAL BANK DISCOUNT RATE (per
cent):
1921—March
1922—March
June
September
December
1923—January
February
March
April
1921—March
1922—March
June
September
December
1923—January
February
March
I I . PRICES AND EXCHANGE.
WHOLESALE PRICE INDEX (relatives'):
213
168
169
165
166
167
170
175
345
287
304
294
315
324
355
372
5,420
7,851
29,116
166,495
205 417
715,881
677,000
152
147
161
164
164
165
166
169
241
186
180
179
180
178
177
176
358
294
307
291
305
309
316
321
1,028
2,639
3,779
11,376
61,156
103,400
240,800
262,700
153
136
138
137
144
141
139
139
RETAIL PRICE INDEX (relatives <):
.
FOREIGN EXCHANGE (per cent of par):
107
118
112
70
74
89
72
93
94
96
101
100
87
112
100
109
112
123
79
76
126
56
99
117
126
106
117
11.0
14.6
12.7
12.0
12.2
12.7
11.8
11.1
43,037
3,546
958
410
414
684
666
188
113
103
122
165
195
81
1921—March
1922—March
June
September
December
1923—January
February
March
2,941
3,452
2,917
2,690
2,769
3,262
3,006
3,315
556
455
474
484
630
726
792
755
74
170
191
474
2,079
3,828
7,444
16,526
16,535
17,173
16,553
19,586
19,666
16,905
19,567
1921—March
1922—March
June
September
December
1923—January
February
52
85
88
101
91
93
73
89
114
108
109
56
82
109
102
88
97
100
108
126
145
107
102
92
1921—March
1922—March
June
September
December
1923—January
February
March
66,809
64,581
52,146
62,511
58,883
66,939
57,510
60,921
1,712
1,877
1921—March
1922—March
June
September
December
1923—January
February
March
54
67
65
70
73
UNEMPLOYMENT: '
1921—March
1922—March
June
September
December
1923—January
February
March
91
101
103
BANK CLEARINGS (actuals"):
SHIPPING ACTIVITY (relatives5):
VALVE OF EXPORTS (actualse):
1921—March
1922—March
June
September
December
1923—January
February
March
62
80
92
79
121
126
117
138
COAL PRODUCTION (relatives s):
CENTRAL BANK DISCOUNTS:
1921—March
1922—March
June
September
December
1923—January
February
March
United
Ger- United
King- France. many.
States.
dom.
Items.
VOLUME or EXPORTS (relativess):
75
64
85
98
142
132
103
135
99
93,784
87,879
84,298
76,944
94,912
99,700
83,855
90,022
1,743
1,932
1,851
1,893
2,923
2,144
2,343
2,487
VALUE OF IMPORTS (actuals >):
1921—March
1922— March
June
September
December
1923—January
February
March
**
,i
2,779
1,696
2,329
2,474
324
428
291
423
311
361
386,680
329,980
335,117
313,197
344,328
335,539
307,194
341,162
93
107
107
84
87
563
565
422
590
564
446
251,969
256,178
260,461
298,497
293,810
329,844
296,000
1921—March
80.37 36.45 6.696
VOLUME OF IMPORTS (relatives'):
81
71
89.92 46.65 1.505
1922—March
1921—March
120
80
91.48 45.41 1.370
June
44
1922—March
117
.287
92
91.04 39.68
September
June
112
.062
87
94.73 37.46
September
December
132
.031
86
95.65 34.60
December
1923—January
112
.016
96.39 31.84
1923—January
February
105
.020
96.49 32.77
February
March
111
.017
95.66 i 34.54
95
March
April
1
A full explanation of this table, including a list of the sources employed, appears in the BULLETIN for February, 1923, p p . 182-185.
s
Amounts stated in millions of pounds sterling, imllions of francs, billions of marks, and millions of dollars.
«Monthly
average in 1913 is taken as 100, except for Germany, where July, 1914, is used.
4
United Kingdom and France—July, 1914=100: Qermanu—Oct. 15,1913-June 15,1914=100; United States—1913 average=100.
M913=100.
• Official figures not available.
' United Kingdom—percentage of unemployed in insured trades; France—number of unemployed in the city of Paris; Qermany—number
applicants
for every 100 available positions; United States—an index of employment in 12 representative trades, 1919 being taken as 100.
8
Amounts stated in thousands of pounds sterling, millions of francs, millions of gold marks, and thousands of dollars.
'1913—100. Figures for United Kingdom refer to quarterly period.
170
207
191
197
224
242
of
MAY, 1923.
FEDERAL RESERVE BULLETIN.
AGRICULTURAL CREDIT IN GREAT
BRITAIN.
The recent agricultural credit legislation in
the United States lends unusual interest to the
report of the parliamentary committee on
agricultural credit in Great Britain. British
farmers, like those in the United States, have
been suffering from the protracted decline of
agricultural prices, and relief is sought in both
countries through improvement of credit facilities. The present strike of agricultural laborers
in the northeastern counties of England aggravates the depression there. It is generally agreed
that the wages of these laborers, commonly 25s.
a week, are too low, but that the farmers are in
no position to raise them. In order to understand the critical conditions which British
farmers face and the relation of agricultural
credit to these conditions, it is necessary to
survey briefly the agricultural situation and
the Government's agricultural policy during
and since the war.
Unlike the case in this country, agriculture
does not rank among the most important
British industries from an economic point of
view, but the vital necessity of the homegrown food supply in case of any interference
with foreign trade gives it a peculiar political
significance. It is estimated by the London
Joint City and Midland Bank that the following
percentages of farm products consumed in the
United Kingdom were imported in 1922:
Per Cent.
Wheat
Barley
Oats
Per Oent.
73 Beef and veal
37 Mutton and lamb
18 Pig meat
57
63
58
The desire to minimize the nation's dependence upon foreign food and the consequent
governmental responsibility for past and future
encouragement of agriculture have undoubtedly influenced the proposals now brought
forward with regard to agricultural credit.
AGRICULTURAL PRICES AND PRODUCTION
UNITED KINGDOM, 1914-1922.
IN
It will be remembered that as foreign supplies of food became more and more difficult
to obtain during the war, every effort was bent
toward an increase in food production in Great
Britain itself. While agricultural prices had
been rising in the preceding decade with the
general rise in prices, and farmers were relatively prosperous, the cultivated acreage in
England and Wales had been decreasing, and
in 1916 was actually less than in 1914. The
wages of agricultural laborers were still low
579
and their number was continually depleted by
the attraction of high wages in munition
factories, as well as by army enlistments.
With the corn-production act of 1917, the
Government began a definite policy of encouraging cereal production. The cultivation
of unused land was enforced, minimum wages
for farm labor were established, and minimum
prices for wheat and oats were guaranteed by
law. In addition, temporary minimums were
fixed for these and other farm products from
time to time by the Government. These
guaranties were not effective, however, because
market prices were above the minimum, and it
was the maximums established by the food
controller which determined prices until March,
1920. The significance of the guaranties up to
the fall of 1920 lay in whatever assurance of
protection against future price declines farmers
drew from them. For wheat sold after November, 1920, however, farmers were paid by the
Government the difference between the price
received and a fixed minimum; and the agriculture act, which went into effect on January 1,
1921, continued the system of statutory guaranties for wheat and oat acreage on a sliding scale
based on relative costs. The act included a
provision that four years' notice should be
given of its repeal. On October 1, however,
the corn-production (repeal) act annulled
the legislation of 1917 and 1920 and substituted
a flat payment of £3 and £4 an acre, respectively, of wheat and oats produced in
1921. The steady fall in English grain prices
since that time has outrun the general price
decline and has not been definitely checked
yet. The prices of sheep, cattle, and hogs
nave been rising for the last six months, however, so that live-stock farmers are somewhat
better off recently.
The effect of the course of prices upon
agricultural production in the United Kingdom
may be seen in the increase of the acreage of
arable land from 11,058,000 acres in 1913 to
12,309,000 in 1919 and its fall to 11,311,000
acres in 1922. The numbers of live stock
decreased after 1916 when grain acreage was
increasing, and although they later increased,
they have never reached their pre-war position.
AGRICULTURAL LAND OWNERSHIP.
The financial difficulties in which English
farmers have been involved by the fall of
agricultural prices have been aggravated in
England even more than in the United States
by the transfer of land at peak prices during
the war. The tendency toward the sale of
580
FEDERAL RESERVE BULLETIN.
estates which had been evident since 1911
grew with the rise in the price of land without equivalent increases in rents and the
development of opportunities vfor more remunerative investments with the rise in interest
rates. Land prices rose about 50 per cent
above their pre-war value and landowners,
burdened by war taxes and high costs of
maintaining their estates, took advantage of
the situation to put their land on the market.
Farmer-renters often faced the alternative of
purchasing their holdings or leaving them,
and the relatively high prices of farm products
encouraged them to buy. To what extent the
expectation of continued Government protection for agriculture actuated them, it is
impossible to say. At any rate, over 21,000
more holdings, amounting to 2,250,000 acres,
were owned by their occupiers in England and
Wales in 1921 than in 1914 according to the
statistics of the Ministry of Agriculture. By
June, 1922, this number had been reduced to
13,500 holdings (1,700,000 acres).
According to the findings of the committee
on agricultural credit, in order to buy their
holdings, these men obtained loans from banks,
individuals, solicitors (as an investment for
trustee funds), the vendors themselves, insurance companies, and the Farmers' Land
Purchase Company after its incorporation in
1920. The amount borrowed was various but
often equaled two-thirds of the value of the
property, at interest rates ranging from 4 per
cent, in the case of some individual loans, to
7 per cent, sometimes charged by solicitors.
Since 1920 the value of agricultural real estate
has fallen from 15 to 30 per cent, and except
for those who paid off a large proportion of
the purchase price before the slump in prices,
these farmers are obligated for a considerable
part of the value of their farms. The committee finds that banks have not pressed for
repayment of principal, even though the period
of the loans was often 6 to 12 months, but
their right to do so and their need of liquid
funds in case of reviving industrial demand
puts the farmers in a precarious position.
Their indebtedness and consequent lack of
capital of course fetters their productive and
employment-giving capacity, to the general
social detriment in a time of general unemployment.
AGRICULTURAL CREDIT.
The committee has not confined its recommendations to the subject of credit for land
purchase, although the situation of these new
owner-occupiers has evidently received the
MAT,
1923.
most careful consideration-HThe report discusses the existing facilities and unsatisfied requirement of long-time credit for improving as
well as buying land, and for intermediate and
short-time credit.
Credit for permanent improvements.—The requirements of British agriculturists for longterm credit to be used for productive capital
works, such as drainage, farm buildings, and
water supply, have been met in the past by
two companies established about 70 years ago
under statutory authority—the Land Improvement Co. and the Scottish Drainage and Improvement Co. These companies advance
money to landowners after the issue of a provisional order by the Minister of Agriculture or
the Board of Agriculture for Scotland and are
protected by certificates issued by one of these
departments which make the loan a charge on
the property prior to existing mortgages.
According to the statute these original loans
are repayable by an annuity running from 15
to 40 years, with a maximum interest rate of 5
per cent after deduction of the tax. A 5 per
cent commission to the company and one-half
per cent fee to the department is added to the
principal borrowed. The companies have
found their mortgages readily assignable to insurance companies, so that they have not lacked
for resources. Thus in Great Britain these
land companies, with the aid of insurance companies, have performed the functions which are
in the United States assigned to the Federal
land banks and joint stock land banks created
under the act of 1916. They differ from our
Federal land banks in being private companies,
while their loans are more directly subject to
governmental approval, and the terms prescribed by statute are somewhat similar.
About 7 per cent of the loans made by the Federal land banks since their organization have
been made for permanent improvements, such
as are covered by the two British companies.
The English company described above has
advanced some £13,000,000 since its existence,
but after the rise in interest rates during the
war period its business was hampered, as was
that of our land banks, by the legal restrictions
on its charges. The American maximum rate
on loans is 6 per cent and the maximum rate
on bonds put out by the banks 5 per cent,
raised last year to b\ per cent in the case of the
joint stock land banks. A modification of the
restriction was obtained in the case of the English company in 1920, allowing it to charge
such rates as the Minister of Agriculture should
approve, and the committee's chief recommendation as to this sort of credit is that this
MAY,
1923.
FEDERAL RESERVE BULLETIN.
modification be extended to other similar companies. Otherwise, it considers that this
method of meeting the demand for credit for
capital improvements is satisfactory and only
suggests that the companies be urged to encourage the wider use of their facilities.
Credit for hind purchases.—No special agen-
cies have existed in England for the purpose
of extending credit for the purchase of land,
except the Farmers' Land Purchase Co., a
private concern organized in 1920, which has
advanced £500,000 and was obliged to refuse
applications amounting to £5,000,000 or
£6,000,000, owing to lack of resources. The
lack of previous development of this sort of business may be attributed partly to the prevalence
of tenancy in Great Britain, and the committee
hesitates actively to encourage ownership at
the expense of the older system of land tenure.
It restricts its recommendations concerning
this type of credit to provisions for loans to
farmers who purchased their holdings between
the passing of the corn-production act in 1917
and the repeal act of 1921. It recommends
that special State aid be extended to approved
mortgage societies loaning to such farmers,
both by the advancement of capital, in the first
instance, through the Public Works Loan
Board and by the guarantee of issues of debentures which are to be put out by these societies as soon as the amount of their loans is sufficient to justify such an issue. The supposition
seems to be that the societies may later extend
their loans to other purchasers without the
State guarantee, if they so desire. Loans are
to be made up to 75 per cent of the present
value of holdings at an interest rate not more
than one-half per cent above the rate at which
the society can borrow, and the loan is to be
repaid in half yearly installments on an annuity
basis, while the debentures are to be redeemed
by drawing as the mortgages are repaid. Onehalf of the one-half of 1 per cent margin is to go
to the State as a reserve fund against its guarantee until all debentures have been redeemed,
and the other half is to be used to defray the
expenses of the society.
Thus the English Government would have a
more direct financial interest in these societies
than has the Federal Government in our Federal land banks, but unlike the latter they
would be organized as private institutions under private management, with the proviso that
the treasury must approve the constitution and
capitalization of the society and the rate of
interest or dividends payable on its bonds or
stock. The committee estimates that these
581
societies would be able to loan at not over 5 per
cent, which is 1 per cent below the maximum
which our Federal land banks may charge,
and that an annual charge of £6 8s. 3d. for 40
years would repay the loan with interest.
Those farmers who are in debt to more than 75
per cent of the present value of their holdings
would not be helped by the plan, but the others
would thus be given an opportunity to substitute for debts, which are callable at any time,
obligations bearing a relatively low
interest rate,
on which definite payments ma3r be spread over
a long period.
Short-term credit.—The committee also deals
with short-term and intermediate credit to
agriculturists, the subject of recent Federal
legislation in the United States. These requirements have been met in England by the
joint stock banks and by auctioneers, merchants, and dealers who sell cattle, seeds, fertilizer, etc., to farmers, as well as by merchants
who buy their crops from them in advance.
The committee approves these sources of credit,
in general, and does not consider that the
banks have been backward in extending aid
to farmers so far as the canons of sound banking permit. The complaint that the branches
of the large joint stock banks controlled from
London, which have taken the place of the old
country banks, are less sympathetic and adaptable to the needs of farmers than their predecessors is held to be without foundation.
It is pointed out that there is keen competition
among the banks for agricultural business, that
relatively more agricultural loans are outstanding now than in the days of country
banking, and that through the spreading of
risks the branch banks are better able to carry
their customers through a period of depression
than were the country banks. No less than
£46,500,000 are out on loan to farmers by the
banks at present and £20,000,000 of this represents loans for current needs. The arrangements for such loans are elastic and are
governed by custom and the circumstances of
the individual case rather than by law. The
usual form of current loans is the overdraft,
unspecified as to purpose, bearing an interest
rate of 1 per cent above the bank rate, but not
less than 5 per cent. With many farmers the
overdraft is a routine arrangement, being reduced or extended with the fluctuations of
their receipts and expenditures. It is true
that the applications for such loans are supposed to be referred to the head office for approval, but experienced managers have considerable freedom of action and so far as pos-
582
FEDERAL RESERVE BULLETIN.
sible they are retained permanently in the
districts with which they are familiar. Nevertheless, the committee recognizes that commercial banks can not be entirely adapted to
agricultural credit needs, and points out certain
directions in which further facilities are required.
Further credit facilities required.—In the first
place farmers who are out of close touch with
banks, either because they do not have bank
accounts or live in thinly populated areas, are
unable to obtain loans on personal credit.
The banks are not possessed of the technical
knowledge necessary to appraise the value of a
farmer's business, particularly in the absence
of accurate accounts, while the credits granted
by merchants and dealers are inadequate in
periods of depression.
In the second place the banks have been
reluctant to advance money for the purchase
of seasonal stock, and credit is granted by
dealers during periods of depression on very
unfavorable terms.
Finally, facilities are lacking for meeting
the farmer's need of intermediate credit—•
loans running for a few years—for the purchase of equipment, including machinery, permanent breeding stock, fencing, etc. The
treasury regulations relating to the land
settlement facilities act of 1919, which encourages the taking up of small holdings by
ex-service men, provides for advances up to three
years for such purposes, but otherwise such
loans are difficult to obtain on easy terms.
This is like the gap in agricultural credit
facilities in the United States, which the new
Federal intermediate credit banks and national
agricultural credit corporations are expected
to fill.
The committee recommends that both shortterm credit and intermediate credit be supplied in Great Britain by local cooperative
credit societies, formed in accordance with
Government regulations under the general
direction of the Department of Agriculture,
and aided by Government capital to the
extent of £1 for every £1 of share capital
raised by the society. It is further suggested
that the State funds loaned should be raised
by the sale of savings certificates in the rural
districts, thus applying the savings of the
rural population to rural needs. In the
opinion of the committee, the societies should
be left free to make loans for any agricultural
purpose, with the hope, however, that they
would be specially directed toward increasing
the food supply. The precise details of the
MAY, 102.3.
plan are left for future consideration, but it is
evident that these societies would differ from
the agricultural credit corporations contemplated by recent American legislation chiefly
in their cooperative character, the lack of
statutory limitations on their powers, and their
receipt of State financial aid.
Summary.—In brief, the proposals of the
agricultural credit committee for the relief
of English agriculture consists of direct State
advances to private mortgage societies aiding
farmers who purchased land during the war
period, and to cooperative credit societies
extending short-term and intermediate credit
to any farmers or landowners. The former is
expected to bring some immediate relief to a
certain class, but, in general, the proposals are
for permanent but slow improvement of agricultural credit facilities, whose usefulness will
be largely dependent upon the initiative of
farmers and landowners themselves. The
fundamental difficulty with agriculture is
believed to be the uncertainty of the economic
outlook, and a change in this outlook can not
be made by the creation of credit.
There is some dissatisfaction with the small extent of the relief thus offered, and a Scotch member of the committee makes a reservation in favor
of some special arrangement to enable the
farmers to meet their wages bills. The counterpart of unemployment in towns in the country
is too low wages, and it is suggested that some
form of mutual insurance should meet the
difficulties of the agricultural laborer in times
of depression as it does those of the industrial
employee.
A tribunal of agricultural experts, appointed
by the Government to consider not only agricultural credit but the whole question of the
means to agricultural prosperity, has just
issued an interim report which approves the
proposals outlined above. It especially urges
the extension of these credit facilities to
cooperative marketing or buying associations
of farmers, and emphasizes the importance of
encouraging cooperation among farmers, as
various investigating commissions in this
country have done. In addition, the tribunal
proposes the reduction of railway rates on
farm produce, even at the expense of the
State, the reduction of local taxes on farm
property, and certain restrictions upon trade.
The reports of neither of these committees
has yet resulted in definite action, but they
will probably form the basis of whatever agricultural legislation the Government brings forward during the present session of Parliament.
MAY,
1923.
FEDERAL RESERVE BULLETIN.
583
a violent decline to February, 1922, followed
by a sharp rise to March, 1923—while in Italy
f In Italy the movement of wholesale prices there has been relative stability within a limsince the war has been quite different from that ited range where prices have moved in a series
of other leading countries. Italy did not expe- of short fluctuations, evidently seasonal.
rience * the severe and prolonged decline in
prices which proved so difficult for business in CHAHT I. INDEX NUMBERS OP WHOLESALE PRICES.
the United States, England, and France; nor,
[1913=100.]
on the other hand, have her industries been
stimulated, as in Germany, by the uninterrupted rise in prices which accompanies a continuous depreciation of the currency. Yet,
through the decline of the exchange, Italian
prices have now been brought nearly to the
level of gold prices in the United States and
England. Further, in Italy the prices of commodities and groups of commodities have
drawn closer to the relationships of 1913 than
in the United States. From these observations the conclusion can be drawn that, at
least temporarily, a working adjustment of commodity prices is quite possible not only within a
country whose currency has considerably departed from a gold basis, but also between such
a country and others which are on a gold basis.
At the same time, while Italy has effected such
an adjustment of wholesale prices, a study of
the cost of living in comparison with pre-war
years raises the question whether or not the
people of Italy can purchase commodities
either at home or abroad in amounts equal to
those before the war.
COMMODITY PRICES IN ITALY.
THE COURSE OF ITALIAN PRICES SINCE 1919.
In Italy, as in the United States, England,
125
and France, prices rose until April, 1920; but 125
whereas in the United States and England
prices dropped rapidly to a lower plane, in
Italy they remained at a high level, moving 100 1919
1920
1921
1922
within comparatively narrow limits and showBachi. France—Statistique Gfaie'rale. England—
ing a continued tendency toward stability. Italy—Riccardo
Federal Reserve Board. United Stows—Federal Reserve Board.
(See Chart I.) It is most natural to contrast
price movements of Italy and France, because
Seasonal fluctuations of Italian prices.—For
of numerous similarities in the two countries, three successive years Italian prices have reguand particularly because before the war they I larly declined in the spring and risen in the fall.
had equivalent monetary units. In January, This phenomenon appeared imperfectly in
1919, the price levels in the two countries were | 1920, and recurred in 1921 and 1922; but the
close together, Professor Bachi's index for I course of prices so far in 1923 raises a question
Italy standing at 324 and that of the Statistique I as to the probability of its repetition this year.
Gen6rale for France at 348. In 1919 and | As this is almost exactly parallel to the course
early 1920 prices in the two countries moved of exchange, there is evidently a close relation
upward, though the rise in prices was much between the two. The price index is an exsharper in Italy than in France, reaching, in pression of the internal depreciation of the curApril, 1920, an index of 664 for Italy against rency in terms of goods; the exchange measures
588 for France. From that date prices in France the depreciation in foreign currencies and
have passed through two major movements— gold. Both are expressions of the same thing,
584
FEDERAL, RESERVE BULLETIN.
MAY,
1923.
adverse balance without resort to foreign loans,
but also without the loss of gold. On the
contrary, the gold imports of Italy, though
small, have exceeded her gold exports. But,
although the balance, considered over a period
of time, is evidently in equilibrium, the exchange
market has not been free from seasonal influences. In the fall Italy makes heavy purchases
of raw materials, such as cotton and wheat,
which cause the dollar to appreciate in terms of
lire, carrying prices up in Italy. In the spring
a contrary movement sets in.
CHART II. ITALIAN PRICES AND EXCHANGE.
A study of the exchange over a period of
months offers strong evidence of the very
small influence of speculation in determining
the movements of the exchange. As there has
been, in months past, an enormous volume of
speculative trading in lire, it has been popular
to consider speculation as a major factor.
The bulk of exchange speculation concerns
itself with the day-to-day fluctuations, and
in these it certainly exercises no little influence.
But in the long ran these minor fluctuations are
so inconsequential that they are not reflected
in a chart covering an extended period.
While the seasonal fluctuation of prices and
exchange appeared during 1920, 1921, and
1922, in the current year there has not appeared the usual rise of Italian exchange, with
its attendant decline of prices. Until the
trade figures for the first quarter are available,
it is impossible to state positively the cause of
this stability. It is probably due to the necessity of purchasing abroad larger quantities
of raw materials, notably coal, required by the
revival of Italian industry. While the increased demand for foreign bills may have
been instrumental in preventing a repetition
of the rise of the lira this spring, it has not
been sufficient to depress the rate, though political considerations may also have strengthened
125
it. Whether or not this is the cause of the stability of the lira, the fact is that the lira has for
many weeks been notably steady in foreign ex100 change. At the same time its domestic purchas1921
1922
1919
1980
ing power has remained equally steady, and commodity prices have remained practically unThe rate of the lira depends on the supply changed for the past three months.
of and demand for Italian bills of exchange.
The principal effective source of these bills is
RELATION OF ITALIAN PRICES TO WORLD
in the visible and invisible trade of the country.
PRICES.
The visible balance is heavily against Italy, but
this is offset by invisible items, of which the chief
The general level of the price index in Italy
are the purchases by tourists, the remittances of measures the depreciation of the paper lira in
emigrants, and the receipts of the carrying trade. terms of gold plus the depreciation of gold in
For a considerable time past the trade balance terms of commodities. But prices derive their
of Italy has been virtually in equilibrium. chief significance from their relation to other
Italy has not only met the enormous visible prices both at home and abroad. The general
namely, the value of the lira. (See Chart
II.) While the internal depreciation of the lira
preceded its external depreciation, since the index had risen to 324 in January, 1919, with
exchange "pegged" near par, it is now a
question whether the fluctuations of the exchange occasion the fluctuations of prices, or
vice versa. An element in determining the
exchange value of the lira is the direction and
size of the current trade balance, in which
seasonal influences play an important part.
MAY, 1923.
price level in Italy, whose currency is at present inconvertible, should be compared with
prices in the United States which has a gold
currency. A gold index of prices is obtained
by multiplying the commodity index by the
rate of exchange, expressed in per cent of its
parity. From a study of gold prices (see Chart
III), it is apparent that the purchasing power
of the gold dollar is nearly the same in the
United States and Italy, and, conversely, that
the purchasing power of the lira is about equal
in both countries. Gold prices are somewhat
higher in the United States, in March about 15
per cent, if the Bachi index for Italy is compared with the Federal Eeserve Board index
for the United States.' This spread is greater
than that between American and British
prices, but far less than that between French
and American prices at the same time. In
March the Federal Reserve Board index for
the United States was 169, the gold index for
England the same, for Italy 147, and for
France, only 122.
So close a relation exists for Italy because
the rate of exchange is fairly well adjusted to
the respective price levels obtaining in Italy
and the United States. This is demonstrated
by comparing the purchasing power parity
with the rate of exchange. The purchasing
power parity is the rate of exchange at which
a given number of lire will buy the same
amount of commodities in the United States
as in Italy. In January the purchasing power
parity was $0.0554, the average rate of exchange for the month, $0.0488; in February,
$0,055 and $0.0482; in March, $0.0556 and
$0.0485. Considering that the two indexes
employed—that of the Federal Reserve Board
for the United States and that of Professor
Bachi for Italy—are widely different in construction, it would not be expected that the
figures representing the purchasing power
parity and the actual rate of exchange would
be identical, even if actual prices in the two
countries were the same.
The close relation between the internal
value of the lira and its external value is also
demonstrated by reducing them both to percentages of the pre-war purchasing power of
the lira. In March, 1923, the lira in New
York had 14.9 per cent of its pre-war purchasing power, in Italy it had 17 per cent of
its pre-war purchasing power. The external
and internal purchasing power of the lira are
much closer together than are the external
and internal value of the franc, but not so
close as the external and internal values of the
585
FEDERAL RESERVE BULLETIN.
pound sterling, which in March were identical
so far as the board's index numbers show.
CHART I I I . WHOLESALE PEICES IN TEEMS OF GOLD.
[1913=100.]
300
i
275
250
1
1
\
r
f
225
200
175
150
1
1
1
1
:75
\
A
\\
*
100
1920
•-*-• Fft/
Ml
v'
1919
1300
- ^ — — UN/TED STATES
i
125
1
1921
250
»•
225
200
175
150
1
t
s.
/
i
J
1922
125
'23 100
It is clear that the internal and external
purchasing power of a currency tend to draw
together, if not to coincide, as they actually did
in England in March. So long as they are materially apart, the process of adjustment causes
fluctuations of commodity prices or exchange
rates, or both. The further apart, the more
violent are likely to be the fluctuations; but
as they draw nearer these fluctuations will
diminish, provided always that no extraneous
factor is introduced. As the fluctuations
diminish, speculation in the exchanges becomes
less and less profitable. When speculation in
exchanges no longer affords much expectation
of profit to the casual speculator, it will be reduced to mere arbitrage and cease to be a
factor in causing material variations in the
rate. For the past three months the opportunities for profitable speculation in Italian
exchange have been very small.
THE RELATIONS OF PRICE GROUPS WITHIN ITALY.
With the exchange at present rates, commodity prices in general are approximately at
American levels. As for the prices of various
commodities within Italy, the degree of disparity when compared with 1913 relationships,
while considerable, is less than in the United
States.
The index compiled by the Milan Chamber
of Commerce shows the relation of certain
groups of commodities to each other and to
the general price level. This index includes
586
FKDERAL KESERVE BULLETIN.
125 commodities, divided into ten groups.
In March, 1923, the general index number
stood at 547.47, taking 1913 as 100. The
following table shows the position of the
groups for that month and their relation to
the general average.
GBOOT INDEX OP THE MILAN CHAMBER OF COMMERCE
IN MARCH, 1923.
[125 commodities, 1913=100.1
Relation to the
general index.
Group.
1. Vegetable food products (21)
2. Animal food products (16)
3. Textile materials (18)
4. Chemical products (20)
5. Minerals and metals (23)
6. Construction materials (8)
7. Miscellaneous vegetable products (17)...
8. Miscellaneous industrial materials (12)..
Index
number.
560.57
559.08
672.95
424.38
558.15
518.51
610.30
537.33
Average of groups 1 and 2—Foods
Average of groups 3 to 8—Industrial
559.92
materials
542.31
General index
547.47
Percent Percent
above, below.
2.4
2.1
22.9
2.0
'ii.'s'
22.5
5.3
"i.9
2.3
1.0
This is more nearly a return to 1913 relationships than has been experienced in the United
States. Several of the groups composing the
Bureau of Labor Statistics index are comparable to groups in the index of the Chamber
of Commerce of Milan. For instance, in March,
when the Bureau of Labor Statistics general
index stood at 159, the index of "foods"
was 143, or about 10 per cent below the general
index; the index of "cloths and clothing" was
201, or 26 per cent above; of "building materials," 198, or 24.5 per cent above; and chemicals, 135, or 15 per cent below.
The two groups in Italy which are furthest
removed from the general index are the textiles, 23 per cent above the average, and chemicals, 22 per cent below it. This phenomenon
is not peculiar to Italy; it is general. The
same relationship exists in the united States,
as the Bureau of Labor Statistics index shows.
There is, however, no reason for a general
assumption that the relationships which
existed in 1913, the year upon which the index numbers are based, are those toward the
reestablishment of which development must
necessarily tend.
THE COST OP LIVING.]
While wholesale prices of commodities in
Italy are well adjusted both to each other and
MAY,
1923.
to the prices prevailing in other countries, the
items which go directly into the cost of living
still show less harmony. It is a question if
the increase in wholesale prices since 1913
has yet been completely communicated to the
cost of living. In December, 1922, the wholesale index of Prof. Riccardo Bachi stood at
580. For the same month, the retail food
index of the Municipal Labor Office of Rome
(1914 = 100) was only 475. The Rome costof-living index, which represents the food,
clothing, lodging, heat, light, and miscellaneous
items of a family of five, was 439. For the
same month the cost-of-living index of Milan
was 504.
This Milan index represents the cost of living
of a workman's family of five, and is based on
the prices of the first half of 1914. In February, 1923, this index stood at 497. Inasmuch
as the wholesale index computed by the
Chamber of Commerce of Milan for that month
was 534, it seems upon first examination that
the cost of living is in general harmony with
the wholesale price index.
Analysis of the composing items, however,
raises some doubts on this point. The index
for the item of food was 500, and it is estimated that the worker must allot 62 per cent of
his budget for food—the same proportion as before the war. The index of clothing, however,
was 653, and for miscellaneous items 672, both
over 150 points above the general index and
above the item of food. "Light and heat"
stood at 548, but these items account for only
4.98 per cent of the family budget, against
4.51 in 1914. The widest discrepancy occurs
in the items of "housing," which stood at
only 208, requiring 4.77 per cent of the budget,
against 11.40 per cent before the war. In other
words, the Milan family is paying proportionately for its rent about half as much as
in 1914, and is spending the amount saved in
this manner on clothing and miscellaneous
items. The reason for the relatively low rents
is to be found primarily in legal restrictions.
But, with the index of construction materials
at 519, such relatively low rents evidently not
only retard new construction, but even discourage repairs to existing dwellings. The
conclusion is therefore reached that as far as
consumers' prices are concerned, there are
possibilities of further readjustments. Food
prices are low compared to those of the manufactured articles which the worker buys, and
his rent is low even in proportion to his food.
As this rent situation is so anomalous, it may
MAT,
1923
FEDERAL, RESERVE BULLETIN.
587
Fourth, the items of the cost of living index
not prove lasting, and an adjustment of rents
toward the general price level would reduce the are not in harmony with each other, owing to
the fact that rentals do not yet reflect the
general purchasing power of the population.
increases in construction costs. But it is
possible that the remaining necessary adjustCONCLUSION.
ments in retail prices will be accomplished
The observations made in this article lead without great friction, especially as so small a
to four conclusions. First, though Italian fraction of the family income is normally
prices have remained very near the high levels needed for rent.
With the exchange at present rates, Italian
reached in 1920, the decline of the rate of
exchange has effected an adjustment to world prices are almost equal to American and British
prices. With prices in Italy and the United prices, or stated the other way, the present rate
States at or near their present levels, the rate of exchange is almost exactly representative of
of exchange is almost exactly representative the prices prevailing respectively in Italy and
of the mutual price relation existing between the United States. This fact gives promise of
the two countries; or, conversely, with the continued stability. Within Italy, the prices of
exchange near present rates, gold prices are various groups of commodities seem to be fairly
nearly the same in the United States, England, well adjusted to each other, though individual
and Italy. Consequently the rate of ex- commodities show considerable variation in
change, at or near present levels, offers little their percentage of increase over 1913. On the
obstacle to the free purchase of goods abroad. whole, while the adjustment of commodity
The adjustment is not quite perfect, for prices in Italy may not be perfect or final, it
while gold prices in England and the United has proceeded far enough to offer little hinStates are statistically identical, they are drance to normal trade, whether foreign or
somewhat lower in Italy. In part, this spread domestic.
may be due to shortcomings in the indexes
used; more likely, it is the result of a still
imperfect adjustment between Italian prices
MEXICO.
and the rate of exchange. If so, it may be expected eventually to be corrected by a moveREVIEW OF THE TEAE 1922.
ment of prices, or of the ex change, or both.
The present relation, however, is so close that
Economic conditions in the Mexican Rethere is no reason to apprehend that this process public during 1922 continued unsatisfactory
of adjustment by itself would cause very wide because of the political uncertainty and the
fluctuations in either prices or exchange.
serious impairment of the credit structure
Second, although Italy has taken no definite necessary to the financing of industry and
steps toward a restoration of a gold basis for farming. The curtailment of agricultural exher currency, in recent months both p:ices and pansion was due to the uncertainty created by
exchange rates have achieved a very high agrarian reform laws. No signs of improvedegree of stability. The fluctuations have ment appeared at the close of the year. It is
been very slight. This is due to an almost hoped in Mexico, however, that the situation
perfect balance of payments. Since a decline in may be improved by the establishment of a
the exchange would impede the importation of central bank of issue, the capital for which has
raw materials, while a rise in the exchange been authorized but as yet not subscribed, and
would precipitate a domestic price decline, a by the proposed changes in the constitution of
continuance of stability near present levels 1917, affecting the property rights of foreigners.
seems likely to facilitate Italian foreign comIndustrial conditions.—The precarious situmerce.
ation of the farming and mining industries, the
Third, commodity prices in Italy seem to be effects of which were felt throughout the entire
well adjusted to each other. They are nearer country, has been given as the principal reason
1913 relationships than are prices in the United for the unsatisfactory economic progress made
States. The United States has achieved great during the year. Notwithstanding the fact
business activity and prosperity with com- that the crop estimates for 1922 made by the
modity price relationships very different from Mexican Department of Agriculture indicate
1913; it remains to be seen whether the different in some cases marked increases over 1921,
regrouping of prices in Italy will persist during general conditions affecting farming changed
the present period of greater business activity. but little. The following table comparer the
588
FEDERAL RESERVE BULLETIN.
MAY, 1923.
1922 crop estimates of the Mexican Govern- of the larger enterprises, while a substantial
ment with the 1921 crop:
decrease in production was shown by the small
concerns. Prices of silver were maintained
[In thousands of kilos.]
during the year at prices which, in spite of periodical
labor disturbances, rendered its pro1922
crop
1921 crop. estimate.
Products.
duction in Mexico quite profitable.
According to information from official Mexi1,127,674 can sources, on December 31, 1922, there were
Corn
1, 550,000
138,508
233,342
Wheat
7,198
21,148 in the country 21,686 mines legally authorized
Rice
71,034
137,374
Beans......
to operate, which yielded the Government
274,133
1,328,417
Sugar
9,930
88,157 2,473,216 pesos in taxes.
Barley
The production of
18,336
59,805
Chickpeas.
42,331
22,971 silver in Mexico in 1922 amounted to 2,521,832
Potatoes...
Pepper
40,730
22,643
Coffee
29,263 kilos. This is an increase over that of the
23,520
Tomatoes..
11,959 previous year of 516,289 kilos, or 25 per cent.
54,641
Bananas...
26,829
565,424
461,515 Gold production in 1922 has been placed at
H e m p 11
126,000
99,548
Cotton
23,276 kilos, an increase over the 1921 production of 2,001 kilos, or 9.4 per cent. Production
1
In bales of 250 kilograms.
of lead was given as 110,455,912 kilos, against
It is of importance to note that the sisal 60,513,332 in 1921, and that of copper at
hemp crop, practically the only industry on the 26,977,786 kilos, against 15,228,075 kilos, in
peninsula of Yucatan, has been gradually and the previous year. The following table shows
substantially decreasing from year to year. the total production'of the principal metals in
In 1920 the crop amounted to 936,136 bales Mexico during 1922, and their value:
as compared with 565,424 bales in 1921, and
461,515 bales estimated for 1922. The poValue, in
Kilograms.
litical uncertainty during the last decade has
pesos.
undoubtedly handicapped the Mexican hemp
industry. A considerable number of planta- Gold
23,275
31,034,322
2,521,832
112,961,418
tions were abandoned last year following the Silver
27,661,976
Lead
110,455,912
confiscation of lands for purposes of agra- Copper
26,977,786
16,385,305
6,141,937
1,749,490
rian reform. The sugar industry of the coun- Zinc
Mercury
41,826
140,669
try as elsewhere was likewise depressed during Molybdenum
3,153
11,193
Graphite
2,054,279
124,993
1922. The industries of the State of Morelos, Arsenic
271,718
99,686
463,842
94,681
which in prerev'olutionary years was the largest Antimony...
producer of sugar in the country, showed no
signs of revival in 1922, and the labor disturbOperations of the Mexican oil fields in 1922
ances in the State of Veracruz brought about a were limited in the greater part to fields
considerable reduction in the sugar production already proven, not so much being accomof that State. The 1922 production of wheat plished in new districts, most of which are
was estimated by the Government about 85 per located far from the old fields. Many test
cent higher than for the previous year, but even drillings were made in an endeavor to locate
if the actual crop should come up to the expecta- extensions of the old fields, and some of
tions of the estimators, a considerable amount these proved successful. During 1922, the
of wheat must still be imported from for- fields of Panuco and Topila of the Panuco
eign countries to supply the needs of the coun- River region were joined and these fields were
try, estimated at 293,642,500 kilos per annum. also extended to the north and south. Other
Conditions in the cotton industry remain un- important sections such'as Tuxpan, Cerro Azul,
satisfactory, and a substantial decrease in pro- Toteco, etc., were likewise extended during
duction is expected because of the lack of ade- the year. Outside of these zones experimental
quate financial help for the planters, and on work was carried on in other parts of the
account of the damages caused by the recent country, indicating the possibility that further
appearance of the boll weevil in some of the new discoveries may be made in 1923. The
most productive sections.
field operations in 1922 may be summed up in
The mining industry in Mexico appeared to the following figures: By December, 31 1922,
be in a more favorable condition during 1922 there had been completed a total of 251 wells,
than during the previous three or four years. of which 61 per cent were productive and 39
It was noted, however, that the increase in per cent were abandoned. The productive
production was due to the enlarged activities wells drilled were 154 with a total initial daily
MAY,
1923.
FEDERAL RESERVE BULLETIN.
production of 1,410,319 barrels, or an average
per well of 9,158 barrels. Abandoned wells
numbered 97, of which 70 had become dry.
Twenty-six were abandoned because of the
invasion of salt water and one because of excessive expense involved in its exploitation.
Considering the fact that most of the
activity was in oil fields previously exploited,
some of which had begun to decline, the
results obtained during the year were considered as satisfactory by the Mexican Department of Industry, Commerce, and Labor.
The total amount of all classes of oil in storage
in Mexico on January 1, 1922, was 28,840,000
barrels as compared with 19,445,000 barrels
on January 1, 1923. Production during 1922
totaled 185,712,000 barrels, of which the
Panuco district furnished 46,978,000 barrels
and the southern district 138,734,000 barrels,
including the output of the Isthmus fields.
Shipments from the Tampico district during
the year totaled 185,049,079 barrels, of which
shipments to Vera Cruz amounted to 1,841,334
barrels, other coastwise shipments for domestic
consumption 794,035 barrels, and ships'
bunkers 5,892,952 barrels, leaving a net
export for the country, including reexports of
coastwise shipments of 176,520,768 barrels.
The total quantity of oil in storage on January
1, 1923, was 19,445,000 barrels, leaving a
balance of 12,693,280 barrels representing
the domestic consumption for the year. During the period from January 1 to March 13,
1923, in all the oil sections of Mexico, 39
productive wells were drilled. From these
wells there was obtained a total daily production
of 129,442 barrels, or an average production
per well of 3,319 barrels per day. The total
number of wells drilled was 66, of which 27
were abandoned, 19 being dry wells, 7 containing salt water, and 1 producing only a
very small quantity of oil.
According to a statement of the Secretary
of Commerce of Mexico, more than $500,000,
000 United States currency has been invested
in^oil development in Mexico, of which it is
estimated that 58 per cent has been American
capital. A resumfi of the figures published
by the Mexican Government follows:
Source of capital.
Amount
invested.
Percent.
American..
English
Dutch
Mexican
All.other...
$303,021,619
177,388,099
35,598,654
5,791,703
3,496,641
57.7
33.8
6.7
1.1
.7
Total
525,296,716
100.0
58
Oil-production taxes paid to the Government of Mexico during 1922 amounted to
58,374,156 pesos, as against 50,604,049 pesos
in 1922. Export duties amounted in 1922 to
27,605,989 pesos, as compared with 12,280,911
pesos during the previous year.
The past year has not been satisfactory to
the manufacturing industries of Mexico, with
the exception of shoe manufacture. Labor
troubles and political disturbances have been
mainly responsible for the situation prevailing. The textile industry reached a state
of almost total inactivity at the end of the
year, which was due not only to labor troubles but also to the scarcity of raw material.
The railroad industry showed signs of improvement during the year, which were especially
pronounced in the case of the privately owned
systems. Signs of railroad development on
the west coast have appeared in the first
months of 1923. A special Federal tax of 10
per cent on the gross receipts of railways, including express, T'ullman, and other services
connected with railroad operation, was created
by virtue of a decree published on January 22,
1923.
Foreign trade and foreign
exchange.—Com-
plete Mexican foreign-trade figures for 1922
have not yet been issued. For the first
nine months of last year exports were placed
at 144,753,898 pesos. Imports into that country were estimated substantially lower than
those of 1921. Decreases were more noticeable
in the imports of foodstuffs, due to the improvement in the farming industries. In 1921 Mexico
imported about $5,000,000 worth of corn,
whereas in 1922 this amount was reduced to
about $1,000,000. Imports of wheat and flour
continue at a high level, notwithstanding the
high tariff established by the Government in
order to encourage domestic production. This
has been explained by the necessity of mixing
the foreign flour with the domestic product in
order to produce a good quality of bread.
Imports of the principal foodstuffs into Mexico
during 1922 were as follows:
Lard and greases
Corn
Flour
Eggs
Rice
Hams
Milk
Butter
Cheese
6,135,159
2,472,512
1,546,205
2,039,734
39,066
315,662
404,272
381,683
286,861
United States exports to Mexico in 1922
were considerably reduced. Exports, valued at
$109,884,917, were $112,000,000 or 51 per cent
590
FEDERAL RESERVE BULLETIN.
below those in 1921. On the other hand,
imports into the United States showed remarkable improvement. The value of imports
during 1922 was placed at $132,000,000, as
compared with $119,000,000 for the previous
year. This increase was due principally to
larger shipments of coffee, hides, and crude
petroleum. Trade between the United States
and Mexico was facilitated by the inauguration
of through bills of lading from United States
ports to Mexico City through the port of
Vera Cruz and over the Mexican Railway. The
same arrangement is in operation through the
port of Tampico and over the National Railway of Mexico.
Exchange fluctuations during 1922 were
within narrow limits. The embargo on gold
exports is still in force, but the increasing
supply of silver currency gave rise to a gold
premium on silver. The average value of the
Mexican gold peso in terms of American currency for the year was 48.715 cents.
Banking.—The two outstanding features
during 1922 in the banking activities in
Mexico were the banking crisis in November
and the approval by the Mexican Congress of
the establishment of a single bank of issue. It
is generally understood that the privately
owned banks of the country conducted their
affairs during the year in a careful and conservative manner. Nevertheless, the difficulties under which the banks had to labor, due
to the uncertain economic and political conditions, as well as other factors, such as the
scarcity of circulating media and the discount
on silver, gave rise in November to a banking
crisis which extended all over the country.
Of considerable importance was the failure of
the Banque Francaise de Mexique, which occurred on November 15, 1922. A detailed
account of these banking difficulties was given
in the January (1923) issue of the BULLETIN
(page 73).
The establishment of a central bank of issue,
to be called the Banco de Mexico, was approved
by the legislative bodies of Mexico on January
20, 1923. This step became apparently necessary ever since the total breakdown of the
Mexican banking system during the Carranza
administration. The few privately owned
institutions left to operate were without any
connection with the Government. This fact,
coupled with the absence of an elastic circulating medium issued by a central bank, since the
present monetary system is metallic only,
called for the establishment of an official
MAY,
1923.
banking institution. Scarcity of gold for circulation, depreciation of the silver currency,
absence of rediscount facilities, the uncertain
political situation, lack of supervision and
large reserves necessitated by public distrust,
emphasized the evident necessity for a bank
of this character.
The bank as proposed will be chartered for
a period of 15 years, subject to renewal by
legislative decree. It will operate with an
initial capital of 50,000,000 pesos, which maybe
increased to 100,000,000 pesos. The Government will subscribe to 51 per cent of the capital
stock and the profits are to be distributed in a
like proportion. The board of directors will
be elected by the private stockholders, but
the Government will appoint the managers,
and the Secretary of the. Treasury will act as
chairman of the board regarding transactions
involving 5 per cent or over of the bank's capital
when the transaction is of such a nature that
it may affect the economic status of the country and also in matters entailing new issues
of bank notes. The Government will be responsible for the notes issued by the bank and
is to have the right to purchase all shares in the
hands of private individuals after 15 years
of operation. The total amount of notes issued,
added to deposits payable on demand or at
3 days'sight, is not to exceed twice the amount
of cash and bullion on hand. As a compensation for the privilege of note issue, the proposed Banco de Mexico is to pay the Government interest on deposits at an annual rate
equal to one-third of the discount rate fixed by
the bank whenever such rate does not exceed 12 per cent per annum. In case the rate
exceeds 12 per cent, the Government will be
entitled to receive one-third of the profit obtained by the bank in any transaction made
at such rate.
The opinions expressed about the establishment of the new bank have been of a very
contradictory nature. A commission was sent
from Mexico to Europe to make arrangements
for securing the initial capital, but no definite
advices have been received as to the final
outcome of the matter. A difficult banking
situation still prevails in Mexico, and outside
of the opening of branches of the Bank of
Montreal in Veracruz and Puebla, no new
banks were opened during 1922.
Public finance.—According to official statements, the total receipts of the Mexican
National Government for 1920 and 1921
amounted to 238,243,127 pesos and 279,832,933
MAT, 1923.
FEDERAL KESEKVE BULLETIN.
591
pesos, respectively. These amounts were made of the oil export tax, 10 per cent of the gross
revenues of the National Railways of Mexico,
up as follows:
[In Mexican pesos.]
and the'entire net operating revenues of these
railways.
The Mexican Government agreed to provide
1920.
1921.
Items.
for such current interest no less than 30,000,000
Foreign commerce and navigation
78,969,612
98,301,882 pesos during the calendar year 1923; and an
Internal revenue taxes
134,010,216
138,094,325 additional 5,000,000 pesos each year for the
Public services
13,277,050
16,862.212
1,033,992
1,807,593 ensuing four years, bringing the fund up to
Federal real property
216,571
203,911
Other Federal property
10,735,686
24,563,009 50,000,000 pesos in the fifth year. These cash
interest payments on coupons maturing after
Total
238,243,127
279,832,933
January 2, 1923, were during the first year
to have been made on a scale varying from
Official data published by the comptroller's 50 per cent to 100 per cent on the external
office of Mexico show that Federal revenues, loans; at the rate of 25 per cent on the internal
not including those from petroleum, decreased 3 and 5 per cent bonds; 50 per cent on the
considerably in 1922. In the first five months State bonds, and, in general, from 50 to 65 per
of that year such revenues amounted to only cent on the railway loans, except that the rail76,000,000 pesos, equal to an average monthly way notes secured by Government bonds were
income of 15,000,000 pesos, or 180,000,000 pesos to receive 100 per cent. After 1923 the infor the year, against an estimated revenue of creases in the minimum fund provided by the
255,000,000 pesos for the year 1922. The rev- Government for current interest should permit
enues of the Republic in 1923 have been esti- an increase in the scale of cash payments on
mated at about 260,000,000 pesos. Discrepan- all bonds receiving less than 100 per cent in the
cies exist in reports as to the amount and first year, and should permit payment of full
distribution of disbursements. Total expenses current interest in cash in the fourth year upon
of the Federal Government of Mexico for the all bonds, except the internal 3 and 5 per cent
fiscal year 1922 were 226,246,243 pesos, accord- bonds and the State issues guaranteed by the
ing to the annual report of the comptroller Mexican Government. At or prior to the comgeneral. In a statement credited to the minister pletion of the five-year period beginning Januof foreign affairs, total expenditures for 1921 ary 1, 1923, the interest coupons maturing on
or before January 2, 1923, are to be detached
are given as 277,043,852 pesos.
lodged with special depositaries against
The total amount of the Mexican public and
the
issue
receipts of certificates to an equivdebt as of July 10, 1922, was calculated at alent faceof amount.
Such receipts or certifi528,287,000 pesos, of which 333,232,416 pesos cates are to be purchased
redeemed by the
constituted the amount of the foreign debt Government from a fund orsufficient
and 166,857,000 the total of the internal in- them in full, extending over a period toof retire
forty
debtedness of the country.
years, beginning January 1, 1922. Certificates
The outstanding feature of the year with for arrears of interest will be of two kinds—class
regard to the Mexican foreign debt was the " A " and class " B " ; class " A " to be comagreement entered into between the Mexican pletely retired prior to class " B . " All sinking
Government and the International Committee funds are to be postponed for a period not to
of Bankers for resumption of payments in cash exceed five years from January 1, 1923.
on account of current interest on Mexican obligations. This plan, drawn up on June 16,1922,
The plan of adjustment deals with all exterand approved by President Obregon on August nal Mexican debts, direct or guaranteed, the
7, 1922, provides that a minimum fund, to be National Railway debt, and certain so-called
increased annually, be set aside by the Mexican internal Government debts largely held outGovernment for each of the five years beginning side of Mexico. The total face value of the
January 2, 1923. At the end of this period securities covered is more than 500,000,000
full payments in cash of the service on ail obli- pesos, on which the interest in arrears amounts
gations are to be resumed and all provisions of to approximately 200,000,000 pesos. A dethe contracts under which the various bonds tailed report in connection with the railway
in question were issued are to be restored. obligations of the Mexican Government was
The plan further provides that the Mexican given in the November, 1922, BULLETIN (page
Government shall set aside toward payment of 1323), containing also the text of the agreement
such current interest coupons on bonds as ma- in connection with the reorganization of the
ture after January 2, 1923, the entire proceeds National Railway system.
592
FEDERAL RESERVE BULLETIN.
MAT,
1923.
GOVERNMENT CONTROL OF BANKING Brazil, several laws had been passed directed
toward the governmental regulation of bank
AND FOREIGN EXCHANGE IN BRAZIL.
The monetary system of Brazil, although
nominally on a gold basis, has been since
1918 composed principally of inconvertible
paper currency. In order to provide for the
conversion of paper currency into gold at a
fixed rate the Government in 1906 established
the Conversion Office, which was empowered to
redeem Brazilian paper notes at the rate of 15
pence gold per paper milreis. This rate was
changed to 16 pence per milreis in 1910. The
successful operation of the Conversion Office
was interrupted at the outbreak of the war,
when a sudden demand for a great quantity of
gold was made upon that office, with the result
that its operations were suspended. This suspension is still in force. A law enacted in April,
1918, authorized the National Treasury to issue
against the gold transferred from the Conversion Office five times its value in inconvertible
notes. As a consequence of this procedure and
of the emission of large amounts of inconvertible notes for various purposes on the authority of different decrees, the amount of inconvertible paper currency increased from a
total of 601,488 contos in 1913 to 1,679,176
contos in 1918, 1,730,000 contos in 1920, and
2,226,276 contos on November 30, 1922. The
Institution for the Permanent Protection of
Coffee and Other Produce is also empowered
by law to issue paper currency guaranteed by
that part of the gold reserves held as security
for paper currency, under certain conditions,
as well as by 80 per cent of the value
of coffee purchased by the commission, or by
warrants in favor of other parties. The gold
reserves of Brazil amounted in 1922 to about
85,203 contos. Thus the ratio of gold reserve
to total circulation amounts to about 4 per
cent. It is clear, therefore, that the fluctuations in the value of the Brazilian currency are
to a very large extent affected by the total
amounts of paper outstanding, which in turn
change according to the condition of trade
and exchange.
According to statements from official sources,
the principal reason for Government control
over bank operations in Brazil was that certain
banks were responsible for the speculation
in exchange which started soon after the
declaration of war, and which was accompanied by rapid fluctuations in the rates of
exchange. Before the enactment, of the final
law of March 16, 1921, providing for permanent
official control of banking and exchange in
transactions in foreign exchange. The most
important of these laws went into effect on
December 18, 1917, soon after the declaration
of war between Brazil and Germany. Under
the terms of that law banking transactions in
exchange were subject to the daily inspection of
commissions composed of officials of the Treasury in Eio de Janeiro and of officers of the
Banco do Brasil in the different States of the
Union.
Although speculation in exchange was partially checked after the enactment of the above
law, its effect upon the value of the milreis
does not seem to have accomplished the results expected by the promulgators of the law.
The table on pages 594-595 indicates that, while
the value of the Brazilian milreis rose slightly
in January, 1918, one month after the first
official control law was enacted, a downward
trend started in February and continued even
after the enactment of a new decree on July
19, 1918. This decree prohibited the exportation of securities and remittances to foreign
countries except when payments were intended
to cover obligations contracted by the Federal
Government, the States, municipalities, or corporations, or when used as coverture for
merchandise of free importation or when
destined for the support of Brazilians or nonenemy aliens who possessed property in Brazil.
As a means of properly enforcing the provisions of the above laws, the Government
imposed a certain number of rules for the
regulation of exchanges, several of which gave
rise to considerable criticism on the part of
bankers, on the ground that their operations
were hampered thereby to a great extent.
Some of the most important of these rules
were: (1) All contracts for the sale or purchase of foreign exchange were to contain
the names of the purchaser and the seller and
this information was to be transmitted to the
proper supervising committee; (2) all time
exchange transactions were prohibited; (3)
bank to bank exchange operations were suspended; and (4) remittances of securities were
considerably curtailed by the committee and
shipments were strictly controlled by it.
The close of the year 1918 marked the beginning of a period of exceptional commercial
activity and speculation in Brazil. Demands
made by the buying nations for Brazil's staple
products had a considerable effect upon the
value of the currency, the milreis rising from
a low quotation of 23 cents in September,
MAT,
1923.
FEDERAL RESERVE BULLETIN.
1918, to a high, mark of 33 cents in December
of the following year.
After the close of the war the Minister of
Finance considered it expedient to continue
the official control of banking and exchange
operations, and on January, 1920, a commission
was appointed to frame a law having for its
object the permanent official regulation of foreign exchange. In May, 1920, a draft of the
bill was submitted to the Minister. The framers of this bill reported that permanent control was deemed necessary for the following
reasons: That the banking establishments in
Brazil were under no official supervision whatsoever; that it was a difficult task to ascertain
whether or not the credit institutions were duly
complying with the tax laws; that domestic
institutions were organized in accordance with
requirements of law, while the foreign banks
were established by virtue of Executive concessions granted them, and that no measures
were taken to determine whether either were
complying with the laws under which they
operated. With regard to foreign exchange,
the commission reported that official control was necessary in order to prevent the
circulating media of Brazil from being subject to speculative fluctuations, and to place
the domestic currency in a position where
economic forces would be the only ones to
affect its value in terms of foreign currencies.
After a series of parliamentary discussions
and amendments of the original project of the
banking control law, it was finally approved
on March 16, 1921. The Banco do Brasil, the
semiofficial bank of the country, was given by
the provisions of the law full control over
foreign exchange.
The principal provisions of the official banking control law may be summarized as follows:
Banks and banking houses, agencies of banks, domestic and foreign, to be under the supervision of the Inspector General of Banks under the Ministry of Finance.
Establishment of banks permitted only by authorization of the Government upon application.
Application of banks must prove: Organization according to law of Brazil or of the country of head office. Foreign establishments must present their by-laws, a complete list of shareholders, and certificate containing a
declaration of amount of capital.
Obligations imposed on foreign banks: To maintain a
representative in Brazil; to be subject to the Brazilian
law; to conduct transactions only as authorized by the
approved by-laws; to realize within a maximum of two
years from date of published authorization at least twothirds of their capital; the opening of other agencies in
Brazil besides those named in decree of authorization to be
dependent on permission of the Government; to contribute
annually to the expenses of supervision; to submit to cancellation of their authorization in case of violation of the
country's laws; capital and assets of branch not to be
593
liable for obligations contracted by agencies in other
countries; the decree of authorization may institute for
the foreign establishment the principle of reciprocity, and
may grant it in the Republic the same advantages and
privileges as are granted to Brazilian banks in the country
of origin; minimum capital of 9,000 contos of reis required
for establishment of branch of foreign banks; deposit of 50
per cent of the capital in Bank of Brazil required before
authorization, money to be returned after authorization.
No money in form of precious metals coined, in dust,
bars, or any form may be exported without a permit viseed
by the office of the inspector.
Banks, domestic and foreign, dealing in exchange required to deposit currency in the treasury for each city
where they operate; deposits to be in gold or Brazilian gold
securities; amount of deposit shall equal one-tenth per
cent of total exchange transactions, purchases and sales
combined, of the previous year and calculated according
to the official average of exchange for the preceding year,
and shall not be in excess of 1,000 contos for the principal establishment, its agencies and branches jointly, and
not less than 100 contos. In places where volume of
exchange transactions is less than 1,000 contos of reis.
annually, deposit may be reduced; establishments beginning operations shall deposit 100 contos of reis.
Whenever required by public interest, the Ministry
of Finance shall have the right to suspend the previous
authorization of the inspector's office for all remittances
such as drafts, checks, letters of credit, bills of exchange,
etc.—all of which have for their purpose the export of
securities or the transfer of funds abroad; all transactions
connected with the purchase of exchange; to prohibit exportation of securities and remittances abroad other than:
Payments of obligations of the Government, etc.; charitable
remittances; support of Brazilians or foreigners abroad;
payment of goods of unrestricted importation; to suspend
or postpone exportation of securities to avoid depreciation
in price or fluctuations in exchange; to prohibit or restrict
purchase or sale of exchange and time export bills and
exchange transactions among banks of the country.
The enactment of the permanent official L aw
was immediately followed by a sharp fall in the
value of the milreis, which dropped 1£ points in
terms of United States currency during the
course of the month following that in which
the law was passed. The downward trend
thus started was not checked until July, when
the milreis had reached the lowest mark since
its par value was fixed at 32.45 cents in 1910.
During 1922, with the exception of a slight
improvement in the value of the milreis in
March, the downward trend of the Brazilian
exchange continued unchecked. In September
the milreis declined to 11 cents during the
short-lived prohibition of interbank exchange
transactions provided for by a law enacted
about the middle of that month. This law
was rescinded by the Minister of Finance early
in the following month, because of a protest
filed by the local banks and the commercial
associations of Rio de Janeiro. The withdrawal of the above law was followed by a rise
in the rate of exchange, which may be taken as
an indication that the present exchange situation
594
in Brazil is considerably affected by the official
control laws. Those who condemn the policy
of official control contend that official speculation has been substituted for private speculation with the result that legitimate commercial
operations have been seriously hampered.
Were the Banco do Brasil in a position to
satisfy the market requirement for exchange,'
it is said, the general situation would be likely
to present a different aspect, but at times the
Banco do Brasil itself requires more exchange
for its own operations than it can sell.
It appears that the official-control law
directed to curb speculation in exchanges has
resulted in limiting the supply and demand
of exchange necessary for the requirements of
the importers and exporters, but its provisions
are not sufficiently broad to regulate the supply
and demand at times of seasonal need.
Under present conditions, in certain periods
several millions in sterling bills are offered
monthly and no takers are to be found in
Brazilian exchange markets, except for remittances against imports or payments for account
of the Government. At such times the efforts
directed toward disposing of the large surplus
of bills force rates on mifreis up, but in other
periods, bills being scarce, demand for foreign
bills forces Brazilian exchange downward, and
the fall is always more violent than the rise.
Such violent fluctuations have most harmful
effects upon the general economic status of
the country. In the case of Brazil, it is very
difficult to maintain a fixed relation between
gold and paper currency, since the paper money
of the country is largely secured not by gold
but only by domestic products, such as coffee,
the value of which may fluctuate widely. In
consequence, the value of the milreis rises and
falls largely in accordance with the variations of
the trade balance. The function of the Brazilian banks in this connection would seem to be to
use part of their resources and those of thenclients to keep the supply of and the demand
for exchange bills fairly well balanced. To
attain this end, it is evident that the purchase
and sale of "futures" in exchange would have
to be widely practiced. The laws providing
official control, on the other hand, place heavy
restrictions on operations of this character since
they are considered highly speculative. The
conclusion reached by a number of prominent
Brazilian authorities is that in the case of
Brazil it seems necessary to find some means of
placing a check upon exchange speculation by
credit institutions, perhaps by rigid inspection,
MAY, 1923.
FEDERAL RESERVE BULLETIN.
but that the total elimination of speculation
could not be effected without seriously hampering the country's trade.
The profits realized by the Banco do Brasil
during the first 18 months of permanent official
control have been very considerable. In a recent
report of the bank the amount is given as about
25,865,000 milreis. An analysis of the situation shows that the shareholders of the Banco
do Brasil and consequently the Government,
have been highly benefited by the official
control.
The attitude of the new administration toward banking and exchange control has not
yet become definitely known. However, in
order to facilitate exchange transactions, the
minister of finance has instructed the inspector
general of banks to limit the official control of
exchange transactions to compliance with the
three following regulations, while consideration
is being given to definite modifications of the
law in force: (1) the forwarding of statements
showing in detail the exchange operations of
every bank during the previous day; (2) the
legalization of exchange contracts which are
to be stamped and signed by the fiscals or
inspectors, and, (3) the prohibition of the
opening of current accounts in foreign currencies. This has been taken by many as an
indication that the present administration is
inclined to modify to a great extent the system
of official control at present in operation.
Notwithstanding the fact that the above instructions would indicate that the present
administration is disposed to facilitate exchange
transactions, the value of the milreis has not
improved during the first quarter of the current year, but, on the contrary, the milreis
shows a tendency to fall still further.
MONTHLY R A N G E OF BRAZILIAN EXCHANGE I N
N E W Y O R K , 1917-1922.
[In cents per milreis. Par of exchange: 1 milreis=32.44 cents.]
1917
1918
1919
Month.
High. ! Low.
January...
February.
March
April
May
June
July
August
September
October...
November.
December.
23.6
23.5
23.2
24.4
26.8
26.9
26.8
25.6
25.2
25.6
28.3
26.9
23.2
23.0
22.9
23.0
24.9
25.6
24.7
24.8
24.7
25.1
25.2 :
25.9
High.
27.1
26.7
26.4
25.8
25.6
25.6
24.9
24.2
24.0
25.0
27.0
27.2
Low. | High.
26.6
25.8
25.8
25.3
25.2
24.9 i
23.0
23.5 |
23.0
23.5 !
24.8 I
26.5 I
26.8
26.1
26.4
27.0
28.3
28.3
28.8
27.5
25.0
25.7
25.3
33.0
Low,
25.0
25.5
25.8
25.8
27.0
27.6
26.5
24.9
24.5
25.0
25.0
27.8
MAY, 1923.
MONTHLY RANGE OP BRAZILIAN EXCHANGE IN
NEW YORK, 1917-1922—Continued.
1921
1920
1922
Month.
i High.
January
February
March
April
May
June
July
August
September
October
November
December
595
FEDERAL RESERVE BULLETIN.
j 27.8
j 27.4
27.1
27.1
i 26.4
26.1
I 23.8
! 21.8
! 19 5
i 18.4
17.5
< 16.8
Low.
High.
Low.
High.
27.3
25.8
25.8
26.4
26.1
23.8
21.4
17.6
IB. 4
16.8
15.4
13.9
15.8
15.6
15.7
14.0
14.1
13.5
11.5
12.5
13.0
13.3
13.0
13.3
14.4
14.5
13.7
13.1
13.1
10.9
10.0
12.0
12.4
12.9
12.8
12.8
12.9
13.8
14.3
13.7
13.9
14.1
13.6
13.6
13.6
11.6
12.1
12.2
Low.
12.8
12.8
12.6
13.4
13.6
13.9
13.5
13.2
11.5
11.0
11.3
11.6 E n d of—
From the foregoing exposition of facts it
may be concluded that, although there have
been in Brazil several causes which have been
instrumental in bringing about a gradual depreciation of the Brazilian currency, the official
control of banking and exchange has not been
successful in preventing the continued fall in exchange and in itself has probably contributed to
bring about the decline. In point of fact, the
value of the paper milreis stood in the neighborhood of 15 cents when the regulations for
permanent supervision of banks and exchange
came into force, and later fell to 13 cents, where
it was successfully pegged for some time, but
finally collapsed to 10 cents during the shortlived prohibition of interbank exchange transactions in September, 1922. A slight improvement was felt, however, during the last two
months of that year, but in the first four
months of 1923 the quotations of the milreis
stood again in the neighborhood of 11 cents.
In relating the fluctuations of the milreis to the
trade balance, it must be considered that the
money of Brazil is not gold or silver, but an
arbitrary unit of value termed "milreis," by
which all operations of exchange, domestic
and foreign, are conducted. Consequently, if a
foreign bill of exchange rises in value measured
in the currency of the country, the value of
that currency appraised by a sterling standard
must have depreciated proportionately, as happens to every class of commodity when demand
exceeds supply. The factors of value of the
milreis are twofold—first, the relation of the
supply of the circulating medium to demand or
the proportion of the currency actually in circulation to vlie requirements of the people; and,
secondly, the relation of the supply to the demand of foreign bills for the liquidation of
foreign engagements. With regard to the first
factor, there has been an emission of 466,338
contos, or about 26 per cent of the currency
in circulation since 1920. Such an increase
would have naturally tended to depress the
value of the milreis, but not to the extent of
the present level. The paper money in circulation in Brazil since 1913 and the average annual
rate of the milreis in terms of pence follows:
Average
exchange
(in pence).
Milreis.
601,488,303
822,496,018
982,089,527
1,122,559,761
1,389,414,967
1,679,176,058
1,729,061,523
1,730,000,000
1,900,000,000
2,226,276,000
1913.
1914.
1915.
1916.
1917.
1918.
1919.
1920.
1921.
1922.
15.61
14.21
12.29
11.59
12.23
12.55
14.15
14.15
8.9
7.5
The relation between the average exchange
rates and the amount of paper in circulation
appears to be quite consistent from 1913 to
1916. After that date the average quotation
rose year by year, notwithstanding the increased amount of paper emissions. In 1920,
however, a reaction took place which was not
due to increased emissions. This break was
due, therefore, to a different cause. That the
recent decline in milreis was not due to an unfavorable balance of payments is shown in the
following table:
Years.
1919
1920
1921
1922
Total
DisBalance count on Balance
of payof trade. foreign
ments. 1
debt.'
Average exchange.
In pounds sterling.
In pence.
+51.908
—17.484
-1.881
+ 19.000
10.000
11.500
13.500
15.600
+41.908
-28.984
-15.381
+3.400
+51.543
50. 600
+943
14. Jo
14.1
8.95
7.5
' Estimates.
Since the decl ne in value of the milreis can
not be accounted for adequately either by the
growth of circulation or by the balance of international payments, it has been widely held
that official control, with its restrictions upon
dealings in futures, has had a depressing influence on the Brazilian currency.
596
FEDERAL RESERVE BULU3TIST.
MAT,
1923.
PRICE MOVEMENT AND VOLUME OF TRADE.
"INTERNATIONAL WHOLESALE PRICE INDEX.
Wholesale prices in the United States and foreign countries were still rising in March,
according to the board's index numbers, which showed that the increase was more rapid than
during February in this country and England, but less rapid in the other three countries,
Canada, Japan, and France. The tables on the following page show the movements in number
of points.
The gold-basis figures indicate higher levels also, as there were no downward movements
of exchange to offset rising prices. In England and the United States gold prices during March
were at the same level, snowing that between these two countries a closead justment 01 foreign
exchange and domestic price levels has been attained.
In general, prices of commodities entering into foreign trade moved more noticeably than
domestic goods. Particularly in Japan and the United States imported goods rose rapidly.
There has been a very general upward trend in imported goods in all countries since March, 1922.
In England minerals and metals took the leading place in the rise of domestic goods,
causing raw materials to advance more rapidly than producers' or consumers' goods. Farm
products showed very slight changes as compared with February. In Canada both producers'
and consumers' goods have shown a parallel upward movement since the fall of last year.
During March these trends continued. In France the advance of consumers' goods, which
was so great in February, slackened in March. On the other hand, the raw materials group,
including minerals and metals, raw textiles, grains, and animal products, and the group of
producers' goods, including chemicals and steel products, continued to advance as in February.
INTERNATIONAL WHOLESALE PRICE INDEX
FEDERAL RESERVE BOARD
1913 - 100
600
600
550
550
' \
500
/
MO
/
500
\
/
450
\
400
V
\
400
•*
350
350
/
\HCE
-4
300
/
\
\
250
300
• "
\
\
250
\
ENGL\ND
200
200
175
\
JAPAN/ \
...••"w
175
••"""
CANADA\
1r
150
150
0 V/7ZB STATED
12S
125
100
100
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. K. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D.
1919
1920
1921
1922
1923
MAT, 1923.
597
FEDERAL EESEEVE BUL.LETIN.
The tables below give in full from 1919 to date the all-commodities and group index numbers
of wholesale prices in the five countries included in the Federal Reserve Board's index.
Figures have not been computed for France prior to 1920, nor for Japan prior to 1921. In
the first table the all-commodities index for each country is shown both in terms of the respective
currencies and "converted to a gold basis." The latter figures take into account the depreciation of foreign currencies in terms of the American dollar and indicate relative price levels in
the several countries when all prices are expressed in dollars.
INTERNATIONAL WHOLE3ALE PRICE INDEX—FEDERAL RESERVE BOARD.
Converted to gold basis.
Based on prices in respective currencies.
Year and month.
United
States.
1921 average
England. France.
Canada.
100
100
207
250
167
149
Japan.
United
States.
England. France.
Canada.
100
100
199
223
150
147
Japan.
100
100
211
239
148
157
100
218
237
159
152
196
191
193
198
202
204
207
218
216
214
217
223
201
194
195
200
206
207
216
223
217
218
225
233
222
217
203
205
215
222
220
218
215
224
229
225
417
441
479
525
537
500
485
500
497
483
456
420
239
249
253
265
279
276
274
258
244
234
221
208
248
248
253
267
269
262
254
240
232
214
196
179
231
222
252
270
269
275
259
239
228
212
198
187
183
161
179
170
191
205
204
186
174
163
142
129
218
215
226
242
251
243
241
228
220
212
197
179
244
226
213
206
201
197
196
195
194
187
177
172
387
364
345
333
323
311
312
302
301
295
292
287
199
189
184
165
163
166
158
149
145
145
172
178
177
192
202
197
193
168
157
152
146
145
142
145
146
146
145
145
142
188
180
171
166
164
153
146
147
149
149
144
147
129
135
126
125
140
130
126
121
113
111
109
117
175
166
161
157
150
147
144
150
141
136
133
135
172
167
163
164
168
166
171
172
186
193
189
186
142
146
147
149
158
161
165
165
164
165
164
164
170
167
168
167
171
169
171
168
165
163
165
166
286
283
287
299
302
304
307
298
294
294
307
315
144
149
150
152
154
153
154
149
144
145
147
147
191
185
182
180
183
187
195
187
179
174
172
173
142
146
147
149
158
161
165
165
164
165
164
164
147
150
151
152
157
155
156
154
150
148
152
157
121
128
134
143
143
138
131
123
117
112
109
118
137
145
145
148
152
151
152
149
144
145
147
146
181
176
173
171
174
179
187
179
171
168
167
170
165
166
169
167
170
175
324
355
372
148
152
155
176
183
185
165
166
169
160
164
169
112
113
122
147
150
152
172
178
180
100
211
239
148
157
100
241
314
201
167
201
194
195
200
206
207
216
223
217
218
225
233
227
222
210
214
224
234
242
249
251
261
272
287
248
248
253
267
269
262
254
240
232
214
196
179
305
320
329
334
340
339
326
322
315
297
280
260
168
157
152
146
145
142
145
146
146
145
145
142
478
321
298
100
181
182
174
124
126
175
175
1919.
April
Mav
July
192
187
189
193
196
198
200
208
208
206
208
206
1920.
April
May
July
October
1921.
January
March
April
May
July
September
177
168
176
• 171
167
169
173
1922.
January
March
April
May
June
July
September
October
December
1923.
February
March
598
FEDERAL BESEKVE BULLETIN.
UNITED STATES.
ENGLAND.
[1913=100-1
[1913=100.]
Goods Goods Goods Raw Pro- ConproexImma- ducers' sumYear and month. duced. ported ported. terials. goods. ers'
(82)
(19)
(39)
(37)
(31)
(33)
AU
commodities.
(101)
1919 average
1920 average
1921 average
1922 average
•214
242
148
154
174
191
108
123
221
235
136
157
209
235
141
166
198
237
142
139
221
244
160
157
211
239
148
157
1919.
January
February
March
April
May
June
July
August
September...
October
November...
December...
203
196
198
203
208
209
219
226
220
221
228
235
168
168
163
165
172
180
176
174
170
174
179
203
207
199
201
201
218
221
232
227
219
233
250
254
195
190
196
201
209
208
217
217
211
213
220
229
192
191
185
181
184
192
200
206
203
207
213
223
212
201 I
200
208
214
213
223
237
231
230
236
243
201
194
195
200
206
207
216
223
217
218
225
233
pi
1920.
January
February....
March
April
May
June
July
August
September...
October
November...
December...
250
250
255
269
270
265
258
244
237
220
202
184
212
216
218
242
246
226
208
182
164
142
127
112
264
260
266
272
271
265
256
236
219
187
168
151
245
242
246
263
263
258
249
237
233
211
192
176
236
247
263
274
274
265
251
235
225
209
190
171
257
255
255
270
273
267
263
245
234
221
206
187
248
248
253
267
269
262
254
240
232
214
196
179
172
160
147
140
129
125
129
126
126
127
149
146
143
141
164
152
146
136
139
133
134
133
138
140
141
140
166
158
153
148
145
140
136
133
133
132
128
127
173
162
159
155
152
154
162
167
162
158
157
153
168
157
152
146
145
142
145
146
146
145
145
142
1923.
ConAll
Goods Goods Goods Raw Pro- sum- comma- ducers'
proeximmodiYear and month. duced.
ported. ported. terials. goods. ers'
goods- ties.
(35) (24)
(97)
(38)
(55) (42) (40)
1919 average
1920 average
1921 average...
1922 average
238
315
207
169
247
294
171
155
275
438
183
155
226
291
197
168
261
355
178
145
241
292
219
181
241
314
201
167
221
215
202
208
220
231
240
250
253
262
273
283
244
240
233
230
234
241
247
246
246
259
269
280
242
231
222
219
232
233
265
278
302
332
345
399
210
208
206
207
211
216
222
234
239
250
255
261
238
229
200
213
237
257
269
277
277
288
310
331
241
234
226
225
229
236
244
243
241
249
260
267
227
222
210
214
224
234
242
249
251
261
272
287
302
316
327
332
341
344
330
322
319
301
285
266
298
314
319
324
322
306
299
304
288
272
253
230
452
478
483
486
484
469
452
439
421
392
369
328
270
358
392
406
409
406
396
363
352
341
309
278
244
289
291
300
306
310
311
302
297
296
282
267
255
305
320
329
334
340
339
326
322
315
297
280
260
252
234
219
211
209
206
204
202
199
192
182
176
207
190
182
180
167
161
164
165
170
163
154
152
246
201
189
185
182
179
174
168
171
175
164
158
233
213
202
201
19S
196
192
193
195
187
231
213
198
184
179
173
165
161
165
166
153
147
261
246
231 ,
225 '
216
213
222
223
212
200
191
186
244
226
213
206
201
197
196
195
194
187
174
171
172
171
175
172
172
170
165
160
161
164
149
148
147
148
153
154
158
155
157
161
165
163
158
151
153
152
155
158
158
159
154
149
154
157
171
168
170
167
169
147
144
142
143
146
148
147
143
143
144
146
146
181
181
183
183
191
186
190
183
177
170
172
177
170
167
168
167
171
169
171
168
165
163
165
166
165
168
174
176
164
186
169
170
165
172
185
191
167
171
151
153
158
161
175
177 '
179
180
167
170
175
177
1919.
February.. . .
March
April..
May
July
October
December...
1920.
1921.
January
February
March
April..
May...
June...
July...
August
September
October..
November..
December...
144
143
142
140
114
113
114
109
105
102
103
104
106
107
108
111
1922.
January
February
March
April
May
June
July
August
September..
October
November..
December..
139
143
144
146
155
158
162
162
161
161
160
160
110
110
111
115
119
124
128
127
128
135
137
138
139
142
144
144
155
163
165
162
157
163
173
174
141
145
147
150
164
167
177
184
181
179
177
177
127
127
126
129
137
141
143
144
147
150
150
149
•150
155
157
156
160
164
163
156
154
156
156
157
142
146
147
149
158
161
165
165
164
165
164
164
J 162
i 162
164
139
146
1-54
180
187
193
182
182
184
150
156
165
156
154
155
165
166
169
1923.
January
February
March
MAY,
March
April
June
July
August
September
October. .
November
281
287
292
306
308
307
307
301
290
282
265
1921.
March
May
July
October
December
1922.
March
May
July
October
1923.
January
April
177
173
168
170
166
165
166
166
178
180
177
172
599
FEDERAL RESERVE BULLETIN.
MAT, 1923.
FRANCE.
[1913-100.]
Goods Raw- Pro- Conexmate- ducers' sumported. rials. goods. ers'
goods.
Year and month.
(34)
1920 average
1921 average
1922 average
1920.
January
February
March
April
May
June
July
August
September
October
November
December
1921.
January
February
Harch..".
April
May
June
July
August
September
October
November
December
1922.
January
February
MarchApril
May
June
July
August
September
October
November
December
1923.
January
February...
March..'
JAPAN—Continued.
466
322
295
401
j 419
458
i 498
j 512
i 484
:
477
: 494
I 493
481
454
i 422
:
i
|
i
i
!
:
•
I
'
'
'
387
366
348
334
330
317
317
304
298
291
290
284
;
i
j
(36)
(23)
512
288
295
506
341
324
433
248
235
474
348
309
478
321
298
535
563
633
653
539
496
500
501
463
400
373
455
483
510
549
559
518
503
523
520
508
496
452
373
408
437
482
498
482
459
453
441
417
396
350
398
409
468
522
535
488
481
503
506
496
447
430
417
441
479
525
537
500
485
500
497
483
456
420
304
276
269
259
240
226
232
229
240
238
233
230
422
444
384
361
368
347
348
330
309
304
305
294
387
364
345
333
323
311
312
302
301
295
292
287
352 j
383
330
349
305 i
330
326 !
285
279
282
290
314
314
304
303
269
256
261
261
276 i
291
294
283
406
382
358
354
335
332
328
322
328
319
315
313
277
275
272
274
279
292 i:
297
296
301
308
336
333
300
305
318
322
327
332
329
323
328
348
352
229
227
229
228
226
231
237
238
238
238
248
253
299
300
302
305
305
306
296
289
286
296
306
295
286
282
282
288 1
295
308
309
320
333
362
361
327
325
303
296
290
296
310
283
287
299
302
304
307
298
294
294
307
315
312
342
359
384
419
440
346
384
399
366
396
418
262
293
318
312
343
349
324
355
372
284
282
i
:
;
495
542
579
651
655
574
524
532
517
489
466
408
(39)
All
commodities.
(98)
JAPAN.
[1913=100.]
ConAll
Goods Raw Promate- ducers' sum- comexmodported. rials. goods. ers'
goods. ities.
(21)
(37)
(35)
(90)
(18)
Year and month.
i
1921 average
1922 average
1921.
January
February
March
April
May
June
July
August
September
October
November
December
1922
January
February
March
April
May
June
July
186
187
154
159
173
189
154
165
188
181
193
192
181
182
177
173
170
173
179
178
186
184
197
208
204
201
170
158
148
146
146
141
140
144
167
172
162
154
175
173
167
167
165
163
166
166
175
185
183
192
161
155
149
148
147
142
141
142
159
171
167
167
192
184
173
179
180
181
184
187
199
209
193
192
179
174
174
177
185
185
197
193
207
217
215
209
176
171
167
169
137
172
178
177
192
202
197
193
192
187
186
188
191
200
153
151
153
151
157
166
167
197
186
175
176
183
192
196
168
163
157
157
164
168
170
191
183
183.
183
182
191
195
203
198
195
192
194
196
208
191
185
182
180
183
187
195
All
Goods Goods Goods Raw Pro- Concomproimexmate- ducers' sum- modYear and month. duced. ported.
ers
ported. rials. goods.
goods. ities.
(62)
(28)
(21)
(35)
(37)
(90)
(18)
1922.
August
September.
October
November.
December..
1923.
January
February...
March
192
183
176
173
175
160
156
159
166
165
189
189
195
194
192
161
159
166
173
171
187
177
171
168
167
202
190
179
173
177
187
179
174
172
173
176
183
184 !
175
184
193
199
214
212
178
192
194
176
186
190
174
177
178
176
183
185
CANADA.
[1913=100.]
All
Goods Goods oods Raw Pro- Conmate- ducers' s u m - comproimexers'
modduced.
ported. ported. rials. goods.
Year and month.
ities.
(34)
(38)
(101)
(38)
(29)
(63)
(37)
1919 average
1920 average
207
249
168
147
204
253
164
160
220
268
181
145
197
235
155
138
188
255
174
151
227
270
183
164
207
250
167
149
195
190
193
199
201
205
208
220
217
214
217
223
201
198
198
193
193
196
201
205
208
212
219
228
209
207
209
211
213
216
226
226
228
226
230
233
183
175
179
186
192
195
203
20»
208
207
212
219
186
185
181
175
177
181
186
194
193
196
198
203
219
216
219
224
226
225
220
239
236
230
232
237
196
191
193
198
202
204
207
218
216
214
217
223
238
248
251
263
277
275
274
258
244
234
221
208
245
254
263
276
288
283
273'
255
217
231
218
208
262
270
271
274
296
296
295
286
270
252
231
215
231
242
247
252
261
258
257
250
230
215
195
187
226
231
234
253
268
276
274
268
266
267
260
242
255
266
268
289
309
302
299
267
258
250
245
229
239
249
253
265
279
276
274
258
244
234
221
208
200
190
186
178
169
166
164
167
158
148
144
144
194
180
174
169
164
• 160
158
158
155
153
151 !
151 !
202
192
193
190
185
188
175
149
138
137
182
174
170
162
159
157
153
155
147
136
131
131
222
210
190
185
177
168
164
162
159
153
152
149
217
203
202
196
178
176
177
182
174
166
164
164
199
189
184
177
168
165
163
166
158
149
145
145
1922.
January
February
March
April
May
June
July
August
September
October
November
December
143
148
150
152
153
151
153
146
140
141
143
143
151
150
150
151
157
162
165
166
170
171
165
167
139
152
151
153
154
149
154
144
133
134
138
138
132
138
140
142
145
143
143
136
133
134
135
135
147
147
146
146
147
150
152
154
154
155
157
159
161
164
166
169
168
168
171
166
157
158
160
161
144
149
150
152
154
153
154
149
144
145
147
147
1923.
January
February
March
145
149
152
170
170
173
140
146
151
136
139
141
160
164
169
163
167
173
148
152
155
1921 average
1922 average
1919.
January
February
March
April
May
June
July
August
September
October
November
December
1920.
January
February
March
April
May
June
July
August
September
October
November
December
1921.
January
February
March
April
May
June
July
August
September
October
November
December
600
MAY, 1923.
FEDERAL BESERVE BULLETIN.
COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.
The following series of index numbers covering the last four years are the latest corrected
figures available, and have been obtained in most cases directly from the statistical offices
computing them. There are many small changes from the figures as previously published.
ALL-COMMODITIES INDEX NUMBERS.'
Italy;
Eiccardo
Bachi.'
Year and mouth.
Netherlands;
Central
Bureau
of Statistics.8
(100)
(53)
Spain; Sweden;;
Poland; Insti(Chris- Central
tute of
jS*ed<m;
tiania):
Geog- HalOekon- Statisraphy
tical
misk
and
Revue-8 Office.* Sta- ning.u
tistics.10
(92)
(58)
(74)
(47) , (160)
100
101
119
141
166
207
204
221
190
176
100
116
145
185
244
339
330
347
211
162
» 100
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
100
95
133
202
299
409
364
631
578
562
January
February.
March
April
May.
June
July
August...
September.
October...
November
December
324
320
324
329
336
356
361
368
370
388
436
455
322
339
330
324
320
321
319
307
308
317
January
February
March
April
May
June
July
August
September
October...
November.
December
550
557
602
664
700
632
604
625
655
659
670
655
287
283
286
292
293
294
296
288
287
283
260
233
333
342
351
354
368
382
409
417
425
419
403
377
319
342
354
354
361
366
363
365
362
346
331
299
343
357
366
371
374
376
376
375
370
358
338
306
642
613
604
584
547
509
520
542
580
599
595
595
213
197
188
176
182
182
176
180
180
169
165
165
344
319
312
297
294
294
300
297
287
219
203
193
191
187
186
186
183
183
185
184
183
267
250
237
229
218
218
211
198
182
175
174
172
272
256
249
239
230
223
216
211
201
194
189
188
January
February.
March
April
May.
June
July
August
September
October...
November
December
1921.
100
105
145
222
286
392
297
281
181
160
"115
i'159
W233
i«341
18 345
18 322
382
29S
233
1,376
!
i
i
j
:
,
359
218
173
369
339
358
354
314
January
February
March
April
May
June
July
August
September
October...
November.
December
42
46
54
67
7-1
79
91
140
291
432
945
1,665
37
41
54
64
65
70
101
192
287
566
1,151
1,475
577 !
562
533
527
524
537
558
571
582 |
601
596
580
161
162
161
161
165
167
162
155
153
156
158
158
260
253
240
236
231
230
232
227
225
221
221
220
592
634
737
751
786
877
1,016
1,358
1,524
2,013
2,756
3,464
180
179
177
180
178
178
175
175
174
172
174
172
170
166
164
165
164
164
165
163
158
155
154
155
181
179
177
175
175
174
173
173
170
169
163
163
January
February.
March
April
2,054
7,159
6,770
6,393
2,785
5,585
4,888
575
582
586
588
159
158
164
220 5,487
224 8,591
229 ! 9,885
231 10,589
170
170
171
156
158
162 1
163
See following page for footnotes.
I
;
I
j
j
]
MAT,
1923.
601
FEDERAL EESERVE BULLETIN.
ALL-COMMODITIES INDEX NUMBERS—Continued.
United
United
Switzer- King- United United States; Canada;
KingKingBureau
Departland;
dom;
dom;
dom; of Labor m e n t of
Dr.J. Board
Econo8
Statist.*
StaLabor."
Ix>renz.
of
tistics.
Trade. mist
Year and month.
(71)
(150)
(44)
(45)
(404)
(271)
AFRICA.
ASIA AND OCEANIA.
NORTH AMERICA.
EUROPE—continued.
Australia-;
Bureau
of Census and
Statistics.*
China
(Shanghai);
Ministry of
Fi-,
nance.20
Dutch
East
Indies;
Statistical
Bureau.
(92)
(147)
(17)
(75)
22
23
21
Egypt South
New
Africa;
Zealand; (Cairo); Office Of
Depart- Depart- Census
ment of ment of and
Statis- Statis- Statistics.
tics."
tics.
India
(CalJapan
cutta); (Tokyo);
Depart- B a n k of
m e n t of Japan.'
Statistics.*
(106)
(56)
(23)
(187)
141
132
155
22
112
128
147
100
95
97
117
147
100
104
123
134
151
206
217
170
180
180
198
193
236
226
147
149
246
182
165
218
167
154
18 232
18 281
18 226
186
164
204
181
180
224
220
199
193
212
207
172
168
223
188
171
217
217
196
199
205
206
169
171
180
190
• 208
202
202
222
230
239
229
235
243
202
203
212
210
210
218
172
173
176
246
197
199
215
210
223
241
171
171
173
241
245
252
259
273
250
252
264
271
276
216
210
211
217
223
223
223
222
227
238
182
185
200
199
197
245
251
266
280
289
177
181
183
184
187
233
239
227
236
246
191
281
204
200
205
210
214
297
288
288
233
248
203
131
218
301
194
318
221
310
319
303
310
306
307
232
234
254
258
206
209
136
141
209
198
313
321
198
206
354
338
April
325
306
313
245
261
217
142
200
300
209
308
230
Mav
June
July
326
322
317
313
304
291
292
287
305
300
299
298
247
243
241
231
263
258
256
244
225
233
234
236
143
146
144
141
210
206
209
209
272
248
239
235
210
209
219
219
293
292
283
279
240
September. . .
311
284
292
226
241
230
140
292
208
230
220
299
302
287
264
266
245
220
282
263
243
211
196
179
234
225
214
215
208
197
138
139
139
206
194
180
226
221
206
222
218
218
300
287
238
230
226
238
230
219
208
186
185
246
225
211
205
202
198
209
192
189
183
182
179
232
215
208
199
191
183
138
142
143
144
145
148
214
197
194
188
187
183
178
174
175
183
184
178
201
195
191
190
191
192
216
210
208
205
201
200
204
180
171
172
170
161
186
194
190
187
181
173
178
179
183
170
165
186
181
175
163
161
208
199
194
187
183
179
196
192
181
171
166
162
179
177
181
184
182
170
160
155
148
145
142
• 141
142
141
142
141
176
174
172
169
168
159
160
160
156
151
145
149
148
146
144
183
184
188
175
170
183
184
187
184
180
196
199
207
219
214
200
197
197
195
191
159
158
169
180
171
178
168
162
157
140
170
148
146
166
180
209
188
160
176
164
159
156
138
168
147
149
164
178
206
186
156
135
171
171
163
162
160
160
158
160
159
155
157
158
141
142
143
169
166
166
147
146
148
150
152
148
163
164
164
179
182
182
204
201
197
181
180
180
152
153
148
132
May
161
160
160
160
162
163
148
150
167
165
155
156
146
144
166
167
187
183
194
197
177
175
141
139
July
161
160
163
159
159
157
155
166
157
145
168
181
201
177
138
131
October
163
163
163
169
156
154
155
157
158
156
158
159
152
150
153
153
155
153
154
156
164
163
162
164
155
158
159
162
142
139
143
143
163
159
163
164
195
193
190
188
177
174
174
175
139
138
140
144
133
170
156
158
152
156
165
161
149
178
176
177
178
163
183
172
147
175
157
161
153
156
165
163
153
179
184
171
141
181
186
158
160
163
163
155
156
157
159
166
167
161
163
162
159
180
181
192
196
172
173
137
136
1913 .
1914
1915
1916
1917
1918
1919
1920
1921 ...
1922
100
..
'H00
195
166
307
197
159
100
99
123
161
204
100
101
126
159
206
100
98
101
127
177
100
101
110
135
177
225
235
226
242
194
206
283
181
159
295
188
155
217
215
212
214
15
100
100
100
107
«2 139
133
140
145
146
100
"100
100
102
124
168
127
145
207
225
158
170
259
200
196
175
178
212
201
177
299
171
145
231
166
133
209
183
179
213
211
163
173
172
214
214
1919.
February
March
April...
Mav
July
October
133
133
134
129
216
224
228
160
166
1920.
326
319
299
1921.
January
April
July.
..
171
155
143
1922.
April
176
1923.
187
164
158
133
i
1 The number of commodities or quotations
used in the computation of each index is indicated by figures in parenthesis at head of each
column.
2
Average of last half of month.
* First of month.
* End of month.
» Beginning of month—not always the 1st.
' Average for the month.
' 38 commodities prior to 1920; 76 commodities
during 1921. End of month.
8 Basei upon price of 52 commodities during
1920;
53 during 1921.
9
End of year and end of month,
w 15th of the month.
"Middle of month.
1J
July 1,1913, to June 30,1914-100.
« April, 1914=100.
•* July 1,1912, to June 30,1914= 10C.
is July, 1914=100.
i« Dec. 31,1913, to June 30,1914= 100.
" J a n u a r y , 1914=1.
'« December figure.
" January figure.
As of last Wednesday in month.
February, 1913-100.
As of Jan. 1.
» End of July, 1914-100.
2*
Jan. 1,1913, to July 31,1914= 100.
25
July, 1914=1.
26
1913 average-1.
" Corresponding month \n 1913= 100.
20
21
22
135
602
F E D E R A L , R E S E R V E TJTTT.T.Tf.TTNr,
The foreign index numbers published on the
two preceding pages are constructed by various
foreign statistical offices and are sent to the
Federal Reserve Board by cable. The Swedish
Board of Trade index was described in the July,
1922, BULLETIN, page 816; references to BULLETINS in which other indexes are described
may be found in the issue for January, 1923.
Index numbers showing the price levels of
separate groups of commodities in the United
States and many foreign countries are pre-
MAY,
1923.
sented below and on the following pages.
These group index numbers are published only
occasionally, but the most recent figures may
be obtained from the Division of Analysis and
Research at any time upon request.
A comparative summary table showing the
board's international index for the United
States, England, Canada, France, and Japan
appears on page 597. Group index numbers,
computed as part of this international series,
will be found on pages 598 and 599.
GROUP INDEX NUMBERS—UNITED STATES-COMMODITIES IN BUREAU OF LABOR STATISTICS INDEX REGROUPED BY
FEDERAL RESERVE BOARD.
Raw materials.
Agricul- Animal Forest Mineral
Total
tural
raw maproducts. products. products products. terials.
(21)
(21)
(35)
(88)
(11)
Year and month.
1913.
1919.
1920.
1921.
1922.
1922.
January
February.
March
Ap
April
May
June
July
August
September.
October
November.
December..
1923.
January..
February.
March
Producers'
goods.
(117)
ConAll
sumers' commodigoods.
ties.
(199)
(404)
100 i
251 |
255
134
145
100
221
186
110
125
100
211
311
165
185
100
179
236
184
207
100
217
228
142
158
100
179
215
135
128
100
211
231
159
151
100
206
226
147
149
130
140
141
145
152
146
147
138
136
147
160
161
109
121
122
120
122
123
130
127
132
132
129
128
167
166
165
167
174
186
188
191
199
204
207
210
178
177
178
180
202
211
241
261
236
218
209
208
139
146
147
148
157
159
171
173
168
166
166
167
123
118
120
122
125
127
129
129
132
135
136
135
146
148
150
149
150
151
152
149
150 |
152
155
157
138
141
142
143
148
150
155
155
153
154
156
156
164
170
174
125
123
123
215
220
227
213
207
202
168
167
167
136
141
148
155
155
156
156
157
159
GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS.
Foods.
Year and month.
(110)
1913
1919
1920
1921
1922
All
Miscellaneous. commodities.
(25)
(404)
100
231
218
124
133
100
175
196
128
117
100
206
226
147
149
122
131
130
129
132
131
135
131
133
138
143
145
117
117
117
116
116
114
114
115
116
120
122
122
138
141
142
143
148
150
155
155
153
154
156
156
143
142
143
124
126
127
156
157
159
1922.
January
February..
March
April
May
June
July
August
September.
October
November.
December..
1923.
January
February...
March
MAY,
1923.
603
FEDERAL RESERVE BULLETIN.
GROUP INDEX NUMBERS—BELGIUM—MINISTRY OF LABOR.'
Year and month.
Food
products.
Fuel.
Metals.
Petroleum
products.
Pottery.
Glasswares.
(15)
(4)
(15)
(7)
(10)
(2)
Chemical
products.
(12)
Fertilizers.
Fats.
Textiles.
(7)
(21)
Building
materials.
(13)
Hides
and
leather.
(9)
(126)
1922.
January
February
March
April
May
June
July
August
September
October
,
November
December
1923.
January
February
359
346
342 i
347 !
337
327 :
304
326
349 !
339 |
447
443
430
407
392
392
400
405
"457'
462
462
330
311
306
313
318
319
329
334
343
368
390
390
436
422
384
359
357
360
366
352
347
333
349
337
528
520
526
518
533
525
530
531
575
600
605
596
415
386
360
325
325
337
337
337
337
360
378
378
345
341
334
326
321
321
321
322
322
339
358
377
339
342
369
358
348
333
328
352
364
374
385 !
388 !
303
302
292
279
283
293
307
298
303
334
349
349
394
380
370
360
399
432
440
444
444
477
523
521
361
357
355
351
346
358
351
358
365
361
375
377
301
295
286
282
282
282
286
286
293
302
322
322
366
356
350
344
348
358
360
360
364
385
408
407
514
579
467
525
360
383
617
619
37S
522
377
407
443 !
379
422
563
598
390
405
317
334
434
474
Foods.
Other
commodities.
353
407
397
GROUP INDEX NUMBERS—DENMARK—FINANSTIDENDE.«
Other
comFoods. modities.
Year and month.
1920—January
1921—January
1922—January
February
March
April
May
285
319
175
172
174
172
176
374
356
180
180
186
181
178
All
commodities.
Year and month.
340 | 1922—June
July
341
August
178 j
177
September.
October
182
178
November.
December..
177
Foods.
Other
commodities.
All
commodities.
178
177
176
177
172
181
183 I
182
186
186
179
182
178
181
Year and month.
179
180
180
178
176
180
182
1923—3 anuary
February
March.
April.
May...
j
I
179
184
183
197
204
207
209
All
commodities.
181
192
199
200
204
GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU. 8
Animal Vegetable
foods.
foods.
Year and month.
(8)
(8)
436
1919, April
1920 April
1921 4.pril
277
522
396
.
1922.
April
May . . .
July
October
April
All foods. Minerals. Textiles. Sundries
236
(20)
447
359
506
372
309
289
306
303
341
362
362
363
359
354
288
285
310
310
318
293
292
279
283
289
318
326
320
319
334
339
S36
333
311
345
387
300
388
322
412
413
413
332
333
322
508
491
498
364
(7)
336
511
348
341
1923.
Sugar,
coffee,
cocoa.
(4)
243
332
588
347
350
324
314
468
341
328
324
323
322
326
330
341
347
363
311
300
297
303
313
322
334
339
357
369
365
373
306
307
314
317
325
325
331
329
337
352
346
533
377
404
399
426
390
553
541
530
410
417
416
439
447
433
302
258
363
301
317
335
334
341
330
327
318
313
331
242
242
245
249
255
265
275
279
309
305
345
326
319
338
372
392
421
418
367
311
598
371
330
653
328
953
314
402
397
393
387
335
507
281
349
(12)
(6)
All inAll
dustrial commodmaterials.
ities.
(25)
(45)
.446
473
362
387
422
424
415
GROUP INDEX NUMBERS—GERMANY—FEDERAL STATISTICAL BUREAU. •
Year and month.
1919, April.
1920, April.
1921, April.
January,.
February.
March
April
May
June
July
1922.
' A p r . 15, 1914 = 100.
Domestic Imported All comgoods.
goods. modities.
(22)
(16)
(38)
287
302
1,192
1,280
3,441
1,560
1,567
1,326
3,383
3,763
5,027
5,985
6,026
6,540
9,300
5,075
5,800
7,463
8,203
8,617
9,479
13,854
3,665
4,103
5,433
6,355
0,458
7,030
10,059
2
Year and month.
August
September
October
November
December
1922.
January
February
March
July 1,1912-June 30,1914-100.
,
Domestic Imported All comgoods.
goods. modities.
(10)
(22)
(38)
16,545
25,815
49,853
95,290
128,330
32,491
43,113
90,343
214,150
243,230
19,202
28,698
56,601
115,100
147,480
239,005
494,200
450,300
475,832
879,600
081,600
278,476
558,500
488,800
1923.
5 1913=100.
604
MAY, 1923.
FEDERAL RESERVE BULLETIN.
GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG.*
Foodstuffs
and
luxuries.
(26)
Year and month.
1920, January
1921, January
Textiles
and
leather.
(16)
(18)
(17)
Industrial
finished
products.
(21)
All commodities.
(98)
2,611
2,325
2,749
2,780
1,101
1,776
1,465
1,704
1,965
2,130
3.840
4,300
5,211
6,330
6,649
6,967
8,323
13,691
29,175
38,959
88,980
144,753
5,789
6,281
6,805
8,551
9,626
11,001
19,661
32,184
66,157
153,896
266,622
5,178
5,525
6,810
8,585
9,305
10,141
12,168
18,355
42,648
54,905
128,982
219,395
3,149
3,492
4,201
5,288
5,961
6,413
6,881
10,993
21,605
32,134
134,177
3,347
3,581
4,060
4,972
5,982
6,341
7,292
10,001
22,664
35,025
57,683
118,385
4,217
4,599
5,420
6,703
7,384
7,851
9,102
13,978
29,116
43,223
94,492
166,495
175, 845
555,005
536,100
535,000
320,632
1,413,673
945,000
834,900
262,212
931,239
829,800
782,200
177,752
534,734
694,900
643,400
151,793
476,564
551,400
531,500
205,417
715,881
677,000
639,300
1923.
January
February
March
April
Miscellaneous.
1,972
2,019
1922.
January
February
March
April
May
June
July
August
September
October
N ovember
December
Minerals.
9,228
72,038
GROUP INDEX NUMBERS—ITALY—RICCARDO BACHI s
Vegetable
foods.
(2?)
Year and month.
1920 March
1921, March
. . .
1922.
March
April
May . .
June
.
. .
.
. ...
July
August
. . .
October
December. . .
.
. . .
1923.
March
April
Animal
foods.
Chemicals.
Textiles.
(13)
(11)
(12)
Minerals Building
Other
and
mate- vegetable Sundries. All commodities.
metals.
rials.
products.
(16)
(12)
(6)
(100)
(5)
93
108
83
117
97
87
116
64
105
72
82
113
102
123
93
104
96
97
112
109
107
105
106
109
112
115
112
113
112
110
114
112
96
103
94
97
100
100
110
114
112
110
73
73
72
70
67
67
68
69
70
72
71
69
72
68
65
63
66
74
76
78
80
85
82
78
64
62
59
58
58
57
61
63
65
69
67
65
92
91
84
82
79
76
79
81
81
86
88
88
112
111
103
92
96
105
113
119
120
134
127
129
94
92
87
88
88
87
91
93
95
96
100
94
92
90
85
84
84
86
89
92
93
96
96
93
109
109
109
111
108
108
110
114
69
70
70
70
81
83
90
83
63
64
67
66
88
86
85
83
125
130
129
128
91
92
92
93
92
93
94
94
GROUP INDEX NUMBERS—NORWAY—0KONOMISK REVUE.'
Year and month.
Animal
foods.
Vegefoods.
Feedstuffs
and fertilizers.
Coal
and
coke.
Petroleum
and
benzine.
Iron.
Metals.
Building
Hides
and
ma- | Textiles
terials.
leather.
1920, A p r i l . . .
1921, A p r i l . . .
299
283
301
304
289
279
871
317
196
343
603
295
232
166
329
1922.
January
February
March
April
May
June
July
August
September...
October
November...
December
244
236
222
213
209
227
248
238
238
223
222
220
256
250
245
241
237
241
244
216
208
201
200
200
224
220
217
214
215
215
215
206
203
199
200
279
279
279
263
250
250
267
258
258
258
258
250
276
256
203
203
203
203
203
193
193
186
186
180
268
263 I
232 |
230
233 !
248 I
253
248 !
249 !
233 I
224 I
215 !
183
165
161
159
160
165
165
162
161
166
157
157
1923.
January
February
March
April
210
215
208
208
198
200
202
205
198
199
202
205
252
278
354
345
165
150 :
178 i
184
225
270
275
272
157
170 ;
179
179
< July, 1914-100.
> 1920= 100; new series beginning January, 1922.
Pulp
wood.
Paper.
All
commodities.
396
329
279
199
295
365
413
354
297
279
274
262
260
180
182
179
179
185
185
185
183
316
310
219
219
190
185
245
242
240
239
242
234
244
245
183
183
177
177
287
280
280
279
272
272
272
270
332
327
309
304
293
266
263
266
266
266
266
266
260
253
240
236
231
230
232
227
225
221
221
220
179
179 i
177 !;
177
177
179
179
179
263
257
262
264
264
264 i
264
220
224
229
231
177
141
141
141
141
141
161
161
251
252
264
268
< Dec. 31, 1913-June 30,1914=100.
MAY,
1923.
605
FEDERAL RESERVE BULLETIN.
GROUP INDEX NUMBERS—SPAIN—INSTITUTE OF GEOGRAPHY AND STATISTICS.'
Year and month.
Animal Vegetable Liquors.
foods.
foods.
Total
food.
(16)
(36)
(11)
1920, March
1921, March
January
February
March
April
May
June
July
August
September
October
November
December
(9)
Fuel
Textiles
and
and
lighting. leather.
(8)
(6)
219
197
193
178
191
163
200
180
289
200
204
198
202
200
194
187
203
202
197
207
200
168
165
168
170
168
169
166
164
159
158
160
162
155
157
158
169
170
170
166
165
163
160
159
158
175
175
174
179
178
176
172
188
177
181
192
191
161
161
155
152
238
All
Total
Building Chemi- industrial
Metals. materials.
comcals. materials. modities.
(16)
(38)
(74)
(8)
(10)
252
145
184
178
222
158
158
153
154
149
151
152
151
151
151
151
149
247
149
151
229
232
255
1922.
January
February
1923.
175
186
186
179
172
173
171
174
173
173
169
169
151
145
141
140
144
148
151
147
148
153
161
161
169
168
166
167
166
165
188
173
247
251
249
245
242
244
242
242
230
232
229
230
214
238
210
193
168
167
184
181
180
181
179
180
178
ISO
179
177
180
178
178
175
175
174
172
174
172
164
166
163
163
158
158
156
144
175
175
173
173
171
143
171
144
172
152
150
170
170
GROUP INDEX NUMBERS—SWEDEN—G8TEBORGS HANDELS OCH S J S F A R T S T I D N I N G . 8
Year and month.
Vegetable Animal
foods.
foods.
(6)
1919, March
1920, March
1921, March
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
(7)
Raw
materials
for agriculture.
Coal.
Metals.
Building
materials.
Wood
pulp.
Hides
and
leather.
Textiles.
Oils.
All commodities.
(5)
(2)
(5)
(7)
(3)
(5)
(5)
(2)
(47)
276
270
238
438
304
229
356
318
240
814
960
279
317
291
185
288
367
298
323
682
510
168
170
173
174
176
174
174
168
146
143
132
136
173
159
153
156
154
165
164
168
179
166
171
155
202
170
168
169
170
170
167
162
160
158
159
162
179
186
170
177
179
155
160
167
169
169
175
178
131
130
129
128
124
121
121
123
119
117
117
117
228
226
225
229
212
209
215
213
215
216
208
209
178
167
159
147
144
149
149
154
160
178
181
137
141
142
161
156
147
163
159
159
184
214
267
117
118
130
211
206
206
185
190
190
174
268
85
134
275
268
354
354
237
144
138
140
140
156
172
179
170
171
176
194
198
179
179
179
162
154
154
154
154
150
150
150
150
170
166
164
165
164
154
165
163
158
155
154
155
205
213
216
150
150
150
156
158
162
1922.
104
97
91
90
86
87
88
90
90
91
1923.
89
GROUP INDEX NUMBERS—SWITZERLAND—DR. J. LORENZ.'
Year and month.
Consumers
goods.
(33)
1921, April..
January...
February..
March
April
May
June
July
Agricul- IndusAll
tural
comtrial
products. products. modities.
(12)
(71)
(26)
257
166
197
219
1S9
181
179
171
165
166
167
155
151
151
145
148
140
141
170
169
173
165
165
170
171
176
171
171
163
161
160
161
1922.
' 1913-100.
Year and month.
August
September
October
November
December
January
February
March
8 July 1,1913-June 30,1914-100
Consumers
goods.
(33)
Agricul- IndusAll
trial
comtural
products. products. modities.
(12)
(71)
(26)
168
167
168
173
174
148
153
150
155
155
168
166
166
175
176
163
163
163
169
170
176
163
177
162
181
206
180
193
172
175
181
186
1923.
July, 1914=100.
606
FEDERAL, RESERVE BTJLUSTIN.
MAT,
1923.
GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE, w
Year and month.
1920, March
1921, March
January
February
March
April
1922.
June
July.
August
September
October
November
December
January
February.
March
1923.
GROUP INDEX NUMBERS—UNITED KINGDOM—STATIST.'»
Vegetable
foods.
(8)
Year and month.
l919,Mareh
1920, March
1921, March
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
1922.
:
1923.
!
i
i
Minerals. Textiles. Sundries. Materials.!
Foodstuffs.
Animal
foods.
(7)
(9)
(4)
(8)
(7)
I
(26)
(11)
All
commodities.
(45)
240
342
214
205 |
237
262
238
393
182
223
300
232
154
263
179
235
360
171
246
318
221
213 |
312 !
193 \
217
307
160
167
164
168
167
166
165
J41
137
143
143
140
170
173
190
206
199
196
187
186
178
175
175
181
140
138
147
149
147
154
156
156
151
161
166
164
162
166
174
183
179
178
174
165
159
161
162
163 j
123
117
118
120
123
122
125
124
126
129
127
127
175
172
162
156
163
167
166
166
166
173
174
171
159
158
157
152
154
155
151
146
146
146
147
140
152
149
146
143
147
147
147
144
145
148
148
145
'
156
155
157
158
159
152
159
157
150
153
153
152
138
134
133
177
178
173
167
188
209
161 |
163
163
132
141
146
172
164
161
144
147
148
148 ;
150 !
151 !
153
155
156
|
!
'
:
!
GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABOR."
Year and month.
Grains Animals
and
and
fodder. meats.
(15)
1919, A p r i l . . .
1920, April....
1921, April...,
1922.
January
February
March
April
May
,
June
July....
August
,
September
October
November
December
1923.
January
February
March
1913-100.
(17)
210
Dairy
products.
(9)
Fruits
and veg- Other
foods.
etables.
(20)
(25)
j Hides,
Textiles.! leather,
etc.
(20)
217
291
154
200
169
184
196
161
197
316
162
213
264
284
328
191
133
145
149
152
153
143
143
127
121
119
126
127
129
135
138
143
144
144
143
138
132
131
125
127
149
141
122
127
116
115
122
120
128
141
152
160
186
204
204
203
202
185
178
156
137
139
155
159
155
155
158
157
154
153
154
152
156
153
154
154
125
129
129
126
128
125
151
150
151
155
162
162
159
163
161
(11)
Metals.
(23)
BuildImple- ing ma- Fuel
and
ments. terials, lighting
lumber.
(10)
(10)
(14)
Drugs All comand
modichemities.
cals.
(16)
(271)
166
239
116
162
214
145
223
237
241
153
268
229
206
246
226
210
201
180
206
261
187
176
174
174
174
175
180
184
181
181
183
185
182
99
97
96
95
95
99
100
105
105
103
106
102
142
141
137
135
136
137
138
142
144
146
147
148
231
216
213
213
213
213
216
216
218
218
218
218
180
179
174
174
173
173
178
179
179
180
181
184
206
204
206
206
218
221
234
257
243
232
221
225
163
164
166
165
166
162
160
161
160
159
160
160
168
169
166
166
167
165
166
164
163
162
164
165
184
185
102
102
102
150
150
159
218
218
213
184
184
186
226
221
222
159
159
158
165
166
167
I
MAT, 1923.
607
FEDERAL RESERVE BULLETIN.
GROUP INDEX NUMBERS—AUSTRALIA—BUREAU OF CENSUS AND STATISTICS."
! Metals Textiles. AgriculDairy \ Groceries
tural
and coal.
productsJ
products.
! tobacco.
(10)
(16)
(21)
(0)
Year and month.
1919, March.
1920, March.
1921, March.
136
162
207
142
160
198
147
146
178
261
298
303
309
280
234
169
209
181
185
184
182
181
179
178
176
172
171 i
170
169
169
139
136
137
140
150
159
156
147
157
164
188
181
140
142
144
144
149
148
153
156
160
156
168
159
118
119
121
134
155
152
156
144
145
140
134
126
188
187
186
184
184
183
181
181
180
181
169
170
92
93
91
92
109
116
119
124
124
132
118
113
196
195
187
190
180
169
168
168
169
179
191
204
200
194
190
192
190
188
199
199
192
188
184
184
147
147
146
148
155
156
157
155
158
159
162
161
169
168
165
190
198
199
164
157
160
134
140
151
170
170
171
122
116
117
198
190
185
188
194
193
163
161
163
j
1923.
(92)
(7)
161
226
176
1922.
January...
February..
March
(10)
(5)
All commodities.
185
281
107
200
205
203 j
January
February..
March
April
May
June
July
August
September.
October
November.
December..
Building Chemimaterials. cals.
Meat.
July, 1914=100.
GROUP INDEX NUMBERS—DUTCH EAST INDIES—STATISTICAL BUREAU."
Year and
month.
Grains
and
meats.
Other
food- Textiles. Minerals.
stuffs.
Miscellaneous.
AU
commodities.
1919, January.
1920, January.
1921, January.
229
256
230
220
248
225
252
380
185
169
233
230
233
254
211
223
281
214
1922.
January
February
March..
Aprii...
161
168
174
179
185
181
194
188
166
162
162
157
149
142
143
145
162
164
156
156
164
163
164
164
Year and
month.
Grains
and
meats.
Other
Minerfood- Textiles. als.
stuffs.
1922.
May
June
July
August
September.
October....
November
December.
185
191
188
190
192
197
198
199
185
178
177
156
155
157
153
153
168
177
174
175
174
180
187
185
145
141
145
141
142
145
143
144
Miscellaneous.
155
155
157
155
143
142
142
141
All
commodities.
166
167
168
163
159
163
164
163
12 J a n . 1,1914=100.
GROUP INDEX NUMBERS-INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS."
Year and month.
1919, March
1920, March
1921, March
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
Other
foods.
Oil
seeds,
Raw
jute.
AU
Co*on
Other comRaw manu- Other Hides
and Metals. articles. modifaccotton.
textiles. skins.
tures.
ties.
Cereals. P u l s e s .
Tea.
159
151
128
155
160
122
109
87
71
150
166
122
118
81
202
179
98
300
351
301
151
159
143
159
211
86
266
222
255
181
218
239
180
198
175
139
137
153
145
147 •
141
142
135
130
133
128
116
177
174
173
166
152
149
149
145
141
143
130
121
161
146
146
146
144
137
136
154
152
179
204
200
132
143
148
143
161
156
155
145
146
149
145
142
85
82
90
107
120
123
121
109
118
113
130
126
165
172
189
189
198
206
209
208
187
189
190
188
275
266
271
271
296
292
290
284
276
271
270
269
156
162
150
147
150
150
163
159
166
174
189
166
126
131
126
114
109
110
113
112
110
128
132
133
220
193
187
183
178
165
163
164
165
163
162
,160
236
241
260
259
261
251
225
213
214
218
212
221
178
179
182
182
187
183
181
178
176
177
178
176
114 I
121 I
119 ,
118
112
111
209
204
204
134
138
139
119
115
111
216
216
228
272
270
267
160
162
160
137
136
149
171
159
160
219
226
229
179
18C
181
1922.
1923.
»July, 1914-100.
608
MAY, 1923.
FEDERAL KESERVE BULLETIN.
COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES.
In the following tables are presented statistics showing the trend of retail food prices and
cost of living in the United States and certain other countries. Descriptions of these index
numbers were given in the BULLETINS for January and April, 1923. Wherever possible the index
numbers have been shifted to a July, 1914, base, instead of being shown on the different bases
used in the original computations.
INDEX NUMBERS OF RETAIL FOOD PRICES.
UNITED STATES AND
OTHER COUNTRIES.
EUROPEAN COUNTRIES.
Year and
month.
AusGerFrance many
tria
Bel- Bul- Czecho(Parslo(Vi- gium. garia. vakia.
(71
is).*
enna).
cities).
3
•1
13
15
>1
14
15
1100
452
501
100
210
ISO
100
319
295
100
191
184
100
297
232
100
239
207
100
215
145
100
227
148
100
194
161
100
167
164
100
191
139
25
26
31
36
43
45
48
71
111
176
288
605
831
576
559
546
524
530
148
149
143
137
136
137
140
139
141
143
136
137
257
245
238
234
230
227
233
232
228
179
179
181
176
173
162
153
152
153
153
152
153
155
156
156
139
139
136
136
136
138
139
136
137
140
142
144
149
143
142
138
138
137
138
141
139
138
139
140
142
140
141
143
147
146
148
149
149
146
145
146
147
145
141
144
145
143
144
141
139
139
139
138
121
119
190
188
183
179
178
179
178
178
177
190
189
185
182
178
179
179
181
180
178
170
168
1 336
542
527
523
140
214
214
211
180
181
166
165
155
154
141
139
139
142
142
145
145
144
138
139
141
117
1
100
459
410
100
1,694
1 612
100
100
373
306
.
904
. 1,043
. 1,374
. 2,421
. 3,282
. 7,224
.13,531
11 907
. 11,145
. 10,519
748
871
417
399
382
378
379
384
381
377
386
406
432
429
2 259
2 364
2,3S0
2,456
2,632
2 379
2,431
2,475
2,478
2 506
2,520
2,575
1 467
1.461
,414
,415
,444
475,430
,290
,105
'984
962
319
307
294
304
317
307
297
289
291
290
297
305
51
68
97
154
266
550
807
1923.
Jan. . . 10,718
. 10,784
Feb
Mar
426
439
439
941
934
926
309
316
321
1 366
3,183
3,315
1914, July
1920, July
1921, July
1922.
Feb
Mar
Apr
May
.
July
Aug
Sept
Oct.
NOT
Dec
1
(11 f,
2
Average for 1913.
NetherGerSpain Swe- Swit- United Can- Aus- New South
many Italy. lands Nor- (Madzer- States. ada. tralia. Zea(Am- way. rid).* den. land.2
(Berland. Africa.
sterlin).
dam).
30
36
44
47
3,319
522
531
537
555
561
557
220
216
215
Includes, in addition to foodstuffs, certain items of fuel and light.
IIS
121
12C
lit
116
ne
HI
us
120
118
' J u l y , 1914-1.
COST OF LIVING INDEX NUMBERS.
UNITED STATES AND OTHER COUNTRIES.
EUROPEAN COUNTRIES.
Year and
month.
1914, July..
1920, July..
1921 July
NetherAusFrance Gef- Gerlands Nortria
Bel- Fin- (Par- many many Italy
(Mi(71 (Ber- lan). (Am- way.
(Vien- gium. land. is).
stercities). lin).
na).
dam).
il
2 100
404
100
931
1,214
100
341
307
»1
9
11
U
11
11
100
441
449
18
22
26
32
35
38
50
70
114
195
400
612
19
22
27
32
35
41
61
103
164
261
565
868
523
522
503
490
492
488
488
491
498
504
505
504
1,034
2,408
2,627
2,764
1,291
2,814
2,608
505
497
5 100
217
208
100
302
302
192
266
i87
255
175
249
176
238
Poland.
United Can- India New South
Swit- United United
States ada. (Bom- Zea- Afrizer- King- States
(32 (Mass.).
bay). land. ca.
land. dom. cities).
«100
257
205
469
481
524
586
639
684
788
908
1,077
1,284
1,710
2,310
186
175
170
162
156
155
159
154
100
252
219
1 100
217
180
100
198
158
100
190
155
100 »100
190
177
154
154
152
152
152
152
153
152
152
153
154
154
149
148
146
145
145
146
146
147
147
147
147
148
173
165
165
162
163
163
165
164
165
162
160
161
157
156
153
152
152
151
150
150
150
149
149
148
122
120
120
122
122
121
120
120
120
121
122
121
154
155
154
149
150
152
156
155
154
148
120
•100
133
1922.
Feb
Mar
Apr
May
June
July
Aug...—
Sept
Oct
Nov
Dec
669
770
792
875
1,093
1,871
2,645
5,932
11,306
10,363
9,701
9,375
418
395
372
368
365
373
372
369
384
406
,432
429
9,454
9,601
10,238
425
436
434
1,124
) 12ft
t 107
1,109
,111
1,137
1,142
1,159
1,160
17R
I! 169
1,158
291
302
289
""366'
154
155
158
158
1923.
Jan.
Feb
Mar
1,150
1,149
3 527
237
5,713
158
157 !
158
192
188
186
182
181
180
184
181
179
178
180
180
167
167
•
166
170
178
177
176
174
1
1 July, 1914=1.
2 Apr. 15,1914=100.
3 1913-14=1.
* August, 1913-July, 1914=. 1.
»8 1910-11=100.
June.
7
Juiy, 1913=100.
« 1909-1913=100.
• 1910 = 100.
1
10
Average for year.
MAY,
1923.
609
FEDERAL, RESERVE BULLETIN.
INDEXES OF INDUSTRIAL ACTIVITY IN FOREIGN COUNTRIES.
UNITED K I N G D O M .
PRODUCTION.
Raw
cotton,
Fin- visible
ished sup- 3
steel. ply-
IMPORTS.
TRANSPORTATION".
Unemployed
among
Iron
Ves12,000,CoV
and
sels
Ves000 inton
Raw
Raw
Raw wet under sels
steel
sured
Coal. cot- wool.
manu- manucon- clear- Net Total perfacton.
hides.
freight
facstrucing.
sons.
tonretures. tures.
tion.
miles ceipts.
British
railways.
Coal.
Steel
inPig gots
iron. and
castings.
Long
tons.1
Long Long Long
Long Square Long
tons.1 tons.1 tons.1 Bales.1 tons.1 yards? tons.1 Lbs.1' Lbs?
Year and
month.
Montlily a v:
EXPORTS
Lbs.1
Gross
tons.1
Ton- £ sterTons.1 miles? ling.1
639
855
670 I 7.VS
218
302
408
486
646
238
349
1,397
1,234
1,064
414
271
142
283
4 596
374
244
352
6,117
2,078
2,055
5,350
181
158
98
119
67
73
63
92
7,757
4,508
5,368
5,500
2,003
3,603
3,313
1,810
5,652
3,049
3,032
4,974
19,921
« 22,875
19,146
15,827
June
23,135
July.
. .
19,050
August
September.. 5 25,681
21,207
October
November.. 21,712
December.. 5 25,841
390
394
408
369
399
412
430
482
494
534
549
404
462
400
473
528
556
565
601
546
369
294
334
316
345
338
386
393
410
407
1,112
1,181
1,143
1.111
890
864
853
882
1,056
1,138
296
258
272
236
252
270
279
347
372
341
307
305
345
315
447
381
400
357
402
364
5,201
4,097
5,057
4,794
5,064
6,146
7,083
6,196
6,571
5,955
83
101
120
127
111
81
60
128
183
205
123
117
138
97
79
107
52
60
60
70
5,116
3,543
3,353
3,105
8,277
8,154
8,220
5,701
6,160
5,711
2,236
4,814
4,187
5,104
4,975
4,828
5,855
5,731
5,590
5,653
5,145
1923.
21,219
January
February... 22,247
5 27,577
March
568
543
634
634
707
803
480
1,123
1,104
1,024
353
318
404
346
5,612
5,903
135
130
98
84
5,041
3,935
23,953
19,108
18,388
20,996
1913
1920
1921
1922
1922.
March
April
May
1,920
1,617
1,469
Per
cent.
1,546
1,108 «9,074
1,527 11,143
1,236 9,198
1,379 10,442
1,160 8,903
1,369 9,561
1,455 9,398
1,464 9,204
1,545 9,922
1,568 9,954
5,281
4 985
1,492
Net
Unemployed
among
trade
unionists.
profits
of
industrial
companies.
Per
cent.
Per
cent.
13.8
13.3
2.1
2.4
15.3
15.4
14.6
14.4
13.5
12.7
12.3
12.0
12.0
12.0
12.4
12.2
16.3
17.0
16.4
15.7
14.6
14.4
14.6
14.0
14.2
14.0
12.7
11.8
11.1
13.7
13.1
12.3
11.7
15.2
10.3
7.0
7.2
5.9
9.1
9.9
l
3
1
Figures for end of the month.
4
Expressed in yards.
In thousands; 000 omitted.
2 In millions; 000,000 omitted.
5 Figures for 5 weeks.
•11 months average.
FRANCE.
TRANSPORTATION.
PRODUCTION.
Year and month.
Pig iron.
Monthly average:
1913
1920
1921
1922
Metric
tons.1
5 434
286
280
427
Crude
steel.
Cotton
stock at2
Havre.
Metric
Bales.1:*
tons.1
274
5 391
225
264
169
255
148
373
Total. ! Total.
Metric \
tons.1 I
1,840 I
1,071
1,333
1,885 I
UnemJoyed
iving
Receipts municipal
Raw
Raw
daily
Coal
for
of princi- aid in
cotton for silk for consump- Vessels
freight
pal railcleared.
consump- COJ>nsump- tion.
Paris.
car
tion.
tion.
loadings. ways.s
Metric
1
Metric
tons.
629
390
206
480
tons.
3,685
4,211
3,165
4,281
Metric1
tons.
Tons.1
2,176
1,412
1,803
2,229
2,153
2,081
1,538
2,058
1,829
1,631
1,767
1,692
1,768
1,965
2,177
1,744
1,934
2,088
2,340
2,473
2,523
2,399
2,359
2,336
2,455
2,366
47,741
49,676
47,225
49,055
49,585
50,031
50,875
54,431
57,185
56,046
55,848
481,088
472,779
608,764
472,607
504,431
651,720
546,310
720,210
563,314
532,152
691,539
4 385
3 546
2,447
1 636
958
602
606
410
272
2,146
54,432
55,890
56,528
484,566
496,581
516,463
684
666
588
1922.
February
March
April
May
June
July
August
September...
October
November...
December...
323
386
383
442
416
428
447
462
503
513
513
317
367
324
364
358
369
397
407
430
410
414
163
127
138
169
145
153
135
99
131
158
197
1,520
1,570
1,794
1,538
1,799
1,936
1,788
2,616
2,034
2,034
2,429
4.126
4,434
3,787
4,396
4,307
4,223
4,512
4,138
4,543
4,577
4,930
14,714
20,978
17,391
18,090
32,380
26,325
16,291
17,302
27,877
20,387
36,468
467
408
207
404
391
596
579
550
722
526
436
408
290
203
169
125
1,896
2,490
1,822
4,111
3,884
4,087
33,275
238
305
Francs.1 j Number.
«165,892
022
479,894
20,671
516,397
557,194
1 679
1,558
2,005
1,472
1,861
Number.
51,107
285
414
1923.
January
February
March
1
In thousands; 000 omitted.
' End of the month figure.
• Railways included are: State Railways, Paris-Lyon-Me'diterrane'e, Nord, Origans, Est, Midi, Alsace-Lorraine, and Guillaume-Luxembourg.
* Bale of 50 kilograms.
s
Figures do not include Lorraine.
6
Excludes the Alsace-Lorraine and GuiUaume-Luxembourg Railways.
610
M A Y , 1923.
FEDERAL RESERVE BULLETIN.
GERMANY.
EXPORTS.1
PRODUCTION.
Year and
month.
IMPORTS*.!
MaIron chinery Dyes
and
and
Coal
and
elecand Lignite. iron
dyecoke.
manu- trical stuffs.
factures. supplies.
Half
manufac->
tured
silk.
Raw
wool.
Coal.'
Cotton.*
Metric Metric
tonsfi tonsfi
17,003 7,266
13,043 9,303
13,664 10,241
10,863 11,432
Metric
tons.
541,475
145,883
203,681
220,803
Metric Metric Metric Metric Metric Metric Metric
tons.
tons.
tons.
tons.
tons.
tons.
tonsfi
920 43,424 1,225
60,919 21,812 2,881,126 16,608
»232 12,490
538
46,772 8,462 608,749 M,025
39,037 8,530 518,937 11,860
393 30,894
619
49,147 12,731 421,835 15,910
407 21.483 1,003
1922.
February
March
April
May
June
July
August
September
October
November
December
13,655
15,931
13,800
14,669
11,416
11,972
12,780
12,623
13,329
12,986
12,251
10,091
12,260
10,634
11,437
10,487
11,411
12,147
11,823
12,078
11,896
11,897
172,709
211,979
200,677
209,432
213,220
212,365
198,408
244,012
246,074
233,553
285,464
45,689
48,813
46,112
47,354
49,347
44,162
50,978
40,150
50.699
41,644
85,350
1923.
January
February
1.987
9,104
669,433
795,200
795,940
701,941
528,766
199,961
121,359
110,245
125,670
137,341
123,826
26,202
26,988
24,091
25,619
15,723
14,119
11,011
236,709 42,209 13,651
209,965 34,438 12,077
90,626
120,947
11,448
10,240
8,708
10,023
9,198
8,828
Applicants
for
every
100
available
positions.
Arrivals of
vessels in
Hamburg.
Iron4
ore.
Monthly av.:
1913
1920
1921
1922
9,332
12,299
11,095
12,629
16,335
12,671
12,616
13,477
15,187
11,110
16,472
UNEMPLOYMENT.
SHIPPING.
Number. Tonsfi
1,256
1,182
401
374
700
794
907 1,084
Number.
BusiUnem- ness
ianployed foil
persons ures
receiv- during
month.
ing
State
aid.
Number*
Number.
i<59
165
366
310
77
331
744
84
440 26,130
462 24,070
486 26,112
436 22,037
435 26,085
459 20,915
342 13,959
371 10,584
425 20,622
297 25,942
17,915
493
810
866
1,519
1,159
962
997
1,090
1,316
842
1,038
461
894
972
1,143
1,092
793
1,005
945
1,016
877
936
716
969
,112
244
,287
1,065
1,171
,208
1,272
1,046
,041
145
113
113
107
103
106
109
122
129
155
165
203
213
116
65
29
20
15
12
17
25
43
123
151
107
95
91
81
59
45
46
28
42
26,382
19,035
867
269
993
900
1,142
1,047
195
82
23
15
254
244
1
2
Export and import figures for first 4 months of 1921 not available; 1921 averages based on 8 months.
Not including coal for reparations account.
»Includes
linters.
4
Includes manganese ore.
»6 In thousands; 000 omitted.
Average based on 6 months.
7
Coal-proiuction figures unavailable after January.
SWEDEN.
PRODUCTION.
Year and month.
Pig
iron.
IMPORTS.
EXPORTS.
Iron and Unplaned
steel ingots. boards.
TRANSPORTATION.
Paper
pulp.
Coal.
Vessels
entered.
Vessels
cleared.
Freight
carried
on State
railways.
UnemBusiness
ployed
workmen failures
during
per 100
vacancies. month.
61
39
26
22
Metric1
tons.
49
37
17
26
Cubic
meters.1
328
306
162
320
Metric
tons.1
71
73
40
87
Metric
tons.1
408
234
122
220
Net tons.1
1,147
677
519
594
Net tons.1
1,147
692
482
642
Metric
tons.1
830
991
589
681
Number.
112
107
276
290
Number.
317
196
432
388
1922.
February..
March
April..
May
June
July
August... .
September
October... .
November
December
17
22
19
24
21
20
22
22
23
27
28
17
22
21
31
24
27
27
31
31
34
29
25
63
66
99
500
608
539
508
494
465
384
11
36
21
76
SO
89
104
113
144
189
156
62
197
206
230
172
214
294
229
270
302
346
285
617
524
600
596
625
694
684
699
705
655
255
509
485
633
738
787
836
808
822
751
671
630
730
622
578
645
715
765
776
799
796
635
479
381
368
257
215
203
172
155
177
269
321
398
513
400
430
362
374
300
371
335
353
309
1923.
January
February..
March
22
6
15
0.4
97
45
38
41
12
9
227
201
218
557
669
346
308
231
387
338
322
Monthly average:
1913
1920.
1921
1922...
1
Metric
tons.'
In thousands; 000 omitted.
611
FEDERAL RESERVE BULLETIN.
MAY, 1923.
CANADA.
Receipts
PRODUCTION.
of
Year and month.
1921 average..
1922 average..
1922.
January
February
March
April
May
June
July
August
September...
October
November...
December...
Pig
iron.
Crude
steel.
Tons}
50
32
Tons.1
1923.
January
February..
wheat
at
Fort
William
and
Port
Arthur.
Receipts at
stock yards in
Toronto and
Winnipeg.
Cattle. Hogs.
Planks
and
boards.
Feet?
85
166
56
41
Bushels} 1
14,447
20,363
NumNumber.
ber.
39,904 34,165
49,832 40,473
33
42
30
22
17
33
63
59
36
53
51
47
7,693
4,163
8,993
6,128
11,684
5,597
5,420
3,681
36,986
65,120
56,847
32,044
32,105
25 561
29,101
30,845
37,367
34,856
52,473
75,212
67,579
87,092
80,084
45,705
48
47
11,574 42,126 64,219
3,176 31,323 45,554
47,974
38,205
41,310
36,584
46,432
41,445
32,812
29,381
26,154
39,806
56,328
49,244
Lbs}
82 10,180
88 7,140
119 8,929
84 5,075
186 5 711
214 6,749
215 9,936
213 7,607
191 20,675
239 13,239
205 9,995
187 8,614
168
124
i In thousands; 000 omitted.
7,325
7,272
Coal.
Raw.
Machinery.
UnemPloy- •
Rail- meut Busiroad among ness
retrade
failceipts. union ures.
members.
Tens}
1,525
1,085
Lbs}
7,269
9,229
Dollars}
2,292
1,895
Dollars}
33,885
34,021
Per
cent.
12.5
124,012 6,103
87,039 5,602
117,543 6,042
62,153 1,940
105,197 14,207
168,169 11,760
155,502 9,487
169,611 11,587
180,068 9,233
154,019 37,593
173,180 55,316
140,001 40,669
1,069 11,007
1,148
8,758
1,857 12,538
896 7,320
548 9,788
412 8,438
427 7,518
440 8,459
663
4,276
1,465
4,383
2 127 11,284
1,964 16,980
1,685
1,600
2,410
1,637
1,999
2,008
1,559
1,963
1,918
1,931
2,114
1,986
26,706
2«,053
31,966
26,809
30,799
30,536
32,624
34,937
39,158
47,641
44,259
36,758
13.9
10.6
8.8
5.3
4.1
3.6
2.8
3.9
6.2
6.4
90
SO
90
59
67
64
60
64
65
72
76
82
139,749
100,929
1,876 20,026
1,601 12,428
1,981
2,033
30,686
7.8
6.4
88
82
Lbs}
87,871
136,375
Bushels}
12,238
17,462
9,740
7,129
Number.
7.1
9.6
10.4
47
74
* In millions; 000,000 omitted.
JAPAN.
PRODUCTION.1
Year and month.
EXPORTS.
Raw
silk
stocks,
I Silk
YokoCotton ! fabrics Paper. hama
maryarns. | (habuket.
taye).
Silk,
raw.
Silk
fabrics Cotton | and
(habu- yarns.
taye).
Monthly average;
1913
1920
1921
1922
Bales. Piculs?, Piculs. Piculs.
16,857 2,302 113,374
53,111 i 14,557 2,264 74,839
1,702
73,065
58,477 i 21,836
1,721
98,516
44,832 28,697
1922.
January.
February...
March
April
May
June
July
August
September..
October....
November..
December..
40,561 16,924
32,213 18,102
44,701 16,647
40,777 27,380
18,293 35,147
18,547 29,569
45,848 34,541
56,032 36,196
48,810 35,959
48,472 35,970
75,419 26,804
68,304 31,133
61,414
1,080
63,719
1,551
2,003 123,605
1,669 138,226
1,977 146,354
2,176 139,057
51,660
1,793
40,075
2,017
68,773
1,686
1,83.9 118,431
101,406
1^608 129,466
47,394 14,985
30,900 25,399
718
1,129
January.
February.
1923.
1
In thousands; 000 omitted.
TRANSPORTATION.'
19,124
24,990
24,194
21,725
£5,821
29,713
25,284
22,313
17,668
25,259
22,537
29,463
73,769 22,989
54,298 24,431
I
* One hiki equals two pieces.
3
1,161
1,168
1,084
707
580
190
433
731
766
330
339
805
2,749
2,817
3,094
2,971
3,287
3,024
2,987
3,119
2,849
2,784
2,895
3,049
41,724
93,411
64,865
76,416
24,753
68,415
37,431.
29,936
17,559
16,994
47,469
40,182
885 53.2S0
916 j 35,093
152
239
4,102 28,576
4,261 28,036
5,066 36,337
4,968 42,074
5,225 I 38,486
4,965 I 32,180
4,641 32,977
4,489 33,944
4,502 32,464
4,920 35,374
4,884 32,882
5,189 33,041
2,771
2,589
A picul varies from 133 to 140 pounds avoirdupois.
612
MAY, 1923.
FEDERAL RESERVE BULLETIN.
FOREIGN TRADE OF PRINCIPAL COUNTRIES.
In the following tables are presented figures from official sources showing the monthly
value of the foreign trade of a group of European countries, Canada, Brazil, India, Japan, and
the United States.
FOREIGN TRADE OF UNITED KINGDOM.
[In thousands of pounds sterling.]
Raw
mate- Articles
rials and;; wholly
or
articles mainly
mainly i manuunmanu-"ifactured
factured
Year and month.
Monthly average:
January
February
March
1922.
Articles Miscelwholly laneous,
or
includmainly
ing
manu- parcel
post.
23,485
59,196 !
22,598
24,853
16,134
37,787
20,421
19,160
64,061
161,387
90,458
83,660
2,716
4,245
3,122
3,027
5,825
12,126
5,297
8,501
34,281
93,312
49,055
47,451
45,261
40,097
43,075
39,936
38,817
37,762
35,555
j 38', 617
| 45,501
j 42,292
22,095
21,404
25,358
25,242
24,237
24,141
21,848
26,409
30,223
32,499
20.309
18,962
20,207
18,857
18,579
20,326
19,244
19,726
19,587
19,838
87,879
88,814
84,298
81,784
82,661
76,944
85,015
95,600
94,912
3,270
3,011
3,045
3,044
2,806
3,105
3,154
3,066
3,408
2,796
8,465
7,376
8,757
7,671
8,041
8,900
10,099
9,211
10,101
9,493
51,760
44,336
45,073
40,556
48,455
47,149
48,361
47,010
51,964
44,932
1,085
785
1,171
875
1,117
878
47,398
37,141
40,726
30,288
26,739
27,732
21,707
19,462
21,226
99,700
83,855
90,022
3,364
2,864
8,646
9,372
9,470
11,564
53,135
44,324
45.935
24,184
63,817
47,391
39,429
1913
1920
1921
1922
March....;
April
May.
June
July
August....
September.
October
November
December
Total.
Raw
mateFood, rials
and
drink, articles
and
mainly
tobacco. unmanufactured.!
1923.
307
513
338
Total.
Total
Reexports
exports. and reexports.
43,770
111,206
58,600
60,041
9,131
18,563
8,921
52,901
129,769
67,521
64,581
55,508
58,045
52,146
60,419
60,032
62,511
60,399
66,491
58,883
10,154
9,200
8,965
8,720
8,317
7,504
6,381
8,277
9,148
8,479
74.735
64,708
67,010
60,866
68.736
67,536
68,892
68,676
75,639
67,362
1,068 1 66,939
852 | 57,510
776 ] 60,921
9,798
76,737
67,333
70,007
1,523
1,126
1,062
897
1,112
1,018
1,662
.FOREIGN TRADE OF FRANCE.!
In thousands of francs.
Year and month.
Food
Uyi
1913..
1920..
1921 ".
1922..
1922.8
March.
April
May
June *
July
August
September..
October
November..
December..
January
February
March
1
2
1923.
-
Total,
In thousands of francs.
Food.
Manufac- !
Raw
tured i
materials. articles.
;
Post'
Total.
In
thousands of
metric
tons.
151,465
989,576
517,158
483,334
412,144
138,169
2,096,379 1,072,787
1,033,170
412,045
1,170,678
337,705
701,778
4,158,741
1,962,373
1,991,717
3,685
4,211
3,185
4,281
69,908
217,733
161,031
160,067
154,841
509,485
463,219
453,656
301,421
1,413,548
1,067,413
988,349
47,182
100,479
104,430
118,094
573,351
2,241,245
1,796,092
1,720,166
1,840
1,071
1,333
1,885
460,765
438,000
504,000
483,356
476,813
510,597
473,000
570,395
516,586
628,705
j
1,005,463 | 465,737
983,000
323,000
996,000
310,000
1,082,371
285,448
1,200,764
318,169
1,096,903
352,229
1,087,000
333,000
1,189,564
348,913
1,478,424
353,235
1,903,975
390,616
1,931,965
1,743,640
1,810,125
1,851,184
1,995,746
1,959,729
1,893,000
2,108,872
2,348,245
2,923,296
4,434
3,787
4,396
4,307
4; 223
4,512
4,138
4,543
4,577
4,930
130,595 456,930
136,000 461,000
132,000 ! 498,000
1,189,712
1,231,000
1,127,000
99,431
134,000
111,000
1,876,668
1 962,997
1,886,964
113,435 374,959
179,407 408,005
141,000 477,000
195,467 493,804
196,112 537,370
249,079 11,185,596
885,029
931,066
1,055,000
1,098,983
856,421
1,119,980
59,619
157,836
68,000
149,213
116,596
224,292
1,433,042
1,676,000
1,741,000
1,937,467
1,706,499
2,778,947
1,570
1,794
1,538
1,799
1,936
1,788
2,616
2,034
2,034
2,429
1,374,222
1,445,000
1,508,000
2,144,294
2,343,000
2,487,000
4,111
3,884
4,087
187,004 j 434,786
242,000 I 730,000
243,000 728,000
944,740
1,236,000
1,380,000
129,368
121,000
123,000
1,695,898
2,329,000
2,474,000
1,896
2,490
1,822
I 457,976
551,000
614,000
Not including reexport trade.
Calculated on 1919 value units.
Raw
materials.
Manufac-1
tared
j
articles. !
In
thousands of
metric
tons.
312,096
347,000
365,000
' Imports calculated on basis of actual declared value.
* Value of exports not available. Beginning with June, exports calculated on 1921 value units.
1923.
MAY,
613
FEDERAL RESERVE BULLETIN.
FOREIGN TRADE OF DENMARK, ITALY, NETHERLANDS, SWEDEN, CANADA, BRAZIL, INDIA, AND JAPAN.
Denmark.
(In millions of
kroner.)
Italy.
(In millions of
lire.)
Japan.
Sweden.
India.
Brazil.
Canada.
Netherlands.
(In millions of (In millions of (In millions of (In millions of (In millions of (In millions of
yen.)
rupees.)
milreis.)
dollars.)
guilders.)
kronor.)
Year and month.
Im- ExIm- ExIm- ExIm- ExIm- ExIm- ExIm- ExImExports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports.
Monthly average:
1913
1920
1921
1922
. . .
71
262
136
126
304
60
151 1,322
121 '1,041
103 1,311
210
650
'657
775
278
1S7
169
142
114
102
71
281
106
97
68
191
91
97
56
89
103
63
31
107
101
74
84
174
141
142
82
146
142
194
134
173
280
201
205
272
214
244
61
195
135
156
53
162
104
136
102
71
103
126
159
142
117
134
134
148
130
142
SO
76
100
76
113
126
107
90
122
112
120
109
1,316
1,056
1,311
1,157
1,245
1,662
1,101
1,080
1,236
1,395
1,254
1,915
620
720
716
689
592
861
672
732
747
889
1,046
1,014
152
152
180
167
194
151
164
179
165
187
172
163
86
84
113
93
108
101
105
99
116
112
104
100
77
49
109
102
97
93
83
105
109
118
111
110
61
38
71
60
90
104
113
132
123
122
128
120
51
54
79
48
66
62
61
67
60
67
76
70
47
47
61
33
70
73
72
74
73
104
132
112
92
101
131
127
127
129
109
147
132
226
170
208
199
161
172
187
141
149
154
182
202
299
237
250
276
189
215
178
191
164
182
212
182
229
206
192
232
222
277
239
273
192
244
252
216
216
288
278
179
198
208
185
174
157
142
137
135
105
116
143
101
115
129
155
146
144
146
150
161
139
158
142
155
108
118
1,056
1,571
789
751
173
162
92
65
88
88
65
49
68
65
66
59
214
295
150
154
197
95
122
121
1922.
January
February
March
May
July
September
October
87
1923.
March
1
2
•
Italian yearly figures for 1921 based on average for six months only.
Dutchfiguresfor 1913 not compirable with later figures.
FOREIGN TRADE OF UNITED STATES.
[In thousands of dollars.]
Merchandise.
Merchandise.
Year and month.
Gold.
Monthly average:
1913
1920
1921
1922
Crude
mateSilver. rials
for
use in
manufacturing.
Foodstuffs Food- Manuin stuffs faccrude partly tures
for
condi- or further
tion wholly use in
and manufood fac- manuani- tured. facturing
mals.
j FoodFood- iManumatestuffs ' facGold. Silver. rials crude jpartlyj
for
H or
use in tion ;wholl further
manu- and Imanu-i isein
factur- food I fac- '
ing.
ani- tared,
mals.
Crude : StuffS
Manufactures
ready
factures
ready
for
consumption.
Total
merchan-1
dise.
28,354
66,871
28,672
45,932
34,453
73,060
51,587
55,257
149,383
439,873
209,929
259,397
7,650
26,841
1,991
3,073
5,231
04,072] 14,132 27,0691
9,468 155,897 76,499 93,050
4,298 82,002 57,681 55,809
5,236 81,817 38,196 49,021
33,0771
79,875
33,323
36,477
64,998j
267,071
135.450|
107,692!
207,002
685,668
373,76!)
319,316
42,820
37,252
39,398
46,471
47,960
48,386
41,776
65,674
56,759
57,576
59,880
50,820
58,254
58,439
49,475
55,857
54,037
71,745
58,309
52,673
43,589
37,999
40,423
39,465
35,625
35,735
34,964
32,940
33 850
35,867
112,538
113,846
112,161
121,319
109,596
104,853
107,254
110,190
110,275
113, 8551
329,980
318,470
307,569
335,117
301,157
301,775
313,197
370,719
380,000
344,328
for
consumption.
Total
merchandise. 3
I
5,309
34,756
57,606
22,919
2,989 50,414 18,399 16,529
7,338 145,995 48', 136 103,178
5,270 71,090 25,345 30,7371
5,899 96,841 27,485 32,312)
33,488
12,244
8,994
12,969
42,987
19,092
24,464
20,866
18,308
26,440
6,953
4,800
5,512
6,340
6,957
4,944
6,370
3,940
5,855
7,848
256,178
217,023
252,817
260,461
251,772
281,376
228,795
345,083
291,805
293,810
963
1,579!
3,407!
l,601j
644
956
1,399
17,592
3,431
2,710
4,302
5,109
5,677
6,004
6,289
3,861
3,735
3,269
6,599
6,913
32,820
8,383
15,951
5,825 139,205 28,569 31,264 65,241 63,929 329,844
3,792
296,000
4,626
8,472
1,399
10,392
6,921 102,073 24,217 50,741 43,245 109,609
2,191 77,323 27,169 49,747 39,406 107,775
4,732 79,916 19,364 55,025 45,877 132,361
1922.
March
April
May
June
July
August
September'.
October **
November..
December...
1923.
January* 4
February ..
March'
86,910
69,804
88,088
91,146
87,366
110,304
86,818
137,651
111,145
124,019
28,756
25,711
31,264
26,170
27,596
22,481
18,729
37,465
32,650
31,220
36,0141
32,4821
34,7851
37,346!
38,513j
42,404
24,023
30,290!
31,771
26,546!
1
Including miscellaneous merchandise imported.
%
3 Including miscellaneous and foreign merchandise exported.
Imports
under old tariff law September 1-21,1922, only.
4
5 Import figures delayed owing to change in tariff.
Imports for Sept. 21-Oct. 31.
72,908!
79,497
64,374
70,262
59,859
47,868
66,611
133,700
144,333
113,343
34,529
31,162
34,151
40,998
41,959
61,314
55,149
40,798
33,615
25,763
58,953
47,770
50,369
55,472
49,225
46,071
43,229
47,921
51,471
49,620
335,539
307,194
341,162
614
FEDERAL RESERVE BULLETIN.
FOREIGN TRADE INDEX.
There are presented below the Federal Reserve Board's series of index numbers designed
to reflect relative quantity movements in the
foreign trade of the United States. Changes
in the level of prices have been allowed for by
multiplying the quantities of selected commodities exported1 or imported each month by
fixed 1913 prices.
Year and
month.
Raw
materials.
(12)
ProConRaw Pro- Conduc- sum- Total. mate- duc- sum- Total.
ers'
ers'
ers'
ers'
rials. goods.
goods.
goods. goods.
(12)
(27)
(29)
(10)
(7)
(10)
(5)
year.
year.
year.
year.
year.
100.0
88.9
92.2
103.1
89.7
100.0
155.1
158.7
116.9
108.9
100.0
183.6
133.6
124,1
135.1
100.0
115.3
107.5
108.9
101.1
10O.0
157.5
135.8
113.6
157.6
100.0
192.9
227.5
162.8
253.1
100.0
147.5
138.9
141.4
143.0
100.0
168.4
168.8
135.6
189.1
1922.
January..
February.
March
April
May
June
July
August
September
October...
November.
December.
68.5
89.8
90.5
78.3
86.3
79.1
88.8
91.2
122.9
112.6
86.7
104.3
86.0
121.7
120.9
128.8
124.3
124.0
90.0
98.9
96.8
101.6
109.9
129.7
127.6
156.5
150.5
155.4
169.2
133.5
126.3
111.5
121.0
117.2
122.8
94.5
82.6
106.9
106.0
99.4
107.4
95.0
96.7
96.2
119.8
112.4
96.5
118.4
123.3
148.1
125.5
144.6
148.7
146.9
174.2
183.5
155.0
195.1
219.1
228.7
281.3
308.8
236.1
227.9
273.3
266.3
255.5
244.0
241.6
244.0
263.0
135.2
133.5
161.1
152.0
168.0
137.3
137.5
120.3
133.4
138.8
144.4
153.9
160.1
183.4
206.5
169.1
177.9
191.0
187.7
194.2
196.7
172.4
204.1
224.0
1923.
January...
February..
March
78.8
62.2
61.9
126.5
133.6
143.6
137.3
129.6
144.4
95.8
83.5
87.3
220.4
312.2 : 155.3 242.3
1913,
1919,
1920,
1921,
1922,
MAY,
Figures for volume of imports in January
showed small increases in raw materials and
consumers' goods, and a large increase in
producers' goods, which caused the general
index of imports to rise 18 points. Nitrate of
soda, manila hemp, burlap, india rubber, and
cane sugar all came in greatly increased quantities during January.
Comparing the volume of imports and exports for January with the condition of trade
in 1913, it appears that 1923 is beginning with
imports 142 per cent greater than in the pre-war
year and exports 4 per cent lower.
SAVINGS DEPOSITS.
Savings deposits, as reported by 899 banks
distributed throughout all sections of the
United States, increased during March in all
Federal reserve districts except in the Kansas
City district, where a slight decrease was indicated. For the entire country the increase
was $53,456,000, or 0.8 per cent over March 1,
1923, and $576,407,000, or 9.8 per cent over
April 1, 1922. The increases reflect the general
industrial expansion and agricultural development in almost all sections of the country,
both of which have resulted in improved
employment conditions. A comparison of
savings deposits on April 1, 1923, with deposits
on March 1, 1923, and April 1, 1922, are shown
in the following table. The figures for the
Boston and New York districts are those of
large mutual savings banks, but in all other
districts reports of other banks are included to
make the figures thoroughly representative.
i The list includes 27 ol the most important imports the value of which
in 1913 formed 49.3 per cent of the totalimport values, and 29 of the most
important exports the value of which in 1913 formed 56.3 per cent of the
total export values. The classification of the original list of commodities
used was given in the July, 1920, BULLETIN. The classification of 11
additional commodities of imports was given in the April, 1921, BULLETIN, and 2 additional commodities in the November, 1921, BULLETIN.
Exports of gasoline have been altered to include naphtha.
SAVINGS D E P O S I T S , B Y F E D E R A L
The index of the volume of exports for
March rose 3 points, from 84 to 87, thus showing only a slight recovery from the decline in
export volume during the short month of
February. The principal increases occurred in
consumers' goods, with larger exports of cotton
cloth, lard, and kerosene. Among producers'
goods leather and gasoline led in the matter of
increased exports. Steel products also acted
to offset last month's decline. The March
condition in raw materials was not so favorable,
due to declines in grain and cotton exports.
On the other hand, exports of coal and metals
increased.
1923.
RESERVE
DISTRICTS.
[000 omitted.]
District.
No. 1—Boston
No. 2—New York
No.
No
No.
No.
No.
No.
No.
No.
No.
No.
3—Philadelphia
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis
10—Kansas City
11—Dallas
12—San Francisco
Total
Number of
banks.
Apr. 1,
1922.
Apr. 1,
1923.
Mar. 1,
1923.
64
30
80
18
93
99
210
35
15
62
118
75
$1,165,719
1,825,991
449,252
415,526
287,828
210,955
834,622
126,838
87,987
96,619
89,244
885,590
$1,158,610
1,809,394
446,773
412,811
285,829
207,897
827,691
125,774
86,892
96,756
87,175
877,113
$1,085,788
1,699,534
426,470
374,773
255,034
185,064
758,258
111, 675
79,057
86,511
76,136
761,464
899
6,476,171
6,422,715
5,899,764
MAY,
FEDERAL RESERVE
1923.
615
BULLETIN.
COMMERCIAL FAILURES DURING MARCH.
Number.
Liabilities.
District.
1922
1923
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston
2—New York
3—Philadelphia
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis
10—Kansas City
11—Dallas.....
12—San Francisco
143
316
73
130
100
117
203
107
76
97
91
229
1923
217 $2,996,492
478 8,883,184
96 10,622,911
202 5,156,589
215 2,847,909
221 2,788,463
336 5,360,490
173 1,508,844
103 1,415,434
100 1,361,100
107 2,474,504
215 2,977,218
1922
$8,066,696
14,656,044
6,848,734
4,159,463
3,787,550
5,559,986
13,189,340
2,529,541
3,764,602
1,720,146
2,121,725
5,204,365
Unfilled orders (end of
month)
New orders
Shipments
Cancellations
Production
February,
1923.
March.
1923.
Loss.
1,755,566
308,822
565,455
6,779
454,026
1,525,172
395,116
618,567
6,943
530,968
230,405
Gain.
86,294
53,112
164
76,942
INDEX OF OCEAN FREIGHT RATES.
The accompanying table shows the monthly
fluctuations in ocean freight rates prevailing
between United States Atlantic ports and the
principal European trade regions. The figures
1,682
Total
2,463 48,393,138 71,608,192 are derived from the actual rates quoted on
the following commodities: Grain, provisions,
cotton, cottonseed oil, and sack flour. Kates
REPORT OF ASSOCIATED KNIT UNDER- in January, 1920, have been used as a base.
WEAR MANUFACTURERS OF AMERICA.
For the methods used in constructing the
index see the August, 1921, BULLETIN, pages
Production of winter and summer under- 931-934.
wear, by months, since March, 1922, is given
RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND
in the following table:
EUROPEAN
Number of mills
reporting.
1922.
March
April
May
June
July
August
September
October
November
December
United States Atlantic ports t o -
Production (in dozens).
Month.
Month.
SumTotal. Winter
Total.
392,595
275,911
:
I
!
;
756,247
522,035
518,150
564,893
422,872
519,511
513,572
524,486
599,891
461,695
558,845
564,708
593,020
269,026
269,950
275,552
52
47
49
52
1923.
January
February
March
32
Winter. Summer.
345,605
269,223
341,713
318,220
283,242
321,944
233,459
363,652 January, 1920..
246,124 January, 1921..
220,070
219,288
1922.
153,649 January
177,798 February
195,352 March
241,244 April
I
277,947 May
228,236 June
July
August
289,819 September
294,758 October
317,468 November
December
Forty representative mills which reported
for February and March furnished the data for
the following table:
TRADE.
1923.
January
February
March
April
United French NetherScandiKing- Atlantic. lands
and
navia.
dom.
Belgium.
Mediterranean.
All
Europe.
100.0
60.7
100.0
30.2
100.0
34.1
100.0
42.9
100.0
43.2
100.0
43.3
31.7
34.7
33.1
27.3
27.9
27.5
28.8
29.2
27.0
25.3
28.0
27.1
22.7
25.9
26.5
24.8
25.5
26.1
25.9
23.4
24.1
23.9
23.4
25.6
23.3
25.2
24.9
22.7
22.8
23.0
22.6
20.7
19.1
18.9
21.3
22.2
23.4
23.3
23.4
24.0
23.4
23.4
23.0
•22A
22.6
22.9
22.9
22.7
32.2
31.8
30.1
27.1
27.4
27.4
26.4
24.0
22.2
21.6
21.3
21.8
27.1
29.1
28.3
25.4
25.7
25.7
25.9
24.6
23.4
22.7
24.0
24.4
25.3
21.8
23.1
22.6
24.7
22.6
23.6
24.2
19.8
18.6
20.0
21. !
22.3
22.3
22.3
22.3
21.2
20.6
19.5
22.0
22.9
21.1
21.9
22.6
616
FEDERAL RESERVE BULLETIN.
MAY, 1923.
PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1
February, 1923.
White
goods.
Totalfinishedyards billed during month:
Districtl...
2
Printed
goods.
Dyed
goods.
12,781,525 27,458,764
5,076,24:8 3,800,797
8,332,926 6,515,980
7,069,422
89,897
999,168
3
5
6
g
March, 1923.
10,397,550
4,791,188
. . 34,251,289 37,865,438 15,188,738
Total
Total average per cent of capacity operated:
District 1
2
3
5
6
8
Average for all districts
58
57
107
62
75
95
66
80
62
46
67
88
59
Total gray yardage of finishing orders received:
13,980,547 29,618,028
District 1
2
3
5
6
8
Total
Number of cases offinishedgoods shipped to
customers:
2
3
5
9,481,922
4,698,309
Printed
goods.
53,886,334 15,191,927 31,431,586
21,055,176 7,279,971 2,706,942
14,848,906 9,695,150 8,188,215
7,159,319 7,991,994
186,330
999,168 1,000,476
1,501,075
11,304,273
5,837,900
62,078,420
24,803,738
17,883,365
8,178,324
1,000,476
1,511,455
99,441,978
41,159,518
42,513,073
17,142,173
115,455,778
73
74
93
62
75
63
69
67
115
68
76
104
79
92
51
74
76
98
69
84
56,770,679 14,784,681 35,758,255
20,779,723 8,364,644 6,586,940
15,114,988 9,463,354 7,690,597
7,434,823 7,259,301
241,072
991,168 1,000,476
1,735,325
14,098,725
5,321,823
68,704,569
24,637,983
17,153,951
7,500,373
1,000,476
1,443,653
Number of cases of finished goods held in
storage at end of month:
2
3
5
.
...
...
36,655,367
42,263,120
14,180,231
102,826,706
40,872,560
50,276,864
19,420,548
120,441,005
5,834
3,198
6,166
1,654
8,537
375
3,223
2,729
29,687
11,577
9,389
3,985
7,247
3,285
6,273
1,674
8,719
588
3,346
2,306
34,377
12,574
9,619
3,884
16,852
12,135
2,729
55,092
18,479
12,653
2,306
60,827
4,153
3,803
327
4,377
447
374
2,304
20,817
11.446
i\ 2U
1,243
5,165
3,530
327
4,659
633
331
2,621
22,061
10,504
7,018
11,353
8,283
5,198
2,304
40,935
9,022
5,623
2,621
41,142
5.4
10
14.1
5.3
17.2
9.8
13.1
17.4
11.9
13.3
11.3
13.6
5.3
11.9
16.6
4.8
7.2
15.4
16.5
12.1
1
!
i
6
8
373
206
218
Total
Total average work ahead at end of month
(expressed in days):
District 1
2
3
.
...
..
83
84
68
76
61
101
454
Total
Total.
5,480,804
6,809,102
355,186
6
Average for all districts
Dyed
goods.
6,298,129
8,305,886
7,079,637
991,168
8
5
6
8
White
goods.
Total.
...
6.6
23
23.9.
11.4
17.3
9.9
15
4.8
8.5
20.1
21.8
14.0
13.6
14.3
7
6.8
i The National Association of Finishers of Cotton Fabrics at the request of the Federal Reserve Board prepares a monthly survey for the industry.
The results of the inquiries are herewith presented in tabular form. The secretary of the association makes the following statement concerning the
tabulation:
The accompanyingfiguresare compiled from statistics furnished by 32 out of 57 member firms of this association. It is probably fair to state
that in the absence of having specific detail at hand, but according to our best estimate, it is probably well within the fact that thefiguresgiven
for the various classes of work would cover, approximately, the following percentages of the entire industry: White goods, 70 per cent; dyed goods,
62 per cent; printed goods, 30 per cent. Thefiguresgiven represent reports from exactly the samefinishersfor the two months, both of the totals
and for the subdivisions, and, therefore, are strictly comparable.
NOTE.—Many plants were unable to give details under the respective headings of white goods, dyed goods, and printed goods, and reported
their totals only; therefore the column headed "Total" does not always represent the total of the subdivisions, but is a correct total for the district.
MAT,
1923.
617
FEDERAL RESERVE BULLETIN.
PHYSICAL VOLUME OF TRADE.
Large increases in business activity occurred
during March, and many records were broken
in the production and movements of goods.
Output of manufactured goods, as shown by
the index given in the table and on the chart
which follow, reached the highest point attained in postwar years. Mineral production,
after a seasonal decline in February, continued
its upward trend and likewise exceeded that
of all previous months covered by the index.
Agricultural movements, in accordance with
seasonal custom, were at a low point during
March, but were on the whole greater than in
February, whereas the March movement is
usually downward.
Receipts of all the main groups of agricultural products, except tobacco, increased
during March as compared with February,
and all but cotton and tobacco were greater
than during March of the four preceding years.
Cotton sight receipts were, in fact, rather low
even for this season of the year, as the earlier
heavy movement has practically accounted
for the greater part of the relatively small crop.
Live-stock movements were slightly larger
during March than in February, and receipts
of hogs were exceptionally heavy for that
month. Grain movements, except corn, were
also unusually large during March. Shipments of citrus fruits from California continued to increase in accordance with usual
seasonal trends, but the figures indicate that
the crop began its movement this season
somewhat earlier than in previous years.
Tobacco sales at loose-leaf warehouses fell off
as compared with February, but were slightly
greater than during the same month last year^
Mineral output for March, as indicated by
the mining index, was at a maximum, owing
to record-breaking production of pig iron and
petroleum, accompanied by a high rate of output of the other products. The amount of anthracite coal mined equaled the highest figure
previously reported, and copper output was the
largest since January, 1919. Mining of bituminous coal was maintained at practically the
same rate as during February. Extraction of
zinc and lead reached high points during March,
but comparable data extend only to January,
1920, in case of zinc, and to January, 1921,
for lead.
VOLUME OF DOMESTIC BUSINESS
(
MONTHLY AVERAGE, 1919 = 100 )
PER
CENT
160
120
100
80
60
20
J. F. M. A. M. J. J. A. S. 0. N. D. J. F. MA. M. J. J. A.S. 0. N. D. J. R 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
1Q1Q
1Q9O
1Q/>1
1Q?9
1O91
1919
1920
1921
1922
1923
618
FEDERAL RESERVE BULLETIN.
New maximum figures were also reported
in factory output during March. Steel-ingot
production, automobile output, and cotton
consumption were the most important series
which broke all previous records. The amount
of lumber cut was the greatest since some time
in 1918, and the output of all building materials
was maintained at a high rate. The index for
textile products, shown in the following table,
was also at a high point, owing to the influence
of large consumption of both cotton and wool.
Sole-leather production increased rather substantially during March and was the largest
since December, 1921. The output of food
products, although not as great as during
November, showed some improvement as
compared with January and February, but
cigar and cigarette factories continued at
about the same rate of activity during March
as in the two preceding months.
MAY,
1923.
MINERAL PRODUCTS.
Total BiAn- Crude
min- tumi- thraeral nous cite petro- Iron.
prodleum.
ucts.1 coal. coal.
Copper.
Zinc. Lead.
91.3
95.4
117.5
59.5
67.9
70.6
65.4
67.5
99.9
118.5
120.1
124.5
98.5
107.3
131.5
41.3
53.1
58.4
44.5
58.3
107.3
118.3
118.6
121.7
1923.
January
131.5
February.. 116.6
March
134.2
131.4
110.5
122.6
Date.
1922.
January
February..
March
April
May.
June...
July
August
September.
October
November.
December..
85.1
92.0
119.1
67.7
116.1
114.1
114.7
137.1
129.7
149.1
141.9
147.7
143.8
148.0
147.1
143.8
150.1
152.1
159.3
64.3
63.9
79.9
81.3
90.5
92.6
94.2
71.1
79.8
103.5
111.8
121.1
24.1
34.8
58.0
71.7
83.7
89.0
85.0
93.9
89.8
96.2
94.6
97.5
60.3
57.3
67.5
65.6
69.8
72 6
81.2
79.9
84.3
101.6
102.3
109.0
100.7
93.2
92.8
88.7
88.8
88.9
88.2
96.5
95.1
108.1
113.0
108.6
118.5
105.8
127.6
163.5
153.8
178.3
126.7
117.5
138.1
104.6
95.5
113.8
117.8
108.0
124.0
112.5
103.6
120.7
.3
.6
1.1
1.6
2.2
' Combination of 7 independent series.
PRODUCTION OF MANUFACTURED GOODS.
INDEX
OF PRODUCTION IN BASIC INDUSTRIES,
ALLOWANCE TOR SEASONAL VARIATION.
WITH
Date.
[Monthly average, 1919=100.]
1919
107.3
100.3
96.2
98.8
92.9
92.9
101.6
103.4
104.6
101.1
97.9
103.3
January
February
March
April
May
June
July
August
September
October
November
December
INDEXES
OF
1920
115.8
114.8
114.5
107.6
105.4
106.8
104.9
102.1
101.7
99.0
95.3
89.6
1921
83.9
84.3
81.0
78.6
76.7
76.7
74.1
78.5
79.1
82.7
85.6
83.3
1922
1923
86.5
90.5
94.9
85.3
92.1
94.2
94.8
93.9
99.9
106.9
115.5
115.6
120.7
120.1
125.7
1922.
January
February...
March
April.
May
June...
July
August
September .
October
November..
December..
Total
man- Steel. Lum
ufacber.
ture.1
87.0
80.2
90 9
84.7
98.1
99.1
95.3
104.6
100.3
107.5
109.4
100.0
63.4
69.3
94.3
97.0
107.8
104.8
98.9
88.1
94.4
114.2
118.9
110.5
100.7
95.4
102.5
98.1
121.1
104.4
104.3
116.2
101.5
115.3
112.9
103.6
ToPa- Petro- Tex- Leathper leum. tiles. er. Food. bacco
95.0
90.0
108.4
99.9
112.3
110.6
99.9
110.7
107.8
112.8
113.4
106.8
119.0
108.6
123.9
124.4
132.2
133.8
146.2
141.2
139.1
147.2
149.7
152.7
112.2
96.8
107.6
91.3
108.9
107.1
95.0
115.7
110.7
120.0
125.0
113.3
88.2
78.1
78.5
70.7
70.4
72.4
72.1
80.4
79.5
82.7
79.1
78.5
1923.
108.7 129.3 105.8 117.3 156.8 128.0
lanuary
February... 99.9 116.1 95.8 109.0 140.8 122.0
March
112.7 135.3 128.7 120.4 155.5 128.3
DOMESTIC B U S I N E S S UNCORRECTED
SEASONAL CHANGES.
91.3
88.5
96.5
84.9
96.8
98.9
97.5
104.5
97.8
106.7
114.0
107.1
90.6
83.8
98.4
89.6
108.1
119.8
114.8
134.1
121.6
115.0
112.4
89.4
88.9 104.1 115.3
78.1 95.3 101.3
91.6 110.5 116.2
FOR
Combination of 34 independent series.
[Monthly average of 1919=100.]
COMMODITY MOVEMENTS.
AGRICULTURAL MOVEMENTS.
March,
1923.
Date.
1922.
January
February...
March
April
May
June
July
August
September..
October
November...
December
1923.
January
February
March
1
Total
agriculture'
Total
animals.
88.9
77.7
70.7
57.4
82.6
75.1
79.8
106.7
128.8
154.2
137.9
121.3
91.8
76.5
79.2
71.8
90.2
88.7
81.2
96.5
106.6
132.0
122.2
104.6
83.8
92.3
73.0
49.6
92.5
77.1
106.4
153.8
150.6
135.7
118.2
128.5
76.8
43.3
42.8
37.0
50.1
43.0
33.4
48.3
139.5
227.8
204.1
139.2
96.1
55.5
130.4
103.0
105.7
93.8
59.3
43.1
38.0
40.6
49.0
100.1
113.2
101.2
27.5
5.5
3.9
1.5
12.3
55.2
85.7
144.7
96.3
97.3
106.6
73.3
77.7
107.7
84.4
88.1
116.4
75.7
82.6
80.2
37.4
39.8
99.7
117.7
158.9
75.1
45.1
31.0
Total Cotton. Fruit.
grains.
Combination of 14 independent series.
Leaf
tobacco.
Grain and flour.
Receipts at 17 interior centers (000
omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels)
Flour (barrels)
Total grain and flour (bushels)
Shipments at 14 interior centers (000
omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels)
Flour (barrels)
Total grain and flour (bushels)....
February
1923.
March,
1922.
24,230
25,672
21,124
3,679
3,403
78,108
2,328
22,099
31,557
16,041
4,749
2,556
77,002
1,738
20,396
30,651
16,465
3,254
3,291
74,057
2,054
88,584
84,823
83,302
13,521
14,677
17,083
945
1,887
10,936
14,377
13,438
2,476
1,747
14,719
22,999
16,826
882
1,920
48,115
4,007
66,147
42,975
3,055
56,723
57,346
3,878
74,797
MAY, 1923.
619
FEDERAL RESERVE BULLETIN.
COMMODITY MOVEMENTS—Continued.
March,
1923.
February
1923.
COMMODITY MOVEMENTS—Continued.
Grain and flour—Continued.
Live stock—Continued.
Stocks at 11 interior centers at close oJ
month (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels)
37,952
22,974
20,647
13,368
1,778
96,719
36,096
18,492
24,155
10,711
1,825
91,279
26,561
29,883
54,041
6,666
1,317
118,468
Visible supply of grain east of the Rocky
Mountains (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
48,911
31,011
26,180
51,500
29,585
29,937
38,258
50,036
68,920
Receipts at 9 seaboard centers (000
omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
14,932
5,848
2,114
2,495
1,290
10,767
8,395
1,235
3,794
1,632
14,219
21,395
3,931
865
1,296
Total grain (bushels)
Flour (barrels)
Total grain and flour (bushels)....
26,679
2,034
35,883
25,823
1,621
33,116
41,706
2,090
51,110
Stocks at 8 seaboard centers at close of
month (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
8,549
4,131
2,428
4,012
1,902
9,601
4,795
2,791
2,559
2,077
8,360
10,510
2,087
1,840
1,731
21,022
21,823
10,607
9,425
1,475
4,831
761
1,401
4,393
1,343
52
7,126
7,189
546
550
1,648
634
51
Total grain (bushels)
Wheat flour production (barrels, 000
omitted)
Live stock.
Receipts at 57 principal markets (head,
000 omitted):
Cattle and calves
Hogs
Sheep
Horses and mules (42 markets)
Total
Shipments at 52 principal markets
(head, 000 omitted):
Cattle and calves
Hogs
Sheep
Horses and mules (42 markets)
Total
Shipments of stockers and feeders from
33 markets (head, 000 omitted):
Cattle and calves
Hogs
Sheep
Total
Slaughter at principal centers under
Federal inspection (head, 000 omitted):
Cattle
Calves
Hogs
Sheep
Total
Meats, cold-storage holdings first of following month (pounds, 000 omitted):
Beef.
Pork products
Lamb and mutton
March, February March,
1923.
1923.
1922.
March,
1922.
637
57
2,920
2,8
195
61
114
206
165
50
371
411
368
4,838
977
634
297
4,231
6,871
102,811
837,636
5,758
113,415
686,825
5,283
Exports of certain meat products
(pounds, 000 omitted):
BeefCanned
Fresh
Pickled and other cured
Hogproducts—
Bacon
Hams and shoulders
Lard
Pork, pickled
104
348
2,312
253
320
1,929
274
2,798
40,549
25,892
109,187
3,325
36,296
28,192
89,055
3,863
31,180
23,583
64,377
2,953
50,409
15,573
2,124
40,662
12,575
1,025
44,919
14,58«
1,947
8,913
20,709
14
16,121
26,594
213
22,582
15,006
13
30,056
12,499
19,215
34,518
50,645
40,112
Dairy products.
Receipts at 5 principal markets (000
omitted):
Butter (pounds)
Cheese (pounds)
(p
E
Eggs
(cases)
()
Cold-storage holdings first of following
month (000 omitted):
Creamery butter (pounds)
American cheese (pounds)
Eggs (cases)
Fishery products.
Fish landed by American fishing vessels, total catch (pounds, 000 omitted)
Cold-storage holdings frozen and cured
fish, on 15th of month (pounds, 000
omitted)
Other agricultural products.
Cottonseed (tons):
Received at mills
92,200
65,107
57,595
24,528
Crushed
200,504 317,182
214,911
Stocks at mills at close of month...
159,922 302,381
107,058
. 9,658
Cottonseed oil (pounds, 000 omitted):
Production
62,170
110,403
72,237
Stocks
83,667
60,089
60,137
Oleomargarine consumption (pounds,
000 omitted)
19,722
19,722
15,263
1,581 Tobacco sales at loose-leaf warehouses
(pounds,
000
omitted):
3,329
Dark belt—Virginia
2,955
5,541
862
1,390
Bright b e l t 45
Virginia
3,451
818
2,712
North Carolina
4,728
8,514
4,302
6,345
12,832
5,256
4,579
Burley
8,263
7,189
Western dark
Sale of revenue stamps for manufacture
of tobacco, excluding Porto Rico and
624
Philippine Islands (000 omitted):
1,156
Cigars (large)..
574,515 507,266
529,162
655
Cigars (sm
' nail).
49,955
43,539
59,535
45
Cigarettes (small)
5,043,327 4,623,431 3,636,032
Manufactured tobacco ((pounds)...
32,269
29,083
34,395
2,480
Fruit shipments (carloads):
Grapefruit
2,686
1,877
2,079
Oranges
668
626
925
Lemons
5,945
8,090
8,009
278
Apples
5,362
6,257
2,887
67
143 Vegetable shipments:
White potatoes (carloads)
22,917
22,104
13,758
Onions (carloads)
1,392
724
1,398
488
Rice (pounds, 000 omitted)
15,448
56,178
119,813
Sugar, all ports (long tons):
Receipts
676,245 421,370
652,803
Meltings
505,300 383,100
533,200
674
Raw stock at close of month
499,543 434,556
655,280
391
3,340
Forest
products.
837
Lumber:
Number of mills—
5,243
National Lumber Manufacturers' Association
587
480
569
Southern Pine Association
180
169
179
Western Pine Association
51
73,782
54
51
West Coast Lumbermen's Asso608,747
ciation
127
124
2,863
129
620
FEDERAL, RESERVE BULLETIN.
COMMODITY MOVEMENTS—Continued.
March, February,
1923.
Forest products—Continued.
Lumber—Continued.
Production (feet, 000,000 omitted)—
National Lumber Manufacturers' Association
Southern Pine Association
Western Pine Association
West Coast L u m b e r m e n ' s
Association
Shipments (feet, 000 omitted)—
National Lumber Manufacturers' Association
Southern Pine Association
Western Pine Association
West C o a s t ' L u m b e r m e n ' s
Association
Naval stores at 3 southeastern ports:
Spirits of turpentine (casks)—
Receipts
Stocks close of month
Rosin (barrels) —
Receipts
Stocks close of month
Fuel and power.
Coal and coke (short tons, 000 omitted):
Bituminous coal production
Anthracite coal production
Anthracite coal shipments
CokeBeehive coke production
By-product coke production...
Petroleum, crude (barrels, 000 omitted):
Production
Stocks close of month
Production oil wells completed
(number)
Oil refineries:
Production (000,000 omitted)—
Crude-oil run (barrels)
G asoline (gallons)
Keresene (gallons)
Gas and fuel oils (gallons)
Lubricating oils (gallons)
Stocks (000 omitted)—
Crude-oil run (barrels)
Gasoline (gallons)
Kerosene (gallons)
Gas and fuel oils (gallons)
Lubricating oils (gallons)
1923.
COMMODITY MOVEMENTS—Continued.
March,
1922.
1,355
431
121
978
359
59
8S5
395
67
495
303
307
1,479
438
148
1,132
386
117
567
360
5,431
14,596
5,814
29,238
48,445
222,501
46,644
282,610
3,3
19,201
' 80
44,0
82 469
28
46,823
9,382
7,183
42,130
7,773
5,952
49,976
8,757
6,779
1,749
3,256
1,482
2,810
732
2,137
56,132
258,738
48,413
252,275
46,634
221,588
1,248
1,094
1,323
4,710
4,321
3,823
1
3,548
3,521
2,072
3,321
3,402
2,445
7,289
7,403
5,097
210
179
6,110
122,194
139
I
168,476
193,992 i
603,774 j 281,794
90,152 j 47,893
4,729
4,186
62,305
102,641
97,462
20,042
99,148
53,064
84,886
21,728 I 120,524
96,306 | 60,788
14,862
9,110
13,854 '
4,601
251,573
627,148
143,564
453
422
Figures for April, 1923, March, 1923, April, 1922.
410
399
Cotton (bales,000 omitted)—Continued.
Stocks at mills
Stocks at warehouses
Visible supply
Consumption by mills
Spindles active during month (number, OOOomitted)
Wool:
Consumption (pounds, 000 omitted)
Percentage of active machinery to
total reported—
Looms wider than 50-inch reed
space
Looms 50-inch reed space or
less
Metals.
Iron and steel:
Pig-iron production
(long tons, 000
omitted) 2
Steel-ingot production
(long tons,
000 omitted) 2
Unfilled orders, U. S. Steel Corporation (long tons, 000 omitted) 2
Fabricated structural steel orders
(tonnage)
Steel barrels (number)—
Shipments
Unfilled orders
Steel castings—bookings(nettons)..
Silver production (troy ounces, 000
omitted)
Copper production (pounds, OOOomitted)
Zinc (pounds, 000 omitted):
Production
Stocks, close of month
Shipments
Tin (pounds, 000 omitted):
Deliveries to factories
Stocks at close of month
Textiles.
Cotton (bales, 000 emitted):
Sight receipts..
American spinners' takings.
March,
1923.
'ebruary,, March,
1922.
1923. "
Textiles—Continued.
Electric power produced by public
utility plants (000,000 kilowatt-hours):
Produced by water power.
Produced by fuels.
Total.
MAT, 1923.
13,507
6,912
259
Sets of cards
Combs
Spinning spindles, woolen
Spinning spindles, worsted
Percentage of active hours to total
reported—
Looms wider than 50-inch reed
space
Looms 50-inch reed space or
less
Sets of cards
Combs
Spinning spindles, woolen
Spinning spindles, worsted
Raw silk:
Consumption (bales
Stocks at close of month (bales)
Hides and leather.
Sales of raw hides and skins during
month (number, 000 omitted):
Cattle hides
Calfskins
,
Kipskins
Goat and kid
Cabretta
Sheep and lamb
Stocks of raw hides and skins at close of
month (number, 000 omitted):
Cattle hides
Calfskins
Kipskins
Goat and kid
Cabretta
Sheep and lamb
Production of leather (000 omitted):
Sole leather (sides)
Skivers (dozens)
Oak and union harness (sides stuffed)
Boots and shoes output (pairs, 000
omitted):
Men's
Women's
Other
Total
Building materials.
Brick (000 omitted):
Clay fire brickProduction
Shipments
Stocks, close of month
New orders
Unfilled orders
Face brickProduction
Shipments
Stocks in sheds and kilns
Unfilled orders, close of month..
Silica brickProduction
Shipments
Stocks, close of month
Cement (barrels, 000 omitted):
Production
Shipments
Stocks, close of month
2,035
2,378
2,335
2,022
2,804
2,734
1,557
3,752
3,593
567
518
35,501
35,308
31,873
62,859
57,916
60,368
623
86.3
83.4
65.1
86.1
90.7
91.4
90.0
93.7
85.7
88.4
87.4
87.0
91.3
72.2
83.6
76.3
82.5
74.7
92.9
79.7
63.1
85.7
103.9
117.2
98.6
102.1
74.3
95.0
93.3
94.6
95.8
63.5
88.4
82.3
85.9
70.8
33,515
39,436
36.231
44,615
26,651
22,077
2,518
702
156
1,236
102
3,262
1,697
725
198
1,089
113
2,902
1,499
608
137
1,230
69
1,276
6,749
2,689
1,010
7,779
966
8,510
6,650
2,648
1,068
7,950
968
9,058
5,662
2,965
916
8,044
361
11,941
1.
1,465
37
139
1,539
19
78
10,713
11,614
14,129
8,688
9,576
11, 008
7,732
10,529
11,089
35,792
29,272
29,350
66,456
70,624
159,180
99,330
118,284
56,075
53,222
163,426
67,164
88, 713
42,626
38,694
149,034
43,098
31,537
33,522
32,674
102,741
82,377
32,473
26,679
134,175
91,819
42,133
37,991
156,906
59,852
16,793
17,804
44,481
14,544
14,418
45,492
9,120
7,837
36,944
10,326
13,055
8,085
5,963
13,502
6,685
7,002
13,848
MAT, 1923.
621
FEDERAL RESERVE BULLETIN.
COMMODITY MOVEMENTS—Continued.
COMMODITY MOVEMENTS—Continued.
March, February.
1923.
1923.
Miscellaneous manufactures—Con.
Building materials—Continued.
Oak flooring:
Production
Shipments
Orders booked
Stocks
Unfilled orders
Maple flooring:
Production
Shipments
Orders booked
Stocks
Unfilled orders
Enameled ware:
BathsShipments
Stocks at close of month.
New orders
LavatoriesShipments
Stocks at close of month.
New orders
SinksShipments
Stocks at close of month.
Now orders
Miscellaneous ware—
Shipments
Stocks at close of month.
New orders
March, February, March,
1923.
1923.
1922.
March,
1922.
32,236
34,964
39,641
25,297
65,823
24,421
25,031
33,458
25,301
56,936
12,344
15,329
18,321
23,161
42,434
11,333
11,354
16,033
25,539
40,200
92,473
40,200
116,514
82,912
40,124
129,847
65,243
70,587
63, 815
104,876
50,127
148,121
83,469
56,543
156,033
91,039
126,228
95,891
114,677
61,391
149,144
99,085
59,806
167,607
90,765
152,980
95,137
56,359
54,332
67,642
44,766
49,367
75,431
44,912
86,334
48,062
20,367
22,690
23,479
28,090
24,935
9,218
10,548
11,923
33,632
14,282
Locomotives (number):
Domestic shipped
Foreign completed
Total
Unfilled orders—
Total
Vessels built in United States and officially numbered by the Bureau of
Navigation:
196
11
35
4
282
207
39
2,214
102
2,141
79
255
75
2,316
2,220
330
67
24,978
37
21,392
62
6,203
32,616
672
28.2
37,668
696
29.0
28,451
674
28.3
185
140
834
69
337
60
1,010
1,459
165
128
742
60
267
41
848
1,142
183
122
883
39
236
24
1,064
1,135
4,124
3,393
3,687
1,025
903
162
660
513
612
250
812
731
134
546
429
531
210
928
792
165
576
447
544
236
4,124
3,393
3,688
13,157
2,<i44
3,980
23,101
5,692
6,263
216,684
88,569
81,149
73,535
34,068
31,061
206,312
75,228
29,138
38,432
215,552
437
246
90
334,628
2,021
2,800
1,587
2,526
2,181
2,684
4,821
41.9
4,113
38.6
4,864
44.8
1,563
959
376
1,592
775
407
Transportation.
Freight carried by Class I railways:1
Net ton-miles, revenue and nonrevenue (000,000 omitted)
Net tons per train
Net tons per loaded car
Revenue freight loaded and received
from connections, classified according
to nature of products (cars, loaded,
000 omitted):
Grain and grain products
Miscellaneous manufactures.
Wood pulp (short tons):
Production
Consumption
Shipments
Stocks, end of month
Paper (short tons):
NewsprintProduction
Shipments
Stocks, end of month
Book paper—
Production
Stocks, end of month
Paper board—
Production
Stocks, end of month
Wrapping paper—
Production
Stocks, end of month
Fine paper—
Production
Stocks, end of month
Kubber (pounds, 000 omitted):
Consumption by tire manufacturers
Pneumatic tires (000 omitted):
Production
Shipments, domestic
Stocks
Inner tubes (000 omitted):
Production
Shipments, domestic
Stocks
Solid tires (000 omitted):
Production
Shipments, domestic
Stocks
Automobiles:
Production (number)—
Passenger ears. . .
Trucks
Shipments—
Railroads (carloads)
Driveways (machines)
Boat (machines)
269
13
Coal
Coke
.
Forest products
Ore
Merchandise, l . c . l
313,777
2r>3,477
54,207
111,823
279,457
235,934
51,389
108,872
314,591
249,204
47,839
196,257
129,294
132,292
20,199
114,611
114,415
23,200
117,507
117,142
28,180
96,087
31,480
89,265
38,043
77,889
, 38,367
198,031
62,901
192,308
71,986
86,776
43,213
77,813
48,421
70,141
64,931
35,144
36,978
32,377
39,772
29,346
35,123
41,594
34,235
26,771
3,866
3,323
5,671
3,218
2,589
5,244
2,646
2,074
5,183
Freight-car surplus (number):
Total . Box . ..
Coal
. . .
Freight-car shortage (number):
Total
Box
Coal
4,875
3,828
7,7-41
4,039
3,002
6,772
3,018
2,091
6,991
Vessels cleared in foreign trade (tons,
000 omitted):
80
77
266
75
63
270
49
48
182
319,527
34,063
259,383
21,411
152,625
19,369
43,774
58,320
1,900
35,700
42,700
900
27,753
1.6,917
560
Total
i
Revenue freight loaded, classified according to geographical divisions:
Southern
Central western
Total
Total
Percentage of American to total
Panama Canal traffic (tons, 000 omited):>
Total cargo traffic
American vessels
British vessels
1
Figures for February, 1923; January, 1923; February, 1922.
960
459
287
622
FEDERAL EESEEVE BULLETIN.
MAY,
1023.
BUILDING STATISTICS.
BUILDING PERMITS ISSUED IN 168 SELECTED CITIES.
[Collected by the 12 Federal Reserve Banks.]
NUMBER OF PERMITS ISSUED.
District District District District District District District District District District District District
No. 8
No. 2
No. 4
No. 5
No. 6
No. 7
No. 9
No. 10 No. 11 No. 12
No. 1
No. 3
(5
(22
(12
(15
(15
(19
(9
(14
(9
(14
(14
(20
cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities).
1922.
October
1923.
Total
(168
Cities).
2,337
2,873
2,734
2,911
2,301
1,285
13,420
7,828
8,424
9,672
9,022
7,456
3,557
3,044
3,860
3,169
2,504
1,639
5,161
5,093
4,789
5,064
4,150
2,666
4,101
4,018
3,997
3,930
3,433
2,458
3,424
3,130
3,114
3,335
3,010
2,070
8,917
11,112
10,553
11,988
9,437
6,620
2,218
2,354
2,373
2,492
2,048
1,653
1,493
2,244
1,932
2,029
1,437
698
2,711
2,778
2,629
2,906
2,669
1,601
2,623
2,534
2,223
2,470
2,184
1,510
11,196
11,596
11,291
12,254
10,490
7,767
61,158
58 604
57,919
62,230
52 685
37,453
905
838
1,983
6,243
6,880
13,745
1,486
1,573
3,308
2,946
2,901
6,411
2,787
2,585
4,232
2,975
2,516
3,251
6,310
5,729
10,735
1,985
1,742
2,645
722
612
1,417
2,276
1,913
3,086
2,554
2,199
2,589
10,313
9,666
13,358
41 502
39,154
66,770
VALUE OF PERMITS ISSUED (000 OMITTED).
1922.
March
August
September...
October
November...
December
1923.
January
February
March
$11,069 $120,359 $14,116 $14,926 $11,329
16,634
49,211
15,353 22,037
11,605
8,656 58,670 15,869 25,077
12,970
9,159
66,063
13,806
14,907
11,292
8,388 66,684
15,357
14,713
9,519
7,252
80,400
10,640
13,050 14,486
5,661
4,003
10,986
73,574
88,207
167,218
9,767
9,877
31,845
16,458
14,165
23,264
11,083
13,085
14,156
$5,873 $33,291
7,985
40,453
6,326
31,550
8,049 34,088
5,125
41,425
5,156
53,134
$5,013
5,816
5,384
6,353
5,812
10,115
$4,526
8,285
4,761
4,717
5,273
3,686
$7,166
9,793
8,352
8,989
8,278
6,923
$5,630
5,010
4,980
4,765
3,860
9,570
$27,432
29,424
23,968
29,338
26,200
22,035
$260,730
221,608
204,564
211,527
210,634
236,446
31,022
40,490
59,463
7,936
6,528
8,641
3,739
2,455
5,574
6,903
7,028
10,952
6,248
6,121
11,427
26,164
28,830
40,203
205,820
228,601
391,226
7,265
7,811
7,498
VALUE OF BUILDING. CONTRACTS AWARDED BY FEDERAL RESERVE DISTRICTS.
(F. W. Dodge Co.)
VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS (000 OMITTED).
September
October
November
December
January
February
March
April
1922.
1923.
District
No. 1.
District
No. 2.
District
No. 3.
District
No. 4.
District
No. 5.
$29,245
25,305
25,298
19,740
$84,299
65,061
77,700
58,685
$24,948
20,440
16,929
18,706
$34,635
35,165
29,337
28,042
$22,997
19,685
19,848
15,677
21,806
13,759
25,079
31,893
65,233
58,614
98,412
96,267
16,770
18,780
31,265
30,553
25,691
38,546
52,793
48,786
17,633
20,219
30,147
39,364
District
No. 6.
District
No. 7.
District
No. 8.
District
No. 9.>
$62,220
52,048
45,429
45,128
$22,051
34,775
25,538
20,817
43,137
46,764
59,868
75,240
District!
No. 10.
$244,262
222,226
219,351
191,263
$5,868
4,523
4,810
5,285
$17,864
21,193
17,961
25,840
4,524
12,199
15,259
17,585
Total.
$7,845
12,531
11,277
11,346
3 242,554
3 277,380
' 367,599
8 397,192
VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS (000 OMITTED).
September.
October... •
November.
December..
January...
February.
March..
April
1922.
1923.
|
$11,510
13,553
13,667
13,963
$34,537
33,238
51,892
42,981
$8,142
10,072
7,397
11,526
$12,737
13,730
11,405
17,809
$8,596
7,416
7,998
5,003
14,469
4,587
11,044
15,493
47,702
10,849
65,912
56,811
5,722
9,128
13,336
13,823
11,803
13,751
23,338
20,807
7,815
7,930
9,146
11,411
$15,012
20,291
22,308
17,949
$10,223
10,065
8,993
8,506
> Montana not included.
Colorado, Wyoming, and Arizona not included.
Figures for Districts 6, 8, and 10, not available for previous months, included in total.
3
3
14,567
18,315
27,035
28,S24
$92,986
100,528
117,515
111,278
$2,454
2,228
,
2,847
2,046
$5,884
6,476
8,676
9,360
2,072
6,703
4,493
5,345
$2,120
3,288
3,295
3,369
U22,376
3 90,462
a 175,298
3 173,452
MAT, 1923.
WHOLESALE AND RETAIL TRADE.
SALES OF MAIL ORDER HOUSES
Sales of both wholesale and retail dealers
were substantially larger in March than in
the preceding months of 1923, and were also
much larger than the sales in March, 1922.
The chart below shows a comparison of the
trends of wholesale trade and of departmentstore sales from January, 1919, to date. This
chart indicates that department-store business
has much larger seasonal fluctuations than the
average wholesale business and that there has
been a distinct divergence in the trend of
wholesale trade and retail trade during the
past three years. The higher level of retail
trade is due primarily to the relatively small
decrease in retail prices since 1920 as compared
with the large decline in wholesale prices. In
the past year this price factor has become
slightly less important, as wholesale prices
have been rising more rapidly than retail
prices. A correction of the two series by price
changes indicates that there has not been
much change in the volume of wholesale
business since 1919, while there has been a
considerable increase in the volume of retail
sales.
Wholesale trade in March reached the largest
monthly volume since November. The March
sales were 10 per cent greater than February
and 12 per cent larger than in March, 1922.
The most important increases, as compared
with February, were registered by the sales of
shoes, hardware, jewelry, and drugs. There
was a slight decline in the sales of diamonds.
A comparison with a year ago indicates that
the value of wholesale business was larger in
all lines and in almost all districts. Sales of
WHOLESALE TRADE AND DEPARTMENT STORE SALES
( MONTHLY AVERAGE, 1919 = 100 )
200
180
160
1<tO
120
100
80
60
• WHOLESALE TRADE
• DEPARTMENT STORE SALES
20
0
1919
623
FEDERAL RESERVE BULLETIN.
1920
1921
1922
1923
(MONTHLY AVERAGE. 1919 =fOO )
-\
/ \\\
s/
8O
f
, L
120
\
//
y
*
/l
* 192
100
\
\
BO
1
/
^1922
/
60.
20
20
JAN.
FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC.
machine tools were over three times as large
as in last March, while sales of jewelry, diamonds, and men's clothing were over 50 per
cent greater. The larger distribution of clothing and jewelry reflects the increased buying
power in 1923, which has resulted from full
employment, rising* wages, and expanding
business profits. Hardware sales also showed
very substantial gains in all reporting districts,
which may be ascribed in part to the great
building activity in all sections and in part to
the demand for farm equipment.
Eetail business showed even more pronounced gains in March than wholesale business. Chain shoe stores more than doubled
their February sales, while sales of 5-and-10cent stores, department stores, and mail-order
houses showed gains of from 30 to 40 per cent.
Sales of shoe stores, mail-order houses, and
5-and-10-cent stores were all over one-third
larger than a year ago. The large volume of
sales this March may be ascribed to the early
date of Easter, but this influence must have
been partly counterbalanced by the severe
storms and prolonged cold weather. Sales
of mail-order houses reached a larger dollar
value than at the fall peaks of the years 1921
and 1922. The chart below shows a comparison of the sales, by months, in 1923 with sales
in 1922 and sales during the period of business
activity in 1920. It will be noted that sales
in each of the first three months of 1923 were
much larger than in the corresponding months
of 1922, but are still considerably smaller than
in the first quarter of 1920.
Department-store stocks were increased
about 8 per cent during March, but expansion
624
FEDERAL EESEKVE BULLETIN.
is customary in the early spring, and stocks at
the end of the month were only 6 per cent
higher than a year ago. As the increase in
sales during the past year has been much larger
business is now being done on a lower relative
volume of stocks than in 1922. Increases in
stocks as compared with March 31, 1922, were
recorded in 10 of the 12 districts and amounted
to over 10 per cent in the Minneapolis, St.
Louis, Philadelphia, and Chicago districts.
Stocks at department stores in the Kansas City
and Dallas districts were slightly smaller than
a year ago, although they showed an increase as
compared with February.
The following tables show the trend of wholesale and retail trade, by lines and by Federal
reserve districts:
MAY, 1923.
WHOLESALE TRADE IN THE UNITED STATES.
[Average monthly sales 1919= 100.]
GroDry
ceries. Meat. goods. Shoes.
1922.
January
February
March
April
May
June
July
August
September
October
November
December
65.6
62.2
76.3
66.2
74.1
82.2
74.5
86.4
90.5
98.7
95.8
85.0
49.3
48.9
51.3
48.3
58.2
62.6
59.2
55.9
60.5
67.8
54.1
56.8
1923.
January
February
March
74.9
74.9
79.7
60.4 105.4
56.8 100.8
58, 9 113.0
81.4
80.2
88.2
74.6
79.0
78.9
80.2
112.7
116.1
108.3
94.4
72.8
Total.
43.5 5a i
50.0 57.7
70.4 " 81.9
65.1 84.6
60.5 92.7
58.8 91.7
45.2 81.3
66.0 89.5
77.6 95.1
77.2 98.9
67.4 93.1
57.3 83.1
94.4
94.2
113.7
93.6
96.6
99.6
93.6
102.9
104.6
111.1
102.9
99.0
64.2
62.9
74.3
65.8
72.6
76.9
72.1
83.6
88.1
92.4
84.0
75.0
55.7
56.3
82.6
113.4
106.3
120.6
78.4
76.1
84.6
87.3
82.0
108.2
CHANGES IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS.
Percentage
change in
March, 1923,
sales as compared with—
change in
March, 1923,
sales as compared with—
Percentage
change in
March, 1923,
sales as compared with.—
Feb- March,
ruary, 1922.
1923.
February, March
1922.
1923.
Groceries:
United States
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Dallas district
San Francisco district
Dry goods:
United States
New York district
Philadelphia district
Cleveland district
Richmond district....
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Dallas district
San Francisco district
Shoes:
United States
New York district
Philadelphia district
19.8
9.1
16.4
13.6
.6
6.1
14.3
-16.6
-4.5
9.2
-2.6
12.1
7.5
23.3
12.7
7.7
53.2
20.1
-10.8
-30.9
5.9
-5.6
28.2
i 46.7
I 54.7
{ 115.3
Shoes—Continued.
Richmond district
4.5
Atlanta district
8.9
Chicago district
11.2
St. Louis district
7.3
Minneapolis district
12.5
San Francisco district
11.4
1.3
6.2 Hardware:
United States
-22.0
New York district
3.8 I
Philadelphia district
13.1
Cleveland
district
-3.4 j
Richmond district
Atlanta district
Chicago district
28.1 I
St. Louis district
29.2 '
28.6 |i
Minneapolis district
25.2
Kansas City district
30.3
Dallas district
72.0
San Francisco district
22.5
29.3 Drugs:
United States
-1.6
New York district
29.6
Philadelphia district
14.2
Cleveland district
28.6
Richmond district
Atlanta district
17.3
Chicago district
17.2
St. Louis district
28.1
Kansas City district
i
•
:
j
j
|
j
25.0
42.0
83.5
17.6
22.1
12.1
23.3
23.5
16.4
18.5
32.0
1.4
32.0
42.6
37.9
26.7
25.3
16.5
33.5
17.6
48.5
20.5
19.6
29.5
32.1
20.6
18.7
26.0
38.3
32.7
24.3
18.5
149.7
20.6
39.7
39.6
13.4
11.5
'> 8.6
9.1
12.0
18.9
19.9
11.0
4.6
6.0
1.2
5.8
11.5
10.3
16.0
15.1
6.7
7.3
i
I
i
,
,
!
•
j
j
'
Drugs— Continued.
Dallas district
San Francisco district
Furniture:
Richmond district
Atlanta district
Kansas City district
Dallas district
San Francisco district
Agricultural implements:
Atlanta district
Minneapolis district
Dallas district
San Francisco district
Stationerv:
New York district
Atlanta district
San Francisco district
Auto supplies:
Chicago district
San Francisco district
Men's clothing:
New York district
Women's clothing:
New York district
Machine tools:
New York district
Diamonds'
New York district
Jewelry:
\New York district
8.4
20.5
3.0
4.8
34.1
28.1
37.5
23.0
7.4
87.9
46.0
46.4
27.7
34.9
45.4
66.3
10.0
75.8
85. 6
69.9
187.8
27.9
15.6
4.6
14.4
13.3
26.4
22.7
43.9
26.9
59.0
33.1
22.3
52.4
12.1
13.4
21.3
254.1
-23.2
56.3
38.1
73.0
MAY, 1923.
625
FEDERAL RESERVE BULLETIN.
RETAIL TRADE BY REPORTING MNES.
[Average monthly sales, 1919=100.1
Chain stores.
DepartMail-order [—
ment
stores (306 houses(4
houses).
Grocery
stores).
(21 chains).
Five and
Ten (4
chains).
Drug (8
Cigar (3
chains). I chains).
Shoe (5
chains).
Music (4
chains).
1922.
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
89.
79.
101.
112.
115.
108.
87.
106.
129.
130.
185.
65.3
59.4
83.5
77.1
69.9
68.8
58.4
57.2
75.1
108.7
110.4
107.8
137.5
130.3
149.2
139.2
137.9
138.7
135.1
139.1
141.0
148.6
162.4
165.5
94.0
100.8
118.4
134.9
129.6
127.0
120.3
130.4
136.1
156.6
152.3
279.2
117.4
114.8
123.4
120.5
123.2
123.8
126.2
128.2
128.7
133.1
122.4
161.0
111.0
109.3
124.3
124.5
128.8
123.4
127.3
126.9
135.4
127.1
126.9
178.7
79.9
80. G
103.8
156.1
126.9
121.7
101.2
86.7
117.7.
121.1
121.9
164.7
71.8
75.0
80.6
78.9
80.9
81.3
83.0
99.1
118.2
118.8
120.7
203.7
99.8
89.3
123.1
88.7
83.9
112.7
165.1
158.8
188.4
115.9
117.4
163.4
128.7
125.3
144.7
115.6
109.7
134.5
85.5
70.8
145.5
95.0
87.8
96.0
80.
1923.
DEPARTMENT STORE SALES BY FEDERAL RESERVE DISTRICTS.
[Average month, 1919=100.]
District
District
District
District
District ! District
District
No. 3—
No. 9—
No. 2—
No. 1—
No. 5— i No. 6—
No. 7—
PhiladelMinneNew
York
Boston
Richmond | Atlanta
Chicago
phia
(24 stores). (64 stores). (18 stores). (19 stores). | (35 stores). (70 stores). (24apolis'
stores).
District
I n d e x for
No. 12—
United
San
States
Francisco (306 stores).
(31 stores).
1922.
January
February
March
April
May
June
July
August
September..
October
November...
December...
100.3
83.9
109.5
125.1
122.8
121.9
81.7
87.5
114.2
134.8
134.9
197.3
98.4
84.8
109.3
119.0
117.7
114.5
77.8
78.2
106.7
144.8
141.6
198.5
96.6
87.8
111.8
132.1
126.4
108.7
86.8
94.9
107.2
143.8
•146.8
185.8
75.6
72.0
93.9
105.8
103.3
103.0
71.0
72.9
90.8
119.1
122.3
184.7
74.1
73.3
85.2
98.3
97.6
86.3
69.8
73.9
86.4
113.8
113.1
161.8
85.6
77.3
94.3
111.9
116.5
110.3
83.0
92.1
114.4
122.1
130.9
184.5
83.1
70.6
91.1
106.8
105.6
101.3
81.2
93.1
105.4
119.8
107.0
164.1
75.2
71.2
90.8
87.4
96.5
89.2
64.8
67.7
101.0
104.5
104.9
149.2
1923.
January
February
March
106.3
92.3
126.9
107.7
91.3
129.0
106.1
98.0
149.0
83.9
79.6
115.3
83.0
78.2
105.5
98.5
92.7
122.0
92.1
77.0
10,-). 2
81.0
73.3
99.4
99.6
83.8
111.0
110.0
132.5
111.6
95.9
119. 3
112.5
137.0
132.2
203.7
89.8
79.7
101.3
112.9
115.4
108.0
80.1
87.1
106.2
129.8
130.0
185. 9
114.6 '
101. 5
134.6
99.8
89.3
123. t
TREND OF DEPARTMENT STORE STOCKS.
[Average monthly stocks, 1919=100.]
District
District
District
District
District
for
District
District
District
District
No. 3—
No. 12— Index
No. 9—
No. 1—
No. 2—
>?O. S - \ No. 6—
United
No. 7—
No. 11—
MinneSan
Boston
New York PhiladelRichmond
Atlanta
Chicago
Dallas
States
phia
apolis
Francisco
(24 stores). (64 stores). (13 stores). (19 stores). (22 stores). (59 stores). (16 stores). (19 stores).
(29 stores). (265 stores).
1922.
January
February
March
April
May
June
July
August
September..
October
November...
December...
99.1
103.6
110.7
112.2
110.9
106.2
103.7
105.0
116.9
125.1
130.0
110.5
105.1
108.5
120.7
121.6
116.5
110.4
104.5
109.1
120.2
124.5
131.4
110.4
95.9
104.7
116.3
113.9
110.1
109.8
105.6
111.9
121.6
127.5
126.7
105.9
90.8
102.4
111.7
110.6
107.0
103.7
99.8
105.0
119.5
130.3
126.0
103.2
101.7
110.6
117.3
116.4
111.7
104.9
103.2
109.3
118.5
121.3
123.1
101.2
106.9
117.7
127.0
124.6
122.8
115.7
113.6
125.0
128.9
134.8
136.8
115.2
88.5
95.6
103.3
98.7
102.5
99.2
97.8
102.0
107.7
112.6
115.5
97.2
107.3
115.5
113.8
110.1
100.4
99.6
111.0
117.7
119.6
118.9
94.1
106.2
111.7
120.9
122.2
114.4
107.0
108.1
112.1
118.0
120.0
124.2
107.6
101.4
108.7
118.2
117.5
114.0
108.3
105.5
111.8
120.4
125.6
128.3
107.5
1923.
January
February
March
104.0
111.5
119.9
106.6
113.0
124.6
102.2
116.5
127.5
99.6
113.0
124.3
105.2
111.9
118.9
111.4
125.3
137.2
100.0
107.2
117.0
96.0
105.8
114.3
107.4
117.7
125.1
105.2
115.2
125.3
626
FEDERAL RESERVE BULLETIN.
a 023.
MAY,
BANKING AND FINANCIAL STATISTICS.
DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS.
VOLUME OF OPERATIONS DURING MARCH, 1923.
Federal reserve bank.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..
Total: March, 1923
March, 1922
3 months endingMar. 31,1923.
Mar. 31,1922.
United States securities
purchased.
Bills discounted for
member
banks.
Bills bought
in open
market.
$330,903,414
1,995,975,853
238,143,940
138,462,039
225,345,373
30,403,422
251,529,771
83,021,378
18, 011,973
48,663,365
12,743,364
146,496,704
((33,236,612
75,774,818
12,031,768
33,241,861
1,150,894
22,907,075
22,302,677
9,755,917
75,000
6,435,451
37,228,596
435,500
1,600,000
3,519,700,596
1,753,096,620
10,931,505,998
6,178,834,855
Bonds and
notes.
Total.
Municipal
warrants
purchased.
Certificates of
indebtedness.
$519,200
40,759,500
225,000
$16,665,945
73,440,500
171,000
555,000
292,700
9,546,000
20,700
3,248,900
5,360,000
38,430,500
100,000
302,000
3,500,000
1,198,000
1,175,000
254,140,669
144,351,644
56,647,500
156,696,850
140,897,945
562,114, 000
593,359,216
387,282,638
208,471,730
389,106,600
1,913,344,975
838,274,500
March, 1923.
March, 1922.
$381,325,171
2,185,950,671
250,612,391
172,258,900
226,496,267
58,963,197
321,808,948
92,897,995
21,562,873
52,673,865
21,976,815
184,900,300
$40,683
40,683
$304,763,629
1,074,055,174
263,529,229
159,516,811
167,679,536
55.898,867
204,014,331
50,453,299
25,890,225
45,557,798
28,101,050
236,799,165
3,971,427,393
2,616,259,114
13,646,722,602
111,029
7,793,609,622
VOLUME OF BILLS DISCOUNTED DURING MARCH, 1923, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS
ACCOMMODATED.
Federal reserve bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total: March, 1923
February, 1923
March, 1922....
February, 1922
Customers'
paper secured by
Government obligations.
Member banks' collateral
notes.
Secured by
Government
obligations.
$544,699
2,229,953
318,219
317,735
282,641
101,812
305,195
6,842
1,230
61,990
3,457
698,423
$183,009,500
1,814,271,257
167,253,400
92,973,450
199,822,414
11,305,700
170,964,560
52,831,700
10,359,920
36,958,950
3,771,200
88,327,000
4,872,196
2,212,578
12,148,775
17,081,217
Bankers' acceptances.
Commercial
Agricul- Live-stock
Otherwise paper n. e. s. tural paper. paper.
secured.
730,419
47,000
657,930
13,900,110
$146,895,982
178,386,790
70,245,347
43,865,676
21,050,039
16,340,576
72,333,428
28,315,020
5,234,523
6,326,324
4,258,483
41,006,401
$236,278
360,940
270,986
194,995
1,624,781
1,966,692
7,435,721
1,569,634
1,095,870
1,238,215
1,641,975
1,632,860
2,831,849,051
3,129,871,682
17,959,130
18,420,555
634,258,589
546,850,386
19,258,947
13,800,770
8,312,074
4,432,921
1,020,251,778
1,267,616,523
29,931,867
26,411,796
640,980,433 35,712,261
730,839,912 27,567,790
9,599,037
6,909,724
$39,500
1,945,000
404,400
234,771
Foreign.
Total: March, 1923
February,1923.
March, 1922
February, 1922
1
$5,697
$19,963
281,917
16,315
184,940
"42," 703'
590,011
i, 020,886
:, 393,937
681,985
50,000
25,000
3,573
9,270
846,402
94,963
819,974
Member banks.
$409,200
409,200
173,012
Domestic.
$123,630
285,998
55,988
788,766
604,183
99,302
206,096
240,479
Amount.
Percent
of total.
Number in
district
Mar. 31.
Accommodated.
Number.
Per cent
10,000
16,382
246,352
$330,903,414
1,995,975,853
238,143,940
138,462,039
225,345,373
30,403,422
251,529,771
83,021,378
18,011,973
48,663,365
12,743,364
146,496,704
$260,325,281
1,006,124,756
245,510,301
171,123,462
196,034,298
114,133,865
733,059,081
207,890,885
77,612,495
133,892,023
83,684,889
290,309,260
7.4
28.6
7.0
4.9
5.6
3.2
20.8
5.9
2.2
3.8
2.4
8.2
428
814
715
882
639
542
1,441
620
1,010
1,154
862
815
223
375
313
240
243
213
502
191
209
254
253
52.1
46.1
43.8
27.2
38.0
39.3
34.8
30.8
20.7
22.0
29.4
32.6
2,677,176
3,028,306
3,519,700,596
3,720,546,586
3,519,700,596
100.0
9,922
9,917
3,282
2,976
33.1
30.0
4,348,249
3,853,961
1,753,096,620
2,080,373,333
9,873
9,858
^ 4,701
4,847
47.«
49.1
Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (8.86) for system.
$90,000
124,220
92,410
Total all
Federal reserve bank.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
$93,325
6,055
Total reduced to a common
maturity basis. 1
Trade acceptances.
Foreign Domestic. Dollar
exchange.
MAY,
1923.
627
FEDERAL RESERVE BULLETIN.
VOLUME OP BILLS DISCOUNTED DURING MARCH, 1923, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND
MATURITIES.
Federal reserve bank.
4 per cent.
Total.
» i , 147,809
$330,903,414
1,995,975,853
238,143,940
138,462,039
225,345,373
30,403,422
251,529,771
83,021,378
18,011,973
48,663,365
12,743,364
115,348,895
$330,903,414
1,995,975,853
238,143,940
138,462,039
225,345,373
30,403,422
251,529,771
83,021,378
18,011,973
48,663,365
12,743,364
146,496,704
Per cent.
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.33
Days.
6.97
4.47
9.14
10.95
7.71
33.28
25.83
22.20
38.19
24.39
58.21
17.57
31,147,809
2,434,809,243
3,488,552 787
1,285,737,343
3,519,700 596
3,720,546,586
4.49
4.28
8.86
6.70
Boston.
NewYork
Philadelphia.
Cleveland
Kichmond.
Atlanta
Chicago..
St. Louis
Kansas City
Dallas....
San Francisco
Total: March, 1923
February, 1923
Average
Average
rate (365day basis). maturity.
4£ per cent.
VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING MARCH, 1923, BY CLASSES.
Bankers' acceptances.
Trade acceptances.
Total bills
purchased.
Federal reserve bank.
Foreign.
Boston
NewYork
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco..
Dollar
Domestic. exchange.
$23,523,673 $8,224,499
57,093,705 11,561,256
8,273,938 2,542,830
28,155,033 4,100,408
127,894 1,023,000
19,240,871 3,137,704
14,142,798 6,348,879
6,801,633 2,138,047
4,928,679
27,531,001
Total.
Foreign. Domestic.
$1,488,440 $33,236,612
5,152,880 73,807,841 $1,888,069
1,215,000 12,031,768
882,000 33,137,441
1,150,894
528,500 22,907,075
1,811,000 22,302,677
816,237 9,755,917
75,000
1,300,705
8,975,823
206,067
670,517
75,000
6,435,451
37,177,341
March, 1922.... 99,620,840 36,084,364 8,229,500 143,934,704
February, 1922. 96,606,585 36,846,851 5,243,963 138,697,399
J
Per cent
Amount. of total.
Total.
$33,236,612
75,774,818
12,031,768
104,420 33,241,861
1,150,894
22,907,075
22,302,677
9,755,917
$20,388,082
32,762,767
20,225,964
51,530,916
1,235,483
31,571,206
34,024,226
12,869,103
8.0
12.9
7.9
20.3
.5
12.4
13.4
5.1
75,000
6,435,451
37,228,596
49,973
8,241,322
41,241,627
3.3
16.2
183,328 2,122,652 254,140,669 254,140,669
1,529,367 186,463,778 |.
100.0
$78,908 $1,966,977
104,420
51,255
Total: March, 1923.... 189,819,225 49,428,151 12,770,641 252,018,017 1,939,324
February, 1923. 129,275,500 49,578,270 6,080,641 184,934,411 1,529,367
Total reduced to a
common maturity
basis. 1
51,255
416,940
323,099
416,940 144,351,644
323,099 139,020,498
Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (46.59) for system.
VOLUME OF ACCEPTANCES PURCHASED DURING MARCH, 1923, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES
AND MATURITIES.
3Jper
cent.
4 per cent.
$6,008,324
2,894,955
89,741
4,899,293
$17,319,803
70,151,796
9,796,554
18,911,884
3,330,851
864,653
984,953
15,604,568
14,367,778
8,205,623
$9,073,383 $631,718 $188,255 $15,129
490,849
195,240
1,956,219
2,137,259
8,214
7,845,940 1,384,993
77,146
122,605
1,130,894
20,000
2,202, .565 129,042
456 1,639,593
6,810,377 163,740
96,129
565,341
1,275,091
7,270,011
4,510,119
15,304,705
107,075 529,000
12,854,238 1,481,609
14,166
213,228
27,617,902
Total: March, 1923
February,1923... 30,207,039
174,172,830
128,689,708
43,217,921 4,543, 556
22,322,143 1,031,218
589,380 3,913,321
145,620 3,975,482
Federal reserve bank.
Boston
New York
Philadelphia
Cleveland
Atlanta.
Chicago
St Louis
Kansas City.
Da»las
4J per
cent.
4£per
rent.
4f per
cent.
4Jper
cent.
4f per
cent.
$85,759
75,000
104,775
85,759
92,568
Total.
$33,236,612
75,774,818
12,031,768
33,241,861
1,150,894
22,907,075
22,302,677
9,755,917
Per cent.
4.06
4.08
4.09
4.11
4.18
4.10
4.10
4.06
Days.
28.58
20.14
78.31
72.22
50.01
64.20
71.07
61.45
75,000
6 435,451
37.228.596
4.56
4.06
4.11
31.04
59.66
51.61
254,140,669
186,463,778
4.09
4.08
46.59
43.14
N O T E .—All Federal reserve banks use 360 days to the year in calculating interest on bills bought in open market.
Average
rate
Average
(365-day maturity.
basis).
628
FEDERAL RESERVE BULLETIN.
MAY,
1023.
HOLDINGS OF EARNING ASSETS, BY CLASSES.
AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARNINGS
DURING MARCH, M2Z.
Average daily holdings of—
Earnings o n -
Federal reserve bank.
All classes
of earning
assets.
United
Discounted Purchased
States
bills.
bills.
securities.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$87,662,269
282,893,412
114,584,839
109,524,398
4S, 229,154
43,723,928
181,001,802
62,327,006
35,572,757
65,425,596
51,892,271
116,671,435
$50,566,899
204,519,618
57,217,988
34,554,962
46,176,046
19,160,531
86,242,423
22,835,305
17,948,831
'22,143,147
18,753,367
48,990,056
$16,187,595
31,444,379
28,761,448
41,989,391
712,208
13,853,200
29,092,360
11,197,440
3,765,775
956,070
29,875,549
33,650,705
All
classes
of
earning
assets."
PurDiscounted chased
bills.
bills.
$20,907,775j $310,438 $188,120 $55,6S5|
26,929,415 972,645 774,054 109,534
28,588,3421; 421,051 218,711 99,597
32,980,045 389,267 132,047 146,924
1,340,900; 181,692
176,481 2,530
10,710,197i 156,300
73,230 48,535
65,667,019} 640,273 329,611 100,274
28,294,261 226,019
87,275 38,480
13,858,151 131,996
68,613 12,985
42,326,379 237,275
84,587 3,326
12,263,355 183.119
71,704 71,862
34,030,674 412,605 173,276 119,077
Annual rate of earnings on—
All
United classes
DisPur- ij United
States
count- chased
States
of
securi- earning
ed
bills. securities.
ties.
assets. bills.
$66,633
89,057
102,677
110,296
2,681
34,535
210,388
100,264
50,398
149,362
39,553
120,252
Per ct. Per ct. Perct. Per ct.
4.17
3 75
4.38
4.05
4.36
3 89
4.44
4.11
4.32
4 22
4.50
4.07
4.18
3 94
4.50
4.12
4.43
2 35
4.50
4.18
4.21
3 80
4.50
4.13
4.17
3 77
4.50
4.06
4.27
4 17
4.50
4.05
4.37
4 28
4.50
4.06
4.27
4 15
4.50
4.10
4.15
3 80
4.50
4.05
4.1,6
4 16
4.16
4.17
Total: Mar., 1923 . . . 1,179,508,867 629,109,173 232,486,120 317,896,513 4,262,680 2,377,709 808,8091,076,096
Feb., 1923.... 1,152,861,754 610,754,670 186,648,316 355,458, 768 3,652,160 1,986,681 585,4581,080,021!
Mar., 1922 . . . 1,191,013,324 640,302,001 92,966,969 457,642,354! 4,394,575 2,626,282 320,8291,446,971
Feb, 1922
1,215,220,146| 772,415,903 87,400; 347 355,209,265 4,165,669 2,903,831 284,686! 976,285
4.26
4.13
4.45!
4.24:
4.10
4.09;
3.99
3.96
4.34
4.47
4.83'
4.90:
4.06!
4.25!
3.72
3.58
NOTE.—Thefiguresin ths first, fifth, and ninth columns include average daily holdings of municipal warrants, earnings, and annual rate of
earnings thereon, as follows: Philadelphia, $17,061, $66, and 4.56 per cent.
HOLDINGS OF DISCOUNTED BILLS, BY CLASSES.
[End of March figures. In thousands of dollars.]
Customers'
Federal reserve bank.
Boston
New York
Philadelphia
Total.
Member banks'
collateral notes.
Bankers' acceptances.
Comsecured
merby Gov- Secured
cial
by
GovernOtherpaper,
*ernment
wise
n.
e.s.
ment
obligations. obliga- secured.
tions.
Agricultural
paper.
Livestock
paper.
112
571
24,832
6,518
37,065
49,927
22,861
12,187
24,790
11,962
36,818
10,928
4,552
5,396
5,470
20,178
Total: Mar. 31,1923.. 698,914
Feb. 28,1923.. 595,760
3,208
3,242
369,560
352,797
8,649
8,790
242,134
157,244
47,321
46,386
24,522
22,712
Mar. 31,1922 680,467
Feb. 28,1922.. 712,577
12,555
18,459
248,226
266,155
13,190
14,074
258,848
256,335
104,817
111,822
36,466
39,147
St. Louis .
Kansas Citv
Dallas
San Francisco
1,056
266
375
383
87
315
38
981
10
39
855
251
129
356
47
444
Foreign.
Foreign.
ImExports. ports.
21,869
154,492
48,164
19,695
24,483
2,448
49,688
11,808
2,932
8,168
60,935
205,321
71,784
34,036
55,071
20,554
101,521
26,006
20,329
24,639
19,961
58,757
Trade acceptances.
Domestie.
700
392
397
404
3,745
5,276
14,229
2,882
5,911
3,849
5,898
3,638
6,386
7,057
7,143
2,638
14
58
63
122
453
140
321
703
Dollar
Doexmes
change. ImEx- tic.
ports, i ports.
75
108
82
53
46
527
87
424
185
25
20
247
134
177
234
170
221
86
809
728
106
342
140
192
10
53
90
4
3,071
3,018
6,188
6. 3;"1
MAY, 1923.
629
FEDERAL RESERVE BULLETIN.
HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES.
[End of March figures. In thousands of dollars.]
Bankers' acceptances.
All classes.
Federal reserve bank.
Total.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
17, 534
29,309
29,112
52,622
1,704
25,630
33,533
13,035
2,775
605
20,683
40,306
Total: Mar. 31, 1923
Feb. 28,1923
Mar. 31,1922...
Feb. 28, 1922...
Purchased in open market:
Mar. 31, 1923
Feb. 28,1923
Mar. 31, 1922
Foreign.
Foreign.
PurDischased counted
Dollar
DomesDomesin
for
exTotal.
Total.
tic. change.
tic.
open member
Imports.
(Exports.
Imports.'Exports.
banks.
market.
17,394
28,799
29,026
51,813
976
25,524
33,191
12,870
2,583
595
20,663
39,924
170
510
728
106
342
165
192
10
20
382
17,394
27,075
29,026
51,708
976
25,524
33,191
12,895
2,583
595
20,663
40,008
266,878
212,267
261,638
207,873
111,635
100,043
105,287
93,590
|
"Feb.
• 28,1922..
~
Discounted for member banks:
Mar.31,1923
Feb. 28,1923
Mar. 31, 1922..
Feb. 28,1922..
Trade acceptances.
12,080
13,241
5,322
1,297
3,438
6,044
6,130
11,207
128
8,289
10,283
3,806
580
9,897
21,955
7,844
10,525
4,575
6,213
5,931
7,497
848
4,617
7,316
2,726
696
595
1,132
6,567
68,274
60,175
48,713
42,825
10,756
7,007
5,240
4,394
22,841
22,612
5,431
3,842
6,348
6,453
48,579
42,122
10,756
6,917
2,116
1,372
22,664
22,378
5,431
3,842
160
102
90
3,124
3,022
9,011
13,342
15,625
32,125
133
77,015
67,136
i 263,358
i 207,678
261,242 i 133,773
206,306 | 97,413
105, 270
| 93,458
105,110
93,356
3,520
4,589
396
1,567
6,365
6,585
177
234
68,134
59,854
77,015
67,136
122
453
370
1,476
1,340
879
538
2,351
1,041
10
1,790
134
703
140
321
177
234
170
1,234
86
914
728
106
342
140
192
10
20
298
170
300
86
914
728
106
342
140
192
10
20
1,934 !
51
247
1,985
1,376
3,255
..' 3,018
1 50
1,932
1,372
| 6,188
6,354
..'
184
160
99
3
3,071
..1 3,018
53
4
6,188
6,351
6,188
6,351
HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS.
[End of March figures. In thousands of dollars.]
Member banks.
Federal reserve bank.
Total.
National.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
17,394
27,075
29,026
51,708
976
25,524
33,191
12,895
2,583
595
20,663
40,008
Nonnationa
10,621
9,525
10,366
15,479
20
8,668
15,500
5,270
1,350
200
9,533
13,113
4,344
8,420
9,417
16,863
7,696
15,130
4,840
757
395
5,210
10, S68
Nonmember banks
and banking corporations.
Private
banks.
Branches
and
agencies of
foreign
banks.
769
4,470 |
3,410 •
5,139
325
4,701
2,329
1,959
310
1,533
3,089
4,178
9,851
631
2,446
177
239
65
127
1,571
1,655
4,376
2,987
5.519
2,183
7,243
750
3,265
2,013
55
587
101
Total: Mar. 31, 1923
Feb. 28, 1923
Mar. 31, 1922
Feb. 28, 1922
Purchased in open market:
Mar.31,1923
Feb. 28, 1923
261,638
207,873
99,645
83,357 |
83,940
64,616
31,918
25,493
31,635 j
23,408 j
14,500
10,999
105,287
93,590
42,148
41,932 I
33,931
28,217
12,671
8,470
9,781
7,371
6,756
7,600
261,242
206,306
99,459
82,586
83,907
64,107
31,883
25,438
31,549
23,307
14,444
10,868
Mar. 31,1922
Feb. 28,1922
Discounted for member banks:
Mar.31,1923
Feb.28, 1923
105,110
93,356
42,094
41,826
33,808
28,089
12,671
8,470
9,781
7,371
6,756
7,600
33
509
35
55
101
56
131
Mar. 31,1922
Feb. 28, 1922
396
1,567
177
234
54
106
123
128
630
MAY, 1923.
FEDERAL RESERVE BULLETIN.
CONDITION OF FEDERAL RESERVE BANKS.
CASH RESERVES, TOTAL DEPOSITS. FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR APRIL
AND MARCH, 1923.
[Daily averages. Amounts in thousands of dollars.!
Total cash reserves.
Federal reserve notes
in circulation.
Total deposits.
Reserve percentages.
Federal reserve bank.
April.
March.
128,791
718,011
117,751
163,586
62,473
59,814
280,697
75,009
51,888
228,833
3,176,630
3,114,928
2,485,079
2,084,077
2,224,948
3,190,625
3,095,762
2,403,470
2,058,293
2,202,368
264,583
1,083,524
Total: 1923
1922
1921
1920
1919
230,983
296,933
91,139
137,361
529,836
104,228
78,918
92,295
37,997
April.
March.
250,914
078,621
226,353
306,187
107,058
142,876
514,481
109,981
79,886
94,985
40,950
238,333
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco...
1
April.
53,054
147,401
128,373
723,709
116,774
162,432
65,742
60,745
285,055
75,863
52,210
88,063
55,599
145,975
128,053
396,295
80,777
56,376
62,085
28,818
197,815
1,944,805
1,822,788
1,749,568
1,998,732
1,878,879
1,960,540
1,794,895
1,808,529
2,032,787
1,951,752
2,236,378
2,190,447
2,870,645
3,071,754
2,547,535
86,330
203,548
568,780
200,890
230,343
March.
April.
202,812
572,488
202,805
231,382
85,761
124,283
394,196
86,367
56,220
64,206
30,291
March.
202,384
79.6
84.2
72.5
75.4
62.8
73.1
78.3
66.9
72.9
62.2
46.4
66.3
75.8
83.2
70.8
77.7
70.7
77.2
75.7
67.8
73.7
62.4
47.7
68.4
2,253,195
2,195,131
2,979,486
3,040,440
2,503,350
76.0
77.6
53.8
143.0
'52.0
75.7
77.6
50.2
l
42.7
151.6
Circulated on basis of net deposits and Federal reserve notes in circulation.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, MARCH 28 TO APRIL 18, 1923.
RESOURCES.
[In thousands of dollars.)
Gold and gold certificates:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Gold s e t t l e m e n t
fund—F.R.Board:
Mar.28
Apr. 4
Apr. 11
Apr. 18
Gold with F. R.
agents: ,
Mar.28
Apr.4
Apr.ll
Apr. 18
Gold r e d e m p t i o n
fund:
Mar.28
Apr.4
Apr.ll
Apr. 18
Total gold reserves:
Mar.28
Apr.4
Apr.ll
Apr. 18
Reserves other than
Mar.28
Apr.4
Apr.ll
Apr. 18
Total reserves:
Mar.28
Apr. 4
Apr.ll
Apr. 18
Nonreserve cash:
Mar.28
Apr.4
Apr.ll
Apr.18
Kansas
City.
Dallas
3,117
3,124
3,173
3,197
7,823
7,847
7.908
7,921
3,033
3,028
3,048
3,065
10,981
10,760
10,509
10,562
19,745
19, 981
20,160
20,314
76,924
83,792
90,428
89,942
10,026
19,496
12,669
9,679
20,618
22,241
20,907
21,242
32,354
32,350
35,328
31,573
11,339
9,749
10,976
9,341
32, 738
35,867
40,148
35,052
101,942
101,397
100,873
99,501
356,012
352,089
371,512
365,588
64,767
62,451
68,970
65,610
46,629
46,159
48,576
47,959
52,919
52,308
51,509
50,710
12,284
12 703
13,048
12,668
171,275
164,130
161,421
165, 782
1,568
1,460
1,249
1,958
10,927
3,768
13,090
3,440
2,715
2,649
2,448
1,791
1,891
2,098
2.378
1,772
1,867
2,153
2,378
1,442
1,269
1,232
1,019
5,276
5,194
6,368
3,770
136,851 497,266
133,568 492,719
127,904 523,339
127,638 521,809
81,350
87,786
87,461
80, 934
76,861
78,138
79,489
79,500
90,078
89,553
92,038
87,726
36,046
34,481
35,765
33,590
229,034
225,172
228,097
224.918
21.467
19,319
19,165
18,722
923
1,103
4,066
4,186
4,165
3,638
4,610
4,282
4,451
4,427
4,785
4,714
4,477
4,960
101,585 145,619 515,415 102,817
96,484 141,992 509,314 107,105
96 303 136,221 538,588 106 626
90,849 136,3'11 536,514 99,656
77,847
78,726
80,412
80,603
94,144
93,739
96,203
91,364
40,656
38,763
40 216
38,017
233,819
229,886
232,574
229,878
1,809
1,833
1 698
1,498
3,829
3,329
3 416
3,285
4,352
3,794
3,999
3,988
8,887
7 751
6,426
6,433
Cleveland.
Richmond.
156,594
160,860
159,620
160,499
22,509
22,941
23,243
23,477
12,541
12,983
12,497
12,944
7,236
7,389
7,619
7,673
5,812
5,856
5,935
5,960
53,403
53,070
53,193
53,189
45,928
57,099
55,359
56,090
265,428
262,895
254,542
276,571
32,023
40,076
33,612
34,006
79,322
72,289
66,024
57,079
19,479
16,507
17.570
19,093
27,529
24,855
19,847
20,219
2,034,099
" 013,538
041,509
036,490
173,441
171,367
168,841
166,385
639,067
638,904
638,718
638,535
152,344
151,134
158,220
165,193
206,271
205,327
205,787
206,265
57,148
55,569
54,034
52,294
55,586
53,257
62,210
59,870
8,355
9,760
11.533
13,280
5,723
9,285
7,493
5.836
7,138
8,101
8,812
9,683
1,796
1,156
3,157
1,091
6,358
6,791
7,260
2,939
3,063,794
3,069,495
3,085.759
3,082,622
245,331
255,871
253,458
253,329
1,066,812 214,014 299,930
1,071.944 222,252 291,755
1,060,373 223,887 287,465
1,081,441 232,359 277,379
90,221
86,256
86,483
81,999
112,494
103,522
Boston.
New
York.
320,401
325,484
324,630
326,375
17,607
17,645
17,725
17,574
653,708
677,216
657,410
659,887
95,920
10,281
8,954
7,856
7,639
3,176,288
3,173,017
3,184,439
3,178,542
255,612
264,825
261,314
260,968
65,815
66,663
66,258
67,225
10,587
12,163
12,471
11,029
14,748
14,032
14,022
13,447
6,014
5,389
4,263
3,418
7,256
6,811
5,972
6,338
1,081,560 220,028 307,186
1,085,976 227,641 298,566
1,074,395 228 150 293 437
1,094,888 235,777 283,717
8,406
9,388
11,034
10,306
2,438
3,285
3,457
3,380
3,028
4,209
2,605
5,336
San
Francisco.
Minneapolis.
Philadelphia
Total.
11,364
10,228
9,820
8,850
3,047
2,858'
3,114
2,715
St.
Atlanta Chicago. Louis.
8,768
8,424
8,317
8,673
8,301
6,843
7 002
7,359
18,149
16,595
15,249
14,705
6,178
5,891
6 098
6,910
4,953
5,319
4,938
631
FEDERAL BESERVE BULLETIN.
MAY, 1923.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, MARCH 28 TO APRIL 18,
1923—Continued.
RESOURCES—Continued.
[In thousands of dollars.]
Bills discounted:
Secured by U. S.
Government
obligations—
Mar. 28
Apr.4
Apr. 11
Apr. 18
Other bills discounted—
Mar.28
Apr. 4
Apr. 11
Apr. 18
Bills bought in open
market:
Mar.28
Apr.4
Apr.ll
Apr.18
U. S. bonds and
notes:
Mar.28
Apr. 4
Apr. 11
Apr. 18
U. S. certificates of
indebtedness:
Mar.28
Apr.4
Apr. 11
Apr. 18
Municipal warrants:
Mar.28
Apr.4
Apr.ll
Apr. 18
Total earning assets:
Mar.28
Apr.4
Apr. 11
Apr. 18
Bank premises:
Mar.28
Apr. 4
Apr.ll
Apr. 18
5 per cent redemption fund against
F. R. bank notes:
Mar.28
Apr. 4
Apr. 11
Apr. 18
Uncollected items:
Mar.28
Apr.4
Apr. 11
Apr. 18
All other resources:
Mar.28
Apr.4
Apr. 11
Apr. 18
Total resources:
Mar.28
Apr. 4
Apr. 11
Apr. 18
Minneapolis.
Kansas
City.
50,602
57,884
40,124
43,128
11,786
10,676
10,045
14,550
2,647
3,572
3,097
4,633
6,816
12,514
7,412
11,193
1,002
741
76S
2, G50
21,781
22,901
17,613
25,420
15,779
18,000
17,067
19,840
46,384
54,318
38,559
40,583
14,645
17,352
13,299
15,294
17,111
16,894
16,007
15,982
IIS, 002
15,643
14,917
17,840
18,284
18,792
19,ISO
20,588
33,001
34,017
36,225
33,329
95S
1,026
1,716
1,778
21,199
26,117
27,678
28,581
31,112
32,696
33, 452
33,853
12,448
12,455
12,057
11,966
2,797
2,275
1,997
1,669
1,077
225
20,507
20,130
17,338
15,586
38,821
40,753
37,990
37,267
1,341
1,341
1,341
1,341
511
541
50S
524
8,954
7,717
7,712
6,806
18,085
16,432
16,402
15,238
14,565
14,615
14,824
15,064
33,331
33,331
33,331
33,331
3,379
3,379
3,379
3,379
27,617
27,617
27,617
27,617
2,001
2,001
2,001
2,001
36,100
35,791
35,903
35,887
942
7^437
6,942
510
520
511
511
4,086
4,575
4,575
4,535
65,906
64,353
59,240
63,990
37,630
37,876
36,436
37,859
Boston.
New
York.
388,238
380,785
327,412
334,611
24,356
19,670
16, 821
15,825
176,967
165,668
137,336
131,015
46,424
41,828
40,780
35,432
22,095
21,613
28,P38
22,733
20,900
21,053
22,340
24,020
2,856
2,665
2,238
4,012
311,781
314,445
295,238
308,851
32,404
27,684
29,975
34,505
51,934
44,935
44,839
38,561
19,131
18,682
14,327
14,515
17,646
17,118
20,035
24,907
29,460
31,010
30,808
32,907
254,251
259,879
274,389
277,447
17,482
17,065
17,428
19,595
34,309
27,462
46,840
50,911
28,946
28,169
26,269
24,915
48,597
51,506
51,549
51,251
172,208
164,586
162,826
158,910
5,606
5,374
5,420
5,393
22,026
17,446
15,506
13,431
24,438
24,438
24,438
24,438
12,355
12,355
12,34.8
12^348
77,201
74,563
75,328
79,097
4,800
4,763
4,753
4,989
2,713
1,380
1,525
5,610
979
979
979
979
8,945
8,991
9,019
9,018
41
41
41
41
1,203,720
1,194,299
1,135,234
1,158,957
I
;
!
!
8,125
8,125
8,625
8.625
41
41
41
41
84,648
74,556
74,397
80,307
287,949
256,891
246,046
239,528
119,959
114,137
106,834
100,320
107,638
111, 583
121,789
120,257
52,663
54,430
56,205
60,046
42,346
49,324
49,492
54,958
173,152
188,406
155,750
160,257
48,847
4,434
48,938
4,434
49,208 ' 4,434
49,692
4,434
11,368
11,370
11,370
11,690
684
684
704
712
7,900
8,015
8,027
2,617
2,617
2,617
2,617
2,305
2,330
2,340
2,421
8,715
8,715
8,715
8,715
191
191
191
191
I
I San
Dallas i Frani cisco.
St.
Atlanta. Chicago. Louis.
Phila- Cleve- Richdelphia. land, j mond.
Total.
934 I
940 j
940
940
1,072
1,072
1,149
1,152
61,312 51,297
66,288 51,167
60,310 i 49,290
66,974 j 50,828
4,831
4 831
4,868
4,867
I
I
I
|
119,220
125,288
119,445
123,633
1,937 2,063
1,937 2,108
1,937 2,119
1,937 2,180
100
100
100
100
26
26
26
26
35,088
37,594
39,727
40,946
19,204
21,038
24,601
24,556
34,850
35,556
43,204
42,349
371 i 1,812 I
791
309 ! 1,798 !
730
772
330 j 1,812 i
323 I 1,771 I 1,188
2,075
2,056
2,080
2,073
4,496
4,493
4,524
4,565
776,973
133,460 j200,095
800,978 214,936 136,004 i 206,611
790,349 213,774 136,272 205,396
805,179 213,379 138,523 208,724
119,547
118,781
122,149
121,425
403,335
405,082
408,292
409,038
65
65
65
65
I
78,746
54,231
51,242
53,561
59,284
21,272
22,726
25,868
28,895
72,705
87,829
80,396
91,945
492
465
564
530
558
402
402
390
412
403
376
743
758
737
773
\5,067,930 405,090 1,510,606 392,858 482,841
5,118,000 411,724 1,499,631 402,793 489,644
15,087,348 408,152 1,481,610 393,228 494,598
J5,191,814 419,962 1,528,311 404,427 496,613
214,623
208,189
212,202
215,913
220,233
223,627
221,326
230,320
i 559,481
I 621,458
! 638,391
723,336
49,670
55,617
55,397
63,069
119,886
134,664
137,300
170,603
49,387
56,662
53,684
63,819
13,588
13,434
13,627
13,871
139
129
139
155
1,437
1,342
1,465
1,296
362
384
399
419
56,610
66,921
33,288 |
36,910 I
41,700 '
43,484 j
13,290
14,699
14,765
15,640 !
632
FEDERAL RESERVE BULLETIN.
MAT, 1923.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANE ON WEDNESDAYS, MARCH 28 TO APRIL 18,
1923—Continued.
LIABILITIES.
(In thousands of dollars.]
Total.
Capital paid in:
Mar. 28
Apr.4
Apr.ll
Apr.18
Surplus:
Mar.28
Apr.4
Apr.ll
Apr.18
Deposits:
Government—
Mar.28
Apr.4
Apr.ll
Apr.18
Member bank—
r e s e r v e account—
Mar.28
Apr.4.
Apr.ll
Apr.18
Other depositsMar. 28
Apr.4
Apr.ll
Apr.18
Total deposits'.
Mar.28
Apr.4
Apr.ll
Apr.18
F. B. notes in actual
circulation:
Mar.28
Apr.4
Apr.ll
Apr.18
F. B. bank notes in
circulation—net liability:
Mar.28
Apr.4
Apr.U
Apr.18
Deterred availability
Items:
Mar.28
Apr.4
Apr. 11
Apr.18
AH other liabilities:
Mar.28
Apr.4
Apr.ll
Apr.18
Total liabilities:
Mar.28
Apr.4
Apr.ll
Apr.18
Boston.
New
York.
Phila- Clevedelphia. land.
Rich- | Atlanta Chicago. St.
mond.
Louis.
m m j i Atlanta.
108,623
108,647
108,683
108,649
8,046
8,053
8,053
8,053
28,901
28,915
28,940
28,942
9,481
9,481
9,482
11,974
11,974
11,993
11,995
218,369
218,369
218,369
218,369
16,312
16,312
16,312
16,312
59,800
59,800
59,800
59,800
18,749
18,749
18,749
18,749
23,495
23,495
23,495
23,495
85,432
74,423
45,218
44,936
7,713
6,678
5,418
2,625
38,341
33,686
15,258
11,277
3,826
3,607
3,001
1,288
4,837
5,708
3,178
2,473
1,871,373 120,433
1,894,035 123,450
1,876,414 122,921
1,924,525 127,962
707,865
689,544
691,416
722,586
110,475
118,746
113,066
118,525
156,767
164,026
161,594
161,780
9,966
10,607
11,034
11,452
530
428
344
1,082
1,152
1,193
1,248
142
141
179
158
130
158
259
523
756,172 114,994
733,837 122,883
717,708 116,495
745,315 120,157
162,686
170,886
165,965
165,501
64,305
61,515
63,012
62,152
61,608
61,268
58,481
62,842
565,691 202,811 230,500
574,400 199,270 225773
565,181 198,690 233,270
561,366 197,788 228,359
83,528
83,662
82,909
82,195
19,465
20,148
20,499
21,540
503
346
433
477
1,976,270
1,988,606
1,942,131
1,991,001
128,649
130,474
128,772
131,064
2,232,482 203,836
2,240,951 204,987
2,231,041 202,916
2,220,251 203,780
Minneapolis.
City.
Dallas
San
Francisco.
4,429
4,427
4,427
4,422
15,032
15,032
15,007
15,007
4,915
4,915
4,925
4,925
3,583
3,583
3,585
3,574
4,637
4,637
4,638
4,603
4,182
4,183
4,183
4,191
7,761
7,765
7,768
7,777
11,288 , 8,942
8,942
11,288
8,942
11,288
11,288 i 8,942
30,398
30,398
30,398
9,665
9,665 !
9,665
9,665
7,473
7,473
7,473
7,473
9,488
9,488
9,488
9,488
7,496
7,496
7,496
7,496
15,263
15,263
15,263
15,263
6,582
5,162
3,714
5,620
4,357
5,448
2,316
3,771
1,997
3,275
2,401
2,805
2,543
2,013
1,960
3,715
1,625
2,205
2,580
2,593
4,444
2,634
1,761
2,346
4,092
2,895
2,126
6,071
59,088 I 54,896 269,434
60,262 55,948 280,477
61,328 54,508 277,572
61,642 56,699 281,988
72,450
75,426
71,539
70,643
49,252
50,056
50,390
50,642
80,295
84,920
79,744
82,504
51,192
50,455
52,162
50,373
139,226
140,725
140,174
139,181
993
1,172
1,203
1,682
745
552
565
572
580
776
709
565
755
689
548
561
249
246
242
214
3,627
3,779
3,706
3,744
274,784
287,097
281,091
287,441
75,192
79,253
74,505
74,020
52,375
52,845
53,059
54,922
82,675
87,814
82,872
85,658
55,885
53,335
54,165
52,933
146,945
147,399
146,006
148,996
123,757
126,657 395,330
126,035 395,284
126,951 395,506
83,690
82,465
80,994
80,512
56,032
57,069
56,584
56,386
62,631
62,719
62,548
61,889
28,954
29,449
29,136
28,723
197,722
199,170
197,494
196,796
1,488
1,507
1,484
1,458
457
446
436
431
13,099
14,108
14,640
15,238
38,612
39,868
43,780
20,791
22,101
24,938
25,855
34,260
34,103
40,293
38,743
926
931
930
564
578
586
639
1,782
1,771
1,795
1,796
1,384
1,382
1,468
1,463
5,682
5,682
5,682
5,677
5,075
1,112
1,505
352
2,435
2,488
2,472
2,443
490
535
552
554
515,298
544,367
569,272
635,966
47,637
51,258
51,430
60,004
96,818
99,596
106,257
129,537
45,908
51,451
48,797
57,247
52,953
56,264
58,555
65,928
49,255
45,436
48,704
53,940
20,754
21,547
22,627
26,325
61,306
70,872
66,467
74,751
33,905
37,763
42,784
43,409
14,453
14,572
15 380
15,135
610
640
669
749
3,224
3,083
3,724
3,351
915
959
1,015
1,003
1,233
1,252
1,320
1,335
565
606
607
661
743
786
814
1,633
1,714
1,550
1,522
902
875
901
5,067,930
5,118,000
5,087,348
5,191,814
405,090
411,724
408,152
419,962
1,510,606 392,858 482,841 214,623 220,233
1,499,631 402,793 489,644 208,189 223 627
1,481,610
494,598 212,202 221,326
1,528,311 404,427 496,613 215,913 230,320
776,973
800,978
790,349
805,179
208,269
214,936
213,774
213,379
133,460
136,004
136,272
138,523
200,095
206,611
205,396
208,724
119,547
118,781
122,149
121,425
403,335
405,082
408 292
409,038
75.5
75.0
76.3
75.5
76.9
78.9
78.8
77.9
35,832
36,427
31,914
32,634
2,132
2,514
2,711
2,394
MEMORANDA.
Ratio of total reserves to deposit
and F. R. note liab i l i t i e s combined—per cent:
Mar.28
Apr.4
Apr.ll
Apr.18
Contingent liability
on bills purchased
for foreign correspondents:
Mar.28
Apr.4
Apr.ll
Apr.18
81.8
83.0
83.7
83.8
69.2
70.7
72.4
74.2
15,112 I 2,444
10,270 3,109
5,560 1 3,109
9,367
2,745
78.1
75.3
73.5
72.0
68.7
66.5
66.0
62.9
78.6
75.6
73.8
71.8
77.1
74.6
79.6
78.6
64.7
66.2
68.6
64.5
71.8
71.6
73.3
72.4
64.8
62.3
66.2
61.9
47.9
46.8
48.3
46.6
67.8
66.3
67.7
66.5
3,070
3,904
3,904
3,447
1,478
1,880
1,880
1,660
1,165
1,482
1,482
1,309
3,951
5,025
5,025
4,436
1,251
1,591
1,591
1,404
966
1,229
1,229
1,085
1,222
1,555
1,555
1,372
1,023
1,301
1,301
1,149
2,018
2,567
2 567
2,266
MAY, 1923.
633
FEDERAL RESERVE BULLETIN.
MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL WARRANTS HELD BY THE 12
FEDERAL RESERVE BANKS COMBINED.
[In thousands of dollars.]
Total.
Bills discounted:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Bills nought in open market:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
United States certificates of indebtedness:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Municipal warrants:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
•Within
15 days.
16 to 30
days.
31 to 60
days.
61 to 90
days.
From 91
days to 6
months.
700,019
695,230
622,650
643,462
513,267
493,438
433,598
447,929
42,899
47,394
42,008
41,850
71,245
78,906
73,744
81,027
51,772
55,447
52,691
50,435
20,821
20,004
20,431
21,790 i
254,251
259,879
274,389
277,447
68,201
60,462
80,670
73,519
50,121
53,095
45,052
44,299
57,897
61,977
67,678
79,702
70,003
68,045
68,510
14,203
14,342
12,944
11,417
77,201
74,563
75,328
79,097
2,819
1,449
1,584
5,905
582
34
267
65,365
53,861
18,275
36,061
41
41
41
41
Over 6
months.
15
41
178
431
9,017
18,671
55,435
36,864
41
41
FEDERAL RESERVE NOTES.
FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, MARCH 28 TO APRIL 18, 1923.
[In thousand of dollars.]
Net amount of F. R.
notes received from
Comptroller of the
Currency:
3,463,617
Mar.28
Apr.4
3,447,496
3,443,457
Apr. 11
3,427,962
Apr. 18
F. R. notes on hand:
862,538
Mar.28
828,797
Apr.4
830,385
Apr.ll
832,530
Apr. 18
F. R. notes outstanding:
2,601,079
Mar.28
2,618,699
Apr.4
2,613,072
Apr.ll
2,595,432
Apr. 18
Collateral security
for F. R. notes
outstanding:
Gold and gold ;
certificates— j
Mar.28
! 314,899
314,899
Apr.4
314,899
Apr.ll
314,899
Apr. 18
Gold redemption
fund129,141
Mar. 28
128,082
Apr. 4
130,285
Apr.ll
123,761
Apr. 18
Goldfund-F.R.
Board—
1,590,059
Mar.28
1,570,557
Apr.4
1,596,325
Apr.ll
1,597,830
Apr. 18
Eligible paperAmount requiredMar. 28.. 566,980
Apr.4... 605,161
Apr.ll.. 571,563
Apr. 18.. 558,942
Excess
amount
held—
Mar.28.. 340,180
Apr.4... 305,817
Apr.ll.. 290,239
Apr. 18.. 320,936
New
York.
Richmond.
313,928
311,854
309,328
306,872
1,070,979
1,062,717
1,057,100
1,045,243
267,311 279,088 121,927 205,861 549,747
271,101 276,545 120,748 208,316 545,824
273,588 278,105 121,172 208,292 548,447
277,560
119,433 207,920 544,523
128,212
127,396
126,915
125,554
71,302
70,830
71,367
72,110
91,316
90,705
90,266
89,467
53,947
53,366
52,712
52,332
309,999
308,094
306,165
305,966
91,400
86,400
84,700
86,000
334,340
318,340
318,340
318,340
44,800
44,800
46,200
46,000
33,220
32,020
30,820
34,320
30,690
27,990
29,550
29,270
26,940
27,240
26,190
26,190
11,926
10,805
11,125
12,205
19,760
19,760
19,643
19,643
20,879
20,539
19,929
19,829
60,985
60,985
60,985
222,528
225,454
224,628
220,872
736,639
744,377
738,760
726,903
222,511
226,301
227,388
231,560
245,868
244,525
247,285
246,662
91,237
92,758
91,622
90,163
438,187 101,272
443,364 100,156
442,587 100,725
440,463 99,364
59,376
60,025
60,242
59,905
71,556
70,945
70,623
69,824
33,068 249,014
32,827 247,109
32,783 245,180
32,503 244,981
25,300
25,300
25,300
25,300
235,531
235,531
235,531
235,531
7,000
7,000
7,000
7,000
13,275
13,275
13,275
13,275
20,141
18,067
15,541
13,085
32,536
32,373
32,187
32,004
15,455
13,245
16,331
14,303
12,996
12,052
12,512
12,990
3,353
1,774
3,239
4,499
4,042
5,997
4,973
3,601
128,000
128,000
128,000
128,000
371,000
371,000
371,000
371,000
129,889
130,889
134,889
143,890
180,000
180,000
180,000
180,000
53,795
53,795
50,795
47,795
95,500
93,000
93,500
93,500
49,087
54,087
55,787
54,487
97,572
105,473
100,042
70,167
75,167
69,168
39,597
39,198
41,498
40,397
34,089
37,189
37,588
37,869
27,881
29,461
30,376
32,731
82,175
91,275
71,075
74,875
I
I
I
!
25,155
10,332
8,437
15,438
137,647
109,447
108,456
104,070
13,498
1,436
3,882
435
40,899
44,126
55,765
57,782
15,600
14,686
14,863
17,690
11,944
17,302
16,551
19,606
45,923
53,623
41,037
42,685
!
i
|
j
St.
Atlanta. Chicago. Louis.
76,038 111,560
77,458 102,460
77,043 105,860
75,688 104,060
129,823
130,858
131,249
132,232
11,
11,:
11,:
11,:
2,400
2,400
1,400
2,400-
Minne- Kansas >Dallas.
apolis.
City. [
San
Francisco.
Boston.
13,052
13,052
13,052
13,052
6,461
6,461
6,461
6,461
3,887
4,071
3,590
4,230
1,577
1,107
1,524
1,907
3,559
2,948
4,149
3,350
1,823
2,242
2,587
2,207
13,404
18,761
16,784
15,641
339,644 ! 49,000
336,544 ! 46,500
354,644 i 53,500
349,644 \ 49,500
32,000
32,000
34,000
33,000
49,360
49,360
47,360
47,360
4,000
4,000
4,000
4,000
157,871
145,369
144,637
150,141
36,505
37,705
31,755
33,754
12,747
13,866
11,666
11,946
18,637
18,637
19,114
19,114
20,784
20,124
19,735
19,835
77,739
82,979
83,759
79,199
2,374
2,776
3,563
7,935
9,337
8,395
8,921
9,831
5,253
9,745
3,284
9,992
18,906
19,378
17,533
18,943
13,644
14,571
7,947
16,529
16,368
15,445
16,868
15,944
I
I
!
;
634
FEDERAL RESERVE BULLETIN.
MAY, 1923.
CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES.
PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM
MARCH 21 TO APRIL 11, 1923.
ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT.
[In thousands of dollars.]
Total.
Number of reporting banks.
Mar.21
Mar.28
Apr.4
Apr.ll
Loans and discounts, gross:
Secured by U. S. Government obligations—
Mar.21
Mar.28
Apr.4
Apr.ll
Secured by stocks and
bonds—
Mar.21
Mar.28
Apr. 4
Apr.ll
All other loans and discounts—
Mar.21
Mar.28
Apr.4
Apr.ll
Total loans and discounts:
Mar.21
Mar.28
Apr.4
Apr. 11
U. S. pre-war bonds:
Mar.21
Mar.28
Apr.4
Apr. 11
U. S. Liberty bonds:
Mar.21
Mar.28
Apr.4
Apr. 11
U. S. Treasury bonds:
Mar.21
Mar.28
Apr.4
Apr.ll
U. S. Victory notes and
Treasury notes:
Mar.21
Mar.28
Apr. 4
Apr.ll
U. S. certificates of indebtMar.21
Mar.28
Apr.4
Apr. 11
Other bonds, stocks, and
securities:
Mar.21
Mar.28
Apr.4
Apr.ll
Total loans and discounts
and investments:
Mar.21
Mar.28
Apr.4
Apr.ll
Reserve balance with F. R.
banks:
Mar.21
Mar.28
Apr.4
Apr.ll
Cash in vault:
Mar.21
Mar.28
Apr.4
Apr.ll
Boston.
Philadelphia.
Cleveland.
Richmond.
Atlanta.
5hicago.
106
106
107
108
777
777
777
269,540
265, 268
270,651
272,416
NewYork.
14,557
15,427
13,277
13,086
87,645
83,005
88,696
91.66C
18,601
18,055
18,428
18,467
32,756
32,002
31,792
31,896
10,065
11,891
10,144
10,080
7,132
7,199
7,346
7,541
43,469
42,993
46,717
45, 814
17,65
17,538
16,962
16,163
7.856
1,901
7,S93
7,991
S, 073
8,115
8.177
S, 515
5,299
5,137
5,113
5,25',
16,430
16,005
16,106
15,946
60,822
61,113
57,16S
63,376
543,103
548,045
549,786
558,007
134,711
136, 780
136,699
136,034
50,619
50,825
51,458
51,494
78,051]
76,516
77,029!
77,443
30,972
52,374
52,647]
49', 860
161,287
161,183
163,932
164,228
336,443 ,129,621
339,566
566 1,145,26341,972 1,149,143
337, 893 1,135,494
306,334
302,872
301,909
301,334
189,15t
190,641
192,4K,;
191,056
362,71
365,155
365,202
363,8-1.:
214,511
211,598
212,093
209,447;
779.249
777,235
781,219
790,719
404,397
407,878
406,486
408,813
1,716,193
1,736,300
1,745,646
1,739,31.)
458,702
457,1%
455,570
453,531
247,625
249,373
251,761
250,541
448,841
449,786
450,408
449, SK<
270,782;
269,109|
269,853!
264,573;
956,966
954,423
961,257
970,893
3,753,368
3,765,339
3,827,929
3,762,622
238,!,964 1,675,6o
238,376 1,675,576
240,764 ]",723,743
236,>, 692 1,641,552
256,516 377,731 124,935
266, 763 373,678 124,110
271,760 376,412 126,531
276,308 379,514 128,102
7,727,170
7,752,873
7,781,039
7,789,"""
605,170 2,473,563
610,161
1612,2,480,778
610,127 2,496,658
325 2,509,682
2
609,""'
332,606
329,836
327,953
332,765
11,750,078
11,783,480
11,879,619
11,825,036
858,691 1,236,867
8 6 3 9644:
, " ' 1,239,359
864, 168 4:t, 309,097
859, 103 4 242,894
607, 723
614, 654
618,141
627,541.
11,464
11,464
11,464
11,464
48,052
48,009
48,043
47,967
30,460
30,460
30,31C
30,501
14,551
14,551
14,541
14,368
24,912
25,004
24,955
24,79!-
15,323]
15,323J
15,323]
15,323
13,004!
14,042]
13,994
14,104]
94,886
94,684
94,675
92,87:--
671,604
677,779
680,483
684,167
326,200
321,984
321,870
324,271
1 082,091 461,200
1; 083,459 457,985
1,088,687 458,545
1,095,57" 462,453
1
283,196
283,280
283,0S2
282,206
12,723
12,937
12, 722
12,722
48,486
48,486
48,476
48,472
1,045,279
1,041,643
ljCes^ss 1
1,035,014
78,239
78,008
78,213
78,382
463,225
454,874
456,235
455,361
47,760
47,249
47,287
47,927
121,586
121,120
120,214
119,147
31,955
31,988
30,933
30,568
109,617
107,509
105,793
104,92S
6,266
5,265
5,285
5,272
40,585
39,338
37,628
37,184
4,154
4,170
4,155
4,180
9,256
8,880
8,681
8,195]
5,123
5,029
5,005
5,000
23,916
23,906
23,749
23,876
511,641
509,877
501,625
507,720
51,938
52,813
53,295
53,433
58,277
58,552
58,600;
57,0241
10,123
9,673
9,947
9,605
205,344
191,462
188,060
173,112
7,i
6,284
6,161
5,630
74,849
76.7M
77,224
66,258
10,176
8,724
7,767
7,344
20,250
17,775
16,459
15,727
4,850
4,764
4,131
3,906
2.159,979
2,161,484
2,156,077
2,159,946
172,245
170,437
171,378
173,138
717,777
717,423
718,347
720,447
184,235
183,491
181,252
180,878
286,731
287,5331
287,609]
288,240
51,i~51,538
51,143
50,619
917,450 1,626,243
922, • " ' ',625,328
923,
932,766 l',63i; 877
595,402
591,437
590,014
592,651
940,837
928,753|!
918,042! l
921,0751)
16,494,330 1,159, 679 6,1,093,430
16,497,611 11,160, 8016,1,086,063
16,569,156 1,161,676 6,148,632
6;
16,501,317 j! 158 123 1,078,336
1,388,:
1,394,778
1,406,993
1,387,452
276,145
282,544
283,491,
289,2001
8,761
8,776
8,77C
8, 776i
12,078
12,078
12,0921
12,O9ll
19,901
IS, 854
19,854
19. 556
36,485
36,338
36,526
36,176
25,00t-j
25,102
25,380|
24421;
24,421,;
13,043|
47,034
, |
,
12613
12,613 47108
47,108
ll,610l 46
46,65^
11645] 47,105
11,645]
14.327
16,14fc
15,251
15 J
95,217
98, 706
98,033
97,995
12,374
12,363
12,408
12,471
9,576!
,
8,984
8
984
9,102!
,
9,033!
9033!
1,319]
,
]4,705
,
1,380!
1380! 44,724
724
1,319
,
4,637
,
1,319
1 3 1 9 44,732;
73
2,245
2,145
2,229
2,429
12,118
13,377
13,495
13,068
7,331 139,941
7,080 128,125
6,354; 128,248
6,9931 124,251
25,019
24,683
24,743!
24,414,
25,873!
25,805!
25,832]
25,809!
22,693
20,602
20,670|
21,251]
15,648
15,196
14,146
16,327
48,437
52,441
50,833
50,372
7,469
5,651
5,537
5,815
4,289
4,201
4,276
4,193
7,498
7,377
7,358
6,922
9,661
8,583
8,604
7,887
16,928
16,008
15,556
16,110
37,218 366,3071 89,467] 31,042,
36,506 370,367 90,505! 31,064]
36^ 346! 366,529 87,182] 30,592
36,0281 368,339| 86,7931 30,724:
58,693
58,725
59,883
59,374
9,200
9,515
9,064
9,652
155,373
154,380
156,752
155,714
331,952
333,212;
334,166!
333,007i
601,542
600,400
601,706
601,278
1,8
L849
2,045
10,099
8,765
9,321
8,298
31,676
26,624
25,666
25,022
488,496 2,386,289
490,676)2,393,467
488,891^2,398,127
490,650 2,387,061
80,697
81,659
84,039
81,753
617,513
642,511
621,057
625,499
70,524
69,059
74,231
69,356
109,105]
109,550
112,792
111,245
35,228
32,989
35,336
34,010
34,076!
32,557
33,394
31,944
18,707
18,707
18,447
19,211
80,304
82,721
83,654
84,682
16,164
17,579
16,434
16,148
30,866
30,736
31,070
30,779
13,399
13,756
13,527
15,884
10,150
10,358
10,004
10,924
630,559
627,438
622,837
619,329
204,012j 41,533
197,7611 43,408
208,009
08,009 45,454
OnA CITA
AO AIY)\
204,974
52,290!
53,386
55,280
54,261
26,9871 50,363i
22,696 46,698
23,923 51,935
51,935
OA
/V7rt
AR 1 K O
24,079
46,152
5,641
5,941
6;i07]
11,3581
11,615]
11,103
12,220|
341,
340,
339,
335,
7641 ,321,524
5511 ,325,673
0011 ,332,452 ,
911 1 ,340,328
25,744
,7
25,623
25,0851
26,201
220
92,504
90,267
91,738
89806
89,806
9,015
8,937
9,225
9,357
20,483
20,934
20,811
21,242
5IAY,
635
FEDERAL RESERVE BULLETIN.
1923.
PRINCIPAL RESOURCES AND LIABILITIES OP REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM
MARCH 21 TO APRIL 11, 1923—Continued.
ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued.
[In thousands of dollars.)
Total.
Net demand deposits:
Mar.21
Mar/28
Apr.4
Apr. 11
Time deposits:
Mar.21
Mar.28
Apr.4
Apr. 11
Government deposits:
Mar.21
Mar.28
Apr. 4
Apr.ll
Bills payable and rediscount with F. R. banks:
Secured by U. S. Government obligations—
Mar.21
Mar.28
Apr.4
Apr.ll
All other—
Mar.21
Mar.28
Apr.4
Apr. 11
11,183,938
11,082,059
11 212,307
11,251,109
Boston.
New
PhilaYork. delphia.
784, 5874,
4,730,684
780, 632 4,
4,680,719
796, 796 4!
4,754,414
803; 708 4,730,189
3,923,152
3,948,420
3,959,247
3,951,362!
247,820
247,898
249,534
250,510
326,466!
337 323;
337,082
336,368
887,827
889,867
896,541
891,120
Cleveland.
RichAtmond. lanta. Chicago.
920,431 331,637 282, 37611,488,077
684,876 915,114 330,768 276, 89111,470,340
696,130 925,402 332,561 278, 7071 ,477,038
706,410 918,877 335,157 282, 4781 ,503,845
St.
Minne- Kansas
Louis. j apolis. City. Dallas.
San
Francisco.
372,161
364,106
365,671
369,215
456,624
460,539
458,505
458,552
239,380
236,134
235,221
237,503
683,722
672,293
680,328
691,217
83,405 124,698
83,653 125,587
83,677 124,508
84,280 126,039
74,959
75,666
75,528
75,290
595,031
607,489
609,805
612,685
210,029
209,647
211,534
213,958
87,210
89,507
88,386
88,304
550,319
553,728
551,393
547,826
152,939
152,874
154,318
154,146
166,070
167,168
169,150
167,957
769,656
771,486
772,429
770,011
183,218
183,497
183,978
183,194
19,273
19 253
19,253
19,253
153,498
153,458 26,859
153,498 26,859
153,498 26,859
23,694
24,995
24,968
24,539
9,798
9,798
9,778
9,705
11,246
11,017
11,017
28,707
29,881
29,882
29,831
10,053
10,322
10,322
10,322
5,614
5,540
5,540
5,400
310
6,917
6,913
6,913
14,828
14,828
14,826
14,827
24,403
24,226
24,226
24,204
259,534
290,245
281,781
239,083
10,936
11,046
7,752
ir~
114,932
155,212
143,390
116,524
22,495
24,237
20,673
20,486
12,266
12,137
11,719
18,361
17,406
13,731
13,756
15,187
1,945
939
980
565
43,705
40,980
45,211
27,920
3,192
5,114
3,879!
3,510|
3,940
2,265
3,265
2,815
10,198
5,648
11,439
«618|
585
330
45
115
17,934
18,606
19,672
22,173
156,763
184,708
187,077
156,720
21,147
26,636
21,520
23,011
28,940 14,718
46,471 15,522
39,356 15,009
38,701 10,877
15,560
11,989
11,778
14,435
17,453
17,469
18,486
17,856
4,083
3,576
6,038
4,648
16,144 10,879 3,144
22,972 9,963: 3,642
31,292 12,087 3,736
15,597 7,614 3,001
5,885
6,001
5,754
5,071
2,710
16,100
18,081
18,920
13,137
2,r~
3,101
2,772
REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.
Number of reporting banks:
Mar.21
Mar.28
Apr.4
Apr. 11
Loans and discounts, gross:
Secured by U. S. Government obligationsMar. 21
Mar.28
Apr.4
•.
Apr.ll
Secured by stocks and
bonds—
Mar.21
Mar.28
Apr. 4
Apr.ll
All other loans and discounts—
Mar.21
Mar.28
Apr. 4
Apr.ll
Total loans and discounts:
Mar.21
Mar.28
Apr. 4
Apr. 11
U. S. pre-war bonds:
Mar.21
Mar.28
Apr.4
Apr. 11
U. S. Liberty bonds:
Mar.21
Mar. 28
Apr. 4
Apr. 11
,
O. S. Treasury bonds:
Mar.21
Mar.28
Apr.4
Apr.ll
U. S. Victory notes and
Treasury notes:
Mar.21
Mar.28
Apr.4
Apr.ll
259
259
259
259
23
23!
23|
23
179,949
174,498
181,488
182,401
11,805!
12,670|
10,544
10,231
6
6:
6'
4
78,620
74,356
79,780
82,684
16,654
16,124
16,501
16,610
6,627
5,822
5,861
6,158
2,092
2,136
2,148
2,121
2,719, 882
2,731,064
2,797,280
2,723,258
186,4341,490,279
1S5,803 1,486,631
188,3761,540,852
184,3271,459,826
235,544
245,066
250,137
254,726
140,222
137,816
138,219
139,191
19,835
19,221
19,767
19,170
10,!
4,786,836
4,812,033
4, 825,413
4,827,799
458,865 2,166,123
464,577 2,173,710
464,708J2,190,368
462,549|2,199,654
299,995
297,067
295,689
300,248
311,110
315,963
315,692
315,192
67,296
66,422
66,067
67,367
57, 853
61,374
57,677
57,540
7,686,667
7,717,595
7,804,181
7,733,458
657,104i3,735,022
663,0503,734,697
663,628(3,811,000
657,107 ! 3,742,164
552,193
558,257
562,327
571,584
457,959
459,601
459,772
460,541
89,223
87,779
87,982
88,658
70,6851 ,109,351 288,170
7 4:,2521'
,2.r"'.
' , 126,871286,539
., 133,577284,411
7 01,0631
,"
70,I 115 1].,126,066 283,291
1,966
1,978:
1,9721
1,981
407,012 97,980
10,900! 413,570 100,132
10,414 415,552 99,671
10,594 423,273
99,773
99,768
99,796
99,587
2,268
2,268
2,268
37,835
37,835
37,825
37,826
7,358
7,358
7,358
7,358
4,530
4,490
4,529
4,530
1,805
1,805
1,805
1,805
2,927
2,927
2,917
627,910
619,497!
619,388
617,074
34,109
34,075
33,961
34,138
397,171
387,653
388,864
388,319
36,825
36,307
36,322
36,609
25,517
25,541
25,661
24,818
3,809
3,780
3,482
3,504
60,622
59,516!
57,744|
56,0081
3,738
2,737
2,746
2,732
30,141
29,906
28,197
27,255
3,243
3,259
3,244
1,851
1,851
1,851
1,311
713,86s 1
702,255!
693,536 !
697.749
16,613
16,668
16,246
16.455
478,390
477,062
468,649
475,077
48,877
49,239
49.727
49,867
9,823
9,697
9,554
9,7271
194
214
190!
185]
1,606
1,606
2,026J
2.21H
33,791 13,434
33,298 13,310
37,150 12,736
35,638 11,919
668,548
680,003
680,875
667,155
176,756
173,097
172,004
172,003
2,845
3,372
3,408
3,413
3,474
8,223
8,223
8,223
8,223
320
308
273
273
37,623
37,574
37,544
36,123
16,106
16,058
16,075
15,603
105
117
117
155
5,413
5,414
6,459
5,428
7,687
7,686
7,637
7,562
310
310
310
310
96,969 16,161
85,270 16,144
85,137 16,181!
81,183 16,18li
16
16
16
16
4,679! 2,084
4,698! 2 » 0 7 6
4,681 1,978
4,789' 1,952
|
15
15
15
15
1,491
1,508
1,490
1,493
6,706
6,522
6,647
6,825
28,895
29,165
29,867
30,052
21,938
20,982
21,058
20,808
12,276
12,623
12,911
11, 533
68,601
69,155
70,456
70,389
88,120J
S9,124
89,708
89,342
117,874
117,908
118,682
118,549
58,946
58,466
59,061
57,337
315,350
314,322
314,882
320,863
121,694 141,896 72,713 390,657
122,987 140,966 72,597 389,999
124,256 141,718 73,462 391,985
124,183' 141,309 70,363 39S,077
2,131
2,131
2,137
2,137
4,875
4,975
4,975
4,975
21,417
21,317
21,315
21,113
5,283 20,747
V" 21,615
21,243
5^069 21,448
5,250
5,236
4,734
5,237
45,150
46,061
46,193
45,933
3,031
3,031
3,031
3,031
755
816
755
755
934
942
930
1,103
1,103
1 103
1,103
5,500
5,479
5,503
5,323
9,603
9,492j
9,518
9,4921
9,146
7,054
7,187
7,243
3,770
3,770
2,952
5,1301
22,600
25,943
26,049
24,873
636
MAY,
FEDERAL RESERVE BULLETIN.
1923.
PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM
MARCH 21 TO APRIL 11, 1923—Continued.
REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.
[In thousands of dollars.]
Total.
New
Phila-
Boston. York. delphia.
Cleveland.
San
Francisco.
RichAt- «!,]„„„„
St. iI MinneMinne- Kansas
±ucn- i| Atsi.
mond. j lanta. ! U u c a S ° - ; Louis. ! apolis. Citv. Dallas.
V. S. certificates of indebtMar.21
Mar.28
Apr.4
Apr.ll
Other bonds, stocks, and
securities:
Mar.21
Mar.28
Apr.4
Apr.ll
Total loans and discounts
and investments:
Mar.21
Mar.28
Apr.4
Apr.ll
Reserve balance with F. R.
banks:
Mar.21
Mar.28
Apr.4
Apr.ll
Cash in vault:
Mar.21
Mar.28
Apr.4
Apr.ll
Net demand deposits:
Mar.21....;.
Mar.28
Apr.4
Apr.ll
Time deposits:
Mar.21
Mar.28
Apr.4
Apr.ll
Government deposits:
Mar.21
Mar.28
Apr.4
Apr. 11
Bills payable and rediscounts with F. R. banks:
Secured by U. S. Government obligations—
Mar.21
Mar.28
Apr.4
Apr.ll
All other—
Mar.21
Mar.28
Apr.4
Apr.ll
9,004
8,087
7,055
6,634
2,250
2,286
2,285
2,403
1,449!
1,434
l,338i
1,135;
2,06l!
2,0581
2,057
2,057
12,869
11616
11,283
10,261
6,353!
4,663
4,558
4,325
518,022 147,711
78,826 518,171 146,862
79,938 518,942 144,831
81,513 520,808 144,692
66,388
67,676
67,935
67,230
5,245!
5,173]
5,108
5,040
3,580
3,590
3,540
188,343
,
,
.„,
-,„„
191,798
188,714
190,866
57,452
58,840
55,935
10,466,570! 798,205 5,261,815 805,211
5,
809,369
10,479,840! 800,355 ".,255,560
i, 325,740 810,864
10,551,179i 801,560 •
10,469,131 796,524 5,252,948 820,013
568,318
571,142
571,587
570,560
1,453,940
103,331!
,1,461,951
101,7911
j 27711,465,127
101.931J
102,538; 79,2571,453,401
400.152
398.153
393,0201
389,949
113,876
113,558
114,158'
100,483!
1,163,854
1,167,6511
1,162,376
1,164,772;
2,731
2,773
2,311
65,234
70,236
72,263
61,499
985,416
993,782
995.889
986,968
64,604
65,041
66,951
64,468
569,621
589,476
571,197
578,292
64,997
62,871
67,588
63,016
33,670!
33,947
35,455
34,543
6,172:
4,987!
5,793|
4,063
5,6021
5,275
4,733
5,879
141,094
136,051
145,211
141,793
141,082
145,663
145,688
148,673
8,011
8,118
7,780
8,153
66,236
68,195
69,204
69,704
12,967
14,146
13,252
12,868
8,079
8,150
8,519
8,277
803!
8101
841j
2,718;
1,
1,723
1,765
2,017
28,257
29,369
29,405
28,871
0224,,236,604
6474,,185,561
875 4;,257,805
023 4,,230,112
602,843
602,004
614,007
623,995
2,.
2,451
2,420
2,418
464
453
409
432
4,618
4,405
4,976
4,275
3,432
3,138
2,741
2,733
13,695
13,512
13,452
54,764 13,594
11,037
10,951
11,320
11,132
2,093
2,209
2,306
2,094
69,599
70,043
70,355
69,537
186,313
184,104
184,956
184,631
94,4221
94,295
94,508
93,177
558,355
561,980
564,141
567,591
27,032 14,845 16,206
28,312 11,234 15,954
28,434 12,565 17,299
27,966 12,783 16,429
7,751
6,956
7,114
6,661
33,822
33,678
33,549
31,075
156,520
157,578
158,468
158,542
1,865
1,883
1,903
1,992
2,125
2,332
2,185
2,586l
1,356
1,268
1,317
1,373
5,922
6,119
5,960
6,368
233,839
235,530
243,888
242,479
53,80a 45,89911,001,167 245,334 97,368
53,895 45,626 995,110 242,232 98,593
53,462! 45,037 998,211 239,253 100,903
53,952j 46,82211,009,822 244,329 101,465
159,1021
160,836
160,491
163,015
65,098
63,462
64,663
65,858
239,847
239,056
238,664
241,772
25,428! 21,899
25,469 21,964
25,462 22,290
25,641 22,378
375,157
376,425
376,407
372,366
103,269
103,225!
103,413
103,333
38,218
38,491
38,427
39,089
12,555
12,573
12,566
13,007
2,991
3,191
3,171
3,171
15,650
15,713
15,713
15,663
8,607!
8,607|
8,607
8,607
3,874
3,874
3,874
3,734
105
4,025
4,025
4,025
26,744
24,359
25,245
17,150
1,606
3,806
2,356
1,932
1,365
365
365
1,615
5,052|
2,091
6,042
2,480
12,166
16,597
22 623
9,213
8,041
7,219
7,706
3,010
2,418
2,482
2,632
2,—
1,478
915
666
390
864!
479!
855
626!
14,519
!6,349
16,994
11,766
31,157 16,799 338,284
29,087 15,965 342,962
30,021 15,561 369,419
28,504 16,133 358,585
82,209
79,045
81,484
81,256
48,644
47,585
51,960
49,609
102,246
103,869
105,864
105,791
23,2961
21,630)
22,392
21,936
81,227
80,658
83,350
84,266
9,197 139,895 21,135
8,925 142,120 19,983
10,122 154,630 24,070
10,129 152,655 25,184
16,176
13,130
18,022
17,196
41,057 19,640
41,250 19,303|
43,710! 19,616j
42,8691 21,463!
49,027
44,440
43,742
48,333
7,585,931
7,523,552
7,632,259
7,642,644j
605,
601,
615,
619,
1,941,130
1,961,267
1,968,063
1,957,245
103,751
103,601
105,056
105,029
624,563
626,165
633,879
627,070
68,875
71,008
69,770
69,660
317,954
320,205
318,559
315,679
238,696
243,077
243,060
242,886
14,272
14,272
14,272
14,272
140,867
140,867
140,867
140,867
25,403
25,403
25,403
25,403
2,542
2,742
2 745
2,742
1,068
1,068
1,068
1,1—
177,738
211,235
204,787
170,424
8,026
8,236
5,267
2,867j
92,115
130,211
124,092
99,546
20,295
22,237
18,798
18,686
715
47!
715
1,0
5,495J
3.7181
3,924
4,612
108,796
132,795
126,722
102,501
20,579!
26,^
21,100:
22,543,
17,689 14,718
35,341 15,522
27,100 15,009
27,367 10,877
9,956
6,008
5,437
7,834
738
973
3,531
3,550
3,557
3,746
13,851 235,610
13,889 248,252
13,796 248,438
13,705 250,288
13,941
13,939
13,939
13,939
9,376
9,376
9,376
9,375
1
16,325
15,737
17,983
20451
20,451
MEMORANDA.
Bank deposits:
Due to banks—
Mar.21
Mar.28
Apr. 4
Apr. 11
Due from banks—
Mar.21
Mar.28
Apr.4
Apr.ll
1,974,156 106,602! 945,023
1,948,786 103,632i 929,839
2,067,516 114,5721 979,613
2,006,977 110,9711 944,022
493,714
480,842
518,568
515,472
36,12s1
33,253:
34,508:
35,994!
74,262
79,257
77,707
75,781
157,365
153,231
166,684
161,173
55,925
51,320
61,446
55,995
41,304
41,283
46,596
44,731
17,657 13,618
16,321 11 540!
18,412 12.5S3
17,298 12,575
637
FEDERAL EESEBVE BULLETIN.
MAY, 1923.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES.
MONTHLY SUMMARY FOR BANKS IN 141 SELECTED CITIES.
[In thousands of dollars.)
Number
of cities.
Federal reserve district.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
Total
March,
1923.
April,
1923.
February,
1922.
March,
1922.
April,
1922.
1,611,605
17,029,426
1,431,593
1,538,886
535,864
676,960
3,523,914
739,485
455,305
872,689
46Q.149
1,709,434
1,857,809
20,977,917
1,628,117
1,665,926
618,568
781,076
4,389,187
859,417
556,282
1,012,278
524,469
2,061,228
1,760,157
21,326,277
1,569,312
1,744,378
614,409
710,303
3,945,171
826,599
512,419
956,757
470,827
1,951,433
1,889,899
19,595,761
1,648,925
1,949,930
631,628
827,440
4,383,007
952,802
510,811
996,426
494.600
2,043,173
2,222,086
23,231,535
1,926,493
2.206,665
737,293
991,806
4,828,041
1,112,395
600,805
1,199,481
547,188
2,581,355
2,119,787
21,180,741
1,863,477
2,227,570
676,260
886,328
4,737,859
1,039,549
596,914
1,130,015
488,255
2,347,653
141
35,924,402
42,185,143
39,294,408
30,585,310
36,932,274
36,388,040
1
140
19,019,491
16,904,911
22,541,298
1%643,845
20,478,562
18,815,846
16,543,428 !
14,041,882 i
20,397,109
16,535,165
20,716,594
15,671,446
1—Boston
2—New York
3—Philadelphia...
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis....
10—Kansas City...
U—Dallas
12—San Francisco.
New York City
Other cities
February,
1923.'
WEEKLY SUMMARY FOR BANKS IN 243 CITIES.
[In thousands of dollars.)
Federal reserve district.
No.
No.
No.
No.
No
No.
No.
No.
No.
No.
No.
No.
1—Boston
2—New York
3—Philadelphia
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louts
9—Minneapolis
10—Kansas City
11—Dallas
12—San Francisco
Total
1923
Week ending—
Number
of centers
included.
1»22
"Week ending-
Mar. 28.
Apr. 4.
Apr. 11.
Apr. 18
Mar. 29. ; Apr. 5.
j
16
13
18
23
22
25
31
11
16
27
15
26
472,192
4,815,390
462,706
580,666
250,377
214,690
1,050,057
252,051
127,331
275,981
134,164
530,139
5,206,836
507,345
654,208
283,637
233,297
1,195,769
276,561
143,224
294,462
142,310
562,855
504,762
4,895,346
462,613
689,887
265,332
216,076
1,053,875
264,730
148,837
292,039
145,714
572,871
630,567
5,326,208
517,404
651,829
281,282
232,476
1,176,092
287,767
161,247
311,442
161,412
598,298
4,584,156
378,241
421,390
204,610
163,761
956,035
186,814
111,641
232,395
128,140
407,516
495,219
5,269,601
446,294
508,931
259,724
198,547
1,090,114
219,095
125,267
247,268
144,009
485,601
431,289
4,843,587
404,980
545,044
232,179
178,176
872,440
218,911
122,392
245,886
133,511
486,619
435,753
5,138,450
408,154
488,238
238,472
188,591
963,386
220,251
131,676
248,286
138,889
493,400
'
243
9,165,744
10,094,400
9,512,082
10,336,024
8,169,562
9,489,670
8,715,014
9,093,546
I
i
i
!
|
I
!
j
!
Apr. 19.
DATA FOR EACH CITY.
[In thousands of dollars.)
1923
Week e n d i n g Mar. 28.
District No. 1—Boston:
Bangor, Me
Boston, Mass
Brockton, Mass
Fall River, Mass....
Hartford, Conn
Holyoke, Mass
Lowell, Mass
Lynn, Mass
Manchester, N. H . .
New Bedford, Mass.
New Haven, Conn..
Portland, Me
Providence, R. I . . . .
Springfield, Mass...
Waterbury, Conn...
Worcester, Mass
2,831
319,047
4,425
6,752
20,626
3,838
4,975
6,470
4,362
6,707
16,436
6,997
30,589
16,369
6,665
15,103
Apr. 4.
3,713
407,492
5,020
8,200
26,275
4,909
5,514
7,018
5,810
6,805
18,853
9,051
40,417
18,162
8,719
17,938
Apr. 11.
3,138
331,951
5,077
8,300
23,071
4,005
5,413
7,243
4,709
8,014
19,263
8,760
36,004
16,102
8,186
15,526
1922
Week e n d i n g Apr. 18.
3,163
434,090
6,886
8,397
29,900
4,759
6,098
6,180
5,488
9,066
20,466
8,997
39,354
18,711
10,249
18,763
Mar. 29.
3,121
269,035
4,255
5,399
17,646
2,919
4,077
4,787
3,986
5,244
13,692
6,585
25,468
12,251
4,059
12,339
Apr. o.
3,170
330,667
4,508
6,234
24,006
3,308
4,904
5,948
4,951
6,161
18,910
7,857
34,067
14,380
9,890
16,258
Apr. 12.
3,289 i
284,548 '
4,799 !
6,053 I
21,792 !
2,965
4,630 )
6,017 i
4,275 (i
6,028
15,915
7,606 :
29,977 ;
14,151 '
5,640
13,604
Apr. 19
2,833
286,497
4,535
6,225
24,679
2,750
4,104
5,356
4,053
5,226
17,077
6,936
33,064
12,412
13,737
638
FEDERAL RESERVE BULLETIN.
MAY, 1923.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued.
DATA FOE EACH CITY-Continued.
[In thousands of dollars.]
1923
Week ending-
District No. 2—New York:
k Albany, N. Y
Binghamton, N. Y
Buffalo, N. Y
Elmira, N. Y
Jamestown. N. Y
Montclair, N. J
Newark, N. J
New York, N. Y
Northern New Jersey Clearing House
Association
Passalc, N. J
Rochester, N. Y
Stamford, Conn
Syracuse, N. Y
District No. 3—Philadelphia:
Allentown, Pa
Altoona, Pa
Camden, N. J
Chester, Pa
Harrisburg Pa
Hazleton, Pa
Johnstown, Pa
Lancaster, Pa
Lebanon, Pa
Norristown, Pa
Philadelphia, Pa
Reading, Pa
Scranton, Pa
Trenton, N. J
Wilkes-Barre, Pa
Williamsport, Pa
Wilmington, Del
York, P a . . . .
District No. 4—Cleveland:
Akron, Ohio
Butler, Pa
Canton, Ohio
Cincinnati, Ohio
Cleveland, Ohio
Columbus, Ohio
Connellsville, Pa
Dayton, Ohio
Erie, Pa
Greensburg, Pa
Homestead, Pa
Lexington, Ky
Lima, Ohio..
Lorain, Ohio
New Brighton, Pa
Oil City, Pa...
Pittsburgh, Pa
Springfield, Ohio
Toledo, Ohio
Warren, Ohio
Wheeling, W.Va
Youngstown, Ohio
Zanesville, Ohio
District No. 5—Richmond:
Asheville, N. C
Baltimore, Md
Charleston, S. C
Charleston, W. Va
Charlotte, N. C
Columbia, S.C
Cumberland, Md
Danville, Va
Durham, N. C
Greensboro, N. C
Greenville, S C
Ha?erstovvn, Md
Huntington, W. Va
Lynehburg, Va
Newport News, Va
Norfolk, Va
Raleigh, N.C
Richmond, Va
Roanoke, Va
Spartanburg, S.C
Washington, D. C
Wilmington, N. C
Winston-Salem. N C
1922
Week e n d i n g -
Mar. 28.
Apr. 4.
Apr. 11.
Apr. 18.
Mar. 29.
Apr. 5.
Apr. 12.
25,021
3,987
60,305
3,634
3,652
2,520
56,552
4,572,565
46,456
4,952
75,466
3,951
4,320
2,661
65,965
4,892,196
20,455
5,049
68,949
3,861
4,227
2,747
59,321
4,634,721
28,938
5,525
78,633
4,553
4,734
3,483
65,996
5,029,019
24,259
3,504
49,517
2,857
2,814
2,207
45,600
4,379,457
43,136
4,419
64,950
3,077
4,035
2,689
58,676
4,990,529
25,802
4,149
58,618
2,890
3,725
2,336
48,532
4,614,420
23,137
4,338
59,919
3,086
3,778
2,560
52,370
4,903,158
34,492
6,582
29,768
2,265
14,047
39,071
6,297
44,580
3,085
17,836
36,973
7,582
33,944
3,053
14,464
40,309
8,573
36,439
3,210
16,796
30,053
4,785
26,402
1,987
10,714
37,701
5,548
35,915
2,523
16,403
31,395
5,974
28,582
2,402
14,762
31,220
5,384
31,840
2,299
15,361
6,585
4,239
10,069
4,426
7,666
2,552
5,309
6,331
1,481
8,769
3,715
11,581
4,939
8,881
3,108
5,612
13,537
2,188
7,134
4,446
9,890
5,111
9,028
2,843
6,026
8,099
1,872
7,850
4,370
11,754
5,798
9,168
3,022
5,725
6,807
1,723
5,452
3,038
8,402
3,766
6,209
2,183
4,376
5,096
1,109
7,633
2,478
9,762
4,431
7,224
2,506
4,652
11,536
2,194
5,918
3,457
9,712
3,950
8,192
2,223
4,501
6,278
1,443
6,295
3,143
10,624
4,265
7,231
2,249
4,424
5,531
1,321
348,507
8,724
19,530
11,296
9,451
3,762
7,967
3,917
373,785
10,489
17,526
11,930
10,106
4,528
9,603
6,150
341,301
10,130
17,900
12,864
8,567
4,217
7,937
4,314
386,530
11,588
16,562
17,012
10,975
4,568
S,258
4,791
283,444
6,822
14,888
9,335
8,592
3,758
6,959
4,114
329,196
8,942
14, 482
10,888
9,118
5,233
7,888
7,390
297,291
7,743
16,952
12,656
8,827
4,111
6,337
4,650
307,077
7,928
12,648
10,846
8,010
4,150
6,938
4,685
20,084
2,454
10,041
76,971
125,191
29,493
17,432
3,003 !
10,984 i
84,891
172,847
41,972
1,289
17,550
7,019
4,608
20,579
2,780
12,098
94,520
192,674
43,575
1,441
17,218
7,264
4,330
17,970
2,682
11,034
90,154
151,873
39,605
1,409
17,342
7,632
5,145
11,319
1,553
6,161
64,428
92,507
23,297
14,695
2,588
9,682
68,358
133,569
28,078
10.279
4,761
3,529
13,909
5,628
3,492
14,128
2,344
9,102
79,892
146,025
33,190
1,032
12,217
5,969
3,785
12,367
2,158
7,550
67,296
117,522
30,206
1,024
12,683
5,565
5,133
6,693
4,232
1,056
2,348
2,828
199,451
4,283
38,850
2,791
9,694
12,785
2,673
6,057
4,772
1,291
2,570
2,838
188,680
4,511
43,352
3,321
11,130
20,113
3,180
5,776
4,353
1. 7 0 8
2,664
3,099
185,614
5,381
45,422
3,212
12,915
19,097
3,353
6,648
4,021
1,405
2,920
3,532
198,645
5,545
49,382
3,924
12,255
14,556
3,342
5,716
2,540
1,756
2,114
136,380
3,402
28,858
1,977
7,526
8,910
2,131
4,879
3,135
1,252
1,905
2,531
152,292
3,790
31,867
2,715
8,575
11,959
2,430
4,559
3,614
1,302
1,973
2,450
155,284
4,738
37,119
1,954
7,901
12,845
2,979
4,378
2,878
1,217
1,597
2,525
152,467
4,194
34,591
2,595
8,127
9,093
2,443
4,271
80,400
6,150
8,077
8,970
6,000
2,393
1,745
3,803
4,451
5,256
2,178
5,517
4,556
2,178
15,730
5,700
27,381
4,759
2,784
40,904
4,501
6,476
4,606
93,700
6,730
8,630
10,109
6,057
2,462
2,451
3,470
4,761
5,017
3.478
6,189
4,659
1,937
20,473
6,400
28,363
5,873
2.658
47,256
5,581
6,247
5,029
85,021
7,081
8,722
9,062
5,412
2,204
2,196
4,551
5,089
4,913
2,685
6,015
4,722
1,922
14,987
6,350
25,321
5,523
3.081
46,3Sti
5 367
8,264
4,557
91,335
7,001
11,405
9,574
5,300
2,667
1,980
4,798
4,912
4,458
2,874
6,824
4,857
2,022
16,866
7,000
30,119
5,810
2,413
47,328
3,877
8,103
3,200
70,050
4,564
5,803
5,605
4,771
1,601
1,634
4,058
92,773
6,480
6,581
6,095
7,368
1,907
2,230
4,335
80,736
6,100
6,325
5,332
4,521
1,878
2,021
4,070
81,193
6,800
6,796
8,244
4,400
1,967
1,474
2,633
3,016
1,775
3,773
2,872
1,486
13,824
3,900
21,166
3,765
2,333
38,511
3,869
4,459
4,088
3,279
2,672
4,523
4,526
1,712
16,688
3,600
27,898
5,272
1,975
44,219
6,044
5,736
3,599
3,499
2,079
4,238
4,544
1,492
15,596
4,200
22,706
3,866
1,975
43,148
4,888
5,101
3,462
3,454
1,848
4,368
3,978
1,619
14,539
4,100
26,682
5,164
1.787
42,039
4,731
5,766
894
1,397
14,727
6,696
5,335
593
934
898
798
i
!
i
!
j
i
i
;
i
!
i
:
|
i
i
'•
i
i
Hi
903
808
698
976
462
808
741
974
628
739
636
Apr. 19.
789
629
639
FEDERAL RESERVE BULLETIN.
MAY, 1923.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued.
DATA FOR EACH CITY—Continued.
[In thousands of dollars.]
1922
Week ending—
1923
Week ending—
Mar. 28.
District No. 6—Atlanta:
Albany, Ga
Atlanta, Ga
Augusta, Ga
Birmingham, Ala
Brunswick, Ga
Chattanooga, Tenn
Columbus, Ga
Cordele, Ga
Dothan, Ala
Elberton, Ga
Jackson, Miss
Jacksonville, Fla
Knoxville, Tenn
Macon, Ga
Meridian, Miss
Mobile, Ala
Montgomery, Ala
Nashville, Tenn
Newnan, Ga
New Orleans, La
Pensacola, Fla
Savannah, Ga
Tampa, Fla
Valdosta, Ga
Vicksburg, Miss
District No. 7—Chicago:
Adrian, Mich
Aurora, 111
Bay City, Mich
Bloomington, 111
Cedar Rapids, Iowa
Chicago, 111
Danville, 111
Davenport, Iowa
Decatur, 111
Des Moines, Iowa
Detroit, Mich
Dubuque, Iowa
Flint, Mich
Fort Wayne, Ind
Gary, Ind
Grand Rapids. Mich
Green Bay, Wis
Hammond, Ind
Indianapolis, Ind
Jackson, Mich
Kalamazoo, Mich
Lansing, Mich
Mason City, Iowa
Milwaukee, Wis
Moline, HI
Muscatine, Iowa
Oshkosh, Wis
Peoria, 111
Roekford, 111
Saginaw, Mich
Sioux City, Iowa
South Bend, Ind
Springfield, 111
Terre Haute, Ind
Waterloo, Iowa
District No. 8—St. Louis:
East St. Louis and National Stock Yards,
111
Eldorado, Ark
Evansville, Ind
Fort Smith, Ark
Greenville, Miss
Helena, Ark
Little Rock, Ark
Louisville, Ky
Memphis, Tenn
Owensboro, Ky
Quincy, 111
St. Louis, Mo
Springfield, Mo
District No. 9—Minneapolis:
Aberdeen, S. Dak
Billings, Mont
Dickinson, N. Dak
Duluth, Minn
Fargo, N. Dak
Grand Forks, N. Dak
960
28,236
7,827
22,399
580
7,529
2,561
248
553
192
2,843
11,862
6,352
4,182
2,744
6,591
4,845
15,706
381
69,099
1,286
8,111
7,111
1,049
1,443
Apr. i.
1,190
33,560
7,990
25,557
675
9,152
2,852
278
650
231
3,254
13,785
7,042
5,053
2,184
6,946
4,794
17,462
430
68,103
1,613
9,716
8,465
940
1,375
Apr. 11.
1,044
29,030
6,846
23,445
657
8,472
2,557
264
633
222
3,345
14,132
6,198
4,666
2,372
7,025
5,025,
17,368
525
61,208
1,590
8,811
7,986
1,095
1,560
Apr. 18.
960
32,395
6,453
24,768
623
9,423
2,926
259
645
201
2,997
14,689
7,782
4,938
2,381
6,951
5,634
17,647
401
68,687
1,723
9,179
8,180
1,146
1,486
10,303
6,266
6,181
4,067
960
3,569
2,163
3,066
6,347
715,947
3,700
8,290
3,557
22,009
173,762
3,483
8,284
8,800
3,477
16,281
2,561
4,220
40,067
4,936
4,792
9,000
2,302
70,357
2,184
1,390
2,700
9,981
6,230
6,573
18,548
8,511
7,054
5,396
4,345
889
1,047
12,907
33,259
38,747
1,280
2,032
143,957
2,812
9,330
3,564
6,145 j
3,302
884
1,087
13,568
35,278
43,402
1,684
2,979
159,176
3,028
10,301
3,596
7,041
3,060
923
1,199
16,603
36,372
33,182
1,461
3,365
150,892
3,391
10,048
3,744
8,331
2,826
933
1,058
14,136
40,879
34,612
1,674
2,720
169,944
3,432
1,135
1,730
269
11,904
2,135
1,671
1,271
1,764
290
13,121
2,692
1,759
1,308
1,970
317
16,423
3,186
2,111
1,248
1,964
339
18,714
2,963
1,885
688
3,130
2,449
2,616
5,888
648,516
4,100
6,806
3,503
17,341
150,193
2,888
7,010
7,867
4,190
14,972
2,732
4,190
32,042
5,863
4,782
8,900
2,201
59,984
1,304
1,519
2,600
7,978
5,164
5,425
16,625
8,637
6,068
6,031
4,233
8,615
3,472
6,506
2,379
763
3,915
2,221
3,430
9,118
792,087
4,700
9,168
3,959
19,367
133,876
3,237
7,070
9,187
3,232
15,420
2,812
3,280
34,424
4,890
5,327
8,500
2,600
56,702
2,991
1,459
2,700
10,309
6,887
4,156
19,210
7,870
6,620
3,217
4,524
3,413
2,187
2,910
6,524
637,205
4,100
7,458
3,314
20,979
140,820
3,533
8,718
8,265
4,249
15,115
2,815
3,600
33,966
4,935
4,969
9,200
2,546
67,057
2,084
1,914
2,800
8,640
5,726
5,749
19,717
Mar. 29.
Apr. 5.
Apr. 12.
Apr. 19.
833
922
823
986
22,686
4,425
14,637
26,027
6,772
17,733
23,320
4,966
14,456
25,305
5,053
17,034
5,602
1,911
7,944
2,505
6,262
2,524
7,324
2,487
2,134
12,298
5,625
2,793
1,467
5,607
3,185
13,188
3,006
12,149
5,937
3,923
1,991
0,199
3,957
15,503
3,067
11,131
6,339
4,204
1,836
4,387
3,589
15,938
2,344
11,598
7,086
4,193
1,976
6,414
3,521
16,372
49,109
1,083
8,742
4,842
60,651
1,623
10,997
6,448
54,317
1,790
9,200
5,863
55,367
2,551
9,291
5,841
1,098
1,298
1,409
1,241
469
197
557
172
337
764
588
286
553
361
319
855
588
236
500
229
275
937
539
216
439
214
287
912
565
752
727
782
2,396
2,198
2,219
4,614
614,962
2,900
6,410
2,946
13,821
110,540
2,806
4,990
5,974
2,760
13,344
2,555
2,301
3,192
7,532
738,352
4,400
10,375
3,437
17,232
114,673
2,950
8,010
6,821
1,910
13,452
3,264
2,501
2,257
5,313
550,088
2,500
7,173
3,041
16,079
99,334
2,994
7,884
6,708
2,835
13,219
2,839
2,191
2,485
4,969
611,174
2,900
7,135
2,759
15,231
124,731
2,771
10,199
7,130
2,515
13,837
46,226
3,466
3,585
4,264
1,852
59,929
1,548
1,182
1,800
5,585
4,078
30,380
3,098
4,229
6,592
2,609
49,568
2,496
1,309
2,100
9,251
5,907
30,599
3,240
4,089
4,831
1,972
52,493
1,979
1,512
2,300
7,189
4,806
30,153
3,376
3,864
5,224
2,533
55,905
2,684
1,079
2,000
7,559
4,790
15,580
5,873
4,645
17,168
6,665
7,001
15,774
6,415
5,753
i4,078
6,462
6,256
2,977
3,797
3,571
3,775
7,665
8,757
9,284
8,009
5,760
5,189
5,359
6,512
75i
947
833
8,287
29,761
24,931
1,288
3,009
133,082
3,011
1,086
751
7,731
28,130
18,255
1,139
2,019
112,203
2,410
937
1,200
1,337
1,791
155
227
11,019
1,866
1,075
12,444
2,370
1,379
960
748
826
10,058
30,435
24,387
1,156
2,059
131,022
3,115
9,023
34,275
22,464
1,270
1,951
132,051
3,122
1,188
1,629
266'
11,554
2,465
1,521
1,366
1,489
426
10.634
2,572
1.621
640
FEDERAL RESERVE BULLETIN.
MAY,
1923.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued.
DATA FOR EACH CITY—Continued.
[In thousands of dollars.]
Mar. 28.
District No. 9—Minneapolis—Continued.
Helena, Mont
Jamestown, N. Dak
LaCrosse, Wis
Lewistown, Mont
Minneapolis, Minn
Minot, N. Dak
Red Wing, Minn
St. Paul, Minn
Sioux Falls, S. Dak
Superior, Wis
Wmona, Minn
District No. 10—Kansas City:
Atchison, Kans
Bartlesvule, Okla
Casper, Wyo
Cheyenne, Wyo
Colorado Springs, Colo
Denver, Colo
Enid, Okla
Fremont, Nebr
Grand Island, Nebr
Grand Junction, Colo
Guthrie, Okla
Hutchinson, Kans
Independence, Kans
Joplin, Mo
Kansas City, Kans
Kansas City, Mo
Lawrence, Kans
McAIester, Okla
Muskogee, Okla
Oklahoma City, Okla
Okmulgee, Okla
Omaha, Nebr
Parsons, Kans
Pittsburg, Kans
Pueblo, Colo
St. Joseph, Mo
Topeka, Kans
Tulsa. Okla
Wichita, Kans
District No. 11—Dallas:
Albuquerque, N. Mex
Austin, Tex
Beaumont, Tex
Corsicana, Tex
Dallas, Tex
El Paso, Tex
Fort Worth, Tex
Galveston.Tex
Houston, Tex
Roswell, N.Mex
San Antonio, Tex
Shreveport, La
Texarkana, Tex
Tucson, Ariz
Waco, Tex
District No. 12—San Francisco:
Bakersfleld, Calif
Bellingham, Wash
Berkeley, Calif
Boise, Idaho
Eugene, Oreg
Fresno, Calif
Long Beach, Calif
Los Angeles, Calif
Oakland, Calif
Ogden, Utah
Pasadena, Calif
Phoenix, Ariz
Portland, Oreg
Reno, Nev
Ritzville, Wash
Sacramento, Calif
Salt Lake City, Utah
San Bernardino, Calif
San Diego, Calif.
San Francisco, Calif
San Jose, Calif
Seattle, Wash
Spokane, Wash
Stockton, Calif
Tacoma, Wash
Yakima.Wash
2,017
Apr. 4.
1,888
j
1922
Week ending-
1923
Week endingApr. 11.
Apr. 18.
Mar. 29.
1,933
2,115
1,491
293
Apr. 5.
Apr. 12.
2,320
2,136
328
500
Apr. 19.
2,025
470
346
647
598
587
2,703
2,631
1,107
69,407
1,075
3,021
1,016
74,118
1,029
2,909
1,175
79,445
621
794
809
55,988
62,010
511
902
537
771
435
870
537
61,586
1,132
67,890
872
32,881
3,623
1,880
40,807
3,863
1,921
1,165
37,557
3,840
1,785
1,135
42,741
3,600
1,974
1,058
30,973
2,490
1,567
760
32,872
3,455
1,470
1,063
31,398
3,150
1,533
1,059
35,665
2,797
1,751
1,291
2,717
3,159
1,909
3,191
35,601
2,888
1,391
2,862
4,185
2,513
3,136
39,356
3,379
1 079
1,475
1,613
4,665
3,982
1,985
3,188
38,387
3,189
1,300
2,006
2,901
1,785
2,155
35,470
1,187
2,785
2,442
1,690
3,031
38,374
1,231
2,304
2,321
1,508
2,563
29,065
1,260
2,575
2,578
1,490
2,357
29,743
1,368
1,328
3,759
3,801
3,374
. 3,179
40,795
3,398
1,124
1,737
1,355
1,063
661
879
704
753
700
753
953
500
461
1,293
559
707
596
506
682
553
2,225
2,103
3,449
4,303
75,124
2,698
3,039
3,584
4,421
79,215
2,615
1,870
3,814
4,301
76,996
1,169
2,331
2,155
2,058
3,419
56,433
2,756
1,596
2,227
3,272
59,077
6,357
18,652
2,689
51,913
1,012
1,274
4,034
15,408
3,421
24,550
11,088
5,987
18,435
2,415
51,032
780
5,578
20,568
2,063
39,531
5,579
21,046
1,328
47,832
2,316
1,715
2,563
3,527
65,308
1,068
1,145
5,548
18,076
1,838
41,220
2,421
2,835
2,443
3,412
73,058
5,935
19,972
2,329
47,118
2,853
3,287
4,016
5,097
90,163
1,061
1,229
6,915
19,389
2,527
53,207
1,269
6,185
15,094
4,336
27,604
10.728
1,606
3,203
16,409
4,498
27,867
10,729
1,279
4,050
10,738
2,406
21,399
8,442
1,040
4,418
13,660
3,247
16,504
9,086
1,525
4,186
15,737
3,872
25,547
8,642
1,085
3,819
12,840
2,732
20,784
9,199
2,089
5,069
3,831
1,470
34,739
7,271
25,431
20,046
22,328
2,319
3,784
4,163
1,582
36,339
9,381
24,534
30,169
24,564
1,513
2,645
2,700
32,243
6,885
23,887
18,515
21,655
2,125
2,802
3,204
1,013
34,584
7,333
24,717
15,596
29,556
29,198
6,239
30, 876
13,967
23,037
2,104
3,569
3,220
1,007
32,442
6,735
31,961
18,168
25,912
1,751
3,279
3,218
1,290
31,727
6,987
30,100
13,163
21, 812
1,889
2,932
3,630
1,416
32,777
7,012
29,460
14,114
24,170
6,062
8,694
2,228
1,542
3,037
6,227
8,282
1,387
1,758
3,323
7,431
7,930
1,882
2,010
3,572
7,395
8,149
3,407
1,675
3,413
5,183
6,493
1,284
1,339
2,451
5,480
6,628
1,127
1,547
3,504
6,141
7,372
1,494
1,402
3,150
6,682
7,109
1,942
1,897
3,180
2,198
1,498
3,551
2,428
2,071
10,342
12,623
145,381
26,656
5,213
7,258
3,437
28,968
1,612
3,372
2,096
3,973
2,901
2,136
11,021
14,321
161,115
30,896
7,093
7,016
4,083
33,973
2,307
2,766
2,182
4,075
2,850
2,736
12,263
13,276
154,603
29,865
7,442
6,879
4,343
37,708
2,175
2,750
2,508
3,986
2,867
2,329
11,698
13,599
161, 838
31,308
8,246
7,165
4,451
38,044
2,227
2,564
1,289
3,390
2,181
1,361
9,006
5,842
100,277
17,018
3,464
5,450
2,672
25,522
2,024
3,537
1,377
4,247
2,731
1,345
15,985
7,152
114,288
23,056
5,194
3,872
4,130
32,370
2,256
2,571
1,459
4,101
2,531
2,200
15,749
6,812
108,864
19,015
3,512
6,425
3,715
35,967
2,153
2,467
1,679
3,572
2,319
2,085
10,174
7,036
114,891
20,025
4,284
6,437
3,760
32,639
2,131
8,851
12,723
1,563
9,833
179,173
4,314
35,214
10,648
4,453
7,855
2,154
8,673
13,613
1,384
11,508
172,270
5,177
38,411
9,812
5,238
7,937
2,394
7,691
14,081
1,717
9,973
179,005
6,061
41,832
12,420
5,816
8,653
2,278
8,761
14,239
• 1,724
10,2SS
190,452
6,704
42,410
12,108
5,844
9,858
2,764
11,615
11,093
1,346
7,948
134,544
4,463
33,086
7,617
4,037
7,385
2,190
16,164
13,562
1,410
8,752
161,904
4,733
32,375
9,084
5,064
8,291
2,583
17,652
14,545
1,743
11,576
153,105
4,194
40,749
10,782
5,737
8,692
2,624
13,766
11,925
1,502
9,756
175,581
4,170
34,977
11,130
5,699
8,351
2,837
968
64,790
788
344
850
808
891
810
850
1,311
5,079
14,645
3,513
26,537
9,285
1,822
3,024
3,153
920
497
122
447
907
687
403
135
940
874
615
181
880
758
538
130
846
788
813
402
132
95I
948
901
847
605
139
466
943
763
625
146
768
457
872
741
1,217
667
533
878
1,042
5,441
20,175
2,408
40,484
810
679
207
FEDERAL RESERVE CLEARING SYSTEM.
OPERATIONS DURING MARCH, 1923.
[Numbers in thousands. Amounts in thousands ot dollars.]
Items drawn on banks located
in own district.
Federal reserve
bank or branch.
Outside FedIn Federal
eral reserve
reserve bank
bank or
or branch city. branch
city.
Items drawn
on Treasurer
of United
States.
NumAmount. ber. AmountBoston
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
Total:
March....
February
652
745,320 4,
2,527 5,090,832 5,726
246
127,971
494
1,183
867,047 2,475
806
417,787 1,570
384,528
961
280
630
648,867 1,014
2,305
147
342,495
829
323
224,097
445
143
131,309
237
66
52,722
228
75
86,554
244
73
89,522
148
98
56,634
1,322 1,192,614 4,483!
578!
323
495,255
433
371,079 1,613!
392!
85
47,631
541!
134
164,579
228'
95
43,769
321
134,126[ 1,754'
134|
33
16,286!
243,942 1,461
395:
50,839
78
56,066 1,151!
660!
158
72,990
258
151,515 1,459;!
146
52
16,583
400:
86
46,398
801;
415
423,055
529
211,422 1,818
82
59,582
254:
62
34,492
406|
135
47,284
264
55
19,437
208
159
469,321
699,643 1,100
15
59,759
172
321,562|
97
189,645!
79
105,0331
52
117,453
55
333,634
60
79,200
44
54,820!
14
18,906!
13
25,628!
18|
23,655!
39
18,625'
426,055! 436
41
61,682
144!
101,093
Ill
25,190
43!
31,733
131
14,965
54
95,499
7
9,668
113
106,509
27
36,510
12
79,170
36
45,060
35
192,663
17
9,856
16
33,702
74
49,327
61
140,630
21
13,231
17
24,621
31
18,933
11
10,889
12,553 13,164,629:39,888 4,043,870J 3,137
9,872 9,697,88132,9403,187,011 2,587
I
I
!
I
15,702
98,852
2,566
29,442
5,901
9,620
5,995
5,197
6,195
4,246
1,697
1,502
1,516
9,000
53,2211
4,265
9,640
1,270
4,957
1,475
6,284
1,048
12,502
3,627
1,868
2,454
4,718
1,522
1,701
16,509
20,488
6,641
4,092
11,970
1,729
Total items
handled, exclusive of duplications.
Items forItems forwarded to
warded to
other Federal parent banks
reserve banks or to branches
in same disand their
trict.
branches.
Amount.
Num-i
Amount. ber. Amount.
4,877 1,230,343
9,353 5,889,327
190,296
755
3,8301 1,218,051
2,473
613,333
»1,330
> 500,897
1,696
772,315
2,507
681,326
1,212
309,492
632
190,375
317
73,325
316
113,684
335
114,693
285
84,259
6,241 1,671,890!
942!
561,202!
2,190
481,8121
488
74,0911
718
201,269[
336'
60,209!
2 2,135! 2 241,989!
174!
27,002i
2,063j
362,953
581
90,976|
1,241
137,104;
» 855 3 120,977
1,752
348,898
215
27,961
502
81,801
1,290
2,409
372,540
356
79,454!
485|
63,205!
430
78,187!
274!
32,055i
369,412255,595,217,586,180! 4,482
335,200 45,414 13,225,867| 3,681
63,131
156,086
27,451
108,161
8,494
7,028
42,175
66,529
42,743
11,135
18,961
10,573
2,856
17,116
43,260!
7,695
4,797
809
2,022
690
17,498
2,419
37,901
20,573
8,934
7,198
9,737
2,121
2,664
3,779
21,942
1,920
3,682
7,050
3,606
792,736
624,694
26,
877
703
Total items handled, including
duplications.
Number.
1923
5,108
5,462|10,794
20,992
946
4,309
7,649 2,584
4,192 1,370
10,595 1,831
8,951 2,733
8,226 1,451
4,732 700
—
378
34,935
377
1,614
356
1,173
355
802
2,563 6,738
967
2,508
1,721 2,249
499
1,047
740
131
341
353
111 2,222
1,027
181
11,897 2,429
13,130
711
9,717 1,322
5,041
927
7,268 1,895
664
238
1,072
526
3,748 1,354
9,376 2,592
4,569
406
2,406
512
6,622
505
2,604
1922
Number of
member
banks at
end of
month.
Amount.
1923
1922
Number of nonmember
banks at end of month.
! 1923
977,050
4,618 1,293,474
8,940 6,050,875 4,877,704]
238,739
864
177,605
4,985 1,326,212 1,147,573
1,984
629,476
379,100!
1,203
512,117
223,011!
1,616
825,085
363,171
2,364
756,806
440,726
360,461
256 737!
ir~
206,242
141,982)
492
72,410]
127,221
55,4641
325
125,871
56,934'
335
118,722
334
102,177
5,991 1,717,713 1,092,158!
861
571,405
226,380
1,976
335,717
396
75,947
43,129
613
203,422
93,852
276
61,252
39,161
1,856
259,598
220,442
241
30,448
24,671
2,097
412,751
385,663
614
124,679
99,177
1,086
155,755
121,037
814
133,216
115,463
1,658
256,000
365,901
218
23,265
30,746
73,843
85,537
496,418
316,184
2,000
254,663
403,858
359
58,919
85,943
467
54,297
69,293
478
72,984
91,859
271
36,850!
38,265
33
64
146
144
50
51
3,981 3,971
260
263
1,688 1,722
237
233
349
342
186
2,423
207
1,444
271
452
159 164
1771 174
7
5
2]
5
7|
11
156 191
55! 34
196,898 60,954:53,730 18,575,814 13,195,960j 9,922! 9,873 17,692 17,976 2,285{2,301
160,75549,79843,09ljl4,011,316J10,690,431! 9,917 9,856 17,724] 18,019 2,282:2,318
1
Incorporated banks other than mutual savings banks.
> Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee banks as follows: Cincinnati, 10,000 items, $1,716,000; Minneapolis, 6,000 items, $6,080,000;
Omaha, 1,000 items, $473,000. Total, 17,000 items, $8,269,000.
• NOTE.—Number of business days in period for Baltimore was 25, for Philadelphia, Pittsburgh, Jacksonville, Nashville, Now Orleans, Detroit, Memphis, Minneapolis, Dallas, El Paso,
and Houston, 26, and for other Federal reserve banks and branch cities, 27 days.
642
FEDERAL RESERVE BULLETIN.
Mil,
1923.
MONEY IN CIRCULATION APRIL 1, 1923.
[Source: United States Treasury Department circulation statement.)
Stock ol
monev in the
United States.
Gold coin and bullion
Gold certificates
Standard silver dollars
Silver certificates
Treasury notes of 1890
Subsidiary silver
United States notes
Federal reserve notes
Federal reserve bank notes
National bank notes
Total
Comparative totals:
Mar. 1, 1923
Apr. 1, 1922
Apr. 1, 1917
July 1,1914
Tan. 1, 1879
Money in circulation.
Money held
by the U. S.
Treasury and
the Federal
reserve system.
Amount.
Per capita
J3,969,193,743 $3 559,091,728
2(681,693,769)
362,625,420
475,314,404
416,251,024
48,812,316
2(387,726,863)
1,000
2(1,471,783)
268,860,972
26,880,733
346,681,016
52,373,474
365,585,374
2,598,033,725
3,989,456
29,859,000
34,731,464
767,182,504
$410,102,015
319,068,349
59,063,380
338,914,547
1,470,783
241,980,239
294,307,542
2,232,448,351
25,869,544
732,451,040
$3.70
2.88
.53
3.06
.01
2.18
2.65
20.13
.23
6.61
.8,455,125,364 '4,870,341,989
4,655,675,790
41.98
8,489,635,419
8,108,976,196
5,312,109,272
3,738,288,871
1,007,084,483
4,610,636,668
4,413,130,714
4,100,590,704
3,402,015,427
816,266,721
41.61
40.37
39.54
34.35
16.92
3 4,941,147,056
= 4,686,870,457
3 3,896,318,653
'1,843,452,323
3 212,420,402
1
2
Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents.
These amounts are not included in the total, since the money held in trust against gold and silver certificates and Treasury notes of 1890
is included under gold coin and bullion and standard silver dollars, respectively.
3 Includes gold held in trust against gold certificates and standard silver dollars held in trust against silver certificates and Treasury notes of
1890, the aggregate of which should be deducted from the sum of money held by the United States Treasury and the Federal reserve system and
monev in circulation to arrive at the stock of money in the United States. The amounts of such gold and silver held in trust as of the date of this
statement are shown in parentheses in the first column.
GOLD SETTLEMENT FUND.
INTERBANK TRANSACTIONS FROM MARCH 23, 1923, TO APRIL 19, 1923, INCLUSIVE.
[In thousands of dollars.]
Daily settlements.
Transfers.
Federal reserve bank.
Debits.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total four weeks ending—
Apr.19,1923
Mar. 22,1923-.
Apr.20,1922
Mar.23,1922
6,000
5,000
3,000
2,000
Debits.
Credits.
'b',m
617,356
2,002,742
605,563
559,386
477,544
242,129
959,066
470,207
124,635
335,806
188,761
270,137
634,572
2,009,479
618,722
559,124
463,839
238,229
972,318
465,518
127,177
321,416
187,088
255,750
18,000
108,000
69,000
113,800
6,853,232
7,324,106
5,274,437
5,518,607
6,853,232
7,324,106
5,274,437
5,518,607
Credits.
2,000
'2,"666'
4,000
2,000
2,000
18,000
108,000
69,000
113,500
3,000
Changes in ownership
of gold through trans- Balance in
fers and settlements.
fond at
close of
period.
Decrease. Increase.
262
14,705
5,900
11,216
1,737
15,159
17,252
11,390
1 673
9,387
46,006
642
46,006
56,090
287,544
31,724
64,728
28,434
16,373
84,066
10,026
18,989
29,191
7,855
33,568
668,588
648,222
497,051
513,493
643
FEDERAL RESERVE BULLETIN.
MAY, 1923.
GOLD AND SILVER IMPORTS AND EXPORTS.
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.
Gold
March—
Countries.
1922
IMPORTS.
France
Germany
Netherlands .
Norway
Spain
.
Sweden
United Kingdom—England..
Canada... .
Central America
Mexico
West Indies
Bolivia
Chile
Peru
Venezuela..
China
British India.
Dutch East Indies
Philippine Islands
British Oceania.
Egypt
Portuguese Africa
AMother
Total
Silver
Nine months ending
March—
$3,983,059
6,649,971
3,986
1923
1922
1923
$1,115,469
20,789,147
29,707
4,798,294
15,644,247
543,592
48,655
1,326,938
107,911,597
29,667,978
2,196,386
4 045,096
491,544
5,183
116,041
4,239,125
1,311,362
8,959
496,779
5,895,896
i, 586,669
812 926
1,352,396
3,271,242
612.819
993,299
31,482
6,175
13,253
7,588
7,330
1,669
7,767
49,655
1,354
159,587
2,875,425
1,271,641
36,371,689
457,971
380,592
1,271,391
193,451
4, 503,020
25,347
1,513
1,702
11,718
328,479
14 390
1,550
227
22,153
165,714
209,311,346
6,953,105
4,626,376
54,027,128
217,647
49, 592
152,450
208,057
108,313
276,020
2,680
•74,025
4,148
107,660
$12,579,266
127,278,661
19,924,809
5,003
4,186,976
4,805,302
316,389
51,770,795
118,639,688
17,062,493
4,815,105
4,282,030
2, 857,729
19,417
392,501
7,822,482
1,361,212
4,111,970
775,615
4,236,999
14,863,765
1,342,271
997,216
12,740,382
7,210,097
286,415
9,419,537
33,488,256
15,951,357
434,104,125
4,139,110
14,938,204
21,399
1,264,172
414,414
707,332
14,530
11,735
15,959
414,200
137,046
145,000
131,745
EXPORTS.
France
Netherlands
Spain
Sweden
Switzerland
United Kingdom—England..
Central America
West Indies
Colombia
$4,005,014
5,600,000
391,409
4,113,344
182,027
443 521
12,027
949
1,753
292,393
169,361
35,381
2,660,000
222,000
3,601
672,200
2,721,013
6,724
3,579
9,572
102,180
$55,717
216
312
35, 582
234,837
183,374
5,476,656
17,487
64,104
118,935
47,686
624,913
475,716
130,246
2 644,036
13,081
51,713
10,329
9,475
1,132 053
35
41
6,000
907
141
81,029
1 474
242
$844
198,781
5,709,498
1,562,459
267,625
350,200
13,394,018
75,000
526,753
1,341,761
2,651,192
1,430,211
183,805
100,010
84,440
48,600
8,864,485
179,750
2,862,800
56,530
143,830
33,767
37,725
3 168 000
6,605,326
1,563,310
963,413
10,392,100
20,759,003
46,993,812
4,302,182
583,640
40,666
3,680,479
899
500,000
319,2ii
4,440
136,103 . . .
203,805 i
146,433 !
544
203,003
23,525
4 731 705
1923
1987
133.275
55, 764
21,156
11.732
98,933
1,180
185, 731
6,280,343
1,131,019
32,206, 794
192,949
594.645
1,512,382
144,679
6,604,363
2.167
1 860
16,924
61S.140
10 925
1,430
12, 730
102,160
1.54,795
50,158.063
1.645
1,500
600
1 500
2, 003,057
40,000
2,044,827
12,127
4,214,470
350
L
Total
$76,794
20,528
2,660,000
19,000
20,000
1,358,445
143,828
21,872,6,13
1922
1923
6,900,089
China
Hongkong
Another
1922
9,431,987
3,987,427
6 543
1,516,234
29,800
327,103
649 000
14,303, 856
4,316,183
61,995
12,127
339, 875
|.
Dutch East Indies
Nine months ending
March—
March—
45,904,769
7,378.690
1,388', 040
4 494
1.393.818
37,627
10'. 000
16,672,506
11,055.489
6,505,296
40.474
44,490,179
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT APRIL 30, 1923.
Paper maturing—
Federal reserve bank.
Commercial,
agricultural,
and live-stock
paper, n. e. s.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
1
Secured by
United States
Government
obligations.
1
41
Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc
DISCOUNT AND INTEREST RATES.
In the following table are presented actual discount and interest rates
prevailing during the 30-day period ending April 15, 1923, in the various
cities in which the 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, FEDERAL
March 15 shows higher rates for prime commercial paper and bankers' acceptances in most centers and higher rates for collateral loans in some centers.
For other types of paper, with few exceptions, the rates remained at practically the same level as during the preceding period. Compared with the
corresponding period ending April 15, 1922, rates were generally lower,
RESERVE BULLETINS.
although in some centers they were near the levels of the 1922 period and
A comparison of the discount and interest rates for the various centers a few centers report higher charges for some commercial paper. Compared
during the 30-day period ending April 15 with the 30-day period ending with both periods under review all interest rates show upward tendencies.
DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CITIES DURING THE 30-DAY PERIOD ENDING APRIL 15, 1»23.
Bankers' acceptances,
60 to 90 days.
Prime commercial paper.
District.
City.
30 to 90
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..
Boston
New York.
Buffalo..
Philadelphia
Cleveland
Pittsburgh
Cincinnati
Richmond
Baltimore
Atlanta
Birmingham
Jacksonville
New Orleans
Nashville
Chicago
Detroit
St. Louis
Louisville
Memphis
Little Rock
Minneapolis
Helena
Kansas City
Omaha
Denver
Oklahoma City..
Dallas
El Paso
Houston
San Francisco...
Portland
Seattle
Spokane
Salt Lake City..
Los Angeles
Open market.
Customers'.
. L. C.
5 51
4J 5-5-i
5 6
5 5i
5 6
5 6
5 6
5 6
5 52
4*6
5 6
4 | 6-7
30 to 90
days.
4 to 6
months.
H. L.
I?
r
51 5 5
6 51 6
51 5 51
[4*42
4J 42-0
5} 5
6 5 5-51
6 5 51
5 51
5 5
5 5 5
5
5 4 4-5
5 4 4-5
4 | 4* 4 |
5 4*4|
4*4 41
4* 4J 4i
41 4 4J
7 6 7
7 6 6
8 5 6
Rates for demand paper secured by prime bankers' acceptances—high, 51; low, 4: customary, 4*-51.
J
414J
6 5 5-51
615 51
6 5 51
6 42 5*
6 6 6
5*4*5
6 6 6
515 5
6 5* 5*
6 55
8 7 8
5 4* 4}-5 7 5 6
5* 42 5
7 5 6
5*4*5
8 6 6-7
6 41 6
8 6 6
6 5 51 7 425*
10 8 8
9 6 8
5 4*4*
6 5 5*
SI 4}
7 6 6
5 4* 5J
Unindorsed.
H. L. C. H. L. C. H. L. C.
4 4 4
li 4 4
5 5 5
6 4J 5-6 5 4 4-4J 4 | 4 4i
8 5 6
4} 4 4}
6 5 5}
5 4}
5 41
414;
5} 41 5
| 42 41 4*
I 5} 5 5
51 5 5
5J 42 5
Cattle
loans.
Indorsed.
4 to 6
months.
a
5* 5 5}
6* 42 5-6
6 56
6 42 5*
7 56
51 5 5
6 56
6 5 5J
6 51 6
514 5*
6 56
6 5 5J
7 41 6
8 56
X 42 6-7
7* 51 6}
8 67
5 5 5
6 5 5-5* 42 41 41
7 56
5', 5 5
6 4 5* 5} 5 5
6 56
5J 6
6 66
5*4*5
6 5
7 66
5 42 5
5 5*
6 5 5* 6 5 5
7 8
8 7 8
5 4* 4J-5
4* 6
6 41 6
5*42 5
5 6
7 56
5*4*5
5 6-7 8 5 6-7 6 4* 51
4*7
8 51 7
6 5 5*
5 5J
6 5" 5* 5*4 4*
6 8
10 8 8
5 6
7 56
415
5 5J-6 6 5 5*-6 4}
42
4i7
5 7
5} 42 5
6 7
5 61
5 41 4J
8 5 61
Interbank
loans.
Collateral loans—stock exchange.
4J4
45 3 | 4}
Demand.
3 months.
3 toe
months.
Ordinary
loans to
Secured by customers
warehouse secured by
receipts.
Liberty
bonds.
H. L. aH. L. C.
H. L. C.
H. L. C.
5*5 51
6 5* 52 6 5* 52
6 4 4*-6 6 5 5-6 6 5 5-6
7 56
6 56
6 56
6 4* 5
6 5 5* 6 5 51
7 56
7 56
7 56
6 56
6 56
6 56
6 5 5*-6 5 5*51-6 6 6 6
6 56
6 56
6 56
6 5 5*
6 5 5* 6 5 51
7 56
7 5-6
7 5
8 66
8 66
"7 5 6-7 8 6 7-8 8 6 7-8
7 52 61
7 51 6
8 67
8 67
6 5 5* 6 5 5* 6 5 51 6 5
6 56
7 56
7 56
6* 5 5*
6* 5 51
6* 5 5*
7*2
6 5* 6
6 56
6 56
6 66
6 66
7 6
8 66
8 66
8 7 7
4151
6* 5 5*
6* 5 5*
6* 6 61
8 8
8 7 8
8 7 8
8 7* 8
5 6
8 56
8 56
7 6 6
5 6
7*5 6
7* 5 6
7* 51 61
8 56
8 56
5 6
8 6 6-7
6 8
10 6 8
10 6 8
10 6 8
5 6*
8 5 6*
8 57
8 7 71
8 8
10 8 8
10 8 8
10 8 8
5 6
7 6 7
7 56
7 66
5 5*-6 6 5 6
6 6 6
4*7^ 7 6 6
7 6 6*
7 6 6
H, L. C.
51 51 51
5|4i5
6 5 6
6 4* 5
6 6 6 x
6 6 6
6 5 5-54
6 56
6 4* 6 "
6 5 52 6 5 5*
8 66
6 41 6
8 67
8 6 6
8 6 7-7 8 5 7-8
6J 52 6
6* 5* 6
8 67
7 6 6
6 5* 5*-6 6 4* 5-51
7 66
6 5 6
6 56
6 42 51
6 66
6 5 6
6 66
6 6 6
8 6 7
7 6 6
6 4* 5
6 5 5*
8 8 8
8 8 8
7 51 6
8 5 6
715*6*
7* 5* 6*
8 6 6-7 8 5 6
10 6 8
10 5 8
5 6*
8 41 61
10 8 8
10 8 8
7 6 7
5 4* 5
6* 6 6
1
6 5 51-6
8 6 7
8 5* 7
8 6 61-7 8 6 7
8 7 7
8 7 7
8 5 61
7 5 61
8 6* 8
8 6 7
10 6 6i
6 7
7 7
5 61
7 8
7 7
6 7
H. L.
a
* ?•
8 6 7
8 6 7
8 5*fl|
645
FEDERAL RESERVE BULLETIN.
MAY, 1923.
FOREIGN EXCHANGE RATES.
[General Index tor April, 1923 (preliminary), 67; for March, 1923, 67; for April, 1922, 72. Noon buying rates for cable transfers in New York as
published by Treasury. In cents per unit of foreign currency.)
COUNTRIES INCLUDED IN COMPUTATION OF I N D E X .
High.
Low.
Monetary unit.
April.
Denmark
Krone
Pound
Lira
Florin
Krone
Peseta
Krona
Italy
Norway
Spain
Sweden
Brazil
Chile
India
Japan
Average.
Par of
exchange.
March.
April.
March.
April.
March.
5.2100
5.8900
6.5900
5.9400
5.4800
5.7560
19.30
26.80 18.6100 19.0800 19.1500 19.3100 18.9160 19.1970
6.4900
6.0300
6.7900
6.3237
19 30
6.7400
6.6668
486.65 463.3800 467.6900 467.8600 470.8300 465.5468 469.5693
5.0200
4.9100
19.30
4.7600
5.0200
4.8550
4.9596
40.20 39.0600 39.3600 39.3700 39.5900 39.1788 39.4893
26.80 17.2600 18.0600 18.1000 18.4100 17.8420 18.1578
19.30 15.2600 15.3600 15.3600 15.6100 15.3220 15.4652
26.80 26.5600 26.5600 26.7700 26.6300 26.6444 26.6000
18.5896
19.30 18.0700 18.4400 18.4800 18.7600 18.2424
Index (per 1cent of
par).
April.
March.
29.82
70.58
34.54
95.66
25.70
97.46
66.57
79.39
99.42
94.52
28.39
71.67
32.77
96.49
25.16
98.23
67.75
80.13
99.25
96.32
Dollar
100.00
97.6406
97.4328
98.2321
98.4813
98.0201
98.0570
98.02
98.06
Peso (gold)
Milreis
96.48
32.44
2
19.53
82.6700
10.1700
12.1300
83.8600
10.7900
12.2200
83.7700
10.8600
12.7800
84.7000
11.3700
12.9800
83.1484
10.6364
12.3104
84.1452
11.0874
12.6725
86.18
32.79
63.03
87.22
34.18
64.89
8
73.4800
31.2300
48.4800
73.9800
31.3500
48.3000
76.3800
31.4200
49.0300
76.5400
31.8200
48.6100
74.4964
31.3460
48.6936
75.5300
31.5659
48.4559
111. 44
64.42
97.68
112.98
64.87
97.20
Rupee
Yen........:
66.85
48.66
49.85
OTHER COUNTRIES.
Bulgaria
Krone
Lev
20.26
19.30
Finland
Markka
19.30
23.82
19.30
20.26
Poland
Polish mark
Yugoslavia
Dinar
108 05
19.30
19.30
0.0014
.7443
2.9678
2.7189
.0031
1.1478
.0168
.0020
4.3700
.4745
1.0010
Cuba
Peso
do
100.00
49.85
99.9688
48.2969
99.9500
48.5833
100.0438
48.6250
100.0156
49.0781
99.9998
48.4463
99.9858
48.8605
do . . .
103.42
82.7400
84.1400
84.8000
85.1200
83.7348
84.5496
80.97
81.75
Dollar
Singapore dollar
* 48.11
* 47.77
56.78
53.0800
54.1100
51.5000
53.3100
54.0000
54.6700
55.2300
56.1500
54.9200
55.4400
56.3000
55.0800
53.8192
54.8180
54.7328
54.5333
55.3804
54. 8133
111.87
114.75
96.39
113.35
115.93
96.54
Greece
China . .
Hongkong
Straits Settlements
i Based on average.
0.0014
.6100
2.9648
2.7111
.0044
1.0522
.0203
.0022
4.1600
.4728
1.0025
0.0014
.8443
2.9865
2.7806
.0048
1.1894
.0237
.0026
4.9500
.4858
1.0343
0.0014
.8086
2.9795
2.7933
.0048
1.1711
.0346
.0026
4.8900
.4919
1.1288
0.0014
.7738
2.9781
2.7541
.0041
1.1694
.0217
.0023
4.6032
.4789
1.0173
0.0014
.6543
2.9693
2.7553
.0047
1.0962
.0289
.0024
4.3430
.4842
1.0417
0.01
4.01
0.01
3.39
14.27
.02
6.06
.11
14.28
.02
5.68
.14
4.26
2.48
5.27
4.02
2.51
5.40
100.00
97.18
99.99
98.02
8
SILVER.
1913 average.
[Average price per fine ounce.]
i Vpril.
London (converted at av
New York
$0.67830
.67270
March.
JO.68360
.67963
646
MAT, 1923.
FEDERAL RESERVE BULLETIN.
FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES.
A summary of banking and financial conditions abroad is presented statistically in the
accompanying tables.
ENGLAND.
[Amounts in millions of pounds sterling.]
Note a c c o u n t s and
Bank of England deposits.
Averageof end ofmonth
figures:
1913
1920
1921
1922
1922, end of—
March
April
May
June
July
August
September
October
November
December
1923, end of—
January
Februan"
March
38
146
157
156
29 |
103 i
108 327
103 !
157
157
157
157
154
154
154
154
151
154
103
102
103
ia3
104
154
155
155
121
101 280
131
102 279
102 j 286 133
i
i
!
j
j
Nine London clearing
banks.*
57
147
136
130
300 151
303 134
29S ! 130
295
296
293
289
287
288
301
1,097
1,065
1,061
1,070
1,056
1,020
1,007
1,033
1,031
1,030
3,452
3,305
3,307
2,917
•i,236
2,885
2,690
3,124
2,989
2,769
1
2
Held by the Bank of England and by the Treasury as note reserve.
Less notes in currency notes account.
»Average weekly figures.
FRANCE.
[Amounts in millions of francs.]
• Statist.
Bankers Magazine.
• Excluding Germany.
6
I
Bank of France.
War
Note
Silver advances
to the : circureserve. Governi lation.
ment.
Average of end of month
figures:
1913
1920
1921
1922
1922, end of—
March
April
May
June
July
August
September
October
November
December
1923, end of—
January
February
March
f April
1
Not including gold held abroad.
Savings
banks,
Bons
Price of Average
daily
excess of
3 per
de la
clearings
Defense cent per- of the
(+)or
petual
NationParis
withTotal
rente.
banks. drawals
deposits.
253
274
285
26,000
25,300
23,042
5,565
38,066
37,404
36,177
830
3,527
2,927
2,307
282
283
284
285
285
286
287
288
289
21,500
22,100
23,100
23,300
23,000
23,900
24,000
23,600
22,900
23,600
35,528
35,787
35,982
36,039
36,050
36,385
36,603
36,691
36,111
36,359
2,236
2,412
2,303 I
2,448 '
2,432
2,170
2,199
2,170
2,184
2,309
290
291
292
292
23,100
23,200
23,100
22,500
36,780
37,055
37,1SS
36,548
2,208
2,279
2,06fi
2,116
60,839
61,528
62,890
63,809
62,525
62,936
63,404
New stock and
bond issues.
Value.
Average
rate of
return.
86.77 I
57.34 i
56.56 j
58.48 |
59
554
550
525
-65
+48
+67
+53
702
1,100
574
6.70
6.41
56.70
57.60
57.70
57.95
58.25
6a 10
61.10
58.25
59.00
59.02
455
411
454
474
502
.512
484
556
783
630
+49
+58
+55
+53
+62
+66
+58
+17
+43
+33
377
459
644
947
485
151
636
421
179
1,453
6.57
6.45
6.37
6.30
6.02
632
6.36
6.41
6.59
6.22
58.80
58.65
726
792
755
+44
+85
MAY, 1923.
647
FEDERAL KESEB.VE BULLETIN.
ITALY.
(Amounts in millions of lire.]
Banks of issue.
Note
circulation.
Reserve.
Gold.
Average of end of month figures:
1913»
1920
1921
1922
1921, end of—
November
December
1922, end of—
January
February
March
April
May
June
July
August
September
October
November
December
1923, end of—
January
February
Leading private banks.'
Loans
and For ac- For
discount
accounts.
Total.
of
count
com- of the
merce. State.
375
043
074
120
1,661
2,088
2,020
1,998
089
092
1,948
1,999
7,888 9,435
10,088 10,304
109
100
118
122
104
100 i
125 '
125
125
136
141
128
1,998
1,971
1,956
1,984
1,963
1,976
1,991
2,024
2,024
2,039
2,034
2,042
10,225
10,095
9,899
10,181
9,391
9,573
9,118
9,142
126
127
2,021
1,994
2,284
7,035
9,304
9,734
Loans
and
disDue
counts from
ParTotal
deCash. includ- corre- ticipaing
spond- tions. posits.
treas- ents.
ury
bills.
Total
deposits.
914
5,945
5,575
55
446
465
1,674 j.
15,810 13,200
16,001
87.12
1,174
1,997
3,981
8,012 | 3,785
293
316
12,778
12,502
83.99
80.13
1,426
1,081
965
908
841
845
861
763
769
781
781
7,782 !
8,169
8,250
8,572
317
315
316
317
316
318
337
337
337
339
11,616
11,482
11,403
11,708
11,698
11,863
11,896
11,883
11,897
11,960
12,045
, 318
10,581 i 2,474
9,064 ! 2,475
8,214 ! 2,759
129
1,308
1,200
8,485
8,505
2,388
3,108
9,082
8,680
9,345
10,183
9,631
9,589
9,360
9,259
9,615
9,947
9,695
9,924
9,782
9,892
9,935
8,570
8,626
S,523
8,350
8,061
8,049
8,050
8.050
8i 066
8,075
8,074
8,076
3,082
2,794
2,890
2,663
2,751
2,935
2,681
2,779
2,661
2,638
2,634
2,602
8,552
8,572
9,389
9.117
8,057
8,036
2,610
2,675
857
6,335
7,586
9,466
Short- Index
term
numtreas- bers of
ury security
bills. prices.'
1,093
10,594
10,677
8,500
8,800
8,846
8,706
8*797
3,552
3,275
3,157
3,180
3,232
3,180
3,272
3,286
3,460
3,568
3,554
21,926
24,442
23,862
25,574
96.61
94.10
88.82
88.43
93.13
94.83
95.19
103.01
105.68
109.90
111.94
112.91
1
Includes Banca Commerciale Italiana, Credito Italiano, Banco di Roma, and until November, 1921, Banca Italians di Sconto.
• Figures for 1921 based on quotations of Dec. 31,1920-100; those for 1922 on quotations of Dec. 31,1921-100.
' End of December figures.
GERMANY.
[Amounts in millions of marks.]
I
Reichsbank.
Discounts.
Gold • Note cir- Total i
reserve. : culation. deposits. Treasury Conimer: bills.
cial bills.
Average of end of month
figures:
1913
1920
1921
1922
1922, end of—
March
April
May
June
July
August
September
October
November
December
1923 end of—
January
February
March
April
1,068
•
1 96X
1,092
53,964
1,056
80,952
1,002 ' 339,677
Total
clearings.
6,136 j
17,702 I
47,980
20,213 j
83,133
108,633 338,147 : 72,211
57;898 I
89,297
530,647
Value of Index of security
prices.'
new stock
and
Darlehnskassen- Treasury
bond
scheine bills outin circu- standing. placed
10 do25
lation.
on Germestic
stocks.
man
bonds.
market.
Per cent. Per cent.
'220
13,145
8,861
11,217
192,832
475,835
2,655
2,152 170,357
2,403 175,977
179,370
3,377
4,752 191,414
243,493
8,122
374,856
21,704
50,234 473,715
101,155 789,341
246,949 1,463,766
422,235 2,078,969
8,701 271,935
9,183 280,935
9,440 289,246
10,374 311,600
12,234 307,810
13,383 331,000
13,995 451,000
14,009 614,000
13,809 839,000
13,450 1,495,000
6,416
3,992
4,152
2,762
2,330
2,468
7,937
7,187
15,223
1,005 ' 1,984.496
762,264 1,609,081
697,216 3,826,206
1,005 13,512,788 1,582,981 2,947,364 1,829,341 7,444.323
1,005 5,517,920 12,272,084 4,552,012 12,372,102 7,257,658
13,395 2,082,000
12,625 3,588,000
12,600 6,601,000
33,358 | 146,531
997 130,671
31,616
155,618
1,001 . 140,420
1,003 151,949
33,128 167,794
1,004 169,212
37 174
186,126
1,005 189,795 , 39,976 207,858
1,005 238,147 ! 56,124
249.76C.
1,005 316,870 ' 110,012 349,770
1,005 1 469,457 140,779 477,201
1,005 754,086 240,969 672,222
1,007 '1,280,095 530,526 ,184,464
121
105
85
"ioe
169
"ios
1,334
312
1,378
4,688
3,664
322
726
725
> Recalculated by the Frankfurter Zeitung, using as base (100) prices for January, 1922, Instead of for January, 1921, and eliminating the five
bonds in foreign currencies. Figures aro as of beginning of month.
648
FEDERAL RESERVE BULLETIN.
MAT,
1923.
SWEDEN.
[Amounts in millions of kronor.)
ink.
Gold coin
and
bullion.
Averages of end of month figures:
1913'
1920
1921
1922
1922, end of—
February
March
April
May
June
July
August
September
October
November
December
1923, end of—
January
February
March
Joint-stock banks.
Total
deposits.
Note circulation.
Clearings.
Value of
issues
Bills dis- registered
Loans and counted
during
with
discounts.
Eiksbank. month.
Index
number
of stock
prices.
of foreign
exchange
value of
krona.
102
269
280
274
235
733
661
579
108
226
193
269
3,596
2,715
2,109
2,287
6,008
5,948
5,317
139
476
389
340
24
61
31
29
258
176
121
103
112.9
121.8
128.4
274
274
274
274
274
274
274
274
274
274
274
579
626
582
567
585
551
559
605
569
575
584
346
312
301
293
247
243
213
180
178
191
389
2,122
2,354
1,936
2,162
2,118
2,015
1,803
1,902
1,995
1,979
2,588
5,572
5,474
5,430
5,378
5,388
5,268
5,221
5,181
5,149
5,099
4,984
429
447
404
380
320
307
293
2S8
206
252
331
18
23
15
50
94
89
100
115
113
113
110
103
98
90
96
129.2
128.3
126.6
124.8
125.6
127.0
128.8
130.5
131.7
132.2
129.9
274
274
274
520
538
587
321
270
265
1,455
4,888
4,903
214
175
222
585
63
35
22
14
15
59
12
93
129 ft
• End of December figures.
CANADA.
[Amounts in millions of dollars]
Chartered banks.
1
Bank
clearings.'
Public and
railway
securities •
72
75
1,403
1,272
282
280
369
332
195
166
2,125
2,009
85
90
272
240
.454
1,353
70
70
70
70
70
70
70
71
87
92
93
1,299
1,301
1,314
1,285
1,266
1,248
1,248
1,250
l,27ti
1,255
1,230
273
267
278
288
274
272
277
279
301
303
284
352
354
343
313
319
323
331
322
310
317
341
164
163
165
156
166
152
158
177
179
170
176
1,987
1,981
2,000
2,059
2,053
2,016
1,979
1,985
2,020
2,036
2,061
81
81
81
83
85
87
89
91
93
96
129
247
241
242
222
233
231
229
235
240
251
257
.149
1,349
.193
L.497
1.323
1.278
1.172
1.253
1.497
1.618
1.555
75
72
68
1,197
1,206
1,220
281
270
292
356
377
385
153
157
173
1,963
1,997
2,008
132
133
128
241
247
234
1,507
1.067
1.199
irNote cirn.
Includes gold in central gold reserve but not gold held abroad.
Dominion
note circulation.
Current
loans and
discounts.
Gold
coin and
d
buUion.1
Average of end of month figures:
1921
1922
1922, end of—
February
March
April
May
June
July
August
September
October
November
December
1923, end of—
January
February
March
Gold
reserve
Individual
against
deposits— Dominion
demand
notes.
and time.
Money at
call and
short
notice.
8
Total for month.
]
MAY, 1923.
649
FEDERAL RESERVE BULLETIN.
ARGENTINA.
[Amounts in millions of pesos.]
Banco de la Nacidn.
Cash.
Gold.
Cash.
Paper.
End of—
1913
1919
1920
1921
1922, end ofFebruary..
March
April
May
June
July
August
September
October...
November,
December.
1923, end of—
January...
February.
Caja de Conversion.
Commercial banks.*
Paper.
Gold.
Clearings
in
Buenos
Note
cirAires
Gold
(paper).
reserve. culation
(paper).
DisTotal
counts
deposits
and
advances (paper).
(paper).
435
771.
1,081
1,087
1,541
2,113
2,505
2,543
1,464
3,010
3,530
3,375
263
>399
470
470
823
1,177
1,363
1,363
1,471
2,805
3,612
3,482
383
383
393
386
395
399
407
402
405
396
340
994
981
999
1,016
1,060
1,013
1,041
1,048
1,028
1,053
1,025
2,565
2,512
2,489
2,461
2,461
2,473
2,491
2,514
2,549
2,557
2,664
3,362
3,313
3,304
3,278
3,326
3,308
3 356
3,379
3,354
3,394
3,456
470
470
470
470
470
470
470
470
470
470
470
1,363
1,363
1,363
1,363
1,363
1,363
1,363
1,363
1,363
1,363
1,363
2,593
3,298
359
363
1,015
993
2,651
2,667
3,451
3,464
470
470
1,363
1,363
"3," 016
2,716
2,814
2 570
2,725
2,827
2,827
2,954
i Includes Banco de la Naci<5n.
' Figures for 1919 include 79,000,000 pesos, and for succeeding years 4,000,000 pesos, held in foreign legations.
JAPAN.
[Amounts in millions of yen]
Tokyo banks.
Bank of Japan.
PriCash
vate
on
deposits in hand.
Japan.
Average of end of month figures:
1913
1921
1922
1922, end of—
February
March
April
May
June
July.
August
1,223
1,289
1,263
1,203
1,223
1,220
! 1,132
1/
1,068
; 1,
1,064
September
October
November
December
1923, end of—
January..
February
March
1,062
1,080
1,057 I
26
7
50
36
J29
172
248
267
178
179
133
241
134
160
183
375
58
61
50
98
82
90
115
142
141
205
,246
,289
,228
,203
,344
224
,280
,237
.236
1,241
1,590
328
422
520
469
377
427
488
382
437
445
333
27
29
30
33
43
35
30
29
33
40
66
118
141
130
120
122
127
115
145
126
126
169
180
157
241
159
140
109
1,308
1,261
1,238
380
39S
463
34
31
113
' Includes gold credits abroad, gold coin and bullion in Japan.
loans.
Total
deposits.
:m
297
409
29
rp
117
Total
Ings.'
Capital
Aver- issues
in
age
dis- Japan.
count
rate.
1 789
:s(>4
a, 572
2 834
8 38
9.00
9.31
32
188
124
,921
,92K
,929
2 Oil
1,751
,719
,7(11
,74S
,798
,802
,783
,822
,812
,828
1,869
2,438
3,0!)!)
2,80!)
S, 143
3, 178
2,706
2,582
2,750
2,697
2,971
3,329
9.02
9.0!)
9.31
9.42
9. 45
9.38
9.42
9.38
9.38
9.45
9.34
200
163
217
110
121
101
93
150
98
100
56
2 002
2.051
1 860
1.894
2,246
, 932
961
, 950
,963
,9S()
,973
998
,971
2
2,592
Tokyo market.
137
Index
of security
prices.'
194
188
182
160
168
17C
165
165
152
16C
181
650
FEDERAL BESEEVE BULLETIN.
MAT, 1923.
CONDITION OF FOREIGN BANKS OF ISSUE.
AUSTRIAN
DEPARTMENT
OF THE
BANK.
AUSTRO-HUNGAKIAN
HUNGARIAN OFFICE OF NOTE ISSUE -Continued.
[In thousands of kronen.]
[F'rom weekly statements of the Austro-Hungarian Bank.]
Dec. 31,
1922.
[In thousands of kronen.]
Dec. 31,
1920.
Dec. 31,
1921.
Dec. 31,
1922.
ASSETS.
Gold coin and bullion
53
Silver and subsidiary coin
Bills of exchange and foreign
303
notes
9,930
Foreign credits and gold deposits
of the Government to be made
available when countersigned
by the delegation of the League
528,254,403
of Nations
106,600
Certificates of the war loan banks.
113,831
241,828
Discounted bills, warehouse cer23,021,608
29,373,661
781,767,394
tificates, and other securities...
666,614
768,996
494,788
Advances against collateral
110
927
4,017
Securities
151,773,095 2,558,379,849
Austrian treasury certificates
Due from Austrian foreign ex2,697,157
change office
Due from liquidators of the
7,684,064
7,722,523
7,687,726
Austro-Hungarian Bank
1,288,956 17,156,276 1,288,355,732
Sundry assets
:
ASSETS—continued.
Notes of the postal savings bank.
Counterfeit notes of one and two
kronen
Loans and discounts
Advances against collateral
Advances to treasury (laws of
1921-1922)
Securities
Sundry assets
1,177,251
1,369,929
5,695
1,381,887 I 4,903,628
193,501 i 1,158,398
16,595
31,051,358
2,016,105
22
152,119
900,000
34
3,186,400
16,500,000
1,318
24,772,147
17,969,702
29,116,913
94,007,585
Notes of the Austro-Hungarian
bank in circulation
14,307,81
State notes in circulation
j 25,174,941
!
Cash vouchers
j
Deposits and other demand lia- j
bilities
! 3,227,566
2,239,914
Sundry liabilities
j
434,327 1,702,058
75,886,987
22,500
Total.
LIABILITIES.
Total
I 17,969,702 I 29,116,913
4,760,741
13,337,357
94,007,585
35,583,529 206,944,946 5,165,050,864
Total.
BANKING OFFICE OF THE CZECHOSLOVAK MINISTRY OF
FINANCE.
LIABILITIES.
Notes in circulation
Scrip payable on demand
Deposits and other demand liabilities
Due to liquidators of the AustroHungarian Bank
Deposits of the Austrian Government
Sundry liabilities
Total.
30,645,658 174,114,747 4,080,177,238
6,951,279
369,493
3,780,416
19,503,161
|In thousands of Czechoslovak crowns.]
327,991,900
j 1,005,567
547,564
5,370,192
528,254,403
227,710,206
1,157,455
[From weekly statements of the ministry of finance.]
Dec. 31,
1920.
Dec. 31,
1921.
Dec. 31,
1922.
35,583,529 206,941,946 5,165,050,861
HUNGARIAN OFFICE OF NOTE ISSUE.
I From weekly statements of the Hungarian Office of Note Issue.]
[In thousands of kronen.]
Dec. 31,
1920.1
Dec. 31,
1921.
Dec. 31,
1922.
Gold and silver holdings
Foreign credits and foreign currency
Discounted bills
Discounted securities
Advances on collateral
Duefromliquidatorsof the AustroHungarian Bank:
Austro-Hungarian bank notes
Checks and scrip
Sundry assets
Total.
402,819 ;
552,289
817,543
455,596 |
532,632
2,015,526 i 1,892,968
|
618,350
2,322,714
1,714,534
657,711
541,398
173,958
1,496,925
7,437,700
2,084,418
339,408
8,012,219
2,084,419
1,292,142
8,012,297
2,084,419
15,058,181
16,699,553
14,133,100
LIABILITIES.
Gold coin and bullion, and bills
of exchange on countries with
high valuta currencies
Silver and subsidiary coins
Notes of the Hungarian office of
note issue
Notes of the Austro-Hungarian
bank, and Hungarian treasury
certificates
200
12,245
597
15,559
595
967,608
7,274,385 17,772,665
18,263,979
' Keport of the Himgarian Department of the Austro-Hungarian bank.
Net liability on Austro-Hungarian notes
1,948,436 1,056,879
State notes in circulation
11,288,512 12,129,573
1,429,623 1,743,922
Demand deposits
Short-term cash vouchers of the
banking office
226,717
350,503
Other liabilities
164,893 i 1,418,676
Total.
15,058,181
16,699,553
390,579
10,064,049
2,774,048
53,888
850,536
14,133,100
MAT, 1923.
651
FEDERAL RESERVE BULLETIN.
NATIONAL BANK OF THE KINGDOM OF SERBS, CROATS, AND SLOVENES.i
[From annual reports of the National Bank of Serbia and weekly statements of the National Bank of the Kingdom of Serbs, Croats, and Slovenes.]
[In thousands of dinars.]
J une 30, Dec. 31, Dec. 31,
i 1914.
1SI14.
1915.
Dec. 31,
1916.
Dec. 31,
1917.
Dec. 31,
1918.
Dec. 31,
1919.
Dec. 31,
1920.
69,997 57,170 64,148
2,201
2,985
8,166
Total metallic reserve
78,163 59,371 67,133
98
120
Foreign money
108
4,300 133,911 193, 903
Foreign credits
6,169
9,014
Bills discounted
I 9,334
2,727
3.393
Advances against securities
! 2,102
Advances to the Government:
;
Currency exchange account
i\ 57,934 170,277 250,981
Other advances
j;
25,931
26,245 20, 530
Debtors in current account
State domains held as security for notes :
issued in exchange for Austrian crown j
notes
I.
Sundry assets
{ 3,442
3,265
3,250
63,837
9,917
63,781
15, 542
63,760
15,560
63,384
15,536
64,174
15,541
74,189
16,733
64,013
16,546
73,754
1,952
204,761
9,725
3,484
79,323
160
208,498
12,025
3,518
79,320
310
217,664
11,181
3,575
78, 920
3, 563
351, 996
11,553
4,382
79,715
2,089
349, 559
242,702
24,197
90,922
2,432
307,999
557,745
40,198
80,559
1,154
267,587
421,215
99, 553
246, 884
22,107
248, 576
23,771
276,071
25,788
312,119
965
334,273
601,976 \2, 378,
904,327 4,083,941 4,205,432
28,674
3,249
5,097
0,066
Gold
Silver
!
Total
;
Dec. 31,
1921.
Dec. 31,
1922.
6,337
2,138,377
4,962
2,138,377 ! 2,138,377
7, 555,887
| 181,304
402,085
548,312
565,916
580,968
619, 975 1,087,401
6,124,893
10,000
705
91,201
10,000
705
167,261
2,933
10,000
705
297,751
7,934
10,000
705
298,993
10,546
10,000
705
294,893
11,149
10,000
705
340,569
6,354
10,000
705
664,007
15,414
10,302
13,084
815
1,837
3,329,264 H , 688,444
220,638
235,364
73,237 I 217,795
227,598
239,900
256,238
252,583
387,811
7,983
8,525.996
LIABILITIES.
Capital paid in
Surplus
Notes in actual circulation
Deposits in current account
Due to Government—currency exchange
account as per contra
Other Government deposits
State domain account as per contra
Sundry liabilities
Total.
3,391
4,324
5,772
181,304
402,085
548,312
565, 916
355
16,738
48, 476
2,167
360
19,507
66,567
1,794
360
35,122
48,496
1,815
360
40,681
48,580
1,961
378, 965
36,736
2,138,377
9,795
9,464
2
18,211
4,930
5,039,883
252,669
334,273
136,013
2,138,377
8,495
2,138,377
619,975 ;1,087,401 6,124,893 7, 555,887
8, 525,995
9,764
312,119
715,059
44,748
MEMORANDUM.
Surety account
Ordinary safe deposits
Balances on current accounts..
Securities deposit account
360
37,396
48,845
2,837
360
38,842
50,742
3,434
I
!
i
!
355
28,010
53,353
6,376
968,746
i On February 1, 1920, the new National Bank'of the Kingdom of Serbs, Croats, and Slovenes succeeded the Privileged National Bank of tho
Kingdom
of Serbia, which had been in existence from June 1, 1884, to January 31, 1920.
4
Including notes held by the bank among its assets.
652
MAT, 1923.
FEDERAL EESEEVE BULLETIN.
NATIONAL BANK OF RUMANIA.
[From annual reports and weekly statements of the National Bank of Rumania.]
[In thousands of lei.]
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1914.
1915.
1916.
1918.
1919.
1917.
1913.
Dec. 31,
1920.
151,511 153,957 187,897
Gold in vault
279
1,302
735
Silver and subsidiary coin
Total metallic reserve
154,692
152,813
188,176
Notes of the Banque G&ie'rale Roumaine.
G old deposits in foreign countries
100 33,073
Foreign exchange and Treasury gold certificates
56,534 02,941 80,980
207,746 246,130 198,441
Loans and discounts
Loans secured by Government obligations. 48,078 59,382 37,987
17,385 22,345 IS, 875
Loans against other collateral
Loans to agricultural and industrial loan
28,951
banks
Advances to the Government:
9,687
12,802
11,274
Noninterest bearing (1901)
109,111 305,023
For general expenses (1914-1921)
For redemption of foreign currency
(1920-21)
All other securities
, 35,603 34,655 43,724
Debits in current account
13,541 34,577 20,234
7,862
Bank premises, furniture, and equipment.
7,544
7,813
Sundry assets
11,400 27,690 27,988
Dec. 31,
1921.
Dec. 31,
1922.
112
1S8
300
2
165
6
193
1,347
202
1,704
352
167
'493*156'
493,730
199
122,984
493,730
1,549
61,727
493,755
2,056
71,250
493,755
80,980
127,651
56,974
23,055
196,258
117,994
46,419
47,496
348,796
70,524
36,293
49,290
915,763 2,704,763 4,086,131 4,636,932
702,483 1,829,630 3,684,976
158,812
130,297
58,971
172,627
229,069
744,343
689,717
724,979
24,185
12,839
9,461
4,768
1,704
312 j
39,300
834
2,016
40,134
493,755
493,755
25,370
26,806
58,112
97,956
8,043
9,687
8,043
8,043
495,830 1,051,919 1,596,102 3,792,765
8,043
4,092,602
8,043
5,281,379
8,043
5,282,136
4,098,297 7,074,349
58,752
59,089
9,573
25,586
8,241
15,533
285,167
990,370
7,024,952
48,705
171,511
54,584
457,181
50,191
397,510
7,837
30,967
52,189
426,532
7,837
20,065
52,335
431,055
7,780
92,155
52,451
10,175
7,938
120,832
563,446 770,710 991,001 1,786,977 12,478,110 3,314,054 6,397,868 14,141,631 20,116,396 22,254,119
Total.
LIABILITIES.
Capital paid in
Surplus
Special reserves
Bank notes in circulation
Current account and demand deposits...
Sundry liabilities
Total.
1
12,000
12,000 12,000 12,000
12,000
12,000
12,000
12,000
12,000
12,000
66,389
36,794 39,403 42,045
48,819
52,491
56,208
60,722
68,064
45,175
36,772
8,094
8,474 10,2515
13,867
16,682
25,056
18,854
20,374
12,002
437,182 578,244 762,210 1,451,713
1,961,323 2,489,146 4,215,032 9,485,558 13,722,231 15,126,472
31,547 51,056 91,955 1 221,833 182,108 308,483 895,983
824,284 1,825,520 2,078,134
37,829 81,533 72,535
44,254 259,993 435,252 1,193,5S9 3,740,213 4,453,484 4,949,075
563,446 770,710 991,001 1,786,977 2,478,110 3,314,054 i,397,S6S 14,141,631 20,116,396 22,254,119
Includes 30,000,000 lei due to the agricultural and industrial loan banks.
MAT, 1923.
653
FEDEBAL BESEBVE BULLETIN.
NATIONAL BANK OF BULGARIA.
[Frotn annual reports and monthly statements of the National Bank of Bulgaria.)
[In thousands of leva.]
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1915.
1914.
1916.
1913.
Dec. 31,
1917.
Dee. 31,
1918.
Dec. 31,
1919.
Dec. 31,
1920.
62,8?5
16,876
64,020
19,435
83,455
36,978
17,429
54,307
23,562
1,003,132
362,277
16,563
484,840
37,075
16,910
53,985
14,023
1,307,377
273,167
14,540
419,582
38,006
20,866
58,872
2,435
986,726
121,324
33,651
554,403
38,420
18,412
56,832
1,323
795,821
2,142
211,542
679,429
881,339 1,742,194
2,891,748
3,667,507
3,770,335
115,146
8,464
3,162
73,516
1,862
8,311
3,512
221,385
2,063
85,422
4,078,780
42,140
2,127
51,076
5,156,966
8,448
3,411
14,881
124,282
49,802
2,310
42,985
5,786,183
200,969
297,913
18,942
14,987
9,394
254,055
21
4,872
122,893
6,441,470
100,000
55,000
3,280
833,910 1,492,768 2,298,619 2,858,486
206,693 408,438 623,174 775,873
66,718
85,825 101,158 120,856
100,000
63,205
226,913
3,354,139
1,072,723
152,457
100,000
70,000
237,824
3,615,440
969,735
218,118
14,881
200,000
40,000
292,060
3,885,990
1,248,865
209,532
9,394
124,282
254,056
26,590
326
138,369
4,078,780
26,150
25,710
106,101
* 161,379
304,093
5,156,966 : 5,786,183
276,333
6,441,470
Dec. 31,
1921.
Dec. 31,
1922.
ASSETS.
Gold
Silver
Total metallic reserve
Foreign bank notes
Due from foreign correspondents
Foreign bills of exchange
Debtors in current account
Advances to the Treasury in current account
Long and short term advances against
collateral
Public debt administration
55,335
23,416
78,751
55,094
28,549
83,643
61,409
22,462
83,871
68,173
17,204_
85,377
12,161
1,590
41,088
64,160
2,914
22,697
40,097
75,867
194,372
58,785
35,436
U,741
41,044
42,086
95,749
650,787 1,197,693 1,090,441
20,708
28,616
24,123
40,042
77,793. 527,481
142,900
154,823
146,t>38
260,776
70,089
78.514
80,425
81,309
79,731
62T. 331
!
7fi,573
72,891
m
Participations.
Exporters' liabilities.. .
71,309
I
Sundry assets
Total
LIABILITIES.
Surplus and special reserves
Special funds
Notes in circulation.
Creditors in current account
Time deposits..
Export license account as per contra
Due to Government on account of exporters' foreign exchange bills as per
contra..
Balance due on account of mortgage loan,
188,742
134,417
50,468
226,615 369,829
136,878 187,095
55,210 59,225
1909. .
Public debt account
Sundry liabilities
Total.. .
j
1
i
i
25,240
BANK OF FINLAND.
[From annual reports and weekly statements of the Bank of Finland.)
[In thousands of Finnish marks.)
Dec. 31,
1914.
Dec. 31,
1915.
Dec. 30,
1916.
Dec. 31,
1917.
Dec. 31,
1918.
Dec. 31,
1919.
Dec. 31,
1920.
Dec. 31,
1921.
Dec. 30,
1922.
Gold..
Silver.
42,674
1,666
42,641
1,301
42,051
942
42,629
814
42,661
536
42,628
536
42,625
537
42,625
547
43,373
547
Total metallic reserve
Due from foreign correspondents
Foreign bank notes and coupons
Domestic bills
Foreign bills
Loans against mortgages and other collateral..
Foreign securities
Short term advances to the Government
Other advances to the Government
Bank premises and furniture
Sundry assets
44 340
85,242
2,646
00,420
5,196
25,787
22,471
43 942
253,648
3,121
51,697
4,643
8,840
65,851
43,593
275,107
2,642
34,171
2,121
5,583
256,884
43,443
464,250
2,021
34,807
357
5,838
434,423
3,374
39,805
3,643
41,856
3,554
43,846
289,281 I 477,241
667,501
3,466
47,234
1,035,839
25,000
62,586
4,000
231,614
9,074
136,689
3,354
1,869
3,055
25,000
62,498
8,198
421,284
9,252
116,076
1,203
16,044
7,946
Total.
43,»20
43,172
43,162
43,197
43,164
707,998
215,711
180,266
355,064
74,554
774
846
895
358
164
219,674
590,739
627,445
158,632
45,143
74,923
8,347
81,735
51,888
712
51,021
31,667
33,749
28,435
23,322
166,430
9,238
6,931
406,774
171,914
420,965
71,712
303,919
823,406J
427,069
476,092
511,392
525,464
5,876
6,000
12,000
3,378
3,378
53,368
9,122
20,736
51,696
51,825
1,356,648 1,397,930 1,619,584 1,820,201 2,124,8
LIABILITIES.
Capital paid in
Surplus
Undistributed profits
Notes in circulation
Government deposits
Current account deposits
Bank orders
Due to foreign correspondents.
Sundry liabilities
Total.
1
25,000 i
71,800
16,134 I
141,724 !
8,721 i
14,695 I
983 !
8,063 :
2,161 !
289,281
477,241 | 667,501
I
Including an "unmovabls" reserve of 5,874,000 marks,
4,715
4,715
764,485 1,156,196
60,446
10,005
108,615
237,840
6,430
3,351
11,278
7,928
7,515
100,000
100,000
25,000
100,000
50,000
56,000
71,892
123,583
69,984
39,505
25,939
1,123,943 1,341,042 1,356,108 1,420,920
239,311
128,563
6,078
26,065
110,551
57,855
53,139
117,031
5,4U
2,831
6,735
6,658
35,311
12,610
8,308
5,810
123,890
36,250
13,081
14,822
1,035,839 I 1,356,648 1,397,930 1,619,584 1,820,201 2,124,899
INDEX.
Acceptances:
Page
Held by Federal reserve banks
629
Purchased by Federal reserve banks
627
Agricultural credit in Great Britain
579
Agricultural movements, index of
618
Argentina, financial statistics
649
Australia:
Retail food prices
.•
608
•Wholesale prices
601, 607
Austria:
Condition of Austro-Hungarian Bank
650
Cost of living
608
Retail food prices
608
Bank debits
637-640
Bank deposits, velocity of
562-566
Belgium:
Cost of living
608
Retail food prices
608
Wholesale prices
600, 603
Brazil:
Foreign trade
613
Government control of banking and foreign exchange in
592-595
Building statistics
554, 622
Bulgaria:
Condition of National Bank of Bulgaria
653
Retail food prices
008
Wholesale prices
600
Burgess, W. R., article by, on velocity of bank deposits
'.
562
Business and financial conditions:
Abroad
577-595, G46-649
Trend of, statistical summary
578
United States
545-557
Expansion of
539
Canada:
Cost of living
608
Financial statistics
648
Foreign trade
613
Index of industrial activity
611
Retail food prices
608
Wholesale prices
596, 599, 601, 606
Charters issued to national banks
558
Check clearing and collection:
Gold settlement fund transactions
642
Number of banks on par 1 ist
641
Operations of system during April
64J
China, wholesale prices i n . . .
601
Clearing-house bank debits
,
637-640
Commercial failures
557,615
Condition statement's:
Federal reserve banks
630-632
Foreign banks of issue.,.. .,
, . 650-653
Member banks in leading cities634-636
State banks in Missouri on June 30 and Dec.
29, 1922
576
Cost, of living:
Index of, foreign countries
608
Italy
586
Cotton fabrics, production and shipments
616
Cotton financing, methods of
566-576
Credit, agricultural, in Great Britain
579
Credit and currency requirements and the reserve
banks
539
Currency in circulation
540, 642
Czechoslovakia:
Condition of bank of issue
650
Retail food prices
608
Wholesale prices
600
Debits to individual account
637-640
Denmark:
Foreign trade
613
Wholesale prices
600, 603
Department-store sales and stocks
541,625
Deposits:
Bank, velocity of
562-566
Government, in member banks, exempt from
reserve requirements of section 19 of Federal
reserve act
559
Savings, of commercial banks
614
Directors of Federal reserve banks, minutes of conference of, 1920
544
Discount and open-market operations of Federal reserve banks:
Acceptances held
629
Acceptances purchased
627
Bills discounted
626
Bills held
628
Earning assets held
628
Number of banks discounting
626
Rates of earnings
628
Volume of
626
Discount rates:
Federal reserve banks
643
Prevailing in various centers
644
Dutch East Indies, wholesale prices in
601, 607
Employment, United States
556
Report of conference on unemployment
543,544
England:
Agricultural credit in
579
Cost of living
608
Financial statistics
646
Foreign trade
612
Index of industrial activity
609
Wholesale prices
596, 598, 601, 606
Failures, commercial
557, 615
Federal intermediate credit banks opened for business
544
Federal reserve banks:
Condition of
630-632
Discount and open-market operations
626-629
Federal reserve note account
633
Fiduciary powers:
Granted to national banks
561
Pennsylvania Supreme Court on exercise of,
by national banks
560
Financing of cotton
566-576
Finland:
Condition of Bank of Finland
653
Cost of living
608
Foreign exchange:
Government control of, in Brazil
592
Index of
558, 645
Foreign trade of principal countries
612, 613
Mexico
589
United States
557,613
Index of
614
France:
Cost of living
608
Financial statistics
646
Foreign trade
612
Index of industrial activity
609
Retail food prices in Paris
008
Wholesale prices
596,599, 600,603
Freight rates, ocean
615
i
II
INDEX.
Pa e
Germany:
sCost of living
608
Financial statistics
647
Index of industrial activity
610
Betail food prices
608
Wholesale prices
600,603,604
Gold imports and exports
557,643
Gold settlement fund transactions
642
Government deposits in member banks exempt [rom
reserve requirements of section 19 of Federal reserve act
559
Imports and exports of gold and silver
557-643
Index numbers:
Cost of living, foreign countries
608
Foreign exchange
645
Foreign trade
014
Industrial activity—Canada, England, France,
Germany, Japan, and Sweden
609-611
Ocean freight rates
615
Physical volume of trade
617-621
Retail prices in principal countries
608
Wholesale prices abroad
596-607
Wholesale prices in the United States
•. 546.
556,596,598,602
India:
Cost of living
- . 608
Foreign trade
613
Wholesale prices
601, 607
International Chamber of Commerce, congress of..
544
Italy:
Cost of living
586,608
Financial statistics
647
Foreign trade
613
Retail food prices
608
Wholesale prices
600, 604
Course of, since 1919
583
Japan:
Financial statistics
649
Foreign trade
:
613
Index of industrial activity
611
Wholesale prices
596, 599, 601
Knit-goods production
615
Law department: Exercise of fiduciary powers by
national banks located in Pennsylvania, supreme
court decision
560
Manufactured goods, index of
618
Maturities:
Acceptances purchased
627
Bills discounted and bought
633
Certificates of indebtedness
633
Member banks:
Condition of
634-636
Number discounting
626
Number in each district
626
State banks admitted to membership
558
Mexico,review of economic conditions in,year 1922. 587-591
Mineral products, index of
618
Money in circulation
540, 642
National banks:
Charters issued to
55S
Fiduciary powers granted to
561
In Pennsylvania, supreme court decision.. 560
Netherlands:
Cost of living
608
Foreign trade
613
Retail food prices
608
Wholesale prices
600
New Zealand:
Cost of living
608
Retail food prices
608
Wholesale prices
60]
Nonnegotiable paper ineligible for rediscount by
Federal reserve banks
,,.,.,.,
559
Norway:
rage.
Cost of living
608
Retail food prices
608
Wholesale prices
604
Ocean freight rates
615
Par list, number of banks on
641
Pay roll of industrial establishments in New York. 540
Per capita circulation
642
Physical volume of trade
617-621
Poland:
Cost of living
608
Wholesale prices
600
Prices:
Retail, in principal countries
608
Wholesale, abroad
596-607
Course of prices in Italv since 1919
583
Wholesale, in the United States
546, 556
Rates:
Discount
643, 644
Foreign exchange
645
Reserve ratio of Federal reserve banks
630
Resources and liabilities:
Federal reserve banks
630-632
Foreign banks of issue
650-653
Member banks in leading cities
634-636
State banks in Missouri on June 30 and Dec.
29. 1922
576
Retail food prices in principal countries
608
Retail trade, condition of
555, 623,625
Rulings of the Federal Reserve Board:
Government deposits in member banks exempt
from reserve requirements of section 19 of
Federal reserve act
559
Nonnegotiable paper ineligible for rediscount
by Federal reserve banks
559
Rumania, National Bank of, condition of
652
Savings deposits of commercial banks
614
Serbs, Croats, and Slovenes, National Bank of,
condition of
651
Silver imports and exports.
557, 643
South Africa:
Cost of living
608
Retail food prices
608
Wholesale prices
601
Spain:
Retail food prices
608
Wholesale prices
600, 605
State banks and trust companies:
Admitted to system
558
Condition of Missouri banks on June 30 and
De<\ 29, 1922
576
Sweden:
Financial statistics
648
Foreign trade
•.
613
Index of industrial activity
610
Retail food prices
608
Wholesale prices
600, 605
Switzerland:
Cost of living
608
Retail food prices
608
Wholesale prices
601, 605
Trade:
Foreign. (See Foreign trade.)
Physical volume of
617-621
Retail
555, 623, 625
Wholesale
555,623, 624
Unemployment, conference of, report of
543,544
Wholesale prices:
Abroad
596-607
Course of prices in Italy since 1919
583
In the United States
546, 556, 596, 598, 602
Wholesale trade, condition of
555, 623, 624
FEDERAL RESERVE DISTRICTS
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