Federal Reserve Bulletin, 1921-01

INDEX-DIGEST FEDERAL RESERVE BULLETIN VOLUME VII 1921 COMPILED BY CHARLES S. HAMLIN Member of Federal Reserve Board WASHINGTON GOVERNMENT PRINTING OFFICE 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OF THE FEDERAL RESERVE BULLETIN. VOLUME VII, 1921. A. ACCEPTANCES—Continued. Cattle. Acceptances against shipping documents ABSTRACT OF CONDITION. covering cattle, 815. (See Condition.) Coffee, warehouse receipts covering, 418. Consigned goods. Acceptances against, 419. ACCEPTANCE DEVELOPMENT, 775. Cooperative marketing associations— ACCEPTANCE LIABILITIES. Acceptance of drafts drawn by growers, 1199. British banks, 801, 1052. Bankers’ acceptances drawn by, against ware­ French banks, 1052, 1424. house receipts covering agricultural prod­ Member banks, 171, 800, 1050. ucts, 963. Nine London clearing-house banks, 801,1052. Correspondent bank. Authority of national banks to appoint, to issue letters of credit and acceptances, ACCEPTANCE MARKET, 375, 394, 534, 648, 667, 775, 547, 648. 791,1268. Credit. Period of, 815. (See, infra, Six months’ acceptances.) ACCEPTING BANKS. Dealer. Definition, 1166. Location of, 1168. Dealers. Bankers’ acceptances drawn by dealers ACCEPTANCES. (See also, Rulings, Federal Reserve engaged in domestic and export sales of same class Board.) of goods, 70. Acceptances— Dealing in acceptances. Methods, 1166. Authority of national banks to appoint corres­ Definition. “Dealer,” 1166. pondents to issue letters of credit and accept­ Development of, 648, 775. ances, 547. Discount rates— Discount of 6 months’ acceptances. Amendment Prime bankers’ acceptances, New York, 801. to Regulation B, 1921, 648. (See Discount and open-market operations; Accepting banks— Discount rates, principal heading; Market Location of, 1168. rates.) Purchase of bankers’ acceptancesdirectfrom, 699. Domestic acceptances. Trust receipts held not valid Security for accepting banks, 418. security for, 1314. Agencies. (See Foreign bank branches and agencies.) Domestic shipping documents. Acceptances drawn Agent of national bank. Acceptances issued by, 547. against domestic shipping documents for furnish­ Agricultural products. (See Cooperative marketing ing of capital held not eligible, 1312. associations.) (See,' supra, Dealers.) Amendments. Regulation B, 1921. Purchase of 6 Eligibility. Purpose of original negotiation deter­ months’ acceptances by Federal Reserve Banks, mines, 1199. 545. Eligible. (See Domestic shipping documents; Ship­ American bank acceptances, 800. (See Acceptance ping documents.) liabilities.) Export or import transactions, 70, 418, 419, 699, 964, Authority of national banks to appoint correspondents 1312. to issue letter^ of credit and acceptances, 547. Meaning of, 191. Automobile parts, are not readily marketable staples, Export sales. Bankers’ acceptances drawn by dealers 699. engaged in domestic and export sales of same Bankers’ acceptances— class of goods, 70. Drawn by cooperative marketing associations Federal Reserve Banks. Foreign bank branches and against warehouse receipts covering agricul­ agencies. (See Holdings.) tural products, 963. Foreign bank branches and agencies. Acceptances Drawn by dealers. (See, infra, Dealers.) of, held by Federal Reserve Banks, 172. Federal Reserve Banks. Holdings of, 172, 801, Growers’ drafts. ^ Acceptances by cooperative market­ 1052. ing associations of, 1199. Market rates— . Guaranty. National banks can not give, on accept­ London, 173. ances, 547, 648. New York, 173, 801. Holdings— Maturities eligible for open-market purchase ex­ Bankers’ acceptances. Federal Reserve Banks, tended, 545, 648. 172,801,1052,1269. Purchase of, direct from accepting banks, 699. Foreign bank branches and agencies. Federal (See Federal Reserve Bank and branch cities; Reserve Banks, 172, 801,, 1052. Discount and open-market operations; Nonmember bank acceptances. Federal Reserve Discount rates.) Banks, 172, 801,1052. Bankers’ and trade acceptances. (See Discount and Private bank acceptances. Federal Reserve open-market operations.) Banks, 172, 801,1052. Bill of lading drafts— (See Discount and open-market operations.) Collection of demand, 1080. Implied powers. (See Rulings, Federal Reserve Buying and selling of. Methods, 1166. Board; implied powers.) 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. ACCEPTANCES—Continued. ACCEPTANCES—Continued. Import transactions. Renewal acceptances in, 699. Ten per cent limitation. (See Rulings, Federal Re­ Indorsement of accepting bank, 699. serve Board; acceptances.) Letters of credit— Trade acceptances. (See Discount and open-market Authority of national banks to appoint corre­ operations; Discount rates; principal heading.) spondents to issue, and acceptances, 547. Trust receipts. (See Domestic acceptances.) Liability of a national bank under a commercial Undisclosed principal. Acceptances given for, 648. letter of credit comes within the exception Warehouse receipts. (See Rulings, Federal Reserve to United States Revised Statutes, sec. Board; warehouse receipts.) 5202, 816. ACCEPTING INSTITUTIONS, CLASSES OF. (See also, Federal Reserve Bulletin, vol. 2, 680.) (See Discount and open-market operations.) Such liability is not an acceptance liability under the 50 and 100 per cent limitation of section ACCEPTORS, CLASSES OF. 13, Federal Reserve Act, but these limita­ (See Discount and open-market operations.) tions apply to drafts drawn under the letter ACCOMMODATED. of credit, 816. Member banks accommodated. (See Member banks.) Such liability is not affected by the six months’ limitation of section 13, but this limitation ACCOMMODATION, 33, 536. applies to drafts drawn under the letter of (See Methods of city banks, etc.) credit, 816. (See also Federal Reserve Bulletin, vol. 1, ACT OF SEPT. 17, 1919. (See Edge Act.) 269; Federal Reserve Bulletin, vol. 6, 66.) London— ACT OF DEC. 24, 1919. Bankers’acceptances. Market rates, 173. (See Edge Act.) Nine clearing-house banks. Acceptance liabil­ ACT OF MAY 29, 1920. ities, 801. Abolishing sub treasuries, 33. Market rates. Bankers ’ acceptances— N.Y.,173,535,801. ACT OF FEB. 27, 1921. Loudon, 173. Amendment to section ll(m) and 25(a), Federal (See Discount rates, principal heading; Federal Reserve Act, 73, 310, 817. Reserve Banks and branch cities.) ACT OF MAR. 1, 1921. Maturities of, eligible for open-market purchase, ex­ As to qualifications of directors of national banks, 549. tended, 545, 648. Maturity, 308. ACT OF JUNE 14, 1921. Member banks. Acceptance liability, 171, 800, 1050. Amendment to section 25 (a), Federal Reserve Act, National banks— 310, 817. Authority to appoint correspondents to issue (See State banking laws.) letters of credit and acceptances, 547. ACTIVITY, BUSINESS, 291. Can give acceptances and pay drafts only at (See Business, industry and finance.) principal office, 547. New York— ACTUAL SECURITY. Market rates. Bankers’ acceptances, 173, 535, (See Security, actual.) 801. (See Federal Reserve Bank and branch cities.) ADMINISTRATOR. (See National banks; fiduciary powers.) Nonmember bank acceptances— Holdings. Federal Reserve Banks, 172, 801,1052. ADMISSION INTO FEDERAL RESERVE SYSTEM. Permission given to member banks to rediscount (See State banks and trust companies, admitted.) paper acquired from, 963. One hundred per cent, etc. Acceptances authorized ADVANCES TO ALLIES. up to, 188, 307, 417, 551, 670, 814, 961, l078,1434. By Great Britain, 565, 1303. , Original negotiation. (See, supra, Eligibility.) By United States, 1262. Private bank acceptances. Holdings. Federal Re­ ADVANCES TO GOVERNMENT. serve Banks, 172, 801,1052. By Bank of England, 78, 173, 197, 420, 1020, 1143, Purchase direct from accepting bank, 699. 1257, 1374, 1499. Purchase of 6 months’ acceptances. Amendment to By Bank of Algeria, 177. Regulation B, 1921, 545, 648. By Bank of France, 80, 176, 177, 200, 277, 321, 425, Purchased acceptances. Federal Reserve Banks. 555, 608, 693, 764, 891, 1020, 1143, 1258, 1374, (See Discount and open-market operations.) 1384, 1499. Readily marketable staples, 699. By Bank of Italy, 1384. Regulation B, 1921. Amended to authorize By Bank of Netherlands, 434, 1197. purchase by Federal Reserve Banks of 6 months’ acceptances, 545, 648. AFRICA. Renewal acceptances— Balances on open account owed by United States to, In import transactions, 699. 1406. National bank can not agree to renew, uncon­ Wholesale prices. South Africa, 1463. ditionally, 963. AGENCIES. Reserves against payments in anticipation of, 815. (See Foreign bank branches and agencies.) Security for accepting banks, 418, 1313. Shipping documents— AGENT OF NATIONAL BANK. Acceptances against domestic shipping docu­ Acceptances given by, 547, 648. ments held not eligible, 1312. AGENTS. Acceptances against shipping documents cover­ (See Transfer agents.) ing cattle, 813. Meaning of words, 191. AGGREGATE LIABILITIES. Six months’ acceptances, 308, 963. (See Deposit and note liabilities.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 5 AGRICULTURAL COUNTIES. AMERICAN SECURITIES. Loans in, by Federal Reserve Banks, 1150. Investment in. (See Investment trusts.) AGRICULTURAL CREDIT, 775, 898, 1027, 1147. AMERICAN SHIPPING. Attitude of Federal Reserve Board, 898. Before and after war, 183. Crop moving, 775, 1027, 1030. Growth of, 906. Joint Commission of Agricultural Inquiry. State­ AMERICAN SHIPPING EARNINGS. ment, 1030. War Finance Corporation. Loans on, 1030, 1380. Balance of trade and, 400. AGRICULTURAL LOANS. ANALYSIS OF BANKS, SPECIAL, 55. Changes in, and industrial loans by Federal Reserve (See Methods of city banks, etc.; N. Y. City banks.) Banks. Mar. 4, 1920-Apr. 28, 1921, 1049, 1150; ANGLO-AUSTRIAN BANK. AGRICULTURAL PAPER. Reorganization of, 1294. Discount rates, 1033. ANGLO-FRENCH LOANS IN UNITED STATES, Growers’ drafts, 963, 1199. 179. Notes of irrigation companies are commercial and not, 964. ANNUAL RATES. Notes of packing and marketing associations and cor­ (See Discount and open-market operations.) porations are commercial and not, 1312. ANTIDUMPING LAW. Purpose of original negotiation determines eligibility Great Britain, 1187. of, 1199. (See Discount and open-market operations; Discount ANTICIPATION. rates.) (See Reserves.) AGRICULTURAL PRODUCTS. APPLICATION FOR LETTERS OF CREDIT, 1170. Held on farms, 377. APPOINTMENT OF CORRESPONDENTS. Movement of. (See Movement of agricultural prod­ (See National banks.) ucts, commodities, etc.) Production, 984, 1100, 1206. APPROVED SECURITIES. Italy, 83. (See Rulings, Federal Reserve Board; Fiduciary (See Cooperative marketing associations.) powers.) AGRICULTURE, 14, 142, 273, 515, 637, 782, 910, 1037, ARGENTINA. 1150; 1156, 1273, 1388. Balances due on open account from United States, (See Business, industry, and finance.) 1404. AGRICULTURE, AID TO, 1030. Capital issues, 1266. Exports and imports, 574. AGRICULTURAL COMMODITIES. (See Imports and exports, principal heading.) Drafts of cooperative marketing associations covering, Foreign exchange index numbers, 575, 1018, 1373, 963, 1199, 1312. 1498. • ALGERIA. Foreign trade, 574. (See Bank of Algeria.) Gold exports and imports, 679. Gold reserves, 1913-1921, 676, 677. ALLIES. Peso. Francs to, 322. Advances to— Prices. Wholesale, in United States of goods in ex­ By Great Britain, 565, 1303. port trade of, 573. By United States, 1262. (See Banco de la Nacion; South America.) Balances on open account owed by United States to, 1406. ARMISTICE. Losses of ships during war, 184. Floating debt of Great Britain since, 173. Reparation payments, 138, 269, 650, 674, 1301, 1308, (See Post armistice obligations.) 1450. ASIA. AMENDMENTS. Net balance on open account owed by United States Federal Reserve Act— to, 1403, 1406. Section 11 (m), 73, 310. Section 25 (a), 310, 817. ASSETS. . . (See Discount and open-market operations; Earning Indiana banking laws, 551. assets; Quick assets; Movement of assets ana National Bank Act. Act of Mar. 1, 1921. Qualifica­ liabilities.) tions of directors, 549. New Jersey banking laws, 549. ASSETS AND LIABILITIES. Oklahoma banking laws, 550. Movement- Regulation B, 1921. Purchase of 6 months’ accept­ Federal Reserve Banks, 12, 25,114, 140, 237, 270, ances, 545, 648. 356. 381, 473, 512, 620, 654, 736, 767, 780, AMERICAN BANK ACCEPTANCES, 800. 849! 864, 908, 999, 1034, 1116, 1153. 1236, (See Acceptance liabilities.) 1270, 1351, 1385, 1475. Review, 1920, 25, 767, 849. AMERICAN BANK & TRUST CO. V. FEDERAL Reporting member banks, 12, 120, 140, 245, 270, RESERVE BANK OF ATLANTA. 363, 381, 480, 512, 628, 654, 743, 780, 871, Suit in State court to enjoin Federal Reserve Bank 908, 1006, 1034, 1124, 1153, 1244, 1270, 1358, from collecting checks over counter. Held: Federal Reserve Bank had right to remove case 1385, 1484. Abstract of, 255, 497, 851. 886, 1137. to United States district court. A malevolent holding back of checks and pre­ ATLANTA PAR CLEARING CASE. sentation in a manner and with intent to Division of United States Supreme Court, 700. injure plaintiff, as alleged in bill, would, if AUSTRALASIA. proved, state a good cause of action. Gold production, 1910-1920, 678. United States Supreme Court. Text of decision, Net balance on open account owed by United States 700. to, 1406, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 INDEX-DIGEST OE FEDERAL RESERVE BULLETIN AUSTRALIA. BANK LOANS. Note issues transferred from Treasury to Common­ Warehouse receipts as collateral for, 1314. wealth Bank, 301. (See Federal Reserve Bank and branch cities.)' Prices. Index numbers of wholesale, 1913-1920, 77, BANCA COMMERCIALE ITALIAN A. 88, 195, 210, 329, 463, 464, 604, 723, 726, 842, 845, Condition, 427. 992, 1105, 1108, 1225, 1228, 1341, 1344, 1463, 1466. BANCA D’lTALIA. AUSTRIA. Condition, 82. Budget, 207. Business and financial conditions, 206. BANCA ITALIAN A DI SCONTO. Note circulation, 208. Condition, 427. Public debt, 207. BANCO DO BRAZIL. (See Anglo-Austrian Bank; Austrian Landerbank; Condition, 578. Central Powers.) BANCO DE CHILE. AUSTRIA-HUNGARY. Condition, 578. Gold reserves, 1913-1921, 676, 677. BANCO DE LA NACION. (See Central Powers.) Condition, 578. AUSTRIAN LANDERBANK. BANCO DI NAPOLI. Reorganization of, 1294. Condition, 82. AUTHORITY, NATIONAL BANKS. BANCO DI ROMA. (See Acceptances; Letters of credit; Appointment of Condition, 427. correspondents.) BANCO DI SICILIA. AUTHORITY TO PURCHASE. Condition, 82. In trade with Orient, 926. BANK. AUTOMOBILE PARTS. (See Banks.) Not readily marketable staples, 699. BANK DEBITS. AUTOMOBILE TRUCKS, 191. (See Clearing-house debit statements.) AUTOMOBILES, 518, 785, 913, 1040, 1159, 1276, 1391. BANK LOANS. Shipments of, 979, 1097, 1216, 1332, 1452. Warehouse receipts as collateral for, 1314. (See Business, industry, and finance; Physical volume BANK NOTES. of trade; Rulings, Federal Reserve Board; Whole­ (See Federal Reserve bank notes; Federal Reserve sale trade.) notes; National bank notes.) AVERAGE LOANS AND DISCOUNTS. BANK OF ALGERIA. (See New York City banks.) Advances to French Government, 177. AVERAGE RATES. BANK OF BELGIUM. (See Discount and open-market operations.) Condition, 1913-1920, 262, 1296. AVERAGE SALES. BANK OF COPENHAGEN. (See Retail trade.) Condition, 1914-1920, 612. AVERAGE STOCKS, BANK OF ENGLAND. (See Retail trade.) Advances to Government, 78, 197, 420, 1020, 1143, 1257, 1374, 1499. B. Condition, 1913-1921, 78, 260, 420, 570, 764, 891, 1023, 1143, 1257, 1298, 1374, 1383. BACHI, PROF. RICCARDO. Discount rates, 78, 374, 420, 554, 568, 803, 954, 1304, Business and financial conditions, Italy, 437. 1374, 1499. New Italian index number. Wholesale prices, 465. Discounts of French treasury bills, 181. Note circulation, 1914-1920, 570, 571. BALANCE OF INDEBTEDNESS. Reserve ratios, 1023. (See Balance of trade.) War finance. Effect on, 569. BALANCE OF TRADE. (See Great Britain.) American shipping earnings and, 400. BANK OF FRANCE. France, 557. Advances to Government, 80, 176, 177, 200, 277, 321, India, 30. 425, 555, 608, 693, 764, 891, 1020, 1258, 1143, 1374, Italy, 83, 558. 1384, 1499. Netherlands, 1196. Condition, 80, 176, 177, 200, 260, 321, 425, 608, 693, United States,, 902, 1261. (See Imports and exports; foreign trade.) 764, 891, 1020, 1023, 1258, 1297, 1374, 1383, 1499. Discount rates, 956. BALANCES DUE TO FOREIGN BRANCHES, 815. Report, 1920, 434. (See Reserves.) Note circulation, 1914-1920, 177. BALANCES ON OPEN ACCOUNT. BANK OF INDIA. United States and foreign nations, 1401-1407. (See Imperial Bank of India.) BALANCES OWED TO UNITED STATES, 1262. BANK OF ITALY. Condition, 611, 1025, 1298, 1384. BALTIMORE BRANCH. Federal Reserve Bank of Richmond. Directors, 67. BANK OF JAPAN. Condition, 87, 2Q8, 326, 610, 766, 893,1022,1144, 1260, BANK DEBITS. (See Clearing-house bank debits.) 1300, 1376, 1501. Prices, wholesale, Tokio. Index number, 77, 195, BANK DIVIDENDS, GERMANY, 959. 1105, 1225, 1341. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 7 BANK OF NETHERLANDS. BELGIUM. Advances to Government, 434, 1197. Capital issues, 1266. Condition, 262, 434, 812, 1025, 1197, 1299. Gold reserves, 1913-1921, 676, 677. Investment trusts, 64. BANK OF NORWAY. Reserve ratios, 1904, 1913, and 1921, 1295, 1296. Condition, 611. (See Bank of Belgium.) BANK OF SPAIN. BERLIN. Condition, 260, 1024. Cost of living, 428, 605, 695, 728, 809, 847, 993, 1072, BANK OF SWEDEN. 1109, 1229, 1345, 1468. Condition, 612. Exchange in foreign countries, 84, 326, 959. (See Foreign exchange.) BANK REOPENED, 1198. Marks. Francs to, 322. BANKERS’ ACCEPTANCES. BERTH RATES. (See Acceptance market; Acceptances; Discount and Ocean shipping, 405, 406, 407. open-market operations; Discount rates; Federal Reserve Bank and branch cities.) BIG FIVE BANKS, LONDON. Expansion, 295. BANKERS’ CLEARING-HOUSE RETURNS. London, 79. BILL OF LADING DRAFTS. BANKERS’ DEPOSITS, 288, 290. Federal Reserve Banks can not give credit on de­ mand, sent for collection in advance of actual BANKERS’ LIVE-STOCK LOAN CORPORATION, payment, 1080. 775. BILLS. BANKERS, PRIVATE. (See Maturity.) (See Private bankers.) BILLS BOUGHT. BANKING AND TOBACCO, 1291. (See Discount and open-market operations; Earning BANKING CONDITIONS, 12, 133, 140, 270, 283, 381, assets.) 509, 512, 654, 770, 780, 908, 1029, 1034, 1153, 1270, BILLS DISCOUNTED. 1351, 1385, 1475. (See Discount and open-market operations; Earning (See Business and financial conditions; Business, assets.) industry and finance; Condition, banks; Condition, member banks; and foreign banks BILLS DISCOUNTED AND BOUGHT. by name.) (See Maturities.) BILLS OF LADING. BANKING CONDITIONS ABROAD, 1383, 1384. Requirements of Regulation A, 1920, Section B, satis­ BANKING ELASTICITY, 1149. fied only by production of original. (See Rulings, Federal Reserve Board; Security), 191. BANKING EXPANSION. (See, supra, Bill of lading drafts.) British banks, 295, 296, 297. Scandinavian, 1433. BILLS PAYABLE, 51, 52, 54. Sweden, 203. (See New York City banks.) BANKING LAWS. BILLS PURCHASED. Amendments to— (See Discount.and open-market operations.) Sec. 11 (m), 73, 310. Sec. 25 (a), Federal Reserve Act, 310, 817. BILLS RECEIVABLE, 542, 543. U. S. Revised Statutes— (See Methods of New York City banks, etc.) Qualifications of national bank directors, 549. BIRMINGHAM BRANCH. Sub treasuries abolished, 33. Federal Reserve Bank of Atlanta. Directors, 67. (See State banking laws.) BOARD OF TRADE, GREAT BRITAIN. BANKS. New index numbers of prices, 294, 424, 1304, 1342. (See Bank; Methods of city banks, etc.; New York (See British Board of Trade.) city banks.) BOLIVIA. BANKS, CLOSED, 1078, 1434. (See South America.) BANKS IN HANDS OF STATE AUTHORITIES, 1434. BOLSHEVIK GOVERNMENT. Exchange restrictions removed, 69. BANKS OF ISSUE. Condition of foreign, 9, 260, 427, 439, 611, 765, 1023, BONDS GIVEN TO UNITED STATES. 1295, 1296, 1375, 1500. By France in exchange for army stocks, 179. Condition of 3 Italian, 439. Condition of Italian, 765, 1375, 1500. BONDS, TER MEULEN. (See Condition.) (See Ter Meulen bonds.) BANKS OF ITALY, NAPLES, AND SICILY. BOOTS AND SHOES. Condition, 82, 427, 1298. (See Wholesale trade.) BANKS. RELATION TO FOREIGN TRADE, 1266. BRANCH BANK. (See Foreign branch.) BANKS REOPENED, 1198. BRANCH BANKS, FEDERAL RESERVE. BARCLAY & CO., LTD. Authorized to perform subtreasury functions, 33. Expansion, 296. Directors of, 67. BASIC LINE. Helena branch opened, 141, Borrowings from Federal Reserve Banks compared List of branches, 67. with. 1050. (See Branches, by name,) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN, BRANCHES, FOREIGN. BUSINESS AND FINANCIAL CONDITIONS—Con. Curtailment of, by banks in United States, 1267. Netherlands, 431, 812, 1195. Reserves against balances owed by parent bank, 815. Sweden, 203, 327, 429, 561, 610, 696, 766, 810, 960, 1022, 1072, 1144, 1259, 1375, 1500. BRAZIL. United States, 14, 142, 273, 384, 514, 656, 781, 909, Capital issues, 1266. 1036, 1155, 1272, 1387. Exports and imports, 574. (See same, principal heading.) BUSINESS AND CREDIT, 1149. Foreign exchange, 575. Foreign trade, 574. BUSINESS AND PRODUCTION, 772. Prices, wholesale, in United States, of goods in export trade of, 573. BUSINESS CONDITIONS, 142, 264, 273, 291, 377, 384, (See Banco do Brazil; Rio de Janeiro; South America.) 508, 510, 514, 653, 656, 781, 904, 907, 909,1036,1147, 1152,1155,1261. BRITISH BOARD OF TRADE. Indexes of, 907, 1269. Carrying charges. Per cent of value of exports, 403. France, 1191, 1423. (See Board of Trade, Great Britain.) United States— Method of reporting, 291, 396. BRITISH FINANCE DURING WAR, 563. Review, 1921, 25, 767, 849. BRITISH FLOATING DEBT. Since armistice, 173. BUSINESS, DOMESTIC, 1152. BRITISH INDIA. BUSINESS, DOMESTIC AND FOREIGN, 1261. Exports and imports, 1910-1920, 30. BUSINESS FAILURES. Gold exports and imports, 679. (See Commercial failures.) Gold production, 1910-1920, 678. BUSINESS, INDUSTRY, AND FINANCE. BRITISH TREASURY. Dec., 1920, 14; Jan., 1921, 142; Feb., 1921, 273; Mar., (See Great Britain.) 1921, 384; Apr., 1921, 514; May, 1921, 656; June, BRUSSELS INTERNATIONAL CONFERENCE. 1921, 781; July, 1921, 909; Aug., 1921, 1036; Committee on public finance, 181. Sept., 1921, 1155; Oct., 1921, 1272: Nov., 1921, League of Nations, 181. 1387. Ter Meulen bonds, 181. BUSINESS TURNOVER TAX. BUDGET. France, 555. Austria, 207. France, 79, 80, 138, 175, 198, 692, 804, 1075, 1306, BUSINESS, VOLUME OF, 510, 904. 1382, 1424. (See Business and financial conditions; Business, Germany, 325, 561, 808, 958, 1259, 1308, 1382, 1429. industry and finance.) Great Britain, 317, 554, 690, 803, 1381. Italy, 323, 1076, 1381, 1382. C. United States, 1381, 1382. CAIRO, EGYPT. Wholesale prices, 1463. BUDGETS, FOREIGN, 79, 80, 138, 175, 198, 207, 325, 561, 692, 804, 808, 958, 1076, 1306, 1308, 1377, 1382. CALCUTTA. Wholesale price index numbers, 1913-1920, 77, 88, BUENOS AIRES. 195, 209, 329, 463, 464, 604, 723, 726, 842, 846, 992, Exchange in foreign countries, 575. 1105, 1109, 1225, 1229, 1341, 1344, 1463, 1467. BUFFALO BRANCH. Federal Reserve Bank of New York. Directors, 67. CALL MONEY RATES, 375. CANADA. BUILDING CONDITIONS, PERMITS, ETC., 21,150, Balance on open account owed by United States to, 279, 390, 522, 662, 788, 835, 917, 981, 1044. 1098, 1403. 1163, 1219, 1280, 1335, 1396, 1455. Capital issues, 1266. (See Business, industry, and finance; Physical vol­ Chartered banks. Condition, 1299. ume of trade.) Corporation issues, 1266. BULGARIA. Deposits, note circulation, and reserves, 1904-1921, Wholesale prices, 1463. 1299. Dominion notes, 1299. BUREAU OF INTERNAL REVENUE. Gold imports and exports, 679. * Regulations. Revenue stamps on time drafts, 310. Gold production, 1910-1920, 678. BUSINESS AND FINANCE. Gold reserves, 1913-1921, 676, 677. Italy, 437. Government loans, 1266. Note circulation, 1904, 1913, 1921, 1295, 1296,1299. BUSINESS AND FINANCIAL CONDITIONS. Prices. Index. Wholesale, 1913-1920, 77, 89, 195, Abroad, 420, 552, 689, 802, 952, 1068, 1178, 1420, 1423, 210, 328, 463, 464, 604, 723, 726, 842, 846, 991, 1425, 1428, 1431. 1105, 1108, 1225, 1228, 1341, 1344, 1463, 1467. Austria, 206. Reserve ratio, 1904, 1913, 1921, 1295, 1296,1299. France, 79, 198, 320. 423, 555, 608, 691, 764, 804, 891, 955, 1023, 1074, 1143, 1189, 1258, 1305, 1423, 1499! CANAL, SAULT STE. MARIE. Germany, 83, 201, 324, 428, 559, 609, 694, 765, 808, 958, (See Physical volume of trade.) 1021,1070,1145,1193,1259,1308,1376,1428,1501. CANCELLATION OF ORDERS, 135, 267, 905. Great Britain, 77, 195, 317, 420, 552, 608, 689, 764, 802. Effect of, on foreign trade, 905. 891, 952, 1023, 1068, 1143, 1186, 1257, 1302, 1374, 1420, 1499. CAPITAL. Italy, 82, 322, 426, 437, 557, 609, 693, 765. States, banks, and trust companies admitted, 68, 188, Japan, 86, 208, 326, 610, 766, 1022, 1144, 1260, 1376, 307, 415, 551, 698, 814, 961, 1Q78* UQ8,1316, 1434. %(Se$ Resources and liabilities.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 9 CAPITAL ISSUES. CHARTS. Foreign countries, 1266. Assets and liabilities. Movement of— France, 1258, 1374, 1499. Federal Reserve Banks, 475, 622, 737, 865, 999, Germany, 1259, 1376, 1501. 1116, 1236, 1238, 1352, 1475. Great Britain, 1020, 1257, 1374, 1499. Reporting member banks, 481, 628, 744, 871, 999, 1116,1236,1352,1475. CAPITAL, PAID IN. (See Earning assets.) Relation to net earnings of Federal Reserve Banks, Balances on open account owed by United States to 673. foreign countries, 1405. CAPITAL STOCK. Bank of England— Foreign banking corporations. Right of national . Condition, 570. banks to invest in, 71. Deposits and securities, 570. Bank of France. Condition, 180. CARPETS. British Treasury receipts, 566. (See Business, industry, and finance.) Cash reserves, Federal Reserve Banks, 27, 672. CARRIERS. Changes in condition— Hague rules as to, 1292. Federal Reserve Banks, 1352. Member banks, 1352. CARRYING CHARGES. Currency notes, Great Britain, 570. (See British Board of Trade.) Debits to individual account. Reporting member CARS. banks at clearing-house centers, 635, 751, 877, (See Physical volume of trade.) 1009, 1128, 1247, 1361, 1489. Deposit and note liabilities, Federal Reserve Banks, CASH RESERVES. 27,672. Chart. Gov. Harding’s address, 672. Discount rates, British Treasury bills, 568. (See Discount and open-market operations; Reserves; Earning assets, 26, 672. Resources and liabilities.) (See Assets and liabilities.) CASSEL, GUSTAV. Earnings, Federal Reserve Banks, 1920, 673. Swedish currency circulation, 203. Federal Reserve note circulation, 672. Foreign exchange index numbers, 1018, 1142, 1257, CATTLE. 1373, 1498. Acceptance against shipping documents covering, 815. French war financing, 180. CATTLE LOANS. Gold exports and imports, 1918-1921, 680. Market rates. (See Federal Reserve Bank and branch Gold reserves of principal countries before and since cities.) the war. 677. Great Britain— CEMENT, 1093, 1216, 1331, 1451. British Treasury. Quarterly receipts, 1914-1920, (See Physical volume of trade; Wholesale prices.) 566. CENTRAL AMERICA. Currency notes, 570. (See North America.; Imports and exports. Merchandise, 672. Italy— CENTRAL BANKS OF ISSUE. Circulating notes, 1179. (See Banks of issue; Condition; European central Public debt, 1179. banks.) Revenue, 1178, 1180. CENTRAL POWERS. War financing, 1178. Balances on open account owed by United States Loans and discounts. Eleven New York city banks, to, 1406. 1913-1919, 44, 48. Movement of commodities, 335, 448, 586, 708, 824, CERTIFICATES OF INDEBTEDNESS. 971, 1089, 1208, 1333, 1444. (See U. S. certificates; U. S. Treasury certificates.) New York City banks. Daily average— CHAIN RELATIVES, 46. Loans and discounts of issue, 1913-1919, 48. (See New York City banks.) Loans and discounts for eleven, 44. Physical movement of trade, 335, 448, 546, 708, 824, CHANGE OF NAME, 68, 307, 416, 551, 961, 1078, 971, 1089, 1208, 1323, 1444. 1198, 1316. Prices. Index numbers, wholesale, 90, 212, 330, 331, 443, 579, 580, 581, 583, 672, 703, 819, 966, CHANGES IN AGRICULTURAL AND INDUSTRIAL 1083, 1201, 1317. LOANS. Silver— Federal Reserve Banks. Mar. 4, 1920-Apr. 28, 1921, Melting price of silver currencies, 937. 1049. Price of, and wholesale price index, 937. CHANGES IN CONDITION. Tobacco districts. Map, 1057. Federal Reserve Banks. (See Assets and liabilities.) Wholesale prices, United States, 90, 212, 330, 442, 580, 703, 819, 966, 1083, 1201, 1317, 1437. CHANGES IN WAGES, 526. (See Wages.) CHECK CLEARING AND COLLECTION. (See Clearing system.) CHARGES, COLLECTION. CHECKS, PRESENTATION OVER COUNTER. (See Clearing system.) Text of decision. U. S. Supreme Court. American CHARTER MARKET, 405. Bank and Trust Co. v. Federal Reserve Bank of Atlanta, 700. CHARTERED BANKS OF CANADA. CHILE. Condition, 1299. Balances on open account due from United States to, CHARTERS, NEW, 69, 189, 307, 417, 551, 698, 814, 962, 1404. 1081, 1200, 1315, 1436, Capital issues, 1266. (See National banks.) Exports and imports, 574. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 INDEX-DIGEST OE FEDERAL RESERVE BULLETIN. C HI LE—Continued. CLOSED BANKS, 961, 1078, 1434. Foreign exchange, 575. CLOTHING, 662, 1042, 1278, 1393. Foreign trade, 574. (See Business, industry, and finance.) Prices, wholesale, in United States, of articles in export trade of, 573. COAL. (See Banco de Chile; South America; Valparaiso.) (See Business, industry, and finance; Movement of commodities; Physical volume of trade; Whole­ CHINA. sale prices.) Balances on open account due from United States to, 1403. COAL IMPORTS. Exports and imports, 1914-1921, 938. France, 320. Gold and silver exports and imports, 679, 938. COAL PRODUCTION. (See Asia; Hongkong; Shanghai.) France, 320, 1191, 1307, 1425. CHRISTIANIA. Germany, 429, 960, 1194. Wholesale prices. Index, 723, 726, 842, 845, 991, Great Britain 79,198, 319, 422, 554, 689, 690, 952,1068, 1105, 1108, 1225, 1228, 1341, 1343, 1463, 1466. 1189, 1305, 1423. Italy, 441. CINCINNATI BRANCH. United States, 18, 99, 144, 222, 275, 340, 386, 454, 517, Federal Reserve Bank of Cleveland. Directors, 67. 592, 659, 714, 784, 830, 912, 976, 1039, 1093, 1158, CIRCULATION. PRINCIPAL COUNTRIES, 1904- 1213, 1275, 1328, 1390, 1448. 1921, 1295. COAL STRIKE. (See also principal countries by name.) Great Britain, 552, 689, 804, 952. CITRUS FRUITS. COFFEE. (See Physical volume of trade; Prices.) Warehouse receipts covering, 418. CITY BANKS. COIN AND BULLION. (See Methods of, etc.: New York City banks.) (See Great Britain; Money in United States.) CLASSES OF ACCEPTING INSTITUTIONS AND COKE. ACCEPTORS. (See Physical volume of trade.) (See Condition; Discount and open-market opera­ COLD-STORAGE COMPANIES. tions.) Eligibility of paper of, 308. CLASSES OF PAPER. COLLATERAL FOR BANK LOANS, 1314. (See Discount and open-market operations.) (See Methods of city banks, etc.; Warehouse receipts.) CLASSIFICATION OF BANKS, 55. COLLATERAL FOR FEDERAL RESERVE BANK (See New York City banks.) NOTES. CLASSIFICATION OF LOANS AND DISCOUNTS. Fiscal year 1921, 856. State banks and trust companies. Member, 257, 499, COLLATERAL LOANS. STOCK EXCHANGE. 889, 1140. Market rates. (See Federal Reserve Bank and CLEAN-UP REQUIREMENTS, 539. branch cities.) (See Methods of city banks, etc.) COLLECTION OF CHECKS. CLEARING AND COLLECTION. (See Clearing system.) (See Clearing system.) COLLECTION OF DEMAND BILL OF LADING CLEARING-HOUSE BANKS. DRAFTS. Condition of nine London, 420, 608, 764, 1143, 1257, Federal Reserve Banks can not give credit for, until 1374, 1499. collected, 1080. Paris. Daily clearings, 1499. COLOMBIA. (See New York City banks.) Gold exports and imports, ‘679. CLEARING-HOUSE DEBIT STATEMENTS, 104, (See South America.) 228, 347, 487, 510, 634, 750, 877, 1009, 1128, 1247, 1361, COMMERCIAL FAILURES. 1488. Nov., 1920, 69; Dec., 1920, 189, 190; Jan., 1921, 307; CLEARING-HOUSE RETURNS. Feb., 1921, 417; Mar., 1921, 5,50; Apr., 1921, 698; Italy, 439. May, 1921, 817; June, 1921, 962; July, 1921, London bankers, 79. 1081; Aug., 1921, 1200; Sept., 1921, 1316; Oct., 1921, 1434. CLEARING SYSTEM. Year 1920, 189. Collection of demand bill of lading drafts, 1080. Decision in American Bank & Trust Co. v. Federal COMMERCIAL FAILURES, SWEDEN, 697,1375,1500. Reserve Bank of Atlanta. U. S. Supreme Court. Text, 700. COMMERCIAL LETTERS OF QREDIT, 158, 168, 410, Gold settlement fund transactions, 345, 756, 880, 1012, 413, 681. 1131, 1250, 1364, 1491. COMMERCIAL PAPER. Year ending June, 1921, 850. Business, 920, 1052. Immediate credit. Demand bill of lading drafts, Must be made or indorsed by a party to the commercial 1080. transaction out of which it arises, 1079. Operations, 113, 244, 362, 491, 639, 755, 850, 881, Notes of irrigation companies held to be, and not 1013, 1132, 1251, 1365, 1492. agricultural paper, 964. Year ending May 15, 1921, 850. Purpose of original negotiation determines eligibility Par and nonpar list, 113, 244, 362, 491, 639, 755, 850, of, 1199. 881, 1013, 1132, 1251, 1365, 1492. Notes of packing and marketing associations and cor­ CLEARINGS OF PARIS BANKS, 1374, porations are, and not agricultural paper, 1312. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OE FEDERAL RESERVE BULLETIN. 11 COMMERCIAL PAPER—Continued. CONDITION, BANKS—Continued. Market rates. (See Federal Reserve Bank and branch Bank of Sweden, 612. cities.) ( nilriancnilr i (See Cooperative marketing associations; Discount Big five banks in England, 295, 298, 571, 803. rates; Discount and open-market operations; Rul­ Chartered banks of Canada, 1299. ings Federal Reserve Board; Eligible paper.) European banks of issue, 1913-1921, 9, 82, 260, 427, 439, 611, 765, 1023, 1295, 1296, 1375, 1500. COMMERCIAL PAPER BUSINESS, 920,1052. Federal Reserve Banks. (See Assets and liabilities; COMMISSION. Resources and liabilities.) (See Monetary commission, India.) French banks, 1424. German Reichsbank. (See, infra, Reichsbank.) COMMISSION ON PUBLIC FINANCE. Javasche bank, 1197. Brussels International Conference, 181. Joint-stock banks COMMISSION, REPARATIONS. Report, 1430. Great Britain, 298, 571, 803. Italy, 440. COMMODITIES. Sweden, 431, 610, 766, 893, 1022,1144, 1259,1375, (See Movement of commodities; Retail prices; Whole­ 1500. sale prices.) London clearing house banks, 420, 608, 764‘ 891, 1020, 1143, 1257, 1374, 1499. COMMONWEALTH BANK OF AUSTRALIA. Member banks. (See Assets and liabilities; Condi­ Note issues transferred from the Treasury to, 301. tion, member banks ; Member bank condition state­ COMPARATIVE PRICES. ment.) (See Wholesale prices.) Netherlands bank. (See, supra, Bank of Nether­ lands.) COMPARATIVE RETAIL PRICES. Reichsbank, 84, 261, 429, 431, 610, 958, 1022, 1024, Principal countries, 727, 728, 847, 993, 1109, 1229, 1145, 1259, 1296, 1309, 1376, 1383. 1345, 1461, 1468. Reporting member banks. (See Assets and liabilities; (See Index numbers; Prices; Retail prices.) Member banks ) COMPARATIVE WHOLESALE PRICE LEVELS. Review, Federal Reserve Banks, 1920, 25, 767, 849. Principal countries, 463, 601, 723, 841, 988, 1105, 1225, Riksbank, Sweden, 612, 1375, 1500. 1340, 1437, 1461. Tokio banks, 610, 766, 893, 1022, 1144, 1260, 1376, (See Index numbers; Prices; Wholesale prices.) 1501. (See also principal countries, by name.) COMPTROLLER OF CURRENCY. D. R. Crissinger appointed, 383. CONDITION, MEMBER BANKS, 12, 120, 140, 245, 255, U. S. Revised Statutes, section 5190, construed, 547. 258, 259, 270, 363, 376, 381, 480, 497, 500, 512, Acceptances can only be given at principal office 628, 655, 743, 780, 851, 871, 886, 888, 908, 1006, of a national bank, 547. 1034, 1124, 1154, 1244, 1270, 1358, 1385, 1484. Abstract of, 255, 497, 851, 886, 1137. CONDITION. (See Changes in condition, Federal Reserve Banks.) CONDITION, MEMBER STATE BANKS AND TRUST COMPANIES, 255, 1137, 1138, 1139, 1140. CONDITION, BANKS. (See Condition, member banks.) Banca Commerciale Italiana, 427. Banca d’Italia, 427. CONDITION, RETAIL TRADE. Banca Italiana di Scon to, 427. (See Retail trade.) Banco do Brazil, 578. CONDITION, WHOLESALE TRADE. Banco de Chile, 578. (See Wholesale trade.) Banco de la Nacion, 578. Banco di Napoli, 427. CONFERENCES. Banco di Roma, 427. Federal Advisory Council, 272, 655, 1271. Banco di Sicilia, 427. Governors, 382, 513, 1271, Bank of Belgium, 262, 1296. Governors and directors, 382, 513, 1271. Bank of Copenhagen, 612. Limitation of armaments. Washington, 1383. Bank of England, 260, 420, 891, 1020, 1024, 1143, 1257, Reporting of business conditions, 272. 1298 1374 1383 1384. Five British joint-stock banks, 295, 298, 571, 803. CONSERVATION OF RESOURCES, 3. Nine London clearing-house banks, 420, 608, 764, CONSIGNED GOODS. 891, 1020, 1143, 1257, 1374. Acceptances against, 419. Bank of France, 80, 260, 425, 608, 693, 1020, 1025, (See Rulings, Federal Reserve Board.) 1258, 1296, 1374, 1499. Bank of Italy, 611. CONSOLIDATION LOANS. Banks of Italy, Naples, and Sicily, 82, 427, 1298, France, 179, 180. 1384. CONSOLIDATIONS, 69, 698, 1078, 1198, 1316. Credito Italiano, 427. Italian banks of issue, 439, 609, 765, 892,1021, 1145, CONTROL OF EXCHANGE. 1258, 1375, 1384, 1500. (See Foreign exchange operations.) Italian joint stock banks, 440. CONVERSION OF BANKS, 68, 307, 416, 551, 814, Private banks of Italy, 427, 609, 765, 892, 1021, 1078, 1198, 1316, 1434. 1145, 1258, 1375, 1384, 1500. Bank of Japan, 87, 208, 610, 766, 893, 1022, 1144, 1260, COOPERATIVE MARKETING ASSOCIATIONS. 1300, 1376, 1501. Bankers’ acceptances drawn by, against warehouse Tokio banks, 610, 766, 893, 1022, 1144, 1260, 1376. receipts covering agricultural commodities, 963. Bank of Netherlands, 262, 434, 812, 1025, 1197, 1299. Growers’ drafts accepted by, 1199. Bank of Norway, 611. Notes of, are commercial and not agricultural paper, Bank of Spain, 261, 1025, 1312, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. COPELAND, M. T. CREDIT CONDITIONS, 1147. Business activity statistics, 291. (See Business conditions; Business, industry, and finance.) COPENHAGEN. (See Bank of Copenhagen.) CREDIT, CROP MOVING, 775, 1027, 1030. COPPER PRODUCTION, 978, 1095, 1214, 1329, 1449. CREDIT DEMANDS, 1031. (See Business, industry, and finance; Physical volume CREDIT, DISCUSSION OF, 7, 379, 503, 646, 1147, of trade; Wholesale prices.) 1267. CORN, PRODUCTION, 983, 1099, 1206, 1334. CREDIT, FOREIGN, 7, 379, 503, 646, 1267, 1378. CORPORATION ISSUES, FOREIGN COUNTRIES, Brussels conference, 181. 1266. Fraser, Sir Drummond, 1378. (See Foreign loaijs.) Geneva Conference, 10. Hon. Herbert Hoover, 1380. CORRESPONDENTS. Ter Meulen plan, 181, 1378. Authority of national banks to appoint, to issue War Finance Corporation, 1030, 1379. letters of credit and acceptances, 547, 648. CREDIT, FROZEN, 1151. (See Methods of city banks, etc.) CREDIT, LETTERS OF. COST OF LIVING. (See Acceptance letters of credit.) France, 200, 807, 1306. Germany— CREDIT POLICY, FEDERAL RESERVE SYSTEM, Berlin, 428, 559, 605, 695, 728, 809, 847, 993,1072, 895. 1109, 1229, 1345, 1429, 1468. CREDIT PROSPECTS, 503. Frankfort, 559, 809. Great Britain, 79, 198, 319, 421, 605, 728, 847, 953, 993, CREDIT, PUBLIC, 1148. 1070, 1109, 1189, 1229, 1345, 1423, 1468. CREDIT, STATEMENT. Italy, 807. Made by Joint Agricultural Commission, 1030. Sweden, 1074. (See Retail prices.) CREDIT, WAR FINANCE CORPORATION, 1030, COTTON. 1380. Average freight rates, 407. CREDITS ABROAD. BY UNITED STATES, 1262. Crops, 983, 1099, 1206, 1334. CREDITS VOTED BY FRENCH PARLIAMENT, Financing of, 1066. Reports on condition, 274, 384, 515, 657, 782, 910, 175. 1037, 1156, 1273, 1388. CRISSINGER, D. R. Confirmed by United States Senate as Comptroller COTTON, COTTONS, 16, 146, 274, 277, 278, 384,385, 515, 518, 657, 661, 782, 785, 786, 910, 914, 1037, of the Currency, 383. 1040, 1156, 1158, 1160, 1273, 1277, 1388, 1392. CROPS, 15, 274, 959, 983, 1027, 1029, 1099, 1206. (See Business, industry, and finance; Physical volume Estimates, 983, 1099, 1206, 1334. of trade; Wholesale prices.) France, 424, 956. COTTON FABRICS, 1, 23, 152, 284, 285, 458, 597, 719, Germany, 959. 836, 985, 1101, 1220, 1336, 1456. Held on farms, 377. (See Finished cotton fabrics.) Italy, 1426. Marketing of, 4. COTTON FINANCING FOR EXPORT, 1066. Orderly marketing of. Gov. Harding, 4. Moving of, credit for, 775, 1027, 1030. COTTON SEED, 220, 339, 453, 590, 713, 828, 974, 1091, Tobacco, value, 1059. 1211, 1326, 1446. (See Business, industry, and finance.) (See Physical volume of trade.) CRUDE PETROLEUM. COTTON STOCKS, 97, 220, 338, 452, 590, 712, 828, (See Business, industry, and finance; Physical vol­ 1091, 1211, 1326, 1446. ume of trade; Wholesale prices.) COTTON TEXTILE INDUSTRY. CUBA. Reports on, 16, 146, 277, 388, 519, 660, 785, 914, 1041, Capital issues, 1266. 1160, 1277, 1392. Moratorium, 302. COUNSEL OF FEDERAL RESERVE BOARD. CURRENCY. (See Rulings, Federal Reserve Board.) • Circulation— COUNTER. Denmark, 1433. Presentation of checks over, 700. Foreign countries, 1295, 1383. (See American Bank & Trust Co. v. Federal Reserve Germany. (See same.) Bank of Atlanta.) India, 29. Italy, 1183, 1383. CREDIT. Netherlands, 1197. (See Commercial letters of credit.) Norway, 1433. CREDIT ACTIVITY, 510. Per capita, United States. (See Money in United States.) CREDIT, AGRICULTURAL, 775, 898, 1027, 1030, Sweden, 203, 1433. 1147, 1380. Exchange values of foreign, 794. CREDIT AND BUSINESS, 1149. (See Dutch East Indies; Exchange value of foreign currency.) CREDIT AND PRICES, 776, 1152. CURRENCY NOTES. CREDIT, BRUSSELS CONFERENCE, 181. Great Britain, 78, 197, 319, 420, 570, 764, 891, 1020, CREDIT, CHANGE IN CHARACTER OF, 1268. 1143, 1257, 1298, 1374, 1499, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

13 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. CURRENCY PAYMENTS. DENVER BRANCH. (See Fiscal agency operations.) Federal Reserve Bank of Kansas City. Directors, 67. CURRENCY RECEIPTS AND PAYMENTS. DEPOSIT AND NOTE LIABILITIES, 27, 769, 850. June, 1920-May, 1921, 854. (See Resources and liabilities.) CURRENCY, SPECULATIVE PURCHASES OF, DEPOSIT LIABILITIES. 1264. (See Reserves; Rulings, Federal Reserve Board; CURRENCY, STOCK OF. reserves.) (See Money in United States.) DEPOSIT OF FUNDS WITH TRUST COMPANY TO CURRENT LIABILITIES, 546. REDEEM MATURING OBLIGATIONS, 1435. (See Ratio, quick assets, etc.) DEPOSIT OF SECURITIES IN TRUST DEPART­ CURTAILMENT OF FOREIGN BRANCHES, 1267. MENT. 309. CUSTOMERS’ PAPER. Market rates. (See Federal Reserve Bank and branch DEPOSITS. cities.) Bank of France, 176, 200, 321. Secured by Government obligations. (See Discount Eleven New York City banks, 1913-1919, 286. and open-market operations.) Federal Reserve Banks, 769, 850. Fluctuation in gross, of 11 New York City banks, CUSTOMS TARIFF. 1913-1919, 286. (See Tariff.) Great Britain, 78, 197, 319, 570. D. Italy, 82. Principal countries, 1904-1921, 1295,1383. Ratio of reserves to, 1904, 1913, and 1921, 1296,1383. DARLEHNSKASSENSCHEINE, 203, 429, 695,765, 892, (See Bankers’ deposits; Foreign deposits; Govern­ 1021, 1145, 1296, 1376, 1383, 1501. ment deposits; Individual deposits; Overdrafts; DEALER IN ACCEPTANCES. Resources and liabilities; Savings deposits.) Definition, 1166. DEPRECIATION. DEALING IN ACCEPTANCES, 1166. Percentage of. Foreign currencies, 1497. DEBITS, BANK. DETROIT BRANCH. (See Clearing-house debit statements.) Federal Reserve Bank of Chicago. Directors, 67. DEBT, FLOATING. (See Floating debt; Great Britain.) DIGEST, INDEX. Of Federal Reserve Bulletins, 1914-1920. C. S. DEBT, PUBLIC. Hamlin, 272, 383, 655. (See Public debt). DIRECTORS. DEBTS. Branches of Federal Reserve Banks, 67. (See Floating debt; Funded debt; Public debt.) DIRECTORS, FEDERAL RESERVE BANKS. DECIDUOUS FRUITS. Branches, 67. (See Physical volume of trade.) Conference, 382, 513. DECISION OF UNITED STATES SUPREME COURT. Election of, 66. Check collection case, 700. (See Delano, F.) DECISIONS OF COUNSEL. DIRECTORS’ LIABILITY. (See Rulings, Federal Reserve Board.) For bank guaranty of acceptance, 547. DEED OF TRUST, 1435. DIRECTORS OF NATIONAL BANKS. (See Rulings, Federal Reserve Board; Reserves.) Act of Mar. 21, 1921. Qualifications of, 549. DEFINITIONS. DISCOUNT AND OPEN-MARKET OPERATIONS. Commercial paper, 1079, 1199. Acceptances, bankers’ and trade, in foreign and do­ “Dealer” in acceptances, 1166. mestic trade, and dollar exchange bills— Discount, amount charged, 111, 471, 861. DEFLATION. Earnings on, and annual rate, 109, 233, 354, 471, President of United States on, 506. 618, 734, 862, 997, 1114, 1234, 1349, 1473. DELANO, F. A. Holdings— Appointed Class C director, Federal Reserve Bank of Average daily, 109, 233, 354, 471, 618, 734, Richmond, 655. 849, 862, 997, 1114, 1234, 1349, 1473. By classes of acceptances and of accepting DEMAND BILL OF LADING DRAFTS. institutions, 112, 236, 355, 472, 619, 735, Collection of, 1080. 863, 998, 1115, 1235, 1349, 1474. (See Rulings, Federal Reserve Board.) Each month, 112, 236, 355, 472, 619, 735, 863, 998,1115,1235,1350,1474. DEMAND LOANS ON REAL ESTATE, 546. Year ending June 30, 849. DENMARK. Maturities— Balances on open account due from United States to, Acceptances purchased, classified by matu­ 1403. rities, 234, 616. Capital issues, 1266. Average of acceptances purchased, 110, 234, Gold reserves, 1913-1921, 676, 677. 353, 470, 616, 733, 860, 997, 1113, 1233, Note expansion, 1433. 1348, 1472. Value of kroner, 1432. Purchased-—— Wholesale prices. Index numbers, 723, 842, 1105, Each month, 110, 234, 353, 470, 616, 733, 860, 1225, 1341, 1432, 1463. 996, 1113, 1233, 1348, 1471. (See Bank of Copenhagen; Neutrals; Scandinavia.) Quarterly, 111, 234, 471, 616, 861. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 INdEx-dIgest of federal Reserve bulletin. DISCOUNT AND OPEN-MARKET OPERATIONS— DISCOUNT AND OPEN-MARKET OPERATIONS— Continued. Continued. Acceptances, bankers’ and trade, in foreign and do­ Discounts for member banks—Continued. mestic trade, and dollar exchange bills— Volume of bills discounted—Continued. Continued. By rates charged, 110,470, 861, 996,1112,1233, Rates— 1347, 1471. Acceptances classified by rates charged, 111, Distribution by districts, based on common 471, 861, 997, 1113, 1233, 1348, 1472. maturity, 350, 466, 613, 730, 858, 996, Average annual rates of earnings on accept­ 1112, 1232, 1347, 1471. ances, 109, 233, 354, 471, 618, 734, 862, Dollar exchange bills purchased, 110, 234, 353, 470, 997, 1114, 1234, 1349, 1473. 616, 733, 860, 996, 1113, 1233, 1348, 1471. Average rate charged, 110, 234, 353, 470, 616, Earning assets. Average daily holdings, earnings, 733, 860, 997, 1113, 1233, 1348, 1472. and annual rate of earnings, 109, 233, 354, 471, Volume of operations— 618, 734, 862, 997, 1114, 1234, 1349, 1473. Discounted, by classes, 110, 233, 353, 469, Earnings, annual rate of, on each class of earning 616, 733, 860, 995, 1112, 1232, 1347, 1470. assets, 109, 233, 354, 471, 618, 734, 862, 997, 1114, Distribution by districts, based on common 1234, 1349, 1473. maturity, 468, 614, 732, 859, 996, 1113, Errata, 472, 1114. 1233, 1348, 1471. Holdings. (See Acceptances; Discounts; United Purchased, by classes, 110, 234, 353, 470, 616, States securities, etc.) 733, 860, 996, 1113, 1233, 1348, 1471. Live-stock paper, 112, 233, 354, 472, 618, 734, 862, 998, Purchased, by maturities, 234, 616. 1114, 1234, 1347, 1473. Purchased, by rates, 111, 471, 861, 997, 1113, Maturities. (See Acceptances; Discounts.) 1233, 1348, 1472. Member banks— Agricultural paper— Collateral notes of. (See, supra, Collateral notes. Holdings— Number and percentage accommodated through Each month, 110, 234, 353, 470, 616, 733, 860, discounts, and number in district at end of 996, 1113, 1233, 1348, 1471. month, 108, 232, 351, 467, 614, 731, 858, 996, Quarterly, 111, 234, 471, 616, 861. 1112, 1232, 1347, 1471. Year ending June 30, 849. Open-market operations. (See Acceptances; United Average daily holdings of each class of earning assets, States securities.) earnings thereon, and annual rate of earnings, 109, Purchased bills. (See Acceptances.) 233, 354, 471, 618, 734, 862, 997, 1114, 1234, 1349, Rediscounts and sales between Federal Reserve 1473. Bankg__ ^ Bankers’ acceptances. (See Acceptances.) Volume, by quarters, 235, 617, 1004, 1122, 1356, Bills bought. (See Acceptances.) 1482. Bills discounted. (See Discounts.) January to July, 1921, 1032. Bonds. (See United States securities.) June, 1920, to June, 1921, 854. Certificates of indebtedness. (See United States se­ Trade acceptances. (See Acceptances.) curities.) United States securities— Collateral notes held— Average daily holdings, earnings, and annual rate Each month, 112, 236, 345, 472, 618, 734, 862, 998, of earnings, 109, 233, 354, 471, 618, 734, 862, 1114, 1234, 1349, 1473. 998, 1112, 1234, 1349, 1473. Year ending June 30, 849. Volume purchased by classes, 109, 232, 352, 469, Commercial paper. (See Discounts.) 615, 732, 859, 995, 1111, 1232, 1347, 1470. Customers’ paper. (See Discounts.) Volume of operations, by principal classes and totals, Discounts for member banks— 109, 232, 352, 469, 615, 732, 859, 995, 1111, 1232, Amount of discount charged, 110, 470, 861. 1347, 1470. Each month, 110, 233, 353, 469, 615, 733, 860, 997, War paper discounted— 1112, 1232, 1347, 1470. Each month, 110, 233, 353, 469, 615, 733, 860, 995, Quarterly, 110, 234, 470, 616, 861. 1114,1232,1347,1470. Earnings on, and annual rate, 109, 233, 354, 471, Year ending June 30, 770, 849. 618, 734, 862, 997, 1114, 1234, 1349, 1473. War paper holdings— Holdings— Each month, 112, 236, 354, 472, 618, 734, 862, 998, Average daily, 109, 233, 354, 471, 618, 734, 1114,1234,1348,1473. 862, 997, 1114, 1234, 1349, 1473. Year ending June 30, 849. By classes of paper— (See also Acceptances; Discounts; United States Each month, 112, 236, 354, 472, 618, 734, securities, etc.) 862, 998, 1114, 1234, 1349, 1473. Year ending June 30, 849. DISCOUNT MARKET. Maturities— Foreign trade and, 1268. Average of bills discounted, 110,233,353,469, DISCOUNT POLICY. 616, 733, 860, 996, 1112, 1233, 1348, 1471. Gov. Harding on, 895. Discounts, classified by maturities, 234, 616. Yearly review, 775. Rates— Average annual rate of earnings, 109, 233, 354, DISCOUNT RATES, 5, 651, 775, 857. 471, 618, 734, 862, 997, 1114, 1234, 1349, Bank of France, 5, 956. 1473. Federal Reserve Banks— Average rate charged, 110, 233, 353, 469, 616, Jan. 1, 129; Feb. 1, 254; Mar. 1, 371; Apr. 1, 496; 733, 860, 996, 1112, 1233, 1348, 1471. May 1, 644; June 1, 762; July 1, 885; Aug. 1, Discounts, classified by rates charged, 110, 1017; Sept. 1, 1136; Oct. 1,1254; Oct. 31,1369; 470, 861, 996, 1112, 1233, 1348, 1471. Dec. 1, 1495. Volume of bills discounted— July, 1920 and 1921, 857. By classes, 110, 233, 353, 469, 615, 733, 860, Agricultural paper, Sept., 1920 and 1921, 1033. 995, 1112, 1232, 1347, 1470. Call loan rates, New York, 375. By maturities, 234, 616. Discussion of, 5, 510, 651, 775, 1033. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 15 DISCOUNT BATES—Continued. EARNINGS AND EXPENSES, FEDERAL RE­ Federal Reserve Board. Objection to proposed max- SERVE BANKS. mum, 5. Calendar year, 1920, 153. Great Britain, 78, 197, 319, 374, 420, 554, 567, 568, Six months ending June 30, 1921, 939. 608, 764, 803, 891, 954, 1020, 1257, 1374, 1499. Year ending June 30, 1921, 851. Market rates in Federal Reserve and Federal Reserve Relation of, to paid-in capital, surplus, member banks branch cities, 93, 215, 333, 495, 643, 761, 884, reserve deposits, and Federal Reserve notes, 1920, 1016, 1135, 1255, 1370, 1496. 673. Tokio banks, 1260, 1376, 1501. (See Annual rates; Average rates; Federal Reserve EAST INDIES. Bank and branch cities; Market rates; Rates.) (See Asia; Dutch East Indies.) DISCOUNTS. ECONOMIC DEVELOPMENTS. (See Discount and open-market operations; Earning South America, 572. assets; New York City banks; Riksbank.) ECUADOR. DISCOUNTS AND LOANS. (See South America.) Eleven New York City banks, 1913-1919, 41. EDGE ACT. DIVIDENDS. Amendment to section 25 (a), 310, 817. Federal Reserve Banks, 156, 941. Corporations under, credits extended by, 1379. (See Earnings.) Federal International Banking Co., 69, 265. German banks, 959. Foreign trade financing corporation, 69, 137, 265. State banks and trust companies, member, 763, 1371. International financing corporation, 71. Right of national banks to subscribe to stock of cor­ DIVISION OF FOREIGN EXCHANGE. porations organized under, 71. R6sum6 of work of, 1400. Ter Meulen bonds and, 1378. DOLLAR EXCHANGE. EDWARDS, G. W. Countries on which dollar exchange drafts are author­ Commercial letters of credit, 158, 410, 681. ized, 188. Authority to purchase, 926. DOLLAR EXCHANGE BILLS PURCHASED. (See Discount and open-market operations.) EFFECT OF REDISCOUNTS. (See New York City banks.) DOMESTIC BUSINESS. (See Business and financial conditions.) EL PASO BRANCH. Federal Reserve Bank of Dallas. Directors, 67. DOMESTIC SHIPPING DOCUMENTS. Acceptances against, held not eligible, 1312. ELECTION OF DIRECTORS. Federal Reserve Banks, 66. DOMINICAN REPUBLIC. Capital issues, 1266. ELECTRIC POWER PRODUCTION. By public utility power plants, 981, 1098, 1218, 1334, DOMINION OF CANADA. 1454. (See Canada; Chartered banks of Canada.) (See Physical volume of trade.) DRAFTS, 547, 699, 964, 1080. ELIGIBILITY. (See Acceptances; Comptroller of Currency; Coopera­ Automobile trucks. Notes of a motor transportation tive marketing associations; Demand bill of lading company to procure funds for purchase of, are drafts; Renewal.) not eligible, 191. DRAFTS, TIME. STAMPS, 310. Cold-storage companies. Notes of, held not eligible, (See Internal Revenue Bureau.) 308. Irrigation companies. Notes of, held not to be agri­ DRUGS. cultural paper, 964. (See Wholesale trade.) Notes of farmers given to, for water used for agri­ DRY GOODS. cultural purposes are eligible as agricultural See Wholesale trade. paper, 964. Packing and marketing associations and corporations. DUMPING, 1187. Notes of, held to be commercial and not agricul­ (See Antidumping bill.) tural paper, 1312. DUTCH EAST INDIES. Party to commercial transaction out of which the note Gold exports and imports, 679. arises must make or indorse the note, 1079. Independent currency for, 1197. ’ Purpose of the original negotiation determines eligi­ Javasche Bank. Condition, 1197. bility, 1199. Quick assets over current liabilities, 546. E. (See Rulings, Federal Reserve Board, eligible paper.) EARNING ASSETS. ELIGIBLE COMMERCIAL PAPER. Federal Reserve Banks, 26, 672. (See Commercial paper.) Rates on. Fiscal year, 1921, 855. (See Assets and liabilities; Discount and open-market ELIGIBLE NONMEMBER BILLS. operations; Member banks; Movement of assets.) Market rates, 534. Permission to rediscount, acquired by member banks, earnings: 963. American Shipping, 400. (See Domestic shipping documents; Federal Reserve (See Shipping earnings and balance of trade.) Bank and branch cities; Nonmember banks.) Federal Reserve Banks, 153 (1920), 671, 851, 939, 940, 941. ELIGIBLE PAPER. To June 30, 1921, 851. (See Domestic shipping documents; Eligibility* Non­ On bills. (See Discount and open-market operations.) member banks; Rulings, Federal Reserve Board, State banks and trust companies, member, 763, 1371. eligible paper.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 INDEX-DIGEST OE FEDERAL RESERVE BULLETIN. EMBARGO. EXPORT AND IMPORT TRANSACTIONS—Con. Great Britain. Gold and silver exports, 302. Shipping documents— Acceptances against, 1312. EMPLOYEES. Meaning of the words, 191. (See Changes in wages.) EXPORT LETTERS OF CREDIT, 168, 413. EMPLOYMENT. France, 693, 1191, 1307. EXPORT PRICES, 403. Germany, 560, 696, 809, 1072, 1310. EXPORTS. Great Britain, 79, 319, 421, 552, 564, 690, 803, 953, Argentina, 574. 1020, 1069, 1257, 1374. Brazil, 574. Italy, 1077, 1427. Chile, 574. Netherlands, 432, 1196. France, 81, 201, 320, 556 (bulk), 557, 606, 1191: Index numbers, 1196. Germany, 85, 1193. Sweden, 431, 562, 696, 960, 1073. Gold, 11, 127, 139, 252, 369, 380, 492, 511, 641, 654, United States— 679, 760, 779, 856 (fiscal year 1921), 882, 907, 1014, Monthly reports on, 19, 148, 282, 391, 522, 664, 1034,1133,1153,1252, 1265,1270,1366,1384,1493. 789, 917, 1045, 1163, 1281, 1396. June, 1920-May, 1921, 856. Survey on, by Federal Reserve Board, 506, 526. Year ending June, 1921, 771. Yearly review, 774. Years 1918-1921, 679. (See Business, industry, and finance; Unemploy­ Great Britain, 79, 198, 319, 606. ment; Wages.) India— ENGLAND. 1910-1920, 30. (See Great Britain.) 1914-1921, 938. Italy, 83, 440, 558, 606. ERRATA. Japan, 209, 326, 606. Holdings of discounted bills, 1114. Per cent of value absorbed by carrying charges, 403. EUROPE. Silver, 11, 128, 140, 253. 270, 370, 381, 493, 511, 641, Net balance on open account owed by United States 654, 760, 779, 856 (fiscal year 1921), 882, 908, 1015, to, 1405. 1034,1134,1153, 1253, 1265, 1270, 1367, 1384,1494. Sweden, 206, 327, 606, 697, 810. EUROPEAN BANKS OF ISSUE. United States, 76, 194, 266, 268, 316, 446, 584, 707, Condition, 1913-1920, 9, 260, 439, 611, 765, 1023, 1295, 822, 904, 969, 1086, 1205. 1296, 1375, 1500. Value. Selected commodities at 1913 prices, 446, Reserve ratio, 1904, 1913, and 1921, 1295, 1296. 584, 707, 822, 969, 1086, 1205, 1321, 1441. EXAMINATION OF STATE BANK MEMBERS. Water borne, 1860-1920, 401, 409. New Jersey laws, 73. (See Foreign trade; Gold; Imports and exports; Sil­ ver.) EXCESS PROFITS TAX. Great Britain, 564. F. EXCHANGE RATES. FABRICS. (See Foreign exchange.) (See Cotton fabrics.) EXCHANGE TRANSACTIONS, EXPORT AND. FAILURES. Russia. Restrictions removed, 69. (See Commercial failures.) EXCHANGE YALUE. FALKENAU, R. M. Danish krone, 795, 1432. Method of reporting business conditions, 396. Foreign currency, 794, 1431. German mark, 796, 797. FARM IMPLEMENTS. Norwegian krone, 795, 797, 1432. (See Wholesale trade.) Swedish krona, 796, 797, 1432. FARMERS. EXECUTOR. Sales of tobacco, 1066. (See Fiduciary powers.) (See Agricultural paper; Cooperative marketing asso­ ciations.) EXPANSION. Great Britain, 295, 296, 297. FEDERAL ADVISORY COUNCIL. Scandinavia, 1433. Conferences, 272, 655, 1271. Sweden, 203. Elections to, 69. EXPENDITURES. FEDERAL COURTS. (See Budget; Revenues.) Jurisdiction of. (See American Bank & Trust Co. v. Federal Reserve Bank of Atlanta.) EXPENSES, FEDERAL RESERVE BANKS. (See Earnings and expenses.) FEDERAL INTERNATIONAL BANKING CO., 69, 265. EXPORT. Financing. Cotton for, 1066. FEDERAL RESERVE ACT. Sec. 11 (m). Amended, 73, 310. EXPORT AND EXCHANGE TRANSACTIONS WITH (See Rulings, Federal Reserve Board; Fiduciary RUSSIA. powers.) Restrictions removed, 69. Sec. 13. (See Dollar exchange.) Sec. 19. (See Ridings, Federal Reserve Board; Re­ EXPORT AND IMPORT TRANSACTIONS. serves.) Acceptances against consigned goods, 419. Sec. 25, 25 (a). Amended, 310, 817. Acceptances of dealers engaged in domestic and ex­ port transactions, 70. FEDERAL RESERVE AGENTS. Renewal acceptances in, 699, 964. Accounts. (See Federal Reserve notes.) Security for acceptances in, 418. Fund. (See Gold settlement fund.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OE FEDERAL RESERVE BULLETIN. IV FEDERAL RESERVE BANK AND BRANCH CITIES. FEDERAL RESERVE BOARD—Continued. Market discount rates, 93, 141, 215, 333, 495, 643, 761, Harding, Governor— 884, 1016, 1135, 1255, 1370, 1496. Credit policy, Federal Reserve System, 895. (See Member bank condition statements.) Economic developments, 671. Financial conditions, 134. FEDERAL RESERVE BANK, ATLANTA. Maximum discount rates, 5. Clearing decision. U. S. Supreme Court. American Orderly marketing of crops, 4. Bank & Trust Co. v. Federal Reserve Bank, Mellon, Hon. A. W. Appointed chairman, 383. Atlanta. Text, 700. Mitchell, John R. Appointed a member, 655. Rulings. (See Rulings, Federal Reserve Board.) FEDERAL RESERVE BANK NOTES, 853, 856. Warehouse receipts as collateral for bank loans, 1314. Outstanding, June, 1920 and 1921, 853, 856. Wills, D. C. Retirement as a member, 383. Retirement under Pittman Act, 374. Stock in United States, by months, 129, 254, 371, 496, FEDERAL RESERVE BULLETIN. 644, 762, 885, 1017, 1136, 1254, 1368, 1495. Index-Digest. By C. S. Hamlin, 272, 383, 513, 655. (See Money in United States.) Statistical issue, 767. FEDERAL RESERVE BANKING, 1920, 25. FEDERAL RESERVE DISTRICTS. Member and nonmember banks in each of the Federal FEDERAL RESERVE BANKS. Reserve districts. (See Discount and open- Assets, earning. (See Assets and liabilities.) market operations.) Movement of. (See Assets and liabilities.) (See also Agricultural and industrial loans; Methods Rates of earning on, fiscal year 1921, 855. of New York City banks, etc.) (See Discount and open-market operations.) FEDERAL RESERVE NOTES. Bankers’ acceptances. Holdings of, 172, 801, 1052, Agents’ accounts, 119, 242, 361, 479, 626, 742, 870, 1269. 1005, 1123, 1243, 1356, 1483. Basic line. Borrowings from, compared with, 1050. Chart. Gov. Harding’s address, 672. Branches authorized to perform Subtreasury func­ In circulation, 1919, 1920, 1921, 27, 769, 850, 1487. tions, 33. (See Resources and liabilities.) Changes in condition, 12, 114, 140, 237, 270, 356, 381, Interdistrict movement, 627. 473, 512, 620, 654, 737, 780, 849, 864, 908, 999, Issued and redeemed, fiscal year 1921, 855. 1034, 1116,1118,1153,1236,1238,1271,1352,1475. Relation of net earnings to, 673. Review, 1920, 25, 767, 849. Retirement of, 374. Credit policy, 895. Stock of, in United States. (See Money in United Demand bills of lading for collection. Can not give States.) immediate credit until actually collected, 1080. Deposit and note liabilities. (See Resources and lia­ FEDERAL RESERVE SYSTEM. bilities.) Address, Gov. Harding on earnings of, 671. Directors— Admissions into. (See State banks and trust compa­ Branches, 67. nies.) Election of, 66. Credit policy, 895. Discount rates. (See Same.) Review, 25, 767, 849. Dividends paid, 156, 941. (See Conversion; Liquidation; Withdrawals.) Earnings and expenses, 153, 671, 673, 851, 939, 940, FIDUCIARY POWERS, NATIONAL BANKS. 941. Deposits of securities in trust department, 309.' Calendar year, 1920, 153. Exercise of, outside of State where located, 816. Six months ending June 30, 1921, 939. Grants to national banks, 68, 189, 306, 416, 551, 688, Year ending June 30, 1921, 851. 814, 961, 1078, 1198, 1316, 1434. Relation to paid-in capital, surplus, member bank Transfer agents, 545. reserves, and Federal Reserve notes, 673. Trust funds, sale of collateral security, 1435. Fiscal agency expenses, 157, 941. (See Rulings, Federal Reserve Board; Fiduciary Franchise tax paid, 156, 941. powers.) Money in. (See Money in United States.) FINANCE. Rediscounts between, 235, 617, 1004, 1032, 1122, 1242, Banking and, 3. 1356, 1482. British war, 563. January-July, 1921, 1032. French war, 174. June, 1920-June, 1921, 854. Public, 777, 1148. Reserve ratios, 13, 141, 154, 272, 375, 377, 382, 510, Tobacco, 1057, 1174, 1284, 1413. 512, 655, 768, 771, 780, 908, 1031, 1035, 1154, 1271, (See Business, industry, and finance.) 1353, 1386, 1478. Resources and liabilities. (See Same.) FINANCE PAPER. Review of banking conditions, 25, 767, 849. (See Rulings, Federal Reserve Board; Finance paper.) Sub treasury functions. Transfer to, 33. FINANCES. United States notes and Treasury certificates. Allot­ (See War finances.) ment through, 853. (See Discount and open-market operations.) FINANCIAL CONDITIONS. (See Business and financial conditions; Business and FEDERAL RESERVE BOARD. financial conditions abroad; Business, industry, Conferences— and finance.) Directors of Federal Reserve Banks, 382, 513. FINANCIAL CONFERENCES, 10. Federal Advisory Council, 272, 655, 1271. Governors of Federal Reserve Banks, 382, 513, FINANCIAL EXPEDIENTS, 1380. 1271. FINANCIAL STATEMENTS. Method of reporting business conditions, 272. (See Condition; France; Germany; Great Britain; Foreign exchange index, 798. Japan; Italy; Norway; Spain; Sweden.) 88771—22------2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FINANCIAL STATISTICS. FOREIGN BRANCHES OF AMERICAN BANKS. Federal Reserve Banks, 767. Balances due to, 815. Foreign countries. (See countries, by name.) (See Reserves,.) Curtailment of, 1267,. FINANCING OF COTTON FOR EXPORT, 1066. FOREIGN BUDGETS, 79, 80, 138, 175, 198, 207, 317, FINANCING OF EXPORTS, 646. 323, 325, 554, 561, 690, 692, 803, 804, 808, 958, 1076, 1259, 1306, 1308, 1377, 1381, 1382, 1424, 1429. FINANCING OF FOREIGN TRADE, 902. FOREIGN BUSINESS, 508, 1261. FINANCING OF IMPORTS, 564. FOREIGN COMPETITION, 903. FINANCING OF LIVE STOCK, 775. FOREIGN COUNTRIES. FINANCING OF TOBACCO, 1057, 1174, 1284, 1413. Capital issues, 1020,1257,1258,1259, 1266,1374, 1376. FINISHED COTTON FABRICS, 23, 152, 284, 285, 448, Corporation issues, 1266.* 596, 719, 836, 985, 1101, 1220, 1336, 1456. Gold reserve. Before war, at armistice, and in 1921, 676, 677. FINISHERS OF COTTON FABRICS. Government borrowings, 1266. National association of. (See Finished cotton fabrics.) Monetary units, 1295. Net balances owed by United States to, 1400. FINLAND. New York on. Foreign exchange rates. (See Foreign Wholesale prices, 1463. exchange FISCAL AGENCY OPERATIONS. Retail prices, comparative, 847. Expenses Federal Reserve Banks, 157, 941. Fiscal year 1921, 854. FOREIGN CREDITS. Transfer of subtreasury functions to Federal Reserve Discussion of, 7, 379, 646, 1185, 1267, 1378. Banks, 33. Fraser, Sir Drummond, on, 1378. (See Federal Reserve Banks; United States sub­ Hoover, Herbert, on, 1380. treasury.) League of Nations on, 10. Ter Meulen bonds, 181, 1378. FISCAL YEAR 1921. Federal Reserve notes outstanding and collateral, 856. FOREIGN CURRENCY. Review, Federal Reserve System, 854, 855, 856. Speculative purchases of, 1264. (See Exchange value, etc.; Foreign exchange.) FLOATING DEBT. France, 555. FOREIGN DEPOSITS, 289. Germany, 84, 324, 429, 609, 1145, 1259, 1309, 1376. Great Britain, 78, 173, 197, 319, 420, 608, 764, 891, FOREIGN EXCHANGE. 1143, 1257, 1374, 1499. Argentina, 575. Since armistice, 173. Balances on open account due from United States to, (See Business and financial conditions.) 1400. Berlin on foreign countries, 84, 326, 959. FLOUR. Brazil, 575. Average freight rates, 407. Buenos Aires on London and United States, 575. Monthly reports, 15, 143, 274, 385, 516, 658, 783, 911, Chile, 575. 1038, 1157, 1274, 1389. Comparison. Rate, 779. Production, 219, 338, 452, 590, 712, 828, 974, 1091, Conditions, 379, 779, 907. 1211, 1326, 1446. Division of foreign exchange, work of, 1400. Receipts and shipments, 96, 218, 337, 451, 588, 711, Foreign currency. Exchange value, 794, 1431. 826, 972, 1090, 1210, 1325, 1445. France on foreign countries, 322, 692. (See Business, industry and finance; Physical volume German mark. Value of, 326, 796, 797, 1071, 1193, of trade; Wholesale prices.) 1311, 1428. FLUCTUATIONS IN GROSS DEPOSITS. (See Marks.) Eleven New York City banks, 1913-1919, 286. Germany, 84, 203, 326, 959. Mark, value of, 326, 796,1071, 1193,1311,1428. FLUCTUATIONS IN LOANS AND DISCOUNTS. Index numbers, 509, . 798, 1008, 1018, 1141, 1142, 1256, Eleven New York City banks, 1913-1919, 41. 1257, 1259, 1372, 1374, 1497, 1500. Weights used in Federal Reserve Board index FOOD. numbers, 799. (See Cost of living.) (See Rates.) FOREIGN AND DOMESTIC CREDIT, 7. India— London on, 31. FOREIGN BANK BRANCHES AND AGENCIES. Monetary and. Developments, 29. Acceptances of, held by Federal Reserve Banks. Value of rupee in, 1893-1920, 31. (See Discount and open-market operations.) Italy on foreign countries, 438, 957, 1426. FOREIGN BANKING, 8, 69. Krona. Value of Swedish, 796, 797, 1375. (See Business and financial conditions; Conditions; Krone. Value of Danish, 1432. Principal countries, by name.) Krone. Value of Norwegian, 795, 797. London on India, 31. FOREIGN BANKING CORPORATIONS. Netherlands on foreign countries, 433. Amendments to Federal Reserve Act, 310, 817. New York on foreign countries, 8, 31, 130, 136, 266, Right of national banks to subscribe to stock of, 71. 380, 494, 509, 890, 907, 1377. FOREIGN BANKS OF ISSUE. Three months ending— Condition, 9, 82, 260, 427, 439, 611, 765, 1023, 1-295, Dec., 1920, 130. 1296, 1298, 1375, 1500. Mar., 1921, 494. Policy, 1267. , June, 1921, 890. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OE FEDERAL RESERVE BULLETIN. i§ FOREIGN EXCHANGE—Continued. FOREIGN VESSELS, 401. Norway, 795, 1431. (See Physical volume of trade; Water-borne exports Operations, 1400. and imports.) Paris on foreign countries, 692. FORMS OF ACCOMMODATION. Pound. Value of, 1499. (See Methods of New York City banks, etc.) Rates, 8, 136, 266, 379, 509, 779, 798, 799, 907, 1018, 1141, 1142, 1256, 1257, 1259, 1372; 1373, 1374, FORMS OF COMMERCIAL LETTERS OF CREDIT, 1377, 1428. 410, 1171. (See Index numbers.) FRANCE. Rio de Janeiro on Great Britain and United States, Acceptance liabilities. French banks, 1052, 1424. 575. Advances by Bank of Algeria, 177. Rupee. Value in foreign exchange, 1893-1920, 31. Advances by Bank of France, 80, 176, 177, 200, 277, Russia. - Foreign exchange transactions with, 69. 321, 425, 555, 603, 693, 764, 891, 1020, 1143, 1258, Scandinavia, 1431. 1374, 1384, 1499. Sweden. Index numbers, 795, 1144, 1259, 1431, Advances by United States Treasury, 179. 1497,** 1500. Balances due to and from foreign countries, 1402. Transactions during Government control, 1400. Bank of France. (See same.) Valparaiso on Great Britain and United States, 575. Banking conditions, 1383. War-time control, 1400. Banks, condition, 80, 425, 608, 693, 1020, 1025, 1258, FOREIGN FINANCE CORPORATION, 647. 1296, 1374, 1424, 1499. Budget, 80, 138, 175, 198, 622, 804, 1075, 1306, 1382, FOREIGN LOANS. 1424. Floated in United States, 135, 942, 1266. Business conditions, 79, 198, 320, 423, 555, 608, 691, France, 179. 764, 804, 891, 955, 1023, 1074, 1143, 1189, 1258, Great Britain, 565, 1303. 1305, 1374, 1423, 1499. (See New York City banks; Various countries, by Business indexes, 1171, 1425. name.) Capital issues, 1258, 1266, 1374, 1499. ' * Coal imports, 320. FOREIGN TRADE. Coal production, 320, 1191, 1307, 1425. Argentina, 574. Consolidated loans, 179. Balance of trade, United States— Cost of living, 220, 807, 1306. First 9 months of 1921, 1261. Cotton imports, 1191. Gold imports in settlement of, 903, 1265. Credits voted, 175. International balances, 1263, 1400. Crops, 424, 956. Owed to foreign countries, 1262, 1407. Employment in, 693,1191,1307. Banks. Relation to, 1266. Financial situation, 608. Brazil, 574. Financial statements, 80, 321. Cancellation. Effect on, 905. Floating debt, 555. Changes in, since war, 903. Foreign exchange index numbers, 81, 322, 692, 1018, Chile, 574. 1373, 1498. Corporations to finance, 647. Foreign exchange situation, 322. Discussion of, 6, 134, 137, 265, 283, 378, 394, 509, 646, Foreign loans, 179. 649, 900, 920, 1048, 1165, 1261, 1284, 1377, 1399. Foreign trade. (See, infra, Imports and exports.) Discount market and, 1268. France. Fine silver in, 936. Federal International Banking Corporation, 69, 265. Gold imports and exports, 679. France, 81, 201, 268, 320, 426, 556, 607, 729, 806, 848, Gold reserves, 1913-1921, 676, 677. 994,1076,1110,1230,1346* 1469. Imports and exports, 81, 201, 320, 424, 426, 556, 557, Germany, 85, 808, 1193, 1231, 1310, 1346, 1428, 1469. 606, 607, 729, 806, 848, 994, 1076,1110, 1191, 1230, Great Britain, 79,198, 268, 319, 422, 606, 728, 848, 994, 1346, 1469. 1110, 1188, 1230, 1304, 1345, 1420,' 1468. Index number. Prices. (See, infra, Wholesale Guaranteeing of credit in export trade, 1267. prices.) Index of, 76, 194, 316, 445, 583, 706, 822, 968, 1085, Index of business conditions, 1425. 1205, 1321, 1441. Investment trusts, 62. International balances. Relation to, 1261, 1400. Italy on. Foreign exchange, 438. Italy, 83, 269, 440, 558, 607, 729, 849, 994,1111, 1231, Loans, 79, 179, 321, 691, 955, 1305. 1346,1469. National defense bills, 177. Japan, 209, 326, 607, 729, 849, 994, 1111, 1231, 1346, National defense. Expenditures for, 1382. 1469. Note circulation, 771,1295,1296. Letters of credit in, 158, 410, 681, 926. Number of farm animals, 956. Netherlands, 433, 813,1196. Paris banks. Clearings, 1499. South America, 573. Pig iron production, 321,1305,1425. Sweden, 206, 327, 430, 431, 607, 697, 729, 811, 849, 994, Public debt, 80, 200, 321, 425, 555, 608, 692, 764, 805, 1111, 1231, 1346, 1469. 891, 955, 1020, 1075, 1143, 1258, 1306, 1374, 1382. Value of commodities in, 1441. Railway reorganization, 1423. Vessels cleared in. (See Physical volume of trade.) Rentes. Price of 3 per cent, 80, 200, 321, 425, 764, War Finance Corporation. Circular on, 647. 891, 1020, 1143, 1258, 1374, 1499. Yearly review, 778. Reserve ratio, 1295,1296. (See Business, industry, and finance.) Retail prices, 81, 200, 322, 425, 557, 605, 728, 847, 957, 993, 1109,1229, 1345, 1468. FOREIGN TRADE FINANCING CORPORATION, 647. Revenues, 80, 175, 176, 180, 200, 321, 425, 555, 764, 805, 1306, 1424,1499. FOREIGN TRADE INDEX, 76,194, 316, 445, 583, 706, Tariff, 1189,1190. 822, 968, 1085, 1205, 1321, 1441. Tax receipts. (See Revenues.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FEAN CE—Continued. GERMANY—Continued. Treasury bills discounted by British treasury, 181. Crops 959 Treasury resources, 175,180. Darlehnskassenscheine, 203, 429, 695, 765, 872, 892, Unemployment, 693. 1021, 1145, 1297, 1376, 1383, 1501. Unitea States— Debt, public, 84, 203, 324, 429, 808, 958, 1308, 1382. Anglo-French loan, 179. Dividends of great German banks, 959. Balance on open account due from, 1405, 1406. Employment, 560, 696, 1310. Bills issued in, 179. Exchange rates. Effect on prices, 1071, 1428. Bonds to, for army stocks, 179. Financial situation, 84, 203, 609, 765. War finance, 174. Financial statement, Reichsbank, 84. Wholesale prices. Index numbers, 77, 81, 195, 200, (See Reichsbank.) 322, 424, 463, 603, 693, 723, 725, 806, 842, 843, 957, Floating debt, 84, 324, 429, 609, 1145, 1259, 1309,1376. 990,1018,1105,1107, 1190,1225,1227, 1307, 1341, Foreign exchange— 1342 1373,1425, 1465. Berlin on foreign countries, 84, 203, 326, 959,1428. (See also Business and financial conditions abroad; Index numbers, 796, 797,1018,1373,1428,1498. Paris.) Mark. Value of, 203, 326, 796, 959, 1070, 1193, (See Allies; Bank of France.) 1311, 1400, 1428. Rates. Effect on prices, 1071, 1428. FRANCHISE TAX. Foreign trade, 85, 808, 1193, 1231, -1310, 1346, 1428, Paid by Federal Reserve Banks, 156, 941. 1469. FRANKFORT. (See Imports and exports.) Cost of living, 559, 809. Frankfurter-Zeitung. Bourse. Index number. Prices, 428, 559, 809, 1311,1343. FRANKFURTER-ZEITUNG. Gold marks. Government purchase price of, 1194. Bourse. Index numbers, 428, 559, 809, 1311, 1343, Gold. Price of, 1194. 1465. Gold reserve, 1913-1921, 676, 677. FRASER, SIR DRUMMOND. Import policy, 1193. Ter Meulen bonds, 1378. • Imports and exports, 85, 808, 1193, 1231, 1310, 1346, 1428, 1469. FREIGHT RATES. Investment trusts, 66. Flour and cotton, 407. Labor situation, 560, 696, 809,1072,1310. Ocean, 403, 931, 1068, 1206, 1322, 1442. Mark— FRENCH WAR FINANCE, 174. Fine silver content, 936. Government purchase price of gold mark, 1194. FRENCH TREASURY BILLS. Value of, 203, 326, 796, 959, 1070,1193,1311, 1400, Discounted by Bank of England and by British 1428. treasury, 181. National defense, expenditures for, 1382. FROZEN CREDITS, 1151. Note circulation, 771, 1295, 1296, 1297, 1383. Public debt, 84, 203, 324, 429, 808, 958, 1308, 1382. FRUIT INDUSTRY. Reports, 15, 274, 515, 657, 782, Reichsbank. (See Same.) 909, 1038, 1056. 1273, 1389. Reparations commission. Report, 1430. FRUITS. Reparation settlements, 138, 269, 650, 674,1194, 1301, Shipment of, 97, 220, 339, 453, 591, 713, 828, 974, 1302, 1303, 1429. 1091, 1211, 1327, 1447. Protocol. Text of, 674. (See Business, industry, and finance; Physical volume To Great Britain, 1302. of trade; Wholesale prices.) Reserve ratio, 1295, 1296. Revenues, 84, 203, 324, 429, 765, 808, 892, 958, 1259, FUNDED DEBT. 1376, 1429, 1501. Great Britain, ,173. (See Public debt.) Securities. Index number of prices of, 609, 765, 892, 1021, 1145, 1259, 1376, 1501. FURNITURE. Silesia decision, 1310, 1428. (See Wholesale trade.) Tariff, 1193. Tax receipts. (See Revenues.) G. Unemployment. (See Employment.) Wages, 809, 1072. GENERAL STOCK OF MONEY. War loans, 1308. (See Money in United States.) Wholesale prices, 84, 85, 195, 201, 325, 428, 559, 603, 725, 809, 842, 844, 959, 991, 1071, 1105, 1107, GENEVA COMBINATION. 1225, 1227, 1301, 13U, 1341, 1342; 1429, 1465. Investment trusts, 65. Expressed in marks, 1071, 1428. GENEVA CONFERENCE. Wiesbaden agreement, 1430. Credit plan, 10. (See afco Berlin; Business and financial conditions GERMANY. abroad; Central powers; Reichsbank.) Bank dividends, 959. GOLD. Banking conditions, 1383. China. Imports and exports, 938. Budget, 325, 561, 808, 958, 1259, 1308, 1382, 1429. Embargo. Great Britain, 302. Business and financial conditions, 83, 201, 324, 428, Imports and exports, 11, 127, 128, 131, 240, 252, 270, 559, 609, 694, 765, 808, 958, 1021, 1070, 1145, 1193, 369, 380, 492, 511, 641, 654, 679, 759, 771, 779, 856 1259, 1308, 1376, 1428, 1501. 882, 907, 1014, 1034, 1133, 1153, 1252, 1265, 1270, Capital issues, 1259,1376,1501. 1366, 1384, 1492. Coal production, 429, 960, 1194. 1918-1921, 679. Cost of living— June, 1920-May, 1921, 856. Berlin, 428, 559, 605, 695, 728, 809, 847, 993, 1072, Year ending June 10,1921, 771. 1109, 1229, 1345, 1429, 1468. Imports in settlement of trade balances, 903, 1265. Frankfort, 559, 809. India. Imports and exports, 938. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OE FEDERAL RESERVE BULLETIN. 21 GOLD—Continued. GREAT BRITAIN—Continued. Production, world, 1910-1920, 678. Bank of England. (See same.) Reserves. Principal countries, before and after war, Banking conditions, 1383, 1384. 676. Barclay & Co. Bank. Condition, 296. Stock of, in United States. (See Money in United Borrowing, longterm, 565. States.) Borrowing, short term, 567. GOLD CERTIFICATES. British finance during war, 563. (See Money in United States.) British treasury receipts, 566. Budget, 317, 554, 690, 803, 1381, 1382. GOLD COIN. Business and financial conditions, 77, 195, 317, 420, (See Money in United States.) 552, 608, 689, 764, 802, 891, 952, 1023, 1068, 1143, GOLD MARKS. 1302, 1374, 1420, 1490. Government purchase price of, 1194. Capital issues, 1020, 1257, 1374, 1499. Coal mines emergency act, 423. GOLD PRODUCTION. Coal production, 79, 198, 319, 422, 554, 689, 690, 952, Principal countries, 1910-1920, 678. 1189, 1305, 1423. GOLD RESERVES. Coal strike, 552, 689, 804, 952. Bank of France, 177, 200, 321. Coin and bullion, 78, 197, 319. Holdings abroad by Bank of France, 177. Condition of the big five banks, 295. Foreign countries. Before war, at armistice, and Cost of living, 79,198, 319, 421, 605, 728, 847, 953, 993, 1921, 676, 677. 1070, 1109, 1189, 1229, 1345, 1423, 1468. United States, 676, 677. Cost of borrowing, 374. (See principal countries, by name; Reserves.) Currency notes, 78, 197, 319, 420, 570, 764, 891, 1020, 1143, 1257, 1298, 1374, 1499. GOLD SETTLEMENT FUND. Debt. (See Floating debt; Public debt.) Operations, 345, 640, 756, 850, 880, 1012, 1131, 1250, Deposits, 78, 197, 319, 570, 1298. 1364, 1491. Discount rates, 78, 197, 319, 374, 420, 554, 567, 568, Year ending June, 1921, 850. 608, 764, 803, 954, 1020, 1257, 1374. GOODS. Embargo. Gold and silver exports, 302. (See The Hague rules, 1292.) Employment in, 79, 198, 319, 421, 552, 564, 690, 803, 953, 1020, 1069, 1257, 1374. GOURVITCH, A. Exchange value of pound sterling, 794. Italy’s war finances, 1177. Expansion, 295, 296, 297. GOVERNMENT CONTROL OF FOREIGN EX­ Export credit plan, 691, 954, 1420. CHANGE, 1400. Finance during war, 563. Financial situation, 608. GOVERNMENT DEPOSITS. Five big banks. Condition, 295. (See New York City banks; Resources and liabilities.) Floating debt, 78, 173 (since armistice), 197, 319, 420, GOVERNMENT FLOATING DEBTS. 764, 891, 1143, 1257, 1374, 1499. (See Floating debts.) Foreign exchange— Buenos Aires on, 575. GOVERNMENT OBLIGATIONS. Italy on, 438. Customers’ paper secured by. (See Discount and London on India, 31. open-market operations.) New York on, 31. GOVERNMENT LOANS. Rio de Janeiro on, 575. Floated in United States, 943. Valparaiso on, 575. (See Foreign loans.) Foreign exchange index numbers, 509, 798, 1018, 1373, 1141, 1142, 1256, 1259, 1374, 1498. GOVERNMENT REVENUES. Foreign trade, 79,198, 268, 319, 422, 606, 728, 848, 994, (See France; Germany; Great Britain; Italy; Reve­ 1110, 1188, 1230, 1304, 1345, 1420, 1468. nues; United States.) (See Imports and exports.) GOVERNMENT SECURITIES. French treasury bills discounted by Bank of England (See Earning assets; Resources and liabilities.) and British Treasury, 181. Germany. Reparation payments to Great Britain, GOVERNOR OF FEDERAL RESERVE BOARD. 1302. (See Harding, Governor.) Gold and silver embargo, 302. GOVERNORS OF FEDERAL RESERVE BANKS. Gold imports and exports, 679. Conferences, 382, 513, 1271. Gold reserves, 1913-1921, 676, 677. Imports and exports, 79, 198, 319, 422, 606, 728, 848, GJtAIN. 994, 1110, 1230, 1345. Marketing of, 15,143, 273, 385, 515, 658, 783, 911,1038, Income tax. Revenue from, 564. 1157, 1274, 1389. Index value. Pound sterling abroad, 794, 796. Receipts and shipments, 96, 218, 337, 451, 588, 711, International debt readjustment, 1421. 826, 972, 1090, 1210, 1325, 1445. Iron, production, 79, 198, 319, 422, 554, 689, 690, 952, (See Business, industry, and finance; Physical vol­ 1070, 1189, 1302, 1305, 1423. ume of trade; Wholesale prices.) Joint stock banks. Condition, 298, 571, 803. GREAT BRITAIN. Lloyd’s Bank. Condition, 295. Acceptance liabilities. British banks, 801, 1052. Loans, 565, 1303, 1421. Advances by Bank of England, 78, 173,197, 420,1020, London bankers’ clearing-house returns, 79. 1143, 1257, 1374. London clearing-house banks. Nine. Condition, Agricultural situation, 952. 420, 608, 764, 1257, 1143, 1374, 1499. Allies. Loans to, 565, 1303. London County, Westminster and Parr’s Bank. Antidumping law, 1187. Condition, 296. Balance on open account owed by United States to, London Joint City and Midland Bank. Condition, 1402. 296. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN, GREAT BRITAIN—Continued. HARDING, GOVERNOR. London Joint Stock Bank. Condition, 297. Credit policies, 895. National defense, expenditures for, 1382. Economic developments, 671. National Provincial and Union Bank. Condition, Federal Reserve System, 134, 671. 297. Financial conditions, 134. Notes, 78, 197, 319, 570, 571 (during war), 771, 1295, Maximum discount rates, 5. 1296 (1904, 1913, 1921), 1383. Orderly marketing, 4. Overseas trade act. Amendment, 954. Warehouse receipts as collateral for bank loans, 1314. Parr’s Bank. Condition, 298. HARDWARE. Pound. Foreign value of, 1499. (See Wholesale trade.) Production. Coal, iron, ships, steel, 79,198, 319, 422, 554, 689, 690, 952, 1070, 1189, 1305. HAY CROP. Public debt, 78, 173, 197. 319, 420, 565, 1381, 1421. Estimates, 983, 1099, 1206, 1334. 1916-1919, 173. HELENA BRANCH. (See same, principal heading.) Federal Reserve Bank of Minneapolis, 67, 141. Railroads, 1188, 1423. Directors, 67. Reparation receipts, 1302, 1421. Reserve ratio, 1904, 1913, 1921. 1295, 1296. HIDES AND SKINS. Retail prices, 605, 728, 847, 993, 1109, 1229, 1345. Stocks of, 101, 224, 342, 456, 594, 716, 832, 978, 1096, Revenues, 365, 563, 564, 566 (quarterlv receipts 1914- 1216, 1331, 1451. 1920) 567, 1424. (See Business, industry and finance; Physical volume (See Revenues.) of trade; Wholesale prices.) Safeguarding of industries bill, 1187. HOLDINGS OF COLLATERAL. Shilling, fine silver in, 936. (See Methods of city banks, etc.) Ships delivered under reparations agreement, 1302. Ships, production of, 79, 198, 319, 422, 554, 689, 690, HOLDINGS OF PAPER. 952, 1070, 1189, 1302, 1305, 1423. (See Discount and open-market operations.) Steel production, 79, 198, 319, 422, 554, 689, 690, 952, HOLLAND. 1070, 1189, 1302, 1305, 1423. (See Netherlands; Neutrals.) Tariff; Antidumping bill, 1187. Taxation. (See Income tax; Revenues.) HONGKONG. Tonnage over railways, 952, 1070, 1189, 1305, 1423. Gold exports and imports, 679. Trade facilities bill, 1420. HOOVER, HON. H. Treasury operations during war, 563. Ter Meulen bonds, 1380. Treasury receipts. (See, supra, Revenues.) Unemployment. (See, supra, Employment.) HOSIERY, 17,147, 278, 338, 520, 661, 787, 915,1043,1161, Union of London and Smith’s Bank. Condition, 297. 1278, 1394. Wages, 422, 552, 689, 804, 952, 1069. (See Business, industry and finance; Wholesale War finance, 563. prices.) Wholesale prices. Index numbers, 77, 78, 195, 197, HOUSTON BRANCH. 294, 318, 421, 463, 602, 691, 723, 724, 842, 843, (Federal Reserve Bank of Dallas. Directors, 67.) .953, 990, 1068, 1105, 1106, 1189, 1225, 1226, 1304, 1341, 1342, 1422, 1463, 1464. I. New index numbers, 294, 421. (See Allies; Bank of England; Banking expansion; IMMEDIATE CREDIT, 1080. Business and financial conditions abroad; (See Bill of lading drafts.) London.) IMPERIAL BANK OF INDIA, 299 GREECE. (See Allies.) IMPORT LETTERS OF CREDIT, 168, 413. IMPORT PRICES, 403. GROCERIES. (See Wholesale trade.) IMPORT TRANSACTIONS. Renewal acceptances in, 699. GROSS DEPOSITS. (See Rulings, Federal Reserve Board.) Fluctuations in, of 11 New York City banks, 286. IMPORTATION OF SECURITIES AND GOLD, GROSS TONNAGE. 1265. (See Shipping earnings, etc.) IMPORTS AND EXPORTS. GROWERS’ DRAFTS, 1199. Argentina, 574. (See Cooperative marketing associations.) Brazil, 574. Chile, 574. GUARANTY. China, 1914-1921, 938. Authority of national banks to, acceptances under Foreign countries, 1345. letters of credit, 547, 648. France, 81, 201, 320, 424, 426, 556, 557, 606, 806, 1076, 1191. GUARANTY TRUST COMPANY. Germany, 85, 808, 1193, 1310. Circular. Foreign loans floated in United States. 135, Policy as to imports, 1193. 942, 1266. Gold. (See Same.) H. Great Britain, 79, 198, 319, 422, 606, 1420, 1468. India— HAGUE RULES, 1292. 1910-1920, 30. 1914-1921, 938. HAMLIN, C. S. Italy, 83, 440, 558, 606, 1469. Index-Digest. Federal Reserve Bulletins, 1914-1920, Japan, 209, 326, 606, 607, 729, 849, 994, 1231, 1469. 272, 383, 655. Netherlands, 433, 813, 1196. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 23 IMPORTS AND EXPORTS—Continued. INDEX OF PRODUCTION, 1033, 1148. Pig tin. (See Business, industry, and finance; Physi­ INDEX. SILVER. cal volume of trade; Wholesale prices.) Wholesale prices, 935. Raw silk. (See Business, industry, and finance; Physical volume of trade; Wholesale prices.) INDIA. Silver. (See Same.) Balance of trade, 30. Sweden, 206, 327, 431, 562, 606, 697, 810, 811. Balance on open account owed by United States to, United States, 76, 194, 316, 446, 584, 672, 707, 822, 1403. 969, 1086, 1205, 1321. Gold. Imports and exports, 679, 938. Value of selected articles at 1913 prices, 446, 584, 707, Gold production, 1910-1920, 678. 822, 969, 1086, 1205, 1321, 1441. Gold reserves, 1913-1921, 676, 677. Imperial bank of, 299. IMPORTS, GOLD, 369, 370, 492, 493, 641, 679, 760, 856 Imports and exports— (fiscal year 1921), 882, 938, 1014, 1015, 1133, 1134, 1910-1920, 30. 1252, 1253, 1384. 1914-1921, 938. (See Gold; Silver.) Monetary commission. Report, 29. Monetary conditions and exchange developments, 29. IMPORTS, SILVER. Notes in circulation, 32. (See Silver.) Rupee exchange. New York on, 31. IMPORTS, WATER BORNE, 1860-1920, 401, 409. Rupee. Value in foreign exchange, 1893-1920, 31. Reserves, 32. INCOME-TAX REVENUES. Securities in reserves, 32. Great Britain, 564. Silver— (See Great Britain; Revenues.) Imports and exports, 1914-1921, 938. Prices, 30. INDEBTEDNESS. Wholesale prices, Calcutta. Index numbers, 77, 88, Foreign countries to United States, 906, 1400. 195, 209, 329, 463, 464, 604, 723, 726, 842, 846, INDEX. 992, 1105, 1109, 1225, 1229, 1341, 1344, 1463, 1467. (See Foreign exchange index; Foreign exchange rate INDIANA. index; Foreign trade index; Ocean freight rates.) Amendment to banking laws, 550. INDEX-DIGEST INDIVIDUAL DEPOSITS, 289. Federal Reserve Bulletins, 1914-1920, 272, 383, 513, 655. INDORSEMENT. By party to commercial transaction, 1079. INDEX. FOREIGN EXCHANGE. Bankers’ acceptances purchased direct from accepting Federal Reserve Board, 798. bank, 699. INDEX NUMBERS. PRICES. COMPARATIVE INDUSTRIAL LOANS. PRICE LEVELS, UNITED STATES AND Changes in agricultural and, Mar. 4, 1920-Apr. 28, FOREIGN COUNTRIES. 1921, 1049. Board of Trade. Great Britain, 294. Foreign, floated in United States, 949. Eight groups of manufacturing industries, 1148. (See Foreign loans placed in United States.) Exchange value. Foreign currency, 794. INDUSTRIES. Exchange value. Mark, 796, 797. (See Safeguarding of industries bill, Great Britain.) Foreign exchange, 1008, 1141, 1256, 1372, 1498. Foreign trade, 76, 194, 316, 445, 583, 706, 822, 968, INDUSTRY. 1085, 1205, 1321, 1441. (See Business, industry, and finance.) Germany, 1428, 1429. INDUSTRY AND LABOR, 774. (See Wholesale prices.) Great Britain. New, 294, 421. INFLATION. Italy. New, 465. Sweden, 203. Manufacturing industries, 1148. (See Expansion.) Netherlands, 432, 1196. INFORMATION, SOURCES OF. (See Netherlands.) (See Methods of city banks, etc.) Norwegian krone, 795, 797. Ocean freight rates, 403, 931, 1086, 1206, 1322, 1442. INTERBANK LOANS, RATES. Pound sterling abroad, 794, 796, 1499. (See Federal Reserve Bank and branch cities.) Retail prices. Principal countries, 605, 727, 847, INTERBANK TRANSACTIONS. 993, 1109, 1195, 1229, 1345, 1468. (See Gold settlement fund.) Scandinavia, 1431, 1432. Swedish krona, 795, 797. INTERDISTRICT MOVEMENT. Wholesale prices abroad, 77, 195, 317, 463, 610, 723, Federal Reserve notes, 626. 842, 988, 1105, 1225, 1341, 1461. (See Federal Reserve notes.) Wholesale prices, United States. International com­ INTEREST RATES. parison, 90, 211, 442, 463, 465, 601, 604, 723, 727, Call money, New York, 375. 818, 841, 988, 1005, 1225, 1340, 1437, 1461. Market rates. (See Federal Reserve Bank and branch Wholesale prices, United States, 90, 211, 442, 463, cities; Discount rates.) 465, 505, 580, 601, 604, 703, 723, 727, 818, 841, 965, 988, 1005, 1082, 1201, 1225, 1317, 1340, 1437, INTERNAL REVENUE BUREAU. 1461. Regulation. Revenue stamps on time drafts, 310. INDEX OF BUSINESS CONDITIONS, 1269, 1384, INTERNATIONAL BALANCE, UNITED STATES, 1425. 1262, 1400. INDEX OF OCEAN FREIGHT RATES, 403, 931, 1086, INTERNATIONAL BANKING CORPORATIONS. 1206, 1322, 1442. 1 (See Foreign banking corporations.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. INTERNATIONAL COMPARISON. ITALY—Continued. Wholesale prices, 463, 601, 723, 818, 821, 841, 988,1105, Expenditures for national defense, 1382. 1225, 1340, 1437, 1461. Financial situation, 609. Floating debt, 1182. INTERNATIONAL CREDITS, 181. Foreign credits, 1185. INTERNATIONAL DEBT ADJUSTMENT, 906, 1421. Foreign exchange. On foreign countries, 438, 957, 1426. INTERNATIONAL FINANCE CORPORATION, 71. Foreign exchange index numbers, 1018, 1373, 1498. INTERNATIONAL LAW ASSOCIATION. Foreign trade, 83, 269, 440, 558, 607, 729, 849, 994, Hague rules, 1292. 1111, 1231, 1346, 1469. (See Imports and exports.) INTERNATIONAL MOVEMENT OF PRICES. Gold reserve, 1913-1921, 676, 677. (See International comparison; Price movement and Government price control relinquished, 1427. volume of trade.) Imports and exports, 83, 440, 558, 606, 607, 729, 849, INTERNATIONAL TRADE. 994, 1110, 1231, 1346. Regulation of. The Hague rules, 1292. Index number. New, 465. Joint stock banks. Condition, 440. INVESTMENT CHANGES. Lira— Yearly review, 777. Fine silver in, 936. INVESTMENT IN AMERICAN SECURITIES. Francs to, 322. (See Investment trusts.) Value, 1469. Mineral production, 441. INVESTMENT IN STOCK OF INTERNATIONAL Monopolies, 1180. FINANCE CORPORATION, 71. National defense. Expenditures for, 1382. INVESTMENT TRUSTS. National loans, 1181. Belgium, 64. New index number, 465. France, 62. Notes in circulation, 82, 424, 771, 1179, 1183, 1296, Geneva combination, 65. 1298, 1384. Germany, 66. Private banks. Condition, 427, 609, 765, 892, 1021, Switzerland, 64. 1145, 1258, 1375, 1500. Production. Coal, iron, etc., 441. IRON AND STEEL PRODUCTION, 18, 386, 518, 660, (See Coal production.) 784, 912, 1040, 1158, 1276, 1444. Public debt, 82, 323, 324, 765, 892, 1076, 1179, 1375, France, 321, 1305, 1425. 1382, 1500. Great Britain, 79, 198, 319, 422, 554, 689, 690, 952, Reserve ratio, 82, 1295, 1296, 1298, 1384. 1070, 1189, 1305, 1423. Revenues, 426, 693, 1076, 1178, 1180, 1258, 1375, 1500. Italy, 441. Savings deposits, 440. Sweden, 811. Security prices, 438, 439. United States, 18,100,145, 223, 276, 341, 387, 455, 518, Silver, fine. In lire, 936. 592, 660, 715, 785, 831, 912, 977, 1040, 1094, 1159, Tariff, 1191. 1213, 1276, 1329, 1391, 1449. Taxes, 693, 1180. (See also Business, industry, and finance; Movement (See Revenues.) of commodities; Physical volume of trade; Unemployment, 1077, 1427. Wholesale prices.) United States credits, 1185. War finances, 1177. IRRIGATION COMPANIES. W7ar loans, six, 1181, 1182, 1185. Notes of, held to be commercial and not agricultural Wholesale prices. Index numbers, 77, 82, 195, 209, paper, 964. 328, 437, 463, 465, 603, 725, 807, 842, 844, 957, 990, 1105, 1107, 1225, 1227, 1341, 1342, 1425, 1426, ISSUE. 1463, 1465. (See Banks of issue; Federal Reserve bank notes; New index number, 465. Federal Reserve notes; Note circulation; Note (See also Allies; Banca Commerciale Italiana; Banca issue.) Itaiiana di Scon to; Bank of Italy; Banks of ITALY. Italy, Naples, and Sicily; Banco di Roma; Busi­ Agricultural products. Production, 83. ness and financial conditions abroad; Credito Balance of trade, 83, 558. Italiano.) ‘(See Imports and exports.) J. Balances due to and from foreign countries, 1403. Bank of Italy. (See same.) JACKSONVILLE BRANCH. Banks of— Federal Reserve Bank of Atlanta. Directors, 67. Advances to Government, 1384. (See Bank of Italy.) JAPAN. Banks of issue. Condition, 439, 607, 765, 892, 1021, Balance on open account owed by United States to, 1145, 1258, 1375, 1500. 1403. Banks of Italy, Naples, and Sicily. Condition, 1298. Bank of Japan. (See Bank of Japan.) Budget, 323, 1076, 1381, 1382. Business and financial conditions, 86, 208, 326, 610, Business and financial conditions, 82, 322, 426, 437, 766, 1022, 1144, 1260, 1376, 1501. 557, 609, 698, 765, 807, 957, 1021, 1076, 1145, 1191, Coin and bullion, 87. 1258, 1375, 1384, 1425. Deposits, 1300. F Prof. Riccardo Bachi on, 437. Discount rates. Tokio market, 326, 1501. Clearing-house returns, 439, Financial situation, 610. Cost of living, 807. Foreign exchange index numbers, 1018, 1373, 1498. Crops, 1426. Foreign trade, 209, 326, 607, 729, 849, 994, 1111, 1231, Deposits, 82, 1298, 1384. 1346, 1469. Employment, 1077, 1427. (See Imports and exports.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 25 JAPAN—Continued. LAW DEPARTMENT—Continued. Gold- Authority of national bank to appoint correspondents Imports and exports, 679. to issue letters of credit and acceptances under Reserves, 1913-1921, 676, 677. guaranty, 547, 648. Imports and exports, 209, 336, 606, 607, 729, 849, 994, Internal Revenue Bureau. Stamps on time drafts, 1231, 1469. 310. Note circulation, 1904, 1913, and 1921, 1295, 1296, Letters of credit— 1300. Limitations applicable to, 816. Reserves, 1295, 1296, 1300. (See, supra, Authority.) Tokio banks, condition. (See Condition.) (See Rulings, Federal Reserve Board.) Wholesale prices. Index numbers, 77, 195, 317, 463, LEAD, 1095, 1214,1329,1449. 601, 723, 842, 989, 1105, 1225, 1341, 1463. (See Business, industry, and finance; Physical volume (See also Asia; Bank of Japan; Tokio banks.) of trade; Wholesale prices.) JAVA. LEAF TOBACCO INDUSTRY, 1057. Gold reserves, 1913-1921, 676, 677. LEAGUE OF NATIONS. JAYASCHE BANK. International credit, 10. Condition, 1197. Ter Meulen bonds, 181. Independent currency, 1197. LEATHER. JOINT COMMISSION OF AGRICULTURAL IN­ Monthly reports, 17, 148, 279, 390, 521, 662, 787, 916, QUIRY. 1043, 1162, 1279, 1395. Agricultural credits, 1030. Production of, 1095, 1216, 1331, 1451. (See Business, industry, and finance; Physical volume JOINT STOCK BANKS. CONDITION. of trade; Wholesale prices.) Great Britain, 571, 608, 764, 803, 1143, 1257. LETTERS OF CREDIT. Italy, 440. Application for, 1170. Sweden, 431, 766, 893, 1022, 1144, 1259, 1375, 1500. Authority of national bank to issue through a corre­ JURISDICTION. spondent, 547, 648. (See American Bank & Trust Co. v. Federal Reserve Authority to purchase, 930. Bank of Atlanta.) Court decisions as to rights and liabilities arising out of, 158,162. Forms of, 410. K. Issue of, by bank as agent of another bank, 547, 648. Liabijity upon, 547, 816. KAINS, ARCHIBALD. Limitations applicable to, 816. Financing cotton for export, 1066. (See Acceptances, letters of credit.) Practice of American banks in financing foreign trade KNIT GOODS, PRODUCTION, 23, 151, 278, 284, 596, under, 163. 720, 837, 984, 1100, 1221, 1337, 1457. Practice under commercial, 681. KRONA. Questionnaire on use of, 164. Foreign exchange value of Swedish, 795, 797, 1375. Study of, 158, 410, 681, 926. (See Authority to purchase; Commercial letters of KRONE. credit,) Foreign exchange value of Danish, 1432. LIABILITIES. Foreign exchange value of Norwegian, 795, 797, 1432. (See Acceptance liabilities; Assets and liabilities; Deposit liabilities; Ratio, quick assets, etc.; L. Resources and liabilities.) LIABILITY. LABOR AND INDUSTRY, 774. On letters of credit and acceptances, 547, 816. LABOR CONDITIONS. LIBERTY BONDS. LOANS SECURED BY. France, 693. Discount rates. (See Same.) Germany, 560, 696, 809, 1072, 1310. Market rates. (See Federal Reserve Bank and branch Great Britain, 79,198, 319, 422, 552, 690, 803, 804, 952, cities.) 1069. Italy, 1077, 1427. LIMITATION OF ARMAMENTS. Netherlands, 432,1196. Washington Conference, 1383. Sweden, 431, 562, 696, 960, 1073. LIMITATION ON LETTERS OF CREDIT, 158, 162, United States— 816. Monthly reports, 19, 148, 282, 522, 664, 789, 917, 1045, 1163, 1281, 1396. LIQUIDATIONS, BANK, 14, 68, 133, 307, 416, 551, Survey by Federal Reserve Board, 506, 526. 698, 814, 961, 1078,1198, 1434. Yearly review, 774. LIRA, VALUE, 1426. (See Wages.) LITTLE ROCK BRANCH. LAW DEPARTMENT. Federal Reserve Bank of St. Louis. Directors, 67. Amendments— Act Mar. 21, 1921. Qualification of national- LIVE STOCK. bank directors, 549. Animals slaughtered, 450, 588, 710, 825, 972, 1088, Act June 14, 1921. Sec. 25 (a), 817. 1209, 1324, 1443. Federal Reserve Act— Bankers live-stock loan corporation, 775. Sec. 11 (m), 73, 310. Financial plan of Secretary of Treasury, 775. Sec. 25 (a), 310, 817. Monthly reports on, 15, 143, 275, 386, 516, 658, 783, State banking laws, 549. 911, 1039, 1157, 1274, 1390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. LIVE STOCK—Continued. LONDON—Continued. Receipts and shipments, 94, 216, 334, 449, 587, 709, Market rates. Bankers’ acceptances, 173. 823, 970, 1087, 1207, 1324, 1443. Silver. Average price, 130, 494, 890. (See Business, industry, and finance; Physical volume (See also Foreign exchange; Great Britain.) of trade; Wholesale prices.) LONDON COUNTY, WESTMINSTER, AND PARR’S LIVE-STOCK FINANCING, 775. BANK (LTD.). LIVE-STOCK LOANS. Expansion, 296. Market rates. (See Federal Reserve Sank and branch LONDON, JOINT CITY AND MIDLAND BANK, cities.) (LTD.). Expansion, 296. LIVE-STOCK PAPER. (See Discount and open-market operations; Discount LONDON JOINT STOCK BANK (LTD.). rates.) Expansion, 297. LLOYD’S BANK (LTD.). LONDON JOINT STOCK BANKS. Expansion, 295. Condition, 298, 571, 608, 764, 803, 1143, 1257. LLOYD GEORGE. LONG-TERM BORROWING. fci Reparation payments, 651. Great Britain, 565. LOAN. LOS ANGELES BRANCH. (See National loan.) Federal Reserve Bank of San Francisco. Directors, 67. LOANS. Agricultural. (See Agricultural credit; Credit.) LOSSES OF SHIPS, WAR, 184. City banks to correspondents. Methods, 33, 536. LOUISVILLE BRANCH. Demand, on real estate, 546. Federal Reserve Bank of St. Louis. Directors, 67. Difference in range. (See New York City banks.) Foreign— LUMBER. Floated in United States, 135, 942, 1266. Production, 98, 221, 340, 454, 592, 714, 829, 976, 1093, France, 179, 321, 691, 955, 1305. 1215, 1330, 1450. Germany, 1308. Reports on, 22, 144, 279, 390, 521, 663, 788, 916, 1044, Great Britain, 565, 1303, 1421. 1163, 1280, 1395. Italy, 1181,1185. (See Business, industry, and finance; Physical volume Warehouse receipts as collateral for bank, 1314. of trade; Wholesale prices.) (See Changes in Agricultural and industrial loans; Credit; Demand loans on real estate; Foreign M. loans; Methods of city banks, etc.; War loans.) MANAGERS OF FEDERAL RESERVE BANK LOANS AND DISCOUNTS. BRANCHES, 67. Classification. Member State banks and trust com­ panies. (See Discount and open-market opera­ MANUFACTURING, 1150. tions; Condition, member State banks and trust MARK, GERMAN. companies; Fluctuations.) Fine silver content, 936. Eleven New York City banks, 41. Fluctuations, 1193. LOANS, FOREIGN. Foreign exchange value, 203, 796, 797, 1193. (See Foreign loans; Foreign loans placed in United Gold marks. Government purchase price of, 1194. States; New York City banks.) Speculative purchases of, 1265. Value of, 203, 326, 796,959,1070,1193,1311,1400,1428. LOANS, RECEIPTS FROM. MARKET, ACCEPTANCE. Great Britain, 567. (See Acceptance market.) (See Revenues.) MARKET RATES. LOANS SECURED BY WAREHOUSE RECEIPTS. Call loans, New York, 375. Market rates. (See Federal Reserve Bank and branch Bankers’ acceptances, London and New York, 173. cities.) In Federal Reserve Bank and branch cities, 93, 215, LOANS TO ALLIES. 333,495, 643, 761, 884,1016,1135,1255,1370,1496. By Great Britain, 565,1303. Prime bankers’ acceptances, New York, 801. By United States, 1262. (See Acceptances; Eligible nonmember bills; Fed­ eral Reserve Bank and branch cities; Tokio.) LOCOMOTIVES AND CARS. Output, 102, 225, 343, 457, 595, 717, 833, 980, 1097, MARKETING ASSOCIATIONS. 1217, 1332, 1452. (See Cooperative marketing asspdations.) (See Physical volume of trade.) MATURITIES. LONDON. Acceptances purchased— Bankers’ clearing-house returns, 79. Monthly, 110, 234, 353, 470, 616, 733, 860, 996, Clearing-house banks— 1113, 1233, 1348, 1472. Acceptance liabilities of nine, 801. Quarterly, 111, 234, 471, 616, 861. Condition of nine, 420, 608, 764, 891, 1020, 1143, Bills discounted and bought— 1257,1374, 1499. Monthly, 110, 119, 233, 241, 353, 360, 469, 478, Foreign exchange— 616, 624, 733, 742, 860, 869, 997, 1005, 1112, Argentina, Rio de Janeiro, and Valparaiso on, 575. 1122, 1233, 1242, 1348, 1356, 1471, 1482. Berlin on, 326. Quarterly, 110, 234, 470, 616, 861. Index numbers, 1257, 1374. Treasury certificates, 119, 241, 360, 478, 624, 742, 869, London on India, 31. 1005, 1122, 1242, 1348, 1356, 1471, 1482. Francs to pound sterling, 322. (See Discount and open-market operations.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN, 27 MATURITY BASIS. MERCHANT VESSELS. Acceptances reduced to a common. (See Discount (See Shipping earnings, etc.; Ships.) and open-market operations.) MERGER OF BANKS, 416. MATURITY DISTRIBUTION. (See New York City banks.) (See Discount and open-market operations.) METAL MANUFACTURING. MEAT PRODUCTS. (See Business, industry, and finance.) Exports of, 95, 217, 336, 450, 588, 710, 826, 972, 1088, 1209, 1325, 1445. METALS. (See Business, industry, and finance; Physical vol­ (See Business, industry, and finance.) ume of trade; Wholesale prices.) METHODS OF CITY BANKS IN GRANTING MELLON, HON. A. W. ACCOMMODATION TO CORRESPONDENTS, Confirmed as Secretary of Treasury by United States 33, 536. Senate, 383. MEXICO. MELTING POINTS OF SILVER CURRENCIES, Gold imports and exports, 679. 936, 937. (See North America.) MEMBER BANK ACCEPTANCE LIABILITY. MITCHELL, J. R. Year 1921, 171, 800, 1050. Appointed a member of the Federal Reserve Board, (See Acceptances.) 655. MEMBER BANK COLLATERAL NOTES. MONETARY AND EXCHANGE DEVELOPMENTS (See Discount and open-market operations.) IN INDIA, 29. MEMBER BANK CONDITION STATEMENTS, 120, MONETARY COMMISSION, INDIA, 29. 245, 363, 480, 628, 743, 871,1006, 1124,1244, 1271, 1358, 1484. MONETARY UNITS. Abstract of, 255, 497, 851, 886, 1137. Foreign countries, 1295, 1497. Percentage of depreciation, 1497. MEMBER BANK LOANS. Distribution. Agricultural and other counties, 1150. MONEY. Call loan rates, New York, 375. MEMBER BANKS. Acceptance liabilities, 171, 800, 1050. MONEY IN UNITED STATES. Agricultural loans by, 1049, 1150. Dec. 1, 1920, 129; Jan. 1, 1921, 254; Feb. 1, 1921, 371; Assets and liabilities, 629, 744, 871, 999, 1116, 1117, Mar. 1, 1921, 496; Apr. 1, 1921, 644; May 1, 1921, 1236, 1237, 1351, 1475. 762; June 1, 1921, 885; July 1, 1921, 1017; Aug. Borrowings from, in agricultural and semiagricultural 1, 1921, 1136; Sept. 1, 1921, 1254; Oct. 1, 1921, counties, 1049, 1150. 1368; Nov. 1, 1921, 1495. Classification, Loans and discounts, 257, 499, 889, June 1, 1920-June 1, 1921, 853. 1140. MONOPOLIES, GOVERNMENT. Condition statements, 120,245, 255, 258, 259, 363, 376, Italy, 1183. 480,497, 500, 512, 628, 655, 743, 851, 871, 886, 888, 908,1006,1124, 1154, 1244, 1358, 1385,1484. MORATORIUM, CUBA, 302. Holdings of paper. (See Discount and open-market MOTOR TRUCKS, 191. operations.) (See Rulings, Federal Reserve Board.) Number in each Federal Reserve district. Number accommodated, 108, 232, 351, 362, 467, 491, 614, MOVEMENT OF AGRICULTURAL PRODUCTS, 639, 731, 755, 858, 881, 1013, 1132, 1232, 1251, COAL AND PETROLEUM, IRON AND STEEL, 1347, 1365, 1471, 1492. AND TEXTILES, 708, 824, 971, 1089, 1208, 1323, 1917-1921, 1032. 1444. Nonmember banks. Permission to rediscount paper MOVEMENT OF ASSETS AND LIABILITIES. of, 963. Federal Reserve Banks, 475, 622, 737, 850, 865, 999, Reserve deposits. (See Same.) 1116, 1118, 1236, 1238, 1352, 1353, 1473. Resources and liabilities. Fiscal year 1921, 852. Reporting member banks, 629, 744, 871, 999, 1117, (See Assets and liabilities.) 1237, 1351, 1473. State banks admitted to Federal Reserve System, 68, 188, 307, 415, 551, 698, 814, 961, 1078, 1198, 1316, MOVEMENT OF GOLD AND SILVER. 1434. (See Gold; Silver.) (See also Discount and open-market operations; State MUNICIPAL LOANS, 945. banks and trust companies admitted.) (See Foreign loans placed in United States.) MEMBER STATE BANKS AND TRUST COMPA­ NIES. N. Classification of loans and discounts and condition, 255, 257, 889, 1140. NAME OF BANK, CHANGE OF, 68, 307, 416, 551, (See Member banks.) 961, 1078, 1198, 1316. Condition, 255, 1137, 1138, 1139, 1140. NASHVILLE BRANCH. (See S,tate banks and trust companies.) Federal Reserve Bank of Atlanta. Directors, 67. MEMPHIS BRANCH. NATIONAL ASSOCIATION OF FINISHERS OF Federal Reserve Bank of St. Louis. Directors, 67. COTTON FABRICS. MEN S CLOTHING. Reports, 23, 152, 284, 448, 596, 719, 836, 985, 1101, (See Business, industry, and finance.) 1220, 1336, 1456. MERCHANDISE. NATIONAL BANK NOTES. _ & Exports andjimports. China and India, 938. Fiscal year 1921, 853. (See Imports and exports.) (See Money in United States.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. NATIONAL BANKS. NETHERLANDS—Continued. Acceptances. No authority to guarantee, 547. Unemployment, 432, 1196. Acceptance liabilities of, 172, 800, 1051. Wholesale prices, 432, 813, 1195, 1463. Acceptances can only be given at principal office, 547. (See Bank of Netherlands; Dutch East Indies; Ja­ Authority to appoint correspondents to issue letters vasche Bank.) of credit and acceptances under guaranty of, 547, NEUTRALS. 648. Net balances on open account owed by United States Charters, new, 69, 189, 307, 417, 551, 698, 814, 962, to, 1406. 1081, 1200, 1315, 1436. Correspondents. (See, supra, Authority.) NEW CHARTERS. Deposit of securities in trust department, 309. (See National banks.) Directors. Act of Mar. 1, 1921, as to qualifications of NEW JERSEY BANKING LAWS. directors, 549. Amendment to, 73. Fiduciary powers granted to, 68, 189, 306, 416, 545, 551, 688, 814, 961, 1078, 1198, 1316, 1434. NEW ORLEANS BRANCH. Deposit of securities in trust department, 309. Federal Reserve Bank of Atlanta. Directors, 67. Exercise of, outside of State where located, 816. NEW YORK. Transfer agents, 545. Bankers* acceptances. Market rates, 173. Guaranty of acceptances and letters of credit, 547, 648. Dollar. Francs to the, 322. International Finance Corporations. Investment in Foreign exchange— stock of, 71. Argentina, Rio de Janeiro and Valparaiso on, 575. Transfer agents, 545. Berlin on, 326. Trust department. Deposit of securities in, 309. New York on foreign countries, 8, 31, 130, 136, Trust funds, sale of collateral security, 1435. 266, 380, 494, 509, 890, 907, 1377. (See Discount and open-market operations; Rulings, New York on* Great Britain, 31. Federal Reserve Board; Fiduciary powers.) Rupee exchange, 31. NATIONAL DEFENSE EXPENDITURES. Silver. Average price, 130, 494, 890, 935 (1918-1921). France, 178, 1382. Germany, 1382. NEW YORK CITY BANKS. Great Britain, 1382. Fluctuations in gross deposits of eleven, 1913-1919, Italy, 1382. 286. Fluctuation in loans and discounts of eleven, 1913- NATIONAL LOAN. 1919, 41. France, 79. Methods of, in granting accommodation to corre­ NATIONAL PROVINCIAL AND UNION BANK OF spondents, 33, 563. ENGLAND (LTD.). NEW ZEALAND. Expansion, 297. Gold imports and exports, 679. NAVAL EXPENDITURES. Wholesale prices, 1463. Reduction of, 1383. NICARAGUA. NAVAL STORES, 98, 221, 339, 453, 591, 714, 829, 975, Gold imports and exports, 679. 1092, 1212, 1328, 1448. NONAGRICULTURAL COUNTIES. (See Physical volume of trade.) Loans, 1150. NEGOTIATION, ORIGINAL. (See Commercial paper.) NONFERROUS METALS, 19, 146, 276, 386, 517, 660, 785, 913, 1041, 1159, 1276, 1392. NET BALANCES. (See Business, industry, and finance.) Owed in open account by United States to foreign NONMEMBER BANKS. countries, 1405. Acceptances of, held by Federal Reserve Banks. NET EARNINGS. (See Discount and open-market operations.) (See Earnings.) Number of, in each Federal Reserve district, 362, 491, 639, 755, 881, 1013, 1132, 1251,'1365, 1492. NET SALES. (See Retail trade; Wholesale trade.) Number on par list, 113, 244, 362, 491, 639, 755, 850, 881, 1013, 1132, 1251, 1365, 1492. NET TON-MILES. Permission granted to member banks to rediscount (See Physical volume of trade.) paper acquired from, 963. (See Discount and open-market operations; State NETHERLANDS. banks and trust companies.) Balance of trade, 1196. Bank of. (See same.) NONMEMBER BILLS, ELIGIBLE. Business and financial conditions, 431, 812,1197,1299. Market rates, 534. Capital issues, 1266. NONNATIONAL BANKS. Currency circulation, 1197. (See Discount and open-market operations; Non­ Deposits, 1299. member banks.) Employment, 432, 1196. Foreign exchange rates, 433, 1018, 1373, 1498. NONPAR LIST. Foreign trade, 433, 813,1196. (See Clearing system.) Gold imports and exports, 679. NORTH AMERICA. Gold reserves, 1913-1921, 676, 677. Net balances on open account owed by United States Javasche Bank. (See same.) to, 1403, 1406. Imports and exports, United States, 433, 813, 1196. Note circulation, 1904, 1913, and 1921, 1295, 1296, NORWAY. 1299. Balances due to and from foreign countries, 1403. Reserve ratio, 1295, 1296, 1299. Bank of. (See same.) Retail prices, 1195. Foreign exchange value. Krone, 795, 797, 1431. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 29 NORWAY—Continued. OPEN-MARKET RATES. Gold reserves, 1913-1921, 676, 677. (See Federal Reserve Bank and branch cities.) Note circulation, 1433. OPINIONS OF COUNSEL. Note expansion, 1433. (See Rulings, Federal Reserve Board.) Wholesale prices. Index numbers, 726, 842, 845, 991, 1105,1108,1225, 1228, 1341, 1343, 1463, 1466. OPINIONS OF COURTS. (See Bank of Norway; Christiania; Neutrals; Scan­ American and British. Rights and liabilities under dinavia.) letters of credit, 158, 162. NOTE CIRCULATION. United States Supreme Court. Par clearance deci­ Austria. (See Same.) sion, 700. Bank of England. (See Same.) ORDERS. Bank of France. (See Same.) Outstanding. (See Retail trade.) Bank of Japan. (See Same.) France. (See Same.) ORIENT. Germany. (See Same.) Trade with, 926. Great Britain. (See Same.) (See Authority to purchase.) Italy. (See Same.) ORIGINAL NEGOTIATION. Reichsbank. (See Same.) (See Commercial paper.) Riksbank. (See Same.) OUTSTANDING ORDERS. NOTE CIRCULATION. RESERVES AND RE­ (See Retail trade.) SERVE RATIO. Foreign countries. 1904, 1913, and 1921, 1295. OVERDRAFTS, 289. NOTE EXPANSION. P. Great Britain, 295, 296, 297. Scandinavia, 1433. PACKING CORPORATIONS. NOTE ISSUE. (See Agricultural paper; Cooperative marketing Transferred from Australian treasury to the Common­ associations.) wealth Bank, 301. PAPER. NOTE LIABILITIES. (See Business, industry, and finance; Physical volume (See Deposit and note liabilities; Resources and lia­ of trade; Wholesale prices.) bilities.) PAPER, AGRICULTURAL. NOTES. (See Agricultural paper.) (See Agricultural paper; Commercial paper; Coopera­ PAPER, COMMERCIAL. tive marketing associations; Eligibility; Federal (See Commercial paper.) Reserve bank notes; Federal Reserve notes; Finance paper; India; Irrigation companies; PAPER, FINANCE, 308. Packing companies.) (See Cold-storage company; Finance paper.) 0. PAPER PRODUCTION, 101, 225, 343, 457, 595, 717, 833, OATS. 979, 1096, 1216, 1331, 1451. Estimated crop, 983, 1099, 1206, 1334. PAR COLLECTION. OCEAN FREIGHT RATES, 403, 931,1086,1206 (index), (See Clearing system.) 1322, 1442. PAR LIST. OIL OUTPUT, 99, 222, 341, 454, 592, 715, 830, 976, 1094, (See Clearing system.) 1213, 1328, 1448. PARAGUAY. OIL REFINERIES. Capital issues, 1266. (See Physical volume of trade.) PARENT BANK. OIL STOCKS. Reserves against balances due to a foreign branch, 815. (See Physical volume of trade.) PARIS. OKLAHOMA. Bank clearings, 1374, 1499. Amendment to banking laws, 550. Foreign exchange— OKLAHOMA BRANCH. Berlin on, 326. Federal Reserve Bank of Kansas City. Directors, 67. Exchange on foreign countries, 692. Retail prices, 81, 425, 605, 728, 847, 993, 1109, 1229, OMAHA BRANCH. 1345,1468. Federal Reserve Bank of Kansas City. Directors, 67. PARR’S BANK (LTD.). ONE HUNDRED PER CENT. Acceptances authorized up to. (See Acceptances.) Expansion, 298. OPEN ACCOUNT. PAY ROLLS. Net balances on, owned by United States to foreign (See Changes in wages.) countries, 1405. PAYMENTS. OPEN-MARKET OPERATIONS. In anticipation of acceptances, 815. (See Discount and open-market operations.) PEAK OF REDISCOUNTS, 53. OPEN-MARKET PURCHASES. (See New York City banks.) Amendment to Regulation B, purchase of 6 months’ PER CAPITA CIRCULATION. acceptances, 545. (See Money in United States.) Bankers’ acceptances direct from accepting banks, 699. PERCENTAGE OF DEPRECIATION. (See Discount and open-market operations.) Foreign currencies, 1497. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. PERCENTAGE OF DISTRIBUTION. PRICE LEVELS, RETAIL, COMPARATIVE. (See Discount and open-market operations.) Principal countries, 727, 728, 847, 993, 1109, 1229, 1345, 1461, 1468. PERCENTAGE, RESERVE. (See India; Reserve percentage; Resources and lia­ PRICE MOVEMENTS AND VOLUME OF TRADE, bilities.) 442, 579, 702, 818, 965, 1082, 1201, 1317, 1437. PERMITS, BUILDINGS, 835, 981, 1098, 1219, 1455. PRICE REDUCTIONS, 504. PERU. PRICES, 22,131,150, 281, 378, 393, 504, 505, 525, 652, 666, Wholesale prices, 1463. 776, 790, 919, 1047, 1152, 1165, 1283, 1422, 1425, (See South America.) 1428, 1429, 1431, 1432, 1501. PETROLEUM. Import and export goods in foreign trade of United Monthly reports, 18, 145, 276, 387, 517, 659, 784, 912, States, 403. 1040, 1158,1275, 1391. President of United States on, 506. Production, 99, 222, 341, 454, 592, 715, 830, 976, 1094, Retail. (See Retail prices.) 1213, 1328, 1448. Wholesale. (See Indexes; Wholesale prices.) (See Business, industry, and finance; Movement of (See Business, industry, and finance; Comparative re­ commodities; Physical volume of trade; tail prices; Comparative wholesale price levels; Wholesale prices.) France; Germany; Great Britain; Index numbers; Italy; Rentes; Retail prices; Securities; Security PHILIPPINE ISLANDS. prices; Silver; Tobacco; Wholesale prices.) Capital issues, 1266. PHYSICAL VOLUME OF TRADE, 94, 216, 334, 446, PRICES AND CREDIT, 776, 1152. 585, 707, 823, 969,1087, 1207, 1322, 1442. PRICES AND WAGES, 652. PIG-IRON PRODUCTION. PRIVATE BANKERS. France, 321,1305,1425. (See Private banks.) Great Britain, 79, 198, 319, 422, 554, 689, 690, 952, 1070, 1189,1302,1305, 1423. PRIVATE BANKS. Italy, 441. Acceptances ol, held by Federal Reserve Banks. (See Sweden, 811. Discount and open-market operations.) Italian. Condition, 427, 609, 765, 892, 1021, 1145, PIG TIN. 1258, 1375, 1500. (See Business, industry, and finance; Physical volume PRODUCTION. of trade; Wholesale prices.) Agricultural products, 984, 1100, 1206, 1334. PITTMAN ACT. Italy, 83, 441, 1206. United States certificates of indebetdness, retirement Coal— of, 374, 1386. France, 320, 1191, 1307. Germany, 429, 1194. PITTSBURGH BRANCH. Great Britain, 79, 198, 319, 554, 689, 690, 952, Federal Reserve Bank of Cleveland, Directors, 67. 1189, 1305, 1423. POLICY. Italy, 441. Credits, Federal Reserve System, 895. (See United States.) Foreign banking, 1267. Copper, 978, 1095, 1214, 1329, 1449. Imports, Germany, 1193. Cotton fabrics. (See Physical volume of trade.) Corn, 983, 1099, 1206, 1334. PORTLAND BRANCH. Electric power. (See Physical volume of trade.) Federal Reserve Bank of San Francisco. Direc­ Finished cotton fabrics, 23,152, 285, 448, 596, 719, 836, tors, 67. 985, 1101, 1220,1336, 1456. PORTUGAL. Gold. (See Same.) (See Allies.) Indexes of, 1033, 1148. Iron— PORTO RICO. France, 321, 1305, 1425. Capital issues, 1266. Great Britain, 79, 198, 319, 554, 689, 690, 952, POST ARMISTICE OBLIGATIONS, 1262. 1189, 1305, 1423. Italy, 441. POUND STERLING. Sweden, 811. Index numbers of value of, abroad, 794, 796,1499. Knit goods. (See Business, industry, and finance.) POWERS. Locomotives and cars. (See Physical volume of (See Fiduciary powers.) trade.) Paper. (See Physical volume of trade.) PRACTICE UNDER COMMERCIAL LETTERS OF Railroads. Great Britain, 1423. CREDIT, 681. Ships, 79, 187, 198, 319, 554, 689, 690, 952, 1189, 1305, PRESIDENT OF UNITED STATES. 1423. Extract from address. Deflation, 506. Silver. (See Same.) Steel, 79, 198, 319, 554, 689, 690, 952, 1189, 1305,1423. PRICE CHANGES, 378, 1028. (See Prices.) Sweden, 811. Tobacco, 1059. PRICE INDEXES. Wood pulp. (See Physical volume of trade.) (See Indexes; Wholesale prices.) (See Physical volume of trade.) PRICE IRREGULARITY* PRODUCTION AND BUSINESS, 772. Effect of, 505. PROFIT AND LOSS ACCOUNT. PRICE LEVELS, COMPARATIVE. Federal Reserve Banks, 156, 941. Principal countries, 463, 601, 723, 841, 988, 1105, 1225, 1340, 1461, 1437. PROTECTIVE TARIFF. (See Wholesale price levels.) (See Tariff.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 31 PROTOCOL. RATES—Continued. German Reparations Commission, 674. Bills discounted, 110, 233, 353, 469, 616, 733, 860, 996, 1112, 1234, 1348, 1471. PUBLIC DEBT. Quarterly, 110, 470, 861. Austria, 207. Discount rates, 129, 254, 371, 496, 644, 762, 885, 1017, France, 79, 80, 200, 321, 425, 555, 608, 692, 764, 805, 1136, 1254, 1369, 1495. 891, 955, 1020, 1075, 1143, 1228, 1305, 1374, 1382, July, 1920 and 1921, 857. 1499. Earnings, Federal Reserve Banks, 109, 233, 354, 471, Germany, 84, 203, 324, 429, 808, 958, 1308, 1382. 618, 734, 862, 997, 1114,1234,1349,1473. Great Britain, 78, 173, 197, 319, 420, 565, 1381, 1421. Foreign exchange. (See Same.) Italy, 82, 203, 323, 324, 765, 892,1076,1178,1179,1375, (See Annual rates; Average rates; Berth rates; Dis­ 1382, 1500. count and open-market operations; Discount United States, 373. (See Floating debt.) rates; Federal Reserve Bank and branch cities; Index of ocean freight rates; Market rates; PUBLIC FINANCE, 1148. Ocean freight rates.) PUBLIC UTILITY POWER PLANTS. RATIO. (See Physical volume of trade.) Average stocks to average monthly sales. (See Retail trade.) PUBLIC UTILITY LOANS, 950. Quick assets to current liabilities, 546. (See Foreign loans placed in United States.) Reserve to liabilities. (See Bank of England; De­ PURCHASE. posits; Discount and open-market operations; (See Accepting banks.) Reserve percentage; Reserve ratio; Resources and liabilities.) PURCHASE, AUTHORITY TO. War loan paper. (See Earning assets.) Trade with Orient, 926. RAW SILK. PURCHASE OF SIX MONTHS’ ACCEPTANCES. Imports of. (See Physical volume of trade.) Regulation B, 1921, amended to authorize, 545. PURCHASED BILLS. READILY MARKETABLE STAPLES. (See Discount and open-market operations; Earning (See Rulings, Federal Reserve Board.) assets.) READJUSTMENT, 503, 645, 767. PURPOSE OF ORIGINAL NEGOTIATION. Eligibility determined by, 1199. REAL ESTATE. Demand loans on, 546. Q. (See Rulings, Federal Reserve Board; Fiduciary powers.) QUALIFICATIONS OF NATIONAL BANK DI­ RECEIPTS. RECTORS. From loans. Great Britain, 567. Act of Mar. 1, 1921, 549. Quarterly receipts. Great Britain, 1914-1920, 566. From taxes— QUICK ASSETS. Germanv, 84, 429, 765, 808, 892, 958, 1259, 1376, Ratio of, to current liabilities, 546. 1429, 1501. Great Britain, 365, 563, 564, 566, 567. R. France, 80, 175, 176, 180, 200, 321, 425, 555, 764, 805, 1306. RAILROAD FREIGHT. Italy, 426, 693, 1076, 1178, 1180,1259, 1375. (See Physical volume of trade.) RAILROAD LOANS, 948. RECENT ECONOMIC DEVELOPMENTS. (See Foreign loans placed in United States.) South America, 572. RAILROAD NET TON-MILES. REDISCOUNT. (See Physical volume of trade.) (See Eligibility; Rulings, Federal Reserve Board, Eligible.) RAILROAD OPERATING STATISTICS. (See Physical volume of trade.) REDISCOUNTS AND SALES OF ACCEPTANCES. Between Federal Reserve Banks, 235, 617, 854 (fiscal RAILROAD RATE PROBLEM, 507. year 1921), 1004,1022,1032,1242,1349,1356,1482. RAILROAD REORGANIZATION. Jau.-July, 1921, 1032. June, 1920-June, 1921, 854. France, 1423. (See Discount and open-market operations.) RAILROADS. Great Britain, 1423. REDISCOUNTS. Effect of. (See New York City banks.) RAILWAY STATISTICS. Great Britain, 952, 1070, 1189, 1305, 1423. REGULATION A, 1920. Sweden, 960. Meaning of “shipping documents/’ 191. United States, 103, 226, 344, 458, 596, 718, 834, 980, REGULATION B, 1921. 1097, 1217, 1332, 1452. Amended to authorize purchase of acceptanceshav­ RATE OF EARNINGS. ing 6 months to run, 545. (See Discount and open-market operations; Earning assets.) REGULATION F, 1920, 1921. (See Rulings, Federal Reserve Board; Fiduciary RATES. powers.) Acceptances purchased, 110, 112, 234, 236, 353, 470, 616, 733, 860, 997, 1113, 1233, 1348, 1472. REGULATION OF INTERNATIONAL TRADE. Quarterly, 111, 471, 861. The Hague rules, 1292. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. REGULATIONS. RESOLUTIONS. Internal Revenue Bureau. • Revenue stamps on time League of Nations. International credits, 181. drafts, 310. RESOURCES. Meaning of words “shipping documents” in, 191. French treasury, 175. REICHSBANK. RESOURCES AND LIABILITIES. Condition, 84, 260, 324, 429, 609, 765, 892, 958, 1021, Federal Reserve banks, 116, 238, 357, 476, 623, 739, 1024, 1145, 1259, 1297, 1309, 1376, 1383, 1501. 867, 1002, 1119, 1240, 1354, 1385, 1479. New reserve ruling, 695. Member banks, reporting, 122, 247, 364, 482, 630, 745, RENEWAL ACCEPTANCES, 699, 964. 852, 873, 1006, 1124, 1244, 1358, 1484. (See Acceptances.) Fiscal year 1921, 852. RENTES. RETAIL PRICES. French 3 per cent. Price, 79, 80, 200, 321, 425, 608, Comparison. United States and foreign countries, 764, 891, 1020, 1143, 1258, 1374, 1499. 463, 601, 605, 723, 728, 841, 847, 993, 988, 1105, 1109, 1229, 1345, 1461, 1468. REOPENED BANKS, 1198. France, 81, 200, 322, 425, 557, 605, 728, 847, 957, 993, REORGANIZATION. 1109, 1229, 1345, 1468. Anglo-Austrian bank, 1294. Great Britain, 605, 728, 847, 993, 1109, 1229, 1345. Austrian Landerbank, 1294. Netherlands, 1195. REPARATIONS. Sweden, 206, 327, 430, 605, 1345. Conference, 138, 269. United States, 728, 847, 993, 1109, 1229, 1468. Lloyd George on, 651. (See Business, industry, and finance.) Payments, 650, 674, 1194, 1301, 1308, 1429, 1430. RETAIL TRADE, 21, 74, 149, 192, 281, 313, 393, 460, To Great Britain, 1302, 1421. 523, 598, 666, 720, 790, 837, 919, 986, 1047, 1102, Protocol, 674. 1164, 1221, 1283, 1337, 1457. Settlement, 650. (See Business, industry, and finance.) REPARATIONS COMMISSION. REVENUES. Report, 1430. Germany, 84, 203, 324, 429, 765, 808, 892, 958, 1259, REPORT. 1376, 1429, 1501. Bank of France, 1920, 434. Great Britain, 365, 563, 566, 567, 1424. Italy, 426, 693, 1076, 1178, 1180, 1258, 1375, 1500. REPORTING MEMBER BANKS. France, 80, 175, 176, 180, 200, 321, 425, 555, 764, 805, (See Member banks.) 1306, 1499. REPORTS. REVENUE STAMPS. Crops, 983, 1099, 1206. Time drafts, 310. (See Business, industry, and finance.) Tobacco. (See Physical-volume of trade.) Finished cotton fabrics. (See Same.) Knit goods manufactures. (See Same.) REVIEW OF BANKING CONDITIONS, 25, 767, 849. London bankers’ clearing-house returns, 79. REVIEW OF MONTH. London joint-stock banks, 298, 571, 803. Jan., 1921, 1; Feb., 1921, 131; Mar., 1921, 263; Apr., Monetary Commission, India, 29. 1921, 373; May, 1921, 503; June, 1921, 645; July, Reparations Commission, 1430. 1921, 767; Aug., 1921, 900; Sept., 1921, 1027; (See Production.) Oct., 1921, 1147; Nov., 1921, 1261; Dec., 1921, RESERVE DEPOSITS. 1377. Federal Reserve Banks. Relation of net earnings to, REVIEWS. 673. Banking conditions, 25, 767, 849. RESERVE PERCENTAGES. Federal Reserve banking, 1920, 25. (See Assets and liabilities; India; Resources and Statistical. To June 30, 1921, 767. liabilities.) World’s shipping, 183. RESERVE RATIO. REVISED STATUTES. Bank of England, 1914-1921, 1023. (See United States Revised Statutes.) Federal Reserve Banks, 13, 133, 141, 154, 272, 377, RHODESIA. 382, 510, 512, 655, 780, 908, 1035, 1131, 1154, 1271, (See South Africa.) 1386. (See Resources and liabilities.) RIKSBANK. Foreign countries, 1904, 1913, and 1921, 1925. Condition, 205, 327, 431, 610, 766, 893, 1022, 1144, (See Discount and open-market operations; Resources 1259, 1375, 1500. and liabilities.) RIO DE JANEIRO. RESERVES. Exchange in England and United States, 575. Acceptances. Payments in anticipation of, 815. RUGS. Balances due to foreign branch, 815. (See Business, industry, and finance; Wholesale Banks, foreign. (See banks, by name.) prices.) Federal Reserve Banks, 352, 468, 621, 738, 866, 1002, 1118, 1239, 1353, 1478. RULES, THE HAGUE, 1292. (See Resources and liabilities.) RULINGS, FEDERAL RESERVE BOARD. Foreign countries, 1904, 1913, and 1921,1295, 1383. Acceptance credits— Funds deposited in trust company, 1435. Requisites for contract between dealers and ac­ Gold reserves of principal countries before and after cepting banks, 70. war, 676. Security for acceptances exceeding 10 per cent India. (See Same.) etc., need not necessarily be held by acept- Movement during year, 27, 771, 850. ing banks, but can not be held by another Section 19, Federal Reserve Act. (See Rulings, bank on whose credit the accepting bank Federal Reserve Board, reserves.) really relies in making the acceptances, 418. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 33 RULINGS, FEDERAL RESERVE BOARD—Contd. RULINGS, FEDERAL RESERVE BOARD—Contd. Acceptance liabilities. Letters of credit and accept­ Acceptances—Continued. ances issued by one bank for another as undis­ Domestic transactions. Shipping documents in, closed principal, as tentatively suggested by the 70, 1312. Federal Reserve Board, must be included by Export and import transactions— both banks under heading of acceptance liabili­ Dealers in both domestic and export trans­ ties, 547, 648. actions, 70. Acceptances— Goods shipped on consignment, 419. Accommodation. National banks have no power Renewal drafts, 699, 964. to indorse acceptances for, 547. Security for accepting banks, 418. Against domestic shipping documents, 1312. Shipping documents— Agent. Tentative plan suggested by Federal Acceptances against, 1312. Reserve Board under which commercial Meaning of words in regulations of Fed­ letters of credit and acceptances may be eral Reserve Board, 191. issued by one bank for another as undisclosed Goods shipped on consignment, 419. principal, 547, 648. Guaranty— Agricultural commodities— A bank giving a guaranty of acceptance Bankers’ acceptances drawn by cooperative credits entered into by a syndicate of marketing associations against ware­ banks is not a proper custodian of secu­ house receipts covering, 963. rity given for the acceptances, 418.^ Growers’ drafts covering, accepted by coopera­ National banks have no power to give a tive marketing associations, 1199. guaranty or act as security on acceptances Amendment to Regulation B. Open-market given for them by a correspondent bank. purchases of 6 months’ bankers’ acceptances, •547, 648. 545. Indorsement of accepting bank, 699. Anticipation of maturity. Payments in antici­ Maturity— pation of maturity, when irrevocable, re­ Where a 6 months’ credit period is required, quire no reserves under section 19, 815. two acceptances, each for 3 months, can Automoble parts are not readily marketable not be given in order to make the accept­ staples, 609. ances eligible for rediscount, 308, 963. Bankers’ acceptances— Before purchasing acceptances, Federal Drawn by cooperative marketing associations Reserve Banks should #be reasonably against warehouse receipts covering agri­ sure that the goods will be sold before cultural commodities, 963, 1199. the maturity of the acceptance, 419. (See, infra, Discount rates; Purchases, open- Regulation B, 1921, was issued, among other market.) reasons, to permit Federal Reserve Bill of lading drafts, collection of demand, 1080. Banks to purchase acceptances up to 6 (See, infra, Ten per cent limitation.) months maturity, 545. Cattle. Shipping documents covering, 815. Renewal import acceptances can not be Coffee. Warehouse receipts covering, 418. made if at maturity the goods have been Consignment. Goods shipped on, 419. imported and are stored pending resale, Cooperative marketing associations. (See, supra, 699. Agricultural commodities.) Money paid irrevocably in anticipation of Correspondent bank. Issue of letters of credit the maturity of an acceptance requires no and acceptances as agent of interior bank as reserve under section 19, 815. undisclosed principal, 547, 648. Farmers’ drafts secured by bills of lading Credit period— covering shipments of cattle are eligible Should not exceed time reasonably required for rediscount if their maturity is not in to complete the shipment and finance excess of 90 days, 815. the sale, 308, 815. Demand bill of lading drafts are not eligible Where a 6 months’ credit period is required for rediscount, as they have no definite it would not be proper to give two 3 maturity, 1080. months acceptances in order to make the National banks— drafts eligible for rediscount, 308, 963. Plan tentatively suggested by Federal Discount rates. On purchases direct from ac­ Reserve Board for issuing commercial cepting bank, bearing no other indorsement letters of credit and acceptances for an­ than that of the accepting bank, the discount other bank as undisclosed principal, rate should be the commercial paper and not 547, 648. the bankers’ acceptance rate, 699. (See, supra, Guaranty.) Domestic shipping documents. Acceptances Nonmember banks. Permission given to member against security of, 70,1312. banks to rediscount paper of nonmember Domestic storage— banks acquired by them, 963. Regulation B, 1921, enacted, among other Open-market purchases— reasons, to permit purchase, under sec­ Amendment to Regulation B, 545. tion 14, of bankers’ acceptances growing Bankers’ acceptances purchased direct from out of the domestic storage of goods other accepting bank, 699. than readily marketable staples, 545. Permission given to member banks to rediscount Under section 13, national banks can accept paper acquired from nonmember banks, 963. drafts against stored goods only when Period for which acceptances should be drawn, they represent readily marketable sta­ 308. ples, 699. Purchase and resale. A national bank may pur­ Domestic trade. Essential requirements for con­ chase an acceptance and immediately resell tract between accepting bank and a dealer it with its indorsement, the power to indorse engaged in both the domestic and export being incidental to the power to negotiate, trade, as to export transactions, 70. 547. 88771—22------3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. RULINGS, FEDERAL RESERVE BOARD—Contd. RULINGS, FEDERAL RESERVE BOARD—Contd. Acceptances—Continued. Acceptances—Continued. Purchase direct from accepting bank. Federal Trade acceptances. Reference to former ruling Reserve Banks have technically the power, that drafts drawn by tobacco growers against although the only indorsement is that of the a corporation organized by them could not be accepting bank. The normal and desirable classified as trade acceptances for the reason practice, however, is for the drawer to dis­ that the drafts in substance, looking through count it with some other bank, 699. the form, represented advances by rather Purchases, open-market— than sales to the corporation, 1199. Regulation B amended in order to permit Warehouse receipts— Federal Reserve Banks to purchase ac­ Agricultural commodities, 963, 1199. ceptances up to 6 months maturity, also Automobile parts, 699. acceptances growing out of the domestic Coffee in foreign country, 418. storage of goods, which could not be re­ Tobacco, 963,1199. discounted under section 13 unless the Wine, sacramental, in bond, 419. goods constituted readily marketable Accommodation. (See Actual commercial trans­ staples, 545. actions.) (See, supra. Open-market purchases.) Accommodation acceptances. (See Acceptances; Purpose of original negotiation. Eligibility is to accommodation.) be determined by, 1199. Act of Sept. 17, 1919— Readily marketable staples. Automobile parts The act of Sept. 17, 1919, amending section 25, are not, 699. limiting the right of national banks to make Regulation B. Amendment to, 545. (See, supra, application, only until Jan. 1, 1921, to invest Purchases, open-market.) up to 5 per cent, etc., in the stock of corpora­ Renewal acceptances— tions chartered under the laws of the United An acceptance for 90 days covering the im­ States, or any State, principally engaged in portation of automobile parts can not be such phases of international or foreign finan­ renewed as an import acceptance, if at cial operations as are necessary to facilitate maturity the parts have been imported exports, does not limit their right, under and are stored pending resale, 699. section 25, to invest in the stock of Edge Member banks can not agree, uncondition­ corporations organized under section 25 (a) ally, to accept a renewal draft, but can whether organized to engage in international agree only in event the renewal draft is banking operations or in international invest­ eligible under the law and regulations, ment business, 71. 964. The act of Dec. 24, 1919, has modified the act of If liquidation has not been completed be­ Sept. 17,1919, as to the 5 per cent limitation, cause of abnormal or unforeseen develop­ by the new section, 25 (a), enacted by it, so ments, a renewal draft may be given, 964. that a national bank may invest up to 10 per Reserves. Against money paid irrevocably in cent, etc., in a corporation organized under anticipation of maturity of an acceptance are the laws of the United States, whether en­ not necessary under section 19, 815. gaged in a banking or an investment business, Security for acceptances, 418, 1313. provided the aggregate holdings of stock in Security, other actual. (See, infra, 10 per cent all corporations engaged in the business, de­ limitation.) scribed in section 25 (a) and section 25, Shipping documents— whether organized under the Edge Act or Against acceptances, 1312. under State law, does not exceed 10 per cent, Covering cattle, 815. etc., 71. Meaning of words in regulations, 191. Under said acts of Sept. 17, 1919, and Dec. 24, Six months credit, 308, 963. 1919, a national bank, after Jan. 1, 1921— (See, supra, Maturity.) (a) Irrespective of its capital and surplus, may Stored goods. (See, supra, Domestic storage.) invest in the stock of any corporation Surety on acceptances. (See, supra, Guaranty.) organized under section 25 (a), whether Ten per cent limitation— a foreign banking or a foreign investment Acceptances secured by bills of lading which corporation issuing its Own debenture; will probably be released can not exceed (b) Having a capital and surplus of $1,000,000 the, unless the bank has other actual or more, may invest in the stock of a State security growing out of the same trans­ banking institution, but not in a State action, 308. investment corporation; Acceptances in excess of 10 per cent, etc., (c) Having a capital and surplus less than must be secured, 418. $1,000,000, may not invest in the stock of The 10 per cent limitation of section 13 does a State corporation, whether a banking not apply to open-market purchases of or an investment corporation; acceptances under section 14, 699. (d) The aggregate investments of any national A Federal Reserve Bank may purchase from bank in the stock of corporations engaged an accepting member bank acceptances in the business of the kind described in bearing only the indorsement of the sections 25 and 25 (a) can not exceed accepting bank although it already holds, 10 per cent, etc., 71. under discount from the member bank Act of Dec. 24, 1919. (See, supra, Act of Sept. 17, paper, representing loans up to 10 per 1919.) cent, of the member bank’s capital and Act of March, 1, 1921— surplus, made by the member bank to Qualifications of national bank directors, 549. the drawer of the acceptance, 699. (See, infra, Federal Reserve Act.) Time— Acts. (See State banking laws.) Length of time for which acceptances should Actual commercial transactions— be drawn, 308. Eligible paper must arise out of and must bear U. S. Revised Statutes, section 5202, does not the obligation of at least one of the parties apply to acceptances, 816. to the particular transaction, 1079. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 35 RULINGS, FEDERAL RESERVE BOARD—Contd. RULINGS, FEDERAL RESERVE BOARD—Contd. Actual commercial transactions—Continued. Anticipation of acceptances. Payments made to Paper is not eligible on which the sole party accepting bank in, if irrevocable, need no reserve liable is the person who has obligated himself under section 19, 815. for the accommodation of the party to the Assets, quick. The excess of quick assets over cur­ commercial transaction, 1079. rent liabilities is not the only evidence that the Actual security, section 13— proceeds of a note are not to be used for permanent The acceptor, under a bankers’ acceptance ex­ or fixed investments. A question of policy ceeding the 10 per cent limitation, can not whether a note shall be discounted in spite of the release the bill of lading securing the accept­ fact that there is no such excess, 546. ance unless it has other actual security Atlanta par clearance case. Decision of United States growing out of the same transaction, 308. Supreme Court, 700. A bank guaranteeing acceptances under an ac­ Automobile parts are not readily marketable staples ceptance credit entered into by a syndicate under section 13, 699. of banks is not a proper custodian of the (See Motor transportation . companies; Renewal security given for such acceptances, 418. drafts; Motor trucks.) (See Security.) Automobile trucks. Notes issued by a motor trans­ Advances— portation company for purchase of, are not eligi­ Notes of a cold-storage company to procure funds ble, 191. for advances to its customers held to be Balances due to a foreign branch of a member bank finance paper and ineligible, 308. from its parent bank, although shown as a liability, Drafts of tobacco growers on an association, repre­ do not constitute deposit liabilities against which senting advances by the association and dis­ reserves must be maintained under section 19, counted by the drawers at a bank, held to be 815. eligible for rediscount as agricultural paper Bank loans. Warehouse receipts as collateral for. if indorsed by the drawers and proceeds used 1314. for agricultural purposes, 1199. Bankers’ acceptances. (See, supra, Acceptances.) Agency agreement, collateral. (See Collateral agency Banking syndicate credit agreement. (See Accept agreement.) ances; Guaranty.) Agent— Bill of lading drafts, demand. Collection of, 1080. Bills of lading as security for bankers’ acceptances Bills of lading— may be held by the correspondent of the The requirements of Regulation A, 1920, section accepting bank or by some other independent B, as to furnishing of shipping documents party as its agent, 191. with reference to bankers’ export acceptances The Federal Reserve Board suggests tentatively calls for the original bills, whether order or that correspondent banks may, in their own straight, and are not satisfied by freight re­ names but as agent of interior banks as undis­ ceipts or mere copies of the original bills of closed principals, issue commercial letters of lading, 191. credit, under a collateral agency agreement, The bills of lading need not necessarily be sent by which the issuing bank will look directly to the accepting bank; they may be held by for reimbursement to the interior banks, the its correspondent or by some other indepen­ customers to put the interior banks in funds dent party as its agent, 191. to meet the acceptances at maturity. Both In acceptances over 10 per cent, etc., if the bills the agent bank and the principal bank must of lading as security are to be released the include such acceptances in their statement bank must have some other actual security of acceptance liabilities. Federal Reserve growing out of the same transaction, 308. Bulletin, vol. 6, p. 835, overruled, 547, 648. Drafts drawn by farmers against banks, secured Agreement, collateral agency. (See, supra, Agent.) by bills of lading covering the shipment of Agricultural paper— cattle to the farmers for feeding and fattening, Notes of a cold-storage company secured by cus­ held to be eligible for rediscount, 815. tomers’ notes and warehouse receipts held not Bond, wine in. (See Sacramental wine.) eligible for rediscount, being finance paper Branch, foreign. (See Balances due a foreign branch.) and neither agricultural nor commercial Capital stock of foreign banking corporations. Right paper, 308. of national bank to invest in, 71. The note of an irrigation company selling water to Cases cited. (See Court cases.) farmers is commercial and not agricultural Cattle shipments, 815. paper, 964. (See Bills of lading.) The note of a farmer given to an irrigation com­ Clearing decision. United States Supreme Court, 700. pany for water used for current agricultural Coffee importations, warehouse receipts covering, 418. purposes is agricultural paper, 964. (See, supra, Bill of lading drafts.) A dealer’s note to a farmer for goods purchased Cold-storage companies. (See, supra, Agricultural for resale is commercial and not agricultural paper; Finance paper.) paper, 1199. Collateral agency agreement. (See Acceptances, Drafts drawn by tobacco growers against an asso­ agency.) ciation organized by them representing ad­ Collateral for bank loans. Warehouse receipts as, vances by the corporation against tobacco 1.314. sold and delivered held to be eligible for ac­ Collection of demand bill of lading drafts, 1080. ceptance and rediscount as agricultural (See Bill of lading drafts.) paper, providing the growers used the pro­ Commercial paper— ceeds for agricultural purposes, 1199. Cold storage company. Note of a, to provide for Notes of packing and marketing associations not advances to customers held to be finance classed as, 1312. paper and not commercial paper, and not Purpose of original negotiations determines eligi­ eligible for rediscount, 308. bility, 1199. (See, supra, Agricultural com­ Dealers’ notes given to farmers for goods pur­ modities. chased for resale held to be commercial (See, infra, Cooperative marketing associations.) paper and not agricultural paper, 1199. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 INDEX-DIGEST OE FEDERAL RESERVE BULLETIN. RULINGS, FEDERAL RESERVE BOARD—Contd. RULINGS, FEDERAL RESERVE BOARD—Contd. Commercial paper—Continued. Demand loans on real estate. National banks, under Discount rate. Acceptances bought direct from section 24, may lawfully make. Certain practi­ accepting bank with no indorsement other cal objections pointed out, 546. than accepting bank should take the commer­ Deposit liability. Payments in anticipation of ma­ cial paf>er rate and not the bankers’ accept­ turity of acceptances, if made irrevocably, do ance rate, 699. not constitute a, requiring a reserve under sec­ Eligibility— tion 19, 815. Must be indorsed by a party to the commer­ Deposit of funds with a trust company for redeeming cial transaction, 1079. maturing obligations, 1435. Purpose of original negotiation determines, Deposit of securities in trust department, 309. 1199. Direct purchases from accepting bank. (See Accept­ Financing company. Note of a, payable to its ances; discount rates.) treasurer and indorsed in blank, given to a Directors’ liability. Where a national bank guar­ manufacturer who discounts it without in­ antees or acts as surety under a commercial letter dorsing it. Held, not eligible for rediscount, of credit, or indorses acceptances for accommoda­ 1079. tion, the directors will be personally liable for Irrigation company— any loss incurred, 547. Note of an, selling water to farmers held to be Directors of national banks. Qualifications, 549. commercial and not Agricultural paper, Discount rate. On acceptances purchased by Fed­ 964. eral Reserve Banks direct or from accepting banks (See also Eligible.) without any indorsement other than that of the Notes of packing and cooperative marketing accepting banks, the discount rate should be the associations are commercial and not agricul­ commercial paper rate and not the bankers’ ac­ tural paper, 1312. ceptance rate, 699. Eligibility defined. 1079,1199. Discretion. Federal Reserve Banks in their discre­ Comptroller of Currency. Ruling of, construing tion may decline to purchase paper although U. S. Revised Statutes, sec. 5190. (Federal Re­ it may be technically eligible, 699. serve Bulletin, vol. 6, p. 835, distinguished), Documents. (See Shipping documents.) 547. Domestic acceptance credits. Trust receipts not Conference. Federal Advisory Council and Governors valid security for, 1313. favor amending Regulation B, 1921, to provide Domestic acceptances. (See Acceptances.) for purchase of 6 months’ acceptances, 545. Domestic shipping documents. Acceptances against Consignment. Acceptances drawn against commod­ security of, 70, 1312. ities shipped on consignment to foreign countries Domestic storage. (See Regulation B, 1920.) until sold are technically eligible for purchase, Drafts— 419. Collection of demand bill of lading, 1080. Cooperative marketing associations— Renewal drafts, 699, 964. Drafts drawn by, against a bank secured at time Revenue stamps on time drafts, 310. of acceptance by warehouse receipts held (See Demand bill of lading drafts; Farmers’ drafts.) eligible for acceptance and rediscount, 963. Edge Act— Growers’ drafts accepted by, 1199. Amendments to, 310, 817. Notes of, are commercial and not agricultural Right of national banks to invest in stock of cor­ paper, 1312. porations organized under, 71. (See Tobacco Growers’ Association.) Edge Corporations. (See Act of Sept. 17,1919.) Correspondent bank— Eligible paper— Bills of lading securing bankers’ acceptances Bankers’ export acceptances drawn by dealers in may be held by a correspondent bank as both the export and domestic trade are eligi­ agent of the accepting bank, 191. ble for rediscount and purchase if there is a Method suggested tentatively by Federal Re­ contract between the dealer and the accept­ serve Board under which an interior bank ing bank as defined by the Federal Reserve could enter into arrangements with a corre­ Board, 70. spondent bank to issue letters of credit and A note of a motor transportation company issued make acceptances in its own name but as to provide funds for purchasing motor trucks agent for the interior bank, the undisclosed is not eligible for rediscount under Regula­ principal, 547, 648. tion A. Ruling in the farm tractors’ case Cotton factors ruling. Federal Reserve Bulletin, distinguished, 191. 1920, vol. 6, p. 1176, affirmed, 308. A note given by the motor transportation company Credit. (See Immediate credit; Deferred credit.) to the seller and discounted by him would be Credit, period of. (See Acceptances; Credit period.) eligible for rediscount if in other respects it Credits. (See Acceptance credits.) complies with the law and regulations of the Current liabilities, 546. Federal Reserve Board, 191. (See Assets, quick.) An oil distributing company buys oil from an oil Dealers in export and domestic trade. Form of con­ producing company and sells it to a railroad tract between dealer and accepting bank, 70. company. It draws a time draft on a bank Decision of U. S. Supreme Court. Par clearance case, secured by bills of lading covering the oil in 700. transit. Held, that the proceeds being used Deferred credit. (See Demand bill of lading drafts.) to pay the oil producing company, the draft Definitions. (See Actual commercial transactions; would be eligible for acceptance, 308. Eligible.) Notes of a cold-storage company to procure funds Demand bill of lading drafts. for advances to its customers are not eligible Federal Reserve Banks should not give credit for, for rediscount, being pure finance paper, 308. deposited for collection until the proceeds Customers’ notes given to the cold-storage com­ have been collected, 1080. pany for advances would be eligible if the Such drafts, having no definite maturity, are not proceeds are used for agricultural or commer­ eligible for rediscount, 1080. cial purposes, 308. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 37 RULINGS, FEDERAL RESERVE BOARD—Contd. RULINGS, FEDERAL RESERVE BOARD—Contd. Eligible paper—Continued. Eligible paper—Continued. Acceptances drawn against exports to foreign No one can be termed a borrower unless he is countries to be held on consignment until sold liable on the paper, 1079. are technically eligible for acceptance, pro­ Paper is not eligible where the sole party liable is vided the goods are actually exported and the person who has obligated himself for the shipping documents attached at the time of accommodation of the party to the commer­ presentation for acceptance under Regulation cial transaction, 1079. A, 1920, section B, 419. The fact that the accommodating party is secured, Drafts secured by warehouse receipts covering etc., does not make the paper eligible, sacramental wine in bond are not eligible for 1.079. rediscount as such wine can not be considered Demand bill of lading drafts deposited for collec­ a readily marketable staple under section 13, tion are not eligible for rediscount as they 419. have no definite maturity. No credit, The above ruling does not affect the right of a therefore, should be given on them until the bank to loan upon the note of a borrower proceeds have been collected, 1080. secured by a warehouse receipt covering wine The purpose of the original negotiation determines in bond, 419. its eligibility and subsequent negotiations Excess of quick assets over current liabilities is are immaterial, 1199. not the only evidence that the proceeds of a A note given for payment for securities (other note are to be used for commercial and not for than bonds or notes of United States) is capital purposes, and it is a question of policy ineligible for all time and will not be rendered for Federal Reserve Banks to determine eligible by subsequent negotiations by the whether or not to discount a note in spite payee in a commercial or agricultural trans­ of the fact that there is no such excess, 546. action, 1199. Ruling of the Federal Reserve Board that a note A dealer’s note given to a farmer for goods pur­ of a cotton mill may be eligible for redis­ chased for resale is originally negotiated count although there is no excess of quick when the dealer delivers the note to the assets over current liabilities, on the condi­ farmer, and its purpose is to finance the pur­ tions stated (Federal Reserve Bulletin, 1915, chase and resale of a part of his stock of goods. vol. 1, p. 73, affirmed), 546. Held, that such paper is eligible as commer­ Federal Reserve Banks have discretion to decline cial but not as agricultural paper, 1199. to purchase paper, although technically Tobacco growers drew drafts on an association eligible, 699. founded by them to o,btain advances on A renewal import acceptance based on the im­ tobacco in form sold to the association, but portation of automobile parts which had in substance merely consigned for sale, and been imported and stored at time of maturity discounted the drafts, with their indorse­ of the original acceptance, held not eligible ment, at their local banks. Held, that these for acceptance by a national bank, 699. acceptances were eligible for rediscount as Nor would a domestic acceptance be eligible for agricultural paper, but that if they really acceptance covering- such stored automobile represented sales at definite prices they parts, as they are not readily marketable would be eligible only as commercial paper. staples under section 13, 699. Held also, that the original negotiation took Drafts drawn by farmers secured by bills of lading place when the growers discounted the ac­ covering the shipment of cattle to farmers for ceptance, 1199. feeding and fattening, accepted by local banks Notes of packing and marketing corporations and and discounted by the farmers at other banks, associations are commercial and not agricul­ held eligible for rediscount, 815. tural paper, 1312. Paper of nonmember banks acquired by member Examination of State bank members, New Jersey banks held eligible for rediscount, 963. law, 73. Drafts drawn on banks by a cooperative marketing Exchange, furnishing of. The reference in Regula­ association secured at the time of acceptance tion A to furnishing “exchange arising out of the by warehouse receipts covering crops sold to transaction being financed by the credit” may be the association held eligible for acceptance disregarded in export transactions, as it is an and rediscount, said crops being readily alternative to furnishing shipping documents marketable staples under section 13, 963. only in import transactions, 70. Note of an irrigation company selling water to Export and import transactions, 70, 191, 418, 419, farmers held eligible as commercial but not 545, 699, 964, 1312. as agricultural paper, 964. (See Acceptances, same.) The note of a farmer given to an irrigation com­ Farm tractors. Ruling of Federal Reserve Board pany for water used for current agricultural that a farmer’s note given for purchase of a tractor purposes is eligible as agricultural paper, is eligible as agricultural paper (Federal Reserve 964. Bulletin, 1918, vol. 4, p. 309, affirmed and dis­ A company engaged in financing the business of tinguished), 191. merchants, etc., gives its note payable to the Farmers’ drafts. (See Eligible paper.) order of its treasurer, and by him indorsed in Federal Advisory Council. Favors amending Regu­ blank, to a manufacturer who discounts the lation B, to permit of purchase of 6 months’ ac­ note with his bank without his indorsement. ceptances, 545. Held, not eligible for rediscount, 1079. Federal Reserve Act— Eligible paper must arise out of an actual com­ Sec. 11 (m). Extension of 10 per cent limitation. mercial transaction and must bear the obliga­ 73, 310. tion of at least one of the parties to the par­ Sec. 19. (See Nonmember bank paper; Re­ ticular transaction, which is another way of serves.) stating that the proceeds must be used in the Sec. 24. (See Demand loans on real estate.) first instance for a commercial purpose by Sec. 25 and 25(a), 310, 817. the borrower, 1079. (See Act of Sept. 17, 1919.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. RULINGS, FEDERAL RESERVE BOARD—Contd. RULINGS, FEDERAL RESERVE BOARD—Contd. Fiduciary powers— Immediate credit, 1080. A national bank depositing trust funds in its (See, supra, Demand bill of lading drafts.) commercial or savings department must Implied powers— deposit in its trust department as collateral Power in national bank to discount negotiable security United States bonds or other readily paper does not imply the power to guarantee marketable securities at all times equal in or act as surety upon the obligation of another, value to the trust funds so deposited, even 547. though it has already deposited with the Nor is such power incidental to the business of State authorities the securities required banking. Cases cited, 547. by the State for the protection of private Power to accept drafts carries with it power to trusts. Regulation F, 1920, paragraph V, issue letters of credit, 547. 309. Such powers would not carry with it the power to A national bank authorized to exercise general guarantee or act as surety on acceptances or fiduciary powers and to act in any other letters of credit issued by other banks, 547. capacity permitted by State laws to compet­ The power to negotiate an acceptance carries with ing State banks may act as transfer agent, • it the power to indorse, 547. which is held to be a fiduciary capacity, 545. Import and export transactions, 70, 191, 418, 419, National banks authorized to exercise fiduciary 545, 699, 964, 1312. powers may exercise such powers in States (See Acceptances; Export and import transac­ other than where located unless forbidden tions.) expressly or by necessary implication by Indiana banking laws. Amendment to, 550. State law, 816. Such banks must conform to the laws of the State Indorsement— in which acting which relates to the exercise Bankers’ acceptances purchased direct from of fiduciary powers by foreign corporations, accepting banks, 699. 816. National banks may purchase acceptances and Proceeds of sale of real estate held to be trust funds resell with their indorsement, 547. and if deposited in commercial department Can not indorse acceptances for accommodation, requires security, 1435. 547. Requirement as to security relates only to funds Power to negotiate an acceptance carries power to required by the deposit agreement or other­ give an indorsement, 547. wise to be held in trust, 1435. Eligible commercial paper must have, of a party Funds deposited by corporations to meet maturing to the commercial transactions, 1079. obligations held not to be trust funds, 1435. Growers’ drafts against tobacco cooperative Finance paper— marketing associations bearing, of drawers, Notes of a cold-storage company the proceeds of 1199. which are used to make advances to cus­ Indorser released. Indorser on a demand note is tomers held ineligible as pure finance paper, released if demand is not made within a 308. reasonable time, 546. A financing company gives its note, payable to Ineligible. (See Eligible.) its treasurer and indorsed by him in blank, Internal-revenue regulations. Wine in bond, 419. to a manufacturer who discounts it with his International banking corporations. Right of national bank without his indorsement. Held, not banks to invest in stock of, 71. eligible for rediscount, as the sole party liable Investments, fixed, 546. on the paper is the person who has obligated (See Quick assets.) himself for the accommodation of the party Irrigation company, 964. to the commercial transaction, 1079. (See Eligible paper.) Financing company. (See Finance paper.) Letters of credit— Fixed investments. (See Quick assets.) Issued by correspondent bank in own name but Float. To give immediate credit on demand bill of for interior banks as undisclosed principal. .lading drafts, not based on the average time re­ 547, 648. quired for collection, would create float and Guaranty by national banks, 547. bring back the evils of the old system, 1080. Limitations applicable to, 816. Foreign banking corporations— Liabilities, current. (See Quick assets.) Amendment to section 25, 310, 817. Liability. (See Acceptance liability; Reserves.) Right of national bank to invest in stock of, 71. Liability, directors. For guaranty by a bank of Foreign branch. Balances due to, 815. acceptances, 547. (See Reserves.) Liability under letters of credit and acceptances, 816. Foreign corporation. (See Fiduciary powers.) Limitations applicable to letters of credit, 816. Forms of application. Sections 24 and 24(a). (See Loans on real estate, demand, 546. Act of Sept. 17, 1919.) Maturity, 308, 419, 545, 815, 1080. Freight receipts. Requirements of Regulation A, Motor transportation company, 191. 1920, section B, are not satisfied by production (See Eligible paper.) of, 191. Motor trucks, 191. Governors’ conference. Approve amendment of Reg­ (See, supra, Eligible paper.) ulation B, 1920, to permit purchase of 6 months’ National banks— acceptances, 545. Appointment of correspondents to issue letters of Guaranty of acceptances. National bank has no au­ credit and acceptances under guaranty, 547. thority to undertake. Directors would be per­ Deposit of securities in trust department, 309. sonally liable, 547, 648. Directors. Qualification of, 549. Holder in due course. Under negotiable instruments Fiduciary powers. (See Same.) act, section 53, where an instrument payable on Guaranty of letters of credit and acceptances, demand is negotiated an unreasonable length of 547, 648. time after its issue, the holder is not deemed a, Purchase and resale of acceptances is lawful, 547. 546. Savings deposits. (See Fiduciary powers.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 39 RULINGS, FEDERAL RESERVE BOARD—Contd. RULINGS, FEDERAL RESERVE BOARD—Contd. National banks—Continued. Readily marketable staples— Stock of international financial corporations. Wine in bond for sacramental purposes is not a Right to invest in, 71. readily marketable staple under section 13, Subscriptions under sections 25 and 25(a). (See 419. Act of Sept. 17, 1919.) One of the purposes in issuing Regulation B, 1921, Transfer agents, 545. was to permit the purchase, under section 14, Trust funds, 309. of bankers’ acceptances growing out of the (See Fiduciary powers.) domestic storage of goods other than readily Negotiable instruments act, 546. marketable staples, 545. Negotiation, original. (See Eligible paper.) Under section 13 national banks can accept drafts New Jersey banking laws. Amendment to, 73. against stored goods only when the goods Nonmember banks. General authority, under section constitute readily marketable staples, 699. 19, given to member banks to rediscount of eligible Automobile parts are not, 699. paper acquired from nonmember banks, 963. Drafts drawn by a cooperative marketing asso- Notes. (See Agricultural paper; Commercial paper; . ciation on banks secured by warehouse Cotton factors paper; Demand loans on real estate; receipts representing crops stored by cus­ Eligible paper; Finance paper; Secured paper.) tomers with power of sale are eligible for Oil distributing company. (See, supra, Eligible acceptance and discount, the crops being paper.) readily marketable staples, 963. Oklahoma banking laws. Amendment to, 550, Real estate. Demand loans on, 546. Open-market purchases of acceptances. Section 14— (See, supra, Demand loans on real estate.) Drawn by dealers in export and domestic transac­ Receipts, freight. (See, supra, Freight receipts.) tions, 70. Receipts, warehouse. (See, infra, Warehouse receipts.) Drawn against foreign consignments, 419. Rediscount. Eligibility. (See, supra, Eligible paper.) Regulation B, 1921, enacted to permit purchase Rediscount of nonmember bank paper. (Sec, supra, of 6 months’ acceptances, 545. Nonmember banks.) Purchased directly from the accepting bank, 699. Regulation A, 1920, 70,191, 419, 963. Ten per cent limitation of section 13 does not Regulation B, 1921— apply to, 699. Issued for purpose of— Opinion of United States Supreme Court. Par clear­ (1) Permitting purchase of bankers’ accept­ ance case, 700. ances with maturity of not over 6 months, Order bills of lading, 191. 545. Original negotiation, 1079, 1199. (2) Permitting purchases of bankers’ accept­ (See Eligible paper.) ances against the domestic storage of Own acceptances. Purchases direct from accepting goods other than readily marketable bank with.no other indorsement than that of the staples, 545. accepting bank take the commercial paper and Regulation F, 1920. Fiduciary powers, 309. not the bankers’ acceptance rate, .699. Regulations— Packing and marketing associations paper, 1312. Forms of applications under sections 25 and (See Agricultural paper; Commercial paper; Cotton 25(a), 71. factors paper; Demand loans on real estate; Revenue stamps on time drafts, 310. Eligible paper; Finance paper; Secured paper.) Shipping documents. Meaning of phrase, 191. Parent bank, 815. Release of indorser. (See, supra, Indorser released.) (See, infra, Reserves.) Renewal acceptances, 699, 964. Payments in anticipation of acceptance maturity, 815. (See Acceptances; Renewal.) (See, infra, Reserves.) Resale of acceptances. (See Rulings, Federal Reserve Period of credit, 308, 815, 963. Board; Implied powers.) Permanent investments, 546. (See Quick assets.) Reserves, section 19— Permission to member banks to rediscount paper No reserves required against payments irre­ acquired from nonmember banks, 963. vocably made in anticipation of maturity of Policy, question of, 546. acceptances, 815. (See Quick assets.) No reserves necessary against a balance due from Powers, implied. (See, supra, Implied powers.) the parent bank to its foreign branch, 815. Principal, undisclosed. (See, infra, Undisclosed Funds deposited under deed of trust ordinarily principal.) require, 1435. Purchase of bankers’ acceptances. (See, supra, Deposits made irrevocably by a corporation to Open-market purchases.) make required payments on bonds held to Purpose of original negotiation. Eligibility deter­ require no, 1435. mined by, 1199. Revenue stamps on time drafts, 310. Quick assets, 546. Revised Statutes. (See U. S. Revised Statutes.) (See, supra, Assets, quick.) Rulings of Federal Reserve Board— Ratio. (See Assets, quick.) (1) Cited. Federal Reserve Bulletin— Readily marketable securities. A national bank Vol. 1, page 73. Cotton mill note, 546. depositing trust funds with its commercial or Vol. 1, p. 269, 816. savings department must deposit with its trust Vol. 2, p. 680, 816. department as collateral security, United States Vol. 4, p. 311, 547. bonds or other readily marketable securities at Vol. 6, page 835. Comptroller’s ruling, 547. all times equal in value to the trust funds so Vol. 6, p. 66. Letters of credit, 816. deposited, even though it has already deposited Vol. 6, p. 1176. Cotton factors case, 308. with the State authorities the securities which Vol. 6, p. 1301. Definition of eligible paper, the State law requires to be so deposited for the 1199. protection of private or court trusts. Regulation (2) Distinguished. Federal Reserve Bulletin, F, 1920, paragraph V, 309. Vol. 4, p. 309. Farm tractors, 191. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. RULINGS, FEDERAL RESERVE BOARD—Contd. RULINGS, FEDERAL RESERVE BOARD—Contd. Rulings of Federal Reserve Board—Continued. Security—Continued. (3) Reversed. Federal Reserve Bulletin— Drafts drawn on banks by a cooperative market­ Vol. 4, p. 314. 70. ing association having, at time of acceptance, Vol. 4, p. 311. Guaranty of acceptances, 547. warehouse receipts of crop producers sold to Sacramental wine— the association, as security, are eligible for Drafts secured by warehouse receipts covering acceptance and rediscount, the crops being sacramental wine in bond are not eligible for readily marketable staples, 963. rediscount, as such wine is not a readily A company engaged in financing manufacturers marketable staple under section 13, 419. gives to a manufacturer its note payable to its A bank, however, may loan on a note secured by Treasurer and indorsed in blank by him, the a warehouse receipt covering wine in bond, manufacturer pledging his merchandise as 419. security. The manufacturer discounts the Savings department. (See, supra, Fiduciary powers.) note with a bank without indorsing it. Held, Section 25, Federal Reserve Act. (See Act Sept. 17, that the note is not eligible for rediscount, 1919; Federal Reserve Act.) 1079. Section 25(a), Federal Reserve Act. (See Edge Act; Trust department. Deposit of securities in, 309. Federal Reserve Act.) Trust receipts held not valid, for domestic ac­ Secured paper. Fact that ineligible paper is secured ceptance credits, 1313. by eligible paper does not render it eligible, 308. Warehouse receipts as security for bank loans. Securities. (See, supra Readily marketable se- • (See, supra, Sacramental wine; Cooperative ' curities.) marketing associations.) Securities. Notes given for purchase of securities Shipping documents— (other than United States bonds and notes) are Original bills of lading and not nonnegotiable ineligible for all time and in all hands, 1199. copies or freight receipts must be furnished Security— to the accepting ban!? by the customer under Bankers’ export acceptances drawn by dealers in Regulation A, section B, 1920, 191. both the domestic and export trade are Acceptances against, covering cattle, 815. eligible for rediscount and purchase only Acceptances against domestic, 1312. when drawn under a contract by which the Meaning of words as used in regulations, 191. dealer is to furnish shipping documents, Stamps, revenue, on time drafts, 310. among other specified requirements, covering State banking laws. Amendments to— the goods, to the accepting bank, 70. Indiana, 550. If the dealer is given the option to furnish ware­ New Jersey, 73. house receipts or similar documents covering Oklahoma, 550. goods not intended for export, the acceptances Supreme Court of United States. Decision. Par would no longer be eligible, as they would clearance case, 700. become domestic acceptances, 70. Ten per cent limitation. Act modifying section 11 Ruling of Federal Reserve Board. Federal Re­ (m), 73, 310. serve Bulletin, vol. 4, p. 314, made during Time for which acceptances should be drawn, 308. the war, is reversed, 70. Tobacco. Warehouse receipts covering, 963, 1199. The requirement of Regulation A, section B, Transfer agents. National banks as, 545. 1920, as to furnishing documents in connec­ Trust department. Deposit of securities in, 309. tion with export transactions is not satisfied Trust funds. Proceeds of sale of collateral security by by freight receipts or copies of bills of lading. a national bank as trustee, 1435. The original bills must be furnished in order Trust powers. (See National banks; Fiduciary to give the accepting bank security, 191. powers.) The bills of lading as security need not be neces­ Trust receipts. Not valid security for domestic ac­ sarily held by the accepting bank; they may ceptance credits, 1314. be held by its correspondent or by some other Undisclosed principal. Bank acceptances by one independent party as its agent, 191. bank for another as, 648. Where a bank accepts to an amount exceeding the 10 per cent limitation it can not release Warehouse receipts— the security unless other actual security Agricultural commodities, 963. growing out of the same transaction is sub­ As security for bank loians, 1314. stituted, 308. Automobile parts, 699. The fact that paper not eligible has security con­ Coffee in foreign country, 418. sisting of eligible paper does not render it eli­ Cold storage goods, 308. gible, 309. Collateral for bank loans, 1314. A bank which guarantees an acceptance credit is Growers’ drafts secured by, 1199. not a proper custodian for the security for the Tobacco, 963, 1199. accepting bank, 418. Wine, sacramental, in bond, 419. A bank can loan upon a note having as security a RUMANIA. warehouse receipt covering wine in bond, Gold reserves, 1913-1921, 676, 677. 419. Drafts drawn against security of warehouse re­ RUPEE EXCHANGE. ceipts covering sacramental wine are not eli­ New York on India, 31. gible for rediscount, as sacramental wine is Value of, for exchange purposes, 1893-1920, 31. not a readily marketable staple, 419. Drafts against banks drawn by farmers with bills RUSSIA. of lading as security covering shipment of Export and exchange transactions with. Restric­ cattle are eligible for rediscount when dis­ tions removed, 69. counted by and bearing indorsement of an­ Gold production, 1910-1920, 678. other bank, 815. (See Allies.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 41 s. SECURITIES IN RESERVES. (See India.) SACRAMENTAL WINE, 419. SECURITY. (See Rulings, Federal Reserve Board.) (See Methods of city banks, etc.; Trust receipts; SAFEGUARDING OF INDUSTRY. Warehouse receipts.) Tariff bill. Great Britain, 1187. SECURITY, ACTUAL. SALES, NET. (See Rulings, Federal Reserve Board; Bills of lading; (See Retail trade; Wholesale trade.) Merchandise; Warehouse receipts.) SALES OF ACCEPTANCES. SECURITY FOR ACCEPTING BANKS, 418, 1313. (See Rediscounts.) SEMIAGRICULTURAL COUNTIES. SALES TAX. Loans of Federal Reserve Banks to banks in, 1150. (See Business turnover tax.) SHANGHAI. SALT LAKE CITY BRANCH. Wholesale prices, 1463. Directors, 67. SHIPBUILDING. SALVADOR. (See Great Britain; World’s shipping; Physical volume Gold imports and exports, 679. of trade; United States.) SAULT STE. MARIE CANAL. SHIP CONSTRUCTION. Commerce of, 103, 226, 718, 834, 981, 1098, 1218, 1333. Great Britain, 79, 198, 319, 422, 554, 690, 952, 1070, 1453. 1189, 1305, 1423. (See Physical volume of trade.) United States, 187, 400. SAVINGS DEPARTMENT. SHIPMENT. (See Rulings, Federal Reserve Board; Fiduciary pow­ (See Finished cotton fabrics.) ers.) SHIPMENT OF COTTON. SAVINGS DEPOSITS. (See Business, industry, and finance; Physical volume Italy, 440. of trade.) SCANDINAVIA. SHIPPING, 283, 394, 526, 667, 790, 906, 1048, 1165, 1284. Denmark. Value of kroner, 1432. (See Business, industry, and finance; Ocean freight Foreign exchange rates, 1431. rates.) Norway. Value of krone, 1432. SHIPPING DOCUMENTS. Note expansion, 1433. (See Domestic shipping documents; Rulings, Federal Prices, 1431, 1432. Reserve Board.) Value of money, 1432. SHIPPING EARNINGS AND BALANCE OF SEATTLE BRANCH. TRADE, 40. Directors, 67. SHIPPING, WORLD’S, 183. SECRETARY OF THE TREASURY. Future Treasury financing, 2, 373, 777. SHIPS. Hon. A. W. Mellon assumes duties of, 383. American tonnage, 187, 400. Retirement of Pittman Act certificates, 374. Berth rates, 405. Revival of War Finance Corporation, 4. British tonnage under construction, 79, 198, 319, 554, 690, 952, 1070, 1189, 1305, 1423. SECTION 11 (M), FEDERAL RESERVE ACT. Built in United States, 102, 226, 344, 457, 595, 718, Amendment, 73, 310. 834, 980, 1097, 1217, 1332, 1452. SECTION 18, FEDERAL RESERVE ACT. Deliveries to Great Britain under reparations agree­ (See Acceptances; Letters of credit; Dollar exchange.) ment, 1302. Loss of, by Allies during war, 184. SECTION 19, FEDERAL RESERVE ACT. Number and tonnage before and after war, 185, 1302. (See Nonmember banks; Reserves; Rulings, Federal Ocean freight rates, 403, 931, 1068, 1206, 1322, 1442. Reserve Board.) The Hague rules, 1292. SECTION 25, FEDERAL RESERVE ACT. Tonnage cleared in foreign trade, 102, 226, 344, 458, Amendment, section 25 (a), 310, 817. 596, 718, 834, 980, 1097, 1218, 1333, 1453. Water-borne imports and exports, 401. SECTION 25 (A), FEDERAL RESERVE ACT, 310, (See Great Britain; Physical volume of trade; World’s 817. shipping.) (See Edge Act; International Financial Corporation; Rulings, Federal Reserve Board.) SHIPS CLEARED IN FOREIGN TRADE, 102, 226, 344, 458, 596, 718, 834, 980, 1097, 1218, 1333, 1453. SECURED PAPER. (See Physical volume of trade.) (See Rulings, Federal Reserve Board.) SHOES, 17, 148, 279, 389, 521, 662, 787, 916, 1043, 1162, SECURITIES. 1279, 1395. Deposit in trust department, 309. (See Business, industry, and finance; Physical vol­ (See Fiduciary powers; Rulings, Federal Reserve ume of trade.) Board; Fiduciary powers; Readily marketable staples.) SHORT-TERM BORROWING. Index number. Prices— Great Britain, 567. Germany, 765, 892, 1021, 1145, 1259, 1376. SILESIA, 1310, 1428. (See Germany.) (See Germany.) Italy, 438, 439. (See Italy.) SILK INDUSTRY, 17, 147, 278, 389, 520, 622, 787, 915, Imports of, 1265. 1042, 1161, 1278, 1394. Trust funds, 309, 1435. (See Business, industry, and finance; Physical vol­ (See Investment trusts.) ume of trade.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. SILVER. STAMPS, REVENUE. China. Imports and exports, 938. Time drafts, 310. Embargo. Great Britain, 302. Tobacco. (See Physical volume of trade.) Fine silver contents. Silver coinage. France, Ger­ STANDARD SILVER DOLLARS. many, Great Britain, Italy, United States, 936. (See Money in United States.) Imports and exports, 11, 127, 128, 140, 253, 270, 370, 381, 493, 511, 642, 654, 760, 779, 856 (fiscal year STAPLES. 1921), 883, 908, 1015, 1034, 1134, 1153, 1252, 1270, (See Rulings, Federal Reserve Board; Readily market­ 1367, 1384, 1494. able staples. China, 938. STATE BANKING LAWS. India. Prices in, 30, 938 (1914-1921). Amendment to— Melting point of silver coinage, 936, 937. Indiana, 551. Movement of, 11, 131, 240. New Jersey, 73. Price— Oklahoma, 550. New York, 8, 31, 130, 267, 380, 494, 890, 934, 935, 937. STATE BANKS AND TRUST COMPANIES, MEM­ London, 494, 890. BER. Production, 935. Abstract of condition reports, 255, 497, 886, 1137. Production, world, 935. Acceptance liabilities, 172, 800, 1051. Reserves, Bank of France, 321. Admitted to Federal Reserve System, 68, 188, 307, Situation, silver, 934. 415, 551, 698, 814, 961, 1078, 1198, 1316, 1434. Stock of, in United States. (See Money in United Classification. Loans and discounts, 257, 889, 1140. States.) Condition, 255, 256, 497, 500, 501, 886, 887,* 888, 889, 1137, 1138, 1139, 1140. SILVER CERTIFICATES. Earnings and dividends, 763, 1371. (See Money in United States.) Examination of. New Jersey law, 73. Holdings of acceptances of. (See Discount and open- SILVER DOLLARS. market operations.) (See Money in United States.) (See Nonmember banks.) SILVER, SUBSIDIARY. STATE LAWS. (See Money in United States.) National banks. Fiduciary powers, 720. SIX MONTHS’ CREDIT. STATEMENTS. (See Acceptances; Credit.) « (See Member-bank condition statements.) SKINS. STATIONERY. (See Physical volume of trade.) (See Wholesale trade.) SMOOT, SENATOR. STATIST INDEX NUMBERS. Letter of Gov. Harding to. Credit policy, 895. Foreign-exchange value of pound, 1374, 1499. Foreign-exchange values, 794. SNODGRASS, K. H. Prices. Great Britain, 421, 1304, 1342. British finance, 563. STATISTICAL REVIEW. SOURCES OF INFORMATION. To June 30, 1921, 767. (See Methods of New York City banks, etc.) STEAMERS. (See Ships.) SOUTH AFRICA. Gold production, 1910-1920, 678. STEEL PRODUCTION. Wholesale prices, 1463. Great Britain, 79, 198, 319, 554, 689, 690, 952, 1189, Balances on open account owed by United States to, 1276, 1305, 1423, 1444. 1406, 1407. Sweden, 811. (See Business, industry, and finance; Movement of SOUTH AMERICA. « commodities; Physical volume of trade; Whole­ Balances due to and from foreign countries, 1404. sale prices.) Credits granted and received, 576. Economic conditions in, 572. STEINER, W. H. Exchange rates, 575. Commercial-paper business, 920, 1052. Foreign exchanges, 573. STOCK-EXCHANGE LOANS. Foreign trade, 573. Market rates. (See Federal Reserve Bank and branch Imports and exports. Argentina, Brazil, and Chile, cities.) 574. Prices in, 573. STOCKS OF MERCHANDISE. United States. Imports and exports to and from, 574. (See Retail trade.) (See Argentina; Brazil; Chile.) STOCK OF MONEY. SPAIN. (See Money in United States.) Gold imports and exports, 679. STORAGE, DOMESTIC. Gold reserves, 1913-1921, 676, 677. Acceptances against. (See Rulings, Federal Reserve (See Bank of Spain; Neutrals.) Board.) SPECIAL ANALYSIS. STRAIGHT BILLS OF LADING. (See New York City banks, etc.) (See Bills of lading.) SPECULATIVE PURCHASES OF CURRENCY, 1264. STRAITS SETTLEMENTS. SPEECH, GOV. HARDING. Gold imports and exports, 679. Economic developments, 671. (See Asia.) SPOKANE BRANCH. STRUCTURAL STEEL. Directors, 67. (See Physical volume of trade.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 43 SUBTREASURIES, UNITED STATES. T. Discontinuance of, 33, 263. (See United States sub treasuries.) TARIFF REVISION. France, 1189,1190. SUBSIDIARY SILVER. Germany, 1193. (See Money in United States.) Great Britain. Safety of industries bill. Anti­ SUGAR RECEIPTS AND MELTINGS, 98, 221, 339, dumping, 1187. 453, 591, 713, 829, 974, 1092, 1212, 1327, 1447. Italy, 1191. (See Physical volume of trade; Wholesale prices.) TAX, FRANCHISE. SUMMARY. Paid by Federal Reserve Banks, 156, 941. Address of Gov. Harding, 671. TAX RECEIPTS. SUPREME COURT OF UNITED STATES. (See Receipts; Revenues.) Par clearance decision. Text, 700. SURETY ON ACCEPTANCES. TAXES. (See Acceptances, guaranty; Guaranty.) Germany, 84, 203, 324,429, 808. Italy, 693, 1188. SURPLUS. Relation of net earnings to capital and surplus of TEN PER CENT LIMITATION. Federal Reserve Banks, 673. Act modifying, 73, 310. (See Rulings, Federal Reserve Board; Acceptances.) SWEDEN. Bank of. (See Bank of Sweden; Riksbank.) TER MEULEN BONDS, 10, 181, 1378, 1379, 1380. Business and financial conditions, 203, 327, 429, 561, 610, 696, 766, 810, 960, 1022, 1072, 1144, 1259, 1375. TEXTILES, 101, 225, 342, 456, 594, 717, 833, 979, 1096, Oassel, Gustav. Currency circulation, 203. 1215, 1330, 1450. Commercial failures, 697, 1375, 1500. (See Movement of commodities; Physical volume of Cost of living, 1074. trade; Wholesale prices.) Currency circulation, 203, 1433. Employment, 431, 562, 696, 960, 1073. THE HAGUE RULES, 1292. Exports, 697, 810. THREE MONTHS’ PERIOD. Financial situation, 610. (See Discount and open-market operations.) Foreign exchanges. Index numbers, 795, 797, 1144, 1259, 1500. THREE PER CENT RENTES, FRANCE. Foreign exchanges. Index numbers. Value of Price, 80, 200, 321, 425, 764, 891, 1020, 1143, 1258, krona, 795, 1375, 1431. 1374, 1499. Foreign trade, 206, 327, 430, 431, 607, 697, 729, 811, TIME DRAFTS. 849, 994, 1111, 1231, 1346, 1469. Revenue stamps, 310. (See Internal Revenue Gold imports and exports, 679. Bureau.) Gold reserves, 1913-1921, 676, 677. Industrial conditions, 561. TIME FOR WHICH ACCEPTANCES SHOULD (See, infra, Labor situation.) BE DRAWN, 308. Imports and exports, 206, 327, 431, 562, 606, 607, 69.7, TIN IMPORTS, 100, 224, 342, 456, 594, 716, 832, 978, 729, 810, 811, 849, 994, 1110, 1231, 1346,. 1469. 1095, 1214, 1330, 1450. Inflation in, 203, 1433. (See Physical volume of trade; Wholesale prices.) Joint stock banks. Condition, 327, 431, 610, 766, 893, 1022, 1144,1259,1375,1500. TOBACCO. Joint stock banks. Loans and discounts, 205. Acreage, production, and yield, 1059. Krona. Exchange value of, 759,1431. Financing of, 1057, 1174, 1284, 1413. Krona. Francs to, 322. Price of, 1059. Labor situation, 431, 562, 696, 960, 1073. Reports on condition, 15, 143, 274, 385, 515, 657, 782, Note circulation, 1433. 910, 1037, 1056, 1059, 1273, 1388. Note expansion, 1433. Sales of, 1065, 1066. Production. Iron and steel, 811. Sales of revenue stamps for manufacture of, 102, 225, Railway statistics, 960. 343, 457, 591, 713, 829, 975, 1092, 1212, 1327, 1447. Retail prices, 1913-1921, 88, 206, 327, 430, 605, 728, Sales at loose-leaf warehouses, 975, 1092, 1212, 1327, 811, 849, 993, 1073, 1109, 1229, 1345, 1468. 1447. Riksbank. Condition, 1500. Warehouse receipts covering, 963, 1199. (See Riksbank.) (See Business, industry, and finance; Physical volume Wages, 1073. of trade; Wholesale prices.) Wholesale prices. Index numbers, 77, 88, 195, 206, TOBACCO AND BANKING, 1291. 327, 430, 463, 603, 723, 725, 842, 844, 961, 991, 1073, 1105, 1107, 1225,1227,1341,1343,1463,1466. TOBACCO CROP. (See Bank of Sweden; Business and financial con­ Value, 1059. ditions abroad; Neutrals; Riksbank; Scandi­ TOBACCO FINANCE, 1057, 1174, 1284, 1413. navia.) # TOBACCO GROWERS’ ASSOCIATION, 1199. SWITZERLAND. (See Rulings, Federal Reserve Board.) Berlin on. Foreign exchange rates, 326. Gold reserves, 1913-1921, 676, 677. TOKIO. Investment trusts, 64. Discount rates, market, 1376. (See Geneva.) Wholesale prices, 463, 723, 842, 1105, 1225, 1341, 1463. Italy on. Foreign exchange rates, 438. TOKIO BANKS. Wholesale prices, 1463. Condition, 208, 326, 610, 766, 893, 1022, 1144, 1260, (See Foreign exchange; Geneva; Neutrals.) 1376, 1501. SYNDICATE BANKING, 418. Discount rates, 1260, 1501. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. TONNAGE CLEARED IN FOREIGN TRADE. U. (See Physical volume of trade; Ships cleared in foreign ULTRA VIRES. trade.) (See National banks; Acceptances; Rulings, Federal TRACTORS, FARM, 191. Reserve Board; Guaranty.) (See Rulings, Federal Reserve Board; Farm tractors.) UNDERWEAR, 17, 147, 278, 389, 520, 661, 787, 915, 1043, TRADE. 1161, 1279, 1394. (See Business, industry, and finance; Wholesale prices.) (See Business, industry, and finance; Condition of foreign trade; Foreign trade; Foreign trade index; UNDISCLOSED PRINCIPAL. Physical volume of trade; Price movement and (See Rulings, Federal Reserve Board; Acceptance volume of trade; Regulations of international liabilities.) trade; Retail trade; Wholesale trade.) UNEMPLOYMENT. TRADE ACCEPTANCES. France, 693, 1191, 1307. Drafts by tobacco growers against a corporation organ­ Germany, 560, 696, 809, 1072, 1310. ized by them are not, 1199. Great Britain, 79, 319, 421, 552, 564, 690, 803, 953, Holdings, etc. (See Discount and open-market oper­ 1020, 1069, 1257, 1374. ations; Discount rates.) Italy,. 1077, 1427. TRADE FACILITIES BILL. Netherlands, 432, 1196. Great Britain, 1420. Sweden, 431, 562, 696, 960, 1073. United States, 19, 148, 282, 391, 522, 664, 774, 789, 917, TRADE WITH THE ORIENT. 1045, 1163, 1281, 1396. Authority to purchase, 926. Yearly review, 774. TRANSFER AGENT. (See Business, industry, and finance.) National banks as, 545. UNFILLED ORDERS, 448. TRANSVAAL. (See South Africa.) UNION OF LONDON AND SMITH’S BANK (LTD.). Expansion of, 297. TREASURY BILLS. French treasury bills discounted by the British treas­ UNITED KINGDOM. ury and the Bank of England, 181. (See Great Britain.) Great Britain. Issue of, 173. UNITED STATES. (See Great Britain.) * Balance of trade. (See Same.) TREASURY CERTIFICATES. Balances owed to foreign countries on open account, Allotted through Federal Reserve Banks, 853. 1262, 1400. Issues of, 1, 131, 263, 373, 511, 653, 853. Budget, 1381. Maturities of, 191, 241, 360, 478, 624; 742, 869, 1005, Debt, .public, 373. 1122, 1242, 1356, 1482. Foreign loans placed in, 942. Retirement under Pittman Act, 374, 1386. Foreign exchange, 438. (See United States Treasury certificates.) (See Italy on; Foreign exchange.) Gold imports and exports, 1918-1921. (See Gold.) TREASURY FINANCE, 1, 131, 263, 373, 511, 653, 771, Gold production, 1910-1920, 678. 1381. Gold reserves, 1913-1921, 676, 677. Secretary of Treasury on, 2, 373. Italy— TREASURY NOTES. Credits from United States to, 1185. Three-year Treasury notes issued, 777. Italy on United States, exchange rates, 1262. (See Foreign exchange.) TREASURY NOTES OF 1890. Money, stock of. (See Money in United States.) (See Money in United States.) Post-armistice obligations, 1262. TRUST COMPANIES. Retail prices. (See Same.) (See State banks and trust companies.) Ship construction— United States and foreign countries, 187. TRUST DEPARTMENT. (See Ships.) Deposit of securities in, 309. South America. Exports and imports to and from, (See Rulings, Federal Reserve Board; Fiduciary 574. powers.) Wages. (See Same.) TRUST FUNDS. War expenditures, 1382. Deposit of securities in trust department of a national Wholesale prices, 1913-1921. (See Wholesale prices.) bank to secure funds deposited in commercial (See Imports and exports; Index numbers; Money in department, 309. United States; Prices; Retail prices; Wholesale prices.) Proceeds from sale of collateral security held by national banks or trustees under corporate issue UNITED STATES CERTIFICATES. of bonds, 1435. (See Discount and open-market operations; Maturity; TRUST POWERS. United States Treasury certificates.) (See National banks; Fiduciary powers.) UNITED STATES COURTS. TRUST RECEIPTS. Jurisdiction of. American Bank & Trust Co. v. Fed­ eral Reserve Bank of Atlanta, 700. Not valid security for domestic acceptance credits, 1314. UNITED STATES NOTES. TRUSTS, 62. (See Money in United States.) (See Investment trusts.) UNITED STATES REVISED STATUTES. TURNOVER TAX. FRANCE, 555. Section 3595. Amended by act of May 29, 1920. Sub treasuries abolished, 33. TURKEY. ' Section 5146. Amended by act of Mar. 1, 1921. (See Central powers.) Qualifications of directors, 549. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 45 UNITED STATES REVISED STATUTES—Contd. W. Section 5190. Comptroller of Currency rules that fiving of acceptances and payment of drafts can be WAGE SITUATION, 506. one only at principal office of a national bank, 547. Section 5202. (See Acceptances; Letters of credit.) WAGES. Germany, 809, 1072. UNITED STATES SECURITIES. Great Britain, 422, 552, 689, 804, 1069. (See Discount and open-market operations.) Sweden, 1073. United States— UNITED STATES SENATE. Discussion, 652. Letter of Gov. Harding to. Credit policy, 895. Monthly reports, 19. Survey. Federal Reserve Board, 506, 526. UNITED STATES SUBTREASURIES. Yearly review, 774. Transfer of functions of, to Federal Reserve Banks, 33. WAGES AND PRICES, 506, 652. UNITED STATES SUPREME COURT. Check clearing decision. American Bank & Trust WAGES, CHANGES IN, 526. Co. v. Federal Reserve Bank of Atlanta. Text, 700. WAR CONTROL OF EXCHANGE, 1400. UNITED STATES TREASURY. (See Money in United States.) WAR EXPENDITURES. France, 179, 321, 691, 955, 1305, 1382. UNITED STATES TREASURY CERTIFICATES. Germany, 1308, 1382. Allotted through Federal Reserve Banks, 853. Great Britain, 565, 1303, 1382. Issues of, 1, 131, 263, 373, 511, 653, 853. Italy, 1181, 1185, 1382. Loans secured by. (See Market rates; Federal Re­ United States and foreign nations, 1382. serve Bank and branch cities.) Maturities of, 191, 241, 360, 478, 624, 742, 869, 1005, WAR FINANCE. 1122, 1242, 1356, 1482. France, 174. Retirement of, under Pittman Act, 374, 1386. Great Britain, 563. (See Discount and open-market operations; Discount Germany, 1308. rates; Maturity.) Italy, 1177. UPPER SILESIA DECISION, 1310, 1428. WAR FINANCE CORPORATION. Advances by, 647, 1380. URUGUAY. Agricultural credits, 1030, 1380. Capital issues, 1266. Amendment. Aug. 24, 1921, 1379, 1380. Gold exports and imports, 679. Circular. Export credits, 647. (See South America.) Revival of, 4, 137. V. WAR LOANS, SHIPS, 184. VALPARAISO. WAR NOTE CIRCULATION. Exchange on Great Britain and United States, 575. Great Britain, 571. VALUE. (See Exchange value; Foreign trade.) WAR PAPER. (See Earning assets; Federal Reserve Bank and VALUE OF ONE POUND STERLING. branch cities.) In foreign exchange, 1499. WAR RULINGS, REVERSED, 70. VENEZUELA. Gold imports and exports, 679. WAREHOUSE RECEIPTS. (See South America.) Agricultural commodities, 963. VESSELS. Automobile parts, 699. (See Ships.) Coffee in foreign country, 418. Cold-storage goods, .308. VESSELS BUILT fN UNITED STATES, 102, 226, Collateral for bank loans, 1314. 344, 457, 595, 718, 834, 980, 1097, 1217, 1332, 1452. Market rates on loans secured by. (See Federal (See Physical volume of trade; Ships.) - Reserve Bank and branch cities.) VESSELS CLEARED IN FOREIGN TRADE, 102, 226, Tobacco, 963, 1199. Wine, sacramental, 419. 344, 458, 596, 718, 834, 980, 1097, 1218, 1333, 1453. (See Physical volume of trade; Ships cleared in (See Rulings, Federal Reserve Board; Warehouse receipts.) foreign trade.) VICTORY NOTES. WAREHOUSED WINE, 419. (See Discount rates.) WARRANTS. VOLSTEAD ACT, 419. Maturity, 1482. VOLUME OF PAPER DISCOUNTED AND PUR­ WAR-TIME CONTROL. CHASED. Foreign exchange, 1400. (See Discount and open-market operations.) VOLUME OF TRADE. WATER-BORNE EXPORTS AND IMPORTS, 1860- Price movement and, 579, 702, 818, 965, 1082, 1201, 1920, 401, 409. 1317, 1437. WAYS AND MEANS ADVANCES. VOLUNTARY LIQUIDATIONS, 14, 68, 133, 307, 416, Great Britain, 78, 173, 197, 420, 1020, 1143, 1257, 1374, 551, 698, 814, 961, 1078, 1198. 1499. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. WEIGHTS. WHOLESALE PRICES. INDEX NUMBERS—Contd. Used in foreign exchange index, 799. United States, 1913-1921, 77, 89, 90, 91, 92, 210, 211, 212, 213, 214, 328, 330, 331, 428, 442, 465, 464, 504, WEST INDIES. 559, 579, 601, 602, 703, 704, 705, 723, 724, 809, 818, (See North America.) 966, 967, 968, 989, 1082, 1083, 1084, 1085, 1201, 1202, 1203, 1204, 1225, 1283, 1317, 1318, 1319, WHEAT. WHEAT FLOUR! 1320 1341 1437 1464. (See Business, industry, and finance; Physical vol­ Monthly’reports on,’22, 150, 281, 393, 524, 666, 790, ume of trade; Wholesale prices.) 919, 1047, 1165, 1283, 1398. WHEAT CROP ESTIMATES, 983, 1099, 1206, 1334. United States commodities prominent in export trade of Argentina, Chile, and Brazil, 573. WHOLESALE PRICE INDEX. Wholesale prices, United States— Address of Gov. Harding, 672. International comparison, 463, 580, 703, 723, 818, Silver, 935, 937. 819, 820, 821, 841, 967, 988, 1340, 1341, 1437, 1461. WHOLESALE PRICES. INDEX NUMBERS. (See Business, industry, and finance; Indexes; Re­ Argentina, 573.. tail prices; Wholesale prices.) Australia, 1914-1920, 77, 82, 88,195, 210, 329, 463, 464, 604, 723, 726, 842, 845, 992, 1105, 1108, 1225, 1228, WHOLESALE TRADE. 1341, 1344, 1463. Condition of, 20, 23, 151, 280, 284, 462, 523, 600, 665, Brazil, 573. 722, 790, 841, 918, 988, 1046, 1104, 1164, 1224, Calcutta, 1914-1920, 77, 88, 195, 209, 329, 463, 464, 1282, 1340, 1460. 604, 723, 726, 842, 846, 992, 1105, 1109, 1225, 1229, Monthly reports on, 20, 149, 280, 392, 523, 665, 790, 1341, 1344, 1463. 918, 1046, 1164, 1282, 1397. Canada, 1913-1920, 77, 89, 195, 210, 328, 463, 464, 604, (See Business, industry, and finance.) 723, 726, 842, 846, 991, 1105, 1108, 1225, 1228, WILLS, D. C. 1341, 1344, 1464. Reappointed Federal Reserve Agent, Federal Reserve Chile, 573. Bank of Cleveland, 383. Comparative, abroad, 77, 195, 317, 463, 610, 723, 841, 988, 1105, 1225, 1340, 1463. WINE IN BOND, 419. Denmark, 723, 842, 989, 1105, 1225, 1341, 1461. WINE, SACRAMENTAL, 419. France, 1913-1920, 77, 81, 195, 200, 322, 424, 463, 603, 693, 723, 725, 806, 842, 843, 957, 990, 1018, 1105, WITHDRAWALS FROM FEDERAL RESERVE 1107, 1225,1227,1307, 1341, 1342, 1373,1425,1465. SYSTEM, 416, 551, 698, 1078, 1198, 1316, 1434. Germany, 1913-1921, 84, 85, 195, 201, 325, 428, 559, WOOD-PULP PRODUCTION, 101, 225, 343, 457, 595’ 603, 725, 809, 842, 844, 959, 991, 1071, 1105, 1107, 717, 833, 979, 1096, 1216, 1331, 1451. 1225, 1227, 1301, 1341, 1342, 1343, 1429, 1465. (See Physical volume of trade.) Great Britain, 1913-1921, 77, 78, 195, 197, 294, 318, 421, 463, 553, 602, 691, 723, 724, 842, 843, 953, WOOL CONSUMPTION, 101, 225, 342, 456, 594, 717, 990, 1068, 1105, 1106, 1225, 1304, 1341, 1342, 833, 979, 1096, 1215, 1330, 1450. 1422, 1464. WOOL, WOOLENS. New index number, 294, 421. Reports on, 16, 147, 277, 389, 519, 662, 786, 914, 1042, India, 1914-1921, 77, 88, 195, 209, 329, 463, 464, 604, 1160, 1278, 1393. 723, 726, 842, 846, 992, 1105, 1109, 1225, 1229, (See Business, industry, and finance; Physical vol­ 1341, 1344, 1463. ume of trade; Wholesale prices.) Italy, 1914-1921, 82, 209, 328, 437, 603, 725, 807, 844, 957, 990, 1107, 1227, 1342, 1426, 1465. WORLD. New index number, 465. Balance on open account owed by United States to Japan, 77, 82, 195, 209, 317, 328, 437, 463, 465, 601, the world, 1405. 723, 807, 842, 844, 957, 990, 1105, 1107, 1225, 1227, WORLD’S SHIPPING. 1341, 1342, 1463. Review, 183. Netherlands, 1914r-1921, 432, 813, 815, 1195. Z. Norway, 762, 845, 991, 1108, 1228, 1343, 1432, 1463. Sweden, 1913-1921, 77, 88, 195, 206, 327, 430, 463, ZINC PRODUCTION, 716, 832, *978, 1095, 1214, 1329, 603, 723, 725, 842, 844, 961, 991, 1073, 1105, 1107, 1449. 1225, 1227, 1341, 1343, 1463, 1466. (See Physical volume of trade; Wholesale prices. o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis