Federal Reserve Bulletin, 1921-12

FEDERAL RESERVE BULLETIN (FINAL EDITION) ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON DECEMBER, 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. JACOB SON, 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— I Chairman. Governor. Deputy governor. Cashier. | Boston Frederic H. Curtiss.. Chas. A. Morss C. C. Bullen W. Willett. W. W. Paddock I New York. Pierre Jay Benj. Strong J. H. Case L. H. Hendricks.i L F Sailer J. D. Higgins.i G. L. Harrison A. W. Gilbart.i E. R. Kenzel Leslie R. Rounds.1 J. W. Jones.* 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 I George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus A. S. Johnstone * John S. Walden* Atlanta Joseph A. McCord.. I M. B. Wellborn... L. C. Adelson M. W. Bell. J. L. Campbell Chicago Wm. A. Heath j J. B. McDougal... C. R. McKay W. C. Bachman.i S. B. Cramer K. C. Childs.i John H. Blair J. H. Dillard.i 0. J. Netterstrom.i A. H. Vogt.i Clark Washburne.1 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 l S S Cook Kansas City.. Asa E. Ramsay J.Z. Miller, jr..... C. A. Worthington J. W. Helm. Dallas Wm. F. Ramsey... R. L. VanZandt.. R. G. Emerson3 R. R. Gilbert. San Francisco John Perrin J. U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk < L. C. Pontious * 1 Controller. J Assistant to governor. s Acting deputy governor. * 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 O. 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 brand•h. C. R. Shaw. St. Louis: Spokane branch. W. L. Partner. Louisville branch W. P. Kincheioe. 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: pi^. Review of the month 1377 Business, industry, and finance, November, 1921 1387 Foreign exchange operations, 1918-19 1400 Tobacco financing 1413 Business and financial conditions abroad—England, France, Germany, Italy, and Scandinavia 1420 Official: Rulings of the Federal Reserve Board . 1435 State banks admitted to system 1434 Fiduciary powers granted to national banks 1434 Banks granted authority to accept up to 100 per cent of capital and surplus 1434 Charters issued to national banks 1436 Price movement and volume of trade: Domestic— Wholesale prices in the United States 1437 Foreign trade 1441 Ocean freight rates 1442 Physical volume of trade 1442 Building statistics 1455 Retail trade 1457 Wholesale trade 1460 Commercial failures 1434 Foreign— Comparative wholesale prices in principal countries 1461 Comparative retail prices in principal countries 1468 Foreign trade—United Kingdom, France, Italy, Sweden, Japan, and Germany 1468 Banking and financial statistics: Domestic— Discount and open-market operations of Federal Reserve Banks 1470 Condition of Federal Reserve Banks 1475 Federal Reserve note account 1483 Condition of member banks in leading cities 1484 Bank debits 1488 Operations of the Federal Reserve clearing system 1492 Gold settlement fund 1491 Gold and silver imports and exports 1493 Money outside the Treasury and Federal Reserve System 1495 Discount and interest rates in various centers 1496 Discount rates approved by the Federal Reserve Board 1495 Foreign exchange rates 1497 Foreign— England, France, Italy, Germany, Sweden, and Japan 1499 Charts: Net balances on open account owed by United States to foreign countries, February, 1918-June, 1919 1405 Index number of wholesale prices in the United States—constructed by Federal Reserve Board for purposes of international comparisons 1437 Physical volume of trade 1444 Movement of principal assets and liabilities of Federal Reserve Banks 1475 Movement of principal assets and liabilities of member banks 1475 Debits to individual accounts 1488 Foreign exchange index 1498 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 7 DECEMBER, 1921. No. 12 REVIEW OF THE MONTH. that commercial banking provision for the protection and carrying of our trade is declining Current developments are making it inin adequacy. These must be taken as basic creasingly clear that economic data in the further discussion of the situation. and°budgets.rade rec<>very must await restora- First, as to the foreign exchange situation tion of foreign trade, and that at the moment. Comparison is improvement in foreign trade will involve Course of for- made in the following table two factors—a rectification of currency and eign exchange. with conditions of a year ago exchange conditions as between countries as regards quotations in terms of the dollar, and a decided improvement in budgetary both as to averages of actual rates and in terms conditions abroad. These two elements in of the percentage of par for the principal curthe problem are, of course, not independent rencies of the world. one of another, but call for joint and if possible simultaneous correction. The Brussels AVERAGE RATES OF EXCHANGE OF PRINCIPAL FOREIGN Financial Conference reached the conclusion CURRENCIES AT NEW YORK. that foreign exchange stabilization and recti- November, 1920. November, 1921. fication must be considered almost out of the Par question in the absence of very much better Foreign currencies. of ex- Aver- Per Aver- Per change. age cent of age cent of budget arrangements than existed at that rate. par. rate. par. time. The conclusions then reached, in the Cents. Cents. Cents. autumn of 1920, are even more cogent at the Belgian franc 19.30 6.3680 32.99 6.9391 35.95 Danish krone 26.80 13.4060 50.02 18.4674 68.91 present moment, since there has been little English pound 486.65 343.7239 70.63 397.0196 81.58 French franc. 19.30 6.0100 31.14 7.1991 37.30 or no betterment in the foreign exchanges German mark 23.82 1.3210 5.55 .3924 1.65 Italian lira 19.30 3.6200 18.76 4.1213 21.35 during the intervening months. The situa- Netherlands florin 40.20 30.1860 75.09 34.9722 87.00 Norwegian krone 26.80 13.3800 49.93 14.1209 52.69 tion is in some respects worse. During the Spanish peseta 19.30 13.0300 67.51 13.7165 71.07 Swedish krona 26.80 19.0990 71.26 23.2335 86.69 past year a large amount of national revenue Swiss franc 19.30 15.5340 80.49 18. 8035 97.43 Canadian dollar. 100.00 89.2700 89.27 91.5082 I 91.51 in most countries has continued to be devoted Argentine peso (gold)... 96.48 76.8740 79.68 73.4739 76.15 Brazilian milreis 32.44 16.6000 51.17 12.5996 38.84 to the development of armaments, thereby Chilean peso (paper) 19.53 14.0000 71.68 11.0380 56.52 Chinese (Shanghai) tael. 66.85 91.3000 136.57 75.9043 113.54 preventing the various Governments from Indian rupee 48.66 29.7000 61.05 26.8739 55.23 restoring their budgets to equilibrium and Japanese yen 49.85 50. 7500 101. 81 47. 8961 96.08 General index (par= compelling them to rely largely upon short- 100) 58.0 51.0 term borrowing in the effort to meet current obligations. In this issue of the BULLETIN As appears from the figures, the general there is furnished a review and summary of movement of foreign exchange quotations has existing financial and banking proposals de- shown no broad or uniform improvement. A signed to relieve present difficulties of interna- recovery of sterling at the middle of November tional finance as affected by the budgetary to $4 placed it for the time In a more satisfacoutlook. A study of present conditions both tory position than it had occupied, and there as affecting plans to promote international has been some improvement in the exchanges financing and the granting of credit, and as of the former European neutrals. But the to efforts toward budget betterment, will dis- currencies of other countries, and particularly close the obstacles which must be encountered that of Germany, have not only tended toward in effecting a return to stable conditions, as lower levels but have been increasingly unstable well as the degree of progress that is being at- in their quotations. Two factors may be mentained. In the last issue of the BULLETIN the tioned as contributing to the uncertainty of the continued existence of a great international foreign exchange situation—the continuously balance still unfunded, in favor of the United large foreign trade balance of the United States States, was explained, while it was also shown which has raised the nominal unfunded in- 1377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1378 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. debtedness of the country to a figure in the for loans made to them by foreign sellers of neighborhood of $3,400,000,000, as was esti- goods. If the importer is unable to pay the mated in the last issue of the BULLETIN, loan made to him by the exporter, the latter and to the continuously unfavorable domestic (who is in possession of the bonds) may either budget conditions prevailing in the several hold them as investments or sell them if the countries or lack of balance between receipts issuing Government does not exercise its option from taxation and expenditures. The diffi- to repurchase within a limited period of time. culty of reducing Government outlays has However, when the importer makes payment proven to be very great in nearly all countries, to the exporter at the time agreed upon, the partly as a result of postwar readjustment bonds are to be released and returned to the operations of various kinds, including allow- issuing Government. ances for unemployment and continued out- It is evident, even from this cursory review lays for public objects. Debt charges have also of the plan, that under the proven to be even more severe an economic most favorable circumstances— burden than had been expected, owing to the that is, assuming that the exfact that rapid decline of prices and the stag- porter is provided with unimpeachable securnation of business has in effect made the interest ity through possession of the bonds—there is charge on debts contracted at a much higher need for the intervention of other financial level of prices a larger proportion of the current agencies, if the exporter is unable or unwilling, income of the several countries. as would usually be the case, to wait any con- As in commercial banking so in the various siderable length of time to be paid for his shipproposals for governmental or ment. For this reason Sir Drummond Fraser len plan.** eU" semigovemmental financing, emphasizes the valuable services that can be only minor progress has been performed by corporations of the type promade during 1921, save in the matter of dis- vided for under the Edge Act. Such corporacussion and development of detail. Renewed tions by granting accommodation to exporters interest in the Ter Meulen plan for the estab- against the pledge of Ter Meulen bonds would lishment of international credits has, however, enable the exporters in turn to grant longer been aroused by the recent visit to this country terms of credit to foreign purchasers of their of Sir Drummond Fraser, appointed as or- goods. It should be said at this point that as ganizer, following the adoption of the Ter Edge Act corporations are empowered to secure Meulen proposals by the Council of the League funds through the sale of long-term debentures, of Nations. Certain outstanding features were they are peculiarly fitted to make advances inemphasized by Sir Drummond Fraser in his tended to be employed in investment and nonaddress before the convention of the American liquid commercial operations. The introduc- Bankers Association early in October. He tion of the Ter Meulen plan would, therefore, pointed out that as the usual means of obtain- accommodate itself to the type of financing ing payment for exports to countries whose which it was hoped to foster by the passage credit systems have been disrupted by war are of the Edge Act, since it would give the Edge now either lacking or else entirely inadequate, corporations an acceptable type of security the logical recourse is to payment by the use which would enable them to expand the scope of long-term bond issues with acceptable of their operations with greater facility and security behind them. The Ter Meulen plan less risk. would provide for the issue of such secured Apparently there is an increasing disposibonds upon application by countries having Investment tion to believe that the maspecific assets to assign as security for com- operations most chinery which it is proposed mercial credits needed by their citizens. An essential. d r the Ter Meulen to set up un e international commission would have to ap- plan and under various other credit schemes praise the gold value of the pledged assets in to rehabilitate foreign trade will be chiefly order to determine the amount of bonds that employed to finance investment rather than could be safely issued against them, and the short-time commercial operations. This bebonds themselves would then be transferred to lief is held by Sir Drummond Fraser, and it responsible importers to be used as collateral was also expressed by Prime Minister Lloyd- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1379 George in a speech recently delivered in the country. The domestic consumer must, there- House of Commons in which he urged certain fore, to a certain extent pay a price for the reamendments to the act guaranteeing British habilitation of the credit of the foreign importer. export credits—guaranties which would not be This is a fact to be recognized but not to be required if the Ter Meulen plan, or some similar regretted, since in the end it leads to a desired arrangement, were in operation. Mr. Lloyd- consummation, namely, a wider market for the George stated that, in his view, credit should sale of many commodities whose prices have be extended for five or six years to cover capi- been unduly depressed by the loss of foreign tal equipment of various sorts, such as engi- custom. The indirect benefits would, moreneering orders, while Sir Drummond Fraser over, be great, since, to the extent that Eurosays that his experience so far leads him to be- pean industry is reestablished, it will be able to lieve that countries resorting to the issue of re-create a demand for our products through a the Ter Meulen type of bond will largely issue direct offer of goods in place of requests for them to importers desiring to obtain materials credit. Under the best of circumstances, a onefor production. Furthermore, many contem- sided credit device can only offer a provisional plated loans against the pledge of the Ter basis for the carrying on of foreign trade. Meulen bonds, even if not intended to be of a Unless the proceeds of new loans, whether long-time investment sort, would nevertheless secured by a pledge of bonds or in some other be wanted for a longer period than would be way, are made effective in reestablishing orderly regarded as desirable by banks doing a strictly industrial processes, they can but be an instrucommercial business. For that reason such ment for adding new indebtedness to existbanks would not be in a position safely to ex- ing indebtedness. tend all the necessary accommodation desired Whereas Edge Act corporations are intended by the foreign trade even if satisfactory seto be permanent institutions curity could be had. However, corporations " which wil1 Provide fresl1 credit established under the Edge Act are in a posito meet current demands for tion to make advances both for short-time loans whose proceeds are to be used in financing banking and for long-period financing operaforeign trade, the sphere of action assigned to tions, and since in the disorganized state of the War Finance Corporation is of a rather European finance and industry it would often different sort. It is essentially concerned with be difficult to classify loans with respect to the problem of making temporary advances to their purpose or liquidity there is need for the domestic agricultural producers whose products establishment of that type of banking instihave become for the time being unsalable tution. largely as a result of the enforced cessation of It is possible to exaggerate the advantages foreign demand. Hence the amendment to that will grow out of the estab- the act creating the War Finance Corporation, Limit of relief. lishment of special agencies for passed August 24, makes provision for adfinancing foreign trade. One should not lose vances not only to exporters of agricultural sight of the fact that such agencies do not products but also, when the corporation becreate capital in the sense of making purchasing lieves that the public interest requires it, to power where it did not exist before. The most banks and cooperative associations of prothat can be done legitimately is to divert pur- ducers which need extensions of credit for agrichasing power from less effective to more neces- cultural and live-stock purposes. The corsary purposes. Edge Act corporations, for ex- poration is likewise authorized to purchase ample, in selling debentures would have to acceptances issued by Edge Act corporations depend upon investment funds which would to assist in exporting manufactured as well as otherwise find different outlets. The imme- agricultural products. As the War Finance diate result of an expansion of activity on the Corporation is empowered to secure funds by part of these corporations would be a transfer issuing bonds or notes having several years to of purchasing power from investors to exporters run, it is in a position to employ its resources in who in their turn are sending goods out of the the financing of the live-stock industry and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1380 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. other enterprises requiring accommodation for Admitting the adequacy of the financial a longer period of time than the usual commer- Financial ma- mechanisms just described for cial loan. chinery no pana- meeting the peculiar needs of The amendment to the War Finance Corpo- a disorganized foreign trade, ration act, passed in August, grew out of an if they could be practically applied under acute situation, but it is nevertheless true that favorable conditions, it must, nevertheless, it is at all times necessary to give attention to not be forgotten that no machinery, howthe adaptation of our financing mechanism to ever nicely adapted to the ends sought, can this intermediate type of loan. The War function effectively until the persistent fun- Finance Corporation announces that from the damental causes of disorganization are removed. passage of the amendment on August 24 up to Budgets must be balanced and internal financial November 6 it has extended credit in excess of solvency achieved "before those countries most $22,600,000 to farmers and stockmen. These in need of credit will be in a, position to release credits have been established with about 82 and pledge assets to the repayment of further financial institutions located in 19 States. The loans. Moreover, in the case of the countries loans range from a few thousand dollars to of central Europe subordination of the liens $15,000,000, granted to a cooperative grain- on State assets for reparations and relief credits marketing association. Funds have so far would be required before the proposed Ter been obtained from the corporation's balance Meulen bonds could become acceptable security. with the Treasury and no attempts have been The process of valuing pledged assets on a gold made to appeal directly to the investment mar- basis (for example, State revenues, real estate, ket for funds. For the period from January 1 forests, etc., as proposed by Austria) would in to November 15, 1921, inclusive, total advances any case be most difficult, even if such assets made by the corporation for export purposes were entirely unencumbered by prior claims. have amounted to $68,964,707 and for agri- With continuing inflation, fixation of values cultural purposes to $50,118,076. is made virtually impossible. Rehabilitation of revenue and currency systems become, therefore, the immediately pressing problem whose STATEMENT SHOWING, BY COMMODITIES, ADVANCES APPROVED BY WAR FINANCE CORPORATION FROM JAN. solution is antecedent to effective functioning 4, 1921, TO Nov. 15, 1921, INCLUSIVE. of any machinery devised to finance the international movement of goods. Export advances approved by War Finance Corporation: Hon. Herbert Hoover, Secretary of Com- Cotton $47,527,598.00 merce, in a recent letter to Sir Drummond Tobacco 2, 399, 369. 00 Fraser, referring to the Ter Meulen plan, has Wheat 11, 500, 000. 00 Condensed milk 1, 000, 000. 00 summarized the general situation as to financial Canned fruit and vegetables 400,000. 00 relief of every kind as follows: Dried fruit 1, 250, 000. 00 Economic recovery of the States in eastern and south- Meat products 1,000,000. 00 eastern Europe (and consequently a considerable fraction Railroad equipment 2, 925, 000. 00 Of our own and of world commerce) is dependent upon Copper 145, 600. 00 each State erecting (1) a balance in taxation and expendi- Sugar-mill machinery 317,140. 00 ture; (2) currency reorganization and stabilization; (3) wise Agricultural machinery 500,000. 00 control of their exports and imports; (4) credits for repro- Total 68, 964, 707. 00ductive purposes. It is hopeless to expect that private capital will extend Advances for agricultural purposes ap- credits for exports to these States upon any systematic proved by War Finance Corporation: basis until the first three have been complied with. Wheat 15,000, 000. 00 Furthermore, attempts to secure these three vital reforms Cotton 13,025,214.50 by action through various Governments foreign to them Live stock. 5, 920, 016. 89 risks being wrecked on the rocks of conflicting political General agricultural purposes 16,172,844. 82 objectives of such Governments. The Ter Meulen plan proposes to facilitate credits for Total 50,118,076.21 exports by the ordinary processes of business free from Grand total 119,082,783. 21 political action, when these three primary reforms have Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1381 been initiated. This should act as a great pressure to from excess earnings during earlier years, there secure the reforms and if accomplished is at once nine- has been a decrease during the first six months tenths of the battle for rehabilitation of credits and com- of this year of £82,336,000 irom the correspondmerce with these States. ing period last year. I have the feeling, however, that something more is In most of the continental countries the needed than export credits to these countries if the three primary reforms are to be accomplished, i. e., some assist- Budgetary con- budget situation during the ance must needs be found to these States in credit for pur- ditions on the Con- past year has, on the contrary, poses directly of currency reform. I have already sug tment. shown no real improvement; in gested in another place that some action might be taken fact, the reverse, although in the case of France by the great banks of issue of the principal countries and Italy a certain amount of relative advance looking to formulation of a plan to facilitate solution of this portion of the problem; thus again keeping away from has been scored. In other words, the total political action in the economic and financial affairs of amount of outgo of these countries which has each of these States. Such a plan in no way replaces the had to be made, not from the proceeds of taxa- Ter Meulen plan as the two plans would supplement each tion, but either from short-term bank borrowing other. or the issuing of currency, has increased rather I may say I believe also that vital as all such steps are than diminished. Figures for Italian finances (to which the Ter Meulen plan would be an admirable contribution), yet again until there can be brought a?3out for the fiscal years ending June, 1921, and June, some financial stabilization in Germany, all other Euro- 1922, are still in the form of estimates, the pean States will be adversely affected despite every effort actual accounts not being' available as yet. implied in any of these ideas. According to the latest estimates, however, it Progress toward sound budgetary conditions appears that the deficit for the current year will has been greatest in the United be only about one-half that for the year ending Budgetary con- , ° . -^ , , , ditions In England o States and in England during last June. In other words, the estimated and the United 1920 and 1921. In the United deficit for 1920-21 amounts to 10,300,000,000 States ordinary receipts up to lire, while the estimated deficit for 1921-22 November 12, for the fiscal year beginning July works out at 5,000,000,000 lire. Of value, as 1, 1921, exceeded ordinary disbursements by showing that Italian finances are on a someabout $155,000,000. As compared with a year what firmer basis now than a year ago, are the ago this shows an excess of receipts approxi- statistics showing the comparative size of the mately three times as great as for the correspond- note circulation of the banks of issue for the ing period in 1920. The British budgetary situ- account of the State at the end of July of this ation has been less satisfactory during the cur- year, and at the same time last year. At the rent year than during 1920-21. Total expendi- end of July, 1920, the circulation for the tures during the first six months of the current account of the State amounted to something year (that is, between Apr. 1 and Sept. 30, over 10,000,000,000 lire, while a year later it 1921) amounted to £498,000,000, while during had been reduced to about 8,500,000,000 lire. the same period revenue amounted to £456,- The French Government contemplated an ex- 000,000, leaving a balance of £42,000,000, penditure for this year amounting to 42,412,which has had to be raised by borrowing. 000,000 francs, as contrasted with receipts of This contrasts unfavorably with the situation 23,312,000,000 francs, thus leaving a deficit a year ago, when there had been accumulated of about 19,000,000,000 francs to be proa balance of about £80,000,000 for debt reduc- cured by the flotation of loans. Of this tion. As a result of this budget situation, there deficit, about 16,000,000,000 francs are rehas been an increase during the six months end- garded as eventually recoverable from Germany under the terms of the peace treaty. ing September 30 of £45,260,000 in the floating Of the ordinary receipts, 14,558,000,000 francs debt. It must be remembered, however, that were expected from indirect taxes and monopthe main factor in tax policy which accounts olies. However, from January 1 to Sepfor this unfavorable balance is the reduction in tember 30 receipts from these sources were receipts from the excess profits tax. Although 856,000,000 francs below the budget estimates. certain funds are still coming in on this account Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1382 FEDERAL, RESERVE BULLETIN. DECEMBER, 1921. It is reported that receipts from direct taxes getary outgo. It has, therefore, been thought have also been unsatisfactory, but no separate worth while to compile statements designed to figures on this phase of the subject are avail- show the comparative situation of the budget able for 1921. The decline in receipts from in several of the principal countries, with a indirect taxes and monopolies is relatively view to ascertaining approximately how each small, and it is quite possible that it may be one of them stands in this matter of expendioffset by a decline in Government expenditures, ture for national defense, especially as comresulting from the decrease in prices which has pared with the prewar years. taken place in France this year. During the first half of 1921 the total public debt of France GREAT BRITAIN. rose from 245,000,000,000 francs to 264,000,- [In thousands of pounds sterling.] 000,000 francs, calculating in both instances the (a) (b) (c) (d) foreign debt at par. This figure does not in- Per Per cent Expendi- cent i c n lu t d h e e l d o e a v n a s s f ta lo te at d e d re g b i y o n t s h , e a c lt i h ti o e u s g a h n t d h e in G du o s v t e r r ie n s - rev N en e u t es. ex tu p N r e e e n s t d . i- c P h d u a e r b b g l t e ic s. ( ( c b ) ) t . o t n d u a e r t f e i e o s n n s f a o e l . r ( ( d b ) ) t . o ment is responsible for their interest and repay- 1904-5 137,590 j 136,176 27,000 <19.8 66,055 48.5 ment. In the case of Germany it is extremely 1912-13 165,778 165,598 24,500 14.8 72,436 43.7 1916-17 546,974 2,171,659 127,250 5.9 1,302,603 60.0 difficult to estimate the total amount of Gov- 1918-19 862,625 2,552,905 269,965 10.6 1,701,545 66.7 1920-21 1,376,485 i 1,145,928 349. 599 30.5 292,228 26.5 ernment expenditures for the current year. No budget has been voted by the Reichstag FRANCE. for 1921-22, and the Government continues to [In thousands of francs.] cover the difference between receipts and expenditures by discounting treasury bills with 1905 3,o02,034 3,453,634 1,205,124 34.9 1,143,820 i S3.1 1913 4,558,044 4,718,462 1,284,079 27.2 2,070,530 I 43.9 the Reichsbank. The consequent increase in 1917 5,575,845 141,679,600 4,863,686 11.7 34,065,809 ! 81.7 1919 10,161,214 149,026,587 7,986,823 16.3 35,811,390 ! 73.0 prices has made it necessary to revise completely 1920 17,760,789 152,183,217 11,833,174 22.7 26,432,545 j 50.7 estimates of Government expenditures made ][TALY. last spring. For the first six months of the fis- [In thousands of lire.] cal year beginning April 1, 1921, the difference between income and outgo has amounted to 1905 1,764,220 1,701,430 680,050 37.6 419,200 24.6 1913 2,385,130 3,289,010 598,220 18.2 1,666,660 50.7 44,000,000,000 marks, and, in a recent speech 1917 5,170,430 16,971,000 1,227,310 7.2 14.310,680 84.3 1919 9,372,360 32,150,100 2,705,200 8.4 26,974,420 83.9 before the Reichstag, Finance Minister Hermes estimated that before the year was over the GERMANY. deficit would reach 110,000,000,000 marks. [In thousands of marks.] There has been a prevailing belief for a long 1905 1,110,451 1,310,290 112,047 8.6 1,052,288 80.3 time past that the principal ele- 1913 1,957,380 2,024,523 231,176 11.4 1,582,290 78.2 1917 2,122,304 27,821,047 2,616,793 9.4 24,920,907 89. e War expendi- ment in the existing fiscal diffi- 1919 6,348,460 46,966,460 5,914,204 12.6 40,179,143 85.5 tures. 1920 14,379,439 61,470,870 8,922,692 14.5 37,033,588 60.2 culties of many countries is to be found in their great outlay for war. This 1 Total expenditures. statement is true in broad terms, but requires Compared with 1913, the last prewar year, to be qualified and limited in its application. the amounts of money expended for national In some countries, such as the United States, defense by the Governments of France, Italy, the outlay for war, while a very large part of and Germany show enormous expansion, but it the total outlay, is in large measure an expense should be remembered that the purchasing which serves to carry the cost of past wars in power of the currencies of these countries has the form of interest on public debt. While undergone varying degrees of depreciation, and naval and military expenditure is large in such that the larger amounts for the more recent countries, it is a relatively moderate part of the years, when reduced to 1913 monetary equivaentire budget. In other countries, like France, lents, will not show the same degree of expanthe current cost of military support still consion as is indicated in the table. During the stitutes a very important fraction of the budwar years the proportion of the total expendi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDEEAL RESERVE BULLETIN. 1383 tures made for war purposes was in excess of 80 natural effects to be expected from such a policy per cent in all three of these countries. In 1920 in producing a better banking situation and a the proportion had declined to 60 per cent in more evenly balanced foreign trade. Germany, to about 50 per cent in France, and, In several European countries a substantial according to preliminary figures not included in part of Government expenses the table, to less than 40 per cent in Italy; in has durin§ the Past fe w months Great Britain and the United States the pro- continued to be covered by portion for the fiscal year 1921 was 26 and 24 the short-term loans at banks already referred per cent, respectively. Nevertheless, the finan- to, while these loans have themselves given cial burden upon the taxpayers of these coun- rise to issues of bank notes with the consequent tries due to military expenditures is much effects upon prices that must always be exheavier at present than before the war, since pected from such action. The following tables national production and income have suffered have been compiled for the purpose of showing severely, and fiscal requirements for rehabili- the relative increases of outstanding bank tation and reconstruction are an additional notes and other currencies in the principal drain on national resources and income. countries as contrasted with the volume of While the proportion of total expenditures bank deposits and of gold reserves held therein: devoted to military purposes is, according to the fiscal returns, smaller in some countries at BANKING CONDITIONS ABROAD. present than before the war, these expenditures ENGLAND. undoubtedly constitute a larger proportion of [In millions of pounds sterling.] the diminished national incomes and are, I therefore, a more crushing load on the finan- Currency Bank of cially weakened countries of Europe. n B o a t n e k s. n ca o c t e t e e r s t s i o f a i u n - t d - C bu o l in li o a n n . d 1 E d ( e n p p g u o b la s l i n i t c d s In view of these conditions it can be seen standing. and other). that an effective reduction in navaf outlay. °f naval outlay, if carried through Jan. 26,1921 109 342 157 j 129 Mar.30 i 110 344 157 ' 138 to success, would result in very June 29 i 110 324 160 I 147 Nov. 9 ! 104 314 160 ! 123 material betterment at the present time, while a reduction in military outlay would probably FRANCE. furnish in many countries an even more important means of budget limitation. It can BANK OF FRANCE. [In millions of francs.] further be appreciated that this step is the necessary first approach toward the restoration Circula- Gold reof banking Soundness and economic stability tion. serves. Deposits. with, as an eventual result, the stabilization of Jan. 27, 1921 .... 37,913 3,553 3,429 foreign exchange or an approach thereto. Mar 31 38,435 3,556 3,103 June 30 37 422 3,572 2,861 The program of Secretary Hughes, as an- Nov 10 37 376 3 576 2,527 nounced at the Conference on the Limitation of Armament which is meeting in Washington, GERMANY. would provide for a capital saving estimated, in [In millions of marks.] the case of the United States, at probably from $200,000,000 to $250,000,000 on the present Reiehsbank. Darlehensbuilding program, while in the case of Great kassen- Circula- Gold I scheine Britain and Japan the reduction of outlay would tion. reserves Deposits, incircu- ! lation. probably be as great for each as it would for this country. With such a beginning it might Jan. 31,1921.. 66,621 1,092 15,834 11,341 Mar. 31 69,417 1,092 28,043 10,168 be expected that a lightening of the burden of June 30 75,321 1,092 • 20,393 I 8,707 Nov. 7 92,610 13,860 ! 7,198 taxation and a better handling of the public debt would result at an early date, with the i Held by Bank of England and Treasury. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1384 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. BANKING CONDITIONS ABROAD—Continued. [000 omitted.] ITALY. October, October, September, BANKS OP ISSUE. 1920. 1921. 1921. [In millions of lire.] Rela- Rela- Rela- Total. tive. Total. tive. Total. tive. Commer- Circula- ] Deposits cial cir- tion on Gold i and deculation. account reserve. | mand lia- Receipts of live stock at 15 westof State. bilities. ern markets (head) 5,305 100 5,637 106.3 91.8 Receipts of grain at 17 interior centers (bushels) !95,955 100111,337 116.0134,370140.0 Jan. 31, 1921 8,673 10,591 1,058 2,635 Sight receipts of cotton (bales). 1,467 100 l,r~ 132.4 1,,145 78.1 Mar. 31 9,233 9,532 1,062 2,461 Shipments of lumber reported June 30 9,437 8,722 1,073 2,366 by 3 associations (millionf eet). 699 100 891 127.4 '40 105.8 Sept. 30 9,726 8,430 1,093 2,230 Bituminous coal production (short tons) 52,144 100 43,741 83.9 35,105 67.3 Anthracite coal production (short tons) 8,056 100 7,580 94.0 7,124 88.4 Crude petroleum production Bank of England—Government securities held by the banking (barrels) 39,592 100; 35,638 90.0 36,469 92.1 department. Pig iron production (long tons). 3, ~~~ 100| 1,233 37.4 29.9 Steel ingot production (long tons) 3,016 1001 1,617 53.6 1,175 38.9 [In millions of pounds sterling.] Cotton consumption (bales) 400 lOo! 495 123. 485 121.2 Wool consumption (pounds)... 38,444 100167,287 175.0 62 131161.6 Dec. 25, 1918 71 Dec. 31, 1919 92 Dec. 29, 1920 108 During the month ending November 10 the Nov. 9, 1921 37 net inward movement of gold was $41,236,000, as compared Bank of France—Advances to the Government for purposes of with a net inward movement the war. of $54,529,000 for the month ending October [In millions of francs.] 10. England and France combined furnished Dec. 26, 1918 17,150 over 71 per cent, or $34,528,000, of the Dec. 26, 1919 25, 500 $48,160,000 of gold imported during the Dec. 30, 1920 26, n00 Nov. 10, 1921 25,100 monthly period ending November 10, other countries of Europe, the Orient, and Canada Reichsbank—Bills, checks, and discounted treasury bills. furnishing most of the remainder. Of the gold [In millions of marks.] exports, amounting to $6,924,000, over 78 per Dec. 31, 1918 '.. 27,416 cent, or $5,372,000, was consigned to Hong- Dec. 31, 1919 41, 745 kong and the remainder to British India, Dec. 31, 1920 60,634 Canada, Straits Settlements, and Mexico. Nov. 7,1921 ! 96, 095 Net imports of gold since August 1, 1914, Italian banks of issue—Circulation for the account of the State were $1,479,102,000, as may be seen from the (advances to treasury). following exhibit: [In millions of lire.] Dec. 31, 1918 7,166 [In thousands of dollars.] Dec. 31, 1919 10, 630 Dec. 31, 1920 10, 743 Imports. Exports. E im xc p e o s r s t s o . f Sept. 30, 1921 8,430 In the following table are presented the Aug. 1,1914, to Dec. 31,1918. 1,776,016 705,210 1,071,406 Jan. 1 to Dec. 31,1919 76,534 368,185 1291,651 Board's usual indexes of cur- Jan. 1 to Dec. 31,1920 417,068 322,091 94,977 Jan.l to Nov. 10,1921 625,737 21,367 604,370 rent production and marketing Total 2,895,955 1,416,853 1,479,102 conditions. The figures show 1 Excess of exports. that the heavy movement to market of agricultural products and live stock has continued, Since the beginning of the present year net while output in certain branches of manufac- gold imports totaled $604,370,000. The largest tures indicates a marked increase over the gains are shown through imports from the previous month. following countries: England, $177,546,000; France, $176,392,000; and Sweden, $60,109,000. i On this total 95,339,603,000 marks represented discounted treasury Gold exports during the present year were conbill*. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1385 signed chiefly to the following destinations: corporate securities, but this increase is partly Hongkong, $9,264,000; Mexico, $5,352,000; offset by liquidation in Chicago and in other Sweden, $2,643,000; and Canada, $2,563,000. large cities. An increase of $29,000,000 is The net inward movement of silver during shown in the reporting banks7 holdings of the monthly period under review was $871,000, United States bonds and Victory notes, as as compared with a net inward movement of against a reduction of $17,000,000 in Treasury $458,000 for the month ending October 10. notes,, Treasury certificate holdings show con- Mexico furnished over 81 per cent, or siderable fluctuations in connection with the $5,161,000, of the $6,332,000 of silver im- October 15 redemption operations and the ported during the monthly period ending issuance of two new series at the beginning of November 10, the remainder coming princi- the following month, November 16 holdings pally from Peru, Chile, and Canada. Silver being about $10,000,000 larger than five weeks exports, amounting to $5,461,000, were con- earlier. A slightly larger increase is shown in signed principally to China, England, and the volume of corporate securities held. Total Canada. loans and investments of the reporting banks Net exports of silver since August 1, 1914, indicate net liquidation for the five weeks of were $444,351,000, as may be seen from the about $215,000,000. In keeping with this following exhibit: substantial decrease in their earning assets, the reporting banks show a steady reduction [In thousands of dollars.] of $198,000,000 in their borrowings from the Federal Reserve Banks, which constituted 4.7 Imports. Exports. ' E e x x c p e o s r s t s o . f per cent of their total loans and investments on November 16, as against 6 per cent five Aug.1,1914, to Dec. 31, 1918 203,592 483,353 279,761 weeks before. These reductions are accom- Jan. 1 to Dec. 31,1919... 89 410 239,021 149,611 Jan. 1 to Dec. 31,1920 88,060 113,616 25,556 panied by larger net withdrawals of Govern- Jan. 1 to Nov. 10,1921 53,168 42,591 110,577 ment balances and substantial increases in de- Total 434,230 878,581 444,351 mand and time deposits. 1 Excess of imports. Weekly changes in the leading accounts of Substantial loan liquidation, as against a the reporting member banks are shown in the moderate increase in the in- following exhibit: situation. *** mg vestment account of reporting member banks, and * a cor- REPORTING MEMBER BANKS. responding reduction of borrowings from [In millions of dollars.] the Federal Reserve Banks, are indicated by i o t 1 n h f 1 e - l e 1 t w h a 2 e d e i e a n d k n g i l d s y c c i o N r t u e ie o p n s v t o e f r o r m ts a r b te t o e h s f r e o a p 1 v d e 6 e o r . r i p o t 8 d e F 0 d u b 0 r e b t m t h y w e e e r m t e h n b e r e e O r d r u e c b s c t a o e ti n r b o v k e n e r s Date. N p b o o u a r f m n t r i k b n e s - e g . r a m a c L n n v o e d o d e u n a s t n d i t n s n - i t . s s s 1 - - a p B n c R a F w o d a y e . u n i a d b R t n k b i h i s t . s l l s - l e . s (p R a m e ( c 3 a t r c i o - t c o 5 o i d e - o n m 2 a n ) o - t - ) f . d d e e p N m o e s a t i n ts d . banks during the early part of November, while undoubtedly affecting the investment Oct. 11-12. 809 15,001 900 6.0 10,062 market, has not yet become reflected in a Oct. 19 14,831 829 5.6 10,248 Oct. 26.... 14,729 807 5.5 10,192 larger volume of discounting or rediscounting. Nov. 2 808 14,849 767 5.2 10,180 Nov. 9 807 14,810 752 5.1 10,175 Total outstanding loans and discounts of Nov. 16.... 807 14,786 702 4.7 10,236 reporting banks on November 16 were about 1 Including rediscounts with Federal Reserve Banks. $250,000,000 less than four weeks before, the decrease affecting loans secured by Govern- Federal Reserve Bank figures, which cover ment obligations (so-called Government paper) the five-week period between October 19 and as well as ordinary loans and discounts. November 23, indicate a gradual decrease Member banks in New York City report an during the first four weeks of $27,800,000 in increase by $34,000,000 in their advances on the holdings of Government paper, followed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1386 FEDERAL RESERVE BULLETIN. BECEMBER, 1921. by an increase during the subsequent week of October 19 total and lower than any total $35,300,000, largely in the shape of member published since October 4, 1918. The banks banks' notes secured by Liberty bonds, this also report a reduction of $18,200,000 in their increase being in sequence to the substantial net liabilities on Federal Reserve Bank notes increase in United States bond holdings re- in circulation, though the amount outstandported by the member banks. Other dis- ing, according to Treasury records, shows a counted bills show a continuous decline totaling decrease of only $6,400,000 for the period. $132,100,000 for the period, holdings of accept- Reserve deposits fluctuated within the narrow ances purchased in open market increased limits of $1,650,700,000 on November 2 and by $15,100,000, and total bill holdings of the $1,675,100,000 on November 16, while total dereserve banks show a reduction of $109,500,000 posits varied between $1,717,700,000 on Octofor the period under review. Rediscounting ber 19 and $1,742,300,000 on November 2. operations of the Richmond, Atlanta, Minne- Gold reserves show a further gain of $62,500,apolis, and Dallas banks show a considerable 000, offset by a loss of $6,100,000 in other decrease for the period, the amount of bills cash reserves. For the present year the held under rediscount with the Boston, New banks report a gain of $772,400,000 in gold York, and Cleveland banks declining from and a loss of $47,900,000 in other reserve $42,700,000 to $19,700,000. The Minneapolis cash. The reserve ratio, mainly because of bank was able to redeem all of its bills held the gain of gold, shows a further rise during under rediscount with the New York bank the five weeks from 70.3 to 72.3 per cent. early in November and no longer figures Weekly changes in the principal assets and among the borrowing banks. liabilities of the reserve banks are shown in the Pittman certificates show a further decline following exhibit: of $25,900,000, other Treasury certificates, largely held under repurchase agreements by FEDERAL RESERVE BANKS. the New York Reserve Bank, increased by [In millions of dollars.] $34,000,000, while other United States securities declined by about $600,000. Total earn- Bills discounted. ing assets, in consequence of the above changes, F.R. s 0 h 0 o 0 w , a a n r d e d o u n ct i N on o v fo e r m t b h e e r f iv 2 e 3 w s e t e o k o s d o f a $ t 1 $ 0 1 2 , , 4 0 7 0 5 0 , , - - Date. res C e a r s v h es. b G S y e o c v U u e r . r e S n d . - All de T p o o t s a i l ts. in c n i a o r c c te t u u s - al R r e a s t e io rv . e ment othe^r. lation. 900,000, or about 57 per cent below the peak obligations. figure reported on October 15 of last year. Federal Reserve note circulation, with the Oct. 19.. 2,922 460 870 1,717 2,441 70.3 Oct. 26.. 2,937 462 847 1,739 2,409 70.8 exception of one week in November, shows a Nov. 2.. 2,946 454 807 1,742 2,408 71.0 Nov. 9.. 2,961 454 792 1,727 2,421 71.4 continuous decline, the November 23 total of Nov. 16. 2,969 432 766 1,738 2,398 71.8 Nov. 23. 2,978 467 738 1,728 2,390 72.3 $2,389,900,000 being $51,000,000 below the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECBMBBB, 1921. "FEDEBAL RESERVE BltLLElM. 1387 BUSINESS, INDUSTRY, AND FINANCE, NOVEMBER, 1921. Improvement in business conditions in November has not been as pronounced as during the preceding two months. Several factors are responsible for this relative "slowing down." The seasonal peak of demand has, for the time being, been reached and passed. Uncertainty regarding prices of staples, particularly of cotton, has interfered somewhat with trade buying, while the possibility of further reductions of freight rates has apparently tended to unsettle prices and to retard the activity of industry in some of the chief manufacturing sections. Recovery in the steel and iron trade has come to a halt for the time being, and stability has not yet been achieved in that branch of production. Nevertheless, the progress toward normal conditions achieved during November has been continuous, as may be seen by a comparison with the corresponding month of a year ago, or with the general movement of economic conditions since the beginning of this year. Cotton and woolen textiles in some of the principal producing districts are almost on a normal basis. Steel and iron, while working at about 50 per cent of capacity, are in much better condition than was true a few months ago. In some industries which had accumulated large surplus stocks, such as zinc, demand has been sufficient to carry off a part of the oversupply. Unemployment has at least slightly decreased. Export trade continues in substantial volume, showing an increase during October, and while laboring under many handicaps due to unsettled exchanges, shows the result of strong foreign demand, especially for staples. This is particularly noteworthy when it is remembered that the prices at which cotton and cereals are now being shipped are so much lower than those of a year ago. Banking conditions are reported slightly improved practically throughout the United States. Reduction of prices for cereals and failure of cotton to maintain the level attained in September-October have proven a serious handicap to farming interests. Results of this relatively low return for output have been a reduction in the demand of farming communities in some parts of the country for consumable goods and a simultaneous tendency to check somewhat the process of liquidating loans at banks. Nevertheless, retail business continues to improve, taking the country as a whole, and has been materially helped by the improvement which has taken place in employment conditions during the past few months. Improvement is also observable in wholesale trade, sales comparing favorably with a year ago. Prices continue to maintain a substantially stable position. The Federal Reserve Board's index for October shows a recession of less than two points, and it is evident that the price changes which are now occurring do not represent any extensive movement toward modification of the average level. Important financial developments have taken place during the month. In addition to a general reduction of Federal Reserve discount rates, there has been a distinct tendency toward decline in the level of market rates both for short and long term funds. This has been accompanied by a decided advance in the prices of bonds, and particularly of standard securities. New offerings of capital issues have, in many cases, been readily absorbed, and the general condition of credit has become easier. The one point at which financial conditions have shown little or no improvement is in foreign exchange, where the German mark has continued its downward movement, while other European currencies have been generally unsettled, with only sporadic tendency to improvement. The general situation of trade and industry is unmistakably more hopeful, and is improving as steadily as can be expected, in view of the slowness of economic progress in other parts of the world, particularly in western Europe. Another handicap to complete readjustment continues to be the failure to bring about a proper coordination and mutual relationship of prices. This is responsible for no small part of the slowness of economic recovery in certain branches of business. On the whole, the best opinion now looks to a steady, even if locally interrupted, progress back to normal conditions, although no immediate or sudden expansion or "boom" is now in sight. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1388 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. AGRICULTURE. COTTON. Cotton ginned prior to November 14 The preliminary estimates for the crops of amounted to 7,270,575 bales, as compared 1921, issued as of November 1, indicate that with 8,914,642 bales in the corresponding total agricultural production in 1921 will be period of 1920. Considering the percentage of much lower than in 1920, and also considerably the crop ginned to this date in previous years, less than the average production in the years this indicates that the cotton crop of 1921 will 1915 to 1919. The estimated volume of every probably exceed 8,000,000 bales, whereas the important crop is smaller for 1921 than that last Government estimate, as of September 25, of 1920, but the 1921 production of corn, sugar predicted a crop of 6,537,000 bales. As a result beets, sweet potatoes, and kafirs exceeds the of this increase in the known supply of cotton, average production in, the preceding five-year the price of spot cotton at New York has period. The preliminary estimate for corn declined from over 20 cents in September to production is 3,151,698,000 bushels, which is 18.4 cents on November 23, but is still about 2.5 per cent less than the crop of 1920, but 12.6 50 per cent higher than the prices prevailper cent greater than the average outturn in ing in August. District No. 5 (Richmond) the years 1915 to 1919. Both district No. 10 states that the crop in the southern half of (Kansas City) and district No. 8 (St. Louis) South Carolina was practically a failure, whereas report that corn husking has made rapid a fair crop was gathered in the section north progress and that a considerable portion of the of Columbia and in North Carolina. Reports crop has been cribbed. Reports from district from district No. 6 (Atlanta) indicate that No. 8 (St. Louis) indicate that corn is well cotton cultivation during the past season was matured and the yield for both silage and relatively much more successful in Missisgrain is good. The stock of old corn on farms in sippi, Alabama, and Tennessee than in the the United States was estimated at 281,472,000 eastern section of the district. Continued dry bushels on November 1, which is over three weather has been favorable to the harvesting times the average hold-over during the past of the cotton crop in district No. 11 (Dallas) five years. The condition of the white-potato and very little cotton remains to be picked in crop continued to improve during October, any part of that district. but the estimated production on November 1 was 16.9 per cent smaller than the crop of 1920 TOBACCO. and 4.1 per cent less than the average total The November 1 estimate for tobacco yield in the years 1915 to 1919. District No. 9 showed an increase to 1,020,874,000 pounds, (Minneapolis) states that over 60 per cent of but the crop is still only about two-thirds that the current potato crop was shipped from the of last year, the reduction being found very farms by the end of October, whereas only 28 largely in the manufactured and export types. per cent of last year's crop was marketed at The markets of North Carolina and Virginia the corresponding date in 1920. Reports from were active during October, but still larger sales district No. 7 (Chicago), on the other hand, were witnessed during the first two weeks of indicate that a large portion of the Wisconsin November because of better weather for the potato crop is being stored. The estimated preparation of leaf for market. Better prices, production of sugar beets on November 1 averaging $30.87 per 100 pounds, were realized amounted to 7,480,000 tons, which was 12.5 during October than during either September, per cent less than in 1920, but 20.3 per cent 1921, or October, 1920, and grades coming on more than the average production in the the market during November have shown some previous five years. Reports from district further improvement, so that still better prices No. 6 (Atlanta) indicate that the Louisiana have been realized. Medium and fine grades cane sugar yield will amount to about 223,000 are advancing steadily, and buyers appear to tons, as compared with a production of 169,127 be anxious to secure all good leaf offered, but tons in 1920. The new winter wheat crop has the demand continues poor for low-grade made good progress in most sections, but has tobacco, which comprises a large part of this suffered from a lack of rain in Kansas, Nebraska, year's crop. In the western districts of Ken- Oklahoma, and Colorado. District No. 8 tucky-Tennessee, whose tobacco moves to (St. Louis) states that winter wheat is in market later than in the east, the outstanding prime condition to enter cold weather, although feature has been the announcement that the unofficial reports indicate that the acreage will Burley Tobacco Growers Cooperative Associabe slightly less than last year. The winter tion had signed up about 85 per cent of this wheat and rye crops are well advanced in year's crop and can now proceed with marketdistrict No. 7 (Chicago), and it is reported that ing arrangements. The cigar leaf tobacco a larger acreage has been sown in Wisconsin market in district No. 3 (Philadelphia) has had than in 1920. the dullest fall it has experienced for yea^s, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1389 and the question of prices is a stumbling block farms have been very heavy. Wheat reto recovery. October was the best month ceipts at leading primary markets in October experienced this year by the cigar manufac- were smaller than in September, but were turing industry in that district, but there are slightly larger than in October, 1920. Renow some evidences of diminishing demand, ceipts of wheat at Minneapolis and Duluth although the majority of manufacturers con- amounted to 27,744,836 bushels in October, tinue to receive orders faster than they can as compared with 32,108,426 bushels in Sepfill them. The demand for manufactured tember and 26,278,983 bushels in October, tobacco in district No. 5 (Richmond) has been 1920. At the four principal markets of disas strong during October as during any earlier trict No. 10 (Kansas City) 12,653,800 bushels month this year, although export trade con- of wheat were received in October in comparitinues light, most of the orders coming from son with 21,981,400 bushels in September and Latin America. In both cigars and manufac- 12,394,150 bushels in October, 1920. Retured products the offering of new brands at ceipts at these four markets from July 1 to prices lower than those for established goods October 31 were about 82 per cent greater continues. than in the corresponding period of 1920. FRUIT. Corn receipts showed a slight decline in October, but were very much larger than in The apple crop continued to deteriorate October, 1920. District No. 10 (Kansas City) during October, and the estimated production reports that new corn is beginning to move to is only 102,290,000 bushels, which is 58 per cent the markets, but that receipts continue light, less than the production in 1920. The crop has due to the low price at which it has been sellbeen a failure in almost all States east of the' ing. Movement of other important grains Rocky Mountains, whereas apple production was also somewhat abated in October. Stocks in States west of the Rocky Mountains will of grain at 11 interior centers were, however, amount to about 41,392,000 bushels in 1921, further augmented during the month. At as compared with 30,952,000 bushels in 1920. Minneapolis and Duluth stocks of wheat in- Apples matured so rapidly in district No. 12 creased 43 per cent, corn 124 per cent, oats (San Francisco) that storage facilities were 15 per cent, barley 13 per cer*t, and rye 21 inadequate, and a temporary glut of the marper cent. The most noteworthy change in kets ensued. Total production of citrus fruits volume of grain stocks at eight seaboard in 1921 will probably be considerably larger centers was an increase of 73 per cent in the than in 1920, despite the destruction of about stocks of corn. 10 per cent of the Florida crops by a recent FLOUR. storm. District No. 6 (Atlanta) reports that more grapefruit will be shipped from Florida Output of mills representing 75 per cent of this year than last year, but there may be some total production in district No. 9 (Minnediminution in the shipments of oranges. Re- apolis) was 2,989,089 barrels during October, ports from district No. 12 (San Francisco) indi- an increase of 7 per cent as compared with cate that shipments of the new crop of oranges 2,788,421 barrels during September, and an and lemons from California should be larger increase of 23 per cent as compared with 2,than during the crop year ending October 31. 427,749 barrels during October, 1920. Pro- Prices of between $6 and $7 a box are being duction of mills in district No. 10 (Kansas paid for the better grades of Florida oranges, City), representing 65 per cent of the total while small and poorly colored fruit hardly output of that district, amounted during fetches a sufficient price to cover freight October to 2,295,789 barrels, an increase of charges. Production of wine and table grapes 53 per cent over the October, 1920, figure of in California amounted only to about 388,000 1,502,721 barrels. In district No. 12 (San tons during 1921, as compared with 540,000 Francisco), production of 63 mills during tons in 1920, but shipments totaled 29,515 cars October was 997,325 barrels, an increase of up to November 5, as compared with 25,809 2.8 per cent over the September figure of cars in the corresponding period of 1920. The 970,632 barrels for 64 mills. Price declines California production of raisins was also unu- were reported on all grades of flour during sually light during 1921, but the quality is October, but a partial recovery was noted exceptionally good, due to a favorable drying during November. The trade is stated to season. have been somewhat depressed by the decline in wheat prices. This was evidenced in GRAIN MOVEMENTS. district No. 10 (Kansas City) by reports of The volume of grain movements showed curtailment of shipping instructions on old some further curtailment during October, orders, as well as by the slowing down of new but total shipments of 1921 crops from the orders. Business in district No. 8 (St. Louis) 78092—21 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1390 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. has been irregular and unsatisfactory to the City), and conditions were more stable than in seller. Domestic demand continues in fair September, although retailers bought only for volume, but is on a hand-to-mouth basis. the immediate requirements of their trade. Some export business is reported in the district, mainly to western Europe, but export COAL. demand in district No. 12 (San Francisco) dwindled to small proportions in October. Production of bituminous coal in October was Millers in that section are reported to be await- larger than during any month of the current ing further developments in the wheat market year. The steady improvement evident during before buying stocks of wheat and expanding September and October was materially acceleroperations. ated during the last 10 days of October, when, LIVE STOCK. under the threat of the strike, heavy demands for spot deliveries appeared. After the strike Heavy movement of live stock to market was call was rescinded activity in the market reported during October. Receipts of cattle ceased. Production increased from 35,105,000 >and calves at 15 western markets during that tons in September to 43,741,000 tons in October, month were 1,712,917 head, corresponding to an which was, however, below the October, 1920, indexnumberof 170, as compared with 1,417,259 production of 52,144,000 tons. The respective head during September, corresponding to an index numbers are 95, 118, and 141. District index number of 141, and 1,621,295 head dur- No. 3 (Philadelphia) reports that although ing October, 1920, corresponding to an index prices rose somewhat when the strike threatened Dumber of 161. Receipts of hogs increased they have gradually reacted and are now at the from 1,783,827 head during September to levels prevailing during early October. Dis- 2,057,231 head during October, as compared trict No. 7 (Chicago) reports that the reduction with 1,791,881 head during October, 1920, the in the production of domestic sizes has caused respective index numbers being 81, 94, and 82. a decrease in the amount of screenings in the October receipts of sheep were 1,842,148 head, hands of operators, so that the price in the as compared with 1,651,659 head during Sep- open market has remained throughout October tember and .1,864,728 head during October, at a level higher than during September. Dis- 1920, the respective index numbers being 135, trict No. 10 (Kansas City) states that generally 121, and 136. October shipments of stocker the coal situation is considered dull, although and feeder cattle and calves from 34 markets the October percentage of loss of activity at were 57 per cent larger than during September, the mines on account of "no market" was very although shipments of sheep and lambs were materially reduced in Colorado, Missouri, and slightly less, but in both cases the figures were Oklahoma, as compared with the month of very much less than a year ago. Southern September. cattle have been shipped to Montana this fall The increased production of anthracite coal for winter feeding, due to the abundance of during October was no doubt caused by the good winter range and the large forage supply speeding up at the time of the threatened railof high quality hay. Practically all cattle and road strike. Production was lower, however, sheep in district No. 11 (Dallas) have been than in any month of October for the last eight driven to winter ranges and grazing conditions years. The output this October was 7,580,000 are reported above normal, although rainfall is tons, as compared with the September figure now needed to start growth of winter and of 7,124,000 tons. The respective index numspring feed. The activities of the War Finance bers are 102 and 96. Although the demand Corporation in that district have engendered was stimulated temporarily, consumers are now better feeling among cattlemen. willing to purchase only in small lots. District Twenty-five representative packers report an No. 3 (Philadelphia) reports that the demand for increase of 6»3 per cent in October sales steam coal is greater than it was in the summer, (measured in dollars) over those during Sep- but orders are small, and, due to the installation tember, but a decline of 29.6 per cent as com- of oil heating plants in many hotels and office pared with October, 1920. Fresh meats and buildings, the market may be permanently lard for domestic trade have been moving well, narrowed. and there has been an improvement in the The improvement in the iron and steel indusdemand for cheaper cuts of beef and pork in try in September and October continued to be many localities. There was improvement in reflected in an increased production of coke. November in the demand from Great Britain Beehive coke production increased from 289,000 and the Continent for packing-house products. tons in September, corresponding to an index The fresh-meat trade was reported generally number of 11, to 416,000 tons in October, corslow during October in district No. 10 (Kansas responding to an index number of 16. By- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER,, 1921. FEDERAL RESERVE BULLETIN. 1391 product coke production increased similarly, IRON AND STEEL. from 1,423,000 tons in September to 1,734,000 tons in October, the respective index numbers During October distinct improvement was being 161 and 197. evident in the iron and steel industry. Pigiron production during that month amounted to 1,233,232 tons, corresponding to an index PETROLEUM. number of 53, as compared with 985,529 tons During October there was a further narrow- during September, corresponding to an index ing of the slight margin between domestic pro- number of 43. Steel-ingot production showed duction of crude oil and its consumption. a somewhat greater increase, from 1,174,740 Reports for the several important oil fields tons during September to 1,616,810 tons during indicate that output is still curtailed. It is October, the respective index numbers being reported that the demand for and price of 51 and 70. On November 1 ; 95 furnaces were gasoline weakened considerably, due mostly to in blast, as compared with 84 furnaces on the bad weather prevailing in the North and October 1. The unfilled orders of the United Northwest and the normal falling off of con- States Steel Corporation, however, not only sumption at this time of the year. The price failed to respond, but actually showed a deof crude petroleum advanced in practically all crease, from 4,560,670 tons at the close of fields. September to 4,286,829 tons at the close of October, the respective index numbers being District No. 10 (Kansas City) reports that 87 and 81, the lowest since May 31, 1919. October development operations show a slight November does not show a continuance of the decrease in the number of wells completed and improvement during the previous month, but also in the number of barrels daily new producindicates that conditions at best are merely tion as compared with September, while drilling holding their own. In fact, district No, 3 operations during October show a gain of 36 (Philadelphia) reports "a distinct, though new rigs as compared with September, but were slight, reaction from the steadily increasing 35 per cent less than a year ago. Stocks of activity that occurred during September and crude oil held in Kansas and Oklahoma aggre- October.77 Prices reflect the slackening of gated 65,936,148 barrels at the end of Septemdemand. After a spirited advance during ber, an increase of 1,097,643 barrels during the September and October, they have again month. Production of petroleum in Kansas weakened on practically all products. The and Oklahoma during the month of October advance of $5 on sheets, which was made some averaged approximately 404,125 barrels daily, time ago, has been lost, and the lower figure according to unofficial reports. As compared itself has been shaded. Lessening of demand with a year ago this indicates a reduction of has been most conspicuous in the lighter 7,750 barrels in average daily production and a products, such as sheets and wire, which contotal decrease of 240,250 barrels for the month. tributed greatly to the recent increase in steel Production of crude petroleum in district production. The heavier products which have No. 11 (Dallas) continued to decrease. The been lagging up to this time are reported from total output during October was 9,941,748 district No. 4 (Cleveland) to be making a better barrels, which represented a 20,282 barrel deshowing under demands originating with some crease from September production. New comincrease of general business construction, oil pletions in this district numbered 192 wells, field work, and railroad buying, both for car only 92 of which were producers, as compared repairs and rails. In district No. 3 (Philadelwith 116 producers out of 171 completions for phia) output at present is somewhat in excess September. Due to the rise in prices, there of current deliveries. The policy of purchasers has been a resumption of drilling in this section. is to carry over as little material as possible After nearly two months of dispute over wage into the new year, as lower freight rates and adjustments and working rules in the California production costs would necessitate writing off fields, a settlement has been obtained and work inventories. Many inquiries for 1922 delivery has been resumed on all leases. On account of are. however, being received. the strike the low figure of 227,957 barrels of average daily production was reported. Although consumption during October decreased, AUTOMOBILES. it was still considerably in excess of output, and Some of the larger manufacturers of autostored stocks were further reduced by 555,039 mobiles in district No, 7 (Chicago) further barrels, only 33,116,456 barrels being held at curtailed production during the latter part of the end of October. Thirty-two new wells, October, when they discovered cars piling up with an initial daily production of 14,825 bar- in the hands of distributors and dealers, pendrels, were completed during the month. ing the presentation of new models. In fact, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1392 FEDERAL RESERVE BULLETIN. DECEMBER 1921. reduction of production schedules to conform pressed. In this district the demand for lead to approaching winter conditions, with their is stated to be strong, consumption outrunning lessened sales, has been general. Manufac- production. turers' shipments during October were 17,323 COTTON TEXTILES. carloads, as compared with 19,002 carloads during September, but were slightly in excess The unsettling effect of a drop in the price of the October, 1920, figure. October drive- of raw cotton, following upon the initiation of aways were 11,257 machines, as compared new price adjustments growing out of the with 13,840 machines during September. JBusi- previous advance, has resulted in a slightly ness in trucks during the past few months lessened activity in the industry during Octohas not been relatively as large as in passenger ber. The uncertainty manifested itself, howcars. ever, rather in a hesitancy on the part of buyers to place new orders than in any imme- NONFERROUS METALS. diate curtailment of mill activity. An exami- The nonferrous metal markets are generally nation of cotton statistics makes it apparent quiet, with no unusual demand expected for that mill activity was sustained during the the remainder of the year. The October aver- month, as consumption amounted to 494,745 age prices show uniform advances over the bales in October, a gain of 2.1 per cent as figures for September, and lead, zinc, and tin compared with September and an advance of averages were the highest since May or June. almost 25 per cent over the October figures of The price of copper (New York, net refinery) the preceding year. In New England conwas 13 cents per pound on November 16, as sumption was stated to be larger in October compared with 12.75 cents per pound on No- than at any time during the past year. At vember 1, while the price of lead at New York present, mills in that section are operating at remained at 4.65 cents throughout the latter about 80 per cent of capacity, while in district part of October to the middle of November. No. 3 (Philadelphia) the goods mills show a The demand for zinc has shown little improve- lesser degree of activity, estimated at from 60 ment, and the price of 4.70 cents at St. Louis to 65 per cent. Orders in most cases are said has been maintained during the month. Copper to be no more than sufficient to cover six production in October amounted to 21,157,754 weeks' operations on the present running basis pounds in comparison with a production of in the case of the mills in the Philadelphia 20,926,554 pounds in September. October pro- district. But spring business in ginghams and duction of copper in district No. 9 (Minneapo- fancy fabrics offers a contrast to the general lis), as indicated by the figures of companies market and is reported to be excellent. Yarn producing about 75 per cent of the refined prices have fallen somewhat, since weavers copper in that district, continued at the same and knitters covered their requirements very low level which has prevailed since the spring largely in September, and few new orders are of 1921. Zinc production during October re- being placed at the present time. The yarn mained at almost the same figure as for Sep- mills in district No. 3 (Philadelphia) showed a tember. Shipments of zinc for October were slight reduction in activity, operating at about 10,311 tons more than the amount produced, 65 per cent of capacity. As orders booked so that stocks on hand were reduced from will be filled within the next six weeks, reduc- 81,135 tons at the beginning of the month to tion in the scale of operations is being contem- 70,824 tons on October 31. District No. 10 plated by some manufacturers. (Kansas City) reports that there was heavy Activity in the southern mills continues to shipment of zinc ores during October, due in be greater than in other sections of the country. some measure to a radical increase in the value In district No. 6 (Atlanta) mills generally of the ore. A comparison of statistics for 1921 throughout the district are operating on full to the end of October with the same period in time and some are running night shifts. Cloth 1920 reveals that shipments of zinc ores have production of 48 mills reporting to the Federal been about one-half m amount and less than Reserve Bank of Atlanta showed an increase one-third in value, while lead ore shipments of 3.5 per cent in yardage in October as comhave decreased approximately one-third in pared with September and of 17.4 per cent as amount and two-thirds in value. District No. compared with October, 1920. Cloth ship- 12 (San Francisco) states that no further imments increased 7.5 per cent for the month and provement in the gold and silver mining indus- 73.2 per cent over those for a year ago. Orders tries was reported during October, and the on hand at the end of the month had declined copper mining industry continues greatly de- 5.2 per cent, but were 28.4 per cent above those Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDEKAL RESERVE BULLETIN. 1393 for the end of October, 1920. A majority of ample, the percentage of idle hours for looms yarn as well as cloth mills are operating at full wider than 50-inch reed space had dropped to capacity or even running overtime, although 24.9 per cent as compared with 25.8 per cent reporting establishments said that a cessation for October 1. The corresponding figures for of orders had followed the recent drop in cotton looms for 50-inch reed space or less were 27 per prices. Yarn production in pounds for 44 mills cent and 27.5 per cent, respectively. The perwas 1.6 per cent less in October than in Sep- centage of idle hours in the case of woolen tember, out 33.6 per cent above the output spindles dropped from 20.9 per cent to 18.3 per during October, 1920. Yarn shipments ad- cent, but the figure for worsted spindles showed vanced 12.9 per cent and 62.1 per cent, re- a slight increase from 7.8 to 8.1 per cent. The spectively, as compared with the preceding market for raw wool showed an upward tendmonth and with the same month a year ago. ency, with a slight increase in volume of sales Orders on hand were 5.4 per cent above those during the period covered by the report. for the end of September and 85.8 per cent Wool consumption for the month of October above the totals for the end of October, 1920. was 67,287,000 pounds, as compared with 62,131,000 pounds for September, an increase of 8.3 per cent. District No. 1 (Boston) says that COTTON FINISHING. "dealers report that there has been an appre- Reports from 35 of the 58 members belong- ciable reduction in the stocks of the more ing to the National Association of Finishers of popular wools and that it is sometimes difficult Cotton Fabrics show that during the month of to buy large quantities of the kinds desired October there was an increase in finished yards without causing the prices to advance." billed, the total amounting to 105,286,414, as compared with 101,824,795 for September. CLOTHIXG. However, a drop in finishing orders received during the month was recorded, the figure for The strike of approximately 50,000 members October being 100,909,965, as compared with of the International Ladies' Garment Workers7 Union, which began November 14, has wholly 107,336,429 for the preceding month. The pertied up some of the larger women's apparel faccentage of average capacity in operation rose tories of New York, although numbers of the slightly from 73 to 77 for all districts. The smaller factories have signed contracts with average work ahead at the end of the month the union and are beginning to operate again. fell from 11 to 10 days. The strike occurs between seasons and a speedy settlement would mean that output WOOLEN TEXTILES. would consequently be only slightly affected The strike of the New York garment workers so far as loss of time is concerned. Statistics came at the end of the period covered by the of production for men's clothing from district reports, and its effect upon the activity of the No. 7 (Chicago) and wholesale sales of both mills manufacturing dress goods could not men's and women's clothing in districts No. 2 therefore be gauged. In New England the (New York) and No. 8 (St. Louis) indicate that .woolen and worsted industry has been running conditions in the industry were favorable duron a normal basis in spite of the fact that the ing October. In district No. 7 (Chicago) regoods market at the present time is dull. In turns from six large manufacturers of men's district No. 3 (Philadelphia) dress-goods mills clothing showed that production and shiphave been. operating at about 80 per cent ca- ments had fallen off 16.4 per cent and 38.5 per pacity. The manufacturers of knitting yarns cent, respectively, as compared with Septemin district No. 3 (Philadelphia) continue to do ber, but as a result of the very late season the a good business, and many of them have orders production figures were 45.5 per cent ahead of sufficient to enable them to run at full capacity those for last year and shipments were 30.2 per well into 1922. In district No. 4 (Cleveland) cent larger. Orders placed for spring from reporting textile mills have not had as good the opening of the season to date were 41.9 per business in October as in September. In the cent greater than for the corresponding period former month they were operating near capac- in 1920. In the case of 15 tailors-to-the-trade, ity, but since then orders have fallen off, and in the number of suits made In October as com- October operations averaged only about 70 per pared with September increased 29 per cent, cent of normal. The census figures showing but totals were 1.7 per cent below those for the percentage of idle machine hours to the October, 1920. Shipments rose 26.8 per cent total hours reported indicated a slight improve- as compared with September, but were 7.9 per ment for the month of October as compared cent below last year. Orders were 27.4 per cent with September. On November 1, for ex- greater in October than in September and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1394 FEDERAL RESERVE BULLETIN. DECEMBER 1921. eight-tenths of 1 per cent below those for Octo- business, and practically all the mills are sold ber, 1920. The figures for the five large cut- ahead for two or three months. There is a trim-make concerns show the same trend, but demand for novelty lines for the holiday trade, " the improvement here is less marked than it but fewer inquiries for mercerized hosiery have is in the other branches of the clothing indus- been made, following price advances. Twentytry.'7 The figures are as follows: For number of five firms in district No. 3 which sell to the suits ordered, an increase of 16.3 per cent as wholesale trade showed an increase in number compared with September and a decrease of of pairs of hose manufactured during October 10.5 per cent as compared with October, 1920; of 16.8 per cent as compared with September. for number of suits made, an increase of 19.7 Shipments during the month increased 14.7 per per cent as compared with September and a ent, and unfilled orders at the end of the month decrease of 7.9 per cent as compared with Octo- were 27.1 per cent above those on hand at the end ber, 1920; for number of suits shipped, an in- of September. The nine reporting firms which crease of 18.8 per cent as compared with Sep- sell to the retail trade produced 4 per cent less tember and a decrease of 8.5 per cent as com- in October than during the preceding month, pared with October, 1920. Sales of 11 report- and shipments and unfilled orders also fell off ing wholesale clothing firms in district No. 2 by 12.1 per cent and 2.8 per cent, respectively. (New York) showed an advance of 44.3 per There has been further improvement in the cent in October as compared with September, manufacture of cotton hosiery in district No. and of 5.3 per cent as compared with October 6 (Atlanta), wiiere reporting mills are operating of the preceding year. In district No. 8 (St. at the rate of 80 to 100 per cent of capacity. Louis) sales of 23 leading clothing firms were The output of these mills is larger than for from 4 per cent to 12.5 per cent greater than in the same period in 1920. There has been a September and from 7 per cent to 16 per cent decrease in stocks on hand and an increase of above sales for a year ago. It was stated, unfilled orders. however, that buying in that district was dull UNDERWEAR. in the early part of November. The comparative reports received from 36 SILK. mills engaged in producing underwear continue to show marked improvement for Octo- "Reports from the different sections in which ber as compared with the September returns silk mills are located testified to a surprising for the same mills. Production rose from degree of unevermess within the industry. In 445,825 dozens in September to 487,996 Paterson, N. J., as in previous months, operdozens in October, a gain of 9.5 per cent. ations remained at low ebb. The percentage Unfilled orders rose from 809,996 dozens Sepof active loom hours to total available was tember 1 to 1,171,960 dozens October 1, a only 18.5 per cent, on November 5, as comgain of 44.7 per cent., New orders fell off pared with 24 per cent on October 8. In from 865,492 dozens received during Septem- North Hudson, the corresponding figure for ber to 537,928 dozens for October, a loss of November was 50.8 per cent, which con- 37.8 per cent. Shipments decreased from trasts unfavorably with the October figure of 497,854 dozens in September to 477,810 dozens somewhat more than 62 per cent. Ileturns in October, a loss of 4 per cent. made by 16 manufacturers of broad silk lo- Forty-one mills showing an actual produccated in district No. 3 (Philadelphia) are of a tion of 518,264 dozens for the month of Octoconflicting nature, although decidedly greater ber report unfilled orders on October 1 at activity is indicated than that prevailing in the 1,191,688 dozens and new orders received centers just mentioned. Half of the manufacduring the month at 602,212 dozens, so that, turers state that business is poor and demand allowing for shipments and cancellations, the decreasing, while the others assert that the rebalance of orders on hand amounted to verse is true. The former group are averaging 1,284,718 dozens on November 1, or nearly two about 56 per cent of operating capacity; the months actual product sold. Shipments rose latter, 67 per cent. Prices of raw silk have adfrom 418,258 dozens in September to 503,261 vanced, creating a considerable amount of indozens in October. The actual production of 56 decision among prospective buyers. Imports mills reporting for October amounted to 675,205 fell from 4,597,642 pounds in September to dozens, or 87.3 per cent of normal, as compared 3,140,516 pounds in October. with 84.4 per cent of normal production for the 55 mills that reported in the preceding month, HOSIERY. and 50.4 per cent for the 61 mills that reported in October, 1920. One mill opened up in Octo- Manufacturers of silk hosiery in district No ber, leaving four mills still closed. Production 3 (Philadelphia) continued to do an excellent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1395 continues to increase slowly, despite the higher factories in district No. 8 (St. Louis) producing prices due to advances in cotton and the fact such grades are operating at capacity. Shoe that there has been little or no reduction in prices were unchanged (luring October, but labor costs. were from 35 to 45 per cent less than in October, 1920. SHOES AND LEATHER. LUMBER. Sales of hides and skins declined somewhat A marked improvement in demand, partiduring October, although prices were well cularly for upper grades of lumber, is indicated maintained. The market for packer hides by the reports for October from the various became very active in the third week of No- districts. District No. 6 (Atlanta) reports vember, and prices registered a slight advance. some irregular improvement during the month, This activity has not as yet been reflected in with only a slight increase over the September the market for country hides. Demand for total in production for the district as a whole. heavy leather continued to improve during the The threatened strike caused both orders and first three weeks of November, and quotations production to decline toward the end of the for heavy backs increased at both New York month. The statement of the Southern Pine and Chicago. District No. 3 (Philadelphia) Association for the week ending October 28 reports that the upper-leather market is more showed actual production of the 130 reporting active than it has been, the business being mills to be 20.5 per cent below normal producchiefly in medium and lower grades. Exports tion. Stocks at mills are low and badly broken are steadily increasing, due to increased pur- and buyers find it difficult to cover their rechases bj Great Britain, Spain, and Japan. quirements in high-grade finish and flooring, A slight improvement in demand for leather and as to dimension. Prices continue to rise belting is reported from both district No. 3 despite the numerous recent advances. (Philadelphia) and district No. 7 (Chicago). Operations of the Northern Hemlock and Shoe manufacturing continued on a large Hardwood Manufacturers' Association, most scale during October, although activity still of whose members are located in district No. 7 appears to be more general in the West than in (Chicago), show that for October shipments the East. October production was greatly in were 214 per cent and that orders were 219 per excess of October, 1920, but that was a month cent of production. Reports from district of extreme depression in the shoe industry. No. 8 (St. Louis) indicate a heavy demand The output of shoes during October reported for hardwoods and for structural lumber, adby nine large manufacturers in district No. 1 vancing prices, heavy shipments, and depleted (Boston) was 5.7 per cent less than in Septem- stocks. The general price level of yellow pine ber, but 80 per cent greater than in October, showed a gain of approximately 25 per cent 1920. New orders were about 15 per cent in during the month. The volume of yard buying excess of those received in September, and 13 diminished, but demand on the part of railways per cent larger than in October, 1920. The for car-repair materials and the wood consumslight slackening of activity in production is ing industries increased. In district No. 9 ascribed to the change in seasons. Forty-five (Minneapolis) the October lumber cut of 8,reporting firms in district No. 3 (Philadelphia) 930,564 feet was 17 per cent less than in Sepproduced 2.7 per cent less shoes in October than tember and 53 per cent less than in October, m September, while shipments declined 1.6 per 1920. October shipments totaled 15,699,808 cent. Orders booked increased 28.7 per cent, feet, about the same as the September figure, and were 60.5 per cent in excess of the orders but orders booked during the month were 20 booked in October, 1920. Although a few per cent larger than the September total and large plants have booked orders for spring de- 35 per cent larger than in October last year. livery, most shoe manufacturers are working Thirty-five mills in district No. 11 (Dallas) on orders for immediate shipment. Reports report an average weekly production of 13,from 27 manufacturers in district No. 7 577,480 feet, which was 32 per cent below (Chicago) show an increase of 5.9 per cent in normal. Average weekly shipments amounted production during October. Unfilled orders to 18,329,625 feet. In production no noticeat the end of the month were 11.1 per cent able increase over the September total is shown, greater than at the close of September and 58.2 but shipments have increased in volume. per cent greater than at the close of October, Prices of low-grade lumber have been steadily 1920. Eleven firms in district No. 8 (St. Louis) increasing, while prices of upper grades rereport sales ranging from 32 to 40 per cent mained fairly constant. larger than a year ago. Demand centers prin- In district No. 12 (San Francisco) the decipally on moderate and low-price shoes, and mand for lumber continued to strengthen dur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1396 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. ing October and showed a marked increase over Co., decreased from $227,473,000 in September the previous months of the year. Price ad- to $203,954,000 in October. Increases were vances were generally maintained. Four fac- shown in districts Nos. 1 and 3, while the figures tors contributed to the strength of the October were practically unchanged in districts Nos. 5 lumber market—an expansion of demand in and 9, and decreased considerably in districts the woodworking industries, larger buying of Nos. 2, 4, and 7. car material for repairs, increased yard buying, District No. 3 (Philadelphia) reports that sustained by an active demand for building building operations are not so extensive as the materials, and increased export shipments to number of permits granted would indicate, and Japan. Statistical statements of the four that the volume of contracts let has not inlumber associations of this district show a creased correspondingly. The reduction in volume of orders received during October wages and costs of some materials has resulted which was 18.9 per cent greater than actual in increased building of residences in district production and 12.2 per cent in excess of ship- No. 4 (Cleveland). All States of district No. 7 ments, and which represents the largest amount (Chicago) and most of the cities participated in of business booked in any month since March, the increase of the number of permits granted in 1920. The October cut of the 161 reporting that district, and all of the States except Michimills was 380,406,000 feet and shipments gan showed an increase in estimated cost. In amounted to 392,970,000 feet. Production, district No. 8 (St. Louis) there has been conwhich, in September, was 75 per cent of normal, siderable growth in the construction of dwellis now estimated as 85 per cent of normal. ings. The rural districts and smaller towns From 75 per cent to 80 per cent of the normal have taken a much more important part in this output of logs is being produced and it is ex- development. Further minor reductions are pected that all available rafts of logs will be reported in costs of clay products, cement, and sold before camps close. Curtailment of pro- metal goods, while lumber prices have adduction is reported in the shingle industry. vanced. Construction activities in district No. 12 (San Francisco) surpassed all records, BUILDING. both in the number and value of permits granted during October. This was due chiefly During the month of October the valuation to the declining prices of many building mateof building permits issued in 166 selected cities rials and the reduced labor costs. showed a slight increase over September in districts No. 1 (Boston), No. 6 (Atlanta), No. 7 EMPLOYMENT. (Chicago), and No. 9 (Minneapolis), and a substantial increase in districts No. 2 (New York), The United States Employment Service re- No. 3 (Philadelphia), No. 4 (Cleveland), No. 10 ports an increase of 1.6 per cent in numbers (Kansas City), and No. 12 (San Francisco). The employed in 14 selected industries of the. United percentage of increase ranged from 0.4 per cent States in October. Such local reports as are in district No. 6 (Atlanta) to 33.3 per cent in available indicate that increases in numbers district No. 2 (New York). Decreases from the employed are slightly in excess of decreases. September totals occurred only in districts Generalizations are, however, difficult because No. 5 (Richmond), No. 8 (St. Louis), and No. 11 of the marked variations in employment con- (Dallas). These decreases were 11.4 per cent, ditions within the same community as well as 38.5 per cent, and 36.7 per cent, respectively. between different regions, which grow out of In comparison with the corresponding period of the unequal degrees of activity prevailing in 1920, the October statistics showed increases in the several industries. For example, district districts No. 2 (New York), No. 3 (Philadel- No. 1 (Boston) reports that unemployment is phia), No. 4 (Cleveland). No. 5 (Richmond), serious in the shoe industry in Lynn and Haver- No. 7 (Chicago), No. 8 (St Louis), No. 9 (Min- hill and also in the centers of the jewelry and of neapolis), No. 10 (Kansas City), No. 11 (Dal- the metal industries. Reports from metal las), and No. 12 (San Francisco). These in- goods centers are said to snow a decrease of creases vary from 27.1 per cent in district No. 9 nearly 50 per cent in numbers employed as (Minneapolis) to 230.5 per cent in district No. 2 compared with a year ago. On the other (New York). Districts No. 1 (Boston) and hand, the situation in the cotton and woolen No. 6 (Atlanta) show decreases from October textile industries is good and probably there last year of 37.4 per cent and 25.5 per cent, has been a moderate increase in the number of respectively. employees in most New England industries. While the total valuation of permits issued The New York State Department of Labor rethus increased from $151,974,000 to $172,204,- ports a gain of 2.5 per cent in numbers em- 000, the value of contracts let in seven Federal ployed in factories in October. Moderate Reserve districts, prepared by the F. W. Dodge gains in employment in textile mills were coun- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDEKAL KESERVE BULLETIN. 1397 terbalanced by losses in the manufacture of minimum increase of 7.3 per cent in district clothing, but railroad-car building and repair No. 4 (Cleveland), with five firms reporting, to shops and railroad equipment factories took on 28.5 per cent in district No. 5 (Richmond), a larger number of workers. In district No. 3 with 18 firms reporting. In district No. 9 (Philadelphia) the Pennsylvania State Depart- (Minneapolis) and district No. 12 (San Franment of Labor reported a slight improvement cisco) sales were still below the levels of a year in employment conditions in the six cities of ago, with decreases of 20.8 per cent, with five Altoona, Harrisburg, Johnstown, Philadelphia, firms reporting, and 9.3 per cent, with 11 firms Scranton, and Williamsport. The numbers reporting, respectively. As compared with unemployed were estimated at 198,635 on September, however, a seasonal falling off in November 15, a decrease of 1.4 per cent as demand brought about a drop in sales in seven compared with October 31. Reports from out of nine districts. Decreases ranged from other parts of the district also indicated 3.7 per cent in district No. 2 (New York), with improvement in employment conditions. In three firms reporting, to 20.3 per cejit in disdistrict No. 5 (Richmond) a slight increase trict No. 9 (Minneapolis), with five firms in numbers unemployed was noted in the reporting. District No. 11 (Dallas) showed a cities, but in the rural sections of the Caro- slight increase of 1 per cent in sales for 12 linas the demand for labor strengthened reporting firms. with the resumption of a number of impor- Hardware sales increased in October as comtant lumber plants and other establishments. pared with September in eight of the ten In district No. 7 (Chicago) 271 firms employing reporting districts. Advances varied from 1.6 150,607 persons at the end of October reported per cent in district No. 10 (Kansas City), with an increase of 2.5 per cent in numbers of em- 5 firms reporting, to 21.9 per cent in district No. ployees as compared with the preceding month. 11 (Dallas), with 10 firms reporting. District The most conspicuous increases took place in No. 11 states that the demand for small buildiron and steel, railway repair shops, and in the ing hardware and for automobile accessories factories producing boxes and containers. was particularly strong. City sales have been The chief decreases were in construction work heavy, but country buying quite limited in and in automobile and automobile accessory amount. District No. 3 (Philadelphia) also plants. While the United States Employment calls attention to the fact that automobile service figures revealed some improvement for accessories and electric and heating supplies the firms employing over 500 men in Minne- have been selling well, but states that builders7 apolis and St. Paul, it is stated in the report hardware has been in lesser demand. In disfrom district No. 9 (Minneapolis) that clerical trict No. 7 (Chicago) there was a slight increase and domestic workers and those engaged in in inquiries for builders' hardware, and in disother lines of employment are idle in increas- trict No. 8 (St. Louis) this was also the case. ing numbers. Outside of the cities and larger The decreases in sales in districts No. 9 (Minnetowns unemployment is also growing, follow- apolis) and No. 12 (San Francisco) were negliing the completion of harvesting. In Mon- gible, being only 0.4 per cent in the former case, tana, coal mining and lumbering operations with 11 firms reporting, and 0.7 per cent in the are more active, but in copper mining and allied latter case, with 23 firms reporting. industries, depression exists. In district No. Wholesale grocery sales remained relatively 12 (San Francisco) the completion of harveststeady during October, with slight advances in ing and cessation of work on highways and puball reporting districts except district No. 7 lic improvements in October has resulted in (Chicago), in which 26 reporting firms showed increasing unemployment among unskilled an average decrease of 1.1 per cent. Increases workers in certain sections. On the other ranged from 0.6 per cent in district No. 6 hand, there have been increases in numbers (Atlanta), with 29 firms reporting, to 17.3 per employed in the manufacturing and building cent in district No. 2 (New York), with 9 firms trades. reporting. Making due allowance for price WHOLESALE TRADE. differences, sales compared favorably with those for October, 1920, the maximum reduc- Seasonal factors are in large part responsible tion being 31.6 per cent in district No. 6 not only for the quite general reduction in the (Atlanta), with 29 firms reporting. In that sales of wholesale dry goods during October, district October sales this year were probably but also for the equally pronounced increase anticipated in good part by September busiin the sales of hardware. In the case of dry ness, which was stimulated by the influence goods it is a striking fact that the value of of a substantial rise in the price of cotton, sales was above that of October, 1920, in seven followed by a price sag in October which, of the nine reporting districts, ranging from a together with two or three weeks of warm Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1398 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. weather, u caused business to drag." A fairly 15.2 per cent in district No. 4 (Cleveland), substantial advance in sales occurred in the 5.6 per cent in, district No. 5 (Richmond), two other southern districts, district No. 5 15.1 per cent in district No. 6 (Atlanta), 9.9 (Richmond) reporting an increase of 2.2 per cent in district No. 7 (Chicago), 8.7 per Ser cent, with 57 firms reporting, and district cent in district No. 8 (St. Louis), 12.8 per o. 11 (Dallas) an increase of 3.4 per cent, cent in district No. 9 (Minneapolis), 7.4 per with 14 firms reporting. District No. 11 cent in district No. 10 (Kansas City), 16.7 per says that business has been very uneven, de- cent in district No. 11 (Dallas), and 6.3 per creases having occurred in sections where the cent in district No. 12 (San Francisco). All cotton yield has been poor, while in regions districts report that demand continues to be where oil activity has been renewed business confined to actual necessities. Accordingly, is excellent. City sales in this district have ready-to-wear clothing, cotton fabrics, and remained fairly constant. trimmings are in most active demand, while In districts No. 2 (New York), No. 5 (Rich- the movement of heavy knit goods has been mond), No. 6 (Atlanta), and No. 7 (Chicago), unexpectedly slow, due to the continued warm increases in wholesale sales of boots and shoes weather. Although stocks on hand are lower have taken place during the month, the than a year ago, they show a slight increase percentages of increase beginning with 1.7 over stocks at the close of September. The per cent in district No. 2 (New York), with amount of outstanding orders is, however, 8 firms reporting, and rising to 13.3 per cent slightly lower than a month ago, while the in district No. 6 (Atlanta), with 11 firms same is true of the rate of stock turnover. reporting. In district No. 12 (San Francisco), on the other hand, a decrease of 7.6 per PRICES. cent was recorded, with 17 firms reporting. In every district for which records are avail- Prices in the United States were slightly able for a year ago, sales were above the lower in October than in September. The totals for October, 1920, with the exception of index of the Federal Reserve Board, condistrict No. 12 (San Francisco), in which the structed primarily for international comparisales averaged 9.1 per cent less, with 17 firms sons, showed a drop of 2 points, from 143 to reporting. However, there was a substantial 141 (with prices in 1913 considered as 100), advance of nearly 30 per cent in September while the index of the Bureau of Labor sales in district No. 12 (San Francisco) as com- Statistics showed a similar change, from 152 to pared with August, a fact which would help 150. There were appreciable decreases in the to explain the drop in October sales. Actual prices of leading agricultural commodities with increases as compared with a year ago ranged the exception of sheep, cattle, dairy products, from 2.1 per cent in district No. 7 (Chicago), and wool. Lumber prices were only very with 9 firms reporting, to 44.2 per cent in slightly lower, and minerals and metals higher. district No. 5 (Richmond), with 18 firms During the first three weeks of November reporting. prices of many leading; commodities continued to decline, although the nonferrous metals, RETAIL TRADE. corn, oats, wool, and some grades of cattle hides showed small increases. It seems prob- Retail trade, as shown by sales of 365 rep- able, however, that an average of prices resentative department stores throughout during this period would show a reduction the country, showed a substantial improve- from the October level. In the cereal group, ment in October as compared with the previous wheat averaged lower than in October, but month. The change is, however, less notice- was slightly higher in the third week of able in the southern sections of the country, November than in the first; corn and oats and district No. 8 (St. Louis) reports that ' 'in showed slight gains over the October average. the southern sections the activity in retail Cotton has reacted downward from the Septrade which accompanied the rise in raw tember and October levels, but is still approxicotton prices has subsided in a noticeable mately 5 cents higher than in August, the degree.7' When compared with the October, average of upland middling at New Orleans 1920, figures, sales for the country as a whole being 17£ cents a pound in the first three weeks showed a decrease of 6.7 per cent. In dis- of November as compared with 12J cents in tricts No. 1 (Boston) and No. 2 (New York) in- August. Sheep and hogs also declined heavily creases amounting respectively to 4.4 per cent during the early weeks of November, but steers and 2.8 per cent were, however, shown, but have been quoted slightly higher than in October. these were more than offset by decreases of Cotton yarns and doth have followed the 3.2 per cent in district No. 3 (Philadelphia), trend of the raw material and were Jquoted in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1399 many cases at about the same point as during pared with September. The increased value of September. In, spite of the relative strength exports is more than accounted for by an exof raw wool prices, yarns have not advanced pansion of cotton shipments from 522,000 bales during November. in September to 875,000 bales in October, the An average of the prices of several types of value of cotton exports rising by almost steel products works out somewhat lower for $50,000,000 in the latter month, while exports the third week in November than for October. of all commodities rose only $20,000,000, to a Steel billets have also been reduced. The total of $346,000,000. Total imports in Octononferrous metals, on the other hand, in- ber were valued at $183,000,000, an increase of cluding copper, tin, and zinc, have been rising $4,000,000 over the month preceding. Both in price for the past several months. Bitumi- imports and exports, however, show very denous coal is practically unchanged from the cided declines in value as compared with a year September an,a October quotations. ago. This is due in no small measure to the Retail price statistics are not yet available lowered prices of practically every commodity for November. During October, however, the entering into our foreign trade, although conretail food index of the Bureau of Labor tractions in the actual quantities of merchan- Statistics showed practically no change (0.3 dise shipped have also had their effect. per cent decrease) from the September average. As an indication of the volume of our foreign trade in recent months compared with the same SHIPPING. months a year ago, reference may be made to the statistics now compiled by the United The ocean freight market displayed dis- States Shipping Board on the actual weight in tinctly firmer tendencies in November, the long tons of our water-borne commerce. Acdemand from charterers for steamers in the cording to these figures, in the three months West Indian and Mediterranean trades being ending September, 1920, total water-borne imparticularly active. At the same time, the ports to the United States amounted to rates on a number of commodities, including 8,996,363 tons, while in the same three months grain and cotton, were reduced during the of the present year the}?- were 5,484,808 tons, a month to bring them into line with lower decline in weight of 39 per cent. The weight of quotations on other goods which had previwater-borne exports declined in the same ously been announced. American ships have months from 16,778,124 tons to 13,513,269 been carrying in recent months a smaller protons, a reduction of about 20 per cent. If shipportion of our foreign trade—whether this is ments of oil in bulk and Great Lakes cargoes measured in terms of value or weight—than are omitted from the comparison, the remaining was the case a year ago. According to the sea-borne cargoes show a far greater contracrecords of the United States Shipping Board, tion in the last few months than do the foregoin September, 1920, American vessels carried ing totals. The figures for imports then be- 41 per cent of this country's sea-borne exports come 5,081,095 tons in the third quarter of and 59 per cent of our sea-borne imports, by 1920 and 2,346,998 tons in the same quarter of weight. In September of the present year 1921, a decline of 54 per cent. Sea-borne exour ships carried but 33 per cent of our seaports, excluding oil in bulk, are • given as borne exports and 40 per cent of our sea- 15,530,787 tons in the third quarter of 1920, borne imports, foreign ships carrying the recompared with 8,152,327 tons in the same mainder. In these figures cargoes of oil in period this year, the decline in the weight of bulk are not included. Much the same story these exports being therefore 47 per cent. is told by the value statistics of the Depart- Similar figures for prewar months are not availment of Commerce, according to which Ameriable. A compilation of the weights of the princan ships are credited with carrying 38.6 per cipal commodities imported and exported in cent of our water-borne exports and 31.6 per 1913 seems, nevertheless, to justify the concent of our water-borne imports in September, clusion that exports in recent months have 1921, compared with 41.7 per cent and 42.7 per been substantially greater than in the same cent, respectively, a year ago. months of 1913, while imports have been close to the prewar level. If oil is disregarded, how- FOREIGN TRADE. ever, the present volume of all other imports is Small increases in the value of both exports materially less than in corresponding prewar months. and imports are recorded for October as com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1400 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. FOREIGN EXCHANGE OPERATIONS, foreign exchange were divided into three classes 1918-1919. according to the character of their dealings, all dealers being required to file applications for I. BALANCES ON OPEN ACCOUNT. registration certificates on or before January 31, 1918 (time extended to Feb. 5). The regu- A chapter in war-time finance, which hitherto lations prohibited any dealer from engaging in has been left unwritten, is that relating to foreign exchange transactions without a registransactions in foreign exchange during the tration certificate after February 10, 1918 (time period of governmental control. The Federal extended to Feb. 15). Reports from all dealers Reserve Board has felt that much of the stawere required weeldy—or monthly, in some tistical data on this subject, which was regucases—by the Division of Foreign Exchange larly reported to it and kept on file during the of the Federal Reserve Board, covering dealings war for confidential use in the regulation of throughout the week or month preceding the exchange operations, has permanent value from date of each report. In order to keep more an historical point of view, and more particuclosely in touch with foreign exchange dealers, larly because of the light it throws upon certain the Division of Foreign Exchange opened an aspects of the balance-of-trade situation.1 The office in New York City, the market in which Division of Analysis and Research has there- .about 97 per cent of foreign exchange business fore prepared a resume of such reports of the in this country was being transacted. Division of Foreign Exchange as seemed of The purpose of thus regulating exchange general interest at this time. This is the first transactions was, of course, to make sure that of three articles giving the facts contained in there should be no transfer of funds that would those reports. directly or indirectly benefit the enemy. At the same time every effort was made not to WAR-TIME CONTROL OF EXCHANGE. interfere with the legitimate business of American banks and business houses. The work of The espionage act, approved June 15, 1917, the Division of Foreign Exchange, it may be among its provisions prohibited the export of noted, was altogether distinct from operations coin, bullion, etc., except under regulations to of the Treasury designed to stabilize the rates be issued by the President. By Executive of dollar exchange. The period of active conorder of September 7, 1917, the President trol really commenced February 20, 1918, and directed that such regulations should be adwas terminated June 25, 1919. The President, ministered by the Secretary of the Treasury. by proclamation of June 26, 1919, abrogated The trading-with-the-enemy act, approved Octhe Executive order of January 26, 1918, with tober 6, 1917, extended the Government's excertain exceptions, thereby terminating govecutive control so as to include the regulation ernmental control of foreign exchange and of of transactions in foreign exchange and the the exportation and importation of coin, bultransfer of credit in any other form for the lion, currency, etc. account of foreign persons. By the President's Executive order of October 12, 1917, such regulatory authority was vested in the Secretary SCOPE OF THE REPORTS. of the Treasury, who was furthermore given The statistical data collected by the Division the power to demand from any dealer in foreign of Foreign Exchange cover the following points: exchange complete information relating to all (1) Total net balances between United States transactions, including the production of books and foreign countries. of account and other documents. An Execu- (2) Purchases of exchange. tive order dated November 23, 1917, contained (3) Sales of exchange. the administrative procedure for carrying out (4) Debits and credits to dollar account. the order of October 12, and designated the Federal Reserve Board as the agency of the (5) Arbitrage transactions. Secretary of the Treasury to administer it. (6) Foreign exchange transactions in securi- The Federal Reserve Board was vested with ties. additional administrative authority in the Ex- (7) Securities held abroad for American acecutive order of January 26, 1918, in which count. were prescribed the detailed orders and regu- (8) Securities held abroad for foreign lations to govern all foreign exchange dealings, account. the exportation of bullion, and international (9) Securities held in United States for fortransfers of credit in any form. Dealers in eign account. Some of these call for more detailed consider- 1 For a further discussion of the international balance of the United ation than others, but the principal findings, at States and its relation to foreign trade financing, see FEDERAL RESERVE least, on each subject will be summarized. The BULLETIN, November, 1921, pp. 1261-1269. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1401 present article is concerned with the subject of until a maximum of $1,065,598,994 was reached net balances. on August 21, 1918. Thereafter the sum The Division of Foreign Exchange compiled declined consistently, aside from upward moveeach week, from the reports received, the total ments in November, 1918, and March, 1919, to net balances of each foreign country as they their lowest point of $643,047,223 at the terstood on the books of American banks and mination of control on June 25, 1919. The business houses engaging in foreign exchange amount of the net balance owed by the United transactions. All institutions which either States to the rest of the world on the date nearheld balances in the United States for banks or est to the armistice was $927,446,517 on Noindividuals abroad or which maintained bal- vember 13, 1918. At the close of 1918 the ances in foreign countries were required to total had been somewhat reduced to the figure report the amounts of such balances on Feb- of $882,135,870. While it is not the purpose of ruary 20, 1918, the beginning of governmental this article to attempt an explanation for all of control over exchange operations, and regularly the movements shown in the tables here prethereafter to record all purchases and sales "of sented, a number of things stand out very exchange. In this way the additions to and clearly. The chief reason for the large sums deductions from each reporting institution's owed by the United States to foreign countries as balance with or for each country could readily unfunded balances was due to the fact that the be ascertained. By consolidating these indi- United States Government had extended large vidual reports the total balance of the United credits to Europe, most of which were availed States with or for each country was drawn up of through credits on the books of American weekly. These reports were designed to banks. It is these credits which either directly approximate as nearly as possible the true or indirectly have given rise to by far the unfunded balance each week, including all largest share of the balances just described. items which could be obtained from bank It will be noticed that these balances attained transactions. Thus the figures take account their highest figure a little before the armistice. of the great bulk of international payments dur- The reduction in the size of the outstanding ing the period in question. A few items, such balance, which took place beginning with Sepas currency carried abroad by travelers and tember, 1918, is undoubtedly to a considerable soldiers, have not been included in the reports. extent to be accounted for by payments of for- These items, however, do not affect the essen- eign countries for the seasonal shipments of agritial validity of the figures. cultural products, which naturally assumed large proportions at that time of the year. The rea- In preparing these balances for publication son for the continuance of this decline after the the last week in each month has been chosen armistice seems clear. Advances by the United throughout the period of control. The ever- States Government, while not ceasing immedichanging situation is thus thought to be adeately, were nevertheless granted in decreasing quately pictured, space preventing the publiamounts, while at the same time the various cation of the balance in complete detail for each Governments continued to draw upon their of the entire 70 weeks. To show the condition dollar balances in this country for the settleof affairs immediately after the armistice the ment of war-time indebtedness. net balance on November 13, 1918, has also been included. This material is shown by countries in Tables I and II at the end of this DISTRIBUTION OF BALANCES BY GEOGRAPHICAL article. In addition, the total balance with GROUPS. the world and with several of the more important countries is presented for each week in When the total balance is analyzed into its Table III. Net balances owed by the United component parts, it is seen, just as would States to foreign Governments are shown naturally be expected, that our transactions separately in Table IV and are included also in with the European allies constituted the deter- Tables I to III as part of the total balances. mining factor in the changes in the total of the world balance; that is, the peak was reached BALANCE WITH WORLD AT LARGE. about the same time and the declines were very much in the same proportion as for the There is so much of value and interest in total. As a matter of fact, the net balances these figures that it seems worth while to exam- in favor of the European allies over practically ine them in detail. Consider first the total net the entire period under consideration formed balances between the United States and the one-half or more of the balances due to the world at large. Beginning with a balance of world. Slight differences which may be noted $773,882,376 owed by the United States on between the movement in this balance and February 27, 1918, the figures rose steadily the total world balance are that, for the Euro- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1402 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. pean allies, the maximum was reached in South America discloses some unusual fluc- July, 1918, and following the armistice the tuations. Beginning with only $2,499,153 at decline in the balances owed by the United the outset of the period, it rose rapidly to States to the European allies was somewhat nearly $50,000,000 in May, 1918, and then greater than the reduction in the total owed fluctuated back and forth, ending the period to the world. The balance in favor of the at $15,830,812. Our balance with Africa and European allies ranged from a minimum of Australasia was comparatively unimportant, approximately $300,000,000 to a maximum of and throughout practically the whole time about $600,000,000 during the period. there was a small balance due to the United The balance owed to European neutrals States. shows a very different movement from our balance with the European, allies. In the case BALANCES WITH EUROPEAN COUNTRIES. of the neutrals7 balance, the fluctuations were of comparatively minor importance, and al- Taking up now the principal countries in though the balance grew slightly until April, each group, France's financial position among 1919, there is nothing striking in the changes. the European allies appears, according to the This situation seems natural in view of the fact figures, as perhaps the most unusual. At the that the United States granted no loans to the beginning of the period of exchange control European neutrals, with the result that such the net balance owed by the United States to balances as were built up by them at this France was the largest owed to any country in time seem to have been the result of foreign the world, a situation which obtained contrade operations with the addition of credits sistently until after the armistice. An imtransferred from the European allies in the portant factor in bringing about this situation settlement of their debts with the neutral was the arrangement of the United States Govcountries. The size of this balance is next ernment whereby dollar credits were opened in below that of the European allies and at the this country in favor of France in return for end of the period was almost as large, since French francs to be used in paying the expenses the allies7 balance had been, reduced very of the American Army abroad. Loans to materially while the balances of the neutrals France direct as well as credits granted to Great had been well maintained. At one point, in Britain and later transferred to France have, February, 1919, the net balances on the books of course, played a large part in creating such of American banks in favor of the neutrals a balance on open account. The fall in France's actually exceeded that due to the European balance immediately after the armistice was allies. In the case of the Central Powers, the very sudden, when she used up the greater part records of American banks show that there of her former balances in the course of two was a small balance due to the United States or three months, ending the period with a throughout the period. balance less than one-third that which she had If now Europe is regarded as a unit, it is during the summer of 1918. This is explained seen that immediately after the armistice by the fact that France was cleaning up war- European countries had net dollar balances time indebtedness with the credits which the with this country aggregating about United States had granted during the war, $807,000,000, which had been reduced to while she was in no position to replace such $733,000,000 at the close of 1918 and to balances through her export trade. In actual $550,000,000 by the end of June, 1919. The size, the French balance started at $141,679,586, balances with the rest of the world are much reached a maximum of $250,400,877 on June 5, smaller, though the proportionate changes in 1918, and closed the period at $68,852,622. them have been just as great if not greater Great Britain's balance, which during much than those already mentioned. In particular, of the period was less than that of France, Asia shows a large increase in the two or three shows some decided differences from the movemonths preceding the armistice on account of ments of the French balance. For one thing, balances built up in this country by Japan. Great Britain had no need to build up an The balance due to Asia fell off with extreme unusually large balance with American banks, rapidity toward the end of the period of ex- inasmuch as her facilities and resources for change control, and on June 25, 1919, there meeting obligations as they matured were more was a balance of $3,235,467 owed to the United adequate than those of France. This, no States. The North American balance shows doubt, is the explanation of the much lower some wide fluctuations, but the total out- balance kept in the United States by Great standing at any one time did not exceed Britain, although at the same time, by reason $100,000,000, and in the summer and fall of of the magnitude of the settlements which were 1918 was especially low. Our balance with constantly being made, the balance on open Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDEEAL RESERVE BULLETIN. 1403 account shows considerable fluctuation from were extremely wide. Thus on March 27, week to week. In January, 1919, on account 1918, her net balance is recorded as only of the falling off in the French balance, the $33,249, but during the summer and early fall British balance became the highest for any this rapidly increased to a maximum of country, which position it retained for the re- $169,426,703 on September 11, 1918. In Ocmainder of the period. Like France, Great tober, however, this balance was largely Britain drew very largely on her balance im- reduced through shipments of gold from the mediately following the armistice, but in the United States to Japan, the net balance decourse of a month or so it was back at its former clining from over $150,000,000 near the close level. The net amounts owing to Great of September, 1918, to slightly over $80,000,000 Britain by this country ranged from a minimum a month later. In February, 1918, the United of $32,935,687 on March 6, 1918, to a maximum States owed India a net balance of something of $206,924,877 on September 4 of the same over $6,000,000, which, however, was soon year. wiped out; and beginning with May up to the Italy's balance commenced with a figure of end of the period India owed us a balance $42,050,559, increasing during the summer of ranging from $5,000,000 to about $16,000,000, 1918 to $89,164,877 on July 31, though even the maximum being reached in November, earlier it was slightly in excess of that sum for a 1918. The other Asiatic countries do not call single week only. During the rest of the period for comment here, except to note that in the it varied between approximately $50,000,000 space of several weeks their balances frequently and $88,000,000, and near the end of the period fluctuated back and forth bet ween net credit and it was slightly above the balance due to France. net debit sums. China and the Straits Settle- The only balance of any size among the other ments are good illustrations of this point. European allies was that of Greece, which re- Normally China is indebted to the United mained very nearly constant from week to States through importing more merchandise week. After the armistice the Greek balance than she exports to us. Owing to the high fell off somewhat, from an average of between price of silver during the war, however, China $50,000,000 and $60,000,000 to a little over was enabled more readily to pay her debts to $40,000,000 for the rest of the period. the United States in silver, a situation which is clearly reflected in China's small balances with The net balances on the books of American the United States on open account. banks owing to the individual European neutrals disclose little that is striking. In general they each follow fairly closely the NORTH AMERICA. movement of the total balance of the European neutrals. Holland's balance was perhaps the Canada and Mexico, as would be expected, steadiest of this group, even increasing a little are the important factors in North America's in April and May, 1919, when that of the others balance with the United States. The sums was declining. In the first part of the period owing to Canada were large at times, but of control, three of the neutral countries, throughout most of October, 1918, there was namely, Denmark, Norway, and Holland, had a small net balance on open account which balances not far from one another, ranging Canada owed to the United States. The from about $55,000,000 to $80,000,000. Spain, maximum amount owed to Canada (a lit- Sweden, and Switzerland had balances con- tle over $71,000,000) occurred at the beginsiderably less than this in the first part of 1918. ning of the period, and, as has just been in- Toward the end of the period Sweden's balance, dicated, the balance was very greatly reduced which began at $23,895,040, had grown by during the summer of 1918, increasing, howsteady increases to over $50,000,000. The ever, to $55,435,236 on June 25, 1919. Canada balance owed to Switzerland shows some rather has for many years been a borrower from decided fluctuations, but at no time did the the United States, and has been in the balance much exceed $30,000,000. habit of using part of the proceeds of loans floated in the United States to pay for the ex- ASIA. cess of exports over imports that we were sending her. The net balance shown by the The story of Asia's balance runs parallel with records of the Division of Foreign Exchange that of Japan, which constituted very nearly may thus be explained as arising from Canadian Asia's total. Beginning with August, 1918, loans placed in the United States, much of the Asia's total balance was less than Japan's, proceeds from which was subsequently embecause of the sums owed to the United States ployed in settling Canada's debts incurred in by India which count as an offset. The records this country. The balance to the credit of disclose that the fluctuations in Japan's balance Mexico was much steadier than Canada's Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1404 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. balance and during most of the period remained net balances shown in Table I take these overat a lower figure. The Mexican balance fell drafts into account as additions to the opposomewhat in December, 1918, but increased site column of Table II. Similarly, in arrivduring the early months of 1919 to a maximum ing at net balances, overdrafts by American of about $38,000,000 in May and June, 1919. concerns on their accounts abroad may be counted as additions to sums owed by the SOUTH AMERICA. United States. With the exception of Argentina, and Bolivia The net balances arrived at by offsetting on a much smaller scale, balances of the United the sums owed to the United States against States with South American, countries were the sums owed by the United States do not chiefly owed by them to the United States, in take into consideration the question whether contrast with the situation for the countries of American credits, abroad could in reality be Europe. The balances owing to the United availed of to reduce the balances owed by the States were not large, although Brazil and United States. As a matter of fact, the bal- Chile together owed us sums ranging from ances held by Americans abroad were in many $17,000,000 to $42,000,000. Argentina, on the cases speculative holdings of foreign currencies, other hand, by reason of large dollar credits of and in other instances they constituted holdthe Argentine Government on the books of ings for special purposes, such as the purchase of commodities. On the other hand, the dollar bal- American banks, and also as a result of grain ances held by foreigners in this country represhipments to Europe, paid for by drafts on sented to a great extent purchasing power which New York, had a large balance on open account those countries were waiting to exercise when for the entire period. This balance stood at commodities should become more available, $28,662,502 on February 27, 1918, and inand in part they represented suspended demand creased rapidly to over $80,000,000 in May, for gold which became effective upon the raisafter which it remained fairly steady at a someing of the gold embargo. The dollar balances what reduced figure for the rest of the period. represented also unemployed sums which were Because of the large amount of Argentina's held in the United States as being in that balance due from the United States, the balform less subject to fluctuation in value than ances owed us by the other South American balances held in other currencies. In the countries merely served to offset in part the light of these facts, the dollar credits of fortotal due to Argentina, so that the United eign countries shown in Table II assume new States still owed a considerable balance to significance, since with the removal of the South America taken as a whole. gold embargo they may be regarded as con- FURTHER ANALYSIS OF NET BALANCES. stituting the gold debt of the United States. For the benefit of those who may wish to FOREIGN GOVERNMENT BALANCES. study in greater detail the net balances between the United States and foreign coun- Included in the balances which have been tries, as given in Table I, the net debits discussed in preceding paragraphs are credits and credits from which the net balances have in, favor of foreign Governments on the books been derived are presented in Table II. This of American, banks. These credits largely data for Great Britain, France, Canada, Japan, grew out of the advances made to foreign total Europe, and total world appears in Governments by the United States Governgraphic form in the chart on page 1405. The ment after our entry into the war. The net balances owed by the United States on amounts of the resulting balances due to foreign open account, which have been dealt with in Governments in the last week of each month preceding paragraphs, represent net differ- from June, 1918, to June, 1919, will be found in ences between sums owed by the United States Table IV. to foreign countries and sums owed by foreign It will be observed that the total foreign countries to the United States. The first col- Government balances with American banking umn of Table II is accordingly devoted to dol- houses ranged from a little over $200,000,000 lar credits of foreign concerns carried with con- to nearly $400,000,000 in the 12 months endcerns in the United States, and the second ing June, 1919. A maximum of $387,170,354 column to amounts which American concerns was reached on November 13, 1918, immedicarried in foreign currencies abroad. Wherever ately after the armistice. From January to overdrafts by foreign concerns are greater June, 1919, the balances owed to foreign, Govthan the credits to dollar account, no credits ernments declined steadily, on June 25, 1918, to dollar account are shown in the table, amounting to $210,345,520. The fluctuations but instead the amount by which the over- in the total Government balance are due almost drafts exceed the dollar credits. Such amounts entirely to changes in the sums owed to the are indicated in Table II as overdrafts. The European allies. The amounts owed to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1921. FEDEKAL RESERVE BULLETIN. 1405 NET BALANCES ON OPEN ACCOUNT OWED BY UNITED STATES TO FOREIGN COUNTRIES, FEBRUARY, 1918 - JUNE , 1919 AS REPORTED TO DIVISION OF FOREIGN EXCHANGE, FEDERAL RESERVE BOARD AMOUNTS OWED TO U. S. AMOUNTS OWED BY U.S. NET BALANCES OWED BY U S. MILLIONS OF TOTAL EUROPE TOTAL WORLD 1500 1500 1250 1250 1000 1000 750 750 500 500 250 250 F. M, A.M. J. J. A. S. O. N. D. J. F. M.'A.'M J. F. M.A. M. J. J. A. S. O. N. D. J, F. M. A. M J. 1918 1919 1918 1919 JTote; Cross hatched areas for Great Britain fbr March, April, and May, 1919, indicate that figures are inclusive of orerdrafts. 78092—21 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1406 FEDERAL, RESERVE BULLETIN". DECEMBER, 1921. Argentine Government varied but little during balance of the Italian, Government on open the 12-months period, being not far from account was above that of the French Govern- $90,000,000 throughout. The fact that this ment. After the armistice the Italian Governfigure is greater than the net balances shown ment balance declined very rapidly from its for Argentina in Table I is accounted for by peak of $70,000,000 in the .middle of Novemoverdrafts or offsets that reduce the total net ber, 1918, to a fairly even, level of about balance below the balance owed to the Argen- $20,000,000 throughout the first six months of tine Government. Aside from the European 1919. The net balance of the French Governallies and Argentina, other foreign Govern- ment at no time exceeded $60,000,000, the ments had comparatively small balances in this high point being reached in November, 1918. country, and therefore call for no particular From March to June, 1919, the French Governcomment here. ment steadily reduced its balance with banking Among the Governments of the European institutions in this country, and at the end of allies, the British Government had the largest June had a balance to its credit of only $28balance, although in March and April, 1919, her 000,000, the lowest point to which this balance balance fell slightly below that of France. was allowed to fall during the period for which The British balance attained a maximum of the records of the Division- of Foreign Ex- $136,198,215 on November 13, 1918, and there- change are available. after followed much the same course as has Detailed figures covering both total net been, indicated for the allied Governments as a balances and foreign Government balances, group. In the early part of 1918, and again classified by countries and by groups of counin November of the same year, the net credit tries, will be found in the tables which follow. TABLE I.—NET BALANCES ON OPEN ACCOUNT BETWEEN UNITED STATES AND FOREIGN COUNTRIES ON SPECIFIED DATES. [Balances owed by foreign countries to United States are marked by minus (—) sign; balances not so marked are owed by United States to foreign countries.] Countries. Feb. 27,1918. !Mar. 27,1918.Apr. 24,1918. May 29,1918.June 26,1918.1 July 31,1918. Aug. 28,1918. iSept.25,1918.Oct.30,1918. European allies: France, $141, 679,586 $179,430,891 $191, 506,563$206,119, 810 $201,531,224 $205,569, 065 $211,231, 998$196,742,852 $197,095,544 Great Britain 92,699, 478 123,624,937 102, 842,184 111,946,929 136,903,939 192,137,699 175,208,126 159,967,342 159, 878,988 Greece 56,029,926 56,143,390 57,828,035 58,931,718 61, 436,783 58,896,908 56,4% 140 55,022,933 51,025,614 Italy 42,050. 559 52,707, 814 61, 737,133 85,568,227 85,686,041 89,164,877 87,907^503 65, 045,435 62, 654,815 Portugal 1,936; 880 3,405,912 3,240,163 4,056,437 4,031,847 2,926,828 3,975,358 3, 342,528 2,504,323 Russia 34,071,947 31, 580,210 34,107,709 33,980, 784 30, 825,365 23,527,166 13,340,9*1 15,648,677 21, 521,310 Other points 2,904,450 5,366,011 6,545,494 6,828,578 6,416, 985 5,034,657 2,841,067 2,799,502 1,779,124 European neutrals: Denmark 69,346,193 79,692,037 71,070,117 75,948,856 76,218,477 78,499,116 80,211,641 82,445,441 84,125,909 Holland 63,037,005 57,204,305 56,577,334 55,296,901 59,426,186 60,376,513 61,689,572 61,215,713 59,308,487 Norway 63,793,797 62,963,455 60,688, 815 60,457,036 68,214,013 64,116,998 60,133,703 64,021,141 66,190,008 Spain 20,979,125 22,548,615 22,220,193 23,424,705 27,515,241 28,793,999 31,536,608 34,421,826 32,213,324 Sweden 23, 895.040 26,704,934 27, 984, 356 29,738,433 29,436, 243 31,432,959 33,279,195 31,996,967 35,951,125 Switzerland 24,296,052 13,712,507 20,231,088 13,769, 286 20,945, 688 16,581,685 15,556,446 19,724,229 27,575,181 Central Powers: Austria-Hungary... 215,448 —3,444,588 -3,054,598 -3,168,952 -3,154,493 -4,426,503 -4,443,058 -4,860,998 -4,838,161 Germany -2,872,377 -3,004,244 -5,795,547 -2,746,602 -5,977,627 -8,106,137 -S, 486,864 -8,654,759 -8,083,267 Turkey 150,983 155,197 35,493 39,640 -260,277 -148, 563 -27,985 —27,256 Asia: China 2,849,711 -1,059,796 —2,492,418 1,530,113 1,848,834 1,707, 274 -2,353,202 -679, 972 -1,190,633 East Indies 7,269,998 8,152,092 7,954,008 7,628,082 7,400,231 7,606,104 5,025,411 3,948,791 4, 044,448 India 6,563,231 3,859,447 3,997,042 -5,708,887 -6.062,783 -4,962,629 -9,221,586 -14,924,900 -12,708,365 Japan 20,840,274 33,249 26,138,644 44,425,546 92', 779,681 i101,385,296 155,993,900 150,351,959 80,927,949 Straits Settlements. -596,533 -502,585 -1,008,956 2,322,118 434,963 ; -317,616 —535,043 221,477 —310,816 Other points 1,340,448 1,508,183 1,645,837 2,235,732 1,125,913 ; 227,832 359,170 102,674 258,170 North America: Canada 71,180,679 64,222,538 48,693,128 14,578,812 15,407,603 I 13,450,066 16,970,649 42,370 3,712,830 Central America 6,702,60S 6,821,436 7,186,911 7,811,317 8,406,333 ! 8,479,079 7,634,860 7,647,387 5,842,550 Mexico 20,940,763 14,393,216 23,144,811 23,110,306 22,872,780 j 24,421,507 22,993, 639 22,368,257 24,413,343 West Indies -214,237 14,401,517 6,594,908 1,192,190 -1,587,187 j -994,754 -4,521,791 -8,175,867 -9,767,012 South America: Argentina 28,662, 502 45,406,210 61. 588,505 82,384,920 80,225,476 70,945,794 68,196,919 55,008,687 62,766,760 Bolivia 786,844 1,026,558 1,267,967 1,669,420 2,919,966 2,770,015 3,268,683 3,586,309 3, 400,256 Brazil -9,176,195 -11,446,555 -9,611,870 -12,448,637 -17,463,447 -16,585,918 -16,115,815 -14,564,846 -12,104,917 Chile -9,156,789 -8,432,117 -7,783,316 —4,440, 758 -3,944,913 -8,323,227 -10,730,655 -12,655,454 —12,260,220 Colombia —1,590,939 -2,421,101 -3,804,076 -6,894,413 -6,918,104 -7,347,524 -7,557,195 -7,762; 486 —7,404,401 Ecuador -3,591,238 -3,029,070 -3,698,524 -4,347,237 -5,105,361 -4,793,796 -4,591,369 -4,886,351 -4,460,173 Peru -2,524,408 -2,569,533 -31689,577 -2,512,083 -2,584,506 -3,215,171 -2,455,344 —47,247 2,482,820 Uruguay -1,233,209 -2,195,341 -553,405 986,529 698,048 264,143 168,349 -312,052 926,670 Venezuela -497,990 -2,145,346 -2,457,353 -3,869,312 —3,576,451 -2,937,997 -3,518,548 -3,56i; 729 -3,610,744 Other points 820,575 230,543 -I', 962,946 -1,918,495 -1,958,053 —2,260,611 —2,718,287 -2,989,995 -3,252,841 Africa -318,312 -878,005 -1,165,920 -1,258,926 -1,810,968 -1,916,942 -1,983,313 -2,736,280 -3,445,254 Australasia 761,484 69,794 -681,961 -422,335 -1,600,124 -1,631,747 -2,506,822 -1,545,648 -1,533,156 RECAPITULATION. European allies 371,372,826 452,259,165 457,807,281 507,432,483 526,832,184 577,257,200 555,921,133 498,569,269 496,459,718 European neutrals 265,347,212 262,825,853 258,771,903 258,635,217 281,785,848 279,801,270 282,407,165 296,825,317 305,334,034 Central Powers -2,656,929 -6,297,849 -8,694,948 -5,880,061 -9,092,480 -12,792,917 -13,078,485 -13,543,742 -12,948,684 Asia 38,267,129 11,990,590 36,234,157 52,432,704 97,526,839 105,646,261 149,265,650 139,020,029 71,020,753 North America 98,609,813 99,838,707 85,619,758 46,692,625 45,099,529 45,355,898 43,077,357 21,882,147 24,201,711 South America 2,499,153 14,424,248 29,295,405 48,609,934 42,292,655 28,515,708 23,946,738 11,784,836 26,483,177 Africa and Australasia. 443,172 —808,211 -1,847,881 -1,681,261 -3,411,092 -3,548,689 -4,490,135 -4,281,928 -4,978,410 Grand total 773,882,376 834,232,503 857,185,675 906,241,641 981,033,483 1,020,234,731 1,037,049,423 950,255,928 905,602,299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1407 TABLE L—NET BALANCES ON OPEN ACCOUNT BETWEEN UNITED STATES AND FOREIGN COUNTRIES ON SPECIFIED DATES—Continued. [Balances owed by foreign countries to United States are marked by minus (—) sign; balances not so marked are owed by United States to foreign countries.] Countries. Nov. 13,1918.Nov. 27,1918,Dec. 31,1918.Jan. 29,1919.Feb. 26,1919.Mar. 26,1919.Apr. 30,1919. (May 28,1919. June25,19l9. European allies: France $195,2O9>O12 $187,450,136 $144,122,473 $123,280,840 $59,820,028 $84,298,153 $84,153,737 $74,011,623 $68,852,622 Great Britain 160,025,743 82,482,542 142,008,511 158,774,723 120,012,356 165,316,015 154,188,925 159,354,930 105,363,541 Greece 47,908,816 51,942,482 45,664,708 42,127,028 43,715,677 42,024,666 45,230,177 42,499,871 43,000,841 Italy 83,104,588 84,012,252 58,616,854 49,434,359 50, 423, 704 62, 028,899 61,936,966 76,657,847 78,239,156 Portugal 2,481,373 1,572,385 2,253,679 2,149,243 1,556,338 885,490 780,675 422,423 -290,924 Russia 21,637,602 22,149,425 23,352,748 23,263,934 20,166,307 19,472,388 18,416,091 6,374,425 5,890,315 Other points 1,892,160 6,407,588 6,991,165 8,771,183 8,580,181 8,895,351 8,627,531 -908,821 -2,060,781 European neutrals: Denmark 86,255,842 87,342,848 91,039,784 91,609,940 95,477,974 92,381,538 87,164,814 80,259,454 67,170,134 Holland 59,827,781 60,207,535 70,393,334 66,290,692 72,416,348 71,294, 221 81,178,020 81,539,699 73,838,392 Norway 63,959,939 68,664,675 62,116,305 60,017,038 59,967,469 56,720,208 49,129,994 43,575,667 31,054,310 Spain 34,070,110 34,298,606 31,146, 756 26,922,587 26,201,205 25,198,865 26,338,308 28,911,213 33,170,414 Sweden 35,373,540 37,878,092 41,652,177 48,242,915 49,935,488 52,702,728 58,680,515 56,439,405 46,214,438 Switzerland 28,275,603 27,742,907 27,191,007 28,065,695 27,521,328 28,635,320 30,524,577 30,093,653 20,013,508 Central Powers: Austria-Hungary -4,849,869 -4,325,492 -4,278,404 -4,584,622 -5,051,055 -5,296,782 -6,037,767 -5,888,826 -5,927, 207 Germany -8,239,277 -8,672,605 -8,901,764 -8,699,964 -10,691,566 -12, 590,403 -13,215,460 -13,827,652 -14,257,417 Turkey -25,771 -17,860 -9,160 -34,799 9,127 25,083 48,385 -116,472 -292,919 Asia: China 244,405 2,999,591 601,589 -518,571 -1,909,310 -1,828,569 -3,228,294 1,505,576 -2,686,812 East Indies 4,292,541 4,372,586 3,580,483 3,331,096 3,074,281 2,816,184 2,869,801 3,795, 859 3,683,112 India -16,277,580 -15,689,511 -15,029,425 -13,344,511 —9,217,413 -15,672,134 -9,574,180 -9,804,585 -8,883,858 Japan 81,133,783 82,059,848 99,816,033 79,331,612 64,180,757 39,183,286 14,746,835 4,347,422 -1,965,968 Straits Settlements... -1,516,963 -614,114 -1,012,476 -168,909 1,890,421 2.459,522 2,299,049 4,834,314 4,162,140 Other points -966,715 213,812 1,192,205 -674,962 -1,102,356 1.576,523 1,451,342 777,632 2,455,919 North America: Canada 15,848,069 47,076,662 29,378,225 29,424,485 39,920,994 47,534,812 37,645,550 42,680,012 55,435,236 Central America 5,266,233 4,908,270 5,202,137 7,963,936 10; 174,979 10,394,919 11,225,590 12,571,367 13,283,019 Mexico 25,014,135 24,167,845 19,703,676 25,128,595 29,183,607 32,253,816 37,589,975 37,877,551 37,808,808 West Indies -12,956,573 -19,955,870 -24,214,933 -33,513,003 -29,604,634 -31,693,711 -16,125,359 -13,189,919 -19,485,191 South America: Argentina 66,510,049 73,384,758 77,291,385 79,991,830 82,019,710 76,546,633 72,084,418 69,816,087 62,601,213 Bolivia 3,394,412 3,262,305 3,316,658 3,098,023 2,035,633 2,097,497 1,701,488 1,138, 754 -404,284 Brazil -15,485,240 -16,469,737 -16,627,060 -17,734,890 -16,169,878 -23,944,656 -17,629,329 -19,611,515 -19,198,693 Chile -14,349,951 -13,603,317 -16,607,811 -18,202,424 -17,290,140 -18,269,790 -13,608,237 -11,278,794 -8,641,166 Colombia -7,095,787 -7,132,507 -7,736,792 -7,406,261 -10,265,725 -11,120,705 -15,577,642 -15,134,397 -15,134,005 Ecuador -4,202,440 —4,070,699 -2,036,149 -4,002,777 146,270 -1,490,993 -1,683,410 -114,754 —680,953 Peru 2,551,247 2,728,919 3,933,662 4,836,182 4,304,119 4,731,432 4,934,168 5,861,427 4,580,869 Uruguay 1,285,544 888,501 306,850 142,002 -806,418 -1,665,119 —758,625 -686,603 -1,278,391 Venezuela -3,909,302 -3,950,164 -4,371,442 -3,493,315 -3,663,743 -2,992,343 -3,031,721 -2,643,095 -3,142,770 Other points -2,982,749 -2,955,724 -2,831,447 -3,086,108 -2,710,976 -3,830,594 -3,814,767 -3,838,259 -2,871,008 Africa -3,551,757 -3,758,188 -4,497,533 —4,628,174 -4,912,293 -4,924,739 —3,854,184 -4,234,532 -5,068,060 Australasia -1,706,036 -1,390,045 -582,138 -251,844 -1,237,748 -1,207,063 -862,934 -1,167,175 -1,500,357 RECAPITULATION. European allies 512,259,294 436,016,810 423,010,138 407,801,310 304,274,591 382,920,962 373,334,102 358,412,298 298,994,770 European neutrals 307,762,815 316,134,663 323,539,363 321,148,867 331,519,812 326,932,880 333,016,228 320,819,091 271,461,196 Central Powers 1-13,114,917 -13,015,957 -13,189,328 -13,319,385 -15,733,494 -17,862,102 -19,204,842 -19,832,950 -20,477,543 Asia. ! 66,909,471 73,342,212 89,148,409 67,955,785 56,916,380 28,534,812 8,564,553 5,456,218 -3,235,467 North America 33,171,864 56,196,907 30,069,105 29,004,013 49,674,946 58,489,836 70,335,756 79,939,011 87,041,872 South America 25,715,783 32,082,335 34,637,854 34,142,262 37,598,852 20,061,362 22,616,313 23,508,851 15,830,812 Africa and Australasia.. -5,257,793 -5,148,233 -5,079,671 -4,880,018 -6,150,041 -6,131,802 -4,717,118 -5,401,707 -6,568,417 Grand total ! 927,446,517 895,608,737 882,135,870 841, 852,834 758,101,046 I 792,945,948 783,945,022 762,900,812 643,047,223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE II.—BALANCES OWED BY UNITED STATES TO FOREIGN COUNTRIES AND BY FOREIGN COUNTRIES TO UNITED STATES ON SPECIFIED DATES. O Feb. 27,1918. Mar. 27,1918. Apr. 21,1918. May 29,1918. June 26, 1918. July 31, 1918. 00 Countries. Due by Due to Due by Due to Due by Due to Due by Due to Due by Due to Due by Due to United United United •United United United United United United United United United States. States. States. State. States. States. States. States. States. States. States. States. European Allies: France $163,152,012|$21,472,426 $200,950,993 $21,530,102 $209, 438,908 $17,932,345 $232,285,640!$26,105, 830 $223,763,099 $22, 231, 875 $225,889,399 $20,320,334 Great Britain 189,931,664 97,232,186 202,172,960 78,548,023 169,858,891 67,016,707 192,936,7981 80,989,869 186,466,503 49,562, 564 204,773,982 12,636,283 Greece 55,998,631 i 31,295 55,432,599 1 710, 791 57,258,422 569,613 58,439,103 i 492,615 62,289,336 852,553 58,588.416 1 308, 492 Italy 47,061,120 5,010,561 57,937, 596 5,229,782 63,962, 248 2,225,115 90, 804,772 5,236,545 91,911,798 6,225,757 96,907,740 7,742, 863 Portugal 1,982,632 45, 752 3,526,881 120,969 3,477,906 237, 743 4,306,717 250, 280 4,129,726 97, 879 3,114,870 188,042 Russia 42,229,488 8,157,541 40,658,562 9,078,352 46,462,981 12,355,272 48,562, 834 14,582,050 45,476,371 14,651,006 41,607,204 18,080,038 Other point? 6,565,299 3,660, 849 5,648, 753 282,742 6, 841, 511 296,017 7,178,547 349,969 6, 800,252 383,267 5,596,251 561,594 European neutrals: Denmark 69,641,419 295,226 80,157,447 465,410 71,371,069 300,952 76,180,178 231.322 77,550, 273 1, 331,796 79,728,157 1,229,041 Holland 61,238, 706 11, 798,299 55,737,644 i 1, 466,661 54,254,615 12,322,719 53,030, 818 i 2,266,083 58, 875, 765 1 550,421 58, 795,628 1 1, 580, 885 Norway 65,282,528 1,488,731 63, 213,723 250, 268 60,908,622 219, 807 60, 502, 824 45,788 68,245,594 31,581 64,042,225 174,773 Spain 2 19,111,534 M,867,591 20,688.618 11, 859,997 21, 013, 579i 1,206,614 23,275,644 I 1149,061 27,190, 208 1355,033 28,690,281 1 103,718 Sweden 24,234,120 339,0S0 26,751,346 46,412 27,765,323 i 219,033 29,636,846 i 101,587 28, 707,386 1 728, 857 31,119,194 1 313,785 Switzerland.. 24, 468, 462 172,410 13, 729, 719 17, 212 20,748,008 516,918 13,752,061 J i 17,225 20,809,989 1135,699 16,211,182 1 370,503 Central Powers: Austria-Hungary 2,411, 534 2,196,086 i 158,521 3, 286,067 292,026 3,346,624 i 163,640 3,005,312 i 147,169 3,007,324 ! 1123,780 4,302,723 Germany 912,405 3,784,782 906,105 3,910,349 i 1,795,120 4,000,427 689,127 3,435, 729 i 63,321 5,914,308 1 553,663 7,552,474 Turkey.' 153,083 2,100 179, 546 24,349 174,548 139,055 178,732 139,092 I 175,106 435,383 Asia: China 5,188,088 2,338,377 3,447,678 4, 507,474 3,959,623 6,452,041 9,203,654 7,673,541 9,572,282 7,723,448 ' 11,201, 895 9,494,621 East Indies 7,982, 038 712,040 8, 481,671 329,579 8,082,645 128,637 7,752,556 124,474 7,576,632 176,401 8,080,280 474,176 Tndia 11,991,112 5,427,881 8,439,395 4, 579,948 7,941,735 3,944,693 1,609,125 7,318,012 2,359,180 8,421,963 5,451,959 10,414,588 Japan 39,414,982 18,574,708 50,215,069 50,181, 820 55,427,999 29,289,355 73,930,413 29,504,867 114,911,199 22,131,518 124,576,803 23,191,507 Straits Settlements 273,781 870,314 i 293,650 208,935 i 673,647 335,309 2,662,382 340, 264 948,462 513,499 439, 271 756,887 Other points 1,670,823 330,375 1,767,481 259,298 2,158,932 513,095 2,597,093 361,361 1,543,483 417,570 776,959 549,127 North America: Canada 80,353,179 9,172, 500 82, 829,191 18,606,653 80,218,000 31,524, 872 59,636,095 45,057,283 67,979,012 52,571,409 77,569,406 64,119,340 Central America 6, 894,369 191,761 9,100,567 2,279,131 9,197,971 2,011,060 10,257,140 2,445, 823 11, 782,650 3, 376,317 11,539,518 3,060,439 g Mexico 22,413,137 1, 472,374 16,695,550 2, 302,334 25,057,169 1,912, 358 26,960, 821 3,850,515 27,448,998 4,576,218 31,155,254 6,733,747 West Indies 5,451,849 5,666,086 19,151,033 4, 749, 516 19,058,436 12, 463,528 22,154,119 20,961,929 26,559,228 28,140,415 26,368,719 27,363,473 South America: 3 Argentina 41,006, 898 12,3*4,398 56,582,912 11,176,702 69,956,747 8,368,242 94,458, 865 12,073,945 91, 850, 866 11,625,390 87,493,623 16,547,829 B B o ra li z v i i l a i 2 5 , , 6 8 9 7 6 3 , , 0 6 9 9 2 7 3 1 , , 3 90 0 9 2 , ,4 2 9 4 8 8 i 2 6 , , 6 0 4 9 4 7 , , 0 4 2 5 1 0 5 1, , 3 6 4 1 9 7 , , 1 4 0 6 5 3 i 3 4 , , 3 3 0 9 5 5 , , 5 5 4 1 2 4 5 2 , , 2 0 1 3 6 7 , , 3 5 2 4 8 7 i 3 1 , , 5 5 1 4 2 1 , , 1 0 3 4 4 9 1 1 0 , , 9 8 0 42 7 , , 5 6 0 2 3 9 i 4 5 , , 7 0 2 2 8 4 , , 3 78 3 7 8 1 1 2 , , 4 8 3 08 9 , , 1 8 0 2 9 1 1 5 2 , , 0 5 6 9 2 2 , , 6 5 2 4 9 6 1 2 3 , , 2 9 9 9 2 3 , , 3 6 7 1 2 4 3 Chile 3S7, 626 9,544,415 221,285 8,653,402 3,467,006 11,250,322 5, 849,633 10, 290,391 5,820, 874 9,765,787 2,751,142 11,074,369 Colombia 15,002 1,605,941 1,782,204 4, 203,305 903,265 4,707,341 658, 871 7,553,284 737,583 7,655,687 158, 892 7,506,416 Ecuador 1 2, 766,454 824, 784 i 1,963,660 1, 065,410 i 2,615,236 1, 083,288 i 2, 892,096 1,455,141 i 3,442, 744 1,662,617 1 3,073, 852 1,719', 944 Peru 4,214,038 6,738,446 4,459,362 7,028, 895 4,954,027 8,643,604 4,613,343 7,125,426 5,091,129 7,675,635 5,077,429 8,292,600 Uruguay i 775,778 457,431 U,850,670 344,671 i i 268,440 284,965 1,247,428 260, 899 1,206,711 508,663 835,575 571, 432 Venezuela 78,305 576, 295 i 241,165 1,904,181 1 89, 466 2,367, 887 i 500,188 3,369,126 i 145,442 3,431,009 1 174,755 3,112,752 Other points 856,152 35,577 371,933 144,390 ! 1 106,043 1,856 903 17.900 1.936.395 1 16.820 1,941,233 I 1272,964 1,987,647 Africa i 55,279 263,033 i 64,991 813,014 i 49,624 1,lie', 296 370,798 l', 629; 724 522; 500 2,333,468 683, 867 2,600,809 Australasia 1,475,671 714,187 1,350,045 1,280,251 1, 776,491 2,458,452 1,904,518 2,326, 853 1,941,200 3,541,324 1,767,721 3,399,468 RECAPITULATION. European Allies 506,920, 846 548,020 566,338,314 114,079,179 557,300, 867 99, 493,586 634,514,411 127,081,928 620, 837,085 94,004,901 636,477, 862 59,220,662 European neutrals 263,976,769 370,443 260,278,497 i 2, 547,356 256,061,214 12,710,689 256,378,371 i 2,256,846 281,379,215 1406,633 278,586,667 11,214,603 Central Powers 3,323, 939 980,868 900,667 7,198,516 i 1,323, 548 7, 371, 400 700,035 6,580,096 1 31, 758 9,060,722 1 502,337 12,290,580 Asia 66,520, 824 253,695 72,057,644 60,067,054 76,897,287 40,663,130 97,755,223 45,322,519 136,911,238 39,384,399 150,527,167 44,880,906 North America 115,112, 534 502,721 127, 776,341 27,937,634 133,531, 576 47,911,818 119,008,175 72,315,550 133,769, 888 88,670,359 146,632,897 101,276,999 South America 39, 838,184 339,031 55,911, 772 41,487,524 75, 111, 832 45, 816,427 105,424,673 56,814,739 100,806,606 58,513,951 95,614,683 67,098,975 Africa and Australasia 1,420,392 977,220 1,285,054 2,093,265 1,726, 867 3,574,748 2,275,316 3,956,577 2,463,700 5,874, 792 2,45i; 588 6,000,277 Grand total. 997,113,488 223,231,112 1,084,548,319 250,315,816 1,099,306,095 242,120,420 |l, 216,056,204 309, 814,563 1,276,135,974 |295,102,491 1,309, 788,527 289,553,796 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Aug. 28, 1918. Sept. 25,1918. Oct. 30,1918. Nov. 13, 1918. Nov. 27, 1918. Dec. 31,1918. Countries. Due by Due to Due by Due to Due by Due to Due by Due to Due by Due to Due by Due to United United United United United United United United United United United United States. States. States. States. States. States. States. States. States. States. States. States. European Allies: France.. $234,690,855 $23,458,857 $223,971,940 $27,229,088 $220,461,938 $23,366,394 $222,407,974 $27,198,962 $218,255,100 ($30,804,964 j $169,882,953 $25,760,480 Great Britain 184,748,274 9,540,148 170,325,376 10,358,034 166,997,096 7,118,108 201,299,145 41,273,402 117,584,055 35,101,513 ! 171,357,171 29,348,660 Greece , 55,856,449 i 559,691 53, 876,371 i 1,146,562 50,027,847 1997,767 47,922,537 13,721 51,156,127 1 786,355 1 44,714,003 1 950,705 Italy 101,106,026 13,198,523 74,936,868 9,891,433 77,606,817 14,952,002 96,999,850 13,895,262 97,875,353 13,863,101 ! 70,284,091 11,667,237 Portugal 4,225,467 250,109 4,349,243 1,006,715 3,415,229 910,906 3,370,982 889,609 2,444,293 871,908 j 3,134,538 880.859 Russia 37,090,483 18,749,542 34,537,565 18,888,888 39,690,586 18,169,276 39,601,731 17,964,129 40,224,312 I 18,074,887 ! 41,295,133 17,942,385 Other points 3,479,397 638,330 3,387,145 587,643 2,336,322 557,198 2,451,371 559,211 6,947,974 540,386 ; 7,523,025 531.860 European neutrals: Denmark 81,588,766 1,377,125 83,956,271 1,510,830 85,754,537 1,628,628 87,891,530 1,635,688 88,825,075 1.482.227 I 92,560,594 1,520,810 Holland 59,526,902 i 2,162,670 58,708,829 12,508,884 56,164,423 13,144,064 56,214,826 13,612,955 56,110,837 1 4,096,698 I 71,625,694 1,232,360 Norway 60,728,638 594,935 63,695,222 i 325,919 65,220,434 i 969,574 63,624,397 1335,542 68,750,426 85,751 ! 63,706,615 1,590,310 Spain2 31,690,924 154,316 34,821,122 399,296 31,596,670 1616,654 32,222,265 1 1,847,845 32,257,529 1 2,041,077 30,193,207 1 953,549 Sweden 32,316,246 1 982,949 33,480, 832 11,516,135 35,690,156 1260,969 35,340,467 133,073 38,009,702 131,610 I 41,093,313 1 558,864 Switzerland 15,672,712 116,266 19,461,192 1263,037 27,306,913 i 268,268 27,565,207 1 710,396 26,300,572 11,442,335 j 25,509,702 11,681,305 Central Powers: Austria-Hungary 1 108,119 4,334,939 1492,321 4,368,677 i 465,868 4,372,293 1 471,856 4,378,013 1 471,646 3,853,846 i 1461,764 3,816,640 Germany. * 627,083 7,859,781 i 905,395 7,749,364 11,115,610 6,967,657 1 1,140,699 7,098.578 11,346.377 7.326.228 i 1 1.570.967 7.330,797 O Turkey 309,981 458,544 441,023 469,008 470,205 497,461 471,704 497; 475 486J 813 504,673 j '505;112 '514; 272 tei Asia: China 8,815,017 11,168,219 11,249,464 11,929,436 10,228,286 11,418,919 11,128,759 10,884,354 14,408,681 11,407,090 I 11,584,044 10,982,455 East Indies 5,676,167 650.756 4,923,287 974,496 5,330,307 1,285,859 5,626,055 1,333,514 5,707,722 1,335,136 ; 5,017,459 1,436,976 India 5,060,288 14,284,874 284,679 15,209,579 2,138,181 14,846,546 1591,214 15,686,366 1 1,192,411 14,497,100 12,338,668 12,690,757 Japan 182,935,377 26,941,477 193,078,112 42,726,153 121,828,656 40,900,707 129,447,411 48,313,628 137,883,723 55,823,875 | 157,856,506 58,040,473 Straits Settlements 438,156 973,199 1,461,967 1,240,490 1,270,939 1,581,755 124,039 1,641,002 1,034,555 1,648,669 I 878,104 1,890,580 Other points 1,009,745 650,575 650,090 547,416 835,134 576,964 1472,279 494,436 664,215 450,403 I 1,728,066 535,861 8 North America: Canada 78,739,991 61.769,342 69,980,456 69,938,086 63,006,707 59,293,877 65,341,986 49,493,917 78,234,716 31,158,054 ! 65,307,378 35,929,153 Central America 11,171,630 3,536,770 11,096,318 3,448,931 9,235,425 3,392,875 8,491,962 3,225,729 8,337,973 3,429,703 i 8,783,181 3,581,044 Mexico 29,867,478 6,873,839 29,575,588 7,207,331 30,914,887 6,501,544 31,465,221 6,451,086 30,639,480 6,471,635 26,540,621 6,836,945 West Indies } 24,108,061 28,629,852 20,755,644 28,931,511 16,900,901 28,667,913 15,991,747 23,948,320 8,522,049 28,477,919 6,447,038 30,661,971 South America: i i Argentina I 87,510,978 19,314,059 74,074,957 19,086,270 80,489,095 17,722,335 i 82,726,394 16,216,345 87,268,270 13,883,512 87,939,229 10,647,844 Bolivia ! 5,591,794 2,323,111 6,053,849 2,467,540 5,886,771 2,488,515 5,892,198 2,497,786 5/631,117 2,368,812 5,740,327 2,423,669 Brazil ! i 1,259,765 14,856,050 361,948 14,926,794 2,420,458 14,525,405 1,391,196 16,876,436 1 952,293 15,517,444 11,409,250 15,217,810 Chile ; 1,087,281 11,817,936 i 1,689,572 10,965,882 i 1,967,513 10,292,707 | 1 4.078,551 10,271,400 15,043,933 8,559,384 18,012,463 8,595,348 Colombia I 122,414 7,679,609 228,081 7,990,547 420,034 7,824,438 744,235 7,840,022 756,094 7,888,601 342,745 8,079,537 Ecuador i i 2,953.693 1,637,676 i 3,100,804 1,785,547 12,643,725 1,816,448 1 2,392,764 1,809,676 12,374,145 1,696,554 1311,970 1,724,179 Peru I 5,917,639 8,372,983 7,998,041 8,045,288 10,502,826 8,020,006 ! 10,577,362 8,026,115 10,612,575 7,883,656 11,894,105 7,960,443 Uruguay ... j 889,890 721,541 337,347 679,399 1,323,699 397,029 1,687,049 401,505 1,359,962 471,461 727,001 420,151 Venezuela I 1 142,929 3,375,619 72,676 3,634,405 162,755 3,547,989 1386,970 3,522,332 1296,327 3,653,837 1 492,022 3,879,420 Other points j 1119,693 2,598,594 i 148,291 2,841,704 i 279,193 2,973,648 1 45,662 2,937,087 1 36,917 2,918,807 1167 2,831,280 Africa ! 776,327 2,759,640 773,787 3,510,067 888,470 4,333,724 904,946 4,456,703 971,551 4,729,739 879,815 5,377,348 1,447,538 3,954,360 2,377,253 3,922,911 2,389,849 3,923,005 2,410,498 4,116,534 2,878,654 4,268,699 3,950,589 4,532,727 Australasia RECAPITULATION. European Allies 621,196,951 .,....,. 565,384,508 815,239 -560,535,835 64.076-117 614.053590 101-794.296 534.487.214 98.470.404 508.190. 85.180.776 European neutrals j 281,524,188 i 882,978 294,121,468 703,849 zbi', 733', 133 1 3,630,901 302,858! 692 1 4', 904^ 123 310', 254', 141 i5',880',522 324', 689' ll 149', 762 Central Powers I i 425,221 12,653,264 i 956,693 587,049 11,111,273 11,837,411 1 1,140, 851 11,974,066 1 1,331.210 11,684,747 il,527, 11,661,709 Asia I 203,934,750 54,669,100 211,647,599 627,570 141,631,503 70,610,750 145,262,771 78,353,300 158,504', 485 85,162,273 174,725, 85,577,102 North America .. i 143,887,160 100,809,803 131,408,006 525,859 120,057,920 95,856,209 I 121,290,916 88,119,052 125,734,218 69,537,311 107,078, 77,009,113 South America ! 95,643,916 ! 72,697,178 84,188,212 403,376 98,089,697 69,606,520 95,114,487 70,398,704 96,924,403 64,842,068 96,417, 61,779,681 Africa and Australasia. 2,223,865 j 6,714,000 3,151,050 432,978 3,278,319 8,256,729 3,315,444 8,573,237 3,850,205 8,998,438 4,830, 9,910,075 Grand total. .! 1,348,985,609 |311,936,186 1,288,944,150 !,222 1,222,215,134 |316,612,835 1,281,755,049 354,308,532 1,228,423,456 332,814,719 1,214,404,1 332,268,218 1 Overdrafts. 2 In these figures are not included balances arising out of the peseta credit negotiated by the United States Treasury in August, 1918, for the purpose of stabilizing dollar exchange in Spain. A total credit of 250,000,000 pesetas was authorized, of which 155,000,000 pesetas were used, this sum hem? advanced largely by means of 90-day drafts drawn by a group of American banks on a group of Spanish banks. The American banks in their reports to the Federal Reserve Board did not include these transactions in the amounts due by them in Spain, but considered them rather as obliga- O tions of the United States Government, as in reality they were. The Treasury paid off most of this Spanish credit in 1919 and the remainder in 1920. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE II.—BALANCES OWED BY UNITED STATES TO FOREIGN COUNTRIES AND BY FOREIGN COUNTRIES TO UNITED STATES ON SPECIFIED DATES—Continued. Jan. 29, 1919. Feb. 26, 1919. Mar. 26, 1919. Apr. 30, 1919. May 28,1919. June 25, 1919. Countries. Due by Due to Due by Due to Due by Due to Due by Due to Due by Due to Due by Due to United United United United United United United United United United United United States. States. States. States. States. States. States. States. States. States. States. States. European Allies: France $146,193,856 $22, 913,016 $88,830, 386$27,040, 358 $108,460,737 $24,162, 584 $108,125,396 $23, 971, 659 $98, 907, 748 $24, 898,125 $99, 268,438 $30,415, 816 Great Britain 191,153, 290 32, 378, 567 145,122,216 25,109,860 131,065,012 134,251,003 121,823,212 132,365,713 136,202, 872 123,152,058 129,402, 345 24,038, 804 Greece 40, 357, 74311, 769,285 42, 666,905 11, 048, 772 39,909,468 i 2,115,198 40, 909,473 1 4, 320, 704 40, 049, 780 1 2,450, 091 40, 784,469 1 2, 216, 372 Italy 57, 591, 833 8,157,474 57,689,503 7, 265,799 64, 059, 215 2,030,316 57, 521, 730 1 4, 415,238 68, 998, 356 1 7,659,491 74, 065, 945 14,173,211 Portugal , 2, 947, 673 798,430 2,497, 765 941,427 1, 829, 272 943, 782 1, 735,145 954,470 1, 353,167 930, 744 641,686 932,610 Russia 39,682, 231 16,418,297 36,605,171 16,438,864 35, 792,045 16, 319, 657 34,693,139 16, 277,048 22, 332,699 15,958,274 21, 749,98o 15,859,671 Other points 8, 745, 993 1 25,190 10,989,681 2, 409, 500 11,190,004 2, 294,653 12,162, 439 3, 534, 908 2,731,645 3,640, 466 2,705,194 4, 765, 975 European neutrals: Denmark 93, 254,451 1,644,511 97,423,973 1, 945, 999 95,088,095 2, 706, 557 90, 522,071 3, 357, 257 83, 715, 543 3, 456,089 72,143,064 4, 972,930 Holland 7€, 524, 608 1,233,916 72,150,493 i 265, 855 71, 743,134 448, 913 79,112,488 1 2, 085, 554 79, 718, 4771 1,821,222 77,018, 639 3,180,247 Norway 6J, 823, 566 1, 808, 528 61, 320,888 1, 353,419 57, 856, 896 1,136, 688 50,155,641 1, 025, 647 45,369,096 1, 793,429 33, 937,499 2, 883,189 Spain 2 25, 774, 76211,147, 825 25,571, 539 i 629, 666 24,802, 571 i 396, 294 24, 701, 286 11,637,022 25, 332, 5801 3, 578,633 27, 242,681 1 5,927,733 Sweden 48,137,265 1 2,105,650 48,705,459 11,230,029 52, 525, 538 i 177,190 58,989,783 309,268 58,906, 381 466,976 46,340,221 125,783 Switzerland 25, 879, 823i 2,185, 872 25, 555,902 11, 935,426 26, 916,135 11, 719,185 28,199, 913 1 2,324, 684 28, 607, 99211, 485, 661 20, 610, 049 596, 541 Central Powers: Austria-Hungary 1 442,154 4,142,468 i 425, 258 4, 625, 797 i 417,424 4, 879, 358 1392,611 5,645,156 1 52,699 5,127 1 36, 581 5,890,626 Germany i 1,531,230 7,168, 734 i 1, 745, 7078, 945, 859 i1, 588, 622 11, 001, 781 11,558,770 I 11,656,690 11,654,787 12', 172,865 1 1, 984, 920 i 12,292,497 Turkey." 516,273 551,072 560,199 551,072 576,155 551,072 606,880 ! 558,495 498,059 614,531 334,550 } 627,469 Asia: China 12,400,807 12,919,378 12,105,431 14,014,741 12,113,845 13,942,414 13,833, 555I 17,081,849 20,288,173 18,782,597 18, 559,813 21,246,625 East Indies 4,685,436 1,354,340 4,465,666 1, 391, 385 4, 249, 887 1,433, 703 4, 212, 336! 1,342,535 5,213,998 1,418,139 5,191, 788 1,508,676 India 11, 545,172 11, 799,339 1,113,052 10, 330, 465 i 1, 569,637 14,102, 497 1 2,016,400I 7,557,780 11, 941, 996 7,862, 589 11,401, 036 7,482, 822 Japan 155, 245, 813 75, 914,171 156,261,750 92, 080,993 142,958,079 103, 774, 793 125, 399, 706|llO,652,871 120,138,145 115, 790, 723 122,211,960 124,177, 928 Straits Settlements 1,802,087 1,970,996 4,152,066 2, 261,645 5,181,303 2, 721, 781 5, 230, 383I 2,931,334 7,890,651 3,056, 337 7, 337,442 3,175, 302 Other points 1110,935 564,027 i 479,119 623,237 2, 315, 397 738,874 2, 202, 896i 751,554 1, 589, 231 811,599 3,341, 341 885,422 North America: Canada 58,660,200 29, 235,715 65,634,251 25, 713,257 73,987,072 26,452,260 65,303,609 j 27,658,059 69,409,562 26,729, 550 87,046,954 31,611,718 Centra 1 America 11,396,688 3,432, 752 13, 789,161 3,614,182 14, 345, 596 3,950,677 15,075,402 3, 849, 812 16, 827, 920 4,256, 553 17,619,662 I 4,336,643 Mexico 32,147,276 7,018,681 37,090, 506 7, 906,899 40,243, 310 7, 989,494 45, 258, 543! 7,668,568 45, 381, 874 7,504,323 45,425,761 j 7,616,953 West Indies i 858,157 32, 654,846 3, 565,549 33,170,183 2, 795,267 34,488,978 16,858,130 32, 983,489 19, 501,603 32,691, 522 12,785,631 ! 32,270,822 South America: A Bo rg li e v n ia tina 8 5 9 , , 4 5 6 1 2 6 , , 8 8 7 4 7 5 9 2 , , 4 4 7 1 1 8 , , 0 8 4 2 7 2 9 4 0 , , 4 5 6 5 3 8, , 2 3 3 7 8 7 8 2 , , 4 5 2 3 7 8 , , 5 74 2 4 8 86 4 , , 4 5 4 3 8 3 , , 4 5 3 9 3 2 9 2 , , 9 4 0 3 1 5 , , 9 9 5 3 9 6 82 4 , , 5 1 5 4 3 3 , , 1 5 6 3 9 1 1 2 0 , , 4 4 4 6 1 9, , 1 6 1 8 3 1 7 3 9, , 8 5 6 7 3 3 , , 1 0 0 8 8 6 1 2 0 , , 4 0 3 4 4 7, , 0 3 2 3 1 2 7 2 6 , , 0 4 6 0 1 9 , ,9 8 3 1 8 6 1 2 3, , 4 8 6 0 6 8 , , 1 7 0 2 0 5 3 Brazil 11,911,863 15,823,027 47,956 16,217,834 i 2,815,363 21,129,293 1 5,022,691 12,606,638 1 6, 701,795 12,909,720 1 6,118,260 13,080,433 Chile i 9, 712, 848 8,489, 576 i 8,679, 340 8,610,800 i i 9, 973, 647 8, 296,143 1 4, 785, 393 8, 822, 844 1 2, 332, 338 8, 946,456 194,028 ! 8, 835,194 Colombia 533, 252 7,939,513 i 2,287, 554 7,978,171 i i 2, 966,465 8,154,240 1 7,150, 342 8, 427,300 1 6,683, 758 8,450,639 8,225,107 Ecuador i 2, 248,695 1,754,082 1,882,329 1, 7 36,059 I 355,083 1, 846,076 1 57, 355 1,626,055 1,465, 793 1, 580,547 908,084 1, 589,037 Peru 12, 751, 745 7,915,563 12,375,430 8, 071,311 13,026, 923 8, 295,491 13,168,477 8, 234,309 14, 033, 513 8,172,086 12,965, 552 8,384,683 Uruguay 671,961 529,959 i 267,140 539, 278 i 600,227 1,064,892 1 42,904 715,721 231,454 918,057 1197,941 1,080,450 Venezuela 366,015 3,859,330 308, 261 3,972,004 1,066,288 4,058,631 1,193, 713 4,225,434 1,048, 751 4,291,846 1,138,449 i 4,281,219 Other points i 16, 906 3,069, 202 192,100 2,903,076 i 804,703 3,025,891 1 930,624 2,884,143 ' 1 913, 889 2,924, 370 81,924 2,952,932 Africa 921.388 5. 549. 562 984. 421 5.896.714 1.094.500 6 019 239 2,650, 963 6, 505,147 2,649,055 6,883,587 2,215,583 7,283,643 Australasia 4, 288; 329 4, 540^ 173 3, 348i 275 4, 586; 023 3, 994,307 5; 20i; 370 4, 227, 726 5,090,660 4,099, 221 5,266,396 3,957,379 5,457,736 RECAPITULATION. I European Allies 488,672,619 78,871,309 382,431, 627 78,157,036 392,305,753 9,384, 791 376, 970, 534 3,636,432 370,576,267 12,163, 969 368,618, 063 69,623,293 European neutrals 320,394,475 i 754,392 330,728, 254 i 791,558 328,932,369 1,999,489 331,681,160 11,335,068 319,650,069 11,169,022 277,292,153 5,830,957 Central Powers 11, 457, 111 11,882,274 11,610, 766 14,122, 728 11,429,891 16,432,211 1 1, 344,501 17, 860, 341 11,209,427 18,623, 523 11,666,951 18,810,592 Asia 172,478, 036 104, 522,251 177,618,846 120,702,466 165,248,874 136, 714,062 148,862,476 140, 297, 923 153,178,202 147,721,984 155,241,308 158,476,775 North America 101, 346, 007 72,341, 994 120,079, 467 70,404, 521 131,371,245 72, 881, 409 142, 495,684 72,159,928 151,120, 959 71,181,948 162,878,008 75,836,136 o South America 95,412, 383 61,270,121 98, 593,657 60, 994,805 88,269,914 68, 208, 552 83,069, 581 60,453,238 84,183,925 60,675,074 80,534,692 64,703,880 Africa and Australasia. 5,209, 717 10,089,735 4,332, 696 10,482, 737 5, 088,807 11,220,609 11, 595,807 6,748,276 12,149,983 6,172,962 12,741,379 3 Grand total. 1,180,058,126 338,203,292 1,112,173,781 354,072,735 1,109,787,071 316, 841,123 1,088,613,623 304,668,601 1,084,248,271 321,347,459 1,049,070,235 406,023,012 1 Overdrafts. 2 See footnote on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1411 TABLE III.—WEEKLY NET BALANCES ON OPEN ACCOUNT BETWEEN UNITED STATES AND PRINCIPAL FOREIGN COUNTRIES [Balances are owed by United States unless marked with minus (—) sign.] Date. France. B G ri r t e a a i t n. Italy. Denmark. Holland. Norway. Sweden. Japan. Canada. Argentina. c t o o G u ta r n a l t , n r i a d e l s l . 1918. Feb. 27 $141,679,58e $92,699,478 $42,050,559 $69,346,193j $63,037,005 $63,793, 79' $23,895,04( $20,840,274 871,180,67 $28,662,502$773,882,376 Mar. 160,963,56£ 32,935, 687 70,722, 946 76, 878,988 56, 635,636 63,429,16! 24, 081,10' 20,733,003 57, 585,485 34,120,370 746,866,084 Mar. 13 156,630,051 64,246,137 65,970,696 78,183, 804 58,384,398 63.337,96: 25,172, 94: 16,403,050 66, 403, 52f 40, 709,458 781,393,446 Mar. 20 167,699,54] 107,802,212 54,461,161 78,402,649 59,280,003 63,583,56< 25,419,66< 20,324,287 69, 213, 86C 43,996,076 831,059,590 Mar. 27 179,430,89] 123, 624, 937 52, 707,814 79,692,03~ 57,204,305 62,963,45, 26, 704,93- 33,249 64, 222,535 45,406,210 834,232,503 Apr. 3 165,020,884 120,399,217 54,648,871 70,511,851 56,208, 641 62,136,96C 26,239,726 7,568,040 55, 720,266 48,010,305 803,582,554 Apr. 10 167,013,297 80, 824,403 62, 788,298 70, 760,095 58,135,924 62,450,07' 26, 085,142 9,091,044 55,305,952 51,673,297 791,656,529 Apr. 17 171,494,952 126,368,449 59,538,863 71,877, 650 57,365,464 61,588,73' 27,311,160 11,119,870 54,133,180 53, 960, 644 844.596,462 Apr. 24 191,506,563 102,842,184 61, 737,133 71,070,117 56,577,334 60,688,81^ 27,984,35f 26,138, 644 48, 693,128 61,588,505 857,185,675 May 171,450,713 88, 247, 88181,180,681 69,723,186 56,015,947 58,942,670 30,195,624 48,007,825 32,393,426 63,727,187 837,066,664 May 173,078,685 126,763,843 91,037,298 72,133,520 55,957, 773 59,301,231 29,712,618 51,996,905 33,282,022 74,092,009 915,422,976 May 15 185,553,293 115,409,859 75,603,540 72,924,171 53,930,242' 57,970,478 29, 570,887 48,625,899 24,121,145 79,266,436 891,155,335 May 22 191,009,505 126,847,135 81,141,996 74,407,293 53,648,237} 60,583,377 29,926,459 40,969,620 22, 571,293 81,231,135 918,898,433 May 29 206,119,810 111, 946,929 85, 568,22: 75,948,856 55,296,901 60,457,036 29, 738,433 44,425,546 14,578,81f 82,384,920 906,241,641 June 5 250,400,877 103,838,611 79,007,312 76,416,096 58,242,392 65,029,441 30,568,42S 55,162,749 8.522,48' 83,910,197 948.432,463 June 12 207, 788,661110,931, 675 84,318,112 77,870, 764 54,307,194 64,208,285 30,040,368 62, 752,036 12', 227,313 82,019,058 923,873,989 June 19 206,038,845 138, 771,687 85,778,150 77,447,327 52,251,214 66, 716,729 28, 062, 266 84, 686,182 16, 717,742 82,147,406 977,270,480 June 26 201,531,224 136,903,939 85, 686,04: 76,218,477 59,426,186 68,214,013 29,436,243 92,779,681 15, 407, 603 80,225,476 981,033,483 July 3 212,199,070 136,184, 783 80,778,973 76,270,261 62,642,816 69,125,695 32,301,858 89,157,670- 3,267,995 75,820,281 954,181,119 July 10 245,420,492 144,663,485 75,999,933 77,208,214 61,435,526 66, 761,360 32,933,488 91,333,001 7,336, 732 74,306,113 994,006,628 July 17 194,488,532 155,045,460 70,588, 602 77,488,469 60,544,514 69,755,514 32,550,692 91, Q57,182 13, 935,479 72, 870,450950,232,939 July 24 196,918,555 175,325, 943 83,420,374 77, 983,257 63,960,481 67,876,553 31,444,094 98,486,450 10,494,645 70,051,304 985,718,419 July 31 205,569,065 192,137, 89,164,877 78,499, II61 60,376,513 64,116,998 31,432,959 101,385,296 13,450,066 70,945, 794,020,234,731 Aug. 7 207,422,542 181,310,186 84,541,248 79,417,404 63,502,550 66,536,181 33,982,731 131,111,177 7, 977,881 71,083,259 ,038,997,525 Aug. 14 220,984,767 192,765,130 75,718,288 80,426,072 58,929,007 66,335,967 34,689,963 142,885,025 3, 712, 64569,180,916 ,054,191,454 Aug. 21 221,780,118 193,817,516 83,393,835 81,025,929 53,894,025 61, 751, 76532, 840,556156, 654,962 9, 963,398 70,213, 666,065,598,994 Aug. 28 211,231,998 175,208,126 87, 907,503 80,211,641 61,689, 572 60,133, 703 33,279,195 155,993,900 16, 970,649 68,196,919 ,037,049,423 Sept. 4 200,029,064 206,924, 877 79,316,771 82,246,639 62,564, 877 65,573,229 35, 863,163165,063, 572 4, 356,852 68,932,621 ,061,098,036 Sept. 11 199,396,473 195,439,959 83,426,660 82,466,545 59,960^,383 64,410,507 34,333,553 169,426,703 3, 434,643 70,627, 521,045,344,857 Sept. 18 200,677,334 161,659,986 72,098,113 81,770,977 60,123,978 62,715,081 34,380,266 153,477,079 7, 095, 85772,447,206 988,644,856 Sept. 25 196,742, 852159,967,342 65,045, 435 82,445,441 61,215,713 64,021,141 34,996,967 150,351,959 42,370 55,008, 687950,255,928 Oct. 2 192,280,084 195,512,514 54, 697,249 83,419,633 63,460,016 64,223,311 34,899,431 132,243,089 -12,539,023 56,419,161 947,626,292 Oct. 9 193,144,387 175,429,319 58,194,167 84,334,467 61,583,307 63, 734,203 35,173,330 116,331,032 - 9, 705,045 59,745,217 918,571,179 Oct. 16 188,389,897 178,670,147 59,437,483 84,478,903 58,866,212 63,944,706 34,628,981 88,062,158 - 7,367,647 62,113, 571897, 972,823 Oct. 23 187,637, 421151,513,521 63,316,375 85, 525,889 59,305,421 63,570,663 34,578, 795 88,055, 854- 3,063,677 56,429,504 872,691,804 Oct. 30 197,095,544 159,878,988 62,654,815 84,125,909 59,308,487 68,190,008 35,951,125 80,927,949 3, 712,830 62, 766,760905,602,299 Nov. 6 196,152,007 161,326,136 84,498,399 84,792,839 59,373, 867 65,462, 797 35,457,315 82,388, 865 4,832, 074 62,192,985 924,533,440 Nov. 13 195,209,012 160, 025,743 83,104,588 86,255.842 59,827.781 63,959,939 35,373, 540 81,133,783 15,848,069 66,510,049 927,446,517 N N o o v v . . 2 2 7 0 1 1 8 8 6 7 , , 1 4 0 5 1 0 , , 7 1 8 3 9 8 1 8 1 2 6 , , 4 4 8 3 2 3 , , 5 5 0 4 0 2 8 7 4 8 , , 0 4 1 6 2 3, , 1 2 7 5 1 2 8 8 6 7 , , 3 8 4 0 2 7 , , 8 0 4 5 8 2 5 60 6 , , 2 0 0 7 7 7 , , 1 5 7 3 0 5 6 6 8 6 , , 6 7 6 6 4 9 , , 2 6 6 7 2 5 3 3 8 7 , ,8 1 7 6 8 5 , , 0 3 9 9 2 7 8 8 2 3 , ,1 0 4 5 1 9 , , 8 7 4 5 8 9 4 3 7 1 , , 0 8 7 3 6 3 , , 6 7 8 4 2 0 7 7 3 0 , , 3 32 8 8 4 , , 9 7 7 5 1 8 8 8 9 9 5 7 , , 6 5 0 1 8 6 , , 7 6 3 2 7 1 Dec. 4 183,991,031 80,897,440 72,498,967 88,877,699 62,097,781 69,129,714 38,388,575 83,935,453 45,186,645 72,984,393 875,691,106 Dec. 11 160,949,929 73,836,650 60,174,029 90,004, 641 65,711,229 68,717,640 41,124,278 59,881,438 49,571,444 76,588,131 826,314,221 Dec. 18 155,743,421 95,637,626 50,563,864 91, 001, 59465,661,289 68,958,394 42, 588,181 87,670,851 41,697,058 75,203,629 864,814,873 Dec. 24 157,021,113 112,363,592 60,455,300 91,128,220 70,360,880 64,383,894 41,795,747 96, 073,633J 38,019,976 75,388, 571880,284,066 Dec. 31 144,122,473 142,008,511 58,616,8,54 91,039, 784 70,393,334 62,116,305 41, 652,177 99,816,033 29,378,225 77,291,385 882,135,870 1919. Jan. 8 150,257,254 131,305,737 58,940,285 89,321,415 69,679, 904 63,644,948 46,298,702 97,124,402 26,483,813 77,102,164 870,303,019 Jan. 15 130,871,419 134,946,586 51,350,577 90,543,686 65,762,648 62,489,366 47,819, 713 95,818,881 27,592,723 77,210,677 843,603,382 Jan. 22 128,834,747 157,975, 575 54,809,679 90,908,435 68,452,632 64,295,055 47,325,309 90,191,286 28,415,749 78,741,324 865,472, 685 Jan. 29 123,280,840 158,774, 723 49,434,359 91,609,940; 66,290,692 60,017,038 48,242,915 79,331,642 29,424,485 79,991,830 841,852,834 Feb. 5 94,199,320 115,146,402 48,300,498 93,967,205 67,205,113 61,485,640 50,891,309 82,327,172 35,582,356 79,691,080 '86,069,143 Feb. 12 78, 850,837111,020,275 51,290,515 95,618,978 69,055,007 60, 638,253 50,418,396 78,845,163 42,200,995 81,710,051 776,934,927 Feb. 19 67,885,276 120,420,078 51,610,811 95,445,524 68,885,623 60,506,902| 51,396,738 78,802, 797 46,304,607 80,407,955 784,411,452 Feb. 26 59,820,028 120; 012,356 50,423,704 95,477,974) I 72,416,348 59,967/"' 49,935,488 64,180,757 39,920,994 82,019,710 758,101,046 Mar. 5 59,664, 62' 105,809,511 54,141,934 94,430,586 70,412,079 59,321,784 48,138,534 47,026,021 47,795,743 80,777,124 727,393,272 Mar. 12 65,210,702 122,614,880 60,123,447 94,891,508 67,338, 034 56, 709,323 46,391,543 44,629,573 48,038,998 79,703, 719747,928,288 Mar. 19 78,540,831 144,227,505 65,501,196 93,979,455 66,475,242 56,599,997 47, 538,095 42,719,262 50,465,921 78,874,595 785,089,699 Mar. 26 84,298,153 165,316,015 62, 028, 899 92,381, 538 71,294,221 56,720,208 52,702,728 39,183,286 47,534,812 76,546,633 792,945,948 Apr. 2 80, 651,024168,802,087 64,912, 619 90,208,659 73,304,356 51,890,858 55,812,909 27,674,422 44,609,676! 73,419,999 793,273,182 Apr. 9 83,042,756 168,489,216 63,110, 752 90,828,959 75,993,914 48,449,050 54,958,306 29,517,289 34, 918,894;71,340,950 793, 503,882 Apr. 16 75,367,871 164,566,476 66,117, 769 91,302,894 80,861,926 49,421,344 55,918,980 29,234,370 40,994,379 69,472,769 801,976,458 Apr. 23 79,304,015 172,463,778 62,597,983 89, 632,414 79,135, 742 50,894,577 56,912,363 15,278,610 37,435,624 67,814,990 795,358,332 Apr. 30 84,153, 737 154,188,925 61,936,966 87,164,814 81,178,020 49,129,994 58,680,515 14,746,835 37, 645,550 72,084,418 783,945,022 May 7 75,751,706 154,596, 564 69,084, 040 85, 760,623 80,948,684 48,406,046 58,539,255 14,461,792; 43,103,780 74,140,066 784,898,813 May 14 66,147,211 159,081,900 64, 5S3, 797 84,134, 803 78,824,738 46,407,722 58, 758,986 8,352,689 45,362,297 72,705,154 773,163,842 May 21 65,878,126 158,133,989 68,451,394 82,283, 7841 80,925,932 47,331,717 57,801,525 3,942,621! 41, 058,210; 73,717,947 757,729,510 May 28 74,011,623 159,354,930 76,657, 847 80,259,454 81,539, 699 43,575,667 56,439,405 4,347,422 42,680,012 69,816,087 762,900,812 June 4 80,527,639 156,227,643 86,120,287 77,322, 639 80,029,590! 41,378, 663 53,701,812 6,781,061 61.174,209 68,260, 571 777,457,710 June 11| 81,254,919! 148,362,083 85.295,815 73,823, 585i 77,841,273 37, 799,166 51,102,955 622,517 57! 568,151 67,018, 701 751,798,674 June 18 j 77,699, 6721 129,816,876 76,985,389 71,413,595| 74,951,673 33,329,517 56,998,281 3,849,846; 58! 722,866 68, 059,234 716,442,067 June 25 I 68,852,622 105,363,541 78; 239,156 67,170,134} 73,838,392 31,054,310 46,214,438 1,965,968J 55, 435,236 62,601,213 643,047,223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1412 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. TABLE IV.—NET BALANCES ON OPEN ACCOUNT BETWEEN THE UNITED STATES AND FOREIGN GOVERNMENTS ON SPECIFIED DATES. [Balances owed by foreign Governments to United States are marked by minus ( — ) sign; balances not so marked are owed by United States to foreign Governments.] Governments. June 26,1918. July 31, 1918. Oct. 30, 1918. Nov. 13,1918. Nov. 27,11918. European allies: France $32,422,035 $42,019,624 $48,848,214 | $49,311,523 $54,146,095 $56,890,922 $58,062,778 Great Britain 120,890,412 110,466,302 102,920,480 i 85,685,466 88,145,558 136,198,215 63,719,503 Italy 64,902,015 62,091,214 57,653,024 42,678,209 31,335,368 70,189,962 58,280,434 Russia :, 467,665 9,472,766 8,306,362 6,553,239 11,824,953 11,033,198 11,505,311 Other ,152,045 613,631 222,532 ! 310,208 912,948 987,812 5,638,859 European neutrals: Denmark !, 387,078 3,002,263 3,272,415 3,246,056 3,443,842 3,437,368 3,436,547 Norway >, 610,787 3,723,827 2,625,351 1,911,523 1,314,046 1,297,309 990,667 Switzerland 8,111 92,335 34,611 31,292 16,132 12,042 1,500 Central Powers: Austria-Hungary. 385,349 385,349 385,349 Asia—India !, 462,430 6,500,455 6,649,531 2,775,313 4,239,379 1,850,938 1,664,650 North America: Central America.. ., 072,799 735,033 732,403 730,264 726,762 725,917 725,909 Mexico 352,051 207,392 57,180 47,403 437,223 223,198 303,184 West Indies t, 365,795 4,358,338 4,332,317 4,134,445 3,537,616 3,635,606 3,413,284 South America: Argentina 1,909,752 96,326,279 99,244,179 84,919,254 85,648,704 87,007,441 87,112,707 Bolivia 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000 Brazil 366,595 431,632 377,820 298,595 521,286 522,608 519,796 Chile 5,474,982 3,222,993 3,229,693 3,238,454 3,372,735 3,382,030 3,382,030 Colombia 5,328 2,759 13,496 18,943 15,400 Peru 115,347 132,4 136,029 2,721,275 5,012,094 o, 245,268 5,903,536 Australasia 12,250 11,577 11,008 RECAPITULATION. European allies 231,834,172 224,663,537 217,950., 612 184,538,645 186,364,922 275,300,109 197,206,885 European neutrals. 9,005,976 6,818,425 5,932], 377 5,188,871 4,774,020 4,746,719 4,428,714 Central Powers 385,349 385,349 385,349 Asia 3,462,430 6,500,455 6,649,531 2,775,313 4,289,379 1,850,938 1,664,650 North America 5,790,645 5,300,763 5,121,900 4,912,112 4,751,601 4,584,721 4,442,377 South America 102,866,676 100,113,392 107,493,049 95,680,337 99,068,315 100,676,290 101,433,469 Australasia 12,250 11,577 11,008 Grand total. 353,345,248 343,781,921 343,532,818 293,095,278 299,260,487 387,170,354 309,187,103 Governments. Dec. 31, 1918. Jan. 29, 1919. Feb. 26, 1919. Mar. 26,1919. Apr. 30,1919. \ May 28, 1919. June 25,1919. European allies: France $50, $52,783,716 $41,122,830 $58,211,008 $44,776,822 $39,799,809 $28,266,929 Great Britain 95, 122,476,662 76,718,770 46,477,827 32,699,926 42,462,482 44,114,376 Italy 30, 20,334,811 18,345,298 20,067,061 14,731,604 17,692,591 21,218,691 Russia 8,467,858 6,953,889 6,825,368 4,217,007 1,745,115 823,104 Other 7, 451,775 7, 211, 747 5,467,617 4,902,876 1,938,617 1,557,116 European neutrals: Denmark 3,443,112 3,295,752 3,071,368 2,754,552 1,644,303 1,385,717 Holland 890,734 890,734 892,800 Norway 233, 421 2,786,755 3,453,400 4,404,831 2,232,444 1,305,928 103,379 Sweden 236,475 38,013 513,440 298,736 36,430 94,748 23,974 Switzerland 1,500 1,500 22,000 Asia—India 1,826,413 1,878,920 2,997,782 762,178 393, 111 78,068 195 North America: Central America.. 749,796 746,953 744,606 742,314 740,496 738,540 735,065 Mexico 168,874 471,339 533,567 1,151,345 1,233,762 856,311 883,103 West Indies 5,696,938 3,754,643 3,718,462 3,606,698 3,475,665 3,661,647 3,460,703 South America: Argentina 87, 107,604 i 88,566,504 91,135,966 92,230,141 92,594,866 92,643,496 92,594,866 Bolivia 4,500,000 ! 2,000,000 2,000,000 2,000,000 2,377,582 1,883,444 348,201 Brazil 395,391 ' 387,139 405,004 368,583 350,391 331,837 352,912 Chile 392,619 4,573,307 4,482,756 3,866,877 3,881,061 3,888,575 3,906,754 Colombia 21, 008 32,608 29,952 16,246 15,051 1,640 Peru 106,817 7,754,473 7,784,803 7,920,061 8,535,572 8,892,854 9,652,652 Australasia 85, 366 41,222 149,671 66,474 24,831 17,392 24,983 i RECAPITULATION. European allies | 191,869,953 i 211,514,822 150,352,534 137,048,881 101,328,235 103,638,614 95,980,216 European neutrals i 9,027,485 6,269,380 7,284,592 7,774,935 5,914,160 3,935,713 2,405,870 Asia I 1,826,413 1,878,926 2,997,782 762,178 393,111 78,068 195 North America j 4,015,608 i 4,972,935 4,996,635 5,500,357 5,449,923 5,256,498 5,078.871 South America I 102,523,439 103,314,031 105,838,481 106,401,908 107,754,523 107,641,846 106,855,385 Australasia ! &5,366 41,222 149,671 66,474 24,831 17,392 24,983 Grand total. 309,948,264 ; 327,991,316 ' 271,619,695 257,554,733 220,864,783 220,568,131 210,345,520 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDEKAL RESERVE BULLETIN. 1413 TOBACCO FINANCE. burley market, he is given instead by some of the warehousemen a bill of sale with coupon The following is the fourth of a series of or check attached. The coupon or check is articles describing the financing methods which detached when he is paid. Arrangements are are employed in the tobacco industry. The made by the warehouseman with a bank to first, second, and third articles appeared in cash the checks or coupons. Local stores genthe September, 1921, October, 1921, and No- erally also cash these checks, e. g., after the vember, 1921, issues. Data were obtained bank has closed, while in a few instances in the partly through the cooperation of the Federal past a warehouseman has made regular ar- Keserve Agents in the various districts, and rangements with a store instead of a bank. partly direct from banks and persons inter- Prior to several years ago the system was ested in the industry in various capacities, as found in Winston-Salem, N. C. Its use at well as from other Government organizations. present is reported by one of the smaller mar- To all of them acknowledgment is due. kets in the Virginia old bright belt, at which there is no bank. Where it is employed, and there is a local bank, the warehouseman draws IV. LEAF SALES WAREHOUSES. his check on the bank in the morning and ob- As has been indicated in previous sections tains currency, which he gives to the store of this study, the methods by which the cigar paying off the sales. The seller in such cases types of leaf tobacco move to market differ in receives a sales slip. important respects from those by which the Where a bank pays off the sales, the waremanufactured and export types do. This houseman in certain cases signs an agreement makes it necessary to consider separately the releasing the bank from liability in cashing financing of the marketing process for each the checks. For its services the bank freof these types. In considering the manufac- quently makes what is termed an exchange tured and export types, moreover, it is neces- charge, stated either as a percentage or as so sary to give considerable attention to the leaf many dollars and cents per thousand dollars, sales warehouse, inasmuch as this organiza- and figured on the amount of the checks which tion has a considerable number of special are cashed. The warehouseman pays this problems of its own. A previous section con- in addition to the interest on his loans. The sidered the methods by which the leaf sales charge had its origin in the fact that it was warehouseman extends accommodation to the frequently necessary in the past for a bank to grower. In the present section are surveyed ship currency, so as to have a supply on hand instead the methods by which the warehouse- sufficient to pay off the sales. In the larger man himself in turn provides for his own finan- centers, with diversified business, there was cial requirements, and the arrangements which thus not the same degree of difficulty expehe consequently makes with his bank. These rienced. Accordingly, where the tobacco busirequirements are twofold—(1) with respect to ness in a given center plays a relatively minor paying off his daily sales, i. e., paying daily role, no charge in general is made. As will be those for whom he sells tobacco at auction on seen from the table herewith, no charge is the warehouse floor, and (2) with respect to made.in almost all the markets in the Virginia obtaining funds for this purpose, as well as in dark section. Similarly no charge is made in certain cases to loan direct to growers. any market in the western territory (Kentucky- Tennessee) . A. PAYING OFF SALES. A charge is, however, customary in the old and new bright belts in the east, and is found A major part of the leaf sales warehouse- in all the leading markets in that section. It man's financial and banking problem (and in is most frequently one-eighth of 1 per cent, certain sections his entire problem) concerns and to a lesser extent one-tenth or one-fourth paying off his sales. The universal custom is of 1 per cent. In infrequent cases one-sixth or to pay the grower daily, i. e., on the day on one-fifth of 1 per cent, or $1.50 per $1,000, is which the tobacco is sold. This is done in specified. Two warehouses report a charge of the great majority of cases by giving the one-twentieth of 1 per cent, which differs from grower a check on a bank made out in general that given by the majority of the houses in the to himself or bearer. In two of the Virginia centers in question, and one bank gives a markets, however, he is given cash instead, charge of 55 cents per $1,000, increased from while in five markets in the North Carolina 40 cents. The charges in general, however, are old bright belt, one market in South Carolina, uniform in any one market, although some and three markets in the burley territory of other minor differences are reported, and one Kentucky, including Lexington, the largest banker in the North Carolina old bright belt Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1414 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. states that the charge varies with the size of In the western districts, a considerable numthe amount involved, from one-tenth to one- ber of banks show percentages in excess of onefourth of 1 per cent. The variation occurs to half, especially in the case of burley. One bank some extent where the warehouses apparently in the latter district, however, states that, in employ similar methods, although it may be place of a normal figure of 75 per cent, it renoted that in one South Carolina market, two tained only 25 per cent last year. Another of the warehouses report that no charge is banker observes that, while the check is usually made, while another which does not borrow deposited, it is in general rapidly checked out, reports a charge of one-fifth of 1 per cent. In and most tenant's accounts are closed in three one North Carolina market, when the ware- to four months. houseman has arranged with a store to cash the The warehouses in any market in general check, 40 cents per $1,000 is now charged by have similar customs as to the time when the the bank. One North Carolina bank states buyer of tobacco pays the warehouseman. that the charge is figured monthly. In the larger markets the buyer pays daily, i.e., While it is impossible to generalize concern- payment is made to-day for yesterday's ing the length of time taken before checks are purchases. The warehouseman deposits the cashed by the growers, and the extent to which funds thus received in his bank to take care of currency is withdrawn, instead of leaving the the checks cashed for the growers for whom he amount on deposit, some interesting informa- sold the tobacco }7esterda3^ at his warehouse. tion along these lines has been obtained. The In the smaller markets, however, payment is experience of individual banks appears to differ usually required only once (in some cases considerably. Some state that the grower gen- twice) a week instead. It should be noted, erally carries home the funds left after paying however, that three of the four reporting his bills and only later deposits the balance. warehouses in Lexington, Ky., the leading On the other hand, various bankers state that burley market, permit payment within seven they favor warehouse accounts, as they result days from date of sale (although one states in contact with many growers, and in conse- that the larger buyers actually pay in from quence a considerable number of accounts are one to three days). Where weekly payment obtained. It is generally stated that the bank is required, a given day, in general either retained a much smaller portion during the Monday or Saturday, is often specified. In sales season 1920-21 than would normally be the western dark districts, Saturday is almost the case, one banker in eastern North Caro- universally specified where such weekly paylina, e. g., placing the figures at 5 per cent and ment is the custom. Practice is not rigid in 25 per cent. all cases, however. Some warehousemen state In the eastern districts less than one-half that payment is supposed to be made daily, usually remains with the bank. Several banks but that often buyers do not pay on time. in the old and new bright belts of Virginia and Buyers in some cases pay when they have North Carolina place the usual figure at 20 to checked up purchases. In some markets no 25 per cent, while several show as high as 40 time is specified when payment shall be made, and 50 per cent, and some as low as 10 per cent. and one warehouseman in the burley section A leading banker in one of the largest markets of Kentucky stated that a few buyers in the in the Virginia dark section estimates that past have not paid until the close of the season. roughly one-third of the amount of growers' In other markets some buyers pay daily, checks is deposited, and states that during the while others pay weekly. A prominent Richheight of the season there is a considerable in- mond banker estimates that warehouses in crease in the deposits of the banks in his cen- the eastern districts have bills outstanding on ter—almost entirely in the savings depart- the average amounting to four days' sales. ment. A leading warehouseman in one of the In general larger buyers are stated to pay principal markets of the new bright belt of daily, while smaller buyers pay weekly. Some western North Carolina estimates that one- warehousemen state that commission buyers fourth of his checks are not cashed for about pay weekly (or when returns are received), two weeks, or are deposited by the growers in while salaried buyers pay daily. In the their local bank, and take some time to return former case buyers act on order for firms to the bank in the market on which they are located elsewhere, and invoices are rendered drawn. A considerable part of the tobacco to the principal, who compares them with the sold on his floor is, however, shipped in rather shipment, and then sends a check to the buyer. than hauled in by the grower. One South Caro- Similarly in the bright belt several of the lina banker believes that there has been a larger companies pay from a central point, gradual increase in the amount retained. such as Durham, N. C, or Florence, S. C, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1415 for their purchases in some markets, and state- following the sale gives the bank a statement ments are then rendered to the office at the of the amounts due from the buyers, together central point. Several days7 time thus elapses, with drafts it has drawn on these buyers. The so that it is necessary, states one South board of trade rule requires payment by the Carolina warehouseman, "for the warehouse- buyers by a specified time that day, although man to carry a little heavier balance at the the warehouse may extend the time for paybanks.77 In general, however, it is stated that ment, which is done in rare cases. The buyer the practice of these companies is to keep their then pays the bank instead of the warehouse. local buyers supplied with funds sufficient for Under this system collections are prompter the next three or four days7 purchases, these than where the warehouseman himself makes funds being furnished regularly from the center collections, and thus the warehouseman7s for that particular territory, such as Rich- borrowings from the bank are reduced. On mond, in which the principal balance of the the other hand, more work on the part of the company is kept. bank is entailed, and thus the bank7s charge It may be noted in passing that drafts are may be greater. used in certain cases. Some order buyers In the market in question the general charge draw sight drafts on their principals, which is reported to be one-fourth of 1 per cent, i. e., are then put through the banks. A banker $2.50 per $1,000, although an officer of a bank in the burley district states that at times in that market stated that in the case of a checks are drawn on the bank and accom- warehouseman who also borrowed the charge panied by drafts on banks at other points would probably be reduced. The charge in holding the drawer's funds, which take some the other markets differs somewhat. In two time to collect. A warehouseman in one of other markets in the new bright belt, where the the markets in the Virginia old bright belt method is employed only by certain of the states that with a buyer who is not in a posi- warehouses and not by others, the charge is tion to pay cash he uses a 5 or 10 day trade given as one-eighth of 1 per cent, and it is acceptance, which the bank places to his stated that the charge is the same irrespective credit as if it were cash. A bank in the North of whether the buyer pays the warehouseman Carolina old bright belt reports the use, in the or the bank. In two markets in the old bright case of heavy sales which make it necessary belt of North Carolina, where the method is for warehousemen to check beyond their bal- likewise employed only by certain of the wareance, of acceptances which the buyers execute houses, the charge is again given as one-eighth and the warehousemen in turn rediscount with of 1 per cent. In a third market in that sectheir banks. tion the charge is variously given by different This problem does not exist at Mayfield, in warehouses as one-fifth or one-fourth of 1 per the Paducah district of western Kentucky, cent. In that market, too, it does not appear where "chute77 sales are employed. The that drafts are drawn by the warehouseman, buyer at that market pays the grower him- but a list of buyers7 bills is merely furnished self as soon as the tobacco is delivered with a to the bank at the same time that the buyers check on a local bank for the amount of the receive their statements. Several of the other tobacco, and the warehouseman does not warehousemen from whom data were obtained participate at all in this aspect of the trans- favor the use of a system of drafts. The folaction. lowing statement of a South Carolina ware- With the regular method which has just houseman is typical: "If the warehouse could been indicated, collections from buyers by the draw on the buyers for each day7s sales and let warehouseman are slow in many cases. This the buyers pay the bank, it would be a great often means a considerable gap between the saving to the warehouseman. As it is here, the time when the bank pays the checks given warehouseman has to carry the buyers.77 to sellers of a lot of tobacco and the time when The frequency with which each of the various the warehouseman, through collection from methods indicated above is employed is sumthe buyer of the amounts in question, places marized in the following table. In certain cases in the bank funds to cover these checks. In the classification has been somewhat arbitrary. other words, the warehouseman must borrow The prevailing practice in each market has to bridge the gap. The shorter the gap is, been considered, and no cognizance has been the less he borrows. Another method ac- taken of the exceptions which are found in cordingly is employed at six markets in North those markets where practice differs among the Carolina, in four of them, however, only by several warehousemen. As data were not some of the warehouses. In one of the other obtained on bank charges in certain markets, two markets, which is located in eastern the total number of markets in any given North Carolina, the warehouse on the morning district shown under this head in the table does Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1416 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. not in all cases correspond to the figure shown naturally be relied upon to a considerable exin the first column of the table. tent to obtain these funds.* On the other hand, while several of the burley warehouses [Numbsr of marksts.] state that small direct loans were made to growers during the past season, only one Lex- Seller re- Bank charges Buyer ington house mentions bank borrowing to proceives— (per cent). pays— vide these funds. It states that " the money to loan to farmers is generally borrowed in Warehouse. August, September, and October, as a rule to District. about one-third the value of the warehouse." Only one South Carolina warehouse states that it loans direct to growers, and borrows for this II purpose as well as to obtain funds to pay off sales. This borrowing may take place either Pi in the spring or at harvest, funds being provided to cultivate or house the crop. The V V i i r r g g i i n n i i a a d o a ld rk bright > .. s ! ! . . I .! . 2 2 7 greater part of borrowed funds, however, are belt 7 5 used for the purpose of paying off sales. North Carolina old bright belt4 2i 2 6! . In general the leaf sales warehouseman con- North Carolina new bright belt ! I ... 35| 9i 5 7 3 fines his borrowing entirely to his local bank. So b u r t i h g h C t a b ro e l l i t n 5 a new 36! 2 2 1 8 5 2 1 | 1 3: 9| 2 11!.. This is natural in view of the fact that the Kentucky bur ley... 30J.. 3 17 I I ; J St.. major part of the accommodation is required in Kentucky-Tennessee western order to pay off sales, and arrangements must dark 25|. ! 63: 9 6 .. be made with the local bank in any event to Total 209| 2 115 8 49 111 31 51 3: 19 39; 3446 6 pay off these sales, while the amounts required moreover vary considerably from day to day a Daily or weekly, less than weekly, or no specified time. 1 In one of these centers charge is reported from several sources as one- according to the volume of sales. In certain twentieth and by one bank as one-twentieth and one-fortieth. leading markets, however, local banking facil- 2 Includes 2 markets where buyer pays bank in case of certain warehouses. ities are inadequate for heavy marketing and 3 Includes 1 market where buyer pays bank in case of certain ware- the local bank in some cases arranges with other houses. < Includes Wake County, N. C. banks for a loan to supply the funds which the * Includes Bladen, Columbus, and Robeson Counties, N. C. (6 warehouses in 5 markets). local bank uses in paying off sales. Funds are e Includes 1 market where buyer pays seller directly by check. generally obtained from a leading center, in particular Richmond in the East and Louisville B. BORROWING. in the West, although a warehouse in a smaller The borrowing which the leaf sales ware- market may borrow in a neighboring center. houseman must do is of two principal kinds— A Richmond banker told the writer that he (1) in the spring or at harvest to provide funds loaned warehouses in three of the four leading for direct loans to growers (where this is done, markets in eastern North Carolina. On the instead of merely indorsing grower's notes), whole, however, borrowing from banks located and (2) in the fall and winter, during the sales elsewhere takes place in considerable measure season, to provide funds to be used in paying in connection with funds to be used for direct off sales and for running expenses. As many loans to growers. In either case, such loans warehouses do not make direct advances to are made for fixed periods, as will be indicated growers, frequently no accommodation of the below. Turning to the several districts in first kind is required. Some houses finance detail, only one warehouse in one of the smaller themselves, but the great majority borrow the markets of the Virginia dark district reports larger part of their working capital. In South that it borrows in Richmond as well as locally, Carolina, however, the owners of the warehouse and it purchases about 25 per cent of the toare frequently local men, while the manager bacco offered for sale on its floor. One banker merely operates it, and stays in the community in a leading market in that district stated to the only during the sales season. The owner then writer that several years ago he loaned to a often provides the necessary financial ar- warehouse at a smaller market which now rangements. In the other districts, however, borrows locally. A warehouse in Danville, the no use of this practice has been reported, with leading market in the Virginia old bright belt, the exception of one burley market where two states that some years ago it borrowed in of the houses are owned by Cincinnati firms, Richmond as well as locally, but has since diswho advance small sums for local needs. continued outside borrowing. Warehouses in Where direct advances are made by ware- two of the smaller markets in the North Carohousemen to growers, bank borrowing will lina old bright belt also borrow elsewhere, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 141? Durham and Greensboro, N. C, being the bonds, and bank stock have been stated to points specified as sources of such funds, and a be used, as well as crop liens or growers' warehouse in another market in that district notes in the Virginia dark and Clarksvilleborrows elsewhere for 5 to 10 days when sales Hopkinsville districts. are heavy. In the new bright belt of eastern A variety of methods are open to the leaf North Carolina, warehouses in five markets re- sales warehouseman with respect to the port that they borrow outside as well as locally, maturity of his borrowing from the bank in three of them being among the four leading order to obtain the funds with which to pay markets in that district. One of the latter off sales. Unlike the situation with respect to specifies Richmond as the additional source of borrowings to obtain funds for direct advances funds and the other that center and Norfolk to growers, which are entirely for fixed periods, (on a note expiring Mar. 15 or Apr. 1). One of practice accordingly is exceedingly complex. them, however, purchases considerable tobacco. Arrangements may be made at the opening of A warehouse in one of the other two centers the sales season for a loan sufficient to cover states that it borrows elsewhere only when the approximate requirements, and a note given local bank is "loaded." Warehouses in four for this amount for a fixed period of time, or markets in the South Carolina belt, which do else the amount may be obtained in several not loan directly to growers, state that they stages. Thus a warehouse in one of the borrow elsewhere as well as locally, while a largest markets in the Virginia old bright belt warehouse in another market, which loans states that the regular amount of $15,000 direct to some extent, also borrows elsewhere. borrowed at the opening of the season was One authority states that the South Carolina divided the past season into three lots of warehouseman in many cases deposits a check $5,000 each, and $5,000 was merely borrowed on his home bank in Virginia or North Carolina, a;t first, then another $5,000 when it was found and against this draws the checks to pay off necessary, and finally a third $5,000, making his sales. He may borrow this sum from his loans of $15,000 in all outstanding. This home bank. practice in fact points to one of the difficulties In the case of the western districts, ware- inherent in financing the leaf sales warehousehouses in five burley markets state that their man. His requirements fluctuate greatly durlocal bank arranges with city banks, chiefly in ing the season, according to the amount of Louisville and to a lesser extent Cincinnati, for sales,1 as well as considerably from day to day the funds required. Warehouses in three within any given week. In fact, after the Kentucky western dark markets and in two period of heaviest sales, buyers will be with- Tennessee markets also borrow other than drawn from the eastern markets and shifted to locally, one of the Tennessee warehouses speci- the western districts, and sales will be small fying Nashville. Six of the warehouses in these in the eastern markets for some time prior western districts state explicitly that they to the close of the season. Moreover, the borrow for fixed periods. warehouseman expects, as the commissions As is the case with loans to the grower and vhich he receives for selling the tobacco the local store, the bank in the great majority accumulate, that he will not find it necessary of cases obtains indorsed notes from the ware- to borrow for some time prior to the closing houseman. Where warehouses are incorpor- of the market. ated the officers, directors, or stockholders may The length of time for which the wareindorse. A warehouse corporation in one of the houseman's notes are made accordingly varies leading markets in the old bright belt borrows somewhat with the size of the market, although for each of its warehouses at the opening of the 60-90-day notes are most frequent. Some season on a note (for 30, 60, or 90 days) reading warehouses, however, make 30-day notes, "pay to the order of ourselves/' which it in- while some borrow for from four to six months. dorses. Subsequently, each manager gives his The latter maturities will naturally not be demand note with his own individual indorse- employed where the season is short, as in the ment for such additional funds as he needs. A South Carolina belt, where borrowing occurs, warehouse in the Kentucky burley district it is stated, from July 1 to September 15. states that its stockholders place notes in the Borrowing in the eastern districts will occur bank, while the warehouse pays the interest on earlier than in the west,, in accordance with the loan. A few warehouses in various secthe difference in the sales seasons, borrowing tions report that they borrow on their uninin the Kentucky burley district, for example, dorsed and unsecured note. In many cases being stated by several warehouses to take collateral is given as either supplementary to, or in lieu of, indorsement. For this purpose i Cf. the table of monthly warehouse sales in the Sept., 1921, BULLETIN, real estate, bonds, in particular United States p. 1065. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1418 F&DEEAL RESERVE BULLETIN. DECEMBER, 1921. place from December 1 or January 1 to April ever part of this sum it has used, while, if it 1 or 15. The same warehouse in some cases has overdrawn, it is charged interest also on may give notes of several different maturities, the overdraft. Only in very rare instances, such as 15 and 30 days or 60 and 90 days, however, does this practice prevail, and pracaccording to its requirements. The maturity tically all the warehouses making notes for of the note in certain cases may be merely fixed periods pay interest on the face of the nominal, as the warehouseman may take it notes. It may be remarked that a warehouse up when he is able before the maturity date in one of the leading markets in the North (interest being rebated), or, on the other Carolina new bright belt, in which the buyer hand, may have it extended if he finds this of tobacco pays the bank rather thanthe warenecessary. houseman, states that whereas several years ago It may be observed that the problem of the bank required it to borrow $10,000 to providing for a volume of accommodation $15,000 at the opening of the season, this is fluctuating in amount from day to day is sub- no longer required. stantially similar in many ways to that of cer- The warehouseman at times has tobacco on tifying broker's loans in New York, which was hand which he has bought, due to the fact that raised some years ago. In that case arrange- he himself bids in order to obtain the best price ments were made daily between the broker and for the seller. The usual practice is either to ship his bank for his probable requirements in place the tobacco to a larger market (in the event that of the former practice of overcertification. it is bought on a smaller one) or to resell it shortly, The overdraft might be used for the warehouse- say the next day. The amount of tobacco man's requirements. Thus one bank in a purchased in this manner is small. Many market in the Virginia old bright belt states warehouses stated that no tobacco was bought. that it simply agrees to take care of daily sales The percentage estimates which have been oband then charges interest on all overdrafts. tained from houses which thus purchase tobacco Two warehouses in one of the western dark ranged from 1 per cent to 30 per cent in the case districts state that they employ overdrafts, of individual warehouses. The latter figure which they settle each Saturday, on which day was found in only a few cases, and some of the buyers pay them. Demand notes may be higher percentages were reported by those who given instead from time to time as required, or made it a regular practice to buy tobacco on notes for very short- periods, such as one, two, their own account. By far the most frequent three, or up to six days. In a market in the percentage reported was 10. No conspicuous Virginia old bright belt where weekly settle- difference on the whole is apparent between the ment prevails, the warehouse gives its note larger and smaller markets with respect to the each week. More frequent, however, is a com- prevalence of the practice. The warehousebination of borrowing for a fixed period at the men themselves by no means favor the practice opening of the season, with temporary borrow- in all cases, as is evident from the following ing later, when sales are heavy, for exceptional statement of a warehouseman in the North requirements. The former then gives a work- Carolina new bright belt: ing balance, such as, e. g., $7,000, $10,000, $15,000, or $20,000, varying according to the It, in my judgment, is the only liability in the warehouse business, and if it could be eliminated it would benefit the amount of sales. The additional borrowing business from all standpoints, * * * as it helps the may take a variety of forms. A straight over- farmers very little and often breaks the warehouseman. draft may^ be used or else a demand note or a This very practice caused the warehouse business a loss of at least $7,500 to $10,000 in this year, with the marnote running several days may be given. One ket only selling 6,000,000 pounds. warehouse in the South Carolina belt states that, in addition to its borrowing at the opening The percentage of the crop which is so purof the season, it gives "what is known as an chased and the difficulty experienced by the overdraft note, paying interest on all over- warehouseman in disposing of his purchases has drafts at the end of each month." By means been increased during the 1920 season because of this combination of fixed period and tempo- of the general conditions existing. rary borrowing there is a closer adaptation The tobacco purchased in this manner in genof the amount of borrowing to the actual eral does not provide a considerable financing needs of the warehouseman. A similar result problem. The warehouseman, however, may is achieved in one of the leading markets in not find it possible in all cases to dispose of this the North Carolina new bright belt, where one tobacco promptly, and at the close of the season warehouse gives the bank a note for $25,000 may find himself with a stock on hand, often of or $30,000 at the opening of the sales season, low grade. He ma^ then borrow from his bank but pays interest each month merely on what- (usually the one which pays off his sales, states Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1419 a South Carolina warehouseman), which he does one remarks that most articles of incorporation either on an indorsed note or by placing the prohibit speculation in tobacco. The number tobacco in public storage and using the ware- stating that they purchase tobacco in the easthouse receipts as collateral. These notes may ern districts is very small, although in a few run for from two to six months, states the cases warehousemen are also interested in sepa- South Carolina warehouseman just quoted. rate firms of leaf tobacco dealers. In connection Very rarely, however, is a warehouseman also with regular leaf tobacco purchases, however, an active purchaser of tobacco. This varies the leaf sales warehouseman faces merely the somewhat, of course, between the different dis- same financial problems as confront the regular tricts. Thus some burley warehousemen say leaf tobacco dealer, which will be indicated in that the warehouses purchase freely, although the next section. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1420 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. BUSINESS AND FINANCIAL CONDITIONS ABROAD. Considerable contrast is to be found in . NEW TRADE FACILITIES BILL business conditions m the various J^uropean countries. In England, the situation is some- It was with a view to the necessity of rewhat better than last summer, industrial out- viving foreign trade that when Parliament put is greater, unemployment less prevalent, reconvened on October 19, Premier Lloyd foreign trade larger, and wholesale and retail George in his opening speech outlined the purprices and wages lower. But depression is pose of a new Government bill in aid of foreign still acute, the construction industries being trade. The so-called "trade facilities bill," in the worst condition. In Norway and in addition to amending the overseas trade act, Sweden, also, conditions continue depressed, 1920, and overseas trade amendment act, 1921, although unemployment seems to be on the provides for a Government guarantee of indecrease in Sweden. Denmark has apparently terest and capital on foreign loans on the consuffered less from the industrial depression dition that the proceeds axe spent for British than the other two Scandinavian countries. manufactures. The terms of the original ex- In France, industry is in a rather more active port credit scheme and of last June's amendcondition than a few months ago. The volume ment have been described in various issues of of French exports has been steadily increasing the Bulletin.1 With the amendments made last during the past three months, prices are no summer, it was possible for an exporter to be longer consistently on the decline, and employ- guaranteed up to 85 per cent of the selling price ment is improved, partly as a result of the of his goods, on condition that he would be adjustment of the textile strike in the District responsible for one-half the loss in case the of the North. In Italy, in spite of the fact that transaction was not successful. It was custhere has been a rise in prices, a fall in foreign tomary for the export credit office of the Board exchange, and considerable speculation in of Trade to require security from the importer stocks, industrial conditions remain inactive of the goods. In case of failure to remit, these except for a slight improvement in the textile securities could be sold and the exporter retrades. The unemployment situation con- imbursed to this amount. If the selling value tinues serious. In Germany another " catas- of the securities did not cover the cost of the trophe boom" is in process, prices are soaring, goods, the Government was responsible for speculation is rampant, and there are all the one-half the loss and the exporter for the other other indications of a period of excessive infla- half. Banks might also receive Government tion. guarantees on the same terms, up to 70 per ENGLAND.1 cent of the value of the goods. In the original REDUCTION IN FOREIGN TRADE. act, there was another arrangement whereby It is hardly necessary to emphasize the im- the exporter might receive a cash advance from portance of foreign trade to British industry, the Government for 80 per cent of the cost of nor the fact that the present international the goods. According to the terms of the situation has led to a serious reduction in overseas trade act, loans had to be liquidated British exports. The extent of the reduction by September, 1925. The countries to which since the war as compared with the prewar the scheme applied were mostly eastern Europeriod, and in 1921 as compared with 1920, is pean nations, although the British Empire was indicated in the following table, which shows added to the original list at the time of the the volume of exports of certain leading indus- amendment of the act. It has been widely comtries in 1913, 1920, and 1921: mented on in the British press that in spite of these very favorable terms, the scheme has not VOLUME, OF EXPORTS OF UNITED KINGDOM FOR CERTAIN been used. The consensus of opinion seems to LEADING COMMODITIES. be that the Board of Trade lacks the facilities Monthly average. for determining the validity of a credit operation; also that short-term arrangements can Commodity. Unit. 9 months always be made through ordinary channels, if 1913 1920 1921. there is an effective demand. The new trade facilities bill goes further and Coal Tons G, 677 ? 077,654 1,483 506 Iron and steel and offers exporters a guarantee of 100 per cent of their products ...do.... 414,102 271,102 127 304 the invoice value of the goods, allows for the Cotton yarns Pounds. 17,50,S000 000 10,066 000 Cotton cloth Yards... 589,604,000 2 369713;000 2 205,538,000 same recourse from the exporter in case of loss Woolen and worsted yarn Pounds. 6,701.000 3 9,20000 2,305,000 as was provided under the terms of the 85 per "W^oolen cloth Yards... 14,031,000 2 22057,000 2 9,332 000 cent guarantee (in other words, up to 57^ per 1 British price, trade, and financial statistics maybe found on pp. 1463, 1464, 1468, and 1499. i See Federal Keserve Bulletins for Dec, 1920, p. 1313; June and 2 Square yards. Aug., 1921, pp. 691,954, 955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1421 cent of the bill), extends the terms to all coun- (2) No guaranty shall be given by the Treasury under tries, and the time limit for the liquidation of this section after the expiration of 12 months from the commencement of this act. the guarantees and advances to September 28, (3) In this section the expression "capital undertak- 1927. The same sum, £26,000,000, is still ing " means an undertaking involving capital expenditure. available for the purposes of the act. This Several foreign loans are being floated in means that with six years to run, certain of London now, or their flotation is under conthese credits will be for capital expenditure. sideration there. A £5,000,000 loan has just It is also provided in the new bill that once a been raised for Kenya Colony in East Africa, firm has been approved by the export credits a £3,000,000 loan is being floated for western office, it may obtain "floating" guarantees or a Australia, and it is reported that £15,000,000 line of credit, without going through the forwill probably be raised for railroad construcmality of having each individual transaction tion in Jugo-Slavia. It is also understood that approved by the export credits office. the Government of Siam is trying to raise In view of the reception given the earlier £2,000,000 there. It is possible that the loan scheme by traders (total credits extended durto Jugo-Slavia may be guaranteed by the ing two years amount to less than £1,500,000), British Government. it seems problematical whether there will be any large increase in industrial activity as a INTERNATIONAL DEBT READJUSTMENT. result of this extension of the scheme. It is important, however, as an indication of British British policy with regard to interallied debt policy in connection with the whole question of cancellations and the revision of the terms stabilization of the international credit situaof the reparations agreement is linked with tion, and since this plan for the extension of her policy of stimulating trade revival. In the trade credits has been followed up by a Govcourse of the past few months several organizaernment scheme for guaranteeing interest on tions and individuals of prominence have decapital loans, it represents an all-around scheme clared themselves in favor of the cancellation for giving aid to poor or undeveloped countries of a part or the whole of debts owed to Great which may react very significantly upon British Britain by her allies. At the same time there domestic industries. has been a repudiation of the suggestion that the The Government plan for guaranteeing in- United States cancel Great Britain's obligations terest and capital of loans to the colonies and to her. Among others the British National foreign countries on condition that the proceeds Committee of the International Chamber of of the loans be spent on British manufactures Commerce has sent a resolution to the Governis also embodied in the trade facilities bill. ment urging debt reduction or cancellation on This scheme is apparently being entered into conditions to be determined. What these on a rather modest scale, since £25,000,000 only conditions might be are not indicated, but may be borrowed. This means that the liability it ma3^ be assumed that Great Britain would on the part of the Government for interest is a exact some such conditions as were indicated relatively small sum. as desirable for financial and economic rehabilitation by the Brussels Conference if she The terms of the bill are in part as follows: offered to cancel foreign obligations. During the past month the developments (1) If the Treasury is satisfied that the proceeds of any loan proposed to be raised, whether within or without the with regard to reparations have not been en- United Kingdom, by any Government, any public au- couraging. Discussion of the Wiesbaden agreethority, or any corporation or other body of persons, are to ment between the French and German Governbe applied toward or in connection with the carrying out ments and the visit of the Reparations Comof any capital undertaking, or in, or in connection with, the purchase of articles manufactured in the United Kingdom mission to Berlin will be found on page 1429. required for the purposes of any such undertaking, and The attitude of the British member of the Repthat the application of the loan in the manner proposed is arations Commission with regard to the Wiescalculated to promote employment in the United Kingbaden agreement has been published officially dom, the Treasury may, subject to the provisions of this in England. It is not altogether favorable to section, guarantee in such manner and form and on such terms and conditions as they think proper the payment of the scheme. Although recognizing the desirthe interest and principal of the loan or of either interest or ability of France receiving payments in kind principal: Provided, That the aggregate capital amount of from Germany, Sir John Bradbury objects to the loans the principal or interest of which is guaranteed her receiving more than her share—the equal under this section shall not exceed the sum of £25,000,000. 78092—21 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1422 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. of 52 per cent—of the next four annual repara- PRICES FOR INDIVIDUAL COMMODITIES, OCTOBER, 1921. tions payments (even though they be payments [In pence.] in kind), because he fears as a consequence that the other Allies may not receive their annual payments in full. He therefore recommends October, "that a provision should be inserted for the 1921, payment by France to the general reparation Unit. ave 1 r 9 a 1 g 3 e , . Peak. Oc 1 t 9 o 2 b 1 e . r, c p e e n r t account from time to time (within the limits of preof the deferred debits for the time being out- war. standing) of any amounts which may be necessary to assure that the other Allies shall receive Cotton, middling Pound 6.99 29.22 13.74 197 their proper proportions of the amounts due Wheat, red winter, j American '• 100 pounds.. 89.4 243 137.50 154 from Germany under the schedule of pay- Tin plate Box 166.5 924 254.25 153 Copper wire Pound 10.08 11 109 ments." In other words, the British member Coal, steam smalls, 19 recommends that in case Germany defaults in best Cardiff Ton 151 228 151 Piig iron, No. 3, 1,155 her payments to Great Britain, Belgium, or Cleveland do 704 1,440 205 Steel shapes, rounds 2,775 Italy at the same time that she makes deliv- and squares 2,123.8 2,760 130 eries in kind to France, more than equal to the Cotton yarns, 40's 7,560 weft, American Pound 10.53 178 value of the French share of payments, France Worsted yarns, 2/40's 61.15 23 worsted crossapportion to the other Allies their ratio of her breds, 46's .do.. 24.9 149 receipts. The suggestion on the part of Ger- Cotton cloth, 35- 138 37 inch, 38 yards, 16 many that a method of reparations payments by 14 Yard 2.41 239 13.84 5.76 in kind be developed for England, as has been done for France in the Wiesbaden agreement, During the past month prices have continhas not met with approval in England. Declaued to decline, the index of the Board of Trade ration of a moratorium for Germany after the for October showing a reduction in all commodif>ayment of February 15 seems to be more ties of 3.9 per cent, the Statist one of 7.4 per avorably received. per cent, and the Economist, which in the three PRICES. months immediately preceding had shown increases, a reduction of 6.8 per cent. Iron and It is generally recognized in England that steel and other building materials prices have British export prices are as a rule higher than continued to decline in November. Cotton has those of other leading European countries. It is been weak, and manufacturing on such a redoubtless to neutralize the effect of this, especi- duced scale that talk of an organized scheme of ally as it applies to the iron and steel industry, short-time operation has been renewed. Prices that the Government has offered to guarantee established at the November wool auction were foreign capital loans if the funds borrowed are somewhat lower than the October level. spent on British manufactures. Measured in The increase of approximately £7,000,000 in terms of international value (taking the dollar the value of the export trade for October is acas a basis) British prices in October may be counted for to the extent of over £3,000,000 by estimated at an index of 145, French, 125, exports of cotton yarns and cloth. There were Italian, 123, and German, 77, as compared with increases also in the exports of woolen manu- 141 for the United States in the same month. factures and other textiles as well as in iron These figures do not indicate the international and steel products, but the value of coal excompetitive position of individual commodities ports declined from the September average. but the approximate relationship of general Reexports were also larger in October than in prices in these different countries in terms of September, cotton and wool showing the greatest increases over the preceding month. Im- Considering the price level within the coun- ports were slightly lower in value in October try, even with the reduction in wholesale prices than in September, due to decreases in food which has occurred during the past 18 months, imports. British internal prices are still between 75 and Production statistics for coal and iron and 100 per cent higher than before the war. In steel indicate an improvement in coal and pigthe following table present prices of certain iron production as compared with the precedleading commodities are compared with their ing month, but a reduction in the production prewar and postwar peak prices: of semifinished steel. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBEK, 1921. FEDERAL RESERVE BULLETIN. 1423 VOLUME OF BRITISH COMMODITY PRODUCTION, SHIP part an outgrowth of the war. The debts of TONNAGE UNDER CONSTRUCTION, AND TONNAGE the railroads to the State originated in 1883. MOVED ON BRITISH RAILWAYS. At that time the Government, in order to encourage the extension of railway systems Production (long tons, 000 into regions where the service would not be omitted). Ship ton- r B ai r l i w ti a s y h s immediately profitable, guaranteed the internage under (net tonconstruc- miles, est on money loaned by private investors to Coal. Pig iron. c g S a o t s t e t s e i l n a g i n s n d . - 1 tio t n o n (g s) r . oss o 0 m 00 it ,0 te 0 d 0 ). t a h d e v an ra c i e l d ro a b d y s . t he I n G o 1 v 9 er 1 n 3 m p en a t r t on o f t he th se e in m te o r n e e s y t payments had been paid back, but the amount ilya still owed by the Orleans, the Midi, and the 1913.. 23,957 855 639 2 2,002,699 1920 19,128 667 755 2 3,603,131 Est railways totaled about 617,000,000 francs. S O e c p to te b m er ber.. 3 1 1 8 4 , , 8 0 8 4 5 4 7 5 4 3 1 3 8 5 8 4 5 4 3,731,000 1, 9 5 4 5 4 6 In that year three of the railroad companies, November.. 15,920 403 505 469 the Nord, the Est, and the Paris-Lyons-Medi- December.. 20,230 683 747 3,709,000 1,323 terranee, made profits which totaled 23,500,000 1921. francs, the Orleans and the Midi had a deficit January 21,805 642 493 1,440 of 8,500,000 francs, and the State railway had February... 17,369 464 484 1 March 16,437 386 359 ^3,799,000 1,273 a deficit of 84,000,000 francs. With the out- A M p a r y il & 1,950 6 1 0 4 7 6 1 4 5 9 Q 8 7 break of the war all profits disappeared and June 6 179 1 2 7 3,530,000 520 deficits, which, under a law of December, 1914, J A u u ly gust 3 1 1 6 5 , , 5 2 9 1 4 4 • 9 1 4 0 4 1 3 1 4 7 1 1; , 0 3 8 1 8 1 were met by the State, increased. From 1914 September.. 20,635 158 i 429 8 3,283,000 through 1920 the total deficit is placed at October 3 21,090 235 402 5,570,000,000 francs. The deficit for 1921 will 1 Revised figures. be less than that for 1920, but it is estimated 2 8 A 5 v w e e r e a k ge s. of 4 quarterly estimates. that it will amount to 1,500,000,000 francs. « Work suspended on all but 2,952,000 tons. 5 First week in April. Under the new system the railways are fused 6 Production from Apr. 4 to July 4. into one financial organization which will pool 7 Work suspended on all but 2,351,000 tons. 8 Includes 731,000 tons on which work has been suspended and 457,000 their common resources. Each line will pay a tons delayed in completion. fixed rate of interest on its stock and will receive a bonus for improvements and efficiency The index of the cost of living constructed in management. Any surplus will be paid into by the Ministry of Labor decreased from 210 a common fund. The debt of the railroads to during September (as compared with 100 in the State is considered to be canceled by the July, 1914) to 203 during October. Employ- State's debt for war services and war damages. ment conditions were worse in October than in Until 1927, if the operating expenses of the September, however, the percentage of tradesystem are not met by its income, the difference union members out of work averaging 15.6 at will be provided for by the issue of bonds, the the end of October, as compared with 14.8 at interest on which will be guaranteed by the the end of September. The percentage of un- State, and at that date a new set of regulations employed among those people who are insured as regards rate-making will be dr^awn up. under the unemployment insurance act increased from 12.2 at the end of September to The combined roads will be managed by a 12.8 at the end of October. There were 1,611,- central railway council, which is to be composed 000 people registered at employment offices on of representatives of the management and the October 28, as compared with 1,405,000 on workers of each line and of the public, presided September 30. over by the Minister of Public Works. Each FRANCE.1 line will keep its own internal organization. Before the reorganization of the railroads can go into effect the plan must be approved by RAILWAY REORGANIZATION. the stockholders of the various lines, but there On October 28 the Chamber of Deputies seems to be every prospect of its being appassed a bill which had already been approved proved. It is thought that the new scheme by the Senate, reorganizing the railway system will not only relieve the State finances but of France. In France, as in most of the bel- that it will improve the quality of French railligerent countries, the problem of railroad way service. Plans for increasing the use of finance became urgent as soon as the war was electricity in the operation of the roads are over. The Government owed large sums of well under way. The Midi Railway began the money to the railroads and the railroads to the electrification of its system before the war. Government. The French situation is only in The Orleans and the Paris-Lyons-and-Mediterraneen railroads have been proceeding with 1 French price, trade, and financial statistics may be found on pp. this work more recently. There are at the pres- 1463, 1465,1468, 1469, and 1499. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1424 FEDEKAL RESERVE BULLETIN. DBCEMKBB, 1921. ent time about 9,000 kilometers of electrified varied in the last year. Their statements do railways in France, and the use of France's not separate commercial and treasury bills abundant water power in providing electricity discounted, and though the combined item for this work results in a great saving of coal increased from 8,757,000,000 francs to 9,665,and a proportionate reduction of expense. 000,000 francs from August 31, 1920, to August Although the burden of railway finance is 31, 1921, it seems probable that the increase regarded as removed from the French budget consisted of treasury rather than commercial for 1922, the Commission of Finance of the bills. The situation as to acceptance liabilities Chamber of Deputies has reluctantly decided and deposit accounts is clearer, however. that it will be impossible to balance receipts Acceptance liabilities have decreased from and expenditures in the French budget next 200,829,000 francs to 107,330,000 francs within year. The commission has been discussing the year. Ordinary deposits have remained the question with the Minister of Finance ever at substantially the same level, but credits in since late summer. Both took the position current account have fallen from 8,036,000,000 that the budget must be balanced, but the francs to 7,617,000,000 francs. The decrease in commission wished to achieve this end mainly acceptance liabilities has taken place since hj decreasing Government expenditures, the February, and the drop was particularly sharp Minister of Finance mainly by increasing taxes. in July and August. The following table gives Decreasing public expenditures was a difficult in comparative form the consolidated statetask. One-half of next year's budget is taken ments of the three most important private by the charges on the public debt. One-half banks in France for December 31, 1913, of the remainder is concerned with military August 31, 1920, and August 31, 1921: expenditures which the French Government feels to be indispensable. On the other hand, CONSOLIDATED STATEMENT FOR LE CREDIT LYONNAIS; the Commission of Finance is convinced that LE COMPTOIR NATIONAL D'ESCOMPTE DE PARIS; LA the industrial condition of France at the present SOCIETE GENERALE POUR FAVORISER LE DEVELOPPE- MENT DU COMMERCE ET DE L'INDUSTRIE EN FRANCE. time does not warrant any increase in taxes. On October 28, after the Government had re- [In thousands of francs.] duced expenditures as far as it felt was compatible with public welfare, the Minister of Dec. 31, Aug. 31, Aug. 31, Finance presented the following estimates for 1913. 1920. 1921. the 1922 oudget to the commission: ASSETS. Francs. Expenditures 24, 953,000,000 Cash in vaults and balance at banks 470,967 1,239,436 1,188,775 Receipts 23, 328,000,000 Bills discounted and short-time national-defense securities 3,493,548 8,756,985 9,664,520 Deficit 1, 625, 000, 000 Advances on securities, including stock-exchange loans 1,058,257 790,750 580,395 However, these figures do not include cost- S D e e c b u i r t i s t i i e n s , c i u n r c re lu n d t in a g cc o re u n n t t e s .... 1,463,905 3,4 7 2 9 3 , , 5 3 0 1 8 4 2,1 6 8 8 2 , , 3 6 6 2 9 1 of-living bonuses for public employees, which Forward exchange operations1,2.'. 63,200 231,621 156,514 have been abandoned in principle as of Decem- C D u u s e t o fr m om er s' b a l n ia k b s i l a it n ie d s ba o n n k e a r c s c 2 ept- 94,277 182,986 156,294 ber 31. It is very likely that these bonuses will ances 2 175,076 89,270 54,276 Financial participations2,3 , 74,869 54,710 42,122 be returned to the budget by the Chamber of Coupons uncollected 3 42,300 20,117 21,122 Agencies outside of Europe 2 17,575 11,675 Deputies itself or the Senate. They will add Real estate 101,410 ""i()6,"422 106,422 700,000,000 francs to the public expenditures Sundry assets y *. 119,005 189,542 236,898 for the year. The Finance Commission found Total. 7,174,389 15,164,661 14,470,003 its way out of the dilemma presented by the deficit by voting to issue short-term bonds to Capital paid in 700,000 4 732,038 750,000 the amount of 1,500,000,000 francs, and Reserve 328,861 318,780 321,748 increasing the tax receipts by improving the Deposits (checking accounts, deposit certificates payable at efficiency of the tax-collecting agencies. It is sight, discount account) 2,071,097 4,785,373 4,788,837 Credits in current account 3,066,837 8,035,653 7,617,441 thought that bonds to this amount can be Deposits pavable at fixed date... 296,865 294,228 243,649 issued without increasing the public debt, Acceptance liabilities 493,032 200,829 107,330 Uncollected funds 1 158,245 90,231 since the war-profits tax is payable in Govern- Forward exchange operations1,2. 231,621 156,514 Agencies outside of Europe a 1,041 ment rentes, and the Finance Minister estimates Profit and loss y 18,371 10,910 15,124 that rentes amounting to 1,500,000,000 francs Sundry liabilities 199,326 395,943 379,129 will be canceled during 1922 by payments on Total. 7,174,389 15,164,661 14,470,003 the war profits tax. It is difficult to measure the extent of the 1 Le Credit Lyonnai9. ' Le Comptoir National d'Eseompte de Paris. industrial depression in France. It is impos- s La Socie'te' Ge*ne"rale pour Favoriser le Developpemeni du Commerce et de PIndustrie en France. sible to tell from the statements of the private * This increase is due to the fact that the Comptoir National banks how the volume of commercial bills has d'Escompte de Paris authorized an increase of 50,000,000 francs in its capital, of which 32,038,000 francs had been paid in on Aug. 31, 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBEB, 1921. FEDERAL RESERVE BULLETIN. 1425 Foreign trade figures for October show a month exceeded exports by 468,000,000 francs. decrease in imports of 1,193,000 metric The following table gives a brief survey of tons and an increase in exports amounting business indexes for France: to 68,000 tons. The value of imports for the FRENCH BUSINESS INDEXES. Coal. Raw cot- Raw i P r i o g n ! I C st r e u e d l ej ton im- Cotton silk imt d p i u r o o e n - - . I j d p ti u r o o e n - - . | d P u r c o e - d. m St i o a n t c e k s s .1 I c m on t p i f s o o o u r n 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 e o p . d n - - im T p o o ta rt l s. ex T p o o t r a t l s. o N p f u l u o m n y b e ed m er receiving State or Thousands of metric tons. M to e n tr s i . c s b 5 g a T a 0 r n h l a e d k o m s s i u l s o o o - . f - f M to e n tr s i . c s m a T t n o h e d n o t s r s u i . c o - f s m a T t n o h e d n t o r s s u i . c o - f p m al u n ai i d c . i * - I 1913, average. 3 436 »393 3,338 1,558 27,428 274 629 3,685 1,840 1920, average. 278 247 2,025 279 2,022 19,576 225 390 4,245 1,039 * 39,522 1921. January 293 268 2,352 879 1,738 26,393 •200 161 3,702 1,117 71,774 February.. 292 264 2,137 1,177 i 14,199 196 97 2,579 1,414 89,289 March 300 251 2,255 1,256 I 10,323 185 73 2,827 1,069 88,382 April 292 257 2,258 1,566 1,066 I 12,696 167 251 2,652 1,154 75,569 May 283 244 2,108 1,363 731 ! 7,710 169 161 2,250 1,168 60,362 June 285 245 1,762 1,190 608 14,013 136 174 2,047 1,405 55,439 July 266 224 2,280 1,256 660 6,539 131 51 2,164 1,194 37,226 August.... 255 233 2,403 1,353 1,065 10,700 132 201 2,593 1,035 27,467 September. 2,432 1,476 1,874 11,769 131 261 3,993 1,173 20,408 October 181 2,800 1,241 516,518 1 End of month. * End of m-^nth. These figures represent only a relatively small proportion of the unemployed in France. 8 Does not include Lorraine. < End of December, 1920. * Provisional. The general price level in France declined FRENCH COMMODITY PRICE INDEXES. slightly during October. The index number [1913=100.) of the French General Statistical Office decreased from 344 to 332 during the month. High point in 1920,, High point in 1921. However, in France as in the United States, Oc- Commodity. tober there is no general uniformity in the relation Month. Index. Month. Index. 1921. of commodity prices to their 1913 level. During October raw silk prices in France were four Pig iron July 722 January 417 206 times as high as they were before the war; Steel beams.. M a y-S e p - 622 do... 361 teraber. gasoline and kerosene prices stood at 350, Copper bars.... April 378 do 271 224 meat prices at about 340, as compared with Pig tin March. 408 .....do 232 171 Lead bars April 512 ....do 300 261 100 in 1913, while the price of Para rubber Zinc bars do 516 do. 282 238 Copper wire September. 517 do 319 236 in October was only 50 per cent of its 1913 Rubber. March 137 do 65 41 price. Of the prices which were below the Nitrate of soda.. April 574 do 478 314 Gasoline. August-De- 429 January- 429 353 general level indicated by the General Statis- cember. April. Raw silk April 962 September. 445 445 tical Office index number, metal prices make Silk yarn May 895 January 399 up the most conspicuous group. English pig Raw cotton April 1,081 do 417 "4i7 Grease wool do. 800 July 805 274 tin in October cost only about 70 per cent Wheat, native August-De- 305 May 307 220 cember. more than it did in 1913, pig iron cost about Barley, native February... 433 March 424 341 100 per cent more, copper 114 per cent, and Potatoes. November- 515 May 599 284 December. lead 260 per cent more than it did before the Beeves, live December... 545 January 515 337 war, while the general level was about 230 per C Co h f e f e e s e e, Camembert M Ap a r r i c l h 3 5 9 1 6 8 Feb d r o u . ary... 4 2 2 1 1 9 *29i cent above the prewar average. The following table summarizes commodity price indexes for ITALY.1 France during the last two years. It uses 1913 prices as 100 and gives the highest price in Between November, 1920, when wholesale 1920, the highest price so far in 1921, and the prices in Italy were higher than at any time October, 1921, price in relation to the 1913 since the armistice, and June, 1921, prices level. The prices upon which this table is steadily declined; in the latter inonth the based have been communicated to the office Bachi index number for all commodities stood of the Federal Reserve Board by the American consul in Paris. 1 Italian price, trade, and financial statistics may be found on pp. 1463, 1465,1468,1469, and 1500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1426 FEDERAL RESEKVE BULLETIN. DECEMBEE, 1921. at 81.49, as compared with 107.33 in November, if so, it was not on a scale sufficient to account 1920, the average monthly prices in 1920 being for the complete change in the price trend. taken as 100. Neither do the latest available bank reports Beginning with July, prices have increased seem to indicate the beginning of a new period again, the index number for October (96) of credit expansion after the month of June. being only four points under the 1920 average. The most important general factor has un- The decline of prices between November and doubtedly been the fall in value of foreign June was most important in the textile, exchange beginning with the month of June. minerals and metals, and chemicals groups, The close connection between the movement of the index numbers for these groups stand- foreign exchange rates and prices during the ing at 45.8, 60.4, and 63.4 in June as com- first 10 months of this year is clearly shown in pared with an average of 100 in 1920. If the following table, which contains, on the these group indexes are compared with those one hand, the average monthly quotations of for the spring months of 1920, when the peak the lira in New York and, on the other, the of high prices was reached, it will be seen that monthly index numbers of prices in Italy: the total decline of prices by June of this year had amounted to about 65 per cent for the textile group and about 48 per cent for both m A o ve n r t a h g ly e B In a d c e h x i chemical products and minerals and metals. quotation number of Since June, the upward movement of prices o i f n Y t h o N e r e k l w . ira w p h r o i l c e e s s a . le has likewise been greatest in textiles. The index number for this group increased from January, 1921... $0. 036 103 46 in June to 76 in October, or over 65 per February, 1921. .037 98 cent. During the same period the index num- March, 1921 .039 97 April, 1921 .046 94 ber for chemical products increased from 63 May, 1921 .053 88 June, 1921 .050 81 to 75, or about 19 per cent, while that for July, 1921 .045 83 minerals and metals remained practically sta- August, 1921... .043 87 September, 1921 .042 93 tionary until September and showed in Octo- October, 1921... .040 96 ber an increase of less than 7 per cent over June. In certain instances, notably among the For foodstuffs, both animal and vegetable, chemical products, the rise in prices may be the lowest prices were likewise attained in accounted for to a certain extent, at least, by June, and since then there has been an up- the provisions of the new tariff which went ward movement. For both of these groups, into effect on July 1. As far as foodstuffs are however, as may be seen from the table on concerned, a certain allowance has to be made page 1465, the lowest monthly indexes for for seasonal fluctuations in such commodities as this year were in the neighborhood of 100, that potatoes and eggs. In other instances the rise is, approximately the same as the monthly in prices can be traced to deficient crops. This average for 1920. By June, the decline from applies, however, only to a limited number of the maximum in the case of vegetable foods commodities, such as wine and olive oil. was about 10 per cent and in the case of ani- On the whole, as may be seen from the table mal foods about 20 per cent. Between June below, the crop situation has been favorable and October, however, the index numbers this year, most of the crops having been larger for vegetable foods advanced again from 97 than in the two preceding years and in some to 116, or about 20 per cent, and that for ani- cases even exceeding the crops of the years mal foods from 101 to 129, or about 28 per immediately preceding the war: cent. Wholesale prices for food, therefore, were at the highest point ever attained in PRINCIPAL ITALIAN CROPS IN 1921, 1920, 1919, AND October of this year. 1911-1913. The general and steady rise in prices in [In quintals.] recent months does not appear to be connected i with any change in the monetary or banking 1911-1913 situation. The deflation of the bank-note cir- ]921 1920 1919 (annual average). culation continued later than June, the circulation for September 10 being 17,879,000,000 Wheat 51,200,000 38,466,000 46,204,000 51,972,000 lire as compared with 18,158,000,000 lire on Rye 1,300,000 1,153,000 1,161,000 1,369,000 Bailey 2400,000 1,278,000 1,813,000 2,183,000 June 30. Preliminary and very incomplete Oats 5,500,000 516,000 5,036,000 5,454,000 figures regarding the note circulation at the Rice 4,700,000 4,512,000 4,867,000 4,873,000 Maize 24,000,000 22,683,000 21,806,000 25,464,000 end of September seem to indicate an expan- Potatoes 15,000;000 14,223,000 13,875,000 16,710,000 sion of circulation during that month, out, Sugar beets 15,000,000 11,999,000 15,000,000 20,858,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER,, 1921. FEDERAL RESERVE BULLETIN. 1427 The determining factor in the movement of prices of textiles is the shortage of raw silk. food prices relates to the question of Govern- International demand for Italian silk has been ment control and the adjustment of prices to greater than normal, because of the unfavornew conditions of trade. During recent able position of the eastern currencies due to months there has been a gradual relinquish- the rise in the price of silver. There has also ment of Government price control, accom- been a large increase in the demand for woolens. panied by temporary provisions for the transi- The textile trades seem to be the only ones in tion period. Rye and maize, for which which the advance in prices corresponds to an Government control was discontinued on actual though limited revival of industrial ac- July 1, advanced 13 and 12 per cent, respec- tivity following upon the liquidation of last tively, between June and September. Butter year. and cheese advanced during the same period The latest official statistics of unemploy- 67 and 27 per cent, respectively, as the result ment refer to September 1 and show a slight of a decree authorizing the exportation abroad decrease in the number of unemployed in the of a certain amount of these commodities. textile industries as compared with August 1. As regards wheat, free trade in domestic The total number of unemployed in industries wheat recommenced July 1 and the Govern- on September 1 was estimated at about ment requisition of grain was discontinued 471,000, an increase of 8 per cent over the with this year's crop. As may be seen from number who were out of work on August 1 the table above, the wheat crop this year has and of 88 per cent over those out of work on been very good, with the result that it is esti- May 1. The largest increase during the month mated that foreign grain imports will not ex- of August occurred in the building and conceed 8,000,000 quintals in 1921-22, while in struction trades, in the metal and machine in- 1920-21 it was necessary to import 20,000,000 dustries, and in agriculture, absolute numbers quintals. Moreover, according to a state- of unemployed workers in these industries ment by Minister of Finance Soleri, the Gov- being 130,000, 73,000, and 69,000, respecernment acquired abroad a considerable tively, on September 1. Over 186,000 workers amount of grain when exchange rates were were employed in shifts and 34,000 were workfavorable to Italy. In spite of these factors, ing part time. the price of soft grain advanced from 104.40 Although no statistical data regarding inlire to 128 lire per quintal and that of hard dustrial conditions during September and Ocgrain from 119 lire to 160 lire per quintal be- tober are as yet available, reports from both tween June and September. This resulted employers and labor organizations seem to from various Government provisions which indicate a more serious business depression were designed to protect the interests of agri- than at earlier dates rather than an industrial culturists. Thus, although compulsory requi- recovery. There has been widespread revision sition of grain had ceased, the producers were of wages, and it is stated by the Minister of given the option of selling this year's grain to Industry that 75 per cent of the workers had the provincial government commissions at the accepted by the end of October new agreeoriginal requisition price which was fixed for ments based on a lower wage scale. this year's crop a year ago last May (i. e., in At the request of the General Confederation May, 1920). This price was considerably of Labor, the Government has appointed a higher than the requisition price for last commission to investigate the industrial situayear. Although it appears that the amount of tion as regards the question of the cost of prowheat actually sold by the producers to the duction, the cost of living, foreign competiprovincial commissions has not been large, the tion, and tariff provisions. The commission, privilege of doing so has tended to drive free which consists of eight representatives of emmarket prices up to the level of the prices paid ployers' associations, eight representatives of by the Government commissions. On Septemlabor organizations of various political shades, ber 1 foreign wheat was placed on the list of and eight experts appointed by the Governfree imports, but the possible effect of this on ment, is to submit its report within one month's the price of wheat is difficult to estimate in time. The creation of this commission has view of the depreciation of the lira abroad. caused considerable apprehension among busi- The advance in the price of textiles (which ness groups, who see in it a new phase of State have increased more than any other group in and labor control over industry. The Minister the last few months) is due in the first place of Industries, on the other hand, has denied to the rise in the price of cotton in the interna- that the commission is to do more than study tional market, a fact which has been further the general conditions of industry. Investigaaggravated for Italy by the depreciation of her tions of individual businesses are not to be exchange. Another factor leading to higher made. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1428 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. GERMANY.1 One reason that the value of the import trade exceeds that of the export trade is The most important events of an industrial the disparity between German prices and those and financial nature in Germany during the of the rest of the world. The Germans last of October and the first of November were are selling cheap and buying dear, and the the partition of Upper Silesia, the fluctuation of difference between prices at home expressed mark exchange, and the spectacular rise in in terms of marks has increased during the prices. The political consequence of the partisummer and fall. On page 1071 of the Seption of Upper Silesia was the resignation of the Wirth Cabinet. On October 26 Dr. Wirth again tember issue of the BULLETIN there appears a table comparing prices in the United States, appeared before the Reichstag as Chancellor, England, and France, expressed in marks, with the portfolio of the Minister for Foreign with internal prices in Germany according to Affairs, and accompanied by a new Cabinet. the index number of the Frankfurter Zeitung. Two Cabinet positions remain to be filled, Prices in the United States, England, and however. The Minister for Food and Agricul- France in terms of marks were obtained by ture is at present also filling the post of the multiplying a wholesale price index number for Finance Minister, and the post of Minister of each country by an index showing the appre- Reconstruction is not being filled at all, in the ciation of the currency of that country in hope that Dr. Rathenau, who acted as Minister terms of the mark. In the following table the of Reconstruction in the first Wirth Cabinet, compilation which appeared in the September may decide to return. BULLETIN is brought to date, and the in- Conjectures as to changes in the terms of crease in the disparity between internal and reparations payments have been rife during the external mark prices is made clear: month, and fluctuations in mark exchange have been extreme. During November the low quotations for the mark in New York were reached GERMAN PRICES. on November 7 and 26, when it was quoted at [Prewar prices =100.] one-third of a cent. The average quotation for the month was 0.38 cent. External prices. Part of this depreciation of the mark is at- Internal tributed by officials of the German Govern- In the prices i c G m t h s o e a v n n n e t g e r w e n t m o t t r e a a x n s n t p s e a i m s c c u e t p i l a o l a s a n t u n i . o r n e n i s n I g n a i n t t o b h i e i l i s x l n c t c t r h a o o a x n d n i n u g n e c g e c e , t i e a o a v s n n e o d r t y n h e e e t h x r o e e - f t c i m ( o e U p S s m a r n t i r i a m c k i n t e t s e o e s t d d i o h n i f e - o E la i f n I n c n i n g t o d i m l r e a n ( s r a n m a p r i d n r n k o i ) g s c . d - 2 e - 1 i j i j ; I c m n ( F t o p i a r m e r F a r i s c k n m r e i s a c n o n e i o d ) c n f . i e » - Z n e F ( o u f i i r u f n t m a u r d t t n n b e h e k g e r x e - r ). < United are also to be further attempts to restrict im- States).1 ports. The " gold-agio7; by which customs rates are multiplied if payments are made in 1921. January 2,426.7 ! 3.021.8 2,125.4 1,603 paper marks was increased to 3,900 on Novem- April 2,100.9 I 2, 526.8 1,971.0 1,410 July 2,578.6 i 2' 704.6 2,482.0 1,467 ber 20 and more stringent measures are to August 2,805.4 ' 2'. 930. 2 2,702.7 1,723 be taken to restrict luxury imports. September 3,744.6 3'. 836.8 3,399. 2 1,777 October , 5,006. 3 Si 198.8 4,430.7 1,993 Foreign trade figures for September show that the unfavorable balance in Germany's 1 Cost of the dollar in marks (parity=100) X Federal. Reserve Board foreign commerce increased during the summer. index number Figures for the first four months of 1921 are 2 Cost of the pound sterling in marks (parity=100) X Board of Trade not available, but the following table gives index number those for the succeeding five months of the 3 Cost of the franc in marks (pari 1 ty 0 0 = 100) XStatistique Generale index and shows the growing adverse balance: number 4 First of month figures. GERMAN FOREIGN TRADE.2 [In millions of paper marks.] The effect of the unfavorable exchange rates on internal prices in Germany is well brought 1921 Imports. Exports. " E i x m c p e o ss rt s o . f out by two group indexes of the wholesale price index compiled by the German Federal Statistical Office. These group indexes May 5.486 4,558 928 June 6,409 5,432 I 977 are similar to two of the group indexes of July 7,580 6,212 | 1,368 August 9,418 6,683 { 2,725 the wholesale price index which is computed September. 10,668 7,519 3,149 by the Federal Reserve Board for the United States. They show the relative prices of goods 1 German price, trade, and financial statistics may be found on pp 1463, 1465, 1468, 1469 and 1501. produced in Germany as compared with goods 2 Not including deliveries on reparations account. All these figures imported into Germany. The following table are subject to revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER,, 1921. FEDEKAL RESERVE BULLETIN". 1429 shows the movement of these two groups as the cost of clothing, which is included in the compared with the movement of wholesale other two indexes. prices in general in Germany according to this The increase in prices in Germany during the index number. last few months and the fall in the exchange value of the mark have completely vitiated any plans made by the German Ministry of WHOLESALE PRICE INDEX OF THE GEBMAN FEDERAL Finance early in the summer. On November STATISTICAL OFFICE. 4 the acting Minister of Finance presented to [1913 prices=100.] the Reichstag new estimates of expenditure and revenue for the year which will end March Goods Goods All com- 31, 1922. produced imported modities (16 com- (22 com- (38 commodities) . Imodities).modities). ESTIMATES FOR THE 1921-22 BUDGET IN GERMANY AS OF Nov. 4, 1921. h- 1920 average. 1,253 | 2,609 1,479 [In millions of marks.] 1921. January 1,363 i 1,805 1,436 February... 1,320 1,645 1,372 ! Receipts, j Expendi- March 1,282 1,598 1,334 i j tures. April 1,280 I 1,544 1,323 May 1,266 j 1,507 1,306 June 1,320 ! 1,592 1,365 Ordinary 61,200 ! 114,250 J A u u ly gust 1 1 , , 9 36 1 9 3 ! ! 1 1, , 9 7 3 0 5 8 1 1, , 9 4 1 2 7 5 Extraordinary I 110,050 | 57,000 September. 1,952 ! 2,643 2,067 Total I 171,250! 171,250 The panic of retail buying which has taken The ordinary receipts Include revenue from place in Germany within the last month has taxes and Government monopolies, while the made it obvious that the difference between extraordinary receipts will consist exclusively internal and external prices in Germany will of loans. It was estimated that new taxes probably not continue to increase. The decline proposed would yield from 40,000,000,000 to in the foreign exchange value of the mark has 42,000,000,000 marks in the fiscal year. From made the whole German population want to pos- April 1 to September 30, 1921, the Governsess goods rather than marks. According to ment has received 33,144,000,000 marks in cable dispatches retailers' stocks have been taxes, and in the same period Treasury bills almost completely exhausted by the excited outstanding have increased 44,079,000,000 buying. This depletion of stocks will naturally marks. result in an increase in wholesale prices which The new Government has not announced will bring German internal prices into closer plans for meeting the installments due on harmony with prices abroad. reparations account on January 15 and Feb- The latest figures available on the cost of ruary 15, 1922. Negotiations as to a loan living in Germany show that according to the from German industrials continue, but have index number of the Statistical Office in Berlin- not yet drawn to any definite conclusion, and Schoneberg the cost of living rose from 1,212 in efforts to raise a loan in London have as yet September to 1,340 in October, in each case using been without result. 1913 as 100. The index of the Federal Statis- In the second week in November the Reparatical Office shows an increase from 1,062 in Sep- tions Commission went to Berlin to investigate tember to 1,146 in October. This index uses the situation there at first hand. The out- 1913-14 prices as 100. Information recently come of this visit was a telegram sent to Bermade available in this country in regard to the lin on December 2, urgently requesting the weighting of the Federal cost of living index German Government to give its full attention explains the difference between this index to the steps immediately necessary to insure number and those of Dr. Elsas in Frankfurt payments of the January and February inand Dr. Kuczynski in Berlin-Schoneberg. The stallments due on reparations account. The Federal index is weighted according to the telegram emphasizes the fact that the Reparapresent-day consumption of the working class tions Commission is persuaded that the diffiin Germany and thus compares the cost of their culties encountered by the German Governpresent standard of living with what that same ment—difficulties which are closely connected standard would have cost before the war. The with the recent fall of mark exchange—are of other two indexes compute as nearly as possible a financial rather than an economic character the cost of the prewar consumption of the and are in great measure due to the failure working class at the present time. In addition of the German Government to balance its the Federal Statistical Office does not include budget. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1430 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. The Wiesbaden agreement has been ap- gold marks, and 45 per cent of the value of the proved only in principle by the Reparations goods delivered). Commission, and has been referred to the Sir John Bradbury, the British delegate Allied Governments. Under this agreement on the Reparations Commission, in reporting Germany agrees to furnish France with goods to his Government on the subject, pointed for reconstruction purposes to the value of out .that Germany has by this agreement as- 7,000,000,000 gold marks within the next 4J sumed an additional burden, inasmuch as years, provided that they are ordered by the she has promised to make deliveries in excess "sinistreV' (French of the devastated re- of those laid down in the London reparations gions). However, at the time of their de- agreement The report goes on to say: livery, Germany is to receive credit on repara- Regard being had to what has been said and written in tions account for only a part of the goods de- Germany, not merely by the general public, but by relivered. According to the agreement, 35 to sponsible members of the Government, of the difficulty 45 per cent of the value of the goods delivered anticipated in carrying out the obligations imposed by the schedule of payments themselves, it is somewhat in the next 4J years will be credited on repararemarkable that Germany should now be prepared voluntions account in the year of delivery, but in no tarily to assume this additional burden. case is the amount credited to exceed Doubtless among the reasons which have led her to 1,000,000,000 marks. It is obvious that in do so are a genuine desire on the part of the present German Government to remove the open sore constituted by the order to receive a credit of a billion gold ruins of northern France, and of belief—probably well marks for goods delivered to France, it will be founded—that the industrial and financial circumstances necessary for Germany to turn over goods to of Germany at the present time are such that it is advanthe value of at least 2,220,000,000 gold marks tageous to purchase a measure of relief from the burden of finding foreign currencies even at the expense of a more in any one year. On the difference between than equivalent obligation wMch can be discharged by the value of the goods delivered and the the export of merchandise. amount credited on reparations account, France But when full weight has been given to these considerais to pay 5 per cent simple interest. Deliveries tions, the fact remains that the potential dimensions of the additional burden are so great that it would be unwise under this agreement will cease in 1926. The to assume that it can be borne without prejudice to the balances which are not credited on reparations performance by Germany of her obligations under the account currently are to be credited on that schedule of payments. account in the future, and in each year from If there were reasonable grounds for anticipating that the obligations under the schedule of payments could be 1926 to 1936 Germany will be credited with a maintained, and would be discharged, in full, during the sum not to exceed France's share of reparations whole of the period contemplated by the Wiesbaden payments in that year. Thus the sum owed agreement, the excess deliveries to France being made in by France to Germany for 55 to 65 per cent addition, it would be not unreasonable to allow to France the full advantage of the acceleration in the payment of of the deliveries made from 1921 to 1926 will her share of reparations for which she has been able to gradually be diminished. In 1936 if there is arrange. still a balance due to Germany it will be The obligations of the schedule of payments were, howsettled in four half-yearly payments. ever, fixed as recently as May last and they then represented, in the opinion of the Reparations Commission and Although there may be some question as to of the allied Governments, the maximum burden which whether France can absorb goods to this in the light of the indications available Germany could be amount in the near future, it is obvious that, expected to be able to bear. if she can, this arrangement is very advan- In the event of the German Government finding itself in difficulties in regard to the installments due on reparatageous from the French point of view. Under tions account for the current reparation year or on subsethe terms of the May reparations agreement quent installments, it is inevitable (whatever may be its she would probably receive about 1,664,000,000 intentions at the present time) that the additional obligagold marks each year during the next four tions undertaken to France would not only be pleaded as a ground for consideration, but would, in fact, constitute in years (supposing the tax on exports to yield favor of such consideration a plea which could not be 1,200,000,000 gold marks a year). Under the ignored by the Allied Governments. Wiesbaden arrangement, supposing that de- It results from these considerations that the contingency in which the additional deliveries to France would have, liveries of the 7,000,000,000 gold marks' wqrth in substance, to be treated by the Allied Powers as a of goods were spread evenly over the 4^ whole—notwithstanding the provisions for deferred credit years, France would receive from Germany contained in the agreement—as an integral part of the each year 1,550,000,000 gold marks' worth of current effort of Germany to satisfy her treaty obligations is one which can not be left out of account. goods, would credit her on reparations account If that contingency should arise, the effect of the agreewith not more than 697,500,000 gold marks (45 ment would be, not that, thanks to a special voluntary per cent), and would receive in addition 966,- effort on the part of Germany, France would have secured, 500,000 gold marks in other forms (that is, without prejudice to her Allies, a part of her share of reparation earlier than would otherwise have been posthe difference between the total sum due sible, but merely that an alteration in favor of France and France on reparations account, 1,664,000,000 to the detriment of the other Allies would have been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1431 brought about in the distribution as between the Allies SCANDINAVIA. of the available reparation receipts over a very considerable period. The other Allies would, in substance, be The movement of wholesale prices in Noradvancing to France on a 5 per cent basis, their shares of }^ Sweden, and Denmark has followed the that part of the annual reparation payments of Germany with which France was not currently charged, on the same general trend as the world-wide course security—not of the French Government—but of the of prices during the past three years. The French share of whatever may be the current receipts in slump in prices which occurred in most counrespect of German reparation in the somewhat remote tries after the armistice was also to be noted future. Opinions may differ as to the precise value of this in Scandinavia and was followed by a similar security, but unless the other Allied Powers are prepared sharp upward movement in the latter months to modify in favor of France the existing treaty pro- of 1919, which reached its peak in the summer visions and inter-allied agreements relating to priorities and autumn of 1920. Up to October, 1921, and to the distribution of reparations receipts, it can hardly be regarded as in itself providing adequate protec- the precipitous decline, which set in after the tion for the rights of the other Allies, and further safe- turning point in the boom period, had carried guards will be required * * * . prices down 53 per cent from the peak for The safeguards which are envisaged as necessary by Sweden, 50 per cent for Denmark, and 33 per my Italian and Belgian colleagues on the Reparations Commission and myself and for which we presume that cent for Norway. our respective Governments will desire to stipulate are— Prices in Sweden reached a crest in Decem- (1) That a limit of time should be laid down after the ber, 1918, during the cycle of rising prices expiration of which no new deferment of debit should be preceding the post-armistice decline. In the permitted, and the liquidation of the existing deferred debits should commence to be made by regular annual other two countries peak prices were attained installments. The precise length of this period should in the second upward movement of prices be determined upon an estimate of the time necessary^ to which culminated in 1920. The Norwegian carry out the main work of reconstruction, regard being price index registered its highest figure (425) had to the time required by Germany to affect the necessary supplies. In view of the delays which are inevitable in September, 1920, whereas the peak of Danin regard to operations of the magnitude of those contem- ish prices (403) was not reached till Octoplated, the prescribed period might be reasonably some- ber. Price declines in all these countries began what longer than the \\ years initial period under the later than in the United States, where the agreement, but it should not exceed seven years. (2) That in no circumstances should the aggregate climax was reached in May, 1920. amount for which debit against France for the time being stands deferred be allowed to exceed a prescribed amount, PRICES AND EXCHANGE RATES. say, 4 milliards gold marks. (3) That a provision should be inserted for the payment by France to the general reparation account from time to It is interesting to note that Norwegian time (within the limits of the deferred debits for the time prices, which had closely paralleled Swedbeing outstanding) of any amounts which may be necessary ish prices throughout the first few months of to secure that the other Allies shall receive their proper 1920, rose sharply above them following April, proportions of the amounts due from Germany under the schedule of payments. 1920. A sharp decline in Norwegian currency Subject to the introduction of these safeguards, to which as measured in Swedish money began in March. it would not appear that legitimate exception could be Christiania kroner were quoted at 93.4 per cent taken, the arrangements contemplated by the agreement of Swedish kronor in January, 1920, and kept may be expected to accelerate the solution of the reparation problem on practical lines in a manner advantageous to at about this level through February. In France without prejudicing the interest of other Powers, March, 1920, they dropped to 88.7 per cent, and and it is upon this ground that the Reparations Commission after a slight rally in April continued to decline has unanimously recommended them for favorable examto the low figure of 69.4 in September. It is ination by the Allied Governments. If the Allied Governments approve the general scheme, thus seen that the advance in prices occurred subject to whatever safeguards they may decide to be two months later than the beginning of the necessary, there will remain certain subsidiary points for decline in Norwegian exchange, attributable to the Reparations Commission to consider—among others: the fact that the exchange market is the more (1) The proposed omission of the excess deliveries from the index figure determining the annual liability under sensitive one and reflects underlying changes the schedule of payments, until such time as these sooner than commodity prices. No further deliveries are finally brought to account for reparations marked peculiarities occurred in the price purposes. movements of these three countries, as com- (2) The special arrangements for substitution in respect of articles of which France is entitled to restitution by pared with the world movement, until July, identity involving in certain cases money payments; and 1921. The interval from September-October, (3) The special arrangements in regard to the delivery 1920, to July, 1921, shows approximately the of coal and the prices to be credited or debited which in same rate of decline as in England, followed by several particulars affect the interests of other Powers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1432 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. a slowing down and slight stabilization in the the 0konomisk Revue, gives the wholesale summer of 1921. Beginning in August, how- price indexes of Norway, Sweden, and Denmark ever, prices in the three Scandinavian countries and the so-called " purchasing power parity/7 commenced to diverge from one another. In or theoretical rates of exchange, obtained by Sweden and Denmark there occurred at this calculating the ratio of the purchasing power time another very precipitous decline, while of Norwegian and Danish money to that of Norway, on the other hand, showed only a very Swedish money. moderate drop. In July there was an unusually sudden and sharp drop in Danish prices, as compared, with the more gradual drop noted in the Norwegian Norwegian Danish Nor- Swed- Dan- kroner in kroner in kroner in Swedish price level. This is probably to be ac- ;wegian ish ish Sweden. Denmark. Sweden. price price price counted for in part by the fact that Denmark index, index, index, i m s e a r c l h a a rg n e ts r i e n e x th p e o r p t a in s g t tw ce o n t y e e r a r a s n h d a v th e a i t m D po an rt i e s d h 1 ! ! 0 m k R o i e s n - k o-S d H e v l e a s n t n i s - d k - na F ti n i - - s- T r c e h a t e i l o - - t A u c a - l T r c e h a t e i l o - - t A u c a - l T r c e h a t e i l o - - t A u c a - l heavily with a view to carrying on an ex- 1 vue. ning. dende. rates. rates. rates. rates. rates. rates. tensive transit trade with Germany and the eastern European countries. It is generally 1920. Jaii 333 319 95.8 92.0 110.2 82.7 known that credit conditions in Germany have Mar...-! 351 354 100.9 90.0 106.2 85.0 made it difficult to reexport commodities, and June... 382 386 95.8 74. 7 100.5 74.0 Aug... 417 365 394 87.5 70.7 94.5 99.0 92.6 72.0 that as a result the free harbor of Copenhagen Sept...-i 425 362 398 85.2 73.0 93.6 101.6 91.0 72.0 has become heavily congested with goods that N O o c v t. . . . . . .. . 4 41 0 9 3 3 3 4 3 6 1 3 4 7 0 3 3 8 8 2 2 . . 6 1 7 7 0 0 . . 2 2 9 92 6 . . 6 2 1 9 0 9 0 . . 2 0 8 8 5 8 . . 9 8 7 7 0 0. . 7 3 could not be moved. The failure of this reex- Dec....: 377 299 341 79.3 78.0 90.5 100.1 87.9 78.0 port plan has flooded Danish markets with these 1921. products, and it is very probable that the T F a e n b... 3 31 4 9 4 2 2 6 5 7 0 2 2 9 8 0 0 7 7 7 8 . . 6 4 7 8 7 5 . . 0 2 8 87 4 . . 8 3 9 9 6 6 . . 0 5 9 8 2 9 . . 2 3 8 8 9 0. . 7 0 marked decline in prices in July is due in a meas- Mar... 312 237 270 76.0 69. 2 86.5 89.2 87.8 78.5 Apr 297 229 257 77.1 67.0 86.5 85.7 88.3 78.2 ure to the fact that this surplus stock was being May... 294 218 254 74.2 67. 1 86.4 87.0 85.8 77.4 thrown on the Danish market for disposal. June... 294 218 253 74.2 65.0 86.0 85.0 86.2 76.4 July... 300 211 256 70.3 62.7 85.3 84.3 82.4 74.4 There is also a further factor to be taken into Aug... 297 198 224 66.7 63. 7 75.4 76.5 88.4 82.7 consideration in studying the difference between Norwegian prices on the one hand and The theoretical exchange rate is in every Danish and Swedish prices on the other hand. instance higher than the actual exchange Norwegian exchange in Stockholm declined quotations where a comparison is made befrom 67.3 per cent in May, 1921, to 57.5 per tween Sweden's currency and that of the cent in September, and it is therefore natural other two countries. But in studying the that the general price level in Norway should relation between the actual and theoretical have fallen more moderately than in Sweden. rates of exchange between Norway and Den- In the case of Denmark, however, an improve- mark, the agreement between the two is parment in exchange was noted at this time. The ticularly striking in the last five months. Too Danish krone rose from 75.4 in July to 81.5 in much importance, however, should not be September as compared with the Swedish attached to the above calculations, as various krona. This rise is even greater if compared statistical difficulties present themselves, parwith Norwegian krone. It is therefore to be ticularly the fact that the price indexes are at expected that the decline in Danish prices dur- the present time rather imperfect and can only ing the last two months should have been much approximately measure the actual currency sharper than the decline in Swedish prices dur- values. ing the same period, and much more precipitous than the drop in Norwegian prices for this same PRICES AND NOTE CIRCULATION. period. It is believed in many quarters at the present Another factor of importance in comparing time that the Swedish krona is overvalued in the price level in different countries is the relarelation to other exchanges. This fact appears tive extent to which the currencies are inflated. on the surface to be borne out by the results of In the following table the note circulations of calculations based on Prof. CasseFs method of the three Scandinavian countries in recent obtaining the real parity of exchange as deter- months are related to those of June 30, 1914. mined by the relation of price levels in various The figures through 1920 are obtained from countries. The following table, excerpted from the yearbook of Sweden's Itiksbank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1433 NOTE CIRCULATION OP THE CENTRAL BANKS OF THE prices. This approximate coincidence of peak SCANDINAVIAN COUNTRIES. note circulation with peak prices in these three countries is unlike the situation in the United States, where the highest level of prices was Swe Norway. Denmark. reached in May, 1920, while the peak of note circulation came five months later, in October, Per- Per Per A ( k m c r t . i u ) ll . a , l cr c i e e n a n - s t e. A ( k m c r t . i u ) ll . a , l cr c e i e n a n - s t e. A ( k m c r t . i u ) l . l a . l cr c i e e n a n - s t e c 1 i 9 r 2 c 0 u . l at S io t n u d i y n i n t g h e th t e h r a e b e o v c e o u ta n b tr l i e e s o , f i r t e l i a s t i e v v e i d n e o n t t e that the increase in note circulation was greatest June 30, 1914 239.0 100.0 123.9 100. 0 159. 8 100.0 in the case of Norway and least in the case of End of— Sweden. The least progress toward defla- 1914 304.1 127.2 134.2 108.3 206. 6 129.3 1915 327.9 137.2 162.2 130.9 220. 4 137.9 tion has been made in Norway, where the 1916 417.5 174.7 251. 7 203.1 284. 9 178.3 1917 572.7 239.6 326. 3 263.4 337. 9 211.5 absolute decline in note issue from its high 1918 813.5 340.4 436.3 352.1 450. 0 281.6 level amounts only to 67,000,000 kroner. In 1919 747.6 312.8 454.3 366.7 489.3 306. 2 1920 759.9 318.0 478.4 386.1 556.7 348. 4 the case of Denmark this decline has amounted Sept., 1920 779.8 326.3 478.1 385.9 559. 5 350.1 Oct., 1920 772.8 323.3 478.5 386.1 578. 0 361.7 to 109,000,000 kroner and of Sweden to June, 1921 678.8 284. 0 418.4 337.7 496. 2 310.8 163,000,000 kronor. The table also shows that July, 1921 629.4 263.3 428.4 345.8 481. 6 301.4 Aug., 1921 632. 4 264.6 421.0 339.8 480.6 300. 8 the note circulation in all the three Scandina- Sept., 1921 672.4 281.3 415.9 335.7 481.4 301. 3 Oct., 1921 650. 3 272.1 411.4 332.0 468.1 292. 9 vian countries has not shown the same percentage reduction as prices. In the case of Sweden an analysis has been worked out by Professor It will be seen that the peak of note expan- Cassel showing that a considerable amount of sion came approximately at the date of the outstanding notes of 50 and 100 kronor depeak of prices. In Sweden the peak was nominations have been hoarded, thus retarding reached in December, 1918, when the index of the withdrawal of notes from circulation which note circulation stood at 340, calculated on the should have accompanied the fall of prices. basis of June 30, 1914, equal to 100. This Furthermore, owing to the fact that reductions date witnessed also the peak of prices. In in many wholesale markets have brought prices Norway note circulation reached its highest below the cost of production, it is not possible point in October, 1920, one month later than the to have a general restoration of equilibrium peak of commodity prices. In Denmark the between prices and note circulation until the crest of note circulation was reached in Octo- maladjustments between production costs and ber, 1920, again the peak point of wholesale sale price are corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN. £>HCEMBER, 1921. State Banks and Trust Companies. Fiduciary Powers Granted to National Banks. ADMISSIONS. The applications of the following banks for permission to act under section ll(k) of the Federal Reserve Act were The following list shows the State banks and trust com- approved by the Board during the month ending Novempanies which were admitted to membership in the Federal ber 30, 1921: Reserve System during the month ending November 30, DlSTEICT NO. 2. 1921, on which date 1,624 State institutions were members Trustee, executor, administrator, registrar of stocks and bonds, guardian of the system, having a total capital of $581,517,142, total of estates, assignee, receiver, and committee of estates of lunatics: surplus of $528,164,584, and total resources of $9,946,170,045. Farmers National Bank, Allentown, N. J. DISTRICT NO. 3. Trustee, executor, administrator, registrar of stocks and bonds, guardian Surplus. I Total of estates, assignee, receiver, and committee of estates of lunatics: Ashland National Bank, Ashland, Pa. DISTEICT No. 5. District No. 3. Trustee, executor, administrator, registrar of stocks and bonds, guardian The Olyphant Bank, Olyphant, Pa $100,000 $20,000 |$1,854,861 of estates, assignee, receiver, and committee of estates of lunatics: First National Bank, Durham, N. C. District No. 4. Riggs National Bank, Washington, D. C. Peoples Savings Bank Co., Delta, Ohio. 25,000 35,000 498,758 DISTRICT NO. 7. District No. 5. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: The Pleasants County Bank, St. Marys, Indiana National Bank, Indianapolis, Ind. W. Va I 50,000 12,000 507,922 Shenandoah Valley Bank & Trust Co., i DISTRICT NO. 8. Martinsburg, W. Va ! 100,000 25,000 430,284 Trustee, executor, administrator, registrar of stocks and bonds, guardian District No. 6. of estates, assignee, receiver, and committee of estates of lunatics: First National Bank, Murray, Ky. Citizens Banking Co., Eastman, Ga 100,000 20,000 518,014 New Orleans Bank & Trust Co., New DISTRICT NO. 10. Orleans, La. 400,000 100,000 1,028,309 Executor and administrator: District No. 8. National Bank of Gallup, Gallup, N. Mex. Arkansas Bank & Trust Co., Newport, Ark 200,000 35,000 1,249,664 District No. 12. Commercial Failures Reported. Plumas County Bank, Quincy, Calif 70,000 13,000 765,327 Ritzville State Bank, Ritzville, Wash.. 25,000 2,500 27,500 fai T lu h r e e s c o o v n e ti r n l u a e s d t y w ea id r' e s c m o a m rg p i a n r a o ti f v e in ly c r m ea o s d e e r i a n t e n u m m o b rt e a r l i o ty f is evidenced by the 1,341 defaults reported to R. G. Dun & LIQUIDATION. Co. during three weeks of November as against 746 in the same period of 1920. The returns for October, the latest Great Lakes Trust Co., Chicago, 111. month for which complete statistics are available, disclose WITHDRAWAL. 1,713 commercial insolvencies in the United States, involving $53,058,659 of liabilities. Aside from January, the Potlatch State Bank, Potlatch, Idaho. number of October failures is the largest of any month Magna Banking Co., Magna, Utah. this year, and the indebtedness exceeds that of all months CONVEETED INTO NATIONAL BANKS. except May, March, and February. Separated according to Federal Reserve districts, the October statement reveals Alliance Bank Co., Alliance, Ohio. an increased number of defaults, as compared with Octo- American State Bank, Okmulgee, Okla. The First State Bank, Clinton, Okla. ber, 1920, in every instance, while the liabilities are larger Guaranty State Bank, Ardmore, Okla. in 7 of the 12 districts, the exceptions being the fifth, seventh, eighth, eleventh, and twelfth districts. IN HANDS OF STATE AUTHORITIES. American Bank & Trust Co., Savannah, Ga. FAILURES DURING OCTOBER. BANKS CLOSED. Number. Liabilities. Stockmens State Bank, Browning, Mont. Bellevue Bank & Trust Co., Bellevue, Idaho. District. Union State Bank, Nezperce, Idaho. 1921 1920 1921 1920 First 135 59 $1,550,137 $938,595 Second 350 275 17,525,697 15,462,866 Third 77 27 7,890,928 2,902,609 Acceptances to 100 Per Cent. Fourth 177 69 2,613,018 1,933,886 Fifth 109 58 1,511,141 1,644,702 Sixth 153 38 5,271,140 613,307 Since the issuance of the November BULLETIN the fol- Seventh— 230 122 5,853,226 6,259,566 lowing banks have been authorized by the Federal Re- Eighth 88 47 1,117,815 1,280,507 Ninth 70 16 1,833,103 83,769 serve Board to accept drafts and bills of exchange up to Tenth 76 41 2,000,108 775,366 100 per cent of their capital and surplus: Eleventh... 109 42 2,455,126 2,947,957 Merchants & Illinois National Bank, Peoria, 111. Twelfth.... 139 •129 3,437,220 4,071, ,,29 Peoples Savings Bank & Trust Co., Pine Bluff, Ark. Total 1,713 923- 53,058,659 38,914,659 New Orleans Bank & Trust Co., New Orleans, La. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1435 RULINGS OF THE FEDERAL RESERVE BOARD. Funds derived from sale of collateral security held by national bank tion's maturing bonds or coupons are necesas trustee under corporate issue of bonds are trust funds within the meaning of section ll(k) of Federal Reserve Act. sarily trust funds. Whether or not deposits made for this or similar purposes are to be The Federal Eeserve Board was recently deemed trust funds must depend in each case asked to pass upon a question involving the upon the terms under which the particular interpretation of section ll(k) of the Federal deposit is made, and it is obviously imprac- Reserve Act; in particular, whether certain ticable to make a general ruling covering all funds received by a national bank constituted possible situations. As a general rule, it may trust funds awaiting investment or distribution be stated that the provisions of section ll(k) within the meaning of section ll(k) of the of the Federal Reserve Act and of the Board's Federal Reserve Act and Paragraph V of the Regulation F, Series of 1920, regarding the Board's Regulation F, Series of 1920, so as to deposit of approved securities in the bank's require a deposit of proper collateral security trust department against funds used in its in the bank's trust department as a condition commercial department, relate only to funds precedent to the use or deposit of such funds which are required by the agreement of dein the bank's commercial department. The posit or otherwise to be held by the bank in facts which the Board was asked to consider trust. were stated to be as follows: Where a corporation having maturing obli- A national bank, which had been granted gations deposits, in its regular account or in permission to exercise fiduciary powers, was an account opened for this special purpose, an named as trustee under an issue of bonds made amount sufficient to cover such obligations, by a corporation and, as such trustee, was and authorizes the national bank, which is not made depositary and given control over ceracting as trustee in holding collateral for such tain securities and real estate pledged by the obligations, to pay the obligations and to corporation as collateral security to the bonds. charge the payments against the corporation's The trust agreement specifically provided that account, the funds so deposited would not the national bank should, as trustee, hold the ordinarily constitute trust funds within the collateral, originally pledged, as security for meaning of section ll(k) of the Federal Reserve the corporation's bonded indebtedness, but Act and Regulation F, although there might that in case of a sale of any of this collateral be special provisions affecting the deposit the trustee bank should either hold the prowhich would necessitate a contrary conclusion. ceeds of such sale as substituted security or As indicated in the ruling, published in this use such proceeds in retirement of the bonds. same issue, on reserve requirements against Part of the real estate so pledged as collateral funds deposited under a deed of trust, such a security was sold and the proceeds of the sale deposit would ordinarily give rise to a deposit were deposited in the bank's domestic or comliability against which the national bank would mercial department, and the bank took the be required to carry reserves, as provided in position that this deposit was not a deposit of section 19 of the Federal Reserve Act, but with trust funds awaiting investment or distribution respect to the funds thus deposited the bank within the meaning of section ll(k) of the would not be subject to the requirements af- Federal Reserve Act and the Board's Regulafecting the use of strictly trust funds in a tion F, so as to require a counter deposit of national bank's commercial department. acceptable securities of equal value in the bank's trust department. On these facts the Board ruled that the proceeds of the sale of the collateral security, liability for funds deposited with trust company and held under a held by the national bank as trustee, and which deed of trust is not a deposit liability against which reserves are required. were themselves required by the trust agreement to be either held as substituted security The Board has been asked to rule whether for the corporation's bonded indebtedness, or certain funds deposited in a trust company by used in retirement of such indebtedness, did an electric corporation, to be used for the constitute trust funds within the meaning of redemption of the corporation's outstanding section ll(k) and the Board's Regulation F. bonds, should be classed as demand deposits or This ruling was based on the facts of the as time deposits, against which reserves must particular case and was not intended to mean be carried, or not as deposits at all. that all funds which are deposited by a cor- It appeared that the trust company is acting poration with a national bank for the purpose as trustee under a corporate issue of bonds; of providing for the payment of the corpora- that the deed of trust requires the corporation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1436 FEDERAL RESERVE BULLETIN. DECTBMKEB, 1921. to make periodic payments to the trustee to sidered deposit liabilities within the meaning meet obligations maturing on specific dates; of the provisions of section 19, Federal Reserve that the money so paid to the trustee is not Act, and the ruling laid down above is to be credited to the corporation's account, is not confined to the state of facts upon which it is subject to withdrawal by the corporation but predicated. If a corporation, haying maturing can be used only in accordance with the terms obligations, makes a deposit in its regular acof the deed of trust, which restrict the use of count with a bank or trust company sufficient this money to the retirement of bonds. to cover the obligations, or opens an account The Board has already ruled that money for this particular purpose and authorizes the paid to a bank by a customer in anticipation of depositary to pay these obligations as they the maturity of an acceptance made for his come due, charging the payments against the account is not a deposit liability within the corporation's account, but the deposit is not meaning of the provisions of section 19 of the made under a deed of trust and its disposition Federal Reserve Act, if the money deposited is is not restricted to paying the obligations, such not subject to withdrawal by check or other- a deposit would ordinarily give rise to a dewise, but is received in full or part payment of posit liability against wliicxi the depositary the customer's obligation to put the bank in would be required to carry reserves, as profunds at the maturity of the acceptance, or if vided in section 19 of the Federal Reserve Act. the money is received as a special deposit for the purpose of meeting the acceptance when it matures and the customer can not demand the return of the money but can require only that New National Bank Charters. the bank apply the money in payment of the acceptance of maturity. The Comptroller of the Currency reports the following increases and reductions in the number and capital of The Federal Reserve Board is of the opinion national banks during the period from October 22 to that the principle enunciated in its former November 25, 1921, inclusive: ruling is applicable to the present case, and that if the money deposited in the trust com- I Number Amount pany is held subject to the provisions of the I of of deed of trust, and the corporation which banks. capital. deposited the money can not demand the return thereof but can require only that the New charters issued $1,550,000 Restored to solvency 50,000 money be paid to the bondholders in redemp- Increases of capital approved * 2,990,000 Aggregate of new charters, banks restored to tion of bonds in accordance with the terms of solvency, and banks increasing capital 4,590,000 the deed of trust, the liability of the trust Liquidations 1,960,000 Reducing capital 200,000 company is not a deposit liability, within the Total liquidations and reductions of capital 2,160,000 Consolidations of national banks under act of meaning of the provisions of section 19 of the Nov. 7, 1918 20,000,000 Federal Reserve Act, against which reserves Aggregate Increased capital for period 4,590,000 must be maintained. Reduction of capital owing to liquidations, etc. 2,160,000 There may be, of course, and frequently are, Net increase. 2,430,000 cases where deposits made by corporate debtors to meet maturing obligations are to be con- 1 Includes one increase in capital of $2,500,000 incident to a consolidation under act of Nor. 7,1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1>ECKMBHK, 1.921. FEDERAL RESERVE BUIJL.ETIN. 1437 PRICE MOVEMENT AND VOLUME OF TRADE. WHOLESALE PRICES IN THE UNITED STATES. Wholesale prices decreased slightly during October. The index of the Federal Reserve Board, constructed primarily for international comparison, moved from 143 in September to 141 in October (prices in 1913 = 100) and the index of the Bureau of Labor Statistics computed on the same base, decreased from 152 to 150. In the raw materials group there were appreciable reductions in the prices of agricultural commodities such as wheat, corn, oats cotton, and hogs. Live stock other than hogs advanced 7 in price and the total index of animal products was slightly higher in October than September. Forest products—i. e., lumber of various sorts—changed very little during the two months, while mineral products, including the nonferrous metals and petroleum, showed an increase of 4 points. Producers7 goods showed little change during the month and consumers' goods decreased. In the classification according to goods of domestic origin, imports and exports, the Federal Reserve Board index shows a small decrease in the prices of domestic goods, a slight increase in imports, and a reduction in exports. The trend of the index during November has probably been toward lower levels. Although there have been increases in such commodities as petroleum, the nonferrous metals, raw wool, oats, corn, and a certain number of other important commodities, a larger number have shown decreases or no change at all. This applies to cotton and cotton manufactures, steel products, wheat and wheat flour, many highly manufactured goods, coal, and certain of the building materials. INDEX NUMBERS OF WHOLESALE PRICES IN 7HE UMiTED STATES 1919-1921 CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOS£ OF INTERNATIONAL COMPARISON AVERAGE PRICE LEVEL OF 1913 = 1( 300 1—:—, j- 1 1 j 1 1 -j 1 1 f— j —| 1 1 300 280 _^ 280 u_ ___.. GOODS IMPORTED - _ „ PRODUCERS GOODS- 260 - ««»GOODS EXPORTED - s 260 X 240 —*ML. f \ \_r 240 7 / i 220 y . .„_ \ 220 200 \ \j 200 V 180 v| \ I \\ ^160 V \ 160^ o \ —V o •si 120 v ..../ 11 120 V 100 «*•""* 100 80 i i 1 > i i i i 1 I i i 80 J. A. S. 0. N. 0. J. F. M. A. M.J J. A.S 0. N. D.J. P.M. A.M. J. J. A.S. 0. N. D. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A £. 0. N. D YEAR 1919 1920 1921 1919 1920 1921 YEAR 78092—21- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1438 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. INDEX NUMBERS OF WHOLESALE PRICES IN UNITED STATES—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISONS [Average prices in 1913=100.] Goods Goods Goods Date. pro- im- exi duced. ported. ported. I 1919, average 209 174 214 1920, average 236 191 227 1920, October | 213 142 181 | 1921. j January ! 166 114 142 ] February I 156 113 135 J March ! 152 114 125 ! April i 145 109 121 i May I 145 105 125 ! June ! 141 102 122 | July 144 103 122 1 August : 145 104 123 September j 145 106 144 i October 143 107 141 1 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 BOARD.8 [Average prices in 1913=100. Raw materials. Pro- Con- All com- Year and month. p A r t o g u d r 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 es c t ts.p M ro i d n u er 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 . ' modities. 1920. October . 191 172 339 272 230 200 | 224 242 1921. January 155 119 245 220 175 182 177 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 October 134 105 193 176 145 133 158 150 * 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

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1439 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.] Corn, No. 3, Cotton, middling, n W ort h h e e a r t n , N sp o r . i n 1 g , , W re h d e a w t, in N t o er . , 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, Chicago. New Orleans. Minneapolis. Chicago. Chicago. steers, Chicago. Year and month. Average Rela- Average Rela- Average Rela- Average Rela- p A r v ic e e r a p g e e r Rela- Average Relaprice per tive price per tive price per tive price per tive 100 tive price per tive bushel. price. pound. price. bushel. price. bushel. price. pounds. price. pound. price. 1913 $0.6155 100 $0.1270 100 $0. 8735 100 $0.9833 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. October .8778 143 . 20SS 164 2.1063 241 2.2047 224 14.6875 173 .2550 139 1921. January ! . 6553 106 .1450 114 1. 7884 205 1. 9613 199 9.8400 116 .1675 91 February .6350 103 .1322 104 1.6713 191 1.9194 195 9.3125 109 .1363 74 March .6180 100 .1105 87 1.6135 185 1.6798 170 9. 5625 112 .1150 63 April .5547 90 .1116 88 1. 4059 161 1.3869 141 8.7188 102 .1013 55 May .6090 99 .1178 93 1.4923 171 1. 5680 159 8.4250 99 .1188 65 June .6075 99 .1101 87 1. 4994 172 1. 4384 146 8.0938 95 .1395 76 July .6019 98 .1147 90 1. 4384 165 1. 2291 125 8. 4063 99 .1388 75 5578 91 .1290 102 1.3953 160 1. 2373 125 8. 7750 103 . 1405 76 September.. . 5344 87 .1963 155 1. 4825 170 1. 2769 129 8. 3750 98 . 1406 76 October ... .4647 76 . 1913 151 1.3191 151 1.1938 121 8.8750 104 .1481 81 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 l r , s n , O m s h c a i o o r u k , r J 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 u i m n u m e r i g , i n n h f e o . . s o u , .b s, . C P s o o p a c C o l a , t h o b a o l 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 p r o i v c u 1 e e 0 n r 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 o 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 M ri v c e e f r e a p e g e t. e r , p R t r i e i v c l e a e - . p m r M t a i u c n r f e u e e p e d fa t . e c r - p R t r i e i v c l e a e - . s p A h ri v o c e r e t r a t p o g e n e r . p R t r i e i v c l e a e - . s p A h r v i o c e r e t r a t p o g e e n r . p R t r i e i v c l e a e - . 1913 $8.4541 100 i $0.4710 100 $24.2273 100 $44.5909 100 $1.3200 100 i $1.5710 10G 1919 18. 3260 217 i 1.1894 248 39. 7500 164 78.8333 177 1920 14.7106 174 i . 9712 203 56.6667 234 145.4167 326 6.0133 458 5.8891 375 1920. October 14. 7875 175 . 7273 154 ; 57.0000 235 152.0000 341 8. 7500 663 8.3100 529 1921. January 9.6700 114 .5455 116 48.0000 198 110.0000 247 2. 5300 192 4. 2500 271 February 9. 7063 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 225 j une.. 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 October 8.1800 97 .4727 100 37.2500 154 90.0000 202 2.1800 165i 2.6800 171 i i On Toledo market, average for last six months of 1913. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1440 FEDERAL RESERVE BULLETIN. DliCEMBEIl, 1921. AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES—Continued. i Coal, anthracite, ke Connells I Copper, ingot, Lead, pig, | Petroleum, crude,) i stove, New York, desilverized, | Pennsylvania, Valley, tidewater. New York. ! at wells. at furnace. Year and month. ; Average Rela- Average ! Rela- j Average Rela- Average i Rela- Average Rela- Average Relaprice per tive price per j tive j price per tive priceperi tive price per tive price per tive • long ton. price. short ton.; price, pound. price. pound. ; price. barrel. price. long ton. price. i 1913 S $5.0613 I 100 $2.4390 ! 100 I $0.1573 100 $0.0440 i 100 $2.4500 100 $14.7058 t 100 1919 ; i 8.1639 161 4.7375 '• 194 | . L911 122 . 0578 ' 131 4.1346 169 t 27.6971 t 188 1920 ..'< 9.42G5 180 10.8163 413 . 1797 114 .0808 184 | 5.9750 244 i 42.2692 ! 287 1920. October . , 10.4732 j 207 587 106 .0731 166 6.1000 249 i 43. 7500 i 298 1921. ! I January 10.0373 ! 210 5313 227 ! . 128S 82 0497 113 : 5. 7750 230 ' 30.0000 ; 204 February ; 10.6382 i 210 1875 : 213 i . 1288 82 0468 100 4.3 875 171 , 27.5000 ! 187 March ! 10. G3S2 j 210 0000 205 i . 1223 78 0405 92 | 3.0000 122 S 24.2000 i 165 April | 10.1380 200 71S8 ' 152 ! . 1247 79 . 0428 97 ! 3.1875 130 ! 22.8750 | 156 May ! 10.2910 ! 203 3250 ' 136 . 1283 82 { 0495 113 : 3.3500 | 137 ' 22.0000 \ 150 June ! L0.3900 : 205 0938 127 ; . 1284 82 ! 0151 103 i 2.6250 107 | 20.7500 | 141 July i 10. 5048 208 9083 ! 119 i . 1253 80 ; 0440 100 ! 2. 2500 92 19.3750 i 132 August I 10.6036 210 8000 i 115 J . 1173 75 ! 0410 100 ! 2.2500 92 18.2000 I 124 September I 10. 7075 212 1875 ; 131 ! . 1200 76 0461 105 ! 2.3125 94 ' 19.1250 | 130 October ; 10. 7125 212 2750 134 j . 1268 81 : 0470 107 ; 3.1250 128 ; 19.1875 \ 130 l 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. i Average | Rela- ; Average j Rela- ; Average Rela- Average Rela- ; Average Rela- I Average | Relaiprice per tive j price per tive , price per tive price per tive ! price per tive ; price per j tive ! pound. ! price, j pound, j price. , long ton. price. ; pound. price, long ton. price. < pound. | price. 1913 1 $0.2213 100 $0.2821 J 100 $25.7892 100 $0.0148 100 i $30.0000 i 100 $0.7767 j 100 1919 .5340 241 .5283 j 187 40.5385 157 .0271 183 j 49.2642 j 164 1.6274 210 1920 j .6245 i 282 .5342 189 56.2596 218 ' .0328 222 ; 53.8269 ! 179 1.8250 ; 235 1920. October. .4343 190 .4900 174 , 0000 213 . 0309 209 ; 54.5000 ! 182 i 1.5000 193 1921. January.. ... .2878 ' 130 . 4000 142 ;43.5000 169 i . 0265 179 I 47. 0000 157 1.1500 148 February .2775 m .3S00 135 i 42.2500 164 1 .0233 157 I 47. 0000 157 1.1500 148 March .2447 ( in .3700 131 38.4000 149 .0204 138 j 47.0000 157 1.2000 155 April .2388 ! 108 . 3700 131 : 37.5000 145 .0210 142 ! 47.0000 157 1.2000 ! 155 May .. .2491 1 113 . 3700 131 37. 0000 143 .0220 149 ] 47. 0000 157 1.2500 161 j une .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 1 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 Ill : 47. 0O0Q 157 1.1500 ! 148 October .3832 j 173 . 3400 121 29.0000 112 ; .0160 108 !45.2500 Ul 1.1500 | 148 i i Flour, wheat, j st BB e g ee e o ee r o f s f dd , , , c C c n aa a h rrc tt i c c ii aa v a ss e g ss, o , . nnff N ANA ew e w T Y >i X no 0 r T v k k r ' n 7 i st ( a 1 M n 91 d i 8 n a w , n r s d e a t a a r p p ) n a , o d t l e a is n r , d t s j i j ' Ham C s h , i c s a m g o o k . ed, Ill 1 u N 5 m 0 e ° w i n f i a Y re ti o n t r e g k s . t o , il, ! j j g N r e a S w n u u g Y l a a o r t , e r d k , . Year and month. l 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. I pound. price. gallon. price. pound. price. 1913. $0.1295 100 $4.5837 100 j $0.1662 100 i $0.1233 100 $0.0427 100 1919. 160 11.9982 j 262 I .3433 207 I .2004 163 .0894 209 1920. .2304 178 108 12.6750 ! 277 .3340 201 ! .2629 213 .1267 297 1920. October . . 2520 195 . 0759 68 11.2063 244 . 3575 215 .2900 I 235 .1078 252 1921. January.... .1738 134 .0669 60 i 9.6250 210 .2488 150 ; . 2900 235 .0757 177 February... .1600 124 .0672 60 j 9.1813 200 .2600 156 ! . 2750 223 .0709 166 March .1625 125 .0639 57 ! 8. 7300 190 .2725 164 i .2625 213 .0784 184 April .1650 127 .0600 54 i 7.9500 173 .2763 166 i .2540 206 .0725 170 May .1650 127 .0621 56 8. 7450 191 . 2725 164 I . 2400 195 .0632 t 148 June .1600 124 .0666 60 1 9.0063 196 .2822 170 ! . 2200 178 .0569 ; 133 July .1490 115 .0647 58 ! 8.9000 194 .3200 193 I . 2200 178 .0546 1 128 August .1600 124 .0703 63; 8.1200 177 .3248 195 . 2200 178 .0583 I 137 September. .1595 123 .0789 71 8.3188 181 . 2756 I 166 j .2200 178 .0559 i 131 October .1644 127 .0813 73 7.4250 162 . 2372 ! 143 : . 2320 188 .0519 I 122 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER., 1921. FEDERAL RESERVE BULLETIN, 1441 FOREIGN TRADE INDEX. over the amount exported last month. The total volume of consumers' goods declined There are presented below the usual indexes considerably, being due in large measure to designed to reflect movements in foreign trade the decrease in wheat flour, refined sugar and of the United States, with the fluctuations due lard. Exports of cottonseed oil advanced to price changes eliminated. The commodisharply in volume during October as compared ties chosen for these indexes are those for both with last month and the same month a which prices are compiled by the Federal year ago. Sole leather exports increased con- Reserve Board in the preparation of its international price index.1 siderably and were greatly in excess of the amount exported during October, 1920. The total volume of exports for October An increase was shown in the total volume varied only slightly from the figure for Sepof imports. The decline in the total volume tember and showed a small decrease when of raw materials was due principally to the compared with October, 1920. While the falling off of imports of raw silk and wool. total volume of raw materials increased over Cotton and leaf tobacco registered a material last month, exports of grain registered a subincrease when compared both with last month stantial decrease, the largest decrease being in and the same month a year ago. The inthe case of corn. Although the amount of crease in the total volume of producers' goods corn exported during October was less than was due mainly to the increased volume of 50 per cent of that exported in the month of India rubber imported and the resumption of September the amount exported for the ten larger imports of extract of quebracho. The immonths this year is far in excess of that for ports of manila hemp continued to decline and the corresponding period last year. This dewere only about 13.5 per cent of the amount crease in grain exports was counterbalanced imported during October, 1920. Nitrate of by an increase of 70 per cent in cotton exports soda decreased still further and was only 15 per cent of the amount imported during the ini'lude<27ofthi' moM i lDurrs \\w \siluc of which i 1913 formed 49.3 T ("Mil Of UlO t (it'll n value-, aiul 2^ of ihe corresponding period last year. In the conf X K th | e im to p ta o l r t e a x n p t o o rt \ p v o a r lu ls o - t . h r T v l a K lu -c e la o ^ f K w U h 'a M ti I u i i :- h > o i o o i T i i ' t / u i n n l a l .") l ( i > M .:; j o > f T c > v m (»i - u sumers' group the volume of imports of cocoa, n o o n d i o t f i v t < 'l o u v ^ c o n d : i< "w !* a* li! - von < i > n m m !ln o< > ii i J ie u lyy, I92< ]K)l K M- ' il m X. \ eTi T i j n h % 1 f ( v !a> \ ] v > iti i < il , ;t- coffer, and tea increased, while bananas and iiul ••<> UJU)< ^ Ml tli" .\<'V<MH!'(T, olive oil registered a slight decrease. 921, I>ru,F/n\. INDEX OF VALUE OF FOREIGN TRADE IN SELECTED COMMODITIES AT 1913 PRICES. [Monthly average values, 1913-= 100.] Exports. Imports. Raw ria m ls ate-! : P gO ro O d d u s c ( e 1 r 0 s' i Co g n o s o u d m s e (7 rs '! : „ Dotal (29 : ; Raw ri a m ls a te- j !P g r o o o d d u s c ( e 1 r .2 s' I i C g o o n o s d u s m ( e 5 r s ; '! Total (27 (12 com- ! com- com- ; (10 com- ! com- com- modities). modities). modities). : modities). j ' modities). modities). : modi ties). 1913—Year... 100. 0| 100.0 100.0 j 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 ! 142.5 138.0 ; 107. 7 135.8 !' 227.4 I 166.7 168.8 1921. January 105. 2' 1S7.9 126.0 117. 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 i 104.4 122. 4 91.1 160.7 177. 5 178.9 169.7 April 76.6 102.7 322.5 89.9 153.4 177. 7 185.1 167. 2 May 07.7 ; 8i.8 i 12. 8 100. 0 98.7 150.2 162.1 127.3 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 i 126.5 121.4 112.6 August 142, 7! 68.1 164.1 140.9 116.7 ' 165. 0! 129.8 ! 136.0 September.. 115.7 j 79.1 147.5 , 119. 91 102.8 1 137. 8i 99.4 i 114.6 October.... 121.7 ! 83.5 ' 119.2 i 117.6 j 96.2 ; 173.5 j 116.5 ; 126.9 1 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1442 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. INDEX OF OCEAN FREIGHT RATES. were distinctly firmer than in October. Charter rates, however, have declined more rapidly The accompanying table shows the monthly since the war than have ocean freight rates on fluctuations in ocean freight rates prevailing individual commodities, and an index of charbetween United States Atlantic ports and the ter rates commencing with January, 1920, principal European trade regions. The figures would show a somewhat greater drop than does are derived from the actual rates quoted on the the index here presented. following commodities: Grain, provisions, cotton, cottonseed oil, and sack flour. For the RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND methods used in constructing the index, see EUROPE TRADE. the August, 1921, BULLETIN, pages 931-934. [January, 1920, rates=100.1 Further important reductions in ocean freight rates to Europe occurred during November, as United States Atlantic ports to— is shown by the index numbers in the accomp f c o a a r t n e a y n i a n y g l m ev t o a e n b l t l h e o . f s in r T a c t h e e e s t h m e w o w e s ll a t r b , r e e w l c o e i w t n h t t t h h fi a e g t u s r i r e n e s g c l o e i r n d e d e x i d - - 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 l e a e a lg n t n h i d d u e s m r- ; S n c a a v n i d a i . - n M te e r e a r d a n i - . - Eu A ro ll pe. ception of the French Atlantic trade, in which the November index number has not fallen be- 1920. January 100.0 100.0 100.0 100.0 100.0 100.0 low the point reached last March. Lower rates February.. 96.5 86.9 83.3 90.1 91.1 90.3 March 91.2 78.5 78.0 | 84.6 79.5 j 83.4 on cotton and grain largely account for the de- April 90.2 87.2 78.9 ! 82.7 72.2 83.5 clines in November as compared with October, May 96.2 85.9 87.3 i 82.5 75.2 I 87.5 June 101.2 87.1 89.5 ; 82. l 76.5 | 90.0 quotations on the other commodities included July 96.0 85.6 82.1 1" 82.0 75.3 i 86.3 August 85.7 77.9 70.4 1 82.1 73.2 I 78.5 in the index remainirg comparatively stable. September. 86.7 73.7 66.9 1 82.1 71.6 | 76.9 Average rates in the different trades here rep- October 84.9 68.9 70.9 i 75.3 69.6 I 75.4 November . 77.8 51.6 59.9 59.6 59.2 ; 63.8 resented are about one-half as high as they were December.. 72.3 38.5 47.0 ! 51.6 49.2 i 53.6 a year ago, and in the case of the United 1921. Kingdom the reduction has been even greater. January 60.7 30.2 34.1 l. 42.9 ' 43.2 43.3 February - - 54.7 27.7 29.2 i 30.9 43.8 I 38.5 Compared with January, 1920, average rates March 49.3 24.6 28.3 i 30.8 42.2 | 35.9 in the different European, trades show declines M Ap ay ril 5 50 0 . . 6 1 3 35 2 . . 0 6 3 3 6 8 . . 6 2 : 3 2 1 9 . . 3 4 i 3 34 5 . . 6 7 ! i 3 4 9 0 . . 0 1 ranging from 66 to 76 per cent. In contrast June 42.7 34.7 38.3 1 31.3 34.0 j 37.6 July 42.5 33.2 37.0 I 29.0 34.7 i 36.8 to the lower trend of berth rates on various August 42.9 33.4 36.7 i 28.4 34.3 ! 36.7 commodities during November, it should be S O e c p to te b m er ber. 4 37 1 . . 0 8 2 32 8 . . 7 5 3 30 5 . . 7 8 ; 2 2 6 8 . . 7 2 3 3 3 3 . . 6 3 | i 3 3 6 2 . . 0 3 noted that charter rates for full-cargo steamers November. 33.5 25.0 25.2 24.0 32.9 28.8 PHYSICAL VOLUME OF TRADE. Production of mines and factories increased Fuel output showed a moderate improvement moderately during October, and agricultural due to a large increase in activity of bituminous products continued to move to market in large coal mines. Anthracite production also inquantities. The building and textile industries creased, but output of crude petroleum showed were very active during the month, and cement a further slight decline. production reached a new high level. A considerable increase in wool consumption, Receipts of cotton and cotton seed continued together with a decrease in idle machinery, to show a marked increase in October and were indicates a continued increase in activity of larger than in any previous month of 1921. woolen mills. Consumption of cotton was Live-stock receipts were also very heavy, but this about 2 per cent larger than in September, and was partly due to the normal autumn move- shipments of cotton finishers increased for the ment to market. Grain receipts, on the other third consecutive month. The silk industry, hand, were noticeably smaller than in Septem- on the other hand, was depressed and October ber, due to a substantial reduction in receipts of imports of raw silk were over 30 per cent less wheat and rye. Receipts of citrus and deciduous than in September. fruit, sugar, turpentine, and rosin also declined. Total production and shipments of five re- The increase in output of iron and steel noted porting lumber associations showed a subin September continued at an accelerated rate stantial increase during October. Output of during October. Pig-iron production was larger wood pulp, paper, and cement also increased, than in any month since March and the output while locomotive production and automoof steel ingots greater than in any month since bile shipments were somewhat curtailed. February. Unfilled orders of the United States Railroad-car loadings increased in all operat- Steel Corporation, however, once more regis- ing regions and for all important groups of tered a decline. Production of both copper and commodities, except grain and ore. Tonnage zinc increased slightly during October, and there of vessels cleared, however, declined about 12 was a large reduction in accumulated zinc stocks. per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1921, FEDERAL RESERVE BULLETIN. 1443 LIVE-STOCK MOVEMENTS. [Bureau of Markets.] Receipts. Shipments. C c m a a a l t v t r l e k e s e , a t n 5 s. d 9 m H a o r g k 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 r a s l r e e k s s e , a t 4 s n . 3 d To k t in al d , s a . ll C c m a a a l t v t r l e k e s e a , t n 5 s d . 4 I j m H a o r g k s e , t 5 s 4 . S m h a e r e k p e , t 5 s 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 al d , s a . ll 1920. Head. Head. Head. Head. Head. Head. Head. Head, I Head. Head. October i 2,189,749 2, 781,410 2,945,107 38,434 7,954, 700 ] 1,159, 571 j 1,064,169 1,939,056 1 36,728 4,199,524 1921. June 1, 572,334 3,559,165 i 1,812,339 13,292 | 6,957,130 ! 605, S22 j1, 136,269 i 763,577 13,214 2,518, 882 July 1,335,548 2,717,247 ! 1,738,957 10,696 ! 5, 802,448 ! 490,751 1 915,998 | 760,172 10,036 2,176,957 August 1,856,948 2,647,965 2,467,048 ; 15,933 | 6,987,894 | 842, 254 1 927,962 j1,110,134 14,661 2,895,011 September. 1, 889,057 2,646,127 ; 2,544,530 2"1 ,0~9~3~ | 7,100,807 | 905,136 | 944, 366 I1,375,415 20,779 3,245,696 October 2, 284, 561 3,200,589 2,932,433 \ 34,160 5 S, 451, 743 ; 1,185.599 i 1, 210,405 I 1,609,420 32,449 4,043, 870 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. ~ " T " -"!~ j " Head. Relative. | Head. Relative. Head. | Relative. Head. Relative. Head. Relative. 1920. ! October.. j 1,621,295 161 j 1,791,881 82 1, 804,728 136 25,096 5,303,000 1921. I June ! 1,117,111 111 ] 2,671,462 122 1,130,874 83 8,135 18 4,927,582 107 July 940,173 93 ! 2,021,268 1,035,674 76 6,952 4,004,067 87 August j 1,418,237 141 j 1,919,514 1,568,584 i 115 11,147 i 4,917,482 106 September I 1,417,259 141 i 1,783,827 1,651,659 i 121 15,089 4,867,834 105 October j 1, 712,917 170 i 2,057,231 1, 842,148 135 24,269 j 5, 636,565 122 SHIPMENTS. 1920. October.. 866,327 213 ! 584, 742 I 121 ! 1,192, 912 ! 24,051 2, 668,032 j I 1921. June 414,814 ; 102 i 703,724 I 145 403,748 i 80 8,199 | 20 1,530,485 107 July 338,306 i 83 619,854 I 128 i 408,088 | 81 6,439 I 16 1,372,687 96 August 656,106 \ 161 609,506 j 126 i 604,996 j 120 10,098 ! 25 , , 131 September 698,459 j 172 ! 583,866 \ 121 840,242 | 167 14,732 36 I 2,137,299 150 October 892,091 ! 219 I 707,251 i 146 917,129 ! 182 22,803 i 56 | 2,539,274 177 SHIPMENTS OF STOCKERS AND FEEDERS FROM 34 MARKETS. I 1 Ca c t a tl l e v e a s n , d i | Hogs. btieep. i T k ot id al, all I ! Ca c t a tl l e v e a s n . d Hogs. Sheep. T k o i t n al d , s a . ll 1920. i Head. i Head. ! Head. i Head. \ 1921. Head. Head. Head. Head. October 571,025 j 59,123! 1,055,237! 1,685,385 | July 120,429 ! 15,493 138,414 274,336 August 353,619 I 21,564 402,372 777,558 1921. I I i ' j September... 390,090 ! 38,081 731,110 1,159,281 June j 195,039 1 31,373 | 88,302; 314,714; October 612,838 ! 43,442 730, 780 1,387,060 ANIMALS SLAUGHTERED UNDER FEDERAL INSPECTION. [Bureau of Animal Industry. Monthly average, 1911-1913=-100.] Cattle. Calves. Hogs. Sheep. Total. Head. i | R ti e v l e a . - Head. R ti e v l e a . - Heart Rela" ' i Rela" Head. I R ti e v l e a . - Head. tive . | tive> 1920. ; October | 843,136 j 139: 314,791 178 : 2,486,940 | 88 1,067,821 89 4,712,688 | 98 1921. I ' June ; 640,164 105; 369,696 209 j 3,618,174 128 1,116,069 5,744,103 i 117 July 1 579,028 95 j 324,046 183 j 2, 820,616 100 1,059,902 4,783,592 i 100 August I 680,419 112 ! 303,796 172 12,530,459 90 1,236,992 103 4,751,666 ! September ! 689,043 j 114 321,193 181 I2,422.350 m 1,249.032 104 4,681,618 I 97 October. j 749,756 124 309,136 175 ] 2,866,133 102 1,285.430 107 5,210,455 i 108 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1444 FEDERAL RESERVE BULLETIN. DTSCEMBEB, 1921. MOVEMENT OF COAL AND PETROLEUM AGRICULTURAL PRODUCTS 1919 -1921 1919 - 1921 • LJVE STOCK RECEIPTS ANTHRACITE COAL PRODUCTION —. GRAIN AND FLOUR RECEIPTS BITUMINOUS COAL PRODUCTION •»••• COTTON SIGHT RECEIPTS CRUDE PETROLEUM PRODUCTION INDEX NUMBERS. AVERAGE 1911-1913 = 100 INDEX NUMBERS. AVERAGE 1911-1913 = 100 22Oi 1 1 1 1 ' 1 1 " 1 1 1 22O 22O IRON AND STEEL TEXTILES 1919 - 1921 1919 - 1921 - PIG IRON PRODUCTION - STEEL INGOT PRODUCTION — — COTTON CONSUMPTION •• UNFILLED ORDERS, U.S. STEEL CORPORATION W0CL CONSUMPTION INDEX NUMBERS. AVERAGE 1911-1—913 = 100 MILLIONS OF POUNDS ? 0 0 1 1 j 2OO 200 18O ieo 16O — - 160 s — 14O 1A-O r 120 A y 120 \ x too 100 — V 8O eo 6O 60 r — 2O 20 YEAR 1919 1920 1921 YEAR Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1445 EXPORTS OF CERTAIN MEAT PRODUCTS. [Department of Commerce. Monthly average, 1911-1913= 100.] Beef, canned. I Pounds. t R iv el e a . - Pounds. ! ! t R iv el e a . -j Founds. Poull(ls. P(1,,,1(ls. Kda- ]>oll),ds. | Rda, Pom)ds. j Rela- 1920. October 207,503 31 522,251 i 42 j 1,995,039 75 j 49,838,768 298 I 8,787,853 59 i 54,173,97! 123 3,549,450 1921. ! • i : i Tune 186,647 ! 28 167,318 2,004,136 75 35,011.966 209 18,536,898 124 ; 67,655,776 | 154 j 3,337,759 July......... 351,566 j 53 918,476 2,418,262 91 48,171,465 288 27,786,271 j 186 | 83,329,134 | 189 ! 3,368,482 76 August 914,418 138 292,663 ! 2,752,598 \103 4455,,334400,,115511 227711 3322,,223333,,552277 ' 216 I 87,410,516 i 199 ! 3,212,347 73 September.. 286,805 43 239,039 ! 2,857,076 107 44,718,463 267 17,137,613 115 104,740,783 238 I 2,990,328 68 October 562.372 85 310,179 I 1,971,222 23,575,6111 141 12,110,375 81 i 50,885,933 129 I 2,857,113 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.i Bushels. ! i R ti e v l e a . -!Bushels. R$e£laj- Bushels. :**£- Bushels. R ti e v l e a , - jBushels. Bushels, j Barrels. J Bushels. )**»- 1920. October 45,403,825? 167J19,064,5081 85121,235,162 10b 1, 155,971): 404:5,795,028: 8] 95,954,502: 12312, 137,039' 109105,573,878! 122 1921. June 30,342,592 112J35,816,899i 16021,921,817 109 1,164,530, 133 3,859,432 54 93,405,270 120 865,219| 44: 97,298,756i 112 July 71,422,624- 263 19,713,672i 88J25,527,442 127 2,557,053' 232 3,073,358' 43 122,294,149' 157 2,705,340. 138134,468,1791 loo August 77,026,777' 284 30,983,238; 138142,739,890 213|6,207,749i 562 6,387,297 89 163,344,951 210 3', 130,086; 160177,430,338! 205 September.. 64,670,046: 239 37,333,7641 167121,791,603 108:5.487,909 4975,086,281 71134,369,603 172 3,421.1321 175149,764,697! 173 October 46,758,327 172135,551.591 .159122,008,158 1093,006,330 272 4.012,646: 50 111,337,052' 143 o,81l',890i 195128,490,557: 148 1 Flour reduced to its equivalent in wheat on basis of A\ bushels to barrel. SHIPMENTS OF GRAIN AND FLOUR AT 14 INTERIOR CENTERS. (Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Reck, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo, Wichita; shipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.] Wheat. Corn. Oats. live. Barley. j Total grain. Flour. Tota f l l o g u r r a .i in and | Bushels. R ti e v la e - . S ! Bushels. Bushel, ; i R ^ e B la a -; shcta. «£ Bushels.; ™£l Bushels, i ^R|e laB-arrels.i ^| Bushels. »*£Rela- 1920. i ! i ' • j i ! . • i ! : I October |26,258,795i 109;10,330,378; 72|10,601,178 704,742,380 6704,529,091 116; 50,407,822 114JS-,75S, 735; 111; 73,382,130! 113 1921. j : ; i ' , ! . ! ' : i June 21,550,026: 138121,381,193: 15011,656,507 77 1,427,796 2022,224,652 57 58,240,174 117i2,113,649 62! 67,751,5941 104 ""--""—•• — -• — - "-•• —• • —• —• — 59164,771,515 130!?:,842,046. 1131 82,060,7221 326 138 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. Con.). Rye. Barley. ;Total grain. 1920. Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. October 14,627, 524 ; 7,823, 807 28,941,148 658,084 2,096,517 54,157,080 1921. I June 3,853,292 J 7,944,190 29,273,562 239,665 1,407,124] 52,717,833 July 13,541,547 ! 10,392',384 ! 32,845,591 025,975 1,406,742 j 58,812,239 August ..: 21,927,695 6,906,590 50,835,039 2,571,473 ! 2,206,180 i 84,446,977 September......... ' 29,727,378 7,794,625 ' 52,136,821 2,481,562 i 2,265,615 i 94,406,001 October..-.. 31.524,100 ; 12,089,459 56.202,298 3,027,107 2,662,732 I 105,505,702 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1446 FEDERAL RESERVE BULLETIN. DECEMBER, 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.] I Total grain and Wheat. Corn. Oats. Rye- Barley. ! Total grain, j Flour. ! flour.* i Bushels. t R iv el e a . - IBushels, Rfjela- Bushels. t R iv el e a . - Bushels.!! t R iv e e la . - Bushels. t R iv el e a . - tive. ' t R iv e e la . - Bushels. t R iv e e la . - 1920. October 29,028,202! 230)1,844,753! 52| 1,828,515 38 5,436,354| 3,82(3(2,558,270 154.40,(590,100. 1791,463,830! 140 47,283,335! 173 1921. June 16,628,892| 132 5,385,639; 152| 1,903,786 401,180,1191 831 658,295 40 25,756,731! 1131,714,852! 164 33,473,565! 122 July 3 -L 4 'v/y , 1 \J 4 £* 2 V , y 1 O 2 *7 4 ^ ! i 2 Xt 7 JA 1 J 9 Uy , 3 U 4 Wy 3 ,6 VJ 9 K. 7 H!7 • 2 X 0 *J 3 & 7, X 0 y 0 & 2 \Jl , J 1 j 5 I O 5 V 147 ^\ J 3 X ,1 j 4 lO 3 U , j 4 l 3 li 8 /j ( 2,2 U 1 U 2 l 4,6 \J 2 <J 6 V , y 3 * 4 dU 3 *J ^ 279 X\ J 5 ** 8 K , J 2 j 5 I 7 t/V ,7 Jj 5 » 7 UX ! ' 25 1 7 X U 7 l , j 2 J 1 J 0 .i , j 5 K 2 JX 1 JS J _ 90,705,102! 331 August 29,364,52l| 233! 1,936,481 55 2,625,147 551,965,932! 1,384 6,089,131 367141,981,212! 185i2,172,836! 208 51,758,974! 189 September .33,049,9601 262 2,215,475 62 2,221,580 471,185,645J 834 4,769,381 287J43,442,041j 1912,357,563' 226 54,051,075! 197 October 27,208,24(> 216 2,951,583; 83; 1,586, 101 33 1,109,486! 2,928,178, 176 35,783,954; 1582.016,075| 193 44,850,2911 164 1 Flour reduced to its equivalent in wheat on the basis of 4£ bushels per barrel. STOCKS OF GRAIN AT EIGHT SEABOARD CENTERS AT CLOSE OF MONTH. [Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, Son Francisco. Compiled from reports of trade organizations at these cities.] Wheat. Corn. Oats. ! Rye. j Barley, j Total grain. 1920. Bushels. Bushels. Bushels. I Bushels, j Bushels, j Bushels. October.. 17,277,003 1,292,818 2, 521, 04V) j 1, 742,178 3, 577,450 j 26,410,498 1921. June j 3,486,041 I 2,136,128 1,058,652 \ 157,397 1,664,674 :, 502,892 July n9 ,9(Y772O, 5s0;n6n 1i ,1n1o3 n,7e6.n7 981,942 ! 386,710 3,738,401 ; 16,193,326 August 12,934,198 955,694 1,592,072 j 1,389,338 3,997,970 ! 20,869,272 September.. 17,626,696 999,184 1,862.899 1,640,511 j 3,811,936 ! 25,941,226 October 18,365, 92S 1, 734,237 1, 729, 840 I 1,907,172 j 3, 288,995 | 27,026,172 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. October.. 9,650,000 July j 10,720,000 ;!1 A• ugus't . ' 13,266,000 1921. i September. 13,349,000 June j 8,087,000 'I October... 13,917,000 COTTON. [New Orleans Cotton Exchange. Monthly average crop years, 1911-1913=100.] i ' Stocks at ports Sight receipts. Port receipts. Overland move- ; American spinners i and interior ment. ' takings. : towns at close of I month. Bales. 1 R ti e v l e a . - Bales. R ti e v l e a . - Bales. I 1 R ti e v l e a . - ! ; R ti e v l e a . - B p a . l e , s* i t R iv e e la . - 1920. November. 1,804,135 I 144 ; 1,075,813 425,089 ! 94 2,597,820 ! 220 1921. 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 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 i 1,943,049 ! 155 1,135,498 124; 195,668 I 186 811,118 179 2,669,534 227 November ; 1,704,398! 130 760,310 , 83 ! 231.763 i 220 ; 1,076,444 237 2,678,804 I 227 COTTONSEED. [Bureau of the Census.] R at e c m ei i v ll e s d . Crushed, j I ! O m of n il m l h s a o ( n c n d l t o h s a ) e t , i j ! R at e c m e i iv ll e s d . Crushed. i I I O m of n i l m l h s a o ( n n c d t lo h a s ) t e . 1920. Tms. I Tons. \ Tons. | 1921. Tons. Tons. \ Tons. October. 981,379 I 624,207 | 488,958 i July 54,241 27,466 ; 94,543 ! ' • I i August 130,333 100,496 124,377 1921. I September . 553,726 296,258 381,342 June 77,484 ; 98,646 ! 109,309 ; October. 957,840 611,890 I 732,570 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1447 SHIPMENTS OF CITRUS AND DECIDUOUS FRUITS FROM CALIFORNIA. [March, 1921, on, Bureau of Markets and California Fruit News.1 Monthly average, 1911-1913--]00.] i Total Oranges. Lemons. Total citrus fruits. ! deciduous ! fruits. Carloads. Relative. Carloads. | Relative. Carloads, i Relative, i Carloads. 1920. October. 228 11,880 1921. June....... 5,628 ; 230 2,230 551 7,858 276 i 2,200 July 3,465 I 142 i;843 455 5,308 186 i 3,439 August 3,126 | 128 579 143 3,705 130 ! 8,113 September. 2,534 j 104 888 219 3,422 120 ! 16,166 October 2.450 • 100 o-fei 135 2,995 105 : 11,180 * For previous sources, see April, 1921, Bulletin. SUGAR. [Data for ports of New York, Boston, Philadelphia, San Fraucisco, Galveston, Savannah, New Orleans. Weekly Statistical Sugar Trade Journal. Tons of 2,240 pounds.] Raw stocks ; Raw stocks Receipts. Meltings. at close of , Receipts, i Meltings, j at close of month. ; j month. 1920. 1921. October I 153,404 172,654 78,956 ,• July 221,706 i 307,081 144,904 ij August 416,170 I 423,677 136.421 1921. I September. 240,211 ! 253,811 145,390 June. 204,402 | 301,835 ! 244.253 j October 205,624 i 261,783 83,810 TOBACCO SALES AT LOOSE-LEAF WAREHOUSES. [Reports of State authorities.] Bright belt. Western ! Virginia dark.j Buriey. dark. Grand total. ! ! i \ 7 ir ;^ g : m v. i i a , . ; ' Ca N r o o r li t n h a , i , Ca S r o o u li t n h a. Total. 1920. Pounds. Pounds, Pounds. Pounds. Pounds. Pounds. Pounds. \ Pounds. October.. 259,535 21,947,097 ' 84,387,499 1,544,690 ; 107,879,292 : 2,283,060 248,750 I 110,670,637 1921. July.... 2,200,905 ; 7,952,265 I 10,153,170 1,521,247 573,650 S 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 45,742,116 ! 2,346,050 265,280 1 48,421,255 October 105,458 9.274,223 ; 50,597,385 [ | 59.871.60S ; 2.724,010 62,475 ! 62,763,551 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. i Number. j Pounds. , 1921. I Number. ; Number. Number. Pounds. October 704,799,089 60,882,760 ; 3,840,334.800 j 27,123,774 July \ 564,598,255 47,362,340 4,161,217,573 29,226,353 : i August ! 622,039,033 53,630,000 5,130,577,133 33,601,59C 1921. i - September 611,427,829 ! 55,799,900 4,791,397,910 31,488,809 June. | 618,495,102 50,175,400 l 4,219,727,623 \ 31,737,525 ,, October ; 635,807, (597 i 60,574. 420 4,877,825,880 33,718,294 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1448 FEDERAL RESERVE BULLETIN. DE CE M BEE, 19 21. NAVAL STORES. [ Data for Savannah, Jacksonville, and Pensacola. Compiled from reports of trade organizations at these cities.] Sx>irits of turpentine. Rosin. Spirits of turpentine. | Rosin. i Stocks • Stocks : Stocks j | Stocks Receipts, i at close of Receipts, at close of ; Receipts, j at close of j Receipts, at close of I month. ; month, i: { month. month. 1020. Barrels. Barrels. Barrels. \ Barrels, ji 1921. ! Barrels. j Barrels. i Barrels. Barrels. October.. 27,640 49,885 | 81,712 195,837 j| July ! 36,435 47,580 i 90,382 328,224 : ii August J 33,773 I 52,861 j 92,580 328,907 1921. j! September... J 28,786 i 54,949 ! 83,484 ! 322,898 June 33,533 30, 949 8:), 943 '; 308,341 ! October .1 23,440 j 58.066 79,275 1 313,904 COAL AND COKE. [U. S. Geological Survey. Monthly average, 1911-1913-100.] ! | Bi m d t u u a c m te ti i d o n n o m . u o s n c t o h a ly l, p e r s o ti - - A m n au t a h c t r e t a i d o c i n m t . e on c t o h a l l y , p es ro ti - - , j ' • B » ^ m * < « t > " W , « ; v Vn p iy owo p k^ n r d o u d Ps S u t i c i o n ti n v o . n te . d > ! " m B a ( y l t u - e p d c r t o i m o d n u o > n ct t ; h l> c T o k P e, r o" esti- Short tons. I Relative. Short tons. Relative.! Short tons. | Relative. I Short tons. '\ Relative. 1920. November. 51,457,000 • 139 7, 441,000 1,022, 000 ; 1921. June 33,852,000 ; 91 7,786,000 105 ! 232,000 9 i 1,410,000 160 July 30,394,000 82 , 7,050,000 95 : 181,000 7 ; 1,285,000 146 August i 34,538,000 j 93 7,196, 000 97 ! 248,000 ; 9 , 1,402,000 i 159 September ! 35,105,000 ! 95 i 7,124,000 96 i 289,000 ! 11 I 1,423,000 162 October i 43,741,000 | 118 i 7.580,000 . 102 i 416,000 i 16 1,734.000 ! 197 November ! 35,955, ooo | 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.] B P a r r o re d l u s. ction. S (b c m to l a o o c r s r k n e e s t l h o s a ) f t . o P p i r c l l i o e o n w d t m g e u e d - l c l . - s B P a r r o re d l u s. ctio ! n R . ela- i S (b c m t l o a o o c r s r k n e e s t l h o s a f ) t . ! o P p i r c l l i o o e n w d m t g e u e - d l c l . - s 1920. ' • < 1921. October ; 39,592,000 . 2i)7 ! 123,19S, 000 2,080 I July. 40,328,000 ! 210 172,359,000 j 1,157 August j 40,966,000 1 214 176,248,000 I 952 1921. j Sepptember 1 36,,,6 15,000j j 191 177,384,000 I 788 June. 40,405,000 i 211 ! 164,837,000 1,471 | OOctobert bI 356383050,603 8!. 010806 ! 186 170,443,000 j 752 TOTAL OUTPUT OF OIL REFINERIES AND STOCKS OF OIL. [Bureau of Mines.] OUTPUT BY MONTHS. Crude oil run Gasoline Kerosene Gas and fuel I Lubricating (barrels). (gallons). I (gallons). (gallons). | (gallons). 1920. : October 40,687,250 405,787,745 ! 213,742,156 823,114,603 j 93,229,723 July 30,040,797 419,641,815 138,724,132 I 807,428,397 ] 65,893,228 August 36,044,910 i 431,577,195 •; 143,652,290 : 784,450/485 I 66,473,473 September. 35,613,933 ' 416,913.000 j 154,017,299 788,408,124 j 69,053,367 October 37,968,496 j 440,955,'518 I 182,453,593 ' 833,775,254 | 75,971,377 STOCKS AT CLOSE OF MONTH. 1920. October 30.. 19,237,730 301,283,731 383,828,239 799,024,084 136,194,914 1921. July 31 19,115,631 684,236,695 412,201,674 1,269,419,283 258,638,298 August 31 16,374,050 567,645,548 389,893,421 1,243,445,980 242,530,099 September 30. 17,991,036 515,325,998 371,235,034 1,229,254,127 230,227,413 October 30 18,404,182 456,269,659 ! 334,579,774 1,238,269,365 216,770,320 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1449 IRON AND STEEL. [Pig-iron production, Iron Age; steel-ingot production, American Iron and Steel Institute. Monthly average, 1911-1913=100.] Iron-ore shipments ! steel-ina I Unfilled orders U. S. from the upper | Pig-iron production. >:>l^vl t i a S t t e c e lo l se C of o r m p o or n a t t h io . n Gross tons. | Relative. | Gross tons, j Relative. Gross tons. | Relative. | Gross tons. Relative. 1920. November. 5,305,738 : 88 ; 2,934,908 j 127 ' 2,638,670 1 113 j 9,021,481 171 1921. June i 3,600,989 ; 59 \ 1,004,833 j 46 1,003,406 : 5,117,868 97 July : 4,047,687 ! 67 864,555 | 37 803,376 i 4,830,324 92 August!]!.]/]] ' 4,329,158 j 71 \ 954,193 \ 41 1,138,071 ! 49 4,531,926 86 September ! 3;913,122 j 65 \ 985,529 j 43 I 1,174,740 4,560,670 87 October ; I i 1,233,232 j 53 ! 1,616,810 ! 4,286,829 81 November ! I ! 1,415,481 ; 61 i 1,660,001 4,250,547 81 STRUCTURAL-STEEL ORDERS AND SHIPMENTS. [Bridge Builders and Structural Society.] in?S?i^ fir Vhr^tfvT '• Structural-steel orders and shipments of the member out country tmougn" ship of Bridge Builders and Structural Society. Orders. • Shipments. Per cent Tonnage. shop capacity. ! Per cent j ; Per cent Tonnage. ! shoppp !; Tonnage. ; shoppp capaciittyy.. capaciittyy.. 1920. November.. .49,200 27.5 11,531 16.0 41,268 ] 57. { 1921. July 60,200 ; 33.5 21,847 32.0 22,186 32. 5 August . 59,300 1 33.0 i 18,010 26.0 23,558 34. 5 September.. 86,000 | 48.0 i 32,099 47.0 23,197 34.0 October 97,800 54.0 ! 28.150 41.0 26,406 38.5 November. 13,221 63.0 25,211 36.5 PRODUCTION OF COPPER. [American Bureau of Metal Statistics. Monthly average, 1911-1913=100.] Pounds. Relative, jj Pounds. i Relative. 1921. 1921. June 18,033,954 ! 18 September.. 20,926,554 21 July.... 16,389,507 October. 21,157,754 21 August. 20,013,569 ZINC. [American Zinc Institute. Tons of 2,000 pounds.] I Stocks Stocks ! Produced, j at end of Produced, at end of i month. : month. 1920. 1921. November.. 33,318 i 64,390 ! August 14,621 ! 86,549 September. 14,367 81,135 1921. October. 14,538 j 70,824 June.. 19,443 l 89,889 !November... 21,135 > 67,049 July.. 1155,449955 i 92,408 |j LEAD PRODUCTION. [American Bureau of Metal Statistics. Tons of 2,000 pounds.] Production. Relative. !j Production. Relative. 1921. 1921. June.. 28,348 August 31,350 90 July.. 27,827 September. 30,146 86 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1450 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. TIN. [Imports, Department of Commerce. Deliveries, New York Metal Exchange. Monthly average, 1911-1913=* 100.] ! Imports. Relative. t D o e fa li c v t e o r r i i e e s s. Imports. Relative. t D o e fa li c v to er ri i e e s s * 1920. i Pounds. Pounds. 1921. Pounds. Pounds. November } 9,550,535 105 7,004,800 , August 5,200,504 7,436,800 ! September. 5,796,186 5,835,200 1921. ; I October 4,351,541 5,107,200 June i 4,133,450 3,561,600 ! November. July —I 3,565,767 3,411,520 TEXTILES—COTTON AND SILK. [Cotton, Bureau of the Census; silk, Department of Commerce. Cotton, monthly average, crop years 1912-1914=100; silk, monthly average, 1911i Cotton consump- Cotton | imports of raw silk, Cotton consump- Cotton Imports of raw silk. tion. I spindles I 11 tion. j spindles : I active |._.. j I active ; I during \ j ij during I Bales. I Relative, month. ] Pounds. Relative, j Bales. 1 Relative. month. Pounds. Relative. 1920. I 1921. ! October j 401,325 i 89 j 33,771,988 j 1,531,850 75 ! July i 410,120 91 32,446,281 4,867,985 238 I August | 467,103 j 104 33,059>211 5,114,901 250 1921. September 484,647 108 33,898,415 4,597,642 225 June 461,656 j 103 | 32,665,315 j 3,871,327 October 494,745 j 110 34,255,522 3,140,516 154 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) .i W th i a d n er 50 re -i e n d c h i S c e a t r s d o s. f Combs. W th i a d n er 5 s 0 r p e - a i e n c d c e h . o s r p l a e c s e s . ! ! • Woolen.! Worsted.5 s 0 r p - e i a e n c d c e h . o s r p l a e c s e s. Woolen. Worsted. ._ j 1920. I November 28,090,047 46.9 39.5 32.8 42.8 ! 34.8 54.1 47.' 45.9 ! 38.4 I 1921. 1 46.7 I 38.5 June 59,592,000 20.5 25.2 21.6 10.9 j 20.6 10.1 19.9 30.1 19.8 i 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 I 21.9 13.3 20.8 29.6 20.6 ! 12.6 20.0 14.3 September 62,130,667 22.0 28.4 22.8 i 16.7 j 22.4 I 9.5 23.3 31.0 21.1 I 8.8 21.2 11.5 67,287,000 23.7 25.8 22.3 j 14.3 j 22.4 8.6 25.8 27.5 21.0 | 2.4 20.9 7.8 November 23.3 24.6 20.7 ! 12.5 20.5 7.8 24.9 27.0 18.0 | 0.5 18.3 8.1 1 Converted to grease-equivalent basis. LUMBER. [From reports of manufacturers' associations.] Southern pine. Western pine. Douglas fir. Eastern white pine. North Carolina pine. b N m e u i r l m ls o . - f t a P io r s o n - . ! m e « nt & s. b N m e u i r l m ls o , - f | t P d io r u o n e - - . m S e h n i t p s- - m b N e i u r ll m s o . f - t d P i u r o o c n - - . m S e h n ip ts - . b N m e u i r l m l o s - . f t d P i u r o o c n - - . m S e h n ip ts - . b N m e u i r l m l o s - . f t d P i u r o o c n - - . m S e h n i t p s. - 1920. Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. October 206 344,427 329,751 49 146,424 69,936 120 355,614 299,704 19 40,724 30,928 24 19,487 14,877 1921. June 190 365,970 371,183 121,648 76,874 114 232,407 230,970 42,171 23,536 15,342 18,243 July 187 366,057 346,300 110,588 77,243 107 191,257 187,165 43,843 21,991 15,267 14,864 August 185 388,510 405,974 107,346 92,397 103 290,877 321,553 47,675 25,933 15,820 16,617 September. 186 385,029 433,714 82,890 89,500 103 231,559 216,763 37,716 35,675 15,623 14,592 October 186 395,435 493,035 85,006 107,450 j 100 311,119 304,090 29,709 41,432 17,641 18,556 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1451 RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO AND ST. LOUIS. [Chicago Board of Trade and Merchants' Exchange of St. Louis. Monthly average, 1911-191?!== 100.] Receipts. Shipments. M feet, i Relative. M feet, i Relative. 1920. 1921. November. 342,971 74 | 190,282 i 75 | July.. 1 328,129 711 216,908 85 I August I 356,730 ! 77 235,736 93 1921. I | September | 388,740 \ 84 ! 246,602 97 June - j 372,453 80 I 253,848 | 100 | October... | 405,755 i 87 | 270,448 106 •I November j 496,195 j 107 305,188 120 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 pu o l o p d . p N r e i w nt s . - | I a • o D oK m .1 _ ! *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, i tons. ! tons, i tons. tons. tons. 1921. tons. > tons. I tons. I tons. tons. tons. October ! 319,877 124,818 j 93,849 I 196,604 73,100 | 34,526 July 178,173 94,247 i 48,527 i 112,265 45,090 16,327 I ii August l 195,176 | 102,277 j 59,711 j 138,530 56,167 18,833 1921. : I i ! 11 September....! 193,479 | 98,898 62,416 !160,207 59,095 20,555 June | 189,389 87,724 53,934 ; 130,177 50,332 | 17,511 ij October j 233,618 1 101,884 72,139 !181,775 64,518 24,635 CEMENT. [U. S. Geological Survey.] ! i Stocks at I Stocks at Production, j Shipments.! close of Production. Shipments.! close of i I month. I month. 1921. ! Barrels. < Barrels, j Barrels. 1921. Barrels. \ Barrels. Barrels. June.... ! 9,296,000 j 10,577,000 11,150,000 September. 10,027,000 ! 11,329,000 6,953,000 July I 9,568,000 10,301,000 | 10,414,000 | October 10,506,000 | 12,114,000 ! 5,348,000 August i 10,244,000 ! 12,340,000 | 8,280,000 ! RAW STOCKS OF HIDES AND SKINS.* [Bureau of Markets; July, 1920, on Bureau of the Census.] hCiadtetlse. i rCnHa<l5fvsikni<njs , 'j TKTiipr»sqkiriinn<s!. Go k a i t d and Cabaretta. Sh l e a e m p b a . nd 1920. Oct. 31. 70,509 ! 3,850,183 1,377,998 12,147,070 2,104,133 | 13,626,406 1921. June 30 7,077,950 3,890,547 1,026,189 9,679,847 1,218,839 13,755,042 July 31 i 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 i 13,904,019 Sept. 30 I 6,086,225 3,475,069 938,001 10,745,903 791,110 12,606,056 Oct. 31 5,990,633 3,370,183 955,212 11,124,329 702,347 13,065,070 1 Includes hides and skins in transit. PRODUCTION OF LEATHER. [Bureau of the Census.] I S b o e l l e t i a n n g d . Upper. | Patent. Glove. | an b F d in a d n bo e cy b rs k . - H w a c e r a l n t s i e e n , s g s , , Offal. j j ! s M p n l is e it c o s e u l a l s a n - d etc. i upholstery. 1921. ; Pounds. Square feet. Square feet.i Square feet.Square feet. Pounds. Pounds. Squarefeet. January 22,444,000 36,302,000 954,000 6,037,000 i, 147,000 2,160,000 6,624,000 13,140,000 February I 21,205,000 33, 570, 000 1,655,000 5,078,000 1,351,000 2,157, 000 5, 584,000 12,924,000 March j 25,502,000 48, 955,000 1,165,000 6, 647, 000 1, 863, 000 2, 797, 000 7, 539,000 16, 592,000 April I 24,000,000 50, 420, 000 1, 296, 000 5, 611,000 1, 540, 000 2,635, 000 7,080,000 17,063,000 May I 25,242,000 53,532, 000 1,917,000 5,911, 000 1,620,000 2, 528, 000 8,016, 000 19,621,000 June ! 26,122,000 62,448,000 2,801,000 7, 716,000 2,252,000 2,640, 000 8, 091, 000 18,438,000 July ! 25,028,000 63, 217,000 2,956, 000 6,613,000 1, 720, 000 2, 543, 000 7, 924,000 20,346,000 August i 26,985,000 70,418,000 3,431,000 7, 022,000 2, 072, 000 2, 828, 000 8, 363,000 23,493,000 September ! 25,683,000 67,545,000 4,181,000 6,889,000 2,093,000 3,113,000 8,471,000 23,403,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1452 KEDEKAL KESEKYE BULLETIN. DECEMBER, 1921. AUTOMOBILE TIRES AND TUBES. [The Rubber Association of America.] i Pneumatic tires. Inner tubes. Solid tires. r~ ~" " T "' " r Shipments, 'Production.; Stocks. domestic. Production. Stocks. Production. Stocks. domestic. ! 1921. Number. \ Number. \ Number. 'Number. \ Number, i Number. Number. Number. Number. June 2,313,205 4,154,450 i 2,043,8.50 '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 3,603,248 j 35,123 220,003 55,678 August... 3,043,187 3,934,583 ! 2,894,442 4,430,152 i 3,649,319 j 8,804,060 55,694 216,367 66,866 September.. 1,929,268 3,340,79S ! 2.047,929 3,274,822 i 3,827,830 2,645,758 37,441 161,832 50,276 October | 1,928,000 3,545,000 1 1,675,000 I 2,844,000! 4,732,000 2,010,000 i 46,000 163,000 46,000 SHIPMENTS OF AUTOMOBILES. [National Automobile Chamber of Commerce.] Railroad iDriveaways'. Boat (raa- Railroad JDriveawaysj Boat (ma- (carloads). j (machines)., chines). (carloads), (machines).! chines). 1920. 1921. November..'. 13,253 I 9,497 ; 659 !i. August 20,758 15,218 3,595 l| September. 19,002 13,840 2,959 1921. j| October 17,676 12,808 2,214 June. 20,269 i 18,834 I 3,947 November. 14,061 10,509 1,385 July.. 19,514 ; 15,533 ! 3,726 i I OUTPUT OF LOCOMOTIVES AND CARS. [Locomotives, reports from individual producers; cars, Railway Car Manufacturers' Association.] Locomotives. Output of cars. Locomotives. Output of cars. j ! Do ti m c es- i F c o o r m ei - g n ! i UD?morensp" i, Foreign. Total. Do t m ic es- Fo co re m ig - n Domes- Foreign. Total. i shipped. ; pleted. j UL* shipped. pleted. 1920. i Number. Number. \ Number. Number. Number. [' 1921. Number. Number. Number. J Number. Number. October.. | 198 106 j 6,309 ; 684 6,993 ; August 43 51 2,364 | 182 2,546 | i : i September.. 50 53 1,597 i 374 1,971 1921. ' ' I October 51 22 June. ! 43 36 ! 2,540 ; 417 ; 2,957 : July.. ; 31 25 ; 4,140 ; 441 ; 4,581 ;| VESSELS BUILT IN UNITED STATES/INCLUDING THOSE FOR FOREIGN NATIONS, AND OFFICIALLY NUMBERED BY THE BUREAU OF NAVIGATION. [Monthly average, 1911-1913=100.] Number. tonnage. ] Relative. Number. to G nn ro a s g s e. Relative. 1920. 1921. November. 119 | 213,996 885 August. 75 90,205 373 September. 67 105,352 436 1921. October 71 j 50,265 208 June. 160 173,885 720 ,i November. 79 | 61,599 255 July.. 107 ! 90,636 ! 375 !! RAILROAD OPERATING STATISTICS. [United States Railroad Administration; March, 1920, on, Interstate Commerce Commission.] I Net ton-miles, Net tons Net tons J Net ton-miles, Net tons Net tons revenue and per per jj revenue and per J per nonre venue. train. loaded car. i nonrevenue. j train, i loaded car. 1920. 1921. September. 29.9 August 30,381,958,000 J 670 I 27.4 September ! j 679 ; 27.1 1921. June. 28,140,661,000 ! 671 | 27.7 !' July.. 28,412,404,000 ! 660 : 27.5 u Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER,, 1921. FEDERAL RESERVE BULLETIN. 1453 RAILROAD REVENUE-FREIGHT LOADED AND RECEIVED FROM CONNECTIONS. [American Railway Association. Carloads.] REVENUE-FREIGHT LOADED, CLASSIFIED ACCORDING TO NATURE OF PRODUCT. p an r G o d d ra g u i r c n a t i s n . s L to i c v k e . Coal. Cok pr F o o d r u es c t ts. Ore. c L h . M a C n e . d r i - L s . e, M n i e s o ce u l s la . - Total. 1920. October 173, 705 146 832 969 636 69,134 260, 743 322, 921 910,078 1,497,977 4,3ol,026 1921. 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 October 218,619 158 642 850 237 28,431 227,025 93 115 1,020,468 1,408,617 4,005,154 REVENUE-FREIGHT LOADED, CLASSIFIED ACCORDING TO GEOGRAPHICAL DIVISIONS. Poca- North- Central South- Eastern. Allegheny. hontas. Southern. western. western. western. Total. 1920. October 1,068,855 915,218 163,314 571,965 713,618 617,782 i 300, 274 4, 351, 026 1921. 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, 236 710, 463 131, 712 508, 984 555, 095 574, 833 278, 061 3,641,384 October 981,224 790,621 156,234 570,528 572,057 636,649 297,841 4,005,154 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. October 3,500,312 3,756,512 7, 256, 824 177 48.2 182 July 2,512,712 3,362, 443 5, 875,155 144 42.8 161 August 2,581,600 3,222, 908 5, 804, 508 142 44.5 168 1921. September 3,091, 960 2, 903,253 5, 995, 213 147 51.6 194 June 3,058,679 3,094,452 6,153,131 150 49.7 187 October 2,702,587 2,795,681 5,498,268 134 49.1 185 COMMERCE OF CANALS AT SAULT STE. MARIE. [Monthly average, May-November, 1911-1913=100.] EASTBOUND. Grain other than wheat. Wheat. Flour. Iron ore. Total. Bushels. Relative. Bushels. Relative., Barrels. Relative. Short tons. Relative. Short tons. Relative. 1920. October 7,198,311 81 28,470,696 148 1,142,991 98 8,656,823 146 9,876,641 141 1921. June 11,358,929 127 10,418,433 54 1,150,240 99 3,892,791 66 4,628,067 66 July . . . 10,839,026 122 7,878,077 41 1,119,140 96 4,356,760 73 5,011,900 72 August 10,298, 759 116 10,132,267 53 1,232,250 106 4,384, 949 74 5,128,043 73 September 14,382,104 161 28,120,141 146 1,516,155 131 3,610 454 61 5 017 941 72 October 13,540,811 152 53,332,559 277 1,887,340 163 383,302 6 2^519^390 36 78092 21 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1454 FEDERAL RESERVE BULLETIN. DECEMBER, 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. October . . .. 376,388 121 2,493,907 130 3,123,658 126 13,000,299 137 1921. June . . .. 247,048 80 3,027,177 158 3,451,409 139 8,079,476 85 J A u u ly gust 4 4 4 8 5 9 , , 1 7 4 5 2 4 1 1 4 5 4 8 2 1 , , 4 6 8 9 6 8 , , 9 0 9 6 0 8 1 8 2 8 9 3 2, 7 1 3 2 6 6 9 , , 6 8 8 33 3 1 9 2 5 6 7 8 , , 4 1 9 3 7 8 , , 5 8 8 7 3 6 7 8 9 6 September . .. . . 281,130 91 993,848 52 1,464,130 59 6,482,071 68 October 159,002 51 474,441 25 746,089 30 3,265,479 34 PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER PLANTS. [U. S. Geological Survey.] Kilowatt hours. Kilowatt hours. Produced by Produced by Total. Produced by Produced by Total. waterpower. fuels. waterpower. fuels. 1920. 1921 October 1,342,642,000 2,408,678,000 3,751,320,000 July 1,224,813,000 2,044,896,000 3,269,709,000 August 1,199,995,000 2,210,706,000 3,410,701,000 1921. September 1,100,782,000 2,268,415,000 3,369,197,000 June 1,215,972,000 2,028,121,000 3,244,093,000 October 1,139,090,000 2,402,069,000 3,541,159,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1455 BUILDING STATISTICS. BUILDING PERMITS IN 166 SELECTED CITIES. [Collected by the 12 Federal Reserve Banks.] NUMBER OF PERMITS ISSUED. D c N i i t s ( o i 1 t . e r 4 s i 1 c ). t D c N i i t s ( o i 2 t e . r 2 s i 2 ) c . t D c N i i t s ( i o 1 t e . r 4 s i 3 ) c . t D c N i i t s ( o i 1 t . e r 2 s i 4 ) c . t D c N i i t s ( o i 1 t . e r 5 s i 5 ) c . t D c N i i t s ( o i 1 t . e r 4 s i 6 ) c . t D c N i i t ( s i o 1 t e . r 9 s i 7 ) c . t D c N i i t s o i ( t e 4 . r s i 8 ) c . t D c N i i t s o i ( t . e 9 r s i 9 c ). t D c N i i t o ( s i 1 t . e r 4 s 1 i ) c 0 . t D c N i i t o s i ( t . e 9 r s 1 i ) c 1 . t D c N i i o t s ( i . 2 t e r 0 s 1 i ) c 2 . t c T i ( t o 1 ie 6 ta s 6 ) l . 1920. October 1,780 4,585 2,222 3,298 2,875 2,466 4,773 1,342 1,485 1,563 1,874 8,460 36,723 1921. June 2,517 7,534 2,874 4,564 4,045 2,800 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 October 2,528 7,730 3,042 3,990 3,762 3,036 6,426 1,904 1,931 2,784 2,736 11,442 51,311 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. October . 10,032,908 19,057,215 4,804,735 7,714,6 4,410,441 6,940,446 16,410,429 1921. June 6,602,647 48,312,504 7,875,639 15,658,897 8,779,653 4,723,709 20,593,319 July 6,304,633 64,146,117 5,875,671 9,342,411 5,606,030 5,772,478 29,933,415 August 6,924,076 55,534,223 6,379,857 10,857,711 8,190,936 5,304,592 25,578,330 September. 5,799,540 47,232,953 7,820,694 11,677,857 9,284,277 5,150,280 23,080,016 October ... 6,288,342 62,995;929 9,700,800 13,739,684 8,233,404 5,174,576 23,282,376 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. October 1,716,311 3,311,176 4,237,772 2,604,567 14,367,909 95,608,597 1921. June 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 3,325,791 5,423,460 7,529,619 6,401,268 17,226,365 158,676,228 September 5,820,895 4,004,238 6,286,923 5,680,968 20,134,993 151,973,634 October 3,581,849 4,209,233 8,066,527 3,597,942 23,333,741 172,204,403 VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS. [F. W. Dodge Co.] VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS. District District District District District District District No. 1. No. 2. No. 3. No. 4. No. 5.i No. 7. No. 9.2 1920. November 16,562,889 31,415,111 5,547,400 14,855,121 8,882,352 29,898,998 4,169,120 1921. 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 26,969,803 19,463,402 36,250,434 8,047,792 November 17,442,920 59,810,680 13,137,500 29,951,636 19,053,420 32,542,270 5,436.706 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 District No. 1. No. 2. No. 3. No. 4. No. 5.1 No. 7. No. 9.» 1920. November 3,723,389 10,825,811 1,524,200 5,067,994 2,669,461 4,908,178 945,910 1921. June 6,531,152 34,355,048 3,543,700 8,198,377 4,090,859 9,880,273 2,554,420 July 6,672,758 22,546,142 2,971,900 8,319,248 5,335,545 7,382,427 3,758,504 August 6,702,583 36,061,717 5,331,500 8,209,645 5,938,417 10,424,029 2,975,503 September 6,547,754 48,789,646 5,526,400 8,987,610 6,171,436 11,655,497 2,476,134 October 8,094,387 39,738,113 5,449,400 8,991,474 5,937,599 11,660,499 2,256,545 November 7,138,624 41,206,876 4,304,500 11,952,875 6,643,425 11,847,385 2,202,353 i 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

1456 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1 Total finished yards billed during month: District 1 2. 3 5 6 8 Total Total finishing charges billed during month: District 1 2 3 5 6 8 Total Total average per cent of capacity operated: District 1 2 3 5 6 8 Average for all districts Total gray yardage of finishing orders received: District 1 cc September, 1921. October, 1921. W go h od it s e . g D o y o e d d s. P g r o in od te s d . Total. W go h od it s e . g D o y o e d d s. P g r o in o t d e s d . Total. 18,117,269 21,463,815 14,114,626 57,975,054 18,746,156 22,085,997 12,459,518 57,498,631 7,858,443 2,413,638 3,886,613 20,411, 841 7,732, 537 2,125,889 3,543,287 20,825,591 5,878,445 6,967,341 14,811,606 7,155,668 7,305,281 15,858,359 5,497,316 15,076 5,512,392 7,414,784 49,656 7,464,440 235 807 715 556 951 363 299 522 878 682 1 178 204 2,162,539 2,461,' 189 37, 587,280 31,575,426 18,001,239 101,824,795 41,048,667 32,445,505 16,002,805 105,286,414 $335,353 $870,401 $646,535 $2,006,265 $358,187 $860,051 $567,282 $1,946,112 129,868 76,984 186,884 520,484 144,833 65,204 128,612 499,711 201,958 265,250 494 697 196 714 319 780 541 286 122 086 105 122 191 137 830 168 137 998 4,056 30, 879 34,935 5,761 42,738 48' 499 25,019 37,705 793,321 1,243,619 833,419 3,203,591 843,325 1,287,941 695,894 3,211,311 72 71 72 70 71 78 71 72 67 46 80 74 62 48 74 71 78 79 79 96 89 93 108 108 111 111 66 90 90 100 77 69 73 75 79 76 72 77 17,169,221 24, 579, 506 12,940,702 58, 786,249 14,736,439 22,149,538 10,756,264 52,235,475 6,065,988 4,114,020 7,308,448 21,511,757 6,141,406 3,636,386 5,469,803 21,806,753 6,497,683 6,437,636 15,141,290 7, 869,515 7,221,901 16,391,625 5 7,077,971 53,815 7,131,786 7,364,389 51,100 7,415,489 6 245,131 933,409 1,178, 540 379,116 632,558 1,011,674 8 3, 586,807 2,048,949 Total 37,055,994 36,118,386 20,249,150 107,336,429 36,490,865 33,691,483 16,226,067 100,909,965 Number of cases of finished goods shipped to customers: District 1 7,477 6,944 4,078 31,405 6,893 6,832 4,091 29,885 2 3,710 100 10 203 4 180 72 9 846 3 4,990 3,208 9,064 4,024 2,231. 7,017 5 2,477 4,352 2,413 4,140 8 925 551 Total 18,654 10,252 4,078 55,949 17,510 9,135 4,091 51,439 Number of cases of finished goods held in storage at end of month: District 1- 5,136 3,800 3,151 23,952 4,608 3,966 3,010 23,159 2 3,300 398 10,044 2,978 75 10,394 3 119 316 5,730 145 323 5,730 5 213 1 064 261 1 063 6 60 110 8 327 269 Total 8,768 4,514 3,151 41,177 7,992 4,364 3,010 40,725 Total average work ahead at end of month (expressed in days): District 1 5.6 10 14 9.8 4.7 10 12 8.7 2 7.7 6.4 17 7.5 7.6 3.9 16 7.6 3 16 19 17 14 21 17 5 21 21 22 22 6 15 9.2 8 23 15 Average for all districts 9.9 11 14 11 9.3 11 12 10 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 and for the subdivisions, and therefore are strictly comparable. NOTE.—Many plants were unable to give details under the respective headings of white goods, dyed goods, and printed goods, and reported their totals only; therefore the column headed "Total*/ does not always represent the total of the subdivisions but is a correct total for the district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1457 REPORT OF KNIT-GOODS MANUFAC- Per cent TURERS OF AMERICA. of normal Dozens. production. The total production of winter and summer underwear for the six months ended October Unfilled orders first of month 1,191, New orders received during month. 602,212 31 was as follows: Total (A). 1,793,000 Shipments during month... 503,261 77.9 Number Actual Cancellations during month. 5,921 9.2 of mills produc- Per cent report- tion of normal. Total (B). 509,182 ing. (dozens). Balance orders on hand Nov. 1 (A minus B) . 1,284,718 Production..«. 518,264 1921. May 62 505,347 55.4 Thirty-six representative mills which re- June 60 559,591 65.5 July 61 490,640 51.2 ported for September and October furnish the August M8 412,627 71.1 September 155 572,835 84.4 data for the following table: October 2 56 675,205 87.3 Winter underwear (October)... 45 434,902 88.1 [In dozens.] Summer underwear (October). 240,303 85.8 1 5 other mills reported closed. S b e e p r te (3 m 6 - (3 O 6 c m to i b ll e s r ) Gain. Loss. 2 4 other mills reported closed. mills). Unfilled orders first of month I 809,996 1,171,960 361,964 Order and production report for month ended New orders 865,492 537,928 327,564 October 31, 1921, follows. The number of Shipments 497,854 477,810 20,044 Cancellations I 5,617 5,921 696 mills reporting was 45. Production j 445,825 487,996 42,171 RETAIL TRADE. The following tables are a summary of the the district percentages, after multiplying them data obtained from 372 representative depart- by a system of weights based partly on populament stores in the 12 Federal Reserve districts. tion and partly on banking resources. Data from districts Nos. 1, 2, 5, 6, 7, 9, 11 and The tables for the month of October are based 7 12 were received in (and averages computed on reports from 26 stores in district No. 1, 62 from) actual dollar amounts. In districts Nos. stores in district No. 2, 49 stores in district No. 3 4, 8, and 10 the material was received in the 3, 19 stores in district No. 4, 25 stores in dis- ; form of percentages, and the averages for the trict No. 5, 31 stores in district No. 6, 59 stores cities and districts computed from such per- in district No. 7, 21 stores in district No. 8, 15 centages were weighted according to the vol- stores in district No. 9, 12 stores in district No. ume of business done during the calendar year 10, 20 stores in district No. 11, and 33 stores in 1920. district No. 12. The changes in retail trade for the United Separate figures for Detroit and Little Rock States as a whole are obtained by combining are shown for the first time this month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1458 FEDEEAL RESERVE BULLETIN. DECEMBER, 1921. CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS. [Minus sign (—) denotes decrease.] Ratio of outstanding orders at close of Percentage of increase in net sales as compared with corresponding period previous month to total purchases during preyear. vious calendar year (per cent). District and city. ! Jan. 1, July 1,1921, to close of— 1921, June, July, Aug., Sept., Oct. to close June, July, Aug., Sept., Oct. 1921. 1921. 1921. 1921. 1921. Ju o n f e, July, Aug., Sept., Oct. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. District No. 1: Boston - 1.5 11.5 2.1 9.2 5.8 1.5 -11.5 6.8 - 7.8 3.6 6.9 Outside - 8.5 -14.1 -10.5 -12.3 - .2 - 7.1 -14.1 -12.4 -12.0 - 8.7 5.5 7.5 7.4 7.3 6.1 District - 3.1 -12.3 - 4.5 - 9.9 4.4 — .5 -12.3 - 8.4 - 9.0 - 4.9 6.7 6.3 7.3 7.4 6.9 District No. 2: New York City and Brooklyn... - 8.7 -12.0 - 4.1 -12.0 4.4 - 8.8 -12.0 - 8.2 - 9.7 - 4.9 5.4 6.9 7.5 6.5 5.2 Buffalo - 3.4 - 9.1 - 6.2 - 3.9 1.3 3.5 - 9.1 - 7.6 - 5.2 -4.5 8.3 9.2 10.0 9.0 7.0 Newark - 4.4 -13.8 - 6.4 1.8 - 2.1 - 2.8 -13.8 -10.2 - 5.9 - 4.7 5.5 6.0 5.7 4.8 5.0 Rochester 2.4 - 6.0 - 3.1 7.7 - 3.8 7.9 - 6.0 - 4.5 - .2 - 2.4 ! 4.2 7.5 11.7 8.5 7.2 Syracuse - 9.2 -14.3 - 9.4 -13.4 - 6.8 - 3.3 -14.3 -12.0 -13.6 - 7.8 ' 3.7 4,9 Outside - 7.7 -14.9 — 11.2 - 7.3 .1 - 5.3 -14.9 -14.3 -12.0 - 9.4 7.3 8.6 8.3 6.6 6.3 District - 7.1 -11.5 - 5.2 - 8.2 2.8 - 5.1 -11.5 - 8.6 - 8.4 - 4.8 6.2 8.0 8.3 7.1 6.0 District No. 3: Philadelphia.. - 9.5 -13.8 - 2.9 -16.5 - 1.5 - 3.3 -13.8 — 8.5 -12.0 - 8.7 8.2 8.1 8.9 7.0 7.5 Outside - .8 - 6.4 - 6.7 -12.3 - 8.0 1.9 - 6.4 - 7.8 - 9.4 9.5 5.4 7.5 8.1 7.4 6.2 District - 7.3 -11.8 - 4.0 -15.3 - 3.2 -1.9 -11.8 - 8.3 -11.3 - 8.9 7.5 7.9 8.7 7.1 7.2 District No. 4 Cleveland -21.8 -29.2 -22.4 -26.9 -16.6 -11.8 -29.2 -22.8 -26.7 -23.5 5.3 8.6 8.6 6.1 6.5 Pittsburgh - 9.9 -16.3 -22.5 -24.6 -15.6 4.9 -16.3 -17.8 -23.5 -20.9 4.3 5.8 7.1 5.8 5.6 Outside -11.0 -17.0 -11.0 -15.8 -10.6 2.1 -17.0 -17.4 -14.5 -15.0 5.3 9.4 11.3 8.3 6.6 District -14.1 -21.4 -21.0 ! -23.6 -15.2 — 1.1 -21.4 -19.3 • -22. 7 -20.8 4.7 7.2 8.0 6.4 6.0 District No. 5: Baltimore - 7.0 -16.9 -17.4 -18.9 - 5.9 - 2.9 -16.9 — 17.2 -17.8 -14.0 7.9 9.5 9.8 7.9 5.6 Richmond — 4.1 -15.9 - 4.9 -12.9 - 2.4 1.8 -15.9 -11.0 -11.7 — 8. 8 10.7 12.5 12.0 12.7 8.9 Washington... 4.9 - 4.2 - 1.4 -11.8 - 1.4 4.9 - 4.2 - 2.9 - 6.1 - 4.5 7.7 7.6 6.9 6.4 5.3 Other cities... - 3.1 -10.1 - 9.2 -19.8 -15.2 3.7 -10.1 -10.1 -13.0 -13.7 8.9 9.6 9.0 6.3 4.6 District - 4.2 — 11.7 - 9.8 -16.2 - 5.6 .9 — 11.7 -10.8 -12.7 -10.5 8.3 9.2 9.0 7.7 5.7 District No. 6: Atlanta -32.1 -35.1 -36.7 — 16.1 -25.5 -36.4 -36.2 -30.6 2.4 19.9 9.6 9.8 Birmingham. -32.9 -23.9 -31.2 -36.2 -33.3 -33.0 5.5 6.0 5.2 Nashville '-i9.'6* "-22*3* -15.7 -22.1 -11.3 '-ii.'s* "-22." 3" -17.5 -20.8 -17.7 4.9*"""9*3* 7.6 7.0 5.2 New Orleans. - 8.3 - 8.6 -10.9 -15.7 - 9.4 - 4.9 - 8.6 - 9.9 -12.3 -11.4 8.5 10.1 11.8 10.9 8.4 Outside -18.6 -30.0 -28. 0 -26.9 -14.1 -15.8 -30.0 -29. 0 -25.2 -23.8 3.1 6.3 7.2 4.7 2.4 District -17.0 -21.2 -21.3 -22.9 -15.1 -12.0 -21.2 -21.7 -22.2 -21.3 5.4 7.5 8.0 6.8 6.8 District No. 7: Chicago -12.4 - 7.6 — 7.7 -10.4 - 9.4 -10.9 6.8 5.5 3.5 Detroit 10.7 -17.4 7.0 Outside -20.3 -17.2 -10.0 -18.9 -17.7 -15.2 8.0 6.5 5.6 District.... -17.3 -14.7 -18.8 -15.3 - 9.9 -11.6 -14.7 -17.1 -16.0 -15.5 5.4 8.9 7.9 6.5 6.1 District No. 8: St. Louis -13.2 — 8.9 -18.5 - 9.5 -13.2 — 11.1 -14.2 -12.7 8.2 7.5 5.9 6.3 Louisville -20.9 - 9.5 -13.2 - 7.1 -20.9 -15.0 -10.7 —11.1 5.7 8.3 7.2 4.4 Memphis -26.6 -21.4 -22.6 - 6.3 -26.6 -24.3 -23.7 -18.2 5.9 8.9 9.6 14.2 Little Rock 6.3 11.1 6.4 Outside -12.9 -14.7 -15.2 -11.8 -12.9 -13.0 -14.0 -15.1 1 6.6 11.4 7.7 4.9 District - 7.9 -16.5 -11.7 -18.2 - 8.7 - 1.8 -16.5 -13.9 -15.3 -13.0 5.6 7.4 8.2 6.8 6.8 District No. 9 -16.8 -21.8 -11.0 -17.8 -12.8 -15.6 -21.8 -23.6 -17.2 -16.6 9.4 10.5 8.0 7.3 5.7 District No. 10: Kansas City - 9.4 -11.8 - 1.1 -10.1 10.8 — 8,2 7.6 5.6 3.0 Denver .7 - 8.7 - 3.3 - 7.3 - 7.7 - 7.8 8.5 7.4 6.6 Outside -r-16.6 -21.9 -21.9 -18.1 - 8.7 -18.8 8.5 5.0 4.9 District.... -10.8 -10.9 - 8.9 -13.8 - 7.4 - 4.3 -10.9 -11.6 - 9.1 -10.9 5.9 9.9 8.1 5.8 4.4 District No. 11... -17.4 -22.1 -23.3 -22.7 -16.7 -15.2 | -22.1 -22.7 -23.0 -21.8 6.4 10.4 8.7 7.8 6.1 District No. 12: Los Angeles.. 2.9 - 1.5 .4 - .3 4.4 8.0 - 1.5 - 1.2 - .2 .9 11.1 11.9 10.1 8.3 8.3 San Francisco - 5.7 -11.6 - 1.6 - 4.7 - 1.0 - 4.1 i -11.6 - 6.3 - 5.7 1-3.4 10.3 12.1 10.4 8.6 8.0 Oakland - 3.9 - 7.9 - 8.4 -12.8 -8.8 .5 i - 7.9 — 1.7 - 9.5 - 9.5 5.0 11.0 5.0 Sacramento.. -13.8 -11.4 - 8.5 -21.6 -4.6 - 9.2 -11.4 -10.0 -12.5 - 9.9 7.0 Seattle — 13.5 -18.6 -12.5 -10.8 — 12.9 -15.6 -18.6 -15.4 -13.9 -13.5 """*6."2""""7.*6* """8." 7*"""7*i" 6.2 Spokane -23.4 -22.0 - 8.6 -11.4 -20.5 - 8.2 1 -22.0 -13.7 -12.8 -30.5 9.2 9.5 7.7 5.5 6.0 Salt Lake City - 6.1 -16.2 -15.3 -13.9 -20.9 - 7.3 -16.2 -15.8 -15.7 -17.2 4.0 9.6 10.5 10.1 District - 7.8 -12.9 - 6.2 - 8.7 - 6.3 -6.6 -12.9 - 9.3 - 8.8 - 9.0 8.4 10.0 10.0 8.1 7.0 United States -10.7 -15.1 -11.9 -15.1 - 6.7 - 6.0 | -15.1 -13.9 1 -14.0 -12.4 6.4 8.4 8.3 7.0 6.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1459 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, July 1,1921, to close of— 1921, to close of June, July, Aug., Sept., Oct., June, July, Aug., Oct., June, July, Aug., Sept., Oct., 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. I District No. 1: Boston -16.6 -15.6 -17.9 1 -17.3 - 8.5 -3.4 - 3.4 1.7 10.9 5.9 283.0 422.1 405.0 378.0 343.0 Outside -17.1 -16.7 -19.1 -18.7 -15.9 -5.8 - .6 .5 10.2 6.5 416.0 432.6 458.0 478.0 458.0 District -16.8 -15.9 -18.2 -17.8 -11.0 -4.1 - 2.6 1.4 10.7 6.1 312.0 425.1 420.0 105.0 373.0 District No. 2: New York City and Brooklyn -17.6 -20.6 -23.1 -18.6 -15.2 -5.9 - 3.9 4.0 13.1 4.3 329.6 443.6 455.6 444.8 382.2 Buffalo -12.2 -18.3 -21.6 -17.8 — 12.9 -8.4 - 3.1 4.8 16.2 4.5 396.4 470.9 462.0 456.6 436.3 Newark -26.2 -24.6 - 5.9 ! -^4.2 -17.2 -8.9 4.5 7.0 0.7 8.1 330.3 451.9 459.1 428.6 392.1 Rochester -31.0 -30.2 -25.1 -19.7 -26.7 -2.7 - 2.8 5.4 10.5 .1 387.0 433.8 445.2 431.6 404.3 Syracuse -21.5 -26.1 -24.6 -19.0 -33.5 - .8 - 7.6 4.9 6.1 2.4 411.7 469.4 498.1 488.5 431.6 Outside - 5.0 - 8.3 - 9.1 - 7.7 - 5.6 3.3 - 6.8 1.0 11.9 4.6 472.5 487.3 557.4 579.0 553.5 District -11. 5 -20.6 -19.7 -18.0 | —15.5 -5.6 - 4.2 5.2 11.9 4.8 333.9 431.6 453.7 442.5 389.6 District No. 3: Philadelphia.. -11.9 -13.6 -19.1 -17.7 -18.5 g - 4.9 - 2.5 6.4 2.3 311.9 469.2 442.2 440.7 388.4 Outside -12.9 -15.2 -20.0 -12.6 - 9.4 -4 6 - 4.3 4.6 10.6 3.7 432.3 4:79. 0 525,5 546.4 514.5 District -12.1 -14.0 -17.3 -16.4 -16.2 -1.7 - 4.7 7 7.4 2.6 341.0 471.9 462.8 466.8 419.5 District No. 4: Cleveland -28.0 -27.9 -28.7 -26.8 -27.5 -2.6 - 6.0 7.8 15.2 3.0 363.1 4.76. 3 461.0 462.5 420.7 Pittsburgh -14.9 -14.9 -13.4 — 15.4 -17.9 —3.6 - 5.4 6.2 6.6 1.9 287.7 362.7 443.1 487.2 422.5 Outside - 9.0 - 9.1 -20.3 -19.5 -17.4 1.7 -10.4 7.3 9.1 2.5 378.9 483.1 588.9 441.9 558.6 District -19.1 -19.6 -18.8 -19.6 -20.9 -2.8 - 6.1 6.8 9.7 2.3 319.5 1 416.9 467.3 470.9 441.1 District No. 5: Baltimore -24. 2 -27.8 -26.1 —21.1 -18.7 -6.6 - 4.2 6.7 17.4 2.4 323.7 463.2 475.1 477.9 431.6 Richmond -14.2 -16.9 -15.0 -13.5 -11.8 -2.2 - 1.9 5.4 15.4 4.8 350.8 429.5 459.0 460.2 427.5 Washington... -27.5 -23.9 -20.8 -17.5 -16.3 -2.8 - 2.3 8.9 11.8 .8 340.6 434. 8 458.3 481.4 437.5 Other cities -21.0 -18.2 -18.6 -13.8 - 9.9 -1.2 2.3 4.7 17.0 6.2 391.7 480. 5 495.3 553.9 534.8 District -24.2 -24.1 -22.3 -17.9 -15.8 -4.1 - 2.2 7.0 16.8 2.8 341.3 453.3 471.2 490.4 449.8 District No. 6: Atlanta -21.8 -23.3 —22.6 -22.3 - .6 S.3 15.0 . 5 499.1 656.1 573.8 593.8 N Bi a r s m hv in il g le ham.. *-i9.T "-22." 9" - - 2 2 2 0 . . 8 3 - - 2 2 0 4 . . 4 0 - -1 1 6 5 . . 9 7 "-2.Y "-Ts" 1 0 0 . . 0 0 8 7 . . 3 9 3 5 . . 7 7 442.7 (533.3 8 5 0 5 9 6 . . 7 7 9 4 1 9 1 7 . . 2 9 4 6 2 3 8 6 . . 3 8 New Orleans.. - 6.6 -15.2 -17.4 -16.9 -10.0 -4.9 2.4 3.2 14.0 5.9 350.8 .510.9 510.9 472.7 467.9 Outside —26.4 -26.4 -21.4 — 14.0 - 27.4 —3. 6 - 2.6 9.9 7.4 -6.1 536.6 644.3 805.8 626.0 503.3 District -17.4 -21.6 -19.8 -18.3 -18.3 -2.8 - .4 5.3 11.0 1.5 425.3 ,571.6 612.2 565.9 514.1 District No. 7: Chicago -14.3 -10.8 - 13.0 12.2 10.0 2.4 463.1 470.3 340.9 Detroit -29.4 3.9 384.8 Outside —23.2 -23.8 -16.1 7.0 3.0 3.6 517.5 518.0 543.2 District -20.6 -20.0 -21.6 -21.5 -20.9 -4.0 - 1.2 8.0 4.3 3.6 428.3 500.4 505.2 508.3 444.1 District No. 8: St. Louis - 6.8 - 7.6 -12.1 -10.3 - 3.4 10.2 5.3 — . 7 410.3 419.8 429.4 408.7 Louisville -18.4 -11.5 10.6 11.6 - 3.4 11.2 10.0 5.7 455.6 729.3 638.6 643.8 Memphis - 7.4 -20.6 -21.3 -29.1 - 6.9 3.8 9.8 .7 475.7 463.3 434.8 567.0 Little Rock ' — 13.5 .9 380.5 Outside -15.6 -12.9 -11.6 - 8.5 - 9.6 11.2 12.9 337.7 521.5 536.3 656.0 District - 9.9 ~ 9.3 -10.7 -13.3 -12.5 - .5 - 3.7 9.4 7.4 .5 344.2 426.1 461.8 462.5 461.9 D;strictNo.9 27.4 -21.6 -21.1 18.1 -16.9 | -5.7 - .6 6.9 4.1 1.0 District No. 10: Kansas City... -13.1 -14.8 - 7.9 10.3 4.7 - .8 544.1 557.5 500.0 Denver -13.9 11.1 10.9 13.2 5.9 1.2 443.3 602.1 593.7 Outside -19.8 -18.2 -17.7 16.4 8.7 1.6 560.2 425.9 429.1 District -17.0 -15.0 -15.1 -14.2 -10.9 j -9.0 6.8 12.7 6.1 .5 378.1 497.1 527.9 543.3 522.9 DistrictNo.il.... -22.6 -27.6 -25.5 -26.0 -24.0 -4.6 - 2.2 16.9 7.3 .3 386.5 543.2 594.8 1 551. 8 511.3 District No. 12: Los Angeles... -17.6 - 3.6 - .6 1.7 1.8 -9.1 7.5 .6 5.3 .5 376.0 393.7 394.1 467.2 462.6 San Francisco- -16.3 -14.6 - 9.2 - 6.8 - 8.8 -8.6 - .6 7.9 10.2 2.3 394.4 406.0 404.5 449.1 441.2 Oakland -18.4 -16.6 -12.7 - 8.6 — 8.8 -4.7 - .7 7.0 9.1 2.5 468.2 490.7 498.9 446.5 463.7 Sacramento... -32.6 -32.4 -14.5 -15.5 -17.6 -6.8 - 2.6 22.9 6.6 -3.7 422.0 424.3 448.1 517.8 457.6 Seattle -28.3 -37.0 -23.2 -25.2 25.1 -5.1 - 6.8 13.5 4.0 1.4 410.1 410.8 404.0 419.8 400.2 Spokane -16.3 -17.2 —15.5 - .1 -19.9 -7.1 -13.5 7.3 2.4 — 1.1 575.5 575.5 5?<3.1 577.0 517.6 Salt Lake City -25.7 -30.2 -24.7 —18.9 -17.5 -8.3 - 7.6 13.1 8.9 1.0 525.7 513.6 District -20.9 -18.3 -15.5 -15.7 -16.8 -7.6 - .7 4.6 4.3 .6 469.7 478.3 455.7 479.8 464.9 United States -17.4" -19.1 -19.0 -18.2 —16.8 —4.4—2.0 6.6 8.7 2.7 369.3 468.0 487.0 483.5 443.4 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1460 FEDERAL RESERVE BULLETIN. DECEMREK, 1921. WHOLESALE TRADE. PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN OCTOBER, 1921, AS COMPARED WITH THE PRECEDING MONTH (SEPTEMBER, 1921). Groceries. Dry goods. Hardware. Boots and Furniture. Drugs. Auto Stationery. Farm im- Auto tires. shoes. supplies. plements. District. Per b N e u r m of - Per b N e u r m of - Per b N e u r m of - Per b N e u r m of - Per b N e u r m of - Per b N e u r m of - Per b N e u r m of - Per b N e u r m of - Per b N e u r m of - Per b N e u r m of cent. firms.cent. firms. cent. firms.cent. firms.cent. firms. cent. firms.cent. firms. cent. fir Ins. cent. firms. cent. firms. No 2 + 17.3 9-3.7 3+ 9.2 11+ 1.7 8 + 27 „ + 0.9 6 No 3 + 2.9 48 +11 6 25 No 4 + 3.9 15+ 5. 8 5+ 2.5 6 + 4.6 6 No 5 + 22 57-7.6 18+ 5.2 18+ 6.5 is-6.6 13 No -6 + 0.6 29-14.2 20+ 15.4 21+ 13.3 11+ 10.1 13-0.3 5 +22.3 3 — 20.9 7 No 7 1.1 26— 11 8 8+ 20 Ifi+ 54 9 + 06 11 + 8.4 6 No 9 — 20..°' 5— 04 11 i - 13.1 8 No 10 + 1.2 6 17.6 34- 1.6 5 + 11.9 3 6.6 3 34.3 3 + 18.2 No.11 + 3.4 14+ 1.0 12+21.9 10 -0.6 9 +100.7 4 No. 12 + 7.1 29 — 8.6i 11;- 0.7 23- 7.6 17+ 6.0 15+ 7.0 11- 5.1 20— 9.2 27- 23.4 22-14.6 12 PERCENTAGE OF'INCREASE1 (ORDECREASE) IN 1VET SALES IN OCTOBER, 1921, AS COMPARED WITH OCTOBER, 19 20. Groceries. Dry goods. Hardware. Bo s o h t o s e a s. 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 - . Autotires. District. c P e e n r t.b N fi e r u r m m of s - . cce p enntt> b N fi e r u r m m o s f - . c P e e n r t. b N fi e r u r m m o s f . - c P e e n r t. b N fi e r u r m 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. b N fi e r u r m 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. b N fi e r u r m m o s f . - c P e e n r t. b N fi e r u r m 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 19.3 9+22.0 3-22.7 11+11.2 8 + 6.2 5 -42.2 6 i. No 3 — 19 1 48 -27.1 25 No. 4 -31.3 15+ 7.3 5-33.0 6 -16.9 6 No.5 -24.7 571+28.5 18-24.8 18+44.2 18+ 44.8 13 No 6 -31.6 29,+23.0 20-25.9 21+ 13.0 11+ 8.8 13-6.3 5 -30.0 3 -46.9 7 No 7 -21.3 26!+24.3 8-27.7 16+ 21 Q -12.4 11-25.0 6 No 9 i—20 8 5-32.7 11 -50.5 8 No 10 - 6.1 6!+25.9 3 20.5 5 +25.2 3 16.7 3 6.2 3 -65.1 3 No. 11. . 15.5 14+13.7 12-25.4 10 -27.8 9 -49.4 4 No 12 -22.1 29 - 9. 3 11-23.0 23- 9.1 17+ 7.5 15- 1 1 11- 9.7 20—25.7 27 -43.1 22 -9.6 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN". 1461 COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES. The foreign index numbers published here- goods imported (22 commodities). Groups with are constructed by various foreign sta- 1, 2, and 7 go to make up the former index tistical offices, and are sent to the Federal number while groups 3, 4, 5, and. 6 are in- Reserve Board by cable.1 Besides the index cluded in the latter. Prices in 1913 are taken numbers which have been published regularly as 100. A comparison of the two all-comin the BULLETIN for some months past, this modities index numbers during 1920 and 1921 issue contains ten further all-commodities reveals a general similarity in trend, though index numbers which will appear currently the level of the Reichsamt index has been conin the future. Lack of space prevents the sistently lower than that of the Frankfurter publication of the group index numbers for Zeitung since April, 1920. Prior to that these countries, but they can be obtained at date—that is to say, during March and April any time upon request. A brief description 1920—there was a marked divergence beand analysis of these new index numbers tween the two indexes. The figure for the follows. Reichsamt index reached a high point in The Frankfurter Zeitung index of wholesale March, 1920, and subsequently declined with prices in Germany has been published currently great rapidity, while at the same time the in the BULLETIN since May, 1921, and the Frankfurter Zeitung figure rose correspondmethod used in its construction explained in ingly, until in May it touched the level at detail. A second index of German whole- which the Reichsamt index had stood in sale prices has been compiled by the Govern- March. ment Statistical Department and appears The index of wholesale prices in Switzereach month in the official bulletin "Wirtschaft land, constructed by Dr. J. Lorenz, consists und Statistik." The two indexes are inter- of 71 commodities, divided into three main esting from a comparative standpoint, inas- groups—consumers' goods (33 commodities), much as their construction differs widely in materials necessary for agricultural produccertain essential details. The Statistisches tion (12 commodities), and materials used in Reichsamt index consists of quotations of 38 industry (26 commodities). Each of these commodities, only half as many as are included groups is in turn divided and subdivided. in the Frankfurter Zeitung index. The Reich- Under the heading of consumers7 goods the samt divides its commodities into seven principal classifications are food and drink, groups, as follows: (1) Grain and potatoes; clothing, and building materials. Materials (2) fats, sugar, meat, and fish; (3) hops, cocoa, used in agriculture fall into two classes— coffee, tea, and pepper; (4) hides and leather; fodder and fertilizer. The third main group— (5) textiles; (6) metals and petroleum; (7) coal goods used in industry—is divided into minand iron. Each of these groups is weighted erals, textiles and leather, and miscellaneous. according to the value of its commodity The index is carefully weighted, a coefficient consumption during the period from 1908 to being assigned not only to each individual 1912. The Frankfurter Zeitung does not commodity^ but also to each subgroup and weight its four groups. In addition to the main group. In the case of consumers' goods, above grouping, the Reichsamt classifies the these weights are determined, wherever possame commodities under two heads—goods sible, by the relative importance of the variproduced in Germany (16 commodities), and ous commodities in the latest officially published household budgets. Where this is imi The BULLETIN for January, 1920, contains a description of the practicable the approximate importance of Statist index for England, and the French, Australian, Japanese, and Canadian indexes.. A description of the method used in the con- the commodity in question is estimated and struction of the Swedish index number appeared in the BULLETIN for a corresponding weight assigned to it. In February, 1921, for the new Italian index number in the April, 1921, issue of the BULLETIN, and the method used by the Frankfurter the two other main groups—agricultural and Zeitung in the case of the German index number was described in the BULLETINS for February and March, 1921. Complete information industrial materials—the weighting of each regarding the computation of the index of the United States Bureau of commodity and each subdivision is deter- Labor Statistics appears in the publications of that bureau, and a description of the index number of the Federal Reserve Board may bemined by its relative importance, according found in the BULLETIN for May, 1920. The Danish index has been constructed only recently, is based upon the prices of 33 commodities, and to export figures, agricultural statistics, and is roughly weighted according to consumption. The new British index information obtained from about 35 correnumber, compiled by the Board of Trade, was described in the March, 1921, issue of the BULLETIN. In the case of the two American index spondents in agricultural and industrial circles numbers, 1913 is used as the basis in the original computations. In most other cases in which 1913 appears as the basis for the computation, the in different sections of the country. The index numbers have been shifted from their original bases. The com- three main groups are weighted on the basis putations in these cases are, therefore, only approximately correct. In certain cases July, 1914, or the year immediately preceding that, is used of 2:1:1, in view of the greater importance as the base. Since the figures are for the most part received by cable, the latest ones are subject to revision. In certain cases the index attached to goods produced for direct connumbers for the war years were published in various issues of the sumption. July, 1914, is taken as a base BULLETIN in 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1462 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. throughout, and in each case the figures are piled. Prices from January 1, 1913, to July given as of the first of the month. 31, 1914, are taken as 100. The index of wholesale prices in Holland is The Office of Census and Statistics in Cape published monthly by the Central Bureau of Town publishes in its Quarterly Abstract of Statistics for the Netherlands and includes 52 Union Statistics wholesale index numbers for commodities during 1920 and 53 commodities the Union of South Africa. Prices of 187 comsince that time. The only classification, in modities are used in the construction of this addition to the all-commodities index number, index, their quotations in 1914 being taken as is a group headed "foods," containing 31 a base of 100. The commodities are classified commodities during 1920 and 33 commodities in 11 groups, as follows: Metals; jute, leather, since the beginning of 1921. Prices during and hides; grains, meal, etc.; dairy produce; the years 1901-1910 are used as a base, but groceries; meat; building materials; chemicals; for comparative purposes, 1913 has been fuel and light; soft goods; miscellaneous. taken as 100 and the index recomputed on These groups are weighted, but the method that basis for publication in the BULLETIN. employed is not stated. No wholesale price index for Finland is cal- The index numbers for wholesale prices in the culated by an official government organization Dominion of New Zealand are published curin that country. The Kommerskollegium of rently by the Government in the Monthly Ab- Sweden has, however, constructed such an stract of Statistics. The average of price quoindex from price quotations of commodities tations in four chief centers of the country is quoted in the International Statistical Insti- used in compiling the index, but the actual numtute's periodical. The index is weighted, but ber of commodities included is not stated. The no information as to the method employed is commodities used fall into eight groups which given. The index consists of 35 commodities, are weighted. Group 1 includes agricultural including the most important producers' and products; group 2 flour, bran, pollard, and consumers' goods. oatmeal; group 3 wool, hides, tallow, butter, The 0konomisk Revue's index of wholesale and cheese; group 4 general merchandise and prices in Norway, which has been published in crockery; group 5 building materials; group the BULLETIN for the past six months, consists 6 leather; group 7 chemicals and manures; of quotations for about 90 commodities, divided group 8 coal. The index is based on the into 11 groups. The general index is worked average annual aggregate expenditure in four out along the same lines as the Economist index, chief centers during the period from 1909 to the commodities being only roughly weighted 1913. • accordingly to their relative importance. The The Department of Statistics at Lima pubaverage of prices at the end of December, 1913 lishes a monthly wholesale index number, and the end of June 1914, is taken as 100. which is composed of quotations for 58 com- The wholesale price index for Bulgaria is modities, obtained from wholesale commercial published currently by the Direction Generale and industrial concerns in Peru. This index is de la Statistique in Sofia. The index is unweighted, being simply the arithmetic averconstructed with annual average prices in age of the relative prices of the commodities 1913 as 100, the data for that year being quoted. Group indexes are also published obtained from 61 towns. In 1914 price under the following headings: Group 1, meats, quotations were secured from 58 towns and milk, and fats; group 2, cereals and vegetables; in 1915 from 66 towns, but since then—1916 group 3, miscellaneous food and drink; group to date—only four cities, Sofia, Plovdiv, 4, fuels; group 5, building materials; group 6, Varna, and Rousse, have been used as sources textiles; group 7, metals; group 8, miscellanefor this material. The number of quotations ous. The year 1913 is taken as a base throughused in the index is not stated, but the com- out. An average for the month is given up to modities are divided into twelve groups, as September, 1921. After that date quotations follows: Cattle, sheep, hogs, etc.; poultry; will be given as of the 15th of the month. animal foods; cereals; flour; other vegetable At present no detailed information is availproducts; hides; textiles; tobacco; alcoholic able in regard to the method used in compiling beverages; lumber. These groups are all the index for Shanghai. The index is officially weighted. published by the statistical department of the The statistical department of the Ministry Government. of Finance in Cairo publishes a wholesale In the following table the all-commodities price index currently. It consists of prices of index numbers for the whole series of countries 23 commodities, 20 of which are foods, un- appear together to facilitate the study of comweighted. No group index numbers are com- parative price levels. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1463 INDEX NUMBERS OF WHOLESALE PRICES (ALL COMMODITIES). R F U t S B q i e e o t u n o d s ( a n o i 9 e a e t t s 0 t e r e r r a ) d v s a d . - 2 e l ; t B U t S i S q L i c u t o u n t s a a a o n r o i b t t e f t ( s e t i o e 3 a ) a s s d r 1 . u - - ; 2 5 C m D t q a L i e e o n u ( a 2 p n n a o b 7 t a d s t o 2 r ) a a o r . t - ; 5 - f 9 U B T m K d t c n ( i o r o o i 1 o e o i a n a m m 5 t s f d d g r e 0 ) i ; - d e d . - - ( U S 4 m K t d 5 i n t e o i a o i n s c m t t d ) o i g e i . ; s d m - s - t - G l t ( F l e 4 i t m e a r s B 5 i t n a e i t o e n u i n S s c " q d l ) c o t d - r i u a . e a m - 3 e - e ; l - e ( I 1 a 3 m B t t u P f 9 8 h a t t a 2 n o r i e e l c e o c 0 y d t r r o s f h i , ) e ; i 7 l . m . - i - i 2 6 - ^ Z F m f m t c e u i G r e a i a o o r t s e n t n u d e m ) r y k n . i - r * - ; - - g ( R t m 3 S m t i 8 G e a i s t a e a o i c m e c n c s t d h r o ) t i h y - e . i s m - s ; - s - - H S t t S q i i a w d v o u n ( n e n e 4 o d n i d s 7 t n e s a ) e g l k , - n s s ; : - ; N ( C O 9 R m t a m o i 3 h k e e n r o r o i s w v i c i s d ) a n s u o k . a i t , * o m - e i y - - ; - ( t F 3 m i m t D i d 3 i n e a o e e s c a r n d n ) o n k . - i d ? m - ; s e - - l m F S e (3 m K i g t w e 5 n i i r e o o u e l s s m d a c m d k ) o n i . e - o - m d n o l- ; f - • 1913 100 100 100 100 100 100 100 100 8 100 100 1914 . 100 101 101 101 95 9 100 116 io 115 niOO 1915 101 110 126 137 133 145 159 138 1916 124 135 159 187 202 185 233 164 1917 176 177 206 262 299 244 341 228 1918 196 206 226 339 409 339 345 293 1919 . . 206 212 217 242 357 364 330 322 294 981 1920 233 243 246 314 291 510 624 1,522 1,479 347 377 382 1,384 1920. October i 208 225 234 309 282 502 659 1,582 1,462 346 419 398 1,388 November. . i 190 207 225 293 263 461 670 1,647 1,506 331 403 403 1,407 1 1921. January 163 177 208 251 232 407 642 1,603 1,436 267 344 341 1,156 February 154 167 199 230 215 377 613 1,473 1 372 250 319 290 1,264 March. 150 162 194 215 208 360 604 1,419 1,334 237 312 280 1,258 A.pril 143 • 154 187 . 209 199 347 584 1,410 1,323 229 297 270 1,379 May 142 151 183 205 191 329 547 1,428 1,306 218 294 257 1 297 June 139 148 179 202 183 325 509 1,387 1,365 2] 8 294 254 1,487 July 141 148 176 198 186 330 520 1 467 1 425 211 300 253 August 143 152 174 194 181 331 542 1,723 1,917 198 297 254 September 143 152 172 191 175 344 580 1 777 2 067 182 287 224 October 141 150 169 184 163 331 599 1 993 175 286 202 November 161 334 595 2,687 174 276 186 December 3,283 Australian Cal- South S s w ( B o 9 t u m C m a f u e 2 s t o o a r o i C m s e a c l d n t t e a n o i i h - n - - c u d m ; - s . - m D t t I S c m i i c n c e u e e t o a s o d p n s t m t t d ) i a ( t i a a 7 . i s r o - ; 2 - ; t 5 - - f ( S L 7 m t l w i 1 o a e D o n r i s r t c e d ) d . z o . n i ; ! e - m z 5 r- - H o C B t f m t i o c i c e u S e o l o s n r l s m t a d e t ) a ( r . n - a i 5 t a - i u i d 3 l s 0 ; - G ti D g s d e B t S a t i n i e u i o t r r e q a l e i l n a r - a u - c a ; - e te . m D t S C m t i c i e c e t o a e o s a p n m i s t d t a r ( i o ) - i 2 r s o - . ; t - 3 f - Z m D S e N t e e t a i a p n c e l t a s a t w i n . s r o t d - f - ; B ( J T 5 J m t a a i 6 a o e f o p n p o k s c k d a r a ) v o ^ n i n o - o m ; f - a O A C t n m t c f i d ( e i f f s o 1 e o r i n t c m 8 i s d i s c e S 7 ) c - u i a . t s - o s ; a f - ( m D t 5 S m i P 8 e e e t t e o i a s p n c c r . d t t a ) s o u i i r s 2 m ; - o t - 3 f - - m D S S t h h e e i t c a p n a a s t n a i t i ) ; s g r . o t - - - f ties).3 1913 is 100 100 (19) 20 100 100 is 100 1914 12 100 13 100 100 105 103 104 96 21 100 1915 141 145 137 102 123 97 117 1916 132 222 17 268 124 134 117 135 1917 " 155 286 17 667 168 151 147 154 1918 17{) 392 17 830 207 175 192 168 1919 . . . . .. 180 297 17 1,166 225 178 236 181 100 1920 . . . . .. 218 204 282 2 086 299 212 259 245 238 22 106 1920. September 230 208 287 2.072 299 220 230 239 106 October 215 206 283 2 086 300 222 226 272 231 104 1921. January 196 178 238 213 2,392 214 216 201 260 221 104 February . .. 192 174 230 197 2,135 196 210 195 215 107 March. 181 175 219 188 2,437 182 208 191 210 108 \pril 171 183 208 176 2 006 181 204 190 205 108 May .. 166 184 186 182 1,945 179 202 191 204 110 June 162 178 185 182 1 680 166 200 192 202 111 July 159 183 179 176 1,721 197 196 201 109 August 160 184 177 180 199 205 112 September.. . . .. 160 181 180 1,758 207 205 October 156 184 184 169 November. . . 182 i Index numbers for 1920 and thereafter based upon prices of 76 commodities. Computations arrived at by the method described on p. 465of the BULLETIN for April, 1921. - Average for the month. 14 Last six months of 1917. » End of month. 15 Prices as of first of month. 1914== 100. 4 Beginning of month but not always the first. *« Based upon prices of 52 commodities during 1920; 53 during 1921. 1913=100. •r> Middle of month. ' • December figure. « End of year and end of month. *8 1913= 100. 7 First of month. w Jan. 1, 1913-July 31, 1914= 100. » July 1,1913, to June 30,1914-100. 20 Average annual expenditure, 1909-1913= 100. a Middle of 1914= 100. 211914= 100. 10 Dec. 31,1913-June 30,1914= 100. 22 September, 1919= 100. 11 July 1,1912-June 30,1914= 100. 2» Average for month until September, 1921; thereafter prices as of 15th of month. 12 July, 1914=100. 13 End of July, 1914= 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1464 FEDEKAL RESERVE BULLETIN. DECEMBER, 1921. 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 ind1 ex numb1 ers, PT* rofl». TB» ac1h •i i' s new com- and Til the DTnv ani• s"hI i• nd1e x pubI l1i*s1 hed11 by iit he -FT7\'iputations only are given. These can not be j nanstidende has only two group indexes, one referred back to the 1913 base and it is there- i for food and one for "other commodities.77 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 i I F li u g e h l t a in n g d . M pr e m o ta d e l u t s a c a l ts n . d m b L u a u a i t m n l e d d r b i i n a e g l r . 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 189 176 181 175 208 121 198 144 155 176 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 October, 1920. 182 204 257 282 184 313 216 371 229 225 1921. January 136 162 228 152 239 182 283 190 177 February 129 150 198 : 218 146 221 178 277 180 167 March 125 150 192 207 139 208 171 275 167 162 April 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 August 118 152 179 182 120 198 161 230 147 152 September 122 146 187 17S 120 193 162 223 146 152 Oetober 119 142 190 , 182 121 192 162 218 145 150 ALL COMMODITIES GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE. [1913-100.] Other i Cereals. an M d e f a is t h. f O o t o h d e s r . I T fo o o t d a . l Iro st n e e a l n , d \ i ; m m i a n e n e ta d r l a s l s J . ! ; Cotton. | ! te O x t t h il e e r s. ar O ti t c h l 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 - . 1920 average 273 263 278 I 272 406 ; 252 480 i 362 274 ! 340 314 October, 1920 292 287 27] ! 283 424 263 379 | 304 272 ! 324 309 1921. January 245 285 245 257 359 213 224 220 ; 221 | 248 251 February 212 266 227 ' 234 320 i 201 195 201 | 216 | 228 230 March 205 251 229 228 283 I 192 173 179 ! 205 I 209 215 April 200 245 224 ! 222 259 I 192 181 170 i 196 | 202 209 May 197 220 222 '> 213 250 | 193 183 166 : 201 ! 201 205 June 199 219 218 ! 212 240 i 189 ISO 162 ' 199 I 196 202 July 202 214 215 ! 211 229 ! 185 180 i 161 i 194 | 192 198 August 204 217 210 | 212 222 172 176 i 159 i 189 i 186 194 September 197 201 201 202 207 ! 160 213 | 163 i 189 186 191 October 170 185 193 I 183 191 j 158 225 I 170 j 190 185 184 GROUP INDEX NUMBERS—UNITED KINGDOM—STATIST. [1913=100.] Date. f t V o a e o b g d le e s - .f A o m o n a i d - l s. S t u c fe e o g e a f , a . - r, s F tu o t o T d s - .i M era in ls - . t T il e e x s - . d S r u i n e - s, j i ! M ria a l te s - .! ! ! m c i o t A o i r e d l n s l - - . Date. f t V o a e o b g d le e s. - f A m oo n a i d - l s. Su f t c g e o e f e a a , - . r, s F t o uf o f d s - .e M ra in ls - . t T i e l x e - s. 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 s l - - . 1913 100 100 100 100 100 100 100 ! 100 100 | 1921. 1914 110 100 107 105 90 97 105 98 101 IJanuary...., 234 283 192 251 225 198 230 219 232 1915 155 125 130 137 109 111 131 119 126 IFebruary.. 206 270 187 234 200 179 224 203 215 1916 193 152 161 169 140 152 163 153 159 j March 214 262 182 232 179 171 221 193 208 1917 252 192 213 218 152 228 212 ! 198 206 I April 212 249 180 225 176 172 199 184 199 1918 248 210 238 229 167 265 243 ! 225 226 iMay 211 223 158 209 177 164 192 179 191 1919 252 215 275 238 190 271 268 I 243 242 June 226 206 156 207 •157 164 181 168 183 1920 321 264 366 301 269 299 i 290 | 285 291 July 222 212 144 206 168 167 183 174 1S6 November, August 221 213 159 207 156 160 180 168 181 1920 293 238 291 265 212 253 i 245 263 September 203 186 153 191 149 182 173 168 175 October... 175 170 145 168 139 179 162 159 163 November 173 170 150 168 136 178 157 156 161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBEK, 1921. FEDERAL, RESERVE BULLETIN. 1465 GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU. [1913=100.] Date. f A o m o n a d i l - s. f V t o a e o b g d l e e s - . c c S o o a u f c n g f o d e a a e r . F ( o 2 o 0 d ). s M era in ls - . t T il e e x s - . d S r u i n es - m R r ( i 2 a a a 5 t w l e ) s . - m i c t A o i o e m l d l s - - . Date. f A o m o n a d i l - s.f V t o a e o b g d l e e s - . c S c o o a u f c n g f o e d a e a r , . , F ( o 2 o 0 d ). s M era in ls - t T il e e x s - . d S r u ie n s - m R r (2 i a a a 5 t w l ) e s . - m i c t A o i o e m l d l s - - . 1913 100 100 100 100 100 100 100 100 100 1921. I9I4 103 103 106 104 98 109 99 101 101 January. 483 334 337 397 341 460 445 415 407 I9I5 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 1*7 iMarch 406 322 367 366 289 375 392 355 360 I9I7 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 Jure... 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 Nove m b e r, August . 371 337 352 355 245 321 356 312 331 1920 519 390 377 442 424 510 498 476 401 i September... 373 311 389 352 253 388 370 338 344 October .345 305 305 323 262 391 365 338 331 November.. 342 306 324 326 277 388 362 341 334 GROUP INDEX NUMBERS—ITALY—RICCARDO BACHI. [1920=100.] [ Min- Other | d S r u i n es - . m i c t A o i o e m l d s l - - . 1 | V f t o a e o b g d l e e s - . f A m oo n a d i l - s. Chem- t T il e e x s - . m e a a r n l e a s d t l . - s B m ri u a a i l t l s e d . - -v t p u a e r c b g o t l s e d e . - - d S r u ie n s - . m i c t A o i o e m l d s l - - . Nove m b e r, 1921. 1920 105 108 May 102 112 76 107 110 88 June 97 101 63 102 95 81 1921. July 100 109 65 95 92 83 January 107 103 iAugust 107 113 68 92 96 87 February 107 98 i September... 114 125 71 91 102 93 March 104 97 October 116 129 75 91 114 9, April 105 94 November.. 114 126 76 90 114 95 GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG. [Middle ol 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 o i A o e m d s ll . i - - A p t u g u r r c o i r t c a d s u l . - l- le T t a i t e l h e x s e - , r. M al in s. er- l M an i e s o ce u l s - . m c A o o m d ll i - - 1920. 1921. Average for the year... 1,232 3,175 1,733 1,440 1,522 Beginning of— Beginning of December 1,555 2,698 1,636 1,625 1,658 April 1,195 2,153 1,608 1,500 1,410 May 1,169 2,125 1,566 1,617 1,428 1921. June 1,116 1,907 1,524 1,633 1,387 Beginning of— July 1,270 2,153 1,613 1,588 1,467 January 1,353 2,643 1,678 ! 1,575 1,603 August 1,881 2,289 1,636 1,550 1,723 February 1,265 2,507 1,580: 1,525 1,473 September. 1,845 2,616 1,748 1,608 1 777 March 1,204 2,371 1,552 ! 1,517 1,419 October 1,995 3,270 2,112 1,733 1,993 November. 2,786 4,578 2,937 2,092 2,687 December. 3,322 6,567 3,580 2,458 3,283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1466 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. GROUP INDEX NUMBERS—SWEDEN— SVENSK HANDELSTIDNING. [July 1, 1913-June 30,1914=100]. Vege- Raw ma- Hides Date. f t o a o b d l s e . A fo n o im ds a . l fo te r ri a a g l r s i- Coal. Metals. Wood lea a t n h d er. Textiles. Oils. A m l o l d c i o ti m es - . culture. 1913-14 100 100 100 100 100 100 100 100 100 100 100 19U1 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 November, 1920.. 264 290 303 910 253 387 161 233 332 331 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 221 217 245 369 153 237 106 132 238 218 June 237 206 236 371 149 224 108 129 207 218 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 October 167 198 200 202 130 211 169 119 161 187 175 November 161 196 197 194 133 239 181 108 149 179 174 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 e r s - s r- . C an o d al P le a e u n tr m d 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 November 1920 372 389 343 1,067 369 538 213 442 412 259 383 482 403 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 301 408 254 388 303 307 190 309 319 197 276 392 300 296 360 260 371 297 307v 190 305 315 197 262 392 297 302 303 254 333 297 339 190 299 309 210 227 377 287 October 297 305 251 333 297 335 197 297 315 228 227 350 286 November. ......... 273 282 233 316 276 319 184 293 320 219 227 338 276 GROUP INDEX NUMBERS—AUSTRALIAN COMMONWEALTH—BUREAU OF CENSUS AND STATISTICS. [July, 1914=100.] Date. Met c a o l a s l. and 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 c ri 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 October, 1920 222 220 208 214 196 226 289 276 215 1921. January 215 145 197 208 197 191 279 244 196 214 132 192 206 197 184 303 242 192 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 October 193 147 157 129 189 98 210 220 156 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBEE, 1921. FEDERAL RESERVE BULLETIN. 1467 GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABOR.l [1913 = 100.] Date. f G o a d r n a d d i e n r s . A m n e i a a m n t a d s l . s D p u a r c i o t d r s - y . t F v a a r b e n u g l d e i e t s - s . O fo t o h d e s r . Textiles.l H e i a e t d t h c e e . s r , , Metals. m I e m n pl t e s - . l i t B u n e u m r g i i b l a m e l d a r s - - . , F li u g e h l t a in n g d , ! | ! c D a h c n e r a u m d ls 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 96 101 103 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 US 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 October, 1920. 229 194 207 177 249 292 156 203 259 265 295 211 234 1921. January 186 175 216 184 212 228 131 174 257 248 247 j 196 February 171 171 185 163 205 204 126 167 257 239 234 199 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 June 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 October 127 134 149 171 162 185 100 143 234 190 210 169 169 1 Unimportant groups omitted. GROUP INDEX NUMBERS—CALCUTTA, INDIA—DEPARTMENT OF STATISTICS. [End of July, 1914-100.] Date. B m i u n a i t g l e d - -M tar a e n d u -| Metals H sk a i i n d n d e s s . C m o f a t a n t c u o - - n co R t a to w n. m J f a u a n t c u e - - O t t t i e l h x e e s - r . m t O a u r il s d s - . , j R u a te w . se O e i d l s. Tea. rials. articles tures. tures. End of July, 1914. 100 100 100 100 100 100 100 100 100 100 100 Average for 1920.. 138 231 238 147 354 153 149 162 128 104 173 October, 1920 154 245 96 343 142 136 164 132 104 184 1921. January 158 247 81 324 107 104 149 116 85 130 February 147 226 243 80 305 104 101 149 97 80 124 March 153 239 255 86 301 98 91 143 90 81 122 April 147 242 255 97 311 119 97 123 110 85 131 May 151 262 254 110 312 124 94 126 112 75 142 June 149 244 245 119 303 129 100 132 114 76 145 July 149 237 245 116 316 136 102 147 115 80 157 August 143 242 241 121 301 150 107 135 116 85 150 September 143 247 214 120 302 217 127 147 115 102 145 October 141 251 214 122 310 193 112 148 106 88 122 184 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1468 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. 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:J 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 m July, 1914= t 1 1 h 0 9 0 1 e T 3 . h y , e e h I a n a A r s t e m h b n e e e d r e i c i n n c a g a s s n e h J i u o i f n l f t y e d t d , h e e 1 x t 9 o U 1 n 4 t u n h , m i a e te s b d J a e u r S b l , y t a a , c s t o e 1 e n . 9 s s 1 , t 4 t r h , u e b c a t o e s r d e i g . b in y T a h l t e h b e a G s e B e , r u m t r h e a a a n t u o i n f o d t f h e L e x a y u b e s o e a r s r p U S r r t e n i a c t i t a e t e e i s s l d . , 1 d o o U f K m l n i , i v i n t i g c e n - o d g s . t 2 p P r r e i a c t r a e i i s s l . , 1 S p w r r e i e t c a d e i e s l n . , l B c iv o e i s r n t l i g o n . f 8 , Statistics, was based upon the retail prices of 22 articles of food, weighted according to family consumption, until January, 1921, when it was increased to 43 articles reported by dealers in 51 important cities. The 1919 182 216 260 321 a m p e p t l h ie o d d h o a f v w e e b ig e h e t n in c g h a c n o g n e ti d n . ues the same, although the actual "weight" 1920 199 249 371 298 1,080 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 October 194 264 420 306 1,104 of other articles as well. Retail clothing prices, rents, and the cost of 1921. uel, lighting, and miscellaneous household items are also taken into January 169 265 410 283 1,111 consideration. The index number is weighted according to the im- February 155 251 382 262 1,087 portance of the items in the budgets of working-class families. March 153 241 358 253 1,035 The retail price index for Paris, compiled by the French General April 149 233 328 248 976 Statistical Office, consists of retail prices of 13 different commodities,May 142 228 317 237 990 weighted according to the average annual consumption of a working- June 141 219 312 234 1,080 man's family of four persons. Eleven of the commodities included in July 145 219 306 232 1,125 this index are foods, and the other two are kerosene and alcohol. August 152 222 317 •234 1,177 The Swedish index number consists of the retail prices of foodstuffs, September 150 220 329 228 1,212 fuel, and lighting and is based upon the prices of 51 articles in 44 townsOctober 150 210 331 218 1,340 (in 1920, 50 articles in 49 towns), weighted according to the budget ofNovember 203 326 211 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-Schone- 3 August, 1913-July, 1914=100. FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, JAPAN, AND GERMANY. In the following table are presented figures [ Sweden. In France and Italy the value of foreign trade is estimated : not in terms of current prices but in terms of those of some earlier dated showing the monthly value of the foreign trade usually the preceding year. of a group1 of important European countries\ None of the figures presented below include the import or export j of gold and silver. In the case of England and France, group figures and Japan. ! are given as well as total values, while in the case of the other countries, ! total values only are presented. This does not mean that group figures are not obtainable, merely that they are either delayed in publication i Currencies have not been converted to a common unit, nor are or appear not to be of su)chh ggeenneerraall ijnterest as the French and English methods of valuation the same in all countries. In England imports material. are given current c. i. f. values in England; exports and reexports, Japanese figures for recent months are received by cable and subject current f. o. b. values. The same method is followed in Japan and to revision. FOREIGN TRADE OF THE UNITED KINGDOM. Imports. Exports. Reexports. In thousands of pounds sterling. In thousands of pounds sterling. In to d F b a r o a i n o n c d d k c , o , u f r a m a n i m a r c R m t a l t i a s a u i c a n t w r a l e n e e l n - y u d s d - .f A m a w m c r h a t t a o u i i o n c n r r l u l e l l e y y d - s . l i a M p n p n a c i i o e n r s l s o c g c u t e e u d . l l - s - , Total. o s t f h a I t n o o n d u n s - s. to d F b a r o a i n o n c d d c k o , , .! f | I i | a u m r a c m i n r R a t a t m u l a i a i c s t n r w a l e e a l e n - y d n s u . d - A a m w m c r h a t a t o u o i i n r n c r l u l e l l y e y - d s . l i a M p n p n a c i i e o n s r l g o c u s c u t e e d . l s - l - , Total. 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 n o o n e n f g r u d 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 16,134 259 64,061 4,669 2,716 5,825 34,281 949 43,770 7,650 9,131 152 1919 59,927 50,565 24,663 358 135,513 2,814 9,274 53,457 1,008 66,553 13,729 1920 63,948 59,292 37,902 254 161,395 *3,"795" 4,241 12,138 93,394 1,528 111,297 *3,'292" 18,701 *139 1920. October 69,168 44,299 36,267 156 149,889 4,076 4,678 9,632 95,701 2,285 112,295 2,565 16,134 142 November.. 61,499 46,560 35,955 246 144,260 3,613 4,723 9,399 103,694 1,548 119,365 2,438 13 115 128 1921. January 47,750 37,005 30,467 420 117,051 3,383 3,852 7,668 79,746 1,491 92,756 2,558 9,955 87 February... 50,888 25,504 23,394 326 96,974 2,573 3,075 5,881 58,177 1,089 68,222 2,446 8,004 82 March 52,908 17,739 24,930 184 93,742 2,697 2,897 5,832 56,969 1,111 66,809 2,656 8,888 127 April 50,094 16,547 20,374 167 89,996 2,668 3,729 2,936 52,019 1,184 59,868 1,279 8,524 126 May 51,915 16,711 19,282 221 86,308 2,891 2,101 1,437 38,662 S89 43,088 500 7,232 90 June 42,090 18,389 17,600 278 88,182 2,439 1,125 33,658 930 38,152 7,083 July 50,584 20,232 18,005 431 80,757 4,050 2,702 2,775 36,705 991 43,172 1,350 9,362 August 48,410 19,589 18,194 214 88,581 3,389 3,124 7,058 39,936 1,228 51,346 3,747 9,998 154 September.. 44,475 20,465 17,905 338 87,119 3,515 3,300 6,997 44,009 942 55,248 4,128 8,595 116 October 49,158 21,256 18,691 320 84,742 3,470 3,466 7,359 50,328 1,113 62,265 4,297 10,386 159 November.. 89,250 62,890 9,820 Includes reexports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECBMBBB, 1921. FEDERAL RESERVE BULLETIN. 1469 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 t t u i r c e le d s. 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 1 19 9 2 1 0 9 3 3 8 7 9 1 2 8 , , 0 1 4 7 0 9 1 1 , , 4 2 0 2 0 9 , , 0 43 4 5 6 8 8 6 3 1 2 , , 7 1 9 8 7 7 2 2 , , 9 9 8 5 3 0 , , 2 4 7 1 2 3 3 4 , , 2 2 0 4 4 5 1 9 8 9 4 , , 2 2 0 7 1 7 3 2 9 03 7 , , 6 6 9 7 1 7 1,1 6 8 1 7 5 , , 7 6 4 30 2 9 7 9 1 , ,4 8 4 6 4 7 1,8 9 6 8 9 9 , , 5 9 6 66 3 1,0 4 3 6 9 4 1920. October * 931,000 1,868,000) 967,000 3,766,000 4,511 281,000 560,000 2,041,000 134,000 3,016,000 1,096 1921.3 January 346,703 1,101,267 534,498 1,982,468 3,702 188,546 436,069 1,142,398 115,605 1,882,618 1,117 February I 386,169 803,231 424,531 1,613,931 2,579 172,992 478,561 1,162,817 85,074 1,899,444 1,414 March 455,545 786,352 501,011 1,742,908 2,827 162,901 379,281 1,035,826 108,418 1,686,426 1,069 April 390,315 887,151 501,593 1,779,089 2,652 176,333 468,453 1,179,683 107,799 1,932,268 1,154 May 419,229 690,553 455,726 1,565,508 2,250 151,724 415,057 986,583 95,271 1,648.635 1,168 June 490,615 871,374 361,545 1,723,534 2,047 148,237 540,722 977,129 84,376 1,950,464 1,405 July i 434,001 704,069 331,047 1,469,117 2,164 123,303 439,534 925,868 74,350 1,563,055 1,194 August I 555,545 855,697 320,052 1,731,294 2,593 112,654 445,312 1,084,193 82,933 1,726,092 1,035 September 691,972 1,204,213 329,494 2,225,679 3,993 146,467 444,891 1,087,457 95,852 1,774,653 1,173 October 717,091 1,191,860 318,000 2,226,951 2,809 132,424 482,376 1,041,594 103,078 1,759,472 1,241 1 Not including gold, silver, or the reexport trade. 2 Calculated in 1913 value units. 3 Calculated in 1919 value units. French foreign trade figures are 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 year is the trade evaluated at the prices prevailing during that year. Because of the disturbed price conditions in France during the past two years, 1919 price units are being applied to the 1921 trade. < Calculated in 1920 value units. FOREIGN TRADE OF ITALY, SWEDEN, ANE> JAPAN. Italy. Sweden. Japan. (In millions of (In millions of (In mulions of 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 3 452 1,165 283 224 220 184 July 331 268 157 154 August 308 230 123 175 September. 325 233 118 154 1921. January 1,939 773 122 91 105 75 February.. 2,197 870 116 89 119 77 March 2,498 871 99 75 137 94 April. 2,234 902 106 69 139 115 May 1,988 697 95 82 149 105 June 2,598 1,169 93 69 148 107 July 98 94 110 99 August . 103 113 131 105 September 126 105 127 95 October 101 99 128 109 11920 and 1921 figures based on 1920 value units. FOREIGN TRADE OF GERMANY. Imports.1 Exports.2 Imports.1 Exports.2 Gold Gold Merchan- In thou- andsil- 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 j thousands metric thou- thousands metric of marks). tons. sands of I of marks). tons. i of marks). tons. sands ofof marks). tons. marks). marks). Monthly average: 1921.3 1 19 9 2 1 0 3 926,654 6 1, , 5 0 7 6 0 8 1 8 7 , , 4 77 5 3 0 5,7 8 7 4 5 1 , , 9 3 3 7 3 5 6 1 , ,6 1 5 4 7 6 J M u a n y e 6 5 , , 4 4 0 8 9 6 , , 0 0 0 0 0 0 1 1 , , 5 82 3 4 4 4 5 , , 5 4 5 3 8 2 , , 0 0 0 0 0 0 1 1 , ,5 1 0 4 9 5 1920. July 7,580,000 1,925 6,208,000 1,558 July 1,739 2,350 6,187,922 2,094 August 9,418,000 6,683,000 August 1,512 5,116 6,027,625 1,911 September 10,668,000 ' "2*5o6" 7,519,000 "1*870 September 1,680 6,400 6,411,311 1,837 October 113,900,000 3,000 9,700,000 1,970 October 1,757 6,239 6,488,133 1,494 November 1,757 3,353 7,909,571 1,708 December 2,007 45,306 7,817,910 1,758 1 Not including philanthropic gifts. « Not including deliveries on reparations account. • Figures covering the first four months of 1921 are not available. Figures for 1921 are subject to revision. 78092—21 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1470 FEDEKAL RESERVE BULLETIN. DECEMBER, 1921. 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 October, 1921. VOLUME OF OPERATIONS DURING OCTOBER, 1921. U. S. securities purchased. Total. Bills dis- Bills bought Federal Reserve Bank. counted for in open member banks. market. Bonds and Certificates of October, 1921. October, 1920. notes. indebtedness. Boston $250,222,621 $13,880,466 $1,840,000 $3,982,500 $269,925,587 $413,248,334 New York 1,564,585,700 85,278,359 9,976,000 58,404,000 1,718,244,059 5,136,229,443 Philadelphia 281,555,106 8,777,866 107,500 4,050,000 294,490,472 407,303,356 Cleveland 255,155,434 4,4a3,344 259,638,778 199,582,593 Richmond. - 199,602,225 2,939,105 202,541,330 248,615,499 Atlanta 128,908,143 4,107,514 133,015,657 230,844,209 Chicago . 272,259,328 10,626,197 4,917,100 6,9i9,500 294,722,125 535,297,565 St. Louis.. 121,228,579 753,948 367,400 2,153,500 124,503,427 210,673,322 Minneapolis 56,953,271 379,800 212,000 157,545,071 83,997,982 Kansas City 77,155,847 1,572,774 3,001,000 81,729,621 169,347,570 Dallas. . . . 62,450,343 155,000 62,605,343 114,961,546 San Francisco 219,191,600 6,506,752 42,500 4,869,500 230,610,352 263,174,943 Total: October, 1921 3,489,268,197 139,081,325 17,630,300 83,592,000 13,729,571,822 October, 1920 7,548,456,235 281,831,877 61,250 182,927,000 8,013,276,362 1 1 0 0 m mo o n n t t h h s s e en n d d i i n n g g O O c c t t . . 3 31 1 , ,1 19 9 2 2 1 0 . . . . . . . . 5 67 0 , , 9 3 7 5 6 8 , , 2 8 8 8 3 9 , , 6 9 5 2 9 9 2 1 . , 7 1 3 4 2 2 . , 6 7 9 0 5 1 . , 8 7 0 1 6 6 58,2 3 5 2 0 5 , , 2 6 6 5 1 0 6 3 , , 4 1 4 8 3 4 , , 4 1 4 3 2 3 , , 5 5 0 5 0 7 54f 743,975,463 77,152,747,615 i Exclusive of $9,609 of municipal warrants purchased. VOLUME OF BILLS DISCOUNTED DURING OCTOBER, 1921, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANES ACCOMMODATED. Member banks' collateral Bankers' acceptances. Customers' notes. Federal Reserve Bank. G ob p c o u l a v i r p g e e e a r d n r ti m b s o e n y e - s n . t G S o ec v u e r r e n d m b en y t Otherwise Co n p m . a m p e e . e r r s , c . ial Ag p ri a c p u e lt r u . ral Li p v a e- p s e to r. ck Foreign. Domestic. Dollar secured. exchange. obligations. Boston $6,875,993 $81,085,000 $161,857,076 $343,392 S400 New York 3,251,931 762,588,530 796. 704.150 615,258 21,146 Philadelphia 10,056,758 179; 385, 724 9i; 696', 043 311,724 Cleveland. 6,039,518 130,034, 765 $98,000 i 113,059,586 490,857 155,173 $1,819,403 $985,000 $125,000 Richmond 1,230,377 166,750,178 1,143,503 23,646,245 5,407,571 1,910 A Ch tl i a ca n g ta o 3 5 , ,9 52 3 8 5 , , 5 5 6 4 4 4 1 5 4 8 0 , , 0 6 6 3 5 4 7 , 1 0 9 2 5 7 1 1 , 1 3 3 8 8 6 , 9 5 5 0 0 0 i 10 5 7 7 , 0 4 3 4 9 4 , 6 9 1 9 9 5 1 6 6 , , 1 6 7 3 4 8 , , 6 3 1 86 9 661 824 175 000 St. Louis 2,651,522 78,316,969 60,000 35,801,681 2,727,858 052,698 j 463,749 Minneapolis 669,958 19,329,365 2,174,410 24,434,533 7,480,498 2,524,835 25,000 25,000 25,000 Kansas City 1,880,968 42,097,546 55,000 20,681,208 3,180,960 9,120,375 66,655 Dallas 368,131 34,975,108 4,688,525 13,917,799 3 437 548 4 717 870 San Francisco 2,538,104 133,171,344 24,629,142 51, 762,812 3,408,231 2,804,675 122,603 11,000 Total: October, 1921- 45,027,368 1,826,413,751 35,374,090 1,498,045,047 50,216,902 20,600,906 1,967,066 1,726,404 150,000 S e p tember, 1921 46,063,594 1,564,646,534 34,945,255 1,318,426,866 43,234,137 15,212,842 1,544,532 935,948 125,000 October, 1920. 156,299,491 4,148,970,138 9,227,341 3,204,215,794 10,354,398 S e p tember, 1920 123,880,580 4,040,181,704 15,356,633 3,094,288,760 8,103,318 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1471 VOLUME OP BILLS DISCOUNTED DURING OCTOBER, 1921, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOMMODATED—Continued. Trade acceptances. T m ot o a n l r m ed a u tu ce ri d t y t o b a a s c i o s. m 1 - Member banks. Federal Reserve Bank. all T c o la t s a s l es. Number Accommodated. Foreign. I Domestic. Amount. P of e r t o c t e a n l t . in O c d t i o s b tr e i r ct 31. Number. Percent, Boston $80,760 $250,222,621 $154,052,193 4.4 436 217 49.7 New York 404,685 1,564,585,700 704,223,170 20.2 794 329 41.4 Philadelphia... 104,857 281,555,106 229,866,731 6.6 701 388 55.3 Cleveland 348,132 255,155,434 249,906,413 7.2 881 381 43.2 Richmond 422,381 199,602,225 208,224,979 6.0 624 430 68.9 Atlanta 647,314 128,908,143 281,497,038 8.0 509 371 72.8 Chicago 697,634 272,259,328 62S, 107,132 17.9 1,443 959 66.4 St. Louis 554,102 121,228; 579 187,157,940 5.4 586 320 54.6 Minneapolis 264,672 56,953,271 193,505,277 5.5 1,022 603 59.0 Kansas City... 73,135 77,155,847 225,851,082 6.5 1,082 570 52.6 Dallas 345,362 62,450,343 135,117,715 3.9 873 608 69.6 San Francisco. $5,000 738,629 219,191,600 293,758,527 8.4 862 391 45.3 Total: October, 1921...., 5,000 9,681,663 3,489,268,197 3,489,268,197 100.0 9,813 5,567 56.7 September, 1921. 26,057 7,947,902 3,033,108,667 9,807 5,427 55.3 October, 1920 19,389,073 7,548,456,235 9,558 4,952 51.8 September, 1920.. 17,160,356 7,298,971,351 9,525 4,758 50.0 1 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (14.78) for system. VOLUME OF BILLS DISCOUNTED DURING OCTOBER, 1921, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Average Federal Reserve Bank. 5 per cent. 5J per cent. 6 per cent. &h per cent. Total. (36 ra 5- te day m A a v t e u r r a i g ty e . basis). Per cent. Days. Boston $250,222,621 $250,222,621 5.00 9.10 New York 1,564,585,700 1,564,585,700 5.00 6.65 Philadelphia 249,769,533 $31,785,573 281,555,106 5.05 12.07 Cleveland 255,155,434 255,155,434 5.50 14.48 Richmond $199,602,225 199,602,225 6.00 15.42 Atlanta.. 128,908,143 128,908,143 6.00 32.28 Chicago 272,259,328 272,259,328 6.00 33.99 St. Louis . . .. 121,228,579 121,228,579 6.00 22.82 Minneapolis 51,471,248 $5,482,023 56,953,271 6.08 50.22 Kansas City 77,155,847 77,155,847 6.00 43.27 Dallas 62,449,343 62,449,343 6.00 31.98 San Francisco 219 191,600 219,191,600 5.50 19.81 Total: October, 1921 2,064,577,854 506,132,607 913,074,713 5,482,023 3,489,267,197 5.62 14.78 September, 1921 503,513,685 1,555,793,346 947,087,165 26,714,471 3,033,108,667 5.75 17.22 VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING OCTOBER, 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 ar ge. Total. Foreign. Do ti m c. es- Total. Amount. P of e r t o c t e a n l. t Boston $7,283,499 $5,770,267 $826,700 $13,880,466 $13,880,466 $7,554,638 5.4 New York 57,348,203 22,812,613 5,117,543 85,278,359 85,278,359 62,058,885 44.6 Philadelphia 5,870,262 2,557,604 350,000 8,777,866 8,777,866 10,723,927 7.7 Cleveland 2,481,442 1 701,902 300,000 4,483,344 4,483,344 5,188,461 3.8 Richmond 931,605 2,007,500 2,939,105 2,939,105 5,598,534 4.0 Atlanta 2,740,347 1,367,167 4,107,514 4,107,514 8,225,956 6.0 Chicago 6,274,341 4,351,856 10,626,197 10,626,197 28,327,628 20.4 St. Louis 293,979 459,969 753,948 i ... 753,948 457,533 .3 Minneapolis 1 Kansas City 690,400 882,374 i 572,774 1,572,774 4,468,349 3.2 Dallas.....'. 155,000 155,000 155,000 308,275 .2 San Francisco "*3,"998*6i4" 2,145,117 363,021* 6,506,752 6,506,752 6,169,136 4.4 Total: Oct., 1921 87,912,692 44,211,369 6,957,264 139,081,325 139,081,325 139,081,325 100.0 Sept., 1921 54,691,113 23,591,388 3,489,516 81,772,017 $110,878 $110,878 81,882,895 Oct., 1920 203,020,366 66,263,653 10,878,149 280,162,168 934,908 $734,801 1,669,709 281,831,877 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 * Total purchases multiplied by ratio of average maturity ol bills purchased by each bank to average maturity (25.77) for system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1472 FEDERAL RESERVE BULLETIN. DUCBMBEB, 1921. VOLUME OF ACCEPTANCES PURCHASED DURING OCTOBER, 1921, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. 4§per 4A Per 4f per 4f per 4£ per 5&per Federal Reserve Bank. cent. cent. cent. 5 per cent. cent. cent. cent. Boston $401,465 $50,000 $9,232,803 $1,005,769 $321,103 $2,066,349 $37,314 New York 7,488,509 4,493,705 66,919,857 967,028 5,387,271 12,664 Philadelphia. 7,975,944 797,603 4,319 Cleveland 1,355,161 128,172 1,704,641 345,090 850,280 25,000 Richmond... Atlanta Chicago 981,853 4,385,587 2,237,308 2,870,716 105,733 15,000 St. Louis 376,730 139,000 238,218 Minneapolis.. Kansas City.. Dallas.. San Francisco.. 1,438,413 1,497,399 1,166,940 908,889 460,573 376,077 Total: Oct., 1921.. 11,665,401 50,000 27,713,610 74,208,848 5,551,826 8,874,525 704,273 Sept., 1921. 3,129,810 41,737,631 5,591,799 ! Average Federal Reserve Bank. 5 c * e n p t e . r 5 c | e p n e t. r 5 c * e n p t e . r ?ente.r Wcent. Total. (36 r 5 a t d e ay m A a v t e u r r a i g t e y. basis). Per cent. Days. Boston... $765,6G3 $13,880,466 4.82 14.03 New York 9 325 85,278,359 4.81 18.75 Philadelphia. . . 8,777,866 4.70 31.48 Cleveland $75 000 4,483,344 4.80 29.82 Richmond . $2,939,105 2,939,105 6.08 49.09 Atlanta .. $119,512 3,988,002 4,107,514 6.07 51.61 Chicago .... 30 656 10,626,197 4.79 68.70 St. Louis . 753,948 4.97 15.64 Minneapolis Kansas City. . 1,572,774 1,572,774 6.08 73.21 Dallas. ... 155,000 155,000 6.08 51.25 San Francisco. . 458,461 6,506,752 4.88 24.43 $200,000 Total: Oct., 1921 1,263,449 200,000 119,512 75,000 8,654,881 139,081,325 4.97 25.77 Sept., 1921 19,083,469 1,187,711 1,795,486 451,089 8,107,059 181,882,895 5.35 25.89 1 Includes $798,841 of acceptances purchased at 5| per cent. 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

1473 DECEMBER, 1921. FEDERAL RESERVE BULLETIN. HOLDINGS OF EARNING ASSETS, BY CLASSES. Following is a set of tables giving a detailed analysis of the different classes of earning assets held by the Federal Reserve Banks at the end of October, 1921: AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARNINGS DURING OCTOBER, 1921. Average holdings of— Earnings on- Annual rate of earnings on- Federal Reserve Bank. All All A of l a l e s c s a l e r a n t s s i s . n e g s Dis b c i o l u ls n . ted c b h P i a u l s l r e s - . d sec U ur . i S t . ies. e c a l r a o n s f s i e n s g co b D u il n i l s t s - e . d c b h P i a u l s l r s e - . d r U s i e t . i c S e u . s - . e c a l r a n o s i f s n e g s co b D u i n i l s l t - s ed c b h P i a u l s l r e s - . d r s U i e ti . c S e u . s - . assets. assets. Per ct. Per ct. Per ct. Per ct. Boston $95,081,663 $75,477.205 $4,322, .13 $15,281,945 $390,783 $344,691 $18,165 $27,927 4.84 5.38 4.95 2.15 New York 358, 806, 062 272, 843,90326, 997, ~ 58, 965, 03811,428,029 1,193, 359 108,749 125, 921 4.69 5.15 4.74 2.51 Philadelphia 124,185,175 100, 970, 715 4, 024, 19,189,907) 447,197 16,619 35,174 4.73 5.21 4.87 2.15 Cleveland 151, 303,153 132,250, 877 2, 579, 16, 472, 424) 663,692 623,237 10, 808 29,647 5.16 5.55 4.93 2.12 Richmond 104, 519, 838 95, 980,124 3, 546, 4, 993,400 516, 028 489, 111 18, 323 8,594 5.81 6.00 6.08 2.02 Atlanta 122, 840,768 98,219,138 5,659, 18, 962, 562 584,079 500, 971 29,171 53,937 5.60 6.01 6.07 3.35 Chicago 244,233, 522 209, 529,917 3, 838, 30, 864, 7291,153,954 1,077,645 15, 417 60, 892 5.56 6.06 4.73 2.32 St. Louis 80, 556, 547 70,134,996 367, 10, 053,942 377,079 357,174 1,556 18,349 5.51 5.99 4. 2.15 Minneapolis i 76,666,000 71, 506,000 5,156,000 1390,466! 381,415 9,031 16.00 6.28 2.06 Kansas City. .„ 74,120,053 966, 14,694,401 407, 857! 377,888 4,931 25,038 5.35 6.00 6.00 2.01 Dallas 64,054,068 59, 346,479 164, 4, 542,750 324,134 313, 844 852 9,438 5.96 6.22 6.00 2.44 San Francisco 128, 711, 915 116, 534, 972 3, 729, 8, 447,623 580, 281 548, 772 15,939 15, 570 5.31 5.54 5.03 2.17 Total: Oct., 1921.... 1,640, 739, 5111, 376,914, 379 56,196, 411 207,624, 721 7, 315, 372 6,655, 304 240, 530419,518 5.25 5.69 5.04 2.38 Sept., 1921....1, 740,473, 882 1, 445, 689,968 40,020,253 254,763,661 7,647, 567 j 6,951,881 175,311 520,375J 5.35 5.85 5.33 2.49 Oct., 1920 |3, 390,089, 524 2, 782, 055, 442 303,980, 844 304,053, 238! 17,085,802 14,953,963 1, 56536,8 ,711245 5.95 6.35 6.07 2.21 Sept., 1920... .13,329, 481,645 2,677, 052, 425 313, 863, 889 338, 565, 33l|l5, 843,314 13,656, 417 1, 652588,,267198 5.81 6.22 6.06 2.27 1 Includes municipal warrants. HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of October figures. In thousands of dollars.] Member banks' Custom- collateral notes. Bankers' acceptances. Trade acceptances. ers' paper secured Coramer- Agri- Live- Federal Reserve Bank. Total. by Gov- Secured cialpaper, cultural stock ernment by Gov- Other- n.e. s. paper. paper. Dollar obliga- ernment wise Foreign. Domes- ex- Foreign. Domestions. obliga- secured. tic. change. tic. tions. Boston 74,520 5,010 25,267 43,410 700 3 130 New York 238,965 2,696 99,884 134,390 578 143 10 1,264 Philadelphia 101,736 12,702 58,191 30,193 467 183 Cleveland 126,881 4,524 37,930 48 80,439 1,096 475 240 2,129 Richmond 93,667 2,666 27,015 251 51,604 10,076 32 2,023 Atlanta 98,142 5,900 25,926 299 48,921 13,431 1,749 1,916 Chicago 203,740 4,656 56,480 554 86,990 54,276 784 St Louis 64,301 3,612 19,498 30 30,266 8,999 1,186 188 524 Minneapolis 68,934 459 5,800 1,409 30,169 22,635 8,133 25 25 25 254 Kansas City... 77, 313 2,990 15, 885 10 29,184 8,355 20,748 67 74 Dallas 56,072 552 7,202 2,517 17,578 11,853 15,471 899 San Francisco 108, 756 3,718 33, 875 12,435 38,756 9,457 9,357 162 14 54 928 Total: Oct. 31,1921.... 1,313,027 49,485 412,951 17,553 621,900 141,923 57,154 570 304 25 54 11,108 Sept. 30,1921... 1,413, 013 67, 870 428,974 18,048 671,810 152,251 63,749 503 342 91 9,375 Oct. 29, 1920.... 2,801,297 282, 733 921,172 3,649 1,318,400 131,528 109,121 11,539 23,155 Sept. 24,1920... 2,704,464 295, 373 925,050 8,877 1,220,588 120,998 103,426 8,072 22,080 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1474 FEDEKAL RESERVE BULLETIN". DECEMBER, 1921. HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of October figures. In thousands of dollars.] All classes. Trade acceptances. Pur- Federal Reserve Bank. chased Total. op in en Total. Foreign. Do ti m c. esmarket. Boston 3,709 3,579 2,176 130 130 New York 54,260 52,843 36,897 1,319 55 1.264 Philadelphia... 7,246 7,063 4, 183 183 Cleveland 5,524 3,155 2,224 2 129 2 129 Richmond 5,750 3,727 1,012 2,023 2,023 Atlanta 7,933 6,017 3,681 1,916 1,916 Chicago 4,211 3,427 2,253 784 784 St. Louis 795 83 524 524 Minneapolis... 329 254 254 Kansas City... 1,756 74 74 Dallas 1,104 899 899 San Francisco. 5,554 982 54 928 Total: Oct. 31, 1921 98,171 11,217 109 11,108 Sept. 30,1921 55,353 9,592 217 9,375 Purchased in open market: Oct. 31,1921 55 55 Sept. 30, 1921.... 126 126 Discounted for member banks: Oct. 31, 1921 11;102 54 11,108 Sept.30, 1921 9,466 91 9,375 HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS. [End of October figures. In thousands of dollars.1 Member banks. Non- Federal Reserve Bank. Total. Non- b m b an a e n k m k s b in a e n g r d b P a r n iv ke a r te s. a B n f r c o d a i r e n e a s c i g g o h e n f e n s - ! National. national. corpora- banks. tions. Boston 3,579 2,128 1,281 154 I 16 New York 52,941 18,364 17,901 8,675 5,841 2,160 Philadelphia 7,063 2,785 2,253 107 140 Cleveland 3,395 1,207 1,183 299 Richmond 3,727 3,427 300 Atlanta 6,017 1,605 4,191 221 Chicago 3,427 1 436 1,921 70 St. Louis 271 81 185 Minneapolis 75 50 25 Kansas City 1,682 1,225 457 Dallas 205 205 San Francisco 4,572 1,910 1,3 693 226 354 Total: Oct.31,1921 86,954 i 34,423 31,086 11,999 6,493 2,953 Sept. 30, 1921 45,761 ! 17,694 16,111 5,447 2,644 3,865 Purchased in open market: ! Oct. 31, 1921 j 86,055 34,032 30,854 11,746 | 6,488 2,935 Sept. 30,1921 ! 44,916 i 17,565 15,859 5,015 j 2,635 3,842 Discounted for member banks: j ! Oct.31,1921 ! 899 I 391 232 253 I 18 Sept. 30,1921 845 ! 129 252 432 ! 23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1475 BANKING CONDITIONS DURING OCTOBER AND NOVEMBER. Changes in the banking situation during the the period under review include the redemption five weeks ending November 16, as indicated of the balance of $382,500,000 due on October by the weekly statements of reporting mem- 15 and the issuance on November 1 of ber banks, are characterized chiefly by sub- $231,500,000 of loan and tax certificates, also stantial loan liquidation effected by both mem- payment on October 15 of interest on the ber banks and Federal Reserve Banks. fourth Liberty bonds, and on November 15 Announcement during the first week of of interest on the second Liberty bonds. These November of a general reduction by the operations are reflected mainly in the figures Federal Reserve Banks of discount rates snowing member bank holdings of Treasury apparently has not yet affected the general certificates and in the Government deposit accredit situation to any considerable extent, count, both of which show large reductions in though its effect on the investment market, the October 19 statement and substantial inparticularly on the bond market, can be creases in the November 2 statement. The easily traced. Government operations during Federal Reserve Bank statements show further WEEKLY CHANGES IN PRINCIPAL ASSET!5 AND LIABILITIES < Dl 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 M DO IL L L O L I F O A N R S S D M O IL L L O L I F O A N R S S B D I O L L L O L IO F A N R S S D B O IL L L O L I F O A N R S S 3500 3500 V Vv> V VV 18 18 3000 3000 r 1 N 1Vv \ 17 V f .A5 17 2500 / A* V f\ % \ 2500 16 \ V \ 16 \ 2000 2000 15 \ 15 \ \ V \ 1 1500 ft \ \ \ 1500 14 14 \ •\ \ V 4 13 v. 13 s 1000 1000 k \. 12 12 500 -« ** « . -*•^ A , v A t *^ •** 500 n A*A "\ A 3 S. 11 '>/\ 0 +^ sae:=s — 0 10 "N -V f 10 MILLIONS RESERVE DOL O L F ARS RATIO 9 9 3500 /- C P E E N R T 8 8 /+* \ V/ N "9 7 7 3000 % -** 2500 m«** \ 100 6 6 - 80 5 5 2000 \ ^- A, \ ,,- I* 4 4 •. 60 1500 .- 3 \ 3 .• *• 40 \ -A N 2 1000 2 y \ V^« > 2 t 20 **, 1 500 MONTH J. F. M. A.M. J. J. A. SO. N. D..F. M.A.M.J. J.A.S. O.N.D. MONTH MONTH J. F. M. A. M, J. J. A. S. 0. N. DJ.. F. MA. M. J. J.A.S. 0. N.D.MONTH YEAR 1920 1921 YEAR YEAR 1920 1921 YEAR Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1476 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. gains in gold and a practically continuous MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS. decrease in Federal Eeserve note circulation. Loans and discounts of reporting member [In millions of dollars.] banks secured by Government obligations Oct. Oct. Oct. Nov. Nov. Nov. show a moderate decline for the period, the 11-12. 19. 26. 2. 9. 16. November 16 holdings of this class of paper, Number of reporting $540,000,000, being $44,000,000 below the banks 809 809 809 808 807 807 total reported five weeks before. Loans Loans and discounts: secured by corporate obligations, on the other Secured by U. S. hand, in consequence of the very active issue Govern merit obligations 584 572 565 546 539 540 operations in the New York market show a Secured bv stocks and bonds gain of about $25,000,000, a larger increase (other than U. under this head shown for the New York City S. Government obligations) 3,034 3,032 3,041 3,070 3,069 3,059 banks being partly offset by liquidation in All other 7,984 7,873 7,816 7,782 7,779 7,755 Chicago and in other large cities. All other Total loans and loans and discounts, comprising largely com- discounts '... 11,602 11,477 11,422 11,398 11,387 11,354 mercial and industrial loans, show a decrease U. S. bonds 879 880 886 899 899 906 for the period of $230,000,000, liquidation U. S. Victory notes... 161 156 161 166 164 163 U. S. Treasury notes. . 138 118 112 117 124 121 being heaviest during the latter part of October. U. S. certificates of indebtedness 158 107 94 216 177 168 As against a moderate increase in the Other bonds, stocks, and securities 2,063 2,093 2, (154 2,053 2,059 2,074 holdings of United States Victory notes and a $17,000,000 decrease in the holdings of Total investments 3,399 3,354 3,307 3,451 3,423 3,432 United States Treasury notes, member banks Total loans and disreport a continuous increase in their holdings counts and investof United States bonds, the total gain for the ments l. . 15,001 14,83L 14,729 14,849 14,810 14,786 Reserve with F. R. period being about $27,000,000. Treasury Banks - 1,244 1,255 1,269 1,248 1,239 1,269 Cash in vault 310 305 301 290 309 303 certificate holdings, as mentioned above, show Net demand deposits. 10,062 10,248 10,192 10,180 10,175 10,236 considerable fluctuations in connection with Time deposits 2,942 2,961 2,966 2,988 2,983 3,003 Government deposits. 481 140 81 258 264 214 the redemption and issue operations of the Bills payable and re- Government, the net increase for the period discounts with F. R. Banks, total 900 829 807 767 752 702 being about $10,000,000. Holdings of cor- Secure:! by U. S. porate and other securities fluctuated between G overnment a high of $2,093,000,000 on October 19 and a obligations 304 262 264 258 262 239 AH other 596 567 543 509 490 463 low of $2,054,000,000 on November 2, the Ratio of accommoda- November 16 total of $2,075,000,000 repre- tion at F.R. Banks senting an increase of $12,000,000 over the to total loans and investments 6.0 5.6 5. 5 5.2 5.1 4.7 October 11-12 total. In consequence of the changes stated, total loans and investments 1 Including bills rediseounted with Federal Reserve Banks. on November 16 were about $215,000,000 below Federal Reserve Bank figures, which cover the total shown five weeks before. This the five-week period between October 19 and decrease is accompanied by net withdrawals November 23, show for the first four weeks a of $267,000,000 of Government deposits and continuous decline in discounts. For the last increases of $174,000,000 in demand deposits week under review, the amount of " Governand of over $60,000,000 in time deposits. ment'7 paper held by the reserve banks, which Borrowings of the reporting member banks had declined by about $27,800,000 during the from the Federal Reserve Banks likewise show a first four weeks, shows an increase of $35,300,continuous decline, amounting to $198,000,000 000, largely through the discount of member for the five weeks under review, or from 6 to bank collateral notes secured by Liberty bonds, 4.7 per cent of their total loans and invest- the member bank holdings of which had ments. shown a steady growth during the weeks In the following table are shown the principal immediately preceding. During the same changes in the condition of reporting member period Federal Reserve Bank holdings of other banks during the five weeks ending November discounts declined by $132,100,000. Holdings 16. Corresponding changes since the begin- of acceptances purchased in open market, ning of 1920 are traced in the chart on page apparently in connection with the readjust- 1475. ment of|market rates to the reduced Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1477 Reserve rates, show a substantial increase sequent three weeks considerable liquidation during the early part of November, the Novem- of rediscounts was effected, the Minneapolis ber 23 total being $15,100,000 in excess of the bank redeeming early in November all its out- October 19 total. Pittman certificates on standing paper rediscounted with the New deposit with the Treasury to secure Federal York bank. On November 16 rediscounts de- Reserve bank note circulation continued their clined to $13,900,000, while at the close of the decline, the November 23 total being $25,- following week, because of increased accommo- 900,000 less than five weeks before, Other dation obtained by the Richmond and Dallas Treasury certificates, largely held under re- banks, the total went up to $19,700,000. Repurchase agreements by the New York Federal serve deposits and total deposits fluctuated Reserve Bank, likewise showed a large increase within comparatively narrow limits, the total during the early part of November, while other deposits on November 23, $1,728,500,000, United States securities show a nominal de- being $11,100,000 in excess of the October crease for the five-week period. Total earning 19 total. assets of the Federal Reserve Banks on Novem- Federal Reserve note circulation, except for ber 23 stood at $1,475,900,000, a reduction of the week ending November 9, shows a further $102,000,000 for the five-week period and 57 continuous decline, the November 23 total of per cent below the peak figure of $3,422,000,000 $2,389,900,000 constituting a new low record reported on October 15 of last year. for the year and a reduction of about 28 per In the following table are given weekly cent from the total shown for the corresponding changes in the principal assets and liabilities date last year. It is noteworthy that for the of the Federal Reserve Banks for the five weeks period since the last Wednesday in July of the ending November 23, while similar changes present year Federal Reserve note circulation since the beginning of last year are shown in shows a decrease of $147,700,000, as against an graphic form in the chart on page 1475. increase of $205,400,000 for the corresponding period in 1920. A further reduction from $93,- MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF 000,000 to $74,800,000 is shown in the reserve THE 12 FEDERAL RESERVE BANKS COMBINED. banks7 aggregate net liabilities on Federal Refin millions of dollars.] serve bank notes in circulation, this reduction Oct. 19. Oct.26. Nov. 2. Nov. 9. Nov. 16. Nov. being due largely to the deposit with the Treas- 23. ury of lawful money. The amount of these Reserves: notes outstanding, according to Treasury rec- Total 2,921.8 2,937.1 2,945.7 2,960.8 2,969.5 2,978.2 ords, shows a decrease for the same period Gold 2,772.7 2,786.2 2,800.3 2,816.3 2,823.9 2,835.2 from $124,600,000 to $118,300,000. Bills discounted: Total 1,329.8! 1,308.' 1,260.4 1,246.0 1,198.0 1,205.2 Gold reserves show a further continuous gain Secured by IT. S. Gov- during the five weeks of $62,500,000, offset by ernment obligations. 459.7 461.9 453.5 453.6 431.9 467.2 a loss of $6,100,000 in other cash reserves, the Allother 870.1 846. 806.9 792.4 766.1 738.0 November 23 gold holdings of $2,835,200,000 Bills bought in open market 54.3 62.3 87.5 89.0 68.3 69.4 constituting a new high record. For the pres- Certificates of indebtedness 160.7 157. 7 164. 191.6 183. 8 168. 8 ent year the reserve banks report a gain of Total earning $772,400,000 in gold and a loss of $47,900,000 assets 1,577.9 1,562.0 1,549.5 1,561.4 1,482.2 1,475.9 in other reserve cash, i. e.., legals and silver. Government deposits 29.1 46.6 59.9 30.8 33.1 32.2 Members' reserve de- The reserve ratio, chiefly because of the gain posits 1,660.9 1,669.1 1,650. 7 1,670.1 1,674.11,670.7 in gold and to a smaller extent because Total deposits.. 1,717.4 1,738.6 1,742.3 1,726.9 1,737.: 1,728.5 F. R. notes in circula- of the reduction in Federal Reserve note liation 2,440.9 2,408. 8 2,408.1 2,420.8 2,398.2 2,389.9 F. R. Bank notes in bilities, shows a further rise from 70.3 to 72.3. circulation—net lia- In the following table are shown comparative bility 93.0 88.01 85. 80.5 74.8 74.8 Reserve percentage... 70.3 70.8 71. Oj 71.4 71.8 72.3 figures of average daily cash reserves, deposits, Federal Reserve note circulation and reserve Bills rediscounted by the Richmond, Atlanta, percentages for the months of October and Minneapolis, and Dallas banks reached a total November of the present and the two preof $43,800,000 on October 26. During the sub- ceding years: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1478 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR NOVEM- BER AND OCTOBER, 1921. [Daily averages. Amounts in thousands of dollars.] J Federal Reserve notes Total cash reserves. Total deposits. ! in circulation. Federal Reserve Bank. November. October. November. Boston 264,394 273,121 117,386 114,571 215,740 230,668 New York ,087.419 1,063,432 685,127 683,527 637,322 636,921 Philadelphia... 222,024 216,463 103,916 104,376 201', 128 201,916 Cleveland 246,275 245,402 133,149 136,437 216,385 221,872 Richmond 69,856 72,416 j 55,265 55,307 108,917 108, 839 Atlanta 69,466 72,016 | 45,455 45,084 123,204 129,781 Chicago 477,741 464,827 ! 241,316 243,453 407.591 418,509 St. Louis 109,149 104,401 | 64,108 63,283 102,343 103,593 Minneapolis... 45,792 40,980 i 44,256 43, 873 57,350 57, 894 Kansas City... 69,030 73,470 ! 71,145 69,294 69,828 72,619 Dallas 33,847 35,153 I 45,080 47,328 38,024 40, 836 San Francisco. 269,426 244,046 i 126,301 121,496 224,610 229,673 Total: 1921. 2,964,419 2,905,727 i 1,732,504 1,728,029 I 2,402,442 2,456,121 1920. 2,182,795 2,162,178 I 1,830,011 1,867,589 ! 3,327,632 3,336,768 1919. 2,185,149 2,207,386 | 2,013,944 1,980,676 | 2, 812,247 2,738,394 1 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

DECEMBBK, 1921. FEDERAL RESERVE BULLETIN. 1479 CONDITION OF FEDERAL RESERVE BANKS. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCT. 26 TO NOV. 23, 1921. RESOURCES. [In thousands of dollars.] Total. Boston. Gold and gold certificates: Oct. 26 448,280 222 | 355,790 ! 2,140 12,380 2,888 5,000 22,429 3,196 8,948 2,328 7,104 17,855 Nov. 2 458,468 267 i 365,772 I 1,858 12,452 2,912 5,049 22,514 3,207 8,962 2,326 7,389 17,760 Nov. 9 469,250 272 375,897 ! 1,869 12,516 2,928 5,008 22,671 3,222 9,009 2,359 7,614 17,885 Nov. 16 473,760 1,303 380,600 ! 1,850 12,248 2,943 5,005 22,413 3,232 9,030 2,342 7,825 17,969 Nov.23 485,108 !,292 391,331 ! 1,951 12,395 2,950 5,025 22,451 3,247 9,050 2,348 8,106 17,962 ' Gold settlement fund —F. R. Board: Oct. 26 496, 111 45,974 i 116,781 63,624 52,853 24,033 6,932 81,537 25,671 10,742 I24,787 4,815 38,362 Nov. 2 502,647 44,688 j 122,823 63,675 49,370 19,919 6,638 85,339 24,878 11,819 I21,421 4,427 47,650 Nov.9 500,723 48,494 78,430 64,931 45,592 23,243 8,268 97,529 25,954 18,5(54 !26,022 3,556 60,140 Nov. 16 424,014 36,316 i 53,575 52,182 41,914 16,538 5,548 93,800 23,127 18,210 30,376 3,948 48,480 Nov.23 425,833 39,600 I 45,084 60,498 62,713 21,278 6,208 94,024 18,996 15,581 !28,520 2,157 31,174 Gold with F. R. agents: Oct. 26 1,729,790 183,224 545,189 132,312 168,302 32,950 46,495 307,652 66,088 17,326 36,511 11,074 182,667 Nov. 2 1,708,670 178,824 544,957 134,022 167,572 30,679 46,137 298,067 65,772 17,743 35,251 12,435 177,211 Nov.9 1,723,523 174,140 544,654 144,465 166,435 28,178 45,828 310,544 67,115 16,944 28,833 13,411 182,976 Nov. 16 1,810,060 180,880 594,493 150,290 169,012 36,851 45,259 304,904 66,752 17,911 27,968 12,788 202,952 Nov.23 1,811,316 176,923 594,281 145,912 166,481 34,614 44,784 307,753 67,032 17,138 30,628 11,951 213, 819 Gold redemption fund: Oct. 26 112,058 19,976 15,000 7,248 5,022 8,170 ; 5,384 32,182 4,112 3,061 2,362 4,339 5,202 Nov.2 130,472 24,316 15,000 10,012 5,565 10,138 ! 5,471 41,640 4,406 2,533 3,603 2,865 4,923 Tota N N N l o o o g v v v o . . l . 2 9 d 1 3 6 reserves: 1 1 1 2 1 1 2 2 6 , , , 8 9 0 0 7 6 3 2 7 2 2 2 2 8 6 , , , 1 9 0 4 2 4 2 7 7 1 1 1 5 5 5 ,0 , , 0 0 0 0 0 0 0 0 9 5 8 , , , 7 9 0 5 7 4 3 4 7 6 3 6 , , , 5 9 3 9 6 9 4 0 1 1 7 5 2 , , , 9 9 3 5 3 5 5 8 2 ! ; | 4 4 4 , , ,5 9 7 9 7 9 4 3 5 2 3 3 9 1 4 , , , 0 4 5 0 9 0 3 5 9 3 3 3 , , , 0 3 0 9 9 4 3 2 1 3 2 2 , , , 1 2 9 S 6 1 5 3 3 4 2 5 , , , 9 8 6 9 1 4 7 8 5 2 2 1 , , , 3 7 5 6 2 5 9 7 8 4 6 4 . , , 3 1 8 8 2 5 6 1 5 Oct. 26 2,786,239 257,396 ,032,760 205,324 238,557 68,041 I 63.811 I 443,800 99,067 40,077 65,988 27,332 244,086 Nov.2 2,800,257 256,095 ,048,552 209,567 234,959 63,648 !63,295 447,560 98,263 41,057 62,601 27,116 247,544 Nov. 9 2,816,299 259,833 ,013,981 219,309 231,137 66,684 !64,077 459,747 99,332 47,782 62,211 26,350 265,856 Nov.16 2,823,901 247,641 ,043,668 214,299 227,134 62,284 i60,406 455,626 96,503 47,334 66,331 26,888 275,787 Nov.23 2,835,229 250,862 ,045,696 214,114 247,980 66,800 ':60.812 455,723 92,368 44,712 64,314 24,772 267,076 Legal tender notes, silver, etc.: Oct. 26 150,909 18,001 56,485 7,105 5,495 5,452 I 7,579 j21,114 13,404 387 5,030 6,634 4,223 Nov.2 145,414 16,823 52,521 6,797 5,880 5,726 i 7,788 I20,379 13,376 486 5,241 6,566 3,831 Nov.9 144,484 16,097 52,401 5,524 7,246 5,525 ! 7 651 20,487 13,242 498 5,424 6,802 3,587 Nov.16 145,567 15,518 53,619 6,181 7,416 5,724 i 7,652 !19,928 13,182 478 5,846 6,709 3,314 Nov.23 142,999 14,948 48,870 7,300 7,673 5,782 i 7,801 | 18,073 14,554 541 7,218 3,411 Total reserves: Oct. 26 2,937,148 275,397 1,089,245 212,429 244,052 73,493 !71,390 |464,914 112,471 40,464 71,018 33,966 248,309 Nov.2 2,945,671 272,918 1,101,073 216,364 240,839 69,374 !71,083 I467,939 111,639 41,543 67,842 33,682 251,375 Nov. 9 2,960,783 275,930 1,066,382 224,833 238,383 72,209 71,728 I480,234 112,574 48,280 67,635 33,152 269,443 Nov. 16 263,159 1,097,287 220,480 234,550 68,008 68,058 |475,554 109,685 47,812 72,177 33,597 279,101 Nov. 23 2,978,228 285^810 |l, 094,566 221,414 255,653 72,582 68,613 !473,796 106,922 45,253 71,532 31,600 270,487 Bills discounted: Secured by U.S. Government obligations— Oct. 26 461,886 25,767 116,532 68,767 40,734 30,934 32,033 55,268 23,522 5,811 18,867 8,022 35,629 Nov.2 453,501 28,243 92,548 67,356 41,701 37,677 31.571 60,081 22,843 8,997 18,425 8,903 35,156 Nov.9 453,621 23,781 113,335 66,008 45,633 37,147 30,181 49,278 22,895 8,182 18,571 8,409 30,201 Nov. 16 431,891 22,681 91,091 63,932 45,601 38,580 29,840 52,510 24,978 8,048 18,119 9,698 26,813 Nov.23 467,163 26,133 120,786 70,007 44,589 32,842 30, 111 52,353 23,843 8,852 19,847 9,565 28,235 All other— Oct. 26 846,863 43,399 134,749 ;32,118 89,217 64,413 62,458 138,274 40,782 65,008 55,889 50.115 69,841 Nov.2 806,929 42,574 112,057 I28,728 87,119 62,369 62,187 134,559 41,937 61,140 57,145 46,774 70,340 Nov. 9 792,399 35,742 129,365 !25,659 86,321 61,513 62.572 132,848 38,347 54,280 60,116 47,808 57,828 Nov.16 766,128 42,742 92,393 I 26,177 86,270 61,705 64,619 136,623 41,795 55,030 58,095 46.116 54,563 Nov.23 738,007 40,194 95,302 I 18,399 72,842 61,500 65,623 131,263 42,770 56,464 58,841 45,074 49,735 Bills bought in open market: Oct. 26 62,316 4,613 30,160 5,889 2,859 3,580 6,142 3,130 212 1,488 205 4,038 Nov.2 87,491 5,078 52,528 6,484 3,423 3,670 6,078 3,561 380 1,626 205 4,458 Nov.9 89,016 4,260 51,827 6,744 3,446 3,699 5,864 4,161 545 1,587 255 6,628 Nov.16 , 8,856 27,256 7,846 2,885 3,793 5,660 3,350 1,528 1,627 90 5,429 Nov.23 i 69,375 5,640 26,471 2,645 3,998 4,946 1,891 1,213 1,630 190 10,942 U. S. bonds and | notes: Oct. 26..... 33,207 644 1,005 | 1,465 855 1,233 10,396 4,495 1,245 153 8,868 2,643 205 Nov.2 36,831 943 4 415 ! 1,434 856 1,233 10,388 4,490 1,240 116 8,868 2,643 205 Nov.9 34,117 728 1,933 ! 1,434 856 1,233 10,388 4,490 1,224 116 8,868 2,643 204 Nov.16 32,127 622 47 I 1,434 856 1,233 10,387 4,490 1,226 116 8,869 2,643 204 Nov.23 1 32,486 647 1,434 856 1,233 10,385 4,866 1,230 120 8,868 2,643 204 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1480 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCT. 26 TO NOV.23,1921—Continued. RESOURCES—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P e h lp i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. 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 c S i r s a a c n n o - . U. S. certificates of indebtedness: One-year certificates (Pittman act)— Oct. 26 149,875 13,436 43,276 16,280 13,299 3,760 8,564 23,112 8,068 4,980 5,320 1,900 7,880 Nov.2 144,875 11,936 41,276 15,780 13,299 3,760 8,564 22,612 7,568 4,980 5,320 1,900 7,880 Nov. 9 138,500 10,916 39,276 14,955 11,299 3,760 8,564 22,112 7,568 4,950 5,320 1,900 7,880 Nov. 16 132,500 10,450 37,400 14,000 10,040 3,760 8,564 21,167 7,069 4,950 5,320 1,900 7,880 Nov. 23 131,000 10,450 37,400 13,500 10,040 3,760 8,564 20,167 7,069 4,950 5,320 1,900 7,880 All other— Oct. 26 7,864 216 5,000 2 180 1 2,375 76 13 1 Nov.2 19,822 408 13,332 1 175 1 5,523 64 206 112 Nov. 9 53,099 497 46,385 175 1 5,800 87 41 23 89 Nov.16 51,262 546 45,977 193 1 4,105 170 38 18 17 Nov. 23 37,834 1 276 33 383 410 193 1 2,308 239 8 16 Municipal warrants: I Oct. 26 10 10 Nov.2 10 10 Nov. 9 616 10 606 Nov.16 10 10 Nov 23 22 c>2 Total earning assets: Oct. 26 1,562,021 88,075 330,722 124,521 147,144 103,920 119,594 226,654 73,905 76,562 90,445 62,885 117,594 Nov.2 1,549,459 89,182 316,156 119,783 146,573 108,709 118,789 230,826 74,032 75,449 91,496 60,425 118,039 Nov.9 1,561,368 75,924 382,121 114,801 147,730 107,352 117,570 218,689 70,666 67,579 95,091 61,015 102,830 Nov. 16 1,482,238 85,897 294,164 113,586 145,845 109,071 119,071 222,245 76,766 68,192 92,048 60,447 94,906 Nov.23 1,475,887 84,340 313,342 113,559 131,165 103,333 119,630 212,848 76,361 70,416 91,522 59,372 96,996 Bank premises: Oct. 26 31,020 4,412 5,883 533 3,237 2,697 889 5,392 627 718 3,836 2,097 699 Nov.2 31,345 4,468 6,022 533 3,311 2,697 891 5,393 628 718 3,872 2,097 715 Nov. 9 32,005 4,506 6,022 533 3,331 2,697 920 5,741 628 718 4,094 2,097 718 Nov. 16 32,571 4,560 6,025 533 3,503 2,856 925 5,779 628 734 4,162 2,141 725 Nov.23 32,949 4,602 6,182 535 3,600 2,895 934 5,779 628 734 4,188 2,141 731 5 per cent redemption fund against F. R. Banknotes: Oct 26 . 8,099 422 1,820 700 539 188 533 1,664 523 244 916 156 394 Nov.2 8,038 422 1,770 700 539 188 543 1,665 523 222 916 156 394 Nov.9 7,866 422 1,620 700 539 188 543 1,665 523 200 916 156 394 Nov. 16... 7,813 422 1,557 700 539 188 560 1,665 523 193 916 156 394 Nov.23 7,903 422 1,542 700 539 188 549 1,665 523 309 916 156 394 UncoUected items: Oct. 26 540,067 47,409 114,782 44,773 47,125 46,962 21,822 65,753 31,868 15,925 42,105 25,828 35,715 Nov.2 558,326 57,556 121,228 48,867 47,638 48,051 19,346 67,209 32,488 15,988 39,539 24,489 35,927 Nov.9 521,847 46,796 95,886 44,588 41,121 57,217 20,095 65,430 33,992 15,587 39, 658 24,666 36,811 Nov.16 687,243 69,889 152,048 64,076 64,631 55,586 24,822 83,315 38,595 17,721 43,809 29,756 42,995 Nov. 23 544,393 47,690 123,699 47,974 46,170 47,179 20,224 65,844 30,587 15,685 38,424 23,416 37,501 All other resources: Oct. 26 16,560 464 2,975 451 1,304 377 639 1,884 801 732 445 2,142 4,346 Nov.2 18,684 478 3,812 435 1,063 617 684 1,893 782 750 473 3,127 4,570 Nov. 9 17,999 467 3,587 458 1,010 423 650 1,872 771 782 542 2,150 5,287 Nov.16 18,497 465 3,181 414 1,030 434 640 1,871 804 849 560 2,800 5,449 Nov. 23 18,732 450 3,440 463 1,015 339 698 1,812 787 901 574 2,753 5,500 Total resources: Oct. 26 5,094,915 416,179 1, 545,427 383,407 443,401 227,637 214,867 766,261 220,195 134,645 208,765 127,074 407,057 Nov.2 5, 111, 523 425,024 1,550,061 386,682 439,963 229,636 211,336 774,925 220,092 134,670 204,138 123,976 411,020 Nov.9 5,101,868 404,045 1,555,618 385,913 432,114 240,086 211,606 773,631 219,154 133,146 207,936 123,236 415,483 Nov.16 5,197,830 424,392 1,554,262 399,789 450,098 236,143 214,076 790,429 227,001 135,501 213,672 128,897 423,570 Nov.23 5,058,092 403,314 1, 542,771 384,645 438,142 226,516 210,648 761,744 215,811 133,298 210,156 119,438 411,609 LIABILITIES. Capital paid in: Oct. 26 103,007 7,935 27,087 8,684 11,104 5,411 4,155 14,383 4,568 3,55(5 4,522 4,205 7,397 Nov.2 103,020 7,940 27,087 11,104 5,411 4,159 14,383 4,566 3,561 4,522 4,201 7,402 Nov.9 103,120 7,937 27,132 8,684 11,120 5,414 4,175 14,398 4,567 3,557 4,526 4,200 7,410 Nov.16 103,166 7,937 27,134 8,713 11,120 5,417 4,176 14,397 4,567 3,561 4,535 4,200 7,409 Nov.23 103,216 7,936 27,137 8,724 11,122 5,418 4,174 14,397 4,568 3,563 4,562 4,206 7,409 Surplus: Oct. 26 213,824 16,342 59,318 17,564 22,263 11,026 8,708 30,536 9,114 7,303 9,330 7,113 15,207 Nov.2 213,824 16,342 59,318 17,564 22,263 11,026 30,536 9,114 7,303 9,330 7,113 15,207 Nov.9 213,824 16,342 59,318 17,564 22,263 11,026 8,708 30,536 9,114 7,303 9,330 7,113 15,207 Nov.16 213,824 16,342 59,318 17,564 22,263 11,026 8,708 30,536 9,114 7,303 9,330 7,113 15,207 Nov.23 213,824 16,342 59,318 17,564 22,263 11,026 8,708 30,536 9,114 7,303 7,113 15,207 Reserved for Government franchise tax: Oct. 26 53,938 2,756 20,408 3,540 2,831 2,683 3,878 9,491 1,448 2,083 1,929 2,891 Nov.2 54,026 2,722 20,408 3,587 2,847 2,707 3,932 9,465 1,423 2,131 2,002 2,802 Nov.9. 54,478 2,751 20,408 3,624 2,907 "2,776 4,000 9,545 1,461 2,192 1,966 2,848 Nov.16 54,643 2,761 20,408 3,607 2,956 2,825 4,073 9,545 1,468 2,208 1,970 2,822 Nov.23 55,131 2,788 20,408 3,618 3,040 4,165 9,612 1,509 2,257 1,967 2,868 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBEE, 1921. FEDEEAL RESERVE BULLETIN. 1481 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCT. 26 TO NOV. 23, 1921—Continued. LIABILITIES—Continued. [In thousands of dollars.] New Phila- Cleve- St. I Minne- Kansas San Total. | Boston. York. delphia. land. mond'. ! Atlanta' Louis. apolis. City. Dallas. Francisco. Deposits: Government— Oct. 26 46,624 3,304 13,215 4,127 1,868 4,132 3,153 3,382 1,964 2,770 2,425 2,555 3,729 Nov. 2...... 59,917 4,040 11,890 4,438 4,071 4,426 3,491 i 10,797 3,154 3,305 5,265 1,599 3,441 Nov.9 30,792 3,662 3,355 1,647 3,746 1,694 2,060 i 2,636 2,075 2,076 1,423 1,945 4,473 Nov. 16 33,103 2,388 6,604 660 4,132 3,763 2,225 I 2,494 1,784 2,299 1,954 1,924 2,876 Nov. 23 32,155 4,448 7,435 1,624 2,022 • 902 2,430 ! 1,679 2,746 2,312 2,771 1,579 2,207 Member bank— reserve account— Oct. 26 1,669,059 112,837 675,365 98,535 134,255 51,059 42,626 229,151 62,681 I 41,457 65,502 43,475 112,116 Nov.2 1,650,746 116,873 664,961 100,353 130,809 49,605 40,632 230,118 60,719 I 39,734 62,756 40,830 113,356 Nov.9 1,670,124 110,469 674,246 128,199 51,323 43,310 234,413 60,882 ' 40,596 67,872 42,070 118,326 Nov. 16 1,674,064 115,354 653,748 101,065 129,977 51,001 43,329 242,927 61,915 i 40,702 68,605 43,220 122,221 Nov. 23 1,670,717 111,345 661,673 100,297 133,275 52,676 43,784 233,098 61,105 I 42, 462 69,640 41,326 120,036 All other— Oct. 26 22,873 1,041 11,369 1,217 752 430 ; 377 2,078 833 I 593 703 435 3,045 Nov.2 31,675 907 17,711 1,710 772 453 i 364 2,278 890 i 578 649 1,453 3,910 N No o v v . . 9 16 3 2 0 5 , , 5 9 4 4 9 9 8 8 4 2 0 0 1 17 3 , ,6 0 9 7 4 8 1 1 , , 3 2 8 1 4 5 9 75 1 1 4 4 50 7 4 7 | j 3 3 8 9 1 7 2 2, , 4 5 8 1 6 4 7 86 1 9 4 ! i 5 4 9 9 7 8 5 6 7 2 5 5 3 3 0 0 6 6 3 4 , , 9 6 0 4 5 8 Nov. 23 25; 625 823 14,670 1,172 733 485 ! 2] 197 812 j 434 599 291 3,047 Total deposits: Oct. 26 1,738,556 117,182 699.949 103,879 136, 875 55, 621 46,156 234 611 65,478 !44.820 68,630 46,465 118,890 Nov. 2 1,742,338 121,820 694', 562 106,501 135,652 54,484 44, 487 213,193 61,763 I 43'. 617 68,670 43,882 120,707 Nov. 9 1,726.865 114,951 691.295 101. 280 132 696 53,494 45.751 239', 563 63;671 I 43; 269 69,870 44,321 126,704 Nov. 16 1.737' 716 118,582 677^ 430 103;109 135;023 55,268 45,' 951 247,907 64,568 43, 499 71,184 45,450 129,745 Nov. 23 \, 728;497 116,616 683,778 103,093 136,030 54,063 46,576 236,974 64,663 45,208 73,010 43,196 125,290 F. R. notes in actual circulation: Oct. 26 2,408,779 224,159 623,873 200,853 218,555 107,128 126,163 411,710 101,972 57,779 71,356 39,752 225,479 Nov.2 |2,408,122 220,585 630,748 198,986 215,448 107,688 125,780 410,396 103,145 57,691 70.804 39,630 227,221 Nov. 9 2,420,831 *17,944 643,400 204,422 218,941 109,840 123,676 410,311 101,976 57,595 69;881 38,488 224,357 Nov. 16 2,398,224 215,458 634,716 200,725 216,598 109,224 122,823 405,658 102,914 57,418 69,663 37,888 225,139 Nov. 23 2,389,916 213,519 637,672 200,324 216,793 107,960 121,557 405,720 100,507 57,0C2 69,351 37,000 222,511 F. R. Bank notes in circulation — net liability: Oct. 26 88,024 7,406 22,736 4,907 7,896 ! 3,674 I 7,545 8,344 4,218 1 3,512 11,686 2,790 3,310 Nov. 2 84,985 5,906 21,251 5,175 8,007 ! 3,731 ! 7,447 I 8,244 3,717 i 3,517 11,963 2,703 3,324 Nov.9 80,524 4,886 19,591 4,930 6,112 i 3,741 i 7,417 j 8,119 3,763 ! 3,593 12,385 2,601 3,386 N N o o v v . . 2 1 3 6 7 7 4 4 , , 7 7 8 6 6 5 4 4 , , 4 5 2 0 0 0 1 1 7 7, , 1 6 0 0 1 7 4 4 , , 5 48 8 0 2 4 4 , ,8 8 5 5 7 9 ! i 3 3 . , 7 7 5 4 0 5 i ! 7 7 , , 1 2 4 8 0 1 ! 6 7 , ,4 6 8 7 3 8 3 3, ,3 4 6 15 0 I I 3 3 , , 6 6 3 £ 9 3 1 1 2 2 , , 3 4 9 1 1 0 2 2 , , 5 4 3 5 4 2 3 3; , 5 6 2 4 7 7 Deferred availability items: Oct. 26 466,044 39. 87,674 42,849 42.542 ! 40,753 I 17,182 I 52,895 I 32,157 | 14,243 39,823 24,951 31,938 Nov. 2 481,623 4s; 91,911 45,074 43^285 ! 43,212 j 15,691 | 54,317 32,100 15,460 35,359 24,634 32,293 N No o v v . . 9 16 4 5 7 9 8 1 , , 0 3 2 2 4 4 3 5 7 7 , , 1 8 1 9 3 ; , 4 5 4 2 2 7 4 60 4 , , 2 2 8 6 1 0 3 5 6 5 , , 6 7 2 7 4 4 ! 5 4 2 7 , , 4 2 3 1 1 5 j 2 1 0 6 . , 0 6 3 0 9 5 | ! 5 7 6 0 , , 6 33 9 7 5 3 39 3 , . 7 3 1 6 3 2 1 14 6 ' ; 4 2 7 7 1 5 3 4 8 2 , , 3 9 4 4 2 6 2 2 4 9 , . 6 8 1 2 3 8 3 3 3 7 , , 5 7 4 1 2 5 Nov. 23 468,110 40, 92,157 45,558 42,527 i 39,973 17 014 !53,211 30,718 12,830 37, 771 23,532 32,618 All other liabilities: Oct. 26 22,743 1, 4,382 1,131 1,335 j 1,341 ! 1,080 4,291 1,240 1,349 1,489 1,798 1,945 Nov.2 23.585 1, 4,776 1.111 1,357 I 1,377 1,132 4.391 1.264 1,390 1,488 1,813 2,064 Nov.9 24,202 1, 5,032 i;i49 1,451 j 1,364 1,174 4', 464 l',240 1,362 1,636 1,900 2,029 Nov. 16 24,147 I, 4,628 1,208 1,505 i 1,418 1,166 4, 566 1,297 I,4d2 1.653 1,884 2,006 Tota N l o li v a . b 2 il 3 ities: 24,633 1 4,694 1,284 1,510 I 1,432 j 1,173 4;616 1,317 1,442 1,755 1,939 2,059 Oct. 26 5,094,915 416,179 1,545,427 383,407 443,401 '227,637 I214,867 766,261 220,195 134,64:5 208,765 127,074 407,057 Nov.2 5,111,523 425,024 1,550,061 386,682 439,963 229,636 211,336 1774,925 220,092 134,670 204,138 123,976 411,020 Nov.9 5,101,868 404,045 1,555,618 385,913 432,114 240,086 211,506 773,631 219,154 133,11,6 207,936 123,236 415,483 Nov. 16 5,197,830 424,392 1,554,262 399,789 450,098 236,143 214,076 790,429 227,001 135,501 213,672 128,897 423,570 Nov. 23 5,058,092 403,314 1,542,771 384,645 438,142 226,516 210,648 761,744 215,811 133,298 210,156 119,438 411,609 MEMORANDA. Ratio of total reserves to deposit and F.R. note liabilities combined, per cent: Oct. 26 70.8 80.7 I 82.3 I 69. 7 I 68.7 45.2 41.4 71.9 67.2 39.4 50.7 39.4 72.1 Nov.2 71.0 79.7 ! 83.1 { 70.8 I 68.6 42.8 41.7 71.6 66.5 41.0 48.6 40.5 72.2 Nov.9 71.4 82.9 i 79.9 73.5 I 67.8 44.2 42.3 73.9 68.0 47.9 48.4 40.0 76.8 Nov. 16 71.8 78.8 i 83. 6 72.6 I 66.7 41.3 40.3 72.8 65.5 47.4 51.2 40.3 78.6 Nov. 23 72.3 80.5 ; 82.8 73.0 ! 72.5 44.8 40.8 73.7 64.7 44.3 50.2 39.4 77.8 Contingent liability on bills purchased for foreign correspondents: Oct. 26 32,308 2,336 ! 12,052 2,560 2,624 ! 1,568 1,152 I 3,808 1,504 864 1,536 832 1,472 Nov.2..... 32,313 2,336 12,057 2,560 2,624 ! 1,568 1,152 j 3,808 1,504 i 864 1,536 832 1,472 Nov.9 32,312 2,336 I 12,056 2,560 2,624 J 1,568 1,152 i 3,808 1,504 ! 8(54 1,536 1,472 Nov. 16 32,322 2,336 i 12,066 2,560 2,624 I 1,568 1,152 i 3,808 1,504 I 864 1,536 832 1,472 Nov. 23 32,319 2,336 ! 12,063 2,560 2,624 I 1,568 1,152 i 3,808 1,504 i 864 1,536 832 1.472 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1482 FEDERAL RESERVE BTJLLETIH. DECEMBER, 1921. 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. Oct. 26. Nov. 2. Nov. 9. Nov. 16. Nov. 23. Oct. 26. Nov. 2. Nov. 9. Nov. 16. Nov. 23. Boston 18,454 17,071 12,918 6,741 9,128 New York 19,366 5,155 5,000 5,000 10,000 Cleveland 5,967 5,443 3,245 2,160 535 Richmond 15,000 4.2<Y) 5,000 5,000 10,000 Atlanta 15,956 15,263 10,668 7,931 7,176 Minneapolis 4,366 955 Dallas 8,465 ! 7,251 5,495 970 2,487 Total 43,787 27, 669 21,163 13 901 19 663 43,787 27,669 21 163 13 901 19,663 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] Total. Within 15 16 to 30 31 to 60 61 to 90 Over 90 days. days. days. days. Bills discounted: Oct. 26 1,308,749 771,132 143,281 229,112 129,937 35,287 Nov. 2 1,260,430 732,102 146,971 212,353 125,384 43,620 Nov. 9 1,246,020 701,686 171,739 204,247 120,863 47,485 Nov. 16 . 1,198,019 674,047 152,974 194,373 124,915 51,710 Nov. 23 1,205,170 693,057 143,726 188,202 125,554 54,631 Bills bought in open market: Oct.26 62,316 33,351 12,261 10,602 5,766 336 Nov. 2 87,491 58,207 10,756 12,188 6,232 108 Nov. 9 89,016 59,795 10,818 12. 264 6,067 72 Nov. 16 68,320 37,797 10,368 13.377 6,705 73 Nov. 23 69,375 40,270 10,092 12, 810 6,203 U. S. certificates of indebtedness: Oct.2S 157,739 2,400 16,036 13,059 126,244 Nov. 2 164,697 6,724 3,100 21,883 8,602 124,388 Nov. 9 191,599 30,480 499 28,197 5,602 126,821 Nov. 16 183,762 27,498 20,100 10,345 4,900 120,918 Nov.23 . . 168,834 9,878 26,105 8,900 4,618 119,333 Municipal warrants: Oct. 26 10 10 Nov. 2 .. 10 10 Nov. 9 616 606 10 Nov. 16 10 7 3 Nov. 23... 22 10 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1483 FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, OCT. 26 TO NOV. 23, 1921. [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 . - m R o ic n h d - . lant'a. ChicaS°- 8t M ap i o n l n is e . - K C a i n ty sa . s F ci r s a c p o - . Net amount of F. R. notes received from Comptroller of the Currency: Oct. 26 3,589,880 345,810 ,1,060,713 257; 000 279,780 137,844 208,855 616,147 !152,372 71,217 82,267 63,724 314,151 Nov. 2 3,595,551 341,411 11,068.673 253,710 279,030 139,573 206,997 616,161 I152,916 75.894 81,007 63,084 317,095 Nov. 9 3,564,141 336,727 j 1,067^ 210 249,152 275,392 139,371 205,447 610,079 !151,158 75;095 79,589 62,061 312,860 Nov. 16 3,570,549 333,467 jl, 075, 414 246,977 278,869 143,950 205,578 614,039 !149,996 74,062 78,925 61,437 307,835 Nov. 23 3,579,491 335,910 11,082,843 248,600 274,139 146.613 203,804 606,888 I148,476 73,289 85,025 60,601 313,303 F. R. notes on hand: ! Oct. 26 864,565 104,440 !321,980 37,220 42,400 20,809 76,759 161,240 29,060 11,335 4,290 20,172 34,860 Nov. 2 879,945 101,440 !325,060 35.220 43,780 21,009 75,604 166 880 28,460 15,190 4,290 20,052 39,960 Nov. 9 855,296 99,840 |317,990 30; 220 39,480 22,659 76,368 162;120 28,460 14,460 3,890 19,849 39.960 Nov. 16 853,606 98,760 313,350 27,220 42,180 25,159 77,748 169, 040 26,460 14,230 3,250 19,849 36;360 Nov. 23 874.852 103,360 319,930 30,220 39,680 30,059 77,134 164,600 25,660 12,950 9,050 19,849 42,360 F. R. notes outstanding: Oct. 26 2,725,315 241,370 738,733 219,780 237,380 117,035 132,096 454,907 I123,312 59,882 i77,977 43,552 279,291 Nov. 2 2,7J5,606 239,971 I 743,613 218,490 235,250 115,564 131,393 449,281 S124,456 60,704 i76,717 43,032 277,135 Nov. 9 2. 708,845 236,887 I 749, 220 218,932 235,912 116,712 129,079 ,447,959 ;122,698 60,635 J75,699 42,212 272,900 Nov. 16 2,716,943 234,707 762,064 219,757 236,689 118,791 127,830 ;444,999 I123,536 59,832 j75,675 41,588 271,475 Nov. 23 2,7P4.639 232,550 762,913 218,380 234,459 116,554 .126,670 442,288 I122 816 60,339 !75,975 40,752 270,943 Collateralsecurity for F. R. notes outstanding: Gold and gold certificates— Oct26 450.162 5,600 396,924 18,375 3,400 1 6,110 13,052 6,701 Nov. 2 450,164 5,600 396,925 18,375 3,400 1 6,110 13,052 6,702 Nov. 9 450.163 5,600 396,925 18,375 3,400 6,110 13,052 6,701 Nov. 16 450,163 5,600 396,925 18,375 3, 400 6,110 13,052 6,701 Nov.23 450,163 5,600 396,925 18,375 3,400 6,110 13,052 6,701 Gold redemption fund— Oct. 26 110,418 17,624 17,265 11,923 14,927 2,450 2,595 15,008 4,447 1,074 3,151 2,139 17,815 Nov. 2 120,908 13,224 27,032 16,633 14,197 I 3,179 4,237 15,422 4,031 2,491 1,891 3,499 15,072 Nov. 9 117.952 18,540 26,729 12,076 13,060 3,678 2,428 15,900 3,774 1,692 2,473 4,476 13,126 Nov. 16 122' 569 15,280 26,568 14 901 15,637 I 2,256 4,059 15,260 3,411 2,659 1,608 3,853 17,077 Nov. 23 112,822 11,323 26,356 151523 13,106 3,019 2,084 15,109 3,891 1,886 2,268 3,016 15,241 Gold fund—F.R. Board— Oct. 26 1,169,210 160,000 131,000 120,389 135,000 30,500 40,500 292.644 I 55,531 3,200 33,360 2,234 164,852 Nov. 2 1,137,598 160,000 121,000 117,389 135,000 27,500 38,500 282.645 I 55,631 2,200 33,360 2,234 162,139 Nov. 9 1,155,408 150,000 121,000 132,389 135,000 24,500 40,000 294,644 ' 57,231 2,200 26,360 2,234 169,850 Nov. 16 1,237,328 160,000 171,000 135,389 135.000 34,595 37,800 289,644 57,231 2,200 26,360 2,234 185,875 Nov.23 1,248,331 160,000 171,000 130,389 135,000 31,595 39,300 292,644 57,031 2,200 28,360 2,234 198,578 Eligible paper- Amount required— Oct. 26... 995,525 58.146 193,544 87,468 69,078 84,085 85,601 147,255 57,224 42,556 41,466 32,478 96,624 Nov. 2... 1,006,936 61.147 198,656 84,468 67,678 84,885 85,256 151,214 58,684 42,961 41,466 30,597 99,924 Nov. 9... 985,322 62,747 204,566 74,467 69,477 88,534 83.251 137,415 55,583 43,691 46,866 28,801 89,924 Nov. 16.. 906,883 53,827 167,571 69,467 67,677 81940 82,571 140,095 56,784 41,921 47,707 28,800 68,523 Nov.23.. 893,323 55,627 168,632 72,468 67,978 81*940 81,886 134,535 55,784 43 201 45,347 28,801 57,124 Excess am oun t held— Oct. 26... 336,274 15,633 61,008 10,460 63,413 13,438 14,976 149,412 7,237 27,759 34,695 25,796 12,447 Nov. 2... 292,118 14,748 28,105 4,277 64,392 17916 14,413 j46,968 6,455 24,903 35,698 24,466 9,777 Nov. 9... 293,472 1,036 60,762 3,020 65,848 9,945 15 199 i48.850 6,175 16,720 34,014 27,411 4,492 Nov. 16.. 310,529 20,452 16.665 11,805 67,055 20,283 17' 161 52,229 11,366 19,240 30,076 26,397 17,800 Nov.23.. 336,695 16,340 47;274 12 899 51,891 !*>652 18,379 I50,853 12,001 20,293 34 922 25,783 31,408 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1484 FEDERAL RESEBVE BULLETIN. DBCEMBBB, 1921. CONDITION OF MEMBER BANKS IN LEADING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, | FROM OCT, 1» TO NOV. 16, 1921. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [Amounts in thousands of dollars.] 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. 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 F c S i r s a a c n n o - . Number of reporting banks: Oct. 19 112 851 112 65 Oct. 26 112 85! 112 OS Nov.2 112 85| 112 65 Nov.9 807 111 85| 112 65 Nov. 16 807 111 85 112 65 Loans and discounts, including bills rediscounted with F. R. Bank: Secured by U. S. Government obligations— Oct. 19 571,640 34,996 225,489! 58,847 54,300 22,663 20,012 72,997 18,846 11,890 18,499 26,171 Oct. 26 564,818 32,182 225,347J 58,254 54,0091 22,774 16,562 73,755 18,426 11,674 18,375 7,054 26,406 Nov.2 546,445 32,554 211,865 55,852 53,063 22,060 17,629 71,943 18,435 11,512 18,695 6,803 26,034 Nov.9 539,087 32,054 208,279 54,724 52,078 21,888 16,661 71,577 18,840 11,806 19,375 6 690 25,115 Nov. 16 540,072 33,504 205,135 54,228 51,612 22,018 16,310 76,745 18,684 11,185 18,921 6,585 25.145 Secured by stocks and bonds (other than U. S. Government obligations)— Oct. 19 3,032,079 190,230 1,322,359 188,478 337,466 110,302 51,883 433,531 119,556 31, 452 65,107 37,866 143,849 Oct. 26 3,040,953 192,094 1,331,957 194,333 338,154 108,201 50,924 427,202 120,424 31,299 64,334 37,605 144,426 Nov.2 3,069,905 195,388 1,345,763 200,576 334,483 107,291 51,601 432,430 121,741 33,288 65,525 37,659 144,160 Nov.9 3,058,680 192,944 1,349,121 198,261 332,837 107,068 51,479 435,003 122,220 32,156 65,008 38,941 143,642 Nov. 16 3,059,193 197,611 1,351,835 195,308 331,548 106,573 51,668 425,868 121,434 33,013 63,039 38,028 143,268 All other— Oct. 19 7,873,541 596,273 2,605,886 356,783 660,138 326,303 315,682 1,154,722 300,518 233,418 369,869! 204,035 749,914 Oct. 26 7 810,405 597,807 2,566,111355,236 651,615 328,914 321,275 1,144,904 299,172 232,924 370,993 206,440 740,984 Nov.2 7,782,099 599,221 2,550,720353,385 649,496 327,052 318,325 1,132,854 296,806 234,148 374,148! 202,726 743,218 Nov.9 7,779,284 601,933 2,554,097350,830 649,654 326,668 315,704 1,135,345 297,871 227,745 374,518 201,876 743,043 Nov. 16 7,755,054 591,123 2,557,338350,223 646,364 327,967 312,527 1,132,725 295,545 218,459 378,405 200,780 743,598 Total loans and discounts, including bills rediscounted with F. R. Bank: Oct. 19 11,477,260 821,499 4,153,734 604,108 1,051,904 459,268 387,577 1,661,250 438,920 276,760 453,475! 248,831 919,934 Oct. 26 11,422,176 822,083 4,123,415! 607,823 1,013,808 459,889 388,761 1,645,861 438,022 275,897 453,702 251,099 911,816 Nov.2 11,398,449 827,163 4,108,348 609,813 1,037,012 456,403 387,555 1,637,227 436,982 278,948 458,368 247,188 913,412 Nov. 9 11,387,051 826,931 4,111,497 603,815 1,031,569 455,624 383,844 1,641,925 438,931 271,707 458,901 247,507 911,800 Nov. 16 11,354,319 822,238 4,114,308 599,759 1,029,524 456,558 380,505 1,635,338 435,663 262,657 460,365! 245,393 912,011 U S. bonds: i Oct. 19 880,133 39,594 311,804 46,776 109,331 61,129 30,249 71,130 26,850 15,939 32,700 33,895 100,736 Oct. 26 885,818 39,471 314,-682 46,960 110,530 61,005 30,286 71,670 26,893 15,925 32,705 34,880 100,811 Nov.2 898,675 40,201 323,427 47,316 111,893 61,063 30,680 71,882 27,067 15,800 33,407 34,865 101,074 Nov. 9 898,695 41,465 326,758 46,367 111,205 60,422 28,279 71,714 29,642 15,796 34,128 34,783 98,136 Nov. 16 906,517 42,6901 329,~~ 46,997 111,561 60,041 30,207 71,518! 30,001 15,753! 34,336 34,782 XJ. S. Victory notes: Oct. 19 155,929 3,618| 77,790 5,109 13,774 3,622 2,094 26,461! 1,965 810| 2,937 1,274 16,475 Oct. 26 161,527 3,599i 83,346 6,231 13,732 3,653 1,886 26,369 1,710 8031 2,833 1,319 16,046 Nov.2 165,853 3,508| 85,578 6,495 14,960 3,391 1,874 26,735! 1,167 807! 3,148 1,319 16,871 Nov. 9 164,544 3,563 80,783 10,148 15,192 3,215 1,844 27,256 1,540 813 3,242 1,319 15,629 Nov.16 162,699 3,681! 79,953 9,448 15,152 3,017 1,841 27,3311 1,585 810 3,203 1,319 15,359 U. S. Treasury notes: Oct. 19 117,709 3,540J 75,238 9,564 5,026 4,228 232 8,634} 1,222 1,353 1,323 622 6,727 Oct. 26 111,576 3,456i 75,974 7,744 3,202 2,215 22 7,714| 402 1,318 2,136 622 6,771 Nov.2 117,156 3,4911 76,967 7,742 3,121 2,414 8,6881 137 1,224! 3,890 622 8,860 Nov.9 124,156 3,888 81,429 7,717 2,939 3,256 1,993 8,824 185 1,223 3,924 622 8,156 Nov. 16 120,594 3, 7011 82,145 8,074 2,909 3,005 8,613! 189 1, 222 1,891 622 8,223 U. S. certificates of indebtedness: Oct. 19... 107,493 5,7611 41,724 8,388 6,536 2,269 793 16,0381 1,282 1,281 5,134 3,085 15,202 Oct. 26 93,742 5,382 38,869 5,386 5,971 2,409 782 15,1691 1,005 1,044 4,792 2,377 10,556 Nov.2 216,395 13,755 85,997 15,654 15,531 4,190 4,>342 39,112 5,615 6,020 5,394 4,126 16,659 Nov.9 176,574 10,098 72,782 11,448 15,609 3,047 2,875 30,429 3,265 4,681 5,148 3,107 14,085 Nov. 16 167,834 7,294 78,388 8,401 13, 714 2,300 2,109 25,222 3,258 3,335 6,799 2,837 14,177 Other bonds, stocks, and securities: Oct. 19 2,092,861 142,328' 744,808 156,833 277,676 50,629 37,249 359,880 68,062 21,595 47,712 10,250 175,839 Oct. 26 2,054,411 140,893! 719,195 156,822 276,924 51,586 33,849 354,046 68,879 21,163 47,134 10,158 173,762 Nov.2 2,052,867 140,424! 718,588 158,290 274,986 51,632 37,010 353,770 69,588 21,149 47,724 10,117 169,589 Nov. 9 2,059,233 139,876 724,912 158,246 275,139 51,299 36,675 354,782 69,697 21,059 48,109 10,425 169,014 Nov.16 2,073,581 143/656 725,383 158,019 274,584 51,031 33,668 359,809 69,859 21,0751 48,960 10,492 177,045 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1485 PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM OCT. 19 TO NOV. 16, 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. 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. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n ty s . as Dallas. F c S i r s a a c n n o - . Total loans and discounts and investments, including bills rediscounted with F. R. Bank: . Oct. 19 14,831, 1,016,340 5,405,098 830,77! 1,464,247 581,145 458,194 2,143,393 538,301 317,738 543,281 297,9571,234,913 Oct. 20 14,729, 1,014,884 5,355,481 830,966 1,454,167 580, 75: 455,586 2,120,829 536,911 316,150 543,302 300,455 11,219,762 Nov.2 14,849, 1,028,542 5,398,905 845,310 1,457,533 579,093 461,461 2,137,414 540,556 323,948 551,931 298,23' 1,226,465 Nov. 9 14,810, 1,025,821 5,398,161 837,741 1,454,653 576,863 455,510 2,134,930 543,260 315,279 553,452 297,— *,216,820 Nov. 16 14,785, 1,023,260 5,409,999 830,698 1,447,444 575,952 448,330 2,127,831 540,555 304,852 555,554 295, 445 1, 225,624 Reserve with F. R. Bank: Oct. 19 1,254 77,369 601,463 63,513 87,874 31,618 26,16S 177,386 39,331 15,830 36,73f 19,989 77,519 Oct. 26 1,268^ 75,683 618,260 59,569 92,163 31,469 26,306 172,898 41,621 18,937 37,355 21,655 72,928 Nov. 2 1,247, 79,000 605,999 62,847 88,802 29,750 24,589 171,331 39,731 18,203 35,060 19,401 72,978 Nov. 9 ?.. 1,239, 74,789 585,787 61,392 86,375 31,212 27,171 174,684 40,30P 18,019 40,060 20,633 78,629 Nov.16 1,269, 77,922 595,943 63,829 88,392 30,058 27,092 181,901 40,920 18,401 40,716 22,172 81,713 Cash in vault: Oct. 19 305, 21,236 100,446 17,032 30,678 14,921 52,533 7,167 5,894 12, 76C 10,037 23,270 Oct. 26 300, 21,195 97,853 16,966 28,493 14,868 9,395 51,528 6,888 6,154 13,003 9,820 24,812 Nov.2 290, 20,545 93,826 15, 754 27,084 13,748 9,405 50,531 7,243 b, 830 12,650 9,460 24,081 Nov. 9 309, 20,959 98,880 19,181 30,066 15,035 9,676 54,300 7,574 6,662 12,577 9,476 25,071 Nov.16 303, 20,266 99,920 17,133 30,003 14,74" 9,477 51,819 7,172 6111 11,954 9,091 25,649 Net demand deposits: Oct. 19 10,247, 747,654 4,650,639 619,231 825,808 300,805 217,071 1,290,783 287,189 169,262 353,705 190,038 595,529 Oct.26 10,192, 751,160 4,636,456 619,213 801,129 297.648 215,245 1,279,535 295,661 171,733 352,503 189,989 581,842 Nov.2 10,179, 757,133 4,636,815 626,643 782,731 295,943 217,880 1,276,697 290,823 177,414 353,754 187,353 576,593 Nov. 9 10,174, 752,970 4,611,953 630,800 770,911 297,117 217,306 1,286,192 294,362 178,826 355,406 189,803 588,887 Nov.16 10,235, 755,452 4,652,621 625,391 775,498 294,392 216,995 1,284,288 292,368 177,282 363,074 193,420 604,900 Time deposits: Oct. 19 2,961, 179,782 456,596 43,809 427,424 127.649 140,880 656,077 148,740 69,303 103,820 60,157 547,655 Oct.26 2,965, 179,974 460,979 43,854 426,310 127,516 141,306 656,738 148,356 69,213 103,732 60,087 547,903 Nov.2 2,987, 183,221 461,006 44,145 431,610 128,186 142,560 657,598 149,039 69,772 111,347 60,337 548,999 Nov.9 2,982, 183,585 462,499 44,698 429,081 127.230 143,297 659,203 148,964 70,106 103,220 60,707 550,271 Nov. 16 3,002, 181,779 481,665 44,746 426,939 126,514 143,268 659,541 148,833 76,942 103,412 60,461 548,476 Government deposits: Oct.19 140, 11,409 65,076 11,987 11,469 4,632 2,336 12,360 4,533 4,783 3,189 3,139 5,533 Oct.26 80, 6,391 36,586 6,721 6,348 2,613 1,144 9,338 2,583 2,627 1,776 1,628 3,004 Nov.2 257, 20,483 106,530 23,216 24,014 9,156 6,215 33,358 8,865 8,397 2,093 1,244 14,420 Nov.9 263, 20,456 106,524 23,316 24,203 9,034 5,942 33,621 8,881 8,127 4,942 4,245 14,410 Nov.16 214, 16,440 84,194 19,210 20,208 7,085 5,617 27,685 7,222 6,514 3,791 3,734 12,626 Bills payable with F.R. Bank: Secured by U. S. Government obligations— Oct. 19 215, 4,118 58,807 26,940 14,597 22,086 11,781 25,6' 10,795 3,083 6,848 5,365 25,852 Oct.26 224, 4,981 78,189 24,016 19,964 22,324 11,029 17,3: 8,816 3,477 7,788 5,706 21,086 Nov.2 218, 8,003 67,606 23,640 20,441 18,942 11,173 23,331 8,305 8,469 7,349 5,672 20,759 Nov. 9 225, 4,774 88,929 22,905 25,344 19,499 10,464 14,060 9,132 2,103 7,225 4,291 16,631 Nov. 16 200, 5,353 65,844 20,903 24,806 20,034 10,650 17,593 9,93f 1,910 6,618 3,463 13,882 All other— Oct. 19 1,339 27 100 178 614 420 Oct.26 235 27 100 183 465 460 Nov.2 27 100 255 694 437 Nov.9 27 200 100 255 185 591 Nov. 16 27 200 100 255 185 711 Bills rediscounted with F. R. Bank: Secured by U. S. Government obligations— Oct. 19 46, 3,911 2,737 14,038 3,711 1,684 6,877 4,540 2,871 612 2,147 266 2,728 Oct.26 39, 3,929 1,925 13,923 3,257 1,682 3,833 2,748 2,425 43' 2,160 232 2,821 Nov.2 39, 4,971 2,194 12,374 3,687 1,377 4,226 2,955 2,270 250 2,393 140 2,801 Nov. 9 36, 5,187 1,832 11,789 2,473 1,312 3,742 2,593 1,824 138 2,659 130 3,103 Nov.16 37, 5,593 2,367 11,253 2,819 1,7ir 3,375 2,851 2,747 83 2,493 150 2,493 All other— Oct. 19 565, 28,802 138,643 24,158 74,570 40,957 40,033 82,276 29,626 29,053 33,060 16,065 28,507 Oct.26 541, 22,552 122,200 26,112 72,365 38,927 41,661 80,534 26,066 30,264 33,793 16,176 30,597 Nov.2 507, 23,761 99,845 22,926 70,199 37,973 40,461 74,393 27,718 26,648 34,791 15,083 33,573 Nov.9 488, 19,427 117,364 19,617 71,560 36,202 35,827 72,017 23,932| 19,078 36,914 14,344 22,403 Nov.16 461, 28,762 80,928 20,704 72,891 37,197 34,579 75,603 27,633 j 14,752 35,173 12,781 20,575 78092—21 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1486 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM OCT. 19 TO NOV. 16,1921—Continued. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. [Amounts in thousands of dollars.] Total. Boston. 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. Chicago. < S o t u . is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . Number of reporting banks: Oct. 19 280 15 Oct.26 280 15 Nov.2 280 15 Nov.9 278 15 Nov.16 278 13 Loans and discounts, including bills rediscounted with F. R. Bank: Secured by U. S. Government obligations)— Oct. 19 399,068 29,294 203,463 55,114 15,483 5,459 1,978 51,919 10,257 7,531 6,139 1,622 10,809 Oct.26 399,026 26,357 203,636 54,514 16,478 5,505 2,038 54,150 10,211 7,254 5,958 1,728 11,197 Nov.2 382,402 26,553 189,780 52,674 16,440 5,464 2,605 52,817 10,225 7,283 6,158 1,642 10,761 Nov.9 375,892 26,366 186,291 51,587 15,658 5,329 1,889 52,671 10,123 7,146 6,721 1,708 10,403 Nov.16 379,479 27,981 183,524 51,148 15,670 5,202 2,019 58,162 10,117 7,085 6,447 1,678 10,446 Secured by stocks and bonds (other than U. S. Government obligations)— Oct. 19 2,152,938 145,463 1,161,282 169,452 134,171 16,921 8,819 313,746 88,799 14,463 24,181 10,074 65,567 Oct. 26 2,162,873 147,370 1,168,632 174,804 133,541 14,889 8,974 309,718 89,971 13,875 23,972 10,337 66,790 Nov.2 2,192,568 150,910 1,181,902 181,510 133,504 14,506 10,001 314,932 90,720 14,188 24,642 10,389 65,364 Nov.9 2,192,418 148,207 1,189,048 179,056 132,240 14,532 9,611 316,237 91,057 13,711 23,815 10,371 64,533 Nov.16 2,184,273 152,140 1,191,033 175,446 131,572 14,635 9,521 310,193 90,095 13,606 22,077 10,140 63,815 All other— Oct. 19 5,064,695 460,975 2,311,067 322,123 277,380 61,924 52,748 736,289 178,241 111,133 128,619 52,299 371,897 Oct. 26 5,008,141 2,273,156 320,787 275,059 63,326 52,494 730,171 175,953 111,36" 129,058 52,751 363,952 Nov.2 4,976,890 46l'408 2,257,428 318,612 272,671 62,347 51,060 716,892 174,002 111,05: 130,595 51,760 369,058 Nov.9 4,987,343 464,497 2,262,789 315,940 272,76' 63,250 53,644 719,453 175,245 109,040 130,264 51,793 368,664 Nov. 16 4,972,931 454,252 2,266,249 316,328 270,63' 54,053 718,020 176,612 100,800 132,143 51,353 369,539 Total loans and discounts, including bills rediscounted with F. R. Bank: Oct.19 7,616,701 635,732 3,675,812 546,689 427,034 84,304 63,545 1,101,954 277,297 133,127 158,939 63,995 448,273 Oct. 26 7,570,040 633,794 3,645,424 550,105 425,078 83,720 63,506 1,094,039 276,135 132,496 158,988 64,816 441,939 Nov.2 7,551,860 638,871 3,629,110 552,796 422,61£ 82,317 63,666 1,084,641 274,947 132,528 161,395 63,791 445,183 Nov. 9 7,555,653 639,070 3,638,128 546,583 420,662 83,111 65,144 1,088,361 276,425 129,897 160,800 63,872 443,600 Nov.16 7,536,683 634,373 3,640,806 542,922 417,87$ 82,782 65,593 1,086,375 276,824 121,491 160,667 63,171 443,800 U. S. bonds: Oct. 19 451,473 10,818 267,927 34,258| 10,741 7,1381 4,406 18, 12,028 4,207 11,390 8,536 61,180 Oct. 26 454,418 10,806 269,819 34,444i 10,96! 7,139 4,406 19,23C 12,084 4,193 11,254 8,486 61,594 Nov.2 463,425 10,930 276,546 34,333! 12,27 7 139 4,247 19,57.r 12,282 4,332 11,722 8,586 61,562 Nov.9 464,914 10,93£ 279,443 33,428 12,244 7,026 4 406 20,11. 11,617 4,323 12,573 8,356 60,444 Nov.16 468,933 11,93£ 283,581 33,791 12,223 7,022 4,406 l«65 11,765 4,274 12,855 8,356 59,067 U. S. Victory notes: Oct. 19 95,959 461 70,701 2,791 87! 81 11,285 464 187 994 31 8,079 Oct.26 102,952 42$ 76,456 3,909 71! 81 11,596 405 186 1,013 8,122 Nov.2 105,476 432 78,390 4,173 71! 81 11,563 418 186 1,047 8,430 Nov.9 103,847 49C 73,587 7,830 71: 63 12,04C 511 186 1,162 7,224 Nov. 16 102,934 505 72,750 7,382 71' 63 12,lir 598 186 1,092 7,491 U. S. Treasury notes: Oct. 19 87,631 1,14! 70,321 573 4,13* 1,014 419 27 881 Oct. 26 86,144 1,111 71,123 7,161 553 3,391 204 1,632 27 942 Nov.2 1,053 72,194 7,159 53C 3,518 58 3,385 27 937 Nov.9 94,035 1,65C 76,657 7,133 591 3,59C 35 3,415 27 937 Nov.16 93,023 1,751 77,373 7,441 57i 3,512 33 1,379 27 931 U. S. certificates of indebtedness: Oct. 19 65,275 1,651 36,506 7,968 49S 102 6,637 600 282 430 1,1 9,234 Oct. 26 55,388 l,40C 34,825 4,966 55C 102 5,690 773 It 179 76 5,679 Nov.2 151,458 7,61$ 79,748 14,101 1,21' 599 27,407 4,197 2,302 782 2,2QQ 9,315 Nov. 9 118,740 6,052 67,51f 9,983 72 474 817 20,450 2,322 1,401 559 1,505 6,937 Nov.16 117,958 5,046 73,21 7,647 61' 317 587 16,87£ 2,496 83! 2,306 1,235 6,882 Other bonds, stocks and securities: Oct. 19 1,156,758 66,35C 568,71 126,581 69,78' 4,122 3,404 149,79! 44,650 8,971 12,96S 1,564 99,858 Oct. 26 1,123, 920 64,796 542,530 126,545 70,46! 4,024 3,454 145,33! 45,544 8,95J 12,65C 1478 98,139 Nov.2 1,121, 144 64,903 539,864 128,110 68,91: 4,006 3,47i 145, 47J 46,298 8,85: 12,552 1,48C 97,216 Nov.9 1,129,146 64,542 546,418 127,756 69,64! 3,966 3,45( 147,44! 46,23C 8,92: 12,68* 1 46e 96,612 Nov.16 1,142,191 66,686 547,717 127,488 67,93< 3,966 3,45' 152,891 46,131 8,64< ll,95f l,40C 103,905 Total loans and discounts and investments, including bills rediscounted with F. R. Bank: Oct.19 9,473,797 716,151 4,689,97! 727,267 509,50 95,751 71,66: 1,292,65: 336,053 146,81 185,14: 75,307 627,505 Oct. 26 9,392,862 712,331 4,640,17' 727,130 508,33: 95,066 71,751 1,279,2& 335,145 145,90: 185,716 75,607 616,415 Nov.2 9,482,224 723,80< 4,675,851 740,672 506,26' 94,142 73,362 1,292,18( 338,200 148,19! 190,883 76,015 622,643 Nov.9 9,466,335 722,74J 4,681,755 732,713 504,571 94,640 73,828 1,2 ?20,OJ 144,721 191,197 75,257 615,754 Nov.16 9,461,722 720,29^ 4,695,438 726,671 499,94 94,050 74,050! 1,291,43 337* 84' 135,43! 190,257 74,2201 622,076 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1487 PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM OCT. 19 TO NOV. 16, 1921—Continued. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [Amounts in thousands of dollars.] Total. Boston. 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. Chicago. Lo S u t. is. M ap i o nn li e s - . * K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . Reserve with F. R. Bank: Oct. 19 62,932 557,771 57,176 27, 209 5,337 5,053 129, 398 27,967 6,137 12,474 4,952 36,963 Oct. 26 942,681 61,092 575,139 53,593 29,173 5,153 4,915 124,680 30,203 8, 533 12,620 5,482 32,098 Nov. 2 929,630 63,799 561,912 56,511 27,598 4,415 4,024 123, 287 29, 756 8,645 12,605 4,946 32,132 Nov. 9 915, 561 60, 353 543,306 55,947 27, 044 4,706 4,668 124,733 29, 445 8,268 15,020 4,974 37,097 Nov. 16 930,952 63,287 549,390 57,474 4,708 5,336 128,105 29,726 9, 000 13,952 6,058 37, 820 Cash in vault: Oct. 19 171, 525 11, 738 S6, 892 13,932 7,205 984 30, 435 3,419 1,976 2,920 1,727 8,489 Oct.26 168,409 11, 544 84,923 13, 741 7,312 897 1, 856 29, 584 3,291 1, 970 3,221 1,647 8,423 Nov.2 162,607 11,676 81, 519 12,700 6,493 1,018 1,635 28,684 3,350 1, — 3,907 1,392 8,334 Nov.9 182,090 12, 217 94, 003 15, 989| 7,722 1,358 1,742 29, 970 3,407 2, 383 3,191 1,538 8,570 Nov. 16 170,197 11, 319 14, 046 j 7,815 904 1,665 29, 276 3,398 1, 950 2,972 1,564 8,482 Net demand deposits: Oct. 19 7,260, 324 584, 430 4,183,947 539, 563 224,661 47,316 37, 513 904,143 197, 396 76, 334 130, 295 52,979 281,747 Oct. 26... 7, 223,050 587, 519 4,172,464 539, 494 210, 669 45, 310 37,792 892, 790 205, 311 77, 071 130, 333 52,008 272,289 Nov.2 *...;. 7, 212,914 594,100 4,172,185 546,302 200, 875 46, 321 36, 216 886,839 202,129 76, 739 132, 939 49,736 Nov.9 7,206, 594 593, 471 4,148, 515549,739 197,372 45,684 36, 438 885,172 202,640 81,147 134, 563 51,268 280, 585 Nov. 16 7,244,026 594,324 4,186, 932544,076 194, 813 46,007 36, 846! 885,347 202, 578 79, 490 134, 490 53,924 285,199 Time deposits: Oct. 19 1,387,357 74,869 286,217 31,009 231,013 23,103 21,492 312,860 87,104 28,073 14,858 7,118 269,641 Oct. 26 * 1,388,581 75,064 289,897 31,019 229, 792 23,070 21,403 312.38f 86,913 27,932 14,741 7,123 269,241 Nov.2... 1,397,376 75,260 291,337[ 31,477 235,371 23,009 21,368 312,678 87, 254 28,012 14,978 7,186 269,443 NOV.9...]...;] 1,398,721 75,605 292,548 31,885 232,844 22,929 21,643 313,401 87,531 28,779 14,519 7,219 269, 818 Nov. 16 1,412,939 74,889 310,279 j 31,982 231,090 22,884 21,479 314,042 87,400 27,941 14,496 7,237 269,220 Government deposits: Oct. 19 110,770 9,477 62,408' 11,384 2,175 467 471 8,597 3,845 2,359 2,630 2,687 4,272 Oct. 26 63,822 5,315 35,089 6,383 1,196 264 285 6,520 2,222 1,269 1,470 1,409 2,400 Nov.2 202,933 16,924 101,549 21,233 4,206 2,426 2, 371 29,615 7,160 4,349 1,796 1,057 10,247 Nov. 9 208,159 16,924 101,593 21,233 4,221 2,325 2,371 29,615 7,214 4,079 4,645 3,728 10,211 Nov. 16 ! 168,279 13,565 SO, 179! 17,334 3,463 1,700 2,001 25,681 5,772 3,298 3,732 3,312 8,242 Bills payable with F.R. Bank: Secured by U. S. Government obligations— Oct. 19 110,843 2,150 40,853 23,723 2,21(. 3,919 555 8,376 5,642 1,967 700 20,250 Oct. 26 117,431 3,043 59,502 20,529 2,535 4,362 555 3,771 3.847 660 1,027 1,350 16,250 Nov. 2 107,672 5,935 45,874 20,237 2,660 3,638 555 6,714 3,678 660 1,321 1,200 15,200 Nov. 9 116,300 2,311 66,653! 19,412 4,015 5,0181 555 1,259 4,417 314 1,320 11,026 Nov. 16 96,672 2,930 45,237 17,547 4,669 5,420 555 4,924 4,966 167 1,227 9,000 All other— Oct. 19 100 100 Oct. 26 100 100 Nov.2 100 100 Nov. 9 100 100 Nov. 16 100 100 Bills rediscounted with F. R. Bank: Secured by U. S. Government obligations— Oct. 19 25,392 3,596 2,1 13,537 1,753 117 1,695 728 413 745 22 1,688 Oct. 26 25, G92 3,309 1,320 13,407 2,348 235 1,136 619 119 780 22 1,797 N N N o o o v v v . . . 9 2 16 2 2 2 5 5 3 , , , 3 9 9 4 1 6 2 7 8 4 5 4 , , , 2 7 3 7 7 5 9 6 1 i 1 1 r , , 5 2 ~ 4 9 ~ 4 0 1 1 1 1 1 2 , , , 2 7 3 5 8 7 3 9 0 2 2 1 , , , 6 0 7 3 9 9 9 0 2 2 2 1 2 2 5 9 8 9 1 1 1 , , , 3 5 1 8 6 0 4 6 0 4 4 5 7 4 6 1 8 4 119 8 9 8 0 0 8 7 6 2 2 2 3 3 1 1 1 1 , , , 7 7 7 3 8 3 0 6 1 All other— Oct. 19 333,604 26,716 112,485 23,553 57,131 7,493 3,256 37,368 11,303 19,843 14,233 4,673 15,550 Oct. 26 308,209 20,697 95,054 25,542 53,260 6,921 2,653 35,388 8,121 21' 594 15,347 5,075 18,557 Nov.2 282,737 21,977 71,713 22,455 51,616 5,782 3,701 32,083 9,842 19,588 16,213 4,835 22,932 Nov.9 274,236 17,976 89,557 19,200 54,151 4,574 3,288 31,405 6,137i 14,423 16,603 4,236 12,686 Nov. 16 252,053 27,563 56,098 20,342 55,097 3,861 4,084 36,101 8,815 8,630 16,471 3,521 11,470 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1488 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. BANK DEBITS. Volume of business during the five weeks New York City was also on about the same ending November 23 remained at about the levjel for the five-week period as for the presame level as that reported for the preceding ceding four-week period, and was about 14 four-week period.1 Week-to-week fluctuations per cent below the 1920 level. in the volume were considerable, but can be attributed to fairly well defined temporary I)EEJITS 1"0 INDIVIDUAL ACXOUNTS causes. Larger figures for the week ending AT BANKS IN November 2, as compared with the preceding RE.PORTING CLEARING HOUSI1 CENTEF week, were due mainly to end-of-October payments. Comparatively small figures for the DEBITS FOR 1920 DEBITS FOR1921 MILLIONS MILLIONS weeks ending November 9 and November 16 DOLLARS DOLLARS were caused by the occurrence during the first V* X 1OOOO . it A 1OOOO week of election day and during the second \ \ 11 A, \i\ m we o e s k t r o e f c e A nt r m w is e t e ic k e sh D o a w y s . a T h d e ec i t d o e ta d l i f n o c r r e t a h s e e 9 8O 0O O O O U 3^ v 1 x V "/Af v' ' 8 9 O OO O O O N V v\J\ V over the preceding two weeks, but is some- 7OOO ^\ 7OOO / what lower than the high total shown for the 6OOO \ 6OOO 15 week ending November 2. 5OOO A 5OOO / \ As compared with the corresponding period in 1920, the volume of business for the five AOOO ' V V AOOO 3ObO 3OOO weeks under review was about 16 per cent lower, which is approximately the same lag as 2OOO 2OOO 1AND 2: BANKS IN NEW YORK CITY was shown for the preceding four weeks. 1OOO 3 AND 4: BANKS IN ALL REPORTINS CENTERs 1OOO Apparent differences in trend between the — O — 1 — O — two years are accounted for largely by the MILL O I F ONS MIL O LI F ONS DOLLARS DOLLARS fact that election day fell in the second week \\ >• ^\ of the period in 1920 and in the third week AOOO J V AOOO this year and that Armistice Day was not a 3OOO 3000 holiday a year ago. Volume of business in 2OOO 2OOO 1OOO KS C>UTSDE OF NEWYC)RK(:ITY 1OOO i The volume of business is measured by debits to individual accounts 1 reported to the Federal Reserve Board for banks in 154 clearing-house MONTH JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. MONTH centers. DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS. SUMMARY BY FEDERAL RESERVE DISTRICTS. [In thousands of dollars.] 1921 1920 Number Week ending— Week ending— of centers included. Oct. 26. Nov. 2. Nov. 9. Nov. 16. Nov. 23. Oct. 27. Nov. 3. Nov. 10. Nov. 17. Nov. 24. Boston 14 377,426 429,273 402,338 397,270 401,878 489,590 504,397 458,984 519,661 442,086 New York 7 3,858,707 4,748,598 3,780,278 3,907,021 4,600,010 4,768,617 4,458,256 5,066,558 5,236,714 4,878,262 Philadelphia 10 336,847 386,558 315,963 368,237 367,406 433,434 394,360 440,082 435,902 428,827 Cleveland 13 370,894 395,620 373,513 379,050 406,963 580,051 521,952 534,794 560,663 539,962 Richmond 8 190,663 220,541 199,695 208,890 206,451 212,006 220,906 227,959 233,677 209, 207 Atlanta 15 188,161 187,706 190,341 190,209 177,300 233,115 225,258 238,157 237,041 223,719 Chicago 23 936,561 970,815 879,669 893,876 944,414 1,121,034 1,006,555 1,115,451 1,174,708 978,855 St Louis 5 178,593 198,272 185,966 193,085 184,419 217,919 204,431 219,061 234,073 206,483 Minneapolis 12 142,997 151,775 139,244 129,480 131,249 197,356 176,429 225,619 216,180 194,823 Kansas City 15 233,508 220,800 237,030 228,361 232,436 320,507 299,135 314,965 334,612 324,639 Dallas . 12 131,934 135,297 130,308 128,258 130,679 165,497 156,138 160,327 150,718 149,060 San Francisco 20 475,765 515,424 479,836 476,202 504,837 556,285 513,314 577,448 607,941 542,619 Total 154 7,422,056 8,560,679 7,314,181 7,499,939 8,288,042 9,295,411 8,681,131 9,579,405 9,941,890 9,118,542 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; Charleston, S. C: Greenville, S. C; Wilmington, N. C; Springfield, 111.; East St. Louis and National Stock Yards, 111.; Quincy, 111.; Springfield, Mo.; Atchison, Kans.; Galveston, Tex. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1489 DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS-Continued. DATA FOR EACH REPORTING CENTER. [In thousands of dollars.] 1921 1920 Week ending— Week ending— Oct. 26. Nov. 2. Nov. 9. Nov. 16. Nov. 23. Oct. 27. Nov. 3. Nov. 10. Nov. 17. Nov. 24. District No. 1—Boston: Bangor 3,844 3,755 3,881 3,511 3,403 3,874 3,789 3,879 4,435 3,619 Boston 1 237,486 1 267,969 1 252,623 1 262,745 1 254,985 302,983 316,992 288,345 338,499 282,557 Do . . 318 167 353,723 337,666 338,820 336,917 Fall River 7,077 10,923 8,467 7,951 7,816 7,682 11,293 9,703 8,751 7,091 Hartford 16 626 22 040 18,725 18,451 22,639 23,422 26 935 23,239 26,908 18,590 Holyoke-. . . 2,757 3,431 4,085 2,815 2,953 4,080 4,856 4,731 4,341 4,297 Lowell 4,570 5,893 5,460 4,943 5,405 5,681 7,041 6,477 6,272 5,239 Manchester 4 106 4 707 4,271 3,789 4,968 4,474 4,829 4,694 6,836 5,029 New Bedford.. 6,571 8,576 8,144 7,053 7,005 8,061 10,257 7,586 7,468 6,879 New Haven 15,420 17,539 17,258 15,872 16,636 21,785 21,603 19,698 19,932 19,081 Portland 6 474 7 417 7,098 6 956 7,783 11,341 9 273 9,876 9,862 9,266 Providence 40 379 37,260 34,242 31,606 32,034 50,756 38,904 36,828 37,743 38,550 Springfield 13,694 18,076 18,435 12,874 13,561 16,677 21,475 18,444 19,963 16,348 Waterbury 4,993 4,818 5,562 4,859 6,708 8,100 6,338 8,125 8,033 6,831 Worcester .. . .. 13 429 16 869 14,087 13,845 15,952 20,674 • 20,812 17,359 20,618 18,709 District No. 2—New York: Albany 16 647 24 312 19 085 19 837 18,005 20,875 16 336 25,004 19,662 16,943 Binghamton.. 3 597 3,479 3,558 4,170 3,786 4,160 4,123 4,580 4,218 3,991 Buffalo. . 53,947 57,660 47,110 59,899 55,428 69,314 67,459 73,480 74,660 71,307 New York 3 741 327 4 61] 602 3 666 067 3,774 600 4,475,519 4,620,664 4,315 498 4,906,375 5,076,964 4,732,177 Passaic ' 5 005 4 939 4,656 5,609 5,413 5,204 4,867 5,992 5,648 5,613 Rochester. .. 25,534 30,987 25,326 29,046 28,782 31,622 30,553 32,220 37,077 31,972 Syracuse 12,650 15,619 14,476 13,860 13,077 16,778 19,420 18,907 18,485 16,259 District No. 3—Philadelphia: Altoona 3,107 2,912 2,629 3,089 3,032 3,980 2,849 3,160 3,104 3,420 Chester 3 939 4 153 3,448 4 129 3,271 5,200 4,953 5,816 5,581 5,517 Harrisburs 5,812 6,443 5,312 6,395 5,938 Johnstown 4,067 4,897 3,788 4,392 4,043 Lancaster 4 479 4 652 4 058 5 040 5,364 5,912 5,402 6,005 5,855 5,077 Philadelphia 276,758 329,040 260,974 305,167 308,037 363,500 331,198 365,736 367,877 360,450 Reading 6,686 7,628 6,618 8,639 6,674 Pcranton 16 258 13 728 13,792 14,745 15,249 18,221 13,309 19,133 13,976 16,544 Trenton 10 526 11,480 10,470 11,589 11,071 12,099 11,717 13,618 13,817 12,339 Wilkes-Barre 8,584 5,358 7,527 9,477 8,437 9,540 9,543 10,233 9,290 9,000 Williamsport 3,649 3,944 3,478 4,171 3,301 4,167 3,906 4,568 4,330 3,795 Wilmington 5,926 7,243 6,241 6,728 6,451 6,566 7,068 7,364 7,441 8,488 York 3,621 4,048 3,346 4,102 3,193 4,249 4,415 4,449 4,631 4,197 District No. 4—Cleveland: Akron 12,665 9,636 11,876 12,534 11,195 19,636 17,937 18,543 18,528 14,436 Cincinnati 61,091 64,129 58,433 62,759 63,263 Cleveland 102 972 126 538 118,398 118,225 132,879 177,855 181,622 161,910 187,032 167,691 Columbus 25,513 24,929 25,232 26,215 24,474 29,749 27,810 27,828 29,865 20,127 Dayton.. 12 663 13 162 12, 739 12,875 11,713 11,182 11,153 11,581 11,724 10,638 Erie . 5,485 5,422 5,029 6,126 5,391 8,160 7,489 8,590 8,579 8,531 Greensburg 4,869 3,987 3,293 4,061 3,463 7,314 6,020 2,669 5,636 5,811 Lexington 3,409 4,155 4,140 3,521 2,851 4,594 5,453 4,543 4,893 3,757 Oil City 2 620 2 369 2 274 2 775 2,248 3,524 3 400 4,370 3,800 3,182 Pttsburgh 153,893 152,666 144,491 142,300 162,869 258,406 204,233 238,803 225,358 240,325 Springfield 3,539 3,716 3,287 3,273 3,002 3,657 3,062 3,084 3,264 3,324 Toledo 26,533 30,935 26,977 29,025 31,117 30,281 29,002 24,357 35,371 27,957 Wheeling. 8 286 8,643 7,299 7,912 8,240 10,624 10,014 10,508 10,118 12,173 Youngstown .. 8 447 9 462 8 478 10 208 7,521 15,069 14,757 18,008 16,495 12,010 District No. 5—Richmond: 94,655 115,282 95,890 104,822 102,685 109,788 110,483 108,690 109,056 99,438 Charleston . 5,709 .5,899 4,786 5 200 6,900 6,220 6,250 7,150 6,980 Charlotte 5,844 6,565 6,662 6,229 6,799 7,037 8,206 8,164 13,192 7,139 Columbia 5,050 o, 357 6,341 5,022 4,749 5,461 6,168 6,915 6,004 5,338 Greenville S. C • 3,648 3,700 3,999 4,167 3,634 Huntington 4,434 6,873 4,508 4,679 4,756 6,293 5,945 6,700 7,136 7,207 Norfolk . . 14 017 14,827 13,226 16 011 15,115 17,702 17,044 19,844 19,926 20,068 Raleigh 3,600 3,700 3,750 3,400 3,700 3,800 3,900 5,000 3,890 4,100 Richmond 25 620 30,033 28,614 31,550 31,205 28,559 31,108 35,615 34,963 31 220 Washington 37,443 37,904 40,704 37,177 37,442 33,366 38,052 37,031 39,510 34,697 Wilmingt on 4,949 5,482 5,283 5,092 5,685 District No. 6—Atlanta: Atlanta 25,081 23,872 23,649 25,740 23,805 28,184 29,234 27,921 29,258 26,790 Augusta 6,793 5,776 5,371 6,699 6,097 8,513 9,127 8,075 8,242 7,459 Birmingham 13 318 14,146 12,580 12,530 13,122 18,521 18,456 17,478 19,125 17,771 Chattanooga 6,797 7,605 7,858 8,364 9,207 10,824 11,560 11,515 11,982 10,784 Jacksonville 8 711 9 136 9,293 8,999 8,902 12,825 13,826 12,960 13,162 11,078 Knoxville .. 5,676 5,876 5,552 6,323 6,254 7,561 6,753 6,779 7,371 8,090 Macon 4,228 1,063 3,795 4,244 4,129 5,839 5,427 5,473 5,959 4,643 Mobile 6 355 5,940 6,536 5,435 5,318 7,435 13,947 6,747 7,355 6,802 Montgomery 3,819 3,754 3,868 3,769 3,578 4,125 4,327 4,095 4,185 3,846 Nashville 28,185 28,115 28,165 26,108 28,577 23,477 20,405 25,957 24,328 22,973 New Orleans 61,049 53,941 63,988 62,279 49,773 80,326 65,123 85,088 77,378 77,649 Pensacola 1,092 1,725 1,483 1,675 1,110 2,023 2,351 2,306 1,833 1,839 Savannah 10,800 11,195 11,205 10,330 10,450 15,853 16,257 15,703 18,589 15,767 Tampa 4,408 4,679 5,203 5,758 5,341 5,928 6,880 6,400 6,633 6,682 Vickaburg 1,849 1,883 1,795 1,956 1,637 1,681 1,585 1,660 1,641 1,546 1 Debits of banks which submitted reports in 1020 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1490 FEDEKAL RESERVE BULLETIN. DECEMBER, 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- Oct. 26. Nov. 2. Nov. 9. Nov. 16. Nov. 23, Oct. 27. Nov. 3. Nov. 10. Nov. 17. Nov. 24. District No. 7—Chicago: Bay City 2;362 2,347 2,313 2,577 3,041 3,122 2,820 2,863 3,395 3,559 Bloomington 1,911 2,167 2,091 2,178 1,659 2,278 2,479 2,413 2,587 1,997 Cedar Rapids 9,044 8,954 9,746 8,806 8,526 12,354 9,549 12,908 9,980 10,277 Chicago 620,854 664,428 598,258 581,087 631,740 739,647 648,623 723,849 758,503 642,040 Davenport 7,219 5,990 7,439 5,233 5,509 8,508 6,887 7,289 8,490 6,580 Decatur 2,794 2,854 2,983 2,463 2,721 3,332 2,832 3,627 3,607 3,360 Des Moines 15,868 14,321 16,070 15,762 15,519 19,177 14,792 21,568 17,990 17,189 Detroit 114,577 106,451 86,606 114,375 116,827 140,494 130,754 136,690 158,107 118,293 Dubuque 2,633 2,661 2,709 3,065 2,990 3,784 3,132 4,269 2,620 3,738 Flint 5,327 5,062 5,543 4,255 5,731 6,734 7,201 6,677 5,745 5,703 Fort Wayne 6,317 6,378 6,015 6,809 6,347 7,098 7,536 8,524 7,855 7,891 Grand Rapids 20,462 20,392 20,110 20,017 20,782 22,062 23,623 22,739 21,291 21,599 Indianapolis 31,351 32,351 28,955 33,635 31,567 34,574 30,624 36,961 37,721 33,053 Jackson 3,950 3,332 2,822 3,003 3,888 4,127 4,463 3,539 4,359 4,209 Kalamazoo 4,124 4,002 3,951 3,977 3,995 5,474 5,328 5,735 5,854 5,250 Lansing 5,397 5,121 4,101 4,627 3,900 5,070 5,995 5,519 4,670 5,969 Milwaukee 53,674 53,554 51,121 54,664 54,329 62,574 61,614 69,262 80,266 53,730 Moline 1,522 1,683 2,722 1,563 1,546 2,498 1,913 2,847 2,681 2,849 Peoria 7,223 7,868 6,210 7,423 5,693 9,477 8,194 9,593 8,907 7,330 Rockford 4,088 3,893 4,185 4,168 3,808 5,644 6,077 6,152 6,107 4,710 Sioux City 7,191 8,518 7,382 6,898 7,488j 13,928 13,125 13,109 14,559 12,397 South Bend 5,847 6,009 5,857 4,767 4,307 5,987 5,970 5,145 5,739 3,949 Springfield, 111 5,006 5,185 5,001 5,693 4,721* Waterloo 2,826 2,479 2,480 2,524 2,501,' 3,091 3,024 4,173 3,675 3,183 District No. 8—St. Louis: East Ft. Louis and National Stock Yards 8,259 8,995 8,474 8,879 8,370 E vansville 4,918 4,774 5,086 6,203 4,558 5,515 5,140 5,475 5,681 4,674 Little Rock 10,740 9,553 11,791 11,951 9,932 11,296 12,071 8,474 12,570 12,038 Louisville 1 22,483 123,164 i 19,672 121,533 123,533 25,743 26,378 26,557 29,605 22,910 Do 28,892 29,389 26,020 27,994 29,682 Memphis 29,135 33,744 29,966 33,450 27,058 31,628 29,113 32,868 33,021 30,016 Quincy 2,060 2,128 2,284 2,005 2,183 St. Louis 1 111,317 i 127,037 1 119,451 1 119,948 i 119,338 143,737 "131," 729' "l 45," 687' "153*196 "136," 845 Do 123,341 139,171 132,864 133,838 131,427 Springfield, Mo 2,539 2,724 3,028 2,828 2,886 District No. 9—Minneapolis: Aberdeen 1,304 1,446 1,497 1,220 1,223 1,824 1,732 2,275 1,911 1,319 Billings 1,798 1,842 2,073 1,671 1,914 2,608 1,629 3,010 3,262 2,961 Duluth 18,882 27,737 23,602 15,443 17,342 38,656 35.536 44,297 39,010 36,931 Fargo 2,722 2,814 2,877 2,590 2,382 3,675 3,844 3,868 3,572 3,028 Grand Forks 1,970 1,720 2,007 1,815 1,893 1,727 1,873 2,158 1,993 1,797 Great Falls 1,831 1,746 1,753 1,494 1,648 2,714 2,528 3,792 3,257 3,K8 Helena 2,918 2,571 3,323 2,195 2,554 2,162 2,674 3,279 2,614 2,639 Minneapolis 75,338 73,626 67,293 67,259 68,809 95,917 86,458 112,360 105,547 99,482 St. Paul 29,622 31,489 27,571 29,356 27,696 38,436 31,402 41,155 44,751 35,113 Sioux Falls 3,579 3,900 4,145 3,616 3,243 5,600 5,200 5,400 6,400 5,000 Superior 2,106 1,722 1,995 1,814 1,605 2,770 2,463 2,565 2,326 2,253 Winona 927 1,162 1,108 1,007 940 1,267 1,090 1,460 1,537 1,152 District No. 10—Kansas City: Atchison 1,232 1,170 1,167 1,210 1,233 Bartlesville 1,469 1,893 1,831 2,156 1,508 3,743 3,959 3,106 3,930 3,695 Cheyenne 1,342 2,444 2,026 1,670 1,892 1,915 2,343 2,216 1,979 2,050 Colorado Springs , 2,346 2,318 2,869 2,480 2,342 2,760 2,750 3,305 3,110 4,618 Denver , 34,002 32,629 42,501 32,769 35,678 55,471 49,502 51,130 51,149 53,006 Joplin 1,072 2,122 2,015 2,237 2,183 2,954 2,890 3,207 2,493 3,166 Kansas City, Kans 3,202 3,171 3,322 3,074 3,022 4,189 4,017 4,528 4,497 4,131 Kansas City, Mo 71,824 65,241 74,768 72,237 67,024 88,324 88,597 94,385 99,403 92,910 Muskogee 3,934 4,753 3,678 3,082 3,420 5,772 5,252 4,924 7,989 5,227 Oklahoma City 21,429 20,596 23,554 21,316 21,824 29,715 23,642 26,439 26,269 32,425 Omaha 41,982 39,138 36,259 32,902 38,467 56,572 49,861 54,037 50,665 52,646 Pueblo 5,488 3,676 3,647 7,198 14,235 4,726 3,992 6,760 16,814 17,809 St. Joseph... 17,549 15,577 14,645 16,636 15,499 18,892 19,624 19,215 17,012 16,176 Topeka 3,613 3,316 3,861 3,538 2,812 3,763 3,919 4,311 3,635 2,947 Tulsa 14,949 15,186 12,867 17,681 14,298 29,829 26,932 26,841 32,587 24,486 Wichita 9,307 8,740 9,187 9,385 8,232 11,882 11,855 10,561 13,080 9,34 V District No. 11—Dallas: Albuquerque 1,771 1,704 1,954 1,746 1,912 1,688 1,898 2,310 2,218 2,011 Austin 2,757 3,010 4,475 3,367 3,232 4,275 4,445 3,595 4,308 3,723 Beaumont 3,111 2,815 3,058 3,123 3,251 4,071 4,410 4,503 4,112 4,520 Dallas 39,202 39,248 36,998 35,485 48,061 47,486 46,832 44,981 45,201 El Paso 7,044 7,885 8,385 7,400 7,722 9,841 9,631 10,440 9,626 10,228 Fort Worth 28,842 29,420 29,860 29,940 29,620 28,461 22,397 26,986 26,860 25,181 Galveston 21,360 18,012 18,001 16,245 15,056 Houston 28,550 30,928 25,163 27,080 27,931 45,032 43,081 39,143 33,902 34,426 San Antonio 6,123 5,187 6,653 6,294 6,971 8,018 6,797 9,037 7,988 8,021 Shreveport 7,103 7,392 6,671 6,254 6,002 7,710 8,426 9,035 8,295 7,953 Texarkana, Tex 1,473 1,775 I 1,648 1,752 1,542 1,878 1,846 •• 2,481 2,714 1,928 Tucson 1,696 1,648 1,907 1,775 1,680 1,485 1,501 1,887 1,464 1.633 Waco 4,262 4,285 i 3,536 4,042 3,447 4,977 4,220 4,078 4,250 4,235 i Debits of banks which submitted reports in 1920. 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DECEMBER 1921. FEDERAL RESERVE BULLETIN. 1491 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— Oct. 26. Nov. 2. Nov. 9. Nov. 16. ,Nov. 23. Oct. 27. Nov. 3. Nov. 10. Nov. 17. Nov. 24. District No. 12—San Francisco: Berkeley 2,856 3,150 4,183 2,941 3,147 2,449 2,111 3,940 2,946 2,718 Boise 3,015 2,315 2,856 4,001 3,026 2,753 2,678 3,358 3,323 3,091 Fresno 15,189 16,663 13,664 17,321 17,031 18,672 16,432 17,448 20,795 15,559 Long Beach 5,407 5,374 5,981 5,715 5,128 5,092 5,344 5,547 6,332 4,783 Los Angeles 103,040 118,591 108,762 112,355 116,679 102,800 93,219 103,365 112,998 104,200 Oakland 16,904 19,314 18,983 18,674 18, 820 19,187 19,476 21,406 20,584 20,115 Ogden 3,656 4,321 4,342 4,031 5,708 3,912 6,001 4,085 6,147 6,657 Pasadena 4,966 5,324 4,630 6,318 5,943 5,026 4,324 6,018 5,540 5,890 Portland 40,717 32,741 30,045 33,445 27,638 42,007 49,143 48,767 49,113 41,828 Reno 2,471 2,396 2,438 2,806 2,616 2,868 2,253 2,782 3,344 3,421 Sacramento 15,978 17,421 18,802 17,306 18,444 17,519 16,221 21,030 23,047 14,329 Salt Lake City 13,084 13,161 14,202 18,665 16,720 18,565 17,153 18,340 19,700 18,508 San Diego 7,177 7,660 7,920 7,964 8,138 7,675 7,128 8,905 9,382 7,845 San Francisco 179,526 199,893 179,524 160,137 195,665 224,000 194,634 231,066 238,683 221,472 San Jose 5,507 6,523 5,203 5,778 4,613 7,533 7,008 6,957 7,545 4,669 Seattle 30,126 32,403 30,692 31,073 31,226 40,849 39,832 39,608 41,631 37,138 Spokane 9,581 10,539 11,211 10,519 9,698 14,766 11,452 14,223 14,725 13,275 Stockton 5,056 5,014 4,696 4,831 4,012 5,459 4,971 4,288 7,107 4,221 Tacoma 8,029 8,974 9,964 9,247 7,771 11,067 10,397 12,142 11,316 9,634 Yakima 3,480 3,647 3,738 3,075 2,814 4,086 3,537 4,173 3,683 3,266 GOLD SETTLEMENT FUND. INTER-BANK TRANSACTIONS FROM OCT. 21 TO NOV. 23, 1921, INCLUSIVE. [In thousands of dollars.] Changes in ownership Transfers. Daily settlements. of gold through trans- Balance i fers and settlements. in fund at Federal Reserve Bank. end of period. Debits. Credits. Debits. Credits. Decrease. Increase. Boston , 32,000 29,292 506,786 503,437 6,057 39,600 Ne> York 40,000 64,402 1,791,576 :,722,066 45,108 45,084 ^'niladelphia.. 1,000 591,009 600,994 10,985 60,498 Cleveland , 8,500 5,672 475,430 497,757 19,499 62,713 Richmond 41,406 36,000 515,320 523,793 3,067 21,278 Atlanta , 13,453 7,500 201,137 207,811 721 6,208 Chicago 4,000 851,341 864,774 17,433 94,024 St. Louis 2,500 459,736 454,966 2,270 18,996 Minneapolis 11,995 4,000 132,007 147,062 7,060 15,581 Kansas City.... 2,000 3,000 360,591 346,983 12,608 28,520 Dallas 24,512 17,500 202,438 203,095 6,355 2,156 San Francisco.. 5,000 4,000 ! 242,616 257,249 i3,633 31,173 Total, five weeks ending— Nov. 23,1921 178,866 178,866 6,329,987 6,329,987 72,398 72,398 425,831 Oct. 20, 1921 595,083 595,083 6,604,843 6,604,843 482,540 Nov. 24,1920. 891,988 7,957,841 7,957,841 409,845 Oct. 21, 1920.. 999,245 999,245 8,946,146 8,946,146 391,563 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1492 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. FEDERAL RESERVE CLEARING SYSTEM. OPERATIONS FROM OCT. 16 TO NOV. 15, 1921. [AIT figures shown in thousands.] Items drawn on banks located in own district. Items drawn Total items han- Items forwardedItems forwarded Total items Federa o l r R b e ra se n r c v h e . Bank ln b F r . a R nc .B h a c n it k y. or O b u r B a ts n a id c n h e k c F o i . r t y R . . on o T f r U ea . s S u . rer o d f l e d d u , p e l x ic c a lu ti s o iv n e s. B t a o n b o k r t a s h n a e c n r h d F e . s t h . R e . ir i t n o o s p r a a t m o re e b n d r t a i b s n t a c r n i h c k t. i h n a g n d d u le p d li , c i a n t c i l o u n d s - . Num- Num- Num- Num- Num- Num- Number. Amount. ber. Amount. ber. Amount. ber. Amount. ber. Amount. ber. Amount. ber. Amount. Boston 740 576,987 3,513 401,442 151 20,836 4,404 999,265 189 48,562 4,593 1,047,827 New York 1,376 1,517,184 4,397 590,251 1,065 121,849 6,838 2,229,284 1,022 135,663 6,414 7,878 2,371,361 Buffalo 197 84,383 436 50,680 15 2,087 648 137,150 162 27,042 18,375 849 182,567 Philadelphia...., 1,617 683,036 1,973 219,432 174 33,146 3,764 935,614 664 149,498 4,428 1,085,112 Cleveland 370 194,928 1,231 142,036 85 6,301 1,686 343.265 47 6,915 7,208 1,761 357,388 Cincinnati 193 115,759 70,915 81 6,362 i 1,091 1 194,325 11 7,978 3,925 1,114 206,228 Pittsburgh 421 217,540 87,559 61 5,363 1,282 310,462 66 35,214 6,716 1,378 352,392 Richmond 115 133,811 1,962 290,283 60 6,712 2,137 430,806 145 74,038 11,969 2,321 516,813 Baltimore 247 149,155 675 66,936 64 7,175 986 223.266 64 32,889 8,254 1,128 264,409 \tlanta 117 63,052 366 52,123 36 6,196 519 121.371 23 10,34: 3,794 565 135.507 Birmingham 243 37,565 148 9,766 13 1,329 404 48; 66( 17 9,532 20,308 451 78,500 Jacksonville. 63 17,253 139 14,315 1,04] 210 32,60(1 22 5,957 1,597 237 40,163 Nashville 52 29,066 199 20,394 20 1,586 271 51,046 14 3,122 988 290 55,156 New Orleans 60 41,545 114 14,314 42 7,915 216 63,774 38 11,045 669 260 75,488 Chicago 845 579,564 3, 316,532 521 51,733 5,059 947,829 285 30,994 2,221 5,351 981,044 Detroit 245 144,453 468 43,725 40 4,395 753 192,573 10 3,965 10,823 766 207,361 St. Louis 247 206,749 1,386 85,519 184 12,105 1,817 304.373 43 6,106 1,197 1,871 311,676 Little Rock 45 26,821 316 21,377 9 1,029 370 49,227 10 957 2,583 411 52,767 Louisville 92 53,634 397 21,961 51 3,674 540 79,269! 8 729 220 550 80,218 Memphis 82 39,576 201 13,835 12 1,524 295 54,935! 2 378 331 299 55,644 Minneapolis 237 123,581 1,457 85,980 43 4,336 1 1,739 1 214,887 82 19,040 416 1,826 234,343 Helena 20 10,625 218 14,463 7 803 245 25,891 5 2,702 2,069 252 30,662 Kansas City 246 239,187 1,439 97,331 117 14,858 351,376 275 35,458 13,229 2,147 400,063 Denver 131 49,291 330 21,965 22 5,802 77.058 67 16,874 13,948 590 107,880 Oklahoma City 65 60,367; 946 76,853 11 1,323 1,022 138,543 45 8,520 7,709 1,082 154,772 Omaha 93 48,094| 484 30,695 55 2,646 !633 1 81,737 38 5,101 4,924 690 91,762 Dallas 158 70,624!1,285 210,728 33 4,597 1,476 285,949 60 14,300 5,465 1,573 305,714 El Paso 41 9,958 130 10,438 16 1.619 187 22,015 9 1,736 637 201 24,388 Houston 72i 39,112 324 34,140 60 2,313 456 75,565 15 2,138 1,388 476 79,091 San Francisco 213 103,586 525 41,739 73 67, 875 811 213,200 23 2,849 5,923 868 221,972 Los Angeles 340 111,248 1,035 79,649 41 10,595 1,416 201,492 83 11,745 11.569 1,556 224,806 Portland 60 34,350 227 14,186 21 5,535 308 54,071 5 1,601 5,141 353 60,813 Salt Lake City 48 28,109 410 33,764 15 2,418 473 64,291 15 3,861 2,790 498 70,942 Seattle 115 33,519 222 15,515 27 7,345 364 56,379 16 4,829 4,603 414 65,811 Spokane 39 20,965 199 14,375 8 2,079 247 37,419 11 2,999 4,465 273 44,883 Total: Oct. 16 to Nov. 15,1921. 9,215 5, 894,677 32,454 3,315,216 3,241 436, 502 i 44,952 i 9,648,976 3, 591 734,679 757 191,86849, i,575, ^3 Sept. 16 to Oct. 15,1921 9,231 6,173,778 32,313 3,375,860 3,010 468, 426 1 44,564 110,019,763 3,510 745,825 772 206,076 4488',, 846 101.,971,664^ Oct. 16 to Nov. 15,1920. 7,614 7,923,690 30,788 4,750,101 2,990 414,295 1 41,399'13,090,293 3,! 1,664,346 764 297,12845,963 15>;, 051,767 1 Includes items drawn on banks in other Federal Reserve districts forwarded direct to drawee bank. NOTE.—Number of business days in period for New York, Buffalo, Philadelphia, Pittsburgh, Richmond, Baltimore, New Orleans, Littl Rock, and Louisville was 24, and for other Federal Reserve Bank and branch cities, 25 days. NUMBER OF MEMBER AND NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, NOV. 15, 1921, AND 1920 Nonmember banks. Member banks. Federal Reserve District. On pair list. Not on par list.1 1921 1920 1921 1920 1921 1920 Boston - • • - - • 436 434 256 258 New York . 797 782 329 323 Philadelphia 701 700 471 437 Cleveland 881 871 1 084 1 077 Richmond .. 624 611 1 001 1 264 573 340 Atlanta .. 511 454 396 412 1 165 1 206 Chicago . 1,443 1,404 4,235 4 278 St. Louis 585 569 2,495 2 526 167 181 Minneapolis ... - 1,020 996 2 692 2 925 131 Kansas City . . 1,085 1,083 3,201 3 398 182 Dallas 861 846 1,183 1,261 San Francisco . 861 824 976 1,029 Total 9,805 9,574 18,319 19,188 2,218 1,727 1 Incorporated banks other than mutual savings banks. 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DECEMBER, 1921. FEDEEAL KESEKVE BULLETIN. 1493 GOLD AND SILVER IMPORTS AND EXPORTS. GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Imports. Exports. During During During During From From During During During During From From Country. 10 days 11 days month 10 days Jan. 1 Jan. 1 10 days 11 days month 10 days Jan. 1 Jan. 1 ending ending of ending to to ending ending of ending to to Oct. 20, Oct. 31, October, Nov. 10, Nov. 10, Nov. 10, Oct. 20, Oct. 31, October,Nov. 10 Nov. 10 Nov. 10, 1921. 1921. 1921. 1921. 1921. 1920. 1921. 1921. 1921. 1921. 1921. 1920. Austria $9,000 Belgium. 3,760,711 $352,864 Denmark $174,706 $174 706f 3,411,203 199,551 France $7,093,978 5,510,21718,596,507$4,484,867176,391,618 22,158,754 Germany 419,698 97,860 613,863 127,06( 17,089,668 6,515 $10,000 Greece 5,003 720,748 128,700 Iceland 912 Italy 4,291 57,330 61,621 207,953 40,107 241,263 Malta... 71 614,751 614,751 Netherlands 93,730 64,651 248,012 80,968 18,830,025 1,163,121 Norway. 1,534,985 3,324 Poland and Danzig 400 Portugal " 2,148 23,040 25,364 Russia in Europe . 85,000 1,268,631 Spain 49,215 49,215 26,828 3,319,281 238,322 $200 S Sw w e it d z e e n rland 95,394 13,875 4,204,83' 1,031,982 60,1 5 0 7 8 2 , , 8 95 ?3 7 71 4 4 , , 9 6 3 1 7 0 2,643,013 2," 604 Turkey in Europe... 8,400 4,775 46,294 3,851 488,484 United Kingdom: England 4,334,749 5,512,450 9,890,934 7,591,398177,546,119218,382,243 13,235 Scotland 45 Total Europe..12,099,45511,435,93534,502,88113,351,957464,714,76e244,687,088 2,643,213 268; OH Bermuda 400 400 103,290 British Honduras * 20 Canada 36,445 1,024,097 1,147,403 1,094,452 33,260,856 33,378,901 $263,058 $116,486 $645,497 $112,504 2,563,346 5,015,216 Costa Rica 49,878 23,753 115,019 13,000 781,459 575,024 Guatemala 8,000 10,522 10,500 522,409 14,872 Honduras 399 1,169 1,629 202,389 229,497 19,000 Nicaragua 24,863 32,578 76,874 20,118 712,231 1,080,335 Panama 178,463 52,132 369,765 161,650 2,546,364 498,312 Salvador 788,437 1,057,938 20,000 Mexico 108,122 334,819 630,545 129,525 4,804,311 4,153,275 27,055 800 45,355 1,560 5,351,664 17,605,798 Newfoundland 221 Cuba 1,906 306 2,212 362,637 15,090 250,844 500,000 British West Indies.. 5,835 88,827 118,547 61,194 622,607 260,347 Virgin Islands of U.S. 150,000 10,000 Dominican Republic. 25,000 4,800 44,000 Dutch West Indies.. 30,215 98,123 309,809 160,536 5,552,643 539,649 Haiti.. 23 Total North America 436,126 1,663,035 2,782,265 1,652,604 50,434,633 41,808,304 290,113 117,286 690,852 114,064 8,165,854 23,214,014 Argentina 1,217 131,217 1,059,237 1,707,682 89,995,000 Bolivia 5,031 7,374 Brazil . 93,122 43,765 24,300 280,000 Chile 4,430 1,198 5,628 6,977 296,377 380,664 400,000 Colombia 150,208 801,613 1,406,568 190,889 10,403,218 6,545,251 700,000 B Ec ri u ti a s d h o G r.. u ia . n . a 5,640 6 21 1 , , 5 2 1 0 3 1 1 2 8 8 8 , , 1 7 2 2 7 2 2,5 5 3 5 9 8 6 1 4 3 4 8 , ,1 5 0 1 2 8 5 1 2 4 3 6, , 1 8 7 9 7 3 236,000 Dutch Guiana 714 6,102 60,132 23,399 6,300 Peru 41,657 47,114 158,359 183,800 1,365,137 1,043,309 3,653,376 Uruguay 743,760 850,405 159,109 6,286,853 12,850,000 Venezuela.. 72,062 93,630 17,672 1,153,652 494,832 184,000 Total South America 201,935 1,750,392 2,868,758 561,544 21,505,379 10,916,346 24,300108,304,676 China 183,245 49,000 232,245 17,611,467 1,260 28,286,750 Chosen 4,860 British India 1,514,078 194 3,590,741 229,978 31,016,443 1,000,000 ,124,000 1,179,000 6,512,371 Straits Settlements.. """36*666 30,000 6,683,454 Dutch East Indies... 313 243,313 1,025,798 2,849,567 60,000 12,065,105 French East Indies.. 6,005,892 2,290,000 Greece in Asia 119,490 98,6i6 245,574 72,847 1,268,051 Hongkong. . . . 80,000 80,000 5,660,825 30,191,910 121,4505,150,1705,761,620 100,510 9,264,265 29,243,862 Japan 2,208,234 80,293,091 Palestine and Syria.. 4,708 886,092 Turkey in Asia 1,448,793 Total Asia 1,817,126 227,210 4,391,873 307,533 67,136,455 33,042,7371,121,4505,150,1706,885,620 130,510 0,533,265165,374,633 Australia 11,703,027 486,650 New Zealand 285,020 285,020 21,113 2,570,418 1,734,227 Tahiti.... 300 Philippine Islands... 93,636 30,385 124,021 1,082,596 818,685 Abyssinia 21,965 British West Africa.. 13,250 39,446 British South Africa. 51,823 423 Egypt 162,300 525,540 2,160,945 1,537,374 5,941,048 Portuguese Africa 562,073 280,358 Total all countries 14,810,57815,917,51747,128,30317,432,125 625,737,433 33,774,8181,411,5635,267,4567,576,472 244,574 21,366,932 97,200,783 Excess of imports or exports 13,399,01510,650,06139,551,83117,187,551604,370,501 36,574,035 i 1 Includes: Ore and base bullion, $30,986,000; United States mint or assay office bars, $428,000; other refined bullion, $452,499,000; United States coin, $36,996,000; foreign coin, $104,828. * Includes: Domestic exports—Ore and base bullion, $76,000; United Stages mint or assay office bars, $1,249,000; other refined bullion, $253,000; coin, $15,656,000. Foreign exports—Ore and base bullion, $1,000; bullion refined, $2,005,000; coin, $2,127,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1494 FEDERAL RESERVE BULLETIN. DECEMBEE, 1921. SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Imports. Exports. Country. During During During During From From During During During During From From 10 days 11 days month 10 days Jan. 1 Jan. 1 10 days 11 days month 10 days Jan. 1 Jan. 1 ending ending of ending to to ending ending of ending to to Oct. 20, Oct. 31, October, Nov. 10, Nov. 10, Nov. 10, Oct. 20, Oct. 31, October, Nov. 10, Nov. 10, Nov. 10, 1921. 1921. 1921. 1921. 1921. 1920. 1921. 1921. 1921. 1921. 1921. 1920. Belgium $16 $32.42S Bulgaria 16,8251 Denmark 370 France SI, 009 $16,570 $18,823 $800 172,291 ii2,i53 $32,920 Germany 54,416 59,007 157,622 56,702 5,250,347 Greece 225 234 42.240 Italy 22,8471 24.026 Netherlands. . 2,474 54,861 Norway 3,656 7,767 14,453 Poland and Danzig 1 000 Portugal 781 21,163 7,978 Spain 143 16 471 69 682 Sweden 1,324 6^604 31 395 i 54,960 Turkey in Europe... 10 157 United Kingdom— England 192 217 366 1,185,549; 816,950 $214,353 $509,359 $831,635 $642,600$11,094,037 4,821,678 Total Europe.. 55,617 75,577 178,767 61,667 6,939,115 1,206,166: 214,353 509,359 831,635 642,600 11,094,037 4,909,558 Bermuda 400 British Honduras 6,100 69,097 Canada 82,4481 46,577 301,400 65,560 3,343,627 3,355,418 92,0021 98.698i,6i9,899 950,750 3,867,249 6,508,950 Costa Rica 1,486 465 3,886 55 345 62 802 • Guatemala 500 1,020 24,534 3,500 4,500 Honduras 71,107 71,117 3,009 905,409 2,280,610 3,500: 5,300 391,510 Nicaragua 6,895 2,"i67 14,763 3,589 212 869 632 590 3,000 Panama 14,636 215,803 14 601,771 148^199 226,043 542,000 Salvador. 1,000 41,610 3,725 765 50,000 Mexico 1,081,251 3,116,156 6,095,329 963,682 33,702,571 48,225,248 17,459 14,576 60,9l5 25,133 1,875,722 3,047,074 Cuba 679 5,895 6,574 84 227 71 (\m 176 176 319,201 1,250,904 British West Indies 80 130 167 2 115: 7 017 2,001 100,553 27,356 Virgin Islands of U.S. 25,000 Dominican Republic. 210,900 120,800 316,000 Dutch West Indies 1,700 2,097 French West Indies 20 Haiti.. 77 i 9,000 Total North America 1,258,502 3,171,340 6,709,002 1,037,521 39,169,264 58,725,912 109,461 113,4501,086,491 975,883 6,447,968 12,125,294 Argentina.. 18,592 35,492 900 12,723 Bolivia 5,575 280,763 1,260,812 Brazil... 41,876 1,621 2,333 Chile 220,624 6,286 226,910 11,944 1,570,320 3,139,526 Colombia 148 10,274 17,904 9,051 157,760 694,263 239,500 2,952 8,784 3 36,551 65.753 BEcriutiasdho rGuiana 3 3 46 42 Dutch Guiana 6 147 6,390 1,402 Peru 156,410 17,048 364,592 227,144 4,478,282 10,846,052 Uruguay 777 777 7 3,861 Venezuela 45 74 563 3,223 185 10,000 Total South America 377,185 37,382 619,050 254,287 6,591,421 16,050,136 240,400 26,458 China 127 127 7,902 1,295,317 527,627 878,71412.270.5031,029,993 10,253,264 59,241,013 Chosen 140 British India 17 606 773 11,928 277,000 3,150,517 223,211 Dutch East Indies 383,019' *2,*468,"896 French East Indies 528,000 4,058,373 Honckone 396 1,650 139,895 315,686 8,044,185 20,610,359 Japan 143,007 176,675 2,832,311 3,848,251 Russia in Asia ! : 970 Palestine and Syria 19 19 Turkey in Asia 960 38,511 Total Asia 144 606 900 19 404,364 3,744,368 527,6271,021,7212,864,0731,345,679124,808,277 87,982,177 Australia 2 3 13fl NAW Zealand. iij 117 1 299 11 992 Philippine Islands... 1,384 616 2,000 18,670 17 777 Abvssinia 31 British West Africa.. 11,880 British South Africa. 3,760 6,097 Portu&ni6S6 Africa 37,128| 93,321 1 Total, all countries 1,692,832 3,285,638 7,509,838 1,353,494153,168,182 79,855,769 851,4411,644,5304,782,199 2,964,162»42,590,682105,055,367 Excess of imports or exports 841,391 1,641,108 2,727,639 10,577,500 1,610,668 25,199,598 includes: Ore and base bullion, $38,038,000; other refined bullion, $6,479,000; United States coin, $2,811,000; foreign coin, $5,840,000. »Includes: Domestic exports—Ore and base bullion, $15,000; United States mint or assay office bars, $152,000; other refined bullion, $20,317; coin, $846,000. Foreign exports—Ore and base bullion, $2,000; bullion refined, $17,291,000; coin, $3,968,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER,, 1921. FEDEKAL, RESERVE BULLETIN. 1495 MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL RESERVE SYSTEM, NOVEMBER 1, 1921. Amount per Held in the i Held outside capita outside General stock. U a G s . o S a v s . s e T e rn r ts e m a o s e f u n t r t h . y 1 e ; | I U F . . S R . . a T n S r d y e s a t s e u m ry . U F . . S R . . a T S n r d y e s a t s e u m ry . Gold coin (including bullion in Treasury). $3,504,677,154 $394,633,632 $1,851,980,449 ! $373,456,004 Gold certificates 695,465,520 ' 189,141,549 Standard silver dollars 341,923,378 "2*6," 943,646" "35,918,858 38,837,297 Silver certificates 33,317,947 211,351,466 Subsidiary silver 272,861,577 13,684,804 '.. 259,176,773 Treasury notes of 1890 1.554,164 United States notes 346,681,016 6,816,970 < 74,451,028 265,413,018 Federal Reserve notes 2,712,957,310 3,500,685 262,974,679 2,446,481,946 Federal Reserve Bank notes 124,763,400 1,466,440 20,933,788 102,363,172 National-bank notes 743,288,847 16,941,825 7,150,341 719,196,681 Total: Nov. 1,1921. 8,047,152,682 457,988,002 2,982, L92,610 4,606,972,070 $42.41 Oct. 1,1921. 8,079,273,855 430,580,014 2,985,684,106 4,663,009,735 42.98 Sept 1921. 8,010,842,240 431,623,906 2,907,188,113 4,672,030,221 43.11 Aug. 1921.. 7,988,397,187 l 432, 471,109 2, 818, 800, 024 4, 737,126, 054 43.77 July 1921.. 8,024,422,943 I 460,595, 721 2,697, 553, 897 4,886, 273,325 45.02 June 1921.. 8,073,737,233 i 499, 236, 987 2,562,692, 917 5,011,807,329 46.43 May 1921.. 8,040,936,478 I 508, 349,193 2, 512, 465, 834 5, 020,121,451 46.57 Apr. 1921.. 8,082,773,866 ! 496, 945, 969 2, 534, 743, 843 5, 051, 084, 054 46.91 Mar. 1921.. 8,084,936,396 493,976,120 2,385,101,578 5,205,858,698 48.41 Feb. 1921.. 8,171,237,897 499,358,809 2,438, 773,422 5, 233,105,666 48,73 Jan. 1921.. 8,372,970,904 494,296,257 2,377,972,494 5, 500,702,153 51.29 July 1920.. 7,887,181,586 485, 057,472 2,021, 271,614 5,380,852,500 50.19 Jan. 1920.. 7,961,320,139 604, 888, 833 2,044,422,303 5,312,009, 003 49.81 July 1919. 7,588,473,771 578,848, 043 2,167,280,313 4, 842,345,415 45.00 Jan. 1919 1 7,780,793,606 I 454,948,160 2,220,705,767 5,105,139,679 47.83 July I!1918 i 6,742,225,784 | 356,124, 750 2, 018,361,825 4, 367,739,209 41.31 Jan. 1 1918 6,256,198, 271 I 277, 043,358 1,723, 570, 291 4, 255,584,622 40.53 July 1 1917 5,480,009,884 253,671,614 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. * Exclusive of amounts held with United States Treasurer in gold redemption fund against Federal Reserve notes. «Includes subsidiary silver. < Includes Treasury notes of 1890. DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT DEC. 1, 1921. Paper maturing within 90 days. Agricultural Secured by- Bankers' and liveacceptances stock paper Federal Reserve Bank. Commercial, maturing maturing o c f T n e o i r r n t e t i e d f a i s e s c u b a a r t n t e e y d d s - bo V L n i i d b ct e s o r a r t y y nd c T e r p a t d an e c a e c s - . a st g o a r c n n ic k . d u e p l l i . t a v u s p e r . e a - r l, , m wi o th n i t n h s 3 . a b f 6 t u e m t r w 9 o 0 n it t h d h i a s n ys, ness. notes. Boston 4J 44 44 44 44 New York 4£ 4i 44 44 44 Philadelphia. 4* 4J 4^ 44 44 44 Cleveland 5 5 5" 5 5 M A C S R t h i t . i c l i n a c h L n n a m o e g ta u a o o i p n s o d lis.. 5 5 5 5* i 5 5 5 5 5 4 4 4 5 5 5 5 5 4 4 4 I i I I £ 5 5 • 4 4 4 5 5 5 5 5 4 4 4 5 5 5 4 D S K a a a n n l l s F a a r s s a . n . C . c . i i . t s * y c . . o . . . 5 5 i 5 54 5 5 5 4 ' 51 5 5 5 4 5 5 5 4 5* 5 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST RATES. In the following table are presented actual discount and interest rates movement noted for some months past in rates for all classes of paper is prevailing during the 30-day period ending November 15, 1921, in the various remarked. This reduction is noted particularly in rates for prime comcities in which the several Federal Reserve Banks and their branches are mercial paper, both customers and open market, and paper secured by warelocated. A complete description of the several types of paper for which house receipts. quotations are given will be found in the September, 1918, and October, 1918, Present rates continue lower for all classes of paper—and particularly for FEDERAL RESERVE BULLETINS. Quotations for new types of paper will be prime commercial paper, bankers' acceptances, and collateral loans—than added from time to time as deemed of interest. rates during the same period of 1920. During the period under review a further continuance of the downward DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING NOV. 15, 1921. Prime commercial paper. Ordinary Banker's acceptances, loans to 60 to 90 days. Collateral loans—stock exchange. customers District. City. Customer's. Open market. Int l e o r a b n a s n . k C lo a a t n tl s e . S w r e a e c r c u e e r h e ip o d u t s s b . e y s b e L o c n u ib re e i d r ty a by nd certificates 30 d a t y o s 6 . 0 m 4 o n to th 6 s. 3 d 0 a t y o s 9 . 0 m 4 o n to th 6 s. Indorsed. d U or n s i e n d - . Demand. 3 months. m 3 o n to th 6 s. of e d i n n e d s e s b . t- L. C. H. L. a H. L. a H. L. a '. L. a ,. C. H. L. C. H. L. C. , L. C. H. L. C. H. L. C. H. L. C. H. L. C. N N o o . . 2 1. . . . B NBu o ewf s f t a o Yl n oork 1. 5 5 6 * 4 6 6 6 7 7 5 6 4 6 6 6 6 5 5 £ 5 5 4 f-6 6 6 h 5 \ 5 5 4 ^-6 5 5 6 45 7 6 4 4 4| 4-41 4 5 f 4 4 4 § | 4 44 f -5 5 7 7 4 5 4 6 4 5 6 5 4 4 -6 5 6 6 6 6 6 4 6 7 7 4 / 5 6 6 6 6 6 4 6 6 7 4 5 6 5 4 6 6 6 No. 3.. Philadelphia 6 6 6 6^ 5 6 6 6 5 6 6 6 6 5f6 6 54 6 No. 4.. Cleveland 7 6 7 7 6 6 6 1 11 7 6 7 6 7 7 6 7 111 1 11 6 6 6 Pittsburgh 6 6 6 5 4| 4| 6 54 6 6 54 6 6 6 6 6 6 6 Cincinnati 6-64 7 6 7 6 64 6 54 51 7 64 64-7 7 64 7 7'*64"64" 7 64 64 7 64 64 N N o o . . 5 6 . . . . A R B B i i t a r c l l a m t h i n m m i t n a o o g n r h e d am "6 6 6 6 6 7 6 7 6 6 7 8 6 6 6 6 7 6 6 7 5J 7 64 54 6 6 6 7 6 8 8 6 6 7 7 6 6 8 8 6 6 6 7 6 6 7 7 6 7 7 6 6 6 8 8 6 6 6 7 6 7 6 7 8 8 8 6 6 8 8 6 6 6 7 7 7 6 6 6 6 8 8 6 6 6 6 6 6 7 7 e W j Jacksonville 6 7 8 6 7 7 7 8 8 8 8 7 7 7 7 8 7 7 8 8 8 8 7 7 8 7 7 New Orleans Nashville 8 6 7 8 6 7 6 7 7 6 6 No. 7.. Chicago 6 54 54 6 54 oi 7 6 64 6 6 6 7 6 6-7 7 6 6-7 7 6 6-7 7 64 64 7 6 64 7 6 6-64 Detroit 6 54 5f 7 6 6 4f 44 44 4f 41 44 7 6 64 6 7 7 6 7 7 6 7 No. 8.. St. Louis 6 54 6 6 54 54 7 6 64 4f 4| 44 44 4| 4| 7 6 64 64 7 6 64 8 7 7 74 6 64 7 6 64 Louisville 6 5| 5f 6 5f 51 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 Memphis 8 6 7 8 6 7 7 8 6 7 7 6 7 Little Rock 71-8 6-7 7 I 8 7 8 7 8 8 7 8 8 7 8 8 7 8 8 7 8 No. 9... Minneapolis 6 5f 6 64 6 64 74 7 7 5 4|4| ! 8 7 8 7 7 7 74 8 7 74 74 64' 7 64 64 Helena 8 8 8 84 8 8 8 7 74 8 8 8 8 74 8 84 8 8 8 8 8 747 74 8 8 8 No. 10.. Kansas City 6f 6 6i 7 6 7 8 6 7 8 6 7 8 6 7 8 7 7 8 6 7 8 6 64 Omaha 8 64 7 8 64 7 8 6 74 8 6 74 8 6 74 8 6 74 8 6 Denver 6 5i 5| 6 5| 5| 8 6 7 8 6 7 8 6 7 8 6 7 8 6 7 8 6 7 8 6 7 Oklahoma City . 6 6 6 Q{ 6 6 8 6 7 8 8 8 ! 8 8 8 10 6 8 10 6 8 10 6 8 10 6- 8 0 7 7 10 6 7 No. 11.. Dallas "... 8 6 7 8 6 7 7 6 6J 8 6 7 i 8 6 74 8 6 74 7 74 8 7 74 8 6 8 El Paso 8 8 8 8 7 7 10 53 8 10 8 8 10 8 8 10 8 9 10 8 8 10 6 8 Houston 7 6 64 8 6 7 8 6 7 8 6 7 7 7 7 8 7 7 8 6 7 No. 12.. San Francisco... 6 54 54 6 54 54-5f 64 6 6 6 54 6 6 54 6 7 6 64 7 6 644 7 7 64 7 7 64 64 7 6 64 Portland 6 54 5| 6 54 5f 7 6 7 4| 44 4f 6 4| 6 8 34 7 6 7 8 6 8 64 7 8 64 7 8 6 7 Seattle 64 5f 6 6 54 54 7 7 7 54 44 44 64 5 6 8 64 7 8 7 7 8 7 1 11 8 7274 8 7 7 Spokane 8 64 7 4$ 4f 4f 8 7" 7 8 7 7 8 7 10 7 8 8 7 7 8 7 7 Salt Lake City.. 8 7 8 8 8 8 8 7 8 8 7 8 Los Angeles 7f 5| 5f 7f 5J 6 4£ 44 ;44 8 6 7 6 7 64 74 8 6 7 8 6 7 1 Rates for demand paper secured by prime banker's acceptances, high, 6; low, 4; customary, 5-6. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1497 FOREIGN EXCHANGE. The foreign exchange index in November recovered from its decline during the A month and stood again at 51, the same as in September, compared with 46 in October. The principal changes during the month are an advance of about 10 cents in the average value of the British pound, which was quoted at the end of the month at about $4, and a further decline from an average of 68 cents per 100 to 39 cents per 100 in the value of the German mark. The rise in sterling exchange was accompanied by an increase from 208 to 249 in the weight for this currency (based on the volume of business during the preceding month), while the weight of the mark declined from 125 to 75. These developments in sterling and mark exchange largely account for the rise in the general index. The rates used in the compilation of the table are noon buying rates for cable transfers in New York, as published daily by the Treasury in accordance with the act of May 27, 1921. FOREIGN EXCHANGE RATES. COUNTRIES INCLUDED IN COMPUTATION OF INDEX. [Rates in cents per unit of foreign currency.] Low. High. Average. Per cent of par. Weight. Par of Countries. Monetary unit. exchange. Novem- Octo- Novem- Octo- Novem- Octo- Novem- Octo- Novem- October. ber. ber. ber. ber. ber. ber. ber. ber. ber. Belgium Franc 19,30 6.5300 6.9900 7.1800 7.2500 6.9391 7.1316 35.95 36.95 24 42 Denmark Krone 26.80 17.8700 17.9400 18.7600 19.3000 18.4674 18.9220 68.91 70.60 9 7 England Pound 486.65 392.0300 372.8800 400.2100 395.5700 397.0196 387.2892 81.58 79.58 249 208 France Franc 19.30 6.9200 7.0700 7.3900 7.4000 7.1991 7.2524 37.30 37.58 120 114 Germany Reichsmark 23.82 . 3385 .5420 .5385 .8278 .3924 .6832 1.65 2.87 75 125 Italy.... Lira 19.30 4.0300 3.8600 4.2100 4.1100 4.1213 3.9708 21.35 20.57 55 33 Netherlands Florin 40.20 34.0200 31.9900 35.7900 34.7100 34.9722 33.4544 87.00 83.22 31 42 Norway Krone 26 80 13 5300 11.9300 14 9400 13 5500 14 1209 12.6444 52 69 47 18 9 7 Spain Peseta 19.30 13.3600 13.0300 14.0700 13.4500 13.7165 13.2520 71.07 68.66 21 15 Sweden Krona 26.80 22.7800 22.2900 23.5900 23.4200 23.2335 22.9364 86.69 85.58 20 12 Switzerland Franc 19.30 18.3700 17.3600 19.0200 19.2600 18.8035 18.2332 97.43 94.47 9 8 Canada Dollar ' 100.00 91.0313 90.8281 92.1641 92.1094 91.5082 91.3906 91. 51 91.39 168 180 Argentina Peso (gold) 96.48 72.4600 71.3500 74.3600 74.4700 73.4739 73. 0780 76.15 75.74 18 17 Brazil. . Milreis 32.44 12.3300 12.4900 12.7900 13.0000 12.5996 12.7080 38.84 39.17 21 18 Chile Peso (paper) 19.53 10.5000 11. 0000 11.6250 12.1250 11.0380 11.7344 56.52 60.08 6 11 China Shanghai tael 66.85 74.0800 75.6000 77.7100 80.3500 75.9043 78.4016 113. 54 117.28 44 44 India Rupee . . . 48.66 26.4300 26.9800 27.2800 28.1900 26.8739 27.4188 55.23 56.35 29 26 Japan . ... Yen 49.85 47.7700 47.4100 47.9500 47.9100 47.8961 47.6552 96.08 95.60 92 91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1498 FEDERAL RESERVE BULLETIN. DECEMBER, 1921. FOREIGN EXCHANGE RATES—Continued. OTHER COUNTRIES. Low. High. Average. Per cent of par.* Monetary unit. Par of exchange. No b v e e r m . - October. No b v e e r m . - October. No b v e e r m . - October. No b v e e r m . - October. Austria Krone 20.26 0.0302 0.0481 0.0491 0.0659 0.0360 0.0561 0.18 0.28 Bulgaria .. Leu 19.30 .6417 .6620 .6892 .7200 .6704 .6814 3.47 3.53 Czechoslovakia Krone 20.26 .9241 .9372 1.0794 1.0903 1.0382 1.0493 5.12 5.18 Finland Markka 19.30 1.6286 1.4186 2.0214 1.6029 1. 8619 1. 5278 9.65 7.92 Greece Drachma. 19.30 3.9900 4.1300 4. 4500 4. 7700 4.1426 4.3792 21.46 22.69 Hungary Krone 20.26 .0875 .1272 .1328 .1561 .1078 . 1432 .53 .71 Poland Polish mark » 23. 82 . 0223 .0156 . 0376 . 0256 .0290 .0212 .12 .09 Portugal Escudo 108.05 7.9100 8. 8700 9.1000 9.9900 8.4152 9.6228 7.79 8.91 Rumania Leu 19.30 .4738 .6554 .7875 .9000 .6569 . 7785 3.40 4.03 /Krone 20.26 .2591 .3281 .3766 .4388 . 32-19 .3795 1.60 1.87 \Serbian dinar 19.30 1.0388 1.3113 1. 5160 1. 7708 1.3058 1.5227 6.77 7.89 Cuba Peso.... 100. 00 99.5006 99.4592 99.6876 99. 7292 99. 5892 99. 5258 99.59 99.53 Mexico do 49.85 48.1975 48. 2300 48. 4425 48.9344 48. 2895 48.4113 96.87 97.11 Uruguay do .. 103.42 64.9600 65. 5600 67.2200 67.7800 66.4126 66.4388 64.22 64.24 China Mexican dollar 48.11 53. 6000 55. 4000 56.1000 58.6300 54. 5870 56. 8638 113.4600 118. 20 Hongkong Dollar 4.7.77 53.2100 54.9200 55.3800 57.9600 54.1404 56.4892 113.34 118.25 Java. . Florin... 40.20 33.6000 31.4200 35.0900 33. 7800 34. 2896 32. 7988 85.30 81.59 Straits Settlements Singapore dollar... 56.78 44.9200 42. 5000 46.0800 45.3300 45. 4739 43.9204 80.09 77.35 1 Based on average. Average price of silver per fine ounce: in London (converted at average rate of exchange) $0.69302; in New York $0.68470. FOR El<3N EXCHANGE 1 NDI K 1918 - 1921 -.— GENERAL INDEX FRANCE - ITALY ARGENTINA ENGLAND GERMANY - NETHERI-ANDS JAPAN PERCENT PERCENT no HO PAR- H "7 - PAR -N N 90 \ 9O \ 80 —s *•% \ N •*\ y 8O V \ v ,—• 7O —f 7O -N 6O N \ 6O \ N 50 5O \ 4O 4O ^, / — -• 3O 3O 2O 2O •»••. —-~ 1O IO ......••• ••• ••• MONTH N. D. J. F. M. A. M. J. J. A. S. 0. N. DJ.. 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

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1499 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.] Deposit and note accounts, Government floating Nine London clearing Bank of England and Treasury. debt. banks.3 Discount rates. Statist index Net Cur- Capital num- profrency issues ber of its inn B o a te n s k .1 c n c e a o o a r n u t t t i e d e t f - s s i- p p o o u a D th s n b e i e d l t - i r s c . , l C i b a o n u o n i d l . n - 2 T b u r i e l r l y a s s . - r T v a a e r n y m c p a e d o s. - - fl T d o e o a b t t a i t n . l g M n a s o a t h o t n c o i n d c a r e e l t y l . v a c a n o D n d u i c s n a e - t d s s . - I m nv en es ts t- . po D s e it - s. U d K o n i o m i n t f g e .4 d - m T b b o h a i n l r n l t e s k h e . s'm t b o r S i a n l i d l x t s h e . s' v c f a o h l r e a £ u e x n . i e - g g o n e f n c d t p o i r u e a i m s a s - - l . - ' standing. 1913,average of end of month Per ct. Per ct. Perct. figures 29 57 38 15 44 4S4 11 7 1920, end of— October... 109 356 137 152 1,028 241 1,269 28 7£ 108.7 1921, end of— January... 109 342 129 157 1,145 242 1,387 99 1,207 317 1,810 22 6| 7 122.4 11.8 February. 108 336 127 157 1,110 189 1,299 88 1,172 316 1,754 10 120.9 March 110 344 138 157 1,121 155 1,275 83 1,145 312 1,715 26 6i 7J 123.0 April 109 338 141 157 1,100 190 1,290 92 1,127 309 1,710 15 5^ 7 120.0 11 2 May 108 333 128 157 1,152 163 1,315 96 1,144 307 1 729 17 7 110.1 June 110 324 147 157 1,222 152 1,374 99 1,162 308 1,768 34 5-& 11 117.8 July 109 325 122 157 1,202 150 1,355 104 1,185 306 1,785 10 41 112.9 8 4 August 107 319 137 157 1,166 180 1,347 100 1,179 302 1,764 8 4f 6 113.0 September 106 314 118 157 1,159 161 1,321 99 1,186 302 1 771 8 % 5f 114.6 October.. 104 312 175 157 1,124 214 1,338 102 1,196 306 1,802 34 3f 51 121.7 .... 1 Less notes in currency notes account. 2 Held by the Bank of England and by the Treasury as note reserve. * Average weekly figures. 4 Compilation of London Joint City and Midland Bank, Government loans for national purposes excluded. 5 Compilation of London Economist. Ratio of net profits to ordinary and preferred capital of industrial companies, exclusive of rail ways, mines, insurance companies, and banks. Applies to earnings disclosed during the quarter and has thererore a probable lag of six months « Third quarter. FRENCH FINANCIAL SITUATION. [Amounts in millions of francs.] Bank of France.1 Situation of the Government. Value of new va A n d c - es Price s b a t o o n n c d d k S b e a a x v n c i e k n s s g s , s A d a a v g i e l e y rse G r r o e v - l e d s. Si r l e v - er | po D s e it - s.2 c t C i u o i l r n a - . - f t o o p m G o e r f o r e o s t t p n h n h v e u - s e t e - r- m n r G e e u r e v o e n n v 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 e c p e p o n e t e e f u t n r e r 3 a - t . l 6 F u m r p t e h a n o e r c n - h a d l w s r a i ( t w h - - ) - . b in c P a t l g a e n h s r a k e i r o s s - f . war.3 kets 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 1921— January... 9 3, 553 268 3,429 37, 913 25,600 1,204 59.16 995 + 70 657 February.. 9 3, 555 264 3,293 37,808 25, 600 921 58.15 1,861 +181 591 March » 3, 556 267 3,103 38,435 26, 200 972 220,344 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 »3, 570 272 3,041 38, 233 26,200 1,004 57.15 H492 + 63 666 June » 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 35,286 56.35 2,345 + 52 433 August » 3, 574 277 2,749 36, 783 24,900 1,016 56.50 152 + 72 467 September. » 3, 575 277 2,509 37,129 24,900 1,011 56.20 + 68 553 October... 9 3,575 278 2,563 37,154 25,100 1,305 54.30 3,355 + 33 463 I End of month figures. • Includes Treasury and individual deposits. * Under the laws of Aug. 5 and Dec. 26,1914, July 10,1915, and Feb. 16,1917. 1 From indirect taxation and Government monopolies. 1 Foreign debt converted to francs at par. 1 Last Wednesday in the month. ' Figures of the "Association Nationale des Porteurs Fran<?ais de Valeurs Mobilieres." Bonds issued by the Government and the railroad companies not included. 8 Not including 1,978,000,000 francs held abroad from January through August and 1,948,000,000 francs from September through December. 9 Not including about 1,948,000,000 francs held abroad. i° Average for 11 months. II Revised figure. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1500 FEDERAL RESERVE BULLETIN. DECEMBEB, 1921. ITALIAN FINANCIAL SITUATION. [In millions of lire.] Leading private banks.1 Banks of issue. Government finances. Loans, Princidis- Depos- Depos- pal reve- Cash. d c s u c o p a e o u o n r f n n r d r e d o ts - - m , i s d t c p e s u o n o e r a n t r n s e d t . o d - - c L o a d o u n i a n s d n - ts s . s G e r r o e v l - d e. s T e r o r e v t - a e l . i l m t i t s a d i a b e a e 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 - - - . a C ti c s o i o t c r f n a c o t t u u h f e l o n . e a r t - n r S c e o t u n t a e r c t - s e y . m T s li e u r c e r e r t v r y a a e e s l - . - - S t b t r u h e i e l r r o a l y m 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 m f l n i r i o g o e o n s m ents. month.1 1913, end of December.. 129 2,007 1,674 857 J.375 1,661 318 2,284 499 117 1920, end of— June 874 14,996 14,060 6,784 L,038 2,110 2,379 7,484 10,333 2,538 343 9,300 95,000 July 6, 576 L,039 2,113 2,196 7,615 10,284 1921, end of— January 1,193 17,113 16,392 6,931 L,058 2,046 2,635 8,673 10,591 822 February . 1,016 16, 842 15,961 7,158 1,062 2,007 2,351 8,619 10,308 1,210 March 1,067 17,096 16,425 7,144 1,062 2,043 2,461 9,233 9,532 608 April 1,165 17,162 16,694 7,040 1,066 2,138 2,349 8,677 9,601 1,309 May. - 1,021 17, 489 16,645 6,951 L, 070 2,165 2,198 8,809 9,219 2,546 349 106,721 607 June 1,078 18,047 17,391 7,438 1,073 1,989 2,366 9,437 8,722 19,000 1,525 July. 1,140 16,851 16,704 7,156 1.076 1,990 2,290 9,433 8,507 1,025 August 1,131 17,024 16,672 1,116 September 622 1 Banca Commerciale 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. Protested 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 * 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. 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 . Number. Value. Number. th a e b r k o r a o d na p A ri c l e is s— t.i 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— October 282.4 772.8 501.5 6,079.0 4,218 7.9 219 115.3 154 November 282.4 752.8 • 446.0 6,117.8 4,114 " 7.9 239 113.8 144 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 6,065.3 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 October 275.5 650.3 340.9 5,837.4 6,449 12.6 505 124.9 107 November . 275.0 628.0 5,735.1 * Source: Kommersiella Meddelanden. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1921. FEDERAL RESERVE BULLETIN. 1501 GERMAN FINANCIAL SITUATION. [Amounts in millions of marks.] I Index numbers Reichsbank statistics. I Situation of the Government. of securities prices.2 Value of -i Darlehns-i— new stock Discounts.1 ! i s k c a h s e s i e n n e - an is d s u b e o s nd ! in circu- placed on s G e r r o e v - l e d . 1 I I \ ~ c o D un is t r ed { j m P e dial i la c N t i i r o o c n t u - e - 1 i [Deposits.1 | 1 Clearings; lation.1 j i | R t e f a c r x o e e m ip s , t s j ! ' r R a o e i f l v w S e t a n a y u t s e e . s b T t i a r l n e ls a d s o in u u g r t y . - 1 m G a er r m ke a t n . sto 2 c 5 ks. bo 1 n 5 ds. i Treasury ! bills. paper. 1913, average. 1,068 j. 1,958 668 I 6,136 ;. 1920. October 1,092 i 53, 807 61,735 | 17,945 | 73,293 13,024 j 3,211 ! 1,400 161,920 M68 * 122 November... 1,092 ! ! 64,284 i 17,340 i 75,426 I 12,370 4,434 1, 333 165,918 172 126 1921. January 1,092 ; 53, 337 66,621 15, 834 j 79,917 341 741 1, 483 155,363 2,042 200 February j,092 ! 56, 451 67, 427 17,357 ' 70, 499 755 766 i 1,590 161,6oO 2, 397 March 1,092 ! 66, 803 69, 417 28,043 74, 294 168 846 1,681 166, 329 894 155 111 April 1,092 60, 894 70, 840 20,856 i 75, 255 543 357 1, 832 172,634 2,559 166 117 May... 1,092 i 62, 954 1,810 71,839 14,093 i 66, 454 043 108 : 1,841 176,643 1,468 163 113 June 1,092 j 79,608 ! 1,565 75, 321 20,393 68, 764 706 735 : 2, 028 185,032 2, 238 July 1,092 ! 79,982 ! 1,136 77,391 15,814 j 78, 337 358 566 2, 269 190, 675 1,507 4 195 August 1,024 • 84,044 | 1,002 80, 073 13,650 ! 79,172 837 145 ' 2,416 1,228 O Se c p to t b e e m r ber... 1, 9 0 9 2 4 4 ! 9 9 8 8 , , 7 4 0 2 5 2 1 1, 8 1 8 4 1 2 6 8 3 6 , , 9 3 5 8 6 4 1 1 8 9 , , 3 9 0 8 3 0 i 1 9 1 8 9 , , 4 0 9 0 6 4 6 3 1 1 0 6 908 • 2,599 2 2 1 1 2 0 , , 5 40 4 8 8 I j 2 1 , , 8 5 8 3 9 4 5 3 2 2 5 0 9 « 1 1 4 3 3 1 November... 994 '114,023 1,441 100,944 25,313 I. 330 I 481 195 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 fire 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 Oct. 23, 1920. * As of July 29, 1921. 6 As of Sept. 9, 1921. 8AsofSept.l4, 1921. JAPANESE FINANCIAL SITUATION. [Amounts in millions of yen.] Bank of Japan. Tokyo banks. Tokyo ,as:, Tokyo bank Average .»i; Note associated clearings discount circula- banks, (total rate deposits. | tion. l t o o a t n a s l . w t i h th e in m (T ar o k k e y t o ). month). 1920, end of— i Per cent. June 1,165 381 | 1,349 979 2,036 2,524 10.99 July- 1,120 273 j 1,202 1,011 2,029 2,190 10.95 August , 1,201 278 1,217 1,039 2,014 2,139 September. 1,078 180 ; 1,170 1,170 2,076 2,032 1921, end of— January 1,071 115 i 1,235 1,235 2,171 2,013 10.33 February... 1,126 103 ! 1,141 1,141 2,188 2,143 9.71 March 1,190 88 ! 1,178 1,178 2,219 2,502 9.23 April 1,098 79 i 1,147 1,147 1,848 2,442 9.16 May.. 1,172 76 ! 1,118 1,118 1,873 2,506 9.05 June 1,119 74 ! 1,218 1,218 1,980 2,670 8.91 July 1,074 78 I 1,142 1,142 1,987 2,341 8.36 August 1,122 95 I 1,192 1,192 1,951 2,816 8.43 September.. 1,093 66 | 1,232 1,232 1,955 2,627 October 1,078 191 1,255 1,255 1 In case of Tokyo banks, and note circulation and specie reserve of B>ank of Japan, last day of month. a 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. 78092—21 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 7. Acceptance liabilities: Page. A cceptances—Continued. British banks 801,1052 Purposes of original negotiation determines eli- French banks 1052,1424 gibility and classification of paper 1199 Member banks 171, 800,1050 Readily marketable staples 699 November, 1919-November, 1920 171 Regulation B, amendment to 545 Acceptance market, condition of 375, Renewal drafts 699, 964 394, 534, 648, 667, 775 791,1268 Reserves against money paid to member bank in ? Acceptances: anticipation of acceptances 815 Against domestic shipping documents 1312 Security for acceptance credits 418,1313 Agent of national bank for issuing 547 Shipping documents— Agricultural commodities, bankers' acceptances Against acceptances 1312 drawn by cooperative marketing associations Covering cattle 815 against warehouse receipts covering 963,1199 Meaning of, as used in Board's regulations. 191 Amendment to Regulation B—Open-market Time, length of, for which acceptances should purchases of bankers' acceptances 545 be drawn 308 Automobile parts as readily marketable staples. 699 Warehouse receipts— Bankers' acceptances, maturities of, extended. 648 Agricultural commodities 963,1199 Banks granted authority to accept up to 100 per Automobile parts 699 cent of capital and surplus 188, Coffee in foreign country 418 307,417,551,670, 814, 961,1078,1434 Tobacco .'. * 963,1199 Bill-of-lading drafts, demand, collection of 1080 Wine, sacramental, in bond, warehouse receipts Buying and selling of, methods employed 1166 covering 419 Cattle, shipping documents covering 815 Accommodation granted to correspondents by city Coffee, warehouse receipts covering 418 banks, methods employed ." * 33, 536 Consignment, goods shipped on 419 Acts: Cooperative marketing associations, acceptances Amending Federal Reserve Act— drawn by, against warehouse receipts cover- Sec. 25 (a)—Foreign banking corporaing agricultural commodities 963,1199 tions 310, 817 Correspondent bank as agent of national bank Sec. 11 (m)—Modifying 10 per cent limifor issuing 547 tation 73,310 Dealers engaged in export and domestic sale of Amending Revised Statutes— same class of goods 70 Qualifications of national bank directors. . 549 Dealing in methods employed 1166 Sub treasuries discontinued 33 ; Domestic transactions; shipping documents . 70,1312 Amending State banking laws— Export or import transactions— Indiana 550 Dealers engaged in both export and do- New Jersey 73 mestic sale of same class of goods 70 Oklahoma 550 Goods shipped on consignment 419 Administrator, executor, etc. (See Fiduciary Renewal drafts 699, 964 powers.) Security for accepting bank's 418 Advisory Council, Federal: Shipping documents— Meetings of 272, 655,1271 Acceptances against 1312 Members of 69 Meaning of, as used in Board's regula- Agent of national bank for issuing letters of credit tions 191 and acceptances 547, 648 Goods shipped on consignment 419 Agricultural commodities, acceptances drawn by Guaranteeing of, by national banks 547 cooperative marketing associations against ware- Indorsement of accepting bank 699 house receipts covering 963,1199 Maturities of, extended 648 Agricultural credit 775, 898,1027,1147 National bank appointing correspondent as Attitude of Board regarding 898 agent 547 Crop moving 775,1027,1030 Nonmember banks, eligible paper of, acquired Joint Commission of Agricultural Inquiry, by member banks 963 statement of 1030 Open-market purchases— Loans by member banks, March, 1920-April, Amendment to Regulation B 545 1921 1049,1150 By Federal Reserve Banks direct from ac- Wrar Finance Corporation, loans by 1030,1380 cepting banks 699 Agricultural paper: Permission granted member banks to apply Discount rates on, September 1, 1920 and 1921. 1033 for discounts acquired from nonmember (See also Discount rates) banks 963 Growers' drafts accepted by cooperative mar- (See also Discount and open-market keting associations 963,1199 operations.) Held by Federal Reserve Banks. (See Dis- Period for which acceptances should be drawn. 308 count and open-market operations.) Permission granted to member banks to apply Notes of irrigation companies not classed as... 964 for discounts of eligible paper acquired from Notes of packing and marketing associations nonmember banks 963 not classed as 1312 Purchase, by Federal Reserve Banks, of bank- Purposes of original negotiation determines ers' acceptances direct from accepting banks. 699 eligibility and classification of paper 1199 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

II INDEX TO VOLUME 7. Page. Agricultural products held on farms 377 Bank of Copenhagen, condition of, 1914-1920 612 Agriculture, monthly reports on condition 14, Bank of England: 142, 273, 384, 515, 657, 782, 909,1037,1156,1273,1388 Condition of, 1913-1920 260 Allies: Deposits, note circulation, and reserves, 1904- German reparation settlements 138. 1921 1298 1382 269, 650, 674,1301,1308,1450 Discount rates..'.."."..../. 374,"554,"568,*803, 954^ 1304 Loss of ships during war 184 Deposits and securities, 1914-1920 570 Loans to, by Great Britain 565,1303 Effect of war on 569 (See England, France, Germany, Italy.) Note circulation, 1914-1920 570, 571 American shipping: Bank of France: Before and after the war 183 Advances to Government for war purposes.. 177,1384 Earnings and balance of trade 400 Annual report 434 Growth of 906 Condition of, 1913-1920 260 (See also Vessels.) Deposits, note circulation, and. reserves, 1904- Application for letters of credit, description of 1170 1921 1297,1383 Argentina: Discount rates 956 Balances due to and from foreign countries 1404 Note circulation, 1914-1920. 177 Condition of Banco de la Nacion 578 Bank of Italy: Foreign exchange 575 Condition of, 1914-1920 611 Foreign trade 574 Deposits, note circulation, and reserves, 1904- Wholesale prices of commodities exported. 573 1921 1298,1384 Asia, balances due to and from foreign countries... 1403 Bank of Japan: Assets and liabilities. (See Condition statements; Condition of 87, 208, 326 Resources and liabilities.) Deposits, note circulation, and reserves, 1904- Assets, quick, over current liabilities as bearing 1921 1300 upon eligibility of paper 546 Bank of Netherlands: Atlanta par clearance case, decision of Supreme Condition of 262, 434, 812,1197,1299 Court 700 Deposits, note circulation, and reserves, 1904- Australia: 1921 1299 Note-issue functions transferred from treasury Bank of Norway, condition of, 1914-1920 611 to Commonwealth Bank 301 Bank of Spain, condition of, 1913-1920 261 Wholesale prices 88, Bank of Sweden, condition of, 1914-1920 612 210, 329, 604, 726, 845, 992,1108,1228,1344,1463 Bankers' acceptances. (See Acceptances.) Austria: Bankers' Live Stock Loan Corporation formed to Business and financial conditions 206 finance live-stock industry 775 Budget 207 Banking conditions. (See Business and financial Landerbank and Anglo-Austrian Bank, reor- conditions; Conditions statements; England; ganization of 1294 France; Germany; Italy; Japan, etc.) Public debt 207 Banking laws, amendments to: Authority to purchase; meaning, classification, and Federal Reserve Actforms 926 Sec. 25 (a)—Foreign banking corpora- Automobile industry, monthly survey of 518, tions 310, 817 785,913,1040,1159,1276,1391 Sec. 11 (m)—Modifying 10 per cent limita- Automobile parts as readily marketable staples 699 tion \ 73, 310 Automobile tires and tubes, production of 1332,1452 Revised Statutes—• Automobile trucks, eligibility of notes issued for Qualifications of national bank directors.. 549 purchase of 191 Subtreasuries discontinued 33 Automobiles, shipments of 979,1097,1216,1332,1452 State laws— Bachi, Riccardo: Indiana 550 On business and financial conditions in Italy.. 437 New Jersey 73 New index number for Italy 465 Oklahoma'. 550 Balance of trade. (See Foreign trade.) Belgium: Balances due to and from foreign countries: Bank of, condition of 262 Asia 1403 Deposits, note circulation, and reserves, 1904- Between United States and foreign countries. 1262,1407 1921 1296 Between United States and foreign Govern- Investment trusts in 64 ments 1412 Bill of lading drafts, collection of 1080 Distribution, by geographical groups 1401 Bills discounted and bought. (See Discount and European countries 1402 open-market operations.) Foreign Government balances 1404 Bolshevik (Russian) Government, export and ex- North America 1403 change restrictions removed 69 South America 1404 Branches of Federal Reserve Banks: World at large 1401 Directors, election of 67 Banco de Chile, condition of 578 Helena branch, opening of 141 Banco de la Nacion, Argentina, condition of 578 Managers of 67 Banco do Brazil, condition of 578 Branches, foreign, of American banks: Bank debits 104, 228, 347,487, 510, 634, 750, Curtailment of : 1267 877, 1009,1128,1247, 1361, 1488 Reserves against balances due from parent mem- Bank loans, warehouse receipts as collateral for 1314 ber bank 815 Bank notes. (See Federal reserve bank notes.) Brazil: Bank of Belgium: Condition of Banco do Brazil 578 Condition of 262 Foreign exchange 575 Deposits, note circulation, and reserves, 1904- Foreign trade 574 1921 1296 Wholesale prices of commodities exported 573 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 7. Page. British finance during the war 563 Certificates of indebtedness. (See Treasury cer- (See also England.) tificates of indebtedness.) Brussels Conference, resolutions of, on interna- Charges, collection. (See Clearing and collection.) tional credits 181 Charts: Budgets: Assets and liabilities of Federal Reserve Conditions in United States and foreign coun- Banks. . 475, 622, 737, 865, 999,1116,1236,1352,1475 tries , 1381 Assets and liabilities of member banks 481, England 317, 554, 690, 803,1381 628,744,871,999,1116,1236,1352,1475 France 80, Balances on open account owed by United 138,175,198, 692, 804,1075,1305,1381,1424 States to foreign countries, February, 1918- Germany 325, 561, 808, 958,1308,1382,1429 June ,1919 1405 Italy ^ 323,1076,1381 British treasury receipts 566 National defense, expenditures for 1382 Debits to individual accounts 487, Building operations, reports on 21, 634,751,877,1009,1128,1247,1361,1488 Deposit and note liabilities, and cash reserves 150, 279, 391,522, 663, 788, 917,1044,1163,1280,1396 of Federal Reserve Banks, 1919 and 1920.... 27 Building permits 835, 981,1098,1219,1335,1455 Deposits and securities at Bank of England; Bureau of Internal Revenue, regulations on use of also bank and currency notes, 1914-1920 570 revenue stamps on time drafts 310 Discount rates on British treasury bills 568 Business and financial conditions: Earning assets of Federal Reserve Banks, 1919 Austria 206 and 1920 26 England 77,195,317,420,552, Earning assets. Federal Reserve note circula- 608, 689,764,802,891, 952,1023,1068, tion, and cash reserves of Federal Reserve 1143,1186,1257,1302,1374,1420,1499 Banks; also imports and exports of mer- France 79,198, 320,423, chandise and wholesale price index 672 555, 608, 691, 764, 804, 891, 955, 1023, Earnings of Federal Reserve Banks in 1920 673 1074,1143,1189,1258,1305,1423,1499 Foreign exchange index... 1018,1142,1257,1373,1498 Germany 83,201. 324,428., French war financing 180 559, 609, 694, 765, 808, 958,1021,1070', Gold imports and exports, United States 680 1145,1193,1259,1308,1376,1428,1501 Gold reserves of principal countries before and Italy 82, 322,426,437, 557, 609, 693, 765, after the war. 677 807,957,1021,1076,1145,1191,1258,1375,1425 Italy's war financing 1178 Japan 86, Loans and discounts of eleven New York City 208,326,610,766,1022,1144,1260,1376,1501 banks, 1913-1919 44,48 Netherlands 431, Physical volume of trade 335, 812,1195 448, 586, 708, 824, 971,1089,1.208,1323 r 1444 Sweden 203, 327,429, 561, 610, 696, Silver- 766,810, 960,1022,1072,1144,1259,1375,1500 Melting points of silver currencies 937 United States 14,142, Price of, and wholesale price index 937 273,384,514,656,781,909,1036,1155,1272,1387 Tobacco districts 1057 Conference on method of reporting 272 Wholesale prices, United States.... 90, 212,330,442, Paper read by M. T. Copeland 291 580, 703, 819. 966, 1083,1201, 1317, 1437 Paper read by R. M. Falkenau 396 Charters issued to national banks 69,189, 307, Review of, during year 25, 767-778, 849 417, 551, 698, 814, 962,1081,1200,1315,1436 Check clearing and collection. (See Clearing and Business failures 69,189, collection.) 307,417, 550, 698, 817,962,1081,1200,1316,1434 Chile: During 1920...' 189 Balances due to and from foreign countries 1404 Call money rates 375 Condition of Banco de Chile 578 Canada: Foreign exchange 575 Balances due to and from foreign countries 1403 Foreign trade 574 Deposits, note circulation, and reserves, 1904- Wholesale prices of commodities exported 573 1921 1299 China: Wholesale prices 89, 210, Balances due to and from foreign countries 1403 328, 465, 604, 727, 846,992,1108,1228,1344,1463 Gold and silver imports and exports 938 Cancellation of orders. 135. 267, 905 Merchandise impprts and exports 938 Effect of, on foreign trade 905 Circulation, deposits, and reserves in principal Capital: foreign countries, 1904-1921 1295 Federal Reserve Banks. (See Resources and (See also Currency; Deposits; Reserves.) liabilities.) City banks granting accommodation to correspond- Member banks. (See Resources and liabili- ents, methods employed 33, 536 ties.) Clearing and collection: State banks admitted to system 68,188, Atlanta par clearance case, Supreme Court 307,415,551,698,814,961,1078,1198,1316,1434 decision 700 Stock of foreign banking corporations, right Collection of demand bill of lading drafts 1080 of national banks to invest in 71 Gold settlement fund transactions— Cassel, Gustav, on Swedish currency circulation... 203 Monthly 345, Cattle, acceptances against shipping documents 756, 880,1012,1131,1250,1364,1491 covering 815 Year ending June, 1921. 850 Cement, production and shipments.. 1093,1216,1331,1451 Immediate credit, demand bill of lading drafts.. 1080 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IV INDEX TO VOLUME 7. Page. Page. Clearing and collection—Continued. Consignment, acceptances against goods shipped on. 419 Operations of system— Cooperative marketing associations, acceptances Monthly..." 113, 244, 362, drawn by, against warehouse receipts covering 491, 639. 755, 881,1013,1132,1251,1365,1492 agricultural commodities 963,1199 Year ending May 15, 1921 850 Copeland. M. T., paper by, on methods of reporting Par list, number of banks on 113, 244, 362, 491, business conditions 291 639, 755, 850,881,1013,1132,1251,1365,1492 Copper production 978,1095,1214,1329.1449 Supreme Court decision in Atlanta par clearance Com crop estimates 983,1099^ 1206,1334 case 700 Correspondent bank: Clearing-house bank debits 104, 228, 347, 487, As agent of national bank in issuing letters of 510, 634, 750, 877,1009,1128,1247,1361,1488 credit and acceptances ". 547, 048 Clothing industry, monthly survey of. 662,1042,1278,1393 Loans to, by city banks, methods employed.. 33, 536 Coal production: Cost of living: France 320,1307,1425 England 79,198. England 79, 319, 605, 728, 847, 953, 993,1070, 198, 319, 422, 554, 690, 952,1068,1189,1305 1109, 1189, 1229, 1345, 1423,1468 Germany 429, 960,1194 France '.. 200, 807,1306 United States 18, 99,144, 222, 275, 340, Germany 429, 559, 386, 454, 517, 592, 659, 714, 784, 830, 912, 976, 605, 695, 728, 809, 847, 993,1072. 1039, 1093, 1158,1213,1275.1328, 1390, 1448 1109, 1229, 1345, 1429, 1468 Coal strike in England '552, 689, 804, 952 Italy 807 Coffee, warehouse receipts covering 418 Sweden 1074 Cold-storage companies, eligibility of notes of 308 Collateral for bank loans, warehouse receipts as 1314 (See also Wholesale prices.) Collection of checks. {See Clearing and collection.) Cotton: Collection of demand bill of lading drafts 1080 Crop estimates 983,1099,1206,1334 Commercial failures reported 69,189, 307, Fabrics, production and shipments 23, 417, 550, 698, 817, 962,1081,1200,1316,1434 152, 284, 458. 597, 719, 836, During 1920 189 985. 1101, 1220, 1336, 1456 Commercial paper: Financing, study of 1066 Business, study of 920-931.1052 Reports on condition 274 Notes not negotiable as, unless indorsed by 384, 515, 657, 782, 9.10,1037,1156,1273,1388 party to the commercial transaction 1079 Stocks of ' 97. Purposes of original negotiation determines 220, 338, 452, 590, 712, 828,1091,1211,1326,1446 eligibility and classification of paper 1199 Textile industry, monthly reports on 16 (See Discount and open-market operations.) 146, 277, 388, 519, 660, 785 Comptroller of the Currency, Crissinger, D. R.. ap- 914. 1041, 1160, 1277, 1392 pointed 383 Cotton seed, stocks at mills 220, Condition statements: 339, 453, 590, 713, 828, 974,1091,1211,1326,1446 Banco de Chile 578 Counsel of Federal Reserve Board, opinions by. Banco de la Nacion, Argentina 578 (See Rulings.) Banco do Brazil 578 Credit: Bank of Belgium 262 Agricultural 775, 898,1027,1147,1380 Bank of Copenhagen 612 Crop moving. 775,1027,1030 Bank of England 260 Joint Commission of Agricultural Inquiry, Bank of France 260 statement of. 1030 Bank of Italy 611 War Finance Corporation permitted to Bank of Japan 87, 208 grant 1030,1379 Bank of Norway 611 Brussels Conference, resolutions of, regarding.. 181 Bank of Spain 261 Crop moving 775,1027,1030 Bank of Sweden 612 Discussion of 7, 379, 503, 646,1147,1267 Big five banks in England 295 Foreign 7, 379, 646,1267,1378 Federal Reserve Banks— Fraser. Sir Drummond, on 1378 Monthly 12, 114,140, 237, 270, 356, 381, Hoover, Herbert, on 1380 473, 512, 620, 654, 736, 780, 864, 908, 999 Plan for international credit adopted by 1034, 1116, 1153, 1236,1270,1351,1385,1475 Geneva Conference 10 Review, 1920 25, 767, 849 Ter Meulen plan 181,1378 German Reichsbank 261,1309 Frozen credit, elimination of U51 Javasche Bank 1197 Letters of. (See Letters of credit.) Leading European banks .\ 9 Policy of Federal Reserve System, letter to Member banks in leading cities— a United States Senator on 895 Monthly 12, 120,140, 245, 270, 363 381 WTar Finance Corporation 1030,1380 480, 512, 628. 654, 743, 780, 871, 908,1006' Crissinger, D. R., appointed Comptroller of the 1034, 1124, 1153, 1244, 1270,1358,1385,1484 Currency 383 Abstract of 255, 497, 851, 886,1137 Crops: Netherlands Bank 262, 434, 812,1197,1299 Estimates 983,1099,1206,1334 (See also principal countries by name.) France 424, 956 Conference on limitation of armaments 1383 Germany 959 Conferences with Federal Reserve Board: Held on farms 377 Directors of Federal Reserve Ban^s 382, 513 Italy 1426 Federal Advisory Council 272, 655,1271 Moving of, credit for 775,1027,1030 Governors of Federal Reserve Banks... 382, 513,1271 Orderly marketing of, Gov. Harding on 4 On methods of reporting business conditions... 272 Cuban moratorium 302 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 7. Currency: Discount and open-market operations of Federal Circulation— Page. Reserve Banks—Continued. page. Denmark 1433 Bills discounted— In principal foreign countries 1295,1383 Each month 110, 233, 353, 469, 1904-1921 1295 615,733,860, 997,1112,1232,1347,1470 India 29 Quarterly 110, 234,470, 616, 861 Italy 1183,1383 Bills held— Netherlands 1197 Each month 112, 236, 354,472, Norway; 1433 618, 734, 862, 998,1114,1234,1349,1473 Per capita, in United States— Year ending June 30 849 By months. 129, 254, 371, 496, Collateral notes held— Each month 112, 236, 345, 472, 644, 762, 885,1017,1136,1254,1368, 495 618,734,862,998,1114,1234,1349,1473 June, 1920-June, 1921 853 Year ending June 30 849 Sweden . 203,1433 Dollar exchange bills purchased.... 110, 234,353,470, Exchange values of foreign 794 616, 733, 860, 996,1113,1233,1348,1471 (See also Foreign exchange rates.) Earning assets held— Receipts and payments, June, 1920-May. 1921. 854 Each month 109, 233, 354, 471, Speculative purchases of foreign 1264 618, 734, 862, 997,1114,1234,1349,1473 Stock of, in the United States— Year ending June 30 849 By months 129, 254. Years 1919 and 1920 26 371, 496, 644, 762, 885,1017,1136,1254,1368,1495 Earnings from each class of earning assets. 109,233, 354, June, 1920-June, 1921 853 471, 618, 734, 862,997,1114,1234,1349,1473 Current liabilities, quick assets over, as bearing Number of member banks accommodated— upon eligibility of paper 546 Each month 108, 232, 351,467, Debits to individual account 104, 228, 347, 487, 614,731,858, 996,1112,1232,1347,1471 510, 634, 750, 877,1009,1128,1247.1361,1488 Years 1917-1921 1032 Debt, public. (See Public debt.) Rates of earnings on earning assets— Decisions of counsel of Federal Reserve Board. By months 109,233, 354,471, (See Rulings.) 618, 734, 862, 997,1114,1234,1349,1473 Decision of Supreme Court in Atlanta par clearance June, 1920-May, 1921... 855 case 700 Rediscounts between Federal Reserve Banks.. 235, Delano, F. A., appointed director of Federal Reserve 617,1004,1122,1242,1356,1482 Bank of Richmond 655 January-July, 1921 1032 Demand loans on real estate 546 June, 1920-June, 1921 854 Denmark: Volume of 109, 232, 352,469, Balances due to and from foreign countries 1403 615, 732, 859, 995,1111,1232,1347,1470 Condition of Bank of Copenhagen. 612 War paper discounted— Note circulation 1433 Each month 110, 233, 353, 469, Wholesale prices... 723, 842, 989,1105,1225,1341,1432 615, 733,860,995,1114,1232,1347,1470 Deposit and note liabilities of Federal Reserve Year ending June 30 770, 849 Banks, 1919 and 1920 27 War paper held— Deposits, note circulation, and reserves in principal Each month 112, 236, 354, 472, foreign countries 1295,1383 618,734,862,998,1114,1234,1348,1473 1904-1921 1295 Year ending June 30 849 Deposits of 11 New York City banks, 1913-1919 286 Discount policy: Deposits of Federal Reserve Banks, year ending Governor Harding to a United States Senator June, 1921 769, 850 regarding 895 Deposits of funds with trust company for redemption Yearly review 775 of maturing obligations 1435 Discount rates: Deposits of securities in trust department of a national Agricultural paper, September 1,1920 and 1921. 1033 bank to secure trust funds deposited in commercial Call money rates in New York 375 department 309 Discussion of 5,510,651,775,1033 Directors of branches of Federal Reserve Banks, England 78,197, 319, 374,420, 554, 568, 803, 954 election of 67 Federal Reserve Board objection to Senate bill Directors of Federal Reserve Banks: fixing maximum 5 Conference of 382, 513 France 956 Election of 66 In effect— Delano, F. A., appointed class C director of Monthly 129,254, 371,496, Richmond bank 655 644.762,885,1017,1136,1254,1369,1495 Directors of national banks, act relating to qualifi- July, 1920 and 1921. 857 cations of 549 Maximum, objection to 5 Discount and open-market operations of Federal Prevailing in various centers... 93, 215, 333,495, 643, Reserve Banks: 761,884,1016,1135,1255,1370,1496 Acceptances held— Discounts and loans of eleven New York City banks, Each month 112, 236, 355., 1913-1919 41 472, 619, 735, 863, 998,1115,1235,1350,1474 Dividends: Year ending June 30 849 Federal Reserve Banks 156,941 Acceptances purchased— German banks 959 Each month 110,234, 353,470, State bank members 763,1371 616, 733, 860,996,1113,1233,1348,147] Division of Foreign Exchange, resume of work of.. 1400 Quarterly Ill, 234,471, 616, 861 Dollar exchange: Agricultural and live stock paper held— Bills purchased. (See Discount and open- Each month 112, 236, 354,472, market operations.) 618, 734, 862, 998,1114,1234,1349,1473 Countries in which banks may accept drafts to Year ending June 30 849 furnish 188 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VI INDEX TO YOIAJME Drafts: England—Continued. Page. Demand bill of lading, collection of 1080 Barclay & Co. Bank, condition of 296 Renewal 699, 964 British finance during the war 563 Time, revenue stamps on 310 British treasury receipts 566 (See also Acceptances.) Budget .' 317, 554, 690, 803,1381 Earning assets of Federal Reserve Banks, 1919 and Business and financial conditions 77, 1920, chart showing 26 195, 317, 420, 552, 608, 689, 764, 802, 891, (See also Discount and open-market operations.) 952,1023,1068,1143,1302,1374,1420,1499 Earnings of Federal Reserve Banks, Gov. Harding Coal mines emergency act 423 on 671 Coal production 79, Earnings on American shipping 400 198,319, 422, 554, 690, 952,1068,1189,1305 Earnings of State bank and trust company mem- Coal strike 552, 689, 804, 952 bers \ ... 763,1371 Terms of settlement 804 Earnings and expenses of Federal Reserve Banks: Condition of the big five banks in 295 Calendar year 1920 153 Cost of living 79,198, Six months ending June 30, 1921 939 319, 605, 728, 847 953, 993,1070, Year ending June 30, 1921 851 1109,1189,1229,1345,1423,1468 Edge Act: Debt 78,173,197, 319, 420, 565,1381,1421 Amendment to. 310, 817 1916-1919. 173 Credits by corporations organized under 1379 Deposits, note circulation, and reserves, 1904- Federal International Banking Co. organized 1921 1298 under 69, 265 Discount rates... 78,197, 319, 374, 420, 554, 568, 803, 954 Foreign Trade Financing Corporation organized Embargo on gold and silver exports 302 under '....'. 137, 265 Exchange value of pound sterling 794 Right of national banks to invest in stock of Export credit scheme 691, 954,1420 corporations organized under 71 Foreign trade 79,198, 268, 319, 422, 606, 728, 848, 994,1110, Edwards, G. W., articles by, on- 1188, 1230, 1304, 1345, 1420, 1468 Commercial letters of credit 158, 410, 681 Iron and steel production 79, Authority to purchase 926 198, 319, 422 554, 690, 952,1070,1189,1305,1423 Election of directors. (See Directors.) ; Lloyd's Bank, condition of 295 Electric power, production of, by public utility Loans 565,1303,1421 power plants. 981,1098,1218,1334,1454 London County Westminister & Parr's Bank, Eligibility: condition of 296 Automobile trucks, notes for purchase of 191 London Joint City & Midland Bank, condition Cold-storage companies, notes of 308 of 296 Irrigation companies, notes of 964 London Joint Stock Bank, condition of 297 Motor trucks, notes for purchase of 191 National defense, expenditures for 1382 Notes of packing and marketing associations... 1312 National Provincial & LTnion Bank, condition Notes not eligible as commercial paper unless of 297 indorsed by party to the commercial trans- Note circulation 570 571, 771,1383 action 1 1079 ; Overseas trade act, amendment to 954 Paper of nonmember banks acquired by mem- Parr's Bank (Ltd.), condition of 298 ber banks. 963 Railways bill. . . 1188 Purpose of original negotiation determines # Reparations receipts 1302,1421 eligibility and classification of paper 1199 Safeguarding of industries act 1187 Quick assets over current liabilities 546 Ship tonnage under construction 79, Embargo on gold and silver exports, England 302 198, 319, 554, 690, 952,1070,1189,1305,1423 Employment conditions: Ships delivered under reparations agreement.. 1302 England 79,198, 319, 421, 552, 690, 803, 953,1069 Tariff revision 1187 France 693 Tonnage moiled on British railways 952, Germany 560, 696, 809,1072,1310 1070,1189,1305,1423 Italy 1077,1427 Trade facilities bill 1420 Netherlands 432,1196 Treasury operations during the war. 563 Sweden 431, 562, 696, 960,1073 Unemployment 79, United States— 198, 319, 421, 552, 690, 803, 953,1069 Monthly reports on 19,148, Union of London and Smith's Bank, condition 282, 391, 522, 664, 789, 917,1045,1163,1281,1396 of 297 Survey on, made by Federal Reserve Wages 422, 552, 804, 952,1069 Board. 506, 526 Wholesale prices 78,197, 318, 421, 602, 724, Yearly review 774 843, 990,1106,1189,1226,1304,1341,1422,1464 (See also Wages.) New index number 294, 421 England: Examination of State bank members, New Jersey Acceptance liabilities of English banks 801,1052 laws 73 Agricultural situation 952 Exchange rates, foreign. (See Foreign exchange Balances due to and from foreign countries 1402 rates.) Bank of England- Exchange values of foreign currency 794,1431 Condition of 260 Executor, administrator, etc. (See Fiduciary powers.) Deposits, note circulation, and reserves. 1298,1383 Export and exchange transactions with Russia, 1904^1921 1298 restrictions removed 69 Deposits and securities, 1914-1920 570 Discount rates, reduction in 374, Export and import transactions: 554, 568, 803, 954,1304 Acceptances against goods shipped on consign- Effect of war on 569 ment 419 Note circulation 570, 571,1298,1383 Acceptances of dealers engaged in both 70 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 7. vn Export and import transactions—Continued. Federal Reserve notes: Page. Renewal acceptances. .' 699 964 Circulation, year ending June; 30 769, 850 r Security for acceptances 418 Federal Reserve agents' accounts 119, 242, 361, Shipping documents— 479,626,742,870,1005,1123,1243,1356,1483 Acceptances against 1312 Interdistrict movement of 627 Meaning of, as used in Board's regulations. 191 Issued and redeemed, May, 1920-May, 1921... 855 Export trade. (See Foreign trade.) Stock of, in United States— Exports. (See Imports and exports.) By months 129, 254, 371, Failures, commercial, reported 69,189, 496, 644,762, 885,1017,1136,1254,1368,1495 307, 417, 550, 698, 817, 962,1081,1200,1316,1434 June, 1920-June, 1921 853 During 1920 189 Federal Reserve System: Falkenau, R. M., paper by, on reporting of business Address of Gov. Harding on earnings of 671 conditions 396 Credit policy V 895 Review of banking conditions. 25, 767,849 Federal Advisory Council: Meetings of." 272, 655., 1271 Fiduciary powers: Members of 69 Deposit of securities in trust department of a Federal International Banking Corporation, organi- national bank to secure trust funds deposited zation of 69, 265 in commercial department 309 Exercise of, by banks outside of State where Federal Reserve Act, amendments to: located 816 Sec. 25 (a)—Foreign banking corporations... 310. 817 Funds derived from sale of collateral security Sec. 11 (m)—Modifying 10 per cent limitation. 73, 310 held by national bank as trustee under cor- Federal Reserve bank notes: porate issue of bonds are trust funds 1435 Outstanding June, 1920-June, 1921 856 Granted to national banks. . QS, 189, Retirement of, under Pittman Act 374 306, 416, 551, 688, 814, 961,1078,1198,1316,1434 Stock of. in United States— Transfer agents, national banks acting as 545 By months 129, 254, 371, Fiscal agency department expenses of Federal Re- 496, 644, 762, 885,1017,1136.1254,1368,1495 serve Banks 157, 941 June, 1920-June, 1921 853 Flour: Federal Reserve Banks: Monthly reports on the industry 15,143, Branches of. (See Branches.) 274, 385,516, 658, 783, 911,1038,1157,1274,1389 Condition statements— Production '. 219, Weekly 12,114,140, 237, 270, 338,452, 590,712, 828, 974,1091,1211,1326,1446 356, 381, 512, 620, 654, 736, 780. 864, 908, 999, Receipts and shipments 96, 218, 1034, 1116,1153, 1236,1270, 1351,1385.1475 337, 451,588, 711, 826, 972,1090,1210,1325,1445 Review, 1920 25, 767, 849 Foreign banking: Credit policy 895 Federal International Banking Corporation or- Discount and open-market operations. (See ganized to engage in 69 same.) (Sec also Business and financial conditions; Con- Dividends paid 156, 941 dition statements; principal countries, by Directors, election of 66 name.) Earnings of, Governor Harding on 671 Foreign banking corporations: Earnings and expenses— Amendment to Federal Reserve Act regard- Calendar year 1920 153 ing 310, 817 Six months ending June 30, 1921 939 Right of national banks to invest in stock of... 71 Year ending June 30, 1921 851 Foreign branches of American banks, curtailment of 1267 Fiscal agency department expenses 157, 941 Foreign branches of member banks, reserves against Franchise tax paid to Government 156, 941 balances due from parent bank 815 Reserve ratio. (See same.) Foreign credits: Rediscounts between. (See same.) Discussion of 7, 379, 646,1267,1378 Resources and liabilities. (See same.) Eraser, Sir Drummond, on 1378 Review of banking conditions 25,767,849 Hoover, Herbert, on 1380 Sub treasuries taken over by 33 Plan for international credit adopted by Federal Reserve Board: Geneva conference of League of Nations 10 Conferences— Ter Meulen plan !. 181,1378 Directors of Federal Reserve Banks.... 382, 513 Foreign exchange: Federal Advisory Council 272, 655,1271 Argentina 575 Governors of Federal Reserve Banks 382, Balances on open account due to and from 513,1271 foreign countries 1400 On method of reporting business condi- Brazil 575 tions " 272 Chile 575 Harding, W. P. G., Governor— Comparison between rates of representative On credit policy of Federal Reserve Sys- European nations 779 tem 895 Division of Foreign Exchange, resume of work On economic developments 671 of ' 1400 On financial conditions 134 France 322, 692 On maximum discount rates 5 Germany 84, 203, 326, 959 On orderly marketing of crops 4 Mark, value of. ... 326, 796,1071,1193,1311,1428 Mellon, A. W., appointed chairman 383 Index of 1008,1141,1256,1372,1497 Mitchell, John R., appointed member 655 India 31 Rulings of. (See Rulings.) Italy 438, 957,1426 Wills, D. C., retirement as member 383 Netherlands 433 Federal Reserve Bulletin, index-digest of. 272,383 513, 655 Norway 795,1431 ; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VIII INDEX TO VOLUME 7. Foreign exchange—Continued. Pago- France—Continued. Page. Quoted in New York. . . 8,136, 266, 380, 509, 907,1377 Coal production 320,1307,1425 3 months ending— Cost of living 220, 807,1306 December, 1920 130 Crop conditions 424, 956 March, 1921 494 Foreign exchange rates 322, 692 June, 1921 890 Foreign trade. 81, 201, 268, 320, 426, 556,607, Sweden 795,1431 729, 806, 848, 994,1076,1110,1230,1346,1425,1469 Transactions during Government control 1400 Investment trusts in 62 War-time control of 1400 Loans 179, 321, 691, 955,1305 Foreign loans: National defense bills 177 England 565,1303 National defense, expenditures for 1382 Floated in the United States 135, 942,1266 Number of farm animals 956 France - 179 Note circulation 771 (See also Foreign credits.) Pig-iron production 321,1305,1425 Foreign trade: Price of 3 per cent perpetual rentes.. 80, 200, 321, 425 Argentina 574 Public debt 80, Balance of trade, United States— 179, 200, 321, 425, 555, 692, 805, 955,1075,1305,1382 First 9 months of 1921 1261 Retail prices 81, 200, 322, 425, Gold imports in settlement, of 903,1265 557, 605, 728, 847, 957, 993,1109,1229,1345,1468 International balances... .^ ^ 1263,1400 Railway reorganization 1423 Owed to foreign countries on specified Tariff revision 1189 dates 1262,1407 Tax receipts 176, 321, 555, 805,1306 Brazil 574 Unemployment 693 Cancellations, effect of, on 905 War financing, 1914-1920 174 Changes in, since the war 903 Wholesale prices... 81, 200, 322, 424, 464, 603, 725,806, Chile - 574 843, 957, 990,1107,1190,1227,1307,1342,1425,1465 Corporations to finance, list of 647 Franchise tax paid to Government by Federal Re- Discussion of ...... 6,134,137,265,283,378,394,509, serve Banks ..'. .... 156, 941 646,649, 900,920,1048,1165,1261,1284,1377,1399 Fraser, Sir Drummond, on international credit. ... 1378 England 79,198, 268, 319,422,606, 728, Freight rates, ocean 403, 931,1068,1206,1322,1442 848,994,1110,1188,1230,1304,1345,1420,1468 Frozen credit, elimination of 1151 Federal International Banking Corporation Fruit industry, monthly reports on 15, organized 69, 265 274, 515, 657, 782, 909,1038,1056,1273,1389 Foreign Trade Financing Corporation organ- Fruits, shipment of 97, 220, ized 137,265 339, 453, 591, 713, 828, 974,1091,1211,1327,1447 France 81,201,268,320,426,556, Geneva conference of League of Nations, credit 607, 729, 806, 848, 994,1076,1110,1230,1346,1469 plan adopted by 10 Germany 85, 808,1193,1231,1310,1346,1428,1469 Germanv: Guaranteeing of credit in export trade 1267 Budget 325, 561, 808, 958,1308,1382,1429 Index of 76,194, Business and financial conditions 83, 316,445, 583, 706, 822, 968,1085,1205,1321,1441 201, 324, 428, 559, 609, 694, 765, 808, 958,1021, International balances, relation to foreign 1070, 1145, 1193, 1259, 1308, 1376, 1428, 1501 trade 1261-1269,1400 Coal production 429, 960,1194 Italy 83,269, Cost of living 429, 559, 605, 695, 728, 809, 847, 440, 558, 607,729,849,994,1111,1231,1346,1469 993,1072,1109,1229,1345,1429,1468 Japan 209, Crop conditions 959 326, 607, 729, 849,994,1111,1231,1346,1469 Darlehnskassenscheine in circulation 203, Letters of credit, use of, in financing. 158,410, 681, 926 324, 429, 695,1297,1383 Netherlands 433,813,1196 1904-1921 1297 South America 573 Dividends of the great German banks 959 Exchange rates, effect of, on prices 1071,1428 Sweden 206, 327, 430, 431, Foreign exchange 84, 203, 326, 959,1428 607, 697, 729, 811, 849, 994,1111,1231,1346,1469 Foreign trade. 85, 808,1193,1231,1310,1346,1428,1469 War Finance Corporation circular on 647 Gold, price of 1194 Yearly review 778 Investment trusts in 66 Foreign Trade Financing Corporation, organization Labor situation 560, 696, 809,1072,1310 oi -- 137,265 Mark, value of 326, Foreign trade financing corporations, list of 647 796, 959,1070,1193,1311,1400,1428 Forms, letters of credit 410,1171 National defense, expenditures for 1382 France: Note circulation 771,1297,1383 Acceptance liabilities of French banks .... 1052,1424 Public debt 84, 203, 324, 429, 808, 958,1308,1382 Balances due, to and from foreign countries— 1402 Reichsbank— Bank of France— Condition of - ... 261,1309 Advances to Government. .. 80,177, 200, 321, 425 m Reserves, note circulation, and deposits, 1914-1920 177 1904-1921 1297,1383 Annual report of 434 Reparations settlements 138, Condition of, 1913-1920 260 269, 650, 674,1301,1308,1429 Deposits, note circulation, and reserves, Protocol, text of 674 1904-1921 1297,1383 Tariff revision 1193 Discount rates 956 Tax receipts 84, 203, 324, 429, 808 Note circulation, 1914-1920 177 Unemployment 560, 696,1310 Budget 80, Upper Silesian decision 1310,1428 138,175,198, 692, 804,1075,1305,1381,1424 Wages 809,1072 Business and financial conditions 79,198, War loans 1308 320, 423, 555, 608, 691, 764, 804, 891, 955,1023, Wiesbaden agreement 1430 1074, 1143, 1189, 1258,1305,1374,1423, 1499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 7. IX Germany—Continued. Page. Imports and exports—Continued. Wholesale prices 85, 201, Sweden 697, 810 325, 428, 603, 725, 808, 844, 991, Value of selected commodities at 1913 prices... 446, 1071,1107,1227,1301,1343,1429,1465 584,707,822, 969,1086,1205,1321,1441 Expressed in marks 1071,1428 (See also Foreign trade.) Gold: Indebtedness of foreign countries to United States. 906,1400 China, imports and exports 938 Index-digest of Federal Reserve Bulletin 272, Embargo in England 302 383,513, 655 Imports and exports 11,127, 252, Indexes: 270, 369, 380, 493, 511, 641, 654, 759, 779, 882, 907, Eight groups of manufacturing industries 1148 1014.1034,1133,1153,1252,1270,1366,1384,1492 Exchange values of foreign currencies 794 1918-1921 679 Foreign exchange 1008,1141,1256,1372,1498 June, 1920-May, 1921 856 Foreign trade 76,194, Year ending June 10, 1921. 771 316, 445, 583, 706, 822, 968,1085,1205,1321,1441 Imports in settlement of trade balances 903,1265 Ocean freight rates 403, 931,1068,1206,1322,1442 India, imports and exports 938 Retail prices in principal countries 605, Production of the world, 1910-1920 678 727,847,993,1109,1195,1229,1345,1468 Reserves of principal countries before and Wholesale prices abroad 77,195, after the war 676 317, 463, 610, 723, 842, 988,1105,1225,1341,1461 Stock of, in the United States— Netherlands 432,1195 By months 129, 254, 371, 496, New, for England 294, 421 644, 762, 885,1017,1136,1254,1368,1495 New, for Italy 465 June, 1920-June, 1921 853 Wholesale prices in the United States 90, Gold settlement fund transactions: Monthly. 345, 640, 756, 880,1012,1131,1250,1364,1491 211, 442, 505, 580, 703, 818, 965,1082,1201,1317,1437 Year ending June, 1921 850 India: Gourvitch, Alexander, article by, on Italy's war fi- Balances due to and from foreign countries 1403 nance 1177 Gold imports and exports 938 Governor of Federal Reserve Board. (See Harding, Imperial Bank of India, establishment of 299 W. P. G.) Merchandise imports and exports 938 Government control of foreign exchange 1400 Monetary and exchange developments in 2\) Government loans, foreign, floated in the United Silver imports and exports 938 States 943 Wholesale prices 88, 209, Governors of Federal Reserve Banks, conferences 329, 465, 604, 727, 846, 992,1! 09, 1229,1344,1463 of 382, 513,1271 Indiana, amendment to banking laws of 550 Grain: Indorsement: Marketing of 15,143, Notes not eligible as commercial paper unless 273, 385, 515, 658, 783, 911,1038,1157,1274,1389 indorsed by party to the commercial transac- Receipts and shipments 96, 218, tion ". 1079 337, 451, 588, 711, 826, 972,1090,1210,1325,1445 Purchase, by Federal reserve banks, of bank- Great Britain. (See England.) ers' acceptances direct from accepting banks. 699 Guaranteeing of letters of credit and acceptances by Industrial loans, foreign, floated in the United national banks 547, 648 States 949 Guaranty Trust Co., statement prepared by, on for- Interest rates: eign loans floated in the United States... 135, 942,1266 Call money rates in New York 375 Hague rules, 1921 1292 Prevailing in various centers 93, Harding, W. P. G.: 215, 333, 495, 643, 761, 884,1016,1135,1255,1370,1496 Letter to a United States Senator on credit (See also Discount rates.) policy of Federal Reserve System — 895 Internal revenue stamps on time drafts 310 On financial conditions 134 International balances. (See Balances due to and On maximum discount rates 5 from foreign countries.) On orderly marketing of crops 4 International banking corporations.^ (See Foreign On recent economic developments 671 banking.) Hay crop estimate 983,1099,1206,1334 International debt, adjustment of 906 Helena branch bank, opening of 141 Investment changes, yearly review 777 Hides and skins, stocks of 101, Investment trusts 62 224,342,456, 594, 716, 832, 978,1096,1216,1331,1451 Iron and steel production: Hoover, Herbert, on international credits 1380 England 79, Hosiery industry, monthly reports on 17, 198, 319, 422, 554, 690, 952,1070,1189,1305,1423 147, 278, 388, 520, 661, 787, 915,1043,1161,1278,1394 France..... 321,1305,1425 Immediate credit, demand bill of lading drafts 1080 United States 18,100, Imports and exports : 145, 223, 276, 341, 387, 455, 518, 592, 660, 715, 785, 831, Argentina 574 912, 977,1040,1094,1159,1213,1276, 1329,1391,1449 Brazil 574 Chile 574 Irrigation companies, notes of, not, classed as agricul- Gold...." 11,127,139, tural paper 964 252, 369, 380, 492,511,641,654,759,779,882,907, Italy: 1014.1034,1133,1153,1252,1270,1366,1384,1493 Balances due to and from foreign countries 1403 June, 1920-May, 1921 856 Bank of Italy, condition of, 1914-1920 611 Year ending June, 1921 771 Budget 323,1076,1381 Years 1918-1921 679 Business and financial conditions 82, Silver 11,128, 140, 253, 270, 370, 381, 493, 511, 642, 322, 426, 437, 557, 609, 693, 765, 807, 957, 654,760,779, 883, 908,1015,1034,1134, 1021, 1076, 1145, 1191, 1258, 1375, 1425 1153, 1252, 1270, 1367, 1384, 1494 Prof. Riccardo Bachi on 437 June, 1920-May, 1921 856 Cost of living 807 Crops 1426 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IKDEX TO VOLUME 1. Italy—Continued. Page. Letters of credit—Continued. Page. Deposits, note circulation, and reserves, 1904- Practice of American banks in financing 1921 1298,1384 foreign trade under 163 Expenditures for national defense 1382 Questionnaire on use of 164 Foreign exchange 438, 957,1426 Study of 158, 410, 681, 926 Foreign trade 83, Liability on letters of credit and acceptances 547, 816 269, 440, 558, 607, 729, 849, 994,1111,1231,1346,146L9ive-stock industry: Government price control relinquished 1427 Animals slaughtered 450, 588, Mineral production 441 710, 825, 972,1088,1209,1324,1443 New index number of wholesale prices 465 Bankers' Live Stock Loan Corporation formed Note circulation 427, 771,1183,1298 to finance 775 Public debt 82, 323,1076,1179,1382 Plan of Secretary of Treasury to finance 775 Tariff revision 1191 Monthly reports on 15,143, Taxes.., 693,1180 275, 386, 516, 658, 783, 911,1039,1157,1274,1390 Unemployment 1077,1427 Receipts and shipments 94, 216, War financing 1177 334, 449, 587, 709, 823, 970,1087,1207,1324,1443 War loans 1381,1185 Lloyd George on German reparations payments 651 Wholesale prices 82, 209, 328, Loans and discounts of 11 New York City banks, 437, 603, 725, 844, 990,1107,1227,1342,1426,1465 1913-1919 41 New index number 465 Loans: Japan: Agricultural. (See Agricultural credit; Credit.) Balances due to and from foreign countries 1403 By city banks to correspondents, methods fol- Bank of Japan, condition of 87, 208, 326 lowed 33, 536 Business and financial conditions 86. Demand, on real estate 546 208, 326, 610, 766,1022,1144,1260,1376, 1501 Foreign— Deposits, note circulation, and reserves, 1904 - England. 565,1303,1421 1921 1300 Floated in the United States 135, 942,1266 Foreign trade 209, 326, France. 179, 321, 691, 955,1305 607, 729, 849, 994,1111,1231,1346,1469 Germany , 1308 Wholesale prices 77,195, Italy : 1181,1185 317,463, 601, 723, 842, 989,1105,1225,1341,1463 (See also Credit.) Locomotives and cars, output of 102, Joint Commission of Agricultural Inquiry, statement 225, 343, 457, 595, 717, 833, 980,1097,1217,1332,1452 by, relative to agricultural credits 1030 Lumber industry: Kains, Archibald, on cotton financing 1066 Production 98, Knit goods production 23,151, 221, 340, 454, 592, 714, 829, 976,1093,1215,1330,1450 284, 458, 596, 720, 837, 984,1100,1221,1337,1457 Reports on 22, Labor conditions: 144, 279, 390, 521, 663, 788, 916,1044,1163,1280,1395 England.. 79,198. 319. 422, 552, 690, 803, 804, 952,1069 France 693 Managers of branches of Federal Reserve Banks 67 Germany 560, 696, 809,1072,1310 Maturities: Italy 1077,1427 Acceptances purchased— Netherlands 432,1196 Monthly 110, 234, Sweden 431, 562, 696, 960,1073 353, 470, 616, 733, 860, 996,1113,1233,1348,1472 United States— Quarterly Ill, 234, 471, 616, 861 Monthly reports 19,148. Bills discounted and bought— 282,522, 664, 789, 917,1045,1163,1281,1396 Monthly 110,119, 233, 241, Survey on, by Federal Reserve Board... 506, 526 353, 360, 469, 478, 616, 624, 733, 742, 860, 869, 997, Yearly review 774 1005.1112,1122,1233,1242,1348,1356,1471,1482 (See also Wages.) Quarterly 110, 234, 470, 616, 861 Treasury certificates of indebtedness. 119, Law department. (See Rulings.) 241, 360, 478, 624, 742, 869,1005,1122,1242,1356,1482 Lead production '.... 1095,1214,1329,1449 Meat products, exports of 95, League of Nations: 217, 336, 450, 588, 710, 826, 972,1088,1209,1325,1445 Brussels conference, resolutions of, relative to Mellon, A. W., appointed chairman of Board 383 international credits 181 Member banks: Geneva conference, international credit plan Acceptance liabilities of 171, 800,1050 adopted by 10 November, 1919-November, 1920 171 Leather: Agricultural loans by, March, 1920-April, Monthly reports on the industry 17,148, 1921 1049,1150 279. 390, 521, 662, 787, 916,1043,1162,1279,1395 Borrowings frbm Federal Reserve Banks in Production of.. 1095,1216,1331,1451 agricultural and nonagricultural counties. 1049,1150 Letters of credit: Condition statements 120, Agent of national bank for issuing 547, 648 245, 363, 480, 628, 743, 871,1006,1124,1244,1358,1484 American courts on rights and liabilities arising Abstract of 255, 497, 851, 886,1137 out of 162 Number accommodated through discount opera- Application for, description of. 1170 tions. .108,232, 351, 467,614, 731, 858,1232,1347,1471 British courts on rights and liabilities arising Years 1917-1921 1032 out of 158 Number in each district 108, Comparison between authority to purchase 930 232, 351, 467, 614, 731, 858, 996,1112,1232,1347,1471 Correspondent bank as agent of national bank State banks admitted to system 68, for issuing 547, 648 188, 307, 415, 551, 698, 814, 961,1078,1198,1316,1434 Forms of 410 Merchandise imports and exports, China and India. 938 Guaranteeing of, by national banks 547, 648 Methods followed by city banks in granting accom- Liability upon 547, 816 modations to correspondents 536 Limitations applicable to 816 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 1. XI Page. Mitchell, John R., appointed member of Federal Nonmember banks: Reserve Board 655 On par list 113, 244, 362, 491, 639, 755, 850, 881,1013,1132,1251,1365,1492 Money: Call rates in New York 375 Permission granted member banks to apply for Stock of, in United States 129, 254, discounts acquired from 963 371,496, 644, 762, 885,1017,1136,1254,1368,1495Norway: June, 1920-June, 1921 853 Balances due to and from foreign countries 1403 Moratorium in Cuba 302 Bank of Norway, condition of 611 Motor trucks, eligibility of notes issued for purchase Exchange value of krone 795,1431 of 191 Note circulation 1433 Municipal loans, foreign, floated in the United Wholesale prices 726, States 945 845, 991,1108,1228,1343,1431,1463 National bank notes: Notes not eligible as commercial paper unless made Stock of, in United States 129, 254, or indorsed by party to commercial transaction. 1079 371, 496, 644, 762, 885,1017,1136,1254,1368,1495 Notes of irrigation company not classed as agricul- June, 1920-June, 1921 853 tural paper 964 National banks: Notes of packing and marketing associations not Acceptance liabilities of 172, 800,1051 classed as agricultural paper 1312 November, 1919-November, 1920 172 Oats, estimated crop 983,1099,1206,1334 Charters issued to 69,189, Ocean freight rates 403, 931,1068,1206,1322,1442 307, 417, 551, 698, 814, 962,1081,1200,1315,1436 Oil, output and stocks 99, Correspondent bank as agent for issuing accept- 222, 341, 454, 592, 715, 830, 976,1094,1213,1328,1448 ances and letters of credit 547, 648 Oklahoma banking laws, amendment to 550 Deposit of securities in trust department to se- Open-market purchases by Federal reserve banks: • cure trust funds deposited in commercial de- Amendment to Regulation B 545 partment 309 Bankers' acceptances direct from accepting Directors, act relating to qualifications of 549 banks 699 Fiduciary powers— (See also Discount and open-market operations.) Deposit of securities in trust department to Opinions: secure trust funds deposited in commer- American and British courts on rights and liacial department 309 bilities arising out of letters of credit 158,162 Exercise of, by banks outside of State where Counsel of Federal Reserve Board. (See Rullocated 816 ings.) Funds derived from sale of collateral secu- Supreme Court in Atlanta par clearance case.. 700 rity held by national bank as trustee un- Packing and marketing associations, notes of, are der corporate issue of bonds are trust not agricultural paper 1312 funds 1435 Paper production 101, Granted 68,189, 225, 343, 457, 595, 717, 833, 979,1096,1216,1331,1451 306,416, 551, 688, 814, 961,1078,1198,1316,1434Par collection. (See Clearing and collection.) Transfer agent 545 Par list, number of banks on 113, 244, Guaranteeing of letters of credit and accept- 362, 491, 639, 755, 850, 881,1013,1132,1251,1365,1492 ances 547 Parent bank, reserves against balances due to foreign Letters of credit— branch 815 Correspondent bank as agent for issuing .. 547 Per capita circulation in United States 129, Guaranteeing of 547 254, 371, 496, 644, 762, 885,1017,1136,1254,1368,1495 Right of, to invest in stock of international finan- June, 1920-June, 1921 853 cial corporations 71 Petroleum industry: Transfer agents 545 Monthly reports 18, Trust powers. (See, supra, Fiduciary powers.) 145, 276, 387, 517, 659, 784, 912,1040,1158,1275,1391 Production 99, National defense expenditures, Great Britain, 222, 341, 454, 592, 715, 830, 976,1094,1213,1328,1448 France, Italy, and Germany 1382 Physical volume of trade 94, Naval stores 98, 221, 216, 334, 446, 585, 707, 823, 970,1087,1207,1322,1442 339, 453, 591, 714, 829, 975,1092,1212,1328,1448 Pittman Act certificates, retirement of 374 Prices: Netherlands: Discussion of 131. 378, 504, 652, 776,1152 Bank of Netherlands, condition of 262, President of United States on 506 434, 812,1197,1299 Retail. (See Retail prices.) Business and financial conditions 431,812,1195 Wholesale. (See Wholesale prices.) Currency circulation 1197 Profit and loss account of Federal reserve banks. 156, 941 Deposits, note circulation, and reserves, 1904- 'Protocol of the German reparations commission 674 1921 1299 Public debt: Foreign exchange 433 Austria 207 Foreign trade 433, 813,1196 England 78,173.197, 319, 420, 565,1381,1421 Javasche Bank, condition of 1197 "1916-1919 173 Prices 432,813,1195 France 80,179, Unemployment 432,1196 200, 321. 425, 555, 692. 805, 955,1075,1305.1382 New Jersey, amendment to banking laws of 73 Germany '. - 84, 203, 324, 429, 808, 958,1308,1382 New York City: Ttaly..." 82, 323,1076,1179,1382 Deposits of eleven banks in, 1913-1919 286 Loans and discounts of eleven banks in, 1913- Public utility loans, foreign, floated in United 1919 41 States 950 Purpose of original negotiation determines eligibil- Nonferrous metals 19, ity and classification of paper. 1199 146, 276, 386, 517, 660, 785, 913,1041,1159,1276,1392 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

xii I2TDEX TO VOLUME 1. Page. Page. Quick assets over current liabilities as bearing Resources and liabilities: upon eligibility of rjaper 546 Federal Reserve Banks 116, 238, Railroad loans, foreign, floated in the United 357,476, 623, 739, 867,1002,1119,1240,1354,1479 States 948 Member banks in leading cities... 122,247,364,482, Railroad rate problem 507 630,745, 852, 873,1006,1124,1244,1358,1484 Railway reorganization, France 1423 Year ending June, 1920. 852 Railway statistics: Retail prices: England 952,1070,1189,1305,1423 Comparative, in principal countries 605, Sweden 960 727,847, 993,1109,1229,1345,1468 United States 103. 226. 344, 458, Netherlands 1195 596, 718, 834, 980,1097,1217,1332,1452 Retail trade, condition of 21, 74,149, Rates: 192, 281, 313, 393,460,523,598,666,720,790,837, Acceptances purchased— 919, 986, 1047, 1102, 1164, 1221,1283,1337,1457 Each month 110,112, 234. 236, 353, Revenue stamps on time drafts 310 470, 616. 733, 860, 997,1113,1233. 1348,1472 Review of banking conditions 25, 767, 849 Quarterly Ill, 471. 861 Bills discounted— (See also Business and financial conditions.) Each month 110, 233, 353. 469. 616. Revised Statutes, amendments to: 733, 860, 996,1112, 1234, 1348,1471 Qualifications of national bank directors 549 Quarterly 110, 470, 861 Sub treasuries discontinued 33 Discount— Monthly 129,254.371,496.644, Rules of The Hague, 1921 1292 762, 885,1017,1136,1254,1369,1495 Rulings of the Federal Reserve Board; law depart- July, 1920 and 1921 857 ment: Earnings of Federal Reserve Banks 109, 233, Acceptances— 354, 471, 618, 734, 862. 997, 1114, 1234. 1349,1473 Against domestic shipping documents 1312 Foreign exchange. (See Foreign exchange.) Agent of national bank for issuing........ 547 Readjustment situation 503, 645, 767 Agricultural commodities; bankers' ac- Real estate, demand loans on 546 ceptances drawn by cooperative market- Rediscount, eligibility for. (See Agricultural paper; ing associations against warehouse re- Commercial paper; Eligibility.) ceipts covering 963,1199 Rediscounts between Federal" reserve banks 235, Amendment to Regulation B—Open-mar- 617.1004,1122,1242.1356,1482 ket purchases of bankers' acceptances-.. 545 January-July. 1921 1032 Automobile parts as readily marketable June, 1920-June, 1921 854 staples > 699 (See also Discount and open-market operations.) Bankers' acceptances drawn by cooperative Regulations: marketing associations against warehouse Bureau of Internal Revenue, governing use of receipts covering agricultural commodirevenue stamps on time drafts 310 ties 963,1199 Federal Reserve Board— Bill of lading drafts, demand, collection Amendment to Regulation B—Open-market of - 1080 purchases 545 Cattle, shipping documents covering 815 Shipping documents, meaning of, as used Coffee, warehouse receipts covering 418 in 191 Consignment, goods shipped on 419 Renewal drafts 699,964 Cooperative marketing associations, ac- Reparations payments, German 138, ceptances drawn by, against warehouse 269, 650, 674,1301,1308,1429 receipts covering agricultural commodi- Lloyd-George on 651 ties 963,1199 Protocol, text of 674 Correspondent bank as agent of national To England 1302,1421 bank for issuing 547 Reserve ratio of Federal Reserve Banks 13, Domestic transactions; shipping docu- 133, 141, 154, 272, 377, 382, 510, 512, ments 70,1312 655,780,908,1035,1131,1154,1271,1386 Export and import transactions— Dealers in both export and domestic Reserves: transactions 70 Against balances due from member bank to its Goods shipped on consignment 419 foreign branch 815 Renewal drafts 699, 964 Against funds deposited with trust company for Security for accepting banks 418 redemption of maturing obligations 1435 Shipping documents— Against money paid to member bank in antici- Acceptances against 1312 pation of acceptances 815 Meaning of, as used in Board's Movement of, during year 27,771,850 regulations 191 Foreign branches of member banks, reserves Goods shipped on consignment 419 against balances due from parent bank 815 Guaranteeing of, by national banks 547 Gold reserves of principal countries before and Indorsement of accepting bank 699 after the war 676 National banks appointing correspondent 547 Reserves, deposits, and note circulation of bank as agent 547 Federal Reserve Banks 352, Nonmember bank, eligible paper of, ac- 468, 621, 738, 866,1002,1118,1239,1353,1478 quired by member bank. 963 Reserves, deposits, and note circulation in prin- Open-market purchases by Federal Reserve cipal foreign countries 1295,1383 Banks— 1904-1921 1295 Amendment to Regulation B 545 Resolutions of Brussels conference on international Bankers' acceptances direct from accredits 181 cepting banks 699 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IJSTDEX TO VOLUME 7. ini Rulings of the Federal Reserve Board; law depart- Rulings of the Federal Reserve Board; law department—Continued. ment—Continued. Acceptance—Continued. Pace Commercial paper— Page. Permission granted member banks to apply Notes not eligible as, unless indorsed by for discounts of eligible paper acquired party to the commercial transaction 1079 from nonmember banks 96J Purposes of original negotiation determines Period for which acceptances should be eligibility and classification of paper 1199 drawn 308 Consignment, goods shipped on 419 Purchase by Federal Reserve Banks of Cooperative marketing associations, acceptbankers' acceptances direct from accept- ances drawn by, against warehouse receipts ing banks 699 covering agricultural commodities 963,1199 Purposes of original negotiation determines Correspondent bank as agent of national bank in issuing acceptances and letters of credit.. &47 eligibility and classification of paper.. 1199 Current liabilities, quick assets over, as bearing Readily marketable staples 699 upon eligibility of paper 546 Regulation B, amendment to 545 decision of Supreme Court in A+1-«^ta par Renewal drafts 699, 964 Reserves against money paid to member De ci m <c* a } n yp d ^ n l c o e a C n c s ^ ti o t; n .. real . es . ta .. te - ..--....»......- 7U 5 U 46 bank in anticipation of acceptances 815 Deposit of funds with trust company for re- Security for 418,1313 demption of maturing obligations 1435 Shipping documents— Deposit of securities in trust department of a Against acceptances 1312 national bank to secure trust funds deposited Covering cattle 815 in commercial department 309 Meaning of, as used in Board's regula- Directors of national banks, qualifications of... 549 tions 191 Drafts- Time, length of, for which acceptances Bill of lading, demand, collection of...... 1080 Renewal 699,964 should be drawn 308 Time, revenue stamps on 310 Warehouse receipts— (See also Acceptances.) Agricultural commodities 963,1199 Edge Act- Automobile parts 699 Amendments to 310,817 Coffee in foreign country 418 Right of national banks to invest in stock Tobacco 963,1199 of corporations organized under provis- Wine, sacramental, in bond, warehouse re- ions of 71 ceipts covering 419 Eligibility— Acts— Automobile trucks, notes for purchase of.. 191 Amending State banking laws— Cold storage companies, notes of 308 Indiana 550 Irrigation companies, notes of 964 New Jersey 73 Motor trucks, notes for purchase of 191 Oklahoma 550 Notes not eligible as commercial paper un- Modifying 10 per cent limitation (sec. llm) 73, 310 less indorsed by party to the commercial Qualifications of national bank directors. - - 549 transaction. 1079 Notes of packing and marketing associations 1312 Agent of national bank for issuing .. 547, 648 Paper of nonmember banks acquired by Agricultural paper— member banks 963 Growers' drafts accepted by cooperative Purpose of original negotiation determines marketing associations 963,1199 eligibility and classification of paper 1199 Notes of irrigation companies not classed as 964 Quick assets over current liabilities 546 Notes of packing and marketing associations Examination of State bank members, New not classed as 1312 Jersey law 73 Purpose of originial negotiation determines Export or import transactions— eligibility 1199 Acceptances against goods shipped on con- Assets, quick, over current liabilities as bear- signment 419 ing upon eligibility of paper 546 Dealers engaged in both 70 Atlanta par clearance case, decision of Supreme Renewal acceptances 699, 964 Court 700 Security for accepting banks 418 Automobile parts as readily marketable staples. 699 Shipping documents— Automobile trucks, eligibility of notes issued Acceptances against 1312 Meaning of, as used in Board's regufor purchase of 191 lations 191 Bank loans, warehouse receipts as collateral for. 1314 Federal Reserve Act, amendments to— Bill of lading drafts, demand, collection of 1080 Sec. 11 (m)—Extension of 10 per cent Branches, foreign, of member banks, reserves limitation 73,310 against balances due to, from parent bank... 815 Sec. 25 (a)—Foreign banking corpora- Capital stock of foreign banking corporations, tions.. ^ . 310,817 right of national banks to invest in 71 Fiduciary powers of national banks— Cattle, acceptances against shipping documents Deposit of securities in trust department covering 815 to secure trust funds deposited in com- Clearing and collection— mercial department 309 Collection of demand bill of lading drafts.. 1080 Exercise of, by banks outside of State Supreme Court decision in Atlanta par where located 816 clearance case 700 Funds derived from sale of collateral Coffee, warehouse receipts covering 418 security held by national bank as Cold-storage companies, eligibility of notes of.. 308 trustee under corporate issue of bonds Collateral for bank loans, warehouse receipt© as 1314 are trust funds 1435 Collection of demand bill of lading drafts 1080 Transfer agents, national banks acting as.. 545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

xrv IKDEX TO Rulings of the Federal Reserve Board; law depart- R-ulings of the Federal Reserve Board; law department—Continued. Page. ment—Continued. Yage. Foreign banking corporations- Purpose of original negotiation determines eli- Amendment to Federal Reserve Act 310, 817 gibility and classification of paper 1199 Right of national bank to invest in stock of 71 Quick assets over current liabilities as bearing Foreign branches of member banks, reserves upon eligibility of paper 546 against balances due from parent bank..... 815 Real estate, demand loans on 546 Guaranteeing of letters of credit and accept- Rediscount, eligibility for. (See Agricultural ances by national banks 547 paper; Commercial paper; Eligibility.) Immediate credit, demand bill of lading drafts 1080 Regulations of Bureau of Internal Revenue Indiana banking laws, amendment to 550 governing use of revenue stamps on time Indorsement— drafts...' 310 Notes not eligible as commercial paper un- Regulations of the Federal Reserve Board— less indorsed by party to commercial Amendment to Regulation B—Opentransaction 1079 market purchases of bankers' acceptances 545 PurcriA^o by Federal Reserve Bank, of Shipping documents, meaning of, as used bankers' accwvtanc^s dir<^ Aj.-uni accept in... 191 ing banks .V.. 699 Renewal drafts 699, 964 International banking corporations, right of Reserves against balances due from member national banks to invest in stock of........ 71 bank to its foreign branch 815 Irrigation companies, notes of, not classed as Reserves against funds deposited with trust agricultural paper 964 company for redemption of maturing obli- Letters of credit— gations 1435 Correspondent bank as agent for issuing., 547, 648 Reserves against money paid to member baiiE Guaranteeing of, by national banks 547, 648 in anticipation of acceptances 815 Limitations applicable to 816 Revenue stamps on time drafts 310 Liability upon letters of credit and acceptances. 816 Revised Statutes, amendment to, relative to Limitations applicable to letters of credit.. -.. 816 qualifications of national bank directors 549 Loans, demand, on real estate 546 Security for acceptance credits 418,1313 Motor trucks, eligibility of notes issued for pur- Shipping documents— chase of 191 Acceptances against 1312 National banks— Covering cattle 815 Acting as transfer agents 545 Meaning of, as used in Board's regulations. 191 Correspondent bank as agent for issuing Stamps, revenue, on time drafts 310 letters of credit and acceptances 547 State banking laws, amendments to— Deposit of securities in trust department Indiana 550 to secure funds deposited in commercial New Jersey 73 department 309 Oklahoma 550 Directors, qualifications of 549 Supreme Court decision in Atlanta par clear- Fiduciary powers. (See, supra, Fiduciary ance case 700 powers.) Ten per cent limitation, act modifying (sec. Guaranteeing letters of credit and accept- 11 (m)) 73, 310 ances 547 Time, length of, for which acceptances should Right of, to invest in stock of international be drawn 308 financial corporations 71 Tobacco, warehouse receipts covering 963,1199 Trust powers. (See, supra, Fiduciary Transfer agents, national banks acting as 545 powers.) Trust funds— New Jersey banking laws, amendment to 73 Deposit of securities in trust department of Nonmember banks, eligible paper of, acquired a national bank to secure funds deposited by member banks 963 in commercial department 309 Notes not eligible as commercial paper unless Proceeds derived from sale of collateral made or indorsed by party to commercial security held by a national bank as transaction 1079 trustee under corporate issue of bonds.. 1435 Notes of irrigation companies not classed as Trust powers of national banks. (See, supra, agricultural paper 964 Fiduciary powers.) Notes of packing and marketing associations Warehouse receipts— not classed as agricultural paper 1312 Agricultural commodities. 963 Oklahoma banking laws, amendment to 550 Automobile parts 699 Open-market purchases of bankers' accept- Coffee in foreign country 418 ances— Cold-storage goods 308 Amendment to Regulation B 545 Collateral for bank loans 1314 By Federal Reserve Banks direct from Tobacco 963,1199 accepting banks 699 Wine, sacramental, in bond, warehouse re- Opinion of Supreme Court in Atlanta par ceipts covering 419 clearance case 700 Packing and marketing associations, notes of, Russia, export and exchange restric tions removed.. 69 are not agricultural paper 1312 Sault Ste. Marie Canal, commerce of 103, Parent bank, reserves against balances due 226>718, 834,981,1098,1218,1333,1453 from, to foreign branch 815 Secretary of the Treasury: Permission granted member banks to apply for Mellon, A. W., appointed. 383 discounts of eligible paper acquired from On retirement of Pittman Act certificates 374 nonmember banks 963 On revival of War Finance Corporation .... 4 Purchase, by Federal Reserve Banks, of bank- On future Treasury financing 2,373, 777 ers' acceptances direct from accepting banks. 699 Security for acceptance credits 418,1313 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis