Federal Reserve Bulletin, 1921-11

-nil FEDERAL RESERVE BULLETIN (FINAL EDITION) ISSUED Bf FEDERAL RESERVE BOARD AT WASHINGTON NOVEMBER, 1921 WASHINGTON GOVERNMENT PRINTING OFFICE 1921 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD. EX OFFICIO MEMBERS. W. P. G. HARDING, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. D. R CRISSINGER, Comptroller of the Currency. JOHN R. MITCHELL. W. W. HOXTON, Secretary. WALTER S. LOGAN, General Counsel. W. L. EDDY, Assistant Secretary. H. PARKER WILLIS, Director, Division of Analysis and Research. W. M. IMLAY, Fiscal Agent. M. JACOBSON, Statistician. J. F. HERSON, E. A. GOLDENWEISER, Associate Statistician. Chief Division of Examination and Chief Federal E. L. SMEAD. Reserve Examiner. Chief Division of Reports and Statistics. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Chairman. Governor. Deputy governor. Cashier. Boston Frederic H Curtiss Chas. A Morss C C Bullen W. Willett W. W. Paddock New York Pierre Jay Benj. Strong J.H.Case L. H. Hendricks.i J. D. Higgins 1 LG.. FL.. SHaailrerrison A. W. Gilbart.i E. R. Kenzel Leslie R. Rounds.i J. W. Jones.i Ray M. Gidney.1 Philadelphia R. L. Austin George W. Norris Wm. H. Hutt, jr W. A. Dyer. Cleveland D.C. Wills E. R. Fancher M. J. Fleming H. G. Davis. Frank J. Zurlinden Richmond Caldwell Hardy George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus A. S. Johnstone * John S. Walden * Atlanta Joseph A McCord y **. Wellborn L. C. Adelson M W. Bell J. L. Campbell Chicago Wm. A. Heath J. Jt>. Mcuougal C.R. McKay W. C. Bachman.i S. B.Cramer K. C. Childs.i JohnH. Blair J. H. Dillard.i D. A. Jones.i 0. J. Netterstrom.i A. H. Vogt.i Clark Washburne.i St. Louis Wm. McC. Martin D.C. Biggs 0. M. Attebery J. W. White. Minneapolis JohnH. Rich R. A. Young W. B. Geery B. V. Moore. Frank C. Dunlop 1 S S. Cook Kansas City Asa E. Ramsay J. Z. Miller, jr. C. A. Worthington . ... J. W. Helm. Dallas Wm. F. Ramsey R. L. Van Zandt R G Emerson3 R R Gilbert San Francisco John Perrin J. U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk4 L. C. Pontious < i Controller. * Assistant to governor. 3 Acting deputy governor. 4 Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: Minneapolis: Buffalo branch W W Schneckenburger Helena branch 0. A. Carlson. Cleveland: Kansas City: Cincinnati branch L. W. Manning. Omaha branch L. H. Earhart. Pittsburgh branch Geo. De Camp. Denver branch C. A. Burkhardt. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch Morton M. Prentis. Dallas: Atlanta: El Paso branch W. C. Weiss. New Orleans branch Marcus Walker. Houston branch Floyd Ikard. Jacksonville branch Geo. R. De Saussure. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch C. J. Shepherd. Nashville branch J. B. McNamara. Portland branch Frederick Greenwood. Chicago: Salt Lake City branch R. B. Motherwell. Detroit branch R. B. Locke. Seattle branch C. R. Shaw. St. Louis: Spokane branch W. L. Partner. Louisville branch W. P. Kincheloe. Memphis branch J. J. Heflin. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN. The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. It is printed in two editions, of which the first contains the regular official announcements, the national review of business conditions, and other general matter, and is distributed without charge to the member banks of the Federal Reserve System. Additional copies may be had at a subscription price of $1.50 per annum. The second edition contains detailed analyses of business conditions, special articles, review of foreign banking, and complete statistics showing the condition of Federal Reserve Banks. For this second edition the Board has fixed a subscription price of $4 per annum to cover the cost of paper and printing. Single copies will be sold at 40 cents. Foreign postage should be added when it will be required. Remittances should be made to the Federal Reserve Board. No complete sets of the BULLETIN for 1915,1916, 1917, or 1918 are available. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. General summary: Pa&e- Review of the month 1261 Business, industry, and finance, October, 1921 1272 Tobacco finance 1284 The Hague rules 1292 Reorganization of the Austrian Landerbank and the Anglo-Austrian Bank 1294 Growth of deposits, note circulation, and reserves in principal foreign countries 1295 Business and financial conditions abroad—England, France, Germany 1301 Official: Rulings of the Federal Reserve Board 1312 State banks admitted to system 1316 Fiduciary powers granted to national banks 1316 Charters issued to national banks 1315 Price movement and volume of trade: Domestic— Wholesale prices in the United States 1317 Foreign trade •. 1321 Ocean freight rates 1322 Physical volume of trade 1322 Building statistics 1335 Crop estimates 1334 Retail trade 1337 Wholesale trade 1340 Commercial failures 1316 Foreign— Comparative wholesale prices in principal countries 1340 Comparative retail prices in principal countries 1345 Foreign trade—United Kingdom. France, Italy, Sweden, Japan, and Germany 1345 Banking and financial statistics: Domestic— Discount and open-market operations of Federal Reserve Banks 1347 Condition of Federal Reserve Banks 1354 Federal Reserve note account 1357 Condition of member banks in leading cities 1358 Bank debits 1361 Operations of the Federal Reserve clearing system -. 1365 Gold settlement fund 1364 Gold and silver imports and exports 1366 Money outside the Treasury and Federal Reserve System 1368 Discount and interest rates in various centers 1370 Discount rates approved by the Federal Reserve Board 1369 Earnings and dividends of State bank and trust company members 1371 Foreign exchange rates 1372 Foreign— England, France, Italy, Germany, Sweden, and Japan 1374 Charts: Index number of wholesale prices in the United States—constructed by Federal Reserve Board for purposes of international comparisons 1317 Physical volume of trade 1323 Movement of principal assets and liabilities of Federal Reserve Banks 1348 Movement of principal assets and liabilities of member banks 1348 Debits to individual accounts 1361 Foreign exchange index 1373 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 7 NOVEMBER, 1921. No. 11 REVIEW OF THE MONTH. and one-half as great as was added during the year 1920. The foreign-trade returns for the While the recovery of business in the United past month indicate a shrinkage in the amount States which has been going on Foreign and do- -, ,, , , xi of the favorable balance thus shown, which mestic business. durmS the Past twO mOnths Or may before the end of the year, should present more has distinctly continued tendencies be maintained, cause some modifito increase in momentum, and while some indication of conclusions as compared with the cations of betterment are noticeable in certain early part of the year. of the foreign countries, it is a striking fact that It is, of course, our trade relations with there has been little or no improvement in the Europe that are of greatest financial basis of our foreign trade. Exchange Recent devel- • T , «r» .i . , , immediate significance in this quotations have fluctuated even more than opmenxt oel trade. . ° connection, both on account usual during the month of October. The of the fact that Europe became most heavily mark has reached a new low level below fiveindebted to us during the war and the early tenths of a cent. Sterling exchange has underpost armistice period, as well as because of its gone considerable variation, and the same is close commercial relations with us and its true of other European currencies. This situa- importance as buyer of our merchandise. tion has had a depressing effect upon our This makes the position of the United States foreign trade. It has tended to discourage at the present time in its trade relations with American banks from making long-term com- European countries, as distinct from our relamitments, or indeed any commitments stated tions with the world at large, especially imin foreign currency, unless simultaneously portant. In the following table is shown, by " covered;; by an equal amount of exchange principal countries, the development of our sold or purchased, as the case might be. trade balance during the year 1921 to date: It is remarkable that, in spite of these dis- MERCHANDISE TRADE BALANCE OF UNITED STATES couraging conditions, the export and import DURING FIRST NINE MONTHS, 1921. trade of the Nation has continued upon a high [In thousands of dollars.] level. The figures for September indeed show Excess of Excess of some falling off, exports being $325,000,000, Countries. Imports. Exports. imports. exports. while imports were $179,000,000, a decline of Europe: $31,000,000 in our net "favorable" foreign- Belgium 26,256 96,502 70,246 France 105,858 162,562 56,704 trade balance as compared with the preceding Germany 5,9,401 300,476 241,075 Italy 44,370 168,658 124,288 month. Nevertheless, this decline is of only Netherlands 32,501 145,877 113,376 United Kingdom 173,070 727,813 554,743 temporary effect, the gross amount of our ex- Total Europe 555,277 1,860,613 1,305,336 North America: ports during the present calendar year being Canada 250,548 472,708 222,160 Cuba 196,676 160,727 35,949 $3,552,000,000, as against a total of $1,873,- Mexico 87,453 183,597 96,144 Total North America... 593,220 918,733 325,513 000,000 of imports. Our net balance for the South America: first nine months of the calendar year 1921 is A Br r a g z e i n l tina fg ^ 6 4 6 7 , , 5 8 8 2 3 1 9 4 3 8 , , 1 3 8 9 0 9 18,184 45,359 Chile 40,823 22,647 18,176 thus seen to be $1,679,000,000, or only Total South America... 224,048 228,486 4,438 Asia: $43,000,000 below the balance for the same British India 59,436 46,513 12,923 period in 1920. Owing to the fact that the last J C a h p i a n n a 1 7 7 9 1 , , 3 4 6 2 0 9 1 8 5 4 3 , , 6 4 2 4 5 7 17,982 5,265 Total Asia 406,656 354,510 52,146 quarter of 1920 was a period of sustained Oceania: Australia and New Zeaincrease, while the last quarter of 1921 seems land 26,683 91,985 65,302 Philippine Islands 37,995 36,801 1,194 likely to be a period of decline in export bal- Total Oceania 67,156 130,179 63,023 Africa: ances, it would seem that the calendar year British South Africa 7,293 20,447 13,154 Total Africa 26,396 59,811 33,415 1921 bids fair to add to our total outstanding Grand total 1,872,753 3,552,332 1,679,579 unfunded balance a sum only between one-third 1261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1262 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. According to this showing, the countries NET BALANCE OWED BY THE UNITED STATES TO FOREIGN which are chiefly in our debt as the result COUNTRIES ON SPECIFIED DATES. of this year's operations are Great Britain, Feb. 27, Nov. 13, Dec. 31, June 25, Germany, Italy, and the Netherlands, while of Countries. 1918. 1918. 1918. 1919. other countries which have direct claims upon us to an extent which creates an unfavorable Great Britain $92,699,478 $160,025,743 $142,008,511 $105,363,541 France 141,679,586 195,209,012 144,122,473 68,852,622 balance of trade against us the principal are Italy 42,050,559 83,104,588 58,616,854 78,239,156 Denmark 69,346,193 86,255,842 91,039,784 67,170,134 Cuba, Brazil, Chile, Japan, and India. It Holland 63,037,005 59,827,781 70,393,334 73,838,392 Norway 63,793,797 63,959,939 62,116,305 31,054,310 is evident, therefore, that even allowing for Sweden 23,895,040 35,373,540 41,652,177 46,214,438 obligations of debtor countries that may have Total Europe. 634,063,109 806,907,192 733,360,173 549,978,423 been disposed of through some form of pay-Argentina.. 28,662,502 66,510,049 77,291,385 62,601,213 Brazil i 9,176,195 115,485,240 116,627,060 119,198,693 ment by means of bills or drafts drawn on Chile 19,156,789 U4,349,951 116,607,811 18,641,166 creditor countries—a means of payment which Total South America 2,499,153 25,715,783 34,637,854 15,830,812 must have been limited at best—and allowing Canada.. 71,180,679 15,848,069 29,378,225 55,435,236 also for payments by Europe in gold and for India... . 6,563,231 i 16,277,580 L 15,029, 425 18,883,858 Japan... 20,840,274 81,133,783 99,816,033 11,965,968 new long-time borrowing, foreign trade be- Grand total.. 773,882,376 927,446,517 882,135,870 643,047,223 tween the United States and European countries left a substantial net balance in favor of i Owed to the United States. ourselves for the year 1921 to date. In the September, 1920, issue of the BULLE- There has always been some doubt as to the TIN it was estimated that an amount of our current balance " unfunded international balance with the rest of the WOrld> but in favor of the United States a more positive basis for its had accumulated since the armistice to the computation is now at hand than at any former amount of some $3,000,000,000. This balance time. Data obtained by the Federal Reserve was presented simply on the basis of the trade Board during the course of the war have been and finance figures covering operations initiated during the past few weeks analyzed, and the in- since the date of the armistice, and confessedly ternational debt situation of the United States had no reference to such balance as still perduring the period February, 1918-June, 1919, sisted as the result of former transactions. has been determined. The Board's figures show That there was a considerable balance growing a net balance owed by the United States on open out of prearmistice transactions had been defiaccount during this period ranging roughly nitely ascertained by the Division of Foreign from about $600,000,000 to $1,100,000,000. Exchange of the Federal Reserve Board, but These figures cover practically all transactions the figures relating to this unfunded surplus and bank balances except some comparatively had not then been made available for public insignificant holdings and remittances which use. The balance of $3,000,000,000, computed were not reported. In order to arrive at the by the Board as of August, 1920, would be total net balance owing to the United States, as increased to a figure of $4,000,000,000, or a distinguished from the balance on open account, little more, were the computation to be brought other funded items should be added to the up to the present time by using the same amount of United States Government credits methods as were employed in the original opened in favor of various nations and availed computation. Since September, 1920, howof by them on the several dates. From that ever, more information has been obtained on total there should then be deducted the above- some of the uncertain or "invisible" items in mentioned balance owed by the United States such an estimate than was then available, on open account. with the result that a final estimate up to The net balance on open account is shown October 1, 1921, allowing for the deduction of in the following table: such invisible items, does not exactly coincide Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1263 with the sum above mentioned; as will presently ordinarily been included in balances of this appear. In particular, the data of the Division sort. In addition to these elements there are, of Foreign Exchange, which have recently however, other factors to be taken into account been analyzed, show that on December 31, for which estimates have been furnished un- 1918, there was owed by American banking officially. It has been estimated by the econoinstitutions to foreign countries a net balance mist of a New York national bank on the of $882,000,000 on open account. In order to strength of official information that European take this figure fairly into consideration, it is settlements on account of canceled war condesirable to compute the total amount of mertracts amounted to $500,000,000. The same chandise balance developing in favor of the authority has shown on the basis of information United States beginning with January, 1919, furnished by the banks themselves that deand to offset it so far as practicable with estiposit balances transferred by Far Eastern mates of other elements entering into the banks from London to New York amount to international balance since that date. The $200,000,000 for 1919-20. These credit items result may then be compared with the Board's of $700,000,000 added to the above estimate earlier estimate as brought down to date on the foregoing lines. Such a complete estimate, would increase the unfunded balance to taking into account the unfunded balance $3,408,000,000. It is important to note that shown by the records of the Division of Foreign this balance with the world is not to be identi- Exchange, is presented in the following table: fied with our balance with Europe taken alone. There is no necessary conflict between the STATEMENT SHOWING THE INTERNATIONAL BALANCE OF figure here given and the somewhat higher THE UNITED STATES ON OCTOBER 1, 1921. estimates which have been made of Europe's [In millions of dollars.] unfunded debt to private creditors in the Total, United States. Results thus reached, it will Jan. 1, Items. 1919 1920 m 1 o 9 n 21 t h ( s 9 ). 1 O 9 c 19 t. , 1 to , be observed, agree closely with the Board's esti- 1921. mate of a year ago, brought up to date, when deduction is made for the balance outstanding United States, creditor. at the time of the armistice. In all frankness, Excess of exports of merchandise... 4,016 2,949 1,679 8,644 Net exports of gold and silver 441 it should be stated, however, that a wide di- Net exports of Federal Reserve notes 91 103 194 vergence of opinion prevails among students of Net interest payments receivable (private) 60 125 150 335 the existing balance of trade situation, and in Net ocean freight payments receivable 220 140 50 410 the very nature of the case the estimate just Total credit items 4,828 3,317 | 1,879 9,583 given can not claim to be more than an approximation based on the best information ob- United States, debtor. Net imports of gold and silver 70 559 188 tainable. The net balance due on open ac- N N e e t t im in p t o e r r t n s a o ti f o U n . a l S . p p a a p v e m r c e u n r t r s e n o c f y. 100 100 count has recently been estimated by one Ne U t n p it r e iv d a S te t a i t n e v s e G st o m ve e r n n t m o e f n A t meri- 2,375 305 2,680 observer at only slightly over $600,000,000 on can capital abroad 2 300 2 235 250 785 January 1, 1921, while on the same date it has American securities resold to United States 150 125 40 315 been put by others as high as $4,000,000,000. Immigrants' remittances and relief.. 2 000 2 700 300 1,600 Tourists' expenditures 2 50 2 150 125 325 The data already furnished afford a basis for Total debit items 3,475 1,585 1,374 5,993 choosing between or modifying these estimates. Net additions to unfunded credit Attention may be called also to a factor which balance of the United States 1,353 1,732 505 3,590 Net balance on open account owed has not been taken into account in our estiby United States on Dec. 31,1918.. 882 mates, because of the uncertainties surround- Net unfunded credit balance of the United States, Oct. 1,19213 2,708 ing it. As is well known, a considerable amount of merchandise represented in the export figures 1 Definite figures not available. 2 Estimate of John H. Williams, in Review of Economic Statistics, was refused by the foreign purchasers and Supplement, June, 1921. 3 Subject to the modifications noted in the accompanying text. either stored abroad pending a sale for what it The above figure of $2,708,000,000 repre- would bring or returned to this country and senting the net unfunded credit balance on included in the import returns at very much October 1, 1921, covers all items that have reduced values. Besides this, in not a few cases Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 4 FEDERAL RESERVE BULLETIN, NOVEMBER, 1921. during the period of rapidly falling prices, "balance/' apparently growing out of exports American exporters have effected settlements valued at a certain level, was thus correof accounts due from foreign merchants at only spondingly reduced, as settlement was made a fraction of the reported export valuations. at a rate much lower than that indicated by This would have the effect of reducing the the valuation of the goods for export. In actual balance below the official foreign trade other cases considerable quantities of goods returns and would reduce correspondingly any have either been reimported, or are on the estimate of the unfunded balance now out- point of being reimported, into the United standing. The allowance to be made for this States, a fact which, often in large measure, factor, however, could hardly be large in com- tends to distort or impair the study of those parison with the total figures of our merchan- elements of our balance of trade which grow dise trade. out of transfers of certain classes of goods. It The question how this great international would seem also that there has been established balance has been financed or within recent months a very large absorption Modifications of i( • j,, • i • r -i by American houses of "participations" in the . , carried is one which has enterprises of European corporations. These our balance participations have in some cases been reprebeen the subject of frequent sented by actual stock issued to American discussion. The idea that it could be largely citizens, but in other cases have apparently carried in the form of open accounts on the been represented only by certificates of particibooks of American merchants has been critipation, or of rights to share in the prospective cized by some, but there is much evidence to profits growing out of the sale of goods shipped show that a very large proportion of it has at from the United States to Europe and there times been so carried. In other cases the sold to traders who resell them to other forindebtedness has been paid by foreign buyers eigners who consume them. There is no way of American goods but in their own currency, of ascertaining exactly what weight to allow as the result of which American establishments to these elements in the situation. They do have found themselves the proprietors of large not, however, alter the fact that in one way or balances on the books of the foreign banks another very large claims have been acquired which they could not bring home without very and are still held by American citizens upon severe loss due to the depreciation of exchange, the business and industry of other parts ot the and which they, therefore, in many cases preworld, and that, even where these have been in ferred to "carry" until such time as the sums a certain sense converted, as through the due could be realized upon a basis more nearly taking of participating shares of the kind corresponding to the original parity of the already referred to, they still continue to reprelocal unit of currency in American money. sent claims out of which interest or profit Banking transfers and the return of American payments must grow. securities, whose proceeds are realized through Within recent months an element which has sales in the United States, and are then paid to probably been of increasing im- American creditors, undoubtedly account for rtanCe in the settlement of ° some reduction from time to time in the outour international balance has standing balance. There is another factor been the speculative purchase of foreign curwhich has come into importance within the rency. To a very considerable extent such past 12 months. The cancellation of conpurchases have been made in the actual paper tracts in countries such as Argentina, as well currency of the country in question, such curas in other South American States, undoubtedly rency then being shipped to the buyer in the culminated in a refusal on the part of foreigners United States and physically held by him. In to pay sums which in many cases they had other cases foreign currency when purchased undertaken to pay for American goods. In has been held abroad subject to the order of some cases such refusal resulted in an adjustthe American buyer and has not physically ment ^which rendered possible a settlement of the indebtedness upon a lower basis. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1265 been transferred. The result, however, bank notes and of 7,610,000,000 marks in amounts to much the same in either case, for loan bank notes. The note issues of some of the reason that the transaction has the effect the southern and southeastern European counof withdrawing currency from circulation tries are in an even more seriously inflated and and turning it over to an American holder, depreciated condition, while the situation in who carries it in the expectation that it will Russia and in adjacent territory is too well increase in value. This is the same kind of known to require much discussion. method for carrying indebtedness that was The part played by gold imports in the setresorted to by American business men who tlement of balances growing out Imports of gold , , -, ^r , , i contented themselves with open account claims £ 1 nd e uriti recent trade has been treated on foreign debtors or with balances in foreign in former issues and needs only banks. The difference between the two situacursory reference. The movement of gold into tions is found in the fact that within the past the United States has been at a very high level few months Americans who were not directly during the last year, our total net receipts interested in trade with foreign countries have since the beginning of the current year being become large speculative purchasers and holdin the neighborhood of $564,000,000. The iners of currency in the way described, and have crease of gold in the vaults of the Federal Rethereby assisted to finance our balance of trade. serve Banks during the same period has been What such speculative purchases amount to $666,000,000, so that, it appears, all of the it would be difficult to say, but in any event transfers to the United States of gold specie such purchases have been an important eleand bullion, besides large amounts of gold ment in the financing of the trade balance certificates, show themselves as additions to running in favor of the United States. Where the reserves of the Federal Reserve System. such purchases of foreign currencies are made, Such net gains of gold by the United States, of the meaning of the transaction is that the course, are equivalent to a corresponding reholder of the foreign currency practically adduction of the merchandise trade balance and vances to the country whose currency he during the current year have amounted to appurchases the use of capital without an interest proximately one-third of the total amount of charge, in the expectation that eventually such merchandise balance up to the 1st of Octhrough a rise in its price the foreign currency tober. The question how long this gold inflow will recover something of its old value and will continue is one which has been much disthus yield a profit greater than could be cussed, but little consensus of opinion has been realized from the interest return upon investreached, some, however, taking the view that ment securities that he might have purchased. the inward movement will be materially re- The hazard in the situation is found in the fact duced as soon as the total supply of Russian that the foreign holder of such currency is in gold has been completely liberated. This view a position no better than nor different from the does not necessarily require for its support an domestic holder. Both are owners of substiactual transfer of Russian gold to the United tutes for money either in the form of bank notes States, but merely the disbursal of Russian or Government obligations which are distinctly gold in the "free" form among the countries subject to repudiation or to a process of of Europe, which will thereby be enabled to " scaling down." While no such process has dispense with a corresponding amount of their been distinctly undertaken of late in any of the own gold. That such a process is taking place European countries, the belief that reductions through the substitution of Russian for other of the nominal or par value of the currency European gold, the latter being shipped to the must eventually be undertaken finds a strong United States, or through conversion of support in the enormous quantities of such Russian gold into the mintages of other Europaper now outstanding. Germany alone on pean countries, which in turn are then shipped September 30 had a total outstanding circuto the United States in settlement of American lation of 86,384,000,000 marks in Reichsbalances, the facts in the case would seem Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1266 FEDEEAL RESERVE BULLETIN. NOVEMBER, 1921. clearly to indicate. Closely allied to the The striking aspect of the year's financial shipment of gold into the United States as a developments on the banking means of settling our international balance is R e l a t i on of.-! • ,. •,-, . banks to foreign Slde in connection with foreign the policy of some foreign countries of shiptrade. trade is found in the fact that ping securities in settlement of their debts. there has been a steady and ex- These securities have been during the past tensive withdrawal of American banking instiyear, as in former years, of three general tutions from the foreign field. Conditions since varieties—those of American origin formerly the close of the war have passed through several held by foreign investors and now returned to different stages. So long as foreign exchange us, those of foreign origin shipped here and rates continued to be "pegged," as they were sold, and those offered for the first time on this for some time after the close of the conflict, it market. While it would be difficult to estiwas relatively safe for American banking mate even roughly the amount of the first two institutions to assume and carry commitclasses of securities returned to the United ments stated in foreign currencies. After the States, an approximate estimate of the amount close of the period of "pegging," the date of of foreign securities newly issued sold in this which may be roughly set at about the middle country during the }7ear, and whose proceeds of the year 1919, banks which were desirous of may reasonably be regarded as reducing by so curtailing their foreign commitments did so much the amount of indebtedness of foreign by refusing to purchase or discount paper countries, can be formed. The following stated in foreign currency; or when they purtable, prepared for the Board by the Guaranty chased such paper they immediately " covered " Trust Co. of New York, shows the foreign it, thereby transferring the liability to foreign Government and municipal loans (excluding holders as rapidly as might be. During the Canadian municipals) floated in the United year from July, 1919, to July, 1920, and to States, and also the new capital flotations some extent for a few months after that date, made here from January 1 to September 30, the general tendency of our banks was to 1921, by corporations (foreign and domestic) supply credit in foreign trade largely on the whose properties are located in foreign counstrength of exporters7 own paper. There was tries. The figures as shown have been ala large unfunded balance of indebtedness due lowed for in the earlier estimates of net to the United States, but this unfunded unfunded balances: balance was carried by the exporter in such manner as he might see fit. In order to enable I Foreign • Total him to give free credit to his foreign customer, Country. Corporation Government capital issues. I borrowings.1 issues. however, his bank frequently advanced him funds, knowing that they were being used to Canada 173,915,000 $73,915,000 Newfoundland ! 86,000,000 6,000,000 "carry" his customer abroad. As soon as the Cuba | 22,300,000 22,300,000 Porto Rico j 3,000,000 3,000,000 epidemic of cancellation had fully set in, with Dominican Republic ! 2,500,000 2,500,000 Paraguay 1,192,166 1,192,166 the resulting return to American drawers of Argentine 50,000,000 50,000,000 Brazil... 60,000,000 60,000,000 drafts which had been dishonored by foreign Chile ! 24,000,000 24,000,000 Uruguay | 7,500,000 7,500,000 buyers, particularly in South America, banks Philippine Islands 20,000,000 20,000,000 France 4,275,000 100,000,000 104,275,000 began to discourage the extension of credit in Belgium 30,000,000 30,000,000 Denmark 15,000,000 15,000,000 this way, and to refuse to make as liberal Other 2 9,600,000 9,600,000 allowances to their customers as they had in Total 114,282,166 315,000,000 429,282,166 former months. In those countries which had ' Includes all foreign municipal loans, except Canadian. established moratoria, or in which conditions 2 Includes capita! issues by companies having properties in more than one country. resembling a moratorium had developed, agree- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL. RESERVE BULLETIN. 1267 ment was in special cases reached by groups Although in Great Britain the Government of banks engaged in financing the trade with has made many efforts to en- Policy of foreign export" trade by guarthose countries not to discount bills or to courage banking institu- , P ,i A-*. A A furnish exchange. The result of such action ,. anteemg the credit needed, was that trade was in some cases seriously there has been a tendency there embarrassed because of inability to make as well as here for the banks to eliminate forremittances. Thus during the latter half of eign paper from their portfolios. The original 1920 and the first six months of 1921 a very British plan for a Treasury guaranty went into great curtailment of the commercial credit effect in the autumn of 1919 and provided for previously extended by American interests to advances by the Government up to 80 per foreigners undoubtedly occurred. cent of the cost of manufactured goods exported A striking feature of the development of to a limited number of small countries. American banking; policy along; Curtailment of ,, , P K. /-, Manufacturers did not avail themselves of r T T branch system. the h^es tlm* indicated has the privileges of the scheme during the i been the curtailment, since the export boom of early 1920; and in Septemopening of the current year, of branches or ber the terms of the guaranty were someagencies previously established in foreign coun- what relaxed. Even so, very few applications tries. Some of the larger New York institu- were made for advances, and in July of the tions have closed numbers of their foreign present year the whole scheme was again reagencies either temporarily or permanently, vised. By the new plan not only private and have withdrawn from operations in some exporters but banks as well are offered guarcountries, giving as a reason for so doing the anties, the private exporters up to 85 per cent disturbed state of trade of those countries and of the selling value of the goods and banks 70 the belief that currency and exchange relations per cent of the loss incurred in advancing were likely to continue in so uncertain a state credits. The list of countries has also been for so long a period that the acceptance of extended to include all of the British Empire further hazards or the "tying up" of more and certain additional foreign countries, coal banking capital in such markets was not wise. has been added to the list of commodities, and This movement is still under way and has the duration of credit, including renewals, exresulted in a decrease in the number of the tended to September, 1925. In a recent branches of American institutions in South speech the Prime Minister suggested further America and in the East, while the changing relaxation of the original terms of the export conditions of trade have resulted in altering credit scheme. It has also been true that the location or the business policy of formerly foreign exporters have been inclined to allow active branches which had been established decidedly better terms to buyers in comon the other side of the Atlantic. In view of petitive markets than American concerns the fact that our foreign branch-bank system were able to offer under the increasingly diffiwas of quite recent origin and confined to a cult banking conditions already sketched. comparatively small number of institutions, Whereas in some South American markets this tendency to contraction of operations and American shippers have gone back to the practice of requiring cash against documents retirement from the field has been of far before shipment of goods, German, British, greater immediate significance than would and French firms have been disposed to otherwise have been the case. It is estimated offer distinctly more favorable terms, and that in the aggregate a total of probably 14 have been supported in so doing by the branch offices and agencies of American banl\s banks of those countries. From one point of abroad have been closed or suspended. While view this difference in banking policy may be this number is not in itself large, it is consaid to grow naturally out of the prevailing siderable w^hen compared with the relatively state of things, inasmuch as it has been imsmall number of such offices previously existportant for the European countries to enlarge ing- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1268 FEDERAL, RESERVE BULLETIN. NOVEMBER, 1921. their export power, while in the United States been rendered even more obvious by the fact it is probably true that the export trade had that in some instances foreign credit corporain some lines been expanded to a level higher tions organized for the special purpose of financthan could be regarded as normal. The falling ing dealings, their stock being owned by groups off in the acceptance liabilities of British banks of banks, have been completely disestablished is evidence that these institutions have been and their assets distributed to the stockholders, likewise seeking to reduce the amount of their or the scope of their operations has been so foreign commitments, but the reduction, materially reduced as to bring about a practiamounting as it does to about 45 per cent since cal retirement from at least certain branches January, is probably attributable in part to of the export trade. The industrial effect of price declines and in part to the larger use of these changes in banking methods has proved other methods of financing business rather of considerable importance. Not only is there than to a retirement from foreign trade com- a growing difficulty in the financing of export mitments in the sense that has been true in trade itself which tends to limit the power of the American banking field. American producers to dispose of their goods Coupled with the limitation of commitments abroad, but the easier credit terms that are on branch account has been also being offered by foreign shippers, with the aid Change in di- ^ ^ i tion and of their own banking mechanism in competitive ch d rec rection of credit. to markets, is undoubtedly tending to restore the the character of credit granted hold of such foreign countries upon those marby our banks. In view of the disinclination of kets. This tendency is reported in its most various institutions to involve more of their evident form in South America and the East. capital in the foreign trade, either directly or The fact that our exports have continued to through the discounting of paper made by commaintain themselves at a relatively high scale mercial houses which were themselves financing has been largely due to the practice already such business, there has been a natural disindescribed of shipping to the United States large clination to make acceptances as freely as forquantities of specie for the purpose of creating merly. During the early part of the year the credit accounts here which could be used to pay reduction shown in the total amount of such for our exports of foodstuffs and in some cases acceptances outstanding in our markets left of manufactured goods. probably not over $600,000,000 in the hands of holders, although it was true that most of In another way the change in the method of the reduction in acceptance volume appeared financing foreign trade is pro- Discount market -, . , , . to have taken place outside of New York. and foreign trade. ducmS an imP°rtant inf lu n ence Since that time there has undoubtedly been a upon the financial situation. further reduction in the volume of acceptances During the past few years, effort has been made outstanding, made as a result of decreasing to popularize the banker's acceptance as an foreign trade operations, the amount in ex- investment for spare or surplus reserve funds istence to-day being estimated at probably held by individual banks, and a considerably not to exceed $450,000,000. As a consequence broader distribution of such acceptance paper there has been a lessening of the volume of has in this way been developed. According such acceptance paper available for purchase to the Federal Reserve Bank of New York, and this reduction would have been even numbers of member banks in the second greater than has actually been the case were district have been continually increasing their it not for the fact that a very large amount purchases of such paper for a good while of acceptances made for the financing of past. The same is more or less true in other the Cuban sugar crop and for the furnishing districts, and the distribution of actual comof dollar exchange in certain South American mercial paper in this way has been regarded countries has tended to maintain the gross by many observers as a very desirable step in amount of the paper mainly employed in advance, due to the fact that it released the actually sustaining export and import mer- banks from the necessity of finding stockchandise operations. This state of things has market demands for their spare funds, so that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1269 they were able to obtain a fair rate of interest reliance has been placed for the development upon their available resources without resort of the American discount market. It is true to the practice of call lending. Without going that a substantial number of foreign banks into the argument on this question, which is have established local branches in the United already more or less familiar, it is worth noting States and are engaged in marketing their that, should there be a sharp decline in the acceptances here. The Federal Reserve Banks, volume of bankers7 acceptances made by moreover, have found in this department of American bankers, the result would be to the acceptance field an attractive element of reduce the supply of acceptances available for paper for investment. It may be questioned, distribution to banks in the way already re- however, whether there is greater safety or ferred to and thereby to throw them back liquidity in the purchase of paper made by upon the types of investment which they foreign banks for the purpose of financing formerly employed. The change in the ac- trade with the United States than would be ceptance holdings of the Federal Reserve found in the similar paper made by American Banks themselves has been rather noteworthy banks. Were we to buy as freely of such forin the course of the past year, as may be seen eign bankers7 acceptances as we have in time from the following table: past bought of acceptances made by domestic banks, we should eventually be in the position FEDERAL RESERVE BANK HOLDINGS OF BANKERS' of employing our Federal Reserve resources ACCEPTANCES. End of— to finance the foreign trade through the agency * September, 1920 $306, 295, 000 of outside banking institutions rather than December, 1920 276, 096, 000 through our own. March, 1921 132,106, 000 In accordance with the usual practice there June, 1921 48, 586, 000 September, 1921 45, 761, 000 are presented in the following Index of busi- table the Board's current in- From this showing it will be seen that a very ness conditions. dexes of business conditions. decided decline in the acceptance investments The figures are computed up to the most of the Federal Reserve Banks has occurred, recent available date, but as usual represent a and an explanation of it may be partly found period of about 30 days before publication. in the general decline of the volume of such Examination of the figures indicates that the acceptances as well as in the increasing scope upturn in conditions which was remarked a of the distribution of the paper already menmonth ago was on the whole maintained. tioned. Whichever element in the explanation may be deemed most cogent, it is at all [000 omitted.] events true that the apparent volume of invest- September, ! September, August, ment of the Federal Reserve Bank funds in 1920. I 1921. 1921. acceptances markedly declined at the same time that the total bill holdings of the Federal Total. R ti e v l e a . - Total. R ti e v l e a . - Total. R ti e v l e a . - Reserve Banks have, as is well known, greatly Receipts of live stock at 15 fallen off. Bearing in mind that some bankers western markets (head). 5,215 100 ! 4,8 93.3 4,917 94.3 Receipts of grain at 17 inhave held to the opinion that in normal times terior centers (bushels)..110, 111 100 134,370 122.0 163,345 148.3 Sight receipts of cotton the portfolios of Federal Reserve Banks would (bales) 772 100 1,145 148.3 617 80.0 Shipments of lumber reconsist primarily of acceptance paper, it is of ported by 3 associations (millionfeet) 716 100 740 103.3 114.5 course evident that the present tendencies are Bituminous coal production (short tons) 49,172 100 35,105 71.4 34,538 70.2 strongly in opposition to such a belief. In Anthracite coal production (short tons) 4,638 100 7,124 153.6 7,196 155.2 fact, it may fairly be gathered that complete Crude petroleum production (barrels) 37,532 100 36,469 97.2 40,964 109.1 withdraw&l from the financing of foreign trade, Pig iron production (long tons) 3,129 100 31.5 954 30.5 which is now apparently threatened as the Steel ingot production result of current banking policy, would have Co (l t o t n o g n to c n o s) nsumption 3,000 100 1,175 39.2 1,138 37.9 the effect of eliminating a considerable part of W ( o b o a l le s c ) onsumption 458 100 485 105.9 467 102.0 the eligible bankers' acceptances upon which (pounds) 36,297 100 62,131 171.1 58,261 160.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1270 FEDERAL, RESERVE BULLETIN. NOVEMBER, 1921. During the month ending October 10 the [In thousands of dollars.] net inward movement of gold Gold and silver was $54,774,000, as compared Imports. Exports. E ex x p ce o s r s t s o . f movements. with a net inward movement of $76,738,000 for the month ending September J A a u n g . . 1 1 t , o 1 9 D 1 e 4 c , . t o 3 1 D ,1 e 9 c 1 . 9 31,1918. 2 8 0 9 3 , , 4 5 1 9 0 2 4 2 8 3 3 9 , , 3 0 5 2 3 1 2 1 7 4 9 9 , , 7 6 6 1 1 1 Jan. 1 to Dec. 31,1920 88,060 113,616 25,556 10. England and France combined furnished Jan. 1 to Oct. 10,1921 46,913 37,130 19,783 over 45 per cent, or $25,754,000, of the $57,- Total I 427,975 873,120 445,145 860,000 of gold imported during the monthly- 1 Excess of imports. period ending October 10, other countries of Europe furnishing over 33 per cent, and the Fairly stable credit conditions during the Orient and Canada most of the remainder. Of n™ , i . second half of September, fol- The banking * ' the gold exports, amounting to $3,086,000, situation. lowed by a moderate upward over 75 per cent, or $2,342,000, was consigned movement of loans and disto Hongkong and the remainder to Canada, counts during the early weeks of October, are British India, and Mexico. indicated by weekly reports of about 810 mem- Net imports of gold since August 1, 1914, ber banks in leading cities. Further reduction were $1,438,777,000, as may be seen from the of discount rates—to 5 per cent—effected by following exhibit: the New York, Boston, and Philadelphia Federal Reserve Banks between September 22 and [In thousands of dollars.] October 5 do not seem to have affected mate- Imports. Exports. E im xc p e o s r s t s o . f rially the general credit situation. Small increases in the loan accounts of member banks Aug. 1,1914, to Dec. 31,1918 1,776,616 705,210 1.071,406 in the first two districts were due primarily to Jan. 1 to Dec. 31,1919 76,534 368.185 1291,651 Jan. 1 to Dec. 31,1920 417,068 322,091 94,977 increases in loans secured by corporate obli- Jan. 1 to Oct. 10,1921 578,488 14,443 564,045 gations in connection with the important for- Total 2,848,706 1,409,929 1,438,777 eign and domestic security issues of those 1 Excess of exports. weeks, offset to a large extent by continued Since the beginning of the present year net liquidation of paper secured by Government gold imports totaled $564,045,000. The largest obligations and of commercial loans proper. gains are shown through imports from the Aggregate loans and discounts on October 11-12 following countries: England, $160,108,000; of $11,602,000,000 show an increase for the France, $160,062,000, and Sweden, $59,021,000. four weeks of $39,000,000, the larger increase Gold exports during the present year were con- of $68,000,000 in loans secured by corporate signed chiefly to the following destinations: obligations being offset in part by reductions Mexico, $5,322,000; Hongkong, $3,892,000; in both Government paper and ordinary Sweden, $2,643,000; and Canada, $2,071,000. commercial loans. A total increase of During the month ending October 10 the net $161,000,000 in the investment block was inward movement of silver was $535,000, as caused largely by investments in Treasury compared with a net inward movement of notes and certificates of the September 15 $1,771,000 for the month ending September 10. issue, also by takings of newly issued domestic Mexico furnished over 73 per cent, or $3,800,- and foreign Government securities. Total 000, of the $5,139,000 of silver imported during loans and investments of the reporting banks on the monthly "period ending October 10, the October 11-12 were about $200,000,000 larger remainder coming principally from Peru, than four weeks earlier. This increase is ac- Canada, and Panama. Silver exports, amount- companied by a larger gain in Government ing to $4,604,000, were consigned principally and time deposits, and by moderate reductions to England, China, and Canada. in net demand deposits. Net exports of silver since August 1, 1914, Weekly changes in the leading accounts of were $445,145,000, as may be seen from the the reporting member banks are shown in the following exhibit: following exhibit: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1211 REPORTING MEMBER BANKS. tial increase around October 1, shows a further reduction of $33,800,000, the October 19 total [In millions of dollars.] of $2,440,900,000 being the lowest weekly Date. o N b f u r a i e m n n p g k b o s e r . r t- ! a i m c L n n o a d o e v u n a n e d d n n s t i t s s t s s - . - 1 a p B c n R a F w o d a y e . u n i d a b t R n k i b h i s t l s . l s - l e . s a R c d c ( a o a 3 t m t i - i o 2 o m n ) o . o f - d d e e p N m o e a s t i n t d s. f b i b n i a a g n n u k k t r h e s e n i r a r e o l s p t o e n o s r e , r t t e e p d t l h o ia o r s b t u i n i g l a c i h t e i r e e t s O d h u c e o t c o n t a i b o m e n F r o e u d o 4 n e f , t r a $ 1 l 1 i 9 n 0 1 R ,6 8 e a 0 . s c 0 e T t ,0 r u h v 0 a e e 0 l circulation, according to Treasury records, shows some increase for the period. Reserve Sept. 14.... 810 i 14,801 908 | 6.1 10,131 Sept. 21.... 810 ! 14,943 861 ! 5.8 9,833 deposits increased by $72,700,000, while Gov- Sept. 28.... 809 14,957 ! 875 j 5.9 9,866 Oct. 5 809 15,027 i 880 ! 5.9 9,926 ernment deposits fell off $45,100,000. Gold Oct. 11-12.. 809 15,001 I 900 i 6.0 10,062 reserves show a further gain of $61,600,000, 1 Including rediscounts with Federal Reserve Banks. offset by a loss of $2,900,000 in other cash reserves. Since the beginning of the year the Discount figures of the Federal Reserve gold reserves of the system have increased by Banks, which cover the four-week period be- $709,900,000, this increase being slightly offset tween September 21 and October 19, show a by a loss during the period of $41,900,000 in moderate increase of about $15,000,000 beother cash reserves. The reserve ratio, chiefly tween September 21 and October 11, and a because of the gain of gold, shows a further rise reduction of $72,600,000 during the following from 68.7 to 70.3 per cent. week, when the Government redeemed the Weekly changes in the principal assets and outstanding balance of $380,000,000 of cerliabilities of the reserve banks are shown in tificates and paid the semiannual interest on the following exhibit: the fourth Liberty bonds. Acceptances purchased in open market show an increase for FEDERAL RESERVE BANKS. the review period of $20,800,000, Pittman certificates show a further decline of [In millions of dollars] $28,000,000, other Treasury certificates, largely Bills discounted. held under repurchase agreements by the New F. R. Y $4 o ,8 rk 0 0, F 00 ed 0, e r a a n l d R o e th s e e r r v U e ni B te a d n k S , tat a e s d s e e c c l u in r e it ie o s f , Date. C se a r s v h e r s e . - b G S y e o c U v u e . r r e S n d - . All T p o o ta s l it d s. e- n c a o ir c t c t e u u s l a a i l n - R r e a s t e io rv . e a decline of about $5,000,000. ment ob- other. tion. ligations. As a result of the above changes, total earning assets show a reduction of $74,400,000 Sept. 21... 2,863 495 892 1,692 2,475 68.7 Sept. 28... 2,879 491 912 1,717 2,457 69.0 and on October 19 stood at $1,577,900,000, or Oct. 5 2,883 496 902 1,696 2,482 69.0 Oct. 11 2,877 503 900 1,725 2,476 68.5 about 54 per cent below the peak figure of Oct. 19 2,922 460 870 1,717 2,441 70.3 $3,422,000,000 shown on October 15 of last year. Rediscounts with other Federal Reserve The usual quarterly session of the Federal Banks of the Richmond, Atlanta, Minneapolis, Advisory Council took place in Meetings and Dallas banks show a steady decline from Washington on September 19. $66,500,000 to $42,700,000. Federal Reserve On October 25-28 a joint conference of govnote circulation, notwithstanding the substan- ernors and Federal Reserve agents was held. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1272 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. BUSINESS, INDUSTRY, AND FINANCE, OCTOBER, 1921. Marketing of agricultural products has proceeded rapidly during the month of October* This has had a beneficial influence in stimulating the activity of important lines of industry and trade. The higher prices realized by the farmer for tobacco and cotton and from heavy sales abroad of cereals have given him ready cash and have brought him into the market for purchases of seasonable goods, with corresponding benefit to trade in the producing regions. Improved collections and the reduction of outstanding loan accounts have followed in the train of this renewed activity. The beginnings of improvement are noticeable, even in portions of the country such as some of the southern and southwestern districts where credit conditions have been more serious than elsewhere. Some distinctly encouraging elements in the general business situation are to be noted. The outlook in the textile industries is among these. There has been a more active demand for raw wool, especially of the medium grades heretofore in smaller demand. While it is true that uncertainty in regard to the future of cotton prices has led some textile manufacturers to hold off, the disposition to buy has been much more pronounced during the past few weeks. Basic manufacturing and structural industries have not yet shown the influence of reviving demand, except to a limited degree. There has been some increase in activity, although the extent of it has varied quite materially as between industries. In iron and steel an increase both in production and in unfilled orders has taken place which, although limited in amount, is regarded as of first-rate importance as marking the turn from the low point, Conditions surrounding the production and sale of nonferrous metals are materially improved in the southwestern mining districts, and bituminous coal production has shown a substantial increase. Better conditions are also reported in the lumber industry, one or two districts, notably Minneapolis, however, furnishing an exception. The activity of building has been particularly noteworthy because of its continuance beyond the time when a seasonal reaction would ordinarily occur. The better conditions in the agricultural districts, accompanied by improved buying demand and the enlarged activity in manufacturing, have naturally been reflected in increased activity of wholesale trade. An improvement has been noted in the majority of cases for several leading reporting lines, although in the case of wholesale groceries there has been reaction in a few instances. The sale of certain seasonal articles, which would ordinarily show an increase at this period of the year, has in some cases failed to do so owing to the mild weather. Retail trade has been fairly w^ell maintained in most parts of the country, although the September figures did not make as good a showing as compared with last year as did the August figures. Index numbers of prices appear to show that the price level has attained a substantial degree of stability. The index number of the Federal Reserve Board shows no change during the month of September. Although unemployment continues to be a serious element in the existing industrial situation, there has been a fairly general increase in the number of men employed. Relatively little labor unrest exists at the present time, but the announcement of a call for a nation-wide railroad strike produced, in some districts at least, an effort to speed up industrial activities with the intention of facilitating larger rail shipments in anticipation of a possible crippling of the transport system. The possibility of such a strike apparently was reflected only to a slight degree in other branches of industrial activity during the month, owing no doubt to the belief that an accommodation designed to prevent its occurrence would be arrived at. Steady liquidation of credit, increases in reserve strength and of reserve ratios, and some decline in bills held by Federal Reserve Banks have been the characteristic features of the month from the banking standpoint. Financially the outstanding occurrence has been the marked increase in the prices of standard bonds, particularly of Liberty bonds, and the limited decline in rates of interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1273 AGRICULTURE. and boll-weevil ravages will result in the shortest cotton crop Georgia has had for over 40 The average condition of all crops in the years. The army worm has spread over the United States continued to decline during Sep- fields of Mississippi and Tennessee during the tember and the composite condition on Octo- past month and has destroyed all the foliage. ber 1 was 91.1 percent of their 10-year average This has damaged young bolls and resulted in condition on that date. The aggregate crop much shedding. In Florida the crop is pracproduction this year is estimated to be 16.9 tically all picked and ginned. District No. 5 per cent lower than last year. The tobacco (Richmond) states that cotton is opening rapand potato crops showed notable improvement idly and that most of it will be picked by during September, but this was more than November 1. Farmers appear to sell cotton counterbalanced by further deterioration of the freely whenever the market price is higher than cotton and grain crops. The production of corn 20 cents a pound, but seem reluctant to sell was forecasted on October 1 to amount to at lower levels. 3,163,063,000 bushels, an increase of 12 per cent over the average production of the past TOBACCO. 10 years. District No. 7 (Chicago) states that the general quality of the corn crop is good, Favorable weather conditions in certain disalthough there has been considerable damage tricts led to an increase in the estimated profrom worms and mold. The condition of corn duction of tobacco, the figure for October 1 in district No. 9 (Minneapolis) improved during being 991,564,000 pounds. The quality of the September and the estimated production is 9 crop in district No. 3 (Philadelphia) is excelper cent greater than in 1920. Production in lent, while it is reported from district No. 8 district No. 8 (St. Louis) is also larger than in (St. Louis) that the Burley crop will contain a 1920, but the quality is disappointing on ac- high percentage of the best grades and that count of damage from ear worms and corn the crop in the western dark districts is among borers. The condition of the white potato crop the finest ever raised. Bright tobacco is being has shown marked improvement during the marketed steadily on the North Carolina and past two months. The estimated production Virginia markets, and prices seem to be fairly on October 1 totaled 345,844,000 bushels, as satisfactory to the growers. As the season has compared with 322,985,000 bushels on Sep- advanced prices have tended to rise, due tember 1. District No. 9 (Minneapolis) reports largely to better grades coming on the floor. an estimated production of 43,146,000 bushels Medium to fine grades are bought eagerly, but of potatoes on October 1, an increase of 13.2 the prices offered for common tobacco have per cent over the estimate of September 1. continued low. Leaf dealers in that district Seeding of winter wheat is making excellent report an active business, especially for cigaprogress. Districts No. 10 (Kansas City) and rette and smoking tobacco, but in district No. No. 8 (St. Louis) both report that care is being 3 (Philadelphia) business is still dull, as cigar taken to seed the wheat late enough to avoid manufacturers seem to have sufficient tobacco the infection of the Hessian fly. An increased for their present needs. Sales of cigars in that acreage of winter wheat is indicated in district district continue at about the same level as No. 8 (St. Louis), but no acreage reports have during September. This is due in part to yet been received in district No. 10 (Kansas the receipt of Christmas orders, although these City). are not in as great volume as in normal years. Manufacturers in district No. 5 (Richmond) COTTON. are receiving their usual business for domestic The condition of the cotton crop on Sep- consumption, but are as yet doing little fortember 25 was 42.2 per cent, which forecasts a eign business. A tendency toward lower prices production of about 6,537,000 bales. During is reported, chiefly through the introduction the current season heat and drought forced of new brands of cigars ana cigarettes. early maturity of cotton, while lack of fertilizer and extensive boll-weevil activity combined to FRUIT. lower the quality and yield. District No. 11 (Dallas) reports that there has been no im- Deciduous fruits showed a moderate improvement in the crop since September 25 in provement in prospects during September, any of the districts which were infected with while citrus fruits registered considerable deboll weevils. Picking is completed except in terioration. The apple crop in the United the northwestern part of Texas. Reports from States is only 57.8 per cent of the 10-year averdistrict No. 6 (Atlanta) state that unfavorable :e, but a record crop has been harvested in weather, late planting, stinted use of fertilizer, Pacific Northwest. Apple shipments for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1274 FEDERAL, RESERVE BULLETIN. NOVEMBER, 1921. the season to October 8, 1921, from Idaho, FLOUR. Oregon, and Washington totaled 8,491 carloads, an increase of 209 per cent over ship- Further increase occurred in flour production ments in the corresponding period of 1920. during September. Reporting mills in district California grape shipments prior to October 8 No. 9 (Minneapolis) produced 3,241,926 barrels amounted to 19,658 cars, an increase of 12 per during the five weeks ending October 1*, 1921, cent over 1920. The 1921 crop of raisins in an increase of 16 per cent over the figure of California, however, will only amount to about 2,797,170 barrels during the preceding five 125,000 tons, a decline of 31 per cent from the weeks, and 43 per cent over the output of production in 1920. 2,265,530 barrels during the corresponding District No. 6 (Atlanta) reports that the period last year. The output of reporting mills Florida citrus fruits have suffered from dry in district No. 10 (Kansas City) was 2,195,900 weather and that the condition of oranges is barrels during the four weeks ending October 1, lower than in the past three years. Grape- an increase of 57 per cent over the figure for the fruit also deteriorated during September, but corresponding period of 1920. In district No. limes showed little change, as the bulk of the 12 (San Francisco), 64 mills produced 970,632 lime crop had already been harvested. The barrels during September, as compared with Georgia watermelon crop is believed to have 662,190 barrels by 70 mills in August, an inbeen the largest ever harvested, and shipments crease of 46 per cent. Since the end of Septemreached the record total of 15,791 cars. ber, however, business in district No. 8 (St. Louis) has dropped off, due largely to the decline in wheat prices, which upset confidence GRAIN MOVEMENTS. in flour prices and caused purchasers to defer Grain receipts continued on an unusually placing quantity orders or orders for future large scale throughout September, although delivery. Interior Kansas millers complain there was some recession from the record that they are being heavily handicapped by movements of August. Wheat receipts at Min- the very high premiums on good milling wheat neapolis and Duluth totaled 32,108,426 bushels created by the buying of outside mills. Some during September, as compared with 21,911,320 export demand, centering in the lower grades, bushels in August and 22,698,772 bushels in has appeared in district No. 8 (St. Louis), while September, 1920. At the four principal mar- there was an increased volume of both foreign kets of district No. 10 (Kansas City) 21,981,400 and domestic business in district No. 12 (San bushels of wheat were received during Septem- Francisco) during September. Trade with the ber, as compared with 29,955,300 bushels in Orient has been hampered by inability to ob- August and 13,179,200 bushels in September, tain sufficient cargo space for immediate 1920. It is estimated that 66 per cent of the shipment. Kansas wheat crop of 1921 had passed into trade channels by October 1. Receipts of LIVE STOCK. corn at Chicago totaled 23,406,000 bushels in September, as compared with 16,810,000 Live stock is generally in good condition, bushels in August and 12,061,000 bushels in and winter ranges on the whole are excellent. September, 1920. Corn receipts at the four Movement of cattle and calves to market has leading markets of district No. 10 (Kansas City) continued at about the same level, September were 15 per cent greater in September than in receipts at 15 western markets being 1,417,259 September, 1920, while receipts of oats were head, as compared with 1,418,237 head during about 6 per cent smaller. Oats receipts at August and 1,737,469 head during September, Chicago declined from 16,722,000 bushels in 1920. The respective index numbers were August to 6,306,000 bushels in September. 141, 141, and 172. Receipts of hogs, however, Stocks of grain at interior centers showed a decreased from 1,919,514 head during August, marked increase during September, although corresponding to an index number of 87, to there was a slight decline in the stock of rye. 1,783,827 head during September, correspond- Stocks of oats are still accumulating in ter- ing to an index number of 81, as compared minal elevators at Minneapolis and amounted with 1,545,842 head during September, 1920, to 18,114,082 bushels at the end of September, corresponding to an index number of 70. as compared with 3,499,862 bushels on the same Sheep receipts, on the other hand, increased date in 1920. from 1,568,584 head during August to 1,651,659 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1275 head during September, as compared with September anthracite production decreased 1,892,327 head during September, 1920. The to 7,124,000 tons from the August figure of respective index numbers were 115, 121, and 7,196,000 tons. The respective index numbers 138. The lower markets in early October were 96 and 97. Business in general is still stimulated purchasing of feeder cattle at ^Chi- in small lots for immediate needs, but the cago, while more country buyers were at the market for the steam sizes in district No. 3 markets of district No. 10 (Kansas City) at the (Philadelphia) is improving somewhat. Combeginning of the third week in October than for pany prices remain approximately the same many months, due to the abundance of feed in on both steam and prepared sizes, while some the country and lower prices of stockers and of the independent producers have advanced feeders. The feature during September at their quotations, not only on stove and chest- Fort Worth was the strong competition given nut, but on fine sizes also. the packers by the outside buyers. Increased activity in the iron and steel in- Chicago live cattle prices declined as a rule dustry has been reflected by an increase in throughout September, but strengthened in both beehive and by-product coke production early October. Twenty-four representative during September. Beehive coke production packers report an increase of 0.14 per cent in increased from 248,000 tons during August September sales (measured in dollars) over to 289,000 tons during September, but with those during August, but a decrease of 36.5 per this is to be contrasted an output of 1,757,667 cent from September, 1920, sales. Operations tons during September, 1920. The respective at the large packing centers of district No. 10 index numbers- are 9.5, 11, and 67. By- (Kansas City) during September showed a product coke production increased from slight falling off as compared with August, but 1,402,000 tons in August to 1,423,000 tons when compared with a year ago showed an in- in September, the respective index numbers crease for hogs and sheep and a pronounced being 159 and 161. decrease for cattle and calves. Stocks of meat in store at the end of September were consid- PETROLEUM. erably less than at the end of August. The consuming public during the month continued According to reports from the various fields to prefer the more expensive meats, while there production of crude petroleum in September was a slackening of export trade. was much curtailed as compared with August. In California this was the result of a strike of oilfield employees in one of the heaviest producing COAL. sections of the State. Daily average produc- There was a slight increase in the produc- tion was 264,314 barrels, the smallest reported tion of bituminous coal for the month of in the past two and one-half years, and was September. The output was 35,105,000 tons, only 81.6 per cent of the amount produced in corresponding to an index number of 95, as August, 1921. Consumption during September compared with 34,538,000 tons, correspond- exceeded this curtailed production by 5,274 ing to an index number of 93, during August. barrels daily, and thus for the first time in This increase was found in spite of the fact many months stored stocks were drawn upon. that production during the first half of the On September 30 these stocks stood at 33,671,month was at a relatively low level, due to a 495 barrels, as compared with 33,829,725 variety of causes. The output is still con- barrels on August 31, 1921. In this field 47 siderably below the September, 1920, figure new wells were opened during the month with of 49,172,000 tons. District No. 3 (Phila- an initial daily production of 8,690 barrels, as delphia) believes that undoubtedly a part of compared with 83 wells in August with a daily the increased September tonnage is being production of 20,895 barrels. In the Kansasstocked, but that it nevertheless represents Oklahoma field production declined about an actual resumption of industrial activity. 1,000,000 barrels for September, as compared Prices, however, have not increased, but on with August, but was 500,500 barrels in excess the contrary quotations on many grades are of the September, 1920, figure. Stocks are lower than they were a month ago. Districts reported to have increased. Drilling operations Nos. 4 (Cleveland), 5 (Richmond), and 6 (At- in Kansas, Oklahoma, and Wyoming continued lanta) report an improvement in the demand to be somewhat curtailed, 403 wells being comfor prepared sizes for domestic use, but state pleted with a daily production of 53,901 barthat as industrial consumers are still ordering rels. That the number of wells completed is in small quantities, steam sizes move slowly not always indicative of the amount of new and it is difficult to fill the demand for the pre- production is shown by the figures for Seppared sizes. tember, 1920, when 1,048 wells were completed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1276 FEDERAX, RESERVE BULLETIN. NOVEMBER, 1921. with a daily average of only 83,917 barrels. a tie-up of transportation, although some con- According to unofficial reports production of sumers endeavored to hurry shipments in order crude oil for that district during September to accumulate some stocks. amounted to approximately 12,528,750 barrels. District No. 11 (Dallas) also reported decreased AUTOMOBILES. production in September, with the exception of the Texas coastal zone, while 171 wells were September shipments by automobile manucompleted during September, as compared facturers decreased spmewhat from the August with 223 during August. An advance in price figures. Carload shipments were 20,150 caris reported from $1 per barrel to $1.75. This loads, as compared with 20,758 in August and increase apparently has had no effect on the 20,804 in September, 1920. Driveaways and demand, which has grown steadily stronger. boat shipments also decreased and were roughly two-thirds of those in September, IRON AND STEEL. 1920. Little change in conditions in the industry on the whole is reported. Price reduc- A continuation during the first half of Octo- tions alone have frequently proved ineffectual ber of the improvement noted in the iron and in stimulating sales. Purchasers are exercising steel industry during September is reported. great discrimination, and the majority of Pig-iron production during the latter month orders are stated to have been for a few standamounted to 985,529 tons, corresponding to ard makes. Manufacturers of such cars have an index number of 43, as compared with had sales in excess of last year, but in general 954,193 tons during August, corresponding to the business done has not been more than half an index number of 41, and there was a net that of the same period last year, and for gain of 12 in the number of furnaces in blast. trucks not over 35 to 40 per cent. Manufac- Steel-ingot production showed a similar in- turers' and dealers' stocks of finished cars, howcrease, from 1,138,071 tons during August to ever, are not large. Seasonal adjustments of 1,174,740 tons during September. The respec- production are being made, to correspond with tive index numbers were 49 and 51. The in- the natural decline in buying at this time of the creased volume of business was reflected in an year. increase, the first since July, 1920, in the unfilled NONFERROUS METALS. orders of the United States Steel Corporation, from 4,531,926 tons at the close of August, The latter part of September and first part corresponding to an index number of 86, to of October showed an increase in the demand 4,560,670 tons at the close of September, cor- for the nonferrous metals. The price of copper responding to an index number of 87. As a (New York, net refinery) was 12.75 cents per result of increased orders and more free speci- pound on October 15 as compared with 12.25 fication by consumers against old orders, pro- cents on October 1, but the price of lead reduction has increased. The lighter products, mained stationary at 4.70 cents per pound. such as sheets, tin plate, and wire, are making While copper and zinc remain the most active the best showing, and sheet prices have been metals, there has also been a slight increase in advanced.» The September ingot production the price of zinc. Copper production in Sepfigure given above is said to be hardly a cri- tember amounted to 19,682,554 pounds, in terion of steel-making activity, as these lighter comparison with a production of 20,013,569 products constituted most of the output, and pounds in August, or a decrease of 331,015 mills frequently had sufficient stocks of raw pounds. Zinc production amounted to 14,367 material on hand. The heavier materials in tons, which was less than 40 per cent of the general have continued to be sluggish in dis- September, 1920, figure. trict No. 4 (Cleveland). District No. 12 (San Francisco) reports that The reduction of 28 per cent in railroad 10 mines engaged in the production of gold, freight rates on lake ore, effective October 20, silver, and lead show an increased output durhas brought the question of a general reduction ing August, 1921, both as compared with in iron and steel freight rates prominently July, 1921, and August, 1920. Many of the before the industry. Prices themselves are not mines are still shut down because of unsatisvery firmly* established, even without this ad- factory market prices for their products. ditional factor, and the market has been char- District No. 10 (Kansas City) reports that acterized as " spotty and uneven." New busi- operators of the zinc and lead mines in the ness in the industry as a whole has been lighter Missouri-Kansas-Oklahoma district were more since about the middle of the month, while optimistic at the end of September than they little attention in general was paid by either had been for several months. September shipproducers or consumers to the possibility of ments of zinc ore from the district amounted Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1277 to 19,976 tons, with prices ranging from $20 ahead. One large mill in the district, manuper ton at the beginning to $21 at the end of facturing tire yarns and fabrics, increased its the four-week period. Surplus stocks show a business 50 per cent during the past month, slight increase for the month. while another chain of mills reported that they were not quoting for deliveries beyond 1921. COTTON TEXTILES. In district No. 6 (Atlanta) cotton mills are, generally speaking, operating at full capacity, During the past month there have been no and some of the mills have even found it changes of moment to record in the cotton- necessary to install night shifts. The 34 reptextile industry. Stabilization of prices has resentative cotton-cloth mills which make regnot yet been achieved, but fluctuations are less ular reports to the Atlanta Federal Reserve extreme and there is a growing disposition to Bank produced 6.7 per cent more cloth in believe that the time is not far distant when September of this year than a year ago, alorders for future delivery can again be placed though the September average was 6.1 per cent with some measure of confidence. Current below that for August of this year. However, demands from purchasers, in combination with this decrease does not quite equal the advance orders placed before recent price advances, in production that occurred during August. have enabled mills to maintain a high degree Orders on hand at the end of the month inof activity and, as a matter of fact, cotton con- creased 8.9 per cent as compared with the end sumption in September was in excess of that of August, although they were 28.4 per cent for September, 1920, and likewise greater than below the outstanding orders for a year ago. during the preceding August. The Census The yarn production reported by 39 mills in Bureau reported that 484,647 bales of lint the district showed a slight decrease, both as cotton were consumed in the United States compared with September, 1920, and with during September, as compared with 457,647 the preceding August, the respective percentbales in September, 1920, and 467,103 bales in ages being 4.2 and 8. Orders on hand at the August of this year. District No. 3 (Phila- end of the month were, however, 3 per cent delphia) states that the " gray-goods market is above those on hand at the end of August and quiet and practically free from the speculative 28.8 per cent above those on hand at the end element.'7 The market is reported to be wel of September, 1920. sold up for a month or six weeks. The demand is almost wholly of domestic origin and, while FINISHERS OF COTTON FABRICS. buying is widely distributed, orders are small and for immediate shipment. Many gingham The 34 mills reporting to the National Assomills have their output sold up to April or ciation of Finishers of Cotton Fabrics showed a May and a few mills not sold up have advanced further increase of activity during September, folprices on an average about 10 per cent above lowing a pronounced advance in August. The July quotations. In the market for cotton total number of finished yards billed during the yarns, buying, though steady, is in limited month rose from 95,915,235 yards to 101,824,795 volume. Some manufacturers in district No. yards. The total gray yardage of finishing or- 3 (Philadelphia) report that their production ders received increased from 101,741,412 yards is sold ahead well up to the first of the year, in August to 107,336,429 yards in September. but others will require new orders if their mills The average percentage of capacity operated are to maintain the present schedule of operaincreased from 71 per cent to 75 per cent, tion. Business is said to be about evenly while the total average work ahead at the end divided between weaving and knitting yams, of the month rose somewhat, from an average with an increase in inquiries from knitting of 9.6 days to an average of 11 days. mills, however. The report of district No. 3 (Philadelphia) notes that there is a large move- WOOLEN TEXTILES. ment into trade channels of yarn stocks purchased at the high prices prevailing last year, A recent development of significance for the but now selling at prices below those that woolen industry has been the growth of activwould be quoted by a spinner for the same ity in the raw-wool market and the appearance counts to-day. Many of these yarns have of a demand for medium and low grade wools. been held by commission houses which have The Government auction of carpet wools held marked down their inventories. In district October 6 was quite successful, as practically No. 5 (Richmond) higher prices set by the all of the wool was disposed of. In the report mills have checked buying somewhat, but from district No. 1 (Boston) several suggesorders are sufficient to keep them running full tions are offered in partial explanation ol the time, and many are sold out for several months recent increase in buying, "such as the assump- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1278 FEDERAL RESERVE BULLETIN". NOVEMBER, 1921. tion that the emergency tariff will be extended, SILK. a growing realization that available stocks of better grades of wool in this country are being Heavy importations of raw silk in Septemreduced faster than it appears they are being ber and a consumption for that month above replenished, and sympathy with higher prices the average for the preceding six months' peand active buying in the foreign markets/7 riod coincided curiously enough with a cur- There has been practically no change in the tailment of operations in the broad-silk induspercentage of operating activity for the try. District No. 3 (Philadelphia) attributes woolen and worsted mills of New England since the maintenance of demand for the raw matelast June. Operations continue to be at ap- rial to purchasing by hosiery and knit-goods proximately 80 per cent of maximum capacity. mills. The actual importation for September District No. 3 (Philadelphia) reports a good was 35,366 bales, ana the average monthly demand for yarns, which is especially strong in importation over a period of six months was the case of knitting yarns. The result is that 31,716 bales. Consumption in September the majority of spinners have many contracts amounted to 31,229 bales, as compared with for forward delivery, so that they can take an average for the six months' period of 30,607 very few orders to cover immediate needs. bales. Recent increases in the sales of broad Wool consumption during September silks have reduced retailers' stocks, causing amounted to 62,131,000 pounds, as com- manufacturers to hope that their accumulated pared with 58,261,000 pounds in August. The holdings will be eventually absorbed. Meanreports published by the Bureau of the Census time activity in the goods mills is at low ebb; showing activity in woolen and worsted ma- the latest reports from Paterson for October 8, chinery indicate that there has been a slight in- covering a total of 15,000 looms, stated that crease in general activity, as the percentage of only 3,696 of those looms were producing. Of idle hours reported on October 1 had declined in the total loom-hours available, about 24 per all cases except for looms wider than 50 inches cent were being utilized. Activity was much reed space. The percentage of idle hours greater in the North Hudson section, where reported for woolen spindles was 20.9 per cent 2,910 looms out of a total of 4,665 were in operon October 1, as compared with 21.2 per cent ation and the loom-hour activity was over 62 on September 1, and for worsted spindles the per cent. percentages were 7.8 and 11.5, respectively. HOSIERY. CLOTHING. The shortage of full-fashioned silk hosiery, The seven wholesale manufacturers of men's so frequently referred to in former reports, clothing who regularly report to the Federal Re- has not yet been overcome, and district No. 3 serve Bank of Chicago showed an increase in the (Philadelphia) says that u efforts to increase number of suits made in September, as compared production in mills affected by the strike have with September, 1920, of 14 per cent. The num- met with only fair success." The supply of ber of suits shipped were 3.4 per cent less than seamless and mock-fashioned silk hosiery is, shipments during the same period a year ago. however, sufficient, barring a few exceptions Few additional orders are reported, as the sell- In cotton and mercerized hosiery the demand ing season is about over, but the increase in has increased slightly, but jobbers are making September production as compared with last purchases only in small amounts and for year was due to the fact that the season lasted immediate delivery, in view of price uncerrelatively late. Operations of 15 reporting tainties. The 25 hosiery firms selling to the tailors to the trade are still greatly below those wholesale trade which regularly report to the of the corresponding period for last year, as Federal Reserve Bank of Philadelphia showed the number of suits made was 25.6 per cent a slight falling off in the product manufacless than for September, 1920; shipments were tured during September, amounting to 0.8 per 27.3 per cent lower; and orders were 28.5 per cent, but the output was 131.9 per cent in cent oelow those received last year. However, excess of that for a year ago. Orders booked some improvement occurred during the month, during September advanced 126.3 per cent as the July and August figures were even fur- as compared with the preceding month and ther behind those of last year. In district No. were 344.9 per cent above those for Septem- 2 (New York) 11 wholesale clothing firms re- ber, 1920. Unfilled orders on hand Septemported sales of clothing, both men's and ber 30 were 4.7 per cent greater than at the women's, to be 25.4 per cent below August end of August and 57.9 per cent above those sales and 65.1 per cent below those of Septem- on hand at the end of September, 1920. The ber, 1920. nine hosiery firms selling to the retail trade Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1279 reported a heavy increase in product manu- October, and prices of both packer hides and factured during the month of 67.9 per cent, country hides have advanced. Net shipbut their output was only 7.1 per cent above ments of green hides from Chicago during the returns for September a year ago. Orders September exceeded those in August by 91.6 booked during September were 9.8 per cent per cent. District No. 7 (Chicago) notes a above those received during August and 261.6 decided improvement in demand for the per cent above the figures for September, cheaper grades of leather and work-shoe 1920. Unfilled orders on hand September 30 leather in September, while district No. 3 were 13.4 per cent below those for the preceding (Philadelphia) states that "sole leather is the month but were 4.3 per cent,above those on feature of the leather market.77 The upperhand September 30, 1920. Mills manufac- leather market is rather quiet, although sales turing cotton hosiery in the southern districts of upper leather were larger in September than reported a high degree of activity. In dis- in August. Sales of belting leather continue to trict No. 5 (Richmond) the volume of business be much restricted, due to the reduced operawas said to be sufficient to enable many mills tions of most manufacturing industries. Exto keep running full time, and this was par- ports of both upper and sole leather were ticularly true in the case of those mills which slightly larger in September than in August. had only slightly advanced their prices fol- Demand for shoes continues to be very satislowing the rise in the price of raw cotton. In factory, although it has shifted somewhat district No. 6 (Atlanta) the manufacturers of from fancy grades to more staple lines. Durcotton hosiery reporting to the Federal Re- ing September the production of six large serve Bank were operating at from 80 to 90 shoe concerns in district No. 1 (Boston) deper cent of capacit}?-. During the month there creased 20.2 per cent from that of August, were increases in unfilled orders and stocks but exceeded by 20.4 per cent the producon hand as well as in the amount of the product tion in September, 1920. Shipments were manufactured by these mills. Slight in- 12.6 per cent less than in August, but 19 per creases in prices occurred, although it was cent more orders were booked. Reports from said that present prices were approximately 50 45 shoe firms in district No. 3 (Philadelphia) per cent lower than those prevailing a year ago. show a production in September which was 2.4 per cent greater than in August and 39.4 UNDERWEAR. per cent greater than in September, 1920. Shipments were 11.4 per cent less in Septem- The reports received from 35 members of ber than in August, but the number of new the Knit Goods Manufacturers of America orders increased 48 per cent. "Some of engaged in producing underwear showed subthe large plants are operating on full time and stantial improvement in September as comare booking large orders for January and pared with August. Mills producing 303,- April delivery.'7 District No. 7 (Chicago) 748 dozen in August had an output in Septemstates that the production of 21 reporting ber of 352,243 dozen, a gain of 14 per cent. shoe concerns in September was 3 per cent Unfilled orders rose from 437,866 dozen in greater than in August and 26.5 per cent August to 509,851 dozen in September, or 14 greater than in September, 1920. Shipments per cent. New orders increased from 456,135 increased 7.3 per cent and unfilled orders dozen in August to 763,966 dozen in September, increased 7.2 per cent during September, a gain of 40 per cent. Shipments decreased while stocks at the close of the month were from 398,783 dozen in August to 343,145 25.8 per cent smaller than at the close of dozen in September, a decrease of 14 per cent. August. In the aggregate, manufacturers' Thirty-nine reporting mills, whose normal stocks in that district amount to less than two production is 567,501 dozen monthly, showed weeks7 production. There have been many unfilled orders on hand of 1,088,686 dozen, or small orders and much demand for imnearly two months' production at normal mediate shipment, which indicate that dealers or two and one-half months at these present are buying cautiously. Reports from 11 leadrates of actual production. Spring lines coning shoe interests in district No. 8 (St. Louis) tinue to sell at higher price levels following indicate that shipments in September were the increase in the price of cotton, and the from 10 to 40 per cent larger than in Septemindications of a return to normal seasonal ber, 1920. "Production is at a higher rate channels of distribution are stronger. than at any time in the past,77 and "all reporting plants have sold their output for 60 SHOES AND LEATHER. days ahead." Prices were reduced about 5 The market for hides and skins was active per cent early in October. during September and the first two weeks of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1280 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. reports sharp advances in upper grades of LUMBER. yellow pine during September, with only a An increasingly active demand for lumber slight increase in production but with heavy and substantial advances in prices of upper shipments. In this district the hardwood situgrades, with smaller advances in common ation has improved and demand is increasing. items during September, are indicated by reports from the several districts. Actual pro- BUILDING. duction shows some decrease, but manufacturers7 stocks are declining materially. De- As a whole, building continued to be well mand is chiefly for upper grades of lumber, sustained during September, improvement due, it is said, to the high freight rates which being evident chiefly in residential construcoperate against shipment of low-grade stock. tion. The total value of contracts awarded in District No. 12 (San Francisco) reports that the seven districts, for which statistics are comthe late September statements of the four piled by the F. W. Dodge Co., shows an inlumber associations of that district reflect the crease during September as compared with cumulative effect of several favorable factors August and as compared with September, 1920. which have been increasingly apparent in the The increase from August to September was lumber situation. Due to active cargo buying due entirely to districts No. 2 (New York), No. and large seasonal buying by domestic dis- 4 (Cleveland), and No. 5 (Richmond), as they tributors, orders placed during September alone showed increases. All districts except totaled 369,093,000 feet, the highest point No. 1 (Boston) and No. 9 (Minneapolis) showed reached since May, 1920. This figure is 19 increases in residential contracts. In district per cent greater than for August and 31.4 per No. 1 (Boston) contracts amounted to $15,282,cent greater than for September, 1920. The 766, as compared with $19,276,295 during four associations of the district report a total August. Of this total approximately $6,548,cut for September of 346,719,000 feet, a de- 000 was for residential purposes, as compared crease of 2.3 per cent from the production for with $6,703,000 in August. In district No. 2 August and of 24 per cent from that for the (New York) contracts awarded during Sepcorresponding period last year. Shipments tember totaled $90,730,134, in comparison with declined from 341,906,000 feet in August to $62,043,905 during August, and residential 320,988,000 feet in September. Logging opera- building totaled $48,789,646, as compared with tions are proceeding at approximately 75 per $36,061,717. Total contracts awarded in cent of capacity, which is a decided improve- district No. 3 (Philadelphia) amounted to ment over last month. $16,197,500 in September and $22,350,500 in August. Residential contracts totaled $5,526,- Thirty-two pine mills in district No. 11 400 in September and $5,331,500 in August. (Dallas) report a September production which In district No. 4 (Cleveland) the total amount was 33 per cent below normal and 19 per cent of contracts awarded was $36,041,601, as combelow shipments. New orders received were pared with $26,665,555 for August. Of these, 88 per cent of normal monthly production. $8,987,610 were for residential purposes, as Mill prices have tended upward during the compared with $8,209,645 during August. month, especially in the lower lumber grades, Contracts for district No. 5 (Richmond) where No. 2 and No. 3 southern pine advanced amounted to $19,597,191 in September, as comabout $3 per thousand. In district No. 6 pared with $17,337,624 in August, while (Atlanta) reports indicate an increase in the $6,171,436 of the September total were for demand for lumber and some advance in prices residential purposes, as compared with $5,938,of both higher and lower grades. The Southern 417 for August. In district No. 7 (Chicago) Pine Association's September statement, coverbuilding contracts totaled $41,461,283 during ing 133 member mills, shows actual production September, as compared with $44,680,034 durto be 22.23 per cent below normal and shiping August. Total building contracts awarded ments to be 18.6 per cent above actual proin district No. 9 (Minneapolis) amounted to duction. The lumber cut of reporting mills $8,162,640, as compared with $9,173,552 during in district No. 9 (Minneapolis) totaled August. 14,089,436 feet, which was 20 per cent below the August cut and 40 per cent below the cut In district No. 1 (Boston) 2,407 building perof September last year. Orders booked during mits were issued during September, valued at the month, however, were 15 per cent greater $5,655,335, as compared with 1,715 permits, in volume than those for August and 50 per valued at $4,868,873, issued during September, cent greater than those for the corresponding 1920. Permits granted in 22 cities of district period in 1920. District No. 8 (St. Louis) No. 2 (New York) numbered 7,709, with a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1281 valuation of $47,232,953, as compared with cent, 0.7 per cent, and 0.3 per cent, respec- 4,779 permits, with a valuation of $22,224,669, tively. As compared with September, 1920, during September last year. In district No. 3 eight industries showed increases and six de- (Philadelphia) 2,990 permits were issued during creases. The maximum increase of 59.2 per September, in comparison with 1,943 permits cent was found in the woolen industry, while during September, 1920. District No. 4 (Cleve- there was an increase of 18.4 per cent in boots land) reports that the valuation of permits and shoes and of 13.9 per cent for cotton finishissued in 13 leading cities during September ing. The most pronounced decrease occurred shows a gain of 21.4 per cent over September in iron and steel, with a drop of 42 per cent in last year. In district No. 5 (Richmond) total numbers employed; there was a 35 per cent permits issued in 15 cities numbered 3,389, decrease in car building and repairing, and a valued at $9,284,277, in comparison with 2,497 31.6 per cent reduction in paper making. permits, valued at $5,860,033, during Septem- Judging from such local reports as are availber, 1920. District No. 6 (Atlanta) reports able for the period in question and likewise for that in 14 important cities 2,847 permits were a later date, the statistics given not only reflect issued, valued at $5,150,280, as compared with general conditions but indicate a tendency 2,255, valued at $4,243,928, during the corre- which has been sustained during the past few sponding period last year. District No. 7 weeks. The latest returns to the Massachu- (Chicago) reports 5,466 permits, valued at setts Department of Labor and Industries $23,080,016, granted in 19 cities, as compared showed that the situation in that State was still with 5,003 permits, valued at $16,405,747, serious on October 1, with 14.6 per cent of the granted during September, 1920. Building membership of reporting labor organizations permits issued in the five largest cities of dis- idle as a result of the lack of demand for their trict No. 8 (St. Louis) show a marked gain, in services, exclusive of other causes. Nevertheboth number and expenditure, over those issued less, the showing was niuch better than at the in August, and also over September, 1920. time of the preceding quarterly inquiry, when The number and valuation of building permits 20 per cent of the workers belonging to these issued during September in 9 cities of district unions were unable to find employment. The No. 9 (Minneapolis) decreased 17.4 and 26.3 three Massachusetts public employment offices per cent, respectively, as compared with the showed, for the four weeks ending October 15, August figures. September reports from 19 a ratio of about 12 persons applying for posicities of district No. 10 (Kansas City) show an tions to every one asked for. Last May the increase for the month under review over the ratio was approximately 19 to 1. The effects corresponding period last year of 71.2 per cent of part-time employment in some sections, esin the number of permits and 106.9 per cent pecially in the metal, machinery, and tool-makin their valuation. In 9 cities of district No. ing industries of southern New England, are 11 (Dallas) 2,598 permits, valued at $5,680,968, said to constitute a problem almost as serious were issued during September, as compared as complete unemployment. In New York with 1,864 permits, valued at $3,284,841, issued State, the Department of Labor reported an during September, 1920. In district No. 12 increase of 3.5 per cent in the number of fac- (San Francisco) " September building returns tory workers employed in the period from reached the highest point ever touched." August 15 to September 15. The principal Permits granted in 20 cities of the district changes occurred in textile and in clothing number 11,169, with a valuation of $20,134,993, factories, while some steel plants in the Buffalo as compared with 9,382, with a valuation of district likewise increased their forces. Prelimi- $17,117,294, granted during September last nary reports for October indicated that there year. would be a further diminution in factory unemployment in the State. EMPLOYMENT. In district No. 3 (Philadelphia), on the other The latest report on employment in selected hand, the reports to the Pennsylvania State Deindustries, made by the United States De- partment oi Labor showed a slight increase in partment of Labor, showed that during the numbers unemployed for the period from Sepmonth of September there were increases in tember 30 to October 15 for the six cities of numbers on the pay roll as compared with ALtoona, Harrisbttrg, Johnstown, Philadelphia, August in 11 of the 14 industries covered, the Scranton, and Williamsport, but during the advances ranging from 0.2 per cent in the case preceding two weeks' period there had been a of the silk industry to 4.8 per cent for hosiery reduction of 1 per cent in the numbers of unand underwear and for cigar manufacturing. employed. Total unemployment for these Only men's ready-made clothing, automobiles, cities on October 15 was estimated at 202,185. boots and shoes showed decreases of 0.9 per In district No. 5 (Richmond) the situation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1282 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. remained substantially unchanged during the of 5.5 per cent (24 firms reporting) in district month. In the West Virginia coal-mining No. 3 (Philadelphia) to a maximum of 16.2 per region unemployment continued to be wide- cent (21 firms reporting) in district No. 6 spread, and those miners that were at work (Atlanta), while decreases were recorded in were averaging only two to four days per week. district No. 9 (Minneapolis) and district No. 11 In general, the small towns were suffering less (Dallas) amounting to 11.8 per cent (7 firms than the larger cities of the district. For 221 reporting) and 7 per cent (11 firms reporting), firms in district No. 7 (Chicago), employing respectively. District No. 11 (Dallas) explains 135,182 persons on September 30, 1921, there the decrease in sales by stating that the demand was a negligible decrease in numbers on the from country buyers has been poor, although pay roll as compared with August 31 and a it has remained fairly good in the cities. In decrease of 28.7 per cent as compared with district No. 9 (Minneapolis) the stimulating September 30, 1920. The decreases occurred effect of crop liquidation would undoubtedly principally in the industries engaged in the pro- be felt somewhat later than in other parts of duction of iron and steel products, such as agri- the country, but, nevertheless, as the crops cultural implements and railway equipment, went to market earlier than usual this year, the while food, clothing, leather, and shoes showed explanation is hardly adequate to account for gains. Reports from 10 firms engaged in con- a downward trend in September sales. In struction and building work showed a reduction district No. 3 (Philadelphia) the 24 firms from of 26.8 per cent in numbers employed in which returns have been received stated that September as compared with the preceding the increase in sales consisted 'i almost entirely month, and six automobile and accessory of orders for rush shipments for the replenishplants outside Detroit employed 8.5 per cent ment of stocks." Wholesalers were said to be fewer men in September. In district No. 12 neither buying nor selling spring goods to any (San Francisco) increases and decreases in extent. numbers employed in various industries about In the case of dry goods, advances in the offset one another, leaving the total number of price of cotton goods may in some cases have men engaged in gainful occupations at the end accelerated the seasonal upward movement of of the month approximately unchanged. The sales which occurred in all reporting districts close of the fishing season caused heavy reduc- except district No. 2 (New York), in which tions in numbers employed and further declines three firms showed an average decline of 0.7 occurred in the shipbuilding industry. On per cent, and district No. 9 (Minneapolis), in the other hand, demand from the lumbering which five firms showed an average decline of regions of Oregon and Washington improved 20 per cent during the month. The advances and the coal mines of Washington also resumed ranged from 8.1 per cent in district No. 5 operations. In California there was a heavy (Richmond), with 7 firms reporting, up to 33.9 demand for unskilled labor to harvest the later per cent in district No. 6 (Atlanta), with 18 crops. Slightly better conditions were reported firms reporting. In the case of wholesale in the mining districts of Utah, Nevada, and groceries, the upward movement of sales was Arizona, and there was an increased demand by no means as general as it was in the case of for harvest labor in Idaho, where railroad con- hardware and dry goods. Usually September struction work was also beginning to be under- marks the beginning of fall buying activity, taken. The demand for skilled labor in the but in three districts, namely, district No. 2 building trades was greater in practically all (New York), No. 3 (Philadelphia), and No. 7 cities throughout the district as a result of the (Chicago), declines in sales occurred during the quite general increase in building activity. month amounting to 5.9 per cent (9 firms reporting), 6.1 per cent (48 firms reporting), WHOLESALE TRADE. and 6.8 per cent (23 firms reporting) for the With few exceptions, sales of reporting districts in question. It will be noted, furtherwholesale hardware and dry goods firms in the more, that these averages cover almost 50 per several districts increased during September as cent of all reporting firms, as returns for the compared with August. These increases were country as a whole comprise only 163 wholesale exceptionally heavy in both hardware and dry grocery firms. District No. 3 (Philadelphia) goods in district No. 6 (Atlanta). Fall buying gave as a reason for the sales decline the unon the part of retailers in that section of the willingness of retailers to place orders for future country, delayed beyond the usual period, delivery. In district No. 6 (Atlanta), however, received additional emphasis as a result of the retailers were reported to have purchased more heightened public demand that followed upon liberally, and district No. 11 (Dallas) stated crop sales. For all reporting districts, the that although the buying was cautious it increases in hardware varied from a minimum showed improvement, especially in the Loui- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1283 siana section, where the increase in the price of last year, they showed a considerable increase cotton and the renewed activity in the oil during the month of September. This would industry had produced favorable results. In seem to indicate that retailers are displaying the case of boots and shoes, the sales move- greater confidence in the stability of prices and ment manifested lack of uniformity within the therefore gradually increasing stocks from the several districts. In districts No. 2 (New low point reached last spring. The rate of York) and No. 5 (Richmond) declines occurred turnover continues approximately the same, amounting to 7.5 per cent (7 firms-reporting) and this is true likewise of outstanding orders. and 0.5 per cent (8 firms reporting), respectively. On the other hand, extraordinarily PRICES. heavy increases took place in district No. 6 (Atlanta) and in district No. 12 (San Fran- During the first three weeks of October cisco). For the former district 9 firms re- prices of leading farm products declined from ported an average increase in sales of 35.7 per the September average except in the case of cent, while for the latter district 16 firms certain classes of live stock, such as cattle and reported an advance of 29.2 per cent in sales. sheep. Wheat, oats, corn, cotton, and hogs In the only other district from which reports were all appreciably lower at the later date. have been received, namely, district No. 7 In the metal industries, on the other hand, (Chicago), 9 firms showed an average advance prices were relatively stable, the nonferrous in sales of 7.8 per cent. metals showing increases, and steel products showing very little change. Spot prices of RETAIL TRADE. bituminous coal were about the same in the While September retail trade as shown by two months. sales of representative department stores is in Prices in the leather industry were practically excess of the August figures, it has been re- the same in October as in September, although tarded somewhat by the unseasonably warm the raw material advanced. Cotton yarns and weather which prevailed during the first part cloth also increased, and wool manufactures of the month. The large amount of unem- were firm. ployment prevailing has also forced people to The wholesale price indexes of both the Buconfine their purchasing rather to essentials. reau of Labor Statistics and the Federal Re- Demand accordingly seems to be greatest for serve Board showed no change between August carpets, rugs, yard goods, and medium-priced and September for all commodities, but there ready-to-wear clothing, whereas items like were wide fluctuations both up and down in the pianos, phonographs, and confectionery are prices of individual commodities. Raw maselling poorly. Sales of 342 representative terials as a whole advanced, in spite of the dedepartment stores throughout the United cline in live-stock prices. Consumers' goods, States, while showing an increase over August, on the other hand, declined, the reduction in were nevertheless 15.1 per cent below the Sep- food prices being most important. Producers7 tember, 1920, figures. In this connection goods showed very little change. In the classishould be kept in mind the decrease in prices fication of the commodities in the Federal which has taken place between the two dates, Reserve Board index as (1) goods of domestic so that if allowance is made for these price production, (2) goods imported, and (3) goods changes the actual volume of goods would exported, it appears that goods of domestic probably be in excess of that sold a year ago. origin averaged the same in the two months; In the several districts, decreases from Sep- prices of imported goods were slightly higher tember, 1920, are shown amounting to 9.9 per m September than m August, while prices of cent in district No. 1 (Boston), 8 per cent in exported commodities were radically higher, district No. 2 (New York), 15.3 per cent in due to the advance in the price of raw cotton. district No. 3, (Philadelphia), 23.6 per cent in A survey of the cost of living in 32 cities in district No, 4 (Cleveland), 16.2 per cent in the United States made by the Bureau of Labor district No. 5 (Richmond), 22.9 per cent in Statistics for September shows that between district No. 6 (Atlanta), 15.3 per cent in district June, 1920, and September, 1921, there had No. 7 (Chicago), 18.2 per cent in district No. 8 been a decrease of 18 per cent on an average. (St. Louis), 17.8 per cent in district No. 9 Most of this decrease occurred prior to May, (Minneapolis), 13.8 per cent in district No. 10 1921, however, the decrease since that time (Kansas City), 22.7 per cent in district No. 11 amounting to only 1.7 per cent. Retail prices (Dallas), and 8.7 per cent in district No. 12 of food in the one month of September showed (San Francisco). a small decrease, the index of the Bureau of Although stocks which the department Labor Statistics moving from 155 in August to stores have on hand are lower than they were 153 in September. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1284 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. SHIPPING. When these factors are taken into consideration, the foreign trade totals reported for Further reductions in ocean freight rates recent months assume a less serious aspect and took place in October, thus bringing rates on indicate rather the resumption and continuance the principal commodities more generally into of business at a lower level of prices. line with the lower quotations on grain which were announced the last week of September. The charter market for full cargo steamers TOBACCO FINANCE. continues slow with moderate recessions from The following is the third of a series of rates previously quoted. From the standpoint articles describing the financing methods which of American steamship companies, the unare employed in the tobacco industry. The profitableness of operating vessels at current first and second articles appeared in the rates is accentuated by the difficulty in arrang- September, 1921, and October, 1921, issues. ing for inward cargoes on the return voyage. Data were obtained partly through the coopera- This situation is emphasized by the figures tion of the Federal Reserve Agents in the recently made public by the Shipping Board on various districts, and partly direct from banks the tonnage of American sea-borne imports and and persons interested in the industry in exports. For the fiscal year ended June 30, various capacities, as well as from other Govern- 1921, exports are given as 59,205,050 long tons, ment organizations. To all of them acknowledgwhile imports were little more than half as ment is due. much, being reported at only 36,879,532 long tons in the same months. Such disproportion III. FINANCING THE GROWER—MANUFACTURED between the amount of cargo available for AND EXPORT TYPE DISTRICTS. inward voyages to United States ports, as compared with that available on the outward The financing of the growing stage in the voyages, obviously necessitates many vessels manufactured and export type districts differs returning to this country in ballast, with a in important respects from the financing found consequent loss of freight revenue. in the cigar type districts. The former problem is of much greater magnitude, in particular as FOREIGN TRADE. those districts are largely one-crop sections. Both exports and imports declined in Owing to this fact and other differences in the September, after the increases recorded for methods of production, as well as to the August, to about the level of July. For simi- difference in the methods of marketing the larly low monthly totals we must go back to crop, the actual methods employed in financing 1915 and earlier. Specifically, exports during differ. September were valued at $325,000,000, while imports totaled $180,000,000. The correspond- A. ACCOMMODATION TO THE GROWER. ing values of exports and imports a year ago The grower in the manufactured and export were $605,000,000 and $363,000,000, respect- type districts secures his accommodation from ively, although much of the significance in one of three principal sources—the bank, the such a comparison is lost by reason of the leaf sales warehouse, and the local store and price declines which have occurred during the fertilizer dealer. The leaf sales warehouse, f>ast year. A truer idea of the trend of our however, is of small importance as a source of oreign trade from the standpoint of the funds in some sections, and the outstanding volume or quantity of goods shipped in and characteristic in these districts is rather the out is afforded by the Board's foreign trade part played by the store or supply merchant. index in which the effect of price changes has There are conspicuous differences in practice been eliminated. The export index stands at between the several districts, and, moreover, 119.9 and the import index at 114.6 for between the various classes of growers them- September, compared, respectively, with 88.6 selves. and 129 a year ago. It is evident that average At the two extremes stand owner and cropprices or valuations of the various commodities per. The owner finds it unnecessary to bormust have altered radically to make an equal row in some cases, especially in view of the or greater quantity of goods this year of only high price of tobacco for some seasons prior one-half the value reported for the same to 1920-21. In general, however, he will month last year. These facts are borne out either borrow direct from the bank (while also by a detailed consideration of the average perhaps at the same time giving the fertilizer valuation of individual commodities, pub- dealer a note), or, more especially in the case lished by the Department of Commerce, of the smaller landowner, will buy on time which show in many cases price reductions from the supply merchant. The cropper, on during this period of 50 per cent and more. the other hand, in general depends upon his Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. i285 landlord. The landlord in some cases either of stores in their county is on time, and all advances cash directly, or furnishes supplies reporting banks state that one-half or more of from a store which he himself operates, while the growers7 accommodation is obtained from in other cases he vouches for the cropper at the the store. In South Carolina, on the other local store, perhaps waiving his crop rights. hand, there is apparently a considerable pro- In certain cases, he indorses the tenant's paper, portion of direct bank borrowing. A wholewhich the latter takes to the bank. In some sale grocer in one of the leading markets in sections the farmer may also obtain a cash that State advises that "the manner of supadvance direct from the warehouse, or may plying farmers has undergone a change within have the warehouseman indorse his note, the last 10 years. It used to be customary for which he then takes to the warehouseman's the lien merchant, as he was called, to make bank or less frequently to his own bank. advances to farmers, but most of^this advanc- In the Virginia dark district, the store ap- ing is now done by local banks. The farmer parently is of major importance, followed in arranges with his bank for money for his entire order by the warehouse and the bank, although farm, in most cases even to paying of the ferone warehouseman in a leading market in the tilizer bill, although some fertilizers are sold, western part of the district states that the especially to the most substantial farmers, on grower relies more largely upon the warehouse their notes.'7 On the other hand, another than upon the store, and two others report that authority advises that farmers in the State 50 per cent and 70 per cent of the farmers get generally are financed through large lien meraccommodation from the warehouse. One chants, while a supply merchant comments bank in the eastern part of the district, how- that " the greater part of the credit extended by ever, observes that almost every farmer of any the store is late in the summer after the growler standing in its section is inclined to deal has spent all of the money borrowed from the directly with the bank. The accommodation bank and still needed money to carry him till by the warehouse in the district is largely in the tobacco was sold." Warehouses in that the form of direct advances, and indorsement State in general eliminated accommodation to appears to be comparatively much less fre- growers in recent years, although some small quent. In the old bright belt of Virginia the loans are still reported to gather the crop in warehouse is of somewhat less importance as June and July. It should be remembered that a source of funds. Both direct loans and in- in this section, as also in eastern North Carodorsement by it are found. In the vicinity of lina, cotton is frequently of primary impor- South Hill the crop is grown largely on credit tance, rather than tobacco. supplied by the stores, while farther west in In the burley district the landowner, and in the vicinity of South Boston the financial some cases the cash tenant, secures his accomcredit of the farmer is believed to be better modation from the bank, while the share and bank loans on warehouse indorsement most tenant and the cropper are financed by the frequent, and still farther west around Danlandlord, either direct or through indorsement ville and Chatham the crop is still more on a to the store or bank. One banker believes that cash basis. In the old bright belt of western the landlord, especially in view of the superior North Carolina the situation is broadly similar lien which he has under Kentucky law,1 should to that across the border in Virginia, and the either finance the tenant himself, or else indorse store supplies the bulk of the accommodation, for all bank and store accommodation. In with the bank second and the warehouse playthis district, it is reported that the low prices ing a small r6le. In the new bright belt of paid the grower for the 1920 crop did not eastern North Carolina the store plays by far permit him to liquidate his indebtedness inthe leading r61e, while warehouses, except in curred during that growing season. As a certain centers, extend little accommodation result, the merchants themselves, unless in a to growers. One supply merchant in a leading fairly strong cash position, were in a strained center in that section says that "the tobacco situation and consequently found it necessary growers are accustomed to buy largely on time to greatly curtail extension of credit. It is during the first eight months of the year, to be paid for when they sell their crop. During 1 The landlord has a superior lien on produce, fixtures, household furnithat time perhaps 75 per cent of all sales of ture, and other personal property of the tenant. Furthermore, the latter, when furnished money or property, is not entitled to any exemption. merchandise, live stock, and fertilizer are made On property removed openly from the leased premises, the landlord in on a time basis. During the other four either case has a superior lien for 15 days after date of removal. When contract is made whereby the landlord receives part of the months practically all sales are on a cash crops, he has the right to such a portion when planted, even though it is planted or raised by a different person. He may recover damages if a basis." In fact, out of 21 other stores in tha,t different crop or no crop be planted or if the tenant fails to cultivate the section from which data were obtained, 17 esti- crop in a proper manner, and for the taking of or injury to the crop, and may obtain an injunction covering the latter. This provision includes mate that 75 per cent or more of the business a purchaser in good faith without notice of a crop for 20 days after removal from the rented premises. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1286 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. often stated that country stores in the district little time business with farmers. Again, on will play a much less important part in financ- the whole, groceries will be more largely a cash ing tobacco growers than in the past. As item, while dry goods, furniture, implements, in the case of the warehouses, "they were and building materials will be sold more largely agreeably surprised to learn that such financing, on time. Stores in the larger centers also in which had come to be regarded as necessary, considerable measure sell to merchants at could be dispensed with.77 The warehouses in smaller country points, as well as themselves certain centers of this district had loaned sell growers direct. It is stated from the Virheavily for several years, but largely eliminated ginia old bright belt that notes are usually the practice during the past season. It is taken up at the bank before store accounts are stated that they " welcomed the opportunity paid, as the store charge for crop time is uniwhich has been presented by the present credit form, and interest on the bank loan is thus stringency to break away from a practice which decreased. One authority observes that in was rapidly getting beyond their control.'7 On eastern North Carolina the store often fixes the the other hand, a considerable amount of amount which it will advance the grower, but loans by warehouses are reported by markets in that in western North Carolina this is not done. the Clarksville-Hopkinsville and one-sucker The bank likewise pla^s a considerable part in western dark districts, although the reverse is all districts. Not only is this true of banks in reported from the Green River, Henderson, the country, but banks in the larger markets and Paducah districts. The accommodation also loan a considerable amount direct to is, however, limited to small growers of moder- growers. One bank in a leading market in the ate means and to tenants, states one warehouse- old bright belt of western North Carolina charman in the Clarksville-Hopkinsville district, but acterizes its situation as follows: "Our bank 25 to 30 per cent of the growers obtain such gets to be more and more like a farmers7 supply accommodation. Abolition of the practice in store every year. We have over 600 notes fallsome markets in recent years is reported. The ling due November 1 alone; average note, $200." store in all these districts apparently plays a There are certain characteristic forms of considerable r61e in supplying funds. One security which the grower gives when he obmerchant in the Paducah district estimates that tains accommodation from each of these merchants in his district collected between 25 sources. The form employed is largely irreand 40 per cent of last year's bills, and conspective of the district in question. In part, tinued to carry the remainder of the credit also, the form employed is related to the class business on their books. Several rerjort that of grower, and a note secured by collateral may credit business has been more limited for growbe generally required from one class, whereas ing the 1920 crop. A banker in the Clarksvilleto another class the advance may be entirely Hopkinsville district believes that the bulk of on open account. The standard security given the farmers generally have enough funds left the store is the crop lien. In South Carolina, from the previous crop to carry them until however, it is said that the regular crop lien is September 1, and that "of late years there has outlawed, and a form of chattel mortgage " that been a growing tendency, encouraged by the amounts to the same thing77 is employed banks, to borrow all their money from the instead. A considerable number of authorities bank, instead of with the supply merchants." in other districts report the use of the chattel In short, the warehouse is a leading source of mortgage, and some state that in certain cases funds in the Virginia dark section, is of less it is employed in addition to the crop lien, the importance in the old bright belt, and, with chattel mortgage then serving as security in the certain exceptions in eastern North Carolina, is event of crop failure. To some extent time not found in the new bright belt. In the case sales are made on open account, and several of the western districts, it was a considerable burley growers believe that most sales are made source of accommodation to burley growers in that manner. One comments as follows: prior to the season of 1920-21 and likewise in "Under the laws of Kentucky the landlord has the Clarksville-Hopkinsville and one-sucker first lien on the crop for all money advanced districts, where it has been continued to some during the year. Possibly 5 per cent of the extent. Accommodation is extended by the stores secure a second lien, never a chattel warehouseman in order to have farmers bring mortgage. The general practice is opentheir tobacco to his house, but there has been account credit business with the tenant, with a tendency away from the practice, as will be individual understanding that accounts are to seen in more detail below. be settled when the crop is cashed. Quite fre- The store plays a large part in practically all quently attachments are sued out against the sections. Stores in the larger centers of Vir- selling warehouseman, because the creditor ginia and western North Carolina, however, do doubts the intention or ability of the debtor Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 128? to settle in full. Crop securities are very takes a second lien on the crop, the store havexceptional/7 In general, however, where the ing the first lien. open account is used, it is largely in the case of The standard form of bank borrowing is growers who own their own land, or for the better upon indorsed note. The indorser may be anclass of tenants. The difference in the form of other grower, a warehouseman, a landlord, or, security required is well illustrated in the fol- it is reported by a bank in the Virginia dark lowing quotation from a supply merchant in district, the grower's wife in the case of the one of the leading centers in eastern North best farmers. The bank prefers to have an- Carolina: other party who is financially responsible and to whom it can look for payment. It does not To those with, an established credit, accommodation is extended without any security whatever; those who wish to have the farmer's crop or possessions haven't it, give either a crop lien or a crop lien and chattel on its hands and leaves them to the store or mortgage combined covering live stock as well as the crops. warehouse, who, especially the former, can The amount of security depends, of course, upon the keep in closer touch with the grower. Excepamount of accommodation, the character and ability of the party asking it, and the amount of rent paid, if any. The tions, however, are found in all sections. Most owner of the land, if required to give any security at all, is conspicuous is South Carolina, where there apusually able to secure credit on merely a crop lien, but pears to be a considerable proportion of chattel tenants, in view of the fact that they have to pay rent, are mortgages employed. Thus one authority usually required to put in whatever they have in the way says: of live stock or other personal property. Share tenants, or those farming with the landlord's team, are required to The banks secure themselves by chattel mortgages on secure the guarantee of their landlord. the crop and usually include the work animals if it is a Another merchant in the same center esti- tenant farmer they are supplying. They sometimes remates that about 80 per cent of his time cus- quire the landowner either to guarantee the account or waive his rent. Those who own their own farms are sometomers give crop liens, together with live stock, times supplied on their promissory notes, chattel mortwagons, or implements as additional security, gages being usually given as additional security, dependand the remaining 20 per cent are sold on open ing, of course, upon the financial standing of the man account, while a third merchant in that dis- himself. trict estimates that probably 50 per cent of the This coincides with the data given above, business is so covered. showing a tendency for the banks themselves •The security which the grower gives the to extend accommodation direct to the grower warehouse in general is substantially similar to in that section rather than indirectly through that which he gives the store. The crop lien loans to the supply merchant. Some of the is the standard form. A warehouseman in the best farmers in all sections obtain loans on Virginia dark section states that his loan is their straight note, and in one of the largest made on demand, but is paid only when the markets in the new bright belt of eastern North crop is sold, or, if the grower meets with mis- Carolina it is stated that, measured in volume, fortune, such as through a storm, it is carried most accommodation extended to growers was over. Other warehouses, however, loan for a on their straight notes, although measured in fixed period. The crop lien can be recorded if number of borrowers, most was indorsed. One the farmer is suspected and is binding for 10 banker in the Clarksville-Hopkinsville district years in that State. The law there likewise re- estimates that 60 per cent of the accommodaquires the sale of tobacco on the floor of the tion is on unsecured promissory note, 5 per warehouse which has extended accommoda- cent on real-estate mortgage, 5 per cent on tion and permits the latter to stop an attempt- chattel mortgage, 10 per cent on collateral, and ed sale elsewhere. The only district in which 20 per cent on personal indorsement. Comthe crop lien is not the major form is the new ment is made that the small proportion of bright belt. In eastern North Carolina the chattel mortgages is due to the fact that "Kenloan is usually on open account, with a mere tucky laws are unfavorable to the holder, expromise to sell at the warehouse. In South pensive to foreclose, etc., so this class of bor- Carolina, where accommodation is rarely ex- rowers usually gives some friend or neighbor a tended, small advances are unsecured, or a mortgage, frequently paying for the accomchattel mortgage may be employed. In all modation, and has the mortgagee 'go his districts there are some exceptions to the rule. security/" while the collateral is "usually in Some advances on open account are reported, the form of notes of other farmers taken in as is also indorsement—e. g., by landlords in trade. It is the custom here when one farmer some cases, or on poor risks, and real-estate agrees to take the note of another, to demand deed of trust or chattel mortgage. Several a 'bankable' note, which a local bank will warehouses in the Virginia old bright belt state either discount or take as collateral." that a crop lien is used where the grower does Practice as to the time of bank borrowing not own real estate, while another warehouse varies. In some cases it is thought that bor- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDEBAL, RESERVE BULLETIN. NOVEMBER, 1921. rowing tends to be concentrated in the spring Practically all the stores charge merchandise and ferat planting time and at harvest to house and tilizer at a cash price and add 10 per cent flat at the time of final settlement. Live stock is usually sold at an admarket the crop. In the former case the vance of 5 to 7 per cent over the cash price and a note grower may borrow the full amount at once. taken drawing 6 per cent interest from date of sale to date In other cases, however, small amounts are of payment, and the privilege is granted the buyer of borrowed at more frequent intervals from time paying one-half at the end of one year, with the understanding that the remainder will be renewed and carried to time as needed, especially, it is stated by for 12 months longer. one authority, in the case of tenants. Due dates of course are fixed by the time of mar- In South Carolina the percentages in almost keting the crop. In the East they will be from all cases are greater than 10 per cent, ranging about October to January, with November from there up, such as 10 to 20 per cent, or perhaps most frequent, while in the West about being specified at a greater flat figure. One December 1 or January 1 will be most frequent. store which called attention to the increasing In South Carolina alone is the time earlier. tendency of the bank to loan direct to growers The crop there moves to market from about observes that the large difference between the July 1 on, and thus August 1 to September 1 cash and time price is due to the fact that only are the usual dates. Notes relating to cotton the poorer class of risks now buy on time from growing, however, mature about November 1 it. In the burley district it is stated that in in that State. A banker in the eastern dis- some cases the price is the same, but other tricts observes that "it has seemed to me for reports show a difference of 5 or 10 per cent. several years that banks located in rural dis- Somewhat over one-third of the reporting stores tricts, serving principally a farming clientele, in the western dark districts report either no could render a real service to their farmer difference or "very little, if any.77 Some of customers by spreading the maturities for obli- these stores, however, take notes, in some cases gations created during the planting and grow- at least, which draw 6 per cent interest. The ing seasons over a longer period than is now differences shown by other stores in general generally the practice. Aside from the fact vary from 5 to 15 per cent, with 10 per cent that the grower would have a longer period in most frequent. which to market the crop, the banks are With respect to the source from which the overrun with customers on the concentrated supply merchant obtains funds, distinction maturity date, and as a consequence they are must be made between stores in the larger and oftentimes unable to efficiently administer the the smaller centers. In general it appears that wants or needs of the individual borrower.77 relatively little accommodation is obtained by country stores from the banks, and they rely B. THE SUPPLY MERCHANT. in large measure upon the wholesalers in the In almost all cases the time price charged by larger centers, being carried until the crop is the supply merchant is higher than the cash sold. Stores in the larger centers may comprice. The latter prevails, it is reported, in bine bank borrowing to a greater or lesser some sections when payment is made within extent with buying on time. A large supply 30 days. Considerable variation is shown. merchant in eastern North Carolina says that Only in a relatively small number of cases is it "the average supply house runs about 60 per stated that there is no difference. In some cent from the banks and 40 per cent from the cases the price differs according to the different business houses.77 Several stores, however, commodities, while in other cases a flat per- state that business houses allow only 30 to 60 centage is added. In the Virginia dark district days7 time on items other than fertilizer. At practice apparently varies, some stores report- points where banking facilities are adequate, ing the average difference about 10 per cent and the local banks supply the banking accommoothers considerably more. One store in that dation which is obtained. In the larger centers section advises that for about 10 per cent of its of the new bright belt of eastern North Carolina, sales it accepts owners7 notes for the amount however, local facilities are insufficient, and figured at the cash price plus interest. In the the major part of bank borrowing is from banks Virginia old bright belt the average percentage located elsewhere. Thus, a supply merchant is stated to be 10 per cent, and the same ap- in Kinston advises that this is done by probapears to be the case in western North Carolina. bly half a dozen large mercantile establish- In eastern North Carolina 16 out of 25 report- ments in his county doing a farm-supply busiing stores show an average difference of 10 per ness, which borrow their money entirely from cent, while most of the others show greater the banks. In South Carolina several instances increases, such as from 10 to 15, 20, or 25 per were also reported of bank borrowing outside cent. A store in a leading market in that dis- the district by a merchant who complained of trict comments as follows: the restricted local facilities, and who believed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1289 that it took about the store's capital to loan in that section that the collateral given proto its farming clients. vides a margin of 50 to 100 per cent over the The location of these "outside" banks varies amount borrowed. One Richmond bank adsomewhat according to the particular district. vises that its notes generally have both col- In the east, the largest banking center from lateral, in the form of growers' notes, and which stores in every section obtain some indorsement. accommodation is Richmond, followed by The maturity of the notes varies from 60 Norfolk and Baltimore. Leading Richmond days to 4 months, one bank in eastern North banks state that supply merchants borrow to Carolina observing that its notes are largely a considerable extent in that center. One says for 90 days, with renewal permitted, some that such borrowing is found in the case of running for 6 months. Most frequent maturity merchants having a rating of, say, $50,000. dates in the east thus are November 1 to 15. The other centers are more local in character A Richmond bank remarks that its loans run and relate merely to a particular district. from late spring to late fall, while another Thus Lynchburg and Farmville also provide further states that some stores borrow in some accommodation to stores in the Virginia March and April, but borrowing especially dark section, while Raleigh, Winston-Salem, occurs from May and June until November. In and Wilmington also provide some accommo- the case of the burley district, stores are stated dation to stores in the North Carolina new to pay off their notes during February and bright belt, and Wilmington and Charleston to March. stores in South Carolina. One South Carolina store also specifies New York and one eastern C. THE FERTILISER MANUFACTURER AND North Carolina store, Washington, D. C. The DEALER. situation, of course, may even be further localized, and resort may be had instead to a near-by Local stores, leaf sales warehousemen (to center. Thus from Jones County, in eastern some extent, as will be indicated below), and North Carolina, it is stated that part of the special fertilizer dealers sell commercial ferrequired funds are borrowed in New Bern and tilizer to growers. In Kentucky and Tennessee Kinston. One bank in a leading market in east- nearly all the fertilizer is stated to pass through ern North Carolina states that in case of need it the hands of dealers. In general, there are may arrange a loan from its correspondents for many farmer dealers who buy a carload and its local stores, and a Richmond banker who had have farmers haul the fertilizer away from the actively gone out for store accounts said that car at a siding. A leading manufacturer estihe obtained some from local banks which were mates, however, that 15 per cent is sold direct not in a position to handle the account. to large tobacco growers, landlords, or groups The form in which the supply merchant bor- of.growers, instead of through one of the above rows from the bank differs somewhat. A three sources. In western North Carolina number of the larger and better stores borrow there are not as many direct sales as in eastern on their own note, either straight or indorsed North Carolina, in the latter of which there are by the members of the firm or the officers of many large planters who grow cotton and the corporation. In some other cases, others tobacco. One manufacturer states that he may indorse, while loans are often secured by favors having the local store handle the prodcollateral. Although the use of stocks and uct, as it knows the local men and also has a bonds, real estate mortgages, or insurance better standing. The warehouse, in his opinpolicies for this purpose is reported in a few ion, is not in as good a position to handle the instances, in the majority of cases crop liens business. The manufacturer or wholesale disor chattel mortgages are used. One store in tributor has a relatively small number of custhe Virginia dark district states that banks tomers. there prefer such security. Growers' notes Sales in general commence in December, and secured by a crop lien, however, are redis- shipments are made from February to April. counted with the banks to some extent, as The terms on which the fertilizer is sold differ well as notes which country stores give to somewhat between the several districts. Thus, wholesale houses in the larger centers. While in the new bright belt, whether in South Caromost stores apparently employ such notes lina or North Carolina, 5 per cent May 1, with entirely in one way or the other, perhaps average net date of November 1, is specified. mostly as collateral, some rediscount part and The actual net date in any individual case may use the remainder as collateral. In eastern be October 15, November 1, or November 15. North Carolina rediscounting is reported only This is largely a cotton territory. In the old in scattered instances and in the main at bright belt terms are 5 per cent July 1, with smaller points. It is believed by a merchant average net date of January 1 and actual net Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1290 FEDERAL RESERVE BULLETIN. NOVBMBEE, 1921. dates of December 15, January 1, or January D. THE LEAF SALES WAREHOUSE. 15. Anticipation is permitted at a specified rate of interest. In the burley district 5 per As indicated above, the practice of leaf sales cent July 1 or 7 per cent 30 days from date of warehouses with respect to advances to growshipment is granted. Until July 1 an open ers differs in the several districts. In general, account is employed. By that date, however, however, there is a growing tendency toward settlement must be provided either in cash or abolition of the custom. Several warehouseby note, and the latter is then due net Decem- men believe that 1920 was the last season in ber 1, plus interest from July 1. It is stated the Virginia dark section in which any considthat in Tennessee paper bearing interest from erable loaning occurred, due to the losses sus- June 1 is usually taken. Terms of manufac- tained. In the old bright belt of Virginia some turers to dealers and of dealers to growers are of the larger markets also show little or no similar. Years ago the dealer indorsed the use of the practice. In one of the larger marnotes which he received from those growers kets it is thought that the practice was disconwho did not discount their bills and turned tinued in 1915, but that the tradesmen conthem over to the manufacturer. Some Ten- nected with the individual houses have nessee bankers advise that this is still the usual continued themselves to indorse individually. custom in that district. At the present time, The amounts have, however, been cut down, however, the dealer is stated generally to give and it was believed the practice would be the manufacturer his own note and employ the eliminated this year. In some of the leading farmer's notes as collateral. The latter are markets of the North Carolina old bright belt returned to him by the manufacturer under effort has been likewise made to discontinue trust receipt some time before the net due date. accommodation, in certain cases by board of The dealer may take a crop lien. Some manu- trade rule, and little in general is reported to facturers have given a 5 per cent discount for be granted. In the North Carolina new bright many years, while others state that it was in- belt the Eastern North Carolina Warehousecreased four or five years ago. men's Association adopted a rule against the practice several years ago, and in two of the The proportion of accounts which are disfour leading centers the accommodation now counted, and thus conversely the extent to extended is reported to be very limited. A which the fertilizer manufacturers finance towarehouseman in one of these markets states bacco raising, varies considerably according to that whereas in the past $150,000 a season was general conditions. A leading manufacturer loaned in his market, he does not believe that observes that receivables in relation to the over $10,000 is now loaned. Warehousemen volume of business were much lower for 1918, in both of the markets where lending has con- 1919, and 1920 than normally. On the other tinued believe that it will be greatly curtailed. hand, owing to the low price of tobacco, dif- A warehouseman in one of them remarked this ficulty in paying was experienced during the spring that " there are seven warehouses here, past winter by those who let their bills run to and they will average lending $25,000 each to the net due date. Several estimates which farmers," indorsement being the custom. were obtained of the percentage of discounters Heavy losses, however, have been experienced in 1920 differ greatly, and no general conclu- ~^i a practically all warehouses have stopped sions can be drawn. Some indication is af- and forded by the figures of the percentage of credit lending, and I think that for the next crop this sales to total sales of warehousemen given practice will be stopped almost entirely;" below in section D. While the grower may while a warehouseman in the other market give his note for fertilizer to the dealer, the believes that the practice will be discontinued latter may obtain funds from the bank and in view of the fact that " experience along this discount his account with the manufacturer. line has been rather sad." In South Carolina In so doing, he may himself borrow directly the association rules have prohibited the pracfrom the bank, or may rediscount the growers' tice for some years. Two associations existed notes with it. The farmer, in fact, may also until 1920, one north and one south of the borrow from the bank to obtain funds to pay Peedee River, but they have now consolidated. off his fertilizer bills, or, as one warehouseman In this connection it should be noted that the in the Virginia dark district notes, from the majority of warehouses in that State are operwarehouse. The bank, however, in all case: ated by men who live elsewhere and are only does not favor extension of accommodation to in the community a part of the year. They the grower to pay for the latter's fertilizer bills / come to South Carolina in July before the openstates a bank in one of the leading eastern ing of the sales season and go to one of the North Carolina markets, in spite of the large North Carolina or Virginia markets at its close, cash discount offered. where they then frequently operate another Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1291 warehouse. Warehouse lending by several South Carolina. However, the practice was burley markets was heavy for some years past, reported in only 3 out of 11 markets in the but has again been eliminated. Many of the Virginia dark district as against 7 out of 15 markets showed no loans last year, while in markets in the Virginia old bright belt. In the markets in which the practice was found the North Carolina old bright belt only 3 out of 18 lending occurred only to a very small extent. markets, in the North Carolina new bright In the western dark districts the Clarksville- belt only 1 out of 24 markets, and in South Hopkinsville and one-sucker markets showed Carolina only 1 out of 22 markets report the direct loans to growers, although this was not practice. In the latter district it is noted, true of the other districts. however, that the warehouseman at times is No definite standards for loaning by the ware- interested in a separate fertilizer business. houseman exist, and practice differs greatly. The warehouses in the larger markets in general One warehouseman in the Virginia dark sec- do not engage in the business, but in some imtion states that the old rule was to loan $10 portant markets of the Virginia dark district, per 1,000 pounds. A warehouseman in the Vir- the Virginia old bright belt, and the North ginia old bright belt says that " the warehouse- Carolina old bright belt fertilizer is sold by men have no way of determining beforehand warehousemen. The estimates furnished by the value of any particular farmer's crop, and the individual warehouses show in all cases but usually make advances according to acreage one that at least 50 per cent of sales are on planted/' but several warehousemen in that credit and about two-thirds state that from and other districts say that their loans are 75 to 90 per cent are on credit. Only 1 out of not based on the acreage, but rather on their 30 reporting warehouses in the burley district knowledge of the farmer. Several warehouse- and 1 out of 25 in the western dark districts men in the new bright belt of eastern North handle fertilizer, thus including 2 out of 35 Carolina agree that in general about $25 per markets. acre has been loaned, and another says that the rule was $5 per acre in the old days, the amount E. THE PROBLEM OF THE BANK. subsequently being raised as prices increased. The problem which confronts banks in the One warehouseman in the Clarksville-Hopkinstobacco raising sections is twofold. It relates, ville district places the amount at from $25 to first, to the question of financing the grower $50 per acre of 1,000 pounds, while another himself during the growing season, and, warehouseman in that district makes the folsecond, to the question of financing the buyers lowing comments on the general practice: during the marketing season. "The financing of the tobacco grower, in the eastern districts In an effort to get business, we make all kinds of advances, as we have all kinds of people to deal with. Some at least," says one authority, "has never producers are absolutely solvent, owning farm and other impressed me as a matter of much difficulty. properties, but prefer to borrow on their tobacco. You His needs are not large, comparatively speakcan advance them close to the value of their crop or even ing. Labor is the big item in tobacco culture more. There are others, honest men, too, who will pay you only if the tobacco brings the amount of the advance, as in this district, and a large share of that is they have no other income. Then there are some who family labor. What accommodation is needed borrow all they can get and from every house possible, is mostly for implements or fertilizer and for and actually beat you out of your money. Finally there household supplies, and is needed principally is a big class who overestimate not only the weight but also the character of their crop, and on this class we make through the spring and summer when credits our losses, as it is a rare thing that a shortage is ever paid a are normally easy." The bank finances the warehouseman. There is no way for any warehouseman growing process directly through advances to to see all of the tobacco he advances on before making the growers and indirectly through advances to advance, as we make them in several adjoining counties and far off the public road, and only have the word of the warehousemen, which are to be loaned in turn borrower. to growers and to stores. Its loans will in- In all sections, of course, some loans are crease as the growing season progresses, until made on the tobacco when placed upon the they are heaviest at the opening of the marketwarehouse floor for sale. This gives the ing season. The exact time of the latter farmer some money in hand for meals and ex- diners in the various sections, as was indicated penses in town pending its sale. Many ware- in the figures shown in Section I of this study houses, however, report no such loans, or state (Sept., 1921, BULLETIN, p. 1065). As the crop that they are rarely requested. The amounts is marketed growers' loans are repaid, and may be small, but, on the other hand, may run likewise growers' indebtedness to stores and up to near the full value of the tobacco if warehouses is reduced, so that the latter in required. turn reduce their indebtedness to the banks. Warehouses sell fertilizer much more largely But at the same time the financing of the in Virginia than in either North Carolina or marketing process is required. The leaf sales Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1292 FEDERAL. RESERVE BULLETIN. NOVEMBER, 1921. warehouses at which the tobacco is marketed has perhaps arisen because of the logic of regularly require funds during the greater part events, it is frequently condemned by bankers of the sales season, and generally obtain their and others, who point out as its results enfunds locally. To the extent that the crop is couragement of heavy borrowing due to ease purchased by the larger companies, which on the part of the grower in getting funds, borrow elsewhere, no local funds are further encouragement of cultivation only of the prinneeded. The large manufacturing companies cipal cash crops, as these provide the basis for maintain balances at central points such as the advance, and a tendency to place the Richmond and Louisville, and in general are grower in a position of dependency where he reported to keep local buyers regularly supplied is able in many cases only to " just make both with funds sufficient for the next three or four ends meet." A further indictment is the comdays' purchases, although in some cases they bination of banking, leaf sales warehouse, and pay from other points. In larger centers, merchandising interests by individuals which where they rehandle the tobacco they have is often found. At the same time it is realized purchased, liberal balances are stated to be that the process of change is slow and that in kept during the entire year. The smaller it education must play a leading role. independent dealers in leaf tobacco, however, Banks are interested likewise in the marketborrow locally to some extent. ing system. During the past season, with the Where the larger companies maintain bal- fall in the price of tobacco, extensive changes ances in banks in the tobacco districts, funds in marketing methods have been proposed, and which are borrowed elsewhere are made growers' associations have been formed. An available for the marketing of the crop. It is important point in all the plans which have necessary each year for the banks also to obtain been prepared is provision for organized confunds from banks in other sections to assist trol of tne rate of marketing of the crop, and in the process. The amount of bills payable provision of adequate funds to enable the and rediscounts varies considerably from year carrying out of the plan by holding tobacco to year. In 1920, e. g., the figures mounted until its turn to move to market shall come. rapidly, and by mid-year were far in excess in Various associations in the eastern and western some districts of the seasonal peak reached districts have announced plans, and actively during the previous year. The seasonal move- undertaken to "sign up" growers in their terment is complicated by the fact that the ritories. It is generally proposed to have the marketing of the old crop and the growing of association operate when growers of a specified the new overlap to some extent in practically proportion of the crop in that district have all districts except South Carolina. agreed to cooperate, and it is thought that the The banks obtain these funds from various associations will inaugurate their operations sources. A considerable part is borrowed from on the 1921 crop in some districts.1 the Federal Reserve Bank, while among the various centers in which lending banks are THE HAGUE RULES, 1921. located are certain of those from which it was stated above that supply merchants had Following are the new "Hague Rules, directly obtained accommodation, namely, New 1921," recently adopted by the Thirtieth York, Richmond, Raleigh, and Wilmington in Conference of the International Law Associathe East, and Louisville, Cincinnati, and Chi- tion at The Hague (Aug. 30-Sept. 3), and aim cago in the West. Certain of these banks in at the regulation of international trade by turn may rediscount or borrow from banks at generally accepted rules: other centers, or at the Federal Reserve Bank. ARTICLE I.—Definitions. A sort of endless chain is thus formed, and the final ramifications may be difficult to trace in (a) "Carrier" includes the owner or the charterer who enters into a contract of carriage with a shipper. certain cases. (b) "Contract of carriage" means a bill of lading or It will be evident from the above discussion any similar document of title in so far as such document that banks in the tobacco-raising sections are relates to the carriage of goods by the sea. vitally interested in the prevailing agricul- (c) "Goods" includes goods, wares, merchandise, and articles of every kind whatsoever except live animals tural practice. The more diversified the crops, and cargo carried on deck. the greater is the grower's independence of (d) "Ship" includes any vessel used for the carriage the supply merchant and bank, and the less of goods by sea. is his need for accommodation. Similarly with (e) "Carriage of goods" covers the period from the time the system of tenure. Likewise is the bank when the goods are received on the ship's tackle to the time when they are unloaded from the ship's tackle. interested in the methods whereby the grower obtains his accommodation. While the sup- 1 For information as to the plans of the Burley Tobacco Growers' ply merchant system has its defenders, and Cooperative Association, cf. an article by James C. Stone in Bankers Home Magazine, August, 1921, p. 13. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1293 ARTICLE II.—Risks. goods have been shipped and the date or dates of shipment, shall, for the purpose of these rules, be deemed to Subject to the provisions of Article V, under every constitute a "shipped " bill of lading. contract of carriage of goods by sea the carrier, in regard to 8. Any clause, covenant, or agreement in a contract of the handling, loading, stowage, carriage, custody, care, carriage relieving the carrier or the ship from liability for and unloading of such goods, shall be subject to the loss or damage to or in connection with goods arising from responsibilities and liabilities and entitled to the rights negligence, fault, or failure in the duties and obligations and immunities hereinafter set forth. provided in this article or lessening such liability other- ARTICLE III.—Responsibilities and liabilities. wise than as provided in these rules shall be null and void and of no effect. 1. The carrier shall be bound before and at the beginning of the voyage to exercise due diligence to— ARTICLE IV.—Rights and immunities. (a) Make the ship seaworthy. 1. Neither the carrier nor the ship shall be liable for (b) Properly man, equip, and supply the ship. loss or damage arising or resulting from unseaworthiness (c) Make the holds, refrigerating and cool chambers, unless caused by want of due diligence on the part of the and all other parts of the ship in which goods are carried, carrier to make the ship seaworthy and to secure that the fit and safe for their reception, carriage, and preservation. ship is properly manned, equipped, and supplied. 2. The carrier shall be bound to provide for the proper 2. Neither the carrier nor the ship shall be responsible and careful handling, loading, stowage, carriage, custody, for loss or damage arising or resulting from— care, and unloading of the goods carried. (a) Act, neglect, or default of the master, mariner, pilot, 3. After receiving the goods into his charge the carrier, or the servants of the carrier in the navigation or in the or the master or agent of the carrier, shall, on the demand management of the ship; of the shipper, issue a bill of lading showing, among other (6) Fire; things— (c) Perils, dangers, and accidents of the sea or other (a) The leading marks necessary for identification of the navigable waters; goods as the same are furnished in writing by the shipper (d) Act of God; before the loading starts, provided such marks are stamped (e) Act of war: or otherwise shown clearly upon the goods if uncovered, (/) Act of public enemies; or on the cases or coverings in which such goods are con- (g) Arrest or restraint of princes, rulers, or people, or tained, in such a manner as will remain legible until the seizure under legal process; end of the voyage. (h) Quarantine restrictions; (b) The number of packages or pieces, or the quantity (i) Act or omission of the shipper or owner of the goods, or weight, as the case may be, as furnished in writing by his agent, or representative; the shipper before the loading starts. (j) Strikes or lockouts or stoppage or restraint of labor (c) The apparent order and condition of the goods. from whatever cause, whether partial or general; Provided that no carrier, master, or agent of the carrier (k) Riots and civil commotions; shall be bound to issue a bill of lading showing descrip- (I) Saving or attempting to save life or property at sea; tion, marks, number, quantity, or weight which he has (m) Inherent defect, quality, or vice of the goods; reasonable ground for suspecting do not accurately rep- (n) Insufficiency of packing; resent the goods actually received. (o) Insufficiency or inadequacy of marks; 4. Such a bill of lading issued in respect of goods other (p) Latent defects not discoverable by due diligence; than goods carried in bulk and whole cargoes of timber (q) Any other cause arising without the actual fault or shall be prima facie evidence of the receipt by the carrier privity of the carrier, or without the fault or neglect of the of the goods as therein described in accordance with agents, servants, or employees of the carrier. section 3 (a), (b), and (c). Upon any claim against the 3. Any deviation in saving or attempting to save life carrier in the case of goods carried in bulk or whole cargoes or property at sea or any deviation authorized by the conof timber the claimant shall be bound, notwithstanding tract of carriage shall not be deemed ta be an infringement the bill of lading, to prove the number, quantity, or or breach of these rules or of the contract of carriage, and weight actually delivered to the carrier. the carrier shall not be liable for any loss or damage result- 5. The shipper shall be deemed to have guaranteed to ing therefrom. the carrier the accuracy of the description, marks, number, 4. Neither the carrier nor the ship shall be responsible quantity, and weight as furnished by him, and the shipper in any event for loss or damage to or in connection with shall indemnify the carrier against all loss, damages, and goods in an amount beyond £100 per package or unit or the expenses arising or resulting from inaccuracies in such equivalent of that sum in other currency, unless the nature particulars. and value of such goods have been declared by the shipper 6. Unless written notice of a claim for loss or damage before the goods are shipped and have been inserted in the and the general nature of such claim be given in writing bill of lading. to the carrier or his agent at the port of discharge before the By agreement between the carrier, master, or agent of the removal of the goods, such removal shall be prima facie carrier and the shipper another maximum amount than evidence of the delivery by the carrier of the goods as mentioned in this paragraph may be fixed, provided that described in the bill of lading, and in any event the car- such maximum shall not be less than the figures above rier and the ship shall be discharged from all liability in named. respect of loss or damage unless suit is brought within 12 The declaration by the shipper as to the nature and value months after the delivery of the goods. of any goods declared shall be prima facie evidence, but 7. After the goods are loaded the bill of lading to be shall not be binding or conclusive on the carrier. issued by the carrier, master, or agent of the carrier to the 5. Neither the carrier nor the ship shall be responsible shipper shall, if the shipper so demands, be a "shipped" in any event for loss or damage to or in connection with bill of lading, provided that no "received for shipment" goods if the nature or value thereof has been willfully bill of lading or other document of title shall have been misstated by the shipper. previously issued in respect of the goods. 6. Goods of an inflammable or explosive nature or of a In exchange for and upon surrender of a "received for dangerous nature, unless the nature and character thereof shipment" bill of lading, the shipper shall be entitled, have been declared in writing by the shipper to the carrier when the goods have been loaded, to receive a "shipped " before shipment and the carrier, master, or agent of the bill of lading. carrier has consented to their shipment, may at any time A "received for shipment" bill of lading which has sub- before delivery be destroyed or rendered innocuous by sequently been noted by the carrier, master, or agent with the carrier without compensation to the shipper, and the the name or names of the ship or ships upon which the shipper of such goods shall be liable for all damages and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1294 FEDERAL RESERVE BULLETIN. NOVEMBEE, 1921. expenses directly or indirectly arising out of or resulting 600,000 preference shares, also of 100 francs from such shipment. If any such goods shipped with each. The latter shares are to be placed through such consent shall become a danger to the ship or cargo French channels, and 16 members of the maxithey may in like manner be destroyed or rendered innocuous by the shipper. mum of 32 in the board of directors are to be of 7. A carrier shall be at liberty to surrender in whole or French nationality. The British creditors of in part all or any of his rights and immunities under this the former London branch of the bank are to article, provided such surrender shall be embodied in the receive special certificates with the option of bill of lading issued to the shipper. exchanging these certificates in whole or in ARTICLE V.—Special conditions. part for ordinary shares at par at the rate of 25 Notwithstanding the provisions of the preceding articles francs to the pound sterling. In the distribua carrier and a shipper shall in regard to any particular tion of profits, the holders of the preference goods be at liberty to enter into any agreement in any shares have priority up to a noncumulative terms' as to the responsibility and liability of the carrier for such goods, and as to the rights and immunities of the dividend of 6 per cent. Five per cent of the carrier in respect of such goods, or his obligation as to sea- balance goes to the directors and 15 per cent worthiness, or the care or diligence of his servants or agents of the remainder again to the holders of prefin regard to the handling, loading, stowing, custody, care, erence shares, while the holders of ordinary and unloading of the goods carried by sea, provided that in this case no bill of lading shall be issued and that the shares, i. e., the prewar shareholders, are to reterms agreed shall be embodied in a receipt which shall ceive a 6 per cent dividend after the previously be a nonnegotiable document and shall be marked as such. enumerated returns have been paid. The Any agreement so entered into shall have full legal effect. British holders of certificates will be entitled ARTICLE VI.—Limitations on the application of the rules. to noncumulative interest at 6 per cent after Nothing herein contained shall prevent a carrier or a payment of the 6 per cent dividend to the orshipper from entering into any agreement, stipulation, dinary shareholders. The bill provides for a condition, reservation, or exemption as to the responsireduction to 10 per cent of the Austrian tax bility and liability of the carrier or the ship for the loss or damage to or in connection with the custody and care and on liquidating banks, which otherwise would handling of goods prior to the loading on and subsequent have amounted to a formidable figure. to the unloading from the ship on which the goods are In the case of the Anglo-Austrian Bank the carried by sea. existing capital of 200,000,000 kronen will be ARTICLE VII.—Limitation of liability. exchanged for £650,000, the present share- The provisions of these rules shall not affect the rights and holders receiving three £1 shares for every obligations of the carrier under the convention relating to 4 shares of 240 kronen. The Bank of England's the limitation of the liability of owners of seagoing vessels. claim on the Anglo-Austrian Bank amounts to £1,665,000, of which the bank will forego REORGANIZATION OF THE AUSTRIAN £590,000. The remainder will be discharged LlNDERBANK AND OF THE ANGLOby the allotment of £375,000 in ordinary shares AUSTRIAN BANK. and £700,000 in obligation bonds. In addi- Recent dispatches from Vienna indicate that tion, it is expected that a London syndicate bills authorizing the reorganization and ex- will advance £1,000,000 of new capital against patriation of the Austrian Landerbank and of preference shares—£400,000 immediately and the Anglo-Austrian Bank have been passed by £600,000 later on. The holders of preference Parliament. These bills provide for the trans- shares will have a prior claim on a 6 per cent fer of control in the Landerbank to a French dividend and on 10 to 12 per cent of the remainfinancial syndicate headed by the Banque de ing profits, while 90 per cent of the remainder Paris et des Pays Bas, and in the Anglo-Aus- will be used to pay up to 6 per cent dividends trian Bank to a British financial group, which to common shareholders. Any profits above includes the Bank of England. The head- these amounts will be used for the payment of quarters of the Landerbank will be removed to interest and amortization of bonds. In this Paris, while the central office of the Anglo- case, as in the case of the Landerbank, the Austrian Bank is to. go to London. The Austrian Government will forego the levying Landerbank will be renamed Banque des Pays of a large portion of the liquidation tax. de FEurope Centrale. It is stated that the most important advan- It is not stated whether the bills as finally tage of the reconstruction of these two banks passed have been materially modified from for Austria lies in the fact that the banks are those which have been under discussion since thereby completely freed from their prewar February of this year. In the case of the foreign debt obligations and also in the fact Landerbank the existing capital consists of that the location of their head offices in London 400,000 fully paid shares of 400 kronen each. and in Paris will add to their prestige. It is According to the schemes previously reported, expected that these banks wall be instrumental there is to be created a like number of ordi- in placing Ter Meulen bonds for the use of nary shares cf 100 francs each, together with Austrian industries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESEBVE BULLETIN. 1295 GROWTH OF DEPOSITS, NOTE CIRCULATION AND RESERVES IN PRINCIPAL FOREIGN COUNTRIES, 1994 TO 1921. There is presented herewith a set of tables Britain the reserves against paper circulation, showing for leading foreign countries the which at that time consisted almost exclugrowth in central bank and Government note sively of Bank of England notes, amounted on circulation, and in deposit liabilities of central December 30, 1913, to 118 per cent, while at banks, also changes in reserves and in ratios the end of June, 1921, reserves against Bank of of reserves to liabilities for a period of years England and currency notes combined were from 1904 to 1921. This material affords a 37 per cent. In France reserves declined from basis for the study of credit expansion of cen-73 per cent at the end of 1913 to about 10 tral banks and of the general currency situa- per cent at the middle of 1921. In Italy the tion, as related to reserves for a decade before reduction has been from 58 per cent to 6 per the World War and for more recent years. No cent, but the largest declines in reserves ocattempt is made to cover developments in the curred in Germany, where before the war the field of commercial banking. ratio of reserves to note circulation was 56 per The following summary table shows, for the cent, while at the end of June, 1921, it had countries included, total central reserves, total fallen to 1.3 per cent. paper circulation, and the percentage that In Japan developments were very different reserves constituted of the circulation at thefrom those in the other countries. While note end of 1904, ten years before the outbreak of circulation increased from 426,000,000 yen at the war, 1913, just before the war began, and the end of 1913 to 1,124,000,000 yen at the at the end of June, 1921: middle of 1921, Japan's gold reserves, including NOTE CIRCULATION, RESERVES, AND RESERVE RATIOS OF EIGHT FOREIGN COUNTRIES IN 1904, 1913, AND 1921. [In thousands of currency,] Metallic reserves. Note circulation. Ratio of reserves to notes. Country. Monetary unit. 1904 1913 1921 1904 1913 1921 1904 1913 1921 Cents at par. Belgium Franc 19.30 119,366 305,394 305,178 694,429 1,067,407 u, 110,162 17.2 28.6 5.0 France Franc 19.30 3,760,800 4,157,500 3,846,277 4,324,800 15,713,600 37,422,087 87.0 72.8 10.3 Germany Reichsmark... 23.82 927,076 1,446,803 1,102,768 1,599,784 2,593,445 84,027,695 57.9 55.8 1.3 Great Britain Pound 486.65 29,927 34,983 159,867 28,204 29,608 433,440 106.1 118.1 36.9 Italy Lira 19.30 845,043 1,608,382 1,191,995 1,719,772 2,782,580 49.1 57.8 5.8 Netherlands Florin 40.20 144,000 160,506 618,299 264,060 312,695 991,929 54.5 I 51.3 62.3 Canada Dollar 100.00 53,361 142,517 153,618 112, 111 227,107 445,732 47.6 62.7 34.5 Japan Yen 49.85 26,428 130,3171,217,000 286,626 426,389 1,124.169 9.2 30.6 108.3 Total (in dollars converted at par) 1,402,858 1,958,633 3,080;806 2,180,096 '3,172,984 35,885,319 64.4 61.7 8.8 Reduced to dollars at par the paper cir- gold held in Japan by the Government and culation of the eight countries included in the the Bank of Japan, increased from 130,000,000 table aggregated $2 180,000,000 in 1904y,en to 1,217,000,000 yen, so that the ratio of ; $3,173,000,000 in 1913, and $35,786,000,000 in reserves to notes, which was 31 per cent at the 1921, while the ratio of reserves to notes fell end of 1913, rose to 108 per cent in the middle from 64 per cent in 1904 to 62 per cent in 1913, of 1921. and to 9 per cent in 1921. While increases in Another summary table shows the growth circulation were universal in all the countries in deposits of central banks and the ratio of included and relative reductions in reserves are reserves to the combined total of deposit and shown for all the countries, except Japan and note liabilities of the banks and of the note Netherlands, the extent of these changes differs liabilities of the Governments: widely from country to country. In Great Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1296 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. RATIO OF RESERVES AGAINST DEPOSITS OF CENTRAL BANKS AND NOTE CIRCULATION IN EIGHT FOREIGN COUNTRIES IN 1904, 1913, AND 1921. [In thousands of currency.] Ratio of reserves to combined Deposits of central banks and total of deposits of central Deposits of central banks. notes in circulation. banks and notes in circula- Country. Monetary tion. unit. 1904 1913 1921 1904 1913 1921 1904 1913 1921 Belgium Franc 93 374 117,098 1 094 586 787 803 1 184,505 1 904 748 15.1 25.8 4.2 France . . Franc 841,900 978,700 2,860,548 5,166,700 6,692,300 40,282,635 72.8 62.1 9.5 Germany Reich sm ark... 580,297 793,120 20.392,708 2,180,081 3386,565 104420,403 42.5 42.7 1.1 Great Britain Pound 53,425 71,344 147,036 81,629 100,952 580,476 36.7 34.6 27.5 Italy . . Lire.. 298,126 329,081 2,395,289 2,017,898 3 111,661 22 882,212 41.9 51.7 5.2 Netherlands Florin 6,072 4,333 50 638 270 132 317,028 104? 567 53.3 50.6 59.3 Canada Dollar . 514,245 1,170,651 2.353,029 626,356 1397,758 2 798,761 8.5 10.2 5.5 Japan Yen 43,824 123,163 lj 184,162 330,450 549,552 308,331 8.0 23.7 52.7 Total (in dollars converted at par) 1,174,798 2,044,909 9,762,410 3,354,894 5 217,893 45 (547,735 48.1 37.5 0.7 Deposits of central banks to a large extent tries. Of the European countries included, represent the reserves of commercial banks; Netherlands is the only one which remained therefore the reserves held by the central neutral in the World War, and while her notes banks against these deposits are the ultimate and deposits increased rapidly, her reserves reserves back of the countries7 credit. Ma- show an even larger growth, and her reserve terial increases are shown in central bank position was stronger in 1921 than in either deposits during the decade before the war for 1913 or 1904. The same is true of Japan, a all the countries, except Netherlands, but a belligerent, but far removed from the actual very much greater expansion is seen since the scene of the conflict, which greatly stimulated outbreak of the war. It should be noted that her trade and industry. Of the other counin the case of Canada the banks of issue are tries, Great Britain alone has a reserve perthe chartered banks, which are not central centage at all comparable with prewar standbanks but the commercial banks of the country. ards, though even there a decided decline is When the note liabilities of the banks and of noted. In France the ratio dropped from 62 the Governments are combined with the de- per cent in 1913 to less than 10 per cent in 1921; posit liabilities of the central banks and related in Italy, from 52 per cent to 5.2 per cent; in to the reserves held by the banks and the Gov- Canada, from 10 per cent to less than 6 per ernments, the resulting ratios are significant cent, while in Germany the reserve percentage in that they show what might be called the was 43 in 1913 and dwindled to 1 per cent by central reserve position of the different coun- the middle of the current year. BELGIUM. [In thousands of francs, j Bank of Belgium. Ratio of total metallic Metallic reserves. reserves Total to total ci N rc o u te la s t i i n on. Deposits. n d o e te p o a s n i d t n d o e te p o a s n it d liabilities. Gold. Silver. Total. liabilities. Per cent. Dec. 29, 1904 694,429 93,374 787,803 119 366 15 2 28, 1905 . . 724,082 98,616 822,698 117,621 14.3 27, 1906 770,423 95,129 865,552 124,185 14.4 26, 1907 798,168 87,574 885,742 133,262 15.1 31, 1908 806,878 100,717 907,595 15«, 163 17.4 30,1909 845,016 112,570 957,586 158,912 16.6 29, 1910 904,534 105,119 1,009,653 203,401 20.2 28, 1911 969,764 133,541 1,103,305 246,707 22.4 27, 1912 1,034,616 144,588 1,179,204 283,494 24.0 26. 1913 1,067,107 117,098 1,184,505 305,394 25.8 June 30, 1914 1 334 982 Dec. 31,1914 l 268 999 30,1915 1 268,800 28, 1916 1 269 144 27,1917 I 269 489 26, 1918 1 289' 720 July 3, 19192 4,696,202 2,476,485 7,172,687 266,041 28,291 294,332 4.1 Dec. 30,1919 . .. 4,763,802 2,433,618 7,197,420 266,409 26,902 293,311 4.1 29, 1920.. . . 6,119,239 1,173,774 7,293,013 266' 519 '• °-7 Q9A 294,439 4.0 June 29,1921 6,110,162 1,094,586 7,204,748 ; 266,569 38,609 305,178 4.2 1 From the annual report of the bank for 1920, p. 13. These amounts were h.ejd. for safekeeping in the Bank of England. 2 First statement issued by the bank after the withdrawal of the Germans, • " • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1297 FRANCE. [In thousands of francs.] Bank of France. Ratio of total metallic reserves to total Total note Metallic reserves. note and ci N rc o u t l e a s t i i o n n. Deposits. de a p n o d sit lia d b e i p l o it s ie it s. liabilities. Gold. Silver. Total. Per cent. Dec. 29,1904.. 4,324,800 841,900 5,166,700 2,658,600 1,102,200 3,760,800 72.8 28,1905.. 4,565,900 1,106,000 5,671,900 2,878,400 1,074,900 3,953,300 69.7 27,1906.. 4,714,100 945,100 5,659,200 2,705,700 998,600 3,704,300 65.5 26, 1907.. 4,800,600 747,800 5,548,400 2,690,900 924,400 3,615,300 65.2 24, 1908.. 4,934,400 756,200 5,690,600 3,488,400 889,600 4,378,000 76.9 30, 1909 1 5,323,895 820,822 6,144,717 3,495,373 876,009 4,371,382 71.1 29,1910.. 5,260,998 794,834 6,055,832 3,279,424 826,096 4,105,520 67.8 28,1911.. 5,310,363 971,068 6,281,431 3,206,449 804,125 4,010,574 63.9 26,1912.. 5,584,338 887,032 6,471,370 3,207,320 689,215 3, 896,535 60.2 26,1913.. 5,713,600 978,700 6,692,300 3,517,400 640,100 4,157,500 62.1 24,1914.. 10,042,900 3,101,063 13,143,963 4,158, 461 355,952 4, 514,413 34.4 30,1915.. 13,309,850 2,287,729 15,597,579 5,015,287 352,088 5,367,375 . 34.4 28, 1916.. 16,678,818 2,275,233 18,954,051 1 3,382, 827 294,869 3,677,696 19.4 27,1917.. 22,336,799 3,165,600 25,502,399 i 3,314,417 247,657 3,562,074 14.0 26,1918.. 30,249, 612 2,477,881 32,727,493 1 3,440,460 318,348 3,758,808 11.5 26,1919.. 37,274,540 3,203,593 40,478,133 1 3,600,245 268,035 3,868,280 9.6 30, 1920.. 37,901,599 3,574,946 41,476, 545 1 3,551,902 266,333 3,818,235 9.2 June 30,1921.. 37,422,087 2, 860,548 40,282, 635 i 3, 571,951 274,326 3,846,277 9.6 1 Exclusive of "gold held abroad," consisting mainly of gold credits. On Dec. 28, 1916, this item stood at 1,693,088,000 francs; on Dec. 27,1917, at 2,037,108,000 francs; on Dec. 26,1918, at 2,037,108,000 francs; on Dec. 26,1919, at 1,978,278,000 francs; on Dec. 30, 1920, at 1,948,367,000 francs; on June 30, 1921, at 1,948,367,000 francs. GERMANY. [In thousands of marks.] Reichsbank. Ratio of total Total metallic re- Darlehns- Reichsbank serves to total Ratio of total notes and Reichsbank ci N rc o u t l e a s t i i o n n. Deposits. a T l n i d a o b t d a il l e i p t n i o e o s s t i e . t Gold. r m e T s e e o t r a t v l a l e l i s c . se m r n v e o e ta t s e l t l o i a c n t r d o e t - al c s i c rc h u ei l n at e i o i n n . s D c k a h a r e s l i e s n e h e n n - i s n - n D o k a t a e r s l s s e e h a n n n - s d deposit circulation. scheine in liabilities. circulation. Per cent. Per cent. Dec. 31,1904... 1,599,784 580,297 2,180,081 708, 927,076 42. 5 1905... 1,656,679 630,807 2,287,486 596, 803,580 35.1 1906... 1.775,898 652,883 2,428,781 481, 665,017 27.4 1907... 1,885,922 658,502 2,544,424 497, 704,179 27.7 1908... 1,975,390 656,578 2,631,968 768, 980,147 37.2 1909... 2,071,512 673,624 2,745,136 681, 915,180 33.3 1910... 2,072,766 710,949 2,783,715 661, 924,012 33.2 1911... 2,250,564 710,481 2,961,045 727, 1,007,838 34.0 1912... 2,519,378 745,969 3,265,347 776, 1,037,035 31.8 1913... 2,593,445 793,120 3,386,565 1,169, 1,446,803 42.7 1914... 5.045,899 1,756,907 6,802,806 2,092, 2,129,676 31.3 445,832 5,491,731 38. 8 1915... 6,917,922 2,359,012 9,276,934 2,445, 2,477,258 26.7 972,166 7,890,088 31.4 1916... 8,054,652 4,564,206 12,618,858 2,520, 2,536,792 20.1 2,872,936 10,927,588 23.2 1917... 11,467,749 8,050,389 19,518,138 2,406, 2,587,936 13.3 6,264,514 17,732,263 14.6 1918... 22,187,815 13,280,398 35,468,213 2,262, 2,282,167 6.4 10,242,230 32,430,045 7.0 1919... 35,698,369 17,071,857 52,770,226 1,089, 1,110,019 2.1 13,781,200 49,479,569 2.2 1920... 68,805,008 22,327,114 91,132,122 1,091, 1,097,409 1.2 12,033,300 80,838. 308 1.4 June 30,1921... 75,321,095 20,392,708 95,713,803 1,091, 1,102,768 1.2 8,706,600 84,027,695 1.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1298 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. GREAT BRITAIN. [In thousands of pounds.] Bank of England. Exchequer. in l N a c t o i i o r te c n u s . - D i e t p s. os- d l T i e n t a a i p o o b n e o t t i s d a e l s . i l i - t r m e T s e e o ta r t v a ll e l ic s. n m r R t d l e o o i e a s e a t e p t t t b e i o a r o o i v a l t l s l a i e n i i o - t c l s d f n l r c o a C e i t t n r e i u c c o s r u y n - i - - n . Gold. o n B l f o a a E n t n e n d s k g . - re T se o r t v a e l s. i r t o n l e o R a f s c t n e a t i i r o o o r t v i c t t n o e e a u . s s l - a n o l n B r a T c o l f e i t d a t o n a r i e E n o c c n t c s a u n d n y u k i l - g . - r n 1 - - r m e T s e e o ta r t v a ll e l i s c . m r n t o l e o R c o a f s e i t t e a r t t t e i c o a o r t o s v i u l t t n o l a e a i - i . n c l s l ties. Per cent. Per cent. Dec. 28,1904 28,204 53,425 81,629 29,927 36.7 27,1905 29, 351 52,038 81,389 28,530 35.1 26,1906 28, 795 50,337 79,132 29,064 36.7 26,1907 29, 514 49,131 78,645 30,746 39.1 30,1908 29, 751 61, 527 91,278 30,732 33.7 29,1909 28, 858 60,993 89, 851 32,628 36.3 28,1910 28,610 55,963 84, 573 31,356 37.1 27,1911 29,193 61,123 90,316 32, 438 35.9 26,1912 29,200 67,120 96, 320 31, 300 32.5 31,1913 29,608 71, 344 100,952 34,983 34.7 30,1914 36,139 154,988 191,127 69,494 36.4 38,478 18,500 18,500 48.1 74,617 87,994 117.9 29,1915 35, 309 161, 650 196, 959 51, 476 28.1 103,125 28, 500 28,500 27.6 138,434 79,976 57.8 27,1916 39,676 178, 843 218, 519 54,305 24.9 150,144 28, 500 28, 500 19.0 189, 820 82, 805 43.6 26,1917 45, 944 166,171 212,115 58,337 27.5 212, 782 28,500 28, 500 13.4 258, 726 86,837 33.6 31,1918 70,307 172,680 242,987 79, 111 32.6 323,241 28, 500 28, 500 8.8 393,548 107,611 27.3 31,1919 91,350 199, 851 291, 201 91,342 31.4 356,152 28, 500 4,000 32, 500 9.1 443, 502 119, 842 27.0 29,1920 132,851 189, 859 322,710 128,268 39.8 367,626 28, 500 19,450 47,950 13.0 481,027 156, 768 32.6 June 29,1921 129,006 147,036 276,042 128,367 46.5 323,884 28, 500 19,450 2 50,950 15.7 433, 440 159, 867 36.9 i 1 Bank of England notes outstanding, less such notes held by the Bank of England and by the exchequer, plus currency notes in circulation. 2 Includes £3,000,000 of silver. ITALY. [In thousands of lire.] Banks of Italy, Naple,s, and Sicily. N ci o t r i t c o e u n s l . a i 1 n - Deposits. n d l o T i e t a t i p e o b e o t i s a a l s . n i l i - t d Jok M I. etal S li i c l v re e s r. erve T s o . tal. n m r R t d e l o o i e a e s t a p e e t t t b i a o r o o i v a l t l s l a n i e o i i - l t c s d f T n c r o i t e r i t c a o e u s s n u l . i a r n - y se G r r v o e- e ld s.2 i r R t n e l o a a s g c t n e t o i i i r o o r l o v d c t n e e o u . s s f - b T n c a r o T i t e n r i t c o a o e k u s t s n a u l a . a i l r n n - y d r m e T s e e o t r a t v l a l e l i s c . i m r R t n e l o n a a s e c o t e t t t i i i a o t r o r o e v l t c n l s a e o u i . c l s f ties. Per cent. Per cent. Per cent. Dec. 31,1904 1,276,921 298,126 1,575,047 625,937 96,005 721,942 45.8 442,851 123,101 27.8 1,719,772 845,043 49.1 1905 1,406,475 299,361 1,705,836 805,877 108,259 914,136 53.6 440,305 120,291 27.3 1,846,780 1,034,427 56.0 1906 1,605,280 287,406 1,892,686 928,867 134,566 1,063,433 56.2 438,447 118,434 27.0 2,043,727 1,181,867 57.8 1907 1,851,542 345,492 2,197,034 1,126 525 141,056 1,267,581 57.7 437,518 117,278 26.8 2,289,060 1,384,859 60.5 1908 1,862,558 325,655 2,188,213 1,178,800 131,842 1,310,642 59.9 435,671 177,678 40.8 2,298,229 1,488,320 64.8 1909 1,931,663 306,256 2,237,919 1,203 579 124,320 1,327,899 59.3 432,925 174,929 40.4. 2,364,588 1,502,828 63.6 1910 2,026,848 340,100 2,366,948 1,235,977 104,554 1,340,531 56.6 442,119 183,661 41.5 2,468,967 1,524,192 61.7 1911 2,193,382 355,688 2,549,070 1,268,069 125,779 1,393,848 54.7 485,291 226,831 46.7 2,678,673 1,620,679 60.5 1912 2,212,381 331,628 2,544,009 1,286328 144,432 1,430,760 56.2 498,974 241,151 48.3 2,711,355 1,671,911 61.7 1913 2,283,509 329,081 2,612,590 1,375 416 115,727 1,491,143 57.1 499,071 117,239 23.5 2,782,580 1,608,382 57.8 1914 2,936,015 753,005 3,689,020 1,396683 130,509 1,527,192 41.4 657,242 156,345 23.8 3,593,257 1,683,537 46.9 1915 3,968,069 1,012,866 4,980,935 1,364 137 127,533 1,491,670 30.0 1,082,102 156,345 14.5 5,050,171 1,648,015 32.6 1916 5,012,350 1,134,012 6,146,362 1,157514 112,618 1,270,132 20.7 1,347,284 167,729 12.7 6,329,634 1,437,861 22.7 1917 8,424,997 1857 03110,282,028 ^071 M?, 127,143 1,198,235 11.7 1,841,0003166,724 10,265,997 1918 11,750,263 2J,033J,66913,783,932 048 79\ 116,838 1,165,559 8.5 2,337,0003164,943 14,087,263 1919 16,281,300 ,729,71019.011.010 1j036 700 114,700 1,151,400 6.1 2,533,000 3 4,309 18,814,300 1920 19,731,641 2,743,71122,475,352 058,870 114,676 1,173,546 5.2 2,546,000 s 2,335 22,277,641 July 31,1921 17,939,923 2,395,?,8920,335,212 1075604 114,056 1,189,660 5.9 2,547,000 3 2,335 20,486,923 1 For the years 1914 to 1921 the bank notes are classed as issued for account of commerce and for account of Government, as follows: [In thousands of lire.] 1914 1915 1916 1917 1918 1919 1920 1921 For account of commerce 2,201,134 1,898,733 2,458,177 2,591,997 4,584,736 5,651,600 8,988,869 9,432,738 For account of Government 734,881 2,069,336 2,554,173 5,833,000 7,165,527 10,629,700 10,742,772 8,507,185 Total 2,936,015 3,968,069 5,012,350 8,424,997 11,750,263 16,281,300 19,731,641 17,939,923 2 In addition the Treasury held a certain amount of silver as cover for the so-called buoni di Cassa, notes [of 1 and 2 lire denominations, included in the total of Treasury note circulation shown. On April 30,1921, the amount of silver cover (fractional currency) for 277,012,000 lire of these notes was 187,700,000 lire. 3 By a decree of June 24, 1915, the gold reserve held by the Treasury against Treasury notes was mobilized and largely transferred to foreign banks of issue. Its place was taken by certificates of deposit and foreign Treasury certificates payable in gold. Figures showing the actual composition of the gold reserve between 1915 and 1918 are not available. Figures for 1919, 1920, and 1921 represent the amount of gold held for account of the Bank of Naples. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1299 NETHERLANDS. [In thousands of florins.] Netherlands Bank. Ratio of total metallic Total note Metallic reserves. r to es t e a r l v n e o t t o e cir N c o u t l e a s ti o in n. Deposits. a l n ia d b d il e it p i o es s . it a l n ia d b d il e i p ti o e s s i . t Gold. Silver. Total. Per cent. Dec. 31,1904.. 264,060 6,072 270,132 67,560 76,440 144,000 53.3 30, 1905. 287,748 6,276 294,024 79,260 73,824 153,084 52.1 29, 1906. 271,284 6,864 278,148 66,432 69,180 135,612 48.8 28, 1907. 272,544 7,488 280,032 91,788 54,804 146,592 52.4 26, 1908. 275,808 6,744 282,552 101,016 49,320 150,336 53.2 31, 1909.. 295,992 5,496 301,488 120,972 36,468 157,440 52,2 24, 1910. 4,392 282,780 124,248 24,696 148,944 52.7 30, 1911. 312,924 14,664 327,588 140,364 10,848 151,212 46.2 28, 1912. 317,117 15,120 332,237 161,774 8,082 169,856 51.1 27, 1913. 312,695 4,333 317,028 151.490 9,016 160,506 50.6 24, 1914. 473,107 17,455 490,562 208', 119 3,492 211,611 43.1 31, 1915. 577.056 29,771 606,827 429,182 6,195 435,377 71.8 30, 1916. 758,379 54,577 812,956 587,602 6,985 594,587 73.1 29, 1917. 890,273 53,632 943,905 698,233 7,028 705,261 74.7 28, 1918. 1,068,947 88,478 1,157,425 689,441 8,545 697,986 60.3 27,1919. 1,032,732 102,343 1,135,075 637,323 6,103 643,426 56.7 27,1920. 1,072,145 85,261 1,157,406 636,141 21,190 657,331 56.8 June 27, 1921. 991,929 50,638 1,042,567 605,968 12,331 618,299 59.3 CANADA. [In thousands of dollars.] Chartered banks. Dominion notes. Ratio of N l c a o i t r t i e c o s u n - i . n Deposits. n d o T e t p o e o t a a s n i l t d re m s T e e o t r a v t l a e l l i s c . m r R t e o t a s e o e t t t t i o a r o a v l t l l a e i o c l s f N l c a o i t t r i e c o s u n i - . n re G se o r l v d e , s. r R e to a s g e t o i r D l o v d o e o - s f n l c o T a i t t o r e i c o t s u a n i l - . n r m e T s e e o t r a t v l a l e l i s c . r m n t e o c o t s e i o t e r t t e t o c a r a s u l v t l l a i - e i n c l s liabilities. note and minion lation. deposit notes. liabilities Per cent. Per cent. Per cent. Dec. 31,1904.. 64,507 514,245 578,752 17,618 3.0 47,604 35, 743 75.1 112,111 53,361 47.6 1905.. 69,982 579,193 649,175 19,650 3.0 50,159 34,289 68.4 120,141 53,939 44.9 1906.. 78,417 685,837 764,254 23, 753 3.1 59,722 38,685 64.8 138,139 62,438 45.2 1907.. 77,504 653,780 731,284 25,119 3.4 63,784 39,686 62.2 141,288 64,805 45.9 1908.. 73,058 735,835 27, 099 3.4 79,430 61,675 77.7 152,488 88,774 58.2 1909.. 81, 326 877,992 959,318 27,457 2.9 85,783 69,526 81.1 167,109 96,983 58.0 1910.. 87,695 937,106 1,024,801 33,412 3.3 91,797 74,789 81.5 179,492 108,201 60.3 1911.. 102,037 1,056,504 1,158,541 37,464 3.2 104,836 100,631 96.0 206,873 138,095 66.8 1912.. 110,048 1,162,016 1,272, 064 33, 780 2.7 115,688 | 104,077 91.0 225,736 137,857 61.1 1913... 1,170,651 1,279,297 27,142 2.1 118,461 115,375 97.4 227,107 142,517 62.8 1914.. 105,970 1,185,740 1,291,710 43,246 3.4 163,019 94,626 58.1 268,989 137,872 51.3 1915.. 122,200 1,359,612 1,481,812 48,793 3.3 171,694 120,335 70.1 293, 894 169,128 57.6 1916.. 148,785 1,539,409 1,688,194 56,466 3.3 179,290 119,598 66.7 328,075 176,064 53.7 1917.. 192,924 1,856,487 2,049,411 75,029 3.7 274,064 120,143 43.8 466,988 195,172 41.8 1918.. 224,501 2,184,333 2,408,834 69,427 2.9 299,815 121,261 43.4 524,316 190,688 36.4 1919.. 232,487 2,413,651 2, 646,138 73,053 2.8 304,853 114,822 37.7 537,340 187,875 35.0 1920.. 228,759 2,491,953 2,720,712 74,085 2.7 283,214 97,146 34.3 511,973 171,231 33.4 June 30,1921.. 195,675 2,353,029 2,548,704 69,764 2.7 250,057 83,854 33.5 445,732 153,618 34.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1300 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. JAPAN. [In thousands of yen.] Bank of Japan Ratio of gold holdings in Gold hold- Japan of the ings in Bank and of Ratio of Japan of the the Governcirculation. Deposits. a T n o d t a d l e n p o os te it res T e o rv ta e l s.1 t t o o t a to l r t e a s l e n r o ve te s B th a e n G k o a v n e d rn o - f m no e t n e t a to n d to d ta e l liabilities. and deposit ment. posit liabililiabilities. ties of the Bank. Per cent. Per cent. Dec 31,1904 286,626 43,824 330,450 83,581 25.3 26 428 8 0 30 1905 312,791 449,108 761,899 115 595 15 2 36 765 4 8 29,1906 341,766 401,500 743,266 147,202 19.8 53'834 7 2 28 1907 369 984 471,052 841 036 161 742 19 2 44 562 5 3 26 1908 352,734 220,287 573,021 169,505 29 6 6l' 841 10 8 25,1909 352,763 187,704 540,467 217,843 40.3 116 680 21 6 31 1910 401,625 280,823 682 448 222 382 32 6 135 126 19 8 30,1911 433,399 133,659 567,058 229 154 40 4 132 854 23 1 28,1912 448,922 97,968 546,890 247,023 45.2 136 036 24 9 27 1913 426,389 123,163 549,552 224 366 40 8 130 317 23 7 26,1914 385,589 117,708 503,297 218,237 43.4 128* 510 25 5 25 1915 430 138 244 973 675 111 248 418 136 785 20 3 30 1916 601,224 380,201 981,425 410,519 41.8 227'504 23 2 29 1917 831 372 593 758 1,425 130 649 618 45 6 461 346 32 4 28 1918 . 1,144,739 991,537 2,136,276 712 925 33.4 453*000 21 2 27 1919 1,555 101 1,145 743 2 700 844 953 194 35 3 702 000 26 0 25 1920 1,439,241 1,050,683 2,489,924 1,248 200 50.1 1 107'000 44 5 June 25,1921 1,124,169 1,184,162 2 308 331 1,278,547 55.4 1,217!. 000 52.7 1 Includes "gold held abroad," which consists mainly of gold credits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. PEDEEAL, BESEBVE BULLETIN. 1301 BUSINESS AND FINANCIAL CONDITIONS ABROAD. York to this amount, the operation had had a GEEMAN REPARATIONS. very serious effect upon the foreign value of the With the spectacular drop in the value of the mark, which declined from $0.0155 on May 2 at German mark since the August 31 payment on New York to $0.0116 on August 31. reparations, the question how Germany is to Prior to the signing of the May agreement, meet the terms of the reparations agreement payments had been made on reparations to the has again been brought very much to the fore. extent of something like 4,500,000,000 gold This drop in the value of the mark is to a large marks. Only 93,000,000 gold marks of this extent the outcome of the inflation policy of total had been paid in cash, the rest being paythe German Government, and the inflation ments in kind. Adding the billion gold marks policy in turn is due, in part at least, to the paid in specie under the terms of the London terms of the reparations agreement. The lead- agreement, we have a total of something over ing provisions of the May agreement may be 5,500,000,000 gold marks as having been paid summarized as follows :3 on reparations, not counting the sums received (1) Germany agreed to pay annually to the from the 26 per cent tax on exports or any Allies 2,000,000,000 gold marks, plus a sum payments in kind since May 1, 1921. In any equivalent to 26 per cent of the value of consideration of the total value of the bonds German exports. It was agreed that these issued, this sum must be subtracted from the sums were to be paid in two series of quarterly 132,000,000,000 gold marks, leaving Germany installments—i. e., 500,000,000 gold marks on still responsible for 126,500,000,000 gold marks, each of the four dates, January 15, April 15, minus the sums covered by the export tax and July 15, and October 15, and the export pay- reparations in kind indicated above. ments on February 15, May 15, August 15, An announcement made October 1 by the and November 15. The reparations agree- Committee on Guarantees of the Reparations ment does not state for how many years these Commission states that the committee propayments must be made, since this depends visionally accepts the German evaluation of upon the size of the export trade. exports from May 1 through July 31, and that (2) These payments are to provide redemp- deliveries in kind already made and those to tion for bonds to be delivered by Germany to the be made before the end of October, together Allies to the amount of 132,000,000,000 gold with the taxes levied in certain allied countries marks. Bonds to the value of 12,000,000,000 upon German exports, will meet the sum due gold marks were delivered on July 1,1921, while on November 15. This announcement does the bonds for the other 120,000,000,000 gold not give the sum due in November. Estimates marks were to be delivered on November 1. of the amount have varied from 250,000,000 So far, none of these bonds have been issued to 375,000,000 gold marks. Figures recently to the public, but if they are issued, Germany made public on the value of the German export will be responsible for the payment of 6 per trade in May, June, and July make it seem that cent interest on the outstanding bonds, 5 per the smaller figure is more nearly correct. If cent of which will go to holders of the bonds the export figures in paper marks are reduced and 1 per cent to the provision of a sinking to gold marks by applying the percentage defund. preciation of the mark in terms of dollars in each Cash payments under the terms of this agree- month to the figure for that month, it appears ment began with the payment of 1,000,000,000 that total exports for the three months7 period gold marks to the Allies by Germany on May were worth 979,613,000 gold marks, and that the 31, 1921. Only 150,000,000 gold marks, how- sum due on reparations account in November ever, of the total billion were paid to the com- is therefore about 255,000,000 gold marks. mission in gold, 840,000,000 gold marks being According to unofficial newspaper reports, in the form of three-months' Treasury bills German deliveries to the Allies of coal, dyes, indorsed by the Keichsbank and some of the pharmaceutical products, and materials for leading commercial banks, and 10,000,000 gold reconstruction from May 1 through July 31 were marks were held in Germany at the disposal of valued at 150,000,000 gold marks. According the commission. Practically all of the cash to this same report the greater part of these payment was made in New York. On August deliveries were made to France. Supposing 31 the 840,000,000 gold marks three-months' that the above estimate of the November pay- Treasury bills fell due. Although by that time ment is correct, Germany will then have trans- Germany had mobilized cash balances in New ferred to the Allies since November 11, 1918, about 5,810,000,000 gold marks—4,555,000,000 3 For exact terms, of the agreement, see FEDERAL RESERVE BULLETIN, gold marks in goods and cash before April 30, June, 1921, p. 674. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1302 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. 1921, 1,000,000,000 gold marks in cash before the 52 per cent which is France's share, and August 31, 1921, and 255,000,000 gold marks 8 per cent Belgium's. By April 30, 1921, she in goods from May 1 to October 31, 1921. had received payments in cash and kind During the next six months there are pay- approximating a value of £13,000,000, or ments due on January 15, February 15, and 206,000,000 gold marks. Most of this sum has April 15. (As was mentioned above, the Nov- been paid in the form of ships, as is shown by ember 15 payment has been met already, the accompanying table. according to a statement of the Reparations Commission.) Coal deliveries will go toward the APPROXIMATE DELIVERIES TO GREAT BRITAIN, NOV. 11, payment of the January, February, and April 1918, TO APR. 30, 1921, UNDER THE TERMS OF THE installments and the Wiesbaden agreement pro- REPARATIONS AGREEMENT. vides for partial payments to France in kind. Gold marks. There is a movement at present among the Receipts in cash 0 Deliveries in kind: German industrial groups looking toward the Ships 190,816,000 creation of foreign credits on their part to Coal 0 be turned over to the German Government Dyestuffs 8, 421, 000 for reparations payments. But, in view of the Other deliveries 6, 210, 000 Immovable property and assets not yet present depreciation of German marks, it seems encashed *... 450, 000 unlikely that large funds can be raised in foreign investment markets and that the domestic Total 205,897,000 market will have to be drawn on more heavily The Treaty of Versailles provided that all than has been the case during the past three German vessels of 1,600 tons and up, as well years. as one-half of her ships of a tonnage of 1,000 Although the total paid on reparations to 1,600 tons and one-fourth of her steam amounts to only 5,800,000,000 gold marks, or trawlers and fishing boats, were to be turned something over $1,333,000,000, the disorganiover to the Allies. The treaty also provided zation which has resulted from the transfer of that Germany was to build merchant ships for this comparatively moderate sum of money the Allies during the next five years of not to (equal to about one-third the present annual exceed 200,000 tons a year. Although no budget requirements of the American Govofficial statistics are at hand showing the ernment) has been enormous. This is mainly exact amount of tonnage delivered under this because Germany is not on a gold but a provision of the treaty, or the distribution paper currency basis, and the payment of among the Allies of the tonnage delivered, it is the equal of 5,800,000,000 gold marks reclear from the accompanying table that quires an amount of paper marks enormous England received the largest proportion of but hard to calculate because of the shift in German tonnage and that Germany's old fleet the value of the paper mark during the past of merchant vessels has in large part disaptwo years. Although the terms of reparation peared. can not be held entirely responsible for the inflation policy of the German Government, it has been one of the most important sin- STEAM TONNAGE (MERCHANT SHIPS OF 100 TONS AND OVER) OWNED BY PRINCIPAL MARITIME COUNTRIES, gle factors in the situation. During the JUNE, 1914, 1919, 1920, AND 1921. past year, while the United States and England and certain other industrial countries [Lloyd's Register of Shipping. Thousands of gross tons.] have been slowly returning to a normal gold basis of prices, the reverse has been the case 1914 1919 1920 1921 with Germany, with the result that we find Germany at present enjoying great industrial United Kingdom 18,892 16,345 18,111 19,288 activity while her creditors are suffering from British Dominions.. . . 1,632 1,863 2,032 1,950 Germany 5,135 3,247 419 654 severe industrial depression. United States 4,330 11,983 14,574 12,314 France 1,922 1,962 2,963 3,046 Italy 1,430 1,238 2,118 2,378 Japan 1,708 2,325 2,996 3,063 ENGLAND.4 Total (world) . 45,404 47,897 53,905 54,217 BRITISH RECEIPTS ON REPARATIONS. By the middle of 1920, apparently the bulk According to the terms of the Spa agree- of tonnage due to Great Britain under the ment, the British Empire is to receive 22 per terms of the treaty (with the exception of the cent of German reparations as compared with new tonnage to be built) had been delivered by Germany, and in September, 1920, the 4 British price, trade, and financial statistics may be found on pp. 1341, Government began to sell the boats to British 1342,1345,1374. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1303 nationals and foreigners other than Germans. on August 31. It appears improbable, how- By this time the shipping industry had been sver, that England's share will be more than very seriously affected by depression and values enough to help pay for the army of occupation. had strikingly declined. It was decided, therefore, early in 1921 not to enforce the terms of FINANCIAL POSITION OF GREAT BRITAIN. the treaty as regards the building of new tonnage by the Germans for the Allies, and later It is apparent from the discussion above that in the spring ex-German ships began to be thus far collections from reparations have been sold back to the Germans. The latter develop- o small as scarcely to figure in British public ment, however, was preceded by a period in finances. Assuming a payment of the reparawhich German shipping companies chartered tions in full—i. e., 132,000,000,000 gold marks— a certain number of ex-German boats from the share of the British Empire would be their British owners and probably participated 29,000,000,000 gold marks, which, converted with other foreigners in the purchase of " prize " into sterling at par, would amount to about boats. No official statistics are available as to 1,500,000,000 pounds sterling. Large as it is, the exact amount of German tonnage sold by the sum owed to Great Britain by the Allies the British Government, but it is estimated is considerably more important. On March that the amount going back to Germany has 31, 1921, Great Britain was creditor of the not been very great, in fact, probably not more Allies to the extent of 1,800,000,000 pounds than 120,000 tons. sterling and of the Dominions to the extent The Treasury receipts from the sale of these of 144,000,000 pounds. The following table ships have been insignificant as compared with summarizes the situation: total Treasury receipts or with Germany's reparation obligations. By August of this LOANS TO ALLIES AND DOMINIONS BY GREAT BRITAIN, year the sale of ships had brought approxi- MAR. 31, 1921. mately £7,000,000 into the Treasury, while [Millions of pounds sterling.] the sale of dyestuffs and other reparation re- Dominions: Australia 90.0 ceipts had totaled about £5,000,000 more. By New Zealand 29.6 way of comparison, it may be noted that es- Canada 13.8 timated British Treasury receipts for the cur- South Africa 7.5 rent fiscal year amount to well over £ 1,000,000,- Other dominions and colonies 3.1 000. As a matter of fact, none of this £ 12,000,- Total 144.0 000 has been available for ordinary expenses, as about one-half of it was used to make cash Allies: advances to Germany to enable her to make Russia 561. 4 coal deliveries under the terms of the treaty, France 557.0 Italy 476.8 and the other half to help pay for the cost Belgium—of the British army of occupation on the (a) War.... 94.4 Rhine. (b) Reconstruction 9.0 Serbia 22.1 It will be remembered that during the spring Portugal, Rumania. Greece, and other of this year, when the whole question of repara- Allies - 66.2 tions was still undecided, the Allies began to Relief 16.7 apply what were known as " sanctions/7 or, in Total 1,803.6 other words, to regulate and tax German ex- Grand total 1, 947. 6 ports. In England the German Reparations (Recovery) Act provided for the collection of a Between March 31 and September 30 there tax of up to 50 per cent on the value of goods was a reduction in this total, amounting to imported from Germany if 75 per cent or more about £23,500,000. At the same time Great of the value of the goods was due to German Britain is herself indebted to the United States manufacture. This tax was later reduced to to the extent of something over £1,000,000,000 26 per cent and remained in effect until Sep- (exchange at $4 for £ 1), part of which debt was tember 30. As in the case of the sale of ships, incurred by Great Britain on behalf of her the actual return to the Treasury from th Allies. sanctions has been insignificant, as up to August The serious and world-wide disorganization 9 only £341,000 had been collected. of trade and currency which has accompanied No decision has as yet been reached as to the the transfer of 5,800,000,000 gold marks from distribution among the Allies of the first Germany to the Allies (only a little over milliard gold mark specie payment completed 1,000,000,000 gold marks of which was paid in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1304 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. exchange and cash) gives an indication of the years between September, 1919, and Septemdangers connected with the transfer between ber, 1921, amounted to only £1,276,030; also countries of funds such as are indicated above. by the fact that the acceptances of the nine Payments of any magnitude, whether made in leading joint stock banks decreased by some specie or kind, lead to such a serious dislocation 45 per cent between January and September, of economic forces that there is danger that the 1921. results of the payment may be more serious On November 3, immediately following a than the loss of it. reduction in Federal Reserve Bank rates, the Great Britain's domestic finances are not in Bank of England lowered its official rate of as favorable a condition as a year ago. The discount from 5£ per cent to 5 per cent. This budget for the year beginning April 1,1921, pro- rate is well above those quoted on October 25 vided for total expenditures of £1,040,000,000, for bank bills and Treasury bills, but is lower not taking into account the sums to be ex- than the rates quoted on that date for prime pended in connection with the decontrol of the trade bills. coal and railway industries, unemployment Foreign trade during September showed a relief, etc. At the completion of the six small improvement in exports, but a slight remonths' period on September 30, revenue duction in imports. Exports of iron and steel receipts amounted to only £456,000,000, or 44 manufactures and cotton yarns and cloth per cent of the original estimate of expend- showed the greatest improvement over the preitures. Since receipts are always lighter in the ceding month, while the value of coal exports first six months than in the second six months fell on slightly. of the fiscal year, this would not be such a bad PRICES. showing if it were not for the emergency expenditures not provided for in the budget. The Indexes are not in agreement as to the trend failure of receipts to meet current expenditures, of wholesale prices in England during recent however, has necessitated a further increase months. The Economist index has shown in the floating debt. On March 31, 1921, the slight advances in prices during August and floating debt (consisting of Treasury bills September, but both the Statist and the Board outstanding and ways and means advances) of Trade indexes (the latter based on 159 amounted to £1,275,000,000. By September quotations) show declines during these months. 30 it had been increased to £1,321,000,000, In the following table are presented the allwhile a year ago September 30 it amounted to commodities indexes of these three organiza- £1,282,000,000. tions during the first nine months of 1921: EXPORT CREDITS. WHOLESALE PRICE INDEXES. Active efforts are being made by the British [1913=100.] Government to encourage the extension of Board of Econocredits for foreign trade. For over two years Trade. Statist. mist. the so-called export credit scheme has been administered with very little success, but it is 1921. now proposed that the terms of the scheme be January 251 232 209 February 230 215 192 made more attractive to borrowers. To date March... 215 208 189 April 209 199 183 Government advances have been made only in May 205 191 182 case of exports to such countries as Finland, June 202 183 179 July 198 186 178 the Baltic Provinces, Poland, Czechoslovakia, August , 104 183 179 September 191 176 183 Jugoslavia, Rumania, Bulgaria, and Austria. Advances in the future will be made to other countries as well, while guarantees to traders Reports received from the American consul will be increased from 85 to 100 per cent of the at London regarding the prices of about 90 value of the goods. commodities at wholesale m September show Although this and other credit schemes of a considerably larger number of reductions the Government may serve to stimulate trade, than of advances in prices. In fact, the only it seems unlikely that there can be any large leading lines to show consistent advances were scale development in the foreign field until cotton, hides and leather, flax and jute, tin there is greater stability in foreign exchange, and zinc, coffee and tea. Steel products, biespecially in the European currencies. This is tuminous coal, leading cereals, meats, etc., all more or less proved by the fact that Govern- showed declines as compared with August. ment advances to exporters to the European The index of the cost of living decreased from countries mentioned above, during the two 220 during August to 210 during September, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL KESERVE BULLETIN. 1305 with the level in July, 1914, considered as 100. three war burdens—the interest upon the debt Improvement continued in employment con- accumulated during the war, the expense of the ditions, the percentage of trade union members reconstruction of the devastated regions, and out of work averaging 14.8 at the end of Sep- the expense of a large standing army. tember, as compared with 16.3 at the end of During the first half of 1921 the total debt August. The percentage of unemployed rose from 245,000,000,000 francs to 264,000,among those people who are insured under the 000,000 francs, calculating in both instances unemployment insurance act decreased from the foreign debt at par. This increase is ac- 13.15 at the end of August to 12.2 at the end of counted for by the loan floated in the United September. There were 1,405,000 people reg- States, the issue of two-year Treasury bills at istered at employment offices on September 30, home, and the increase in the number of threeas compared with 1,573,000 on August 26. months, six-months, and one-year Treasury Production in leading industries continues to bills outstanding. Besides these loans floated be considerably curtailed. There is even less by the State itself, there are five loans not inwork going forward in the shipbuilding indus- cluded in the above statement of the public try than in June, coal production has not in- debt for which the Government has assumed creased over the August average, and iron and the responsibility. These loans were floated by steel production continues low. the cities and industries of the devastated regions during the spring and summer of 1921, and the Government has guaranteed their in- VOLUME OF BRITISH COMMODITY PRODUCTION, SHIP terest and repayment. They are summarized TONNAGE UNDER CONSTRUCTION, AND TONNAGE MOVED ON BRITISH RAILWAYS. in the following table: Production (long tons, 000 LOANS FLOATED FOR THE BENEFIT OF DEVASTATED omitted). Ship ton- r B ai r l i w ti a s y h s REGIONS. n c a o g n e s u tr n u d c e - r (n m et i le to s, n- [In millions of francs.] Steel in- tion (gross 000,000 Coal. Pig iron. gots and tons). omitted) By the coal operators of the Nord and Pas de Calais castings; districts 1,200 By the city of Albert 25 Monthly average: By the city of Verdun 55 1913 23,957 855 639 2 2,002.699 By the city of Rheims 120 1920 19,128 667 755 2 3,603,131 August 16,970 752 709 1,555 By the French sugar industry in reconstruction 200 September 18,885 741 885 3,731,000 1,556 October 3 14,044 533 544 944 Total 1, 600 November 15,920 403 505 1,469 December 20,230 683 747 3,709,000 | 1,323 The State will also be responsible for the 1921. I interest and repayment of two loans floated in January 21,805 642 493 1,440 October; the loan of the Credit National for February... 17,369 464 484 1,276 March 16,437 386 S59 4 3,799,000 1,273 3,000,000,000 francs, and that of the Alsatian M Ap ay ril s 1,950 6 1 0 4 71 5 4 9 9 7 8 industries in reconstruction for 85,000,000 June 6 179 1 2 73530,000 520 francs. July 3 15,214 10 117 1,088 August 16,594 94 434 I The relations of the Government to the Bank September.. 16,517 158 429 ! 8 3,283,000 | of France have not changed greatly during 1921. Early in the year the State reduced its 1 Revised figures. * Average of 4 quarterly estimates. debt to the central bank by about 1,000,000,000 »5 weeks. * Work suspended on all but 2,952,000 tons. francs (from 26,600,000,000 francs to 25,600,- 5 First week in April. 000,000 francs), but since that time the ad- 6 Production from Apr. 4 to July 4. 7 Work suspended on all but 2,351,000 tons. vances of the bank to the State have fluctuated, s Includes 731,000 tons on which work has been suspended and 457,000 tons delayed in completion. rising as high as 26,750,000,000 francs in May and falling to 24,900,000,000 francs in August FRANCE.1 and September. On October 20 these advances had risen again to 25,300,000,000 francs. PUBLIC FINANCE. Meanwhile the circulation of the Bank of The progress of French war finance up to France has also fluctuated within narrow December, 1920, was outlined in the February, limits. It rose to 38,833,000,000 francs in 1921, issue of this BULLETIN. French public May and fell to 36,920,000,000 francs in Sepfinance is still very truly "war finance.;; Al- tember, standing at 37,407,000,000 francs on though the war has been over officially for two October 20. Because of the difficulties attendyears, the French Government still carries ing the repayment of the public debt in a period of falling prices, there are several promi- 1 French price, trade, and financial statistics may be found on pp. nent men in France who are in favor of stabil- 1341,1342,1345,1346, 1374. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1306 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. izing the value of the franc at its present level. 3.15 times since 1914. This increase corre- The Government, however, seems to be in sponds very closely with the increase in the favor of returning to prewar values as rapidly cost of living in France during the same period, as it is practicable to do so. an increase which has been, according to the The budget for 1922 has not yet been de- French General Statistical Office, about 3.29 cided upon. On October 5 the Commission of times. This correspondence between the in- Finance of the Chamber of Deputies returned crease in Government salaries and in cost of to the Government the budget submitted by living has been pointed out by the French the Finance Minister on July 8, with the re- press, and no definite steps have yet been taken quest that further economies be instituted and toward a reduction of the rate of Government that the total expenditures for 1922 be reduced pay. to an amount equal to the receipts expected The largest item in the current budget is that during that year from the taxes now in force. of the interest on the public debt, which As the budget for 1922 was submitted to the amounts to 1,042,000,000 francs more than it Finance Commission it contemplated the ex- did last year, because of the loan floated in the penditure of almost 25,000,000,000 francs, United States, the increase in the floating debt, divided as follows: and the issue of the two-year Treasury bonds in the spring of 1921. FRENCH GOVERNMENT EXPENDITURES RECOMMENDED Interest and amortization for the bonds of FOR 1922. the Credit National and the bonds of industrial [In millions of francs.] groups and municipalities in the devastated For public debt 12, 526 regions are not included in the ordinary, but in For military expenses 5, 028 the recoverable budget, which is to be met in For Alsace-Lorraine 563 large part by loans floated by the Credit Other services: Finance ministry 1, 673 National. Interest and amortization charges Public instruction 1,246 for these loans will amount to 857,000,000 Public works 1,010 francs, in addition to the 12,526,000,000 francs Postal service 1,282 allowed for interest on other loans in the ordi- Other public services 1,605 6,816 nary budget. Total expenditures included in the recoverable budget will amount, according Grand total 24, 932 to the Government, to 7,158,620,742 francs. Of this sum over 1,000,000,000 francs is to go Of the suggestions which have been made for directly toward the reconstruction of the reducing public expenditures, the two most devasted regions. Whether it will be possible prominently urged are those in regard to the to reduce this sum if the terms of the Wiesreduction of the army and the abolition of baden agreement are fulfilled has not been cost-of-living bonuses for public employees. announced. The French Government and the French When the Finance Minister presented his public, in general, feel that a reduction of the outline of the 1922 budget to the Finance Comarmy is impractical until France has received mission of the Chamber of Deputies in July, further guarantees that the reparations agreehe estimated that the Government would rement will be fulfilled. ceive next year from taxes already in force, There is much difference of opinion about 22,450,980,807 francs. The most important of the question of cost-of-living bonuses. The these taxes are as follows: reporter general for the budget, M. Bokanowski, has assembled the following figures show- ESTIMATE OF FRENCH TAX RECEIPTS, 1922. ing the amount of money which is being and which is to be spent by the Government for [In millions of francs.] salaries and wages: Indirect taxes and Government monopolies: Registration, stamp, and operations on the FRENCH GOVERNMENT EMPLOYEES. bourse taxes 3,415 Total business turnover tax 3, 045 Customs duties 2, 707 Date. Number. Total cost in Cost per Government monopolies 1,802 francs. person. Postal, telephone, and telegraph 1,089 Other indirect taxes 4,170 July 1,1914.. . . 543,271 1,154,418,145 2,125 Jan. 1,1921 732,926 4,905,264,634 6,692 Total 16,228 Jan. 1,1922.. .. 690,938 4,617,903,666 6,684 Direct taxes: 2,132 Exceptional resources 3,050 All other receipts expected 1,041 It is evident from these figures that the amount paid per employee has increased about Grand total 22,451 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1307 The most important item included in " ex- INDUSTRIAL SITUATION. ceptional resources" is the extraordinary tax on war profits, which is expected to yield The reason for the failure of French taxes to 2,500,000,000 francs during the year. come up to the expectations of the Government It will be noted that there is a difference of are obviously closely connected with the de- 2,481,000,000 francs between the contemplated cline in industrial activity in France this year. expenditures and the tax receipts expected in There are signs, however, of increasing busi- 1922. That gap the Finance Minister proposed ness in France. Trade figures for September, to fill by increasing the rate of certain taxes recently received in this country, show a already in force, notably the tax on total busi- marked increase in imports of raw materials. ness turnover. This the Finance Commission Total imports for September weighed 4,092,000 has decided not to do, and the budget plan metric tons, as compared with 2,593,000 tons once more returns to the Government. in August. The increase in exports was not so The whole fiscal situation in France has been rapid, however, and the result is an excess of rendered difficult this year, because receipts imports over exports amounting for the month from indirect taxes and Government monopo- to about 450,000 francs and for the year, thus lies have failed to fulfill budget estimates. The far, to about 230,000 francs. deficit in the first nine months of the year Prices in general rose in France during Sepamounted to 856,000,000 francs in spite of the tember. The index number of the French fact that receipts were 1,178,000,000 francs General Statistical Office shows an increase of larger than in the corresponding period of last nine points. The movement was irregular, year. however. Prices of grain fell, because of the The most important of the taxes that have excellence of this year's crop. The most confailed to come up to budget estimates are the spicuous increase occurred in the case of tax on total business turnover, which brought textiles. in during the first nine months of this year The strike in the textile mills of the north almost 800,000,000 francs less than the esti- continued throughout the month of September, mated yield, and customs duties which have but in October settlements had been effected fallen about 700,000,000 francs behind estimates. in many mills. The number of unemployed On the other hand, several taxes have exceeded receiving State or municipal aid declined durbudget estimates, thus reducing the total deficit ing September, however, the total at the end to only a little more than 860,000,000 francs. of the month being 20,830, as compared with There are also large arrears in the payment of 27,634 at the end of August. income taxes. Of the 2,541,000,000 francs The following table summarizes the various due on income taxes in 1920 and 1921, only indexes available on French business condi- 1,228,000,000 francs have been paid. tions : FRENCH BUSINESS INDEXES. Coal. Raw cot- Raw ton im- Cotton silk imdu P c ro e - d. m St i o a n t c e k s. s 1 I c m o t n p i f s o o o u n r r m t . e p d - f p s o t u o r i m r o c t n e o p . d n - - H st a o a v c t r k e s .1 f p s o t u o r i m o r c t n o e p . d n - - im T p o o ta rt l s. ex T p o o t r a t l s. r o N e p f c u l u e o m n i y v e b e i m d n er g - State or Thousands of metric tons. M to e n tr s i . c s b 5 a T a 0 n h l e k d o s i s u l o o o - f - f M to e n tr s i . c s m T a t n o h e d n t o r s s u i . o c - f s m T a t n o h e d n o tr s s u i . o * c f p m al u n ai i d c . i 2 grams. 1913, average. 3,338 1,558 27,428 274 3,685 1,840 1920, average. 2,025 279 2,022 19,576 225 390 4,245 1,039 3 39,522 1921. January— 2,352 879 1,738 26,393 200 161 3,702 1,117 71,774 February.. 2,137 1,177 14,199 196 97 2,579 1,414 March 2,255 1,256 10,323 185 73 2,827 1,069 April 2,258 1,566 1,066 12,696 167 251 2,652 1,154 75,569 May 2,108 1,363 731 7,709 169 161 2,250 1,168 60,362 June 1,762 1,190 608 14,014 136 174 2,047 1,405 55,439 July 2,280 1,256 131 2,164 1,194 4 37,226 August 2,403 1,353 1,064 132 2,593 1,035 4 27,634 September. 131 4,092 1,172 <20,408 1 End of month. * End of month. These figures represent only a relatively small proportion of the unemployed in France. * End of December, 1920. < Provisional. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1308 FEDERAL RESERVE BULLETIK. NOVEMBER, 1921. GERMANY.1 not require them to order goods from Germany. Up to 1926 the Germans will be credited on the REPARATIONS. books of the Reparations Commission with at Up to April 30, 1921, Germany had made least 35 per cent of the goods delivered each payments on reparations account amounting year, provided that the amount to be credited in any one year does not exceed 1,000,000,000 to 4,554,792,000 gold marks, divided as folgold marks. From 1926 to 1936 the amount lows: credited each year is not to exceed the amount of the reparations payment due to France. If GERMAN PAYMENTS ON REPARATIONS ACCOUNT FROM Nov. 11, 1918, TO APR. 30, 1921. the deliveries have not been entirely compensa- [In thousands of gold marks.] ted by credits on reparations account by May 1, Payments in cash 93, 334 1936, the balance is to be paid in four half- Deliveries in kind: yearly installments. France is to pay interest Ships 270,331 at the rate of 5 per cent on balances not credited Coal 437,160 on reparations account. These deliveries of Dyestuffs...: 36,823 Other deliveries 957, 040 goods for the payment of the reparations debt Immovable property and assets not yet en- will simplify greatly the task before the leaders cashed * 2, 754,104 of Germany. They will not alter the fact, however, that a revision of the basis of German Total 4,554, 792 finances is essential. They reduce the number There has been no detailed announcement of of foreign credits to be purchased by the Gerthe value of the commodities which have been man Government, but they can not do away delivered since May 1, 1921. According to the with the necessity for paying German producers announcement of the Reparations Commission, for the goods sent to the Allies. Until the mentioned on page 1301, however, by Novem- Government has some way of reimbursing these ber 15 Germany will have delivered goods producers except by discounting Treasury bills equivalent to 26 per cent of the value of her with the Reichsbank, the currency situation in exports in May, June, and July of this year. Germany can not improve. Further cash payments on reparations account will thus have been postponed until January 15, PUBLIC FINANCE. 1922, when a quarterly payment of 500,000,000 gold marks will be due. If the terms of the The latest figures available on the total out- Wiesbaden agreement are carried out, it seems standing public debt in Germany are those for likely that a large part of that payment will May 31, 1921, which place the total debt on also be made in the form of goods. This agree- that date (excluding the debt on reparations ment was concluded early in October by the account) at 277,479,000,000 marks. This debt French and German Ministers for Reconstruc- has been built up in two ways. During the war tion. It provides that Germany shall supply the Government depended for its supply of France with goods up to a value of 7,000,000,000 credit in large measure upon long-term loans gold marks during the next 4J years. A syn- floated at home. Unlike the allied belligerents, dicate of German producers is to be formed the German Government bought relatively little which will receive the orders placed by groups abroad, and it was therefore not obliged to in the French devastated districts. The amount borrow much abroad. In the nine loans which delivered by Germany will depend upon the were floated in Germany during the war, 97,668,wishes of the French, as the agreement does 000,000 marks were subscribed. The following table summarizes the general character- 1 German price, trade, and financial statistics will be found on pp. istics of those loans: 1341,1343,1345,1346,1376. GERMAN WAR LOANS. Sale price. Number Amount (in millions of marks).1 Interest of sub- Date. ra c t e e n ( t p ). er Tr c c e e a a r t s t e i u f s r i . y - - b R t o e e n r g e d i d s s - . O b rd o i n n d a s r . y- ( s s in c a r n i t b d h e s o r ) u s . - Tr c c e e a a r t s t e i u f s r i . - y- b R t o e e r n g e d i d s s - . O b r o d n in d a s r . y Total. (1) Sept., 1914 5 97.50 97.30 97.50 1,177 1,339 1,199 1,922 4,460 (2) Feb.-Mar., 1915.. 5 98.50 98.30 98.50 2,691 775 1,675 6,610 9,060 (3) Sept., 1915 5 98.80 99.00 3,966 2,169 9,932 12,101 (4) Mar., 1916 25 95.00 98.30 98.50 5,280 1,569 2,023 7,120 10,712 (5) Sept.-Oct., 1916.. 25 95.00 97.80 98.00 3,810 1,073 2,181 7,398 10,652 (6) Mar .-Apr., 1917.. 25 98.00 97.80 98.00 7,063 1,364 2,575 9,183 13,122 (7) Sept., 1917 25 98.00 97.80 98.00 5,530 1,301 2,502 8,655 12,458 (8) Mar.-Apr., 1918.. 25 98.00 97.80 98.00 6,870 1,464 2,840 10,457 14,766 (9) Sept .-Nov., 1918. 2 5 98.00 97.80 98.00 2,742 10,337 1 Official documents giving the amount of these loans are not available. Figures given here follow Dr. Koppe's studies in the Jahrbiicher fur Nationalokonomie und Statistik, 1916-1919. 2 Treasury certificates floated in the last six loans bore interest at the rate of 4£ per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1309 The 5 per cent Treasury certificates of the GERMAN PUBLIC DEBT. first two loans matured from 1918 to 1922; the [In millions of marks.] 4J per cent Treasury certificates of the fourth and fifth loans were issued in 10 series, maturing Disfrom 1923-1932; those of the last four loans Date. F d u e n b d t e . d T c r o e u a n s t u e r d y were redeemable by drawings after 1918 at 110. bills.i They will mature in 1967. These last Treasury certificates have elaborate conversion Oct. 30 1914 5 200 2 700 privileges. The 5 per cent loans are of the Oct. 30,1915 17,700 8,600 Oct 30 1916 40 400 11 500 perpetual type, not to be converted before Oct. 30,1917.. .. 62,100 26,000 Oct 30 1918 85,600 47,900 1924. The registered bonds were sold at a Oct. 30,1919..... 90,500 80,400 lower price than the ordinary bonds, because Oct 30 1920 85,900 138,100 May 31 1921 78,345 176,643 buyers agreed not to part with them until a year after their purchase. During the latter 1 These figures do not include the total floating debt, which amounted part of the war conversions of certificates pur- on May 31, 1921, to 199,134,000,000 marks. chased in the earlier loans were allowed, and a The recent decrease in the funded debt shown part of the debt was redeemed with the pro- by the above table is1 the result of the use of war ceeds of the war profits tax. As a result, on loans in paying the " emergency levy." The December 31, 1918, the nominal value of the effect of discounting Treasury bills with the bonds outstanding was as follows: Reichsbank may be seen in the following table, Marks. which gives Reichsbank holdings of Treasury 5 per cent bonds 77, 780, 400, 000 and commercial bills and the Reichsbank note 5 per cent Treasury certificates 2, 320, 300,000 circulation since the beginning of the war: 4^ per cent Treasury certificates 8, 887, 400, 000 Total 88, 988,100, 000 REICHSBANK SITUATION. [In millions of marks.] Subscriptions to the Government war loans were greatly facilitated by loans made on col- Holdings | lateral by the Darlehenskassen (war loan banks) of j Commer-1 Note cir- Treasury cial bills, i culation. and the number of loan bank notes in circula- bills. tion in December, 1918, amounted to 10,242,- 000,000 marks. June 30,1914 1,213 2,407 The Government expense not covered by Dec. 31,1914. 3,937 5,046 Dec. 31,1915. 5,803 6,918 taxation had far exceeded the amount sub- Dec. 31,1916. 9,610 8,055 Dec. 31,1917. 14,596 11,468 scribed to these loans, however, and the floating Dec. 31,1918. 27,416 22,188 debt at the end of 1918 amounted to 55,060,- Dec. 31,1919. 41,745 35,698 Dec. 31,1920. 60,634 68,805 000,000 marks, while the prewar bonds still out- June 30,1921 79,608 1.565 75,321 standing brought the total German public debt Sept 30,1921. 98,422 1,142 8Q,384 at that date up to 148,780,000,000 marks. Exactly how much of the floating debt in Although no figures were available before May, 1918 consisted of Treasury bills held by the 1921, on the exact number of Treasury bills held Reichsbank it is not possible to say, since the by the Reichsbank, it may be assumed that a Reichsbank at that time published in a single large proportion of the amounts published as figure the amount of commercial bills and Treas- discounted Treasury and commercial bills were ury bills discounted. It is certain, however, Treasury bills, since such a large part of the that the number of Treasury bills held by the business of the country has been in the hands of Reichsbank has greatly increased since 1918. the State since 1914. There has been no funding loan in Germany It is evident that the continuous placing of since the ninth war loan, which closed only a Treasury bills with the Reichsbank and the confew days before the revolution. Meanwhile sequent increase in the note circulation of the Government expenditures have constantly ex- bank increases prices and therefore Governceeded Government receipts and the Finance ment expenses, and makes the planning of a Ministry has resorted to the expedient of issuing budget a very difficult matter. The recent in- Treasury bills for the Reichsbank to discount. crease in prices in Germany will necessitate an The following tables sets forth the relation be- entire revision of the Chancellor's budget plan tween the funded debt and the amount of for this year. The difficulties of the situation Treasury bills outstanding on October 30 of are well illustrated by a comparison of German each year since 1914, as compared with the tax receipts for this year with the receipts ansituation on May 31, 1921: ticipated when the budget was planned. While Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1310 FEDERAL, RESERVE BULLETIN. NOVEMBER, 1921. tax receipts in other countries are falling below and export licenses for the occupied area will budget estimates because of the decline in still be supervised by an allied commission for prices and the industrial depression, the situa- the purpose of preventing discrimination against tion is exactly the reverse in Germany, where certain countries, but most of the difficulties tax receipts for the first five months of the fiscal arising from the economic "sanctions" have year ending March 31, 1922, are more than one- now disappeared. half the anticipated yield for the entire year— that is, the budget estimated that taxes at pres- GERMAN FOREIGN TRADE, 1921, EXCLUDING DELIVERIES ent in force would bring in 39,116,000,000 paper ON REPARATIONS ACCOUNT.1 marks during the entire year 1921-22, while from April 1, 1921, through August, 1921, they Imports. Exports. had already brought in 27,974,000,000 marks. The financial situation in Germany has now In In In In been reduced to one of complete uncertainty millions millions millions millions of gold of paper of gold by the reorganization of the Government. The marks.* marks. marks.* Chancellor, who was at the same time Finance Minister, was to have put his completed plans May. 5,486 374 4,558 311 June 6,409 388 5,432 329 for increasing taxes to meet not only ordinary July. 3 7,555 413 340 Government expenses but also payments on reparations account, before the Reichstag in 1 Trade reports for January, February, March, and April, 1921, have not been published. November. The partition of Upper Silesia de- 2 Converted to gold marks by applying the depreciation of the mark in cided upon by the League of Nations was such, terms of dollars in each month, to the figure in paper marks for that month. however, that these plans have had to be 3 Subject to revision. changed. Figures now available regarding the amount of unemployment in Germany during the sum- THE UPPER SILESIAN DECISION. mer show that the fall in the exchange value of According to the decision of the League of the mark, combined with the activity usual at Nations Council, to which the Upper Silesian that time of year, increased the demand for question had been referred, the boundary line labor. In August there was a distinct decline between Germany and Poland will divide the over the previous month in the number of undisputed industrial district approximately in employed receiving State aid, in the percentage half, assigning Gleiwitz, Zabrze, and the city of of trade-union members unemployed, and in the Beuthen to Germany,and Koenigshutte,Beuthen number of applicants at public employment County, Kattowitz City, and Kattowitz County agencies as compared with the number oi availto Poland. For 15 years the industrial district able positions. In September the number of unis to be administered as an economic unit. employed receiving aid from the State again During that period raw materials are to pass decreased. Other figures on the situation in freely over the border line and Poland is to September are not yet available. The following supply Germany with a proportion of the table summarizes the unemployment situation product of the iron mines, and Germany is to in Germany during the present year: supply Poland with a proportion of the product of tne coal mines of the district. The German UNEMPLOYMENT IN GERMANY. mark is designated as the monetary standard of the area for not more than 15 years. A mixed Trade-unions. Number of commission of Germans and Poles and a member applicants Number at public from the League of Nations is to put this de- of unem- employ ployed Number Per cent ment cision of the league into effect. receiving of mem- of mem- agencies State aid. bers unem-bers unem- for every 100 ployed. ployed. available INDUSTRIAL SITUATION IN GERMANY. positions. Official trade figures are now available to 1913, average.. 2.9 confirm the reports that German export trade 1920, average.. 366,241 196,251 3.8 167 increased during the'spring and early summer. 1921. For the first time official figures giving the value January 410,238 257,550 4.5 210 February 423,164 267,517 4.7 206 of the import trade are published with those for March 426,600 212,276 3.7 188 April 413,321 217,307 3.9 189 the export trade. May 394,262 214,073 3.7 175 The revival of foreign trade will be facilitated June 357,352 177,913 3.0 169 July 314,319 143,375 2.5 151 by the fact that the economic "sanctions" were August 268,508 123,689 2.2 124 September 232,369 raised on September 30. The issuing of import Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1311 The month of October witnessed a further The following table gives the group indexes decline in the foreign exchange value of the of the Frankfurter Zeitung as they are originally mark. The average quotation of the mark in compiled, using January 1, 1920, as 100. On New York for the month was 0.68 cent, May 1, 1920, the index reached its high point and the low for the month (0.54 cent) was last year, and on June 4 this year the index reached on October 17. reached its lowest point. The rise of prices in Germany, which was the logical result of the decline in the foreign ex- GROUP INDEXES OF THE FRANKFURTER ZEITUNG. change value of the mark, is reflected in the [January 1,1920=100.] movement of the Frankfurter Zeitung's wholesale price index number, which rose from 1,993 on I n O c s to p b it e e r 1 o f t o t 2 h , e 6 8 m 7 a o g n n i N tu o d v e e m o b f e r c 6 ha . nges in Fo e o tc d . s, I T le e a a x n th t d i e le r s . MailnseTr-" Sundries.m A o H d i c t o ie m s - . wholesale prices, speculation in commodities has not been as great as speculation on the 1920. Bourse. The Frankfurter Zeitung index num- M Jan a y 1 l. . 1 1 3 0 4 0 I 1 11 0 9 0 1 1 0 3 0 3 1 1 0 7 0 0 1 1. 0 5 0 6 ber of securities prices on the Bourse shows that 1921. prices of 15 bonds and 25 stocks had risen 196 June 4. 127 70 109 128 per cent since January 1, 1920. Nov. 6. 317 210 251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1312 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. RULINGS OF THE FEDERAL RESERVE BOARD. Notes of packing and marketing corporations and asso- The business of these corporations and associations are commercial not agricultural paper. ciations in performing services in connection After haying the matter under consideration with the packing and marketing of the fruits for a considerable time, the Board recently produced by the growers must be regarded as a ruled that notes of corporations or associations commercial business rather than an agriculengaged in packing and marketing citrus fruits tural business. The fact that the corporations should not be classed as agricultural paper and associations deal exclusively or for the most eligible for discount with maturities up to six part with growers does not make their business months, but should be classed as commercial agricultural any more than the fact that the paper which may be eligible with maturities customers of a country merchant are all farmnot in excess of 90 days. ers makes the business of that merchant an agricultural one. In this connection it is Paragraph VI of the Board's Regulation A, appropriate to call attention to the fact that Series of 1920, defines six months' agricultural the Federal Reserve Board has consistently paper as "a note, draft, bill of exchange, or ruled that the business of purchasing and selling trade acceptance the proceeds of which have agricultural commodities is a "commercial" been used, or are to be used, for agricultural rather than an "agricultural" business within purposes, including the breeding, raising, fatthe meaning of these terms as they are used in tening, or marketing of live stock, and which the Federal Reserve Act, and consequently that has a maturity at the time of discount of not the note of a dealer in agricultural commodities more than six months, exclusive of days of can not be eligible as agricultural paper. grace." This definition is based upon the Similarly, the business of a corporation or assoterms of section 13 of the Federal Reserve Act, ciation which is engaged in performing services and is intended to be merely an amplification of in connection with packing and marketing agrithe description of this class of paper contained cultural products grown by others is a comin that section. It is clear, under the promercial rather than agricultural business, and a visions of the law and the regulations, that a note of such a corporation or association the note of a farmer should be classed as agriculproceeds of which are used in the operation of tural paper if the proceeds have been used by this business can not be eligible as six months' the farmer to finance the production of his agricultural paper, although it may be eligible crop, or the packing or marketing of his crop. as 90-day commercial paper. So, also, a farmer's note given to a third party in payment for services or supplies furnished It is the Board's understanding that the corto the farmer for current agricultural' uses porations and associations in question desire to should be classed as agricultural paper. use the proceeds of their notes for current pur- Where the packing or marketing of the crop poses in connection with their packing and is done by a party other than the farmer, and marketing business, such as the payment of the question is as to the classification of the note wages and the purchase of current supplies. of that other party, the situation is somewhat If other uses should be contemplated, such as different. The corporations and associations in the making of advances to customers, the question are organized for the purpose of pack- eligibility of the notes would involve other ing and marketing citrus fruits, and the Board considerations. understands that they borrow money on their own notes to obtain funds with which to pay their current expenses, such as the payment of Acceptances against domestic shipping documents. wages and the purchase of supplies, in connec- The Board recently considered the eligibility tion with their business of packing and mar- for discount by Federal Reserve Banks of cerketing the fruit delivered to them by the tain bankers' acceptances, drawn by a packer, growers. There is no doubt that such notes are under a letter of credit issued at the request of eligible for discount by Federal Reserve Banks, a tanner, who is the accepting bank's customer, provided, of course, that they comply in all against hides shipped by the packer to the respects with the provisions of the law and the tanner. Under the terms of the contract beregulations of the Federal Reserve Board; but tween the tanner and the packer, the tanner is after very careful consideration of the matter to process the hides and market them for an the Board feels compelled to rule that they agreed compensation, accounting to the packer must be classed as commercial rather than agrifor the balance of the proceeds. It appears cultural paper, and consequently that they can also that the periods for which the acceptances not be eligible except within 90 days of maturity, ^re drawn are in excess of the time required for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1313 the shipment of the hides and are long enough providing that the customer receives the bills to cover either in whole or in part the time of lading in trust and as agent for the bank required for the tanning process. Both the and for the sole purpose of diverting the cars packer and the tanner are located in the United to the warehouse. This trust receipt will also States, and no mention is made of any contract recite that attached to it is a copy of the cusfor the exportation of the hides, so the accept- tomer's instructions to the railroad requiring ances must be regarded as growing out of diversion of the cars to the warehouse, and also domestic rather than foreign transactions. a copy of the customer's instructions to the The Board's rulings, published on pages 66 warehouse company to the effect that the wareand 1301 of the FEDERAL RESERVE BULLETIN house receipts when issued be sent direct to the for 1920, stated that it is an abuse of the bank. Under these circumstances will the domestic acceptance privilege for a bank to accepting bank, during the six or seven day issue acceptances for the purpose of furnishing interval between the time it releases the bills of to its customer additional working capital lading to the customer and the time it receives during the period required for manufacturing the warehouse receipts, be properly secured as or processing the goods upon which the accept- required by the provisions of the Federal Reances are based. In the cases discussed in those serve Act and the Board's regulations made purrulings the goods against which the accept- suant thereto? ances were drawn had been purchased by the The fourth paragraph of section 13 of the accepting bank's customer, whereas in the in- Federal Reserve Act provides that a Federal stant case the goods are consigned to the Reserve Bank may discount acceptances of accepting bank's customer, the tanner. The the kinds thereinafter described which have a Board is of the opinion that the acceptances in maturity at the time of discount of not more the present case are subject to the same objec- than three months' sight, exclusive of days of tion as the acceptances considered in the former grace, and which are indorsed by at least one rulings, namely, that they are drawn for the member bank. The following paragraph propurpose of furnishing the bank's customer with vides in part that— additional working capital during the period required for manufacturing or processing the Any member bank may accept drafts or bills of exchange drawn upon it * * * which grow out of transactions goods against which they are drawn. For this involving the domestic shipment of goods provided shipreason the Board believes that the acceptances ping documents conveying or securing title are attached in question should not be regarded favorably at the time of acceptance; or which are secured at the time by Federal Reserve Banks. of acceptance by a warehouse receipt or other such document conveying or securing title covering readily marketable staples. No member bank shall accept * * * for any one person, company, firm, or corporation to an amount equal at any time in the aggregate to more than 10 Security for acceptance credits. per centum of its paid-up and unimpaired capital stock Upon the following statement of facts the and surplus, unless the bank is secured either by attached documents or by some other actual security growing out Federal Reserve Board was recently asked to of the same transactions as the acceptance; * * *. rule whether the trust receipts in question are eligible as substituted security for acceptance The sentence last quoted is the important credits extended to a customer in excess of 10 one for the purposes of this inquiry, and the per cent of the accepting bank's capital and Board has construed this provision to mean surplus. that if the accepting bank has acceptances A bank grants an acceptance credit to a cus- outstanding for any one customer in excess of tomer to finance a transaction involving the 10 per cent of the bank's capital and surplus, domestic shipment of goods, and pursuant to it must at all times hold as security for such the credit accepts drafts drawn by that cus- excess the original documents deposited with tomer in an amount in excess of 10 per cent of it at the time of acceptance or some other the bank's capital and surplus, the bank receiv- actual security growing out of the same transing from the customer and holding at the action as the acceptance. The Board has also time of acceptance order railroad bills of lading ruled that a trust receipt which permits the covering the commodities which are the basis customer to obtain control of the goods covof the credit. In order that the cars containing ered by the original documents does not conthe commodities may be diverted to the ware- stitute actual security within the meaning of house in which the commodities are to be stored, the law, and that an accepting bank is not it is necessary to surrender the bills of lading secured within the meaning of the provision to the carrier, and when the proper time arrives if the documents constituting the security are the bank proposes to hand the bills of lading held by the customer for the acceptor's to the customer, taking in return a trust receipt account, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1314 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. In the case presented the customer would of each bank in the exercise of their sound have access to and control over the goods after banking discretion. Similarly, it is not the he had received the order bills of lading and function of the Federal Reserve Board to had given the accepting bank the trust receipt, pass upon questions involving the acceptability because the mere possession of the negotiable from a credit standpoint of paper offered to bills of lading would actually give the customer Federal Reserve Banks for discount, such such access and control irrespective of the question being for the determination of the terms of the trust instrument. The Federal officers of the Federal Reserve Banks in the Reserve Board is of the opinion, therefore, exercise of their best judgment. that the accepting bank would not be secured It is the function of the Federal Reserve within the meaning of the provision of sec- Board to determine and define the character tion 13 during the time it held the cus- of the paper eligible under the terms of the tomers trust receipt. Federal Reserve Act for discount by Federal It seems to the Board, however, that with Reserve Banks when offered by banks which very slight changes in the procedure the mat- are members of the Federal Reserve System. ter could be handled in such a way that the Under the provisions of section 13 of the accepting bank would at all times be secured in Federal Reserve Act, however, the eligibility conformity with the requirements of the law of paper for discount by Federal Reserve Banks and the regulations of the Federal Reserve is not dependent upon whether or not the Board. If the bank delivered the bills of lad- paper is secured, or upon the character of such ing to one of its own employees or to a third security as there may be, but depends upon the party independent of the customer as agent purpose for which the member bank's cusfor the bank, and if that employee or third tomer obtained the loan and used the proceeds party, acting in behalf of the bank, surrendered thereof. I do not mean to say that the the bills of lading to the railroad with instruc- question of collateral security is unimportant, tions to divert the cars to a certain warehouse for I recognize that this question is often very and instructed the warehouse to issue the important to the member bank which is applied warehouse receipts direct to the bank, the bank to for the loan in the first instance and may be important also to the Federal Reserve Bank would at all times remain in control of the to which the paper evidencing the loan is goods, so that the requirement of the law and offered for discount by the member bank. I the Board's regulations would be satisfied. mean to say merely that these questions are for the determination of the officers of the Warehouse receipts as collateral for bank loans. interested banks in the exercise of their banking discretion and are not questions which the The Federal Reserve Board receives inquiries Federal Reserve Board can pass upon officially. from time to time with reference to warehouse receipts, issued by warehousemen licensed Haying thus defined the scope of the official under the United States warehouse act, as functions of the Federal Reserve Board in so collateral for bank loans. The following letter far as they are related to the subject matter of written by Gov. Harding, in reply to such your inquiry, I am very glad to give you a brief an inquiry, may be of interest, since it contains statement of my own personal views. some informal comments upon this general I think it is recognized by banks and other subject and explains why such questions do financial institutions that warehouse receipts not come within the official jurisdiction of the representing readily marketable nonperishable Federal Reserve Board: agricultural commodities properly warehoused are a desirable kind of security for bank loans. SEPTEMBER 21, 1921. It is apparent, of course, that some warehouse DEAR SIR: YOU have requested an expres- receipts are more desirable than others and sion of opinion from me upon the general that the degree of desirability is dependent question of the acceptability of warehouse upon a number of factors, included among receipts issued by warehouses licensed and which are the form and legal effect of the rebonded under the United States warehouse act ceipt, the question of whether or not the issuing as collateral for bank loans. warehouseman is licensed, bonded, and op- This is not a question which comes within erating under Federal law, or a State law furthe jurisdiction of the Federal Reserve Board. nishing proper safeguards, and is supervised The Board has no control over banks as and examined by competent officials with a regards the character of loans made to, or the view to the protection of the public, the repukind of collateral 'required ifrom, their cus- tation and financial responsibility of the waretomers. These are questions of banking judg- houseman, the physical condition affecting the ment which must be determined by the officers warehouse, the question of insurance, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1315 (Generally speaking, there can be no doubt, I licensed or bonded under State or Federal law. think, that warehouse receipts issued by ware- I have no hesitation in saying, therefore, that housemen licensed and bonded under the in my judgment a campaign such as I under- United States warehouse act will be considered stand is being conducted by the Department by bankers as more desirable collateral security of Agriculture among warehousemen to educate than those issued by warehousemen who are them to the advantages of becoming licensed not licensed or bonded under any State or under the United States warehousejfact, and Federal law. among bankers to educate them to the de- The United States warehouse act specifies in sirability as a form of collateral security of detail what shall be stated on each receipt warehouse receipts issued by warehousemen issued under that act, and these statements so licensed can be made to result in much give very full information regarding the com- benefit to the public through improved famodity which the receipt represents. The act cilities both for the storing and marketing of also requires the warehousemen to keep records agricultural products and for the proper of all commodities stored or withdrawn and of financing of such storing and marketing. all receipts issued and returned, and to make The relative desirability of warehouse resuch reports to the Secretary of Agriculture as ceipts issued by warehousemen licensed under the Secretary shall require. The Secretary is the United States warehouse act and waregiven full authority to cause inspections and house receipts issued by warehousemen examinations to be made, with a view to de- licensed under the laws of particular States termining whether the warehousemen are com- is a matter upon which I can not express plying with the conditions of the act and the an opinion, as I am not familiar with the regulations issued thereunder, and is also given various State laws or the administration authority, after a hearing has been afforded, to thereof. It is my opinion, however, that there suspend or revoke the license of any warehouse- are certain advantages in being licensed under men licensed under the act, and I understand the Federal law, and in being subject to the that such inspections and examinations are supervision of the Federal authorities, which actually being made and are being made at advantages would be most apparent in cases irregular intervals without notice to the warewhere the holders of warehouse receipts desire housemen, so as to reflect the normal condito use them as collateral for loans from banks tions of the warehousemen's business. I located in States other than that in which the understand also that before any license is warehouse happens to be located. issued the reputation and financial responsi- Yours, very truly, bility of the applicant is investigated, and the applicant's warehousing facilities are examined, (Signed) W. P. G. HARDING, and that no license is issued unless these are Governor. found to be satisfactory. Furthermore, the law requires that each applicant for a license New National Bank Charters. must file a good and sufficient bond in the sum of not less than $5,000 nor more than $50,000, The Comptroller of the Currency reports the following depending upon the capacity of the applicant's increases and reductions in the number and capital of warehouse facilities, to secure the faithful per- national banks during the period from September 24 to October 21, 1921, inclusive: formance of his obligations as a warehouseman, and that any person injured by the breach of g an iv y e n o b sh li a g l a l ti b o e n en to ti tl s e e d c u t r o e s w ue h i o ch n t t h h e e b b o o n n d d fo is r o N f u b m an b k e s r . A ca m p o o i f t u a n l. t the damages he may have sustained on account of the breach. New charters issued $3,385,000 Restored to solvency 0 All of these features are such as tend to make Increases of capital approvedl 235,000 Aggregate of new charters, banks restored to the warehouse receipts issued by warehouse- solvency, and banks increasing capital 3,620,000 men licensed and bonded under the United Liquidations 4,075,000 Reducing capital 50,000 States warehouse act attractive to conservative Total liquidations and reductions of capital 4,125,000 Consolidations of national banks under act of bankers as collateral security for loans, and, as Nov. 7,1918 2,275,000 I have heretofore stated, except for such special Aggregate increased capital for period 3,620,000 conditions as may apply to particular cases, Reduction of capital owing to liquidations, etc. 4,125,000 such warehouse receipts will undoubtedly be Net decrease | 505,000 regarded more favorably by bankers than will receipts issued by warehousemen who are not 1 Includes one increase in capital of $25,000 incident to a consolidation under act of Nov. 7,1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1316 FEDERAL, RESERVE BULLETIN. NOVEMBER, 1921. State Banks and Trust Companies. Commercial Failures Reported, ADMISSIONS. Despite some narrowing of the margin of increase, failures in the United States still largely exceed in number The following list shows the State banks and trust com- those of a year ago, the 1,135 defaults reported to R. G. panies which were admitted to membership in the Fed- Dunn & Co. during three weeks of October comparing eral Reserve System during the month ending October 31, with only 617 insolvencies in the corresponding period of 1921, on which date 1,626 State institutions were members 1920. The statement for September, the latest month for of the system, having a total capital of $584,457,142, which complete statistics are available, disclose 1,466 total surplus of $528,808,084, and total resources of failures, involving $37,020,837 of liabilities. While this 19,961,423,617. exhibit reflects some improvement in comparison with the returns for August, yet the number of September defaults is the largest for that month since 1914, and the Capital. Surplus. Total re- indebtedness is the heaviest on record for September. Analyzed according to Federal Reserve districts, more insolvencies occurred in every district than in September last year, and the liabilities are also heavier in every District No. 5. instance, except in the first and second districts. Carolina Banking & Trust Co., Elizabeth City, N. C $102,142 $102,142 FAILURES DURING SEPTEMBER. Merchants & Producers Bank, Salem, W.Va 50,000 $32,000 875,757 Number. Liabilities. District No. 6. District. Merchants & Farmers Bank, Roanoke, Ala 125,000 i 82,500 786,340 1921 i 1920 1921 1920 Bank of Graymont, Graymont, Ga 25,000 ' 5,000 175,847 District No. 7. First 124 i 73 $2,725,247 I $1,360,762 Second 317 145 10,439,409 j 14,551,283 Adams State Bank,"Chicago, 111 200,000 , _2.0.,,_0_0_0 , 1_,,3_3_1.,,_8_4_5 Third 63 : 25 978,713 | I!417,524 Blissfield State Bank, Blissfield, Mich... 50,000 I 15,000 I 7333,,0101 Fourth 118 1 65 2,815,406 348,681 Drexel State Bank, Chicago, 111 350,000 i 150.000 8,037,244 Fifth 85 i 54 1,692,840 646,417 Polo State Bank, Polo, 111 75,000 10,000 472,331 Sixth 125 I 44 2,328,764 500,371 Pinney State Bank, Cass City, Mich 50,000 626.838 Seventh 179 j 67 6,777,026 679,728 State Bank of Croswell, Crosswell, Mich. 60,000 12,000 1,214,006 Eighth 80 i 35 2,383,404 352,873 Ninth 57 16 980,471 99,730 District No. 8. Tenth 61 26 1,042,641 466,451 Eleventh 104 36 2,872,281 864,924 First State Bank, O'Fallon, 111. 25,000 j 5,000 43,443 Twelfth 153 91 1,984,635 265,544 District No. 9. Total 1,466 ! 677 37,020,837 29,554,288 Farmers & Merchants State Bank, Menahga, Minn 25,000 I 5,000 198,065 Fiduciary Powers Granted to National Banks. District No. 11. The applications of the following banks for permission Citizens State Bank, Greenville. Tex...| 100,000 312,431 to act under section 11 (k) of the Federal Reserve Act District No. 12. were approved by the Board during the month ending October 31, 1921. Pioneer Bank, Porterville, Calif 105,000 32,000 1,399,552 The Valley Bank, Fresno, Calif 625,000 62,500 2,096,641 DISTRICT NO. 2. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assicmee, receiver, and committee of estates of lunatics: Citizens National Bank, Wellsville, N. Y. CHANGE IN NAME. DISTRICT NO. 4. First State Bank, Golden Valley, N. Dak., to First Trustee, executor, administrator, registrar of stocks and bonds, guardian American State Bank, Golden Valley, N. Dak. of estates, receiver, and committee of estates of lunatics: Clark County National Bank, Winchester, Ky. DISTRICT NO. 5. CONVERSION. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: The Mercantile Bank & Trust Co., Savannah, Ga., has Lincoln National Bank, Washington, D. C. converted into a national bank. DISTRICT No. 7. Trustee, executor, administrator, registrar of stocks and bonds, guardian CONSOLIDATION. of estates, assignee, receiver, and committee of estates of lunatics: Indiana Harbor National Bank of East Chicago, Indiana Harbor, The Charles River Trust Co., Cambridge, Mass., has Ind. consolidated with the Harvard Trust Co., Cambridge, DISTRICT No. 8. Mass. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: WITHDRAWALS. First National Bank, El Dorado, Ark. First National Bank, Carlyle, 111. Farmers Equity Bank, Brooksville, Ky. DISTRICT No. 9. American Bank, Sidney, Nebr. Butler County State Bank, David City, Nebr. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: First State Bank, North Bend, Nebr. Security National Bank, Fargo, N. Dak. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. HESERVE 131? PRICE MOVEMENT AND VOLUME OF TRADE. WHOLESALE PRICES IN THE UNITED STATES. Although some rather important price fluctuations occurred during September, there was no change in the price indexes for all commodities of the Bureau of Labor Statistics or of the Federal Reserve Board. The former stood at 152 as compared with a base of 100 in 1913, the latter at 143. In the classification of the Federal Keserve Board the most striking change occurred in the " goods exported" group, which rose from 123 in August to 144 in September. This was due to the large increase in the price of cotton and to smaller advances that occurred in important grain exports. Goods of domestic production averaged the same in the two months, because although there were increases in important agricultural products, these were offsetby reductions in leading consumers' goods. The reclassification of the index of the Bureau of Labor Statistics shows advances in the prices of agricultural products, decreases in animal and forest products, and small reductions in mineral products. Price quotations thus far received for the first three weeks of October show material reductions in the prices of agricultural products (except live stock, which are higher than in recent months), but nonferrous metals prices have increased and bituminous coal has scarcely changed. Although it is impossible to forecast the movement of the Federal Reserve Board index number for the month, it seems unlikely that there will be an appreciable advance indicated. INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES 1919-1921 CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON AVERAGE PRICE LEVEL OF 1913 • 1OO ^ _ 280 260 240 *"\ A / / i \ 220 At 200 t \ : i \ 5 lap i V \ —*w \ \ |160 I o 120 100 80 ! 1 YEAR III 1 L COMMODITIES . . RAW MATERIALS - 280 DODS IMPORTED - . ----PRODUCERS GOODS ~»r»n« FYDnBTPn . •••••••••• rnN«iiiy!FMRnnn<!^ 260 \ & 240 ... V 220 \ L_ A 200 v\ \\ 180^ v 160^ ,-•'••• \\ • \ \ 140| \ / V \ 120 \ V ,^ 100 J. A. S. 0. N. D J. F. M. A. M. J. J. A. S. 0. 1 N . 1 D. J. F. M. i A i .M. J i . J i . A.S. _ J__ 0 J.L . _A _1 N. .S D. .0. N. D 1 J. 1 F. M 1 . 1 A. M 1 . J 1 . J. A. S. 0. N. D. J. F. M i . A i . M. i J . i J. A 8 S 0 . 0. N. D 1S19 1920 1921 1919 1920 1921 YEAR Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1318 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. INDEX NUMBERS OF WHOLESALE PRICES IN UNITED STATES—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISONS [Average price for 1913=100.] Goods Goods Goods Raw Pro- Con- Date. pro- im- ex- mate- ducers' sumers' All comduced. ported. ported. rials. goods. goods. modities. 1919, average... 209 174 214 209 198 207 206 1920, average - 236 191 227 235 237 229 233 1920, September 231 164 211 233 225 218 226 1921. January 166 114 142 164 166 159 163 February - 156 113 135 152 158 152 154 152 114 125 146 153 151 150 April . 145 109 121 136 148 147 143 Mav 145 105 125 139 145 144 142 June 141 102 122 133 140 144 139 July 144 103 122 134 136 152 141 August 145 104 123 133 133 157 143 September 145 106 144 138 133 152 143 1 The index number of the Federal Reserve Board has been constructed primarily with a view to international comparisons of wholesale prices. Due to the difficulties connected with the collection of foreign prices, the foreign index numbers are still incomplete, but in spite of this it has seemed advisable to publish the American number, since it contains certain classifications of commodities not otherwise available, namely, the prices of the important goods imported into this country, and of goods largely exported, and compares them with the general price level in the United States. The number has been published monthly since May, 1920, but is computed for the years 1913, 1919, and the first of 1920 as well. For detailed information regarding the makeup of the number, reference may be made to the FEDERAL RESERVE BULLETIN for May, 1920, pages 499-503. The commodities included in.the different groups are listed there with exact specifications and markets indicated. The "weights" assigned to the different commodities in constructing the index numbers are also given in detail. Revisions in prices or weights appear in BULLETINS for June, 1920, and June, 1921. The index of "goods produced" consists of 74 quotations (30 raw materials, 24 producers' and 20 consumers' goods). These include agricultural products (such as grains, live stock, and textiles), minerals, and lumber, among the raw materials; yarns, leather, semifinished steel products, refined oils, chemicals, building materials, etc., among the producers' goods; and potatoes, meats, flour, rice, dairy products, cotton and woolen cloths, boots and shoes, and kerosene among the consumers' goods. The index of "goods imported" consists of 18 quotations (9 raw materials, 7 producers' and 2 consumers' goods). It includes Egyptian cotton, Australian and South American raw wool, Japanese and Chinese silk, South American hides, Straits tin, and Canadian lumber among the raw materials; plantation and Para rubber, Chilean nitrate, cane sugar, burlap, sisal, etc., among producers' goods; and tea and coffee for consumers' goods. Leading American exports are included in the index of prices of "goods exported," which is made up of 40 quotations (17 raw materials, 12 producers' and 11 consumers' goods). Grains, tobacco, cotton, copper, coal, pig iron, petroleum, and lumber make up the list of raw materials; vegetable oils, leather, semifinished metal products, refined oils, and chemicals the producers' goods; and wheat flour, refined sugar, pork products, coffee, cotton cloth, boots and shoes, and kerosene the consumers' goods. The index numbers of "raw materials," "producers' goods," and "consumers' goods," consist of the commodities mentioned above which fall into these classes, whether they are of domestic or foreign origin. The raw materials group includes 39 quotations, the producers' goods 29, and the consumers' goods 22. The "all commodities" index is obtained by combining the group indexes of domestic and foreign goods. * It consists of 90 different quotations. The quotations are obtained from representative trade journals and private firms. About half of them are the same that are used by the Bureau of Labor Statistics in its larger compilation of prices and are furnished to the Board by that bureau. INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES FOR PRINCIPAL CLASSES OF COMMODITIES—BUREAU OF LABOR STATISTICS—REGROUPED BY FEDERAL RESERVE BOARDS [Average price for 1913=100.] Raw materials. Pro- Con- Year and month. p A r t g o u r d r i u c a u c l t l- s. p A ro n d im uc a t l s. pr F o o d r u e c st ts. p M ro i d ne u r c a t l s. r t a e T w r o i a t m a ls l a . - d g u o c o e d r s s . ' s g u o m o e d r s s . ' m A o ll d i c t o ie m s. - 1920. September 232 344 277 248 224 240 242 1921. January 155 119 245 220 175 169 182 177 February , 145 114 225 207 164 155 171 167 March 136 116 210 197 157 149 168 162 April 126 106 205 189 149 143 159 154 May 131 104 205 188 149 140 153 151 June 125 102 204 182 145 137 152 148 July 122 109 203 177 145 134 153 148 August 123 112 200 175 145 132 162 152 September 142 104 194 172 146 133 160 152 8 As the index number of the Bureau of Labor Statistics (which is based upon 315 quotations) has been reclassified by the Federal Reserve Board, the raw materials group consists of approximately 76 quotations, the producers' goods of about 80, and the consumers' goods of 158. Raw materials have been subclassified into agricultural products (mainly grains, cotton, and tobacco), based upon 19 quotations, animal products based upon the same number, forest products based upon 11 quotations, and mineral products based upon 27 quotations. The FEDERAL RESERVE BULLETIN for October, 1918, contains a list of the commodities in each group. The weights are the same as those used by the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1319 In order to give a more concrete illustration table have been obtained from the records of of actual price movements, there are also pre- the United States Bureau of Labor Statistics, sented in the following table monthly actual except in the case of bituminous coal, prices and relative figures for certain commodities of for which have been obtained from the Coal a basic character. The prices shown in the Age. AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES. [Average price for 1913=100.] Co C r h n i , c N ag o o . . 3, Co N tt e o w n , O m r i l d e d an li s n . g, n W ort h h e e a r t n , N sp o r . i 1 n , g, W re h d e a w t, in N t o e . r , 2, g C o a o t d t l t e o , s c t h e o e i r c s e , , H h i e d a e v s y , p n a a c t k i e v r e s, Minneapolis. Chicago. Chicago. steers, Chicago. Year and month. p b ri u c s e h e p l e . r p R t r i e i v c l e a e - . p A p r o v ic e u e r n a p d g e . e r p R t r i e i v c l e a e - . p A b ri v u c e s e h r a p e g e l. e r p R t r i e i v c l e a e - . p A b ri v u c e s e h r a p e g l e . e r p R t r i e i v c l e a e - . p A p r o v ic u e 1 e 0 r n a 0 p d g e s e . r p R t r i e i v c l e a e - . p A p r v i o c e u e r n a p d g e . e r p R t r i e i v c l e a e - . 1913 $0.6155 100 $0.1270 100 $0.8735 100 $0.9863 100 $8. 5072 100 $0.1839 100 1919 1.5800 257 .3185 251 2.5660 294 2.5370 239 17. 4957 206 .3931 210 1920 1. 3968 227 .3301 260 2.5581 293 2.5225 256 14. 4856 170 .3122 174 1920. September 1.2938 210 .2705 213 2. 4903 285 2. 4919 253 15. 2500 179 .2840 154 1921. January . 6553 108 .1450 114 1. 7884 205 .. 9613 199 9.8400 116 .1675 91 February . 6350 103 .1322 104 1. 6713 191 .. 9194 195 9. 3125 109 .1363 74 March .6180 100 .1105 87 1.6135 185 170 9. 5625 112 .1150 63 April .5547 90 .1116 88 1. 4059 161 141 8. 7188 102 .1013 55 May .6090 .1178 93 1.4923 171 . 5680 159 8. 4250 99 .1188 65 June . 6075 .1101 87 1. 4994 172 1. 4384 146 8. 0938 95 .1395 76 July .6019 .1147 90 1. 4384 165 1. 2291 125 8. 4063 99 .1388 75 August .5578 .1290 102 1.3953 160 1. 2373 125 8. 7750 103 .1405 76 September .5344 . 1963 155 1. 4825 170 1. 2769 129 8. 3750 98 . 1406 76 H C og h s i , c a li g g o h . t, e g W a r s a o t d o e e r l, s n , O m s h c a i o o r u k , r $ e e - t d § s , . Hem Y lo o c r k k , . New Y N e f e l l l o w o o w r Y i n p o g i r , n k e . , C ru s o n p a P o l o , i t f t b t a m i s t t b i u m n u m e r i , g i n n f h e o . s .o u , . s b , . C P s o o p a c C o l a , t o h b a l o i u t n t m u m ta m b i s n u , i n e s f . s o . , o u . s b , . Year and month. Average p A ri v c e e r a p g e e r R ti e v l e a- p A r v ic e e r a p g e e r R ti e v l e a- p A ri v c e e r p ag e e r , R ti e v l e a- pr M ic f e e p et er R ti e v l e a- p A ri v c e e r a p g e e r R ti e v l e a- p A r v ic e e r a p g e e r R ti e v l e a- 100 price. pound. price. M feet. price. manufac- price. short ton. price. short ton. price. pounds. tured. 1913. $8.4541 100 $0. 4710 100 $24.2273 100 $44. 5909 100 $1.3200 100 $1.5710 100 1919. 18. 3260 217 1.1894 248 39.7500 164 78. 8333 177 1920. 14.7106 174 .9712 203 56.6667 234 145.4167 326 6.0433 '458 *"5."889i" "375 1920. September 17. 202 .8364 178 57.0000 235 I 157.0000 | 352 10.4700 793 8.6600 551 1921. January.. 9.6700 114 .5455 116 48.0000 198 110.0000 247 2. 5300 192 4.2500 271 February. 9. 7083 115 .5455 116 48.0000 198 95.0000 213 2.4200 183 3. 7300 237 March 10.3063 122 .5273 112 48.0000 198 95.0000 213 2.2900 173 3.4000 216 April 8. 8563 105 .5273 112 41.0000 169 91.0000 204 2.2500 170 3. 3625 214 May 8. 4550 100 .5091 108 41.0000 169 91.0000 204 2.1310 161 3.4940 222 June 8.2500 98 .4909 104 41.0000 169 91.0000 204 1.9000 144 3.4250 218 July 10. 2000 121 .4909 104 37. 5000 155 91.0000 204 2.0750 157 3.2000 204 August | 10.3950 123 .4727 100 37.2500 154 92.0000 206 2.1300 161 3.0600 195 September | 8.5000 101 .4727 100 37.2500 154 92.0000 206 2.2310 169 2.9190 186 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1320 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES—Continued. s C to o v a t e l i , d , a e N n w e t w h at r e a Y r c . o it r e k , , v C i o ll k e e , , a t C f o u n r n n e a l c ls e - . C e N o l p e e p c w e tr r o Y , l i y o n t r g i k c o . , t, d N e L s e e i w l a v d e Y , r p i o z i r e g k d , . , Pe P t e ro n a l n t e s w u y m e lv l , l a s c n . r i u a d , e, S P M h a e ig t a n h a f i u o n ro r n g n n i o n a , c g V b e a a a . s n l i l c d e , y, Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive long ton. price. short ton. price. pound. price. pound. price. barrel. price. long ton. price. 1913 $5.0613 100 $2.4396 100 $0.1573 100 $0.0440 100 $2. 4500 100 $14.7058 100 1919 8.1639 161 4.7375 194 .1911 122 .0578 131 4.1346 169 27.6971 188 1920 9. 4265 186 10. 8153 443 .1797 114 .0808 184 5.9750 244 42.2692 287 1920. September 10. 4363 206 15. 3125 628 .1869 119 .0816 185 6.1000 249 48. 5000 330 1921. January 10.6373 210 5. 5313 227 .1288 82 .0497 113 5. 7750 236 30.0000 204 February 10.6382 210 5.1875 213 .1288 82 .0168 106 4.1875 171 27. 5000 187 March . . . . .. 10.6382 210 5.0000 205 .1223 78 .0405 92 3.0000 122 24.2000 165 April 10.1380 200 3. 7188 152 .1247 79 .0428 97 3.1875 130 22. 8750 156 10. 2910 203 3.3250 136 .1283 82 .0495 113 3. 3500 137 22.0000 150 J M u a n y e . . . .. 10.3900 205 3. 0938 127 .1284 82 .0451 103 2.6250 107 20. 7500 141 July - .. 10.5048 208 2.9063 119 .1253 80 . 0440 100 2.2500 92 19.37.50 132 August 10.6036 210 2.8000 115 .1173 75 .0440 100 2.2500 92 18.2000 124 September 10. 7075 212 3.1875 131 .1200 76 .0461 105 2. 3125 94 19.1250 130 Cotton yarns, Leather, sole, Steel billets, Steel plates, Steel rails, Worsted yarns, northern cones, hemlock, No. 1, Bessemer, tank, Pitts- open-hearth, 2-32's crossbred, 10/1 Boston. Chicago. Pittsburgh. burgh. Pittsburgh. Philadelphia. Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive pound. price. pound. price. long ton. price. pound. price. long ton. price. pound. price. 1913 $0.2213 100 $0.2821 100 $25.7892 100 $0.0148 100 $30.0000 100 $0.7767 100 1919. . . . .5340 241 .5283 187 40.5385 157 .0271 183 49.2642 164 1.6274 210 1920 .6245 282 .5342 189 56.2596 218 .0328 222 53.8269 179 1. 8250 235 1920. September .5429 245 .5100 181 58. 7500 228 .0325 220 54. 5000 182 1.6000 206 1921. January .2878 130 .4000 142 43.5000 169 .0265 179 47. 0000 157 1.1500 148 February.. . .2775 125 . 3800 135 42. 2500 164 .0233 157 47.0000 157 1.1500 148 March .2447 111 .3700 131 38.4000 149 .0204 138 47. 0000 157 1.2000 155 April .2388 108 .3700 131 37. 5000 145 .0210 142 47.0000 157 1.2000 155 May .2491 113 . 3700 131 37. 0000 143 .0220 149 47. 0000 157 1.2500 161 June .2545 115 .3700 131 37.0000 143 .0195 132 47. 0000 157 1. 2000 155 July .2411 109 .3500 124 32.2500 125 .0185 125 47.0000 157 1.1500 148 August . .2586 117 .3400 121 29.6000 115 .0178 120 47. 0000 157 1.1500 148 September .3446 156 .3400 121 29.0000 112 .0164 111 47.0000 157 1.1500 148 Flour, wheat, st B e g e e o e r o s f d , , c C n a h a r i t c c i a v a s g e s o , . Cof N fee e , w R Y io o , r N k o . . 7, st ( a 1 n 91 d 8 a w , r s d a t r a ) p , n a d r a e r n d ts Ham C s h , i c s a m g o o k . ed, Ill 1 u N 5 m 0 e ° i w f n i a Y r t e i o n t r e g k s o . t i , l. g N r e a S w n u u g Y l a a o r te , r d k , . Minneapolis. Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive pound. price. pound. price. barrel. price. pound. price. gallon. price. pound. price. 1913 $0.1295 100 $0.1113 100 $4.5837 100 $0.1662 100 $0.1233 100 $0.0427 100 1919.. .. .2333 180 .1785 160 11.9982 262 .3433 207 .2004 163 .0894 209 1920 .2304 178 .1198 108 12.6750 277 .3340 201 .2629 213 .1267 297 1920. September .2600 201 .0819 74 12.5938 275 .3634 219 .2750 223 .1426 334 1921. January .1738 134 .0669 60 9.6250 210 .2488 150 .2900 235 .0757 177 February .1600 124 .0672 60 9.1813 200 .2600 156 .2750 223 .0709 166 March . . .. .1625 125 .0639 57 8.7300 190 .2725 164 .2625 213 .0784 184 April .1650 127 .0600 54 7.9500 173 .2763 166 .2540 206 .0725 170 May .1650 127 .0621 56 8.7450 191 .2725 164 .2400 195 .0632 148 June .1600 124 .0666 60 9.0063 196 .2822 170 .2200 178 .0569 133 July. .1490 115 .0647 58 8.9000 194 .3200 193 .2200 178 .0546 128 August .1600 124 .0703 63 8.1200 177 .3248 195 .2200 178 .0583 137 September .1595 123 .0789 71 8.3188 181 .2756 166 .2200 178 .0559 131 1 On Toledo market, average for last six months of 1913. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1321 FOREIGN TRADE INDEX. large increase in the volume of exports of raw materials for August, this group has again There are presented below the usual indexes receded to almost the same level as in July. designed to reflect movements in foreign trade The volume of consumers' goods exported also of the United States, with the fluctuations due decreased considerably, while the volume of to price changes eliminated. The commodities producers' goods showed a decided increase. chosen for these indexes are those for which The most noticeable increase among this group prices are compiled by the Federal Reserve was in the case of steel rails, which had expe- Board in the preparation of its international rienced a slump during August. Considerable price index. The list includes 27 of the most gain was also shown in the volume of gasoline important imports the value of which in 1913 and upper leather exported, while exports of formed 49.3 per cent of the total import values, cottonseed oil revived somewhat from the low and 29 of the most important exports the value level reached during August and showed an of which in 1913 formed 56.3 per cent of the increase over September, 1920. total export values. The classification of the The decrease in volume of imports for Seporiginal list of commodities used was given tember was greatest in the case of consumers' in the July, 1920, BULLETIN. The classifica- products. All commodities in that group tion of the 11 additional commodities of im- showed a decline, with the exception of tea. ports was given in the April, 1921, BULLETIN. The decrease in imports of raw materials was Two additional commodities, bananas and distributed among seven of the commodities edible olive oil, have been incorporated in the included in this group, while the three other group of consumers' imports, and the index re- commodities registered only slight increases. computed on this basis for the entire period. The fall in the volume of imports of producers' A rather precipitate decrease is noticeable goods was due in large measure to the decline in the total volume of both exports and im- in imports of cane sugar, extract of quebracho, ports for the month of September. After a glycerine, and nitrate of soda. INDEX OF VALUE OF FOREIGN TRADE IN SELECTED COMMODITIES AT 1913 PRICES. [Monthly average values, 1913=100.] Exports. Imports. R m ( a 1 o w 2 r d i i a m c t l i o s e a m s t ) e - . - P m g r o o o c o d d o d i u m s t c i e e - (1 s r ) s 0 . ' C m o g o n o c d o s o u i d m t m s i e - e ( s 7 r ) s . ' m T o o c d t o a i m t l i e - (2 s) 9 . R m ( a 1 o w r 0 d i a i m c t l i o s e a m s te ) - . - P m g r o o o o c d d o d i u m s t c i e e - (1 s r ) s 2 . ' C m o g o n o c d s o o u i d m t m s ie - e ( s 5 r ) s . ' m T o o c d t o a i m t l ie - (2 s) 7 . 1913—Year 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1919—Year 88.9 154.7 188.5 118.6 157.5 193.0 147.5 168.4 1920—Year 92.2 142.6 137.9 107.7 135.2 227.3 166.7 168.4 1921. January 105.2 187.9 126.0 117.6 74.5 130.8 123.9 102.6 February. 91.0 141.0 116.4 101.6 118.2 143.5 135.5 130.0 March 78.2 104.4 122.4 91.1 160.7 177.4 178.9 169.6 April . . .. 76.6 102.7 122.5 89.9 153.4 177.7 185.1 167.2 May 97.7 81.8 112.8 100.0 98.7 150.1 162.1 127.3 June 107.9 74.4 135.1 111.3 94.5 152.5 130.4 120.9 July 111.6 68.3 131.8 112.5 99.3 126.5 121.4 112.6 August 142.5 68.1 164.1 140.9 116.7 164.8 129.8 135.9 September 115.7 79.1 147.5 119.9 102.8 137.7 99.4 114.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1322 FEDEBAL, BESERVE BULLETIN. NOVEMBER, 1921. INDEX OF OCEAN FREIGHT RATES. vian trades disclose the greatest relative declines in the past 22 months. The accompanying table shows the monthly fluctuations in ocean freight rates prevailing RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND EUROPEAN TRADE. between United States Atlantic ports and the [January, 1920, rates=100.1 principal European trade regions. The figures are derived from the actual rates quoted on the United States Atlantic ports to— following commodities: Grain, provisions, cotton, cottonseed oil, and sack flour. For the m th e e t h A o u d g s u s u t s , e 1 d 9 2 in 1 , B co U n L s L t E ru T c IN ti , n g p ag th e e s 9 in 31 d - e 9 x 3 , 4 s . ee Month. U K d n o i i n m t g e . d - A F t r l e a n n c ti h c. B N e l e a a lg t n n h i d d u e s m r- . S n c a a v n i d a i . - M n te e r e a r d n a i - . - Eu A ro ll pe. In October ocean freight rates to Europe fell to new low levels for the period following the 1920. close of the war. The French Atlantic and January— 100.0 100.0 100.0 100.0 100.0 100.0 February.. 96.5 86.9 83.3 90.1 91.1 90.3 Netherlands-Belgium trades are the only gen- March 91.2 78.5 78.0 84.6 79.5 83.4 April 90.2 87.2 78.9 82.7 72.2 83.5 eral exceptions; and even in those trades the May 96.2 85.9 87.3 82.5 75.2 87.5 rates on certain commodities—wheat and flour, June 101.2 87.1 89.5 82.1 76.5 90.0 July 96.0 85.6 82.1 82.0 75.3 86.3 for instance—are now lower than they were in August 85.7 77.9 70.4 82.1 73.2 78.5 September. 86.7 73.7 66.9 82.1 71.6 76.9 February and March of .this year, when the October 84.9 68.9 70.9 75.3 69.6 75.4 rate war between the French line and the con- November. 77.8 51.6 59.9 59.6 59.2 63.8 December-. 72.3 38.5 47.0 51.6 49.2 53.6 ference lines was at its height. According to 1921. the index numbers here presented, in Octolber, January 60.7 30.2 34.1 42.9 43.2 43.3 1921, rates to Europe as a whole were a little February.. 54.7 27.7 29.2 30.9 43.8 38.5 March 49.3 24.6 28.3 30.8 42.2 35.9 less than one-third as high as in January, 1920. April 50.1 32.6 36.6 29.4 35.7 39.0 Rates to United Kingdom ports, at 37 per cent J M u a n y e 4 5 2 0 . . 7 6 3 3 5 4 . . 0 7 3 3 8 8 . . 2 3 3 3 1 1 . . 3 3 3 3 4 4 . . 6 0 4 37 0 . . 6 1 of the level of January, 1920, have declined July 42.5 33.2 37.0 29.0 34.7 36.8 August 42.9 33.4 36.7 28.4 34.3 36.7 the least among the different European trades, September. 41.8 32.7 35.8 28.2 33.6 36.0 while the French Atlantic and the Scandina- October 37.0 28.5 30.7 26.7 33.3 32.3 PHYSICAL VOLUME OF TRADE. The volume of commodities shipped from The total volume of fuel production showed farms and factories during September showed little change during September. Production of a moderate decline from the high level reached bituminous coal and coke were at higher levels in August, but this may have been due to the than in August, but this was counterbalanced fact that there were two less days in September. by diminished output of anthracite coal and of The outstanding developments of the month crude petroleum. Textile factories increased were the distinct improvement in the iron and their consumption of both cotton and wool steel industry, the further increase of activity during September, but there was a decrease in in textile manufacturing, and the unusually the volume of raw silk imports. Paper proheavy movement of agricultural products from duction continued to increase, but the output the farms to primary markets. of wood pulp was slightly curtailed. There was a noteworthy increase in receipts Total cut and shipments of five reporting of cotton and cottonseed during September. lumber associations declined during September, Grain movements were somewhat smaller than but lumber receipts at Chicago and St. Louis during August, but receipts and shipments of continued to show an increase. Cement procorn registered a considerable increase. Sep- duction and shipments fell off slightly from the tember live-stock receipts were larger than record figures of August, although unusually those of August, due principally to the mar- well maintained considering the season of the keting of sheep. Shipments of deciduous year. Output of locomotive factories increased fruits were extremely neayy, while receipts somewhat, due to foreign orders, but production of citrus fruits, sugar, rosin, and turpentme of railway cars and shipments of automobiles declined. showed a considerable decrease. Production of Production of pig iron and steel ingots con- sole leather was smaller than in August. tinued to show a moderate increase during Sep- Revenue freight loaded by railroads was tember, and there was a gain in the unfilled slightly smaller in September than in August, orders of the United States Steel Corporation due to a considerable decrease in loadings of for the first time in over a year. The volume ore and grain, although more cars were loaded of imports of pig tin also increased, while pro- with live stock, coal, and coke. Loadings deduction of copper and zinc showed a slight clined in all railroad districts, except the Pocafurther curtailment. hontas, southern, and central western. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, RESERVE BUIXETIST. 1323 MOVEMENT OF AGRICULTURAL PRODUCTS COAL AND PETROLEUM 1919 - 1921 1919-1921 —.LIVE STOCK RECEIPTS ANTHRACITE COAL PRODUCTION — — GRAIN AND FLOUR RECEIPTS — — __ BITUMINOUS COAL PRODUCTION .............. COTTON SIGHT RECEIPTS CRUDE PETROLEUM PRODUCTION 220 INDEX NUMBERS. AVERAGE 1911-1913 = 100 22O 22O INDEX NUMBERS. AVERAGE 191/1 A -1913 = 100 220 2OO 2OO • • • ISO 18O ...... 16O 16O i 14O 14O / \ \ h r' 120 12O V' 1H K 100 \f 1 f V 1 \ r 1OO II / 8O 8O 11 v W eo 1 y 6O 40 20 -o- -O- 1919 1920 1921 YEAR YEAR 1919 1920 1921 YEAR IRON AND STEEL TEXTILES 1919 - 1921 1919 - 1921 - PIG IRON PRODUCTION - STEEL INGOT PRODUCTION COTTON CONSUMPTION •• UNFILLED ORDERS, U.S.STEEL CORPORATION WOOL CONSUMPTIC>N INDEX NUMBERS. AVERAGE 1911-19131 = 100 MILLIONS OF POUNDs 300 1 lA / c 280 280 200 2OO \ 26O t A iV 26O leo \ 18O 24O t 1 \ 24O • f \ A/ 16O • 16O 22O LJ / / / 22O 2OO \ 1 2OO 14O 14O 18O 18O 120 F \ *• 12O 16O \l 16O V 100 V \ 1OO 14O 140 Y \ V. 120 12O 80 ao 100 1OO K 60 60 80 8O V \ 6O 6O 40 r 40 / \ / 4O 4O 20 2O 2O 2O YEAR 1919 1920 1921 YEAR YEAR 1919 1920 1921 YEAR Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1324 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. LIVE-STOCK MOVEMENTS. [Bureau of Markets.] Receipts. Shipments. C c m a a l a t v t r l e k e s e , a t n s 5 . d 9 m Ho a g rk s, e t 5 s 9 . S m h a e r e k p e , t 5 s. 9 H m m o u a rs l r e e k s s e , t a 4 s n 3 . d T k o i t n a d l, s a . ll C c m a a l a t v t r l e k e s e , a t n s 5 . d 4 m Ho a g rk s, e 5 ts 4 . S m h a e r e k p e , t s 5 . 4 H m m o u a rs l r e e k s s e , a t 4 s n 3 . d T k o i t n a d l, s . all 1920, Head. Head. Head. Head. Head. Head. Head. Head. Head. Head. September... 2,280,805 2,383,809 2, 825,708 58,796 7,549,118 1,080, 857 931,261 1, 581,680 59, 560 3,653, 358 1921, May 1,531,682 3,311,976 1, 886, 817 17, 824 6,748,299 591, 770 1,037,466 915,116 I 16,610 2, 560.962 June 1, 572, 334 3, 559,165 1, 812, 339 13,292 6,957,130 605, 822 1,136,269 763, 577 13,214 2,518,882 July 1, 335, 548 2,717,247 1,738,957 10,696 5, 802, 448 490, 751 915,998 760,172 10, 036 2,176,957 August 1, 856,948 2,647,965 2,467,048 15,933 6,987, 894 842, 254 927,962 1,110,134 14,661 2,895,011 September... 1,889,057 2,646,127 2,544,530 21,093 7,100, 807 905,136 944,366 1,375,415 20,779 3,245,696 RECEIPTS AND SHIPMENTS OF LIVE STOCK AT 15 WESTERN MARKETS. [Chicago, Kansas City, Oklahoma City, Omaha, East St. Louis, St. Joseph, St. Paul, Sioux City, Cincinnati, Cleveland, Denver, Fort Worth, Indianapolis, Louisville, Wichita. Monthly average, 1911-1913=100.] RECEIPTS. Cattle and calves. Hogs. Sheep. Horses and mules. Total, all kinds. Head. Relative. Head. ! Relative. Head. Relative. Head. Relative. Head. Relative. 1920, September... 1, 737,469 172 I 1,545,842 j 70 1,892,327 138 39,390 5,215,028 113 1921, May 1, 105 2,401,246 ! 109 1,097,976 12, 082 4, 574,292 99 June 1,117; 111 111 2,671,462 ! 122 1,130, 874 83 8,135 4,927, 582 107 July.. 940,173 2,021,268 ; 92 1,035,674 76 6,952 4,004,067 87 August 1, 418,237 141 1,919,514 j 87 1,568,584 115 11,147 4, 917,482 106 September.. 1, 417,259 141 1,783,827 j 81 1,651,659 121 15, 089 4, 867, 834 105 SHIPMENTS. 1920, September... 820,949 202 540, 812 112 1,027,510 204 40, 890 100 2, 430,161 169 1921 May 424,558 104 644, 788 133 415, 569 83 11,137 1,496,052 104 June 414, 814 102 703, 724 145 403, 748 80 8,199 1, 530,485 107 July 338,306 83 619, 854 128 [ 408,088 81 6,439 1,372,687 96 August 656,106 161 609,506 126 604, 996 120 10, 098 1, 880, 706 131 September... 698, 459 172 583, 866 121 840, 242 167 14, 732 2,137, 299 150 SHIPMENTS OF STOCKERS AND FEEDERS FROM 34 MARKETS. | Cattle and Total, all Cattle and ! calves. Sheep. kinds. calves. Hogs. 1920. Head. Head. Head. Head. 1921 Head. Head. Head. Head. September— 473, 652 44, 340 789,387 1, 307, 379 June 195, 039 31,373 88, 302 314, 714 July 120,429 15,493 138,414 274,336 1921. August 353,619 21, 564 402,372 777, 558 May. 211, 846 29,409 114, 811 356, 066 September.. 390, 090 38, 081 731,110 1,159, 281 ANIMALS SLAUGHTERED UNDER FEDERAL INSPECTION. [Bureau of Animal Industry. Monthly average, 1911-1913=100.] Cattle. Calves. Hogs. Sheep. Total. Head. R ti e v l e a . - Head. R ti e v l e a . - Head. R ti e v l e a . - Head. R ti e v l e a . - Head. R ti e v l e a . - 1920. September 825,484 136 347,578 197 | 1,978,602 70 1,150,776 95 4,302,440 j 90 1921. May 559,979 92 366,798 207 I 3,274,114 116 984,903 5,185,794 108 June 640,164 105 369,696 209 I 3, 618,174 128 1,116,069 5, 744,103 117 July 579,028 95 324,046 183 i 2, 820,616 100 1,059,902 4,783,592 100 August 680, 419 112 303,796 172 ! 2,530,459 90 1, 236,992 103 4,751,666 99 September 689,043 114 321,193 181 ! 2,422,350 1,249,032 104 4,681,618 97 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1325 EXPORTS OF CERTAIN MEAT PRODUCTS. [Department of Commerce. Monthly average, 1911-1913=100.] Beef, canned. Beef, fresh. an B d e e o f t , h p e i r c c k u le r d e , d. Bacon. sho H ul a d m er s s , a c n u d red. Lard. Pickled pork. I Pounds. t R iv e e la . - Pounds. t R iv e e la . - Pounds. t R iv e e la . - Pounds. t R iv el e a . - Pounds. j i R ti e v l e a . - Pounds. t R iv el e a . -I Pounds. t R iv el e a . - 1920. September j 244,261 37 1,964,543 158 1,613,657 60 41,371,561 247 8,997,124 ; 60 46,326,353 3,279,902 74 1921. May ! 326,459 49 191,366 1,822,383 38,464,256 230 15,508,520 104 48,604,395 110 2,558,043 58 June i 186,647 28 167,318 2,004,136 75 35,011,966 209 18,536,898 124 67,655,776 154 3,337,759 75 July | 351,566 53 918,476 2,418,262 91 48.171,465 288 27,786,271 j 83,329,134 189 3,368,482 76 August | 914,418 138 292,663 2,752,598 103 45,340,151 271 32,233,527 216 87,410,516 199 3,212,347 73 September j 286,805 43 239,039 2,857,076 107 44,718,463 267 17,137,613 i 115 104,740,783 238 2,990,328 RECEIPTS OF GRAIN AND FLOUR AT 17 INTERIOR CENTERS. [Chicago, Cleveland, Detroit, Duluth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane, Toledo, and Wichita. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913=100.] Total grain and Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. flour.* Bushels. ! R ti e v l e a . - Bushels. R ti e v l e a . - Bushels. Rela-Bushels Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - 1920. September.. 46,181,275) 170 20,696,955 92 31,031,569J 1545,571,428 505 6,630,056 92110,111,283 141 jl,843,954 94;118,409,076 137 1921. May 25,514,5271 94 20,939,570 93 15,524,227 j 77 1,368,821 124 2,551,087 36 65,898,232 8511,498,212 77 72,640,186 June 30,342,592} 112 35,816,899 160 21,921,817! 1091,464,530 133 3,859,432 54 93,405,270 120| 865,219 44! 97,298,756 112 July 71,422,6~" 26319,713,672 88 25,527,442= 127 2,557,053 23213,073,358 43il22,294,149 1572,705,340 1381134,468,179 155 August 77,026,777| 284|30,983,238 138 42, 739,890) 213 6,207, 749 562,6,387,297 89163,344,951 210;3,130,086 160 177,430, 338 205 September.. 64, 670,046 239 37,333,764 167 21,791,6031 108 5,487,909 497:5,086,281 71;134,369,603| 172|3,421.132 175 149,764, g"~ 173 1 Flour reduced to its equivalent in wheat on basis of 4| bushels to barrel. SHIPMENTS OF GRAIN AND FLOUR AT 14 INTERIOR CENTERS. [Chicago, Cleveland, D'eettrrooiitt,, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo, Wichita; shipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.] Total grain and Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. flours Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - Bushels. R ti e v l e a , - Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - Barrels. R ti e v l e a . - Bushels. R ti e v l e a . - 1920. September.. 28,700,593 184 6,284,075 12,690,866 83 4,339,057 613 3,556,180 55,570,771 112 3,187,454 94 9,914,314 108 1921. May 18,675,009 120 15,747,327 11012,447,121 8211,309,016 1851,682,946 49,861,4191 100 2,,533,847 75 61,263,730 94 June 21,550,026 138 21,381,193 15011,656,507 7711,427,796 202 2,224,652 58,240,174| 117 2,]113,649 62 67,751,594 104 July 31.373,871 )0,154,143 14110,051,024 66 878,751 j 124 2,313, 726 64,771,515 130 3,. 842,046 113 82,060,722 126 August 58; 901,701 378 22,657,863 15915,422,006 10144,,548,466 642 4,060,175 104105,590,211 213 5,, 040,334 149 128,271,714 198 September.. 42,726,679 274 27,705,761 194 15,341,862 101 5,541,999 7—8 33,676,194 94 94,992,495] 191 5,473,912 162 119,625,099 184 1 Flour reduced to its equivalent in wheat on basis of 4J bushels to barrel. STOCKS OF GRAIN AT 11 INTERIOR CENTERS AT CLOSE OF MONTH. [Chicago, Detroit, Duluth, Indianapolis, Kansas City, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, and Toledo.] Wheat. Corn. Oats. Rye. Barley. Total grain. 1920. Bushels. Bush eh Bushels. Bushels. Bushels. Bushels. September.. 9,134,621 5,669,580 23,322,910 1,303,475 2,114,369 41,544,955 1921. May. 3,787,294 10,539,233 24,926,743 363,170 1,079,831 40,696,271 June. 3,853,292 17,944,190 29,273,562 239,665 1,407,124 52,717,833 Jouu.liyy I 13,541,547 10,392,384 32,845,591 625,975 1,406,742 58,812,239 August 21,927,695 6,906,590 50,835,039 2,571,473 2,206,180 84,446,977 September 29,727,378 7,794,625 52,136,821 2,481,562 2,265,615 94,406,001 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1326 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. RECEIPTS OF GRAIN AND FLOUR AT NINE SEABOARD CENTERS. [Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco, Portland (Oreg.), Seattle, Tacoma; receipts of flour not available from Seattle and Tacoma. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913'= 100.] Total grain and Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. flour.i Rela- Rela- Rela- Rela- Rela- Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. B^els- tive: Bushels. tive. Barrels. tive. Bushels. tive. 1920. September. 31,693,246 252 41 3,069,700; 65 4,133,465! 2,9091,815,227 109 42,168,596 1861,422,872j 136 48,571,520; 177 1921. May 15,052,060 119 4,807,533 135 1,221,,6„3_0. 1 261,506,359! 1,0601,422,693! 86 24,010,275 10611,518,671 145 30,844,295 113 June 16,628,892 132 5,385,639 152 1,990033,,778866!! 401,180,1191 831 658,295j 40|25,756,731 1131,714,852 164 33,473,565 122 July 34,142,124 271 9,343,697 263 7,002,155; 147 3,143,438! 2,212 4,626,343 279 58,257,757 257 7,210,521 90,705,102 331 August 29,364,521 233 1,936,481 55 2,625,1471 551,965,932j 1,384 6,089,131 367 41,981,212 185 2,172,836 208 51,758,974 189 September .33,049,960 262 2,215,475 62 2,221,580! 471,185,645] 834 4,769,381 287 43,442,041 1912,357,563 226 5"4';,051,075 197 1 Flour reduced to its equivalent in wheat on the basis of 4J bushels per barrel. STOCKS OF GRAIN AT EIGHT SEABOARD CENTERS AT CLOSE OF MONTH. [Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco. Compiled from reports of trade organizations at these cities.] Wheat. Corn. Oats. Rye. Barley. I Total grain. 1920. Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. September-. 15,517,070 1,146,514 2,398,157 2,414,910 4,110,158 25,586,809 1921. May 3,788,898 1,185,753 1,107,518 534,574 1,300,852 7,917,595 June 3,486,041 2,136,128 1,058,652 157,397 1,664,674 8,502,892 July 9,972,506 1,113,767 981,942 386,710 3,738,401 16,193,326 August 12,934,198 955,694 1,592,072 1,389,338 3,997,970 20, 869,272 September.. 17,626,696 999,184 1,862,899 1,640,511 3,811,936 25,941,226 WHEAT-FLOUR PRODUCTION. [January, 1918, to June, 1920, U. S. Grain Corporation; July, 1920, on, estimated by Russell's Commercial News (Inc.), New York.] 1920. Barrels. 1921. Barrels. September.. 9,450,000 June 8,087,000 July 10,720,000 1921. August 13,266,000 May 8,406,000 September. 13,349,000 COTTON. [New Orleans Cotton Exchange. Monthly average crop years, 1911-1913=100.] Stocks at ports Sight receipts. Port receipts. Overland move- and interior ment. towns at close of month. Bales. R ti e v l e a . - Bales. R ti e v l e a . - Bales. R ti e v l e a . - Bales. R ti e v l e a . - Bales. R ti e v l e a . - 1920. i October I 1,466,874 117 971,334 I 106 87,215 395,165 87 2,101,839 178 1921. May 777,011 62 595,346 65 i 84,594 288,411 63 2,869,165 244 June 659,900 53 482,944 53 112,955 107 410,734 90 2,659,826 226 July 607,788 48 465,143 51 78,106 I 74 469,715 103 2,311,696 196 August 617,049 49 406,823 44 I 95,025 ' 90 369,420 81 2,167,927 184 September.. 1,145,168 91 667,845 73 I 106,343 101 447,188 98 2,381,859 202 October 1,943,049 155 1,135,498 124 I 195,668 186 811,118 179 2,669,534 227 COTTONSEED. [Bureau of the Census.] R at e c m ei i v ll e s d . Crushed, O m of n i l m l h s a o ( n n c d l t o h s a ) e t . R at e c m e i i l v l e s d . Crushed. O m o n f i l m h ls a o ( n n c d t l o h a s ) t e . 1920. Tons. Tms. Tons. 1921 Tons. Tons. Tons. September., 244,382 145,519 135,623 June 77,484 98,646 109,309 July 54,241 27,466 94,543 1921. August 130,333 100,496 124,377 May. 70,467 ! 131,522 130,471 September 553,726 296,258 381,342 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1327 SHIPMENTS OF CITRUS AND DECIDUOUS FRUITS FROM CALIFORNIA. [March, 1921, on, Bureau of Markets and California Fruit News.1 Monthly average, 1911-1913^=100.} Total Oranges. Lemons. Total citrus fruits. deciduous fruits. Carloads. Relative. Carloads. Relative. Carloads. Relative, j Carloads. 1920. September. 1,409 58 464 ! 115 1,873 66 9,021 1921. May 4,710 193 1,250 I 309 5,960 209 85 June 5,628 230 2,230 ! 551 7,858 276 2,200 July 3,465 142 1,843 ; 455 5,308 186 | August 3,126 128 579 143 3,705 130 ' 8; 113 September. 2,534 104 219 3,422 120 ; 16,166 i For previous sources, see April, 1921, Bulletin. SUGAR. [Data for ports of New York, Boston, Philadelphia, San Francisco, Galveston, Savannah, New Orleans. Weekly Statistical Sugar Trade Journal. Tons of 2,240 pounds.} j '• Raw stocks Raw stocks Receipts. Meltings. at close of Receipts. Meltings. at close of month. month. I 1920. 1921. September.. 186,822 257,613 102,179 J J u u l n y e .... ... . . : 2 2 2 6 1 4, 4 7 6 0 2 6 3 3 0 0 1 7 , , 8 0 3 8 5 1 2 1 4 44 4 , , 9 2 0 5 4 3 1921. August.... 416,170 423,677 136,421 May 351,249 343,106 289,080 September j 240,211 i 253,811 145,390 TOBACCO SALES AT LOOSE-LEAF WAREHOUSES. [Reports of State authorities.} Bright belt. Western iVirginia dark. Burley. dark. Grand total. North South Virginia. Carolina. Carolina. Total. 1920. Pounds. Pounds. Pounds. Pounds. Pounds. Pounds. Pounds. Pounds. September.. 1,893,344 2,423,854 40,480,056 9,479,017 | 52,382,927 I 2,967,586 771,995 j 58,015,852 1921. July.... . 2,200,905 7,952,265 10,153,170 j 1,521,247 573,650 | 12,248,067 August 11,840,109 37,950,177 j 49,790,286 ! 2.662,095 ; 486,550 52,938,931 September.. 67,809 1,698,410 41,756,009 2,287,697 j 45,742,116 ! 2,346,050 265,280 48,421,255 NOTE.—Includes sale for growers and dealers, but excludes resales. SALE OF REVENUE STAMPS FOR MANUFACTURES OF TOBACCO IN THE UNITED STATES (EXCLUDING PORTO RICO AND PHILIPPINE ISLANDS). [Commissioner of Internal Revenue.] Cigars. Cigarettes. Cigars. Cigarettes. Manu- Manufactured factured Large. Small. Small. tobacco. Large. Small. Small. tobacco. 1920. Number. Number. Number. Pounds. 1921. Number. Number. Number. Pounds. September 678,640,116 50,175,580 3,557,482,503 32,118,950 June 618,495,102 50,175,400 4,219,727,623 31,737,525 July 564,598,255 47,362,340 4,161,217,573 29,226,353 1921. August 622,039,033 53,630,000 5,130,577,133 33,601,590 May 555,497,120 55,349,100 4,136,084,890 28,671,501 September 611,427,829 55,799,900 4,791,397,910 31,488,809 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1328 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. NAVAL STORES. [Data for Savannah, Jacksonville, and Pensacola. Compiled from reports of trade organizations at these cities.] Spirits of turpentine. Rosin. Spirits of turpentine. Rosin. Stocks Stocks Stocks Stocks Receipts. at close of Receipts, at close of Receipts. at close of Receipts. at close of month. | month. month. month. 1920. Barrels. Barrels, i Barrels. Barrels, jj 1921. Barrels. Barrels. Barrels. Barrels. September 32,162 44,396 | 96,591 176,612 11 June. 33,533 36,949 80,943 308,341 l| y 36,435 47, 580 90, 382 328,224 May. 1921. 26* 364 38,650 61,213 I | August 3 2 3 8 , , 7 7 8 7 6 3 5 5 2 4 , , 9 8 4 8 9 1 9 8 2 3 , , 4 5 8 8 4 0 3 32 2 2 8 , , 9 8 0 9 7 8 312,293 j September. COAL AND COKE. [U. S. Geological Survey. Monthly average, 1911-1913=100.] Bituminous coal, esti- Anthracite coal, esti- By-product coke, estimated monthly pro- mated monthly pro- mated monthly production, duction. duction. Short tons. Relative, j Short tons. Relative.' Short tons. Relative. Short tons, j Relative. 1920. ! October | 52,144,000 8,056,000 109 I 1,742,333 67 1921. May 33,330,000 90 ! 7, 497, 000 101 290,000 June 33,852,000 91 ! 7,786,000 105 232,000 1,410,000 160 July 30,394,000 82 | 7,050,000 95 181, 000 1,285,000 146 August 34, 538,000 93 ! 7,196,000 97 248,000 1,402,000 159 September I 35,105,000 95 | 7,124 000 96 1, 423,000 162 October 43,741,000 118 1 CRUDE PETROLEUM. [Production and stocks, U. S. Geological Survey; wells completed, Oil and Gas Journal and Standard Oil Bulletin (California). Barrels of 42 gallons each. Monthly average, 1911-1913=100.] Production. Production. Stocks at Producclose of ing Barrels. t R iv el e a . - (b m a o rr n e t l h s). o p i c l l e o w t m e e d - ll . s 1920. September.. 37, 889, 000 122, 852, 000 40,405,000 164,837,000 1,471 40, 328,000 172,359, 000 1,157 1921. 40, 966,000 176,248, 000 952 May 42,043,000 j 219 156, 561,000 36, 469, 000 177,250,000 788 TOTAL OUTPUT OF OIL REFINERIES AND STOCKS OF OIL. [Bureau of Mines.] OUTPUT BY MONTHS. Crude oil run Gasoline Kerosene Gas and fuel Lubricating (barrels). (gallons). (gallons). (gallons). (gallons). 1920. August.. 39,757,770 444,141,422 189,010,459 j 834,322,503 91,078,569 1921. May 30,990,478 448,567,873 145,225,023 817,367.590 70,000,194 June 36,940,821 430,344,393 141,637,081 826,355'262 63,088,609 July 36,040,797 419,641,815 138,724,132 807,428,397 65,893,228 August.. 36,044,910 431,577,195 143,652,290 784,450,485 66,473,473 STOCKS AT CLOSE OF MONTH. 1920. August 31. 17,960,558 323,239,991 378,548,791 j 708,608,472 | 130,797,810 1921. May 31.... 20,816,203 800,495,787 452,437,995 ! 1,163,388,695 ! 261,759,797 June 30 21,008,986 750,644,450 435,056,713 j 1,248,664,088 260,883,121 July 31.... 19,115,631 684,236,•• 412,201,674 I 1,269,419,283 I 258,638,298 August 31. 16,374,050 567,645,548 I 389,893,421 1,243,445,980 j 242,530,099 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1329 IRON AND STEEL. [Pig-iron production, Iron Age; steel-ingot production, American Iron and Steel Institute. Monthly average, 1911-1913=100.] Iron-ore shipments Unfilled orders U. S. from the upper Pig-iron production. Steel-in^ot produc- Steel Corporation Lakes. at close of month. Gross tons. Relative. Gross tons. Relative. Gross tons. Relative. Gross tons. Relative. 1920. October 8,848,986 146 3,292,597 142 ! 3,015,982 129 9,836,852 187 j 1921. May 2,594,027 43 1,221,221 53 ! 1,265,850 54 5,482,487 104 Tune 3,600,989 59 1,064,833 46 1,003,406 43 5,117,868 97 J Auu ly gust 4 4 , , 0 3 4 2 7 9 , , 6 1 8 5 7 8 6 7 7 1 9 8 5 6 4 4 , , 1 5 9 5 3 5 3 4 7 1 i ! 1,1 8 3 0 8 3 , , 0 3 7 76 1 3 4 5 9 4 4 , , 8 5 3 3 0 1 , . 3 9 2 2 4 6 9 8 2 6 September 3,913,122 65 985,529 43 | 1,174,740 51 4,560 ^ 670 87 October 1,233,232 53 ! 1,616,810 70 4,286,829 81 i STRUCTURAL-STEEL ORDERS AND SHIPMENTS. [Bridge Builders and Structural Society.] F oonfmcfed^fof Zonel? ! Structural-steel orders and shipments of the memberout country! through" | ship of Bridge Builders and Structural Society. Orders. Shipments. Per cent Tonnage. ca s p h a o c p ity. Tonnage. Pe s r h o c p ent Tonnage. Pe s r h o ce p nt capacity. capacity. 1920. September.. 77,400 43.0 ; 6,755 53,526 74.0 1921. May 50,800 28. 0 25, 763 37. 5 27,987 41.0 June 66,900 37.0 25, 247 35.5 27,363 39.0 July 60,200 33. 5 i 21, 847 32.0 22,186 32.5 August 59,300 33. 0 | 18,010 26.0 23,558 34.5 September.. 86,000 ! 48. o ! 32,099 47.0 23,197 34.0 PRODUCTION OF COPPER. [American Bureau of Metal Statistics. Monthly average, 1911-1913=100.] Pounds. Relative. Pounds. Relative. 1921. 1921. May.. 22,835,328 August 20,013,569 20 June. 18,033,954 September. 19,682,554 20 July.. 16,390,107 ZINC. [American Zinc Institute. Tons of 2,000 pounds.] Stocks I I Stocks Produced. at end of | Produced. | at end of month. month. 1920. 1921. September.. 36,819 42,900 July 15,495 92,408 August 14,621 ! 86,549 1921. September. 14,367 | 81,135 May.. 18,026 83,721 June.. 19,443 89,889 LEAD PRODUCTION. [American Bureau of Metal Statistics. Tons of 2,000 pounds.] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1330 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. TIN. [Imports, Department of Commerce. Deliveries, New York Metal Exchange. Monthly average, 1911-1913=100.] Imports. jRxeeliaattiivvee . I i fD tfotfe rf l ati«v cft e no r rir i«e ieo s s. t D o e fa li c v t e o r r i i e e s s. 1920. Pounds. Pounds. Pounds. Pounds. October 6,741,331 74 7,649,600 3,565,767 3,411,520 5,200,504 7,436,800 1921. 5,796,186 5,835,200 May 2,021,762 2,744,000 5,107,200 June 4,133,450 3,561,600 | TEXTILES—COTTON AND SILK. [Cotton, Bureau of the Census; silk, Department of Commerce. Cotton, monthly average, crop years 1912-1914=100; silk, monthly average, 1911- 1913=100.] I | Cotton t i c o o n n . sump- s C pi o n t d to le n s j imports of raw silk, Cotton t i c o o n n . sump- i s C pi o n t d to l n es Imports of raw silk. active i _ active during | during Bales. Relative. month. ! Pounds. Relative. I Bales. ! Relative. month. Pounds. Relative. 1920. | 1921. : ! September | 457,967 ! 102 j 34,072,389 |1,968,801 June 461,656 I 103 32,665,315 3,871,327 189 July i 410,120 ! 91 32,446,281 4,867,985 238 1921. I ! August I 467,103 ! 104 33,059,211 5,114,901 250 May | 439,884 | 98 ! 32,631,051 j4,437,080 217 "—"•—*— .! 484,647 i 108 33,898,415 4,597,642 225 TEXTILES—WOOL. [Wool consumption, Bureau of Markets; idle wool machinery, Bureau of the Census.] Percentage of idle machinery on first of month to Percentage of idle hours on first of month to total total reported. reported. Consump- Looms. Spinning spindles. Looms. Spinning spindles. tion (pounds).1 W th i a d n er 50-inch i 50-inch S S e d ts s o . f 1 Combsreed 50-inch space Woolen.Worsted. 50-inch • Woolen. Worsted. s r p e a e c d e. or less s r p e a e c d e. or less. ~r 1920. ! October | 38,443,688 I 49.0 34.9 38.3 26.3 43.2 j 16.0 1921. May 56,929,000 26.2 28.7 25.3 14.2 23.8 12.9 26.6 36.8 25.0 5.4 22.9 13.5 June 59,592,000 20.5 25.2 21.6 10.9 20.6 10.1 19.9 30.1 19.8 1.4 18.6 10.4 July 53,076,000 18.7 25.2 21.3 11.0 20.5 9.8 17.5 26.3 17.9 4.1 18.2 6.6 August 58,261, 000 20.4 26.4 22.9 12.7 21.9 13.3 20.8 i 29.6 20.6 12.6 20.0 14.3 September 62,130,667 22.0 28.4 22.8 16.7 22.4 9.5 23.3 i 31.0 21.1 8.8 21.2 11.5 October 23.7 25.8 22.3 14.3 22.4 8.6 25.8 27.5 21.0 2.4 20.9 7.8 i 1 Converted to grease-equivalent basis. LUMBER. [From reports of manufacturers' associations.] 1920. September.. 1921. May 110,162 294,762 330,002 June 121,648 232,407 230,970 July 110,588 191,257 187,165 August 107,346 290,877 321,553 September.. 82,890 231,559 216,763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1331 RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO AND ST. LOUIS. [Chicago Board of Trade and Merchants' Exchange of St. Louis. Monthly average, 1911-1913=100.] Receipts. Shipments. Receipts. Shipments. M feet. Relative. M feet. Relative. M feet. Relative. 1920. 1921. October. 398,333 220,116 June 372,453 I 253,848 100 July 328,129 I 216,908 85 1921. August 356,730 | 235,736 93 May. 354,992 242,452 September 388,740 | 246,602 97 October 405,755 | 270,448 106 PRODUCTION OF WOOD PULP AND PAPER. {Federal Trade Commission.] W pu o l o p d . N pr e i w nt s . - Book. b P o a a p r e d r . W pi r n a g p . - Fine. W pu o l o p d . N pr e i w nt s . - Book. b P o a a p r e d r . W pi r n a g p . - Fine. Net Net Net Net Net Net Net Net Net Net Net Net 1920. tons. tons. tons. tons. tons. tons. ! 1921. tons. tons. tons. tons. tons. tons. September 293,913 121,005 94,142 218,743 70,917 34,207 June 189,389 87,724 i 53,9 130,177 50,332 17,511 1921. i July 1 19 7 5 8 , , 1 1 7 7 6 3 1 9 0 4 2 , , 2 2 4 7 7 7 4 5 8 9 , ; 5 7 2 1 7 1 I 1 1 1 3 2 8 , , 2 5 6 3 5 0 4 5 5 6 , , 0 1 9 6 0 7 1 1 6 8 , , 3 8 2 3 7 3 May \ 216,101 78,868 52,642 122,801 53,084 17,484 ASeupgtuesmtber 193,479 62,416 160,207 59,095 20,555 CEMENT. [U. S. Geological Survey.] j Stocks at Stocks at Production. Shipments. | close of Production.! Shipments. close of I month. month. 1921. Barrels. Barrels. Barrels. 1921. Barrels. \ Barrels. Barrels. May.. 9,281,000 9,488,000 12,450,000 August 10,244,000 j 12,340,000 8,280,000 June.. 9,296,000 10,577,000 11,150,000 September. 10,027,000 I 11,329,000 6,953,000 July.. 9,568,000 10,301,000 10,414,000 RAW STOCKS OF HIDES AND SKINS.* [Bureau of Markets; July, 1920, on Bureau of the Census.] Cattle Sheep and hides. Calfskins. Kipskins. kid. Cabaretta< lamb. 1920. Sept. 30 6,158, 2,055,084 947,546 17,573,404 2,736,802 8,661,215 1921. May 31.. 7,441,619 3,715,602 1,021,039 8,789,123 1,244,069 13,334,187 June 30.. 7,077,950 3,890,547 1,026,189 9,679,847 1,218,839 13,755,042 July 31.. 6,448,869 3,639,871 980,762 9,784,714 1,109,005 13,761,905 Aug. 31.. 6,494,281 3,459,310 895,523 10,948,785 1,029,369 13,904,019 Sept. 30.. 6,086,225 3,475,069 938,001 10,745,903 791,110 12,606,056 1 Includes hides and skins in transit. LEATHER PRODUCTION. [Tanners' Council.] Oak and Oak and l ( e s S a id o th e le s e ) r . ( S do k z iv e e n r s s ). h ( l s u e a t a n u r t n i f h o f e e e n s d r s l ( e s S a id o th e le s e ) r . ( S do k z iv e e n r s s ). ( h l s e u a t a n u r t n i f h o f e e e n s d r s sides). sides). 1920. 1921. ! ! September.. 1,375,703 13,788 95,204 June i 1,521,521 ! 14,753 57,196 July 1,431,373 I 12,321 44,971 1921. August ! 1,607,302 j 21,430 50,857 May. 1,561,220 14,499 57,480 September i 1,507,185 20,083 49,507 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1332 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. AUTOMOBILE TIRES AND TUBES. [The Rubber Association of America.] Pneumatic tires. Inner tubes. Solid tires. Production. Stocks. ^ d a o S m pS e ? st * ic 8- . Production Stocks. S d h o i m pm es e t n ic t . s, 1921. Number. Number. Number. Number. Number. ! Number. Number. Number. Number. January 705,430 5,319,605 965,417 740,824 5,586,163 ! 1,042,617 21,220 303,753 29,116 February 819,892 5,193,018 1,073,756 916,627 5,415,464 I 1,129,881 23,365 304,374 29,599 March 1,163,314 4,597,103 1,614,651 1,346,483 5,044,861 ! 1,643,690 | 28,710 283,800 43,926 April 1,651,418 4.527,445 1,785,951 1,762,122 4,916,772 ! 1,983,571 I 28,859 269,985 42,080 May 2,100,917 4,451,668 2,085,882 2,210,040 4,751.880 i 2,342,567 i 35,156 264, 633 40,122 June 2,313,265 4,154,456 2,643,850 2,359,928 3,835', 098 ; 3,232,673 28,395 240,336 49,867 July 2,570,524 3,892,037 2,757,581 3,020,981 3,122,815 j 3,603,248 35,123 220,003 55,678 August 3,043,187 3,934,583 2,894,442 4,430,152 3,649,319 i 3,804,060 55,694 216,367 66,806 SHIPMENTS OF AUTOMOBILES. [National Automobile Chamber of Commerce] I Railroad Driveaways Boat (ma- Railroad Driveaways Boat (ma- (carloads). (machines). chines). (carloads). (machines). chines). ! 1920. j 1921. October 17,209 14,127 1 2,519 June 20,269 18,834 3,947 j July. 19 514 15 533 3 726 1921. j ! August 20,758 15,218 3,595 May 18,608 15,193 2,381 j September 20,150 13,550 3, 580 October . 17,323 11,257 2,300 OUTPUT OF LOCOMOTIVES AND CARS. [Locomotives, reports from individual producers; cars, Railway Car Manufacturers' Association.] Locomotives. Output of cars. Locomotives. Output of cars. s D hi o t p m i p c e e s d - . F p o c le o re t m e ig d - n . Do ti m c. es- Foreign. Total. s D hi o t p m i p c e e s d - . F p o c le o re t m e ig d - n . Do ti m c. es- Foreign. Total. 1920. Number. Number. Number. Number. Number. 1921. Number. Number. Number. Number. Number. September 126 69 3,955 1,103 5,058 June 43 36 2,540 417 2,957 July . .. 31 25 4 140 441 4,581 1921. August 43 51 2,364 182 2,546 May 56 18 3,843 444 4,287 September 50 53 1,597 374 1,971 VESSELS BUILT IN UNITED STATES, INCLUDING THOSE FOR FOREIGN NATIONS, AND OFFICIALLY NUMBERED BY THE BUREAU OF NAVIGATION. [Monthly average, 1911-1913=100.] to G nn ro a s g s e. Relative. Number. to G nn ro a s g s e. Relative. 1920. 1921. September. 135 261,962 1,084 June 160 173,885 I 720 July 107 90,636 j 375 1921. August 75 90,205 373 May. 116 132,622 549 September 67 105,352 ! 436 RAILROAD OPERATING STATISTICS. [United States Railroad Administration; March, 1920, on, Interstate Commerce Commission.] Net ton-miles, Net tons Net ton-miles, Net tons revenue and per revenue and per nonre venue. loaded car. nonre venue. loaded car. 1920. 1921. August. 42,684,908,000 788 i 30.1 June 28,140,661,000 i July 28,412,404,000 1921. August 30,381,958,000 May. 28,221,000,000 674 27.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1333 RAILROAD REVENUE-FREIGHT LOADED AND RECEIVED FROM CONNECTIONS. [American Railway Association. Carloads.] REVENUE-FREIGHT LOADED, CLASSIFIED ACCORDING TO NATURE OF PRODUCT. an G d r a g i r n ain s L to i c v k e . Coal. Coke. | p F ro o d re u s c t ts. Mer- Miscella- Total. products. 1920. September 187, 516 135,037 863, 881 67,445 266,617 347, 466 885,986 | 1,431,353 4,185,301 1921. May 161,133 111,416 657,022 21,622 207, 598 100,396 899,233 1, 006,632 3,165,052 June 181, 080 121,751 696, 312 21, 064 221, 569 130,838 947,162 1,106, 768 3,426,544 July 239, 857 104,224 634,100 17,057 182,078 131,666 879,382 1,072, 774 3,261,138 August 269, 878 124,394 699,193 19, 875 202, 545 142,961 968,746 1,227, 599 3,655,191 September 239, 514 129,600 705, 827 21, 406 201, 251 123,730 971, 527 1, 248, 529 3,641,384 REVENUE-FREIGHT LOADED, CLASSIFIED ACCORDING TO GEOGRAPHICAL DIVISIONS. Eastern. Allegheny. h P o o n c ta a- s. Southern. North- w C e e s n t t e r r a n l . w S e o s u te th rn - . Total. 1920. September 1,009, 434 162, 430 557, 829 710,914 582,509 283,668 4,185,301 1921. May 772, 733 651,670 137,324 468, 284 453, 876 431, 815 249,350 3,165,052 June 826,912 714,503 150,331 497,093 519,090 465,973 252,642 3,426,544 July 786, 454 651, 910 122, 958 465,145 489,118 485,161 260,392 3,261,138 August 890,199 716, 717 120, 320 493, 840 579,035 567, 883 287,197 3,655,191 September 882, 238 710, 463 131, 712 555, 095 574, 833 278,061 3,641, 384 TONNAGE OF VESSELS CLEARED IN THE FOREIGN TRADE. [Department of Commerce. Monthly average, 1911-1913=100.] Net tonnage. Per- Net tonnage. Percent- cent- Rela- age Rela- Rela- age Relative. Ameri- tive. tive. Ameri- tive. American. Foreign. Total. can to American. Foreign. Total. can to total. total. 1920. 1921. September 3,421,531 3,513, 599 6,935,130 170 49.3 186 June 3,058,679 3,094, 452 6,153,131 150 49.7 187 July 2, 512,712 3,362,443 5, 875,155 144 42.8 161 1921. August 2, 581,600 3,222,908 5, 804, 508 142 44.5 168 May 2,113,881 2,910, 341 5, 024, 222 123 42.1 159 September 3,091,960 2,903,253 5,995, 213 147 51.6 194 COMMERCE OF CANALS AT SAULT STE. MARIE. [Monthly average, May-November, 1911-1913=100.] EASTBOUND. Grain w o h t e h a e t r . than Wheat. Flour. Iron ore. Total. Bushels. Relative. B ushels. R elative. Barrels. Relative. Short tons. Relative. 1920. September 3,102,770 35 11, 624, 488 60 621,010 53 8, 721,412 1921. April 7,418, 708 8,592, 826 54,540 95,328 518,458 May 12,431, 592 140 12,609,469 66 890,330 2,652,033 3,407, 827 June 11,358,929 127 10, 418,433 54 1,150,240 3,892,791 4,628,067 July 10, 839,026 122 7, 878,077 41 1,119,140 4,356, 760 5,011,900 August 10, 298, 759 116 10,132, 267 53 1,232, 250 106 4,384,949 5,128,043 September 14,382,104 161 28,120,141 146 1,516,155 131 3,610,454 5,017,941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1334 FEDERAL, RESERVE BULLETIN. NOVEMBER, 1921. COMMERCE OF CANALS AT SAULT STE. MARIE—Continued. WESTBOUND. Hard coal. Soft coal. Total. Total freight. Short tons. | Relative. Short tons. Relative. Short tons. Relative. Short tons. Relative. 1920. September 177,123 I 57 2,040,774 106 2,458,002 11,748,131 124 1921. r April 109,719 259,288 438,673 957,131 May 214,776 2,303,369 120 2,747,236 110 6,155,063 65 June 247,048 3,027,177 158 3,451,409 139 8,079,476 85 July 445,754 144 2,486,990 129 3,126,683 126 8,138, 583 August 489,142 158 88 2,369,833 95 7,497,876 "79 September 281,130 91 52 1,464,130 59 6,482,071 68 PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER PLANTS. [U. S. Geological Survey.] Kilowatt hours. Kilowatt hours. P w r a o t d e u rp c o ed w e b r y . Prod fu u e c l e s d . by Total. { | ; 1 P w r a o t d e u rp ce o d w b er y . Prod fu u e c l e s d . by Total. | i 1920. 1921 | September 1,315,642,000 2,307,640,000 3,623,282,000 ! June i 1,215,976,000 2,028,121,000 3,244,093,000 July 1,224,813,000 2,044,896,000 3,269,709,000 1921. | August i 1,200,000,000 2,209,909,000 3,409,909,000 May 1,322,201,000 1,941,565,000 3,263,766,000 | September i 1,118,407,000 2,259,087,000 3,377,484,000 November Estimate of Corn Production. PRODUCTION OP CORN, BY FEDERAL RESERVE DISTRICTS [Nov. 1,1921, forecast of the Department of Agriculture. In thousands Following is a table showing by Federal of bushels.] R co e r s n e r p ve ro d d u is c t t r i i o c n ts is t s h u e e d p re b l y im t i h n e a r U y n e it s e t d im S at t e a t o es f Federal Reserve district. e P s r n t e i a l m i r m y at i e - for O e 1 c 9 c a 2 t s . 1 t 1 . f or | ; E fo s r t i 1 m 92 a 0 te . for 1921. Department of Agriculture as of November 1, 192 1, compared with the forecast made in Boston 5,750 5,810 4,535 October and the estimate for 1920. It will be N Ph e i w la Y de o l r p k hia... 4 6 3 7 , , 4 9 2 3 8 0 4 64 4 , , 6 6 0 4 9 3 i ! 3 63 8 , , 1 5 3 5 3 0 noted that, though the preliminary estimate C R l i e c v h e m la o n n d d 2 1 0 8 0 3 , , 5 9 3 8 3 0 2 1 0 8 1 1 , , 0 5 1 3 7 6 i 2 2 0 1 2 6 , , 8 64 5 2 0 is about 11,000,000 bushels below the October A Ch tl i a ca n g ta o 2 9 9 3 7 7 , , 6 5 1 9 5 6 3 9 0 2 5 8 , , 0 6 6 6 7 1 266,055 forecast and 80,000,000 less than last year's M St. i n L n o e u ap is olis 4 2 3 8 6 7 , , 1 81 8 3 0 4 2 5 8 0 1 , , 9 55 7 9 1 4 2 4 5 1 9 , ,1 1 2 1 6 8 record crop, it is still, with the single exception K Da a l n la sa s s City... 4 2 5 2 9 1 , ,3 3 4 7 1 0 4 2 8 0 3 6 , , 9 1 6 5 6 2 5 1 4 9 2 9 , , 6 6 9 3 9 8 of 1920, the largest corn crop in the history of San Francisco. 10,162 9,072 10,124 the country. Total. 3,151,6 3,163,063 I 3,232,367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1335 BUILDING STATISTICS. BUILDING PERMITS IN 166 SELECTED CITIES. [Collected by the 12 Federal Reserve Banks.] NUMBER OF PERMITS ISSUED. District District District District District District District District District District District District Total No.l No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 No. 10 No. 11 No. 12 (166 (14 (22 (14 (12 (15 (14 (19 (4 (9 (14 (9 (20 cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). 1920. September... 1,715 4,779 1,943 3,528 2,497 2,255 5,003 1,309 1,419 1,559 1,864 9,224 37,095 1921. May 2,412 8,146 3,187 5,107 4,170 2,770 6,132 1,998 2,528 2,655 2,473 8,525 50,373 June 2,517 7,534 2,874 4,564 4,045 2,800 5,930 1,939 1,971 2,166 2,617 8,199 47,156 July 2,230 7,501 2,599 3,678 3,278 2,564 5,392 1,815 1,753 2,240 2,475 7,925 43,450 August 2,596 8,188 2,749 4,222 3,756 3,437 6,157 1,971 2,390 2,653 2,814 10,187 51,120 September... 2,442 7,709 2,990 3,987 3,389 2,847 5,466 2,036 1,975 2,739 2,598 11,169 49,347 VALUE OF PERMITS ISSUED. District No. District No. District No. District No. District No. | District No. District No. 1 (14 cities). 2 (22 cities). 3 (14 cities). 4 (12 cities). 5 (15 cities). | 6 (14 cities). 7 (19 cities). 1920. September. 4,868,873 22,224,669 ] 4,936,379 9,554,303 5,860,033 4,243,928 16,405,747 1921. May 5,850,526 55,493,186 I 6,244,792 10,451,771 i 8,332,123 5,674,822 14,914,403 June 6,602,647 48,312,504 I 7,875,639 15,658,897 I 8,779,653 4,723,709 20,593,319 July 6,304,633 64,146,117 I 5,875,671 9,342,411 5,606,030 5,772,478 29,933,415 August 6,924,076 55,534,223 j 6,379,857 10,857,711 8,190,936 5,304,592 25,578,330 September. 5,799,540 47,232,953 i 7,820,694 11,677,857 ! 9,284,277 5,150,280 23,080,016 I District No. District No. District No. District No. District No. Total (166 8 (4 cities). 9 (9 cities). 10 (14 cities). 11 (9 cities). 12 (20 cities). cities). 1920. ! September ; 2,165,442 2,312,995 3,183,648 3,284,841 17,378,394 96,419,252 1921. May i 2,696,521 4,574,734 6,096,407 4,190,778 17,763,732 142,283,795 June I 4,448,228 5,602,586 5,452,181 4,155,740 15,450,694 147,655,797 July 3,485,150 3,906,381 5,496,947 4,133,026 15,298,705 159,300,964 August i 3,325,791 5,423,460 7,529,619 6,401,268 17,226,365 158,676,228 September j 5,820,895 4,004,238 6,286,923 5,680,968 20,134,993 151,973,634 VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS. [F. W. Dodge Co.] VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS. District I District District District District District District No.l. No. 2. No. 3. No. 4. No. 5.i No. 7. No. 9.2 1920. October 16,908,259 51,216,541 6,756,200 31,796,117 10,020,614 37,991,617 10,781,844 1921. May 17,954,234 58,816,766 23,373,200 33,915,207 23,023,500 54,867,976 8,841,467 June 15,308,072 63,561,928 14,796,800 39,928,314 20,428,761 45,199,007 8,762,123 July 19,298,334 54,500,566 13,563,100 35,669,377 16,026,969 41,119,866 12,651,007 August.... 19,276,295 62,043,905 22,350,500 26,665,555 17,337,624 44,680,034 9,173,552 September. 15,282,766 90,730,134 16,197,500 36,041,601 19,597,191 41,461,283 8,162,640 October 20,498,363 74,429,237 18,295,400 26,969,800 19,463,402 36,250,434 8,047,792 i North and South Carolina not included prior to May, 1921. 2 Montana not included. VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS. District District District District District District No.l. No. 2. No. 3. No. 4. No. 5.i No. 9.2 1920. October 5,511,379 I 14,547,821 1,342,000 5,275,353 ! 1,626,395 10,174,284 2,051,909 1921. May 6,933,658 36,963,442 6,846,800 9,188,212 6,961,450 9,779,947 2,323,240 June 6,531,152 34,355,048 3,543,700 8,198,377 4,090,859 9,880,273 2,554,424 July 6,672,758 22,546,142 2,971,900 8,319,248 5,335,545 7,382,427 3,758,503 August 6,702,583 36,061,717 5,331,500 8,209,645 5,938,417 10,424,029 2,975,504 September 6,547,754 48,789,646 5,526,400 8,987,610 6,171,436 11,655,497 2,476,132 October 8,094,387 39,738,113 5,449,400 8,991,474 5,937,599 11,660,499 2,256,545 1 North and South Carolina not included prior to May, 1921. 2 Montana not included. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1336 FEDERAL, RESERVE BULLETIN. NOVEMBER, 1921. PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1 August, 1921. September, 1921. W goo h d it s e . g D o y o e d d s. P g r o in od te s d . Total. g W oo h d it s e . g D o y o e d d s. P g r o i o n d te s d . Total. Total finished yards billed daring month: District 1 14,914,899 20,671,092 12,500,238 52,575,398 18,117,269 21,463,815 14,114,626 57,975,054 2. 7,801,482 2,373,173 3,920,889 18,646,418 7,858,443 2,413,638 3,886,613 20,411,841 6,229,464 6,913,754 14,972,575 5, 878,445 6,967,341 14,811,606 5 5,468,177 153,884 5,622,061 5,497,316 15,076 5,512,392 6 314,702 1,373,112 1,687,814 235,807 715,556 951,363 8... . 2,410,969 2,162,539 Total. 34,728,724 31,485,015 16,421,127 95,915, 235 37,587,280 31,575,426 18,001,239 101,824,795 Total finishing charges billed during month: District 1. $282,083 $878,130 $532,564 $1,837,856 $335,353 $870,401 $646,535 $2,006,265 2 135,643 79,231 152, 846 472,283 129,868 76,984 186,884 520,484 3 . 196,680 280,346 507,879 201,958 265,250 494,697 5... 106,041 90 106,131 122,086 105 122,191 6 5,474 56,622 62,096 4,056 30,879 34,935 8 31,948 25,019 Total $725,921 $1,294,419 $685.410 $3,018,193 $793,321 $1,243,619 $833,419 $3,203,591 Total average per cent of capacity operated: District 1 72 69 72 69 72 71 72 70 2 87 54 54 65 67 46 80 74 3 76 75 78 1 78 79 79 5 77 77 108 ' 108 6 i 104 66 8. 99 90 Average for all districts 76 68 | 69 71 77 69 73 75 Total gray yardage of finishing orders received: District 1 17,791,421 20,511,161 14.106.663 55,869,933 17,169,221 24,579,506 12,940,702 58,786,249 2. . 9,216.479 3,532,379 5.295.545 20,599,591 6,065,988 4,114,020 7,308,448 21,511,757 3 5,724,209 6,154,224 13,146,095 6,497,683 6,437,636 15,141,290 5 7,785,136 58,969 7, 844,105 7,077,971 53,815 7,131,786 6 204,958 1,257,793 1,462,751 245,131 933,409 1,178,540 8 2,818,937 3,586,807 Total 40,722,203 31,514,526 19.402.208 101,741,412 37,055,994 36,118,386 20,249,150 107,336,429 Number of cases of finished goods shipped to customers: District 1 5,531 6,276 3,634 26,449 7,477 6,944 4,078 31,405 2... . 4,604 176 10,967 3,710 100 10,203 3 .. . 4,287 2,553 7,517 4,990 3,208 9,064 5... 1,484 3,256 2,477 4,352 6 8. 988 925 Total. . 15,906 9,005 3,634 49,177 18,654 10,252 4,078 55,949 Number of cases of finishedg oods held in storage at end of month: District 1. 4,626 3,313 3,489 22,391 5,136 3,800 3,151 23,952 2 2,609 283 8,285 3,300 398 10,044 3 224 348 5,995 119 316 5,730 5 275 1,338 213 1,064 6 53 60 8... 351 327 Total 7,734 3,944 3,489 38,413 8,768 4,514 3,151 41,177 Total average work ahead at end of month, expressed in days: District 1... 6.8 6.7 13 8.8 5.6 10 14 9.8 2 9 6.8 18 8.3 7.7 6.4 17 7.5 3.. 8.9 14 11 16 19 17 5 20 20 21 21 6 14 15 8. 10 23 Average for all districts 9.4 8.2 14 9.6 9.9 11 14 11 1 The National Association of Finishers of Cotton Fabrics, at the request of the Federal Reserve Board, has arranged for a monthly survey within the industry. The results of the inquiries are herewith presented in tabular form. The secretary of the association makes the following statement concerning the tabulation: The accompanying figures are compiled from statistics furnished by 35 out of 58 member firms of this association. It is probably fair to state that in the absence of having specific detail at hand, but, according to our best estimate, it is probably well within the fact that the figures given for the various classes of work would cover, approximately, the following percentages of the entire industry: White goods, 72 per cent; dyed goods, 62 per cent; printed goods, 30 per cent. The figures given represent reports from exactly the same finishers for the two months, both for the totals and for the subdivisions, and therefore are strictly comparable. NOTE.—Many plants were unable to give details under the respective headings of white goods, dyed goods, and printed goods, and repoirted their totals only; therefore the column headed " Total" does not always represent the total of the subdivisions but is a correct total for the ditsriict. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1337 REPORT OF KNIT-GOODS MANUFAC- [In dozens.] TURERS OF AMERICA. Septem- The total production of winter and summer (3 A 5 u m g i u l s ls t ). b m e i r l l ( s 3 ) 5 . Gain. Loss. underwear for the six months ended September 30 was as follows: Unfilled orders first of month 437,866 509,851 71,985 New orders 456,135 763,966 307,831 fihipTnp.nts 398,783 343,145 55,638 Number Actual Cancellations 4,662 4,364 298 of mills produc- Per cent Production.. 303,748 352,243 48,495 report- tion of normal. ing. (dozens). 1921. RETAIL TRADE. April 61 401,938 49.6 May 62 505,347 55.4 June 60 559,591 65.5 The following tables are a summary of the July 61 490,640 51.2 August 148 412,627 71.1 data obtained from 342 representative depart- September 155 572,833 84.4 ment stores in the 12 Federal Reserve dis- Winter underwear (September).. 47 363,694 83.5 Summer underwear (September) 28 209,139 tricts. In districts Nos. 1, 2, 5, 6, 7, 9, 11, and 12 the data were received in (and averages 15 other mills reported closed. computed from) actual dollar amounts. In Order and production report for month ended districts Nos. 3, 4, 8, and 10 the material was September 30, 1921, follows: The number of received in the form of percentages, and the mills reporting was 44. averages for the cities and districts computed from such percentages were weighted according to volume of business done during the Per cent calendar year 1920. Dozens. o p f r n o o d r u m c- al The changes in retail trade for the United tion. States as a whole are obtained by combining the district percentages, after multiplying Unfilled orders first of month 649,481 New orders received during month 863,080 152.1 them by a system of weights based partly on Total (A) .* 1,512,561 population and partly on banking resources. The tables for the month of August are Shipments during month 418,258 73.7 Cancellations during month 5,617 9.9 based on reports from 26 stores in district Total (B) 423,875 No. 1, 54 stores in district No. 2, 49 stores in district No. 3, 18 stores in district No. 4, 25 Balance orders on hand Oct. 1 (A minus B) 1,088,686 Production 408,893 72.1 stores in district No. 5, 31 stores in district No. 6, 40 stores in district No. 7, 21 stores in Thirty-five representative mills which re- district No. 8, 14 stores in district No. 9, ported tor August and September furnish the 14 stores in district No. 10, 20 stores in disdata for the following table: trict No. 11, and 30 stores in district No. 12. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1338 FEDERAL, RESERVE BULLETIN. NOVEMBER, 1921. CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS. [Minus sign (—) denotes decrease.] Percentage of increase in net sales as compared with corresponding period previous Ratio of outstanding orders at close of year. month to total purchases during previous calendar year (per cent). District and city. Jan. 1,1921, to July 1,1921, to close close of— of— May, June, July, Aug., Sept., May, June, July, Aug., Sept., 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. May, June, Aug., Sept., 1921. 1921. 1921. 1921. District No. 1: Boston - 2.4 - 1.5 -11.5 - 2.1 - 9.2 2.2 1.5 -11.5 - 6.8 - 7.8 5.7 6.9 6.1 7.2 7.4 Outside -11.4 - 8.5 -14.1 -10.5 -12.3 - 6.8 - 7.1 -14.1 -12.4 -12.0 8.8 5.5 7.5 7.4 7.3 District - 4.5 - 3.1 -12.3 - 4.5 - 9.9 .1 - .5 -12.3 - 8.4 - 9.0 6.2 6.7 6.3 7.3 7.4 District No. 2: New York City and Brooklyn... -11.7 - 8.7 -12.0 - 4.1 -12.0 - 6.4 - 8.8 -12.0 - 8.2 - 9.7 6.6 5.4 6.9 7.5 6.5 Buffalo .4 - 3.4 - 9.1 - 6.2 - 3.9 5.1 3.5 - 9.1 - 7.6 - 5.2 5.5 8.3 9.2 10.0 9.0 Newark - 9.2 - 4.4 -13.8 - 6.4 1.8 - 2.5 - 2.8 -13.8 -10.2 - 5.9 4.5 5.5 6.0 5.7 4.8 Rochester - 2.2 2.4 - 6.0 - 3.1 7.7 9.1 7.9 - 6.0 - 4.5 - .2 5.3 4.2 7.5 11.7 8.5 Syracuse - 3.9 - 9.2 -14.3 - 9.4 -13.4 5.2 - 3.3 -14.3 -12.0 -13.6 3.7 Outside - 9.9 - 7.7 -14/9 -11.2 - 7.3 - 4.6 - 5.3 -14.9 -14.3 -12.0 7.1 7.3 8.6 8.3 6.6 District -10.0 - 7.1 -11.5 - 5.2 - 8.2 - 4.3 - 5.1 -11.5 - 8.6 - 8.4 6.2 6.2 8.0 8.3 7.1 District No. 3: Philadelphia.. - 8.8 - 9.5 -13.8 - 2.9 -16.5 - 1.9 - 3.3 -13.8 - 8.5 -12.0 7.5 8.2 8.1 8.9 7.0 Outside - 4.8 - .8 - 6.4 - 6.7 -12.3 .7 1.9 - 6.4 - 7.8 - 9.4 5.0 5.4 7.5 8.1 7.4 District - 7.8 - 7.3 -11.8 - 4.0 -15.3 - 1.2 - 1.9 -11.8 - 8.3 -11.3 7.0 7.5 7.9 8.7 7.1 District No. 4: : ,<= Cleveland -17.9 -21.8 -29.2 -22.4 -26.9 -10.1 -11.8 -29.2 -22.8 -26.7 5.5 5.3 8.6 8.6 6.1 Pittsburgh 1.3 - 9.9 -16.3 -22.5 -24.6 5.7 4.9 -16.3 -17.8 -23.5 5.1 4.3 5.8 7.1 5.8 Outside .2 -11.0 -17.0 -11.0 -15.8 2.9 2.1 -17.0 -17.4 — 14.5 5.8 5.3 9.4 11.3 8.3 District - 5.5 -14.1 -21.4 —21.0 -23.6 - .3 - 1.1 -21.4 -19.3 —22.7 5.4 4.7 7.2 8.0 6.4 District No. 5: Baltimore - 7.1 - 7.0 -16.9 -17.4 -18.9 - 2.0 - 2.9 -16.9 -17.2 -17.8 5.4 7.9 9.5 9.8 7.9 Richmond - 3.0 - 4.1 -15.9 - 4.9 -12.9 3.2 1.8 -15.9 -11.0 -11.7 7.2 10.7 12.5 12.0 12.7 Washington... 4.3 4.9 - 4.2 - 1.4 -11.8 6.3 4.9 - 4.2 - 2.9 - 6.1 6.8 7.7 7.6 6.9 6.4 Other cities... - 5.2 - 3.1 -10.1 - 9.2 -19.8 5.4 3.7 -10.1 -10.1 -13.0 6.6 8.9 9.6 9.0 6.3 District - 3.0 - 4.2 -11.7 - 9.8 -16.2 2.1 .9 -11.7 -10.8 -12.7 5.6 8.3 9.2 9.0 7.7 District No. 6: Atlanta -32.1 -35.1 -36.7 -25.5 -36.4 -36.2 2.4 19.9 9.6 -32.9 -23.9 -36.2 -33.3 5.5 6.0 Nashville -19.0 -22.3 -15.7 -22.1 -11.8 -22.3 -17.5 -20.8 4.9 9.3 7.6 7.0 New Orleans.. - 8.3 - 8.6 -10.9 -15.7 - 4.9 - 8.6 - 9.9 -12.3 8.5 10.1 11.8 10.9 Outside -18.6 -30.0 -28.0 -26.9 -15.8 -30.0 -29.0 —25.2 3.1 6.3 7.2 4.7 District -16.8 -17.0 -21.2 -21.3 -22.9 -10.7 —12.0 —21.2 -21.7 -22.2 4.6 5.4 7.5 8.0 6.8 District No. 7: Chicago -12.4 — 7.6 —10.4 — 9.4 6.8 5.5 Outside . . -20.3 —17.2 -18.9 -17.7 8.0 6.5 District -12.5 -17.3 -14.7 -18.8 -15.3 - 8.0 -11.6 -14.7 -17.1 -16.0 4.0 5.4 8.9 7.9 6.5 istrict No. 8: —13.2 — 8.9 —18.5 —13.2 —11.1 —14.2 8.2 7.5 5.9 -20.9 - 9.5 -13.2 -20.9 -15.0 -10.7 5.7 8.3 7.2 —26.6 —21.4 —22.6 —26.6 —24.3 —23.7 5.9 8.9 9.6 Outside -12.9 -14.7 -15.2 -12.9 -13.0 —14.0 6.6 11.4 7.7 District - 1.6 - 7.9 -16.5 -11.7 -18.2 — .4 - 1.8 -16.5 -13.9 -15.3 5.1 5.6 7.4 8.2 6.8 District No. 9 —14.9 -16.8 -21.8 -11.0 -17.8 - 7.0 -15.6 -21.8 -23.6 -17.2 9.5 9.4 10.5 8.0 7.3 District No. 10: - 9.4 -11.8 -10.1 —10.8 7.6 5.6 .7 — 8.7 — 7.3 — 7.7 8.5 7.4 Outside -16.6 -21.9 —18.1 — 8.7 8.5 5.0 District - 5.3 -10.8 -10.9 - 8.9 -13.8 - 3.8 - 4.3 -10.9 -11.6 - 9.1 3.9 5.9 9.9 8.1 5.8 District No. 11 -17.4 -17.4 -22.1 -23.3 -22.7 -13.0 -15.2 -22.1 -22.7 -23.0 4.4 6.4 10.4 8.7 7.8 District No. 12: Los Angeles... 8.8 2.9 - 1.5 .4 - .3 9.5 8.0 - 1.5 - .2 9.2 11.1 11.9 10.1 8.3 San Francisco. - 2.4 - 5.7 -11.6 - 1.6 - 4.7 - 4.5 - 4.1 -11.6 - 5.7 9.1 10.3 12.1 10.4 8.6 Oakland — 2.1 - 3.9 - 7.9 - 8.4 -12.8 1.5 .5 - 7.9 - 9.5 4.8 5.0 11.0 Sacramento... 14.8 -13.8 -11.4 - 8.5 -21.6 14.0 - 9.2 -11.4 —12.5 Seattle -16.8 -13.5 -18.6 -12.5 -10.8 -13.5 -15.6 -18.6 -13.9 5.2 6.2 7.0 8.7 7.1 Spokane -17.9 -23.4 -22.0 - 8.6 -11.4 - 5.4 - 8.2 -22.0 -12.8 4.0 9.2 9.5 7.7 5.5 Salt Lake City -18.7 - 6.1 -16.2 -15.3 -13.9 - 3.5 - 7.3 -16.2 -15.7 6.0 4.0 9.6 10.5 10.1 District — 4.1 — 7.8 —12.9 — 6.2 — 8.7 — 6.9 — 6.6 -12.9 - 8.8 6.7 8.4 10.0 10.0 8.1 United States..... - 8.6 -10.7 -15.1 -11.9 -15.1 - 4.3 - 6.0 -15.1 -14.2 -14.0 5.5 6.4 8.4 8.3 7.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1339 CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS—Continued. [Minus sign (—) denotes decrease.] Ratio of average stocks at close of each Percentage of increase in stocks at close of month compared with— month to average monthly sales for same period (per cent). District and city. Same month previous year. Previous month. Jan. 1,1921, to July 1,1921, to close of— close of— May, June, July, Aug., Sept., May, June, July, Aug., Sept., May, June, July, Aug., Sept., 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. District No. 1: Boston -18.7 -16.6 -15.6 -17.9 -17.3 -2.9 -3.4 - 3.4 1.7 10.9 289.8 283.0 422.1 405.0 378.0 Outside -16.5 -17.1 -16.7 -19.1 -18.7 .2 -5.8 - .6 .5 10.2 424.5 416.0 432.6 458.0 478.0 District -18.1 -16.8 -15.9 -18.2 -17.8 -2.0 -4.1 - 2.6 1.4 10.7 319.5 312.0 425.1 420.0 405.0 District No. 2: New York City and Brook- -16.8 -17.6 -20.6 -23.1 -18.6 -2.6 -5.9 - 3.9 4.0 13.1 309.5 329.6 443.6 455.6 444.8 Buffalo -10.4 -12.2 -18.3 -21.6 -17.8 .3 -8.4 - 3.1 4.8 16.2 352.6 396.4 470.9 462.0 456.6 Newark -25.8 -26.2 -24.6 - 5.9 -24.2 .2 -8.9 4.5 7.0 0.7 340.4 330.3 451.9 459.1 428.6 Rochester -29.2 -31.0 -30.2 -25.1 -19.7 -6.0 -2.7 - 2.8 5.4 10.5 392.4 387.0 433.8 445.2 431.6 Syracuse -12.6 -21.5 -26.1 -24.6 -19.0 -2.1 - .8 - 7.6 4.9 6.1 446.5 411.7 469.4 498.1 488. 5 Outside -10.0 - 5.0 - 8.3 - 9.1 - 7.7 1.6 3.3 - 6.8 1.0 11.9 482.2 472.5 487.3 557.4 579.0 District -17.3 -11.5 -20.6 -19.7 -18.0 -2.1 -5.6 - 4.2 5.2 11.9 326.5 333.9 431.6 453.7 442.5 District No. 3: Philadelphia.. -17.0 -11.9 -13.6 -19.1 -17.7 - .5 - .9 - 4.9 - 2.5 6.4 314.2 311.9 469.2 442.2 440.7 Outside - 8.2 -12.9 -15.2 -20.0 -12.6 2.7 -4.6 - 4.3 4.6 10.6 447.7 432.3 479.0 525.5 546.4 District -14.9 -12.1 -14.0 -17.3 -16.4 .2 -1.7 - 4.7 - .7 7.4 346.1 341.0 471.9 462.8 466.8 Distri.t No. 4: Cleveland -28.7 -28.0 -27.9 -28.7 -26.8 -1.0 —2.6 - 6.0 7.8 15.2 328.7 363.1 476.3 461.0 462.5 Pittsburgh.... -14.1 -14.9 -14.9 -13.4 -15.4 -4.9 -3.6 - 5.4 6.2 6.6 302.4 287.7 362.7 443.1 487.2 Outside - 9.8 - 9.0 - 9.1 -20.3 -19.5 -2.7 1.7 -10.4 7.3 9.1 418.1 378.9 483.1 588.9 441.9 District -18.2 -19.1 -19.6 -18.8 -19.6 -3.1 -2.8 - 6.1 6.8 9.7 334.0 319.5 416.9 467.3 470.9 District No. 5: Baltimore -25.3 -24.2 -27.8 -26.1 -21.1 -3.1 -6.6 - 4.2 6.7 17.4 327.9 323.7 463.2 475.1 477.9 Richmond -14.6 -14.2 —16.9 -15.0 -13.5 - .2 -2.2 - 1.9 5.4 15.4 358.5 350.8 429.5 459.0 460.2 Washington... -29.2 -27.5 -23.9 -20.8 -17.5 - .5 -2.8 - 2.3 8.9 11.8 345.3 340.6 434.8 458.3 481.4 Other cities... -24.2 -21.0 -18.2 -18.6 -13.8 -1.7 -1.2 2.3 4.7 17.0 394.6 391.7 480.5 495.3 553.9 District -25.8 -24.2 -24.1 -22.3 -17.9 -1.7 -4.1 - 2.2 7.0 16.8 345.6 341.3 453.3 471.2 490.4 District No. 6: Atlanta -21.8 -23.3 -22.6 - .6 S.3 15.0 499.1 656.1 573.8 Birmingham.. —20.3 -24.0 0.0 7.9 809.7 911.2 Nashville -19.1 -22.9 -22.8 —20.4 -2.8 - 2.5 10.0 8.3 442.7 633.3 556.7 497.9 New Orleans.. ........ - 6.6 -15.2 -17.4 -16.9 -4.9 2.4 3.2 14.0 350.8 510.9 510.9 472.7 Outside -26.4 -26.4 -21A -14.0 :::::::: -3.6 - 2.6 9.9 7.4 536.6 644.3 805.8 626.0 District.... -11.5 -17.4 —21.6 -19.8 -18.3 -2.7 -2.8 — .4 5.3 11.0 417.8 425.3 571.6 612.2 565.9 District No. 7: -14.3 —10.8 12.2 10.0 463.1 470.3 —23.2 —23.8 7.0 3.0 517.5 518.0 District.... -18.8 -20.6 —20.0 -21.6 -21.5 -3.1 -4.0 - 1.2 8.0 4.3 411.4 428.3 500.4 505.2 508.3 District No. 8: 6 8 7.6 12.1 3.4 10.2 5.3 410.3 419.8 429.4 Louisville -18.4 -11.5 -10.6 - 3.4 11.2 10.0 455.6 729.3 638.6 7.4 20.6 —21.3 - 6.9 3.8 9.8 475.7 463.3 434.8 -15.6 -12.9 -11.6 - 9.6 11.2 12.9 337.7 521.5 536.3 District —11.0 - 9.9 - 9.3 -10.7 -13.3 -1.7 - .5 - 3.7 9.4 7.4 329.6 344.2 426.1 461.8 462.5 District No. 9 -24.3 -27.4 -21.6 -21.1 -18.1 -4.2 -5.7 - .6 6.9 4.1 District No. 10: —13.1 —14.8 10.3 4.7 544.1 557.5 13.9 11.1 13.2 5.9 443.3 602.1 19.8 18.2 16.4 8.7 560.2 425.9 District -19.8 -17.0 -15.0 -15.1 -14.2 -4.3 -9.0 6.8 12.7 6.1 359.2 378.1 497.1 527.9 543.3 DistrictNo.il.... -21.0 -22.6 -27.6 -25.5 -26.0 -3.4 -4.6 - 2.2 16.9 7.3 407.5 386.5 543.2 594.8 551.8 District No. 12: Los Angeles... - 9.4 -17.6 - 3.6 - .6 1.7 2.3 -9.1 7.5 .6 5.3 374.1 376.0 393.7 394.1 467.2 San Francisco. -17.6 -16.3 -14.6 - 9.2 - 6.8 -2.3 -8.6 - .6 7.9 10.2 383.8 394.4 406.0 404.5 449.1 Oakland -16.5 -18.4 -16.6 -12.7 - 8.6 6.8 -4.7 - .7 7.0 9.1 464.2 468.2 490.7 498.9 446.5 Sacramento... -29.4 -32.6 -32.4 -14.5 -15.5 -6.9 -6.8 - 2.6 22.9 6.6 382.6 422.0 424.3 448.1 517.8 Seattle.. -27.4 -28.3 -37.0 -23.2 -25.2 -3.0 -5.1 - 6.8 13.5 4.0 423.4 410.1 410.8 404.0 419.8 Spokane -17.1 -16.3 -17.2 -15.5 - 0.1 -2.5 -7.1 -13.5 7.3 2.4 602.2 575.5 575.5 586.1 577.0 Salt Lake City -10.8 -25.7 -30.2 -24.7 -18.9 -3.2 -8.3 - 7.6 13.1 8.9 525.7 District -14.2 -20.9 -18.3 -15.5 -15.7 -1.0 -7.6 - .7 4.6 4.3 466.6 469.7 478.3 455.7 479.8 United States -17.7 -17.4 -19.1 -19.0 -18.1 -2.4 -4.4 - 2.0 6.6 8.7 366.0 369.3 468.0 487.0 483.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1340 FEDEEAL, RESERVE BULLETIN. NOVEMBER, 1921. WHOLESALE TRADE. PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN SEPTEMBER, 1921, AS COMPARED WITH THE PRECEDING MONTH (AUGUST, 1921). Groceries. Dry goods. Hardware. Bo s o h t o s e s a . nd Furniture. Drugs. su A pp u l t i o es. Stationery. p F l a e r m m e n im ts - . Auto tires. District. c P e e n r t. N f b ir e u m r m o s - . f c P e e n r t. N f b ir e u m r m o s - f . c P e e n r t. N f b ir e u m r m o s - f . c P e e n r t. N f b ir e u m r m o s. - f c P e e n r t. N f b ir e u m r m o s - . f c P e e n r t. N f b ir e u m r m o s - . f c P e e n r t. N f b ir e u m r m o s - . f c P e e n r t. f N b ir e u m r m o s - f . c P e e n r t. N f b ir e u m r m o s - . f c P e e n r t. f N b ir e u m r m s o - . f No. 2 -5.9 9- 0.7 3+ 8.7 11-7.5 7 +0.6 4 - 4.0 5 No 3 -6.1 48 + 5.5 24 No 5 +7.5 9+ 8.1 7+10.3 19- .5 8+ 2.7 23 No. 6 +5.8 25+33.9 18+16.2 21+35.7 9+14.2 13 No 7 -6.8 23+ 8.8 9+ 7.3 17+ 7.8 9 +9.0 11-15.8 9-5.2 5 -18.0 5 No 9 -20.0 5-11.8 7 +33.9 8 No. 10 +8.1 5 +12.2 4 +19.6 4 +3.3 3 -23.1 3 No 11 +9.6 15+13.3 11-7.0 11 +25.9 3 + .8 9 -30.4 4 No. 12 +3.1 29+24.7 13+ 6.0 22+29.2 16+32.7 17 + .3 9- .09 20+12.1 28-31.4 24-20.7 15 PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN SEPTEMBER, 1921, AS COMPARED WITH SEPTEMBER, 1920. Groceries. Dry goods. Hardware. Shoes. Furniture. Drugs. su A pp u l t i o es. Stationery. p F l a e r m m e n im ts. - Auto tires. District. c P e e n r t. N f b ir e u m r m o s. - f c P e e n r t. N f b ir e u m r m o s - . f c P e e n r t. N f b ir e u m r m o s - . f c P e e n r t. N f b ir e u m r m s o - . f c P e e n r t. N f b ir e u m r m o s - . f c P e e n r t. N f b ir e u m r m o s - . f c P e e n r t. N f b ir e u m r m o s - . f c P e e n r t. N f b ir e u m r m o s. - f c P e e n r t. N f b i e r u m r m o s - f . c P e e n r t. N f b ir e u m r m s o . - f No 2 -21.6 9-21.6 3-37.4 11-4.1 7 + 0.8 4 -34.6 5 No. 3 -30.3 48 -34.4 24 No 4 -32.6 11-19.5 3-39.5 5 -18.4 6 No 5 -30.5 9-3.4 7-31.4 19+18.5 8+ 4.0 23 No. 6 -34.6 25+ 5.0 18-40.3 21-27.9 9-27.7 13 No 7 -34.9 23-12.2 9-34.3 17-17.2 9 -19.8 11-41.0 9-54.7 5 -29.7 5 No 9 -34.4 5-33.5 7 +46.2 8 No 10 . -19.9 5 -29.8 4 -24.5 4-15.3 3 -71.1 3 No 11 -25.4 15-19.8 11-41.3 11 -24.3 3-31.7 9 -78.0 4 No 12 -27.7 29-19.5 13-30.1 22—13.0 16-13.2 17-18.8 9-20.3 20-27.3 28-52.3 24-12.2 15 COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES. The foreign index numbers published here- German index number was described in the BULLETINS for February and March, 1921. Complete information regarding the computation of the with are constructed by various statistical index of the United States Bureau of Labor Statistics appears in the publications of that bureau, and a description of the index number of the offices according to methods described, in most Federal Reserve Board may be found in the BULLETIN for May, 1920. cases, in the BULLETIN for January, 1920.1 u T p h o e n D th a e n is p h ri ce in s d o ex f 3 h 3 a s c om be m en o di c t o ie n s s , t a ru n c d t e i d s r o o n u l g y h l r y e c w en ei t g ly h , t ed is a b c a c s o e rd d - In the following table the all-commodities ing to consumption. The new British index number, compiled by the Board of Trade, has been revised and now uses prices in 1913 as index numbers for the whole series of countries a base. In the case of the two American index numbers, 1913 is used appear together to facilitate the study of as the basis in the original computations. In the other cases in which 1913 appears as the basis for the computation, the index numbers have comparative price levels. been shifted from their original bases. The computations in these cases are, therefore, only approximately correct. In a few cases July, 1914, or the year immediately preceding that, is used as the base. The 1 A description of the method used in the construction of the Swedish figures are for the most part received by cable, and the latest ones Index number appeared in the BULLETIN for February, 1921, for the are subject to revision. Tn cases where the index numbers were availnew Italian index number in the April, 1921, issue of*the BULLETIN, able they have been published for the war years in various issues of and the method used by the Frankfurter Zeitung in the case of the the BULLETIN in 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1341 INDEX NUMBERS OF WHOLESALE PRICES (ALL COMMODITIES). w Aus- R F t U S q B i e o e u t n ( o d a s n 9 o i e a t e s t 0 t e r r e r ) a v s d a . d - 2 ; e l o t B t U i S q S f i c o u u t t n L s a a n r o i t a ( t e s t t e 3 i e b a a ) s s 1 . d o u - - ; 2 5 r U B T m K t d c ( i n r o o o 1 i e o o a i n a m 5 m s d f t d r g 0 ) e i - d e ; . - d - ( U 4 S m t K d i 5 t n e o a o i c i s n m t d t o ) i g e i . s ; m 3 - - d t -G ( l t F l 4 i e m t a e s r B 5 i t n a e t i o S i n u c e n s q d o t ) l r c d - a u i . a m e 3 - - e e l ; e - ( 1 I a 3 B m t t 9 u P f 8 h a t 2 t a n i r o e e l 0 c e o c y t r r d o , s ) i h f e ; i l m . 7 . i - - 2 i 6 - ( Z F 7 m f m t e i u 7 G r e a i a o r t s e c n t n u d ) e r o y k n . i - r m 4 - ; - g - H S t t S q i w i a v d o u n ( e e n n o 4 d d n s i 7 t e e n a ) s l n - k . g s & ; - N ( C O 9 R m t o a m 3 i h k e e r n o r o i w c v s l i s d n ) o a s u k a . i , o t m e 6 - i y - - - ; ( t F 3 i m m t i d D i 3 n e o a e e c s a r n d ) n o n k d i . - m - 7 ; s e - - ( B T 5 J J m t a a i 8 a o e o p n p k c s k d a a ) o y n . i n m o 2 - o ; f - S ( s w B o 9 t t u m r C m a f 2 u e s a t o o C a r i o l c a s e m i d l o n e a t t n a i i h n m - - n - d u c ; - s - 9 m D t q C L io e u e ( a a 2 n p o n n b 7 s a t t a o 2 a ) r o d r . - t 5 - f a; m D t S I m c t i c i c n e e C t u e o a s o d p n t a s m t d t a i l t ) ( i a - a . 7 s i r - o 3 - , ; - t 5 f ties)^ 1913 100 100 100 100 100 100 8100 100 100 1914 100 101 101 95 9100 116 10115 11100 96 12100 101 13 100 1915 101 126 137 133 145 159 138 97 141 110 1916 124 159 187 202 185 233 164 117 132 135 1917 176 206 262 299 244 341 228 147 14155 177 1918 196 226 339 409 339 345 293 192 170 206 1919 208 212 242 357 364 330 322 294 236 180 217 1920 233 243 314 291 510 624 1,522 347 377 382 259 218 246 204 1920. September.. 226 242 318 292 526 655 1,560 362 425 394 230 230 241 208 October 208 225 309 282 502 659 1,582 346 419 398 226 215 234 206 1921. January 163 177 251 232 407 642 1,603 267 344 341 201 196 208 178 February... 154 167 230 215 377 613 1,473 250 319 290 195 192 199 174 March.. . 150 162 215 208 360 604 1,419 237 312 280 191 181 194 175 April 143 154 209 199 347 584 1,410 229 297 270 190 171 187 183 May 142 151 205 191 329 547 1,428 218 294 257 191 166 183 184 June 139 148 202 183 325 509 1,387 218 294 254 192 162 179 178 July 141 148 198 186 330 520 1,467 211 300 253 196 159 176 183 August 143 152 194 183 331 542 1,723 198 297 256 199 160 174 184 September.. 143 152 191 176 344 580 1,777 182 287 224 207 160 172 October 599 1,993 286 202 2,687 1 Index numbers for 1920 and thereafter based upon prices of 76 commodities. Computations arrived at by the method described on p. 465 of the BULLETIN for April, 1921. 2 Average for the month. » Middle of 1914= 100. 3 End of month. w Dec. 31,1913-June 30,1914= 100. 4 Beginning of month but not always the first. u July 1,1912-June 30, 1914= 100. 6 Middle of month. 12 July, 1914-100. 8 End of year and end of month. 13 End of July, 1914= 100. ^\: 7 First of month. i* Last six months of 1917. s July 1,1913, to June 30,1914= 100. In the following tables the index numbers for fore impossible to compare present levels with individual groups of commodities are given for prewar levels in these cases. No group index each country separately. In the case of the Ital- numbers are compiled by the Bank of Japan, ian group index numbers, Prof. Bachi's new com- and the Danish index published by the Fiputations only are given. These can not be nanstidende has only two group indexes, one referred back to the 1913 base and it is there- for food and one for " other commodities." GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS. [1913=100.] Date. pr F od ar u m cts. F e o t o c. d, C c l l o o t t h h s i n a g n . d F li u g e h l t i a n n g d . M pr e m o ta d e l u t s a c a l t n s. d m b L u a u a i t m l e n d r d b i i n a e g r l. a C n h d e m dr i u ca g l s s . fu H r g n o o i o u s d h s s e in . - g la M n i e s o ce u l s - . com t A i m e l s l o . di- 1913 100 100 100 100 100 100 100 100 100 100 1914 . 103 103 98 96 87 97 101 99 99 100 1915 105 104 100 93 97 94 114 99 99 101 1916 .. . . 122 126 128 119 148 101 159 115 120 124 1917 189 176 181 175 208 124 198 144 155 176 1918 220 189 239 163 181' 151 221 196 193 196 1919 . . 234 210 261 173 161 192 179 236 217 212 1920 218 239 302 238 186 308 210 366 236 243 September, 1920 210 223 278 284 192 318 222 371 239 212 1921. 136 162 208 228 152 239 182 283 190 177 Fehruarv 129 150 198 218 146 221 178 277 180 167 March 125 150 192 207 139 208 171 275 167 162 115 141 186 199 138 203 168 274 154 154 May 117 133 181 194 138 202 166 262 151 151 Juno . .. ... 113 132 180 187 132 202 166 250 150 148 July 115 134 179 184 125 200 163 235 149 148 AllEfUSt 118 152 179 182 120 198 161 230 147 152 September 122 146 187 178 120 193 162 223 146 152 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1342 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. ALL COMMODITIES GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE. [1913=100.] Other Cereals. an M d e f a i t sh. f O o t o h d e s r . T fo o o t d a . l Ir s o t n e e a l n . d me a t n a d ls Ootton. te O x t t h il e e r s. ar O t t i h cl e e r s. no T t o f t o a o l d. m A o ll d c it o i m es - . minerals. 1920 average 273 263 278 272 406 252 480 362 274 340 314 September, 1920.. 282 282 262 275 434 266 462 342 276 345 318 1921. January 245 285 251 257 359 213 224 220 221 248 251 February 212 266 227 234 320 201 195 201 216 228 230 March 205 251 229 228 283 192 173 179 205 209 215 April 200 245 224 222 259 192 181 170 196 202 209 May 197 220 222 213 250 193 183 166 201 201 205 June 199 219 218 212 240 189 ISO 162 199 196 202 July 200 214 218 211 229 185 180 161 194 192 198 August 204 217 214 212 222 172 176 159 189 186 194 September 196 201 207 202 207 160 213 163 189 186 191 GROUP INDEX NUMBERS—UNITED KINGDOM—STATIST. [1913=100.] Date. f V t o a e o b g d l e e s. - f A m oo n a d i l s - . S t u c fe e o g e a f a , - . r, s F tu o f o f d s. - e M r i a n ls - .t T il e e x s - . d S r u ie n s - . M ria a l t s e . - m c it A o i o e m l d s l - - . Date. f V t o a e o b g d le e s - . Ani- s F tu o f o f d s. - e M r i a n l - s.t T i e l x es - . d S r u i n e - s. M ri a a t l e s. - m c it A o i o e m l d l s - - . 1913 100 100 100 100 100 100 100 100 100 1921. 1914 110 100 107 105 90 97 105 98 101 January-.. 234 283 192 i 251 225 198 230 219 232 1915 155 125 130 137 109 111 131 119 126 February. 206 270 187 234 200 179 224 203 215 1916 193 152 161 169 140 152 163 153 159 March..... 214 262 182 232 179 171 221 193 208 1917 252 192 21.3 218 152 228 212 198 206 April 212 249 180 176 172 199 184 199 1918 248 210 238 229 167 265 243 225 226 May 211 223 158 177 164 192 179 191 1919 252 215 275 238 190 271 268 243 242 June 226 206 156 157 164 181 168 183 1920 321 264 366 301 269 299 290 285 291 July 222 212 144 168 167 183 174 186 September, August...'. 221 213 159 156 160 180 168 183 1920 319 291 334 30.8 283 286 279 282 292 September 203 186 153 149 182 173 168 176 GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU. [1913=100.] Date. f A m o n o a i d l - s.f V t o e a o b g d l e s e - . c c S o o a u f c n g E o d a e a r e . F ( o 2 o 0) d . s M er i a n l - s.t T i e l x es - . d S r u i n e - s m R r ( a i 2 a t 5 a w ) l e . - sm i c A t o o i l d m es l - - . Date. f A m o n o a i d l - s.f V t o e a o b g d l e s e - . c S c o u a o f g c n E a o d e a r e . , ,F ( o 2 o 0) d . s M er i a n l - s t T i e l x es - . d S r u i n e - s m R r ( a 2 i a 5 t a ) w l e . s - m i c A t o o i l d m e l s - - . I9I3 100 100 100 100 100 100 100 100 100 1921. 1914 103 103 106 104 98 109 99 101 101 January 483 334 337 397 341 460 445 415 407 1915 126 126 151 131 164 132 145 145 137 February 452 317 338 378 300 398 422 378 377 I9I6 162 170 164 167 232 180 199 206 187 March 406 322 367 366 289 375 392 355 360 1917 215 243 201 225 271 303 302 291 262 April 396 348 359 372 281 314 371 328 347 1918 286 298 231 281 283 460 420 387 339 May. 379 346 317 356 266 282 355 309 329 1919 392 313 253 336 272 444 405 373 357 June 349 368 338 357 261 278 341 300 325 1920 503 427 422 459 449 737 524 550 510 July 353 364 393 366 253 290 343 301 330 October, 1920. 533 421 422 469 453 637 527 528 502 August 371 337 352 355 245 321 356 312 331 September... 373 311 389 352 253 388 370 338 344 October 349 308 305 326 262 391 365 338 332 GROUP INDEX NUMBERS—ITALY—RICCARDO BACHI. [1920=100.] V f t o a e o b g d l e e s - . f A m oo n a d i l - s. C ic h a e l m s. - t T il e e x s - . M m e a a r n l e a i s d n . l t s - - B m ri i u a n a i l g t l s e d . - -O v t u p a e c r t b h g o t l s e e d e . - r - d S r u ie n s - . m i c t A o i o e m l d s l - - . V f t o a e o b g d l e e s - . f A o m o n a d i l - s. C ic h a e l m- t T il e e x s. - M m e a a r n l e a i s d n . l t s - - B m r i i u n a a i g t l l s e d . - -O v t p u a e t r c b h g o t l s e e d e . r - - d S r u ie n s - . m i c t A o i o e m l d l s - - . October, 1920. 107 108 103 107 113 101 105 105 1921. May 102 112 107 110 1921. June 97 101 102 95 81 January 107 121 113 123 107 103 July 100 109 95 92 83 February 103 120 117 127 107 August 107 113 92 96 87 March 108 117 113 123 104 97 September... 114 125 91 102 93 April 106 116 109 111 105 94 October 116 129 91 114 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1343 GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG. [Middle of 1914-100.] A p t u g u r r c o r i t c a d s u l . - l- le t T i a l e t e h x s e - , r. M a i l n s e . r- la M n i e s o ce u l s - . m c t A i o o e m d l s l i . - - A p t u g u r c r o r i t c a d s u l . - l- le T at e h x e - r. M a i l n s e . r- la M n i e s o ce u l s - . m c t A i o o e m d l s l i . - - 1920. 1921. Average for the year 1,232 3,175 1,733 1,440 1,522 Beginning of— Beginning of November. 1,450 3,025 1,678 1,658 1,647 April 1,195 2,153 1,608 L,500 1,410 May 1,169 2,125 1,566 11,617 1,428 1921. June 1,116 1,907 1,524 ,633 1,387 Beginning of— July 1,270 2,153 1,613 iL,588 1,467 January 1,353 2,643 1,678 1,575 1,603 August 1,881 2,289 1,636 i,550 1,723 February 1,265 2,507 1,580 1,525 1,473 September. 1,845 2,616 1,748 L,608 1,777 March 1,204 2,371 1,552 1,517 1,419 October— 1,995 3,270 2,112 ]L,733 1,993 November.. 2,786 4,578 2,937 2,092 2,687 1 GROUP INDEX NUMBERS—SWEDEN—SVENSK HANDELSTIDNING. [[July 1,1913-June 30,19U-100]. Date. f t o a o b d l s e . A fo n o im ds a . l R f c o t a e u r w r l i t a a u m g l r r s e a i- . - Coal. Metals. B m u ri i a a ld t l e s in - . g W pu o l o p d . le H a a i t n d h d e e s r. Textiles, Oils. A m l o l d c i o ti m es - . 1913-14 100 100 100 100 100 100 100 100 100 100 100 19141 136 101 114 123 109 104 118 103 111 116 1915 151 140 161 177 166 118 116 158 116 120 145 1916 152 182 180 266 272 165 233 229 166 149 185 1917 181 205 198 551 405 215 267 206 247 212 244 1918 221 419 304 856 398 275 300 195 339 1919 261 409 340 804 258 286 308 211 330 1920 262 296 312 1,007 278 371 675 215 324 294 347 September, 1920.. 273 312 308 1,085 273 753 180 310 340 362 1921. January 244 266 281 371 230 320 520 131 169 328 267 February 231 241 248 362 204 319 511 108 147 318 250 March 238 229 240 279 185 298 510 85 134 268 237 April 232 231 236 291 178 236 510 84 125 264 229 May 221 217 245 369 153 237 286 106 132 238 218 June 237 206 236 371 149 224 286 108 129 207 218 July 236 227 216 315 149 199 197 112 133 191 211 August 217 230 214 250 130 198 183 107 132 191 198 September 183 208 207 223 130 191 178 108 166 191 182 1 Average for 6 months ending Dec. 31,1914. GROUP INDEX NUMBERS—CHRISTIANIA, NORWAY—0KONOMISK REVUE. [Dec 31,1913-June 30,1914=100.] Fuel. Date. A fo n o i d m s a . l f V t o a e o b g d l e e s - . a ti F s n l t i d e u z e f e f f d r e s - s r . - C an o d al P le a e u n tr d m o- Iron. Metals. i t B n e g r u i i a m l l d s a - . - t T il e e x s - . le H a a i t n d h d e e s r. w P o u o lp d. Paper. m c t A i o o e m l d s l i . - coke. benzine. End of— 1914 115 130 108 151 104 115 128 107 105 158 103 101 115 1915 . . 149 150 150 224 132 158 289 131 121 193 124 137 159 1916 193 198 195 355 170 435 401 213 178 251 171 190 233 1917 260 292 231 1,161 231 720 503 326 264 296 217 263 341 1918 324 277 284 514 247 573 503 359 302 286 283 313 345 1919 329 281 277 767 162 442 187 358 356 284 277 322 322 1920 352 385 340 647 407 482 200 416 402 255 321 472 377 October, 1920 353 390 343 1,190 369 581 232 460 431 271 446 482 419 1921. January 307 370 317 512 384 394 165 378 374 217 321 472 344 February 294 324 292 358 364 340 167 362 352 212 289 472 319 March 307 315 287 289 357 328 169 339 350 203 289 472 312 April 283 304 273 317 343 295 166 329 329 199 289 413 297 May 280 303 277 317 343 295 166 324 324 190 289 413 294 June . . 273 323 275 345 336 296 167 308 324 197 289 413 294 July 301 408 254 388 303 307 190 309 319 197 276 392 300 August 296 360 260 371 297 307 190 305 315 197 262 392 297 September ........... 302 303 254 333 297 339 190 299 309 210 227 377 286 October 297 305 251 333 297 335 197 297 315 228 227 350 287 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1344 FEDEKAL BESEEVE BULLETIN. NOVEMBER, 1921. GROUP INDEX NUMBERS—AUSTRALIAN COMMONWEALTH—BUREAU OF CENSUS AND STATISTICS. [July, 1914=100.] Date. Me c ta o l a s l a . nd T le e a e x t t t h c il . e e r s , , p A ro t g u d r r i u c a c u l t l s - . pr D od a u ir c y ts. G to r b o a a c n c e d r c i o e . s Meat. m B a u t i e l r d i i a n l g s. Chemicals. m A o ll d c it o i m es - . July, 1914 100 100 100 100 100 100 100 100 100 1915 117 93 202 127 110 150 116 149 141 1916 154 131 113 124 127 155 136 172 132 1917 213 207 110 116 131 155 194 243 155 1918 220 232 135 121 138 147 245 315 170 1919 193 217 186 137 147 145 261 282 180 1920 209 243 229 184 186 201 295 277 218 September, 1920... 211 222 221 209 196 273 295 276 230 1921 January 215 145 197 208 197 191 279 244 196 February 214 132 192 206 197 184 303 242 192 March 203 107 176 207 198 178 303 234 181 April 202 114 164 178 196 144 284 231 171 May 194 108 161 175 195 140 279 224 166 June 195 105 160 171 188 134 250 233 162 July 195 111 158 166 188 119 238 220 159 August 194 116 160 164 190 120 231 224 160 September 193 143 159 146 187 110 226 220 160 GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABOR.1 [1913=100.] Date. f G o a d r n d a e d in r. s A m n a e i n m a d t a s l . s D p u r c a o t i d r s y . - t F v a a r e b n u g l d e i e t s - s . O fo t o h d e s r . Textiles.l H ea e i t t d h c e . e s r , , Metals. m Im e p n l t e s - . l i t u n B e m g r u i i a b m l l d e s a r - , - . F li u g e h l t i a n n g d . c D h c a r a e n u l m d s g . i s - m c t A i o o e m d l s l . i - - 1913 100 100 100 100 100 100 100 100 100 100 100 100 100 1914 114 107 100 99 104 102 105 96 101 100 94 106 101 1915 136 104 105 93 121 114 110 128 106 97 92 160 110 1916 142 121 119 130 136 148 143 167 128 100 113 222 135 1917 206 161 149 233 180 201 168 217 174 118 163 236 177 1918 231 197 168 214 213 273 169 229 213 147 188 250 206 1919 227 199 192 206 222 285 213 173 228 171 201 205 217 1920 263 198 204 261 258 303 192 203 245 268 255 204 246 September 1920 . 254 202 202 190 261 296 161 207 259 273 296 217 241 1921. January 186 175 216 184 212 228 131 174 257 248 247 196 208 Fpbruarv 171 171 185 163 205 204 126 167 257 239 234 188 199 March 168 171 174 175 203 198 118 158 243 231 233 181 194 April 154 169 161 162 189 191 115 145 241 229 226 180 187 May 150 158 126 162 189 187 114 147 236 224 216 178 183 J une ......... 146 146 124 169 183 180 106 154 236 218 212 175 179 July 146 143 133 157 174 179 106 147 236 217 207 175 176 August ... • ....... 152 143 142 182 173 181 101 145 237 192 206 176 174 September.. 144 133 141 170 170 183 100 143 235 189 206 171 172 i Unimportant groups omitted. GROUP INDEX NUMBERS—CALCUTTA, INDIA—DEPARTMENT OF STATISTICS. [End of July, 1914=100.] Date. B m r i i u a n a i l t g l s e d . - - a M t r u f t a i a r c c e n l - d e u s - Metals. s H k a i n i d n d e s s . C m tu f o a a r t c e n to - s u n . - co R t a to w n. m t J u f u a a r c e n t - e s u . - O t t i e l th e x s e - . r m t O a u r il d s s - . , j R u a te w . se O e i d l s. Tea. Sugar.Pulses.Cereals f O o t o h d e s r . m c t A o i o e m l d s l . i - - End of July, 1914.. 100 100 100 100 100 100 100 lOOj 100 100 100 100 100 100 100 100 100 Average for 1920... 138 231 238 147 354 153 149 162 128 104 173 78 407 166 154 184 204 September, 1920... 158 237 245 105 347 154 163 164 115 105 179 65 456 170 154 186 208 1921. J&nu&rv 158 238 247 81 324 107 104 149 116 85 130 77 314 135 139 139 178 February 147 226 243 80 305 104 101 149 97 80 124 70 352 119 129 148 174 March . 153 239 255 86 301 98 91 143 90 81 122 71 369 122 128 136 175 April 147 242 255 97 311 119 97 123 110 85 131 76 359 147 141 150 183 May 151 262 254 110 312 124 94 126 112 75 142 78 302 156 145 153 184 June . . 149 244 245 119 303 129 100 132 114 76 145 89 239 165 150 152 178 July 149 237 245 116 316 136 102 147 115 80 157 92 247 173 151 162 183 August .. 143 242 241 121 301 150 107 135 116 85 150 107 236 182 153 170 184 September. 143 247 214 120 302 217 127 147 115 102 145 116 219 182 157 172 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. PEDEEAL RESERVE BULLETIN. 1345 COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following table are presented statistics berg. Dr. Kuczynski bases his calculations upon the cost of living per week of a family of four in Greater Berlin. showing the trend of retail prices and the cost of living in the United States and important RETAIL PRICES IN THE UNITED STATES, PARIS, AND European countries:1 SWEDEN; COST OF LIVING IN UNITED KINGDOM AND BERLIN. [July, 1914=100.] 1 Three of these index numbers—those for the United Kingdom, Paris, and Sweden—are constructed on the basis of prices in July, 1914= 100. In the case of the United States, the original base, that of the year United United Paris, Berlin, 1913, has been shifted to the July, 1914, base. The German index uses States, King- retail cost of the T h y e e a A r e m n e d r i i n c g a n J u i l n y d , e 1 x 9 1 n 4 u , m as b a e r b , a c se o . nstructed by the Bureau of Labor pr re i t c a e i s. l 1 d o o f m l , i v c i o n s g t .2prices. living .3 Statistics, was based upon the retail prices of 22 articles of food, weighted according to family consumption, until January, 1921, when it was increased to 43 articles reported by dealers in 51 inportant cities. The 1919. 182 216 method of weighing continues the same, although the actual "weight" 1920. 199 249 applied have been changed. The British index number of the cost of living constructed by the 1920. Ministry of Labor consists of the retail prices not only of foodstuffs but September.. 199 161 of other articles as well. Retail clothing prices, rents, and the cost of fuel, lighting, and miscellaneous household items are also taken into 1921. consideration. The index number is weighted according to the im- January 169 265 portance of the items in the budgets of working-class families. February 155 251 The retail price index for Paris, compiled by the French General March 153 241 Statistical Office, consists of retail prices of 13 different commodities, April 149 233 weighted according to the average annual consumption of a working- May 142 228 man's family of four persons. Eleven of the commodities included in June 141 219 this index are foods, and the other two are kerosene and alcohol. July 145 219 The Swedish index number consists of the retail prices of foodstuffs, August 152 222 fuel, and lighting and is based upon the prices of 51 articles in 44 towns September... 150 220 (in 1920, 50 articles in 49 towns), weighted according to the budget of October 210 a workingman's family which before the war had a yearly income of 2,000 kroner. The German index expresses upon a percentage basis figures com- 1 Average for the month. 2 Beginning of month. piled by Dr. R. R. Kuczynski of the Statistical Office of Berlin-Sch5ne- 3 August, 1913-July, 1914=100. FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, JAPAN, AND GERMANY. In the following table are presented figures current f. 0. b. values. The same method is followed in Japan and Sweden. In France and Italy the value of foreign trade is estimated showing the monthly value of the foreign trade not in terms of current prices but in terms of those of some earlier dated of a group of important European countries usually the preceding year. None of the figures presented below include the import or export and Japan. Up-to-date figures for Germany of gold and silver. In the case of England and France, group figures are not available.1 a to re ta g l i v v a e l n u e a s s o w n e l l y l a a s r e t o p t r a e l s v e a n l t u e e d s . , w T h h il i e s i d n o e th s e n c o a t s m e e o a f n t h t e h a o t t h g e r r o u co p u f n ig tr u i r e e s s , are not obtainable, merely that they are either delayed in publication or appear not to be of such general interest as the French and English 1 Currencies have not been converted to a common unit, nor are material. methods of valuation the same in all countries. In England imports Japanese figures for recent months are received by cable and subject are given current c. i. f. values in England; exports and reexports, to revision. FOREIGN TRADE OF THE UNITED KINGDOM. In thousands of pounds sterling. In thousands of pounds sterling. In to d F b a r o i a n o n c d d k c , , o u f r m a a n i m r a c R m t a l t i a u c s a a in l t n w r e a e e l u s n - y d - d .f m a m c a t a u i n n r u e ly d - . i p n p a c i o n r l s c u g t e d . l - o s t f h a I t n o n o d u n s - s. to d F b a r o a i n o n c d d c k , o , . u f a a m n r c m t a t i u i c a n r l n e e ly u d s - . f m a m c a t a o u i n r n r u e ly d - i p n p a c i o n r l s c u g t e d . l - o s t f h a I t n o n o d u n s - s.p s t o s l h a i t u o n o n e n f u g d r d - - . s s o s t f h a I t o n n o u d n - s s Monthly average 1913 24,184 23,485 16,134 64,081 43,770 I 7,650 1919 59,927 50,565 24,663 135,513 ,553 1920 63,948 59,292 37,902 161,395 111,297 I 3,292 1920. September 1921. January 49,158 37,005 30,467 117,051 3,383 3,852 7, 79,746 1,491 2,558 February 47,750 25,504 23,394 96,974 2,573 3,075 5,881 58,177 1,089 2,446 March 50,888 17,739 24,930 93,742 2,697 2,897 5,832 56,969 1,111 2,656 April 52,908 16,547 20,374 89,996 2,668 3,729 2, 52,019 1,184 59,868 1,279 May 50,094 16,711 19,282 2,891 2,101 1,437 38,662 43,088 500 June 51,915 18,389 17,600 88,182 2,439 1,125 33,658 38,152 July 42,090 20,232 18,005 80,757 2,702 2,775 36,705 43,172 August 50,584 19,589 18,194 88,581 3,124 7,058 39,936 51,346 September. 48,410 20,465 17,905 87,119 3,300 6,997 44,009 55,248 October* 84,742 62,265 1 Includes reexports. *.Cablereport Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1346 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. FOREIGN TRADE OF FRANCE.1 Imports. Exports. In thousands of francs. In In thousands of francs. In thou- thou- Raw Manufac- sands of Raw Manufac- sands of Food. m ria a l t s e . - ar tu ti r c e l d es. Total. m to e n tr s i . c Food. m ria a l t s e . - ar tu ti r c e l d es. P p a o r s c t e . l Total. m to e n tr s i . c Monthly average: 19132 151,465 412,144 138,169 701,778 3,685 69,908 154,841 301,420 47,182 573,351 1,840 19193 892,040 1,229,435 861,797 2,983,272 3,204 99,201 203,691 615,630 71,444 989,966 464 1920s 718,179 1,400,046 832,187 2,950,413 4,245 184,277 397,677 1,187,742 99,867 1,869,563 1,039 1920. September 4 911,000 1,850,000 910,000 3,272,000 4,341 238,000 452,000 1,612,000 112,000 2,414,000 1,276 1921.3 January 346,703 1,101,267 534,498 1,982,468 3,702 188,546 436,069 1,142. 115,605 1,882,618 1,117 February 386,169 803,231 424,531 1,613,931 2,579 172,992 478,561 1,162, 85,074 1,899,444 1,414 March 455,545 786,352 501,011 1,742,908 2,827 162,901 379,281 1,035, 108,418 1,686,426 1,069 April j 390,315 887,151 501,593 1,779,089 2,652 176,333 468,453 1,179, 107,799 1,932,268 1,154 May ! 419,229 690,553 455,726 1,565,508 2,250 151,724 415,057 986, 95,271 1,648,635 1,168 June | 490,615 871,374 361,545 1,723,534 2,047 148,237 540,722 977, 84,376 1,950,464 1,405 Julv 434,001 704,069 331,047 1,469,117 2,164 123,303 439,534 925, 74,350 1,563,055 1,194 August I 555,545 855,697 320,052 1,731,294 2,593 112,654 445,312 1,084, 82,933 1,723,092 1,035 September ! 692,000 1,204,000 330,000 2,221,000 4,092 147,000 445,000 1,087, 96,000 1,775,000 1,172 1 Not including gold, silver, or the reexport trade. 2 Calculated in 1913 value units. s Calculated in 1919 value units. French foreign trade figuresa re originally recorded in quantity units only, and the value of the trade is calculated by applying official value units to the quantities imported and exported. Normally the monthly statements of trade appear computed at the rates of the year previous, and only at the end of the j7ear is the trade evaluated at the prices prevailing during that year. Because of the disturbed price conditions in France during the past two years, 1919 price units are being applied to the 1921 trade. 4 Calculated in 1920 value units, FOREIGN TRADE OF ITALY, SWEDEN, AND JAPAN. Italy. Sweden. Japan. (In millions of (In millions of (In millions of lire.)* kronor.) yen.) Imports. Exports, Imports. Exports, Imports. Exports. Monthly average: 1913 304 210 71 68 61 53 1919 1,385 506 211 131 181 175 1920 1,322 650 281 191 195 162 1920. June 2,076 752 283 224 220 184 July.... 1,040 521 331 268 157 154 August. 1,249 532 230 123 175 1921. January.., 1,166 503 122 91 105 75 February., 1,320 566 116 89 119 77 March 1,503 569 99 75 137 94 April 1,346 586 106 69 139 115 May 1,191 453 95 82 149 105 June 93 69 148 107 July 98 94 110 99 August — 103 113 131 105 11920 and 1921 figures based on 1919 value units. FOREIGN TRADE OF GERMANY. Imports.1 Exports.2 Imports.1 Exports.2 Gold Gold Merchan- In thou- and sil- Merchan- In thou- Merchan- In thou- and sil- Merchan- In thoudise (in sands of ver (in dise (in sands of dise (in sands of ver (in dise (in sands of thousands metric thou- thousands metric thousands metric thou- thousands metric of marks). tons. sands ofof marks). tons. of marks). tons. sands of of marks), tons. marks). marks). Monthly average: 1920. 1 1 9 9 2 1 0 3 926,654 6 1 , ,5 0 7 6 0 8 1 8 7 , , 4 7 5 7 0 3 5,7 8 7 4 5 1 , , 9 3 3 7 3 5 6 1 , ,6 1 5 4 7 6 N D o ec v e e m m b b e e r r . . . . . . 2 1 , ,7 0 5 0 7 7 4 3 5 , , 3 3 5 0 3 6 7 7, , 8 9 1 0 7 9 , , 9 5 1 7 0 1 1 1 , , 7 7 6 5 8 8 July 1920. 1,739 2,350 6,187,922 2,094 1921.3 August 1,512 5,116 6,027,625 1,911 May 5,486,000 1,534 4,558,000 1,145 September.. 1,680 6,400 6,411,311 1,837 June 6,409,000 1,824 5,332,000 1,509 October 1,757 6,239 6,488,133 1,494 July 7,585,000 6,208,000 1 Not including philanthropic gifts. 8 Not including deliveries on reparations account. 8 Figures covering the first four months of 1921 are not available. Figures for May, June, and July are subject to revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, RESERVE BULLETIN". 1347 DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS. Following is a set of tables showing the volume of bills discounted and of acceptances and Government securities purchased by the Federal Reserve Banks during September, 1921: VOLUME OF OPERATIONS DURING SEPTEMBER, 1921. Bills discounted Bills bought IT. S. securities purchased. Total. Federal Reserve Bank. for member in open banks. market. Bonds and Certificates of September, September, notes. indebtedness. 1921. 1920. Boston $330,076,136 $10,638,562 $2,021,000 $18,953,500 $361,689,198 $477,280,712 New York 1,091,256,096 41,382,214 2,023,800 426,556,000 1,561,218,110 5,194,086,838 Philadelphia.. 272,172,581 2,000,775 2,870,300 3,446,500 280,490,156 429,037,821 Cleveland 186,035,681 3,168,127 17,500 - 42,195,000 231,416,308 323,431,007 Richmond 214,743,244 2,669,600 9,000,000 226,412,844 284,901,704 Atlanta 132,044,325 5,344,282 100,000 137,488,607 209,773,242 Chicago 310.432,093 6,665,118 2,687,100 14,136,000 333,920,311 656,960,732 St. Louis 129,321,248 2,651,335 111,400 1,254,000 133,337,983 212,634,354 Minneapolis... 51,864,383 80,100 620,000 52,564,483 76,385,740 Kansas City... 69,966,798 329,532 800,500 1,819,500 72,916,330 161,254,579 Dallas 65.544,545 50,000 470,000 68,064,545 125,573,279 San Francisco. 179;651,537 6,983,350 591,600 5,517,500 192!743,987 295,946,432 Total: September, 1921. 3,033,108,667 81,882,895 11,303,300 523,968,000 3,650,262,862 September, 1920. 7,298,971,351 257,988,589 890,306,500 8,447,266,440 9 months ending Sept. 30,1921. 46,869,621,732 1,003,620,391 40,619,961 3,100,541,557 51,014,403,641 9 months ending Sept. 30,1920. 60,427,827,424 2,450,863,929 264,400 6,260,515,500 69,139,471,253 VOLUME OF BILLS DISCOUNTED DURING SEPTEMBER, 1921, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOMMODATED. Member banks' Customers' collateral notes. Bankers' acceptances. paper secured by Commercial Agricultural Live-stock Federal Reserve Bank. m g G a e t o n i v o t e n o r s b n . l - i- G o S o b ec v li u e g r r a e n t d m io b n en y s. t O se th c e u r r w ed is . e paper, n. e. s. paper. paper. Foreign. Do ti m c. es- D c o h l a la n r g e e x . - Boston $5,662,195 $157,174,350 $166,740,863 $357,485 $5,815 New York 9,832,348 432,010,964 646,846,240 391,094 2,523 $20,000 $15,000 Philadelphia 9,272,581 186,031,105 76,461,268 222,717 Cleveland 3,936,238 107,978,580 $75,000 69,958,087 356,600 215,757 1,387,029 636,498 $125,000 Richmond 1,611,487 172,533,019 880,813 34,121,427 4,625,439 Atlanta 3,615,284 64,149,101 641,000 57,702,583 4,149,534 Chicago 5,114,094 157,083,235 769,100 128,883,111 18,287,199 St. Louis 2,844,637 77,194,601 110,000 45,001,603 2,986,746 631,552 262,050 Minneapolis 480,867 24,612,366 1,427,305 20,293,153 4,038,853 802,052 10,725 Kansas City 1,964,029 40,194,520 18,348,187 2,299,550 937,473 Dallas 304,126 36,203,553 5,376,857 16,791,336 2,907,087 795,285 San Francisco 1,425,708 109,481,140 25,665,180 37,237,808 2,653,033 231,243 126,778 22,400 Total: September, 1921.. 46,063,594 1,564,646,534 34,945,255 1,318,385,666 43,275,337 15,212,842 1,544,532 935,948 125,000 August, 1921 47,831,121 2,022,342,538 33,032,253 1,344,561,099 41,337,334 13,770,615 579,440 818,192 10,000 September, 1920..123,880,580 4,040,181,704 15,356,633 3,094,288,760 8,103,318 August, 1920 178,013,613 4,755,968,937 8,232,752 3,020,807,623 5,490,299 Total reduced to a Trade acceptances. common maturity Member banks. basis.1 Total all Federal Reserve Bank. Number Accommodated. Foreign. Domestic. Amount. P o e f r t o ce ta n l t . in tr i d c i t s- Sept. 30. Number. Percent. i Boston $135,428 $330,076,136 $148,391,550 4,9 227 52.1 New York $15,000 2,122,927 1,091,256,096 612,566,444 20.2 793 326 41.1 Philadelphia.. 184,910 272,172,581 194,151,975 6.4 700 381 54.4 Cleveland 1,366,892 186;035,681 207,519,375 6.8 881 371 42.1 Richmond 971,059 214,743,244 220,262,536 7.3 620 421 67.9 Atlanta 1,195,681 132;044,325 234,156,162 7.7 506 379 74.9 C St h . i c L a o g u o is 2 2 9 9 5 0 , , 3 05 5 9 4 3 1 1 2 0 9 ; , 4 32 3 1 2 , , 2 0 4 9 8 3 6 1 3 7 0 4 , , 8 8 2 6 7 5 , , 4 1 7 3 4 0 2 5 0 . . 8 8 1,4 5 3 8 9 5 9 3 1 2 0 5 6 5 3 5 . . 2 6 Minneapolis 199,062 51.864,383 126,697,885 4.2 1,021 506 49.6 Kansas City... 223,039 69!966,798 149,222,058 4.9 1,086 529 48.7 Dallas 166,301 65:544,545 123,668,456 4.1 874 637 72.9 San Francisco. 11,057 797,190 179;651,537 210,779,622 6.9 415 47.9 Total: September, 1921. 26,057 7,947,902 3,033,108,667 3,033,108,667 100.0 9,807 5,427 55.3 August, 1921 138,900 8,641,698 3,513,063,190 9,802 5,452 55.6 September, 1920. 17,160,356 7,298,971,351 9,525 4,758 50.0 August, 1920 14,010,820 7,982,524,044 9,487 4,780 50.4 JTotal discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (17.22) for system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1348 FEDERAL, RESERVE BULLETIN. NOVBMBEE, 1921. VOLUME OF BILLS DISCOUNTED DURING SEPTEMBER, 1921, BY RATES OP DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Federal Reserve Bank. 5 per cent. 5^ per cent. 6 per cent. 6| per cent. Total. r A at v e e ( r 3 a 6 g 5 e - m A a v t e u r r a i g ty e . day basis). Per cent. Days. Boston $93,094,740 $236,981,396 $330,076,136 5.36 7.74 New York 410,418,945 680,837,151 1,091,256,096 5.33 9.67 Philadelnhia 272,172,581 l 272,172,581 5.50 12.28 Cleveland 186,035,681 I 186,035,681 5.50 19.21 §214,743,244 214,743,244 6.00 17.66 Atlanta 132,044,325 1 132,044,325 6.00 30.54 Chicago 310,432,093 I... 310,432,093 6.00 34.99 St. Louis 115,000 129,206,248 129,321,248 6.00 23.29 Minneap olis 25,149,912 $26,714,471 51,864,383 6.41 42.06 Kansas City . 69,966,798 69,966,798 6.00 36.73 Dallas 65,544,545 65,544,545 6.00 32.49 San Francisco 179,651,537 179,651,537 5.50 20.20 Total: September, 1921 503,513,685 1,555,793,346 947,087,165 26,714,471 3,033,108,667 5.75 17.22 August 1921 2,538,906,297 942,176,033 31,980,860 3,513,063,190 5.76 15.76 VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING SEPTEMBER, 1921, BY CLASSES. Total adjusted to a Bankers' acceptances. Trade acceptances. common maturity Total basis.i Federal Reserve Bank. bills purchased. Foreign. Domestic. ex D ch o a ll n a g r e. Total. Foreign. Domestic. Total. Amount. P of e r t o c t e a n l t . Boston $6,618,646 $3,834,916 $185,000 $10,638,562 $10,638,562 $6,054,286 7.4 New York . . . 30,399,111 9,050,128 1,878,281 41,327,520 $54,694 $54,694 41,382,214 31,211,700 38.1 Philadelphia 1,216,275 769,500 15,000 2,000,775 2,000,775 4,391,430 5.4 Cleveland 1,570,918 1,377,209 220,000 3,168,127 3,168,127 2,542,322 3.1 Richmond 499,800 2,169,800 2 669 600 2,669,600 4,845,949 5.9 Atlanta 3,015,955 2,328,327 5 344 282 5,344,282 11,645,364 14.2 Chicago 4,960,087 1,213,031 492,666 6,665,118 6,665,118 13,731,986 16.8 St. Louis 1,323,810 1,202,525 125,000 2,651,335 2,651,335 1,535,817 1.9 Minneapolis Kansas City 198,000 131,532 329,532 329,532 596,206 .7 Dallas 50,000 50 000 50,000 129,330 .2 San Francisco 4,888,511 1,464,420 574,235 6,927,166 56,184 56,184 6,983,350 5,198,505 6.3 Total: Sept., 1921.. 54,691,113 23,591,388 3,489,516 81,772,017 110,878 110,878 81,882,895 81,882,895 100.0 Aug., 1921.. 79,757,243 21,717,194 5,795,624 107,270,061 32,984 32,984 107,303,045 Sept., 1920..196,307,696 52,960,631 6,589,660 255,857,987 1,926,831 $203,771 2,130,602 257,988,589 Aug., 1920..190,985,198 51,027,040 5,426,161 247,438,399 12,269,879 12,269,879 259,708,278 1 Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (25.89) for system. VOLUME OF ACCEPTANCES PURCHASED DURING SEPTEMBER, 1921, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Feder B a a l n R k e . serve 4 c | e p n e t. r c 5 e p n e t. r 5 c £ e p n e t. r 5 c £ e p n e t. r 5 c ? e n p t e . r 5 c | e p n e t. r 5 c f e n p t e . r 5 c f e p n e t r . 6 c e p n e t r . Total. A (3 b v 6 a r e 5 a s r i - t a s e d ) g a . y e a t A u g r e v i e m ty r- a . - Per cent. Days. Boston $9,751,480 $332,072 $501,010 $54,000 $10,638,562 5.12 14.73 New York 22,366,213 1,906,32216,826,767 78,218 $204,694 41,382,214 5.18 19.52 Philadelphia 1,583,639 317,136 100,000 2,000,775 5.11 56.82 Cleveland 1,861,345 169,108 538,634 235,000 105,000 $107,690 $151,350 3,168,127 5.21 20.77 Richmond $2,669,600 2,669,600 6.08 46.99 Atlanta 217,255 5,127,027 5,344,282 6.07 56.41 Chicago $1,014,470 3,835,802 i, 404,995 340,000 34,851 35,000 6,665,118 5.12 53.33 St. Louis 1,672,467 516,685 300,000 147,183 15,000 2,651,335 5.03 T 15.00 Minneapolis Kansas City 75,000 254,532 329,532 6.08 46.84 Dallas 50,000 50,000 6.08 66.96 San Francisco 442,873 1,822,467 1,162,166 629,875 785,642 1,253,537 656,151 224,739 5,900 6,983,350 5.30 19.27 Total: September, 1921 3,129,81041,737,631 5,591,79919,083,469 1,187,711 1,795,486 798,841 451,089 8,107,059 81,882,895 5.35 25.89 August 1921 24,387,30212,578,84357,847,423 1,791,668 3,905,304 1,115,820 2,877,070 2,701,3311107,303,045 5.31 25.33 * Includes $48,284 and $50,000 of acceptances purchased at 5| and 6£ per cent respectively. NOTE.—All Federal Reserve Banks use 360 days to the year in calculating interest on bills bought in open market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1349 HOLDINGS OF EARNING ASSETS, BY CLASSES, Following is a set of tables giving a detailed analysis of the different classes of earning assets held by the Federal Reserve Banks at the end of September, 1921: AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARN- INGS, DURING SEPTEMBER, 1921. Average daily holdings of— Earnings on— Annual rate of earnings on— Federal Reserve All All All Bank. classes Dis- Pur- U.S. classes Dis- Pur- U.S. classes Dis- Pur- U.S. of counted chased securi- of counted chased securi- of counted chased securiearning bills. bills. ties. earning bills. bills. ties. earning bills. bills. ties. assets. assets. assets. Perct. Perct. Perct. Perct. Boston $115,129,864 $93,236,491 $3,403,863 $18,489,510 $481,361 $433,650 $14,378$33,333 5.09 5.66 5.14 2.19 New York 401,009,400 301,277,903 20,409,067 79,322,4•3"0 1,658,8411,384,113 87,210 187,518 5.03 5.59 5.20 2.88 Philadelphia 130,743,453 104,158,368 2,198,538 24,386, 547 524,022 471,329 9,320 43,373 4.87 5.50 5.15 2.16 Cleveland 155,834,245 132,667,324 1, 722,421 21,444,500 663,422 616,892 7,499 39,031 5.18 5.66 5.30 2.21 Richmond 109,030,451 99, 823,598 2,630,120 6,576,733 516,761 13,150 11,522 5.77 6.00 6.08 2.13 Atlanta 122,667, 828 101,200,624 2,513,746 18,953,458 565,163 500,750 12,289 52,124 5.61 6.02 5.95 3.35 Chicago 254,943,822 216,335,298 2,447,504 36,161,020 1,168,0731,096,706 10,280 61,087 5.57 6.17 5.11 2.06 St. Louis 87,354,549 74,352,482 617,854 12,384,213 390,940 366,310 2,581 22,049 5.44 5.99 5.10 2.17 Minneapolis 77,804,700 72,595,000 5,209,700 390,346 381,385 8,961 6.10 6.39 2.09 Kansas City 86, 887,071 69,151,113 620,168 17,115,790 378,402 340,971 3,179 34,252 5.29 5.99 6.23 2.43 Dallas 60,962,124 55,646,973 43,551 5,271,600 299,553 289,134 212 10,207 5.98 6.32 5.84 2.35 San Francisco 138,106,375 125,244,794 3,413,421 9,448,160 610,683 578,552 15,213 16,918 5.38 5.62 5.42 2.18 Total: September, 1921.1,740,473, 882 1,445,689,968 40,020,253 254,763,661 7,647,567 6,951,881 175,311 520,375 5.35 5.85 5.33 2.49 August, 1921 1,841,167,977 1,554,273,504 38,124,395 248,770,078 8,493,825 7,827,996 173,556 492,273 5.43 5.93 5.35 2.33 September, 1920.3,329,481,645 2,677,052,425 313, 863,889 338, 565,33115,843,31413,656,417 1,558,618628,279 5.81 6.22 6.06 2.27 August, 1920 3,233,862,055 2,605,113,456J325,461,036 303,287,563 15,872,666 13,627,062 1,674,351 571,253 5.81 6.19 6.07 2.22 HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of September figures. In thousands of dollars.] Cus- Member banks' col- Bankers' Trade tomers' lateral notes. acceptances. acceptances. paper Federal Reserve Bank. Total. secured Secured Com ci m al er- cu A lt g u r r i- al L st i o v c e k - Govern- by Gov- Other- paper, paper. paper. o m bl e ig n a t - e o rn b m lig e a n - t sec w u i r s e e d. n. e. s. Foreign. m D es o t - ic. Foreign. m D es o t - ic. tions. tions. Boston 86,704 6,618 26,391 52,518 984 4 189 New York 265,225 8,643 104,017 150,210 447 173 15 30 1,690 Philadelphia 101,601 14,993 55,096 30,911 372 5 224 Cleveland 129,992 7,828 32,888 45 86,325 838 425 83 132 1,428 Richmond 96,755 3,534 18,580 511 60,667 11,963 68 1,432 Atlanta 103,771 6,976 30,547 328 47,260 14,278 2,826 1,556 Chicago 224,216 6,977 64,818 508 99,662 51,950 301 St. Louis 75,579 4,128 23,894 38 35,514 10,187 1,333 148 337 Minneapolis-. 69,560 764 9,556 926 23,766 22,033 12,261 11 243 KansasCity 73,984 2,754 16,097 26,988 7,155 20,810 10 170 Dallas 59,895 906 7,207 2,996 15,566 17,827 14,595 798 San Francisco 125,731 3,749 39,883 12,696 42,424 14,217 11,422 247 26 60 1,007 Total: Sept. 30,1921. 1,413,013 67,870 428,974 18,048 671,811 152,251 63,749 503 342 90 9,375 Aug. 31,1921. 1,491,935 82,053 463,123 16,242 695,691 157,394 65,033 635 1,080 104 10,580 Sept. 24,1920. 2,704,464 295,373 925,050 8,877 1,220,588 120,998 103,426 8,072 22,080 Aug. 27,1920. 2,667,127 297,442 1,017,388 3,819 1,103,711 117,050 99,228 9,013 19,476 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1350 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of September figures. In thousands of dollars.] All classes Bankers' acceptances Trade acceptances. Federal Reserve Bank. Pur- Dischased counted Dollar Total. in for Total. Foreign. Domestic. ex- Total. Foreign. Domestic. open member change. market. banks. Boston 3,822 3,633 189 3,633 2,264 1,337 32 189 189 New York.. 22,182 20,274 1,908 20,407 14,743 4,821 843 1,775 85 1,690 Philadelphia 2,325 2,101 224 2,101 1,266 815 20 224 224 Cleveland 3,524 1,881 1,643 2,096 1,193 683 220 1,428 1,428 Richmond 4,640 3,208 1,432 3,208 815 2,393 1,432 1,432 Atlanta . . 6,328 4,772 1,556 4,772 2,717 2,055 1,556 1,556 Chicago 3,150 2,849 301 2,849 1,813 936 100 301 301 St. Louis . 2,377 1,892 485 2,040 793 1,122 125 337 337 Minneapolis 254 254 11 243 243 Kansas City 510 330 180 340 198 142 170 170 Dallas 868 70 798 70 70 798 798 San Francisco . ... 5,373 4,032 1,341 4,234 3,343 637 254 1,139 132 1,007 Total: Sept. 30,1921 55,353 45,761 29,145 15,022 1,594 9,592 217 9,375 Aug. 31,1921 47,721 36,995 27,005 9,103 887 10,726 146 10,580 Purchased in open market: ' Sept. 30,1921.. 45,042 44,916 28,642 14,680 1,594 126 126 Aug. 31,1921 35,322 35,280 26,370 8,023 887 42 42 Discounted for member banks: Sept. 30,1921.. . 10,311 845 503 342 9,466 91 9,375 Aug. 31 1921 12,399 1,715 635 1,080 10,684 104 10,580 HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS. [End of September figures. In thousands of dollars.] Member banks. Nonmem- Branches Federal Reserve Bank. Total. National. na N ti o o n n - al. a p b n o i e n d r r g a b b t c i a a o o n n n r k - k s s - . b P a r n iv ke a r te s. an f b c o d a i r e n e a s i k g g o s e n f . n- Boston 3,633 1,648 1,621 141 102 121 New York 20,407 6,736 5,689 3,415 2,081 Philadelphia 2,101 480 783 521 270 Cleveland 2,096 473 629 176 10 Richmond 3,208 2,908 300 Atlanta 4,772 1,315 3,097 360 Chicago 2,849 1,327 1,522 St. Louis 2,040 852 1,183 Minneapolis 11 Kansas City 340 245 95 Dallas 70 70 San Francisco 4,234 1,640 1,181 834 176 Total: Sept. 30,1921.... 45,761 17,694 16,111 5,447 2,644 3,865 Aug. 31,1921 36,995 15,343 10,739 6,363 3,070 1,480 Purchased in open market: Sept. 30,1921 44,916 17,565 15,859 5,015 2,635 3,842 Aug. 31, 1921 35,280 14,763 10,395 5,638 3,022 1,462 Discounted for member banks: Sept. 30,1921 845 129 252 432 23 Aug. 31,1921 1,715 580 344 725 48 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, KESERVE BULLETIN. 1351 BANKING CONDITIONS DURING SEPTEMBER AND OCTOBER. Substantial investments in United States moderate fluctuations, the October 11-12 total and other securities, also a moderate increase of $900,000,000 being only $8,000,000 below the in loans secured by corporate obligations, are total reported four weeks earlier. indicated in the weekly statements of reporting In the following table are shown the principal member banks for the four-week period ending changes in the condition of reporting member October 11-12. The first week of the review banks during the four weeks ending October period witnessed large Government operations 11-12. Corresponding changes since the beginconnected with the payment of the September ing of 1920 are traced in the chart on page 1348. 15 tax installment. While these operations had but little effect upon the status of the MOVEMENT OP PRINCIPAL ASSETS AND LIABILITIES OF Federal Reserve Banks, as disclosed by the REPORTING MEMBER BANKS. bank statement of September 21, that is, six [In millions of dollars.] days after the date of these operations, their effect upon the condition of the member banks Sept. Sept. Sept. Oct. Oct. is seen in an increase of about $177,000,000 14. 21. 5. 11-12. in the holdings of Government securities and of $419,000,000 in Government deposits, repre- Number of reporting banks.. 810 810 809 809 809 senting largely book credits for Treasury notes Loans and discounts: Secured by U. S. Govand certificates allotted, as against an aggregate ernment obligations.. - 599 593 577 591 584 Secured by stocks and reduction of $298,000,000 in demand deposits, bonds (other than U. largely the result of payment of customers7 tax S. Government obligachecks, also in a reduction of $47,000,000 in An ti o on th s e ) r 2 7 , , 9 9 6 9 6 8 2 7 , , 9 9 7 7 9 2 2 7 , , 9 9 9 9 7 9 3 8 , , 0 0 1 0 9 5 3 7 , , 0 9 3 8 4 4 aggregate accommodation at the Federal Re- Total loans and disserve Banks. The following weeks witnessed counts i 11,563 11,544 11,573 11,615 11,002 substantial liquidation of United States short- U.S. bonds 868 870 878 882 879 term securities, though the total amount of U. S. Victory notes 163 166 166 163 161 U. S. Treasury notes 53 165 149 139 138 investments, because of considerable purchases U.S. certificates of indebtedby reporting banks of foreign government and O n th e e s r s bonds, stocks, and 141 201 169 163 158 domestic corporate securities, show an upward securities 2,013 1,997 2,022 2,065 2,063 trend, the total October 11-12 investments of Total investments 3,238 3,399 3,384 3,412 3,399 $3,399,000,000 being $161,000,000 in excess of Total loans and disthe September 14 total. counts, and investments i 14,801 14,943 14,957 15,027 15,001 Increases in the loan accounts of the report- Reserve with F. R. Bank.... 1,229 1,189 1,242 1,216 1,244 ing institutions are due exclusively to the Cash in vault 310 301 305 301 310 steady increase in loans secured by stocks and N Ti e m t e d e d m ep a o n s d it s deposits 1 2 0 , , 9 1 1 3 7 1 2 9 , , 9 8 1 3 6 3 2 9 , , 9 8 2 8 5 6 2 9 , , 9 9 5 2 6 6 1 2 0 , , 9 0 4 6 2 2 bonds shown primarily by the New York and Government deposits 130 549 547 532 481 Boston member banks in connection with the Bills payable and rediscounts with F. R. Bank, financing of foreign and domestic security total 908 861 875 880 900 issues, the increases under these heads being, Secured by U. S. Govhowever, offset to a large extent by continued ernment obligations 296 290 280 291 304 liquidation of paper secured by Government Rati A o n o o f t h a e c r commodation at 612 571 595 589 596 obligations and of commercial loans proper. F. R. Bank to total loans and investments 6.1 5.8 5.9 5.9 6.0 For all reporting banks the October 11-12 statement shows an increase for the review period 1 Including bills rediscounted with Federal Reserve Bank. of $68,000,000 in loans secured by stocks and bonds, as against declines of $15,000,000 in The most important development in the loans secured by Government obligations and Federal Reserve field during the period under of $14,000,000 in all other, i. e., largely com- review was the reduction in discount rates by mercial, loans. As a consequence of the a number of Federal Reserve Banks. On changes stated, total loans and investments on September 22 the New York Federal Reserve October 11-12 stood at slightly over $15,000,- Bank reduced its rate to 5 per cent. On the 000,000, or about $200,000,000 in excess of the next day Boston effected the same reduction, total shown four weeks before. This increase and during the first week of October Philais accompanied by additions of over $350,000,- delphia likewise adopted the lower rate. The 000 to Government deposits and of $25,000,000 effect of these reductions upon the general to time deposits, as against a reduction of credit situation, as reflected by the weekly $69,000,000 in net demand deposits. statements of the reporting member banks, Borrowings of the reporting member banks is not easily traceable. Discount figures of from the Federal Reserve Banks show but the New York bank show an increase of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1352 FEDERAL, RESERVE BULLETIN. NOVEMBER, 1921. $76,400,000 between September 21 and Octo- secured by United States Government obliber 11. Like figures of the Boston bank, on gations and about $22,000,000—the reduction the other hand, show a decline of $14,400,000, in other discounted bills. while the total for the system shows an in- Reserve bank holdings of acceptances purcrease of $15,200,000. During the following chased in open market increased from $33,week, when the Government redeemed the 500,000 to $54,300,000, the New York bank outstanding balance of $382,500,000 of Treas- reporting substantial increases in the holdings WEEKLY CHANGES IN PRINCIPAL ASSET!3 AND LIABILITIES < 31 FEDERAL RESERVE BANKS REPORTING MEMBER BANKS 1 RESERVE RATIO 6 PURCHASED ACCEPTANCES 1 ACCOMMODATION AT FEDERAL RESERVE BANKS 2 TOTAL DEPOSITS DISCOUNTS SECURED BY 2 U.S. OBLIGATIONS AND LOANS SECURED THEREBY 3 CASH RESERVES U.S. GOVERNMENT OBLIGATIONS 3 -NET DEMAND DEPOSITS 4 F. R. NOTE CIRCULATION 8 TOTAL DISCOUNTS 4 TOTAL LOANS 5 U.S. SECURITIES 9 TOTAL EARNING ASSETS 5 TOTAL LOANS AND INVESTMENTS MILLIONS MILLIONS BILLIONS BILLIONS . OF OF OF OF DOLLARS DOLLARS DOLLARS DOLLARS 3500 3500 V ft\- 9 3000 / V "VV L 3000 18 2500 / T iA' > /\ / V N VV s 6 L V V \ V 2500 1 1 7 6 / A < \ 5 V 1 1 7 6 \ 2000 V 1 V 2000 15 V 15 i\ s V,/ \ 1500 • \ \ vN.^ 1500 14 4 1* «\ft 13 v. 13 s 1000 1000 \ 12 12 500 --» K 5 r* •«» 500 11 A*A *\ A. -A 3 s,/^ 11 o •s. f\ 6 s .A . ••- i •A,•** o 10 . \ N \, 10 MILLIONS RESERVE \ OF RATIO 9 9 DOLLARS 3500 f 4 C P E E N R T 8 8 3000 -. **V* VJ/ sSJ 7 7 2500 \ 100 6 6 3 ^* 2000 \* - * -' A —-" 2 80 5 5 V* ^V ,< >* 4 4 1500 •*••V 60 1 3 \ 3 1000 40 2 y *•- MMv \ s ft 2 / 2 500 20 1 1 s %, •v 1 MONTH J.F. M.A.M.J. J.A.S.O. N.D.J.F. M.A.M.J. J. A. S.O. N.D. MONTH MONTH J. F. M. A. M. J. J. A. S. 0. N. D.J.F. M.A.M.J. J.A.S.O. N.D. MONTH YEAR 1920 1921 YEAR YEAR 1920 1321 YEAR ury certificates, besides pajdng the semiannual of bankers' bills. Pittman certificates on deinterest on the Fourth £iberty bonds, con- posit with the Treasury to secure Federal siderable liquidation of borrowings by member Keserve Bank note circulation show a gradual banks took place, the October 19 total of decline of $28,000,000, while other Treasury $1,329,800,000 of discounts held by the system certificates, largely held under repurchase marking a reduction of $57,400,000 for the agreements by the New York Federal Kefour-week period. Of this total reduction serve Bank, show a decline of $4,800,000, and $35,400,000 represents the reduction in paper other United States securities a decline of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDEKAL BESERVE BULLETIN. 1353 about $4,800,000. Total earning assets of than four weeks before. Each of the four borthe Federal Reserve Banks show afreduction rowing banks reports substantial reductions in for the four weeks of $74,400,000 and on the amount of paper rediscounted. Minne- October 19 stood at $1,577,900,000,^ a new apolis was able to redeem the entire amount of low record for the year and/about154 per ?aper held under rediscount with the New cent below the peak figure of $3,422,000,000 'ork bank during the week ending^October 5, reported on October 15 of last year. but resumed borrowings about the end of the The following table indicates in summary period. form the weekly changes in the principal Total deposits at the Federal Reserve Banks assets and liabilities of the Federal Reserve fluctuated within moderate limits and on Banks for the four weeks between September October 19 stood $1,717,400,000, or $25,800,000 21 and October 19, while the chart on page in excess of the September 21 total. Federal 1348 gives a graphic picture of these changes Reserve note circulation, except for the first since the beginning of last year: week in October, continued its downward course, and on October 19 stood at $2,440,- MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF 900,000, the lowest weekly total reported since THE 12 FEDERAL RESERVE BANKS COMBINED. [In millions of dollars.] October 4, 1918, and 29 per cent below the peak figure shown on December 23 of last year. Sept. Sept. Oct. 5. Oct. Oct Mainly through the deposit with the Treasury 21. 28. 11. 19. of lawful money the reserve banks were able to reduce by $10,600,000 their aggregate net Reserves: Total 2,863.1 2,878.7 2,882.9 2,876.9 2,921.8 liabilities on Federal Reserve Bank notes, Gold 2,711.1 2,726.0 2,732.6 2,728.9 2,772.7 though the actual circulation of these notes, Bills discounted: according to Treasury records, shows a slight Total 1,387.2 1,402.9 1,398.1 1,402.4 1,329.8 Secured by U. S. increase for the period. Government obligations 495.1 490.9 • 495.9 502.8 459.7 Gold reserves, except for the second week in Bills bou A g l h l t o t i h n e o r pen market. 8 3 9 3 2 . . 5 1 9 3 1 8 2 . . 9 0 9 4 0 2 2. . 2 1 8 6 9 1 9 . . 4 6 8 5 7 4 0 . . 3 1 October, show a continuous increase and on Certificates of indebtedness.. 193.4 187.8 186.4 182.7 160.7 October 19 aggregated $2,772,700,000, a gain Total earning assets.... 1,652.3 1,666.1 1,662.1 1,680.2 1,577.9 of $61,600,000 for the four weeks and of Government deposits 74.2 57.3 59.0 54.3 29.1 $709,900,000 since the beginning of the year. Members' reserve deposits... 1,588.2 1,635.6 1,613.1 1,646.1 1,660.9 Other reserve cash, i. e., legals and silver, Total deposits 1,691.6 1,717.4 1,696.3 1,724.9 1,717.4 F. R. notes in circulation 2,474.7 2,457.2 2,482.3 2,476.3 2,440.9 shows a decline of $2,900,000 for the four weeks F. R. Bank notes in circulaand of $41,900,000 since January 1. The retion—net liability . 103.6 101.4 99.6 97.9 93.0 Reserve percentage 68.7 69.0 69.0 68.5 70.3 serve ratio, primarily because of the gain in gold and to a much smaller extent because of Rediscounting operations of the Federal Re- the reduction in note liabilities, shows a serve Banks of Richmond, Atlanta, Minne- further rise from 68.7 to 70.3 per cent. apolis, and Dallas show a considerable decline In the following table are shown comparain volume during the early part of October, the tive figures of average daily cash reserves, deamount of bills held under rediscount for these posits, Federal Reserve note circulation, and banks by the Boston, New York, and Cleveland reserve percentages for the months of Sep- Federal Reserve Banks at the close of the tember and October of the present and the period, $42,700,000, being $23,800,000 Ie two preceding years: CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR OCTOBEH AND SEPTEMBER, 1921. [Daily averages. Amounts in thousands of dollars.] Total cash reserves. Total deposits. Fede in ra c l i R rc e u s l e a r t v io e n n . otes Reserve percentages. Federal Reserve Bank. October. September. October. September. October. September. October. September Boston 273,121 259,856 114,571 112,448 230,668 240,205 79.1 73.7 New York 1,063,432 1,013,246 683,527 668,121 636, 921 641,957 80.5 77.3 Philadelphia... 216,463 217,453 104,376 103,411 204,916 212,648 70.0 68.8 Cleveland 245,402 256,512 136,437 138,478 221,872 232,296 68.5 69.2 Richmond 72,416 68,706 55,307 54,872 108, 839 107,510 44.1 42.3 Atlanta 72,016 71,492 45,084 44,803 129,781 129,233 41.2 41.1 Chicago 464, 827 467,369 243,453 247,246 418,509 430,771 70.2 68.9 St. Louis 104,401 93,712 63,283 62,292 103,593 100,163 62.6 57.7 Minneapolis... 40,224 43,873 44,705 57,894 56,998 40.3 39.6 Kansas City... 73,470 81,562 69, 294 73,894 72,619 74,383 51.8 55.0 Dallas 35,153 34,815 47,328 45,059 40,836 39,962 39.9 40.9 San Francisco. 244,046 231,449 121,496 120,833 229,673 227,784 69.5 66.4 Total, 1921.. 2,905,727 2,836,396 1,728,029 1,716,162 2,456,121 2,493,910 69.4 67.4 1920. 2,162,178 2,139,280 1,867,589 1,912,070 3,336,768 3,275,535 M3.1 143.3 1919. 2,207,386 2,157,932 1,980,676 1,930,969 2,738,394 2,627,295 M8.5 150.4 i Calculated on the basis of net deposits and Federal Reserve notes in circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1354 FEDERAL EESEBVE BULLETIN. NOVEMBER, 1921. CONDITION OF FEDERAL RESERVE BANKS. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, SEPT. 28 TO OCT. 19, 1921. RESOURCES. [In thousands of dollars.] Gold and gold certificates: Sept. 28 442,707 8,254 348,5661 1,846 12,251 2,852 4,985 22,364 3,152 2,257 8,550 18,801 Oct.5 448,472 8,301 357,210! 1"~ 12,332 2,867 5,019 22,430 3,167 2,276 6,060 18,084 Oct.Ill 446,962 8,324 355,875 12,385 2,892 4,955 22,050 3,193 2,303 6,250 17,961 Oct. 19 447,6971 8,167 356,039 1*894 12,396 2,867 4,946 22,179 3,188 2,316 6,735 18,079 Gold settlement fund—F. R. Board: Sept. 28. 415,765 45,200 88,847 51,875 45,863 20,818 6,235 58,359 17,116 10,575 26,80C 7,446 36,631 Oct. 5. 415,175 52,779 32,474 65,158 45,756 21,372 6,653 81,240 19,516 13,531 28,65* 8,622 39,416 Oct. Hi 426,998 48,004 41,855 65,671 42,863 20,900 7,708 86,424 23,676 13,033 30, 111 5,574 41,179 Oct. 19 480,829 47,097 116,714 54,067 48,314 23,435 4,858 79,139 21,387 9,387 29,29£ 5,963 41,173 Gold with F. R. Agents: Sept. 28 1,759,065 170,609 576,066 146,844 178,081 34,499 47,419 316,971 56,790 18,503 35,907 9,685 167,691 Oct.5 1,756,582 176,213 575,828 147,372 177,281 32,074 49,391 308,396 56,569 18,324 35,657 11,676 167,801 Oct. Hi 1,732,113 181,623 545,684 149,144 178,524 30,193 48,4871 302,550 62,591 18,390 34,150 12,866 167,911 Oct. 19 1,711,331 178,013 545,396 138,032 168,644 35,226 45,831! 294,842 62,568 18,510 35,353 11,872 177,044 Gold redemption fund: Sept.28 108,429 22,835 15,000 10,089 5,552 7,582 4,824 23,450 3,537 2,488 3,152 3,277 Oct.5 112,370 17,166 15,000 6,586 6,264 9,720 5,076 31,877 3,685 2,505 3,271 4,053 7,167 Oct.Hi 122,849 21,703 15,000 4,467 4,910 11,403 4,715 37,593 3,644 2,272 4,756 2,774 9,612 Oct.19 132,864 25,249 15,000 8,079 4"~" 6,140 6,773 45,126 3,650 2,041 3,531 3,643 8,949 Total gold reserves: Sept.28 2,725,966 246,898 1,028,479 210,654 241,747 65,751 63,463; 421,144 80,595 40,395 68,116 28,958 229,766 Oct.5 2,732,599 254,459 980,512 220,975 241,633 66,033 66,139! 443,943 82,937 43,227 69,862 30,411 232, 468 Oct.II1 2,728,922 259,654 958,414 221,176 238,682 65,388 65,865; 448,617 93,104 42,575 71,320 27,464 236,6«3 Oct.19 2,772,721 258,526 1,033,149 202,072 234,037 67,668 62,408| 441,286 90,793 38,829 70,495 28,213 245,245 Legal-tender notes, silver, etc.: Sept.28 152,719 15,405 61,319 6,742 6,435 4, 8,164! 20,173 14,933 535 3,912 6,183 3,952 Oct.5 150,343 15,581 61,538 6,762 5,991 4,625 8,0071 18,851 14,195 409 4,263 6,207 3,914 Oct.Hi 148,011 16,505 56,339! 6,395 5,770 5,379 7,861; 20,031 14,520 372 4,695 6,552 3,592 Oct. 19 149,039 16,747 56,068i 6,727 5,648 5,306 7,592| 20,979 13,757 371 4,724 6,839 4,281 Total reserves: Sept. 28 2,878,685 262,303 l,089,798| 217,396 248,1S2 70,717 71,627 441,317 95,528 40,930 72,028 35,141 233,718 Oct.5 2,882,942 270,040 1,042,050 227,737 247,624 70,658 74,146 462,794 97,132 43,636 74,125 36,618 236,382 O O c c t t . . 1 I 9 I1 2 2 , , 8 9 7 2 6 1 , . 9 76 3 0 3 2 2 7 7 6 5 , , 1 27 5 3 9 1 1, , 0 0 8 1 9 4 , , 2 7 1 5 7 3 2 2 2 0 7 8 , , 5 7 7 9 1 9 2 2 4 3 4 9 , ,6 4 8 5 5 2 7 7 0 2 , ,9 7 7 6 4 7 1 7 73 0 , , 7 0 2 0 6 0 ; ! 4 4 6 6 2 8 , , 2 6 6 4 5 8 1 1 0 0 7 4 , , 6 5 2 5 4 0 4 3 2 9 , , 9 2 4 0 7 0 7 7 5 6 , , 2 0 1 1 9 5 3 3 4 5 , , 0 0 1 5 6 2 2 24 4 9 0 , , 5 2 2 5 6 5 Bills discounted: Secured by U. S. Govern- I ment obligations- Sept. 28 490,927 31,237 106,937 69,840 40,233 23.4301 37,419| 69,949 28,065 9,524 19,250 10,553 44,490 Oct.5 495,866 26.709 116,508 67,600 40,074 26;957 36, 921 69,795; 27,337 10,714 19,189 9,56" 44,495 Oct. 11l 502,791 24; 379 139,337 68,2641 41,500 25,529| 33,345 64,748i 25,601 10,305 18,461 9,133 42,189 Oct. 19 459,671 24,847 97,867 71,654 36,846 32,166| 32,492 65,918i 26,330 5,243 17,707 7; 871 40,730 All other- I Sept. 28 911,976 54,343 150,233 30,636 91,149 74, 530 61,978 156,163 45,518 60,301 54,135 51,127 81,863 Oct. 5 902,255 52,122 159,714 26,555 90,365 71,913 63,037 145,247 48,884 59,878 53,600 50,916 80,024 Oct. 11l 899,615 47,789 171,299 27,156 93,511 69,364 62,827 146,275 41,766 58,404 53,889 50,903 76,432 Oct. 19 870,097 46,953 151,977 30,003 90,57" 66,707 64,138 138,470 44,407 63,724 54,551! 49,626 68,964 Bills bought in open market: Sept. 28 38,889 3,795 17,605 1,972 1,561 3,103 4,490 1,494! 1,108 394| 70 3,297 Oct. 5 42,070 3,241 18,667 1,353 2,010 3,670 5,083 3,907! 504 5201 70 3,045 Oct. 11l 61,393 5.578 33,332 2,391 2,209 3,686i 5,468 3,709| 24' 769 170 3,834 Oct. 19 54,308 4,500 22,776 6,255 2,610 3,4911 5,""" 3,706 299 1,143 205 3,441 U. S S O O O . e b c c c p t t t o . . . t n . 5 1 1 d 2 9 1 s 8 l and notes: 3 3 3 3 6 3 5 3 , , , , 4 4 6 1 3 8 5 3 3 5 6 0 1 1 , , 5 5 3 0 6 5 6 3 7 5 8 0 2 3 1 1 , , , , 5 0 5 0 2 2 2 0 6 6 6 5 1 1 1 1 , , , , 4 5 4 4 5 2 6 4 3 9 5 8 8 8 8 8 0 4 4 4 6 4 4 4 1 1 1 1 , , , , 2 2 2 2 3 3 3 3 3 3 3 3 1 1 1 1 0 0 0 0 , , , , 3 4 3 3 9 0 9 G 9 7 9 8 4 4 4 4 , , , , 4 4 4 5 9 9 0 9 7 8 7 9 1 1 1 \ , . , , 2 2 3 4 5 0 18 6 0 0 1 2 1 1 1 2 1 1 7 4 7 7 2 9 8 8 , , , 8 3 8 7 3 6 7 0 8 2 2 2 2 , , , , 6 6 6 6 4 4 4 1 3 3 3 3 2 2 2 5 1 0 2 1 4 4 8 4 U. S. certificates of indebtedness: One-year certificates (Pittman Act)— Sept, 28 175,375 14,936 49,276 19,280 18,299 3,760 8,564 27,112 11,068 4, 7,320 1,900 S, 880 O Oc c t t . . 5 Hi 1 1 6 6 7 2 , , 3 8 7 7 5 5 1 1 4 4 , , 9 9 3 3 6 6 4 4 9 6 , , 2 2 7 7 6 6 1 18 8 , , 2 2 , 8 r 0 ~ 1 1 7 6 , , 2 2 9 9 9 9 3 3 , , 7 7 6 6 0 0 8 8 , , 5 5 6 6 4 4 2 2 5 5 ' , 1 1 1 1 2 2 9 9 , , 0 0 6 6 8 8 4 4, , 980 6 5 , , 3 8 2 2 0 0 1 1 , , 9 9 0 0 0 0 7 7 , , 8 8 8 S 0 0 Oct. 19 156,875 13,936 45,776 17,280 15,299 3,760 8,564 24,112 8,068 4,980 5,320 1,900 7,880 All other- Sept. 28 12,399 6 9,021 236 38 1 852 74 21 1,369 230 551 Oct.5 19,054 871 15,801 229 209 1 1,391 111 27 51 363 Oct.II1 19,862 536 17,754 158 208 1 873 119 30 183 Oct. 19 3,808 1 950 2j 180 1 2,370 83 31 16 Total earning assets: Sept. 28 1,666,051 105,347 336,098 123,4931 152,124 106,056 122,859 260,077 87,083 74,998 91,798 66,523 139,595 Oct.5 1,662,053 99,247 362,492 115,470 150,801 107,533 124,005 249,951 87,150 75,716 88,557 65,096 136,035 Oct.11! 1,680,192 93,785 409,524 117,697 154,571 103,572 120,604 245,214 78,101 73,806 87,837 64,749 130,732 Oct. 19 1.577,r~- 90,966 320,351 126,659 146,368 107,360 121,462 239,074 80,368 74,212 87,605 62,245 121,219 Bank premises: vSept.28 29,172 4,242 5,594 533 2,960 2,501 861 4,987 62 690 3,455 2,055 667 Oct.5 29,501 4,267 5, 776 533 3,027 2,540 871 4,988 627 690 3,455 2,055 672 Oct. II1 30,052 4,295 5,777 533 3,108 2,576 876 5,295 627 690 3,545 2,057 673 Oct. 19 30,957 4,387 5,883 533' 3,218 2,697 885 5,392 627 718 3,836 2,097 684 i Tuesday. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1355 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, SEPT. 28 TO OCT. 19,1921—Continued. RESOURCES—Continued. [In thousands of dollars.] I Total. B to o n s . - Y N o e r w k. P p d h h e i i l l - a a . - C la le n v d e . - m R o ic n h d - . la A n t t - a . C ca h g i o - . Lo S u t. is. n M o e l a i i n s p . - - K C a i n ty s . as D la a s l . - F c S i r s a a c n n o - . 5 per cent redemption fund against F. R. Bank notes: Sept. 28 9,086 772 1,5! 700 1,239 263 605 1,664 523 178 916 186 444 Oct. 5 8,842 422 1,792 700 1,240 263 526 1,664 523 196 916 156 444 Oct. Hi 8,777 422 1,770 700 1,239 188 545 1,665 523 209 916 156 444 Oct. 19 8,883 422 1,945 700 1,239 188 541 1,665 523 191 916 156 394 Uncollected items: Sept. 28 508,185 44,942 106,993 44,429 44,190 42,555 20,635 63,685 28,703 13,406 38,595 24,534 35,518 Oct.5 558,105 44,911 138,017 45,617 46,599 47,526 19,220 65,141 33,493 16,047 40,454 26,585 34,495 Oct.Hi 5 6 6 3 7 0 , , 6 5 8 8 1 1 5 4 9 9 , , 8 6 3 4 3 9 1 13 1 2 6 , , 8 4 1 6 1 2 4 5 7 3 , , 1 8 8 4 2 7 5 4 4 7, , 8 0 2 8 9 5 4 5 6 2 , , 8 7 3 6 3 4 2 2 3 5 , , 3 5 7 7 0 6 6 7 9 7 , ,6 9 7 6 1 5 3 3 6 7 , , 5 2 6 8 5 3 1 1 7 9 , , 1 3 4 4 7 9 4 44 3 , , 0 4 1 2 7 9 3 3 0 2 , , 6 4 1 3 9 3 3 4 8 0 , , 6 9 3 1 1 2 Oct. 19 All other resources: 15,947 454 3,083 441 1,005 298 770 1,832 874 616 510 1,560 4,504 Pept.28 15,906 487 3,078 438 1,024 389 817 1,830 818 676 436 1,417 4,496 Oct. 5 16,697 446 3,303 458 1,030 385 801 1,919 869 657 425 1,947 4,457 Oct.Hi 16,887 445 2,757 453 1,071 314 632| 1,863 806 704 435 3,131 4,276 Oct.19 j Total resources: 5,107,126 418,060 1,543,162 386,992 449,700 222,390 217,357 773,562 213,338 130,818 207,302 129,999 414,446 Sept. 28 5,157,349 419,374 1,553,205 390,495 450,315 228,909 219,585 786,368 219,743 136,961 207,943 131,927 412,524 Oct. 5 5,180,332 424,756 1,551,589 394,141 452,229 224,321 219,922 792,706 224,309 135,456 212,167 133,544 415,192 Oct. Hi 5,186,957 431,326 1,552,964 390,991j 445,666 236,297 219,096 787930 224,157 134,377 212,028 135,114 417,011 Oct. 19 LIABILITIES. Capital paid in: Sept. 28 103,049 7,935 27,088 11,113 5,403 4,142 14,348 4,567 3,554 4,533 4,314 7,369 Oct. 5 103,046 7,934 27,086 8,684 11,105 5,406 4,145 14,348 4,567 3,555 4,533! 4,314 7,369 Oct. Hi 103,070 7,935 27,087 8,684 11,104 5,409 4,146 14,358 4,567 3,556 4,528| 4,314 7,382 Oct. 19 103,034 7,935 27,087 8,684 11,103 5,410 4,148 14,365 4,568 3,556 4,524 4,275 7,379 Surplus: Sept. 28 213,824 16,342 59,318 17,564 22,263 11,026 30,536 9,114 7,303 9,330 7,113 15,207 Oct. 5 213,824 16,342 59,318 17,564 22,263 11,026 8,708 30,536 9,114 7,303 9,330 7,113 15,207 Oct. II1 213,824 16,342 59,318 17,564 22,263 11,026 8,708 30,536 9,114 7,303 9,330i 7,113 15,207 Oct. 19 213,824 16,342 59,318 17,564 22,263 11,026 8,708 30,536 9,114 7,303 9,330 7,113 15,207 Reserved for Government franchise tax: Sept. 28 51,654 2,666 19,903 3,356 2,575 2,428 3,564 9,322 1,340 1,911 1,792 2,797 Oct. 5 51,741 2,684 19,859 3,408 2,564 2,475 3,620 9,299 1,327 1,954 1,814 2,737 Oct. II1 52,514 2,677 20,087 3,440 2,659 2,539 3,703 9,364 1,377 1,970 1,863 2,835 Oct. 19 53,145 2,726 20,202 3,503 2,724 2,604 3,791 9,414 2,043 1,877 2,863 Deposits: Government- Sept. 28 57,253 2,802 12,645 1,873 6,119 4,: 2,323 1,776 4,991 6,428 9,551 Oct. 5 59,004 878 18,961 2r~ 4*142 2,914 1,753 8,915 2,344 5,678 1,769 4,896 3,916 Oct. II1 54,270 2,831 14,774 2,561 2,713 2,236 7,674 2,384 3,516 2,948 3,398 3,029 Oct. 19 29,120 1,699 7,098 483 2,339 1~" 3,263 796 2,630 1,646 4,954 1,734 Member bank—reserve account- Sept. 28 1,635,572 106,757 667,054 96,859 132,292 47,934 42,471 226,847 59,213 38,866 64,383 41,622 111,274 Oct. 5 1,613,149 107,711 629,765 102,038 131,774 51,117 41,835 232,610 59,479 40,741 63,221 41,101 111,757 Oct. II1 1,646,099 107,911 653,161 98,221 132,775 51,377 43,264 235,384 61,081 40,795 65,693 43,695 112,742 Oct. 19 1,660,930 113,848 660,322 102,223 130,515 51,992 42,642 236,563 60,927 38,570 64,898 42,358 116,078 All other- Sept. 28 24, 580 799 11,742 1,429 761 447 352 2,471 769 524 582 338 4,366 Oct.5 24,179 813 11,026 1,396 746 437 359 2,537 857 566 567 359 4,516 Oct.Hi 24,496 937 11,148 1,687 1,405 422 350 2,508 850 613 647 313 3,616 Oct. 19 27,388 968 12,225 1,336 903 512 371 4,043 956 764 1,079 3,747 Tota S O l e c d p t e . t . p 5 o 2 s 8 its: 1 1 1 , , , 7 6 7 1 9 2 7 6 4 , , , 4 3 8 0 3 6 5 2 5 1 1 11 0 1 1 9 0 , , , 4 3 6 0 5 7 2 8 9 6 6 6 9 7 5 1 9 9 , , , 4 0 7 4 8 5 1 3 2 1 1 1 0 0 0 0 6 6 , , , 1 1 2 6 1 7 1 4 2 1 1 1 3 3 3 5 6 6 , , , 0 7 6 4 4 6 1 1 2 5 5 5 4 4 4 , , , 5 4 5 0 6 1 0 8 2 4 4 4 7 3 5 , , , 7 9 8 1 4 5 1 7 0 2 2 2 3 4 4 1 4 5 , , , 6 0 5 4 6 6 1 6 2 6 6 6 1 4 2 , , , 7 3 6 1 5 8 5 8 0 4 4 4 4 6 4 , , , 3 9 9 8 2 8 1 4 5 6 6 6 6 5 9 , , , 5 2 8 5 8 3 7 8 4 4 4 4 8 6 7 , , , 3 3 4 5 8 0 6 8 6 1 1 1 2 2 1 5 0 9 . , , 1 1 3 9 8 8 1 9 7 Oct. Hi 1, 717,444116,515 679,645 104,042 132,310 54,843 243,869 62,679 41,964 67,623 47,796 121,559 Oct. 19 F. R. notes in actual circulation 2,457,196 234,562 631,130 226,546 107,292 127,359 423,703 100,470 56,678 73,364 40,224 227,170 Sept. 28 2,482,313 234,718 642,293 205,264 223,868 109,647 134,064 423,145 103,416 57,928 73,704 42,074 232.192 Oct. 5 2,476,311 234,173 638,752 207,445 223,872 109,426 130,309 423,688 103,120 58,160 73,248 41,433 232,685 Oct.Hi 2, 440,862231,940 632,329 201,154 219,400 108,173 128,224 416,129 103,126 58,152 72,600 40,246 229,389 Oct.19 F. R. Bank notes in circulation—net liability: 101,372 7,342 27,434 5,779 10,802 3,234 7,583 9,922 6,056 3,534 12,480 3,045 4,161 Sept. 28 99,602 8,038 29,284 5,871 9,817 3,443 7,769 9,955 4,212 3,424 11,559 3,033 3,197 Oct. 5 97,933 8,761 25,664 5,979 9,852 3,567 7,749 9,998 5,215 3,409 11,427 3,037 3,275 Oct. Hi 92,952 7,906 25,081 5,043 9,385 3,674 7,582 9,072 4,217 3,441 11,382 2~" 3,280 Oct. 19 Deferred availability items: 441,300 37, 550 82,416 41,761 40,037 37,246 17,297 50,220 28,870 12,261 37,673 25,211 30,758 Sept. 28 488,741 38,914 111, 208 42,436 42,719 41,141 16,302 51,020 33,212 14,562 40,109 27,349 29,769 Oct. 5 489,403 41,850 96,785 43,855 44,415 36,537 18,431 55,086 35,404 14,866 41,112 28,501 32,561 Oct. Hi 543,238 46,639 104,784 49,906 47,150 49,249 20,976 60,346 37,815 16,596 43,265 31,044 35,468 All o S O O O t e h c c c p e t t t . . r t . . 5 1 H 2 l 9 i 8 a i bilities: , 2 2 2 2 2 2 1 1 , , , , 3 4 4 7 2 1 5 5 6 2 8 0 1 1 1 1 , , , , 3 3 3 3 3 2 0 4 9 3 5 2 4 4 4 4 , , , , 8 4 4 5 1 3 0 1 3 2 5 8 1 1 , , 9 9 0 0 9 9 6 9 0 6 0 5 1 1 1 1 , , , , 3 3 3 3 1 2 2 3 7 3 3 1 1 1 1 1, , , , 3 3 3 2 1 0 0 6 8 5 3 1 1 1 1 , , , 0 0 0 2 3 6 6 0 8 3 4 4 4 , , , , 1 8 0 1 1 7 9 0 0 9 3 0 1 1 1 1 , , , , 1 2 1 2 6 1 9 4 3 5 7 0 1 1 1 1 , , , , 1 2 2 3 9 5 6 2 6 0 8 2 1 1 1 1 , , , , 2 3 3 4 9 3 2 7 6 7 7 1 1 1 1 1 , , , , 7 6 7 7 0 4 8 5 4 0 8 1 1 1 1 1 , , , , 7 8 8 8 9 6 6 6 3 4 0 6 Oct. 19 ,- 1 Tuesday. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1356 FEDERAL RESERVE BULLETIN. NOVEMBBE, 1921. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, SEPT. 28 TO OCT. 19, 1921—Continued. LIABILITIES—Continued. [In thousands of dollars.] Total. B to o n s- . Y N o e r w k. P p d h h e i i l l a - a . - ! I C la le n v d e . - m R o ic n h d - . la A n t t - a. c C a h g i o - . Lo S u t. is. Min- Kansas D la a s l . - F c S i r s a a c n n o - . Total liabilities: Sept. 28 5,107,126 418,060 1,543,162 386,992 449,700 222,390 217,357 773,562 213,338 130,818 207,302 129,999 414,446 Oct. 5 5,157,349 419,374 1,553,205 390,495 450,315 228,909 219,585 786,368 219.743 136,961 207,943 131,927 412,524 Oct. Hi 5,180,332 424,756 1,551,589 394,141 452,229 224,321 219,922 792,7G6 224,309 135,456 212,167 133,544 415,192 Oct. 19 5,186,957 431,326 1,552,964 390,991 445,666 236,297 219,096 787,930 224,157 134,377 212,028 135,114 417,011 MEMORANDA. Ratio of total reserves to deposit and F. R. note liabilities combined, per cent* Sept. 28 69.0 82.4 70.4: 68.6| 43.7 40.9 67.3 58.9 40.51 51.4 39.7 Oct.5 69.0 80.0 73.1! 68.71' 43.1 41.7 69.4 58.5 41.6 53.2 41.4 67.1 Oct.Hi 68.5 77.0 72.61 67.81 43.2 41.9 70.0 64.3 41.7 53.3 38.3 68.2 Oct. 19 70.3 83.0 68.4 68.1 44.8 40.5| 70.0 63.1 39.2! 53.6 39.8 71.1 Contingent liability on bills purchased for foreign correspondents: Sept. 28 33,738 2,442 12,563 2,676 2,7431 1,639 i 204 3, 1,572 9031 1,606 870 1,539 Oct.5 33,297 2,442 12,122 2,743 1,639 1,204 3,981 1,572 903 1,606 870 1,539 Oct. Hi 3 3 3 2 , , 2 7 4 3 9 0 2 2 , , 4 3 4 7 2 1 1 1 2 2 , , 0 1 7 7 4 1 2 2 * ,, 6 "~ 7 ~ 6 2 2 , , 7 6 4 6 3 3 1 1, , 5 6 9 3 2 9 1 1 , , 2 1 0 6 4 9 3,981 1 1 , , 5 5 7 2 2 7 9 87 0 7 3 ! 1 1 , , 6 5 0 5 6 9 8 84 7 4 0 1 1, , 4 5 9 3 4 9 Oct. 19 i Tuesday. REDISCOUNTS OF BILLS BETWEEN FEDERAL RESERVE BANKS. [In thousands of dollars.] Paper rediscounted with other F. R. Banks. Paper discounted for other F. R.Banks. Federal Reserve Bank. Sept. 28. Oct. 5. Oct. 11. Oct. 19. Sept. 28. Oct. 5. Oct. 11. Oct. 19. B oston 22,163 21,840 16,891 16,043 New York 30,326 19,518 20,000 20,407 Cleveland . 12,783 7,463 7,133 6,278 Richmond 24,903 19,518 20,000 14,407 Atlanta 20 095 17 195 16 378 14 096 Minneapolis 5,423 6,000 Dallas 14.851 12,108 7,649 8,225 Total 65,272 48,821 44,027 42,728 65,272 48,821 44,027 42,728 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] Total. W d tt a h y i s n . 15 1 d 6 a t y o s . 30 3 d 1 a t y o s . 60 61 d a to y s 9 . 0 O d v a e y r s 9 . 0 Bills discounted: Sjej>t. 28 1,402,903 801,282 162,980 240,134 165,618 Oct.5 1,398,121 813,342 161,863 235,802 154,862 32,252 Oct. Hi 1,402,406 835,108 158,144 219,236 156,114 33,804 Oct. 19 1,329,768 794,732 140,286 224,855 138,881 31,014 Bills bought in open market: Sept. 28 19,782 8,582 6,677 3,687 161 Oct.5 42,070 22,847 6,229 7,271 5,652 71 Oct. Hi 61,393 34,554 10,178 10,064 6,527 70 Oct. 19 54,308 25,170 10,826 11,350 6,892 70 U. S. certificates of indebtedness Sept. 28 187,774 12,669 15,708 9,801 33,107 116,489 Oct.5 186,429 19,129 12,500 11,006 18,850 124,944 Oct. Hi 182,737 22,083 2,500 16,799 18,824 122,531 160,683 7,500 2,300 19,215 12,303 119,365 Oct. 19 1 Tuesday. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1357 FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, SEPT. 28 TO OCT. 19, 1921. [In thousands of dollars.] I Total. Boston. Y N o e r w k. d P el h p i h la ia - . m R o ic n h d - . Atlanta Chicago Lo S u t. is. M ap i o n l n i e s. - K C a i n t s y a . s Dallas. F S r a a n ncisco- Net amount of F. R. notes received from Comptroller ofthe Currency: Sept. 28 3,650,957 348,796 1,083,569 252,131 290,358 136,033 211,237 634,666 151,634 71,934 86,264 67,160 317,175 Oet.5 3,633,702 352,199 1,069,686 250,059 289,158 137,607 211,750 626,811 156,552 71,255 86,014 66,326 316,285 Oct. Hi 3,614,118 347,610 1,060,625 246,831 284,802 138,087 212,845 626,965 155,975| 72,361 84,507 65,515 317,995 Oct. 19 3,588,748 348,600 1,050,246 244,719 283,322 139,620 210,691 623,337 154,0521 72,401 82,710 64,522 314,528 F. R. notes on hand: Sept. 28 833,279 96,500 309,700 20.220 44,680 21,569 77,548 162,760 26,660 12,330 4,440 22,512 34,360 Oct. 5 ; 837,759 99,500 326,700 20,220 44, r~ 20,249 71,873 159,080 28,260 10,945 4,440 20,452 31,960 O Oc c t t . , 1 I 9 ll 8 8 1 3 9 3 , , 6 9 6 2 5 9 9 99 9 , , 9 5 0 0 0 0 2 3 9 1 5 5 , , 2 5 2 8 0 0 2 2 0 0 , , 2 2 2 2 0 0 42,980 2 23 0 , , 6 0 0 0 9 9 7 7 6 5 , , 9 9 1 1 3 4 1 1 5 6 9 4 , ,1 2 6 0 0 0 2 29 8 , , 0 2 6 6 0 0 1 1 2 1 , , 1 8 1 5 5 0 4 4 , , 4 4 4 4 0 0 2 20 0 , , 4 4 5 5 2 2 3 3 0 4 , , 8 2 6 6 0 0 F. R. notes outstanding: 2,817,678 252,296 773,869 231,911 245,678 114,464 133,689 471,906 124,974 59,604 81,824 44,648 282,815 S O e c p t. t. 5 28 2 2 , , 7 7 9 8 5 0 , , 9 1 4 8 3 9 2 2 5 4 2 8 , , 6 1 9 1 9 0 7 7 4 4 2 5 , , 9 0 8 4 6 5 2 2 2 2 9 6 , , 8 6 3 1 9 1 2 2 4 4 5 1 , , 0 8 7 2 8 2 1 1 1 1 7 8 , , 3 0 5 7 8 8 1 1 3 3 9 5 , , 8 9 7 3 7 2 4 4 6 6 7 7 , , 7 7 3 6 1 5 1 12 2 7 8 , , 7 2 1 9 5 2 6 60 0 , , 2 3 4 1 6 0 8 8 1 0 , , 5 0 7 6 4 7 4 4 5 5 , , 8 0 7 6 4 3 2 2 8 8 4 3 , , 3 7 2 3 5 5 Oct. Hi 2,769,083 248,700 755,026 224,499 239,342 116,011 134,777 459,177 124,992 60,551 78,270 44,070 283,668 Oct. 19 Collateral security for F. R. notes outstanding: Gold and gold certificates— I 447,337 5,600 396,924 18,375 3,400 6,110 13,052 3,876 Sept.28 450,163 5,600 396,925 18,375 3,400 6,110 13,052 6,701 Oct.5 450,162 5,600 396,924 18,375 ",400 6,110 13,052 6,701 Oct. Hi 450,163 5,600 396,925 18,375 3,400 6,110 13,052 6,701 Oct. 19 Gold redemption fund- 110,566 15,009 18,142 13,455 14,706 5,019 16,327 3,649 1,251 2,547 3,575 14,387 Sept. 28 120,199 20,613 17,903 16,983 13,906 2,491 15,751 3,528 1,072 3,297 2,741 18,840 Oct.5 114,167 16,023 17,760 13,755 15,149 4,087 14,906 4,050 2,138 1,790 3,931 16,385 Oct.Hi 126,046 22,413 17,471 17,643 15,269 1,931 15,198 4,127 2,258 1,993 2,937 20,080 Gold O S O e c f c u p t t . n t .5 . d 1 2 9 — 8 F. R. Board- 1 1 1 1 , , , , 1 1 1 2 3 8 6 0 6 5 7 1 , , , , 2 7 1 1 2 8 6 2 0 4 2 2 1 1 1 1 5 5 5 6 0 0 0 0 , , , , 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 6 6 3 3 1 1 1 1 , , , , 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 3 3 3 2 3 0 5 0 , , , , 3 3 3 3 8 8 8 8 9 9 9 9 1 1 1 1 4 4 3 4 5 5 5 5 , , , , 0 0 0 0 0 0 0 0 0 0 0 0 4 4 3 4 3 0 9 1 , , , , 5 5 0 0 0 0 0 0 0 0 0 0 2 3 2 2 7 9 8 0 9 2 7 0 , , , , 6 6 6 6 4 4 4 4 4 5 4 4 4 5 4 5 6 2 7 2 , , , , 9 3 4 0 3 3 3 3 1 1 1 1 4 3 3 4 , , , , 2 2 2 2 0 0 0 0 0 0 0 0 3 3 3 3 2 2 3 3 , , , , 3 3 3 3 6 6 6 6 0 0 0 0 2 2 2 2 , , , , 2 2 2 2 3 3 3 3 4 4 4 4 1 1 1 1 4 5 5 5 6 1 3 8 , , , 9 5 3 9 6 2 0 6 4 6 4 1 Oct. Hi Oct. 19 Eligible paper- 1,058,613 81,687 197,803 85,067 67,597 86,270 154,935 68,184 41,101 45,917 34,963 115,124 Amount required- 1,039,361 76,486 167,158 82,467 67,797 90,486 159,335 71,723 41,986 45,917 34,198 116,524 Sept. 28 1,048,076 66,487 199,361 77,467 63,298 87,445 165,215 65,124 41,856 45,917 32,197 115,824 Oet.5 1,057,752 70,687 209,630 86,467 70,698 88,946 164,335 62,424 42,041 42,917 32,198 106,624 Oct.Hi Oct. 19 340,120 53,184 2,201 65,271 17,602 72,585 6,483 27,774 27,840 26,673 14,311 Excess amount held— 363,781 5,586 102,255 5,096 64,433 14,528 59,579 4,995 26,582 27,377 25,936 10,791 Sept. 28 370,055 11,259 119,604 4,644 73,466 14,192| 49,196 2,363 25,073 27,181 27,958 6,204 Oct.5 286,851 5,613 36,588 13,213 59,035 13,534 43,687 8,506 25,632! 30,386 25,302 6,310 Oct. Hi i TuesdaOyc.t. 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1358 FEDERAL, RESERVE BULLETIN. NOVEMBER, 1921. CONDITION OF MEMBER BANKS IN LEADING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM SEPT. 21 TO OCT. 12, 1921. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [Amounts in thousands of dollars.] New Phila- Atlan- St. Minne- Kansas San Boston. York. delphia. ta. Chicago. Louis. apolis. City. Francisco. Number of reporting banks: Sept. 21 810 112 112 Sept. 28 809 112 112 65 Oct.5 1121 112 65 Oct. 11-12 | 112 65 Loans and discounts, including bills rediscounted with F. R. Bank: Secured by IT. S. Government obligations- Sept.21 592,842 34,348 230,399 68,347 55,746 24,483 17,675 79,627 18,535 12,570 17,651 6,751 26,710 Sept. 28. 576,626 32,422 225,493 60,608 55,995 23,479 18,184 76,805 19,038 12,544 18,431 6,837 26,790 Oct.5 591,362 31,151 243,944 59,086 55,870 23,152 18,457 76,872 19,249 12,222 18,474 6,193 26,692 Oct. 11-12 584,112 31,596 58,504 54,616 22,919 20,911 74, ~~~ 19,220 12,288 18,245 6,734 26,313 Secured by stocks and bonds (other than U. S. Government obligations)— Sept. 21 2,979,307 187,764 1,289,885 183,227 336,8141 109,289 52,189 424,981 117,938 31,540 65,980 37,964 141,736 Sept. 28 2,996,667 190,6431,284,787 192,108 336,7081 109,298 52,016 437,047 118.731 30,200 65,659 37,484 141,986 Oct. 5 3,019,122 192,6361,302,505 195,275 334,248 109,997 51,892 438,909 118,297 31,382 64,192 37,362 142,427 Oct. 11-12 3,033,868 194,3691,313,836 194,832 335,803 109,781 52,599 440,175 118,549 30,897 64,240 37,367 141,420 All other- Sept. 21 7,972,016 599,482 2,,.6.5_4.,380 355,851 662,1411 331,341 314,726 1,191,251 306,901 236,091 366,851 204,425 748,576 Sept. 28 7,999,600 590,603 2~, 6~8~7"'\314 357,199 664,825 332,380 319,3751,177,873 303,959 242,563 369,683 206,447 747,379 Oct.5 8,004,803 601,185 2,695»;,814 356,625 660,094 330,217 323,7441,173,784 304,696 233,965 370,836 208,149 745,694 Oct. 11-12 7,984,119 602,811 2 6>'72,357 360,753 666,814 332,200 316,4521,172,448 300,952 234,363 368,520 206,844 749,605 Total loans and discounts, including bills rediscounted with F. R. Bank: Sept. 21 11,544,165 821, 594 4L, 174,664| 607,4251,054,701 465,113 384,5901,695,859 443,374 280,201 450,482 249,140 917,022 Sept. 28 11,572,893 813,668 4,.197,594 9151,057,528 465,157 389,5751,691,725 441,728 285,307 453,773 250,768 916,155 Oct. 5 11,615,287 824,9724,242,263 610; 986 1,050,212 463,366 394,0931,689,565 442,242 277,569 453,502 251,704 914,813 Oct. 11-12 .11,602,099 828776 614,089 1,057,233 464,900 389,9621,687,503 438,721 277,548 451,005 250,945 917,338 U.S. bonds: Sept. 21 870,244 37,571 311,486 46,238 105,610! 61,304 30,229 71,581 26,387 15,721 30,475 34,430 99,212 Sept. 28 877,894 37,996 311,997 46,093 107,510 61,039 30,285 71,642 26,970 15,957 31,859 34,811 101,735 Oct. 5 881,759 39,583 313,705 46,167 108,487 60,664 30,143 71,274 26,858 16,075 31,978 34,257 102,568 Oct. 11-12 879,056 39,786 310,984 46,093 110,147 60,716 30,567 71,211 27,164 15,618 32,647 34,754 99,369 IT. S. Victory notes: Sept. 21 166,263 5,603 82,674 5,347 16,205i 4,452 2,148 27,607 1,850 698 2,792 1,318 15,569 Sept. 28 166,064 5,611 83,738 5,380 15,161) 4,707 2,143 27,300 1,970 673 2,770 1,319 15,292 Oct. 5 162,689 4,535 77,899 5,348 15,376! 4,506 2,291 26,963 1,988 652 2,764 1,319 19,048 Oct.11-12 160,899 4,512 77,464 5,535 14,4071 3,711^ 255 26,809 2,069 1,059 2,905 1,319 18, 854 IT. S. Treasury notes: Sept. 21 164,685 9,627 77,818 19,061 11, 489 j 9,473 624 13,386 3,644 4,956 5,375 1,561 7,671 Sept. 28 149,320 5, 111 83,582 15,588 8,7861 8,220 267 11,273 2,739 3,658 1,596 1,057 7,443 Oct. 5 139,372 4,023 81,688 13,561 7,183| 7,029 394 11,965 2,554 2,149 1,440 '622 6,764 Oct. 11-12 138,365 3,934 83,197 13,334 6,034! 6,880 390 12,004 1,859 1,865 2,306 6,535 IT. S. certificates of indebtedness: Sept. 21 -• 200,914 9,202 66,382 15,476 12,562 2,805 42,216 5,257 3,383 7,039 8,449 23,247 Sept. 28 169,296 7,422 58,802 12,390 12,732 3,752 2,786 33,458 4,5661 2,404 6,331 4,007 20,646 Oct. 5 163,267 6,573 59,562 12,703 10,537 4,738 2,693 29,411 4,5151 1,925 6,420 3,986 20,20-1 Oct. 11-12 158,333 6,801 64,103 12,088 10,699 3,118 1,702 25,860 3,277j 1,734 6,297 3,036 19,618 Other bonds, stocks, and securities: Sept. 21 1,996,800 138,561 702,195 154,624 265,795 46,417 37,067 343,675 67,410 20,62; 47,604 9,567 163,262 Sept. 28 2,021,789 146,649 703,956 155,589 274,306 51,597 36,572 343,265 67,324 20,611 47,124 9,518 165,274 Oct. 5 2,064,977 139,775 725,302 154,414 289,277 49,740 36,507 352,504 67,803 21,56: 47,388 10,310 170,394 Oct. 11-12 2,062,682 140,117 729,105 155,669 277,805 49,438 37,412 355,977 68,11S 21,87' 46,644 10,383 170,137 Total loans and discounts and investments, including bills rediscounted with F. R. Bank: Sept. 21 14,943,0711,022,158 5,,415,219 848,1711,466,362 591,655| 457,4632,194,32. 547,922 325,582 543,76' 304,4651,225,983 Sept. 28 14,957,256 11,016,457 5,,439,669 844,9551,476,023 594,472! 461,662288 22,,178,663 545,297 328,6.14 543,453 301,4801,226,545 Oct. 5 15,027,3511,019,4615., 500,4198-13,1791,481,072 590,043| 466,1212,181,682 545,960 319,933 543,492 302,198 1,233,791 Oct. 11-12 15,001,4341,023,926 5,, 488,932846,808.1,476,325 588,7631 462,2"8"8" \2 ,179,364 541,208 319,701 541,804 300,4641,231,851 Reserve with F. R. Bank: Sept. 21 1,189,256 72,625 557,453 59,970 89,386 29,030 23,559 171,013 37,112 16,587 39,501 18,558 74,462 Sept. 28 1,241,664 72,021 609,610 58,293 89,SOS 28,300| 26,503 171,097 38,418 16,820 35,747 20,116 75,231 Oct. 5 1,215,740 72,719 573,037 63,367 89,741 31,139| 25,659 173,849 38,514 18,979 35,34" 19,3591 74,030 Oct. 11-12 1,243,802 73,009 596,025 61,278 93; 995 31,446; 26,614 174,608 37,421 16,319 34,94' 22,3601 75,780 Cash in vault: Sept. 21 301,445 20,602| 100,739 17,386 29,156 14,202! 8,920 52,4L 6,990 6,10 12,322 9,8411 22,769 Oct. 28 304,912 20,779 101,446 16,638 29,343 14; 256! 9,120 52,686 7,523 6,41, 12,971 10,1101 23,625 Oct. 5 300,549 20,730! 100,301 16,185 29,336 14,388 9,290 51,715 7,405 6,14! 12,135 9,906 23,010 Oct. 11-12 309,855 20,892| 105,056 16,196 29,320 14,765 9,43r 53,926 7,166 6,77' 13,010 9,849 23,433 Net demand deposits: Sept. 21 9,833,196 698,135 4,434,702 599,019 7S5,813 284,696! 207,4541,259,69?= 275,081 169,746 359,845 184,294 574,713 Sept. 28 9,865,599 697,31314,477,486 599,735 792,700 288,181 208,7761,254, or 279,108 168,823 354,240 182,808! 562,412 Oct. 5 9,925,772 709,978|4,486,727 608,054 796,245 292,083 214,1381,268,907 2S0,643 171,570 350,338 184,317! 562,772 Oct. 11-12 ....... 10,062,331 723,430 4,536,305 636,681 802,720 297,908 217,9751,289,34: 285.854 170.691 352,071 189,4331 579,920 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1359 PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM SEPT. 21 TO OCT. 12, 1921—Continued. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued. [Amounts in thousands of dollars.] Total. Boston. Y N o e r w k. d P el h p i h la ia - .j | l C a l n e d v . e- m R o ic n h d - . A t t a la . n- Chicago. Lo S u t. is. M ap i o nn li < s ie . - K C a i n ty sa . s Dallas. F c S i r s a a c n n o. - Time deposits: Sept. 21 2,915,659 181,012j 445,419 i3,077 419,611 121,621 139,750 650.080 146,218 67,818 99,913 59,793 541,347 Sept. 28 2,925,18S 182,604} 447,295 43,680j 425,100 121,833 139,440 649,618 145,679 67,672 100,066 59,829 542,372 Oct. 5 2,956,092 179,803! 449.212 43,738J 425,941 122,050 139,594 652,968 1.46,595 67,312 103,938 59,528 565,413 Oct. 11-12 2,942,400 179, 8031 451.; 257 43,354; 423,950 121,944 140,588 654,71, 147,066 67,863 104,839 59,748 547,273 Government deposits: i Sept. 21 549,1311 43,661 i 248,642 46,127: 45,182 17,441 6,779 63, 588 17,441 16,965 12,170 9,548 21,587 Sept. 28 . 547,173 43,651! 248, 750 44,462! 45,650 17,398 6,655 61, 860 17, 806 17, 817 12,170 9,456 21,498 Oct. 5 532,080 42,329! 241,148 44,4561 44,059 16,061 6,314 61,650 17,328 17,217 11,745 9,105 20; 668 Oct. 11-12 480, 526 38,094; 217,048 39, 874! 39, 782 14,950 5, 994 55,487 15, 539 15,946 10,571 8,640 18,601 Bills payable with F. R. Bank:" Secured by U. S. Government obligations— Sept. 21. 224, 7,6311 55,873 24,933 15,243 24, 213 14,060 27,436 11,634 4,041 12,183 5,389 21,687 Sept, 28 223', 9,989| 54, 200 23, 510 14, 856 22,460 14,298 12,379 3,345 8, 580 5, 521 28,172 Oct. 5 242, 5,966j 74, 208 22,334 18,200 21,439 14,294 28,326 11,490 2,872 8,283 6,016 28,668 Oct. 11-12 259, 6, 731.1 99, 964 23,467! 18,999 22,367 11,705 24,423 10,422 2, 8f~ 6,978 4,522 26,641 All other- Sept. 21 262 366 139 Sept. 28 17' 478 396 Oct. 5... 750 177 395 596 Oct. 11-12 !, 095 250 750 472 596 Bills rediscounted with F. R. Bank: Secured by U. S. Government obligations— Sept. 21. 65, 286 6,468 13,387 18,308 6, 871 2,063 4,931 5,437; 2,183 752 1,967 246 2,670 Sept. 28 56, 255 4,113 8,370 15,334 6, 711 2,115 5,377 5,917| 2,778 842 1,913 303 2,482 Oct. 5 49,307 3,557 6, 788 14,410 4, 508 2,048 5,304 4,263 i 2,774 662 2,205 253 2,595 Sept. 11-12.. 45,315 2, 9701 3,047 13,691 3,117 1,931 7,627 4,254! 3', 003 724 2,101 247 2,603 All other- Sept. 21 570, 277 106, 535 23,532 75,330 47,600 38, 886 102,651 33,185 27,897 30, 865 17,850 32,413 Sept. 28 594,329 29,669; 133,655 24,928 67, 525 47,003 44,663 99, 584J 29,996 31, 861 33,119 16,434 35,892 Oct. 5 587,075 28,692 146,686 20,772 71, 328 45, 735 42,709 88,239) 33,206 23, 862 32,985 16,952 35,929 Oct. 11-12 593, 487 27, 702 158,665 21,393 76,572 42,939 39,644 90, 815! 30,895 22,184 32,900 15, 842 33, 936 MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. [Amounts in thousands of dollars.] Number of reporting banks: Sept.21 i 280 70; 51 131 10 15 Sept. 28 280 70! 51 131 10 15 Oct. 5 280 70! 51 13 10 15 Oct. 11-12 280 70! 51 13! 10 15 Loans and discounts, including bills rediscounted with F. R. Bank: Secured by U. S. Govern- | ment obligations— I Sept. 21 418,742 28,131 207,090] 64,923 16,669 6,237 2,109 57,053 10,310 7,987 5,543 1,620 11,070 Sept. 28 404,230 26,375 202,759 57,179 16,533 5,613 2,113 56,769 10,214; 7,907 5,978 1,646 11,144 Oct. 5 1 420,070 25,475 221,450 55.727 16,423 5,673 2,061 56,794 10,504, 7,751 6,0451 1,333 10,834 Oct. 11-12 1 410,452 25,950 215,460; 55,027 15,502 5,613 1,919 54,329 10,521 7,690 6,116! 1,547 10,778 Secured by stocks and bonds (other than U.S. Government obligations)— Sept. 21 1 2,098,332 141,704 1,128,5421 164,276 133,784 14,930 8,737 305,461 87,523 14,375 24,114! 10,106 64,780 Sept. 28 2,113,426 144,923 1,120,496 j 173,790 132,441 15,598 8,692 317,075 88,070 13,496 23,250! 10,443 65,152 Oct. 5 2,145,383 147,2711,144,024) 177,231 132,823 15,465 8,742 319,331 87,741 14,285 23,33l! 10,329 64,810 Oct. 11-12 2,159,447 149,593 1,156,663; 175,724 133,600 15,195 8,869 320,564 87,819 13,718 23,392 j 10,209 64,101 All other- ! Sept. 21 5,161,971 463,148 2,359,793 322,002 275,879 66,749 53,552 769, i 188,137 110,672 129,814 53,280 369,076 Sept. 28 5,175,149 454,760 2,391,393 322,092 276,827 65,983 53,938 756,258 185,287 116,883 130,803 52,448 368,477 O O c c t t . . 5 11 -12 5 5 , , 1 1 6 5 9 8 , , 8 7 6 7 4 3 4 4 6 6 4 3 , , 7 4 2 94 4 ) 2 2 , ,3 3 7 9 5 8 , , 6 9 0 0 4 4 3 3 2 2 0 5 , , 8 7 8 1 8 8 2 27 7 8 4 , ,9 7 9 6 9 0 6 6 5 5 , , 6 5 9 8 8 4 5 54 3 , , 5 5 2 2 6 7 7 75 4 1 9 , , 0 7 7 5 3 6 182,532 110,252 1 1 2 28 9 , , 9 8 6 7 7 8 ! 5 5 2 2 , , 3 5 7 2 5 2 3 3 6 6 7 9 , , 5 6 6 4 1 1 Total loans and discounts, in- 180,989 110,665 cluding bills rediscounted with F. R. Bank: Sept. 21 7,679,015 632,983 3,695,425! 551,201 426,332 87,916 3981, 132,383285,970 133.034 159,471: 65,006 444,926 Sept. 28 7,692,805 626,058 3,714,6481 553,061 425,801 87,194 7431, 130,102283,571 138; 286160,031! 64,537 444,773 Oct. 5 7,735,317 636,240 3,764,378! 553,846 424,245 86,836 330 1, 125,881280,777 132,288 159,254! 64,037 443,205 Oct. 11-12 7,728,672 640,267 3,747,727) 556,469 427,862 86,392 3141, 125,966279,329 132,073 158,475) 64,278 444,520 U. S. bonds: Sept. 21 444,007 10,673 266,252! 33,955 9,903 7,242 4,406 17,979 12,154 4,524 8,707J 8,452 59,760 Sept. 28 1 449,504 10,641 267,796' 33,794 10,179 7,238 4,406 18,501 12,169 4,241 10,1751 8,544 61,820 Oct.5 450,654 10,912 268,676' 33,862 10,142 7,238 4,406 18,283 12,144 4,330 10,5031 8,537 61,621 Oct. 11-12 448,544 11,116 267,263! 33,763 10,728 7,219 4,456 18,813! 12,230 4,017 11,274; 8,536 59,129 U. S. Victory notes: Sept.21 100,265 562 74,889] 2,842 1,254 106 11,474! 439 218 857! 31 7,588 Sept. 28 1 102,035 557 76,354) 2,891 1,377 81 11,865! 517 187 31 7,322 Oct. 5 ! 99,517 479 70,879! 2,839 1,447 SI 11,527! 443 186 867 31 10,733 Oct. 11-12 i 99,110 457 70,372! 3,024 1,194 81 115921 494 349 874. 31 10,637 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1360 FEDERAL. RESERVE BULLETIN. NOVEMBER, 1921. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM SEPT. 21 TO OCT. 12,1921—Continued. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES-Continued. [Amounts in thousands of dollars.] San Total. ! Boston. Y N o e r w k. d P el h p i h la ia - , C la le n v d e , - j m R o ic n h d - . A t tl a a . n- Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. F ci r s a c n o - . U. S. Treasury notes: Sept. 21... 115,443 6,081 72,7'40 18,329 694 5,812 2,941 463 5,166 966 1,162 Sept. 28 104,982 2,693 78,091 14,858 222 3,627 1,938 145 787 462 1,063 Oct. 5.... 98,777 1,610 76,194 12,847 8781 180 180 3,524 1,766 186 432 27 953 Oct. 11-12 101,101 1,543 77,706 12,621 578' 179 180 5,238 1,533 168 425 27 903 U.S. Certificates of indebtedness: Sept. 21 137,973 4,932 60,6231 13,857 764! 676 1,000! 28,283 3,475 1,810 1,979 5,941 14,633 Sept.28 108,693 2,809 53,692 10,865 649 125 1, 000! 20,227 3,220 1,322 1,411 1,627 11,746 Oct. 5 106,701 2,715 54,704 11,172 123 l,08l| 17,296 3,148 853 1,329 1,606 12,080 Oct. 11-12 102,908 2,330 59,411 11,015 532 119 207 12,515 l/~~ 660 1,228 1,306 11,587 Other bonds, stocks, and securities: Sept. 21 : 1,086,805 63,424 528,181 124,337 70,534 4,003 3,424 134,914 43,643 8, 11,804 1,562 92,086 Sept. 28 1,096,211 71,381 529,088 125,183 69,824 4,018 3,427 134,180 43,648 8,929 12,040 1,472 93,021 Oct. 5 1,119,618 64,274 549,811 124,205 69,359 4,003 3,411 142,317 44,728 9,098 12,755 1,558 94,099 Oct. 11-12 1; 127,721 64,671 551,668 125,493 69,510 4,137 3,411 146,357 44,854 9,198 12,991 1,558 93,873 Total loans and discounts and investments, including bills rediscounted with F. R. Bank: Sept. 21 9,563, 538 718,6554,698,110 744,521 509,876 100,637 73,233^1,330,845 348,622 148,942 187,984 81,958 620,155 Sept.28 9,554,230 714,1394,719,669 740,652 508,926 98,878 73,58111,318,502 345,063 153,110 185,292 76,673 619,745 Oct. 5 9,610,584 716,230 44,;784,642 738,771 506,665 98/461 73,41311,318,828 343,006 146,941 185,140 75,796 622,691 Oct. 11-12 9,608,056 720, 4,774,147 742,385 510,404 98,127 73,57311,320,481 340,438 146,465 185,267 75,736 620,649 Reserve with F. R. Bank: Sept. 21 872,102 58,299 514,189 54,519 27,063 5,046 4,8531 122,764 27,391 6,565 13,710 4,008 33,695 Sept. 28 928,752 57,639 568,276 53,230 28,148 4,205 5,132| 123,384 28,159 13,427 5,375 33,912 Oct. 5 889,991 58,164 527,537 57,127 26,697! 4,540 4,940| 124,126 28,004 8,024 11,540 4,729 34,563 Oct. 11-12 918,130 59,619 554,104 56,007 28,544 4,995 5,654! 125,307 26,631 6,513 10,636 6,057 34,063 Cash in vault: Sept. 21 170,067 11,325 87,392 13,160 7,161 975 1,831 30,252 3,241 2,012 2,934 1,412 8,372 Sept.28 172,314 11,569 , , 13,210 7,156 931 1,735 30,126 3,476 2,136 3,125 1.534 8,708 Net O O de c c t m t . . 5 a 1 n 1- d 1 2 deposits: 1 17 7 5 0 , , 2 0 5 2 8 5 1 1 1 1 , , 8 8 4 1 0 0 9 8 1 6 , , 7 98 6 3 0 1 1 3 2 , , 0 76 2 7 8 7 7 , , 2 33 3 3 5 9 9 0 5 3 4 1 1 , , 7 8 6 5 2 5 2 2 9 9 , , 6 8 5 4 1 3 3 3 , , 2 2 2 7 5 3 2 2 , , 1 2 5 4 6 5 2 3 , , 9 2 2 4 0 3 1 1, . 5 5 4 3 3 5 8 8, , 6 7 3 8 2 7 Sept. 21 6,918,348 542,9983,973,769 518,91: 203,907 42,416 34,384 881,067 190,751 77,219 134,830 48,518 269,577 Sept. 28 6,954,938 541,00441144,,018,072 520,025 208,380 43,004 35,562 874,529 194,588 77,488 132,967 48,406 260,876 Oct. 5 6,991,616 552,7144,028,096 527,429 202,869 42,644 38,314 888,541 192,406 79,326 130,708 48,467 262,102 Oct. 11-12 7,077,165 564,3764,073,112 536,805 206,535 44,408 38,140 895,625 195,517 76,095 129,021 51,482 266,049 Time deposits: Sept. 21 1,361,570 75,390 277,290 30,389 227,151 23,113 21,396 310,069 84,750 27,060 11,536 7,358 266,068 Sept. 28 1,368,617 76,983 278,403 30,971 229,320 22,918 21,349 309,947 84,642 27,283 11,806 7,342 267,653 Oct5 1,375,361 74,607 280,363 31,058 230,048 23,058 21,465 312,179 85,302 26,789 15,126 7,181 268,185 Oct. 11-12 1,376,206 74,493 281,980 30,654 228,005 23,007 21,402 312,226 85,762 27,144 14,855 7,102 269,576 Government deposits: Sept. 21 431,689 36,203 238,446 43,876 7,872 1,768 1,634 44,497 14,842 7,750 10,075 8,148 16,578 Sfipt.2S 430,014 36,203 238,554 42,225 7,872 1,708 1,634 43,216 15,097 S,840 10,075 8,045 16,485 Oct. 5 419,616 35,148 231,221 42,219 7,703 1,739 1,560 43,006 14,722 8,840 9,732 7,738 15,989 Oct.11-12 377,846 31,633 208,087 37,861 1,556 1,404 38,709 13,249 7,866 8,759 7,365 34,38? Bills payable with F. R. Secured by U. S. Government obligations— Sept.21 102,462 5,55; 37,275 21,707 1,000 6,239 580 4,263 5,485 1,451 5,566 13,345 Sept. 28 104,261 7,794 37,322 20,300 1,000 4,498 580 4,722 5,617 934 1,794 19,700 Oct. 5 120,959 3,70' 56,839 19,250 200 4,799 580 7,106 5,390 601 1,548 500 20,445 All o O th ct e . r — 11-12 146,903 4,13: 83,268 20,428 1,760 4,838 580 4,416 5,693 533 ir~ 20,167 Sept. 21 Sept.28 Oct. 5 Oct. 11-12. Bills rediscounted with F. R. Bank: Secured by U. S. Government obligations— Sept. 21". 45,022 5,926 11,883 18,282 1,824 3,6751 604 437 5 1,532 Sept.28 34,906 3,706 7,217 15,308 1,284 258 4,0731 561 427 533 25 1,514 Oct. 5 30,790 3,230 6,168 14,388 1,258 162 2,505j 563 381 638 2 1,495 Oct. 11-12 25,337 2,654 2,391 13,582 1,257 120 2,003) 700 387 736 24 1,483 All other— Sept. 21 335,804 81,169! 22,763 57,328 10,323 5,042 54,330 15,119 17,703 15,300 6,029 19,699 Sept.28 347,580 27,017 105,8851 24,001 51,541 9,284 4,418 48,990 12,296 22,003 15,400 452 22,493 Oct.5 341,274 26,173 117,998 19,382 54,873 4,319 38,816 14,806 15,390 15,129 4,065 21,437 Oct. 11-12 356,137 25,340 130,506 20,736 58,859 8,219 4,102 41,769 12,008 15,02: 14,883 4,084 20,610 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1361 BANK DEBITS. October 20, 1920, saw the largest total of debits reported for any week of that year. Volume of business, as measured by debits to individual accounts reported to the Federal Reserve Board for banks in 155 clearing-house DEBITS TO INDIVIDUAL ACCOUNTS centers for the four weeks ending October 19, AT BANKS IN shows an average increase of about 12 per cent- REPORTING CLEARING HOUSE CENTERS compared with the preceding four weeks, the DEBITS FOR 1920 total for the most recent wee£ being the largest reported since the week ending January 19. Considerable fluctuations from week to week were due to fairly well defined causes: The week ending October 5 saw the payment of many end-of-month and end-of-quarter obligations, hence debits for that week were relatively large; for the following week a low figure is shown, chiefly because October 12, Columbus Day, is a legal holiday in many cities, and in these cities the week, therefore, contained only five business days. During the week ending j October 19, heavy Government operations and \ 1 AND 2: &IMKS IN NEW YORK CITY October 15 payments combined to increase the I 3 AND A-- BANKS IN ALL REPORTING CENTERS volume of debits to a figure not equaled since j the middle of January. ! Fluctuations in the volume of debits for the \ corresponding four weeks in 1920 were closely! parallel to those shown for the period under | review, but the average level of the figures last \ BANKS OUTSIDE OF NEW YORK CITY {rear was about 17 per cent above this year's j I ! I I I ! I I evel. It may be noted that the week ending j FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS. SUMMARY BY FEDERAL RESERVE DISTRICTS. [In thousands of dollars.] 1921 1920 Week ending— Week ending- Number of centers included. Sept. 28. Oct. 5. ! Oct. 11-12. Oct. 19. Sept. 29. Oct. 6. Oct. 13. Oct. 20. Boston 331,424 393,478 307,091 473,489 468,191 501,008 399,889 569,076 New York 3,941,354 4,516,858 3,466,985 4,668,077 4,412,645 5,179,661 4,023,467 5,479,619 Philadelphia.. 332,803 378,866 296,632 438,106 414,716 455,806 376,825 487,008 Cleveland 346,138 414,630 334,534 444,190 540,557 594,565 483,129 629,964 Richmond 176,665 224,158 192,375 245,499 209,497 242,266 212,287 246,663 Atlanta 175,504 211,796 182,669 221,052 236,286 252,235 226,560 263,978 Chicago 866,608 979,571 777,115 1,078,080 1,124,422 1,233,185 1,055,654 1,411,461 St. Louis 166,532 207,935 224,353 211,587 239,734 227,592 258,912 Minneapolis... 135,093 162,134 138,629 162,098 194,144 219,962 219,759 229,856 Kansas City... 225,006 240,835 226,659 247,567 327,458 345,699 322,260 347,215 Dallas 127,055 159,095 117,433 148,575 160,250 173,292 157,146 182,123 San Francisco. 460,546 501,368 420,572 562,848 536,691 594,353 517,938 642,261 Total.... 155 7,284,728 8,390,724 6,648,182 8,913,934 8,836,444 10,031,766 8,222,506 10,748,136 NOTE.—Figures for the following centers, while shown in the body of the statement, are not Included in the summary, complete data for these centers not being available for each week under review: Harrisburg, Pa.; Johnstown, Pa.; Reading, Pa.; Cincinnati, Ohio; Greenville, S.C.; Wilmington, N. C; Springfield, 111.; East St. Louis and National Stock Yards, 111.; Quincy, 111.; Springfield, Mo.; Atchison, Kans.; and Galveston, Tex. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1362 FEDERAL. RESERVE BULLETIN. NOVEMBER, 1921. DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued. DATA FOR EACH REPORTING CENTER. [In thousands of dollars.] 1921 1920 Week ending- Week ending— Sept. 28. Oct. 5. Oct. 11-12. Oct. 19. Sept. 29. Oct. 6. Oct. 13. Oct. 20. District No. 1—-Boston: Bangor 3,173 5,139 3,597 4,065 4,033 5,245 ; 4,036 4,508 Boston i 209,241 1239,033 i 187,247 1303,376 302,343 308,505 | 246,755 365,609 Do 277,081 318,357 255,555 403,425 Fall River 0,800 ! 7,678 6,261 8,373 7,850 i 8,680 6,407 9,328 Hartford 18,720 ! 26,096 17,485 23,456 28,281 i 31,682 22,050 27,205 Holyoke 2,608 i 3,115 2,434 3,742 4,166 | 4,778 3, 574 5,075 Lowell 4,218 ! 4^592 3,977 6,176 5,473 | 6,148 5,212 0,880 Manchester 3,Gil I 4,876 3,807 5,396 4,532 | 5,721 4,545 5,762 New Bedford 5,225 | 5,719 5,163 8,370 7,331 i 7,169 6.374 8,999 N Po e r w tl a H n a d ven 1 0 2 , , 0 9 8 5 4 1 i 1 9 8, , 1 3 0 9 1 9 1 9 3 , ,4 4 7 5 1 7 1 7 9 , ,7 5 2 9 8 8 1 8 7 , , 9 5 1 0 3 8 1 11 7 , , 0 5 6 0 3 8 1 1 0 7 , , 1 3 9 2 1 5 1 A 0 3 ,4 3 0 2 6 Providence 28,934 34,053 26,472 40,438 36,137 44,960 33,741 48,015 Springfield 12,405 14,337 11,007 16,856 16,703 17. 736 14,274 19,043 Waterbury 4,674 6,316 4,712 7,285 6,947 10, 800 8,200 9,400 Worcester 12,180 15,024 12,001 18,630 17,974 21,013 17,205 23,208 District No. 2—-New York: Albany 17, G87 22,130 15,863 20,196 18,293 22,170 18,757 22,628 Binghamton 3,443 4,098 3,364 4,981 4,240 5,299 4,606 4,815 Buffalo 48,309 64, 670 46,049 73,382 64,410 84,646 63,109 81,874 New York !, 829,245 4,373,399 3,364,389 4,514,605 4,272,957 4,998,459 3,885,092 5.308.198 Passaic 4,776 4,839 4,418 5,999 5,506 5,064 4,968 5,960 Rochester 27,177 32,598 23,020 34,212 29,317 41,203 27,278 35,563 Syracuse 10,717 15,124 9,882 14,702 17,922 22,820 19,657 20,581 District No. 3—Philadelphia: A Itoona 3,065 3,164 2,535 3,622 4,460 3,950 3,900 3, 640 Chester 3,838 4,711 3,499 5,744 5,411 6,422 5,785 6,947 Harrisburg 5,650 7,963 5,3(53 7, 766 Johnstown 4,497 5,218 4,005 5,005 Lancaster 4,659 5,534 4,286 6,04^ 5,902 7,043 5,465 6,580 Philadelphia 272,592 311, 743 242,202 360,539 347,015 376, 799 306,136 406,428 Reading 6', 681 7. 841 7,750 P, 004 Scranton 16.315 15', 389 14,855 14.030 15,950 21.174 17,795 17,613 Trenton 9,961 10,240 9,192 13,689 12,090 12,309 j 11,078 15,403 Wilkes-Barre 8,150 11,186 7,664 10,130 7.952 10.229 i 10.531 10,891 William sport 3,752 4.233 4,151 4,874 4,021 4.X7.X 4,176 5,638 Wilmington 7,073 Si 254 5,475 8,943 7,163 7,760 7,651 8,389 York.... 3,389 4.412 2,773 4,489 4,752 5, 242 4,308 5, 479 District No. 4—Cleveland: Akron 13,035 14,302 9,536 13,246 21,490 23,891 19,008 22,419 Cincinnati 55,390 59,842 50,025 78,732 Cleveland 105,897 124,203 84,375 136,417 160,104 200,913 167.912 210,185 Columbus 22,558 27,709 23,710 31,465 29,511 30,963 27,309 34,790 Dayton 11,852 12,980 12,812 13,419 11,138 12,327 11,743 11,831 Erie 5,683 7,441 5,675 5,868 7,703 9,033 7,612 9,001 Greensburg 4,208 4,398 3,882 4,867 6,662 6,843 6,400 7,113 Lexington 2,999 3,410 3, 054 4,290 4,870 5,164 4,448 5,719 Oil City 1,922 2,218 1,500 2,602 3,721 3,999 2,534 4,785 Pittsburgh 133,244 165,279 147,134 174,496 234,724 234,208 I 179,874 257,026 Springfield 3,402 3,353 3,190 3,707 3,827 3,635 3,668 3,614 Toledo 25,905 29,191 24,877 33,458 29,968 34,578 26,661 36,658 Wheeling 6,575 7,656 5,598 9,034 9,651 9,935 8,524 11,369 Youngstown 8,858 12,490 9,191 11,321 17,188 19,076 17,436 15,454 District No. 5—Richmond: Baltimore 82,781 112,468 87,943 131,144 106,171 124,101 98,298 123,995 Charleston 4,726 6,186 5,674 5,380 5,500 7,461 6,500 6,875 Charlotte 5,756 6,554 7,101 7,202 6,704 7,360 7,808 8,222 Columbia 5,058 6,591 5,389 5,576 5,756 6,928 5,954 6,356 Greenville, S. C 3,908 4,582 5,042 3, 866 Huntington 4,080 4,393 3,772 5,772 5,856 6,196 5,618 6,893 Norfolk 13,094 15,044 14,137 15,915 18,309 19,359 19,166 21,059 Raleigh 4,120 4,000 4,080 3,140 4,500 4,280 4,280 4,300 Richmond 24,641 28,974 26,724 28,571 22,740 27,589 28,103 29,299 Washington 32,409 39,948 37,555 42,799 33,961 38,992 36,560 39,664 Wilmington 4,800 5,837 5,391 6,016 District No. 6—Atlanta: Atlanta 23,089 28,445 26,548 29,541 26,942 31,243 30,056 32,851 Augusta 6,770 8,997 7,706 6,768 8,835 9,598 9,370 10,054 Birmingham 12,913 15,529 7,146 14,632 16,687 18,745 17,554 19,203 Chattanooga 6,519 7,910 8,077 9,000 10.295 12,343 12,570 12,196 Jacksonville 8,000 9,000 8,445 10,371 12,465 14,019 13,282 14,780 Knoxville 5,110 8,485 6,518 8,007 6,205 8,064 6,569 7,166 M M M a o o c b n o i t l g n e omery 4 7 3 , , , 0 3 9 5 0 3 8 0 3 4 4 8 , , ,4 7 9 3 7 7 1 3 8 4 4 5 , , , 3 3 4 6 8 3 1 0 2 4 6 4 , , , 8 1 6 1 8 1 1 8 8 6 4 7 , , , 6 3 8 3 9 7 5 3 3 6 5 8 , , , 2 7 8 7 2 9 6 7 2 6 8 5 , , , 2 0 I 6 8 S 5 8 O 6 7 5 , , , 9 8 4 9 5 0 9 0 0 Nashville 26,337 28,478 29,323 29,840 22,442 29,982 23,906 26,923 V P S N T e a a i e c n v m w k s a a s p n O b c a n o u r a l l r h e a g ans 5 1 4 1 1 2 2 , , , , , 2 1 5 3 1 4 5 5 6 5 8 8 3 6 0 6 1 2 5 1 4 1 , , , , , 8 7 8 5 8 6 2 0 7 0 9 7 4 0 0 5 1 4 1 1 2 3 , , , , . 3 8 9 7 8 1 7 5 2 6 7 8 6 2 0 7 1 2 5 4 4 1 , , , , , 2 1 4 3 1 7 2 4 3 0 1 9 3 3 0 8 1 2 5 1 6 7 , , , , , 3 4 4 6 6 9 3 1 6 0 6 3 6 9 0 1 7 6 1 2 7 9 , , , , , 8 5 4 5 0 0 6 3 1 2 4 5 0 8 9 1 6 2 5 8 6 1 , , , , , 5 3 0 6 0 8 7 5 4 6 0 4 0 8 8 9 1 2 4 5 7 1 , , , , , 4 7 2 0 0 4 0 5 9 5 0 3 9 6 8 i Debits of banks which submitted reports in 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1363 DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued, DATA FOR EACH REPORTING CENTER—Continued. [In thousands of dollars.] 1921 1920 Week ending- Week ending- Sept. 28. Oct. 11-12. Oct. 19. Sept. 29. Oct. 6. Oct. 13. Oct. 20. District No. 7—Chicago: Bay City 2,548 3,050 2,238 2,509 3,703 3,868 3,013 3,360 Bloomington 1,949 2,486 1,914 2,469 2,770 3,001 2,855 3,014 Cedar Rapids I 8,432 10,595 10,409 10,461 12,197 11,995 12,400 12,260 Chicago ! 590,633 655,888 491,607 717,306 730,626 812,003 672,649 924,767 Davenport | 6,415 7,275 7,285 6,927 7,692 9,519 7,489 7,485 Decatur i 2,799 3,038 2,388 3,551 4,104 4,017 3,601 4,332 Des Moines 13,268 16,487 16,754 16,346 19,450 21,692 20,778 20,911 Detroit 96,337 109,700 91,761 135,918 141,545 151,212 131,401 195,167 Dubuque 2,420 3,043 2,717 3,205 3,385 4,054 3,412 3,829 Flint 4,812 5,946 4,596 5,770 8,193 10,319 7,816 8,940 Ft. Wayne 6,163 5,576 5,829 7,554 7,490 8,272 6,985 9,244 Grand Rapids 18,468 21,401 19, 712 21,151 20, 990 21,312 21,578 22,895 Indianapolis 27,250 30,001 24,657 38,227 35,321 40,207 33,020 42,553 Jackson '3,486 3,757 3,254 3,651 5,095 5,741 4,303 5,711 Kalamazoo 3,535 4,059 3,793 3,979 5,531 7,004 5,577 6,435 Lansing 4,741 5,155 4,229 5,100 5,391 6,782 5,828 6,117 Milwaukee 45,460 58,542 54,670 60,114 70,461 65,887 70,465 86,371 Moline 1,568 1,767 1,556 2,144 2,492 2,703 2,857 3,125 Peoria 6,832 8,397 6,204 9,203 9,389 .10,370 8,484 11,089 Rockford 4,140 4,501 4,496 4,089 6,233 7,145 6,391 6,475 Sioux City 7,552 9,062 8,190 8,384 13,521 16, 744 15,715 16,944 South Bend 5,297 6,446 5,504 6,899 4,927 4,739 5,197 6,130 Springfield, 111 4,736 5,522 5,543 4,792 Waterloo 2,503 3,399 3,352 3,123 3,916 4,599 i 3,840 4,307 District No. 8—St. Louis: East St. Louis and National Stock Yards. 7,597 8,002 8,232 8,539 Evansville 4,545 4,942 4,776 6, 090 5,120 5,150 | 5,292 5,340 Little Rock 12,511 14,382 10,454 13,896 8,650 17,011 i 11,963 15,186 Louisville i 21,196 1 21,859 i 18,299 i 26, 936 27,556 29,418 I 25,439 32,284 Do 27,105 28,158 24,456 34,612 Memphis 25,539 34,502 32,428 34, 768 25,839 28,856 | 31,800 35,919 Quincy 1,701 2,294 1,745 2,575 St. Louis 1102,741 1 132,250 i 121,531 i 142,663 144,422 159," 299 "j " 153," 098' Do 113,751 144,516 134,832 156,314 Springfield, Mo 2,474 2,973 2,851 2,839 District No. 9—Minneapolis: Aberdeen 1,228 1,588 1,566 1,498 1,932 2,221 ! 2,153 1,978 Billings 1,593 2,120 1,673 2,171 2,036 2,500 2,440 3,200 Duluth 21,491 22,249 19,266 20,578 36,603 40,115 • 39,969 40,030 Fargo 2,444 2,985 2, 735 3,550 3,688 4,811 4,505 4,135 Grand Forks 1,206 1,793 1,739 2,448 1,651 2,247 i 2,057 2,272 Great Falls 1,972 2,132 1,627 2,238 2,892 2,915 2,331 2,591 Helena 2,506 3,244 2, 715 3,132 2,314 2,962 I 2,671 2,776 Minneapolis 70,739 86,838 69,855 84,288 100,615 115,113 116, 725 110,562 St. Paul 25,249 32,089 30,243 35,002 33,105 37,504 ; 35,076 51,572 Sioux Falls 3,590 4,113 4,033 4,179 6,099 6,274 i 8,285 6,700 Superior 2,237 1,836 1,947 1,857 2,170 1,980 2,021 2,188 Winona 838 1,147 1,230 1,157 1,039 1,320 i 1,526 1,852 District No. 10—Kansas City: Atchison 1,080 1,329 1,289 1,317 Bartlesville 1,715 1,808 1,541 2,121 3,933 3,485 3,584 3,704 Cheyenne 1,833 2,922 2,220 1,658 2,305 2,756 1,990 1,913 Colorado Springs 2,305 2,716 2,486 2,549 3,474 3,651 3,584 3,123 Denver 32,966 34,651 30,168 32,414 50,202 56,171 48,351 51,477 Joplin 1,776 2,539 2,242 2,346 3,381 3,874 3,989 3,703 Kansas City, Kans 3,445 3,477 3,062 3,295 4,236 4,318 4,410 4,501 Kansas City, Mo 70,105 77,073 75,106 80,568 99,423 102,651 94,577 112,355 Muskogee 3,416 3,926 3,982 3,750 5,100 5,870 5,496 7,328 Oklahoma City 19,673 21,130 22,271 21,335 27,926 29,408 30,287 24,777 Omaha 42,600 41,803 34,840 48,117 56,768 58,887 54,565 61,608 Pueblo 3,532 3,931 4,003 4,141 4,136 6,179 7,016 7,247 St. Joseph 15,067 16,866 15,299 17,219 18,085 18,831 17,638 18,933 Topeka 2,993 4,217 3,425 4,751 3,343 4,633 4,301 4,399 Tulsa ' 15,010 13,082 15,489 13,101 30,425 27,822 28,843 29,026 Wichita 8,570 10,694 10,525 10,202 14,721 17,163 13,629 13,121 District No. 11—Dallas: Albuquerque 1,401 1,947 1,725 1,687 1,523 2,228 2,030 2,043 Austin 3,128 3,735 3,349 3,653 5,193 5,263 4,680 5,300 Beaumont 2,361 3,054 2,665 3,643 4,474 5,026 4,797 5,621 Dallas 39,206 42,669 33,827 44,689 43,744 50,961 45,459 54,206 El Paso 6,494 6,997 6,758 8,207 8,089 8,814 9,236 9,276 Fort Worth 23,210 27,430 27,312 28,412 28,440 29,880 28,997 30,432 Galveston 25,204 27,853 18,753 19,068 Houston 30,230 50,394 23,025 32,915 43,509 46,369 36,061 45,905 San Antonio 6,336 6,805 4,872 7,767 8,453 9,540 8,247 9,743 Shreveport 6,957 7,596 5,985 8,155 8,172 6,936 8,220 9,413 Texarkana, Tex 1,268 1,647 1,440 1,800 1,725 1,892 2,157 2,210 Tucson 1,379 1,681 1,555 1,700 1,708 1,686 1,490 2,180 Waco 5,085 5,140 i 4,920 5,947 5,220 4,697 2,577 5,794 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1364 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued. DATA FOR EACH REPORTING CENTER-Continued. [In thousands of dollars.] 1921 1920 Week ending— Week ending- Sept. 28. Oct. 5. Oct. 11-12. Oct. 19. Oct. 6. Oct. 13. Oct. 20. i I District No. 12—San Francisco: Berkeley 3,687 3,674 2,839 4,672 2,874 3,238 2,518 3,643 Boise 2,600 3,151 2,916 2,705 2,662 3,470 3,470 3,130 Fresno 14,087 13,532 19,521 16,818 13,218 15,597 16,563 19,452 Long Beach 5,035 5,555 4,721 6,683 4,938 5,984 4,931 6,582 Los Angeles 106,405 109,743 90,312 128,073 96,214 101,831 88,896 109,784 Oakland 17,102 19,538 17,895 19,512 19,675 24,265 21,871 23,229 Ogden 3,076 3,754 4,092 3,131 ! 4,800 5,400 4,486 4,686 Pasadena 4,204 5,340 4,377 6,066 1 4,473 5,615 4,358 5,342 Portland 29,418 35,709 31,647 40,668 44,637 48,567 47,480 53,890 Reno 2,402 2,468 2,231 2,951 2,603 3,153 2,587 3,153 Sacramento 15,919 17,523 14,998 19,151 19,154 18,113 15,367 21,651 Salt Lake City 12,642 16,600 11,232 16,222 17,517 20,571 15,907 19,255 San Diego 6,587 7,354 6,133 8,337 7,447 9,204 7,856 9,738 San Francisco 177,726 182,458 149,785 207,314 214,370 238,649 201,449 261,577 San Jose 4,959 5,534 4,774 6,488 6,227 7,047 6,794 8,312 Seattle 29,835 37,573 29,718 38,180 43,637 46,866 39,228 49,141 Spokane 10,204 13,347 9,342 13,988 13,189 15,602 14,202 16,563 Stockton 4,665 6,486 4,321 6,016 5,880 6,430 5,777 6,913 Tacoma 7,367 8,737 6,880 11,750 10,230 11,240 11,004 12,041 Yakima 2,626 3,292 2,838 4,123 2,946 3,511 3,194 4,179 GOLD SETTLEMENT FUND. INTER-BANK TRANSACTIONS FROM SEPT. 23 TO OCT. 20, 1921, INCLUSIVE. [In thousands of dollars.] Changes in ownership of gold through trans- Balance Federal Reserve Bank. fers and settlements. in fund at end of period. Decrease. Increase. Boston 57,500 32,291 379,110 423,134 18,815 49,582 New York 105,500 164,261 1,501,767 1,367,036 75,970 116,881 Philadelphia... 13,000 6,000 491,995 498,065 930 53,849 Cleveland 12,000 10,596 384,822 383,809 2,417 49,2S9 Richmond 92,317 82,000 426,457 443,670 22,008 Atlanta 10,212 9,500 169,363 169,631 444 4,907 Chicago 12,000 6,000 660,871 692,277 25,406 78,788 St. Louis 7,000 385,950 395,029 16,079 20,666 Minneapolis 21,944 8,000 113,543 128,329 842 10,718 Kansas City 2,000 11,500 295,340 282,284 3,556 Dallas 36,675 20,000 182,994 202,890 3,221 7,866 San Francisco.. 6,000 180,868 186,926 12,058 41,287 Total, four weeks ending- Oct.20,1921 363,148 ! 363,148 5,173,080 5,173,080 83,317 83,317 482,540 Sept. 22,1921 462,341 I 462,341 4,693,123 4,693,123 415,517 Oct. 21,1920... 675,083 | 675,083 7,054,394 7,054,394 391,563 Sept. 23,1920.. 897,585 6,600,694 6,600,694 340,325 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1365 FEDERAL RESERVE CLEARING SYSTEM. OPERATIONS FROM SEPT. 16 TO OCT. 15, 1921. [All figures shown in thousands.] Items drawn on banks located Federa o l r R b e ra se n r c v h e . Bank I B n a F nk . i n R o o r . wn d O is u tr B t i s c a id t n . e k F o . r R. I o t n e o m T f s r U e d a . r s S a u . w re n r d e T u x p h o c l a t l i a u n c l s d a i i t l v t i e e o e d m n o , s s f . th o B e w I t i t h a r a e n e r m b r k d r s s e a F d n f . a o c n t R r h o d - . es. p o in w a I r t r t s e a e o t a m r r n m d b i t e s c r e b d t a f . d n a o t n i c r o s - h k - d T u i o h n p t a c l a i n l c l u d a d i l t t e i i e n o d m g n , s s. branch city. branch city. N b u e m r. - Amount. N b u e m r. - Amount. N b u e m r. - Amount. N b u e m r. - Amount. N b u e m r. - Amount. N b u e m r. - Amount. N b u e m r. - Amount Boston 743 550,618 3,304 378,324 148 16,321 4,195 945,263 175 53,476 4,370 998,739 New York 1,418 1., 673,4604,434 608,938 1,092 127,248 6,944 2,409,646 1,006 131,622 6,385 7,968 2, 547,653 Buffalo 176 83,456 421 50,628 15 2,144 612 136,228 153 25,889 18, 568 802 180,685 Philadelphia.. 710,116 2,059 236,292 152 28,095 3,817 974, 503 660 143,692 4,477 1,118,195 Cleveland 208,696 1,231 150,828 75 5,727 1,681 365,251 45 10,224 31 9,536 1,757 385,011 Cincinnati. 111, 529 793 71,442 60 1,054 i 189,997 11 6,230 12 3,601 1,077 199,828 Pittsburgh 234, 804 785 90, 937 55 6,266 1,230 332,007 66 39,631 30 6,753 1,326 378, 391 Richmond 128, 7441, 282,562 53 6,534 2,038 417,840 146 79,667 39 15,168 2,223 512,675 Baltimore. 151,700 658 71,400 59 7,599 955 230,699 56 32,286 77 9,540 1,088 272,525 Atlanta 65,447 363 55,599 31 10,683 521 131, 729 21 11,002 23 4,048 565 146, 779 Birmingham I 213 37,282 143 9,298 11 927 367 47,507 16 11,161 30 22,124 413 80,792 Jacksonville j 55 16, 352 136 12,996 6 964 197 30,312 17 5,272 5 1,570 219 37,154 Nashville | 47 27,639 190 18,464 15 1,500 252 47,603 15 3,465 6 1,184 273 52, 252 New Orleans 64 42, 934 108 14,007 39 6,646 211 63, 587 37 12,233 5 594 253 76,414 Chicago j 872 613,019 3,747 331,300 463 74,703 5,082 1,019,022 273 30,843 7 3,171 5,362 1,053,036 Detroit 259 164,488 469 47,037 38 3,741 766 215,266 9 4,415 5 1,705 780 221, 386 St. Louis ' 246 211,116 1,373 91,493 142 10,602 1,761 313, 211 43 6,291 11 1,199 1,815 320, 701 Little Rock 43 26,426 296 20, 817 7 1,188 346 48,431 9 875 29 3,059 384 52,365 Louisville 94 54,968 393 22,798 33 2,732 520 80,498 10 2,488 2 260 532 83,246 Memphis 70 35,924 180 12,612 10 1,039 260 49, 575 2 458 2 347 264 50,380 Minneapolis j 254 131, 0861,465 86, 358 45 4,751 1,764 222,195 83 18,555 4 454 1,851 241,204 Helena j 22 10,184 211 14,241 6 844 239 25, 269 5 2,169 2 2,148 246 29, 586 Kansas City j 267 260,825 1,475 103, 555 97 9,080 1,839 373,460 273 38,455 71 16, 379 2,183 428, 294 Denver ! 130 48,399 347 21, 881 25 5,833 502 76,113 71 17,705 44 15,004 617 108,822 Oklahoma City j 64 60,055 917 76,549 9 1,365 990 137,969 42 9,276 14 8,075 1,046 155,320 Omaha i 94 50, 874 548 35,225 41! 3,578 1684| i 90,043 39, 5,635 20 5,468 743 101,146 Dallas i 155 75, 7181,437 222, 728 35! 3,714 1,627 302,160 60 12,258 56 1, 743 322,407 ElPaso ! 41 9,275 123 9,835 15: 1, 745 179 20,855 9 1,636 4 525 192 23,016 San H Fr o a u n s c t i o s n c o I ! 2 6 2 9 1 1 4 1 0 5 , , 7 2 4 2 9 8 3 5 1 2 2 6 4 3 0 9 , ,0 3 5 2 0 7 4 7 5 2 1 i 8 2 3 , , 1 1 8 0 1 4 4 8 2 1 6 9 2 8 3 1 8 , , 9 6 8 5 0 9 It 2 2 , , 4 8 1 6 5 5 35 5 6 1 , ,5 0 3 3 9 3 4 8 4 7 5 5 2 8 4 5 7 , , 9 5 3 5 4 7 LosAngeles ! 314 106,081 977 74,807 40| 12,325 1,331 193,213 11,726 53 15,757 1,465 220,696 Portland i 61 34,400 225 13,800 21; 5,631 307 53,831 81 1,663 37 4,909 348 60,403 Salt Lake City. 27,195 390 30,014 14| 3,096 452 60,305 4 4,535 11 2,597 478 67,437 Seattle j 109 34,197 211 15,902 30! 9,321 350 59,420 15 3,974 32 5,229 395 68,623 Spokane. 20,794 197 13,816 11 1,447 246 36,057 13 1,738 15 5,158 271 42,953 10 Total: Sept. 16 to Oct. 15,1921 9,231 6,173,778 32,313 3,375,8603,010 468,367 44,564 10,019,704 3,510 745,825 772 206,076 44,84610,971,605 Aug. 16 to Sept. 15,1921.... 8,904 5,381, 821 30,819 2,426 410,933 42,158 i 9,234,794 3,371 997,370 770 187,336 46,29910,419,500 Sept. 16 to Oct. 15,1920 7,544 8,213,121" 033^939 2,511 427, 39840,675 13,677,098 3,777 1t, 770,430 795 305, 812 45, 247 15, 753,340 i Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee bank. NOTE.—Number of business days in period for Richmond, Nashville, Minneapolis, Kansas City, Denver, and Oklahoma City was 26, and for other Federal Reserve Bank and branch cities, 25 days. NUMBER OF MEMBER AND NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, OCT. 15, 1921 AND 1920. Nonmember banks. Member banks. Federal Reserve district. On par list. Not on par list, i 1921 1920 1921 1920 1921 1920 Boston 436 434 258 258 New York 795 782 328 322 Philadelphia 701 696 467 434 Cleveland 880 867 1,086 1,072 Richmond 622 610 1,004 '778 572 800 Vtlanta . 507 448 402 416 1,171 1,206 Chicago 1,444 1,403 4,240 4,278 St. Louis 585 568 2,496 2,516 167 174 Minneapolis... . 1,021 992 2,715 2,920 118 Kansas^Citv 1,083 1,083 3,220 3,395 172 Dallas 864 842 1,194 1,258 San Francisco 865 819 978 1,028 Total 9,803 9,544 18,388 18,675 2,200 2,18C i Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1366 RESERVE BXJLLETIK. NOVEMBER, 1921. GOLD AND SILVER IMPORTS AND EXPORTS. GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Imports. Exports. Country. S 1 D e e 0 1 n p u 9 d d t r 2 . i i a 1 n n 2 y . g g 0 s , S 1 D e e 0 1 n u p 9 d d r t 2 . i i a 1 n n 3 y . g g 0 s , m D S o 1 u n 9 e r 2 p th i 1 t n . . , g of O 1 D e 0 1 n c u 9 d t d r 2 . i i a 1 n n 1 y . g 0 g s , J O a F 1 c n 9 r t . 2 o . 1 1 m 1 . 0 to , J O a F 1 n c r 9 t . o 2 . 0 1 m 1 . 0 to , S 1 D e e 0 n 1 u p 9 d d r 2 t i i a . 1 n n y . 2 g g s 0,S 1 e D e 0 n 1 p u 9 d d t 2 r i . a 1 i n 3 n y . g 0 g s , m D o 1 S u 9 n e r 2 t p i h 1 n t . . g , of O 1 D e 0 n 1 c u 9 d t d r . 2 i i a 1 n 1 n y . 0 g g s , J O a F 1 n c 9 r . t o 2 . 1 1 m 1 . 0 to , J O a F 1 n c r 9 t . o 2 . 0 1 m 1 . 0 to , Austria $9,000 Belgium $3,720,000 3,760,711 $337,130 3,236,497 199,294 France $6,381,995$2,659,22017,784,302$5,992,312 160,061,532 16,587,644 Germany 8,784,729 4,734,85013,519,579 96,305 16,445,050 1 $10,000 Greece . 715,745 128,700 Iceland . . 912 Italy 33,043 33,043 146,332 40,107 241,263 Malta 614,680 614,680 Netherlands 152,3881 422. 286 820, 277 89,631 18,590,704 1,163,121 Norway 1,534,985 3,324 Poland and Danzig 200 200 400 400 Portugal 2,148 23,040 25,364 Russia in Europe . 85,000 1,268,631 Spain 3,243,238 132,916 <S200 $200 $200 Sweden 138, 841 51,255 605,030 4,149,080 59,021,071 1,039 2,643,013 Switzerland . 16,436 572 957 4 937 2,604 Turkey in Europe. 18,000 27,075 61,0751 33.119 471,458 United Kingdom: England 4,626,805 6.050.12416,955,333 43.735 160,107,522136,329,002 13,235 Scotland 45 . .. . ! Total Europe20,136,00113,945,01053,515,48111,020,990 428,639,922156,221,254 200 200 2,643,213 268,014 Bermuda 102,890 British Honduras 20 Canada 1,034,500 1,042,408 3,082,467 86, 861 31,105,862 31,895,533 $67,687 108,069 277,897 $265,953 2,071,298 4,583,963 Costa Rica 1, 591 29,091 41,388 694,828 531,333 Guatemala 100 48.100 2,522 503,909 14, 872 Honduras 2,4591 2.459 770 200,361 215,947 19,000 Nicaragua 11,788 53,155 64,966 19,433 634,672 1,010,335 Panama 113,734 38,300 219,316 139,170 2,154.119 232,334 Salvador 117 850 788,437 905,765 20,000 Mexico 176,186 117,201 437,103 187,604 4,231, 845 3,709,583 100,100 5,734 146,999 17,500 5,322,249 17,108,167 Cuba 2,149 257,856 360,425 14,762 250,844 475,000 British West Indies 4, 833 2,040 6,873 23,885 466,751 184,546 Virgin Islands of U.S 150,000 10,000 Dominican R e public 25,000 39,000 Dutch West Indies 125,807 191,106 340,873! 181.471 5,263,769 331,881 Haiti 13 Total North America... 1,466,948 1,450,409 4,608,954 683,104 46,682,868 39,046,924 167,787 113,803 418,896 283,453 7,644,391 22,255,130 Argentina 9,797 130,000 1,058,020 1,663,104 89,995,000 Bolivia 2,000 2,827 5,031 6,878 Brazil 93,122 24,585 24,300 280,000 Chile 2,123 159,000 163.535 283,772 368,472 400,000 Colombia 8,408 56,643 589,034 454,747 9,260,508 4,233,631 700,000 Ecuador 6S, 638 5,800 74 43X 127,521 582,759 523,893 206,000 British Guiana 7 974 108,410 111,201 Dutch Guiana 5,388 59,418 7,945 6,300 Peru 43,973 67,550 158, 552 69,588 1,092,566 706,209 3,653,376 Uruguay . 245,502 406,255 106,711 5,384,050 12,850,000 Venezuela 15,344 90,320 21,568 1,063,918 365,638 184,000 Total South America... 123,142 551,839 1,494,758 916,497 18,991,574 8,011,556 24,300108,274,676 China 41,880 115,233 836,482 17,379,222 1,260 25,286,750 Chosen 4,860 British India 1,753,725 1,524,542 3, 484,267 2,076,469 29,363,896 55,000 55,000 124,000 179,000 6,503,741 Straits Settlements 1 6,683,454 Dutch East Indies. 106 828 243,000 1,025,485 2,672,994 1 60,000 12,065,105 French East Indies 6 005 892 2,290,000 Greece in Asia 26,990 41, 890 28,068 977,698 Hongkong 5,580,825 30,191,9101, 849,345 2,700 1,974,645 490,000 3,892,135 28,642,202 Japan 2,208,234 52,351,025 Palestine and Syria 38,495 35,9881 217 564 881,384 Turkey in Asia 7 1 448 793 ! Total Asia... 1,861,090 1,675,763 4,687,031 2,347,537 64,876,289 32,866,1641,904,345 2,700 2,029,645 614,000 4,131,135133,822,277 Australia 12 540 11 703 027 i New Zealand 85,388; 85,388 2 264 285 1,587,908 1 Tahiti 300 Philippine Islands. 32,349 35,512 122,861 958,575 700,212 Abyssinia 300 300 21 965 1 British West Africa 13,250 1 39,446 British South Africa 51,823 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL EESERVE BULLETIN. 1367 GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES—Continued. Imports. Exports. Country. S 1 D e e 0 1 n u p 9 d d r t 2 i . i a 1 n n 2 y . g g 0 s , S 1 D e e 0 n 1 u p 9 d d r t 2 . i i a 1 n n 3 y . g g 0 s , m D S o 1 u n 9 e r 2 p t i h n 1 t . g . , of O D 1 e 0 1 n c u 9 d t d r . 2 i i a 1 n n 1 y . g 0 g s , J O a F 1 n c 9 r . t o 2 . 1 1 m 1 . 0 to , J O a F 1 n c r 9 . t o . 2 1 m 0 1 . 0 to , S D 1 e e 0 n 1 u p 9 d d r 2 t i i . a 1 n n 2 y . g g 0 s , | S 1 e D e 0 n 1 p u 9 d d t 2 r i . a i 1 n 3 n y . g 0 g s , m D S o 1 u n e 9 p r t 2 h i t 1 n . . , o g f O D 1 e 0 n 1 c u 9 d t d r . 2 i i a 1 n 1 n y . 0 g g s , J O a F 1 n c 9 r t . . o 2 1 m 1 1 . 0 to , J O a F 1 c n r 9 t . o . 2 1 m 0 1 t . 0 o , Egypt 36,000 1,736,439 1,480,411 3,723,140 Portuguese Africa. 21,180 562,073 280,358 Total, all countries..23,655,53017,744,22136, 270,39216,461,079 578,488, 791 238,714,376J2,072,132] 116,703 2,448,741 897,453 14.443,339 264,659,543 Excess of imports or exports 21,583,398 17,627, 51833,821,651 L5, 563, C26564,045,452 25,945,167 1 Includes: Ore and base bullion, $29,514,000; United States mint or assay office bars, $428,000; other refined bullion, $412,557,000; United States coin, $36,743,000; foreign coin, $99,246,000. 2 Includes: Domestic exports—Ore and base bullion, $76,000; United States mint or assay office bars, $628,000; other refined bullion, $237,000; coin, $9,883,000. Foreign exports—Ore and base bullion, $1,000; refined bullion, $1,521,000; coin, $2,097,000. SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. 1 Imports. Exports. Country. S 1 D e e 0 1 n u p 9 d d r t 2 . i i a 1 n n 2 y . g g 0 s , S 1 D e e 0 n 1 u p 9 d d r t 2 . i i a 1 n n 3 y . g g 0 s , m D S o 1 u n 9 e r p 2 t i h 1 t n . . g , of O 1 D e 0 1 n c u 9 d t d r . 2 i i a 1 n 1 n y . 0 g g s , J O a F 1 c n 9 r t . . o 2 1 m 1 1 . 0 to , J O a F 1 c n r 9 t o . 2 . 1 0 m 1 . 0 to , S 1 D e e 0 n 1 u p 9 d d r t 2 i i . a n 1 n 2 y . g g 0 s ,S 1 e D e n 0 1 p u 9 d d t 2 r i . a i 1 n 3 n y . g 0 g s , m D o S 1 u n 9 e r 2 t p i h n 1 t . g . o , f O 1 D e 0 n 1 c u 9 d t d r . 2 i i a 1 n 1 n y . 0 g g s , J O a F 1 c n 9 r t . . o 2 1 m 1 1 0 . t , o J O a F 1 n c r 9 t . o 2 . 0 1 m 1 . 0 to , Belgium $16 $8,161 Bulgaria 16,825 Denmark 370 i France. $34,230 $18,563 $53,278 $1,244 153,912 106,610 $32,920 Germany 63,683 16,431 843,211 44,199 5,080,222 Italy.. 11,496 ii, 496 22,847 21, 026 Netherlands 1,669 1,669 2,474 54,861 Norway 4,111 14,453 Polandand Danzig 1,000 Portugal . 781* 21,163 7 978 Spain 16;-328 67,848 Sweden 1 324 6 604 31 395 54 960 Turkey in Europe. 10,157 United Kingdom- England 118,683 118,730 25 1,261,991 802,158 $858,180 $670,891$2,073,618 $107,923 $9,727,725 4,591,383 Total Europe. 228,092 36,663 1,028,414 47,573 6,823,254 1,117,520 858,180 670,891 2,073,618 107,923 9,727,725 4,679,263 Bermuda 400 British Honduras.. 6,100 6,100 6,100 63 367 Canada 57,730 20,983 196,738 i72,375 3,149,012 3,212,420 21,184 160,166 266,983 829,199 2,725,799 6,358.050 Costa Rica 96 6,819 1,935 53,394 60 253 Guatemala 520 21 534 1 000 i 666 3 500 4 500 Honduras 3,470 3,470 10 831,293 2 045 492 3 500 5 300 QQI 505 Nicaragua 14,320 5,923 20,244 5,701 200,218 614,372 3,000 Panama 7 62 186 201,167 587,121 139,685 43 43 226,043 542,000 Salvador 19,965 40,610 3,685,083 50,000 Mexico 1,142,459080 759,903 2,696,850 1,897,922 28,541,482 45,936,854 59,013 123,773 235,987 28,880 1,818,554 2,858,181 Cuba 6,881 6,918 77,653 66,515 2,200 9,400 319,025 1,247,904 British West Indies 50 1,868 7,017 600 2,001 100,553 18,080 Virgin Islands of U. S 25 000 D ominican R epublic 40,900 40,900 210,900 120 800 261 500 Dutch West Indies 50 60 150 1,700 1,867 French West Indies 20 Haiti 9,000 Total North America... 1,215,105 844,378 2,998,340 2,279,160 33,701,901 55,978,279 81,197 286,182 514,013 863,580 5,249,174 11,718,720 Argentina 3,113 18,592 28,063 900 12,138 Bolivia 6,094 16,052 275 188 1 006 594 Brazil 1,116 41,876 293 2 333 Chile 4,6i4 114,021 1,331,466 2,774,074 Colombia 2,023 14,230 7 482 138 287 644 601 I 239 500 Ecuador 3,361 3,364 5 832 33,596 62 812 British Guiana 43 42 Dutch Guiana 6 147 6,390 1,402 Peru 176,158 87,340 373,759 191,134 4,077,680 9,807,870 Uruguay 145 224 3,077 Venezuela 22 30 29 2,615 144 10,000 Total South America... 184,136 95,624 525,909 204,483 5,922,567 14,330,883 240,400 25,873 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1368 FEDERAL, RESERVE BULLETIN. NOVEMBER, 1921. SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES—Continued. Imports. Exports. Country. S 1 D e e 0 n 1 u p 9 d d r t 2 i i . a 1 n n y 2 . g g 0 s , S 1 D e e 0 1 n u p 9 d d r t 2 i . i a 1 n n y 3 . g g s 0, m D S o 1 u n e 9 r p 2 t i h 1 t n . . g o , f O 1 D e 0 1 n c u 9 d t d r 2 . i i a 1 n n 1 y . g 0 g s , J O a F 1 n c r 9 . t . o 2 1 m 1 1 . 0 to , J O a F 1 n c r 9 t . o 2 . 1 0 m 1 . 0 to , S D 1 e e 0 n 1 u p 9 d d r 2 t i i a . 1 n n y 2 . g g s 0,S 1 e D e 0 n p u d d t r i . a i n 3 n y 0 g g s , m D S o 1 u 9 n e r 2 p t i h 1 n t . . g o , f O D 1 e 0 n 1 c u 9 d t d r 2 . i i a 1 n n 1 y . g 0 g s , J O a F 1 n c 9 r . t o 2 . 1 m 1 1 . 0 to , J O a F 1 n c r 9 t . o 2 . 1 0 m 1 . 0 to , China $116 $51 $334 $7,775 $1,289,974 $421,203 $1,052,461 $864,162 $7,816,930$57,685,987 Chosen . ... 140 British India. 302 302 $150 11,305 1,025,464 277,000 3,150,517 223,211 Dutch East Indies. 7 698 383,019 2,327,337 French East Indies 528,000 4,058,373 396 1,650 64,025 139,895 7,728,499 20,126,082 217,170 33,668 2,689,304 1,602,512 970 Turkev in Asia 960 38,511 Total Asia... 418 51 8,334 150 403,595 3,657,472 421,203J 2,359,1201,314,725 21,913,250 83,697,135 Australia 2 3,130 New Zealand... 77 77 1,182 11,714 Philippine Islands. 1,672 873 3,095 16,670 15,852 Abyssinia 31 British South Africa 3,760 6.097 British West Africa. . 7,480 Portuguese Africa 1,190 37,128; 93,321 Total, all countries.. 1,629,423 977,666 4,565,359 2,531,368 146,913,218 75,211,1381,360,580$957,073 4,946,7512,286,2282 37,130,549100,128,471 Excess of imports or exports 268,843 20,593 245,140 9,782,669 381,392 24,917,333 1 Includes: Ore and base bullion, $32,520,000; other refined bullion, $5,892,000; United States coin, $2,784,000; foreign coin, $5,717,000. 2 Includes: Domestic exports—Ore and base bullion, $15,000; United States mint or assay office bars, $152,000; other refined bullion, $17,985,000; coin, $845,000. Foreign exports—Ore and base bullion, $2,000; bullion refined, $14,415,000; coin, $3,716,000. MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL RESERVE SYSTEM, OCT. 1, 1921. General stock. U a G s . H o S a e v s . l s e d T e r n r t i s e n m a o t s e h f u n e t r t h y .1 e H F a e . n l d d R a . b g B y e a n o n t r s k f . s 2 or U F H . . e S R l . d . a T s n o r y d u e s t a t s s e i u d m r e y . U c A a . p S m i . t o a a T u n o r n d e u t a t p s s i e u d r r e y F. R. system. Gold coin (including bullion in Treasury). $3,453,008,914 $379,497,020 $1,811,446,694 $375,060,631 Gold certificates 701,020,050 185,984,519 Standard silver dollars ""3i8,'568,*378 "*"i4,*946,"764 a 39,116,994 36,271,553 Silver certificates 35,102,274 191,508,389 Subsidiary silver 272,573,273 10,970,304 261,602,969 Treasury notes of 1890 1,562,464 United States notes 346,681,016 5,067,051 * 76,739,536 264,874,429 Federal Reserve notes 2,824,273,760 3,349, 064 301,961,328 2,518,963,368 Federal Reserve Bank notes 120,989,400 1,825,594 12,230, 052 106,933,754 National bank notes 743,239,114 14,924,277 8,067,178 720,247,659 Total: Oct. 1,1921.. 8,079,273,855 430,580,014 2,985,684,106 4,663,009,735 $42.98 Sept. 1,1921. 8,010,842,240 431,623,906 2,907,188,113 4,672,030,221 43.11 Aug. 1,1921.. 7,988,397,187 432,471,109 2,818,800,024 4,737,126,054 43.77 July 1,1921.. 8,024,422,943 460,595,721 2,697,553,897 4,866,273,325 45.02 June 1,1921.. 8,073,737,233 499,236,987 2,562,692,917 5,011,807,329 46.43 May 1,1921.. 8,040,936,478 508,349,193 2,512,465,834 5,020,121,451 46.57 Apr. 1,1921.. 8,082,773,866 2,534, 743,843 5,051,084,054 46.91 Mar. 1,1921.. 8,084,936,396 493,976,120 2,385,101,578 5,205,858,698 48.41 Feb. 1,1921.. 8,171,237,897 499,358,809 2,438,773,422 5,233,105,666 48,73 Jan. 1,1921.. 8,372,970,904 494,296,257 2,377,972,494 5,500,702,153 51.29 July 1,1920.. 7,887,181,586 485,057,472 2,021,271,614 5,380,852,500 50.19 Jan. 1,1920.. 7,961,320,139 604,888,833 2,044,422,303 5,312,009,003 49.81 July 1,1919.. 7,588,473,771 578,848,043 2,167,280,313 4,842,345,415 45.00 Jan. 1,1919.. 7,780,793,606 454,948,160 2,220,705,767 5,105,139,679 47.83 July 1,1918.. 6,742,225,784 356,124,750 2,018,361,825 4,367,739,209 41.31 Jan. 1,1918.. 6,256,198,271 277,043,358 1,723,570,291 4,255,584,622 40.53 July 1,1917.. 5,4T~ 253,671,614 1,280,880,714 3,945,457,556 37.88 1 Includes reserve funds held against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of national-bank notes, Federal Reserve notes, and Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in trust for the redemption of outstanding gold and silver certificates and Treasury notes of 1890. 2 Exclusive of amounts held with United States Treasurer in gold redemption fund against Federal Reserve notes. *Includes subsidiary silver. «Includes Treasury notes of 1890. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1369 FEDERAL RESERVE BANK DISCOUNT RATES. RATES ON PAPER DISCOUNTED FOR MEMBER BANKS IN EFFECT OCTOBER 31, 1921. Paper maturing within 90 days. Agricultural Bankers' and live-stock Secured by- acceptances paper matur- Federal Reserve Bank. Commercial, maturing ing after 90 Treasury Liberty bonds Trad an e c a e c s c . ept- a a n g d r i l c iv u e lt - u st r o a c l, k m wi o th n i t n h s 3 . d w a i y th s i b n u 6 t notes and and Victory paper, n.e.s. months. certificates of notes. indebtedness. Boston 5 5 5 New York... 5 5 5 5 5 Philadelphia. 5 5 5 5 5 Cleveland 5* 5i 5i 5i 5i Richmond. . . Atlanta 6 6 6 6 6 6 6 6 Chicago 6 6 6 6 St. Louis 6 6 6 6 6 Minneapolis.. 6 6 6 5i 6 Kansas City.. 6 6 6 6 (\ Dallas 6 6 6 6 6 i\ San Francisco 5* 51 5* 5* 6 54 5* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CO DISCOUNT AND INTEREST RATES. o In the following table are presented actual discount and interest rates pre- Rates for all classes of paper, on the whole, tended to decline from the levels vailing during the 30-day period ending October 15, 1921, in the various cities prevailing in the period ending September 15, 1921. These declines have in which the several Federal Reserve Banks and their branches are located. been most general in the case of prime commercial paper purchased in the open A complete description of the several types of paper for which quotations are market and bankers' acceptances, both indorsed and unindorsed. Present given will be found in the September, 1918, and October, 1918, FEDERAL rates for all classes of paper, particularly prime commercial paper, bankers' RESERVE BULLETINS. Quotations for new types of paper will be added from acceptances, and demand collateral loans are lower in most reporting centers time to time as deemed of interest. than those prevailing in the same period of 1920. DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING OCT. 15, 1921. Prime commercial paper. Ordinary Bankers' acceptances, Collateral loans—stock exchange. loans to 60 to 90 days. customers District. City. Customers. Open market. In l t o e a rb n a s. nk C lo a a t n tl s e . ! w S r e a e c r c e u e h r i e o p d u t s s . b e ys b e o L c n i u b d r s e e d r a t y n b d y certificates 3 d 0 a t y o s. 6 0 m 4 o n to t h 6 s . I I 30 d a to y s 9 . 0 m 4 o n to t h 6 s. I Indorsed. d U o n r i s n e - d. Demand. 3 months. months. of e d in ne d s e s b . t- L. C. H. L. C. H. L. C. II. L. C. C. II. L. C. \ H. L. C. //. L. C. H.L.C. L. C. H. L. C. H. L. C. H. L. C. No. 1.. Boston oh $h 7 54 64 $h 54 5-t 64 5| 6 6 5 44 4-4 ! 5 44 44 6 5f 6 f 516 6 6 6^ 6 6i No. 2... N Bu e f w fa l Y o ork i 6 b " 7 6" 17 8 6 5 | 6 7 6i 6 6 64 54 6 6 7 5 44 4|-4|j 6 44 4|-6 7 7 6 4 7 5-6 7 6 oh "6 ti 6 5 " 4 6 6 6 7 6 b " h 6 6 No. 3. Philadelphia (3 6 6 6 6 I 6i 5f 6 64 54 6 6 6 6 6 6 6 (i 6 6 6 6 1 6 6 6 6 54 6 No. 4. Cleveland 6 7 I 7 6 7 6 74 64 7 716*7 7 6 7 7 6 7 6 7 7 7 7 7 6 7 Pittsburgh 6 6 I 6 6 6 '666 6 6 6 5 4^ 5 514351 6 6 6 6 6 6 6 6 6 6 6 6 6 6 fed Cincinnati 6 6-64 7 6 64 7 6§ 6J 6 6^ 6 54 51 54-516 545f 7 64 64-7I 7 64 7 7 7 7"64"' 7 6-4 7 7 64 64 No. 5.. Richmond 6 6 6 6 6 6 6 6 6 ! 6 6 6 6 6 6 6 6 6 6 6 w Baltimore 6 6 6 6 6 6 6 6 6 6 6 i 6 6 6 6 6 6 6 6 6 6 6 No. G.. Atlanta 6 8 6 7 7 8 7 7 7 64 n 8 7 7 I 8 7 7 7 7 8 7 7 8 7 7 J B a i c r k m s i o n n g v h i a ll m e 6 6 8 7 f 6 7 7 8 8 6-| 7 6 7 1 6 8 &5 8 i 8 5| 8 6 7 8 7 i 6 7 7 8 I I 7 8 | 6 7 7 8 6 7 7 8 8 8 8 7 8 f 6 7 4 8 7i 7 7 1 4 1 7 7 44 New Orleans 6 8 6 7-8 7 8 64 7 7-7* 8 6 7-7-i- 6 7-4-8 8 64 7-74 8 6 64-7 Nashville 8 6 7 8 6 7 6 6 I 8 6 7 6 7 8 6 7 7 6 6 No. 7.. Chicago 7 6 64- 7 6 64-7 64 6 6£ r 6 64 ?64-7 7 6 6i-7 6| t^-1; 64 64-7 7 7 7 64 64-7 64-7 No. 8.. S D t e . t L ro o i u t is 8 7 6 6 6 7 4 " 7 7 6 6 6 6 | | 6 6 } 5 5 f 4 6 6 6 64 6 6 6 ^ f I 4| 4 4 | 4 4 4 4 4 6 4 4 6 4 4 6 44 7 7 6 6 6 6 * i 7 6 6 " 6 7" f 6 6 7 6f 's'Y 7 7 4 6 6 7 7 7 7 6 6 64 Louisville 7 6 6" 7 6 6 64 6 6 6 6 6 6" ....T... 6 66 6 6 ft" 6 6 6 6 6 6 6 6 6 6 Memphis 8 6 7 8 6 8 6 8 6 7 6 7 6 8 8 6 8 7 6 6 Little Rock 8 7 8 8 7 8 6 7 j 8 7 8 8 7 8 7 8 8 7 8 8 8 8 8 7 No. 9.. Minneapolis 7 64 7 74 7 7 6 5f 6 6i 6 6 7 I 5-1- 4| 5 I 6 5\ 54 8 7 74 8 7 74 7 74 74 7 7 U 7 7 64 6 64 Helena 8 7 8 8 8 8 I 8 8 8 8* 8 8 i 8 8 8 ! 8 7\ 8 8 8 8 8 8 II 744 7 74 8 8 8 No. 10.. Kansas City , 8 6 64 8 6 6i : 6f 6 6|- 6f 6 6* 8 6 7 j 8 6" 7 6 7 8 7 7 88 66 77 8 6 64 Omaha 8 6 7" 8 6 7' iI 7 of 6| 7 5f 6| 51 51 51 84 64 74 9 6 74 6 7i 9 7 8 7 8 Denver 8 6 7 8 6 7 !| 6i 54 6 61 54 6 8 6 7 8 6 7 6 7" 8 6 7-8 ! 8 6 7-8 8 6 7 Oklahoma City 10 6 8 10 6 8 !! 6i Qh 64 64 64 64 i 6 6 6 10 6 8 10 64 8 64 8 10 6 8 110 7 8 10 6 8 No. 11. Dallas 8 64 7h 8 64 74 !! 8" 64 74 8 64 74 64 74 8 6| 71 64 71 8 8 8 7 71 8 6 7| El Paso .0 7 8" 10 8" 8" I 8 8 8 10 5| 8 10 8 8 8 8 10 8 9 8 8 10 6 Houston 8 6 7 74 64 7 ! 7 6 8 6 8 6 7 6 7 8 7 74 7 7 8 6 7 tfo. 12. San Francisco 7 6 64 64 6 6 I 615f6 61 6 6 5f 5 7 6 7 6 64 6 64 7 647 8? 7 6 64 Portland 8 6 7 8 6 7 !6*545* 7 5*6 55JJ 55 5 I 4 4| 0^ 8 44 8 64 7 6| 7 8 7 8 8 6 7 Seattle 8 64 7 8 6* 7 !7 6 6 64 546 I 64 5 5| 5 5 5 8 64 8 7 7 8 7 74 Spokane 8 6| 7 8 7" 7 I 8 7 8 7 8 72 7 8 7 8 ??* 8 7 7 Salt Lake City 8 7 74 8 7 74 8 8 8 8 7 7 Los Angeles 8 5 7 8 6 7 7f 54 6 7| 54 6 4f 5 7 4| 5 8 6 7 8 6 7 10 6 7 8 6 7 1 Rates for demand paper secured by prime bankers' acceptances: High, 6; low, 4; customary, 5 to 6. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1371 EARNINGS AND DIVIDENDS OF STATE BANK AND TRUST COMPANY MEMBERS. ABSTRACT OF EARNINGS AND DIVIDENDS REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYSTEM FOR THE FIRST SIX MONTHS OF 1921, ARRANGED BY FEDERAL RESERVE DISTRICTS. (In thousands of dollars.) Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Total trict trict trict trict trict trict trict trict trict trict trict trict United No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 No. 10 No. 11 No. 12 States (41 (134 (48 (113 (62 (116 (363 (102 (133 (60 (204 (217 (1,593 banks). banks). banks). banks). banks). banks). banks). banks). banks). banks).banks). banks). banks). Capital stock paid in 36,411 187,255 25, 821 64,436 15,160 27,025 100,986 30,203 10,747 13,335 16,400 57,626 585,405 Surplus 38,951 190,561 48,748 79,357 9,799 17,272 85,091 22,085 3,994 4,272 6,598 25,237 531,965 Total capital and surplus 75,362 377,816 74, 569 143, 793 24,959 44,297 186,077 52,288 14,741 17,607 22,998 82,863 1,117,370 Gross earnings: Interest and discount 19,616 92,905 9, 846 27,414 4,390 10, 861 48,966 12,664 4,095 4,364 5,149 24,234 264,504 Exchange and collection charges 47 522 73 254 51 462 574 295 81 46 115 370 2,890 Commissions 435 2,781 195 277 44 271 1,270 273 64 40 32 260 5,942 Other earnings 2,005 22,492 2,662 5, 594 456 830 5,696 1,180 160 486 195 2,696 44,452 Total gross earnings 22,103 118,700 12,776 33, 539 4,941 12,424 56,506 14,412 4,400 4,936 5,491 27,560 317,788 Expenses: Salaries and wages. 3, 509 18, 307 2,033 5,646 818 2,143 9,387 2,558 956 1,008 1,258 5,560 53,183 Interest and discount on borrowed money 953 7,200 870 2,431 695 2,044 3,114 1,674 630 396 734 1,433 22,174 Interest on deposits 7,230 32,622 2, 817 11, 096 1,213 2,468 16, 863 3,035 1,398 1,287 744 9,947 90,720 Taxes 945 5,513 527 1, 507 316 ' 797 4,522 784 267 217 314 1,275 16, 984 Other expenses 1,974 12,167 1,263 4,200 654 1,726 6,433 1,993 559 702 813 3,260 35, 744 Total expenses 14, 611 75, 809 7,510 24, 880 3,696 9,178 40,319 10, 044 3,810 3,610 3,863 21,475 218, 805 Net earnings since last report 7,492 42, 891 5,266 8,659 1,245 3,246 16,187 4,368 590 1,326 1,628 6,085 98,983 Recoveries on charged-off assets... 74 1,418 19 111 228 353 658 340 64 93 125 573 4,056 Total net earnings and recoveries 7,566 : 44,309 5,285 8,770 1,473 3,599 16, 845 4,708 654 1,419 1,753 6,658 103,039 Losses charged off: On loans and discounts 622 4,473 111 390 274 707 2,340 913 208 507 366 1,928 12,839 On bonds, securities, etc 640 11,500 718 370 60 186 919 593 21 39 57 948 16,051 Other losses 170 1,045 261 254 21 96 296 119 30 30 75 342 2,739 Total losses charged off 1,432 17,018 1,090 1,014 355 989 3,555 1,625 259 576 498 3,218 31,629 Net addition to profits 6,134 27, 291 4,195 7,756 1,118 2,610 13,290 3,083 395 843 1,255 3,440 71,410 Dividends declared.. 2,275 16,576 2,351 4,407 663 1,433 6,098 1,805 325 763 481 2,820 39,997 Ratio of dividends declared to capital stock (annual basis) per cent 12.5 17.7 18.2 13.7 8.7 10.6 12.0 12.1 6.0 11.4 5.9 9.8 13.7 Ratio of dividends declared to capital and surplus (annual basis) per cent.. .. 6.0 8.8 6.3 6.1 5.3 6.5 6.6 6.9 4.4 8.7 4.2 6.8 7.2 Ratio of net profits to capital and surplus (annual basis) per cent.. 16.3 14.4 11.3 10.8 9.0 11.8 14.3 11.8 5.4 9.6 10.9 8.3 12.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1372 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. FOREIGN EXCHANGE. Developments in the foreign exchange situa- the other hand, the mark, which is by far the tion during October include a stiffening of most depreciated of the currencies included, sterling and a further precipitate decline of the dropped further from 0.96 to 0.68, and in mark. The volume of trade with England, addition the weight assigned to it rose from reflected in the weight for that country, shows 100 to 125, both of these changes having the a relative decrease, while the volume of trade tendency to reduce the index. As a consewith Germany was relatively larger. It will be quence of these developments and the comrecalled in this connection that the weights are paratively minor fluctuations in other rates, the based on the volume of trade during the pre- general index declined from 51 in September to ceding month, that is, in September. 46 in October. In the calculation of the general index the The rates used in the compilation of the table moderate increase in the sterling rate, from are noon buying rates for cable transfers in 372.4 to 387.3, is more than offset by the New York, as published daily by the Treasury decrease in Great Britain's trade with this in accordance with the act of May 27, 1921. country. This decrease reduces the weight for It should be noted that the weights shown in the that country from 226 in September to 208 in table have been reduced to a per thousand basis October, and, since sterling is one of the least in order to facilitate comparisons from month depreciated currencies, a decrease in the weight to month of changes in the relative weights of assigned to it tends to depress the index. On the different currencies. FOREIGN EXCHANGE RATES. COUNTRIES INCLUDED IN COMPUTATION OF INDEX. [Rates in cents per unit of foreign currency.] Low. High. Average. .Per cent of par. Weights. Monetary unit. Par of exchange. October. Se b p e te r. m- October. Se b p e te r. m- October. Se b p e te r. m- O b c e t r o . - te S m ep b - er. O b c e t r o . - te S m ep b - er . Belgium Franc 19.30 6.9900 6.8400 7.2500 7.6400 7.1316 7.1700 36.95 37.15 42 30 Denmark Krone 26. 80 17.9400 17.1500 19.3000 17.8800 18.9220 17.6700 70.60 65.93 7 9 Great Britain Pound 486.65 372.8800 369.9000 395.5700 374.6300 387.2892 372.4000 79.58 76.52 208 226 France Franc 19.30 7.0700 6. 9800 7. 4000 7. 8700 7.2524 7.2800 37.58 37.72 114 116 Germany Reichsmark 23.82 .5420 .7989 .8278 1.1705 .6832 .9574 2.87 4.02 125 100 Italy Lira 19.30 3.8600 3.9800 4.1100 4.5000 3.9708 4.2000 20.57 21.76 33 37 Netherlands Florin 40.20 31.9900 31.0000 34.7100 32.1900 33.4544 31.6600 83.22 78.76 42 47 Norway Krone 26.80 11.9300 12. 2700 13.5500 13.6200 12.6444 12.8600 47.18 47.99 7 5 Spain Peseta 19.30 13.0300 12.9600 13.4500 13.1000 13.2520 13.0200 68.66 67.46 15 10 Sweden Krona 26.80 22.2900 21.3900 23.4200 22.4400 22. 9364 21.7800 85.58 81.27 12 30 Switzerland Franc 19. 30 17.3600 17.0300 19. 2600 17.3100 18.2332 17.2000 94.47 89.12 8 7 Canada 100.00 90.8281 89.1250 92.1094 90.9167 91.3906 89.8519 91.39 89.85 180 179 Argentina DPeoslola (rg.o..ld) 96.48 71.3500 67. 4800 74.4700 73.8300 73.0780 69. 6300 75.74 72.17 17 23 Brazil Milreis 32.44 12.4900 11.9900 13.0000 12. 8300 12.7080 12. 3700 39.17 38.13 18 19 Chile Peso (paper) 19. 53 11.0000 9. 8750 12.1250 11.6250 11.7344 10.7080 60.08 54.83 11 11 China Shanghai tael 66.85 75. 6000 68.3700 80.3500 79.9000 78. 4016 73.0000 117.28 109.20 44 44 India Rupee 48.66 26. 9800 25.2100 28.1900 27.4800 27. 4188 26.3900 56.35 54.23 26 26 Japan Yen 49.85 47. 4100 47. 8200 47. 9100 48.4600 47.6552 48.2000 95. 60 96.69 91 81 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL. RESERVE BULLETIN. 1373 FOREIGN EXCHANGE RATES—Continued. OTHER COUNTRIES. Low. High. Average. Per cent of par.1 Par of Monetary unit. xchange. October. Se b p e t r e . m- October. Se b p e t r e . m- October. Se b p e t r e . m- October. Se b p e te r. m- Austria Krone 20.26 .0481 .0582 .0659 .1250 .0561 .0936 0.28 0.46 Bulgaria Lev 19.30 .6620 .6820 .7200 .8738 .6814 .7587 3.53 3.93 Czechoslovakia Krone 20.26 .9372 1.0093 1.0903 1.2193 1.0493 1.1601 5.18 5.73 Finland Markka 19.30 1.4186 1.1986 1.6029 1.5671 1.5278 1.4059 7.92 7.28 Greece Drachma 19.30 4.1300 4. 7800 4.7700 5.6600 4.3792 5.2100 22.69 27.15 Hungary Krone 20.26 .1272 .1375 .1561 .2606 .1432 . 1944 0.71 0.96 Poland Polish mark.... 23. 82 . 0156 .0150 . 0256 .0383 .0212 .0256 0.09 0.11 Portugal Escudo 108.05 8.8700 8.4000 9. 9900 11.0800 9. 6228 9.4160 8.91 8.71 Rumania Leu 19.30 . 6554 .8113 . 9000 1.1963 .7785 . 9574 4.03 4.96 Yugoslavia (Krone 20.26 .3281 .3950 .4388 .5600 . 3795 . 4759 1.87 2.35 V-erbian dinar... 19.30 1.3113 1.6025 1. 7708 2.2500 1. 5227 1.9122 7.89 9.91 Cuba Peso 100.00 99.4592 99.0938 99. 7292 99.5212 99. 5258 99.3233 99.53 99.32 Mexico Peso 49.85 48.2300 48.0000 48. 9344 49.2813 48.4113 48.5990 97.11 97.49 Uruguay Peso 103. 42 65.5600 63.3200 67. 7800 68.0600 66.4388 64.8900 64.24 62.74 Hongkong Dollar 47.77 54. 9200 50. 2000 57. 9600 56.0500 56.4892 52. 4400 118. 25 109. 78 Java Florin 40.20 31. 4200 31.0000 33.7800 31. 7500 32. 7988 31.3600 81.59 78.01 Straits Settlements. Singapore dollar.. 56. 78 42. 5000 42.0000 45.3300 42. 8300 43.9204 42.4600 77.35 74.78 1 Based on average. Average price of silver per fine ounce: in London (converted at average rate of exchange) $0.72187: in New York 3.71373. FOR EIGN EXCHANGE 1NDi K 1918 - 1921 — GENERAL INDEX FRANCE - ITALY ^RGENTIN/ ENGLAND GERMANY - NETHER1-ANDS JAPAN PERCENT PERCENT no 11O rrr. — • Si? * 9O N0. ^ \ \ N \ s 9O 80 •••\ / \ '— s 8O 7O \ \ 70 \. 60 N 60 s^ mamm~m 5O *>^ 5O -•* s . r 40 ^, y' V, y — -Km 40 3O -** 3O y V y 20 2O •• 1O to *•...... •••*< ... MONTH N. D. J. F. M. A. M. J. J. A. S. 0. N. D.J. F. M. A. M. J. J. A. S. 0. N. D.J. F. M. A. M. J. J. A. S. 0. N. D. MONTH YEAR 1918 1919 1920 1921 YEAR Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1SU FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. FINANCIAL STATISTICS FOR ENGLAND, FRANCE, ITALY, GERMANY, SWEDEN, AND JAPAN. A summary of banking and financial conditions abroad is presented statistically in the accompanying tables. Similar material will be published regularly each month in the BULLETIN. BRITISH FINANCIAL SITUATION. [Amounts in millions of pounds sterling.] Dep o o f s E it n a g n l d a n n d o t a e n a d c c T o r u e n a t s s u , r B y a . nk j G overnm de e b nt t . floating Nine Lo b n a d n o k n s .3 clearingg Discount rates. Statist index Capital Cur- numrency issues ber of n B o a te n s k .1 c c n e a a o r n t t t i e d e f s s i- p p o u a D s n b e i d l - t i s c , I a n l C i d o o b n i u n .2 l -i ! T b u r i e r ll y a s s . - j | ! r v T a a r e n y m c a p e d o s - . - i I I f l d o T e a o b t t i t a n . l g ! ; I M s a a h t o n o n c d r e a t y ll a v c n o a D d n u i c s n a - e t d s s - . j | | m In e v r e it s s t , - po D s e i - ts. U d K n o i o i m n t f g e . d 4 - m T b b o h a i n l n r l t e s k h e . s' m t b o r S i a n l i d t l x h s e . s1 v c f a o h l e r a u e x n i e - g g o n e f out- other. notice. £. standing. 1913, average of end of month Per ct. Per ct. \ figures i 29 57 ! 38 15 ! 1920, end of— j September... 109 i 354 127 152 1,139 1,282 20 ! 100.2 1921, end of— January 109 I 342 129 157 1,145 242 1,387 99 1,207 341 1,810 22 j 122.4 February 108 1 336 127 157 1,110 189 1,299 88 1,172 340 1,754 10 120.9 March 110 344 138 157 1,121 155 1,275 83 1,145 336 1,715 26 123.0 April 109 338 141 157 1,100 190 1,290 92 1,127 309 1,710 15 120.0 May 108 333 128 157 1,152 163 1,315 96 1,144 307 1,729 17 119.1 June 110 324 147 157 1,222 152 1,374 98 1,162 312 1,768 34 117.8 July 109 325 i 122 I 157 1,202 150 1,355 104 1,185 312 1,785 10 112.9 August 107 319 | 137 157 1,166 180 1,347 100 1,179 302 1,764 8 113.0 September... 106 I 314 i 118 157 1,159 161 1.321 99 1,186 302 1,771 4* 114.6 1 Less notes in currency notes account. 3 Average weekly figures. 2 Held by the Bank of England and by the Treasury as note reserve. 4 Compilation of London Joint City and Midland Bank. FRENCH FINANCIAL SITUATION. [Amounts in millions of francs.] Bank of France.1 Situation of the Government. Value of new I ! s r G e e r o v - l e d s. s S e i r r l e v v - e e s r . po D si e t - s.5 t c C i u o i l n r a - . - f v t o m p G o a A e r o n r e o t s p d n c h n v e u - e - e s t - r s - m n r G e e u r e o v e n v n e . - 4 - - t t d e I e r n n b - a t. l t d e E e r b x n t - a .5 l r p P e c p e p o n r e e t e f i u t n r c r e 3 - a t e . l 6 F p i s b u s m l r a t a o s t p e o n h u a c n n o c d r e e e c d n k - d s h p a S b o e l d o w a s a x s r f v n o c a i i ( i t d t e w r k n h - s e s s g - ) ^ - s - , . s ) b i A c n d P a a l t g a a v e n h g i s r a e k e l e i r y o r s s - - f . o w f a t r h . e 3 ket .7 1913, average 3,343 629 830 5,565 320 35,000 86.77 - 65 59 1920, average 8 3,586 253 3,527 38,066 26,042 1,005 57.34 + 48 10 554 1921— i January 3,553 3,429 37,913 25,600 1,204 59.16 995 + 70 657 February 3,555 264 3,293 37,808 25,600 921 58.15 1,861 + 181 591 March 9 3 556 267 3,103 26,200 972 11 220,344 58.17 344 + 111 556 April 9 3,566 271 3,018 38, 211 26,000 1,248 32,523 56.92 1,085 + 66 600 May !93,570 272 3,041 38,233 26, 200 1,004 57.15 H892 + 63 666 June j 9 3,572 274 2,861 37,422 25,000 1,030 56.26 621 + 45 582 July 9 3 573 275 3,252 36,941 25,100 1,242 229,055 35, 268 56.35 2,345 + 52 438 A Se u p g t u e s m t ber 9 9 3 3 ) , 5 5 7 7 4 5 2 2 7 7 7 7 2 2 , , 7 5 4 0 9 9 3 37 6 , , 1 7 2 8 9 3 2 2 4 4 , , 9 9 0 0 0 0 1 1 , , 0 0 1 1 6 1 5 5 6 6 . . 5 2 0 0 152 + + 7 6 2 8 467 1 End of month figures. 2 Includes Treasury and individual deposits. 3 Under the laws of Aug. 5 and Dec. 26,1914, July 10,1915, and Feb. 16,1917. 4 From indirect taxation and Government monopolies. 5 Foreign debt converted to francs at par. 6 Last Wednesday in the month. 7 Figures of the "Association Nationale des Porteurs Francais de Valeurs Mobilieres." Bonds issued by the Government and the railroad companies not included. * Not including 1,978,000,000 francs held abroad from January through August and 1,948,000,000 francs from September through December. 9 Not including about 1,948,000,000 francs held abroad. 10 Average for 11 months. 11 Revised figure. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1921. FEDERAL RESERVE BULLETIN. 1375 ITALIAN FINANCIAL SITUATION. [In millions of lire.] Banks of issue. Government finances. Princi- Depos- pal revec L o a d o u n i a s n d - n ts s . s G e r r e o v - ld e. T r o e t - al i l m t i s t a d i a b e e a n i s - n l . d i d - l c C a m c i t r o i i e c a o m r u l n - - - . C a ti o s c i o t c f r n a c o t t u f h u e l o e n . a r t - n re c o n u te r c - s y . m T s li e u c r e r e r t v a y r a e e s l - . - - S t b t r u e h e i r l r o a l m y r s s t . - - p T d u e o b b t l a t i . l c n t a n u a d n o e x u d p s a r o i t f m l n i r i o o e g o n s m month.2 1913, end of December.. 857 1,375 318 2,284 117 i 1920, end of— June 6,784 1,038 2,110 2,379 7,484 10,333 2,538 95,000 July 6, 576 1,039 2,113 2,196 7,615 10,284 343 9,300 1921, end of— January. 16, 392 6,931 1,058 2,046 ! 2,635 8,673 10, 591 822 February 15,961 7,158 1 062 2,007 2, 351 8,619 10, 308 1,210 March 16,425 7,144 1 062 2,043 2,461 9,233 9,532 606 April 16,694 7,040 1 056 2,138 2,349 8,677 9,601 1,309 May 16,645 6,951 1 070 2,165 2,198 8,809 9,219 2,546 319 106, 721 607 June 17,391 7,438 1 073 1,989 2,366 9,437 8, 722 19,000 1,525 July 7,156 1 076 1,990 2,290 9,433 8,507 I 1 Banca Commercial Italiana, Banca Italiana di Sconto, Credito Italiano, Banco di Roma. 2 Revenues from state railways; from post, telegraph, and telephones; from state domain; from import duties on grain; and from Government sales of sugar are not included. SWEDISH FINANCIAL SITUATION. [Values in millions of kronor.] Foreign Riksbank. Joint-stock banks l'rotested bills.1 f B a u il s u i r n e e s s . s 1 e i x n c d h e a x n . g 1 e Foreign Index exchange number Bills value of of stock an G d o l b d u l c l o io in n .! j N cu o l t a e t i c o i n r- . disc w o i u th nted L di o s a c n o s u a n n ts d . \ I Number. Value. Number. th a e b r k o r a o d na p A ri c l e is s t — .1 Riksbank. (foreign currencies = 100). 1913, end of December.. 102.1 234.5 138.9 2,286. 9 4,314 1.9 309 258 1920, average 269.2 732.9 476.3 6,008.2 3,586 6.4 196 112.9 \ 176 1920, end of— August 261. 4 742.2 566.0 6,007. 4 3,542 5.1 131 115.4 169 September 279.8 779.8 544.7 6,068. 7 3,617 6.4 203 115.4 158 1921, end of— January 281. 9 672.5 429.2 6,172.6 5,951 13.4 301 116.1 148 February 281.8 687. 6 451. 3 6,119.2 6,411 14.1 381 116.4 138 March..". 281.7 716.9 442.2 6', 093. 6 8,521 20.1 390 121.7 133 April 281.8 680. 5 400.9 6,C65.3 7,899 15.6 444 125.5 128 May 281.6 651. 1 377.6 5,982.7 8,201 22.8 454 123.3 116 June 281.4 678.8 365.1 5,949.2 7,376 18.0 433 122.6 110 July 280.3 629.4 362.6 5,929. 9 7,383 16.8 413 119.3 125 August 285. 0 632.4 344. 8 5,937.1 6,515 16.0 353 119.5 120 September 275.9 672.4 329.7 5,900.9 5,786 10.3 493 121.4 114 1 Source: Kommersiella Meddelanden. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1376 FEDERAL RESERVE BULLETIN. NOVEMBER, 1921. GERMAN FINANCIAL SITUATION. [Amounts in millions of marks.] Index numbers Reichsbank statistics. ; Situation of the Government. of securities prices.2 Value of Darlehns-;— new stock Discounts.1 k sc a h s e se in n e - an is d s u b e o s nd in circu- placed on se G r r e o v - l e d .1 counted ! m C er o c m ia - l l [ a c N t ir i o o c t u n e - .1 Deposits.1 Clearings lation. R t e f a r c x o e e m i s p . ts r R a o e i f l v w S e t a n a y u t s e e . Fl d o e a b ti t n . g m G a er r m ke a t n . sto 2 c 5 ks. bonds. Treasury paper. bills. * 1913, average... 1,068 1,958 668 6,136 1920. August ! 1,092 46, 379 58,401 15, 772 52,593 13,266 1, 983 1,360 148,750 September | 1,092 54, 996 61,735 20,054 63,213 13,348 2, 441 156,825 ! i 162 1921. I January | 1,092 53, 337 66,621 15, 834 79,917 11,341 6,741 1,483 155,363 \ 2,042 200 February : 1,092 56, 451 67,427 17, 357 70,499 10, 755 7,766 1,590 161,650 2, 397 March i 1,092 66, 803 69,417 28,043 74, 294 10,168 6, 846 1,681 166,329 ! 894 155 111 April ! 1,092 60, 894 70,840 i 20, 856 75, 255 9, 543 5,357 1, 832 172.634 i 2, 559 166 117 May I 1,092 62,954 1,810 71,839 14,093 66,454 9,043 6,108 1,841 176', 643 j 1,468 103 j 113 June j 1,092 79,608 1, 565 75,321 I 20, 393 68, 764 8,706 7, 535 2,028 185,032 i 2, 238 July I 1,092 79,982 1,136 77,391 ! 15, 814 78, 337 8,358 5, 566 2,269 190,675 | 1,507 4 195" 4* j 13 August 1,024 84,044 1,002 80,073 j 13, 650 79,172 7,837 5,145 2,416 1,228 September 1,024 98,422 1,142 19,980 98,004 7,610 210,408 I 1,534 ; 5 259 6 131 October 320 143 1 End of month. 2 Calculated by the Frankfurter Zeitung with prices of 25 stocks, 10 domestic and 5 foreign bonds at beginning of months (prices as of Jan. 1, 1920=100). Former calculations of securities prices published in the FEDERAL RESERVE BULLETIN were based on 25 stocks and 10 domestic bonds only. The five additional foreign bonds are as follows: 4 per cent Austrian gold rentes; 5 per cent redeemable Mexican bonds (silver); 4 per cent Turkish (Bagdad) bonds, Series I; 4£ per cent redeemable Rumanian gold bonds of 1913; 4 per cent Hungarian gold rentes. 3 As of Sept. 18,1920. «Asof July 29,1921. » As of Sept. 9,1921. «AsofSept.l4,1921. JAPANESE FINANCIAL SITUATION. [Amounts in millions of yen.] Bank of Japan. Tokyo banks. a d e P n e r d r n p i m o v s G a e i t o t n e s v t . - a c n L o d o u a n n d t i s s s . - ci N t r i c o o u n t l e . a- re S s p e e r c v i e e .2 as b T l s t o a o o o a n c k t n i k a y a s l s o t . , ed m d A ( i T a v s r c r o e a k o r k te a e u y g t n o ) e t . 1920, end of— 1 Per cent. June 1,165 381 1,349 979 2,036 2,524 10.99 July 1,120 273 1,202 1,011 I 2,029 2,190 10.95 August 1,217 2,014 2,139 September. 1,070 2,076 2,032 1921 end of— January 1,071 115 1,235 2,171 2,013 10.33 February... 1,126 103 1,141 2,188 2,143 9.71 March 1,190 88 1,178 2,219 2,502 9.23 April 1,098 79 1,058 1,848 2,442 9.16 May 1,172 76 1,059 1,873 2,506 9.05 June , 1,119 74 1,053 1,980 2,670 8.91 July 1,987 2,341 8.36 August , 1,077 1,951 2,816 8.43 September., 1,126 1,955 2,627 October 1,255 1 In case of Tokyo banks, and note circulation and specie reserve of Bank of Japan, last day of month. 2 It is generally understood that in recent years a certain portion of the reserve has been held abroad. Specie reserve figures do not include bank's own notes held in the bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Acceptances: Tags. Page. Against shipping documents, ruling on 1312 Earnings and dividends of State bank members.. 1371 Held by Federal reserve banks 1350 England: Market for, development of 1269 Business and financial conditions 1302,1374 Purchased by Federal reserve banks 1348 Cost of living 1345 Security for acceptance credits, ruling on 1313 Deposits, note circulation, and reserves, 1904- Agricultural paper, notes of packing and marketing 1921. 1298 associations are not 1312 Export credits 1304 Anglo-Austrian Bank and Austrian Landerbank, Foreign trade 1345 reorganization of 1294 Loans to allies 1303 Australia, wholesale prices in 1344 Reparations receipts 1302 Balance of trade 1262 Unemployment 1305 Bank debits 1361 Wholesale prices 1304,1342 Banking situation, discussion of 1270,1351 Failures, commercial, reported 1316 Belgium, deposits, note circulation, and reserves in, Federal Advisory Council, meeting of 1271 1904-1921 1296 Federal reserve banks: Branches, foreign, of American banks, curtailment of 1267 Condition of 1351,1354 Building statistics 1335 Discount and open-market operations of 1347 Business and financial conditions: Federal reserve note account 1357 Discussion of 1269,1272 Fiduciary powers granted to national banks 1316 England 1302,1374 Foreign branches of American banks, curtailment of. 1267 France 1305,1374 Foreign countries, deposits, note circulation, and Germany 1308 1376 reserves of, 1904-1921 1295 Italy 1375 Foreign currency, speculative purchases of 1264 Japan 1376 Foreign exchange rates 1372 Sweden 1375 Foreign loans floated in the United States 1266 United States 1272 Foreign trade: Canada: Discussion of 1261 Deposits, note circulation, and reserves, 1004- Index of 1321 1921 1299 United Kingdom, France, Italy, Sweden, and Wholesale prices in 1344 Japan 1345 Charters issued to national banks 1315 France: Business and financial conditions 1305,1374 Charts: Deposits, note circulation, and reserves, Assets and liabilities of Federal Reserve and 190^1921 1297 member banks. 1352 Foreign trade 1346 Debits to individual account 1361 Government expenditures for 1922 1306 Foreign exchange 1373 Industrial situation 1307 Physical volume of trade 1323 Loans floated for benefit of devastated regions.. 1305 Wholesale prices in the United States 1317 Public debt.. 1305 Circulation, deposits, and reserves of principal for- Wholesale prices 1342 eign countries, 1904-1921 1295 Freight rates, ocean. 1322 Clearing and collection: Germany: Gold settlement fund transactions. .., .... 1364 Business and financial conditions 1308,1376 Operations of the system during October. ..... 1365 Cost of living 1345 Number of banks on par list. .... 1365 Deposits, note circulation, and reserves, 1904- Clearing-house bank debits 1361 1921 1297 Commercial failures reported 1316 Foreign trade 1310,1346 Condition statements: Mark exchange 1311 Federal Reserve Banks 1351,1354 Public debt 1309 Member banks 1.351,1358 Reparations payments 1301,1308 Cotton fabrics, production and shipments 1336 Unemployment 1310 Credit situation, discussion of 1267 Upper Silesian decision 1310 Crop estimates 1334 War loans 1308 .Debits to individual account 1361 Wholesale prices 1313 Deposits, note circulation, and reserves of principal Gold imports and exports 1265,1366 foreign countries, 1904-1921 1295 Gold settlement fund transactions 1361 Discount and open-market operations of Federal Governors of Federal reserve banks, meeting of 1271 reserve banks: Hague rules ,v 1292 Acceptances held 1350 Imports and exports: Acceptances purchased 1348 Gold 1265,1366 Bills discounted 1347 Silver 1265,1367 Bills held 1349 Index numbers: Earning assets held 1349 Foreign exchange 1373 Number of banks discounting 1347 Foreign trade 1321 Rediscounts between Federal reserve banks 1356 Ocean freight rates 1322 Volume of, during month 1347 Physical volume of trade 1322 Discount rates: Retail prices in principal countries 1345 In effect Oct. 31. 1369 Wholesale prices abroad 1340 Prevailing in various centers 1370 Wholesale prices in the United States 1317 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

II INDEX. rage. Rates: India, wholesale prices in 1344 Discount— Interest rates prevailing in various centers 1370 In effect October 31 1369 Prevailing in various centers 1370 Italy: Earning assets of Federal Reserve Banks 1349 Deposits, note circulation, and reserves, 1904- Rediscounts between Federal Reserve Banks 1356 1921. - 1298 Reparations payments: Financial conditions , 1375 By Germany 1301,1308 Foreign trade 1346 To England 1302 Wholesale prices. 1342 Reserve ratio of Federal Reserve Banks 1353 Japan: Reserves, deposits, and note circulation of principal Deposits, note circulation, and reserves. 1904- foreign countries, 1904-1921 1295 1921 1300 Resources and liabilities: Financial conditions 1376 Federal Reserve Banks 1354 Foreign trade 1346 Member banks in leading cities 1358 Knit goods production 1337 Retail prices in principal countries 1345 Loans, foreign, floated in the United States 1266 Retail trade, condition of 1337 Rulings of the Federal Reserve Board: Maturities: Acceptances against shipping documents 1312 Acceptances purchased 1348 Notes of packing and marketing associations are Bills discounted and bought 1348,1356 commercial, not agricultural, paper 1312 Certificates of indebtedness 135g Security for acceptance credits 1313 Member banks: Warehouse receipts as collateral for bank loans. 1314 Condition of 1351,1358 Silver imports and exports 1265,1367 Earnings and dividends of State bank members. 1371 State banks and trust companies: Number discounting during September 1347 Admitted to system 1316 Number in each district 1347 Earnings and dividends of State-bank members. 1371 State banks admitted to system 1316 Sweden: Money, stock of, in the United States 1368 Financial conditions 1375 National banks: Foreign trade 1346 Charters issued to 1315 Wholesale prices 1343 Fiduciary powers granted to 1316 Tobacco industry, financing of 1284 Netherlands, deposits, note circulation, and re- Trade: serves in, 1904-1921 1299 Foreign. (See Foreign trade.) Norway, wholesale prices in 1343 Physical volume of 1322 Retail 1337 Ocean freight rates 1322 Wholesale... 1340 Par list, number of banks on 1365 Warehouse receipts as collateral for bank loans, Physical volume of trade 1322 ruling on 1314 Prices: Wholesale prices: Retail, in principal countries 1345 Abroad 1340 Wholesale, abroad 1340 In the United States 1317 Wholesale, in the United States 1317 Wholesale trade, conditions of 1340 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINNEAPOLIS^ S.DAK. ATLANTA Birmingham ^ Savanna —— BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES 9 FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis