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FEDERAL RESERVE
BULLETIN




(FINAL EDITION)

ISSUED BY THE

FEDERAL RESERVE BOARD
AT WASHINGTON

OCTOBER, 1922

WASHINGTON
GOVERNMENT PRINTING OFFICE
1922

FEDERAL RESERVE BOARD.

-, Governor.

Ex officio members:

EDMUND PLATT, Vice Governor.

A. W. MELLON,

Secretary of the Treasury, Chairman.

ADOLPH C. MILLER.
CHARLES S. HAMLIN.

D. R. CRISSINGER,

Comptroller of the Currency.

I JOHN R. MITCHELL.

W. W. HOXTON, Secretary.

j WALTER WYATT, General Counsel.

W. L. EDDY, Assistant Secretary.

j WALTER W. STEWART,

I

Director, Division of Analysis and Research.

W. M. IMLAY, Fiscal Agent.

M. JACOBSON, Statistician.

J. F . HERSON,

E. A. GOLDENWEISER, Associate Statistician.

Chief, Division of Examination and Chief Federal
Reserve Examiner.

E. L. SMEAD,

Chief, Division cf Bank Operations.

FEDERAL ADVISORY COUNCIL.
(For the year 1922.)
DISTRICT N O . 1 (BOSTON)

PHILIP STOCKTON.

DISTRICT NO. 2 (NEW YORK)

PAUL M. WARBURG, Vice President.

DISTRICT N O . 3 (PHILADELPHIA)

L. L. R U E , President.

DISTRICT N O . 4 (CLEVELAND)

CORLISS E. SULLIVAN.

DISTRICT N O . 5 (RICHMOND)

J. G. BROWN.

DISTRICT N O . 6 (ATLANTA)
DISTRICT N O . 7 (CHICAGO)

EDWARD W. LANE.
„

JOHN J. MITCHELL.

DISTRICT N O . 8 (ST. LOUIS)

FESTUS J. WADE.

DISTRICT N O . 9 (MINNEAPOLIS)

G. II. PRINCE.

DISTRICT N O . 10 (KANSAS CITY)

E. F. SWINNEY.

DISTRICT N O . 11 (DALLAS)

R. L. BALL.

DISTRICT N O . 12 (SAN FRANCISCO)

D. W. TWOHY.




II

OFFICERS OF FEDERAL RESERVE BANKS.
Federal Reserve Bank of— |

Governor.

Chairman.
Frederic H. Curtiss..

New York..

Philadelphia..
Cleveland

Chas. A. Mores

Pierre Jay

Boston

Benj. Strong

J R. L. Austin
.; D. C. Wills
I Caldwell Hardy

Richmond

.; Goorgo W. Norris..
.i IS. R. Fancher
i George J. Seay

Joseph A. McCord...

..., M. B. Wellborn.

Chicago

Wm. A. Heath

. . . j J. B. McDougal.

St. Louis
Minneapolis...

Wm. McC. Martin..
J o h n H . Rich

Kansas City...
Dallas
San Francisco.

Asa E. Ramsay
Wm. F. Ramsey...
John i'errin

! Atlanta

D. C. Biggs
R. A. Young
! W. J. Bailey
,
B. A. McKinney..
J. U. Calkins

2

»Controller.

Deputy governor.

w. Willett.

C. C. Bullen
W. W. Paddock
J. H. Case
L. F. Sailer
G.L.Harrison
E. R. Kenzel

L. H. Hendricks.i
J. D. Higgins.i
A. W . Gilbart.i
Leslie R. Rounds. 1
J. W. Jones.*
Ray M. Gidney.i
V . A . Dyer.
V
H G. Davis.

Wm. H. H u t t j r . . . .
M. J. Fleming.
Frank J. Zurlinden..
C. A. Peple
R. 11. Broaddus
A. S. Johnstone 1
JohnS. Walden*....
L. C. Adelson
J.L.Campbell
C. R. McKay
S. B. Cramer
John H. Blair

Geo. [I. Keesee.
V
M V . Bell.
V . c Bachman. 1
V
K c. Childs.i
J. II. Dillard.»
I). A. Jones.J
0 . J. Netterstrom.i
A. ir. Vogt.1
Clark Washburne. 1
J. VV. White.
B. V. Moore.

O. M. Attebery
\V. B. Geery
S. S. Cook
Frank C. Dunlop »
C. A. Worthington
R. G. Emerson
Wm. A. Day
Ira Clerk*
L. C. Pontious *
3

Assistant to governor.

Cashier.

J. w. Helm.
U. it. Gilbert.
VV. N. Ambrose.

Assistant deputy governor.

MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS.
I

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. De Camp.
A. H. Dudley.
Marcus Walker.
Geo. R. De Saussure.
A. E. Walker.
J. B. McNamara.
R. B. Locke.
W. P . Kincheloe.
J. J. Heflin.
A. F . Bailey.

I

Federal Reserve Bank of—

Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch
Dallas:
El Paso branch
Houston branch
j San Francisco:
Los Angeles branch
I »ortland branch
Salt Lake City branch
Seattle branch
•
Spokane branch
I

1

Manager.

j

.., R. E.Towle.
.. L. H. Earhart.
..: C. A. Burkhardt.
..' C. E. Daniel.
•

.. ! W. C. Weiss.
.. Floyd Ikard.
i

..
...
..!
..
..

C. J. Shepherd.
Frederick Greenwood.
R. B. Motherwell.
C.R.Shaw.
W. L. Partner.

j

SUBSCRIPTION PRICE OP 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. Remittanceo
should be made to the Federal Reserve Board.
No complete sets of the BULLETIN for 1915, 1916, 1917, or 1918 are available




in

TABLE^OF CONTENTS.
General summary:
Page.
Review of the month
1151
Business, industry, and finance, September, 1922
1159
Cattle loan companies
1171
Official:
State banks admitted to system
1169
Fiduciary powers granted to national banks
- 1170
Charters issued to national banks
1170
Banks granted authority to accept up to 100 per cent of capital and surplus
1170
Business and financial conditions abroad:
Survey for United Kingdom, France, Italy, Germany, Argentina, Brazil, and Chile
1177
Economic and financial conditions in Mexico
- - - 1195
Russian banking and currency
,
1200
Price movement and volume of trade:
International wholesale price index—United States, England, France, Canada, and Japan
1206
Wholesale prices of individual commodities in the United States
i
1210
Comparative wholesale prices in principal countries
1212
Comparative retail prices in principal countries
1217
Indexes of industrial activity—England, France, Germany, Sweden, and Japan
1218
Foreign trade—United Kingdom, France, Italy, Sweden, Norway, Japan, Germany, and United States
1220
Foreign trade index
1223
Ocean freight rates
1224
Report of knit-goods manufacturers of America
1224
Production and shipments of finished cotton fabrics
1225
Physical volume of trade
1226
Building statistics
1232
Retail trade
1233
Wholesale trade
1235
October crop report, by Federal reserve districts
1236
Commercial failures
1170
Banking and financial statistics:
Domestic—
Discount and open-market operations of Federal reserve banks
1237
Condition of Federal reserve banks
1244
Federal reserve note account
1247
Condition of member banks in leading cities
1248
Savings deposits
1224
Bank debits
1251
Operations of the Federal reserve clearing system
1256
Gold settlement fund
1255
Gold and silver imports and exports
1257
Money in circulation
1258
Discount rates approved by the Federal Reserve Board
1258
Discount and interest rates in various centers
1259
Foreign exchange rates
1260
Foreign—England, France, Italy, Germany, Sweden, Norway, Japan, and Argentina
1263
Charts:
Movement of principal assets and liabilities of Federal reserve and member banks
1157
International wholesale price index—Federal Reserve Board
1206
Index numbers of wholesale prices in the United States—Federal Reserve Board
1207
Index numbers of wholesale prices in England—Federal Reserve Board
1208
Index numbers of domestic business
1226
Comparison of sales of department stores and mail-order houses
1233
Debits to individual accounts
1251
Foreign exchange index
1261
IV




FEDERAL RESERVE BULLETIN
VOL.

OCTOBER, 1922,

8

No. 10

REVIEW OF THE MONTH.

In the autumn of that year the lending power
of the reserve system was mobilized to meet the
The contrast between the general conditions
demand for credit which mounted steadily until
of credit now prevailing and the conditions in
the close of the crop-moving period. By the
the autumn of 1921 and of 1920 autumn of 1921 the business situation and the
Crop - financ- i g m a d e d e a r b t h e e f t g e w i t h
level of prices had undergone great change,
ing problem of
which the banks are meeting and, in general, credit conditions were easier.
the financial requirements of The local banks of the agricultural districts,
the current crop movement. From autumn to however, were still in need of assistance. The
autumn the volume and distribution of the difficulty then was that the prices of farm prodcredit burden carried by the banks differ, and ucts had fallen so low that farmers could not
these differences largely determine the method realize enough from the sale of crops to meet
of providing the additional funds necessary for their obligations at the banks. This was the
the season. The position of the credit markets period of " frozen loans." The banks, being
and the condition of member banks influence j unable to obtain full liquidation of old loans
each year the extent to which the assistance of at home, were obliged to rely upon rediscountthe Federal reserve banks is needed to meet ing as a means of providing their borrowers
the seasonal demands of agriculture. This with new funds. The Federal reserve banks
season the method employed is interesting as in the crop-producing districts again found it
indicating the crop-moving problem of 1922 necessary in 1921 to rediscount with other
and as presenting evidence of banking develop- Federal reserve banks. During the present
ments during recent months.
crop-moving period, however, though the
The important fact about the financing of the reserve banks have stood ready to extend
crop movement of this year is that although the accommodation at lower rates than in the preyield of the principal crops is in excess of a ceding year, there has been little call for their
year ago, yet the credit necessary to their aid. The extent of the change in credit conmarketing is being furnished chiefly by the ditions is sufficiently indicated by the fact that
local banks of the producing commuiuties the larger crops of the present season are now
practically without assistance from outside. in process of being financed with a hardly perThis is the chief point of difference between ceptible influence upon the lending operations
present conditions and those which existed of the Federal reserve banks.
either in 1921 or in 1920. In both of these
The factors responsible for this ease of
years the local banks not only rediscounted financing have their origin partly in the crop
with the Federal reserve banks, but the reserve
situation itself and partly in
banks in the districts that are largely agricult h e CUTrent G O n d i t i o n of t h e
tural rediscounted in turn with other Federal
banks. While the crop yield
reserve banks.
is in excess of a year ago, and on the whole well
In 1920, when the prices of agricultural up to the five-year average, agricultural prices
products were near their peak, the amount of in general are substantially less than at the
accommodation extended by the Federal same time last year. The lower prices, of
reserve banks of the North and East to the course, tend to reduce the volume of necessary
Federal reserve banks in agricultural districts bank credit and to offset at least in part the
of the West and South reached record heights. fact of the larger crops. The September crop




1151

1152

OCTOBElt, 1922.

FEDEKAL, RESERVE BULLETIN".

production forecast and the prices for that
month indicate roughly the extent and character of the current financing required. The
following figures prepared by the Crop Reporting Board of the Bureau of Agricultural Economics give the estimated total production
and prices this year as compared with the previous year:
Total production (000,000 : l>I iC?£® r t U I lit
omitted).
. (in cents).
Crop.

Winter wheat
Spring wheat
All wheat.
Corn
Oats
Barley
Rye.. .•
Buckwheat
"White potatoes
Sweet potatoes
Tobacco
Flaxseod
Eice
Hay, tame
Hay, wild
Cotton«
Sugar beets
Apples, total
Apples, eom'l
Peaches, total
Kafirs
Peanuts
Beans 5

UNITED STATES CROP SUMMARY FOR MARCH.

1922,
1921,
Septem- Decem- 1916ber fore- ber esti- 1920,
1
cast.
mate. average.
bushels.. I 2 542
587
208
do
' 277
795
818
do
2,875
do
3,080 '
1,255
do
1,061
d o — 2194
15.1
79.6
do
57.9
13.5
do
14.1
347
438
do
do •. 308
98.7
pounds..; 1 353
1 075
8.1.
' 11.7
bushels.
88.8
do...
36.5
81.6
tons.. i 2 92.9
do • 2 15.8
15.2
i 7 10.6
* 8.0
5.3
7.8
tons..:
bushels..j 207
98.1
barrels..'
32.6
21.2
55.6
32.7
bushels.. :
96
115
do
j
816
pounds.. | 691
9.1
bushels.
12. 6

566
233
799
2,831
1,4.13
197
67.8
1.4,4
373
88. 8
1 378
1.1.0
41.7
85.1
17.1
Ml 9
6.6
179
26.8
43.6
91.3
1,043
13.3

1922

1921
1921

:

88.1
62.7
32.2
45.7
63.3
86.3
88.0
107.6

101.2
56.2
30.1
47.0
89.9
114.4
168.6
135.6

190.1

164.8

SI 1.13
6 $7.76
21.1

SI 2.44
6S7.50
12.6

| 109.8

163.6

"155.7
' 6 87.7
i 64.4
.fi 396.8

e 262.3
6 53.0
6 3.9
«270.2

I
1 Interpreted from conditions reports.
Preliminary estimate.
Total production in millions of bales, price in cents per pound.
< Census.
5
Seven States.
s Price Aug. 15.
f Condition relates to 25th of preceding month.
2
3

The prices of corn and of cotton, it will be
noted, are considerably higher than a year ago.
The marketing of the corn crop, however, does
not call for large extension of credit and the
financing of the cotton crop was made easier by
the relatively small carry-over from the previous season. The cotton crop of 1921 was short,
so that accumulated supplies were largely
drawn down, and thus the local banks in the
cotton region which had previously advanced
funds in order to enable cotton to be carried
over were in a position to collect the amounts
due them. Carry-over of grain on the farms
was also less than last year. The rise in the
prices of farm products which occurred early
in the year encouraged marketing, and the
funds secured were used by producers to settle
their indebtedness to their local banks. Thjs




liquidation, which has been general throughout
the country except in certain restricted areas,
has left the local banks in especially good position to finance the current needs of their borrowers. The following figures, showing stocks
of grain, etc., on the farms in the spring of 1922,
indicate that these stocks were at that time less
than on the corresponding dates of last year.
Local banks were thus relieved of the burden
of the carry-over in time to assume the load
of the new financing.

1922

Average,
1914-1918.

Wheat:
On farms Mar. 1—
Bushels
217,037,000
131,136,000 i 151,508,000
Per cent of crop...
26.1
16.5 '
18.7
Shipped out 1 —
Bushels
!
491,035,000
489,413,000 ; 454,580,000
Per cent of crop..
61.6
58.9
56.8
In country mills and
elevatorsBushels
87,075,000
72,564,000 : 97,984,000
Per cent of crop...
10.5
9.1
12.3
Price to producers
Mar. 1 (cents per
bushel)
1.47.2
137.3
Corn:
On farms Mar. 1—
Bushels
1, 564,832,000 1,313,120,000 i 985,880,000
Per cent of crop...
48.8 i
35.6
42.6 !
Shipped out 1 —
Bushels
705,481,000
590, 505,000 | 521,957,000
Per cent of crop..
22,0 i
19.2 '
18.8
Amount of crop mer!
chantable—
Bushels
i 2,789,720,000 2,695, 194,000 2,068,199,000
Per cent of crop...
86.9
87.5 :
75.9
Price to producers
Mar. 1 (cents per
bushel)
64.5
Oats:
On farms Mar. 1—
683, 759,000
404,461,000 | 478,083,000
Bushels
45.7
Per cent of crop...
38.1
35.7
Shipped out i—..
431,687,000 , 252,980,000 I . 393,587,000
• i,UUU
Bushels
' 23.8 |
29.3
Per cent of crop...
28.9 !
Price to producers
Mar. J (cents per
36. P
55. 4
4J.9
bushel)
Barley:
On farms Mar. 1—
65,229,000 i 40,950,000 | 44,596,000
Bushels
Percent of crop...
34.5 |
27.1 j
22.3
Shipped out i—
68,663,000 I 54,525,000 j 87,275,000
Bushels...
Per cent of crop...
36.3 |
36.1 i
44.0
Price to producers
Mar. 1 (cents per
bushel)..
56.8 i
49.6
87.3
1

AinoLinit shipped out and to be shipped out of county where grown.

A further factor which strengthened the
lending position of the banks in the agricultural sections before the presBanks and the

crop-marketing
situation.

,

ent

-, ,•

j

marketing season opened
was
that the demands upon
them during the growing season
were lighter than in recent years. The farmer
made his crops at less expense this year, and

OCTOBER, 1922.

1153

FEDERAL RESERVE BULLETIN.

No Federal reserve bank has rediscounted
borrowed correspondingly less at the bank
paper with another Federal reserve bank since
before the marketing process set in.
the middle of December, 1921,
The earlier marketing which has taken place
at many points throughout the South and West
tricts, which are largely agrihas tended to diminish the dependence of the
producing communities upon credit from out- cultural in character, repaid their borrowings.
side sources. Thefinancingproblem involved During the crop-moving season of 1921 a large
in agricultural marketing is naturally influenced volume of rediscounting operations between
by the rapidity with which the crops move to Federal reserve banks was necessary. The
market,, " Holding" of crops by producers, following table shows the extent and distributhough it may throw an added burden upon tion of inter-reserve bank accommodation
those institutions in the growing regions which during five months of 1921.
financed the making of the crops, diminishes VOLUME OP INTERDISTRIOT ACCOMMODATIONS FROM J U N E
the total volume of credit required for marketTO OCTOBER, 1921.
ing purposes. Rapid movement concentrated
[In thousands of dollars.]
within a relatively short period of time, on the
i
Bills discounted for
other hand, throws a greater strain upon the
Bills rediscounted by
other Federal reFederal reserve bank
serve banks by
banking system. To date this season the crops
of—
Federal reserve
bank o—
f
have moved to market somewhat more freely
than in 1920, though less rapidly than in 1921.
Bos- New CleveRich-1 AtThis is reflected in the fact that car loadings of
ton. York. land.
grain and grain products reached a peak at the
_;
L
middle of July, as was the case last year also, June
lJl,000i 75,000,
|i8,000| 18,000 18,000 93,000
j 123,507! 70,000; 4,007jlo, 5001 34,000 27,000 85,500 11,007
instead of at the middle of September, as in July
August
1161,100! 90,000 9,600J24,5001 37,000 39,100114,500 7,500
September...! 158,588:100,000.17,588| 11,500| 29,500 33,500! 111,5001 13,'588
1920. The lack of facilities due to the shop- October
108,500! 70,000; 6,000:12,000j 20,500 25,500 82,000! 1,000
men's strike on the railroads may be responT o t a l . . 662,6951405,000 37,195,81,500J139,000 143,100J486,500 33,095
!
i
i
I
'
sible for this relatively slower movement in
recent months, but as yet little complaint is
The rapidity with which these interbank
heard concerning the retarding influence of borrowings were repaid and the absence of
transportation difficulties. Only in connection necessity for such rediscounting operations this
with the export trade has there been any ap- season indicates the manner and extent of
parent disposition to hold back, and there change which has taken place in credit condiprimarily because of difficulties in arranging tions within the present year. Apparently
for payment abroad due to exchange uncer- such aid as the member banks of the croptainties.
growing regions will require this autumn can
The current method of cropfinancing,how_and will be supplied them by their local Federal
ever, has been more largely influenced by th reserve banks without the necessity of borrowprevailing credit conditions than by the im e ing from other reserve bank§.
mediate facts about crops and prices. The
Throughout the year liquidation has propeculiarity of the present year with reference ceeded also as between member banks and
to available bank credit is that the year has
Federal reserve banks and bebeen on the whole a per iod of credit liquidation. Credit liquida- tween customers and member
tion and
The process of debt payment began in certain banks. member banks. The significance of this
sections during 1921 and was completed in that
for the crop-moving problem
year so far as inter-Federal reserve bank bor- is that these debt reductions created a "slack"
rowing is concerned. During 1922 the process which made crop financing easy. From Januwas continued, gradually spreading to all sec- ary 4, 1922, to September 20, 1922, the bills
tions of the country and resulting in a fairly held by Federal reserve banks decreased from
steady diminution of the indebtedness of the a total of $1,239,000,000 to $644,000,000, a
decline of $595,000,000. The continuous charmember banks to Federal reserve banks.




'~~ • -

mo r.nnl fn

nnn\ a nnnlio nnn. on r.nn

1154

OCTOBER, 1922.

FEDERAL RESERVE BULLETIN.

acter of this liquidation is also indicated by
the decline from month to month of the " other
loans and discounts" of reporting member
banks. The following table shows the volume
and rate of decrease in this item for the 800
reporting banks on selected dates:

by Federal reserve banks probably were due in
part to crop-moving requirements. The same
cause may have been responsible for the increase
in Federal reserve notes during August and for the
recent increase in "other loans and discounts"
of reporting member banks. The important
Jan. 25, 1922
S7? 393, 000,000 fact is, however, that this year it requires close
Feb. 21
7, 323,000,000 scrutnry to locate and measure the influence of
Mar. 29
7, 340, 000,000 crop financing in those very items which during
Apr. 26
7, 242,000, 000 recent crop-moving seasons have undergone
May 24
7,162,000, 000
major fluctuations. This year the effect of
June 28
7,032,000,000
July 26
7, 020, 000,000 the forces tending to increase the demand for
Aug. 30
7. 020,000, 000 credit has been obscured by the general moveSept. 20
7,117, 000,000 ment of liquidation. In fact, the seasonal
That liquidation during the first half of the demands of agriculture, coupled with the credit
year was not confined to any single section of requirements incident to the marked recovery
the country nor limited to any one class of banks in industry, have not yet caused an increase in
is made evident by a comparison of the condi- bank loans. Except for checking the decrease
tion statements of member banks on December of loans, these demands have hardly registered
themselves at all. Their real effect thus far
31, 1921, with those on June 30, 1922.
has probably been to absorb credit set free by
LOANS AND DISCOUNTS OF ALL MEMBER BANKS or THE liquidation at other points in the system.
FEDERAL RESERVE SYSTEM, BY CLASSES OF BANKS.
While the present season of financing is in
marked contrast to those of 1921 and 1920, the
Reduction
of loans
movements are somewhat simiClass of banks.
June 30, 1922.
during
6-month
period.

All member banks
817,468,936,000 -517,282,290,000 '$186,6-10,000
Central reserve city banks. 4,991,010.000 ! 4,884,706,000 ! 106.304.000
Reserve city banks
5,629,504,000 I 5,565,67"), 000 ! 63,829; 000
Country banks
6,8-18,422,000 ! 6,831.909,000 ! 16,51.3,000

The decline in volume of borrowing since the
first of the year, as indicated by the foregoing
table, has been accompanied by other movements customary to a period of liquidation.
Federal reserve notes have declined almost
without interruption; reserve percentages of
Federal reserve banks have increased; and
discount rates of reserve banks and the rates
charged customers by member banks have
decreased. There is every evidence that the
liquidation preceding the crop-moving period
was sufficiently general and continuous to
make the financing of the present crop a
simple problem.
Since the middle of August, it is true, some
slight indications of the seasonal demands of
agriculture have been observable in Federal reserve banking and currency movements. The
small increases in the volume of bills discounted




Relationof

1

,

,-,

„

,,

financial centers l a r t 0 t h o s e ° f o t h e r au<™nns
to cropfinancing,when liquidation has been in
process and easy money conditions have prevailed. Even prior to the inauguration of the Federal Reserve System the
strain of crop financing was slight at those
times when surplus reserves of the New York
clearing house banks were unusually large and
money conditions in that center easy. In 1908,
for example, surplus funds arising from liquidation had accumulated in financial centers, and
the crop of that year was financed without
causing a seasonal stringency. During the
first year or two after the system had been
established, the funds available in the autumn
were ample to provide the necessary financing
without extensive assistance from the Federal
reserve banks and without causing a marked
strain upon the member banks in the money
centers. The characteristic feature of these
periods has been that the surplus funds resulting from the general liquidation flowed to the
central money market, and in the autumn
a return flow to the interior set in. If the
demand for funds in the financial centers was

OCTOBER, 1922.

FEDERAL RESERVE BULLETIN.

1155

relatively limited, particularly the demand for are significant. These settlements are made
so quietly and efficiently and with so little
call money, the funds were easily released.
This ebb and flow of funds has been repeated disturbance to the credit markets that they
in the movements of 1922. The balances kept pass almost unnoticed by the business comby interior banks with the member banks in munity. Yet it is the effectiveness of this
the chief financial centers began to increase in arrangement for shifting funds and for making
the spring of 1921 and continued to increase settlements that partly explains the ease of
steadily until the end of May, 1922. Since crop financing.
The relation between the decline in the
June, 1922, these balances have declined owing
to the withdrawal of funds by interior bankers volume of Federal reserve notes in circulation
during 1921 and the first seven
to be used in the local financing of crops. The
of
Influence
months of 1922 and the abuse of this surplus, as in earlier and similar
note retirement
sence of any marked reducperiods, has been the chief means of providing on deposits.
tion in the volume of deposits
the additional funds needed to accomplish
crop financing. During the third week in of member banks constitutes a final factor
September the call-loan money market felt the of great importance in explaining the ability
effect of these withdrawals and the renewal of member banks to finance the autumn
rate for call loans rose to 5h per cent, the high- demand for funds. Credit liquidation and
est point reached since June of this year. This the decline of the general price level durwithdrawal of funds from the New York market ing 1921 were accompanied by a reduction
by interior banks is also registered in the in the volume of Federal reserve notes in
changes in the ownership of gold in the gold circulation, though the retirement of the notes
settlement fund of the Federal Reserve System. lagged behind the fall of prices. The liquiThe following table shows the changes which dation of Federal reserve bank loans, which
took place in the ownership of this gold be- characterizes the period since the late autumn
of 1920, was effected to about the same extent
tween June 28 and September 20, 1922.
through the deposit of imported gold and
through the retirement from circulation of
CHANGES IN O W N E R S H I P O F GOLD IN GOLD SETTLEMENT F U N D .
Federal reserve notes, whose elastic quality was
evidenced by the promptness with which their
[In millions of dollars.]
outstanding volume declined in a period of
Increase
falling prices. The reduction in the volume
June 28. Sept. 2O.i
District.
of these notes was by no means paralleled
by a reduction of checking accounts in
31
Boston
+ 19
156
- 9 0 member banks—the volume of "deposit curNew York
43
Philadelphia...
+ 7
45
+ 12 rency. 7 ' In fact, the avenue by which notes
Cleveland
40
33 :
'.Richmond
— 7
22
+ 4 came in from circulation was through their
Atlanta
26 '
89
+35
Chicago
124 .
o deposit in member banks, thereby tending
16
St. Louis
14 !
23
Minneapolis...
26
+ 3
28
Kansas City...
— 1 to maintain the level of individual deposits.
8
Dallas
+ 17
31
San Francisco..
__38j
+ 7 The first use made by the banks of this accu532 .
Total.
mulating credit was to retire their obligations
53(5 I
to the Federal reserve banks. Later the
The increases and decreases resulting from surplus funds in member banks arising from
these interbank transactions reflect in general this depositing by their customers of Federal
the flow of funds between the districts. Crop reserve notes were redeposited with banks in
financing is, of course, only one of the in-financial centers. This was the origin of part
fluences affecting the operations of the gold of the surplus funds referred to earlier as
settlement fund, yet the decrease in the gold having been used in current crop financing.
held for the New York bank, which was fairly The significance of the relations between decontinuous throughout the period, and theposits and Federal reserve notes in circulation,
increases for the Chicago and Dallas banks so far as the present period of liquidation and




1156

FEDERAL RESERVE BULLETIN.

crop financing is concerned, is that the retirement of the notes left surplus funds in the
hands of member banks which they used in
financing the crop requirements.
The following table presents the usual
indexes of production and
Index of busimarketing conditions. Agriness conditions.
cultural receipts showed large
seasonal increases during August. Lumber
shipments, coal production, and cotton consumption were also larger than in July. Iron
and steel output was considerably curtailed.
Comparisons with August, 1921, show some
reduction in agricultural marketing, as contrasted with a general increase in manufacturing activity.
[000 omitted.]
July, 1922.
:Rela'; tive.
Receipts of live stock at 15
western markets (head)
Receipts of grain at 17 interior
centers (bushels)..,.
Sight receipts of cotton (bales)..
Shipments of lumber reported
by National Lumber Mfg.
Association (millions of feet) .
Bituminous coal production
(short tons)
Anthracite coal production
(tons)
Crude petroleum production
(barrels)
Pig iron production (long tons).
Steel ingot production (long
tons)

[In thousands of dollars.]

Imports. Exports. Excess of
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 Aug. 31,1922

705,210
368,185
322,091
23,891
11,744

1,071,406
1291,651
94,977
667,357
173,348

3,146,558

Total
1

1,776,616
76,534
417,068
691,248
185,092

1,431,121

1,715,437

Excess exports.

Silver imports for August, $4,944,000, were
considerably below the July total of $6,957,000.
Silver exports during August, $3,861,000, were
also considerably below the July exports of
$6,269,000. Over two-thirds of the total
silver imports for the month came from
Mexico, and the remainder largely from Canada
and South American countries. Of the total
foreign silver shipments for the month, over 90
per cent was destined to British India and the
China coast, and relatively small amounts to
Canada and Mexico. Net exports of silver
since August 1, 1914, totaled $438,759,000, as
may be seen from the following exhibit:
[In thousands of dollars.]

Imports. Exports. Excess of
exports.

> 593 113.9
,
2,4051252.0
2,4871218.5
4591 98.1

Net gold imports for the month of August,
$18,136,000, showed a large decline from the
July total of $42,342,000, and
Gold and silver ^ ^
i m a t e d t h e aver_
-i i

i

r»

age monthly total lor the first
six months of the present year. Of the total of
$19,092,000 of gold brought to this country,
$13,270,000, or nearly 70 per cent, came from
England, and $2,588,000, or about 13.5 per
cent, from Scandinavian and French ports.
Substantial amounts are also shown to have
been imported during the month from the Far
East. Gold exports during the month, totaling
$956,000, were directed mainly to Hongkong,
Mexico, and Canada. Net gold imports for
the eight months ending August of the present
year totaled $173,348,000, compared with
$483,995,000 for the corresponding period in




1921. Net imports of gold since August 1, 1914,
aggregated $1,715,437,000, as shown in the
following exhibit:

1.6

Cotton consumption (bales)

movements.

OCTOBER, 1922.

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 Aug. 31,1922

Total

203,592
89,410
88,060
63,242
46,793

483,353
239,021
113,616
51,575
42,291

279,761
149,611
25,556
111,667
i 4,502

491,097 I

929,856 ;

438,759

i Excess imports.

Continued liquidation of loans and discounts
during the second half of August, followed by a
substantial increase in the volThe banking sit- u m e of j o a n operations during
the first three weeks in September, is indicated by the weekly statements
of 790 member banks in leading cities. Loans
and discounts on September 20 totaled $10,939,000,000, or $130,000,000 more than five
weeks before. Of the total increase, $42,000,000 represents an increase in loans against corporate securities and $81,000,000 an increase in
other, largely commercial, loans. The largest
weekly loan increase, by about $75,000,000,

OCTOBER,

1157

FEDERAL RESERVE BULLETIN.

1922.

shown on September 13, reflects in part the
demand for funds in anticipation of income-tax
payments due on September 15. Investments
in Government securities, because of the
larger purchases by the banks of United States
bonds during the earlier weeks, show a greater
increase during the latter part of August than
during the subsequent weeks, while holdings

New York City. Total loar^s and investments
of the reporting institutions declined by
$48,000,000 during the first two weeks, but
increased by $146,000,000 during the subsequent three weeks. Investments in Government securities constituted 14.7 per cent of
total loans and investments on September 20,
compared with 9.4 per cent about a year ago,

WEEKLY C JiIANGES IN
PRINCIPAL ASSET c » AND LIABILITIES
FEDERAL RESERVE BANKS a REPORTING MEMBER BANKS
1
2
3
4
5

RESERVE RATIO
TOTAL DEPOSITS
CASH RESERVES
F. R.NOTE CIRCULATION
PURCHASED ACCEPTANCES

6 U. S. SECURITIES
DISCOUNTS SECURED BY
U.S.GOVERNMENT OBLIGATIONS
8 TOTAL DISCOUNTS
9 TOTAL EARNING ASSETS
MILLIONS
OF

3000

2500

w.
\*

9
"V

\

250Q

1

2000

V

\
\

\
\

A

\
\

V

>h
—
-

1500

500

*>
<
we

2

A
v

---

1

7

10

V

*-,

»*-

9

/

80

11
10

a

\

8

8
-V

7

a*'

7

6

6

5

5

90
•s.

70

&

4

4

60
50

1000

30
.20

500

10
j . F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D.

1922

of corporate securities show a steady decline
during the five weeks under review. Following the allotment on September 15 of $227,000,000 of tax certificates, the reporting member banks show an increase of $37,000,000 in
their holdings of Treasury certificates, this
increase being limited to' banks outside of




A '?

6

3

5

S

^>

40

1921

v\

A

•A

A

"S

PER
CENT

100

s

>

A.

*'

11

S

• \

\

0

,y

12
•*•

\

...

t

13

V

11

RESERVE
RATIO

>X

8

12

MILLIONS
OF
DOLLARS

3000

14

1000

V

\

V
>•>

V

"\

**-

O

2000

15

14

1500

\

7

3

S

/v

15

13

X

2500

16
\

\

\

1500

6

17
\

\
\

500

BILLIONS
OF
DOLLARS

16

VY
IV
1000

17

DOLLARS

3000

x

2000

BILLIONS

DOLLARS

MILLIONS
DOLLARS

1 LOANS SECURED BY U.S. OBLIGATIONS 6 OTHER LOANS (Largely Commercial)
2. U.S. GOVERNMENT OBLIGATIONS
7 NET DEMAND DEPOSITS
3 ACCOMMODATION AT F. R. BANKS
8 TOTAL LOANS
4 STOCKS, BONDS ETC.
9 TOTAL LOANS AND INVESTMENTS
5 LOANS SECURED BY STOCKS AND. BONDS

3
•«"

4

2
•v

*-.

2
1

r

V?

hi:

»..

*•'

>

•4

2

•«s
•

1

*

i

" ^

J. FM.A M.J.J.A.S.O. N. D J. F. M. A.M. J. J. A. S-O. N. D,.

1921

1922

while the corresponding share of "all other/ J
largely commercial, loans and discounts shows
a decline during the same period from 53.3
to 46.1 per cent.
Government and time deposits show small
reductions., while the total of net demand [deposits shows an increase of $48,000,000,"' ,as

1158

FEDERAL RESERVE BTJIiLETTlSr.

against the much, larger increase in loans above
shown. The ratio of these deposits to total
loans on September 20 was 101.1 per cent,
compared with 101.9 per cent five weeks
before and 85.2 per cent about a year ago.
Borrowings of the reporting banks from the
Federal reserve banks advanced from $110,000,000 to $164,000,000, largely during the last
week under review. The proportion which these
borrowings constitute of the total discounts held
by the reserve banks was 38.6 per cent, compared with 28.8 per cent five weeks before.
The following exhibit presents the principal
changes in the condition of the reporting member banks during the five weeks under review:
REPORTING MEMBER BANKS.
[In millions of dollars.]

Number of
report-

Date.

banks.

Rediscounts
and
Ratio
bills
of
Loans Invest- pay- accom- Net demand
and disable moda- deposcounts.1 ments. with
tion
its.
Fed(4+2
eral
+3).
reserve
banks.
4

I
Aug. 23
Aug. 30
Sept.6
Sept. 13
Sept. 20.

!
1
1

790
790
790
790
790

| 10,766
! 10,761
1 10,820
10,89o
i 10,939 |

4,550
4,533
4,513
4,481
4, 501

5

117
127
137
12!
164

0.8
.8
.9
.8
1.1

10,940
10.942
10,993
11,145
11.061

i Including rediscounts with Federal reserve banks.

In the Federal reserve field the principal developments during the five weeks ending September 27 included increases of $30,300,000 in
discounts and of $71,600,000 in acceptances
purchased in open market, as against a reduction of $33,300,000 in Government securities.
The increase in discounted bills is especially
marked in the weekly statement following the
September 15 tax date. Acceptance holdings
show a steady increase for the period, while the
reduction in United States securities is due
largely to the redemption on September 15 of
a considerable amount of tax certificates held
among the investments of the reserve banks,
and to a smaller extent to the redemption of
Pittman certificates in connection with the gradual retirement of Federal reserve bank notes
and their replacement by silver certificates.
Federal reserve note circulation followed an
upward course, the September 27 total of
$2,243,400,000 being $96,700,000 in excess of
the August 23 total and approaching the maximum circulation figures for the current year.
While the larger part of the increase in note
circulation occurred before Labor Day, it is
notable that the customary return flow of notes
to the banks during the following weeks failed




OCTOBER, 1922.

to materialize, but, on the contrary, note
circulation continued to increase. Deposit
liabilities of the reserve banks fluctuated
between $1,881,700,000 on August 30 and
$1,840,000,000 on September 27, the low figure
reflecting the large reduction in Government
deposits during the last week of the period
under review.
Gold reserves, after but little change during
the first four weeks, increased by $15,000,000
during the last week and reached the high record total of $3,076,900,000 at the end of the
period. Other cash reserves, composed of silver
and legal tender notes, show a decrease from
8130,900,000 to $126,200,000. Since January
1 of the present year the Federal reserve banks
have gained a total of $201,900,000 of gold,
compared with a gain of $663,200,000 for the
corresponding period in 1921. Chicago reports
the largest increase in gold reserves for the present year, viz, by $102,700,000; Atlanta, Richmond, and Dallas with increases of $57,700,000,
$39,500,000, and $26,900,000 following next
in order. Smaller increases aggregating $64 r
300,000 are shown for the Boston, Cleveland,
Kansas City, and Minneapolis banks. The remaining four reserve banks show decreases in
their gold reserves since January 1 aggregating
$89,200,000.
Owing largely to the increase in note liabilities the reserve ratio declined from 79.8 on
August 23 to 78.3 per cent on September 6.
The ratio continued unchanged in the following two weekly statements and rose to 78.4
per cent at the close of the period.
Principal weekly changes in the condition of
the Federal reserve banks during the period
under review are shown in the following exhibit:
FEDERAL RESERVE BANKS.
[In millions of dollars.!

Date.

Aug. 23.
Aug. 30.
Sept. 6..
Sept. 13.
Sept. 20.
Sept. 27.

Federal
Bills Governreserve
Cash
disTotal notes
ment
Reserve
recountdein
serves.
ed,
secur- posits. actual ratio.
ities.
total.
circulation.
3,192.7
3,195.9
3,186.7
3,197.4
3,189.9
•3,203.1

389.9
404.4
405.1
387.2
423.9
420.2

484.8
498.0
508. 2
496.9
439.0
451.4

1,851.9
1,881.7
1,856. 8
1,872.1
1,853.8
1,840.1

2,146.7
2,153.2
2,211.9!
2,213.6
2,218.9
2,243.4

79.8
79.2
78.3
78.3
78.3
78.

Mr. Walter Wyatt has been appointed general
counsel of the Federal Reserve Board, effec**ve October 1, succeeding Mr.
Personnel
W. S. Logan who resigned October 1 to engage in the general practice of law in
New York City. Mr. Wyatt has been connected
with the board's law division since May, 1917.

OCTOBER, 1922.

FEDERAL RESERVE BULLETIN.

1159

BUSINESS, INDUSTRY, AND FINANCE, SEPTEMBER, 1922.
The chief development of the current month has been the improvement in the labor
situation. The amount of voluntary unemployment has been greatly reduced and wages
have shown a distinct upward tendency. Mining output increased about 3 per cent during
August and has shown a tremendous expansion during September, due to the reopening of most
of the bituminous and anthracite coal mines. Manufacturing is also being maintained at
relatively high levels, increased production being reported in most important industries.
Crop prospects are somewhat less encouraging than a month ago, as there has been a rather
general deterioration of the growing crops. Both wholesale and retail trade showed marked
expansion during August. Financial conditions continue to be very sound, while domestic
money rates show a slight upward tendency. The general level of prices has remained constant during the past month, the August index number of the Federal Reserve Board being
the same as that for July.
Manufacturing was slightly curtailed in August, but has recovered during September.
Iron furnaces and steel mills are increasing their rate of production to satisfy the continued
large demand of railroads and automobile companies. The market for nonferrous metals
continues reasonably strong and caused a further increase in mine output of copper and lead.
Cotton mills and knit-goods factories have increased their output, and woolen machinery is
slightly more active, while August silk consumption was the largest for any month since 1919.
The continued building activity has resulted in an improved demand for lumber, cement,
and other building materials. Petroleum consumption has increased, due to the shortage
of other fuel, but stocks continue to accumulate.
The volume of employment has increased during September in consequence of the return
to work of several hundred thousand coal miners, railroad shopmen, and textile workers. The
period from August 15 to September 15, moreover, contained by far the largest number of wage
increases reported in any month since the decline of business activity in 1920. The most
important increases occurred at copper mines, steel mills,, cotton mills, and in the building
industry. Unskilled or semiskilled workers received most of these advances.
The average condition of farm crops declined somewhat during August. The cotton
crop has suffered severe damage from boll weevils and from drought. Ginnings prior to September 1 were much larger than in either 1920 or 1921. The estimates of the corn crop have
been much reduced, but the prospects for spring wheat have considerably improved. The
grain crops are being marketed more slowly than last year except in the case of rye.
Wholesale trade improved substantially during August in all reporting lines. Every
district reported increases in dry goods sales, which averaged almost 50 per cent higher than
in July. Sales of furniture and shoes were also much larger. Comparisons with a year ago
indicate improvement for all lines except groceries and shoes. Retail trade improved considerably during August, and the volume of business was larger in most sections than in
August, 1921.
The banks are in a strong position and are meeting the seasonal demand for credit without strain. This seasonal demand has led to increases in both call and time money rates at New
York. Federal reserve banks have somewhat increased their bill holdings. European exchange rates have generally declined during September, and there has also been a slight decline
in Asiatic exchanges. The value of exports was practically the same in August as in July,
but there was a moderate increase in the value of imports, bringing the monthly excess of
exports down to the lowest point recorded since early in the war.




1160

FEDERAL RESERVE BULLETIN.
AGRICULTURE.

Threshing of small grain is making progress
in the mountain regions of district No. 10
(Kansas City) and is practically completed in
other sections. Yields of winter wheat equal
and in some cases exceed the estimates of
August 1. A number of States forecast that
a smaller acreage of wheat is being sown this
fall and attribute the decrease partly to the
low price. Of all the crops, corn has everywhere suffered the most serious deterioration
during the month. The September 1 estimate,
showing a reduction of 142,000,000 bushels
from that of August 1, places the yield somewhat under the final estimate for 1921, but
above the average for the years 1916 to 1920.
Forty per cent of the loss, which was due to the
abnormally hot and dry weather, occurred in
district No. 10 (Kansas City). In district No.
7 (Chicago) the weather which affected the
crop adversely at the same time advanced the
date of maturity and practically insured its
safety from frosts. District No. 8 (St. Louis)
affirms that although crop prospects have
suffered somewhat since August 1, production
as a whole will be well in excess of last season's.
The protracted drought made difficult the
preparation of the soil for planting, and there,
as in district No. 10 (Kansas City), acreages of
wheat and oats will probably be reduced somewhat. Reports of the early crops continue
very favorable and marketing conditions and
prices were generally satisfactory. Harvesting
and threshing of wheat in district No. 12 (San
Francisco) progressed rapidly during August,
but movement of the crop "to terminal concentration points has been unusually slow.
Exports of wheat have been very small and
prices, especially for the export trade, have
been too low to be attractive to the farmer.
In district No. 9 (Minneapolis) a much
larger crop of spring wheat, rye, oats, barley,
flax, and white potatoes has been harvested
this year than last. The bulk of the barley
crop in California has been harvested and
threshed and a much larger yield than that of
last year is forecasted. The white potato crop
in district No. 10 (Kansas City) is excellent
both in yield and quality. This crop deteriorated materially in district No. 8 (St. Louis),
as did late truck and garden crops on account
of the drought. Both the rice and sugar crops
declined two points during the month, but
remain in good condition, with anticipated
yields above those of last year. Farm prices
are generally lower than they were a year ago.

August 25 was 57 per cent, compared with
70.8 per cent on July 25. Forecasted production for 1922 is 10,575,000 bales, compared with
the final ginning in 1921 of 7,953,641 bales.
Prior to September 1, 1922, 817,171 bales had
been ginned, compared with 485,787 bales and
351,589 bales on the corresponding dates in
1921 and 1920. The price of middling upland
cotton at New Orleans on September 20 was
20.75 cents, as compared with 21 cents on
August 18.
Cotton stored at mills and public warehouses
on August 31 amounted to 2,575,000 bales,
compared with 4,470,000 bales on August 31,
1921. The deterioration in the cotton crop
is due mainly to drought, but also to boll weevil, rust, and army worms. In district No 11
(Dallas), where the weevils were held in check
by exceedingly hot, dry weather, the leaf
worms did the most serious damage. The decline in condition is also attributed to the fact
that early rains delayed planting and prevented
the formation of a good top root, thus rendering
the plant more susceptible to adverse conditions. Picking and ginning have made excellent progress under favorable weather conditions. A marked feature of the present crop
is the exceptionally high grade of fleece ginned,
an unusually high percentage grading above
middling. The crop has also declined in districts No. 8 (St. Louis) and No. 10 (Kansas
City), owing to hot, dry weather, and in the
former -district the boll weevil did considerable
damage. District No. 5 (Richmond) reports a
lowered condition of the crop and "states that
further deterioration occurred in the early part
of September.
TOBACCO.

The condition of the tobacco crop has declined somewhat during the month. In district No. 5 (Richmond) practically all the tobacco has been cut ahd housed. Virginia has
had the best growing season for many years
and has produced an excellent crop of finequality tobacco. The average price paid in
South Carolina at the auction sales during August was $21.05 per hundred pounds, compared
with $12.10 per hundred paid in August, 1921.
In district No. 4 (Cleveland) the burley yield
per acre is so poor that even with the large
acreage the crop will not be much larger than
last year's, which was one of the smallest in
years. The drought forced the cutting of miniature plants, but that does not necessarily prevent its curing up well. Similarly, in district
No. 8 (St. Louis) the condition of the tobacco
COTTON.
crop suffered badly both in quantity and qualThe condition of the cotton crop has seriously ity. Farmers are anticipating very satisfacdeclined during August, and the estimate on tory prices when the market opens.




OCTOBER, 1922.

District No. 3 (Philadelphia) reports a
strengthening demand for all grades of cigars.
Part of the increased production of cigars and
cigarettes is undoubtedly due to seasonal demand, as the next three months are the best of
the year for the cigar trade. Cigarette production, however, is increasing at a much faster rate
than that of cigars. Cigarettes alone of all the
standard tobacco products have shown an increase over the previous high point of 1920.
There have been relatively few changes in the
leaf-tobacco market, although some dealers report an increased demand in September, following the increasing demand for cigars.
FRUIT.

The fruit crops in district No. 3 (Philadelphia)
have been unusually good. The peach yield
was much larger than in 1921. In Virginia the
peach crop is 56 per cent of a full crop and in
Colorado it is reported as very good. Melon
crops in districts No. 4 (Cleveland) and No. 8
(St. Louis) were abundant, but in the latter
district heavy losses were sustained because of
delays in transportation. Tree fruits in district
No. "10 (Kansas City) are showing moderately
heavy yields, although in some sections late
varieties were injured by the dry weather.
Kansas apples suffered from heat, but a very
large crop will be harvested in Nebraska.
Production estimates for citrus fruits in
Florida are somewhat under those of last
season. The strong demand for lemons caused
by the hot weather increased the price from
$2.99 per box in July to $3.69 per box in
August. The outstanding features of the crop
for the 1922-23 season are the fine quality and
size of fruits from early bloom and the heavy
selling of fruits from late bloom.
AGRICULTURAL MOVEMENTS.

Grain receipts at 17 interior centers were
substantially larger in August than in July.
Receipts of corn registered the only decline
during the month, and the most marked
increases were in receipts of wheat and rye.
Wheat receipts at Chicago and Minneapolis
were almost double those of last month.
The unprecedented rye receipts were the
result oi tremendous increases at all centers,
especially Duluth, the total receipts for district No. 9 (Minneapolis) being nine times the
normal for August. Grain prices reached the
lowest levels since 1913 about the middle of
August, but later recovered somewhat.
Carload shipments of fruits and vegetables
for the season up to September 2 have equaled
and in most cases exceeded those of the corre-




1161

FEDERAL, RESERVE BULLETIN.

sponding period last year. Shipments to date
of apples from the barrel sections are almost
double the corresponding figure last year.
Shipments of cantaloupes, lettuce, tomatoes,
and early white potatoes have already exceeded last season's total. August shipments
of pears and peaches are well above those of
August, 1921. Shipments of mixed vegetables
during August and for the season to September
2 show large increases compared with corresponding figures for last year.
FLOUR.

Flour production during August was 12,271,000 barrels, compared with 10,321,000 barrels
during July and 13,266,000 barrels in August,
1921. Output of the reporting mills in district No. 9 (Minneapolis) amounted to
2,323,617 barrels, an increase of 6.2 per cent
compared with last month, but a decrease of
6.8 per cent compared with August, 1921.
The mills in district No. 10 (Kansas City)
manufactured 2,138,257 barrels, an increase of
33.3 per cent over last month and a decrease
of 18.6 per cent compared with August a year
ago. Thirty-six millers in district No. 7
(Chicago) produced 369,401 barrels, an increase
of 39.3 per cent compared with July and a decrease of 7.4 per cent compared with August last
year. In district No. 12 (San Francisco) 53
mills produced 671,653 barrels, compared with
411,924 barrels produced by 55 mills during
July. Flour prices, following the course, of
wheat, have reached low levels, and the flour
trade has been generally dull. All classes of
buyers have been extremely cautious and the
export demand has been very slight. The
Pacific coast reports an increase in export
demand, but tnis has not affected prices.
Recent reports from district No. 9 (Minneapolis) show an improvement and mills in that
district are now operating practically at capacity.
LIVE STOCK.

Seasonal movement of live stock to market
was the heaviest recorded since 1919. Receipts of sheep alone show a decrease during
August as compared with the corresponding
period of 1921. Receipts of cattle and calves,
sheep, horses, and mules at 15 western markets increased during August, but there was a
decrease in receipts of hogs as compared with
July. Receipts of cattle and calves totaled
1,638,418 head, an increase of 33 per cent as
compared with July and of 15.5 per cent as
compared with August, 1921. Receipts of
hogs during August amounted to 2,183,390
head, a decrease of 1.8 per cent compared with

1162

FEDERAL RESERVE BULLETIN.

the corresponding period last year. Receipts
of sheep were 1,185,150 head, an increase of
11.6 per cent compared with last month and a
decrease of 24.4 per cent compared with August
a year ago. Reports from the stock-raising
districts indicate that the animals are generally
in a healthy condition. In district No. 10
(Kansas City) the hot, dry weather has done
serious damage to pastures and ranges over
a very wide area. Consequently, in some
regions live-stock men will be forced to reduce their flocks and herds below anticipations
and also to provide feed for the coming winter.
In district No. 12 (San Francisco), however,
pastures and ranges which had previously
suffered from drought were greatly improved
by rains. Feed is now relatively plentiful
in that district. In district No. 11 (Dallas)
the condition is only fair and animals are
suffering from insufficient feed and water.
The movement of stockers and feeders to the
country, which again reached remarkable
totals, was the outstanding feature of the
market during August.
Reports from the meat-packing companies
in district No. 7 (Chicago) show that shipments
for export in August were less than in July.
The export demand was only fair, but increased slightly in early September. District No. 10 (Kansas City) reports a considerable improvement in exports of live cattle
and in the meat trade, especially in pork and
lard. Operations at the meat-packing centers
in that district were materially larger than
during last month, or August, 1921, and trade
was generally good. Meat stocks at Kansas
City on September 1 were larger than on the
corresponding date last year.
COAL.

Operations at bituminous coal mines showed
a substantial recovery during the last week of
August, as a result of which the aggregate
output for the month was 22,261,000 tons, as
compared with 17,003,000 tons in July and
34,538,000 tons in August, 1921. The daily
average production was maintained at about
1,600,000 tons during the first three weeks of
September, which seems to be a temporary
maximum due to a shortage of railroad facilities. District No. 3 (Philadelphia) reports
that railroads and public utilities are placing
large orders, whereas some industrial users are
curtailing purchases in hope of obtaining lower
prices. Reports from district No. 10 (Kansas
City) state that miners have returned to
work in all southwestern coal fields and that
the rate of production is fully as large as in
September, 1921. District No. 6 (Atlanta)
reports that mine output is being decidedly




OCTOBER, 1922.

;urtailed in both Alabama and Tennessee on
account of a lack of freight cars.
The anthracite coal strike, which commenced on April 1, was settled by an agreement
at Philadelphia on September 9. This agreement provided that the contracts in effect on
March 31, 1922, be extended to August 31,
1923, that mining operations be resumed at
once, that operators and miners should make
a joint recommendation to Congress that a
separate anthracite coal commission be created
with authority to investigate and report
promptly on every phase of the industry, and
that terms of contracts to go into effect after
the above extension date be based upon the
commission's findings. Anthracite production
during August amounted to 161,000 tons, as
compared with 116,000 tons in July and
7,196,000 tons in August, 1921. In the second
week after the reopening of the mines the
output is reported to have exceeded 1,850,000
tons. A considerable proportion of the new
production is being allotted to New England
and other sections which have an early winter.
By-product coke production continued to
decline during August and totaled only
1,794,000 tons, as compared with 2,486,000
tons in July. Beehive production, however,
increased from 450,000 tons to 539,000 tons.
The price of Connellsville foundry coke declined from $15 per ton on August 16 to $12
per ton on September 20, but is almost 200 per
cent higher than on September 20, 1921.
PETROLEUM.

Production of crude petroleum amounted to
46,295,000 barrels in August, as compared with
46,593,000 barrels in July. Domestic consumption is expanding as a result of the rapid
growth of the automotive industry and the
shortage of coal. Stocks, nevertheless, increased 3,385,000 barrels in August. The
number of new wells completed totaled 1,709,
as compared with 1,798 in July, indicating a
slight reduction in drilling operations.
Daily average production of crude petroleum
in district No. 12 (San Francisco) increased 2.3
per cent during August, while average daliy
shipments declined 6.1 per cent. Seventy-six
new wells, with an average daily production of
52,553 barrels, were completed in August, as
compared with 100 wells having an average
production of 66,195 barrels in July. Stored
stocks of gasoline in California have been considerably reduced.
District No. 11 (Dallas) reports that average
daily petroleum production increased 3 per
cent during August. Well completions totaled
473, with an initial flow of 101,927 barrels, as
compared with 597 having a flow of 119,126

October, 1922.

barrels in July. New operations showed a still
greater curtailment in district No. 10 (Kansas
City), the amount of new production declining
from 173,461 barrels to 105,517 barrels. Total
average daily production in that district declined 29 per cent in August.
No important changes have been reported in
crude oil prices during September. Prices of
gasoline and fuel declined considerably after
the settlement of the coal strike, but the price
of kerosene has continued to advance.
IRON AND STEEL.

Manufacturing of iron and steel was considerably curtailed in August, due to a shortage
of fuel and of railroad equipment, but there
was a decided recovery in the first two weeks
of September. Pig-iron production declined
from 2,405,365 tons in July to 1,816,170 tons
in August, while the ingot production of 30
leading steel companies was reduced from
2,487,104 tons to 2,214,582 tons. Demand
has continued to be strong, as was shown by
an increase of 3 per cent in the unfilled orders
of the United States Steel Corporation during
August and by a further rise in steel prices.
Railroads, automobile companies, locomotive
works, and builders are all making heavy purchases of steel.
District No. 3 (Philadelphia) reports a gradual easing of production difficulties. Coke supply is increasing, but prices continue high.
Demand for pig iron is so great that some
orders have been placed with British producers.
Steel manufacturers are receiving many orders,
but most of them are for delivery within 30
days. Reports from district No. 4 (Cleveland)
indicate that large orders for steel rails have
been placed during September, since the announcement of an increase of $3 per ton in rail
prices, effective October 1. Automobile demand has diminished, but is still strong for fine
finished sheets.
AUTOMOBILES.

Automobile production increased slightly
during August, but has been somewhat curtailed in September by the temporary closing
of the plants of the Ford Motor Co. Manufacturers built 246,502 passenger cars and
23,782 trucks during August, as compared with
223,057 passenger cars and 20,973 trucks in
July. Factory shipments were also larger in
August than in July, particularly in the case of
driveaways. Closed cars continue to be in
great demand and many new models are being
created to attract buyers. District No. 4
(Cleveland) reports that orders for motor trucks
diminished somewhat during September.
12994—22




1163

FEDERAL, RESERVE BULLETIN.

2

NONFERROUS METALS.

Conditions in the zinc industry continue to
show marked improvement. The price of zinc
at St. Louis advanced to 6.70 cents per pound
on September 20, as compared with 5.80 cents
on July 19 and 6.15 cents on August 16.
August production of slab zinc totaled 31,423
tons, which was only slightly smaller than the
July output, but stocks were reduced 24.4 per
cent. Shipments of zinc ores in district No. 10
(Kansas City) declined 37.6 per cent during
August, due to a lack of fuel and to traffic congestion. The average price of ore increased
from $33.34 per ton in July to $36.25 per ton in
August.
Demand for lead also improved during September, and the price at New York rose from
5.75 cents on August 16 to 6.10 cents on September 20. Pig-lead production was 10.3 per
cent larger in August than in July. District
No. 10 (Kansas City) reports that shipments of
lead ore were 35.2 per cent less in August than
in July, but the average price per ton advanced
from $76.60 in July to $79.27 in August. Mills
have been hampered by shortages of labor, coal,
electric power, and water power.
The price of refined electrolytic copper delivered at New York has been temporarily stabilized at 14 cents per pound, and very little
shading is reported. Mine production aggregated 101,187,727 pounds in August, the largest
monthly total since November, 1920. Refined
stocks have now been reduced to about 300,000,000 pounds. A shortage of experienced
miners is reported from district No. 12 (San
Francisco) and certain Arizona copper mines
have announced a 10 per cent increase in wages.
Production of silver in August amounted to
5,561,523 troy ounces, an increase of 28.1 per
cent as compared with July.
COTTON TEXTILES.

Recent improvement in cotton textiles is evidenced by the consumption of 527,404 bales of
cotton during August, exceeding that of any
previous month since June, 1920. Furthermore, the increase which began last April in the
number of spindles active at the end of the
month continued in August. This figure, however, is still smaller than for any of the seven
months between August, 1921, and February
of this year. Reports from the various Federal
reserve districts also attest to this improvement, and district No. 1 (Boston) notes that
the cotton-goods market has been active during
September, with prices somewhat firmer. In
that district the recent strike has been settled
in most mills by the restoration of the pre-strike
wage scale, and it is there that, the greatest

1164

FEDERAL RESERVE BULLETIN.

relative increase in cotton consumption occurred.
Mills in district No. 3 (Philadelphia) are
operating at about 75 per cent of capacity, and
have made some satisfactory sales during the
month, although the demand for goods is not
generally considered to be active. Consumption of cotton by mills in district No. 5 (Richmond) also increased during August, and orders
received by these firms are sufficient to cover
their output.
Reports from 33 cotton-cloth mills in district
No. 6 (Atlanta) indicate increases of 44 per cent
in production and 19 per cent in shipments
during August. Unfilled orders, on the other
hand, were nearly 8 per cent less than at the
end of the previous month. Stocks were 3.3
per cent and number of employees 5.8 per cent
larger than the corresponding figures for July.
As compared with August, 1921, all items had
increased substantially except stocks of cloth on
hand, which were one-third smaller. Production, in fact, was nearly 50 per cent greater than
for the same month last year. Figures for 32
cotton-yarn mills in district No. 6 (Atlanta)
were also favorable, showing a growth of about
one-sixth in production, shipments, and orders
over the July figures and a decline of 3 per cent
in stocks. Increases in these items as compared with last August ranged from 39 per cent
in the number of employees to 57.5 per cent in
orders on hand. Furthermore, stocks fell off
over 40 per cent within the same period.
COTTON FINISHING.

Reports from 34 members of the National
Association of Cotton Fabrics show increased
activity during August. The number of finished yards billed during the month increased
in all districts, and amounted to 96,879,483,
which was more than 14 per cent above the
July total. Orders received were about 1 per
cent larger than during July, in spite of declines in districts No. 1 (Boston), No. 2 (New
York), and No. 5 (Richmond). Total shipments and finished goods in storage showed
gains of 4.3 per cent and 3.1 per cent during
the month. The average number of days'
work ahead at the end of August was 8.7, as
compared with 9.3 at the end of July. District No. 6 (Atlanta) showed substantial increases in orders and average number of days7
work ahead.
WOOLEN TEXTILES.

OCTOBER, 1022.

wider than 50-inch reed space, 64.7 per cent
were active, compared with 64.1 per cent on
August 1 and 63.6 per cent on July 1. This
activity, however, is less than that prevailing
during the 12 months preceding last May. A
larger percentage of the narrower looms is
idle than on August 1. The relative positions
of woolen and worsted spindles changed further
in August, when the activity of the former fell
from 83.7 per cent to 82.9 per cent, while the
latter were increasing from 68 per cent active
to 74.8 per cent. The woolen spindles, however, are still more active than they were a
year ago, whereas the worsted machines are
considerably less so.
The demand for raw wool has improved
throughout the country, although district No.
3 (Philadelphia) states that the market has
not completely recovered from the summer
slump, and in district No. 7 (Chicago) tariff
uncertainty held back the August trade in
finer-grade wools, although the medium grades
were in good demand and firmer in price.
District No. 1 (Boston) indicates that final
settlement of the tariff question served to stabilize prices. The Boston district further states
that stocks of foreign wool are large and total
supplies are sufficient for the needs" of the
industry. Much raw wool of those grades on
which the tariff rates were raised were removed
from bond before the new act became effective.
In district No. 3 (Philadelphia) goods manufacturers are operating their plants at 75 to
80 per cent of capacity, and a few worsted
mills are running full time. The demand for
worsted goods and yarns has increased, whereas
that for woolens is somewhat smaller. Prices
of yarns have advanced during the past month,
reflecting the continued strength of the rawwool market. Sales of finished woolens in district No. 7 (Chicago) were reported to be about
equal to those of July. Goods were being
shown for the 1923 season and competition
was close, with varying quotations.
The demand for carpets and rugs is reported
by district No. 3 (Philadelphia) to b$ strong,
and the increase in production which began
late in 1921, after a slight recession during the
summer months, has been resumed. This is
further shown by the national activity of carpet and rug looms, which at 79.2 per cent on
September 1 is at the highest point attained
within the last four years. This is attributed
to activity in home building.
CLOTHING.

Further slight improvement in the producReturns from clothing manufacturers in distion of woolen goods is indicated by the com- trict No. 7 (Chicago) showed increased seasonal
parative figures on active wool machinery. activity during August. Five firms reported
On September 1, of the total reporting looms increases of 23 per cent in the number of suits




OCTOBER, 1922.

FEDERAL RESERVE BULLETIN".

1165

made and of 178 per cent in shipments, as September 9. Most of the improvement in the
compared with the July figures. The situation, market has taken place since the latter date.
however, has not been as favorable as last year, In the North Hudson section 1,816 looms out of
for production during August was 16 per cent a total of over 4,000 available, or 43.63 per
and shipments 5 per cent less than during cent, were producing, as compared with 42.67
August, 1921, and orders received since the per cent on August 28, 45.27 per cent on August
opening of the fall season fell off 20 per cent as 12 of this year, and 60.26 per cent on Septemcompared with the corresponding season last ber 9, 1921. In Paterson, out of 15,000 looms,
year. Seven tailors to the trade report recov- 3,746, or 24.97 per cent, were in operation on
ery from their July slump with increases during September 9, an increase as compared with
August of from 50 per cent to 60 per cent in 21.84 per cent on August 28, 17.02 per cent on
orders, production, and shipments. Improve- August 12, and 22.87 per cent on September 10,
ment is also noted as compared with last Au- 1921. The improvement in Paterson was atgust, and all items were from 20 per cent to 30 tributed to recent settlement of labor disputes.
per cent larger than during that month.
HOSIERY.
District No. 2 (New York) reports increases
in clothing sales of 102.7 per cent as compared
In the hosiery industry, according to district
with July and 8.6 per cent over last August.
The demand for men's clothing is better than No. 3 (Philadelphia), the demand for cotton
that for women's clothing, as August sales of and mercerized goods has been increasing, acthe former by eight firms were 108 per cent companied by a sharp advance in prices. On
larger than in July and 24 per cent above those the other hand, little or no improvement is
of August, 1921, whereas 14 women's clothing noted in the demand for silk and heather
firms report an increase of only 94.3 per cent hosiery. Production is curtailed and cancellaabove the July figure and a decline of 11.7 per tions of orders for heather hosiery are numercent from that for the corresponding month ous. Most of the firms in that district make
last year. District No. 4 (Cleveland) notes that the silk and heather grades, and their present
the men's clothing industry is now in a dull condition is shown by reports from 35 reporting
period while fall goods are being delivered, and firms selling to the wholesale trade and 13 firms
that the season in the women's garment in- selling to the retail trade. Orders booked during
dustry has on the whole been somewhat the month by the former were 16.6 per cent less
than in July and 50.9 per cent less than in
disappointing.
August, 1921. Firms selling to retailers reported a decrease of 27.7 per cent in orders
SILK TEXTILES.
since last month, but an increase of 2.2 per cent
The demand for broad silks has improved over last year. Production during August for
during the past month, although mills in district both classes of firms was slightly larger than in
No. 3 (Philadelphia) report that the betterment July, but less than in August, 1921. Cancellaamounts to not more than 10 per cent. Ap- tions by wholesalers increased 82.4 per cent
proximate deliveries to American mills during and cancellations by retailors 18.8 per cent
August, however, totaled 34,772 bales. Not over the July figures. Shipments and unfilled
only is this an increase of approximately 40 per orders on hand were less than for July and
cent over the July figure, but it is the largest were also smaller than for the same month last
total of any month since the records began in year.
Reports from four cotton hosiery mills in
January, 1921. This increase in consumption
is partially attributed by district No. 3 (Phila- district No. 6 (Atlanta), on the other hand, are
delphia) to the large production of cr&pes, considerably more favorable. Orders booked
which are heavy and require much raw mate- were 84 per cent above the July figure and
rial. Furthermore, the new styles are consid- about 35 per cent above that for August, 1921,
ered to be favorable for silk goods. Th6 de- and unfilled orders on hand on August 31 were,
mand for thrown silk in district No. 3 (Phila- respectively, 80 per cent and 55 per cent larger
delphia), which declined somewhat early in than on July 31 and August 31 of last year.
September, has recovered. The raw-silk market Production increased approximately 10 per
also became more active after the middle of cent over both the preceding month and the
September. Imports are larger and despite the corresponding month a year ago. Finished
greater volume of deliveries stocks in ware- stocks were also larger, whereas raw-material
supplies were smaller than they were a month
houses are growing.
Reports from Paterson and North Hudson previous, but larger than on the same date last
showed only slight increases in activity during 3 a r . District No. 6 (Atlanta) also reported
.the bimonthly periods ending August 26 and advancing prices.




1166

FEDERAL RESERVE BULLETIN".
UNDERWEAR.

Production of .underwear, which fell off in
July, recovered during August. The output of
49 mills totaled 519,511 dozens, or 68.8 per cent
of normal, as compared with 422,872 dozens, or
60 per cent, for 50 mills during July, and
433,875 dozens, amounting to 66.6 per cent of
normal, for 49 mills during August of last year.
Forty-one mills report that during July new
orders received were 71 per cent, shipments 92
per cent, cancellations 2 per cent, and output
80 per cent of normal production.
Comparative data furnished by 37. mills indicate a loss in new orders received of one-sixth,
which, together with a 71 per cent gain in
shipments and a similar increase in cancellations, resulted in a decline in unfilled orders
on hand of 14 per cent. The output of winter
underwear by 41 mills was 341,713 dozens, as
compared with 269,223 dozens in July, and that
of summer underwear by 24 mills was 177,798
dozens in August, as compared with 153,649
dozens by 23 mills in July. Production of the
winter garments was 72.7 per cent of normal, as
compared with 73.1 per cent last August.
Summer underwear output aggregated 62.5 per
cent of normal this }^ear and 60.8 per cent last
year.
In district No. 3 (Philadelphia) 14 firms making summer underwear reported increases over
July figures of 116 per cent in production, 43
per cent in shipments, 45 per cent in unfilled
orders, and 15 per cent in stocks on hand at
the end of the month, with a decline of 22 per
cent in orders booked. As compared with
August, 1921, production fell off 24 per cent,
orders 38 per cent, and shipments 37 per cent,
and unfilled orders and stocks on hand were
both substantially larger. Ten firms producing
winter underwear in the Philadelphia district
indicate a 13 per cent gain in production as
compared with July, but losses in stocks, orders
booked, shipments, and unfilled orders.
SHOES AND LEATHER.

The market for Chicago packer hides was
moderately active during August and the first
three weeks of September, and prices showed a
further upward tendency. Shipments of hides
and skins from Chicago were larger in August
than in July or in August, 1921. There has
been a considerable decline in the price of calfskins, but prices of goatskins are very strong.
The improvement in the leather industry
noted in July and August continued during
September. Reporting tanneries in district
No. 7 (Chicago) had larger sales in August than
in July, as well as a slightly larger production.
The demand for heavy leather has broadened,




OCTOBER, 1922.

so that shoulders are selling more freely and
there are some inquiries for heads. The
volume of belting sales is still increasing steadily and prices have advanced. Sales of upper
leather continue to be very large, and district
No. 3 (Philadelphia) states that tanners of
patent leather are behind on their deliveries on
account of the volunie of rush orders. Calf
leathers in men's weights have found a ready
market at advancing prices, while an encouraging number of foreign orders have been received
for kid leather. The August improvement in
demand for glove leather was not maintained
during September. Sales of harness leather
are larger in most reporting sections.
The shoe-manufacturing industry showed a
marked recovery in activity during August,
reflecting a large increase in sales of wholesale
shoe dealers. Eight manufacturers in district
No. 1 (Boston) report that production increased 25.2 per cent in August, and was 14
per cent larger than in August, 1921. Shipments for seven of these firms increased 49.7
per cent, while new orders decreased 7 per cent
as compared with figures for July. Labor
difficulties at Lynn have been settled and
factories there are much more active. Reports
of 43 firms in district No. 3 (Philadelphia)
show that August production was 31 per cent
larger than that of July, while shipments increased 71 per cent. The volume of orders
received was 7.7 per cent less than in July, and
the total orders on hand declined 18.5 per cent.
Retail shoe business declined during August,
but increased in the middle of September.
District No. 7 (Chicago) reports that production
of 24 companies increased 29 per cent during
August, while shipments were 44 per cent
larger than in July. Reports from 16 of the
firms indicate that stocks were considerably
reduced, whereas the volume of unfilled orders
was only slightly diminished. Eleven manufacturing concerns in district No. 8 (St. Louis)
report a decrease of 12.5 per cent in August
sales. Factory operation in that district varies
from 90 to 100 per cent of capacity. A small
increase in factory prices for shoes is reported
from most of the manufacturing centers.
LUMBER.

Lumber mills considerably increased their
activity during August, and their operations
continued at a high rate during the first two
weeks of September. The August cut of 535
mills reporting to the National Lumber Manufacturers' Association amounted to 1,323,684,000 feet, as compared with 1,091,800,000 feet
for 477 mills in July. Railroad shipments of
forest products increased from 239,119 cars in
July to 260,282 cars in August.

Production, shipments, and new orders increased 31 per cent, 13 per cent, and 33 per
cent, respectively, during August, according to
reports from four leading lumber associations
in district No. 12 (San Francisco). Retail
lumber yards, which were the largest domestic
purchasers, bought chiefly woods suitable for
small construction and repairs. From 70 per
cent to 95 per cent of the freight cars required
for lumber shipments during August were available, but deliveries to destination were unusually slow. Heavy rains in August ended the
fire hazard which had curtailed logging operations for two months. The rate of log production consequently increased more than 80 per
cent by September 1. Prices of northwestern
lumber advanced quite generally during August.
Reports of 119 mills belonging to the Southern Pine Association in district No. 6 (Atlanta)
showed that new orders, production, and unfilled orders increased during August, while
shipments and stocks declined from the totals
for July. The lumber business in that district
has been seriously impeded by a shortage of
transportation facilities. Reports from 40
southern pine mills in district No. 11 (Dallas)
show pronounced increases in production and
new orders, while the volume of shipments was
practically unchanged. The upward trend of
southern pine prices has continued without
abatement.
The lumber cut and shipments of eight lumber companies in district No. 9 (Minneapolis)
increased 11.1 per cent and 11.5 per cent,
respectively, during August. Sales by retail
lumber yards in that district also showed a
substantial gain in August, and were 12.2 per
cent larger than in August, 1921. Receipts of
lumber at St. Louis increased during August,
and were much larger during the first half of
September than is customary at this season of
the year. Price advances were quite general,
especially in the case of soft woods.
BUILDING.

The building industry showed a further
slight reduction in activity during August, but
maintained an exceptionally high level of production for the sixth consecutive month. All
kinds of building materials are still in great
demand, and cement prod action was larger
in August than in any previous month this
year. It is still difficult to secure railroad cars
for use in shipping bricks, sand, and gravel.
The value of contracts awarded in seven
Federal reserve districts (compiled from statistics gathered by the F. W. Dodge Co.)
totaled $288,409,490 in August, as compared




1167

FEDERAL RESERVE BULLETIN.

OCTOBER, 1922.

with $303,548,695 in July and §201,527,465 in
August, 1921. The three eastern districts
showed increases in activity, but decreases
occurred in the South and West. The total
value of contracts let reached a new maximum
in district No. 3 (Philadelphia), while the most
noteworthy decline took place in district No. 7
(Chicago)," and amounted to 31.5 per cent.
The volume of residential building in these
seven districts was smaller in August than in
any month since February, totaling $90,9(53,78-1. All of the districts covered, except
No. 3 (Philadelphia) and No. 9 (Minneapolis),
showed reductions. Statistics of number and
value of building permits issued in 166 cities
are published on page 1232.
District No/1 (Boston) states that the volume of September building has been slightly
less than in August. The general level of rents
is reported to be temporarily stabilized. In
district No. 2 (New York) there has been a
marked gain in the volume of business building. District No. 5 (Richmond) reports that
orders for all types of building supplies are
plentiful. Brickyards and gravel dealers are
finding difficulty in obtaining sufficient railroad cars for their shipments. A scarcity of
skilled plasterers has developed in district No.
7. (Chicago) and there has also been a general
rise in .prices of building materials. District
No. 10 (Kansas City) reports that building
operations in August were larger than in any
previous month this year.
EMPLOYMENT.

The volume of unemployment was much
reduced during September by the settlement of
the coal strike and the strike of shopmen on
many railroads. A shortage of skilled building
mechanics is still reported from many districts
and there are numerous local shortages of
unskilled labor. The National Industrial Conference Board states that of 123 wage changes
reported from August 15 to September 15 the
increases totaled 119. This is the largest
number of wage increases reported in any
month since the decline of business activity in
1920. The industries in which most of these
advances occurred were steel, cotton manufacturing, and building.
Cotton mills, shoe factories, and paper mills
in district No. 1 (Boston) are considerably
increasing their forces. There is a decided ,
increase in demand for machinists, and practically all members of the building crafts are
fully employed. District No. 2 (New York)
reports increased employment in most manufacturing lines. There is a shortage of experienced farm hands and of all types of skilled

1168

FEDERAL RESERVE BULLETIN'.

building workers. In district No. 3 (Philadelphia) a scarcity of building mechanics,
agricultural workers, and unskilled factory
workers is noted. The settlement of the
bituminous and anthracite coal strikes has
greatly decreased the amount of unemployment. Reports from district No. 4 (Cleveland)
mention a shortage of unskilled workers at
steel mills.
District No. 5 (Richmond) states that unemployment has practically disappeared. The
gathering of the cotton and tobacco crops is
employing most of the agricultural population.
A shortage of domestic servants is reported.
Textile mills and vehicle factories in district
No. 6 (Atlanta) increased their forces during
August. The amount of industrial employment has increased in all the States of that
district except Louisiana.
Employment reported by 142 firms in district No.'7 (Chicago) was 2.1 per cent larger in
August than in July and 17.9 per cent larger
than in August, 1921. The average pay per
man was 0.1 per cent less than in July and 7.8
per cent less than in August, 1921. The largest
gain in employment occurred in the brick
industry, as several brickyards resumed operations during the month. Reports from district
No. 8 (St. Louis) indicate that there was some
decline in employment during August, due to
lack of fuel and of railroad cars. District No. 9
(Minneapolis) reports a large demand for
harvest hands and for lumber workers. There
is still a shortage of skilled copper miners in
Montana. Coal and metal mines in district
No. 10 (Kansas City) are increasing the number of their employees. A shortage of bricklayers, plasterers, carpenters, and lumber
workers is reported from many cities. The
opening of sugar factories will require a considerable number of workers about October 1.
Employment at industrial plants in district
No. 11 (Dallas) was somewhat reduced during
August, but this was balanced by an increased
demand for agricultural workers. District No.
12 (San Francisco) reports that employment in
California increased during August, due to
harvesting and canning activities. A shortage
of copper miners continues to exist in Arizona
despite a general increase of wages at mines.
WHOLESALE TRADE.

October, 1922.

ment was experienced in dry goods, with increases ranging from 30 to 60 per cent. Business in this trade was also better than last year
in most of the districts. In general, grocery
sales appear to be smaller than they were last
August, but reports from hardware firms continue to show the substantial betterment over
1921 which has been noted in previous months.
Wholesale lines not given in the table below
show similar tendencies. August shoe sales
were materially larger than those of July in
all districts except No. 9 (Minneapolis), although smaller than during last year, and substantial advances were noted in furniture and
stationery sales. Farm implements experienced seasonal declines in three out of five
reporting districts, but were larger than during
last August in all but district No. 12 (San
Francisco).
PERCENTAGE OF INCREASE (OR DECREASE) IN N E T SALES
TN AUGUST, 1922. AS COMPARED WITH THE PRECEDING
MONTH (JULY, 1922).

[Minus sign (—) denotes decrease.]
Groceries.

District.

No.
No.
No.
No.
No.
No.
No.
No.
No.
No.

2
3
4
5
6
7 ... .
9
10
1]
12

Per
cent.

Number of
firms.

4.9
8.1
7.7
6.8
15.9
13.5
12.7
7.6
9.0
-5.2

42
65
26
43
34
38
41
9
10
31

Dry goods.
Per Number of
cent. firms.
49.5
41. 5
37.4
44.9
36.1
29.7
54.7
59.1
48.0
34.6

8
19
13
16
21
10
A

A
16

Hardware.
•Dnv i Num-

7.5 '
10.8
10.8
9.6 I
31.2 !
8.8 i
13.9 !
3. 8 !
16.7
5.7

11
32
11
17
21
17
11
11
10
21

Drugs.
Per Numcent. ber of
firms.
2.3
5.1
14.4
4.7
12.9
5.0

i
;
i
i

6
16
12
14
4
11

5.6 i
16.4 I
26.7 !

PERCENTAGE OF INCREASE (OR DECREASE) IN N E T SALES
IN AUGUST, 1922, AS COMPARED WITH THE SAME MONTH
LAST Y E A R (AUGUST, 1.921).

[Minus sign (—) denotes decrease.]
Groceries.

District.

No. 2..
No. 3..
No. 4..
No. 5..
No. 6..
No.7
No. 9..
No. 10
No. 11
No. 12

NumPer
ber of
cent. firms.
-7.1
-9.4
-5.1
5.5
4.7
-4.5
-2.6
-3.9
3.0
7.1

Dry goods.

Per
cent.

42
0.3
65 -12.6
26
5.2
43
3.4
34
8.9
37
2.1
41 - 1 . 9
9 -4.4
10
19.4
31
24.1

Hardware.

Drugs.

Num- Per NumNumber of
ber of Per ber of
firms. cent. firms. cent. firms.
8
19
13
16
24
10
4
4
11
16

22.8
13.2
26.7
6.4
15.6
18.6
18.2
13.6
5.5
20.4

11
32
11
17
21
16
11
11
10
21

2.9
3.4
14.7
0.9
13.7
5.8
-0.1
1.4
-o.3;

6
16
12
14
4
11

Wholesale trade during August in all reporting lines and in every district recovered substantially from its midsummer decline. Of the
RETAIL TRADE.
four trades shown in the above table, it will be
noted that the only decrease from July figures
There has been considerable irregularity in
occurred in the case of grocery sales in district retail trade throughout the country during the
No. 12 (San Francisco). The greatest improve- month of August, due probably to local labor




October, 1922.

conditions and crop developments. Most districts report continued inactivity in buying on
account of the hot weather during August and
the unsettled industrial condition, but there is,
nevertheless, a general spirit of optimism as to
fall trade. The most important reason for this
attitude is the settlement of the strikes. The
470 reporting department stores in the United
States averaged the most substantial gain over
the preceding year since November, 1920, trade
being 3.2 per cent better than in August, 1921.
District No. 4 (Cleveland) reported the largest
increase, which amounted to 10.8 per cent, while
district No. 10 (Kansas City) suffered a decline
of 9.5 per cent, as maybe noted from the table on
age 1234. All districts report larger stocks on
and than at the end of July, due to the reduction of summer stocks and the replacement
with fall merchandise, but in district No. 1
(Boston) only are the stocks as large as at the
end of August, 1921. These increased stocks
and smaller sales have decreased the rate of
turnover for the month of August. The large
ratio of outstanding orders to purchases for
1921 indicates that fall orders are still being
filled.

E

PRICES.

Many important changes occurred in wholesale prices during August. The majority of
the movements for individual commodities
were downward, but the continued advance in
the prices of coal and coke, pig iron, and, to a
lesser extent, of other metals, was sufficient to
offset the declines in other groups of commodities. The result has been that both the allcommodities index of the Federal Reserve
Board and that of the Bureau of Labor Statistics remained unchanged in August as compared
with July.
The raw materials group in the Federal Reserve Board's index moved up 7 points as a
result of the sharp rise in coal and metals prices,
which far outweighed the marked decline in the
prices of all agricultural products. Consumers'
goods fell 7 points, foods and staples showing
decided reductions. Price variations in semimanufactured goods, on the other hand, were
comparatively slight, the only articles of this
class to show an appreciable cnange being steel
products.
In the Bureau of Labor Statistics index the
groups of farm products and foods each declined 4 points, while metal products rose 5
points and fuel and lighting advanced 17
points. The changes in other groups of commodities were much smaller, buflding materials
rising 2 points, with chemicals and cloths and
clothing each showing an increase of 1 point.




1169

FEDERAL BESEBVE BULLETIN.
FOREIGN TRADE.

Exports in August were valued at approximately the same figures as in July, wnile imports increased by nearly $20,000,000. This
brings the value of imports up to $271,000,000
for August, which is tne highest level reached
by our inbound trade since late in 1920. Inasmuch as exports remained about constant at
$302,000,000, the August excess of exports
over imports was only $31,000,000, the lowest
balance recorded since the early months of the
war. The extent of the change whereby
American foreign trade is approaching a more
even balance between imports and exports is
evident from a comparison of the small
excess of exports in August with the balance
in 1921, which averaged $165,000,000 monthly.
Imports of gold were considerably reduced
during August, but amounted nevertheless to
$19,000,000. Exports of the metal, as in
previous months, continued to be small.
State Banks and Trust Companies.
ADMISSIONS.

The following list shows the State banks and trust companies which were admitted to membership in the Federal
Reserve System during the month ^ending September 30,
1922, on which date 1,653 State institutions were members
of the system.
Capital.

Surplus. Total resources.

District No. 2.

Perth Amboy Trust Co., Perth Am$200,000 $200,000 $4,515,767
boy,N.J
New York Life Insurance & Trust Co.,
1,000,000 2,000,000 31,757,906
New York, N . Y
District No. 5.

The Peoples Bank, Bishopville, S. C..
Bank of Harpers Ferry, Harpers
Ferry, W.Va

25,000

75,000

25,000

8,000

332,377
165,163

District No, 6.

Dacula Banking Co., Dacula, Ga
Liberty Bank & Trust Co., Savannah, Ga...

25,000
300,000

5,000
350,000 3,513,735

District No. 9.

Minnetonka State Bank, Excelsior,
Minn

25,000

10,000

507,721

50,000

5,000

184,126

District No. IS.
Bank of Prineville, Prinevffle, Oreg...

Voluntary liquidation—Merchants Bank, Port Townsend, Wash.
Conversion.—The State Bank of Kenbridge, Kenbridge, Va., converted into First National Bank of Kenbridge.
Mergers.—The Market Trust Co., Brighton, Mass., with the International Trust Co. of Boston, both members, under name of latter.
The Bank of New York of the city of New York with New York Life
Insurance & Trust Co., under name of Bank of New York & Trust Co.
Withdrawals.—Bank of Tennessee, Nashville, Tenn.; Fanners State
Bank, Waconia, Minn.; Stratford State Bank, Stratford, Wis.; Spencer
State Bank, Spencer, Ohio.
Insolvent.—-Myton State Bank, Myton, Utah.
Change ofname.—The Los Angeles Trust & Savings Bank, Los Angeles,
Calif., to Pacific Southwest Trust & Savings Bank.

1170

FEDERAL RESERVE BULLETIN.

Fiduciary Powers Granted to National Banks*
During the month of September 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.
Q. 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,

Plattsburg, N. Y
Syracuse, N. Y..
Savanna, 111
Fairmont, Minn.
Truman, Minn..
Atchison, Kan$-.

Dis*
trict
! No.

Name of bank.

Merchants National Bank
tiil)«t7 National Bank
First National Bank
Martin County National Bank
Truman National Bank
City National Bank..

Commercial Failures Reported.

! Powers
: granted.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.

October, 1922.

FAILURES DURING AUGUST.
Number.

Liabilities.

District.
1922

First
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Tenth
Eleventh
Twelfth

1921

118
269
76
156
134
152
243
135
69
95
85
182
1. 714

To:al

118
216
68
137
98
198
204
67
72
75
137
172

1,562

1921

1922

SI,556,039
7,364,329
2, 735,637
3,574.148
2, 253,748
2,890,891
6,776, 867
2,347,687
888,750
1,963.119
5,198,294
2,730,209

821,841
685,653
090, 75(3
183,707
658,017
489,443
123,520
200,012
458,576
966,896
991,284
234, 704

40,279,718 j 42,904,409

New National Bank Charters.
The Comptroller of the Currency reports the following
increases and reductions in the number and capital of
national banks during the period from August 26 to September 22, 1922, inclusive:
Num- I Amount
ber of j
of
banks, j capital.
New charters issued
Restored to solvency
Increases of capital approved.
Aggregate of new charters, banks restored to
solvency, and banks increasing capital

$930,son
25,000
1,005,000

20

1,960,800

Numbering 1,072 during three weeks of September, as Liquidations
1,785,000
against 979 for a similar period of 1921, failures reported to Reducing capital..
325,000
R. G. Dun & Go. make a closer comparison with the figures
2,110,000
Total liquidations and reductions of capital..
of the previous year than has been the case for a long time
past. The returns for August, the latest month for which Consolidations of national banks under act of Nov.
7, 1918
complete statistics are available, disclose 1,714 commercial
defaults for $40,279,718 of liabilities. These totals com- Aggregate increased capital for period..
1,960,800
pare with 1,562 insolvencies for $42,904,409 in August, 1921, Reduction of capital owing to liquidations, etc
---••L-1 -—•-—-- i*-.-^-*..
2,110,000
and an i:aci;eas$cl number of failures occurred last month in
Net decrease
149,200
8 of the 12 Federal reserve districts. The exceptions are
the first district, where no change at all developed, and the
sixth,, ninth, arid eleventh districts, which reported reducAcceptances to 100 Per Cent.
tions of 46, 3, and &2 defaults* 'respectively. As regards
the August indebtedness, the amounts are smaller in most
instances, decreases being noted in the first, second, fourth,
Since the issuance of the September BULLETIN the folfifth, sixth, ninth, and twelfth districts. These reduc- lowing bank has been authorized by the Federal Reserve
tions, however, are largely offset-by an increase of fully Board to accept drafts and bills of exchange up to 100 per
$3,000,000 ity tfre eleventh district, due to one failure of cent of its capital and surplus:
exceptional size.
New York Life Insurance & Trust Co., New York, N. Y.




October, 1922.

FEDERAL RESERVE BULLETIN.

CATTLE LOAN COMPANIES.

The cattle industry has certain financial
problems peculiar to itself and particular
agencies have developed for dealing with
those problems. Among these agencies are
the cattle loan companies. The methods of
financing used by the cattle loan company
furnish an interesting illustration of how
particular credit devices are developed to
meet the special needs of an industry.
Financing problems in the cattle industry
arose with the opening and rapid development
of the territory west of the Mississippi. Both
the industry ftself and the financing methods
employed were chaotic. The cattle were
"longhorns," wild and inferior; the ranches
were unfenced and "rustling" was frequent;
heavy losses occurred due to insufficient
water in summer and lack of feed in winter.
Little discrimination was exercised in making
loans. Finally the ranges became overstocked,
and for several years after 1895 cattle raisers'
losses were such as to render them unable to
repay their loans. Many commission houses
which had advanced funds failed and cattle
paper became very unpopular. Since about
1900 conditions have changed. As one writer
has said:
While pasture lands have decreased to a pitiful fraction
of their former size, the transition has brought system and
stability to the cattle industry. The ranches are now
practically all fenced, the cattle are an improved type,
disease is Well controlled, and "rustling" is over. Water
is supplied by engines or artesian wells, and adequate
feed is stored for the winter. Skilled executives trained
in approved business methods administer the affairs of
the modern ranch. Cattle raising has become a specialized
industry.

With this change in the character of the
industry has come a change in financing
methods and agencies.
The live-stock industry is now financed
by three groups of organizations: Cattle loan
companies, live-stock commission companies,
and banks which lend money on live stock.
The commission companies limit their loans
for the most part to feeder loans [which are
defined on p. 1172], and then only with the
object of increasing their commission business. Banks make all classes of loans, but
the legal restrictions on the amount which
they may loan to one individual greatly curtails their advances. The banks, whose capital
and surplus is such that a 10 per cent maximum to one borrower would not prove a
handicap, are located in distant larger centers,
and so are not in a position to make the necessary investigation to protect themselves against
loss. They therefore buy cattle paper rather
than lend in the first instance on cattle.
An organization possessing facilities for local




1171

supervision of loans is necessary. Moreover,
such an organization must possess sufficient
resources to enable it to finance a considerable volume of business. The cattle loan
company, not subject to legal loan restrictions and obtaining its funds through resale
of the loan it makes, fills this place. Some
companies are organized independently, but,
as a general rule, expecially in the case of the
larger ones, they are affiliated with some large
national bank in a live-stock center. Stockholders, directors, officers, and headquarters
are usually the same. In such cases the cattle
loan company carries on those portions of the
business which it would be extremely diffiI cult, if not impossible, for a bank to handle.
In 1918-19, when cattle loan companies
were carrying the largest amount of loans on
record, the volume handled by the individual
company ranged from $500,000, in the case of
the smaller companies situated at packing
house centers, to approximately $15,000,000
in the case of one or two companies. Since
that time all companies have greatly reduced
their loans—some of them as much as 50 per
cent or more. This decrease has been due to the
difficulty in placing paper as a result of general
financial conditions; the realization by certain companies that their loans had been too
large in comparison to their capital investment; and to the smaller amounts involved
because of the decline in live-stock prices.
In this connection it is interesting to note
that some authorities believe a well-managed,
conservative, cattle loan company can lend 10
to 20 times its capital and surplus. The larger
companies, nevertheless, have felt that their
loans should not greatly exceed 10 timfec their
net worth, but in some cases, especially of the
smaller companies, a much larger ratio has been
lent. The average company, it has been said,
places $4,000,000 to $5,000,660 of loans a year.
The capital and surplus of the individual
company ranges from 825,000 to $1,000,000.
The independent companies, it is generally
stated, are smaller than, the affiliated companies, although there are a few independent
companies throughout the country that are as
large as are the affiliated companies. The best
companies are incorporated.
By far the greater part of the companies are
located in the principal packing centers where
the live-stock business is concentrated. Stockmen naturally seek funds at such points, while
companies located there can inspect purchased
cattle as well as watch the marketing of stock.
NOTE.—This article is based in large part upon a study of Mr. Victor
A. Newman, prepared in satisfaction of the senior research requirements
of the Wharton Pchool of Finance and Commerce, of the University of
Pennsylvania. This material the Division of Analysis and Research
supplemented by data kindly supplied by leading bankers and others
associated with the industry in the principal live-stock centers.

1172

FEDERAL RESERVE BULLETIN.

Some other large companies are located on the
Pacific coast and in New Mexico. Very few
have branches.
The territory covered by the individual
company depends upon the size of the company and the policy it pursues. Certain companies are willing to make loans at a greater
distance from the head office than are others.
Tn general, the territory naturally tributary
to the most important centers is as follows:
Chicago.—The Corn Belt and the Northwest
as far as western Idaho.
Kansas City.—Kansas, Oklahoma, Texas,
and parts of New Mexico and Colorado.
East St. Louis.—Southern Illinois, Missouri,
Oklahoma, and Texas.
St. Paul.—The Northwest as far as Montana.
Omaha.—Nebraska, South Dakota, Wyoming, Montana, and part of Iowa.
St. Joseph.—Kansas, Texas, and eastern
Colorado.
Sioux City.—South Dakota and parts of
Iowa, Nebraska, Minnesota, and Wyoming.
Oklahoma City.—Oklahoma, Texas, and
New Mexico.
Denver.—Colorado and part of Wyoming.
El Paso.—Parts of Texas, New Mexico, and
Arizona.
Salt Lake City.—Utah and Idaho.
Los Angeles.—California and part of Arizona.
Portland.—Washington, Oregon, Idaho, and
parts of California, Utah, Nevada, to as far east
as Nebraska and South Dakota.
Types of loans.—Loans are made on cattle
and to a lesser extent OJP sheep. The present
discussion will consider chiefly cattle loans.
These may be divided into feeder loans, stocker
loans, and dairy loans. Feeder loans have
been defined as " loans made on beef steers
which are ready to go into the last stage of
feeding prior to their sale as finished beef."
That is to say, funds are advanced for the purchase of stock to be fattened on the feed which
the borrower already has or which he will buy
out of his own funds. Stocker loans may be defined as loans on all cattle other than those
going into the last stages of feeding or those
used for dairy purposes. These loans are further subdivided into those on breeding cattle,
those on young steers or heifers which will not
be ready for the market for a year or more, and
so-called "summer loans.77 Advances are not
made ordinarily on registered breeding herds,
because of their high value and the attendant
great risk. Summer loans are made only in
the West to enable the borrower to buy cattle
for grazing during the summer. The rancher
is able to graze more stock than he can feed
in the winter, and it is expected that in the
fall he will sell all those which he can not feed.
The cattle increase in weight; and therefore in




October, 1922.

value, almost as rapidly on grass as in the
feed lot. Dairy loans form a negligible part
of the business of cattle loan companies, as
they are dissimilar in many ways from the
ordinary types of cattle loans. They run for
relatively long periods, are usually payable in
monthly installments from the proceeds of sale
of butter fat, and are usually cared for by local
banks.
Feeder loans are usually considered as furnishing the most desirable type of paper. They
are ordinarily for a shorter period, and the
cattle are at all times more marketable and
are not subject to the same vicissitudes of
weather, disease, and accident as are stockers.
Some authorities feel that such loans should not
be made by cattle loan companies, but should be
taken care of by commercial banks. Certain
companies, however, do take a large amount of
this paper, and, at the same time, exclude
a great many stocker loans by avoiding summer
and open-range loans, because of the danger
arising from the difficulty of making the careful
and continuous check-ups which are necessary
in order to keep losses at a minimum. On
the whole, however, the types of loans handled
by any one company depend upon the territory which it covers. The majority of feeder
loans are made by companies located in or
near the Corn Belt—at Chicago, East St. Louis,
Omaha, and Kansas City—as well as in the
extreme western cattle country tributary to
Los Angeles and Portland. Many of these companies, however, have more stocker than feeder
loans; while stocker loans are easily in the
majority among the cattle loan companies as
a whole.
Placing of loans.—The companies make their
loans in one of three ways-r-through country
banks, through commission companies, or direct
to the cattlemen. Many large loans come direct,
but probably as many of the smaller loans are
made with a local bank as intermediary. The
percentage of the total loans that is made
through commission companies ranges up to 15
per cent, but the latter figure may be exceeded
in the case of companies actively associated with
commission firms. Difference of opinion, however, exists as to the merit of such loans.
Some observers hold that commission firms are
at times not so careful in lending as they
should be, because such loans are granted in
order to increase the volume of their commission business. They are, however, in close
personal touch with their borrowers, and it is
said this is a strong element of safety in loans
originating through them. Their loan procedure is very similar to that of the cattle loan
companies, although the margin required is
smaller in some cases. The commission firm
assumes liability for payment by indorsing the

October, 1922.

FEDERAL RESERVE BULLETIN.

1173

paper. The cattle loan companies also indorse
The cattle loan company, however, attaches
the paper.
the greatest importance to inspections. Every
Several methods are followed in placing company has at least one regular inspector,
loans through country banks. Loans too large although some depend upon local men to
for the country bank are made direct to the make a part of their inspections. The local
cattleman, and the company merely pays the inspector is either a cattleman or a country
country bank a commission for negotiating the banker. The latter is usually employed only
loan. In practically all other cases the paper to inspect loans which have not been taken
is indorsed either by the country bank or by through his bank. Considerable difference of
its officers or directors. The latter type of in- opinion exists as to the value of the local indorsement is often the most valuable, and at spector's work. Some companies state that
the same time keeps down the amount of they are not always as reliable as they might be.
borrowings which the bank must show on its In most cases inspections are made before a
books. Practically all companies check the loan is accepted, and at intervals of from three
credit standing of the borrower, irrespective months to one year thereafter, varying with
of whether the loan is made through a cor- the company. Practically every company,
respondent or direct. Some companies feel however, makes it a practice to inspect each
that "the country banker will not make the loan at least once a year (it will not run that
borrower come to time," but other companies length of time unless renewed at least once),
desire some one on the ground to look after and inspection may be made at any time in
their interests, and hence prefer to make loans case question arises as to the safety of the loan.
through correspondents.
The inspection includes several matters.
Credit work.—As is the case with other classes First, a count is made of the cattle covered by
of loans, the importance of doing business with the company's mortgage. Most companies
the right sort of men is to be emphasized. It has require a tally by class, number, value, weight,
been said, "The brand on the man is worth and brands. The latter is especially important,
more than the brand on the cattle." In- for the brand is the only means the company
formation is obtained through four forms— has of identifying its security. Further detailed
application, financial statement, inquiry, and information is required as to. feed, range, and
inspector's report. The application and fi- water, the general condition and appearance
nancial statement are often consolidated. of the ranch or farm, and other data designed
When the application is separate, it furnishes to verify that furnished by the applicant.
personal data as to the applicant, purpose of Suggestions are also requested as to changes
loan, security, and sometimes other informa- in the handling of the security. If cattle are
tion as to his business practices. This results purchased by the borrower in the center at
in considerable duplication of data, particu- which the company is located, the final inspeclarly in the case of the security, real estate, tion is easily made, and takes place at the same
feed, and range. Such questions, however, time as the purchase. If they are purchased
are often omitted from the application when elsewhere, an inspector is sent to the bora consolidated form is used. A special " brand rower's farm, and when they are delivered he
sheet" accompanies either the application or inspects them to be sure they are the same
the financial statement if the data are not in- cattle as he inspected previously.
cluded elsewhere. This gives in both ilConditions of the loan.—One of the most
lustrative and descriptive form the holding important and most common conditions which
brand on the cattle, as well as any other brands must be met before a cattle loan company will
which may be on them.
make a loan is that the applicant shall be borIn accordance with general credit practice, rowing only from it. Confusion would be endall the larger and most of the smaller companies less if one company held a mortgage on 200
verify the information given by the applicant steers and another a mortgage on 100 steers
through inquiries. These are addressed to belonging to the same owner. Each company
bankers, merchants, and cattlemen, as well as could only identify its security if the brands
to the county recorder or similar official, who, were different, and this is, in fact, required
for a small fee, gives an abstract of the mort- before any company will loan to an applicant
gages upon the applicant's property filed or who has already borrowed with cattle as serecorded in his office. Efforts are made by the curity. Furthermore, if an occasion a ises
companies to establish relations with banks in which compels one company to furnish exthe territory they cover, upon whom they can pense money, a dispute is bound to arise as to
depend for information.
which company should furnish the money.




1174

FEDERAL RESERVE BULLETIN.

Large buyers of cattle paper in many instances will not take paper where the borrower is indebted to more than one company.
The company also often specifies that the
borrower shall own his ranch. The reasons for
this are that the rental of pasture may prove a
burden for the cattleman, and that when the
company lends to the landowner it may look
to a first or second mortgage on the ranch as
something to fall back on in case the loan becomes doubtful. Nevertheless, most companies
will loan to renters under certain conditions,
such as a long lease at a rental believed reasonable. In most cases, however, the deciding
factor is the financial statement of the borrower
and the size of his net worth, especially in connection with feeder loans. His proven honesty
and ability as a " cowman" are also large factors.
Collateral.—In addition to the signature of a
second party to the note, the loan is secured
by a chattel mortgage upon the cattle, and
often upon "all the right, title, and interest of
the mortgagor in and to the pasturage, feed
pens, feed troughs, and water privileges used
in feeding said live stock.7' Two features of
the mortgage may be mentioned. First, it
covers "all of said property and all accretions
and additions and increase thereof." The inclusion of any increase is vital in the case of
loans on breeding cattle, for in such 'cases the
increase is relied upon to provide an additional
margin of safety, as well as to provide funds
to repay the loan when it is sold. Second,
"the first party [the borrower] shall have no
right to encumber said property in any manner
whatsoever without the written permission of
the holder of the note or notes hereinafter
mentioned." In addition to giving the lender
a preferred claim upon the property, it protects
him against removal or sale of the security by
the borrower and pocketing of the proceeds by
the latter without paying off the loan. This
is accomplished through a provision that any
attempt to dispose of the cattle without the
permission of the lender renders the note or
notes immediately due and payable.
Further, if the cattle loan company "shall
deem itself insecure at any time" it may take
possession of the cattle given as security, and
occupy the premises "where said live stock,
cattle, or chattels may be, . . . and may use and
occupy said premises and pasturage, feed pens,
feed troughs, and water privileges of said first
party for the purpose of feeding or caring for
said live stock, cattle, and chattels." This
provision is necessary since unwise handling of
cattle may result in a heavy loss in a short time.
Finally, the mortgage gives the holder the right
to call for more security, to move the cattle with
or without the consent of the mortgagor into
another location which is more favorable, or




October, 1022.

even to take possession of the cattle and ship
them to market if necessary to protect the
mortgagee's interests. In case of sale each
owner is in turn responsible to the holder of
the properly recorded mortgage for the amount
of the note thus secured.
Cooperation with cattle raisers' associations.—
In order to guard against disposal of the cattle
without their knowledge, practically all companies, except those operating in the northern ranges, are members of a cattle raisers7
association. Many companies also urge their
borrowers to become members. These associations follow the movement of certain
brands to market and notify the company
which has loaned on cattle bearing that brand.
They also employ brand inspectors outside of
the markets. In this way they serve to stop
theft and fraud, as well as to assist in picking
up "strays." One large cattle loan company
obtains similar results by furnishing large
commission companies, operating outside the
immediate territory of the former, with a
description of the brands on cattle which may
possibly be sold through the markets of the
commission companies.
Use of bill-of-sale drafts.—A further check
upon the borrower is obtained by using a
draft with bill of sale attached, in order to
place the proceeds of the loan at the disposal
of the borrower. The borrower buying cattle
pays the seller with a draft on the cattle
loan company. The reverse side of the draft
contains a bill of sale, by means of which the
seller certifies to the sale of the cattle to the
borrower, and a blank assignment whereby
the borrower assigns his interest in the cattle
to the cattle loan company.
While the use of a bill-of-sale draft is customary, other methods are sometimes employed. The borrower may simply be credited with the amount of the loan in the bank
with which the company is affiliated. On the
other hand, when the local bank has handled
the loan directly, it may advance the money
for the purchase of cattle, and be repaid by
the company after the note and mortgage
have been drawn up. In case the cattle
have been bought at one of the larger markets,
the company may also make payment directly
to the commission company which has made
the purchase for the borrower.
Margins.—Margins required vary greatly,
both between companies and between loans
made by the same company. In general, the
advance per head is determined by the financial
responsibility of the borrower, the amount of
feed he has on hand, the kind and grade of cattle, and the method of handling them. In the
case of feeder loans, the company at times may
require no margin whatsoever if the borrower

October, 1922.

FEDERAL RESERVE BULLETIN.

has plenty of feed and is financially'responsible.
In the case of these loans, moreover, the cattle
which are taken as security increase in weight
from 1£ to 2 pounds per day. Further, the
value of meat is higher in the case of fat stock.
Accordingly, as the loan continues there is
gradually built up a margin, which at the end
of the loan may well amount to 20 per cent. In
some cases a margin ranging from 10 to 50 per
cent, according to the particular case in question, is required at the time the advance is
made. Minimum margins required on feeder
loans by different companies range up to 30 per
cent.
The margin on stocker loans has always been
higher than that on feeder loans. In many
cases it has also been higher on stocker loans,
with breeding stock as security, than on loans
made on young steers. This is due to the fact
that the feeder loan has always been considered
more liquid, because the stock is in better condition for market at all times and because the
increase in the value of steers on full feed is more
rapid than the increase in the value of young
steers not yet ready for feeding or of breeding
stock which must depend upon an increase in
number for enlargement in value. Margins
required on stocker loans, therefore, vary from
10 per cent to 60 per cent, the minimum requirements of the several companies being from 10
per cent to 40 per cent. As a result of the
abrupt decrease in the value of cattle and the
consequent necessity of carrying cattlemen,
new loans are, in many instances, bearing a
higher margin than before.
Maturities.—The period for which a cattle
loan runs varies with the type of the loan.
Feeder loans usually run from two to four
months, with occasional loans up to six months,
depending upon how nearly ready for market
the cattle are. Stocker loans, however, from
their very nature, run usually for six months.
This is the maximum time for which cattle
loan companies will make advances, but they
may, at times, make loans with the understanding that they will be renewed, provided all conditions remain satisfactory. Renewals may
occur from one to three7 or four times. The
length of "steer loans' depends upon the
period necessary to prepare the stock for market
or for the feeder, but is usually less than for
loans on breeding stock, which are paid off by
the sale of the increase. The latter requires
some time, ordinarily 18 months. The cattlemen may be carried from year to year, although
the security may change, when the loan is renewed, through the sale of some cattle and the
purchase of others.
Feeder loans are usually not renewed, for
they are supposed to be made upon cattle al-




1175

most ready for slaughter. During recent
years, however, a considerable number of loans
were renewed in the hope that prices of live
stock might advance and thus enable the loan
to be liquidated. Stocker loans, except where
the stock is ready to be fed or marketed,
usually require renewal. Many, however, will
gradually be reduced, especially in the case of
breeding loans. Renewals on stocker loans
have also increased greatly since the fall in
prices. The normal percentages of renewals
of such companies, ranging from 50 per cent
to 75 per cent, have increased to 75 per cent
to 90 per cent.
Losses.—-Under normal conditions, losses of
cattle loan companies have been negligible.
Only one company on which data were obtained had a loss of as much as 1 per cent per
annum, and this was a comparatively new
organization operating in a territory stricken
by drought shortly after its entrance into the
cattle-loan field. Other companies show annual
losses of one-twenty-fifth to one-tenth of 1 per
cent.
For about five years conditions have not
been normal. In 1917-18 there was a severe
drought in a large part of the cattle-raising
region of the Southwest. The following winter
(1918-19) was unusually severe in that locality.
The Northwest experienced a bad drought
during the summer of 1919, which was followed
by a very cold and snowy winter. During
1920 and 1921 cattle prices fell to the level of
1913 and below.
The loss due to drought during this period
was not so heavy, partly because the cattlemen
themselves were in good financial condition and
partly because measures could be taken to care
for stock in drought-stricken regions. The
blizzards increased the loss suffered by the
cattlemen, although the loan companies did
not suffer heavily. The loss occasioned by the
break in prices, however, was too heavy to be
borne by the stockmen. Many were ruined,
and the cattle loan companies are now experiencing the heaviest losses in their history. In
many cases they have had to carry borrowers in
the hope of ultimate repayment, where collections could not be made under the prevailing
conditions.
Companies operating in regions afflicted
with droughts and blizzards put these first
among normal causes of loss. Companies
operating in regions where these phenomena
are not frequent place incompetency first or
else neglect by the owner of his stock. In no
case does disease cause serious loss, as companies do not operate in tick-infested areas and
have experienced no loss from the hoof-andmouth disease. In general few losses can be

1176

FEDEKAL RESERVE BULLETIN".

assigned to fraud on the part of the borrower.
Some of the companies which sprang up during
the period of prosperity encouraged speculation by slackening their requirements during
the period when money was easy. In addition
to failing to demand proper margins, they took
less than the usual amount of care in selecting
borrowers.
Handling of doubtful loans.—There are two
methods of procedure in handling doubtful
loans. In case of fraud the security is disposed
of without consideration of the debtor. If the
loan becomes doubtful, however, because of
drought or a drop in prices, the company
usually endeavors to protect its customers.
This is done by directing to some extent the
handling of the cattle and by frequent inspection of them. The frequency of inspection
will depend upon the particular conditions in
each case; it being stated they are made more
often in the instance of drought than in the case
of a drop in prices. In any event, the loan
company attempts to secure additional protection through a mortgage on real estate, other
stock, indorsements, or any form which may
present itself. The period for which the debtor
will be carried depends upon the conditions of
each individual case.
Sale of paper.—Whether the buyers of the
paper are chiefly country banks or other
financial institutions depends largely upon the
location of the cattle loan company. Thus,
companies located in cities such as El Paso,
Oklahoma City, or St. Joseph, sell from 90 per
cent to 100 per cent of their paper to eastern
banks, whereas a large portion of the paper of
companies in cities such as Chicago, St. Louis,
Sioux City, St. Paul, or Kansas City is sold
locally. Except in the last-named city, nevertheless, the majority goes to country banks, as
distinct from private investors, although the
latter do take a small percentage, in one case
estimated as high as 15 per cent. Recently
some savings banks in Chicago have been
buying cattle paper, and there are also a few
instances of paper being placed with commercial
paper houses, but it is not believed this practice
has been followed to an appreciable extent.
Cattle loan companies often arrange for lines
of credit from banks which gives them a potential outlet, at least, for their paper. The line
will not under ordinary circumstances ever be
in excess of five times the average balance




October, 1922.

maintained by the cattle loan company.
Among the advantages claimed for the affiliated as against the independent company is
the fact that the bank can absorb its surplus
of paper at times when the smaller banks,
which purchase seasonally, are not in the
market. The company usually makes it a
practice to keep an amount of paper on hand
equal to its combined capital and surplus.
Any given loan on cattle may be evidenced
by one note, or by several, in denominations
such as $1,000, $5,000, and $10,000, which
are placed with different purchasers. The
loan company holds the mortgage as trustee
in either event, and the buyer of the paper
looks to it for payment, the majority of
the companies indorsing all the paper they sell.
The investor who takes a complete loan may
receive a duplicate copy of the mortgage, while
the purchaser of a small note receives 7 " cera
tified trust receipt of chattel mortgage.'
Rarely does the interest charge of cattle
loan companies go below 6 per cent and in few
instances below 7 per cent, while 8 per cent is
not uncommon. Accordingly, the profits of
the company are decided to a great extent by
the money rate in the chief financial centers
where the larger proportion of the paper is sold.
That is to say, as the rates in these centers
advance, the margin of profit for the cattle loan
company decreases. Under normal conditions
the margin averages about 2 per cent gross and
the expenses range from 1 per cent to 1J per
cent.
Conclusion.—It may be worth while here to
indicate the place of the cattle loan company
in the present financial organization of the
country. As an agency for testing credit and
for supplying funds, the cattle loan company
performs a function that may be distinguished
from other organizations engaged in live-stock
financing. Through its facilities for local supervision of loans it keeps a close acquaintance
with the condition of the borrower and of the
security. Its loans are less specialized in character than those of the live-stock commission
houses, and because of freedom from legal restrictions may be made in larger amounts to a
single borrower than may the loans of a country
bank. Finally, the cattle loan company by resale of the paper it buys distributes the loans
among many lenders and draws additional
funds into the live-stock industry.

October, 1922.

1111

FEDERAL RESERVE BULLETIN.

BUSINESS AND FINANCIAL CONDITIONS ABROAD.
UNITED KINGDOM.
BANKING AND FINANCE.

Government finance.—The past few months
have witnessed a continuance of the reduction
of the Government floating debt which began
in the middle of 1919. That part which consisted of advances from the Bank of England
has been practically eliminated, while, since
early in 1921, the outstanding amount of
treasury bills has been drastically curtailed.
This has been effected in two ways. Firstly,
there has been an absolute reduction in the
Government's requirements. Secondly, treasury bonds of comparatively short maturity
have been issued to fill the gap which otherwise would have necessitated an enlargement
of the floating debt. The net result has been
a shrinkage in treasury bills outstanding, between December 31,1921, and August 26,1922,
from £1,060,000,000 to £715,000,000, while
outstanding treasury bonds of varying maturity
totaled on August 26, 1922, £504,000,000, compared with £297,000,000 on December 31,1921.
The result of this curtailment of treasury
bill issues, aided by the trade depression, has
been a very marked reduction of the rates at
which the bills have been discounted. The
average on September 2,1921, was £4 7s. 1.53d.
per cent. The rate fell continuously, with only
short interruptions, t o £ l 13s. 6.41d.—the lowest
point reached—on July 28, since when the
trend has been upward, the rate on September
1 being £2 11s. 8.33d. per cent. The saving
which this cheapness of money represents to
the Government is very considerable. The
Statist estimates that the expenditure on wardebt charges provided for during the current
fiscal year will be undercut, at present rates,
by some £47,000,000. Allowing, however, for
the replacement of bills by bonds carrying
higher interest charges, the net saving would
total approximately £37,000,000, or a cut of
11.6 per cent on the total war-debt charges.
Money rates.—Corresponding with this decline in the rate on treasury bills, the present
year has witnessed four successive reductions
in the bank rate, each of \ per cent. These
were as follows: February 16, lowered to 4£
per cent; April 13, lowered to 4 per cent; June
15, lowered to Z\ per cent; July 13, lowered to
3 per cent. The reductions from the 7 per
cent rate ruling until April 27, 1921, represent
a return to the level of the six months immediately preceding the outbreak of war. The
last three of these reductions were made independently of any movements in the New York
Federal Reserve Bank rediscount rate, which
at the present moment stands 1 per cent




higher than the Bank of England's official rate
of 3 per cent.
The low rate on treasury bills made the margin
between it and deposit rates, which move in
general agreement with the bank rate, much too
narrow prior to the July reduction. Deposit
rates being fixed, since the war, at 2 per cent below the bank rate, the present 1 per cent deposit
rate allows a profitable margin to the banks.
A similar improvement has resulted from the
reduction of the rates of the discount houses
on deposits at call and at notice from \\ per
cent and If per cent, respectively, by one-half
per cent in each case. The margin of profit
allowed thereby to the discount houses is
indicated in the following table of discount
rates ruling on September 1, 1922:
00 days. 3 months. G months.
Bank bills..
Trade bills.

There has been some criticism of the joint
stock banks on the ground of their retention of
the 2 per cent margin between bank and deposit rates. There was some hope that, with
the reduction of the former to 3 per cent, they
would refrain from a corresponding reduction
of their deposit rate, thus reverting to the prewar difference of \\ per cent. The banks,
however, point out that since that time expenses have risen enormously in all directions,
so that the old margin is not sufficient to
maintain their former rates of net earnings.
Condition of joint-stock banks.—The halfyearly balance sheets of the joint-stock banks
served to emphasize those tendencies which
had been apparent in the monthly statements
of condition, and which have continued to
manifest themselves to date. Following are
the composite items of the five leading banks
(excluding the Bank of England) compared
with their amounts six months and a year ago:
[Millions of pounds sterling.]
June 30,
1922.
Paid-up capital
Reserves
Acceptances and indorsements
Deposits (including undivided profits)..
Total liabilities
Cash, notes, balances at bank, and
checks in course of collection
Money at call and short notice
Tri vp.stmonts _ _

Discounts
Loans and advances .
Premises and sundries (including cover
for acceptances)
Total assets
Ratio of cash, etc., to deposits (per cent).

Change
from
Dec. 31,
1921.

Change
from
June 30,
1921.

59.2
47.1
•15.5
1,600.2
1,752.0

-8.3
-49.1
-s:. 4

+0.2
-1.9
-19.9
-21.6

242,5
100.3
377.0
308.1
655.9

-28. C
+20.6.
+67.3
-86. 8
-22.4

-11.1
+20.4
+73.8
-23.8
-79. S

-7.6
-57.4
-1.3

— i. 1
-21.6
-0.5

68.2
1,752.0
15.1

1178

FEDERAL RESERVE BULLETIN.

October, 1922.

The declines in acceptances, deposits, and the London Economist, are shown below, with
loans and advances are, of course, the statistical the amounts of new capital allocated to each,
expression of the trade slump, revealing the in the corresponding periods of 1921 and 1922:
fact that the bottom was far from reached at
[Millions of pounds sterling.]
the middle of last year, as was hoped at the
! January- January
time. The fall in discounts is not wholly
• June,
June,
attributable to this same factor. While it is
! 1921.
1922.
true that trade bills have been scarcer, it is
also true that treasury bills have not been so
Total.
128.6
448.
plentiful during the past few months. The British Government loans
20.1
304.3
Government loans
!
27.6
41.6
issue of treasury bonds has served to accentuate Colonial Government loans
Foreign
\
5.5
13.1
that reapportionment of assets from discounts British municipal and county loans
;
16.6
5.6
British railways
!
2.9
to investments which the trade depression Foreign railways
i
14.7
Exploration, financial, and investment trusts
i
1.8
3.9
itself would normally have brought about. Manufacturing
!
19.2
5.7
The decline in cash, etc., is in the main offset Stores and trading
|
3.5
0.2
Oil
'.
i
14.6
16.5
by the increase in money at call and short Iron, coal, steel, and engineering
:
3.3
5.4
!
2.0
1.7
notice. This, of course, results in a reduction Electric light and power
Docks, harbors, and shipping
!
2.2
12.1
of the banks' ratio, which, however, remains Banks and insurance
|
2.1
2.9
at its customary pre-war level of 15 per cent.
Banlc profits for the half year.-—In view of
It will be seen that the British Government
these circumstances of smaller turnover and has taken most advantage of the cheapness of
lower rates, it is on the surface surprising that money by seizing the opportunity to replace
the banks in general have maintained their a large part of the floating debt by longer
post-war level of dividends.1 This is due in dated securities. Railways have come into
part to the conservative policy followed during the field again, making up for the diminution
the war of sternty refusing to raise dividends in new industrial issues.
to what might be taken by shareholders as a
The direction in which these investments
permanently higher level under circumstances have been flowing shows a gradual return to
which might—and did—prove to be only pre-war conditions. Apart from the British
temporary. But, in addition, the fall in Government loans, foreign countries and Britinterest rates has, as usual, brought wTith it an ish possessions in the past half-year each
appreciation in the values of fixed interest- absorbed about £50,000,000, while about
bearing securities. During the six months £44,000,000 were destined for home use.
January to June, 1922, for instance, consols This shows a progressive return since the war
rose from 57-57^ by 6|, 4 per cent funding to the distribution of the first half years of
loan by 11 f from 87-|—87J, . and 5 per cent 1911, 1912, and 1913, when foreign and
national war bonds (1927) from 105J-106 to colonial issues were respectively six, three and a
1101-110\. It is true, of course, that these half, and five times the home issues.
are mere paper gains until the security holdings
Foreign exchange.—During the first six
are realized. It is true also that trade revival months of the present year sterling remained
will tend to obliterate these increments. practically stationary in foreign exchange
Nevertheless, the unlikelihood of gilt-edged value, judged by the Statist index, which is
securities ever falling again to such low levels as weighted according to the volume of trade with
were arrived at during the recent trade boom the countries concerned. July and August,
make it certain that the banks, through their however, witnessed an appreciable rise. This,
determined policy of writing down their invest- together with the continuous rise throughout
ments during that time, are in a stronger posi- the latter half of 1921, marks the past year
tion with respect to this item than would appear with a notable approach to parity. In the 12
from the published statements of condition. months, August, 1921, to August, 1922, sterThe capital market.—As might be expected, ling rose in terms of the dollar from 75.1 per
the rise in security values has been accom- cent to 91.7 per cent of parity. On the other
panied by a continuance of the heavy issues hand, a development indicating the lack of a
of new capital which became particularly similar improvement in the French financial
marked in the last quarter of 1921. The total situation was the continued appreciation of
of new issues for the first six months of the the pound in terms of French francs, from 186.7
present year, excluding treasury bills and pure to 222.3 per cent of par. The course of the lira,
conversion operations, reached £448,774,200, too, paralleled that of the franc, the pound
a figure surpassed only in the heavy war-loan rising from 336.9 per cent to 392.1 per cent of
years of 1917 and 1918. Some of the more par. There follow some of the changes in
important classes of investments, as defined by the value of the pound in terms of neutral
currencies, which, taking all the circumstances
> F^o April BULLETIN, p . 416.




1179

FEDERAL, RESERVE BULLETIN.

OCTOBER, 1922.

into consideration, are more indicative of the these causes must be sought. By the third week
in September advances to the State were virtuapproach of the pound to parity:
ally where they had been at the beginning of the
[Percent of par.]
year. Both circulation and advances are
slightly lower than a year ago, but on October 5
August, August,
Currency of—
x
1922.
1921.
the circulation had reached the highest point
in nearly a year.
Netherlands
97.4
94.9
As was stated above, the August level of
Sweden.
94.9
93.3
112.0
Spain
113.9 wholesale commodity prices was almost at last
Switzerland
86.0
92.9 year's figure, while the franc exchange in New
York averaged slightly higher. This serves to
illustrate the close relationship between the
FRANCE.
movement of commodity prices and foreign
THE FINANCIAL SITUATION.
exchange, and to show that interpretations of
During recent weeks the franc as measured exchange movements in terms merely of curin dollars has remained below the levels of last rent political news are likely to be misleading.
However much the decline in the exchange
spring, but somewhat higher than the figures
of a year ago. Measured in terms of internal value of the franc may have been caused by the
purchasing power, the franc is notably lower rise in commodity prices, the decline of this
than earlier in the year, and at almost the exact exchange from the high figure of last spring
figure of one year ago. The course of dollar seems to be having more or less influence on
exchange and of the Federal Reserve Board's French business sentiment. The end of the
index of French wholesale prices is shown in summer saw a strengthening of securities not
bearing a fixed rate of return. Some observers
the following table:
credit the advance in security and commodity
markets to the great volume of capital seeking
1921
1922
investment. According to others this was due
Month.
Exchange Price Exchange Price
to the expectation that, in case further inflarate.
index.
index.
rate. "
tion should cause a real decline of the franc,
January.
i SO.0643
386 10.0816
286 accompanied by a rise in the price levels, such
February.
I
. 0717
363
.0873
282
345
March
j
.0703
.0900
287 securities would adjust themselves to the new
333
.0922
298
April
0724
The index numbers on page 1215
322
.09119
302 conditions.
May
0836
311
.0876
303 show important advances in some groups of
June
0807
311
.082372
306
July
I
.0781
commodities.
302
.079567
Aug,ust
0775
September..'
October
November
December

I
'••

0728
0725
.0719
. 0784

300
294
292
286

.076592

The rise in the price level and the decline in
exchange rates has been accompanied by an
increase in the volume of circulation and the
amount of advances by the Bank of France to
the Government. It was planned to repay
these advances at the rate of 2,000,000,000
francs a year. They were actually reduced by
about that figure in the first three months,
standing at 24,150,000,000 francs on January
5, 1922, and at 22,100,000,000 francs on April
27, in which month the exchange on New York
reached its high point of the year. Circulation
was lowest somewhat earlier, touching its lowest
point since August 28, 1919, on March 23, when
it was 35,281,790,430 francs. The circulation,
volume of advances to the State, and the index
number have climbed irregularly, while the rate
of exchange has moved in the opposite direction.
This condition, while doubtless affected by the
unfavorable balance of foreign trade, was not primarily caused by it, as France is not a country
heavily dependent on foreign commerce. It is
rather in the internal financial situation that
12994—22




3

ANALYSIS OF FRENCH FOREIGN TRADE.

The foreign commerce of France, according
to the official French figures, shows that the
volume of trade for the first six months of 1922
is considerably larger than for the corresponding period of 1921, with the value slightly less.
The following table shows the volume of trade:
SPECIAL COMMERCE OF FRANCE. 1

[In metric tons.]
First six months of—

Groups of merchandise.
1922

1921

1913

IMPORTS.

Food products
2,255,025
Materials necessary for industry.. 21,361,159
Manufactures
.*
828,492

2,620,648
18.405,642
819,240

24,444,676

Total

1,633,093
15,027,538
839,771
17,500,402

21,845,530

415,130
8,307,091
1,042,253
12,789

703,161
6,170,554
1,030,774
11,938

590,551
8,345,375
1,096,566
17,994

9,777,263

7,916,427

10,050,486

EXPORTS.

Food products
Materials necessary for i n d u s t r y . .
Manufactures
Parcels post
Total

'

i The "special commorce" does not include reexport figures.

1180

FEDERAL RESEBVB BULLETIN.

OCTOBER, 1922.

The exports are practically at the pre-war export values was changed in Juno, 1922, when
level, the chief decline being in food products. they wore adjusted to 1921 prices, instead of
In comparison with 1921, the improvement is to 1919 prices which had hitherto been used.
large enough to give striking evidence of the On account of this method of valuation, exrecovery from the depression following the ports in the months preceding June of this
war. The increase in imports is largely- ac- year, as given currently, appeared greater than
counted for by the item of coal, imports of they actually were; whereas the totals given
which were 3,178,842 metric tons greater than below for six months of 1922 come much closer
in the first six months of 1921. A very large to being an accurate picture.
part of the coal comes from Germany and the
SPECIAL COMMERCE OF F R A N C E .
Saar on reparations account.
The German deliveries of coal and coal
| In thousands of francs.]
roducts, however, were insufficient during the
rst half of 1922 to meet the needs of French
First six months of —
industry, for the imports from Belgium exceed
Croups of mcrcliandise.
those from the Saar and the importations of
1922
1921
1913
coal from England exceed those from German}^ by about 50 per cent. Coal imported from
IMPORTS.
Germany proper amounted to 4,283,306 metric
842,851
531
Food products. .
tons, and from England to 6,071,327 metric Materials necessary for industry 2,623,661. 2,43 S. 13L 2,571,179
5,40i,
Manufactures
2, 855,355
826,337
l! 956' 047
tons, about equal to the deliveries from Ger.10,671,592 10,695,017
4 ,240,367
man}^ and the Saar together. The total of coal
Total
imported into France for these six months
KNJ'O ]{']•".
was 14,523,042 metric tons, or about one-half Food products. .
846,635
399,324
1,134,847
of the total imports by weight. This is slightly Materials necessary for indus(,"y.. 1.966,734 2,097,005
903,276
1 782 836
59L3 459
Manufactures.
6 240 19'L
greater than the proportion in 1913. The ! arc els post
61,1,832
596,513
286,81.0
question of coal, as was brought out in the ar3,372,246
9,363,660 10,068,586
Totpl
ticle in the September BULLETIN, is of vital importance to French industry and is one of the
most important factors in the reparations
The great discrepancy between the figures of
problem.
1922 arid those of 1913 is, of course, due to the
France is also an exporter of coal, though change in the value of the franc. An approxinot on a very great scale. During the first half mate comparison may be reached by multiof the current year, total exports of domestic plying the figures of 1913 by 345, the Statistique
coal, coke, and briquettes were 880,977 metric Generale average index number of prices for
tons, the exports of coal showing a decline from the year 1921. Another method of comparison
the corresponding period of 1921. Out of a is to reduce the francs to dollars and allow for
total of 1,541,035 metric tons of coal exported, the decline in the purchasing power of the
621,136 metric tons were of domestic origin. It dollar. The results can not be termed precise,
may be noted also that coal for ships' bunkers but they seem to show that the French foreign
accounts for 913,679 metric tons of the total. commerce has not yet reached its pre-war level.
Coke was exported, to the amount of ,229,891
The visible balance of trade ran against
metric tons, of which 211,542 metric tons were France in 1913. The excess of imports was
of domestic origin. There wore also small ex- paid for partly by the expenditures of tourists
ports of briquettes. The documents do not and partly by the income from foreign investshow that any appreciable amount of the Ger- ments. The exact amounts of these two items
man deliveries was recxported, the figure being at present is conjectural; the latter, however,
425 metric tons of coal from the Saar and 3,866 is considerably smaller than in 1913, as the
metric tons of briquettes from Germany, no Russian investments, which have been disGerman coke being reexported. Of English cussed in this BULLETIN, aro at present paying
coal, 956,241 metric tons wore brought in for nothing, while many of the others are still
reexport. The largest single item of export is unproductive or have only recently resumed
"ore of all sorts," which shows an increase of payments. A part, possibly a large fraction,
1,688,764 metric tons over last year. Total of the foreign securities was disposed of after
exports of ore, however, did not quite reach the outbreak of the war. The income from
the 1913 level.
these two sources, nevertheless, should go
A study of the value of Franco's foreign far toward meeting the current unfavorable
trade is less satisfactory, since exports are balance, which for the first six months of 1922
computed from a table of arbitrary values and amounted to 1,302,932,000 francs. Allowing
imports on declared values. The schedule of for the different scale of valuations, this is not

E




>

OCTOBER, 1922.

1181

FEDERAL. RESERVE BULLETIN.

very far from the balance for the corresponding payments are more easily met than those of
dollar denominations. The $10,000,000 issue
period of last year.
The four largest customers of France are the of Framerican Industrial Development CorpoUnited States, England, Belgium, and Ger- ration bonds are not included, because, although
many, as shown in the following table giving they are guaranteed by a French company, the
French imports and exports during the first corporation itself is American, and its interest
payments would not necessarily involve remitsix months of 1922:
tances from France.
fin thousands of francs.J
The total annual interest due on these outstanding securities amounts to over $20,000,000,
Exports.
Country.
Imports.
payable in gold or its equivalent in American
currency or exchange. As the Seine, Soissons,
1,692,142
1,067,795
United States
1,739,145 and Paris-Lyon-Mediterranee issues were floated
England
1,608,009
7
1,700,113
Belgium
750.516
940,058 after the first of the 3^ear, six months interest
Germany (including the Saar)
940,641
had not accrued on them during the semester.
There are several ways by which France may
The excess of imports from the United States meet these interest charges and the trade
for this period is 624,347,000 francs for the first balance. They include the return from Amerisemester of the current year, compared with can securities held in France, the expenditures
1,348,140,000 francs for the same periodlast year. of tourists, the shipment of gold, and the floatIt is significant that this remarkable change has ing of loans.
been effected almost entirely by a reduction of
There
of the
of
purchases in the United States by 611,135,000 Americanare no exact figuresFrance. amountpresecurities still in
The
francs, the value of the exports to this country war estimates, however credible they may be,
showing only a slight increase. The largest place the amount at about $500,000,000.
single item of French imports from America in Probably a part of these have been sold abroad.
the first six months of 1921 was cereals, the
total being 4,472,294 metric quintals, valued at Some may have been mobilized and sold during
the war by
456,128,000 francs. This had dropped in 1922 many, since the French Government, but not
the plan, which
well in
to only 815,002 metric quintals, valued at England, produced indifferent succeeded France.
results in
38,950,000 francs. In the first half of 1921 the
United States supplied about three-fifths of the M. Descamps, head of the securities department
of the
France, estimated
cereals brought into France, while this year the sales ofBank ofsecurities under this the total
foreign
mobilizaproportion has dropped to about one-seventh. tion scheme at about 600,000,000 francs up to
At the average rate of exchange for the November, 1920; of course not all these were
semester ($0.0883) the unfavorable trade balance American securities.
amounted to about $55,000,000. But for the The item of tourist expenditures can only be
purpose of obtaining a more complete picture guessed at. In any conjectures, it must be
of the financial relations between the two coun- remembered that the more important purchases
tries, there must be added to this figure interest of travelers must be declared on arrival in the
payments on French loans hold in the United United States, and so may; figure in the AmeriStates. The most important issues are given can statistics of imports from France, though
below:*
not in French figures of exports from that
country.
Amount
A large part of this balance has been settled
Designation.
loutstanding.
in the third way, namely, the shipment of gold.
French Republic 8;s
i 893,660,500 The following table shows the movement of
French Republic; 7i's
j 93,789,300 gold from France to the United States in recent
Three Cities 6's....
! 40,586,000
T
Remainder o:[ Anglo-French loan
' "7
. , . , , ,
,
13,850 months:
Soissons 6 s
Paris-Lyon-Mediterranee R. R. 6's.

6,000,000
40,000,000

Month.

Besides those given above there are bonds of
the Midi Railroad, issued to an amount of
50,000,000 francs, and the internal French
5£'s of 1917, of which $2,110,000 were disposed
of in New York in April, 1919, and small
amounts of other issues. As the interest on
these bonds is payable in paper francs, such
1
The figures for the two French Republic loans and for trie loans of
Marseilles, Bordeaux, and Lyons arc from the Bulletin de Statistique
et Legislation Comparee of May, the figures being as of March 31,1922.




January
February
March
April
May
June
July
August
September
October
November
December
Total

1921
$4,695,491
13,583.374
20,956,333
10,895,170
9,725.929
7,482,146
27,973,327
31,999,294
" 17,784,302
j 18,596,507
15,051,331
:
:
3,730,062

;

:
•

; 191,473,266
.

1922
SI,874,799
1,425,881
6,649,971
1,161,039
543,754667,019

1182

FEDERAL RESERVE BULLETIN.

The total for the first six months of 1922 is
$12,322,463, compared with $73,338,443 for the
similar period of last year. The sources of this
gold have not been made public, as the monthly
°'Documents Statistiqucs sur le Commerce de
la France" do not include shipments for the
account of the French Government nor of the
Bank of France. During recent months the
gold reserves of the Bank of France have
increased slightly, at the end of June being
5,528,858,000 francs, as compared with
5,524,316,000 francs at the first of the year and
5,500,647,000. francs in the early part of 1921.
The gold shipped to America has not come from
the gold reserves of the Bank of France, which
are now larger than the reserve of 4,104,000,000
francs at the outbreak of the war.
The fourth method of meeting the adverse
trade balance—the floating of loans—does not
lend itself to analysis, but it is evident that the
French loans * floated in New York during the
first semester of 1922 offered facilities for
financing the current excess of exports to
France.
The problem of meeting this excess has not
been easy for France since the war. The
American figures show the adverse balance to
have been $769,540,000 in 1919, $510,539,000
in 1920, and $83,056,000 in 1921; while in only
one month out of these 36 was the balance in
favor of France. For the first six months of
this year the figure was $50,311,000.2 Since
the volume of French securities that can be
absorbed in the American market is limited,
and the supplies of gold available for export
from France are greatly reduced, it appears
that future unfavorable balances must be met
largely out of tourists7 expenditures and from
the return on the American securities still held
by France, both of which items are conjectural.
The conclusion seems warranted that the
volume of French trade with America may be
expected to be more closely balanced than in
the past.
FRENCH INVESTMENTS IN TURKEY.

In the course of the analysis of the French
trade situation given above, reference was
made to the importance of French investments
abroad in settling pre-war trade balances. In
the June and July issues of the BULLETIN there
were discussions of the French investments in
Russia. More French capital had gone to
Russia than to any other country, but the
exports of capital to Austria-Hungary and
Turkey were also enormous.
In considering the amount of French investments in Turkey it is necessary to use pre-war
1
2

Described on p. 420 of the April BULLETIN.
It is impossible to reconcile this figure exactly with the French
statistics.




OCTOBER, 1922.

estimates in most instances, the figures representing, nominally, gold francs. In some
cases, of course, property of a high pre-war
value may have been damaged, or even ruined,
by warfare or neglect. One general reservation, furthermore, must apply to all investments represented by listed securities internationally distributed. It is impossible to tell
at any given time exactly where the controlling
interest may be held, as it may be passed readily from the nationals of one country to those
of another. This will apply, notably, to such
securities as bank stocks, like the Imperial
Ottoman Bank and the Banque de Salonique.
There is no doufct that French interests enormously exceed those of any other power in
Turkey, probably totaling above 3,500,000,000
francs.3
The most important financial interests of
France in Turkey consisted of credit advanced
to the Government and of capital invested in
private enterprises, usually operating under
French names.
Ottoman public debt.—The French people hold
about 2,500,000,000 francs, or 60 per cent,
England 14 per cent, and Germany 21 per
cent of the Turkish public debt, the holdings
of the remainder being scattered. The administration of the public debt is in the hands of a
board, presided over by a Frenchman or an
Englishman in alternate years. The Director
General of the Debt has usually been French,
as are a large number of officials, and French
is the language of official reports. The administration of this debt involves the collection
and administration of those revenues which
have been pledged to secure the debt. These
include the revenues on salt, alcohol, and fishcries, the stamp tax. and the tithes on silk.
The sources of these revenues are widely scattered. To sum up, a large part of the Turkish
revenues are mortgaged to the debt, and these
are largely under French control.
Turkish Government loans.—The development of this situation is a long and involved
story, and only the outlines can be sketched
here. During the period between the Crimean
War and the Russian War (1854-75), out of
14 major financial operations, 10 were carried
on through French interests, the others being
through English or Austrian financiers. The
disorders, political and economic, between 1876
and 1881 led to the well-known Decree of
Mouharrem (December 20, 1881), which created the Ottoman public debt, as described
above.
Between 1881 and 1903 Turkish financiers
were occupied in funding the floating debt.
3
As pre-warfigureshave been used in most instances, it is important
to remember that some of these investments lie in territory no longer
under Turkish rule, notably in Syria.

OCTOBEE, 1922.

Six loans were required for this operation, secured by pledging revenues. ' These loans
were almost entirely absorbed by France, as
English financial interest in the Near East
was largely diverted to Egypt. Between 1903
and 1914 the competition of German capital
became more apparent, especially in connection with the Bagdad Railway. During this
period twelve loans were floated, of which six
were taken in France, four in Germany, one in
England, and the other divided among these
three countries. Payments on these loans
were suspended during the war, but the Ottoman Government is liquidating in installments
the accumulated interest.
Investments in private enterprises.—The close
cooperation between French capital and the
Turkish Government before the war facilitated
investments in private enterprises; and it is
estimated that these amounted to over 1,000,000,000 gold francs. The proportion of French
to other foreign investments has been stated
to be about as follows: 53 per cent French, 33
per cent German, and 14 per cent British, or
roughly one-half has been French capital.
These estimates are based on pre-war figures.
Since the war, Italian capital has become a
very important factor in Turkey. The investments Have gone into banks, lighthouses, railways, power plants, telephones, mines, tramways, and port developments. One of the
most important is the tobacco monopoly.
These activities for the most part enjoy concessionary privileges.
French hanking interests,—French banking
interests are very important, and among these
institutions the greatest is the Imperial Ottoman Bank. It was founded in 1863 by
French and British capital, originally about
equally divided. Of the directors, 10 must be
residents of Great Britain and 10 of France.
The present director general is French, but, as
in the public debt, the office is alternately held
by French and English representatives. The
importance of this bank in the financial life of
Turkey is shown by the fact that it has the
exclusive right to issue Government bank
notes, to act as paymaster general of the Empire, and as internal and external financial
agent of the Government. The bank has
about 80 agencies in Turkey and other parts of
the Near East, and one each in Paris, Marseilles,
London, and Manchester. The branches in
Syria have lately been turned over to the
recently formed Banque de Syrie.
The "following statement of the Imperial
Ottoman Bank as of December 31, 1921, was




1183

FEDERAL BESEEVE BULLETIN.

presented at the time of the annual meeting in
London, July 28, 1922:
Assets.
Cash
Loans, including loans
on bourse transactions
Accounts receivable (of
which £8,155.181 7s.
4 d. are in British and
French treasury bills)
Securities owned (of
which £1,205,950 Us.
3d. are in British and
French Government
securities)
Open accounts
Secured loans
Bank property
Total

Pounds
sterling.
G, 167,517
2/1.69,418

9,652,013

Liabilities.
Capital paid in
Bank notes in circulation
Accounts payable...
O pen accounts
Time deposits
Legal reserve
Profit and loss

Pounds
sterling.
5,000,000
1,398,092
612,680
17,315,397
771,557
1,250,000
208,553

2,612,297
3, 850, 095
'>• 211,815
470,524 .
20,016,280

Total

26,646,280

Another large bank, nominally Turkish, is
the Banque de Salonique. This was founded
in 1888 with French, Austrian, Hungarian,
and other capital. The Credit Lyonnais has
numerous branches in Turkey; and French
capital is placed to a greater or less extent in
many other banking institutions. Before the
war there were a number of powerful German
and Austrian banks, among them the Deutsche
Bank, the Deutsche Orient Bank, and the
Wiener-Bank-Verein. In the present absence
of competition from these sources, the relative
position of the French banks has been greatly
strengthened.
Other interests.—Among the other French
interests in Turkey the most important are the
railroads. Before the war French interests
were operating 2,077 kilometers of railway,
Germany 2,565, and England 610. French
capital was also heavily interested in the
Bagdad line through individual investments.
Other French railroads had been projected in
Turkey, and concessions had been obtained
for about 2,000 kilometers during 1913-14.
In a summary of this kind, it is of course
impossible to catalogue all of the enterprises to
which French capital has been contributed.
But they include such diverse interests as the
coal mines of Heraclea, harbor developments
in Constantinople and Smyrna, and public
utilities in Constantinople. There is a great
but uncomputed investment in schools and
hospitals. The annual enrollment of the
French schools in Turkey has been placed as
high as 100,000. Trade between Turkey and
France is fairly active, as French exports to
Turkey in 1920 were approximately 20,000,000
francs.

1184

FEDERAL RESERVE BULLETIN.
ITALY.

BUDGET DEFICIT FOR THE FISCAL YEAR 1921-22.

The budget deficit for the fiscal year closed
June 30 was officially announced at 6,581,000,000 lire, as compared with a deficit of
nearly 11,000,000,000 lire the year before and
14,000,000,000 lire two years" ago. The expenditures for the year were 26,306,000,000 lire
and the receipts 19,725,000,000 lire. In this
latter figure are included about 900,000,000 lire
due from taxation on personal property and
wealth, payment of which was deferred until
August of this year by special legislation.
No one cause is responsible for this deficit.
In fact, revenue from taxation was higher
than in 1920-21, and rather higher than in
1913-14, after allowing for the difference in the
level of prices.
[hi millions of lire]
Fiscal year—
1913-14
1920-21
1921-22

Tax 1 liclarevonue. ! tive.
2,070 .
11,192 !
12,857 i

100
541
621

OCTOBEH, 1922.

The other items of expense are individually
relatively small and are widely scattered. A
very large part of them arise from appropriations for Government personnel, such as the
"high cost of living compensation7' of 176,000,000 lire to Government employees.
While the estimated deficit of 6,581,000,000
lire seems very unfavorable, there are a number
of encouraging aspects to the situation. Large
as the deficit is, it is only about half of that for
1919-1920. Further, some of the items of expense are not likely to be permanent. Expenses
resulting directly from the war, such as war
claims and the food administration deficit, are
temporary charges on the budget. There is an
expressed determination to end the heavy
deficit incurred by the State railways. Military
expenses are still large, but the budget of 192223 proposes a reduction to 2,600,000,000 lire on
this account, compared with 669,000,000 lire,
the cost of the military establishment in the
fiscal year 1913-14. If military expenditures
can be held down to that figure, it will represent
a very marked reduction from pre-war costs,
taking into consideration the reduced purchasing power of the lira. There are, therefore,
good reasons to hope that the budget of the
current year will come closer to a balance than
that of the past year.

This table shows an increase in tax revenue
of 1,665,000,000 lire over last year. In comTHE PUBLIC DEBT.
parison with the 1913-14 figures, however, the
conclusion is not warranted that taxes are
A complete
some six times as hea^y as in the pre-war the end of the statement of the public debt at
1921-22 fiscal year follows:
year. The average of wholesale commodity
SUMMARY OP ITALIAN DEBT.
prices for the 12 months of that fiscal year was
558, using 1913 prices as 100, so that taxes
f In mill ions o fl i r c. ]
would appear to have increased but slightly,
measured by internal purchasing power. When
Fiscal year ending
Juno 30—
it is recalled, however, that this increase in
revenue has been obtained from a country
1920-21
1921.-22
weakened by war and laboring through a very
serious industrial and financial depression, it
Funded and foreign del>i. 1
a 78,21(5
becomes far more considerable.
Floating debt:
23,862
Ordinary treasury bills
The largest single items of public expenditure
2,544
2,545
(I overrun on (; notes and warrants
8'. 722
S.094
Hank-note circulation for the account of State
are the charge of the debt; and until the budget
G22
3 487
Other obligations
can be balanced it is evident that the annual
I J06.541
113.204
charge for the debt is likely to increase rather
than to diminish, as current deficits give rise to 1
Of
is pre-war debt.
now debts. The principal items of expense 2 Thewhich 13,358,000,000 lire at; 21,01.1,000,000 lire for June 30, 1922.
foreign debt is carried
during the fiscal year 1921-22 may be sum- » As of May 31, 1922.
marized as follows:
It should be borne in mind that the foreign
Lire.
debt is carried at par of exchange, so that acInterest charges
5, 300, 000, 000 tually the present total debt in terms of paper
Pensions and assistance to war invalids
J, 900, 000, 000
War claims and expenses of new Provinces. 2, 441, 000. 000 lire is far in excess of that shown above. The
Railway deficit. .
'.
960, 000,' 000 summary shows an increase of 6,663,000,000
Deficit of food administration
600, 000, 000 lire in the fiscal year 1921-22 over the figure at
Military expenses:
the close of the preceding fiscal year. The prinW&r
2, 293, 000, 000
cipal change came in the volume of the ordinary
Marine (including 1,500,000,000 lire for
merchant marine)
2, " 2J, 000, 000 (short-term) treasury bills, which increased
J




5,025,000,000 lire. These instruments reached
their maximum on April 15, 1922, with a circulation of 26,837,000,000 lire. This figure has
been reduced partly by economies and partly by
encouraging the sale of seven-year treasury
bills. The totals of the live and seven year
treasury bills rose from 5,804,000,000 lire to
7,232,000,000 lire in the year. Other items
show only small changes.
BAXKEXG AND INVESTMENT.

According to recent reports, the plan of
liquidation of the Bane a di Sconto, which was
described in detail on page 686 of the June
BULLETIN, has not met with the expected success. As was evident from the terms of the
plan, its success depended upon the willingness
of the creditors of the Bane a di Sconto to deposit the proceeds of the liquidation of their
claims in the successor institution, the Banca
Nationale di Credito. i t now transpires that
practically all of these depositors preferred to
withdraw any credits to which they were entitled. It is reported that the Government is
lending assistance to the Banca Nationale and
that other liquidation projects are under consideration.
The general investment situation in Italy
showed the same unfavorable features in July
as in June, although less sharply. Net reductions in capital on account of liquidation or
other causes again exceeded net investments,
the figures being 299,533,363 lire and 207,520,700 lire, respectively, as compared with 656,131,700 lire and 477,173,200 lire in June.
GERMANY.
THE DEPRECIATION OF THE MARK.

The recent drop in the value of the mark,
which started toward the end of July, continued throughout August. During this period
the dollar rose from an average of 400 marks in
July to an average of 1,500 marks in August,
at which point the rate was more or less maintained during September. The breakdown of
the mark came so rapidly that it is difficult to
find its actual causes. German sources are
inclined to ascribe the present collapse of the
mark to reparations, while officials of the
Reparations Commission point out that reparations payments " are only one, and not the most
essential, cause of the present depreciation of
the mark."
The general explanation that the steady increase in the amount of bank notes outstanding is the main cause of the depreciation of the
mark holds only to a limited extent. For,
from April 30, *1921, to April 30, 1922, the
amount of bank notes outstanding increased




1185

FEDERAL RESERVE BULLETIN.

OCTOBER, 1922.

by about 70 billion paper marks, or about 98
per cent, while during the same time the value
of the mark as expressed in dollars was depreciating very much more rapidly.
The principal immediate causes of the
present decline of the value of the mark are
chiefly political—the outcome of the recent
London and Berlin conferences and the murder
of Dr. Eathenau, Minister of Foreign Affairs.
The murder of the Minister of Foreign Affairs
indicated the unrest prevailing in Germany and
the instability of the present political order.
It weakened Germany's credit standing abroad
and exercised a depressing influence on mark
exchange. The unsatisfactory results of the
London conference, which tried to settle the
reparations question, were also not without
effect on the mark. Finally, the Berlin conference between representatives of the Reparations Commission and the German Government
and the uncertainty of its outcome tended
further to depress the value of the mark.
The above-named events are mainly of a
political character and serve only to explain
the immediate actions of holders of German
currency. Of more fundamental importance
are the economic factors which underlie the
internal as well as the external value of the
mark. Prominent among these factors are
the budget, reparations, the balance of trade,
and the flight of capital from Germany.
(a) The budget.—The unbalanced budget of
the German Empire shows for the fiscal year
1922-23 a. deficit of 208 billion paper marks.
This deficit will actually be much larger, due
to the recent depreciation of the mark, thus
increasing continuously the amount of treasury notes outstanding and consequent^ the
floating debt of the country. Since the German
public is unable to absorb the treasury bills,
they must be absorbed by the Reichsbank,
which ultimately results in an increase in the
amount of paper notes outstanding. The close
relation between floating debt and the currency notes outstanding can be seen from the
following table:
FLOATING D E B T AND AMOUNT OP--MARKS OUTSTAXPIXG.

| In millions of marks.]
Month.

Floating
debt.

Notes outstanding.

..
End of—
January
Aoril..' .
July
October

1021.
155,-159
172,730
190', 770
2.1.8,000

.

60,021.
70,840
77, 391
91,523

255 078
280,935
307,810
305,122
528,000

1] 5,370
140,120
J89,795
23S, 147
316,870

.1922.
January- April
.hilv...
August (i)..

September

1

Figures as of 20th of month.

1186

FEDERAL RESERVE BULLETIN.

OCTOBER, 1922.

(6) Reparations.—The deficit of the German
budget is to a considerable extent due to expenditures arising directly or indirectly from
the execution of the peace treaty (see FEDERAL
RESERVE BULLETIN, September, 1922, pp.
1067-1070). Payments in cash are effected! to
a large extent by the sale of marks abroad,
since no revenue sources have been provided
for such payments. Deliveries in kind, such as
coal, also tend to depress the value of the mark,
since the shortage of coal prevailing in Germany
forces her industries to import coal from abroad.
Imports of coal, especially from England,
further increase Germany's" unfavorable balance of trade. Such imports from Great
Britain to Germany during the last few
months were:

trade as to shift capital from Germany to
other countries.
(d) The flight of capital.—The tendency prevailing in Germany since the conclusion of the
war to export capital to foreign countries has
also served to depress the German mark. It is
impossible to estimate the total amount of gold
values shifted from Germany abroad, but it is
a well-known fact that funds valued at many
millions of gold marks have been transferred
to other countries in order to escape the effects
of depreciated currency, heavy taxation, and
forced loans. The German Government has
taken many measures to prevent the flight of
capital, but it is difficult to state with what
results.
Depreciation of the mark has been further
Metric tons. accelerated by the attitude of foreign exchange
May
274, 940 dealers and the German public- Any conJune
669, 217
July
1,135,409 siderable decline in the value of the mark often
causes foreign dealers and firms to withhold
(c) The adverse balance of trade.—The steady from purchases, while at such times many
excess of imports over exports is another factor Germans are willing to sell marks at almost any
which depresses the mark abroad. The only price. Acquired foreign exchange holdings are
consecutive foreign trade figures available held partly for speculation and are partly
since the armistice are for the 16 months from hoarded. The disposition to hoard foreign
May, 1921, to August, 1922, the balance of currencies is widespread in Germany and has a
which may be seen in the following table:
very bad effect on the country's economic
situation. Thus, while German Government
G E R M A N Y ' S BALANCE OF T R A D E .
officials state that the stabilization of Ger[Excess of imports (—); excess of exports (+).]
many's currency and finance is impossible
Marks.
without a foreign loan, German nationals by
1921, May
-928, 253,000
buying bank notes of these countries practically
June
-976, 827,000
July
-1,368,245,000 extend huge noninterest-bearing loans to forAugust
- 2, 734, 610, 000 eign countries, such as Switzerland and the
September
-3,149,159,000 United States.
October
-4,163, 544,000
November
December
1922, January
February
March
April
May
June
July
August

Total excess of imports

-347,175, 000
+847,498,000
+ 1 , 754, 620, 000
+2,492, 282,000
-1,634,392,000
- 5 , 266,482,000
- 5 , 291, 315,000
-4,040, 712,000
-10,031,000,000
+3,800,000,000

- 3 1 , 037,314,000

The total excess .of the value of imports over
that of exports thus amounts to 31,037,314,000
marks in the 16-month period. Inasmuch as
the exchange value of the mark fluctuated
greatly during these months, it is not practicable to state the balance in terms of gold.
A part of the balance, at least, has been offset
by the expenditures of foreign travelers who
visited Germany in large numbers during the
last two years. The rest, however, was settled
mainly through the sale of marks and securities. The sale of securities, improved property,
real estate, and other tangible assets served,
however, not so much to balance the foreign




THE PRICE SITUATION.

The results of the drastic depreciation of the
mark are manifold and affect the entire economic structure of the country. Prices of all
commodities, especially of imports, rose immediately and doubled in many instances during one day. The index number of the Frankfurter Zeitung, comprising 98 commodities in
several groups, well reflects the situation. For
purposes of comparison, the relative value of
the dollar in terms of marks is also given in
the table below.
* [July, 1914=100.]
:
FoodValue of stuffs and Textiles Minerals,
and
dollar. luxuries. leather, j

Month.

1922.
March.
April
May
June
July
August
September

i
!
j
!
|

f, 054 i
6.S&3
6.494 '
9,500 i
18,833
32,142 i

5,211
6,330
6,649
6,967
6,323
13,691
29,175

8,492
10,585
11,379
11,891
13,938
21,910
36,398

i
i
,
;

6,810
8,585
9,305
10,141
12,168
18,355
42,648

OCTOIiEK, 1922.

Month.

| PercentIndus: age
trial
All com- ; increase
Miscellaneous. finished moditi.es.'1 over
j products.
preceding
i month.

1921.
March.
April..
May...
June..
3uly
... .,
August
September

4,201
8,817 ji:
5,288 !
4,644 '
5.961 I 5,546
6,413
5,859
6,750
6,881
8,549
! 10,893
19,352
I 21,605

5,427 .
6,722 :
7,379 ::
7,841
9,140
13,935 ,
28,919

23. 86
9.77
6.26
16. 57
52.46
107. 52

These figures show that during July prices
increased by 52 per cent and during August by
107 per cent. They also indicate that during
the last month the rise in prices was greater
than the upward movement of the dollar.
The greatest increase took place in the price of
foodstuffs and minerals, groups of commodities
which are to a large extent imported. The
continuous rise in prices has served as a great
artificial stimulus to German trade. The usual
demand for goods of all sorts has been greatly
accentuated by the desire of the German buying
public to purchase in large quantities at the
prevailing prices in order to cover their future
needs. As a result the "flight from the mark/ 7
which follows after each drop in the value of
the mark, has again been in evidence. The
steady decline of the mark, the rise in prices,
and the abnormal demand for goods have induced sellers to change their price policy. In
many cases manufacturers and dealers sold
their goods with large paper profits, but at the
time of delivery prices were higher than the
original sale price. To safeguard themselves
against heavy losses, sellers at first established
" scaling prices." Prices were fixed not at the
time when an order was placed or a sale
executed, but at the time of delivery. This
method, however, was not satisfactory, since
it failed to maintain the working capital of the
various business houses. These concerns then
based 7their prices upon the "cost of replacement/ or on the price which a seller might
hav^e to pay in the future for the same quantity
of goods. "This price policy is in itself justified,
but involves manv elements of speculation. To
avoid these, certain industries, especially those
which depend largely upon imports, made it a
practice tofixtheir prices in foreign currencies,
mainly in dollars and guilders. It is reported,
however, that stating prices in foreign currencies is unpopular among German bu3rers.
In many instances prices are not based upon
any calculation, and merely reflect a strong
sellers' market, while exorbitant rates and
usury are stated to be common. Thefixingof
prices of daily necessities is at present under
active discussion], in Germany and has caused




1187

FEDERAL RESERVE BULLETIN.

the issue by the Minister of Interior of several
regulations respecting prices.
COST OF LIVING AND WAGES.

The cost of living in Germany, as may be
seen from the following figures, has increased
rapidly.
COST OF LIVING INT 46 GERMAN CITIES.
[July, 1914=100.]
1922—March
April
May
June
July
August
September

2, 303
3, .1.75
3,452
3, 779
4, 990
7, 029
11, 376

This rise in the cost of living created great
dissatisfaction among German wage earners,
whose representatives in the Reichstag urged
the German Government again to introduce
the rationing of food and clothing as it was
managed during the war. The increases in
prices which most affected the cost of living
were for meat, fats, eggs, milk, gas, and
electricity. The only important commodity
which showed a downward movement was potatoes.
The rise in the cost of living was immediately
followed by an increase in wages. Advances
were made even where the "wage tariff" provided that no change should take place for a
certain definite period of time. In most cases
the rise in prices and wages surpassed the depreciation of the mark. Thus, for instance,
according to official figures of the Government
of Saxony (one of the most important industrial
regions of Germany), wages increased there
from November, 1921, to July, 1922, on an
average by 270 per cent, while the value of the
mark as expressed in dollars declined during the
same time only by about 48 per cent.
THE MONEY STRINGENCY.

The rise in prices, coupled with the great
increase in the cost of production, created a
great demand for new funds. During the war
German trade and commerce was carried on
mainly on a cash basis. This practice was continued after the armistice and was further
encouraged by the continued concentration of
Germany's most important industries which
deal largely on a cash basis. The feverish
industrial activity and increase in the prices
of raw material and labor, however, called for
additional funds which industry and trade
could not provide from their own resources.
Business houses were thus forced to apply to
banks for additional working capital. Since

1188

FEDERAL RESERVE BULLETIN.

most transactions were done on a cash basis,
the demand for money grew from clay to day
and created a severe money stringency. This
was not offset by the huge flood of now paper
notes, which increased rapidly from month to
month. The amount of paper notes outstanding increased during July by 20,583
million marks; during August by 48,352 million marks; and during September 86,000
million marks. It is not without interest to
note that the large volume of sales which
usually follows each decline in the value of the
mark, and which increases the deposits of the
banks, did not in the present instance change
to any extent the deposits of commercial banks
or of the Reichsbank. In many cases the banks
were, in fact, unable to cash the checks drawn
upon them. To meet this situation, banks and
business houses again introduced the use of
documentary bills of exchange, a practice
which, although useful to industry and trade,
seems likely to become a new burden upon the
Keichsbank.
The gravity of the money stringency is
reflected in the discount policy of the .Reichsbank, which during one month raised its discount rate from 5 to 7 per cent. During
August the various banking associations decided to raise the rate of interest and commissions charged to customers by 2 and 3 per
cent, respectively. At the present time the
lowest rate of interest prevailing in the open
market is between 12 and 15 per cent, and is
thus several points above the bank rate. This
is one of the main reasons for the rapid increase
in the holdings of commercial paper of the
Reichsbank, as reflected by the following
figures:
R E I C H S B A N K ' S HOLDINGS OF COMMERCIAL P A P E R ,

1922.

[.Millions of marks at 7th of each month.]

January.
February
March
April
May
June
July
August
September 30

\, 746
J. 940
1. 975
2.110
2. 584
3. 320
4,947
9,980
50, 234

The Reichsbank thus is forced not only to
meet the huge demands of the State, but also
the ever-increasing needs of industry and commerce. It was therefore generally believed
that a further increase in. the discount rate
would shortly follow, and in fact on September
21, 1922, the rate was increased to 8 per cent.
The discount policy of the Reichsbank indicates to what extent business conditions in
Germany differ from those prevailing in other
countries where the discount rate is being
steadily decreased.




OOTOHER,

1922.

THE CAPITAL MARKET.

The money stringency and the scarcity of
credit have exercised an influence also on the
capital market. The latter reacted, however,
during the last drop in the value of the mark
quite differently from before. Previously a
decline in the value of the mark was closely
followed by a huge increase in the capital of
most corporations. The new issues placed in
the market during the last six months, however, not only do not show an increase, but
indicate a downward movement.
VALUE or1 Xi:;v," STOCKS AND BOND ISSUES PLACED UPON
TH K GE \l U A N M A ]{ K 1ST.
[.In millions of marks.]

March
April-..
May

s 6. 4.16 ! June
3,992 | J u l y . . . '
4; J5I I August

2. 762
2.330
2, 468

Large banks, as well as security dealers generally, report that it is very difficult to dispose
of even small lots of securities, and that the
large commissions and interest rates charged
for stock-exchange transactions have considerably increased the cost of speculative activity.
The reason Germans would rather invest
their marks in foreign currencies and securities
than in domestic stocks is that the value of
shares in domestic enterprises does not increase
to the same extent as the mark depreciates.
While the prices of commodities and of foreign
currencies rise from day to day, prices of
securities have risen but little, as is evident
from the following table:
INDEX NUMBER OF SECURITY PRICES BASED ON 25 STOCKS
[January, 1921=100. |

End of—
January, 1922
February
March. .
*
April
May
Juno
July
August 20, 1922
September 20, 1922

'

217
258
263
255
233
234
271
397
428

A typical instance of the peculiar situation
of German securities is that of a certain German
concern whose shares had a par value of 1,000
marks and were quoted before the war at 1,500
marks. These shares are at present quoted at
about 18,000 marks, or 12 times the pre-war
value. The value of the mark meanwhile
has shrunk between 90 to 100 per cent.
Since this corporation did not increase its
capital stock, as did many other German corporations, the present quotation of its stock
should range between 60,000 and 90,000 marks.
This disparity between the rise in security
values and the depreciation of the mark applies

OCTOBER,

1922.

1189

FEDERAL RESERVE BULLETIN.

not only to those corporations which did not
water their stock, but also to a more limited
extent to corporations with watered stock. The
lower valuation of German securities reflects
partly the financial policy of corporations and
partly the severe money stringency prevailing at
the present time in Germany. The fact that German securities do not increase to the same extent as the mark depreciates makes them less
attractive to German buyers, who prefer to invest their marks in foreign currencies or securities. As a result German industries find it
difficult to procure additional capital in order
to keep up their present activity.
The depreciation of the mark has already begun
to disturb the latest budget of the Government.
Salaries of Government employees have lately
been increased to a considerable extent, and a
further increase is expected. The impoverishment of large classes of the population has been
further accelerated, especially of those which are
unable to adjust their incomes to the rapidly increasing prices. Imports are almost sure to be
further restricted, thus affecting the standard
of living of the population and the productive
capacity of many industries, since the bulk of
Germany's imports consists of foodstuffs and
raw materials. In many instances the depreciation of the mark can hardly fail to result in
wiping out the working capital of many business
houses.
ARGENTINA.
FINANCIAL CONDITIONS.

The rejection by the Government of the several bids made by American and British banks
for the loan of 500,000,000 paper pesos to consolidate the floating debt of Argentina has been
the subject of a great deal of comment, both in
the press and in financial and business circles of
the Argentine Republic. The manner in which
the negotiations were conducted and the final
rejection of bids have been unfavorably commented on by the opposition press, but the
official organs have taken the attitude that the
terms offered were unacceptable and the Government was obliged to refuse them. It is
certain, however, that some means will have
to be found within a short time to provide
funds to meet the most urgent demands of the
floating debt. Shortly after the first bids
were rejected, the Minister of Finance of
Argentina issued telegraphic instructions to
Argentine legations abroad indicating that the
Executive would not be prepared to consider
further bids which provided for an interest rate
in excess of 6 per cent. According to the most
reliable information available, the various tenders were for 6 per cent bonds, maturing in 20
years, the price of issue ranging; between 88 and




92, thus making a net interest rate of about 7
per cent. Statements have been issued to the
effect that the Executive will again request
Congress to grant legal authorization for the
floating of the consolidation loan. Similar requests for authorization have been previously
requested from Congress by the present administration. In the President's message to Congress in December, 1916, legal authorization
was asked for a loan of 250,000,000 pesos gold
for consolidating purposes and subsequently in
June, August, and September, 1917, the attention of Congress was again called to the same
subject, but no definite action was taken in any
oi these sessions. When submitting a tentative budget for the present year, the budget and
finance committee of the Chamber of Deputies
called special attention to the increasing floating indebtedness due to continuous deficits, and
recommendations were made for a thorough
revision of the taxation system at present in
force. Government expenditures during the
past months of 1922 have been authorized by
Congress from month to month on a basis of
the 1919 budget. The figures indicating the
increase in the floating indebtedness of the
Argentine Republic since the pre-war year,
1913, are presented in the following table:
D e c e m b e r 31 —

1913
1914.
191o
1910
1917.
1

Argentine
paper pesos.
78,091.570
237.260) 506
400,571,000
489,146,512
014,018,510

December 31—
1918
1919
1920
1921 i . . .

Argentine
reaper pesos.
706,375,720
724,785,832
087,931,819
644,417,478

J u l y 31, J921.

The following table indicates the annual
deficits incurred by the Government of Argentina from 1910 to 1918:
[In Argentine paper pesos.]
Year.
1910
L911.
1912
1913
1914
1915
1916
1917
1918

Revenue.

"Expenditures.

Deficit.

302,485,054
310,528,679
336.360,173
349', 299,429
250'. 067,60.1
230) 251,286
232 oK) 318
228', 243,855
297)573,216

411. 245,
416' 021.
40t, .151,
••103 -.138)
•119, 039,
399, 928,
374, 045,
389, 571,
421, 052,

108, 759,643
106, 092.388
67, 788) 393
54, 1.39,549
169; 572,007
169, 077,699
142, 060,280
101, 327,297
123'. 478,891

A large program of building and construction in the Province of Buenos Aires has been
submitted by the governor to the provincial
legislature. Under the terms of this project,
the executive would be authorized to spend an
amount not exceeding 25,000,000 paper pesos,
part of which would be obtained from the issue
of bonds, either internal or external, up to the

1190

FEDERAL RESERVE BULLETIN.

amount of 25,000,000 paper pesos or its
equivalent in foreign currency. The bill provides for interest at 6 per cent with cumulative
amortization of 1 per cent, and the service of
the loan would be met from general revenues.
At the same time, the municipal council of the
city of Buenos Aires has under advisement a
further loan of 70,000,000 paper pesos, to be
spent in municipal improvements. The negotiation of this loan will require the authorization of the Federal Congress under the present
municipal charter. Another financial operation of importance has been that of a loan of
2,000,000 pounds sterling floated with a firm of
British bankers by the Argentine State Railways. Under the terms of this loan, the State
Railways obligate themselves to employ about
25 per cent of the principal in the purchase of
equipment and supplies. This loan, issued at
par, runs for a term of 20 years, interest being
at the rate of 6 per cent per annum.
Liabilities of commercial failures during the
month of July are placed at 7,710,234 pesos
against assets of 6,708,573 pesos. These figures compare most favorably with those for
previous months, statements of which have
been published in recent issues of the BUL-

OCTOBER, 1022.

and the live-stock industry showing considerable betterment, due to the gradual elimination
of speculative elements, the economic position
of the Argentine Republic is in a more favorable
position. On the other hand, cattle offerings
continue to be greater than the demand,
although some improvement has been noticed,
due to a general increase in prices of meat.
The Banco de la Nacion is still carrying some
100,000,000 pesos in loans an live stock, many
of which it has been necessary to renew as
they have fallen due. According to statements of the Minister of Agriculture of Argentina, a tentative arrangement has been under
consideration for the exchange of Argentine
live stock for German manufactured products,
but nothing like a concrete and definite understanding has been reported. A considerable
increase in the exports of hides and skins from
Argentina during the first six months of 1922
has also been instrumental in improving trade
conditions in that country. Exports of wool
during the first nine months of the "wool year,"
which begins in September, showed remarkable
improvement over those of any previous year
in the history of the wool industry in Argentina.
The following is a comparative table showing
the volume of wool exports in metric tons by
LETIN.
countries of destination during the first nine
THE TRADE SITUATION.
months of the "wool years" 1919-20, 1920-21,
With regard to the general economic situa- and 1921-22:
tion of Argentina, there are indications which
[In metric tons.]
point toward substantial improvement. There
is no question that the results of the severe
Country of destination.
1919-20
1920-21 j 1921-22
depression following the inflation of 1920 are
still felt, and that recent labor troubles have Germany
970
56,000
•
8,180
830
38,300
31,680 =
also contributed to aggravate the situation. FranceBritain
870
31,700
Great
' 14,070 !;
430
13,700
United
25,370
But the indications are that trade in general Italy States
010
8,900
•
6,150
:
has materially recovered since the beginning Belgium
550
17,200
15,050
,390
3,250
Other countries
j
7,500 .
of the current year. Shipments of wheat, the
,050 | 169,050
Total
[ 108,000
principal export product of Argentina, during
the first seven months of 1922 have been
nearly a million tons in excess of the entire
According to recent reports there is every
total of exports of that commodity during indication that the 1922-23 wool clip, which
1921. It is probable that by the end of 1922 the has just started, will be the smallest in 30 years
amount above reported will be doubled. It must and only about two-thirds as large as the
be borne in mind, however, that the decrease 1919-20 clip.
in the value of wheat will tend to offset the
increase in quantity, but an approach to norBANKING CONDITIONS.
mal conditions in regard to both prices and
The following table presents the condition of
shipments is to be expected. Exports of corn
and linseed have likewise increased. Thus, the leading Buenos Aires banks, including
with the grain situation materially improving branches in Argentina, at the close of business
on June 30, 1922:




OCTOBEK,

1191

FEDERAL RESERVE BULLETIN.

1922.

CONDITION OF LEADING BUENOS AIRES BANKS JUNE 30,

1922.

[In Argentine pesos.]
Deposits.

Loans and discounts.

Capital.

Cash on hand.

Bank.
Gold.

Paper.

Gold.

Alenian Transallantico
279,372
59,894,754
555,842 !
American Foreign Banking Corpora5,206,329
tion
3,835,930
Americano del Rio do la Plata
\..
118,513,674 1,180,962
Anglo Sudarnericano
j 1 186,419°
14,931,286
Argentino Uruguayo
'..
79,535,077 ""i86,'34o'
British Bank of South America34,857,599
Comercial del Azul
;..
1,112,757
Coinisionista Argentino
j..
1,833,368
Chile y Argentina
I..
2,724,674
Escandinavo Argentino
J 407,771
2, bis
742,514
Espana y America
I..
308,271,157
Espanol del Rio de la Plata
j 342,830
14,165
58,717,946
Frances del Rio de la Plata
I
118,851
47,445
08,263,660
52,915
Francos e Italiano
I
7,463
48,905,227
Galicia y Buenos Aires
|
446
28,468,540
Gojiuanico de la America del Sud
I
10,772
"203,'459"
37,689,284
8,255
JLLolandcs de la America del Sud
j
186,017,059
"331," 683'
Italia y Rio"de la iJlata
J 1 033,5%
38,166,820
" 115
Italo Bolga
47,337,844
Italo Sudainericano
| 310,379
131,928
28,010,698
Londres y Brazil
349,751
528,347
190,927,699
744,245
.Londres y Rio de la Plata.
138,530
Nation Argentina
,198,511 1,328,600,698
12,359
115,581,260
Nuevo Italiano
44.042
108
37,087,763
4; 396
.Popular Argentino
58,960
313,137,383 2,205,075
,102,650
Provincia de B ucnos Aires
44,652,031
18,227
First National Bank of Boston
46,216,905
National City Bank of New York..
14,376,755
Royal Bank of Canada
Banks with capital of lesf than 1,000,000
2,389,457
paper pesos'.
Total

i 9,483,804 • 3,326,012,214
'

5,721,547

Deposits and advances of privately owned
banks decreased considerably as compared
with June, 1921, while the Banco de la Nacion
reported an increase in deposits of 29,822,000
pesos and 88,423,000 pesos in loans. In June,
1921, the ratio between loans and deposits was
placed at 73 per cent, whereas on June 30,
1922, the Banco de la Nacion was using 79
per cent of its deposits, or an increase of 6 per
cent over the previous year. The ratio of total
cash to deposits has been as follows:
Banco de la Nacion:
June, 192.1

Per cent.
20

June, 1922

24

Increase

4

r

Privately ov>ned banks:
June, 1921
June, 1922
Decrease

37
34
3

The rate of interest on deposits has not suffered material change since the beginning of
the year. The average has been from 4 to 5J
per cent, according to the terms. Discount
rates on commercial paper range from 6J to 8
per cent and on advances in current account
from 7 to 8£ per cent.




.Paper.
42,521,142
7,782,006
4,501,111
69,254,253
19,340,718
52.225,172
39;314,761
2,000,148
5,586,525
3.911,371
1,163,250
270,570,407
53,885,123
52,189,596
43,735,605
18,560,259
32,176,581
167,688, 796
28,112,525
30,441,623
18,45(5,268
104,703,232
932,760,663
90,011,345
43,828,832
234,667,256
37,599,415
42,843,738
9,673,476

1,919,242 I
2,401,427,145

Gold.

I

706,450 !

332,934
"582," 906"

873,477
369,289
14,420
1,205
188,112
40,409
1,1.14,068 !
17,954
272,490
349,976
818,533 ;
23,257,020 !
75,841
31,236 !
6,069,980!
19,458
6,503

Taper.
24,198,652

Paper.

Gold.
3,650,000

1,722,101
2,355,454
1,328,910
1,613,740
59,873,500
11,338,636
5,183,534
2,700,000
27,817,804 •1,536,000
6,126,638
2,474,600
1,000,000
106,538
3,000,000
238,597
3,500,000
1,303,180
1,712,870
44,081
98,991,320
102,038,891
14,387,616 14,000,000
15,004,837 2,500,000
11,909,617
17,162,100
9,270,175 1,783,389
12,490,300 3,895,833
47,273,411 10,000,000
14,491,759 2,000,000
18,081,819
7,341,000
10,414,707 1,268,190
1,950,000
80,307,035 4,250,000
394,780,888
150,038,942
30,158,082
5,455,780
10,514,880
9,843,036
62,500,000
120,480,153
.i 4,710,909
14,475,259
. 2,944,318
!
19,986,609
. 2,355,454
!
6,200,580
286,952

35,142,315 j 1,059,885,201

-I

1,383,472

47,883,412 i 395,063,475

BRAZIL.
TRADE CONDITIONS.

Notwithstanding the general activity in
commercial operations prevailing at present in
Brazil as a result of the centennial festivities,
there have been no signs of substantial improvement manifested in the general economic outlook of the country. The continued weakness in exchange is to be accounted for by the
present depressed condition of the export
trade, as well as by an acute shortage of coffee
bills. Imports have had a tendency to rise in
response to the demand for goods on the part
of buyers attending the celebration. Serious
concern has been manifested in financial circles
of Rio de Janeiro in connection with the possible future trend of foreign trade, and pertinent recommendations have been advanced to
the effect that new foreign purchases should be
restricted in an endeavor to keep the value of
imports below that of exports. Judging by
the supply of export bills during July and
August, very little change has taken place in
the volume of trade. The following table,
giving the volume and value of Brazil's foreign
trade during May and June, 1922, will serve to

1192

FEDERAL RESERVE BULLETIN.

supplement the table showing the foreign trade
of Brazil during previous months, published
in the August issue of the BULLETIN (p. 956):
Metric tons (gross weight).
Month.

1

; Excess
Imports. Exports.; of im;
|
! ports.

May
315,264 166,256
June
311,391 ; 166,647
Total, January
j
to June, 1922..; 1,598,387 I 974,662

j 149,008
! 144,744
|
! 623,725

Value in pounds sterling (000omitted).

Im- I Ex- Excess
ports. ; ports. I ofexports.
3,962 i 4,447 !
4,050 i 4,689 \

485

22,230 i 31,752 j

9,522

May 31, 1922. June 30,1922.
LIA uiLiTiEs—continued.
Deposits in limited account
Deposits without interest
Deposits at fixed dates
Securities deposited and in guarantee
Branches and agencies in Brazil
Correspondents abroad
Correspondents in Brazil
National treasury, exchange account
Bills receivable
Compensation for checks (cleared)
Bonus and dividends
Rediscount department
Sundry accounts
Total liabilities

It will be noted that during May and June
the value of Brazil's foreign trade showed a
favorable balance of 485,000 and 639,000
pounds sterling, respectively. These figures
compare unfavorably with the balance which
resulted during the month of April, 1922,
amounting to 879,000 pounds sterling. Brazil
is still feeling the effects of the adverse balance
for 1920-21, and the limited favorable balance
resulting during the last months has done but
little to help the exchange situation.
BANCO DO BRASIL.

The following are the latest statements of
condition of the Banco do Brasil, dated May 31
and June 30, 1922. Statements showing the
condition of the institution as of March 31 and
April 29 wore published in the July issue of
the BULLETIN (p.

823).

May 31, 1922. I Tune 30,1922.
ASSETS.

Total assets

4,1L0,320
1,102,580
410,427,510
501,764,610

1,738,780
434^ 695
440,956,762
393,824,608

17,199,471
154,316,875
555,342
253,088,922
205.863,260
188', 934; 747
29,038,556
2,894,880
76,311,061
5,675,932

19,165,156
151,874,191
664,374
251,249,794
193,379,886
214,622,803
208,455,382
2,912,353
75,735,676
5,669,003

140,102
•1,497,518
102,062,588
322,026,534
14,766,506

140,742
1,324,652
103,694,012
319,472,318
6,541,278

102,091,929
8,253

135,413,567
8,171

2,424,177,502

2,527,278,203

100,000,000
27,093,279
1,102,580
2,682,578
2,263,964
288,165,129

100,000,000
35,000,000
434,695

LIABILITIES.

Capital
Reserve fund
Premium on shares
Fund for liquidation of old accounts
Profit and loss account
Deposits in current account with interest.




1
1

39,641,303
339,919; 229
278,366,669
458,952,181
245,662,806
17,538,611
6,265,339 |
8,888,889
248,328,473 I
7,757,510

41,234,838
447,069,946
283,435,592
444,629,680
255,029,653

322,026,534
28,526,936

"""i," 377,' 547
8,888,889
248,991,842
13,745,841
10,736,438
317,144,461
11,252,717

j 2,424,177,502

2,527,278,203

The finance committee of the Brazilian
Senate has reported favorably on the proposal
for the establishment of a branch of the Banco
do Brasil in Montevideo. According to the
terms of the agreement, the Banco de la
Republica O. del Uruguay shall have the right
to open a branch in Rio de Janeiro. It has
also been reported that the Banco do Brasil is
contemplating the extension of its activities in the United States and that the establishment of a branch in New York is beinggiven considerable attention. The Associa<?ao
Commercial of the State of Pornambuco has
requested the Banco do Brasil to investigate
financial conditions in that section, urging the
creation of branches of this bank in the interior
of the State of Pernambuco.
GOVERNMENT AND STATE FINANCES.

fin milreis.]

Capital unpaid
Premium on shares
Bills discounted
Loans in current account
Bills receivable:
.Foreign
Domestic
Securities in liquidation
Collateral deposited as security
Securities deposited
Branches and agencies in Brazil
Correspondents "abroad
Correspondents in Brazil
Securities owned by banks
Real estate
Liquidation of Banco da Republica do
Brasil
Furniture and fixtures
Collections in Brazil
Rediscount department
Sundry accounts
Cash:
In currency
•
In other form

OCTOBER, 1922.

2,622,693

4,307,888
299,047,627

The budget of expenditures during 1922 was
signed by the President of the Republic on
August 10. The final budget as passed provides for expenditures of 85,931,212 gold
milreis and 831,154,763 paper milreis. The
total receipts as estimated in a budget passed
earlier and reported in the September BULLETIN (p. 1074) were placed at 92,276,320 gold
milreis and 727,673,000 paper milreis. Comparing receipts and expenditures as budgeted,
there is a surplus balance of 6,345,108 gold
milreis and a deficit of 103,481,763 paper milreis. Converting the surplus gold balance into
paper at the rate of 9d., gives 19,035,325 paper
milreis, which sum will reduce the paper
deficit to 94,446,438 milreis. Certain expenditures of an exceptional nature, provided for
in the estimates,* are not included in this
deficit. It seems certain, therefore, that the
total deficit at the end of the current year will
be larger than the figures indicate.
The following table shows the amounts
allotted to the different ministries in the approved budget:

1193

FEDERAL RESERVE BULLETIN.

OCTOBER, 1922.

[In milreis.]
Ministry.
Justice
Exterior
Marine
War
Transportation
Agriculture
Finance

Gold.

Taper.

3,201,020
5,363.054
4,100', 000
l,700;0()0
10,473,713
382,680
60,710,7-15

94,795,043
2.490,220
84;0731708
128,175,730
275,009,998
49;148,704
197,395,361

The President of the State of Rio do Janeiro,
Dr. Paul de Moraes Veiga, delivered his annual
message to the legislative assembly of the
State on August 1, 1922, in which he described
the economic situation of that State. According to his report, a remarkable advance
has been made, both economically and financially. Considerable attention has been given
to the development of the industry and agriculture of the State, with the result that the
Government revenues have been substantially
increased. Cofl'ee, the most important agricultural product of the State of Rio de Janeiro,
produced a revenue of 7,231,239 milreis during
1921, as compared with 4,294,370 milreis in
1920. A considerable reduction of revenue
from this source is noted, however, for the first
six months of 1922, as compared with the same
period in 1921. These figures have been placed
at 1,836,004 milreis and 2,138,622 milreis, respectively. An additional surtax of 3 francs
per sack of coffee wras also collected, which
produced an additional revenue to the Government in 1921 of 2,463,821 milreis. In
connection with sugar, the year's result
wras not very satisfactory, due to the past
crisis, the results of which are still being felt
in Brazil. Total actual receipts collected by
the State of Rio de Janeiro amounted to
27,295,805 milreis, against expenditures of
26,041,711 milreis, thus leaving a surplus of
1,254,094 milreis. This sum, however, was
considerably reduced, due to expenditures
made on pending accounts from, previous years.
The service of the loan of 3,000,000 pounds
sterling, floated in London by this State,
amounted to 4,813,333 milreis. High exchange
prevailing at the time payments were made
accounts for the relatively high figure of this
interest payment.
In the annual message delivered by the
President of the State of Sao Paulo, before
the legislative assembly of that State, the
statement was made that during 1921 the
revenue collected by the State of Sao Paulo
amounted to 160,580,333 milreis. Estimated
revenue had only amounted to 137,484,000
milreis. This excess of actual over expected
revenue has been accounted for as the result of
the natural growth of the State's activities,




since there were no new taxes created and the
old dues were not augmented. Of the 37
revenue-producing items of the State, 28 yielded
considerably larger returns than expected, 7
items, including, coffee, the principal product,
produced smaller revenue, and two were not
collected. Expenditures, on the other hand,
showed also a substantial increase. These were
fixed by the budget at 137,484,000 milreis,
but actual expenditures reached the high figure
of 177,976,663 milreis, thus producing a
deficit of 17,396,329 milreis.
With regard to the external debt, the following amounts are still outstanding:
Year \
issued, i

Issued through—

Amount.

1888 Louis Cohen & Sons, to mature, 1925
£157,100 0s. Od.
.1904 ! London & Brazilian Bank, maturity J93f>..
£610,840 0s. Od.
1905 Dresdncr Bank, to mature .1943
'
1907 ; Sociote Generale and Banque de Paris & £3,054,600 12s. 6d.
Pays Bas, to mature 1957
1921 Henry Sehroedcr & Co., Baring Bros. & £J,844,740 6s. 9d.
Co.;' N. M. Rothschild, to mature 1951...
£2,000,000 0s. Od.
£7,673,280 19s. 3d.
1921 ! Speyer <c Co... New York, maturity 1936...
f
$9,961,000
1921 : Lippmann, Roscnlhal & Co., RottordamFls. 18,000,000
i schc Bankvcreeniging, maturity 1951...
i

The above figures of foreign currencies converted into Brazilian currency total 201,008,585
milreis. The Government of Sao Paulo paid
as service for this debt, during 1921, the sum
of 34,024,681 milreis. The internal debt of
the State amounted to 266,583,000 milreis at
the close of 1921 and the floating debt was
placed at 30,970,219 milreis.
The economic and financial condition of
the State of Minas Geraes was discussed in
the annual message of its President, Dr.
Arthur Bernardcs, now President-elect of the
Republic. Revenues of that State during
1921 were placed at 63,449,997 milreis, against
expenditures of 65,381,859 milreis, thus leaving a deficit of 1,640,934 milreis. The funded
internal debt of this State was placed at
60,141,200 milreis.
RAILROADS.

According to a report made public by the
Minister of Transportation of Brazil, railroad
activities showed remarkable development
during 1921. The total value of the different railway and port properties owned by
the Federal Government of Brazil is placed at
1,291,980,000 milreis. The most important
items making up this total are the Central do
Brazil Railway, valued at 633,692,000 milreis,
and properties at the port of Rio de Janeiro,
valued at over 232,683,000 milreis. The following table shows the principal railways of
Brazil and present mileage:

1194

FEDERAL RESERVE BULLETIN.

OCTOBER,

1922.

[In metric tons.]
Railway.

Ownership.

Kilometers. Miles.
First 6 months of-

Central do Brasil
Leopoldina
Mogyana
Paulista
Oeste de Minas
Sao Paulo
The Southern Sao Paulo
Ry. Co.
Victoria to Minas

Private (British)
Private . .
.
do
Federal Government
British
do

Rented out by Federal
Government.
State of Sao Paulo
Sorocabana
Sao Paulo-Rio Grande.... Concession from Federal
Government.
Great Western of Brazil.. Federal Government
Federal
Government,
Sul Mineira
leased to private company.
Leased out by State of
Sao Paulo-G oyaz
Sao Paulo.
Sao Paulo & Minas...
Federal Government
Noroeste do Brazil
Santa Catharina...
Nazareth
The State 01 Bahia Southwestern Ry. Co. (Ltd.).
Rczende to Bocaina
\raraguava
Don There/a Christina !
Rio Grande do Sul Ry. Largely State control
System.
(See Caxias to Cajazeivas
Sao Luiz Thoerezina
Ry.).
Campos do Jordao..
Fuiiulcnse
Private under concession
Fouradense
from State of Sao Paulo
and Federal Government.
Estrada de Fcrro Thcrezopolia.

2,437
2,946
1,689
1,245
1,564

1922

'"ihz.h
100.4

590
1,709
1,971

146
137
1,273
257
69
222
78
84

Port deliveries:
j
In Europe, including Egypt..'
In United States
\
In other countries
Total deliveries
Stocks in Europe on June 30
Stocks in Chile on June 30

:
;

1,455,000

413,000
232,000
28,000

830,000
310,000
41,000

673,000 ! 1,181,000

750,000
403,000
49,000

495,000
82,000
43,000

1,494,000
295,000
47,000

1,202,000

Total shipments..
1,005
1,373

835,000

102,000
140,000
37,000

j

418,000

279,000

Production
:
Shipments:
To Europe, including Egypt.. !
To United States
To other countries

1921

620,000

1,836,000

217,000
1,610,000

753,000
1,349,000

137,000
757,000

1914

While the stocks held in Chile on June 30,
1922, amounting to 1,610,000 tons, largely exceed those held on the same date in 1921 and
the normal }^ear 1914, the European stocks
show a substantial reduction, which has been
46
taken as a significant sign that European de94
mand will materially increase during the bal273
ance of the year. Another hopeful feature
pointing toward an early improvement in the
37
nitrate situation is the fact that prices of this
commodity compare quite favorably with those
of competing fertilizers, and it is expected that
CHILE.
the Producers7 Association will be able to sell
nitrate of soda to the European consumer on
THE NITRATE SITUATION.
more favorable terms next season than for
Only a slight improvement has been ap- some years past.
parent in the nitrate industry of Chile since the
beginning of the current year. At the same
ECONOMIC CONDITIONS.
time, lower selling prices have drawn conThe authorization granted to the Federal
siderable attention to the Chilean fertilizer.
The actual visible nitrate supply in the world Government by the Chilean Congress to float
is still relatively high, and it is quite obvious an internal loan of 135,000,000 paper pesos to
that for some time there will be no need to meet current obligations has resulted in a
reopen any of the oficinas at present closed. slight improvement in the trade conditions
The output of nitrate of soda has established of the country. According to recent reports,
a new low record, while only 33 out of some 152 a substantial increase in employment has been
oficinas remain at work at present, with an registered lately in the copper, nitrate, and
average production of about 850,000 tons per agricultural industries of Chile. Imports and
annum, as against a normal productive capac- exports have also shown signs of improvement,
ity of about 4,000,000 tons. It has been esti- although imports are still generally below the
mated that during the present year the world's 1921 level. The Chilean Congress, in giving
consumption is likely to amount to about its authorization for the floating of the loan
1,800,000 tons, but the actual visible supply is above referred to, provided for a complete
at present in the neighborhood of 2,000,000 revision of public expenses and the introduction without delay of considerable economies.
tons.
The following comparative table shows pro- These reforms will be studied by the legislative
duction, shipments, and stocks of nitrate avail- budget commission in charge of adjusting pubable during the first semester of 1922, as com- lic expenses during 1923. According to statepared with the same period in 1921 and 1914: ments of the Minister of Finance, the external




38
279
118
2,252

OCTOBER, 1022.

FEDERAL RESERVE BULLETIN".

and internal debts of the country amount to
about 600,000,000 pesos. The service of this
combined indebtedness is alone sufficient to
burden in a considerable degree the ordinary
resources of Chile in difficult times like the
present. It is reported that about 30,000,000
paper pesos of the 135,000,000 paper pesos
loan will be placed with local Chilean banks,
and the balance will be floated abroad. The
budget for 1922, just passed by Congress, provides for disbursements of 74,000,000 gold
pesos and 349,000,000 paper pesos. It is estimated that the proceeds of the newly authorized loan will cover the expected deficit for
the current year. The amount of paper currency outstanding on July 31, 1922, has been
placed at 265,858,000 pesos, as against 290,000,000 pesos, approximated, on June 30 and
324,600,000 on December 31," 1921.
The following table gives a clear indication
of the extent to which the customs revenues
of the Government of Chile have been reduced
during the first quarter of 1922, as compared
with the same period of 1920 and 1921.
[Amounts in paper pesos.]
First quarter o—
f
Items.
1920

Exports
Imports
Storage
Lighthouses...
Consular lines.
Total
Gold surtax, (convened).
Other shipping taxes

40.112,963
12; 282,520
356,770
344,583
18,714

3921

1922

j 25,076,699 i 8,030,537
j 17,771,271 i 10,762,021
487,093
: 640,693 '
134,981
i 291,066 j
19,089
i
21) (ML I

53,1.15,550 ! 43,800,770 ! 19,433,72 L
23,984, .107 i 13,880,060 i 1,423.234
596,221 ! J,054/200 j
709,276

ECONOMIC AND FINANCIAL CONDITIONS
IN MEXICO.

In the September issue of the BULLETIN
(p. 1080), the commercial position, agricultural conditions, condition of the live-stock
industry, mining conditions, and the petroleum
industry of Mexico were discussed. The following article continues the discussion of the
Mexican petroleum industry and analyzes the
country's foreign trade.
OUTPUT AND EXPORTS OF PETROLEUM.

1195

wells, having an average daily production of
30 barrels per well. The Mid-Continent region
comprises about 78,350 wells, with an average
daily production of about 17 barrels per well.
According to the 1920 report of the United
States Geological Survey, the average daily
production of each of the 258,600 American
wells was placed at four and nine-tenths
barrels. Taking into consideration all the
wells of Mexico, the average actual daily production per well has been estimated in June of
this year at 1,061 barrels. According to estimates of the Mexican Government, the 25
most productive wells in Mexico in 1919, if
permitted to flow without restraint, would have
yielded about 600,000 barrels daily, or an
average of 24,000 barrels per well. Eight
wells were drilled during the first half of 1919
in the Tampico region with a possible total
daily output of 584,798 barrels. . According
to a report of the Secretary of Foreign Affairs
in Mexico, during 1921 the Mexican oil wells
yielded 194,755,712 barrels of petroleum,
having a total value of 516,816,094 pesos.
This represented an increase in production of
more than 40,000,000 barrels over the previous
year. The invasion of salt water in several of
the most important fields has been the source
of serious concern to well owners. It appears,
however, that the menace from salt water has
not reached great proportions and the output
of new wells has served to offset the losses
from salt water. The appearance of salt
water in several of the oldest and largest
wells has been a factor in stimulating the exploration and development of new fields.
The value of oil exported during 1921 has
been estimated by the Mexican Bureau of
Special Assessments of the Treasury Department at 577,719,891 pesos. Exports of petroleum during the first half of 1922 amounted to
106,129,457 barrels, which is the largest
amount ever exported in a period of six months.
This figure exceeds the total for the first semester of 1921 by 7,260,508 barrels, and that for the
second semester by 13,579,986 barrels. The
following table gives the monthly exports of oil
from Mexico during the first seven months of
1922:
Barrels.

1922—,January
February
March
April
May.
June
July

18, 363, 995
16, 852, 470
17, 274, 061
18, 063, 383
18, 598, 759
16, 976, 789
17, 067, 815

The enormous production of the Mexican
wells can be properly illustrated by a compari:
son with the output of the wells of the United
States. The oldest wells in the United States
are in the Appalachian region, in which part of
Total
123,197, 272
the country they number about 127,540, with
an average yield per well of about one and
The National Treasury of Mexico in 1920
two-fifths barrels daily. The newest region received on account of oil production taxes
is in the Kocky Mountains, with about 1,070 the amount of 45,479,168 pesos, and in 1921
12944—22




4

1196

FEDERAL RESERVE BULLETIN.

this sum increased to 50,604,040 pesos, thus
showing a gain of more than 5,000,000 pesos.
In the latter year the duties on exports of oil
amounted to about 30,000,000 pesos. In
consequence of the agreements of September 3,
1921, between the Mexican Government and.
the oil producers, receipts from petroleum
duties declined by about 60 per cent.
OIL LEGISLATION.

The oil industry in Mexico has continued to
develop, notwithstanding new legislation, which
has been considered to contain retroactive and
confiscatory provisions. Acknowledgment of
the principle that the ownership of petroleum
deposits was vested exclusively in the owner
of the land was provided for in the mining
laws of 1884, 1892, and 1909, which were
based on the Mexican constitution of 1857.
Provision was also made in these laws for the
ownership of oil rights by foreigners. It was
in accordance with these laws that foreign
capital was invested in Mexico in the production and exportation of oil. The new Mexican
constitution, promulgated on February 5,
1917, brought about a radical change in the
mining and petroleum laws of the country. A
translation of pertinent excerpts from articles
27 and 33, which directly affect the petroleum
situation, follows:
ARTICLE 27. The ownership of lands and waters within
the limits of the national territory is vested originally in
the nation, which has had and has the right to transmit title
thereof to private persons, thereby constituting private
property.
Private property shall not be expropriated except for
cause of public utility and by means of indemnification.
The nation shall have at all time the right to impose on
private property such limitations as the public interest
may demand, as well as the right to regulate the development of natural resources, which are susceptible of appropriation, in order to conserve them and equitably to
distribute the public wealth. In the nation is vested
direct ownership of all minerals, petroleum, and hydrocarbons—solid, liquid, or gaseous.
Legal capacity to acquire ownership of lands and waters
of the nation shall be governed by the following provisions:
Only Mexicans by birjth or naturalization and Mexican companies have the right to acquire ownership in
lands, waters, and their appurtenances, or to obtain concessions to develop mines, waters, or mineral fuels in the
Republic of Mexico. The nation may grant the same
right to foreigners, provided they agree before the department of foreign affairs to be considered Mexicans in respect
to such property, and accordingly not to invoke the
protection of their Governments in respect to the same,
under penalty, in case of breach, of forfeiture to the nation
of property so acquired. Within a zone of 100 kilometers
(62.14 miles) from the frontiers and of 50 kilometers (31.07
miles) from the seacoast no foreigner shall under any conditions acquire direct ownership of lands and waters.
ARTICLE 33. Foreigners are those who do not possess the
qualifications prescribed by article 30 [i. e., citizenship by
birth or naturalization]. They shall be entitled to the
rights granted by Chapter I, Title I, of the present constitution; but the executive shall have the exclusive right to expel from the Republic forthwith and without j udieial process
any foreigner whose presence he may deem inexpedient.




OCTOBER, 1922.

On February 19, 1918, the President of
Mexico issued the first of a series of decrees
:oviding for measures to enforce article 27.
This decree dealt with the payment of rentals
and royalties to the Mexican treasury by the
owners of oil lands, the registration of petroleum lands under penalty of confiscation, and
the opening of lands not registered to the filing
of claims by third parties. The United States,
Great Britain, Holland, and France made a
diplomatic protest against this decree. In
July and August, 1918, new decrees were issued
providing for means to terminate the existing
titles to oil lands under certain stipulations, and
for the official issuance of licenses to drill on the
same lands. The decree of February 19, 1918,
was reissued on July 31,1918, fixing the date of
August 15, 1918, as the time limit for filing a
statement of title. Further edicts were issued
later which suspended the drilling of new wells
in an attempt to enforce the provisions of the
decrees above referred to and the payment of
taxes exacted by the other decrees. Several
companies brought their claims before the Supreme Court of Mexico, and the recent decisions
of this court have been taken as very significant
in so far as the question of retroactive force of
article 27 is concerned. An order signed by
the president, dated Januaiy 17, 1920, provided for provisional permits to drill new wells
on the following basis:
(1) Permits will be valid only until Congress
enacts an organic law to carry out the provisions of article 27 of the Mexican constitution.
(2) Permits may include wells begun since
May 1, 1917, whether finished or not.
(3) With the grant of a permit the Mexican
Government abandons no right or judicial
principle which it desires to sustain and companies acquire no new rights.
(4) If companies do not comply with the
organic law when enacted, their benefits under
permits will cease.
(5) Permits will not affect questions now
before the courts concerning the application
of article 27 of the constitution, and of executive decrees and orders relating to petroleum,
nor will they affect the discussion of pending
petroleum legislation.
. The result of the above order was that during
the period of three months after this edict was
issued about 400 new applications for drilling
were received by the Department of Industry,
Commerce, and Labor of Mexico.
It is difficult to harmonize the confiscatory
effects of article 27 of the constitution of 1917
with article 14 of the same document, which
reads as follows: "No law shall be given retroactive effect to the prejudice of any person
whatsoever." Practically all foreign com-

OCTOBER, 1922.

panies engaged in the production of oil in Mexico are working on privately owned property,
legally acquired under the constitution of 1857,
having made their contracts of lease or purchase with private owners of the land.
It has been reported that a new presidential
decree has lately been issued authorizing the
majority owners of a tract of oil land to proceed
with its exploitation without consent of the
minority holders, provided that they furnish
bonds to the Government to protect the interests of the latter. There is reason to believe
that this new ruling may give strong impetus
to oil development in all sections of Mexico.
TAXATION OF PETROLEUM.

The subject of taxation has been a constant
source of difficulty between oil producers and
the Government of Mexico. It has been the
custom to collect taxes on petroleum destined
for export through payments at the end of
every two months on the amount of oil exported
during that period. Such taxes are levied
according to a sliding scale of prices based on
the density of oil and the market price in New
York. The valuation of oil and its by-products,
fixed for purposes of taxation by the finance
secretary during the May-June period of 1917
to 1920, follows:
Kinds of petroleum.

1917

1918

1919

1920

Pesos per Pesos per Pesos per \ Pesos per
ton.
ton.
ton.
ton.
13.00
16.62
8.50
10.50
15. 50
21.67
11.00
13. 50
6. 00
13. 00
5.00
5.50
13.00
16. 62
8. 50
10. 50
C
Centavos Centavos Centavos Centavos
liter.
per liter. per liter. per liter, j per li
0.1250 '
" "*""
016
0.16
0.1250
Refined gasoline
0.11
. 1175
. 1525
.1175
.11
("rude gasoline
. 0650
.0950
.03
.03
Crude or refined kerosene. . . .
Fuel oil of 91 ° gravity
Crude oil of 91° gravity
Crude oil of over 97° gravity..
Gas oil
"...

1197

FEDERAL. RESERVE BULLETIN.

per cent of the former rate which was established in June, 1921. It is, understood that
this reduction is to be retroactive to February
1, and to be part of the agreement recently
arrived at between oil producers and the Mexican Secretary of Finances. On the basis of
the above reduction, the following table shows
the old and new rates:
Kinds of petroleum.
Crude oil, specific gravity 0.96 or less.
Crude oil, specific gravity 0.96 plus
Fuel o i l . . . .
:
Gas oil
Crude gasoline
Refined gasoline '.
Crude kerosene
Refined kerosene
Lubricants

Old

New

rate.

rate.

SI. 25

.72

1.00
2.32
4.70
2.35
1.50

.75
1.40

$0.50
.28
.40
.92
1.88
.94
.00
.3(1
. 50

According to the new tariff the tax on a barrel of heavy crude oil amounts to 8 cents;
on crude 0.96 plus, 5 cents; fuel oil, 6 cents;
gas oil, 14.6 cents; crude gasoline, 29.8 cents;
refined gasoline, 14.9 cents; crude kerosene,
9.5 cents; refined kerosene, 4.7 cents; and lubricants, 8.9 cents. The production tax on
crude oil remains unchanged at 14 cents per
barrel. The total export and production tax
on a barrel of crude oil is 22 cents, compared
with a former rate of 34 cents.
Several other decrees of minor importance
have been issued since 1920. The Department
of Industry, Commerce, and Labor of Mexico
issued on April 21, 1920, supplementary regulations dealing with concessions for the use of
creeks and rivers in connection with the exploitation of petroleum. After the Carranza
Government was overthrown in May, 1920, the
acting President issued a decree on July 16,
1920, providing for the establishment of a
petroleum, consultation committee having the
tollowing functions:

The rate of tax on oil is 10 per cent of the
I. To study the laws and regulations relating to pevalues above indicated, varying, however, actroleum.
II. To study controversies brought about by the
cording to increases or decreases in the density
petroleum problem.
of the oil. On refined gasoline or kerosene the
conduct
rate is 3 per cent and on crude gasoline and III. Toindustry. a general investigation of the petroleum
kerosene it is 6 per cent of the value.
IV. The development and encouragement of the petroleum industry.
An additional monthly tax of 150 pesos is
V. To study the problem of fuel as a basis for indusassessed against each company as an inspection
tax and a charge per ton of gross register is VI. Totrial development. petroleum industry in relastudy the Mexican
made on all ships entering or leaving the hartion to the petroleum industry in other countries.
bor of Tampico. On June 7, 1921, a new presi- VII. To render technical decisions on petroleum problems submitted by the Secretary of Industry,
dential decree was issued providing for an
Commerce, and Labor, by the various Secretaries
average increase of 25 per cent in export taxes
of State, or by others. These decisions or opinon petroleum and its by-products, effective
ions to be submitted to the decision of the SecJuly 1, through the imposition of an additional
retary of Industry, Commerce, and Labor, or
through him to the President.
tax based upon volume.
Recent official reports from Mexico state VIII. The compilation of general statistics on the petroleum industry.
that the Government decreed on August 17, IX. To study the legislative measures necessary for the
founding of an Institute of petroleum.
1922, that export taxes on oil be reduced to 40




1198

FEDERAL, RESERVE BULLETIN.

No recent official estimates of the present
value of the oil industry in Mexico are available.
The most recent estimate, made in 1920,
follows:
IT. S. dollars.

Value of wells in production
100,000,000
Value of oil lands under production
50,000,000
Pipe lines, railroads, and welling stock
50,000,000
Refineries, machinery, buildings, and ships. 100, 000, 000
Miscellaneous producing properties
50,000,000
Total
350,000,000

It is estimated that American capital represents about 70 per cent of the total investments
in the petroleum industry in Mexico, British
and Dutch capital 27 per cent, the remaining
3 per cent belonging to native and other
interests.
FOREIGN TRADE.

Trade between Mexico and foreign countries
has reflected political and economic developments in the country since the revolutionary
period began in 1911. The following table,
which presents the value of the Mexican foreign
trade since 1909, gives a clear indication of
the changes effected by current developments
from time to time:
Years.
1908-09
1909-10
1910-11
1911-12
1912-13
1918
1919
1920
1921

Imports,

i Exports.

8156,533,027 $231,100,019
260,046,270
19-1,865, 781
293,753,640
205,874,273
382,602,311
297,989, .1.29
192,292,462
300,405,552
276,217,464
375,868,385
237,038,347
393,790,000
357,550,441 I 400,516,899
334,412,303
284,426,070

Excess of
exports.
$74,567,592
65,180,480
87,879,367
115,326,818
108,113,090
99,650,921
150,751,653
48,990,458
49,980,233

During the fiscal year 1910-11, just before
the first revolutionary outbreak, Mexico imported 205,874,273 pesos' worth of goods and
exported domestic products in the sum of
293,753,640 pesos. The political developments
during the following fiscal year resulted in a
reduction of over 23,000,000 pesos in imports,
although an increase in exports was registered,
due to the already increasing petroleum shipments from a zone not affected politically at
the time. During the fiscal year 1912-13 the
political disturbances had subsided somewhat,
and merchants started to replenish their stocks,
with the result that a considerable gain was
registered in imports. From that period up to
the present time the productive capacity of
the country has been gradually diminishing,
due to further disturbances. Lack of transportation facilities, resulting from disintegration of the railroad system and the uncertainty of the farming situation, have also contributed to a reduced production of native
staples essential to the support of the laboring
classes. The importation of practically all
sorts of merchandise from foreign countries
became necessary to such an extent that the




OCTOBER, 1 9 2 2 .

country has been virtually supported by foreign
products. This fact is indicated by the figures
lor the calendar year 1918, when Mexican
imports exceeded in value those for the fiscal
year 1912-13 by over 84,000,000 pesos. It is
worth noticing, however, that a considerable
increase in machinery imports for use in the
oil industry contributed also to this increase.
From 1913 to 1918, the period when Mexico
suffered most from continued political troubles,
no accurate foreign trade figures were kept.
It is certain, however, that imports increased
as a result of the lessening of productive activity
in Mexico, and at the same time exports also
increased on account of the oil development.
In point of fact, oil constituted 62.1 per cent
of the total exports from Mexico to the United
States in the first quarter of 1921. Oil exports
increased by 13,111,680 pesos in the same
period as compared with the first quarter of
1920, whereas all other commodities decreased
in the same period by 6,610,566 pesos. About
40 per cent of the manufactures of iron and
steel imported into Mexico were destined for the
petroleum industry. Machinery of this class
imported into Mexico during the first quarter
of 1921 was valued at 915,847 pesos against
217,543 pesos for the whole year of 1917.
Notwithstanding the considerable increase
in imports during the revolutionary period,
Mexico has always had a favorable trade
balance. Mexico's preeminence as a silver
producer and her enormous oil output are the
two principal factors which account for the
continued favorable balance.
The following table gives the figures of
Mexico's foreign trade by countries during
1918, 1919, and 1920, in United States dollars, conversion having been made at the
arbitrary rate of exchange" of $0.50 United
States gold to the Mexican peso, the exact par
of exchange of the peso being $0,498.
IMPORTS INTO MEXICO, BY COUNTRIES.
Countries.
United States
United Kingdom.
France
Spain
Germany
Switzerland
India
Italy
Austria
Japan
Belgium
Argentina
Netherlands
Russia
Sweden
Canada
China
Guatemala
Cuba
Chile
Peru
Other countries...
Total imports

1920

1918

1919

3123,768,908
4,8 U, 410
1,656,982
957,841
9,681
227,783
651,787
332,955
238,308
100
93,665
14,753
4,777
4,344
2,609
224,337
733,497
1,805,875
277,381
480,478
1,8 LI, 311

$100,279,692
6,165,185
3,350,611
4,054,548
283,676
300,944
610,823
399,464
1, .1.82
621,033
33,518
306,624
54,727
686
112,506
30,959
358,291
2LI,930
312,668
79,041
2,529
948,536

§133,435,162
16,345,949
10,916,266
4,516,072
3,481,400
1,657,062
1,572,989
1,153,190
1 123,828
846,834
643,441
534,326
281,024
252,049
227,832
214,644
199,912

; 138,108,732

118,519,173

178,775,221

137,77<?

75,541
33,027
15,720
1, 111, 183

OCTOBEH, 1022.

1199

FEDERAL RESERVE BULLETIN.

EXPORTS FROM MEXICO, BY COUNTRIES.

Countries.

1919

United Slates
United Kingdom
Cuba
France
Chile
Argentina
Netherlands
Brazil
Canada
Germany
British Honduras
Spain
G ualemala
Panama
Other countries

•I.

242,381
96,
827.
323.
3(>2.
171,
187,784,1.92

196,895,000 |

Articles.

1920

U 76,565,334 i $.179,405,995
7,294,378
10,999,073 i
1,689,901 i
4,842,020
.1,667,996 '
2,402,178
1,190,502 i
1,287,875
1,275,784 !
1/277,953
55,089 !
875,413
544,605 |
820,086
677,000
378,017 !
659,581
420,288
621,439
746,070
4.67,232
41.9,1.04
464,987
234,960
282,51.4
708,277
.1,894,799

5179,
1,

Total exports..

IMPORTS INTO MEXICO, BY MAJOR CLASSIFICATIONS—Con.

203,273,450

TEXTILES
TURES:

AND

1918

1919

1920

MANUFAC-

Cotton
Linen, hemp, and the
like
Wool
Silk and part silk
Artificial silk

S12,850,098

$11,452,428 [

£16,343,249

513,820
So(i, 676
920,736
124,568

513,826 |
2,033,007 !
1,729,256 j
243,6.10J

1,150,847
3, 749, 927
3,784,486
487,251

6,169,475
601,389

9,535,173 '
1,989,731 ;

12,020.862
1,03J.; 272

1,667,587
6,409,278
3,908,499
1,491,237
7,257,729

4,212,845 i
12,058,211
5,899,337
1,542,916
8,943,529

3,576,536
22,307,328
7,313,789
],734,656
12,441,342

138,108,732!

118,519,173 |

178,775,221

OTHER PRODUCTS:

Chemical and pharmaceutical products
Wines and spirits
|
Paper and manufac- j
tures
j
Machinery
[
Vehicles / .
!
Arms and explosives
Miscellaneous
Total imports

i

The following table will give - an idea of
Mexico's reduced productive power during the
same years, especially in the case of exports of
food staples, which gave place to a considerable increase in imports of practically all
commodities. The increase in total imports,
on the other hand, has been more than offset
by the production and Exportation of oil and
its by-products. Under exports the striking
decrease in practically all metals is worth
noticing. Copper alone suffered a reduction
of over 50 per cent in 1920 as compared with
the exports for 1918.
IMPORTS INTO MEXICO, BY MAJOR CLASSIFICATIONS.

Articles.

1918

1919

$214,632
J 29,304
139,107 ;

$413,217
221,027
94 0,302

SI, 126,485
237, 723
3,762,775

6,026,709
521,160
1,855,309
853,054

9,792,388
851,845
2,063,802

1920

ANIMAL PRODUCTS:

Live animals
Meats
Wool
Butter, cheese, lard, and
condensed milk
Stearin e and animal oils
Footwear
_
Other leather articles...
Manufactured ar tic] es
not classified
VEGETABLE PRODUCTS:

Cotton and other libers.
Wheat, com, rice, vegetables, and fruits
Tobacco, plants, and
.seeds
Sugar, Hour, and edible
oils
Industrial oils
Lumber
Furniture
Other manufactures of
wood
•
All other articles of vegetable material
METALS AND MANUFACTURES:
Gold and silver, in d u d - I
ing coin
\
Copper
•
Tin, lead, and zinc
!
Iron and steel
'
Aluminum and other
metals
MINERAL PRODUCTS:

119,874

I
!
i
j

179,832

J, 193,737

655,354

9,844, -196

4,835,860

1,278,440
377,374
2,939; 037
7,604,051

585,855

878,989

6,223,412
* 617,950
2,291,528

9,559,289
900,196
2,574,097
508,631

313,146

1,251,445

689,278

744,151

461,110

2,891,872

49,226,569
880,926
683,989
6,954,753

3,647,183
1,659,374
621,446
14,750,620

6,449,185
2,740,573
959,884
22,179,624

* 86,810

46,720

132,085

J, 958,179
1,366,019
255,423

1,631,161
1,437,195
693,066

3,335,621
2,850,874
538,862

749,103

1,212,658

2,702,709

328,689

j

Coal, stones, and earths.;
Industrial oils
!
Manufactures
i
Glass, crockery, and j
porcelain
...'




7,317,879
395,058
2,253,951
369,599

1,438,036
5,272,056
1,604,675
5,1.28,442

885,980

EXPORTS FROM MEXICO, BY MAJOR

Articles.

1918

CLASSIFICATIONS.

1919

1920

ANIMAL PRODUCTS:

Live animals
Hides, green or s a l t e d Goat and deer
Cattle hides, green.
Cattle hides, d r y . . .
Kidskins.,
All other

SI,342,964

$925,522

§764,799

965,629
1,924,501
1,363,899
63,909
555,298

2,029,379
2,984,976
1,028,950
114,017
583,067

868,464
664,528
314,126
90,170
589,691

2,837,599
i; 625,168
13,804,434
3,363,687
159,225
1,321,270
147,355
300,712
331,666
162,954
252,510
1,527,632
829,304
725,148
217,204
76,141
106,307

8,227,607
1,428,487
29,945,328
7,172,933
143,464
63,220
1,086
2,051,873
705.232
315,038
1,166,634
4,398,813
809,718
477,017
170,218
351,037
100,780

5,449,919
1,702,083
21,883,502
9,169,689
158,552
3,034,564
360,278
1,610,268
884,996
118,945
858,594
3,609,269
609,630
690,801
41,014
203,156
212,411

6,586,278

2,871,820

3,289,506

341,022
82,982
47,798,441

2,275,903
149,537
56,311,082

801,059
1,705,022
42,864,072

6,167,278

2,788,061

3,541,810

1,065,764
274,479
908,301
30,244,471
213,008
21,866,832
4,703,065
449,894

89,678
213,044
363,299
19,990,857
254,046
8,398,358
2,111,905
103,988

127,522
25,155
182,988
14,758,328
37,384
16,201,784
2,665,874
1,318,607

17,863,829
9,236,940
554,722
587,035
203,002
139,577
695,122
240,096

21,813,314
5,980,644 I
'387,223
762,576
372,232
45,162
1,234,498
1,072,136

37,028,539
11,104,957
1,196,166
374,516
304,854
142,714
1,439,031
644,255

VEGETABLE PRODUCTS:

Cotton, raw
Hemp, ixtle, etc
Henequen
CofTee
Beans
Chick peas.
Vegetables and t u b e r s . .
Zacaton root
Cotton seed
Leal tobacco
Vanilla
Chicle
Rubber and guayule
Cabinet woods
Lumber
Cottonseed cake
All other
MINERALS AND
PRODUCTS:

MINERAL

Precious metals—
Uncoined gold
Gold ore in concentrates
Coined silver
Uncoined silver
Silver ore in concentrates
Industrial m e t a l s Antimony
Arsenic
Mercury
Copper
Manganese
Lead
Zinc
Allother
PetroleumCrude
Fuel oil
Asphalt
Lubricating
Illuminatin g
Gas oil
Gasoline
Allother
MANUFACTURES:

Tobacco
Cordage and manufactures of henequen,
jute, e t c . . . .
Hats, baskets, etc

Total exports.

301,519

159,584

57,184

79,111
339,051

276,787
423,739

132,160
468,911

187,784,192

196,895,000

203,273,450

1200

FEDERAL RBSEBVE BULLETIN.

OCTOBER, 1922.

being equal to one-fifteenth of one "imperial.'7
The Kerensky regime continued the printing of
A survey of Russia's banking and currency Czar rubles, but, in order to increase the output
conditions during the past few years shows the of paper money, started to issue new currency
financial havoc wrought by the economic policy notes, which were divided into two classes,
of the present Russian Government. Certain namely, "Duma" and "Kerensky" rubles.
aspects of Russian finance have already been The Duma rubles, issued in denominations of
commented on in a previous article (August 2,000, 1,000, and 250 rubles, were Government
FEDERAL RESERVE BULLETIN, pp. 936-942). obligations and nominally convertible into gold.
The purpose of the present article is to measure, The Kerensky notes, however, issued in denomso far as the available information permits, the inations of 40 and 20 rubles, were not convertextent of increase in paper money, the loss of ible into gold. Soon after the appearance of
the gold reserve of the country, and to describe the Duma and Kerensky rubles, the Czar rubles
changes in the banking system.
disappeared from circulation and maintained
an agio (premium) of between 30 to 60 points
I. CURRENCY.
over the notes issued by the Kerensky regime.
For more
a year and a
The process of currency inflation and deple- Government than not print its half the Soviet
did
but
tion of the gold stock started soon after the out- continued to issue "Czar," own notes and
"Duma,"
break of the European war. The Czar regime, "Kerensk}^" rubles.
however, increased the outstanding notes only 1917, to" January 1, From November 7,
1918,
moderately, and did not differ in this respect 6,544,000,000 rubles. Thus, at they printed
the'beginning
from the inflation policy prevailing in almost all of January, 1918, the total amount of paper
belligerent countries. The Kerensky regime notes outstanding amounted to 25,462,000,000
started to issue paper notes on a much larger rubles, of which 10,400,000,000 rubles or 40.8
scale, and a similar policy was then followed by per cent, were Czar rubles, 6,340,000,000
the Soviet.
rubles, or 24.9 per cent, Duma rubles, and
Shortly after the outbreak of the war the 8,722,000,000 rubles, or 34.3 per cent,
, limitations imposed by statute on the issue Kerensky rubles. During the year 1918,
of paper money by the Imperial Russian Bank 29,000,000,000 rubles were added to the
were set aside. The statute had provided that amount already outstanding, and thus on
paper money issued should not exceed the gold January 1, 1919, the total amount of notes
reserve of the bank by more than 300,000,000 outstanding was 55,000,000,000 rubles, of
rubles. This restriction on note issue was which 15,000,000,000 rubles, or 27.3 per cent,
abolished and the right to convert them freely were Czar rubles, 22,000,000,000 rubles, or
into gold was abrogated.
39.6 per cent, were Duma rubles, and
On July 14, 1914, the outstanding notes 18,000,000,000 rubles, or 33.1 per cent, were
amounted to 1,633,000,000 rubles and were Kerensky rubles.
covered by 1,744,000,000 gold rubles, a reserve
In April, 1919, the first Bolshevik rubles
of-107.4 per cent. During the three years and appeared. They were of 1, 2, and 3 ruble
four months between the opening of the war denominations, and were commonly called
and the inauguration of the Soviet regime, the "notes of account." Later in the year, howpaper notes in circulation increased over eleven ever, notes of a much larger denomination
told. This expansion is indicated in the fol- were issued, known as "Pensenki" or "Lenlowing table:
enki." The notes were a direct obligation
Rubles.
July 16, 1914
1,633,000,000 of the Government and were nominally re.Tan. 1,1915
2,947,000,000 deemable in gold. Soon after their appearance
Jan. 1, 1916
5,617,000,000 the Duma and Kerensky notes disappeared
Jan. 1, 1917
9,103, 000, 000 from circulation.
Nov. 17, 1917
18,916,000,000
During the year 1919 the paper note circulaOut of this sum of 18,916,000,000 rubles, tion increased by approximately 170,000,000,9,950,000,000 rubles were issued by the Czar 000 rubles, so that at the beginning of 1920 the
Government up to March 1, 1917, while total amount of notes outstanding amounted to
8,966,000,000 rubles were issued by the pro- 225,000,000,000 rubles of the following classes:
visional or Kerensky Government during the
Per cent
nine months of its existence.
Rubles.
Class.
of total.
The notes issued by the Czar regime, known
as "Czar" or "Romanov" rubles, were of a
22,000,000,000
9
denomination of 500, 100, 50, 25, 10, 5, 3, and 1 Czar notes
18
39.000.000.000
Duma notes
21
47,000,000,000
Kerensky notes.
rubles. Each note bore an inscription stating Soviet notes
52
117,000,000,000
that it could be converted into gold, one ruble
RUSSIAN BANKING AND CURRENCY.




FEDERAL EESEBVE BULLETIN.

OCTOBKTt, 1 9 2 2

As the printing press was almost the only
source of income of the Government, the
number of outstanding notes during 1920
increased rapidly. It was estimated that
during 1920 about 65,000,000,000 rubles of
notes por month were issued. The denominations of the notes were raised, and 1, 10, and
100 ruble notes disappeared entirely from
circulation. The paper of which the notes
were made was of very poor quality and, due
to the lack of paper, the issuing of Czar,
Duma, and Kerensky notes was largely discontinued. The total amount of notes issued during 1920 was about 800,000,000,000 rubles,
thus making the total amount of all notes outstanding on January 1, 1921, about 1,100,000,000,000 rubles.
The output of paper notes during 1921 and
1922 was accelerated, as ma}? be seen from
the following table showing the amount of
notes outstanding on certain dates:
Date.
Jan. 1, 1921.
Oct. 1, 1921
Dec. 1, 1921
Jan. 1, 1922
Feb. 1, 1922
Mar. 1, 1922

'

Rubles.
1,169,000,000,000
..!
4,o3-l,00(),000,000
1 9,849,000,000,000
: 17, o54,000,000,000
: 29,778,000,000,000
: 48,535,000,000,000

It is evident that the notes outstanding
nearly doubled from month to month.
The huge increase in prices and salaries
necessitated the issuing of notes of 100,000,
1,000,000, and 10,000,000 ruble denominations.
The amount of notes issued during April,
May, and June has been estimated to range
between 50 and 85 trillion rubles per month.
To bring down the fabulous sums of notes outstanding and their denominations, and to decrease the huge prices paid for daily necessities,
the Soviet regime carried through a "currency
reform." A set of new notes, so-called "notes
of 1922," was issued, of which 1 ruble was
made equal to 10,000 rubles of all previous
Soviet issues. The Government stopped
printing notes of previous issues and is about
to redeem the old notes. The devaluation
of the currency is in accordance with the
new economic policy which tends to stabilize
the ruble exchange and to introduce a new
currency system.
It may also be mentioned that up to the
beginning of 1922 all business transactions in
Russia were carried on exclusively by the aid
of paper notes. Payment for commodities and
services by check or draft ceased soon after
the nationalization of banks and credit institutions early in 1918. The lack of banking
institutions and credit instruments necessitated
an increase in the amount of paper notes and




1201

further aggravated the currency situation of
the country. The newly established State
bank and other banking institutions were intended to improve this situation.
The attitude of the Soviet Government toward the Russian currency was a part of their
economic policy. According to the theory of
the Soviet leaders there was no need for money
in a communistic State with an interchange of
goods and services regulated and administered
by the highly centralized Government. Interchange of services and goods in such a State is
merely a matter of accounting or of debiting
and crediting the various Government institutions and those employed by the Government.
To reach this final stage the Soviet Government
followed this policy. It abolished payments
for many exchanges of goods and services.
Thus, according to a Russian newspaper of
October, 1921, the Council of People's Commissaries introduced the following bill abolishing
money for certain transactions:
By order of the Small Council, the People's Commissary
of Finance is instructed, in agreement with other departments, to present within a definite period detailed hills for
carrying out the following measures:
(1) To abolish payment for all telegraph and postal
services where these are of an official character.
(2) To abolish payment for the use of telephones, water,
gas, and electricity in State institutions and enterprises,
and also for services of workmen and employees.
(3) To abolish payment for fuel furnished to State institutions and also to their workmen and employees.
(4) To abolish payment for products issued by the
Commissary of Food Supplies to consumers who receive
the same through governmental institutions on the basis of
food cards.
(5) To abolish payment for living quarters with respect
to Government workmen and employees who live in
nationalized or municipalized dwellings.
(6) Governmental institutions, within the meaning of
this order, are considered to be the Communist International, the All-Russian Central Soviet of Trade Unions,
and the Central Union of Cooperatives, with all their
central and local organizations.
(7) The abolition of payment under this decree includes
not only payment in tokens of exchange, but also all
budget transfers for settlement according to paragraphs 1-6.

In conclusion it may also be of interest to
survey the various issues of paper notes issued
by municipalities, States, or leaders of antiSoviet troops. Almost every large city in
Soviet Russia printed its own money. The
Kolchak Government in Siberia issued, during
the time of its existence, 2,5,000,000,000 socalled Siberian rubles. The larger part of
them was canceled by the Bolsheviki and only
a small part was converted into notes issued by
the Far Eastern Republic. In the Ukraine,
notes amounting to several billion rubles were
issued by the various temporary Governments.
The greater part of these notes the Bolsheviki
recognized and converted into soviet notes.
The notes, however, issued by Denikin and
Wr angel were entirely canceled.
Large

1202

FEDERAL KESEBVE BULLETIN.

amounts of paper notes were also issued by the
Germans in the territories occupied by them
and by the various federated Soviet Republics.
In most cases these notes were recognized by
the Soviet Government and exchanged for
Soviet rubles.
SOVIET ATTITUDE TOWARD GOLD.

The tremendous increase in the amount of
paper notes outstanding was followed by a
rapid decrease of the gold stock of the country.
Perhaps in no State in modern times has thegold reserve of a country been depleted in
such a short time as in Russia. Shortly before
the outbreak of the war the Russian gold
reserve amounted to 1,744,000,000 rubles, or
$897,298,000. It was at that time the largest
gold reserve accumulated in any one country
of the world, and surpassed the total of paper
notes in circulation, amounting to 1,633,000,000
rubles, by 111,000,000 rubles. The gold reserve was kept mainly at home and only
140,000,000 rubles were held abroad, largely
in Great Britain and France.
Soon after the outbreak of the war Russia
started to export gold to the various allied
countries, mainly to Great Britain, in order
to establish credits for the purchase of ammunition and other war supplies. The total
amount of gold shipped from. Russia to Great
Britain up to the outbreak of the February revolution was estimated to be about 600,000,000 gold
rubles. Dr. Magnus Feitelbcrg, in7his booklet
"Paper money in Soviet Russia/ estimated
the decline of the Russian gold reserve as
follows:

places this sum at 1,292,000,000 rubles, but
it seems more probable that the Bolsheviki
did not find in the Central Bank more than
1,200,000,000 gold rubles, or $600,000,000.
Taking into consideration the known facts
regarding gold movements in Russia during
the first three years of the new regime, the
total amount of gold under the control of the
Soviet Government at the end of 1920, not
including gold withdrawn from circulation or
gold confiscated, may be estimated at about
900,000,000 rubles, of $450,000,000. This estimate is composed of the following items:
. Eublcs.

Original gold stock
'Rumanian gold
Gold mined'in Siberia (.1.918 -J 920)

725. 000, 000
J 25. 000. 000
50. 000, 000

Some sources estimate this sum at 950,000,000 gold rubles, while others place it as low as
650,000,000 gold rubles.
If the gold withdrawn from circulation and
confiscated gold valuables are added to the
above sum, the total gold of the Soviet Government at the end of 1920 may be placed at
between 950,000,000 and^ 1,000,000,000 gold
rubles. Taking the first ligure as a basis and
deducting the shipments of gold from Russia
during the last two years it is possible roughly
to estimate the total amount of gold at present
under Soviet control.
Soon after the inauguration of the Bolsheviki
regime, gold was demonetized and all dealings
in gold coin and bullion were prohibited.
Gold was declared a commodity in which only
the Soviet authorities might deal for the purpose of buying commodities abroad. Since
Russia produced only few commodities for
export in return for its imports, she was forced
GOLD HELD BY THE RUSSIAN STATE BANK.
Rubles.
to ship gold continuously to other countries,
July 16, 1914
1, 604. 000, 000 and such gold shipments increased after the
Jan". 1, .1915
1, 560, 000. 000 lifting of the blockade. In addition to shipJan. 1, 1916
'. 1, 614. 000, 000
Jan. 1, 1917
1. 478. 000, 000 ments of gold as payments for imports, the
Soviet Government paid about 32,000,000 gold
The decrease in the gold reserve kept in rubles to the border States according to the
Russia was followed b}^ an increase of the Rus- various peace treaties concluded with these
sian gold reserve kept abroad, since, with the new States. For payment of imported goods
consent of Great Britain, Russia continued to about 540,000,000 gold rubles were shipped
consider the gold shipped-to England as part of during 1920, 1921, and January, 1922, to other
her gold reserve.
countries. If these two sums are deducted
At the outbreak of the first revolution the from the sum arrived at before (950,000,000
Russian gold reserve was estimated to be 1,166,- rubles), the gold available in Russia at the
180,000 rubles. Between the first revolution beginning of February, 1922, maybe estimated
in March, 1917, and the inauguration of the to be between ,350,000,000 and 400,000,000
Soviet regime in November, 1917, the reserve rubles. This figure, however, is without^
was increased by 31,758,000 gold rubles ob- doubt too large, since the 540,000,000 gold
tained from the Siberian and Ural gold mines. rubles shipped abroad include only shipments
The Kerensky regime shipped 5,000,000 gold through Reval, it being impossible to trace
rubles to Sweden, so that the Russian gold shipments through other ports. In the June,
reserve at the time of the accession of the 1922, FEDERAL RESERVE BULLETIN the amount
Soviet Government to power amounted to of gold available in Russia was estimated at
about 1,192,938,000 rubles. Doctor Feitelberg 100,000,000 rubles.




1203

FEDERAL, RESERVE BULLETIN.

(K'TOKEIt, 1022.

It is difficult to estimate the total amount
of gold at present in Soviet Russia. While
gold shipments to foreign countries still continue, the gold reserves are steadily replenished
by gold confiscated from the church. Gold
shipments to other countries are likely to continue for some time, since Russia can hardly
avoid having an excess of imports for many
years. The creation of a new gold reserve will
be one of the most difficult tasks in the reorganization of the Russian currency.
II. BANKING.

Immediately after the inauguration of the
Bolshevik regime the Council of People's
Commissaries issued a decree whereby banking
was declared a government monopoly. All
private and scmipublic banking institutions
were nationalized. The assets and liabilities
of the nationalized banking institutions, commercial as well as savings, were combined with
those of the State bank. Out of these institutions the Soviets founded a new bank, the
so-called "People's Bank." This institution,
however, exercised banking functions only to
a very limited extent, and became in a short
•time a mere bookkeeping department, whose
duty it was to debit and credit the various
Government institutions.
The decree liquidating domestic banks was
issued on December 14, 1917, or one month
after the accession of the Soviets to power.
Foreign banks or branches of foreign banking
institutions continued to operate for some
time, but at the end of 1918, the Council of
People \s Commissaries decided also to liquidate
these. The principal regulations for the liquidation of foreign banks operating within the
boundaries of the Russian Socialist Federal
Soviet Republic, approved April 22, 1919,
were as follows:

(b) The remainder, after satisfying the Russian depositors and creditors, are deposited to the credit of the
foreign bank. From this amount payments are made to
the foreign depositors and creditors, beginning with the
most needy ones.

The nationalization and the liquidation of
the banks in the country deprived Russia of
all credit institutions, with the result that
Russia became a country in which no exchanges
of services or commodities were carried on
by means of credit instruments. The Narodny
Bank, the financial institution of the powerful
cooperative societies, and the Mutual Credit
Association continued their operations for a
short time, but they also were finally liquidated.
Thus the only banking institution left in
the country was the so-called People's Bank.
Its functions were limited and defined by
various decrees issued by the Soviet officials.
The operation of the bank was described by
J;hc Commissary for Finance in a speech
"made before the All-Russian Financial Congress in 1919. The following is a translation
of a part of this speech:

(1) The People's Bank of the Russian Soviet Republic
lias the exclusive right of granting and disbursing credit.
(2) As such—
(a) It serves the Supreme Council for National
Economy, the People's Commissariat for Supplies, and
the People's Commissariat for Commerce and Industry,
financing the nationalized production, the operations
of the Commissariat for Supplies, and the operations of the
Commissariat for Foreign Trade.
(6) Finances railway building and railway operations.
\c) Finances the agricultural economy.
(d) Finances the payments of the People's Commissariats
for Labor and Social Protection for promoting the social
security 6i citizens.
(e) Makes all the payments of the commissariats and
handles all receipts.
(/) Makes all the payments of the Soviet institutions
mutually and with all private persons and enterprises.
(</) Makes all the payments of the State and, with the
consent of the Commissariat for Commerce, also settles
(1) According to the decree of the Council of People's all the accounts of the public and private organizations
Commissaries of December 2, 19.1.8, all foreign banks are with foreign Governments and citizens.
subject to liquidation.
(10) As to settlement of accounts with other countries
(2) For such liquidation there is granted a month from
where the capitalistic social order exists, the People's
the day of the publication of these regulations.
(.3) Liquidation is executed by a liquidating commis- Bank follows the former bank regulations and usages
sion, composed of the management of the bank, namely, which have international application.
(11) During the present transition period the People's
the manager or his substitute, head bookkeeper, and one
representative of the employees under the supervision of Bank also retains some credit functions:
(a) Finances the cooperatives.
a special commissary.
(b) Grants credit to the not yet nationalized enterprises.
(4) The liquidating commission makes a balance, closes
(c) Receives from private citizens deposits of limited
out all operations and accounts, and undertakes all operations necessary to the prompt liquidation of the affairs of amounts.
(d) Continues the activity of the savings banks in life
the bank.
(5) The credits thus realized are to be used in cancelling insurance and me^ts the obligations of the former insurance
the indebtedness of the banks to the State and People's companies.
THE STATE BANK.
Bank, in the first place, then to the Russian depositors
and other creditors, and, finally, to foreign creditors of
the bank, under the following conditions:
In accordance with the new economic policy
(a) The credits resulting to Russian depositors and inaugurated during 1921 (see FEDERAL RESERVE
creditors are entered on their current accounts in the
People's Bank, and are subject to the existing regulations BULLETIN;, August, 1922, pp. 936-942), a number
of more or less independent business organigoverning payments on current accounts.




•fc

-K-

•*

•*

-X-

-X-

•*

1204

FEDERAL RESERVE BULLETIN.

OCTOBER, 1922,

zations were created, the operations of the decided by vote. In case there is a disagreement beCentral Soyiiz were enlarged, and free trading tween theis president and the majority of directors, the
question
submitted to the People's Commissary for
was permitted, to a very large extent. In Finance. The various agencies of the bank are divided
order to finance the decentralized industries into 3 classes:
a) Central district branches.
and to provide them with working capital,
[b) Branches.
a new banking institution, the so-called "State (c) Agencies.
Bank," was founded. This bank in its opera- Tne central district branches are opened in important
tions resembles a central reserve bank, but it places of the Republic in the discretion of the board of
also performs the functions of an ordinary directors, who also supervise the operations of all the
commercial bank. It is organized and con- branches and agencies. central district branches are apThe
trolled by the State, but has no right of note pointeddirectors of the
by the Commissary for Finance with the advice
issue. Its capital consists of 2,000 billion Soviet of the board of directors and competent local authorities.
paper rubles, old issue, which were handed over Branches of the bank are opened in important cities
to the bank from the resources of the treas- of governments (administrative divisions) and districts.
ury after a certain appropriation had been At the head of each branch is a director appointed by the
Commissary for Finance with the advice of the board of
made in a budgetary way. The surplus is directors of the bank. The district branches are under
to be formed out of the profits of the bank. direct supervision of the central district branch.
The amount of surplus which may be accumu- The board of directors is assisted in its work by a committee
and discounts, which
lated is unlimited, but if the loss in any one lines of on loans be granted to concerns, determines the
credit to
State-controlled
year exceeds the total accumulated surplus, enterprises, and private organizations. All branches and
ihc difference between loss and surplus will agencies have committees for loans and discounts. ..The
be met by the State. The net profits of the decisions of these committees must be confirmed by the
bank are divided as follows: 50 per cent goeg board of directors of each branch or agency.
to surplus, not more than 20 per cent may be
OPERATIONS OF THE BANK.
used for the improvement of the living conditions of the employees of the bank, while The State Bank of the Russian Socialistic Federated
the rest is handed over to the treasury of the Soviet Government endeavors to facilitate the development of industry and commerce. For this purpose it
Government.
opens credits to industrial enterprises of the State corADMINISTRATION OF THE STATE BANK.

The statutes and by-laws regulating the
activities and administration of the bank have
been prepared by experts of the People's
Commissariat for Finance and sanctioned
by the All-Russian Executive Committee.
The following are the principal regulations
with regard to the operation and administration of the bank:
The supervision of the bank is exercised by the People's
Commissary for Finance. Ue approves all the fundamental regulations concerning the operations of the bank,
approves the rate of interest and commissions to be
charged and the annual expenses of the bank. The administration of the State Bank is entrusted to a board of
directors, whose residence is Moscow. The president of
the board of directors is named by the Commissary for
Finance and is appointed by the Supreme Council of the
People's Commissaries. The other members of the
board of directors are appointed by the Commissary for
Finance.
The functions of the board of directors are:
(a) To give instructions regarding the operation of the
bank.
(b) To fix the rate of interest and commissions.
(c) To organize the interior service of the bank and its
accounting system.
(d) To appoint and to discharge employees.
(e) To represent the interests of the bank in dealing
with judicial and other State institutions at home and
abroad.
(/) To open branches in all parts of the Russian Republic. The opening of a branch, however, must be
approved by the Commissary for Finance.
The board of directors meets whenever necessary,
upon call of the president. The affairs of the bank ate




porations, to affiliated institutions, and to private enterprises, agricultural as well as industrial. The bank may
engage in the following operations:
(1) The granting of call loans guaranteed by current
accounts, documents representing goods, bills of exchange, and other obligations.
(2) The opening of credits on call against foreign securities, currency, precious metal, and drafts.
(3) The granting of time loans on each of the securities
mentioned in paragraphs 1 and 2.
^ (4)^ The discounting of bills of exchange and other obligations.
(5) The purchase and sale on commission of goods admitted to free trading.
(6) The purchase and sale for the bank's own account
of foreign securities, drafts, and precious metals, within
the limits of existing regulations.
(7) The issuance of letters of credit on documents for
goods exported or imported.
(8) The issuance of drafts and letters of credit on places
within the Russian Socialist Federal Soviet Republic
and in foreign countries wherever the bank has branches
or correspondents.
(9) Commission operations—collection of money under
bills of exchange, obligations, foreign drafts, documents
for goods and all other kinds of documents and securities.
(10) Receipt and payment of money deposits which are
made as follows: (a) On current account; (b) payable at a
fixed period of time; (c) on fixed terms for unlimited
amounts. Certificates of deposit of the bank may be
accepted as securities for loans. The deposits are not subject to detention or sequestration otherwise than in accordance with the soviet laws.
(11) Acceptance of different articles for safe-keeping for
not more than five years.
After the bank has begun its activities it shall take over
from the central and local institutions of the People's
Commissariat of Finance all deposits and temporary
accounts, unpaid drafts, and letters of credit, as well as
the accounts pertaining to the financing of the cooperative
unions. All operations on account of the Government

OCTOBEIi. 1922.

FEDERAL RESERVE BULLETIN.

shall be conducted exclusively through the State Rank.
Besides, the bank will take over from the Commissariat of
Finance all work connected with the receipt of State
revenues and the payment of State expenditures.
The operating year of the bank will be counted from
January 1 to December 31.

The new bank has no connection with the old
Imperial Russian bank, and is not liable for
the operation of that institution. The bank
started its activities on November 16, 1921,
and opened immediately a central district
branch in Kharkoff, with a capital of 500 billion
soviet rubles, to serve the interests of the
affiliated Ukranian Soviet Republic. Branches
were also established in the most important
cities, including Petrograd, Odessa, and Perm.
The bank has established correspondent relations with banks in Germany, such as the
Deutsche Bank and the Dresdner Bank, and
has a number of correspondents in many other
countries, including the United States, Italy,
Sweden, and England.
The rate of interest charged by the bank
at the beginning varied from 8 per cent to 12
per cent per month. Institutions operated by
the Government or State institutions were
charged a lower rate of interest than private
organizations. For transfer of funds from
one place to another, a commission of 2 per
cent was charged if the sum did not surpass
100,000 rubles. For larger sums the commission was scaled down, the lowest charge being
one-half of 1 per cent for transfers of sums exceeding 80,000,000 rubles. The bank paid 3
per cent per month on demand deposits and
5 per cent on time deposits. More recently,
however, the interest rates charged to customers were reduced considerably, and range
at present from 2 to 3 per cent per month. At
the same time the interest rate paid by the
bank to customers was reduced.
The Soviet Government also issued laws and
regulations with regard to remittances of money
from foreign countries and with respect to
bills of exchange. The following are the principal regulations concerning remittances of
money from abroad:

1205

(8) The amount of the dues to be levied on such transactions shall be fixed by the Commissariat of Finance.
(9) The forms of remittance documents, the procedure in
attending to correspondence and in keeping accounts, shall
be established by a special order to be issued by the Commissariat of Finance, with the concurrence of the Commissariat of Foreign Trade and the Commissariat of the
Labor-Peasant, Inspection.

The most important regulation is No. 5,
which states that funds remitted from abroad
shall be paid in Russian Soviet rubles at the
official rate of exchange. It is to be noted,
however, that the official rate as quoted by
the State Bank is usually between 100 and 200
per cent lower than the rate in the open
market.
The new economic policy of the Soviet Government necessitated also the passing of certain laws with regard to bills of exchange. To
meet these requirements the Soviet Government issued a series of laws regulating all contracts of bills of exchange. The most important clauses affecting bills of exchange arc the
".owing:
fol!

(1) The amount of a bill of exchange can be fixed either
in pre-war gold rubles, or in any currency which has circulation in the Russian Federation. In the event of the
bill of exchange being made out in pre-war gold rubles, it
shall be payable in the currency which has circulation in
the Ilussian Federation, calculated at a rate of exchange
which has been fixed by the Commissariat of Finance for
the day of the payment. In the case of bills of exchange
drawn abroad, in foreign currency, but payable in Russia,
or drawn in Russia and payable abroad, but presented for
payment in Russia, the amount is to be calculated in the
currency which has circulation in Russia, at a rate of
exchange to be fixed by the Commissariat of Finance.
(2) A" bill can be protested before a notary public, or,
where there is no such functionary, before a justice of the
people's court.
(3) In the event of a bill payable in gold rubles being
protested, interest at 6 per cent "and a fine of 3 per cent
from the day the bill has become due to the day of actual
payment can be claimed. In the case of a bill payable in
soviet currency, the rate of interest is to be fixed in accordance with the rates established by the State Bank for
active operations.
(4) With regard to transferable bills of exchange, the
place of payment, the place of residence of the respondent,
and all other usual particulars must be given, as required
for bills of exchange.
(5) As regards suing for the payment of a bill, three years'
limitation is established, counting from the day the bill
(1) Money remittances by post or telegraph from foreign has been protested.
countries to Russia are effected through the treasuries of
the Commissariat of Finance attached to the missions of
It should be noted that these regulations arc
the Commissariat of Foreign Trade in foreign countries.
(2) The above-mentioned treasuries of the Commissariat only temporary, and will be changed or reof Finance may accept money for remittance from, private placed by others as soon as new economic
persons or public organizations without limitation of conditions require it.
amount.
As already mentioned in a previous study,
(3) Said treasuries execute such remittances only on
receipt of the sum to be transferred in the respective foreign the Soviet Government contemplates the
opening of banks for foreign trade to facilitate
currency (a) in cash, or (b) in cheques.
Foreign
(5) The payment of such foreign money orders in Russia Russia's international commerce.
shall be made in soviet money, in the full amount, at the banks also have applied to the Soviet
rate of exchange which shall be periodically fixed by the Government for permission to establish either
Commissariat of Finance, with the concurrence of the
Commissariat of Foreign Trade and the Labor-Peasant branches or independent banking institutions
in Russia.
Inspection.




1206

FEDERAL RES.KEVE BULLETIN.

OCTOBER.. 1022.

PRICE MOVEMENT AND VOLUME OF TRADE.
INTERNATIONAL WHOLESALE PRICE INDEX.

The Federal Reserve Board's international wholesale price index showed decreases in all
five countries in August, with the exception of the United States, which remained unchanged.
The table below shows that prices in England fell 3 points, in France 9 points, in Canada 6
points, and in Japan 8 points. When converted to a gold basis, prices are highest in Japan
and lowest in France.
A comparison of group index numbers shows that the greatest decrease took place in
consumers' goods, which fell in every country. The cause of this fall was the very general
break in agricultural prices in all countries. This evidenced itself also in the raw materials
groups, except in the United States and England, where it was offset by increases in the prices
of minerals and metals.
INTERNATIONAL WHOLESALE PRICE INDEX—FEDERAL RESERVE BOARD.
Converted to gold basis.

s in respeci ivo currencies.
Year and month.
France.
1913,
1919,
1920,
1921,

100 !

average
average
average
average

478
321

100
207
250
167

195
194
187
177
172

239 i
148 .
|
146 j
146 |
145
145 j
142 :

August
September
October
November
December

100

100
24 L
314
201

211 •

1921.

Canada.

302
301
295
292
287

170
167
168
167
171
169
171
168

286
283
287
299
302
303
306
297

Japan.

United
States.

England, i France. ' Canada.

Japan.

100
21
2
242
159

100 ;

181

100
2J1
239
148

185
124

100
199
223
150

175

166
158
149
15
4
145

177
192
202
197
193

146
16
4
145
145
142

146
148
149
144
147

121
113 i
11
1
109 !
117

150
11
4
136
13
3
135

172
186
193
189
186

144
149
150
152
154
.153
154
148

11
9
185
182
180
180
184
192
184

142
146
147
149
168
11
6
15
6
165

148
150
151
151
156
154
156
154

121
128
134
143
143
138
131
122

137
145
145
148
152
151
152
148

181
176
173

100

100

1922.
January
February
March
April
May
June
July
August

142
146
147
149
158
161
165
105

!
i
:
j
i
i
I

!
i
;
i
|
!
j

m
171
176
184
.176

INTERNATIONAL WHOLESALE PRICE INDEX
FEDERAL RESERVE BOARD
1913=1OO

600
550

600

1

y

\
\
\

500

—T~

450
400

S
_ rrMni &Kin

500
450

\

350
s
300

N
\

•

4-00

\#
\

350

300

— • — 'y

\
\

; \

N

250
s

550

i

FRANCE
CANADA
JAPAN

250

200

200

150

150

100

J . F. M. A. M. J. J. A . S. O. N. D. J . F. M. A. M. d. J. A . S. O. N. D. J. F. M. A. M. J. J. A. S. O. N. D. J . F. M. A. M. J . J. A. S. O. N. D.




1919

1920

1921

1922

1OO

OCTOBER, 1922.

1207

FEDERAL RESERVE BULLETIN.
INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES.*
[Average prices in 1913=100.]
i
I
ProGoods
Raw
Goods i Goods
produced, imported. exported. materials. ducers'
goods.
i

Year and month.
1919, average
1920, average
1921, average
August
September
October
November
December.

Con- , All comsuiners' . modities.
goods. !

214 '
242 j|
148

209
235
141

198
237
142

221 i
244 !
160 j

211
239
148

!
i
'
i

104
106
107
10S
111

127 j
149 j
146 '
143
141

133
138
140
141
140

133
133
132
128
127

167 j
162 I
158
]57 •
153 !

146
146
145
145
142

139 j
143
144
146 i
155 '
J58
162
162

. ..

221
235 ••
136

144
144
143
142
J40

1921.

374
191
108

110
110
111
115
119
124
128
127

139
142
144
144
155
163
165
162

141
145
147
150
164
167
177
184

127
127
126
129
137
14L
143
144

150 '
155 '
157 j
156
160 !
164
163 i
156

142
146
147
149
158
161
165
165

1922.

January
February
March
April
May
June
July
August

i

1

A complete description of the United States index number, as originally published, may be found in the May, 1920, BULLETIN, pages
499-503."" Revisions in prices or weights appear in the BULLETINS lor June, 1920, June, 1921, and May, 1922.

INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES
1920-1922
CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON
A V E R A G E PRICE L E V E L O F

500

M. A.M. J. J. A.S. O. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S.

1920




1921

1922

1913

= 1OO

500

M.A. M. J. J. A. S. O. N. D. J. F. M. A.M. J. J. A. S. O. N. D. J. F. M. A.M. J. J. A. S.

1920

1921

1922

80

1208

FEDERAL, RESERVE BULLETIN.

OCTOBER, 1922.

INDEX NUMBERS OF WHOLESALE PRICES IN ENGLAND. 1
[Average prices in 1913 =-100.]

Produc- Consum- All com- ConGoods : Goods ' Goods
Raw
verted to
ers'
produced.1 imported, exported. materials.; ers'
modities. gold basis.
goods. goods.

Year and month.

238 ;
315

1919, average..
1920, average..
1921, average..

247
294
171

199 :
192 :
182
176

165
170
163
154
152

168
171
175
164
158

174
171
172
171
175
172
172
170
165

149
148 i
147 :
148
153
154 .
158
155
157

158
151
153
152
155
158
158
159
154

226
291
197

275
438
183

207 •

1921.

August
September..
October
November..
December..

202

1922.

January
February . .
March
April
May
June
July
August
September.

.
!
i
'
;
I

;
!
!
'

261
355
178

241
292
219

241
314
201

221
242
159

193 :
195 i
187
177 :
173 i

161
165
166
153
147

223
212
200
191
186

195
194
187
177
172

146
148
149
144
147

171 !
168 !
170
167 ;
169 ;
167 i
168 :
170 •

147
144
142
143
146
148
147
143
143

181
181
183
183
191
186
190

170
167
168
167
171
169
171
168
165

148
150
151
151
156
154
156
154
150

166

183
177;

i A complete description of the British index may be found in the February, 1922, issue of the BULLETIN, pages 147-153.

INDEX NUMBERS OF WHOLESALE PRICES IN ENGLAND
1920-1922
500

CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL; COMPARISON
AVERAGE PRICE LEVEL OF 1913 = 100

450

500
450

-RAW
MATERIALS
-PRODUCERS GOODS
•CONSUMERS GOODS

ALL COMMODITIES
GOODS IMPORTED
GOODS EXPORTED

400

400

350

350

300

300

250

250

200

200

'•>',
\ • .
%

150
150

100

100

80

M.A.M. J. J. A. S.O.N. D. J. F. M. A.M. d. J. A.S. 0. N.D. J.F. M.A. M.J. J. A. S. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M- A. M. J-. J. A. S.

1920




1921

1922

1920

1921

1922

1209

FEDERAL RESERVE BULLETIN.

OCTOBEE, 1 9 2 2 .

INDEX NUMBERS OF WHOLESALE PRICES IN FRANCE.*
[Average prices in 1913=100.]

Pro- 7
Raw
Goods
Goods
Goods
produced. imported. exported. materials. ducers
goods.

Year and month.

1920, average
1921, average

...

All com- Converted
modities. to gold
basis.

466
322

536
313

512
288

506
341

433
248

474
348

478
321

185
124

304
298
291
290
284

290
314
314
304
303

261
276
291
294
283

322
328
319
315
313

229
240
238
233
2,30

330
309
304
305
294

302
301
295
292
287

121
113
111
109
117

284
282
288
302
305
305
306
295

295
286
282
282
288
295
308
309

277
275
272
274
279
292
297
296

308
300
305
318
322
327
332
329

229
227
229
228
' 226
230
236
233

299
300
306
327
333
327
325
303

286
283
287
299
302
303
306
297

121
128
134
143
143
138
131
122

1921.

August
September.,
October
November
December

\
1922.

January
February. .
March
April
May
June
July
August
1

Consumers'
goods.

A complete description of the French index may be found in the August, 1922, issue of the BULLETIN, pp. 922-929.
INDEX NUMBERS OF WHOLESALE PRICES IN CANADA.'
[Average prices in 1913=100.]
ProRaw
Goods
Goods
Goods
produced. imported. exported. materials. ducers'
goods.

Year and month.

1919, average
1920, average

Consumers*
goods.

All com- Converted
modities. to gold
basis.

207
249
168

204
253
164

220
268
181

197
235
155

188
255
174

227
270
183

207
250
167

199
223
150

167
158
148
144
144

....

1921, average

158
155
153
151
151

188
175
149
138
137

155
147
136
131
131

162
159
153
152
149

182
174
166
164
164

166
158
149
145
145

150
141
136
133
135

143
148
150
152
153
151
153*
145

151
150
150
151
157
162
165
167

139
152
151
153
154
149
154
144

132
138
140
142
145
143
143
135

147
147
146
146
147
150
152
154

161
164
166
169
168
168
171
164

144
149
150
152
154
153
151
148

137
145
145
148
152
151
152
148

1921.

August
September
October
November
December..
1922.

January
February..
March
April...
May
June
July
August
1

.. .

A complete description of t h e Canadian index m a y be found in the July, 1922, issue of the BULLETIN, p p . 801-806.
INDEX NUMBERS OF WHOLESALE PRICES IN JAPAN.i
[Average prices in 1913= 100.]

January
. February
March
April
May
June
July
August

Goods
imported.

Goods
exported.

Raw
materials.

154

173

154

188

193

181

175

184
197
208
204
201

1921, average
August
September
October
November
December

Converted
to gold
basis.

produced.
186

Year and month.

144
167
172
162
154.

166
175
185
183
192

142
159
171
167
167

187
199
209
193
192

193
207
217
215
209

177
192
202
197
193

172
186
193
189
186

198
192
187
186
185
188
197
189

153
151
153
151
157
166
167
160

197
186
175
176
183
192
196
189

168
163
157
157
164
168
170
161

191
183
183
183
182
191
195
187

203
198
195
192
189
191
203
196

191
185
182
180
180
184
192
184

181
176
173
171
171
176
184
176

Goods

Producers' Consumers'
goods.
goods.

All commodities.

1921.

1922.
"

i A complete description of the Japanese index may be found in the September, 1922, issue of the BULLETIN, pp. 1052-59.




1210

FEDERAL. RESERVE BULLETIN.

OCTOBER 1922.

WHOLESALE PRICES OF INDIVIDUAL COMMODITIES IN THE UNITED STATES.

In order to give a more concrete illustration of actual price movements in the United
States, there are presented in the following table monthly actual and relative figures for certain
commodities of a basic character. The prices have in most cases been obtained from the records
of the United States Bureau of Labor Statistics. To save space this table is published in the
BULLETIN only once in three months.
[Average price for 1913=100.]
Corn, No. 3,
Chicago.
Year and
month.

1913
J9L4
1915
1916
1917
1918
1919
1920
1921

Cotton, m i d d l i n g ,
N e w Orleans.

Wheat, No. 1,
northern spring,
Minneapolis."

Hides, packers,
heavy native
steers, Chicago.

Hogs, light,
Chicago.

Average
price per
100
pounds.

Relative
price.

30.6155
. 6826
.7217
.8118
1.6200
1.5223
1.5800
1.3968
5648

1921.
July
August

September...
October
November...
December...
1922.
January
February
March
April
Mav

June
Julv
August
September...

100
111
117
132
263
2J7
257
227
92

«0.1270
.1126
. 0961
.1410
. 2259
.3123
.3185
. 3301
. 1414

100
89
76
111
178
* 246
251
260
.11.1

SO. 8735
1.0031
1.3061
1.4108
2.3248
2.1905
2. 5660
2.5581
1.4600

100
115
150
162
266
251
294
293
168

$0.9863
1.0051.
1.3067
1.3505
2.2779
2.2097
2. 5370
2. 5225
1.4353

100
102
132
137
231
224
239
256
146

S8.5072
9.0387
8.7015
9.5730
12.8085
16.3682
1.7.4957
14.4856
8. 7803

100
106
102
113
151
192
206
170
.103

SO.1839
. 1963
. 2420
. 2618
3273
. 3000
. 3931
.3122
. 1390

100
107
132
142
178
163
2.1.4
170
76

$8.4541
8.3816
7 1870
9.4000
15 4594
17.6626
18.3260
14.7 L O
O
8.8913

.0019
. 5578
. 5344
. 4647
. 4728
. 4669

98
91
87
76
77
76

. 1147
.1290
.1963
.1913
. 1750
.1713

90
102
155
151
.138
135

1. 4384
L. 3953
1.4825
1.3191
1.2535
1.2594

165
160
170
151
.1.44
14.4

1.2291
I. 2373
.1.2769
1.1938
1.1758
1.1767

125
125
129
J2L
119
1.19

8. 4063
8.7750
8.3750
8.8750
8. 5625
8.2188

99
103
98
.104
101
.97

. 1388
. 1405
. 1406
. 1481
. 1580
. 1650

75
76
76
81
86
90

10.2000
10.3950
8.5000
8.1800
6.8688 •
7. 0250

121
J 23
.101
97
81
83

. 4738
. 5572
. 5606
. 5759
. 6093
.6010
. 6370
.6173
.6269

77
91
9L
94
99
98
103
100
102

. 1650
.1656
.1669
.1681
. 1.937
.2170
.221.0
.2163
.2088

130
130
131
132
153
1.71
17.1
170
164

1.2995
1. 5219
1. 5003
1.5628
L. 5893
1.4191
1.4225
1.1860
1.0847

149
174
172
179
182
143
148
135
124

1.1960
1.3816
1.3567
1.3914
1.3558
I. 1600
.1.1520
1.0565
1.0706

121
140
138
141
137
118
117
107
109

8.1500
8.6375
8.7313
8. 4063
8.6150
8. 8630
9.7000
10.3750
10.7125

96
102
103
99
101
104
11.4
122
126

. 1650
. 1.600
. 1388
. 1338
. 1460
. 1.680
.1820
. 2005
.2125

90
87
75
73
79
91
99
109
116

8.1600
10.2625
10. 5875
10 5000
10.6600
10.6000
10.6950
9.6563
9.6938

97
121
125
124
126
125
127
114
115

Wool, Ohio,-H}
grades, scoured,
eastern markets.

Year and
mouth.

Hemlock, New
York.

Yellow pine,
floor ing,
Now York.

Average
Rela- price per
Average
M feet
price p e r tive
M feet. - price. manufactured .

.

Average
price p e r
pound.

tive .
price.

375
202

82.4306
1.8083
1. 7854
3. 2458
8. 2500
6.0000
4.7375
10. 8163
3. 6361

100
74
73
133
338
246
194
443
149

SO. 1573
. 1338
. 1720
. 2754
. 2940
. 2465
. 1911
. 1797
. 1262

100
85
110
175
187
157
122
114
80

•SO. 0440
038<)
0459
0680
' 0912
. 0743
0578
. 0808
. 0457

100
88
104
15")
207
169
13J
184
104

3. 2000
3.0600
2.9190
2.6800
2. 4500
2.1950

204
195
186
171
156
140

2. 9063
2.8000
3.1875
3. 2750
2.9700
2.7500

119
115
131
134
122
113

. 1253
.1173
. 1200
. 1268
. 1303
. 1356

80
75
76
81
83
86

.0440
. 0440
. 0461
. 0470
. 0470
. 0470

100
100
105
107
107
107

2.1500
2.0750
1. 8250
1.9750
2.7500
3. 3060
4.9550
5. 6880
5.7500

137
132
116
126
175
210
315
362
366

2. 7500
3.0375
3. 2500
4. 4750
6. 0000
6.7500
10. 7500
12.8000
11.1250

113
125
133
183
246
277
• 441
525
456

. 1355
.1288
. 1272
.1263
. 1315
. 1360
. 1370
. 1375
.1375

86
82
81
80
84
86
87
87
87

. 0470
. 0470
. 0470
.0511
. 0552
. 0580
. 0580
.0587
.0615

107
107
107
116
125
132
132
133
140

91.0000
92.0000
92.0000
90. 0000
91.0000
95. 5000

204
206
206
202
204
214

95. 5000
95. 5000
95. 5000
95. 5000
90.0000
90. 0000
92.5000
92. 5000
92.5000

214
214
214
214
202
202
207
207
207

$24. 2273
24.3958
21. 5&0P
23.5417
27.7083
33.9286
33. 7500
56. 6667
40. 8960

100
100
89
97
114
140
164
234
169

S44.5909
42.7500
39. 5909
39.3750
50.9091
60.7500
78. 8333
145. 4167
93.7083

. 4909
.4727
. 4727
.4727
. 5091
.5273

104
100
100
100
108
112

37. 5000
37. 2500
37. 2500
37. 2500
37. 2500
37. 2500

155
154
154
154
154
154

. 5818
.6727
. 7273
.7273
.7273
.7460
. 8180
.8180
.8364

124
14.3
154
154
154
158
174
174
178

37. 2500
37.2500
37. 2500
37. 2500
37. 2500
37. 2500
37. 2500
37. 2500
37.2500

154
154
154
154
154
154
154
154
154

i On Toledo market, average for last 6 months of 1913.




Relative
price.

1.00

300
93
121
144
243
306
248
203
108

L e a d , pig,
desilverized,
Now Y o r k .

Average
price per
pound.

100 i SI. 5710
96
89
88
114
136
177
5.8891
326
3.1804
21.0

80.4710
4398
5714
6798
1 1452
1 4364
1 1894
.9712
. 5076

Copper, ingot,
electro vtic,
New Y brk.

•

100
99
85
11.1.
183
209
217
L74
.105

Relative
price.

Relative
price.

Relative
price.

1921.

July
August
September...
October
November...
December
1922.
January
February
March
April.
May
June
Julv
August
September...

Relative
price.

Coal, bituminous,
Pocahontas,.f.o.b. Coke, Con.neU.sspot at mines, ville, at furnace.
Columbus.
Average
price per
short ton.

Average
price per
pound.

.

Cattle, steers,
good to choice,
Chicago.

Average Rela- Average Rela- Average, Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive
100
bushel.
price. pound. price. bushel. price. bushel. price. pounds. price. pound. price.

... .

1913
1914
1915
1916
1917
1918
1919
1920
1921

W h e a t , N o . 2,
red winter,
Chicago.

Average
price per
short ton.

Rela-

OCTOBER, 1922.

1211

FEDERAL RESERVE BULLETIN.
WHOLESALE PRICES OF INDIVIDUAL COMMODITIES IN THE UNITED STATES—Continued.

Year and
month.

Petroleum, crude, Pig iron, basic,
Cotton yarns,
Mahoning and
Pennsylvania, Shenango Valle y, northern cones,
10/1 Boston.
at wells.
at furnace.
Average Rcla- Average Relaprico per tiye price per tive
barrel. I price. long ton. price.
S2.4500
1.9167
1. 5292
2.4833
3.2000
3.9739
4.1346
5.9750
3.3144

:

1921.
July
August
September..
October
November..
December..

2.2500
2.2500
2.3125
3.1250
3.9000
4.0000

1922.
January
February...
March
April
May
J une
July
August
September..

3.3000 !
3.2500 j
3.2500 !
3.2500 i
3.2500 :
3. 5000
3.3130!
3.0000 !
3.0000

1913
1914
1915
1916
1917
1918
191.9
1920
1921

Leather, sole,
hemlock, No. 1,
Chicago.

|
j

$14.7058
12.8733
13. 7408
19.7680
38.9038
32.5094
27.6971
42.2692
21.6683

100
88
93
134
265
221
188
287
147

SO.2213 |
.1967 !
. 1727 i
.2646 !
.3971 |
.6001 I
.5340 i
.6245
.2901 :

100
89
78
120
179
271
241
282
131

!
I
i
i
I
i

92
92
94
128
159
163

19.3750
18.2000
19.1.250
19.1875
19.0000
18.6250

132
124
.130
130
129
127

.2411.
.2586
.3446
.3832
.3655
.3391

109
1.17
156
173
165
153

.3500
.3400
.3400
.3400
.3400
.3400

135
133
133
133
133
143
135
122
122

18.1500
17.7500
17.9375
20.0000
21.6000
25.0000
24.2500
26.6000
32.6250

123
1.21
122
136
167
170
165
181
222

.3259 i
.3127 I
.3136 I
.3136 !
.3313 i
.3600 i
. 3780
.3866 ;
.3726 :

147
1.41
142
142
150
1.63
171
175
168

.3400 j
.3500 |
.3500 I
.3500 :
. 3500
.3600 •
.3500 !
.3500 i
3500 |

Worsted yarns,
2-32's crossbred,
Philadelphia.

j
I
|
|
I
'•

!
i

100
1.07
110
138
190
1.72
187
189
127
i
I
i
=

124
121
121
121
121
121

I

Average i Rela- Average j Rcla- ! Average Rela- j Average
price per I atiye price per , tiye price per | tiye j price per
pound. I price. pound. ; price. | pound. | price, j barrel.

$25. 7892
20.0775
22.4408
43.9458
69.8558
47.3000
40.5385
56.2596
34.3846

,
i
|
|
'
:
!
!
;

100
78
87
170
27.1.
183
1.57
218
133

SO. 0148
.0116
.0127
. 0324
. 0557
. 0324
.0271
. 0328
. 0193

32.2500
29.6000
29.0000
29.0000 :
29.0000 :
29.0000 i

1.25
115
112
11.2
1.12
112

.0L85
.0178
.0164
.0160
.0152
.0150

109
109
109
114
132
136
1.36
140
153

.0150 i
.0139 !
.0L39 i
.0L48 '
.01.56 I
. 0160
.0170 :
.0188 :
.021.3 |

121 ! 28.0000
1.24 ! 28.0000
124 ] 28.0000
124 ! 29.5000
124 ! 31.0000
128 ; 35.0000
124 • 35.0000
"
124 ! 36.1000
124 ! 39.5000

i Flour, wheat,
j standard patents
(1918, standard
j
war),
j Minneapolis.

Beef, carcass, ! Coffee,'
good native'
steers, Chicago. i New

Year and
month.

$0.2821
. 3019
. 3094
. 3883
. 5354
. 4841
. 5283
.5342
. 3583

i
;

SO.7767
.6400
.7875
1.0500
1.5558
2.1089
1.6274
1.8250
1.1792

!
|
:
j
!

SO.1295
.1364 |
.1289

•

.1382 '
.1672
.2209
.2333 I
.2304 ;
.1627 !

100 :
105 I
100 i
107 i
129 '
171
180;
178 |
126 j

SO.1113

0816
0745
0924
0927
0974
1785
1198
0719

100 I
73 j
67
83 :
160
108
65

S4.5837
5.0962
6.6630
7.2639
11.3909
10.1305
11.9982
12.6750
8.3264

;
i
|

!
:

I

100
111
145
158
249
221
262
277
182

30.1662
.1670 |
.1531 i
. 1850
.2520 :
.3180 !
.3433 !
.3340 i
.2678 !

47.0000
47.0000
47.0000
45.2500
40.0000
40.0000

157
157
157
151
133
133

10.1. :
94 !
94 j
100 !
105 j
108 |
L15 ,
127 !
.1.44 |

I
40.0000
40.0000
40.0000
40.0000
40.0000
40.0000
40.0000
40.0000
40.0000

133
133
1.33
133
133
133
133
133
133

Sugar,
granulated,
New York.

!
100

148
148
148
148
148
161

.1490
.1600
. 1595
. 1644
. 1725
. 1640

115

. 0647
.0703 i
.0789 !
.0813 .
.0883 i
.0931 I

8.9000 |
8.1200 !
8.31.88
7.4250
7.1700
6.8813

194
177

123
127
133
127

181
162
156
150

. 3200
. 3248
. 2756
. 2372
. 2238
. 2150

193
195
166
143

135
129

.2200
. 2200
. 2200
. 2320
. 2400
. 2400

1922.
January...
February..
March.....
April
May
June
July
August
September.

1.2774
1.3000
1. 2500
1.3000
1.3500
1.4270
1.4000
1.4000
1.4500

164
167
161
167
174
184
180
180
187

. 1538
. 1450
. 1450
. 1450
.1450
.1450
.1480
. 1550
. 1550

119
112
112
112
112
112
114
120
120

.0963 !
.0902 !
.0959 j
.1083 i
.1098 !
. 1100
.1040
.1000
. 1020

7.0000
7.9750
7.8125
8.1438
8.0600
7.5000
7.7880
6.9950
6.3438

153
174
170
178
176
164
170
153
138

. 2210
.2672
.3063
.3088
. 3130
.3130
.3010
.2640
. 2350

133
161
184
186
188
188
181
159
141

.2175 !
.2100
.2100
.2020
. 1988
.2000
.2000
.2000
.2020




1.25
120
111
1.08
103
101

100 j SO.1233 I
.1200 j
100
92 I .1208 !
111 ! .1217 ;
.1242 !
152
.1695 I
191
.2004 i
207
.2629 i
201
.2432 |
161

1.1500 :
1.1500
1.1500 ;
i.i5oo;
1.1500 |
1.2500 i

12994—2

100
100
100
111
133
187
164
179
152

Rela- Average j Rcla- j Average Rcla- Average ! Rela
tive price per ; tiye j price per ; tiye price per i 1 iye
price. pound, price. J gallon. J price. pound,
price.

1921.
July
August
September.
October...
November.
December..

124 :

$30.0000
30.0000 !
30.0000 i
33.3333 '
40.0000 j
56.1500 i
49. 2642
53. 8269 :
45.6538 j

78

Hams, smoked, Illuminating oil,
150° fire test,
Chicago.
New York.

i
100
82
101
135
200
272
210
235
152

86
219
376
219
183
222
130

100
•

I

i

1913
1914
1915
1916
1917
1918
1919
1920
1921

Steel rails,
open-hearth,
Pittsburgh.

Rela- Average I Rela- Average | Rela- Average . Relative price per j tive price per tive price per | tiye
price. long ton. i price. pound. , price. long ton. price.

Average j Rela- Average
price per tive price per
pound, price. pound.

100
78
62
101
131
162
169
244
135

i
!
!
.

Steel plates,
tank, Pittsburgh.

Steel billets,
Bessemer,
Pittsburgh.

i
!
!
1

SO. 0427
. 0471
.0556 i
.0688 i
.0771 !
.0780 i
.0894 !
.1267 j
.0616

100
110
130
161
181
183
209

178
178 i
178 i
188 ;
195
195

. 0546
.0583
. 0559
.0519
. 0517
.0500

128
137
131
122
121
117

176
170
170
164
161
162
162
162
164

.0480
.0492
. 0516
.0519
. 0527
. 0586
. 0657
.0673
.0625

112
115
121
122
123
138
155
157
.146

101
137
1.63
213
197

1212

OCTOBER, 1922.

FEDERAL RESERVE BULLETIN.

COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.
ALL-COMMODITIES INDEX NUMBERS.*

BulNorway Poland; Spain; Sweden;
BelGoteFrance; j Gcr" Holland;
•
(Chris- Central Institute borgs SwitzerDen- General1 many; Federal :: Central
gium; . garia;
land;
Minis- i General mark;
Statis- ; FrankStatis- of Geog- Handels T\~ T
Riccardo
try of ! Statis- Finans- tical I furter
tical and StaBachi.8
och
Lorenz.8
tical tidcnde. 3 | Bureau.i'ZeitungJ tical 0 | tistics. 7
Labor.*
Bureau. |
Revue.? Office.
Bureau.
tidning.n

Year and month.

(128)

(33)
100
103
137
is 268
667
830
],166
1,940
2,006

"100
138
164
228
293
294
382
250

1,730
1,758
2.052

366 !
356 i
350
344
318
3f>6 j

2,172
2,272
2,287
2,514
2,695
2,436
2,489
2,526

13 100

(38)

(98)
:

347
36-1
372

1913.
1914.
1915.
1916..
1917.,
1918.,
1919.,
1920.
1921.

(45)

100
101 I is 100
137 !
187 .
262
339
357
510 20 1,997
345 2C 2,127

100
106
142
153
179
217
416
1,486
1,911

254
224
202

331 !.
344 i

178
177
182
178
177
179
180
180
178 i

314
306
307
314
317
325
325
331
329

(53)

(93)

100
105
145
222
286
392
297
282
181

1,917
2,067
2,460

180
180
169

4,238 i 3,665
4,612 i 4,103
5,433
5,427
6,722 . 6,355
6,458
7,379
7,030
7,841
9,957
9,140
13,935 : 17. 990
28,919 j.
44,089 '
.

161
162
161
161
165
166
159
147

577
562
533
527
524
537
558
571
582

(47)

(71)

100
101
119
141
166
207
204
221
190

12 100
116
145
185
244
339
330
347
211

195

297
287
286

542
580
599

;
I
I
•
!

« 100

(74)

159
233
341
345
322
377
269

100
95
133
202
299
409
364
624
578

'
:

(58)

" iio

(100)

183
183
185

198
182
175

177
181
184

179
177
176
185
176
177

170
166
164
165
164
164
165
163

100

1921.
August
September
October
1922.
January
February
March
April
May
June
July
August
September
October

360 I
360 |

!

•
!
;

!
i
!

331 I.

j
!
i
I

260
253
240
236
231
230
232
227
225

59,231 '
63,445
73,729 '
75,106 !
78,634 !
87,820 .
103,342 I.

tinued.

VSIA AND OCEANIA.

I
Year and month.

United i
| Kingdom;
Board of
Trade.
(150)

United
AusPeru;
United States; Canada; Depart- tralia;
King- Bureau Depart- ment of Bureau
dom: of Labor ment of Statis- of Census
StaStatist. 4
Labor." tics.w and Statistics.
tistics.4
(404)

(45)

(147)

177
194
206
226
147

22 100
141
132
155
170
180
2L8
167

133
140
145

181
175
163

142
141
142

174
172
169

205
205
203

160
160
156

156 !
155 [
157 !
158 i
159 :
159
157
152 1

138
141
142
143
148
150
155
155

168
169
167
166
167
165
166
164

190
191
190
187
186

147
147
146
148
155
156

191
191
185
168
165
163
163
164
163
163
159

.

(92)

100
104
120
146
176
212
220
238
205

100
98
101

314
201

.

(58)

China
(Shanghai);
Ministry
of Fi-20
nance.

100
101
110
135
177
206
217
246
182

100
101
126
159
206
226
242
295
182

100

(271)

]27

176
171
171
163
161
160
161
163
163

i
!
!
I
i
:
|
|

T

T
NORTH AND SOUTH
AMERICA.

EUROPE—con-

1913
1914
1915
1916
1917
1918
1919
1920
1921

i
j
'

AFRICA.

India
Dutch
New
(CalEast
cutta); Japan Zealand;
Indies; Depart- (Tokvo); DepartStatis- ment of Bank of ment of
Japan.« Statis-"
tical
tics.
Bureau.8 Statistics.6
(56)
(75)
(106)

21 100

Egypt
(Cairo);
Department of
Statistics.

South
Africa;
O nice of
Census
and Statistics.

(23)

(187)

232
281
226
186

24 100
112
128
147
180
198
204
181

100
96
97
117
147
192
236
259
200

100
104
123
134
151
175
178
212
201

25 100
102
124
168
207
225
299
180

100
117
135
154
168
181
245
192

149
148
146

184
188
175

184
187
184

199
207
219

197
197
195

166
176
186

155

149
148
152
150
146
144
145
142
139

164
163
164
164
166
167

178
179
182
182
187
183
181

206
204
201
197
194
197
201
195

186
181
179
180
177
17.5

169
152
153
148
141
139
138
139

aa 100

1921.

-Vugust
September
October
1922.
January
February
March
A pril

Mav
j une

July
August
September

I

i

157
155

178

144
142

j

1 The number of commodities or quotations used in the computation
13 April, 1914=100.
of each index is indicated by figures in parenthesis at head of each
14 July 1,1912, to June 30, 1914=100.
column.
is July, 1914=100.'
2 Average of last half of month.
16 Dec. 31,1913, to June 30,1914=100.
8
First of month.
" January, 1914=100.
18
«End of month.
December figure.
* Beginning of month—not always the 1st.
w Average for month until September, 1921; thereafter prices as of 15th
6 Average for the month.
of amonth.
' Based upon price of 52 commodities during 1920; 53 during 1921.
° As of last Wednesday in month.
» 38 commodities prior to 1920; 76 commodities during 1921. Average
* February, 1913= 100.
for the month.
22 July, 1914=100.
• End of year and end of month.
23 As of Jan. 1.
10 15th of the month.
2 End of July, 1914= 100.
<
11 Middle of month.
26 Jan. 1,1913, to July 31,1914=100.
&
is July 1,1913, to June 30, 1914=100.
a January figure.




OCTOBEK, 1922.

FEDERAL RESERVE BULLETIN.

THE REVISED BELGIAN INDEX.

The statistical section of the Belgian Ministry of Labor has constructed a new monthly
index of wholesale prices in Belgium. The
index numbers are calculated, not according
to the "chain system" as formerly, but on the
permanent basis of prices in April, 1914. The
index consists of 128 commodities, which are
divided into 17 groups. Both the group
index numbers and the general index are
geometric averages. The prices are furnished
by well-known industrial and commercial
organizations and apply to the last half of
each month only. A table giving the index
numbers for all the groups of commodities as
newly revised will be found on page 1214 of
this issue. The index has not been computed
for months prior to August, 1921.

1213

for September, 1922. Lack of space prevents
the publication of group index numbers for
many of these countries except occasionally,
but they can be obtained at any time upon
request. Reference may be made to the
September, 1922, BULLETIN, pp. 1092-1100,
for a more complete series of group index
numbers than appears in this issue.
In the case of only a few of the index numbers is 1913 used as the basis in the original
computations. In most cases in which 1913
appears as the basis for the computation the
index numbers have been shifted from their
original bases. The computations in such cases
are, therefore, only approximately correct. In
certain of the index numbers July, 1914, or
the 12 months' period immediately preceding
is used as the base. Since the figures are for
the most part received by cable, the latest are
subject to revision.

OTHEK INDEX NUMBERS.
FEDERAL RESERVE BOARD SERIES.

The foreign index numbers published on the
preceding page are constructed by various foreign statistical offices, and are sent to the Federal Reserve Board by cable. The BULLETIN
for January, 1920, contains a description of the
French, Australian, Japanese, and Canadian
indexes. A description of the method used in
the construction of the Swedish index number
appeared, in the BULLETIN for February, 1921;
the British index number, compiled by the
Board of Trade, was described in the March,
1921, BULLETIN; and the new Italian index
number was discussed in the April, 1921, issue.
The December, 1921, BULLETIN contains a description of the index published by the Federal
Statistical Bureau for Germany, and the indexes for Switzerland, Holland, Norway, Bulgaria, Egypt, the Union of South Africa, the
Dominion of New Zealand, and Peru. The index number for the Dutch East Indies was
described in the BULLETIN for March, 1922,
while a description of the Polish index may
be found in the July, 1922, issue. The revised
index of the United States Bureau of Labor
Statistics was first published in the July, 1922,
BULLETIN; and a description of the Frankfurter
Zeitung's revised index was given in the issue




A description of the international price index
numbers of the Federal Reserve Board for the
United States, England, Canada, France, and
Japan may be found in the BULLETINS for
May, 1920; February, 1922; July, 1922: August,
1922; and September, 1922, respectively. A
comparative summary table showing the
Board's international index for these five
countries appears on page 1206.
Index numbers showing the price levels of
separate groups of commodities in the United
States and a few foreign countries are presented on the following pages. Group index
numbers computed by the Federal Reserve
Board as part of its international series of
price indexes will be found on pages 1207-1209
of this issue.
The revised series of group index numbers
for the United States, showing the Federal Reserve Board's regrouping of the new index of
the Bureau of Labor Statistics, based upon 404
quotations, was published for the first time in
the September, 1922, BULLETIN. A similar
regrouping by the Federal Reserve Board of
the old index of the Bureau of Labor Statistics
first appeared in the October, 1918, issue.

1214

OCTOBER, 1922.

FEDERAL RESERVE BULLETIN.

GROUP INDEX NUMBERS—UNITED STATES—COMMODITIES I N BUREAU OF LABOR STATISTICS INDEX REGROUPED BY
FEDERAL RESERVE BOARD.

Raw materials.
Total
- Animal Forest
Mineral
products. products. products. raw materials.
products.
(88)
(35)
(21)
(21)
(11)

Year and month.

1913.
1920.
1921.

100
255
134

August
September..
October
November..
December..

123
141
135
130
130

130
140
141
145
152
146
147
138

Producers'
goods.
(117)

|
Con- I All
sumers' ^ommodigoods. i ties.
(404)

(199)

100
186
110

100
312
1(56

100
236
185

100
229
142

100
214
135

100
231
159

100
226
147

j
j

114
105
107
103
103

152
154
162
175

169
168
174
178
179

135
137
138
137
137

125
126
126
125
125

157
155
154
153
151

142
141
142
141
140

|
i
!
I
!
i

109
121
122
120
122
123
130
127

167
166
165
167
174
186
188
191

178
177
178
180 !
202 |
211 !
241
261

139
146
147
148
157
159
171
173

123
118
120
122
125
127
129
129

146
148
150
149
150
151
152
149

13S
141
142
143
148
150
155
155

Miscellaneous.

All
commodities.

(25)

(404)

:

!
:

1922.

January...
February..
March
April
May
June
July
August

GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS.

Farm
products.

Foods.

(56)

Year and month.

(HO)

Metals Building ChemCloths
Fuel a n d
and
and
mateicals and
lighting.
metal
clothing.
drugs.
products. rials.
(41)
(65)
(20)
(37)
(43)

House
furnishing
goods.
(31)

100
218
124

100
220
144

100
295
180

100
241
199

100
192
129

100
264
165

100
200
136

100
254
195

100
196
128

100
226
147

123
124
12-4
121
120

146
142
140
139
136

171
178
180
180
180

184
181
189
197
199

117
116
116
114
113

156
156
159
.163
158

129
131
131
129
127

179
179
180
178
178

119
118
118
119
121

142
141
142
141
140

122
131
130
129
132
131
135
131

1913
1920
1921

,3,
135
137
137
138
140
142
138

176
174
172
171
175
179
180
181

195
191
191
194
216
225
254
271

112
110
109
113
119
120
121
126

157
156
155
156
160
167
170
172

124
123
125
124
122
122
121
122

178
177
175
175
176
*176
173
173

117
117
117
116
116
114
114
115

138
141
142
143
148
150
155
155

1921.
August
September. .
October
November..
December
January.
February
March
April
.
May
June
July

.

. .

. . .
1922.
.

. . .

August

GROUP INDEX NUMBERS—BELGIUM—MINISTRY OF LABOR.
[April, 1914=100.]

Tar
Year and Foods. Fuel. prodmonth.
ucts.
(16)

(3)

(4)

Metals.
(15)

Petroleum Pot- Glass- Chem- Fertiprod- tery; wares. icals. lizers. Fats.
ucts.
(7)

(10)

(2)

(12)

(4)

(7)

BuildHides
All
India comTexing
and
Totiles. mate- Rosin. leath- bacco. Paper. rub- modiber.
rials.
er.
ties.
(21)

(13)

(2)

(9)

(1)

(1)

(1)

(128)

1921.

August
September
October...
November.
December.

387
389
381
382
369

445
445
446
439

476
523
420
405

292
318
326
343
340

377
380
403
447
445

526
538
520
528
528

427
429
394
416
416

335
340
341
351
345

318
346
346
355
362

289
337
321
316
306

342
394
421
400
416

362
357
360
361
360

333
394
372
407
366

267
291
305
293
295

295
295
295
295
295

401
402
402
417
433

53
62
72
81
82

347
368
372
374
369

1922.
January...
February..
March
April
May .
June
July

359
346
342
347
337
344
336

447
443
430
407
392
392
391

416
403
416
409
399
429
452

330
311
306
313
318
319
329

436
422
384
359
357
360
366

528
520
526
518
533
525
530

415
386
360
325
325
337
337

345
341
334
326
321
321
321

339
342
369
358
348
333
328

303
302
292
279
283
293
307

394
380
370
360
399
432
440

361
357
355
351
346
358
331

372
356
350
369
369
401
452

301
295
286
282
282
282
286

295
295
295
295
295
295
295

433
433
433
418
418
413
413

68
54
55
54
52
52
60

366
356
350
344
348
356
360




4 38

OCTOBER,

1215

FEDERAL RESERVE BULLETIN.

1922.

GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU.

Year and month.

Animal
foods.
(8)

1913 average...
1920 average..
1921 average..
September.
October
November.
December..
January
February..,
March
,
April
May
;
June
,
July
August
September..

Sugar,
Vegetable | coffee, and
foods, j cocoa.
(4)
(8)
I

All
foods.

Minerals.

Textiles.

Sundries.

(20)

(7)

(6)

(12)

!
All indus- : All comtrial
materials. modities.
(25)
j
(45)
100

100
503
380

100
459
355

100
449
275

100
737
355

100
524
374

311 !
305
306
303 :

389
305
324
300

352
323
321
313

253
262
277
269

388
391
388
375

370
365
362
364

289 j

306
318
326
320
319
334
339
336
333

302
301
317
335
334
341
330
327
318

258
242
242
245
249
255
265
275
279

363
345
326
319
338
372
392
421
418

350
311
328
324
323
322
326
330
341

100

550
338

309
303
341
362
362
363
359
354
346

1922.

100
422
343

373
345
331
324

1921.

100
427 i
330 .

288 I
285 |
310 i
310:
318 !
293 I
292 !
279 i

510

!

345

338 !

344

338
341
337

i
!

332
326

324' :

314

331

306

311
300 ;
297 1
303 :
313

307
314
317
325
325
331.
329

322 !
334 ii
339 ;

GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG.
[July, 1914=100.]
Foodstuffs
and
luxuries.

Year and month.

Miscel
I Industrial I
laneous.
™$™^ \
(17)

(26)

July, 1914
January. 1920
January] 1921

100
1,101
1,776

100
1,972
2,019

(21)
100
1,997
2,129

100
1,343
1,594

1922.

Beginning of—
January
February
March
April
May
June
July
August
September
October

3,840
4,300
5,211
6,330
6,649
6,967
6,323
13,691
29,175
38,595

7,168
7,722
8,492
10,585
11,379
11,891
13,938
21,910

5,178 I
5,525
6,810
8,585
9,305
10,141
12,168
18,355
42,648
54,905

3,149
3,492
4,201
5,288
5,961
6,413
6,881
10,993
21,605
32,134

3,159
3,367
3,817
4,644
5,546
5,859
6,750 !
8,549 |
19,352 I
35,025 j

4,238
4,612
5,427
6,722
7,379
7,841
9,140
13,935
28,919
44,089

GROUP INDEX NUMBERS—GERMANY—FEDERAL STATISTICAL BUREAU.
[1913=100.]

Year and month.

1913 average
1920 average
1921 average
August
September
October
November
December

,
1921.




I
Goods | Goods
produced, imported.
(16)
(22)
100
1,253 i
1,786 !

100
2,652
2,533

1,913
1,952 !
2,235 !
2,967 I
3,170;

1,935
2,643
3,585
5,662
5,071

All commodities.
(38)

Year and month.

100
1,486 January...
1,911 j;! February..
March
April
1,917 May
2,067 June
2,460 July
3,416 August
3,487

1922.

Goods
produced.
(16)

Goods
imported.
(22)

3,383
3,763
5,027
5,985
6,026
6,540
9,168
15,080

5,075
5,800
7,463
8,203
8,617
9,479
13,854
32,490

All commodities.
(38)

3,665
4,103
5,433
6,355
6,458
7,030
9,957
17,990

1216

OCTOBER, 1022.

FEDERAL RESERVE BULLETIN.
SJOFARTSTIDNING. 1

GROUP INDEX NUMBERS—SWEDEN—GOTEBORGS HANDELS OCH
[July 1, 1913-Junc 30, 1914=100.]
V egotable
foods

Date,

1913-14
1920
1921

Animal
foods.

R a w materials
for agriculture.

Metals.

Coal.

100
312
227

217
183
107
161
156

230
208
198
196
186

214
207
200
197
202

250
223
202
194
197

168
170
173
174
176
174
174
168

173

202
170
168
169
170
170

Hides
and
leather.

Oils..

Textiles.

All commodities.

285

100
371

100
675
310

100
215
107

100
324

243

100
294
228

100
347
211

130
130
130
133

179
186
170

100
262

Wood
pulp.

100
278
159

100

100
296
220

1.007

210

Building
materials.

198
191
211
239
243

183
178
169
181
189

107
119
108
110

132
166
161
149
146

191
191
187
179
179

198
182
175
174
172

228
226
225
229
212
209
215
213

189
178
167
159
147
144
149
149

144
138
110
110
156
172
179
170

179
179
179
162
154
154
151
lot

170

1921.
August
September
October
K ovember
December

134

1922.

January
February
March
April
May
June
July
August
1

"

108

159
153

156
154
165
164
168

131
130
129
128

177
179
155
160
167

167"

162

124
121
121
123

104
97
91
90
86

87
88
90

166
164

165
164
164
165
163

Formerly published in Svcnsk Handelstiding.
GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE.
Other ;
Meat
and fish.

Cereals.

Year and month.

(17)

(19)

100 j
273 !
194

100
263
21.9

1921.

100
278
214

100
272
209

100
406

210
199
183
177
173

222

169
174
17
.1
172

166
162

172
169
169
160

1.57

205
195
170
157
153

216
200
IS I

210
201
193
195
186

149
155
.159
156
159
154
156
151

176
178

182
187

106

.1.86
186
181
179
181
161

1922.

184
178

171
174
173
170
169

(20)

(24)

(53)

j.

1913 average
1920 average
1921 average

January
February
March...'
April
May
June
July
August

Other I Other
textiles, articles.

Iron and
steel.

Total
food.

Grains iAnimals
and ! and
fodder. ! meats.
(15)

(17)

100 j
263 !
150 1
1

1913
1920
1921.
1921.
-Yugust
September .
October.
November
December.

100
198
14
.9

152
144
127
125
131

143
133
134
113
122

I
!
'
1

(15)

(16)

I

(97)

(22)

(150)

100
252
179

100
274
196

100
340
197

100
314
201

176
213
225
199
188

1.59
163 i
170 !
169
167

189

152 j

190
183
178

186
187
186
176
171

194
191
1.85
176
.171

149

172

100
362
173 .

153:

207
1.94
.1.81

100
480
192

172 j
161 i
158 ;

237

180
168
172
173
179
187
191
186

169
164
159
160
166
1.67
168
167

169
167
164
163
1.63
162
1.60

167
161

168
165
163
163
1.64
163
163
159

145
143
143
142
.139
138
142

159

158
157
155
151

>
I
|
:
•
•
I

GROUP INDEX NUMBERS—CANADA—DEPARTMENT

Year and month.

Total . All comnot food. I m o d i ties.

minerals.
(17) !

August
September
October
November
December

Other
foods.

i
i
I
i
|
!
i

1.90

174

159
159
160
160
160
159

OF LABOR.i

Dairy
products.

Fruits
and
vegetables.

Other
foods.

Textiles.

Hides,
leather,
etc.

Metals.

Implements.

(9)

(20;

(25)

(20)

(11)

(23)

(10)

Build- !
Drugs
ing m a - , Fuel and and
terials, lighting, chemilumber.
cals.
(16)
(14)
(10)

All
commodities.
(264)

1.00

to
o
261
172

100
258
181

100
303
189

100

204
157

110

100
203
150

100
245
240

100
268 '
211 •

100
255
218

100
204
177

100
246
182

142
141
149
158

182
170
171
176

173
170
162
158

18L
183
185
179

101

145

159

176

232

192
189 ;
..0 |
19
180
180

205
206
210
2 LI.
211

176
171
169
165

188

143
11
,3
140
141

237
235
234
232

170

100
100
100
1.00

166

174
172
169
168
170

176
1.74

99

142

23 L

97
96
95
95
99
100
105

141
137
135
136

216
213
213
213
213
216

180 '
179
174 .
174
173
173 •
178 j
179 !

206
204
206
206
221
221
234
257

163
1.64

1.69

1.92

1922.
January
February...

March
Ypril .
May.....
j unc
July . ..
Yugust
1

133
145
14
.9
152
153
143
143
130

;
j
• 1
| 1
1 1
j 1

Unimportant groups omitted.




129
140
138
143
4 4
4 4
4 3
3 8

149

186

155

141
122
127

204
204
203
202
180

155
158
157
154
153
154
180

1.16
1.1.7

120
120

1.78

156

174
174
175
180
184
181

.1.37

138
142

21.6

166
165
166
162
160
161

168
166
166
1.67

165
166
164

0CT0J5EE, 1922.

1217

FEDERAL RESERVE BULLETIN.

COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES.

In the following table arc presented statistics showing the trend of retail prices and
cost of living in the United States and certain European countries:
INDEX NUMBERS OF RETAIL PRICES AND COST OF LIVING.
Cost of living.

Retail prices.

Year and month.

United
States.

Italy.
3

1913
L914
1920
192 L

August
September...
October ..
November
December...

France
(Paris) .i

2

United
Sweden. Kingdom. Germany Germany Belgium. Switzerland.
(46 cities). (Berlin).

100

100
199
150

a i()6

37 L
337

454
548

100
29S
237

152
1.50
150
149
117

31.7
329
331
320
323

534
542
5S1
583
5S5

139
139
136
130
L36
13S
139
130

319
307
294
304
317
307
297
279
291

576
559
546
524
530

2

2

100
249
226

'100
813
1,047

a 100
.1,080
1,236

234
228
21S
21L
•>-02

222
220
210
203
L<)9

1,045
1,062
1 146
1,397
1 550

190
189

192
188
186
182
181
L8()
184
181
179

1,64.0
1,989
2 302
3,175
3 462
3,779
4,990
7,029
11,376

6

100

7 100

434

210

1,177
1,212
1,340
1,767
1 934

424
422
439
451
447

205
203
199
192
189

1,903
2,177
2 740
3,177
3 455
4,149
6,122
10,271
16,368

4L8
394
372
368
365
373
372

186
175
170
162
156

1921.

..
.

'"
1922.

January
February
March. ..
April
May...
Tune
Iuly...
August....
September .
1
Average for the month.
2 July.
3
Average for the year.

•t 1913-1.914=100.
a A u g u s t , 1913-July, 1914= 100.

The American index number, constructed by the Bureau of Labor Statistics, was based upon the retail prices of
22 articles of food, weighted according to family consumption, until January, 1921, when it was increased to 43
articles reported by dealers in 51 important cities. The
method of weighting continues the same, although the
actual "'weight" applied has been changed. The original
basis, that of the year 1913, has been shifted to July.
1914.
The retail price index for Paris, compiled by the French
General Statistical Office, consists of" retail "prices of 13
different commodities, weighted according to the average
annual consumption of a workingman's family of four persons. Eleven of the commodities included in this index
are foods, and the other two are kerosene and alcohol.
The Italian retail price index for the most important
cities, computed by the Italian Ministry of Labor, consists
of retail prices of 21 commodities. Of the commodities
included, 20 are foods and the other commodity is charcoal.
The Swedish index number consists of the retail prices
of foodstuffs, fuel, and lighting and is based upon the
prices of 51 articles in 44 towns (in 1920, 50 articles in 49
towns), weighted according to the budget of a workingman's family which before the war had a yearly income of
2,000 kronor.




185
182
178
179
179
181

155

fi
April 1.5, 1914,
"' June.

The British index number of the cost of living constructed by the Ministry.of Labor consists of the retail
prices not only of foodstuffs but of other articles as well.
Retail clothing prices, rents, and the cost of fuel, lighting,
and miscellaneous household items are also taken into
consideration. The index number is weighted according
to the importance of the items in the budgets of workingclass families.
The German cost of living index for 46 cities is furnished
by the Federal Statistical Bureau and includes food, fuel,
light, and rent.
The Berlin index, computed by Dr. R. Kuczynski, is
based on the minimum cost of subsistence for a workingclass family of four persons in Berlin. The groups included
in the budget are food, clothing, heating, lighting, and
rent.
The Belgian index number of cost of living, constructed
by the Ministry of Labor, consists of the retail prices of
30 commodities, weighted according to a standard budget
based on an inquiry into the expenditures of 848 families
of the laboring and small middle classes.
The Swiss index number, computed by the Social
Statistics Service of the Bureau of Labor, is based on an
investigation into household budgets made in 1920, and
refers to about one-third of the entire cost of living of the
family of a skilled worker.

1218

FEDERAL RESERVE BULLETIN.

OCTOBER, 1922.

INDEXES OF INDUSTRIAL ACTIVITY IN FOREIGN COUNTRIES.
ENGLAND.
Exports.

Producti <' (iong tons, 000 omitted).

Year and month.

Coal.

Pig iron.

Steel
ingots
and
castings.

Raw
cotton
Ship ton- |Railways Iron and
visible nage under ;| net ton
supply
construeFinished (thou- tion (gross : miles
steel.
tons).
sands of
bales).*

Per cent
of unemployed
Cotton j
among
Coal
manuapproxifactures I (long
mately
tons, 000 12,000,000
omitted). insured
ed
persons.

St<T°™" H

Monthly average:
23,953
19,108
13,696

855
670
2L8

639
756
302

646
238

12,002,699
1,397 ! 13,603,131
1,234 13,312,983

414
271
142

6 596
374
244

6,117
2,078
2,055

16,589
16,517
2 21,090
17,875
3 22,594

94
158
236
272
275

434
429
405
444
381

321
322
304
330
292

1,194
1,060
1,123
1,216
1,271

77
133
156
194
205

214
268
345
366
333

3,103
3,407
3,406
3,594
4,309

13.2
12.2
12.8
15.7
16.2

I
17,693 i
19,764
19,921
2 22,875
19,146 :
15,827 i
23,135 I
19,150 ;

1913
1920
1921

288 I
300 !
390
394
408
369
399

253.
224
295
258
272
236
252
270

342
254
307
305
345
315
447
381

4,021
4,014
5,201
4,097
5,057
4,794
5,064
6,146

16.2
15.2
14.6
14.4
13.5
12.7
12.3
12.0

1921.

August..
September.
October
November.
December .
1922.

January...
February.
March
April
May
June
July
August...

!
j 3 3,282,972
!
j
*2,640,319

I
415
549
404
462
400
473

271
321
369
294
334
316

i
i
I
"

T

1
4
3

* Work suspended on all but 1,918,319 tons.
•Yards.
1
Work suspended on all but 1,619,000 tons.

Average of 4 quarterly estimates.
Five weeks.
Work suspended on all but 2,094,000 tons.
* End of month.
FRANCE.1
Pig
iron
production.

Crude
steel
production.

Year and month.

Raw cot-!
Coal
imported ton im- j Cotton
ported stocks at
for
consump- for con- i Havre.a
sumD- !
tion.
tion.

Thousands of metric tons.

Metric
tons.

Raw
silkimported
for consumption.

Receipts

of the
Total
Total
imports. exports. principal Number
French
of un-

Thou- i
Thousands of | Metric sands of
bales of
tons. • metric
50 kilo- •
tons.
grams.

Monthlv average:
1913
1920
1921

M34
286
280

railways.3 employed
receiving
municipal
aid in
Thou- | ThouParis.*
sands of j sands of
metric j francs.
tons.

I

<391
254
255

1,558
2,005
1,472 !

27,428
19,577
16,666

274
225
169

629
390
206 ;

267
255
244
256 i
295 I
301 !

223
232
236
260
277
302

660 !
1,065
1,874
1,301
3,291
2,895

6,539
10,700
11,769
25,757
29,059
30,835

131
132
131
181
192

51
202
261
385
277
382

2,164
2,593
3,993
2,809
5,161
5,197

1,194
1,035
1,172
1,252
1,515
2,507

312
323 !

315
317
367
324
364
358

1,676
2,153
2,081
1,538
2,058
1,829
1,631

14,870
14,714
20,978
17,391 ;
18,090 I
32,380 !
26,325 |

188

502

163
127
138
169
145
153
135

467
408
207
404
391
566

3,396
4,126
4,434
3,787
4,396
4,307
4,223
4.512

3,685
4,211
3,165

1,840
1,071
1,333

'5 165,892
j 479,894
516,397

3,022
20,671

483,216
641,887

10,616
9,706
7,486
5,348
3,730
4,175

1,554 ; 454,323
' ""
468,175
1,520
472,779
1,570
608,764
1,794
472,607
1,538
504,431
1,799
651,720
1,936
546,310
1,788

4,658
4,385
3,546
2,447
1,636
958
602
606

1921.

July
August
September.
October
November..
December..
1922.

January...
February..
March
April
May
June
July
August
1
a
3

442 !
416 j
428 I

Latest figures subject to revision. .
End of month.
Railways included are: State railways, Paris-Lyon-Mediterrane"e, Nord, Orleans, Est, Midi, Alsace-Lorraine, and Guillaume-Luxembour?
Railways.
< Does not include Lorraine.
•Excludes the Alsace-Lorraine and Guillaume-Luxembourg Railways.




OCTOBER,

1219

FEDERAL RESERVE BULLETIN.

1922.

GERMANY.
Production i
(000's of metric ,
tons).

Imports (metric tons). 1

Year and month.

Half I
manu- |
fac- jlron ore.1
tured I
silk.

thly s
1913..
1920.
1921.

Ship arrivals
in Hamburg.

Exports (metric tons). 1

Cotton."

Iron
and
iron
manufactures.

920 11,224,951 43,424 541,439
& 232 | 537,535 12,490 145,883
393 : 619,194 30,894 203,681

Machin-i
eryandi
electri- |

Number of
applicants
for
every
100
available
positions.

Number of
unemployed
persons
receiving
State
aid (000
omitted).

Number of
ships.

Tonnage
(net
registered
tons;
000
omitted).

1,256
401
700

Coal.<

60,919
46,772
39,037

Unemployment.

1,182
374
794

169
165

310

21,812 2,881,126
8,462
608,749
8,530
518,937

1921.

July
August
September...
October
November..
December

14,343

10,065
10,606
10,
10,567
10,479
11,029

354
328
447
774
346

I 493,434 35,176
! 356,397 52,433
564,827 28,766
. 919,822 29,739
i 937,268 27,242
790,811 28,313

177,773
240,071
225,331
246,115
233,204
214,812

51,416
37,456
34,615
33,067
35,697
46,397

7,353
9,618
10,156
10,255
9,953
9,212

453,173
613,739
649,158
576,048
569,657
640,877

809
942
957
915
838
503

888
955
1,018
1,047
881
873

151
142
132
128
136
148

314
267
232
186
150
149

347
383
440
462
486
436
435

10,815
14,725
17,688
12,506
12,628
10,984

941,972
492,705
: 809,722
| 865,778
11,519,365
il, 159,329
961,768

221,743
172,709
211,979
200,677
209,432
213,220
212,394

39,470
45,689
48,813
46,112
47,354
49,347
44,162

9,552 i 752,340
9,332 ! 669,433
12,299 j 795,200
11,095
795,940
12,629
701,941
16,335
528,766
12,671
199,961

745
461
894
972
1,143
1,092
793
1,005

875
716
969
1,112
1,244
1,287
1,065
1,171

150
145
113
113
107
103
105

165
203
213
116
69

1922.

January
February
March
April
May
June
July
August

14,640
13.655
15,931 12,260
13,800 I10,634 I 2< 091
14,666 I 11,437 25,619
11,416 I- —
10,487 15,723
"9,580
14,119
810,206

23,426
17,915
26,130
24,070
26,112
22,037
26,085

1
Import and export figures for first 4 months of 1921 not available; 1921 averages based on 8 months.
2 Includes manganese ore.
3
Includes linters.
4
Not including coal for reparations account.
• Average base on 6 months.
• Coal, excluding coke.
SWEDEN.

Shipping.

Exports.

Year and month.

Imports,
coal
(000's of
Unplaned Paper
metric
pulp
boards
tons).
(000's of (000's of
metric
cubic
meters).
tons).

Net tonnage of
loaded vessels in
foreign trade (000
omitted).
Entered. Cleared.

Railway
traffic,
volume
of freight
carried
on State
railways
(000's
metric
tons).

Production (000's of
metric tons).

Pig
iron.

Iron
and
steel
ingots.

UnemployBlast
ment,
furnaces number
in
of
operation workmen
(per cent per 100
of total). vacancies.

Monthly average:
1913
1920
1921

112
107
276

328
306
162

71
73
40

408
234
122

1,147
677
519

1,147
692
482

830
991
589

61
39
26

49
37
17

119
205
325
370
361
356

...

41
66
49
54
99
104

20
148
279
219
192
246

455
592
609
670
601
575

487
536
536
595
578
582

503
575
566
691
721
558

19
17
16
16
18
19

16
15
16
16
22
17

14.9
15.7
16.4
15.7

87
25
63
66
99
500
608
539

28

114
62
197
206
230
172
214

442
285 |
617 i
524
600
596
625 i
!

409
255
509
485
633
738
787

485
630
730
622
578
645
715

18
17
22
19
24
21
19

13
17
22
21
31
24
27

21
21
22

1921.

Tuly
August
September
October
November
December
January
February
March
April
May
June
July
August

1922.




36
21
76
80
89
104

294

16.5

261
235
227
263
384
473
482
479
381
368
257
215
203

172

1220

FEDERAL RESERVE BULLETIN.

OCTOBER,

1022.

JAPAN.

Year and month.

Monthly average:
1913
1920
1921
1921.
January
February
March
April
May
.Tune
July
August
September
October
November
December
1922.
January
February
March
April
May
June

Silk
Raw : fabrics
silk, j (habu| Laye).

Pieuls. \ Fields.
I 16,857
2,302
j 14,557
2,264
21,836 j 1.702
! 6,7S5 i
i 10.302 :
13,910
! 24,743
i 19'. 832
! 24,916 ,
! 22JW4
25,808
I 22, 563 i
21,006
i 29,169 i
, 37', 250 ,
!
i
I 16,924 '[
\ 18,102 .
:
16,647 j
j 27,380 ;
:
35,147 I
i 29,569 !

I Sheeti ings
Cotton ; and
yarns. ! shirt• ings,

j
!
: Raw cotton, Wool.
| ginned.
j

Pieuls. j Pieuls. i
Pieuls.
132,013 i
536,844 13,162
648,281 46,918 i 528,415 I
717,993 22,277 j 312,432 j

Yards
Pieuls.
(000).
113,374 7,921
74,839 28,465
73,064 23,210
95,370
50,241
94,986
158,6.17
108.419
58,495
54,158
44,479
36,996
53,506
53,484
68,032

i
1,080
1,551 !i
2,003
1,669 i
1,977 l
2,176 •

Imperial Government railways.
| TonRaw
: nage ol
silk
Produc• vessels
stocks,
tion
; cleared
Yokocotton
iron
Tonin
hama
yarns.
plates foreign nage of, Total
market.
and
trade. freight receipts
sheets.
carried. |

Imports.

Exports.

31.288 '
24,944 !
28,435 j
36,565 •
29,843 !
20,275
24,406
19,080
13,309 j
13.289 j
16,707 i
20,382 :

i

Tons j
(000). i
2,075 \
2,216
2,324

Tons
(000).
2.923
4,548
4; 312

! Yen
! (000).
11,723
. 27,589
I 31,182

Bales, i Bales.
126,498 I
151,414
53,111
151,007
58,477

5,170 !
7,617
14,019
42,435
18,263
18,458 |
38,610
17,799
32,246
!34,013
;14,639
'24,064

175,045 i
211,939 !
269,945 !
339,608 •
"
315,390 !
946,456 |
182,332
322,879
101,188
217,834
295,803
371,165

1,969 .
1,719
2,089
2,178
2.321
2,492 '
2,419 i
2,552
2,328 j
2,491 \
2.611 \
2;718

4,143
3,719
4,471
4,383
4,471
4,102
4,229
4, 111
4,286
4,625
4,610
4,922

26,869
25,661
32,346
35,944
33,389
27,261
29,971
32,958
30,580
34,960
31,729
!32,520

142,041
140,005
144,762
149,662
152,466
152,605
140,365
136,201
148;996
158,689
168,295
178,000

461,991 ;
.-vQ'J rii'i
593,563 I
637,079 ; •
582,232
751,640 :
889,819

2,749
O in 7
2,817
3,094
2,971
3,287
3,024

4,102
4,261
5,066
4'. 968
5', 225

28,576
28,037
36,337
42,074
38,487

167,853
174,389
.184,421
]90;513
194,057
190,265

431.659
464^ 525
737,210
736,966
842,606
932,487
670,557
899,440
893;111
685,261
696,266
645,833

61,414 19,124
.1,161,410 41,724 !
63,719 24,990 j 1,168,355 93,411 !
1,083,960 i 64,865
123,605 24; 194
707,041 I 76,416
138,226 | 24,725
580,165 ! 24,753
"" "-"
146,354 25,821
139,057 29,713
489,955 68,415

54,375
50,249
55,897
82,814
87, 111
53,398
56,283
r,o, 012
59,450.
53,535
48,832
44,766

I40,561
32,213
44,701
40,777
18,293
18,547

FOREIGN TRADE OF PRINCIPAL COUNTRIES.

In the following tables are presented figures exports and reexports, current f. o. b. values,
from official sources showing the monthly The same method is followed in Japan and
value of the foreign trade of a group of im- j Sweden. In France and Italy the value of
portant European countries, Japan, and the j foreign trade is estimated not in terms of curUnitcd States. Currencies have not been con- rent prices but in terms of those of some
verted to a common unit, nor are methods of " earlier period, usually the preceding year. The
.
valuation the same in all countries. In Eng- j figures do not include imports or exports of
land imports are given current c. i. f. values; i gold and silver unless so stated.
FOREIGN TRADE OF UNITED KINGDOM.
[In thousands of pounds sterling.]

Year and month.

Monthly average:
1913
1920
1921
August
g
ptember
September
b
October
November
December
January...
February.
March
April
May
June
July
August

1921.
i

1922.




I
i Articles Miscel- I
i
laneous,.
includ- Total. !
ing I
1
manu- parcel !
post.
factured>cture(L

24,184 i 23,485 ; 16,134
63,817 I 59,196 j 37,787
47,271 22,598 ! 20,421

259
254
268

19,589
20,465
21,256
29,946
27,792

18,194
17,905
18,691
17,913
18,291

214
338
320
154
165

17,710 i
16,576
20,309
18,962
20,207
18,857
18,579
20,326

241
322
215
199
176
263
151

50,584
j 48,410 j
44,475
41,246 |
39,063 j

33,972 24,565
32,257 20,220
45,261 22,095
40,097 21,404
43,075 25,358
39,936 25,242
38,817 ! 24,237
37,762 ; 24,142

;
Raw
mate- Articles MiscelFood, rials and1 wholly laneous,
drink, articles
or
and
mainly mainly
tobacco.unmanu- manu1
factured. factured.

t?!

S3?

Reex-

*-• iiP
I!

64,061 , 2,716
!
161,387 !| 4,245
3,122
90,557

5,825
12,126
5,297

34,281
93,312
49,055

949 i 43,770
1,523 ! 111,206
1,126
58,600

88,581 '
87,119
84,742
89,259
85,312

3,124
3,300
3,466
3,586
3,187

7,058
6,997
7,359
7,046
7,446

39,936
44,009
50,328
51,094
47,364

1,228
942
1,113
1,169
1,378

75,488 !l

2,861
2,754
3,270
3,011
3,045 :
3,044 j
2,806
3,105 I

7,032
6,869
8,465
7,376
8,757
7,671
8,041
8,900

51,824
48,000
51,760 j
44,336 i
45,073 I
40,556
48,455 !
47,149 j

1,429 ! 63,147
712 ! 58,335
1,085 ;; 64,581
785
55,508
1,171
58,045
52,146
60,419
1,117
60,032

69,375 ji
87,879 •
!
80,661 "
i
88,814 :
•
84,298 ;
,
81,784 !
;
82,661 J
li

t

Total
exports
and
reexports.

9,131
18,563
8,921

52,901
129,769
67,521

51,346 ]
55,248 ! 8,595
62,265 ' 10,386
9,823
62,895
9,204
59,375

61,344
63,843
72,651
72,718
68,579

8,459
10,174
10,154
9,200
8,965
8,720
8,317
8,459

74,606
68,509
74.735
64,708
67,010
60,866
68,736

OCTOJUBR,

1221

FEDERAL RESERVE BULLETIN.

1922.

FOREIGN TRADE OF ITALY, SWEDEN, NORWAY, AND JAPAN.*

Italy.*
(In millions of
lire.)

Year and month.

.Taj an.
(In mil lions of

Norway.
(In millions of
kroner.) 3

Sweden.
(In millions of
kronor.)

Imports, i Exports. Imports. Exports.

yen.)

Imports. Exports.

Lports. Exports.

Monthly average:
1,322 1

210
650

71
281
106

68
191
91

46
253
128

33
104
63

61
195
135

53
162
104

981
962
1,101
1,125
1,521

587
659 i
683 !
718
856

103
126
10L
95
112

113
105
99
103
108

148
176
153
146
129

72
82
82
65
82

132
129
130
152
161

106
96
112
121
146

1,309
1 056
1,169
1,313
1,248

620 :
716
719 i

77
49
109
102
97
93
83

61
38
71
60
90
104
113

179
198
208
185
169
157
142
137

87
101
115
129
154
146
144
1-15

304

1913
1920
1921
192L.

\ugust
September
0 ctober
November..
December

.

.

.

1922.

February
March
April.
May

691 I
678 1

July
v U (rUSt
1
2

Subject to revision.
1920 figures based on 1919 values; 1921 figures based on actual current prices; 1922 figures based on 1921 values.

» Estimates of Farxnand.

FOREIGN TRADE OF FRANCE.*

I

In thousands of francs.
Year and month.
Food.

Monthly average:
19132
1920<
1921»

Raw
materials.

Manufactured
articles.

1922.5

Food.

\

352,572
385,021
460,765
438,000
504,000
483,356
477,000
511,000

887,253
1,137,855
1,005,463
983,000
996,000
1,082,371
1,200,000
1,097,000

320,052
329,494
318,000
323,593
543,445

i

Raw
materials.

Manufac- i Parcel
tured ;
articles, j post.

j
< In
- ; thous a n d s of
'• metric
Total. ! tons.

I

T

T

855,697
555,545
691,972 1,204,213
1,191, 860
717,091
564,01.2 1,446,125
754,671 1,856,148

January
February
March
April
May
June «
July'
August

Total.

412,144
138,169
151,465
701,778 3,685
989,576 2,096,379 I 1,072,787 4, 158,741 i 4,211
517,158 1,033,170
412;045 i 1,
962,373 3,165

1921.
August»
September s
October 3 . . .
November 3
December«..

In thousands of francs.

! In
; thou• sands of

69,908 | 154,841 I 301,421 47,182 j 573,351 , 1,840
217,733 509,485 ; 1,413,548 100,479 ! 2,241,245 i 1,071
161,031 463,219 ! 1,067,413 104,430 ! 1,796,092 ' 1,333

731,294
225,679
226,951
333,730
154,264

2,593
3,993
2,809
5,161
5,197

112,654
146,467
132,424
157,180
259,605

445,312 1,084,193
444,891 ] 1,087,443
482,376 I 1,041,594
17« 87.^
Q09 95K
478,875
992,256
549,495 1,193,161

247,827 1,487,652
324,150 1,847,026
465,737 1,931,965
323,000 1,743,640
310,000 1,810,125
285,448; i 1,851,184
318,000 1,996,000
352,000 I 1,960,000

3,396
4,126
4,434

121,526
153,892
130,595
136,000
132,000

994,852 63,903 i 1,638,741
458,460
448,455 1,106,507 144,458 I 1,853,312
456,930 1,189,712 99,431 | 1,876,668
461,000 1,231,000 134,000 ! 1,962,997
1,127,000 111,000 i 1,886,964

3,787
4,396
4,307
4.223
4,512

113,000 375,000
179,000 408,000

82,933 1,725,092
95,852 1,774,653
103,078 1,759,472
120,343 1,748,654
180,059 2,182,320

1,035
1,172
1,252
1,515
2,507

1,554
1,520
1,570
1,794
1,538
1,799
885,000 ! 60,000, 1,433,000
1,936
931,000 ; 158,000j 1,676,000 j 1,788

i Not including gold, silver, or the reexport trade. Latest figures subject to revision.
» Calculated in 19L3 value units.
* 3 Calculated in 1919 value units. French foreign trade figures are originally recorded in q u a n t i t y units, and the value of the trade is calculated by applying official value units to the quantities imported and exported. Normally the monthly statements of trade appear computed at
the rates of the year previous, a n d only a t the end of t h e year is the trade evaluated at the prices prevailing during t h a t year. Because of the disturbed price conditions in France during the past two years, 1919 price units are being applied to the 1921 trade.
* Calculated in 1920 value units.
* Exports calculated in 1019 value units. Imports calculated on basis of actual declared values.
e Values of exports not available.
i E x p o r t s calculated on 1921 value u n i t s .




1222

FEDERAL RESERVE BULLETIN.

OCTOBER,

FOREIGN TRADE OF GERMANY.!
IMPORTS. 2

EXPORTS.*

Merchandise.

Merchandise.

Year and month.

Gold and

Gold and
silver (in
thousands
of marks). In millions

- imeMctons.

silver (in
thousands
of marks). In millions
of marks.

Monthly average:
1913
1920
1921*

36,553

In thousands of
metric tons.

6,073
1,570
2,194

8,450
17,773
34,901

841
5,776
8,295

6,141
1,651
1,715

13,514
26,832
30,013
44,073
86,227

6,670
7,492
9,681
11,886
14,468

1,828
1,871
1,973
1,908
1,930

134,054
57,425
46,898
51,451
75,844
109,298 i
124,178

14,394
14,482
21,285
22,948
27,080
30,232
35,707
60,295

2,027
1,747
2,153
2,176
2,093
1,880
1,636
1)407

17,756

9,910

35,765
26,674
60.693
5,312
4,922

9,382
10,642
13,814
12,273
13,702

2,111
2,533
3,095
2,535 I
2,086 !

132,336
46,409
", 566
12,315
31,910
18,018
37,215

12,641
12,001
22,919
28,266
32,417
34,364
45,738
64,720

2,309
1,475
2,645
2, 889
3, '810 .
4,029 "
•
4,798
6,765

1921

August
September..
October
November..
December..
1922.

January...
February.,
March
April
May
June
July
August—
1
2

Latestfiguressubject to revision.
Not including philanthropic gifts.

* Not including deliveries on reparations account.
4

Average for 8 months.

Figures covering first 4 months of 1921 are not available.

FOREIGN TRADE OF UNITED STATES.

[In thousands of dollars.]

Merchandise.

Year and month.

FoodCrude stuffs i Foodmate-; in I stuffs j
Gold. | Silver. rials | crude : partly j
for [ condiI
use in j tion
manu-: and
factur-: food
ing.
ani- tured. Ifacturing.
mals.

Monthly average:

Merchandise.
Manu-1
fac- ;
tures ]
ready
for
consump- i
tion.

j Food-

Total
merchandise. 1

Gold. Silver.

5,309
34,756
57,606

2,9891 50,414.: 18,399 16,529 28,354 34,453: 149,383! 7,650
136103,178 66,871 73,060; 439,873! 26,841
7,3381145,995 48,136
5,270| 71,090! 25,331 30,737 28,669 51,577 209,0851 1,991

August
September
October
November
December

86,211
66,515
47,110
51,860
31,685

7,853!
4,565:
7,510i
5,912j
5,516

25,171
26,324
27,707
30,398
32,7071 25,473 32,083

49,879
53,973
51,665
53,365
51,171

194,768;
179,283:
188,028;
211,027|
237,3731

1922.
January
February
March
April
May
June
July
August

26,571
28,701
33,488j
12,244!
8,9941
12,969!
42,987;
19,092

6,496 82,639 27,498; 25,900 30,272|
4,771 80,971. 22,370! 27,762 34,041;
6,953 86,910i 28,756 36,014 42,820*
4,800 Cf)804i 25,711 32,482 37,252:
:
5,512 88,088 31,264 34,785 39,398
6,346 91,146 26,1701 37,346 46,471;
6,957 87,298' 27,5961 38,511 48,398
1 in ot>s 00 /ion AO A(\A
4,944110; 285: : 22; 489! 42^04 48,430:
1
I
j

49,811
49.375
59,880
50,820
58,254
58,439
49,464
55,858

217,195
215,743
256,178
217,073
252,817
260,391
252,128
281,412

1913
1920
1921

Crude 1 stuffsi Food- 1 Manufacmate-; in ; StuffS tures
rials i crude partly for
for condi- or
use in tion wholly further
use in
manu- and j manu- manufactur- food
facfacturing.
anitured.
ing.
mals.

Manufac- - !
tures i Total
ready merf
f or
chancon- discsumption.

5,231 64,072 14,132: 27,i
.55,897 76,499, 93,050
9,468155!
4
82,002 57,681 55,809

33,077 64,998 207,002
79,875: 267,071 685,668
33.323 135.450: 373,760

672
2,449
7,576
607
2,162

3,743 69,483 105,871
4,947 68,391 j 67,869
4,782121
.21,3221 40,205
4,804 88,545j 30,052
7,145 "1,950! 28,737

66,607
62,936
48,018
41,449

25,064
28,295
28,129
33,260
35,145

98,042
91,296
98,323;
95,538
98,370

371,935
325,774
343,597
294,437
296,306

1,732
963
1,579
3,407
1,601
645
9561

3,977
7,092
4,302
5,109
5,677
6,004
6,289
3,861

43,0191
45,1641
58,899
47,372
50,376
55,485
49,226:
46,071'

35,113
32,193
43,632
37,969
40,467
39.086
35,'676
35,708

91,810
84,684
112765
112,765
113,876.
112,112!
121,284
109,544,
104,871

278,898
250,748
330,267
330267
318,100
307.689
334,684
301,313
301,804

1921.

1
2

71,525
60,815
59,460
70,039
94,016

18,922!
16,588;
23,3261
29,3381

27,095
18,465
23,883
26,205

Including miscellaneous merchandise imported.
Including miscellaneous and foreign merchandise exported.




72,8381
55,895:
73,001;
79,511:
64,44170,219
60,024
47,872

31,054
27,799
34,507
31,174
34,143
41,000
41.958
61,339

OCTOBER,

FEDERAL RESERVE BULLETIN.

1922.

FOREIGN TRADE INDEX.

There are presented below the usual indexes
designed to reflect the movements in foreign
trade of the United States, with the fluctuations due to price changes eliminated. The
commodities chosen for these indexes are those
for which prices are compiled by the Federal
Reserve Board in the preparation of its international price index.1
INDEX OF VALUE OF FOREIGN TRADE IN SELECTED
COMMODITIES AT 1913 PRICES.
[Monthly average values, 1913=100.]
Imports.

Exports.
Raw Pro= mate- ducers'
rials
(12 goods
: com- (10
1 modi- com! ties). modities).

Consumers'
goods
commodities).

1
Raw Pro- ConTotal mate- duc- sumers)
ers'
rials
(29
orQ
(10 goods goods
com(5
(12
modi- comties). modi- com- commodi- modities).
ties). ties).

year.. 100.0
year.. ! 88.9
year.. 1 92.2
year.. i 103.1

100.0
155.1
158.7
116.9

100.0
183.6
133.6
124.1

100.0
115.3
107.5
108.9

100.0
157.5
135.8
113.6

100.0
192.9
227.5
162.8

100.0
147.5
138.8
141.4

100.0
168.4
168.8
135.6

1921.
January
105.2
February.. 91.0
March
78.0
April
I 76.5
j 97.6
Mav
June
j 107.9
July
111.6
August
: 142.7
September. i 115.7
October
121.7
November. 95.1
December.. 93.8

208.6
162.4
135.1
132.5
96.4
94.2
78.6
99.6
89.7
107.0'
100.2
96.0

126.2
119.4
120.2
116.4
110.8
132.2
133.8
160.7
142.3
113.2
106.2
107.8

120.2
104.1
92.7
90.5
100.3
111.5
112.9
142.1
118.6
118.4
98.1
96.9

74.5
118.2
160.6
153.3
98.7
94.5
99.3
116.8
102 8
96.1
115.1
133.0

130.9
143.7
177.2
177.6
150.0
152.3
126.6
165.1
137.7
173.5
199.4
219.1

123.9
135.4
178.9
185.1
162.1
130.4
121.4
129.8
99.3
116.5
149.2
164.8

102.6
130.1
169.5
167.1
127.2
120.8
112.6
136.0
114.6
126.9
150.6
168.7

1922.
January
February..
March
;
April
!
May
June
Julv
August

104.3
86.0
121.7
120.9
128.8
124.3
124.0
90.5

129.7
127.6
156.5
150.5
155.4
169. 2
133.5
126.3

94.5
82.6
106.9
106.0
99.4
107.4
95.0
96.7

118.4
123.3
148.1
125.5
144.6
148.7
146.9
174.2

! 228.7 135.2
, 281.3 133.5
• 306.8 161.1
236.1 152.0
227.9 168.0
, 273.3 137.3
266.3 137.5
255.5 120.3

160.1
183.4
206.5
169.1
177.9
191.0
187. 7
1G4.2

1913,
1919,
1920,
1921,

82.6
68.5
89.8
90.5
78.3
86.3
79.1
88.8

Total
j (27
com! modities).

1
The list includes 27 of the most important imports the value of which
in 1913 formed 49.3 per cent of the total import values, and 29 of the most
important exports the value of which in 1913 formed 56.3 per cent of the
total export values. The classification of the original list of 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.




1223

Volume of exports showed a slight recovery
during August, but with the exception of last
month are less than in any month since the low
point in February. Decreases in exports of
producers' and consumers' goods almost equaled
the substantial gain in exports of raw materials, the group which has suffered most during
the last year. This gain is entirely due to very
heavy exports of wheat, as all other important
items except lumber showed declines. Wheat
exports were the largest since October, 1920.
Substantially decreased exports of gasoline
were responsible for the smaller exports of producers7 goods. Other declines were registered
in exports of sole and upper leather, steel rails
and plates, and lime acetate, but exports of
structural steel and of fuel and gas oil increased
considerably. Loss in exports of consumers'
goods is the result of decreased exports of sugar,
ham and shoulders, and cotton cloths. Exports of illuminating oil were the largest since
December, 1920, and exports of wheat flour
and lard increased also.
As a result of greatly increased imports of
raw materials, the total volume of imports
showed a substantial increase during August,
in spite of declines in imports of producers' and
consumers' goods. Large increases in imports
of hides and silk were the main factors in the
increased imports of raw materials, although
imports of tobacco, cotton, and copper also
showed gains. Imports of hides and skins were
the largest since June, 1921, and August silk
imports were the second largest since September, 1919. Decreases in imports of producers'
goods were very general throughout the group,
being especially important in the cases of
rubber, sugar, and burlap, while imports of
chemicals, one of the smallest items in the
group, registered the only important increase.
In the group of consumers' goods there was a
material reduction in imports of cocoa, coffee,
and bananas, which was partially offset by increases- in imports of olive oil and tea. Coffee
imports were the smallest since September,
1921, whereas imports of olive oil reached the
largest monthly total for a year.

1224

FEDERAL RESERVE BULLETIN.

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
are derived from the actual rates quoted on
the following commodities: Grain, provisions,
cotton, cottonseed oil, and sack flour. For
the methods used in constructing the index
see the August, 1921, BULLETIN, pages 931-934.
RELATIVE OCEAN F R E I G H T R A T E S I N U N I T E D STATES AND
EUROPE TRADE.
[January, 1920, rates=100.]
United States Atlantic ports to—
j

Month.
French

*landf

Scandi-1
navia. i

All
Europe.

(Cleveland). The most noteworthy increases
during the year were 12.4 per cent in district
No. 8 (St. Louis) and 13 per cent in district
No. 11 (Dallas). Savings deposits in district
No. 12 (San Francisco) are at the highest point
since January 31, 1919, and are 42.7 per cent
larger than on that date.
District.

Number
of banks.

Sept. 1, 1922.

Aug. 1, 1922.

64
30
80
18
93
82
219
37
15
61
112
75

$1,104,435,000
1,728,310,000
422,128,000
380,9-41,000
269,220,000
163,290,000
778,906,000
116,715,000
79,245,000
87,349,000
72,935,000
772,150,000

SI, 102,250,000
1,728,753,000
423,963,000
377,989,000
269,238,000
162,964,000
776,081,000
114,733,000
79,165,000
87,622,000
71,480,000
766,807,000

$1,061,725,000
1,654,316,000
112,117,000
381,385,000
245,075,000
156,469,000
768,092,000
103,833,000
79,230,000
80,640,000
64,585,000
711,145,000

886

5,975,624,000

5,961,045,000

5,718,612,000

No.l
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No.8
No. 9
No. 10
No. 11
No. 12
Total.

REPORT

1921.
January...,
February..
March
April
,
May
,
June
July
August
September,
October...
November.
December.

60.7
54.7
49.3
50.1
50.6
42.7
42.5
42.9
41.8
37.0
33.5
32.4

30.2
27.7
24.6
32.6
35.0
34.7
33.2
33.4
32.7
28.5
25.0
22.7

34.1
29.2
28.3
36.6
38.2
38.3
37.0
36.7
35.8
30.7
25.2
22.9

42.9
30.9
30.8
29.4
31.3
31.3
29.0
28.4
28.2
26.7
24.0
23.3

43.2
43.8
42.2
35.7
34.6
34.0
34.7
34.3
33.6
33.3
32.9
32.3

1922.
January...
February.,
March
April
May
June
July
August
September

31.7
34.7
33.1
27.3
27.9
27.5
28.8
29.2
27.0

22.7
25.7
26.5
24.8
25.5
26.1
25.9
23.4
24.1

23.3 ;:
25.2
24.9
22.7
22.8
23.0 :
!
22.6
20.7
19.1 i

23.4
23.3
23.4
24.0
23.4
23.4
23.0
22.4
22.6

32.2
31.8
30.1
27.1
27.4
27.4
26.4
24.0
22.2

43.3
38.5
35.9
39.0
40.1
37.6
36.8
36.7
36.0
32.3
28.8
27.2

!
i
!
;
•
!

27.1
29.1
28.3
25.4
25.7
25.7
25.9
24.6
23.4

O C T O B E R , 1922.

Sept. 1, 1921.

OF KNIT GOODS MANUFACTURERS OF AMERICA.

The total production of winter and summer
underwear for August is compared with previous months in the following table:
1922
March
April
May
June
July
August
Winter underwear (August).
Summer underwear (August)

Number
of mills
reporting.
54
53
47
47
50
49
41
24

Actual
production
(dozens).
756,249
522,035
518,150
564,893
422,872
519,511
341,713
177,798

Per cent
of
normal.
74.3
72.0
74.2
72.2
60. 0
68.8
72.7
62.5

Order and production report for month
ended August 31, 1922, follows. The number
Comparison of savings deposits on Septem- of mills producing was 41.
ber 1, 1922, with deposits on August 1, 1922,
!
I Percent
and September 1, 1921, are shown for 886
Dozens. |I of normal
producbanks distributed throughout all sections of the
tion.
United States. The figures for districts No. 1 Unfilled orders first of month
' 1,093,768 !.
and No. 2 are those of large mutual savings New orders received during month
70.7
;
389,790 i
banks, but in all other districts reports of other
Total (A)
' 1,483,558 i
banks are included to make the figures thor- Shipments during month
91.5
504,839 i
oughly representative. In all districts where Cancellations during m o n t h .
2.1
11,782 "
:
reporting commercial banks subdivide their
Total (B)
516,621 !
time deposits, statistics of savings deposits
966,937
;
subject to notice (excluding time certificates of Balance orders on hand Sept. 1 (A—B)
441,587 j
80.1
j
deposit) are used. This is in accordance with Production
the definition given in the Board's Regulation
Thirty-seven representative mills which reD, series of 1920.
ported for July and August, 1922, furnish the
During August the volume of savings de- data for the following table:
posits increased in eight Federal reserve dis[In dozens.]
tricts. Declines were registered in districts
July
August
No. 2 (New York), No. 3 (Philadelphia), No. 5
Loss.
(37 mills). (37 mills). Gain.
(Richmond), and No. 10 (Kansas City). The
139,643
largest gain was shown by district No. 8 (St. Unfilled orders end of month.. 1,025,246 885,603
72,658
435,884 363,226
Louis) and amounted to 1.7 per cent. Savings New orders
204,302
286,785
491,087
ShipTTiftnts
5,307
6,475
11,782
Cancellations
deposits increased during the year ending Production
120,094
285,605
405,699
August 1 in all districts except district No. 4
SAVINGS DEPOSITS.




OCTOBEK, 1922.

1225

FEDERAL RESERVE BULLETIN.

PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1
July, 1922.

August, 1922.

White
goods.

Printed
goods.

13,082,035
5,685,792
6,081,554
6, 885,461
010,201

19,031,484
1, 883,209
5 560 449
25 229
1,388,615

32,345,043

6
8
Total
Total average per cent of capacity operated:
District 1
2
.
.'

White
goods.

Dyed
goods.

Printed
goods.

9,305,284
3,837,799

45,673,637
16,532,073
11 642 003
6 91 o'690
1,998,816
2,279,748

16,088,423
8,026,229
7 761 719
8,252,955
642,979

24,544,825
1 664,778
6,630,080
57 769
1,743,314

9,814,405
3,285,016

52,627,483
16,684,216
14 391 799
8 310 724
2,386,293
2,478,968

27, 888,986

13,143,083

85,036,967

40,772,305

34,640,766

13,099,421

96,879,483

61
71
82
63

71
33
70

48
37

61
51
75
63
61
96

69
73
97
66

82
44
82

53
32

66
50
89
66
72
100

65

46

62

72

77

49

66

14,108,517
5,843,674
6,622,637
7,987,623
287,911

21,01.4,791.
2,452,812
6,431,755
52,764
1,009,850

8,258,662
3,219,441

47,647,613
14,029,036
13,054,390
8,040,387
1,297,761
2,203,114

12,962,333
5,434,130
7,935,135
6,976,466
89,372

22,413,399
2,714,687
7,252,518
55,324
2,516,157

8,445,379
2,962,776

46,372,919
13,800,942
.15,187,053
7,031, 790
2,605,529
2,249,921

34, 850,362

3

Total.

65

Total finished yards billed during month:
Dist riot 1
2

5
6
8

Dved
goods.

30,961,972

11,478,103

86,272,301

33,397,436

34,952,085

11,408,155

87,248,754

6,249
3,347
4,280
1,463

7,224
263
2,306

2,6L3

26,818
8,277
6,586
3,721
0
647

6,174
3,022
4,797
1,501

7,424
139
2,690

3,318

28,353
7,692
7,487
3,783
0
733

o

A reraise for all districts
Total grev yardage of finishing orders received:
District 1
2
3
6
8
Total. . . .

...

.

o
I

Total.

Number of cases of finished goods shipped to
customers (case equals approximately 3,000
•yards):
* District 1.
2
3

.

....

6
8

o

Total

o

15,339

Number of cases of finished goods held in storage at end of month:
District 1. .
2

3.
6
8. .

.

. .

Total

9,793

2,613

46,049

15,494

10,253

3,318

48,048

5, 285
4,942
255

5,712
465
3U

. 2,738

24,426
11,047
6,793
1 378
340
224

5,113
5,605
294

5,685
361
410

2,397

23,743
12,476
7,314
1,351
430
212

o
0

o
0

10,482

Total average work ahead at end of month (expressed in days):
District 1.
2.
3

(
V
8
Average for all districts
1

6,488

2, 738

44,208

1L,O12

6,456

2,397

45,526

4.7
14.0
13 0
9.6
0 0

11. 0
9.7
13 0

12.0
6.6

9.3
8.0
13 0
9.6
5 0
9.2

2.4
9.3
14 0
14.0
0 0

11.0
4.3
12 ()

10.7
4.7

8.4
5.4
13.0
14.0
18.0
7.6

8.5

11.0

11.0

9.3

,9

10.0

9.3

8.7

The National Association of Finishers of Cotton Fabrics at the request of the Federal Reserve Board have arranged for a monthly survey within
the industry. The results of the inquiries are herewith, presented in tabular form. The secretary of the association makes the following statement
concerning the tabulation:
The accompanying figures are compiled from statistics furnished by 34 out of 58 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 the figures given for
the various classes of work would cover, approximately, the following percentages of the entire industry: "White goods, 72 per cent; dyed goods,
62 per cent; printed goods, 30 per cent. The figures given represent reports from exactly the same finishers for the two months, both for the totals
and for the subdivisions, and, therefore, are strictly comparable.
NOTE.—Many plants were unable to give details under the respective headings of white goods, dyed goods, and printed goods, and reported
their totals only; therefore the column headed "Total" does not always represent the total of the subdivisions, but is a correct total for the district.




1226

FEDERAL RESERVE BULLETIN.

OCTOBER, 1922.

Production of pig iron and steel ingots declined considerably during August, but there
was a further slight increase in the sales of
structural steel. At the end of August the
United States Steel Corporation had a larger
volume of unfilled orders on its books than on
any date since March, 1921. The production
of passenger automobiles and trucks were both
greater than in any previous month except
June, 1922.
Copper production reached a new peak for
the current year in August, while lead production was also very large. The output of

PHYSICAL VOLUME OF TRADE.
The indexes of domestic business moved
upward during August. This increase was
most pronounced in the case of agricultural
movements, but was no larger than is customary at this time of the year. Receipts of
wheat were considerably smaller than during
last August, whereas rye receipts were exceedingly large. Both receipts and shipments of
live stock at 15 western markets were larger
during August than during July. The number of cattle slaughtered under Federal in-

INDEX NUMBERS OF DOMESTIC BUSINESS
1919 - 1922
PER
CENT

k
\\ \

140
130
120.
110
100

PER
CENT

1

t

ft''<
•\v ••

r

* A. 'V.J

\l

1 v

90

ao

140

•..••"/•

f

70

V

60

1l
rv
I

r

\

A
\ l\

j

\
\ ;
V •\V •<ft

J

130
120
110

1r

v

V

Vi
\

70
60
SO

-

40

AGRICULTURE
rtlNING
MANUFACTURE

30

90
80

50
40

100

30

20

20

10

10
vl. F. M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. T. M. A. M. J. J. A. S. O.,N. D. J. F. M. A. M. J. J. A. S. 0. N. D.

1919

1920

spection was in excess of that of any month
since November, 1920.
The textile industry showed a marked increase in activity. Consumption of raw cotton
for August was the largest since June, 1920.
. Silk consumption also showed a pronounced
increase and reached the highest total of any
month since January, 1920, when the figures
were first compiled. Stocks of raw silk,
nevertheless, increased 5,041 bales in August.
Bituminous coal showed a moderate recovery
during August, but anthracite output was
negligible. Petroleum production showed a
slight decline during August, but stocks are
still accumulating. The July output of gasoline
was the largest ever recorded.




1921

1922

zinc mines was slightly reduced, while the stocks
of zinc continued to shrink and are now extremely small. Silver production reached a total
of 5,561,523 ounces in August, which is larger
than any month during the past two years.
The value of building contracts awarded
during August was somewhat smaller than in
July, but both the number and value of permits
issued increased. The production of cement
and of clay fire bricks were both larger than
in July. Freight-car loadings increased 9 per
cent and were much larger than in August,
1921. Loadings of grain, live stock, coal, and
forest products all increased, while the number
of cars loaded with ore was larger than in any
month since October, 1920.

OCTOBER,

1922.

INDEXES OF DOMESTIC BUSINESS.
[Monthly average of 1919=100.]
AGRICULTURAL MOVEMENTS.
Total i Total
agricul-i aniture.1 i mals.

Date.
1921.
January.
February
March,
"
April..
May...
June..
July...
August
September
October
November
December

! 105.0
i 81.1
79.4
66.3
73.6
82.2
"I
93.4
j 116.7
\ 115.3
130.9
104.6
j 93.9

1922.
January
February
March..
April...
May....
June...
July.
August

;
; 88.9
| 77.7
70.7
5.7.4
82.6
75.1 '
79.8
2
JOB.7

1

96.5 j
73.9 i
76.4 j
74.2 I
77.3 :
81.9 j
68.1 !
85.4
85.9
107.0
99.2 j
82.0

!

91.8
76.5
79.2
71.8
90.2
88.7
81.2
96.5

COMMODITY

Leaf
toCotton. Fruit.
bacco.

!
i
i
j
i
!

97.9
66.7
77.5
60.5
71.7
96.0
151.9
195. 5
151.6
121.3
65. 3
79.0

110.8 |
77.1 '
57.8 .
51.3 i
67.4 ,
57.8 i
52.7 !'
,
56.0
114.7
195.3 i
163.2
133.4 ;
j
83.8 : 76.8 '
43.3
92.3 :
42.8 !
73.0
49.6
37.0 I
92.5
50.1 !
77.1
43.0 ;
106.4
33.4
153.8 | 48.3

Combination of 14 independent series.

94.6
95.5
137.4
175.1
139.0
183.3
123.8
86.4
79.9
69.9
34.7
83.6

195.7
297.4
181.1
24.1
8.9
4.1
12.1
54.7
79.3
107.6
188.5
117.0

96.1
55.5
130.4
103.0 i
105.7 |
93.8 i
59.3
43.1

113.2
101.2
27.5
5.5
3.9
1.5
12.3
2
55.2

partly estimated.

MINERAL PRODUCTS.

Date.

Total : Bi-. Anmin- 1 tumi-1 thraeral
prod. ucts.1

c

* » • > • ! p°e?;

102.8
87.5
86.8
78.7
84.7 !
83.9 '
76.7 :
82.8
81.6
93.9
86.0
82.0

1922.
January
February...
:
March
April
May
June
July:
,
August
j

00.0 '
94.9 i
117.1 :
58.6
67.9
70.6 :
65.4 i
07.5 !

105. 5
79.6
72.2
87.3
88.7
79.6
90.5
91.9
114.6
94.2
81.1

100.8
104.8
100.8
104.8
102.0
105.9
95.9
97.9
96.9
103.1
93.3
81.4

120.3
111.2
130.2
127.3
133.6
128.4
128.1
130.2
116.3
113.2
120.0
133.3

94.8 • 80.0
76.0
71. 2
62.6 83.0
46. 8 47.6
47.9 ! 22.6
41.8 | 18.1
16.6
37.4
19.9
38.7
19.5
22.9
48.9
20.8
55.5
17.3
64.7

85.1 : 137.1 64.3
92.0 . 129.7 63.9
79.9
119.1 149.1
81.3
. 3 141.9
90.5
.6 147.7
1.1 143.8 92.6
94.2
1.6 ! 148.0
71.1
2.2 117.1
1
Combination of 7 independent series.
PRODUCTION OP MANUFACTURED
Date.

1921.
January...
February..
March
April
May
June
July.
August
September
October...
November.
December.

Zinc. | Lead.
"T

1921.
.-anuary....;
February..;
March
April
May
June
July
August
September
October...
November
December.

98.5
107.3
131.5
41.3
53.1
58.4
44 5
58.3

65.9 i
45.2 I
40.0 I
42.1 "
45.9
49.5
39.4
37.2
36.6
37.0
53.8
56.0

24.1 : 60.3
34.8 57.3
58.0 ;i 67.5
71.7
65.6
83.7 69.8
89.0 . 72.6
85.0 81.2
94.2

109.1
94.3
86.1
77.8
78.0
74.6
72.4
87.8
79.7
100.4
103.3
103.2
101.0
93.4
93.0
88.8
89.0
89.1
84.4
97.5

GOODS.

....
{Total!
man- Steel. Lum- Pa- Potro-j Tex- Leath-I Food. Tobacco.
! ufacber. per. leuni.i tiles, or. i
ture.V
84.5
77.4
87.8
83.1
84.4
87.1
80.1
90.7
90.2
94.6
89.5
81.3

1922. •
87.0
January...
February... 80.2
March.:.... | 90.9
April
84.7
May.-.
! 98.1
June
I 99.1
July
95.3
2
August
101.6!

1227

FEDERAL RESERVE BULLETIN.

87.6 67.7
69.6 75.7
62.5 89.3
48.3 87.5
50.3 100.4
39.9 89.6
31.9 85.3
45.3 99.7
46.7 92.9
64.3 103.1
66.0 100.6
56.8 92.2
63.4 100.7
._
69.3 95.4
.5
94.3 102.5
97.0 98.1
107.8 121.1
104.8 104.4
98.9 104.3
88. l|a .1.19.3

87.8 127.7 j
79.5! 106.8
84.4 113.0
81. 7j 113.8
72.4 114. 7
70.2 110.1
65.6! 108.3
75.6 110.6
78.6 110.2
90.8 119.7
95.8, 117.1
94.71 119.6
95.0. 119.0
90.0: 108.6
... .
108.4! 123.9
99.9|! 124.4
112.3 132.2i
110.0: 133.8!
99.9' 146.2'
110.7i 141.21

i Combination of 34 independent series.
12994—22




6

72.0:
73.1
90.8.
91.5|
95.0'
101.9
94.5
103. 4!
105. 5
104, 8
100.4
99.7:

112.2
96.8,
107.6!
91.3
108.91
107.1;
95.0 1
115.7

•63. 5
62, 8
72.0
75.8
83.2:
81.1
76.3

88.2 87.8
77.4 94.1
88.1 106.1
84. o; 95.5
82.2 99.3
85.1 106. 8
85.5 100.6
85.7 98.5 117.2
80.3 92.8 111.6
86.2 99.8 115.8
90.911 89.4 102.9
93.0 85.2 76.8
88.2!
78. ll
78.5!
70.7i
70.41
72.4 .
j
09.71

91.3 90.6
88.5 83.8
96.5 98.4
84.9 89.6
96.8 108.1
98.9 119.8
97.5 114.8
104.5 134.1

2 Partly estimated.

Aug.,
1922.

MOVEMENTS.
Per cent of averj age, correspondj ing month 1919Aug., ! 1921.
1921. |
|
|Aug., July,
| 1922. 1922. 192:
•%£:

July,
1922.

GRAIN AND FLOUR.

Receipts at 17 interior I
centers (000 omitted):•
Wheat (bu.)
Corn (bu.)
j
Oats(bu.)
'
Rye(bu.)
:
Barley (bu.)

62,644
22,058
26,519
14,085
4,121

#

Total grain (bu.). ! 103,748
Flour (bbls.)
j
4,846
Total grain and
flour (bu.)
i 125,553

188:4
124.2
140.8
119.5

163,345 101.5 94.3 128.1
3,130; 121." 123.8 127. 5

Total grain (bu.).|: 129,427 93,933
F] our (bbls.)
2,990
2,612
Total grain and •
j
flour (bu.)
" 142,880! 105,687
Shipments at 14 interior!
centers (000 omitted):.
Wheat (bu.).
'. 51,883
Corn(bu.).._
i 19,964
Oats(bu.)
! • 17,846
Ryo(bu.)
11,903
Barley (bu.)
2,152!

77,027| 93.6 90.4
30,983! 134.2 149.0
42,740' 77.1 79.6
6,208 319.5 49.1
6,387 77.1 40.6

45,408
26,366
.1.8,843
1,443
2,283

177,430| 103.1 96.8 128.0

28, 552
23,905
14;445
11,161
1,995

58,902
22,658
15,422
4,548
4,060

128.8 136.4 146.3
175.9 192.0 199.6
116.0 117.0 100.2
402.8 47.0 153.9
57.0 44.2 107.6

80,058 105,590 140.7 152.3 143. 2
5,040 116.7 117.6 121. 4
3,998
98,047 128,272 135.9 144.5 138.8

Stocks at 11 interior j
centers at close of 1
month (000 omitted): !
Wheat (bu.) .
j
Corn(bu.).._
' !
Oats(bu.)..
•
Rye(bu.)
Barley (bu.)

11.852
4,390
32,048
2,213
980

10,365
11,804
30,329
634
398

2.1,928
6,907
50,835
2,571
2,206

Total grain (bu.).!

51,483

53,530

84,447 96.1 103.0 157.6

Total visible supplv .
(000 omitted):
*|
Wheat (bu.)
i
Corn(bu.)
:
Oats(bu.)

30,586
8,229
40,073

21,533
20,561
38,224

44,117 98.0 94.0 140.9
11,993 97.9 215.4 142.7
65,475

Receipts at 9 seaboard .
centers (000 omitted):
Wheat (bu.)
.:
Corn(bu.)
Oats(bu.)
Rye (bu.)
Barley (bu.)
,

32,480
6,261
3,847
3,808
2,827

17,501
6,478
4,018
2,454
3,073

29,365
1,936
2,625
1,960
6,089

Tot al grain (bu.)-!
Flour (bbls.)
,

49,222
1,705

33,524:
1,376

41,981 124.6
2,173 103.4

106.3
39.7 131.7

Total grain and |
Hour (bu.)

56,895

39,715!

51,759 121.3

73.3

11,208
782
2,814
340
3,415

7,235
936
2,027
258
2,901

12,934
956
1,592
1,389
3,998

Total grain (bu.).! 18,557
Wheat flour pro- I
auction (bbls.)...! 12,271

13,357

20,869

10,321

1.3,266 .120.3 115. 5 113.0

1,702
2,964
1,653

1,857 110. 102.1 95.7
2,649 126.8 104.4 100.2
2,467 69.6 83.8 89.8

j

58.4 68.7 108.0
143.1 147.7 225.1
132.7 135.4 210.5
50.2 15.2 58.3
58.8 20.2 132.4

104.4
115.5
433.9 184.2 134.2
105.2 69 C 71.8
2.10.2 76.1 108. 0
63.4 56.0 136.6

110.3

:

Stocks at 8 seaboard
centers at close of !
month (000 omitted):,
Wheat (bu.)
Com(bu.)
'
Oats(bu.)
;
Rye(bu.)
I
Barley (bu.)
\

LIVE STOCK.

75. 8 . 79.0
106.2 132.
158.0 100.2
37.1 30.5
75.0 69. S
81.6

79.1

87.5
129.8
89.4
151. 8
87.8
91.8

!

Receipts at 59 principal
markets (head, 000
omitted):
Cattle and calves...
Hogs....
Sheep
,
Horses and mules
(43 markets)...
Total

I

2,137
3,016
1,913
23

is!

17 40.0

46.9

28.1

7,089

6,334|

6,990 99.5

97.3

98.1

1228

FEDERAL RESERVE BULLETIN.
COMMODITY MOVEMENTS—Continued.

Aug.,
1922.

COMMODITY MOVEMENTS—Continued.

Per cent of average, corresponding month 19191921.

July,
1922.

OCTOBER 1922.

Aug.,
1922.

July,
1922.

Aug., July, Aug.,
1922. 1922. 1921.

Per cent of average, corresponding month 19191921.

Aug.,
1921.

i Aug., July, Aug.,
1922. 1922. 1921.

LIVE STOCK—contd.

DAIRY PRODUCTS—COn. j

Shipments at 54 prin- ;
cipal markets (head, j
000 omitted):
i
Cattle and calves...!
Hogs
I
Sheep
|
Horses and mules •
(43 markets)...

Cold-storage holdings ,
at close of month (000 ;
omitted):
'
I
842: 118.6 103.8 96.9
Creamery butter !
929: 122.7 102.6; 108.3
92,396
112,062| 103,151
(lbs.)
:
1,1101 57.8 76.7: 72.6
American cheese
!
i
46,706
53,626 j 46,580
(lbs.)
15i 41.61 46.2 27.9
7,207
9,606:
10,161
Eggs (cases)
OTHER AGRICULTURAL
2,896; 90.3j 93.0 87.5
PRODUCTS.
Cotton seed (tons):
90,931
Received a t m i l l s . .
14,979 120,291
99,308
20,530
Crushed
48,816
1,418 1JJ.4: 101.2 96.4
On h a n d a t mills a t
!
l,920 123.6! 103.4 1.08. 7
close of m o n t h . . .
13, 880 120,801
1.569 64! 91 81. 7 85.9 Cottonseed oil (lbs., 000
'*'• 4 0 . 5 | 44.0 27.0
11;
omitted):
29,630
13,354
5,825
Production
....
96.4
4,918; 98.4 96.,
16,693
10,038
6,:—
Stocks
Oleomargarine
consumption (lbs., 000
!
17,803
11,7541
14,974
omitted)
6561 124.7 104. 7 101.1 Tobacco sales a t looseleaf warehouses (lbs.,
610! 114.4 95.3 108.0
000 omitted):
605; 55.8 72.5 65.2
Bright b e l t 10; 42.7 43.0 27.0
Virginia
11,840
18,160
N o r t h Carolina.
19.4 86.3
1,8811 91.3
37,950
South Carolina.
2,662
1,162
1,547
Burley
487
406
Western dark
178'
Sale of revenue stamps
for manufacture of
tobacco,
excluding
354 131.1| 117.7 103. 9
Porto
Rico a n d
22 85.4 104.1 62.3
Philippine
Islands
402: 52.3 75.9 60.1
(000 omitted):
Cigars (large)
> 641,164 585,874 622,039
778; 79.1 93.8 74.5
53,630
60,498 114,041
Cigars (small)
i,
Cigarettes ( s m a l l ) . . I ,373,890"), 210,962 5,130,577
Manufactured to33,602
bacco (lbs.)
38,021
32,591
Fruit shipments from
California (carloads): j
G80! 102.6 99.9 91.7
3,126
1,274
1,715
Oranges
:
304 108.4 92.6 95.4
774
579
Lemons
;
828
2,531! 129.9 111.2 113.8
Apples:
;
105.7
1,237' 87.4
Shipments
(car- !
3,220
3,684
2,181
loads)
!
4,752 112.6 103.2
106.7
White potatoes, ship- I
16,115
18,376
17,396
ments (carloads)
j
Sugar, 7 ports (long ;
tons):
j
501,203 507,623 416,170
Receipts
540,024 530,334 423,677
Meltings
85,638 : 38.4 35.5 68.2
R a w stocks a t close
73.3; 78.9 90.9
262,959 309,413 136,421
of m o n t h
124.1
6;750 6 2 . 0 | 48.9

1,031 =
1,052!
885!

Receipts at 15 western |
markets (head, 000 j
omitted);
j
Cattle a n d calves...;
Hogs
Sheep
;
Horses a n d m u l e s . . ;

22

14!
2,408:

1,639
2,183
1,185
17

1,2312,221 :
1,061 j

5,024

Total
Shipments at 15 west- j
em markets (head, j
000 omitted):
|
Cattle and calves...!
Hogs
i
Sheep
!
Horses and mules. tj
.!

Shipments of stockers !
and feeders from 34 j
markets (head, 000 j
omitted);
!
Cattle and calves....
Hogs
|
Sheep
;

1Q

!
4,5231

810
046
517
16

476!
651
424

1,989

1,560!

4-16
30
350

221
29
202
452

Total.
Slaughter at principal ;
centers under Federal j
inspection (head, 000
omitted);
Cattle
!
Calves
Hogs
.",
Sheep
|
Total

665!
.1,018
711.

2,990

Total.

Total.

|

I

761
345
2,;
1,024

6971
330
3,094
964

5,018

5,085

Meats, cold storage
holdings at close of
month
(lbs., 000
omitted):
47,0301
Beef
• 48,225
Pork products
: 738,255 826,535
O OIIO
3,371
Lamb and mutton.1
Exports of certain meat •
products (lbs., 000
omitted):
I
Beef258
273:
Canned
i
:
300
Fresh
1921
Pickled
and ;
. 2,016!
2,621
other cured..!
Hog products—
•
32,584;
32,591
Bacon
;
Hams and ;
18,761
26,668.
shoulders
'
66,058
68,907
Lard
3,244
3,384
Pork, pickled..;
DAIRY PRODUCTS.

j

Receipts at 5 principal !
markets (000 omit- i
ted):
j
Butter (lbs.)
Cheese (lbs.)
I
Eggs (cases)...
i




62,494
19,819
1,0281

92,829
23,940
1,561

FOREST PRODUCTS. j
!
Lumber:
N u m b e r of mills— !
National Lum- !
914! 15.4 7.6 54.5
ber Mfg. Assn.
293! 10.3! 3 . 8 10.1
Southern pine.
Western p i n e . . ;
2,753 105.8 78.6 112.2
D o u g l a s fir
'
P r o d u c t i o n (ft., ;
45,340: 64.0 49.5 89. 0
000,000 omitted)—'
National Lum- :
32,234: 68.9 95.7 118.3
ber Mfg.Assn..
87,411 123.4 91.5 156.6
Southern pine., i
3,212, 133.8 112.0 127.0
Western pine..i
D o u g l a s Hi
:
S h i p m e n t s (ft., I
000,000 omitted)—
National LumberMfg.Assn.j
Southern pine.. j
62,337 112.2137.9 112.0
;
Western p i n e . . . :
12,863 125.5116.6 81.4
Douglas fir
1
1,100 102.1 126.5; 109.2

535
521
120|

1,327
169
426
j
|
l,230!
j
156:
385i

477
176
50
119

99.1 100.5

81. 7

87.6 88.9 76. 3
135.5 136.5! 101.7

159.9
105.0

50.21 21.1.6
74.2 213.6

90.9

28.1 196.2

99.3
81.8

38.4 220.2
30.3 131.5

46.3

77.3i 76.0

158.1

103.1
83.3
66.0 170.3 151.3
33.3 41.5 91.0

105.3 96.9
115.8 233.3 102.6
151.5 144.8 122.0
112.6 104.0
57.8
131.4

70.1

99. 5
141.7
98.3

114.7 155. 2 100.3
120.8 118.5 111.3

437
185
56
103

1,092
4.07
1471
303j

878 119.6 110.4
105. 8
389
107 'in* 6 101.4
291 119.1 129.6

1,052
405
134
324

857
406
92
322

79.1
98.0
74.6
81.3

118.4 114.7 82.5
,
i 106.2 104.4
131.71 124.9 77.9
110.9i 136.3 92.6

OCTOBER, 1922.

1229

FEDERAL RESERVE BULLETIN.
COMMODITY M0VEMENTS—Continued

COMMODITY MOVEMENTS—-Continued.

Aug.,
1922.

1

Per Kent of average , corresponding month 1919July,

Aug.,

1922.

Per cent of average , correspond-

j-

1921.

192.1.

Aug.,
: 1922.

i July,
1922.

Aug.,

ing m o n t h 19191921.

.

1921.

Aug., July, ' Aug.,
1922. 1922. j 1921.

Aug., July,
.1922. 1922.

FOREST PRODUCTS—

Iron and steel (long
tons, 000 omitted): 2
Pig iron production
Steel ingot production.. :
Unfilled orders, U.
S. Steel Corporation
Fabricated structural steel contracted for (tonnage)
Silver production of
United States (troy
ozs 000 omitted)
Copper production(lbs.,
omitted).. .
Z inc (lbs., 000 omitted):
Production
Stocks at close of
month
Tin (lbs., 000 omitted):
Imports. . .
Deliveries to factories
Stocks at close of
month

1921.

METALS.

continued.

Aug.,

Lumber (M feet)—Continued.!
-Stocks at end of
month— S out hern
pine (ft., 000,000
1, Oil
omitted). .
Receipts at Chicago
332,417 j 468,604
and St. .Louis
Shipments'at Chicago & St. Louis.. 548,378 321,041
Oak 'flooring27,609
24 082
Production. . . .
24,261
Shipments
27,037
Stocks at end
of m o n t h
Unfilled orders.

25.971.
37| 173

20,712
35,637

1,225

89. 3 107.4

356.730 137.5 120.6

96.7

235,736 130.5 .142.3

97. 8

15,717
15,670
35,352
9, 722

— N Cti V Oil. O t v i V/il til 1/ tj OWl 4 \j 1 L

eastern ports:

• i") i ri'hs of "turnGilH

tine (casks)—
Receipts
Stocks at close

Rosin (bbls!)—
Receipts
Stocks at close
of month

30 000

38 167

33 773 101, 7 116. 3 114. 4

26 041

16,726

52 861

93,737

117,822

92,580 103. 0 125. 9 101.6

329,189

303,588

328,907 145.9 130.3 145. 8

74.. 0

46.1 150. 2

FUEL AND POWER.

Coal and. coke (short
tons, 000 omit ted):
production (est.).
\nthracite coal
Production
Coke—
Beehive production (est.)
1 v-product,
>
production
(est.)
Crude petroleum:
Production (bbls.)
(000 omitted)
-Stocks at close of
month (bbls.,000
omitted)
Producing oil wells
(number)
Oil refineries: i
Total production
(000 omitted)—
Crude oil r u n
(bbls.)
Gasoline (gals.)

22,261

17,003

34,538

161

116

5,575

2.1

539

450

248

1.794

2,486

Figures for




43. 4

.

82. 0

1.5

93. 3

40. 2

20. 0

1,383

46,295

46,593

40,894 122.0 124.4 107. 8

264,780

261,395

169,682 184. 5 179.4 118.2

1,709

1,798

44,378
569,711
192,924

4.1,805
525,941
173,650

952

93.9 109. 6

52. 3

36,041 127.7 124.5 103. 7
419,642 144.2 133.3 106. 2
138,724 112.0 105. 4 80.6

Kerosene (gals.)
Gas and fuel
959,029 903,057 807,428
Lubricating
(gals.)
'1. 91,715 80,138. 65,893
Stocks at close of
month (000 omitted)—
Crude oil (bbls.) 35,287 36,178 19,116
Gasoline (gals.) 772,909 824,96G 684,237
Kerosene (gals.) 324,586 317,574 412,202
Gas and fuel 1,358,870 1,326,940 1,269,419
(gals.)
Lubricating
(gals.)
226,691 226,904 258.638
Electric power produced by public utility, power plants (000
kw. hours):
Produced by water
1.524,243 1,540,9941,199,195
power
2', 538,852 2,314,300 2,210,706
Produced by fuels..
1,063,095 3,861,294 3,410,701
Total
1

43. 2

52.9

131.0 126.1 110. 3
122.1 108. 0

87. 7

205. 5 201.2 111.3
143. 8 133. 9 127.3
88.3 85.9 112.1
148. 7 147. 3 138. 9
120. 5 119. 5 137. 5

100.0 102.3 . 78.7
133.4 126.6 116.1
118. 5 115. 6

Julv. 1922. June, 1922. Julv , 1921.

99.5

2,034

1,816

92.4

79.6

44.8

2,374

2,215

1,175 106.5

96.5

52.7

6,692

5 950

4 561

83 2

fH A

135,843

129,160

59,300

26.1

986

94.6

04. -1

4 017

5 562

4 341

101,188

90,999

21,414 123.5 119.8

62,846

63,834

29,242

43,258

57,236

173,098

8,219

12,683

5,201

93.8 178.9

59.4

9,462

10,282

7,437 111.1 191.6

87.3

2,806

3,616

541
198

393
201

39

76

404

322

695
1,025

762
1,215

2,168
1,006

42.1
94.1

96.5

1,550
1,597

1,488
2,840

3,464
3,724

64.0
51.6

55.9 143.7
81.8 120.3

527

459

32,499

31,975

35.3

1,761

TEXTILES.

Cotton (bales, 000 omitted):
Sight receipts
Port receipts
Overland movement
American spinners'
takings
Stocks at ports and
interior centers...
Stocks at mills
Stocks at warehouses
Visible supply
Consumption by
mills
Spindles
active
during
month
(number,
000
omitted)

617 129.6
407 73.7
95

76.5 147.8
151.7

68.8

167. 8

369 131.2

120.0

468 . 109.2

131.6
92.1

95.2

96. S

94.8

97.2

35.9

22.0 113.1 lift. 9

70.5

32.5
15.7
24.0

28.5
14.8
26.9

28.4 113.2 105.2
22.8 66.8 61.7
16.7 121.2 153.7

99.0
97.0
84.2

17.1

16.3

22.4

64.2

89.6

25.2
32.0
9.5 125.4 155.3
dles, worsted.
Percentage of idle
hours on 1st of
month to total reportedLooms wider
than 50-inch
36.4
37.2
23.3
reed space...
Looms 50-inch
reed space or
31.0
37.5
41.7
less
21.1
11.8
11.2
Set of cards
19.6
8.8
14.5
Combs
Spinning spin21.2
13. 8
14.0
dles, woolen..
Spinning spin11 5
28.6
33.9
dles, worsted.
2
Figures for September, 1922, ^oigust, 1922, September, 1921.
» Figures for Sept. 1, 1922, Aug . 1, 1922, Sept. 1, 1921.

47.3

32,931

95.9

Y 001.
Y

Percentage of idle
machinery on 1st
of month to total
reported—3
Looms wider
than 50-inch
reed space...
Looms 50-inch
reed space or
less
Sets of cards...
Combs
Spinning spindles, woolen.
Spinning spin-

68.4

1230

FEDERAL RESERVE BULLETIN.
COMMODITY MOVEMENTS—Continued.

Aug.,
1922.

July,
1922.

OCTOBER, 1922.

COMMODITY MOVEMENTS—Continued.

Per cent of average, corresponding month 19191921.

Aug.,
1921.

Aug.,
1922.

i July,
I 1922.

Per cent of average, corresponding month 19191921.

Aug.,
1921.

Aug., J u l y , Aug.,
1922. 1922. 1921.

TE XTILE s—continued.

Raw silk:
Imports (lbs., 000
omitted)
Consumption
(bales)
Stocks at close of
month (bales)

MISCELLANEOUS MANUFACTURES—contd.

5,547

3,593

34,772

24,996

32,790!

32,515

27,474

18,899

5, Hi: 143.4

HIDES AND LEATHER.

Sales of raw hides and
skins during month
(number, 000 omitted):
Cattle hides
Calfskins
Kip skins
Goat and kid
Cabretta
Sheep and l a m b . . .

85.2; 132.2

I
1,211
1,144
215
1,114
22
2,546

841
1,15;
207
1,535

792
1,011
2L8
1,440
29

•21

1,465
2,892
Stocks of raw hides
and skins at close of
month (number, 000
omitted):
5,343
5,366
Cattle hides
6,494
3,583
Calfskins
3,625
3,459
949
896
Kip skins
917
9,197
9,068 10,949
Goat and kid
663
877
1,029
Cabretta
11,294
9,662 13,904
Sheep and l a m b . . .
Production of leather:
Sole leather (sides). 1,308,417 1,352,7891,607,302
35,008
25,238 21,430
Skivers (dozens)...
Oak and union harness (sides
128,763 105,19(i
50,857
stuffed)
Boots and shoes, output (pairs, 000 omit-

Men's
Women's
Others
Total

7,949
9,062
11,066

6,318
7,653 |

28,077 22,959 !

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
Paper-board production
Wrapping - paper
production
Fine paper production
Building materials (000
omitted):
Clay fire brickProduction
Shipments.
Stocks, close of
month
New orders
Unfilled orders.




Aug.,
1921.

;Au
! 192

282,570 279,3081 195,176 111.21 111.5 76.8
258,871 238,173 186,362 116.3l 112.6 83.7
52,962 47,987' 39,514 86.7 79. 8 64.7
209,957 239,220:

220,043 111.6 109.3 117.0

133,236 120,839: 102,277 116.0 107.2
134,490 123,0501 100,668 117.7 106.7
19,902

21,156!

87,922

74,435 1

27,128 77.1
59,711

83.8
101.

i

195,115 165,551
74,315 65,481
33,081

51,828
49,075

138,530 107.6
56,167 113.6 107.7

27,767I

18,833 116.7 103.6

47,266!
45,851!

26,189 110.7 105.7
26,485 104.2 102.4

162,876 158.236J
52,300 55,681:
74,399 67,557.

89.1
88.1
105.1
75.6

Building materials (000
omitted)—Contd.
Silica brickProduction
Shipments
Stocks, close of
month
Face brickProduction . . . .
Shipments
Stocks in sheds
and kilns
Unfilled orders,
close of month
Cement (bbls.)—
Production
Shipments
Stocks, close of
month.
R u b b e r (lbs., 000
omitted):
Imports of crude
rubber
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, domes- !
tic
i
Stocks
i
Automobiles:
Production (number)—
Passenger cars.
Trucks
Shipments—
Railroads (carloads)
Driveaways
^machines)
B o a t (machines)
Locomotives (number):
Domestic, shipped.
Foreign, completed
Vessels built in the I
United States and |
officially numbered \
by tho Bureau of ;
Navigation:
!
Number
,
:
Gross tonnage

76.4
85.9
66.4

55.9
56.2

142,308 116. 7 113.1 101.9
24,190 107.4 154.7 49.7
27,334 69.1 63.7 25.4

TRANSPORTATION.

11,332
12,533

4,123i.
4,014.

35,743

37,572

44,617'.

46,849
46,710.

52,408
50,579

53,410. 79.5 106. 9
41,609"...

91,339

109,545

75,825;

90,678

47,050

11,664:
14,361!

11,557
13,850

10,244
12,340

5,737

8,433

8,280

54,332;

56,855

33,104 167.0 135.7; 101.7

33,739

28,181

30,634

2,905

2,477

3,043

3,030
4,629

2,695
4,834

2,894
3,935

3,808

3,068

4,430

4,220
5,207

3,631
5,676

3,804
3,649

84

72

56

69
190

60
176

67
216

246,502
23,782

223,057
20,973

32,814

29,116;

20,758

36,754

28,100

15,218

10,096

7,030

130
21

122

95
11, 511

108
19,356

27,073
645

25.0

90.7

142,178; 69.9 100.1 108.9
75.1

98. 6

46.6

122.6| 135.1
12.71 9.0

4.0.6
44.0

90,205

57.9 61.7
4.3|
8. 2

45.7
33.6

29,049
655

28,401
660

88.4

91.6

81.9
90.4

25.4

27.5

88.0

90.4

96.8

I

Railroad operating statistics: i
j
Net ton-miles, rev- j
enue a n d non- :
revenue (000,000 i
!
omitted)
Net tons per t r a i n . . ;
Net tons p e r load- !
ed car
i
1

9,666.
11,687!

Figures for July, 1922, June, 1922, July, 1921.

OCTOBER, 1922.

1231

FEDERAL RESERVE BULLETIN.
COMMODITY MOVEMENTS—Continued.

COMMODITY MOVEMENTS—Continued.

Aug.,
1922.

July,
1922.

Aug.,
1921.

Per cent of average, corresponding month 19191921.

Aug.,
1922.

Aug.,
1921.

July,
1922.

Per cent of average, corresponding month 19191921.
Aug., July, Aug.,
1922. 1922. 1921.

Aug., July, Aug.,
1922. 1922. 1921.
TRANSPORTATION—COn.

TRANSPORTATION—COn. !

Revenue-freight loaded
and received from
conn ections,classified
according to nature
of production (short
tons):
Grain and grain
products
252,795 217,649: 259,9041
Livestock
133,492 115,797i| l116,955;
I J L U ^ iUi
l U i t/UKJ,
Coal
443,244 327,763! 667,956
Coke
37,639 41,558i 19,499,
Forest products
260,282 239,119] 196,275!
Ore
298,190 275,285 139,374!
Merchandise, 1. c.l. 1,037,3501,004,797 949,432!
Miscellaneous
1,467,169 1,366,1561,173,696'

Bad-order cars, total..I 321,624 345,013 376,417 127.1 139.7 148.7
Vessels cleared in for- ;
eign trade (net tons): j
American
'% 903,423 3,
,052,7112,581,600 95.1 112.0 84.6
99.6 97.2
Foreign
3,274,
,285,941|3,222,908

Total

110.3 119.5
100.3i 96.4
42.1 84.8
146.7 45.9
103.6 78.7
104.7! 62,3
148.7 118.0
83.0

J3,930,161 3,588,124 J3, i

"Revenue freight
l o a d e d , classified
a c c o r d i n g to geo- !
graphical divisions: I
Eastern
j
Allegheny
|
Pocahontas
Southern
Northwestern
Centyal western
Southwestern
Total.
F r e i g h t car surplus
(number):
Total... .
Box..
Coal
|
F r e i g h t car shortage
(number):
Total.
Box.
Coal.
1

116.2
110.0
56.3
88.5
104.3
133.3
116.5
103. 7

921,683
811,662
133,388
510,707
697,519
585,954
269,248

713,608
134,719
503,153
648,291
502,794
259,475

856,993
694,944
119,364
473,993
548,344
554,105
275,348

96.8 90.1
99.8 93.0
96.0 90.1
.1 97.6
114.4 104.3
104.7

3,930,1613,588,124 3,523,091
174,927. 246,740 59.4
21,367: 69,238! 9.5
131,267| 130,596! 101.8

Figures for July, 1922, June, 1922, July, 1921.
Figures for September, 1922, August, 1922, September, 1921.




Total

6,177,511 6,338,6525,804,508

P e r c e n t a g e of !|
A m e r i c a n to
total
>
47.0
Panama Canal traffic j
(tons, 000 omitted): i j
Total cargo traffic..
1,211
American vessels...
582
British vessels
Commerce of canals at
Sault Ste. Marie (000
omitted): a
Eastbound—
Grain
other
than wheat
(bushels)
15,728
Wheat ( b u . ) . . .
37,520
Flour (bbls.)...
1,560
Iron ore (short
tons)
6,658
Total ( s h o r t
tons)
8,451
West bound-—
H a r d coal
(short tons)..
11
Soft coal (short
tons)
2,354
T o t a l (short
tons)
2,535
T o t a l freight
(short tons)..
10,986

97.0; 107.9

91.1

48.4

44.5 104.3J 107.4

92,8

978
367
268

709 167.7 138.9
316
240

'8.2

!
13, 738
9,217
1,203

14,382 231.3 230.3 211.5
28,120 225.5 144.5 169.0
1,516 153.2 112.6 148.9
3,610j 98.3 149.81 53.3

9,890

5,018j 111.0 151.0| 65.9

I
281

122.4

4.7

185

994 168.5

10.2

71.1

477

1,464J 135.8

20.3

78.4

6,482 115.9 116.3

68.4

10,286

1232

FEDERAL RESERVE BULLETIN.

OCTOBER, 1922.

BUILDING STATISTICS.
BUILDING PERMITS IN 166 SELECTED CITIES.
[Collected by the 12 Federal Reserve Banks.)
NUMBER OF PERMITS ISSUED.
i

j District District . District I District
! N o . 1 N o . 2 i No. 3 j N o . 4
(22 ! (14 ! (12
cities). cities), | cities), i cities).
1921, August
1922.
January
February
March
April
May
June
July
August

;
:

|
i
:

2,5% | 8,188 i
j
878 ! 4,176
1,024 \ 4,210
2,367 i 13,284
3,011 i 9,056
10,136
2,018
9,572
2,945
2,597 . 7,761
2,873 ' 7,828

2,749

District District District District'. District District
No. 7
No. 8
No. 9
No. 10 No. 11 No. 12
(4
(9
i (14 :
(9 ' • (20
(19
cities). cities). , cities), i cities), cities). | cities).
9,013

4.222

2,155
2,566
3,211
3,215
3,443
3.085
2,978
3,130

1,623
2,081:
3,557
4,3S6 ;

3,991 I
3,621 I
3,029 I
3,044

1,971 ,

2,390

3,498
4,815

1,141
1,434
2,218 |
11,546 ' 2.650 :
13,799 ; 2; 955
11,898 j 2,507 :
10,385 ! 2,291 !
11,112 I 2,354 =

Total
(166
cities).

2,814

JO, 187

53,976

1, 336 ! 1,653
1,758 ! 2,114

8,298
7,600
11,196
10,9l>6
11,266
10,156
9,415
11,596

28,884
33,043
60,453
64,407
69,334
61,990
53,722
58,604

2,653

523
517

2,623 !;
2,586
3,103
2,794 .
3,554
2,888 . 2,545 '
2,467 " 2,238
2,534 .
2, 778

1,493
3,342
3,391
2,122
2,125
2,244

2 , 7 1 1 '••

VALUE OF PERMITS ISSUED.

District No. District No. District No. j District No. District No. District No. District No.
1 (14 cities). 2 (22 cities). 3 (14 cities). ! 4 (12 cities). 5 (15 cities). 6 (14 cities). 7 (19 cities).
1921, August

January...
February.
March
April
May
June
July
August....

$6,924,076

$55,534,223 j

SG, 879,857 \ .110,857,711

88,190,936 |

7,380, 701
9,280, 827
10,995, 500
13,812,829

1922.

50,145,296
50,372,553
119,964,783
54,704,292
57,843,585
73,352,564
47,144,023
49,210,637 I

6, 878, 523
8,275,338
14,116,292 !
17,020,500 i
13,844,813 !
18,177,759 '
15,898,696 j
15,352,655

8,352,615
7, 513, 542
11,329, 049
11,971,471
13,348,592
15,736,766
15,514,625
11,605,153

9,109,108
10,657,535

9.174,687
16,633,819

i District No.
j 8 (4 cities).

1921, August....
January..
February.
March
April
May
June
July
August...

I $3,325,791

5,713,209
7,829,585
13,814, 868
15,693,183
22,614,084
22,428,251
26,558,680

826,451,466

3,734,262
4,630,052
6, 021, 211
4,951,558
7,262,167
6,498,677
7,516,036
7,985,212

18,905,561
20,419,417
33,747,135
35,089,303
53,806,499
49,934,583
38,151,182
40,452,97?,

District No. District No. ! District No. District No.
9 (9 cities). 10 (14 cities), i 11 (9 cities), 12 (20 cities).
$5,423,460 ,

$7,529,619 ;

1922.
2,579,894
4,150,487
5,012,607
6,076,684
7,443,855
5,855,459
5,698,792
5,815,805

$5,304,592

:

2,110,424 ; 5,023,603
1,569,774 i 4,336,011 '
7,165,925 ;
4,526,209 :
8,196,110
8,384,552 •
9,913,853 ! 10,807,084 '
6,020,186 j 8,894,131
7,663,443
8,040,606 i
8,284,659
9,793,352 I

Total (166
cities).

$6,401,268

$17,226,365

8159,549,364

4,960,078
4,419,789
5,630,336
6,22S.385
4,752,642
5,276,819
5,861,650
5,010,204

22,872,876
18,917,868
27,432,286
30,195,052
28,271,238
29,598,278
22,391,016
29,424,332

138,631,902
141,715,243
259,754,421
212,323,919
239,017,520
252,431,008
209,613,436
221,605,682

VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS.
[F. W. Dodge Co.]
VALUE OF CONTRACTS FOR ALL CLASSES O F BUILDINGS.

District
No. 1.

1921, September..
1922.

January
February
March
April
May
June
July
August
September.,

District
No. 2.

District
No. 3.

District
No. 4.

District
No. 5.

$15,282,706

S90,730,134

§16,197,500

836,041,601

619,597,191

15,302,453
14,799,476
26,212,330
42,196,915
31,589,783
36,259,420
24,910,926
26,780,103
29.245,087

54,962,847
60,152,424
90,088,870
117,814,585
91,441,141
81,614,205
79,819,084
80,810,922
64,298,556

21,066,282
20,602,823
29,661,058
38,089,754
58,432,714
30,668,191
25,362,187
20,983,619
22,997:450

14,002,399
16,518,079
24,116,011
25,618,120
32,268,767
46,801,800
52,224,001
50,811,596
34,634,723

12,128,900
11,828,700
24,558,100
24,795,800
25,739,294 i
26,630,900 I
28,768,377 .
43,818,911 i
21.947,916 i

District
No. 9.i

District
No. 7.
$41,461,283 I

I

29,182,324 i
32,344,424
58,081,526 i
64,236,566 !
71,117,055
77,560,940
83,159,795
56,954,434
62.219,681

1
Total
! (7 districts).

88,162,640 j $227,473,115
3,613,148
5,192,824
11,933,270
9,878,501
12,455,410
12,153,061
9,304,320
8,249,905
5.868,200

150,258,353
161,438,750
264,651,165
322,630,241
323,044,164
311,688,517
303,548,695
',88,409,490
214,261,613

S2,476,134

$90,151,477

VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS.
•1921, September..
1922.
January
February
March
April
May
June
July
August.
September
1

Montana not included.




86,547,754

$48,789,646

So, 526,400 |

$8,987,610

I
86,171,436 ! 811,655,497r !

4,767,597
4,179,944
11,897,086
13,524,827
14,018,303
12,518,840
12,644,574
11.945.451
11'. 509; 627

35,652,203
38,657,156
51,116,514
53,677,473
39,943,547
40,483,063
33,364,787
29,091,738
34.535,710

6,280,200
5,647,700
9,552,500
10,408,700
11,168,868
11,275,517
7,826,581
8,828,667
8,142,367

6,279,459
5,545,073 '
10,641,177
16,127,627
19,121,798
16,036,790
8,074,163
6,320,030
8.595,717

6,597,861
7,299,608
9,796,405
10,297,280
13,009,760
17,434,095
15,400,301
13,409,258
12.736,605

10,601,761 !
9,388,615 !
17,225,204
17,661,586 ;
24,574,835 !
28,206,838 !
20,633,345 '•
18,833,050 •
15.011.6(>1 ;

1,019,594
71,228,675
962,757
71,680,853
2,348,511
112,577,397
4,175,963 ! 125,873,456
4,240,047 i 126,077,158
2,677,184 i 128,632,327
2,415,438 I 100,365,189
2,535,590 i 90,963,784
2,453,723 :
92.986;413

1233

FEDERAL RESERVE BULLETIN.

OCTOBER, 1922.

RETAIL TRADE.

The following tables are a summary of the
data obtained from 469 representative department stores in the 12 Federal reserve districts.
In districts Nos. 1, 2, 5, 6, 7, 9, 11, and 12 the
data were received in (and averages computed
from) actual dollar amounts. In districts Nos.
3,4,8, and 10 most of the material was received
in the form of percentages, and the averages
for the cities and districts computed from such
percentages were weighted according to volume
of business done during the calendar year 1921.
The tables for the month of August are based on
reports from 25 stores in district No. 1 (Boston),
64 stores in district No. 2 (New York), 127
stores in district No. 3 (Philadelphia), 28 stores
in district No. 4 (Cleveland), 25 stores in district No. 5 (Richmond), 36 stores in district
No. 6 (Atlanta), 58 stores in district No. 7
(Chicago), 16 stores in district No. 8 (St. Louis),
22 stores in district No. 9 (Minneapolis), 16
stores in district No. 10 (Kansas City), 22 stores
in district No, 11 (Dallas), and 31 stores in
district No, 12 (San Francisco). Figures for
•Scranton and Wilkes-Barre, in district No. 3
(Philadelphia), and Chattanooga, in district
No, 6 (Atlanta), are shown separately for the
first time this month,
A comparison of monthly changes in activity
of different types of retail business since January, 1921, is shown in the second of the fol-

lowing tables. The 158 department stores arc
located in districts Nos. 1, 2, 5, 6, 9, 11, and
12, while the mail-order houses do business in
all parts of the United States. Chain-store
figures are based upon the total sales of the
same reporting chains for each month, but the
actual number of stores in these chains varies
slightly.
Mail-order business for the month of August
is the lowest it has been since August, 1921.
Cigar and shoe chain sales have decreased in
comparison with last month and cigar sales were
less than in August a year ago. All other types
of reporting chains have increased their sales.
A comparison of the course of mail-order and
department-store sales is shown in the chart
below. The mail-order business is dependent
for the most part upon farmers, while the
department stores are situated in the cities
and towns. The excellent condition of mailorder houses in 1919 was due probably to
higher crop prices that year. In the years 1920
and 1921 sales of department stores and mailorder houses were generally moving in the
same direction from month to month. Mailorder sales for the period showed a distinct
downward trend, but there was little change in
the total value of department-store trade. It
is worthy of note that the peak of the mail-order
business generally comes in October or November, while the largest sales of department stores
occur in December.

COMPARISON OF SALES OF
DEPARTMENT STORES AND MAIL ORDER HOUSES
1919 - 1922
( AVERAGE MONTH, 1919 = 1 0 0 )

DEPARTMENT STORES (159)
MAILORDER HOUSES ( 4 )

J. F. M. A.M. J. J. A. S. O.N. D. J. F.M. A. M. J. J. A. S. 0. N, D. U 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

1234

FEDERAL RESERVE BULLETIN".

OCTOBER.

1922.

CONDITION OF RETAIL TRADE IN T H E FEDERAL RESERVE D I S T R I C T S .
[Minus sign (—) denotes decrease.]
Percentage of increase in net
sales as compared with corresponding period previous
year.
District an

Percentage of increase in stocks
at close of month compared
with—

city.
July,
1922.

District No. 1:
7.9
Boston
—. 5
Outside....
5.3
District
District No. 2:
2.3
New York a n d Brooklyn
-4.0
Buffalo
-4.3
Newark
.1
Rochester
-4.7
Syracuse
5V2
Bridgeport
1.6
Outside
—. 1
District
District No. 3:
-3.3
Philadelphia
.3
Allen town
1.9
Harrisburg
-25.0
Johnstown
6.1
Reading
Scranton
4.1
Trenton
Wilkes-Barre
4.9
Wilmington....'
-7.8
Outside
-3.7
District
District N o . 4:
7.9
Cleveland
,
.8
Pittsburgh
-5.3
Cincinnati
9.5
Toledo
,
8.5
Outside
3.2
District
,
District No. 5:
-4.7
Baltimore
-1.0
Richmond
,
-7.0
Washington
-13.4
Outside
-6.3
District
District N o . 6:
-2.6
Atlanta
3.7
Birmingham
Chattanooga
"-2.1
Nashville
-8.2
New Orleans
Savannah
-iifa
Outside
District
-6.7
District No. 7:
2.4
Chicago
12.4
Detroit
-9.0
Milwaukee
3.6
Indianapolis
-6.8
Dcs Moines..
-5.2
Outside
2.3
District
District No. 8:
-2.4
St. Louis
11.9
Louisville
1.9
Memphis
! -7.0
Little Rock
,
\ -13. 2
Outside
:
-.5
District
-1.3
District No. 9
District N o . 10:
-12.3
Kansas
-.1
Denver
• -4.2
Outside
I -6.5
!
District
District N o . 11:
i -6.8
!
Dallas
-10.4
Fort W o r t h . . v .
j -3. 3
Houston
."."
'1,..'.!" - 1 4 . 0
Outside
-9.1
District
•
District No. 12:
6.6
Los Angeles
2.4
San F r a n c i s c o . . ,
-6.1
Oakland..
10,0
Seattle
..<„...
-5.5
Spokane
-5.6
Salt Lake City
3.1
District
i -1.1
United States
j




.ugust,
1922.

uly 1, 1922, to
close of—

Same month
previous year.

July,
1922.

July,
1922.

August
1922.

.4
.7
-2.8
1.3
- . 8 i -7.0
- 7 . 4 : -18.0
-17.4 -17.4
-1.6
-1.4
-3.6
-11.2
-1.4
-.8

-4.9
2.7
3.8
-8.1
-10.0
-15.9
-12.2
-5.9

3.6
.6
.3
-.8
4.8
1.8
8.8
4.4

7.6
2.1
-1.3
6.9
-7.5
-4.4
7.6
5.3

2.3
-4.0
-4.3
.1
-4.7
5.2
1.6
-.1

4.9
—.8
-2.8
3.5
-6.0
1.3
4.4
2.6

2.8
4.5
6.6
-3.9
5.6

-3.3
.3
1.9
-25.0
6.1

7.3
-11.0
5.2
1.7
1.5

4.1
4.9
-7.8
-3.7

.4
-1.1
3.2
-14.0
5.2
-21. 8
5.5
-14.1
-1.1
-2.0
-1.5

-19.8
1.7
-3,6

16.6
9.1
2.8
5.6
19.4
10.8

7,9
,8
-5.3
9.5
8.5
3.2

10.0
4.8
-1.7
7.2
14.8
6.3

1.1
26.4
-4.8
-4.7

-4.7
-1.0
-7.0
-13.4
-6.3

-1.8
12.2
-5.9
-9.3
-2.8

11.1
21.3
-15.3
2.1
-8.2
-12.7
-4.0
-1.6

-2.6
3.7

5.5
14.6
-4.9
.0
-8.5
-20.1
-6.6
-3.7

5.3
18.1

-3.4
7.6

-ii.T
-6.7
2.4
12.4
-9.0
3.6
-6.8
-5.2
2.3

.2
15.4

-3.5
5.7

July, iAugust
1922. i 1922.

1.7
1.2
1.6

6.8
.5
5.1

-8.2

August,
1922.

July 1, 1922, 1,o
close of—

-2.9
-2.2
-2.7

7.9
— .5
5.3

"-% I'

Previous
month.

4.7
-.3
3.2

5.9
4.2
5.5

-12.8

Percentage of average stocks at close
of each month to
average monthly
sales for same
period.

-.6 j

3.2 |

'July,
1922!

Percentage of outstanding orders
at close of month
to total purchases
during previous
calendar year.
i

r July,

'• August,
; 1922.

August,
1922.

1922.

392.3
431.4
404.2

392. 0
450. 0
407.0

7.7 !
5. 5 :

453.1 •
'
497.0 :
468.2 I
40.1.1 I
407.0 j
306.1
537.2 I
435.5 i

453. 5
4(52.2
453. 0
386.0
438. 0
380.3
573.9
444.6

6.0
7.6
6.9
3.6
6.0
6.9
9.0
7.1

448.0 I

402.8

8.9

8.5

498.9
481. 8
054.0

10,2

10.6
33. 0

5.9
8.4
8.7

7.3
9.5
9,0

i
"
'
i

6.6
7. 5
7.3
6.2
5.8
7.0
9.3
7.3

-5.3

-4.1

-2.6

3.2

4.7
-6.7
3.0

6.1
-5.1
4.7
15.1

-6. 8
3.7
-7.6

-4,2
•12.6
1.7
-1,9

10. 4
6.3
3.1
11.6
3.8
6.0

-3,5
-4.0
-8,0

2.2
4.4
4.2

587.9
494,8

522.0
477.1
"651.6
512.0
490.1
595.3
807.6
609.0
476.2

4.2
-9.1
-5.8
-2.7
-1.7
-3.9

3.4
-11.0
-14.9
-2.8
3.2
-5.7

-8.7
-5,8
-5,1
-7.7
-8.2
-6.7

5.7
6.3
3.4
3.2
7.3
5.6

431.0
429.6
624.7
427.1
436.4
458.4

382.7
415.7
535.0
432.1
488.5
424.4

10.3
9.3
11.0
6.0
14.5
9.7

10.3
8.5
10.8
6.9
14.2
9.4

-2.0
4.8
-3.4
1.1

-7.8
-4.5
5.2
-4.3
-2.9

-3.6
-1.1
-4.8
-3.6

2.5
5.2
10.1
1.1
4.9

510.2
428.3
485.9
593. 2
506.6

493.9
449.4
509.2
575.5
508.3

14.4
12.2
9.3
7.0
10.8

7.5
12.5
7.4
7.0
7.8

10.7
.8
-14.1
-5.8
-.2
-17.3
-17.8
—3.9

-1.2
-2.9

636.0
652.6

632.4
500.9
966.0
599.3
573.3
708. 2
656.6
593.4

4.2
7.0

7.0

"-2." 9
2.7

5.6
6.1
-17.1
5.7
5.2
2.6
6.9
6.0

-9.5
1.1

-10.7
2.1
-1.1

4.2
13.4

293.1
395. 8
674. 2

11.4
-2.9
*-2."5
-3.3

-is." 2
3.5
-1.2
-7.2

.7
-6.7
-3.0

"-6." 6
-1.4

—4.7
-2.6
-1.7

-4.1
-2.4

9.2
10.6

483. 8

680.2
568. 3

74

7.1
8.3

9.0
11.0
8.7
9.7
9.5

390.1
394, 3

13.6

6.7
11.1

356. 8
598. 0
465.6

575. 7
473. 4

9.7
8.4
10.1

7.4
9.15

9.9
3.2
6.5
4.2
.8
7.8
9.0

8.6
8.5
11.1
11.0
11.3
9.0
8.1

675. 5
621. 4

9.8
10.5

-2.4
11.9
1.9
-7,0
-13.2
-.5
-1.3

-1.4
-.6 I
6. 2 !
-12.8
-11.5 i
-.8 !
;
|

-5.3
-18.6
-10.6
4.9
-8.5
-7.0
1.2

—4.4
-18.9
-11.9
-.8
-2.7
-7.0
-2.8

-7. 5
.3
-6.1
-2.7
-1.0
-1.1

10.0 !
1-1.7
1.8
7.. 7
6.0 .
8.8 '
4.8

385. 3
290. 4
504.1
474.1
591.1
407. 8
499.2

!
457.0 !
418.9 :
644.9 ;
770.1 i
557.2"!
525.9
486.6

-13.4
-5.7
-9.1

-12.3
-. 1
-4.2
-6.5

-12.9 j
-4.9
-7.9
-8.7

-6.6
2.2
G.9
.6

-6 2
-.1
-3.3
-3.3

9.2
-1.3
-5.2
1.3

12.3
6.2 •
19.2 .
12.7

550.9
575.5
577. 3
561.5

594. 8 !
599.2 ;
615.9
601.8 |

9.3
13.3
10.9
10.7

7.3
12. 2
10.5
9.9

2.5
-5.1
.9
—13. 8
-4.2

-6.8
-10.4
-3.3
-14.0
-9.1

-6.6
-7.8
-1. 2
-13.9
-8.2 .

-9.5
-9.3
-2.2
-8.4
-7.8

-10.7
-10.4
-4.9
-15.7
-11.0

-1.6
-4.7
2.3
.0

9.8 .
10.0
12. 5
13.9 !
11.5

574.1
536.7
(511.9
521.7
559. 7

573.1
589.1 ;
!
547.2 i
579. 8 I

10.9
11.2
10.6
10.2
10.7

11.0
10.8
10,0
8.9
11.9

7.2
4.3
.4
13.0
-5.6
.2
5.7
3.

6.6
2.4
-6.1
10.0
-5.5
-5.6
3.1
-1.1

6.7 !
3.5 1
1.4 I

-7.3
1.8
-.8
.3
1.2
8.7
-1.4
-1.6

-20. 4 i

469. 3
519. 5
617.7
384. 'A
733.5
533.1
497. 5
481.6

389. fi
457. o
577.4
397. 8
691. 8
306.7
45J. 4
486. 2

9.8
12.7

8.9
13. 3

11.4
10.6
7.3
10.7
9.0

10.4
8.5

-.5
-5.5
11.8
-8.2
9.0
.9

-.1

11.5 I
-5.8 !
2.8 :
4.8 •
1.1 i

'
I
I
:
|

5.2
-1.4
-1.8
-1.8
=!'
.5
-3.4
-5.3
-7.6
-.5
-3.4 , - 2 . 8
- 1 . 2 •

-3.3
5.4
6.6
13.1
5.3
6.8
4.1
6.5

10.6
9.0

1235

FEDERAL RESERVE BULLETJX.

OCTOBER, 1922.

AVERAGE MONTHLY VALUE OF RETAIL TRADE,
[Average month, 1919=100.]
Chain stores.
Department Mail-order
stores
houses
(158 stores). (4 houses).

January
February.
M arch
April
May
June
July
August

Five and
ten (4
chains).

Drug
Cigar
Shoe
Music
(7 chains). : (3 chains). ' (5 chains). (4 chains).

I

1921.

January
February
March
April
May
June
July
August
September
October
November
December

Grocery
(16 chains).

103.7
88.4
117.0
112.6
112.5
110.9
79.2
82.0
94.5
130.4
123.3
182.4

1922.
1

124.6
118.4
128.7
121.7
118.8
116.0
115.1
121.4
118.3
135.2
133.5
144.5

86.1
92.9
121.1
111.9
112.2
109.7
108.0
116.0
113.4
141.9
134.1
241.6

117.3 :
110.7 i
123.6 !
121.8
119.2
120.6
122.1
119.8
119.4

93.9 '
81.8 j
105.1 :
113.6 !
118.9 j
110.4 I

*

69.1 |
64.8
95.1
77.5
60.2 !
62.1 !
49.3 :
56.4
72.7 i
88.6 |
83.3 !
80.3 .
65.3 j

135.8
127.6
145.4
137.4
136.5
133.2
129.5
137.4

94.6

100.8:
118.4 •
134.9 |
129.6 J
124.9
126.3
130.4 j

117.0 ,
114.5 !
123.2 I
120.3 |
122.9 i
123.5
125.7
127.9
i

79.2 !
84.7 !

59.4 '
83.5
77.1 ;
69.9
68.8 .
58.4 :
57. 2 :

i

119.9
116.5
131.8
134.7
129.5;
127.8 !
128. 5 1
127.6 i
128.0
138.0
124.8
172.7

115.2 |
146.1 |

79.0
78.3
81.9
75.1
65.1
59.9
55.6
71.6
82.3
99.2
107.0
172.6

111.0 ;
109.3 I
124.3
124.5
128.8 :
105.8 •
127.3 i
126.9

124.2 j

85.8
82.5 :
141.0 I
139.7
136.5
127.6,
100.9
86.6
103.1
135.4
119,1
149.6
80.0
80.7
102.0
156.3
127.1
121.9
101.3
i 86.8

71.7
75.0
80.6
78.9
.80.9
81.3
83.0
99.1

!

i Partly estimated.

CONDITION OF WHOLESALE TRADE.
PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN AUGUST, 1922, AS COMPARED WITH AUGUST, 1921.
Groceries.
District.

No. 2
No.3
No. 4
No. 5
No. 6
No. 7
No. 9
No. 10
No. 11
No. 12

Dry goods. Hardware.

Boots and
shoes.

1
Per Num- Per Num- Per Num- Per Num- Per Numcent. ber of cent. ber of cent. ber of cent. ber of cent.
firms.
firms.
firms.
firms.

-7.1
-9.4
—5.1
5.5
4.7

-4.5
—2.6
—3.9
3.0
7.1

42
65
26

0.3

-12.6

43
34
37
41
9
10
31

5.2
3.4
8.9
2.1

—1.9
-4.4
19.4
24.1

8 22. 8
13.2
26.7

19
13
16
24
10
4
4
11
16

6.4

15.6
18.6
18.2
13.6
5. 5
20.4

11
32
11
17
21
16
1]
11
10
21

18.4
—3.8!

10
11

-6.4.
63.3
12.6
20.1

19

5.8

Drugs.

Furniture.

12

12

14.7
9
19

Stationery.

Num-: . p
Number of! cJe ™ ber of
nt
firms,
' firms.

p

2.9
3.4

45.6
23.4

Auto^p-

.9

13.7
5.8

Per

19. i
63.7
16.3

6
2
16

-.1
1.4
-.3

Num- p _ iNum- Per Num£3it iber of cent. ber of
cen
-!firms.
firms.

36

6

i
:

27 3

5

56 2

0

16j
14:
4'

111 53.5

8

61—24. 7
7!
9j 5.9
i

18

44 3;
37.0
. . . . . . . . . . . . . 35.5
10.7!
27-18.4

6
13

Auto tires.

4

!

6
6
4
5
24 - 9 . 4

21

PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN AUGUST, 1922, AS COMPARED WITH THE PRECEDING MONTH
(JULY, 1922).
Groceries.
District.

No. 2
No 3
No. 4
No. 5
No. 6
No. 7
No. 9
No. 10
No. 11
No. 12

:

Dry goods. Hardware.

B

^t0^?nd

Furniture.

Drugs.

^ " P -

1

Farm implements.

Stationery.
;

Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num-:
cent. ber of cent. ber of cent. ber of cent. ber of cent. ber of cent. ber of cent.
firms.
firms.
firms.
firms.
firms.
firms.
4.9
8.1
7.7
6.8
15.9
13. 5
12.7
7.6
9.C
-5.2




42
65'
26:
43
34
38i
41!
9
10
31

49.5
41.5
37.4
44.9
36.1
29.7
54.7
59.1
48.0
34.6

8 7.5
19 10.8
13 10.8
16 9.6
24 31. 2
10 8.8
4 13.9
4 3.8
11 16.7
5. 7
16

n

32

51.2
72.8

n 45.9
17
21 9.1
17 41.1
11 52.6
11
10
21 36.2

1.0
11
19 28.81
12 37.8
12
6
54.3
47.9
13 29.3

9
19

6
2
16

2.3
5.1
14r4
4.7
12.9
5.0

•s
!

5.6
16.4
26.7

?

11

9

1
! 6.5

*

I
:
14.0
13. 4
<

p

g

26.5

i

Num-i
Num- Per Number ofi c_in°J !iber of cent. ber ol
firms-! e t - firms.
firms.
6

5

9

4|
18 38.7

Auto tires.

27

-9.4.

I

30.6!
-51.6
60. ?•:
-27.3"

6

i

i
6
4
i
5
24 13.2

21

1236

FEDERAL RESERVE BULLETIN.

OCTOBER, 1922.

OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS.

Forecasts of crop production issued by the
United States Department of Agriculture as of
October 1, 1922, are shown in the table below,
together with estimates of production in 1921.
A slight reduction in the corn forecast brings
the expected total to 2,853,000,000 bushels, or
about 227,000,000 bushels less than the estimated production last year. The forecast for
wheat production is 810,000,000 bushels, or
about 8,000,000 less than was expected a month
earlier and about 15,000,000 more than the
1921 estimate. This increase is due entirely to
spring wheat production, which is expected to
be 60,000,000 bushels larger than in 1921, while

the winter wheat estimate is about 45,000,000
less than a year ago. The forecast of cotton
production is 10,135,000 bales, or about 440,000
bales less than the September forecast, though
still nearly 2,200,000 bales more than the crop
of last year. The decrease in the estimated
cotton production is due chiefly to a reduction
in the Dallas district, which suffered from a
severe drought and from damage caused by
leaf worms. The forecast of oats production
declined from 1,255,000 to 1,230,000 bushels,
smaller totals being forecast for the Chicago,
St. Louis, and Kansas City districts, in which
the bulk of oats is produced.

PRODUCTION OF CORN, WHEAT, COTTON, AND OATS, BY FEDERAL RESERVE DISTRICTS—FORECASTS OF THE DEPARTMENT OF AGRICULTURE AS OF OCTOBER 1, 1922, COMPARED WITH ESTIMATED PRODUCTION FOR 1921.

(In thousands of units of measurement.)
Corn (bushels).

Federal reserve district.

Boston

New York
Philadelphia..,
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total

1922,
Oct. 1 forecast.

Estimate
for 1921

13,256

59,416
204,684
177,638
204,128
966,204
391,149~>
265,326 :
383,448 '
140,178
11,712
! 2, 853,399

:

Total wheat
(bushels).

Spring wheat
(bushels).

1922,
1922,
Oct. 1 Estimate Oct. 1 Estimate
forecast. for 1921. forecast. for 1921

5,716
72,232
72,446
224,105
225,345
8,873
96,316

313
9,778
21,126
35,254
24,863
5,677
62,922
66,442
153,483
271,130
21,986
121,919

5,319
306
214,925
12,863
224
33,167

4,820
332
146,275
12,844 i
322 !
41,943 i

3,080,372 j 810,123

794,893

268,314

207,861

14,447
42,872
69,416
209,377
173,687
250,255
967,277
416,543
302,344
442,158
180,803
11,193

474
9,996
23,203
42,495

474
391
182
463

Cotton (bales).'

|

Oats (bushels),

i?? 2 ', j Estimate L * 9 2 ? '

^^|' O T l 8 2 1 r C t L f O n 'i' o r l !« 1

313
362
182
1,372
2,177

1,547
1,693

1,967

1,662

656
3, 847
'2 93 •

2,499
2 67

9,326
34,339
24,929
58,708
21,596
19,2iO
482,848
38,745
341,176
129,343
39,710
29,844

» 10,135 i

'7,946

1,229,774

1 Condition on Sept. 25.
2 In addition, the following amounts were estimated grown in Lower California (Mexico): 1921, 500,000 bales; 1922, 73,000 bales,
s Cotton grown outside of cotton belt included as follows: 1921, 9,000 bales: 1922, 23,000 bales.




! Estimate

8,247
26,500
22,2.1.6
53,402
19,830
21,987
385,091
59,090
229,772
163,401
36,858
34,343
1,060,737

1237

FEDERAL RESERVE BULLETIN.

OCTOBER, 1922.

DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS.
Following is a set of tables showing the volume of bills discounted and of acceptances, municipal warrants, and Government securities purchased by the Federal reserve banks during August,
1922:
VOLUME OF OPERATIONS DURING AUGUST, 1922.

Federal, reserve bank.

United States securities purchased.

Bills discounted Bills bought in
for member
open market.
banks.

Boston.
New York.
Philadelphia.
Cleveland
Richmond
I
Atlanta
!
Chicago
St. Louis
Minneapolis
Kansas City
j
Dallas..
San Francisco..
Total: August, 1922
|
August, 1921
j
8 months ending !
August 31,1922.:
8 months ending ;
August 31,1921.!

Bonds and
notes.

Total.
Municipal
warrants
purchased.

Certificates of
indebtedness.

8143,428,090
344, 202,169
164,512,699 j
93,708,171 I
45,152,817 ;
19,020,140
86,919,711
43,898,.895
11,862,647 j
9,445,108
17,768,809 ;
114,386)121 .

823,601.942
78,070,600
12,998,792
8,256,191
283,750
1,087,602 !
29,011,288 I
987,224
75,000
1,007,692 !
29,827,050 ;

$8,938,000
44,908,200
2,395,000
6,791,400
50.000
746)850
8,769,800
7,352,550
3,152,800
28,700
50,000
7,712,000

1,094,305,977 ;
3,513,063,190 !

185,207,131 !
107,303,045 !

90,895,300
1,182,000

101,040,000 : !
41,615,000 .

§8,161,000
53,180,000
4,370,000
4,112,500

818,872,650

1,940,358,500 j

29,966,450

2,577,320,557 '

628,000
24,229,000 :
1,632,000
3,726,500 I
1,000 |

43,836,914,002

921,336,636

August, 1921.

8184,129,
520,360,
184,276,
112,868.
45,486)
21,482,
148,929,
53,870,
1.8,759,
9,549,
18,826,
152,925.

SI 8,000

1,000,000 j .

i

12,172,047,928 : 1,153,074,351 |

August, 1922.

8311, 774,488
1,688,228,398
316,030,965
196,940,429
216,409,922
124,661,063
312,804,557
120,338,356
57,260,268
60,347,239
63,452,441
194,915,109

18,000 | 1,471,466,408 •
.

3,663,163,235-

137,632 ! 16,084,491,061
!

47,365,537,645

VOLUME OF BILLS DISCOUNTED DURING AUGUST, 1922, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOM
MODATED.

Federal reserve bank,

Boston

New York
Philadelphia..
Cleveland
Richmond
Atlanta...
Chicago
St. Louis..
Minneapolis
Kansas City. - Dallas
San Francisco.
Total: August, 1922
July, 1922
August, 1921
July, 1921

Customers1
paper secured by
Government obligations.

Member banks' collateral
notes.
Secured by

Government
obligations.
$43,356,
262,406,
128,537,
77,111,
32,018,
5,210,
57,166,
32,559,
5,455,
4,445,
3,546,
76,079,

$139,239
504,938
55,000
226,847
187,794
105,445
104,348
106,757
6,355
33,755
8,898
113,165

Bankers' acceptances.

Commercial Agricultur- Live-stock
paper.
Otherwise papers, n. p.. s. al paper.
Foreign.
secured.

$180,500
594,800
227,000
435,500
200,000
600,559
" "996,"290'
22,838,317

j 1,592,541
727,893,985 26,072,966
| 2,856,274 |
929,180,4S0 22,933,412
48,321,668
2,021,810,753 33,017,993
69,946,004 ; 2,114,329,612 22,449,545

$99,378,861
80,116,684
35,739,696
15,629,131
8,947,674
9,918,827
22,497,086
8,172,955
3,547,524
1,658,407
6,195,957
12,104,706

$416,
615,
149,
133,
3,179,
3,080,
6,635,
2,493,
1,468,
1,526,
4,161,
2,135,

92,080
779,302
1,780,546
2,729,187
699,173

303,907,508
323,266,424

25,994,
28,613,

6,434,590
7,800, 944

Total reduced to a common
maturity basis.1
Total, all classes.

Foreign,

Total: August, 1922
July,1922
August, 1921.
July, 1921....
1

.Domestic,

$134,799
555,860
31,011
358,371
206,230
216,051
81,202
266,483
4,958
1,151
130,382
416,041

Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
•St. Loins
Minneapolis - -.
Kansas C i t y . . .
Dallas
San Francisco.
;
!

2,402,539 :
! 2,889,186 :
8,824,506
8,673,299

68,687
18,057
261,837
!
j
I
I
!

$7,540 ; . . .

7,540 !.
$41,987 ! .16,240 j .
1,344,637,416 41,288,185 13,745,037,1
1,417,632
1,454,153,534 46,055,440 j 17,529,350 I
1,941,628

Trade acceptances.
Federal reserve bank.

$2,470
3,251

Amount.

$143,428, 690
344,202, 169 i
.164,512, 699 :
93,708, 171 |
45,152, 817
19,020, 140
86,919, 711 !
43,898,
11,862,
9,445,
17,768,
114,386,
1,094,305,977
1,317,601,617
3,513,063,190
3,735,078,412

$67,634,083 j
200,898,701 !;
96,044,322
70,895,101 ,
72,600,204 i
70,621,852 !
193,881,625
64,157,746
40,428,220
35,279,627 I
77,531,994 j
104,332,552 i
1,094,305,977

Member banks.

Per cent of Number in
district
total.
Aug. 31.

Accommodated.
Number.

6.2
18.3
8.8
6.5
6.6
6.5
.17.7
5.9
3.7
3.2
7.1

432 !
800 j
714 ;
883
627 i
538 j
.1.445
606 !
1,021 |
1,152 |
863 : !
836

100.0

9,917;
9,930 ;

4,042
4,167

9,802 ;
9,789 ,

Per cent.

5,453
5,607

1.71
256
304
283
328
288
712
252 !
336 !
292 I
485 j
335 i
;

Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (13.48) for system.




39.6
32.0
42.6
32.0
52. 3
53. ft
49. 3
4.1.6
32.9
25.3
56.2
40.1
40.8
42.0
55.6
57.3

1238

FEDERAL RESERVE

OCTOBEE, 1922.

BULLETIN.

VOLUME OF BILLS DISCOUNTED DURING AUGUST, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND
MATURITIES.
Federal reserve bank.

4 per cent.'

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago.
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

4£ per cent.

5 per cent.

$143,428,690
344,202,169

I
i
i

Total: August, 1922.
July, 1922

$143,
344;
164,
93
45,

§164,512,699
93,708,171
45,152,817
19,020,140
86,919,711
43,898,895
6,138,704
6,295,279
17,768,809

!
j
,

428,690
202,169
512,699
708,171
152,817
020,140
919,711
898,895
862,647
445,108
9, 768,809
114! 386,121

3

Si

$5,723,943
3,149,829

114,386,121
602,016,980 |
810,474,889

Average
Average
rate (365day basis). maturity.

Total.

483,415,225
474,290,016

8,873,772
32,836,712

Days.
6.36
7.87
7.87
10.20
21.67
50.04
30.06
19.70
45.93
50.34
58.80
12.29

Per cent.
4.00
4.00
4.50
4.50
4.50
4.50
4.50
4.50
4.75
4.68
4.50
4.00
4.34
4.39 i

1,094,305,977
1,317,601,617

VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING AUGUST, 1922, BY CLASSES.

Bankers' acceptances.

Trade acceptances.
:
Total
: bills purI chased.

Federal reserve bank.
Foreign.

Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.

Dollar
exchange.

Domestic.

I

$16,541,265 $5,925,489 $1,135,188
63,106,196 11,177,530 3,429,997
10,237,863 2,188,772
550,000
6.597,905 1,540,109
118,177
10,000
273,750
794,952
292,650
22,425,822 6,395,466
190,000
787 224
100,000
100,000

Total.

I Foreign, j

D

?mes"

$23,601,942
77,713,723 $356,877
12,976,635
22,157
8,256,191 I
283,750 !
1,087,602
29,011,288
987,224

874,343
22,861,223

75,000
133,349
6,185,543

780,284

Total: August, 1922..; 144,236,793
July, 1922
! 125,333,111

34,287,658
30,243,235

6,303,646
2,653,505

75,000
1,007,692
29,827,050

21,711,986
16,140,995

5,795,624
1,345,000

107,270,061
46,622,695

Total reduced to a
common 1maturity
basis.

Amount,

Per cent
of total,

32.6
11.9
6.7
.1
.5
25.2
1.0

158,252
492,796
29,922,183

.1
.3
16.1

185,207,131

100:0

.1
75,000
. 1,007,692
!
. 29,827,050
!
379,034
529,293

185,207,131
158,759,144

32,984
46,844

32,984
46,844

*

$23,601,942 $10,132,117
78,070,600 60,489,953
12,998,792 21,970,196
12,321,154
8,256,191
260,055
283,750
899,378
1,087,602
29,011,288 46,758,300
1,802,747
987,224

$356,877
22,157

184,828,097 i 379,034
158,229,851 i 529,293

August, 1921. J 79,762,451
July, 1921
! 29,136,700

!

Total.

13.48
11.97

107,303,045
46,669,539

1 Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (42.18) for system.
VOLUME OF ACCEPTANCES PURCHASED DURING AUGUST, 1922, BY RATES OF DISCOUNT CHARGED, ALSO AVERAGE RATES
AND MATURITIES.

Federal reserve bank.

Boston
New York.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
1\ ansas City
Dallas
San Francisco

j 3 per cent.

3J per
cent.

3} per
cent.

3$ per
cent.

i $19,480,503 83,783,729 $288,122 $19,922
i 29,389,729 3,225,435 44,910,376 148,923
! 10,721,662! 2,003,574
251,399 22,157
, 8,083,9391
56,820
18,091
•.
!
:
494,040!
89,010
! 19,921,951 7,514,421 1,574,916
;
987,224!
'
i
.•.. I
1,007,6921
j 23,970,848i 5,654,244
201,958

34 per
cent.

3f per
cent.

4£ per
cent.

5 per
cent.

$29,666
396,137
90,000

$5,841

Total: August. 1922....: 114,057,588i22,327,233 47,244,862 191,002i 515,803| 5,841
July, 1922
88,142,558J14,756,833 48,304,494 934,46115,739,1221 60,324
1

4 per
cent.

$1,500

Total.

$23,601,942
78,070,600
12,998,792
8,256,191
283,750
1,087,602
29,011.288!

$283,750
504,552

987,224i

S75,000
1,500 788,302
1,500 762,087

75,000185,207,131 |
LOU, M M , 1O.I.
158,759,1441

Includes $57,765 of acceptances purchased at 3£ per cent.
NOTE.—All Federal reserve banks use 360 days to the year in calculating interest on bills bought in open market.




75,000|
1,007,6921
29,827,050!

™ i Average

Percent.]
3.06
3.14
3.08
3.04
4. 56
3.85
3.11
3.04

Days.
18.11
32.68
71.28
62.94
38.65
34.88
67.98
77.02

5.07
3.04
3.06

88.9*9
20.63
42.31

3.10!
3.131

42.18
36.63

1239

FEDERAL RESERVE BULLETIN.

OCTOBER, 1922.

HOLDINGS OF EARNING ASSETS, BY CLASSES.
Following is a set of tables giving a detailed analysis of the different classes of earning
assets held by the Federal reserve banks during August, 1922:
AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARNINGS
DURING AUGUST, 1922.
Average daily holdings of—
Federal reserve bank.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
' Kansas Citv
Dallas
'
San Francisco
Total: Aug., 1922
July, 1922
Aug., 1921
July, 1921

All classes
of earning
assets.

882,864,706
239,947,488
101,847,615
123,926,369
40,698,413
38,879,147
102.665,472
58,787,243
37,451,900
63,126,043
44,164,132
118,739,684

Discounted
bills.

Purchased
bills.

Annual rate of earnings o n -

Earnings o n -

All
All
United classes of i Dis- j Pur- United classes DisPur- I United
States
States
counted i chased securi- of earn- counted chased j States
earning
I securisecurities. assets.
ing
bills.
bills.
ties.
ties. assets. bills. I bills.

$24,726,432 $14,243,158 $43, 895,116 §254,680
48,068,963 34,2
'" """ """ "',247,753157; 630,772 733,5811
38,221,810 29,145,297 34, 480,508 335,6381
478,007 398,064i
27,102,231 27, 346,131
369,368
797,674 145,920
35,531,371
29,918,396
902,076
058,675 134,837
51,559,2841 15,739; 617
366,571 335,8071
17,540,092 15,515,359
731,792 190,2051
26,959,000
483,600 143,174!
17,646,968
65,322
413,753 218,812
35,419,348 2,699,768
045,016! 165,922J
43,549,289 18,747,002
443,393 388,7041

1,053,098,212 396,243,184 159,020,851 497,824,877
1,127,887,882 428,326,143 154,010,451 545,546,588
1,844,940,407 1,558,012,798 38,157,531248,770,078
2,009,384,063 1,721,882,534 26,360,164 261,141,365

584,674
164,385
146,083
103,592
136,162
114,516!
198,306
67,224
113,941
74,793!
145,634'
153,467!

S37,842; §132,164
91,591 477,605
76,203 113,352
71,426 223,046
1,456 8,302
3,10li 17,220
41,148 96,353
40,828 82,153
29,195
" " 2 8 1 143,738
7,293 12,995
48,950 186,287

Per ct, Per ct. Per ct. Per ct.
3.62
4.03
3.13
3.54
3.60
4.03
3.15
3.57
3.
•1.50
3.07
3.87
3.78
4.50
3.08
3.78
4.22
4.51
4.64
2.04
4.
4.51
4.05
2.52
4.53
3.08
3.85
3.21
4.51
3.10
3.81
3.76
4.98
4.50
3.28
4.99 '"h'.bi
4.08
3.73
4.84
4.42
2.53
3.18
1.15
3.85
3.89
3.07

3,445,3441.502,777 420,11911,522,410
3,737,1041,636,868| : 416,027jl,684,189

3.85
3.90

4.47
4.50

3.11
3.18

3.60
3.63

8,492,069 7,826,24()! 173,5561 492,273
9,551,5418,906,789; 133,438 511,314

5.42
5.60

5.91
6.09

5.36
5.96

2.33
2.31

MOTS. -The figures for Minneapolis in the first, fifth, arid ninth columns include average daily holdings of municipal warrants, earnings, and
annual rate of earnings thereon as follows: $9,300, S38, and 4.77 per cent.
HOLDINGS OF DISCOUNTED BILLS, BY CLASSES.
[End of August figures. In thousands of dollars.]

Federal reserve bank.

Total.

Member banks' colI Cuslateral notes.
; torners'
' Commer- Agriculi paper |
"i cial
! secured j
tural
i by Gov-! Secured by Other- i paper,
paper.
I eminent j Governwise ! 11. e. s.
i obliga- ! ment obli- secured. .
i tions. i gations.

Ba'nkers' accept-! Trade accepti
ances.
1
ances.
Livestock
paper.

Foreign.

Domes-! Forties,
eign.

Domestic.

-I—Boston
New York.
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total: Aug. 31,1922
July 31,1922
Aug. 31,1921
July 30,1921




•
!
|
:
j

;

i

22,721
44,068
39,554
24,021
35,461" I
32,134
54,706
17,299 !
27,209
19,062
37,537
43,676

397,448
406,178
1 1,491,935
; 1,641,612

541
254
159
415
345
205
119
128
25
100
21
213
2,525
2,700

24,
29,
12,
9,
2,
15,
4,
2,
2,
1,
10,
123,588
129,690

82,053
96,277

463,123
481,497

11,653
18,571
9,505
9,043
15,652
16,353
16,999
4,584
3,522
.2.624
6:907
7,903

791
753
432
672
9,463
11,023
21,825
6,985
13,035
4,615
16,977
10,833

458
7,841
9,402
11,499 I
3,509 '

12,374
11,790

123,316
126,030

97,404
96,813

34,903 i.
35,466 :.

16,242
12; 104

695,691
801,491

157,394
157,454

65.033 I
72; 883 •

31
439
104
203
100
329
367
10,801

j
:
!
;
!
'
I
i
I
!
'

154
431
67 :
1,856 I
43
116

90
611
452
295
344
169
181
4
83
365
3,179
3,654

635 I

5,476 !

10,580
13,732

1240

FEDERAL RESERVE BULLETIN.

OCTOBER, 1922.

HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES.
[End of August figures. In thousands of dollars.]
All classes.
Purchased
in
open
market.

Federal reserve bank.
Total.

Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
.*
San Francisco.

11,783
53,569 !
29,930 !
31,041 !
721 !
1,269 '
13,759
16,287
181
79
1,527
23,368 I

Total: Aug. 31, 1922
July 31, 1922
Aug. 31, 1921
Purchased in open market:
Aug. 31, 1922
July 31, 1922
Aug. 31, 1921
Discounted for member banks:
Aug. 31, 1922
July 31, 1922
Aug. 31, 1921

11,629
53,138
29,840
30,430
269
974
13,415
16,075

183,514 i
143,800
47,721
180,176
I 140,111
!
35,322

Trade acceptances.

Bankers' acceptances.
Discounted
for
member
banks.

Total.

11,629
52,383
29,743
30,430
269
974
13,415
16,118

7,371
41,617
23,689 i
24,936 :

Domestic.

Foreign.

154

2,747
8,224
5,423
5,294
269
363
2,910
710

1,186
187
611

154
431
90
611
452
295
344
169
181
4
83
365

755
97

452
295
344
169
181
4
199
365

179,367 '• 143,963
139,117' 114,407
36,995
27,005

29,587 !
21,911 :
9,103 I

4,147 :
4,683 :
10,726 !

179,324 • 143,963
139,082 i 114,407
35,280 , 26,370

29,544 j
21,876
8,023

116

852 |
1,029 i
42 !

968 !
1,029
146

3,179'
3>654
10,580

852
1,029
42
116

3,295
3,654 !
.
10,684 !

3,179
3,654
10,580

HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLA SSES OF ACCEPTING INSTITUTIONS.
[End of August figures. In thousands of dollars.]

I

Member banks.
Federal reserve bank.

Total.
National.

Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total: Aug. 31, 1922
July 31, 1922
Aug. 31, 1921
Purchased in open market:
Aug. 31, 1922
July 31, 1922
Aug. 31, 1921
Discounted for member banks:
Aug. 31,1922
July 31,1922
Aug. 31,1921




Nonnational.

Nonmember
banks and
banking
corporations.

Private
banks

Branches
and
agencies
of
foreign
banks.

3,905
15,418
-7,458
12,829

1,528
8,528
4,401
3,298

204
6,503
3,259
598

100
3,160
1,763
657

472
6,509
7,487

736

32
396

102
2

75
191
9,282

685
7,045

200
3,573

1,395

157
1,708

179,367
139,117
36,995

74,182
60,968
15,343

61,808
47,034
10,739

23,246
14,879
6,363

12,482
9,371
3,070

7,649
6,865
1,480

179,324
139,082
35,280

74,147
60,933
14,763

61,800
47,034
10,395

23,246 |
14,879
5,638

12,482
9,371 !
3,022 |

7,649
6,865
1;462

43
35
1,715

35
35
580

344

11,629
52,383
29,743
30,430
269
974
13,415
16,118

5,892
18,774
12,862
13,048
269
413
5,879
7,497

75
1,328
23,003

725

OCTOBER,

1241

FEDERAL RESERVE BULLETIN.

1922.

BANKING CONDITIONS, BY FEDERAL RESERVE DISTRICTS.

$68,000,000 were reported for the New York
City banks. While the banks in most of the
districts show increases in demand deposits,
smaller figures are shown for the Richmond,
Chicago, and St. Louis districts. The change
in time deposits is relatively slight, a decrease
of $61,000,000 for the New York City banks
being nearly offset by increases in other cities.
The banks in all the reserve districts show increases in their accommodation at the Federal
reserve banks

For the five weeks ending September 20,
1922, reporting member banks in nearly all the
Federal reserve districts show increases in their
loan accounts, the only exceptions being reported for the Chicago and St. Louis districts.
Holdings.of United States Government obligations, which for all reporting banks increased
by $48,000,000 during the period, were larger
in every Federal reserve district on September
20 than five weeks earlier. Corporate security
holdings, on the other hand, show widespread
reductions aggregating $81,000,000, of which

CHANGES IN PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE
DISTRICT BETWEEN AUG. 16 AND SEPT. 20, 1922.
[In millions of dollars.]
Loans and discounts.

Federal reserve
district.

ther
United States Gov- O stocks, b o n d s , • Demand deposits,
and seernment securities.
curities.

Accommodation at
Federal reserve
banks.

Time deposits.

!
Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. | Decrease.
B oston
New York
New York City
Philadelphia.. . .
Cleveland
Rifihmrmrl
Atlanta
Chicago
City of Chicago.
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

;

2
7

26
34
26
14
14
5
11

1

....

3"

!

IK
21
3

19

3
13

7
2
2
7
0

1

1

51
61
1
2
3
1
8

1L
27

21
3

81

12

1

6'
5 !
6!

4
3
7
8
8
6
7

3
2
1

15

6

1

1

2
7
1

io

I

..

6

3

i

4
2

48

16
9
10
12
12

j .

12
130

3
73 :
68
3
2 i

8

48

12

54

A table showing the distribution of earning liquidation of bank credit had noticeably
assets of reporting member banks on January slackened, and on September 20, 1922, the
7, 1921, soon after the peak of credit expansion latest available date, follows:
was reached, on September 7, 1921, when
LOANS AND DISCOUNTS AND INVESTMENTS OF REPORTING MEMBER BANKS IN LEADING CITIES.
Amounts (in millions of
dollars).

Per cent of total loans and
investments.
j.

Jan. 7, ! Sept. 7,
1921.
1921.

Sept. 20, i Jan. 7,
1922. j 1921.

Sept. 7,
1921.

Sept. 20,
1922.

I"
13,219 i 11,482

10,939

79.8

78.0

70.8

868
3,127
9, 221

605
2,921
7,956

266
3, 556
7,117

5.2
18,9
55.7

4.1 I
19.8 j
54.1 |

1.7
23.0
46.1

Investments, total

3,341 I

3,244

4,501

20.2

United States Government securities, total..

1,312 |

1,221

2,264

879
206

870
162
48
141
2,023

1,382
40
630
212
2,237

14,726
/
979

15,440 |
I
164

Loans and discounts, total..
Secured by United States G overnment obligations
....
Secured by stocks and bonds (other than United States Government obligations)..
All other

United States bonds
United States Victory notes
United States Treasury notes
United States certificates of indebtedness.
Other investments
Total loans and investments
Accommodation at Federal reserve banks..




227
2, 029
16, 560
2,049 ,

.22.0

8.3 I
5.3
1.2

29.2
14.7

1.4
12.3

5.9
1.1
.3
1.0
13.7

8.9
.3
4.1
1.4
14.5

100.0

100.0

100.0

12.4

6.7

1.1

1242

FEDERAL RESERVE BULLETIN.

Loans and discounts of reporting member
banks, which stood at $13,219,000,000 at the
beginning of 1921, fell to $11,482,000,000 by
September 7 of the same year and further to
$10,939,000,000 on the latest date. Investments of the reporting banks, on the other
hand, declined but slightly during the first
period and increased by $1,257,000,000 during
the second. As a consequence, the percentage
that loans constituted of total loans and investments declined from 79.8 per cent at the
beginning of 1921 to 78 per cent in September
of that year and to 70.8 per cent at the present
time, while investments increased from 20.2
per cent at the beginning of 1921 to 29.2 per
cent on September 20 of this year. This shift
from loans to investments, particularly during
the past year, indicates that as frozen loans
were gradually being paid off and deposits
increased, while the demand for new credit
accommodation remained moderate, banks
found themselves in the possession of considerable funds available for investment and used
these funds to purchase Government and other
securities.
A more detailed analysis of the figures shows
that the volume of loans secured by Government obligations declined drastically from
$868,000,000 on January 7, 1921, to $266,000,000 on September 20, 1922, and their proportion of total loans and investments dropped
from 5.2 to 1.7 per cent, the larger part of the
decline occurring during the last year. Loans
secured by stocks and bonds, on the other
hand, declined only by $206,000,000 during
the first period and increased" by $635,000,000
during the second period, their proportion of
total loans and investments increasing constantly from 18.9 per cent to 23 per cent. All
other loans, composed chiefly of commercial
and industrial loans, showed continuous liquidation throughout the entire period, declining
from $9,224,000,000 in January, 1921, to
$7,117,000,000 on September 20, 1922, or
from 55.7 to 46.1 per cent of the banks' total
loans and investments. The increase in loans
secured by corporate obligations in the face of
a decline in the other two classes of loans is
indicative of the fact that, while business was
slow and commercial loans at a relatively low
level, the increase in stock-exchange activity
was reflected in an increase in loans secured
by stocks and bonds, which is confined largely
to the financial centers.
In the investment block, which shows an
increase of $1,160,000,000 for the entire
period, the largest part of the increase is in
Government securities, other investments increasing by only $208,000,000. Holdings of
United States bonds rose from $879,000,000 to
$1,382,000,000, or from 5-3 to 8.9 per cent of




OCTOBER, 1922.

total loans and investments. Holdings of
Victory notes, on the other hand, declined,
largely as the result of redemption and exchange for Treasury notes, of which the banks
now hold $630,000,*000, while at the beginning
of 1921 this form of Government security was
not yet known. Certificates of indebtedness
are a fluctuating item but changes in them
for the period are not notable. It is of interest to note that the holdings of Government
securities and of paper supported by such
securities combined, which declined between
January/ 1921, and September of that year,
show an increase for the past 12 months and
stand now at $2,530,000,000, or at 16.4 per
cent of the banks' total loans and investments,
compared with $2,180,000,000, or 13.1 per
cent, at the beginning of 1921. These figures
would seem to indicate that the banks are
supporting the Government to a larger extent
now than two years ago both in absolute
figures and relative to total loans and investments, but the significance of the figures is
entirely changed. At the present time the
banks no longer assist the Government by
helping purchasers of war obligations to carry
them. Nor do Government security holdings
represent chiefly assistance to the Government
in meeting its current needs. The banks have
invested large amounts aggregating for the
period under'review $503,000,000 in United
States bonds, and in addition have acquired
$630,000,000 of Treasury notes, though reducing their holdings of Victory notes by
$166,000,000 and those of Treasury certificates by $15,000,000. Government securities,
especially long-term obligations, in the hands
of reporting member banks now reflect chiefly
the investment policy of these banks rather
than an effort to cooperate with the Government in its fiscal policies.
The last line in the table shows the great
reduction in the amount of accommodation
obtained by the reporting member banks from
their reserve banks. From a total of
$2,049,000,000 constituting 12.4 per cent of
total loans and investments shown on January
7, 1921, this item has shrunk to $164,000,000,
constituting about 1 per cent of total loans
and investments at the present time. The
figures indicate that the increase in the investment account of the member banks was
in addition to the liquidation of the bulk of
their own indebtedness to the reserve banks.
Increased discounts, especially in the corn
and winter wheat belt, comprising the Cleveland, Chicago, and St. Louis districts, are
indicated in the Federal reserve bank statements for the five weeks ending September 27.
Increases in the Boston and Philadelphia districts are relatively slight, and the New York

1243

FEDERAL RESERVE BULLETIN.

OCTOBER, 1922.

bank reports a small decline. Smaller figures | lions. Government security holdings, for reaare shown also for the Minneapolis, Dallas, ; sons explained in the review of the month,
and San Francisco banks. Increased holdings show general declines, the only bank showing
of acceptances are reported for all the reserve a material increase, amounting to $9,300,000,
banks which carry substantial amounts of being Minneapolis. Federal reserve note cirthese bills, with the exception of the Phila- culation increased in every reserve district,
delphia bank. Acceptance holdings of the except New York, the heaviest increases being
New York bank practically doubled during shown for the Cleveland, Boston, and Dallas
the period, increasing from 40.4 to 80.5 mil- banks.
CHANGES

IN

PRINCIPAL

RESOURCES

AND

LIABILITIES OF EACH FEDERAL
AND SEPTEMBER 27, 1922.

RESERVE

BANK BETWEEN AUGUST

23

[Amounts in millions of dollars.]

Increase.

Decrease. Increase.

9.4
3 3

i.6
1.5

1.0

4. i

Sept. 27.

1.1

17.1

.6
12.1

5.9
18.9
6 8
8.3
11 3
8 7
- 3.8
3 1
13.3
4.6

77.0
86 7
74*6
7L1
77 6
82.6
89.3
63 6
71.7
66.1
54 6
70.4

81.9
83 7
75 2
71.9
76 7
79! 9
87.7
63 1
65.9
63.8
67 )
67.4

96 7

79.8

78.4

ri 1

4.0
2.9
.4

33.3

30 3

10 5

Decrease. Aug. 23.

30 0

.8
.4
2.0

6.1
4.4

Decrease. Increase.

9 9
2.5

.6
.4
9.3

5. 5

22 1

Total

17.0
9.3
1.1
1 0.5
.1
2.4

0 2
2.7
6 5
4.6
4.4
7.8
7.6

Federal reserve
notes in circulation. Reserve percentage.

Total d eposits.

Decrease.' Increase. Decrease. Increase.

70 1
6.0
25 2
4 3
5.6

Richmond
Atlanta
Chic aero
St Louis
Minneapolis
lCansas City
Dallas
San Francisco

Government
securities.

2.9

29.5

Boston
New York
Philadelphia

I
;

n
Disco n n tt s u

Total r eserves.
Federal reserve
bank.

11.7

5 2
4.7

Cash reserves increased by $10,500,000, the Cleveland, and Dallas banks, which report
argost increases being shown for the,Boston, increased cash reserves and decreased deCleveland, and Dallas banks, while the New posit liabilities. The most pronounced inYork bank reports a decline of $70,100,000. crease in the reserve ratio is shown for the
Deposit liabilities of the reserve banks in- Dallas bank, whose cash reserves increased by
increased by $11,700,000, the largest increase $22,100,000, while its deposits declined by
(by $30,000,000) being reported for the New $5,200,000 and its note circulation increased
York bank. The reserve ratio of most of the by $13,300,000. The Dallas bank's reserve
reserve banks was somewhat lower on Sep- ratio, which was 54.6 per cent, the lowest for
tember 27 than on August 23, the decline for 1 the system, on August 23, rose to 67.5 per cent
the New York bank being from 86.7 to 83.7! on September 27, which makes it rank eighth
per cent. Higher reserve ratios, on the other in reserve ratio among the 12 reserve banks.
hand are shown for the Boston, Philadelphia, ;
CASH

RESERVES,

TOTAL

DEPOSITS,

FEDERAL RESERVE NOTE CIRCULATION,
SEPTEMBER AND AUGUST, 1922.
[Daily averages.

AND

RESERVE

PERCENTAGES FOR

Amounts in thousands of dollars.]

Total cash reserves.

Total deposits.

Federal reserve notes
in circulation.

Reserve percentages.

Federal reserve bank.
September.
Boston
New York.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis..
Minneapolis
Kansas City
Dallas
San Francisco

;

!

j
I
!
;
|
j
:

Total: 1922
1921
1920
1919
1

243,01.8
1,100,352
21.7,839
260,858
109,932
135,449
573,470
85,879
09.523
92,926
55,01.2
242,102

3,192,420
2,836,396
j 2,139,280
2,157,932

August.
225,044 j
1,159,094 !
. 214,150 i
250,003 j
108,089 '
133,378
564,475
86,918
08,252 i
94,141 !
40,860
250,485 j

September.
122,968 I
722,548
112,194 !.
149,083
59,704
50,327 I
268,616
64,152 !
46,516
83,095
50,475 "
135,962

3,195,489 : 1,866,300
2,740,388 : 1,716,162
2,127,305
1,912,070
1,930,989
2,140,003

Calculated on basis of net deposits and Federal reserve notes in circulation.

12994—22




7

August.
122,248
724,971
110,426
148,369
59,635
49,420
266,769
64,597
45,885
83,506
46,952
136,740
1,859,524
1,091,137
1,885,062
1,911,769

September. • August.
1.88,947 1
6LI,313 •
1.82,496 '
211,789 I
84,303
11.6,550 j
383,126 j
73,809
51,820 I
02,049 :
37,816 !
220,839 '

September.

August.

172,840
617,664
179,710
198,425
79,608
110,597
370,895
08,520
48,976
60,304
27,809
215,831

77.9
82.9
73.9
72.2
76.3
81.2
88.0
62.3
70.7
03.8
62.3
67.9

76.3
86.3
73.8
72.1
78.1
83.3
88.5
65.3
71.9
05.5
54. 7
71.0

2/225,457
2,151,185
2,493,910 i 2,512,348
3,275,535 j 3,165,222
2,027,295 ' 2,544,357

78.0
67.4
143.3

79.7
05.2
43.7
150.0
J

1244

FEDERAL EESEKVE

OCTOBER, 1922.

BULLETIN.

CONDITION OF FEDERAL RESERVE BANKS.
RESOURCES A N D LIABILITIES OF EACH FEDERAL RESERVE BANK O N WEDNESDAYS, AUG. 30 T O S E P T . 27, 1922.
RESOURCES.
[In thousands of dollars.]

Boston.

Gold and gold certificates:
Aug. 30
Sept.6
Sept. 13
Sept. 20
Sept. 27
Gold settlement fund,
F. It. Board:
Aug. 30
Sept/6
Sept. 13
Sept. 20
Sept. 27
Gold with F . R.
agents:
Aug. 30
Sept.6
Sept. 13
Sept. 20
Sept. 27
Gold r e d e m p t i o n
fund:
Aug. 30
Sept. 6
Sept. 1
.
3
Sept. 20
Sept. 27
Total gold reserves:
Aug. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27
Legal-tender notes,
silver, etc.:
Aug. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27
TotaLreserves:..
£ 3 O '
•jpt.6

Sept. 13
Sept;. 20
Sept. 27
Bills discounted:
Secured by U. S.
Government
obligationsAug. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27
Other bills discounted—
Aug. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27
Bills bought in open
market:
Aug. 30
Sept.6
Sept. 13
Sept. 20
Sept. 27
U
S. bonds and
notes:
Aug. 30
Sept. 6
Sept. 13
Sept.20
Sept. 27
U. S. certificates of
indebtedness:
One-year certificates (Pittman
Act)—
Aug. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27




NewYork.

Philadelphia.

Richmond.

293,751
285,316
281,408
275,307
272,000

14,348
14,458
15,6-19
15,644
15,874

182,289
173,843
168)458
161,747
157,404

5,782
5,810
5,813
5,960
6,049

13,497
13.483!
13'. 531 j
1.3,668;
13,719

531,420
530,125
526,340
536, L7G
592,49I

36,360
26,904
29,456
50, 121
53,145

101,619
70,656
76,519;
66', 5721
119,657

38,247
44,570
43,234
49,860
43.522

58,037j
62.924J
51) 859:
56,681
66,618

2,197,658
2,206.468
2,219, 162
2,202,258
2,160,522:

164,493
1.72,77.1.1
1.79.393!
L76'. 9871
174; 715

832.532
832.392!
812.283!
81l', 993|
771,841!

150,326
149.408
117', 847
.148', 090
149,402

169,117
1.69.479
177)544
175,585,
176,355;

6,4S6
5,292
6,968
8,308

6,196
5,622|
4,9671
9,089
7,694

5.799
5)931
6,572
7, 1-13
7,5""

2.549
1) 427
1,493
2) 339!
3,371

3,063,414
3,060,823
3,067.234
3,061,877!
3 076,943

221.687
221.', 698
229'. 790
249) 720i
252,042

1,125,666
1 082,513
1,002,227
1' 049,401
L, 056) 596

200, J 54
205,719
203,406:
211,053!
206)518

132,474
125,864
130,204
127,993
126,1S4|

8,698
7, 735
8,565
8,043
8,200

195. 8SS
186,6S7
197,438
189, 870
203,127

230,3S5
229)433
23S, 355
257)763
260,242

133,65L
130, 117
123,960
133, 021
139,102

9, 882
10,235
9, 1.73
7)419
8,526

21,691
26)171
21,438
.18,048
24,750

28, 115
28, 858
28,871
29,241
28,928

270,717
274,636
263,243
290, 886
281,078

13,963
19,007
I5,8IO|
19, 5.1
16,914

20,127
22,105
20,534
26,622
21,886

1.71,706
188,365
204,663
220,267
238,116

11,192
12,304
10,560
1.4,807
15) 857'

193,750
207,5.14
198,835
213,585
229,158

I
37,585!
38.91 li
40,324|
48. 1.36|
5i; 927

3,
3.
3i
3'
3,

Atla n ta. j Chicago.

St.
Louis.

Minneapolis.

Kansas
City.

Dallas.

San
Francisco.

5,4041
5,413
5,439
5,41.3!
5,433

25.244
25) 337
25,385
25,480
25,698

4,073
4115
...
4'. 175
4)101
4.133

7,424
7,400
7,406
7,4.40
7,464

2,708
2,717
2,736
2,760
2,774

9,105
9,11.6
9,220
9,274
9,475

20,267
19,958
20,01.0
20,127
20,172

35,781
34.346
36)432
32,533
37,996

25,445'
29,755
28,883
25,822;
27,516

126,706
139,202
144,432
124,467
117,372

12,628
16,691
13,527
14,321
17, 192

28,511
30,043
28,215
25,608
23,164

24,489
30,045
28,846
27,139
30,698

9,907
16,508
1.6,799
25,375

33,660
28,481
28,138
37,677
35,019

57,2-17
56)61.0
60,814
59,841
58,969

95,988 : 384.821
95,860! 383)453
95,011 i 395, 141
94,752! 393,040
93.80S! 389) 597

55,482
53,947
58, 167!
54)893!
56,529

27,885
32,885
32,195
32.659
32)361

57,084
54,47.1
56,183
56,694
53,375

1.6,305
18,990
19/787
19,524
25,270

186,378
186,202
184,767
.178,200
178,240

3,610
3,666
3'. 586
3) 693
3,805

••20,5""

3, 24.0
3,342
3,47(i
3,60;"
3,556

1,493
1,185
1,536
1,257
1,472

1,997
2,889
5)449
6, 861
9,593

2,105
1,888
1,771
1.714
1) 665

2,053
1,80S
2,370
1,689
1,674

1,220
1,526
1,512
1,699
1,617

840
1,230
1,392
1,671
1,354

3,607
4,411
4,494
4,101
4,048

213,200
247.313
244', 427
248'. 273
260)063

99,878
97,964
.104.308
99', 672
104,326

128,330
132,213
130.899
1.27', 244
.128)289

538,76*
550'. 881
570'. 407
519)848
542,260

74.288
76)641
77.640
75', 029
79)519

65,873
72,226
70) 1.86
67,396
64,663

85,501
88,759
89.277
88', 292
88) 464

36,157
45,844
47,198
55,844
56,694

243,912
239,052
237,409
240,105
237,479

38.146
II,365
39,21.5 • 11, 147
42,600
12,221
12,837
41,941.
1.1,873
38,334

9,432
8) 695
8. 736
8.623
8) 752

8,241
7'. 761
7) 444
7,311
7,489

5, -J39
4,651.
5,051
5, 735
5,763

21,786
1.9.923
20) 145
20, 128
19,803

1.1, 809
9,972
9,5fi
8,1.01.1
7,778

840
705
76C
862
849

4,553
4,550
4,401
3,997
3,79,r

6,935
6) 845
6,102
6,348
6,164

5,227
4,665
4, 591
4,067
4) 384

1, 1.63, 812 211,519
I 121,728 216,866
1)104,827 215)687
1.091,3*21 223, 890
1)094,930 221,12.1

252,632
256,00:
253,163
256,896
268,815

108,122
105)725
111,752
KM')'. 983
111)815

133,769
130, 864
J 35.950
132) 979
134,052

560, 554
570. S01
590)552
569', 976
562)003

86,097
86,613
87,22S
83,130
87. 297

66,7.13
72,93.1
70.9 Ki
68'. 25.*
60) 512

90,054
93,309
93)678
92,289
92, 259

43,092
52,689
53,300
62,192
62,858

249,139
243,7.17
242,000
244,172
241, 863

15,135
15,9331
19) .105
21.049
20) 333

9,969
9.611
9! 951
14)328
1.2,403

1,655
1.71.1
1) 723
3, 707
2, 753

23, 07^
17,663
14,265
1.5,576
17,629

4,369
4,713
4)819
8,051
7,142

2,172
1,828
1,631
2,262
2,049

1,578
1,616
1, 839
1,252
1,661

10,970
10,338
9,662
9,780
9, 774

9,908
8,863.
8, 854.
10, 530;
10,485:

11.431
11,914
8,988
.11,745
12,186

25,935
24,974
25,447
26,605
27,290

28,935
29, 508
28,608
33)899
31,685

38,32!
34.779
3i; 8.1.0
40,73?
40,286

12,091
13,489
.13,014
16,860
18,359

24,94;
24. 489
24', 075
23,954
24, 142

35,601.
34,267
32,842
30, 724
28,483

32,934
35,024
33,690
31,888
30,157

45,810
59,320
67,414
72,014
80,545

30,060
28,064!
28,1181
25, 883!
24,205

30, 825
29, 826
33,112
34,215
37, 862

327
27.1
403
396
671

66!
1,713
1,822
3,964
•I) 247

.12,586
13,350
11,911.
16,021
15,940

16,075
15,286
14,992
•14.153
12) 91S

2,103
805
2,1.25
4,039
4, 868

21,991
27,351
33,831
34,700
40,928

11.1.77
11.) 697
11, 11.7
11,452
1.1,982

32,303
44,208
37,230
41,586
56,549

23. 589:
23)589!
23, 589!
23. 5891
23,626

27,643
27,643
27.627
27) 62(i
27,639

1,241
1) 241
1.241.
1)241
1,241

208
133
201
159
140

6,202
7'. 510
6) 75(
8,000
8,300

18,563
18,763
1.8,761
18,761
18,761

2,81.6
2,8.16
2, 816
2, 816
2,81.6

37,682
37,682
37,682
37,682
37,682

3,950
3,250!
3,250|
3,250!
3,2501

16,000
13,500
13,500
12,500
12,500

4,5Oo'
4,500
3,500
3,5003,000'

8,667
7,6671
7,667j
6,667
6,667'

3,571
3,571
3,571
3,571
3,571

7, ittii.)

4,445
4,341
4,489
12,936
12,885

2,034
.1,740
1, J 83
2, 269
3, 154
16,517
16,217
16,541
17,801
19,205

27.881
27.882
27,332
27,737
27,537

I
63,O0C
56,500
55,000
52,000
50,5001

4,000
3,500
3,500
3,500
3,000

3,560
3,460
3,460j
3,4601
3,460 !

5,199
4,999
4,499
3,999
3,499

3,5001
3,000l
3,0001
3,000!
3,000'

4,32
4,321
4,321
3,821
3,821

1,900
1,900
1,900
1,900
1,900

3,832
2,832
2,832
2,832
2,832

OCTOBER, 1922.

1245

FEDERAL RESERVE BULLETIN.

RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUG. 30 TO SEPT. 27, 1922—Continued.

RESOURCES—Continued.
[In thousands of dollars.]
Cleveland.
U. S. certificates of
indebtedness—Con.
Other
certificates—
Aug. 30
241,220
Sept. 6
214.1.78
Sept. 13
213:045
Sept. 20
173'399
Sept. 27
171,788
Municipal warrants:
Aug. 30
j
• 21.
Sept. 6
1
21
Sept. 13
i
18
Sept. 20
1
16
Sept. 27
i
15
Total earning assets: )
Aug. 30
11,074,065
Sept. 6
1 101; 061
Sept. 13
|l,088,734
Sept. 20
Ir 083,174
Sept. 27
j 1,109,757
Bank premises:
Aug. 30
43,456
Sept. 6
43,636
Sept. 13
43,808
Sept. 20
! 44,392
Sept. 27
! 44,473
5 per cent redemption
fund against F.R.
bank notes:
Aug. 30
6,567
Sept. 6
4,698
Sept. 13
4,742
Sept. 20
4,483
Sept. 27
3,917
Uncollected items: '
Aug. 30
j 510,807
Sept. 6
1 576,078
Sept. 13
1 661,605
Sept. 20
1 669,563
Sept. 27
i 593,911
All other resources:
Aug. 30
• 17,841
Sept. 6
i 18,193
Sept, 13
1 18,520
Sept. 20
1 14,194
Sept. 27
I 15,076
Total resources:
I
Aug. 30
'4,848.62-1
Sept. 6
:4,930'953
Sept, 13..
,5,014,847
Sept. 20..
5,005,676
Sept. 27
14,970,261

33,647
34,107
35,212
10,485
12,681

102,718
103,42L
100,761
73,999
71,759

40,072
40, 155
40,1.75
29,029
29,059

6,525
6,525
6,954
5,629
5,809

Richmond. Atlanta

2,031
2,031
2,031
2,070
2,031

Chicago.

21,674
22,382
22, .1.88
18,533
17,694

Minneapolis.

St.
Louis.

5,391
6,391.
6,279
5,880
4,311 j

2.433
2.434
2,713
2,561
3; 056

San
Kansas Dallas. FranCitv.
cisco.

13,001
13,004
13,004
12,986
13,011

1,265
1,265
1,265
765
915

12,463
12,463
12,463
11,462
11,462

63,829
63,239
62,456
64,689
66,803

45,263
42,669
42,787
41,496
40,643

119,872
125,690
130,160
128,350
132,835

21

-I-

J
J

21
IS

J

15

16
241,652 102,697 129,106
268; 725 1.00,399 128,971
260,877 99,886 132,807
244,769 98,372 127,164
267,989 96^ 053 130,079

83,811
90,600
85,422
66,962
69,210

41,032
39,587
40,502
46,031
45,065

38,690
40,095
38,884
47,798
•14,355

1.10,535
103,357
97,591
105,535
106,516

6,025

60,060
62,213
61,436
67,279
65,062

i 37,518
' 36,116
I 35,926
I 44,729
45,147

5,251
5,251
5,251
5,251
5,251

9,295
9,297
9,297
9,643
9,644

603
603
603
603
603

6,119
6,201
6,349
6,409

2,571
2,571.
2,571
2,571
2,571

1,637
1,680
1,694
1,732
1,741

7,678
7,678
7,703
7,703
7,703

952 !
953 j
952 i
952 i
952;

936
936
959
959
959

5,025
0,026
5,038
5.059
5.060

2,094
2,093
2,094
2,093
2,094

1,389
1,429
1,445
1,477
1,486

422
422
422
122
122

724
674
674
674
624

250
250
250
250
250

240
239
240
239
239

188
1.88
188
188
188

468
468
468
468
468

713
695
738
665
665

2,023 !
223,

198
198
198
198
198

916'
916
916
916
400

146
146
146
146
146

279
279
279
94
94

48,759
48,904
64,483
62,134
53,158

110,087
127,397
146,415
149,671
131,105

41,803
46,240
56,192
52,690

50,718
52,958
59,850
63,250
54,429

41,902
46,781
52,097
57,917
50,6.11

.19,582
2.1,426
25;02L
28,028
22,965

64,835
78,387
79,307
85; 195
72,862

36,104
22,926
41,793
26,435
43,875 I 28,709
43,473 I 30,059
39,746
27,438

32,422
35,512
48,612
41,540
40,483

3,489
3,378
3,563
2,009
2,223

721
757
797
460
490

538
653
538
583
1,072

142
154
194
149
.150

880
825
845
435
459

|i,529,059
il,531,199
' 1,525,653
11,498,1.08
1,506,515

357,593
365,124
373,415
376,265
3(57,775

1.94,353
I 195,505
i 207,648
I 214,273
I 211,322

194,288
200,687
202,211
211,154
203,731

745,195
761,746
776,736
769,509
750,268

178,238
185,634
190,975
191,737
191,220

852
901 i
952 !
473 j
488 I
369,480
375,511
394,885
393,005
388,771

48,958

440,065
445,741
453,725
454,962
461,076

223 •

223 '
223 i
28,466
34,964
40,444
39,666
37, 193

: 13,203
I 15,272
• 16,600
i 15,940
: 14,963
1

1,321.
640
668 I 1,334
6 9 2 ''• 1,317
487 : 1,339
1,327
493

914
969
1,027
614
633

1,795
1,796
1,796
1,854
1,918

5,205
5,312
5,335
4,727
4,718

119,889
126,787
125,946
131,423
128,106

1.96,842
205,252
206,990
207,040
204,901

115,316
125,828
128,832
137,840
135,097

408,306
411,939
427,831
420,360
421,479

LIABILITIES.
Capital paid in:
|
Aug. 30
j
Sept. 6
!
Sept. 1.3
j
Sept. 20
1
Sept. 27
!
Surplus:
j
Aug. 30
'
Sept. 6
1
Sept. 13
!
Sept. 20
i
Sept. 27
i
Deposits:
j
G overnmont— j
Aug. 30
;
Sept, 6
1
Sept.. 13
Sept, 20
Sept. 27..
I
Member bank—re-i
serve account— I
Aug. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27
Other deposits—
Aug. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27




11,690
11,690
11,690
1.1,690
11,689

5,618
5,620
5,61.8
5,621
5,622

4,328
4,317
4,321
4,323
4,324

14,734
14,734
14,732
14.743
14.744

4.785
4.786
4,786
4.786
4.787

3,577
3,578
3,562
3,562
3,562

4,573
4,573
4,573
4,573
4,571

4,199
4,199
4,199
4,198
4,199

7,617
7,612
7,612
7,615
7,618

17,945
17,945
17,945
17,945
17,945

22,509
22,509
22,509
22,509
22,509

11,030
11,030
11,030
11,030
11,030

9,114
9,114
9,114
9,114
9,114

29,025
29,025
29,025
29,025
29,025

9,388
9,388
9,388
9,388
9,388

7,468
7,468
7,468
7,468
7,468

9,646
9,646
9,646
9,646
9,646

7,394
7,394
7,394
7,394
7,394

15,199
15,199
15,199
15,199
15,199

2,779
845
2,428
3,108
735

3,778
3,247
2,444
3,561
1,415

3,227
1,529
2.294
4,196
1,61.9

2,4.77
3,126
1,727
3,830
1,714

3,376
5,41.6
3,213
7,255
1,154

2,670
1,581
2,158
2,167
1,661

1,541
1,343
1,766
1,783
1,088

2,459
1,725
2,871
1,037
2,028

2,079
2,244
1,815
3,076
2,210

3,675
1,371
4,657
3,144
2,500

56,199
55,922
55,642
55,604
57,394

45,417
49,437
48,269
50,776
47,713

264,931
256,267
272,685
262,639
255,527

60,436
61,676
62,454
60,502
59,084

42,773
45,652
43,275
47,867
45,310

77,529
80,637
78,045
79,231
78,148

44,304
47,940
47,549
50,359
49,437

128,023
123,477
128,526
128,638
130,847

228
227
239
227
234

229
248
355
318
206

1,284
1,301
1,153
1,612
1,256

571
750
680
680
616

297
298
250
310
262

188
197
167
259
213

7,080
6,324
5,683
4,395
5,533

106,086
106,085
106,070
106,177
106,172

8,107
8,106
8,1.06
8,105
8,090

27,664
27,676
27.677
27,767
27,772

9,1.94
9,194
9,194
9,194
9,194

215,398
215,398
2.15,398
215,398
215,398

16,483
16,483
16,483
16,483
16,483

60,197
60,197
60,197
60,197
60,197

51,553
37,730
39,303
57,019
19,945

2,592
875
2.243
2,708
1,225

20,900
14,428
11,687
2T, 154
2,596

807,008
796,081
811,228
774,997
797,975
23,125
22,986
21,572
21,773
22,213

120,466 ''• 710,752
106,631
120,668 j 698,254 106,826
124,042 693,487 109,342
122,524 ! 655,266 114,131
122,663
690,325 j109,007
514
371
441
599
421

9,669
10,022
9,518
10,831
11,172

1,656
1,673
1,352
486
616

•
'
!
I
!

i 149,547
149,325
! 147,91.2
, 147,460
! 152,520
!
i
I
(
I

951
1,097
1,106
1,215
1,136

458
478
628
841
548 .

1246

FEDERAL RESERVE BULLETIN.

OCTOBER, 1922.

RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUG. 30 TO SEPT. 27, 1922—Continued.
LIABILITIES—Continued.
[In thousands of dollars.]
Total.

New I Phila- Clcve- : RichBoston, iI York. . delphia. land, i mond.

St.
j
Atlanta.; Chicago. Louis. ! Minnoapolis.

San
Francisco.

Kansas Dallas.
City.

Total deposits:
80,446
741,321 ! 111,066 154,276
59,654
4.8,123 269,591
44,611
Aug. 30
1,881,686 123,572
63,677
!
82,840
722,704 i 109,344 153,669
57,678
52,811 262,984
64,007 I 47,293
Sept. 6
11,856,797 121,914
81,544
65,292
714,692 113,122. 151,462
58,175
50,351 277,051
45,291
Sept. 13
! 1,872,103 126,726
81,109
54,924 271,506 j 63,349
49,960
Sept. 20
il, 853,789 125,831 687,251 117,725 152,236 i 60,027
80,724
704,093 110,358 155,07.1
59,247
49,633 257,937 ! 61,361
46,660
Sept. 27
1,840,133 124,309
F. R. notes in actual
circulation:
60,372
79,360 110,670 ! 372,608 j 68,874
49,163
606,993 I 177,872 201,943
Aug. 30
'2,153,181 180.136
62,024
51,328
Sept. 6
.2,211,889 186,699 ; 615,358 j 182, 528 205.256 82,060 i 114,301 i 382.861 ! 70.653
61,992
Sept. 13
12,213,615 190,047 ! 604, 842 ! 180,422 212,564 82,803 j 114,768 i 384.862 " 72,046 51,588
Sept. 20
'2,218,764 190,351. ' 605,186 j 1.80,159 209,383 84,996 : 116,590 382,330 j 74,260 52,415 ! 63,076
Sept. 27
;2,243,384 193,427 604,481 i 184, 2.1.1 218,691 80,506 118,226 383,08L ' 76,952 52,762 63,902
!
F. It. bank notes in
circulation—net liai
bility:
3,424 I
7,918
4,108 '
2,661
2,340
7,324
3,086
Aug. 30
11,797 ! 3,958
3,351
53,960
3,390 :
7,607
4,301
2,662
2,351
Sept.6
7,916
2,577 :
10,842
3,758 i
3,414
52,793
7,366
3,831 i
2,669
2,364
10,576 i
2,958 i
3,433
7,130 ! 3,306
50,222
2,602 ;
Sept. 13
6,898
3,449
2,627
9,214 !
2,968 j
3,435
46,834
Sept. 20
5,943 - 3,411 i 2,362
2,572 i
6,688
3,094
2,667
2,376
3,505 ]
9,842 !
2,508
2,934
46,065
Sept. 27
5,977
2,606 j
Deferred availability
items:
16,778
48,560 ; 27,208 I 11,328 32,783
415,762 36,704
Aug. 30
76,215 ! 36,019 ! 44,385 34,902
37,464
14,707 j 60,951 ! 32,552 • 13,354
Sept.6
'. 465,764 i 38,273 : i 89,808 • 40,806 j 47,333 35,309
.18,676 : 60,675
35,268 , 14,260 40,754
50,1.18 40,217
534,674 | 49,455 102,804 48,178
Sept. 13
21,584
62,675 ! ! 35.642 I 14,283 40,592
541,633 , 48,129 j 103,462 ; 46,664 53,747 48,821.
Sept. 20
45,097
18,147 j 56,135
34;284 13,896 38,196
495,471 ! 42,33.1.
Sept. 27
94,987 ! 41,905 j 48,117
All other liabilities:
1,104
882 . 1,402
1,167
1,392 !
4,872
3,353 |
22,551 i
1,128
1,539 j 1,911
Aug. 30
1,098
858 I 1,415
1,136 |
3,275 I
22,227
1,459
4,614 i
1,870
1, L46
1,549
Sept.6
1,115
889 ' 1,413
1,150 '
3,261 ;
22,765 ; 1,466 i
1,136
1,596 • 1,949
4,865 !
Sept. 13
1,146
901 :: 1 373
1,1.70
3,287 I
23,081 I 1,534
1,151
1,610 ! 1,962
5,031.
Sept. 20
!
1,174
943
1,382
1,193 j
3,369 |
23,638 : 1,525 (
1,153
1,654 | 2,065
Sept. 27
5,143
Total liabilities:
848,624 \369,480 .1,529,059 357,593 440,065 I 194,353 194,288 745,195 178,238 119,889 196,842
A u g . 30
Sept.6
, 930,953 375,511 '.1,531,199 365,124 445.74L 195,505 200,6.87 j 761,746 185,634 j 126,787 205,252
Sept. 13
014,847 391,885 1,525,653 373, J15 453,725 207,648 202,211 !' 776,736 .190,975 ! 125,946 206,990
Sept. 20
005,676 393,005 1 498,108 376,265 454,962 214,273 211,154 769,509. 191,737 1.31,423 207,040
Sept. 27
,970,261 388,771 |l,506,515 367,775 461,076 211,322 203,731 . 750,268 191,220 128,106 204,901
I
MEMORANDA.
Ratio of total reserves
to deposit arid F . It.
note liabilities comj
bined—per cent:
79.2
70.9
87.3
75.9
77.8 , 84.2
Aug. 30
86.3 : 73.2
71.1 I 64.0
65.0 :
78. 3
64.4
71.3
88.4
Sept. 6 . . :
74.3
75.7 ' 81.9
74.0
64.3 !
83. 8 ! 74.3
78.3
82.3
65.3
69.5
89.2
73.2
Sept. 13
75. 2
79.3
63.5 j
83.7 : 73.5
77. 5
64.0
66. 7
. Sept. 20
71. 0
87.2
75.2
81. 5
73. 8 !
78.3
60.4 '
84.4 :I
65.9
63.8
75. 2
Sept. 27
71.9
87.7
78.4 I
81.9
76.7 ; 79.9
63.1 1
83.7
C on tin gent liabili t y
!
on bills purchased
for foreign correspondents:
I
804
1,429
2,441
2,382
1,399 !
11,007
Aug. 30
2,173
1,458 I 1,098 ! 3,543
29,877
804
1,429
2,441
1,399 i
2,382
2,173
1,458 '
1,098 ,
3,543
10,989
29,859
Sept.6
804 j 1,429
1,399 ;
2,173
2 441
2,382
1,458 I 1,098 j
3,543
11,009
. Sept. 13
29,879
804 •
•
2,173
1,429
2,441
1,458
2,382
Sept. 20
11,018
- — :
1,098 "
29,888
1,399;
1,990
3,244
736 ! 1,308
1,336 I
2,235
2,181
Sept. 27
1,009
10,085
27,368
1,281 i

46,571
50,381
49,531
53,694
51,860

138,778
131,172
138,866
136,177
138, 880

29,865
35,076
36,354
39,334
41,284

215,325
223,745
221,327
220,684
219,861

2,468
2,423
2,454
2,404
2,338

1,525
1,552
1,533
1,551
1,530

23,093
24,665
27,189
29,131
26,330

27,787
30,542
41,080
36,903
36,046

1,726
1,690
1,711
1,685
1,692

2,075
2,117
2,214
2,231
2,345

115,316
125,828
128,832
137,840
135,097

j 408,306
I 411,939
j 427,83.1
! 420,360
421,479

56.4
61.7
62.1
66.9
67.5

70.4
68.7
67.2
68.4
67.4

774
774
774
774
709

1,369
1,369
1,369
1,369
1,254

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:
Aug. 30
Sept.6
Sept. 13
Sept. 20
Sept. 27
Bills bought in open market:
Aug. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27
United States certificates of indebtedness:
Aug. 30
Sept.6
i
Sept. 13
Sept. 20
Sept 27
Municipal warrants:
Aug. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27
:




i W i t h i n 15
!
days.

31 to 60

16 to 30
days.

days.

61 t o 90

days.

Over 90

,200,952
206,038
195,219
230,408
225,972

44,391
55,179
49,268
47,042
51,960

81,740
78,259
77,490
81,042
76,305

50,962
42,579
43,476
45,372
47,102

26,323
23,028
21,720
19,443
18,841

706
365 I
663
267
116

45,053
55,118
56,155
53,112
55,875

33,228
34,463
38,938
42,809
53,496

53,998
61,105
63,931
64.992
60,514

36,022
34,756
38,298
49,439
53,524

3,405
2,923
7,341
9,915
14,707

220
678
045
399

11,069
39,928
38,721
11,712
9,034

32,599
7,624
8,336
19,662
22,552

34,287
38,380
35,604
8,890
2,631

10,420
1,498
3,398
63,787
68,932

215,845
213,248
211,986
121,348
119,139

404,
405,
387,
423,
420,

083
173
907
180

171,
188,
204,
220,
238,
304,
300,
298,
225,
222,

6
9

12
12
12
12
12

OCTOBEE. 11)22.

1247

FEDERAL RESERVE BULLETIN.

FEDERAL RESERVE NOTES.
FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, AUGUST 30 TO SEPTEMBER 27, 1922.
[In tli on sands of dollars.]

Total.

Boston.

New
York.

Philadelphia.

Cleveland.

i
Net a m o u n t of F . R .
notes received from .
Comptroller of Cur- !
reney:
'
Aug. 30
i3,379,246 283,980 1,181,105 245, 494 248,055
Sept. 6
3,388,980 282.258 11)188,919 250, 575 250,317
Sept. 13
3,444,730 287)880 1,204,120 219,014 257,282
Sept. 20
-3,472,244 294,474 1.1,200,867 247,258 257,003
Sept. 27
3,466,366 292,202 ,1,198.135 245,570 260,372
F . R. notes on h a n d : i
Aug. 3!)
' 775,327
91,250
293,050
45,020
32,220
Sept. 6
• 749,687
82, .150
294,050
48,220
32,820
Sept. 13
792,417 | 83,400
323,4.10
46,220
32.040
Sept. 20
836,1.32
87,800
44,220
350)410
32) 020
Sept. 27
812,822
84, 800
42,220
347,41.0
28, 020
F . R. notes outstanding:
:
891,055 200,474 215,835
Aug. 30
12,603,919 192,730
894)899 202,355 217,497 I
Sept . 6
2,639,293 j 200,108
880,710 202,794 225,242 I
Sept .13
2,652,313 ; 204, -480
850,457 203,038 224)983 '
Sept. 20
2,636,112 ' 206,674
850,725 203,350 232,352
Sept, 27
2,653,544 207,402
C ollateral security for
F . R . notes outstanding:
Gold and gold
• certificates—
363,184
13,275 :
Au g. 30
416. 522 " 5,300
13,275
Sept. 6
416)522 • 5,300 ; 363,184 !
363,184 '
13,275
Sept. 13
416,508 j 5,300
363,184 !
13,275
Sep t. 20
416,507 i 5,300
13)275
Sept.27
j 416,50S |
5,300 ! 363,184 !
Gold redemption I
i
j
!
fund—
i
10,842
38,348
10, 137
Aug. 30
.122,088
36,393 '
11,201
38,208
14,519
Sept. 6
124,654 i 14,47.1
14,269
38,099
.12,958
Sent .13
126,505 i 11.093
37, 809
.12,310
11,201
Sept. 20
.132,617
.18,687
37,657 | 14)513
.1.3, 080
Sept. 27
133,652
16,4.15
Gold f u n d — F . l l .
Board—
:
Aug. 30
1,659,048 143,000 • 431,000 139.889 115,000
Sept. 6
11,665,292 i 153,000 i 431,000 ! 134)889 145,000
411)000 I 134,889 .150,000 '
Sept. 13
i 1,676,149 ' 163,000
41.1,000 |.1.36, 889 :i 50,000
Sept. 20
1,653,134 153,000
Sept .27
1,610,362 .153,000 . 371,000 I 134,889 150,000 "
Eligible paper— ;
A m o u n t re:
;
quired—
58,523 j 50, 148
46,718 '
Aug. 3 0 . . 406,2611 28,237
62,507 i 52,947
48,018
Sept. 6 . . .
432,825
27,337 ,
47,698 !
Sept. 1 3 . . 433,151
25,087 •• 68)427 j 54.947
38,464
49,398
54) 948
Sept. 2 0 . . 433,854
29,687 j
!
78,881
53,948 ! 55,997 ;
Sept. 2 7 . . 493,022
32,687 j
Excess amount
held—
27,194
13,670 i 7.762 i
Au g. 30.. ; ' 156,965
6,800
41,804
3,621 ' 9)J 76 "
Sept. 6...i 145,385
14,209 .
6,1 SI i 11,704 j
38,273
Sept. 1.3..; 147,060
10,756 ;
74,241.
3,631 ! 16.830 '
Sept. 2 0 . . 196,318
12,088 \
42,769
3)303 , 1.3)332 j
Sept 27..( 150,671 . 8,610 '




Richmond. Atlanta.

Chicago.

118,506 j 187.607
118,369 . 189)279
117,573 ! 195,461
126,060 : 194,672
125.188 i 194) 788

493,016
491,618
499,336
505, 891
502,152

St.
Louis.

Minne- j'Kansas
apolis. I City.

86,746
87)819
87,933
9.1,510
92,598

i
:
:
j

64,976 !
.111,457
113,462 j 64,976 |
65,646 I
117,042
65,790
118,368
66,332 |
118,484

85,421.
53,018
85,008
52,733
61,305
85,420
84,931. | 62,043
86,612 I 61,788

303,581
301,406
304,651
314,884
314,443
55,430
50,9.10
50,910
61,490
59,110

77,980
73, 580
79,460
84)500
80,840

28,130
27,330
27,730
26,930
26,930

13,715
10,810
] 1,075
11,280
10,840

• 14,100
13,900 |
12,900 !
11,500 '
13,450

20,263
14,643
21,198
18,938
15, 838

4.15, 036
41.8,068
419, 876
421,394
421,612

83,327
86,132
89,312
91.438
91)554

51, 261
54,166
54. 571
54)510 '
55,492 !

71.321
71)108
72,520
73,431.
73,162

32,785
38,090
40,107
43,105
45,950

11,610
11,610
11,610
11,610
11,6.10

13,052
13,052
13,052
13,052
13,052

3,088 • 15,177
15,808
4,960
15,497
4,141.
16,395
3,352
15,953
5,468

3,072
3,537
3,257
2) 983
3,619

1,"833
1, 833
1,143
1,607
1,309

3,724
3,111
2, 823
4, 334
4,015

2,604
2,289
3,100
2,838
2,583

13,318
11,899
18,106
17,055
15,866

6,000
9,000
9,000
9,000
15,000

173,060
174,303
166,661
.161,145
162,374

'2,409
'()) 754
T!
74,434 j
72,494 j
70,774 ,

115,198
118,525
121,027
.122,178
124,014

2,100
2)400
2,400 j
2,400 !
2,400 :
3,452 i
2, 815 i
2'. 019 ;
4)016
3,174 j

San
Francisco.

I

!

31, 760
30,520
29,640 !!
34,550 :
32, 590

Dallas.

248,151
250,496
253,741
253,394
255,333

7,701
7,701
7,687
7,686
7,687

53,795 I
53,795 !
58,795 j
55,795 I
55,795 !

90,500
88,500
88,500
89,000
86,000

369,641
367,615
379) 644
376,615
373.644

40,800
38, 800
43)300
40,300
41,300

.13.000
18) 000
18)000
18,000
18,000

53,360
51.360
53'. 360
52)360 i
49.360 '

29 499
31 239
27,.119
31 669

19,210
22,665
25,986
27,426

33,629

30,146

30,215
31,615
21,735
28.354
32)015

27,845
32,185
31,145
36,545
35, 025

23,376
21,281.
22,376
21,851
23,131.

14,237
16,637
16,337
16,737
.19,787

" .16,480
1.9, 100
i 20,320
! 23,581
; 20,680

61,773
64,294
68,974
75,194
77,093

6,489
2,444
7,396
8)283
6,158

11,880 !
j 1.0, J.14 .
: 6,012 '
! 13,996 •
|
8,378;

43,774
31,071.
36,182
43)930
41,8L7

4,690
1,303
1,6S0
2,519

3,429
4,651
2,803
3,888
2,598

4,387
1,395
1,458
3,399
2,647

j 22,774
17,504
. 1.6,452
" 12,357
: 14,324

4,116
8,093
8,163
1,156
3,366

3,369 I

|
:
I
j

1248

OCTOBER

FEDERAL RESERVE BULLETIN.

1922.

CONDITION OF MEMBER BANKS IN LEADING CITIES.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM AUGUST
23 TO SEPTEMBER 20, 1922.
ALL REPORTING MEMBER BANKS TN EACH F E D E R A L RESERVE DISTRICT.
[In thousands of dollars.]

Total.

Boston.

New
York.

Philadelphia.

Cleveland.

Richmond.

lalL

St.
Minne- Kansas
Louis. apolis. City.

San
Francisco.

"!
Number of reporting banks:
68
84
79
109
Aug. 2 3 . . .
790i
48
78
51
105
56
68
109
84:
79
Aug. 30
790.
48j
78
5
1
105
56
68
109
Sept.6
7901
48|
841
79
79
5L
105
56
68
109
Sept, 13
790
48
84!
79:
79
5
1
105
56
68
109
Sept. 20
790;
48
105
56
79
52
Loans and discounts, including bills redis:ounted
with F . II. banks:
Secured by U. S. Government" obligations—
.
29,763 11,025
7,602
40.98(3 1.4,641
Aug. 23
256,370:
13,662j 84,001 15,691
8,381! 10,546i
1 322. 15,
,
756
4,2631 16,040
8,797!
43', 633 14,61;Aug. 30
259,330
13,261! 84,148 15.888
29.498; 11,023
8,1.91.1 9,973 ;
:
85,219 15,589
7,371
41,6S(! 13,900
9,976
8.214
4,267 15,729
Sept, 6
256,988
.14,374
29', 654! ll'.009
:
4, I05I 16,154
87,842 16,073
7,434!
42,857 15,562
Sept, 13
263,642
14,732
8; 267 10,078
29,361: Jl)l77i
88,325 16,739] 29,4821 10,, 132 7,100
4.0,402 16,014
8,318 I.O; 1591 4,125- 21,066
Sept, 30
266,199.
14,337
>
Secured by stocks and |
,
;
;
bonds (other than U. j
j
I
S. Government: obliga- j
j
|
tions)—
i
i
j
Aug. 23
1 3,481,454: 207,732!J 569,522 236,268 336,024 11.7,702! 57,416! 530,625 130.337 37,570 66,941, 42, o02| 148,815
38, 2031 67, 760i •12, 788J! 1.43,685
Aug. 30
• 3,482,013 209,6381,572,318 234,324 337,407; 118,0171 57,558| 528.071J 132', 24
Sept. 6
3,480,1.89 21.6.815!1,579,707 239,988 337,1241 120,537 56,763 5L6.986; .122,650 38.255' 67,51.01 42'. 570 .14.1.284
1
Sept. 13
i 3,528,112 . 222) I48|l, 616) 415 247,382 338,777 116,348 52, 590 5.16) 976! 124,493 38)29-1 67,538' 42',729i 144) 422
Sept. 20
i 3,555,600> 220,430' 1,653,812 240,906 337,285 117,030 57,243 511,4611 .121,909 39,015, 68,962| 41,713' 145,834
All other—
i
Aug. 23
7,028,215 559,325 2,221,657 311,365 633,159j 297,187 294,490 1,000,74S 1 269,801 195,727 348,780' 190,926! 705,050
Aug. 30
7,019,852 559,658 2,212, L65 3.13', 309 636.,,520i 298,948 291,380.1,004,619. 260,965 193,053; 348,5011 192,018, 708,716
!
Sept . 6
7,082, (576 561,619 2,230, OSf 317,327 638,646- 298.857 291 ) 852j 1,010,803 276,835 I98,753 350,844: 190.517) 716,504
"\603
""
' 279! H5
Sept. 13
7,103.626 569,867.2,220,354 317,708 643,333' 307)312 301 \ 34S| 1',' 002', 6811 — " " ' 1 200' 160- 348) 02()' 1.97! 1 715,389
1
),
Sept. 20
7,117) 434 574,1.74-2,224,573 321, II " 646,522 306,654 302,8061,000) 030J 275,498 194,833. 3-19,097. 205, 92S 716,202
Tola! loans and discounts
|
i
i n c l u d i n g bills r e d i s ;
!
counted with F . R. banks: |
!
|
Aug. 23
ilO, 766,039. 780,719 3,875, .180 563,324 998,946 425,914! 359,508;!,572,353! 414,779 211,678; 126.267 237,750 869.621
Aug. 30
10, 761,195 782,557 3,868,631 563,521 1,003,425 427,988 357,7351,576.323 407.824 239,417. 426)231! 239)069 808,441
„._ ....
Sept . 6
10,819,853 i 792,808 3,895,015 572,904 J ,005,424 430,403 355,986 1; 569,175 413)385 245,222 128,330! 237.381 873,517
Sept. .13
10,895,380| 806', 747)3,924,611 581,163 1,011,471 434,837 361,372 1,562, 51.4 419,906 2 «>', 721 425,630 • 241,437: S75,965
Sept .20
.10,939, 233' 808) 941 ! 3,966,710! 578,762 1 ; 0.13,289 433)816 367,1491,.
367,1491,551,893; 413,421 242,166 428,218 251,766 883,102
i
U. S. bonds:
!
;
I
Aug. 23
j 1,367,331.! 97,260! 570,753; 57,483 155,861:: 58,016! 29,31.2 133,757! 32,916 23,64V 57,797i 34,724 115, 811
A u g . 30
1,366,860) 97', 886 568,596| 57.190 155,562 58.202| 29,452; 135,106: 33,543 23,701 57,636 33,787 .1.16,199
i; 366) 86O;
1,375,364'
Sept. 6
1,375,36499,98(> 567,587; 57,821 156,796| 59,455 29,21.4 134,729 36,738 23,8681 58,231, 34,051 116,888
1,382,968; 98,382 566,1241 58,282 161.049J 59,449 29,242 137,186.' 36,045 24,0831 ' 58,536| 34)294 120)296
Sept. 13
1,382,968;
!
Sept. 20
j 1,381,695:
96, 161 568,001 58,278 159,981] 59,557 28, 560 136,4981 36. 542 24,391 57,9()2 34, 409 121,115
U . S. victors 7 notes:
!
1
1
562!
5,677
1,029'
281
2,275
4,460
4, 292
3071
4,827
• A u g . 23
i
40,827|
779
15,776
558
5, 58 L
l,364j
4,972'
4,141
2,534,
283
306
A u g . 30
47,8631
8101 2J, 5761 5,197
566
5,732
5,016;j
4,357
2831 1,355
6,311
2,221
2281
54li
Sept, 6
49,293.
8I6| 21,787
1
1,424
51.6
4) 984
4, 711
4,51.3
283!
3, 151
294;
621! i
2,237'
Sept .13
45, 5241
1,784
20,959
1,310
1,620
286
5,179
4,458;
234j
638
1,766,
528
Sept. 20
39,553;
1,77()| J 6,212| 2,549
611,
U . S. Treasury notes:
!
I
j
30,463
40,083
9,309 9,308! 13,596' 8,207
5, 137
77,OOo|
5,895
Aug. 23..'.
657,134; 25,782, 405,715| 26,639
8,242
26,560
8.251
39,839
75,6041
6,037
9,308 13,837"
3,896
Sept. 30
647,3251 26,982 402,074; 26.695
30,181.
8,966
73) 698] 8)531
4,685
38,513
9,308! 13,570
"'
4,386
Se pt . 6
650,881;
26,952 400,2831 25,808
71,5161
4,703
8, 102 9,141i 1l,478| 9,174i: 29,365
26,83()| 37,748
4,38(V
Sept, .13
635,380,
24,699: 398,208!
24, 775
71,519;
4) 954
8,220 9,303j 12,140! 8,588
35,834
3, 146
Sept. 20
630,304!
23,925 401,264 26,636
U . S . certificates or indebtedness: .
I
30,122!
6,582i
19,13.1
9.560
3,095 ;
6,874 5,975
7,871
6.699i
6, 846
Aug. 23
1 181,022i - 5,613]
72,654
27,415'
3,557j
7.206 5,5971 10)225: 6,263| 23,709
8,937
8,366
7,2501
Aug. 3.0
! 192,583,
5,549
78,509
25,084;
3,7571 8,866
7,299 5,39()! 10)805! 5,632! 19,027
9,180
7,195!
Sept. 6
1 173,272'
5,724j
65,313!
18,873
3, 841
27,147|
7,391
8,394J
8,480
5,302 .10,4401 5,382l
7,200|
Sept, 13
! .175,165
5,801.
66,914
22,497
5,703
9,268 7,474i 13,192
ll.,403i
8,155;
37,871 !
9,382
Sept .20
2J1,902!
7,830;
m, 784 12,3431
Other bonds, stocks, and \
I
securities:
7, 281 160,842
34,471. 410,050 84,006 27, J17 60,437
Aug. 23
2,303,380 171,639! 82.1,127 186,736 284,412i 55,262
7,899 160,572
34,711 408,320i 84)359 26,573' 60,866
Aug.30
2,277,718 171,171; 796,436 187,445! 283,683' 55,683
7,713 161,799
Sept. 6
2,263,963 171) 006: 787,660 186,722! 281,875 55,794 32,367 408,382! 83,933! 26,641. 60,071
7,851 101,405
32,951 405,728, 84,1.76 26, I26i 60,582
185,784| 280,7.11! 55,946
Sept. 13
1 2, 241,889 169,936. 770,693
7,502 : 160,215
Sept. 20
; 2,236,854 169,058' 761,881 184,778 281,314 55,779 33,493 410,707! 85,295 26,832: 60,000
Total loans and discounts
and investments, including bills rcdiscounted with j
F . R. banks:
|
.
2,227,742 552,176' 308,000 568,6S6 295,106 1,201,545
Aug. 23
115,315,733 1,081,792J5,76L, 205 845, 85f>! 1. 489,448! 548,489 435,689 2.
!
Aug. 30
15,293,544 1,084,955io, 735,822 847,29811', 493,980! 551,773 434,701 2,227,740 ! 545,324! 30-1,909' 570,162 295,8L8! 1,201,062
:
Sept. 6
11"), 332) 626|1,097,292s5,743,615 856,761 ll' 494,009 554)322i 431,440 2,216.384 554.243! 310,712 572,362 294,3I2 1,2O7,144
Sept. 13
15, 376,306 1,107,3495,747,509 862,410 L 501,610. 559,070! 437,069 2,208',832| 560', I63| 311,656 568,096 301,65411,210,888
Sept. 20
15,439,54.1 1,1.07,985,5,780,852 863.3461L 503,587! 560,043 442,341 2,212)94fv 557,366! 310,452| 572,792 310,948; 1,216,883
Reserve with F . R. banks:
;
85,847
96,161; 31,923; 26,752 197,875: 37. 2661 18,783; 47,391 23,3501
Aug. 23
1,356,998
83,4741 637,989 67,187j
89,119
Aug. 30
1,377,582
83,849] 646,984 65,758! 104,592 34,1021 28, 145 199,873| 37) 0951 19,17s 1 46)407 22,480"
82,155
Sept, 6
.1,368,905
84,075: 635, .110 69,251i 106,051,1 33", 687 31,568 192,025! 37,817| 22, 120" 50) 036 25,01.0,
47,011 23,41.8;
86,013
96, 194 34,708 29,834 2(H,899 38,591 19,6
Sept. 13
1,363,096
85,681 j 628,470 68,637
86,976
Sept. 20
! 1,338,900
84,604) 592,685 73,510) 103,079. 33,553 32,930 196,9561 37,1711 24,157! 47,603 25,673;




I

J

OCTOBEK, 1 9 2 2 .

1249

FEDERAL RESERVE BULLETIN.

PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM AUGUST 23
TO SEPTEMBER 20, 1922—Continued.
ALL REPORTIXG MEMBER RANKS IX KAC11 FEDERAL RESERVE DISTRICT—Continued.
[In thousands of dollars.]
Total. | Boston.

I

Xew I !>I»Ha- : Clove- I RichYork', dolpliia.! land. | mo rid.

! San
Minne- Kansas Dallas. I Franapolis. City.
I cisco.

St.
Louis.

lanta.

I
Cash in vault:

I

Aug. 23
j 268,863:
Aug. 30
! 274. .189
Sept. 6
i 282.539
Sept. .1.3
291,401
Sept. 20
I 283. J28i
N e t demand deposits:
I
i
AUK. 23
.
; 10.930, (571:
Aug. 30
10,912,232
Sept;. 6
10.992' 939
Sept. 13
:11. 144.276
Sept. 20
Ml'. 060'. 765
Time deposits:
i
!
Aug. 23
3,588.105
Aug. 39
3,o9H;688
Sept. e
3'. 602.623
;
Sept. 13
3, ottt, 145
Sept. 20
' 3,575,296
Government deposits:
:
Aug. 23
178.591
Aug. 30
177.680
Sept. 6
.178,300
Sept. 13
= 157,655
Sept. 20
i 148.449
Bills payable with K. R. ;
:
banks:
.
Secured by U. S. Oov- ;
j
eminent obligations -•
I
Aug. 2 3 . . . :
53.412
Aug. 30
!
57,417
Sept. 6
56i923i
Sept. 13
51,1.35!
Sept. 20
62.012:
All oilier—
'
i
Aug. 23
191 Aug. 30
552.
Sept. 6
i
447L
:
Sept. J3
193 .
Sept. 20
i
315.
Bills rediscount.cd with F . 11. |
i
banks:
I
Secured by U. S. Gov- '
|
eminent obligations Aug. 2 3 . . . .
:
667.
Aug. 30
J.2I2
Sept. 6
503
Sept. 13
1
983
Sept. 20
!
817
Allothcr!
j
Aug. 23
i
62.981|
Aug. 30
68,226!
SoT)t. 6
78.815!
Sept. 13
69'. 027
Sept. 20
100.636!

• 17,868
18', 389
19.125
19.5931
18.716i

8-J.270:
84.'. 718
88.97-1
89.264
87!869'

14,709
15.209
15,025
15.16!
15.103

26,95."
27'. 009
27.769
29.792
28.891.

12.848
13,12;
.13,675
13,721
16.613

9.160
9', 452
9,288
9'. 400;
8.823'

iiO, 18£
50,98f
53,978
57,274
52', 386

6.293
6.881
1,423
7.246
6'.S29:

5.996 11,803
6,138 12,149
5,875 Hi 672
6,852 s 12,153!
0,1.01 11,9351

679.51.6! S(\l. 582:
677,443! 865.2981
689. 193' 874.958
698.314 8S1,899"
696,911 874,927

330.0:11:
327.243J
331.996J
332. 1.71!
324.ft'il!

249, 785 I.447,66*
250 856 L.440.503
249,6951.446,489
251.278-1.475.987
251.114 1,437,360

319.248
319,741
322,358
331,997:
319.479

191,779
190,986s
198.153!
200,508
.194.741.:

54.300 502.953
54.371 504.Mo
54.891 503.7L3:
:
54.832: 502.044
00.180! 504,634

142.40
ill.56
143,422
143:612j
144,747

153.569
154.21.1;
151'. 930,
L52.89I!
154, 7-17j

697.264
701.687
697,292
01J 25
701,755

169.11.6:
170.386)
170,593!
170.4.15,
170.895:

78.009;
77,716
79.594
79.537;
80,772:

62.223:
51i0741

11.583
11.580
11.622
10'. 423
10. 755:

15.072!
15.092
15,072!
L3.093I
14,098

5.470
5.465
5.425
•1,893
4,529

5.150:
5.150
5,150
4,632:
•1,621!
j

24,969
24,046
21.949
19.92
18'. 030

4.211:
4.2H :
4,211
3.749
6.476

0,935
5.935
6.053
5.342
6,598

21.218
15.70S
18,620
12,651.
11.169 s

8.43T
8,307
9.438
9.973
9.73L

5,150'
3.93T
5:32 i.
8. 148
1.0', 788

3.211
3.582
3,585
3.549
7,51.6

5.05
.1.2'. 832
8.432
5,521
6; 529

1,350
776:
1,255!
1.356,
4,307.

780,621 4,795,137
782'. 660-4'. 799.790:
791.135 4.794,570
808,048j4'.853.066
805'. 244 j-li 841'. 689
240.4731
2-.!0,308:
246.520:
245,975'
216.186

823,756
828.J29
823.232
78J.53S
782'193

13.004
L'U)04
13,001
11.706
11'. 909!

69,1331
69'. 13:5
69'. i w

i

i

9,100
9,308!
9, 759j
10; 293
10,079

19,672
20.823
19.676
20.649
19,753

448,779:207,525
446,858! 206,793
451.038; 209.926
450,751 217,75;
449,124 221.778

627.993
634.061
633.128
639,500
644'. 337

116,489!
1 'J 6.844!
117,785!
117,8531
117,555

64,234
64,0.13
63,628
64.', 084
6-1.557

545,535
544i831
550,023'
550,539
552.075

5.9731
5,973
5.973'
5,479:

4,460
4i 460]
4.06f
4.029
3,668

13,631
13,631
13,642
12,159
11,128

i

5.563I

I
2.000J
3^ 9.1.9!

3.165
3.688
2.089

20
20.

39!
39
39 39
56;

486
228

70"
98

95,
95"
2,044

105

14.6.13
15.684
17.666.
15.800
22,449:

4,718,'
5.565i
5. 1.87!
5.4M)!
6.849

68;
;

719!i""!'^
208i
500
.1,3301
65

78.
100;

4,626
6,370!
6.939:
4.0481
5,981!

6.633:
6,415
6.255
6.771
8,307

6.500
6| 760
6.155
5,305
5,585
191
182
177
173
170

29
507
14
21

37!
33."
50:
4J|

41:

1
I

i

31.633
10,405j
1.5; 856
12,606!
16,343!

302i
5I3J
138!
138

350:.
250:.

72.
105:
10.1. i

24 J
241

95 '

2,9391
3.041;
4'.4751
3.643!
9,263

3,666
6,828
4.792
4.266
10.201

2,550
1.156
2'.388'
1 i 712 ;
5.289

2,481!
2,365!
2,328!
2\'M)

1.811
2,381
2,393,
2,675!
3,901

6
6
6
3,422
4,222
3.966
3', 798
4,600

.101
112
123
99
97
3,889
3,794
6,570
5.939
?•>, 1 4 8

MEMBER BANKS IN F E D E R A L RESERVE BAN"K CITIES.
fin. thousands of dollars.]
Number of reporting banks:
Aug. 23..
".
268
Aug. 30
268
Sept. 6
268
Sept. 13
268
Sept. 20
267
Loans and discounts, including bills rediscounted with
F. R. banks: .
Secured by U. S. Government obligations—
Aug. 23
167,163
Aug. 30
170,556:
Sept. 6
168,982
Sept. 13
175,211
Sept. 20
177,627,
Secured by stocks and
bonds (other than U.
S. Government obligations)—
Aug. 23
2,516,173
Aug. 30
2,548,716
Sept. 6
' 2,516,7971
Sept. 13
i 2,600,486
Sept. 20
j 2,619,038'




25

II

50J
50

21
2:

10,959:
10,5701
11,692
12,092
11,68-1

15
15
15
15
15

|
50!
50:

71,310
74,609
75,593
78,217
77,728

13,920
14,130
13,861j
11,342
14,806

6,861
6,581
6,591
6,527
6,'186

2,178j
2,16+|
2,1502,171
2,099

1,642
2,563
1,541
1,5181
1,358

32,304
34,972
33,109
34,083
31 ?xrJ

5,505
5,503
5,530
5,589
5,540

2,144
2,238
2,209
2,275
2,238

1,297
1,237
1,226
1,180
1,224

4,873
4,912
4,930
4,885
10,454

101,216 16,679
103,185' 16,998
93,539, 17,271
95'. 222' 17,818
92^160| 18,275|

17,364
17,781!
16,850j
17,827;
17,905:

8,520
8,974.
8,966
8,971
9,3091

65,118
61,795
61,710
63,719
64,052

11,170
11,077
10,5501
12,302
12,725

j
159,1O5.!1,397,7691
16L,354:l,401,886!
167,603!1,406,674:
172,639:1,440.12'i
170,991:1,479; 008:

215,416 135,796 15,4641 10, 771
213.495 137,655! 15,666! 9, 588
219) 346i 138,41(1 15,770; 10, 801
226,762j 138,052 15,795; 10,177
220,0071 135,033 15,75.1'
9, 670

402,955
4.00,369',
389,8571
393', 380!
386,8741

1250

FEDERAL RESERVE BULLETIN.

OCTOBER, 1922.

PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM AUGUST 23
TO SEPTEMBER 20, 1922—Continued.

MEMBER BANKS IX FEDERAL RKSERVK BANK CITIES—Continued.
[In thousands of dollars.]

I

Total.

_|
Loans and discounts, including bills rcdiscounted with
F . R. banks—Continued.
All other—
Aug. 23
i 4, 402,092!
Aug. 30
j 4,385,823'
Sept. 6
i 4,433,6181
Sept. 13
! 4,-131,6241
Sept. 20
1 4,425,708
Total loans and discounts, in- i
eluding bills rediscounts .
with F. R. banks:
I
7,110,028
Aug. 23
7,105,125
Aug. 30
7,149,422
Sept. 6
7,207,321
Sept. 13
7,222,373
Sept. 20
U. S. bonds:
Aug. 23
795,737
Aug. 30
798,019
Sept. 6
800,241
Sept. 13
801,540
Sept. 20
800,803
U . S . Victory notes:
Aug. 23
29,210
Aug. 30
36,178
36,915
sopt. 6
;
33,180
Sept. 13
!
[
27,47]
Sept. 20
U. S. Treasury notes:
j
Aug. 23
! 525,855
522,894
Aug. 30
525; 659
Sept. 6
511,053
Sept. 13
510,957
Sept. 20
U. S. certificates of indebtedness:
120,071
Aug. 23
126,539
Aug. 30
11.3.377
Sept. 6
113,742
Sept. 13
1.34,249
Sept. 20
Other bonds, stocks, and
securities:
1,264,037
Aug. 23
L, 236.650
Aug. 30
1,227; 494
Sept. 6
1,207,014
Sept. 13
1,199,526
Sept. 20
Total loans and discounts
and investments, including bills rediscounts with
F . R , banks:
Aug. 23
. . 9,850,938
9,825,405
Aug. 30
9,853,108
Sept. 6
,
9,873,850
Sept. 13
9,895; 379
Sept. 20
Reserve with F. R. banks:
987,', 986
Aug. 23
1,001. 76f>!
.,
Aug. 30
;
988', 808
Sept. 6
988,136
Sept. 13
956,045
Sept. 20
Cash in vault:
Aug. 23
• 144 333
Aug. 30
1 147,740
Sept. 6
: 151,500
Sept. 13
I 154,800
Sept. 20
: 149,00C
!
Net demand deposits:
Aug. 23
7,011,700
Aug. 30
7,023,402
Sept. 6
7,038.126
Sept. 13
7,731,oil
Sept. 20
7,679,016
Time deposits:
Aug. 23
1,808,737
A ug. 30
1,81.1.516
Sept. 6
l, 808J174
Sept. 13
1,707,754
Sept. 20
1,700,442
Government deposits:
Aug. 23
133,782
Aug. 30
133,388
Sept. 6
133,949
Sept. 13
] 19,8.15
Sept. 20
107,174




"St.
Louis.

Minneapolis.

631,938
030'. 072
637; -105
027, -125
027; 190

161,442
1.55,925.
108,795!
170,501."
105,013'

100,692
97,220
101,559
101,205
96,914

05,0801.1,007,197
65,981 1,066,013
63,89911,060,371
65,254:1,051,888
58,40(V 1,045,355

•273,828270,187
272,881
278,025
209,898

122,876
119,721
124,300
121,672
120,729

5,3431
5,343;
5,343;
5,343i
4,862

01,653
62,952
61,134
63,22!i
62,412,

16,81517,381!
19,067
19,590
20,0951

1
1.
1
1
1

3.873
4,496
4,550
4,19.1
3,956

2.909:
2,988
2,392i
2,418
2.437j

New . Phila- Cleve- Rich- AtBoston. York. Idclphia. land. mond. lanta.

282,612
284,269
287,750
288,629
292,288

i

San
Fran-

:

•122, fi66!l, 944,332'
422,7351 ] , 932,983.
421,031 jl, 949,677
432,973,1,940,018!
436,071 !l, 944,075j

Kansas j.\ D a l l a s .
City.

289,681
290,376!
290,997 :
293,709!
294,741

61,058'
61)4691
01,701:
65,539
61,235i

53,207;
53,830|
51,557!
53,529'
47,432!

120,849!
119,36lj
120,893|
117,911.'
118,680|

49.513
49; 836
49,459!
51,250!
52,747i

284,642
287,147
289,219
288,875
286,316

1.40,3571
139,380
139,952
138,013!
138,823!
I
5,676 23,304
5,729 23,688,
5,828 23,486'
6,311 23,386!
6,313 23,397;

59,330|
60,0-17!
59,651!
61,4011
63,280-

354,633
353,854
355,859
357,479
360,822

9,267j
9,2671
9,267
9,267!
9,264,

56,382
56,402
57,117
59,714
60,334

277
298:
2541
339,
246'

si

2,271
2,408
2,416
1.838
1,868

7.976"
8.1.22
8,1.23:
5,902
n; 684

3,710:
3,710:
4,363j
4.363
;

13.920
1.3, 803
13,71.4
12,158
10,088

2.112
1,732
1,505
1,270
2.556

1,381.
1,336
1,337
1.5431
3,539

3,508,
3,252
2,638'
2,638i
•1,276'

5,354
5,44.1
5,686
5,279
6, 895

I
592,730'3, 416,411
594,059|3, 409,4781
603,926 ; 3, 431,94-1.1
617,704 3, 458,359|
618,746^, 500,811;
41,122 :
41,388;
43,582
41,957
39,695

511,948
511,891
520,957
529,733
527,101

432,338
434,612
435,998!
438,288:
436,260

78,700;
79,299
79,621!
83,505
82,088|

501,7561 43,971
499,674| 43,402
498,751 ! 43,862
495,850' 44,290
497,231: 44,203

25,774
28,054!
28,122:
28,005
28,423

4,074
4,6791
•1,6821
4,567
4,544j

i

227
256
262!
1,228.
1,214

14, 535!
20.3111
20,5L4|
19.830!
15'. 070;

4,791
5,159
6,271
3,102
2,497

21,176;
22,041!
22,006!
19,750
19; 047

387,656;
384.965;
387, 789|
379, 724
382,972

24,475
24,379
23,494
24,51.6
24,1.70

6,793
f>; 835
6,844
6,830
6,930

717,
717|
695;
69,:
861

964
964
964
964:
964

52. 893!
51,8131
51,54.9!
50,003|
50,1.00

6.1186,0886,434

68,458' 6.013
74,768; 6| 643
:
6i; 703 6,839
63; 165 6,769
60,023! 11,465

2,478
2;341|
2; 336!
2,340;
5, 508

1,242
1,242
1' 242j
1,267
1,956

3.951
3; 951
3,941
3,670
3,527

1.3,780
14,069!
14,1371
13,641!
20,372 •

6,418".
6,512!
6,586
6,656
7, 794

63,907
63,577:
62,487j
62'. 212!
61,6261

6,284
6,474
6,467!
6.548'
6,567;

3,57Ii 1-79,234|
3; 530| 175, 720!
!
3,5291 176,570
3,5261 173,468'"
2,906j 177,4^"

53, 508!
53,373
5.'j; 361
53,103:
54,257

11,819
11. 724
l i : 677
11.'. 482
11,515

12.691'
12.579
12:498|
13,160
12,525,

810'
837 i
8251
825|
770 i

77,232
78; 934
77,805
77,055
76,390

1,378,630|
i; 375,069
1,368,3.111
1.359', 475
1,359.672

359.143
355,896
360,408:
366', 186i
360,915

142, 51.2
138,935
143', 399
143,794
141,172

185,986 :
185, 103'
1.85.650
182,3-13
184,214

76,708|
77 197!
76! 798:
78,548'
81.! 347

509,792
510,962
51.2,597
514,123
516,397

8.497; 15,781 !
9,289! 15,547
11, 7161 17,364;
8,934! 16,503
14,47 L| 14.030',

5,967
6; 050
6,0717,599'

3.1.727
34;748
27,794
31,426
34,325

2,2972,101!
2,288!
2,277;
2,248'

1.497
1,406
1.474.
1,526'
1,394

5,042
0,124
5,883
0,055
5,849

5,316'
5,252
5 , 427
'
5, 504
6,338

181
178
172
96
97

29
29
29
29
29

5, 545'
5 , ir>~)

i

j

81,183
80,371
79, 712
78,417!
78,172

622.599'
597'. 435|
591,338'
575.362567', 433

151,139!
152,090:
151,225|
150,956'
149.888-

54!

I
741,754 5, 011,415
743,967 4', 986,63.1,
754,915 4, 992,039i
764.560 4 . 992,290
. . ,_....
763,212i5,02^540'

742.337 531,474
743,507; 535,597
752,648, 535,959
759,360! 537,771.
759,324' 538,844

91,617'
92,41i:
92,707
90,636j
96,022!

79,510
79,770
77,677
78,758
70; 720

592,91l|
602,532J
602,
589,367!
578,337'
544.822J

62,003j
60,55()i
64,203i
63.160
67,926

29,831!
33,521
33,596
31,516
29,200

5,714 :
5,140
», 409';
5,0501
5,269

4,
4,649
4.80.1 i
5; 340,
5,838|

138,189
137, 836
130,232,
145'. 619 j
14.1,220

25,()14:
25,012'
24,989
27,042
25,059

8,240
71,622!
8', 420, 72'.2921j
9,085! 75',290'
8,084, 75,54:9i
8,376; 73,838
1
603,629'4, 807,708
606,686.4, 316,409
011,109'4, 305.295
624,060.4, 352'. 754!
347; 413!
0J 9^ 789:4,

12,003
12,424
12,105
12,000
12,300

7,259
7,912
7,017
8,737
8,173

955 j
945!
1,005.
943 j
970:

1,79()l
1.909
1J766
1,952
1,058

27,905
28,488
29,048'
30,877
28;791

2.98S!
3', 513
3,347
3.29.I.J
3; 1841

001,007
C00 ; 701!
0.1.1,340!
020,109
018,680)

235,500
234,773
240,043
2444971
244; 497!
235,982 j

52,I20i
52;030 :
52,788',
54,222!
51,795!

44,104 1 ,000,232;
44,435 997,652!
44,400 998', 320
44,992 1,004; 507
40,111 983,158

222,253
222; 024
224,097:
232,900
220,304

91,703 157.255.
91,440! 1.50:383
95:746: 150,732
94; 294' 155,803
92,102 155,487

57,532'
57,031i
57,505
00; (532
02,181

238,003
243,238
240,025
242,015
252,008

107,71.0!
107.520'
113; 130
1.12,2161
1.12,203:

005,3961
(i00,020!
001,031I
558,5771
557,058J

37,9.19
38,014!
38,525
38,5671
38,8751

297,3831
298,639
290,880
290,527
298,455

24,21.8',
24,212
24,216!
24,150
24,193

23,050
22,900
23,0.12
22,991
19,5.12

333.70"
334', 514
328,414
330,897
330,093

90,802
98,149
98,259
98;772
98,699

32,891 11,381
32.3f8 1.1,450
33,882 11,429
33,813! 11,451!
34; 422! 11,271.'

9,022
8.9831
9,022'
9,108
9,219

229,192
228,157
230,368
230,079
231,182

10,675:
10,0751
10,075
9,009
10,3141

04,430j
04,430
04,430
57.988
46'. 400

10,655!
10,055
10,697
9,590'
9,930i

5,080
5,080
5,080
5,080
0,019

l,405 !
1,405'
1,405
1,319;
1,5041

1,709
1,709
1,769
1,590
1,325

17,205!
10.871;
17;265
1.4,881.
Ill 4191

3,155
3.155:
3; 155
2,840
5.2.1.1

4,209 !
4,209
4,209
3,889:
3,9.1.0'

2,972!
2.972
2,973
2,675
2.330

9,570
9,570
9,582
8,017
6,434

67,435
66,974
67,227
68, 538
66,886

2,075!
2,152
1,998
2,303
2,1.65

l,925i
1,925'
2.043
j/731

1251

FEDERAL RESERVE BULLETIN.

OCTOHKIt, 1 9 2 2 .

PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM AUGUST
23 TO SEPTEMBER 20, 1922-Continued.
MEMBER BANKS IX FEDERAL R E S E R V E BANK CITIES—Continued,
f Tn thousands of dollars.]

Total.
Bills payable with F. R.
banks:
Secured by U. S. Govern merit obligations—
-VutT 23
\ug" 30
Sept 6
Sept 13
Sept 30
All other—
Ynir 23
•Vuf 30
Sept. 0
Sept 13
Sept 20
Bills rediscounted with F. R.
banks:
Secured by U. S. Cover rim en t o bl i go t ion s—
Vnsr 23
Vutr 30
SepV (')
Sept 13
Sept 20
All other—
Aug. 23
\ng. 30
Sept. 0
Sept. 13
Sept. 20

Boston.

New
York.

Philadelphia.

Cleveland.

7.841
1 507
8 668
9 373
8,981

32 7-18
27 123
31''498
24 315
28', 378

1 050
2; 894
2 301
2 644
1,289

16 498
9 4 08
13 980
6 480
6,455

375
376
127
015
418

39
39
39
39
50

2,14
244
486
228

11,200
9.931
15,387
12,260
1.0,118

11,076
1L, 370
1.4,015
12,640
19,281

4, 709
5:503
5,187
5,41.9
6,824

Chicago.

745
935
990
905
2,404

Minne- Kansas
St.
Louis. apolis. City. Dallas.

225

500

38
38
38
38

230
2,300

00

Volume of business for the five weeks, ending
September 27 was on a weekly average level
substantially similar to that maintained for
the preceding four weeks, but the trend was
upward instead of downward as before. After
a slight decline during the first week, when a
low record for the year was established (excepting only two five-day weeks in February),
the volume of business rose continuously, and
during the week ending September 20, with its
heavy income-tax payments added to the
normal mid-month swell, reached a total of
$9,413,000,000. During the last week of the
period the volume of business shows a recession from the previous week's peak figure. In
general, the figures indicate increasing business
activity, in the financial centers and outside,
which is closely parallel to the trend during
corresponding periods in other years.
As compared with last year, the average
volume of business for the live weeks under
review was about 13 per cent larger, the spread
between the two years being maintained at
about the same level as during the preceding
four weeks. Some of the larger centers show
a greater relative increase compared with
1921. In New York, where the volume of
stock-exchange transactions was much larger
than a year ago, the volume of business is
almost 20 per cent above last year's figure,
in Pittsburgh the revival of the steel industry

San
Francisco.

15
16
1.6
16
687

5,845
0,100
5,050
4,000
3,500

37
38
33
35
29

55
00

BANK DEBITS.




754
165
165
859
1,939

Atlanta.

55
105

35,593
37.585
47! 1.07
40'. 325
60', 845

Richmond.

948
1,500
2,858
1,474
3.041

862
681
605
1,281
2,059

504
474
499
459
930

1,677
5,290
2.667
2; 258
7', 114

1,500
1,127

"Toil

282
147
222
220
254

1,053
931
919
859
890

725
805
465
078
1,668

1,057
893
3,096
2', 777
1,625

is reflected in an 18 per cent rise in the business
volume, and in Detroit, the center of the autoDEBITS TO INDIVIDUAL ACCOUNTS
AT BANKS IN

REPORTING CLEARING HOUSE CENTERS
-DEBITS FOR 1921
-DEBITS FOR 1922
( IN BILLIONS OF DOLLARS )

I
i
I
1 AND 2: BANKS IN NEW YORK CITY
3AND4: BANKS IN ALL REPORTING CENTERS

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

mobile industry, the volume is 14 per cent
above last year's level.

1252

FEDERAL RESERVE BULLETIN.

The volume of business is measured by
debits to individual accounts as reported to
the Federal Reserve Board for banks in leading centers. Figures are shown for a total of
250 centers, of which 166 are included in the

OOTOBEJI, 1022.

summary by Federal reserve districts, because
for these centers comparable figures for the
five weeks and for the corresponding period in
1921 are available.

DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS.

SUMMARY BY FEDERAL RESERVE DISTRICTS.
[In thousands of dollars.]
i

1922

!

1921

Week ending—

j

Week e n d i n g -

Number of
centers
included.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

Aug. 30.

Sept. 6.

Sept. 13.

Sept. 20.

Sept. 27.
... .

14
7
1.3
13
11
15
24
8
12
16
13
20

344, 188
3,926, 126
367,243
394,618
164,928
154, 549
864,538
175,931
12f>; 192
216,066
114,493
396,304

348.644
4,026; 040
345,01.3
402,255
173,967
159.816
829; 310
190,996
129,427
212,874
130,538
457,476

396,922
4,455,895
377,116
458,590
178,026
176; 586
901,866
21.7,652
151,619
264,287
159,565
495,016

484,680
5,102,945
448,900
507, 758
210,653
201,494
.1,018,866
251,502
164,447
267,409
.171,313
553,329

7,244,176

7,406,356

8,233,170

9,413,296

166

Aug. 31.

Sept. 7.

Sept. 14.

Sept. 21.

Sept. 28.

4.18,278
4.361,645
' 398,985
471,949
184,726
L83, 886
967,267
218,032
151,798
238,323
161,817
467,557

338,649
339.108
388.639
3,258, 885 3,094; 476 3,687; 786
318,095
313,770
364,281.
351,295
324,436
397', 725
172,435
186,207
197,94L
151,09L
159,82L
192,830
8.18,875
77 L, 412
892,425
174,094
174,379
208,641
123,868
135,460 • 155,368
213,126
22i; 576
252'. L77
.1.19, .186
.129,201.
142; 162
403', 806
4.00,357
448,191

447,277
4,388.704
414; 801
475,461
223,032
198,078
.1,029,852
233, 889
1.63,085
252,245
159,60S
529,546

399, 264
3,941,354
349,631
375,623
.1.85,373
175.504
871.; 344
195,223
135,093
226,086
152,259
460,546

8,224,263

0,448,405

8,515,578

7,467,300

Sept. 7. ! Sept. 14. ! Sept. 21.

Sept. 2S.

DATA FOR EACH R E P O R T I N G

6,253,203

7,328,166

CENTER.

[In thousands of dollars.]
1922

192!
Week ending—

Week ending—
Aug. 30.

District No. 1—Boston:
Bangor, Me
Boston, Mass
Brockton, Mass
Fall River, Mass
Hartford, Conn
Holyoke, Mass
Lowell, Mass
Lynn, Mass
Manchester, N. II
New Bedford, Mass
New Haven, Conn
Portland, Me
Providence, R . I
Springfield, Mass
Waterbury, Conn
Worcester, Mass
District No. 2—New York:
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
Passaic, N. J
Rochester, N. Y
Stamford, Conn
Syracuse, N. Y
District No. 3—Philadelphia:
Allentown, P a
Altoona, Pa
Camden, N . J
Chester, Pa
Harrisburg, P a
Hazlcton, P a
Johnstown, P a
Lancaster, P a
Lebanon, P a
Norristown, Pa
Philadelphia, Pa
Reading, Pa
Scranton, Pa
Trenton, N. J
Wilkcs-Barre, P a




!
:

i
!
,
!
'
j
!
i
I
•
!
|

2,555
233,158
3, 298
4, 576
17,124
2,673
3, 879
4, 251
3, 056
•4,764
15,196
7, 389
2,1, 858
11,948
5,002
11,010

Sept. 6.

I

Sept. 13. I Sept. 20. j Sept, 27.

"
I
2, 965
233,320
3,773
4,651
1.6,299
2,481
3, 598
4,798
3,320
5, 838
16,622
7,708
22, 674
11,995
5, 050
1.2,123

3,198
262,425
4, 84.8
6,431.
21,907
3,396
4,392
5,698
4, 011
5, 851
1.7,922
8,1.84
26,416
13, 500
5, 779
13,510

17,375
3,583
54,108
2,534
3,953
2, 268
41,596
908,327

19,748
4,162
56,779
3, 212
3,612
2, 333
54, 176
4,326, 992

28, 722
4, 884
24,0.19
2, 065
11,585

26,778
5, 242
26,455
2,094
10,950

33,825
6, 260
28,1.47
2,654
13, 807

4,676
3,049
8,756
3, 802
5,688
1, 629
4, 580
4,094
1,079
626
302, .166
6,151
8,612
10,926
6, 037

5, 265
2, 553
7, 943
3,479
6,098
2,002
4, 523
4,327
1,063
658
277, 441
6,314
9,181
11,118
6,630

5, 723
3,401
10, 1.82
3, 839
7, 251
2, 298
5, 221
4,951
1, 247
842
298, .156
8,092
.10,5.11
1.2, 773
7, 824

1.7, 840
3,265
50, 892
2, 763
3,003
1,840
44,150 .
813,641 3,

Aug. 31.

3,312
328, 943
5, 543
7, 377
23, 362
3, 479
4, 957
6,439
3, 992
6, 283
21,278
8,213
34,609
16,669
6, 990
15, 216

3, 121
285, 577
3, 768
6,312
17,678
3, 550
4,406
1, 900
3,498
5, 931
15,354
7,617
31, 699
14, 308
6,393
12,834

2,819
232,1.12

3, 037
232, 667

3,258
250, 743

4,690
16, 569
2,345
3,656

4, 739
15,856 !
2, 289 I
3,400 I

6,388 j
22,048 !
2,754 '
4,603

3,173
277, 081
7,511. I 0, 800
21,578 j 18, 720
3, 084
2,608
5, 154
4,218

3,377
4, . . 1
19
13,391
6, 698
24,229
10, 580
2,792
11,200
21,004
3,012
47,169

3, 514
4, 891
14,21.6
6,610
22,990
10,1.58
4, 073
1.0,665

4, 244
6,571
14,768
7, 881
27, 859
12,180 I
5,110
14,232

5,147 j
7,235 I
17,292 |
7, 198 I
32, 830
12,421
6, 231
14,900

3,611
5^225
12, 951
6,684
28,934
12,405
4,674
12,180

23, 545
3, 807
58,233

17,687
3,113
48,309

20, 011
17, 632
15,418
17, 277
4, 473
3,751
3,606
3,088
58,134
. 67,963
44, 775
56,034
3, 770
3,182
4,076
3,404
2,979
2,660
60,345
50, 850
4, 955, 518 4,239,732 3,147, 199 2, 989, 780 3,572,652
38, 590
6, 822
33,395
2, 769
14,733

39,980
5, 334
26,051
2, 401
13,256

6,087
5,683
3, 21.0
3,698
11,780
10,273
4,463
4,683 j
7,731 I
6, 864
2,081
2, 018
5,425 I
4, 788
5,152
5,254
1,254
1, 264
7.13 !
795
363,366 ; 321,532
8,51.1 !
7,918
II, 142 I 12,524
15,493 i 11,012
8,143 ]
7, 041

3,315
303, 431

j
!
i

j 4,253,046

\, 829,245

4, 1.95
23,101

4,762
24, 066

5,081
26, 292

5, 783
30, 361

4,776
27,177

10,175

10,728

11,458

13, 929

10,717

2,764

2,185

3,305

2, 075

3, 065

3,127
5,940

3, 509
5, 810

3,304
6,070

4, 461
6, 742

3, 838
5, 650

4,332 :
!
3,453

4,076
3,110

4,697
4, 491

4, 562
4, 890

4,497
4,659

281, 363
7,689
16,964
13, 298
9, 284

334, 655
6, 484
14, 206
12, 388
8,770

272, 592
6,681
16, 315
9,961
8,159

252,081 i 249, S32
5,108 !
5,228
12, 379 ! 1.1,273
9,357 !
9, 452
7,935 '
7,106

1253

FEDERAL RESERVE BULLETIN.

OCTOBEIt, 1 9 2 2 .

D E B I T S TO INDIVIDUAL ACCOUNTS BY B A N K S I N R E P O R T I N G C E N T E R S - C o n t i n u e d .
DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]

1921
Week ending—

1922
"Week ending—
1

Aug. 30.

Sept. 6.

Sept. 13.

Sept. 20.

Sept. 27.

4,035
6, 967
4, 095

3,930
7,912
4, 202

3, 706
6, 227
3, 958

Aug. 31. j Sept. 7.

Sept. 14. | Sept. 21.

Sept. 28.

District No. 3—Philadelphia— ;
Continued.
Williamsporr, P a
W i l m i n g t o n , Del.
York, P a
District No. 4—Cleveland:
Akron, Ohio
Butler, Pa
Canton, Ohio
(Cincinnati, Ohio
Cleveland, Ohio
Columbus, Ohio
Comiollsville, P a
D a y t o n , Ohi.o
Eric, P a
G.roensburg, P a
Homestead, Pa
Lexington, K y
L i m a , Ohio
Lorain, Ohio
N e w Brighton, P a

Oil Oity/'Pa
Pittsburgh, Pa
Springfield, Ohio
Toledo, Ohio
"VYarrai, Ohio
Wheeling, W. Va
Youngstown, Ohio
Zanesvill o, Ohio
District No. 5—Richmond:
Ashcville, N. C
Baitimore, M d
Charleston, S. C
Charleston, W. Va
Charlotte, N. C
Cohnr.bia, S. C
Cumberland, Md
Danville, Va
Durham, N. C
Greensboro, N . C
Greenville, S. C
Hagerstown, "Nl d
H u n t ing1 on, W . Va
L y n c h burg, V a . . . .
Newport; News, V a .
Norfolk, Va.
Raleigh, N . 0
Richmond, Va
Roancke, V a
SparUinburg, S. C
Washington,' 1). 0
"Wilmington, N . C
Winslori-Salem. N . C
D i s t r i c t No. 6—Atlanta:
Al b a n y , (.«a
Atlanta, Ga
August a, Ga
B i r m i n g h a m , Ala
B r u n s w i c k , Ga
Chattanooga, Term
Colum bus, G a
Cordele, Ga
Dothan, Ala
HlbertoTi, C.Ja
Jackson, Miss
J ackson ville, Fla
Knoxvillc, Term
M aeon, G a
.'
Meridian, Miss
Mobile, Ala
Montgomery, Ala
Nashville, Term
Ncwrian, Ga
N e w Orleans, L a
Pensacola, Fla
Savannah', Ga
T a m p a , Fla
Valdosta, Ga
Vicksburg, Miss
District N:). 7—Chicago:
Adrian, Mich
Aurora, 111
B a y City, Mich
Bloomirigton, 111
Cedar Rapids, Iowa
Chicago, 111
Danville, 111




I
'
j
!

!
,

!

j
|
!
'
!
j
•
!

i
:
j

:

;
i
|
!
•
:
i
>
j
'
i
•
'
"

I
;
'•
;
;
!

2,783 '
6,124
3,231 !

3,182
6,871. I
3,293 !

11,561 j 13,657
2,209
2.077
7,640
8,320
52,858 : 53,721.
114,671.
107, 111
33,249
24,984
1,240
1,638 i
11,141. ' 14,214
5,002
5,698
3,657
3,907
583 i
699
3,011.
3,333
3,282
2,766
1,303
1,053
2,033
1,960
2, 725
3, 015
147,687
136,527
3,646
4,628
29,958
28,682
2,249
2,220
8, 164
7,108
1.1,513
10,085
2, 1 2 .
.1
2,701

14,549
2.493
8) 921
64,756
132,666
32,443
1,576
12,053
5,916
4,830

767

14,079
2,459
9,983
78, 891.
149,165
32,226
1,374
13, 795
7,074
1,606

750

4,223
3,288
1,149
2,402
2,887
155,861.
6, 237
35,473
3,635
8,016
14,153
2, 859

3,807
3,086
1,407
2,389
2, 84.6
173,451
4, 591
36,480
3,121.
9,419
13,805
2,489 i

3, 761.
70, 74.3
4,910
6.078
5,40-1.
3,000
1,666
.1,418
3,821.
3,059
2,919
1, 727
4,245
3,013
2, lit
12.596
3, .189
21,730
4,427
1,283
32,253
3,939
4,719

" 3,989
68,274
5,684
5,966
7,183
4,114
1,690
1, 576
5,641
4, 500
3,455
1,626
3,931
3,347
1,4.47
12,130
4,000
24, 553
5, 163
1,506
35,996
4,647
5,046

4,373
64,212
3, 168
7,483
7,621.
4,117
1,679
2, 183
4,649
4,062
3, 838
1,765
5,006
4,200
1,636
12,583
4,000
29,370
5,177
L, 570
39,337
4, 774
6,094

4,722 '
87,954 •
2,651 1
7; 719
8, 891.
4,977
2,153
1, 756
4, 883
4,195
3,400 :
2,456
5,552
4,210
1,689
13)239
5,000
30,710
5,452
2,198
43,113
5; 166
7,905

870
22,115
o, 161
16,301
491.
5,424
1,783
601.
717
120
2,063
11,1.88
5,121
3,481
1,670
4,787
3,325
1.3.218
' 238
49.597
1,208
8,424
4,160
926
1.036

1,020
23,776
5,341
12,662

1,072
25,907
5; 962
17,607

1,131
27.8 LI.
7; 357
21,303
' 626
8,284
3.281.
'61.0
1.009
' 174
2.484
10', 874
7, 779
5,133
2,600
6 , 075
'
5,006
15', 182

656
2,44-1
2, 1 .
51
1,870
5,173
54-1,281
1,800

691

655

6,482
2,605

8,3-13
2,8-14
71.7

637
988
142
2,692
8,784
5,643
4,095
1'. 842
5)614
4,361.
13, 676

225
51,989
1,283
10,279
4,608

917
1,223

980
144
3,218
9,607
5,836
4, .14.0
2,-.184
5,850
4,601
16,803

360
54,169
1,41.2
9. 828
5', 032
1,080
1,489

588

729

2,559
2,257
2,479
-1,808
">31,506
i; 800

2,763
2,234
2.284
5; 237
570,569
2,200

293
67,620
.1; 372
1.0,557
5,261.
1.055
1,577

813

3,277 \
5, 231.
3,111

3,474 I
5,511 :
2,904 I

3, 895
6, 036
3,825

1.5,183 !
11,773 j
10,75.1
13,870
2,533
8,956
48,490 : 46,455 I
59,019 j
66,782
101,204 | 92,804
1.1.5,741. :
128,598
24,299 ! 25,933
27,468 :
26, 728
2,118
13,621. I
12, 142
14,568
11,438 I
4,946 !
6,375 ;
6,676
5,457
3,744 .
3,490 I
4,421 I
6, 062
795
2,815 l
3, 112 ;
3,473 I
3,851
7 •
>
i
3,187
1,442
2,177
1,583
1,649
2,297 !
2, 829
1.00,802
120, 543
1.31,848 I
179,119
3,320
3,959
3,863 I
3,91.8 .
33,102 1
2,131
4,951
6.330 i
5,800 I
9,163 .
9,842
12,026 !
8)063 j
11,911
2,470 ,

4,630
6,931.
4,007

3,752
7,073
3,389

12,785

13,035

67,719
125,034
-33,444

55,390
105,897
22,558

13,283
6,106
5,776

11,852
5,683
4,208

3,386

2, S

J

4,337 j
73,622 !
.3,893 :
7,543 j
7, 138 !
5,098
1,809 i
1,295
3,709
4,023 i
3,600 !
1,919 j
4,431
4,008 "
1,321
1.2,896 :
3,900 I
26,179
4,571 !
2, LS5
39,155
4,814
6,117
11.0 ;
430
005
761
' 703
866
751 '
506 ,
762 !
203
539
059 '
657
.558 !
094 !
307 :
513
885 i
466
005 ;
113 !
503
552 i
970 '
6-12
574 i
2,797 !
2,278
1,947 .

1,875
183,931
3, 586

1,922
133,244
3,402

8,053
10,483

6, 575
8,858

82,781 •
4,726

86,255 !
5,984 I

94,1.05
6,090

94,145
5,397

109,361
4,850

4,5.10 i
3,523 I

4,94.1.
3,614

5,993
4,690

6,965
5,168

5,756
5,058

2,695 j

3,384

4,379

3,908

"4,'ois"

'37566" I"

" 4," 508'

'"5," 044

"4," 080

1 1 , L99 •
3,600 I
19,069 !

10,723 I
3,700 !
22,759 ;

11,739
3,650
24,836

13,204
4,050
26,791

13,094
4,120
24,641

27,879 j
4,120

29,998 !
4,016 j

34,409
5, 190

38,097
5,123

32,409
4,800

19,876
4,192
8,808 '

19,762 i
5,413 '
12,175

23,822
6,596
15,324

26,200
7,764
14,895

23,089
6,770
12,91

5,906 1

6,710 I

8,0L5 ;

8,815

6,519

8,517
5) 065
3,229

8,468
5,242
4) 388

9,308
6,176
3,640

8,001
6,535
4,587

8,000
5,110
4,333

4,648
3.000
22,223

5,530 !
3,032 !
21.842 j

5, 834
3,960
28,184

6,522
4,332
27,419

7,058
3,900
26,337

50,373
.1, 146
8,939
4,017

50,825 !
1,284 !
9) 659
4,441

62,665
1,421.
11,475
4,690

6.1,777
1,517
13,215
4,752

52,158
1,248
12,150
4)366

I, 152

1,050 I

.1.720

1,747

1,553

2,391
2,410
10,978
571,735

2,676
2,309
8,657
649,923

2,548
1,949
8,432
590,633

2,248 •

I
"

3,358
2.287
2,370
2,115
2) 305
8,329
5,310
-M78 i
672, 722
617)6/5 '. 536,840
2.700 1
2,100 i

2,902
2, 134
8,069
494,768

1254

FEDERAL RESERVE BULLETIN.

OCTOBER, 1922.

DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS—Continued.
DATA FOR EACH R E P O R T I N G

CENTER—Continued.

[In thousands of dollars.]
1921
Week ending-

1922
AYcek ending—
Sept. 27.

District No. 7—Chicago—Con.
Davenport, Iowa
Dccatur, Til
l)es Moines, Iowa
Detroit, Mich
Dubuque, Iowa
Flint, Mich
Fort Wayne, Ind
Gary, Ind
Grand Rapids, Mich
Hammond, Ind
Indianapolis, Ind
Jackson, Mich
Kalamazoo, Mich
Lansing, Mich
Mason City, Iowa
"Milwaukee, AVis
Moline, 111
Muscatine, Iowa
Oshkosh, AVis
Peoria. Ill
Roekford, 111
Saginaw, Mich
Sioux City, Iowa
South Bend, Ind
Springfield, 1 1
1
AVaterloo, Towa
District No. 8—St. Louis:
East St. Louis and National
Stock Yards, 111
Evansville, Ind
Fort Smith, Ark
Greenville, Miss
Helena, Ark
Little Rock, Ark
Louisville, Ky
Memphis, Term
Owerisboro, 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
Great Falls, Mont
Helena, Moni
Jamestown, N. Dak
Lewistown, Mont
Minneapolis, Minn
Minoi, N. Dak
Red ATing, Minn
St. Paul, Minn
Do
Sioux Falls, S. Dak
Superior, AVis
'
AVinona, Minn
District No. 10—Kansas City:
Atchison, Kans
."
Bartlesville, Okla
Casper, AATyo
Cheyenne, AVyo
Colorado Springs, Colo
Denver, Colo
Enid, Okla
Fremont, Ncbr
Grand Island, Ncbr
Grand Junction; Colo
Guthrie, Okla
Hutchinson, Kans
Independence, Kans
Toplin, Mo
Kansas City, Kans
Kansas City, Mo
Lawrence, Kans
McAlester, Okla
Muskogee, Okla
Oklahoma City, Okla
Okmulgee, Okla
Omaha, Nebr
Parsons, Kans
Pittsburg, Kans
Pueblo, Colo
1

Sept. 7.

Sept. 28.

Sept. 14. • Sept. 21.

I
5,725
3,120
12,820
130.825
2/210 i
5,565 '
5) 906
2,840
13,275
2) 890
29,126
4.060
3,815
5,009
1,501
49)35S
1,303
1,028
4)200
0,802
4,1.02
4,246
14,110
6,495
4,257
3,024

8,065
2,99213,218
1.10; 96.1
2,633
4,878
6 , 167
'
2.292
12,161
2.100
27.936 |
3; 440;
3,910 I
5,600 !
1,898 j
44; 073
2,129
1, 177
2.500
7; 624
4,167
3,494
13,824
6,398
4.723 I
3^ 063 !

7,842
3,379
17,489
110,019
3,240
5,295
6 , 885
'
2,963 I
13,941 '
2,670 !
32,415 •
3; 711. I
3,504 !
5', 100
2,267
59,320
J.)963
1,181
3.000
8', 246
4', 652
4,264
16,361
9,439
5', 202
3,539

8,653
3,279
16,500
139,910
3,052
6, 768
7,305
2,661
1,1,717
3,000
37,677
-J, 069
5,367
7,067
2,193
62,883
1,793
1 . 306
'
2,800
8,961
4,677
5,504
.16,1.77
8,418
5,299
3,607

7,381
4,055
1,905
559
735
. 7,609
25,837
17,4.10
973 !
1,817
109,223 I
2,599

7,400
6,489
2,038
533
897
10,725 i
24,269 I
25,112 !
912 |
1.947 .
112', 367 I
2,687

8,585
5,929
2,804
823
1,513
10,868
32,137
22,607
1,124
2,096
132,563
2,867

9.884
7' 388
3,022
1,002
1,436
13,594
32,991
28,578
1,218
2,483
1.53,370
3,214 j

1,1.11
1.338 i
'293 I
18,263 !
2,557 '
1,21.1.
1,348
2,041.
340
788
03,479
915
•354
128,604
33,318
3,012
1.530
' 698

1,572
1,51.4
287
18.1.75
3'. 120
1', 612
1.396
1', 975
'405
934
66,825
943
437
127,613
32.231
3)132
1,593
900

1,644
1,677
302
26,264
3,131.
1,904
1,517
2,288
566
1,156
77,622
1,1.71.
451
129,840
36,131.
2,887
1,835
1,010

1,024
2, 293
2,981
1, 708 !
2,275
30,549
2,820
557
925
486
490
3,092
2,526
2,118
3,672
62,024
649
646
6,279
14,604

1,164
2,461.
3,138
1,888
2,854
30,652
2,789
741
1.178
'598
590
2, 853
1,410
2,217
3,738
63,659
801
636
3,429
17,825
1,583
40,606
833
1,018
2,993

42, 8.19
701 |
1.909 !
2,853 j

Debits of banks which submitted reports in 1921.




Aug. 31.

I

1,368
2,142
3,031
2,495
2,995
38,439
3,038
805
1,316
818
546
3,609
1, 885
2,929
4,280
83,483
1,006
891
5,985
17,025
1, 763
49,149
883
1,360
3,038

7,723
3,180
15,641
141, 783
2,813
5,952
9, 1.87
2)523
13, 180
3,037
30; 561
4,167
4,627
5,900
1,883
52,289
J, 569
1,319
2,100
7,375
4,356
1,407
14,981
7,210
4,598
3, 167

5,11.0 .
2,910 ;
13,064 ]
100.756
2, 137 =
4,711 !
5,508 i

5,948
2,911
13,326
95,631
2,368
5,718
5,632

6,890
3,485
17,385
108,811
2,657
5,810
6,758

6.756 !
3)181 i
14,763 I
153,517
3'. 240 !
6,077 1
6)683 i

6,415
2', 799
13)268
96,337
2,420
4,812
6,163

16,059 :

19,337

1.9,677

20,470 j

18,468

34,598
3) 103
3,308
4',505

24,881
2; 990
3,269
4,141

31,781
3,33 4
3.756
4) 712

34,705 I
3,809 j
5)333 '
5,603

27,250
3, 486
3,535
4'. 741

•14.062
I', 276

43,981
1,559

53,980 '
1,832

64,811
2,034

45,460
1,568

6,632
3,538

7.093
3', 720

7,839
4)318

8, HO
4,482

6.832
4)140

5,879
•J, 881
4,872
2,222

7.209
6; 355
4.882
2,7^

7, 764
6, 153
5,422
2,517

7,500
6,109
5,996
2,808

7,552
5) 297
4,736
2, 503

7,021
4,336

8,064
4,362

7,910 I
4,766 I

7,710
5,365

7,597
4,545

1,
12,
28,
27,

8,424
23,512
19,299

8,233
23,423
20,231

11,342 i
27,574
22,176

11,958
29,651
24,863

12,511
27,105
25,539

2,
127,
2,

1,669
107,656
2,177

1,81.7
105'. 599
2,650

2,208
129,847 •
2,81.8 !

2,230
149,207
2)905

L70L
.1.13,751
2,474

1,
1,419 j
1,700 I
1,
301 j
26,036 I
24,
3,284 "
2,
1,666
1,
1,496
1,
2,530
1,
516
1,149
1,
82,553
80,
.1,067
1,
513
129,
136,961.
43,657
33,
3,565
3,
1,
2,210
1,
1,027

1,234
1,232

1,438
1,629

1,379
1,718

1,228
1,593

18,077
2,459
1,071
1,635
2,358

25,047
2.574
1)258
1,798
2,331.

67,014

69,424

22,830

24,388

3,355
1,829
774

3,450
1,208
915

3,376
2,158
901 !

982
1,533

1,222
1,389

1,475 j
1,830 !

1,322
2,004
3,439
1,885
3,354
38,395
2,901 i
722
1,1.11 i
731
547
3,173
2,404
2,568 :
3,870
85,959
1,402
1,083 I
7,153 !
18,306 !
1,712
49,898
927 1
1,149 ;
3,224 i

9,
7,
3,

1,
2,
3,
3,
2,
35,
2,

28,310 I
3,046
1,466 !
1,932
2,887

21,491
2,444
1,206
1,972
2,506

82,120 !

81,900

70,739

25.920

33,189 i

25,249

3,935
2,202
1,121 I

3,590
2,237
838

1,157
1,954

1,080
1,715

490
781
523 !
866 •
285 I

2,514
2,266
29,627

2,007
2,678
29,927 i

1,716
2,842
32,070 !

1,7.1.6 :
2,898 i
34,883

\ 1,833
2,305
32,966

1,571
2,891
67,805

1,771
3,262 j
76,619 !

2,251 I
3,685 I
82,427 I

2,025 j
3,709 j
85,041 j

1,776
3,445
70,105

2,765
17,071

"2382",
20,890 !

38,540

38,130 :

4,273

" *3," 183" j

"" 3)416
I

37323"!"" 3,504 I
24,305 ;
19,754 !.

19,673

43,715 \

42,600

4,322* 1

43,100 ;
3,'83(')' 1

3*532

OCTOBKU, 1 9 2 2 .

1255

FEDERAL RESERVE BULLETIN.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS-Continued.

DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]
1921
Week ending—

1922
Week endingAug. 30.
District No. 10—Kansas C i t y Continued.
St. Joseph, Mo
„
•
Topcka, Kans
Tulsa, Okla
Wichita, Kans
District Mo. 11— Dallas:
Albuquerque, N. Mcx
Austin,, Tox
Beaumont, Tex
Corisicana, Tex
Dallas, Tex
El Paso, Tex
Fort Worth, Tex
Galvoston, Tex
Houston, Tex
Roswoll, N. Mex
San An tonio, Tex
Shreveport, La
Texarkana, Tex.
Tucson, Ariz
Waco, Tex
District No. 12—San Francisco:
Bakersfield, Calif
Belliiigham, "Wash
Berkeley, Calif
Boise, Idaho
Eugene, Oreg
Frcsn o, Calif
Long Beach, Calif
Los Angeles, Calif
Oakland, Calif
Ogdcii, Utah
i
Pasadena, Calif
j
Phoenix, Ariz
I
Portland, Oreg
i
.Reno. Nev
Ritzv'illc, 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

Sept. 6.

Sept. 13. : Sept. 20.

Sept. 27.

Aug. 31.

Sept. 7.

Sept. 14.

Sept. 21.

Sept. 28.

H,750

11,409

2,14'.*
20,64;')
9,310

1,854
15,240
10,879

12,389
3, 753
21,21.6
10,601

15,240
3, L87
39,508
11,476

13,6.14
3,176
21,364
9,9L0

14.341
2,717
14,840
9,390

15,449
2,717
11,118
11,632

16,537
4,514
15,213
11,952

16,965
3,797
17,208
10,698

15,067
2,993
15,010
8,570

1,731
2,830
2,377
785
26.247
8; 188
18,117
16,769
21,150
538
6,038
5,858
1,217
1,119
2,822

2,010
31580
2,727
1,180
35,388
6.255
18,131
17, 279
26,317
4.94
6,483
5,335
1,124
1,439
4,470

1. 832
4; 908
3,61L
1,533
37, 571
6, 826
19,106
22,409
39,131
427
8,346
7,172
1,535
1,463
5,655

1, 846
.4,688
3,781
1,440
49,702
6,783
20.987
27,117
32,140
491
6,902
7,71.0
1, 888
1,384
6,385

1,649
4,469
3,057
1,270
4.1,183
5,993
20, 847
30,814
30,669
525
7,042
0,963
1,6L4
J,669
5,548

1,329
2,293
4,424

1,715
3,130
2,945

1,605
3,191
2,907

1,699
3,554
3,382

1,401
3,128
2,361

25,542
5,919
20,250
21,389
21,640,

30,279
5,671
23,180
18,946
25,539

32,309
7,291
24.220
25; 743
24,692

39,559
6,595
23,920
25,243
32,048

39,206
6,494
23,210
25,204
30,230

6,403
4,514
1,341.
1,302
2,810

6,161
4,979
1,181
1,525
3,950

6,445
6,860
1,537
.1,447
3,915

6,928
8,249
2,217
1,400
4,814

2,201
1,576
2,5L0
2,318
1,808
8,745
6,537
87,990
20,133
4,272
3,842
2,718
29,860
2,082
135
14,278
10,724
1,001.
6,988
13-1,683
5,252
33,916
8,971
3,964
7,381
1,858

1,958
1,465
4,23L
2,210
1,571
9,949
8,010
107,133
18,897
4,342
5,281
2,437
28,907
2,262
169
14,653

2,245
1,910
3,489
3,093
1,889
11,407
8,690
123,004
20,728
4,898
5,490
3,970
34,778
2,852
193
17,818
13,260
1,485
8,385
166,975
4,786
38* 973
9,732
4,78L
9,156
2,751

2,606
1,886

3,545
2,310

2,168
3,003

8,253
4,845
87,555
16,427
2,686
3,810

8,900
5,159
79,723
19,081
2,863
3,802

12,038
5,443
93,590
17,083
1,644
4,832

3,213
2,749
13,100
5,606
108,319
17,301
3,431
5,242

14,087
5,035
106,405
17,102
3,076
4,204

33,726
2,368

34,911
1,958

40,235
2,716

44,372
2,642

29,418
2,402

6,699
11,833

13,120
14,135

13.107
13.108
""8," 262'
161,412
4,851
34,03L
12,866
5,253
9,475
3,074

15,317
15,233

15,919
12,642

11,890
1,102
9,054
168,984
4,788
32,268
8,937
5,534
7,746
2,400

2,355
2,032
1,870
1,538
5,516
3,508
3,365
2,450
2,207
2,445
14,351
13,845
8,234
10,137
1L2,3(>4
132,155
21,081
22,471
4,394
5,123
5,028
5,691
3,343
3,460
32,522
36,349
2,454
2,442 !
184
178 ;
15,665
16, 174
12,300
13,399
1,254
1,528
7,722
8,855 !
102,178
205,091 I
5,258
5,074 !
40,556 !
' 34,283
9,221
9,327
4,610
5,650
7,640
9,552
2,294
2,557

" ""(*)," 212"
159,058
4,559
28,585
9,311
4,124
7,202
2,061

""6,"332"
145,685
4,543
29,715
10,150
4,282
7,794
2,349

""7," 837"
205,881
4,978
43,090
12,449
5,151
10,458
3,147

6,336
6,957
1,268
1,379
5,085

1

3,687
2,600

'"'6,'587
177,727
4,959
29,835
10,204
4,665
7,367
2,626

GOLD SETTLEMENT FUND.
INTERBANK TRANSACTIONS FROM AUGUST 25, 1922, TO SEPTEMBER 21, 1922, INCLUSIVE.
[In thousands of dollars.]

Daily settlements.

Transfers.
Federal reserve bank.
Debits.
Boston
New York

6,000 !
21,500 j

Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

10,000 L
M00 !
17,000 :
3,000 !
7,000 i.
6,000 .
2,500 '
8,000 !

T o t a l , 4 weeks eliding—
Sept. 21, 1922
Aug. 24/1922
Sept. 22,1921
Aug. 25, 1921




'
!
'
|

I
116,500
84,500 :
462,341
314,263 j

Credits.
15,000
86,000
3,000

3,000
1,500
1,000
1,000
6,000
,,-,.««
116,500
84,500
462,341
314,263

Debits.

Credits.

410,602
1,721,058
536,418
429,384
351,767
170,457
873,490
399,603
124,570
312,255
176,318
224,275

426,388
1,599,008
549,340
457,099
364,772
181,630
896,748
397,501
130,370
313,056
200,860
213,425

5,730,197
5,539,078
4,693,123
4,624,289

5,730,197
5,539,078
4,693,123
4,624,289

Changes in ownership
of gold through
transfers and settle- Balance in
fund at
ments.
close of
period.
Decrease. Increase.
24,786

57,550 !
78 i

14,715
3,005
4,673
9,258

3,602 j
1,200
4,199 I
23,042

79,479

51,202
60,005
44,386
63,463
36,040
28,109
13L398
15,509
23,944
24,723
19,445
30,314

79,479
522,934
415,517
429,075

FEDERAL RESERVE CLEARING SYSTEM.
OPERATIONS DURING AUGUST, 1922.
[Numbers in thousands.
I Items drawn on banks located
!
in own district.
I n Federal
or branch.

Outside Federal reserve
bank or
branch city.

Items drawn
on Treasurer
of United
States.

Total items
handled,
exclusive of
duplications.

Amounts in thousands of dollars.]

Items
forwarded to
other Federal
reserve banks
and their
branches.

Num- Amount,!
Number. Amount.! ber. I
bcr. I Amount.;
!

Items
forwarded to
parent bank
or to
branch in
same district.

-I —

i

1

405,488 a 48,280 812,482,226 3,
349,36()! 47,657; 11,919,769' 3,

Number.

Num"Amount. ber. Amount. 1922

43,786
Boston
i
897,907
205
585 492,366; 3,572' 389, 831! HOi
15,710 : 4,2671
New York
| 2,094 4. 334,251! 4,937i 638,397 1,097! 117, 270 8,1281 5,089,918| 1. 004 118,414
!
142
22,677
Buffalo
j
062
8i
190 ' 85,762i
464
1,768:
54,956
142,486;
414. 91,113
149! 28,215' 4,220 1, 033, 049.
Philadelphia
| 1,843
751,474! 2,228! 253,360
42J 5,084'. 3 2,130 3 401, 8661 36 5,413
Cleveland
707 241,805 1,38l! 154,9771
J2
4,749
Cincinnati
! 204 115,975
826
6,726j 1,089!
73,063
197,373,
84. 37,991
31
Pittsburgh
i
509 232,074
879
4,941' 1,419
98,4561
335,474!
153
43
55/97,8
Richmond
112 114,233 1,841
4,850 1,996
250,0571
369,140'
105
43
34,281.
Baltimore
262 142,737
733'
7,060' i, 038
70,183
219,980.
24
9,757
35;
Atlanta
7171 142,325
350
5,320 1,102
38,181
185,826!
.17
11,470
202!
157
1,255|
370'
34,921
11,208
Birmingham
47,384 !
111
25
3,664
61
154
1,487'
222
18,116
14,270.
Jacksonville
33,873
7|
1,787
53
15!
224
1,200
2901
18,390|
Nashville
29,093
48,683!
10,386
57
107
38j
9,721:
202
35|
12,514;
New Orleans
40,800
63,035 :
31,266
986 575,168 ! 3,907 313,610,
227
38,503 5, 1-20; 927,281,
29o!
Chicago
5,492
326! 171,814|
25
3,264.
945:
21i
594
50,384j
Detroit
*.
4,607
299 228,171| 1,413 !
114
12,5411 1,826
40!
78, 807
319,519
St. Louis
92 L
99
8
752:
381 j
274|
14,626
34,028:
Little Rock
18,650
729
103
33
4,
575!
4391
23,696
88,085 !
Louisville
59,460
384
76
11
1,427
263'
176i
9,196
36,323
Memphis
25,700
230 110,807 1,431
26
5,550 31,689, 3 1 9 4 , 1 5 5
17,373
76,911
Minneapolis
79!
22
7
813
225J
1961
2, 720|
11,782|
21,276
Helena
8,681.
0j
284 214,145 1,363
64
8,389 1, 711
32,457.!
95,130
Kansas City
317,6641
215
137
27
5,005
361
525|
21,374'
18,319!
Denver
j
43,862
70,241!
96
71
10
1,339 1,014!
933
63,568!
7,335
Oklahoma C i t y . . '
45,720
110,627 !
45
17
2,268
94
549
3 661
34,684
4,490
Omaha
49,862
»87,234.
39J
29
4,739 1,421,
128
1,264
8,782
Dallas
i
155,499|
221,835
76
17
1,564
43
119
179j
1,616!
9' 446
8,7611
.
El Paso
!
19,771
12l
26
1,630
344
4491
79
2,688
41,355
32,050J
Houston
75,035!
58
551
863!
254 123,617
76,350
3,881
42,349!
San Francisco
j
242,310: •' 15|
30,
34
484 128,666! 1,417
9,522 1,935:
96,453!
Los Angeles
|
234,64 L
17,096
17
3,964
56
34,735
213
286
12,489.'
Portland
51,188! 115;
2,300
3,267
53
23,866>
387
456
22,843]
49,9761
3,023>
Salt Lake City...!
7,999!
35,997!
239
3S7
16,5131
60, 509
5,94.1.:
Seattle
! 123
1,063
17,891
186
234
10,""
29,066!
2,363
Spokane
j
39
13
Total: August.. -11,582k 805,142J34,20913,268,680 2,475
July
U, 568,8,319, 841 .'33,815^3,247,425= 2,260
I
i
I
i

Total items handled, including
duplications.

625,249
611,948

26
15"
27
35
82
23
28;
5
6"
6.
9
4:
11:
27'
2
1!
4
1
62|
ob'
18
19
34!
6!
6:
35
71:
37|
9:
46
16,
787
775j

4,472
4,317 9,100
842!
17, 791
4,034!
6,301 2,192
4,329 1 1161
7,084 1, 530:
9,956 2,184;
7,972 1,2251
4,058 1,1491
22, 810
4I5|
252 •
1,070
3Ui
829
2431
761
3,894 5,424,
970!
1, 597
1,120 1, 877!
413;
2,036
587
189
266
216
307 1,772
232
1,033
10,727 1,988
676
12,210
6,729 1, 077
4, 780 • 719
3,136 1, 531
197
1,039
470:
1,600
928
4,069
8,290 2,121
328
4,655
480":
1,631
458
4, 880
263
2,682.

Amount.

19212!

4,15l!
941,693
928,285
7, 926 5,2.1.2,649| 2, 789,698
739. M 8 2 , 9 5 4
165, 700
4,498 1,124,162: 1,048, ]j00
332,172
1,602=
413,580J
995.
194,80.1.
206,451
1,262!
331,160
380, 549
2,048
408,318
435,074
248,763
1,008;
262,233
98,756
483
199,641!
59,124
402 :
81,664!
33, 786
213;
38,607
44,945!
278
51,299
68,361
250
74,182
4,699'
962,441.!
901,124!
727
232,55l!
190,729!
1,649
325,246
280,0581
318
36,985
36, 740!
492
89,003
74,735'
216
36,923'
29, 573,
1,679
211,835]
205,0141
213
25,029!
23,329:
2,267
360,848'
407,623
600
89,4S9j
100,770,
142,7511
1,031
124,6911
94,404
687
96,5041
1,486
233,753|
2L9,777;
185
22,426!
21,5861
400j
65,2641
79,323
750
206,494 !
250,266
1,3221
260,027
191, 775
3001
58,143
46, 939;
431!
54,633
64,597
393
59,430!
71,330
230|
32, 735 !
34, 111

164,101 52,497 45, 936 13,271,576! 10,136,135
155,843 51,851:47,946 12,687,560|l0,725,891

321
237
742
271

noi
31
64
145
50
4,004
258
1,748
228
339
183
2, 534
220
1,401
283
548
1,016
858
73
272
280
161
170
112
100
165
9,919
9,930

9,792 s 17,865 18,550
9,779; 17,884| 18,599

Incorporated banks other than mutual savings banks.
July 16 to Aug. 15, .1921.
Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee banks as follows: Cincinnati, 11,000 items, §1,609,000; Minneapolis, 2,000 items, $887,000; Omaha,
1,000 items, $420,000. Total, 14,000 items, $2,916,000.
NOTE.—Number of business days in period for Nashville, St. Louis, Memphis, Helena, Kansas City, Denver, Oklahoma City, Dallas, El Paso, Houston, San Francisco, and Los Angeles was 26,
and for other Federal reserve bank and branch cities, 27 days.
2
3




1257

FEDERAL RESERVE BULLETIN".

OCTOBER, 1!)22.

GOLD AND SILVER IMPORTS AND EXPORTS.
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.

Silver

Gold.
Eight months ending
August—

August—

Countries.

1921

1922

1921

1922

582,750

83,236,497
135,619,378
2,829,166
17.680,708
I)534,985
3,243,238
54,200,975

817,769,107
14,900 449
10,870
116,010
7,880,576
34,943
32,387,597

13 , 270,482

.143,108,454

75,998,705
151,320
8.71.3,513
3,204,1.74
3;849;982
1,485,929
11,037
337,048
5,004,187
9(50,379
273,689
652,071
4 820,430

Eight months ending
August—

August—

1921

1921

1922

1922

IMPORTS.
1 )enrnarlc
Franco
Gennanv.
"Netherlands
Norwav
R pain
S weden...
United Kingdom:
England
Scotland
Canada
Central \Tierica
Mexico
"Wost Indies
Argenl inn,....
Chile
Colombia.
I 'en i
Uruguav
Venezuela..
China
Brit ish Tndia
Dutch East Indies
Honcflconj?
Philippine Inlands
British Oceania.
Egypt
Another
Total

834 ,307 608
2,621,102
879,189
2,885
26,442
11,604,963
19 ,202,625

SI ,115,000
889 784
80
274

394,660

27,930,534
4,291,261
3,607', 138
5,557,877
9\8.223
120,237
8.250,727
'804,420
4, ,871,084
952,030
10.542,740
23' 803.160
075j (357
5 580,825
835,714
13,809,384
500,290
1.4,422,984

19 ,092,208

495,091,752

185,091,630

2,643,013

2 ,053,997 !
704,599
47.1.124 .
450J383 i
95,829 i
4 342
090,074
139,273
I 469,821
33,243
1 351 637
4 563' 640 '
52,018 !
254 429
107,761
2 ,161,990
' 366,714.
685,806

82 211
3 ,815,923

841,432
8,405

•i, in"
46
30

2,944
576

344

13,569

206,945
42.940
3 ,184; 586
52,319
1,274
25 939
21,443
425,768
5
25
509
10,103
33,033
204
1,616
76

569,167
1.26,439
3 ,307,399
21,656

23,339

127,599

S370
99,390
4,192,782
805
4,111
16,328
5,280
1,143,230

S768
193 035
681,589
2,944
71,512
1 424
149,210

707,000
78 000

392,842
225,112
333,010
13,505
20 989
641,629
104,211
10,158
8(59' 500
86,024

944,552
14 730
356,389
3,721,214
335,173
1,151,484

199 161
15.075
468; 328
1,782
09
125

2,779,929
1.453,659
23;946,710
244,103
15,479
1 217 445
116,575
3,512; 787
2,853
2,556
7,441
10,853
375,321
396
13,575
4,233

3,684,598
991,171
32,707,314
401,057
5,837
1 430 522
167,219
4,958,170
2,107
2,243
1 744

050,274

7 ,852,849

4 ,943,762 I

39,816,491

46,793,050

.1,070,672
150,063
1,000
1.04,894
200

46,070
1.43,397

1,074,324

84 , 901,554

142,192

396,011
75
5,981
933
58
876,868

1,473,965
795,200

7,546,184
1,029,017
280,300
1,553,087
409,437
239,500
5,900,307
1,846,593

7,035,692
1,465,285
6,850
1,634,429
25,159
795,703
14,469,141
0,552,940

1,012,902
329,078

1,273,998

528,000
7,524,579
2,438,460
900

1,320,000
8,571,304
47,237
367,260

3 ,713,133

3 ,861,180

29,897,570

42,291,006

39,71.6
260

EXPORTS.
Spain
S wed e n . . .
United Kingdom—England..
Canada
Central Vmerica
.
..
"Mexico
"West Indies
Colombia
China....
British Tndia
Dutch East Indies
French East Indies
F Longlcong
Japan
Allother
Tola]




2(53,197

138,539

1,527,448

301,905
350

368,530

5,103,750
250,844

803,570
.12,127
2.972,769
5,300

Jo,000
50,000

60,000

4,365,339
435,010

106,200 !

379,675

1,427,490

2,091,580

4,109

24,600

213,341.

071 652

955,853

11,097,145

11,744,036

125,327
3,223

1258

FEDERAL RESERVE BULLETIN".

OCTOBEH, 1 9 2 2 .

MONEY IN CIRCULATION SEPTEMBER 1, 1922.
[Source: United States Treasury Department circulation statement.]
Money in circulation.

Money held by
Stock of
money in the the U.S. Treasury and the
United States. F. R. system.

Gold coin and bullion
G old 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:
Aug. 1, 1922
Sept. 1, 1921
April 1, 1917
July 1, 1914
Jan. 1, 1879

Amount.

S3,858.548,202 S3,442,161,170
a (689', 404,019)
495,415,616
335,409,954
394,,444,404
2
(317,'743,165)
46,071,350
502,023)
1,000
37,954', 124
27o!'701,710
681,016
346)1
61,680,279
462,425,011
2,603/730)960
9,578,588 i
69)'737,400
705,549
27,994,429
759,7

Kind of money.

S416. 387,032
193' 988,403
59! 034,450
271: 671,815
i; 501,023
232, 747,586
285, 000,737
2,141, 305,949
60, 158,812
731, 711,120

•S3.78
1.76
.54
2.47
.01
2.12
2.59
19.46
. 55
6.65

3 4,918,691,521 j 4,393.506,927

39.93

8,303,549,24.1
8,227,669,509
8,082)456,974
5,312,109.272
3.738,288)871
1)007,084,483

894,381,009 |
469,487,072 j
896,318,653
843.452,323
212)420', 402

4,337,418,158
4.658,877.498
4'. 100,590) 704
3)402,015,427
816,266,721

Per capita.

39.47
42.99
39. 54
34.35
16.92

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.
» 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 Fcdcralreserve system and
money 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. .

DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT OCTOBER 1, 1922.
Paper maturing within 90 days.
Secured b y Federal reserve bank.
Treasury notes Liberty bonds
and
and Victory
certificates of
notes.
indebtedness.

Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco




4
4

44
i
i
44
44
4*
44
4J
4

4
4
44
41
44
44
44
44
44
44

'• Commercial,
| agricultural,
Trade
acceptances. 1 and live-stock
j paper, n. e. s.

4
4
44
44
44

4{
44
44
44
44
4

Bankers'
acceptances
maturing
within
3 months.

44
44
44
44
44
41
44
44
4

; Agricultural
and live-stock
I
paper
• maturing
i after 90 days,
j but within
I 6 months.
1

4
4
4i
44
4i
44
4J
44
44
.44
44
4

DISCOUNT AND INTEREST RATES.
In the following table are presented actual discount and interest rates
prevailing during the 30-day period ending September 15,1922, in the various
cities in which the several Federal reserve banks and their branches are
located. A complete description of the several types of paper for which
quotations are given will be found in the September, 1918, and October, 1918,

A comparison between discount and interest rates prevailing during the
30-day period ending September 15 and the 30-day period ending August 15
shows very little change. The only declines of any importance are in prime
commercial paper to customers, interbank loans, and indorsed bankers'
acceptances. Compared with the corresponding period last year, all rates
continue to be lower.

FEDERAL RESERVE BULLETIN.

DISCOUNT AND INTEREST BATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING SEPTEMBER 15, 1922.
Bankers' acceptances,
60 to 00 davs.

Prime commercial paper.
District.

City.

7

30 to 60
days.

No. 1..
No. 2..
No. 3..
No. 4..
No. 5..
No. 6...

No. 7..
No. 8..
No. 9...
No. 10..
No. 11..
.No. 12..

L

Boston
New York i
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

4 to 6
months.

II. L. a
44 4*
4 44-5
5 6
4
4J 6
5 6
5 6
5 G

H. L. a
o 4* 4-i
6 4 4f-5
6 5 6"
i7 5
'65
: 6 §2
!6 o
4~ 5.}
•6
4* 6
8 6 6-7 i 8 U 6-"
41 6 7
6"
6 7
.. 5 57,-6 7-1 5
8" 6
8 6 7"
j 6 41 5
j 6 5 51
6
•6 4 5
j6 5 6
6 6
6 6

Interbank
loans.

Open market.

Customers .

30 to 60
days.

ILL C.
4 44
!!4 4-4-1
5 41 o
41 41

!

Collateral loans—stock exchange.
Cattle
loans.

Indorsed.

4 to 6
months.

Unindorsed.

II. C. II. L. C. II. L. C. ' ILL. C.
L.
i 3J- 3 3
5 4-1 41 3 3 3
44
il -A 3-34
4-41 I 6 4 4-1-5 34 31
%
16 5 6
5 41 5
31 31 :\l
- 1
41 44 ; G 41

t
-t
f «>4 8*
41

3 months.

II. L. C.
41 4?, 47,
6" 3" 4-5
7

II. L. C. ! II. L. C
II. L. C.
54 ^ 51 I 51 5 51
!
G 41 41-5 G 44 44-6
16 5 6
" 5
6 47;
6 41 5
1
7 6 6
7 6 6
6 57; 6
6 51 6
6 5^
6 516
6 5 6
6 5 6
6 5 51
6 5
8 5 ""
8 5
2 2-7
8 5 6-8
7 6 7
7
7 6
8 f 6-61 74 5 6-6-1
>
8 G
8 0 7 "
0 41 5-51 6 4-1 5-51 6 54 54
6 5 51 " 6 41 51 *
6 4:

G 4^47,

•5
6 44 41-5 7 6
6 51
31 Zl 31
6 5
4 4 4
6 34
44 4
4
51 5
•1
7 5
•6 4| 6
5 6-8
8 2 2-6 S 2 2-6
8 5 5-6
5 4 4
6 6
5 4 4
8 6 7
6 6 6
6 6
7.} 4* 41-6 7-1 41 44-6 i 7 5 6
8 4 6
7 31- 3-1-6
51 6
6 6
1
0 4,4 44-5
41 4 41 : 6
41 44 41
41 41 41 I
6 4;7,6
,
6 o,',- ti
41 4 4
3k 3 3 j I 31 3 31
61 4'
= 5 4 44 41 4 41 , 7 5" 51 ;;
:
6 5 6
41 4-1 41 | 6 5 6
i
'
: 4i 44 44
G 6 6
6 6 6
6 6 6
!
!
7 6
8 6 7-8
5 41 5
7 6
i
;
6 6-7
6-7
6
41 4" 4
5 4-1 44 i 6 5 51 ! 34 3 3
| 4 3J 34 5-1 5 5
51 5
7 7 7
.....'8 / 7
j
!
7 8
8 5 6
7 5 6
i 5 l 4 4 41 : 5-1 44 44
7 5 6
!
j
7 41-6
7 41- 6
5 4 4-1 ;: 5 4 41
6$ 5 6
!
I
7 5 6
7 5 6
414 44
44 4 44
8 6 6-7 "
•
|
' 5 8
10 6 8
10 6 8
6 7
5" 4 5
|6 6 6
8 6 61 i
!
:
8 6 7
5 61
6 6 6
16 6 6
, 61 6 6
|
5 6
10 8 8
10 8 8
' 5 1 4 44 ;10 8 8
: 9" 6 8
!
|
6 8
3 8
7 5 6
7 5 6
5 6
6 8
;..:
-.--';
!7
44r
6
6 5 6
5 54
3J 3 3-J : '6} 3 3%
0
5 6
41 4
-4
44 4 4
8 4
8 4 7
7 34 3-1 . .
I 8 6
44 4 44 44 4 44
7
6 7
8 6 7
7 6 6
4
4
7 3 54 . 7 6 6
8 6
i S 6
6
51
8 6 7
8 6 7
7 6 7
4
4
j 8 6
.4141
8 7 7
8 7 7
7 6 6
i8 6
8 44 6 |
8 54 61
7 o 6
4 3 34
7 4 5
i 6 4 4£
10 4-1- 6

44
5 !!
41 4 41

?

6
6
6
6

5" 6
6 6
31 3 31
5 5-51 4 4 4
416

3 to 6
months.

Demand.

f

I*

ir

\l

1
1

1
!

6"
6 6

8 6 7-8
6 5 51
8
7
7
10

5 6
41 6
5'6
6 8
61
10 8 8
7 5 6
6

8
8
8
8

6
6 7
7 7
5 6|

8 8 8
6 6-7
6 61
51 6-7
10 6 8
5 7
10 8 8
7 5 6
6 6 G
7 61 7
8 6 7
8 7 7
8 7 7

Ordinary
loans to
Secured by customers
warehouse secured by
receipts.
Liberty
bonds.

71. L. C.
5 44 44
5 4 44-5
6 5 6
6 44 5
6 5 6
6
6 6 6 ^
6 f> 6
6 5 5-51
6 6 6
6 5 6
6 5 51
6 5 54
8 44 6
8 5 6
8 6 6-7
8 G 6
7 6 6
8 6 7
8 5 6-64 7 5 51-6
7 6 6
8 6 "
"
1
6 4 5-51
51
6 6 6
|6 4
6
6
:6 5
:6 6
6 6
IL L. C.

5
8
6
6
6
10 6

54
8
6
61
7"
7
8
7
8
5 6
5* 6
6 7
6 7
6 8
7 7
6 6-1

i8 7

! 0144
8 6 6
7 5 6
6
10 6 7
6 61
10 8 8
7 5 6
I 6 0 54
!8 6 7
I8 6 7
i8 5 7
j 7 6 6
! 8 54 6 |

Rates for demand paper secured by prime backers' acceptances, high 44, low 3, customary 34-4^




to

1260

FEDERAL RESERVE

FOREIGN EXCHANGE.

OCTOBER, 1922.

BIJTJLETIN.

In view of the great depreciation of the
German mark it has been decided to exclude
it from the calculation of the general index,
for it is obvious that no method of computation can yield an average that will satisfactorily
represent component items, ranging from a
fraction of 1 per cent to more than 100 per
cent. The little chart showing the movement
of the German mark separately, which was
published first in the FEDERAL 'RESERVE BULLETIN for August, will be continued.

In this number of the FEDERAL RESERVE
there is introduced a change in the
method of calculating the general index of
foreign exchange. Since July, 1921, when the
publication of the general index began, the
method used has been a computation of a
geometric average weighted on the basis of
trade with each country during the preceding
month. The revised index differs in three
particulars: First, the German mark is omitted
from the calculation; secondly, an aggregative
average is used; and thirdly, it is weighted on
GERMAN MARK RATE
the basis of trade with each country for the
( PER CENT OF PAR )
10.0
:::. .__ 8.0
.r
;
preceding 12 months instead of 1 month. 10.0
8.0
€.0
The reason for the last-named change is that, 6.0
5.0
5.0
with, weights changing every month, it was 4.0
4.0
3.0
difficult to determine at any given time whether
a movement of the index was caused by a
2.0
change in rates or by a change in the direction
of trade. Sometimes nearly all the leading 1.0
1.0
rates moved in one direction, while the general 0.8
o.a
0.6
index; which is their average, moved in the 0.6
0.5
0.5
0.4
opposite direction. I t was, therefore, decided 0.4
- !-V
0.3
to use weights which will be fairly constant
from month to month. But in a period like
0.2
the present, when world trade conditions are
rapidly shifting, it was not thought desirable
J . F. M. A. M. J . J. A. S. O. N. D. J. F. M. A. M. J . J. A. S. O. N. D.
to have absolutely rigid weights, because if
1921
1922
such weights were used it might be necessary to
revise them every year and the adjustment
The following table shows the new index
would appear abrupt. By having the weights
changed about one-twelfth every month with for every month since November, 1918:
eleven-twelfths remaining constant, it is believed that a gradual adjustment of weights to
GENERAL INDEX OF FOREIGN EXCHANGE.
changing trade conditions is provided for, while,
[Per cent.]
at the same time, changes in the index from
month to month can be explained almost
entirely by the influence of changes in indi- Year and Index. Year and Index. Year and : Index.
month.
month.
month.
vidual^xcnange rates.
The change from the geometric to the aggre- ; 1918.
1920.
1921.
November.,
February
!
6") July
gative average has been made for the following !j December..
62
97 I, March
67 August
60
reasons: The foreign exchange index is supj! April
•
(if) September.
60
!
1919.
. May
i
68 October
01
posed to represent the amount of money re- i January
:
96 June,
71 November..
61
97 ;! July
quired to buy in the New York market aI February...
71 December..
6-1
I March
9a |: August
j
60
representative assortment of foreign exchange : April
91 i September...'
63
1922.
May
61 January
90 i| October
'
Co
bills which at par would have cost $100. The !i June..
58 February...
91 |! November....;
69
aggregative average actually represents such ! July
f)7 March..,".....
88 j December.... j
70
j August
April
<\l
an amount, while the geometric average, being ! Septcmber.
S3 I;
1921. ;
Mny
TZ
! October
83 | January
!
60 Juno
7.1
a mathematical abstraction, approximates it November.
80 :[• February
;
62 July
70
only so long as the extent of depreciation of I December.
75 ! March..*
I
62 August
69
j April
j
63 September..
68
the several 1 currencies included does not differ | 1920.
;, May
!
66
I January...
72 June
;
63
too widely.
BULLETIN

r.

•.

•"•

-~

.

..i..

The formula for calculating the aggregate average is:
S (T)xioo
Tll(lcx i
Uiovoium«of i
" ^7 r Fx"T\ W l u - !

]

Jhroughout the month of September the
iii. each j foreign exchange market was characterized by
I a general downward tendency of loading rates,

country in dollars, P.represents parity, and R represents the current ! r e f l e c t i n g chiefly t h e a p p r e h e n s i o n vCaused U
l)V
J
rate of exchange. This formula was worked out with the cooperation of I , u
-i-p
,
.
£,r A *
V, ' a u - o v - 1 - 1
J
Prof, irving Fisher, o Yaie university.
f
| tne military e v e n t s in the J e a r E a s t , besides
N




OCTOBEE, 1922.

1261

FEDERAL RESERVE BULLETIN".

the seasonal offerings of foreign bills in pay- tions Commission relieving Germany of further
payments during this year. But this improvement for grain and cotton exports.
Sterling exchange, which had risen to $4.48 ment was not maintained, and the mark was
in the middle of August, declined from that again quoted at around 6 cents per hundred at
time to the end of September, when it stood the end of September. South American exat $4.37. Other leading continental exchanges, changes also show declines, as do Chinese and
with the sole exception of Norway, also show Indian rates. The Japanese yen shows a slight
marked reductions for the month. The Ger- advance for the month. Canadian exchange
man mark, which had fallen to 0.0524 cent remained at about par throughout the month
about the end of August, rallied to 0.0801 and on the last day rose a fraction above par
cent as the result of the action of the Repara- for the first time since the war.

FOREIGN EXCHANGE INDEX
1918 - 1923
— • - • - • _ . FRANCE
ITALY
—<--—-•- NETHERLANDS

-GENERAL INDEX (EXCLUDING GERMANY)
-ENGLAND
PER
CENT

ARGENTINA
——JAPAN
CENT

110

110

PAR^

- ^

*******

t

Si

(

/ *
•

80

\

70

V
"V

60

S i

I

PAR
I I I

l i l t

^ ^

\

^—-v

90

it

h/

\
\\
\

90

ft

80
70

" ^ — * * .

y

7"

s—

"*••

60

\
* \

50

\

50

\

\

40

^
\

,

.

'

•

•

40

\

/ '

30

30

\

s

20

/

"

^

„ - -

20

10
0>

10
N. D. i

1918

. A. M. J. J. A. S. 0

1919




. J. F. M. A. M-J. J. A. S. O. N. D. J. F. M.A. M. J. 0. A. S. O.N. D. J. F. M.A: M: J. J. A. S. 0. N. D.J. F. M.A. M. 0. J. A. S.

1920

1921

1922

1923

- 0

1262

FEDERAL RESERVE BULLETIN.

OCTOBER, 1922.

FOREIGN EXCHANGE RATES.
[General index for September, 1922, 68; for August, 1922, 69; for September, 1921, 60. Rales in cents per unit of foreign currency.]
COUNTRIES INCLUDED IN COMPUTATION OF INDEX.
High.

Low.
Monetary unit.

Par
of exchange.

August.

September.

Belgium
Denmark
France
Great Britain
Italy
Netherlands
Norway
Spain
Sweden
Switzerland

Franc
Krone
Franc
Pound
Lira
Florin
Krone
Peseta
Krona
Franc

19.30
26.80
19.30
486.65
19.30
40.20
26. 80
19.30
26.80
19.30

7.1.000
20.2700
7.5400
436.6000
4.1700
38.6300
16.6100
15.1000
26.2400
18.6000

Canada

Dollar

100.00

99.8184

99.3472

100.0069 '

Argentina
Brazil
Chile

Peso (gold)
Milreis
Peso (paper)

96.48
32.44
2 19. 53

79.6800
11.4500
13.3800

81.6100
13. 2200
13.4200

82.7000 :
13.6400
14.0400 .

China
India
Japan

Shanghai tael... 2 66. 85
48.66
Rupee
49.85
Yen

August.

7.1300
7.4400 |
7.7770
21.4400
21.4700 I 21.6300
7.5100
7.8700 |
8. 2300
444.2900 447.3400 j 448.3100
4.3000
4.4100
4.6400
38.6000
39.0100
39.0700
16.7500
17.1.300
17.4400
1.5.4900. 15. 5200
15.6500
26.0300" 26.5800
26. 7800
19.0000
19.0200
19.0800

76.4800 I 76.1600
28.3200 : 28.8800
47.7300 ! 47.5700

j Index (per cent i

Average.

;

of p a r ) . i

Weight.

i

Septem- August.
ber.
7.2332
21.0552
7.6592
443.0696

August.
37. 48 39.09 ;
78. 56 80.35 I
39.68 41,23 I
91.04 91.74 j
22.11 .23.36
96.50 96.64!
62,79 64.10 ,
79.27
80. 56
98.72 98.28 ,
97.36 98.65 !

7.5451
21. 5348
7.9567
446.4678

32
12
95
261
42
37
9
20
23
9

31
12
100
263
42
38
9
20
23
10

4.2676
38.7932
16. 8272
15.2992
26. 4568
18.7908

4.5078
38.8489
17.1793
15. 5489
26.3381
19.0396

99.9124

99.9332

99.7481 I 99.1

99.75 !

187

184

82, 5700
13.5800
14.31.00

81.0832
12. 5392
13.7276

82.0852
13.3752
13.7496

84 04
38.65
70.29

85.08 !
41.23 !

31
31
13

30
30
13

77.0L40
28.7412
4.8.0996

76.9637 ; 115.20
29.0141 • 59.07
47.7019
96.49

115.13 I

52
29
117

51
29
115

77.7700 • 77.5600
29.0300 ; 29.1200
48. 4800 ] 47. 8100

70.40 I

59.63 I
95.69 !

OTHER COUNTRIES.
High.

Low.
Monetary
unit.

Austria
Bulgaria
Czechoslovakia
Finland
Germany
Greece^
Hungary
Poland
Portugal
Rumania

September.

! Krone
! Lev
j Krone
! Markka
; Reichsmark..
! Drachma
! Krone
,
! Polish mark..
| Escudo
,
j Leu

20.26
19.30

108.05
19.30

fe::::::::

19.30

0.0013 I
.6133
3.0019 .
2.1488
.0594 !
2.0400 ;
.0390 i
.0112 :
3.7700 •
.6009 ;
.2628 ;
1.0586 :

0.0012
. 6030
2.4361
2.0900
. 0524

0.0015
. 6558
3.5078
2.2063
. 0801

0.0022 |
.7267 !
3.7567 |
2.1713
. 1493

2.9100
. 0353
. 0112
5.2700
. 6600
.2738

2. 8900
. 0515
. 0146
5.4300
.7350
. 3728
1.4751
o7

3.2100
. 0744
. 0155
7.3200
1.0825
. 3108
1. 2471

Index (per cent of
par).*

! Septem- August.
i Anguat. i ber.

r

0.0017 !!
.6518
2.9023 .
2.1329 •

99.9250
48.7750

76.6200

99.9375
48.3875
79.3400 ; 79.5300

81.6500

78.0132 i 80. 8474

55.6000
56. 9200
51.2500

55. 5500 j 57. 2100
57.1800 I 57.9200
50.7900 I 52.0000

56.9000
57.8300
52.0000

56.1500
57.3080
51.6440

Peso...
do..
do.

100.00
49.85

48.2125

103.42

China
Hongkong
Straits Settlements.

Mexican dollar..!
Dollar
Singapore dollar.;

2 48.11
2 47.77
56.78

Based on average.

Septem- August.
ber.

0.0014 I
.6380 !
3.2306 :
2.1741 :
.0684
2.4724
. 0423
. 0127
4. 8256
.6559
. 3211
1.2926
99.8700 ;
48.3006 I

Cuba
Mexico
Uruguay

1

August.

Average.

1.1029
99.8000 !
48.3075

. 0595
. 0135
6. 5849
.8110
. 2957
1.1863
99.8729
48. 5314

56.2559
57. 5422
51.3974

2

19.13 average.

Average price of silver per fine ounce. In London (converted at average rate of exchange), $0.70447; in New York, $0.69888.




0.01
3.31

0.01
3.38

11.26
.29
12.81
.21

11.05
.42
15.97
.29

4.59 i
3.40

6.09
4.20

6.70

6.15

99. 87
96.89 I

99. 87
97.35

75.43

78.17

116.71
119.97
90.95

116.93
120.46
90.52

OCTOBER, 1922.

1263

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.]
Deposit and note accounts, Bank of England aAd Treasury.

r
Go

t

™^m<"}*
m
S dobt-

.
fl float

-

Nine London 3
clearing
banks.

Discount rates.

Year and
month.

if
P

Average of end
month figures:
1913...
1920...
1921...
1921, end of—
August
September
October
November
December
1922, end of—
January
February
March
April..
May...
June
July...
August
September

' S

of .
:
j 29
;
103
;
108
!
| 107
;
106
104
106
107

i
I
i
:
j
|

Per
cent.
11.7
15.2
99.59
110.07 10.3

309 | 1,768
2,787
' 1,771 2,641
i 1,802 2,938
j 1,793 2^921
j 1,818 j 3,173

302 I 1,764

302
306
311
315
1,192
1,152
1,097
1,065
1,081
1,070
1,056
1,020

102
103
103
104
103
101

1,826
1,802
1,747
1,737
1,745
1,755
1,730
1,688

105. 5
106.4
108. 4
112.4
112.1

3,399
3,088
3,452
3,305
3,307
2,917
3,23G
2,885

118.2
118.0
118.3
118.0
118.2
118.2
120.3
121.3

6.5

6.1
"7*2

1
2
3

Less notes in currency notes account.
Held by the Bank of England and by the Treasury as note reserve.
Average weekly figures.
< Compilation of London Joint City and Midland Bank, British Government loans for national purposes excluded.
* Compilation of London Economist. Ratio of net profits to ordinary and preferred capital of industrial companies, exclusive of railways,
mines, insurance companies, and banks. Applies to earnings disclosed during the quarter and has therefore a probable lag of six months.
« Statist figure revised to exclude Germany.
FRANCE.
[Amounts in millions of francs.]
Bank of France.*

i
Year and
month.

1913, average
1920, average
1921, average

Silver
DeI reserves. : posits.2

1

of the
Paris
banks.

629
253
274

830
3,527
2,927

5,565 I
38,066 I 26,000
37,404 j 25,300

320
35,000
1,005 .
1,103 !.

86.77
57.34
56.56

- 65
4,654 ! + 48
1,100 ! + 67

59
554
550

•3,574
•3,575
•3,575 I
9 3,576 !
• 3, 576

277
277
278
279

2,749
2,509 :
2,563 i
2,563 ;
2,743

36,783 ! 24,900
37,129
24,900
37,154
25,100
36,336
24,500
36,487 ! 24,600

1,016
1,011
1,305
1,051
1,228

56.50
56.20
54.30
54.90
54.75

152
234
3,355
434
853

; + 72
: + 68
' + 33 |
- 0.5
\ + 38 I

467
553
463
505
527

•3,576
»3,577
•3,578
•3,579

280
281

2,392 ;
2,429 i
2,236 !
2,412 !

36,433:
36,151 i
35,528 ;
35,787: i
35,982
36,039 ;
36,050 '
36,385 ;

1,323
1,014
1,154
1,381
1,176
1,225
1,472
1,168

56.55
59.55
56.70
57.60
57.70
57.95
58.25
60.10

759
5,062
377
459
644
947

! + 41
: +100
+ 49
+ 58
! 4- 55
! + 53
+ 62
+ 66

489
489
455
411
454
474
562
512

|
3,343 I
i » 3,586 j
• 3,568 \

1922.
January.
February
March...
April....
May
June
July
August

Value of
new
Advances
stock
to the
Price of and bond
:
Governissues,
Circula- ment for Govern- Internal j External ^ per
merit 4 debt. ! debt.*
placed
tion.
purposes revenue.
upon the withof
drawrente.*
French
the war.*
market.7 als ( - ) .

"
V
Gold

1921.
August
,
September...
October.
November
December

Situation of the Government.

9 3,579

3,580
3,582
3,583

284
285
285
286

2,303 :

2,448 i
2,432 i
2,170 i

23,000
22,500
21,500
22,100
23,100
23,300
23,000
23,900

35,286
11

242,758 |

34,779

243,857

35,716

:

I
4

End of month
figures.
From indirect taxation and Government monopolies.
* Includes Treasury and individual deposits.
• Foreign debt converted to francs at par.
* Under the laws of Aug. 5 and Dec. 26,1914, July 10,1915, and Feb. 18,1917.
• Last Wednesday in the month.
» Figures of the "Association Nationale des Porteurs Francais de Valeurs Mobilises." Bonds issued by the Government and the railroad
companies not included.
* Not including 1,978,000(000 francs held abroad from January through August and 1,948,000,000 francs from September through December.
ll
• Not including about 1,948,000,000 francs held abroad,
"» Average for 11 months.
Estimate in the French Senate.




1264

FEDERAL RESERVE BULLETIX.

OCTOBER, 1922.

ITALY.a
[Amounts in millions of lire.)
Leading private banks. 1

Year and
month.

'
j

r

h

!
i
!
1913, end of Dec.
1920,end of Dec.
1921, average...
1921, end of—
August
September.
October...
November.
December .
1922, end of—
January...
February..
March
Aprii
May
June
July
August

Banks of issue.

Loans, i
dis- i Deposcounts, ! its and
. and
due to
due from, corre| corre- spondI spond- ! ents.
! ents. |

Total
reserve.

129 j 2,007 : 1,674
1,308 I 10,539 ! 15,8.10 |
1,200 [ 16,242 | 16,001 .

1,131 i 17,024 ! 16,672 I 7,315 ,
7.327 "
1,052
17,223
16,825
1,364 5 17,185 i 17,022 ! ?; 816 i
81,174 3 12,844 312,778 , 7,810
•1,997 3 11,797 1*12,502 10,020 j

1,079
1,073
1,086
1,089
1,092

3 11,334
811.440
3 1i;407
3 11,752
3 11,732
3 11,980
3 12,118

i
I
;
j

1,964
1,966
1,990
1,948
1,999

i
j
!
i

Princi-

Circula- State i Treas- i Shorttion for curury ! term
I account rency metal- treasI of the notes. i licreury
state.
! serve. bills.

2,284
8,988 i
9,304 ;

318
2,077 ! 2.503
2,020
2; 352

1,058
1,074

3 1,426
8 1,081
3 905
3 908
3 811
3 815
3 861

Deposits and Commerj decial
! mand circuI liabili- lation.
I ties.

857 i 1,375 i 1,661 j

7,074 !
7,509 |

Government finances.

499
2.208
9,06-1 . 2,267
8,352
8,395
8,554
8,485
8,505

,311,616 10,156 j 1,109 i 1,996 ! 2,848
1,971 ! 2,502
«11,482 10,029 ! 1,100
' ""
1,950 i 2,687
1*11,403 ; 9,833 ! 1,118
3n,70S ! 10,113 i 1,122
1,964
2,473
;311,698
9,323 i 1,104
1,963
2,572
2,740 !
311,860 : 9,505 ! 1,124
1,976
;»11,890
2,524 !
9,051 I 1,125
1,991
9"0S(> I 1,125
2,005 i
2,021

!

2.267 i
2,207 •
2,267
2,207
2,207 .

160
159
159
159
170

8,570
8,620
8,523
8,350
8,001
8,049
8,050
8,050

2,143 | 9,491 j
2,124 ! 9,785 !
2,243 I 9,746 '•
2,151
9,435 I
2,913 10,301 j

!

117
161
170

2,267
2,207
2,267
2,267
2.207
2.207
2,207

170
170
1.70
170
.109
109

"i6,*743"|

10,183 i
9,031 1
9,589 i
9,360
9,259
9,615
9,9.17
9,095

1 during
j month. 8

13,200
1,019

87.12

I
21,173 !lO8,729
21,612 ! : : . . . . . . .
22,997 1110,754

1,381
564

"24 j 606"! 111^ 906"

*648
1,458

82.87
87.04
91.07
83.99
80.13

23.802

909
1,366
759
1,337
667
1,454
783

113,204

I
I
1
I
I

96.61
94.10
88.82
88.43
93.13
94.83
95. 19
103.01

I

a Latest figures subject to revision.
1
Banca Commerciale Italiania, Banca Italiana di Sconto, Credito Italiano, Banco di Roma.
s
Revenues from state railways; from post, telegraph, and telephones; from state domain; from import duties on grain; and from Government
sales of sugar are not included.
3 Excluding Banca Italiana di Sconto.
4
Figures for 1921 are based on quotations of Dec. 3L, 1920=100. Those for 1922 are based on quotations of D e c , 1921=-100.
s Revised.
G
Includes paper circulation of the State and of banks on account of the State.
GERMANY, o
[Amounts in millions of marks.]

Year and
month.

1913, average..
1920, average..
1921, average..

Discounts.1
Gold
re-

1,068 j
1,092 i

1,056 I

1922.
January
February
March
April
May
June
July
August
September

Note I.
circu- Deposits.1 Clearings.
lation.1 !

Commercial
paper.
I
I

47,980
83,133

of securities
prices.'
I Value of
new stock
land bond
issues
placed on
;
Receipts Revenue Treasury German
25
15
from
of state bills out- market. stocks. I bonds.
1
railways. standing.

1,058 j
668
53,964
17,702
80,952
20,213

Darlehnskassen- j
scheine I
in circulation.1

6,136
57,898
89,297

207
13,145
8,861

i

1921.

August
September
October
November
December

Discounted
treasury
bills.

84,0441 024 ! 98,422
994 ' 98,705
114,023
994
132,331
995

1,024 I

996
996
997 i
1,001 I
1,003 I
1,004
1,005
1,005
1,005

126,160
134,252
146,531
155,618
167,794
186,126
207,858
249,766
349,770

1,446
1,062

80,073
86,384
91,528
100,944
113,639

1,592
1,857
2,152
2,403
3,377
4,752
8,122
21,704
50,234

115,376
120,026
130,671
140,420
151,949
169,212
189,795
238,147
316,870

1,002
1,142

881

I Index numbers

. Situation of the Government.

Reichsbank statistics.

13,650
19,980
18,303
25,313
32,906

79,172
98,004 !
119,496 |
140,493 I
120,835

23,412
116,680
26,526
109,816
33,358
170,357
31,616
175,977
33,128
179,370
37,174 : 191,414
39,970 ! 243,493
56,124 I
.
11.0,012 j

7,837
7,610 !

7,316 i
7 330 j
8,325 I
8,046 !
7,977 !
8,701 j
9,183 !
9,440 i
10,374
12,234
13,383
13,995

13

«220

6,285

2,358

192,832

2,655

2,416
2,599
2,825
3,397
4,329

202,872
210,504
218,000

1,228 !
1,534 !
2,889
7 135 !

246,921

5,965 j

4,415
4,659
7,096
8,997
10,984
12,781
15,396
18,053

255,678
262,817
271,935
280,935
289,246
311,600
307,810

4,831
2,101
6,416
3,992
4,152
2,762
2,330
2,408

:

5,145
4; 908
6,185 j
7,044 !
8,016 '••
8,802 :
9,614
14,065
13,193 :
•
17,619 :
17,770 ,
21,547
31,406

«269
206

<181
5 147

223
222
274
265
242
224
282
299
445

152
154
169
268
297
298
430
062

6

a Latest figures subject to revision.
1 End of month.
8
Calculated by the Frankfurter Zeitung with prices of 25 stocks, 10 domestic and 5 foreign bonds (prices as of Jan. 1,1921-100).
figures, recently revised, now include subscription privileges which were heretofore omitted. Figures are as of beginning of month.
« End of March, 1913.
* As of Nov. 10,1921.
6 As of Dec. 30, 1921.




1,933

These

1265

FEDERAL RESERVE BULLETIN.

O C T O B E R , 191>2.

NORWAY.
[Amounts in millions of kroner.]
Norges Bank.
Year and month.
Gold
I
NOte
i T^rv^^.+r,
holdings, j circulation.1 Deposits.

I

Private commercial banks (103).

Loans
Loans and 'Clearings atj
and
discounts. .Christiania.: discounts.

BankruptTotal
|
cies.
aggregate j
resources. |
.J...

Deposits.

j
1914, end of J u l y .
1920, average
1921, average
1921, end of—
July
August
September...
October
November...
December
1922, end of—
January
February
March
April
May
June
July..
August
1

Number.

184 i
147 '•
147 .

123 j
451
417 !

14
102
111

88 .
419 I
443 :

652 !
537

3,921
3,840

3,338

5,164

147
147
147
147
147
147

428 ,
421 I
416 •
411
395
410

100
110
85
113
121
141

452 i
455 i
426 :
453 ;
439 !
476 j

541
580
637
589
538
551

3,958
3,954
3,844
3,742 |
3,877
3,508

3,343
3,340
3,319
3,275
3,231
3,305

5,249
5,256
5,224 .
5,196
5,113 !
4,944

95
106
100
79
88
81

147 !
147
147
147
147
147
147

378 I
376
385
386 :
375
38T) :

131
141
151
143
152
183
137

433 :
428 i
449 I
447 ! •
440 :
441 I
445 |
if.*) :

524 !
494
628 !

3,413
3,346
3,280
3,302
3,307
3,354
3,3(11
3J 295

3,202 i
3,172 !
3,124 :
3,118 ;
3,086 !
3,080
3,083 !
3,03(5 !

4,805
4,755
4,690
4,755
4,783
4,804
4'. 810
4; 781

81)
78
107
78
129
94
68
79

M7

532 :
•101) |

!
!
,
i

Includes balances abroad.
'

SWEDEN.

[Amounts in millions of krouor.]

! Situation of the I
Government. I

Riksbank.

Joint-stock
banks.

i
I

!

BusiForeign
ness
failex1 ures
change
during month. during index. 1
month. 1
Protested
bills

Vear and month.
I Gold :
j coin
Note
I and ; circubul- i Iation.
lion.

De- :i iT1
Clear-

nn<,ito
0Slts

P

' j

Funded

1E

Value.

" " ^ v""-u

otate

v,t<ito

debt

a * t : i X : counts -

-

• liriih

: bank.

1913, end. of December..
1920, average
1921, average
1921, end of—
August
September
October
November
December
1922, end of—
January
February
March
April
May
June
July
August
1

Source: Kommersielia




102
269
280

235
733
661 i

108 =
'
585 .
"
226 ; 3,596
193 ! 2,7.15 ,

628 I
1,281 I
!
.

20

285 i
276 i
276 i
275
275

632
672
650
628 '
628 ;

152
113 ;
126 :
188
331

2,316
2,609
2,310
2,364
3,305

1,360 !
1,368 i
1,393 j
1,409
1,433

137
(50
63
77 :

275
274
274
274
274
274
274
274

503
579
626
582
567
585
551
559

337
346
312
301
293
247
243
213

2,332
2,122
2,3o4
1,936

1,434
1,435
1,435
1,434

:

|
'
I

j
!
:
!
.
i
.

Meddelanden.

i
!
;
I
.
j.
:
.
>

84
87
00
92

139
476
389 :

2,287
4,314 i
6,008 ! 3,586 i
5,948 : 6,907

345 I
330
341
354 !
464 !

5,937 '
5,901
5,837 ;
5,735 i
5,656 !

6,515
5,786
6,449
6,089
6,298

421
429
447
404
380
320
30/

5,654
5,572
5,474 ;
5,430
5,378 :
5,388 !

6,345
6,272
7,559
6,965
7,581
6,599
6,417
is 461

j
I
•
:
'
•
i

Value
of the
krona
Num- | abroad
ber. ! (foreign
currencies
! =100).

i Value
Index i of stock
num- [ issues
ber of ! reglsstock i tered
prices—! during
A list.i
the
I month.

2
6
15

309 :
196 I
432 i

112.9
121.8

258
176
121

24
61
31

16
10
13
13
10

353
493
505
491
528

119.5
121.4
124.9
124.0
126.3

120
114
107
104
107

31
13
17
39
21

509
398 !
513 ;
400 !
430

126,6
129.2
128.3
126.6
124.8
125.6
127.0
129.1

109
94
89
100
115

9
10 i
13 i
12 I

10 I
10 :
1.2

•374
.i00

113
110

I
i
i
i
i

18
18
23
15
ft)
63
35

1266

FEDERAL, RESERVE BULLETIN.

OCTOBER,

1922.

JAPAN.*
[Amounts in millions of yen.]
Bank of Japan.
Year a n d m o n t h .
Note
, circulation.

Specie ! Ordinary
reserve j loans and
for notes.2 . discounts.

Tokyo banks.

Advances
on foreign
bills.

Current
Government deposits in
Japan.

Private
deposits
in Japan.

!
1913, average.
1921, average.

363
1,226

47
107

33
39

192 L.
E n d of—
August
September.
October
November.
December..

216 :
1,200 ;
I

1,192
1,232
1,255
1,283
1,546

1,192 '
1,232
1,255
1,264
1,246 :

107
101.
157 •
197
298

31
32 ;

1,241
1,223
1,289
1,263
1,203
1,223
1,220
1.132
j;C69

224
172
248
267
.178
179
133
241.
134

Tokyo
Total
loans
bank
Tokyo
clearings,
associated
total in
bank.
the month.

Average
discount
rate
(Tokyo
market).

333
1,932

364
2,572

8.38
9.00

345 •
293
309 :
325 !
203 :

1,951
1,955
1,993
1,989
2,000

2,816
2,627
2,679
2,783
3,340 i

8.43
8.28
8.50
8.79
9.20

277
328
422
520
469
377
427
488
382

1,984 !
1,950
1,963 .
1,980
1,973
1,998
1,970
L928 i

2,246
2,438
3,099
2,809
3,143
3,178
2,763
2,582

9.02
9.02
9.09
9.34
9.42
9.45
9.38

297

j
30
26 :

1922.
E n d of—

January—
February..
March
April
May
June
July
August
September.

1,377
1,246
1,2S9
1,226
1,203
1,344
1,224
1,280
1,237

•
!
•

!
;

•
'

56
26
58
61
50
98
82
90
115

i
i
!
!
•
!

1

Figures apply to last day of month in case of Bank of Japan, to last Saturday of the month in the case of the other ite
items.
,. ..
.
l at home.
This includes the specie segregated against notes only. It includes w
gold credits abroad as well as bullion and coin at ]
During January, February, April, October, November, and December, 1913, Government deposits averaged 4,-193,000 yen. During the
remainder of the year there was an average monthly overdraft of 8,942,000 yen.
2
3

ARGENTINA.
[Amounts in millions of pesos.]
Banks. 1

Banco de la Naci<5n.
Cash.

Cash.

Dis-

Year and month.

:

D

Dis. counts

pSSs <$

vances Gold." Paper. (Papor).j v ^ n ( , e s .
(paper).!
(paper)-!

End of—
1913

i
1 1,464
' 3,010 !
j 3,530 •
j 3,375 •

1<)!9
J920-..
Jim

1921.
Knd of—
July
August
September
October
November
December
1922.
End of—
January
February
March
April
May
June
July
.August
1

Gol(L

Liabili.! Cleari ties of
i ings
I Gold
banki in
bonds i rupt: ttuonos Note ! Gold
decies
1 circu1 Aires
re- : posited ! during
Pa- (paper). lation 1 serve.
in
month
(paper).
per.
j lega- i(paper).
. tions.
!

1,5(1
2,113
2, 505

i 543

62
66
40
30

435
77.1.
1, 08.1
1, 087

541
1,250
.1,412
1, 310

478
676
804 i
860

180
208
406
410

1,471
2,805
% 612
3, 015

1, 177
1,363
1,363

263
320
476
476

! 3,444 ;
3,447
3,391 ;
3,359
3,375 .

2, 544
2, 519
2,492
2,467
2,501
2, 543

38
38
36
36
36
36

1,072
1,093
1,152
1,172
1,150
1,087

1, 350
1,349
1, 350
1,311
1, 293
1,310

846 :
828 ;
816 I
803 •
840 .

387
403
431
448
463
410

3, 065
3, 093
3,076 :
2,909
2,133 i
3, 482 ;

1, 363
1,363
1, 363
1,363
1, 363
1,383

466
466
466
466
466
466

3,362 !
3,362 !
3,313 |
3,304 ;
3,278 j
3,326 !
3,308 !

2,529
2, 565
2,512
2,489
2,461
2.461
2.473

36
36
36
36
35
35
35

1,064
994
981
999
1,016
1,060
l!013

1,310
1,310
1,272
1,283
1,294
1,329
1,322

887
913
884
887
906
933
920

419
383
383
393
386
395
399

3,014
1,363
2,593 , 1,363
3,298 ! 1,363 .
1,363 I
3,016
1,363 '
1,363 : !
2,716
1,363
1,363

823

70
4 •

4

Exchange,
average
monthly rate
of NewYork
on
Buenos
Aires.
Par:
100 gold

99.0180
! 00.7040
2 '• 72.9909

j

Including figures of Banco de la Nacion.




Caja de Conversidn.

23 i
23 i
2? •

23
23
23
23 i

466
466
466
466 I
466 i
466 i
466 ;
466 :

12
12
8
16
13
13

' 65.799
i 66.555
I 69.63
! 73.078
! 73.4739
! 74.8042

77.1892
82. 5764
82. 7785
80. 7480
82.4088
i 81.8554
8 i 81.8468
7 I 82.0852

INDEX.
Acceptances:
Page.
Banks granted authority to accept u p to 100
per cent of capital and surplus
".
1170
Held by Federal reserve banks
12-10
Purchased by Federal reserve banks
1.238
Agricultural movements, index of
1227
Argentina:
Business and financial conditions
1189,1266
Condition of Buenos Aires banks
1191
Debt
1189
Foreign trade
1190
Australia, wholesale prices in
1212
Bank debits
1251
Belgium:
Cost of living
121.7
Wholesale prices
1212,1213,1214
Brazil:
Budget
1192
Condition of Banco do .Brasil
1192
Debt
1193
Foreign trade
11.91
Railway statistics
11.93
Building statistics
1167,1232
Bulgaria, wholesale prices in
1212
Business and financial conditions:
Argentina
1189,1266
Brazil
1191
Chile
1194
England
1177,1263
France
1179,1263
Germany
1185 1264
Italy
1183,1264
Japan
1266
Mexico
1195
Norway
1265
Russia".
1200
Sweden
1265
United States
11.59
I n d e x of
1156,1226
Canada, wholesale prices in
1206,1209,1212,1216
Cattle loan companies
1171
Charters issued to national banks
1170
("harts:
Assets and liabilities of Federal reserve and
member banks
1157
Debits to individ ual account
1251.
Foreign exchange index.
1260
Index numbers of domestic business
1226
International wholesale price index
1206
Sales of department stores and mail-order
houses
1233
Wholesale prices in England
1208
Wholesale prices in t h e U nited States
1207
Check clearing and collection:
Gold settlement fund transactions
1255
Number of banks on par list
, . 1256
Operations during September
1256
Chile:
Business and financial conditions
1194
Nitrate industry
1194
China, wholesale prices in
1212
Clearing-house bank debits
1251.
Commercial failures
1170
Condition statements :
Banco do Brasil
1192
Buenos Aires banks
1191
Federal reserve banks
I! 56, 1211,1244
Member banks in leading cities
1.156. 1.241,1248
12994—22




9

Cost of living:
Page.
Belgium'
.
1217
England
. 1.217
Germany
:
. 1217
Switzerland
1217
Cotton fabrics, production and shipments
1225
Crop financing problem of 1922
. 1151
Crop report, by Federal reserve districts.
1236
Crops:
Carry-over
1152
Prices and production, 1921 and 1922.
1152
Currency in circulation:
Russia.
1200
United States
1258
Debits to individual accounts
1251
Debt:
Argentina
1189
Brazil
1193
Denmark, wholesale prices in
1212
Deposits, savings, of commercial banks
1.224
Discount and open-market operations of Federal
reserve banks:
Acceptances held
1240
Acceptances purchased
1238
Bills discounted
1237
Bills held
1239
Earning assets held
1239
Number of banks discounting
1237
Rates of earnings
1239
Volume of
1237
Discount rates:
England
1277
Federal reserve banks
1258
Prevailing in various centers
1259
Dutch East indies, wholesale prices in
1212
Egypt, wholesale prices in
12.12
England:
Bank profits.
1178
Business and financial conditions
1177,1263
(lost of living
1217
Discount rates
1177
Foreign exchange
11.78
Foreign trade. ."
1220
Index of industrial activity
1218
Joint-stock banks, condition of
1177
Securities market.
1178
Wholesale prices
1206,1208,1212,1216
Failures, commercial
1170
Federal reserve banks:
Condition of
1156, "1241,1244
Discount and open market operations
-1237-1240
Federal reserve note account
1247
Fiduciary powers granted to national banks
1170
Foreign exchange:
England...".
1178
France
11.79
Index of
1260
Revision of
1260
Foreign trade:
Argentina
1190
Brazil
1191
England
1220
France
1179,1221
Germany
1186,1222
Italy.. / .
1221
Japan
1221
Mexico
11^8
Norway
1221

II

INDEX.

Foreign trade—Continued.
rage.
Sweden
1221
United States
1169,1222? 1223
France:
'Business and financial conditions
1179,1263
Coal imports
1180
Foreign exchange
LI 79
Foreign trade.
1179, ".1221
Gold shipments
1181
Index of industrial activity
1218
Interest payments on loans
J18J
Investments in Turkey
1182
Retail prices in Paris
1217
Wholesale prices
1206,1209,1212,1215
Freight rates, ocean
1224
Germany:
Business and financial conditions.
11.85.1204
Cost of living
1187', J 217
Floating debt
1185
Foreign trade
1.186,1222
Index of industrial activity
12.19
Mark, depreciation in
1.1.85
Money stringency
"1.187
Reictisbank's holdings of commercial paper
1188
Reparations
1.1.80
Security prices
1188
Wages/.
1187
Wholesale prices
1.180,12.1.2,1215
Gold imports and exports
1150, 1257
Gold-settlement fund transactions
1255
Holland, wholesale prices in
12.12
Imports and exports:
Gold
1156,1257
Silver
1156, 1257
Index numbers:
Foreign exchange
1260
Foreign trade..".
1223
Industrial activity, England, France, Germany, Japan, and Sweden
1218
Ocean freight rates
1224
Physical volume of trade
1226
Retail prices in principal countries
1217
Wholesale prices abroad
1206,1208,1212
Wholesale prices in the United States
1206,
1207, 1210, 1212, J214
India, wholesale prices in
.1.212
Interest rates prevail ins? in various centers
.1259
Italy:
"Budget
1183
Business and financial conditions
1.183,1264
Foreign trade
1221.
Public debt
1.184
Retail prices
1.21.7
Wholesale prices
1212
Japan:
Financial statistics
1266
Foreign trade
122.1.
I ndex of industrial activity
:i 220
Wholesale prices
.'
1206,1209,1212
Knit goods production
;
.1224
/Live-stock industry, financing of
1171
Logan, W. S., resignation, of, as general counsel of
Federal Reserve Board
1158
Manufactured goods, index of
1.227
"Maturities:
Acceptances purchased
1238
Bills discounted and bought
1238. 12-16
Certificates of indebted ness
1246
Member banks:
Condition of
1156,1241,1248
Number discounting
\ 237
Number in. each district
1237
State banks admitted to the system
1.169




Mexico:
I'agc
Economic and financial conditions
1195
Foreign trade
1198
Oil legislation
1196
Petroleum production
'
1195
Taxation oi" petroleum
1197
Mineral products, index of
1227
Money in circulation
1258
National banks:
Charters issued to
1170
Fiduciary powers granted to
1170
New Zealand, wholesale prices in
1212
Norway:
Financial conditions
1265
Foreign trade
1221
Wholesale prices
1212
Ocean freight rates
1224
Par list, number of banks on
1256
Per capita circulation
1258
Peru, wholesale prices in
1212
Petroleum production, Mexico
1195
Physical volume of trade
1226
Poland, wholesale prices in
1212
Prices:
Retail, in principal countries
1217
Wholesale, abroad
1206, 1208,1212
Wholesale, in the United States
1206,
1207,1210,1212,1214
Rates, discount
1258,1259
Rediscounts between Federal reserve banks
1153
Reparations, German
1186
Reserve ratio of Federal reserve banks
1.158,1243
Reserves, deposits, and note circulation of Federal
reserve banks
1.243
Resources and liabilities:
Federal reserve banks
1244
Member banks in leading cities
1248
Retail prices in principal countries
1217
Retail trade, condition of
1168,1233
Russia:
Banking conditions.
1203
Currency circulation
1200
Laws regulating contracts of bills of exchange.. 1205
Remittances of money from abroad, regulations
governing
1205
State bank, regulations governing
1204
Savings deposits of commercial banks
1224
Silver imports and exports
11.56,1257
South Africa, wholesale prices in
1212
Spain, wholesale prices in
1212
State banks admitted to the system
1169
Sweden:
Financial conditions
,
1265
Foreign trade
1221
Index of industrial activity
1219
Retail prices
."
1217
Wholesale prices
1212,1216
Switzerland:
Cost of livi ng
1217
Wholesale prices
.\.
1212
Trade:
Foreign. (See Foreign trade.)
Physical volume of
1226
Retail
1168,1233
Wholesale
1168,1235
Wholesale prices:
Abroad
1206,1208,1212
In the United States
1206, 1207,121.0,1212,12.1.4
Wholesale trade, condition of
11.68,1235
Wyatt, Walter, appointed general counsel of Federal
Reserve Board.
11.58

FEDERAL RESERVE DISTRICTS

I.._.,J?.
1

:

l \j

f

1

\
"MINNEAPOLIS

j
ARK. Memphis^

ATLANTA
Birmingham

©

BOUNDARfES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE B'RANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102