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.
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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 ;
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- 6 . 4 | -e.s;
3.9 ! —5.2 i
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i
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1.9 !
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.2 i -7.0 I
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•—.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
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-7.1
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-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
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i
i
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•
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•
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10
:
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i
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i
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.
i
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i
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i
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i
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i
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9 .:::::L:"\/*:*:V""::J""6:4!
2.2!
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26| 10.5i
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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
@FedFRASER