Full text of Federal Reserve Bulletin : September 1922
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FEDERAL RESERVE BULLETIN (FINAL EDITION) ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON SEPTEMBER, 1922 WASHINGTON GOVERNMENT PRINTING OFFICE 1922 FEDERAL RESERVE BOARD. Ex officio members: | , Governor. j EDMUND PLATT, Vice Governor. A. W. MELLON, Secretary of the Treasury, Chairman. I ADOLPH C. MILLER. CHARLES S. HAMLIN. D. R. CRISSINGER, Comptroller of the Currency. I JOHN R. MITCHELL. W. W. HOXTON, Secretary. | WALTER .S. LOGAN, General Counsel. W. L. EDDY, Assistant Secretary. | W. H. STEINER, i W. M. IMLAY, Fiscal Agent. Acting Chief, Division of Analysis and Research. I M. JACOBSON, Statistician. i E. A. GOLDENWEISER, Associate Statistician. Chief, Division of Examination and Chief Federal ! E. L. SMEAD, Reserve Examiner. \ Chief, Division of Bank Operations. J. F. HERSON, FEDERAL ADVISORY COUNCIL. (For the year 1922.) DISTRICT NO. 1 (BOSTON) PHILIP STOCKTON. DISTRICT NO. 2 (NEW YORK) PAUL M. WARBURG, Vice President. DISTRICT NO. 3 (PHILADELPHIA) L. L. RUE, President. DISTRICT NO. 4 (CLEVELAND) CORLISS E. SULLIVAN. DISTRICT NO. 5 (RICHMOND) J. G. BROWN. DISTRICT No. 6 (ATLANTA) EDWARD W. LANE. DISTRICT NO. 7 (CHICAGO) JOHN J. MITCHELL. DISTRICT NO. 8 (ST. LOUIS) FESTUS J. WADE. DISTRICT NO. 9 (MINNEAPOLIS). G. H. PRINCE. DISTRICT NO. 10 (KANSAS CITY) E. F. SWINNEY. DISTRICT NO. 11 (DALLAS) R. L. BALL. DISTRICT NO. 12 (SAN FRANCISCO) D. W. TWOHY. II OFFICERS OF FEDERAL RESERVE BANKS. I Federal Reserve Bank of— | Chairman. Governor. Boston Frederic K. Curtiss.. Chas. A. Morss New York.. Pierre Jay Benj. Strong Philadelphia Cleveland Richmond i Cashier. W. WUlett. C. C. Bullen W. W. Paddock J. II. Case L. F. Sailer G. L. Harrison E. R. Kenzel .! George W. Norris. .j E. R. Fancher ' R. L. Austin i D. C. Wills ! Caldwell Hardy Deputy governor. I George J. Seay Atlanta Joseph A. McCord . M. B. Wellborn... Chicago Wm. A. Heath .1 J. B. McDougal... St. Louis Minneapolis Win. McC. Martin.... John II. Rich , Kansas City... Dallas San Francisco. Asa E. Ramsay.. Win. F. Ramsey. JoKn Perrin Wm. II. H u t t j r i M. J. Fleming Frank J. Zurlinden......... C. A. Peple R. II. Broaddus A. S. Johnstono * John S. Walden * L. C. Adelson J. L. Campbell C. R. McKay S. B. Cramer | John II. Blair j i 1 D. C. Biggs R. A. Young j W. J. Bailey : B. A. McKlnney. i J. U. Calkins Controller. 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* - Assistant to governor. L. II. ITendricks.i J. D. Higgms.i A. W. Gilbart.i Leslie It. Rounds.1 J. W. Jones.i Hay M. Gidney.i W. A. Dyer. H. G. Davis. Geo. H. Keesee. M. W. Boll. W. C. Bachman.1 K. C. Childs.i J. II. Dlllard.t D. A. Jones.i O. J. Netterstrom.i A. H. Vogt.i Clark Washburne.1 J. W. White. 15. V. Moore. J. W. Helm. U. R. Gilbert. W. N. Ambrose. 3 Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Manager. Federal Reserve Bank of— New York: Buffalo branch Cleveland: Cincinnati branch Pittsburgh branch Richmond: Baltimore branch Atlanta: New Orleans branch Jacksonville branch Birmingham branch Nashville branch Chicago: Detroit branch St. Louis: Louisville branch Memphis branch Little Rock branch ! j W. W. Schneckenburger. j L. W. Manning. i Geo. De Camp. A. H. Dudley. Marcus Walker, Geo. R. De Saussure. A. E. Walker. J. B. McNamara. R. B. Locke. i W. P. Kincheloe. J. J. Heflin. A. F. Bailey. Federal Reserve Bank of— Minneapolis: Helena branch Kansas City: Omaha branch Denver branch Oklahoma City branch Dallas: El Paso branch Houston branch San Francisco: Los Angeles branch Portland branch Salt Lake City branch Seattle branch Spokane branch Manager. ! I II. E. Towle. ! i L. H. Earhart. j C. A. Burkhardt. C. E. Daniel. , ' W. C. Weiss. j Floyd Ikard. j C. J. Shepherd. ' Frederick Greenwood. ...i R. 15. Motherwell. C. R. Shaw. i W. L. Partner. SUBSCRIPTION PRICE OF BULLETIN. The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. It is printed in two editions, of which the first contains the regular official announcements, the national review of business conditions, and other general matter, and is distributed without charge to the member banks of the Federal Reserve System. Additional copies may be had at a subscription price of $1.50 per annum. The second edition contains detailed analyses of business conditions, special articles, review of foreign banking, and complete statistics showing the condition of Federal Reserve Banks. For this second edition the Board has fixed a subscription price of $4 per annum to cover the cost of paper and printing. Single copies will be sold at 40 cents. Foreign postage should be added when it will be required. Remittances should be made to the Federal Reserve Board. No complete sets of the BULLETIN for 1915, 1916, 1917, or 1918 are available TABLE OF CONTENTS. General summary: Review of the month Business, industry, and finance. August, 1922 Lord Balfour's note on interallied debts Member bank acceptances Foreign loans placed in the United States Federal Reserve Board's price index for Japan Official: Rulings of the Federal Reserve Board State banks admitted to system , Fiduciary powers granted "to national banks Charters issued to national banks , Banks granted authority to accept up to 100 per cent of capital and surplus Business and financial conditions abroad: Survey for United Kingdom, France. Italy, Germany, Argentina, Brazil, Chile, and Cuba Economic and financial conditions in Mexico New Austrian bank of issue Pr e movement and volume of trade: International wholesale price index—United States, England, France, Canada, and Japan Comparative wholesale prices in principal countries. . .• Comparative retail prices in principal countries Foreign trade—United Kingdom, France. Italy, Sweden. Norway, Japan, Germany, and United States Indexes of industrial activity—England, France, and Germany ". Foreign trade index Ocean freight rates Report of knit-goods manufactures of America Production and shipments of finished cotton fabrics Physical volume of trade Building statistics Retail trade Wholesale trade September crop report, by Federal reserve districts Commercial failures..'..." Banking and financial statistics: Domestic— Discount and open-market operations of Federal reserve banks :. Condition of Federal reserve banks Federal reserve note account Condition of member banks in leading cities Savings deposits Bank debits Operations of the Federal reserve clearing system • Gold settlement fund ". Gold and silver imports and exports Money in circulation Discount rates approved by the Federal Reserve Board Discount and interest rates in various centers Foreign exchange rates Abstract of condition reports of member banks Foreign—England, France, Italy, Germany, Sweden, Norway, Japan, and Argentina Charts: Movement of principal assets and liabilities of Federal reserve and member banks International wholesale price index numbers—Comparison of United States with England, France, Canada, and Japan Comparison of Federal Reserve Board index for Japan with other index numbers International wholesale price index—Federal Reserve Board Index numbers of wholesale prices in the United States—Federal Reserve Board Index numbers of domestic business Monthly value of sales of chain stores Debits to individual accounts Foreign exchange index IV Page. 1021 1032 1047 1048 1050 1052 1044 1043 1043 1043 1042 1060 1080 1083 1086 1090 1100 1101 1103 1105 1106 1106 1107 1108 1113 1114 1116 1117 1043 1118 1125 1128 1128 1105 1132 1136 1138 1137 1138 1137 1139 1140 1142 1147 1030 1054 1055 1086 1087 1108 1114 1132 1140 FEDERAL RESERVE BULLETIN SEPTEMBER, 1922. VOL. 8 REVIEW OF THE MONTH. Developments during the past month, not only in Europe itself but in the trade between Europe and the United States, a a i n m a d e {t evident « that problems relating to the interallied debts and to the claims of the Allies against Germany on reparations account must be regarded as among the issues which unavoidably affect current business development and a solution of which is necessary to business stability. The Genoa Conference itself, although not called for the purpose of discussing reparations or debt problems (these indeed being ruled out of its agenda), nevertheless found that most of the questions which must be met in the near future were closely interwoven with debt and reparations. The same was true of The Hague Conference, succeeding that at Genoa, at which it had been intended to devote attention entirely to the Russian situation. The meeting of bankers from the several nations of Europe and the United States, which had been summoned to meet at Paris in the meantime, also soon reached the conclusion that no real advance was likely to be made until there had been action of a decisive sort intended to bring the reparations and debt situation to a definite point. It is true that in none of these cases was a given kind of solution or any given determination called for. It was merely desired that some action be taken designed to settle outstanding debts and to bring about a much more positive conclusion in order to permit further advance in the solution of the general questions which were at stake. The fact that these questions in most cases went back to a financial root was clearly demonstrated after the close of the various meetings by the fact that further collapse of the currency values of the Central Empires occurred, with the result that settlement of obligations, whether private or public, liaVe No. 9 between these debtor countries and the allied nations, especially those of the latter which possessed a much more highly valued currency, has grown more and more dfficult. The rapid and unregulated advance of wages and prices in Germany consequent upon the decline of the mark has moreover thrown the entire economic system of that country into confusion. All of this has made the contemporary European financial problem assume an acute character which it had not previously possessed, even in the minds of those who already recognized its essential seriousness. This state of things is enlisting a degree of attention which it has not received for a good while past, both at the hands of British and French official investigators. The Hague Conference, which with the projected meeting of representatives of the central banks appeared as one Financial development S ofl922. f °necessarily scanty results oi the Genoa Conference, concluded at a point very little, if at all, in advance of its predecessor. Practically resolving itself into a consideration of the possibilities of international assistance to Russia, it was found impossible to formulate any basis of negotiations between the Russian and non-Russian commissions, into which the meeting divided. The exchanges of notes and oral arguments comprised little more than a constant reiteration of the positions taken by the two sides, the Russians insisting that the granting of credits was a necessary preliminary to consideration of the recognition of prerevolution debts, the non-Russians replying with equal insistence that debts must be recognized, and alien-owned title to property within Russia restored, as a prerequisite for any long-term loan or extension of credit. The condition prescribed antecedent to the meeting at Genoa—that no discussion of reparations issues take place there—was also a serious obstacle to progress on the part of the subcommittee of experts appointed by the 1021 1022 FEDERAL RESERVE BULLETIN. Reparations Commission to examine the possibilities of an international loan for Germany. The majority of the commission were agreeable to widening the scope of the committee's powers to include the suggestion of readjustments in the schedule of Germany's payments which it thought essential to the flotation of a loan of the necessary size. But the dissent of the French member precluded, in the committee's opinion, the possibility of achieving any useful results by proceeding on the authority of that invitation. Nevertheless, the report of the committee was useful in its demonstration of the impracticability of floating a loan for Germany under the present schedule of payments. Moreover, public conviction of Germany's capacity and firm intention to pay was emphasized as an essential foundation of any international loan. That the committee considered the whole question of reparations, loans, and the present economic situation in Europe as inextricably bound together was indicated by the fact that it was the underlying idea of a very significant passage in the. report. "The resumption of normal conditions between countries and the stabilization of exchanges," it said, " are impossible without a definite settlement of the reparations payments, as of other external public debts." The failure of the committee to recommend any plan for a loan in the near future has had immediate effects in Germany. It will be recalled that one of the conditions upon which a partial moratorium was granted by the Reparations Commission at the end of May was the raising of an international loan, or, alternatively, the imposition of a levy on the personal and real property of German citizens. Hence it is scarcely surprising that the announcement caused anxiety in Germany. The committee on guarantees had recently conferred with the German Ministry of Finance, and joint subcommittees had investigated various phases of the internal economic situation. The outcome was an urgent call to the Reparations Commission to take steps to avert an imminent financial collapse, and the formal presentation of a request for a two and a half years' moratorium on cash payments. Action on this request being postponed, pending the full report of the guarantees com- SEPTEMBER, 1922. mittee, Germany's next hope was centered in the conference of premiers called to meet in London early in August. The break-up of this meeting, on August 14, was occasioned by France's refusal to consider any moratorium proposal which was unaccompanied by additional protective guarantees. The French premier submitted an elaborate plan of guarantees, including control of German mines and forests, which, after examination by experts, was rejected on the grounds that not only were the proposals unproductive in view of the difficulties which would be encountered in their application, but that the plans of the committee on guarantees already insured full protection for allied interests. Among other suggestions made was that of the Italian foreign minister, Signor Schanzcr, to grant a moratorium until each of the countries concerned had concluded negotiations with the United States for the refunding of its debts. Such an arrangement, it was hoped, might clear the way for a reassembling of the loan committee with a greater prospect of success than had attended its first meeting. This, however, failed to meet the French demands, and the conference dissolved, the question of a moratorium then automatically reverting to the Reparations Commission. Following the adjournment of the London conference the Reparations Commission met in Paris to consider the quesAction of the ^ o n of g ran ti n cr a moratorium Reparations ComGermany. The commission mission at once decided to send delegates to Berlin to ascertain what terms Germany would be willing to offer in return for a moratorium. No conclusion being reached in Berlin, the allied delegation returned to Paris to await further proposals promised by Germany. After a few days the German Government was invited to send a delegate to meet with the commission in Paris. Thereupon the new German proposals, as well as the programs already presented by several of the allied nations, were discussed. The outcome was a decision rendered by the Reparations Commission on the last day of August, which grants a six months' delay to Germany by accepting six months' treasury bills in lieu of cash payments. These bills are to be guaranteed in a SEPTEMBER, 1922. FEDERAL RESERVE BULLETIN. manner satisfactory to the Belgian Government, which is most directly concerned in the remaining cash payments this year. The question of granting the longer moratorium requested by the German Government is deferred until Germany inaugurates a thoroughgoing program of financial reform. The text of the decision follows: The Reparations Commission, after examining the new request for a moratorium, dated July 12,1922, and taking into account the fact that the German State has lost its credit, both internal and external, and that the mark has depreciated continuously down to three one-thousandths of its normal value, decides: Firstly. To defer its decision on the request of the German Government until the commission has completed its scheme for the radical reform of German public finances, including— (a) Balancing of the budget. (6) In the event of the Governments represented on the Reparations Commission giving their prior consent thereto, reduction of Germany's foreign obligations in so far as may be considered necessary for the restoration of her credit. (c) Currency reform. (d) The issue of foreign and internal loans in order to consolidate the financial situation. Secondly. With a view to giving time for reparations and the carrying out of the measures referred to under paragraph 1 above, the commission agrees to accept in payment of the cash installments falling due August 15 and September 15, and, unless in the meantime other arrangements are made, of the further cash installments falling due between October 15 and December 31, 1922, German Government six months' treasury bills, payable in gold and guaranteed in such manner as may be agreed upon between the German Government and the Government of Belgium (to which power the payments have been assigned), or, in default of such agreement, by the deposit of gold in a foreign bank approved by Belgium. The respite thus granted to Germany affects the immediate rather than the underlying conditions. Previous attempts The German at helping the situation had situation. centered, as already noted, around the project of raising an external loan. Germany had especially desired such a loan in view of the steady growth of her floating indebtedness, incurred in very large measure since the inauguration of the reparations policy. The purpose of such a loan was represented as that of funding some part at least of the floating debt already referred to and at the same time of assisting in meeting reparations payments. While it was true that some of the plans suggested proposed a reduction of 1023 the floating debt by means of a forced internal loan on which no interest would be paid during the first three years of its life, this expedient, it was felt, was inadequate to meet current reparations payments. Inasmuch as the Reparations Commission itself was disposed to consider the idea of an external loan in favor of Germany, the appointment of the " bankers' committee" resulted. Failure on the part of that committee to recommend plans for a loan disappointed Germany's hopes of immediate partial relief from financial difficulties. At the close of the session of the bankers7 committee, therefore, the situation appeared to present a difficult alternative. An interallied loan was regarded as impracticable without a readjustment of reparations, while plans formulated by the allied Governments were regarded by Germany as difficult or impossible of fulfillment in the absence of financial aid from the outside. An opinion as to the ultimate merits of this question can be based only upon thorough and complete knowledge of German financial and fiscal conditions. There is no doubt that these are rendered more difficult by the existence of a large floating debt, by persistent budget deficits, and by extreme inflation of the currency. As an incident in the development of present conditions, extensive sales of German currency have been made abroad. For a considerable period the existence of a market for such currency in foreign countries tended to aid in the management of German finances and to assist the development of an apparent prosperity within the country. The gradual saturation of foreign markets and corresponding steady decline in the foreign purchasing power of the mark, with equalization of home and foreign price levels, have of course tended to increase the difficulty of the problem. Germany to-day has a gold stock of only a little more than 1,000,000,000 marks, while her balance of trade is adverse. In these circumstances failure on the part of foreign buyers to absorb paper marks has naturally reduced Germany's power to meet obligations of every kind abroad. This explains the situation which has given rise to her urgent request during the past summer for an international loan. 1024 FEDERAL RESERVE BULLETIN. How serious was the psychological effect of the failure of the bankers' conference, both within Germany and elsewhere, may be seen from the quotations of the mark in foreign centers during June and July. [Number of marks per unit of foreign currency.] July. June. Market. : Par. ! Low. High. Aver- j Low. High. New York London Paris 4.20i 378.11 267.4 20.431,670. Oil, 146.0 .81! 30.8 24.7 314.01 054.9 400.5 1.413.02,780.011,945.0 28.1 42.61 34.8 I I 416.5 2.254.0 38.5 Germany's foreign trade figures are hardly more encouraging. It is true that during the three months December, 1921-February, 1922, there was a slight favorable balance, and no doubt the resultant accumulation abroad of some 5,094 millions of paper marks to some extent facilitated the payments made earlier in the year. But when it is remembered that this sum represents only about 100 millions of marks in gold, the inadequacy of the amount clearly appears. Moreover, Germany has failed to sustain the balance. The figures for the last seven months are as follows: [Quantities in thousands of metric tons; values in millions of marks.f Imports. Exports. Balance. Month. Quantity.! Value. jQuantity.i Value. : Quantity.! Value. 1922. January February March April May June July 2,309 1,475 2,645 2,889 3,810 4,029 4798 4,798 i 12,641 ! 12,001 I 22,919 28,266 32,417 34,364 j 45738 45,738 2,027 1,747 2,153 2,176 2,093 1,880 1,636 14,394 14,482 21,285 22,948 27,080 30,232 35,707 -282 +1,753 +272 +2,481 -492 -1,634 -713 -5,317 -1,717 -5,337 -2,149 -4,132 -3,162 -10,031 Thef act was that the favorable balance early in 1922 was effected not by an increase of exports but by a curtailment of imports, a fact which served to accentuate the subsequent deficit, by means of which stocks of food and raw materials had to be restored. Another fact which makes the deficit still more serious is that but little allowance can be made, as in the case of Great Britain, for " invisible exports.'7 As the greater part of Germany's merchant marine has been surrendered, her shipping services are small. Her banking and insurance systems have never been able to recover the positions SEPTEMBER, 1922. which they had before the war, and while no definite figures accurately representing pre-war conditions can be obtained, there is no reason to suppose that they constitute an important factor. Investments abroad, of course, have not been resumed save insofar as the "flight from the mark" has involved the transfer of balances to foreign countries by those who sought this means of conserving their funds. The only other item possibly of considerable size in Germany's foreign trade balance will be the sums left by the tourists and other visitors who pass through the country. Unquestionably these are considerable, but they can not be ranked as an item of very much significance in a situation like that of Germany at the present time. Meantime the entire question of the interallied debts has been raised from time to time as an essential factor to be condebtT inter " allied sidered in any plan for adjusting existing European financial relationships. This phase of the existing situation was the subject of a note addressed to the several allied Governments under date of August 1 by Lord Balfour, the British Acting Secretary of State for Foreign Affairs. Because of the exceptional interest this note has aroused in the discussion of the interallied debt question, it is reprinted in full in this edition of the BULLETIN. There is here reprinted the statement issued by the Secretary of the Treasury under date of August 24 giving the American official view with respect to the status of the debts owed by different foreign Governments to the United States, which had been the subject of certain observations in the British note above referred to: "A number of inquiries have been received, as a result of statements recently published, with respect to the exact status of the obligations of foreign Governments held by the United States. Especial attention has been directed to the origin of the indebtedness of the British Government, amounting to about $4,135,000,000. It has been said that this liability was not incurred for the British Government but for the other Allies, and that the United States, in making the original arrangements, had insisted in substance that though the other Allies were to use the money bor- SEPTEMBER, 192:?. FEDERAL, RESERVE BULLETIN. rowed, it was only on British security that the United States was prepared to lend it. It is apparent from the inquiries which have reached the Treasury Department that it is supposed that this, in substance, is the explanation of the existing indebtedness of Great Britain. "In answer to these inquiries, it should be said that the obligations of foreign Governments, in question, had their origin almost entirely in purchases made in the United States, and the advances by the United States Government were for the purpose of covering payments for these purchases by the Allies. "The statement that the United States Government virtually insisted upon a guaranty by the British Government of amounts advanced to the other Allies is evidently based upon a misapprehension. Instead of insisting upon a guaranty, or any transaction of that nature, the United States Government took the position that it would make advances to each Government to cover the purchases made by that Government and would not require any Government to give obligations for advances made to cover the purchases of any other Government. Thus, the advances to the British Government, evidenced by its obligations, were made to cover its own purchases, and advances were made to the other Allies to cover their purchases. "The nature of the arrangements is shown by a memorandum which the Secretary of the Treasury, in June, 1918, handed to the British ambassador, as follows: "So far as the purchases of the allied Governments for war purposes within the United States and its Territories and insular possessions are concerned, it is the expectation of the Secretary of the Treasury to continue as heretofore the advances necessary to enable the financing of such approved purchases. The Secretary of the Treasury quite agrees with what he understands" to bo the views of the Chancellor of the Exchequer that advances shall be made to each allied Government for the commodities purchased in the United States by or for it and that no allied Government should be required to give its obligations for such purposes when merely serving as a conduit for the supply of the materials so purchased to another allied Government. Any other course would indeed be incompatible with what the Secretary of the Treasury deems a cardinal principle which should be followed in respect to such advances, namely, that the allied Government for the use of which the commodity is purchased must give its own obligation therefor and the obligation of any other allied Government can not be accepted by the United States as an equivalent. " I t is well to further quote from a memorandum handed to the British ambassador in June, 1920, by the Secretary of the Treasury, in regard to these loans as follows: " I t has been at all times the view of the United States Treasury that questions regarding the indebtedness of the Government of the United Kingdom of Great Britain and Ireland to the United States Government and the funding of such indebtedness had no relation either to questions arising concerning the war loans of the United States and 1025 of the United Kingdom to other Governments or to questions regarding the reparations payments of the Central Empires of Europe. These views were expressed to the representatives of the British Treasury constantly during the period when the United States Government was making loans to the Government of the United Kingdom and since that time in Washington, in Paris, and in London. "From these two statements, it appears to be quite clear that the respective borrowing nations each gave their own obligations for the money advanced by the United States and that no guaranty of the obligations of one borrowing nation was asked from any other nation. This is the understanding of the Treasury as to the status of the foreign obligations growing out of the war now held by the United States.77 Meantime the general discussion of the position of the United States with respect to the war debts of the allied Governments to her has been continued by the World War Foreign Debt Funding Commission. The latest developments in its work have been in the discussions with the representatives of France, who have now returned home for further consultation. The British view of the financial situation of Europe at the present time is reflected in the attitude of Mr. LloydBritish views of o ,,-. . IT IT i th« situati n kreorge at tneT Interallied London Conference held during August. Mr. Lloyd-George, in addressing this meeting, pointed out that while he recognized France's enormous loss through devastation, Great Britain had suffered more severely in a financial sense than any other of the Allies. The effect had been to make taxation and the burden of debts appreciably heavier in England than elsewhere, while trade had been impaired and the numbers who suffered from unemployment were larger than the population of the devastated regions of France. Great Britain's interest in the general reparations problem was therefore as vital as that of any other country. Nevertheless, the British premier found it necessary to differ with the plans presented by the Government of France looking to further guaranties of payment on the part of Germany, largely because of expert opinion adverse to their chances of success. This position on the part of Mr. Lloyd-George is doubtless the reflection of current opinion in England as affected by trade conditions. Both these and the general prevalence of unemployment, which 1026 FEDERAL RESERVE BULLETIN. has persisted without much alleviation since 19,20, have tended to produce a belief that the situation is due to the unsettlement of economic and financial conditions on the Continent. Hence the British premier was only voicing at the London Conference what a considerable body of English opinion has held for some time past. Both unemployment and the dwindling of business profits are the result of the decline of trade. Consequently a great deal of the support to the view adopted by Mr. LloydGeorge has come from the commercial classes. This point of view has evidently been developed very largely as a local British attitude. It is not apparently based upon any general acceptance of an international solution of the financial problems now pending. French public opinion had undergone considerable change since the report of the bankers' committee at Paris in the French views of first week of June. This was the general situadue to a variety of factors, tion. among them the ensuing fluctuations of the exchanges, pressure from both Great Britain and the United States for consideration of their advances, the rather slow flotation of the great Credit National loan, the incidents of the July 15 reparations crisis, and German pleas for a moratorium. As a result, it was currently reported that the French Government was prepared to make important concessions at the London meeting. This was the outlook, when the entire situation was changed by two events—the dispatch of the Balfour note and the almost simultaneous crisis with Germany regarding payment of pre-war private debts due to French business interests. The Balfour note altered the position of the discussion in a very material way by presenting for the first time a definite plan for interallied debt "clearance" or partial cancellation with a consequent or accompanying modification of French claims upon Germany. Modification of that kind would have been the condition upon which England was willing to sacrifice her share in the reparations settlement. Such a proposal, although discussed in some form in an unofficial way for a good while past, assumed an entirely different position when presented through the medium of Lord Balfdur's note. On the other hand, the question SEPTEMBER, 1922. of adjusting the pre-war private debts, already referred to, aroused public opinion at a time when such disturbance was particularly undesirable; while the note complicated the situation by its unanticipated limitation of the field of the London conference from a discussion of the entire problem to a mere consideration of the terms on which Germany might obtain a moratorium. M. Poincare modified his position accordingly, tending to revert to the views he had previously expressed. At the opening meeting on August 7, he called attention to the burdensome expenses already incurred by France in restoring the devastated regions, at the same time that her taxable capacity had been reduced because of the nonproductiveness of 10 ruined departments. He also cited the military burden laid on France owing to insecurity against future German attacks. He then submitted definite tentative proposals on the moratorium question, to which reference has already been made. While the details of M. PoincarS's program were not made public, it appears that he suggested the establishment of customs barriers along the eastern boundary of the occupied German territory, the imposition of export and import taxes on all commodities entering or leaving the Ruhr, the seizure and control of the State-owned mines and forests on the left bank of the Rhine, and the diversion of the existing levy of 26 per cent of customs duties, provided for in the agreement of May, 1921, to the reparations fund. He also proposed to demand from Germany 60 per cent of the stock of German industrial concerns on the left bank of the Rhine. Virtually none of these proposals received any support from other members of the conference. Likewise, the program which Mr. Lloyd-George presented was unacceptable to M. Poincar6. The most salient features of this program were as follows: (1) To adjourn discussion to the end of this year. (2) To refer the moratorium to the Reparations Commission. (3) To agree to the immediate application of the guaranties laid down by the committee on guaranties, and now in effect. (4) Great Britain to make no claim for principal or interest on allied debts until after the adjourned meeting. SEPTEMBER, 1922. Accordingly, the conference adj ourned without arriving at a definite conclusion. Divergence of opinion, however, was not sufficiently pronounced to preclude later agreement on a plan for dealing with the immediate German situation. Such an agreement was reached by the Reparations Commission on August 31. Its plan, already cited, had the approval of the French member of the commission, and it is reported that M. Poincare likewise favored it on condition that Germany furnish a gold deposit sufficient to guarantee the deferred payments involved. From an economic point of view the entire question of reparations and interallied debts involves the foreign exchanges, trade . andForeign debt payment, international trade, and security movements. Consideration of them during recent months reflects clearly the disturbing effects of the uncertainty which has prevailed, and affords little encouragement of improvement until some definite basis of agreement between the various nations is reached. International debts, in the last analysis, can be paid only through the shipment of gold or other commodities. It is therefore necessary to summarize the foreign-trade situation as it affects both the United States and the principal countries of Europe, which are the countries most concerned in present discussions of international debts. Of the four chief European countries (Great Britain, France, Italy, and Germany), none have had a favorable balance of trade in the first six months of 1922. During these same months the United States, which already was Europe's chief creditor, shipped to Europe, over and above the amount of imports received in return, an excess of exports valued at $550,000,000. It is true that payment for a considerable part of these shipments from the United States has been facilitated by the foreign loans which have been floated in this country in unusually large volume since the beginning of the present year. Such loans, however, can not do more than alleviate the situation for the time being, since they merely defer the final settlement of debts. These facts emphasize the difficulties which face Europe to-day and the impossibility of debt payment without a genuine revival of European foreign trade. 1027 FEDERAL RESERVE BULLETIN. The situation is rendered clearer by the figures in the following summary tables: TRADE OF UNITED STATES WITH EUROPE, FIRST SIX MONTHS OF 1922. Exports. Countries. United Kingdom France Italy X L U l y . . . . . . . . . . . . . . . . G i Germany Total Europe. . . . . . . . : Imports, j ; $413,154,505 $155,357,092 $257,197,413 , 118,025,946 67,692,954 50,332,992 27,244,976 ' \Jf.»y 53,895,303 26,650,327 (. ?U%Jy *J\J*J *J I j ^1-X'X.y I/I \J . A U j \JU\Jy KJ£d i 52369386 114357270 106726656 j 106,726,656 52,369,386 ' 114,357,270 16,725,744 441,486,983 ' 555,238,761 F O R E I G N T R A D E OF U N I T E D KINGDOM, FRANCE, ITALY, AND GERMANY, F I R S T S I X MONTHS OF 1922. Germany (millions of marks). Exports.. Imports.. Excess of exports (+); excess of imports (—).. 1 407,434 9,368,660 ;i 2,746,000 487,515 110,671,592 4,847,000 130,421 142,607 -80,081 J-1,302,932 .—2,101,000 -12,187 Figures for 4 months. In the first few months of the current year the flotation of foreign loans in the American market reached an unpreceMovement of dented volume. Funds were securities. plentiful and the demand on the part of both the banks and the investing public for securities absorbed new issues almost as fast as they were offered. More recently, however, banks have been much less willing to tie up funds in long-term investments than was the case a few months ago. The effect of this development upon the market for long-term bonds has been marked. Not only has the volume of new security issues been reduced, but the issues that have lately come upon the market have been scrutinized with more care by the investing public. This has resulted in some cases in a decided preference of investors for domestic as against foreign bonds, particularly where the latter appeared less secure. A somewhat similar preference for domestic issues has apparently been developing in the London market, as is evidenced by smaller offerings of foreign bonds and the slow sale or failure of a number of foreign flotations recently attempted there. The consequences upon the general international situation of this reluctance to lend on the part of the two nations which would be 1028 FEDERAL RESERVE BULLETIN'. SEPTEMBER, 1922. the breakdown of the market for German currency, from which was drawn a considerable portion of the balances accumulated in London, New York, and other financial centers. It is therefore difficult to see how Germany can continue to meet her external obligations on any large scale in this manner. As was to be expected, the failure of the plans for an international loan for Germany and of the London Conference to grant any F O R E I G N L O A N S O F F E R E D FOR SUBSCRIPTION I N THE palpable relief brought most of the continental U N I T E D STATES. exchanges down, together with the German. [In thousands of dollars.] Sterling, however, maintained its level, around ReNew Total $4.45, a fact which is the more outstanding in capital. funding. offered. view of the seasonal decline which was usual about this time in pre-war days. The failure of 1921. Government and inuncipal . 50,000 468,020 468,020 the conference, indeed, had scarcely any per116,195 Corporation 3,750 119,945 ceptible effect on London exchange. This is 584,215 Total..... 53,750 587,965 testimony to Great Britain's return to sound JANUARY-JUNE, 1922. financial conditions. Government and municipal 405,448 117,250 522,698 The following table, giving the quotations Corporation 118,250 500 118,750 Total 523,698 117,750 641,448 of British, French, and Italian exchange in New York during the past three months, sets In foreign exchange, the movement of the forth the situation in more detail. mark is to be contrasted with that of other [Rates in cents per unit of foreign currency.] currencies. Its decline, almost June. i The exchange uninterrupted since the begin! Par. ning of 1921, is, of course, a Low. High. Average. composite result of many causes all moving in ! 486.65 438. 38 450.95 445.1862 the same direction. The most obvious of these British pound... French franc 8.35 i 19.30 9.15 8.7646 Italian lira 4.64 5.23 . . j 19.30 4.9619 is the enormous currency inflation (reminiscent ! of the days of the assignats) consequent on July. August. the growing floating debt, which in itself is an outcome of the budget deficit. As already Low. High. Average. Low. High. Average. mentioned, the net adverse balance of trade is a second important factor. This deficit, British pound... 442.40 446.08 444.6368 444.29 448.31 446.4678 French franc 8.53 7.80 8.2372 7.51 8.23 7.9567 4.74 4.40 4.64 4.5748 4.30 together with the reparations payments falling Italian lira 4.5078 due, could only be met in two possible ways. One of these—the export of gold—was out of The following table presents the usual inthe question, and Germany therefore sold cur- dexes of general production and marketing conrency abroad to accumulate the required ditions. Crude-petroleum and balances. Another factor, of a psychological nesfconditions.Si" Pig- i r o n production increased character, is the social unrest, which makes the slightly during July and grain future uncertain and thereby dissipates that movements were also greater, but most of atmosphere of security which is an essential the other indexes were lower than in June. to the resumption of normal business relations. Coal output and grain movements were smaller Latterly, too, the catastrophic fall of the than in July, 1921, but other industries were mark has been furthered in no small part by considerably more active than a year ago. expected to do so in greatest volume are readily apparent. The large volume of foreign issues floated in the United States in the first half of 1922, as compared with the entire year of 1921, is clearly shown in the following table compiled from data furnished to the Federal Reserve Board by the Guaranty Trust Co. of New York: 1029 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. [000 omitted.] July, 1921. j July, 1922. June, 1922. Total. tive. Receipts of live stock at 15 4,004; western markets (head) Receipts of grain at 17 interior 122,294 iScenters (bushels) 608 ght receipts of cotton (bales).. Shipments of lumber (millions of feet) Bituminous coal production (short tons) 30,394; Anthracite coal production (tons) 7,050J Crude petroleum production 40,252!; (barrels) 865j Pig iron production (long tons). Steel ingot production (long 803i tons) 410| Cotton consumption (bales) 1 Relative. tive. 1001 4,523: 113.0 5,141 128.4 100 93,933; 76.8,78,018 100, 393 64.6 507 63.8 83.4 iooi 1,052' 159.9, 1,101 167.3 100|l7,003 IOO! 116 55.9i22,309| 73.4 1.6 84 1.2 compared with a like excess of $341,000 for the preceding month. Over two-thirds of the total silver imports for July came from Mexico and most of the remainder from Canada and South America. Of the silver exported during the month, nearly two-thirds was consigned to China and Hongkong, while nearly 30 per cent was shipped to England and India. Net exports of silver since August 1, 1914, totaled $439,842,000, as maybe seen from the following exhibit: [In thousands of dollars.] 100 46,593 115.8.45,247 112.4 100 2,400 277.5\ 2,361i 272.9 IOO: 2,487 309.71 2,634| 328.0 100 459 112.0 508! 123.9 Net gold imports for the month of July, $42,342,000, were largely in excess of the June total of $11,376,000, and of any Gold and silver o t h e r m o n t h l yJ total for the movements. present year. (Ji the total gold imports for the month, $42,987,000, about 90 per cent came from England and represent in the main gold of South African origin, shipments of which for some time past had been diverted to British India. Less than 5 per cent of the foreign gold arrivals is made up of gold shipped from French, Swedish, and other European ports. Gold exports for the month, totaling $645,000, were directed mainly to Mexico, Canada, and Hongkong. Since the beginning of the present year the gain of this country's gold stock through net imports amounted to $155,210,000, compared with a gain of $399,765,000 for the corresponding period in 1921. Net imports of gold since August 1, 1914, aggregate $1,697,299,000, as shown in the following exhibit: 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 July 31,1922 Total. 1 of Exports. i! Excess exports. 203,592 89,410 88,060 63,242 41,849 483,353 ! 239,021 | 113,616 i 51,575 | 38,430 | 279,761 149,611 25,556 i11,667 13,419 486,153 925,995 439,842 Excess imports. During the four weeks ending August 16 total loans and discounts of about 800 reporting member banks, except for The banking some fluctuations about the end situation. of July, underwent but little change, moderate liquidation of loans secured by Government and corporate obligations being fully offset by an increase in other, mainly commercial, loans and discounts. On August 16 total loans and discounts stood at $10,809,000,000, or only about $1,000,000 higher than four weeks before, while " other" loans and discounts showed an increase for the four weeks from $7,026,000,000 to $7,036,000,000. Investments continued their upward trend, the August 16 total of $4,533,000,000 showing a further increase of [In thousands of dollars.! $143,000,000 for the period under review. On August 1 the Government redeemed the outof Imports. Exports. Excess standing balance of about $260,000,000 of 5-J imports. per cent loan certificates, issuing at the same 1,776,616 705,210 Aug. 1,1914, to Dec. 31,1918 1,071,406 time over $486,000,000 of 4J per cent Treasury 76,534 Jan. 1 to Dec. 31,1919 368,185 1291,651 417,068 Jan. 1 to Dec. 31,1920 322,091 94,977 notes, of which about $141,000,000 were issued Jan. 1 to Dec. 31,1921 691,248 667,357 23,891 Jan. 1 to July 31,1922 165,999 155,210 in exchange for 4f per cent Victory notes. 10,789 Total 3,127,465 1,430,166 ! 1,697,299 The effect of these operations on the status of the reporting banks is seen in a reduction 1 Excess exports. on August 2 by $11,000,000 of Treasury cerSilver imports for the month were valued at tificates and an increase by $124,000,000 of $6,957,000 and silver exports at $6,269,000, Treasury notes. During the four weeks under leaving thus an excess of imports of $688,000, review the reporting banks reduced their invest- 1030 FEDERAL RESERVE BULLETIN. ments in Treasury certificates by $47,000,000, while increasing their holdings of United States bonds and Victory notes by $38,000,000 and those of Treasury notes by $117,000,000. Total investments in Government securities of the reporting banks on August 16 stood at SEPTEMBER, 1922. $15,342,000,000 on August 16, an increase of $145,000,000 for the four weeks and of $500,000,000 since August 17 of the past year. Both Government and time deposits show substantial increases for the period, the former by $77,000,000 and the latter by $101,000,000. WEEKLY C hIANGES IN PRINCIPAL ASSET c» AND LIABILITIES r FEDERAL RESERVE BANKS REPORTING MEMBER BANKS a t 2 3 4 5 RESERVE RATIO TOTAL DEPOSITS CASH R E S E R V E S F. R . N O T E C I R C U L A T I O N PURCHASED ACCEPTANCES 6 U. S. SECURITIES D I S C O U N T S S E C U R E D BY U.S.GOVERNMENT OBLIGATIONS 8 TOTAL DISCOUNTS 9 TOTAL EARNING ASSETS MILLIONS or DOLLARS MILLIONS OF DOLLARS 8 2500 i v\ Y 1500 2000 \ \ \ \ V !d " f MILLIONS OF DOLLARS s» 3000 • >X 3 2000 2 1500 1 A A/ "s # (« *** > s. — A 14 t 13 13 V 12 •*. 500 O \ 7 10 9 80 11 10 .J 9 \ %** 8 8 V 7 7 6 6 5 5 70 20 10 J. F. M. A. M. J. J. A. S.'O. N. D. J. F. M. A. M. J. J. A. S. 0. N. D.r 1922 $2,216,000,000, an increase of $108,000,000 for the review period. Investments in other, mainly corporate, securities on August 16 totaled $2,318,000,000, an increase of $36,000,000 for the period. Total loans and investments reached a high total of $15,356,000,000 on August 2, and stood at A /• % *% 90 30 1921 ? A \ • S i PER CENT 50 500 i ^ •A. 4 3 4 5 •N 3 4 2 1 / V 40 1000 •\ 'V 11 60 ,r" 15 -A 12 100 \ J \ 1000 RESERVE RATIO 4 16 14 \ AA 6 1500 N \ i '5 aA vA s \ V\ s \ »< 7 1000 9 15 2000 2500 OF DOLLARS 17 2500 vt \ o OF DOLLARS 17 16 . V •V 500 LOAN3 SECURED BY U.S. OBUIGATIONS 6 OTHER LOANS (Largely Commercial) U.S. GOVERNMENT OBLIGATIONS 7 NET DEMAND DEPOSITS ACCOMMODATION A T F. R. BANKS 8 TOTAL LOANS STOCKS, BONDS E T C . 9 TOTAL LOANS AND INVESTMENTS LOANS SECURED BY STOCKS AND BONDS BILLIONS BILLIONS 3000 V 3000 1 2 3 4 5 ••' 2 -v V - —— •+* * . . ••' •• *•< "" 2 1 * « . \ J. F. M.A M.J.J.A.S.O. N. D J. F. M.A.M. J. J.A.S.O. N. D. 1921 1922 Net demand deposits, on the other hand, declined by $89,000,000, the ratio of these deposits to loans and discounts on August 16 being about 101.9 per cent, compared with 102.7 per cent four weeks earlier and 86.1 per cent about a year ago. For member banks in New York City the corresponding ratio on August 16 was 124.8 per cent, compared with 128 per cent on July 19 and 106.9 per cent about a year ago. Borrowings of the reporting banks from the Federal reserve banks declined from $158,000,000 to $110,000,000, while the proportion which these borrowings constitute of the total discounts held by the reserve banks was 28.8 per cent on August 16, compared with 35.5 per cent four weeks earlier and 64.7 per cent about a year ago. Principal changes in the condition of the reporting member banks during the four weeks under review are shown in the following exhibit: REPORTING MEMBER B A N K S . [In millions of dollars.] | Date. ! Num- Loans I berof ,re ort- and disini II ! Redisi counts ! and Ratio of! Net Invest- bills I accom- demand counts. 1.1 posits. ! reserve I banks. July 19 July26 Aug.2 Aug.9 Aug.16 1031 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. ! i ! ! 1 795 794 793 793 792 10,808 10,739 10,804 10 793 10,809 4,390 4,450 4,552 4,540 4,533 158 98 117 105 110 1.0 .6 .8 .7 11,101 11,043 11,134 10,980 11,013 Figures for the Federal reserve banks, which cover the four-week period ending August 23, show increases of about $10,000,000 in discounted bills and of $10,400,000 in acceptances purchased in open market, as against reductions of $6,000,000 in Pittman certificates, of $44,800,000 in other Treasury certificates (effected largely through redemption by the Government on August 1), and of $5,200,000 in other Government securities. Federal reserve bank holdings of paper secured by Treasury certificates are at present quite insignificant, and the redemption by the Government of considerable amounts of such certificates was not accompanied by any substantial reduction in bills secured by Government obligations; as a matter of fact between July 26 and August 2 bills secured by Government obligations show a substantial increase. Total earning assets of the reserve banks at the close of the period stood at $1,041,200,000, marking a decline of $35,700,000 since July 26 and of $728,100,000 since the corresponding date in 1921. About 47 per cent of the total earning assets continue to be represented by Government securities, compared with over 50 per cent four weeks before and 13.5 per cent on the corresponding date last year. All classes of deposits show moderate declines, total deposit liabilities on August 23 being $36,300,000 less than four weeks before. Federal reserve note circulation, on the other hand, with the exception of one week, shows an upward trend, the increase for the period being nearly $20,000,000. Gold reserves, after reaching a new peak of $3,071,600,000 on August 9, declined to $3,061,800,000 two weeks later. Total cash reserves on August 23 stood at $3,192,700,000, a gain of $11,200,000 for the four weeks. Since January 1 of the present year, gold reserves of the system increased by $186,800,000, as compared with an increase of $556,300,000 for the corresponding period in 1921. Chicago shows the largest increase of about $110,000,000, Atlanta with an increase of $51,700,000, New York with an increase of $48,100,000, and Richmond with an increase of $34,200,000 following next in order. San Francisco shows a reduction of about $39,000,000 in its gold reserves since the beginning of the present year, St. Louis shows a decrease of $23,900,000, Boston a decrease of $14,800,000, while smaller decreases are given for the Philadelphia and Cleveland banks. The reserve ratio, which had reached a new high level of 80.4 per cent on August 9, was on the decline during the following two weeks and stood at 79.8 per cent on August 23, compared with 79.2 per cent at the beginning of the period under review. Weekly changes in the principal asset and liability items of the Federal reserve banks are shown in the following exhibit: FEDERAL RESERVE BANKS. [In millions of dollars.] 1 i I ! Bills Government Total i Cash disreserves. 1 counted, securi- deposits, i ties. 1 total. 1 I .1 July 26 Aug.2 Aug.9 Aug.16.... Aug. 2 3 . . . . 3,181.5 3,202.7 3,202.2 3,197.9 3,192.7 j i 1 • ; 380.0 399.8 382.2 382.5 389.9 540.8 497.3 491.7 488.6 484.8 1,888.1 | 1,885.0 1,835.8 i 1,847.0 ' 1,851.9 j Federal reserve notes in Reserve actual ratio. circulation. 2,126.8 2,140.1 2,147.2 2,142.3 2,146.7 79.2 79.6 80.4 80.2 79.8 Mr. Walter W. Stewart has been appointed director of the Division of Analysis and Re¥» -*,* oi search and will enter upon duty Personnel. September 15. Mr. Stewart has been professor of economics at Amherst College during the past six years, in charge of the courses on banking. Prior to this he was for several years with a country bank in Missouri. In 1915, while teaching banking at the University of Missouri, he was appointed by the Missouri Bankers' Association a member of its committee on the revision of State banking laws. 1032 FEDERAL RESERVE BULLETIN". SEPTEMBER, 1922. BUSINESS, INDUSTRY, AND FINANCE, AUGUST, 1922. The outstanding feature of the month has been the inherent soundness which the general business situation has manifested in the face of the difficulties which have been encountered. This has been shown by the continuance of activity at a relatively high level despite labor disturbances, in particular those in the coal and transportation industries, and despite the fact that some recession of activity is normally to be expected at this season of the year. Prices of important commodities continued their upward tendency during July, the index number of the Federal Reserve Board for that month being 165, or 4 points greater than the June figure. During August, however, conflicting tendencies in price movements were apparent. The excellent agricultural prospects provide an encouraging outlook for the fall trade. Furthermore, increase of demand for certain commodities to compensate for restricted output or delay in placing orders owing to uncertainty is also in prospect. Even so, business must necessarily proceed under handicaps for some time to come as a result of fuel shortage and transportation difficulties. Manufacturing activity in general has been maintained at a high level during both July and August. In those industries, such as automobiles and building construction, in which seasonal recession is shown, activity is still far in excess of a year ago. Cotton manufacturing likewise shows some decrease, but wool machinery on August 1 showed greater activity than on July 1. The output of the nonferrous metals other than copper has also increased, and prices have advanced, in particular in the case of zinc. The fuel shortage and traffic congestion, however, have resulted in some decrease of activity in the iron and steel industry, particularly since the opening of August. Bituminous coal production has increased steadily during the present month, and, with the resumption of operations, output may shortly attain maximum levels. Pending the settlement of labor difficulties, anthracite production continues almost negligible. Petroleum output increased somewhat in July, and stocks show further accumulation. The labor situation showed considerable improvement during August. The bituminous coal strike has been settled in many fields and the majority of the New England cotton-mill workers hav^' returned to the factories. Shortages of labor are reported in various industries, in particular in the western copper mines. Reflecting this situation, wage increases have been granted for certain classes of labor. The only important disturbances still existing are those in transportation and the anthracite coal industry, in both of which negotiations for settlement have been actively proceeding. Agricultural prospects on the whole continue very satisfactory. There was a notable improvement in the condition of the corn crop during July, and the spring wheat crop promises to be unusually large. It is impossible as yet to estimate definitely the final yield of the cotton crop, but the weevil damage has been less than anticipated. The prospects for the tobacco crop are exceptionally good, and most of the other crops are considerably above the average. Wholesale trade suffered a decline during July as compared with June in all lines except dry goods, which was more active because of fall buying in all districts except those most affected by labor difficulties. Recessions in groceries, hardware, boots and shoes, and drugs were largely seasonal. Most lines were in a better position than a year ago, especially hardware. Retail trade, however, was slightly smaller than last year, although larger in New England and on the Pacific coast. Financially few new developments occurred during the month. The Federal reserve banks of Kansas City and Minneapolis each reduced their discount rate to 4J per cent. None of the Federal reserve banks now have rates in excess of that figure. Both Federal reserve and member bank portfolios show little change. The outstanding feature of the foreign exchanges has been the rapid decline of the mark, reflected to some extent in lower rates for francs and lire, especially about the middle of the month, while sterling showed some increase until recently. In foreign trade the value of both imports and exports showed a decline from the June figures to approximately the same level as in May. AGRICULTURE. The production estimate for winter wheat continues to decrease and on August 1 amounted to 541,809,000 bushels, compared with the July estimate of 569,276,000 bushels and with 587,032,000 bushels in 1921. The winter wheat crop in district No. 10 (Kansas City) has fallen somewhat below even the July estimate. Threshing has been delayed in some sections by frequent rains but in general is proceeding satisfactorily, and harvesting is under way in the mountain regions. District No. 8 (St. Louis) reports that crops made good progress during the month. Threshing of winter wheat is rapidly nearing completion and for the most part returns are bearing out the earlier promise of both quality and yield.. Harvesting has been practically completed in district No. 12 (San Francisco) and threshing is progressing rapidly. Yields, although good in quality, are small in quantity as compared with recent years. The spring wheat crop is unusually large, the estimate for August 1 being 263,392,000 bushels, as compared with average yield of 233,178,000 bushels for the years 19161920. There has been no improvement in the condition of oats and onlj district No. 7 (Chicago) reports a larger estimated yield and larger yield per acre than last year. Under very favorable weather and soil conditions, corn has continued to make excellent progress, and district No. 10 (Kansas City) reports another bumper crop even larger than that of last year. Although some serious damage from extreme heat and lack of moisture is reported in district No. 8 (St. Louis), timely rains and showers have held the usual seasonal deterioration to a minimum. Threshing returns from the 1922 barley crop harvested in California are reported to have been excellent. The white potato crop is generally good and an increased yield, due to an increased acreage, is reported in district No. 10 (Kansas City). The sugar-cane crop in Louisiana, although handicapped by unfavorable weather conditions early in the season, is estimated as slightly larger than in 1921. The Louisiana rice crop has fallen off slightly in July, but is still in good condition. On account of substantially increased acreage, the yield will probably be well above that of 1921. COTTON. Although the condition of the cotton crop has deteriorated somewhat during July, the estimate for July 25 was 70.8 per cent, 6 points above the estimate at the corresponding date last year. The price of middling upland cotton 8655—22 1033 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. 2 at New Orleans on August 18 was 21 cents, as compared with 22 cents on July 12. Cotton stored at mills and public warehouses on July 31 amounted to 2,703,000 bales—about 44.2 per cent less than on July 31, 1921. District No. 11 (Dallas) reports that the weevils are present in large numbers but are held in check by the hot, dry weather, and have not as yet done excessive damage. Prospects for cotton, which were generally good in district No. 8 (St. Louis) during July, have been lowered recently by insect damage, shedding, and high temperatures. Boll weevils are increasing and the army worm is present in many counties. The condition of the crop in district No. 10 (Kansas City) was generally good on July 25, with many reports of excellent prospects. Fields were for the most part clean and unusually well cultivated, and the plants were vigorous and healthy. Reports from Tennessee continue to be exceptionally good, and the Alabama crop seems to have improved somewhat, but in Florida, Georgia, Louisiana, and Mississippi the condition of the crop has declined during the month. It is generally felt throughout the cotton-growing section that, although it is too early to estimate accurately the damage done by the weevils, they have not been as much of a menace as had been anticipated. TOBACCO. Reports relative to the tobacco crop are almost uniformly optimistic. Largely increased yields are indicated in all the tobacco-growing States in district No. 8 (St. Louis). Since August 1, however, the condition of the crop has been lowered somewhat by lack of moisture. The Virginia tobacco crop is on the whole excellent and appears to be the best the Stato has had for some years. In North Carolina the crop, although fair, has been seriously affected by too much rain. Tobacco sales warehouses and Tobacco Growers' Cooperative Association warehouses are both operating in many of the markets. Prices are higher this year than last. The leaf dealers seem to have disposed of the large 1919-20 crop, and are now entering the field more eagerly than they did a year ago. Lack of rain in various sections has been detrimental to the crop in district No. 4 (Cleveland). On the other hand, there has been no outbreak of leaf disease in the burley district, as weather conditions have been unfavorable to its development. District No. 3 (Philadelphia) reports relatively little change in the cigar industry since last month. Demand for all grades, however, is strengthening, and production is gradually being increased. Stocks of finished goods are 1034 FEDERAL RESERVE BULLETIN. very light, as is customary in the industry, especially during the summer months. The supply of all grades of leaf tobacco appears to be adequate to the manufacturers' needs. FRUIT. District No. 12 (San Francisco) reports some difficulty in transporting fruit to market. Crops have been unusually good, and the estimate for total car-lot shipments in 1922 is 51,282, compared with 40,072 cars in 1921 and 35,189 in 1920. On account of uncertain transportation, unfavorable market conditions, and reduced prices, many fruits intended for the table are being sent to canneries. The fruit crop in district No. 10 (Kansas City) has been the pest in several years and conditions continue generally favorable. In district No. 3 (Philadelphia) the peach and apple crops have shown great improvement over the early estimates and will be several times larger than those of last year. Prices are correspondingly lower than they were a year ago. Apples are very good this year in district No. 5 (Richmond), although the crop is short, due to spring frosts. Other apple-growing sections report excellent crops compared with those of last year. The peach crop has been gathered and sold at prices on the whole unsatisfactory to the growers. The watermelon crop in Georgia, though large, has been disappointing, as a considerable acreage was too poor to ship. Both oranges and grapefruit in Florida show an improvement in condition over a month ago. SEPTEMBER, 1922. is a very general cooperation with the farmer " to obtain better quality and more bushels per acre through improved methods of soil preparations and sowing of better seed." Grain prices continued to recover during the first week of the month, but since August 8 have registered a decline. FLOUR. Flour production during July was 10,321,000 barrels, compared with 8,136,000 barrels during June and 10,720,000 barrels during July, 1921. In district No. 9 (Minneapolis) the output of reporting mills was 2,191,410 barrels, an increase of 20.8 per cent over last month and of 7.2 per cent over July last year. The mills in district No. 10 (Kansas City) manufactured 1,603,463 barrels in July, an increase of 4.4 per cent over last month and a decrease of 17.7 per cent compared with last year. July output of 11 leading mills in district No. 8 (St. Louis) was 281,783 barrels, compared with 223,428 barrels in June, an increase of 26.1 per cent. Thirty-six millers in district No. 7 (Chicago) produced 264,517 barrels, a decrease of 0.1 per cent compared with June and of 7.4 per cent compared with July a year ago. In district No. 12 (San Francisco) production of 55 mills amounted to 411,924 barrels, compared with 480,738 barrels produced by 63 mills in June. California and Oregon millers report fair domestic but no export demand for flour during the month, whereas Washington millers report a strong export demand at low prices. The trend of wheat prices was downward during July and millers did little buying. GRAIN MOVEMENTS. Slack demand in Kansas City is attributed also Grain receipts at 17 interior centers totaled to the unsettled transportation situation. 93,932,641 bushels, an increase of 20.4 per cent compared with last month. Receipts of wheat LIVE STOCK. and flour increased, but there was a decline in reMovement of live stock to market during the ceipts of corn, oats, rye, and barley. The most important gains in wheat receipts were reported month was greater than during the correspondat Chicago, Kansas City, and St. Louis, and ing period in 1921. Receipts of cattle and St. Louis alone showed a substantial increase calves, sheep, horses, and mules at 15 western in receipts of corn. July wheat receipts at the markets increased during July, but there was 17 interior centers amounted to 45,407,444 a decrease in receipts of hogs as compared with bushels, an increase of 115.3 per cent compared last month. Receipts of cattle and calves with last month, but a decrease of 36.4 per cent during July totaled 1,231,250 head, an incompared with July, 1921. Receipts of corn crease of 0.2 per cent compared Tpth June and totaled 26,365,949 bushels, a decrease of 19.4 of 31 per cent compared with the correspondper cent compared with June, and an increase ing period last year. June receipts of hogs of 33.7 per cent over July a year ago. July amounted to 2,220,640 head, compared with wheat receipts at the four leading centers in 2,865,301 head in June, an increase of 9.9 per district No. 10 (Kansas City) showed a de- cent over July a year ago. Receipts of sheep crease of 39 per cent compared with last July, were 1,060,416 head, an increase of 2.2 per but have been exceeded by only one or two cent over last month and of 2.4 per cent over other July totals. Reports from the grain- July, 1921. District No. 10 (Kansas City) producing States evidence a widespread interest reports that the live-stock industry is in good in the improvement of crops of grain. There condition in spite of declines in the market 1035 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. values. Meadows and pastures have benefited by rains, and grazing is excellent throughout the district. Animals on farms and ranges are generally in good condition. The absence of good shipping during the month had a depressing effect on the hog market, and conditions in the sheep and lamb trade are uncertain, due to the disturbed condition of the mutton trade. In district No. 9 (Minneapolis) there has been a noteworthy improvement in the movement of live stock to the farms for breeding purposes. Operations in July at the meat-packing plants in district No. 10 (Kansas City) were larger in volume than in June, except in the killing of sheep. Stocks of meats and lard in Kansas City on July 31 were less than on June 30 and on tFuly 31, 1921. The packers report that export trade in meats has been good. COAL. Councilsville foundry coke was $15 per ton on August 16, as compared with prices of $11.40 per ton on July 19 and $6.50 per ton on June 14. PETROLEUM. Stocks of crude oil are still steadily accumulating, but drilling activities continue to increase. July production totaled 46,593,000 barrels, as compared with 45,559,000 barrels in June, while the number of new wells completed increased from 1,654 in June to 1,798 in July. Most of the recent increase was due to enlarged operations in the California fields. Daily average production in district No. 12 (San Francisco) increased from 355,274 barrels in June to 373,695 barrels in July. One hundred new wells, with a daily production of 66,195 barrels, were opened during July, in comparison to 68 wells producing 35,985 barrels in June. Development work in the older fields has practically ceased in order to conserve storage capacity and prevent a large oversupply of oil. District No. 11 (Dallas) reports a July daily average production of 416,460 barrels, as compared with 407,608 barrels in June. The number of new oil wells completed in that district increased from 507 in June to 597 in July, but the initial daily production declined from 145,349 barrels to 119,126 barrels. The July daily average production of oil fields in district No. 10 (Kansas City) decreased from 593,933 barrels in June to 570,777 barrels in July, but 997 new wells with 173,461 barrels daily production were completed during July in comparison with 753 new wells having a daily production of 149,020 barrels in June. There was a general reduction in prices of crude oil during August. District No. 10 (Kansas City) states that all grades of Oklahoma and Kansas crude have been reduced to $1.25 per barrel, except Healdton, Cement, and Walters, which sell at much lower prices. Reports from district No. 11 (Dallas) indicate that the prices of Gulf Coast crudes remain steady at $1.25 per barrel, but reductions totaling 75 cents per barrel were announced during July and the first week in August for top-grade oils in all Louisiana fields. Prices of all grades of gasoline and naphtha were much lower on August 16 than on July 17, certain grades of fuel oil were slightly higher, and prices of most other refined products remained unchanged. Bituminous-coal production totaled 17,003,000 tons in July, as compared with 22,309,000 tons in June and 30,394,000 tons in July, 1921. The weekly output has shown steady improvement during August, and the end of the strike seems in sight, due to an agreement reached between operators and miners of the main competitive field at a conference in Cleveland. The agreement specified that the 1921 wage scale and check-on system should continue in effect until April 1, 1923; that a conference to determine a new wage scale should be held on January 3, 1923; and that a commission representing operators and union miners should be appointed to make a survey of the industry with a view to improving working conditions. Similar agreements have since been signed between operators and miners in most of the western coal regions, and practically the entire bituminous coal-mining industry "is now attempting to secure capacity production. Bituminous stocks are lower than ever before at this season of the year, and some British coal is being imported. Anthracite production continues to consist chiefly of river dredgings. The July output totaled 116,000 tons, as compared with 84,000 tons in June and 7,308,000 tons in July, 1921. Conferences held between operators and union representatives of the miners have finally resulted in an agreement which promises immediate resumption of mining. Anthracite stocks of all sizes are now nearly exhausted, and a temporary substitution of bituminous coal or fuel oil IRON AND STEEL. for anthracite will be necessary in many cases. Pig-iron production amounted to 2,400,045 By-product coke production declined from 2,580,000 tons in June to 2,486,000 tons in tons in July, while steel-ingot production agJuly, while beehive coke output declined from gregated 2,487,104 tons. The July average 458,000 tons to 450,000 tons. The price of daily output of both iron and steel was lower 1036 FEDERAL RESERVE BULLETIN. SBI'TEMBER, 1922. than that prevailing in June, and a much more pronounced curtailment has occurred during the first three weeks of August. During the last two weeks of July and first two weeks of August about 50 blast furnaces were banked, and many finished-steel mills have been obliged to curtail their output. This reduction in operations is due primarily to fuel scarcity rather than slackening of demand, as the unfilled orders of the United States Steel Corporation increased 2.5 per cent during July, totaling 5,776,161 tons on July 31, and steel prices advanced on the average about 5 per cent during the four weeks ending August 16. Mills have also been hampered by a shortage of labor during the last two months, and on August 23 several of the leading steel companies announced a 20 per cent increase in the wages of all unskilled labor. District No. 3 (Philadelphia) states that purchases of structural steel have recently declined slightly, that buying of pipe by oil producers was smaller in July than in May or June, and that there has been a seasonal decline in the purchases of steel sheets by automobile manufacturers. Railroad buying, however, has been the heaviest in years, and purchases hjmachinery manufacturers are steadily increasing. District No. 4 (Cleveland) states that orders for 13,700 railroad cars were placed during July and that locomotive orders have also been large. Production of pig iron continues to expand in district No. 6 (Atlanta), as the steel companies near Birmingham have their own railroads and coal mines. The shortage of railroad equipment is, however, seriously impeding shipments out of that district. During July and the first two weeks of August companies near the Atlantic coast have purchased between 60,000 and 65,000 tons of iron from Great Britain and France, the heaviest importation of foreign iron for many years. Operations at nonferrous-metal mines continued to expand during July, but prices were well maintained. The price of zinc at St. Louis registered a marked increase early in August and was 6.15 cents per pound on August 16, as compared with 5.80 cents on July 19. Production of slab zinc amounted to 31,917 tons during July, an increase of 11.8 per cent as compared with June, but stocks continue to diminish, and aggregated only 28,618 tons on August 1. District No. 10 (Kansas City) reports that shipments of zinc ore were in about the same volume in July as in June, but twice as large as in July, 1921. The average price of ore rose from $31.96 per ton in June to $33.34 per ton in July. The price of refined electrolytic copper delivered at New York was 14 cents on August 16, as compared with a price of 13.875 cents on July 19. Production declined from 95,632,901 pounds in June to 91,316,646 pounds in July. A shortage of miners is reported from many sections and appears to be the chief curb upon a further extension of mine operations during the current year. Stocks of refined and blister copper are estimated to have been reduced 38 per cent during the first six months of 1922. The July output of pig lead was 1.4 per cent larger than that of June, but prices at both St. Louis and New York remained practically unchanged. Ore shipments from district No. 10 (Kansas City) were 34.5 per cent larger than in June, and ore prices increased $3.50 per ton. Silver production in July was 4,340,574 troy ounces, a decrease of 8.8 per cent as compared with June. District No. 12 (San Francisco) reports that the rate of output of gold mines in California has increased 15 per cent during the present year. AUTOMOBILES. COTTON TEXTILES. Both production and shipments of automobiles declined during July, but were very much larger than in the corresponding month of 1921. The July output of passenger cars aggregated 222,657, a decline of 45 per cent, while 20,891 trucks were manufactured, which was 17.3 per cent less than in June. Many of the larger companies announced price reductions for passenger cars early in August, yet some slackening of demand is reported. Sales of closed cars are still increasing, and the automobile-body industry is reported to have sufficient orders on hand to insure large operations during the remainder of 1922. District No. 4 (Cleveland) reports that orders for trucks continue to be received from practically every line of business and from all sections of the country. The cotton textile industry suffered a decline in demand during the month of July and, as is evidenced by figures of cotton consumed, roduction also was reduced. Consumption uring July aggregated 458,548 bales, as compared with 507,869 during June and 410,142 last July. The number of spindles active during July, however, was nominally larger than in June. Curtailment in production was attributed by district No. 1 (Boston) to the failure to obtain a sufficient volume of orders and occurred despite the fact that operatives who have been out on strike are gradually being regained. District No. 3 (Philadelphia) reports that, although sales of yarns are heavier than they were at this time last year, the demand not only remains poor but since July 15 has even NONFERROUS METALS. S decreased. Consequently production of yarns has been cut down. Trading in cotton goods in that district is also slow because of fluctuations in raw cotton prices, seasonal dullness, and the strikes, but some lines are in better demand than others. Cotton mills in district No. 3 (Philadelphia) are operating at 75 per cent of capacity on a one-snift basis. On the other hand, district No. 5 (Richmond) reports that cloth mills in that district are running full time and are receiving orders for all their output. The demand for yarns, however, is not so good. Production of cotton cloth by 31 mills in district No. 6 (Atlanta) declined 13 per cent in July as compared with June. Orders fell off 4 per cent, but shipments were 6 per cent larger. Finished stocks on hand declined materially. All items were substantially larger than the figures for July, 1921, except stocks of finished goods, which were 47 per cent smaller. Output was greater by 27 per cent, and both shipments and production were nearly one-half larger. The production and shipments of cotton yarn by 33 mills were practically unchanged from the June totals. Orders fell off 6 per cent. All the figures were from one-third to one-half larger than those of the corresponding month last year. Some mills in district No. 6 (Atlanta) have closed down because of high raw material costs or fuel shortage. COTTON FINISHING. Lessened activity is shown by the July reports of 34 members of the National Association of Finishers of Cotton Fabrics. The total number of finished y-ards billed during July was 85,036,967, a decline of 15 per cent from the June figure. Recessions occurred in each of three groups of goods for which data are given, and in all districts except No. 6 (Atlanta) and No. 8 (St. Louis). Orders were about 16 per cent smaller in July than in June, the greatest decline, 26 per cent, occurring in district No. 2 (New York). Shipments and finished goods in storage also declined slightly. The average number of days' work ahead at the end of July was 9.3, as compared with 9.4 at the end of June. WOOLEN TEXTILES. Statistics of idle wool machinery indicate a slight increase in the production of woolen cloth, as the percentage of looms wider than 50-inch reed space idle to the total reported decreased from 36.4 on July 1 to 35.9 on August 1. This is to be compared with only 20.4 per cent idle on August 1, 1921. The smaller looms are also more active. Spindles, how- 1037 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. ever, were not so busy as on July 1. Woolen spindles are more active than they were at the same time last year, whereas the worsted spindles are considerably less so, 32 per cent of the total being idle on August 1, 1922, as compared with only 13.3 per cent on August 1, 1921. District No. 1 (Boston) reports that the industry is now awaiting the effects of the recent openings of spring lines. Early reports indicate that these openings have been at least moderately successful for several companies. The demand for woolen and worsted goods is not generally satisfactory in district No. 3 (Philadelphia), but some lines are much more active than others. The strikes have caused retailers to be cautious in making commitments. Worsted mills in that district are operating at not over 55 per cent of capacity and woolen mills at about 75 per cent. In the spring openings serges and worsteds have generally been offered at more attractive prices, whereas woolens are higher than they were last year. The demand for worsted yarns in district No. 3 (Philadelphia) was extremely poor during July and August, but woolen yarns were more active. Raw wool sales in the Philadelphia district were almost negligible between July 15 and August 10, and from district No. 7 (Chicago) it was reported that manufacturers7 purchases of raw wool fell below those of June. Consequently prices tended to weaken, but resumed strength early in August. CLOTHING. Sales by six clothing manufacturers in district No. 7 (Chicago) during July were generally larger than in June, but this increased activity is attributed to seasonal influences. In that district both production and shipments by clothing manufacturers exceeded the June figures by 21 and 35 per cent, respectively, but were smaller than those of last July by 13 per cent for output and 18 per cent for shipments, and orders for fall since the opening of the season were 17 per cent less than they were at this time last season. On the other hand, seven tailors-to-the-trade in the Chicago district report a seasonal decline of approximately one-fourth since June in orders, production, and shipments, but as compared to last July these items are larger by 29 per cent for orders and 37 per cent for both production and shipments. In district No. 2 (New York) returns from 22 wholesale clothing firms indicate an increase in sales of 17.6 per cent over June and of 5.4 per cent as compared with last July. The 8 men's clothing establishments are in a relatively better position than the 14 firms 1038 FEDERAL RESERVE BULLETIN. making women's apparel. Sales of the former in July were 6.6 per cent larger than in July, 1921, and amounted to 111 per cent of sales in July, 1919, whereas business done by the latter exceeded that of the same month last year by only 3.3 per cent, and furthermore was but 53 per cent of the July, 1919, business. Returns from 23 clothing firms in district No. 8 (St. Louis) show a gain of 13.6 per cent as compared with the preceding July. Individual orders are said to be small in size, but the aggregate volume is large. SILK TEXTILES. Figures compiled by the Silk Association of America show a decline in approximate deliveries of raw silk to American mills during July. Imports were smaller than in June and also than in July, 1921, but stocks in warehouses increased during the month and the estimated consumption was only 24,996 bales, as compared with 29,529 in June, 33,284 in May, and 32,325 during July of last year. District No. 3 (Philadelphia) reports a weakening in raw silk prices following a spasmodic advance late in July, and manufacturers are wary about purchasing because of these fluctuations. The Philadelphia district further states that the demand for thrown silk is small and decreasing. Throwsters are operating their plants at 65 per cent of capacity. The demand for silk goods in that district has also diminished, with the exception of that for the cr&pe fabrics, and mills are running at only 50 per cent of capacity', except some establishments making cr&pes exclusively. Activities in northern New Jersey experienced a decline in the four weeks succeeding July 15. In Paterson, out of 15,000 looms reported, only 2,554, or 17.02 per cent, were producing on August 12, as compared with 24.59 per cent on July 29, 24.83 per cent on July 15, and 32.34 per cent on August 13, 1921. In the North Hudson section, with fewer total looms but with a larger percentage of the total operating, there was practically no change in the situation, and 1,892 of the 4,107 looms available were producing on August 12. This is a smaller number than a year ago, when 2,833, or 61.11 per cent, of the total were active. The decline in production in Paterson has been attributed to strikes among the workers in that city. HOSIERY. Summer inactivity prevailed in the hosiery industry during July and early August. Dullness was so pronounced in district No. 3 (Philadelphia) as to cause the temporary clos- SEPTEMBER, 1922. ing of a number of mills and curtailment of production in many others. The seasonal influences have been accentuated by the prevailing strikes and by the question of the effect of the increasing length of women's skirts upon the demand. Even the full-fashioned mills, which have heretofore been rushed with orders, felt this decrease in business. Reports from 36 firms selling to the wholesale trade in the Philadelphia district indicate a decline in all items as compared with June. Production fell off 20 per cent, orders 18 per cent, shipments 28 per cent, stocks 1 per cent, and unfilled orders 12 per cent. As compared with last July, production was only 1.5 per cent smaller, orders declined 34 per cent, shipments 3.4 per cent, and unfilled orders 19 per cent, whereas finished stocks on hand were 36 per cent larger. Thirteen firms selling to the retail trade also indicate recessions since June of between 15 and 20 per cent for output, orders, and shipments. Finished product on hand fell off 5 per cent and unfilled orders increased over 20 per cent. There was little change in production and orders as compared with last July, and shipments showed an increase of 7.7 per cent within that time. Stocks, however, are 75 per cent larger and unfilled orders fell off 35 per cent. Four cotton-hosiery mills in district No. 6 (Atlanta) show a further falling off in the volume of production, which was 4.8 per cent less than in June, but for three mills was 17.3 per cent larger than last year. Finished stocks were smaller than at the end of both June and July, 1921, whereas raw material on hand changed little during the last month and was greater by 41 per cent than a year ago. Orders booked and unfilled orders on hand fell off in July, but the latter item was larger than on July 31, 1921. The number of empk^ees increased 13.7 per cent during the last year and was only slightly smaller than in June. UNDERWEAR. Underwear production during July declined materially from that of June. The total output for 35 miles, giving comparative figures, was 307,515 dozens in July as compared with 420,702 dozens during the preceding month. Shipments also declined from 358,412 dozens to 322,785 dozens, but both new orders received and unfilled orders on hand at the end of the month experienced substantial gains, the former of over 38,000 dozens and the latter of approximately 126,000 dozens. Production by 50 reporting mills totaled 422,872 dozens, or only 60 per cent of normal, the smallest percentage since last July, when 61 mills reported a production only 56.7 per SEPTEMBER, 1922. cent of normal. The output of winter underwear by 41 mills was 269,223 dozens, or 59 per cent of normal, whereas that of summer underwear was reported by only 23 mills and aggregated 153,649 dozens, which was, however, 61.8 per cent of the normal for those mills. Both of these items declined materially from the June figures. New orders received during the month by 43 mills were 87 per cent of normal and shipments for the same mills were 79 per cent. In district No. 3 (Philadelphia) returns from 14 firms making summer underwear showed declines of 58 per cent in the July output from that of June and of 80 per cent as compared with July, 1921. Shipments were over 50 per cent lower than the figures for both June and last July. Orders booked, however, increased materially—90 per cent during the month and 423 per cent over those of a year ago. Unfilled orders on hand were consequently much larger. Stocks were double those of July 31, 1921, but 5.7 per cent smaller than on June 30. Ten firms producing winter underwear and giving comparisons only between July and June report declines of 9 per cent in output and of nearly 40 per cent in orders booked. Shipments, on the other hand, were 70 per cent larger, as is to be expected at this time of the year. Finished stocks and unfilled orders on hand July 31 were of practically the same size as were the corresponding items on June 30. SHOES AND LEATHER. / Prices of Chicago packer hides showed further slight increases during the first three weeks of August, but sales shrank to a very low level. The demand for calf, goat, and sheep skins has also slackened noticeably since the announcement of recent price advances. There has been a further general improvement in the demand for almost all kinds of leather during the first three weeks of August. District No. 3 (Philadelphia) reports that leather-belting sales have shown a steady gain of about 10 per cent during each of the last four months, while prices of sole leather and offal are rising and stocks are diminishing. In the case of upper leathers price advances have been general, yet consumption continues to exceed production. Patent leather continues to lead in popularity, but kid leather has shown the greatest improvement in demand during the past month. Both black and brown calf leather are selling freely in all weights. Sales of glove leather have commenced to show considerable improvement, while harness leather sales show a seasonal decline. Shoe production was smaller in July than in June for the country as a whole, as a gain in 1039 FEDEEAL RESERVE BULLETIN. New England was more than offset by losses in other sections. Eight manufacturers in district No. 1 (Boston) report 4.6 per cent larger production in July than in June, while shipments and new orders of seven of these reporting firms declined 16.6 per cent and 23.3 per cent, respectively. Reports of 41 concerns in district No. 3 (Philadelphia) show the following reductions: Production 7.9 per cent, shipments 26.2 per cent, and new orders 22.4 per cent. In district No. 7 (Chicago) 21 firms report declines of 14.1 per cent in production and 7.8 per cent in shipments, but an increase of 21.5 per cent in unfilled orders. Sales of 11 concerns in district No. 8 (St. Louis) were slightly less in July than in June, yet there have been recent price advances of between 5 and 10 per cent. A scarcity of shoemakers is reported by that district. LUMBER. The lumber industry showed little change in activity during July, although operations are on a considerably larger scale than last summer. The July cut of 477 mills reporting to the National Lumber Manufacturers' Association aggregated 1,091,800,000 feet, as compared with a June cut of 1,060,600,000 feet for 448 mills. Railroad shipments of forest products amounted to 239,119 cars in July, as compared with 271,358 cars in June and 190,422 cars in July, 1921. District No. 12 (San Francisco) reports that activity in lumber camps and mills continues to be much in excess of that of a year ago, although production, shipments, and orders were all substantially less in July than in June. New export orders declined slightly, but there was an increase in the number of inquiries from Japan and Australia. The lumber industry has suffered unusually severe fire losses this season. As a result many logging camps have been closed and log production has been reduced to 50 per cent of capacity. Production of 128 mills belonging to the Southern Pine Association in district No. 6 (Atlanta) showed a moderate increase in July. New orders also were in larger volume, due to the continued activity of the building industry. Railroad demand for southern pine is much curtailed and foreign purchases are negligible. Reports from 46 southern-pine mills in district No. 11 (Dallas) showed a decline in cut, shipments, and orders. Production and new orders of 10 lumber manufacturers in district No. 9 (Minneapolis) fell off slightly during July, while there was a much more serious reduction in the volume of shipments. The receipts of lumber in district No. 8 (St. Louis) were much curtailed by trans- 1040 FEDERAL RESERVE BULLETIN". portation delays in July and early August, but factories consuming hardwood are reported to have large reserves and are not disturbed by fear of a shortage. BUILDING. Construction activity was somewhat less in July than in the three preceding months, but was still maintained at a very high level. All districts report difficulty in securing construction materials on account of railroad car shortage and note an increase in the proportion of building permits issued for business purposes. The value of contracts awarded in seven Federal reserve districts (compiled from statistics gathered by the F. W. Dodge Co.) amounted to $303,548,695 in July, as compared with $311,688,517 in June and $192,829,219 in July, 1921. Four of these seven districts reported declines in the value of contracts let, but the total of July contracts in districts No. 7 (Chicago) and No. 5 (Richmond) reached new high records, and operations in district No. 3 (Philadelphia) were larger than in any month since October, 1919. Residential contracts in the seven districts aggregated only $100,365,189 in July, a decline of 22 per cent from the record total of June. Some curtailment was noted in all districts covered, except No. 1 (Boston). Statistics of number and value of building permits issued in 166 cities are published on page 1113. District No. 3 (Philadelphia) notes that the average size of projects this July is considerably larger than a year ago. Construction is being hampered by rising prices of brick and lumber. Difficulties in securing shipments have been experienced by dealers in all sorts of structural materials in-district No. 5 (Richmond). Residential building continues to predominate in district No. 8 (St. Louis), but operations in the southern part of the district have been curtailed somewhat by vacation schedules and delays in material shipments. District No. 9 (Minneapolis) reports a decline in residential construction and states that housing facilities in many cities are now reported adequate. Reports from district No. 12 (San Francisco) indicate that fewer building permits were issued in July than in any month since February, but this decline was partly seasonal. EMPLOYMENT. Employment was maintained at a high level during July, but there has been some reduction in August, due to a decline in harvesting demands in certain States, closing of certain plants on account of traffic congestion, and a rather general curtailment of operations at packing plants. A considerable amount of voluntary unemployment of railroad shopmen SEPTEMBER, 192:2. is reported from all districts. A rather acute shortage of copper miners has developed, and there are still many local shortages of workers skilled in the various building trades. The textile and shoe industries in district No. 1 (Boston) considerably increased the number of their employees during July. There continues to be a shortage of skilled labor in the building trades. The surplus of granite workers has been considerably reduced, but there is still some unemployment in the metal trades. District No. 2 (New York) reports increased employment during July in plants manufacturing iron and steel, automobiles, clothing, building materials, and foodstuffs, but a 60 per cent decline in the number employed at railroad repair shops. The number of applicants at employment agencies in New York State continues to exceed the number of positions, except in the cases of common labor, the building trades, and a few specialized occupations. Reports from district No. 3 (Philadelphia) indicate that labor supply as a whole is about sufficient to meet the demand. Canneries, furniture factories, and buildingmaterial plants are now employing full forces. Most industrial plants in district No. 4 (Cleveland) were operating at close to capacity and consequently unemployment has been reduced to a very low level. Reports from district No. 5 (Richmond) state that many manufacturing plants are employing more workers than at any time for the past two years. Cotton mills are particularly busy, and the demand for harvesters has greatly reduced the surplus of unskilled labor. There was little change during July in the volume of employment in district No. 6 (Atlanta). The demand for farm labor has declined somewhat in Florida, but increased in the other States of the district. Textile and lumber mills in certain sections have slightly reduced their forces. The total number employed by 161 firms in district No. 7 (Chicago) during July was 0.9 per cent larger than in June and 15.6 per cent larger than in July, 1921. The average pay per man was 1.7 per cent less than in June and 3.9 per cent less than in July, 1921. Many plants manufacturing cement, brick, and clay products are reported to have suspended operations since the beginning of August. In district No. 8 (St. Louis) there has been a marked increase in employment in the zinc and leadmining industries, but some decline at packing plants. Some shortages of farm labor are reported from district No. 9 (Minneapolis), and the copper mines of Montana are suffering from a very acute shortage of experienced men. At 267 industrial establishments in district No. 10 (Kansas City) a survey on August 15 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. discloses a decline of 2.4 per cent in the number of employed, as compared with figures for July 15. District No. 11 (Dallas) reports a general decline in the volume of agricultural employment, but concerns manufacturing metals and food products are increasing their activities. The building, mining, and agricultural industries in district No. 12 (San Francisco) all increased their number of workers during July. Ten important mining companies report that they lack about 20 per cent of the number of miners which they desire. WHOLESALE TRADE. PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN JULY, 1922, AS COMPARED WITH THE PRECEDING MONTH (JUNE, 1922). [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 Per cent. -9.3 -10.2 -11.1 -2.3 -5.0 -16.8 -11.2 -12.9 -6.2 -2.1 Number of firms. Dry goods. Hardware. Drugs. NumNumPer Numof Per ber of Per ber of cent. ber firms. cent. firms. cent. firms. 42 - 0 . 8 49 -2G.7 20 - 5 . 0 44 9.1 36 25.2 46 -.2 41 25.0 12 13.3 11 28.0 30 3.0 8 16 13 16 24 11 4 6 12 16 -14.4 -13.7 13.1 -4.5 -4.5 -18.0 -7.5 -12.1 -.4 -12.6 11 30 11 17 .6 24 - 3 . 1 ' 19 -13.7 1 13 11 - 8 . 4 1.9 12 22 - 5 . 3 6 15 13 14 4 13 6 8 9 PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN JULY, 1922, AS COMPARED WITH THE SAME MONTH LAST YEAR (JULY, 1921). Groceries. District. No.2 No.3 No. 4 No. 5 No.6 No.7 No.9 No. 10 No. 11 No. 12 Per cent. 4.5 -7.1 -3.8 2.3 2.6 -7.3 -7.9 -20.2 -1.6 5.3 Number of firms. Dry goods. Hardware. Drugs. Num- Per Num- Per NumPer ber ber of ber of of cent. firms. cent. firms. cent. firms. 42 - 2 . 7 49 -21.5 20 - 3 . 0 44 6.4 36 22.3 45 7.5 41 - 6 . 9 12 10.5 11 12.2 30 14.3 8 16 13 16 24 11 4 6 12 16 13.7 6.3 16.1 10.7 5.2 19.1 14.7 14.9 23.1 23.3 11 30 11 17 24 19 13 11 12 22 6.3 6.6 3.4 1.8 5.7 5.9 6 15 13 14 4 13 -4.8 -3.8 6.4 6 8 9 1041 were particularly effective in that district. The same reason may be given for the smaller decline in district No. 4 (Cleveland). Collccttions have also been retarded by this influence in the Philadelphia district. Buying of fall goods was particularly active in districts No. 6 (Atlanta), No. 7 (Chicago), No. 9 (Minneapolis), and No. 11 (Dallas), in which districts sales were about one-fourth larger than in June. As compared with last July, business was greater in every district except No. 2 (New York), No. 3 (Philadelphia), No. 4 (Cleveland), and No. 9 (Minneapolis). Grocery sales followed an opposite tendency, and declines from the June figures occurred in all districts, ranging from 2.1 per cent in district No. 12 (San Francisco) to 16.8 per cent in district No. 7 (Chicago). This is seasonal, and according to districts No. 3 (Philadelphia) and No. 8 (St. Louis) the present demand is largely for staples, particularly sugar. Some price advances are reported on these goods. Sales were smaller than during July, 1921, in all districts except No. 2 (New York), No. 5 (Richmond), No. 6 (Atlanta), and No. 12 (San Francisco). The greatest increase, 5.3 per cent, occurred in the last named district, whereas the largest decline was 20.2 per cent in district No. 10 (Kansas City). Hardware sales also declined below June in every district, but were uniformly larger than those of last July. This is principally a reflection of building activity, which fell off in July of this year, but continued to be much greater than during the corresponding period in 1921. Drug sales, too, were smaller than during June except in districts No. 5 (Richmond and No. 11 (Dallas), where gains were only nominal. They were, however, slightly in excess of those of July, 1921, in all sections except districts No. 10 (Kansas City), and No. 11 (Dallas). The six districts reporting sales by wholesale boot and shoo dealers indicate declines during July varying from 0.7 per cent in district No. 9 (Minneapolis) to 38.9 per cent in district No. 7 (Chicago). Business exceeded that of July, 1921, in all districts except No. 2 (New York) and No. 9 (Minneapolis), in which there were declines of 21.7 per cent and 17.6 per cent, respectively. Furniture sales during July were smaller than during June in four out of the five districts reporting such figures, but were in all cases larger than those of last July. As a rule, wholesale trade sales experienced seasonal declines during July as compared with June. An exception to this rule is found in the case of dry goods, which, as may be seen from the above table, were in greater demand in all districts but No. 2 (New York), No. 3 RETAIL TRADE. (Philadelphia), No. 4 (Cleveland), and No. 7 (Chicago). The changes in the New York and July is seasonally one of the dullest months Chicago districts were negligible, but the decline in retail trade, and reports from stores in all in district No. 3 amounted to nearly 27 percent sections of the country show that July, 1922, and has been attributed to the strikes which was no exception to the rule. In addition to 1042 FEDERAL RESERVE BULLETIN. the seasonal decrease, the decline in the volume of sales for the month was probably accentuated by the strikes of railway shopmen and coal miners. The effect of these strikes on the buying public is making itself felt now in the large cities, and hampered transportation is also considered one of the causes of the slow movement of goods. Of the 12 Federal reserve districts, 3 have reported increases in sales over those for the corresponding months last year for four consecutive months, and 2 districts have reported increases for three consecutive months. Reports from 471 department stores in the United States show a decrease from last July's sales of 1.1 per cent, but percentages for the districts range from a decrease of 9.1 per cent for district No. 11 (Dallas) to an increase of 5.3 per cent for district No. 1 (Boston), as shown by the table on page 1115. The liquidation of stocks through clearance sales and the replacing of same with only a small amount of fall merchandise brought the stocks on hand at the close of July down to 2.8 per cent below those on hand at the end of June, but compared with last July the stocks are only 1.6 per cent smaller. With these normal stocks and the small July sales, the rate of turnover was naturally slow, the percentage of stocks on hand at the end of July to net sales during that month being 481.6 per cent, in comparison with cumulative average for the first six months of the year of 410.7 per cent. The large percentage of outstanding orders to last year's purchases, amounting to 9 per cent, is indicative of confident placing of orders for fall merchandise. PRICES. SEPTEMBER, 1922. index for this group of commodities being 36 points higher in July than in January. Consumers' goods have shown the much smaller increase since January of 13 points. The United States*Bureau of Labor Statistics index likewise shows a marked increase in wholesale'prices during July, that number having advanced from 150 in June to 155 in July. Among groups of commodities, fuel and lighting rose from 225 to 254, farm products from 131 to 135, and building materials from 167 to 170. Smaller increases occurred in foods, cloths and clothing, and metals, while chemicals and house-furnishing goods were the only groups in the bureau's index to decline. FOREIGN TRADE. The value of both imports and exports in July declined from the levels reached in the preceding month to almost the exact totals recorded for May. The July figures of $305,000,000 for exports represent a decline of about 9 per cent from June, but are nearly twice as high as the value of exports in July, 1913. Imports were valued at $251,000,000 in July, which is likewise almost twice the figure for the corresponding month of 1913. Comparisons with pre-war months should, of course, take into consideration the higher level of prices now prevailing. Imports of gold again reached large proportions during July, following several months in which the inward movement of the metal was comparatively small. The amount of such imports in July was approximately$43,000,000, of which $38,000,000 was received from Great Britain. The total is far higher than in any earlier month this year, comparing with $13,000,000 in June, $9,000,000 in May, and the year's previous high of $33,000,000 in March. As in former months, exports of gold were relatively insignificant, amounting to only $645,000. Imports and exports of silver were not far from evenly balanced, the movement "each way being less than $7,000,000 for the month. The Federal Reserve Board's wholesale price index for the United States advanced from 161 in June to 165 in July, an increase of 2.6 per cent. This upward movement is almost wholly traceable to sharp advances in the prices of such raw materials as coal and coke (which rose between 40 and 60 per cent), live stock, and hides and skins. Raw materials as a group increased 10 points above the June figure of 167, while producers' goods rose but 2 points and consumers' goods declined 1 point. Acceptances to 100 Per Cent. The advance in the board's all-commodities index for July represents an increase in prices Since the issuance of the August BULLETIN the following for the sixth consecutive month since the low banks have been authorized by the Federal Reserve Board to accept drafts and bills of exchange up to 100 point was reached at 142 in January. The per cent of their capital and surplus: upward trend during recent months has been The Bank of New York, New York, N. Y. most marked in the case of raw materials, the The Enid National Bank, Enid, Okla. 1043 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. Fiduciary Powers Granted to National Banks. State Banks and Trust Companies. ADMISSIONS. During the month of August the Federal Reserve Board approved applications of the national banks listed below The following list shoves the State banks and trust for permission to exercise one or more of the fiduciary companies which were admitted to membership in the powers named in section 11 (k) of the Federal reserve act Federal Reserve System during the month ending August as amended, as follows: 31,1922, on which date 1,654 State institutions were mem1. Trustee. bers of the system: 2. Executor. 3. Administrator. 4. Registrar of stocks and bonds. 5. Guardian of estates. Capital. I Surplus, j 6. Assignee. 7. Receiver. District No. 2. 8. Committee of estates of lunatics. 9. In any other fiduciary capacity in which State banks, Bank of New York, New York, §2,000,000 ! 16,000,000 i $72,730,995 trust companies, or other corporations which come into N.Y competition with national banks are permitted to act | ! District No. 3. under the laws of the State in which the bank is located. I i The numerals opposite the name of each bank indicate 300,000 I 165,000 ' 2,901,010 York Trust Co., York, Pa the power or powers it is authorized to exercise, as given District No. 6. below: 60,000 I Union Banking Co., Monroe, Ga... 20,000 ! 191,381 DisVoluntary liquidation.—Briscoe County State Bank, Silverton, Tex. trict Place. Merger.—Commercial Trust & Savings Bank, Santa Barbara, Calif.; No. Bank of Santa Maria, Santa Maria, Calif.; and Fidelity Trust & Savings Bank, Fresno, Calif., have merged with the Los Angeles Trust & Savings Bank, Los Angeles, Calif., a member bank. Boston, Mass Change of name.—The Lincoln Savings Bank & Trust Co., Louisville, Newton, N. J Ky., to the Lincoln Bank & Trust Co. Dolgcvillo.N.Y.. Mount Kisco. N.Y. Now York, N.Y.. Lebanon, Pa Painesville, Ohio.j Commercial Failures Reported. While failures in the United States still considerably exceed in number those of last year, the margin of increase is narrowing steadily, with the 1,164 defaults reported to R. G. Dun & Co., during three weeks of August comparing with 1,047 in the corresponding period of 1921. The returns for July, the latest month for which complete statistics are available, disclose 1,753 commercial insolvencies, involving $40,010,313 of liabilities. As to number, the July failures are materially in excess of the total of 1,444 in July of last year, but the indebtedness is less than the $42,774,153 of the earlier period. Separated according to Federal reserve districts, the July statement reveals more defaults than in July, 1921, in all instances except the fourth, eighth and eleventh districts, while the second, tenth, eleventh and twelfth districts alone report smaller liabilities. The decrease in the second district, however, is very marked, and accounts for the reduced total for all districts for the month. Emporia, Ya ' Louisville, Ga....! Bloomi ngton, Ind. Frankfort ,Ind...! Shelby\-ille, Ind..\ Council Bluffs, . Iowa | Mason City, Iowa.l •Madison, Nebr...' San Francisco, ' Calif. i National Union Bank Merchants National Bank First National Bank Mount Kisco National Bank. Number. Liabilities. District. i 1922 1921 1922 Citizens National Bank First National Bank First National Bank American National Bank First National Bank Fifth Sixth Seventh Eighth Ninth Tenth Eleventh... Twelfth.... 130 384 86 163 150 173 249 87 60 61 64 146 Total 1,753 94 $2,393,565 230 8,035,662 72 1,676,773 167 5,164,164 124 2,349,539 138 2,157,713 222 11,484,832 94 1,721,083 27 1,142,174 891,386 48 114 1,230,581 114 1,762,841 City National Bank First National Bank Madison National Bank Anglo & London-Paris National Bank. 1,444 40,010,313 42,774,153 5 to 8. Ito9. 1 to 7 and 9. Ito9. The Comptroller of the Currency reports the following increases and reductions in the number and capital of national banks during the period from July 29 to August 25, 1922, inclusive: Num- | Amount i1 ber of ! 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 1921 $2,124,077 18,342,752 1,254,361 4,200,340 1,565,856 1,968,097 4,565,389 1,545,874 425,042 1,056,534 3,778,098 1,947,733 Ito9. 1 to 9. 2, 3, 5 to 7, and 9. 1 to 9. Ito9. , 1 to 7 and 9. Ito8. Ito9. New National Bank Charters. _ First Second Third Fourth 5 to 9. Ito9. l t d 9. Ito9. Public National Bank Lebanon National Bank Painesville National Bank... FAILURES DURING JULY. ! Powers granted. Name of bank. Liquidations Reducing capital1.. Total liquidations and reductions of capital.. Consolidations of national banks under act of Nov. 7,1918 Aggregate increased capital for period Reduction of capital owing to liquidations, etc.. Net decrease 1 4 I $275,000 0 0 19 1,866,500 23 | 2,141,500 9 i 4,175,000 1 ! 25,000 10 ! 4,200,000 1 j 100,000 2,141,500 4,200,000 2,058,500 Includes 1 reduction in capital aggregating §25,000 incident to consolidation under act of Nov. 7,1918. 1044 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. RULINGS OF THE FEDERAL RESERVE BOARD. Paper of cooperative marketing associations. The Federal Reserve Board has received a number of inquiries, and has made a number of rulings, with reference to the eligibility for rediscount by Federal reserve banks of paper arising out of the operations of agricultural cooperative marketing associations; and for the convenience of the member banks and others interested in this subject there is published below a summary of those rulings together with a review of the general principles relating to the eligibility of such paper. 1. Definition of eligible commercial and agricultural paper.—The regulations of the Federal Reserve Board define eligible commercial and agricultural paper as notes, drafts, or bills of exchange which have been issued or drawn or the proceeds of which have been used or are to be used in the first instance in producing, purchasing, carrying, or marketing goods (including goods, wares, merchandise, agricultural products, and live stock) in one or more of the steps of the process of production, manufacture, or distribution. If a note, draft, or bill of exchange has been issued or drawn, or the proceeds have been or are to be used, for an agricultural purose, that note, draft, or bill of exchange may e eligible for rediscount if it has a maturity at the time of rediscount of not more than six months exclusive of days of grace. On the other hand, if a note, draft, or bill of exchange has been issued or drawn or the proceeds have been or are to be used for a commercial purpose, it will not be eligible for rediscount if it has a maturity at the time of rediscount in excess of 90 days exclusive of days of grace. The board's regulations further provide that no note, draft, or bill of exchange is eligible for rediscount if the proceeds have been or are to be used for permanent or fixed investments of any kind, for any other capital purpose, for investments of a purely speculative character, or for the purpose of lending to some other borrower. 2. Classes of associations under consideration.—Each of the associations involved in the rulings heretofore made by the board, of which this is merely a summary, was organized without capital and its members consisted exclusively of the producers of the particular crop which the association was organized to market who had agreed to sell and deliver their entire crops to the association. The agreements provided in substance that title should pass to the association at the time of delivery, that the association should have absolute control over the commodities delivered and over the resale thereof, and that the E association should have power to borrow money upon such commodities and to pledge the commodities for money borrowed. The price at which the commodities were sold by the growers to the association was not fixed at the time of that sale, but the commodities were pooled according to grades, and after all of a particular pool had been sold the proceeds were distributed pro rata among the producers who had contributed to that pool. The conclusions stated in the rulings included in this summary, therefore, arc not necessarily applicable to the paper of associations which operate on any plan substantially different from that just described. 3. Growers' drafts accepted by associations eligible as agricultural paver.—Where, at the time the growers deliver their crops to such an association, the association accepts drafts drawn upon it by the growers, such drafts are eligible for rediscount by Federal reserve banks as agricultural paper with maturities up to six months when discounted by the growers at their local banks with their own indorsements, provided the proceeds arc used by the growers for agricultural purposes. (FEDERAL RESERVE BULLETIN, October, 1921, p. 1199.) 4. Grower's draft on association not trade acceptance.—A draft drawn by a grower on an association to which he has delivered his crop, accepted VJy the association, and discounted by the grower at his bank is not, however, a trade acceptance within the meaning of the board's regulations, which define a trade acceptance as " a draft or bill of exchange drawn by a seller on the purchaser of goods sold and accepted by such purchaser," because the delivery of a crop to a cooperative marketing association under an agreement such as that described in the second paragraph of this summary is not the kind of a sale which should be made the basis of a trade acceptance. Trade acceptances, however, constitute merely a special class of eligible paper which sometimes bears a preferential discount rate, and the mere fact that such drafts are not included in that special class of eligible paper does not prevent them from being eligible for rediscount as agricultural or commercial paper if the proceeds are used for an agricultural or commercial purpose. (See FEDERAL RESERVE BULLETIN, October, 1921, p. 1199.) As indicated in the preceding paragraph, growers' drafts accepted by associations may be eligible as agricultural paper if they are discounted by the growers at their local banks and the growers use the proceeds for agricultural purposes. SEPTEMBER, 1922. FEDERAL RESERVE BULLETIN. 5. Carrying crop pending orderly marketing is an agricultural operation,—Inasmuch as agricultural products should not be dumped upon the market as soon as harvested, but should be marketed gradually, the carrying of agricultural products for such periods as are reasonably necessary in order to assist the orderly marketing thereof is a proper step in the process of distribution, and a farmer's note which is drawn, or the proceeds of which are used, to finance the carrying of the farmer's products for such reasonable period is a note which has been issued or drawn for an agricultural purpose within the meaning of section 13 of the Federal reserve act and which may, therefore, be eligible for rediscount by Federal reserve banks. Money borrowed by a grower to enable him to meet his obligations without selling his crop immediately enables him to " carry" the crop, and, therefore, when a grower delivers his crop to a cooperative marketing association which is actually engaged in orderly marketing, and when the grower is obliged to borrow money for ordinary general purposes, such as the payment of obligations previously incurred in growing or harvesting the same crop, a draft drawn by the grower on the association for a part of the market value of the crop may properly be considered to be drawn for an agricultural purpose. There is a distinction, however, between carrying agricultural products for such periods as are reasonably necessary to effect orderly marketing and mere speculative withholding from the market, in the hope -ultimately oi obtaining a higher price. Such withholding is not an agricultural purpose within the meaning of section 13, and if a marketing association : should engage in such a speculative holding of a crop instead of marketing it in an orderly manner, drafts drawn to finance the growers of such a crop during the holding of it for speculation should not be considered to be drawn for an agricultural purpose. The exact dividing line between legitimate carrying and speculative withholding is, of course, very difficult to define. The question of whether a doubtful case falls on one side or the other of this line is a question of fact which it is not for the Federal Reserve Board to determine but which should be determined rather by the local bank whose customer desires the loan and by the Federal reserve bank if the paper representing the loan is offered for rediscount. (FEDERAL RESERVE BULLETIN, August, 1922, p. 931.) 6. Notes of associations for funds to finance packing and marketing.—A note of a corporation or association engaged in performing services in connection with packing and marketing agricultural products not grown by the corporation or association itself the proceeds of 1045 which note are used to pay the current expenses of such corporation or association, such as the payment of wages and the purchase of supplies in connection with its business of packing and marke ting agricultural products, should not be classed as agricultural paper eligible for rediscount with a maturity up to 6 months, but should be classed as commercial paper which may be eligible with a maturity not in excess of 90 days. While the note of a farmer the proceeds of which have been used to finance the packing or marketing of his own cr%> should be classed as agricultural paper, the same is not true of the note of a corporation or association engaged in performing services in packing and marketing agricultural products grown by others, because that is a commercial rather than an agricultural business, even though such corporation or association deals exclusively with growers. (FEDERAL RESERVE BULLETIN, November, 1921, p. 1312.) 7. Notes of associations for funds to pay for commodities purchased.—The notes of associations the proceeds of which have been or are to be used to make payments to the growers for commodities delivered to the association are eligible for rediscount by Federal reserve banks if they have maturities not in excess of 90 days and comply in other respects with all relevant provisions of law and the board's regulations, because the proceeds are used for the commercial purpose of buying the commodities from the growers. (FEDERAL R E SERVE BULLETIN, August, 1922, p. 931.) 8. Bankers' acceptances drawn by associations.—Drafts drawn by such associations are eligible for acceptance by member banks when secured at the time of acceptance by warehouse receipts covering nonperishable agricultural commodities stored in independent warehouses, and after acceptance such drafts are eligible for rediscount by Federal reserve banks, provided they comply as to maturity and in all other respects with the provisions of the Federal reserve act and the board's regulations. (FEDERAL RESERVE BULLETIN, August, 1921, p. 963.) The law requires that a warehouse receipt, in order to be the basis of an eligible bankers' acceptance, shall be a document " conveying or securing title covering readily marketable staples"; but inasmuch as by hypothesis associations of the kind under consideration in this summary take title to the agricultural products delivered to them and are given full control thereof with authority to borrow money upon them and to pledge them for money borrowed, it is clear that they can store such products in independent warehouses and obtain negotiable warehouse receipts conveying security title. 1046 FEDERAL RESERVE BULLETIN. The board has indicated already the general principles to be applied by Federal reserve banks in determining under what circumstances warehouses are to be considered independent of the borrowers in passing upon bankers7 acceptances, and the application of those principles to specific cases involves questions of fact which are primarily for the determination of the Federal reserve banks. (See rulings on pp. 31,634, and 862, respectively, of the 1918 BULLETIN.) 9. Warehouse receipts covering agricultural products as security.—Numerous inquiries have been made as to the eligibility of paper created by such associations and secured by warehouse receipts for agricultural products stored in warehouses which, although they may be owned by the associations or by corporations organized and controlled by them, yet have independent management and organization. Inasmuch as the eligibility of paper other than bankers' acceptances is not dependent upon the existence or character of collateral security, SEPTEMBER, 1922. the question whether such paper of the association is technically eligible for rediscount is not dependent upon whether the warehouse issuing the receipt offered as collateral security is independent of the borrower. The character of a warehouse receipt or other security offered7 as collateral for paper other than bankers acceptances is material only as bearing upon the acceptability of the paper as distinguished from its eligibility, and the. question of the acceptability is for the determination of the Federal reserve banks rather than the Federal Reserve Board. The preceding paragraph indicates the type of warehouse receipt that is required as the basis of an eligible bankers7 acceptance. 10. No obligation to rediscount paper even though eligible.—It should be understood, of course, that even though a bill or note may technically be eligible for rediscount, a Federal reserve bank is under no obligation to rediscount it, but may accept it or refuse it in the exercise of its discretionary power. SEPTEMBER, 1922. FEDERAL RESERVE BULLETIN. •LORD BALFOUR'S NOTE ON ALLIED DEBTS. INTER- On August 1 the Government of Great Britain, through the foreign office, communicated a note, signed by the Earl of Balfour, to the French ambassador in London and to the diplomatic representatives of the Governments of Italy, Yugoslavia, Rumania, Portugal, and Greece. In this document, which deals with the inter-allied indebtedness, the Government of the United States is not directly addressed, but this Government is referred to, and the British Government, therefore, as a matter of courtesy, sent a copy of the note to the American ambassador in London for transmission to Washington. The complete text of the note follows: YOUR EXCELLENCY: AS your excellency is aware, the general question of the French debt to this country has not as yet been the subject of any formal communication between the two Governments, nor are His Majesty's Government anxious to raise it at the present moment. Recent events, however, leave them little choice in the matter, and they feel compelled to lay before the French Government their views on certain aspects of the situation created by the present condition of international indebtedness. .o Speaking in general terms, the war debts, exclusive of interest, due to Great Britain at the present moment amount in the aggregate to about £3,400,000,000, of which Germany owes £1,450,000,000, Russia £650,000,000, and our allies £1,300,000,000. On the other hand, Great Britain owes the United States about a quarter of this sum—say, £850,000,000 at par of exchange, together with interest accrued since 1919. No international discussion has yet taken place on the unexampled situation partially disclosed by these figures; and, pending a settlement which would go to the root of the problem, His Majesty's Government have silently abstained from making any demands upon their allies, either for the payment of interest or the repayment of capital. But if action in the matter has hitherto been deemed inopportune, this is not because His Majesty's Government either underrate the evils of the present state of affairs, or because they are reluctant to make large sacrifices to bring it to an end. On the contrary, they are prepared, if such a policy formed part of a satisfactory international settlement, to remit all the debts due to Great Britain by our allies in respect of loans, or by Germany in respect of reparations. Recent events, however, make such a policy difficult of accomplishment. With the most perfect courtesy, and in the exercise of their undoubted rights, the American Government have required this country to pay the interest accrued since 1919 on the Anglo-American debt, to convert it from an unfunded debt to a funded debt, and to repay it by a sinking fund in 25 years. Such a procedure is clearly in accordance with the original contract. His Majesty's Government make no complaint of it; they recognize their obligations and are prepared to fulfill them. But evidently they can not do so without profoundly modifying the course which in different circumstances they would have wished to pursue. They can not treat the repayment of the Anglo-American loan as if it were an isolated incident in which only the United States of America and Great Britain had any concern. It is but one of a connected series of transactions in which this country appears sometimes as debtor, sometimes as creditor, and, if our undoubted obligations as a debtor are to be enforced, 1047 our not less undoubted rights as a creditor can not be left wholly in abeyance. His Majesty's Government do not conceal the fact that they adopt this change of policy with the greatest reluctance. It is true that Great Britain is owed more than it owes, and that, if all interallied war debts were paid, the British treasury would, on balance, be a large gainer by the transaction. But can the present world situation be looked at only from this narrow financial standpoint? It is true that many of the allied and associated powers are, as between each other, creditors or debtors, or both. But they were, and are, much more. They were partners in the greatest international effort ever made in the cause of freedom; and they are still partners in dealing with some, at least, of its results. Their debts were incurred, their loans were made, not for the separate advantage of particular States, but for a great purpose common to themall, and that purpose has been, in the main, accomplished. To generous minds it can never be agreeable, although, for reasons of State, it may perhaps be necessary, to regard the monetary aspect of this great event as a thing apart, to be torn from its historical setting and treated as no more than an ordinary commercial dealing between traders who borrow and capitalists who lend. There are, moreover, reasons of a different order, to which I have already referred, which increase the distaste with which His Majesty's Government adopt so fundamental an alteration in method of dealing with loans to allies. The economic ills from which the world is suffering are due to many causes, moral and material, which are quite outside the scope of this dispatch. But among them must certainly be reckoned the weight of international indebtedness, with all its unhappy effects upon credit and exchange, upon national production and international trade. The peoples of all countries long for a speedy return to the normal. But how can the normal be reached while conditions so abnormal are permitted to prevail? And how can these conditions be cured by any remedies that seem at present likely to be applied? For evidently the policy hitherto pursued by this country of refusing to make demands upon its debtors is only tolerable so long as it is generally accepted. It can not be right that one partner in the common enterprise should recover all that she has lent, and that another while recovering nothing, should be required to pay all that she has borrowed. Such a procedure is contrary to every principle of natural justice and can not be expected to commend itself to the people of this country. They are suffering from an unparalleled burden of taxation, from an immense diminution in national wealth, from serious want of employment, and from the severe curtailment of useful expenditure. These evils are courageously borne. But were they to be increased by an arrangement which, however legitimate, is obviously one-sided, the British taxpayer would inevitably ask why he should be singled out to bear a burden which others are bound to share. To such a question there can be but one answer, and I am convinced that allied opinion will admit its justice. But while His Majesty's Government are thus regretfully constrained to request the French Government to make arrangements for dealing to the best of their ability with Anglo-French loans, they desire to explain that the amount of interest and repayment for which they ask depends not so much on what France and other allies owe to Great Britain as on what Great Britain has to pay America. The policy favored by His Majesty's Government is, as I have already observed, that of surrendering their share of German reparation, and writing off, through one great transaction, the whole body of interallied indebtedness. But, if this be found impossible of accomplishment, we wish it to be understood that we do not in any event desire to make a profit out of any less satisfactory arrangement. In no circumstances do we propose to ask more from our debtors than is necessary to pay to 1048 FEDERAL RESERVE BULLETIN. our creditors. And, while we do not ask for more, all will admit that we can hardly be content with less. For it should not be forgotten, though it sometimes is, that our liabilities were incurred for others, not for ourselves. The food, the raw material, the munitions required by the immense naval and military efforts of Great Britain and half the £2,000,000,000 advanced to allies were provided not by means of foreign loans, but by internal borrowing and war taxation. Unfortunately, a similar policy was beyond the power of other European nations. Appeal was therefore made to the Government of the United States; and under the arrangement then arrived at the United States insisted, in substance if not in form, that, though our allies were to spend the money, it was only on our security that they were prepared to lend it. This cooperative effort was of infinite value to the common cause, but it can not be said that the role assigned in it to this country was one of special privilege or advantage. Before concluding I may be permitted to offer one further observation in order to make still clearer the spirit in which His Majesty's Government desire to deal with the thorny problem of international indebtedness. In an earlier passage of this dispatch I pointed out that this, after all, is not a question merely between allies. Ex-enemy countries also are involved; for the greatest of all international debtors is Germany. Now, His Majesty's Government do not suggest that, either as ^ a matter of justice or expediency, Germany should be relieved of her obligation to the other allied States. They speak only for Great Britain; and they content themselves with saying once again, so deeply are they convinced of the economic injury inflicted on the world by the existing state of things, that this country would be prepared (subject to the just claims of other parts of the empire) to abandon all further right to German reparation and all claims^ to repayment by allies, provided that this renunciation formed part of a general plan by which this great problem could be dealt with as a whole and find a satisfactory solution. A general settlement would, in their view, be of more value to mankind than any gains that could accrue even from the most successful enforcement of legal obligations. I have, etc., BALFOUR. MEMBER BANK ACCEPTANCES. A reduction of over 25 per cent in the volume of outstanding member bank acceptances between June 30, 1921 and 1922, is indicated by the condition reports of all member banks received by the Comptroller of the Currency and the Federal Reserve Board. By March 10 of the present year the total had declined to $316,755,000, while on the most recent call date the total showed a small increase to $320,770,000, due to the increase in acceptance liabilities reported by national banks outside of New York City. Nearly 60 per cent of the total acceptance liabilities of all member banks is represented by the acceptance liabilities of member banks in New York City. In the following tables are shown acceptance liabilities of national and other member banks in principal and other cities, also totals for all member banks on all call dates between June 30, 1921 and 1922, in continuation of similar figures published on page 514 of the May, 1922, BULLETIN : ACCEPTANCE SEPTEMBER, 1922. LIABILITIES o r NATIONAL MEMBER BANKS. AND OTHER [In thousands of dollars.] Class of banks and city. June 30, 1921. Sept. 6, 1921. Dec. 31, 1921. Mar. 10, 1922. 142,620 768 33,697 404 10,402 1,700 2;i23 3.558 '511 551 1,741 1,749 250 911 778 19,295 657 1,422 1,079 300 10,665 1, 703 1,453 495 12,093 122,638 568 25,949 303 9,463 1.198 1,197 1,533 182 316 1,903 2,118 I l l , 724 512 35,332 518 10,589 1,067 959 453 150 492 3,615 1,812 103,661 341 28,339 110 10,146 699 576 703 200 478 1,862 997 816 409 24,030 568 1,658 2,293 250 7,401 1,367 1,644 474 9,872 983 1,009 18,582 922 2,462 350 1,181 8,393 1,102 938 351 15,440 250,925 218,180 ! 218,936 185,201 ! 189,381 June 30, i Dec. 31. Mar. 10, June 30, 1922. 1922. June 30, 1922. National banks. New York Buffalo Boston Providence Philadelphia Pittsburgh Cleveland Detroit Cincinnati Indianapolis 4.. Richmond Baltimore Atlanta New Orleans Charleston, S. C . . . Chicago St. Louis Minneapolis Kansas City, Mo... Dallas San Francisco Los Angeles Portland Seattle ". Allother Total Class of banks and city. 1921. j 1921. 98,180 70 33,208 306 13,198 216 831 499 30 655 738 217 921 890 13,063 I 241 2,670 ! 113 i 6,139 775 704 228 11,345 | ! i j 375 1,174 19,198 156 2,304 325 8,216 771 292 307 8,115 State bank and trust company members. New York Buffalo Boston Providence Philadelphia Pittsburgh Cleveland Detroit Cincinnati Memphis Richmond Baltimore Atlanta Savannah New Orleans Chicago St. Louis Kansas City, Mo. Dallas San Francisco Los Angeles Portland Seattle Allother 121,554 103,398 919 534 11,012 9,402 754 I 353 624 I 156 376 I 100 9,008 3,649 450 225 3 280 515 Total 180,962 • 148,358 100 111 337 410 964 4,467 6,714 20,996 16,697 1,152 , 1.966 I 125 971 j 1,499 744 ! 217 684 ! 569 66 L 4,318 i 2,078 91,292 399 9,313 251 204 200 4,403 92,798 303 8,467 153 80 250 3,577 580 3 180 3 252 764 5,834 14,034 582 979 917 1,539 19,668 414 319 381 72 419 743 153 308 1,592 1,517 131,554 131,389 264,174 215,122 j 194,953 1,687 1.046 j '740 44,709 44; 734 I 37,652 1,158 871 361 11,026 10,745 j 10,350 2,076 1,167 I 899 11,131 4,608 !i 4,979 678 4,008 703 153 511 200 545 280 580 492 551 ! 478 1,741 I 3,615 1,865 1,849 i 1,812 997 337 361 252 964 410 764 7,697 5,378 6,755 1,009 778 890 35,279 40,291 27,097 1,715 1,809 823 . 2,462 1,422 2,670 350 3,045 1,092 1,306 300 190,978 373 41,675 460 13,278 466 4,408 499 30 180 655 741 217 All member banks. New York Buffalo Boston Providence , Philadelphia Pittsburgh Cleveland Detroit Cincinnati Memphis Indianapolis Richmond Baltimore , Atlanta , Savannah New Orleans Charleston, S. C . Chicago St. Louis Minneapolis Kansas City, Mo. Dallas 917 1,914 1,174 38,866 570 2,304 319 325 ACCEPTANCE 1049 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. LIABILITIES OF NATIONAL AND OTHER MEMBER BANKS—Continued. HOLDINGS OF BANKERS' ACCEPTANCES BY FEDERAL RESERVE BANKS—Continued. [In thousands of dollars.] [In thousands of dollars.] Class of banks and city. June, 30, 1921. Dec. 31, 1921. Mar. 10, 1922. June, 30, 1922. Held under discount. Date. All member banks—Contd. San Francisco.. Los Angeles Portland. Seattle All other. Total Total. 11,636 2,447 2,137 561 16,411 9,892 1,319 1,507 351 17,518 6,520 817 1,123 228 12,937 8,959 924 600 307 9.631 •J31,887 367,291 316,755 | 250,925 218,936 320,770 i Recapitulation. Total national banks Total State bank and trust company members Grand total 180,962 118,358 J31,887 367,294 OF BANKERS' ACCEPTANCES RESERVE BANKS. 189,381 131,551 316,755 131,389 320,770 BY FEDERAL [In thousands of dollars.] I Purchased in open market. Accepted by— Date. Total. Nonmember Member banksand Private banks. banking bankers., corporations. Branches and agencies of foreign banks. 1921. June 30 Aug. 31 Dec. 31 i j 40,130 i 35,280 ! 145,045 26,787 25,158 110,264 6,960 5,638 13,656 3,391 3.022 12,319 2,992 1,462 1922. Fob. 28. June 30. 93,356 160,332 69,915 127; 051 8,470 16,960 7,371 8,191 7,600 8,130 8655—22- Acceptances of other banks. 1921. June 30 Aug. 31 Dec. 31 8,45^ 1 715 j 338 j 5,983 924 288 2,473 791 50 1922. 185,201 [ Federal reserve bank holdings of bankers' acceptances, which had reached a low point during the midsummer of 1921; show considerable fluctuations during the 12 months under review and on June 30 of the present year reached a total of $160,332,000. Of this total, $124,142,000, or over 77 per cent, are represented by acceptances in the foreign trade,. $31,655*000, or less than 20 per cent, by acceptances in the domestic trade, and the remainder, $4,535,000, by acceptances to create dollar exchange. Member bank acceptances held by the reserve banks totaled $127,051,000, or about 40 per cent of the total member bank acceptances outstanding on the same date. In addition, as shown in the subjoined exhibit, the Federal reserve banks held $33,281,000 of bills accepted by nonmember banks, including private banks, agencies of foreign banks, and discount corporations, compared with $13,343,000 on June 30 of the past year. HOLDINGS Member bank acceptances. Feb. 28. June 30. 234 81 234 81 Acceptance liabilities of the British banks during the 12 months under review likewise show a downward trend, though the rate of decline is considerably smaller than for the member banks in the United States, as may be seen from the following table giving the average acceptance liabilities of the London clearing banks for selected months between June, 1921, and July of the present year: ACCEPTANCE LIABILITIES OF THE T E N LONDON CLEARING BANKS. [Averages of weekly statements for month; 000's omitted.] ! Liverpool & Martin's Barclay's. i Coutts'& Co i Glynn, Mills, Currio & C o . . .| Lloyds j London, Joint City & Mid- j land , London County, Weslmin- . ster & Parr | National Provincial & Union., National William Deacon's £4,330 7,023 410 1,050 1,471 Total. Acceptance liabilities of 17 of the principal British banks for June 30, 1921 and 1922, according to the London Statist, show a decrease from £53,212,852 to £51,753,711. Open-market rates in. New York on prime eligible bank acceptances, which stood near 4 per cent at the beginning of the year, showed a declining tendency and ranged between 3J and 3 per cent about the end of June. London rates during the present year likewise continued at lower levels. Early in April the London rate on 90-day bills for the first time declined below 3 per cent. In May a rate as low as 2J per cent was quoted. Slightly higher rates prevailed during the following months, while on June 30 the rate again descended to 2J per cent. 1050 SEPTEMBER, 1022. FEDERAL RESERVE BULLETIN. FOREIGN LOANS PLACED IN THE UNITED nished to the Federal Reserve Board upon request. A table in somewhat different form, STATES. prepared by the same company, was published The following statement of foreign govern- in the BULLETIN for August, 1921, pages 942 to ment, municipal, and corporate loans placed in 951, inclusive. the United States during 1921 and the first six The figures for the approximate amount of months of 1922, together with the approximate these securities outstanding on July 1, 1922, amounts outstanding on July 1, 1922, has been have been arrived at by examining the sinking compiled by the Guaranty Trust Co., of New fund or other provisions for redemption of the York City, from the most accurate and com- loans and are therefore not to be regarded as plete information available, and has been fur- official. PRINCIPAL FOREIGN GOVERNMENT AND MUNICIPAL SECURITIES OFFERED FOR SUBSCRIPTION IN THE UNITED STATES DURING 1921. [000 omitted.] Name of security. Amount in currency of issue. i Coupon. New capital. Refunding. Total offered. Approximate amount outstanding July 1 1922. FAR EAST. State of Queensland, Australia.... J 7's. Kingdom of Belgium Do. Government of the French Republic Bordeaux, Lyons, and Marseilles Danish consoli iated munic-ipal Kingdom of Denmark 812,000 S12,000 30,000 4,270 100,000 22,800 15,000 30,000 28,298 H,270 93,750 22,800 14,500 30,000 50,000 50,000 10,000 10,000 12,000 24,000 9,500 10,500 7,500 2,500 50,000 50,000 10,000 10,000 12,000 24,000 9,500 10,500 7,500 2,500 50,000 49,000 9,960 9,800 11,760 22,800 9,500 10,290 7,425 0 6,000 ; 76,000: 25,000 ! 6,000 76,000 25,000 6,000 67,000 25,000 507,070 I 484,153 $12,000 §12,000 30,000 4,270 100,000 22,800 15,000 30,000 30,000 4,270 50,000 22,800 15,000 30,000 50,000 50,000 10,000 10,000 12,000 24,000 9,500 10,500 7,500 2,500 6,000 76,000 25,000 j ! EUROPE. | 8's. , I 7 J ' s . . . . . I 1941.. j 6s 1934. 8's ' 1946.. 6's ! 1942., §50,000 SOUTH AMERICA, ETC. Government of the Argentine Nation.. United States of Brazil State of San Paulo State of Rio Grande do Sul City of Rio de Janeiro Republic of Chile Do. Do Republic of Uruguay.. Dominican R e p u l l i c 8's. 8's. 8's. 8's. 8's. 8 s. 8's. 8's. 8's. 1923. 1941. NORTH AMERICA. Government of Newfoundland Canadian Provincial and Municipal (estimate for year). United States possessions (estimate for year) ". Total.. 457,070 i 50,000 NOTE.—Estimate for Canadian municipals and United States possessions from Commercial & Financial Chronicle. 1051 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. PRINCIPAL FOREIGN CORPORATION SECURITIES OFFERED FOR SUBSCRIPTION IN THE UNITED STATES DURING 1921. [000 omitted.] Approximate amount outstanding Julv 1,1922. ! Coupon. Name of security. Paris-Orleans Railway , 6's ; 1956 S3,150 SOUTH AMERICA. 1935 United Railways of Havana.. Vs. _ . i:','i Campagrue du Boleo.....".'..".".'..'..'.Y. ....'.'.'.'.'.'.'.'.'.'.'.'. J 8's. Y. Y'.] 1926-1930".'.. Caribbean Sugar Co NORTH AMERICA. ' 8\s '' 192(5 ! i 5,600 1,000 1,500 | ; Grand Trunk Railway Maritime Telegraph <fe* Telephone Co Fort William Paper Co Howard Smith Paper Mills Abitibi Po'-ver & Paper Co Shawinigan Water & Power Co Canadian National Railways Do BathurstCo Cedar Rapids Manufacturing & Pow er Co Manitoba Power Co Montreal Tramwaj^s Co Border Cities Hotel Co ' 6£'s : 7's 8's 7's = 8's : 6's < fy's , 6's i 71/a '... i 5's , 7\s , 5's 7J\s | 1936 , 1945 , 1922-1931 j 1941 1931. 1950. ; 1946. ' 1936. ' 1941. ' 1953. ' 1941. ! 1.941 i ' 1924-1941.... i '•$>'$ ' 4's , Convertible. ! Deb. s t o c k . . ; M o u n t R o y a l H o t e l Co Canadian Pacific Railway $12,000 $500 , SI, 000 | $1,000 j $4,000 j •34,375 825,000;! $25,000 SI, 500 ' $1,000 i $3,000 ! I §1,750 $850 ' si, 000 ! £25,000 ! 12,000 "... 4,000 •'... 4 375 i 25,000 i " 25,000 ,... 1,500 1,000 i... 3 000 : 1,750 ... 850 1 000 i 25,000 ;... 118,250 : Total.. $500 1,000 ... I 000 ' 500 12,000 500 1,000 1 000 4,000 4,375 25,000 25; 000 1,500 1,000 3,000 1,750 850 1,000 25,000 118,750 11,200 500 1,000 1, 000 4,000 4,375 21,500 24,500 1,450 I', 000 3,000 1,750 850 1,000 25,000 116,375 PRINCIPAL FOREIGN GOVERNMENT AND MUNICIPAL SECURITIES OFFERED FOR SUBSCRIPTION IN THE UNITED STATES FROM JANUARY TO JUNE, 1922, INCLUSIVE. [000 omitted.] Coupon. Name of obligation Maturity. Amount in currency of issue. cartel. I Refunding Total offered. FAR EAST. Dutch East Indies Do City of Brisbane, Queensland, Australia State of Queensland, Australia ; 6's.. 6-i's. 1947.. 1.962.. 1941. 1947. 7's 6's 8's 7Vs 8rs 6's 6's 6's 1951. 1952. 1962. $40,000 §60,000 £175 $10,000 §40,000 i 601000 | 758 i 10,000 1 $40,000 60,000 i758 10,000 $25,000 $6,000 S14,000 $7,500 S25,000 Fl. 75,000 K r . 5, 000 Kr. 12,500 25,000 6,000 14,000 7,500 25,000 28,200 1,100 2,475 !. '. i. :. ! . I. .. !. 25,000 6,000 14,000 7,500 25,000 11 28,200 1,100 1 2,475 25,000 6,000 14,000 7', 500 25,000 28,200 1,100 2,475 $27,000 £250 £2,000 $25,000 $0,000 $13,000 S4,000 Si, 500 $6,000 §24,000 Ps. 10,000 $5,000 §6,700 27,000 i 27,000 1 1,095 1 8,880 25,000 5; 000 13,000" 4,000 3,500 6,000 24,000 11,350 5,000 6,700 27,000 1,095 8,880 25,000 5.000 13', 000 4,000 3,500 6,000 24,000 1,350 5,000 6,700 $40,000 60,000 758 10,000 EUROPE. Department of the Seine, France City of Soissons, France Republic of Czocho-Slovakia City of Greater Prague ; Kingdom of the Serbs, Croats, and Slovenes Kingdom of the Netherlands Kingdom of Norway Do SOUTH AMERICA. " Government of the Argentine Nation City of Buenos Aires United State's of Brazil DO : State of Santa Catharina City of Rio de .Janeiro City of San Paulo City of Porto Alegrc : City of Montevideo Republic of Bolivia Republic of Chile Republic of Cuba Dominican Republic 1942. 1936. .1972 1970 1924-J931. j 1927. 1946. 8's. 8's. 8's. 1947. 1947. 7's 8's 8's 6's 5^'s ' 1952. ' 1947. , 1950. j 1923. j 1942. Si's 5's ! 1942 1952 S,H80 ! 25; ooo ' 3, 500 3,000 4,000 3,500 6,000 24,000 1,350 5,000 4,200 $1,500 10,000 2,500 NORTH AMERICA. Government of Newfoundland Government of Dominion of Canada Canadian Provincial and municipal governments (estimate for 6 months). $6,000 §100,000 $66; 140 6,000 j . "62,"s90'i .100,000 3,250 6,000 100,000 66,140 6,000 100,000 66,140 UNITED STATES POSSESSIONS. Philippine Government Territory of Hawaii San Juan, P. R City and County of Honolulu Total 5's. 5's. 1952. 1952 1923-1947. 1952 $5,000 $i; 350 S3,350 $250 5,000 1,350 3,350 250 !. j. i. I. 415,398 j 5,000 1.350 3,350 ' 250 117,250 032,648 5.000 i; 350 3', 350 ' 250 532,648 1052 SEPTEMBER, 1922. FEDERAL RESERVE BULLETIN. PRINCIPAL FOREIGN CORPORATION SECURITIES OFFERED FOR SUBSCRIPTION IN THE UNITED STATES FROM JANUARY TO JUNE, 1922, INCLUSIVE. [000 omitted.] Coupon. Maturity or shares. Melbourne Electric Supply Co. 7i's. 1946. Midi Railway Framerican Industrial Development Corporation Paris-Lyons->fediterranee It. R Holland-America Line United Steamship Co Anton Jurgens' United (Margarine) Works Cainpagnie Internationale des Wagons-Lits 6*s. 74 s . . 6's 6's 6's 6's 6's Name of obligation. Shares or amount in currency of issue. New capital. Refunding. Total offered. Approximate amount outstanding July 1,1922. FAR EAST. .12,500 1960. 1942. 1958. 1947. 1937. I 1947 1955. Fr. 25,000 810,000 840,000 El. 20,000 So, 000 Fl. 30,000 I £500 i 1942. $4,000 i SI, 250 $1,250 1,975 10,000 40,000 ]i 7,360 5,000 i 10,860 • 2,500 ! $2,500 $2,500 i 1,975 10,000 40,000 17,360 5,000 i 10,860 i 2,500 1,975 10,000 40,000 7,360 5,000 10,860 2,500 SOUTH AMERICA. 7's. PaulistaRy. Co.. 4,000 Canadian National Itys Canadian General 'Electric Co Granby Consolidated Mining Co Canada"Steamship Lines...." Nova Scotia Tramways & Power Co Vancouver Associated Lumber Interests Dominion Alloy Steel Corporation Transportation Bldg. Co Stetson, Cutler & Co The Firestone Tire & Rubber Co. of Canada Lincoln Mills • UNITED STATES POSSESSIONS. Manila Electric Co Total I jo's • 6's I 7s !7s \ TVs ! 8% '7s ; 7's i 7s ! 7.Vs 192." ! 1942 Com. shs ift ft 1942.. ' 1952 1937 Pfd.shs.. 1947 1942 1937 1942 311,000 I S5,000 I 3,000 $4,500 I SI, 250 , SI, 250 ! 35 i SI,000 ! S2,500 i SI, 500 ! SI, 000 I 11,000 !: 5,000 750 i 4,500 . 250 ; 1,250 i 3,500 i 1,000 2,500 ! 1,500 i 1,000 1,000 11,000 5,000 750 4,500 1,250 1,250 3,500 1,000 2, 500 1,500 1,000 11,000 5,000 750 4,500 1,250 1,250 3,500 1,500 2,000 1,500 . 1,000 : ! 7's. ;2,500 ) 1942. ! r 4,000 4,000 NORTH AMERICA. 1,000 1,500 2,500 ., 2,500 116,195 3,750 119,945 i 119; 945 1 Issue figured in dollars on basis of original offering price. )ial & Financial Chronicle. NOTE.—Estimate of Canadian municipals from Oorhmerci: INTERNATIONAL PRICE INDEXES. The Japanese Index.1 In the course of the past three years the Division of Analysis and Research has been developing as comprehensive a foreign wholesale price reporting service as conditions would permit. This was with a view to comparing not so much the prices of individual commodities from country to country as the general level and trend of prices in different parts of the world. In this connection the division is now receiving reports by cable each month regarding the movement of prices in 23 different countries, these covering so far as known all countries where studies of this nature are currently carried on. Unfortunately, no common standards have been generally accepted in different countries as a basis for price study. Index numbers are generally used, but since these may be anything from a simple average of a series of prices to a highly refined statistical instrument, they furnish only a very general standard from trie point of 1 This index has been constructed under the general supervision of K. H. Snodgrass, of the Division of Analysis and Research; the commodities and weights were determined by Arata Kobayashi, of Waseda University, Tokyo, and J. T. Takegawa, of the Yokohama Specie Bank, New York; the quotations are furnished by the Bank of Japan in Tokyo. view of statistical technique. Among the index numbers published in the BULLETIN, for instance, there are probably not more than 10 that are in any true sense of the word general index numbers, i. e., covering the price situation in all the leading industries of the country concerned, weighted according to their relative importance. The other indexes are for the most part either incomplete or else constructed without a view to giving the proper weight to different industries. These numbers obviously are unsatisfactory as a method for measuring prices within a country or for comparing the latter with prices elsewhere. In the case of the most important foreign countries, however, great strides have been made in the course of the past three years in index number work, mainly because the whole price problem has assumed special significance because of currency depreciation. Prominent among the indexes which have been developed is the new index of the Board of Trade in England, and those of the Frankfurter Zeitung in Germany, of Professor Bachi in Italy, and of Doctor Lorenz in Switzerland. With a view to eliminating the dissimilarities that arise from different statistical methods, the Division of Analysis and Research has &KPTEMBEU, 1 9 2 2 . FEDERAL RESERVE BULLETIN. constructed a series of similar index numbers for a group of the more important countries (not including, however, those countries with most seriously depreciated currencies), in addition to collecting and publishing official index numbers constructed abroad. Thus far original index numbers have been published by the division for the 1United States, England, Canada, and France, while in this issue the Japanese index is added to the group. This completes the series of international index numbers which were originally undertaken in 1919. It is unfortunate that conditions in Germany are such that it is not practicable at present to construct a similar index showing the trend of prices there. The work of the Frankfurter Zeitung along this line, however, and, similarly, that of Professor Bachi for Italy is probably as satisfactory for comparative purposes as is possible at this time. The method used in the construction of the Federal Reserve Board index numbers has been frequently described in the BULLETIN. In each case the index is based upon 90 to 100 different price quotations, weighted according to their importance in the11 economy of the coun try concerned. An All-commod ities'' index is published in each case and, in addition, indexes for the prices of (1) domestic goods, (2) imported goods, and (3) goods exported. The total index is also subclassified into (1) raw materials; (2) producers' goods, and (3) consumers' goods. In the case of the United States and England, our "All-commodities" index numbers have been in substantial agreement with those of the Bureau of Labor Statistics here and the Board of Trade there. wSince both the latter are comprehensive, weighted, and carefully constructed index numbers, they serve more or less as standards for other numbers. The Federal Reserve Board index of French prices is considerably larger than that of the Statistique Generale de la France, the only other French index published at the present time, and is weighted, while that of the Statistique Generale is not. In spite of these differences the two indexes show a high degree of correlation in their movements. The principal difference comes at the peak of prices in 1920, when the Federal Reserve Board index is appreciably lower than that of the Statistique Generale. This is because the prices of semifinished and finished goods, which are not included in the index of the Statistique Generale, rose less than raw materials prices. In Canada the official price index is in process of revision. It is understood that in the revision a system of weighting will be developed. i See BULLETINS for May, 1920; February, 1922; July, 1922; and August, 1922. 1053 In the case of the Japanese price level, our results are less in agreement with existing index numbers than in any other case, the Bank of Japan index and that of the Oriental Economist showing a level uniformly 20 to 26 points higher than that of the Federal Reserve Board. This is due entirely to difference in method of construction. The Bank of Japan and Oriental Economist indexes are simple unweighted averages of relative prices, unimportant commodities receiving as much weight in the final average as important items. As a matter of fact, in 1921 (the first postwar year for which the Federal Reserve Board index number has been computed) such important commodities as rice, sake, potatoes, cotton, and silk were not so much above their 1913 level as most other commodities. There is good reason to believe, therefore, that the weighted index number is a more correct measure of the level of Japanese prices than the unweighted indexes previously published. TREND OF PRICES SINCE THE WAR. Because of the similarity of these index numbers, it is possible to place a fair degree of confidence in the relationship which they indicate exists between prices in the particular countries studied. The chart on page 1054, showing the trend for all five countries for which similar index numbers have been constructed, clearly indicates a high degree of correlation between British, American, Canadian, and French prices and a relatively low correlation between these and Japanese prices. At the same time, dissimilarities even between the American, British, and Canadian trends are clearly apparent. For instance, the rise of prices in Great Britain during 1919 and the first half of 1920 was a steadier, more uniform movement than the rise in Canada and the United States. Similarly the decline was most abrupt in the United States and least so in Canada, while during the past year and a half the level has been more stable here than in either Great Britain or Canada. The trend of French prices during deflation has been more nearly similar to the British trend than to any other; but the rate of decline has been somewhat less severe than the British. The rise of prices in Japan during 1921, followed by a decline there since then, is definitely out of line with the movement in the other four countries and indicates not only a difference in the fundamental economy of these countries but in financial policy as well. If the depreciation of British and. Canadian exchange in terms of dollars is taken into consideration, it becomes apparent that over a fairly long period of time the difference in 1054 FEDERAL RESERVE BULLETIN. II, 1922. INTERNATIONAL WHOLESALE PRICE INDEX NUMBERS FEDERAL RESERVE BOARD COMPARISON OF UNITED STATES WITH ENGLAND, FRANCE, CANADA AND JAPAN 1913=100 3 00 100 E50 150 100 J. F. M A. M. J. J. A. S. 0. N. D. J. F. M. A M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D J. F. M. A. M. J. J. A. S. 0. N. D. wia 1920 1921 1922 100 MAKE-UP OF THE JAPANESE AS COMPARED WITH OTHER FEDERAL RESERVE BOARD INDEX ,NUMBERS. In the following table a comparison is shown of the number of commodities (and the quotations representing these) included in each of the international index numbers constructed COMPARISON OF FEDERAL RESERVE BOARD INDEX FOR JAPAN WITH OTHER INDEX NUMBERS 1913=100 FEDERAL RESERVE BOARD /NDEXESx 325 JAPAA 300 UNITEDSTATE. BANK OF JAPAN J y\ 300 / \ 275 275 j 250 225 A'' 200 175 \ 250 V W\ \ 225 A 200 175 \ 150 150 125 125 more diversified trade than when the number is low. The number of quotations has not the same significance, but indicates rather the thoroughness with which the separate commodities have been treated. NUMBER OF COMMODITIES AND QUOTATIONS IN VARIOUS FEDERAL RESERVE BOARD INDEXES. Raw materials. • United States .England .. France Canada Fapan 23 22 25 24 12 T o tal 3 a 37 38 39 34 1.8 'o 21 *2!i 30 19 21 31 35 36 29 35 O rr otat ioi p | : i , .2 5 THE i o | | : Coi - otai - Consumers' goods. Coi Index for— Producers' goods. TOT price levels in the three countries is compensated to a considerable extent hy exchange rates. The British level, however, has tended to be slightly higher than the United States level and the Canadian slightly lower (except in the winter 1920-21, when United States prices were falling very rapidly). But even when exchange rates are taken into account, the Japanese level is definitely higher than the level of the United States. Exactly why this difference exists it is impossible to state at this time. It may be due to the influx of gold into Japan in the past few years or to price and exchange control or some other similar factor. In any case it is striking, in view of the close trade relations between the two countries. 325 1055 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. . o | | & o 24 17 19 25 29 33 24 23 i 38 • 37 | 68 64 74 68 62 101 97 98 101 90 Hence it is apparent that in all of the index numbers there is a fair distribution of quotations between raw materials and manufactured goods. Although a few unmanufactured goods such as vegetables, rice, fruit, etc.,7 are included in the classification of consumers goods and a few relatively unmanufactured commodities,7 such as rubber, are included in producers goods, for the most part all items included in these two classes are manufactured or partially manufactured materials. In a weighted index the proportions assigned to each of the groups is of as much importance as the actual number of commodities represented. In general, the following table shows a weighting of around 40 per cent for raw materials and 60 per cent for manufactured and semimanufactured goods. RELATIVE IMPORTANCE OF R A W MATERIALS AND M A N U FACTURED GOODS IN THE F E D E R A L R E S E R V E BOARD I N D E X N U M B E R S IN 1913, AND J U N E , 1922. [Percentages.] Raw ma- j Producers' ! Consumers'; All comterials. • goods. \ goods. ; modities. Index for— 1913 1919 1920 1921 1922 by the Federal Reserve Board. The word 1 commodity" is here used in a rather narrow sense; for instance, wheat and wheat flour are considered different commodities, but red winter wheat and spring wheat are considered the same commodity. Similarly, raw cotton, cotton yarn, and cotton cloth are here thought of as three different commodities, but the different grades of any one of these are not so considered. When the number of commodities included in the indexes is relatively high, this signifies a United Stales England Franco Canada Japan « 43 4-i 53 29 June, 1922. 43 42 45 50 2o ... i June,! . 1922. | June, ; 1922 1922, | 13 J6 25 21 12 20 37 28 31 35 52 41 33 34 a? 54 : 19U 100 100 100 100 100 June, ! 1922: 100 100 100 100 The distribution of weights according to industries shows the fundamental dissimilarity in the industrial structure of these countries. The French and Canadian indexes are in a sense predominantly food indexes; in Japan and the United States other industries outweigh food, while in the United Kingdom 1056 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. foods represent only 30 per cent of the total. The relative importance of imports and Similarly the iron and steel, coal, and textile exports as compared with domestic goods is industries are of varying importance in these summarized in the next table: countries. RELATIVE IMPORTANCE OF DIFFERENT INDUSTRIES IN FEDERAL RESERVE BOARD INDEX NUMBERS IN 1913. RELATIVE IMPORTANCE OF DOMESTIC GOODS, IMPORTS AND EXPORTS IN FEDERAL RESERVE BOARD INDEX NUMBERS, IN 19]3 AND J U N E , 1922. [Percentages.] [Percentages.] (irains Live stock, meat, and fish. Other foods and drink Total foods Iron and steel Fuel Other minerals and metals Textiles . . Building materials Chemicals Miscellaneous. Total other than foods '...:. Grand total Index for - 11 23 13 10 9 11 23 14 15 28 13 11 21 4 21 47 30 52 52 46 8 9 6 13 5 2 10 15 17 4 24 3 1 6 13 7 3 14 3 1 7 7 7 5 11 10 i1) 2 6 ?, 35 3 2 4 53 70 48 ~* 100 jloo" 100 100 Japan. Canada. Kind of product. France. United States. England. Index for — 100 As already mentioned, the general index numbers are split up into group 7 indexes not only for raw materials, producers goods, and consumers' goods, but also for domestic goods, goods imported, and goods exported. Although a larger proportion of commodities entering into foreign trade are included in these indexes than in most of the indexes now being published, in certain cases, notably that of French exports, the indexes of prices of imports and exports are incomplete. In other words, if it were possible to give representation to a larger proportion of goods entering into the import and export trade, the resulting index numbers would in all probability1 vary considerably from these now obtained. An analysis of the various index numbers shows the following representation of foreign trade: PERCENTAGE OF TOTAL IMPORT AND EXPORT TRADE R E P RESENTED IN INDEXES OF PRICES OF IMPORTS AND EXPORTS IN FEDERAL RESERVE BOARD INDEX NUMBERS. [Basis, 1913 values.] Index for — United States. Imports. Exports. 79 ! England. France. Canada, j Japan. 53 | 49 62 i 33 ; 36 | 74 i This has proved to be the case with British export prices, for which there is not only the Federal Reserve Board index representing 49 per cent of the export trade, but also the Board of Trade index representing the total trade. On the other hand, the Federal Reserve Board index ofprices of British goods imported, representing 53 per cent of the import trade, is In substantial agreement with the Board of Trade index covering total trade. L < iVrfinoo anco - Canada. Japan. i©; 5 Domestic goods to total. Imported goods to total. Total Exported goods to domes tic goods S 5 ! 3*! 5 93 : 96 74 76 • 81 . 81 7 j 4 ; 26 24 19 : 16 87 " 86 i 83 13 : 14 \ 17 | 8o If. 100 'l00 100 100 !l00 ilOO :l00 |l00 '100 | 100 8 \ 22 20 ' 10 9 22 " 22 j 16 17 54 1 Two-tenths of 1 per cent. I United ! Eng- | States. ! land, j Ratio of— QUOTATIONS AND WEIGHTS FOR THE JAPANESE INDEX NUMBER. The American, British, and Canadian index numbers have been constructed for the pre-war year and the period since January, 1919, the French index number for 1913 and the period since January, 1920, while the Japanese covers only 1913, 1921, and 1922. In future, the American, British, Canadian, and French numbers will be published a month in advance of the Japanese number, as prices in those countries are received by telegram or cable, while Japanese prices are received by mail. Hence publication of the January index number for Japan will not be possible until about March 15, while the other numbers for the same period can be published about one month earlier. Japanese price quotations arc furnished to the Federal Reserve Board by the head office of the Bank of Japan in Tokyo in exchange for American price quotations supplied from here. They are collected not only from trade journals, but also from a large number of business men in Tokyo and other leading cities. The monthly figure used in constructing the index numbers is an average of weekly quotations. , As in the other cases, the Japanese index number is "weighted" according to production and trade in 1913. The sources used in obtaining the weights were: (1) Annual statistical report of the Department of Commerce and Agriculture of the Imperial Japanese Government. , (2) Foreign trade reports of the Customs Bureau of the Department of Finance of the Japanese Government. 1057 FEDERAL, RESERVE BULLETIX. SEPTEMBER, 1922. (3) Japanese Financial and Economic Yearbook of the Department of Finance of the Japanese Government. (4) Oriental Economist, annual numbers. Important adjustments were made in the production weights for rice and sweet potatoes, two of the leading Japanese foods. In the case of rice, it was estimated that two-thirds of the total was consumed at the place of production, while in the case of sweet potatoes about one-half of the total output remains on the farms. In weighting these commodities, therefore, production was decreased by twothirds and one-half, respectively. Nine other commodity weights were increased or decreased in order to give representation to more highly manufactured commodities in the industry or else to make allowance for the fact that the quotations used in the construction of the index were for a higher or lower grade than the average for the commodity. These are as follows: (1) Coal. = (2) Lumber—Pinas family. (3) Lumber—cedar. (4) Glass. (5) Firewood. (6) Japanese paper. (7). Silk crepe. (8) White nankeen. (9) Imported steel products. In the following table, the quotations used in constructing the index number are listed with the weights applied to them. The unit is that in which the commodity is quoted and the weight is expressed in the same unit: A. GOODS PRODUCED. Commodity. T. Raw material*. Barley Wheat.... Rye Soy bean. Rawsilk Heinp Coal Coke Copper : Pig iron Pinas family Japanese cedar Unit. 1 koku Musashi, common grade . . . 100 kin Principal districts, common, grade 1 koku Chugoku, common grade do " Tokachi, common grade . . . 100 kin Bushu,, No. 1 _....__ - - - - l0 kwan Yashu, Okaji, line quality (Honmotaba) - 1 metric ton Tagawa, bituminous lump 100 kin Common grade do • Electrolytic I metric ton Xamaishi, common grade ' 1 koku= 10 cubic shakn.. \ Tohoku, 2kcn.shaku, big size.do ivishu, Shingu, 2 konshaku, common size II. Producers' gnnrh. Cotton yarn Spun hemp Spun silk yarn. Indigo....". Bricks European paper Cement Roofing tile Mats for floor Plate and sheet glass Flour by machine . Fish manure Supcrsulphate Soy bean cake Ammonium sulphate Potash Caustic soda Mineral oil Leather Steel bar Steel sheet III. Consumers7 goods. Rice. Sweet potatoes Small rod bean Potatoes Soy Miso Sake (wine) Tea Sugar Salt Bonito, dried Fowl eggs Beef Salted fish Tobacco Firewoods Charcoal Rapeseed oil Matches Japanese paper Grade. Market. f ' Tokyo clo •• do • do Yokohama. _ Tokyc : do. : do • do i d i d.. i dc ! Weight (000's omitted). 10,643 12,085 7,818 3,545 234 267 5,287 8,681 1 1,108 n 5,445 3,914 \ Osaka.. I. bale= 100 pounds | Kancbo Cotton Mill, 16s, 40 bdl '• Tokyo. I kwan i . . \ 1st grade, Xo. 70 do.. 100 momme i Silk thread. white 100 kin ' Awa, natural, fine quality .do., ". ;... .do., 10,000 i Ordinary, Lst grade 1 pound i Fuji Paper Mill, printing paper. " Gold iOagle " . . ! . . . .do., ;... .do., 1 barrel=380 pounds i Portland (Asano) Sanshu, Sangawara, polished one side, fine ' . . . .do.. 100 pieces quality. ! 10 sheets i Bicchu, Flayashima, common grade .do., 1 ease= 100 square feet... ! Ordinary plate (38-103) ',... .do.. : :... .do.. I balc= 49 pounds \ Second grade, " Tsuru" brand 1 kwan i Herring guano •... .do., !... .do., 1 kamasu= 7.5 kwan ' 19.5 per cent soluble -..• 1 piece=4fi kin ' Common grade :... .do.. 1 kamasu= 10 kwan I: Con taining 20 per cent nitrogen .do., ' Hong ton Potassium chloride ;... .do., ' 100 pounds ' u Shiro Maru" brand .do.. : ! • 1 case=2 to Iloden motor oil, " Aka Jensho" brand . . . .do. 100 kin • Tanned, cow hide, common grade ' . . . .do., ' 10 kwan , 4-inch .do., , do [ 4 by 8 feet by \ inch ;... .do.. 1,693 1) 211 r>, 530 97 49 374.800 4', 562 5,530 1,699 764 13,581 35,650 15,840 7,868 107 5 174 1,849 63 1,444 ; \ 1 koku ' 1 bale=14 kwan : 100 kin do ' '10 casks=9 to • 1 kwan 10 da=7 koku 4 to 1 kwan 100 kin do ; 10 kwan 1 kwan 10 kwan 1 kwan 10 packages^ 400 mom m e 10 soku=(>0 pieces 100 bales=400 kwan 1 case=2 to , 3 cascs= 50 gross 600 jo Fukagawa, standard quotation Fine quality Otaru, common grade Fine quality, white Fine quality Tokyo, fine quality Common grade Yamashiro, Chutoh Taiwan, granulated Common grade Tosa, honbushi Common, domestic Quarter Ncmuro, salted salmon, fine quality Cut, "Hagi" Hitachi, kunugi (quercus serrate). common Akita, nara (quercus gran dulifera), hard Common grade (Yokkaichi) Kobe, hosojiku Iwami hanshi ("se" brand) j i : =' • ; • ; : ' ; j ; i ] ! \ I do.. do.. do.. do.. do.. do.. do.. do.. do.. do.. do.. do.. do do do do.. do.. do.. do. do.. 17,4.89 37,043 1,368 11,856 2,657 6,760 572 8,780 2,726 12,572 222 13,360 1,126 121,250 26,272 92,331 880 1,130 1,035 1,338 1058 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. A. GOODS PRODUCED—Continued. Commodity. Unit. Kerosene Silk crepe Silk fabric ' .1. ease=2 to .100 mommc do Muslin White nankeen (broad) White nankeen (narrow) Cotton fabric with mixed silk Fancy nankeen Woolen cloth and serges 1 yard 1 tan do... '•• do • do 1 yard Grade. Weight (000's omitted). Market. i "Kuro Komori" (Nippon Oil Co.) do j Nagahama, broad do i Fukui, habutae (" Matsu"), shakugo 5 momme ''• Yokohama ! tsuki. i Red, No. 100 Tokyo I 2 haba, " Konchidori" Osaka I Bleached, second grade, "Tokhva" Tokyo i Common grade...." '. do I Yorifutako, common grade do Broad striped serges do j ; ' : 1,762 8,205 5,973 09,600 .12,407 72,261 41957 39,801 3,421 B. GOODS IMPORTED. I. Raw material?. Wheat Soy bean Cotton, ginned Hemp Coal Pig iron II. Producers' goods. Worsted yarn Indigo European paper Plate and sheet glass Flour by machine Soy-bean, cake Ammonium sulphate Potash Nitrate of soda Mineral 6il Leather Steel bars, rods, and angles Steel, plate and sheet .". Steel, tinned sheet ITT. Consumers' goods. Rice Small red bean Sugar lit Fowl eggs Kerosene White nankeen (broad) Woolen cloth and serges j M00 kin ! do I do I 32kwan j 1 metric ton | do ' | American, common grade j Manehurian, white, common grade j Good middling | Manila, common grade I Bujun bituminous, lump Hanyang, No. 1 . i 1 pound 20 in/in 120 pounds Artificial, grain 1 pound Printing, common grade 1 case=100 square feet... Belgian '(38-103)....' 1 bale= 49 pounds | American, standard patent 1 piccc=46 kin j Manchurian, common grade 1 long ton i English, containing 20 per cent n itrogen 1 pound I Chlorate of potassium 1 long ton | Chili 1 case= 2 to Standard Oil Co. lubricating oiL 1. tsubo= 1 square foot... American kid, black 10 kwan European, -•> inch do European, 4 by 8 feet by -£ inch 1 case=100pou: se= 100 pounds ! do 1 ." Rangoon. special quality Manchurian, red, common grade Java, raw, white Kwanto, common grade Shanghai, common (280-360) Standard Oil Co., fine Chaster .White calico, " S a r a " brand Frosted melton 100 kin ....do 1 picul= 103 kin. lbale=100kin.. 1 case. i I case= 2 to ! 1 yard | do ' Tokyo do do ....'. do i do ! do ! • ; | • >. '• ! \ j I J ! ! ! ' j * \ \ [ ; do do do do do do do do.... do do. .do. .do.A~ do. do. do do do do do do do do '•: : ' ' j j j j I I | | I \ j : I i | ; \ 2,814 1,780 5,631 204 577 342 6,558 17 82,870 440 770 26,337 100 11,000 74 550 2,600 6,312 6,122 807 7,263 546 1,865 666 220 2,456 17,800 14,500 C. GOODS EXPORTED. I. Raw materials. Raw silk • Coal Copper j i 100 kin I 1 metric ton.. ; 100 kin Bushu, No. 1 Tagawa, bituminous, lump Electrolytic I balc= 400 pounds lOO'momme I pound i. barrcl=380 pounds i i casc= 100 square feet... Kanebo Cotton Mill, 16s, 40 bdl > Osaka.. Silk thread, white •• Tokyo. Fuji Paper Mill, "Gold Eagle" printing paper... 1 do. Portland (Asano) ' do. Ordinary plate (38-103) do. 454 810 19,813 157 73 Fukagawa standard quotation do. Fine quality do. Common grade do. Yamashiro, Chiitoh " do. j Taiwan, granulated ' do. "..! Common grade (Yokkaichi) do. ! Kobe, hosojiku -. \ do. j Nagahama,'broad ; do j Fukui, habutae ("Matsu") shakugo 5 mommc ; Yokohama. j tsuki. ; j Red, No. J00 Tokyo. 2 haba, "Konchidori"...._. , Osaka.. Bleached, second grade, " Tokiwa" : Tokyo. Yorifutako, common grade ' do. 381 36 4 4,084 1,690 160 880 96 3,928 •.. Yokohama Tokyo do 202 3,870 711 II. Producers' goods. Cotton yarn Spun silk yarn European paper Cement Plate and sheet glass III. Consumers' goods. Rice Soy Sake (wine) Tea Sugar Rapesoed oil Matches Silk crepe Silk fabric Muslin White nankeen (broad) White nankeen (narrow) Fancy nankeen ] : , : i I koku 1(1 casks=9 to 10 da=7koku 4 to I kwan 100 kin.. „ .1 case=2 to i 3 cases= 50 gross •• 100 momme ; do : : I. yard ' 1 tan ! do. ; do. 760 1,210 15,102 1,550 1059 FEDERAL- RESERVE BULLETIN. SEPTEMBER, ] 922. [1913 = 100.] To facilitate the conversion of Japanese units. of currency, measure, and weight into Bank of Japan index (unweighted) those of the United States, the following table Federal Reserve Board index (weighted) is appended: Representative items. Moneys: Yen Sen=T-U yen Rin=-nrVrr yen Long measures: Jli=36 cho .:. Cho=60 ken Ken=6 shaku Jo=10 shaku Shaku=J ken Shaku3 (dry goods) Sun=3 & shaku Bu=j-J-o- shaku Tan Hiki=2 tan Kama Square and cubic measures: Square ri Cho Tan Se=ffr tan Bu or tsubo=-3V s(^ S h a k u s h i m e=12 cub. shaku Koku Capacity measures: Kolai Koku (dry measure) To=YV koku To (dry measure) Sho=-Ar to. '. Go=TV sho Koku (capacity of vessels) Weights: "Kwan=1,000 momme Kin=160 momme.; Momme Picul=100 kin United States. 0.4984 dollar. 0.0049 dollar. 0.0005 dollar. 2.440 miles. 119.3 yards. .1.988 yards: about 6 feet, 3.314 yards.' 11.93 inches. 1.234 feet, 1.193 inches. 0.12 inch. About 35 feet. About 70 feet. About 40 yards. 5.95501 square miles. 2.450 acres. 0.245 acre. 118.6 square yards. 3.953 square yards. About 12 cubic feet. 10 cubic feet. -17.65389 gallons. 5.11902 bushels. 4.765 gallons. 0.5119 bushel. 1.906 quarts. 0.3812 pint, Important commodities. Rice Cotton yarn Cotton ginned Sake.... Raw silk White nankeen : Sweet potatoes i ! Price, I January, | 1921, relative to 1913. Per cent. 11.5 7.5 7.2 6.7 6.0 4.2 3.5 130 156 140 127 167 155 67 7)942 46.6 134.6 Unimportant commodities. Potash Leather Mineral oil Indigo Plate glass Hemp Bricks Dry bonito European paper Pig iron Worsted yarn Salted fish Spun hemp Roofing tiles ' Matches Muslin Japanese paper Beef. Woolen cloth... Japanese cedar. Firewood Charcoal 0.08 .09 .09 .1 .1 .2 .2 .3 .3 .3 .3 .3 .3 .4 .5 .6 .7 .7 .9 .9 1.0 263 313 351 448 250 364 311 311 412 283 297 333 449 365 356 320 290 304 400 345 318 285 ! 22)7368 j 334:9 The completed index for Japan is given in the following table. As already stated, 8.26733 pounds. monthly figures for this index have not been .1.32277 pounds. 0.13228 " a v o i r d u p o i s e computed prior to 1921. TO oi one ton. o u n c e ; 0.12057 tTO y I N D E X N U M B E R OF WHOLESALE P R I C E S IN JAPAN. ounce. [Constructed by the Federal Reserve Board for the purpose of inter132.2 pounds. national comparison. Average prices in 1913=100.] PRICE ADVANCE OF IMPORTANT AND PORTANT COMMODITIES. UNIM- Technical reasons were mentioned above as accounting for the difference in the Japanese price level as it works out according to the Bank of Japan index number and that of the Federal Reserve Board. Data showing that important commodities were nearer their prewar average price level in January, 1921, than unimportant commodities are presented in the next column. Without working out two experimental indexes with the same data, weighted and unweighted, it is apparent from the following tabulation that a weighted index covering this period would be considerably lower than an unweighted index. 1. 2. 3. 4. 5. 6. 7. 201 176 Importonce in 1913 in Federal Reserve Board index. COMPARATIVE U N I T S . Japan. January, 1921. Month. I Goods ' Goods j Goods ' Raw ProCon- | All pro- ; im- j exducers' I duced. -ported, 'ported. I terials. goods. goods. i modities. 1921. January February March April May June July Aligns t September.. October.... November.. December.. 177 173 170 173 179 178 186 184 197 208 204 201 1922. January February... March April May June July 198 192 187 186 185 188 197 ! . ; . " : • ' ! : , ; : i i •' ; i : 170 158 148 1.46 146 141 140 144 167 172 162 154 153 151 153 151 157 166 167 175 ". 173 ' 167 i 167 : : 165 163 166 i 166 , 175 ' 1 8 5 •• 1 8 3 •" 192 ; : : ' ! ! '; 1.97 .186 175 176 183 ! , ' i 192 196 i i 161. ! 155 :I 149 148 j 147 ! 142 I 141 j 142 i 159 I 171 ! 167 I . 167 i 192 184 173 179 180 181 184 187 199 209 193 192 179 174 174 177 185 185 197 193 207 217 2L5 209 168 163 157 157 164 168 191 183 183 183 182 191 195 203 J98 195 192 189 19J r I I I : : i • ; i ! : , i j : 176 171 167 169 173 172 178 177 192 202 197 193 191 .185 182 180 ISO 1S4 192 1060 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. BUSINESS AND FINANCIAL CONDITIONS ABROAD. UNITED KINGDOM. THE FOREIGN TRADE SITUATION. I following table sets forth the data for recent I months: IMPORTS AND EXPORTS OF GOLD SILVER. The increase in British merchandise exports during July and the reduction in the [In thonsands of pounds sterling.] unfavorable balance of trade below the level of previous months is a distinctly encouragSilver. Gold. ing sign. At the same time the value of im- j ports, although slightly lower than in June, | Year and month. Ex- Im- Bal- Ex- Im- j Balremained at a reasonably high figure, there ports. ports. ance.' ports. ports. ! ance.1 being no indication of a slackening in. the demand of British manufacturers for raw 1913, avcraw 1,208 i + 1 3 0 3,841 : 4,961 ' -1,120 ; 1,338 1,004 857 j -1-147 4,946 •• 4,140 ! + 803 materials from abroad. In view of the coal 1921, average 1922. j strike in the summer of 1921, which seriously S98 3, S3(> ' 3,578 i 350 ; -f f>48 disturbed all trade, but particularly exports, January 375 62") I - 2 5 0 3,240 ! 2,101 ' ••c-839 ; .February comparison with the situation in trie middle March 1,909 1,028 ;; +281 l', 184 j 913 , -i-271 817 782 +35 April . 1J338 . 1,278 +60 ; of last year does not accurately reflect the true LMay .'.: 2,824 ; 3,147 • - 3 2 3 1,704 1,104 ! +600 ' " —' ' 2,558 i 5 0 0 • 1,108 561 i +547 2,058 position of foreign trade. The following table, June ! 886 474 ; +412 9,515 2\ 818 +6,697 therefore, compares the monthly totals for July the present year with the monthly averages 1 Excess of exports ( + ) ; excess of imports (—). for 1921 and "also 1913: The outstanding fact shown by these figures FOREIGN T R A D E OF THE U N I T E D KINGDOM. is the large volume of gold exports in July, [In thousands of pounds sterling.] which reflects the preparations of the British Government to meet the initial payment of f interest on its debt to the United States. Year and month, j Exports. \ J££^ \ 0 ^ r t s . : Imports, j g ^ ° An analysis of British foreign trade by groups of commodities discloses a number of signifi! 9, 13 L 1913, average 43.770 52.901 64.061 ! 1.1,160 23,036 cant facts regarding recent movements. As 8,921 67; 521 90J 557 .1921, average j 58,600 the table on page 1101 of this issue shows, im1922. 4.882 ports 6f raw materials in the last two or three 76,488 8.459 ' 71,606 January .: 63,147 . '866 10' 174 I 68,509 February...:. 58,335 i 69,375 13,141 months have been above the 1921 average and 87,879 March 64,581 , 10,154 ! 74, 735 15,953 9,200 i 64,708 April 55,508 ! 80.661 21,804 distinctly higher than in the corresponding 8,965 i 67,010 May '. 58,045 : 88.814 23,432 8,720 1 84', 298 60,8(56 June , 52,146 j months last year. Imports of food, drink, and 8.317 13,048 July ; 60,419 , 81'. 784 68.736 tobacco at the same time have been reduced both below the 1921 average and the correIt will be observed that the July totals for sponding months of that year. This change both imports and exports are well above the in the relative proportions of the different1913 averages, and that the most recent ex- classes of imports is in the direction of a more port figures are also a little higher than the equal balance between the food and raw mamonthly average for 1921. The import bal- terials groups, such as existed before the war. ance in July is considerably less than the 1921 Imports of manufactures this year have repreaverage as' a result of the reduction in imports sented about the same proportion of total imthis year. In any comparison of the value of ports as a year ago. These facts, although not trade in recent months with pre-war figures, revealing any sudden or extraordinary shifting it is necessary, of course, to take into consider- of trade, nevertheless point in the direction of ation the higher level of prices now prevailing. a reduced unfavorable balance and a more Although shipments of bullion and coin have healthy condition generally. In order to show the relative volume of imnot been large, when compared with the figures for merchandise trade already submitted, it is ports recently, as compared with earlier desirable to show such figures by way of round- periods, the following table is presented, based ing out the picture of trade movements. The upon 1913 prices: SEl'TliiM HER, 1922. V A L U E O F I M P O R T S AT 1913 countries, the following figures of the Board of Trade are presented: PRICES. [In thousands of pounds sterling.] ^ Food, Period. Raw tobacco. Second quarter: 1913 1921 3922 : ' i : 42,238 27,769 42,226 GS, 451 68,026 69,181 Manufactures. 43,192 23,990 33,812 It will be observed that in the most recent quarter increases occurred in all three groups, when compared with the same period in 1921. Manufactures are not up to pre-war volume, according to this showing, but food and raw materials are approximately at the 1913 level. A similar compilation for exports is given below: VALUE OF EXPORTS AT 1913 P R I C E S . [In thousands of pounds sterling.] R E G I O N A L D I S T R I B U T I O N O F F O R E I G N T R A D E OP T H E U N I T E D K I N G D O M , F I R S T S I X M O N T H S O F 1913 A N D 1922. i Value (in millions of ; pounds sterling). Consigned from or to— Period. f ' ', ~ i, i j Imports, j Exports. !• Imports, j Exports. 1913 ' 1922 ! 1913 j 1922 !• 1913 j 1922 I 1913 j 1922 British India j •Self-governing d o minions • 1 Rest of E m p i r e . . . . Total British Empire 21 ! 52 : 22. 21 ' '. 93 : 28, 95 , 143 ' Europe United States Other foreign countries 34 j 44 " 4.3 | 13.3 12.6 \ \ 46 ! 59 ; 13.8 ] 19.2 17.8 i 16.7 15 I 26 !' 5.7 . 5.8 ! 5.9 I 7.5 95 j 148 ! 138 124 |, 39.0 :j 28.0 ' 34.4 , 35.1 70 25 18.4 22.8 i 5.4 | 7.0 111 . 97 '• 60 i 74 :, 17.6 j .19.9 23.2 \ 21.1 Total foreign countries.. Grand total.. Second quarter: 1913 1921 1922 1061 FEDERAL RESERVE BULLETIN. 284 ; 344 s 162 j 222 ;j 75.0 1 379 ; 487 I 257 : 70.7 , 63.0 ! 63.2 352 .100.0 100.0 :100.0 ; 100.0 ; ! • ! : materials. , tures. ! ; ' ' I i 7,255: 3,498! 4,408 I 16,805. 3,416' 15,199: 103,329 41,792 63,335 The distribution *6f British exports has altered remarkably little since 191*3, as the figures show. As between the British Empire and the rest of the world, the proportion of trade going to each was almost identical in the two half years under consideration. The distribution of imports has undergone more change, but the differences are not wide. British colonies furnished the United Kingdom with a somewhat larger proportion of her total imports in the first half of 1922 than in the same months of 1913. Europe, as would be expected, was not in a position to supply nearly as much as before the war, while shipments from the United States and other foreign countries outside Europe formed a larger proportion than in 1913. The large increase in the relative volume of raw materials exported in the second quarter of 1922 over that of 1921 is largely the result of the coal strike which occurred in the earlier period, and is not in itself significant. The decided expansion in exports of manufactures is an important development, although the relative volume in comparison with 1913, as shown in the foregoing table, still falls far short of the corresponding pre-war level. So far as individual commodities are concerned, perhaps the most noteworthy increase in July occurred in exports of textiles. ImFRANCE. ports of raw cotton, on the other hand, fell off considerably, but this is to be regarded During the past summer very little change more as a usual seasonal development than has been apparent in the economic situation in as a significant change in trade. It should France. As was outlined in last month's be noted, however, that for two or three months BULLETIN, conditions improved somewhat durprior to July imports of raw textile materials ing the first six months of 1922, after which were at a high level, finding reflection at a later they seemed to reach their level and have become date, apparently, in the expansion of exports neither better nor worse. This is not surprisof finished textiles. Exports of coal mounted ing in view of the gravity of the general Eurofrom 4,794,000 tons in June to 5,064,000 tons pean situation. One after the other the interin July, and an upward trend was also re- national conferences have adjourned without ported in exports of iron and steel products. mending matters. As everyone admits, the Machinery, in particular, was exported in situation in Europe to-day is highly critical, larger quantities than in June, as a conse- j and uncertainty as to what the next day will quence of the termination of the engineering j bring can not fail to exercise a discouraging dispute. | effect on business. For half a year scarcely a In order to show the direction and distribu- | week has passed without a crisis which threattion of British foreign trade by groups of i ened catastrophe. In such circumstances it 1062 FEDERAL RESERVE BULLETIN. is difficult to see how French industry can be expected to advance rapidly toward recovery. SEPTEMBER, 1922. COMPTOIR NATIONAL D'ESCOMPTE. Dec. 31, 1921. M a y 31, 1922. 398, 271 5,651,291 2,405 173, 767 330,025 2,497 3,100 163, 579 72,483 125,487 16,588 284,754 i j. 2,861,994 • 2,255 156,852 324,677 ! 2,144 | 3,100 I 158,353 | 74,744 ! 48,463 i 27,819 CONDITION OF COMMERCIAL BANKS. With a view to discovering further details of the changes in finance and trade during the first part of the year, the statements of four of the most important commercial banks are summarized below. Only the more significant items are given. There is no uniformity in French bank statements. Under French law banks are simply corporations, and, like corporations in the United States, they may present their statements as they see fit; nor are they subject to public auditing. The banks are relatively free from legal restrictions, the greatest possible latitude being allowed their managements. The want of• similarity in statements makes it difficult to compare them with each other in detail, but general comparisons have considerable value in determining economic and financial conditions. ASSETS. Cash Portfolio and treasury bills.. Reports Correspondents Open accounts Securities Participations Secured loans Acceptances Sundry Agencies outside of Europe.. ' Total resources SOClfiTE ' May 31, 1922. ; ! 500,111 i 3,791,115 ' 164,300 " 778,139 j 6.231 ! 201,648 495,179 3,876,173 164,919 697,962 5,746 90,929 I 1,694,322 j 2,873,030 : 86,369 , 28,489 i 49,953 •' 276,257 i 200,000 | 250,000 1,741,990 2,851,368 79,790 21,616 45,141 136,904 200,000 250,000 , Total resources ". j 5,549,308 5,437,071 SOCIETE GENERALE POUR FAVOKISER LE DfiVELOPPEMENT DU COMMERCE ET DE ^'INDUSTRIE EN FRANCE. Dec. 31, 1921. Cash Portfolio and treasury bills Reports i Secured loans..'. Open accounts Securities Participations Unpaid capital Total resources May 31, 1922. 433,358 ,397,125 4,039 204,807 ,253,167 51,634 37,925 250,000 I 362,410 I 3,433,841 ! 8,213 j 242,947 i 1,245,943 j 56,960 | 38,848 | 250,000 LIABILITIES. Capital Reserve Checking accounts. Time deposits Acceptances.. Open accounts I 500.000 53', 070 ,145,348 145,672 86,677 j 3,821,125 500,000 54,324 1,164,292 129,986 68,599 3,781,015 5,758,310 5,718,592 i When itemized separately, the term "reports" usually refers to loans on Bourse transactions/ 2,064,399 1,359,061 25,570 75,665 108,466 70,312 250,000 j 4,036,650 , 4,0427311 Mav 31, 1922. ASSETS. Cash Portfolio and treasury bills.. Open accounts Reports Secured loans Acceptances Securities Sundry .' 37,537 431,284 44,502 2,135 21,707 3,000 66,363 29,627 378,486 63,431 1,069 20,755 3,067 65,873 361 233 95,384 349,589 78,580 3,000 17,260 3,480 29,000 100,000 107,483 320,183 59,252 3,315 13,714 3,480 30,000 100,000 714,433 681,489 LIABILITIES. Checking accounts Open accounts LIABILITIES. Deposits Open accounts Collection items Acceptances Time deposits Sundry Reserve Paid-in capital ; i 982, ! l, 358, 26, j 72, ! 189. j 68! 250: 000 Doc. 31, 1921. Dec. 31, 1921. ASSETS. '• GENERALE DE CREDIT INDUSTRIEL ET COMMERCIAL. CREDIT LY^NNAIS. [In thousands of irancs.] C ash Portfolio and treasury bills Secured loans Open accounts Securities Sundry.. A LIABILITIES. Checking accounts Open accounts Time deposits Acceptances Sundry Reserve Capital Deposits Acceptances Sundry Rediscounts Reserve. Capital ."• Total resources ....... The item of cash, including cash in other banks, in the foregoing statements may seem at first rather small, but it must be remembered that the very liberal discount policy of the Bank of France makes this possible without impairing the banking structure. The accounts show in general a decrease since the first of the year, but otherwise there is not much change in the banking situation. In this it supports the deductions drawn from the statements of the Bank of France. The small, but very distinct, improvements in commerce and industry which took place during the first half of the year seem to have occurred without making a clear impression on banking statistics. There is little reflection of the disturbance connected with the reorganization of the Banque Industiielle de Chine and the difficulties of the Societe Centrale des Banques de Province. That such a great failure as that of SKI > TKMBER,1922. the Banque Industrielle de Chine did not precipitate a financial crisis is due to the prompt and effective cooperation of the other great banks, tne situation being not unlike that of the Banca di Sconto collapse in Italy. Altogether the matter was handled in such a way as to reflect great credit on the cooperating banks. Nevertheless, it should not be assumed that such disasters can occur without causing a severe shock to the financial structure, even though the force of the blow and its visible effects be reduced to a minimum. REPARATIONS. As far as France is concerned, perhaps the outstanding economic factor in the reparations situation is coal% The treaty of Versailles assigned very important iron-ore deposits to France, while leaving the coal, which is required to make the deposits industrially available, in Germany". The latter country is now a heavy importer of French iron ore, and while exporting coal as reparations, is obliged to import large quantities of British coal. The following figures show the vital importance of the clause of the treaty affecting coal deliveries. Under the protocol of Luxemburg deliveries between November 11, 1918, and August 31, 1919, amounted to 4,146,700 metric tons. Under the treaty (September 1, 1919, to February 28,1922) they have totaled 24,380,200 1 metric tons more. Since that time they have shown a declining tendency. The Reparations Commission has cut the total coal deliveries due to all the Allies for the current quarter (ending October 31) from 5,750,000 tons to 5,175,000. These figures help to explain the attitude of the French ^Government on the question of the Ruhr. While much emphasis has been placed on the political aspects of the " control" of the Ruhr as a guaranty of general reparations payments, too little attention has been paid in the news to the fundamental economic factor which underlies the situation. The political barriers now separating the coal of Germany from the iron of France are one of the major difficulties confronting industry in both countries. A second factor affecting French policy has been the slow progress of the reparations payments. In this connection it is interesting to note the following figures of reparations paid by Germany which were presented in the Chamber of Deputies on July 6, the figures being as of April 30, 1922. The total payments credited to Germany on all counts amounted to 10,779,000,000 gold marks, from which should be deducted 3,834,000,000 advanced to Germany after the armistice to replenish her food sup- 1063 FEDERAL RESERVE BULLETIN. plies (art. 235 of the treaty.) This makes the total German credits on reparations about 6,495,000,000 gold marks, of which 1,494,000,000 marks has been in cash and 5,451,000,000 marks in commodities. Of this total, France has received 1,936,000,000 gold marks, or approximately 27 per cent of the entire amount transferred from Germany to the Allies. As for payments of cash, out of the total of 1,936,000,000, France has received 447,000,000 gold marks, or about 29 per cent of the total cash payments. In addition, France has received public buildings (immeuUes) to the value of 302,000,000 gold marks. Total reparations in kind received by France amount to 1,188,000,000 gold marks, or 46 per cent of the total deliveries in kind. Of this amount, 517,000,000 gold marks were deliveries made at the time of the armistice, and only 672,000,000 gold marks are strictly to be regarded as deliveries in kind under the reparations program. ITALY. ECONOMIC CONDITIONS DURING THE FIRST SIX MONTHS OF 1922. The long and severe economic and industrial depression in Italy seems to have passed its lowest point. The signs of revival, of which rather faint indications were noted in last month's BULLETIN, have become somewhat more distinct, as the following analysis of Italian business statistics for recent months makes clear. Unemployment.—Unemployment continues to decrease. The figure for the first of June was 410,127, the lowest in nearly a year, and a decline of nearly one-third from the high figure of 606,819 (February 1, 1922). Analysis of these figures shows a well-distributed revival of activity, even the metal industry reporting improvement, though this has recently been disturbed by a widespread strike. In the textile industry, however, which was one of the earliest to show signs of recovery, most recent figures (May) show a slight decline in the number of workers employed. The largest reduction in unemployment was in activities which may be called "public works/7 over 100,000 men being taken on in a single month. Prices and the cost of living.—A noticeable decline in wholesale commodity prices marked the first five months of the year, Professor Bachi's index showing a decline from 595 for December, 1921, to 524 for May, 1922, with a 13-point rise in June. The figure for the latter month, however, is 28 points higher than a year ago, and in the interim there have been 1064 FEDERAL RESERVE BULLETIN. important fluctuations. Comparison with previous years discloses that this index shows what seems to be a seasonal spring decline and fall advance, and this repeated movement must be taken into consideration in drawing conclusions. The history of prices in Italy during the last three and a half years presents some phenomena not to be observed in other western countries. The Bachi index of 67 commodities (1913 base) reached one peak in April, 1920, at 664, prices having approximately doubled in the preceding 12 months, during which period the unpegged exchange was finding its level; a second peak of 670 was touched in November, 1920. Since that time the index figure has ranged between 500 and 650. Although there have been abrupt and severe movements in the index during this period, there has been no such sustained and radical decline as in France, where the index of the Statistique G6n6rale (1913 base), having reached 588 in April, 1920, declined steadily to 329 in May, 1921, since which time it has remained reasonably stable. The experience in both England and the United States has been similar to that of France, and quite dissimilar to that of Italy. In a later section of this article, certain features of the banking situation are discussed which seem to point toward renewed expansion. If this develops, it will find reflection in higher prices and lower exchange. Foreign exchange.—The movement of Italian exchange is closely related to the movement of prices, as a survey of the last two and a half years discloses. It appears that about one year elapsed between the removal of the "peg" in 1919 and the relative stabilization of the lira at a level very much below par. Since February, 1920, the lira has fluctuated between 3 cents and 6 cents, the lira advancing during the first half of the year, while commodity prices were declining, and declining during the latter half year, while commodity prices were advancing. The repetition of this phenomenon during two and a half years is evidently something more than coincidence. It seems to be a distinct seasonal wave, and is probably occasioned by purchases abroad, particularly of such staple commodities as grain, cotton, and wool. The extent of any resulting seasonal movement in exchange will depend upon the relative world prices of such commodities and the intensity of Italian demand. These factors, of course, are governed largely by the activity of the textile industries, in the case of cotton and wool, and the size of domestic crops in the case of foodstuffs. Domestic business.—It is difficult to find satisfactory indexes of domestic activity, other than those of employment, given above. Possibly the best available are the consolidated SEPTEMBER, 1922. clearing-house figures. Although these doubtless include some evidence of foreign trade, the bulk of the clearings certainly represents domestic trade. [Millions of lire.] Month. January February March April May June ! 1921 j i i \ ", ! 63,672 47,679 57,972 63,046 57,945 56,022 ! i i • ! j 192 56,341 46,972 46,020 41,590 44,457 46,192 As there have been no fluctuations in commodity prices that would materially affect these figures, they must be taken to indicate a slowing down of activity. The most interesting feature to be noted is the relative stability of the figures this year, while last year there was great irregularity from month to month. Foreign trade.—Tne figures of foreign trade are reasonably encouraging. The figures given below are to be considered as approximations, since the final official figures are not yet available. Italian exports and imports until July, 1921, were computed on the basis of official value units. Since then both import and export values for each month have been based on actual current price. Subject to final correction, the figures for the first four months are, exclusive of gold and other money: [Millions of lire.] Imports. Month. 1922 Januarv February March./. April 1921 Difrer- , 1,315 j 1,260 , +5"> ' 1,056 ! 1,427 '' - 3 7 1 i 1,311 I 1,623 i —31:2 1, 172 | 1,452 ' - 2 8 0 Total i 4,854 | 5,764 j Excess of imports. Exports . Month. : 1922 : 1921 January.. February March April Total -910 1 ! i i 619 i 720 : 716 690 ! • 2,746 ence. +40 579 +67 652 +62 653 076 • + 1 4 2,562 +184 1922 1921 695 336 595 482 08 L 775 968 776 2,108 3,200 This unfavorable balance for the first four months of 1922 compares with an excess of imports during the last six months of 1921 of 2,661,000,000 lire. The total adverse trade balance of 1921 was 10,800,000,000 lire. The table shows some improvement over last year. Furthermore, as offsetting the serious want of equilibrium between exports and imports, the expenditures of tourists and the remittances of emigrants, as well as the return from ocean freights, must be taken into consideration. Capital and investment.—In the last number of the BULLETIN attention was drawn to the need of capital by Italian industry as one of the prime factors of the reconstruction problem. That article traced the expansion of Italian industry during the war period down to the beginning' of 1922. The accompanying table covers the first six months of this year. As was explained on page 946 of the August BULLETIN, the item of "investments" includes both new organizations and additions of capital to old concerns, while the so-called item of "disinvestments" includes the elimination of capital by mergers, bankruptcies, or the scaling down of capital stock. As this table is not detailed, it is not advisable to attempt to draw too many conclusions from it; but, from its distinct value as an index of conditions, it is worth consideration. I N C R E A S E OF CAPITAL I N V E S T M E N T I N ITALY. [Thousands oflire.] Investments. Month. 1922. January February March April May Juno Total Disinvost- Net investments. merits. J86,455 250,168 255,395 314, Ul 153,426 129,257 281,047 477,1.73 68,940 i 63,972 ! 50,279 I 93,470 ' 280,630 656,131 35,787 416 -.178,958 1,610,439 1,213,422 ; 397,017 103,146 Several conclusions may safely bo drawn from this table. The most obvious is that Italian industry is still suffering from the effect of unavoidable postwar readjustments. The severity of the crisis during the month of June is shown by the disinvestment item of 656,131,000 lire, of which 555,454,200 lire represented bankruptcies. Some encouragement can be found in the sharp increase of investments during the second quarter. This shows that certain industries have weathered the storm and are able to attract capital. The textile and electrical industries seem to be recovering, but the metallurgical industry is still depressed. It will be recalled that the latter industry was enormously expanded during the war, but the lack of domestic coal and iron deposits makes very precarious its existence in the face of world competition. 8655—22 1065 FEDERAL RESERVE B U L L E T T J S T . SEPTEMBER, 1922, 4 The evidence deduced from the table of new investments is supported by the following figures of the prices of listed securities. The BULLETIN of last month brought this table to the end of the first quarter of 1922; the figures are here carried through June of this year. Since this table represents 131 corporations, with a total capital of 6,855,000,000 lire at the end of 1921, its value as an index of business activity may be appreciated. The index takes security prices in December, 1918, as a base. Business or activity. Banks Railroads Transportation: Land Sea Cotton Tut-e Wool Linen Silk. Mining Iron MacOiinery Automobiles Electrical.. Chemical Sugar... Oth31" food products. Waterworks Realty...: Specialties Dec, 1921 j 94 i 58 ! 54 j 125 .102 118 I 1*5! 153 ! 53 ! 1.7 32 51 59 I 101 107 90 100 112 Afar., 1922 June, 1922 90 J 52 92 55 01 ; 71 53 136 100 131 150 183 50 1-1 18 57 70 61 106 106 84 92 103 47 115 10S j us! ]24 j 128 ! 50 i i 68 54 97 98 87 i | j i 93 i 103 • The general index number is given by L'Economista as 63.84 for December, 1921, and 60.54 for June, 1922. I t will be noted that while there has been no great change during the period under observation, only the jute industry shows a decline from March. The hard-pressed metallurgical industry seems to be holding its own, while the silk industry shows a sharp recovery. It is curious to note that these percentages, originating in a period when the lira was pegged around 15 cents, seem to ignore the decline in the value of the paper lira. They seem to reflect internal conditions almost exclusively. In the above paragraphs such data as are available have been assembled to aid in forming a comprehensive estimate of the situation in Italy. From the combined evidence it seems that, industrially, Italy is still in a state of serious depression, but that encouraging signs arc increasing in number and in emphasis. The lanldng situation.—The savings banks show a steady increase in deposits for the early months of the year: 1066 FEDERAL RESERVE BULLETIN. SAVINGS BANK DEPOSITS. CONSOLIDATED STATEMENT OF B A N K S OF [Millions oflire.l Ordinary, savings banks. Month. Postal savings banks. 8,086 8,185 8,291 Net increase 324 ! 8,178 8,239 8,295 201 The total increase for the first quarter amounts to 525,000,000 lire, as compared with 1,060,000,000 lire for the same months of last year—probably a reflection of the unemployment situation. But it compares favorably with the figures for the last quarter of 192i, when deposits increased by only 409,000,000 lire, of which 206,000,000 lire represented matured interest of the postal savings system, and were credited to December. Tlie commercial banks.—The consolidated figures of the three large commercial banks 1 also show the quietness of industry and trade. There is little evidence of change during the past six months. The f6llowing table give the important items: [Millions of lire.] Month. December, 1921 Mav, 1922 Cash. . .. 1,997 841 Loans disDeposits counts, and and amounts amounts due to due from corcorresponrespondents. dents. 11,797 11,732 12,502 '11,698 The extraordinary decline in the cash item is due in part to the fact that the December figure was unusually high, being about 800,000,000 lire greater than in November. This was the result of the readjustment following the closing of the Banca di Sconto. This bank ceases to figure in the report after October, 1921, which renders the reports confusing. It is, nevertheless, disturbing to note that the May "cash" item is the lowest this year and is distinctly lower than the lowest figure for 1921 1,016,000,000 lire. The banks of issue.—The consolidated figures of the Banca d'ltalia, Banco di Napoli, and the Banco di Sicilia also show little change. i Commerciale, Credito Italiano, and Roma. DeMonth. Commer- Total i Gold re- ! reserve. ' j counts. ties. 1922 January February March ISSUE./ [Millions of lire.] Circulation Total for ac- circucount lation. of the State. December, 1921..! 1,999 I 1,092 ; 10,088 j 2,913 10,704 8,505 June, 1922 i 1,977 i 1,106 9,573 I 2,935 9,774 S,049 19,209 17,823 The most interesting features of this table are those showing the reduction in circulation. The item " circulation for the account of the S t a t e " 2 shows a decline of nearly half a milliard of lire in six months, and a decline of 2,695,000,000 lire since December, 1920. The apparently large decline in commercial circulation is misleading, as during the months of December, 1921, and January, 1922, this item was suddenly expanded, probably in connection with the Banca di Sconto incident. In comparison with June, 1921, the commercial circulation shows an increase of 337,000,000 lire. In fact, leaving out of consideration December, 1921, and January, 1922, when, as was stated above, special forces were affecting this figure, it will be noted that the commercial circulation is still near its peak, having been exceeded only in September and October, 1921, and February, 1922. It shows, moreover, a sharp rise in June OA^er the May figure of 9,259,000,000 lire. In view of the generally depressed condition of Italian trade and industry, this increase in commercial circulation is somewhat disquieting, especially when considered in connection with the low and steadily declining "cash" item of the commercial banks. It is possible that a movement in the direction of credit expansion is in progress, which, if continued, may lead to far-reaching consequences in prices and exchange rates. It is too early to reach a positive conclusion in this matter, but recent weeks show a marked increase in prices. It is possible that the whole movement is connected with the Banca di Sconto incident. During the entire period under consideration the rediscount rate of the Banca d'ltalia was 6 per cent, at which figure it had been fixed on May 11, 1920. On July 11 the rate was reduced to 5J per cent. Government finance.—The-Italian fiscal year closed on June 30. The total ordinary reve2 In considering the total of Italian currency, account must be taken of about 2,2G7j000,000 Government notes in circulation as of April 30, 1922, in addition to the note circulation of the banks of issue. FEDEKAL RESERVE BULLETIN. SEPTEMBER, 1922. nue has been officially announced to be 12,695,000,000 lire. The deficit is stated to be 6,581,000,000 lire. The total debt, as of April 30, 1922, appears in a report of the Parliamentary Finance Commission at 110,302,000,000 lire on October 31, 1921. Summary,—This general survey exhibits a number of outstanding features of the economic and financial situation in Italy. The finances of the Government are still in an unsatisfactory shape, industry and trade are at low ebb, the visible balance of trade is unfavorable, and the circulation seems to be in a new wave of inflation. On the other hand, the failure of the Banca di Sconto, which might have been expected to produce a financial cataclysm, was handled with such skill that the ill effects have so far been reduced to a minimum. Unemployment, though, still a problem, is decreasing. Savings bank deposits, which sank to a negligible figure in the last quarter of 1921, are increasing. The securities index, which declined to a very low point in March, shows a small but well-distributed recovery. GERMANY. BUDGETARY CONTROL. The terms of the memorandum of the Reparations Commission of July 22 establish foreign control over Germany's State finances in that two members of the guaranty committee accredited to the German Ministry of Finance will supervise and check all the revenues and expenditures of the German Government. It is therefore not without interest to analyze the present German system of budgetary control and to follow the various stages through which the required estimates of each department must pass. In the autumn of each year the estimates of the various ministries are transmitted to the treasury, where all items are carefully analyzed and scrutinized by an official of the treasury. Items which are thought to be unjustified are referred to the Minister of Finance. If he does not approve a certain item and the particular minister insists upon his estimate, the matter is referred to the entire cabinet. After all estimates have been approved by the Minister of Finance they are passed on to the Reichsrat, where each item is analyzed and examined by the Reichsrat finance commission. Upon.approval, of the budget by the latter body the entire matter is again referred to the Minister of Finance, who submits it to the Reichstag. This body, however, has no power either to increase or to decrease any item without the consent of the Reichsrat. Supple- 1067 mentary estimates are subject to the same procedure. Thus far the budget procedure does not differ widely from that followed in other countries. The system of current control, however, introduced in 1920, differs considerably and deserves closer attention. Each item of expenditure is stated under a specific " chapter" and "title" of the budget, both with regard to amount and purpose. Requests for money by any ministry can be made only against such definitely specified items. Every application for funds must be accompanied by a statement indicating under which heading and title of the budget the particular appropriation is to be found. All departments are prohibited by law from exceeding their appropriations without the special consent of the treasury. "Officials who are guilty of making expenditures which the Reich is not legally obliged to make are bound to compensate the Reich for the damage resulting therefrom." In order to execute strictly the provisions of the law and to keep expenditures of the various departments within their fixed limits, a triple budgetary control has been created: (a) Ministerial control.—Each ministry has its own accounting office. All excess expenditures of the department can be made only with the consent of the treasury after the books of the department have been audited. (6) Reichshaupikasse.—The duty of this institution is to make payments only up to the amount of the appropriations specifically stated in the budget and to see that po additional payments be made without special permission of the treasury. (c) Chief accounting department.—The function of this office is to supervise the transactions of the various ministries. The receipts and expenditures of all departments are finally audited by the Rechnungshof in Potsdam, which reports direct to the Reichstag all irregularities found. To decrease the huge deficits in the budget and to meet the demands of the Reparations Commission, the German Government determined to reduce expenditures as far as possible and in 1921 appointed a special officer, the "State economy commissioner," whose duty it is to see that "measures taken to decrease the expenditures of the Government be strictly executed." The reason for the creation of this new office was that the Minister of Finance did not have sufficient power to check all excess expenditures of the various ministries. In some cases, moreover, the controlling power he had was not fully exercised. 1068 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. As may be seen from the above discussion, the consent of the Reparations Commission. the expenditures of the German Government It indicates further to what extent foreign can easily be controlled and supervised if the budgetary control can reduce the expenditures guaranties committee has its representatives or of the country. The. revised estimates of the budget for the auditors in the treasury and in the Reichshauptkasse. Foreign supervision, however, can execution of the peace treaty in the fiscal year be of value only under stable conditions, when 1922-23 have been passed by the Reichstag the ministries are able to keep their expendi- and published. The total estimated expenditures approximately within the limits of the tures resulting directly or indirectly from the estimates of the budget. So long as the reve- peace treaty are 226,500,000,000 paper marks, nues and, to a much larger extent, the expendi- which may be divided into two parts. The tures of the •German Government depend upon first group, amounting to about 152,000,000,000 the quotation of the mark, no estimate can be marks, represents cash payments and deliveries of much value and no effective control is pos- in kind as determined by the Reparations Comsible. Changes in the amount of expenditure mission in March, 1922. The second group, of necessary for a given object are likely to take about 74,500,000,000 marks, represents other expenditures, such as clearing-house payments, place from day to day. The chief items of the German budget for cost of armies of occupation, etc. In his letter the fiscal year 1922-23 are expenditures under to the Reparations Commission, dated May 28, the peace treaty. A great part of these must 1922, Dr. Wirth, the German Chancellor, stated be made essentially in gold values, since Ger- that against the expenditures of 226,500,000,000 many is bound in most instances to make pay- marks there were revenues of about 71,000,ments to the Allies either in gold, foreign cur- 000,000 marks, which under favorable circumrencies, or in kind. The revenues of the Ger- stances could be increased to about 100,000,man Government, however, consist almost ex- 000,000 marks. He also indicated that certain clusively of paper marks. The throwing of economies had been introduced in order to large quantities of paper marks on the different reduce the deficit. markets abroad for the purchase of foreign exchange tends to depreciate the value of the BUDGETARY EXPENDITURES FOR THE EXECUTION OF THE PEACE TREATY. mark abroad, while the huge sums spent in the domestic market for the purchase of materials The following is a detailed analysis of Gerto be delivered to the Reparations Commission, for which no revenues have been provided, tend many's budgetary expenditures resulting difurther to depreciate the mark at home. The rectly or indirectly from the peace treaty for result of this situation is that the estimated the fiscal year 1921-22 and the corresponding expenditures for payments which must be made estimates for 1922-23: in gold or in kind are in most cases inadequate 1. Cost of armies o£ occupation: J922—5,219,550.000 marks. 1921 —5,928,204,100 to meet the actual cost. In addition, the inmarks. crease in prices is usually followed by an in11. Deliveries in kind: crease in the salaries of the numerous Govern(a) Deliveries of cattle, handled by the Ministry of ment employees, thus necessitating further new Food and Agriculture: appropriations. The instability of the value 1922—5,000,000,000 marks. 1921 — 1,370,000.000 marks. of the mark is one of the greatest obstacles to (b) Deliveries in kind excluding cattle, executed by the reorganization of Germany's finances. Acthe Ministry of Reconstruction: cording to the peace treaty, Germany is bound 1922—96,500,000,000 marks. 1921—8,650,000,000 to make large expenditures which at the presmarks. ent time she is meeting mainly by the issue of III. Payments in cash: new paper notes. Any decline in their value ' 1922—50,400,000,000 marks. 1921-7-76,400,000,000 marks. is followed by a further increase in the amount of outstanding notes and a larger deficit in the According to the, terms laid down in the London ultimatum dated May 5, 1921, and the note of the Reparations budget. Commission of March 21, 1922, Germany is to pay 720,000,German budgetary expenditures may be 000 gold marks during the year 1922. The above sum of divided into two groups—(a) those arising out 50,000,000.000 marks is derived by calculating 70 paper of the general administration of the country, marks as equal to 1 gold mark. At the present valuation of the mark, however, this amount will be far out of proincluding State-owned enterprises, and (b) those portion to actual needs. directly or indirectly resulting from the peace IV. Cost of commissions: treaty. 1922—1,011,600,000 marks. 1921—401..721,000 marks. A careful analysis of the second group of ex- This sum is merely a vague estimate; the salaries of the penditures shows that a great part of Ger- various commissions may be increased, and in fact are many's expenditures can be reduced only with increased, after every drop in the value of the mark. SKPrEMBER,1922. FEDERAL RESERVE BULLETIN". V. Compensation to German nationals: 1922—3.000,000.000 marks. 1921—1.000,000?000 marks. These expenditures are made in accordance with the compensation laws of July 8 and 28. 1921. They include payments in cash as well as interest payments on treasury bills and the redemption of such bills issued for that purpose. According 'to the above-mentioned laws, only GO.000 paper marks in cash may be paid to any one person. The rest is paid in interest-bearing treasury notes. VI. Articles 77 and 312 of the peace treaty (social insurance in Alsace-Lorraine): 1922—233,170,000 marks. 192.1—no payments. According to a decision of the Council of the League of Nations with regard to social insurance in Alsace-Lorraine. Germany is to pay to France 65.000.000 francs. The first installment of 10!'000.000 francs fell due on July 1, 1921. For every year up to 1923 a sum of 7.966,000 French francs is required. The sum of 233,170,000 marks to be paid during 1922 is derived by figuring 1 gold mark as equal to 70 paper marks. The total*amount to be paid during the year to other territories ceded by Germany lias not as yet been fixed but is estimated not to exceed 15.000.000 paper marks. The expenditures under (his heading are divided into two parts, one being handled under the ordinary and the other under the extraordinary budget. VII. Internationalization of German rivers: 1922—16.000.000 marks. 1921—2.000.000 marks. This includes payments to the various commissions, German as well as allied, in charge of the internationalization of certain important German rivers according to the various paragraphs of the peace treaty. VIII. Miscellaneous charges: 1922—1,620,665,000 marks. 1921—1,173,435.000 marks. These include subsidies to State and Federal employees in the occupied territories, expenditures for telephone and telegraph services for the various interallied commissions, and other miscellaneous outlays. EXTRAORDINARY BUDGET. In addition to the ordinary expenditures discussed above, the German budget provides also for extraordinary expenditures, as stated below: I. Officials and civilians of Alsace-Lorraine: 1922—187,200.000 marks. 1921—15.1.600,000 marks. Germany pays half-pay pensions to all former regular officials and other persons on the pay roll of the Federal Government of Alsace-Lorraine. 'The above sum also includes expenditures arising out of the removal of German citizens from Alsace-Lorraine. II. Refugees: 1922—535.000.000 marks. 1921—2(5.1,637.000 marks. This item consists of subsidies to refugees from Russia, and to German citizens removed from occupied territories in the east, the cost of housing refugees from ceded and occupied territories, and expenses of the Reichskomissariat for civil prisoners and refugees. III. Articles 77 and 312 of the peace treaty: 1922—6,400,000 marks. .1921—no payments. This represents insurance of holders of German social insurance policies living in territories ceded to other countries. IV. Mine sweeping: 1922—245,489,000 marks. 1921—113,820,000 marks. This item is handled by the Ministry of Defense and consists of contributions to the ordinary budget of the navy for the purpose of mine sweeping according to the peace treaty. 1069 V. War materials: 1922—1,775,000,000 marks. 1921—775,000,000 marks. It covers delivery and destruction of war material, restitution of war booty, as well as delivery of the proceeds of such material. In this item are also included payments made to private firms for the seizure of materials, airships, and airplanes destroyed, or handed over to the Allies. VI. Commissions: 1922—73,360,000 marks. 1921—53,278,000 marks. Includes expenditures arising out of the upkeep of the various commissions established by the Reparations Commission. VII. Restitution: 1922—13,250,000,000 marks. 1921—1,756,000,000 marks. This item represents restitution and substitution of living animals in so far as they are not reckoned as reparations on account of delivery in kind, and the cost of the Allied Restitution Bureau. VIII. Clearing-house operations: 1922—32,000,000,000 marks. 1921—12,000,000,000 marks. According to the agreement of July 10, 1921, Germany is to pay £2,000,000 monthly to the Reparations Commission for "pro-war indebtedness of German citizens to allied nationals. The above sum is arrived at by figuring 1,300 marks to the pound. At the present rate of exchange (end of August), however, of about 10,000 marks to the pound, the above appropriation is not sufficient, and Geimany has claimed that she is unable to meet this obligation in full. IX. Compensation for German nationals: 1922—5,008,000,000 marks. 1921—no payments. This represents the same class of expenditure as item V of the ordinary budget and consists of treasury bills and exchequer bonds delivered for payment according to the law passed on July 28, 1921. X. General financial administration: 1922—10,000,000,000 marks. 1921—no payments. This item includes various expenditures for the execution of the peace treaty for which no particular estimate has been made under any other heading. It consists of claims of the railway administration for services rendered arising out of the peace treaty, traveling expenses of various economic experts, and compensation for the Saar mines. XL Railroad administration: 1922—230,000,000 marks. 1921—no payments. This expenditure consists of the cost of winding up the former State railways in ceded territories and transportation of allied troops to the plebiscite area. In connection with the various budgetary expenses of the German Government, mention should also be made of the number of Federal employees and their salaries. This item is of importance, as the number of employees was regarded excessive by the members of the Reparations Commission, and the German Government decided to reduce it to a very considerable extent. The number of employees and their salaries, provided for in the budget for the fiscal year 1922-23, was 171,148, with an aggregate amount of salaries of 6,062,153,251 marks. These figures, however, do not include railroad, postal, and printing office employees. The number of employees 1070 FEDERAL RESERVE BULLETIN. and the aggregate salaries of the above- of 14 to 29 days, and 5£ per cent on notes mentioned three groups, are: running from 30 to 90 days sold to banks. The interest rates charged by the Darlehnskassen have also been increased. The rate Number of Salaries for "preference loans" is 6J per cent; for loans employees. (in marks). collateraled by bonds, including noninterestRailroads 997,055 28,314,000,000 bearing treasury certificates, 6J per cent; and Postal 9,712,000,000 380,155 The Printing office 9,428 289,000,000 for loans secured by goods, 7 per cent. rate of interest on loans made in connection Total 1,386,638 38,315,000,000 with subscriptions to war loans remained unchanged at 5 | per cent. On August 28, 1922, The total number of employees and their the Reichsbank again advanced its discountsalaries of the Federal Government including rate from 6 per cent to 7 per cent. In banking those of the Government-owned public utilities and commercial circles a further increase in thus is 1,557,786 employees, with an aggregate the discount rate is reported as probable. salary of 44,377,000,000"marks. The estimates for salaries are naturally YQTJ inaccurate, since, ARGENTINA. on account of the steady increase in prices, MESSAGE OF THE PRESIDENT. they will have to be doubled in many cases. THE DISCOUNT RATE OF THE REICHSBANK. The money stringency prevailing in Germany since the fall of 1921 (see FEDERAL RESERVE BULLETIN for August, 1922) became more acute 7 in the second quarter of 1922. The stead} decrease in the value of the mark, together with the increase in prices, created a constantly growing demand for funds which the flood of new paper notes could not offset. As a direct result, the German Government was unable to dispose of its treasury notes in the open market and thus they had to be absorbed by the Reichsbank. The latter's holdings of treasury bills therefore have increased tremendously during the last two months. On May 22 it held in its portfolio 156,000,000,000 marks of treasury notes, on the same date in June 168,000,000,000 marks, and at the end of July 207,900,000,000 marks. The increased holdings of commercial paper arising out of business transactions further aggravated this situation. The amount of commercial paper discounted by the Reichsbank rose from 3,000,000,000 marks at the end of May to 4,700,000,000 marks at the same date in June, and to 8,100,000,000 marks at the end of July. To meet this emergency the Reichsbank directorium decided to increase the rate of interest by 1 per cent for all transactions executed by the Reichsbank. The discount rate of the Reichsbank, which has stood at 5 per cent since 1914, has thus been increased to 6 per cent, and the rate on collateral loans (Lombardzinssatz) from 6 to 7 per cent. The rate of discount charged bty the Reichsbank upon disposal of treasury notes has also been increased by 1 per cent, so that it is now 5 per cent on notes of all maturities sold to nonbankers, 5~l per cent on notes of a maturity The sixty-first session of the Argentine National Congress was convened in Buenos Aires on July 6. The President of the Republic delivered a message on that occasion presenting the actual conditions of the country, and relating the progress made by Argentina since the inauguration of the present administration in 1916. According to this message, considerable increase in the country's wealth is indicated by a comparison of figures showing present bank deposits, commercial intercourse, and circulation of mortgage cedulas with corresponding figures for 1915. The President called special attention to the substantial assistance rendered- by the national banks of Argentina to the basic industries of the country. Reference was made to the volume of deposits of the Banco de la Naci6n, which amounted in 1915 to 598,000,000 pesos, and had increased in 1922 to 1,300,000,000 pesos. During the same period discounts and advances increased from 498,000,000 pesos to 887,000,000 pesos. The circulation of national mortgage certificates in 1915 amounted to 533,000,000 paper pesos, with an average quotation of 88. In 1922 circulation of these certificates increased to 713,000,000 paper pesos and the average quotation to 94.50. A strong recommendation was made by the President to create a national institution of issue which would eliminate serious foreign exchange fluctuations and would help to establish the monetary system of Argentina upon a more stable basis. At the present time the amount of currency in circulation depends almost entirely upon the harvest situation and the balance of trade. The President also emphasized the fact that the country is in great need of an agricultural bank, to furnish adequate assistance SEPTEMBER, 1922. to the farming and live-stock industries. The early establishment of such an institution was strongly recommended. The President expressed his conviction that the present system of taxation does not meet the requirements of the administration, as shown by the continual deficits in the budget. The Executive has already submitted to the Argentine Congress a bill providing for the introduction of an income tax, which is regarded as the most practicable means of improving the financial situation of the country. Estimated revenues of Argentina during 1921 and actual receipts resulted in a deficit of 36,889,979 pesos, due to the decreased revenue obtained from export duties. Actual revenues were 33,046,317 pesos below the total amount of expenditures authorized by the budget. The consolidated debt of Argentina amounted to 1,217,690,026 paper pesos on December 31, 1921, after deducting 60,000,000 pesos in bonds, authorized by the budget, which have not yet been issued. The revenues of the municipality of Buenos Aires during 1921 were placed at 67,740,768 paper pesos, which gives a small surplus over expenditures. The total of the floating and consolidated debts of that Province amounted to 118,306,827 paper pesos at the close of the year. The total amount of currency in circulation at the end of 1921 reached the figure of 1,362,000,000 paper pesos, guaranteed by gold deposits of 470,600,000 pesos in the Caja de Conversion, and 10,000,000 pesos gold deposited in the Banco de la Nacion, the ratio of paper pesos converted into gold and gold reserves being 80.1 per cent. According to the President's message, the foreign-trade operations of Argentina during 1921 have been estimated at 990,000,000 gold pesos. Total imports at tariff values have been calculated at 320,000,000 pesos, and exports estimated at average prices have been placed at 670,000,000 gold pesos. Postal savings in Argentina amounted to 30,083,502 paper pesos at the close of 1921. During that year, 83,719 new accounts were opened, making a total on December 31 of 370,339, which means that about 7 per cent of tJie entire population of the country were depositors in one or another of the 1,858 postoffice agencies in Argentina. FINANCIAL CONDITIONS. Some improvement in the foreign exchange situation of Argentina has resulted from the arrangements now being made by the Government for a loan of 500,000,000 pesos to consolidate the floating debt of the country. Bids made by American and British bankers 1071 FEDERAL RESERVE BULLETIN. at the beginning of August were rejected, but it is reported that the Government is still willing to entertain new proposals under, terms more favorable than those proposed by the above-mentioned bankers. The rate of exchange rose from an average of 1.23 gold pesos to the dollar in June to 1.22 gold pesos to the dollar in July. A slight decrease was registered, however, during the last two weeks of August. In connection with the recent decision of the Argentine Federal court to the effect that law No. 9483, of August 12, 1914, prohibiting the exportation of gold coin throughout the period of the European war, could no longer be considered effective, the Ministry of Finances issued an order to the custom authorities on June 22, advising them that the embargo on the exportation of gold still continues and that exports in excess of 500 gold pesos for passengers leaving the country are prohibited as heretofore. A very significant sign of business revival in Argentina is revealed by the transactions of the Buenos Aires Stock Exchange during the first five months of the current year as compared with the same period in 1921. The figures are shown in the following table: First 5 monthsKind of security 1922 Mortgage cedillas Public securities, in paper pesos Public seumitios, in gold pesos Other securities, in paper pesos O ther securities, in gold pesos \ 201,137,035 39,151,890 ! 13,107,100 | 637,529 j . 132,70S ! 1921 107,078,700 42,941,120 32,708,250 1,091,741 5ti, 818 Liabilities of commercial failures during the month of June are placed at 8,141,550 pesos, against assets of 7,139,506 pesos. These figures compare most favorably with those for the month of May and previous months of the current year, a statement of which has been published in the July and August issues of the BULLETIN. FINANCIAL CONDITION OF THE PROVINCE OF BUENOS AIRES. The amount of the floating debt of the Province of Buenos Aires has been placed at approximately 59,000,000 pesos. According to opinions expressed by leading bankers, it appears that the service of the debt of this Province has been maintained by means of credits placed with the Banco de la Provincia, in amounts beyond the 10,000,000 pesos limit fixed by the charter of that institution. This amount is not sufficient to meet the needs of 1072 FEDERAL RESERVE BULLETIN. the provincial government and it has been Government is in favor stated that the Federal Gove of issuing internal bonds in an amount sufficiently large to consolidate the floating indebtedness, but financial authorities in Buenos Aires have not expressed opinions indorsing the transaction in question. The principal objection raised in the matter of the issue of bonds to consolidate the debt is that it will undoubtedly have a depressing effect on the market. A hopeful feature in the financial outlook of the Province is the fact that the new administration has the support of both chambers and it is expected that the financial plans of the provincial government will not meet with heavy opposition. Under the laws at present in force, the provincial administration is authorized to issue bonds for a total of 17,000,000 gold pesos for the extension of the Meridiano V Railway. It is reported that negotiations are in progress to place this issue in New York. The governor of the Province of Buenos Aires has suggested the floating of a loan sufficiently large to consolidate the floating debt and to finance various projects of public works. A bill was presented to Congress by the Executive authorizing the latter to negotiate a foreign loan for 5,500,000 pounds sterling at the rate of 6i per cent. FARMING INDUSTRIES. The principal farming products of Argentina are wheat, linseed, oats, and corn. The success of these crops and the demand for them abroad are primary factors in the prosperity; of the country. Figures showing the destination of the principal cereal products exported from Argentina during 1921 are given as follows: DESTINATION OF PRINCIPAL G R A I N S E X P O R T E D ARGENTINA IN 1921. FROM [In metric tons.] Countries of destination. I Wheat. Belgium j Brazil | France j Germany ', Great Britain j Italy • ; Netherlands Spain | Sweden and N o r w a y . . j United States ."...I All other countries i Corn. 276,256 1,533 247,768 286,356 248,605 142.132 93', 212 135,603 71,800 386 712,537 1,325,523 122,904 350,569 19,-128 99,461 128,257 72,862 104,969 78,599 13,744 Linseed. 139,669 18 78,764 93,088 281.867 15;801 188,087 6,174 41,850 265,755 239,929 Oats. j Bar! ley. 41,314 14,873 1,251 257 9.467 4o,956 ! 13,191 109,481 I 494 751 I 33,751 9,382 14,764 152 33,163 109 111,514 j S IS PTE M BK It, 1 022. from the amounts of the previous year. During 1920 Argentina exported 5,029,598 tons of wheat, 4,387,73(3 tons of corn, 410,537 tons of oats, and 50,876 tons of barley. In 1921 prices averaged 25 per cent below the 1920 average, and a continued drop was registered until the end of the year. The natural result of this situation has been a remarkable reduction in the area sown to cereals in Argentina, as shown in the following table: AREA SOWN TO CEREALS IN ARGENTINA. |in hectares.] Season of— 1920-21 i 1921-22 j 6,076,100 ; 3,273,900 -. 1,409,850 i 835,000 i Wheat Corn Linseed Oats . 5,268,000 I 387 666 653,000 The figures giving the area sown to corn during the season of 1921-22 are not available, but it has been reported that this acreage is larger than in 1920-21. In the two leading agricultural Provinces of Santa Fe and Cordoba, the 1922 acreage in the former was placed at 1,030,000 hectares of wheat and 610,000 hectares of linseed, and at 1,600,000 hectares of wheat and 280,000 hectares of linseed in the latter. The tobacco-growing industry in Argentina is reported to be suffering continual difficulties and planters are abandoning tobacco in favor of cotton growing. BRAZIL. The settlement of the political disturbances in Brazil, which reached a crisis on July 5, after a year of an eventful election campaign, has been considered by financial authorities interested in that country as most satisfactory. The salient fact that Brazilian exchange did not suffer fluctuations of importance on and after the political crisis of the country serves to justify the strong confidence prevailing in foreign countries in the stability of the Brazilian official institutions and the safety of financial interests. THE COFFEE SITUATION. 1,525 The 1921-22 coffee crop has been gathered, but no accurate estimates of total production have been issued. Prices rose continually Exports of wheat, corn, oats, and barley throughout the season, and the closing rate during 1921 show a considerable reduction for all coffees averaged 5 milreis above the rate Total 'l,703,330 2,829,174 1,351,002 394,437 j 46,207 SKPTEMBEK, 1.922. 1073 FEDERAL RESERVE BULLETIN. prevailing at the opening of the season. The present level of prices is considered to be highly remunerative to coffee planters, which, according to opinions expressed by financial authorities in Brazil, is due to the valorization plan and the efficient manner in which the Government has handled purchases and shipments. The visible supply of coffee«at the end of the 1921-22 crop amounted, in round figures, to 8,500,000 bags. Of this amount half is valorization coffee and therefore unavailable for immediate distribution. On the other hand, it is estimated that there are 2,000,000 bags of coffee in Europe, 1,500,000 bags in the United States, and the balance in Brazil. The Brazilian Government's holdings of coffee on May 30, 1922, are stated to have been approximately 4,535,000 bags, as follows: Approximately 1,900,000 bags stored at Santos, 1,650,000 bags in Rio do Janeiro, 120,000 bags in Victoria, 500,000 bags in London, and 365,000 bags in New York. full cooperation of all banks, national and foreign, it seems likely that the benefits derived would be more substantial. A full report of the banking situation of Brazil up to the close of 1920 was published in the June issue of this BULLETIN. The figures showing the banking movement during 1921 have just been released by the Department of Statistics of Brazil. These figures show remarkable progress during that period in the number of banks doing business in that country, as well as in the amount of business transacted. The following table indicates the condition of the most important banks of Brazil reporting to the Department of Statistics at the close of 1921, and serves to supplement the table published in the June issue of the BULLETIN (page 698). CONSOLIDATKD STATEMENT O'R THE P.RI.YCII'AL B A N K S OF BRAZIL AT THE CLOSE OF B U S I N E S S . D E C . 31. 1921. [In thousands of milreis.] National banks. BANKING ANT.) EXCHANGE CONDITIONS. The question whether the foreign, exchange situation in Brazil has been benefited by the official control of banks and the exchanges has lately been the subject of extended discussion by financial authorities. The official opinion on the subject is to the effect thatfi.sealiz at ion has done away with speculation in exchange and has restricted operations to legitimate business. The Government inspector of banks has stated that no better proof of the effectiveness of fiscalization is to be found than in the results of the past year's working of foreign banking institutions established in Brazil, which show a substantial reduction in their profits due to restrictions of their exchange op eration s. Although b anking authorities agree that the official control of exchange through the Banco do Brasil has been instrumental in keeping the rate in the neighborhood of 7-J-d., preventing it from falling much below that figure, it is contended that the same factor has operated against a substantial rise above that rate. Furthermore, it is evident that restriction of exchange operations of foreign banks in Brazil did not alone bring about the reduction in their profits, but factors connected with the depressed commercial conditions that existed also had a great deal to do with the reduction in question. Brazilian exchange is still at 7Jd. as the result of persistent pegging. Should fiscalization and control of exchange be undertaken with the Uncalled capital Bills discounted Advances on eurrcni account Bills receivable Sundry guaranicos Values deposited Head office and branches j Stocks and funds owned by the ! bank Mortgages Cash in hand Sundries Total assets \ 22,222 138, 312, 791 950, 362 = 761,391 875, 714 i 538; 705 ! 603,364 772; 991 i 573,332 813, 338 '; 1,283,731 683; 526 | '629,027 Total. 160,355 1.263,153 i;637,105 1,142,069 i;346,323 2;097,069 1,312,553 "218,365 335.893 859', 182 930,537 6,237,578 Capital Reserve funds D e m a n d deposits Tiine deposits , Values deposited account t h i r d S parties. i 2, H e a d office a n d b r a n c h e s i! Mortgage bonds Sundries • Total liabilities Foreign banks. \ 6,237,578 625,618 136,042 2,100,009 974,550 2.105,238 ! '911,836 ! 67,939 j 698,586 4,158,668 1,518,107 283,833 1,505,747 5,065,026 I 11,302,604 Banking in Rio de Janeiro also showed considerable progress. An increase of 11 national banks and 4 foreign institutions was reported during 1921. Of the total of 19 foreign banks in operation in the Federal capital at the end of 1921, 3 were British, 2 Canadian, 3 German, 2 Portuguese, 2 French, 2 American, 2 Italian, 1 Dutch, 1 Spanish, and 1 Japanese. The combined statement of banks operating in Rio de Janeiro at the close of 1921, as compared with that at the close of the previous year, follows. 1074 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. [In thousands of milreis.] CONSOLIDATED S T A T E M E N T OF B A N K S I N R I O D E J A N E I R O . [In thousands of milreis.] Dec. 31", 1920. Nation a] banks. Gold. ; Dec. 31, 1921. N a t i o n a l ! Foreign banks, j banks. Foreign banks. REVENUES. 1.922 1923 Increase or decrease for 1923 EXPENDITURES. Uncalled capital Bills discounted Advances on current account Bills receivable Sundry guarantees Values deposited Head office and branches.. Stocks and funds owned by the bank Mortgages Cash i n hand Sundries Total assets I I ABILITIES. 47.026 214^ 089 Total liabilities 22,222 143,267 381,813: I 129,302 300,172 I 569,702; ; 300,082 393,571 256,608 305,438 611,690 318,090 238.135 333', 581 113,697 571.581 i 2-19; 813 ! 57.220 2; 722 : 162,139 ' 296,402 111,475 ; 25,176 17,111 28,971 81,432 235,687 213,S07: 170,218 179,069 | 439,997 1,998,739 j 2,798,918 . Capital Reserve funds D e m a n d deposits • T i m e deposits Values deposited account t h i r d parties H e a d office a n d b r a n c h e s . . Mortgage b o n d s Sundries 47,467 ; 420,365 , 264,690 '• 226,587 419,190 . 409.614 344]040 ! 2,443,755 • 22,222 ; 77,034 . 2,570,938 ; 152.292 17,051 : 389.598 121', 158 ; j 887,129 I 69.710 j '242 ; 806,575 ! 85,253 ! ; 295.084 ! lllj021 ! 914,094 : 379,353; 213,934 > 109,740 216,471 34,894 623,126 2(il, 204 '394\394 142,419 995,741 158,795 10.274 498.513 ..046,481 '492,992 63,154 321,758 2,443,755 ' 1,998.739 ! 2,798,918 '. 2,570,938 GOVERNMENT FINANCES. In the last issue of the BULLETIN a discussion was presented dealing with the estimates for expenditures of the Government of Brazil for 1923. New figures, however, have recently been sent to Congress by the Minister of Finance for approval. The changes are considerable. While estimates of revenue have been raised in both gold and paper items, as compared with the figures previously reported, those of expenditure have been reduced substantially. The large deficit of 171,252 contos of reis previously estimated has by this means been reduced to 6,004 contos. The new figures for estimated revenues and expenditures stand at present as follows: 1922. 1923. Increase or decrease for 1923. Paper. ! i 92,276 I 106 586 652,755 706,725 +14,310 +53,970 92,276 727,673 771,793 +5,378 -44,120 According to recent reports, the State of Bahia is endeavoring to negotiate a new loan of 5,000,000 pounds sterling for consolidation and conversion of its external debt. This proposed transaction has not been favorably received in financial circles, due to the interrupted service of the existing debt of that State, and it is thought that the Federal Government will not be prepared to guarantee the loan in question. For the first time in the history of the State of Parahyba do Norte, an internal loan to the amount of 8,000 contos of reis will be floated to aid in the construction of public works. Bonds will be issued in denominations of 100 milreis at 90, bearing interest at 6 per cent per annum, free of taxes. This State is noted for the fine quality of cotton which it produces. CHILE. . IMPROVEMENT IN FOREIGN EXCHANGE. The steady improvement in the exchange situation of Chile, commencing with August, 1921, has been the subject of wide discussion in Government and financial circles in Chile. From an average quotation of 10 cents to the Chilean peso in August of last year, the rate has risen to an average of 13.06 cents for July and a high point in August of 14.5 cents. Speculation, it is stated by some observers, accounts in large measure for this advance. Certainly it is true that many problems are still to be solved and difficulties to be overcome before the present symptoms may be Paper Gold taken as an indication that the country is in contos. contos. such sound commercial and financial condi106,586 I 706,725 tion as is necessary to sustain the value of the Revenues 771,793 Chilean currency. Expenditure The leading bankers of Deficit 65,068 Chile are at variance on this subject. In 19,688 Surplus 39,376 Premium on gold, 200 per cent, at 9d. exchange . . . " 59," 064 general, they hope for & gradual improvement of conditions when expected purchases of 6,004 N e t deficit. nitrate are made by foreign countries in the near future. The opinion is expressed that The following is a comparison of revenues the cotton planters of the United States will and expenditures for the current year voted make large purchases during the current year. Such sales of nitrate by Chile would by Congress, with the estimates for 1923 : SEPTEMBER, 1922. mean a substantial betterment of the exchange situation and of business in general. Chilean bankers have expressed the hope that during the first half of 1923 the dollar will be quoted at from 6 to 7 pesos. Such expectations are based on the fact that exchange fluctuations in Chile are largely affected by the supply and demand of foreign bills, but other factors, such as the volume of imports and Government finances, must also be taken into consideration. The rise in the value of the Chilean peso, on the other hand, is not considered beneficial to the nitrate producers. Their profits diminish as exchange rises, since their product is sold in terms of foreign currencies, while about one-half of the cost of production is paid in Chile with paper currency. Under present circumstances it is calculated that the nitrate industry is fairly profitable with exchange running from 7 to 9 pesos to the dollar, whereas a rate of 5 to 6 pesos to the dollar would give serious concern to a large number of producers. It is reported that production costs—railroad transportation costs, for example—are still as high as pre-war levels, or higher, with the result that serious thought is being given by producers to the matter of reducing wages and improving methods of production. The Government of Chile will need about 65,000,000 gold pesos of 18d. to pay interest and amortization on its foreign debt during the present year. This sum represents approximately the total export duty on about 2,000,000 metric tons of nitrate. During the first four months of 1922 exports of this commodity from Chile amounted to only 5,002,900 Spanish quintals of 101 pounds. Shipments during the three following months are not expected to differ materially from the average rate during the earlier months. If this depression continues, and, consequently, imports are moderate during the year, the Government revenues will suffer a substantial decrease, and it is not likely that sufficient income will be collected to meet the needs of the administration. It is therefore next to impossible to foresee the course of exchange in Chile during the coming months, and hardly less difficult to predict the probable trend of business and trade expansion. The Government is expected to use its resources toward the solution of the problems at present affecting the nitrate industry. It has been suggested that the law, enacted in 1917, providing that export duties should be paid in gold, be repealed f and also that a law enacted in September, 1921, be amended to authorize the Government to make advances against nitrate in storage ready for shipment, 1075 FEDERAL RESERVE BULLETIN. FOREIGN TRADE. The following table shows the quantity and value of imports and exports of principal articles in Chile's foreign commerce during the first quarter of 1922, as compared with the same period in 1921: [Quantities in kilos unless otherwise indicated.] First quarter— 1921 Commodity, 1922 .... ij Value j Value (gold pesos ! Quantity. i(gold pesos of 18d.) | • i oflSd.). Quantity. -1IMPORTS. Edible oil 545,613 Kice 607', 974 Sugar I 11 203,433 Colfee 217,534 Tea 531,654 Wincs and liquors 1.J 86,485 Print paper ! 3,512,607 Fuel oil a I 153,457 Coal a I 148,259 Cement ! 11,648,654 Pig iron....' i 5,656.627 Tin plate ! 1,143; 182 j Bags 10,376,968 3 Automobiles : 119 Y crba mate ', 86,555 668,053 2,710,181 21.370,356 803,442 232.394 9; 890 1,593,6.12 76,474 3,284 8,363,915 1,44-1,457 762,910 • 432,047 9,974,165 : 1,086,829 943,404 i 596,946 | 5,340,322 j 221,793 j 1,288,890 ! 351,883 I 2,907,190 1 2,590,645 ! 5,445,431 ! 984,415 i 2,985,370 I 638,101 ! 55;135 j 11 1,809,711 644,675 845,599 3,906,335 511,788 336,028 35,141 405,350 876,541 71,604 476,973 327,902 124,747 579.069 66', 657 897,620 i Nitrate* Iodine Borax Copper bars Copper ore Wool Wheat Wheat Hour Barley Beans Oats Walnuts i Bottles. .; 6,651,839 j 211,657 ! ' 12,334,543 | i 18,030,831 i 14,583,929 I , 1,462,874 j : 16,378,976 j .'.: 1,49< 336 I ; 5,984,213 ! j 1,372,775 ! j 2,793; 587 I 80,190 ! 2 Tons. 3 163,900,311 | 1,531,388 5,595,340 i 59,533 15,947,923 | 4,304,688 12,827,006 j 9,093,310 1,179,295 ! 25,325,395 1,258,270 1 4,402,994 3,196,535 j 2,242,199 535,368 1 2,977,621 567,911 i 3,995,522 204,486 j 2,389,178 3981100 • 6,706,083 22,699 • 47,219 Number. 4 22,970,820 1,377,956 4,476,875 6 542,866 1,563,678 1,782,754 313,90S 723,082 372,716 347,966 574,053 19,701 Metric quintals. The general depression of trade is clearly illustrated by the above figures. Imports of all commodities, with the exception of rice, coffee, and yerba mate (the South American tea) were considerably reduced. The increase in imports of yerba mate is compensated by the striking decrease in imports of tea. It is worthy of note that articles which could be classed as luxuries, such as wines, liquors, and automobiles, show a marked reduction, thus clearly indicating that the purchasing power of Chile has been impaired as a result of the prevailing economic conditions. With regard to exports, particular attention must be called to the fact that the copper and wool figures compare very favorably with those of the previous year, and agricultural products, with the exception of wheat, also showed substantial improvement. On the other hand, nitrate, the mainstay of Chile, shows such a severe reduction that this alone is sufficient to account 1076 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. for the general depression of trade and business The total paid-up capital of the 27 comactivity. mercial banks established in Chile, which are included in this discussion, aggregated at the BANKING AND FINANCIAL SITUATION. end of last year 324,989,350 paper pesos, and According to the recent report of the in- 2,451,022 gold pesos, or an increase of over spector of banking institutions in Chile, as of 24,000,000 paper pesos over the previous year. December 31, 1921, cash held in the vaults of Total earnings amounted to 21,637,243 paper the commercial banks of the country amounted pesos. The following table presents the condition of to 183,135,406 paper pesos and 16,415,982 gold pesos of 18d. Total deposits reached 956,- 27 commercial banks in Chile as of Decem676,541 paper pesos and 149,052,393 gold ber 31, 1921, compared with the figures of pesos. The amount of deposits in paper cur- December 31, 1920. Mortgage and savings rency compares favorably with the figures of institutions have not been taken into conthe previous year, but a substantial reduction sideration. was registered in gold deposits. ASSETS AND LIABILITIES OF 27 COMMERCIAL BANKS IN CHILE, DECEMBER 31, 1920. ASSETS. [In thousands of pesos.] Cash, checks, and due from banks. Stocks, bonds, and real estate. Loans. Bonds and bills in guarantee and in custody. Other assets. Name of bank. Paper pesos. Banco dc Chile. i Banco Espafiol do Chile : Banco National i Banco do A. Edwards & Co ' Banco do Santiago i Banco de Talca. ! Banco de Conception j Banco de Chile y Argentina | Banco Popular j Banco Italiano : ! Banco de Osorno y la "Union Banco de Curico j Banco Francos de Chile i Banco de la industria y del Comcrcio. Banco Comcrcial dc Curico •• | Banco de Llanqu Lhue j Banco de Constitution ! Banco Yugoslavo de Chile | Banco do Mulchen \ Anglo-South American Bank i Banco Aloman Transatlantico i Banco de Chile y Alcmania j London and 11 j ver Plate Bank ! Banco Germanico de la America del Sud. I Banco de Tacna ! National City Bank of New York ' Banco Mcrcantil de Bolivia i Banco Italo-Bclga ! Combined assets Gold pesos. Paper pesos. 11,062 357,124 59,863 222,145 2,839 57,167 65,598 932 14,167 64,847 506 8,095 34,774 161 12,966 20,395 1,610 14,611 1,287 164 16,330 1,983 8,929 655 13 i 10,067 2,2J4 14,208 1,024 8,771 686 \ 381 I 25,744 11,715 ;: 8,743 1,120 j 1,957 191 | 1,029 109 j 1,311 47 12,304 114 2,547 613 56 6,104 87,098 53,376 3,329 36,727 12,409 1,672 22,620 5,1.59 784 11,841 10,45 L 7,761 673 3,077 12 4,484 1,096 21,663 501 JL1,210 3,237 2 162 3,117 10 3,221 • 277,665 I 29,258 | 1,088,047 Gold pesos. 30,445 26,232 109 13,858 235 5,173 "1,"666" 2,150 1,81.7 39,627 7,253 1,410 6,456 515 1,517 90 103 137,990 Paper 32,692 29,057 12,491 5,799 1,413 2,432 1,852 2,751 Gold pesos. 5,467 j 217,690 68 ; 183,094 36,615 15,242 .! 37,336 131 1,753 192 222 3,925 558 143 25 729 48 3,260 73 1,1.16 19 Paper pesos. 213 i. 3,591 | 1,697 ' 2,533 429 8,780 582 j 22,860 ;. 18 2,592 2 1,011 103,930 j 58,529 i 17,422 l 7 ! 20,745 4,844 i 1,088 ! 468 | 3,202 ' 1,138 : 2,077 j 102,215 8,109 j 736,867 I 602 Gold pesos. 2 1,946 Paper pesos. Gold pesos. 12,042 352 i 6,984 j 24,612 8,561 500 476 I 317 i 902 | 10.569 I '410 1,961 | 131 . 816 ! 121 j 296 I 431 4,434 15,945 47 . 10 ! 40 19 4,241 10 89,635 10,181 11,819 19,319 4,282 1,822 6,775 629 658 79,132 20,310 600 4,266 1,835 6H 20 2£7 1,171 84,993 | 184,818 162,895 655 72,929 1,990 175 1077 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. ASSETS AND LIABILITIES OF 27 COMMERCIAL BANKS IN CHILE, DECEMBER 31, 1920—Continued. LIABILITIES. fin thousands of pesos.] Capital paid in. Bankers'sight | Acceptances and various bills. j creditors. Deposits. Bonds and j Reserve and i documents in I undivided . j Other liabilities, custody, i profits. I Name of bank. j Paper Gold Paper pesos. ; pesos. pesos. Gold pesos. Paper i Gold pesos. | pesos. Paper i Gold pesos. | pesos. Paper pesos, Gold j P a p e r j Gold pesos. • pesos, i pesos. 46,927 i 25,576 217,690 3,251 : 13 | 183,094 I 8,780 12,033 = j 36,615 i 70.786 20', 883 10,712 13,333 i 4,122 1 15,242 j . . . . ' . . . . 37,336 | , Paper | Gold pesos. , pesos. _..._ Banco de Chile Banco Espanol de Chile Banco National Banco de A. Edwards &Co Banco de Santiago Banco dc Talca Banco de Conception.. Banco de Chile y Argentina Banco Popular Banco Italiano Banco de Osorno y La Union Banco de Curico Banco Frances de Chile Banco de la Industria y del Comereio Banco Comercial de Curieo Banco de Llanquihue.. Banco de Constitution. Banco Yugoslav o de Chile Banco de Mulchen Anglo South American j Bank I Banco Airman Trans- j atlantico I Banco dp Chile y ! Alemania < London and River j Plate Bank ! Banco Germanico de i la America del Sud..| Banco de Tacna • National City Bank ! of New York i Banco Morcantil dc j Bolivia ' Banco ltalo-Bclga ! 100,000 I 40,000 ! 25,000 ; 240,536 233i291 50,074 32,467 : 2,515 j 29,058 ! 2,673 ! 1,008 j 1,421 j 10,000 10,000 5,000 5,000 35,758 33,182 13,913 10,098 11,929 i i. 661 ! 2,292 !. 7,500 1,000 9,420 12,178 8,708 5,202 6,000 4,000 10,000 6,284 3,918 12,809 12,500 7,522 1,000 ' 768 400 10,000 ; '250 I 10,942 2,451 9,000 I 6,744 ""288" 279 177 i 134 i 16 .-. 18,469 8,785 324 849 I 106,087 78,553 ! 798 59,793 32,945 10,719 i 575 22 1,069 |. 3,000 14,501 8,388 '. 5,000 2,000 4,483 4,317 900 ! 1,770 . .5,000 21,526 473 L 903 695 73 i 167 3,633 ! 2,017 214 i 144 213 13 3,591 1,697 2,533 !. i 582 429 j . 956 i 8,624 I I 39 4,507 531 3,041 4,265 3,1.89 2,906 24,142 i 154 ; 2,435 3,668 462 961 3,476 ! 381 i 67 ! 2,511 1,800 3,856 367 217 I 3,000 712 "6^536 "22," 860 ''•'. 140 17,916 4,1.22 i 1,555 i. 1,012:. 312 .. 717 !. 7,705 i. 80 ! 10,000 1,520 2,089 47 I. 296 682 Combined liabili-. j ties j 296,389 I 2,451 • 887,798 i 170 1 2 91 464 ! 28 ! 110 I 380 135 210 : . 69 ! 25 i 2,592 655 103,930 ! 13,168 '• 58,529 4,595 I 17,422 76 321 1,276 698 I 110,788 43,132 1,184 ; 2,436 I 15,688 19,662 6 4 7 •• 129 • 4,806 I 7,780 2,612 24,130 3,125 ! 5,154 2,122 841 423 ; 20,745 795 I 4,844 1,088 1,881 ; 3,202 483 24 455 ! 954 i. 204,373 j 12,235 60,012 1,990 676 i I 2.14 11 [ ; 11,229 '• ; ! : 1,127 5,224 139 ....j 1,138 2,077 i ' 47 ! 10 j 91,557 I 25,989 : 736,867 I 25,232 138,164 j 20,589 j 226,601 241 227 84,599 1078 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. ASSETS AND LIABILITIES OF 27 COMMERCIAL BANKS IN CHILE, DECEMBER 31, 1921. ASSETS. [In thousands of pesos.] 1 Cash, checks, and due from banks. Loans. i Stocks bonds ind B o n d as raa nn tde eb l U s m S estate I S" and in real estate. custody. Other assets. Name of bank. Paper Banco de Chile Banco Espafiol de Chile Banco Nacional Banco de A. Edwards & Co Banco Frances de Chile . Banco Italiano Banco Chile y Argentina Banco do Curicd Banco Comercial de Carico" Banco de Talca Banco de Constitution Banco de Conception j Banco de Mulchcn Banco de Osorno y La Union j Banco de Llanquilme Banco de la Industria y del Comercio... Banco Yugoslavo de Chile Anglo South American Bank Banco Aleman Transatlantico London and River Plate Bank Banco Germanico dela America del Sud. The National City Bank of New York.. Banco de Chile y Alemania Banco de Mercantil de Bolivia Banco Itaio-Belga Banco Holandes de la America del Sud.. Banco de Tacna Combined assets i 67,820 ! 53,532 i 14,687 j 5,233 • 8,575 : 3,408 > 792 : 799 ;. 254 |. 1,778 ,. Gold Paper pesos. 12.018 2,1.26 168 ^ 287 371 13 68 338,979 297,818 73,745 70,940 16,580 15,431 14,515 9,444 loo;. 1,184 . 121 !. 1,215 i. 95 .. 642 !. 2,024 , 78,465 i 16,353 ! 17,911 : 3,389 ! 15,95L . 3.496 i 2,301 ! 3,378. 4,713 ; 3 ! 308,220 j 225 ! 2,416 ! 1,793 I 151 | 159 j 337"i 15 ! 270 14 1 Paper pesos. Gold pesos. 17,501 21,23;>83 5,825 3,944 282 4,719 2,134 I. 20,650 i. 1,116 i 14,832 I 618 | 14,450 j 966 ! 7,759 i 11,183 ; 101,086 ! 44,939 ! 15,290 i 10,598 "20,080 I 31,497 i 2,037 ! 1,478 : 44,143 ' 72,914 i 18,545 i • : i 1,361 41,337 1 8,746 i 5,051 ; 431 '. 277 j 2,596 125 i 2 52; 1,207 ': 3,307 6,943 1,882 234 ' 143 2,459 29 2,161 51 214 49 1,454 869 , 15,011 [ 63 1 17 ; Gold pesos. 20,432 ; 1,141,068 ; 113,718 j 175,536 ! 238,976 263,991 35,561 16,493 29,655 5,326 5,719 20,979 3,299 4,208 4,259 4,288 507 13,968 14,703 639 214 i | i 437 | 494 i 4,335 427 ! 150,418 i 96,470 ! 76,283 24,781 i 6,505 ; 2,242 ! 5,345 ! 24,901 • 2,709 ; 120 I 2 524 ! 10 i 1,774 i 964 . 82L !. 7,844 i 896,756 ' 115,575 I ' : ' ! ! ! i 2,818 29,342 1,062 5,312 1,419 4,112 "I -:::::::::: J. 22 1,908 13 Gold pesos. Paper Gold pesos. 5,374 83 2,000 ] 1,134 : 1 ; 1,314 599 I Paper ! 258 25 828 12 107 10 i j ' i ! i 422 j 3,851 81,199 15,685 12,626 3,417 415 14,722 334 2,757 690 2,176 197,461 ! i j ' I ; ! ! ! ! j I 307 52,114 57,891 4,805 2,822 352 271 3,624 1,825 274 168,351 i LIABILITIES. Capital paid in. Deposits. Bankers' sight bills. I Acceptances and various creditors. Bonds and documents in custody. Reserves and profits (undivided). Paper | Gold pesos, j pesos. Paper Gold pesos, i pesos. Other liabilities. Name of bank. Paper ; pesos. Banco de Chile Banco Espanol de Chile 'Banco Nacional ; Banco de A. Edwards &Co Banco Frances de Chile Banco Italiano I Banco de Chile y Argentina j Banco de Curico j Banco Comercial de j Curico" i Banco de Talca Banco de Constitucion. Banco de Concepcion.. Banco de Mulchen , Banco de Osorno y La j Union j Banco de Llanquihue..; Banco dela Industria y ! del Comercio Banco Yugoslavo de Chile Anglo South American Bank Banco Aleman Transatlantico London and River Plate Bank Banco Germanico dela America del Sud The National City Bank of New York.. Banco de Chile y Alemania Banco Mercantil de Bolivia Banco Italo-Belga Banco Holandes de la America del Sud Banco de Tacna Gold 100,000 60,000 25,000 Gold pesos. 271,297 258,094 49,589 12,328 48,441 246 10,000 10,000 10,000 Combined liabilities. 324,989:2,451 Paper 956,677 Paper : Gold j Paper pesos. 1 pesos, pesos, 3,037 • 7,937 ' 417 ! Gold pesos. 572 25,050 I 11,481 2 i 50,829 24 23,582 300 Paper Gold The considerable increase in total assets and liabilities during 1921 over the previous year is largely the result of currency expansion during that period. It is worthy of notice, however, that no backward step was taken by the banking institutions of Chile during 1921 in spite of the critical conditions which prevailed. The following table shows that the only change in the number of offices of commercial banks in 1921 was the opening of a new branch of the London & River Plate Bank of London: Head office. Bank. I Number ol I establishments in Chile. |_ iDeo. 31,'Deo. 31, i 1920. 1921. : Banco de Chile Banco Espanol de Chile i Banco National Banco do A. Edwards & Co j Banco Frances de Chile Banco Italiano j Banco de Chile.y Argentina Banco de Curico Banco Comeroial de Curico Banco de Talca Banco de1 Constitution Banco de Concepeidn Banco de Mulchen Banco de Osorno y La Union Banco de Llanquihue Banco de la Industria y del Comercio Banco Yugoslavo de Chile Anglo-South American Bank Banco Aleman Transatlantieo London & River Plate Bank Banco Germdnico de la America del Snd. The National Citv Bank of New York. Banco de Chile y Alcmania Banco Mercantil de Bolivia Banco Ttalo-Belga Banco Holandos de la Ame*rica del Sud. Santiago j Valparaiso j Santiago • Valparaiso . Santiago ' Valparaiso , Punta Arenas...' Curico do ;' Talca j ! Constitiicion Conception Mulchen Osorno Llanquihue Santiago Valparaiso London Berlin London . Santiago New York. Hamburg Antofagasta Antwerp do The following are the official figures showing the rise in the cost of living in Chile since 1913: Percent. House rent Light and heat Food (national products) Food (imported articles) Beverages „ Clothing and domestic articles Railway transportation Average increase The passage and execution of a bill directed to modify certain provisions of the civil service of Cuba will enable the Government to reorganize effectively the executive departments, particularly those dealing with collecting revenues and controlling expenditures. Another bill provides for a more efficient system of accounting. A third bill would create a commission charged to investigate the floating indebtedness of the Cuban Government. A fourth bill, included in the legislative program, provides measures to facilitate the removal of members of the judiciary, and a fifth bill, based upon the financial program proposed by the Secretary of the Treasury, provides for the negotiation of a foreign loan to consolidate the floating indebtedness and for the limitation of public works. The last-named bill also provides for the imposition of new taxes for the service of the foreign loan. Recent reports state that the Cuban Congress has already been asked to approve the negotiation for a foreign loan of $50,000,000. BANKING CONDITIONS. COST OF LIVING. 54 109 89 116 33 112 172 „ , 65 The National Commission on Banking Legislation of Cuba, which was constituted pursuant to an act of the Cuban Congress of January 31, 1921, has presented to the Executive a tentative proposal of banking- legislation for Cuba. This project includes the establishment of a Federal reserve bank in that country. Comments in regard to this project have in general been favorable. The situation of the banks operating at present in the island has not undergone material change. The possibility of reorganizing the Banco Nacional has been discussed lately, but no definite conclusions have been reached. The following table indicates the amounts of foreign drafts sold and paid in Cuba by the principal banks doing business there at present and also money imported and exported during the calendar year 1921: THE PROPOSED LEGISLATIVE PROGRAM. After a long period of confusion and uncertainty resulting from the many serious problems which have arisen in Cuba since 1920, it seems that an era of reconstruction of Cuba's political and financial affairs is now beginning. Various opinions seem to have been consolidated into a single legislative plan directed to reform the national institutions. i Drafts i\ Foreign ! sold on j drafts j foreign 1 ! paid in2 | countries. 1 Cuba. Bank. Importation of money. 3 Exportation of money. 8 Royal Bank of Canada... !$87,530,443i$38, 335,067*113,720,000 Sol, 328; 979 ; National City Bank of ( New York 70,609,346, 68,944,050| 16,700,000 19,141,881 ! N. Gelats y Cia 47,704,401 j 1,364; 2J6 2,640,000 P . Gomez Mena e Hijo...' No data. !. No data. • l,500,000| 15,800,000 Banco Comercialde Cuba.! 11,776,792! 401,793! Banco del Comercio I 12,531,483 524,590' 350,000 Bank of Nova Scotia j 14,440,117: 8,644,6071! 1,002,000 4,096,000 Zaldo y Cia ,34,539,3231 " 368,722 800,000 ! Canadian Bank of Com- ] | merce 8,190,077 j 3,909,093! 970,000 3,850,000 : Trust Co. of Cuba 5,638,512 l,248,822j_ 79,965 American Foreign Bank- \ ing Corporation ; 32,786,799 4,714,149!. Other banks and bankers : in Cuba ! 18,925,682) 344,430| 50,500 VT CUBA. 1079 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. /"I _1 _ J Total 1 i~~\ • _ I i^ M/VJ JAI •* *\ rt A f •* f /•% \ i -i f\f\ f\i\f\ |344,672,975 128,799,541 \ 35,842,500 97,286,825 Figures reported by the banks. 23 Includes drafts and letters of credit. United States currency, principally notes. 1080 FEDERAL RESERVE BULLETIN. SEPTEMBER. 1922. ECONOMIC AND FINANCIAL CONDITIONS Mexico is still the first silver producing nation IN MEXICO. of the world. Gold, zinc, lead, iron, antimony, This is the first of a series of articles to be published dealing with economic and financial conditions in Mexico, along lines similar to those followed in the discussion of Cuba's position published in the last two issues of the FEDERAL RESERVE BULLETIN. COMMERCIAL POSITION. Mexico is the fourth largest Republic in America as regards territory. Including islands, the area of Mexico is 767,198 square miles, with a population of 15,500,000 inhabitants, or about 20 per square mile. The chief physical features of the country are two mountain chains which traverse the entire country, forming between them great valleys and plateaus. The central plateau, where the City of Mexico is situated, is the most important in the country from the commercial and industrial standpoint. Parts of the interior are very mountainous, the highest peak rising to an elevation of 18,250 feet above sea level. Mexico is partly in the Tropical Zone and partly in the Temperate Zone. Its climate is largely modified by elevation and topographical conditions. There are several important rivers in Mexico, but few are suitable for navigation purposes. The most important on the Pacific side are the Santiago, 540 miles; the Balsas, 426 miles; and the Yaqui. The Rio Grande, 1,500 miles; Panuco, Papaloapam, Grijalba, and Usumacinta are the most important rivers on the Gulf side. The most important seaports of Mexico are, on the Gulf, Vera Cruz, the principal port of the country, through which most of the foreign trade to the interior of the country is conducted; Tampico, Tuxpam, Puerto Mexico, and Progreso. The most important on the Pacific coast are Guaymas, largely on account of its pearl fisheries; Mazatlan, Manzanillo, and Salina Cruz. The soil of Mexico is well suited for crops of the tropical, semitropical, and temperate zones. The most important agricultural products are corn, coffee, henequen, wheat, guayule, beans, chickpeas, rubber, chicle, sugar, tobacco, and rice. A large part of the central region of the north is devoted to cotton growing. Cattle raising is another source of wealth for Mexico, and shipments of hides and wool from that country amount to considerable figures. The chief natural source of wealth in Mexico for a number of years has been the oil industry. Metal and coal mines, moreover, are operated in almost every one of the States of the Republic. Notwithstanding the disturbed conditions of the country during the last 11 years, quicksilver, and coal are also mined on a considerable scale. Although Mexico can not be considered an important manufacturing country, nevertheless considerable development in manufacturing was gradually becoming noticeable prior to the beginning of the period of political disturbance in 1910. Even under the labor conditions and political difficulties now prevailing there arc many important mills at present devoted to the production of textiles, sugar, leather, and shoes, cigars, cigarettes, and other manufactured goods. Flour milling is important, and brewing is considered to be one of the principal industries in Mexico. Prior to 1910 there were a large number of smelters and steel works in operation. Although these are now in a very much depressed condition, there are still a few kept active in the neighborhood of Monterey. Small factories scattered all over the country provide the people with some of the more indispensable articles of subsistence. Mexico is covered by a not of railroads and highways kept under Government surveillance. The transportation facilities and needs of the country will be discussed later. AGRICULTURAL CONDITIONS. Although Mexico's activities have been most extensively devoted to the production of minerals, yet the agricultural wealth of the country is of great importance. It is estimated that not much more than one-fifth of the total area of the country has been brought under cultivation, although about four-fifths of Mexican land is suitable for that purpose. There are three causes which account for the backward state of agriculture in Mexico. These arc a lack of irrigation facilities, the absence of skilled and semiskilled laborers, and the inadequacy of means of communication and transportation. The mountains of the country present a strong obstacle to the proper establishment of permanent roads to facilitate the distribution of products. This is the reason which accounts for the frequent scarcity of cereals in Mexico, notwithstanding the fact that a large portion of the country is well adapted to the production of cereals in quantities more than sufficient to meet the demands of the country. Recent agricultural statistics arc not available and those covering the last 11 years are neither complete nor accurate. The following table, however, indicates the estimated annual production of agricultural staples in Mexico in normal times: FEDERAL liESEftVE BULLETIN. SEPTEMBER, 1022. Estimated normal production. ] Estimated Principal products, j normal Principal products. I production. =, Corn (bushels) Wheat (bushels) Barley (bushels) Rice (bushels) Coffee (pounds) Cotton (bales) ' 92.000,000 .! Guayulc (pounds)..... 1 6,000,000 j 12,877,000 "; Chide (pounds) j 5,500,000 : 7,59-1,000 ! Vanilla (pounds) j 250,000 ! 1,105,000 n Sugar and molasses ! i 93,500,000 j'.. (pounds) j 538,000,000 \ 155,000 Henequon (bales) I ' 700,000 ! •'• I According to statements of the Department of Agriculture of Mexico, the production of corn in 1921 amounted to 1,803,628,333 kilograms. After corn, the production of beans is most important. No figures are available showing the normal production of this article. The estimated production of sugar during the crop season of 1921-22 for the 91 centrals now operating in Mexico has been placed at 119,800 tons, of which 50,000 tons are estimated to have been produced in the State of Vera Cruz. Production of rubber, tobacco, fruits, and chick-peas is also important. Farmers in Mexico are at present laboring under grave political and labor difficulties, which have kept the agricultural industry in Mexico in a chaotic condition. The matter of. official distribution of private lands in that country is giving serious concern to those interested in farming in the Mexican Republic. Efforts are being made by various interests to have the recent bill passed by the Chihuahua legislature providing for the distribution of lands revoked. They are also opposing similar legislation in other Mexican States. The only figures available giving the total acreage of land confiscated were issued by an organization of landowners in the State of Puebla'. According to their calculations, a total of 785,275 hectares have been distributed throughout Mexico. Lack of proper transportation facilities has contributed to hinder, to a very large extent, the agricultural readjustment of the country. During the last years of abnormal conditions large stocks of corn and beans, the essential food of the Mexican people, have been continuously hold in storage in the railroad stations' in the western part of the country awaiting transportation to the interior. Lack of facilities of this sort made shipments from abroad through northern and eastern ports necessary, while the national product became a total loss. According to Mexican authorities, the political activities which have lately characterized Mexican labor have contributed also to aggravate the present difficulties of the farmers. It appears, however, that an era of readjustment to more normal conditions has been inaugurated in Mexico, which has led 8655—22 5 1081 landowners and farmers in that country to the belief that a decided improvement in the farming situation is to be expected shortly. CONDITION OF THE LIVE-STOCK INDUSTRY. Cattle raising has always been one of the most important industries in all the States of the Mexican Republic. Sheep raising has been confined to the northern and central sections. Northern Mexico is particularly well adapted to cattle raising. The situation of the lands, as well as their generally well watered condition, will some time doubtless make Mexico one of the most important cattle producing countries. There is good pasturage in almost every State of the Union, and the relatively easy accessibility to the seaports offers good opportunity for shipping cattle abroad. The principal cattle-producing States of Mexico before the revolution were Jalisco, Chihuahua, Guanajuato, Michoacan, Vera Cruz, Durango, and Yucatan. Figures showing the stock census in Mexico for 1921, have been issued by the School of Agriculture as follows: Number. Cattle for general use Oxen Horses Mules Burros Sheep Goats Sheep Hogs 2,177,502 126,406 634,626 133,009 $168, 267 293,316 1, 253,518 216,440 1,912,775 These figures compare most unfavorably with those corresponding to prerevolutionary years. The normal stock is estimated as follows: \ Number. Cattle Horses Mules Asses Sheep Goats Hogs 5, 300, 000 900, 000 350,000 300,000 4,000,000 5,000,000 600,000 Due to the fact that sheep and goats thrive best on the great central plateaus, where they are practically free from disease and from predatory animals, a large percentage are raised in the central States of Mexico. Zaeatecas, San Luis Potosi, Cohahuila, Durango, and Puebla are the largest producers. The cattle-raising industry has suffered greatly during the last 10 years. It was almost abandoned in several States during the years 1915 to 1919, but a gradual improvement has been reported lately. 1082 FEDERAL RESERVE BULLETIN. MINING CONDITIONS. Until recent years mining was the most active of the industries of Mexico. Production of silver has been developed on a large scale following the Spanish conquest, and since then Mexico has been the chief silver-producing nation of the world. Up to the beginning of the twentieth .century, the wealth of the country depended in very large measure upon the demand for silver and its price in foreign iiiarkets. Mexico was then classed in the group of one-product nations, and the frequent and serious economic difficulties which Mexico was forced to contend with, due to the fluctuations in the price of silver, compelled the Government to take measures directed to a diversification of industry. The great mining region of Mexico runs from the northwest to the southwest, following the Sierra Madre Occidental. It extends from the State of Sonora to the State of Oaxaca, a distance of about 1,600 miles. The last official estimate (1919) of the amount of capital invested in Mexican mining enterprises placed the figure at $647,200,000, of which amount $499,000,000 is American capital, $87,200,000 English, $10,000,000 French, and $29,400,000 Mexican. The richest mines so far exploited are located in the central part of the country and on the western slope of the Cordilleras, at an elevation of 3,000 to 8,000 feet above sea level. Most of the historical mines are located there, having been opened by the Spaniards as early as 1526. The following table gives the production of metals and minerals in Mexico for the years 1917 to 1921, showing that production in 1921 suffered a very severe reduction as compared with average production in previous years. [In kilograms.] Years. Gold, j Silver. ! 1917. 1918. 1919. 1920. 19211 23,542] 25,313 23 586 23,370i 13,814| Zinc. Lead. • Copper. i. 1,306,988 1,944,542 2,049,898 1,979,972 1,267,245 ! 50,985,923 64,124,752 70,223,455 98,837,154! 56,172,235 71,375,968! 900 121,434,066 46,056,™" 34627479 34,627,479 11,030, 45,180,778! 20,698,996j 11,559,685 ,363,057 14,363,057 777,060 777060 Mercury. 33,132 163,597 118,940 77,229 36,601 SEPTEMBER, 1922. tion in the last year or two; but it should be stated that this is in part due to the mining and treatment of gold-silver ores, and that only the largest mills are at present in operation, using modern machinery and treating large tonnages by the cyanide process. Much of the silver found in Mexico is mixed with a proportion of gold, copper, or lead. The largest silver production comes from low-grade ore, running no higher than 32.15 troy ounces of silver to the ton. Practically all the States located in the plateaus between the two Sierras are large silver producers. The production of gold in Mexico has been incidental to the production of silver, but greater attention is being centered at present upon the mining of this metal in larger quantities. In the production of copper the United States is the only nation which is ahead of Mexico, and in the production of lead the latter ranks third, being exceeded only by the United States and Spain. Mexico holds fifth place in the world in the production of quicksilver, but it does not produce enough to supply the domestic needs of the country. Although iron is found in abundance, the production of this metal has not attained considerable proportions. There are at present 16 coal mines in operation in Mexico, providing employment to about 3,600 workmen. Coal production in Mexico during 1921 has been estimated at 731,000 tons. Hare metals are quite general in the Mexican Republic, the most important being vanadium, bismuth, and selenium. As a whole, the mining industry of Mexico is now in a state of depression, not only as a result of abnormal conditions in the country but on account of the situation of the metal industries in all countries. The present Government of Mexico has endeavored to facilitate production through legislative measures by freeing the silver mines from the Federal production tax and by abolishing consular and import taxes on machinery and explosives. THE PETROLEUM INDUSTRY. The earliest reference to oil as an industry in Mexico goes back to 1857, when a group of merchants in a village of the State of Tabasco began to store for commercial purposes " illu_ 2,646,544! 420,046 187,637, 9,2141,284,820' 73,387 1917 7 1 9 1 8 . . . . ,3 278 54616,190 849| 149,486i 13,5381,881,011 2,878,383 minating oil, ' which flowed from a spring 1 9 1 9 . . . . i 470 738|4 023,015 21,970 1,588 2,246,378 2,294,227 near the village. In 1865 the Government is1920 !l, 572,376i2,991,529 34 917 . . . . . . . . 1,198,806' 828,624 492 637,331, 47,342 19211....; 47,542|2,818, " 11^ 186i sued a permit authorizing a group of Spaniards I i to exploit the deposits of " bituminous and i First 8 m o n t h s . oleous" substances near San Jose de Las Notwithstanding the drop in the price of Rusias in the State of Tamaulipas. No silver since the beginning of 1921, the produc- definite steps were taken in Mexico toward tion of this metal has not shown much reduc- the exploitation of petroleum on a considerable Years l e a i s . I. A n t i ' m o n y > |' G Ti taeP# h " on 1 Tung- ! sten. • A\rcpnic rsemc TLm irl ' - : Man S a ~ i Molyb- nesc. denum. SKPTE M BER , 192 2. FEDERAL, RESERVE BULLETIN. 1083 scale until 1900, when American oil men pur- THE NEW AUSTRIAN SANK OF ISSUE. chased some land in a place now called El On July 29,1922, the National Council of the Ebano, not far from Tampico, and drilling was started forthwith. In 1906 an English Austrian Federal Government passed a law company, which had started drilling in the creating a new bank of ?;issue which will replace isthmus of Tehuantepec, extended its activi- the "''Austrian section of the Austro-Hunties into the fields south of Tampico. Since garian Bank, at present in process of liquidathen many companies of various nationalities tion. The new bank is one of the several have been established and are operating in projects adopted hj Minister Seipel in an effort to avoid the total financial collapse of the the oil regions so far discovered in Mexico. A recent report of the Mexican Petroleum country. It is not without interest to survey briefly Department, places the area of possible production in the Gulf Coast States at over the economic conditions in Austria which led 80,000,000 acres, on the Pacific at about to the creation of the new bank and the floating 50,000,000 acres, and in Lower California at of an internal forced loan. The British reabout 18,000,000 acres, a total of 148,000,000 volving credit of £2,500,000, granted to Austria acres, or 230,000 square miles. Only about in January, 1922, had the intended effect upon 6,500,000 acres have been investigated. The Austrian exchange. As long as this credit combined area of fields now exploited does lasted the krone fluctuated within a comparanot exceed 800 square miles, divided into three tively naiTow range, and at the end of May was regions. First, is the Tampico region, divided not lower than during January. The British into three most important fields—the Ebano, credit, however, was exhausted at the beginthe Panuco, and the Huasteca. The second ning of June and the promised French and is the Tuxpam region, situated south of the Italian credits did not materialize, with the river of the same name. It is divided into result that the stabilization of the krone could the Tuxpam and the Furbero fields. The not be continued. Doctor Schobcr's attempts third is the Tehuantepec-Tabasco field, di- at Grenoa to get credits from an Anglo-American vided into the Tabasco-Chiapas field and the group of financiers were not successful, and he resigned on M&y 21, soon after his return to isthmus of Tehuantepec field. A comparison of the following figures of ttie Vienna. The first act of his successor, Doctor Seipel, production of oil in Mexico and the United was to secure from the Parliament an apStates since 1912 shows the striking growth of the oil industry in Mexico. In 1913 Mexico propriation of 220,000,000,000 kronen. The supplied only one-fifteenth of the world's pro- passing of this appropriation bill was followed duction of oil, but in 1921 it furnished nearly by a flood of new unsecured paper notes. The notes in circulation increased 9,800,000,000 one-fourth of the total production. kronen from May 31 to June 7, 31,800,000,000 PRODUCTION OF OIL IN MEXICO AND THE UNITED STATES. kronen from June 7 to June 15, 29,700,000,000 kronen from June 15 to June 23, and 80,700,[B arrels of 42 gallons. ] 000,000 kronen from June 23 to June^ 30. Thus during the montli of June notes in circulation increased 152,000,000,000 kronen, so United World. Mexico. Year. States. that the total amount outstanding at the end of June reached the fabulous sum of 550,000,! 248,446.230 384,667,550 25,902.439 . 1913. In addition to the notes in 21,188,427 ! '' 265,762,535 • 399,667,168 000,000 kronen. 1914. 32,910,508 281,104,104 " 426,370,894 circulation, the State had on deposit with the 1915. 39,817,402 i 300,767,158 ' 459,433,319 1916. 55,292,770 , 335,315,303 •. 505,362,367 ! Austrian section of the Austro-Hungarian 1917.. 355,927,716 • 514,729,354 1918. 377,719,000 ; 544,885,000 Bank, 31,000,000,000 kronen, which _ might 1919. 163,540,000 443,402,000 \ l 694,854,000 become the basis for new note emissions at 1920. 1921. 195,064,000 ! 469,693,000 ; 759,030,000 any time. Soon after the passage of the appropriation i Estimate of the American Petroleum Institute. bill, merchants and bankers who had to meet A later article will continue the discus- obligations in foreign currencies anticipated a sion of the oil situation in Mexico, particular drop in the value of the krone and invested attention being given to the subject of oil legis- their available liquid funds in exchanges of foreign countries, before the cost in kronen lation. 1084 FEDERAL RESERVE BULLETIN. should rise further. They also rediscounted all their eligible paper so that between the first and second week in June there was a fourfold increase in the commercial paper holdings of the Austrian section of the Austro-Hungarian Bank. The immediate result of the new flood of paper kronen, coupled with the great demand for foreign exchange, was a tremendous drop in the value of the krone. On May 31 the dollar was quoted on the Vienna market at 11,000 kronen and on June 7 at 13,800 kronen. Between June 10 and 13, the krone witnessed a further drop from 15,000 to 22,000 kronen to the dollar. A veritably panic occurred on the market. Everybody tried to get rid of kronen holdings by exchanging them at any price into foreign exchange or tangible goods. Many shops closed their doors and refused to sell goods at all. When the crisis was at its height and the utter collapse of the krone seemed all but inevitable, the Government summoned a conference of bankers, the outcome of which was the adoption of a series of financial reforms. It announced that the establishment of a new bank of issue with a capital of 100,000,000 Swiss francs had been decided upon, and that all the large banks in. Vienna had promised their support. It was further stated that the new bank would stop the depreciation of the Austrian krone and that the old currency would be redeemed at a rate to be agreed upon later. The Government promised to cease to issue paper notes, and to borrow from the bank only when the loan was covered by actual gold or foreign exchange. An official notice of the Government also informed the people that the French credit of 55,000,000 francs had been passed by the French Senate, and that a compulsory internal loan would be floated soon. In order to carry through the various schemes of economy incorporated in the new financial program, the Government appointed a " commissioner for econonry," whose duty it is to see that the measures adopted by the Government and Parliament are put into effect. The result of the new finance program was an immediate rally of the krone. The exchange value of the dollar, for example, dropped in one day from 22,000 to 18,000 kronen. But the influence of the proposed financial reforms on the krone exchange lasted only a few days. The enthusiasm of the bankers for the new bank of issue began to cool off. The attitude of the farmers toward the proposed loan and the strike of the railway employees exercised a depressing influence. The krone began to drop once more and SEPTEMBER, 1922. declined to a lower point than on the " panic day'7 of June 12. The new decrease, however, was in large measure due to factors for which the Austrian Governemnt can not be held responsible, namely, the tremendous drop of the mark and the rapid increase of the Czech krone. Against these depressing influences, no measures could be taken by the Austrian Government, since large amounts of kronen were held in Germany and Czechoslovakia. Meantime a committee was appointed to draft the bill providing for the new bank of issue. The bill was introduced in Parliament on June 27 and passed on July 29. It authorizes the Minister of Finance to establish, with the aid of foreign capital, a bank of issue having a franchise for 25 years. The following is a translation of the bill as originally introduced into Parliament (see Reichspost, June 28, 1922): TEXT OF ORIGINAL BILL TO CREATE A NEW ISSUE IN AUSTRIA. BANK OF I. (1) The Federal Minister of Finance is directed to confer for a period of 25 years upon a corporation to be created with the support of foreign capital the exclusive right to issue bank notes in the Republic of Austria which shall have the force of legal tender. (2) The shares of this corporation are payable in gold or foreign currencies and shall be paid in'gold or in such foreign currencies as the Minister of Finance declares suitable for payment. II. (1) The bank of issue is bound by all means at its disposal to take care that until the fixing of a new legal ratio at which paper money is to be redeemed in metal the value of.its notes as expressed at the rate of foreign exchange shall at least undergo no decrease. III. (1) The Federal Government (Bund) shall in no manner, either directly or indirectly, use the resources of the new bank of issue for Government purposes without supplying the exchange value of the bank notes "withdrawn either in gold or [foreign | exchange, on the basis of an agreement to be arrived at in each instance with the bank of issue. (2) The Federal Government undertakes not to issue State paper money during the duration of the franchise of the new bank of issue and not to adopt any other measures which may prevent the new bank of issue from fulfilling the obligation imposed upon it according to Paragraph II. (3) In case the bank of issue is of the opinion that the regulations stipulated in Sections I and II in its favor have been violated, and for this reason enters a suit for performance or a suit to establish facts (Festellungsklage) against the Federation in the Constitutional Tribunal (Verfassungs gerichtshof) (Article 137 of the Federal Constitution), then the respective decrees can not be carried out or continued by the Government before the determination of this suit. IV. (1) The new bank of issue shall take over the entire note circulation, together with the current account liability of the Austrian section of the Austro-Hungarian Bank. (2) In proportion to the amount of the liabilities taken over, there shall be transferred to the new bank of issue corresponding assets, especially the commercial portfolio, the gold, and foreign exchange and currency holdings of the Austrian section of the Austro-Hungarian Bank. An agreement respecting this matter shall be made with SEPTEMBER, 1922. FEDERAL RESERVE BULLETIN. 1085 according to Paragraph II, the bank "is bound by all means at its disposal to take care that the value of its notes shall at least undergo no decrease.'7 The changed bill, however, provides that the Government may suspend this clause and that the bank is not to be held responsible if a "force ma j cure77 prevents it from the performance of this duty. This clause changes considerably the intention of the original bill. Its incorporation, however, was thought necessary as long as no important changes are made in the State budget, and in the balance of trade of the country. Another important change was made in Paragraph 111 which permits the bank to file suit against the Federal Government in case it issues money not fully covered by gold or foreign exchange. According to the new provision, if the Federal Government should decide to pass a new law authorizing it to issue notes, the bank could do nothing to prevent the Government from doing so. In addition, the paid-up capital is to be 60,000,000 Swiss francs instead of 100,000,000 Swiss francs as originally intended. The new bank of issue was created primarily in order to stop the further depreciation of the krone, and to stabilize the currency. It should be realized, however, that the establishment of a new bank of issue will not in itself relieve the economic situation of Austria. The stabilization of the krone and the economic reconstruction of Austria depend mainly upon two factors—the balancing of the budget and the country's foreign trade. So long as the Government is una,ble to balance its budget, or to offset the deficit by loans, its only relief would be in the printing press, which ultimately leads to the depreciation of the currency. On the other hand, a steady excess of imports over exports, if not met by foreign loans, will The finance committee of the Parliament in tend to drain the country of its gold and many instances changed the original provisions foreign exchange holdings, and finally bring of the proposed bank law. Thus, for example, the currency to a paper basis. the shareholders of the Austro-Hunearian Bank (sec. 7, par. 2). V. (1) The State treasury certificates which are in the possession of the Austrian section of the Austro-llungarian Bank shall be transferred to the new bank of issue and shall be fully retired by the Federal Government within a period and in a manner to be agreed upon with the bank. (2) The Federal Minister of Finance is empowered to come to an agreement with the new bank of issue concerning the interest upon the outstanding uncovered amount of this debt and to give security for the repayment of the debt within the period of the duration of the franchise by pledging the revenues of State forests, domains, and salt works. VI. The Federal Minister of Finance is empowered: (1) To designate the .share of the Austrian State in the amount received from the liquidation of the AustroHungarian Bank, the holdings by the "Deviseneentrale" of foreign currencies as well as foreign exchanges in the possession of the Federal Government at the time of opening of the new bank of issue, to be deposited in the new bank, with the undertaking thai; the Federal Government shall dispose of these deposits only in agreement with the bank until the complete payment of this debt to the bank. (2) To raise loans in foreign currency for the purpose of strengthening the resources of the new bank of issue, and to grant pledges and securities for the same. (3) To transfer to the new bank of issue under conditions to be agreed upon the execution of all gold and foreign bill transactions for account of the Federal Government. VII. The Federal Minister of Finance is furthermore empowered: (1) For the purpose of facilitating the placing of the shares of the new bank of issue with"the public, to grant to the subscribers tax alleviations, reductions in lines for violation of tax and exchange regulations, to guarantee the paid-up capital and a minimum dividend on the capital stock, to be determined in the by-laws, in the currency of the shares and to secure this legal minimum dividend from the yield of the customs revenue. (2) To make agreements concerning the participation of the stockholders of the Austro-Hungarian Bank in the new bank of issue. VIII. The Federal Minister of Finance is empowered to approve the by-laws of the new bank of issue. IX. The Federal Minister of Finance is charged with the execution of this act. 1086 FEDERAL RESERVE BULLETIN. S K LMTE.MB12U, 1 . 9 2 2 . PRICE MOVEMENT AND VOLUME OF TRADE. INTERNATIONAL WHOLESALE PRICE INDEX. In July wholesale prices in all countries covered by the Federal Reserve Board index continued to increase—in the United States. 4 points to 165; in Canada, 1 point to 154; in England; 2 points to 171; in France, 3 points to 307; and in Japan 8 points to 192. If these numbers are converted to a gold basis, the level of prices in foreign countries in July compares with that in the United States as follows: United States, 165; England, 156; Canada, 152; France, 131; Japan 184. In the movement of the group index numbers there are important differences among the several countries. In the United States raw materials rose 10 points, and in Japan 2 points, while in England and Canada they remained fairly steady. The rise here was due for the most part to the increase in the prices of coal and coke, hides, and imported silks. Producers' goods showed only small changes, an increase of 2 points in the United States and Canada, 4 points in Japan, and a decrease of 1 point in England. Consumers7 goods, on the other hand, rose 12 points in Japan, 4 points in England, 3 points in Canada, andj declined 1 point in the United States. For details of the Japanese index number see page 1052. INTERNATIONAL WHOLESALE PRICE INDEX FEDERAL RESERVE BOARD 1913 = 1 0 0 600 13 STATE1 550 500 / *\ \ / \ / 450 » UNITE -ENGLA - FRANC E -•CAN AD A •JAPAN / \ c 600 550 500 450 *> ^•00 M)O \ 350 350 *Xfc. 300 300 —._..^ \ / X 250 s s \ 250 s s ZOO 200 \ • ^ VJ; 150 150 100 100 J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. d. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. 1919 1920 1921 1922 EMIJKU, 1087 FEDERAL RESERVE BULLETIN. 1922. INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES.) [Average prices in 1913=100.] Goods j G o o d s Goods Raw j Pro'produced. i imported, exported. materials.. ducers' goods. Year and month. ..j 1939, average. .1920, average. 1921^ average. 1921. All commodities. 174 191 108 221 235 136 209 235 141 198 237 142 221 244 160 : 103 104 105 107 108 111 126 127 149 146 143 141 134 .144 1.44 1.43 .1.42 140 136 133 133 132 128 127 162 167 162 158 157 ! • . : ; .143 .144 140 loo 158 .162 110 110 111 115 119 124 129 139 142 144 127 127 126 129 137 141 143 150 155 157 214 j 242 i 148 | .143 I July August September. October November. December.. Consumers' goods. 1.33 138 140 141 140 211 239 148 145 14fi 146 145 145 142 153 1922. January... February. March April May Juno July 141 147 150 ]64 167 177 .144 loo 363 165 142 146 147 149 158 161 165 156 i 160 . 1.64 : 163 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 BULLETIN'S i"or 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 AVERAGE PRICE LEVEL OF 19t3 = 1OO 500 4-50 - R A W MATERIALS -PRODUCERS GOODS ••CONSUMERS GOODS - A L L COMMODITIES •GOODS IMPORTED •GOODS EXPORTED 350 500 450 400 350 300 300 E5O 250 / \ \ 200 150 Vw.. 100 80 100 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 M. A. M. J. J. A. S. 0. N. D. J. F. M.A.M. J. J. A. S. O. N. D. J. F. M. A.M. J. J. A. S. 1920 1921 1922 80 1088 SEPTEMBER, 1.922. FEDERAL RESERVE BULLETIN. INDEX NUMBERS OF WHOLESALE PRICES IN ENGLAND. 1 [Average prices in 1913=100.] i Goods ; Goods i Goods '• Raw ! •produced, imported.; exported, iimaterials.j Year and month. 1919, average.. 1920, average.., 1921, average... 238 I 315 ! 207 j 247 i 294; 171 : 275 i 438 I 183 I 226 ! 291 : 197 . 204 202 199 192 182 176 164 165 170 163 154 152 174 |i 192 ! 193 ! 195 ' 187 i 177 i 173 ! 1921. July August September.. October November-. December.. ; j i ! i i | i i ! i 168 i 171 i 175: 164 i 158; fi°r^ c Consumers' goods. " :gold basis. 261 ; 355 '• 178 i 241 ji 292 : 219 j! 241 j 314 I 201 | 221 242 159 165 i 222 \ 223 ", 212 i 200 r 191 |i 186 :: 196 195 194 187 177 172 I 146 146 148 149 144 147 181 181 183 183 191 186 190 170 167 168 167 171 169 171 148 150 151 151 156 154 156 161 165 166 153 147 !i i j • j | I j : ! i 1922. January.. February . March April May , June July.; 1 Pl 174 171 172 171 175 172 173 | 149 i i i ; | 148 j 147: 148 ! 153 , 154 : 158 ! 158 151 153 152 155 158 159 171 168 170 167 169 167 168 i ; " : : 147 j 144 ! 142 i 143 i 146 i 148; 147; ; v il i, i ! . !| A complete description of the British index number m a y be found in the February, 1922, BULLETIN, pages 147-153. INDEX NUMBERS OF WHOLESALE PRICES IN FRANCE. 1 [Average prices in 1913=100.] ; Raw Goods Goods . Goods iproduced. imported. exported. materials. Year and month. 1920, average . . . 1921, average July August September... October November December. . Januarv February March April May June .. 433 261 828 261 276 291 294 283 322 328 319 315 313 277 275 272 274 279 292 297 308 300 305 318 322 330 335 232 ; 229 : 240 ": 238 ! 233 "• 230 : : ! &:> ' 229 ' 227 229 i 228 226 . 230 235 536 313 512 288 317 282 304 290 314 314 304 303 295 286 282 282 288 297 310 1921. 298 291 ! ; 290 284 .. : 284 24.8 ; 1922. . July . 282 288 ! 302 i 305 305 306 : 506 311 322 466 Pro- 1 Conducers' !' sumers' goods. goods. All com- : Converted gold modities. ! to basis. 474 348 478 i 321 185 348 312 i 302 i 126 121 330 309 304 305 294 299 300 306 327 333 327 325 301 295 ; 292 287 286 283 287 299 302 304 307 1 1 i j ! 121 113 111 109 117 121 128 134 143 143 138 131 i 1 A complete description of the French index may be found in the August, 1922, issue of the BULLETIN, p p . 922-929. INDEX NUMBERS OF WHOLESALE PRICES IN CANADA.1 [Average prices in 1913=100.] Year and month. 1919, average 1920, average 1921 average January February March April May June Julv 1 . . . Producers' goods. All com- Converted to gold modities. basis. 199 204 253 220 268 197 235 188 255 227 270 207 250 223 164 181 155 174 183 167 150 164 158 185 153 164 177 163 144 167 158 148 144 144 158 155 153 151 151 188 175 149 138 137 155 147 136 131 131 162 159 153 152 149 182 174 166 164 164 166 158 149 145 145 150 141 136 133 135 143 148 156 152 153 151 153 151 150 150 151 157 162 162 139 152 151 153 154 149 154 132 138 140 142 145 143 143 147 147 146 146 147 150 152 161 164 166 169 168 168 171 144 149 150 152 154 153 154 137 145 145 148 152 151 152 1922. A complete description of the Canadian index may be found in the July, 1922, BULLETIN, pp. 801-806. Consumers' goods. 168 207 249 1921. Tuly August September October November December Raw Goods Goods Goods produced. imported. exported. materials. 1089 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. INTERNATIONAL WHOLESALE PRICE INDEX—FEDERAL RESERVE BOARD. Converted to gold basis. Based on prices in respective currencies. Year and month. 1913 1919 1920. 1921 . United States. . . . England. France. Canada. 100 211 239 148 100 241 314 201 100 100 207 250 167 201 194 195 200 206 207 216 223 217 218 225 233 227 222 210 214 224 234 242 249 251 261 272 287 248 248 253 267 269 262 254 240 232 214 196 179 305 320 329 334 340 339 326 322 315 297 280 260 168 157 152 146 145 142 145 146 146 145 145 142 142 146 147 149 158 161 165 478 321 Japan. 100 181 United States. 100 211 239 148 1919. Tanuarv February . Atarch. Vpril Mav . June JulyAugust . . . . . . . SoDtember October November December . . . . . •\ugust September . October November December January . . . 1921. . . February March \pril . May. . . . July August September October November December France. Canada. 100 221 242 159 100 100 199 223 150 ' 185 124 Japan. 100 175 196 191 193 198 202 204 207 218 ;>16 214 217 223 201 194 195 200 206 207 216 223 217 2J8 225 233 222 217 205 205 216 223 227 223 220 227 233 235 417 441 479 525 537 500 485 500 497 483 456 420 239 249 253 265 279 276 274 258 244 234 221 208 248 248 253 267 269 262 254 240 232 214 196 179 237 227 267 276 274 278 265 245 231 214 198 186 201 171 188 189 221 217 215 197 181 169 142 129 2L8 215 226 242 251 243 241 228 220 212 197 179 244 226 213 206 201 197 196 195 194 187 177 172 387 364 345 333 323 311 312 302 301 295 292 287 199 189 184 177 168 165 163 166 158 149 145 145 176 171 167 169 173 172 178 177 192 202 197 193 168 157 152 146 145 142 145 146 146 145 145 142 188 180 172 166 164 153 146 146 148 149 144 147 129 135 126 125 140 130 126 121 113 111 109 117 175 166 161 157 150 147 144 150 141 136 133 135 172 167 183 164 168 166 171 172 186 193 189 186 170 167 168 167 171 169 171 286 283 287 299 302 304 307 144 149 150 152 154 153 154 191 185 182 180 180 184 192 142 146 147 149 158 161 165 148 150 151 151 156 154 156 121 128 134 143 143 138 131 137 145 145 148 152 151 152 181 176 173 171 171 176 184 1920. January February March.. April Mav June July England. 192 187 189 193 196 198 200 208 208 206 208 206 1922. January February March April . . . . . May June J u l v . ... . . . 1090 FEDERAL RESERVE BULLETIN. SKJL»TEMKER,1922. COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES. ALL-COMMODITIES INDEX NUMBERS.i Year and month. BelBulgium; j garia; Depart-!! General ment Statisi tical ; tistics.2 I Bureau. Holland;Central | Switzerland; Dr. Lorenz. 3 1921..Tilly August October November December 1922. January Februar March April May June July August September 2,172 2,272 2,287 2,514 2,695 2,436 2,489 . United * United \ States; ! Canada; King- Bureau ! Departof Labor inent of11; Sta- i Labor. ' tistics. ! 59,231 63,445 73, 729 75,106 78,634 87,820 103,312 4,238 •1,612 5,427 6,722 7,379 7,841 9,140 13,935 28,919 China (Shanghai); ofCensLisj Ministry i and Sta-i of Fi- India (CalJapan :Zealand;! (Cairo); \ cutta); dics: ; nArSvH-': "(Tokyo);I Depart-1 Departatis- ; 2 , f Bank of j: ment of' ment of ical ! aTih" • Japan.6 Statis- i Statis- South Africa: Of rice of Census and Statistics. 186 i 182 : 163 : 161. 157; January February March April May June July August 1 is April, 1914=100. The number of commodities or quotations used in the computation u July 1, 1912, to June 30,1914=100. of each index is indicated by figures in parenthesis at head of each is July 1914=100. column. 33 Average of last half of month. 16 Dec. 31,1913, to June 30, 1914=100. First of month. "January, 1914=100. 18 *End of month. December figure. 6 Beginning of month—not always the 1st. is Average for month until September, 1921; thereafter prices as of loth 6 Average for the month. of month. 20 7 As of last Wednesday in month. Based upon price of 52 commodities during 1920; 53 during 1921. *» February, 1913=100. s 38 commodities prior to 1920; 76 commodities during 1921. Average for the month. 22 July, 1914=100. • End of year and end of month. 23 As of J a n . l . "> 15th of the month, 24 End of July, 1914=100. ii Middle of month, 25 Jan. 1,1913, to July 31,1914=100. 26 is July 1,1913, to June 30,1914=100. January figure. SEPTEMBER, 1922. FEDERAL RESERVE BULLETIN. REVISION OF FRANKFURTER, ZEITUNG INDEX. 1091 dex numbers for the Dutch East Indies and Belgium were described in the BULLETIN for March, 1922, while a description of the Polish index may be found in the July, 1922, issue. The newly revised index of the United States Bureau of Labor Statistics was first published in the July, 1922, BULLETIN. 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. 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 the7 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 tore vision. The Frankfurter Zeitung lias recently made important changes in the computation of its wholesale price index number. The old index number was based upon the price level of 1920, the intention being to measure the increase in prices not only after the war but after the period during which prices had been largely controlled by the Government. The new index number, on the other hand, takes a prewar base (July, 1914), and includes a new group of 21 industrial finished products, which were not included in the existing four groups. The new index number thus consists of live groups of commodities, namely, foodstuffs and luxuries, textiles and leather, minerals, miscellaneous, and industrial finished products. By the addition of the new group, the number of commodities has been increased from 77 to 98. The new group of commodities was added mainly to show the difference in prices between goods which are largely imported and those which are manufactured mainly from domestic raw material. The new index number is someFEDERAL RESERVE BOARD SERIES. what higher than the old, and is considerably A description of the international price index above the index computed by the German Federal Statistical Office. The old Frank- numbers of the Federal '.Reserve Board for the furter Zeitung index was described in the BUL- United States, England, Canada, and France may be found in the BULLETINS for May, 1920, LETINS of February and March, 1921. February, 1922, July, 1922, and August, 1922, respectively. The Board's index for Japan is OTHER INDEX NUMBERS. fully described on pages 1052-1059 of this The foreign index numbers published on the issue. A comparative summary table showing preceding page are constructed by various for- the Board's international index for these live eign statistical offices, and are sent to the Fed- countries appears on page 1089. eral Reserve Board by cable. The BULLETIN Index numbers showing the price levels of for January, 1920, contains a description of the separate groups of commodities in the United French, Australian, Japanese, and Ganadian States and foreign countries are presented on indexes. A description of the method used in the following pages. Group index numbers the construction of the Swedish index number computed by the Federal lleserve Board as appeared in the BULLETIN for February, 1921; part of its international series of price indexes the British index number, compiled by the will be found on pages 1087-88 of this issue. Board of Trade, was described in the March, A revised series of group index numbers for 1921, BULLETIN; and the new Italian index the United States, showing the Federal Renumber was discussed in the April, 1921, issue. serve Board's regrouping of the new index of The December, 1921, BULLETIN contains a de- the Bureau of Labor Statistics, based upon 404 scription of the index published by the Federal quotations, is here published for the first time. Statistical Bureau for Germany, and the in- A similar regrouping by the Federal lleserve dexes for Switzerland, Holland, Norway, Bul- Board of the old index of the Bureau of Labor garia, Egypt, the Union of South Africa, the Statistics first appeared in the BULLETIN for Dominion of New Zealand, and Peru. The in- October, 1918. 1092 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. GROUP INDEX NUMBERS—UNITED STATES—COMMODITIES IN BUREAU OF LABOR STATISTICS INDEX REGROUPED BY FEDERAL RESERVE BOARD—REVISED SERIES. Raw materials. Year and month. 100 102 112 130 211 243 250 255 134 1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. January February... March April May June July August September. October November.. December.. January February... March April May June July August September. October November.. December.. January February... March April May June July August September.. October November.. December.. January February... March April May June July August September.. October November.. December.. 1915. 1916. 1917. 100 103 98 119 174 203 221 186 110 Con- : All suincrs' commodigoods. ! ties. 100 92 90 102 135 157 211 312 166 100 92 97 138 191 181 180 236 185 100 i 99 j 101 126 ! 187 i 205 i 218 | 229 :! 142 : 100 92 97 143 184 181 179 214 135 100 101 102 119 163 191 211 231 159 100 98 101 127 177 194 206 225 147 102 103 103 104 103 103 105 103 101 99 100 ! 103 104 103 102 101 100 100 99 100 99 97 93 99 99 98 99 98 99 100 101 102 101 103 101 100 .100 100 100 100 100 101 101 99 99 99 102 100 95 95 95 92 93 94 93 93 90 89 93 95 91 88 90 100 100 99 97 97 98 100 105 106 104 104 103 99 98 98 97 97 97 101 102 97 97 97 97 100 99 100 102 101 102 101 101 104 102 105 91 90 91 92 92 93 94 101 109 117 104 104 103 102 102 101 102 101 99 102 104 106 99 99 100 99 100 100 100 102 104 108 ioo ; 97 99 104 105 104 104 103 103 99 100 103 101 102 100 97 97 102 102 102 103 105 105 100 105 101 95 98 100 100 102 102 103 101 101 105 109 109 102 100 97 109 119 117 121 120 108 110 108 103 108 107 113 95 93 94 94 101 101 101 103 98 97 87 87 87 87 89 94 95 97 119 117 112 116 117 112 116 131 140 153 168 158 101 106 114 115 118 121 122 124 126 123 128 132 101 102 103 102 101 100 100 100 101 104 106 108 121 126 131 132 132 131 127 124 127 139 169 112 114 118 119 121 120 120 125 129 135 149 154 125 129 137 142 145 145 143 141 142 148 154 163 107 108 109 111 112 113 116 120 124 129 137 136 113 115 119 121 122 123 123 126 130 136 146 149 166 162 174 203 228 229 229 228 214 138 148 160 169 172 172 173 187 200 193 190 183 114 117 120 133 138 143 143 142 145 139 141 145 191 200 199 191 203 214 207 194 180 165 172 173 159 164 172 182 195 198 197 198 195 192 196 165 167 173 181 187 196 209 208 202 182 172 171 139 143 146 158 167 166 166 170 171 174 175 177 153 157 162 173 183 185 188 189 187 183 183 182 179 182 184 197 204 203 208 219 22; 149 149 150 158 158 158 162 162 162 158 157 158 174 174 174 174 179 177 185 186 186 187 188 187 194 196 199 202 202 202 208 214 219 211 209 210 172 174 176 179 180 182 182 183 186 187 185 180 180 181 180 183 183 186 190 193 199 201 204 206 184 185 187 190 190 191 196 200 204 202 203 202 237 1918. ! j ! j | 97 ! 96 i January— February... March April May June July August September.. October November.. December.. January — February... March April May June July August September.. October November.. December.. ! j j 1913. 1914. Producers' goods. Agricul- Animal Total Forest j Mineral raw tural mairoducts. products. iroducts. products. terials. 242 244 251 245 230 235 242 247 257 243 238 241 21! 211 j 211 j 97 99 101 102 101 87 91 90 90 93 97 99 98 101 102 104 110 100 100 99 99 99 100 102 102 100 99 ; : ' j ! 100 100 1.02 101 100 99 1093 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. GROUP INDEX NUMBERS—UNITED STATES—COMMODITIES IN BUREAU OP LABOR STATISTICS INDEX REGROUPED BY FEDERAL RESERVE BOARD—REVISED SERIES—Continued. Raw materials. Year and month. Agricul- Animal Total Forest | Mineral raw tural maproducts. products, products.: products. terials. 1919. January February... March April May June July August September.. October November.. December.. 1920. January February... March April May June July August September.. October November.. December.. 1921. January.. February.. March April Api Ma•ay June July August..... September.. October.... November.. December.. 1922. January... February.. March April May June July 238 229 241 248 250 248 255 246 237 251 272 284 208 209 217 226 227 223 241 241 220 213 213 210 290 277 285 301 311 299 285 254 229 192 173 159 218 211 206 202 185 188 186 183 189 173 158 131 157 j 148 ! 138 j 128 I 134 ' 126 122 123 141 135 130 130 120 117 119 108 106 103 113 114 105 107 103 103 130 140 141 145 152 146 147 109 121 122 120 122 123 130 Following is the list of commodities which have been added to the Bureau of Labor Statistics index in its last revision, arranged according to the Federal Reserve Board grouping: AGRICULTURAL PRODUCTS: Clover seed, contract grades, Chicago. Cotton seed, average price at gin. Clover, mixed, No. 1, Cincinnati. ANIMAL PRODUCTS: Hides, heavy, country cows, No. 1,, Chicago. Silk, raw, China Canton filature. FOREST PRODUCTS: Lumber—Gum, sap, firsts and seconds, St. Louis. MINERAL PRODUCTS: Bituminous coal—Indiana, No. 4 mine run, f. o. b. Indianapolis. Iron ore, lower lake ports—Non-Bessemer, 5 1 | per cent. Ferromanganese, seaboard. Spiegeleisen, 18 and 22 per cent, furnace. Aluminum, New York. Quicksilver, New York. Zinc, slab, New York. Gravel, f. o. b. pit, average of 22 plant prices. Sand, building, f. o. b. pit, average of 26 plant prices. Slate, roofing, f. o. b. quarry. PRODUCERS' GOODS: Cocoa, beans, Arriba, New York. Copra, South Sea, sun dried, New York. Vegetable o i l Corn, crude, in barrels, New York. Peanut, crude, f. o. b . mill. Silk yarn, New Y o r k Domestic, gray spun, 60/1. Domestic, gray spun, 60/2, No. 1. 160 ! 160 | 161 169 195 222 248 i 255 ! 257 ; 261 ; 291 i i ConAll sumers' commodigoods. ties. 185 188 206 | 203 i 209 213 ! 217 i 215 ! 227 227 !. 218 | 225 231 176 171 168 165 167 173 180 186 186 186 . 189 ! 197 203 195 198 202 206 206 214 221 216 217 224 230 199 193 196 199 202 203 212 216 210 211 217 223 181 178 174 172 173 175 180 182 185 . I | I i j ; i : i , j | j l ! i 197 i 179 | 169 I 160 i 159 i 158 ! 155 i 152 ! 154 i 162 : 175 ! 169 ! 194 199 205 227 234 243 254 263 272 267 247 233 240 237 240 249 246 245 243 235 232 212 192 174 210 216 224 | 237 244 238 232 219 209 196 182 166 239 236 235 244 249 245 2-44 235 230 219 209 192 233 232 234 245 247 243 241 231 226 211 195 179 224 204 194 189 186 178 172 169 168 174 178 179 166 155 150 141 140 135 135 135 137 138 137 137 160 152 145 139 137 133 128 125 126 126 125 125 180 170 168 161 156 153 154 157 155 154 i 153 j 151 I 170 160 155 148 145 142 141 142 141 142 141 140 167 166 165 167 174 187 188 178 177 178 180 202 211 241 139 146 147 148 157 159 171 123 118 i 120 122 125 127 129 146 148 150 149 150 151 154 138 141 142 143 148 150 155 333 367 375 369 357 324 315 309 293 267 225 213 | | ! i ! Producers' goods. j j I i ! i i I ! i ! PRODUCERS' GOODS—Continued. Bars, reinforcing, Pittsburgh. Skelp, grooved, Pittsburgh. Steel billets, Pittsburgh, open hearth. Steel merchant bars, Pittsburgh. Steel sheets, black, f. o. b. Pittsburgh. Terneplate, 8 pounds I. C , Pittsburgh. Copper, sheet, New York. Crushed stone, lj-inch, New York. Hollow tile, building, Chicago. Stearic acid, triple pressed. New York. Bleaching powder, New York. Formaldehyde, New York. Palm kernel, crude, New York. Potash, caustic, 88-92 per cent, Now York. Soda silicate, per 100 pounds, New York. Acid phosphate, 16 per cent basis, bulk, New York. Ground bone, steamed, Chicago. Muriate of potash, 80-85 per cent K. C. L. bags, New York. Citric acid, domestic, crystals, New York. Tartaric acid, crystals, U. S. P., New York. Phenol, U. S. P . (carbolic acid), New York. Leather, sole, Boston—Union, middle weight. CONSUMERS' GOODS: Potatoes, sweet, No. 1, Philadelphia. Pork, fresh loins, Chicago. Milk, condensed, 14-ounce tins, New York. Milk, evaporated, 16-ounce tins, New York. Broad— Chicago. Cincinnati. New Orleans. New York. San Francisco. 1094 FEDERAL RESERVE BULLETIN. CONSUMERS' GOODS—Continued. CONSUMERS' GOODS—Continued. Fruit, canned, New Y o r k Peaches, California, standard 2£s. Pineapple, Hawaiian, sliced, standard 2-Js. Fruit, dried, New York—Apples, evaporated, State, choice. Hominy grits, bulk, car lots, f. o. b . mills. Oatmeal, car lots, in barrels (1.80 pounds), New York. Boots and shoes— Men's— Black, calf, blucher. Black, calf, Goodyear welt, bal. Black, dress, Goodyear welt, side leather. Tan, dress, Goodyear welt, calf. Tan, dress, Goodyear welt, side leather. Tan, grain, blucher. Women's—Black, kid, Goodyear welt, 8£-inch lace. FurnitureBedroom— Bed, combination, factory. Chair, all gum, cane scat, factory. Chifforette, combination, factory. Dresser, combination, factory. Furniture—Continued. B eel room—Continued. Rocker, quartered oak, Chicago. Set, 3 pieces, Chicago. Dining r o o m Buffet, combination, factory. Chair, all gum, leather slip scat, factory. Table, extension, combination, factory. Living r o o m Davenport, standard pattern, factory. Table, library, combination, factory. Kitchen— Chair, hardwood, Chicago. Refrigerator, lift-tcp type, factory. Table, with drawer, Chicago. CutleryCarvers, 8-inch, factory. Knives and forks, factory. Pails, galvanized iron, 10 quart, factory. Tubs/galvanized iron, No. 3, factory. " GROUP INDEX NUMBERS-UNITED STATES-BUREAU OF LABOR STATISTICS. Farm • prod- | Foods. nets. ; Year and month. 1922. January.. February. March./.. April Api May. Ma: June .July.... August- products. All commodities. 100 220 144 100 295 180 100 241 199 100 192 129 100 ! 264 j 165 ! 100 200 .136 100 254 I 195 i 100 196 128 100 226 147 123 124 124 121 120 146 142 140 1.39 130 171 178 180 180 180 184 181 189 197 399 117 116 116 114 113 156 i 156 150 163 ! 158 i 129 131 131 129 127 179 179 180 178 178 i I I | i 119 118 118 119 121 142 141 142 141 140 122 131 130 120 132 131 13o 131 131 135 137 137 138 1-H 142 138 176 174 172 171 175 179 180 181 195 191 191 194 216 225 254 271 112 no i 157 ! 156 !' 155 156 I 160 j 124 123 125 124 122 122 121 122 178 j 177 ! 175 i 175 j 176; 176 i 173 i 173 ! 117 117 117 116 1.16 114 114 115 138 141 142 143 148 150 155 155 1921. August September.. October November.. December.. House i furnishMisceling laneous. goods. I 124 : 100 i 218 i 1913. 1920. 1921. i Metals • Building | Chemand | metal i mate- i icals and rials. I drugs. Fuel and clothing, lighting. j ! ! ! j I i 1 109 | 113 119 ' 120 j 121; 126 ' I 1 6 7 •• 170 I 172 | ij I j ! i ! i GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU. Animal foods. Year and month. 1913 average 1920 average 1921 average - 1921. August . . September . October November . .. December 100 503 100 427 380 330 371 337 373 345 331 311 305 306 324 303 1922. January . . February March April Mav June . July August.. . . . . . . . . » Vegetable foods. 309 289 303 341 362 362 363 359 354 288 285 310 310 318 293 292 Sugar, coifee, and Foods (20). j Minerals. cocoa. Textiles. Sundries. Raw | All commaterials ! modities. (25). 100 422 343 100 459 1 100 449 100 737 100 524 100 1 550 100 510 355 275 355 374 338 345 352 389 305 324 300 355 352 323 321 313 j 245 321 356 312 253 262 277 331 388 391 388 370 365 362 338 338 341 344 331 332 269 375 364 337 326 258 363 350 324 314 242 242 245 j 249 255 265 1 275 345 326 311 300 297 303 313 322 334 306 307 306 318 326 320 319 334 339 336 ! ! 302 j 301 317! 335 334 341 330 327 319 338 372 392 421 341 328 324 323 322 326 330 ! j •1 ! 314 317 325 325 331 S EFT K AI BE H, 1 9 2 2. 1095 FEDERAL RESERVE BULLETIN. REVISED GKOUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG. [July, 1914=100.] Agricultural products. Year and month. July, 1914 January, 1920 January, 192.1 Textiles and leather. Minerals. Miscellaneous. Industrial finished products. All coinmod ities. 100 100 100 100 100 100 1,972 2,019 3,407 3,840 2,749 2,780 1,101 1,776 1,343 1,594 1,997 2,127 3,340 4,300 5,211 6,330 6,349 6,967 6,323 13,391 29,175 7,168 7,722 8,492 10,585 11,379 11,891 13,938 21,91.0 36,398 5,178 5,525 6,810 8,585 9.305 10,141 12,168 18,355 42,648 3,149 3,492 4,201 5,288 5,961. 6,413 6,881 10,993 21,605 3,1.59 3,367 3,817 4,644 5,546 5,859 6,750 8,549 19,352 ' 4,238 4,612 5,427 6,722 7,379 7,841 9.140 13,935 28,919 1922. Beginning of— January February March April May June July August September 1 GROUP INDEX NUMBERS GERMANY—FEDERAL STATISTICAL BUREAU. [1913=100.1 Year and month. 1913 average 1920 average 1921 average July August September October November December , , All commodities (38 commodities). i Goods j produced j (Kic'om! modi ties). Goods imported (22 commodities). 100 1,253 1,786 100 100 2,652 2,533 1,486 1,911 1,369 1,913 1,952 2,235 2,967 3,170 1,721 1,935 2,643 3,585 5,662 5,071 1,428 1,917 2,067 2,460 3,416 3,487 1921. Goods produced (!.(> commodities). Year and month. January February March April May.. June July Goods imported (22 commodities), i All corn; modifies ! (38 comj modities). 1922. 3,383 3,763 5,027 5,985 6,026 6,540 9,168 5,075 5,800 7,463 8,203 8,617 9,479 13,854 3,665 4,103 5,433 6,355 6,458 7,030 9,957 GROUP INDEX NUMBERS—ITALY—RICCARDO BACHI. Year and month. Vegetable foods. Animal foods. 1920 100 i 100 January.. February March.... April May June 112 109 107 105 106 109 114 112 i 97 I 103 94 ; 97 ! Chemicals. Textiles. 100 100 73 73 72 70 67 76 65 63 66 74 72 Building Minerals and metals. materials. Other vegetable products. Sundries. 100 100 100 100 92 91 80 82 79 76 112 111 103 92 96 94 92 87 88 92 90 85 84 88 87 84 86 100 64 62 59 58 58 57 105 All commodities. 1096 FEDERAL RESEBVE BULLETIN. GROUP INDEX NUMBERS—NORWAY (CHRISTIANIA)—OEKONOMISK REVUE. [Dec. 31,1913-June 30,1914=100.] Fuel. Year and month. j End of— 1914.. 1920.. 1921.. 115 352 263 1921. August September October November December 296 302 297 273 263 1922. January.. February. March April May June July August 236 222 213 209 227 248 238 ! j i ! i 244; i ! I j ! f o o d S i Feedstuffs ; and fer-1 Coal tilizers. ! a n d i coke. Petroleum and benzine. n. BuildMetals. ing m a terials. Hides and leather. Textiles. All cornmodi- *•*«• 130 385 279 108 340 233 151 647 104 407 276 115 482 278 128 200 183 107 416 291 105 402 320 158 255 219 103 321 183 101 472 338 115 377 269 360 303 303 282 279 260 • 254 . 371 333 333 316 297 297 297 276 276 307 339 335 319 278 190 190 197 184 183 305 299 297 293 291 315 309 315 320 320 197 210 228 219 219 262 227 227 392 377 350 297 287 286 227 ! 183 338 ! 276 269 256 250 245 241 237 241 244 216 226 224 220 217 214 215 215 276 256 203 203 203 203 203 193 268 263 232 230 233 248 253 248 183 165 161 159 160 165 165 162 279 274 262 260 180 182 179 179 316 310 289 286 177 141 141 141 219 219 190 185 245 242 240 239 183 183 177 177 287 280 280 279 332 : 327 : 309 ; 304 293 | 266 ; 263 : 266 I 260 253 240 236 231 230 232 227 251 233 233 279 279 279 263 250 250 267 258 215 ; j ! : | GROUP INDEX NUMBERS—SWEDEN—GOTEBORGS HANDELSOCH SJOFARTSTIDNING.i Year and month. 1913-14 1920 1921 July August September October November December January February March April May June July 1 1921. Ill [July 1, 1913-June 30,1914=100.] Animal foods. R a w materials for agriculture. 100 262 210 100 296 220 100 312 227 236 217 183 167 161 156 227 230 208 198 196 186 168 170 173 174 176 174 174 173 159 153 156 154 165 164 100 Metals. Building materials. Wood, pulp. Hides and Textiles. leather. Oils. All commodities. 100 278 159 100 371 243 100 675 310 100 215 107 100 324 144 100 294 285 228. 100 347 211 216 214 207 200 197 202 315 250 223 202 194 197 149 130 130 130 133 134 199 198 112 107 133 132 108 211 239 243 197 183 178 169 181 189 166 161 149 140 191 191 191 187 179 179 211 198 182 175 174 172 202 170 168 169 170 170 167 179 186 170 177 179 155 160 131 130 129 128 124 121 121 228 226 225 229 212 209 215 189 178 167 159 147 144 149 104 97 91 90 86 87 88 179 179 179 162 154 154 154 170 166 164 105 104 164 165 1922. Formerly published in Svensk Handelstidning. Coal. 1,007 191 119 108 no 144 -138 140 140 150 172 179 1097 FEDERAL RESERVE BULLETIN. SEPTEMBER,, 1922. GROUP INDEX NUMBERS—SWITZERLAND—DR. LORENZ. Industrial products. Agricultural products. i Consumers' goods. All | Year and month. 1 Feed. Fertilizers. (8) (4) Textiles Minerals. and leather. All. (12) ! i July, 1914 January, 1920. 1921, average.. 100 348 156 1921. August September October November December 139 150 153 155 156 Miscellaneous. (6) (11) Food, drink, and tobacco. (22) All. (26) (9) 100 242 178 100 329 i 160 ; 100 382 207 100 340 143 100 371 266 100 I 357 ! 172 j 163 162 171 171 170 144 i 152 ! 156 ! 158 : 159 ! I 1 155 • 151 : 151 ; 145 , 148 i 140 i 141 ' 148 ' 163 153 149 147 151 128 233 232 145 235 238 236 166 i 165 Building ma- Clothing. All. commodities. (5) (33) (71) terials. (6) 289 226 100 275 224 100 407 224 i 100 ! 308 1 225 i 216 216 214 212 198 206 203 19L 186 179 194 195 204 199 193 209 209 206 203 192 177 181 184 182 178 192 181 176 163 154 154 179 179 178 176 176 176 176 174 193 186 190 186 182 185 189 181 . 179 i 171 : 165 166 176 171 171 163 161 160 186 167 • 168 i 161 163 100 " 100 326 195 i 1922. January February March April May June July August 153 153 155 148 151 146. 146 153 ; 160 144 135 133 133 114 118 125 146 171 169 170 148 177 173 177 J67 166 175 158 162 157 160 158 146 142 183 234 201 195 198 201 195 195 182 195 153 167 I 170 169 173 165 165 i ! i ! 170 I 171 ! 168; 156 157 190 GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE. Year and mouth. 1913 average.. 1920 average.. 1921 average.. July.... August September. October November.. December.. January... February. March April May . . .. June July 1921. Cereals. Meat and fish. Iron and steel. Total food. Other metals Cotton. and . minerals. Other textiles. Other All comTotal articles. not food. modities. 100 I 273 i 194 . 100 263 219 100 . 278 ! 214 i 272 !: 209 ! 100 ; 406 237 100 252 179 100 480 192 100 362 173 100 274 196 202 205 ] 195 i 170 157 | 153 213 216 200 184 178 181 215 210 201 193 195 .188 I I 210 210 199 183 177 173 228 222 207 191 181 172 185 172 161 158 153 152 180 1/6 213 225 199 188 161 159 163 170 169 167 194 189 190 190 183 178 149 155 ! 159 : 156 ! 159 i 154 . loO ! 176 178 166 171 174 173 170 182 i 187 ; 186 186 I 181 179 ' 181 ' 169 174 171 172 172 169 169 166 i 162 159 , 158 ; 149 145 143 143 142 139 180 168 . 172 173 179 187 ! 192 j 164 159 160 166 167 168 174 169 167 164 163 163 163 1922. 8655—22- Other foods. ! i iooj i j i I I 158 157 ; 156 . 138 100 340 197 100 314 201 j I I j j 192 186 187 186 176 171 198 194 191 185 176 171 ! I | ! | ! i 167 161 159 159 160 160 161 168 165 163 163 164 163 164 1098 FEDEKAL RESERVE BULLETIN. S E P T E M B E R , 1922. GROUP INDEX NUMBERS—UNITED KINGDOM—STATIST. Vegetable foods. Year and month. 1913, average 1920, average 1921, average 1921. July August September October November December 1922. January February March April May June July Animal foods. Sugar, coffee, tea. All MacommodiMinerals. Textiles. Sundries. terials. ties. Foodstuffs. 100 321 205 100 264 217 100 366 162 100 301 205 100 ! 269 j 166 100 299 174 100 290 188 .100 285 177 100 295 182 222 221 203 175 173 163 212 213 186 170 170 163 144 159 153 145 150 I 143 206 207 191 168 168 160 168 156 149 139 136 131 167 160 182 179 178 179 183 175 173 162 157 157 174 165 168 159 156 155 186 181 175 163 161 157 160 167 164 168 167 166 165 170 173 190 206 199 196 187 140 138 147 149 147 154 156 162 166 174 183 179 178 174 123 117 118 120 123 122 125 175 172 162 156 163 167 j 166 159 158 157 152 154 155 151 152 149 146 143 147 147 147 156 155 157 158 159 159 157 GROUP INDEX NUMBERS—CANADA—DEPARTMENT OP LABOR.1 Year and month. Grains Animals Dairy prodand and fodder. meats. ucts. 19X3 1920 1921 1921. October ••••••».• March April May July August BuildDrugs Hides, Other Imple- ing m a - Fuel and and Metals. ments. foods. Textiles. leather, terials, lighting. chemietc. lumber. cals. All commodities. 100 263 150 100 198 149 100 204 157 100 261 172 100 258 181 100 303 189 100 192 110 100 203 150 100 245 240 100 268 211 100 255 218 100 204 177 100 246 182 152 144 127 125 131 143 133 134 113 122 142 141 149 158 170 182 170 171 176 188 173 170 162 158 159 181 183 185 179 176 101 100 100 100 100 145 143 143 140 141 237 235 234 232 232 192 189 190 180 180 206 206 210 211 211 176 171 169 165 166 174 172 169 163 170 133 145 149 152 153 143 143 130 129 140 138 143 144 144 143 138 149 141 122 127 116 117 120 120 186 204 204 203 202 180 178 156 155 155 158 157 154 153 154 180 176 174 174 174 175 180 184 181 99 97 96 95 95 99 100 105 142 141 137 135 136 137 138 142 231 216 213 213 213 213 216 216 180 179 174 174 173 173 178 179 206' 204 206 206 221 221 234 257 163 164 166 165 166 162 160 161 168 169 166 166 167 165 166 164 1922. Pfibruarv Fruits and vegetables. i Unimportant groups omitted. GROUP INDEX NUMBERS—AUSTRALIA—BUREAU OF CENSUS AND STATISTICS. Year and month. 1921. 1922. April Agricultural products. Dairy products. Groceries and tobacco. Meat. Building materials. Chemicals. All commodities. 100 209 198 100 243 125 100 229 166 100 184 166 100 186 192 100 201 133 100 295 249 100 277 225 100 218 167 195 194 193 193 190 183 111 116 143 147 138 134 158 160 159 157 155 149 166 164 146 129 123 122 188 190 187 189 188 119 120 110 98 87 238 231 226 210 198 220 224 220 220 208 159 160 100 156 151 93 192 205 148 185 184 182 181 179 178 176 139 136 137 140 150 159 156 140 143 144 144 149 148 153 118 119 121 134 155 152 156 OO - Textiles, jute, etc. 00 Tnlv 1Q14 1920 1921 Metals and coal. 92 196 200 187 186 185 184 183 181 93 91 92 109 116 119 195 187 190 180 169 168 147 194 190 192 190 188 199 147 146 148 155 156 157 1099 FEDERAL RESERVE BULLETIN. SEPTEMBER 1922. GROUP INDEX NUMBERS-CHINA (SHANGHAI)—MINISTRY OF FINANCE. Year and month. February,1913. 1920, average... 1921, average... July August September. October November. December.. January... .February. March April June July Other foods. Cereals. Textiles. Fuel. I Metals. 100 123 126 100 123 127 100 134 138 100 i 187 j 185 I 100 147 150 128 135 140 135 133 136 124 130 126 128 126 128 145 117 147 143 146 178 ! 176 ; 176 179 i 175 ! 146 153 158 130 129 139 150 155 155 1J6 145 .131 130 149 147 1921. Industrial Materials. BuildAll s' | Sundries.! ., comi modities tonal s. I 100 160 ! 170 ' 100 126 139 100 140 145 152 150 148 144 143 141 100 I . 248 | 275 | | 272 ! 264 248 238 : 235 ! 233 I 169 175 172 175 161 175 140 139 138 135 138 141 145 - 147 148 146 144 146 174! 170; 166 139 141 136 230 i 216 ! 214 i 172 17.1 167 169 ! 169 I 131 127 191 191 361 ! 162 1922, I | ! | i I 133 ! 135 135 I 153 186 149 148 152 148 144 145 GROUP INDEX NUMBERS—DUTCH EAST INDIES—STATISTICAL BUREAU. , Grain and !' Other meats. foodstuffs. Year and month. 1914 June, 1920 1921, average.. 100 268 199 All commodities. Textiles. 100 262 | 199 100 299 186 188 199 202 194 193 189 .89 I17Q I 183 183 184 188 175 170 166 185 i 181 j 194 188 185 191 164 163 164 164 166 167 1921. June July August September.. October November.. December.. 209 207 196 199 170 169 164 | ' ' i , ! I 1922, January.. February. March April May June 161 168 174 179 185 178 GROUP INDEX NUMBERS—INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS. | Other I Hides Cotton manu- Raw fac- cotton. tures. and ! ! t ^ articles, Year and month. End of July, 19141920 average 1921 average 100 I 1.00 , 100 1.38 231 , 238 146 242 , 237 1921. August September.. October November.. December... 143 143 141 141 132 1922. January February... March April May June July August 132 130 132 132 130 126 132 127 100 354 306 100 147 108 i ! j j | ! 30L I 121 302 j 120 31.0 ; 122 116 . 299; 289 ! 128 242 247 251 246 235 241 214 214 213 219 236 241 260 259 261 251 225 213 126 220 131 193 126 187 114 i 183 178 I 109 ! 165 110 i 163 I 113 164 ! 112 275 j 266 i 271 27L 296 i 292 | 290 j 284 I All Oil | Other comseeds.I Tea. Sugar. Pulses. Cereals foods. modities. 100 100 j 100 I 100 i 100 153 ! 149 I 162 i 128 [ 104 105 | 142 I 108 83 143 ! 100 I 100 173 78 135 100 100 407 270 100 166 160 100 154 145 100 184 157 100 204 181 150 217 193 166 176 150 145 122 123 124 107 116 124 151 152 236 219 205 203 194 182 182 184 178 180 153 157 154 143 147 170 172 166 164 169 184 ' 187 184 180 180 132 143 148 143 161 156 155 145 161 146 146 146 144 137 136 154 225 218 222 223 171 221 224 227 177 174 173 166 152 149 -149 145 139 137 153 145 147 141 142 135 150 175 167 172 183 182 191 196 178 179 182 182 187 183 181 178 165 172 189 189 198 206 209 208 107 ( 135 I 147 j 127 112 i 148 i 108 j 150 i 111 i 150 110 j 107 120 i 133 i ! 172 : I 164 ! ! 165; | 157 I 156 162 15C 147 150 150 163 169 116 115 106 104 103 105 109 130 125 120 120 114 114 85 102 85 82 90 107 ' 120 123 121 ! 109 i 1100 SEPTEMBER, FEDERAL RESERVE BULLETIN. GROUP INDEX NUMBERS—NEW ZEALAND-—DEPARTMENT 1022. OF STATISTICS. I Year and month. 1913 1920 1921 June July.... August September October November Wool, hides, tallow, butter, etc. AgriculFlour, tural bran, products. oatmeal. . . . . i Merchan- Building Leather. dise. materials. • taS!" ! Coal - All commodities. i ! ' . ! ! i 100 206 165 100 174 201 100 158 151 100 222 208 100 230 232 100 264 187 100 229 ' 185 100 198 215 100 212 < 201 160 161 158 157 156 165 167 206 207 207 208 208 207 207 154 151 153 162 144 132 128 207 207 207 206 206 191 186 231 229 226 225 9-23 222 219 187 181 175 173 176 175 171 180 173 171 171 169 169 167 ! 214 227 211 211 214 212 212 200 200 197 197 195 191 189 169 142 142 140 135 207 204 181 180 180 111 106 106 122 125 181 180 179 179 177 215 212 211 208 236 166 164 161 159 157 156 151 147 145 144 ; | , ! ' i 218 217 216 214 208 186 181 180 180 177 175 1921. . . . . . 1922. . January February March April May.. . . June ! 1 • , I i i COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following table are presented statistics 1been shifted to the July, 1914, base. The German index 1913-1914, as a base. showing the trend of retail prices and the cost uses American index number, constructed by the Bureau of living in the United States and important of The Labor Statistics, was based upon the retail prices of 22 European countries: articles of food, weighted according to family consumption, INDEX NUMBERS OF RETAIL PRICES AND COST OF LIVING[July, 1914=100.] Retail prices. Year and month. 1920 1921 1921. July August September October... November December. 1922. January... February. March April May June July . August... United Cost of living. United Kingdom.* Germany. 3 States .i France (Paris).i 199 150 371 337 454 548 298 237 249 226 r > 813 1,047 145 152 150 150 149 147 306 317 329 331 326 323 501 534 542 581 583 585 232 234 228 218 211 202 219 222 220 210 203 199 963 1,045 1.062 1,146 1,397 1,550 139 139 136 136 136 138 139 319 307 294 304 317 307 279 279 576 559 546 524 190 189 185 182 178 179 179 192 188 186 182 181 180 184 181 1,640 1,989 2,302 3,175 3,462 3,779 4,990 i Average for the month. »Beginning of month. 8 Italy. 4 | Sweden. 1913-14=100. 4 1913=100. Average for n months. Three of these index numbers—those for the United Kingdom, France, and Sweden—are constructed on the basis of prices in July, 1914=100. In the case of the United States, the original base, that of the year 1913, has until January, 1921, when it was increased to 43 articles reported by dealers in 51 important cities. The method of weighting continues the same, although the actual "weight" applied has been changed. The British index number of the cost of living constructed by the Ministry of Labor consists of the retail prices not only of foodstuffs but of other articles as well. Retail clothing prices, rents, and the cost of fuel, lighting, and miscellaneous household items are also taken into consideration. The index number is weighted according to the importance of the items in the budgets of workingclass families. The retail price index for Paris, compiled by the French General Statistical Office, consists of retail prices of 13 different commodities, weighted according to the average annual consumption of a ivorkingman's family of four persons. Eleven of the commodities included in this index are foods, and the other two are kerosene and alcohol. The Swedish index number consists of the retail prices of foodstuffs, fuel, and lighting and is based upon the prices of 51 articles in 44 towns (in 1920, 50 articles in 49 towns), weighted according to the budget of a workingman's family which before the Avar had a yearly income of 2,000 kronor. The German cost of living index furnished by the Federal Statistical Bureau is based upon the average for 46 cities and includes food, fuel, light, and rent. 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. 1101 FEDERAL RESERVE BULLETIN, SEPTEMBER, 1922. FOREIGN TRADE OF PRINCIPAL COUNTRIES. In the following tables are presented figures from official sources showing the monthly value of the foreign trade of a group of important European countries, Japan, and the United States. Currencies have not been converted to a common unit, nor are methods of valuation the same in all countries. In England imports are given current c. i. f. values; exports and reexports, current f. o. b. values. The same method is followed in Japan and Sweden. In France and Italy the value of foreign trade is estimated not in terms of current prices but in terms of those of some earlier period, usually the preceding year. The figures do not include imports or exports of gold and silver unless so stated. FOREIGN TRADE OF UNITED KINGDOM. [In thousands of pounds sterling.] Raw Year and month. Food, drink, and ! Articles \ Miscel- i ,,,__,, Raw i mate- Articles Miscel- ! wholly or mainly manu- parcel factored. factured. post. mainly ing j Total. nianu- 1! parcel j factored., factored. post. articles Reex- Total exports and reexports. i I Monthly average: 1913 .... 1920 1921 July August September October November December .j 24,184 J 23,485 .; 63,817 ': 59,196 .', 47,271 ; 22,598 16,134 37,787 20,421 259 6-1,061 254 161,387 268 90,557 2,716 4,245 3,122 5,825 12,126 5,297 34,281 93,312 49,055 949 1,523 1,126 . . . . . j . 42,090 • 20,232 • 50,584 ! 19,589 : 48,410 20,465 ' 44,475 ' 21,256 ! 41,2-46 29,946 i 39,063 27,792 18,005 18,194 17,905 18,691 17,913 18,291 431 214 33S 320 151 105 2,702 3,124 3,300 3,466 3,586 3,187 2,775 36,705 39,936 44,009 50,328 51,094 47,364 990 I 1,228 I 942 | 1,113 I 1,169 ! 1,378; 17,710 16,576 20,309 18,962 20,207 18,857 18,579 241 i 75,488 I 322 i 69,375 • 215 . 87,879 I. 199 80,661 ••; l 1922, January February March April May June July 80,757 88,581 | 87,119 1 84,742 Ii 89,259 || 85,312 || !' I ' 33,972 . J 32,257 i 45,261 • 40,097 i 43,075 i 39,936 I 38,817 •, 24,565 20,220 •' 22,095 21,404 • 25,358 • 25,212 • 24,237 7,058 6,997 7,359 7,018 7,446 7,032 ' 51,824 6,869 ! 48,000 8,465 ' 51,760 7,376 44,336 8,757 45,073 7,671 40,556 8,041 48,555 I 2,861 2,754 3,270 3,011 88,814 '." 3,045 84,298 ': 3,044 81,784 i' 2,806 176 263 151. 43,770 i! 9,131 111,206 ;i 18,563 58,600 !; 8,921 52,901 129,769 67,521 43,172 51,346 55,248 62,265 62,895 59,375 9,362 9,998 8,595 10,386 9,823 9,204 52,534 61,344 63,843 72,651 72,718 68,579 1,429 i 63,147 712 i 58,335 1,085 ; 64,581 785 55,508 1,171 58,045 52,146 1,117 60,419 8,459 10,174 10,154 9,200 8,965 8,720 8,317 71,606 68,509 74.735 64,708 67,010 60,866 68,736 FOREIGN TRADE OF ITALY, SWEDEN, NORWAY, AND JAPAN. 1 I Year and month. Italy .2 (In millions of lire.) Sweden. (In millions of kroner.) Norway. (In millions3 of kroner.) Japan. (In millions of yen.) ! - - • i I m p o r t s . '• E x p o r t s . '• Imports.. Exports. Monthly average: 1913 1920 1921 304 1,322 ; , 210 650 Imports, i Exports. j Imports. Exports, 71 i 281 i 106 i 68 191 91 46 ! 253 ! 128 | 98 103 126 JOt 95 112 94 113 105 99 103 | 108 ! ! 134 118: 176 153 146 129 as 104 63 61 I 195 I 135: 53 162 104 110 132 129 130 ! 1.52 161 106 ,96 112 121 146 179 198 208 185 169 157 142 87 101 115 129 154 146 144 1921. July August September.. October November.. December.. 98.1 962 1,101 1,125 1,521 : (;.S3 718 856 I I ; ! I 1922. January . . FebruaryMarch April , May June July i j i | 1,309 1,056 1,169 1,313 . : ; j 620 716 719 091 77 49 109 102 97 93 ! ; ! ; ; 61 »i 60 90 104 1 Subject t o revision. 2 1920 figures based on 1919 values; 1921 figures based on actual current prices; 1922 figures based on 1921 values, » Estimates of Farmand. 1102 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. FOREIGN TRADE OF FRANCE.1 In thousands of francs. ! sands of I Manufactured Total. ! metric tons. ! articles. ! Raw materials. Food. i 1921. July'..., August 3 September 3. Octobers November 3.. Decembers.. Raw materials. Food. i Manufac- i Parcel j turcd articles. I post. I Total. i thou'sands of ! metric i tons. I Monthly average: 1913 2 1920* 19213 In thousands of francs. In I thou- Year and month. 151,465 ' 412,144 138,169 701,778 , 3,685 989,576 ! 2,096,379 | 1,072,7874,158,741 " 4,211 517,158 I 1,033,170 j 412,045 1,962,373 | 3,165 69,908 ' 154,841 217,733 "| 509,485 161,031 i 463,219 434,001 555,545 691,972 717,091 564,012 754,671 704,069 331,047 1,469,117 ! 2,164 855,697 320,052 1,731,294! i 2,593 1,204,213 329,494 2,225,679 3,993 1,191,860 318,000 2,226,951 i 2,809 1,446.125 ! 323,593 ! 2,333,730 5,161 l850;i48 ! 543,445 | 3,154,264 5,197 123,303 112,654 146,467 132,424 157,180 259,605 352,572 385,021 460,765 438,000 504,000 483,:?56 477,000 887,253 1,137,855 1,005,463 983,000 996,000 1,082,371 1,200,000 121,526 i 458,460 994,852 153,892 I. 448,455 1,106,507 130,595 456;930 ! 1,189,712 136,000 461,000 ; 1,231,000 ! ! I | i 301,421 ! 47,182 ! 573,351 1,413,548 ! 100,479 ! 2,241,245 1,067,4.13 i 104,430 i 1,796,092 1,840 1,071 1,333 439,534 ! 925,868 j 74,350 ! 1,563,055 445,312 I 1,084,193 ; 82,933 I 1,725,092 444,891 I 1,087,443 j 95,852 1,774,653 482,376 1,041,594 103,078 I 1,759,472 478,875 ! 992,256 120,343 i 1,748,654 549,495 1,193,161 ! 180,059 j 2,182,320 1,194 1,035 1,172 1,252 1,515 2,507 1922.6 January... February.. March..... April May June 6 July? ! ! ! ! ! ! i 247,827 324,150 465,737 323,000 310,000 285,448 131,800 1,487,652 1,847,026 1,931,965 1,743,640 1,810,125 1,851,184 3,396 4,126 4,434 3,787 4,396 4,307 1,996,000 | 4,223 1,554 1,638,741 1,853,312; 1,520 1,876,668 i 1,570 1,962,997 1,794 132,000 i 498,000 j 1,127.000 ' 111,000 j 1,886,964 1,538 i 63,903 ! 144,458 i 99,431 1 134,000 i i i i , 666" i "375,666" I ' 885,666'!' * "o6,'666| 1,433,"666 1,799 1,936 1 Not including gold, silver, or the reexport trade. Latest figures subject to revision. a Calculated in 1913 value units. 3 Calculated in 1919 value units. French foreign trade figures are originally recorded in quantity units, and the value of the trade is calculated by applying official value units to the quantities imported and exported. Normally the monthly statements of trade appear computed at the rates of the year previous, and only at the end of the year is the trade evaluated at the prices prevailing during that year. Because of the disturbed price conditions in France during the past two years, 1919 price units are being applied to the 1921 trade. • Calculated in 1920 value units. 6 Exports calculated in 1919 value units. Imports calculated on basis of actual declared values, s Values of exports not available. 7 Exports calculated on 1921 value units. FOREIGN TRADE OF GERMANY.* IMPORTS.2 Merchandise. Year and mouth. Merchandise. Gold and silver (in thouthousands thouIn millions In millions In sands of of marks). In sands of of marks. metric of marks. metric tons.! ton?. Gold and silver (in thousands of marks). Monthly average: 17,756 | 9,910 6,073 1,570 2,194 8,450 17,773 34,901 841 5,776 8,295 6,141 1,651 1,715 8,376 35,765 26,674 60,693 5,312 4,922 7,572 9,382 10,642 13,814 12,273 13,702 1,925 2,111 2,533 3,085 2,535 2,086 37,567 13,514 26,832 30,013 44,073 86,227 6,175 6,670 7,492 9,681 11,886 14,468 1,558 1,828 1,871 1,973 1,908 1,930 12,641 12,001 22,919 28,266 32,417 34,364 ' 45,738 2,309 1,475 2,645 2,889 3,810 4,030 4,798 134,054 57,425 46,898 51,451 75,844 109,298 14,394 14,482 21,285 22,948 2,027 1,747 2,153 2,7(>0 2,003 1,880 1,636 36,553 1913 1920 19214 -I- 1921. July August September.. October November-. December.. 1922. 132,336 40,409 7,566 12,315 31,910 18,018 January... February. March.... April May June July 1 Latest figures subject to revision. 2 Not including philanthropic gifts. 3 27,080 30,232 35,707 Not including deliveries on reparations account. « Average for 8 months. Figures covering first 4 months of 1921 are not available. SEPTEMBER, 1922. 1103 FEDERAL RESERVE BULLETIN. FOREIGN TRADE OF UNITED STATES. [In thousands of dollars.] Merchandise. Merchandise. ! ! Food! Crude: stuffs I Food- Manufac1 mate- • in j stuffs tures Gold. Silver.' rials ; crude i partly for ! lor i condi-1 " or further use iii' tion ! wholly use in maim-' and | manu-i manufacifactur-l food ! ing. i ani- tured. facturing. ; i mals. Year and month. Monthly average: i i I Food- i Crude Manu-] matefactures ! Total Gold. Silver. rials for ready ;i meruse in for" chanmanucon- '' disc.1 ! factursump-' ing. tion. ' 2,981! 50,414' 18,398 16,529' 28,354 34,453+ 149,383; 7,650 5, 34,757| 7,3391145,995' 48,136103,178! 66,871 73,060] 439,790! 26,841 ! 57,606 5,270' 71,090i 25,331] 30,7371 28,669 51,577| 209,085' 1,990 1913 1920 1921 Manu-1 stuffs i Food- Manufac- i in ; stuffs factures I Total crude [partly tures for ready i mercondi- j or further for | chantion I wholly use in and i manu- manu- con- i dise.1 sump- ! food I fac- facturani- ] tured. ing. tion. ! mals. I 33,077 64,989; 207,002 79,875: 267,071! 685,668 5,231 64,072 14,132! 27,069 9,468155,897 76,499' 93,050 4,298 82,002 57,681 55, r " qq qoq 135,450; 373,760 GO, oui> 1921. July August September October November December 64,268 86,211I i 66,515* I 47,110| I 51,860J 31,685: 1922. January February March April May June July 571!! 701 488;-! 244 9941 4,513! 7,853| 4,565' 7,5105,912; 5,516; 63/7601 71,525' 60,815! 59,460: 70,039! 94,016. 19,215' 18,922! 16,588] 23,326i 29,3381 32,707 16,465 27,095i 18,465' 23,883! 26,205! 25,473 26,263 25,171 26,324 27,707 30,398 32,083 52,351! 49.879! 53,973i 51,665i 53,365] 51,171' 178,637 194,768: 179.283! 188,'028, 21t,027: 237.373 3,735 672 2,449 7,576 607 2,162 6,490i 4,771! 6,953' 4,800! 5,512' 6,316 6,957! 82,639' 80,971' 86,910'. 69,804' 88,088' 91,146: 87,298^ 27,498! 25,900 22,370: 27,7621 28,7561 36,014; 25,711 i 32,482 31,264' 34,785] 26,170! 37,316! 27,596' 38,511; 30,272! 34,041! 42,820i 37,252' 39,398' 46,471! 48,398! 49,811! 49,375j 59,880 50,820i 58,254' 58,439i 49,464; 217,195 215,743] 256,178' 217,073! 252,817! 260,391'! 252,128! 1,7321 963! 1,579' 3,4071 l,601i i !l I ! 5,113 75,891 58,522 3,743 69,4831105,871 4,947 68,391' 67,869 782121,322, 40J205 4,782 4,804 88,545- 30,052 7,145 89,950 28,737 57,929 66,607 62,936 48,018 41,449 38,282 26,095 25,064 28,295 28,129 33,260 35,145 59,49598,042; 91,296, 98,32395,538' 98,370i 320,709 371,935 325,774 343,597 294,437 296,306 72,838 55,895| 73,001! 79,511! 64,441! 70,219! 60,024! 43,019 45,164! 58,899! 47,372| 50,376! 55,485' 49,2261 35,143 32,193 43,632 37,969 40,467 39.086 35,'676 91,810; 84,684! 112,765' 113,876! 112,112' 121,284' 109,544* 278,898 250,748 330,267 318,100 307.689 334,684 301,313 3,977 7,092 4,302 5,109 5,677 6,004 645 i 6,289 31,054 27,799 34,507 31,174 34,143 41,000 41,958 i Including miscellaneous merchandise. INDEXES OF INDUSTRIAL ACTIVITY IN FOREIGN COUNTRIES. ENGLAND. Exports. Per cent of unRaw employed cotton Ship ton- , Railways) Iron and Cotton among visible nage under i net ton j steel Coal manuapproxiconstrue- I miles j manu, (long Finished supply (thou- tion (gross (000,000 factures factures 1 tons, 000 mately steel. 12,000,000 sands of tons). omitted), ! omitted). insured bales). * tons, persons. omitted). Production (long tons, 000 omitted). Year and month. ] Pig iron. Steel ingots and castings. 855 670 218 639 7o6 302 646 238 i 12,002,699 1,397 I 13,603,131 1,234 13,312,983 | a 15,215 16,589 16,517 2 21,090 17,875 2 22,594 10 94 158 236 272 275 117 434 429 405 444 381 .137 321 322 304 330 292 1,310 1,194 1,060 1,123 1,216 1,271 17,693 19,764 19,921 2 22,875 19,146 In 827 23,135 288 300 390 394 408 369 399 328 415 i 549 404 462 400 473 271 321 369 291 334 316 1,298 1,24.0 1.112 7 2,235,998 1.181 1,143 1,919,504 Coal. Monthly average: 1913 1920 1921.., 19,108 i 13,696 i 1,546 1,108 i «596 374 244 6,117 2,078 2,055 64 77 133 156 194 205 179 214 268 345 366 333 816 3,103 3,407 3,406 3,594 4,309 14.8 13.2 12.2 12.8 15.7 16.2 253 224 296 258 272 236 252 342 254 307 305 345 315 447 4,021 • 4,014 ' 5,201 : 4,097 • 5,057 ! 4,794 • 5,064 : 16.2 15.2 14.6 14.4 13.5 12.7 12.3 414 271 142 i 1921. July August September. October November. December . January... February. March April May June July !'9?? I 3,282,972 »2,640,319 1,325 1,388 1,306 1922. 1 Average of 4 quarterly estimates. Five weeks. a Work suspended on all but 2,094,000 tons, < End of month. 2 t Work suspended on all but 1,918,319 tons. • Yards. ' Work suspended on all but 1,619,000 tons. 1104 S E P T E M B E R 1922. FEDERAL RESERVE BULLETIN. FRANCE. 1 Raw \ si-! Cotton ! 'Hi™Q " ! HavfeT I f ° r £° n - ' to P°rts-! , ThouMetric • sands of tons. ' metric ! tons. Thousands of metric tons. Monthly average: 1913 1920 1921 p of the Number principal ex P° r t of unFrench employed receiving municipal aid in j ThouThouParish i sands of sands of i metric francs. ! tons. 3,685 j 4,211 i 3,165 i August September October November December January February March April May June July 312 323 386 383 442 416 i 608 660 1,065 1,874 1,301 3,291 2,895 14,013 6,539 10,700 11,769 25,757 29,059 30,835 1,676 2,153 2,081 1,538 2,058 14.870 14,714 20,978 17,391 18,090 188 163 127 138 169 ! 145 i 153 ' 165,892 479,894 516,397 2,047 2,164 2,593 3,993 2,809 5,161 5,197 ! 1,405 I 1,194 1,035 1,172 1,252 1,515 2,507 3,396 4,126 4,434 3,787 -1,396 4,307 4,223 1,554 1,520 1,570 1,794 1,538 1,799 1,936 10,616 9,706 7,486 5,348 3,730 4,175 454,323 468,175 472,779 608,764 472,607 504,431 4,658 4,385 3,546 2,447 1,636 958 602 i Latest figures subject to revision. * End of month. »Railways included are: State railways, Paris-Lyon-Mediterrantfe, Nord, Orleans, Est, Midi, Alsace-Lorraine, and Guillaume-Luxembour Railways. * Does not include Lorraine. 6 Excludes the Alsace-Lorraine and Guillaume-Luxembourg Railways. GERMANY. Production , (000's of metric ', tons). i Imports (metric tons).1 Year and month. Monthly average: Lig- j Raw nite. : wool. Half manufac- Iron ore.2 tured silk. 920 ;1,224,951 5 232 j 537,535 393 j 619,194 1913 1920 1921 1 17,003 | 13,043 13,664 7,266 i 16,608 9,303 | 04,025 10,241 ; 1.1,860 1921. June July August September October November December 12,518 12,949 13,974 13,885 j 14,'373 j 14,052 14,343 10,055 10,005 10,606 10,359 10,567 10,479 11,029 1922. January February March April May June July . 14,640 10,978 13,655 10,091 15,931 12,260 13,800 10,634 14,666 11,437 11,416 10,487 6?580 '!• j 8,529 ! i 10,815 •' ! 14,725 ' | 17,688 12,506 ! 12,028 i 10,984 I 354 328 447 774 316 388 ! 10,400 i 20,202 i 26,988 ; 24,091 25,619 15,723 347 383 440 462 486 436 1 Import and export figures for first 2 Includes manganese ore. a Includes lintcrs. 4 Not including coal for reparations 5 Average base on 6 months. 6 Coal, excluding coke Exports (metric tons). 1 Troti Tonnage (net 1 Num- regisber of tered Coal.* ships tons) (000 omitted). I Cotton .3 and I Machin- ] iron manu- olectri- | factures. 43,424 12,490 30,894 541,439 60,919 21,812 12,881,1.26 145,883 &46,772 i 8,462 i 608,749 39,037 8,530 i 518,937 203,681 13,445 462,741 I 25,625 162,297 493,434 ! 35,176 177,773 51,416 356,397 '52,433 "" '""240,071 I 37,456 564,827 28,766 225,331 i 34,615 919,822 29,739 246,115 i 33,067 937,268 27,242 233,201 i 35,697 790,811 28,313 214,812 ! 46,397 941,972 23,426 492,705 |, 17,915 , I 809,722 j 26,130 i 865,778 I 24,070 1,519,365 26,112 1,159,329 22,037 221,743 | 172,709 211,979 i 200,677 i 209,432 I 213,220 ! i - 6,877 7,353 9,618 10,156 10,255 9,953 9,212 39,470 9,552 45,689 9,332 48,813 | 12,299 45,112 | 11,095 47,354 i 12,629 49,347 16,335 Unemployment. Number of applicants for every 100 available positions. ! Num| ber of I unemployed | persons ' receiving State aid (000 omitted). 1,256 401 700 1,182 374 794 169 165 366 310 I 355,582 612 ' 453,173 809 J 613,739 942 649,158 957 ! 576,048 915 • 569,657! 838 \ 640,877 503 ! | 752,340 745 \ 669,433 ' 461 , 795,200 894 I 795,940 972 ' 701,941 1,143 ! 528,766 1,092 793 588 888 955 1,018 1,047 881 873 109 151 142 132 128 136 148 357 314 267 232 186 150 149 875 716 969 1,112 1,244 1,287 1,0.15 150 145 113 165 200 209 4 months of 1921 not available; 1921 averages basqd on 8 months. account. Ship arrivals in Hamburg. SEPTEMBER, 1922. FEDERAL RESERVE BULLETIN. FOREIGN TRADE INDEX. 1105 wire, acetate of lime, cottonseed oil, and fuel and gas oil shipments were smaller, whereas sole leather, structural iron and steel, steel plates, and gasoline were exported in greater volume than during June. Gasoline exports were larger than in any month since December, 1920. Total- exports of raw materials were lower than during any month since April, 1921, owing largely to the small amount of coal now being shipped. Cotton shipments were also INDEX OF VALUE OF FOREIGN TRADE IN SELECTED much smaller than in June, and other declines COMMODITIES AT 1913 PRICES. occurred in the case of lumber, oats, and cop[Monthly average values, 1913=100.1 per. Grain exports, as a rule, were larger than during June, particularly barley, but wheat and Imports. Exports. corn shipments were smaller than during July j I of last year. Exports of crude oil, leaf tobacco, ConI ProCon| i Pro! Raw ! duc- s ! Raw sum- j and pig iron increased during July. i mate™ - I Total mate- dueers' ; ers> ; rials goods goods * The volume of imports also declined during i (10 com- com- co(mJuly, but not to so great an extent as did modi- modi\ exports. The index of consumers' goods, in ties). ties), i modities). : ties). ties). ties). ! fact, was two-tenths of a point greater for Increases among the 1913, year. 100.0 ! 100.0 100.0 :. 100.0 100.0 100.0 i 100.0 ! 100.0 July than for June. 1919, year. 155.1 183.6 115.3 i 157.5 192.9 : 147.5 i 168.4 commodities of this group occurred in the case 1920, year. 92.2 > 158.7 133.6 107.5 • 135.8 227.5 : 138.8 • 168.8 1921, year. 103.1 • 116.9 124.1 ' 108.9 : 113.6 162.8 , 141.4 , 135.6 of cocoa and tea, whereas imports of coffee, bananas, and 7olive oil were smaller. Among 1921. I 102.6 the producers January... 105.2 208.6 126.2 I 120.2 74.5 130.9 123.9 goods, extract of quebracho, 91.0 162.4 119.4 j 104.1 118.2 j 143.7 , 135.4 130.1 February. 78.0 135.1 120.2 March 92.7 160.6 i 177.2 , 178.9 169.5 manila hemp, india rubber, and wood pulp 76.5 132.5 116.4 April 90.5 153.3 i 177.6 ' 185.1 167.1 were all imported in larger volume. Nitrate 127.2 96.4 110.8 100.3 97.6 98.7 j 150.0 ! 162.1 May 120.8 of soda, jute, burlap, sisal grass, cane sugar, 94.2 ! 132.2 111.5 94.5 152.3 j 130.4 June 107.9 112.6 99.3 i 126.6 i 121.4 July 111.6 i 78.6 '• 133.8 112.9 August 142.7 i 99.6 ' 160.7 I 142.1 116.8 i 165.1 I 129.8 136.0 and newsprint imports were, on the other 114.6 September. 115.7 89.7 : 142.3 | 118.6 102 8 i 137.7 j 99.3 October... 121.7 107.0 113.2 I 118.4 96.1 | 173.5 116.5 126.9 hand, smaller during July than during June. November 95.1 100.2: 106.2 i 98.1 115.1 i 199.4 149.2 150.6 Imports of raw materials, also, were smaller as December. 93.8 ! 96.0 : 107.8 i 96.9 133.0 219.1 I 164.8 168.7 a group, but lumber, tin, flaxseed, pulp wood, i 1922. during 160.1 and wool imports were larger than 82.6 104.3 129.7 January... 91.5 118.4 228.7 135.2 183.4 June. February. 82.6 ' 1213.3 281.3 133.5 68.5 86.0 127.6 Indeed receipts of wool were double 206.5 March 89.8 12L.7 156.5 106.9 I 148.1 306.8 161.1 169.1 those of the preceding month, when they were April 90.5 120.9 150.5 106.0 j 125.5 236.1 152.0 177.9 99.4 l; 144.6 227.9 168.0 May 78.3 128.8 155.4 The other commodities in 191.0 unusually small. June 80.3 121.3 160. 2 107.4 148.7 273.3 137.3 187.7 this group—cotton, copper, hides and skins, 95.0 , 146,9 266.3 137.5 July 79.1 124.0 133.5 silk, and tobacco—fell off, a decline of nearly Exports suffered a substantial decline in 30 per cent occurring in the case of silk. volume during July and, with the exception of January and February. 1922, were smaller than in any month since April, 1921. All groups of SAVINGS DEPOSITS. commodities shared in this recession, but the Comparison of savings deposits on August greatest decline occurred in the case of consumers7 goods. This is due largely to a de- 1, 1922, with deposits on July 1, 1922, "and crease in the exports of refined sugar, which August 1, 1921, arc shown for 884 banks were nearly one-half smaller than in June. distributed throughout all sections of the Shipments of all other commodities in this United States. The figures for districts";No. 1 group, except lard, were also smaller than dur- and No. 2 are those of large mutual savings ing the preceding month. Exports of pro- banks, but in all other districts reports of other ducers' goods were only nominally smaller dur- banks are included to make the figures thoring July than during June, and the individual oughly representative. In all districts where commodities in this group showed different reporting commercial banks subdivide their tendencies. Upper leather, steel rails, copper time deposits, statistics of savings deposits subject to notice (excluding time certificates This is in accordance i The list includes 27 of the most important imports the value of which of deposit) are used. 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 with the definition given in the Board's Regutotal export values. The classification of the original list of commodities lation D, series of 1920. used was given'in the July, 1920, BULLETIN. The classification of 11 additional commodities of imports was given in the April, 1921, BULLEDuring July the volume of savings deposits TIN, and 2 additional commodities in the November, 1921, BULLETIN. decreased in all Federal reserve districts except Exports of gasoline have boon altered to include naphtha. 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 1 ! 1106 FEDERAL RESERVE BULLETIN. No. 1 (Boston) and No. 9 (Minneapolis). The declines during the month were very slight, the largest being 1.1 per cent in district No. 7 (Chicago). Savings increased, however, during the year ending August 1, in all districts except No. 4 (Cleveland) and No. 7 (Chicago). The most noteworthy increases were 7.3 per cent in district No. 12 (San Francisco) and 10.7 per cent in district No. 11 (Dallas). [000 omitted.] Number District No. 1 2. 3 4. 5.. o . . . ..... ..... ....... 7 8 Aug. 1, 1922. July 1, 1922. Aug. 1, 1921. 64 30 80 18 93 78 219 35 15 62 115 75 1,102,250 1,728,753 423,963 377,989 269.238 146,963 776,081 114,733 79,165 86,526 69,718 766,807 1,097,719 1,738,814 424,063 381,994 276,648 147,857 784,348 115,556 78,835 86,735 70,122 771,793 1,066,782 1,659,333 412,773 384,153 244,670 140,491 786,791 104,059 76,661 81,233 62,982 714,928 884 5,942,165 5,974,484 5,734,856 of banks. . . . 9 10 11 12 Total SEPTEMBER, 1922. After several months in which the ocean freight market remained generally steady, the tendency in August was again distinctly downward in all the principal European trades with the exception of the United Kingdom trade. The index numbers for Netherlands and Belgium, Scandinavia, and the Mediterranean all indicate new low levels in ocean rates since the close of the war, while the United Kingdom and French Atlantic index numbers are only slightly higher than the previous low points. The all-Europe number, standing at 24.6 in August, indicates a decline of about 75 per cent since January, 1920, in ocean freight rates from United States Atlantic ports to Europe. REPORT OF KNIT GOODS MANUFACTURERS OF AMERICA. The total production of winter and summer underwear for the six months ended July 31, was as follows: i Number ! of mills | report| ing. 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 FREIGHT RATES IN UNITED STATES AND EUROPE TRADE. 1922. . Actual i Per cent ! produc- • of ! tion. '• normal. i (dozens). I 33 i! February.. March..". April May June July Winter underwear (July)... Summer underwear (July). 063,346 756,249 34 53 ! 522,035 518,150 %\ 564,893 50 i 422,872 41 I 269,223 23 i 153,649 I 72.0 74.3 72.0 74.2 72.2 60.0 59.1 61.8 Order and production report for month ended July 31, 1922, follows. The number of mills producing was 43. [January, 1920, rates= 100.] Per cent of normal production. Dozens., United States Atlantic ports t o Month. United French NetherScandiKing- Atlantic1 lands and = .i dom. ^Belgium., Medi- All S;|E«rope 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 3-1.7 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 j 30.9 30.8 I 29.4 31.3 31.3 29.0 28.428.2 26.7 24.0 23.3 43.2 I 43.8 | 42.2 j 35.7 34.6 34.0 34.7 34.3 33.6 33.3 32.9 32.3 43.3 38.5 35.9 39.0 40.1 37.6 36.8 36.7 36.0 32.3 28.8 27.2 1922. January.... February.. March April May June July August.... 31.7 34.7 33.1 27.3 27.9 27.5 28.8 29.2 22,7 25.7 26.5 24.8 25.5 26.1 25.9 23.4 23.3 25.2 24.9 22.7 22.8 23.0 22.6 20.7 23.4 23.3 23.4 24.0 23.4 23.4 23.0 22.4 32.2 31.8 30.1 27.1 27.4 27.4 26.4 24.0 27.1 29.1 28.3 25.4 25.7 25.7 25.9 24.6 Unfilled orders first of month New orders received during month Total (A) Shipments during month Cancellations during month Total (B) Balance orders on hand Aug. 1 (A-B) Production 1,375,767 '512,234 1,888.001 403,640 6,475 470,115 1,417,886 394,207 87." 2 78.9 1.1 67.1 Thirty-five representative mills which reported for June and July, 1922, furnish the data for the following table: [in dozens.] June j July i (35 mills). (35 mills).' Unfilled orders end of month. New orders Shipments Cancellations Production 872,298 407,154 358,412 10l218 420,702 i I I I i i " \ rO aa i1n sm i « l j (o) S 998,295 \ 125,997 ! -. 445,527 . 38,373 ' 322,785 : 35,627 6,475 : j 3,743 307,515 ! 113,187 1107 FEDEBAL BESERVE BULLETIN. PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1 June, 1922. White goods. ! ! Dyed goods. July, 1922. White goods. Dyed goods. Printed goods. Total. 13,082,035 5,685,792 6,081,554 6,885,461 610,201 19,031,484 1,883,209 5,560,449 25,229 1,388,615 9,305,284 3,837,799 45,673,637 16,532,073 11,642,003 6,910,690 1,998,816 2,279,748 14,457,799 ! 99,874,093 \ 32,345,043 27,888,986 13,143,083 | 85,036,967 11, Oi 6,873 I 57,381,660i 14,108,517 21,014,791 j 8,258,662 5,073,582 ! 19,026,664j 5,843,674 2,452,812 I 3,219,441 1 14,973,569 | 6,622,637 6 431,755 l .....! 6,963,522 i 7,987,623 52,764 ! i 1,610,466 I 287,911 1,009,850 j ! 2,811,679 47,647,613 14,029,036 13,054,390 8,040,387 1,297,761 2,203,114 Printed goods. Total. | Total finished yards billed during month: District 1 2 3 13,937,588 4,999,045 7,793,552 8,239,917 788,244 Total I i i ' ! 22,599,446 2,344,550 6,528,034 04,820 1,128,238 35,758,346 ' 32,665,088 10,260,043 .' 53,727,846 ! 4,197, :M '• 19,835,144 \ 14,321,586 : 8,304,737 ' 1,916,482' 1,768,298; Total average per cent of capacity operated:" District!. 2. Average for all districts. Total gray yardage of finishing orders I received: I District 1 1 15,667,611 23,036,942 2 ! 0,910,760 3,592,237 8,078,178- 6,895,391 6,905,446 58,076 116,646 1,493,820 Total I 37,678,641 • 35,076,466 I 16,090,455 |lO2,767,560 I 34,850,362 N u m b e r of cases of finished goods shipped to customers (case equals approximately 3,000 yards): District 1 Total. Number of cases of finished goods held in storage at end of month: District 1 2 3 ,: 5 Total. Total average work ahead at end of month ! (expressed in days): j District 1 ! 6,277 2,691 4,664 1,976 000 7,347 501 2,219 2,972 I S, 608 10,067 4,768 4,735 243 316 000 10,062 I 4.8 i 17.0 !''• 11.0 ! 6.8 . 28,162 8,820 6,873 4,306 000 3,347 4,280 1,463 0 2,972 i 48,487 i 5,767 1,051 402 2,790 24,667 11,409 6,338 1,857 315 206 7,220 2,790 44,792 ! 11.0 5.5 11.0 14.0 8.3 9.2 8.4 11.0 6.8 26.0 12.0 10.0 13.0 .0 !. xYvorage for all districts. 8.1 i 9.4 I 30,961,972 I 11,478,103 j 86,272,301 7,224 263 !. 2,306 i. 2,613 26,818 8,277 6,586 3,721 0 647 15,339 9,793 j 2,613 46,049 5,285 4.942 '255 0 0 5,712 ! 465 !. 2,738 24,426 11,047 6,793 1,378 340 224 2,738 44,208 11.0 9.7 j 13.0 . 12.0 6.6 9.3 8.0 13.0 9.6 5.0 9.2 11.0 11.0 9.3 311 L. 10,482 4.7 14.0 13.0 9.6 .0 I. 8.5 i 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 arc 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 35 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 rhe?r totals only; therefore the column headed " Total" does not always represent the total of the subdivisions, but is a correct total for the district. 1108 FEDERAL RESERVE BULLETIN, PHYSICAL VOLUME OF TRADE. SEPTEMBER,, 1922. June, but only 21 per cent of the production last July. Bituminous coal production for July was 17,003,000 tons, which was 24 per cent less than the June figures and 56 per cent of the production in July, 1921. Beehive coke and by-product coke registered slight declines in production. Crude petroleum production for July was more than 1,000,000 barrels in excess of the June figure and about 6,000,000 barrels greater than the production for July, 1921. The number of new producing wells has been larger each succeeding month since September, 1921, and reached 1,798 wells in July, which is the largest number completed since the b eginning of 19 21. The output of pig iron again registered a small increase, while steel ingots showed a corresponding decrease. Unfilled orders of the United States Steel Corporation were considerably higher in July than in June and were 120 per cent of the unfilled orders in July, 1921. Railroad car loadings decreased slightly during July in all geographical divisions of the United States with the exceptions of the Allegheny and central western. The increase in grain shipments helped to counterbalance the decrease in coal shipments, but the total car loadings for the month were smaller than for June. General business indexes as a whole registered a slight falling off for July, due partly to seasonal changes and partly to unsettled conditions throughout the country. July receipts of wheat at 17 interior centers were twice as large as the June receipts, but were considerably smaller than those for July, 1921. Corn and oats experienced little change, while barley and rye dropped below the June receipts. Shipments of all grains from 14 interior centers were smaller in varying degrees than those of June. The July receipts and shipments of live stock at 15 western markets varied little from last month, with the exception of hogs. Receipts of hogs decreased 22 per cent and shipments 8 per cent from the June figures, but were both higher than the corresponding month last year. Reports of the National Lumber Manufacturers' Association, covering approximately 477 mills, show that lumber cut in July was slightly greater than in June and much larger than for July of last year. Receipts and shipments of lumber at Chicago and St. Louis experienced a marked decrease from the high figures for June. Anthracite coal production for July was 116,000 tons, an increase of 32,000 tons over INDEX NUMBERS OF DOMESTIC BUSINESS 1919 - 1922 PER CENT PER CENT f\ /\ 140 130 120 110 100 1 t•13 A r L V / y 90 V •A- f 8G> V 70 60 1 A H\ \ At,1 A\ I *• \ j..... y V V 130 120 110 /I v x Y 100 t' 90 \ / V 80 70 60 > 50 50 40 UO AGRICULTURE rilNING MANUFACTURE 30 30 20 20 1*0 10 J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J- J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. 1919 1920 1921 1922 1109 FEDERAL EESEBVE BTJLLETIK. SEPTEMBER, 1922 COMMODITY MOVEMENTS. I N D E X E S OP DOMESTIC B U S I N E S S . [Monthly average of 1919=100.] AGRICULTURAL Total agriculture.1 Date. Leaf tobacco. 1921. January February.... March April May June July August September.. October November... December... 105.0 81.1 79.4 66.3 73.6 82.2 93.4 116.7 115.3 130.9 104.6 93.9 96.5 73.9 76.4 74.2 77.3 81.9 68.1 85.4 85.9 107.0 99.2 82.0 1922. January February March April May June July 88.9 77.7 70.7 57.4 82.6 75.1 79.5 91.8 76.5 79. 2 71.8 90.2 88.7 81.2 1 MOVEMENTS. j : .1 ; i ! 97.9 6.7 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 i 51.3 j 67.4 57.8 52.7 56.0 114.7 195.3 163.2 133.4 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 83.8 92.3 73.0 49.6 92.5 77.1 106.4 76.8 43.3 42.8 37.0 50.1 43.0 33.4 96.1 55.5 130.4 103.0 105.7 93.8 113.2 101.2 27.5 5.5 3.9 1.5 2.4 Combination of 14 independent series. MINERAL Date. . 1921. January February.. March Ajpril May June July August September. October November.' December..! PRODUCTS. Total ! Bi- I An- 1 min- tumi-! thra- Crude eral j cite i leum. Iron. prod-1 nous ucts. coal. ! coal. Copper. 94.8 76.0 62.6 46.8 47.9 41.8 33.9 37.4 38.7 48.9 55.5 64.7 80.0 71.2 83.0 47.6 22.6 18.1 16.6 19.9 19.5 22.9 20.8 17.3 65.9 45.2 40.0 42.1 45.9 49.5 39.4 37.2 36.6 37.0 53.8 56.0 109.1 94.3 86.1 77.8 78.0 74.6 72.4 87.8 79.7 100.4 103.3 103.2 64.3 63.9 79.9 81.3 90.5 92.0 94.2 24.1 34.8 58.0 71.7 83.7 89.0 85.0 60.3 57.3 67.5 65.6 69.8 72.6 81.2 101.0 93.4 93.0 88.8 89.0 89.1 90.3 102.8 87.5 86.8 78.7 84.7 83.9 76.7 82.8 81.6 93.9 86.0 82.0 105.5 80.8 79.6 72.2 87.3 88.7 79.6 90.5 91.9 114.6 94.2 81.1 100.8 104.8 100.8 104.8 102.0 105.9 95.9 97.9 96.9 103.1 93.3 81.4 120.3 i 111.2 : 130.2 ; 127.3 ! 133.6 128.4 ! 128.1 130.2 ! 116.3 ; 113.2 ' 120.0 | 133.3 i 1922. January....! 90.0 98.5 ! 85.1 ' 137.1 February..! 94.9 ! in1 107.3 92.0 i 129.7 c n A March i 117.1 131.5 • "119.1 * ' ^149.1 "• April | 58.6 41.3 | .3 141.9 May ! 67.9 53.1 ! .6 147.7 1.1 113.8 June | 70.6 58.4 July ; 65.4 44 5 ! 1.6 j 148.0 j 1 Combination of 7 independent series. PRODUCTION OP MANUFACTURED Date. GOODS. 'Total 'man- Steel. Lum- Pa- Petro- Tex-Leath-j™ o o d. Toi ufacber. ! per. leum. tiles.! er. * ood.' bacco. i ture.1! 1921. ! January i February...! March , April ! May I June i July | August ! September .! October i November..' December.. 84.5 77.4 87.8 83.1 84.4 87.11 80.1 90.7 90.2 94.6 89.5 81.3 1922. January February... March April May June July 87.0 63.4 100.7 95.0 119.0 112.2 80.2 69.3 95.4 90.0 108.6 96.8j 90.9 94.3 102.5 108.4 123.9 107.6! 1 84.7 97.0 98.1; 124.4 91.3 98.1 107.8 121.1: 112.3 132.2 108.999.1 104.8 104.41 110.6 133.8 107.4; 98.9 104.3 1 Zinc. Lead. 87.6 67.71 69.6 75.7; 62.5 89.3' 48.3 87.5| 50.3 100.4 39.9 >.6i 31.9 85.3, 45.3 S9. 7: 46.7 92.9! 64.3 103. II 66.0 100.6j 56.8 92.2 87.8 79.5 84.4 81.7 72.4 70.2 65.6 75.6 78.6 90.8 95.8 94.7 127.7 106.8! 113.01 "" 113.8 114. 7! 110. li 108.3! 110.6! 110.2j 119.7 117.1 119.6 Combination of 34 independent series. 72.0 73. li 90.8; 91.5 95.0! 101.9. 94.5! 103.4! 105.5| 104.8i i n n A> 100.4 19.7 I 1"88.2 87.8 94.1 106.1 95.5 99.3 106.8 100.6 117.2 111.6 115.8 102.9 76.8 77.4 88.1 84.0 82.2 85.1 85.5 98.5 92.8 99.8 89.4 85.2 88.2 78.1 78.5 70.7 70.4 72.4 72.1 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 June, 1922. 1922. July, 1921. July, June Julv, 1922. 1922. 1921. i G3AIN AND FLOUR. j Receipts at 17 interior centers (000 omitted): Wheat (bu.) Corn (bu.) Oats(du.) Rye(bu.) Barley (bu.) 45,408 26,366 18,443 1 433 2,283 21,093 32,693 1 19,139 | 1,82-1i 3,269 71,423 90.4 106.4 142.1 19,714 149.0 116.5 111.4 25,527 79.6 94.5 110.2 2,557 49.1 73.6 87.6 3,073 40.6 50.4 54.6 Total grain (bu.). Flour (bbls.) 93.933 2,612 78,018! 2,198| 122,294 94.3! 101.2 122,7 2,705 123.81 135.0 128.2 Total grain and flour (bu.) 105,687 87,911: 134,468 28,552 23,905 14,445 11,161 1,995 22,562 17,048 21,716 I 2,986 2,277 31,374 136.4 135.5 149.9 20,15-1 192.0 127.5 161.8 10,051 117.0 162.4 81.4 879 47.0 93.3 37.9 2,314 44.2 49.6 51.3 80,058 3,998 66,589 3,554 64,772 152,3 130.1 123.2 3,842 117.6 118.3 113.0 98,047 82,584 82,061 144.5 127.7 120.9 10,365 11,80-1 30,329 631 398 10,487 21,356 34,857 613 856 13.542 68.7 180.2 176.7 10; 392 147.7 260.9 210.7 32,8i6 135.4 242,5 236.2 626 15.2 17.1 92.2 1,406 20.2 31.9 82.2 53,530 68,199 58,812 103.0 197.7 196.1 21,533 20,561 38,221 48,816 33,068 53,365 35,493 94.0 175.0 154. 9 17,519 215.4 288.8 183.5 17,501 6,478 4,018 2,454 3,073 13,391 5,264 7 280 4,278 1,494 34,142 89. 5 99.8 174.6 9,31] 181.2 189. 9 265. 7 7,002 69. 0 142.3 120. 3 3,141 76. J 113.1 97.5 4,620 56.0 53.3 81.4 33,524 1,375 31,707 1,579 58,258 7,210 80.9 113.7 150.9 39.7 85.5 208.3 39,715 38,81-1 90,705 73.3 107.2 167.4 7,235 936 2,027 258 •2,091 5,919 3,403 3,199 361 1,224 13,357 14,109 10,321 8,136 1,702 2; 961 1,653 1,750 3,761 1,676 Shipments at 14 interior centers (000 omitted): Wheat (bu.) Corn(bu.) Oats(bu.) Rye(bu.) Barley (bu.) Total grain (bu.). Flour (bbls.) Total grain and flour (bu.) Stocks at 11 interior centers at close of month (000 omitted): Wheat (bu.) Corn (bu.) Oats(bu.) Rye (bu.) Barley (bu.) . Total grain (bu.). Total visible supply (000 omitted): Wheat (bu.) Corn (bu.) Oats(bu.) Receipts at 9 seaboard centers (000 omitted): Wheat (bu.) Corn (bu.) Oats(bu.) Rye(bu.) Barlcv (bu.) Total grain (bu.). Flour (bbls.) Total grain, and flour (bu.) Stocks at 8 seaboard centers at close of month (000 omitted): Wheat (bu.) Corn (bu.) Oats(bu.) Rye (bu.) Barley (bu.) Total grain (bu.). Wheat flour production (bbls.)... 63. 51 62. S\ 72.0 75.8! 83.2| 81.11 76.31 85.7) 80.31 86.2 90.9| 93.0 Julv, 96.8 104.1 123.2 9,972 79.0 109.9 108.9 1,114 132. 2 363. 3 157. 4 982 100.2 129.1 48.6 387 30.5 40.3 45.9 3,738 69.9 38.1 90.1 16,193 79.1 109. 2 95.9 10,720 115.5 109.5 119.9 LIVE STOCK. Receipts at 59 principal markets head (000 omitted): Cattle and calves... Hogs Sheep Horses and mules (43 markets)... Total Shipments at 54 principal markets (head, 000 omitted): Cattle and calves... Hogs Sheep Horses and mules (43 markets)... Total 1,339 102.1 104.6 2,719 104.4 102.6 1,740 83.8 98.7 15 14 10 6,334 7,204 5,808 665 1,0181 711 698 1,110 770 14 15 2,408 2,593 46. 9 80.3 95.7 88.2 49.8 33.6 97.3 101.9 89.2 491 103. 8 104.6 917 102.6 92.7 761 76.7 101.6 76.7 92.4 82.1 46.2 53.1 33.2 2,179 93.0 -.— _ 98.3 84.1 10 ino FEDERAL RESERVE BUiXETTST. COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. July, 1922. LIVE STOCK—contd. June, 1922. Tuly, 1921. Total. Shipments at 15 west- ; e m markets (head, j 000 omitted): i Cattle and calves...' Hogs ! Sheep ! Horses and mules.., Total . Shipments of stockers !j and feeders from 34 markets (head, 000 omitted): Cattle and calves... Hogs. Total. Slaughter at principal centers under Federal inspection (head, 000 omitted): Cattle Calves 1,231 2,221 1,061 10 1,228 2,865 4,523 5,141 lf" 940 101.2 104.6 2,021 103.4 101.9 1,036 81.7 95.8 44.0 46.4 77.3 94.2 79.8 29.0 96.5 101.1 85.5 4,004 476 651 424 9 489 705 412 8 620 408 1,560 1,614 1,373 104.7 108-3 95.3 92.8 72-5 104.7 45-4 74.5 90.7 28.6 221 29 203 307 55 181 120 117-7 125-8 16 104.1 136.0 138 75.9 101.7 64.1 56.1 51-7 453 543 274 93-8 117.4 56.8 Sheep... Total. 5,084 6,188 4,784 103.: 46,978 827,966 3,307 50,706 861,638 3,720 84,091 922,059 8,719 35.4 78.9 48.9 273 192 237 189 352 918 7.6 3.8 2,0ie 2,56: 2,418 78.6 32,584 24,06^ 48,171 49.5 73.2 26,668 66,058 3,244 31,553 57,249 3,006 27,786 95.7 83,329 91.5 3,368 112.0 99.7 75.6 115.4 86.8 116.3 92,829 23,940 1,561 93,139 22,756 1,929 61,786 137.9 120.8 19,180 116.6 106.4 1,129 126.5 111.7 91.8 93.4 91.5 103,328 67,410 61,991 151.4 316.0 90.9 46,287 10,225 33,130 9,811 34,948 136.0 226.9 102.7 7,534 139.8 160.1 103.0 14,979 20,530 17,935 21,823 54,241 27,466 50.2 74.2 13,880 19,431 94,543 28.1 31.8 191.2 5,825 6,897 7,115 12,194 26,228 20,113 38.4 26. 174.9 24.6 88.4 14,974 10,040 11,120 77.3 60.1 110.2 97.1 33.2 63-4 81.7 87.8 38.0 128.8 5. 2.0 82. 18.2 94.3 DAIRY PRODUCTS. Receipts at 5 principal markets (000 omitted) Butter (lbs.) Cheese (lbs.) , Eggs (cases) , Cold-storage holdings at close of month (000 omitted): Creamery butter lb) ) . "American cheese (lbs), OTHER AGRICULTURAL PRODUCTS. Cottonseed (tons): Received at mills . . Crushed , On hand at mills at close of month. Cottonseed oil (lbs): Production , Stocks Oleomargarine consumption (lbs., 000 omitted) Tobacco sales at looseleaf warehouses (lbs., 000 omitted): Virginia dark , Bright b e l t Virginia North Carolina. South Carolina. Total Burley Western dark 111.9 82.9 579 324 92.6 103.5 91.1 2,821 111.2 111.2 101.4 107.' 97.3 1,060 Pork, pickled.. July, 1921. July, June, j July, 1922. 1922.; 1921. PRODUCTS—contd. 725 389 4,046 1,028 Hams and shoulders Lard June, 1922. OTHER AGRICULTURAL 329 3,094 964 M e a t s , cold-storage holdings at -first of month (lbs., 000 omitted): Beef Pork products Lamb and mutton. Exports of certain meat products (lbs.. 000 omitted): BeefCanned Fresh Pickled or other cured Hog p r o d u c t s Bacon July, 1922. July, June, July, 1922. 1922. 1921. I Receipts at 15 western I markets (head, 000 I omitted): \ Cattle and calves. - Hogs Sheep Horses and mules. - SEPTEMBER, 33.0 181.7 26.3 99.3 57.4 1,547i 406^ 54.8 54.3 2,201 7,952 -I 833 364 10,153... 1,5211 170.3 5741 41.5 Grand total 1,953! M97 12,248j Sales of revenue stamps for manufactures of tobacco (excluding Porto Rico and Philippine Islands (lbs., 000 omitted): Cigars (large) 585,874 615,253 564,598 57,382 Cigars (small) 114,041 47,362 Cigarettes (small).. 5,210,962 5,301,643 4,161 '".,218 Manufactured to35,099 29,226 32,591 Fruit shipments (citrus and deciduous) from California (carloads): 3,465 2,191 1,715 1,843 Lemons 1,829 828 Apples, shipments (carloads) 1,020 1,150 2,385 Apples, c o l d - s t o r a g e holdings (bbls., 000 omitted) 56 314 131 White potatoes, shipments (carloads) 18,364 21,845 17,031 Sugar, 7 ports (long tons): 507,623 508,299 221,706 Meltings , 530,334 532,052 307,081 Raw stock at close of month , 309,413 277,150 144,904 95.0 54.4 167.5 58.7 | 59.6 96.9 97.0 93.5 233.3 113.4 96.9 114.8 138. 9 109.1 104.0 108.2 93.2 58.1 52.3 117.4 70.1 103.0 155.9 169.8 445.7 73.1 118.5 143.4 109.9 FOREST PRODUCTS. Lumber: Number of mills— 187 Southern pine.. 176 51 56 Western pine... 120 107 Douglas fir "119 National Lumber Manufacturers7 Asso477 448 471 ciation , Production (M feet)— Southern pine.. 405,958 379,838 366,057 89.3 102.5 95.2 103.1 76.0 Western pine... 147,490 163,127 110,588 303,437 350,284 191,257 129*6 119.9 81.7 Douglas iir National Lumber Manufacturers' Association , 1,091,8001,060,600 794,500 S h i p m e n t s (M feet)Southern pine.. 405,139 413,61' 346,300 106.2 114.4 90.8 Western pine... 133,865 172,205 77,243 124.9 150.8 72.1 78.7 324,276 371,418 187,165 136.3 134.: Douglas fir National Lumber Manufacturer's As1,052,1001,100,600 658,200 sociation Stocks at end of monthSouthern pine 1,010,690 931,0681,240,985 89.3 83.0 109.6 (Mfeet) Receipts at Chicago 468,604 626,992 328,129 120.6 160.6 84.5 and St. Louis Shipments at Chicago and St. Louis , 321,041 403,305 216,908 142.3 167.4 96.1 Oak flooringProduction (M 24,082 23,495 12,895 feet) , Shipments (M 24,261 28,646 12,737 feet) Stocks at end of in o n t h (M 20,712 20,245 35,201 feet) , Unfilled orders 35,637 38,434 9,969 (Mfeet) COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. July, 1922. June, 1922. July, 1921. ME TAL s—continued. Tin (lbs., 000 omitted): Imports Deliveries to factories 38,167 28,823 36,435 116.3 97.6 111.0 16,726 13,359 47,580 46.1 44.4 131.3 117,822 90,588 90,382 125.9 114.6 303,588 293,083 328,224 130.3 137.7 140.9 FUEL AND POWER. Coal and coke (short tons, 000 omitted): Bituminous coal production (cst.)Anthracite coal— Production (est.) 17,003 116 22,309 84 30,394 43.2 57.7 7,050 5,463 Shipments CokeBeehive p r oduction(ost.). 180 458 450 By-product, production 1,297 (est.) 2,486 2,580 Crude petroleum: Production (bbls., 40,252 000 omitted) 46,593 45,559 Stocks at close of month (000 omitted) 261,478 255,81' 168,821 Producing oil wells 1,654 1,162 (No,) 1,798 Oil refineries: Total production (000 omitted)— Crude oil run 41,805 36,041 (bbls.) 525,941 419,642 li (gals.). Gasoline 173,650 138,724 Kerosene (gals) Gas and fu el 903,057 807,428 (gals.) Lubricating 80,138 65,893 (gals.) Stocks at close of month (000 omitted)— 36,178 19,116 Crude oil (bbls.) 824,966 684,237 Gasoline (gals.) 317,574 412,201 Kerosene (gals.) Gas and fuel 1,326,9401,269,419 (gals.) Lubricating 226,904 258,638 , . Cgals.) Electric power produced by public utility power plants (kw. hours): Produced by water 1,534,25111,587,943 1,224,813 power. Produced by fuels.. 2,308,495J2,247,900 2,044,896 3,8-12,716J3,832,843 3,269,709 Total 1.5 77.2 1.1 91.0 91.5 40.2 44.5 16.1 121,4 125. 5 107.5 179.5 181.3 115.9 109. 6 87.7 70.9 124.5 103.7 133.3 106. 2 105.4 80.6 126.1 110.3 108.0 87.7 201.2 111.3 133. 9 127.3 85.9 112.1 147.3 138.9 119.5 137.5 woolen Spinning spindles, worsted Percentage of idle hours on first of month to2 total reported— Looms wider than 50-inch reed space Looms 50-inch reed space or less Sets of cards.... Combs Spinning spindles, woolen Spinning spindles, worsted Raw silk: Imports (lbs., 000 omitted) 101.5 107.5 81.0 Consumption 126.3 125.0 111. 9 (bales) Stocks at close of 115.0 119.5 97.9 month METALS. Iron and steel (long tons, 000 omitted): i 954 79.6 Pig-iron production 2,405 1,816 Steel-ingot production 2,487 1,138 96.5 2,215 Unfilled orders U. 5,776 4,532 83.2 5,950 S. Steel Corp Fabricated structural steel contracted for (ton127,765 59,300 nage) Silver production of the U. S. (troy ounces, 4,760 3,902 4,341 000 omitted) Copper production 91,317 95,632 17,790 120.: (lbs., 000 omitted).... Zinc (lbs., 000 omitted): 63,834 57,094 30,990 Production Stocks at close of 57,236 59,152 184,816 month i Figures for August, 1922, July, 1922, August, 1921. Cotton (bales, 000 omitted): Sight receipts Port receipts Overland movement American spinners' takings Stocks at ports and interior points— Stocks at mills Stocks at warehouses Visible supply Consumption by mills Spindles a c t i v e during month Wool: Percentage of idle machinery on first of month to total reported—» Looms wider than 50-inch reed space Looms 50-inch reed space or less Sets of cards Combs Spinning spindles, July, June, July, 1922. 1922. 1921. July, 192i. Juno, 1922. July, 1922. July, June, July, 1922. 1922. 1921. FOREST PRODUCTS— Continued. Naval stores at three southeastern ports: Spirits of turpentine (casks)— Receipts Stocks at close of month Rosin (barrels)— Receipts Stocks at close month iiii FEDERAL. RESERVE BULLETIN. SEPTEMBER, 1922. 12,683 12,552 3,566 178.9 243.3 50.3 10,282 11,491 3,412 191.6 188.6 63.6 393 201 507 365 608 465 76.5 76 82 78 322 372 470 762 1,215 1,187 1,332 2,312 1,116 96.5 1,488 2,840 1, 936 3,725 4,108 55.9 81.8 458 31,975 2,568 508 31,877 410 32,371 95.4 118.3 62.0 67.6 95.1 103.1 85.1 94.8 95.9 94.5 116.9 131.5 122.0 49.6 63.4 135.1 65.3 124.0 23.4 66.4 35.9 36.4 20.4 28.5 14.8 26.9 33.4 14.2 25.0 26.4 105.2 120.1 22.9 61.7 61.7 12.7 153.7 139.7 97.4 95.4 72.6 16.3 14.3 21.9 86.2 32.0 31.9 13.3 155.3 170.5 6.2 20.8 37.5 11.8 19.6 40.1 9.0 18.8 29.6 20.6 12.6 14.0 10.1 20.0 33.9 31.5 14.3 37.: 3,593 5,077 4,868 24,996 29,529 32,325 27,474 26,895 17,866 64.2 85.: 60.1 64.7 139.5 115.4 HIDES AND LEATHER. 113.2 41.8 139.9 118.3 Sales of raw hides and skins during month (number, 000 omitted): 694 773 Cattle hides 841 950 1,019 Calfskins 1,15; 183 195 Kip skins , 207 993 1,535 Goat and kid 21 13 Cabretta 2, 1,519 2,738 Sheep and lamb Stocks of raw hides and. skins at close of month (number, 000 omitted): 6,449 5,347 Cattle hides , 3,640 3,625 3,598 Calfskins , 116.3 981 876 917j 105. Kip skins 9,785 9,068 10,799 73.9 Goat and kid , 1,109 52.8 877 878 Cabretta 100.1 9.662 10,971 13,762 Sheep and lamb 2 Figures for August 1,1922, July 1,1922, August 1,1921. 1112 FEDERAL RESERVE BULLETIN. COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. July, 1922. June, 1922. July, 1921. 1922 Tune, 1922. July, 1921. July, June, July, 1922. 1921. MISCELLANEOUS MANUFACTURES— c o n t d . Vessels built in the United States and officially numbered by the Bureau of Navigation: Number Gross tonnage ,352,789;i,358,973 ,431,373 125,238 16,815 12,321 105,196! 95,953 44,971 108 19,356 129 16,959 107 90,636 61.7 8.2 61.4 5.9 61.1 38.5 88.4 91.6 84.7 88.1 85.5 93.8 90.4 89.3 98.6 TRANSPORTATION. 6,318! 6,214 7,653': 8,257 8,988 11,088 279.308 313,259 238; 173i 250,978 47,987! 48,662 178,173 111. 5 116.9 165,778 112.6 118.1 37,181 79.8 82.1 239,220 246,072 250,773 109.3 103.! 120,839 123,050 127,230 128,644 94,247 107.2 114.6 95,357 106.7 114.4 21,156 74,435 165,551 23,367 83,517 183,759 25,519 83.8 91.4 113.5 48,527 101. 110.6 112,26r 99. 65.481 27,767 68,371 31,291 45,090 107.7 111.5 16,327 103.6 119.2 47,266 45,851 48,367 45,772 107.8 21,909 105. 21,587 102.4 105.4 158,236 55,681 67,557 153,517 57,805 56,861 142,604 113.1 109.8 16,851 154. 141.9 29,629 63. 48.7 11,332 12,533 11,578 10,676 1,9 37,572 38,747 44,535 52,408 50,579 59,756 56,762 43,188 106.9 129.7 33,189 109,545 118,756 122,671 100.1 106.2 90,678 89,860 42,261 11,55" 13,850 11,24c 13,47C 9,568 10,30! 8,424 10,718 10, ih 56,855 51,986 27,648 135.7 135.9 28,181 39,65c1 23,720 2,477 2,695 4,834 3,8b9 5,042 3,133 2,571 3,892 2,758 3,068 3,631 5,676 3,13 6,1871 3,974 3,021 3,123 3,603 72 60 176 170 63 35 220 56 222,657 20,891 261,924 25,274 28,412 34,230 19,514 28,022 6,855 33,857 7,737 15,533 3,726 122 67 47 i Reports from 13 additional contributors included. July July, June, July, 1922. 1922. 1921. HIDES AND LEATHER— continued. Production of leather: Sole leather (sides). Skivers (dozs.) Oak and union harness (sides stuffed) Boots and shoes, outp u t ( p a i r s , 000 omitted): Men's Women's Other MISCELLANEOUS MANUFACTURES. Woodpulp (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 b r i c k Production Shipments Stocks end of month New orders Unfilled orders. Silica b r i c k Production Shipments Stocks, close of month Face brick— Production Shipments Stocks in sheds and kilns Unfilled orders close of month Cement (bbls., 000 omitted)— Production Shipments Stocks at close of month Rubber (lbs., 000 omitted): Imports of crude rubber Consumption bytire manufacturers Pneumatic tires (000 omitted): Prdduction ShipmentSjdomes t Stocks Inner tubes (000 omitted): Production ShipmentSjdomestic Stocks Solid tires (000 omitted) Production Shipments, domesti Stocks Automobiles: Production (number)— Passenger cars. Trucks ShipmentsRailroad (carloads) Driveaways (machines).. Boat (machines] Locomotives (number): Domestic shipped.. Foreign completed SEPTEMBER, 1922. 98.6 135.1 9.0 96.9 Railroad 2 operating statistics: Net ton-miles, revenue and nonrevenue (000,000 27,855 !8,116 omitted) 670 635 655 Net tons per train.. 71.2 Net tons per loaded 27.7 25.0 25.4 78.4 car 61.8 Revenue freight loaded and received from 114.6 connections, classified a c c o r d i n g to nature of product (short tons): 82.7 Grain and grain 217,649 171,658 247,342 products 115,797 120,535 10(3,650 Livestock 101.0 327,763 405,190 651,222 Coal 66.3 17,653 41,558 40,873 Coke , 67.3 239,119 27 L, 358 190,422 Forest products 275,285 234,230 137,084 Ore 74.2 Merchandise, 1. c. 1. ,004,797 ,000,194 930,239 60.9 Miscellaneous . , 300,15(1 ,379,054 ,107,996 ,588,124 , C90, (598,388, (-08 Total. Revenue freight loaded, 49.0 classified according 48.2 to geographical divisions: 102.0 Eastern 82(5,084 830,0-3 810,407 46.8 Allegheny 713,608 7.12,928 (73,070 28.0 Poeahontas , 134.719 188,190 133,219 503,1515 #'3.910 482,451 Southern t (548,291 04S) 497 490,420 NorthwevStern 502,791 485,431 510,410 Central western 259,475 2:lf73 270,001 Southwestern , 3S8, (508 ,588,124 , C90. <-' Total 88.1 Freight car surplus (number): 174,927 339,225 321,781 Total 112.1 93,013 21,367 CO,101 Box 147,558 161,723 131,207 Coal 45.9 Freight car shortage (number): 3,905 4,803 24,973 Total 3,710 1,397 10,550 Box 83 3, IAS {>, t>33 Coal Bad-order cars, total... 345,013 340,822 35-4,011 Vessels cleared in foreign trade (net tons): 3,052,711 2,025,434 2,512,712 American 3,285,941 3,028,052 3,3^2,443 Foreign 66.0 5,053,180 5,875,155 6,338,652 Total P e r c e n t a g e of 42.8 40.4 48.4 American to total. Panama Canal traffic2 (tons, 000 omitted): 695 1,159 978 Total cargo traffic.. 341 609 480 American vessels... 194 319 268 British vessels Commerce of canals at Sault Ste. Marie (000 omitted): a Eastbound— Grain other than wheat 10,299 13,738 6, (bus.) 9,217 17,209 Wheat (bus.)... 10,132 1,203 Flour (bbls.)... 1,232 Iron ore (short 8,943 tons) 4,38c Total ( s h o r t 9,827 9,809 tons) Westbound5,12S Hard coal (short tons).. Soft coal 18c 1,691 (short tons).. Total (short 40S 2,371 477 tons) Total freight 7,495 10,286 10,23c (short tons). 34.1 112.0 2 Figures for J u n e , 1922, M a y , 192 , June, 1921. 3 Figures for August, 1922, July, 19: 2, August, 1921. 110.3 100.3 42.1 140.7 103.6 104.7 148. 7 93. 7 95.7 112.5 125.3 105.2 92.4 53. 83.0 110.9 02.3 109.0 81.7 90.4 52.1 147.3 137.7 103.3 75.9 102.2 90.4 90.1 93.0 90.1 97. C 104.3 9>.C 97.7 94.1 95. C 12>. 4 111.4 107.6 100. 108.3 89.0 87.7 89.2 93. 6 79.9 99.3 1.01.9 95.71 90-4 102.2 101.6 153. 8 180.9 64.1 191.2 170.2 235." 6 1.1. 55.8 11.5 0.4 16. 8 75.1 13.1? 24.5 139.7 144.8 143.6 112.0 91.6 92.2 99.6 103.8 101.9 107.9 97.8 97.5 107-4 138.9 93.8 94.9 144.3 98.7 SEPTEMBER, 1113 FEDERAL RESERVE BULLETIN. 1922. BUILDING STATISTICS. BUILDING PERMITS IN 166 SELECTED CITIES. [Collected by the 12 Federal Reserve Banks.] NUMBER OF PERMITS ISSUED. / : ! District i No. 1 : (14 ; cities). 1921. July ! : 1922. i ' January February xMarch April May June July ; ! : : : I i District | No. 2 (22 ! cities). ( i i District, District District • District j District! District : i District District District District No. 10 No. 11 No. 12 No. 5 ' No. No. 7 No. 8 No. 9 No. 3 i No. 4 (20 (14 (15 ! (14 (19 (9 (4 i (9 ! (14 : (12 cities). cities). cities), j cities), j cities). cities). •• cities] \ cities). < cities). i 2,230 . 7,501 ! \ i 878 ! 4,176 1,024 ; 4j 210 ! 2,367 i 13,284 ; 3,011 ! 9,056 ! 2,018 ; 10,136 i 2,945 i 9,:>72 i 2,597 i 7,761 i I 2,599 • 1,623 2,081 3,557 4,386 3,991 3,024 3.029 , . : i ; 3,678 3,278 I 2,564 5,392 ' 1,815 \ 1,753 • 2,240 2,475 ! 1,724 2,619 4,986 6,149 •6,666 ;>; 839 4,680 2,188 : 2,155 2,566 3,211 3,215 3,443 3,085 2,978 3,498 i 4 815 ' 8*806 • 11,546 : 13,799 ' 11,898 i 10,385 i i,1,434 HI : 2,218 . 2,650 2,955 i 2,507 , 2,291 523 • 517 i 1, 493 •• 3,342 ! 3,391 | 2,-122 . 2,125 , 1,336 1,758 2,711 3,103 3,551 2,888 2,467 1,653 2,114 2, 623 2,586 2,791 2,54o 2,238 2,305 1 4,101 • 4,397 . 5,321 . 4,509 ' 3,756 ; VALUE OF PERMITS 1921. 1922. January... February. March April May June July July 85,606,030 7, 380,701 9, 280, 827 10,995, 500 13H!2S29 9,109,108 10,657, 535 9,171,687 6, 878, 523 8, 275,338 14,116,292 17,020,500 13,844,813 18,177,759 13,898,696 5,713,209 7, 829, 585 13, 814,868 15,693,183 22,614,084 22,428,251 26,558,080 8,352,615 7, 513, 542 11,329, 049 11,971,-171. 13,348,592 15,736,766 15,514,625 ! 9,415 District No. 7 (19 cities). §29,933,415 3, 734, 262 4,630, 052 6, 021,211 4.9">l,of)8 7, 262,167 6,498,677 7,516,036 18,905,561 20,419, 417 33,747,135 35,0X9 303 53,806,499 49,934,583 38,151,182 District No. ! District No. District No. District No. 9 (9 cities). 110 (14 cities). 11 (9 cities). .12 (20 cities). .53,906,381 Total (166 cities). $5,496,947 §1,133,026 S15,298,705 5159,300,964 5,023, 603 4,336,011 7,165,925 S,3^4,552 10,807,084 8, 894,131 8,040,606 4, 960, 078 4, 419,789 5, 630,336 (i, 22S, 385 4, 752,642 5,276,819 5,861,650 22, 872, 876 18,917,868 27, 432, 286 30,195,052 28,271,238 29,598,278 22,391,016 138.631,902 141,715,243 259,754,421 212,323,919 2S9,()17,.:'>2() 252,431,008 209,6.13,436 I 1922. January.. February. March.... April May June July , S3,485,150 28,884 33,043 60,453 64,407 69,334 01,990 53,722 $5,772,478 $9,342,411 1921. ' 8,298 7,600 11,196 10,9'ifi 11,266 10,15V) District No. 6 (14 cities). So, 875,671 District No. 8 (4 cities). 43,450 District No. 5 (15 cities). §6,304,633 j 864,146,117 I 50,145, 296 I 50,372,553 ; 119,964,783! ! 54,704,292 57.813,5*1 ' 73,352, 564 ' 47,1-14,023: ! i ; : ; ! 7,925 ISSUED. District No. | District No. | District No. District No. 1 (14 cities). ] 2 (22 cities), j 3 (14 cities). 4 (12 cities). July.. Total (166 cities). J 2, 579, 894 4,150, 487 5, 012, 607 <>, 07(5, VM 7,443,855 5,855,459 5,698,792 2,110, 424 1, 569, 774 4, 526, 209 8,196,1J0 9,913,853 6,020,186 7,063,443 VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS. [F. W. Dodge Co.] VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS. District No. 1. 1921. ! 1922. i; : August January February March April May June July August $19,276,295 District No. 2. j 862,043,905 15,302,453 54,962,817 : 14,799,476 60,152,424 , 26,212,330 90,088,870 ; 42,196,915 117,814,585 ' 31,589,783 : 91,441,141 1 36,259,420 :•, 81,614,205 : 24,910,926 79,819,084 ; 26,780,103' 80,810,,922! District No. 3. District No. 4. §22,350,500 ' §26,665,555 12,128,900 11,828,700 24,558,100 24,795,800 25,739,294 26,630,900 28,708,377 -43,818,911 District No. 5. District No. 7. §17,337,624 §44,680,034 21,066,282 20,602,823 29,661,058 38,089,754 58,432,714 30,668,191 25,362.187 20,983,619 VALUE OF CONTRACTS FOR RESIDENTIAL 14,002,399 16,518,079 24,116,011 25,618,120 32,268,767 46,801,800 52,224,001 50,811,596 August 1 1922. Montana not included. 8655—22 7 29,182,324 !,I 32,344,424 58,081,526 64,236,566 71,117,055 77,560,940 83.159,795 56,954,434 District No. 9.1 1 Total j (7 districts). §9,173,552 §201,527,465 3,613,148 5,192,824 11,933,270 9,878,501 12,455,410 12,153,061 9,304,32b 8,249,905 150,258,353 161,438,750 264,651,165 322,630,241 323,044,164 311,688,517 303,548,695 288,409,490 BUILDINGS. 1921. January... February.. March April May June July August ! I j 16,702,583 §36,061,717 §5,331,500 $8,209,645 §5,938,417 §10,424,029 52,975,503 §75,643,394 4,767,597 j 4,179,914 ' 11,897,086 13,524,827 14,018,303 12, 518,840 12,644.574 11.945.451 35,652,203 38,657,156 51,116,514 53,677,473 39,943,547 40,483,063 33,364,787 29,091,738 6,280,200 5,647,700 9,552,500 10,408,700 11,168,868 11,275,517 7,826,581 8,828,667 6,279,459 5,545,073 10,641,1*77 16,127,627 19,121,798 16,036,790 8,074,163 6,320,030 6,597,861 7,299,608 9,796,405 10,297,280 13,009,760 17,434,095 15,400,301 13,409,258 10,601,761 9,388,615 17,225,204 17,661,586 24,574,835 28,206,838 20,(533,345 18,833,050 1,049,504 962,757 2,348,511 4,175,963 4,240,017 2,677,184 2,415,438 2,535,590 71,228,675 71,680,853 112,577,397 125,873,456 126,077,1.58 128,632,327 100,365,189 90,963,784 1114 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. district No. 12 (San Francisco). Figures for Allentown, Bethlehem, and Easton in district No. 3 (Philadelphia) 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 following tables. The 159 department stores are located in districts Nos. 1, 2, 5, 6, 9, 11, and 12, while the mail-order houses do business in all parts of the United States. Chain-store figures are based upon the total sales of the same reporting chains for each month, but the actual number of stores in these chains varies slightly. All types of chain store business declined during July except 5 and 10 cent chains, drug chains, and cigar chains, the latter of which improved noticeably. Compared with last July, however, all but the cigar chains have increased their sales. The course of business of drug chains, cigar chains, and music chains is shown in the accompanying chart by months since January, 1919. All three types of chains show seasonal fluctuations, with a decided peak in December. Music chains have a sharp decline of business in the summer which does not occur in the case of cigar and drug store sales. RETAIL TRADE. The following tables are a summary of the data obtained from 471 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 changes in retail trade for the United States as a whole are obtained by combining the district percentages after multiplying them by a system of weights based partly on population and partly on banking resources. The tables for the month of July are based on reports from 26 stores in district No. 1 (Boston), 64 stores in district No. 2 (New York), 113 stores in district No. 3 (Philadelphia), 32 stores in district No. 4 (Cleveland), 25 stores in district No. 5 (Richmond), 34 stores in district No. 6 (Atlanta), 69 stores in district No. 7 (Chicago), 19 stores in district No. 8 (St. Louis), 20 stores in district No. 9 (Minneapolis), 15 stores in district No. 10 (Kansas City), 22 stores in district No. 11 (Dallas), and 32 stores in AVERAGE MONTHLY VALUE OF SALES OF DRUG CHAINS, CIGAR CHAINS AND MUSIC CHAINS 1919-1922 ( AVERAGE MONTH, 1919 = 1 0 0 ) INDEX NUMBERS INDEX NUMBERS I 200 RUG C H A I N S ( 7 ) GAR CHAINS ( 3 ) USIC CHAINS (A-) i 180 1 j\ 160 140 120 / 100 Ay 200 i Av A 180 II r' * 140 X / \ \ 160 V y r' 100 \ v* ••• 80 120 80 y 60 60 40 40 20 20 J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D- J. F. M. A. M. J. J. A. S. 0.' N. D- J. F. M. A. M. J. J. A. S. 0. N. D. 1919 1920 1921 1922 1115 FEDERAL RESERVE BULLETIN. CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS. [Minus sign ( - ) denotes decrease.] Percentage of Percentage of outstanding average stocks at close of each orders at close of month to aver- month to total age monthly purchases sales for same during previous period. calendar year. Percentage of increase in net Percentage of increase in stocks at close of month compared sales as compared with corresponding period previous year. with— District and city. ! Same month i Jan. 1, July 1, previous year. June, j Julv, i 1922, to 1922, to 1922. j 1922. ! June 30,1July 31, June, ! July, ! 1922, 1922. 1922, | 1922. District No. 1: Boston Outside District District No. 2: New York and Brooklyn Buffalo Newark Rochester Syracuse Bridgeport Outside District District No. 3: Philadelphia Allentown Bethlehem Chester Easton Harrisburg Johnstown Lancaster Reading Trenton Wilmington Outside District District No. 4: Cleveland Pittsburgh Cincinnati Toledo Outside District District No. 5: Baltimore Richmond Washington Outside District District No. 6: Atlanta Birmingham Nashville New Orleans Savannah Outside District District No. 7: Chicago Detroit Milwaukee Indianapolis Des Moines Outside District District No. 8: St. Louis Louisville Memphis Little Rock Outside District District No. 9 District No. 10: Kansas City Denver Outside District District No. 11: Dallas Fort "Worth Houston Outside District District No. 12: Los Angeles San Francisco Oakland Seattle... Spokane Salt Lake City District . . , . . 1 United States • r • ; : • ' 1.0 i -.7 .6 I 7.9 ! ~5.'3 ! —0. 1 -6. 0 -1.7 2.3 ; - 1 . 0 -4 0 —9.1 -3.8 I -4, 3 ' -1.7 —1.6 ! .1 ' - 6 . 3 - 1 . 6 ' —1.7 ! - 0 . 7 -6.7 ! 5.2 ': — 10.3 ! \ -3.3 [ .3 ; -12.7 ----- -4.1 0.6 ; - 3 . 6 ! -22.^ 1.2 I 1 . 9 • "-Li -25.0 i — 9.1 —.1,8 i —JO. 1.0 ; 6.i ; - 3 . 4.1 i 1.9 i 4.9 j -12.2 - 3 1 . 3 i —5. -1.9 \ 7.7 ! -4.0 i -4.3 ' 2.9 ! 3.0 ; .4 ; -5.1 ! -3.4 ; -7.6 ' -14.5 [ -7.1 —5. 7.9 .8 -5.3 9.5 8.5 I -4.6 ! -13.9 i -6.6 ; -2.8 j -8.9 3.2 | - 9 . 0 -4.7 | -9.1 —].() i - 0 . 3 -7.0 j -8.6 -13.4 I -15.8 -6.3 ! -9.6 -5.9 -2.6 3.7 -2.4 8 .2 -io!o ! -11. 8 -20.4 -8.2 -11.3 20.9 - 1 5 . 9 ;. 11.7 -9.0 ' 12.6 6 . 7 | -8.8 ! 4.5 j 2.4 ! - . 3 14.8 ! 12.4 ; 1.5 -lVl 3 . 6 •. J -7.3 ! - 6 . 4 | -e.s; 3.9 ! —5.2 i 2.3 j i -2.9 i -6.7 ; -2.4 j 11.9 14.2 i 1.9 ! -13.4 j .2 i -7.0 I -1.4 -13.2 ; •—.5 i -5.8 ! -1.3 | - 6 . 1 i -12.3 ; 1.6 : - o . i : -1.8 ; -4.2 -2.7 ! -6.5 I i -8.2 j -6.8 - 9 . o ;; -10.4 -3.3 i -7.1 -15.4 ! -14.0 '. -10.2 { - 9 . 1 I 7.1 ! 4.4 j -4.8 ! 5.7 ! -4.3 | -5.5 ! 3.0 I —1.3 2.4 -6.1 10.0 -5.5 -5.6 3.1 -1.1 "I -II I 3. 9 , .1.3 3.1 | ' Previous month. June, 1922. 5.5 ; -.6 i 3.2 ; 2.1 I —4.4 I 1.3 * —.8 : -4.3 I -7.4 • -17. 4 ' —1. 7 5.2 - 1 5 . 1 ! —1.4 | 1. 6 . 9 ! -11.2 ; -.8 ' -1.5 i 1.1 | -3.3 - 6 . 8 i• - 5 . 3 ! . 3 I.. -d i 0.6 j -3.6 ! 1.2 l 2S8.4 ' 392.3 j -4.2 i - 2 . 9 -3.8 - 2 . 2 ' 440.4 ; 431.4 - 4 . 1 ! - 2 . 7 ' 322,4 : 401.2 I 6.6 6.5 6.6 7.7 5. 5 7.4 -4.9 ' - 4 . 9 ' -8.9 2.7 ' -8.1 3.8 ' -2.3 -8.] • .6 - 1 0 . 0 [ .3 -15.9 ' 2. 5 - 1 2 . 2 -5.9 • -5.2 4.9 7.1 5. 6 3.7 3.8 8.1 3.8 5.2 6.;0 7.6 6.9 3.6 6.0 6.9 9. 0 7.1 7.6 8.9 12.9 i 8.2 13. 8 10. 2 4.3 5.3 7.3 5.9 6.7 8.7 •131.0 I 429.0 : 024.7 ! 427.1 i 43D. 4 • 458.4 i 8.2 5.7 12.4 4.9 12.3 7.4 10.3 9.3 13.0 0.0 14.5 9.7 510.2 ! 428.3 I •J85.9 ! 593.2 ! 500.6 ! 6.7 4.4 5.2 8.4 6.1 M.I 12.2 9.3 7.0 10.8 ; 636.0 ! i 652.6 ; ; 680.2 ! i 568.3 i i : | 621.4 . 1.8 6.2 6.3 4.2 7.0 9.8 10.5 13.1 13.6 356.8 i 598.0 465.6 | 7.5 5.2 9.5 9.7 8.4 10.1 385.3 ! 6.3 2.8 5.5 3.9 3.5 5.6 8.3 3.2 6.5 4.2 .8 7.8 9.0 6.6 13.0 7.9 8.8 13.3 10.9 10.7 6.5 7.9 4.1 4.2 5.8 10.9 11.2 10.6 10.2 10.7 12.1 12.1 9.8 12.7 "16." 5* "ii.'i -7.7 - 3 . 7 ! -4.2 ! - 3 . 6 -5.4 5. 4 * 4.2 ! 7.9 -8.2 i -9.1 i .8 2.4 i -5.8 i -5.3 j 9. 5 i - 1 . 7 ; - 2 . 7 i -1.7 ! -1. 7 : -1.9 j -3.9 j 3.2 .8 i —4. 7 —1.0 - 2 . o :• -7.0 4.8 ! 6.2 • -13.4 5.9 I - 3 . 4 ! -6.3 2.8 • i.i | -2.9 -3.5 -8.9 -4. 8 -2.1 -4, 0 -T.S! -6. 2 -3.2 -2. 4 -.8 -3.8 7. 5 ' 11.4 j -4.1 ' -2.9 I -1.8 ! -2.5 • -1.2 ! -3.3 | - 1 2 . 6 !. —Ii. 3° - 5 . 3 ! -iz.2," -2.4 I -3.8 -6.7 -7.3 -.8 -2.6 -8.4 -3:8 -5.5 -5.9 -2.6 3.7 -2.4 -8.2 4.9 ' 2.4 , 12.4 ! - 4 . 2 ; -9.0 i 3. -6.8 4.4 -5.2 -6.3 2.3 -4.0 -13.1 -6.2 -8.4 -9.1 -12.3 -0.1 -4.2 -6.5 -13.2 -14.9 -7.8 -17.7 -13.8 -6.8 -10.4 -3.3 -14.0 -9.1 5.2 j 6.6 .9 2.4 -11.1 | - 6 . 1 -2.1 I 10.0 I ~11.5 ! —5.5 12.6 j - 5 . 6 3.1 -6!5j - 1 . 1 ' 453.1 ! ' 497.0 I: •' 408.2 ; 401.1 ! : 407.0 ! ' 306.1 i '•• 537.2 i ! 43a. 5 ! - 2 . 6 I 314.4 ' 448.0 889. 7 8., 5.6 ' -2.8 -6. i 3. 6 ! —4.9 I 4.7 3.0 = - 1.4 3.4 I -.4." .5 .3 4.9 i - 3 7 . 3 : —19.8 2.3 • 2.6 -.8 -11.3 , -7.6 11.0 -7.4 ! 1.9 -18.2 -7.0 -12.6 -13.2 -9.6 —.5 -10.2 -1.3 3-U.S 404.4 342.0 316.1 388.3 414.5 561.5 3416 -5.6 j . 3.9 —25.0 -4.8 6.1 4,1 -11.5 -13.1 -5.3! -9.4 I -2. 4 Jan. 1, ! July 1, | J ! 1922, to! 1922, to ! June, July, "June30,:July31, 1922, j 1922. 1922. , 1922. 1922. 3.5 -1.2 -7.2 -7.9 -5.3 .7 -6.7 -3.0 -5.7 -4.0 -4.9 -5.8 j -5.3 -18.6 ! -10.6 4.9 ' ! -8.5 i -7.0 1.2 | | -16.1 —15.5 10.4 -3.6 -7.2 2.0 - 6 . 6 -16.5 -5.2 2.2 6.9 ! - 4 , 7 -9.2 3.2 j -5.5 j -.4 I Hi 592.2 439.8 - 1 . 5 • —3. 5 '• 604.0 - 6 . 1 ! 473.2 - 3 . 0 i 389.6 651.0 483.8 , 789.3 | 533.6 , 494.8 . : -S.7J 369.1 i 357.0 . 512.0 = 44 k l • •128.7; — 0.7 ; 393.7 - 3 . 6 ' 385.4 ; - . 1 . 1 I 370. 8 - • 1 . 8 : 407.6 : - 3 . 6 : 501.3 ' - 3 . S ! 408.0 ; -5.8 i — 5.1 i - 7 . 7 •' -8.2 : -1.2 -2.9 -2.9 2.7 -1.4 ; 375.3 646.0 428.7 470.7 598.2 545.7 514.1 , •. i | ! - 1 0 . 7 ', 293.4 ! 293.1 ! 320.0 . 395.8 | 2.1 674.2 : —1.1 308.6 -4.7 -2.6 506. 9 7 : 381.7 355.0 585.6 517.0 391.7 539.1 •417.7 529.1 • i ' i I I j 290.4 J 504.1 I 474.1 591.1 407.8 499.2 9.2 i 470.1 I 550.9 - 1 . 3 :: 526.7 ; 575.5 -5.2 1.3 561.3 i 577.3 . 518.9 564.5 j -7.3 -9.5 -5.0 -9.3 -2.2 -14.0 -8.4 I - 9 . 5 -7.8 ! - 8 . 9 -4.6 -4.7 2.3 0.0 -2.1 461.2 513.3 448.0 429.6 456.8 -7.3 1.8 -.8 .3 1.2 8.7 -L.4 -1.6 5.2 •1.4 1.8 -1.8 .5 -5.3 .5 -2.8 ! ! ! I i ; 569.9 ; ' 445.9 . •198.9 i 48.1.8 : 552.3 , < : -1.5 -7.5 -9.3 .3 s -19.9 i -5.7 ! - 6 . 1 -2.8 -2.7; -5.8 -1.0 -2.7 -1.1 : .8 ! 3.4 i 5.2 i -8.6 -6.5 -2.8 -16.1 -9.3 -4.3 -6.8 3.7 -.2 -7.6 -4.8 -7.6 -7.0 -2.9 -6.3 -5.7 -6.0 -5.3 I • j • ! 574.1 536.7 611.9 521.7 559.7 I ! 425.1 : 469.3 j i 450.6 i 519.5 j • 576.9 - 617.7 . 419.8 • 384.2 ! 667.2 ; 733.5 . 526.9 533.1 ! 463.0 497.5 ! ! 410.7 •481.6 7.5 4.8 4.5 6.1 10.6 7.3 11.3 7.2 10.6 7.3 10,7 9.0 1116 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. AVERAGE MONTHLY VALUE OF RETAIL TRADE, [Average month, 1919=100.] Chain stores. 'Department Mail-order houses stores 1(159 stores). (4 houses). 1922. January.. February. March April May June , July Music Drug Cigar Shoe (7 chains). (3 chains). (5 chains). (4 chains). I 1921. January February... March April May June July August September-. October November-. December.. Grocery ! (16 C hai£ s) .| 103.7 88.4 116.9 112.5 112.5 110.9 79.2 82.0 94.5 130.4 125.0 182.4 69.1 64.8 95.1 77.5 60.2 62.1 49.3 56.4 72.7 • 88.6 83.3 80.3 124.6 118.4 128.7 121.7 118.8 116.0 115.1 121.4 118.3 135.2 133.5 144.5 86.1 92.9 121.1 111.9 112.2 109.7 108.0 116.0 113.4 141.9 134.1 241.6 117.3 110.7 123.6 121.8 119.2 120.6 122.1 119.8 119.4 124.2 115.2, 146.1 119.9 116.5 131.8 134.7 129.5 127.8 128.5 127.6 128.0 138.0 124.8 172.7 93.9 81.8 105.1 113.6 116.9 110.9 79.4 65.3 59.4 83.5 77.0 169.4 168.5 157.6 135.8 i 127.6 ! 145.4 137.4 : 136.5 I 133.2 ! L 132.0 ! 94.6 100.8 118.4 134.9 129.6 124.9 126.3 117.0 114.5 123.2 120.3 122.9 123. o 125.7 111.0 109.3 124.3 124.5 128.8 105.8 127.3 79.0 78.3 81.9 75.1 65.1 59.9 55.6 71.6 82.3 99.2 107.0 172.6 85.8 82.5 141.0 ! 139.7 ! 136.5 j 127.6 100.9 ! 86.6 ' 103.1 135.4 119.1 j 149.6 i 71.7 75.0 80.6 78.9 80.9 81.3 83.0 80.0 80.7 102.0 156.3 127.1 1 123.1 1 101.1 i [ Partly estimated. CONDITION OF WHOLESALE TRADE. PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN* JULY, 1922, AS COMPARED WITH THE PRECEDING MONTH (JUNE, 1922). i Groceries. District No. ! : cent. i Dry goods. Hardware. Booto** Num- Per NumNumber of ber of Per ber of firms. cent. firms. cent. firms. cent. firms. "nrnau urugb. Furniture. Num- SSL ber of !, Auto suppUes> '"NTn-m Per j ^ * '"Nhim u m Stationery. plements. Auto tires. ! Num- Num- Per Number of cent. firms. p p e r i i > u l u " ~PQV ber of •!;„}. ber of " firms. tLIU firms. • 2 3 4 5 6 7 9 10 11 12 . 1 -9.3 —10.2 . . —11.1 '• —2.3 i —5.0 . —16.8 •—11.2 1—12.9 ' —6.2 ' —2.1 42 —0.8 49 —26.7 20 —5.0 44 9. 1 36 25.2 46 - . 2 41 25.0 12 13.3 1L 28.0 3.0 30 j 8 —14.4 16'—13.7 131—13.1 16i —4.5 24' —4.5 11 -18.0 —7. S 6 —12 1 12 4 16 -12.6 11 -20.3 30 10 11 . . . 17 —.5! 24i - 5 . 8 19i—38.9 13i —.7 17 12.9 9 — 15.0 13 6 111...... 12! 221-13.4 -37.2 — 10.9 15 - 2 2 . 4 6j ! ! 151 131 ' 14'. . . i. 4! i Ill - 7 . 5 i -2.4' —.5' -3.41 9 .& 17 —3. li -13.7! ! . .: ! 3.4 6 24.1i 4 • •"" 7.4 10 6 ! . . . . i. 8: i 91 —2.1"! 5 8.41 3 1.9| 16 —5.3i i i 75 0 22 — 4.S 8 1 4 22 —28.5! —29.6 -7.9; 26 1 1 i- 7 1 j 20 i PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN JULY, 1922, AS COMPARED WITH JULY, 1921. Groceries. District No. Per Dry g oods. Hardware. Boots and shoes. Furniture. . ; 1 AutO SUp- ' qj-ntinnpnr ' F a r m i m " ! AntntiroQ plies. biauonery. • p i e m e n t s # j Auto tires. Drugs. Num- Per Num- Per Num- Per Num- Per Number of ber of ber of ber of cent. firms. cent. firms. cent. firms. cent. firms. per firms. 1 : ! | 1 j 'Nurn-^ p c r iNum-, p e r jNum- p e r Number of •firms '-firms j • • firms. firms. S 4.5 2 3 4 5 6 7 9 10 -7.1 -3.8 . 2.3 2.6 -7.3 -7.9 —20.2 12 5.3 42 —2.7 49.—21.5 20 - 3 . 0 6.4 44 36 22.3 4.5 7.5 41 —6.9 12 10.5 11 12.2 30 14.3 8 13.7 16 6.3 10 ?4 11 4 6 1? 16 16.1 10.7 5.2 19.1 14.7 14.9 23.1 23.3 11 -21.7 30 11 17 16.4 24 9.6 19 15.7 131-17.6 11 n 22 10 17 9 13 6 74.8 59.4! 30.9 6.1 » ,7 6.3 6.6 3.4 1.8 5.7 5.9 6 15 13 14 4 13 5 —4.8 -3.8 6 8 9 17 ." i i : • I i i 29.2 • 1 10 : !""••;•• i 55.8' • " 61 0.9' i 1 . i 1 4 . ..; ; 1 • • 1 i i ! i ..! i " I " 1 ' f| 158.6! i 1 4 < 0 1 7'8 : 9 .:::::L:"\/*:*:V""::J""6:4! 2.2! 20; 7.8: 26| 10.5i 16 ' '! "" i j . . 1 i i ! " " 1 • i ! i 41 \ 22:-10.8| 1 ! 20 1117 FEDERAL RESERVE BULLETIN. SEPTEMBER. 1922. SEPTEMBER CROP REPORT BY FEDERAL latest forecast, because of the larger forecast RESERVE DISTRICTS. for the spring-wheat crop in the Minneapolis district, shows an increase for the month from 805,000,000 to 818,500,000 bushels, which is 23,600,000 bushels in excess of the estimated crop for the past year. A slight improvement is shown for oats, the outlook being more favorable in the two leading districts, viz, Chicago and Minneapolis. A smaller total than was expected in August is forecast for hay, but the September estimate is still 12,000,000 tons larger than the estimated 1921 crop. The August 25 forecast for cottonis 10,575,000 bales, a shrinkage of 874,000 bales for the month, but an increase of 2,629,000 bales over last year's estimate. Below are shown figures of crop forecasts issued by the United States Department of Agriculture as of September 1, 1922, compared with forecasts made a month earlier and with estimates of production for the past crop year. Corn production is expected to total 2,875,000,000 bushels, or 142,000,000 bushels below the August forecast, and 205,000,000 bushels below last year's estimated crop. Reduced crop figures are given for all the principal corn-producing districts, except Chicago; Kansas City showing the largest decrease. Expected wheat production, according to the PRODUCTION OF CORN, WHEAT, COTTON, OATS, AND HAY, BY FEDERAL RESERVE DISTRICTS—FORECASTS OF THE DEPARTMENT OF AGRICULTURE AS OF SEPTEMBER 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 g St. Louis Minneapolis Kansas City.... Dallas San Francisco.. Total Total wheat (bushels). 1922 1922 ! 1921 ! Sept. 1 j Aug. 1 . estimate.j Sept. 1 Aug. 1 forecast. forecast. forecast. : forecast. i 478 13,058 ! 12,842 ; 14,447 i 35,324 , 34,809 : ! .42,872 j 10,001 ! 69,416 i 23,230 | 64,495 60,746 . . . . ! 200,843 : 211,957: ; 209,377 ' 42,443 j 173,687 I 28,922 ! 182,563 | 178,867 220,712 ' 250,255 i 5,716 I 207,509 952,502 j 967,277 i 72,489 I 962,360 , 429,388 '• 416,543 72,456 | 401,186 285,464 302,344 | 228,557 j 258,879 . 468,418 i 442,158 j 227,117 403,556 i 142,252 180,803 : 8,874 I 140,614:; 11,548: 11,193 ! 98,191 i 11,817 i2,874,759 3,016,950 !"3,080,372 • 818,474 j 492 10,006 23,228 42,532 28,922 5,716 72,468 72,448 215.438 226.636 8! 894 981421 313 9,778 21,126 35,254 24,863 5,677 62,922 j 66,442 i 153,483 i 271,130 | 21,986 j 121,919 ' 805,201 794,893 I 541,809 Cotton (bales).1 Sept, 1 forecast. Total 9,605 23,021 42,032 28,922 5,716 66,913 72,140 9,180 212.482 8,649 63,149 9,416 20,944 34,786 24,863 5,677 58,102 66,110 7,208 258,286 21,664 79,976 5,576 316 219,377 14,635 225 35,042 206,258 14,154 245 35,272 587,032 i 276,665 263, Oats (bushels). 207,861 Hay, t a m e and wild (tons). | ! i ! ! 1,460 j 2,212 j ! 1,951J ". 728 4,124 2100 I 3 10,575 1922 1922 ! 1921 I 1921 1921 Aug. 1 i estimate. Sept. 1 I Aug. 1 i estimate. Sept. 1 Aug. 1 estimate. forecast. ' forecast, i forecast. forecast. forecast. 9,280 37,124 26,108 61,160 1,547 21,990 1,693 19,067 490,073 40,028 1,662 349,360 132,827 2,499 i 38,724 ^ 67 i 29,263 8,247 26,500 22,216 53,402 19,880 21,987 385,091 59,090 229,772 163,401 36,858 34,343 4,940 7,937 3,319 7,111 3,845 3,154 19,762 7,861 20,055 16,934 1,504 13,946 3,372 5,295 2,643 5,787 3,418 3,190 16,034 6,934 16,877 15,589 1,641 16,022 Ul,449 I 3 7,946 il,255,004 .1,251,156 !l, 060,737 j 108,736 j 110,368 96,802 1,699 2,330 2,241 870 , 4,190 ! i ; 39,301 26,302 66,606 21,988 19,025 480,822 40,538 336,294 140,060 41,442 29,209 ! ! 4,509 | 7,593 j 3,164 , 7,049 I 4,108 3,430 ! 19,896 i 8,000 ; 18,832 , 15,732 !: 1,675 14,748 •' I i 1 Condition on Aug. 25. a In addition, the following amounts were estimated grown in Lower California (Mexico): 1921, 50,000 bales; 1922, 79,000 bales. aCotton grown outside of cotton belt included as follows: 1921, 9,000 bales; 1922, 21,000 bales. 4,820 332 146,275 12,844 322 41,943 1922 Federal reserve district. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis KansasCity Dallas SanFrancisco Spring wheat (bushels). 1118 FEDERAL RESERVE BULLETIN. SEPTEMBER, 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 July, 1922: VOLUME OF OPERATIONS DUKING JULY, 1922. United States securities purchased. Federal reserve bank. Bonds and notes. $115,000 44,730,000 6,000 501,000 Boston 8109,890,461 i 814,341,916 j New York 617,935,631 | 72,453,584 i Philadelphia j 150,346,801 , 21,677,801 ! 6,685,921 i! Cleveland 84,484,753 i 260,325 Richmond ! 57,196,096 j 1,227,529! Atlanta I 26,4o<, iuo , 20,955,227 ' Chicago ; 68,437,124 ii 57,330,162 5,113,185 ! St. Louis. 12,120,815 . Minneapolis '[ 14.349,659 *. Kansas City I 16;305,455 505,259 ! Dallas. Janas I it>, auo, 4oo i 15,538,397 i. an Francisco i 105,747,555 Total: July, 1922 1,317,601,617 i 158,759,144 ! July, 1921 3,735,078,412 i 46, 669,539 j 7 months ending July 31, '• 1922 ! 11,077,741,951 ! 967,867,220 j 7 months ending July 31, j i 1921 1 40,323,850,812 , 814,033,591 j Total. Munici- i pal ; ._• W arrants r pur- I Certificates of indebtedness. chased. I 35,388,000 53,625,000 605,000 26,000 606,250 4,714,750 734, 650 279; 750 280,850 500,000 July, 1922. $8, GO'S : 2,500,000 ! 52,468,250 4,625; 900 727,977,350 28,784,450 8,603 78,060,000 ! 60,631,000 ;. July, 1921. $129,735,377 ; 788,744,215 I 172,635,602 | 91,697,674 I 57,456,421 !j 25,290,884 106,016,601 I 63,406,497 : 16,177,168 i 14,640,509 "I 17,310,714 j 123,785,952 ! !. i. ,. :. 11,909,500 228,500 ' 3, 768,000 ! 10,000 i j 8209,061,320 1,871,21 ,716 284,217.298 268,060;493 211,058,778 122,117.831 331,866; 927 135,361,629 52,388,389 69,109,174 59,174,721 233,372,575 1,606,897,614 \ 3,847,004,851 1,839,318,500 , 119,632 ;14,613,024,653 ; 43,702,374,410 2,535,705,557 j VOLUME OF BILLS DISCOUNTED DUKING JULY, 1922, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOMMODATED. Federal reserve bank. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total: July, 1922 June, 1922 July, 1921 June, 1921 I_ J ,' Member banksJ collateral ' ,j Customers'. ; paper : notes< ; C omiTi crcial ! secured by ,; Govern- ! Secured by paper, n. c. s. i ment obli- ! Government Otherwise secured. gations. j obligations. = S610,650 ' 98, 607 53,500 237, 260 ! 174,869 ' 149, 760 1,161,471 79, 859 ' 135, 834 , 66,715 ' 12, 713 • 75, 036 S37,641, 700 515,062,700 108,386,320 59, 466, 533 §122,000 : U, 072, 750 192, 500 6, 791, 700 203,500 : 43,471,082 301,100 12,000 I 49,212,530 662,119 j 3, 742,1.50 8, 815,110 2,793,097 724,"66(V: 49,691,808 20,716,193 i 1 2,856, 274 929,180, 180 793, 496, 941 4, 426, 532 : 69,916, 004 2,11-1,329, 612 ,96, 16:), 831 1,961,999,011 22,933,412 26,010,057 22,449,545 29,408,562 871,302,076 . 101,166,281 ! 41, 565, 386 . 23,567,404 ' 8,506,02(5 . 12,068,092 18,002,513 :. 5,496,008 j 3, 861,087 I 2,176,626 ' 5, 016, C05 i 30,538,920 \ [ 323,266,424 , 290,058,907 ; 1,454,153,534 . 1,490,444,999 July, 1921.. June, 1921. 1 839,050 279,251 161, 013 3, 892, 087 3, 523,882 5,428,871 2,082.245 2,464; 687 1, 016, 506 5,029,541 3,613,744 Domestic. i 64,565 5,969 517,506 i . 151,898 ! 1,250,545 ! 2,271, 580 ! 2,648,564 ! 876,140 :; ,.. '.. 5109,890,461 I! S83,339,750 758,739 i 617,935,631 252, 053,972 62,344 i 150,346,801. ! 110, 057, 394 865,978 j 84,484,753 ! 87, 537, 911 351,895 i 57,196, 096 ! 94, 676, 757 199, 665 23,457,105 ! 90,113, 873 72, 087 68, 137,124 • 173, 463, 816 249, 382 57,330,162 : 66, 419,652 4,393 12,120,815 •: 62,476,731 3,122 14,349,659 | 47,366,962 16,305,455 1 81, 535 95, 487, 271 190, 727 105, 747, 555 ! 154, 607, 528 2,889,186 1,317,601,617 ; 1,317,601,617 3, 250, 680 1,159,318,716 I. 3,735,078,412 !. 3,674,977,034 .. Per cent of total. 6.3 ' 19.1 8.4 i 6.7 I 7.2 6.8 ! 13.2 i 5.0 ' -4.8 3.6 7.2 11.7 100.0 i -i $16,240 $44,987 j. 46, 055, 440 ! 17, 529, 350 I 56,233,595 ; 26,926,398 ! Amount. §49,319 ! S8,673, 299 10,013,265 S3,923 10,254 28,613,670 i 7,800,944 j 44,987 j 32,176,163; 9, 784,462 ! 89,974 ; Total, all classes. Foreign. Boston New York Philadelphia... Cleveland Richmond Atlanta Chicago St. Louis Minneapolis... Kansas City... Dallas San Francisco. Total: July, 1922.. June, 1922. paper. Total reduced to a common maturity basis.1 Trade acceptances. Federal reserve bank. Bankers' acceptances. I ! Live-stock1 r paper. Dollar i Foreign. Domestic. exchange. 16,240 25, 000 1,941,628 3, 790,373 Member banks. Number in district July 31. 431 802 713 883 629 536 1, 4.44 606 1,022 1,151 865 848 9,930 9, 928 9,789 9,779 Accommodated. Number. Per cent. 182 289 321 307 347 284 732 '• 241 ,-••• 323 1 I 340 I 42.2 36.0 45.0 34.8 55.2 53.0 50.7 39.8 31.6 26.3 57.6 40.1 4,167 i 4,436! 42.0 44.7 5,607 j 5,745 57.3 58.7 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (11.97) for system. ! i i I j I ! I 1119 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. V O L U M E O F B I L L S D I S C O U N T E D D U R I N G J U L Y , 1922, BY R A T E S O F D I S C O U N T C H A R G E D ; A L S O A V E R A G E R A T E S A N D MATURITIES. Federal reserve bank. B oston New Y o r k . . . . Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 4 per cent. .$109,890,461 ; 017,935,631 !', i ! : i | 1 ! ! .....: I i | i i 82,648,797 i i i ! i i : 4£ per cent. Total: July, 1922.. June, 1922. 5 per cent. 8109,890,461 617,935,631 150,346,801 84,484,753 57,196,096 23,457,105 68,437,124 57,330,162 12,120,815 14,349,659 16,305,455 105, 747,555 Per cent. 4.00 4.00 4.50 4.50 4.50 4.50 4.50 4.50 5.00 5.00 4.72 4.13 Days. 9.07 4.88 8.76 12.40 19.81 45.97 30.33 13.86 61.67 39.50 70.07 17.49 1,317,601,617 1,159,418,716 4.39 4.54 11.97 15.61 , 8150,346,801 84,484,753 57,190,096 23,457,105 68,437,124 57,330,162 810,474,889 ' 240,707,824 | .$12,120,815 14,349, 659 6,366,238 9,939,217 23,098,758 474,290,016 806,204,171 32,836,712 52,506,721 Average Average rate (365day basis). maturity. Total. VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING JULY, 1922, BY CLASSES. Bankers' acceptances. Trade acceptances. ! Total bills Federal reserve bank. Boston N oew Y o rrk Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco T o t a l : J u l y , 1922 J u n e , 1922 Total reduced to a common maturity basis.i -• purchased.. Foreign. J Domestic. SlO, 004,164 59,865,547 84,032,752 10,213,801 17,042,882 ' 4,424,817 | 992,315 I 5,578,606 ! 200,325 ! 1,049,029 : 178,500 I 14,504,840 6,302,927 j 4,648,505 : 464,680 | Dollar i exchange. ! DoForeign. mestic. Total. 8305,000 . 814,341,916 1,968,770 ; 72,048,118 8405,466 86,275 I 21,553,974 123,827 115,000 ! 6,685,921 260,325 1,227,529 147,460 20,955,227 5,113,185 Amount. Total. ! 814,341,916 8405,466 i 72,453,584 123,827 ! 21,677,801 I 6, 685,921 i 260,325 ! 1,227,529 ; 20,955,227 ! 5,113,185 Per cent of total. $5,622,573 j 41,437,412 ! 39,286,838 ' 7,236,929 ! 293,277 j 1,708,901 ! 46,542,792 ! 8,385,897 ' 3.5 26.1 24.8 4.6 .2 1.1 29.3 5.2 T 439,509 ' 59,750 12,200,029 | 3,313,308 125,333,111 30,243,235 131,908,995 i 37,834,233 505,259 j 556,922 i 15,538,397 | 7,687,603 | 6,000 j 505,259 25,000 i 15,538,397 2,653,505 : 158,229,851 529,293 4,940,784 I 174,684,012 810,014 529,293 | 158,759,144 i 158,759,144 810,014 i 175,494,026 !. .4 4.8 100.0 i J u l y , 1921 J u n e , 1921 29,136,« 700 ; 16,140,995 1,345,000 43,000,328 ! 17,263,676 4,334,512 46,622,695 64,598,516 46,844 74,613 ! 46,844 46,669,539 74,613 | 64,673,129 i Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (36.63) for system. V O L U M E O F ACCEPTANCES P U R C H A S E D D U R I N G JULY, 1922, BY RATES O F D I S C O U N T C H A R G E D ; ALSO AVERAGE RATES AND MATURITIES. 3.1 per cent. Federal reserve bank. Boston New York Philadelphia Cleveland... Richmond... Atlanta Chicago St. L o u i s . . . . Minneapolis. Kansas City. Dallas....; San Francisco 512,401,453 SI,597,278 $250,883 19,470,258 2,424,574|44,382,227 20,747,920 C90,074i 115', 980 5,129,947 1,199,450 100,000! 3 | per cent. 50. OOO1 565', C54| cent. 3§ per I cent. 3J per cent. 4 per ! 4^ per cent. ! cent. Avor_ 314,341,910 72,453,584 21,677,801 SI, 500! 0,685,921 i S2"0,325 20), 325 j ! 501,702 1,227,529 20,955,227 5,113,185 ::::::::!:::::::: ;:::::::::: 505,259 15,538,397 Tllf 3.08J 40.38 18.12 1,500- 7d2,0S7i 158,759,144 17,450| 1,358,348^ 175,494; 020 3.13! 3.22J 30.03 37.57 150,000 T o t a l : July, 1922...; 1922... 88,142,558*14,756,833<48,304,494' 934.401" 5,739.122! CO, CO, 324 57,7f>5| J u n e , 1922..: 30,694,937,77,703,346-12,470, (!82j 4,294) 0C2J48,16$ 506| 539, 337 210,472 1 Includes $30,886 of acceptances purchased, at 3g per cent. NOTE.—All Federal reserve banks use 300 days to the year in calculating interest on bills bought in open market. Average Total. S77,302 S.lo, :)00: 583,332 5,559,122! S28,071 123.827 105,000J 32,253 §57,7(15 20f>, 409 ""243,"358j""270,"666i! 13,844,131 4,547,340 2,503,750;. 5,113,185 ! 400,894! 48,3('5| • 10,810,3011 4,000,382 3i- per 1120 SEPTEMBER, 1922. FEDERAL RESERVE BULLETIN. HOLDINGS OF EARNING ASSETS, BY CLASSES. Following is a set of tables giving a detailed analysis of the different classes of earning assets held by the Federal reserve banks at the end of July, 1922: AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARNINGS DURING JULY, 1922. Earnings on— A v e r a g e daily holdings of— Federal reserve bank. All classes Discounted bills. of e a r n i n g assets. Purchased bills. DisAll classes United States of earning counted securities. assets. . bills. Annual rate of earnings on— Purchased bills. ed DisPur- United counted chased earning bills. bills. ties. assets. es of ties. ; Per ct. Per ct. Per ct. Per ct. 4.12 3.01 3.53 3.17 3 00 4.06 3.00 3.27 4. 50 3 97 3.83 3.14 3 94 4.50 3.89 3.15 4 20 4.54 2.03 4.64 4 05 4.52 2.45 4.40 3 80 3.27 4.5") 3.08 4.52 3 8? 3.13 3.70 4 58 5.01 3.71 A 08 5.00 3.09 5.20 4 57 5.03 3.01 2. 85 4.34 3.12 97 : 3.93 887,208 225,155 100,253 122,790 147,920 113,540 212,333 08,910 110,438 81,930 140,511 105,874 851), 854 SI 41. 860 113,049 5?;9, 508 50,802 112, 059 49,819 243, 7L7 2,07S 8,245 2,97.1 18 ?I4 48,759 107 844 30,241 81, 4 53 39 •m S 143 300 7,131 15 ;">01 41,652 202 995 3,737,104' l,(!3 ( i,808 3,817, .121. 1,002,012 410,027 1,084 ,189 305,208 1,789.844 3 90 ! 3 98 ; 4.50 4.61 3.18 3.29 1 3.03 3.07 J u l v , 1 9 2 1 . . . 2,009,384,0^3 1 721,882,534 20,300,104 201,1.41,305 9,551,541: 8,900,789 J u n e , 1921... 2,175,175,179 817,748,880 54,715,853 302,710,440 10,131,273 u 9,205,100 133.-13S 511 314 208,315 597 79S 0 5.00 : 07 ; o. 09 6.20 5.90 5.97 2.31 2.40 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago . . St. Louis.. Minneapolis Kansas Citv. Dallas San Francisco :. £93,304,181 824,925,037:821,110,915 847,201,629 292,519,332 05,282,410 40,911,402 180,325,400 97,013,2?!8 41,904,832 21,273,051 34,435.385 124,4(54,08S 32,125,451 18,024,3-17 73,714,290 43,700,534 52''., 479 4,787,910 38,392,139 795,019 8,7'8,39'> 39,150,203 29,592,78R ' > 318 18,038,249 38.803,923 112 408 490 54 9W 17,930,911 13,010,912 25,921,253 57,475,07" 12,524,100 25 9 7 900 38 49"> 700 19,302,342 1,774 45,700,408 05,010,584 4-> 073 121 32 883,536 2,7S9,730 0,399,855 121, CCO, 305 45,0-45,879 15,71.0,51.3 CO, 897,913 Al T o t a l : J u l y , 1922... 1,127,887,882 J u n e , 1922... 1,100,610,503 428,320,143;i54,010,451 545,54(5,588 438,788,415 135,180,853 592,047,235 $285,928 908,372. 329,174' 410,320; 158,243 : 134,725' 3:18,93M-" 180.010 149,885 : 225,238' 103.140 410,521 NOTE.—The figures in the first, fifth, and ninth columns include average daily holdings of municipal warrants, earnings, and annual rates of earnings thereon, as follows: Minneapolis, $4,700, -S20, and 5 per cent. HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of July figures. In thousands of dollars.] Federal reserve bank. Boston New York Philadelphia Cleveland Kichmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco . Total: July 31, 1922, June 30,1922. July 30,1921. June 30,1921. Total. 30,214 41.778 4i; 564 25,988 36,014 30.381 I 52,192 i 18,551 i 26,442 ! 19.382 i 33,790 49,882 Member banks' Custocollateral notes. mers' paper secured by Gov- Secured \ Otherernment by Gov- i wise obliga- eminent ' secured. obliga- ; tions. lions. . 564 140 229 392 353 191 184 170 91 164 34 188 10,527 23,746 ' 30,313 ! 1 6 , 2 3 4 •• ] 9,352 1,604 13,715 6,763 1,667 2,620 1,204 11,945 I i i i ' I ! Bankers7 acceptances. Commercial paper n. e. s. Agri- I L i v e c u l t u r a l • stock paper, j paper. Dollar •- I Do- eign. 18,314 16,247 10,276 42 I 7,363 17 16,128 111 15,855 123 14,175 12 I 4,379 321 ! 3,505 2,248 351 5,068 10,813 12,472 Trade acceptances. mestic ^heange. Foreign. Domestic. 633 1,034 610 774 9,517 10,376 23,639 6,446 13,109 4,505 15,356 10,814 7,555 9,842 11,663 3,427 69 611 136 869 593 236 356 250 194 3 114 223 3,654 3,757 107 ! 314 54 2,008 35 406,178 461,418 2,700 129,690 i 11,790 163,258 I 12,590 126,030 147,123 96,813 95,782 35,466 34,844 1,641,612 1,751,350 96,277 113,803 481,497 I 12,104 523,787 j 15,226 801,491 842,096 157,454 157,871 72,883 76,258 5,476 7,779 613 677 85 13,732 13,773 1121 FEDERAL RESERVE BULLETIN". SEPTEMBER, 1922. HOLDINGS OF BANKERS* AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of July figures. In thousands of dollars.] Discounted chased for in open member i market. banks. Federal reserve bank. ; Pur- Totil lotal * r Boston New York Philadelphia... Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco.. .1 Total: July 31, 1922 June 30, 1922 July30, 1921 'urchased in open market: July 31,1922 June 30, 1922 July 30, 1921 Discounted for member banks: July 31, 1922 June 30, 1922 July 30, 1921 143,800 j 164,950 j 37,883 j ' j !..... ', i ! j 17,134 : 25, 549 ! 25, 255 : 1, 058 i 1, 048 I 565 1?, 644 lo, 194 3 946 510 17,065 28,283 25,413 24,386 465 812 12,209 15,359 2,832 13,287 Trade acceptances. Bankers' acceptances. All classes. 1_ ,i 17,065 611 ; Foreign. Total. ! 706 10,338 14,211 | 13,287 2,420 10,609 381 2,573- ' 31 105 139,117 160,413 24,001 114,407 124,142 17,518 21,911 :I 31,736 5,468 | 2,799 4,535 1,015 4,683 ! 4,537 ; 13,882 : 1,029 780 150 139,082 114,407 160,332 124,142 : 17,912 I 12,042 21,876 :! 31,655 4,855 ! 2,799 4,535 1,015 1,029 ' 780 I 1,029 780 65 27,427 25,240 '• 24,386 i 465 ; 812 ! 12,209 j 15,394 ! ! • ; i i ! i ! j 2,832 ! • 140,111 \ 161,112 ; 17,977 3,6 3 8 19,906 | 35 i si ; 6,089 11,392 23,539 20,172 21,015 5 5,476 35 ' 81 ! 613 ; Domestic. i 69 !. 1,467 | 309 i 4,465 : •3,227 . 4,812 i: 3,281 460 ]i 106 1,787 : 819 I 136 I 869 593 236 356 285 194 3 114 223 Dollar Domestic. jexchange. Total. • Foreign. 661 256 | 90 I 593 236 356 250 194 3 114 223 84 364 856 • 173 | i. i. !. j. i. !. I. i. i. 65 I 3,654 j 3,757 13,817 i 85 611 136 869 593 236 356 250 194 3 114 223 3,654 3,757 13,732 3,654 3,757 13,732 HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS. [End of July figures. In thousands of dollars.] Federal reserve bank. Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago.. St. Louis Minneapolis... Kansas City... Dallas. San Francisco. Total: July 31,1922... June 30,1922... July 30, 1921... Purchased in open market: July 31, 1922 June 30, 1922 July 30, 1921 Discounted for member banks: July 31, 1922.. June 30, 1922.. July 30, 1921.. Total. National. Nonmem- \ ber banks j Nonand banknational. ing corpora-! tions. j ! Branches and | agencies of | foreign .; banks. ! P r i ™ t p5 v^S? DanKS< 17,065 27,427 25,240 24,386 8,783 10,358 10,177 11,387 5,776 8,005 6,325 9,235 2,224 2,828 4,016 2,065 253 3,904 2,532 843 12,209 15,394 5,936 6,894 603 5,436 6,658 554 1,253 155 538 2,832 j 13,287 ; 1,191 5,568 1,193 3,803 212 I 1,727 : 186 960 50 1,229 139,117 j 160,413 i 24,001 i 60,968 72,482 9,502 47,031 54,650 8,034 14,879 16,960 4,936 9,371 8,191 1,116 8,130 413 139,082 1 160,332 | 17,912 | 60,933 72,444 6,990 47,034 54,607 6,421 14,879 i 16,960 3,087 9,371 8,191 1,034 6,865 8,130 380 81 6,0S9 j 35 38 2,512 43 I,5o3 1, 899 465 812 465 209 "I" 29 2,332 2,190 856 128 51 33 1122 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. BANKING CONDITIONS, BY FEDERAL RESERVE DISTRICTS. Developments in Federal reserve and member bank conditions for the country as a whole are discussed in the paragraphs on the banking situation in the review of the month, page 1029, and graphically shown in the chart on page 1030. The text tables here presented show changes in condition of individual Federal reserve banks and of reporting member banks in each reserve district. As pointed out in the review of the month, changes in condition of Federal reserve banks for the four-week period ending August 23 were relatively small. The total increase of $9,900,000 in discounts reflects an increase of $16,200,000 at the New York Reserve Bank, accompanied by small increases in five other banks, and offset by declines in the remaining six banks. The decline of Government securities was shared in by all of the reserve banks, except those of Richmond and St. Louis, for which practically no changes are reported. The largest decrease of $37,000,000 was shown for the New York bank. Declines in deposits were shown by all the banks except those of Philadelphia, Chicago, and St. Louis, while increased Federal reserve note circulation is noted for all reserve banks except those at New York, Atlanta, Minneapolis, and San Francisco. These changes in liabilities, accompanied by an addition of $11,200,00 to cash reserve, resulted in an advance of the reserve ratio from 79.2 to 79.8 per cent. The highest reserve ratio since 1917, 80.4 per cent, was reported for August 9. CHANGES IN PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK BETWEEN JULY 26 AND AUGUST 23, 1922. [Amounts in millions of dollars. Total reserves. Discounts. 1 « - « Total deposits. Federal reserve bank. Federal reserve notes in circulation. Reserve percentage. ! Increase. Decrease. Increase. Decrease.; Increase. Decrease. Increase. | Decrease. Increase. Decrease. July 26. Aug. 23. i Boston New York Philadelphia Cleveland Richmond Atlanta Chicago S t. Louis 22.2 8.2 3.3 3.4 1 7 3. 8 10.3 Minnp.fipnlis Kansas City. Dallas Total 1.2 l i 1.1 ! 11 2 i : 16.2 I ; . 1.0 i ! .1 • 1.8 i 1.3 . . . i 2. 4 . | 9.9 ' ! 3.7 37.0 4.6 i ' .7 i 1.0 3. 5 2.1 i . 1.3 : 6.1 . : .3 ... 0.1. .8 2.2 .5 -"> 4.0 : 56.0 7 4.3 !- 2.1 19.7 12.9 i!e 4.2 1.3 5.1 --- .4 ! The table following compares differences between Federal reserve currency and cash reserves with differences between earning assets and reserve deposits, capital, and surplus. Figures are shown for selected dates for each reserve bank. The point this table is intended to bring out is that for the system as a whole, and nearly always for each reserve bank individually, an excess of Federal reserve currency, i. e., of Federal reserve notes plus Federal reserve bank notes, over cash reserves is accompanied by a similar excess of earning assets over reserve deposits, capital, and surplus; and vice versa, whenever cash reserves exceed Federal reserve currency, reserve deposits, capital, and surplus exceed earning assets by a commensurate amount. This relationship is due to the nature of Federal reserve banks. A reserve bank receives its funds chiefly from member banks in the form of reserve deposits and of capital, to which 0.9 i.2 1.4 4.7 1.8 .8 i 7.2 .1 .3 .8 56 1.9 2.0 36.3 19.9 1.4 72.2 85.6 74 0 71.7 78 8 81.6 89.0 65.6 71 7 66.0 57.0 ;i 70.6 77.0 86.7 74 ft 71.1 77 fi 89 ft 89.3 63.6 71 7 66.1 54.6 70.4 79.2 79.8 ; surplus is added out of earnings. The reserve bank utilizes these funds by acquiring the several classes of earning assets authorized by law—through discount of paper for member banks, through purchase of bills in open market, and through investment in Government securities. The figures show that, when a reserve bank has not utilized the full amount of funds turned over to it by the member banks, the remainder of these funds appears as an excess of cash reserves over Federal reserve currency issued. In other words, the reserve bank under those circumstances has taken out of circulation in the form of gold, silver, and legals more money than it has put into circulation in the form of Federal reserve notes and Federal reserve bank notes. On the other hand, when the demand for reserve bank accommodation is strong and the bank makes use of its note issuing power to issue reserve currency in excess of cash deposited with it, the earning assets of the bank 1123 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. are in excess of capital, surplus, and reserve deposits. This the bank is able to do, because only 40 per cent of the Federal reserve notes need be covered by gold. While an ordinary bank can normally not loan out more money than it has received in the form of capi- tal, surplus, and deposits, a reserve bank is not so limited owing to its note issuing power and whenever a reserve bank makes use of this power in excess of cash deposited with it, this is an indication that it is giving to the community more funds than it has received from it, RELATION OF FEDERAL RESERVE CURRENCY TO RESERVES AND OF EARNING ASSETS OF FEDERAL RESERVE BANKS TO COMBINED DEPOSITS, CAPITAL, AND SURPLUS. [la thousands of dollars.] ! Federal reserve bank. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total. June 29, 1917. Dec. 27,1918. Dec. 30, 1920. Dec. 28,1921. Aug. 23, 1922. Excess of— Excess of— Excess of— Excess of— Excess of— i Federal reserve currency over cash reserves. Earning . assets over I reserve i deposits, ! capital, 1 and ! surplus. I 181,934 i 303,444 i 60,576 179,761 1 24,815 U3,178 197,745 129,913 i 29,570 i 31,593 128,450 i 43,686 ; 2 42,931 2 244,545 2 24,803 2 67,695 215,584 2 16,402 ?-77,352 2 24,982 2 16,708 2 28,003 215,800 2 23,295 1824,665 | 2 596,100. i ! j . : Federal reserve currency over cash reserves. Earning assets over reserve deposits, capital, and surplus. 53, 865 131,982 98,503 66, 289 53.763 60,979 31,457 25,95S 14,857 31,174 29.764 57,556 50,920 221,068 94,814 • 56,272 37,258 48,713 24,973 20,239 11,606 12,373 25, 591 45,210 656,147 649,037 i Excess of cash reserves over Federal reserve currency. 92,479 293,015 101,284 86,114 78,126 104,346 278,842 •57,230 39,076 51,841. 38,966 91,164 i Earning ! assets over i reserve ; deposits, ! capital, i and i surplus. i i i : I i ! : ! i ! ; 83,655 304,193 90,408 80,574 6], 587 94,982 267,861 56,691 39,161 47,427 28, 568 94,426 1,312,483 ; 1,249,533 2 Prior to the entry of the United States into the World War the reserve banks were essentially in a quiescent condition. Their reserves exceeded their note liabilities, and their earning assets were much smaller than their reserve deposits, capital, and surplus. At the time of the armistice the situation was reversed; there was an excess of about $650,000,000 of Federal reserve currency over cash reserves and a similar excess of earning assets over reserve deposits, capital, and surplus. This excess increased materially by the end of 1920, soon after the peak of credit expansion was reached. At that time the excess in both cases was more than $1,250,000,000. But as the demand for credit subsided and a large part of the indebtedness of member banks to reserve banks was liquidated, the pre-war condition began again to prevail. At the end of 1921 this condition was restored in the majority of the reserve banks and on August 23, the latest report date, the excess of reserves over notes was about $1,000,000,000 for the system, and was distributed among all Federal reserve currency over cash reserves. Federal reserve currency over cash reserves. Earning assets over reserve deposits, capital, and surplus. i 33,367 i 1429,394 ! 15,638 I 127,004 i 42,846 i 55,713 j 41,909 ! 2,602 ; 5,282 j 6,127 : 563 i 34,772 ' 2 409,098 2 1,588 2 27,629 36,860 59,496 2 42,065 2 2,292 6,244 2,174 1,801 2 31,054 I 1464,155 M47,177 I Earning Federal ; assets over reserve ; reserve deposits, currency capital, over cash reserves. and surplus. 150,819 ! i 543,235 | 132,543 ! 140,020 125,150 114,078 1192,292 112,262 I i 15,173 : 125,084 110,259 i 28,122 1 989,037 2 65,278 2 550,660 2 34,484 2 50,117 2 32,936 3 18,700 *211,188 2 15,841 2 16,411 22 30,096 11,241 2 28,780 2 1,065,732 Excess of reserve deposits, capital, and surplus over earning assets. the reserve banks. This signifies that of the funds turned over to the reserve banks by member banks over $1,000,000,000 is at present not utilized, except as reserves, and out of the $1,000,000,000 that are in use about one-half is invested in Government securities and $166,000,000 in bills bought in open market. Thus at present member banks are borrowing from the reserve banks only $390,000,000, or about 22 per cent of the funds they have turned over to the reserve banks. It should be noted that a large part of the excess of cash over notes represents gold imported from abroad and is not the result of withdrawals of currency from domestic circulation. Loans and discounts'of reporting member banks, as noted in the review of the month, were practically on the same level on August 16 as on July 19. No substantial changes are reported for any reserve districts. Of the. banks in the large centers, those in New York report liquidation of $17,000,000, while those in in Chicago report an increase of $14,000,000 1124 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. CHANGES IN PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT BETWEEN JULY 19 AND AUG. 16, 1922. [In millions of dollars.] Federal reserve district. Loans and discounts. United States Gov- lother bonds, stocks, Demand deposits. eminent securities. and securities. I i • ! • Time deposits. Accommodation at Federal reserve banks. ! Increase. | Decrease.1 Increase.! Decrease.! Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. ! '. i i 11 6 Boston 10 10 i 3 50 139 64 New York • ; • ; ' : " : : ! 22" 19 . . . : 8 52 Now York City. 133 58 17 13 i : 1 3 Philadelphia 3 ;' 3 4 12 Cleveland 10 ]0 9 1 3 Richmond.. 0 ' 2 3 2 Atlanta 5 ! . . : 14 3 6" Chicago 17 39 i 9 21 11 City of Chicago. 27 i . ] 3 1 144 1 11 6 St. Louis 2 i ! 3 1 Minneapolis 3 5 n ] 2 ! 3 1 2 Kansas City 13 3 i : Dallas.. . 5 2 ! ; i 9 5 San Francisco 12! ; 2 • | 1 Total 1 - 108 ' ' 36 88 48 101 "' Government security holdings of the member banks increased in all the districts except Minneapolis, and holdings of corporate securities advanced $36,000,000, the San Francisco district being the only one showing a decline under this head. Corporate security holdings of the New York City banks remained practically unchanged. A decrease of $88,000,000 in demand deposits is the result largely of a decline of $133,000,000 in New York City and of small reductions in the Boston, Philadelphia, and Minneapolis districts, offset in part by increases in other districts. Time deposits continued to advance, more than half of the increase of $101,000,000 shown for the four weeks being reported for member banks in New York City. Reduction of accommodation at Federal reserve banks is largely confined to New York City, where a decline of $52,000,000 is shown for the four weeks, while relatively slight changes in accommodation reported for the other cities reduced the total decline for the system to $48,000,000 for the period under review. CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR AUGUST AND JULY, 1922. [Daily averages. Amounts in thousands of dollars.] Total cash reserves. Federal reserve bank. ! August. | July. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco... 225,044 1,159,094 214,150 250,003 108,689 133,378 564,475 86,918 68,252 94,141 40,860 250,485 207,436 ., 136,406 221,195 244,702 107,879 136,783 557.730 88', 441 68,640 92,900 42,577 253,587 Total: 1922 1921 1920 1919 3,195,489 2,740,388 2,127,305 2,146,003 3,158,276 2,665,179 2,118,899 2,176,779 1 Tnt-11 l otal r\Pr>n<?i deposits.i«? August, 122,248 724,971 110,426 148,369 59,635 49,426 266,769 64,597 45,885 83,506 46,952 136,740 July. 124,461 739,801 110,713 145,016 61,058 50,914 266,532 65,261 i 46,260 ! 83,772 j 47,562 I 140,168 ! 1,859,524 I 1,882,118 1,691,137 1,696,481 1,885,062 1,909,221 1,959,758 1,911,769 Calculated on basis of net deposits and Federal reserve notes in circulation. j reserve notes Reserve percentages. , ' Federal i n circulation> August. July. August. July. 172,840 617,664 179,710 198,425 79,608 110,597 370,895 68,526 48,976 60,304 27,809 215,831 162,942 627,653 180,393 198,095 80,664 113,238 371,527 67,725 49,627 58,935 26,440 220,166 76.3 86.3 73.8 72.1 78.1 83.3 88.5 65.3 71.9 65.5 54.7 71.0 72.2 83.1 76.0 71.2 76.1 83.3 87.4 66.5 71.6 65.1 57.5 70.4 2,151,185 2,512,348 3,165,222 2,544,357 2,157,405 2,604,750 3,143,465 2,523,960 79.7 65.2 143.7 150.0 78.2 61.7 143.7 150.4 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1125 CONDITION OF FEDERAL RESERVE BANKS. RESOURCES A N D LIABILITIES OF EACH FEDERAL RESERVE BANK O N WEDNESDAYS, AUGUST 2 TO 23, 1922. RESOURCES. [In thousands of dollars.] ! i 1 | Total, j Boston. New York. 213,036 222,811 230,515 230,755 St. Louis. Rich- mond" jAtlanta.JGhicago San Francisco. Minne- Kansas apolis. City. , Dallas. 1 Gold and gold certifi- I catcs: i 14,125 206,160 Aug. 2 316,231 204,149 14,270 Aug. 9 314,391 195,829 14,220 Aug. 16 306,286 189,561 Aug. 23 300,470 14,263 Gold s e t t l e m e n t fund—F.R. Board: 36,157 79,680 Aug. 2 489,619 37; 216 61,350 Aug. 9 48i;333 35,926 44,366 Aug. 16 | 474,662 100,166 Aug. 23 1 520,556 36,484 Gold with F. R. ! Agents: Aug. 2 12.223,384 i 147,019 863,241 863,021 Aug. 9 j2;233,430 155,402 Aug. 16 :2,238.893 i 163.698 862,831 832,676 Aug. 23 '2,197,316 161,684 Gold r e d e m p t i o n fund: 4,497 6,459 Aug. 2 42,190 7,273 3,367 Aug. 9 ' 42,489 8,346 7,614 Aug. 16 46,593 9,824 Aug. 23 43,420 6,872 Total gold reserves: Aug. 2 3,071,424 203,760 1,153,578 Aug. 9 3,071,643 214,161 1,131,887 Aug. 16 3,066.434 222,190 |l,110,640 Aug. 23 3,06i;762 222,255 1,129,275 Legal tender notes, ! silver, etc.: i: 9,276 Aug. 2 . . . 131,260 35,581 8,650 Aug. 9 i 130,534 35,537 Aug. 16 ! 131,424 8,325 35,228 Aug. 23. i 130,902 8,500 35,755 Total reserves: Aug. 2 13,202,684 Aug. 9 J3,202,177 Aug. 16 3,197,858 Aug. 23 ;3,192,664 Bills discounted: I Secured by U. S. Phila- Clevedelphia. land. 1,189,159 11,167,424 !l, 145,868 1,165,030 5,640 5,634 5,658 5,707 13.352 13,390 13,442 13,472 3,373 3,448 3,498 3,557 j ! j I 35,358 38,509 41,394 41,597 51,374 51,593 50,329 47,632 35,090 34,470 33,979 34,310 154.467 153;379 152,467 151,646 169,663 168,719 169,463 169,940 55,040 59,300 58,637 57,955 5,790 5,759 5,541 5,492 3,627 3,383 2,684 2,409 24,685 24,864 24,989 25,103 4.133 4.122 4,060 4,108 ; ' I I 21.091 127,021 21,635 I 125,451 21.389 ! 137,272 19.007 136,995 14,143 19.613 13,182 10.163 26,349 29.056 29.829 28.252 32.495 29.503 28,722 29,898 ' • i •' 98,398 98,173 97,342 96,855 57,228 54,836 56,500 56', 346 29.258 28,952 28,763 28,262 53.379 53,061 55,581 5o,3oo 1,984 1,695 1,882 1,661 1.776 ! 1,598 1^550 ! 1,855 2,513 2,326 1,358 1,267 201,255 203,281 205,060 204,442 238,016 237,085 235,918 233,453 10,586 10,823 10,999 10,403 10,347 10,029 10,116 10,165 "3,637 ; 3,477 i 3,292 1,224 : 97,140 100,695 99,406 99,046 5,358 ! 5.385 j 5^390 5.431 j 1,077 748 1,046 : 1,034 I 382.761 381,486 378,641 381.709 7,239 7,468 9.474 5,792 i 125,924 541,706 j 125,941 j 539,269 ! 125,167 I 550.376 | 122,327 j 549.599 7,305 j 7,3-10 7,348 ; 7,378 2,611 ! 2,643 j 2,655 ' 2,678 77,488 80,453 75,518 72,167 64.607 67', 009 67.538 65', 747 11,510 11,846 11,761 11,838 736 570 729 763 211,841 248,363 105,713 I 132,875 ; 563,143 214,104 247,114 109,165 ; 132,561 J 560,430 92,299 216,059 246,034 108,290 i 131,386 ! 572,458 87,279 214,845 243,618 107,562 ! 128,451 j 571,430 84,005 65,343 67,579 68,267 66,510 95,402 92,027 92,780 93,746 8,573 i 8,470 I 8,884 i 8,516 : 6,951 21,437 6,620 21,161 6,219 j 22,082 6,124 ; 21,831 9,120 8,811 8,912 9.001 20,369 20,335 20,285 20,211 I . ! i 2,226 5,423 3,232 7,065 28,635 27,514 35,042 28,987 i ; ! [ 19,434 20,124 19,851 16,523 193,4% 196,977 195,119 188,365 i '69 i 893 i 918 ; . 1,143 2,903 4,252 .2,946 2,958 90,998 ! 31,549 245,403 87,533 ! 35.251 249,078 88,3L6 j 32,913 ""' " "•• j ~253,392 89,198 • 33,732 240,521 4,404 ! 4,494 i 4'. 464 I 4,548 j 6,546 6,496 6,916 7,043 5,313 5,838 5,701 5,416 ! ! I ; ' 38,095 41,747 39,829 40,775 250,716 254,916 259,093 245,937 Government obligations— i Aug. 2 ! 130,293 Aug. 9 | 117,777 Aug. 16 125,440 Aug. 23 125,738 Other bills dis- | counted— Aug. 2 269,506 Aug. 9 264,384 Aug. 16 257,045 Aug. 23 264,189 Bills bought in open j market: i Aug2 i 150,497 Aug. 9 1 146,803 Aug. 16 1 149,600 Aug. 23 ! 166,488 U. S. bonds and notes: I Aug. 2 - 198,751 Aug. 9 ! 199,746 Aug. 16 1 202,973 Aug. 23 ! 196,418 U. S. certificates of i indebtedness: One-year certificates (Pittman Act)— | i Aug. 2 : 70,500 Aug. 9 ; 69,000 Aug. 16 67,500 Aug. 23 1 66,000 Other certificates:; Aug. 2 1 228,098 Aug.9 ! 222,965 ! Aug. 16 218.144 Aug. 23 i 222,342 Municipal warrants: j Aug. 2 1 3 Aug. 9 j 4 Aug. 16 9 Aug.23 ! 21 9,326 8,196 7,818 7,511 22,037 15,529 21,852 28,482 29,709 29,222 27,602 27,712 18,401 18,508 21,861 16,152 20,028 18,599 13,615 15,062 16,845 18,230 19,073 18,368 10,452 7,841 8,284 8,993 10,509 10,401 8,205 9,830 16,201 15,352 12,410 12,980 33,331 26,359 26,835 40,431 26,284 28,677 30,132 29,455 26,115 26,521 27,655 27,898 487 381 334 370 4,642 6,543 8,177 44,358 42,017 42,303 38,803 23,870 23,818 23,768 23,590 26,893 27,593 27,593 27,643 1,241 1,241 1,241 1,241 4,950 4,950 4,950 4,450 18,500 17,500 17,500 16,500 5,000 5,000 4,500 4,500 5,000 5,000 4,500 4,500 3,560 ! 6,199 I 8,667 3,560 I 5,699 ! 8,667 5,699 ! 8,667 3,560 5,699 ! 8,667 3.560 33.253 30; 667 29,767 32,232 94,671 96,861 94,839 94,839 5,655 5,405 5,405 5,405 36,035 36,037 36,062 38,072 2,381 2,031 2,031 2,031 9,804 , 9,126 i 9,358 9,312 I 15,906 14,562 15,509 14,763 7,351 6,151 4,764 4,701 2,007 2,069 2,229 2,019 1,719 1,634 1,287 1,080 1,534 1,190 1,252 1,432 10,642 9,889 10,113 10,806 36,636 36,692 35,783 35,362 11,620 11,287 11,135 13,149 25,120 24,331 24,701 25,194 16,153 16,051 15,796 15,807 33,185 33,355 33,784 34,813 33,942 33,218 33,275 33,513 786 1,065 1,071 728 13,801 16,052 14,247 15,309 15,381 15,365 15,524 15,224 75 75 75 2,832 2,157 3,615 3,096 15,279 14,789 17,702 20,922 155 207 333 6,514 7,022 10,180 6,580 12,366 13,868 16,182 17,328 5,302 4,813 4,382 4,344 28,378 28,178 28,181 27,881 3,316 2,816 2,816 2,816 4,000 4,000 3,500 3,500 4,321 4 321 4,321 4,321 1,900 1,900 1,900 1,900 19,066 ' 9,152 I 2,157 16,747 7,208 i 2,281 17,138 5,393 1,781 16,860 5,391 1,783 13,000 13,000 13.000 13.001 1,857 1,701 1,795 1,768 I ! i 26,340: i 28,676 I 26,068 28,311 ! 26,003; ! 27,391 i 25,821 28,277 ! j ! i j 3,571 3,571 3,571 3,571 ,' ; I i 21 • ! j ' ! j I j 41,682 41,682 37,682 37,682 4,832 4,832 4,832 4,832 1,26511,463 1,26511,463 1,265 11,463 1,265 11,463 1126 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 2 TO 23, 1922—Continued. RESOURCES. [In thousands of dollars.] Boston. New York. I Phila, delphia. Clove- ! Richland, mond. 88,400 84,307 76,998 80,412 229,742 216,496 222,402 237,423 ; | | | 122,953 41,432 124,060 40,376 125,876 I 40,496 124,095 I 40,304 42,569 42,804 43,296 43,3-44 5,251 5,251 5,251 5,251 9,015 9,015 9,262 9,264 601 601 603 603 5,672 5,861 5,966 5,974 2,571 2,571 2,571 2,571 6,769 6,679 6,6-10 6,572 422 422 422 422 849 799 799 749 250 250 250 250 239 239 239 239 188 50,860. 140,457 49,015 ; 118,391 57,542 ! 135,984 49,600 I 116,393 44,974 40,181 49,016 44,422 50,121 48,222 58,126 51,703 772 641 697 751 2,993 i 1,000 3,1.92 i 616 3,158 641 3,262 i 673 358,741 362,447 371,425 367,191 il, 572,215 I 359,636 11,515,317 • 355,715 1,517,473 I 366,260 1,532,121 360,448 Total. Total earning assets: I Aug. 2 11,047,648 Aug. 9 jl,020,679 Aug. 16 .1,020,711 Aug. 23 1,041,196 Bank premises: i Aug. Aug. Aug. Aug. 2 9 16 23 5 per cent redemption fund against F . R. bank notes: Aug. 2 Aug. 9 Aug. 16 Aug. 23 Uncollected items: Aug. 2 ' '9." Aug. Aug. 16 Aug. 23 All other resources: Aug. 2 Aug. 9 Aug. 16., Aug. 23 Total resources: Aug. 2 Aug. 9 Aug. 16 Aug. 23 ! , . : 1 i 1 ; i 542,711 ' 522,392 593,930 530,240 16,750 16,449 16,651 17,410 ! '4,859,131 14,811,180 4,879,086 14,831,426 100,970 99,963 99,691 99,655 St. Atlanta.Chicago.! 40,088 38,962 38,194 38,836 1,553 1,599 1,599 1,626 59,441 57,450 56,569 59,364 100,590 99,752 101,524 97,541 7,632 j 7,632 | 7,678 7,678 ; i . i Minneapolis. ™fs Clt ^ Dallas. ! Cisco. 38.589 63,571 37; 498 63,259 36,602 1 82,660 36,861 I 62,165 44,032 42,683 44,632 45,322 117,840 115,873 115,067 Il9,218 944 944 944 944 925 925 936 4,987 4,987 5,018 5,018 2,093 2.093 2.094 2,093 1,325 1,325 1,374 1,386 2,023 2,023 2,023 2,023 212 249 207 198 916 916 916 916 1.46 146 146 146 279 279 279 279 188 468 468 468 777 700 703 694 43,521 42,266 48,040 45,527 19,782 19,959 20,910 19,518 64,984 64,154 74,421 65,802 24,409 30,541 32,739 31,553 13,837 14,195 14,427 13,422 35,483 39,054 41,166 35,865 1.8,407 21,111 22,645 20,224 35,876 35,303 38,914 36,211 1,085 1,143 1,210 1,597 465 481 450 512 124 124 131 138 666 693 747 718 522 540 575 612 1,397 . 1,296 1,294 1,300 797 830 863 870 1,823 1,800 1,796 1,790 5,1C6 5,093 5,089 5,187 428,433 426,639 437,451 427,226 193,890 195,047 200,035 196,664 194, 890 193,673 192,688 189,037 737,792 733,361 757,531 743,863 176,337 1.83,797 180,129 178,501 120,303 121,742 121,733 119,227 201,156 201,073 203,403 198,580 104,596 109,580 1.1.1,142 110,350 411,142 412,789 419,816 408,218 LIABILITIES. Capital paid in: Aug. 2 Aug. 9 Aug. 16 Aug. 23 Surplus: Aug. 2 Aug. 9 Aug-. 16 Aug. 23 , Deposits: Government— Aug.2 Aug. 9 , Aug. 16 Aug. 2 3 . . . . , Member b a n k r e s e r v e account— Aug.2 Aug. 9 Aug. 16 Aug. 23 Other deposits— Aug.2 Aug. 9 Aug. 16 Aug. 23 Total deposits: Aug. 2 Aug. 9 Aug. 16 Aug. 23 F. It. notes in actual circulation: Aug.2 Aug. 9 Aug. 16 Aug. 23 F . R. bank notes in circulation—net liability: Aug.2 Aug. 9 Aug. 16 Aug. 23 Deferred availability items: Aug.2 Aug.9 Aug. 16 Aug. 23 105,589 105,730 105,983 106,041 8,106 8,107 8,107 8,107 27,520 27,085 27,664 27,664 8,999 8,999 9,181 9,181 11,603 11,604 11,689 11,691 5,622 5,649 5,604 5,616 4,306 4,308 4,310 4,313 14,695 14,696 14,733 14,733 4,770 4,770 4,767 4,784 3,576 3,576 3,576 3,577 4,549 4,549 4,565 4,566 4,200 4,197 4,197 4,198 7,643 7,590 7,590 7,611 215,398 215,398 215,398 215,398 16,483 16,483 16,483 16,483 60,197 60,197 60,197 60,197 17,945 17,945 17,945 17,945 22,509 22,509 22,509 22,509 11,030 11,030 1.1,030 11,030 9,114 9,114 9,114 9,114 29,025 29,025 29,025 29,025 9,388 7,468 7,468 7,468 7,468 9.646 9; 646 9,646 9,646 7,394 7,394 7,394 7,394 15,199 15,199 15,199 15,199 16,926 27,880 32,935 43,972 835 2,421 1,153 1,754 2,145 7,107 7,563 23,896 872 1,073 2,081 1,743 1,591 1,296 1,866 1,880 313 1,931 1,671 1,953 1,499 1,968 2,519 1,328 1,388 3,053 1,503 1,752 1,557 1,812 1,842 2,184 873 1,702 1,606 1,332 2,864 1,388 2,821 2,556 165 1,853 1,918 1,476 2,824 2,276 6,392 2,118 ,837,840 1,783,539 1,790,260 1,785,489 120,863 121,994 122,484 121,100 746,735 691,613 682,552 700,222 108,610 106,609 108,117 107,013 149,277 142,987 146,547 140,012 57,145 56,980 56,374 56,594 47,932 48,669 45,872 44,109 261,535 256,613 274,321 264,971 60,277 66,333 59,773 61,033 43,022 43,319 44,092 42,227 75,066 77,579 78,086 78,049 43,887 45,002 45,049 44,971 123,491 125,841 126,993 125,188 30,257 24,384 23,770 22,390 713 440 419 11,001 9,478 9,648 1,767 822 1,256 1,017 1,242 1,308 1,140 1,074 243 296 248 234 605 303 182 202 2,974 1,231 1,285 1,093 685 583 659 606 365 304 308 244 566 511 484 172 205 191 177 9,682 8,848 7,923 6,898 1,885,023 122,411 1,835,803 124,855 1,846,965 124,056 1,851,851 123,222 759,881 708,198 699,763 734,111 111, 249 108,504 111,454 109,773 152,110 145,591 149,553 142,966 57,701 59,207 58,293 58,781 50,036 50,940 48,573 45,639 265,897 260,897 277,109 267,816 62,519 68,728 62,274 63,823 44,260 45,325 46,006 43,803 78,738 79,533 81,418 81,089 44,224 47,060 47,158 46,624 135,997 136,965 141,308 134.204 2,140,121 167,512 2,147,223 170,393 2,142,288 172,307 2,146,674 176,355 623,044 621,278 613,644 609,556 177,995 194,025 179,046 198,680 179,274 197,278 178,344 199,753 78,129 110,685 78,719 110,044 79,573 110,032 79,744 109,951 368,285 368,763 369,231 371,727 68,081 67,952 68,493 68,233 48,874 48,959 48,749 59,433 60,102 60,461 60,754 26,860 26,851 27,233 217,198 216,436 216,013 215,278 62,046 60,547 58,130 56,953 4,116 4,073 4,096 3,581 14,725 13,641 13,499 12,239 4,508 4,578 3,958 3,958 4,341 4,372 3,874 3,845 2,713 2,710 2,681 2,668 4,393 3,886 3,864 4,422 7,619 7,739 7,573 7,411 3,377 3,366 3,307 3,510 2,970 2,890 2,362 2,351 8,184 8,177 7,885 7,908 2,588 2,577 2,482 2,523 2,512 2,538 2,549 2,537 429,712 424,691 488,613 432,286 38,756 37,158 45,001 38,020 82,620 79,897 98,143 83,768 37,533 35,178 42,962 39,720 42,209 42,166 50,811 44,645 37,537 36,564 41,703 37,650 15,215 14,214 15,661 14,4-16 48,811 48,725 56,561 49,787 27,364 28,756 31,062 27,885 11,750 12,122 12,169 11,618 39,568 37,990 38,376 33,517 17,649 19,795 20,992 19,91.2 30,700 32,126 35,172 31,318 1127 FEDERAL RESERVE BtttXETlK. SEPTEMBER, 1922. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 2 TO 23, 1922—Continued. LI A BILITIE S—Continued. [In thousands of dollars.] Total. All other liabilities: I Aug. 2 1 21,242 Aug. 9 ! 21,788 Aug. 16 1 21,709 Aug. 23 22,223 Total liabilities: Aug. 2 4,859,131 Aug. 9 4,8.1.1,180 Aug. 16 4,879,086 Aug. 23 4,831,426 New York. Boston. ! Phiia- Clevei delphia. * land. Richmond. Minne- Kansas apolis. City. A t l a n t a . Chicago, j 1,141 ! 1,167 i 1,134 I 1,152 ! n T» Dallas San Francisco. - 4,228 4,421 4,563 4,586 1,407 1,465 1,486 1,527 1,636 1,717 1,737 1,817 1,158 1,168 1,151 1,175 358,741 362,447 371,425 367,191 il, 572,215 11,515,317 :1,517,473 jl, 532,121 359,636 355,715 366,260 428,433 426,639 437,451 427,226 193,890 195,047 200,035 196,664 79.6 80.4 80.2 79.8 73. 5 75. 5 77.8 77.0 86.0 87.8 87.2 86.7 71.8 71.8 70.9 71.1 77.8 79.1 78.5 77. a 82.7 82.3 82.8 82.6 88.8 S9.0 88.6 89.3 68.1 67.5 66.7 63.6 i ! i ! 70.2 71.7 72.0 71.7 69.0 65.9 65.4 66.1 53.6 56.5s ! 53.5 54.6 29,567 28,963 29,865 29,976 1,880 2,173 2,173 2,173 10,989 10,092 10,994 11,105 2,441 2,441 2,441 2,441 1,459 1,459 1,459 1,459 1,098 1,098 1,098 1,098 3,543 3,543 3,543 3,543 1,399 1,399 1,399 1,399 i i | i 804 804 804 804 1,429 1,429 1,429 1,429 774 774 774 774 1,357 ! 1,378 ; 1,375 j 1,423 I 194,890 193,673 192,688 189,037 3,460 ; 3,516 • 3,299 : 3,364 : 838 837 838 878 I 1,405 1,402 1,403 1,424 i I I ' 737,792 176,337 | 120,303 733,361 ; 183,797 I 121,742 757,531 ; 180,129 i 121,733 743,863 , 178,501 i 119,227 1,038 i 1,076 ' 1.052 '•• l'.lOO i 1.681 1,706 1I6S6 1-706 1,893 1,935 1,985 2,071 j 201,156 ' 104 596 , 201,073 ! 109 580 i 203,403 ! Ill 142 i 198,580 110,350 411,142 412,789 419,816 408,218 MEMORANDA. Ratio of total reserves to deposit and F. R. note liabilities combined—per cent: Aug.2 Aug. 9 Aug. 16 Aug. 23 Contingent liability on bills purchased for foreign correspondents: Aug.2 Aug. 9 Aug. 16 Aug. 23 i 73.2 74.5 ! 74.3 i 74.6 ! 2,382 2,382 2,382 2,382 71.0 72.1 72.5 70.4 i J j ! MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] Within 15 days. Total. Bills discounted: Aug.2 Aug. 9 Aug. 16 Aug. 23 Bills bought in open market: Aug.2 Aug. 9 Aug. 16 Aug. 23 United States certificates of indebtedness: Aug.2 Aug. 9 Aug. 16 Aug. 23 Municipal warrants: Aug.2 Aug. 9 Aug. 16 Aug. 23. 16 to 30 I 31 to 60 days, j days. 399,799 382,161 382,485 389,927 200,044 183,639 181,367 190,786 36,069 36,515 42,787 39,177 150,497 146,803 149,600 55,841 45,646 36,063 43,565 291J965 i! 285,644 !! 288,342 i j s4i !ii 9 ii 21 = ' 2,749 3,911 | 2,400 j 1,470 j ! days, i Over 90 days. 58,154 71,378 70,655 79,993 i | i j 60,942 57,275 56,242 52,232 ! i i ' 44,590 33,354 31,434 27,739 23,794 23,586 23,083 25,201 33,427 36,510 46,462 50,942 ! ! I I 33,296 I 37,423 | 39,178 ! 42,925 4,139 3,638 4,814 3,855 2,400 1,400 36,169 i 39,018 j 45,347 51,316 14,624 39,432 i I I 2 ! 3 i i'!:::::::::;::i ! 61 to 90 3 3 4 3 41,678 35,021 34,284 8,084 I i | ! i ! 3 :: 3 206,424 200,317 198,167 200,338 12 1128 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, AUGUST 2 TO 23, 1922. [In thousands of dollars.] Total. Nst amount of F . It. notes received from Comptroller of the Currency: 13,339,509 Aug. 2 .3,350,954 Aug. 9 .13,373,411 Aug. 10 .3,379,538 Aug. 23 F. R. notes on hand: i Aug. 2 .!! 707,272 Aug. 9 7(;9,371 Aug. 10 .: 783,342 Aug. 23 .. 778,257 F. R. notes outstanding: •2,572,297 Aug. 2 '2,581,583 Aug. 9 ! 2,590,009 i Aug. 10 2,001,281 i Aug. 23 Collateral security for I F . R. notes outstanding: Gold and gold certificates— Aug. 21 416,523 410,522 Aug. 9 416,522 Aug. 10 410,522 Aug. 23 Gold redemption fund— 121,354 Aug. 2 ]24,938 Aug. 9 ] 30,531 Aug. 10 128,075 Aug. 23 Gold fund—F. R. Board— Aug. 2 il, 085,507 = 1,691,970 • Aug. 9 "•1,691,840 Aug. 10 ! 1,652,119 Aug. 23 Eligible p a p e r Amount required— Aug. 2 . . . 348,913 Aug. 9 . . . 348,153 Aug. 10.. 351,370 . Aug. 23.. 403,9155 E x c e s s amount held— Aug. 2... Aug. 9... Aug. 10.. • Aug. 23.. 184,687 107,258 1(51,751 141,280 Boston. New York. Philadelphia. Cleveland. RichSt. mond. Atlanta. Chicago. Louis. 272,706 283,488 288,185 280,171 1,155,212 1,100,590 1,171,452 1,180,421 249,035 248,547 247,635 240,814 245,720 245,177 240,521 248,597 117,299 118,058 119,396 118,714 187,8.1.7 187,093 187,262 188,475 492,075 492,981 496,116 494,184 87,350 96,750 98,550 93,950 277,050 277,050 280,350 293,050 45,920 30,320 47,420 | 31,540 47,420 \ 30,740 47,420 | 31,940 30,610 30,459 31,600 31,460 72,374 72,844 72,984 73,079 82,940 81,840 84,240 80,140 877,502 203,715 j 209,400 882,940 201,127 j 213, (!37 885,102 • 200,2.15 215,781 887,371 j 199,394 216,057 80,089 87,599 87,730 87,254 115,443 114,249 11.4,278 115,396 409,135 411,121 411,870 414,044 185,350 186,738 189,035 192,221 I ! I i San Minne- Kansas apolis. City. Dallas. Fran-. Cisco. 110,003 110,271 109,934 111,521 50,257 49,948 49,075 49,347 308,720 305,781 303,443 304,929 10,200 | 20,753 14,800 ! 20,013 14,300 19,063 14,100 17,903 58,330 58,330 57,030 55,430 85,216 85,097 85.618 85,692 04,249 63,943 05,174 04,073 26,750 ! 12,075 20,750 j 10,975 20,750 I 13,055 20,750 13,035 83,913 83,521 83,184 84,771 52,174 09,010 52,938 ! 70,297 trt rrin i-i 010 51,519 71,318 51,038 71,592 11,610 11,610 11,610 11,010 13,052 i 13,052 | 13,052 '• 13,052 ! ' 29,504 29,935 -30,012 31,444 250,390 247,451 249,413 249,499 i 5,300 5,300 5,300 5,300 303,184 : 3('3,184 363,184 ; 363,184 ! 13,275 | 13,275 I 13,275 13,275 13,719 12,102 20,398 18,384 39,057 38,837 38; 047 : 38,492 i 14,578 ! 11,388 13,490 j 10,444 12,578 j 11,188 11,757 11,065 1.28,000 138,000 138,000 138,000 3,245 2,505 1,842 4,160 1,200 1,900 1,711 1,210 14,110 14,842 14,997 15,064 3,818 3,420 3,090 3,930 51,795 i 139,889 I 145,000 50,795 50,795 i 139,889 145,000 <• 139,889 i 145,000 53,795 ' 139,889 j 145,000 93,000 90,500 90,500 90,500 368,645 306,644 363,644 366,645 41,800 39,800 41,800 40,800 15,000 50,300 14,000 i 50,3(50 14,000 I 51,360 14,000 j 51,360 I 7,702 i 7,701 i 7,701 j 7,701 3,019 I 2,701 j 4,221 i 3,995 5,273 4,442 3,955 i 461,000 401,000 401,000 "431,000 2,400 2,400 2,400 2,400 1,732 2,423 2,150 1,822 1.2,478 10,995 15,267 14,235 10,000 10,000 10,000 7,000 181,018 179,982 179,852 174,130 38,337 31,330 25,937 30,537 14,321 ! 49,248 19,919 I 47,748 22,271 47,748 54,095 47,748 39,737 44,918 40,318 40,717 31,049 28,299 29,099 29,299 17,045 16,070 10,936 18,541 26,374 29,635 33,235 32,335 • 26,685 28,685 20,684 28,425 22,910 24,016 22,750 23,370 15,(!37 10,070 17.236 9,811 15,737 • 10,161 16.237 ! 14,921 7,218 10,811 7,900 5,010 53,517 37,130 40,498 28,669 13,263 8,741 8,015 5,304 4,470 7,109 6,050 0,107 14,111 14,833 13,157 12,074 39,959 37,667 32,190 33,090 7,660 4,118 4,738 4,620 3,989 2,204 3,882 3,522 2,235 | 27,385 524 ' 20,790 1,415 ! 28,458 725 24,415 : ' ! i 8,199 10,207 8,894 13,510 ! j ! i i I ! i 56,894 50,474 54,294 01,1.34 2,681 7,124 5,948 4,090 CONDITION OF MEMBER BANKS IN LEADING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JULY 26 TO AUGUST 16, 1922. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [In thousands of dollars.] Total. Cleve- Rich- At- ! cr rh..i cna._. St. Minneland. mond. lanta. | g ° ' Louis. apolis. Boston, i ! Number of reporting banks: July 26 Aug. 2 Aug. 9 Aug. 16 Loans and discounts, including bills rediscounted with F. R. banks: Secured by U. S. Government obligationsJuly 26 Aug. 2 Aug. 9 Aug. 16 794 ' 793'i 793!: 792!: 260,769:! 257,2571; 261,941 !i 258,530;: 79. 79; 84. 87, I 79i 79; 79, 42! 42| 42, 42! 11,5831! 11,615 31,87l! 11,433| 11,298' 7,826! 7,732; 84 84 ! 84! 841 14,373' 13,809! 13,868: 13,609 I 32,957! 1 32,103 109; 109| 109 109; 37; 37! 37! 37 43,117J 15,216, 42,989| 14,774i 42, 753 14,487. 14,665: 9,129! 10,0871 8,384; 10,004! 8,398'! 10,989, 9,900! 7,923 4,426 4,455 4,414 4,314j 17,053 16,173 15,966 15,925 1129 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. PRINCIPAL RESOURCES A N D LIABILITIES O F MEMBER BANKS I N LEADING CITIES O N WEDNESDAYS, FROM JULY 26 TO AUGUST 16. 1922—Continued. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued. [In thousands of dollars.] Total. Loans and discounts, including bills redisounted with F. R. banks—Con. Secured by stocks and bonds (other than U. S. Government obligations)— July 26 Aug. 2 Aug. 9 •.... Aug. 16 All otherJuly 26 Aug. 2 Aug. 9 Aug. 16 Total loans and discounts, including bills rediscounted with F. R. banks: July 26 Aug. 2 Aug. 9 Aug. 16 U. S. bonds: July 26 Aug. 2 Aug. 9 Aug. 16 U. S. Victory notes: July 26 Aug. 2 Aug. 9 Aug. 16 U. S. Treasury notes: July 26 Aug. 2 Aug. 9 Aug. 16 U . S . certificates of indebtedness: July 26 Aug. 2 Aug. 9 Aug. 16 Other bonds, stocks, and securities: July 26 , Aug. 2 , Aug. 9 Aug. 16 Total loans and discounts and investments, including bills rediscounted with F. R. banks: July 26 , Aug. 2 Aug. 9 Aug. 16 , Reserve with F. R. banks: July 26 Aug. 2 Aug.9 Aug. 16 Cash in vault: July 26 Aug. 2 Aug.9 Aug. 16 Net demand deposits: July 26 Aug. 2 Aug.9 Aug. 16 Time deposits: July 26 Aug. 2 Aug.9 Aug. 16 Government deposits: July 2 6 . . . . : . Aug.2 Aug.9 Aug. 16 865&—22 8 Boston. New York. Philadelphia. Cleveland. Richmond. Atlanta. Chicago. Dallas. 57,041 499,847 123, 716 34,053 64,490 58,126 504,095 123,126 33,194 67,426 60,596 508,459 123,395 35,669 67,568 132,376 33,401 68,813 57,609 42; 654 42,728 42,046 43,058 146,162 145,310 146,992 148,152 289,015 ,019,922! 289,509 ,003,067 287,334 ,012,223 290, 620 ., 002,000 354,089 186,869 273,789 274,494 184,883 348, 639 191,305 274,916 187,728 346,007 191,889 269,554 182,197 346,764 191,075 700,727 702,343 703,563 706,707 353,882| 355,367 355,618 356,117 .,562,886] ,550,151 .,563,435 ., 570,169] 412,721 412,394 412,7981 416,595 233,064 428,666| 226,461 426,069 231,795| 424,564 223,521 [ 425,477 863,942 863,826 866,521 870,784 149,209 57,023 25,890 144,949 57,101 27,409 149,621 56,920 27,782 149,585 57,810 28,032 123,413 127,734 130,555 132,289 31,79o| 32,690 31,898 32,503 25,681 25,4831 24,191 • 23,475 190| 330 ' 305 203| 3,459,763 3,505,288 3,491,676 3,513,741' 213,5,5391.[,593,483 210,KUDU|1 .I! 693 L635,299 207, 726 i:L 606,975 2 0 g r«L. 1,603,286 229,133 229,282 239,972 236,533 337,983 337,097 334,241 334,734 117.662 118,912 118,037 118,413 7,018,614 7,041,733 7,039,621 7,036,497 563>1:659 65 2,5,203,484 566,947 |2,240,953!1 568,233|2; \ 227,38C 560,), — 771 '"2!!, 241,496 313,487 31-3,009 311,103 312,543 626,873 625,909 632,962 634,105 296,818 300,675 296,277 298,665 .0,739,146 .0,804,278 .0,793,238 .0,808,768 791,571 3,876,786 791,449!3,956,060 789,82713,918,511 783,166 3,932,189 557,803| 557,702 566,999 564,506 997,813 995,109 999,074 999,421 426,063 431,202 425,747 428,376 1,305,789 1,321,115 1,335,070 1,326,189 90,425 93,069 94,161 95,514 540,451 552,020 556,892 541,896| 54,869| 55,180 56.352 56,814 43,401 45,546 38,275 40,912 1,971 918 745 781 11,757 13,858 12,540 15,033! 9,724 4,738 4,572 1,976 1,639 2,130 2,225 654 267 300 289 1,651 967 987 891 4,814 5,898 4,262 4,309 1,962 3,117 3,320 3,444| 19,87l| 358,475 19,293 27,318 395,964 24,582 25,904 400,081 30,197 25,955 400,822 27,791 26,158 39,045 41,654 41,360 3,901 7,524 7,352 6,472 1, 3,328! 3,679| 4,94l| 50,984 84,143 73,425 75,9ir 5,762 10,901! 11,453 9,976 10,14' 9,065| 10,181 8,249 2,968 4,900 3,926 3,548 7,542 9,784 8,164 6,087 30,291 11,634 34,087 7,315 31,758 7,497 30,861' 7,066 519,9971 645,346 646.922 649,056 256,910 245,299 225,146' 199,515 2,323,7111 2,294,832 2,294,084 2,317,589 15,188, 15,356, 15,332, 15,342, 1,386, 1,404, 1,351, 1,360, 6,303| 125,703 7,357' 107,9491 6,542 100,534 5,812 87,766 8,90,1 7,350 169,211 848,734 189,09: 168,510 822,735 186,47; 170,144 815,397 187,01; 171,66" 834,928 187,97! 1,079,35215,761,906 1,088,621 !o, 848,586 l,087,323J5,803,955 1,082,89515,812,6341 285,901 55,797 33,897 285,564 55,666 34,133 286,639 55,657 33,896 283,884 54,896 34,138 839,575| 1,471,2041 841)77711'475" 371 852,5541,489,299 849,0041,484,7241 546,406 556,660 549,902 551,391 85,438 82,748 84,740 85,335 669,639 681,356 627,075 618,783 65,121 69,852 67,426 67,882 102,597 103,961 98,338 101,892| 18,217 17,986 18,513 18,344] 87,53" 84,792] 87,086' 81,965 14,184 14,389 14,350 14,563 27,005 26,193 28,337 26,44C 13,8 13,28c 13,126 12,45: 11,043,395 11,134,078 10,979,835 11,012,926 798, 522 4.:, 911,693 799, 8694;t, 986,237 794,215 •1,838,036 789,""* 0914'1,832,35? 677,264 680,960 685,221' 684,502] 859,80^ 870,03.' 856,53! 862,39: 334,715 338,26£ 334,88C 335,08? 3,515,37S 3,506,542 3,569,48? 3,587,57f 228,826 789,422 230,341 781,85? 231,929 820,20: 240,524 833,17< 51,843 52,448 53,890 53,829 493,56: 498,427 502,7991 502,80c 145,1441 141,847' 141,87( 142,00£ 33,56C 7,675 15,371 12,718 11,579 9,872 13,714 16,986 15,14f 3,050 7,129 6.07f 5l47< 274,824 270,469 276,150' 263,296 99,281 196,725 198,871 177,223 9,079 17,501 14,495 13,084 76.55C 69,133 San Francisco. 402,093 402,390 407,671 406,459 424,531 2,174,481! 430,988] 2,204,403' 430,1"" 1 '^,211,106 430,1:206 2!1,219,999' 33,566 28,445 35,338 30,232 35,184)! 31,051 34,865 9,36: 8,78: 9,10* 8,632| 82,270 82,8091 82,726' 84,216 546,144 549,226 549,692 553,80C 233,949 238,488 238,349 238,447 56,356 54,409 55,169 56,233 34,563 116,114 34,664 116,407 34,668 116,861 34,865 117,173 1,181 992] 997 1,' 556 556 556 562 7,081 7,280 7,395 7,574 0,1 7,257 9,115 12,366 10,635 9,501) 9,015 10,695 7,012 8,668 8,529 8,382 14,517 22,392 24,512 27,735 5,710 6,103 6,736! 6,252 22,580 23,656 21,340 16,961 7,24: 7,251 7,367 7,398 166,468 164,879 164,447 166,125 7,243 11,605 6,790 5,210 17,884 15,364 14,425 14,353 23,798 59,204 24,748 59,672' 23,839 59,286 26,649 59,258 297,233 297,742 296,421 288,073 568,389 568,8721 565,076' 567,045 192,086 36,0361 19,036i 47,280 195,657 35,387' 19,400 44,410, 191,749 42,285 19,556 46,922 209,060 35,938 20,735 46,829| 289,03: 1,190,702 295,73C 1,198,440 296,""" :, 201,076 205|l! 295, 9061' ,206,352 22,62C 22,76C 22,429r 23,34< 84,593 82,965 85,023 87,015 51,428 51,776 51,483 50,088 6,400 6,658 6,715 6,296 5,988 6,016 6,126 5,641 11,863 12,042] 11,952 11,0311 8,84E 9,044]! 9,443 8,92C 20,186 19,506 19,911 18,923 244,2021, 440,402 245,25cN 436,947 248,47€ 435,97 248', 516 464,623 0 151,976 682,359 152,907 684,884 154,2271 693,425 153,752 693,592 313, 320,823 323,565 322,864 186,47 186,955 188,053 184,770] 444,067| 443,568 444,1031 449,333 204,553 206,093 206,982 207,057 628,375 619,064 623,793 632,341 163,873 166,853 168,128 169,28, 77,611 74,133 76,135 73,771 116,048; 116,689 116,619 116,450 65,186 65,747 65,123 64,907 549,529 540,415 545,139 543,487 3,722| 3,414 7,928 6,700 5,738 3,879| 8,003 6,689, 5 963! 2,551 5,96C 4,942|1 4 459 8,105 18,508 15,553 13,670 3,034| 6,78?' 5,702 5,150 11,331 1,3061 27,833 23,612 1130 FEDERAL RESERVE BUIiLETIST. SEPTEMBER, 1922. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANES IN LEADING CITIES ON WEDNESDAYS, FROM JULY 26 TO AUGUST 16, 1922—Continued. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued. [In thousands of dollars.] New Boston. York. Total. Bills payable with F. R. banks: Secured by U. S. Government obligationsJuly 26 Aug. 2 Aug. 9 Aug. 16 All other— July 26 Aug. 2 Aug. 9 Aug. 16 Bills rediscounted with F. R. banks: Secured by U. S. Government obligationsJuly 26 Aug. 2 Aug. 9 Aug. 16. All otherJuly 26 Aug. 2 Aug. 9 Aug. 16 34,414 51,108 41,561 52,309 2,141 2,741 2,114 2,515 6,420 12,772 7,205 14,633 Philadelphia. 9,043 9,297 9,458 8,451 San Cleve- Rich- At- Chicago. St. Minne- Kansas Dallas. FranLouis. apolis. City. land. mond. lanta. cisco. 3,205 7,555 7,232 2,188 2,859 2,395 2,840 95 2,996 5,206 3,786 4,""' 1,291 3,727 2,668 1,324 188 388 575 763 22 323 423 118 6,525 6,145 5,705 5,985 300 177 165 163 161 1,000 1,177 165 313 161 150 1,271 424 316 348 42 40 40 60,970 64,908 62,569 57,372 14,024 15,643 15,403 10,514 9,042 11,321 13,154 14,116 6,639 5,205 3,225 4,116 72 100 82 68 30 4,495 4,600 4,792 3,295 5,776 6,273 6,132 6,334 3,985 4,649 4,047 3,011 3,200 3,301 3,889 4,033 1,139 1,329 1,050 925 500 72 7i 40 40 16 6 6 6 65 65 2,044 2,546 2,169 2,186 2,160 2,163 1,899 1,945 3,627 3,^35 3,384 3,236 4,839 4,143 3,425 3,661 MEMBER BANKS I N F E D E R A L R E S E R V E B A N K CITIES. . Number of reporting banks: July 26 Aug. 2 Aug. 9 Aug. 16 Loans and discounts, including bills rediscounted with F . R. banks: Secured b y V. S. Government obligationsJuly 26 Aug. 2 Aug. 9 Aug. 16 Secured by stocks and bonds (other than U. S. Government obligations)— July 26 Aug. 2 Aug. 9 Aug. 16 All o t h e r July 26 Aug. 2 Aug. 9 Aug. 16 Total loans and discounts, including bills rediscounted with F . R. banks: July 26 Aug. 2 Aug. 9 Aug. 16 U. S. bonds: July 26 Aug. 2 Aug. 9 Aug. 16 U. S. Victory notes: July 26 Aug. 2 Aug. 9 Aug. 16 , U. S. Treasury notes: July 26 Aug. 2 Aug. 9 Aug. 16 U. S. certificates of indebtedness: July 26 Aug. 2 Aug. 9 Aug. 16 271 270 270 50 50 50 50 64 64 64 64 43 43 43 69,908 74,326 77,736 13,263 13,467 13,999 13,623 6,970 6,948 6,953 6,9Q4 2,318 2,299 2,255 2,233 2,523,166 2,571,281 2,559,234 2,582,466 163,799 1,416,378 160,952 1,467,045 160,288 1,439,610 159,409 1,433,870 207,886 208,392 218,762 215,756 137,092 135,248 133,325 133,507 4,418,463 4,420,099 4,417,710 426,75] 927,253 430,377 l'959,759 429, 206 — ",948,707 I 424 302 I!,963,384 284,503 283,859 282,064 283,678 7,082,503 7,153,740 7,147,626 7,168,040 602, 144 3,1,413,590 602,330 3,496,712 600, 567 — 1,462,643 3. 594, 5813,1,474,990 165,369 163,996 168,293 167,864 11,594 11,001 11,073 10,870 1,662 1,667 1,632 1,690 33,257 33,039 32,782 29,783 15 15 15 15 10 11,755 11,334 11,173 11,257 5,780 5,551 5,555 5,400 2,248 2,310 2,129 2,095 1,360 1,356 1,338 1,285 5,203 5,116 5,078 4,988 15,491 15,312 15,300 15,418 11,420 373,041 94,617 10,566 374,751 94,106 10,119 382,191 94,531 10,711 403,663 103,270 14,643 13,760 15,363 16,148 18,096 17,975 17,812 17,893 9,149 9,287 8 855 8,943 61,554 63,887 63,078 63,878 284,767 285,037 289,542 289,758 61,539 61,580 61,172 61,112 51,398 51,272 52,818 53,093 167,164 89,250 125,564 47,123 167,557 90,903 124,504 49,217 167,057 92,841 120,423 49,324 161,100 93,364 121,216 49,429 282,905 282,408 284,799 284,630 505,652 428,829 505,718 427,233 514,825 429,820 513,057 430,169 79,348 79,191 78,727 78,763 64,480 1,052,049 63,505 :, 039,780 64,5691 ,057,119 65; 494 1,066,090 477,742 41,645 41,928 492,727 43,030 476,00: 43,333 23,181 24,217 24,313 25,466 4,555 4,561 4,646 4,818 757,119 773,042 779,922 768,193 38,198 39,214 38,464 39,301 30,542i 33,716| 26,0071 28,957 218 208 199 234 10,143 12,227 10,657 13,496 9,578 9,689 4,705 4,541 93 95 154 428,781 524,692 520,091 517,167 17,647 22, 730 21,648 21,232 345,277 379,09: 383,37! 384,09c 17,072 22,191 27,790 25,497 2,128 7,402 7,40: 6,79* 100 1,022 994 604 190,946 172,311 156,552 140,991 5,689 6,814 5,490 5,269 120,56$ 102,696 96,086 83,599 8,399 7,105 6,450 6,4r 2,384 2,274 3,805 2,373 81: 1,31 i,5i; 1,2K 3,701 5,301 5,319 5,343 645,751 631,990 642,146 632,644 273,536 272,997 272,761 275,627 109,673 110,214 113,759 114,912 53,974 16,060 57,590 16,627 59,768 15,764 60,368 16,773 7,212 6,975 5,679 5,673 4,286 5,242 3,679 3,688 1,703 2,198 2,377 2,500 143 964 964 32,424 62,274 49,394 51,995 1,270 5,663 5,789 5,462! 3,814 5,383 3,38C 3,38C 17,253 18,177 15,522 14,63" 10,260 6,564 6,713 6,600 701 37 76 50 3,111 5 241 2,837 2,368 1 145,908 57,632 144,789 59,860 140,364 141,204 59,517 59,657 22,561 9,260 20,327 9,260 22,472 9,260 23,048 9,280 351,411 352,955 353,496 59,030 59,044 58,480 32 31 31 35 3,505 3,762 3,988 4,018 2,366 6,106 5 592 5,297 3,139 4 247 3 739! 3,740 7,358 13,823 13,402 11,485 9,515 7,732 5,841 5)643 3,124 3,658 3,997 3,713 6,018 5,356 4,918 5,743 259 189 225 261 ' 1131 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JULY 26 TO AUGUST 16, 1922-Continued. MEMBER BANKS IN F E D E R A L R E S E R V E BANK CITIES-Continued. [In thousands of dollars.] Total. Other bonds, stocks, and securities: July 26 Aug. 2 Aug. 9 Aug. 16 Total loans and discounts and investments, including bills rediscounted with F . R. banks: July 26 Aug. 2 Aug.9 Aug. 16 Reserve with F. R. banks: July 26 Aug. 2 Aug.9 Aug. 16 Cash in vault: July 26 Aug. 2 Aug.9 , Aug. 16 Net demand deposits: July 26 Aug.2 Aug. 9 Aug. 16 Time deposits: July 26 Aug.2 Aug. 9 Aug. 16 Government deposits: July 26 Aug.2 Aug.9 Aug. 16 Bills payable with F . R. banks: Secured by XJ. S. Government obligations— July 26 Aug.2 Aug. 9 Aug. 16 All other— July26 Aug. 2 Aug.9 Aug. 16 Bills rediscoimted with F. R. banks: Secured by U. S. Government obligations— July 26 Aug. 2 Aug.9 Aug. 16 All o t h e r July 26 Aug. 2 Aug.9 Aug. 16 1,287,245 1,256,206 1,256,411 1,280,355 9, 777,136 9,913,707 9,886,609 9,903,703 1,017,709 1,029,478 147,103 146,007 148,244 140,866 New York. Philadelphia. 650,556 621,995 615,295 634,785 153,662 151,270 151,919 152,817 62,173 62,771 65, 111 6,410 6,122 6,216 6,126 743,352 5, 017,876 736,008 749,983 M0071? 737,901 746,489 5,060,786 748,719 741,957 5,066,964 745,662 518, 775 523,990 530,545 528,850 91,224 92,207 92,096 91,566 Boston. 79,456 78,687 80,321 81,340 Cleveland. Richmond. AtSt. Minnelanta. Chicago. Louis. apolis. 12,121 12,887 12,588 11,982 355,233 76,i, 156 [,336,785 1 77,,8301,i, 359,535 356,814 77,', 733L,1,366,422 356,122 78,5531,375,161 360,443 129,438 132,710 131,737 134,693 192, 730 192,030 187,082 187,435 24,229 8,542 23,382 8,832 29, .538 9,201 24,381 10,497 17,174 13,785 15,930 16,509 6,155 5,613 6,435 2,276 2,455 2,350 2,118 1,356 1,330 1,585 1,375 5,828 5, 724 5,504 5,210 165,199 58,586 159,455 58,341 158,933 58,578 161,041 59,384 234,897 236,803 237,793 242,229 59,005 63,950 61,278 61,578 34,702 33,842 32,655 31,234 4,446 5,730 5,605 5,414 5,707 5,068 5,650 5,721 134,761 136,963 132,657 146,14" 8,265 8,414 74,749 72,645 74,285 69,839 11,607 11,787 11,860 11,922 7,312 7,298 8,170 7,185 919 924 948 1,91 1,888 1,602 1,553 27,834 28,223 28,329 27,767 2,995 3,347 3,202 2,971 1,96! 1,97' 2,021 1 7,697,750 7,782, 701 7,645,658 7,666,187 619,77214,414,272 229,324 50,768 42,689 981,590 217,589 84,403 620,99214,490,784 £ 601,819 237,008 52,124 38,904 976,355 224,522 85,594 615,695 4,349,829 606,379 231,500 51,859 44,321 977,393 226,424 86,954 610,113 4,337,421 606,148 51,828 45,0381. 90,453 :, 004,511 225,655 1,749,570 1,743,208 1,795,196 1,818,615 98,394 97,860 99,284 107,409 71, 797 150, 832 148,570 132,436 8,053 14,359 11,828 10,676 20,202 26,487 19,610 26,124 1,215 1,565 814 1,665 460 156 128 128 348 42 40 40 35,208 37,952 35,520 31,505 13,580 15, 229 14,913 10,079 35,301 35,988 37,451 37,406 289,910 293,857 297,175 297,255 31,336 7,032 83, 737 14,140 71,338 11,691 64,430 10,654 2,119 5,074 6,531 5,701 1,120 1,967 1,625 1,465 50 240 287 130 587 3,780 8,530 4,098 8,458 8,782 7,861 San Francisco. 9,405 10,204 9,412 11,711 176,799 176,472 180,940 178,389 623,059 635,344 581,622 569,571 579,825 571,168 606,166 618,496 Dallas. 52,404 52,765 52,718 53,481 3,460 3,497 3,500 3,371 68,066 66,997 67,795 69,015 841^ Kansas City. 24,103 23,120 24,211 23,003 24,177 23,225 24,196 23,090 91 2,323 1,959 1,769 322,781 325,832 330,253, 331,349 92,239 95,244 96,309 97,110 27,919 29,963 31,501 32,951 11,309 11,213 11,235 11,359 7,867 956 19,215 15, 858 2,392 3,546 3,497 3,162 1,500 2,698 2,273 1,925 3,068 5,612 4,664 4,209 38 19 20 20 15 41' 495 710 710 285 1,500 735 735 826 760 80,064 78,801 77,765 81,703 73,922 505,637 77,791 512,197 77,370 511,508 77,185 515,234 31,871 29,430 32,795 8,985 235,684 9,661 225,208 229,487 8,970 229,054 1,941 3,840 3,294 2,972 4,457 12,580 10,655 9,615 5,700 5,270 4,800 5,350 57 59 33 33 5,948 7,583 9,109 9,715 5,080 3,080 4,097 860 1,340 ? 500 1,433 1,201 898 821 344 451 447 445 2,025 2,000 2,620 2,866 100 150 500 950 665 419 1,147 1,229 1,017 1,076 875 665 710 2,685 1,864 617 777 1132 FEDERAL, RESERVE BULLETIN". SEPTEMBER, 1922. BANK DEBITS. Volume of business for the four weeks ending Federal Reserve Board for banks in leading August 23 continued a downward course, centers. Figures are shown for a total of 250 averaging about 7 per cent less than for the cities, of which 166 are included in the summary preceding five weeks and marking a low level by Federal reserve districts, because for these since February of the present year. Fluctua- centers comparable figures for the four weeks tions from week to week followed the usual and for the corresponding period in 1921 are course of expansion about the close and available, middle of the month, with corresponding declines during the intervening weeks. In DEBITS "FO INDIVIDUAL AC:COUNTS New York City alone the average v o AT BANKS IN !=*EPORTING CLEARING HOUSE CENTERS of business for the period under review was " DEBITS FOR 19212 DEBIT 5 FOR 1921 about 9 per cent less than for the preceding ( IN BILLIONS OF DOLLARS ) -12 period, while for the other cities the decrease 11 averaged only 4.5 per cent. While the pre- ii vailing disturbance in the industrial and trans- 10 F 10 portation fields may account for some of the 9 A k J 9 declines shown, the aevelopment during August 8 \ -A 8 fsr \h m \) A is practically parallel to that shown last year 7 VV 7 M r and apparently reflects for the most part the 6 V 6 1 J 2 normal midsummer recession in trado and in5 5 \ dustry. A A \j\ A4 — / \ As compared with the corresponding period \J 3 SJ / NT \ of last year, the average volume of business for 3 a the four weeks under review shows an increase 2 AND 2: BANKS IN NEW YOFKC1T Y 1 1 of 13 per cent. For New York City the in:i AND4- BANKS IN ALL REPQRTING CENTER! crease was about 20 per cent, and for the other 0 • 0 165 reporting centers slightly over 6 per 5 cent. This swell in volume of debits in cities 5 .A 4 4 outside of New York is accompanied by a J"V ' 7\ 3 larger rise in the wholesale price level which, 3 \ Z under ordinary conditions, would fully account 2 for the increase, shown. 1 1 BA NKS OUTSIDE OF NEW YORK CITY The volume of business is measured by debits Jan.' Feb.' Mar.' Apr.' May June'July Aug.'Sept. Oci. Ndv:' Dec. to individual accounts as reported to the A\ ft \ l i l t \ A DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS. SUMMARY BY FEDERAL RESERVE DISTRICTS. [In thousands of dollars.] Number of centers included. Boston , New York..., Philadelphia.. Cleveland Richmond.... Atlanta Chicago , St. Louis Minneapolis... Kansas City.., Dallas San Francisco. Total-... 166 1922 1921 Week ending— Week ending— Aug. 2. Aug. 9. Aug. 16. Aug. 23. Aug. 3. Aug. 10. Aug. 17. 450,651 4,950,273 402,181 483,746 213,976 171,243 967,385 197,627 135,062 233,794 113,962 495,850 371,080 4,255,534 338,231 439,504 196,812 167,569 900,276 205,364 119,202 256,022 114,677 446,830 386,799 4, 389,617 479,394 190,617 165,950 927,573 213,616 134,156 250,611 120,920 374,927 3,988,661 374,142 402,995 173,172 162,529 859,497 190,652 129,912 227,358 123,803 454,735 429,932 4,239,881 374,825 392,841 212,864 169,662 205,838 119,695 243,174 127,062 447,321 394,807 3,632,719 314,555 366,272 203,403 158,678 816,952 185,540 119,250 238,574 124,078 372,456 391,221 3,549,906 346,545 393,616 208,547 161,685 971,287 199,472 133,607 237,299 124,971 458,760 349,051 3,121,621 315,170 344,323 174,457 148,538 844,361 174,738 130,377 228,967 124,123 418,066 8,815,750 7,811,101 7,971,530 7,462,383 7,900,970 6,927,284 7,176,916 6,373,792 Aug. 24. 1133 FEDERAL RESERVE BULLETIN". SEPTEMBER, 1922. DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS. DATA FOR EACH REPORTING CENTER, [la thousands of dollars.] 1921 Week ending— 1922 Week ending— Aug. 2. District No. 1—Boston: Bangor, Me Boston, Mass Brockton, Mass Fall River, Mass Hartford, Conn Holyoke, Mass Lowell, Mass Lynn, Mass Manchester, N. H New Bedford, Mass New Haven, Conn Portland, Me Providence, R . I , Springfield, Mass , Waterbury, Conn Worcester, Mass , 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 No. New Jersey Clearing House Association Passaic, N. J Rochester, N . Y Stamford, Conn , Syracuse, N . Y District No. 3—Philadelphia: Allentown, Pa Altoona, Pa Camden, N. J Chester, Pa Harrisburg, Pa Hazleton, Pa , Johnstown, Pa Lancaster, Pa , .Lebanon, Pa Norristown, Pa Philadelphia, Pa Reading, Pa Scranton, Pa Trenton, N. J , Wilkes-Barre, Pa Williamsport, Pa Wilmington, Del York, Pa District No. 4—Cleveland: Akron, Ohio Butler, Pa Canton, Ohio Cincinnati, Ohio Cleveland, Ohio Columbus, Ohio Connellsvillo, Pa Dayton, Ohio Erie, Pa Greensburg, Pa Homestead, Pa Lexington, Ky Lima, Ohio Lorain, Ohio , New Brighton, Pa Oil City, Pa Pittsburgh, g , Pa Spi rf ig l ed , O Oh Springfield, Ohio oledo, Ohio Told Ohi Warren, Ohio Wheeling, W.Va Youngstown, Ohio Zanesville, Ohio District No. 5—Richmond: Asheville,N.C B altim ore, Md Charleston, S. C Charleston, W. Va..., Charlotte, N. C Columbia, S.C Cumberland, Md D anville, Va Durham, N. C Greensboro, N. C Greenville, S.C Hagerstown, Md . Huntington, W- V a . , . , Aug. 23. 3,515 272,869 3,440 I 2,982 240,458 5,985 23,402 2,583 4,106 5,487 19,188 2,324 4,003 5,540 17,660 ! 2,305 i 4 427 4,720 15,414 2,249 3,929 5,090 5,507 16,022 7,571 29,732 13,204 5,491 13,199 4,738 5,566 15,762 6,835 27,327 9,928 4,421 12,844 4,302 I 6,672 i 16,698 7,739 23,728 11,780 4,575 12,402 3,959 5,152 13,254 5,992 24,472 11,291 3,825 11,353 23,045 3,595 53,131 20,978 4,169 54,398 15,527 3,590 48,042 15,583 3,888 53,923 16,463 3,279 45,538 3,266 1,948 49,379 3,865,070 4,116,486 3,527,996 3,434,428 3,018,227 4,720 27,360 4,661 22,252 5,240 25,554 4,253 23,397 11,770 10,651 11,290 10,464 3,554 2,918 2,872 2,691 4,038 5,262 3,564 5,900 4,060 6,700 3,708 6,075 4,757 4,108 3,974 4,267 4,173 4,021 3,859 295,616 6,810 12,579 12,448 8,794 4,661 7,734 3,876 237,452 6,589 16,313 11,395 8,078 3,937 7,209 3,118 273,046 7,150 12,598 9,975 7,991 3,737 6,653 3,323 244,058 5,850 14,232 10,068 7,115 3,599 6,756 3,139 12,501 12,860 13,353 11,800 54,582 103,626 24,964 54,142 99,651 24,628 57,615 114,165 25,440 50,191 88,410 22,139 13,275 5,722 4,272 12,925 5,455 4,461 12,857 5,354 10,954 5,315 3,487 3,375 3,576 3,755 3,118 1,958 136,527 3,211 1,727 129,857 2,888 3,034 237,659 4,155 6,394 21.596 2,798 4,314 5,292 3,666 5,823 16,469 8,376 26,213 12,901 7,339 14,498 3,009 252,511 5,715 6,533 19,123 2 715 4,491 6,103 4,448 6,734 17,473 8,503 27,360 13,653 6,124 14,122 2,641 251,659 3,936 6,053 17,597 2 629 4,446 5.097 3', 188 5,832 17,331 6,925 24,257 13,118 5,672 13,579 20,599 4,043 62,803 2,904 3,307 2,279 57,247 4,814,644 19,080 4,431 60,519 4,289 3,541 2,323 50,421 4,127,612 18,304 4,101 63, 512 3,375 3,475 2,465 '50,008 4,094,371 34,489 5,380 29,277 2,599 13,527 31,900 5,520 26,566 2,477 11,806 33,357 6,146 29,647 2,579 12,257 35,608 5,491 26,597 2,261 11,732 5,961 3,209 11,340 3,927 6,916 2,414 4,803 4,625 1,144 708 325,533 7,186 11,877 10,764 6,754 4,185 8,402 4,000 5,628 3,327 8,415 3,722 6,957 1,976 4,517 4,675 1,180 699 264,810 6,670 10,834 10,962 6,196 4,644 7,249 3,668 5,497 3,249 10,582 4,344 6,909 2,332 4,807 4,632 1,154 791 314.662 7:922 9:511 5,252 3,500 8,739 4,370 6,636 1,879 4,946 4,650 1,081 676 302,902 7,003 10,402 10,563 6,098 3,314 5,946 3,812 13,434 2,092 7,621 61,210 136,288 29,584 1,197 13,648 6,310 4,425 693 3,906 3,341 1,257 2,275 3,000 186,890 4,591 13,092 2,311 8,405 64,706 149,481 27,709 1,400 13,171 6,524 6,129 702 3,873 3,119 1,170 2,116 3,171 165,196 4,802 37,040 2,599 8,552 12,388 2,358 12,989 2,796 6,970 56,038 108,600 26,886 1,031 11,476 6,008 4,476 641 3,446 2,999 1,021 2,395 2,734 i 148,874 ! 4,245 I 36,876 ! 10.760 2,144 12.808 2,189 8,025 59,558 126,533 28,150 1,156 11,618 5,774 3,413 687 3,916 3,159 988 2,026 3,016 163,405 4,025 36,264 2,106 8,238 9,050 2,088 4,570 103,957 5,811 6,518 6,503 4,109 1,836 1,838 4,502 4,408 3,653 1,962 4,467 4,158 88,150 5,820 6,933 6,071 3,962 1,800 1,784 4,006 3,215 3,738 1,673 4,574 4,565 83,309 5,555 6,881 6,825 3,096 1,718 1,808 3,785 3,259 3,316 1,888 4,368 4,113 71,779 4,967 6,500 6,121 2,916 1,681 1,498 3,910 3,379 2,900 1,777 4,331 35,736 2,203 9,700 Aug. 17. I Aug. 24. Aug. 10. 4,654 3,191 310.6.54 4,418 7,234 23,387 3,141 4,343 4.919 4'112 6,499 18,244 8,994 28,909 14,099 5,578 12,266 111 175 61340 4,029 8', 296 3,741 Aug. 3. 7,888 9,335 2,305 1,644 151,714 3,162 1,902 j 128,279 | 3,088 i T 5,852 8,152 6,381 I 8,924 i 6,575 9,457 5,941 8,496 111,732 4,906 108,060 ! 4,337 I 105,826 5,684 84,516 4,756 5,021 4,271 4,802 ' 4,100 j 5,189 3,955 4,560 3,783 2,558 2,517 2,724 2,579 4,527 i 4,594 "4," 271 "4*637 1134 FEDERAL, RESERVE BULLETIN". SEPTEMBER, 1922. DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS—Continued. DATA FOR EACH REPORTING CENTER—Continued. [In thousands of dollars.] 1922 Week ending— Aug. 2. District No. 5—Richmond—Continued. Lynchburg, Va • Newport News, Va Norfolk, Va R al eigh, N. C Richmond, Va Roanoke, Va Spartanburg, S. C Washington, D. C Wilmington, N. C Winston-Salem, N. C District No. ^-Atlanta: Albany, Ga Atlanta, Ga Augusta, Ga-. Birmingham, Ala.. Brunswick, G a Chattanooga, Tenn. Columbus, Ga Cordele, Ga Dothan, Ala Elberton, Ga Jackson, Miss Jacksonville, F l a . . . Knoxville, Tenn Macon, Ga Meridian, Miss Mobile, Ala Montgomery, Ala... Nashville, Tenn Newnan, Ga New Orleans, L a . . . Pensacola, Fla Savannah, Ga Tampa, Fla Valdosta, Ga. Vicksburg, Miss District No. 7—Chicago: Adrian, Mich Aurora, 111 B ay City, Mich \\\\ Bloomington, 111 Cedar Rapids, Iowa Chicago, 111 Danville, 111 '.'.'..'.'.'..'.W'.'.W. Davenport, Iowa Decatur, 111 Des Moines, Iowa Detroit, Mich Dubiique, Iowa Flint, Mich V.'.WW"". Fort Wayne, Ind Gary, Ind Grand Rapids, Mich Hammond, Ind Indianapolis, Ind !.!!!!!!!!' Jackson, Mich Kalamazoo, Mich Lansing, Mich Mason City, Iowa \... Milwaukee, Wis Moline, 111 '.'.'.'.'.'.'. Muscatine, Iowa Oshkosh, Wis '..'.'.'.'.'.'.'.'. Peoria, 111 Rockford, 111 '.'.["'. Saginaw, 31ich Sioux City, Iowa South Bend, Ind Springfield, 111 '.' Waterloo, Iowa District No. 8—St. Louis: East St. Louis and National Stock Yards, Evansviile, Ind Fort Smith, Ark Greenville, Miss Helena, Ark Little Rock, Ark Louisville, Ky Memphis, Tenn O wensboro, Ky Quii]cy,Ill St. Louis, Mo Springfield, Mo District No. 9—Minneapolis: Aberdeen, S. Dak Billings, Mont Dickinson, N. Dak.,.,., './.'.'.I'.'.'.'." , '."[][ ] !...!.II! Aug. 9. 1921 Week ending— Aug. 16. Aug. 23. 24,603 4,545 1,761 39,108 3,862 6,418 3,381 1,607 13,727 4,000 23,461 4,719 1,685 38,742 4,567 5,395 3,856 1,582 15,199 4,450 24,244 4,670 1,807 36,856 3,399 5,435 3,457 1,396 14,267 4,035 23,510 4,746 1,747 33,966 4,380 5,323 955 24,776 5,245 17,113 587 6,348 1,939 162 506 140 2,081 10,924 5,975 3,892 1,755 5,318 3,109 14,698 346 57,378 1,600 9,025 4,699 815 1,143 818 23,569 4,610 15,152 914 7,158 2,139 278 438 172 2,252 11,075 5,182 3,656 1,659 5,677 3,092 15,451 236 57,692 1,266 8,080 4,811 874 1,098 838 24,129 4,322 17,354 575 7,015 2,009 376 448 127 2,070 10,237 5,705 3,936 1,560 5,283 3,416 14,903 352 53,881 1,655 7,827 4,971 836 1,316 880 23,066 4,449 16,172 542 6,798 2,101 363 602 99 2,023 9,938 5,605 3,674 1,727 4,977 3,337 13,555 270 55,263 1,198 7,853 5,471 987 1,173 675 3,248 2,462 2,353 4,498 627,229 2,700 7,491 3,442 14,987 129,566 2,673 5,061 6,466 3,104 14,085 2,900 33,465 4,909 4,355 6,149 1,791 51,777 1,790 920 2,300 8,801 4,319 679 2,786 2,388 2,059 4,739 583,763 2,300 6,823 3,726 15,641 114,588 2,872 5,146 6,354 2,245 13,396 2,550 575 2,461 1,967 2,000 4,285 524,924 2,100 7,398 3,273 14,311 139,665 2,470 5,794 6,148 2,241 13,541 2,970 28,367 4,512 4,473 5,942 2,089 14,708 7,902 5,751 3,146 4,183 4,902 14,530 7,760 5,952 3,512 729 2,645 2,242 2,329 4,684 582,901 2,100 6,611 3,566 14,279 137,905 2,662 5,298 6,276 3,514 14,817 2,700 31,585 3,525 4,683 6,256 2,614 52,559 1,604 1,100 2,100 7,899 4,462 4,621 14,605 8,828 5,548 2,449 7,721 6,800 2,104 801 1,146 7,862 29,824 20,363 1,282 1,955 120,591 2,511 8,677 6,558 1,998 663 595 7,970 26,899 20,787 1,292 2,760 128,482 3,231 1,353 1,670 31§ 1,462 1,775 355 3,492 1,854 14,003 3,900 30,414 3,650 3,855 5,350 2,032 49,159 1,787 1,300 2,300 Aug. 10. Aug. 17. 14,152 3,840 23,703 11,852 3,700 21,885 12,638 3,600 26,821 10,558 3,980 22,291 34,408 3,636 33,362 4,261 32,995 4,521 28,993 4,170 22,380 4,886 12,237 19,562 4,181 12,510 22,635 4,612 12,394 19,356 3,654 30,759 7,303 7,633 7,6 6,685 8,884 5,353 3,542 8,562 4,955 3,644 8,411 6,100 4,118 8,258 4,901 3,406 2,999 24,789 4,827 2,733 24,925 4,803 3,675 24,251 4,720 3,200 23,271 55,846 1,363 9,088 4,676 48,467 1,428 9,380 4,727 46,667 1,642 8,601 4,978 45,343 1,297 8,329 4,440 1,047 1,144 1,104 919 2,353 2,335 9,557 616,802 2,120 1,970 9,313 524,409 2,331 2,348 9,285 635,338 2,147 1,918 7,683 542,320 5,915 3,079 14,331 124,069 2,846 5,31.2 6,167 6,107 2,999 16,093 99,122 2,229 5,462 6,258 5,403 3,262 13,611 134,524 2,441 5,887 6,045 ,5,711 2,862 13,909 113,050 2,516 6,534 5,796 Aug. 3. Aug. 24. 17,397 18,794 18,407 18,598 28,603 4,073 3,745 5,129 28,752 3,316 3,619 4,179 29,880 3,309 4,515 4,923 26,127 3,642 3,389 5,116 49,233 1,610 1,043 2,100 7,228 4,268 5,043 51,001 1,726 49,822 1,304 53,825 1,574 49,118 1,760 7,230 4,182 6,768 4,301 7,502 4,641 6,686 4,066 13,358 7,162 4,575 2,993 7,961 5,566 5,934 2,562 8,230 3,907 5,336 2,482 8,447 5,658 5,482 2,649 7,485 6,650 4,613 2,665 8,923 7,347 1,942 630 807 8,730 28,784 20,171 1,123 2,224 134,731 2,706 8,229 5,117 1,899 523 735 7,883 28,485 19,298 979 1,952 117,197 2,491 8,559 5,205 8,632 4,497 8,980 4,719 7,586 4,434 8,764 27,962 18,911 25,541 17,485 8,558 28,478 18,024 6,935 24,737 16,762 2,170 131,412 2,855 2,133 115,939 2,647 1,811 126,455 2,447 1,733 110,188 2,363 1,390 1,777 1,303 1,552 228 1,237 1,623 1,427 1,626 1,429 1,624 1,129, 1,552 m SEPTEMBER, 1922. 1135 FEDERAL RESERVE BULLETIN. DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS—Continued. DATA F O B EACH REPORTING CENTER—Continued. [In thousands of dollars.] 1921 Week ending— 1922 Week ending— Aug. 2. District No. 9—Minneapolis—Continued. Duluth, Minn , Fargo, N. Dak Grand Forks, N. Dak Great Falls, Mont Helena, Mont , Jamestown, N. Dak Lewistown, Mont Minneapolis, Minn , Minot, N. Dak Red Wing, Minn St. Paul, Minn DO :..... Sioux Falls, S. Dak Superior, Wis Winona, Minn District No. 10—Kansas City: Atchison, Kans Bartlesville, Okla Casper, Wyo Cheyenne, Wyo Colorado Springs, Colo Denver, Colo Enid, Okla Fremont, Nebr Grand Island, Nebr Grand Junction, Colo Guthrie, Okla '..'.'...'.. Hutchinson, Kans Independence, Kans Joplih,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 St. Joseph, Mo Topeka, Kans Tulsa, Okla Wichita, Kans District No. 11—Dallas: Albuquerque, N, Mex Austin, Tex Beaumont, Tex Corsicana, Tex Dallas, Tex El Paso, Tex Fort Worth, Tex Galveston, Tex Houston, Tex Roswell, N. Mex San Antonio, Tex Shrcveport, La Texarkana, Tex Tucson, Ariz Waco, Tex District No. 12—San Francisco: Bakersfield, Calif Bellingham, Wash Berkeley, Calif. Boise, Idaho Eugene, Oreg Fresno, Calif Long Beach, Calif Los Angeles, Calif Oakland, Calif Ogden, Utah Pasadena, Calif Phoenix, Ariz Portland, Oreg Reno, Nev Ritzville, Wash Sacramento, Calif Salt Lake City, Utah .. San Bernardino, Calif.. San Diego, Calif San Francisco, Calif... San Jose, Calif Seattle, Wash Spokane, Wash Stockton, Calif Tacoma, Wash Yakima, Wash J 14,870 2,563 1,130 1,292 2,484 421 791 64,414 887 473 I 139,800 45,376 ! 2,809 1,643 1,034 14,184 2,913 1,502 1,499 2,016 525 749 59,668 940 488 1 28,367 35,243 3,215 1,679 922 1,503 2,628 2,806 2,040 2,440 32,977 3,648 669 1,093 447 433 1,378 2,113 3,159 2,227 3,397 38,107 3,373 655 1,154 3,710 3,695 2,135 2,221 3,550 82,910 875 908 5,074 17,331 Aug. 16. 19,048 3,104 1,441 1,291 2,215 545 710 68,712 860 471 129,112 34,783 3,300 1,899 867 1,350 2,499 3,049 ]L, 877 3,267 31,934 3,144 654 1,108 647 453 3,203 .2,207 Aug. 23. 17,840 2,739 1,465 1,374 1,952 350 650 66,086 739 392 129,911 35,293 3,134 1,770 786 1,163 1,870 3,274 1,592 3,025 30,235 2,766 627 43,800 966 1,008 4,396 13,827 3,933 18,748 13,010 74,085 ' 784 852 5,609 ! 17,770 I 1,961 j 45,651 631 1,145 3,836 ! 11,741 3,321 29,778 11,872 2,804 1,749 2,421 3,167 73,954 682 726 5,046 15,322 1,570 42,804 !j 803 1,028 3,087 14,022 2,775 16,406 10,469 6,318 19,477 11,902 22,725 537 5,731 6,096 1,225 1,516 2,859 1,946 2,421 3,193 670 28,559 6,483 20,366 13,087 20,412 841 5,980 6,060 1,349 1,501 3,320 1,817 2,543 3,190 808 28,090 6,216 19,767 15,574 24,410 647 7,048 6,248 1 527 1,359 3,131 1,691 2,330 3,224 797 30,408 6,345 19,122 15,539 26,288 658 6,594 5,961 1,800 1,408 3,093 3,218 1,490 3,478 2,649 1,459 12,204 8,808 124,117 17,285 4,188 5,202 3,545 30,785 2,257 106 13,107 13,533 1.321 8,594 185,371 4,986 35,334 9,271 4,702 7,954 2,025 2,160 , 1,697 3,563 2,649 1,871 10,240 8,546 110,692 19,281 3,927 5,485 3,576 30,945 2,461 100 14,279 13,511 1,605 8,964 150,949 4,924 31,060 8,961 5,221 9,121 2,051 2,907 1,704 3,429 2,684 1,994 8,401 8,753 122,174 19,917 4,396 5,949 3,130 34,547 2,200 136 13,814 13,794 1,897 1,604 3,867 2,303 2,103 9,156 7,869 110,531 18,749 4,008 4,879 3.370 29; 610 2,168 92 16,360 12,413 1,212 7,846 159,027 5,132 36,548 9,587 4,724 7,891 2,067 2,112 2,125 3,487 67,060 937 674 4,956 16,994 1,634 588 1,028 2,677 11,346 3,203 26,547 10,482 1,812 2,613 2,688 682 29,000 Debits of banks which submitted reports in 1921. Aug. 9. 2,720 j 3,301 I 1,372 8,116 167,844 5.358 35,980 9,176 5,210 9,635 2,062 Aug. 3. 14,102 2,575 1,141 1,642 2,263 Aug. 10. Aug. 17. 14,826 2,435 1,120 1,591 2,115 17,083 2,717 1,208 1,685 2,465 A u g . 24. 16,494 2,601 1,028 1,396 2,357 74,242 60,680 *27,*532' 25,219 25,057 27,931 4,112 1,823 965 3,940 1,741 915 3,583 1,495 1,019 3,639 1,320 948 1,252 2,153 1,273 1,496 1,364 1,444 1,201 1,269 2,601 2,801 35,003 2,044 2,796 32,271 1,667 4,019 29,503 1,441 2,613 34,841 1,760 2,994 77,827 1,341 3,032 77,782 1,932 3,132 80,149 1,562 3,021 73,591 2,368 19,365 2,662 21,126 2,683 18,146 2,509 16,485 43,971 42,597 43,488 45,138 4,788 15,669 3,836 14,337 12,449 4,810 17,511 3,722 13,147 10,964 4,556 15,324 3,355 15,333 11,204 4,357 15,411 2,991 11,711 10,826 1,747 2,347 2,594 1,506 2,473 2,824 1,493 2,250 2,909 1,396 2,133 2,609 29,957 6,800 21,940 19,840 23,804 26,878 6,743 20,490 19,330 26,112 28,675 7,037 21,410 19,291 23,787 28,457 5,981 21,110 21,265 24 809 6,250 5,740 1,223 1,848 2,972 5,283 6,368 1,598 1,504 2,969 7,600 5,089 1,124 1,242 3,064 6,773 4,747 1,059 1,305 2,479 3,302 2,715 3,357 2,852 3,302 2,368 3,351 2,386 7,600 5,821 97,219 18,063 3,278 4,786 9,230 5,240 91,511 17,894 2,035 4,551 8,785 5,865 105,502 17,504 3,074 4,680 8,161 5,069 100,651 16,640 2,759 3,598 33,415 2,317 29,032 2,495 36,026 2,781 33,319 2,557 13,580 12,105 13,3 11,3 13,864 12,421 8,117 13,160 7,961 171,841 4,792 32,373 10,356 4,580 8,566 2,119 6,710 153,907 4,642 29,682 9,509 4,521 7,342 1,985 6,896 176,778 4,431 31,148 10,187 4,487 7,427 1,766 7,566 117,424 3,753 26,957 9,800 4,662 7; 353 2,021 FEDERAL RESERVE CLEARING SYSTEM. CO OPERATIONS DURING JULY, 1922. [Numbers in thousands. Amounts in thousands of dollars.] Items drawn on banks located in own district. Federal reserve"-bank or branch. In Federal reserve bank or branch city. Total:. July amj June 578 502,060| 2,1283,,899,3021 234 ' 88,810 1,831 736,187| 7331 244,292 114,790 199 517! 229,407 113 115,076 259! 140,794 138,505 35,243 26: 17,744 6! 28,166i 551 40.5511 56 1,006 576,9471 301 164,740i 306! 223,758! 17,948j 75; 54,397| 94j 25,9851 72 238 110,468! 8,908j 24 204,330! 326 42,497 137 47,230; 74 47,723! 90 63,243' 127 10,0901 43 35,855| 69 111,486; 251 133,573: 402 34,199, 63 24,314< 52 34,390 ; 117 16,833| 41 ;c'c 11,56818,319,841; | Items fori warded to I parent bank | or to branch | in same dis• trict. Total items handled, including duplications. Number. NumNumNumt i NumAmount. ber. AA2 n o u n t -i ber. Amount. \ ber. Amount.! ber. Amount.! 1922 19212 Num- Amount, i ber. Boston New York Buffalo Philadelphia Cleveland Cincinnati Pittsburgh Richmond Baltimore Atlanta Birmingham Jacksonville Nashville New Orleans Chicago Detroit St. Louis Little Rock Louisville Memphis Minneapolis Helena Kansas City Denver Oklahoma City.. Omaha Dallas El Paso Houston San Francisco Los Angeles Portland Salt Lake City.. Seattle Spokane Items drawn on Treasurer of United States. Outside Federal reserve bank or branch city. Items forTotal items warded to handled, exclu- other Federal sive of duplica- • reserve banks tions. and their branches. 3,643 4,985 460 400,431 645,970 52,568 248,731 154,761 75,226 816 94,579i 862 1,911 252,173 68,569; 715 37,480 346 11,064 156 13,989 151 17,465 217 12,849 108 3,817| 315,143 48,338 567| 75 228 14,295 '272J 23,334 437! 9,159 177' 1,419! 78,0291 11,787! 214; 92,659 1,310 20,0971 358: 66,382| 924! 31,689! 522! 1,234! 148,581 9,241 129' 26,539 317 38,953 489' l,363j 99,405 2,312| 213, 23,847 386| 16,268 232 10,284 18,596'; 4,358 921,087! 137 195 870 112,780;; 7,983 4,658,052i 1,007: 2,073 707 143,451! 13 135! 26,559! 4,169 l,011,477i 430| 138 4,9.53, 2,137 404,006j 33j 46 5,523'31,069 3 197,426 12i 43 5,462' 1,424 82 329,448! 45, 5,988! 2,065 373,237! 151 41 5,166! 1,017 214,529! 104! 43 7,768 1,011 24! 183,753| 32 1,167 17! 47,474! 10 826 26j 32,559i 7 1,534 17 47,165! 10 5,981 37; 59,381 33 42,465 934,555 294: 27l! 3,368 216,446 21! 231 8,526 1,719| 307,512 391 92| 594] 353 32,837 61 2,562! 552 80,293 | 04C ! 258 35,992 ! 31 693 3 195,155 5,7 245 21,594 7i 1,681 303,877 207! 45; 521 67,290 87; 1,005 114,516 45 3 3 82,819 -,.-, 64i; 2837, 215,992 26| 4,168 l,387i 77i 21,030 17! 1,699| 189; 12; 64,234 13i 1,840' 3991 16; 800; 183,330 60 ! 32,891S 291 38! 9,217j 1,803i 242,195 122! 40,425 17' 3,914: 2931 5: 51,411 452| 14; 3,250; 15; 56,856 378! 29i 6,198. 25' 28,365 2361 l,248j 13! all j 42,762 : 113,921; 22,676: 90,603; 5,50li 4,681' 37,925! 54,828 ; 32,714! 7,500j 10,410 4 094 1,897 10,791 30,525 3,988 4,041 1,061 809 419 17,389 2,809 32,493 18,520 7,251 4,722 8,230 l,816i 2,412! 3,359| 18,2541 1,9111 4,029, 5,469: 2,078. 33,8153, 247,425i 2,260: 349,360 3 47,657j311,919,769 3,419! 611,948' 111,808i8,884,274J 35,717|3, 362,860! 2,938! 457,533! 50,477 12,707,928 3,730' 697,635! I i 25 35! 26 13 28 35 80 23 28 6 10 6 11 29 2 1 5 ] 62 48 17 19 34 (jj £\ 69 45i 775 811 4,553, 5,785, 9,015| 877 17,593; 4,599' 5,540. 2,196! 3,946 l,094i 6,593; l,534i 8,715 2,251: 8,106 l,201| 4,093J l,058i 21,547, '473; 1,175i 252! 305! 831! 240 629; 2,898. 5,398 1,737, 91.8 1,075' 1,769 1,825 389 564 169! 261 364i 246; 1,777 1,089! 253 10,243: 1,950, 9,774' 656! 7,106' 1,087! 3,752' 697: 3,508- 1,498' 569! 207! 1,150 420' 3,869; 862! 8,339; 1,994: 4,241' 334! 1,597476. 5,034 448' 2,705 : 26o! Number of noiunember banks. Amount. 1922 19212 994,114| 963,849, 4,343 8,345 4,777,758! 2,949,2101 177,342! 183,720| 778 1,102,080; 1,134,572 ! 415,0471 359,804| l,'66O 1,024 206,053! 202,426; 373,966i 389,600i 1,381 436,780! 434,044! 2,115 255,920! 255,349| 1,048 195,346'. 106,895: 503 79,431' 60,882. 407 39,537! 37,828! 219 49,893 43,158 ! 314 70,801 j 70,516! 249 967,978 985,341 5,004 222,171 2I4,30lj 746 312,628 278,140; 1,641 35,723 38,282; 323 81,271 80,708 501 36,775 30,495; 222 210,947 1,7801 212,790 25,552 22,633! 232| 377,216 2,6I.5! 346,613 95,584 85,330! 552! 135,361! 128,873 965| 90,569; 9], 293 713 218,596, 1,597| 227,730 23,415 25,295' 1931 07,796 70,878' 435! 190,5581 227,140; 761! 268,788 206 ,050' 1,298; 4G, 577[ 48,305: 305! 455: 57,037i 68,043 67,359| 378' 63,089! 236; 33,148i 31,155: 155,843 51,851 47,946 12,687,56010,725,894! 9,930 9,77917,884*18,599! 2,285 2,040 161,412 55,018,49,336:13,566,975 10,772,403;9,927 9,77517,889:18,716| 2,275 1,965 1 Incorporated banks other t h a n mutual savings banks. 2 June 16 to July 15. 3 Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee banks as follows: Cincinnati, 11,000 items, $1,887,000; Minneapolis, 2,000 items, $868,000; Omaha, 1,000 items, $388,000. Total, 14,000 items, $3,143,000. NOTE.—Number of business days in period for Baltimore, Nashville, Memphis, Dallas, El Paso, Houston, and Salt Lake City was 24, and for other Federal reserve bank and branch cities, 25 days. t=J n 1137 FEDERAL, RESERVE BULLETIN. SEPTEMBER, 1922. GOLD AND SILVER IMPORTS AND EXPORTS. IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Silver. Seven months ending July— July- Countries. 1921 1922 1921 1922 §16,654,107 j 14,010,665 ! 10,876 115,936 7,880,302 34,943 31,804,847 62,728,283 151,320 8,320,671 2,979,062 3,516,966 1,472,424 11,037 316,059 4,362,558 856,168 273,689 641,913 3,956,930 Seven months ending July— July1921 1922 1921 1922 IMPORTS. Denmark France Germany Netherlands Norway Spain Sweden United Kingdom: England Scotland Canada Central America Mexico i West Indies Argentina Chile Colombia Peru Uruguay Venezuela China British India Dutch East Indies Hongkong Philippine Islands British Oceania 192,739 41,433 245,895 $3,236,497 101,311,770 208,004 16,801,579 1,532,100 3,216,796 42,662,012 21,655,334 38,065,994 123,905,829 194,929 514,049 339,245 327,126 10,077 20,835 1, 092,418 108,202 431,266. 40,169 004,828 093,732 250,000 200,000 149,761 288,730 139,576 580,074 272,436 466,616 103,410 25,282,537 3,586,662 3,136,014 5,107,494 822,394 115,895 7,526,653 725,153 3,401, £63 918,787 15,191,103 19,239,520 623,639 5,326,396 $75,000 973,327 $1,688,202 200,725 5,465 085,610 106,040 64,247,479 Total. 9,399 618,544 138,142 8,959 80,825 342,458 "i66,'946* '""36*667' 11,707,394 139,576 13,737,178 858,* 528* 14,730 356,389 3,579,022 335,173 756,824 42,986,727 410,190,198 165,999,422 | ""3*938* 119,317 727,953 $768 2,130 $7,706 127,783 254 ; 238 $370 97,179 376,859 805 $768 152,203 673,124 16,282 5,250 71,512 599 10,769 1,142,892 135,641 328,931 361,898 2,950,059 113,870 1,393 109,917 9,466 341,337 85 21 805,658 132,275 4,683,178 13,814 2,572,984 1,410,719 20,762,124 191,784 14,205 1,191,506 95,132 3,087,019 2,848 2,531 6,932 690 342,288 192 11,959 4,157 3,115,431 864,732 29,399,915 439,401 5,837 1,231,361 152,144 4,489,842 385 2,174 1,619 506,324 10,101 607,500 385 137 53 394 40 100,000 57,198 107,613 626,935 356,295 75 5,981 673 58 749,269 4,513,279 6,957,298 31,963,642 41,849,288 418,352 180,792 1,000 252,626 3,600 1,014,843 123,241 2,350 248,440 2,405 1,971,317 170,310 3,365,551 786,798 6,475,512 1,479,554 279,300 1,448,793 409,237 239,500 4,825,983 6,989,622 1,321,888 6,850 1,509,102 21,936 795,703 12,995,176 5,757,740 528,000 1,376,849 179,996 725,325 528,000 6,511,677 2,109,388 900 7,297,306 47,237 367,266 6,268,953 ! 26,154,437 38,429,826 76,239 1,657 671 EXPORTS. Spain Sweden United Kingdom—England. Canada Central America Mexico West Indies Colombia China British India Dutch East Indies French East Indies Hongkong , Japan Allother Total. 2,643,013 123,286 *844,"270' i 707,000 78,000 2,643,013 "124," 809*|" "i*264.'2oi' 372,970 ! 10,000 =. 25,000 j 4,861.845 250;,494 725,031 12,127 2,605,639 5,300 60., 000 4,350,339 385,010 1,321,290 1,711,905 124,360 111,035 1,000 24;,600 3,734,929 645,114 10,425,493 *" "209," 23*2" 10,789,583 5,112,842 1,320,000 DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT SEPTEMBER 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 Trade acceptances. Commercial, agricultural, and live-stock paper, n. e. s. Bankers' acceptances maturing within 3 months. 4 4 4i 4i 41 4} 41 i 4i 4 I 4 Agricultural and live-stock paper maturing after 90 days, but within 6 months. 1138 SEPTEMBER, 1922. FEDERAL RESERVE BULLETIN. GOLD SETTLEMENT FUND. INTERBANK TRANSACTIONS FROM JULY 28, 1922, TO AUGUST 24, 1922, INCLUSIVE. [In thousands of dollars.] Transfers. Daily settlements. Changes in ownership of gold through transfers and settlements. Debits. Credits Decrease. 384,709 1,637,213 517,457 442,366 351,803 166,435 867,774 374,206 124,047 306,448 151,978 214,642 413,196 1,559,819 521,366 467,150 355,841 169,113 878,079 372,073 130,536 307,172 154,810 209,923 Federal reserve bank. Debits. Boston New York Philadelphia... Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City.... Dallas San Francisco.. Total, four weeks ending— Aug.24, 1922 July 27, 1922 Aug.25, 1921 July28, 1921 ....! •;...; 1 | Credits. 7,000 7,000 7,000 14,500 10,000 4,500 15,000 1,000 5,500 5,000 3,000 5,000 500 58,000 4,000 84,500 28,000 314,263 290,017 84,500 28,000 314,263 290,017 5,000 1,000 4,000 6,000 1,000 1,000 4,000 Balance in fund at close of period. Increase. 21,987 26,394 ' I ! 962 822 695 909 10,284 2,867 989 3,276 ;. 832 5,539,078 5,539,078 5,634,582 5,634,582 4,624,289 ! 4,624,289 4,595,815 | 4,595,815 I 35,616 93,030. 55', 249 35 512 21,436 131,139 13,311 29,654 26,172 6,403 31,446 522,933; 504,308 429,075' 421,776 MONEY IN CIRCULATION AUGUST 1, 1922.' [Source: United States Treasury Department circulation statement.] Kind of money. Gold coin and bullion Gold certificates Standard silver dollars Silver certificates Treasury notes of 1890 Subsidiary silver United States notes Federal reserve notes Federal reserve bank notes National bank notes Total Comparative totals: July 1,1922 Aug. 1,1921 Apr. 1, 1917 July 1,1914 Jan. 1,1879 1 2 Stock of money in the United States. Money held by theU. S. Treasury and the F. R. system. Money in circulation. Amount. Per capita. 183,824,843,419 2(692,699,089) 384,776,851 2 (309,921,346) 2(1,509,223) 271,050,201 346,681,016 2,566,380,060 75,866,400 758,071,562 $3,408,561,375 520,714,280 326,399,224 41,119,307 1,000 41,093,570 62,338,286 451,029,959 10,834,515 32,289,493 $416,282,044 171,984,809 58,377,627 268,802,039 1,508,223 229,956,631 284,342,730 2,115,350,101 65,031,885 725,782,069 $3.79 1.56 .53 2.45 .01 2.09 2.59 19.25 .581 6.61 8,227,669,509 3 4,894,381,009 4,337,418,158 39.47 8,178,602,408 8,059,103,327 5,312,109,272 3,738,288,871 1,007,084,483 3 4,803,624,380 3 4,313,016,403 3 3,896,318,653 3 1,843,452,323 212,420,402 4,375,555,653 4,723,405,481 4,100,590,704 3,402,015,427 816,266,721 39.87 43.64 39.54 34.35 16.92 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 the gold coin and bullion and standard silver dollars, respectively. 3 Includes gold held in trust against gold certificates and standard silver dollars held in trust against silver certificates and Treasury notes of 1890, the aggregate of which should be deducted from the sum of money held by the United States Treasury and the Federal reserve system and 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 AND INTEREST RATES. In the following table are presented actual discount and interest rates prevailing during the 30-day period ending August 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, A comparison between rates prevailing during the 30-day period ending August 15 and the 30-day period ending July 15 shows relatively little change. The most general declines occurre'd in the cases of prime commercial paper to customers, bankers7 acceptances, and interbank loans. Compared with the corresponding period last year, all the rates are lower. 1918, FEDERAL RESERVE BULLETIN. DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING AUGUST 15, 1922. ]Prime City. District. No.l No.2 Boston New York i Buffalo No 3 Philadelphia... No. 4 Cleveland Pittsburgh... Cincinnati No 5 . . . Richmond Baltimore No.G Atlanta Birmingham .Jacksonville... New Orleans Nashville . . . Chicago.. No.7 Detroit St. Louis No 8 Louisville... Memphis Little Rock Minneapolis No.9 Helena.. . No. 10.... Kansas City Denver Oklahoma City No. 11 Dallas El Paso. Houston No. 12.... San Francisco Portland.. . Seattle Spokane.. . Salt Lake City Los Angeles.. 1 Open market Custoitnei s\ 30 to 90 days. 4 to 6 nlonths. 77. L. C. 77. L. C. 5 41 6 4-J 44-5 6 fi 6 fi 4 1 fi 7 5 fi G 5 6 fi 51 6 fi 4 ! G fi 4 J 7 41. G 71 6' 61 71 8 fi 8 8 fi* 8 5 6 -6'. 8 5 G 8 fi 7 s fi 7 5 -54 41 54 G 5 6 5 6 4 51 6 41 ?L fi •i G fi 5 fi fi 6 7 fi 6 8 fi 7 s fi 6 7 51 5 5 54 s 7 8 s7 75 7* 6 7 5 6 6 o 6 7* 7 V G 6 8 G 8 8 8 7 5 6 7 5 ft 10 6 8 ' 10 8 8 7 fi 6 7 5 6 6 51 6 6 5 8 6 64 8 5 61 8 5 8 G 8 6 7 8 6 7 7 G 7 s s 8 41 G 8 4.1 61 5 41 44, 7 4 44-5 7 fi fi" .I', 5 7 5 G G 5 6 fi 5 ft fi 6 fi 4V 51 7 41- G (f Bankers' acceptances, 60 to 90 days. commercial paper. 30 to 90 days. 4 4 4-1 fi 54, G 4 4-J 4i Un indorsed. Indorsed. 4 to 6. months. 77. L. a 77. L. C. 41 4 4-41 fi' 4f 4J 5 G 4 4 41 4 4 43. 4 4-1 6 5 G 4 4 Interbank loans. 77. L. a 4-i 41 ft ft 5 6 5 5-1 fi 5 G fi 5 6 AI G 54 51 7 5 6 77. X. C. ILL. C. 34 3 3 3 3 3 312H 3i-31 31 3 34 3{ 3 3^ 4 4 4 6 31 31 34 31 4 4 4 Collateral loans—stock exchange. Demand. 77. L. 44. 4i 6 3" 7 fi fi 7 fi fi •V 5 0 4 44 44 4?" 4i 41 5 4 41444 51 4 41 4^ 51- 41 41 4? 5 5 4 5 41 4 4 s 7 5 44. 41 4 41 4.1 4 * 5 jjl fi 5 4 41 4 41 "f 4 4 4? 41 4 4.1 4 7 41 5 51l 4 44, 4 4-1 41 5 41 41 8 7 74, 5 4.1 4 41 4.1 4 41 1M* fi 5 6 10 8 8 41 4 41 41 4 41 51 4 41 4 41 5 41 41 7 8 7 6 7 fi fi 7 64 s 7 G-4- 8 8 fi1 97 6 8 7 7 7 7 51 6 fi ft 5 -6 5 G 5 5 6"* fi G fi 54 G 7 74 5i 6 5 G fi 77 6 8 6 6 3 3 3 f 4-1 3 8 fix- 34 34 34 34 3 3 34 34 34 0 6 5* 64 3 fi 41 3 4 s i* 8 6 6i fil 7" fi" ft 5 61 54 :::::::::::: 7 5 6-1 6 41 6 6 fi 4 5 4? 33 Hi-S^is 2 2 1 31 3134 31 31 34 31 3$ 7 7 3 41 f 3 41 31 3 3 10 8 10 7 6 8 8 b 6 f\ 8 5 6 fi 7 6 7 7 35 3 months. 3 to 6 months. Cattle loans. 77. L. C. 77. L. 51 5 5 6 4 6 ft 6 ft 41 44 2 7 ft fi - G fi ft - ft ft 1^ ft ft fi V 6 ft ft G ft ft 6 fi fi 5; 51 Si 7 - ft 7 ft 71 G 61 55 74 G 6 fi ft s 7 7 7 7 s 6-61 7 5 6 -61 7s 5 6 -61 s fi 7 s fi 7 5 -54. G 41 5 -54 6 5 6 6i 5 ( 6 54 6 5 6 5 6 6" 41 6 6 ft ft fi fi ft ft 7 fi 7 s fi 7 ft 7 fi 6 GJ, 51 6 71 7 7 7i s 7 5 6 6 7 5 6 6 7 / 0 7 ft 7 G ft 7 T 6 10 6 8 8 10 6 8 10 6 64 64 s fi 62 10s G s fi 8 8" 8 8 10 8 8 10 G 6 6 7 7 7 6 6 5 G 6 5 6 5.1 7 8 6 8 6 8 G 7 8 fi 7 8 G 73 7 8 8 6 7 8 7 7 6-1 7 s 7 7 s 7 8 6 61 8 5 65 8 6 61 C. 3-1-5 H.L. C. 514| 5 6 3} 4 -6 7 fi ft fi • 1 ' 5 C. Ordinary Secured by custo mers warehouse secure)dby receipts. Lib( >rty bon ds. ILL C. fi ft G ft -I1 ft fi o'l ft 7 74 6 0 7-1- 5 s" fi 5 6 6* 5 61 fi fi fi fi s ft 71 6 64 8 71 8 G 6 7 7 61 ft 7 5 ft 51 g- s g 7 6 6 7 10 6 ft 10 8 7 6 6 G 74 7 7 s 6 10 8 61 8 ft 6 7 7 7 7 ILL. C. 41 4,-5 4-J 4 i 51 4 6 "> ft fi G fi fi fi 4fi s ~ 7 6 s - fi-> fi 6 4 6 5 6 81 ft fi fi s fi f 5 j- 5 G 6 5 ft 54 fi-1- 7 51-6 fi5 -5A 6 /. J ft 7 51 ^ s s" 7 5 6 0 7 4.16 10 7 6 8 8 7 8 G 6 ft 8 8 G 5 6 7^ fi 7 6 7 7 8 5 Rates for demand paper secured by prime bankers' acceptances, high 4, low 2-2, customary 3-4. CO 1140 SEPTEMBER, 1922. FEDERAL RESERVE BULLETIN. FOREIGN EXCHANGE. Foreign exchange rates during August were fairly steady except for the further rapid fall of the German mark. Factors contributing to this unfavorable development were the unsatisfactory outcome of the London conference and the rejection by the Reparations Commission of the moratorium requested by the German Government, as well as the unprecedented increase in German note circulation. During the last week in August, upon the announcement of the Reparations Commission that Germany was to be granted a respite in cash indemnity payments for the rest of the year, there was a slight improvement in the quotation of the mark. Sterling exchange advanced steadily until the middle of the month, reaching the high level of $4.48 on the 17th, compared with $4.44 at the opening of the month. Since then a moderate recession took place, the closing quotation for the month being $4.46. On the other hand, French and Belgian francs and Italian lire declined steadily almost throughout the month, reflecting some of the unfavorable influences which depressed the mark. Canadian dollars have been closely approximating par. South American exchanges show but slight fluctuations, Brazilian and Argentine currencies being somewhat lower at the close than at the beginning of the month, while the Chilean peso shows a slight improvement. Far Eastern exchanges, including the Japanese yen, were well maintained. In view of the extremely low value of the German mark, which prevents its fluctuations from appearing on the general chart, a special curve on a logarithmic scale has been added. On this chart changes in the rapidity of the mark's depreciation are reflected in changes in the direction of the curve. The general foreign exchange index is 55 for August as compared with 54 for July. GERMAN MARK RATE ( PER CENT OF PAR ) 8.0 6.0 5.0 4.0 3.0 ^ — V \ —\ 1.0 0.8 0.6 0.5 0.4 -\— J . F. M. A. M. J . J. A. S. O. N. D. J. F. M. A. M. J. J. A. S. O. N. D. 1921 1922 FOREIGN EXCHANGE INDEX 1918 - 1922 -GENERAL INDEX • ENGLAND •FRANCE •GERMANY ITALY NETHERLANDS -ARGENTINA * JAPAN PERCENJ 110 PAR PAR 90 90 80 80 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 - - 0 N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. O. N. D. 1921 1922 1918 1919 1920 SEPTEMBER, 1141 FEDERAL UESERVE BULLETIN. 1922. FOREIGN EXCHANGE RATES. [General index for August, 1922, 55: for July, 1922,54: for August, 1921, 52. Rates in cents per unit of foreign currency.] COUNTRIES INCLUDED IN COMPUTATION OF I N D E X . High. Low. Index (per cent of par) .i Average. Par of Monetary unit. exchange. August, July. August. July. August. July. August. July. July. August. Weight. 7.8068 21.5364 8.2372 . 2041 444.6368 4.5748 38.7684 16.6832 15.5632 25.9128 19.0952 39.09 80.35 41.23 .42 91.74 23.36 96.64 64.10 80.56 98.28 98.65 40.45 80.36 42.68 .86 91.37 23.70 96.44 62.25 80.64 96.69 98.94 6 8 99.7481 98.9231 99.75 98.92 185 171 83.0900 13.6200 13.6100 82.0852 13.3752 13.7496 81.8468 13.5520 12.9701 85.08 41.23 70.40 84.83 41.78 66.41 34 36 26 26 18 20 79.7100 29.0400 47.9300 76.9637 29.0144 47.7019 77.8176 28.8908 47.J688 115.13 59.63 95.69 116.41 59.37 95.83 63 19 79 51 31 112 7.4400 8.0200 7.5451 7.7770 21.4200 21.6300 21.7000 21.5348 7.8000 8.2300 7.9567 8.5300 . 1527 . 2497 .0989 . 1493 442.4000 448.3100 446.0500 446.4678 4.4000 4.6400 4.5078 4.7400 38.5000 39.0700 38.8900 38.8489 17.4400 17.1300 16.3900 17.1793 15.4700 15.6500 15.6700 15.5489 25.0000 26.7800 26.1100 26.3381 18.9700 19.2100 19.0396 19.08 Belgium Denmark France Germany Great Britain Italy Netherlands Norway Spain Sweden Switzerland Franc. Krone Franc Reichsmark Pound Lira Florin Krone Peseta Krona Franc. 19.30 26.80 19.30 23.82 486.65 19.30 40.20 26.80 19.30 26.80 19.30 7.1300 21.4400 7.5100 .0524 444.2900 4.3000 38.6000 16.7500 15.4900 26.0300 19.0000 Canada. Dollar. 100.00 99.3472 98.2514 99.9124 99.3472 Argentina Brazil Chile Peso (gold) Milreis.. Peso (paper) 96.48 32.44 2 19.53 81.6100 13.2200 13.4200 80.8900 13.4900 12.7000 82.5700 13.5800 14.3100 China India. Japan Shanghai tael... Rupee . Yen 2 66.85 48.66 49.85 76.1600 28.8800 47.5700 77.1100 28.6600 47.6500 77.5600 29.1200 47.8100 29 5 30 17 70 66 72 81 284 51 36 5 12 12 231 36 40 9 19 10 OTHER COUNTRIES. High. Low. Monetary unit. August. Austria Bulgaria Czechoslovakia... Finland Greece Hungary Poland Portugal . Rumania Cuba Mexico Uruguay China TTongkong Straits Settlements . . . . Krone . Lev Krone Markka Drachma Krone Polish mark Escudo Leu /Krone \Dinar Peso ..do do Mexican dollar.... Dollar Singapore dollar... Average. Par of exchange. 20.26 19.30 July. August. July. August. July. Index (per cent of par).i August. 19.30 0.0012 .6030 2.4361 2.0900 2. 9100 .0353 .0112 5.2700 .6600 .2738 1.1029 0.0028 .7200 1.9103 2. 0750 2.7200 .0581 .0163 7.0400 .5550 . 2940 1.1771 0.0022 .7267 3.7567 2.1713 3.2100 .0744 .0155 7.3200 1.0825 .3108 1.2471 0.0052 . 7483 2.4122 2.2513 3.1800 .0978 .0221 7.3300 .6475 .3243 1.3029 0.0017 .6518 2.9023 2.1329 3.0830 .0595 .0135 6.5849 .8110 .2957 1.1863 100.00 49.85 99.8000 48.3075 9&. 7750 48.2625 99.9250 48.7750 99.8250 48.8625 99.8729 48.5314 103.42 79.3400 80.2500 81.6500 81.9000 80.8474 81.3956 78.17 78.70 2 48.11 a 47.77 56.78 55.5500 57.1800 50.7900 56.3000 57.6000 50.3300 56.9000 57. 8300 52.0000 57.7500 58.6600 51.0000 56.2559 57.5422 51.3974 56.7528 57.9404 50.7184 116.93 120.46 9a 52 117.96 121.29 89.32 19.30 19.30 20.26 108.05 19.30 0.0038 0.01 .7293 3.38 2.1845 11.05 2.1462 2.9596 15.97 .0760 • .29 .0185 7.1568 6.09 . 6045 4.20 .3053 1.2218 6.15 99.7981 48.5229 2 i B ased on average. 1913 average. Average price of silver per fine ounce: In London (converted at average rate of exchange), $0.70303; in New York, $0.69819. July. 99.87 97.35 0.02 3.78 11.12 15.33 .38 6.62 3.13 6.33 99.80 97.34 1142 FEDERAL RESEBVE SEPTEMBER, 1922. CONDITION OF MEMBER BANKS. ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS IN EACH FEDERAL RESERVE DISTRICT ON JUNE 30, 1922. [In thousands of dollars.] DisDisDisDisDistrict District trict District trict trict District trict 2 No. No. 4 No. 7 No. No. 1 No. 3 5 . No. 6 No. 8 (132 (117 (381 (40 (56 (141 (69 (117 banks). banks). banks). banks). banks). banks). banks). banks). DisDistrict trict No. 9 No. 10 (138 (43 banks). banks). DisTotal trict District 12 United No. 11 No. States (215 (199 (1,648 banks). banks). banks). RESOURCES. Loans and discounts Overdrafts Customers' liability on account of acceptances United States Government securities Stock of Federal reserve banks Other bonds, stocks, and securities Banking house, furniture, . and fixtures Other real estate Gold and gold certificates All other cash in vault Reserve with Federal reserve banks Items with Federal reserve banks in process of collection Due from banks, bankers, and trust companies Exchanges for clearing house, also checks on other banks in same place Outside checks and other cash items United States securities borrowed Other securities borrowed — Other assets Total.. 477,328 2 ,029,944 184,450 172 1,153 109 691,326 120,331 227,0391 ,151,732 275,758 224 110 645 555 292 93,883 178 80,171 200 8,260 85,933 173 2,551 19,547 640 68,641 2,287 503,963 11,220 37,983 2,356 67,285 4,611 3,398 8,589 1,425 137,652 5,819 21,285 1,702 4,186 439 22,921 404 547,340 108,361 121,814 80,581 623,683 6,036,226 512 4,458 319 122,941 3,787 592 84,833 2,574 964,523 34,272 185,935 14,939 22,120 286,946 60,354 11,317 12,828 1,613 13,425 1,762 1,614 10,631 68,227 5,053 2,499 36,975 11,224 2,951 377 4,445 27,917 16,198 306 15,184 5.433 34,372 5,478 1,933 29,747 11,580 2,245 213 6,284 2,756 1,323 179 2,222 2.898 301 186 2,791 15,190 2,358 376 5,317 3,522 1,729 111 2,030 31,367 3,994 996 12,895 227,911 44,327 8,888 130,329 45,326 346,985 22,525 53,766 6,524 14,963 104,482 *4,029 4,956 10,533 4,791 44,631 683,511 11,229 46,247 12,247 17,935 2,021 6,983 17,321 9,375 850 5,410 458 7,593 137,669 21,782 76,616 12,248 35,061 18,316 29,599 92,744 29,970 11,207 14,631 9,388 54,035 405,597 17,167 396, 431 7,049 14,288 1,189 7,421 49,933 5,607 741 2,156 637 17,428 520,047 2,727 14,076 503 3,972 209 V 10,270 1,330 501 355 270 9,412 45,457 20 286 40j 79,138 842 526 382 26 4,300 5,828 2691 15,898! 6,583 9 1,624 103 15 739 11 2,955 170 102 7,244 20,353 488 135,162 5,678 3,732 ' 31 8,705 ""hih 4,974 130,356 1,503,923 809,863 4,252,126| 411,575 1,151,492 178,387 351,116 1,970,526! 458,880 135,357 160,110 113,5361,033,11411,026,082 LIABILITIES. Capital stock paid in Surplus fund Undivided profits, less expenses and taxes paid Amount reserved for interest and taxes accrued Due to Federal reserve banks. Due to banks, bankers, and trust companies Certified and cashiers' or treasurers' checks outstandingg Demand deposits Time deposits United States deposits Total deposits Bills payable (including all obligations representing money borrowed other than rediscounts) Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) Cash letters of credit and travelers' checks outstanding Acceptances executed for customers Acceptances executed by other banks for account of reporting banks United States securities borrowed Other securities borrowed Other liabilities Total... 38,056 41,659 185,905 182,890 27,634 50,864 71,659 82,585 16,971 10,421 29,419 18,271 106,202 89,092 14,217 73,828 11,923 20,746 5,312 4,684 32,39 3,484 330 16,288 3,473 1,418 1,138 3,134 560 434 426 1,004 124 22,473 311,678 10,435 49,116 10,039 37,150 9,111 262,722 3,007 466,254:2,432,252 218,894 185,330! 562,662j 69,600 4,0941 18,555 4,515 687,592'3,591,342 307,589 263 34,453 22,639 10,417 4,273 9,735 13,825 5,731 61,485 23,685 605,761 535,806 7,311 1,632 2,338 1,697 10,127 186,213 2,091 169 223 1 210 132 243 1,525 65 39,093 6,792 9,254 29,150 5,635 36,352 641,858 33,587 9,207 1,942 2,683 19,087 6,991 1,232 2,618 731 414,949 61,319 144,013 724,293 179,831 40,799 82,971 56,802 468,134 60, 852 94,943 802,167 144,447 57,735 24,585! 16,989 5 683 507 2,876! 2,691 440 2,752i 947,649 135,826 281,0481,639; 497 367,716 109,461 142 076 80,400 2,051 10,057 5,423 7,747 1,820 3,535 15,038 4,435 9,978 48,233 2,426 4,349 4,396 8,332 40,319 6,463 125 20,222 237 64 2 43 332 38 7,852 88,248 133 3,888 314 2,561 19,623 643 768 5,634 12 29 20 286 40 29,153 842 3,086 4,859 31 4,781 2,661 382 26 1,782 218 5,495 8,922 68,654 1,032 9,17; 145,338 261 21,325 319 1,21, 124,796 618 3,513 70 5,902| 6,583 269! 9 12,634! 6, 13,236 332,567 291,112 5,113,489 566,059 3,053,503 5,331 54,142 912,155 9,202,351 103 15 154 71 739 11 451 80 6,593 170 102 4,212 22,562 488 67,102 809,863 4,252,126 411,5751,151,492 178,387 351,1161,970,526! 458,880 135,357 160,110 113,5361,033,11411; SEPTEMBER, 1922. 1143 FEDERAL EESERVE BULLETIN. ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYSTEM ON JUNE 30, 1922, BY CLASSES OF BANKS. [In thousands of dollars.] Total United States. Central reserve city banks. Other reserve city banks New York Chicago St. Louis Total (198 (28 banks). (15 banks). (11 banks). (54 banks). banks). Country banks (1,396 banks). June 30, 1922 (1,648 banks). Mar. 10, 1922 (1,624 banks). RESOURCES. Loans and discounts Overdrafts Customers'liability on account of acceptances, United States G overnment securities Stock of Federal reserve banks Other bonds, stocks, and securities Banking house, furniture, and fixtures Other real estate Gold and gold certificates All other cash in vault Reserve with Federal reserve banks Items with Federal reserve banks in process of collection Due from banks, bankers, and trust companies Exchanges for clearing house, also checks on other banks in same place Outside checks and other cash items United States securities borrowed Other securities borrowed Other assets Total 1,526,816 1,015 84,816 408,191 8,474 319,495 47,251 2,227 1,857 22,849 485,554 74 19,390 53,800 2,408 105,552 4,043 2,308 743 8,750 58,395 117,271 20 414 9,899 856 33,638 4,094 460 49 2,069 13,331 2,129,641 1 109 104,620 471,890 11,738 458,685 55,388 4,995 2,649 33,668 370,116 2,342,754 1,642 16,750 314,892 13,853 630,120 105,166 27,455 2,447" 53,307 211,045 1,563,831 1,707 1,571 177,741 8,681 415,118 67,357 11,877 3,792 43,354 102,350 6,036,226 4,458 122,941 964,523 34,272 1,503,923 227,911 44,327 8,888 130,329 683,511 5,865,265 4 236 125,462 726,302 33,965 1,383,085 217,167 42,565 9,393 124,329 597,930 30,526 48,262 9,548 38,254 5,598 7,799 45,672 94,315 73,335 191,597 18,662 119,685 137,669 405,597 115,262 379,324 382,554 11,372 86 40 71,783 35,752 5,277 3,571 600 3,594 82,567 22,617 6,907 11,946 661 421,877 17,249 3,680 40 84,390 34,689 15,603 5,591 9,766 448 16,083 520,047 45,457 20,353 488 135,162 284,778 32,306 28,544 1,146 123,428 3,266,004 841,794 203,924 4,311,722 4,131,143 2,583,217 11,026,082 10,094,487 130,650 144,250 38,050 42,220 14,425 14,140 183,125 200,610 236,390 227,396 186,246 107,800 605,761 535,806 597,369 525,379 54,754 13,590 114 278,831 18,296 6,500 2,766 1,180 58,417 12,767 75,816 21,270 114 350,015 62,612 12,086 1,742 237,252 47,785 5,737 4,936 54,591 186,213 39,093 6,792 641,858 188,149 41,215 5,860 619,112 256,676 1,932,557 256,107 15,314 2,739,599 11,461 372,458 228,628 4,132 675,096 5,198 86,503 59,430 1,871 165,769 273,335 2,391,518 544,165 21,317 3,580,464 43,395 1,689,392 1,509,322 27,591 3,508,694 15,837 1,032,579 1,000,016 5,234 2,113,193 332,567 5,113,489 3,053,503 54,142 9,202,351 184,234 4,506,706 2,825,429 116,569 8,257,910 2,800 5,705 409 8,914 16,195 43,545 68,654 91,370 41,138 27,959 688 69,785 17,874 57,679 145,338 148,783 20,030 87,225 159 19,576 21 414 20,210 107,215 964 16,239 151 1,342 21,325 124,796 13,850 124,867 5,573 86 40 26,269 70 797 6,907 8,163 5,643 3,680 40 34,950 24,989 153 11,975 448 7,163 22,562 488 67,102 6,687 28,722 1,146 69,040 3,266,004 841,794 203,924 4,311,722 4,131,143 2,583,217 11,026,082 10,094,487 14.1 13.5 12.8 14.0 9.6 6.9 10.8 10.6 LIABILITIES. Capital stock paid in Surplus fund Undivided profits, less expenses and taxes paid Amount reserved for interest and taxes accrued Due to Federal reserve banks Due to banks, bankers, and trust companies.. Certified and cashiers' or treasurers' checks outstanding Demand deposits Time deposits limited States deposits Total deposits Bills payable (including all obligations representing money borrowed other than rediscounts) Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement).. Cash letters of credit and travelers' checks outstanding , Acceptances executed for customers Acceptances executed by other banks for account of reporting banks United States securities borrowed Other securities borrowed Other liabilities Total Ratio of reserve with Federal Reserve banks to net deposit liability (per cent) 3,594 1144 FEDERAL, RESERVE BULLETIN". SEPTEMBER, 1922. CLASSIFICATION OF LOANS AND DISCOUNTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYSTEM ON JUNE 30, 1922. [In thousands of dollars.] Total District District District District District District District District District District District District United No. 7 No. 8 No. 9 No. 10 No. 11 No. 12 States No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 (117 (69 (141 (381 (117 (40 (132 (56 (138 (43 (199 (215 (1,648 banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). On demand: Not secured by collateral 32,263 85,133 10,028 29,353 2,191 6,372 34,558 Secured by U. S. Govern682 17,202 3,198 4,222 ment obligations 5,805 2,356 478 Secured by other collateral.. 81,093 583,244 89,968 206,925 13,020 31,222 157,581 On time: Not secured by collateral 206,791 716,476 41,452 156,659 57,323 84,361 414,116 Secured by U. S. Government obligations 4,449 15,116 7,306 40,101 2,976 10,827 1,982 Secured by other collateral.. 67,508 439,373 19,151 92,818 33,831 76,992 235,577 Secured by real estate, deeds of of trust or other real estate liens 77,614 84,451 17,659 188,733 11,506 20,864 263,827 Acceptances of other banks dis1,559 23,510 50,859 311 counted 1,898 Acceptances of reporting banks .538 117 12,649 1,478 454 purchased or discounted Customers' liability on account of drafts paid under letters of 26 18 45 456 credit Loans and discounts not classi1,499 fied... 14,029 4,523 1,502 2,766 1,717 42,989 99 5,185 52 1,730 36,807 61 935 4,705 25,713 1,243,375 100,634 30,708 29,677 23,832 168,947 2,030,976 3,371 69,896 1,203 30,006 1,733 28,819 758 5,269 95,091 38,750 82,128 1,214,849 41,721 22,149 16 9,156 9,404 313,775 1,060,859 772 10 23 93,883 80,171 242,479 119 6,966 92,717 3 32 16,053 5 608 Total loans and discounts. 477,328 2,029,944 184,450 691,326 120,331 227,039 1,151,732 275,758 7,479 19,761 183 123 673 34 2,347 80,581 623,683 6,036,226 ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON JUNE 30, 1922 (INCLUDING 8,244 NATIONAL BANKS AND 1,648 STATE BANKS AND TRUST COMPANIES). [in thousands of dollars.] District No.l (433 banks). I. District No. 2 (799 banks). District No. 4 (884 banks). District No. 3 (7.12 banks). District No. 5 (028 banks). District District No. 8 : No. 9 (005 (1,014 banks). banks). District i District No. 6 | No. 7 (530 : (1,441 banks). banks). District No. 10 (1,147 banks). District No. 11 (857 banks). Total District !| United No. 12 States (842 (9,892 banks). banks). RESOURCES. Loans and discounts Overdrafts Customers' liability on account of acceptances.. l United States Government securities Other bonds, stocks, and securities 2 Banking house, furniture, and fixtures v Other real estate Cash in vault.. Reserve with Federal reserve banks Items with Federal reserve banks in process of collection Due from banks, bankers, and trust companies. Exchanges for clearing house, also checks on other banks in same place Outside checks and other cash items Redemption fund and duo from United* States Treasurer United States securities borrowed Other securities borrowed.. Other assets Total 1,307,586 4,797,111 1,021,532 1,023,131 471 1,885 295 702 178,794 i 12,282 40,086 5,050 233,891 223,588 1,176,530 ! 313,979 479,200 I 327,498 1,231,953 i 490,094 40,055 • 42,293 S3,787 135,443 ! 0,229 i 9,093 22,029 9,121 | 31,182 33,123 I 49,535 104,977 I 113,460 ! 118,829 141,309 732,042 j 854,592 780 4,188 129,023 110,790 40,250 5,201 22,404 59,714 91,273 ! 377,234 02,493 : j 498,094 37,541 97,204 5,324 j 12,172 19,654 i 80,882 45,301 ! 260, 273 738,390 803 1,159 119,708 140,318 29,8.12 5,214 19,004 03,491 053,390 ; 2,099,159 1,007 1,988 3,001 : 39,777 ' : i i . i . ; 840,633 1,003 350 134,012 94,350 30,079 0,058 27,003 79,705 586,500 1,299 821 8,048 i 97,116 I 31,860 205,791 15,755 99,262 27,797 191,404 493,335 1,646,773 686,274 910 2,748 93,098 79,890 25,951 7,891 16,700 45,544 95,812 24,809 32,127 9,699 19,119 46,605 1,473,986 17,282,290 1,718 I 13,653 10,317 299,179 258,616 ! 3,240,824 200,692 3,815,247 73)077 080,225 10,004 108,095 40,305 464,014 122,723 1,835,116 41,504 j 88,410 130,545 I 102,330 j 49,587 : 93,557 j 48,950 143,735 31,281 ! 81,798 \ 10,233 ! 62,381 j 93,224 j 290,833 j 28,794 98,241 46,51)8 ! 7,808 | .998,000 i 33,830 ' 44,150 I 4,048 j 34,304 0/700 21,194 ! 4,008 ! 14,778 I 4,139 I 97,337 ! 16,458 10,728 3,028 ' 8,084 ! 5,350 ' 19,050 4,044 7,499 3,636 41,972 16,542 1,350,390 110,377 2,535 20 4,022 280 40 204,377 2,951 842 3,148 I 52(1 2,180 : 382 20 5,229 . 4,349 5,828 209 20,091 j 2,173 : 0,583 ' 9 3,144 1,713 ' 103 ! 2,337 15 2,537 739 11 4,280 3,211 170 102 20,445 36,741 20,353 488 319,650 19,443 j ! j ! 9,485 ! 4,985 ! 4,859 I 31 j . 12,781 2,270 I 2,309,521 I 9,905,552 | 2,149,952 ! 2,980,807 | 1,371,305 | 1,055,235 \ 4,576,929 ! 5,298 | 1,2«S3,385 ; 1,085,330 ; 0,207 1,490,223 950,570 j 2,559,141 i 31,723,950 LIArJJJTIES. I 197,636 107,587 141,787 I 445,942 i 118,775 Capital stock paid in 78,753 128,100 ! 407,047 183,405 | 190,576 Surplus fund 31,737 00,789 j 231,099 57,359 | 70,753 Undivided profits, less expenses and taxes paid a. 5,551 2,833 i 3,075 | 8,220 1,947 Due to Federal reserve banks 138,851 !1,159,739 101,899 182,094 j 191,996 -Due to banks, bankers, and trust companies Certified and cashiers' or treasurers' checks out11,897 21,004 580,737 i 20,74.1 i 18,505 standing 501,236 i 939,738 1.202,845 1,173,870 5,104,448 Demand deposits 395,235 470,002 : 1,343,720 ! 495,846 915,898 Time deposits 7,050 ! 14,303 ! 45,018 ! 11,420 . 15,308 United States deposits 1,821,523 8,241,894 1,652,914 2,346,559 1,022,874 | Total deposits Bills payable (including all obligations representing money borrowed other than redis43,395 ! 30,404 52,456 23,525 13,219 counts) Notes and bills rediscounted (including acceptances of other banks and foreign bills of ex30,863 j 11,457 16,971 95,028 37,620 change or drafts sold with indorsement) Cash letters of credit and travelers' checks out97 i 380 387 23,985 482 standing 4,047 j 5,706 11,205 178,452 39,901 Acceptances executed for customers Acceptances executed by other banks for ac2,255 141 | 15,347 3,176 count of reporting banks 02,292 j 58,079 91,016 «.J8,325 50,271 National bank notes outstanding 6,443 " 2,847 10.220 0,710 1,377 United States securities borrowed 80 '080 178 135 •Other securities borrowed 2,866 6,591 7,779 5,193 55,241 •Other liabilities Total 2,309,521 9,9C5,552 2,149,952 i Includes United States Government securities borrowed by national banks, « Includes other bonds and securities borrowed by national banks. *Includes amounts reserved for interest and taxes accrued. 2,986,807 1,371,305 85,822 56,400 21,352 589 97,304 278,180 203,029 102,403 2.013 488)262 ! 103,401 76,713 ! 50,184! 41,-785 i 20,379 20,918 398 225 I ! 149,313 : 102,513 5,371 38,433 i 11,452 428.729 1,834,952 ; 524,251 204'. 080 1,330,304 I 313,782 6)114 18,303 ; 0,232 802,787 3,718,387 1,005,428 9,999 30,505 I 14,312 78,383 | 67 3,363 2,620 39,594 29 43,484 778 231 2,631 917 86,059 10,291 282 25,013 1,055,235 j i i ; 99,502 51,883 22,815 233,876 11,452 301,889 373,500 0,508 858,213 24,905 | 90,872 47,831 19,271 1,285 81,046 22,211 705,776 262,921 7,776 1,232,560 8,479 480,258 116,888 4,976 10,325 166,010 78,493 40,065 502 196,848 1,912,227 1,584,092 717,600 26,644 3,123,741 32,382 j 783,324 1,004,198 ! 14,202,190 875,702 i 7,164,670 12,924 150,118 2,122,616 25,516,687 13,377 30,713 297,135 I I 28,286 ! j | , 12,853 20,039 ! 20,913 33,139 33,457 425,609 140 1,163 91 i 2,252 I 212 356 117 1,048 976 10,590 29,560 297,683 40,471 3,109 502 1,575 48,604 1,633 89 1,657 709 63,075 3,332 914 7,585 23,087 725,265 65,037 3,385 126,583 1,085,330 j 1,490,223 950,570 2,559,141 31,723,950 43,170 11,754 280 8,321 4,576,929 j 1,283,385 513 !. 33,819 I 537 i 1 4 1 , 5 3 1 Ii 1146 FEDERAL RESERVE BULLETIN. 1922. ABSTRACT OF C O N D I T I O N R E P O R T S OF ALL M E M B E R B A N K S OF T H E FEDERAL RESERVE S Y S T E M O N J U N E 30, 1922, BY CLASSES OF B A N K S (INCLUDING 8,244 NATIONAL A N D 1,648 STATE B A N K S A N D TRUST C O M P A N I E S ) . [In thousands of dollars .1 Central reserve city banks. Other re* serve city New Y o r k • Chicago Total St. Louis (59 b a n k s ) . , (24 b a n k s ) . (20 b a n k s ) . (103 b a n k s ) Total United States. I Country b a n k s " | b a n k s ( 9 218 .Tune 30, | Alar. 10. 571 banks).; bonks,). 1922 (9,892 ' 1922(9,816 banks). [ banks). RESOURCES. Loans and discounts 3,589,029 j 1,017,153 Overdrafts 1,445 i 262 Customers' liability on account of acceptances. 175,957 i 38,427 United States Government securities i 912,084 i 100,360 Other bonds, stocks and securities 2 636,690 : 144,216 Banking house, furniture, and fixtures 83,967 15,202 2^973 i Other real estate 2,385 65,057 Cash in vault I 22,812 616,609 Reserve with Federal reserve banks j 141,712 Items with Federal reserve banks in process of | collection ' 34,434 92,095 Due from banks, bankers, and trust companies. I 72,546 107,621 Exchanges for clearing house, also checks on other banks in same place 975,487 67,654 Outside checks and other cash items 23,943 7,131 Redemption fund and due from United States Treasurer 2,018 United States securities borrowed 80 Other securities borrowed 40 Other assets 19,107 19-1,057 278,524 54 570 30,437 55,725 10,319 1,836 i 4,074 28/212 17,282,290 17,145,605 13,653 15,530 299,179 , 295,349 3,246,824 ! 2,754,846 3,815,247 ! 3,503,001 680,225 : 657,343 108,695 100,143 464,614 ; 468,974 1,835,116 I 1,722,637 4,884,706 1,761 214,954 1,042,881 836,631 109,488 7,194 91,943 786,533 5,565,675 3,260 77,332 935,456 1,112,321 241,280 45,994 133,348 557,013 6,831,909 8,632 6,893 1,268,487 1,866,295 329,457 55,507 239,323 491,570 18,108 28,588 144,637 208,755 282,310 689,984 06,388 748,034 11,839 1,090 1,054,980 32,161 234,841 51,911 60,569 26,302 1,350,390 110,377 804,275 73,477 483 3,594 2,52(5 3,680 40 214,446 9.002 (>; 907 25,153 9,706 448 31,356 36,741 20,353 '488 319,650 36,481 28,544 1,146 286,638 31,723,950 29,936,069 i 1,282 73,848 Total. 493,335 j 1,646,773 428,162 1,613,918 LIAMLITIKS. Capital stock paid in Surplus fund". Undivided profits, less expenses and taxes paid 3 Due to Federal reserve banks, Due to banks, bankers, and trust companies... Certified and cashiers' or treasurers' checks outstanding Demand deposits Time deposits United States deposits Total deposits Bills payable (including all obligations representing money borrowed other than rediscounts) i Notes and bills rediscountcd (including ac- ; ceptanccs of other banks and foreign bills of i exchange or drafts sold w.i th indorsemen t ) . . . : Cash letters of credit and travelers' checks oi 11.- ! standing i Acceptances executed for customers Acceptances executed by oilier banks for ac- j count of reporting ba nks National bank notes outstanding i United States seouriI ies borrowed j Other securities borrowed : Other liabilities ' Total Ratio of reserve with Federal reserve banks to net deposit liability (per cent.) 1 2 ;i 309,7.10 365,153 87,600 83,320 174, 823 417 1,084,805 6,175;630 21,367 792,426 251,668 9,885 1,399, 876 28,358 5,705 79,877 35,810 : •23.718 .175; 809 2,310 ; 37,945 i 506,176 3,95S,530 '527,660 38,042 40,775 23,415 438,085 471, 888 589,547 517, 845 884,595 594,359 1,912,227 ' 1,886, L72 1,584,092 l 1,561,043 40.569 JO, 277 324,530 77,809 231,669 417 1,487,144 214,038 7,748 1,303,844 271,893 18,479 332 753 717,600 26,644 3,123,741 737,802 23,501. 3,141,962 7,494 199,398 93,996 3,296 381,993 595,037 4,950,354 873,324 51,223 957499 7,957,499 1.16,372 4,444,688 2,278,230 79;502 8,230 384 71. 9.1.5 4,867, 148 4,013 116 25 393 9,328 804 783,324 14,262,190 7,1.64,670 156,118 25,516,687 534,310 12,949,7-44 6,662,398 329,503 23,641,418 34,472 64,400 198,263 297,135 366,459 232,522 425,609 472,520 29,560 297,683 18,566 296,199 23,087 725,265 65,037 3,385 ! 126,583 j 20,556 719,074 82,444 7,249 126,567 I 409 116,446 76,641 97 570 26,125 214,324 9,660 5,219 •••19' 7 7 3 9 2,850 76,787 6,000 1.76, S27 25,762 1,320 37,541 41.9 498,699 28,1.17 2.025 19,236 10,020,542 12,066,089 16,068 15,169 3fl,f>K0 5.909 ' 40 50.307 .17,968 ! 1,531 11,158 40 09,806 7,444,083 1,7.18,501 | 474,735 9,637,319 13. 4 899 •. 499 ! 11. 1 ' 11.4. Includes United States Government securities borrowed by national banks. Includes other bonds and securities borrowed by national banks. Includes amounts reserved for interest and taxes accrued. 13.5 585 I 6,572 | 31,723,950 29,936,069 10. e 10. 2 SE PTE M RE K ,1922. 1147 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 ac- | counts, Bank of England and Treasury. Average of end of month figures: 1913 1920 1921 1921, end of— July August . . . September. October November, December. 1922. end of— January.. February. March April May June July August 1,192 1,152 1,097 1,065 • 1,061 : i 1,070 1,056 : 1 a 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. 6 Statist figure revised to exclude Germany. FRANCE. [Amounts in millions of francs.] Bank of France. 1 Year and month. ! I Gold Silver i reserves.: reserves. 1913, average.. 1920, average.. 1921, average.. 3,343 s 3,586 7 3,568 629 253 274 1921. July AUgUSt September October November December •3,573 •3,574 •3,575 •3,575 •3,576 i »3, 576 1922. January February March April May June July •3,576 •3,577 •3,578 •3,579 9 3,579 3,580 3,582 1 Deposits. 2 Situation of the Government. Value of j Savings new i banks, Average stock ! excess I Advances! to the Price of and bqnd of de|I Govern- Governissues | posits (+) n Internal External placed I or \ Paris ! ment for ment debt. | • -| »/-vQpQ ' r p t f l n n i j purposes j p u 2 upon the \ v, ith- banks. | rente.* French j draw! Of | market.' als ( - ) . I the war. 8 j nl rr 5,565 38,066 : 37,404 ; 26,000 25,300 275 277 277 278 279 280 830 I 3,527 i 2,927 ! i 3,252 2,749 2,509 2,563 2,563 2,743 36,941 36,783 37,129 37,154 36,336 36,487 25,100 24,900 24,900 25,100 24,500 24,600 280 281 282 283 284 285 285 2,392 ; 2,429 i 2,236 j 2,412 ! 2,303 2,448 2,432 36,433 36,151 35,528 35,787 35,£82 36,039 36,050 23,000 22,500 21,500 22,100 23,100 23,300 23,000 ! | I ! 35,000 320 1,005 :L,I03 , | 1,242 229,055 j 35,286 1,016 , 1,011 35,286 1,305 , 1,051 34,779 1,228 " 242,758 ]L,323 1,014 :L,154 :I,381 1,176 1,225 1)472 i ! : i •I 243,857 35,716 86.77 57.34 56.56 4,654 1,100 - 65 + 48 + 67 56.35 56.50 56.20 54.30 54.90 54.75 2,345 152 234 3,355 434 853 + + + + + 56-55 59.55 56.70 57.60 57.70 57.95 58.25 759 5,062 377 459 644 947 + 41 +100 + 49 + 58 + 50 + 53 + 62. 52 72 68 33 0.5 38 59 w 554 550 467 553 463 505 527 489 489 455 411 454 474 502 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. 16,1917. • Last Wednesday in the month. ' Figures of the "Association Nationale des Porteurs Franc.ais de Valeurs Mobilieres." Bonds issued by the Government and the railroad compames not included. 8 Not including 1,978,000.000 francs held abroad from January through August and 1,948,000,000 francs from September through December. 10 • Not including about 1,948,000,000 francs held abroad. Average for 11 months. " Estimate in the French Senate. 1148 FEDERAL RESERVE BULLETIN. S E P T E M B E R , 1922. ITALY, o [Amounts in millions of lire.] Leading private banks. 1 Government finances. Deposits and Commerdecial mand circuliabili- lation. ties. Year and month. 1913, end of Dec. 129 j 2,007 1920,end of Dec. 1,308 I 16,539 1921,average... 1,200 | 16,242 1921, end of— 1,140 16,851 July 17,024 August — 1,131 17,223 September. 1,052 October... 1,364 517,185 November. »1,174 3 12,844 December . | •1,997 3 11,797 1922, end of— i J a n u a r y . . . 3 1,426 13 11,334 February.. * 1,081 «1J,446 3 905 3 11,407 March April 3 908 3 11,752 3 811 3 11,732 May 3 845 3 11, June July ! Treas- ^ Short - i term taxatlon and monopoiies during month.* 2,284 8,988 9,304 I 1,674 ; 857 15,810 j 7,074 16,001 ! 7,509 16,704 16,672 16,825 17,022 »12,778 312,502 7,156 1,076 7,315 1,079 7,327 1,073 7,816 1,086, 7,810 . 1 OSfl 10,020 i 1,092 311,616 811,482 8 ll,403 «11,708 311,698 311, 10,156 10,029 i 9,833 i 10,113 I I 9,323 ! 9545 State 1,109 1,100 1,118 1,122 1,104 1,124 1,125 1,990 2,290 1,964 2,143 2,124 1,966 2,243 1,990 1,948 i 2,151 2,913 1,999 1,964 1,963 1,976 1,991 9,433 9,491 9,785 9,746 9,435 10,304 8,507 8,352 8,395 8,554 8,485 8,505 2,848 10,183 2,5t>2 9,631 2,687 9,589 2,473 9,360 2,572 9,259 2,740 9,615 2,524 9,947 8,570 8,626 8,523 8,350 8,061 8,048 8,050 78.71 82.87 1,381 87.04 564 91.07 1,404 648 i 83.99 1,458 ; 80.13 20,276 21,173 21,612 22,997 a1 Latest figures subject to revision. Banca Conunerciale Italiania, Banca Italiana di Sconto, Credito Italiano, Banco di Roma. * Revenues from state railways; from post, telegraph, and telephones; from state domain; from import duties on grain; and from Government sales of sugar are not included. » Excluding Banca Italiana di Sconto. * Figures for 1921 are based on quotations of Dec. 31,1920=100. Those for 1922 are based on quotations of D o c , 1921=100. sG Revised. Includes paper circulation of the State and of banks on account of the State. GERMANY.** lAmounts in millions of marks.] Reichsbank statistics. Index numbers of securities prices.* Situation of the Government.: • Value of Year and month. Discounts.* Gold reDis- j Comserve.1 counted : mercial treasury i paper. bills. Darlehns-j new stock .and b o n d kassen- ; scbeine i issues in circu- I . A — placed on Treasury 25 I 15 Note lation » ! Receipts ! Revenue German circu- Deposits.1 Clearings. ' from i off state t t bills out- m a r k e t . stocks, bonds. lation.! | taxes. | railways. standing. 1 II _.! 1913, average... 1920, average... 1921, average... 1,068 1,092 1,056 1921. July August September October November December 1,092 1,024 1,024 994 994 995 79,982 84,044 98,422 98,705 114,023 132,331 1922. January February March April May Juno July August 996 996 997 1,001 1,003 1,004 1,005 1,005 126,160 134,252 146,531 155,618 167,794 186,126 207,858 249,766 1.J958 53,964 80,952 17,702 20,213 6,136 57,898 89,297 1,136 1,002 1,142 881 1,446 1,062 77,391 80,073 86,384 91,528 100,944 113,639 15,824 13,650 19,980 18,303 25,313 32,906 78,337 79,172 98,004 119,496 140,493 120,835 1,592 1,857 2,152 2,403 3,377 4,752 8,122 21,704 115,376 120,020 130,671 140,420 151,949 169,212 189,795 238,147 23,412 26,526 33,358 31,616 33,128 37,174 39,976 56,124 116,680 109,816 170,357 175,977 179,370 191,414 243,493 47,980 83, 133 207 | 13,145 8,861 13 8 220 .1. "6f"'285"; *2,"358" 192,832 2,655 | 5,566 5,145 4,908 6,185 7,044 8,016 2,269 2,416 2,599 2,825 3,397 4,329 190,770 202,872 210,504 218,000 226,676 246,921 1,507 !! 1,228 1,534 i 2,889 7,135 5,965 ! 8,802 8,046 9,614 7,977 14,065 8,701 9,183 13,193 9,440 17,619 10,374 j 17,776 12,234 21,547 13,383 i 4,415 4,659 7,096 8,997 10,984 12,781 15,396 j 255,678 I ! 262,817 !I ! 271,935 j 280,935 I I 289,246 311,600 ! I 8,358 j 7 837 7,610 ! 7,316 7,330 8,325 ; 4,831 2,101 6,416 3,992 4,152 2,762 2,330 5 206 ! 223 222 274 265 242 224 282 299 U81 5 147 152 154 169 268 297 298 430 i 0 Latest figures subject to revision. 1 End of month. * Calculated by the Frankfurter Zeitung with prices of 25 stocks, 10 domestic and 5 foreign bonds (prices as of Jan. 1,1921 «=-100). Theso 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 Doc. 30,1921. 1149 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1922. NORWAY. [Amounts in millions of kroner.] Private commercial banks (103). Norges Bank. Year and month. Gold ! Note i Dpnrvjit* holdings, j circulation.; i _L L _. i 1914,endof July 1920, average 1921,average 1921, end of— June July August September i I i 84 i 147 \ 147 ' 147 ,! 147 ! 147 147 > ...i ! ; ' October November December • 147 •' 147 | 147 ! 1922, e n d of— ; Loans and jClearings at, : I : : • BankruptTotal j cies. aggregate resources. 107 100 110 85 113 121 141 378 376 385 • 386 | 375 | 38.3 131 141 151 143 152 133 Number. 88 I 419 | 14 i 102 111 ! 411 , 395 410 147 147 147 i 147 ! 147 ; 117 i Deposits, ; 123 ! 451 , 417 ; I 418 . 428 421 ! 416 i 652 i 537 . j . ! i | j January February March April May June . | I ! i ' 452 i 45o : 42(i !. 453 439 i 476 ; 541 580 637 589 538 551 433 ; 428 i 449 I 447 ! 446 441 524 i 494 : 628 : 516 i ' I , : ; 3,921 I 3,840 j 3,382 ;. 3,338 ,. 3,883 ! 3,958 : 3,951 : 3,844; 3,742 . 3,677 i 3,508 ; 3,413 i 3,346 ! 3,280 ; 3,302 ! 3,3(17 i 3,303 !.. 3,343 I 3,340 I 3,319 : 3,275 ! 3,231 3,305 I 5,249 ; 5,256 I 5,224 5,196 5,113 4,944 ! 3,202 | 3,172 3,124 I 3,118 ' 4,805 4.754 4,690 4.755 32 ! ' ; |. 116 96 101 102 78 76 108 3,086 j . . i Includes balances abroad. SWEDEN. [Amounts in millions of kronor.] I 1 Situation of the i | Government, j Riksbank. Joint-stock banks. Protested ! bills during month.* Busi: ness ! Foreign fail- ., ex- !j ures I change Value Index ofstock ; num: ber of regisValue j stock tered ! of the ipricesduring j krona i A list. 1 the NumNum.- abroad : i month. '• Va!ue. ber. (foreign !'• i currencies j -100). ! 'month.1. _i Year and month. Gold coin and bullion. 1913, end of December.. 1920, average 1921, average 1921, end of— July August September October November December 1922, end of— January February March April May June July 1 ! i Note i n I circu- ' p„!:[>„ 0Slts lation. I 108 j 585 226 3,596 193 : 2,715 280 285 276 276 275 275 629 632 672 650 177 ;! 152 113 126 188 ; 331 ! 275 274 274 274 274 274 271 i I ! ! ! ! i j ! 628 i 563 579 j 626 i 582 567 ! 585 ; 551 Source: Kommersiella Meddelanden. •• b a n k . 235 ! 733 > 661 ; • ! i Loans • State i with , debt, i Riks- 102 i 269 : 280 . j ! : ! Bills I iFunded •K 2,528 2,316 2,609 2,310 2,364 3,305 337 | 2,332 346 ; 2,122 312 ; 2,354 301 , 1,938 i 628 . 1,281 j 20 ; 248 139 ! 2,287 ; 4,314 ; 476 • 6,008 ' 3,586 389 : 5,948 6,907 2 6 i 15 : 309 , 196 i 112.9 432 ' 121.8 258 176 :i 121 24 61 31 ! 134 137 60 I 63; 77 ! 363 ;; 345 330 ! 341 : 354 ' 464 ; 5,930 7,383 5,937 6,515 5,901 5,786 5,837 6,449 5,735 ; 6,089 5,656 6,298 17 ' 16 413 353 493 505 491 528 = 119.3 . 119.5 ! 121.4 124.9 ! J24.0 ! 126.3 125 ] 120 :i 114 107 . 104 i 107 : 67 31 13 17 19 21 421 429 : 447 404 I 380 ! 320 : 5,654 i 6,345 ; 5,572 ! 6,272 . 5,474 , 7,559 j 5.430 " 6,965 5,378 : 7,581 ! ; 5,388 6,599 5,268 509 398 513 400 430 ! . i ! j 109 94 89 100 115 115 113 18 18 23 15 9 03 1,341 1,360 ",368 ,393 ,409 ,433 i ! : i ! ,434: ,435 I ,435 1,433 78 • 84 I 87 i 90 ;' 92 : . ! 10 i , ! ' U 33 10 9 • 10 13 ;i 12 10 K) ! 126.6 129.2 128. 3 126.6 124.8 125.6 127.0 1150 FEDERAL, RESERVE BULLETIN. SEPTEMBER, 1922. JAPAN.* [Amounts in millions of yen.] Tokyo banks Bank of Japan. | Year and month. Specie Note reserve 2 circulation. for notes. : 1913, average 1921, average E n d of— July August September October November December Ordinary j Advances loans and j on foreign discounts. : bills. ! Current Government deposits in Japan. (3) Private deposits in Japan. Total Tokyo Average loans bank discount Tokyo clearings, rate associated total in (Tokyo bank. the month. market). 297 7 50 1,932 364 • 2,572 j 8.38 9.00 23 31 32 30 30 26 330 345 293 309 325 203 76 35 30 34 37 35 1,987 1,951 1,955 1,993 1,989 2,000 2,341 2,816 2,627 2,679 2,783 3,340 i ; i . : ; 8.36 8.43 8.28 8.50 8.79 9.20 56 26 58 61 50 98 82 277 328 422 520 469 377 427 35 27 29 30 33 43 35 1,984 1,950 1,963 1,980 1,973 1,998 1,970 2,246 2,438 3,099 2,809 3,143 3,178 2,763 ! i i i! 9.02 9.02 9.09 9.34 9.42 9.45 363 ! 1,226 : 216 1,200 47 ' 107 • 33 39 1,172 j 1,192 : 1,232 • 1,255 . 1,283: 1,546 j 1.172 I) 192 1,232 1,255 1,264 1,246 43 107 10L 157 197 298 1,377 1,246 1,289 1,226 1,203 1,344 1,224 1,241 1,223 1,289 1,263 1,203 1,223 1,220 224 172 248 267 178 179 133 333 1921. , : : ! : 1922. End ofJanuary February March April May June July ! i ! i '•. ! : i . j : 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 items. This includes the specie segregated against notes only. It includes gold credits abroad as well as bullion and coin at home. During January, February, April, October, November, and December, 1913, Government deposits averaged 4,193,000 yen. During the remainder of the year there was an average monthly overdraft of 8,942,000 yen. 2 a ARGENTINA. [Amounts in millions of pesos.] Banks.* Cash. Year and month. Cash. DisDis• Dc- | counts De- ; counts and posits , adposits I and ad- ; (paper). 1 vances Gold. Paper. i (paper).I vances ; Gold, : (paper).: (paper).| End of— 1913.. 1919.. 1920.. 1921.. 1,464 1,541 3,010 j 2,113 3,530 ;: 2,505 3,375 2,543 ],081 1,087 541 1,250 1,412 1,310 1921. End of— July August September October November December 3,454 3, 444 3,447 3, 391 3,359 3,375 2, 544 2,519 2,492 2,467 2, 501 2, 543 1,072 1, 093 1,152 1,172 1,150 1,087 3,352 3,362 3,313 3,301 3,278 3,326 2,529 2,565 2,512 2,489 2,461 2,461 1922. E n d of— January February March April May June July 1 ! Paper. Clearings , in Note Buenos j circuAires LiabiliI ties of ! Gold bankI bonds i ruptGold j de- j cies re- • posited \ during i month serve. j in i lcga- | (paper). i tions. 676 • 804 866 180 268 406 410 1,471 823 2,805 . 1,177 3,612 i 1,363 3,045 j 1,363 263 j . 320 | 476 476 ! 1,350 1,349 1,350 1,311 1,293 1,310 828 816 803 840 387 403 431 448 463 410 3,065 3, 093 3,076 2,909 2,333 3,482 466 i 466 I 1,310 1,064 1,310 994 981 | 1,272 999 ' 1,283 1,016 1,294 1,060 1,329 887 913 884 887 906 933 419 383 383 393 386 3,014 ] 1,363 2,593 I 1,363 3,298 ! 1,363 I 1,363 3,016 I 1,363 435 771 478 j Exchange, average monthly rate of NewYork on Buenos Air os. Par: $96.48= 100 gold pesos. 14 12 99.0180 90.7040 72.9999 I Including figures of Banco de la Nation. Caja de Conversion. Banco de la Nacidn. 23 23 i '2? i 23 ! 23 '[ 23 j 1, 363 1,363 1,363 1,363 1,363 1,363 i 1,363 j 1,363 m 4 • 466 466 4 4 466 466 466 466 466 466 466 4 4 4 4 4 4 4 65.799 66. 555 69.63 73. 078 73.4739 74. 8042 77.1892 82. 5764 82.7785 81.566 82.289 INDEX. Acceptances: Pago. Banks granted authority to accept up to 100 per cent of capital and surplus 1012 British banks 1019 Held by Federal reserve banks 1121 Member banks .IOJS "Purchased by Federal reserve hanks 1119 Argentina: " Fanning industries 1072 Financial conditions .1071,1150 Message or President 1070 Austria, new bank of issue created in I OS,'* Australia, wholesale price* in .I'M), 1098 Balfour, Lord, on interallied debts : 1.047 Belgium, wholesale prices in 1090 Brazil: Budget .1074 Coffee situation 1072 Condition of principal banks 1073 Foreign exchange 1073 Building statistics..' 1113 Bulgaria, wholesale prices in 1090 Business and financial conditions: Abroad 1060-10S2, 1117-11.50 In the I r u t e d Slates .1032-1042 Canada, wholesale prices in I 088, 1090,1098 Charters issued to national banks 1043 Check clearing and collection 1130 Chile: Condition of commercial banks 10/0 Cost of living 1079 Foreign exchange 1074 Foreign trade 107". China, wholesale prices in 1090,1099 Condition statements: Brazilian banks 1073 Chilean commereial 1 tanks 1070 Federal reserve bunks 1030,1122,112.") French commercial 1 >auks .1062 Member banks in leading c.i I ins 1029,112S Abstract of '.' 1142-1146 Cooperative marketing association1*, eligibility of paper of .1041 Cost of livingChile 1079 England 1100 Germany II00 11 a J v . . . * 1063 Cotton fabrics, production and shipmenis 1107 Crop report 1117 Cuba: Banking conditions 1079 Legislative program 1079 Debits to individual account 1132-1135 Debts of foreign Governments: Lord Balfour's memorandum on 1024,1047 Secretary of Treasury on 1024 Denmark, wholesale prices in 1090 Deposits, savings, of commercial ba nks 1105 Discount and open-market operations of reserve banks 1118-1121 Discount rates: German Rcichsbank 1.070 In effect Sept. 1 1137 Prevailing in various centers .1.139 Dutch East Indies, wholesale prices in .1090,1099 Earning assets, relation of, to deposits, capital, and surplus ' 1.1.23 Egypt, wholesale prices in 1090 England: Acceptance liabilities of British banks 1049 Cost of living 1100 Financial conditions 1147 Foreign trade 1060,1101 Gold and silver imports and exports 1.060 . Index of industrial activity 1103 Lord Balfour's note on interallied debts 1047 LIoyd George on financial situation 1025 Wholesale prices 1088,1090,1097 Failures, commercial 1043 Federal reserve banks: Condition of 1130,1122,1125 Discount and open-market operations of 1118-1121 Federal reserve currency, relation of, to reserves 1123 Federal reserve note account .. 1128 Fiduciary powers granted to national banks J043 Foreign exchange: Brazil 1073 Chile 1074 Discussion of 1028 Index of 1140 Italy 1064 Foreign'loans placed in the United Stales, 192.1-22 1028,1050 Foreign trade: Chile 1043 Discussion of L027 England 1060, lit) 1 Index of 1105 Italy. . 1064,1101 Principal countries 1101-1103 Franco: Condition of commercial banks 1062 Financial conditions 1062,1147 Foreign trade 1102 Index of industrial activity 1104 France- Continued. Page. Reparations payments 1063 Retail prices m"Paris 1100 Wholesale juices 1088,1.090,1094 Freight rates, ocean ' 1100 Germany: Budgetary control IO(»7 Cost of li ving 1100 Discount rates of. the Keichsbank 1070 Financial statistics I U<s .Foreign trade >. J 1O'.> .Indexes of industrial activity 11.01 Reparations '. 1022,1067 Wholesale prices 1.090.1095 Revision of Frankfurter Zeitnng index 1091 Gold imports and exports 1029,1137 Gold settlement fund transact ions ll'i.s Holland, wholesale prices in 1.090 Index numbers: Foreign exchange 1M0 Foreign trade 1105 Industrial activity, England, France, and Germany 1103,1104 Japanese price index, descri pi ion of '. 1052 Ocean freight rates IL00 Physical volume of trade 1108-1112 Retail prices in principal countries .' 1100 Revision of Frank farter Zeil img index 1091 Wholesale prices. .• « .1080-1100 India, wholesale prices in 1090.1099 Interest rates prevailing in various eeniers 1139 Italy: 'Banking situation 1066.11 IS Economic conditions during 6 .months of 1922 .1003 Foreign exchange 1064.1101 Foreign trade 1064 Retail prices.. k 11.00 I 'nem ployment; 1063 Wholesale prices 10S9, 1090, J095 Japan: Financial statistics LI50 Foreign trade iloi Wholesale prices, index of L052,1089,1090 Knit goods production ' 1100 Lloyd Ceorgc on financial, situation 1025 Loans, foreign, placed in the T.'nited States 1028,1050 Member banks: Acceptance liabilities of 1048 • Condition of 1029.1128 Abstract of 1142-1 IKi Mexico: Agricultural conditions 1080 Economic and financial conditions 1080 Live-stock industry 1081 Mining conditions." 1082 Petroleum industry 1082 Money in circulation..' 1138 National banks: Acceptance liabilities of 1048 Charters issued to 1043 Fidi iciary powers gran led to 1043 New Zealand, wholesale prices in 1090,1100 Norway: Financial conditions II49 Foreign trade 1101 Wholesale prices 1090,1.096 Peru, wholesale prices in 1000 Physical volume of trade II0S-1112 Poland, wholesale prices in 1090 Prices. (Sec Retail prices: Wholesale prices.) Reparations " .1021,1063,1067 Decision of Reparations Com mission 1022 Reserve ratio of Federal reserve banks 1031,1124 Reserves, deposits, and note circulation of Federal reserve banks. 1124 Retail prices in principal countries 1 i00 Retail trade, condition of 10 J1,1114 Rulings of the Federal Reserve Board: Eligibility of paper of cooperative market ing associations 1044 Savings deposits of commercial banks ". 1105 Secretary of Treasury on interallied debts 1024 Silver imports and exports 1029,1137 So/ith Africa, wholesale prices in 1090 Spain, wholesale prices in 1090 State bank members: Accept aii ee liabilities 1048 Admissions to system 1043 Stewart, W. \V., appointed director of Division of Analysis and Research .' ."'., 1031 Sweden: Financial conditions 1149 Foreign trade 1.101 Retail prices 1100 Wholesale, prices 1090,1096 Swi IzerkiLid, wholesale prices in 1090 j 1097 Trade. (See Foreign trade: Physical volume of trade; Retail trade; Wholesale trade.) Wholesale prices: Abroad 1086,1090 In the United States 1087,1092 Japanese price index, construction of 1052 Revision of Frankfurter Zeitnng index 1091. Wholesale trade, condition of 1041,11.16 FEDERAL RESERVE DISTRICTS ^ t\ r / ST.LOJJIS ^•jeA^at. ^ -Wksonville • O BOUNDAfcrES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE B'RANCH TERRITORIES FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES FEDERAL RESERVE BANK AGENCY