Federal Reserve Bulletin, 1922-01
INDEX-DIGEST FEDERAL RESERVE BULLETIN VOLUME VIII 1922 COMPILED BY CHARLES S. HAMLIN Member of Federal Reserve Board WASHINGTON GOVERNMENT PRINTING OFFICE 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF THE FEDERAL RESERVE BULLETIN. VOLUME VIII, 1922. A. ACCEPTANCES—Continued. Purchased. (See Bankers’ acceptances; Discount and ABITIBI POWER AND PAPER CO. open-market operations; Earning assets; Hold Securities placed in U. S., 1051. ings.) Regulation A. Amendment, 433. ABSORPTION OF BANKS. (See same, principal heading.) By a national bank of a State bank, 829. Rulings. Federal Reserve Board. (See same, prin By a State bank of another State bank, 1285. cipal heading.) ABSTRACT OF CONDITION REPORTS. Security for. Ruling, 52. Member banks, 373, 633, 870, 1145. (See Rulings, Federal Reserve Board.) Member State banks and trust companies, 371, 630, Trade acceptances. (See same, principal heading.) 1142. ACCEPTING INSTITUTIONS. ABYSSINIA. (See Bankers’ acceptances; Earning assets; Holdings, Gold exports and imports, 110, 249. etc.) ACCEPTANCE LIABILITY. ACCOMMODATED. (See Acceptances; Bankers’ acceptances.) Number of member banks, 87, 228, 343, 465, 603, 733, 872, 989, 1118, 1238, 1361, 1481. ACCEPTANCES. Acceptance liability— ACCOMMODATION. British banks, 284, 515, 1049. Between Federal reserve banks. (See Rediscounts Central reserve city banks, 374, 631, 634, 1143, between Federal reserve banks.) 1146. Extended to member banks. (See Banking condi Country banks, 374, 631, 634, 1143, 1146. tions.) French banks, 284. ACT. Italian banks, 284. Amending farm-loan act. Federal Reserve Board on, Member banks, 284, 373, 374, 514, 633, 634, 771, 318. 1048, 1145. Amending Federal reserve act— National banks, 283, 514, 1048. Section 9. State banks placed on parity with Reserve city banks, 374, 631, 634, 1143, 1146. national banks as to rediscounts— State banks and trust companies, member, 283, Text, 831. 371, 375, 514, 630, 1048, 1142. Analysis, 933. Bankers’ acceptances. (See same, principal heading.) Section 10— Bills of exchange. Actually existing values, 1286. Additional member on Federal Reserve (See Bills of exchange.) Board, 830. Cooperative marketing associations. Eligibility of H. R. Banking and Currency Committee. paper, 931, 1044. Report on, 501. (See same, principal heading; Rulings, Federal Limiting cost of Federal reserve bank build Reserve Board.) ings, 830. Cotton factors’ paper, 432. ACT OF: (See same.) 1918, Nov. 17. Consolidation of national banks under, Discounts by State bank members of own and other 51, 195, 317, 431, 517, 700, 829, 922, 1043, 1170, acceptances, 632, 1144. 1285, 1407. Federal reserve banks. Holdings of, 284, 514, 515, 1919, Oct. 22. Amends U. S. Revised Statutes, sec. 771, 772, 1049. 5200. Analysis of, 933, 1287. (See Bankers’ acceptances; Earning assets; Hold 1920, Dec. 17. Central reserve bank. South Africa, ings, etc.) 1329. French banks, 284. 1921, Feb. 5. North Carolina. Exchange charges (See France.) held unconstitutional by Supreme Court of North Italian banks, 284. Carolina. Text of decision, 701. (See^ Italy.) 1922, Feb. 9. Creating Allied Debt Commission, 386. Maturity distribution. (See same.) 1922, Mar. 4. German bank act. Amendment, 522, Maturity of. Ruling, 52. 688. (See Rulings; Federal Reserve Board.) 1922, Mar. 9. Federal reserve act of Peru. Text, 518. One hundred per cent. Acceptances authorized up 1922, June 3. Amends sec. 10, Federal reserve act. . to, etc., 922, 1042, 1170. Banking and Currency Committee report, 501. Open-market purchases. Rates. London and New Federal Reserve Board, additional member, 830. York, 1049. Limitation of building contracts. Text, 830. 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
2 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. ACT OF—Continued. AGRICULTURE—Continued. 1922, July 1. Amends sec. 9, Federal reserve act. Condition— Places State member banks on equality with Discussion, 2, 261, 498, 771, 1151. national banks as to rediscounts— Great Britain, 1429. Text, 831. Mexico, 1080. Analysis, 933. Reports on, 10, 133, 272, 391, 505, 650, 777, 911, 1922, July 1. National banks given succession for 99 1033, 1160, 1275, 1399. years. Text, 831. (See Review of month.) 1922, July 29. New Austrian bank of issue, 1083. Conference on. (See Review of month.) Cooperative marketing associations, 931, 1044. ACTIVITY, INDUSTRIAL. (See infra, Paper; Rulings, Federal Reserve Board.) (See Indexes of industrial activity; Industrial activ- Credit. (See Review of month.) ity;) Crop-moving problems, 1151. ACTUALLY EXISTING VALUES. Crop-moving season, rediscounts during, 1153. Bills of exchange drawn against. Ruling, Federal Department of Agriculture. Questionnaire, 266. Reserve Board. Sec. 13, 1286. Discount rates (See Federal reserve act, sec. 13; Rulings, Federal Agricultural paper, 112, 251, 364, 486, 626, 753, Reserve Board; Bills of exchange.) 866, 893, 1011, 1137, 1258, 1380, 1500. Margin between customers’ rates and Federal Re- ACTUARIAL BASIS, 672. eral reserve rates, 260. (See Credit insurance.) Export situation, 267, 268. ADMINISTRATOR, EXECUTOR, ETC. Federal Advisory Council on, 263. (See Fiduciary powers; Rulings, Federal Reserve Federal reserve banks. Agricultural paper held by, Board; Trust funds.) Federal Reserve Board on, 264, 267. ADMISSION INTO FEDERAL RESERVE SYSTEM. Index numbers. Movement. Charts, 62, 205, 455, (See State banks and trust companies, Admission.) 592, 721, 851, 980, 1108, 1226, 1351, 1470. ADVANCES TO GOVERNMENT. Interest rates— (See France, Bank of France, advances to Government; (See supra. Discount rates.) Great Britain, Bank of England, advances to (See Review of month.) Government.) Joint Commission of Agricultural Inquiry— Work of, 262. ADVISORY COUNCIL, FEDERAL. Bill proposed by. Federal Reserve Board ap (See Federal Advisory Council.) proves, 318. AFRICA. Loans. Of all loans made by member banks at least Currency of, bought and sold by United States from 15 per cent are agricultural loans and 5 per cent and to Africa and other foreign countries, 534. additional are mortgage loans, 266. Securities of, held in United States for account of Loans and discounts, agricultural, of member banks, British Government, 533. 499. (See British South Africa; British West Africa; Cur (See supra, Federal reserve banks.) rency and banking in South Africa; Portuguese Movements of. Index numbers, 62, 205, 294, 295, 454, Africa; South Africa; Transvaal.) 455, 591, 721, 851, 852, 979, 980, 1108, 1109, 1226,1227, 1351,1352, 1470, 1471. AGENCIES, FOREIGN. Charts. Index numbers, 62, 205, 294, 454, 591, Purchase of foreign exchange by United States dealers *721, 852, 979, 1108, 1226, 1351, 1470. from, 1918-19, 164. Paper, agricultural— (See Foreign bank branches and agencies; Foreign Cooperative marketing associations. Eligibility institutions and agencies.) of, 931, 1044. AGENCIES, MERCANTILE, 801. (See Rulings, Federal Reserve Board.) (See Foreign credit information.) Definition of, 1044. Discounts of, 87, 228, 343, 464, 603, 733, 872, 989, AGRICULTURAL PRODUCTS. 1118, 1237, 1361, 1481. (See Agriculture.) Draft of grower. In debt previously incurred in AGRICULTURE. crop growing or harvesting, drawn for part of Agricultural products— market value, held to be, 1044. Index numbers, 454, 591, 721, 852, 979,1109,1227, (See Trade acceptances.) 1352, 1471. Federal reserve banks. Holdings of, 90, 231, 345, Movement. Index numbers. Charts, 62, 205, 467, 606, 735, 875, 992, 1120, 1239, 1363, 455, 592, 721, 851, 980, 1108,1226, 1351,1470. 1483. Animal products, meat products, mineral prod Year ending June 30, 1922, 862. ucts, raw materials, producers’ goods, con Note of farmer to finance carrying of products sumers’ goods, all commodities. Index num for a reasonable period held to be, 1044. bers, 322, 440, 707, 835, 966. (See Rulings, Federal Reserve Board.) (See Group index numbers; Australia; Ger Joint Commission of Agricultural Inquiry— many; New Zealand.) Bill recommended by, 318. Aid to— Federal Reserve Board approves, 318. Argentina, 955, 1314, 1315. Prices, agricultural— Brazil, 1318. Farm products. Prices, 1429. New York bank loans, 429, 1315. Increasing, May, 1922, 498. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 3 AGRICULTURE—Continued. AMENDMENTS TO REGULATIONS OF FEDERAL Prices, agricultural—Continued. RESERVE BOARD. Index numbers, wholesale— (See Regulation A. Bankers’ acceptances in foreign Australia. 1914-1922, 83, 224, 329, 446, 583, traae.) 713, 1098. Germany. 1920-1922, 82, 222, 327, 445, 582, AMERICAN ACCOUNT. 712, 842, 970, 1095, 1215, 1340, 1458. Securities held abroad for, 545. New Zealand. 1913-1922, 1100. AMERICAN BANK AND TRUST CO. v. FEDERAL Switzerland. 1914-1922, 1097. RESERVE BANK OF ATLANTA. United States. 1913-1922, 1092, 1214, 1339, Par clearing case— 1457. U. S. District Court decides on merits in favor of (See Prices, principal heading; Review of Federal Reserve bank. Text of decision. month.) Mar. 11, 1922, 436. Rates on agricultural paper. Margin between cus U. S. Circuit Court of Appeals affirms decision of tomers’ rates and Federal reserve rates, 260. (See, supra, Discount rates.) U. S. District Court. Text of decision. Raw materials for agriculture. (See Sweden.) Nov. 2, 1922, 1408. (See Clearing system, Federal reserve Rediscounts during crop-moving season, 1153. Rulings, Federal Reserve Board. (See same.) banks.) Speculation. Farmers’ paper given for purposes of, AMERICAN BUSINESS HOUSES. held not eligible, 1044. Foreign credit work of, 795. ALL COMMODITIES, GOODS IMPORTED, GOODS AMERICAN FOREIGN BANKING CORPORATION, EXPORTED, RAW MATERIALS, PRO NEW YORK. DUCERS’ GOODS, CONSUMERS’ GOODS. Foreign branches of, 1299. Price index numbers of Federal Reserve Board. Charts— AMERICAN SECURITIES. Canada, 805. Held abroad for American and foreign account, 545. France, 928. Held in U. S. for foreign account, 546, 547, 548. Great Britain, 321, 439, 577, 706, 834, 965, 1208. United States, 55,197, 320, 438, 576, 705, 833, 964, AMERICAN SPINNERS. 1087, 1207. Takings of cotton. (See Cotton.) ALLEGHENY DIVISION. AMERICAN VESSELS. (See Railroad revenue-freight.) (See Panama Canal; Ships.) ALLIED DEBT. AMSTERDAM. Balfour note, 1024, 1046 (text). German foreign trade financed through, 950. Statement of United States Treasury, 1024. Foreign trade and, 1027. ANALYSIS. Lloyd George on, 1025. U. S. Revised Statutes, Sec. 5200, as amended by Act of Oct. 22, 1919, 933. ALLIES. ANALYSIS AND RESEARCH. (See European Allies; Reparations; Specific countries (See Division of analysis and research.) by name.) ANIMAL FOODS. ALLOTMENTS. (See Group index numbers, France, Great Britain, Of United States notes and Treasury certificates Italy, Sweden.) through the Federal reserve banks, fiscal year 1922, 868. ANIMAL PRODUCTS. (See United States bonds.) Group index numbers. Wholesale prices, 1913- 1922, 1092, 1214, 1339, 1457. ALLOWANCES, DEPRECIATION. (See Agricultural products, etc.; Prices.) (See Depreciation allowances.) ANIMALS. AMALGAMATIONS, RAILROAD. Movement. Index numbers, 295, 455, 592, 721, 851, Great Britain, 1301. 980, 1109, 1227, 1352, 1471. Slaughtered under Federal supervision, 61, 204, 336, AMENDMENT TO GERMAN BANK ACT. 456, 593, 723, 853, 981, 1110, 1228, 1353, 1472. Gold deposited by Reichsbank with a foreign central Wholesale prices. Index numbers. Canada. 1913bank of issue to count as reserves, 522. 1922, 83, 224, 329, 584, 714, 842, 971, 1098, 1216, 1341, 1459. AMENDMENTS TO FEDERAL RESERVE ACT. (See Agricultural movements; Live-stock industry; Sec. 0.—State bank rediscount limitations, 831, 933. Group index numbers; Prices.) Sec. 10.— Increasing membership on Federal Reserve ANNUAL REPORT. Board, 830. Bank of France, 1921, 427. Report of H. R. committee on, 501. ANTHRACITE COAL. Limitations in cost of Federal reserve bank (See Coal.) buildings, 830. ANTON JURGENS’ UNITED (MARGARINE) AMENDMENTS TO NATIONAL BANK ACT. WORKS. Succession for 99 ye&rs. Text, 831. Securities placed in United States, 1052. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
4 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. APPLES ARGENTINA—Continued. Cold ‘storage holdings, 336, 456, 593, 723, 854, 981, Failures, business. (See, supra, Bankruptcies.) 1110, 1228, 1353, 1472. Farming industries, 1072. Shipments, 593, 723, 854, 981, 1110, 1228, 1353, 1472. Financial conditions, 314, 315, 430, 493, 566, 764, 821, 955, 1070, 1071, 1150, 1190, 1266, 1315, 1388. ARBITRAGE TRANSACTIONS. Financial statistics, 314. Definition, 528. Financing of production. Loans for, 955. French and British exchange, 541, 542. Foreign exchange— (See Foreign exchange transactions; Government Exchange on Argentina bought and sold by control, 1918-1919; Series III.) United States from and to Argentina, Brazil, AREA. France, and Great Britain, 529, 531, 542. Cuba, 825. Foreign exchange dealings with United States, South Africa, 1325. 531. Index of foreign exchange. Chart, 1918-1922, AREA SOWN TO CROPS. 116, 253, 366, 489, 629, 756, 893, 896, 1016, Argentina, 1072. 1141,1262,1384,1504. AREA SOWN TO LINSEED. Rates. New York on Buenos Aires, 316, 493, Argentina, 1072. 569, 638, 764, 822, 1071, 1150, 1266. Foreign trade, 428, 565, 587, 717, 821, 1190, 1314. AREA SOWN TO OATS. Bulk and value, 430, 587, 717. Argentina, 1072. Index numbers, 429. ARGENTINA. New York bank loans for, 429, 1315. Area sown to crops. Corn, linseed, oats, wheat, 1072. Statistics on, 428. Argentine legations. Gold holdings, 316. United States foreign trade with, 430, 587, 717. Banco de la Nacion. Condition, 316, 493, 638, 764, Gold exports, embargo on, 1071. 955, 1150, 1191, 1266, 1388, 1509. Gold holdings. Argentine legations, 316. Banco Hipotecario Nacional. Condition, 315. Gold reserves, 1913, 1918, and 1922, 254, 36/, 660, Bankruptcies, 316, 493, 638, 764, 822, 955, 1071, 1150, 758. 1190, 1266, 1388, 1509. Government financing— Banks of— In aid of exports, 1314, 1315. Condition, 314, 315, 316, 318, 493, 566, 638, 764, In aid of production, 955. 821, 822, 955, 1070, 1071, 1150, 1190, 1191, Government revenue and expenditures, 562, 563, 955, 1266, 1388, 1509. 1189, 1315. Foreign. Proposed bill regulating, 566. Government securities placed in United States, 386, RiiPTinQ Aitpq— 1050, 1051. Banks of. Condition, 822, 1191, 1509. Grain exports, 1913-1922, to United States and Bond issues, 1189, 1315. foreign countries, 1072. Clearings, 493, 638, 764, 955, 1150, 1266, 1388, Great Britain. Investments in Argentina, 822. 1509. Income tax, proposed, 563. Financial condition, 1071. Industries of. Investments of Great Britain in, 822. Foreign exchange. New York on, 316, 493, 569, Labor. (See Strikes.) 638, 764, 822, 1150, 1266. Linseed, area sown to, 1072. Stock exchange transactions, 1071. Live-stock industry, 1314, 1316. Strikes, 1316. Loans to, 566, 567, 822, 1189. Budget, 562. Loans to finance exports and production, 955, 1314, Business and financial conditions, 315, 430, 566, 821, 1315. 955, 1070, 1071, 1150, 1190, 1266, 1315, 1388. Loans, New York bank to, 429, 566, 1315. Caja de Conversion— Meat industry, 954. Condition, 314, 316, 493, 638, 764, 1150, 1266, Monetary unit. Peso. Par. Average rates, 1913- 1388, 1509. 1922, 114, 116, 252, 314, 366, 430, 489, 565, 629, Gold guaranty holdings, 314, 316. 756, 896, 1016, 1141, 1262, 1384, 1504. Central bank of issue, proposed, 315, 1070. New York— Clearings. Buenos Aires, 493, 688, 764, 955, 1150, Bank loans to, 429, 566, 1315. 1266, 1388, 1509. Foreign exchange rates. New York on Buenos Corn, area sown to, 1072. Aires, 316, 493, 569, 638, 764, 822, 1150, 1266. Credits placed in United States, 314, 429, 566, 1315. Notes in circulation, 1913, 1918, and 1922, 758. Crops, area sown to, 1072. Oat3, area sown to, 1072. Customs duties, 563, 955. Par. (See Monetary unit.) Currency of, bought and sold by United States from Paraguay. Debt to Argentina canceled, 1315. and to Argentina and other foreign countries, 534. Peso. (See Monetary unit.) Debt of Paraguay to. Cancellation of, 1315. President’s message, 1070, 1315. Debt, public, 316, 493, 638, 764, 954, 1071, 1189. Prices— Deposits, 1913, 1918, and 1922, 254, 367, 758. Cattle prices have not risen but are not exceedingly Deposits. Rates of interest on, 1191. low compared with pre-war prices. Aug., Discount rates, 1191. 1Q92 Q54 Dollar exchange bills. American banks authorized Decline in, 1921, 565. to accept, drawn by banks in, 680. Foreign trade. Index of prices, 1910-1922. 429, Exports— 821. Government financing of, 1314, 1315. Production. Government loans to aid, 955. Grain exports to United States, 1072. Railroads. British investments in, 822. Wool exports, 1190. Railroad commission. Report, 564. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
5 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. ARGENTINA—Continued. AUSTRALASIA. Railroad statistics, 564. Currency of, bought and sold by United States from Rates of interest on deposits, 1191. and to countries of, and other foreign countries, 534. Ratio. Reserves to note and deposit liability. 1913, Gold production, 1910-1921, 660. 1918, and 1922, 768. Reserves. 1913, 1918, and 1922, 768. AUSTRALIA. Revenue and expenditures, Government, 562, 563, Deposits, 1913, 1918, and 1922, 254, 367, 758. 955, 1189, 1315. Dollar exchange bills. American banks authorized Stock exchange transactions. Buenos Aires, 1071. to accept, drawn by Australian banks, 680. Strikes. Buenos Aires, 1316. Gold exports and imports, 110, 249. Taxes— Gold production, 1910-1921, 660. Customs duties, 563, 955. • Gold reserves, 1913, 1918, and 1922, 758. Income tax, proposed, 563. Note circulation, 1913, 1918, and 1922, 254, 367, 758. (See Revenues.) Prices— United States— Comparison with New Zealand. Chart, 156. Credits granted in, 314, 429, 566, 1315. Index number, wholesale, all commodities, 1913- Exchange on Argentina bought and sold by 1922, 80, 220, 325, 443, 580, 710, 837, 967, United States from and to Argentina and 1090, 1212, 1338, 1456. other foreign countries, 529, 531, 542. Group index numbers, 1914-1922, 83, 224, 329, Foreign exchange dealings with, 531. 446, 583, 713, 1098. Grain exports to, 1072. Queensland. Securities placed in United States, Loans placed in, 1913-1922, 314, 429, 566, 1315. 386, 1050, 1051. Wheat, area sown to, 1072. Ratio. Reserves to deposits and notes, 1913, 1918, Wool exports, 1190. and 1922, 254, 367, 758. Wool industry, 954. Securities held in United States for British Govern (See Business and financial conditions abroad; Gold ment, 533. exports and imports; Silver; South America.) Silver imports and exports. (See Silver.) Silver production, 662. ARMAMENT, LIMITATION OF, 125. AUSTRALIAN COMMONWEALTH. ARMENIA. Index numbers, wholesale prices, 1914-1922, 83, 224, Debt to United States., 645. 329, 446, 583, 713, 1098. ARMISTICE. AUSTRIA. Central banks, condition at, 758. Budget, 644. European prices since, 1389. Cost of living, 1342, 1461. ARMY OF OCCUPATION. Debt to United States, 645. Claim of United States against Germany for cost of, Economic conditions, 1083. 561. Financial conditions, 644. Foreign exchange, 116, 253, 366, 489, 629, 756, 896, ARRIVALS, SHIP. (See Entrances, Germany; Ship 1016, 1141, 1262, 1384, 1504. arrivals, Hamburg; Ships.) Gold exports and imports, 110, 249. ASIA. Inflation in, 1084. Currency of, bought and sold by United States from Monetary unit. (See same, principal heading.) and to Asia and other foreign countries, 534. New bank of issue, 1083. Distribution of purchases of foreign exchange payable Reparations treaty, 1295. in specified countries of, 164, 165, 171, 173, 182. Securities held m United States and Austria for Exchange on France and Great Britain bought and American and foreign account, 545, 546, 547, 548. sold by United States from and to countries of, Stabilization of krone, 1084. 541, 542. AUSTRIA-HUNGARY. Gold imports and exports, 110, 249, 363, 483, 624, 751, Deposits, gold reserves, notes, ratio, 1913, 1918, and 891, 1009, 1137, 1257, 1380, 1500. 1922, 254, 367, 758. Purchase of foreign exchange payable in Asia. Dis Monetary unit. Par value, 1922, 665. tribution percentage, 165, 171, 173, 182. (See Austria.) Sales of foreign exchange payable in countries of, Silver reserves, 1913-1922, 665. 175, 177. (See Silver, exports and imports.) AUSTRIAN BANK OF ISSUE, NEW. Text of bill, 1083, 1084. ASIA BANKING CORPORATION. Foreign branches, 1299. AUTHORITY TO PURCHASE, 414. (See Commercial credit practice, continental banks, ASSESSMENTS ON FEDERAL RESERVE BANKS. Japanese banks.) For expenses of Federal Reserve Board, 145, 865,1012. AUTOMOBILES. ASSETS AND LIABILITIES. Condition reports, 14, 136, 275, 393, 508, 653, 780, 914, Sweden, 49. 1036, 1163, 1278, 1402. Weekly changes in. Federal reserve banks and Production, passenger cars and trucks, 856, 983, 1112, reporting member banks. (See Condition, banks; 1230, 1355, 1474. Weekly changes, etc.) Rubber, crude. Consumption by tire manufacturers, ATLANTA, FEDERAL RESERVE BANK OF. 338, 458, 595, 725, 856, 983, 1112,1230, 1355, 1474. (See, supra, American Bank and Trust Co. v. Federal Shipments, railroad, driveaway, boat, 70, 213, 458, Reserve Bank of Atlanta.) 595, 725, 856, 983, 1230, 1355, 1474. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
6 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. AUTOMOBILES—Continued. BANCO DE LA NACION, ARGENTINA. Supplies, 78, 219, 342, 464, 602, 731, 861, 988, 1116, Condition of, 316, 493, 510, 638, 764, 955, 1150, 1191, 1235, 1360, 1480. 1266, 1388, 1509. Tires, pneumatic, solid. Production, stocks, and BANCO DO BRAZIL. shipments, 70, 213, 338, 458, 595, 725, 856, 983, Condition, 568, 698, 823, 1074, 1192. 1112, 1230, 1355, 1474. Tires, condition of trade, 78, 219, 342, 464, 602, 731, BANCO HIPOTECARIO NACIONAL, ARGENTINA. 861, 988, 1116, 1235, 1360, 1480. Condition, 315, 955, 1191. AVERAGE MATURITY. BANK BILLS. (See Maturity.) (See Great Britain.) AVERAGE MONTHLY WHOLESALE PRICES. BANK BUILDINGS. Commodities, 57, 199, 322, 440, 578, 707, 835, 1210. Depreciation allowances on, Federal reserve banks, 146. AVERAGE MONTHLY VALUE. Limitation of cost. Act June 3, 1922, 830. ' (See Retail trade.) BANK CIRCULATION, EXPANSION OF. AVERAGE RATES. Decree, Italy, 311. (See Bankers* ^ acceptances purchased; Discount rates; Earning assets; Holdings.) BANK CLEARINGS. (See Clearings.) B. BANK CREDIT PRACTICE, CHANGES IN, 905. BACON. (See Meat products.) BANK CREDITS, FOREIGN, 906. BAD ORDER CARS. BANK DEBITS, 104, 243, 358, 479, 620, 747, 887, 1004, (See Railroads; Freight car surplus, etc.) 1132, 1251, 1270, 1375, 1495. Year ending June, 1922, 870. BAILEY, W. J. Elected governor of Federal Reserve Bank of Kansas BANK DEPOSITS. City, 909. . (See Deposits.) BALANCE OF TRADE. BANK DRAFTS. (See also Foreign trade.) Foreign, sold by Cuba in Cuba and foreign countries, Foreign exchange. Effect of unfavorable balance of 1079. trade on, 385. BANK NOTES. Germany— (See Federal Reserve bank notes; Federal reserve Difference between internal and external value notes; National bank notes; Notes in circulation.) of mark caused large exports at low prices and this, coupled with large imports of food BANK OF BELGIUM. and raw materials at high prices, made the Condition, 1913-1921, 256. balance of trade unfavorable, 384. Ratio, metallic reserves, 256, 758. Foreign buying of marks has made the balance BANK OF CENTRAL AND SOUTH AMERICA, of trade favorable for past three months, 497. NEW YORK. Imports and.exports. (See Foreign trade.) Foreign branches, 1299. Principal nations. Balance of trade, 1913-1921. # Ratio, imports to exports, 384. BANK OF COPENHAGEN, NATIONAL. United States— Condition, 370. Favorable balance decreased in November and Ratio, metallic reserves, 370, 758. December, 1921, 382. BANK OF ENGLAND. Unfavorable balance decreased in January and (See Great Britain; Bank of England.) February, 1922, 383 United States and Europe, 1913-1922, 382. BANK OF FRANCE. (See Review of month.) Advances to Government, 117, 258, 376, 420, 496, 554, 635, 761, 897, 1017, 1147, 1179, 1263, 1385, 1506. BALANCE SHEET. Annual report, 1921, 427. Federal reserve banks, 146. Condition of, 117, 255, 258, 376, 381, 490, 635, 685, 761, BALANCE, UNFUNDED FOREIGN. 897, 944, 1017, 1147, 1263, 1385, 1506, Owed creditors in United States, 128. Condition of, 1913-1921, 255. Discount rates, 420, 496, 554. BALES. Reduces discount rates to 5 per cent, Mar. 11, (See Cotton.) 1922 496. BALFOUR, LORD. Notes in circulation, 117, 258, 376, 490, 635, 761, 897, Note on allied debts, 1024, 1047 (text). 1017, 1147, 1263, 1385, 1506. Statement of Secretary of Treasury, 1024. , Ratio, metallic reserves, 255, 758. BANCA DI SCONTO, ITALY. BANK OF ISSUE, NEW AUSTRIAN. Condition, 190, 310, 686, 811, 1185. (See Austrian bank of issue.) Crisis, 190, 310, 686, 811, 1185. BANK OF ITALY. Moratorium, 191. Condition, 1913-1921, 368. BANCO DE CHILE. Notes in circulation, state. (See Italy.) Condition, 570. Ratio, metallic reserves. 368. 758. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
7 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. BANK OF JAPAN. BANKERS’ LOAN, GERMANY. Condition of, 119, 194, 367, 378, 493, 638, 764. 900, A failure, 812. 1020, 1150, 1266, 1388, 1509. BANKERS TRUST COMPANY, New York. (See Tokyo banks.) Foreign branches, 1298. Condition of, 1913-1921, 367. Deposits, gold reserves, notes, ratio, 1913, 1918, and BANKING. 1922, 194, 367, 758. (See Currency and banking in South Africa.) Notes in circulation. (See, supra, Condition.) BANKING AND CURRENCY, RUSSIA, 1200. Prices. Index numbers, wholesale. 1913-1922, 80, 220, 325, 443, 580, 710, 837, 967, 1090, 1212, 1338, BANKING CONDITIONS. 1.456. Chile, 1076. Ratio, metallic reserves, 367, 758. Cuba, 1079. Europe, 1025. BANK OF NETHERLANDS. Federal reserve banks and reporting member banks. Condition, 1913-1921, 257. Weekly changes; assets and liabilities, 92, 233, Ratio, metallic reserves, 257, 75S. 347, 348, 469, 608, 609, 648, 737,738, 773, 774, 877, BANK OF NORWAY. 879, 907, 993, 994, 1029, 1122, 1124, 1156, 1158, Condition, notes, etc., 1913-1921. 369. 1241, 1365, 1396, 1485, 1486. Ratio, metallic reserves, 369, 758. Chart, 774. BANK OF RUSSIA, STATE, 1203. Germany, 1023. Great Britain, 186, 1177, 1431. BANK OF SOUTH AFRICA. Italy, 310. Condition, 1329. Member banks, reporting. (See, supra, Federal BANK OF SPAIN. reserve banks, etc.) Condition, notes, etc., 1913-1921, 256. Russia, 1203. Ratio, metallic reserves, 256, 758! BANKING CORPORATIONS. BANK OF SWEDEN. Acceptances of. Holdings, Federal reserve banks, Condition, 1913-1921, 369. 284, 515, 1049. Notes in circulation, 119, 259. 377, 492. 637, 763, 899, 1019, 1149, 1265, 1387, 1508. BANKING DEVELOPMENT, SOUTH AFRICA, Ratio, metallic reserves, 369, 758. 1324. BANKING HOUSE EXPENSES, FEDERAL RE BANK OF SWITZERLAND, NATIONAL. Condition, 1913-1921, 368. SERVE BANKS, 145, 865, 1012. Notes in circulation, 368. BANKING LAWS. Ratio, metallic reserves, 368, 758. (See Act of, etc.) BANK OFFICERS. Salaries, Federal reserve banks, 145, 865,1012. BANKING, NATIONALIZATION OF, RUSSIA, 1023. BANK PREMISES. BANKING OPERATIONS. (See Resources and liabilities.) Central Reserve Bank, South Africa, 1322. BANKERS’ ACCEPTANCES. BANKING SITUATION. Bills of exchange against actually existing values. (See Banking conditions; Review of month.) Held to be, although not so specified in section 13 BANKING SYSTEM. (differing from U. S. Revised Statutes, sec. 5200), Chile, 825. 933, 1287. South Africa, 1322. (See Rulings, Federal Reserve Board; Bills of (See Austrian bank of issue; Russian State bank.) exchange.) Discount rates, 112, 251, 364, 486, 626, 753, 866, 893, BANKRUPTCIES. 1011,1137,1258,1380,1500. Argentina, 316,493, 638, 764,822,955,1071,1150,1190, Discounts of— 1266, 1388, 1500. Domestic, foreign, dollar exchange, 87, 228, 343, Czechoslovakia, 1451. 464, 603, 733, 872, 989, 1118, 1237, 1361, 1481. Norway, 119, 260, 378, 492, 637, 899,1019, 1149,1265, Member banks, other banks, 284, 515, 1049. 1387, 1508. Foreign trade. Amendment to Regulation A, 433. Sweden, 119, 259, 377, 492, 637, 763, 899, 1019, 1149, Growth of, 771. 1265, 1387, 1508. Holdings of, by Federal reserve banks, 284, 514, 515, United States, 51,195, 317, 431, 571, 700, 831, 901, 921, 772, 1049. 1043,1170,1285,1405,1468. (See Earning assets.) 1893-1894,1907-1908, 1920-1922, 901. Upmann & Co., Cuba, 828. Market rates, Federal reserve bank and branch cities, 113, 252, 365, 487, 627, 754, 894, 1014, 1139, 1382, BANKS. 1502. (See Bank of, etc.; Central banks; Central bank lia Purchased— bilities and gold reserves; Commercial practice of Domestic, foreign, dollar exchange, 88, 229, 344, continental banks, German banks; Japanese 466, 604, 734, 873, 990, 1119, 1238, 1362,1482. banks; Foreign bank and branch agencies; For Reduced to common maturity basis, 88, 229, 344, eign banks; Joint-stock banks; London clearing 466, 604, 734, 873, 990, 1119, 1238, 1362,1482. house banks; Norges bank; Notes in circulation; Average rates; rates, 88, 230, 344, 466, 605, 734, Ratio, metallic reserves; Reichsbank; Riksbank; 873, 990, 1119, 1238, 1362, 1482. Russian State bank.) (See Acceptances; Earning assets; Rulings, Federal Reserve Board. BANKS AND BUSINESS BORROWERS, 904. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
8 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. BANKS, CROP FINANCING AND, 1152. BELGIUM—Continued. Monetary unit. Par value, 1922, 116, 253, 366, 489, BANKS DOING BUSINESS IN CUBA, 1079. 629, 665, 756, 896, 1016, 1141, 1262, 1384, 1503. BANKS, JOINT STOCK. Prices— Great Britain. Condition, 415, 1177. Description of wholesale price index, 326. Italy. Increase of capital and deposits, 421. Index numbers, wholesale, 1913-1922, 325, 443, 580, 710, 837, 967,1090,1212,1338, 1456. BANKS OF ISSUE. Group index numbers, 1214. (See Condition.) Revised Belgian index, 1213. BANKS OF ITALY, JOINT STOCK. Ratio, metallic reserves. (See supra, Deposits, etc.) Increases in capital and deposits, 421. Russia— Claims of Belgium against, 938. BANKS OF UNITED STATES. Loans to, 685. Credits to dollar account. Distribution percentage, Securities placed in United States, 386, 1050. 169. Silver reserves, 1913-1922, 665. Payable in specified countries, 178, 183. (See Gold imports and exports; Index of ocean freight BANKS OUTSIDE OF UNITED STATES. rates; Silver exports and imports.) Foreign exchange operations with, 169, 178, 183. BELTING. BANKS, STATUS, 1922, 904. (See Leather.) BANKS TAKEN OYER BY CUBAN LIQUIDATING BENZINE. COMMISSION, 827. Index numbers of wholesale prices, Norway, 1914- 1922, 82, 223, 328, 446, 583, 713,1096. BARLEY. (See Grain.) BERLIN. Cost of living, 84, 225, 330, 448, 584, 714, 971, 1100, BASE BULLION. 1217, 1342. Gold exports and imports, 248. Foreign exchange. Berlin on New York. Percent (See also Silver.) age of par, 423. BASIC INDUSTRIES. Value of dollar in, 948, 1186. (See Index of production.) BERLIN BOURSE. (See Prices.) BASIS, ACTUARIAL, 672. BERMUDA. (See Credit insurance.) Gold exports and imports, 110, 249. BASIS, GOLD. (See Silver.) (See Prices.) BILLS. BATHURST COMPANY. (See Bills of exchange; Clean time bills; Cotton bills; Securities placed in United States, 1051. Documentary export bills; Export bills; Meat bills; Time bills.) BEEHIVE COKE. BILLS ARISING OUT OF BONA FIDE SALES, 1286. (See Coke.) (See Rulings, Federal Reserve Board.) BEEF. BILLS BOUGHT. (See Meat products; Meats, cold-storage holdings.) (See Banking conditions; Bills purchased; Maturity BEEF, CANNED. distribution; Resources and liabilities.) (See Meat products.) BILLS DISCOUNTED. Amount, rate, maturity. (See Discount and open- BEEF, CARCASS. market operations.) Good native steers, Chicago; average monthly prices, Before acceptance, 1286. 1913-1922; 58, 200, 324, 441, 579, 709, 836, 1210. (See Rulings, Federal Reserve Board.) BEEF, CHILLED. Earnings on, by Federal reserve banks, 145, 865,1012. (See Argentina; Foreign trade.) For member banks, reduced to a common maturitv basis, 87, 228, 342, 464, 603, 732, 865, 872, 989, BEEF, FROZEN. 1118, 1237, 1361, 1481. (See Argentina; Foreign trade.) Secured by United States Government obligations. BEEF, PICKLED. (See United States Government obligations.) (See Meat products.) (See Bankers’ acceptances; Banking conditions.) BELGIUM. BILLS OF EXCHANGE. Bank of Belgium— Drawn against actually existing values, 1286. Condition, 1913-1921, 256. (See Federal reserve act, sec. 13; Rulings Federal Ratio, metallic reserves, 256, 758. Reserve Board.) Brussels financial conference, 124. (See Soviet Government.) Cost of living, 1217, 1342, 1461. BILLS PAYABLE. Credit practice of banks, 410. Of reporting member banks held by Federal reserve Debt to United States, 645. banks, secured by United States Government Deposits, gold reserves, notes, ratio, 1913, 1918, and obligations and other, 102, 104, 241, 242, 356, 357, 1922, 254, 367, 758. 477, 478, 619, 745. 746, 869, 885, 886, 1004, 1129, Foreign exchange, 116, 253, 366, 489, 629, 756, 896, 1131, 1249, 1251, 1373. 1374, 1492, 1494. 1016, 1141, 1262, 1384, 1504. Of member State banks and trust companies held by Franc, Belgian. Paris rates. Francs to, 418, 810. War Finance Corporation, 371, 630. Gold reserves, 254, 367, 660, 758. (See Banking conditions.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
9 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. BILLS PROTESTED. BRAZIL. (See Sweden.) Agriculture, aid to, 1318. Argentina— BILLS PURCHASED, 87, 228, 342, 404, 003, 732, 865, Exchange on, bought and sold by Ignited States 872, 989, 1118, 1237, 1361, 1481. from and to, and Brazil, 531. Amount, rate, maturity. (See Discount and open- Exchange on, bought and sold by United States market operations.) from and to, 531. Earnings on. Federal reserve banks, 145, 865, 1012. Balance of trade. (See Foreign trade.) (See Bankers’ acceptances; Banking conditions; Dis Banco do Brazil. Condition, 568, 698, 823, 1192. count and open-market operations; Maturity dis Banks. (See Condition.) tribution; Resources and liabilities.) Budget, 957, 1074, 1192, 1317. ^ BITUMINOUS COAL. Business and financial conditions, 568, 695. 823, 956, (See Coal.) 1072, 1192, 1317. Centennial Exposition, 699. BLAST FURNACES. Circulation, note. (See Paper-currency circulation.) (See Sweden.) Clearings, bank, 698. BOARD OF TRADE. Coffee— (See Great Britain; Prices.) Crop, 1072, 1316. Exports to United States. 956,1072. BOARDS. EXPORT OF. Loans on, 823. (See Sweden; Boards.) Valorization of, 695, 957, 1072. BOAT SHIPMENTS. Condition, principal banks. 56S. 698. 823, 1073. 1074, (See Automobiles.) 1192. Cotton growing in, 695. BOLIVIA. Currency of. bought and sold by United States from Currency of, bought and sold by United States from and"to Brazil and other foreign countries. 534. and to Bolivia and other foreign countries, 534. Debt public. 823, 1193. Dollar exchange drafts. American banks and bankers Deposits, sold reserves, notes, ratio. 1913. 1918. and authorized to accept, 680. 1922. 758, 957. ^ Gold exports and imports, 110, 249. Dollar exchange bills. American banks authorized Securities placed in United States, 386, 1051. to accept. 680. (See Silver.) Economic and financial conditions. 566. 694. 822. 955. BOLSHEVIK GOVERNMENT. 1072. 1191, 1316, 1318. (See Russia.) Exports— Coffee to United States, 956, 1072. BOND AND STOCK ISSUES. Prices, 696. (Sec Capital issues, France.) (See Foreign trade.) BONDS. Financial conditions. (Sec, supra. Economic and (See Buenos Aires; France; Loans: Review of month; financial conditions.) Sweden.) Foreign exchange— Currency of Brazil bought and sold by United BONDS, UNITED STATES. States from and to. and other foreign (See United States bonds.) countries. 534. BOOTS AND SHOES. Exchange on Brazil, bought and sold by United Production, 338, 458, 595, 725, 855, 983, 1112, 1230, States from and to. 531. 1355, 1474. Exchange on Argentina bought and sold by (See Canada; Group index numbers; Wholesale trade.) United States from and to Argentina and Brazil. 531. BORDEAUX. Index numbers. 116, 253, 366, 489, 629. 756. 896, Securities placed in United States, 1050. 1016, 1141, 1262, 1384. 1504. BORDER CITIES HOTEL COMPANY. New York on, 1916-1922, 567, 569, 696. 957. 1073. Securities placed in United States, 1051. United States. Dealings with United States in, 531. BORROWER. Foreign trade. Bulk and value; prices of exports; (See Federal reserve act, sec. 13; Rulings, Federal trade with United States, 566, 696, 699. 955,1191, Reserve Board.) 1316, 1347, 1466, 1467. BORROWER, BANKS AND BUSINESS, 904. Gold exports and imports, 110, 249. BORROWINGS, COUNTRY BANK. Gold reserves, 758, 957. (See Country banks; Review of month.) Government finances, 823, 1074, 1317. BOSTON. Government securities— (See Cotton; Yarns; Prices.) Placed in United States, 386, 567, 823, 1051,1317. Buenos Aires, 1051. BOX CARS. Rio de Janeiro. 567, 1050. (See Railroads; Freight-car surplus, etc.) Rio Grande del Sul, 1050. BRAN. San Paulo, 1050. Index numbers of wholesale prices, New Zealand, Milreis. (See Monetary unit.) 1913-1922, 1100. Monetary conditions. (See Economic and monetary BRANCHES, FOREIGN. conditions.) Of American banks. Complete list, 1298. Monetarv unit. Milreis. par. Average rates, 114, Operating in Cuba, 827. 116. 253. 366, 489, 629. 756, 896. 1016, 1141, 1262, (See Foreign bank branches and agencies.) 1384. 1503. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
10 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. B RAZIL—Continued. BUDGET. Notes in circulation, 957. Argentina, 562. Paper currency circulation, 957. Austria, 644. Prices— Brazil, 957, 1074, 1192, 1317. Exports, average price per ton, 696. Chile, 959. Sharp decline in, 567. Costa Rica, 1445. Railroad statistics, 698,1193. Cuba, 960, 961. Ratio, metallic reserves. (See, supra, Deposits, etc.) Czechoslovakia, 1448. Reserves. (See, supra, Deposits; Gold reserves.) France, 187, 305, 554, 643, 1433. Revenue and expenditures, 823,1074,1317. Germany, 192, 312, 560, 1067, 1069, 1185. San Paulo. Condition of, 1317. Great Britain, 417, 553, 643, 682. Silver imports and exports. (See Silver; principal Guatemala, 1441. heading.) Honduras, 1441. Sugar cane growing, 695. Italy, 559, 644, 1066, 1184. United States. (See, supra, Coffee; Foreign ex Nicaragua, 1444. change.) Russia, 644. Valorization of coffee, 695, 957, 1072. Salvador, 1442. (See South America.) Sweden, 644. Switzerland, 644. BRICK. BUENOS AIRES. Production, 338, 458, 595, 725, 855, 983, 1112, 1230, Banks. Condition, 822, 1191. 1355, 1474. Bonds of, 1189, 1315. (See Face brick; Fire-clay brick; Silica brick.) Financial conditions, 1071. BRIDGE BUILDERS AND STRUCTURAL Foreign exchange. New York on, 316, 569, 822. SOCIETY. Securities placed in United States, 1051. (See Structural steel.) Stock exchange transactions, 1071. (See Argentina.) BRISBANE. BUILDING STATISTICS. (See City of.) Materials. Movement, 338, 458, 595, 725, 855, 983, 1112, 1230, 1355, 1474. BRITISH BANKS. Prices. Index numbers. Wholesale— Acceptance liability of 13 leading,*’284. United States, 1913-1922, 80, 221, 326, 444, 581, (See Great Britain; Banks.) 711, 839, 968, 1092, 1094, 1214, 1339, 1340, BRITISH EXCHANGE. 1457, 1458. (See Great Britain.) Australia, 1914-1922, 83, 224, 329, 446, 583, 713, 1098. BRITISH GUIANA. Belgium, 1921-1922, 1214. American banks authorized to accept dollar exchange Calcutta, 1914-1922, 83, 224, 329, 447, 584, 714, bills drawn by banks in, 680. 1099. Gold exports and imports, 110, 249. Canada, 1913-1922, 83, 224, 329, 447, 584, 842, Silver exports and imports, 110, 249. 971, 1098, 1216, 1341, 1459. China, 1099. BRITISH HONDURAS. Dutch East Indies, 1099. American banks authorized to accept dollar exchange Italy, 1920-1922, 81, 222, 327, 445, 582, 712, 841, bills drawn by banks of, 680. 969,1095,1341,1459. Gold and silver exports and imports, 110, 249. New Zealand, 1913-1922, 1100. Norway, 1914-1922, 82, 223, 328, 446, 583, 713, BRITISH INDIA. 1096. Gold exports and imports. (See Gold;|Imports and Shanghai, 1913-1922, 1099. exports.) Sweden, 1913-1922, 82,223, 338,445, 583, 713,970, Gold and silver production, 1910-1921, 660, 662. ** 1096, 1216, 1341,1459. Silver exports and imports, 363, 483, 624, 751, 871, Switzerland, 1914-1922,1097. 891, 1009, 1137, 1257, 1380, 1500. Trade conditions, 18, 139, 279, 397, 511, 656, 784, (See Foreign trade.) 918, 1040, 1167,1282,1403. Value of contracts. Permits, 72, 215, 279, 459, 597, BRITISH OCEANIA. 727, 857, 985, 1113, 1232, 1357, 1476. Gold and silver exports and imports, 249, 363, 483, 624, 751, 871, 891, 1009, 1137, 1257, 1380, 1500. BUILDINGS, FEDERAL RESERVE BANK. Act limiting cost of, 830. BRITISH SOUTH AFRICA. Depreciation allowances, 146. Gold and silver exports and imports/110, 249. BULGARIA. Foreign exchange, 116, 253, 366, 489, 629, 756, 896, BRITISH VESSELS. 1016,1141,1262,1384,1504. (^Panamacanal; Ships.) Monetary unit. Lev. Par. Rates, 116, 253, 366, BRITISH WEST AFRICA. 489, 629, 756, 896, 1016, 1141, 1262, 1384, 1503. Prices— Gold and silver exports and imports,|110, 249. Index numbers, wholesale, 1913-1922, 80, 220, BRITISH WEST INDIES. 325, 443, 580, 710, 837, 967, 1090, 1212, 1338, Gold and silver exports and imports, 110, 249, 363, 1456. 483, 684, 751, 891, 1009, 1137, 1257, 1500. Comparison with German prices. Chart, 157. Reparations treaty, 1295. BRUSSELS FINANCIAL CONFERENCE,*124. Silver exports and imports. (See Silver.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
11 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN, BULLION. BUSINESS SITUATION. Gold exports and imports, 24S. (See Review of month.) Refined. (See Silver.) BUSINESS TAXES, ITALY, 558. BUREAU. BUSINESS TURNOVER TAX, GERMANY, 45. (See Foreign Credit Interchange Bureau.) BUTTER. BUREAU OF LABOR STATISTICS. (See Prices, United States.) (See Cold storage holdings; Dairy products; Group index numbers, New Zealand.) BUSINESS. BY-PRODUCT COKE. (See Index Numbers; Domestic business.) (See Coke.) BUSINESS AND CREDIT RELATIVES, 1272. C. BUSINESS AND FINANCIAL CONDITIONS CABRETTA. ABROAD. (See Hides.) Argentina, 314, 315, 316, 493, 562, 566, 638, 764, 820, CABLE TRANSFERS. 821, 822, 954, 1070, 1150, 1189, 1190, 1191, 1266, Purchase and sale by dealers in United States. 164, 1314, 1388, 1509. 165, 174,182. Brazil, 566, 694, 822, 955, 1072, 1191, 1316. Rates, New York, 40, 380. Central America, 1439. Chile, 568, 824, 958,1074, 1194. CAIRO, EGYPT. Costa Rica, 1444. Prices, index numbers, wholesale, 1913-1922, 80, 220. Cuba, 825, 960,1079. 325, 443, 580, 710, 837, 967,1090,1212,1338,14561 Czechoslovakia, 1445. CAJA DE CONVERSION, ARGENTINA. Europe, 1389. Condition, 314, 316, 493, 638, 764, 1150, 1266, 1388, France, 117, 186, 258, 305, 376, 417, 490, 554, 635, 683, 1509. 761, 808, 897, 942, 1017, 1061, 1147, 1179, 1263, Gold guaranty holdings, 316. 1303.1385.1431.1506. Germany, 42,118,191, 259, 311, 377, 422, 491, 560, 636, CALCUTTA, INDIA. 688, 762, 812, 898, 948, 1018, 1067, 1148, 1185, Prices, index numbers, wholesale, 1913-1922, 80, 220, 1264, 1386, 1428, 1436, 1507. 325, 443, 580, 710, 837, 967,1090, 1212, 1338, 1456. Great Britain, 38,117,184, 257, 303, 375, 415, 490, 551, Group index numbers, 83, 224, 329, 447, 584. 714,1099. 635, 682, 761, 807, 897,1017,1060,1147,1177,1263, (See India.) 1300, 1385, 1428, 1506. CALF SKINS. Guatemala, 1440. (See Hides.) Honduras, 1441. Italy, 40, 118, 188, 258, 308, 376, 420, 491. 556. 636, CALIFORNIA. 686, 762, 810, 898, 946, 1018, 1063, 1148, 1184, (See Citrus and deciduous fruits.) 1264.1386.1435.1507. CALVES. Japan, 119, 193, 378, 493, 638, 764, 1020, 1150, 1266, (See Live-stock industry.) 1388, 1509. Mexico, 1080,1195,1318. CANADA. Nicaragua, 1443. Banks— Norway, 119, 260, 378, 492, 637, 763, 899, 1019, 1149. Condition. Chartered, 370. 1265, 1387, 1508. Ratio, metallic reserves, 370, 758. Russia, 1200. Chartered banks. (See Banks.) Salvador, 1442. Currency of. Bought and sold by United States from Sweden, 45, 119, 259, 377, 426, 492, 637, 690, 763. 899, and to Canada and other foreign countries, 534. 951,1019,1149,1265,1387,1508. Deposits. (See Reserves, etc.) Foreign exchange, 116, 253, 366, 489, 629, 756, 896, BUSINESS AND FINANCIAL CONDITIONS IN 1016, 1141, 1262, 1384, 1504. THE UNITED STATES, 8, 10, 132, 184, 271, Dealings in foreign exchange with United States. 301, 390, 415, 504, 649, 681, 776, 807, 902, 910, 531. 935, 1032, 1060, 1159, 1177,1267,1274,1398. Exchange on Canada bought and sold by United BUSINESS BORROWERS. States from and to Canada, France, and Great Banks and, 904. Britain, 529, 531, 541. Sales of, payable in Canada, 176. (See North BUSINESS CONDITIONS. America). Germany, 45, 313. Foreign trade, 1347, 1467. Great Britain, 40, 683, 808, 1429. France. (See Foreign exchange.) Italy, 811, 946,1435. Gold— United States, 902,1267. Exports and imports, 110, 249, 363, 483, 684, 751, (See Business, industry, and finance; Index numbers, 891,1009,1137, 1257, 1380,1500. domestic business; Physical volume of trade; Holdings. Chartered banks; treasury, 254, 367, Review of month.) 758 BUSINESS FAILURES. Production, 1910-1921, 660. (See Bankruptcies; Commercial failures.) Reserves, 1913,1918, and 1922, 370, 660, 758. Government securities. (See Securities.) BUSINESS HOUSES, AMERICAN. Great Britain. (See Foreign exchange; Prices.) Foreign credit work of, 795. Monetary unit. Dollar. Rates, 116, 253, 366, 489, BUSINESS, INDUSTRY, AND FINANCE, 10, 132, 629, 756, 896,1016,1141,1262,1384,1503. 271, 390, 504, 649, 776, 910, 1032, 115§, 1274, 1398. Municipal securities. (See Securities.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
12 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. CANADA—Continued. CANADIAN PACIFIC RAILWAY CO. National railways. Securities placed in United States, Securities placed in United States, 1051. 1051. CANALS. Note circulation. (See Reserves.) (See Panama Canal; Sault Ste. Marie Canal.) Prices— Construction of Federal Reserve Board’s index CANARY ISLANDS. number. Unit, grade, market, source, weight, Gold and silver exports and imports, 110, 249. 80L CANCELLATION OF PUBLIC DEBT. Index numbers, wholesale prices, all commodities, By Russian Soviet Government, 937. 1913-1922, 79, 220, 325, 443, 580, 710, 837, 967, 1090, 1212, 1338, 1456. CANNES ECONOMIC COUNCIL, 121. Chart, 805. CAPACITY MEASURE. Group index numbers, 1913-1922, 83, 224, 329, Comparison, Japan and United States, 1059. 447, 584, 714, 842, 971, 1098, 1216, 1341, 1459. Goods produced, imported, exported. Raw CAPACITY, SHOP. materials, producers’ goods, consumers’ (See Structural steel.) goods, all commodities, 1913-1922, 806, CAPITAL. 966, 1088, 1209, 1337, 1454. Central Reserve Bank, South Africa, 1329. Chart, 805. Foreign. Investment of France in, 419. Comparisons with other countries— Federal reserve banks. (See Resources and liabilities.) France, 968, 1089, 1206, 1336, 1454. Increase in. Italian joint stock banks, 421. # Great Britain, 156, 968, 1089, 1206, 1336, Member banks. (See Resources and liabilities.) 1454. National banks, increase and decrease. (See same.) Japan, 1089, 1206, 1336, 1454. State banks admitted to Federal Reserve system, 50 United States, 156, 805, 1054, 1089, 1206, 195, 317, 431, 571, 700, 829, 921, 1043, 1169, 1285 1335, 1336, 1454. 1407. Charts, 1054, 1086, 1206, 1335, 1453. Wisconsin national banks. Capital requirement. Federal Reserve Board indexes— Exercise of fiduciary powers, 196. Comparison with Canadian Department of (See Genoa financial conference; Rates; Resources Labor and other indexes, 805, 806. and liabilities; Review of month.) (See supra, Goods produced, etc.) CAPITAL ISSUES. International price index. Canadian index France, 117, 258, 306, 376, 490, 635, 761, 808, 897, numbers. Method of construction, 801. 944, 1017, 1147, 1263, 1385, 1506. Production— Germany, 118, 259, 377, 425, 491, 636, 762, 898, 948, Gold, 1910-1921, 660. 1018, 1148,1188, 1264, 1386,1507. Silver, 1910-1921, 662. Great Britain, 39, 117, 257, 375, 490, 551, 635, 761, Ratio. (See Reserves.) 897, 1017, 1147, 1178, 1263, 1385, 1506. Reserves. Ratio. Notes, etc., 1913, 1918, and 1922, Italy, 421, 946,1065, 1436. 370, 758. Japan, 1388, 1509. Securities— Sweden, 119, 259, 377, 492, 637, 763, 899, 1019, 1149, Government securities placed in United States, 1265, 1387,1508. 1051. Held abroad for American and foreign account, CAPITAL LEVY. 545. Italy, 557. Held in United States for account of British CAPITAL REDUCTION. Government, 533. (See National banks.) Held in United States for foreign account, 546, 547, 548. CAPITAL VALUE. National railways of Canada. Securities placed in Ratio of profit to. Swedish State enterprises, 47. United States, 1051, 1052. CAR LOADINGS, 1404. Steamship lines of Canada. Securities placed in United States, 1052. CAR LOADS. United States— (See Citrus, etc., fruits.) Government securities placed in, 1051. CARDS. Municipal securities placed in, 386,1050. (See Wool; Textiles. Securities placed in, 1050, 1051. Silver— CARGO. Exports and imports. (See Gold exports and (See Panama Canal; Sault Ste. Marie Canal.) imports.) CARRANZA PAPER ISSUES, MEXICO, 1320. Production, 1910-1922, 662. United States. (See Currency; Foreign exchange; CARRIBEAN SUGAR CO. Government securities; Prices; Railways, na Securities placed in United States, 1051. tional; Securities.) CARRYING OF PRODUCTS. Wood pulp financing. Canadian and American Farmers’ notes to provide for, for a reasonable time, practice, 793. held to be agricultural paper, 1044. CANADIAN GENERAL ELECTRIC COMPANY. (See Rulings, Federal Reserve Board; Agricultural Securities placed in United States, 1052. paper.) CANADIAN NATIONAL RAILWAYS. CARRYING OR TRADING. Securities placed in United States, 1052. (See Government bonds.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
13 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN, CARS, FREIGHT. CENTRAL RESERVE BANK, SOUTH AFRICA. (See Railways; Freight-car surplus, etc.) Banking operations; Federal reserve system, how differing from; Gold holdings, 1329, 1330, 1331, CARS, LOADED. 1332. (See Railways; Operating statistics.) CENTRAL RESERVE CITY. CARS, RAILROAD. St. Louis discontinued as a. Effective July 1, 1922, Output, domestic and foreign, 70, 214, 339, 459, 596, 658. 726, 856, 984,1112,1231, 1356, 1475. (See also Bad-order cars; Box cars; Coal cars; Freight CENTRAL RESERVE CITY BANKS. cars.) (See Abstract of condition reports.) CASE LEATHER. CENTRAL WESTERN DIVISION. (See Leather.) (See Railroad revenue freight.) CENTRALIZATION POLICY. CASH IN VAULT. Russian Soviet Government, 940. (See Banking conditions.) CEREALS. CASH RESOURCES. Index numbers, wholesale prices, 1913-1922— (See Banking conditions.) Calcutta, 83, 224, 329, 447, 584, 714, 1099. CATTLE. China, 1099. (See Live-stock industry.) Dutch East Indies, 1099. Great Britain, 81, 221, 327, 444, 581, 711, 841, CATTLE HIDES. 969, 1097, 1216, 1341, 1460. (See Hides.) Shanghai, 1099. CATTLE INDUSTRY, FINANCING OF, 1171. CERTIFICATES OF INDEBTEDNESS. CATTLE LOAN COMPANIES. (See United States certificates; United States Treasury Review, 1171. certificates.) CHAIN STORES. CATTLE LOANS. Retail trade, 78, 219, 341, 463, 601, 731, 860, 988, 1116, Market rates. Federal reserve bank and branch 1235, 1360, 1479. cities, 113, 252, 365, 487, 627, 754, 894, 1014,1139, (See Retail trade.) 1259, 1382, 1502. CHANGE OF NAME. CATTLE, STEERS. State banks and trust companies, member, 921, Chicago. Average monthly price, 1913-1922, 57, 199, 1043, 1169, 1285. 322, 440, 578, 707, 835, 1210. CHANGES IN BANK CREDIT PRACTICE, 905. CEDAR RAPIDS MANUFACTURING & POWER CO. (See Commercial credit practice.) Securities placed in United States, 1051. CHARGES, COLLECTION. CEMENT. (See Clearing system, Federal reserve.) Production, shipments, stocks, 69, 213, 338, 458, 595, CHARGES, SHIPPING. 725, 856, 983, 1112, 1230, 1355, 1416, 1421, 1474. (See Federal reserve notes.) CENTENNIAL EXPOSITION, BRAZIL, 699. CHARTERED BANKS OF CANADA. Condition. Gold holdings, 254, 367, 370, 758. CENTRAL AMERICA. CHARTERS, NATIONAL BANK, 51, 195, 317, 431, Currency of countries of, bought and sold by United 571, 700, 829, 922, 1043, 1170, 1285, 1407. States, from and to countries of, and other foreign (See National banks.) countries, 534. Economic and financial conditions in, 1439. CHARTS. Gold and silver exports and imports, 1009, 1137, 1257, Assets and liabilities, Federal reserve and reporting 1380, 1500. member banks, 93, 234, 347, 470, 608, 648, 774, Loans placed in United States, 386. 880, 908, 1030, 1157. Silver exports and imports. (See, supra, Gold.) Banking in South Africa, 1327. Cotton consumption and prices, 1269. CENTRAL BANK LIABILITIES AND GOLD RE Debits to individual account, 105, 243, 358, 497, 620, SERVES. 747, 887, 1004, 1132, 1251, 1375, 1495. Principal countries, 1913,1918, and 1922,254,367, 660, Deposits, note liabilities, cash reserves, and ratio, 758. Federal reserve banks, 1920-21, 25. CENTRAL BANK OF ISSUE, PROPOSED. Discounted bills, Federal reserve notes, and reserves, Argentina, 315, 1070. Federal reserve banks, 1921-22, 864. Earning assets, Federal reserve banks, 1920-21, 24. CENTRAL BANKS OF PRINCIPAL COUNTRIES. Foreign exchange index, 1918-1922— Condition, pre-war, armistice, 1922, 758. (See Condition, principal European banks of issue.) Principal countries, 115, 254, 367, 488, 628, 755, 895, 1015, 1140, 1261, 1383, 1504. CENTRAL POWERS AND MINOR EUROPEAN Revision of, 1261. COUNTRIES. German mark rate, 1140, 1260, 1383, 1503. Purchase and sale by United States of foreign exchange Gold imports and exports, United States, 661. payable in, 165, 171,173,175,182. Gold reserves, principal countries, 660. Securities held in Austria and Germany for American Index of domestic business, 62, 205, 291, 454, 591, and foreign account, 543. 721, 852, 979, 1108, 1226, 1351, 1470. Securities held in United States for Austrian and Index of production, basic industries, 1414. German account, 546, 547, 548. Mark rates of exchange, 1140, 1260, 1383, 1503. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
14 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. CHARTS—Continued. CHILE—Continued. Pig-iron production and prices, 1269. Currency of, bought and sold by United States from Prices. Consumers’ goods, raw materials, 1268. and to, and other foreign countries, 534. Production. Basic industries, 1414. Debt, public, 1195. Reporting member banks. (See Banking conditions.) Dollar exchange bills. American bank authorized Rediscounts between Federal reserve banks, 28, 29. to accept, 680. Reserve ratios, Federal reserve banks, 31. Economic conditions, 1194. Sales of chain stores, 986, 1114,1358, 1477. Financial situation, 1076. Sales of mail-order houses and department stores, Foreign exchange- 858,1233. index numbers, 116, 253, 366, 489, 629, 756, 896, Silver- 1016, 1141, 1262, 1384, 1504. Price at which currencies meet melting point, New York on. Rates, 568, 824, 1074. 663. (SeeK supra, Currency.) Price index, 665. Foreign joint-stock banks. Required capital, 569. Wholesale prices— Foreign trade, 958, 1075. Canada. International index, 805. With United States. In United States currency, Comparison. Canada, Great Britain, France, 1913-1922, 959, 1075. Japan, and United States, 1054. Gold and silver exports and imports. (Se» Gold, France, 928. principal heading; Silver, principal heading.) Fluctuation in prices in 18 countries, 156. Government securities placed m United States, 386, Great Britain, 152, 321, 439, 577, 706, 834, 965, 1050,1051. 1086,1208. Loans floated in London and United States, 567, 569, International price index, 1086, 1206, 1335, 1453. 825, 1074, 1194. Japan. Comparison with other index numbers, Monetary unit, paper peso. Par. Rates, 114,116,253, 1055. 366,489, 629, 756, 896,1016,1141,1262,1384,1503. United States, 55, 197, 320, 438, 576, 705, 833, New York on. Foreign exchange, 568, 824,1074. 964, 1087, 1207. Nitrate of soda. Production, 568, 824, 959, 1194. United States and Great Britain, 319, 437, 574, Peso. Par, average rates. (See supra, Monetary 704, 832, 963, 1086. unit.) Wood pulp industry, 790 Production. Nitrate of soda, 568, 824, 959, 1194. Wool production and prices, 1269. Revenue and expenditures, 1195. (See Agricultural movements; Cotton sight receipts; Silver imports and exports. (See Silver, principal Live-stock receipts; Prices; Retail trade; Silver.) heading.) Specie payments. Resumption of, postponed, 825. CHATTANOOGA. Taxes. Customs duties, 1195. Discontinued as a reserve city, Aug. 1, 1922, 922. United States. (See, supra, Currency; Dollar ex change; Foreign exchange; Foreign trade; Loans.) CHECKS. (See also South America.) (See Dividend checks; Clearing system, Federal reserve.) CHINA. Currency of, bought and sold by United States from CHEESE. and to, and other foreign countries, 534. (See Cold-storage holdings; Dairy products.) Exchange on, bought and sold by United States from CHEMICAL PAPER PULP. and to— (See Norway; Sweden.) Canada, 531. China, 531. CHEMICALS. France, 529. 541. Index numbers, wholesale prices— Great Britain, 529, 541. Australia, 1914-1922, 83, 224, 329, 446, 583, Japan, 531. 713,1098. West Indies, 531. Belgium, 1921-22, 1214. Foreign exchange, 116, 253, 489, 629, 756, 896, 1016, Canada, 83, 224, 329, 447, 584, 714, 842, 971, 1141, 1262, 1384, 1504. 1098, 1216, 1341, 1459. Transactions with United States, 531. Italy, 1920-1922, 81, 222, 327, 445, 582, 712, 841, Gold exports and imports, 110, 249, 363, 483, 624, 751, 969, 1095, 1341, 1459. 891, 1009, 1137, 1257, 1380, 1500. New Zealand, 1913-1922, 1100. Monetary unit, Mexican dollar, Shanghai tael. Par. United States, 1913-1922, 80, 221, 326, 444, 581, Rates, 114,116, 253, 366, 489, 629, 756, 896, 1016, 711, 839, 968, 1094, 1214, 1340, 1458. 1141, 1262, 1384, 1503, 1504. CHICAGO. Prices— (See Cattle steers; Lumber.) Index numbers, wholesale, 1913-1922, 80, 220, 325, 443, 580, 710, 837, 967, 1090, 1212, 1338, CHILE. 1456. Banco de Chile. Condition, 570. Group index numbers, 1913-1922, 1099. Banking conditions, 1076. (See Shanghai.) ^ Banking system, 825. Securities of, held in United States on account of Banks— British Government, 533. Condition of, 27, 569,1076,1078. Silver imports and exports, 111, 250,363,483, 624, 751, (See Foreign joint stock banks.) 891, 1009,1137, 1257, 1380, 1500. Budget, 959. (See Asia; Shanghai.) Business and financial conditions, 568. 824, 958, 1074,1194. CHOSEN (KOREA). Cost of living, 1079. Gold imports ana exports, 110, 249. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 15 CHRISTIANIA. CLEARING SYSTEM, FEDERAL RESERVE—( on (See Norway.) Par clearings— Decision of United States District Court on merits CIGAR STORES. in Atlanta case, 436, 501. (See Retail trade.; Affirmed by United States Circuit Court of Ap CIGARS. peals. Text, Nov. 2, 1922,1408. Movement, 295. 455. 592. 721. 851. 9S0. 1109, 1227, Decision of United States District Court, Cleve 1352, 1416. land, granting preliminary injunction against (See Tobacco.) Federal Reserve Bank of Cleveland, Oct. 14. 1922,1409. CIRCULATION. North Carolina case, 701. Circulation, deposits, and reserves. Federal reserve Par list, banks on, 109, 247, 362. 484, 625. 752, 892. banks, 95, 235, 350, 471, 610, 739, 879. 996, 1124, 1010, 1136, 1256, 1379, 1499. 1243, 1367, 1487. Year ending May, 1922, 866. Year ending June 30,1922, S62. Peak of currency circulation, end of 1920, 769. CLEARINGS, BANK. Principal foreign countries, 1913, 1918, and 1922, Argentina, 1072, 1388, 1509. 758. Brazil, 698. (See Banks, by name; Condition, European banks of Christiania. (See Norway.) issue; Federal reserve bank notes; Federal reserve France. (See France.) notes; National bank notes; Notes in circulation.) Italy, 1064. CIRCULATION OF FOREIGN CURRENCIES. London banks, 117, 257, 375, 490, 635, 761, 897,1017, Prohibited, Mexico, 1319. 1147, 1263, 1385, 1506. Paris banks, 117, 258, 376, 490, 635, 761, 897, 943, CITRUS AND DECIDUOUS FRUITS. 1017, 1147, 1263, 1385, 1506. California shipments. 65, 208, 336, 456, 593, 723, 854, Tokyo banks. (See Japan.) 981, 1110, 1228, 1353, 1472. CITY OF BRISBANE, AUSTRALIA. CLERICAL STAFF, FEDERAL RESERVE BANKS. Securities placed in United States, 1051. Salaries, 145, 865, 1012. CITY OF GREATER PRAGUE. CLEVELAND PAR CLEARANCE CASE, 1409. Securities placed in United States. 1051. CLOSED BANKS. CITY OF SOISSONS. Member State banks and trust companies, 50, 1407. Securities placed in United States, 1051. CLOTHING INDUSTRY. CLARKE, CHIEF JUSTICE. Condition, 16, 137, 276, 395, 509, 654, 782, 916, 1037, Decision, North Carolina par clearing case. 701. 1164, 1279, 1401. Index numbers, wholesale prices— CLASSES OF ACCEPTING INSTITUTIONS. Switzerland, 1914-1922, 1097. (See Earning assets.) United States, 1913-1922, 80, 221, 326, 444, 581, CLASSES OF DISCOUNTED BILLS. 711, 839, 968, 1094, 1214, 1340, 1458. (See Earning assets.) COAL. Anthracite— CLASSIFICATION. Shipments, 337, 457, 594, 724, 982, 1111, 1473. Loans and discounts. Member banks, Dec. 31, 1921, Stove, New York tidewater. Average monthly and June 30, 1922, 1154. prices, 1913-1922, 58, 200, 323, 441, 578, 836, Member State banks and trust companies, 375, 1210. 632, 1144. Bituminous. Columbus, Pocahontas, Pittsburgh, run Silver exports and imports, domestic and foreign, 248. (See Railroad revenue freight.) of mine. Average monthly prices, 1913-1922, 57, 199, 323, 441, 587, 708, 836, 1210. CLEAN TIME BILLS. Condition reports, 13, 134, 273, 392, 507, 652, 778, 913, Purchase of, payable in foreign countries. 165, 182. 1035, 1162, 1277, 1400. Exports— CLEARANCE OF VESSELS. (See Ships.) Germany, 227, 333, 452, 589, 719, 846, 975, 1104, 1219, 1308, 1314, 1344, 1463. CLEARING BANKS. Great Britain, 26, 227, 332, 451, 588, 718, 845, 974, (See London clearing banks.) 1103, 1218, 1343, 1430, 1462. Imports— CLEARING HOUSE CENTERS. France, 86, 227, 333, 451, 588, 718, 845, 974, 1104, (See Bank debits.) 1180, 1218, 1343, 1462. CLEARING HOUSE DEBIT STATEMENTS. Germany. (Seef supra, Exports.) (See Bank debits.) Sweden, 452, 589, 719, 846, 975, 1219, 1344, 1463. Prices. Index numbers, wholesale— CLEARING HOUSE RETURN. Australia, 1914-1922, 83, 224, 329, 446, 583, 713, (See London bankers, etc.) 1098. CLEARING SYSTEM, FEDERAL RESERVE. New Zealand, 1913-1922, 1100. Gold settlement fund operations, 108, 246, 363, 483, Norway, 1914-1922, 82, 223, 328, 446, 583, 713, 624, 751, 891, 1008, 1138, 1255, 1381, 1501. 1096. Year ending June, 1922, 868. Sweden, 1913-1922, 82, 223, 328-445, 583, 713, 970, Operations, Federal reserve system. 109, 247. 362. 484. 1096, 1216, 1341, 1459. 625, 752, 866,892,10i0,1136,1256.1379,1499. United States. (See, supra, Anthracite, Bitu Year ending May. 1922, 866. minous.) 39507—23------2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
16 INDEX-DIGEST OF FEDERAL, RESERVE BULLETIN. COAL—Continued. COIN. Production— Foreign gold. Exports and imports, 248. France. Metric tons, 86, 227, 333, 451, 588, 718, Gold. Exports and imports, 248. 845, 974, 1104, 1218, 1343, 1462. Shipments. Cost. Federal reserve banks, 145,1012. Germany. Metric tons, 227, 333, 452, 589, 719, Silver. (See Silver.) 846, 975, 1104, 1219, 1308, 1313, 1344, 1463. COINAGE WEIGHTS. Shortage, 1308. (See Foreign exchange; Monetary unit.) Great Britain. Long tons, 86, 227, 332, 451, 588, 718, 845, 974, 1103, 1218, 1343, 1430, 1462. COKE. United States— Prices, 1913-1922. Connellsville coke, 58, 200. Anthracite— (See Group index numbers, Norway.) Business, industry, and finance, 13, 134, Production— 273, 392, 507, 652, 779, 913, 1035, Beehive and by-product, 66, 209, 357, 457, 594, 1162, 1277,1400. 724, 854, 982, 1111, 1229, 1354, 1473. Charts, 1919-1921, 62, 205. Business, industry, and finance, 13,134, 273, 392, Index numbers, 1919-1922, 295, 455, 592, 507, 652, 779, 913, 1035, 1162, 1277, 1400. 722, 851, 980, 1109, 1227, 1352, 1471. (See Germany, coke production; Railroad revenue Physical volume of trade, 66, 209, 337, freight.) 457; 594, 724, 854, 982, 1111, 1229, COLD STORAGE HOLDINGS. 1354,1473. Apples, butter, cheese, dairy products, eggs, meats, Seasonal variations. Index numbers. 336, 456, 593, 723, 853, 981, 1110,1228, 1353,1472. 1416.1421. United States. Total production, 1921, COLLATERAL: 134. For Federal reserve bank notes, 867. Bituminous— For Federal reserve notes, 100, 239, 354, 475, 615, Business, industry, and finance, 13, 134, 743, 883, 1000, 1128, 1247, 1371, 1491. 273, 392, 507, 652, 779, 913, 1035, (See Rulings, Federal Reserve Board.) 1162, 1277, 1400. COLLATERAL LOANS: Charts, 1910-1921, 62, 205. (See Demand collateral loans; Stock exchange col Index numbers, 1919-1922, 295, 455, 592, lateral loans.) 722, 851, 980, 1109, 1227, 1352, 1471. Physical volume of trade, 66, 209, 337, COLLATERAL NOTES, MEMBER BANK, 90, 231,345, 457, 594, 724, 854, 982, 1111, 1229, 467, 606, 735, 875, 992, 1120, 1239, 1363, 1483. 1354, 1473. Year ending June 30, 1922, 862. Seasonal variations. Index numbers, COLLECTION OF CHECKS. 1416.1421. (See Clearing system, Federal reserve.) United States. Total production, 1921, 134. COLLECTION, FOREIGN. Railroad loadings, 70, 214, 339, 459, 596, 726, 856, 983, Article on, 522. 1111, 1231, 1356, 1473. COLOMBIA. Reparations payments, Germany, 301, 1063, 1294. (See Reparations.) Currency of, bought and sold by United States from and to, and other foreign countries, 534. Sault Ste. Marie Canal, westbound freight, 72, 726, Dollar exchange drafts. American banks authorized 856, 984, 1111, 1231, 1356, 1475, to accept, 680. Situation. Germany, 1308. (See Canada; Group index numbers; Fuel and lighting; Gold exports and imports. (See Gold.) Silver exports and imports. (See Silver.) Mineral products.) COLONIES OF GREAT BRITAIN. COAL CARS. (See Railroads; Freight-car surplus, etc.) (See Loans.) COMBINED EXPERIENCE. COAL TAX. (See Credit insurance.) Germany, 45. COMBS. COCOA. (See Wool; Textiles.) Index numbers, wholesale prices. France, 1913-1922, 81, 222, 347, 445, 582, 712, 841, 969, 1094, 1215, COMMERCIAL CONDITIONS, MEXICO, 1080. 1340, 1458. COMMERCIAL CREDIT DEMAND. Reasons why, failed to keep up with increased vol COFFEE. ume of trade, 499. Brazil— COMMERCIAL CREDIT PRACTICE. Crops, 697, 957, 1072, 1316. Changes in, 905. Exports to United States, 697, 956, 1072, 1316. Continental banks, 410. Loans on, 567, 823. German banks, 158. Prices. Bill for protection of, 957. Japanese banks, 296. Valorization of, 695, 957, 1072. Prices. Index numbers, wholesale— COMMERCIAL FAILURES. France, 1913-1922, 81, 222, 347, 445, 582, 712, 841, Argentina, 316, 493, 638, 764, 822, 955, 1071, 1150, 969, 1094, 1215, 1340, 1458. 1266, 1388, 1509. Great Britain, 1913-1922, 81, 222, 1098. Czechoslovakia, 1451. United States. Rio, No. 7, New York. Average * Norway, 119, 260, 378, 492, 637, 899, 1019, 1149, 1265, monthly price, 1913-1922, 58, 200, 324, 441, 1387, 1508. 579, 709, 836, 1210. Sweden, 119, 259, 377, 492, 637, 763, 899, 1019, 1149, (See Great Britain; Customs taxes.) 1265, 1387, 1508. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 17 COMMERCIAL FAILURES—Continued. CONDITION OF BANKS. United States— Argentina, 314, 315, 316, 493, 566, 570, 638, 764, 821, 1921— Nov., 51; Dec., 195. 822, 955, 1070, 1071, 1150, 1190, 1191, 1266, 1922— Jan., 317; Feb., 431; Mar., 571; Apr., 700; 1388, 1509. May, 831; June, 921; July, 1043; Aug., Banco de la Nacion, 316, 493, 570, 638, 764, 955, 1170; Sept., 1285; Oct., 1468. 1150, 1191, 1266, 1388, 1509. 1893-1922, 902. Banco Hipotecario Nacional, 315. 1893-94, 1907-8, 1920-21, 901. Buenos Aires, 822, 1191, 1509. Comment on, 1284, 1405. Caja de Conversion, 314, 316, 493, 638, 764, 1150, Upmann & Co., Cuba, 828. 1266, 1388, 1509. (See Bankruptcies.) Belgium. Bank of, 1913-1921, 256. Brazil— COMMERCIAL PAPER. Banco do Brazil, 568, 698, 823, 1074, 1192. Cooperative marketing associations. (See Rulings, Commercial banks, 698, 1073. Federal Reserve Board.) Canada. Chartered banks, 1913-1921, 370. Definition of, 1044. Central banks. Principal countries. Pre-war, armi Discount rates. Secured by United States Govern stice, 1922, 758. ment obligations, 112, 251, 364, 486, 626, 753, 866, (See Banks, by name.) 893, 1011, 1137, 1258, 1380, 1500. Chile— Discounts by Federal reserve banks, 87, 228, 343, 465, Banco de Chile, 570. 603, 733, 872, 989, 1118, 1237, 1361, 1481. Commercial banks, 1076, 1078. Holdings of Federal reserve banks, 90, 231, 345, 467, Denmark. National Bank of Copenhagen, 1913-1921, 606, 735, 875, 992, 1120, 1239, 1363, 1483. 370. Year ending June 30, 1922, 862. European central banks. (See, supra, Central banks.) Market rates. Federal reserve bank and branch Federal reserve banks, 96, 236, 351, 472, 611, 740, 880, cities, 113, 252, 365, 487, 627, 754, 894, 1014, 1139, 997, 1125, 1244, 1368, 1488. 1259, 1382, 1502. Comparison, May, 1921, and May, 1922, 863. Prime commercial paper. (See same.) Review, 9, 94, 130, 233, 269, 347, 388, 469, 502, (See Discount and interest rates; Discount rates; 608, 646, 737, 773, 877, 907, 993, 1029, 1122, Earning assets.) 1156, 1241, 1365, 1396, 1485. Review, year 1921, 1, 22. COMMERCIAL PAPER MARKET. Review, year ending June 30, 1922, 765, 862. 1920, 1921, 905. France— Bank of France, 117, 255, 258, 376, 381, 490, 635, COMMISSIONS. (See Genoa financial commission; Inter American 685, 761, 897, 944, 1017, 1147, 1263, 1385, 1506. High Commission; Refunding commission; Reparations.) Annual report, 1921, 427. Paris banks, 944, 1062. COMMODITIES. Germany— {See Agricultural products, etc.; All commodities, etc., Commercial banks, 950. index numbers; Average wholesale prices, com Reichsbank, 118, 255, 259, 377, 381, 491, 636, modities; Prices, specific articles; Group index 689, 762, 898,1018,1148,1264,1386,1507. numbers.) 1913-1921, 255. Great Britain— COMMODITY SALES. Bank of England, 117, 254, 257, 304, 374, 375, Distribution and proceeds. Credits to dollar account. 381, 490. 635, 758, 761, 807, 897, 1017, 1147, Foreign countries, 169, 178, 183. 1263, 1385, 1506. London clearinghouse banks, nine, 117, 257, 375, COMPAGNIE DU BOLEO. 490, 635, 761, 897,1017,1147,1263,1385,1506. Securities placed in United States, 1051. London joint stock banks, 415, 416, 1177. Italy— COMPAGNIE INTERNATIONALE DES WAGONS- Bank of Italy, 1913-1921, 368. LITS. Banca di Sconto, 190, 310, 686, 811, 1185. Securities placed in United States, 1052. Crisis in, 190, 310, 686, 811, 1185. COMPARISON. Banks of issue and private banks, 118, 258, 376, United States and Japan. Measures, weights, etc., 421, 491, 636, 762, 811, 898, 1018, 1066, 1148, 1059. 1264, 1386, 1507. Japan— COMPARATIVE RETAIL PRICES, PRINCIPAL Bank of Japan, 119, 194, 367, 378, 493, 638, 764, COUNTRIES. 900, 1020,1150, 1266, 1388,1509. Index numbers, 84, 225, 330, 448, 584, 714, 842, 971, 1913-1921, 367. 1100, 1217, 1342, 1461. Tokyo banks, 119, 194, 367, 378, 493, 638, 764, COMPARATIVE WHOLESALE PRICE LEVELS, 900, 1020, 1150, 1266, 1388, 1509. PRINCIPAL COUNTRIES. Member banks, reporting. Leading cities, 101, 240, Index numbers, 79, 220, 325, 443, 580, 710, 837, 967, 355, 476, 616, 744, 869, 884, 1001, 1128, 1248, 1090, 1212, 1338, 1456. 1372, 1492. Abstract of condition reports, 371, 373, 630, 633, COMPTOIR NATIONAL D ESCOMPTE, PARIS. 870, 1142. Condition, 1062. Monthly review of condition, 8,101,130, 233, 269, CONDITION. 347, 388, 469, 502, 616, 646, 737. 773, 877. (See Agriculture, condition; Banking situation; Crops; 907, 993, 1029. 1122, 1156. 1241. 1365, 1396 Retail trade; Wholesale trade.) 1485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
18 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. CONDITION OF BANKS—Continued. CONSUMERS* GOODS—Continued. Member State banks and trust companies. Abstract, Switzerland. Index number of wholesale prices, condition reports. 371. 630, 1142. 1914-1922, 1097. Year ending June, 1922, 869. (See Agricultural products, etc.; All commodities, Netherlands. Bank of Netherlands, 1913-1921, 257. etc.; Goods produced, etc.; Canada, prices; Norway— France, prices; Germany, prices; Great Britain, Bank of Norway, 1913-1921, 369. prices; Japan, prices; Prices, United States.) Norges bank, 119, 260, 378, 492, 637, 763, 899, 1019, 1149, 1265, 1387, 1508. CONSUMPTION. Private banks, 763, 899, 1019, 1149, 1265, 1387, Cotton and wool, 62, 205, 855, 1416, 1418, 1474. 1506. Charts, 62, 205. Peru. Federal Reserve Bank of Peru, 515. (See Cotton; Wood pulp; Wool.' Reichsbank. (See, supra, Germany.) CONSUMPTION TAXES, ITALY, 559. South Africa. Central reserve bank of. 1325. Spain, Bank of. Condition, 1913-1921, 256. CONTINENTAL BANKS. Sweden— Commercial credit practice of, 410. Bank of Sweden, 1913-1921. (See infra, Riksbank.) CONTINGENT LIABILITY. Joint stock banks, 119. 259, 377, 492, 637, 763, Bills purchased by Federal reserve banks for foreign 899, 1019, 1149. 1265, 3387, 1506. correspondents. (See- Resources and liabilities.) %Riksbank, 119, 259, 369, 377, 492, 637, 694, 763, 899, 1019, 1149, 1265, 1387, 1508. CONTRACTS. Switzerland. National bank of, 1913-1921, 368. (See Building statistics.) CONDITION REPORTS. CONVERSION. (See Member banks, condition statements; Member (See United States bonds.) banks, resources and liabilities.) CONVERSIONS. CONDITIONS. State banks and trust companies into national banks, (See Banking conditions; Business conditions; Eco 50, 195, 317, 431, 571, 700, 829, 921, 1169, 1407. nomic and financial conditions, Mexico; Eco COOPERATIVE MARKETING ASSOCIATIONS. nomic conditions; Financial and economic Acceptability of paper to be determined by the conditions; Index of business conditions; Mining Federal reserve bank, 931, 1046. conditions, Mexico; Petroleum industry, Mexico.) Bankers* acceptances— CONFERENCE. Drafts drawn by, on member banks are eligible Agricultural, 264. for acceptance and after acceptance are Brussels financial, 124. ! eligible for rediscount when secured at time Genoa, 642. ! of acceptance by warehouse receipts cover Hague, 935, 1021. i ing nonperishable agricultural commodities Interallied London Conference. Address of Lloyd stored in independent warehouses, 1045. George, 1025. Character of warehouse receipts or other collateral is material only as to acceptability and not CONFERENCES. as to eligibility, except as to bankers* ac Federal advisory council, 145, 865, 1012. ceptances, 931, 1046. Federal reserve agents. Expense of, 145, 865, 1012. Eligibility of paper of, 931, 1044. Federal reserve agents and governors, Oct. 8, 1922, Growers’ drafts on— 1272. Discounted by growers at banks and proceeds Governors— used to pay debts previously contracted in May 2, 1922, 646. growing and harvesting crops. Held to be Expenses of, 145, 865, 1012. drawn for agricultural purposes, 931, 1044. CONNECTIONS, RAILROAD. Held to be bills of exchange drawn against actu (See Railroad revenue freight.) ally existing values, 1286. Held not eligible as trade acceptances, 1044. CONSOLIDATIONS. Notes of— Of member State banks and trust companies, 571, 921. Discounted at banks to obtain funds out of which Of national banks. Act of Nov. 7, 1918, 51, 195, 317, to pay growers for tobacco delivered to the 431, 571, 700, 829, 922, 1043, 1170, 1285, 1407. association, held eligible as commercial CONSTITUTIONALITY. paper, 931, 1045. North Carolina act as to exchange charges and par For services in packing and marketing agricul collections held unconstitutional by North Caro tural products not grown by it, used for pay lina Supreme Court. Feb., 1922. Text of de ment of wages and supplies, held to be com cision, 701. mercial and not agricultural paper, 1045. (See Rulings, Federal Reserve Board.) CONSTRUCTION OF SHIPS. (See Ships.) COPENHAGEN. (See National Bank of Copenhagen.) CONSUMERS* GOODS. Index of value. Imports and exports, 1913-1921, at COPPER. 1913 prices, 59, 201, 334, 453, 590, 720, 848, 976, Prices— 1103 1223 1348 1467. Canada, 804. Index of wholesale prices, 1913-1922,1092,1214, 1339. United States. Ingot, electrolytic, 1913-1922. 58, 1457. 200. 323. 441. 578, 708. 836. 1210. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 19 C 0 PPER—Continued. I COTTON. Production— Agricultural movements. (See same.) Mexico, 1082. American spinners’ takings. Bales, consumption, United States, pounds, 67, 211, 337, 457, 594, 724. movement, overland movement, 64, 207, 337, 855, 982. 1111, 1229, 1354, 1473. 457, 594, 724, 855, 982,1111, 1229, 1354, 1473. Index numbers. 295, 455, 592, 722, 851, 980, 1109. Condition reports, 11,133, 272, 391. 505, 650. 777, 911, 1227, 1352. 1475. 1033,1037, 1160, 1275, 1379. Nonferrous metals. Seasonal variations. Index Consumption, 62, 205, 855,1416,1418,1474. numbers. 1416. 1420. Chart, 62, 205. (See Mineral products.) Crop reports, 202, 861, 984, 1117, 1236, 1349. CORN. Fabrics, finished cotton. Production and shipments, Crop— 74, 850, 978,1107,1224,1350,1469. 1921, 202. Finishing, 15, 788, 915, 1037,1164. 1922, 861, 984. 1117,1236, 1473. Group index numbers. (See same, principal head Prices. No. 3, Chicago, 1913-1922, 57, 199, 322, 440, ing.) 578, 707, 835, 1210. Growmg of. Brazil, 695. (See Grain.-) Imports— France, 86, 227, 333, 451, 588, 718, 845, 974, 1104, CORPORATION DEPOSITS. 1218, 1343, 1462. Trust funds. (See Rulings, Federal Reserve Board; Germany, 227, 333, 452, 589, 719, 846, 975, 1104, Trust funds.) 1219, 1344, 1463. CORPORATION PROFITS TAX. Great Britain. 1343,1462. Great Britain, 553. Japan, 1220, 1345, 1464. Manufactures of. Exports. Great Britain, 86, 227, CORPORATION SECURITIES, FOREIGN. 332, 451, 588, 718, 845, 974, 1103,1218, 1343, 1462. Securities placed in United States, 1050. (See Group index numbers; Calcutta; Dutch CORPORATION TAX. East Indies.) Germany, 45. Movement of, 295, 455, 592, 721, 851, 980, 1109, 1227, 1352, 1416. COST. Port receipts. (See, supra, American spinners.) (See Earnings and expenses, Federal reserve banks.* Price— COST OF LIVING. Index numbers, wholesale— Austria, 1342. 1461. Calcutta, 1914-1922, 83, 224. 329, 447, 584, Belgium, 1217. 1342. 1461. 714, 1099. Chile, 1079. Canada, 803, 804. France. 307. Great Britain, 1913-1922, 81. 221, 327, 444, (See Paris.) 581, 711, 841, 969, 1097, 1216, 1341, 1460. Germany. 84, 225. 330, 448, 584, 714, 842, 971, 1100. j United States, middling. New Orleans, aver 1187, 1217. 1342. 1461. ! age monthly price, 1913-1922, 57. 199. Increased bv currency inflation, 497. 322, 440, 578 707, 835, 1210. Great. Britain. 84, 225.330^ 448. 584,714,842,971,1100. ! Raw cotton. (See Group index numbers; Calcutta; 1217, 1342. 1461. ! Dutch East Indies.) India, 1342, 1461. 1 Production— Raw, 202, 861, 984, 1117, 1152, 1236. Italy, 1063. | N ew Zealand .1461. i Cotton fabrics, finished, 74, 850, 979, 1107, 1225, P Pa ol r a is n , d 1 , 9 1 1 3 9 4 -1 2, 9 2 1 2 4 . 6 1 3 . 0 7. 686. I Cotto 1 n 3 - 5 s 0 e , e 1 d 4 6 o 9 il . , 336, 456, 593, 723, 853. 981, 1110, Principal countries, 84, 225, 330, 448, 584, 714, 842. j 1228 1353 1472 971, 1100, 1187, 1217, 1342, 1461. i Cotton textiles, 68, 211, 337, 457, 594, 724, 855, 1474. South Africa, 1342, 1461. ; Switzerland, 1217, 1342, 1461. Cotton yarn. Japan, 1220, 1345,1464. United States, 84, 225, 330, 448, 584, 714, 842, 971, Sight receipts. Index numbers, chart, 62, 205, 1416. (See, supra, American spinners.)_ 1100, 1217, 1342. 1461. (See Prices.) (See Agricultural movements, principal heading.) Spindles, active, 68, 211, 337, 457, 594, 724, 855, 1474. COST OF REDEMPTION, FEDERAL RESERVE (See, supra, American spinners.) NOTES, 145, 865, 1012. Stocks— I COSTA RICA. France, 1343, 1462. Budget, 1445. i Great Britain, 86, 227, 332, 451, 588, 718, 845, Debt, public, 1445. # i 974, 1103, 1218, 1343, 1462. Dollar exchange drafts. American banks authorized j United States, 68, 211, 337, 457, 594, 724, 855, to accept, 680. i 982, 1111, 1229, 1354, 1473. Economic conditions, 1439. I Textiles— Financial conditions, 1439. > Condition of, 14, 136, 275, 394, 508, 653, 781, 788, Gold exports and imports, 110, 249, 363, 483, 684, 751, | 915, 1036, 1163, 1278, 1401. 89L I Production, 68, 211, 337, 457, 594, 724, 855, 1474. Note circulation, 1444. i Visible supply. Great Britain, 86, 227, 332, 451, 588, Revenue and expenditures, 1444. 718, 845, 974, 1103, 1218, 1343, 1462. Silver imports and exports. (Sec Silver.) J (See, supra, American spinners.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
20 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. COTTON—Continued. C REDIT—Continued. Yarns— Demand for, changes in, 765. Exports, Japan, 1220, 1345, 1464. Discussion of, 2, 3, 124, 261, 498, 642, 765, 771, 901, Prices, average monthly. Boston, 1913-1922, 58, 1151. 200, 323, 441, 578, 579, 708, 836, 1210. Establishment of normal, 901. Foreign credit, 124, 282, 386, 642, 906, 938, 1021. COTTON BILLS. Brussels conference, 124. Purchase of, payable in foreign countries, 165, 182. Genoa conference, 642. COTTON FACTORS’ PAPER. Germany, 1395. Notes of, proceeds of which are to be loaned to third Lamont, T. W., on, 644. parties, are not eligible for rediscount, 432. Russia, 642, 938, 1021. Notes of, proceeds of which are used directly for agri State Department on, 282, 386. cultural purposes, are eligible, 432. Study of, 795. Notes of producers given to cotton factors, proceeds of Ter Meulen plan, 124. which are used for agricultural purposes, are Foreign credit information, method of handling, 795. eligible, 432. Foreign loan problems, 2, 771. Time drafts drawn by cotton factors against banks, Live-stock ind ustry, 1171. secured by warehouse receipts conveying or (See Live stock, principal heading.) securing title, when discounted by member Mercantile credit conditions, 1920, 1921, 901. banks, are eligible for rediscount or purchase, Tobacco industry, 285, 403. when stored, pending a reasonably prompt sale, Wood-pulp industry, 787. when the State laws authorize the factor to (See Loans.) pledge and give good title, 432. CREDIT AND DEPRESSION OF 1920, 1921, 901. COTTONSEED. CREDIT DEMAND. Received at mills, crushed, on hand, 64, 208, 336, Changes in, 765. 456, 593, 723, 853, 981, 1110, 1228, 1353, 1472. CREDIT INFORMATION, FOREIGN. COTTONSEED OIL. Method of handling, 795. Production, stocks, 336, 456, 593, 723, 853, 981, 1110, 1228, 1353, 1472. CREDIT INSURANCE, UNITED STATES. (See Index, ocean freight rates.) Classification of business lines, 676. Combined experience for premiums and losses. 1912- COUNSEL, GENERAL, FEDERAL RESERVE 1921, 676. BOARD. (See Federal Reserve Board, general counsel; General Study of, 667. counsel; Wyatt, WT.) CREDIT, LETTERS OF. (See Traveler’s letters of credit.) COUNTER. Collection of checks over. (See Clearing system, CREDIT LIQUIDATION. Federal reserve.) Member banks, 1153. COUNTRY BANK BORROWINGS. CREDIT LYONNAIS, PARIS. (See Review of month.) Condition, 1062. (See France.) COUNTRY BANKS. (See Abstract, condition reports.) CREDIT NATIONALE, FRANCE. Loans to devastated regions, 306, 420, 1060. COUPONS. Purchase of, payable in foreign countries, 165, 182. CREDIT PRACTICE. Belgian banks, 410. COURTS. Decisions of. Par clearing— Continental banks, 410. German banks, 158. Atlanta, 436, 500, 1408. Italian banks, 410. Cleveland, 1409. North Carolina, 701. Japanese banks, 296. Netherlands banks, 410. CREDIT. (See also, Credits.) CREDIT PROBLEMS. Agricultural— Crop-moving season, 1151. (See Review of month.) Discussion of, 2, 261, 498, 771, 1151. CREDIT SHORTAGE. Export situation, 267. Germany, 1395. Federal advisory council on, 263. CREDIT UNION PROPOSED. Federal Reserve Board on, 264, 267. Germany, 43. Joint Commission of Agricultural Inquiry. Bill CREDITORS. proposed by. Work of, 262. Unfunded foreign balance due creditors in United Questionnaire. Department of Agriculture, 266. States, 128. Bank credit practice— Belgian banks, 410. CREDITS. Changes in, 905. Foreign bank, 906. Continental banks, 410. Foreign countries. Debits and credits to dollar ac German banks, 158. count, 168, 169, 178, 179, 180, 181, 183. Italian banks, 410. Nonagricultural export credits, 268. Japanese banks, 410. United States. Foreign credits placed in, 386, 644, Netherlands banks, 410. 1027, 1050. Cattle industry, 1171. (See Loans.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 21 CRICK, W. F. CUBA—Continued. Articles. First three years of German reparations, Production. Sugar. 1910-1921, 826. 1288, 1422. Provinces. Area and population. 825. Revenue and expenditures. 1910-1921. 960. CRISIS. Securities placed in United States, 1051. Banking. Banca di Sconto, 190, 310, 686, 810. Silver exports, 962. Economic. Czechoslovakia, 1445. (See silver.) CROPS. Sugar production, 1910-1921, 826. Area, Argentina, 1072. United Railways of Havana. Securities placed in Bank financing of, 1151, 1152, 1154. United States, 1051. Carry over, 1152. United States. (See supra, Loans; Money; Securities; Credit problems, 1151. United Railways of Havana.) Prices, 1921 and 1922, 1152. Upmann and Co., suspension of, 827. Production, 202, 1151. Reports. Federal reserve districts, 202, 861, 984, CUBIC MEASURE. 1117, 1236, 1349. Comparison, United States and Japan, 1059. (See Rulings, Federal Reserve Board; Cooperative CURRENCIES, FOREIGN. marketing associations.) Circulation of, in Mexico forbidden, 1319. CROWDER, GENERAL. (See Foreign currencies.) Budget for Cuba, 961. Foreign exchange rates in units of. (See Foreign exchange, rates.) CRUDE OIL RUN. (See Oil refineries.) CURRENCY. CRUDE MATERIALS. Banking and. Russia, 1200. Imports. United States. 1103. 1222, 1347, 1466. Brazil. Circulation, 957. (See Raw materials.) Circulation, peak of, United States, close of 1920, 769. Cuban exports and imports, 962. CRUDE PETROLEUM. Czechoslovakia, 1447. (See Petroleum.) Value in United States money, 1448. CRUDE STEEL PRODUCTS. Germany. Decree forbidding billing and paying in (See France, same; Steel.) foreign, 1436. (See Mark.) CUBA. Great Britain. Currency rates, 117, 257, 375, 490, Area, 823. 635, 761, 897, 1017, 1147, 1263, 1385, 1506. Banking conditions, 1079. Guatemala, 1440. Banks— Honduras, 1441. Drafts sold in foreign countries, 1079. Member and nonmember banks, 1921-22. Re Foreign bank branches operating in, 827. ceived from and paid to, 867. Foreign bank drafts sold in, 1079. Report on. Genoa conference. 67S. Liquidation commission, banks taken over by, Russia. Banking and currency, 1200. 827. Salvador, 1442. Number doing business in, 1079. South Africa, 1324. Upmann & Co., suspension of. 827. Shipments, cost. Federal reserve system, 145, 1012. Budget— Situation abroad. (See Review of month.) 1910-1921, 960, 961. United States, 112, 251. 364, 486. 626, 753, 893, 1011, General Crowder’s budget, 961. 1138, 1258, 1381. 1501. Business and financial conditions, 825, 960, 1079. 1921-22, 769. Debt, public, 645, 962. Dollar exchange drafts. American banks authorized CURRENCY DISORDERS. to accept, 680. Effect on production, 1394. Economic and financial conditions, 825, 960, 1079. Financial mission to United States, 960. CURRENCY REFORM. Foreign bank branches operating in, 827. Essential in Europe, 496. Foreign currencies imported and exported, 962. South Africa, 1330. Foreign exchange, 116, 253, 366,489, 629, 756, 896, 962, (See Peru.) 1016, 1141, 1262, 1384, 1504. CURRENCY SYSTEM. Foreign trade, 826. South Africa, 1326. Gold exports and imports, 110, 249, 827, 962. (See Federal reserve system.) Legislative program, 1079. Liquidation commission. Banks taken over by, 827. CUSTOMERS’ PAPER. Liquidation in, 827. Discounts of, secured bv Government obligations, Loan to. J. P. Morgan & Co., 962. 87, 228, 343, 464, 603, 733, 872, 989, 1118, 1237, Monetary unit. Peso. Par. Rates. 116, 253, 366, 1361, 1481. 489, 629, 756, 896, 1016, 1141, 1262, 1384, 1504. Market rates. Federal reserve bank and branch cities, Money— 113, 252, 365, 487, 627, 754, 894, 1014, 1139, 1382, Imports and exports, 110, 249, 827, 962. 1502. Exports in foreign units and United States equiv (See discount rates.) alent, 962. Moratorium, 827. CUSTOMERS’ RATES. Paper currency, exports of, 827, 962. Spread between Federal reserve bank rates and, 266, Population, 825. 769. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
22 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. CUSTOMS DUTIES. DEBT, PUBLIC—Continued. Germany, 45. Cuba, 645, 961, 962. Great Britain. Tea and coffee, 628. Foreign countries to United States, 128, 645. Italy, 559. France, 117,188, 258, 376, 490, 554 , 635, 683, 761, 808, (See Taxes.) 809, 897, 1017, 1026, 1147, 1263, 1385, 1431, 1433, 1506. CZECHOSLOVAKIA. Great Britain reserves right to call on, for pay Bankruptcies in, 1451. ment of interest on debt owed to her, 555. Bill of exchange in, 1394. Russia. Debt to France, 683. Budget, 1448. France to United States, 1432, 1433. Currency situation, 1447. Germany, 951,1185. Currency. Value of crown in United States money, (See Reparations.) 1394, 1448, 1450. Great Britain. Floating debt, 39,177, 255, 257, 375, Deflation, effect of, 1449. 490, 635, 643, 761, 897, 1017,1147,1263,1385, Debt to United States, 645. 1506. Economic conditions, crisis, 1445. Reserves right to call on France for payment of Foreign exchange, 116, 253, 366, 489, 629, 756, 896, interest on debt owed to her, 555. 1016, 1141, 1262, 1384, 1504. To United States, 643. Foreign trade, 1449. Guatemala, 1440. Industrial situation, 1450. Honduras, 1442. Labor situation, 1452. Interallied debt— Mark. Effect on, of collapse of the mark, 1449. French views on, 1026. Monetary unit. Krone. Par. Rates, 116,253,366,489, Lord Balfour on. Reply of Secretary Mellon, 629, 756, 896,1016,1141,1262,1384,1504. 1025, 1047 (text). Number of industrial workers, 1446. Lloyd-George on, 1024. Output of industries, 1446. Secretary of Treasury on, 1024. Prices. Index numbers, retail, 1450, 1461. Italv, 118, 189, 258, 376, 491, 636, 687, 762, 898, 1018, Securities placed in United States, 1051. 1148, 1184, 1264, 1386, 1507. Unemployment, 1451. Japan, 1388, 1509. United States. (See supra, Currency; Debt; Se Nicaragua, 1444. curities.) Russia, 645, 683, 936, 937, 938, 940. D. Cancellation of foreign, 937. DAIRY PRODUCTS. To Belgium, 938. Cold storage holdings. Receipts, 336, 456, 593, 723, To France, 683. 853, 981, 1110, 1228, 1353, 1472. To Italy, 939. Prices. Index numbers, wholesale— To United States, 940. Australia, 1914-1922, 83, 224, 329, 446, 583, 713 Salvador, 1443. 1098. Sweden, 47, 48,119, 259, 377, 492, 637, 763, 899,1019, Canada, 83, 224, 329, 447, 584, 714, 842, 971, 1149,1265, 1367, 1387, 1508. 1098, 1216, 1341, 1459. World War Foreign Debt Commission, 386, 645. (See Butter; Cheese; Eggs.) DEBT FUNDING COMMISSION, UNITED STATES, DANZIG. 386, 645. Gold exports and imports, 110, 249. DEBTS, WAR. Silver exports and imports. (See Silver.) Foreign Governments to United States, 128. DARLEHNSKASSENSCHEINE NOTES. (See Allied debts.) (See Reichsbank; condition.) DECIDUOUS FRUITS. DEALERS IN FOREIGN EXCHANGE, 164, 528. (See Citrus and deciduous fruits.) Government control. Debits and credits to dollar DECISIONS OF COURTS. account. Purchases and sales by, 164, 168, 169. In par clearing cases— DEALINGS IN FOREIGN EXCHANGE, 164, 528. Atlanta, 436, 500, 1408. Government control. Volume, 163. Cleveland, 1409. North Carolina, 701. DEBITS AND CREDITS TO DOLLAR ACCOUNT. For foreign countries, 168,169. DECISIONS OF FEDERAL RESERVE BOARD. (See Rulings, Federal Reserve Board.) DEBITS TO INDIVIDUAL ACCOUNT, 104, 243, 358, 479, 620, 747, 887, 1004, 1132, 1251, 1375, 1495. DECREE OF MARCH 13, 1921. Year ending June 30,1922, 870. Soviet Government, 940. DEBT, ALLIED. DEDUCTIONS FROM EARNINGS. (See Allied debt.) Federal Reserve Banks, 146. DEFERRED AVAILABILITY ITEMS. DEBT, PUBLIC. (See Resources and liabilities.) Allied debt. (See same.) Argentina— DEFICIENT RESERVES. Consolidated and floating, 316, 493, 566, 638, 764, Federal reserve banks. Earnings from penalties on, 954, 955, 1071, 1150, 1189, 1266, 1388, 1509. 145, 865, 1012. Cancellation bv, of debt owed by Paraguay, 1315. DEFINITIONS. Brazil, 823, 955,1193. Agricultural paper, 1044. Chile, 1195. Arbitrage transactions, 528. Costa Rica, 1445. Commercial paper, 1044. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
'INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 23 DEFLATION. DEPARTMENT OF AGRICULTURE. Effect in Czechoslovakia, 1449. Questionnaire. Agricultural credit, 266. (See Inflation.) DEPARTMENT OF STATE. DELIVERIES. Foreign loans placed in United States. Letter to (See Tin.) bankers, 386. (See Secretary of State.) DEMAND COLLATERAL LOANS. DEPARTMENT OF THE SEINE. Market rates. Federal reserve bank and branch Securities placed in United States, 1051. cities, 113, 252, 365, 487, 627, 754, 768, 894, 1014, 1139, 1382, 1502. DEPARTMENT STORES. Retail trade, 78, 219, 341, 463, 601, 731, 860, 988,1116, DEMAND, CREDIT. 1235, 1360, 1479. Changes in, 765. DEPOSIT AND NOTE LIABILITY. DEMAND DEPOSITS. Principal countries, 1913, 1918, and 1922, 254, 367, Member banks, 374, 633, 1145. 758. Member State banks and trust companies, 371, 630, Ratio. Reserves to. Federal reserve banks. (See 1142. Ratio; Resources and liabilities.) (See Banking conditions.) DEPOSIT LIABILITY, NET. DEMAND ITEMS. Member State banks and trust companies. Ratio. Purchases from and sales to dealers in United States. Reserves with Federal reserve banks to, 372, 374, Foreign exchange, 165, 174, 182. 631, 634, 1143, 1146. (See Ratio.) DEMAND TRANSFERS. DEPOSITS. Purchases and sales by dealers in foreign exchange, Bank deposits. (See Banks, by name.) 164. Central banks. Principal countries, 1913, 1918, and DENMARK. 1922, 254, 367, 758. Currency of, bought and sold by United States from Demand deposits. Member banks, 374, 633, 1145. and to, and other foreign countries, 534. Earning assets. Relation to deposits, 1917-1922, Deposits, gold reserves, notes, ratio, 1913, 1918, and 1123. 1922 370 758. Federal reserve banks, 95, 235, 350, 471, 610, 739, 879, Foreign exchange, 116, 253, 366, 4S9, 629, 756, 896, 996, 1124, 1243, 1367, 1487. 1016, 1141, 1262, 1384, 1504. Year ending June 30, 1922, 758. Exchange on Denmark bought and sold by Federal reserve notes. Influence on deposits of United States from and to— retirement of, 1155. France, 529, 541. Increase in. Italian banks, 811. Great Britain, 529, 541. Individual deposits. Bank receiving deposit of trust Norway, 530. funds from another bank takes them as, and not Spain, 530. as bank deposits, 572. Sweden, 530. Interest rates on. Argentina, 1191. Switzerland, 530. Japan. Private and Government deposits, 194. Foreign trade, 1347, 1466. (See other countries, by name.) Gold- Loans. Ratio. Deposits to. (See Banking condi Exports and imports. (See Gold.) tions; Ratio.) Reserves, 1913, 1918, and 1922, 370, 758. Member banks. Demand and time deposits, 374, 633, Great Britain. Securities of Denmark held in United 1143. States for British Government, 533. Net deposits. (See infra, Weekly statements.) Monetary unit, krone. Par value 1922, 253, 366, 489, Postal savings deposits. Italy, 421, 1066. 629, 665, 756, 896, 1016, 1141, 1262,1384, 1503. Principal foreign banks, 194, 254, 255, 256, 257, 357, National Bank of Copenhagen. Condition, 1913-1921, 367, 368, 369, 370, 659, 660, 665, 666, 758, 948, 370. 957. Notes in circulation, 1913, 1918, and 1922, 254, 367, Ratio— 758. Deposits to earning assets, 1917-1922, 1123. Prices— Deposits to loans. (See Banking conditions; Index numbers, wholesale, 1913-1922, 79, 157, Ratio.) 220, 325, 443, 580, 710, 837, 967, 1090, 1212, Savings deposits— 1338, 1456. France, 117, 258, 376, 490, 635, 761, 808, 897, Comparison, Denmark, Norway, Sweden, 1920 1017, 1147, 1263, 1385, 1506. and 1921, 157. Italy, 421, 1066. Ratio. Revenues to liabilities, 1913, 1918, and 1922, Principal countries, 1913, 1918, and 1922, 758. 370 758 Sweden, 602. Reserves, gold, 1913, 1918, and 1922, 370, 758. United States, 602, 732, S48, 976, 1105, 1224, (See Silver reserves.) 1349, 1467. Securities— State banks and trust companies, member, 371, 630, Held in United States for British Government, 1142. 533. Time deposits. Member banks, 374, 633, 1145. Placed in United States, 386, 1050. Trust funds. (See) supra, Individual deposits.) Silver exports and imports. (See Silver.) Weekly statements. Federal reserve banks. “Net Silver reserves, 1913-1922, 665. deposits” eliminated and “Total deposits” sub United States. (See supra, Currency; Foreign ex stituted. March 18. 1921, 25. change; Securities.) (See Banking conditions; Banks, by name; Resources (See European Allies.; and liabilities.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
24 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. DEPRECIATION ALLOWANCES. DISCOUNT AND OPEN-MARKET OPERATIONS— Federal reserve bank buildings, 146. Continued. Earnings from each class of earning assets, 89, 231, 345, DEPRESSION OF 1920-21. 467, 606, 735, 875, 991,1120,1239,1363,1483. Credit and, 901. Government obligations. Paper secured by— DEVELOPMENT. Discounts, 87, 228, 343, 465, 603, 733, 872, 989, Federal reserve banks and member banks. Year 1118, 1237, 1361, 1481. ending June 30, 1922, 862. Holdings, 90, 231, 345, 467, 606, 735, 875, 992, 1120, 1239, 1363, 1483. DIRECTORS OF FEDERAL RESERVE BANKS. Year ending June 30, 1922, 862. Election of, 50. (See United States Government obligations, Expense of meetings, 145, 865, 1012. principal heading.) DISCOUNT AND INTEREST RATES. Government securities— Market rates. Federal reserve banks and branch Holdings, 89, 231, 345, 467, 606, 735, 875, 991, cities, 113, 252, 365, 486, 487, 627, 754, 894, 1014, 1120, 1239, 1363, 1483. 1139, 1259, 1382, 1502. Year ending June 30, 1922, 862. Spread between customers and Federal reserve Paper secured by. (See United States Govern bank rates, 769. ment obligations, principal heading.) (See Discount rates.) Purchases of, 87, 228, 342, 464, 603, 732, 872, 989, 1118, 1237, 1361, 1481. DISCOUNT AND OPEN-MARKET OPERATIONS. Year ending May, 1922, 865. Acceptances— Live-stock paper— Discounted, 87, 228, 343, 465, 603, 733, 872, 989, Discounts, 87, 228, 343, 465, 603, 733, 872, 989, 1118, 1237, 1361, 1481. 1118, 1237, 1361, 1481. Holdings of, 90, 232, 346, 468, 607, 736, 876, Holdings of, 90, 23li 345, 467, 606, 735, 875, 992, 992, 1121, 1240, 1364, 1484. 1120, 1239, 1363, 1483. Year ending June 30, 1922, 862. Year ending June 30, 1922, 862. Maturities, average rates, rates, 88, 230, 344, Member banks. Number and number accommo 466, 605, 734, 873, 990, 1119, 1238, 1362, 1482. dated, 82, 87, 228, 343, 465, 603, 733, 865, 872, Purchases of— 989, 1118, 1237, 1361, 1481. Average rates, maturities, rates, 88, 229, 344, Year ending May, 1922, 865. 466, 604, 734, 873, 990, 1119, 1238, 1362, Municipal warrants. (See, infra, Warrants.) 1482. Rates of discount, 88, 229, 343, 465, 604, 733, 873, 990, Year ending June 30, 1921, 865. 1119, 1238, 1362, 1482. Agricultural paper— Year ending May, 1922, 865. Discounts, 87, 228, 343, 465, 603, 733, 872, 989, Rates of earnings, 89, 231, 345, 467, 606, 735, 875, 991, 1118, 1237, 1361, 1481. 1120, 1239, 1363, 1483. Holdings, 90, 231, 345, 467, 606, 735, 875, 992, Year ending May, 1922, 865. 1120, 1239, 1363, 1483. Rediscounts between Federal reserve banks, 26, 98, Year ending June 30, 1922, 862. 865. Bankers’ and trade acceptances— Trade acceptances. (See, s pra, Bankers’ and trade Holdings, 284, 515, 1049. acceptances.) (See supra, Acceptances.) Volume of operations, 87, 228, 342, 464, 603, 732, 865, Purchases, by classes. Reduced to common ma 872, 989, 1118, 1237, 1361, 1481. turity basis, 88, 229, 344, 466, 604, 734, 873, Warrants, municipal. Purchases, 87, 228, 342, 464, 990, 1119, 1238, 1362, 1482. 603, 732, 82, 989, 1118, 1237, 1361, 1481. Bills discounted— Year ending May, 1922, 865. Average rates, maturities, rates, 88, 229, 343, 465, 604, 733, 873, 990, 1119, 1238, 1362, 1482. DISCOUNT RATES. Year ending June 30, 1922, 865. Argentina, 1911. Classes of paper. Reduced to common maturity Bank of England, 39, 117, 304, 375, 490, 635, 761, 807, basis, 87, 228, 342, 343, 464, 603, 732,733, 897, 1017, 1147, 1177, 1263, 1385, 1506. 865, 872, 989, 1118, 1237, 1361, 1481. Reduced from 5 per cent to 4 per cent, Feb. 16, Year ending May, 1922, 865. 1922, 304. Maturity distribution, 99, 238, 474, 614, 742, 882, Reduced from 4J per cent to 4 per cent, April 13, 999, 1127, 1226, 1370, 1490. 1922, 1177. Bills held, 90, 231, 345, 467, 606, 735, 875, 992, 1120, Reduced from 4 per cent to 3J per cent, June 15, 1239, 1363, 1483. 1922, 807, 1177. Year ending June 30,1922, 862. Reduced from 3£ per cent to 3 per cent, July 13, Collateral notes. Holdings, 90, 231, 345, 467, 606, 1922, 1177. 735,875, 992, J120, 1239,1363, 1483. Market rates. 3 months’ trade bills; 3 months, Year ending June 30,1922, 862. treasury bills; 6 months’ trade bills, 39,117, Commercial paper— 257, 304, 375, 490, 635, 761, 897, 1017, 1147, Discounts, 87, 228, 343, 465, 603, 733, 872, 989, 1263, 1385, 1506. 1118, 1237, 1361, 1481. Bank of France, 420, 496, 554. Holdings, 90, 231, 345, 467, 606, 735, 875, 992, Reduced to 5 per cent, Mar. 11,1922, 496. 1120, 1239, 1363, 1483. Federal reserve banks, 112, 251, 364, 486, 626, 753, Year ending June 30, 1922, 862. 866, 893, 1011, 1137, 1258, 1380, 1500. Dollar exchange bills. Holdings, 90, 232, 346, 468, Comparison, 1921.and 1922, 866. 607, 736, 876, 992, 1121, 1240, 1364, 1484. Discussion of, 500, 768. Earning assets. Holdings, 89, 231, 345, 467, 606, 735, Market rates. Federal reserve bank and branch 875, 991, 1120, 1239, 1363, 1483. cities, 113, 252, 365, 487, 627, 754, 894, 1014, Year ending June 30,1922, 862. 1139, 1259, 1382, 1502. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
25 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. DISCOUNT RATES—Continued. DOLLAR. Federal reserve banks—Continued. Appreciation of pound sterling in terms of, 807, 1179. Spread between customers’ rates and Federal Francs to dollar. Paris rates, 418, 810. reserve bank rates. 266, 769. Melting point, 663. German Reichsbank, 1070, 1438. Silver content, 663. Japan. Tokyo market, 119, 194, 378, 493, 638, 764.* Value of dollar in— 900, 1020, 1150, 1266, 1388, 1509. Berlin, 948, 1186. Market rates— Czechoslovakia, 1450. Decline in, 500. DOLLAR ACCOUNT. Federal reserve bank and branch cities, 113, 252, Debits and credits to, during Government control of 365, 487, 627, 754, 894, 1014, 1139, 1259, 1382, foreign exchange, 168, 169, 178, 179, 180, 181, 183. 1502. Great Britain. {See, supra, Bank of England). DOLLAR EXCHANGE. Spread between market rates and Federal reserve Acceptances— bank rates, 266, 769. Discounts, 87, 228, 343, 464, 603, 733, 872, 989, Tokyo market. {See, supra, Japan.) 1118, 1237, 1361, 1481. New York City banks, 768. Purchases, 88, 229, 344, 466, 604, 734. 873, 990, Reichsbank. {See, supra, German Reichsbank.) 1119, 1238, 1362, 1482. Tokyo market. {See, supra, Japan.) Countries designated of which banks may draw, bills {See Earning assets; Interest rates; Rates of interest.) on American banks, 50, 680. Permission granted to member banks to accept, drafts DISCOUNTING, 8, 527. drawn by banks or bankers in any country {See Foreign collections.) designated, entitles them to accept drafts drawn DISCOUNTING FOR MEMBER STATE BANKS by banks or bankers in all foreign countries now AND TRUST COMPANIES. or hereafter designated, 680. Amendment to Federal reserve act, 831. 933. DOLLAR LOANS TO FOREIGN COUNTRIES. DISCOUNTS. {See Loans, foreign loans placed in United States; Re For member banks. 1919-1922, 403. 864. view of month.) {See Member banks.) DOMESTIC BUSINESS. DISCOUNTS, LOANS AND. {See Index numbers, domestic business. ) Classification— DOMESTIC TRANSFERS. Member banks. 1154. 1241. 1271. Earnings from. Federal reserve banks, 145, 865,1012. Member State banks and trust companies, 375, 632, 1144. DOMINICAN REPUBLIC. {See Loans and discounts.) Gold exports and imports, 110, 249. Government and other securities placed in United DISCOUNTS SECURED BY GOVERNMENT OBLI States, 386, 1050, 1051. GATIONS. Silver exports and imports. {See Silver.' {See Banking conditions; Discount and open-market operations; United States Government obliga DOMINION ALLOY STEEL CORPORATION. tions.) Securities placed in United States, 1052. DISHONOR, 526. DOMINIONS, BRITISH. {See Foreign collections.) {See Foreign trade; Loans.) DISINVESTMENTS. DOUGLAS FIR. Italy, 946. {See Lumber.) DISTRIBUTION PERCENTAGE. DRAFTS. Credits to dollar account. Foreign exchange. 165, {See Dollar exchange; Exchange drafts; Growers’ 169, 183. drafts.) DIVIDEND CHECKS. DRAWEE. Purchases and sales by dealers in exchange. Foreign {See Dummy drawee; Fictitious drawee.) countries, 165, 182. DRINK. DIVIDENDS. Index numbers, wholesale prices. Switzerland, 1914- Federal reserve banks— 1922, 1097. Calendar year 1921, 146. DRIVEAWAYS. Six months ending June, 1922, 1013. {See Automobiles.) Jan., 1921, to June, 1922, 865. Member State banks and trust companies, 757, 1505. DRUG STORES. {See Retail trade.) DIVISION OF ANALYSIS AND RESEARCH. Stewart, W. W., appointed director, 1031. DRUGS AND CHEMICALS. Washington. Transferred to, 389. Index numbers, wholesale prices. Canada, 1913-1922, Willis, H. Parker. Resignation as director, 389. 83, 224, 329, 447, 584, 714, 842, 971, 1098, 1216, 1341, 1459. DOCUMENTED EXPORT BILLS. United States, 80, 221, 326, 444, 581, 711, 839, 968, Purchased by dealers in foreign exchange, 164. 1092, 1094, 1214, 1339, 1340, 1457, 1458. DOCUMENTS, 523. {See Chemicals; Prices, chemicals and drugs; Retail {See Foreign collections; Shipping documents.) trade; Wholesale trade.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
26 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. DRY GOODS. ECONOMIC AND FINANCIAL CONDITIONS. (See Wholesale trade.) (See Financial conditions, Economic and.) DUMMY DRAWEE. ECONOMIC CONDITIONS. Bill drawn by owner of goods against his agent or Argentina, 1071, 1314. against a," for purpose of borrowing money rather Austria, 644, 1083. than of paying for goods sold is not drawn against Brazil, 644, 994, 1316. actually existing values under section 13, 1286. Buenos Aires province, 1071. Chile, 1076, 1194. DUTCH EAST INDIES. Czechoslovakia, 1445. Dollar exchange drafts. American banks authorized France, 942. to accept, 680. Germany, 644. Gold exports and imports. (See Gold.) Italy, 643. Prices— Mexico, 1080, 1195,1318. Description of wholesale price index, 326. Russia, 936. Index numbers, wholesale, 1913-1922, 325, 443, 580, 710, 837, 967, 1090, 1212, 1338, 1456. ECONOMIC CRISIS. Group index numbers, 1913-1922, 1099. Czechoslovakia, 1445. Securities placed in United States, 386, 1051. ECONOMIC SURVEY. Silver exports and imports. (See Silver.) Russia, 936. DUTCH GUIANA. ECUADOR. Dollar exchange drafts. American banks authorized Currency of, bought and sold by United States from to accept, 680. and to, and other foreign countries, 534. Gold and silver exports and imports. (See Gold; Dollar exchange drafts. American banks authorized Silver.) to accept, 680. DUTCH WEST INDIES. Gold exports and imports, 110, 249. Gold exports and imports, 110, 249,1380. Silver exports and imports. (See Silver.) Silver exports and imports. (See Silver.) EDGE ACT. DYES AND DYESTUFFS. Federal Pacific Banking Corporation organized under German exports, 227, 333, 452, 589, 719, 846, 975, sec. 25 (a), Federal reserve act, 1287. 1104, 1219, 1344, 1463. EGGS. (See Cold-storage products; Dairy products.) E. EGYPT. EARNING ASSETS, FEDERAL RESERVE BANKS. Gold imports and exports, 110, 249, 1137, 1257, 1380, Holdings, 89, 231, 345, 467, 606, 735, 875, 991, 1120, 1500. 1239, 1363, 1483. Prices. Index numbers, wholesale, 1913-1922, 80, Year ending June 30, 1922, 862. 220. 325, 443, 580, 710, 837, 967. 1090, 1212, Holdings. Bankers’ acceptances, 284, 515, 1049. 1338, 1456. Rates of earnings, June, 1921-May, 1922, 865. Comparison, Egypt, India, Japan. Chart, 156. Relation of, to deposits, 1917-1922, 1123. Silver exports and imports. (See Silver.) (See Banking conditions; Discount and open-market (See also Cairo.) operations; Holdings, earning assets; Resources EL SALVADOR. and liabilities.) (See Salvador.) EARNINGS. ELECTION OF DIRECTORS. Annual rate of. (See Discount and open-market Federal reserve banks, 50. operations; earnings assets.) Average daily. Federal reserve banks. (See Dis ELECTRIC POWER. count and open-market operations; Earning- Production. Public utility power plants, 72, 215, assets. 337, 457, 594, 724, 854, 982,1111,1229, 1354,1473. Deductions from current net earnings. Federal ELIGIBLE PAPER. reserve banks, 146. Collateral for Federal reserve notes, 100, 239, 354, 475, EARNINGS AND DIVIDENDS. 615, 743, 883, 1000, 1128, 1247, 1371, 1491. Member State banks and trust companies, 757, 1505. Federal reserve banks may exercise discretion as to discounting, 1046. EARNINGS AND EXPENSES. (See Agricultural paper; Commercial paper; Finance Federal reserve banks— paper.) Calendar year 1921, 143. Six months ending June, 1922, 1012. EMIGRATION. Jan., 1921-June, 1922, 865. Italy, 421. EAST-BOUND TRAFFIC. EMIGRANTS’ REMITTANCES. (See Sault Ste. Marie Canal.) Italy, 422. EAST INDIES. EMPIRE TRUST CO., NEW7 YORK. Currency of. bought and sold by United States from Foreign branches, 1299. and"to, and other foreign countries, 534. EMPLOYMENT CONDITIONS, 19, 140, 280, 397, 511, 657, 784, 919, 1040, 1167, 1282, 1405. EASTERN DIVISION. Argentina, 1316. (See Railroad revenue freight.) Czechoslovakia, 1451. EASTERN WHITE PINE. France, 86. 227, 333, 451, 588, 718, 845, 942, 974. 1104, (See Lumber. ) 1218, 1343, 1462. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 27 EMPLOYMENT CONDITIONS Continued. EXCESS PROFITS TAX. Germany, 227, 313. 333. 452, 589, 719, 846. 975, 1104, Great Britain, 553. 1219, 1344. 1463. Italy, 557. Great Britain, 40, 86, 227. 305. 332, 451. 552, 588. 718, S08. 845, 974. 1103, 1218, 1343, 1428, 1462. EXCHANGE CHANGES. Italy, 421, 947. 1063. (See Clearing system, Federal reserve. ; Norway, 847. EXCHANGE, DOLLAR. Sweden j 452, 589. 719. 846, 975, 1219, 1344. 1463. (See Dollar exchange.) ENGLAND. EXCHANGE DRAFTS. (See Great Britain.) Payment of checks by. North Carolina act authoriz ENGLISH SECURITIES. ing, held unconstitutional by North Carolina Su (See Great Britain.) preme Court, 701. (See Clearing system, Federal reserve. ) ENTRANCES OF VESSELS. (See Ships.) EXCHANGE, FOREIGN. (See Foreign exchange.) EQUITABLE EASTERN BANKING CORPORA TION, NEW YORK. EXECUTOR. Foreign branches, 1299. (See Fiduciary powers; National banks, fiduciary powers; Rulings, Federal Reserve Board. EQUITABLE TR£ST CO., NEW YORK. Foreign branches, 1299. EXPENDITURES. (See Government revenue and expenditures: Revenue ESCUDO. (See Portugal, monetary unit.) and expenditures.) ESTABLISHMENT OF NORMAL CREDIT, 901. EXPENDITURES, RECOVERABLE. ESTHONIA. France, 305. Debt to United States. 645. EXPENSES. Treaty with Russia. 940. (See Earnings and expenses, Federal reserve banks.- EUROPE. EXPORT BILLS. Banking conditions, 1025. Purchase bv dealers of, pavable in foreign countries. Currency of countries of, bought and sold by United 165, 182. States from and to countries of, and other foreign countries, 534. EXPORT CREDITS. Deposits, gold reserves, notes, ratio, 1913. 1918. and Nonagrieultural, 267, 268, 1922. 254, 367. 758. EXPORT TRADE. Financial conditions. 1025. 1389. (See Exports and imports; Foreign trade: Imports. ■ Foreign exchange. Exchange on France and Great Britain bought and sold by United States from EXPORTED GOODS. and to countries of, and other foreign countries. (See All commodities, etc.; Goods produced, etc. 541. 542. EXPORTS. Gold exports and imports. (See Gold.) Decline in, from United States, 382. Industrial activity. Changes in, 1391. (See Argentina; Brazil; Coal; Cotton; Cuba; Foreign Industrial recovery, 1395. ' countries by name; Foreign trade; Foreign trade Industrial situation. 1389. index; Foreign trade, principal countries; Ger Prices— many; Gold; Government financing of; Grain: Since armistice. 1389. Great Britain; Japan; Loans; Manufactures; Meat (See Prices.) products; Money; Norway; Silver; Sweden; Trade; Silver production, 662. Wool.) (See Silver.) Trade of United States with. First 6 months of 1922. EXPRESS CHARGES. 1027. Federal Reserve System, 145, 1012. EUROPEAN ALLIES. Purchase and sale of foreign exchange payable in F. countries of, 164, 165, 170, 173, 182. EUROPEAN BANKS OF ISSUE. FABRICATED STEEL. (See Condition, same.) (See Structural steel.) EUROPEAN CENTRAL BANKS. FABRICS. Condition.. Pre-war, armistice, 1922, 254, 367, 75S. (See Finished cotton fabrics; Production and ship EUROPEAN NEUTRALS. ment of cotton fabrics; Silk fabrics.) Purchase and sale of foreign exchange pavable in FACE BRICK. countries of, 164, 165, 170, 173, 177, 182." Production, shipments, stocks, unfilled orders, 338, EUROPEAN PORTS. 458, 595, 725, 855, 983, 1112, 1230, 1355, 1474. (See Index of ocean freight rates.) FAILURES, COMMERCIAL. EVANS, JUDGE. (See Bankruptcies; Commercial failures. * Opinion. Atlanta par clearing case, 436, 500. FANCY LEATHER. EXCESS OF ELIGIBLE PAPER. (See Leather.) Held as collateral for Federal reserve notes. 100, 239. 354, 475, 615. 743. 883. 1000. 1128, 1247, 1371, FARM IMPLEMENTS. ^ 1491. (See Implements; Wholesale trade.; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
28 INDEX-DIGEST OF FEDEKAL RESERVE BULLETIN. FARM PRODUCTS. FEDERAL RESERVE ACT—Continued. Prices— Sec. 13. Distinction between section 5200 United Great Britain, 1429. States Revised Statutes and, 1287. United States. Index numbers, wholesale, 1913- South Africa, central reserve bank of. Distinction 1922, 80, 221, 326, 444, 581, 711, 839, 968, between, and Federal reserve system, 1331. 1094, 1214, 1340, 1458. (See Rulings, Federal Reserve Board.) (See Agriculture.) FEDERAL RESERVE ACT, PERU. FARMERS. Text, 515. (See Agriculture; Agricultural paper; Cooperative marketing associations; Review of month.) FEDERAL RESERVE AGENTS. Accounts. (See Federal reserve notes.) FARMERS AND MERCHANTS BANK v. FEDERAL Conference, October 8, 1922, 1272. RESERVE BANK OF RICHMOND. Expense of conferences, 145, 865, 1012. Act of North Carolina authorizing exchange charges Gold held by. (See Resources and liabilities.) and permitting payment by banks of checks by Newsome, W. B., appointed Federal reserve agent, exchange drafts, held unconstitutional by Su Dallas, 1272. preme Court of North Carolina, February, 1922, Ramsey, W. F., death of. Federal reserve agent, 701. Dallas, 1272. FARMERS AND MERCHANTS BANK OF CAT- LETTSBURG v. FEDERAL RESERVE BANK FEDERAL RESERVE AND MEMBER BANK DE OF CLEVELAND. VELOPMENT. United States district court grants a preliminary Year ending June 30, 1922, 862. injunction against presentation of certain checks FEDERAL RESERVE BANK NOTES. for payment over counter, October 14, 1922, 1409. Circulation, 112, 251, 364, 486, 626, 753, 893, 1011. FARMERS LOAN AND TRUST COMPANY, NEW 1138, 1258, 1381, 1501. YORK. June 1,1921, December 1,1921, June 1,1922, 769. Foreign branches, 1299. Collateral pledged for, 867. Outstanding, year ending June 30, 1922. 867. FARMING INDUSTRIES. Pittman certificates, 867. Argentina, 1072. Tax on circulation, 145, 865, 1012. FATS. (See Money held, etc.) Index number, wholesale prices. Belgium, 1921 FEDERAL RESERVE BANK OF ATLANTA, 436,1408. and 1922, 1214. (See American Bank and Trust Co.; Federal reserve FEDERAL ADVISORY COUNCIL. clearing system.) Conferences, expense of, 145, 865, 1012. FEDERAL RESERVE BANK OF CLEVELAND, 1409. On agricultural credit, 263. (See Farmers and Merchants Bank of Catlettsburg; Wade, F. J., elected to, 775. Federal reserve clearing system.) Watts, F. O., resignation, 775. (See Review of month.) FEDERAL RESERVE BANK OF DALLAS. Ramsey, W. F., death of, Oct. 27,1922,1272. FEDERAL FARM LOAN ACT. Newsome, W. B., appointed Federal reserve agent Joint commission of agricultural inquiry. Amend temporarily, Nov. 3, 1922, 1272. ment suggested, 318. Views of Federal Reserve Board, 264, 267. FEDERAL RESERVE BANK OF KANSAS CITY. Bailey, W. J., elected governor, 909. FEDERAL PACIFIC BANKING CORPORATION. Miller, J. Z., resigns as governor, 909. Organized under section 25 (a), Federal reserve act, 1287. FEDERAL RESERVE BANKING, 1921. Review, 22. FEDERAL RESERVE ACT. Amendments— FEDERAL RESERVE BANKS. Sec. 9. Limitation on discounts for member Accommodation extended to member banks. (See State banks and trust companies. Act July Banking conditions.) 1, 1922. Text, 831, 933. Act of July 1, 1922. State bank rediscounts, 831. Sec. 10. Additional member, Federal Reserve Assessment on. Federal Reserve Board expenses, Board. Limitation on cost of Federal 145, 865, 1012. reserve bank buildings, 830. Assets and liabilities, weekly changes in. (See Report of banking and currency committee Assets and liabilities; Banking conditions; Re on, 501. view of month; Weekly changes.) Bankers’ acceptances. Held to be bills drawn against Bankers’ acceptances. Holdings. (See Acceptances; actually existing values under section 13, 1287. Bankers’ acceptances; Discount and open-market Bills of exchange drawn against actually existing operations.) values— Buildings. Limitation in cost of, 830. Includes drafts or bills secured by shipping Capital. (See Ratio.) documents and bankers’ acceptances as Condition statements— described in section 13, although (differing Resources and liabilities, 96, 236, 351, 472, 611, from United States Revised Statutes, sec 740, 880, 997, 1125, 1244, 1368, 1488. tion 5200) not specified therein, 933. Comparison, May, 1921, and May, 1922, 863. Accepted demand bills, on which drawer is Review, 1921, 1, 22. released are not, and are subject to 10 per Review, year ending June 30, 1922, 765, 862. cent limitation of section 13, 933. (See Assets and liabilities; Banking conditions.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 29 FEDERAL RESERVE BANKS—Continued. FEDERAL RESERVE BANKS—Continued. Currency received from and paid to member and Reserves, deposits, note circulation, 95, 235, 350, 471, nonmember banks, 867. 610,'739, 864, 879, 996, 1124,1243, 1367, 1487. Deposit and note liability. Ratio. Reserves to, 98, Year ending June 30,1922, 862. 238, 353, 474, 613, 742, 882, 999, 1127, 1246, 1370, 1919-1922, 403. 1490. Reserves, gold. Interdistrict movement of, 400. Deposits. (See Government deposits; Resources and 1919-1922, 403. liabilities.) Reserves, member bank. (See Ratio.) Depreciation allowances— Resources and liabilities. (See same.) Buildings, 146. Review of operations— United States bonds, 146. Year 1921, 1, 22. Directors, election of, 50. Six months ending June 30, 1922, 765. Discount and open-market operations. (See same.) (See Review of month.) Discount rates, 112, 251, 364, 486, 626, 753, 866, 893, Sales. (See Rediscounts between.) 1011, 1137, 1258, 1380, 1500. Surplus. (See Ratio.) Comparison. 1921 and 1922, 866. Surplus account, 1921, 146. Discussion of, 500, 768. Weekly changes. Assets and liabilities, 92, 233, 347, Discounts, 1921 and 1922, 864. 348, 469, 608, 609, 648, 737, 738, 773, 774, 877, 879, Dividends paid— 907, 993, 994, 1029, 1122, 1124, 1156, 1158, 1241, Calendar year 1921,146. 1365, 1396, 1485. Six months ending June, 1922,1013. FEDERAL RESERVE BOARD. Jan., 1921-June, 1922, 865. Act of June 3, 1922. Additional member, 830. Earning assets. (See Earning assets; Resources and Agricultural credit— liabilities.) Approval of bill of Joint Committee on Agricul Earnings. Additions to and deductions from current tural Inquiry, 318. net earnings, 146. Views on, 264, 267. (See infra, Ratio.) Analysis and research. (See Division of analysis and Earnings and expenses— research.) Calendar year 1921, 143. Assessments on Federal reserve banks. Expenses of Six months ending June, 1922, 1012. Federal Reserve Board, 145, 865, 1012. Jan., 1921-June, 1922, 865. Bankers’ acceptances. Regulation A amended, 433. Eligible paper. Have discretion whether or not Conferences. Federal reserve agents and governors, to discount, 1046. 646, 1272. Federal reserve agents. (See same.) Counsel, General— Fiscal agency expenses— Logan, W. S.. resignation of, 1158. Calendar year 1921, 146. Wyatt. W.. appointed, 1158. Six months ending June, 1922, 1013. Division of analysis and research— Jan., 1921-June, 1922, 865. Moved to Washington, 389. Franchise tax paid to United States, 146. Stewart, W. W., appointed director, 1031. Gold holdings, 254, 367, 758. Willis, H. Parker, resignation as director, 389. (See Resources and liabilities.) Index numbers of. (See Prices.) Gold reserves, 1919-1922, 403. Joint Agricultural Committee of Inquiry. Approves Gold settlement fund. Rediscounts between Federal bill of. 264. 267, 318. reserve banks, 401. Loans. Misstatements of attitude of Federal Reserve Governors of. Conferences, 646, 1272. Board as to, 267. Insurance, reserve for self, 146. Logan, W. S., resignation of. General counsel, 1158. Losses, reserve for, 146. Net deposits. (See. Weekly statements.) Member banks— Price indexes prepared by. (See Prices.) Discounts for, 1919-1922, 403, 1272. Rulings of. (See Rulings, Federal Reserve Board, What Federal reserve banks may discount for, 933. principal heading.) Net deposits. Eliminated from weekly statement and Weekly statements. Federal reserve banks. “Net “Total deposits’’ substituted, Mar. 18, 1921, 25. deposits” eliminated and “Total deposits” sub Note circulation. (See Reserves, etc.) stituted, Mar. 18, 1921, 25. Profit and loss account, 146. Wyatt, W., appointed general counsel, 1158. (See Earnings and expenses.) (See Review of month; Rulings, Federal Reserve Ratio. Net earnings to: Paid-in capital; paid-in Board.) capital and surplus; paid-in capital and member bank reserves; paid-in capital, surplus, and mem FEDERAL RESERVE BULLETIN. ber bank reserves, 143. Requests for copies of, 1397. (See Reserve ratio.) FEDERAL RESERVE CLEARING SYSTEM. Rediscounts and sales between, 26, 98, 403, 865, 933, (See Clearing system, Federal reserve.) 1153. (See Interdistrict accomodation.) FEDERAL RESERVE NOTES. Rediscounts with, by member State banks and trust Circulation, 95, 112, 235, 251, 350, 364, 403, 471, 486, .companies, 371, 630, 1142. 610, 626, 739, 753,879, 893,996,1011,1124,1138, Reserve. (See supra, Insurance; Losses.) 1243, 1258, 1367, 1381, 1487, 1501. Reserve ratio, 9, 30, 131, 270, 389, 503, 648, 770, 775, Chart, 864. 863, 909, 1031, 1158, 1367, 1487. 1919-1922 403. Actual and adjusted, 30. June 1, 1921, Dec. 1,1921, and June 1, 1922, 769. Year ending June 30, 1922, 863. Year ending June 30, 1922, 862. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
30 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FEDERAL RESERVE NOTES—Continued. FINANCIAL COMMISSION, GENOA. Coat of, including shipping charges, 145, 865, 1012. Report, 678. Cost of redemption, 145, 865, 1012. (See Genoa Financial Commission.) Federal reserve agents’ accounts. (See infra, On hand, etc.) FINANCIAL CONDITIONS, ECONOMIC AND. Interdistrict movement of, 1917-1921, 403. Argentina, 1071,1314. On hand. Outstanding. Collateral, 100, 239, 354, Austria, 644, 994, 1083. 475, 615, 743, 883, 1000, 1128, 1247, 1371, 1491. Brazil, 644, 994, 1316. Outstanding. (See Money held, etc.) Chile, 1076, 1194. Relation to cash reserves, 1123. Costa Rica, 1444. Retirement of. Effect on deposits, 1155. Cuba, 825. (See Banking conditions; Resources and liabilities.) Czechoslovakia, 1445. Europe, 1025. (See Review of month.) FEDERAL RESERVE SYSTEM. France, 942. (See France.) Admission to. (See State banks and trust companies, Germany, 644. (^Germany.) admission, etc.) Great Britain. (See Great Britain, business and Central Reserve Bank, South Africa. How differing financial conditions.) from, 1331. Guatemala, 1440. Number of member banks and number accommodated, Honduras, 1441. 109, 247, 362, 484, 625, 752, 892,1010,1136, 1256, Italy, 643. (See Italy.) 1379 1499. Mexico, 1080, 1195, 1318. Withdrawals from, 50, 195, 317, 571, 700, 921, 1169. Nicaragua, 1443. Working of, 1920 and 1921, 902. Salvador, 1442. (See Review of month.) South Africa, 1325. FEDERAL STATISTICAL BUREAU. United States. (See Business, industry, and finance; (See Prices, wholesale, Germany, group index num Review of month.) bers.) (See Banking conditions; Conditions; Financial sta tistics, foreign countries; Review of month.) FEDERAL SUPERVISION. Animals slaughtered under. (See Live-stock indus FINANCIAL COMMISSION. try, animals slaughtered.) Cuban, to United States, 960. FEED. FINANCIAL PLANS. Index numbers, wholesale prices. Switzerland, United States Treasury, 929, 1273, 1296. 1914-1922, 1097. FINANCIAL PROBLEMS. FEEDERS, STOCKERS AND. Hon. Herbert Hoover on, 641. (See Live-stock industry, s'tockcrs and feeders.) FINANCIAL RECOMMENDATIONS. FERTILIZERS. Genoa conference, 639. Index numbers, wholesale prices— Belgium, 1921, 1922, 1214. FINANCIAL SITUATION ABROAD. Norway, 1914-1922, 82, 223, 328, 446, 583, 713, (See Financial conditions; Financial problems; Re 1096. view of month.) Switzerland, 1914-1922, 1097. FINANCIAL STATISTICS, FOREIGN COUNTRIES. FICTITIOUS DRAWEE, 1287. Argentina, 493, 638, 764, 1150, 1266, 1388, 1509. (See Rulings, Federal Reserve Board.) France, 117, 258, 376, 490, 635, 761, 897, 1017, 1147, 1263, 1385, 1506. FIDUCIARY POWERS, NATIONAL BANKS. Germany, 118, 259, 377, 491, 636, 762, 898, 1018, Capital required as condition of granting. Wisconsin, 1148, 1264, 1386, 1507. 196. Great Britain, 117, 257, 375, 490, 635, 761, 897, 1017, Permits granted by Federal Reserve Board, 50, 195, 1147, 1263, 1385, 1506. 317, 431, 571, 700, 829, 921, 1043,1170, 1285, 1407. Italy, 118, 258, 376, 491, 636, 762, 898, 1018, 1148, Reserves against trust funds held by national banks, 1264, 1386, 1507. 572. (See Rulings, Federal Reserve Board.) Japan, 119, 378, 493, 638, 764, 900, 1020, 1150, 1266, 1388, 1509. FINANCE. Norway, 119, 260, 378, 492, 637, 763, 899, 1019, 1149, (See Business, industry, and finance.) 1265, 1387, 1508. Peru 515. FINANCE, PUBLIC. Sweden, 49, 119, 259, 377, 492, 637, 763, 899, 1019. P'rance, 186, 1433. (See Revenues and expenditures.) 1149, 1265, 1387, 1508. FINANCE, SWEDISH PUBLIC, 45. FINANCING. Crops, 1151, 1152, 1154. FINANCE, TOBACCO, 285, 787. Exports. (See Government, financing of.) FINANCE, WOOD PULP, 787. Live-stock industry, 1171. FINANCE BILLS. Tobacco industry, 285, 403. Purchases and sales of, by foreign exchange dealers Wood-pulp industry, 792. in United States, 165, 174, 182. (See Review of month.) FINANCIAL AND ECONOMIC CONDITIONS. FINE PAPER. Countries of Central America, 1439. (See Paper.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
31 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN, FINISHED COTTON FABRICS. FLOUR—Continued. Production, shipments, storage, 74, 850, 979, 1107, Prices— 1225, 1350, 1469. Standard patents. Minneapolis, 1913-1922. Av erage monthly prices, 58, 200, 324, 441, 579, FINLAND. 709, 836, 1210. Debt to United States, 645. Index numbers, wholesale. New Zealand, 1913- Deposits, gold reserves, notes, ratio, 1913, 1918, and 1922 1100 1922 758. Production, 64, 207, 335, 455, 592, 722, 853, 980, 1109, Foreign exchange, 116, 253, 366, 489, 629, 756, 896, 1353, 1471. 1016, 1141, 1262, 1384, 1504. Receipts— Monetary unit. Markka. Par. Rates. (See supra, 17 interior centers, 63, 206, 335, 455, 592, 722, 852, Foreign exchange.) • 980, 1109, 1227, 1352, 1471. Prices. Index numbers, wholesale, 80, 220. 9 seaboard centers, 64, 207, 335, 455, 592, 722, 853, FIRE CLAY BRICK. 980, 1109, 1227, 1352, 1471. Production, shipments, stocks, unfilled orders, 595, Index numbers. Chart, 62, 205, 1416, 1418. 725, 855, 983, 1112, 1230, 1355, 1474. Shipments. 14 interior centers, 63, 206, 335, 455, 592, 722, 852, 980, 1109, 1227, 1352, 1471. FIRE INSURANCE. Cost of. Federal reserve banks, 145, 865, 1012. FODDER. (See Group index numbers, Canada.) FIRESTONE TIRE & RUBBER CO. Securities placed in United States, 1052. FOODS. Imports and exports. United States, 1103,1222,1347, FIRST NATIONAL BANK, BOSTON. 1466. Foreign branch, 1299. Movement. Index numbers, 455, 592, 722, 852, 980, FISCAL AGENCY EXPENSES, FEDERAL RE 1109, 1227, 1352, 1471. SERVE BANKS. Prices. Index numbers, wholesale— Calendar year 1921, 146. Belgium, 1921 and 1922, 1214. Six months ending June, 1922, 1013. Calcutta, 1914-1922, 83, 224, 329, 447, 584, 714, January, 1921-June, 1922, 865. 1099. Canada, 83, 224, 329, 447, 584, 714, 842, 971, 1098, FISCAL AGENTS, FEDERAL RESERVE BANKS. 1216, 1341, 1459. Currency received from and paid to member and China. (See infra, Shanghai.) nonmember banks, June, 1921-May, 1922, 867. Dutch East Indies, 1914-1922, 1099. United States Treasury certificates and notes allotted France, 1913-1922, 81, 222, 347, 445, 582, 712, through Federal reserve banks, 868. 841, 969, 1094, 1215, 1340, 1458. FISCAL POLICY. Great Britain, 1913-1922, 81, 221, 222, 327, 444, France, 554. 581, 711, 841, 969,1097,1098,1216,1341,1460. United States Treasury. Refunding operations, 929, Italy, 1913-1922, 81, 222, 327, 445, 582, 712, 841, 1273, 1296. 969, 1095, 1341, 1459. Norway, 1914-1922, 82, 223, 328, 446, 583, 713, FISCAL YEAR 1922. 1096. Federal reserve banks and member banks develop Shanghai, 1913-1922, 1099. ment, 862. Sweden, 1913-1922, 82, 223, 328, 445, 583, 713, FISH. 970, 1096, 1216, 1341, 1459. Index numbers, wholesale prices. Great Britain, Switzerland, 1914-1922, 1097. 1913-1922, 81, 221, 327, 444, 581, 711, 841, 969, United States, 1913-1922, 80, 221, 326, 444, 581, 1097, 1216, 1341, 1460. 711, 839, 968, 1094, 1214, 1340, 1458. Production— FIVE AND TEN CENT STORES. (See Retail trade.) Index numbers, 295, 455, 592, 722, 852, 980, 1109, 1227, 1352, 1471. FIVE PER CENT REDEMPTION FUND. Index numbers, seasonal variation, 1419. (See Resources and liabilities.) (See France, foreign trade; Great Britain, for FLAX SEED. eign trade; Manufactured goods; Production.) (See Canada, prices.) FORCED LOAN. FLOATING DEBT. Germany, 191, 313, 812, 949. (See Debt, public.) FOREIGN ACCOUNT. FLOTATION OF FOREIGN LOANS. (See Securities.) State Department asks that notice be given to it by FOREIGN AGENCIES. bankers intending, 282. Sales of foreign exchange by United States dealers to, 164. FLORIN. Dutch. Par. Average rate, 114. FOREIGN AGENCIES DOMICILED IN UNITED (See Netherlands, foreign exchange rates.) STATES. Purchases of foreign exchange from, and sales to, by FLOUR. United States dealers, 165, 174, 182. Movement of, 12, 134, 273, 392, 506, 651, 778, 912, 1034, 1161, 1276, 1401. FOREIGN BANK BRANCHES AND AGENCIES. East-bound movement. Sault Ste. Marie Canal, 71, Federal reserve banks, holdings of acceptances of, 726, 856, 984, 1112, 1356, 1475. 91, 232; 284, 346, 468, 515, 607, 736, 876. 993,1029, Ocean freight rates. (See Index of ocean freight rates.) 1121, 1240, 1364, 1484. 39507—23------3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
32 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FOREIGN BANK CREDITS, 906. FOREIGN EXCHANGE—Continued. FOREIGN BANKS. Arbitrage transactions, 1918 and 1919. Government control—Continued. Argentina. Proposed bill regulating, 566. Transactions in foreign currency of, and foreign Cuba. Branches of foreign banks in, 827. exchange on—Continued. FOREIGN BRANCHES OF AMERICAN BANKS. Denmark, 529, 530, 541. List, 1298. East Indies, 534. Ecuador, 534. FOREIGN BUSINESS AND FINANCIAL CON- Europe, countries of, 534. DITIONS. France, 529, 530, 531, 542. (See Business and financial conditions abroad.) Great Britain, 529, 530, 531, 542. FOREIGN CAPITAL. Greece, 524, 529, 534. French investments in, 419. Holland, 529, 530, 531, 534, 541. India, 529, 531, 541. FOREIGN COIN, GOLD. Italy, 529, 530, 531, 534, 541. Exports and imports, 248. Mexico, 534. FOREIGN COLLECTIONS. North America, countries of, 534 , 541, 542. Article on, 522. Norway, 529, 530, 534 , 541. Peru, 534. FOREIGN CONDITIONS. Portugal, 534. (See Review of month.) Russia, 534. FOREIGN CORPORATIONS. South America, countries of, 534, 541, 542. Securities placed in United States, 1051. Spain, 529, 530, 531, 541. Straits Settlements, 534. FOREIGN CORRESPONDENTS. Sweden, 529, 530, 541. Contingent liability of Federal reserve banks on bills Switzerland, 530, 531, 534. purchased for. (See Resources and liabilities.) Uruguay, 534. Venezuela, 534. FOREIGN COUNTRIES. West Indies, 531, 534. Debts to United States, 48, 49, 128, 314, 386, 419, 420, Argentina, 316, 493, 566, 569, 638, 764, 822, 1071, 429, 566, 567, 643, 645, 1027, 1028, 1050, 1181, 1150,1266. 1315. Austria. (See Securities.) FOREIGN CREDIT INFORMATION. Brazil, 567, 569, 696, 957, 1073. Article on, 795. China. Dealings of United States with, 531. Chile, 568, 824, 1074. FOREIGN CREDIT INTERCHANGE BUREAU, 799. Cuba, 962. FOREIGN CREDITS. Czechoslovak crown, value of, 1394, 1448. State Department ask to be notified of, to be granted Discussion of foreign exchange situation, 6, 127, 379, by banks or bankers in United States, 386. 640, 1028. (See Foreign exchange operations; Government con France, 380, 418, 810, 945, 1028, 1179. trol; Loans.) Genoa conference. Report on, 67.8. Germany— FOREIGN CURRENCIES. Decree restricting purchase of, 1436. Circulation of, in Mexico prohibited, 1319. Mark depreciation, 1185, 1436. Forbidden in Germany for domestic transactions, Marks. Per cent of par, 1921 and 1922, 1140, 1436. 1260,1383, 1503. Foreign exchange rates in units of. (See Foreign (See Securities.) exchange rates.) Great Britain, 304, 380, 552, 807, 1028, 1178. FOREIGN CURRENCY SITUATION. Exchange value of pound sterling, 117, 227, 375, (See Review of month.) 490, 635, 761, 897, 1017, 1147, 1263, 1385, 1506. FOREIGN DOLLAR LOANS. High and low rates, 1921, 114. Table of, 386. Hoover, Hon. Herbert, on, 122. Loans, 48, 49, 128, 314, 386, 419, 420, 429, 566, 567, Index numbers of. Principal countries. Chart, 643, 645,1027, 1028,1181,1315. 1918-1922, 114, 116, 253, 366, 488, 628, 755, 895, FOREIGN EXCHANGE. 1015, 1140, 1260, 1383, 1503. Arbitrage transactions, 1918 and|1919. Government Inter-American High Commission. Statement on, control— 122 153 Definition, 528. Italy, 380,1028, 1064. Transactions in foreignjcurrency^ of, and foreign Mark rates. (See, supra, Germany.) exchange on— Monetary units. Principal countries. Par. Per Africa, 534. cent of par. Weight, 114, 116, 253, 366, 489, Argentina, 531, 534. 629, 756, 896, 1016, 1141, 1384, 1503. Asia, countries of, 534,[541, 542. Norway, 119, 260, 378, 492, 637. Australasia, 534. Operations. Government control, 1918 and 1919, Bolivia, 534. 163, 528. Brazil, 531, 534. Arbitrage transactions. (See, supra, same.) Canada, 529, 531, 541. Debits and credits to dollar account, 168. Central America, countries of, 534. Distribution percentages, 165. Chile, 534. Instructions to dealers, 166. China, 531, 534. Purchases and sales, 163, 164, 170, 530. Colombia, 534. Transactions in securities, 533. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 33 FOREIGN EXCHANGE—Continued. FOREIGN LOANS—Continued. Par, per cent of. (See. supra, Monetary unit.) Placed in United States, 48, 49, 128, 314, 386, 419, Pound sterling— 420, 429, 566, 567, 643, 645, 1027, 1028, 1050, Appreciation of, in terms of dollar, 807, 1179. 1181, 1315. Value of. Index numbers, 117, 257, 375, 490, Lamont, T. W., on, 644. 635, 761, 897, 1017, 1147, 1263, 1385, 1506. Proceeds should not be required to be spent in United Rates— States, 644. Balance of trade. Effect of unfavorable balance State Department asks for notice of, 282. of trade on rates, 385. FOREIGN MUNICIPAL SECURITIES. Berlin on New York. Per cent of par, 423. Placed in United States, 1050. Index of rates. Chart, 114, 254, 367, 488, 628, 755, 895, 1015, 1140, 1261, 1383, 1504. FOREIGN NATIONS. New York. Berlin on. Per cent of par, 423. (See Financial statistics; Foreign nations.) Paris rates. Francs to: Belgian franc, dollar, FOREIGN SECURITIES. German mark, lira, pound sterling, 418, 810. (See Foreign loans, Prices.) Par, per cent of, 114, 116, 253, 366, 489, 629, 756, 896, 1016, 1141, 1262, 1384, 1503. FOREIGN TRADE. Principal countries. High, low, and average Allied debt and, 1027. rates. Par; also index numbers, 114, 116, Argentina, 1910-1921, 428, 429, 430, 563, 565, 587, 253, 366, 489, 629, 756, 896, 1016, 1141, 1262, 717, 821, 954, 1190, 1314. 1384, 1503. With United States, 1103, 1222, 1347, 1466. Securities— Authority to purchase. Form, 299, 414. Held in Austria and Germany for American Brazil, 566, 696, 699, 955, 1191, 1316,1347, 1466,1467. and foreign account, 545. Foreign trade with United States. Per cent of Held in United States for Austrian and Ger total trade, 697, 699. man account, 546, 547, 545. Prices of exports, 696. (See Central Powers.) Canada, 1347, 1466, 1467. Reichsbank. Foreign exchange operations, 693. Chile, 958, 1075. Situation. Effect on American commerce. United Foreign trade with United States, 1913-1920, 958, States section, Inter-American High Commission, 959, 1075. 153. Condition of. Reports, 22, 142, 281,$399, 513, 658, Stabilization of. Report. Genoa conference, 640, 786, 921, 1042, 1169, 1284, 1406. Swedish krona. Value of, 119, 259, 377, 492, 637, Corporations, foreign trade. Russia, 940. 763, 899, 1019, 1149, 1265, 1387, 1508. Costa Rica, 1439. United States. Foreign exchange dealings in, 1918 Credit information, study of, 795. and 1919. Government control, 163, 528, 529, Credit practice— 530, 531, 541. Belgian banks, 410. (See Review of month.) German banks, 158. Dutch banks, 410. FOREIGN FINANCIAL PROBLEMS. Italian banks, 410. Hoover, Hon. Herbert, on, 641. Japanese banks, 296. FOREIGN FIRMS DOMICILED IN UNITED Cuba, 826. STATES. In United States currency, 962. Purchase of foreign exchange and sale by dealers Czechoslovakia, 1449. from and to, 165, 174, 182. Discussion of, 129. Denmark. 1347, 1466, 1467. FOREIGN GOLD. Financing of. (See Review of month.) Exports, 248. France, 85, 226, 307, 331, 333, 418, 449. 451, 585, FOREIGN GOVERNMENT FINANCING. 715, 718, 809, 843, 845, 944, 972, 974. 1027, 1102, (See Review of month.) 1104, 1179, 1181, 1186, 1218 1222, 1343, 1346, 1392, 1462, 1465. FOREIGN GOVERNMENT LOANS. Placed in United States. (See Loans, etc.) Germany, 6, 85, 226, 332, 382, 384, 450, 552, 585, 690, 715, 716, 808, 813, 814 , 815, 843, 950, 972, 1024, FOREIGN GOVERNMENTS. 1027, 1060, 1101, 1122, 1186, 1220, 1308, 1345, (See Loans; Foreign loans.) 1391, 1393, 1428, 1464, 1465. Great Britain, 84, 184, 225, 305, 330, 382, 383, 449, FOREIGN INSTITUTIONS AND AGENCIES. Purchases of foreign exchange by dealers from, and 552,585, 715,808,843,972,1027,1060,1061,1101, 1345, 1391, 1392, 1428, 1430, 1464. sales to, 164. Export deficiency. 1921 compared with 1913,185, FOREIGN INSTITUTIONS OUTSIDE OF UNITED 1061. STATES. Exports and imports at 1913 prices, 1061,1429. Purchases of foreign exchange by dealers from, 165, Guatemala, 1439. 182. Honduras, 1439. Index of foreign trade, 59, 201, 334, 453, 590, 720, 848, FOREIGN INVESTMENTS. (See Review of month.) 1105,1223, 1348, 1467. India, 1347,1466, 1467. FOREIGN LOANS. Italy, 40, 85, 226, 331, 420, 450, 586, 716, 844, 973, Debts to United States by foreign governments. 1027,1064, 1101, 1221,1347, 1466. (See, infra, Placed in United States.) Japan, 85, 226, 331, 450, 586, 716, 844, 973,1101,1220, French loans held in United States, 419, 1181. 1221, 1345, 1347, 1464, 1466, 1467. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
34 INDEX-DIGEST OF FEDERAL, RESERVE BULLETIN. FOREIGN TRADE—Continued. FRAN CE—Continued. Letters of credit, 158, 296, 410. Capital. (See Foreign capital.) Mexico, 1198,1199,1324. Capital issues, 117, 258, 306, 376, 490, 635, 761, 808, Netherlands, 1347,1466,1467. 897, 944, 1017, 1147, 1263, 1385, 1506. Nicaragua, 1439. Clearings. Paris banks, 117, 258, 376, 490, 635, 761, Norway, 85,226, 331,450, 586, 716, 844, 847, 973,1101, 897, 943, 1017, 1147, 1263, 1385, 1506. 1221,1347,1467. Coal imports. Production, stocks, 86, 227, 333, 451, Principal countries, 84, 225, 330, 449, 585, 715, 843, 588, 718, 845, 974, 1104, 1180, 1218, 1343, 1462. 972,1101,1220,1,345, 1464. Coal received from Germany, 810, 1180. At 1913 prices, 59, 201, 334, 453, 590, 720, 848, Comptoir Nationale d’Escompte. Condition, 1062. 976, 1105, 1223, 1348, 1467. Condition. (See Bank of France; Banks.) Russia, 940, 941, 942. Cost of living, 307, 686. Salvador, 1439. Cotton imports; also stocks at Havre, 86, 227, 333, 451, Securities, transactions in, 1918,1919, 543. 588, 718, 845, 974, 1104, 1218, 1343, 1462. Situation. (See Review of month.) Cotton stocks, Havre, 1343, 1462. South Africa, 4324. Credit Lyonnaise. Condition, 1062. Sweden, 85,226,331,450,586,716,844,973,1101,1221, Credit Nationale. Loans to devastated regions, 306, 1347,1466. 420, 809. Trade bills in financing, 522. Debt, public, 117, 118, 258, 376, 490, 635, 645, 683, Trust receipts in financing, 32, 229. 761, 808, 809, 897, 1017, 1147, 1263, 1385, United States, 1103, 1222, 1347, 1466, 1431, 1433, 1506. Index of, 59,201, 334,453, 590,720,848,976,1105, Of Russia to France, 683. 1223, 1348, 1467. Of France to United States, 645. Reports on, 22, 142, 281, 399, 513, 658, 786, 921, (See, infra, Great Britain.) 1042, 1169, 1284,1406. Deposits. (See Savings deposits.) With Europe, 1913-1922, 382. Deposits, gold reserves, notes, ratio, 1913, 1918, and Vessels cleared and entered in. (See Ships.) 1922, 254, 367, 758. (See Review of month.) Deposits, savings, 808. Devastated regions, loans to, 306, 420, 809. FOREIGN TRADE CORPORATIONS. Discount rates. Bank of France, 420, 554. Russia, 940. Dollar. Francs to, 418, 810. FOREST PRODUCTS. ^Economic conditions, 942. Index numbers, wholesale prices, 1913-1922, 1092, Expenditures, recoverable, 305. 1214, 1339, 1457. (See Revenue and expenditures.) (See Agricultural products, etc.; Lumber; Prices; Exports. (See Foreign trade.) Railroad revenue freight.) Finance, public, 186, 554,1433. Fiscal policy, 186, 554,1433. FORMS. Floating debt. (See Debt, public.) Bailee receipt, 36. Foreign exchange, 380, 418, 810, 945, 1028,1179. Credit insurance policy, 668, Arbitrage transactions. French and British ex Foreign credit information, 799, 800. change, 541. Foreign exchange operations, 1918 and 1919, 167, 168. (See, infra, United States.) Letters of credit, 160, 297, 410. Cable transfers, 40, 380. Trade bills, 523. Franc. Par. Average rates, 114. Trust receipt, 35. (See, infra, Rates.) FORT WILLIAM PAPER CO. Francs to: Belgian franc, dollar, lira, mark, Securities placed in United States, 1051. pound sterling, 418, 810. Index of. Chart, 1918, 1922, 115, 254, 367, 488, FRAMERICAN INDUSTRIAL DEVELOPMENT CO. 628, 755, 893, 1015, 1140, 1261, 1383, 1504. Securities placed in United States, 1052. New York on Paris, 945. FRANCE. Rates. High, low, average; Index numbers, 40, Acceptance liabilities of banks, 284. 115, 253, 366, 380, 489, 629, 665, 756, 896, Allied debts. (See, infra, Poincare.) 945,1016,1028,1141,1179,1262,1384,1503. Army of occupation, expense of, 1433. United States, dealings in— Bank of France— Argentine exchange bought and sold by Advances to Government, 420,1179. dealers from and to France, 529, 542. Annual report, 1921, 427. Canadian exchange bought and sold by Condition of, 117, 255, 258, 376, 381, 490, 635, 685, dealers from and to France, 529, 541. 761, 897, 944, 1017, 1147, 1263, 1385, 1506. Currency of France bought and sold by 1913-1921, 255. United States from and to France ana Discount rates, 420, 554. other foreign countries, 534. Notes in circulation, 117, 258, 376, 490, 635, 761, Exchange on France bought and sold by 897, 1017, 1147, 1263, 1385, 1506. United States from and to countries of Rates. Metallic reserves, 255, 758. Asia, 541, 542. . Ban&s, condition, 306, 420, 809, 1062. Exchange on France bought and sold by Bordeaux, city of. Securities placed in United United States from and to France ana States, 1050. other foreign countries, 529, 541. Budget, 187, 305, 554, 643, 1433. Exchange on France bought and sold by Business and financial conditions, 117, 186, 258, 305, United States from and to principal 376, 417, 420, 490, 554, 635, 683, 761, 808, 897, countries, 530, 531. 942, 944,1017, 1061, 1147, 1179, 1263, 1303,1385, Danish exchange bought and sold by United 1431, 1506. States from and to France, 529, 541. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
35 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FRANCE—Continued. FRAN C E—Continued. Foreign trade, 85, 226, 307, 331, 382, 384, 418, 449, 585, Prices—Continued. 715, 809, 843, 944, 972,1027,1102,1179, 1221, Comparisons with other countries—Continued. 1346, 1392, 1465. France, Canada, and Great Britain, 1913- Index of, 86, 227, 333, 451, 588, 718, 845, 974, 1922. In local currencies and converted 1104, 1218, 1343, 1462. to gold basis, 968. Ratio. Imports to exports, 384. France, Canada, Great Britain, Japan, and Germany. Cash received by France from, 945. United States. In local currencies and (See Reparations.) converted to gold basis, 1089,1206,1336, Gold exports and imports. (See Gold.) 1454. Gold movement. United States and France, 1181. Charts, 1206, 1335,1453. Gold reserves, 1913, 1918, and 1922, 257, 367, 660. France. Franc converted to gold basis, Government monopolies, 187, 305. United States. Chart, 1919-1922,1054. Government securities placed in United States, 419, France, Germany, Great Britain, Italy, 1181, 1433. Sweden, and United States, 1920 and Great Britain. Reserves right to call on France for 1921, 5, 381. payment of interest on her debt, 555. France, Germany, Great Britain, Italy, and Group index-numbers. (See, infra, Prices.) United States, 1920-1922, 1396. Imports. (See Foreign trade.) France, Great Britain, and United States, Income tax, 306, 555. 1920 and 1921, converted to gold basis, Index numbers, prices. (See, infra, Prices.) 929. Index, ocean freight rates. (See same, principal France and Italy, 1920 and 1921. Chart, 157. heading.) Goods produced. (See same, principal head- Industrial activity, index of, 86, 277, 333, 451, 588, ing-) 718, 845, 974, 1104, 1218, 1343, 1462. Cost of living, 307, 685, 686. Interest rates, 306, 419, 554. Paris workingman’s family, 1919-1921, 308. Investments in foreign capital, 419. (See Retail prices.) Investments in Russia, 683. Course of prices, 307, 927. Investments in Turkey, 1182. (See Retail prices.) Iron and steel production, 86, 227, 333, 451, 588, 718, Federal Reserve Board index numbers— 845, 974, 1104, 1218, 1343, 1462. Comparison with foreign exchange rates, 1921 (See Pig-iron production.) and 1922, 1179. Labor. (See Unemployment.) Construction of French index, 922. Lira. Francs to, 418, 810. France. Franc converted to gold basis, Loans— United States, 928. Interest on, 187. Comparison with Statistique G6n5rale Placed in United States, 419, 1181. index numbers, 927. To Russia, 684. Chart, 928. To Turkey, 1182. Food prices. (See Cost of living.) Lvons, city of. Securities placed in United States, Government control— 1050. Effect on prices, 926. Mark. Francs to, 418, 810. Increase of, 685. Marseilles, city of. Securities placed in United Index numbers, wholesale prices— States, 1050. All commodities, 79, 220, 325, 443, 580, 710, Melting point. One and five franc piece, 663. 837, 967, 1090, 1212, 1338, 1456. Monetary unit. Par. Value, 1922, 665. Constructed by Federal Reserve Board for (See, supra, Foreign exchange rates.) Eurpose of international comparisons. Monopolies— ame. Converted to gold basis, 1920 Government, 187, 305. and 1921, 929, 1088, 1209, 1337, 1455. Taxes on, 306, 555. Goods produced, exported and imported. National defense bills. Interest rates, 306. Raw materials, producers’ goods, con Note circulation, 1913, 1918, and 1922, 254, 367, 758. sumers’ goods, 929,1088,1209,1337,1455. (See Notes in circulation, principal heading.) Group index numbers, 81, 222, 327, 445, 582, Ocean freight rates. (See Index of ocean freignt rates.) 712, 841, 969, 1094, 1215, 1340, 1458. Paris. Cost of living, 307, 686. Statistique Gdn&ale index numbers, 927. Pig-iron production. (See Production.) International price index. French numbers, 922. Poincare on allied debts, 1026. Paris. (See Cost of living.) Policy, fiscal. (See Fiscal policy.) Rentes, 3 per cent, 117,258,376, 490/635, 761,897, Pound sterling. Francs to, 418, 810. 1017, 1147, 1263, 1385, 1506. Prices— Retail prices, 84, 225, 330, 448, 584, 714, 842, 971, All commodities. (See same.) 1100, 1217, 1342,1461. Armistice. Prices since, 1390. Index numbers, 307,686,810,1217,1342,1461. Comparative wholesale price levels, 1913-1922, Production— 79, 220, 325,443, 580, 710, 837, 967,1090,1212, Coal, 86, 227, 333, 451, 588, 718, 845, 974, 1104, 1338, 1456. 1218, 1343, 1462. Comparisons with other countries. Converted to Crude steel, 86, 227, 333, 451, 588, 718, 845, 974, gold basis— 1104, 1218, 1343, 1462. Federal reserve index numbers— Pig iron, 86, 227, 333, 451, 588, 718, 845, 943, 974, With French index numbers; also con 1104, 1218, 1343, 1462. verted to gold basis, 928. Public debt. (See, supra, Debt, public.) With Statistique G6n6rale, 927. Public finance, 186,1433. Chart, 928. (See Revenue and expenditures.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
36 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FRANCE—Continued. FRAN C E—Continued. Railroads— War profits tax, 306, 555. Act of October 1, 1921, 1306. Wholesale prices. (See, supra, Prices, wholesale.) Capitalization per mile, 1307. (See Bank of France; European Allies; Review of Current operations, 1307- month.) Freight tonnage and revenues, 588, 718, 845, 974, 1104, 1218, 1343, 1462. FRANCHISE TAX. Operations during war, 1304. Paid to Government by Federal reserve banks, 146. Revenue and expenditures, 1913-1921, 944, 1303. Reserved for Government franchise tax by Federal Size of principal lines, 1303. reserve banks, 97, 237,352,473, 612, 741,881,988, Railway statistics, 588, 718, 845, 944, 974, 1104, 1218, 1226, 1245, 1369. 1343,1462. FRANKFORT ON MAIN. Rate of interest— Cost of living, 584, 714, 971, 1000, 1342. Loans, 187. National defense bills, 306, 554. FRANKFURTER ZEITUNG. Treasury bills, 306, 554. (See Germany; Index numbers; Prices.) Rates, exchange. (See, supra, Foreign exchange FREIGHT. rates.) Sales by United States dealers of foreign exchange to Rentes. (See Price of 3 per cent rentes.) cover, 174. Reparations— (See Panama Canal; Railroad revenue freight; Sault Attitude toward, 1026. Ste. Marie Canal.) Cash receipts from Germany, 945, 1063. Coal received from Germany, 810,1063,1180,1433. FREIGHT CARS. Receipts in kind from Germany, 555, 809, 945, Surplus and shortage. (See Railroads, same.) 1180. FREIGHT RATES. Reserves, gold, 1913, 1918, and 1922, 254, 367, 758. Ocean, 59, 202, 339, 460, 598, 728, 849, 977,1106,1224, Retail prices. (See, supra, Prices.) 1348, 1468. Revenue and expenditures, 117, 258, 376, 490, 635, Railways, Great Britain, 1302. 761, 897, 1017, 1147, 1263, 1385, 1433, 1506. Russia— FREIGHT RECEIPTS AND TONNAGE. Claims against, 683, 938. (See France, railroads; Great Britain, railroads; Debt of Russia to, 683, 938. Japan; Norway; Sweden.) Savings bank deposits, 117, 258, 376, 490, 635, 761, FRENCH EAST INDIES. 808, 897, 1017, 1147, 1263, 1385, 1506. Gold and silver exports and imports. (See Gold; Securities— Silver.) French securities bought and sold by United States from and to foreign countries^ 543, 544. FRENCH GUIANA. Held abroad for American and foreign account, Dollar exchange drafts. American banks and bankers 545. authorized to accept, 680. Held in United States for foreign account, 546. FRENCH WEST INDIES. 547, 548. Dollar exchange drafts. American banks and bank Issues of French securities, 117, 258, 306, 376,490, ers authorized to accept, 50, 680. 635. 761, 808,897,1017,1147,1263,1385,1506. Gold and silver exports and imports. (See Gold; Placed m United States, 386, 419, 420,1050, 1181, Silver.) 1432 1433 Shipping, 86,' 227, 333, 1343, 1462. FROZEN LOANS, 2,771. (See Ships, principal heading.) (See Review of month.) Ships cleared, 1343, 1462. FRUIT INDUSTRY. (See Ships, principal heading.) Condition of, 11,133, 272, 391, 505, 651, 778, 912, 1034, Silk, raw. Imports, 86, 227, 333, 451, 588, 718, 845, 1161, 1275, 1399. 974, 1104, 1218, 1343, 1462. Silver content. Franc, 663. FRUIT, MOVEMENT OF, 65, 208, 295, 336, 455, 456, (See Melting point.) 592, 593, 721, 723, 851, 854, 980, 981, 1109, 1110, 1227, Silver exports and imports. (See Silver.) 1228,1352,1353,1472. Silver reserves, 1913-1922, 665. (See Agricultural movements.) Soci£t£ G<§n6rale de Credit Industriel, etc. Condition, Canada. Fruit and vegetables. Index numbers, ld62. wholesale prices, 1913-1922, 83, 224, 329, 447, 584, Soci6t6 G6n6rale pour favoriser le d^veloppement du 714, 842, 971, 1098, 1216, 1341, 1459. Commerce, etc. Condition, 1062. FUEL. Soissons, city of; Securities placed in United States, Index numbers, wholesale prices— 1051. Belgium, 1921 and 1922, 1214. Taxation, 306, 555, 1434. Shanghai, 1913-1922,1099. Turkey— Banking interests in, 1183. FUEL AND LIGHTING. Investments in, 1183. Index numbers, wholesale prices— Unemployment in, 86, 227, 333, 451, 588, 718, 845, Belgium, 1214. . 943, 974, 1104, 1218, 1343, 1462. Canada, 1913-1922, 83, 224, 329, 447, 584, 714, 842, United States. (See, supra, Dollar; Foreign exchange; 971,1098,1216,1341,1459. Gold movement; Loans; Prices; Securities.) China, 1099. Vessels cleared, 1343, 1462. United States, 1913-1922, 80, 221, 326, 444, 581, (See Ships, principal heading.) 711, 839, 968, 1094, 1214, 1340, 1458. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
37 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FUEL, GAS AND. GERMANY—Continued. (See Oil refineries.) Capital issues, 118, 259, 377, 425, 491, 636, 762, 898, 948, 1018, 1148, 1188, 1264, 1386, 1507. FUELS. Charts. (See Marks.) (See Electric power.) Coal— FURNACES, BLAST. Exports, imports, and production, 227, 333, 452, (See Sweden.) 589, 719, 846, 975, 1104, 1219, 1308, 1313, 1314, 1344, 1393, 1463. FURNITURE. Situation, 1308. (See Wholesale trade.) Tax, 45. FURNITURE AND EQUIPMENT. Coke, production, 227, 333, 452, 589, 719, 846, 975, Expenses of. Federal reservejbanks, 145, 865, 1012. 1104, 1219, 1344, 1463. Commercial paper. Holdings, Reichsbank, 1438. G. Condition. Banks, 950. (See Reichsbank.) GAS AND FUEL. Conditions. (See Financial conditions.) (See Oil refineries.) Corporation tax, 45. GASOLINE. Cost of living, 84, 225, 330, 448, 584, 714, 842, 971, (See Oil refineries.) 1100, 1187, 1217, 1342, 1461. Cotton imports, 227, 333, 452, 589, 719, 846, 975, 1104, GEDDES, SIR AUCKLAND. 1219, 1344, 1463. Report. Revenue and expenditures. Great Britain, Credit practice of commercial banks, 158. 304. Credit shortage, 1395. GENERAL COUNSEL, FEDERAL RESERVE Credit union, proposed, 43. BOARD. Currencies. (See Foreign currencies.) Logan, W. S., resignation of, 1158. Currency inflation. Has increased cost of living and Wvatt, W., appointment of, 1158. government expenses, 497. Customs duties, 45. GENOA INTERNATIONAL CONFERENCE, 121,303, (See Taxes.) 385, 495, 549, 639, 678, 681, 1021. Czechoslovakia. Effect on, of collapse of mark, 1449. Financial recommendations, 639. Darlehnskassenscheine in circulation, 118, 259, 377, Foreign exchange stabilization, 040. 491, 636, 762, 898,1018,1148,1264,1386,1507. Gold standard, 640. Debt, public, 951. (See Reparation.) Memorandum to Russian Government, 549. Decree. Billing and paying in foreign currencies for Reply of Russia, 681. bidden, 1436. Report. Financial commission, 678. Deposits, 1913,1918, and 1922, 758. United States invited to participate, 385. Depreciation of mark, 1185, 1436, 1389. Declines, 385, 642. Discount rates. Reichsbank, 1070,1438. (See Review of month.) Dollar. Value of, in Berlin, 948, 1186. GEOGRAPHICAL DIVISIONS. Dyes and dyestuffs, exports, 227, 333, 452, 589, 719, (See Railroad revenue freight.) 846, 975, 1104, 1219, 1344, 1463. Electrical light supplies. Exports, 227, 333, 452, 589, GERMANY. 719, 846, 975,1104, 1219, 1344,1463. Allies. Distribution of reparations among, 301, 415, Expenditures. (See Revenue and expenditures.) 561. Expenses. (See Army of Occupation; Versailles (See Reparation). Treaty.) Amsterdam. Foreign trade financed through, 950. Exports. (See Coal; Dyes and dyestuffs; Electric light Army of occupation. Claim of United States for supplies; Foreign trade; Gold; Iron and manufac cost of, 551. tures; Machinery; Silver.) Balance of trade— Exports and imports. Marks, 497. (See Foreign 1913-1921, 384. trade.) Ratio, imports to exports, 384. Farm and forest products. Imports, 814. Favorable balance for past three months caused Federal Statistical Bureau. (See Prices, wholesale, by foreign buying of marks, 497. Germany, group index numbers.) (See Foreign trade.) Financial conditions, 496, 644. Bank Act, German, amended. Gold deposited in a Floating debt. (See Debt, public; Reparations.) foreign central bank to count as reserves, 522. Food prices. Regulation of, freight rates and rents Bankers’ loan. Failure of, 812. and sale of marks abroad (thus depressing ex Banking conditions, 949, 1043. change) have caused a spread between external Banks, German— and internal prices, 384. Commercial credit practice of, 158. Forced loans, 191, 313, 812, 949. Condition of, 950. Foreign control of finances, 1067. .(See Reichsbank.) Foreign exchange— Berlin. Value of dollar in, 948, 1186. Berlin on New York. Per cent of par, 423. Berlin Bourse. (See Prices.) Index of. Chart, 1918-1922, 116, 253, 366, 488, Budget, 192, 312, 560, 1067, 1068, 1069, 1185. 628, 755, 895, 1015, 1140, 1260, 1383, 1503. Business and financial conditions, 42, 45, 118, 191, Mark rates. Chart, 1140,1260,1383, 1503. 259, 313, 377, 422, 491, 560, 636, 688, 762, 812, Rates, 116,253,308,366,380,423,489,561,629,756, 898, 948, 1018, 1067, 1148, 1185, 1264, 1386, 1436, 896, 1016, 1141, 1185, 1262, 1384, 1436, 1504. 1507. Sale of marks abroad has depressed foreign ex Business turnover tax, 45. change, 384. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
38 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. GERMANY—Continued. GERMANY—Continued. Foreign exchange—Continued. Mark, German— Securities held in Germany for American and Charts. Rates, 1140, 1260, 1383, 1503. foreign account, 545. Circulation, 1185,1486. Securities held in United States for German ac Czechoslovakia. Effect of collapse of mark on, count, 546, 547, 548. 1449. (See Central Powers.) Depreciation of, 948, 1185, 1389, 1436, 1449. Foreign trade— Has caused conversion of paper marks into Balance of trade— tangible commodities, 948. Favorable, for past three months, caused by Francs to. Paris rates, 418, 810. sale of marks abroad, 497. Imports and exports, 497. Unfavorable balance of trade, 1186. Gold, exchange of, for paper marks. Govern Coal imports. (See Coal.) ment price, 313. Exports to United States, 382, 1027. Melting point, 663. Farm and forest products. Imports. (See, supra, Monetary unit. Par value 1922, 114, 665. same.) (See, supra, Foreign exchange rates.) Financed through Amsterdam, 950. Paper mark. Gold price paid by Government in Imports and exports, 85, 226, 332, 450, 497, 586, exchange for, 313. 690, 716, 813, 815, 844, 973, 1024, 1027, 1102, Rates, 114, 1024, 1140, 1185, 1260, 1383, 1436, 1186, 1222, 1346, 1465. 1503. Ratio, imports to exports, 1913-1921, 384. Charts, 1140,1260, 1383,1503. Value of foreign trade, 6. Silver content, 663. France. Attitude toward reparations, 1026. Value of— Frankfurter Zeitung. Revision of index number, 1091. Difference between internal and external German bank act. (See Bank act.) value caused large exports at low prices, German reparations— and, coupled with large imports of food First three years of. Article, 1288. and raw materials at nigh prices, made (See Reparations, principal heading.) / the balance of trade unfavorable, 384. ^ German Reichsbank. (See Keichsbank.) Foreign buying of marks has made a favorable German securities. (See Capital issues; Securities.) balance of trade for past three months. Gold basis. (See Prices, comparison.) May, 1922, 497. Gold exports and imports, 110, 249, 363, 483, 624, 751, Melting point. (See Mark.) 871, 891, 1009, 1137, 1257, 1380, 1500. Monetary unit. Reichsmark. Rates. High, low, Gold price, paid by Government in exchange for average. Per cent of par, 114, 116, 253, 366, paper marks, 313. 489, 629, 665, 756, 896,1016,1141,1262,1384,1504. Gold prices, wholesale, in terms of gold, 690. Gold reserves— Monopolies, Government. (See Budget.) 1913, 1918, and 1922, 758. Moratorium. Reparations, 561, 1022, 1026. Deposits by Reichsbank with foreign central Note issues, 1913, 1918, and 1922, 758, 948. banks to count as, 522. (See Reischsbank.) Government employees, 1070. Occupation cost, United States Army, 551. Government monopolies. (See Budget.) Ore, iron. (See Iron ore.) Government revenues and expenditures. (See Reve Peace treaty. (See Budget; Versailles treaty.) nues and expenditures.) Peace treaty. Germany and United States. August Great Britain. (See Prices.) 25, 1921, 1296. Group index numbers. (See, infra, Prices.) Prices— Hamburg. (See, infra, Snip arrivals.) Comparative retail prices. Index numbers, 1913- Imports. (See Coal; Cotton; Farm and forest products; 1922, 971, 1342, 1461. Foreign trade; Gold; Iron and steel; Iron ore; Comparative wholesale prices. Index numbers, Silk; Silver; Wheat; Wool.) 1913-1922. Federal statistical bureau, Imports and exports of marks, 497. Frankfurter Zeitung, 79, 82, 220, 325, 443, Income tax, 45. 580, 710, 837, 948, 967, 1090, 1212, 1338, 1456. Industrial activity, 1393. (See infra, Group Index numbers.) Industrial activity, index of, 227, 333, 452, 589, 719, Comparison. Pre-war and 1922, 690. 846, 975, 1104, 1219, 1344, 1463. Inflation, currency. Has increased the cost of living Comparisons with other countries— Germany, Bulgaria, 1920, 1921. Chart, 157. and Government expenditures, 497. (See Prices). Germany, France, Great Britain, Italy, 1920- Interest. (See Rate of interest.) 1922,1389,1390. Germany, Great Britain, United States, 562. Iron and steel exports and imports, 227, 333, 452, 589, Germany, United States, 5, 381, 1390. 719, 846, 975, 1104, 1219, 1344, 1463. Germany, United States. Food, textiles, Iron ore imports, 227, 333, 452, 589, 719, 846, 975, metals, all commodities, 690. 1104, 1219, 1344, 1463. Labor. (See Unemployment; Wages.) Cost of living, 85, 225, 330, 448, 584. 714, 842, 971, Lignite production, 227, 333, 452, 589, 719, 846, 975, 1100,1187,1217, 1342,1461. 1104, 1219, 1344, 1463. Course of prices, 313, 1186, 1187 Loan, bankers’, a failure, 812. Dollar— Loan, forced, to meet reparations, 191, 313, 812, 949. German prices reduced to dollars are much Loan, international, a failure, 812. lower than in United States and foreign Machinery exports, 227, 333, 452, 589, 719, 846, 975, countries, April, 1922, 381. 1104, 1219, 1344, 1463. Value of dollar in Berlin, 948,1186. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
39 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. GERMANY—Continued. GERMANY—Continued. Prices—Continued. Securities—Continued. Domestic prices. Spread between external and, Prices. (See, supra, Prices; Securities.) caused by regulation of domestic prices and Ship arrivals, Hamburg, 227, 333, 452, 589, 719, 846, sale of marks abroad, thus depressing ex 975, 1104, 1219, 1344, 1463. change, 384. Silk imports, 227, 333, 452, 589, 719, 846, 975, 1104, Export of finished products made possible at a 1219, 1463. profit because of increased domestic prices, Silver content of mark, 663. coupled with falling foreign prices, enabling (See Melting point.) manufacturers to import raw materials Silver exports and imports. (See Silver.) cheaply, 497. Silver reserves, 1913-1922, 665. Frankfurter Zeitung. Revision of index num Stocks. (See Prices; Securities.) bers, 1091. Taxes— Gold- Business turnover tax, 45. Prices in terms of gold, 1920-1922, 690. Coal tax, 45. Exchange of, for paper marks. Government Compromise bill, 560. price, 313. Corporation taxes, 45. Group index numbers, 1913-1922. Agriculture, Customs duties, 45. textiles, minerals, miscellaneous, industrial Income tax, 45. finished products, and all commodities, 82, Tobacco tax, 45. 222, 327, 445, 582, 712, 842, 970, 1095, 1215, (See Revenue and expenditures.) 1340, 1458. Treasury bills, 118, 259, 377, 491, 636, 762, 898, 1018, Increased prices— 1148, 1264, 1386, 1507. Have caused change of paper marks into tan Treaties. (See Peace treaty; Versailles treaty.) gible commodities, 948. Treaty. United States and Germany. August 25, Increased freight rates, lowered bread sub 1921, 1296. sidy, coupled with shortage of domestic Unemployment, 227, 313, 333, 452, 589, 719, 846, goods, are responsible for, 384. 975, 1104, 1219, 1344, 1463. Increased prices, coupled with fall in world United States— prices, enable German manufacturers to Claim for cost of army of occupation, 551. import raw materials and export finished Treaty with Germany, August 25, 1921,1296. products at a profit, 497. (See, supra, Foreign exchange; Prices; Repa Index numbers. (See, supra, Comparison; Com rations; Securities.) parative; Group index numbers.) Value of dollar. Berlin, 948,1186. Inflation. Wholesale prices and, 689. Versailles treaty. Expenses for carrving out, T313, (See Prices, increased.) 561,1068. Revision of Frankfurter Zeitung index, 1091. Wages in, 314, 690, 1187. Securities, stocks, 45, 118, 259, 377, 425, 491, 636, Wheat imports, 227, 333, 452, 589, 719, 846. 689, 762, 898, 948, 1018, 1148, 1188, 1264, Wholesale prices. (See, supra, Prices.) 1386, 1507. Wool imports, 975, 1104, 1219, 1344, 1463. Production. (See Coal; Coke; Lignite.) (See Review of month.) Public debt. (See Debt, public.) Rates of interest, 949. GINNED COTTON. Railways. (See Budget.) (See Cotton.) Ratio. Reserves to deposit and note liability, 1913, 1918, and 1922, 758. GLASSWARE. Index numbers, wholesale prices. Belgium, 1921 Reichsbank.— Amendment to law. (See, infra, Gold reserves.) and 1922,1214. Annual report of, 951. GLOVE LEATHER. Commercial paper holdings, 1438. (See Leather.) Condition, 118, 255, 259, 377, 381, 491, 636, 689, 762, 898, 949, 951,1018,1148,1264,1386,1507. GOAT SKINS. Discount rates, 1070,1438. (See Hides.) Gold reserves. Bank act amended so that deposits of Reichsbank of gold in foreign central banks GOLD. of issue shall count as reserves, 522, 688. Attitude of Soviet Government toward, 1202. Metallic reserves. Ratio, 255, 758. Basis, gold. (See International price index numbers; Note issues, 118, 259, 377, 491, 636, 689, 762, 898, Prices.) 1018, 1148, 1264, 1386, 1507. Bullion. (See Money held, etc.) Ratio. (See, supra, Metallic reserves.) Certificates. Collateral for Federal reserve notes, Reparations. (See Reparations, principal heading.) 100, 239, 354, 475, 615, 743, 883, 1000, 1128, 1247, Reserves. (See Gold reserves.) 1371, 1491. Reserves, note circulation and deposits, 1913, 1918, Certificates and coin. Stock of, in United States, and 1922, 254, 367,660,758. 112, 251, 364, 486, 626, 753, 893, 1011, 1138, 1258, Revenues and expenditures, 45, 118, 193, 259, 377, 1381, 1501. 491,561,636,762,898,1018, 1148, 1264,1386,1507. (See Resources and liabilities.) Russia, trade with, 942. Circulation. (See Money held, etc.) Securities— Circulation. South Africa, 1327. Held abroad for American and foreign account, Collateral for Federal reserve notes, 100, 239, 354, 545. 475, 615, 743, 883, 1000, 1128, 1247, 1371, 1491. Held in United States for foreign account, 546, Exports. (See Imports and exports.) 547, 548. Exports. Cuba to United States, 962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
40 INDEX-DIGEST OE FEDERAL RESERVE BULLETIN. GOLD—Continued. GOLD PESO. Holdings— Mexico, 1318. Argentine legation, 316, 1316. (See Peso.) Caja de Conversion, Argentina, 1316. Federal reserve banks, 1913, 1918, and 1922, 666, GOLD SETTLEMENT FUND TRANSACTIONS. 758. Crop season, 1155. (See Resources and liabilities.) Monthly, 108, 246, 363, 400, 483, 624, 751. 868, 891. Principal countries, 1913,1918, and 1922, 254, 367, 1008, 1138, 1255, 1381, 1501. 665, 758. Year ending June, 1922, 868. Russian State Bank, 1202. Soviet Government, 1202. GOLD STANDARD. (See Condition, principal European banks of issue; In abeyance in South Africa during World War, 1327. Review of month.) Recommendations, Genoa conference, 640. Imports and exports— Restoration of, 125, 495, 640. Classification of, 248. (See Review of month.) Germany, 85, 226, 332, 450, 586, 716, 844, 973, 1102, 1222, 1346, 1465. GOODS EXPORTED. Great Britain, 1060. (See Great Britain, prices; Canada, prices; France, Principal countries, to and from United States, prices; Japan, prices; Prices, United States.) 7, 110, 129, 249/269, 363, 387, 483, 501, 624, 661, 746, 751, 773, 871, 891, 907, 1009, 1029, GOODS EXPORTED AND REEXPORTED. 1103,1137, 1156, 1222,1257, 1284,1347, 1380, (See All commodities, etc.; France, prices; Goods pro 1406, 1456, 1500. duced, etc.; Great Britain, prices; International United States— price indexes, Canada.) Calendar year 1921, 248. Fiscal year 1922, 871. GOODS IMPORTED. 1918-1922, 661. Index numbers, wholesale prices— (See, supra, Principal countries; Review of Germanv, 1920-1922, 82, 223, 328, 445, 582, 712, month.) 970. 1095, 1215, 1340, 1458. Interdistrict movement of, 400. (See All commodities, etc.; Canada, prices; International price levels in terms of gold. Compari France, prices; Goods produced, etc.; Great son with American price levels, 381. Britain, prices; International price indexes, Marks, paper. German Government price for gold in Canada; Japan, prices; Prices, United States.) exchange for, 313. Movement of, 1406. GOODS PRODUCED. Between France and United States, 1181. Index numbers, wholesale prices— Interdistrict, 400. Germany, 1920-1922, 82, 222, 328, 445, 582, 712, (See Review of month.) 970, 1095, 1215, 1340, 1458. Prices of— (See Canada, prices; France, prices; Great Britain, Germany, 313. prices; Japan, prices; Prices, United States.) South Africa, 1914-1921, 1328. GOODS PRODUCED, IMPORTED, EXPORTED; Problem, gold. South Africa, 1329. RAW MATERIALS, PRODUCERS’ GOODS, Production— CONSUMERS’ GOODS. Mexico, 1082. Index numbers, wholesale prices— South Africa, 1914-1921, 1328. Canada. Converted to gold basis, 1088, 1209, World, 1910-1921, 660. 1337, 1455. Redemption fund— France. Converted to gold basis, 1088, 1209, Federal reserve agents and Federal Reserve Board, 1337,1455. 100, 239, 354, 475, 615, 743, 883, 1000, 1128, Great Britain. Converted to gold basis, 439, 576, 1247, 1371, 1491. 706, 834, 965, 1088,1208,1336,1454. (See Resources and liabilities.) Japan. Converted to gold basis, 1209,1337,1455. Reserves— United States, 56,198, 320,438, 575, 577, 705, 833, Brazil, 957. 964, 1087,1207, 1336, 1454. Central bank liabilities and gold reserves. Prin cipal countries, 254, 367, 659, 660, 666, 758. GOVERNMENT BONDS. Federal reserve banks, 1919-1922, 403. Federal reserve banks may assume that notes secured (See Resources and liabilities.) by, have been given for carrying or trading in, Principal countries, 1913-1922, 659, 666, 758. and need look no further than that fact, 931. (See Banks, by name.) Restriction of exports— GOVERNMENT CONTROL. Argentina, 1071. Effect on prices. France, 927. Mexico, 1319. End of. Great Britain, 1300. Russia. Attitude of Soviet Government toward gold, Foreign exchange operations, 1918 and 1919, 163, 528. 1202. Railways— Shipments. Purchase and sale of foreign exchange France, 1304. against gold shipments, 165,174,182. Great Britain, 1300, Situation. Gold and silver, 659. (See Germany, foreign trade; Reiehsbank; Resources GOVERNMENT DEPOSITS. and liabilities; Review of month.) Federal reserve banks, 97, 237, 352, 473, 612, 741, 881, 1126, 1245, 1369, 1489. GOLD EXCHANGE STANDARD. (See Banking conditions; Principal countries, by Limping standard. (See Review of month.) name.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
41 INDEX-DIGEST OF FEDERAL. RESERVE BULLETIN, GOVERNMENT FINANCING OF EXPORTS. GRAIN AND FLOUR RECEIPTS. Argentina, 1314, 1315. Chart. Index numbers, 62, 205. Brazil, 1318. (See Flour; Grain.) (See Countries, by name; Loans, Argentina.) GRAIN AND FODDER. GOVERNMENT FRANCHISE TAX. Index numbers, wholesale prices. Canada, 1913- (See Franchise tax.) 1922, 83, 224, 329, 447, 584, 714, 842, 971, 1098, 1216, 1341, 1459. GOVERNMENT MONOPOLIES. France, 187, 305. GRAIN AND MEATS. Italy, 559. Index number, wholesale prices. Dutch East Indies, Russia, 940. 1914-1922, 1099. (See Budget; Revenue and expenditures.) GRAIN PRODUCTS. GOVERNMENT OBLIGATIONS, UNITED STATES. (See Railroad revenue freight.) Absorption of, 767. GRAIN, STEAMSHIP RATES. Holdings. Federal reserve banks and member banks, (See Index of ocean freight rates.; 768. (See United States Government obligations.) GRAINS. Loans and discounts secured by. (See United States (See Silver, contents.) Government obligations.) GRANBY CONSOLIDATED MINING CO. GOVERNMENT REVENUE AND EXPENDITURES. Securities placed in United States, 1052. (See Revenue and expenditures.) GOVERNMENT SECURITIES. GRAND TRUNK RAILWAY. Foreign, floated in United States— Securities placed in United States, 1051. All countries, 386. GREAT BRITAIN. Argentina, 315, 566, 567, 954. Acceptance liabilities. British banks, 284, 515, 1049. Brazil, 567, 823, 1193. Acceptance rates, open-market, 1049. Chile, 567, 569, 585. Act of 1921, Railway, 1301. Cuba, 961, 962. Advances to Government. (See Bank of England.) France, 419, 420, 1181, 1433. Agreement, trade. (See Russia.) Sweden, 48, 49. Agricultural conditions, 1429. Uruguay, 567. Arbitrage transactions. (See Foreign exchange.) State department on, 282. Argentina— Prices. (See Germany, prices; Great Britain, prices; Investments in, 822. Italy, prices; Japan, prices; Sweden, prices.) (See Foreign exchange.) Value of imported, Swedish, 48. Atlantic ports of United States. Ocean freight rates GOVERNMENT SINKING FUND. to ports of United Kingdom, 59, 202, 339, 460, Great Britain provides for, by loans, 682. 598, 728, 849, 977, 1106, 1224, 1348, 1468. Balance of trade, 1913-1922, 383, 384. GOVERNORS, FEDERAL RESERVE BANKS. (See Foreign trade; Ratio.) Conference. May 2, 1922, 646. Balfour, Lord. On interallied debts, 1024, 1047. Conference. October 8, 1922, 1272. Secretary Mellon’s reply, 1024. Elections. Bailey, W. J. Federal Reserve Bank of Bank of England— Kansas City, 909. Advances to Government, 117, 257, 375, 490, 635, Expenses of conferences, 145, 865, 1012. 761, 897, 1017, 1147, 1263, 1385, 1506. Resignation. Miller, J. Z. Federal Reserve Bank Bank bills. (See Condition.) of Kansas City, 909. Condition of, 117, 254, 257, 367, 375, 381, 490, GRAIN. 635, 758, 761, 897, 1017, 1147, 1263, 1385, East-bound movement. Sault Ste. Marie Canal, 72, 1506. 726, 856, 984, 1112, 1231, 1356, 1475. Discount rates, 39, 117, 304, 375, 490, 635, 761, Exports to United States from Argentina, 1072. 807,897,1017,1147,1177,1263,1385,1506. Marketing of, 12,133, 273, 392, 506, 651, 778, 912,1034, Reduced from 5 to 4J per cent. February 1161, 1276, 1399. 16,1922, 304. Movement of. Index numbers, 295, 455, 592, 721, Reduced from 4i to 4 per cent. April 13, 851, 980,1109, 1227,1352,1471. 1922, 1177. Railroad receipts from connections, 71, 214, 338, 459, Reduced from 4 to 3J per cent. June 15, 596, 725, 856, 983, 1112, 1231, 1356, 1475. 1922, 807, 1177. Receipts and shipments— Reduced from 3| to 3 per cent. July 13, Chart. Index numbers, 62, 205. 1922, 1177. Nine seaboard centers, 64, 207, 335, 455, 592, Market rates— 722, 853, 980, 1109, 1227, 1352, 1471. Trade bills. (See Treasury bills.) Seventeen interior centers, 63, 206, 335, 455, 592, Treasury bills, 117, 257, 375, 490, 635, 761, 722, 852, 980, 1109, 1227, 1352, 1471. 897, 1017, 1147, 1263, 1385, 1506. Stocks— Notes in circulation, 117, 257, 375, 490, 635, Eight seaboard centers, 64, 207, 335, 455, 592, 761, 897, 1017, 1147, 1263, 1385, 1506. 722, 853, 980, 1109, 1227, 1352, 1471. Ratio, metallic reserves, 254, 758. Eleven interior centers, 63, 206, 335, 455, 592, Bankers. (See London bankers’ clearing-house re 722, 853, 980, 1109, 1227, 1352, 1471. turns.) Total visible supply, 980, 1109, 1227, 1352, 1471. Banking conditions, 186, 1177, 1431. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
42 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. GREAT BRITAIN—Continued. GREAT BRITAIN—Continued. Banks. (See Acceptance liabilities; Condition; Lon Disputes, labor. (See Labor disputes.) don clearing-house banks; London, Joint City, Distribution, regional. (See Foreign trade.) and Midland Bank.) Dollar. (See Foreign exchange.) Banks. Condition of joint stock, 415, 416, 1177. Dominions. (See Foreign trade; Loans.) British Board of Trade. (See Prices.) Entrance of vessels. (See Vessels.) British Indies. (See Foreign trade.) Excess profits tax, 185, 304, 417, 553. British vessels. (See Vessels.) (See Government revenue ana expenditures.) Budget, 417, 553, 643, 682. Expenditures— Business and financial conditions, 38, 117, 184, 257, Reductions in, 417. 303, 375, 415, 490, 551, 635, 682, 761, 807, 897, (See Government revenue and expenditures.) 1017, 1060, 1147, 1177, 1263, 1385, 1428, 1506. Exports. (See Coal; Cotton manufactures; Foreign Business conditions, 40, 683, 808, 1429. trade; Gold; Iron; Iron and steel; Metals; Sil Cable transfers. New York sterling rates, 40. ver; Steel.) Canadian exchange. (See Foreign exchange.) Exports, imports to. Ratio. (See Ratio.) Capital issues, 39, 117, 257, 375, 490, 551, 635, 761, Farm products. Prices, 1429. 897, 1017, 1147, 1178, 1263, 1385, 1506. (See Agriculture; Prices.) Cargo. British vessels, Panama Canal. (See, infra, Federation of British Industries. Report on terms of Vessels. reparation, 38. Chilean loans floated in London, 569, 825, 1074. Financial conditions. (See Business and financial Claims against Russia, 939. conditions; Economic and financial conditions; Clearances of vessels. (See Vessels.) Financial statistics.) Clearing-house banks. (See London clearing-house Finished steel production. (See Steel.) banks.) Floating debt. (See Debt, public.) Clearing-house returns. (See London bankers’ clear Foreign countries. (See Foreign exchange.) ing-house returns.) Foreign exchange— Clearings, bank, 117, 257, 375, 490, 635, 761, 897, Appreciation of pound in terms of dollars, 807, 1017, 1147, 1263, 1385, 1506. 1179. Coal exports and production, 86, 227, 332, 451, 588, Arbitrage transactions in British and French 718, 845, 974, 1103, 1218, 1343, 1430, 1462. exdiange, 541. Coffee, customs duties on, 185, 304, 417, 553, 628. Argentina exchange bought and sold by United Colonies, loans to, 551. States, from and to, 529, 542. Condition— Canadian exchange bought and sold by United Bank of England. (See supra, same.) States, from and to, 529, 541. Joint stock banks, 415, 416, 1177. Currency of, bought and sold by United States, Nine London clearing house banks, 117, 257, 375, from and to, and other foreign countries, 534. 490, 635, 761, 897,1017,1147,1263,1385,1506. Danish exchange bought and sold by United 4 Conferences. (See Genoa conference; Hague con States, from and to, 529, 541. ference). Exchange on, bought and sold by United States Consumers goods. (See Prices.) from and to Great Britain and other foreign Control, Government. (See Government control.) countries, 529, 530, 531, 541, 542. Corporation profits tax, 185, 304, 417, 553. Index of foreign exchange, 1918-1922. Charts, (See Government revenues and expenditures.) 115, 254, 367, 488, 628, 755, 895, 1015, 1140, Cost of living, 84,225, 330,448, 584, 714, 842,971,1100, 1261, 1383, 1504. 1217, 1342, 1461. Rates, foreign exchange— Cotton manufactures. Exports, 86, 227, 332, 451, Cable sterling transfers. New York, 40, 380. 588,718,845,974,1103,1218,1343,1462. Rates. Low, high, average, monetary unit, Cotton, raw— par, per cent of par, weight, 116, 253,366, Imports, 1343, 1462. 489, 629, 756, 896,1016, 1141,1262,1384, Visible supply, 86,227,332,451,588,718,845,974, 1503. 1103,1218,1343,1462. Sterling exchange rates on New York, 552. Currency notes and certificates, 117,257, 375,490, 635, Pound sterling. Exchange value of, 117, 257, 761,897,1017,1147,1263,1385,1506. 304, 375, 490, 635, 761, 807, 897, 1017, 1028, Currency of. (See Foreign exchange.) 1147,1178,1263,1385,1506. Customs duties— Securities— On coffee, tea, etc., 185, 304,417,553, 628. English securities bought and sold by United (See Government revenue and expenditures.) States from and to foreign countries, 543, Danish exchange. (See Foreign exchange.) 544. * Debt. (See infra, France.) Held abroad for American and foreign Debt of foreign nations to, 643. account, 545. Debt of Russia to, 643. Held in United States— Dept owed to United States, 643. For British Government, 533. Debt, public. Floating debt, 117, 257, 375, 490, 635, For foreign account, 546, 547, 548. 643, 761, 897,1017,1147,1263,1385,1506. Statist index numbers. (See, supra, Pound Deposit and note account, 117, 257, 375, 490, 635, 761, sterling.) 897, 1017, 1147, 1263, 1385, 1506. Sterling rates on New York, 552. Deposits— Foreign Governments. (See Loans.) 1913, 1918, and 1922, 254, 367, 758. Foreign loans, 551. (See Bank of England, condition; Deposit and note Foreign securities. (See Prices.) account.) Foreign trade, 84,184, 225, 305, 330, 382, 449, 552, 585, Discount rates. (See, supra, Bank of England, same; 715, 808, 843, 972, 1027, 1060, 1101, 1220, Discount rates, Great Britain.) 1345, 1391, 1428, 1464. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
43 INDEX-DIGEST OE FEDERAL RESERVE BULLETIN. GREAT BRITAIN—Continued. GREAT BRITAIN—Continued. Foreign trade—Continued. London bankers’ clearing-house returns, 117, 257, Balance of trade, 1913-1922, 383, 384. 375, 490, 635, 761, 897, 1017, 1147, 1263, 1385, Export deficiency. 1921 compared with 1913, 1506. 185,1061. London clearing-house banks. Acceptance liabili Imports and exports at 1913 prices, 1061,1429. ties, 1049. Index numbers. Imports, exports, reexports, London clearing-house banks, nine. Condition, 117, 1920-1922,1392. 257, 375, 490, 635, 761, 897, 1017, 1147, 1263, Ratio, imports to exports, 384 1385,1506. Reexports, 84, 225, 330, 449, 585, 715, 843, 972, London, Joint City, and Midland Bank. Disposition 1101, 1220, 1345, 1464. of profits, 416. Regional distribution, 1061. London Statist. (See Prices.) (See Exports; Imports.) Lord Balfour. On interallied debts, 1024, 1047. France. Great Britain reserves right to call on France Secretary Mellon’s reply, 1024. for payment of interest on her debt, 555. Melting point of shilling, 663. Freight rates, railroad, 1302. Metals. Exports and production, 1430. Freight rates, steamship. (See Index of ocean rates.) Miles, net ton. (See Railroads.) Freight tonnage, railroad, 1429. Monetary unit. Pound. Par. Rates, 114, 116, 253, French exchange. (See Foreign exchange.) 366,489, 629,756,896,1016,1141,1262,1384,1504. Fund, sinking. (See Government sinking fund.) Money market, 38. Geddes, Sir Auckland. Report on Government Net ton miles. (See Railroads.) expenditures, 304. New York— Genoa conference, 303, 549, 681. Cable transfer. Sterling rates, 40, 380. Sterling rates on, 552. Gold- Notes, 1913, 1918, and 1922, 254, 367, 758. Exports and imports, 1060. Ocean freight rates. (See Index of ocean freight (See Gold, principal heading.) rates.) Reserves, 1913, 1918, and 1922, 254, 367, 758. Open-market rates, 1049. Goods exported and reexported. (See Foreign trade; Panama Canal. Cargoes of British vessels passing Prices.) through, 339, 459, 596, 726, 856, 984, 1112, 1231, Goods imported. (See Prices.) 1336,1475. Goods produced. (See Prices.) Ports, Atlantic. (See Index of ocean freight rates.) Government. Advances to. (See Bank of England; Pound sterling— same.) Average rates. Par, 114. Government control. End of, 1300. Exchange value of. (See Foreign exchange.) Government revenue and expenditures, 185, 304,417, Prices— 553. All commodities. (See same, principal heading.) Government securities. (See Prices.) Armistice, prices since, 1389. Government sinking fund provided for by loans, 682. British and foreign securities, 39. Group index numbers. (See, infra, Prices.) (See Securities^ principal heading.) Hague conference, 935. British Board of Trade— Hides, raw. Imports, 1343, 1462. Comparison. Index numbers of, and Fed Imports. (See Cotton; Foreign trade; Gold, principal eral Reserve Board index numbers, 152. heading; Hide ; Silver, principal heading; Wool.) Revision of index, 1457, 1460. Imports of raw materials, 1428. (See Group index numbers.) Imports. Ratio to exports. (See Ratio.) Consumers’ goods, 148, 149, 150, 576, 834, 1088, Income tax, 185, 304, 417, 553, 554, 643. 1208, 1336, 1454. Reduction of, 554, 643. Decline in prices, end of, 552, 683. (See Taxes.) Exports and imports at 1913 prices, 1061. Index numbers. (See Prices.) Federal Reserve Board index numbers— Industrial activity, index of, 86, 227, 332, 451, 588, British index, construction of, 147. 718, 845, 974, 1103, 1218, 1343, 1462. Index of Federal Reserve Board for United Industrial companies. Net profits, 117, 257, 375, States compared with, 152. 490, 635, 761, 897, 1017, 1147, 1263, 1385, 1506. Index of Federal Reserve Board for Great Industrial survey, 1428. Britain. In sterling, converted to gold Interest on debt, payment of. (See France.) basis. Comparison with Federal Re Interest rates. Bank of England. (See, supra, Bank serve Board index numbers, 152. of England, discount rates.) International price index— Investment market, 38. Method of construction, 147. Investments in Argentina, 822. Weighting, 147 .• Iron exports, 1430. (See, infra, International wholesale price Iron and steel. Production and exports, 86, 227, 332, index.) 451, 588, 718, 845, 974, 1103, 1218, 1343, 1429, Per cent of total import and export trade 1430, 1462. represented in Federal Reserve Board’s Joint stock banks. Condition, 415, 416, 1177. index of prices of British imports and ex Labor. (See Unemployment; Wages.) ports, 1056. Labor disputes, 552. Relative importance of raw materials and Lloyd George. On interallied debts, 1025. manufactured goods in Federal Reserve Loans. Government sinking fund being provided for Board’s British index number, 1055. by, 682. Foreign securities, 1920 and 1921, 39. London. Chilean loan floated in, 569, 825, 1074. Foreign trade at 1913 prices, 1061. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
44 INDEX-DIGEST OE FEDERAL RESERVE BULLETIN. GREAT BRITAIN—Continued. GREAT BRITAIN—Continued. Prices—Continued. Prices^-Continued. Gold basis, converted to. (See Index numbers; London Statist. Comparison. Indexes of Feder International wholesale price index.) al Reserve Board and, 152. Goods produced. (See same.) (See Group index numbers.) Government securities, 1920 and 1921, 39. Manufactured goods. (See Federal Reserve (See Securities, principal heading.) Board index numbers.) Index numbers— Producers’ goods. (Set Federal Reserve Board Comparative wholesale prices, 1913-1922, 79, index numbers.) 220, 325, 443, 580, 710, 837, 967, 1090, Raw material. (See Federal Reserve Board 1212, 1338, 1456. index numbers.) Comparisons, Great Britain and other coun Retail prices. Index numbers. Cost of living tries— and, 1919-1922, 84, 225, 330, 448, 584, 714, Canada, France, Japan, and United 842, 971, 1100, 1217, 1342, 1461. States. Comparison of number of Securities. Government and foreign, 1920 and commodities and quotations in Fed 1921, 39. eral Reserve Board indexes for, 1055. (See Securities, principal heading.) Canada, France, Japan, and United Weighting. (See Federal Reserve Board, inter States, 1913-1922— national price index.) In local currencies and converted to Producers’ goods. (See Prices; Federal Reserve gold basis, 1089, 1336, 1454. Board index numbers.) Charts, 1086,1206, 1335, 1453. Production. (See Coal, exports and production; Iron Canada, France, and United States, and steel; Metals; Steel.) 1913-1922. In local currencies and Profits. (See Excess profits tax; Industrial com converted to gold basis, 968. panies; London, Joint City and Midland Bank.) Canada and United States, 1920 and 1921. Public finance. (See Government revenue and Chart, 156. expenditures.) France, Germany, Italy, and Sweden, Railways— 1920 and 1921, 5. Amalgamations, 1301. France, Germany, Italy, Sweden, and End of Government control, 1300. United States, 1919-1922, 381, 1390. Freight rates, 1302. Sweden and United States, February, Freight tonnage, 1429. 1922, 819. Investments in Argentine railways, 822. United States, 1919-1922— Railway act, 1921, 1301. Sterling, and converted to gold basis, Situation, 1300. 19.' Statistics. Net ton-miles, etc., 86, 227, 332, 451, Chart, 319. 588, 718, 845, 974,1103,1218,1343,1429,1462. Federal Reserve Board indexes. Compari Rates— son— Cable transfers, New York, 40, 380. British index of, with British Board of Discount rates. (See Bank of England.) Trade, London Economist, London Foreign exchange rates. (See Foreign exchange Statist, 152. rates.) British index of, with same converted to Ocean freight rates. (See Index of ocean freight gold basis, 928. rates.) Index of, for United States with index of, Open-market rates. Acceptances, 1049. for Great Britain converted to gold Pound sterling. Average rates. Par, 114. basis, 1919-1921,153, 929. (See Foreign exchange rates.) Index of, for United States with index of, Ratio— for Great Britain in sterling and con Group indexes to total, 148, 149, 150. verted to gold basis. Charts, 152, Imports to exports, 384. 437, 574, 832, 963, 1054. Reserves to deposit and note liabilities, 1913, Indexes for Great Britain, Canada, 1918, and 1922, 254, 367, 665, 758. France, Japan, and United States. Raw cotton. (See Cotton.) Comparison. Number of commodi Raw hides. (See Hides.) ties and quotations, 1055. Raw materials. (See Prices.) Goods produced, imported, exported, raw Raw wool. (See Wool.) materials. Producers’ goods, con Regional distribution. (See Foreign trade.) sumers’ goods; also converted to gold Reparations— basis, 153, 321, 439, 576, 706, 833, 834, Federation of British industries. Report on, 38. 965, 1088, 1208, 1336, 1454. Receipts, 303. , Same. Charts, 152, 321, 439, 577, 706, Terms, 38, 104. 834, 965, 1208. Report. Geddes. Revenue and expenditures, 304. Group index numbers— Reserves, 1913, 1918, and 1922, 254, 367, 665, 758. British Board of Trade, 81, 221, 327, 444, (See Gold reserves, principal heading.) 581, 711, 841, 969, 1097, 1216, 1341, Retail prices. See, supra, Prices. 1460. Revenue and expenditures, Government, 185, 304, London Statist, 81, 222, 1098. 417, 553. International price indexes. British number, Geddes report on, 304. construction of, 147. Russia— London Economist. Comparison. Indexes of Debt to Great Britain, 939. Federal Reserve Board and, 152. Trade agreement with, 940. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 45 GREAT BRITAIN—Continued. GREECE—Continued. Securities— Exchange on, bought and sold by United States from English, bought and sold by United States from and to France and Great Britain, 529, 541. and to foreign countries, 543, 544. Foreign exchange rates, 116, 253, 366, 489, 629, 756, Held abroad for American and foreign account, 896, 1016, 1141, 1262, 1384, 1504. 545. Gold imports and exports. (See Gold, principal Held in United States— heading.) For British Government, 533. Monetary unit. Drachma. Par. Rates. (See For For foreign account, 546, 547, 548. eign exchange rates.) (See Government securities; Prices, securities; Silver imports and exports. (See Silver, principal Securities.) heading.) Shilling. Melting point, silver content, 663. GREECE IN ASIA. Ship tonnage under construction, 86, 227, 332, 451, Gold exports and imports, 110, 249. 588, 718, 845, 974, 1103, 1218, 1343, 1429, 1431, Silver exports and imports, 110, 249. 1462. Ships. Entrances and clearances, 1343, 1429, 1462. GROCERIES. (See Vessels.) Index numbers, wholesale prices. Australia, 1914- Silver content of shilling, 663. 1922, 83, 224, 329, 446, 583, 713, 1098. Silver imports and exports, 1060. (See Silver, prin United States. (See Wholesale trade.) cipal Leading.) GROCERY STORES. Sinking fund. (See Government sinking fund; (See Retail trade.) Loans.) Statist, London. Index numbers. (See Foreign GROSS TONNAGE. exchange* Prices. (See Ships.) Steel exports and production, 86, 227, 332, 451, 588, GROUND WOOD. 718, 845, 974, 1103, 1218, 1343, 1430, 1462. (See Wood pulp.) Sterling rates, 40, 380, 552. Stock exchange prices, 39. GROUP INDEX NUMBERS. Strikes, 552. Australia, 83, 224, 329, 446, 583, 713, 1098. (See Labor.) Belgium, 1214. Taxes— Canada, 83, 224, 329, 447, 584, 714, 842, 971, 1098, Corporation profits, 553. 1216, 1341, 1459. Customs duties, coffee, tea, etc., 1S5, 304, 417, China (Shanghai), 1099. *553, 628. Dutch East indies, 1099. Excess profits, 185, 304, 417, 553, 628. France, 81, 222, 327, 445, 582, 712, 841, 969, 1094, Income tax, 185, 304, 417, 553, 628, 643. 1215, 1340, 1458. Reduction of, 554, 643. Germany— Ton-miles. (See Railways.) Federal Statistical Bureau, 82, 223, 328, 445, 582, Tonnage. (See Railways.) 712, 970, 1095, 1215. Trade agreement with Russia, 940. Frankfurter Zeitung, 82, 222, 327, 445, 582, 712, Trade, foreign. (See Foreign trade.) 842, 970, 1095, 1215, 1340, 1458. Trade bills, treasurv bills, discount rates, 117, 257, Great Britain— 375, 490, 635, 761, 897, 1017, 1147, 1263, 1385, Board of Trade. 81. 221. 327, 444, 581, 711. 841, 1506. 969, 1097, 1216, 1341. 1460 (revision). Unemployment, 40, 86, 227, 305, 332, 451, 588, 718, London Statist, 81, 222. 1098. 808, 845, 974, 1103, 1218, 1343, 1428, 1462. India, Calcutta, 83, 224, 329, 447, 584, 714, 1099. United States. Debt to, 643. Italy. 81, 222, 327, 445. 582, 712, 841, 969, 1095, 1341, (See Foreign exchange; Foreign trade; Prices.) 1459. United States Atlantic ports. (See Index of ocean New Zealand, 1100. freight rates.) Norway, 82, 223, 328, 446, 583. 713. 1096. Value. Exchange value of pound sterling, 117, 257, Sweden, 82, 223, 328, 446, 583, 970, 1096, 1216, 1341, 304, 375, 490, 635, 761, 807, 897, 1017, 1028, 1147, 1459. 1178, 1263, 1385, 1506. Switzerland, 1097. Vessels, British— United States— Cargo through Panama Canal, 339, 459, 596, 726, Bureau of Labor Statistics, 80, 221, 326, 444, 581, 856, 984, 1112, 1231, 1356, 1475. . 711, 968. 1094, 1214, 1340, 1458. Entrances and clearances of, 1343, 1429, 1462. Same. Regrouped by Federal Reserve Board, Visible supply of raw cotton. (See Cotton.) 839, 1092, 1214, 1339, 1457. Wages, 305. Wholesale prices. (See, supra, Prices.) GROWERS' DRAFTS. Wool imports, 1343, 1462. (See Rulings, Federal Reserve Board, agricultural (See also European Allies; Gold reserves; London; paper.) Review of month.) GROWTH. GREECE. (See Bankers5 acceptances.) Currency of, bought and sold by United States from and to Greece and other foreign countries, 534. GUARANTY TRUST COMPANY, NEW YORK. Debt to United States, 645. Foreign branches of, 1299. Deposits, gold reserves, notes, ratio, 1913, 1918, 1922, Statement. Foreign loans placed in United States, 758. 386, 1050. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
46 INDEX-DIGEST OE FEDERAL RESERVE BULLETIN. GUATEMALA. HIDES, PACKERS’. Budget, 1441. Average monthly prices, Chicago, 1913-1922, 57, 199, Debt, public, 1440. 322, 440, 578, 707, 835, 1210. Dollar exchange drafts. American banks and bankers authorized to accept, 680. HIDES, TRADE IN. Financial and economic conditions, 1439. Decreasing in Argentina, 429. Foreign trade, 1439. Increasing, 1190. Gold exports and imports, 110, 249, 363, 483, 684, 751, HOGS, LIGHT. 891. Average monthly prices, Chicago, 1913-1922, 57, 199, Monetary system, 1439. 323, 441, 578, 708, 836, 1210. Peso quotations, 1440. Canada. Prices, 802. Revenue and expenditures, 1439. Silver imports and exports. (See Silver, principal Index numbers. Seasonal variation, 1416. heading.) (See Live-stock industry.) GUIANA. HOLDINGS, FEDERAL RESERVE BANKS. (See British Guiana; Dutch Guiana.) Bankers’ acceptances, 284, 514, 515, 772, 1049. Earning assets, 89, 231, 284, 345, 467, 514, 606, 735, H. 772, 865, 875, 991, 1049, 1120, 1239, 1363, 1483. (See Earning assets; Meats, cold-storage holdings.) HAGUE CONFERENCE, 935, 1021. HOLLAND. HAITI. (See Netherlands.) Gold and silver exports and imports, 110, 249. HOLLAND-AMERICAN LINE. HAMBURG. Securities placed in United States, 1052. (See Germany, ship arrivals, Hamburg.) HAMS, SMOKED. HONDURAS. Average monthly prices. Chicago, 1913-1922, 58, 200, Budget, 1441. 324, 441, 579, 709, 836,1210. Debt, public, 1439, 1442. (See Meat products.) Dollar exchange drafts. American banks and bankers authorized to accept, 680. HARNESS LEATHER. Financial and economic conditions, 1439, 1441. (See Leather.) Foreign trade, 1439. Gold exports and imports, 110, 249,363, 483, 684, 751, HARDWARE. (See Wholesale trade.) 891. Monetary conditions, 1439, 1441. HAVANA. Revenue and expenditures, 1439. (See United Railways of Havana.) Silver imports and exports. (See Silver, principal heading.) HAVRE. (See France, cotton stocks.) HONGKONG. HAWAII. Foreign exchange rates, 116, 253, 366, 489, 629, 756, Loans placed in United States, 386,1051. 896, 1016, 1141, 1262, 1384, 1504. Gold exports and imports, 110, 249, 363, 483, 624, 751, HAY. 871, 891, 1009,1137,1257, 1380,1500. Crop reports, 202, 861, 984,1117,1236,1349. Monetary unit. Dollar. Par. Rates. (See, supra, (See Canada.) Foreign exchange rates.) HEMLOCK. Silver exports and imports, 110, 249, 363, 483, 624, Average monthly price, New York, 1913-1922,57,199, 751, 871, 891, 1009, 1137, 1257, 1380, 1500. 323, 441, 578, 708, 836, 1210. HONOLULU. HERRING, SALT. Securities placed in United States, 1051. Exports, Norway, 847. HOOVER, HON. HERBERT, SECRETARY OF HIDES AND SKINS. COMMERCE. Argentina. Exports, 430, 587, 717. On exchange situation, 122. Imports. Great Britain, 1343, 1462. On foreign financial situation, 642. Index numbers, wholesale prices— (See Review of month.) Belgium, 1921, 1922, 1214. HORNE, SIR ROBERT. Calcutta, 1914-1922, 83, 224, 329, 447, 584, 714, Report of, chairman of financial commission of Genoa 1099. conference, 678. Canada, 1913-1922, 83, 224, 329,447, 584, 714, 802, 803, 842, 971, 1098, 1216, 1341, 1459. HORSES. Dutch East Indies, 1099. (See Live-stock industry.) New Zealand, 1913-1922, 1100. HOSIERY. Norway, 1914-1922, 82, 223, 328, 446, 583, 713, Condition of industry, 16,138, 277, 395, 509, 655, 782, 1096. 916,1038,1165,1280,1402. Sweden, 1913-1922, 82, 223, 338, 445, 583, 713, 970, 1096, 1216, 1341, 1459. HOURS, IDLE. Sales and stocks, 69, 213, 338, 458, 595, 725, 855, 982, (See Wool; Textiles.) 1111, 1230, 1355, 1474. HOURS, KILOWAT. HIDES, OX. (See Argentina, foreign trade.) (See Electric power.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
47 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. HOUSE-FURNISHING GOODS. INCOME TAXES. Index numbers, wholesale prices, 1913-1922, 80, 221, Sales of exchange on account of, 174. 326,444,581,711,839,968,1094,1214,1340,1458. INCREASE OF CAPITAL. HOWARD SMITH PAPER MILLS. (See National banks.) Securities placed in United States, 1051. INDEX NUMBERS. HUNGARY. (See Group index numbers. Prices.) Debt to United States, 645. INDEXES. Foreign exchange rates, 116, 253, 366, 489, 629, 756, Agriculture. (See Domestic business; Chart.) 896,1016,1141,1262,1384,1504. Agricultural movements. Index numbers, 295, 455, Gold exports and imports. (See Gold.) 592, 721, 851, 980, 1109, 1227, 1352, 1471. Monetary unit, krone. Par. Rates, (bee, supra, For Agricultural products, movement of. Charts, 62, 205, eign exchange rates.) 454, 591, 721, 852, 979, 1108, 1226, 1351, 1470. Silver exports and imports. (See Silver.) Business activity. Principal countries, 86, 227, 332, ICELAND. 451, 588, 718, 845, 974, 1103, 1218, 1343, 1462. Gold exports and imports, 110, 249. (See Review of month.) Business conditions, 907, 1028, 1156. IDLE HOURS. (See Business, industry, and finance; Physical vol (See Wool; Textiles.) ume of trade; Review of month.) IDLE MACHINERY. Comparative retail prices. Principal countries, 84, (See Wool; Textiles.) 225, 330, 448, 584, 714, 842, 971, 1100, 1217, 1342, 1461. ILLUMINATING OIL. Cost of living. (See Comparative retail prices.) Average monthlv prices. New York, 1913-1922, 58, Cotton sight receipts. Chart, 62, 205, 1416. 200,324,441, 579, 709,836,1210. (See Cotton.) IMMIGRATION LAWS OF UNITED STATES. Domestic business. Agriculture, minin<r, manufac Effect on unemployment in Italy. 421. tures. Charts, 62, 205, 294, 454, 591, 721, 852, 979, 1108, 1226, 1351, 1470. IMPLEMENTS. (See Trade and production.) Index numbers, wholesale prices. Canada. 1913- Foreign exchange, 116, 253, 366, 488, 628, 755, 895, 1922. 83. 224, 329, 447, 584, 714, 842, 971, 1098, 1015, 1140, 1260, 1383, 1503. 1216,1341,1459. Value of krona. Sweden, 119, 259, 377, 492, 637, IMPORTED GOODS. 763, 899, 1019, 1149, 1265, 1387, 1508. Index numbers. (See All commodities, etc.; Goods Value of pound sterling, 117, 257, 375, 490, 635, produced, etc.) 761, 897, 1017, 1147, 1263, 1385, 1506. Germany, 82,223,328,445,582, 712, 970,1095,1215. Flour and grain receipts. Charts, 62, 205, 1416, 1418. Foreign trade at 1913 prices, 59, 201, 334, 453, 590, 720, IMPORTS AND EXPORTS. 848, 976, 1105, 1223, 1348, 1467. Agricultural, from United States, 268. Group index numbers. (See same, principal heading.) Coal. (See Coal; France; Germany; Sweden.) Industrial activity— Cotton. (See Cotton; France; Germany; Goods im France, 86, 227, 332, 451, 588, 718, 845, 974, 1104, ported, Germany.) 1218, 1343, 1462. Food. (See same.) Germany, 227, 333, 452, 589, 719, 846, 975, 1104, Gold. (See Gold, imports and exports.) 1219, 1344, 1463. Government securities. (See same.) Great Britain, 86, 227, 332, 451, 588, 718, 845, 974, Iron. (See Germany; Great Britain; Iron; Japan; 1103, 1218, 1343, 1462. Norway; Sweden.) Japan, 1220, 1345, 1464. Manufactures. (See same.) Norway, 847. Mexico. (See same.) Sweden, 452, 589, 719, 846, 975, 1219, 1344, 1463. Money. (See same.) Live-stock receipts, 62, 205, 1416. Raw cotton. (See Cotton; France; Japan.) Manufactured goods. Production, 295, 455, 592, 722, Raw silk. (See France; Japan.) 852, 980, 1109, 1227, 1352, 1471. Rubber. (See Rubber, crude.) Charts, 294, 454, 591, 721, 852, 979, 1108, 1226, Sales of foreign exchange against, 164, 174. 1351, 1470. Silk. (See Germany; Japan; Silk.) Mineral products, 295, 455, 592, 722, 851, 980, 1109, Silver. (See same.) 1227, 1352, 1471. Tin. (See same.) Charts, 294, 454, 591, 721, 852, 979, 1108, 1226, Value. Selected commodities at 1913 prices, 59, 201, 1351, 1470. 334, 453, 590, 720, 848, 976, 1105, 1223, 1348,1467. Ocean freight rates, 59, 202, 339, 460, 598, 728, 849, Wool. (See Germany; Japan; Wool.) 977, 1106, 1224, 1348, 1468. (See Foreign trade; Foreign trade inaex.) Prices— INCOME. British index numbers— (See Revenue and expenditures.) Construction of, by Federal Reserve Board, 147. INCOME TAX. Revised group index numbers, Board of France, 306, 555. Trade, 1460. Germany, 45. Bureau of Labor Statistics index numbers. Re Great Britain, reduction in, 554, 643. vision of, 838. Italy, 557. Regrouped by Federal Reserve Board, re (See Taxes.) vised series, 1091. 39507—23-------i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
48 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. INDEXES—Continued. INDUSTRIAL MATERIALS. Prices—Continued. Index numbers, wholesale prices— Comparative wholesale prices abroad, 79,220,325, Shanghai, 1913-1922, 1099. 443, 580, 710,837,967, 1090, 1212, 1338, 1456. Switzerland, 1914-1922, 1097. Cost of living. (See Retail prices.) Fluctuations. Eighteen countries, 1920 and 1921, INDUSTRIAL RECOVERY. 156. Europe, 1395. Germany. Revision of Frankfurter Zeitung in INDUSTRIAL SHARES. dex, 1091. Valuation. Italy, 947. Group index numbers. (See same, principal heading.) INDUSTRIAL SITUATION. International price indexes, construction of— Czechoslovakia, 1451. Canada, 801. Europe, 1389. France, 922. Great Britain, 147. INDUSTRIAL SURVEY. Japan, 1052. Great Britain, 1428. Price movement and volume of trade, 55, 197, 320, 438, 576, 705, 833, 964, 1087, 1207, 1336, INDUSTRY. 1454. (See Business, industry, and finance; Live-stock Production. Basic industries. Chart, 1913-1922, industry.) 1414, INFLATION. Retail prices, comparative. Cost of living, 84, In Austria, 1083. 225, 330, 448, 584, 714, 842, 971, 1100, 1217, (See Deflation.) 1342, 1461. (See Prices, principal heading.) INFORMATION. Trade and production, 62, 205, 292, 294, 295, 454, 455, (See Foreign credit information.) 591, 592, 721, 722, 852, 979, 980, 1108, 1109, 1226, 1227, 1351, 1352, 1416, 1418, 1420, 1421, 1470. INGOT, STEEL. Value. (See Foreign trade.) (See Iron and steel.) INDIA. INNER TUBES. Calcutta. (See Prices.) (See Automobiles.) Cost of living, 1342, 1461. Deposits, gold reserves, notes, ratio, 1913, 1918, and INSOLVENT MEMBER STATE BANKS AND 1922, 758. TRUST COMPANIES, 195, 317,. 431, 829, 921, Foreign exchange— 1169. Currency of, bought and sold by United States from and to, and other foreign countries, 534. INSTRUCTIONS TO DEALERS IN FOREIGN Exchange on, bought and sold by United States EXCHANGE. from and to China, France, Great Britain, Period of Government control, 1918 and 1919,166,168. and Japan, 529, 531, 541. INSURANCE. Rates, 116, 253, 366, 489, 629, 756, 896,1016,1141, Credit insurance in United States. Article, 667. 1262, 1384, 1504. Federal reserve banks, expense of, 145, 865, 1012. Foreign trade, 1347, 1466. Premiums and losses. Three companies for ten years, Gold exports and imports. (See Gold.) 676. Gold reserves, 1913, 1918, and 1922, 758. Sales of foreign exchange to cover, 174. Monetary unit. Par value, 1922, 665. (See, supra, Foreign exchange rates.) INTERALLIED DEBT. Prices_ (See Allied debt.) Comparative wholesale, 1913-1922, 80, 220, 325, INTERALLIED LONDON CONFERENCE. 443, 580, 710, 837, 967, 1090,1212, 1338, 1456. Address of Lloyd George, 1025. Comparison with other countries. Egypt and Japan, 1920-21. Chart, 156. INTERAMERICAN COMMERCE. Group index numbers, 83, 224, 329, 447, 584, 714, Effect of foreign exchange situation on, 153. 1099. INTER AMERICAN HIGH COMMISSION. Silver exports and imports. (See Silver.) United States section of. Effect of foreign exchange Silver reserves, 1913-1922, 665. situation on Inter American commerce, 153. (See also Asia; British India.) INTERBANK LOANS. INDIA RUBBER. Rates of interest, 113, 252, 365, 487, 627, 754, 894, (See Rubber.) 1014, 1139, 1382, 1502. INDIVIDUAL DEPOSITS. (See Deposits.) INTERBANK REDISCOUNTS. Federal reserve banks, 26, 98, 403, 865, 933, 1153. INDUSTRIAL ACTIVITY. Charts, 26. Europe, changes in, 1391. Gold settlement fund, 401. Germany, 1393. Indexes of industrial activity. (See Indexes of INTERDISTRICT MOVEMENT. industrial activity.) Federal reserve notes, 1917-1921, 403. Gold, 400. INDUSTRIAL COMPANIES. Net profits. Great Britain, 117, 257, 375, 490, 635, INTEREST. 761, 897, 1017, 1147, 1263, 1385, 1506. (See Debt public.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 49 INTEREST RATES. INTERNATIONAL WHOLESALE PRICE INDEX- Argentina, 1191. FEDERAL RESERVE BOARD—Continued. Bank of Englnd, 39, 117, 257, 304, 375, 490, 496, 635, Description, method of construction, and commodi 761, 807, 897,1017,1147,1177,1263,1385,1506. ties included—Continued. Reduced from 5 to 4J per cent, Feb. 16,1922, 304. Table of monthly figures, January, 1919-July, Reduced from 4J to 4 per cent, Apr. 13, 1922, 1922, for Canada, France, Great Britain, Japan, 1177. and United States, 1089. Reduced from 4 to 3£ per cent, June 15, 1922, (See International comparison; Prices.) 807,1177. INVENTORY REDUCTIONS. Reduced from 3i to 3 per cent, July 13,1922,1177. 1920 and 1921, 903. Bank of France, 306, 419, 420, 496, 554. Reduced to 5 per cent Mar. 11, 1922, 496. INVESTMENT MARKET. Federal reserve bank and branch cities. Market Great Britain, 38. rates, 113, 252, 365, 487, 627, 754, 894,1014,1139, INVESTMENT SITUATION. 1259, 1382, 1502. (See Review of month.) Federal reserve banks. Discount rates, 112, 251, 364, 486, 626, 753, 866, 893, 1011, 1137, 1258,1380, INVESTMENTS. 1500. (See Banking conditions; Review of month.) Comparison, 1921 and 1922, 866. INVESTMENTS, FOREIGN. Discussion of, 500, 768. (See Review of month.) Spread between customers’ rates and, 769. France. National defense bills; treasury bills, 187, IRON AND STEEL. 306, 554. Condition. Iron and steel industry, 14, 135, 274,393, German Reichsbank, 949, 1070, 1438. 507, 653, 780, 919, 1035, 1163, 1277, 1402. Japan. Tokyo banks, 119, 194, 378, 493, 638, 764, Crude steel. (See Steel production.) 900, 1020, 1150, 1266, 138S, 1509. East-bound traffic. Sault Ste. Marie Canal. (See Market rates— Iron ore.) Decline in, 500. Exports— Italy, 687. Iron and iron manufactures. Germanv, 227, 333, (See, supra, Federal reserve bank and branch 452, 589, 719, 846, 975, 1104, 1219/1348, 1463. cities.) Tron and steel manufactures. Great Britain, 86, Member bank rates. Spread between, and Federal 227, 332, 451, 588, 718, 845, 974, 1103, 1218, reserve bank rates, 769. 1343, 1430, 1462. New York City banks, 768. Iron ore. Sweden, 953. Sweden. State bond issues, 49, 426. Fabricated structural steel contracted for, 67, 210, 337, (See also Earning assets.) 457, 594, 724, 854, 982, 1111, 1229, 1354, 1473. Group index numbers. (See, infra, Prices.) INTERNATIONAL BALANCE OF TRADE. Imports— (See Balance of trade; Foreign trade.) Iron ore. Germany, 227, 333. Iron plates and sheets. Japan, 1220, 1345, 1464. INTERNATIONAL BANKING CORPORATION, Ingots. (See Iron ingots; Steel ingots.) NEW YORK. Iron— Foreign branches, 1299. Condition of the industrv, 14, 135, 274, 393, 507, INTERNATIONAL COMPARISON. WHOLESALE 653, 780, 914, 1035, 1163, 1277, 1402. PRICES. Exports. Germany, 227, 333, 452, 589, 719, 846, United States compared with foreign countries, con 975, 1104, 1219, 1344, 1463. verted to gold basis— Ingots. Production. Sweden, 452, 589, 719, 846, Canada, 801, 968, 1054, 1335, 1453. 952, 975, 1219, 1344, 1463. France, 5, 381, 922, 923, 929, 968, 1054, 1335, Production, 295, 455, 592, 722, 851, 980, 1109, 1390, 1453. 1227, 1352, 1471. Germany, 5, 381, 562, 690, 1390. Iron manufactures. Exports— Great Britain, 5, 147, 148, 152, 153, 381, 574, 704, Germany, 227, 333, 452, 589, 719, 846, 975, 1104, 832, 929, 963, 968, 1054, 1335, 1390, 1453. 1219, 1344, 1463. Italy, 5, 381, 1390. Great Britain, 86, 227, 332, 451, 588, 718, 845, Japan, 1052, 1055, 1059, 1335, 1453. 974, 1103, 1218, 1343, 1430, 1462. Sweden, 819, 951. Iron ore— (See Prices.) East-bound traffic. Sault Ste. Marie Canal, 71, 726, 856, 984, 1112, 1231, 1356, 1475. INTERNATIONAL INVESTMENT SITUATION. Exports. Sweden, 953. (See Review of month.) Imports. Germany, 227, 333. Production. Sweden, 952. INTERNATIONAL PRICE FLUCTUATIONS. Railroad receipts from connections, 71, 214, 338, 1920 and 1921, 155. 459, 596, 725, 856, 983, 1112,1231, 1356,1474. INTERNATIONAL WHOLESALE PRICE INDEX- Shipments from upper lakes, 67. FEDERAL RESERVE BOARD. Iron plates. Imports., Japan, 1220, 1345, 1464. Description, method of construction, and commodi Iron sheets. Imports. Japan, 1220,1345, 1464. ties included— Manufactures— Canada, 801. Pig iron. Seasonal variations in manufacture of France, 922. 1416. Great Britain, 147. (See Iron manufactures; Steel manufactures.) Japan, 1052. Ore. (See Iron ore.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
50 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN, IRON AND STEEL—Continued. IRON AND STEEL—Continued. Pig iron— Steel—Continued. Prices, wholesale. Canada, 803. Ingots—Continued. Production— United States— Index numbers. Charts, 62, 205. Index numbers. Charts, 62, 205. Tons— Tons, 67, 210, 295, 337, 455, 457, 592, 594, France, 86, 227, 333, 451, 588, 718, 845, 722, 724, 851, 854, 980, 982, 1109, 974, 1104, 1218, 1343, 1462. 1111, 1227, 1229, 1352, 1354, 1471, Great Britain, 86, 227, 332, 451, 588, 718, 1473. 845, 974,1103,1218,1343,1430,1462. Manufactured. Index numbers, 295, 455, 592, Sweden, 452, 589, 719, 846, 952, 975,1219, 722, 852, 980, 1109, 1227, 1352, 1471. 1344,1463. Manufactures. Exports. Great Britain, 86, 227, United States, 67, 210, 337, 457, 594, 724, 332, 451, 588, 7,18, 845, 974, 1103, 1218, 1343, 854, 982, 1111, 1229, 1354, 1473. 1430,1462. Seasonal variations in manufacture, 1416. Plates. (See, supra, Prices.) Plates. (See Iron plates.) Production, 67, 210, 295, 337, 455, 457, 592, 594, Prices— 722, 724, 851, 854, 980, 982, 1109, 1111, 1227, Iron. Index numbers, wholesale. Norway, 1914- 1229, 1352, 1354, 1471, 1473. 1922, 82, 223, 328, 446, 583, 713, 1096. Rails. (See, supra, Prices.) Iron and steel. Index numbers, wholesale. Structural steel. Orders and shipments, 67, 210, 337, Great Britain, 1913-1922, 81, 221, 327, 444, 457, 594, 724, 854, 982, 1111, 1229, 1354,1473. 581, 711, 841, 969, 1097, 1216, 1341, 1460. Tonnage. (See Steel, fabricated structural.) Pig iron. Wholesale price. Canada, 803. Unfilled orders. (See United States Steel Corporation.) Steel billets, plates, and rails. Average monthly United States Steel Corporation. Unfilled orders, 67, prices. Pittsburgh, 1913-1922, 58, 200, 323, 210, 337, 457, 594, 724, 854, 982, 1111, 1229, 1354, 441, 578, 579, 708, 836,1210. 1473. Production— ISSUE, BANKS OF. Iron, 295, 455, 592, 722, 851, 980,1109,1227, 1352, (See Condition; Principal European banks of issue.) 1471. Iron ingots. Sweden, 452, 589, 719, 846, 952, ISSUE, MID-YEAR STATISTICAL, 765. 975, 1219, 1344, 1463. ITALY. Iron ore. Sweden, 952. Acceptance liabilities. Banks, 284. Pig iron— Baches index numbers, 309, 687, 947. France, 86, 227, 333, 451, 588, 718, 845, 974, (See Prices.) 1104, 1218, 1343, 1462. Balance of trade, 1913-1921, 384. Great Britain, 86, 227, 332, 451, 588, 718, 845, Banca di Sconto-— 974, 1103, 1218, 1343, 1430, 1462. Condition. Crisis. Liquidation, 190, 310, 686, Sweden, 452, 589, 719, 846, 952, 975, 1219, 810, 811, 1185. 1344, 1463. Moratorium, 191. United States, 67, 210, 337, 457, 594, 724, Bank circulation, expansion of. Decree, 311. 854, 982, 1111, 1229, 1354, 1473. Bank clearings, 1064. Charts. Index numbers, 62, 205. Bank of Italy. Condition, 1913-1921, 368. Steel, crude. France, 86, 227, 333, 451, 588, 718, Banking conditions, 310. 845, 974, 1104, 1218, 1343, 1462. Banks— Steel ingots, 67, 210, 337, 457, 594, 724, 854, 982, Increase of capital, 421. 1111, 1229, 1354, 1473. Increase of deposits, 811. Index numbers. Charts, 62, 205. Banks, joint stock— Seasonal variations, 1416,1418. Increase of capital, 421. Sweden, 452, 589, 719, 846, 952, 975, 1219, Increase of deposits, 811. 1344.1463. Banks of issue. Condition, 118, 190, 258, 310, 368, Steel, manufactured. Index numbers, 295, 455, 376, 491, 636, 762, 811, 898, 1018,1066,1148,1185, 592, 722, 852, 980,1109,1227,1352,1471. 1264, 1386, 1507. Railroad receipts from connections. (See, supra, Bills, treasury. (See Notes.) Iron ore.) Bond issues, new, 687. Sault Ste. Marie Canal. (See, supra, Iron ore.) (See Loans.) Seasonal variations. Manufacture of pig iron, 1416. Budget, 559, 644,1066, 1184. Sheets, iron. (See Iron sheets.) Business and financial conditions, 40, 118, 188, 258, Steel— 308, 376, 420, 491, 556, 636, 686, 762, 810, 898, Billets. (See, supra, Prices.) 946,1018, 1063, 1148, 1184,1204, 1386, 1435, 1507. Condition of the industry, 14, 135, 274, 393, 507, Business conditions, 811, 946,1435. 653, 780, 914, 1035, 1163, 1277, 1402. Business, taxes on, 558. Crude steel production. Tons. France, 86, 227, Capital. Banks, increase of, 421. 333. 453. 588 718, 845, 974, 1104, 1218, 1343, Capital issues, 421, 946, 947, 1065, 1436. 1462. Capital levy, 557. Fabricated structural steel. Orders, shipments, Claims against Germany. Reparations, 308. tonnage, 67, 210, 337, 457, 594, 724,*982, 1111, Claims against Russia, 939. 1229, 1354,1473. Circulation, expansion of. Decree, 311. Ingots. Production— Clearings, bank, 1064. Sweden, 452, 589, 719, 846, 952, 975, 1219, Condition. (See Bank of Italy; Banks; Banks of 1344.1463. issue.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
51 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. ITALY—Continued. ITALY—Continued. Conditions. (See Banking conditions; Business and Lira—Continued. financial conditions; Business conditions.) Melting point, 663 Consumption, taxes on, 559. Monetary unit. Par. Average rates, 114, 665. Cost of living, 1063. (See Foreign exchange, rates.) Credit practice of banks, 410. Silver content, 663. Currency notes, State. (See Notes.) Loans. New bond issues, 687. Customs taxes, 559. Market rates of interest, 687. Debt, public, 118,189, 258, 376,491, 636, 645, 687, 762, Melting point. Lira, 663. 898, 1018, 1148, 1184, 1264, 1386, 1507. Monetary unit, lira. Par. Average rates. Value, Russia to Italy, 939. 1922, 114, 665. Decree. Expansion of bank circulation, 311. (See Foreign exchange, rates.) Deposits, 1913,1918, and 1922, 758. Money remittances, emigrants’, 422. Deposits— Monopolies— Increase of, 811. Government, 559. Postal savings, 1914-1921,421. Taxation of. (See Revenue and expenditures.) Savings bank, 1066. Moratorium. Banca di Sconto, 191. (See Banks.) Notes, 1913, 1918, and 1922, 254, 367, 660, 665, 758. Disinvestments, 946. (See Notes in circulation, principal heading.) Emigrants’ remittances, 421, 422. Notes in circulation. Short-term treasury bills, State Excess profits tax, 557. currency bills, treasury bills, 118, 258, 376, 491, Expansion of bank circulation. Decree, 311. 636, 762, 898, 1018, 1148, 1264, 1386, 1507. Expenditures. (See Government revenue and ex Postal savings deposits, 1914-1921, 421. penditures.) Prices— Exports. (See Foreign trade.) Commodity. Index numbers, 1918-1922, 947. Finance, public. (See Government revenue and Comparative wholesale price levels, 1913-1922,79, expenditures.) 220, 325, 443, 580, 710, 837, 967, 1090, 1212, Financial conditions, 496, 643. 1338, 1456. Floating debt. (See Debt, public.) Comparisons with other countries— Foreign exchange— France, 1920-1922. Chart, 157. Currency of, bought and sold by United States France, Germany, Great Britain, and United from and to, and other foreign countries, 534. States, 1920-1922,1390. Exchange on Italy bought and sold by United Same, converted to gold basis, 1390. States from and to other foreign countries, France, Germany, and Sweden, 1920,1921, 5. coq M l Germany, Sweden, and United States, 1919- General index of, 1918-1922. Charts, 115, 254, 1922 381 1390. 367, 488, 628, 755, 893, 1015, 1140, 1261, 1383, Course of, 1921 and 1922, 811,1063, 1435. 1504. Decline in— Lira fluctuations, 1064. First 5 months of 1922, 811, 812, 1063. Rates, 116, 253, 366, 380, 489, 629, 756, 896, 1016, Not so great as in France and United States, 1028, 1064, 1141, 1262, 1384, 1504. 1064. Foreign trade— Fluctuations in prices, 1922,1064. 1913-1922, 40, 85, 226, 331, 420, 450, 586, 716, Group index numbers, 1913-1922, 81, 222, 327, 844, 973, 1027, 1064, 1101, 1221, 1347. 445, 582, 712, 841, 969, 1095, 1341, 1459. First 6 months of 1921, 40. Retail prices. Index numbers, 309, 330, 448, Gold exports and imports. (See Gold.) 584, 714, 842, 971, 1063, 1100, 1217, 1342, Gold reserves, 1913, 1918, and 1922, 660, 665, 768. 1461. Government monopolies, 559. Securities. Index numbers, 118, 258, 309, 376, Government revenues, 118, 189, 258, 376, 491, 556, 421, 491, 636, 687, 762, 898, 947, 1018, 1065, 558, 559, 636, 762, 898,1018,1148,1264,1386,1507. 1148, 1264, 1386, 1435, 1507. Government securities. (See Prices.) Private banks. Condition of, 118, 258, 376, 491, 636, Group index numbers. (See, infra, Prices.) 762, 898, 1018, 1148, 1264, 1386, 1507. Immigration laws, United States. Effect on unem Profits. (^ Excess profits tax.) ployment, 421. Public debt. (See Debt, public.) Imports. (See Foreign trade.) Public finance. (See Government revenue and Income tax, 557. expenditures.) Index numbers. (See Bachi; Prices.) Rate. (See Lira.) Industrial shares. Value, 947. (See Capital issues.) Rate of interest. Market rates, 687. Inflation. (See Expansion.) Ratio— Interest— Imports to exports, 1913-1921, 384. Market rates, 687. Reserves to deposit and note liability, 1913,1918, (See Rates of interest.) and 1922, 254, 368, 660, 665, 758. Investments. (See Disinvestments.) Remittances of emigrants, 422. Joint stock banks— Reparation claims, 308. Condition. (See Banks, condition.) Reserves. (See Gold reserves.) Increase of capital, 421. Retail prices, 309, 330, 448, 584, 714, 842, 971, 1063, Increase of deposits, 811. 1100, 1217, 1342, 1461. Labor. (See Unemployment.) Revenues, Government, 118, 189, 258, 376, 491, 556, Lira— 558, 559, 636, 762, 898, 1018, 1148, 1264, 1386, Average rates. Par, 114. 1507. Fluctuations, 1064. Russia. Debt owed to Italy, 939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
52 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. ITALY—Continued. J AP AN—Continued. Savings bank deposits, 1066. Credit practice, commercial, of Japanese banks, 296. Savings deposits. (See Postal savings deposits.) Cubic measurement. Comparison with United States, Securities. Prices of, 118, 258, 309, 376, 421, 491, 636, 1059. 687, 762, 898, 947, 1018, 1065, 1148, 1264, 1386, Currency, measurement, and weight, units of. Com 1435, 1507. parison, Japan and United States, 1051. Short-term treasury bills. (See Notes.) Debt, public, 1388, 1509. Silver— Deposits. (See Bank of Japan, condition.) Content of lira, 663. Deposits, 1913, 1918, and 1922, 254, 367, 758. Exports and imports. (See Silver.) Discount rates. Tokyo banks, 119, 194, 378, 493, 638, Silver reserves, 1913-1922, 665. 764, 900, 1020, 1150, 1266, 1388, 1509. State currency notes. (See Notes.) Exports— Taxation. (See Revenues.) Cotton yarns, 1220, 1345, 1464. Taxes— Cotton sheetings and shirtings, 1220, 1345,1464. Business, 556. Gold and silver, 110, 249, 363, 483, 624, 751, 871, Consumption, 559. 891, 1009, 1137, 1257, 1380, 1500. Customs, 559. Silk fabrics, 1220, 1345, 1464. Excess profits, 557. Silk, raw, 1220, 1345, 1464. Income tax, 556, 557. Silver. (See, supra. Gold.) Revenue from, 559. Fabrics. (See Silk fabrics.) Treasury bills. (See Notes.) Foreign exchange— Unemployment, 421, 947, 1063. Currency of Japan bought and sold by United Effect of United States immigration laws on, 421. States from and to Japan and other foreign United States— countries, 534. Effect of immigration laws of, on unemployment, Exchange on Japan bought and sold by United 421. States from and to China, France, Great (See Foreign exchange; Prices.) Britain, and Japan, 529, 531, 541. Value. (See Capital issues; Prices; Securities.) Rates, 116, 253, 366, 489, 629, 756, 896,1016,1141, Wholesale prices. (See, supra, Prices.) 1262, 1384, 1503. (See also European Allies; Review of month.) Rates, general index of. Charts, 1918-1922, 115, 254, 367, 488, 628, 755, 895, 1015, 1140, 1261, ITEMS, COLLECTION. (See Clearing system, Federal reserve.) 1383, 1504. Rates. Yen. Average rates. Par, 114. ITEMS, DEFERRED AVAILABILITY. Foreign trade, 85, 226, 331, 450, 586, 716, 844, 973, (See Resources and liabilities.) 1101, 1221, 1347, 1467. Vessels cleared in, 1220, 1345, 1464. ITEMS, UNCOLLECTED. (See Resources and liabilities.) (See Exports; Imports.) Freight tonnage. Railroads, 1220, 1345, 1464. Gold. (See, supra. Exports and imports.) Gold reserves, 1913, 1918, and 1922, 254, 367, 660, 758. Government deposits. (See Bank of Japan, condi Bank of Japan— Condition, 119, 194, 367, 378, 493, 638, 764, 900, tion.) Great Britain. Japanese securities held in United 1020, 1150, 1266, 1388, 1509. States for account of Government of, 533. Deposits, gold reserves, notes, ratio, 1913, 1918, and 1922, 254, 367, 758. Imports. Notes in circulation. (See, supra, Condition.) Cotton, raw, ginned, 1220, 1345, 1464. Gold and silver, 110, 249, 363, 483, 624, 751, 871, Ratio. Metallic reserves, 367, 758. 891, 1009, 1137, 1257, 1380, 1500. Banking statistics, 193. Iron plates, 1220, 1345, 1464. Banks— Iron sheets, 1220, 1345, 1464. Commercial credit practice, 296. Tokyo banks, condition. Cash, clearings, de Wool, 1220, 1345, 1464. Industrial activity, index of, 1220, 1345, 1464. posits, loans, discount rates, 119, 194, 367, Iron plates. Imports, 1220, 1345, 1464. 378, 493, 638, 764, 900, 1020, 1150, 1266,1388, Iron sheets. Imports, 1220, 1345, 1464. 1509. Long measure. Comparison with United States, 1059. Capacity measurement. Comparison with United Measurements. Comparison with United States. States, 1059. Capacity, cubic, long, square, weight, 1059. Capital issues, 1388,1509. Monetary unit. Par. Value, 1922, 114, 665. Clearance of vessels in foreign trade, 1220, 1345, 1464. Clearings. Tokyo banks. (See, supra, Banks; Tokyo (See Foreign exchange, rates.) Money. Comparison with United States, 1059. banks.) Notes, 1913, 1918, and 1922, 254, 367, 758. Commercial credit practice. Japanese banks, 296. (See Notes in circulation; principal heading.) Comparisons with United States. Measurement, Paper production, 1345,1464. capacity, cubic, long, square, money, weight, Prices— 1059. Condition. (See Bank of Japan; Banks; Tokyo banks.) All commodities. Index number. (See same, Cotton— principal heading.) Raw, ginned, imports, 1220, 1345,1464. Bank of Japan. Indexes— Sheetings and shirtings, exports, 1220,1345,1464. Averages, simple unweighted, 1053. Comparison between, and Federal Reserve Yams— Exports, 1220, 1345, 1464. Board weighted indexes for Japan, 1055, Production, 1220, 1345, 1464. 1059. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 53 JAPAN—Continued. JAPAN—Continued. Prices—Continued. Silk fabrics— Comparative wholesale prices. Index numbers, Exports, 1220, 1345, 1464. 1913-1922, 80, 220, 325, 443, 580, 710, 837, 967, Production, 1220, 1345, 1464. 1090, 1212, 1338, 1456. Silk, raw— Comparisons with other countries. Index num Exports, 1220, 1345, 1464. bers— Production and stocks, 1345, 1464. Canada, France, Great Britain, and United Silver— States, 1919-1922. Charts, 1086, 1206, Exports and imports, 110, 249, 363, 483, 624, 1335, 1453. 751, 871, 891, 1009, 1137, 1257, 1380, 1500. Canada, France, Great Britain, and United Production, 662. States, 1913-1922. In local currencies Reserves, 1913-1922, 665. and converted to gold basis, 1089,1206, Square measurement. Comparison with United 1336, 1454. States, 1059. Egypt and India. Chart, 156. Tokyo banks. Cash, clearings, deposits, loans, United States. Local and gold basis, 1919- discount rates, 119, 194, 367, 378, 493, 638, 764, 1922. Chart, 1054. 900, 1020, 1150, 1266, 1388, 1509. Course of prices, 1053. Tonnage, freight. (See Freight tonnage; Railroads.) Federal Reserve Board indexes— Trust receipts in, 299. Comparison with Bank of Japan index United States. (See, supra, Foreign exchange; Great numbers, 1059. Britain: Measurements: Money: Prices.) Chart, 1055. Vessels cleared in foreign trade, 1220, 1345, 1464. Construction of the Japanese index, 1052. Weights and measures. Comparison, Japan and Number of commodities and number of United States, 1059. quotations in, for Japan and Bank of Wholesale prices. (See Prices.) Japan index, 1055. Wool imports, 1220, 1345, 1464. Quotations and weights in Federal Reserve Yen. Par. Average rates, 114, 665. Board indexes for Japan, 1056. (See Foreign exchange, rates.) Per cent of total import and export trade Yokohama. (See Silk, raw, stocks.) represented in Federal Reserve Board (See Asia. ) indexes of prices of imports and exports JAVA. for Japan, Canada, France, Great Britain, Deposits, gold reserves, notes, ratio, 1913, 1918, and and United States, 1056. 1922, 758. Relative importance of different industries in Federal Reserve Board indexes for JOINT COMMISSION OF AGRICULTURAL IN Japan, Canada, France, Great Britain, QUIRY. and United States, 1056. Bill proposed by, 263. Relative importance of domestic goods, im Federal Reserve Board’s views on bill, 318. ports and exports in Federal Reserve Work of, 262. Board indexes for Japan, Canada, France, (See Senate bill 3051.) Great Britain and United States, 1056. JOINT STOCK BANKS. Goods produced, imported, exported. Raw Condition. Great Britain, 415, 416, 1177. materials, producers’ goods, consumers’ Increase of capital and deposits. Italy, 421. goods, all commodities. Converted to gold basis, 1921-1922, 1059, 1209, 1337, 1455. JUNTA DE VIGILANCIA, PERU. International price index. Japanese number. Condition, 515. Quotations and weights, 1052, 1056. JUTE MANUFACTURES. Security prices, 1388, 1509. Group index numbers, wholesale prices— Units of currency, measurement, and weight. Calcutta, 1914-1922, 83, 224, 329, 447, 584, 714, Comparison, Japan and United States, 1059. 1099. Production. Dutch East Indies, 1099. Cotton yarns, 1220, 1345, 1464. Paper, 1345, 1464. JUTE, RAW. Silk fabrics, 1220, 1345, 1464. Group index numbers, wholesale prices— Silver, 662. Calcutta, 1914-1922, 83, 224, 329, 447, 584, 714, Railroads. Freight receipts and tonnage, 1220, 1099. 1345, 1464. Dutch East Indies, 1099. Ratio. Reserves to deposit and note liability, 1913, 1918, and 1922, 254, 367, 758. K. Raw cotton. (See Cotton.) KEROSENE. Raw silk. (See Silk.) (See Oil refineries.) Receipts, railway, 1220, 1345, 1464. KID SKINS. Reserves, 1913, 1918, and 1922, 254, 367, 758. (See Hides.) Reserves, silver, 1913-1922, 665. Securities, Japanese, held in United States for ac KILOWATT HOURS. count of British Government, 533. (See Electric power.) Securities prices, 1388,1509. KINGDOM OP SERBS, CROATS, AND SLOVENES. Sheetings. Exports, 1220, 1345, 1464. Securities placed in United States, 1051. Shipping. Clearances of vessels in foreign trade, 1220,1345, 1464. KIP SKINS. Shirtings. Exports, 1220, 1345, 1464. (See Hides.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
54 INDEX-DIGEST OF FEDERAL RESERVE-BULLETIN. KNIT GOODS. LAW DEPARTMENT—Continued. Hosiery, 16, 17,138, 227, 395, 509, 655, 782, 916,1038, Senate bill 3051. Federal reserve board approves 1165, 1280, 1402. general principles of, proposed by Joint Com (See Underwear.) mittee of Agricultural Inquiry, amending Federal farm loan act to permit loans to banks or live KNIT GOODS MANUFACTURERS OF AMERICA. stock companies for agricultural or live-stock Reports. Orders, production, shipments, cancella purposes, 318. tions, 75, 217, 339, 461, 598, 728, 849, 977, 1106, 1224, 1349, 1468. LEAD. Production and index numbers, 67, 211, 295, 722, 851, KOREA (CHOSEN). 980, 1109, 1227, 1352, 1471. Gold exports and imports, 110, 249. Production, Mexico, 1082. KRONA, SWEDEN. (See mineral products.) Average rates. Par, 114, 665. Value of, abroad, 119, 259, 377, 492, 637, 763, 899, LEAD, PIG. 1019, 1149, 1265, 1387, 1508. Desilverized. New York. Average monthly prices, 1913-1922, 58, 200, 323, 441, 578, 708, 836, 1210. KRONE, AUSTRIA. Stabilization of, 1084. LEATHER. Index numbers, wholesale prices.— L. Australia, 1914-1922, 83, 224, 329, 446, 583, 713, 1098. LABOR DISPUTES. Belgium, 1921 and 1922, 1214. Argentina, 1316. Canada, 1913-1922, 83, 224, 329, 447, 584, 714, Great Britain, 552. 842, 971, 1098, 1216, 1341, 1459. LABOR SITUATION. Germany, 1920-1922, 82, 222, 327, 445, 582, 712, Czechoslovakia, 1451. 842, 970, 1095, 1215, 1340, 1458. (See Employment; Unemployment; Wages.) New Zealand, 1913-1922, 1100. Norway, 1914-1922, 82, 223, 328, 446, 583, 713, LAMB. 1096. (See Argentina, foreign trade; Meats, cold storage Sweden, 1913-1922, 82, 223, 338, 445, 583, 713. holdings.) 970, 1096, 1216, 1341, 1459. LAMB SKINS. Switzerland, 1914-1922, 1097. (See Hides.) United States— Condition reports, 17, 138, 278, 396, 510,[655, LAMONT, T. W. 783, 917, 1039, 1166, 1280, 1402. On foreign loans, 644. Prices. Sole leather. Hemlock, No. 1, LARD. Chicago, 58, 200, 323, 441 578, 579, 708, (See Meat products.) 836, 1210. Production, 69, 213, 338. 458, 595, 725, 855, LATIN AMERICA. 982, 1111, 1230, 1355, 1474. (See Individual countries, by name.) Production. Index numbers, 295, 455, 592, LATVIA. 722, 851, 980, 1109, 1227, 1352, 1471. Debt to United States, 645. (See Shoe industry.) Trade with Russia, 942. LEGAL FEES. LAW DEPARTMENT. Federal reserve banks, 145, 865, 1012. Act June 3, 1922. Federal reserve act amended. Additional board members. Limitation on LEGAL-TENDER NOTES. Federal reserve bank and branch buildings. (See Money held, etc.; Resources and liabilities.) Text, 830. LEGISLATIVE PROGRAM, CUBA, 1079. Act July 1, 1922. Federal reserve act, sec. 9, amended. Member State bank rediscounts. LEMONS. Text, 831, 933. (See Citrus fruits.) Act July 1, 1922. National banks given succession LETTERS OF CREDIT. for 99 years, 831. Belgian banks, 410. Par collections— Continental banks, 410. Federal Reserve Bank of Atlanta. American Dutch banks, 410. Bank and Trust Co. vs.— German banks, 158. Decision of United States District Court on Japanese banks, 296. merits. Text. Mar. 11, 1922? 436. (See Commercial credit practice; Travelers’ letters of Affirmed by United States Circuit Court of credit.) Appeals. Text. Nov. 2, 1922, 1408. Federal Reserve Bank of Cleveland. Fanners, LIABILITIES. etc., Bank vs. U. S. District Court grants (See Acceptance liabilities; Acceptances; Assets and preliminary injunction against. Text. liabilities; Central bank liabilities, gold reserves Oct. 14, 1922, 1409. and; Resources and liabilities.) North Carolina. Supreme Court of North Caro LIABILITY, CONTINGENT. lina hold unconstitutional a statute authoriz (See Contingent liability, Federal reserve banks.) ing exchange charges and permitting pay ment of check by exchange drafts. Text, LIBERIA. 701. Debt to United States, 645. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 55 LIBERTY BONDS, UNITED STATES. LIVE-STOCK INDUSTRY—Continued. Federal Reserve banks. Discount rates on ‘paper United States—Continued. secured by, 112, 251, 364, 486, 626, 753, 866, 893, Cold-storage holdings. (See same.) 1011, 1137, 1258, 1380, 1500. Condition of the industry (business, finance and Federal Reserve banks and branch cities. Market commerce), 12, 134, 273, 392, 506, 651, 778, rates on customers’ paper secured by, 113, 252, 365, 912, 1034, 1161, 1276, 1399. 487, 627, 754, 894, 1014, 1139, 1259, 1382, 1502. Exports. (See Meat products, exports of.) Prices of, 4. Federal Reserve Board. Approves Senate bill (See Review of month; United States Government 3051, 318. obligations.) Financing of. Review, 1171. Hides. (See same.) LIGHTING AND FUEL. Joint Committee of Agricultural Inquiry. Fed Index numbers, wholesale prices— eral Reserve Board approves bill of. Senate Canada, 1913-1922, 83, 224, 329, 447, 584, 714, 842, bill 3051, 318. 971, 1098, 1216, 1341, 1459. Loans on cattle by cattle companies. Review, 1171. United States, 1913-1922, 80, 221, 326, 444, 581, Meats. (See Cold-storage holdings.) 711, 839, 968, 1094, 1214, 1340, 1458. Movement of. (See Animals; Receipts; Shipments.) LIGNITE. Railroads. Live stock loaded and received from Production. Germany, 227, 333, 452, 589, 719, 846, connections, 71, 214, 338, 459, 596, 725, 856, 983, 975, 1104, 1219, 1344, 1463. 1112, 1231, 1356, 1474. LIME, NITRATE OF. Receipts— Norway. Exports, 847. 15 western markets, 61, 204, 336, 456, 593, 723, 853, 981, 1110, 1228, 1353, 1472. LIMITATION OF ARMAMENTS. 43 markets, 203. (See Review of month.) 59 markets, 61, 203, 204, 336, 456, 593, 722, 853. LINCOLN MILLS. 980, 1109, 1227, 1353, 1471. Securities placed in United States, 1052. Index numbers. Charts, 62, 205. Review. Financing of, 1171. LINSEED. Senate bill 3051. (See, supra, Joint Committee of Area sown to. Argentina. 1072. Agricultural Inquiry.) (See Argentina, foreign trade.) Shipments— LIQUIDATION. 15 western markets, 61, 204, 336, 456, 593, 723, Credit liquidation, member£banks and, 1153. 853, 981, 1110, 1228, 1353, 1472. Cuba, liquidation in, 827. 43 markets, 203. Loans and discounts, 1156. 54 markets. 61, 203, 336, 456, 593, 722, 853, 981, (See Review of mouth; Voluntary liquidation.) 1109, 1228, 1353, 1472. Stockers and feeders, 34 markets, 61, 204, 336, LIQUIDATION COMMISSION. 456, 593, 723, 853, 981,1110,1228,1353,1472. Banks taken ove r by Cuban, 827. LIYE-STOCK PAPER. LIQUIDATION OF BANKS. Cattle company loans, 1171. National banks, 51. 195, 317, 431, 571, 700, 829, 922, Federal reserve banks— 1043, 1170, 1285. 1407. Discount rates, 112, 251, 365, 486, 626, 753, 866, State banks and trust companies, 195, 317, 571. 700, 893, 1011, 1137, 1258, 1380, 1500. 829, 1043, 1169, 1285, 1407. Discounts of, 87, 228, 343, 464, 603, 733, 872, 989, LIRA, ITALIAN. 1118, 1237, 1361, 1481. Fluctuations in, 1064. Holdings of discounted paper, 90, 231, 345, 467, Melting point, 663. 606, 735, 875, 992, 1120, 1239, 1363, 1483. Monetary unit— Year ending June 30, 1922, 862. Par. Average rate, 114, 665. Market rates to customers. Federal reserve bank and (See Italy, foreign exchange, rates.) branch cities, 113, 252, 365, 487, 627, 754, 894, Paris rates, francs to, 418, 810. 1014, 1139, 1259, 1382, 1502. Silver content, 663. LLOYD GEORGE, HON. DAVID. LITHUANIA. Address. Interallied London conference, 1025. Debt to United States, 645. Reparation suggestions, 1026. LIYE-STOCK INDUSTRY. LOADED CARS. Argentina, 1314, 1316. (See Railroad operating statistics.) Mexico, 1081. LOANS. United States— Argentina, 566, 567, 822, 1189. Animals, movement of. Index numbers, 455, 592, To finance exports and production, 955. 1314, 721, 851, 980, 1109, 1227, 1352, 1471. 1315. Animals slaughtered under Federal supervision, Placed in United States, 314, 429, 566, 1315. 61, 204, 336, 456, 593, 723, 853, 981, 1110, Bankers’ loan, Germany, a failure, 812. 1228, 1353, 1472. Belgium to Russia, 685. Cattle industry, financing of, 1171. Brazil. Placed in United States, 567, 823. Cattle loan companies. Review, 1171. Cattle loans. (See Cattle-loan companies; Live-stock Cattle loans, 1171. paper.) Cattle steers. Chicago. Average monthly prices, Chile— 1913-1922, 57, 199, 322, 440, 578, 707, 835, Placed in London, 569,825, 1074. 1210. Placed in United States, 569, 825, 1074. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
56 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. LOAN S—Continued. LOAN S—Continued. Collateral loans. (See Demand collateral loans.) Stock exchange collateral loans. (See, supra, Market Colonies. Loans of Great Britain to her, 551. rates.) Customers’ paper. Market rates. (See, infra, Market Sweden. Dollar loans, 48, 49. rates.) United States— Demand collateral loans. (See same.) Loans placed in— Dollar loans— Argentina, 314, 429, 566, 1315. France, 1432, 1433. Brazil, 567, 823. Sweden, 1919, 49. Chile, 569, 825, 1074. Dependencies. Loans of Great Britain to, 551. Foreign loans, 48, 49, 128, 314, 386. 419, 420, Deposits. Ratio to loans and investments. (See 429, 566, 567, 644, 645, 823, 939, 1027, Banking conditions; Ratio, principal heading.) ' 1028, 1050, 1181, 1315. Forced loan. For reparations. Germany, 191, 313, Proceeds should not be required to be spent 812, 949. in, 644. Foreign governments, loans to, by Great Britain, 551. France, 386, 419, 420, 1050, 1181, 1432, 1433. Foreign loans— Lamont, T. W., on, 644. Placed in United States, 48, 49, 128, 314, 386, Russia, 939. 419, 420, 429, 566, 567, 643, 645, 1027, 1028, South American countries, 567. 1181, 1315, 1432, 1433. Sweden. Dollar loans, 48, 49. Proceeds should not be required to be spent in Warehouse receipts. Loans secured by. (See, supra, United States, 644. Market rates; Rulings, Federal Reserve Board.) State Department asked to be advised of, 282. (See Debt; Review of month.) Foreign municipal securities placed in United LOANS AND DISCOUNTS. States, 1050. Classification of. Member State banks and trust com France— panies, 375, 632, 1144. Placed in United States, 386, 419, 420,1050,1181, Member banks. Dec. 31, 1921, and June 30, 1922, 1432, 1433. 1154, 1241, 1271. Russia, loans to, by France, guaranteed by (See Banking conditions.) Russian Government, 684. Russian municipalities, loans to, 684. LOANS AND INVESTMENTS. Frozen loans. (See Review of month.) Ratio of member bank rediscounts to total. (See Germany— Banking conditions; Ratio.) Bankers’ loan a failure, 812. LOCOMOTIVES, RAILWAY. Forced loan. Reparations, 191, 313, 812, 949. Output, 70, 214, 338, 458, 595, 725, 856, 983, 1112, Governments, foreign. (See Foreign governments.) 1230, 1356, 1474. Great. Britain— Loans to colonies and dependencies, 551. LOGAN, W. S. Loans to foreign governments, 551. Resignation as general counsel, 1158. Loans, United States to, 643. LONDON. Sinking fund provided for by loans, 682. Chilean loans floated in, 569, 825, 1074. Interbank loans. (See same.) (See Great Britain; Interallied London conference.) Italy. New bond issues, 687. Loans secured by warehouse receipts. Market rates. LONDON BANKERS* CLEARING-HOUSE RE Federal reserve bank and branch cities. (See TURNS, 117, 257, 375, 490, 635, 761, 897, 1017, 1147, Market rates.) 1263, 1385, 1506. London. Chilean loans floated in, 569, 825, 1074. LONDON CLEARING BANKS. Market rates. Federal reserve bank and branch cities, 113, 252, 365, 487, 627, 754, 894,1014,1139, Acceptance liabilities of ten, 1049. Condition of nine, 117, 257, 375, 490, 635, 761, 897, 1259, 1382, 1502. Member banks. (See same.) 1017, 1147,1263, 1385, 1506. Mexico. Loans placed in United States, 386. LONDON, JOINT CITY AND MIDLAND BANK. Municipalities, Russian. Loans by France to, 684. Disposition of profits, 416. Ratio. Deposits to loans. (See Banking conditions.) Receipts, warehouse. Loans secured by. Market LONG MEASURE. rates. (See Market rates.) Comparison, United States and Japan, 1059. Reparations. Forced loan for. Germany, 191, 313, LOOMS. 812, 949. (tfeeWool; Textiles.) Russia— Belgian loans to, 685. LORD BALFOUR. French loans to, 684. (See Balfour.) Placed in United States by, 939. LOS ANGELES TRUST & SAVINGS BANK. Russian municipalities. Loans by France to, 684. Name changed to Pacific Southwest Trust & Savings Secured by warehouse receipts. Rates. (See, supra, Bank, 1169. Market rates.) Sinking fund, Government. Great Britain provides LOSSES. for, by loans, 682. (See Credit insurance.) South American countries. Loans placed in United LOSSES, RESERVE FOR. States, 567. Federal reserve banks, 146. State Department. Asks to be advised of foreign loans, 282, 386. LUBRICATING OIL. (See Oil refineries.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
57 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. LUMBER. MARKET. Exports. Sweden, 452, 589, 719, 846, 952, 975, 1219, (See Commercial paper market; Live-stock industry; 1344, 1463. Money market; Tokyo market.) Forest products. Railroad loadings, 71, 214, 338, 459, MARKET RATES. .596, 725, 856, 983, 1112, 1229, 1356, 1475. Decline in, 500. Hemlock. Average monthly price, New York, 1913- Federal reserve bank and branch cities, 113, 252, 365, 1922, 57, 199, 323, 441, 578, 708, 836, 1210. 487, 627, 754, 894, 1014, 1139, 1259, 1382, 1502. Monthly reports, 17, 139, 278, 396, 510, 656, 783, 918, Italy, 687. 1039, 1166, 1281, 1403. Spread between Federal reserve bank rates and, 266, Prices. 769. Index numbers, wholesale— (See Review of month.) Canada, 1913-1922, 83, 224, 329, 447, :584, 714, 803, 842, 971, 1098, 1216, 1341, 1459. MARKETING ASSOCIATIONS. United States, 1913-1922, 80, 221, 326, 444, (See Cooperative marketing associations.) 581, 711, 839, 968, 1094, 1214, 1340, 1458. MARKETING OF CROPS. Production and shipments, 68, 212, 336, 456, 593, 723, (See Rulings, Federal Reserve Board; Agricultural 854, 981, 1110, 1354, 1472. paper.) Production of manufactured lumber. Index num bers, 295, 455, 592, 722, 852, 980, 1109, 1227, 1352, MARSEILLES. 1418, 1470, 1472. Securities placed in United States, 1050. Receipts and shipments, Chicago and St. Louis, 69, MATERIALS. 212, 337, 457, 594, 724, 854, 981, 1110, 1229, 1354, Group index numbers— 1473. China, 1099. Yellow pine flooring. Average monthly price, New Dutch East Indies, 1099. York, 1913-1922, 57, 199, 323, 441, 578, 708, 836, Great Britain, 81, 222, 1098. 1210. MATURITY, AVERAGE. LYONS, FRANCE. Bankers7 acceptances purchased, 88, 230, 344, 466, Securities placed in United States, 1050. 605, 734, 873, 990, 1119, 1238, 1362, 1482. MACHINERY. (See Rulings, Federal Reserve Board; Acceptances.) Exports of. Germany, 227, 333, 452, 589, 719, 846, Bills discounted, 88, 229, 343, 465, 604, 733, 873, 990, 975, 1104, 1219, 1344, 1463. 1119, 1238, 1362, 1481. MACHINERY, IDLE. MATURITY BASIS, COMMON. See Wool; Textiles.) Bankers7 and trade acceptances reduced to a. Amount. Per cent of total, 88, 229, 344, 466, MAIL-ORDER HOUSES. 604, 734, 873, 990, 1119, 1238, 1362, 1482. Retail trade of, 78, 219, 341, 463, 601, 731, 860, 988, Discounts reduced to a, 87, 228, 343, 464, 603, 733, 1116, 1235, 1360, 1479. 872, 989, 1118, 1237, 1361, 1481. MAIZE. (See Discount and open-market operations.) (See Argentina, foreign trade.) MATURITY DISTRIBUTION. MALTA. Bills, certificates, and warrants, 99, 238. 353, 474, 614, Gold exports and imports, 110, 249. 742, 882, 999, 1127, 1246, 1370, 1490. MANILA ELECTRIC CO. MEASURE. Securities placed in United States, 1052. (See Capacity measure; Cubic measure; Long meas (See Philippine Government.) ure; Square measure. MANITOBA POWER CO. MEAT BILLS. Securities placed in United States, 1051. Purchase of, payable in foreign countries, 165, 182. MANUFACTURE. MEAT INDUSTRY. Index numbers. Charts, 294, 454, 591, 721, 852, 979, Argentina, 954. 1108, 1226, 1351, 1470. MEAT PRODUCTS. MANUFACTURED GOODS. Exports, 63, 206, 336, 456, 593, 723, 853, 981, 1110, Prices— 1228, 1353, 1472. Index numbers, wholesale— MEATS. Calcutta, 1914-1922, 83, 224, 329, 447,1584, Cold-storage holdings, 336, 456, 593, 723, 853, 981, 714, 1099/ 1110, 1228, 1353, 1472. Dutch East Indies, 1099. Prices. Index numbers,.wholesale— Production. Index numbers, 295, 455, 592, 722, 852, Australia, 1914-1922, 83, 224, 329, 446, 583, 713, 980, 1109, 1227, 1352, 1471. 1098. Canada, 1913-1922, 83, 224, 329, 584, 714, 842, MANUFACTURES. 971, 1098, 1216, 1341, 1459. For consumption and for further use. Imports and Dutch East Indies, 1914-1922, 1099. exports, 1103, 1222, 1347, 1466. Great Britain, 1913-1922, 81, 221, 327, 444, 581, (See France, foreign trade; Great Britain, foreign 711, 841, 969, 1097, 1216, 1341, 1460. trade.) United States. Beef, carcass. Good native MARITIME TELEGRAPH AND TELEPHONE CO. steers. Chicago. Average monthly prices, Securities placed in United States, 1051. 1913-1922, 58,200,324,441,579, 709,836,1210. MARK, GERMAN. MECHANICAL PAPER PULP. (£ee Germany; Mark.) (See Norway.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
58 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. MECHANICAL WOOD PULP. MEMBER BANKS—Continued. (See Wood pulp.) Federal reserve banks—Continued. What discounts Federal reserve banks may give MEDITERRANEAN PORTS. to member banks, 933. (See Index of ocean freight rates.) Federal reserve clearing system— Member banks accommodated, 87, 228, 343, 465, MELBOURNE ELECTRIC SUPPLY CO. 603, 733, 872, 989, 1118, 1238, 1361, 1481. Securities placed in United States, 1052. Member banks on par and nonpar list, 109, 247, MELLON, HON. ANDREW W., SECRETARY OF THE 362, 484, 625, 752, 866, 892, 1010, 1136, 1256, TREASURY. 1499. (See United States Treasury.) (See Clearing system, Federal reserve.) Foreign branches. List, 1299. MELTING POINT OF SILVER CURRENCIES, 663. Liquidation, credit, 1153. MELTINGS. Loans and discounts of, 1154,1241,1271. (See Sugar.) (See, supra, Condition reports.) Loans and investments of. Ratio, accommodation at MEMBER BANK COLLATERAL NOTES. Federal reserve banks to total, 92, 233, 348, 469, Secured by Government obligations. Otherwise 1396. secured, 87, 228, 343, 464, 603. 733, 872, 989, Member banks’ condition statements, 101, 240, 355, 1118,1237, 1361, 1481. 476, 616, 744, 869, 884, 885,1001,1002, 1128,1129, (See Earning assets.) 1130, 1154, 1248, 1249, 1271, 1372, 1373, 1492. MEMBER BANKS. (See, infra, Resources and liabilities.) Abstract of condition reports. (See, infra, Condition Member banks development, Federal reserve banks reports.) and. Fiscal year 1922, 862. Acceptance liabilities, 283, 374, 514, 1048, 1145. Monthly review, 8, 101, 130, 233, 269, 347, 877, 907, Acceptances. Federal Reserve bank holdings of. 993, 1029, 1122, 1156, 1241, 1365, 1485. (See Earning assets.) Year ending June, 1922,869. Accommodated by Federal reserve banks. Number Number of member banks. (See, supra, Accommo of member banks and number accommodated, 87, dated.) 228, 343, 465, 603, 733, 872, 989, 1118, 1238, 1361, Number of member banks accommodated at Federal 1481. reserve banks. (See, supra, Accommodated.) Accommodation at Federal reserve banks. Ratio to Number on par and nonpar list. (See Clearing system, total loans and investments, 92, 233, 348, 469, Federal reserve.) 1396. Ratio— Agricultural loans of, 266, 499. Accommodation at Federal reserve banks to Analysis of United States Revised Statutes, sec. total loans and investments, 92, 233, 348, 5200, as to loans to member State banks and trust 409, 1396. companies, 934. Deposits to loans, 994. Assests and liabilities— Rediscounts with Federal reserve banks. (See Weekly changes in, 22, 24, 25, 92, 233, 348, 469, Federal reserve banks.) 609, 738, 879, 994, 1124, 1158, 1241, 1365, Reporting member banks. (See supra, Member 1396,1485. bank condition statements; infra, Resources and Charts, 24, 25, 93, 234, 347, 470, 608, 648, 774, liabilities.) 908, 1030, 1157. Reports of condition. (See, supra, Member banks (See Earning assets.) condition statements; infra, Resources and lia Bankers’ acceptances. (See Acceptance liabilities.) bilities.) Banking conditions. (See same.) Reserve accounts with Federal reserve banks. (See Clearing system. (See Clearing system.) Resources and liabilities, principal heading.) Condition reports— Resources and liabilities, 102, 241, 356, 477, 617, 754, Abstract of— 805, 1002, 1131, 1249, 1373,1493; All member banks, 373, 633, 870, 1145. Weekly changes in assets and liabilities, 92, 223, 348, Member State banks and trust companies, 469, 609, 648, 738, 773, 877, 879, 907, 993, 994, 371, 630,1142. 1030, 1124, 1157, 1158, 1241, 1396, 1485, 1486. Reporting member banks, leading cities, 101, 240, 355, 476, 616, 744, 869, 884, 1001, 1128, MEMBER STATE BANKS AND TRUST COM 1154, 1241, 1248, 1271, 1372, 1492. PANIES. (See Review of month.) (See State banks and trust companies, Member.) Credit, liquidation of, 1153. Currency received from and paid to Federal reserve MERCANTILE AGENCIES,*801. banks, 867. (See Foreign credit information.) Deposits to loans. Ratio, 994. MERCANTILE BANK OF THE AMERICAS. Development of, and Federal reserve banks. Fiscal Liquidation of, 1299. year 1922, 862. (See Bank of Central and South America.) Discounts, agricultural, 266, 499. Discounts, loans and. Classification, 1154, 1241, MERCANTILE CREDIT CONDITIONS. 1271. 1920 and 1921, 903. (See Condition reports.) Federal reserve banks— MERCANTILE OVERSEAS CORPORATION, NEW Currency received from and paid to, 867. YORK. Discounts of paper for, 403, 1272, 1365. Owns and controls the Mercantile Overseas Corpora (See Resources and liabilities.) tion in Guayaquil, Ecuador, 1299. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 59 MERCHANDISE. MEXICO—Continued. Group index numbers. New Zealand, 1100. Foreign exchange—Continued. Sales of foreign exchange payable in, 176. MERCHANDISE, L. C. L. (See North America.) (See Railroad revenue freight.) Foreign trade, 1198, 1324. MERCURY. Classification of, 1199. Production. Mexico, 1082. Gold- Exports and imports, 110, 249, 363, 483, 684, 751, MERGER. 871, 891, 1009, 1137, 1257, 1380, 1500. Of member State bank and trust companies, 195, 317, Production, 1082. 571, 829, 1043, 1169. Restriction of exports, 1319. METAL PRODUCTS. Gold peso. Coinage of. Monetary unit. No free (See Metals.) coinage of, 1319. Government seizure of railroads, 1321. METALLIC RESERVES. Lead production, 1082. Ratio to deposit and note liability. 254,255,256, 257, Limitations on note issues, 1319. 367, 368, 369,370, 758. Litigation, oil, 1196. (See Ratio.) Live-stock industry, 1081. METALS. Loans placed in United States, 386. Prices. Index numbers, wholesale— Mercury production, 1082. Australia, 1914-1922, 83, 224, 329, 446, 583, 713, Metals production, 1082. 1098. Mining conditions, 1082. Belgium, 1921 and 1922, 1214. Monetary conditions, 1318. Calcutta, 1914-1922, 83, 224, 329, 447, 584, 714, Monetary unit. Gold peso, 114, 1319, 1099. (See, supra, Foreign exchange, rates.) Canada, 1913-1922, 83, 224, 329, 447, 584, 714, Note issues— # 842, 971, 1098, 1216, 1341, 1459. Limitations, 1319. China. (See Shanghai.) State banks, 1319. Dutch East Indies, 1099. (See Carranza paper; Paper issues.) Great Britain, 1913-1922, 81, 221, 327, 444, 581, Oil— 711, 841, 969, 1097, 1216, 1341. 1460. Exports, 1195. Italy, 1920-1922, 81, 222, 327, 445, 582, 712, 841, Legislation, 1196. 969, 1095, 1341, 1459. Production, United States and Mexico, 1083, Norway, 1914-1922, 82. 223, 328, 446, 583, 713, 1195. 1096. Paper issues, Carranza, 1319, 1320. Shanghai, 1913-1922, 1099. Peso, 1318, 1319. Sweden, 1913-1922, 82, 223, 338, 445, 583, 713,970, (See Gold peso; Silver peso.) 1076, 1216, 1341, 1459. Petroleum industry and production, 10S2, 1195. United States. Metals and products, 1913-1922, Petroleum taxes, 1197. 80, 221, 326, 444, 581, 711, 839,968,1094,1214, Principal products, 1081. 1340, 1458. Production— Production. Mexico, 1082. Copper, 1082. Gold, 1082. METRIC TONS. Lead, 1082. (See France, foreign trade; Germany, foreign trade.) Mercury, 1082. MEXICO. Oil, 1083, 1195. Agricultural conditions. 1080. Silver, 662, 1082. Carranza note issues, 1320. Zinc, 1082. Circulation of foreign currencies prohibited, 1319. Products, principal, 1081. Classification of foreign trade, 1199. Prohibition of circulation of foreign currencies, 1319. Commercial position, 1080. Railroads— Conditions. (See Agricultural conditions; Economic Reorganization of, 1323. and financial conditions; Mining conditions; Seizure of, by Government, 1321. Monetary conditions.) Restriction on gold exports, 1319. Copper production, 1082. Silver— Decree. Nov. 13, 1918. Modifies currency law of Exports and imports, 363, 483, 624, 751, 871, 891, 1905,1319. 1009, 1137, 1257, 1380, 1500. Old peso demonetized, 1319. Production, 662, 1082. Economic and financial conditions, 1080, 1195, 1318. Silver peso. Unlimited legal tender, 1318. Exports— State bank note issues, 1319. Oil, 1195. Taxation of petroleum, 1197. Restriction of gold exports, 1319. United States— Financial conditions, 1080, 1195, 1318. Loans placed in, 386. Foreign currencies, circulation of, prohibited, 1319. Oil production, United States and Mexico, 1083, Foreign exchange— 1195. Currencies, foreign. Circulation prohibited, 1319. (See Foreign Exchange.) Currency of, bought and sold by United States Zinc production, 1082. from and to Mexico and other foreign coun MID-YEAR STATISTICAL ISSUE, 765. tries, 534. Rates, 116, 253, 366, 489, 629, 756, 896,1016,1141, MIDI RAILWAY. 1262, 1319, 1384, 1504. Secureties placed in United States, 1052. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
60 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. MILES, NET TON. MONETARY UNIT—Continued. (See Great Britain, railroads; Railroad operating Par of exchange—Continued. statistics,) Austria. Krone, 116, 253, 366, 489, 629, 665, 756, 896, 1016, 1141, 1262, 1384, 1504. MILLER, J. Z. Belgium. Franc, 116, 253, 366, 489, 629, 665, Resignation as governor of Federal Reserve- Bank 756, 896, 1016, 1141, 1262, 1384, 1503. of Kansas City, 909. Brazil. Milreis, 114, 116, 253, 366, 489, 629, 695, 756, 896, 1016, 1141, 1262, 1384, 1503. MILLS. Bulgaria. Lev, 116, 253, 366, 489, 629, 756, 896, (See Cotton; Cotton seed; Lumber; Wool; Textiles.) 1016, 1141, 1262, 1384, 1504. Canada. Dollar, 116, 253, 366, 489, 629, 756, 896, MILREIS. _ 1016, 1141, 1262, 1384, 1503. Brazil. Par. Average rates, 114. Chile. Gold peso (currency, inconvertible (See Brazil; Foreign exchange; Monetary unit; Rates.) paper), 114, 116, 153, 366, 489, 629, 756, 896, MINERAL PRODUCTS. . 1016, 1141, 1262, 1384, 1503. Index numbers, wholesale prices— China. Mexican dollar. Shanghai tael, 116, 253, Dutch East Indies, 1914-1922, 1099. 366, 489, 629, 756, 896, 1016, 1141, 1262, 1384, France, 1913-1922, 81, 222, 347, 445, 582, 712, 841, 1503, 1504. 969, 1094, 1215, 1340, 1450. Costa Rica. Colon, 1444. Germany, 82, 222, 327, 445, 582, 712, 842, 970, Cuba. Peso, gold, 116, 253, 366, 489, 629, 756, 1095, 1215, 1340, 1458. 896, 1016, 1141, 1262, 1384, 1504. Great Britain, 1913-1922, 81, 221, 222, 327, 444, Czechoslovakia. Krone, 116, 253, 366, 489, 629, 581, 711, 841, 969, 1097, 1098, 1216, 1341, 756, 896, 1016, 1141, 1262, 1384, 1504. 1460. Denmark. Krone, 253, 366, 489, 629, 665, 756, Italy, 1920-1922, 81, 222, 327, 445, 582, 712, 841, 896, 1016, 1141, 1262, 1384, 1503. 969, 1095, 1341, 1459. Finland. Markka, 116, 253, 366, 489, 629, 756, Switzerland, 1914-1922, 1097. 896, 1016, 1141, 1262, 1384, 1504. United States, 1913-1922, 1092, 1214, 1339, 1457. France. Franc, 114, 116, 253, 366, 489, 629, 756, (See Agricultural products, etc.) 896, 1016, 1141, 1262, 1384, 1503. Production. Index numbers, 295, 455, 592, 722, 851, Germany. Reichsmark, 114, 116, 253, 366, 489, 980, 1109, 1227, 1352, 1471. 629, 665, 756, 896,1016,1141,1262,1384,1504. Great Britain. Pound, 114, 116, 253, 366, 489, MINING. 629, 756, 896, 1016, 1141, 1262, 1384, 1503. Index numbers. Charts, 294, 454, 591, 721, 852, Greece. Drachma, 116, 253, 366, 489, 629, 756, 979, 1108, 1226, 1351, 1470. 896, 1016, 1141, 1262, 1384, 1504. (See Index numbers, domestic business. ) Guatemala. Peso, silver, 1440. Honduras. Peso, silver, 1441. MINING CONDITIONS. Hongkong. Dollar, 116, 253, 366, 489, 629, 756, Mexico, 1082. 896, 1016, 1141, 1262, 1384, 1504. MISCELLANEOUS PRODUCTS. Hungary. Krone, 116, 253, 366, 489, 629, 665, Index numbers. (See Group index numbers; Ger 756, 896, 1016, 1141, 1262, 1384, 1504. many; United States.) India. Rupee, 114, 116, 253, 366, 489, 629, 665, 756, 896, 1016, 1141, 1262, 1384, 1503. MONETARY AND FINANCIAL CONDITIONS. Italy. Lira, 114,116, 253, 366, 489, 629, 665, 756, Argentina, 1071, 1314. 896, 1016, 1141, 1262, 1384, 1503. Austria, 644, 994,1083. Brazil, 644, 994,1316,1318. Japan. Yen, 114,116, 253, 366, 489, 629, 756, &6, 1016, 1141, 1262, 1384, 1503. Chile, 1076, 1194. Java. Florin, 116, 665. Costa Rica, 1444. Mexico. Gold peso, 116, 253, 366, 489, 629, 756, Cuba, 825. 896, 1016, 1141, 1262, 1384, 1504. Czechoslovakia, 1445, 1447. Netherlands. Florin, 114, 116, 253, 366, 489, 629, Europe, 1025. 665, 756, 896, 1016, 1141, 1262, 1384, 1503. France, 942. Norway. Krone, 116, 253, 366, 489, 629, 756, 896, Germany, 644. 1016, 1141, 1262, 1384, 1503. Great Britain. (See same; Business and financial Poland. Polish mark, 116, 253,366, 489, 629, 756, conditions.) 896, 1016, 1141, 1262, 1384, 1504. Guatemala, 1440. Honduras, 1441. Portugal. Escudo, 116, 253, 366, 489, 629, 665, 756, 896, 1016, 1141, 1262, 1384, 1504. Italy, 643. Rumania. Leu, 116, 253, 366, 489, 629, 756, 896, Mexico, 1080, 1195, 1318. Nicaragua, 1443. 1016, 1141, 1262, 1384, 1504. Russia, 936. Salvador. Colon, gold, 1442. Shanghai. Tael, 114, 116, 253, 366, 896, 1016, Salvador,.1442. 1141, 1262, 1384, 1504. South Africa, 1324. South Africa, 1326. United States. (See Review of month.) Spain. Peseta, 114, 116, 253, 366, 489, 629, 665, MONETARY UNIT. 756, 896, 1016, 1141, 1262, 1384, 1503. Par of exchange. Low, high, average, per cent of Straits Settlements. Singapore dollar, 116, 253, par, weight— 366, 489, 629, 756, 896, 1016, 1141, 1262, 1384, Argentina. Gold peso, 114, 116, 253, 314, 366, 1504. 430, 489, 629, 756, 896, 1016, 1141, 1262, 1384, Sweden. Krona, 114,116, 253, 366, 489, 629, 665, 1503, 1504. 756, 896, 1016, 1141, 1262, 1384, 1503. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
61 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. MONETARY UNIT—Continued. MUNICIPAL WARRANTS—Continued. Par of exchange—Continued. Purchases by Federal reserve banks, 87, 228, 342, Switzerland. Franc, 116, 253, 366, 489, 629, 665, 464, 603, 732, 865, 872, 989, 1118, 1237, 756, 896, 1016, 1141, 1262, 1384. 1361, 1480. United States, 663, 665. Year ending May, 1922, 865. Uruguay. Gold peso (currency, inconvertible MUNICIPALITIES. paper), 116, 253, 366, 489, 629, 756, 896, 1016, Bonds placed by— 1141, 1262, 1384, 1504. French, 306. Yugoslavia. Krone. Serbian dollar, 116, 253, Russian, 683, 938. 366, 489, 629, 756, 896, 1016, 1141, 1262, 1384, 1504. MUSIC STORES. (See Retail trade.) MONEY. Comparison. Japan and United States, 1059. MUSTARD. Imports and exports of. Cuba, 1079. Index numbers, wholesale prices— (See Gold; Silver.) Calcutta, 1913-1922, 83, 224, 329, 447, 584, 714, Soviet Government. Attitude toward gold, 1202. 1099. (See Russia.) Dutch East Indies, 1099. MONEY HELD OUTSIDE OF UNITED STATES MUTTON. TREASURY AND FEDERAL RESERVE (See Argentina, foreign trade; Meats, cold storage SYSTEM; ALSO, PER CAPITA HOLDINGS, holdings.) 112, 251, 364, 486, 626, 753, 893, 1011, 1138, 1258, N. 1381, 1501. NAME. June, 1921-June, 1922, 769. Change of, by member State banks and trust com Principal countries, 1913,1918, and 1922, 758. panies, 921, 1043, 1169, 1285. MONEY MARKET. NATIONAL BANK ACT. Great Britain, 38. Act of July 1.1922. Amending United States Revised United States, 499. Statutes, sec. 5136. Succession for 99 years. (See Market rates; Federal reserve bank and branch Text, 831. cities.) NATIONAL BANK NOTES. Stock of. in United States. 112. 251, 364, 486, 626, 753, MONEY REMITTANCES. 893. 1011, 1138. 1258, 1381, 1501. Italian emigrants, 422. June, 1921, to June, 1922, 769. MONOPOLIES. NATIONAL BANK OF COPENHAGEN. Tax on— Condition, 370. France. 187. 305, 306. 555. Italy. (See Italy, revenue and expenditures.) NATIONAL BANK OF SWITZERLAND. Russia, 940. Condition, 368. (See Revenue and expenditures.) NATIONAL BANKS. MONTEVIDEO. Absorption of State banks and trust companies, 829. Securities placed in United States. 1051. Acceptance liabilities of. 283, 514. 771. 1048. Act of Nov. 7, 1918. Consolidations under. 51, 195, MONTREAL TRAMWAYS CO. 317, 431, 571, 700, 829. 922, 1043. 1170, 1285,1407. Securities placed in United States, 1051. Act of July 1, 1922. Giving succession for 99 years. MORATORIUM. Text, 831. Cuba. 827. Act of July 1, 1922. State banks placed on equality Germany. Reparations. 561, 1022, 1026. with national banks as to rediscounts with Federal Italy. Banca di Sconto, 191. reserve banks, 933. Capital— MORGAN, J. P., & CO. Increases and reductions, 51, 195. 317, 431, 571, Loan to Cuba, 962. 700, 829, 922, 1043, 1170, 1285, 1407. MOUNT ROYAL HOTEL CO. Required in Wisconsin for exercise of fiduciary Securities placed in United States, 1051. powers, 196. Charters issued to. 51,195, 317, 431, 571, 700, 829, 922, MOVEMENTS. 1043, 1170, 1285, 1407. (See Agricultural movements; Animals; Cigars; Cotton; Consolidations under act of Nov. 7, 1918. (See, supra, Fruit; Grain; Price movement and volume of act of Nov. 7, 1918.) trade; Tobacco.) Conversion of State banks into national banks. (See, MULES. infra, State banks, etc.) (See Live-stock industry.) Decreases of capital. (See Capital.) Fiduciary powers— MUNICIPAL SECURITIES. Capital required under Wisconsin law as condi Foreign, placed in United States, 1050. tion of exercising, 196. MUNICIPAL WARRANTS. Permits issued, 50, 195, 317, 431, 571, 700, 829, Holdings. Federal reserve banks. 97, 236, 351, 472, 921, 1043, 1170, 1285, 1407. 612, 998, 1125, 1245, 1368, 1489. (See Rulings, Federal Reserve Board.) Maturity distribution. 99, 238, 353, 474, 614, 742, 882, Increases and decreases of capital. (See Capital.) 999, 1127, 1246, 1370, 1490. Liability. (See Acceptance liability.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
62 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. NATIONAL BANKS—Continued. NETHERLANDS (HOLLAND)—Continued. Liquidations of, 51, 195, 317, 431, 571, 700, 829, 922, Foreign exchange—Continued. 1043,1170, 1285, 1407. General index. Charts, 115, 254. 367, 488, 628, Rediscounts with Federal reserve banks. Member 755, 893, 1015, 1140, 1261, 1383, 1504. State banks placed on equality with national Rates. 116, 253, 366, 489, 629, 756, 896,1016.1141, banks. Act oi July 1, 1922, 933. 1262, 1384, 1504. Reductions of capital. (See Capital.) Foreign trade, 1347, 1467. Reserves required against trust funds, 572. Gold- (See Rulings, Federal Reserve Board.) Exports and imports. (See Gold.) Restored to solvency. (See Solvency.) Reserves, 1913, 1918. and 1922, 254, 367, 660, 758. Rulings, Federal Reserve Board. (See same.) Government securities placed in United States, 1051. Solvency, restored to, 51, 195, 317, 431, 571, 700, 829, Monetary unit. Florin. Par. Average rates, 114,116, 922, 1043, 1170, 1285, 1407. 253, 366, 489, 629, 665, 756, 896, 1016, 1141, 1262, State banks and trust companies, member— 1384, 1503. Absorption bv national banks, 829. Notes, 1913, 1918, and 1922, 254, 367, 758. Absorption of national banks by, 1285. Ocean freight rates. (See Index of ocean freight Converted into national banks, 50, 195, 317, 431, rates, principal heading.) 571, 700, 829, 921, 1169, 1407. Prices— Placed on equality with national banks as to Comparison with other countries. Holland and rediscounts. Act of July 1, 1922, 933. Switzerland, 1920-21. Chart, 156. Succession for 99 years. Act of July 1,1922, 831. Index numbers, wholesale, 1913-1922, 80, 156, Trust funds. Reserves required for, 572. 220, 325. 443, 580, 710, 837, 967. 1090, 1212, (See Rulings, Federal Reserve Board.) 1338, 1456. Ratio. Reserves to deposit and note liabilities, 1913, NATIONAL CITY BANK, NEW YORK. 1918, and 1922, 254, 367, 758. Foreign branches, 1299. Reserves, silver, 1913-1922, 665. Silver— NATIONAL DEFENSE BILLS, FRANCE. Exports and imports. (See Silver.) Rate of interest, 187, 306, 554, 809. Reserves, 1913-1922, 665. NATIONALIZATION. United States— Russia— Government securities placed in, 1051. Banking, 1023. (See, supra, Foreign exchange.) Private property, 937. (See European allies.) NAVAL STORES. NEUTRALS. Rosin, spirits of turpentine. Receipts, stocks, 66, (See European neutrals.) 209, 337, 457, 594, 724, 854, 982, 1111, 1229, 1354, NEW CHARTERS. 1473. (See National banks.) NET DEMAND DEPOSITS. NEW YORK. (See Banking conditions.) Acceptance rates, open-market, 1049. Argentina. Bankers’ loan to, 1315. NET DEPOSITS. Cable sterling transfer rates, 40, 380. “Total deposits” substituted for “net deposits” in Foreign exchange rates— weekly statement of Federal Reserve Board. Cable transfers, 40, 380. Mar. 18, 1921, 25. London on New York, 552. NET PROFITS. New York on— (See Profits.) Brazil, 569, 696, 957, 1073. Buenos Aires, 316, 493, 569, 638, 764, 822, NET TON MILES. 1150, 1266. (See Great Britain, railroads; Railroad operating Chile, 568, 824, 1074. statistics.) Paris, 945. NET TONS PER LOADED CAR. France. Loans placed in New York, 386, 419, 420, (See Railroad operating statistics.) 1050, 1181, 1432, 1433. (See France; Loans.) NET TONS PER TRAIN. Loans— (See Railroad operating statistics.) Bankers’ loans to— NETHERLANDS (HOLLAND). Nicaragua, 1443. Bank of Netherlands— Salvador, 1443. Condition, 1913-1921, 257. Placed by France in New York, 386, 419, 420, Notes in circulation, 257. 1050, 1181, 1432, 1433. Ratio. Metallic reserves, 257, 758. NEW ZEALAND. Condition. (See Bank of Netherlands.) Cost of living, 1461. Credit practice of banks, 410. Deposits, gold reserves, notes, ratio, 1913, 1918, and Deposits, 1913, 1918, and 1922, 254, 367, 758. 1922, 758. Florin. (See Monetary unit.) Dollar exchange drafts. American banks and bank Foreign exchange— ers authorized to accept, 680. Currency of, bought and sold by United States Gold exports and imports, 110, 249. from and to, and other foreign countries, 534. (See Gold.) Exchange on, bought and sold by United States Prices. Index numbers, wholesale, 1913-1922, 80, from and to other foreign countries, 529, 530, 220,325,443. 580,710, 837, 967,1090, 1212,1338, 531, 541. 1456. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 63 NEW ZEALAND—Continued. NORTH CAROLINA. Prices—Continued. Act of Feb. 5, 1921, as to exchange charges, etc., held Comparison with Australia, 1920-1921. Chart, unconstitutional by Supreme Court of North 156. Carolina. Text of opinion, 701. Group index numbers. 1913-1922, 1100. NORTH CAROLINA PINE. NEWFOUNDLAND. (See Lumber.) Gold exports and imports, 110, 249. NORTHWESTERN DIVISION. Government securities placed in LTnited States. 386, (See Railroad revenue freight.) 1050. NORWAY. Securities placed in United States, 1051. Balance of trade, 1913-1921, 384. NEWSOME, W. B. Bank of Norway (Norges bank). Condition. (See, Appointed Federal reserve agent, Dallas. Nov. 3,1922, infra, Norges bank.) 1272. Bankruptcies, 119, 260, 378, 492, 637, 763, 899, 1019, 1149, 1265, 1387, 1508. NEWSPRINT PAPER. Banks. Condition, 119, 260, 378, 492, 637, 763, 899, (See Norway, same; Paper.s 1019, 1149, 1265, 1387, 1508. NICARAGUA. Business and financial conditions, 119, 260, 378, 492, Budget, 1444. 637, 763, 899, 1019, 1149, 1265, 1387, 1508. Debt, public, 1439, 1444. Chemical paper pulp, exports, 847. Debt to United States, 645. Christiania. (See Clearings; Prices.) Dollar exchange drafts. American banks and bank Clearance of vessels, 847. Clearings, bank. Christiania, 119, 260, 378, 492, 637, ers authorized to accept, 680. Financial and economic conditions, 1439. 763, 899, 1019, 1149, 1265, 1387, 1508. Condition. (See Banks; Norges bank.) Foreign trade, 1439. Danish exchange. (See Foreign exchange.) Gold exports and imports, 110, 249. 363, 483. 684, 751, Deposit and note liability. Ratio, reserves to, 1913, 891. | 1918, and 1922, 254, 367, 758. Loan placed in New York, 1443. Entrances of vessels, 847. Monetary conditions, 1443. Exports— National bank, 1443. Chemical paper pulp, 847. Revenue and expenditures, 1444. Silver exports and imports. (See Silver.} ! Mechanical paper pulp. 847. Newsprint paper, S47. Treaty with United States, not ratified. 1443. j Nitrate of lime, 847. NITRATE INDUSTRY. Ratio. Imports to, 384. Chile, 568, 824, 959, 1194. ! Salt herring, 847. Failures. (See, supra. Bankruptcies.; NITRATE OF LIME. ! Foreign exchange— Norway, exports, 847. j Currency of, bought and sold by United States NONFERROUS METALS. from and to, and other foreign countries, 534. Condition reports, 14, 136, 275, 394, 503. 653, 780, 914, Danish exchange bought and sold by United 1036, 1163, 1278, 1400. | States from and to, 530. NONMEMBER BANKS. ! Exchange on, bought and sold by LTnited States from and to— Currency received from and paid to, by Federal re- i France, 529, 541. serve banks, 867. ! Great Britain, 529, 541. Federal reserve banks. Holdings of acceptances of, Norway, 530. 284, 515, 1049. < Spain, 530. On par list, 109, 247, 362, 484, 625,7 52, 866, 892, 1010, I Sweden, 530. 1136, 1256, 1499. Switzerland, 530. NONNATIONAL MEMBER BANKS. Rates, 116, 253, 366, 489, 629, 756, 896,1016, 1141, Federal reserve banks. Holdings of bankers’ accept 1262, 1384, 1504. ances of, 91, 232, 346, 468, 607, 736, 876, 993, Foreign trade, 85, 226, 331, 450, 586, 716, 844, 973, 1121,1240, 1364, 1484. 1101, 1221. Gold- NORGES BANK. Exports and imports. (See Gold.) (See Norway.) Reserves, 1913, 1918, and 1922, 254, 367, 75S. NORMAL CREDIT. Government securities placed in United States, Establishment of, 901. 1051. Group index numbers. (See, infra, Prices.) NORTH AMERICA. Herring, salt. Exports, 847. Foreign exchange— Imports. Ratio to exports, 384. Currency of countries of, bought and sold by Lime. (See Nitrate of lime.) United States from and to countries of, and Mechanical paper pulp, 847. other foreign countries, 534. Monetary unit. Krone. Rates. Par, 116, 253, 366, Exchange on France and Great Britain bought 489, 629, 756, 896, 1016, 1141, 1262, 1384, 1503. and sold by United States from and to coun Newsprint paper. Exports, 847. tries of, and other foreign countries, 541, 542. Nitrate of lime. Exports, 847. Purchases of foreign exchange payable in coun Norges bank— tries of, 164. Condition, notes, etc., 119, 120, 260, 369, 378, 492, Gold and silver exports and imports. (See Gold; 637, 763, 899, 1019, 1149, 1265, 1387, 1508. Silver.) » Ratio. Metallic reserves, 369, 758. 39507—23------5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
64 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN, NORWAY—Continued. O. Note liability. (See Ratio.) OAK FLOORING. Notes, 1913, 1918, and 1922, 254, 367, 758. (See Lumber.) (See, supra, Norges bank, condition.) Paper. (See Newsprint paper.) OAT MEAL. Prices— Prices, index numbers. New Zealand, 1913-1922, Comparison with Denmark and Sweden, 1920 and 1100. 1921. Chart, 157. OATS. Index numbers, wholesale— Area sown to. Argentina, 1072. Christiania, 1913 and 1922, 79, 157, 220, 325, Crop reports, 202, 861, 984, 1117, 1236, 1349. 443, 580, 710, 837, 967, 1090, 1212, 1338, (See Grain.) 1456. Group index numbers, 1914-1922,82, 223, 328, OCEAN FREIGHT RATES, INDEX OF. 446, 583, 713, 1096. United States Atlantic ports to foreign ports, 59, 202, Pulp. (See Chemical paper pulp; Mechanical paper 339, 460, 598, 728, 849, 977, 1106, 1224, 1348, 1468. OFFAL. m iS ?..’ Freight traffic, 847. (See Leather.) Ratio— Imports to exports, 384. OFFICE SUPPLIES. Reserves to deposit and note liability, 1913,1918, Cost of, Federal reserve banks, 145, 865, 1012. and 1922, 254, 367, 758. OIL. (See Trades unions.) Exports. Mexico, 1195. Russia, trade with, 942. Legislation. Mexico, 1196. Salt herring exports, 847. Prices. Index number, wholesale. Sweden, 1913- Silver exports and imports. (See Silver.) 1922, 82, 223, 338, 445, 583, 713, 970, 1096, 1216, Trade with Russia, 942. 1341, 1459. Trades unions. Ratio of unemployment, 847. Production. Mexico and United States, 1083,1195. Unemployment, 847. (See Petroleum.) United States. (See Foreign exchange; Government securities.) OIL, LUBRICATING. Vessels entered and cleared, 847. (See Oil refineries.) Wood pulp. (See Chemical paper pulp; Mechanical OIL REFINERIES. paper pulp.) Output, stocks, crude oii, gas and fuel, gasoline, (See European neutrals.) kerosene, lubricating oil, 66, 210, 337, 457, 594, NOTE AND DEPOSIT LIABILITY. 854, 982, 1111, 1229, 1354, 1473. Central banks, 1913, 1918, and 1922, 254, 367, 758. OIL SEEDS. NOTE LIABILITY, DEPOSIT AND. Index numbers, wholesale prices— (See Ratio: Metallic reserves.) Calcutta, 1914-1922, 83, 224, 329, 447, 584, 714, 1099. NOTES IN CIRCULATION. Dutch East Indies, 1099. (See Banca di Sconto; Banco de Chile; Banco de la Nacion; Banco Hipotecario Nacional; Bank of OIL WELLS. Copenhagen; Bank of England; Bank of France; (See Petroleum.) Bank of Italy; Bank of Japan; Bank of Nether OILS. lands; Bank of Norway (Norges Bank); Bank of Index numbers, wholesale prices— Russia; Bank of South Africa; Bank of Sweden Calcutta, 1914-1922, 83, 224, 329, 447, 584, 714, (Riksbank); Bank of Switzerland; Brazil; Mex 1099. ico; Reichsbank; Russia; South Africa.) Dutch East Indies, 1099. Principal countries, 1913, 1918, and 1922, 758. Sweden, 82, 223, 328, 446, 583, 713, 970, 1096, United States, 1921 and 1922, 769. 1216. (See Condition, principal European banks of issue; Federal reserve bank notes; Federal reserve notes; OLEOMARGARINE. Money held, etc.; National bank notes; Resources Consumption, 336, 456, 593, 723, 853, 981, 1110, 1228, and liabilities.) 1353, 1472. NOTES SECURED BY GOVERNMENT BONDS. OPEN MARKET. Federal reserve banks may assume that, have been (See Acceptances; Bankers’ acceptances; Discount given for carrying or trading in United States and open-market operations; Earning assets; bonds and need look no further, 931. Regulations, Federal Reserve Board; Resources (See United States Government obligations.) and liabilities.) NOVA SCOTIA TRAMWAYS AND POWER CO. OPEN-MARKET RATES. Securities placed in United States, 1052. Acceptances. London and New York, 1049. (See Discount and interest rates, Federal reserve NUMBER OF BANKS. bank and branch cities; Market rates.) Accommodated, 87, 228, 343, 465, 603, 733, 872, 989, 1118, 1238, 1361, 1481. OPERATIONS, FEDERAL RESERVE BANKS. Member and nonmember. (See Par list, etc.) Review, 765. Par and nonpar list, 109, 247, 362, 484, 625, 752, 892, (See Weekly changes, assets and liabilities.) 1010, 1136, 1256, 1379, 1499. Year ending May, 1922, 866. OPERATIONS, FOREIGN EXCHANGE. (See Reporting member banks.) During Government control, 1918 and 1919,163, 528. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
bo INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. OPERATIONS, REFUNDING. PAPER INDUSTRY—Continued. United States Treasury, 929, 1273, 1296. Manufactured paper. (See Production.) Newsprint paper— OPINIONS OF COUNSEL OF FEDERAL RESERVE Exports, Norway, 847. BOARD. Seasonal variations in production, correction for, (See Rulings, Federal Reserve Board.) 1420. OPINIONS OF COURTS. Paper board. (See Production.) Par clearing cases— Paper mills. (See Wood pulp; Wood pulp finance.) Atlanta. 436, 500, 1408. Paper pulp— Cleveland, 1409. Chemical— North Carolina, 701. Exports, Norway, 874. Production and exports, Sweden, 452, 589, ORANGES. 719, 846, 975, 1219, 1344, 1463. (See Citrus fruits.) Mechanical exports, Norway, 874. ORDERLY MARKETING. Prices. Index numbers, wholesale— (See Rulings, Federal Reserve Board; Agricultural Belgium, 1921 and 1922, 1214. paper.) Norway, 1914-1922, 82, 223, 328, 446, 583, 713, 1096. ORDERS. Production— (See Fire clay brick; Retail prices; Structural steel; Japan, 1345, 1464. United States Steel Corporation.) LTnited States— ORE. Book paper, fine paper, paper board, wood Gold, exports and imports, 248. pulp, wrapping paper, 62, 212, 219, 338, Iron. (See Germany; iron-ore imports; Iron and steel, 458, 595, 725, 787, 855, 983, 1112, 1230, ore.) 1335, 1474. Silver. (See Silver.) Index numbers, 295, 455, 592, 722, 852, 980, (See also Railroad revenue freight; Sault Ste. Marie 1109, 1227, 1352, 1471. Canal.) Newsprint paper. Correction for seasonal variations, 1420. OUTPUT OF CARS AND LOCOMOTIVES. Reports of condition, 1201, 1483. {See Cars; Locomotives.) Wood pulp. (See Wood pulp; principal heading.) OVERLAND MOVEMENT. Wood-pulp finance, 787, 792, 793. (See Cotton.) (See Wood pulp; principal heading.) Wrapping paper. (Sec Production.) OX HIDES. (See Argentina; Foreign trade.) PAR. I (See Monetary unit.) P. PAR CLEARINGS. (See Clearing system, Federal reserve.) PACIFIC SOUTHWEST TRUST AND SAVINGS PAR LIST. BANK. Banks on, 109, 247, 362, 484, 625, 752, 866, 892, 1010, Los Angeles Trust and Savings Bank changes name to 1136,1256, 1379, 1499. that of, 1169. PAR OF EXCHANGE. PACKING OF CROPS. (See Rulings, Federal Reserve Board; Agricultural Index numbers. United States and foreign countries, 114, 116, 253, 366, 489, 629, 756, 896, 1016, 1141, paper.) 1384, 1503. PALESTINE. PARAGUAY. Gold exports and imports, 110, 249. Argentina cancels debt of, 1315. PANAMA. Dollar exchange drafts. American banks and bankers Dollar exchange drafts. American banks and bank authorized to accept, 680. ers authorized to accept, 680. Loans placed in United States, 386. Gold and silver imports and exports, 110, 249, 363, 483, PARCEL POST. 684, 751, 891. (See France, foreign trade; Great Britain, foreign PANAMA CANAL. ♦ trade.) American and British vessels. Traffic through. Per centages, 339, 459, 596, 856, 984, 1112, 1231, 1356, PARIS, FRANCE. 1475. Bank clearings, 117, 258, 376, 490, 635, 761, 897, 943, 1017, 1147, 1263, 1385, 1506. PAPER. Banks. Condition, 306, 420, 809, 1062. (See Agricultural paper; Cattle loan paper; Commer Foreign exchange. New York on, 945. cial paper; Cooperative marketing associations; Prices— Customers’ paper; Cuba, paper currency; Eligi Retail, 84,.225, 330, 448, 584, 714, 842, 971, 1100, ble paper; Live-stock paper; Note issues; Prime 1217, 1342, 1461. commercial paper; United States Government Retail food, 307, 686, 810. obligations.) PARIS-LYONS-MEDITERRAN^E railroad. PAPER INDUSTRY. Securities placed in United States, 1052. Book paper. (See Production.) Business, industry, and finance, 1281, 1403. PARIS-ORLEANS RAILWAY. Fine paper. (See Production.) Securities placed in United States, 1051. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
66 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. PARITY, FOREIGN EXCHANGE. PETROLEUM. (See Foreign exchange rates, principal countries.) Business, industry, and finance, 13, 135, 274, 392, 507, 652, 779, 913, 1035, 1162, 1277, 1400. PARK UNION FOREIGN BANKING CORPORA- Exports. Mexico, 1195. TION, NEW YORK. Legislation. Mexico, 1196. In liquidation. Conducted in office of Asia Bank Prices. Index numbers, wholesale— ing Corporation, New York, 1299. Belgium, 1921 and 1922, 1214. PARTIES OUTSIDE OF UNITED STATES. Norway, 1914-1922, 82, 223, 328, 446, 583, 713, Sales of foreign exchange for account of, 174. 1096. Sweden, 82,223,338,445, 583, 713,970,1096,1216, PASSENGER CARS. 1341,1459. (See Automobiles.) United States, at Pennsylvania wells. Average PATENT LEATHER. monthly prices, 1913-1922, 58, 200, 323, 441, (See Leather.) 578, 708, 836, 1210. Producing oil wells. (See Production.) PAULISTA RAILWAY CO. Production— Securities placed in United States, 1052. Mexico, 1082, 1195. PAYMENT, 525. United States. Production, stocks, producing oil (See Foreign collections.) wells, 62, 66,205,209,337,457,594, 724, 854, 982, 1111, 1229, 1354, 1473. PEACE TREATY. Index numbers, 455, 592, 722, 852, 980,1109, (See Budget; Germany; Treaty with United States; 1227, 1352, 1471. Versailles treaty; United States treaty with Index numbers. Charts, 62, 205. Germany.) Mexico and United States, 1083, 1195. PEAK OF FEDERAL RESERVE NOTE CIRCULA (See, supra, Business, industry, and finance.) TION. Stocks. (See Production.) Close of 1920, 769. Taxes. Mexico, 1197. (See also Oil.) PER CAPITA CIRCULATION, 112, 251, 364, 486, 626, 753, 893, 1011, 1138, 1258, 1381, 1501. PHILIPPINE GOVERNMENT. PERCENTAGE DISTRIBUTION. Securities placed in United States, 1051. (See Distribution.) (See Manila Electric Co.) PERCENTAGE OF PAR. PHILIPPINE ISLANDS. Foreign currency. (See Foreign exchange, monetary Gold exports and imports, 110, 249, 363, 483, 624, 751, unit; Monetary unit, principal countries.) 891, 1009, 1137, 1257, 1380, 1500. Loans placed in United States, 386. PERMITS, BUILDING, 50, 195, 317, 431, 571, 700, 829, Silver exports and imports, 110, 249, 363, 483, 624, 751, 921, 1043, 1170, 1285, 1407. 891, 1009, 1137, 1257, 1380, 1500. (See Building statistics.) PERU. PHYSICAL VOLUME OF TRADE, 60, 203, 335, 454, Banks. Condition. (See Junta de Vigilancia.) 591, 720, 851, 907, 979, 1028, 1108, 1156, 1226, Dollar exchange drafts. American banks and bankers 1351, 1470. authorized to accept, 680. Business, industry, and finance, 10, 11, 133, 272, 391, Federal reserve act of. Text, 515, 516, 518. 505, 650, 777, 911, 1033, 1160, 1275, 1399. Foreign exchange. Currency of, bought and sold by Reasons why commercial credit demand has not kept United States from and to, and other foreign up with the increase in phvsical volume of trade, countries, 534. 499. Gold and silver exports and imports. (See Gold; (See Review of month.) Silver.) PICKLED PORK. Junta de Vigilancia. Condition, 515. (See Meat products.) Notes in circulation, 515. Prices. Index numbers, wholesale, 1913-1922, 80, PIG IRON. 220, 325, 443, 580, 710, 837, 967, 1090, 1212, 1338, Prices— 1456. Canada, 803. United States. Basic, Mahoning and Shenango PESO. % Valley. Average monthly prices, 58, 200, Gold peso. Par, high, low, and average rates. Per 323, 441, 578, 579, 708, 836, 1210. cent of par, weights— Production— Argentina, 114, 116, 253, 314, 366, 489, 629, 756, France, 86, 227, 333, 451, 588, 718, 845, 943, 974. 896, 1016,1141. 1104 1218 1343 Chile (currency, inconvertible paper), 114, 116, Great Britain, 86, 227, 332, 451, 588, 718 845, 974, 253, 366, 489, 629, 756, 896, 1016, 1141, 1262. 1103, 1218, 1343, 1462. Cuba, 116, 253, 366, 489, 629, 756, 896, 1016,1141, Sweden, 452, 589, 719, 846, 975, 1219, 1344, 1463. 1262. United States, 67, 210, 337, 457, 594, 724, 854, 982, Mexico, 116, 253, 366, 489, 629, 756, 896, 1016, 1111, 1229, 1354, 1475. 1141, 1262, 1318, 1384, 1504. Index numbers, 454, 592. 722, 851. 980. 1109, Uruguay (currency, inconvertible paper), 116, 1227,1352,1471. 253, 366, 489, 629, 756, 896, 1016, 1141, 1262, Charts, 62, 205. 1384, 1504. (See Iron and steel.) Silver peso— Guatemala, 1440. PIG LEAD. Honduras, 1441. (See Lead.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 67 PITTMAN CERTIFICATES, PITTMAN ACT. POTTERY. Pledged for Federal reserve notes, 867. Prices, index numbers, Belgium, 1921 and 1922,1214. (to Resources and liabilities: Review of month.) POUND STERLING. PNEUMATIC TIRES. Appreciation of, in terms of dollars, 807,1179. (to Automobiles.) Foreign exchange value of, 114,117, 257, 375, 490. 635, POCAHONTAS DIVISION. 761, 897,1017,1147,1263,1385,1506. (See Railroad revenue freight.) Paris rates. Francs to, 418, 810. (See Foreign exchange.) POLAND. Cost of living, 1342, 1461. PRE-WAR CONDITION. Debt to United States, 645. European central banks, 254, 357, 367, 758. Foreign exchange rates, 116, 253, 366, 489, 629, 756, PREMIUMS. 896, 1016, 1141, 1262, 1384, 1504. (See Credit insurance.) Gold exports and imports, 110, 249. Loans placed in United States, 386. PRICE MOVEMENT AND VOLUME OF TRADE, Monetary unit. Polish mark. Par. Rates. Per cent 59, 197, 320, 438, 576, 705, 833, 964, 1087, 1207, 1336, of par, 116. 253, 366, 489, 629, 756, 896, 1016, 1454. 1141, 1262, 1384, 1504. Prices— PRICES. Description of wholesale price index, 838. Average monthly wholesale prices. Specific com Index numbers, wholesale, 1913-1922, 837, 967, modities, 1913-1922, 57, 199, 322, 440, 578. 707, 1090. 1212, 1338, 1456. 835, 1210. Chart. 1920, 1921, 157. Business, industry, and finance. Prices, 21,142, 281, Silver exports and imports. (See Silver.) 399, 513, 658, 786, 920,1042,1169,1283,1405. Comparative retail prices. (See infra, Retail prices.) POLICIES, INSURANCE, 668. Comparative wholesale prices. (See infra. Wholesale (See Credit insurance.) prices.) POLICY, FEDERAL RESERVE. Comparison. Un*ted States and foreign countries. (See Review of month.) (See infra, Wholesale prices.) Decrease in prices. End of. Great Britain. 767. POLICY, FISCAL, UNITED STATES TREASURY, Discussion of prices. 5, 381. 498. 1267. 1389. 929. 1273, 1296. Dollar. Purchasing power. (See infra, Foreign ex (See Fiscal policy.) change.) POPULATION, CUBA, 825. Fluctuations in prices. Eighteen countries, 1920, 1921, 155. PORT RECEIPTS. Foreign exchange. Pegging of foreign exchange pre (See Cotton.) vented its depression in full proportion to the PORTO ALEGRE. inflation of prices, with the result that while pegging continued the dollar had a smaller Securities placed in United States, 1051. purchasing power abroad than in United States. PORTO RICO. When pegging was discontinued this condition Dollar exchange drafts. American banks and bankers was reversed, 380, 381. authorized to accept, 680. Foreign price levels. Comparison with United States. Loans placed in United States, 386. (See infra, Wholesale prices, comparisons.) Foreign trade. Index of value at 1913 prices, 59, 201, PORTS. 334, 453, 590, 720, 848, 976,1105, 1223, 1348, 1467. (to Index of ocean freight rates.) Group index numbers. (See infra, Wholesale prices.) PORTUGAL. Increase in prices. May, 1922, 497. Deposits, gold reserves, notes, ratio, 1913, 1918, and International price index, Federal Reserve Board. 1922, 758. Construction of— Foreign exchange— Canada, 801. Currency of, bought and sold by United States France, 922. from and to, and other foreign countries, 534. Great Britain, 147. Rates. 116, 253, 366, 489, 629, 756, 896,1016,1141, Japan, 1052. 1262, 1384,1504. Peak of prices— Gold exports and imports, 110, 249. Agriculture, 262. Monetary unit. Escudo. Par. Rates. Per cent of All commodities, 263. par, 116, 253, 366, 489, 629, 665, 756, 896, 1016. Cotton, 497. 1141, 1262, 1384, 1504. Price movement and volume of trade, 59, 197, 320, Silver exports and imports, (to Silver.) 438, 576, 705, 833, 964, 1087, 1207, 1336, 1454. Silver reserves, 1913-1922, 665. Readjustment of prices, 1267. Retail prices— PORTUGUESE AFRICA. Czechoslovakia, 1461. Gold exports and imports, 110, 249. France, 84, 225, 308, 448, 584, 686, 714, 810, 842, POSTAGE. 971, 1100, 1217, 1342, 1461. Expenses. Federal reserve banks, 145, 1012. Germany, 85, 225, 330, 448, 584, 714, 842, 971, 1100, 1187, 1217, 1342, 1461. POSTAL SAVINGS DEPOSITS. Great Britain, 84, 225, 330, 448, 584, 714, 842, 971, (to Deposits; Savings deposits.) 1100, 1217, 1342, 1461. POTATOES, WHITE. Italv, 309, 330, 448, 584, 714, 842. 971, 1100. 1217, Shipments, 593, 723, 854, 981, 1110, 1228, 1353, 1472. 1342, 1461. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
68 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. PRICES—Continued. PRICES—Continued. Retail prices—Continued. Wholesale prices, foreign countries and United Sweden, 84, 225, 330, 448, 584, 714, 842, 971, States—Continued. 1100, 1217, 1342, 1461. Canada—Continued. United States, 84, 225, 330, 44S, 584, 714, 842, Goods produced, imported, exported. Raw 971, 1100, 1217, 1342, 1461. materials, producers’ goods, consumers’ Monthly reports on. (See supra, Business, goods, all commodities, 806, 966, 1088, industry, and finance.) 1209, 1337, 1454. Silver, price of. Index, 1918-1922. Per cent of 1913 Chart, 805. prices, 664, 665. International price index. Canadian index Wholesale prices, foreign countries ^ and United number. Method of construction, 801. States— China. (Shanghai)— Argentina— Index numbers, all commodities, 1913-1922, Cattle prices have not risen but are not 80, 220, 325, 443, 580, 710, 837, 967,1090, exceedingly low as compared with pre 1212,1338,1456. war prices. August, 1922, 954. Group index numbers, 1913-1922,1099. Decline in prices, 1921, 565. Czechoslovakia. Index numbers, 1450,1461. Foreign trade. Index of prices, 1910-1922, Denmark— 429, 821. Index numbers, 1913-1922, 79, 220, 325, 443, Australia— 580, 710, 837, 967, 1090, 1212, 1338, 1456. Comparison with New Zealand. Chart, 156. Comparison, Denmark, Norwav, and Sweden, Index numbers, all commodities, 1913-1922, 1920,1921,157. 80, 220, 325, 443, 580, 710, 837, 967, Dutch East Indies— 1090, 1212, 1338, 1456. Description of index, 326. Group index numbers, 1914-1922, 83, 224, Index numbers, 1913-1922, 79, 220, 325, 443, 329, 446, 583, 713, 1098. 580, 710, 837, 967, 1090, 1212, 1338, 1456. Belgium— Group index numbers, 1913-1922, 1099. Description of index, 326. Index numbers, all commodities, 1913-1922, Egypt (Cairo)— * Index numbers, 1913-1922, 80, 220, 325, 443, 325, 443, 580, 710, 837, 967, 1090, 1212, 580, 710, 837, 967, 1090, 1212, 1338, 1456. 1338, 1456. Comparison, Egypt, India, and Japan. Group index numbers, 1214. Revision of Belgian index, 1213. Chart, 156. Finland. Index numbers, 1913-1922, 80, 220. Brazil. Exports— Average price per ton, 696. France— Sharp decline m, 567. Armistice. Prices since, 1390. Construction of Federal Reserve Board’s Bulgaria— index number, 922. Index numbers, all commodities, 1913-1922, Index numbers, all commodities, 1913-1922, 80, 220, 325, 443, 580, 710, 837, 967, 1090, 79, 220, 325, 443, 580, 710/837, 967, 1090, 1212, 1338, 1456. 1212,1338, 1456. Comparison with German prices. Chart, 157. Group index numbers, 1913-1922, 81, 220, Calcutta, India— 307, 327, 445, 582, 712, 841, 922, 969, Index numbers, all commodities, 1913-1922, 1094, 1215, 1340, 1458. 80, 220, 325, 443, 580, 710, 837, 967, 1090, Goods produced, imported, exported. Raw 1212, 1338, 1456. materials, producers’ goods, consumers’ Group index numbers, 83, 224, 329, 447, 584, goods, all commodities. Converted to 714, 1099. gold basis, 929, 1088, 1209, 1337, 1455. Canada— Comparisons with other countries. Con Construction of Federal Reserve Board’s verted to gold basis— index number. Unit, grade, market, Canada, 968, 1089, 1206, 1336, 1454. source, weight, 801. Germany, 5, 381, 1390. Index numbers, all commodities, 1913-1922, Great Britain, 5, 381, 968, 1089, 1206, 79, 220, 325, 443, 580, 710, 837, 967,1090, 1336, 1390, 1454. 1212; 1338, 1456. Japan, 1089, 1206, 1336, 1454. Group index numbers, 83 , 224, 329, 447, 584, Italy, 5, 157, 3S1, 1390. 714, 842, 971, 1098,1216, 1341,1459. United States, 5, 381, 929, 1089, 1206, Comparison— 1336, 1454. Federal Reserve Board and Canadian Sweden, 5, 381. department of labor index, chart, Charts, 1054, 1206, 1335, 1453. 805, 806. International price index. French index Federal Reserve Board index and other number. Method of construction, 922. indexes, 805. (See France, prices.) Comparisons with other countries— Germany— Canada and France, 9c8,1089,1206,1336, Index numbers, all commodities, 1913-1922, 1454. 79, 82, 220, 325, 443, 580, 710, 837, 948, Canada and Great Britain, 156, 968,1089, 967, 1090, 1186, 1212, 1338, 1456. 1206, 1336, 1454. Group index numbers, 1913-1922, 82, 222, Canada and United States, 156, 805,1054, 327, 445, 582, 712, 841, 970, 1095, 1215, 1089,1206,1336,1454. 1340, 1458. Charts. 1054, 1086, 1206, 1335, 1453. Comparison. Pre-war and 1922, 690. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 69 PRICES—Continued. PRICES—Continued. Wholesale prices, foreign countries and United Wholesale prices, foreign countries and United States—Continued. States—Continued. Germany—Continued. Netherlands (Holland)— Comparisons with other countries. Con Index numbers, all commodities, 1913-1922, verted to gold basis— 80, 156, 220, 325, 443, 580, 710, 837, 967, Bulgaria. Chart, 157. 1090, 1212, 1338, 1456. France, 1389, 1390. Comparison, Holland and Switzerland. Great Britain, 1389, 1390. Chart, 156. United States, 5, 381, 690, 1390. New Zealand— Revision of Frankfurter Zeitung index, 1091. Index numbers, all commodities, 1913-1922, (See Germany, prices.) 80, 220, 325, 443, 580, 710, 837, 967, Great Britain— 1090, 1212, 1338, 1456. Construction of Federal Reserve Board’s Group index numbers, 1913-1922, 1100. index number, 147. Comparison, New Zealand and Australia. Index numbers, all commodities, 1913-1922, Chart, 156. 79, 220, 325, 443, 580, 710, 837, 967, 1090, Norway— 1212, 1338, 1456. Index numbers, all commodities, 1913-1922, Goods produced, imported, exported. Raw 79, 157, 220, 325, 443, 580, 710, 837, 967, materials, producers’ goods, consumers’ 1090, 1212, 1338, 1456. goods, all commodities. Converted to Group index numbers, 1914-1922, 82, 223, gold basis, 153, 321, 439, 576, 706, 833, 328, 446, 583, 713, 1096. 834, 965, 1088, 1208, 1336, 1454. Comparison, Norway, Denmark and Sweden. Group index numbers, 1913-1922, 81, 221, Chart, 157. 222, 327, 444, 581, 711, 841, 969, 1097, Peru. Index numbers, all commodities, 1913- 1098, 1216, 1341, 1460. 1922, 80, 220, 325, 443, 580,710, 837,967,1090, International price indexes. The British 1212, 1338, 1456. index. Method of construction, 147. Poland— Revision of Board of Trade index, 1457. Description of index, S3S. (See Great Britain, prices.) Index numbers, all commodities, 1913-1922. Holland. (See, infra, Netherlands.) 837, 967, 1090, 1212, 1338, 1456. India— Chart, 157. Index numbers, all commodities, 1913-1922, Shanghai. (See, supra, China.) 80, 220, 325, 443, 580, 710, 837, 967, 1090, South Africa— 1212, 1338, 1456. Index numbers, all commodities, 1913-1922, Group index numbers, S3, 224, 329, 447, 584, i 80, 220, 325, 443, 580, 710, 837, 967, 1090, 714, 1099. 1212, 133S, 1456. Comparison. India, Egvpt, and Japan. Prices and gold production, 1328. Chart, 156. Spain. Index numbers, all commodities, 1913- Italy— j 1922, 967, 1090, 1212, 1338, 1456. Index numbers, all commodities, 1913-1922, j Sweden— 79, 220, 325, 443, 580, 710, 837, 947, 967, j Description of new index of Swedish Depart 1090, 1212, 1338, 1456. ment of Commerce, 816, Group index numbers, 1913-1922, 81, 222, ! Index numbers, all commodities, 1913-1922, 327, 445, 582, 712, 841, 969, 1095, 1341, 79, 220, 325, 443, 580, 710, 837, 967, 1090, 1459. 1212, 1338, 1456. Comparisons with other countries— Group index numbers, 82, 223, 328, 446, 583, France, 5, 157, 1390. 713, 970, 1096, 1216, 1341, 1459. Germany, 381, 1390. Comparison, Sweden, Denmark, and Norway. Great Britain, 1390. Chart, 157. Sweden, 5, 381, 1390. Switzerland— United States, 381,1390. Index numbers, all commodities, 1913-1922, (See Italy, prices.) 80, 220, 325, 443, 580, 710, 837, 967, 1090, Japan— 1212, 1338, 1456. Construction of Federal Reserve Board's Group index numbers, 1914-1922, 1097. index number, 1052. Comparison, Switzerland and Holland. Index numbers, all commodities, 1913-1922, Chart, 156. 80, 220, 325, 443, 580, 710, 837, 967,1090, United States— 1212, 1338, 1456. All commodities. Index numbers, 1913- Group index numbers, 1913-1922. Converted 1922, 79, 197, 220, 325, 443, 580, 710, to gold basis, 1059, 1209,1337, 1455. 837, 967, 1090, 1212, 1338, 1456. Comparison with other countries. Con Comparisons, United States and foreign verted to gold basis— countries— Canada, 1086, 1206, 1335, 1453. United States, Canada, and Great Egypt. Chart, 156. Britain. Chart, 156. France, 1086, 1089,1206, 1335, 1454. United States, Canada, France, and Great Britain, 1089,1206,1336,1454. Great Britain. In local currencies, India. Chart, 156. converted to gold basis, 968. United States, 1089, 1206, 1336, 1454. United States, Canada, France, Great Chart, 1054. Britain, and Japan— Charts, 1086, 1206, 1335,1453. In local currencies, converted to gold (See Japan, prices.) basis. 1089,1206,1336,1454. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
70 INDEX-DIGEST OE FEDERAL RESERVE BULLETIN. PRICES—Continued. PRINTING AND STATIONERY. Wholesale prices, foreign countries and United Cost. Federal reserve banks, 145, 1012. States—Continued. United States—Continued. PRIVATE BANKERS. Comparisons, United States and foreign Federal reserve banks holdings of acceptances of, 284, countries—Continued. 515,1049. Same. Charts, 1054, 1086, 1206, 1335, (See Earning assets.) 1453. PRIVATE BANKS. United States, France, Germany, Great (See Banks; Condition.) Britain, and Italy. In local cur rencies, converted to gold basis, PRIVATE PROPERTY. 1390. Nationalization of. Russia, 937. United States, France, Germany, Great Britain, Italy, and Sweden, 5, 381. PROBLEM OF FOREIGN TRADE FINANCING. United States, France, and Great Britain. (See Review of month. Converted to gold basis, 929. United States and Great Britain— PRODUCERS’ GOODS. Converted to gold basis, 153. Index numbers, wholesale prices. Group index num Sterling. Converted to gold basis, bers, 1913-1922, 1092, 1214,1339, 1457. 319, 437, 574, 704, 832, 963. Index of value. Imports and exports at 1913 prices. Comparison. Fall of prices since 1913-1921, 59, 201, 334, 453, 590, 720, 848, 976, peak, 1389. 1105,1223,1348, 1467. United States, Great Britain, and (See Canada, prices; France, prices; Great Britain, Sweden, 819. prices; International price indexes, Canada; Federal Reserve Board index numbers. Japan, prices; Prices, United States.) Comparison with— PRODUCING OIL WELLS. British Board of Trade, 152. (See Petroleum.) Federal Reserve Board index for Great Britain, 152. PRODUCTION. London Economist, 152. Automobile tires, inner tubes, solid tires. 70, 213, 338, London Statist, 152. 458, 595, 725, 856, 983,1112, 1230, 1355, 1474. Comparison with— Automobiles. Passenger cars and trucks, 70, 213, 338, Federal Reserve Board index for 458, 595, 725, 856, 983,1112, 1230,1355,1474. France and Great Britain, 928. Basic industries. Index for. Construction, 292,1414. Statistique Gen^rale index, 928. Boots and shoes, 338,458, 595, 725, 855, 982,1112,1230, Comparison with Bank of Japan index 1355, 1474. numbers. 1055. Brick. (See Face brick; Fire clay brick; Silica brick.) Constructed for purpose of international Cars and locomotives, 70, 214, 338, 458, 595, 725, 856, comparison. All commodities, 983, 1112, 1230, 1356, 1474. goods imported, goods exported, Cement— raw materials, producers’ goods, Barrels, 69. 213, 338, 458, 595, 725, 856, 983, 1112, consumers’ goods, 56, 198, 320, 1230, 1355, 1474. 438, 575, 705, 833, 964, 1087, Chemical paper pulp— 1207,1336,1454. Sweden, 452, 589, 719, 846, 975,1219, 1344. Same. Charts, 55, 197, 320, 438, (See Pulp wood; Wood pulp.) 576, 705, 833, 964, 1087, 1207. Coal— Group index numbers, 1913-1922— Anthracite— Bureau of Labor Statistics, 80, 221, 326, Business, industry, and finance. Tons, 13, 444, 581, 711. 134, 273, 392, 507, 652, 779, 913, 1035, Bureau of Labor Statistics revises its 1162, 1277, 1400. index, 838. Charts, 1919-1921, 62, 205. Bureau of Labor Statistics revised Index numbers, 1919-1922, 295, 455, 592, 722, index, 839, 968, 1094, 1214, 1340, 851, 980, 1109, 1227, 1352, 1471. 1458. Physical volume of trade. Tons, 66, 209, 337, Federal Reserve Board’s regrouping of 457, 594, 724, 854, 982, 1111, 1229, 1354, commodities in Bureau of Labor 1473. Statistics index— Seasonal variations. Index numbers, 1416, Old series, 56, 198, 322, 440, 577, 707, 1421. 835, 966. United States. Total production, 1921,134. Revised series, 1092, 1214, 1339, 1457. Bituminous— New commodities added by Bureau of Business, industry, and finance, 13, 134, 273, Labor in the revision of its group 392, 507, 652, 779, 913, 1035, 1162, 1277, index numbers, arranged according 1400. to Federal Reserve Board grouping, Charts, 1919-1921, 62, 205. 1093. Index numbers, 1919-1922, 295, 455, 592, 722, Uruguay. Prices, 1334. 851, 980, 1109, 1227, 1352, 1471. Wool. Peak of prices and low point, 497. Phvsical volume of trade, 66, 209, 337, 457, (See Review of month.) * 594. 724, 854, 982, 1111, 1229, 1354, 1473. PRIME COMMERCIAL PAPER. Seasonal variations. Index numbers, 1416, Market rates, 113, 252, 365, 487, 627, 754, 894, 1014, 1421. 1139,1259, 1382, 1502. United States. Total production, 1921,134. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 71 PRODUCTION—Continued. PRODUCTION—Continued. Coal—Continued. Iron, pig—Continued. Bituminous—Continued. Seasonal variations. Index numbers, 1416,1419. France. Metric tons, 86, 227, 333, 451, 588, France, 86, 227, 333, 451, 588, 718, 845, 943, 974, 718, 845, 974, 1104, 1218, 1343, 1462. 1104, 1218. 1343, 1462. Germany. Metric tons, 227, 333, 452, 589, Great Britain, 86, 227, 332, 451, 588, 718, 845, 974, >19, 846, 975, 1104, 1219, 1308, 1313, 1103, 1218, 1343,1429, 1430, 1462. 1344, 1463, Sweden, 452, 589, 719, 846, 975, 1219, 1344, 1463. Reparation payments, 1294. Knit goods, 75, 217, 339, 461, 598, 728, 849. 977, 1106, (See Reparations.) 1224, 1349, 1468. Shortage, 1308. Lead. Tons, 67, 211. Great Britain. Long tons, 86, 227, 332, 451, Index numbers, 295, 722, 851, 980, 1109, 1227, 588, 718, 845, 974, 1103, 1218, 1343, 1430, 1352,1471. 1462. Mexico, 1082. Coke— Leather, 69,213,338,458,595,725,855, 982,1112,1230, Germany. Metric tons, 227, 333, 452, 589, 719, 1355, 1474. * 846, 975, 1104, 1219, 1308, 1344, 1463. Index numbers, 295, 455, 592, 722, 852, 980,1109, United States— 1227, 1352,1471. Business, industry, and finance. Tons, 13, Indexes of production, source, weights, 1415. 134, 273, 392‘, 507, 652, 779, 913, 1035, Seasonal variations. Indexes, 1416, 1420. 1162, 1277, 1400. Lignite. Germany, 227, 333, 452, 589, 719, 846, 975, Physical volume of trade, 66, 209, 337, 457, 1104, 1219, 1344, 1463. 594, 724, 854, 982, 1111, 1229, 1354, 1473. Loans to finance. Argentina, 955,1314,1315. Copper. Pounds, 67, 211, 337, 457, 594, 724, 855, 982, Locomotives, 70, 214, 338, 458, 595, 856, 983, 1112, 1111,1229,1354,1473. 1230,1356, 1474. Index numbers, 295, 455, 592, 722, 851, 980, 1109, Lumber, 68, 212, 336, 456, 593, 723, 854, 981, 1110, 1227, 1352, 1471. 1228, 1354, 1472. Seasonal variations. Index numbers, 1416, 1420. Index numbers, 295, 455, 592, 722, 852, 980,1109, Mexico, 1917-1921, 1082. 1227, 1352, 1471. Cotton, 202, 861, 984, 1117, 1152, 1236. Seasonal variations. Index numbers, 1416,1419. Cotton fabrics, finished, 74, 850, 979, 1107, 1225, 1350, Manufactured goods. Index numbers, 295, 455, 592, 1469. 722, 852, 980, 1109, 1227, 1352,1471. Cottonseed oil, 336, 456, 593, 723, 853, 981, 1110,1228, Mercury. Mexico, 1082. 1353, 1472. Mineral products, 295, 455, 592, 722, 851, 980, 1109, Cotton textiles, 68, 211, 337, 457, 594, 724, 855, 1474. 1227, 1352, 1471. Cotton yarn. Japan, 1220, 1345, 1464. Oil— Crops, 202, 861, 984, 1117, 1152, 1236, 1349. Mexico, 1083. 1195. Currency disorders, effect on, 1394. Ignited States, 1083,1195. Electric power, 72, 215, 337, 457, 594, 724, 854, 982, (See Petroleum.) 1111, 1229, 1354, 1473. Paper, 69, 212. 338. 458, 595, 725, 787, 855, 983, 1112, Face brick, 338, 458, 595, 725, 855, 983, 1112, 1230, 1230, 1281, 1355,1403,1474. 1355, 1474. Index numbers, 295, 455, 592, 722, 852, 980,1109, Fire clay brick, 595, 725, 855, 983, 1112, 1230, 1355, 1227, 1352,1471. 1474. Japan, 1345,1464. Flour, 64, 207, 335, 455, 592. 722, 853, 980, 1109, 1353, Petroleum, 66, 209, 337, 457, 594, 724, 854, 982, 1111, 1471. 1229, 1354,1473. Food, 722, 852, 980, 1109, Index numbers, 295, 337, 455, 457, 592, 594, 722, Index numbers, 295, 455, 592, 722, 852, 980, 1109, 851, 854, 980, 982,1109,1111,1227,1229,1352, 1227, 1352, 1471. 1354,1471,1473. Food products. Index numbers. Seasonal variation, Index numbers. Charts, 1919-1921, 62, 205. 1419. Pig iron. (See, supra, Iron, pig.) Gold— Pulp wood, 787. Mexico, 1082. (See Wood pulp.) South Africa, 1328. Ships. (See V essels.) United States, 1910-1921, 660. Shoes. (See Boots and shoes.) World, 1910-1921, 660. Silica brick, 338, 458, 595, 725, 855, 983, 1112, 1230, Goods produced. (See supra, Producers’ goods.) 1355, 1474. Hogs. Index numbers. Seasonal variation, 1416. Silk fabrics, Japan, 1345, 1464. Increase of. November, 1922, 1268. Silk textiles, 68, 211, 337, 457, 724, 855,1474. Index numbers for seasonal variations, 1416, 1421. Silver— Index of. Selected basic industries, 292, 1414. Mexico, 1082. Indexes of industrial activity. (See same, principal United States, 594, 662, 724, 854, 982,1111,1229, heading.) 1354, 1473. Indexes of trade and production, 62,205, 294,295,454, World, 662. 455, 591, 592, 721, 722, 979, 980, 1108, 1109, 1226, Steel— 1227,1351,1352,1416,1418,1420,1421,1470. Index numbers, 295, 455, 592, 722, 852, 980, Iron. Index numbers, 1919-1922, 295, 455, 592, 722, 1109, 1227, 1352, 1471. 851, 980,1109,1227,1352,1471. France, 86, 227, 333, 451, 588, 718, 845, 943, 974, Iron, pig. Gross tons, 67, 210, 337, 457, 594, 724, 854, 1104, 1218, 1343, 1462. 982, 1111, 1229,1354, 1473. Great Britain, 86. 227. 332, 451, 588, 718, 845, Index numbers, 1919-1922. Charts, 62, 205. 974, 1103, 1218, 1343, 1430, 1462. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
72 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. PRODUCTION—Continued. PUBLIC FINANCE. Steel—Continued. France, 186, 1433. Sweden, 452, 589, 719, 846, 952, 975, 1219, 1344, Sweden, 46. 1463. (See Government revenue and expenditures; Great Steel ingots, 67, 210, 337, 457, 594, 724, 854, 982,1111, Britain, Government revenue and expenditures; 1229, 1354, 1473. Policy, fiscal, United States Treasury; Revenue Index numbers. Charts, 62, 205. and expenditures; Review of month.) Seasonal variations. Index numbers, 1416,1418, PULP INDUSTRY. 1419. Sweden, 951. Sugar, 65, 208, 336, 456, 593, 723, 854, 981,1110,1228, • " 1353,1472. PULP MILLS, 787. Seasonal variations. Index numbers, 1416,1418, PULP, PAPER. 1419. Norway. Exports, 847. Cuba, 826. Sweden. Exports, 452, 589, 719, 846, 975, 1219, 1344, T ex til cs 1463. Index numbers, 295, 455, 592, 722, 852, 980,1109, (See Pulp wood; Wood pulp.) 1227.1352.1471. PULP WOOD. Index numbers. Charts, 62, 205. Index numbers, wholesale prices. Norway, 1914- Seasonal variations. Index numbers, 1418,1419. 1922, 82, 223, 328, 446, 583, 713, 1096. (See Cotton; Silks; Wool.) Production, 787, 951. Tobacco— (See Wood pulp.) Index numbers, 295, 455, 592, 722, 852, 980,1109, PULSES. , 1227.1352.1471. Group index numbers, wholesale prices— Seasonal variations. Index numbers, 1416,1420, Calcutta, 1914-1922, 83, 224, 329, 447, 584, 714, 1421. 1099. Vessels built— Dutch East Indies, 1099. France, 1343,1462. Great Britain, 86, 227, 332, 451, 588, 718, 845, 974, PURCHASE OF FOREIGN EXCHANGE. 1163,1218,1343,1429,1462. Government control, 1918 and 1919, 163, 528. United States, 70, 214, 595, 725, 856, 983, 1112, PURCHASED ACCEPTANCES. 1230, 1356,1474. (See Acceptances; Earning assets; Holdings.) Wood pulp, 69, 212, 338, 458, 595, 725, 787, 855, 983, 1112,1230, 1355,1474. Q. Woolen textiles. Index numbers, 295, 455‘, 592, 722, QUEENSLAND. 852, 980, 1109,1227,1352,1471. Securities placed in United States, 1050, 1051. Zinc, 67, 211, 457, 594, 724, 855, 982,1111,1229,1354, 1473. R. Index numbers, 295, 455, 592, 722, 851, 980,1109, 1227,1352,1471. RAILROAD COMMISSION, ARGENTINE. Seasonal variations, 1416. Report, 564. Mexico, 1082. RAILWAYS. PRODUCTS. Act of October, 1921. France, 1306. (See Dairy products; Railroad revenue freight.) Act of 1921. Great Britain, 1301. Argentina— PROFIT AND LOSS ACCOUNT. British investments in railways of, 822. Federal reserve banks, 146. Report of railway commission of, 564. (See Earnings and expenses.) Automobile shipments by, 70, 213, 338, 458, 595,725, 856, 983, 1112, 1230, 1335, 1474. PROFITS. Bonds of French railways placed on market in France, London, Joint City and Midland Bank. Distribu 306. tion of profits, 416. Brazilian railways, 698, 1193. Net profits of industrial companies; Great Britain, Capitalization of French railways, 1307. 117, 257, 375, 490, 635, 761, 897, 1017, 1147, 1263, Cars and locomotives. Output, 70, 214, 339, 459, 596, 1385, 1506. 726, 856, 984, 1112, 1231, 1356, 1475. Ratio to capital and surplus. Member State banks Cars, bad-order. (See Freight cars.) and trust companies, 757, 1505. Cars, box. (See Freight cars.) (See Excess profits tax; Federal reserve banks; Cars, coal. (See Freight cars.) Ratio.) Cars, freight. (See Freight cars.) Freight cars. Bad-order, box cars, coal cars. Sur PROPERTY. plus and shortage, 339, 459, 596, 726, 856, 984, Nationalization of private property. Russia, 937. 1112, 1231, 1356, 1475. Freight loaded and received by railroads from con PROTESTED BILLS. nections, 71, 214, 338, 459, 596, 726, 856, 983, Sweden, 119, 259, 377, 492, 637, 763, 899, 1019, 1149, 1112, 1230, 1356, 1474. 1265, 1387, 1508. Freight receipts and tonnage— PROVINCES OF CUBA. French railways, 588, 845, 944, 974, 1104, 1218, Area and population, 825. 1343, 1462. Great Britain railways, 1429. PROVISIONS. Japanese railways, 1220, 1345, 1464. Ocean rates. (See Index of ocean freight rates.) Norwegian railways, 847. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 73 RAILWAYS—Continued. RATIO—Continued. Freight receipts and tonnage—Continued. Metallic reserves. {See, infra, Reserves.) Russian railways, 564. Profits to average capital value, Sweden, 47. Swedish railways. 452, 589. 719, 846, 975, 1219, Reserves to deposit and note liabilities— 1463. Foreign banks, 1913, 1918, and 1922, 254, 255, Mexican railways, 1320. 256, 257, 367, 368, 369, 370, 758. Operating statistics— {See, supra, Federal reserves banks.) Net ton miles, etc., 70, 214, 338, 458, 596, 725, 856, State banks and trust companies, member. Net 983, 1112, 1230, 1356, 1474. earnings to capital stock and surplus, 757, 1505. Great Britain, 86, 214, 227, 332, 451, 588, 718, 845, Trades unions. Unemployment. Sweden, 847. 974, 1103, 1218. Securities, railway. (See Review of month.) RAW COTTON. Visible supply, Great Britain, 86, 227, 332, 451, 588, Situation, railway— 718, 845, 974, 1103,1218, 1343,1462. France, 1303. {See Cotton, stocks.) Great Britain, 1300. Mexico, 1320. RAW MATERIALS. Russia, 564. Imports and exports, United States, 1103, 1222, 1347, RAMSEY, W. F. 1466. Death of. Federal reserve agent, Dallas. Oct. 27, Index of value at 1913 prices, 1913-1921, 59, 201, 1922, 1272. 334, 453, 590, 720, 848, 976,1105, 1223, 1348, 14671 Prices. Index numbers, wholesale— RATE OF EARNINGS. Dutch East Indies, 1099. (See Earning assets; Holdings.) France, 81, 222, 347, 445, 582, 712, 841, 924, 969, RATES, FOREIGN EXCHANGE, 114, 116, 253, 366, 1094,1215,1340,1458. 489, 629, 756, 896, 1016, 1141, 1260, 1383, 1504. Great Britain, 153, 321, 439, 576, 706, 833, 834, (See Foreign exchange; Rates.) 965, 1088, 1208, 1336, 1454, Charts, 152, 321, 439, 577, 706, 834, 965, 1208. RATES OF DISCOUNT AND INTEREST. Japan, 1059, 1209,1337, 1455. Acceptances purchased, 88, 230, 344, 466, 605, 734, Sweden, 1913-1922, 82, 223, 338, 445. 583, 713, 873, 990, 1119, 1238, 1362, 1482. 970, 1096, 1216, 1341, 1459. Year ending May, 1922, 865. United States— Bills discounted, 88," 229, 343, 465, 604, 733, 873, 990, Group index numbers, 1913-1922, 1092. 1214, 1119, 1238, 1362, 1481. 1339,1457. Year ending May, 1922, 865. United States Bureau of Labor, 56, 198, 322, Discount rates, Federal reserve banks, 112, 251, 364, 440, 577, 707, 835, 966, 1092, 1214, 1339, 486, 626, 753, 893, 1011, 1137, 1258, 1380, 1500. 1457. Market rates, Federal reserve bank and branch (See Agricultural products, etc.; All commodities, cities, 113, 252, 365, 487, 627, 754, 894, 1014, 1139, etc.; Goods produced, etcC 1259, 1382, 1502. RAW SILK. Spread between Federal reserve bank rates and rates (See Silk.) charged to customers by member banks, 266. {See Discount rates; Discount and interest rates; RECEIPTS. Interest rates.) (See C otton; Dairy products; Flour: France, railroads; Grain; Index numbers, cotton sight receipts; RATES OF PURCHASE. Live-stock industry; Lumber; Naval stores; Sugar; {See Acceptances; Bankers’ acceptances; Rates of Trust receipts; Warehouse receipts.« discount and interest.) RECONSTRUCTED BUILDINGS. RATES, OPEN-MARKET. (See Building statistics.) London and New York, 1049. {See Open-market rates.) RECOVERABLE EXPENDITURES. France, 187, 305. RATINGS, CREDIT. Insurance companies, 673, 674. REDEMPTION. Cost of. Federal reserve notes, 145, 865, 1012. RATIO. Victory notes, 929. Federal reserve banks— Net earnings to paid-in capital, member bank REDEMPTION FUND, 5 PER CENT. reserves, surplus, 143. (See Resources and liabilities.) Reserves to deposit and note liabilities, 98, 238, REDEMPTION FUND, GOLD. 353, 474, 613, 742, 882, 999, 1127, 1246, (See Resources and liabilities.) 1370, 1490. Charts, 30, 31. REDISCOUNTS. {See Resources and liabilities.) Act of July 1, 1922, places State member banks on Reserves to net deposit liabilities. Member equality with national banks, 933. State banks and trust companies, 372, 374, Analysis of United States Revised Statutes, sec. 5200, 631, 634, 1143, 1146. as to loans to member State banks and trust Imports to exports. Foreign countries, 1913-1921, 384. companies, 934. Member banks— Federal reserve banks— Accommodation at Federal reserve banks to total By member State banks and trust companies. loans and investments, 92, 233, 348, 469. 371, 630, 1142. 1396. What member banks may obtain from Federal Deposits to loans, 994. reserve banks through, 934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
74 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. REDISCOUNTS BETWEEN FEDERAL RESERVE REPARATIONS—Continued. BANKS, 26, 98, 401, 403, 865, 877, 1153. France— Chart, 26. Large public debt of, prevents solution by pay ments in kind to France, 123, 188, 555, 809, REDUCTION OF CAPITAL. (See National banks.) 945, 1063, 1180, 1433. Looks to reparation payments to meet large part REEXPORTS. of her budgetary expenditures, 809. (See France, prices; Great Britain, foreign trade; Coal received from Germany, 810, 1180. Great Britain, prices; International price indexes, Declines to consider any reduction of, July, 1922, Canada.) 812. Makes agreement directly with Germany as to REFUNDING COMMISSION, ALLIED DEBT. payments in kind, June, 1922, 812. Work of, 386, 645. Up to date has received in kind only 9 million REFUNDING OF 4% PER CENT VICTORY gold marks, while plan calls for 950 millions NOTES. for 1922 alone, Aug., 1922, 946. July 26, 1922, 929. Attitude of, 1026. Accepts decision of reparations commission ren REFUNDING OPERATIONS. dered Aug. 31, 1922, 1027. United' States Treasury, 929, 1273, 1296. (See Payments; Poincare.) REGULATIONS, FEDERAL RESERVE BOARD. Up to Apr. 30, 1922, has received: Cash, 447 mil Regulation A, 1922, annuls regulation A, 1920, and lion gold marks: goods, 1,188 million gold amends regulations as to bankers’ acceptances in marks; public buildings, 302 million gold foreign trade, 433. marks; total, 1,937 million gold marks, 1063. Coal imported from Germany, 4,283,366 metric REICHSBANK, GERMAN. tons, 1180. Annual report, 951. Genoa conference, 303. Condition, 118, 255, 259, 377, 491, 636, 689, 762, 898, German Government note to reparations commission, 949, 1018, 1148, 1188, 1264, 1386, 1507. 42, 311. 1913-1921, 255. Discount rates, 1070, 1438. Great Britain— Gold reserve. Bank act amended so that deposits of London agreement— gold with a foreign central bank of issue shall be Only two installments paid, one in cash, one counted as part of its, 522. in goods, 5, 1425. Holdings of commercial paper, 1438. (See Report. British Federation of Indus Note issuing power. Independent of Government, tries.) 689. Report. British Federation of Industries. Suggestions— RENT. (1) Payments in kind, 38. Expense of Federal reserve banks, 145, 865, 1012. (2) Germany to undertake capital works in France, 38. RENTES, 3 PER CENT. (3) Allies to take mortgages on or prefer France. Prices, 117, 258, 376, 490, 635, 761, 897, ential stock in German industries, 1017, 1147, 1263, 1385, 1506. 38. REORGANIZATION. London Economist opposes, 38. Of member State banks and trust companies, 829. Receipts, 38, 184. Terms of London agreement— REPARATIONS, 5, 38, 42, 43, 123, 184, 188, 191, 301, Cash. One billion gold marks on May 31, 302,303,308,311, 313,415, 422, 550, 551, 555, 561, 1921, 301. 641, 688, 809, 810, 812, 945, 949, 1021, 1022, 1023, Other 1921 payments to be in goods, 301. 1026, 1063, 1067, 1180, 1186, 1288, 1422. Germany paid the cash payment and Amounts demanded from Germany, 1427. made a payment in kind in 1921, but Animals required in payment of, 1293. payment in kind due Feb. 15, 1922, Armies of occupation, 550. was not completed, 301. Austria, treaty, 1295. Cannes agreement. Annual payment of 720 Bulgaria, treaty, 1295. million gold marks in cash, and 1,750 Cannes conference, 308, 641, 949. millions m kind, in place of 26 per cent Italy’s share fixed by, 308. export tax, 301, 1425. Chronological dates of events, 1288. Proposes to reduce reparation payments by Claims of various countries, 1422. amount of cancellation of allied debts by Claims filed with Reparations Commission. 44.7 Allies and United States, 415, 1026. billions of dollars. Feb. 23, 1921, 1426. Hoover, Hon. Herbert, suggests revision of repara Coal required in payment for, 1294. tions, 122, 123. (See France.) International loan— Damages Germany is to pay, 1292. Reparations commission appoints a subcommittee Deficit, German. Caused by reparation payments, to consider. May 24, 1922, 688. 1186. Refuses to favor such a loan unless Germany will Distribution of reparations between Allies, 302, 1422. agree to conditions imposed, reform of her European conditions interwoven with question of, finances, etc., May 26, 1922, 688. 1021. Germany accepts the conditions, 688. Events. Chronological table, 1288. Bankers meet but oppose such a loan unless repa Financial condition of Germany. (See Stabilization.) rations are reduced and finally fixed. Julv, Forced loan, 181, 313, 813, 949. 1922, 812, 1022. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 75 REPARATION S—Continued. REPARATIONS—Continued. International loan—Continued. Payments—Continued. France declines to consider any reduction, 812, Germany asks reduction of required annual pay 1022. ment of 720 millions of gold marks, agreeing Bankers adjourn, 812, 1022. that payments in kind be proportionately Comment on failure of, 1023, 1024. increased. Jan. 27, 1922, 303, 311. Italy— Great Britain and France agree to leave question Claims on, 308. of modification to Reparation Commission, Fixed by Spa and Cannes conferences, 30S. also the Wiesbaden agreement. Feb. 21, Payments in cash and kind, 308. 1922, 303. Loan, forced, 813. Germany makes a provisional agreement with Methods of payment, 1293. Reparation Commission for 1922, 700 millions Moratorium, 812, 949, 1022. of gold marks in cash and 450 millions in (See Payments.) kind. Feb. 28, 1922, 303. Payments— Italy. In cash and kind, 308. Germany states conditions under which she can Cannes conference proposals adopted by Repara make the payments due in January and Feb tion Commission, 415. ruary, 1922. Must arrange for a credit, 42. Distribution of one billion gold marks paid Aug. Asks for extension of time. November, 1921, 43. 31, 1921, 415. Reply of reparations commission, 43. Reparation Commission fixes payments for 1922: Commission refers matter to supreme council, 43. 720 million gold marks in cash; 1,450 million Fails to arrange for a credit, 43. gold marks in goods; 282 millions already Conference of German and allied reparation com paid. Mar. 22, 1922, 422. mission at Paris. No conclusion reached, Reparation Commission imposes conditions— December, 1921, 123. higher taxation, internal loans, international Germany must have an export balance in order to loan or levy on capital, etc., 422. make cash payments, 123. Distribution of payments in kind between France Reconstruction problems are bound up with and other Allies, 423. reparation payments, 123. Meeting of allied' finance ministers. Settle Supreme council at Cannes grants short mora ment of details. No arrangement as to pay torium on certain stated conditions, Decem ing expense of United States army of occupa ber, 1921, 123, 184, 301. tion. Mar., 1922, 550. Germany announces a compulsory loan for repara Wiesbaden agreement— tion payments, to bear no interest for 3 years. Payments in kind approved by allied Gov- 184, 191, 192. v ernments. Mar. 11, 1922, 555. Germany replies to Reparations Commission, Jan., Agreement entered into Oct. 6, 1921, 555. 27, 1922, 184. ] Reparation Commission makes agreement with France makes appropriations in large amounts Germany as to method of distribution, 555. based on reparation payments it expects to France makes agreement with Germany for direct receive, 188. transactions covering payments ” in goods. Total payments. Cash, kind, transfers of property Mar. 15, 1922, 556. to Mar. 1, 1922, 301. Reparation Commission publishes a statement of Payments in kind due Feb. 15, 1922, not met in all payments, cash and in kind, from Nov. 11, full, 301, 415, 561. 1918, to Dec. 31, 1921. Mar. 8, 1922, 561. Comparison between London agreement and I Paris statement of total expenditures by Germany Cannes modification, 301. for reparations and use of proceeds. Mar. 8, 1922, 561. London agreement provided for payment of 1 Germany paid from Jan. 1, 1922, to Mar. 9, 1922, billion gold marks on May 31, 1921, the 186 millions of gold marks in cash and 60 balance of payments for 1921 to be in kind. millions in kind, 561. The cash payment was made by Aug. 31, Germany has paid cash required by Cannes con 1921, and the payments in kind due Nov. 15, ference up to date, June, 1922, 641. 1921, were made, 301. German conditions as to supervision of her finances The Cannes agreement provided for an annual by Allies, 641. payment of 720 millions of gold marks, and Germany pays 50 million gold marks due May for payments in kind of 1,750 millions of gold 15, 1922, 688. marks, in place of the 26 per cent export tax, Reparation Commission imposes conditions for 301. modification of payments, 688. Germany says her utmost limit is 500 millions of France enters into new agreement with Germany gold marks and 1 billion in goods, 302. as to payments in kind. June, 1922, 812. Cannes agreement gave Belgium all except 159 Germany pays 50 million gold marks due June millions of gold marks, to be given to Great 15, 1922, 812, 949. Britain, who, in turn, agreed to 139 millions of Reparation Commission accepts German condi it to France, 302. tions and grants a partial moratorium. July, Distribution of, Nov. 11, 1918, to May 1, 1921, 1922, 812. May 1, 1921 to Nov. 30, 1921, 302. Reparation payments necessitate a favorable France waives any part of payments made be balance of trade which Germany had in Dec., tween May 1 and Sept. 1, 1921, 302. 1921, for first time since armistice, 813. Wiesbaden agreement. Oct., 1921, payments in : Payments made from Nov. 11, 1918, to Apr. 31, kind, 302. 1922: Cash, 14 billion gold marks; goods, To Great Britain, 303. I 43.9 billion gofd marks, 945. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
76 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. REPARATIONS—Continued. REPARATIONS—Continued. Payments—Continued. Review and discussion—Continued. Germany asks complete relief from remaining Part II. Fixing Germany’s liabilities—Contd. cash payments due in 1922, including the Conferences—Continued. reduced installment of 32 million gold marks London, Mar. 1, 1921. Allies decline to due July 15,1922, asks for a moratorium, July accept German conditions for pay 12, 1922, 949. ment of proposed 30 billions of gold Reparation Commission states conditions of a marks, 1424. moratorium control over German finances, Lloyd George says Germany is deliberately in etc., 949. default and that if payments not made the Germany accepts the conditions, 949. Allies will occupy German territory, March, Reparation Commission grants a partial mora 1922, 1424. torium by agreeing to accept 6-month treasury Germany’s counter proposals rejected and Allies bills in lieu of casn, Aug. 31, 1922, 1022. occupy certain territory, 1424, 1425. Refuses a complete moratorium until Germany Germany asks United States to present her final has inaugurated financial reforms, 1022. proposals. United States declines, Apr. 24, France’s condition of a moratorium, expressed by 1922, 1425. Poincare: Export and import duties in Ruhr Allied ministers and Reparation Commission give district, seizure of state-owned mines and an ultimatum, Apr. 27, 1922, 1425. shares in German industrial concerns on left Terms of ultimatum, 1425. bank of Rhine, 1026. Germany accepts, May 8, 1921, 1425. Lloyd George’s proposition— Reparation claims against Germany, filed Feb. Adjourn discussion for one year; refer mora 23, 1921, 1426. torium to Reparation Commission, etc., Amount to 44.7 billions of dollars, 1426. 1026. Complete list, 1427. France would not agree, 1026. Final decision. Analysis, 1427. Reparation Commission’^ decision, Aug. 31, London agreement and Cannes program. Dif 1922, 1022, 1027, 1425. ference, 1427. France agrees, 1027. Settlement, proposed by Allied finance ministers, Payments up to Apr. 30,1922: (.’ash, 1,494,000,000 550,1068. gold marks; goods, 5,451,000,000 gold marks, Shipping, damage to, 1294. 1063. Spa conference, 308, 1423. Coal payments, 1063. Stabilization. Reparation Commission to investigate Treasury deficit due to, 1186. financial condition of Germany with a view to, Final terms fixed by Reparation Commission: 812. Cash, 132 billions of gold marks, bonds, etc., Treaties— 1425. Austria, 1295. Poincare— Bulgaria, 1295. Moratorium conditions, 1026. Turkey, 1296. Refuses to accept Lloyd George’s plan, 1026. Versailles, 1289. Problem of reparations involves investment of capital, United States and Germany, 1296. 123, 124. United States— Reparation Commission— Allied finance ministers agreement does notjpro- Decisions, 1022,1027, 1425. vide for expense of armv of occupation of, Duties and powers, 1290. March, 1922, 550. London decision, 1425. Claims for occupation costs, 551. Report. Federation of British Industries, 38. Distribution between Allies and, 302, 415, 561. Review and discussion. First three years of German Treaty with Germany, 1296. reparations— Versailles treaty. Expense to Germany of carrying Part I. (a) Treaty of Versailles— out terms of, 1067. General principles, 1289. Wiesbaden agreement, 123, 302, 303, 555. Reparation Commission, 1290. Made Oct. 6, 1921, approved by Allied govern What Germany is to pay, 1292. ments Mar. 11, 1922, 555. How Germany is to pay, 1293. REPORTING MEMBER BANKS. Ob) Other treaties— Agricultural loans and discounts, 266, 499. Austria, Sept. 10, 1919, 1295. Assets and liabilities, weekly changes in, 92, 233, 347, Bulgaria, Nov. 29, 1919, 1295. 348, 469, 608, 609, 648, 737, 738, 773, 774, 877, Turkey, Aug. 10, 1920, 1296. 879, 907, 993, 994, 1029, 1122, 1124, 1156, 1157, United States, Aug. 25, 1921, 1296. 1158, 1241, 1365, 1396, 1485. Part II. Fixing Germany’s liability, July, 1919- Condition reports, leading cities, 101, 240, 355, 476, May, 1921, 1422. 616, 744, 869, 884, 1001, 1128, 1154, 1241, 1248, Conferences— 1271, 1372, 1492. San Remo, Apr. 19, 1920, 1422. Condition reports— Lympne, May 14, 1920, June 20, 1920, All member banks. Abstract, 373, 633, 870, 1422. 1145. Boulogne, June 21, 1920,1422. Member State banks and trust companies, 371, Brussels, July 2, 1920, Dec. 16, 1920, 630, 1142. 1423. (See Review of month.) Spa conference, July 5, 1920, 1423. Discounts. Agricultural loans and, 266, 499. Paris, Jan. 24, 1921, 1423. (See Member banks.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
77 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN, REPORTS. RESERVES—Continued. Annual. Bank of France. 427. Trust funds. Reserves required against, held by Argentina Railway Commission. 564. national banks. 572. Federation of British industries. On reparations, 38. (See Rulings, Federal Reserve Board.) Financial commission. Genoa conference, 678. RESOURCES. Great Britain. Revenue and expenditures. Sir (See State banks and trust companies.) Auckland Geddes, 304. (See Business, industry and finance; Crop reports; RESOURCES AND LIABILITIES. Knit goods manufacturers of America.) Federal reserve banks, 96, 236, 351, 472, 611, 740, 880, 997, 1125, 1244. 1368, 1488. RESERVE BANK. Reporting member banks, 101, 233, 240, 355. 476, 616, Peru, 515. 744, 869, 884, 1001, 1128, 1248, 1372, 1492. South Africa, 1329. June, 1921-June, 1922, 869. RESERVE BANKS. RESTORED TO SOLVENCY. (See Federal reserve banks.) (See National banks.) RESERVE CITY. RESUMPTION OF SPECIE PAYMENTS. Chattanooga discontinued as a. Effective, Aug. 1, Chile postpones, 825. 1922, 922. St. Louis reclassified as a. Effective, July 1, 1922, RETAIL PRICES. INDEX NUMBERS. 658. Czechoslovakia, 1461. RESERVE CITY BANKS. France, 84, 225, 308, 330, 448, 584, 686, 714, S10, 842, (See Abstract, condition reports.) 971, 1100, 1217, 1342, 1461. Germany, 85, 225, 330, 448, 584, 714, 842, 971, 1100, RESERVE DEPOSITS. 1187, 1217, 1342, 1461. (See Banking conditions.) Great Britain, 84, 225, 330, 448, 584, 714, 842, 971, RESERVE POSITION. 1100, 1217, 1342, 1461. (See Review of month.) Italv, 309, 330, 448, 584, 714, 842, 971, 1100, 1217, 1342, 1461. RESERVE RATIO. Sweden, 84, 225, 330, 448, 584, 714, 842, 971, 1000, Federal reserve banks, 9,131. 270, 389. 503. 648. 770. 1217, 1342, 1461. 775, 909, 1031, 1158, 1367, 1487. United States, 84, 225, 330, 448, 5S4, 714, $42, 971, Actual and adjusted, .1920 and 1921, 30. 1100, 1217, 1342, 1461. Year ending June 30, 1922, 863. Monthly reports on. (See Retail trade.) 1920.1921. Charts, 30, 31. RETAIL TRADE. Metallic reserves— Condition of, 21, 75, 142, 217, 281, 340, 398, 461, 512, Principal countries, 254. 255. 256. 257, 367 , 368, 599, 658, 729, 785, 858, 920, 986, 1041, 1114, 116$, 369, 370, 659, 660, 665, 666, 758. 1233, 1283, 1358, 1404, 1477. RESERVES. Value, average monthlv. Per cent of increase or de Central bank liabilities and gold reserve. 254. 255, crease, 75, 76, 78, 217, 219, 341, 461, 462, 463. 599, 256, 257, 367, 368, 369, 370, 659.660, 665. 666, 758. 601, 729, 731, 858, 860, 986, 988, 1114, 1116, 1233, Deposit and note liabilities. Ratio. (See Reserve 1235,1358, 1360, 1477, 1479. ratio.) REVENUE AND EXPENDITURES, GOVERNMENT. Depreciation. U. S. bonds, 146. Argentina, 562, 563, 955, 1189, 1315. Federal reserve banks, 95, 235. 350, 471, 610, 739, 879, 996, 1124, 1243, 1367, 1487. Chile, 1195. Year ending June 30, 1922. 862. Cuba, 960. 1919-1922, 403. France, 117,187, 258, 305, 376, 490, 555, 635, 761, S97, 1017, 1147, 1263, 1385, 1433, 1506. 1921.1922. Charts, 864. Germany, 118, 193, 259, 377, 491, 561, 636, 762, 898, Federal reserve notes, relation of, to reserves, 1917- 1018, 1148, 1264,1386,1507. 1922,1123. Great Britain, 117, 185, 257, 304, 375, 417, 490, 553, Gold reserves— 635, 761, 897, 1017, li47, 1263, 1385, 1506. Brazil, 957. Central bank liabilities and. Principal countries, Italy, 118, 189, 258, 376, 491, 556, 558, 559, 636, 762, 898, 1018, 1148, 1264, 1386, 1507. 254, 255, 256, 257, 367, 368, 369, 370, 659. 660, Sweden, 1913-1921, 46. 665, 666, 758. Federal reserve banks, 1919-1922, 403. REVENUE STAMPS. (See Resources and liabilities.) (See Tobacco.) Principal countries, 1913-1923. (See, supra, Central bank liabilities, etc.) REVIEW OF MONTH, FEDERAL RESERVE BUL (See Individual banks, byname; Ratio, principal LETIN, 37, 121, 261, 379, 495, 639, 765, 1021, heading; Resources and liabilities.) 1151, 1267, 1389. Insurance, self, reserves for. Federal reserve Analysis. Act of Feb. 9, 1922. Debt funding com banks, 146. mission, 386. Losses, reserves for. Federal reserve banks, 146. Activity. (See Industrial activity.) Ratio. Metallic reserves to note and deposit liabili Agricultural conditions— ties, principal countries, 254, 255, 256, 257, 367, Frozen credits, 2, 3, 261. 368, 369, 370, 758. Liquidation, 2, 3. (See supra, Reserve ratio; Ratio, principal heading.) Remedies, suggested, 261. Rcichsbank. (See same.) Agricultural conference, 264. Silver reserves. Principal countries, 1913-1922, 665. Agricultural credit and interest rates, 263. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
78 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. REVIEW OF MONTH, FEDERAL RESERVE BUL REVIEW OF MONTH, FEDERAL RESERVE BUL LETIN—Continued. LETIN—Continued. Agricultural loans— Business conditions, 1921-22,1,379,497,902,1028,1267. Constitute from 15 to 20 per cent of all loans of Business, industry and finance. (See Indexes of member banks, and, in addition, 5 per cent business conditions.) on mortgage loans, 499. Business. Relation of credit to, 127. Table. Bills held by Federal reserve banks and Capital progress, 4. loans and discounts of reporting member Changes in bank credit practice, 905. banks, 499. Circulation. Peak reached at close of 1920, 769. Agricultural prices. (See Prices.) Coal exports from Germany, 1393. Agriculture— Collateral loans. (See Demand collateral loans.) Export situation with reference to, 267. Commercial failures— Exports, value of, 1913-1921, 268. 1893-1922, 902. (See Joint Committee of Agricultural Inquiry.) 1920-21, 901. Allied debt— Commercial paper. (See Discount and interest rates.) Balfour note, 1024. Commercial paper market, 1920-21, 905. Reply of United States Treasury, 1024. Condition, member banks. Assets and liabilities, 8, Allotments. (See United States bonds.) 130, 270, 388, 502, 647, 908. Amendments— Conditions. (See Financial conditions; Index of Federal reserve act. Additional member on business conditions; Banking situation; Business Federal Reserve Board, 501. conditions.) (See Federal Reserve Board.) Conference of governors— Armistice. European prices since, 1389. May 2, 1922, 646. Austria. Financial conditions, 644. Oct. 8, 1922, 1272. Bailey, W. J. Elected governor of Federal Reserve Conference of Federal reserve agents, October 8, 1922, Bank of Kansas City, 909. 1272. Balance of trade— Consumers’ goods. (See Prices.) Foreign exchange, effect of favorable, on, 385. Conversions. (See United States bonds.) France— Cotton and woolens— 1913-1921, 384. Peak reached in January, 1920. Lowest point, 1921, 384. December, 1920, 497. Germany— (See Prices.) 1913-1921, 384. Country banks, borrowings of, 2. Favorable, due to foreign buving of marks, Counsel. Federal Reserve Board. (See Federal Re 497. serve Board, General counsel; General counsel.) Great Britain— Credit. (See Bank credit practice; Establishment of 1913-1921, 384. normal credit.) 1920-1922, 384. Credit and business, relation of, 1272. Italy, 1913-1921, 384. Credit and depression of business, 1920-21, 901. Norway, 1913-1921, 384. Credit conditions, mercantile, 1920-21, 903. Ratio, imports to exports. Foreign countries, 384. Credit demand. Reason for failure to grow in proper Sweden, 1913-1921, 384. tion to increased volume of trade, 499. United States— Credit, demand for. Changes in, 766. Net unfunded debt, due to private creditors Credit liquidation and member banks, 1153. in United States, 3.4 billions, 3, 128. Credit problems— Exports falling off, 129, 382, 383. Foreign, 3. Almost reversed, 382. Frozen loans, 3. Balance with Europe, 1913-1922, 382. Longer credit needed, 3. (See Germany.) Credit shortage. Germany, 1395. Balfour note. (See supra, Allied debt.) Credits— Bank debits, 1922, 1270. Foreign bank, 906. Bank credit practice, changes in, 904. Nonagricultural export, 268. Bank credits, foreign, 906. Crop financing, 1151, 1154. Bankers’ acceptances— Crops. Production, 1151. Growth, 771. Currency. Peak of, in circulation reached at close of Holdings. Federal reserve banks, 1921 and 1922, 1920, 769. 772. Currency disorder, effect on production, 1394. Banking situation, 8, 130 (continuous liquidation), Currency reform an essential, 496. 269, 379 (improving), 381 (abroad), 388 (liquida Currency situation abroad, 381. tion), 498, 499, 500 (drop in interest and dis Czechoslovakia. Rise of exchange in, 1394. count rates), 502, 646, 773, 907, 1029, 1156. Debt funding commission, 645. Close of 1921,1. Demand collateral loans. Rates, 768. Policy for 1922,1. Demand for credit, changes in, 766. Banks ana business borrowers, 904. Department of State. Wishes to be advised of con Banks and crop financing, 1152. templated foreign credits given in United States, Basis. Gold. (See Prices.) 386. Bonds. Increase in value of industrial, 4. Deposits. Influence of retirement of Federal reserve .Borrowers. Banks and business, 1920-21. 904. notes on, 1155. Borrowings of country banks, 2. Depression of 1920-21. Credit and, 901. Budget. Russia, 644. Discount and interest rates. Customers’ paper, de Business borrowers, banks and, 1920-21, 904. mand collateral loans, open market, 768. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
79 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. REVIEW OF MONTH, FEDERAL RESERVE BUL REVIEW OF MONTH, FEDERAL RESERVE BUL LETIN—Continued. LETIN —Continued. Discount rates— Federal reserve system. Working of, 1920-21, 902. Bank of England. Reduction to 4 per cent April Finance. (See Treasury finance A 13, 1922, 496. Financial conditions— (See Great Britain; Bank of England; Discount Foreign, improving, 5. rates.) Germany, 496. Bank of France. Reduction to 5 per cent March Italy, 496. 11,1922, 496. Financial problems, foreign. Hon. Herbert Hoover Federal reserve banks and market rates. Spread on, 641. between, 265, 266 (table), 769. Financial recommendations. Genoa conference, 639. Market rates— Financial situation abroad, 643. Decline in, 500. Financing, crop, 1151, 1154. Spread between Federal reserve and, 265, Financing of foreign trade, 3. 266 (table), 769. Foreign bank credits, 906. Price stabilization. Effective in some countries Foreign banking situation, 381 as a means of, 128. Foreign countries— Reduction in, 2. Debt to United States, 645. Discounts. (See Loans and; Member banks.) (See Gold; Prices.) Division of analysis and research removed to Wash Foreign credits— ington, D. C., 389. Private, given in United States, increasing, 379. Dollar loans. (See Foreign dollar loans.) State Department wishes to be advised of 386. Dollar loans abroad, increase in, 379. (See Foreign dollar loans; United States.) Establishment of normal credit, 901. Foreign currency situation, 381. Europe— Foreign dollar loans granted to foreign countries. Changes in industrial activity, 1391. Table, 386. Industrial recovery, 1389, 1395. Prices since armistice, 1389. Foreign exchange— (See Prices.) Balance of trade. Effect of improved, on, 385, Exports credits, nonagricultural, 26S. Czechoslovak!. Rise in, 1394. Exports from United States— Disturbed condition. 7. Decrease in, 382. Genoa conference. Stabilization of, 640. (See Balance of trade.) Improvement in, 379. Farmers. (See Joint Commission of Agricultural Prices and, 380. Inquiry.) Rates. Cable transfers, New York, 380. Federal Advisory Council— Rates. France, Great Britian, Italy, 1028. Memorial to President against extra member on Situation. Hon. Herbert Hoover on, 122. Federal Reserve Board. Against political Stabilization, 126. influences, January, 1922, 263. Genoa conference, 640. Wade, Festus, elected a member of, 775. Gold standard. Gould be accomplished by Watts, F. O., resigned, 775. vigorous control over credit and currency Federal reserve act. Amendment. Additional mem without return to, 127. ber, 501. (See prices.) Federal Advisory Council opposes, 263. Foreign financial problems. Hoover on, 641. Federal reserve agent. Dallas— Foreign Government financing— Ramsey, W. F., death of, October 27,1922,1272. Bank of England. Large advances for govern Newsome, W. B., appointed, November 3, 1922, ment expenditures, 6. 1272. France.— Federal reserve agents. Conference October 8, 1922, Budget framed on assumption that Germany 1272. will pay for reconstruction of devasted Federal reserve bank, Dallas. (See Federal reserve regions, 6. agent, Dallas.) Bonds of Credit Nationale, guaranteed by Federal reserve bank, Kansas City— Government, represent borrowed capital Bailey, W. J., elected governor, 909. and not taxation, 6. Miller, J. Z., resigned as governor, 909. Italy. Budget calls for greater expenditures Federal reserve banks— than receipts, 6. Rediscounts between, 2, 1153. Foreign investment, 772. Rediscounts of member banks, 1272. Foreign loans, 2, 3, 261, 770, 771 (liquidation). Resources and liabilities. Year, 1921, 2. Placed in United States, 644,1027, 1028. Review, six months’ operations, 765. Unwise to require proceeds to be spent in United Weekly changes, assets and liabilities, 9,131, 270, States, 644. 389, 503, 648, 773, 774, 908, 1157. Foreign outlook, 5. Federal Reserve Board— Foreign trade. (See France; Germany; Great Britain; General counsel— Italy; United States.) Logan, W. S., resigns, 1158. Foreign trade, financing of, 3. Wyatt, Walter, appointed, 1158. (See Great Britain.) Joint Agricultural Commission. Approves bill Foreign trade situation, 129. of, 264. France— Misstatements of attitude toward loans by member Amount spent on reconstruction, 123. banks, 267. Balance of trade— Reserves. Gold, 3, 4. 1913-1921, 384. Federal reserve notes. Influence on deposits of 1921-1922, 384, 1393. retirement of, 1155. Foreign exchange rates, 1028. 39507—23-----G Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
80 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. REVIEW OF MONTH, FEDERAL RESERVE BUL REVIEW OF MONTH, FEDERAL RESERVE BUL LETIN—Continued. LETIN—Continued. France—Continued. Gold- Prices, wholesale. Index numbers compared Gold basis. (See Prices.) with Great Britain, United States, Germany, Great Britain soon to permit free market in, 128. and Itlay. Same reduced to gold basis, 1389. Holdings of Federal reserve banks, 770. Ratio. Imports to exports, 384. Imports and exports, 7, 129, 269, 387, 501, 646, (See, supra, Foreign Government financing.) 907, 1029, 1156. Frozen loans. (See Loans.) Net imports, 1914-1922, 387, 646. General counsel. (See Federal Reserve Board, gen Movement of, 773. eral counsel.) Prices— Genoa conference, 121, 495. In foreign countries reduced to gold basis, 5, United States refuses to take part in, 385, 642. 381. Germany— Maladjustment of internal, causes depression Banking conditions, 1023. in countries of high gold values and a Coal exports, 1393. trade boom in countries of low gold Cost of living increased by currency inflation, 497. values, 5. Credit shortage in, 1395. Internal price levels of foreign countries in Export trade. Striking increase in, 384. terms of gold, as compared with Ameri Financial conditions, 644. can price levels, 381. Foreign trade. Bulk and value, marks, 6, 1024, Redistribution of. Argument for, 128. 1393. Reserves. Federal reserve system, 3,4. Government expenses increased by currency in Gold exchange standard, 127. flation, 497. Gold settlement fund, 1155. Imports and exports— Gold standard— 1913-1921, 384. Genoa conference, 640. 1921-1922, 497. Restoration of, 495. Industrial activity in, 1393. Means for, 125. Inflation. Shifted from deflation to, 5. Stabilization of foreign exchange can be Labor cost relatively low, 6. accomplished without, by vigorous con Marks— trol of currency and credit, 127. Much of the selling of, is from German sources, Wise to restrict movement for, into inter 379. national field, 127. Depreciation of, 1389. Government obligations— Favorable balance of trade caused by foreign Absorption of, 767. buying of, 497. Holdings. Federal reserve banks and member Difference between internal and external banks, 768. value of mark caused large exports at low Loans and discounts secured by, 768. prices and imports of food and raw ma Governors’ conferences— terials at high prices, thus making bal May 2, 1922, 646. ance of trade unfavorable, 384. Oct, 8, 1922, 1272. Prices— Great Britain— Internal price level is lower than external, Balance of trade. (See Imports and exports.) measured in American dollars, 6, 381 Budget, 643. (table). Debt to— Fall of prices so great that in spite of competi Foreign nations, 643. tive advantages, the balance of trade is Russia, 643. increasingly unfavorable, 6. United States, 643. Trying to increase export prices by increas Financial conditions, 643. ing freight rates and decreasing bread Foreign exchange rates, 1028. subsidy. This, coupled with growing Foreign trade. Volume not sufficient to care for shortage of goods, has caused higher surplus output of British industry, 6. prices, 384. Imports and exports, 1920-1922, 379, 383, 384, Regulation of price of food, rents, and freight 1392. rates and sale of marks abroad, thus de Loans to foreign Governments. Guaranty of capital pressing exchange rates, have kept in and interest on private, on condition that pro ternal and external prices apart, 384. ceeds are to be spent for British goods, 123. Fall in world prices and increase in German Prices— prices enables German manufacturers to Adjustment of international prices should import raw materials and export finished be made by deflation of continental and products at a profit, 497. not by inflation of British prices, 6. Index numbers, wholesale prices— Index numbers, wholesale prices. Compared Compared with United States, Great with United States, France, Germany, and Britain, France, and Italy, 1389. Italy. Same reduced to gold basis, 1389. Reduced to gold basis, 1389. Ratio. Imports to exports, 1913-1921, 384. Profits— (See Foreign Government financing.) Abnormal when domestic raw materials Growth of bankers’ acceptances. (See Bankers' are used for export goods, 6. acceptances.) Such profits invested largely abroad, 6. Hague conference. Russia, 1021. Ratio. Imports to exports, 1913-1921, 384. Hoover, Hon. Herbert— Reparations. (See infra, Reparations.) Foreign exchange situation, 122. Value. Imports exceed exports in value, 123. Foreign financial problems, 641. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
81 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. REVIEW OF MONTH, FEDERAL RESERVE BUL REVIEW OF MONTH, FEDERAL RESERVE BUL LETIN—Continued. LETIN —Continued. Index numbers. (See Prices.) Normal credit, establishment of,, 901. Indexes of business conditions, 7, 129, 268, 387, 497, Norway— 645, 772, 907, 1028, 1156. Balance of trade, 1913-1921, 384. (See Business, industry, and finance.) Ratio. Imports to exports, 384. Industrial activity— Note issues, 1921-22, 769. Europe, 1391^ 1395. (See Note circulation, principal heading.) Germany, 1393. Open-market rates, 768. Industrial situation. Europe, 1389. (See Market rates.) International balance of trade. (See Balance of trade.) Operations of Federal reserve banks. Review, 765. International comparison. Prices, 380, 1389. Paper. (See Commercial paper market.) International price levels, 380,1389. Par clearances. United States district court, International investment situation, 385. Georgia. Decision on merits, Mar. 11, 1922, 501. International prices. (See Prices.) Peak. Currency. Close of 1920, 769. International trade of Europe, 383. (See Prices.) Investment, foreign, 772. Physical volume of trade. Reason for failure of Investment progress, 4. commercial credit demand to grow in proportion Investment situation, international, 385. to, 499. Inventory reductions, 1920, 1921, 903. Pig iron. Peak of prices, Mar., 1920; lowest point, Iron, pig. (See Prices.) July, 1921, 497. Issue, mid-year statistical, 765. (See Prices.) Italy— Pittman certificates, 9. Balance of trade, 1913-1921, 384, 1392. Policies, Federal reserve, 1922, 1. Financial conditions, 643. Price readjustments, 1267. Foreign exchange rates, 1028. Prices— Imports and exports. (See Balance of trade.) Agricultural— Prices, wholesale. Index numbers. Compari Reason why prices advanced unduly during son with United States, Great Britain, France, war and fell more than other commodi and Germany. Same reduced to gold basis, ties during price decline, 262, 263. 1389. Improvement m, 498. Ratio. Imports to exports, 1913-1921, 384. Commodities. (See infra, Index numbers.) (See Foreign Government financing.) Consumers’ goods. Chart. Index numbers 1268, Joint Agricultural Commission— 1269. Federal Reserve Board approves bill of, 264, 318, Cotton— Legislation proposed by, 263. Peak, Jan., 1920; lowest, Dec., 1920, 497. Work of, 262. 1922, 1269. Liberty bonds. Average value increased, 4. Decrease, 767. Limitation of armaments. Five-power treaty will Discount rates. Stabilization could be accom save 200 millions from present building plans of plished in some countries through, 128. United States, 125. Dollar. In 1919 had smaller purchasing power Liquidation, 2, 3, 130, 388, 770, 771, 1153, 1156. abroad than at home because of pegging of Loans— exchanges. Condition now reversed, 381. Agricultural, amount to at least 15 to 20 per European prices since armistice, 1389. cent of total, of member banks plus 5 per Foreign exchange— cent on mortgage loans, 266. Foreign exchange did not fail proportion Frozen loans, 2, 3, 261. ately to price inflation abroad in 1919 (See Demand collateral loans.) because of pegging. When pegging Loans and discounts, member banks, 1921 and 1922, ceased, it fell, 380. 1154, 1271. Prices and, 380. (See Member banks.) Germany— Logan, W. S., resigns as general counsel, 1158. In Germany, internal price level is lower Mark, depreciation of, 1389. than external level measured in Ameri Market. (See Commercial paper market.) can dollars, 6, 381. Market rates— Comparison with United States, France, Spread between Federal reserve and, 266, 769. Great Britain, and Italy, 1389. (See Discount and interest rates.) Same, reduced to gold basis, 1389. Member banks.— Gold basis. Prices in foreign countries reduced Condition statements. Assets and liabilities, 8, to, 5, 381, 1389. 130, 270, 388, 502, 647, 773, 774, 908. Great Britain. International prices should Credit liquidation and, 1153. be adjusted by deflation of continental Loans and discounts. June 30 and Dec. 31,1921, prices rather than by inflation of British, 6. 1154. Increase, May, 1922, 497. Rediscounts with Federal reserve banks, 1272. Italy. Comparison, index numbers, wholesale Weekly changes. Assets and liabilities, 1157. prices between the United States, Great (See Weekly changes, principal heading.) Britain, France, and Germany, 1389. Mercantile credit conditions, 1920-21, 903. Index numbers. Commodities. May, 1920- Midyear statistical issue, 765. Sept., 1922, 1268. Miller, J. Z., resigns as governor of Federal Reserve International prices— Bank of Kansas City, 909. Maladjustment of, causes depression in coun Newsome, W. B., appointed Federal reserve agent. tries of high gold value and trade boom* Dallas. Nov. 3, 1922, 1272. in countries of low gold value, 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
82 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. REVIEW OF MONTH, FEDERAL RESERVE BUL REVIEW OF MONTH, FEDERAL RESERVE BUL LETIN—Continued. LETIN—Continued. Prices—Continued. Statistical issue, mid-year, 765. International prices—Continued. Stewart, W. W., appointed director of division of Comparison with United States, France, Ger analysis and research, 1031. many, and Italy. Same, reduced to gold Subscriptions to United States 4J per cent bonds. basis, 1389. (See United States bonds.) Peak of prices— Summary. (See Review.) Agricultural, as compared with other com Sweden— modities, 262, 263. Balance of trade, 1913-1921, 384. Cotton, Jan., 1920, 497. Ratio. Imports to exports, 384. Pig iron— Ter Meulen plan, 124,125. * Mar., 1920, 497. Treasury finance. Financial plans. United States 1922, 1269. Treasury, 929,1273,1296. Raw materials, 1268. United States— Readjustments, 1267. Balance of trade, 1913-1922, 382. Wool, 1919-1922, 1269. Reversal of, 382, 383. World prices— Bonds. (See infra, United States bonds.) Declined, first half of 1921, 5. Debt— Increased, last half of 1921, 5. Foreign countries to, 645. (See Germany.) Great Britain to, 643. Problems. Financing of foreign trade, 3. Exports declining, 382. Production- Foreign dollar loans granted, 386, 1027, 1028. Crops, 1151. State Department asks to be advised of, 386. Industrial, 1268. (See Loans.) Effect of currency disorders on, 1394. Unfunded balance due to, 3, 128. United States. Index numbers, wholesale, com United States bonds. Issue of Oct. 16, 1922, 4i per parison with Great Britain, France, Germany, cent bonds. Allotments, conversions, subscrip and Italy. Same reduced to gold basis, 1389. tions, 1272. Railroad securities. Increase in value, 4. United States Treasury. Financial plans, 929, 1273, Ramsey, W. F., death of. Federal reserve agent, 1296. Dallas, Oct. 27,1922, 1272. United States Victory notes. (See Victory notes.) Rates. (See Discount and interest rates; Discount Value. (See Bonds, industrial; Liberty bonds; Rail rates.) road securities.) Raw materials. (See Prices.) Victory notes— Rediscounts between Federal reserve banks, 1153. Exchanged for new United States 4J per cent Rediscounts. (See Federal reserve banks; Member bonds, 1272. banks.) (See United States Treasury, financial plan.) Refunding commission. Work of, 386. Wade, F. J., elected member" of Federal Advisory Reparations, 5, 123 (concessions), 123 (payments in Council, 775. kind), 641,1021, 1022. Watts, F. O., resigns from Federal Advisory Council, Reparations commission. Decisions, 1023. 775. Reporting member banks. Weekly changes. Assets Weekly changes. Assets and liabilities. Federal and Labilities, 1157. reserve and member banks, 9, 131, 270, 389, 503, (See Weekly changes; principal headings.) 648, 773, 774, 908, 1030, 1157. Reserve position, 770. Wool. (See Prices.) Review, 1921— Workings of Federal reserve system, 1920-1921, 902. Banking situation, 1. Wyatt, Walter, appointed general counsel, Federal Business situation, 1. Reserve Board, 1158. Depression of 1920-21, 901. Year, 1921. Review, 1, 2, 3, 5, 901. Federal reserve banks, 2. Liquidation, 2, 3. REVIEWS. Prices, 5. Agricultural paper rulings, Federal Reserve Board. Review of month, 1, 121, 261, 379, 495, 639, 765,1021, (See Rulings, Federal Reserve Board.) 1151, 1267, 1389. Cattle loan companies, 1171. Review. Six months’ operations. Federal reserve Cooperative marketing associations, paper. (See Rul banks, 765. ings, Federal Reserve Board.) Russia— Cotton factors’ paper. (See Rulings, Federal Reserve International corporation suggested to rehabili Board.) tate, 124. Depression of 1920-1921, 901. Budget, 644. Federal reserve and member bank development— Debt to Great Britain, 643. Year 1921, 1, 22. Financial conditions, 644. Six months ending June 30, 1922, 765. Hague conference, 1021. Fiscal year 1922, 862. Silver— Federal reserve banking, 1921, 1, 22. Imports and exports, 7, 129, 269, 501, 646, 907, Great Britain. Industrial conditions, 1428. 1029,1156. Member bank development. (See supra, Federal re Movement of, 773. serve and member bank development.) Net exports, 1914-1922, 388, 646. Reparations. Germany, 1288, 1422. Speculative market. Free funds have not been ab Russia. Economic survey, 936. sorbed in, 4. Year 1921, 1, 2, 3, 5, 901. State Department. (See Department of State.) (See Review of month.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
83 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. RHODESIA. RULINGS OF FEDERAL RESERVE BOARD—Con. Gold production, 1910-1921, 660. Acceptances—Continued. RIKSBANK, SWEDEN. Bankers’ acceptances—Continued. Condition. 1913-1921, 119, 259, 377, 492, 637, 691, 694, 763, 899, 1019, 1149, 1265, 1387, 1508. Regulation A, 1922, issued, superseding Earnings and expenses of, 693. Regulation A, 1920, liberalizing the Foreign exchange operations, 691, 693. regulations covering export and import Operations of, 690. acceptances, 433. Ratio— Warehouse giving receipt used as security for Gold to notes, 692. bankers’acceptances must be independ Metallic reserves, 369, 758. ent of borrower, 931. RIO DE JANEIRO. Held, that the kind of bankers’ acceptances described in section 13, Federal reserve Condition of banks, 698, 1074. act, are bills drawn against actually exist Securities placed in United States, 1050, 1051, 1317. ing values although not specifically re (See Brazil.) ferred to as such m section 13 (differing RIO GRANDE DEL SUL. from United States Revised Statutes, Securities placed in United States, 1050. section 5200), 933, 1286. ROSIN. Drafts of cooperative marketing associations on member banks, when secured by Index numbers, wholesale prices. Belgium, 1921 and warehouse receipts covering nonperish 1922, 1214. able agricultural commodities stored in ROUBLES. independent warehouses, are eligible for (See Rubles.) acceptance and, after acceptance, are ROUMANIA. eligible for rediscount, 1044. (See Rumania.) The character of the warehouse receipt, in the case of bankers’ acceptances, is RUBBER, CRUDE. material as to eligibility, but in other Imports, 338, 458, 595, 725, 856, 983, 1112, 1230, 1355, secured acceptances it is material only as 1474. to acceptability, 1044. Index numbers, wholesale prices. Belgium, 1921 and Bills of exchange drawn against actually existing 1922, 1214. values. (See infra, same.) Tire manufacturers’ consumption of. (See supra, Cooperative marketing associations. (See infra, Imports.) same.) RUBLES. Domestic acceptances. (See infra, same.) Outstanding. Russia, 1200. Trade acceptances. (See infra, same.) RULINGS OF FEDERAL RESERVE BOARD. Accepted demanded bills on which drawer and in Abuse of domestic acceptance power. Domestic dorsers are released, are not bills of exchange acceptances of banks, ostensibly based on ship drawn against actually existing values, 933. ment or storage but in fact issued to provide Acceptibility. The character of the warehouse working capital during the process of manufac receipt, as security for acceptances, except in the ture, constitute an, 52. case of bankers’ acceptances, is material only on Acceptance— the question of acceptibility and not on eligibility, Secured bills may be considered as drawn against 931, 1044. actually existing values even before, 1286. Act of July 13, 1921. Wisconsin. (See infra, Fidu Unsecured bills accepted before sale or delivery ciary powers.) to the purchaser are not drawn in good faitn Act of July 1, 1922. Puts State banks on equality against actually existing values, 1286. with national banks as to rediscounts, 933. Acceptance, eligible for. Growers’ drafts against Actually existing values. Growers’ drafts on coopera cooperative marketing associations, while not tive marketing associations, duly accepted and such a sale as would be the basis of a trade accept discounted at banks by growers are bills drawn ance, are eligible for acceptance as agricultural against, and are free from the 10 per cent limita or commercial paper, if the proceeds are used for tion of section 13, 1286. such purposes, 1044. (See infra, Bills of exchange drawn, etc.; Com Acceptances— modity of value.) Abuse of domestic acceptance power by banks. Agent.— When used to provide working capital during Bill drawn by owner of goods against his agent the process of manufacture, 52. for purpose of borrowing money rather than Bankers * acceptances— for transacting a sale, is not drawn in good Abuse of. (See supra, Acceptances, abuse, faith against actually existing values, 1286. etc.) National banks receiving funds of a corporate Cotton brokers’ draft against a mill, duly debtor to meet maturing obligations, having accepted, constitutes “other actual se authority to mingle the funds with its general curity” for a bankers’ acceptance in assets, acts merely as agent and must carry a excess of the 10 per cent limitation of reserve against the money deposited, 572. section 13, and removes the transaction Agricultural business. The buying of crops from from said limitation when a warehouse growers by a cooperative marketing association receipt giving the bank an indefeasible is a commercial rather than an agricultural busi lien, is attached, 52. ness, 1044. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
84 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. RULINGS OF FEDERAL RESERVE BOARD—Con. RULINGS OF FEDERAL RESERVE BOARD—Con. Bills of exchange drawn against actually existing Agricultural paper.— Drafts drawn by growers upon cooperative market values—Continued. ing associations to obtain funds to meet debts Bill drawn by seller of goods, sold and delivered previously contracted in growing and har to purchaser may be considered as a, when it is drawn at the time of, or within a reasonable vesting their crops, held to be eligible as, time after the sale and delivery, so as to war 931,1044. rant the assumption that the goods, or the Notes of farmers drawn or the proceeds used to proceeds of their sale, are in the possession of finance the carrying of their products for a the purchaser, 1286. reasonable time in aid of orderly marketing, Summary of rulings of Federal Reserve Board on, held to be eligible as, 931. 1286. Definition of, 1044. Whether or not the transaction must grow Growers’ drafts drawn on cooperative marketing out of a sales transaction in order to be associations to finance the holding of crops a, has never been specifically raised nor de for speculative purposes, held not to be cided, but all rulings of the Federal Reserve eligible as, 931, 1044. Board have been based on bona fide sales Farmers’ notes, the proceeds of which have been involving actual transfer of title from seller to used to finance the packing or marketing of purchaser, 1286. their own crops, held to be eligible as, 1044. Bona fide sales. (See supra, Bills of exchange drawn, Notes of cooperative marketing associations, the etc.) proceeds of which have been or are to be Bonds, 572. used to pay current expenses, such as wages (See Trust funds.) or supplies in connection with its business of Borrower. (See Warehouses independent of.) packing and marketing agricultural products Borrowing money, 1286. not grown by them, held eligible as commer (See supra, Bills of exchange, etc.) cial paper but not as, 1044. Buyer, 1286. Notes of cooperative marketing associations of (See supra, Bills of exchange, etc.) which the proceeds have been or are to be Capital and surplus. (See infra, United States used to pay growers for crops delivered to the Revised Statutes, sec. 5200.) association are eligible as commercial paper Capital purpose. Notes issued for any capital pur but are not eligible as, 1044. pose are not eligible, 1044. Growers’ drafts against cooperative marketing Capital, working. Bankers’ acceptances to provide, are associations, drawn at time of sale and deliv an abuse of the domestic acceptance privilege, 52. ery of their crops to the association, although Carrying of crops— not good as trade acceptances, are eligible as Farmers’ notes for carrying crops for a reason agricultural paper, if proceeds are used for able period to assist in orderly marketing such purpose, 1044. are eligible as agricultural paper, 931, 1044. Analysis of United States Revised Statutes, sec. Growers’ drafts to finance the, for speculative 5200, 933. purposes are not eligible, 931, 1044. Assets. (See General assets.) Carrying or trading in United States bonds. For all Associations. (See Cooperative marketing associa practical purposes, any notes secured by United tions.) States bonds may be considered by the Federal Bank deposits. Trust funds deposited by a bank in reserve bank as having been drawn for, and it another bank to the credit of its trust department need look no further to determine its technical are individual and not bank deposits and are not eligibility, 931. deposits due to other banks from which, in com Circular of Federal Reserve Board. Regulation A, puting reserves, deposits due from other banks 1922. Bankers’ acceptances, 433. may be deducted, 572. Collateral security. The character of, for all accep Bills of exchange drawn against actually existing tances other than bankers’ acceptances is mate values— rial only as to acceptability and not eligibility, Include, under section 13, Federal reserve act, 931, 1044. (a) Drafts or bills secured by shipping docu Comity, state, 196. ments conveying or securing title; (b) bank (See Fiduciary powers.) ers’ acceptances of the kinds described in Commercial business. Cooperative marketing asso section 13 although neither (a) nor (b) are ciations engaged in packing and marketing agri specifically mentioned in section 13 (differ cultural products not grown by them are engaged ing in this respect from United States Revised in a commercial and not an agricultural business, Statutes, sec. 5200), 933. 1044. Accepted demand bills, on which drawer and Commercial paper— indorsers are released are not, 933. Notes of tobacco growers’ cooperative marketing Growers’ drafts on cooperative marketing asso associations to finance payment to members ciations, accepted and discounted by the for tobacco delivered, held to be, 931. growers, held to be, under section 13, Federal Definition of, 1044. reserve act, and, therefore, not subject to the Growers’ drafts held to be commercial or agri 10 per cent limitation, 1286. cultural paper, depending on use of pro Bill drawn by owner against his agent or against ceeds, 1044. a fictitious or dummy drawee for the purpose Notes of cooperative marketing associations to of borrowing money rather than financing a finance the packing and marketing of agri sale of goods, held not to be drawn in good cultural products not grown by them, held faith,whetherornot drawn against value, 1286. to be, 1044. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
85 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. RULINGS OF FEDERAL RESERVE BOARD—Con. RULINGS OF FEDERAL RESERVE BOARD—Con. Commercial paper—Continued. Crops—Continued. Notes of cooperative marketing associations to Growers’ drafts to finance the carrying of crops finance payments to growers for crops for speculative purposes are not agricultural delivered, held to be, 1044. paper and are not eligible, 931, 1044. Commercial purpose. Packing and marketing agri Farmer’s notes to finance the packing or market cultural products grown by others is a, and ing of his own crop, held to be eligible not an agricultural purpose, 1044. agricultural paper, 1044. Commodity of value. For an unsecured bill to be Notes of a cooperative marketing association to considered as drawn against actually existing finance the packing and marketing of crops values, it must appear that the drawer has fur not grown by it, held to be commercial and nished to the drawee a, which, when converted , not agricultural paper, 1044. into money, will liquidate the bill at maturity, Coupons, 572. and that it is in existence in some form in the (See Fiduciary powers; Trust funds.) hands of the drawee when the bill is drawn, Debtor, corporate, 572. 1286. (See Fiduciary powers; Trust funds.) Consignments. The arrangement between the to Deed of trust. (See Fiduciary powers; Trust funds.) bacco growers and their association should be Definitions— regarded as consignments rather than sales, 931. Bills of exchange drawn against actually existing Conveying or securing title. Warehouse receipts values, 1286. to" be the basis of bankers’ acceptances must be Eligible paper, 1044. documents covering readilv marketable staples, Delivery, 1286. 1044. (See Bills of exchange drawn, etc.) (See supra, Bills of exchange, etc.) Demand bills, accepted, on which drawer and Cooperative marketing associations— indorsers are released, are not bills of exchange Notes of, held to be commercial paper, 931, 1044. drawn against actually existing values, 933. Growers’ drafts against, held to be agricultural Deposit liability, 572. paper, 1044. (See, supra, Bank deposits.) Description of agreement between the growers Discretion. Federal reserve banks in their discre and the association, 1044. tion may accept or refuse paper, although Drafts drawn by, on banks, secured by ware technically eligible, 1044. house receipts of independent warehouses, covering nonperishable agricultural com Documentary security— A bill may be considered, before acceptance, as modities, are eligible for acceptance and drawn against actually existing value only rediscount, 1044. if secured by shipping documents, warehouse Summary of rulings on, 1044. Corporate debtor. (See Fiduciary powers; Trust receipts, or other, 1286. Where, after acceptance, the accepting ^ bank funds.) Corporation, nonprofit. (See Cooperative marketing removes the, the bill may still be considered as drawn against actually existing value if associations.) drawn contemporaneously with, or within a Cotton factors’ paper— reasonable time after shipment or delivery Notes to raise funds to loan to third persons, held and if there are reasonable grounds for believ to be finance paper and not eligible, 432. ing that, at the time the bill was drawn the Notes of which the proceeds have been or are to goods were in existence in the hands of the be used for agricultural, as opposed to finance drawee in their original or manufactured purposes, are eligible, 432. form or in shape of the proceeds of their sale, Notes given to cotton factors by their customers 1286. and discounted by the cotton factors are A bill of exchange not having, to be considered eligible when indorsed by member bank, if as drawn against value, must have it shown funds were obtained by the customers for that the drawer has furnished to the drawee agricultural purposes, 432. some commodity of value which when con Time drafts drawn by cotton factors on banks verted into money will enable the drawee secured by warehouse receipts conveying and to pay the bill at maturity and that this com securing title are eligible for acceptance and modity is in existence, in some form, in the for discount or purchase by Federal reserve hands of the drawee, at the time the bill is banks, in cases where the local law and their drawn, 1286. agreements give the factors the right to pledge Documents. (See Documentary security; Shipping the cotton giving an indefeasible lien, 432. documents.) Such drafts can be used only to finance the hold ing of the cotton pending a reasonably prompt Domestic acceptances— sale by the cotton factors, 432. Domestic acceptances ostensibly based on ship Credit, maturity of. Bankers’ acceptances may cover ment or storage but in fact given to provide the period required for actual shipment and for working capital during the process of manu the usual and reasonable period of credit extended facture, constitute an abuse of the domestic to the purchaser under the contract of sale, not acceptance privilege, 52. exceeding six months in all, 52. Maturity of, 52. Crops— Character of security, 52. Farmer’s notes to finance the carrying of his Domestic shipment, 52. crops for a reasonable period in aid oi orderly (See Credit, maturity of.) marketing held to be agricultural paper and Domestic storage. (See Credit, maturity of.) eligible, 1044. Drafts, cotton factors’. (SeeCotton factors’ paper.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
86 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. RULINGS OF FEDERAL RESERVE BOARD—Con. RULINGS OF FEDERAL RESERVE BOARD—Con. Drafts, growers’, 931, 933, 1044, 1286. Federal reserve bank—Continued. (See Agricultural paper; Bills of exchange drawn, May assume that notes secured by United States etc.; Commercial paper.) bon^s were given for the purpose of carrying Drafts, time, 432. or trading in them, 931. (See Cotton factors’ paper.) United States Revised Statutes, sec. 5200, does not Drawee, 1286. affect discount powers of. These are limited (See Bills of exchange drawn, etc.; Dummy drawee; only by section 13, 933. Documentary security; Fictitious drawee.) (See supra, Fact, question of.) Drawer. Accepted demand bills in which drawer is Federal Reserve Board— released are not bills drawn against actually Whether farmers’ notes or growers’ drafts are for existing value, 933, 1286. purpose of speculative withholding from a Drawn against value. Even though, bills drawn normal market is a question of fact to be against a fictitious or dummy drawee or bills in determined by the local bank and the which the drawer and indorser are released are Federal reserve bank and not by, 931, 1044. not drawn in good faith against actually existing The question of acceptibility of warehouse values, 1286. receipts as collateral, except in cases ^ of Due to banks. (See Bank deposits; Fiduciary powers.) bankers’ acceptances, is for the determination Dummy drawee. (See, supra, Drawn against value.) of the Federal reserve bank rather than by Eligible for acceptance. Drafts of cooperative the Federal Reserve Board, 931, 1044. marketing associations on member banks, when Fictitious drawee. Bills drawn against a, are not secured, are, 1044. drawn in good faith against actually existing Eligible paper. (See Agricultural paper; Commercial value, 1286 paper; Cooperative marketing association paper; Fiduciary powers— Cotton factors’ paper.) The Wisconsin act of July 13, 1921, permitting Eligible paper. Definition, 1044. State banks to exercise fiduciary powers, Eligibility— provided that no such authority should be Eligibility of paper does not depend on presence given to any bank having a capital less than or absence of security, 931. that required for a national bank in the same Whether paper of cooperative marketing associa State. Prior to this act, trust companies tions secured by warehouse receipts is only were permitted to exercise fiduciary eligible is for the determination of the powers, and the minimum capital was fixed Federal reserve banks rather than of the at $50,000. The State banking department, Federal Reserve Board, 931. in the exercise of its discretionary powers, de To determine the technical eligibility of paper clined to give permits to any bank having secured by United States bonds the Federal less than $50,000 capital. Held, that al reserve banks may consider such paper as though said proviso gave authority to the drawn for purpose of carrying or trading in Federal Reserve Board to grant permits to United States bonds, 931. national banks of less capital than $50,000, The character of warehouse receipts as collateral it would, for the purpose of State comity, for acceptances, other than bankers’ accept limit its permits to national banks having a ances, is material only on question of accept capital of $50,000 or over, 196. ability as distinguished from eligibility, 1044. (See infra, Trust funds.) Export and import trade. Regulation A, 1922, liberalizing tne regulations concerning bankers’ Finance paper— acceptances in, 433. Notes of cotton factors, the proceeds of which Fact, question of— have been or are to be used to loan to third Whether a warehouse receipt constitutes “ other parties, held to be finance paper and in actual security” under section 13 is a question eligible for rediscount, 432. of fact and of local law, 52. (See Cotton factors’ paper.) Whether the purpose of a farmer’s note or a Financing of crops. (See Crops.) grower’s draft is for speculative withholding Fixed investments. Notes, the proceeds of which from a normal market is a, to be determined have been or are to be used for permanent or, by the local bank and by the Federal re are ineligible for rediscount, 1044. serve bank and not by the Federal Reserve Funds, trust. (See Trust funds.) Board, 931,1044. General assets. (See Trust funds.) Whether a warehouse is independent of the bor Goods in existence, 1286. rower, in cases of use for security in bankers’ (See Bills of exchange drawn, etc.) acceptances, involves a, primarily for determi Growers. (See Cooperative marketing associations.) nation by the Federal reserve bank, 1044. Growers’ drafts. (See Agricultural paper; Bills of Whether bills of exchange are drawn in good exchange drawn, etc.; Commercial paper.) faith against actually existing values, neces Growing of crops. (See Crops.) sarily depends on the facts of the case, 1286. Government bonds. Notes secured by, are presumed Farmers’ notes. (See Agricultural paper.) to have been given for carrying or trading in, 931. Federal reserve bank— Harvesting of crops. (See Crops.) The character of warehouse receipts used as Higher prices. (See Speculative withholding.) collateral, with the exception of bankers’ Holding of cotton. (Cotton factors’ drafts against acceptances, is material only as to accepta banks are limited to financing the, pending bility as distinguished from negotiability, reasonably prompt sale, 432. and this should be determined by the, Holding of crops, 1044. rather than the Federal Reserve Board, 931. (See Crops.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 87 RULINGS OF FEDERAL RESERVE BOARD—Con. RULINGS OF FEDERAL RESERVE BOARD—Con. Hypothecation. If cotton factors, under local law Other actual security, section 13— and under their agreements, have power of, of the As to whether warehouse receipts constitute, in cotton consigned to them for sale they may draw acceptances in excess of the 10 per cent time drafts on banks secured by warehouse re limitation of section 13, can not be answered ceipts, '432. definitely, as the question involves the local Import and export trade. Regulation A, 1922, issued law as well as determination of the facts, 52. to liberalize regulations as to bankers’ accept If the warehouse receipt gives the bank a valid ances covering, 433. lien against all persons, it would constitute Individual deposits. Deposits of trust funds by na other actual security, etc., 52. tional banks in other banks to the credit of their Owner. (See warehouse independent of owner.) trust departments are, and not bank deposits, 572. Packing of products, financing of. (See Agricultural Indorsers released. Accepted demand drafts on paper: Commercial paper.) which indorsers are released are not bills drawn Paper. (See Agricultural paper; Commercial paper; in good faith against actually existing values, Cotton factors’ paper; Finance paper.) 1286. Permanent investments. Notes given to obtain Ineligible. (See Agricultural paper; Capital purpose; funds for, are not eligible, 1044. Eligible; Finance bills; Investments.) Pledge— Investments— Cooperative marketing associations have authority Notes given to cover fixed or permanent, are ineli it is assumed to pledge, 1044. gible for rediscount, 1044. Cotton factors may draw time drafts on banks Notes given to cover, of a speculative character if by their agreements and by the local lawr are ineligible for rediscount, 1044. they have authority to pledge cotton con Law, local. (See Local law.) signed to them for sale, 432. Liability, deposit. (See Bank deposit.) Possession of drawee. Unsecured bills drawn by the Limitation on rediscounts, 10 per cent. (See Bills of seller against the buyer before sale or delivery to exchange drawn, etc.) purchaser are not drawn in good faith against Loaning. (See Finance paper.) actually existing values if, at time of drawing, Local law— the goods are not in possession of drawee, 1286. Whether warehouse receipts constitute '’other Power of hypothecation, 432. actual security” under section 13 must be (See Cotton factors’ paper.) decided not only on the facts but also on the Presumption— local law, 52. That deposits made with a bank acting as trustee Whether or not a cotton factor can lawfully pledge for the holders of the obligations of the cor cotton consigned to him for sale depends porate depositor, are trust funds against which upon his agreements and also on the local no reserve need be carried, 572. law, 432. In case of a deposit by a corporate debtor without Market. (See Speculative withholding.) any special agreement, the bank being Marketing. (See Cooperative marketing associations; merely authorized to pay the obligations Orderly marketing.) when and as presented, the presumption is Maturity obligations. (See Trust funds.) that the bank has authority to place the Maturity of credit— deposit in its general funds, and that a May cover period required for shipment and for deposit liability is created against which usual and reasonable period of credit ex reserves must be carried, 572. tended, not exceeding six months, 52. That notes secured by Government bonds were Bills of exchange not secured can be considered given for purpose of carrying or trading in as drawn against actually existing values only them, 931. if the drawer has furnished to the drawee Rulings on bills of exchange drawn against some commodity of value which, when con actually existing values rest on the presump verted into money, will enable the drawee to tion that they arise out of bona fide sales pay the bill at the maturity of the credit, and involving the actual transfer of title from if this commodity is in existence in some form seller to buyer, 1286. in the hands of the drawee at the time the bill Prices, holding for higher. (See Speculative hold is drawn, 1286. ing.) Negotiable. To be considered as drawn against Proceeds of sale. (See Bills of exchange drawn, etc.) actually existing values, the bill must be a Products. (See Carrying of products.) valid and negotiable bill drawn in good faith, Profit, Non. (See Cooperative marketing associa 1286. tions.) Nonprofit corporation. (See Cooperative marketing Purchase price. In all rulings as to bills of exchange associations.) drawn against actually existing values, the Notes. (See Agricultural paper; Commercial paper; transactions have arisen out of purchases and Cooperative marketing associations; Finance pa sales and the bills have been drawn for the whole per.) or for part of the purchase price, 1286. Notes secured by Government bonds. May be as Question of fact. (See Fact, question of.) sumed to have been issued for carrying or trading Question of local law. (See Local law.) in Government bonds, 931. Reasonable time. (See Bills of exchange drawn, etc.) Obligations, maturing. (See Trust funds.) Receipts. (See Warehouse receipts.) Orderly marketing, 931, 1044. Rediscounts, limitation on Federal reserve bank, 10 {See Agricultural paper.) per cent, 933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
88 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. RULINGS OF FEDERAL RESERVE BOARD—Con. RULINGS OF FEDERAL RESERVE BOARD—Con. Rediscounts. Effect of amendment to section 9, Summary of rulings— Federal reserve act on, of member State banks Bills of exchange drawn against actually existing and trust companies, 933. values, 1286. Regulation A, 1920. Rescinded, 433. Paper of cooperative marketing associations and Regulation A, 1922. Regulations covering bankers’ farmers, 1044. acceptances in foreign trade liberalized, 433. Supplies and wages. Cooperative marketing associ Released. (See Drawer; Indorser.) ations ’ notes for funds to pay for wages and sup Reserves, required. (See Trust funds.) plies in connection with packing and marketing of Risks borne by grower in cooperative marketing asso crops not grown by them, held to be commercial ciations, 931. and not agricultural paper, 1044. Sale, proceeds of, 1286. Technically eligible— (See bills of exchange drawn, etc.) Notes secured by Government bonds, 931. Sales— Federal reserve banks are not bound to discount Transactions between growers and cooperative paper offered even if, 1044. marketing tobacco association should, for some Ten per cent limitation, section 13, Federal reserve purposes, be regarded as consignments rather act, 52, 933, 1286. than as sales, 931. (See Bills of exchange drawn, etc.) Such transactions, however, conform to the usual Time drafts. (See Cotton factors’ paper.) type of sales as closely as is consistent with Title— the nature and purpose of an association of Rulings as to bills against actually existing this character, 931. values are based on bona fide sales involving Growers’ drafts against cooperative marketing an actual transfer of title, 1286. associations do not grow out of such sales (See Bills of exchange drawn, etc.; Warehouse as would furnish the basis of trade accept receipts.) ances, 1044. Tobacco growers’ cooperative marketing associations, The rulings on bills of exchange drawn against 931. actually existing values have been based (See Cooperative marketing associations.) upon the fact of bona fide sales, 1286. Trade, export and import. (See Regulation A, 1922.) Whether or not such bills must grow out of sales Trade acceptances. Growers’ drafts against coopera transactions has never been specifically tive marketing associations held not to form basis raised and will not be passed upon at this of a trade acceptance, 1044. time, 1286. Transfer of title. Rulings regarding bills drawn against Section 9, Federal reserve act. Effect of amendment actually existing values are based on fact of to, on member State banks and trust companies, bona fide sales involving, from seller to pur 933. chaser, 1286. Section 13, Federal reserve act, 52, 432, 931, 933, Trust funds— 1044, 1286. When a national bank deposits trust funds in its (See Agricultural paper; Bills of exchange drawn, commercial department, a deposit liability is etc.; Commercial paper; Finance paper; Other created against which reserves must be actual security; 10 per cent limitation; Ware carried, under regulation F, 572. house receipts.) If the trust funds are kept distinct and seg Secured bills. Secured bills may be considered as regated from its general funds, no reserve drawn against actually existing values even be need be carried, 572. fore acceptance, 1286. If the trust funds are mingled with its general Securing title, 1286. funds, a reserve is required, 572. (See Warehouse receipts.) If the trust funds are deposited with another bank Security, documentary. (See Documentary security.) to the credit of its trust department, no Security, other actual. (See Other actual security.) reserve need be carried, 572. Segregation of trust funds. (See Trust funds.) The member bank in which the trust funds are so Shipping documents, 1286. deposited must carry a reserve on the deposit, (See Warehouse receipts.) with its Federal reserve bank, 572. Shipment, 52,1286. Such a deposit should be treated as an individual (See Bills of exchange drawn, etc.; Credit, maturity and not as a bank deposit, and it can not be of.) classified as items due to other banks, 572. Speculative investments. Notes given to procure Whether or not funds deposited by a corporate funds for, are not eligible for rediscount, 1044. debtor to meet maturing obligations are Speculative withholding. Notes or drafts given for trust funds depends upon the terms of the purpose of, from normal markets are not eligible, agreement, expressed or implied, 572. 931, 1044. If the bank is acting as trustee under a deed of Staples. Credits ostensibly based on the domestic trust for the holders of corporate obligations, storage of staples but in fact given to provide the presumption is that the deposits are worlang capital are an abuse of the domestic ac trust funds, 572. ceptance privilege, 52. If the bank owes no duty to the holders of cor State banks and trust companies, member— porate obligations and there is no special Ruling as to reserves for trust funds for national agreement, the bank being authorized to banks applies also to, 572. pay the obligations when and as presented, Effect of amendment to section 9, Federal re the presumption is that the bank has serve act, on, 933. authority to mingle the funds with its general State comity, 196. assets, acting merely as agent, and that a (See Fiduciary powers.) deposit liability is created against which Storage. (See Domestic storage.) “ reserves must be carried, 572. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 89 RULINGS OF FEDERAL RESERVE BOARD—Con. RULINGS OF FEDERAL RESERVE BOARD—Con. Trust funds—Continued. Warehouse receipts—Continued. Previous rulings of the Federal Reserve Board Drafts drawn by cooperative marketing associa referred to and explained, 572. tions against member banks, secured by ware This ruling applies to member State banks and house receipts covering nonperishable agri trust companies receiving funds under cultural commodities stored in independent similar circumstances, 572. warehouses, held eligible for acceptance and United States bonds. Notes secured by, may be pre rediscount, 1044. sumed to have been issued for carrying or Warehouse receipts, to be the basis of a bankers ’ trading in, 931. acceptance, must be documents conveying or United States Revised Statutes, section 5200— securing title covering readily marketable Analysis of, as amended, 933. staples, and cooperative marketing associa Bills of exchange drawn against actually existing tions, by hypothesis, have authority to store values specifically includes (differing from their products in independent warehouses section 13, Federal reserve act), (a) drafts ^and obtain warehouse receipts conveying or bills secured by shipping documents con security title, with authority to pledge them veying or securing title to goods shipped; for money borrowed, 1044. # (b) bankers’ acceptances of the kinds Bills, even before acceptance, may be considered mentioned in section 13, Federal reserve as drawn against actually existing values act, 933, 1286. when secured by shipping documents, ware Limits only the lending power of member banks, house receipts, or other such documents se and does not affect power of discount of curing title to the goods sold, 1286. Federal reserve banks, 1286. Wisconsin— Paper not subject to limitations of, may be Act of July 13, 1921. Fiduciary powers, 196. subject to limitations of section 13, Federal (See Fiduciary powers.) reserve act, 1286. Withholding from market. Notes or drafts given for Table showing percentage of capital and surplus purpose of speculative withholding from normal which may be loaned to any one customer markets are not eligible, 931, 1044. under, 933. Working capital. Acceptances ostensibly based on Value. Even though drawn against value, a bill domestic shipment or storage but in fact given drawn against a fictitious or dummy drawee, or a for purpose of providing working capital during bill on which the drawer or indorser is released, the process of manufacture constitute an abuse is not a bill drawn in good faith against actually of the domestic acceptance privilege, 52. existing values, 1286. RULINGS OF COURTS. Value, commodity of. To constitute a bill drawn in Par clearances— good faith against actually existing values, the Atlanta, 436, 500, 1408. drawer must have furnished to the drawee some Cleveland, 1409. commodity of value, which, when converted into North Carolina. 701. money, will enable the drawee to pav the bill at (See Clearing system.) maturity, and the commodity must be in existence a in some form in the hands of the drawee at the RUMANIA. time the bill is drawn, 1286. Debt to United States, 645. Warehouse. Must be independent of borrower, 432. Deposits, gold reserves, notes, ratio. 1913, 1918. and 931, 1044. 1922, 758. Foreign exchange. Monetary unit. Rates, high, Warehouse receipts— low, average. Par of exchange. Value. Per Federal Reserve Board can not give a definite cent of par, 116, 253, 366, 489, 629. 756, 896, 1016, answer as to whether security for acceptances 1141, 1262, 1384, 1504. in excess of 10 per cent constitute “other actual security” under section 13, as the RUSSIA. question involves local law as well as a deter Aid to, 642, 1021, mination of fact, 52. Secretary of State on, 642. Cotton factors may draw time drafts against banks Bank. (See Russian State Bank.) secured by, in States whose laws give power Banking and currency, 1200. to the cotton factor to pledge cotton con Banking conditions, 1203. signed to him for sale in such a manner as to Banking, nationalization of, 1023. fully protect the pledgee, 432. Belgium— The question whether paper of cooperative mar Claims against Russia, 938. keting associations secured by warehouse re Loans to Russia, 685. ceipts is eligible is for determination of the Bills of sale— Federal reserve bank, and not of the Federal Laws as to, 1205. Reserve Board, 931. (See Soviet Government.) The character of the warehouse receipt, except in Budget, 644. cases of bankers’ acceptances, is material only Cancellation of public debt, 936. as to acceptability, as opposed to eligibility, Centralization in, 940. and must be determined by the Federal re Claims of foreign governments against, 938. serve bank rather than by the Federal Re Conference. (See Genoa conference; Hague confer serve Board, 931. 1044. ence.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
90 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. RU S SI A—Continued. RUSSIA—Continued. Corporations, foreign trade, 940. Ratio of metallic reserves to deposit and note lia Currency, banking and, 1200. bility, 1913, 1918, and 1922, 758. Debt of Russia— Remittances of money, laws as to, 1205. To France, 683. Reply to note of Genoa conference, 681. To Great Britain, 643. Repudiation of foreign debts, 683. To United States, 645. Reserves, 1913, 1918, and 1922, 758. (See Public debt.) Review. Economic conditions in, 936. Decree of Mar. 13, 1921. Foreign trade control, 940. Rubles outstanding, 1200. Deposits, 1913,1918, and 1922, 758. (See Note issues.) Economic survey of, 936. Russian State bank— Esthonia, treaty with, 940. Administration of, 1204. Exports. (See Foreign trade.) Gold holdings of, 1202, 1204. Financial conditions, 644. Regulations governing, 1205. Foreign banks, liquidation of, 1203. Soviet Government— Foreign exchange. Currency of Russia bought and Attitude toward gold, 1202. sold bv United States from and to Russia and Gold holdings, 1202. other loreign countries during government con Laws— trol, 1918 and 1919, 534. Bills of sale, 1205. Foreign trade, 1918-1922, 940. Remittances of money, 1205. Best customers. Percentages, 942. Reply to memorandum of Genoa conference, 549. Distribution of imports as between Germany, (See Genoa conference.) Great Britain, and United States, 942. State Bank. (See Russian State Bank.) Foreign trade control. Decree of Mar. 13, 1921, 941. Trade agreement with Great Britain, 940. Foreign trade corporations, 940. Treaties— France. Debt of Russia to, 683, 684, 938. Esthonia, 940. Germany. Foreign trade with, 942. Great Britain, trade agreement, 940. Gold- United States— Attitude of Soviet Government toward, 1202. Distribution of imports as between United States, Holdings. Russian State Bank, 1202. Germany, and Great Britain, 942. Holdings. Soviet Government, 1202. * Loans placed in United States, 939, 940. Production, 1910-1921, 660. (See Review of month.) Reserves, 1913, 1918, and 1922, 758. RUSSIA IN EUROPE. Genoa conference— Gold exports and imports, 110, 249. Memorandum to Soviet Government, 549. Reply to, 681. RYE. Government monopolies, 940. (See Grain.) Great Britain— S. Debt of Russia to, 643, 939. Trade agreement with, 940. SACK FLOUR. Trade with, 942. (See Index of ocean freight rates.) Hague conference, 935, 1021. SALARIES. Imports. (See Foreign trade.) Federal reserve banks, 145, 865, 1012. Italy. Claims against Russia, 939. Latvia, trade with, 942. SALES OF FOREIGN EXCHANGE. Laws of Russia— Against imports, 164, 174. Bills of sale, 1205. Government control, 1918 and 1919, 170, 530. Remittances of money, 1205. (See Foreign exchange.) Loans to Russia— SALES OF HIDES AND SKINS. Belgium, 685. .(See Hides and skins.) France, 683, 684, 938. Placed in United States, 939, 940. SALES OF LEATHER. Money. Laws as to remittances of, 1205. (See Leather.) Memorandum. Genoa conference to Soviet Govern SALES. REDISCOUNTS AND. FEDERAL REment, 549. SERVE BANKS. N ationalization— (See Rediscounts.) Of banking, 1023. Of property, 937. SALES, RETAIL. Norway, trade with, 942. (See Retail trade.) Note issues— SALES, REVENUE STAMPS. By municipalities, 1201. (See Tobacco.) By States, 1201. Notes, 1913,1918, and 1921, 758. SALVADOR. Notes outstanding. Rubles, 1200. Budget, 1442. Private property. Nationalization of, 937. Debt, 1443. Production. Gold, 1910-1921, 660. Dollar exchange drafts. American banks and Public debt, 936. bankers authorized to accept, 680. Cancellation of, 936. Financial and economic conditions in, 1439. Pre-war debt, 936. Foreign exchange, 1442. Railway statistics, 564. Foreign trade, 1439. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 91 S A L V AD O R—Continued. SECURITIES—Continued. Gold exports and imports, 110, 249, 363, 483, 684, 751, British issues of securities, 39, 117. 257, 375. 490. 551, 891. 635, 761, 897, 1017, 1147, 1178, 1263. 1385, 1506. Loan to, by New York bankers, 1439, 1443. British securities bought and sold by United States Monetary conditions, 1442. from and to foreign countries, 543, 544. Monetary unit. Gold colon. Rate's. Value, 1442. British securities held in United States for British Revenue and expenditures, 1439. account, 533. Silver exports and imports. (See Silver.) Credits to dollar account. Proceeds of sales of se curities, 169, 178, 183. SAN JUAN. Debits to dollar account. Cost of securities, 178. Securities placed in United States, 1051. Foreign exchange. Purchase of, against securities. SAN PAULO, BRAZIL. 165, 182. Condition, 1317. Foreign exchange transactions in, 532, 533. Securities placed in United States, 1050, 1051. Foreign securities bought and sold by United States from and to foreign countries, 543, 544. SANTA CATHERINA. Foreign securities floated in United States. 282, 386, Securities placed in United States, 1051. 419, 420, 566, 567, 569, 644. 823, 825, 954, 961, 962, SANTO DOMINGO. 1027, 1028, 1050, 1051, 1181, 1193,1315. 1433. Dollar exchange drafts. American banks and bankers French securities bought and sold by United States authorized to accept, 680. from and to foreign countries, 543, 544. French securities placed in French markets, 117, 258, SAULT STE. MARIE CANAL. 306, 376, 490, 635. 761, 808, 897, 1017. 1147, 1263, Traffic passing through, eastbound and westbound. 1385, 1506. Eastbound: Flour, grain, iron ore, wheat; west French securities placed in United States, 386, 419, bound: Hard coal, soft coal, 72, 726, 856. 984 420, 1050, 1181, 1432, 1433. 1112, 1231, 1356, 1475. German issues of securities, 118, 259, 377, 425, 491, SAVINGS DEPOSITS. 636, 762, 898, 948, 1018, 1148, 1188, 1264, 1386, France, 117, 258. 376. 490, 635, 571, 808, 897, 1017. 1507. 1147, 1263, 1385, 1506. Holdings of securities— Italy, 421. 1066. Austria for American and foreign account, 545. Sweden, 427. Germany for American and foreign account, 545. United States, 602, 732, 848, 976, 1105. 1224. 1349. United States for British account, 533. 1467. United States for foreign account, 546, 547, 548. (See Postal savings deposits.) Holdings of securities abroad for American and foreign account, 545. SCANDINAVIAN PORTS. Italian issues of securities, 421, 946, 1065, 1436. (See Index of ocean freight rates.) Japanese issues of securities, 1388, 1509. SCOTLAND. Prices of securities— Gold exports and imports. (See Gold.) France, 117, 258, 306, 376, 490. 635, 761, 808, 897, 1017, 1147, 1263, 1385, 1506. SEASONAL CHANGES. Germany, 45,118, 259, 377, 425, 491, 636, 689, 762, Prices, index numbers. (See Wood pulp.) 898, 948, 1018, 1148, 1188, 1264, 1386, 1507. SECRETARY OF STATE. Great Britain, 39, 117, 257, 375, 490, 551, 635, 761, Financial aid to Russia, 642. 897, 1017, 1147, 1178, 1263, 1385, 1506. Flotation of foreign loans, 282, 386. Italy, 118, 258, 309, 376, 421, 491, 636, 687, 762, Reply to invitation to attend Genoa conference. 385. 898, 946, 947, 1018, 1065, 1148, 1264, 1386, (See Department of State; State Department.) 1435, 1507. Japan, 1388, 1509. SECRETARY OF TREASURY. Sweden, 119, 259, 377, 492, 637, 763, 899, 1019, Bond refunding problem, 1273,1296. 1149, 1265, 1387, 1508. Interallied debts, 1024. Swedish securities issued, 119, 259, 377, 492, 637, 763, Redemption of Victory notes, 929. 899, 1019, 1149, 1265, 1387, 1508. SECTION 9, FEDERAL RESERVE ACT. (See Government securities; Prices.) Effect of amendment of, 933. SECURITY ON ACCEPTANCES, 52. SECTION 13, FEDERAL RESERVE ACT. (See Rulings, Federal Reserve Board.) (See Federal reserve act. Rulings, Federal Reserve Board.) SECURITY SHIPMENTS. SECTIONS 25 AND 25(A), FEDERAL RESERVE Cost of. Federal reserve banks, 145, 1012. ACT. (See Edge Act.) SEGREGATION OF TRUST FUNDS. (See Rulings, Federal Reserve Board; Trust funds.) SECTION 5200, UNITED STATES REVISED STATUTES. SELF-INSURANCE. (See Rulings, Federal Reserve Board; United States Reserve for. Federal reserve banks, 146. Revised Statutes, sec. 5200.) SENATE BILL 3051. SECURITIES. Lenroot bill. Agricultural loans. Federal Reserve American securities bought and sold by United States Board approves. Jan. 26, 1922, 262, 263, 318. from and to foreign countries, 543, 544. Austria. Held in, for American and foreign account, SERBIA. 545. Debt to United States, 645. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
92 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. SHANGHAI. SHOP CAPACITY. Foreign exchange. Monetary unit. Tael. Rates, (See Structural steel.) high, low, average. Per cent of par, 114,116, 253, 366, 896, 1016, 1141, 1262, 1384, 1504. SIGHT RECEIPTS. COTTON. Index numbers. Wholesale prices, 1913-1922, 80, 220, (See Cotton.) 325, 443, 580, 710, 837, 967, 1090, 1212, 1338,1456. Group index numbers, 1913-1922, 1099. SILICA BRICK. Production, shipments, and stocks, 338, 458, 595, SHAWINIGAN WATER & POWER CO. 725, 855, 983, 1112, 1230, 1355, 1474. Securities placed in United States, 1051. SHEEPSKINS. SILK. (See Argentina, foreign trade; Hides.) Consumption. Bales, 68, 211, 338, 458, 595, 725, 855, 982, 1111, 1230, 1355, 1474. SHEETS AND SHEETING. Exports. Raw silk. Japan, 1220, 1345, 1464. Japan. Exports, 1220, 1345, 1464. Fabrics— SHILLING. Exports, Japan, 1220, 1345, 1464. Melting point, 663. Production, 1220, 1345, 1464. Silver content, 663. Imports of raw silk, 68, 211, 338, 458, 595, 725, 855, 982, 1111, 1230, 1355, 1474. SHIPBUILDING. France, 86, 227, 333, 451, 588, 718, 845, 974, 1104, (See Ships.) 1218, 1343, 1462. SHIPMENTS. Germany, 227, 333, 452, 589, 719, 846, 975, 1104, (See Apples; Automobiles; Cement; Citrus fruits; Coal; 1219, 1462. Face brick; Finished cotton fabrics; Fire-clay Industry, silk. Reports of condition, 16, 137, 277, brick; Flour; Gold; Grain; Live-stock industry; 395, 509, 655, 782, 916, 1038, 1165, 1280, 1401. Lumber; Potatoes; Silica brick; Silver; Straw Manufactures of silk. Index numbers, 455, 592, 722, berries; Wood pulp.) 852, 980, 1109, 1227, 1352, 1471. Raw silk. (See supra, Imports.) SHIPMENTS, COST OF. Stocks, 68, 211, 338, 458, 595, 725, 855, 982,1111,1230, (See Coin shipments; Currency shipments; Federal 1355, 1474. reserve notes; Security shipments.) Japan, 1345, 1464. SHIPPING. Textiles, 16, 137, 276, 395, 509, 655, 782, 916, 1038, (See Ships.) 1165, 1280, 1401. SHIPPING DOCUMENTS. SILVER. Payments against. Debits to dollar account, 178. Base bullion. Exports and imports, 248. (See Rulings, Federal Reserve Board; Shipping Bullion. Exports and imports— documents.) Ba-e bullion, 248. SHIPS. Refined bullion, 248. Arrivals. Hamburg, 227, 333, 452, 589, 719, 846, 975, Certificates, silver. (See Money held, etc.) 1104, 1219, 1344, 1463. Classification— Cleared in foreign trade. Percentage of American, 71, Domestic and foreign exports and imports, 248. 215, 339, 459, 596, 726, 856, 984, 1112, 1231, 1356, Exports and imports, 248. 1475. Coin, silver. Melting point of, principal countries. Entrances and clearances— In local currency; in United States money, 663. France, 1343, 1462. Content, silver. Currencies, foreign countries, 663. Great Britain, 1343, 1429, 1430, 1431, 1462. Cuba. Exports to United States, 962. Japan, 1220, 1345, 1464. Dollar. Melting point. Chart, 665. Norway, 847. Domestic silver. Index numbers, wholesale prices, Sweden, 452, 589, 719, 846, 975, 1219, 1344, 1463. 1918-1922. Chart, 665. Panama Canal. American ships going through; Dollar, silver. (See Money held, etc.) British ships going through; total cargo going Exports and imports— through, 339, 499, 596, 726, 856, 984, 1112, 1231, Classification of. Base bullion, foreign coin, ore; # 1356, 1475. refined bullion, 248. Shipping. Condition of, United States, 21, 142, 282. Germany, 85, 226, 332, 450, 586, 716, 844, 973, Tonnage under construction. Great Britain, 86, 227, 1102, 1222,1346, 1465. 332, 451, 588, 718, 845, 974, 1103, 1218, 1343, 1429, Great Britain, 1060. 1431, 1462. United States— Vessels built in United States. Number, gross ton By countries, 7, 111, 129, 250, 269, 363, 387, nage, 70, 214, 338, 458, 595, 725, 856, 983, 1112, 483, 501, 624, 746, 751, 773, 871, 891, 907, 1230, 1356, 1474. 1009, 1029, 1103, 1122, 1137, 1156, 1257, 1284,1347,1380,1406,1466,1500. SHORTAGE. Calendar year 1921, 248. (See Railroads; Freight car surplus and shortage.) Fiscal year 1922, 871. SHOE STORES. Cuba to United States, 962. (See Review of month.) (See Retrail trade.) Foreign silver coin. Exports and imports, 248. SHOE INDUSTRY. Foreign silver. Index numbers,' wholesale prices, Condition of, 17, 138, 278, 396, 510, 655, 783, 917, 1918-1922. Chart, 665. 1039, 1166, 1280, 1402. Holdings, central banks. Principal countries. Pre (See Leather.) war. Armistice, 1922, 664, 758. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 93 SILVER—Continued. SOUTH AFRICA—Continued. Imports— Banking development. Up to and since act of 1920, Classification, 248. 1324. (See Exports and imports.) Banking operations, central reserve bank, 1332. Melting points. Silver currencies. In local cur Banks__ rency; in United States money. Charts, 663. Condition, 1891-1921, 1325. Mexico— Chart, 1327. Production, 1082. Capital. Central reserve bank, 1329. Silver peso, 1318. Central reserve bank— Movement of, 1406. Act of 1920 creating, 1329. (See Review of month.) Banking operations, 1332. Ore, silver. Exports and imports, 248. Capital, 1329. Peso, silver. Mexico, 1318. Condition, 1333. Price. Index numbers, wholesale, 1918-1922— Federal reserve act. How differing from, 1331. Per cent of 1913 average, 664. Gold holdings, 1332. Chart, 1918-1922. Domestic and foreign silver. Note issues, old and new, 1327, 1330, 1333. 665. Powers, 1329, 1331. Production— Profits, 1333. I Mexico, 1082. Reserves, 1331. United States, 594, 662, 724, 854, 982, 1111, 1229, Condition. (See Banks; Central reserve bank.) 1354, 1473. Cost of living, 1461. World, 662.. Currency and banking act, 1329. Reserves, principal countries, 1913-1922, 665. Currency and banking conditions, 1324, 1329. Shipments, silver— Currency reform in, 1330. Purchases of foreign exchange against, 165,182. Currency system, 1326. Sales of foreign exchange against, 174. Deposits, gold reserves, notes, ratio, 1913, 1918, and Situation, silver, 659. 1922, 758. Stock of silver in United States, 112, 251, 364, 486, Exports. (See Foreign trade.) 626, 753, 893, 1011, 1138, 1381, 1501. Federal reserve act. Difference between central United States coin. Exports and imports, 248. reserve act and, 1331. (See Money held, etc.; Review of month.) Foreign trade, 1324. Gold- SINGAPORE DOLLAR. Circulation, 1327. (See Straits Settlements.) Holdings, central reserve bank, 1332. Problem, 1329. SINKING FUND. Production— Great Britain is providing for, by loans, 682. 1910-1921, 660; 1914-1921, 1328. SKINS. Prices and production, 1914-1922, 1328. (See Hides and skins.) Reserves, 1913, 1918, and 1922, 758. Gold standard. In abeyance during war, 1327. SKIVERS. Imports. (See Foreign trade.) (See Leather.) Loans placed in United States, 1050, 1051. SLAUGHTERED ANIMALS. Note circulation. Old, and under central reserve (See Live-stock industry; Animals slaughtered.) bank, 1327, 1330, 1333. Notes, 1913, 1918, and 1922, 254, 367, 758. SOCIETE GENERALE DE CREDIT INDUSTRIEL. Prices— Condition, 1062. Index numbers, wholesale, 1913-1922, 80, 220, 325, 443, 580, 710, 837, 967, 1090, 1212, 1338, SOCIETE GENERALE POUR FAVORISER LE DE- 1456. VELOPPEMENT DU COMMERCE. Gold production and prices. Index numbers, Condition, 1062. 1328. SODA WOOD PULP. Production— (See Wood pulp.) Gold, 1914-1921, 660, 1328. Gold production and prices, 1328. SOLE LEATHER. Provinces of, 1325. (See Leather.) Ratio. (See Reserves.) SOLID TIRES. Reserves— (See Automobiles.) Central reserve bank, 1330, 1331. Ratio to deposit and note liability, 1913, 1918, SOLVENCY, RESTORED TO. and 1922, 254, 367, 758. (See National banks.) United States. Loans placed in, 1050, 1051. SOUTH AFRICA. War. Gold standard in abeyance during, 1327. Act of 1920- SOUTH AMERICA. Central reserve bank, 1329. Countries of. Loans placed in United States by, 567. Difference between Federal Reserve Act and, Foreign exchange— 1331. Currency of countries of, bought and sold by Area, 1325. United States from and to countries of, and Assets and liabilities. (See Banks; Central reserve other foreign countries, 534. bank.) Exchange on France and Great Britain bought Banking Act of 1920, 1329. and" sold by United States from and to Banking, currency and, 1324, 1329. countries of, 541, 542. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
94 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. SOUTH AMERICA—Continued. SPLITS. Foreign exchange—Continued. (See Leather.) Purchases and sales of foreign exchange payable in countries of, 164, 165, 172, 173, 177, 182. SQUARE MEASURE. Securities of countries of, held abroad for Ameri United States and Japan. 1059. can account, 545. ST. LOUIS. Securities of countries of, held abroad for foreign Lumber receipts and shipments, 69, 212, 337, 457, 594, account, 545, 546, 547, 548. 724, 854, 981, 1110, 1229, 1354, 1473. Securities of countries of, held in United States Reclassified as a reserve city, effective July 1,1922,658 for British Government, 533. Gold exports and imports. (See Gold.) STABILIZATION OF FOREIGN EXCHANGE. Loans placed by countries of, in United States, 567. Genoa conference, 640. Silver exports and imports. (See Silver.) Silver production, 662. STABILIZATION OF KRONE. United States. Loans placed in United States by Austria, 1084. countries of, 567. STAMPS, REVENUE. SOUTHERN PINE.. (See Tobacco.) (See Lumber.) STANDARD SILVER DOLLARS. SOUTHWESTERN DIVISION. (See Money held, etc.) (See Railroad revenue freight. ') STATE BANK CIRCULATION. SOVIET GOVERNMENT. Mexico, 1319, 1320. Attitude toward gold, 1202. Gold holdings, 1202. STATE BANKS AND TRUST COMPANIES, Laws— MEMBER. Bills of sale, 1205. Absorption of, by national banks, 829. Money remittances, 1205. Absorption of, by State banks, 1285. (See Russia.) Abstract of condition reports, 371, 630, 1142. Acceptance liabilities, 283, 514, 1048. SPAIN. Act of July 1,1922. Placed on equality with national Bank of Spain. Condition, 1913-1921, 256. banks as to rediscounts with Federal reserve Deposits, gold reserves, notes, ratio, 1913, 1918, and banks, 831, 933. 1922, 758. Admitted to Federal reserve system. Capital, Foreign exchange— resources, surplus, 50, 195, 317, 431, 571, 700, 829, Currency of Spain bought and sold by United 921, 1043, 1169, 1285, 1407. States from and to Spain and other foreign (See infra, Withdrawals.) countries, 534. Amendment. (See supra, Act of July 1, 1922.) Danish exchange bought and sold by United Capital. (See supra, Admitted to Federal reserve States from and to Spain, 530. system.) Exchange on foreign countries bought and sold by Change of name, 921, 1043, 1169, 1285. United States from and to Spain, 529,530, 531, Classification of loans and discounts, 375, 632, 1144. 541. Closed banks, 50,1407. Foreign exchange rates. Monetary unit. Peseta. Condition reports, abstract, 371, 630, 1142. Rates, 114, 116, 253, 366, 489, 629, 665, 756, 896, Consolidations, 571, 921. 1016, 1141, 1262, 1384, 1504. Converted into national banks, 50, 195, 317, 431, 571, Gold exports and imports. (See Gold.) 700, 829, 921, 1169, 1407. Gold reserves. (See supra, Deposits, etc.) Monetary unit. Peseta. Value, 1922, 665. Discounts. Classification of loans and, 375, 632,1144. (See supra, Foreign exchange rates.) Dividends, earnings and, 757, 1505. Prices. Index numbers, wholesale, 967, 1090, 1212, Earnings and dividends, 757,1505. 1338, 1456. (See Ratio.) Silver exports and imports. (See Silver.) Federal reserve banks. Silver reserves, 1913-1922, 665. Act July 1,1922, places, on equality with national (See European neutrals.) banks as to rediscounts with Federal reserve banks, 831. SPECIE PAYMENTS. Rediscounts with, 371, 630,1142. Chile postpones resumption of, 825. (See Ratio.) SPECULATIVE ACTIVITY, 4. Federal reserve system. (See supra, Admitted; infra, (See Review of month.) withdrawals.) Fiduciary powers— SPECULATIVE HOLDING OF CROPS. Reserves against trust funds. Same principles Paper given for, is ineligible, 1044. apply to, as to national banks, 572. (See Agricultural paper.) (See Rulings, Federal Reserve Board; Trust SPINDLES. funds.) (See Cotton; Wool, textiles.) Insolvent, 195, 317, 431, 829, 921,1169. Liquidation, voluntary, 195, 317, 571, 700, 829, 1043, SPINNING SPINDLES. 1169, 1285,1407. (See Wool, textiles.) Loans and discounts. Classification, 375, 632,1144. SPIRITS OF TURPENTINE. Merger of, 195, 317, 571, 829,1043,1169. (See Naval stores.) Name, change of, 921, 1043,1169, 1285. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
95 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. STATE BANES AND TRUST COMPANIES, MEM STOCK EXCHANGES. BER—Continued. Argentina, 1071. National banks— Germany, 45, 425, 689, 948, 1188. Act of July 1, 1922, places, on equality with Italy, 309, 687. national banks as to rediscounts with Federal Sweden, 426. reserve banks, 831, 933. (See Securities.) Conversions into. (See supra, Converted.) STOCKERS AND FEEDERS. Fiduciary powers. Same principles apply to, (See Live-stock industry.) as to national banks, 572. (See Rulings, Federal Reserve Board; Trust STOCKS. funds.) (See Securities.) Net earnings. (See Ratio.) STOCKS OF COAL AT MINES. Net profits. (See Ratio.) France, 86, 227, 333, 451, 588, 718, 845, 974, 1104, Ratio— 1180, 1218, 1343, 1462. Net earnings to capital and surplus, 757, 1505. Net profits to capital and surplus, 757, 1505. STOCKS OF GOODS. Reserves with Federal reserve banks to net (See Automobiles: Cement; Cotton; Cottonseed; Cot deposit liabilities, 372, 631,1143. tonseed oil; Face brick; Fire-clay brick; Grain; Rediscounts with Federal Reserve banks. (See supr$, Hides and skins; Leather; Lumber: Meats, cold- Federal reserve banks.) storage holdings; Naval stores; Oil refineries; Reorganization of, 829. Petroleum; Retail trade; Silica brick; Silk, Reserves. Trust funds. Same principles apply to, Sugar; Tin; Wood pulp.) as to national banks, 572. STORAGE. (See Rulings, Federal Reserve Board; Trust funds.) (See Agricultural paper; cold-storage holdings; Fin Resources. (See supra, Admitted.) ished cotton fabrics.) Surplus. (See supra, Admitted.) Trust funds. (See supra, Reserves; Trust funds.) STRAITS SETTLEMENTS. Withdrawals from Federal reserve system, 50, 195, Currency of, bought and sold by United States from 317, 571, 700, 921, 1169. and to, and other foreign countries, 534. Foreign exchange. Monetary unit. Singapore dollar. STATE BOND ISSUES. Rates, 116, 253, 366, 489, 629, 756, 896, 1016, Interest. Sweden, 49, 426. 1141, 1262, 1384, 1504. STATE CURRENCY NOTES. Gold exports and imports, 110, 249. (See Italy; Notes.) STRAWBERRIES. STATE DEPARTMENT. Shipments, 981. Asks to be notified of intention to float foreign loans, STRIKES. 282. Argentina, 1316. (See Department of State.) Great Britain, 552. STATE ENTERPRISES. (See Labor; Unemployment.) Net profit. Sweden, 47. STRUCTURAL SOCIETY, BRIDGE BUILDERS STATIONERY. AND. (See Wholesale trade.) (See Structural steel.) STATIST, LONDON. STRUCTURAL STEEL. Foreign exchange value of pound sterling, 117, 257, Orders and shipments. Bridge Builders and Struc 375, 490, 635, 761, 897, 1017, 1147, 1263, 1385, tural Society, 67, 210, 337, 457, 594, 724, 854, 982, 1506*. 1111, 1229, 1354, 1473. (See Great Britain; Prices.) (See Iron and steel.) STATISTICAL ISSUE, MID-YEAR. SUBSCRIPTIONS. Federal Reserve Bulletin, 765. (See United States bonds.) STATISTISCHES REICHSAMT. SUBSIDIARY SILYER. (See Federal Statistical Bureau.) Melting point, 663. Silver content, 663. STEEL, IRON AND. (See Money held, etc.) (See Iron and steel.) SUGAR. STERLING, POUND. Growing of, in Brazil, 695. (See Foreign exchange; Great Britain, foreign trade; Meltings. (See infra, Receipts, etc.) Pound sterling; Statist, London.) Prices. Index numbers, wholesale— STETSON, CUTLER & CO. Calcutta, 1914-1922, 83, 224, 329, 447, 584, 714, Securities placed in United States, 1052, 1099. Canada, 803. STEWART, W. W. Dutch East Indies, 1099. Appointed director of division of analysis and re France, 1913-1922, 81, 222, 347, 445, 582, 712, 841, search, 1031. 969, 1094, 1215, 1340, 1458. STOCK EXCHANGE COLLATERAL LOANS. Great Britain, 81, 222, 1098. Market rates, Federal reserve bank and branch cities, United States. Granulated. New York. Aver 113, 252, 365, 487, 627, 754, 894, 1014, 1139, 1382, age monthly prices, 1913-1922, 58, 200, 324, 1502. 442, 579, 709, 836, 1210. 39507—23------7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
96 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. SUGAR—Continued. SWEDEN—Continued. Production. Cuba, 826. Exports— Receipts, meltings, and stocks, 65, 208, 336, 456, 593, Paper pulp, 452, 589, 719, 846, 975, 1219, J344, 723, 854, 981, 1110, 1228, 1353, 1472. 1463. Stocks. (See supra, Receipts, etc.) Ratio of imports to, 384. Failures, commercial, 119, 259, 377, 492, 637, 763, 899, SULPHATE WOOD PULP. 1019, 1149, 1265, 1387, 1508. (See Wood pulp.) Financial statistics, 49. SULPHITE WOOD PULP. Foreign exchange— (See Wood pulp.) Currency of, bought and sold by United States from and to Sweden and other foreign coun SULPHURIC ACID. tries, 534. Price, Canada, 803. Danish exchange bought and sold by United SUMMARY. States from and to Sweden, 530. (See Reviews; Rulings, Federal Reserve Board; Agricul Exchange on Sweden bought and sold by United tural paper; Cooperative marketing associations; States from and to foreign countries specified, Cotton factors’ paper.) 529, 530, 541. Index of foreign exchange. Value of krona SUNDRIES. (See Group index numbers, China, France, abroad, 119, 259, 377, 492, 637, 763, 899,1019, Great Britain, Italy.) 1149, 1265, 1387,1508. SUPPLY OF COTTON. Operations of Riksbank in foreign exchange, 690, Total visible, 855, 982, 1111, 1229, 1354, 1473. 693. Great Britain, 86, 227, 332, 451, 588, 718, 845, 974,1103, (See Riksbank.) 1218, 1343, 1462. Rates, 116, 253, 366, 489, 629, 756, 896,1016.1141, SUPPLY OF GRAIN. 1262, 1384, 1504. Total visible, 980, 1109, 1227, 1352, 1471. Foreign trade, 85, 226, 331, 450, 586, 716, 844, 973, SUPREME COURT OF NORTH CAROLINA. 1101. 1221, 1347. 1467. (See Clearing system, Federal reserve.) Gold exports and imports. (See Gold.) Gold reserves. (See supra, Deposits, etc.) SURPLUS. Government revenue and expenditures, 1913-1921, 46. (Nee Railroads, freight car surplus; Ratio; Resources Government securities. Value of imported Swedish, and liabilities; State banks and trust companies, 48. member.) Great Britain. (See Prices, comparison.) SURPLUS. Group index numbers. (See infra, Prices.) Transfers to, by Federal reserve banks, 146. Imports— SWEDEN. Ratio. Imports to exports, 384. Assets and liabilities, 49. (See Government securities.) Balance of trade, 1913-1921, 384. Industrial activity, index of, 452, 589, 719, 846, 975, Bank of Sweden— 1219, 1344, 1463. Condition, 49, 369. Interest. (See Rate of interest.) (See Riksbank.) International price index. (See Prices.) Banks, condition— Iron and steel ingot production, 452, 589, 719, 846, Bank of Sweden, 49, 369. 975, 1219, 1344, 1463. Joint stock banks, 119, 259, 377, 492, 637, 763, 899, Issues of State bonds, 49, 426. 1019,1149,1265,1367,1508. Joint stock banks, condition of, 119, 256, 377, 492, Bills protested. (See Protested bills.) 637, 763, 899, 1019, 1149, 1265, 1387, 1508. Blast furnaces. Operation. Percentage, 452, 589, Krona. Par and foreign exchange value, 114, 119, 719, 846, 975,1219,1344,1463. 259, 377, 492, 637, 763, 899,1019,1149,1265, 1387, Boards. Export of, 452, 589, 719, 846, 975, 1219, 1344, 1506. 1463. liabilities. (See Assets and liabilities.) Bond issues, 49, 426. Loans— Budget, 45. Dollar loans, 49. Business conditions and failures, 46,119, 259, 377, 426, Government loans, 48. 492, 637, 690, 763, 899, 951, 1019, 1149, 1265, 1387, Lumber exports. (See Boards; Exports.) 1508. Monetary unit. Krona. Par. Rates. Value, 1922, Capital. (See Ratio.) 114, 116, 253, 366, 489, 629, 665, 756, 896, 1016, Capital issues, 119, 259, 377, 492, 637, 763, 899, 1019, 1141, 1262, 1384, 1503. 1149, 1265, 1387,1508. Notes. (See supra, Deposits, etc.; infra, Riksbank.) Chemical paper pulp production, 452, 589, 719, 846, Paper pulp. (See Chemical paper pulp.) 975,1219,1344, 1463. Paper pulp exports, 452, 589, 719, 846, 975, 1219, Coal imports, 452, 589, 719, 846, 975, 1219, 1344, 1463. 1344 1463. Commerce Department. (Nee, infra, Prices.) Pig-iron production, 452 , 589 , 719 , 846, 975, 1219, Condition of banks. (Nee Banks.) 1344, 1463. Debt, public, 47, 48, 119, 259, 377, 492, 637, 763, 899, Prices— 1019,1149, 1265,1367, 1508. Index numbers, wholesale. Comparisons— Deposits, gold reserves, notes, ratio, 1913, 1918, and 1922 with 1913, 816, 817, 818. 1922, 758. With other countries— Deposits of commercial banks, 427. United States. Reduced to gold basis, Dollar loans, 49. 5, 381, 1390. Expenditures. (See Government revenue and ex United States and Great Britain, 819, penditures.) 820, 951. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 97 S WED EN—Continued. SWITZERLAND. Prices—Continued. Budget, 644. Index numbers, wholesale, 1913-1922— Condition. (See infra, National bank of Switzerland.) Commerce Department. Description of new Cost of living, 1217, 1342, 1461. official index, 816. Deposits, gold reserves, notes, ratio, 1913, 1918, and Comparative wholesale prices, 79, 157, 220, 1922, 758. 335, 443, 580, 710, 837, 967, 1090, 1212, Foreign exchange— 1338, 1456. Currency of, bought and sold by United States Group index numbers, 82, 223, 328, 445, 583, from and to, and other foreign countries, 534. 713, 970, 1096, 1216, 1341, 1459. Danish exchange bought and sold by United Retail prices. (See infra, Retail prices.) States from and to, 530. Retail prices, 84, 225, 330, 448, 584, 714, 842, 971, Exchange on, bought and sold by United States 1100, 1217, 1342, 1461. from and to, and other foreign countries, Security prices, 119, 259, 377, 492, 637, 763, 899, 530, 531. 1019, 1149, 1265, 1387, 1508. Rates, 116, 253, 366, 489, 629, 665, 756, 896, 1016, Production. (See Chemical paper pulp; Iron and 1141,1262,1384,1504. steel ingots; Pig iron.) Gold exports and imports, 110, 249. Profit. State enterprises, 47. Gold reserves. (See supra. Deposits, etc.) (See Ratio.) Group index numbers. (See infra, Prices.) Protested bills, 119, 259, 377, 492, 637, 763, 899, 1019, Monetary unit. Franc. Par. Value, 1922, 116, 253, 1149, 1265, 1387, 1508. 366, 489, 629, 665, 756, 896, 1016, 1141, 1262, 1384. Public debt. (See Debt.) National Bank of Switzerland. Condition, 1913-1921, Public finance, 46. 368. Pulp and paper industries, 951. Notes. (See supra, Deposits, etc.) Railway statistics, 452, 589, 719, 846, 975, 1219, 1344, Prices— 1463. Index numbers, wholesale, 1913-1922, 80, 220, Rate of interest. State bond issues, 49, 426. 325, 443, 580, 710, 837, 967, 1090, 1212, 1338, Ratio— 1456. Imports to exports, 384. Group index numbers, 1914-1922, 1097. Profit of State enterprises to average capital value, Comparison, Switzerland and Holland. Chart, 47. 156. Reserves to deposit and note liability, 1913, Ratio. Reserves to deposit and note liability, 1913, 1918, and 1922, 254, 367, 369, 758. 1918, and 1922, 758. Reserves. (See supra, Ratio.) Reserves— Reserves, silver, 1913-1922, 665. Silver, 1913-1922, 665. Silver reserves, 1913-1922, 665. (See Deposits, etc.; Ratio.) (See European neutrals.) Retail prices, 84, 225, 330, 448, 584, 714, 842, 971, 1100,1217,1342,1461. TAEL. SHANGHAI. Revenues. (See Government revenues and expendi Monetary unit. Par. Rates, 114, 116, 253, 366, 896 tures.) 1016, 1141, 1262, 1384, 1504. Riksbank— TAHITI. Condition, 1913-1921, 119, 259, 377, 492, 637, 691, Gold exports and imports, 110, 249. 763, 899, 1019, 1149, 1265, 1387, 1508. TALLOW. (See Bank of Sweden.) Group index numbers, wholesale prices. New Zea Deposits, gold reserves, notes, ratio, 1913, 1918, 1922, 252, 367, 758. land, 1913-1922, 1100. Earnings and expenses, 693. TAR PRODUCTS. Foreign exchange operations, 691, 693. Group index numbers, wholesale prices. Belgium, Notes in circulation. (See supra, Conditions.) 1921 and 1922, 1214. Operations of, 690. TAX, FRANCHISE. Ratio— Paid by Federal reserve banks, 145, 865, 1012. Gold to notes, 692. Metallic reserves, 369, 758. TAXES. Securities. Prices, 119, 259, 377, 492, 637, 763,899, Argentina— 1019,1149,1265,1387,1508. Customs, 563, 955. Ships. Entered and cleared in foreign trade, 452, 589, Proposed income tax, 563. 719,846,975,1219,1344,1463. Chile. Customs, 1195. Silver exports and imports. (See Silver.) France. Income, indirect, monopolies, war profits, Silver reserves, 1913-1922, 665. 306, 555. State bond issues, 49, 426. Germany, 45, 560. State enterprises. Profit, 47. Great Britain. Corporation profits, customs, excess Stock market, 426. profits, income tax, 553, 628. (See Securities.) Italy, 556, 557, 558, 559. Mexico. Petroleum, 1197. Taxes 46 Sweden, 46. Unemployment, 452, 589, 719, 846, 975, 1219, 1344, 1463. TEA. Wages, 953. Index numbers, wholesale prices— Wholesale prices. (See Prices.) Calcutta, 1914-1922, 83, 224, 329, 447, 584, 714, (See European neutrals.) 1099. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
98 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN, TEA—Continued. TOBACCO. Index numbers, wholesale prices—Continued. Financing of. Article on, 285, 403. Dutch East Indies, 1099. Manufactures of. Sale of revenue stamps, 65, 209, France, 81, 222, 327, 445, 582, 712, 841, 969,1094. 336, 456, 593, 723, 854, 981,1110,1228,1353,1472. Great Britain, 1913-1922, 81, 222, 1098. Movement of, 295, 455, 592, 721, 851, 980, 1109, 1227, Taxes on. Great Britain, 185, 304, 417, 553, 628. b 1352, 1416. Prices. Index numbers, wholesale— TELEGRAPH EXPENSES. Australia, 1914-1922, 83, 224, 329, 446, 583, 713, Federal reserve banks, 145, 1012. 1098. Belgium, 1921 and 1922, 1214. TELEPHONE EXPENSES. Switzerland, 1914-1922, 1097. Federal reserve banks, 145, 1012. Production. Index numbers, 295, 455, 592, 722, 852, TER MEULEN PLAN, 124. 980, 1109, 1227, 1352, 1472. (See Review of month.) Reports on condition, 11, 133, 272, 391, 505, 650, 777, 911, 1033, 1160, 1275, 1399. TEXTILES. Sale of revenue stamps, 65, 208, 268, 336, 456, 593, 723, Cotton consumption, 1416, 1418. 854, 981, 1110, 1228, 1353, 1472. Chart. Index numbers, 62, 205. Sales at loose leaf warehouses, 65, 208, 268, 336, 456, Prices. Group index numbers, wholesale— 593, 723, 854, 981, 1228, 1353, 1472. Australia, 1914-1922, 83, 224, 329, 446, 583, 713, Tax— 1098. Germany, 45. Belgium, 1921 and 1922,1214. Great Britain. (See Great Britain; Customs Calcutta, 1914-1922, 83, 224, 329, 447, 584, 714, taxes.) 1099. TOKYO BANKS. Canada, 1913-1922, 83, 224, 329, 447, 584, 714, Clearings, condition, discount rates, 119,194, 367, 493, 842, 971, 1098, 1216, 1341, 1459. China. (See Shanghai.) 638, 764, 900, 1020, 1150, 1266, 1388, 1509. Dutch East Indies, 1914-1922, 1099. TON-MILES. France, 1913-1922, 81, 222, 327, 445, 582, 712, 841, (See Great Britain, railroads; Railroad operating statis 969, 1094, 1215, 1340, 1458. tics.) Germany, 1913-1922, 82, 222, 327, 445, 582, 712, TONNAGE, FREIGHT. RAILROADS. 842, 970, 1095, 1215, 1340, 1458. France, 588. 718, 845, 974, 1104, 1218, 1343, 1462. Great Britain, 1913-1922, 81, 221, 222, 327, 444, Great Britain, 1429. 581, 711, 841, 969, 1097, 1098, 1216, 1341, Japan, 1220, 1345, 1464. 1460. Norway, 847. Italy, 1920-1922, 81, 222, 327, 445, 582, 712, 841, Sweden, 452, 589, 719, 846, 975, 1219, 1344, 1463. 969, 1095, 1341, 1459. Norway, 1914-1922, 83, 223, 328, 446, 583, 713, TOTAL VISIBLE SUPPLY. 1096. Cotton, 855, 982, 1111, 1229, 1354, 1473. Shanghai, 1913-1922, 1099. Great Britain, 86, 227, 332, 451, 588, 718, 845, 974, Sweden, 1913-1922, 82, 223, 328, 445, 583, 713, 1103, 1218, 1343, 1462. 970, 1096, 1216, 1341, 1459. Grain, 980, 1109, 1227, 1352, 1471. Switzerland, 1914-1922,1097. Production— TRANSVAAL. Cotton and silk, 68, 211, 337, 457, 594, 724, 855, Gold production, 1910-1921, 660. 1474. TRADE. Index numbers, 295, 455, 592, 722, 852, 980, 1109, (See Foreign trade; Foreign trade index; Indexes of 1227, 1352, 1471. trade and production; Physical volume of trade; Charts, 62, 205. Price movement and volume of trade; Retail Seasonal variations, 1418, 1419. trade; Wholesale trade.) Wool consumption, 1416, 1418. Charts, 62, 205. TRADE ACCEPTANCES. Discount rates. Federal reserve banks, 112, 251, 364, TIME BILLS. 486, 626, 753, 866, 893, 1011, 1137, 1258, 1380, Sales to dealers in United States, 174. (See Clean time bills.) 1500. Discounts of. Federal reserve banks. Domestic and TIME DEPOSITS. foreign, 87, 228, 343, 465, 603, 733, 872, 989, 1118, Member banks, 374, 633, 1145. 1237, 1361, 1481. Member State banks and trust companies. 371, 630, Growers’ drafts against cooperative marketing associa 1142. tions can not serve as basis for, 1044. Holdings of. Federal reserve banks, 284, 515, 1049. TIN. Purchases of. By Federal reserve banks, 88, 229, 344, Deliveries, imports, stocks, 68, 211, 337, 457, 594. 724, 466, 604, 734, 873, 990, 1119, 1238, 1362, 1482. 855, 982, 1111, 1229, 1354, 1473. TRADE AGREEMENT. TIRE MANUFACTURERS. Great Britain and Russia, 940. (See Automobiles.) TRADE AND PRODUCTION, INDEXES OF, 62, 205, TIRES. 294, 295, 454, 455, 591, 592, 721, 722, 979, 980, 1108, Production, shipments, stocks, 70, 213, 338, 458, 595, 1109, 1226, 1227, 1351, 1352, 1416, 1418, 1420, 1421, 725, 856, 983, 1112,1230,1355,1474. 1470. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
99 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. TRADE BILLS. TREASURY NOTES, UNITED STATES, 1890. Great Britain. Discount rates. Three and six month, (See Money held, etc.) 117, 257, 375, 490, 635, 761, 897, 1017, 1147, 1263, TREATIES, REPARATION. 1385, 1506. Austria, 1295. Use of, in financing foreign trade, 522. Bulgaria, 1295. TRADE ORGANIZATIONS. Turkey, 1296. Foreign credit work of, 795. TREATY. ESTHONIA AND RUSSIA, 940. TRADE UNIONS. Trade agreement, Great Britain and Russia, 939. Norway. Ratio of unemployment, 847. United States and Germany, 1296. Versailles treaty, 1289. TRADE, USAGES OF. (See Versailles treaty.) (See Dollar exchange.) TRINIDAD. TRADE WITH RUSSIA. Dollar exchange drafts. American banks and bankers Norway, 942. authorized to accept, 680. TRADE WITH UNITED STATES. TRUCKS. (See Balance of trade; Exports; Foreign trade; Im (See Automobiles.) ports.) TRUST COMPANIES. TRADING IN UNITED STATES BONDS. (See State banks and trust companies, member.) Federal reserve banks may assume that notes secured by United States bonds have been given for the TRUST FUNDS. NATIONAL BANK. purpose of carrying or, 931. Reserves required against, 572. TRAINS. (See Rulings, Federal Reserve Board; Trust funds.) (See Railways, operating statistics.) TRUST RECEIPT. TRANSFERS. Article on, 32. (See Cable transfers; Demand transfers.) The trust receipt in Japan, 299. (See Commercial credit practice, Japanese banks.) TRANSFERS TO SURPLUS. By Federal reserve banks, 146. TURKEY IN ASIA. Gold exports and imports, 110, 249. TRANSPORTATION BUILDING COMPANY. Securities placed in United States, 1052. TURKEY IN EUROPE. Banks. Condition, Imperial Ottoman Bank, 1183. TRAVELING EXPENSES. British, French, and German investments in, 1182. Federal reserve banks, 145, 865, 1012. Debt, public, 1182. TRAVELERS’ LETTERS OF CREDIT. Gold exports and imports, 110, 249. Sales of foreign exchange against, 174. Reparation treaty, 1296. Silver exports and imports. (See Silver.) TREASURER OF UNITED STATES. Clearing items drawn on. (See Clearing system, TURPENTINE. Federal reserve.) (See Naval stores.) TREASURY BILLS. U. France. Interest rates, 187, 306, 554, 809. Germany, 118, 259, 377, 491, 636, 762, 898, 1018, 1148, UNCOLLECTED ITEMS. 1264, 1386, 1507. (See resources and liabilities.) Great Britain, discount rates. Three months, 117, UNDERWEAR. 257, 375, 490, 635, 761, 897, 1017, 1147, 1263, Production, 75, 217, 339, 461, 598, 728, 849, 977, 1106, 1385, 1506. 1224, 1349, 1468. Italy. Short term, 118, 258, 376, 491, 636, 762, 898, Reports on industry, 17, 138, 277, 396, 510, 655, 782, 1018, 1148, 1264, 1386, 1507. 917, 1038, 1166, 1280, 1402. TREASURY, CANADIAN. UNEMPLOYMENT. Gold holdings, 758. Argentina, 1316. TREASURY BONDS, UNITED STATES. Czechoslovakia, 1451. Issue of, 1947-1952. Allotments and subscriptions. France, 86, 227, 333, 451, 588, 718, 845, 942, 974,1104, By Federal reserve districts, 1273. 1218, 1343, 1462. Germany, 227, 313, 333, 452, 589, 719, 846, 975, 1104, TREASURY CERTIFICATES, UNITED STATES. 1219 1344 1463. Allotted through Federal reserve hanks, July 1, 1921, Great Britain, 40, 86* 227, 305, 332, 451, 552, 588, 718, to June 30, 1922, 868. 808, 845, 974, 1103, 1218, 1343, 1427, 1462. TREASURY FINANCES. REFUNDING LOAN OF Strikes, 552. OCT. 16, 1922. Italy, 421, 947, 1063. Letters. Secretary of Treasury— Norway, 847. Oct. 9, 1922, 1273. Sweden, 452, 589, 719, 846, 975, 1219, 1344,1463. Oct. 16, 1922, 1272. United States, 19, 140, 280, 397, 511, 657, 784, 919, (See Treasury notes, United States.) 1040, 1167, 1282, 1405. TREASURY NOTES, UNITED STATES. UNFILLED ORDERS. Allotted through Federal reserve banks, July 1,1921, (See Face brick; Fire clay brick; Knit Goods Manu to June 30, 1922, 868. facturers of America; United States Steel Cor Issue of, to redeem outstanding Victory notes, 929. poration.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
100 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. UNIT, MONETARY. UNITED STATES—Continued. (See Monetary unit.) Foreign exchange—Continued. Dealings of United States with—Continued. UNITED KINGDOM. (See Great Britain.) Norway, 531. Spain, 531. UNITED RAILWAYS OF HAVANA. Sweden, 531. Securities placed in United States, 1051. Switzerland, 530. West Indies, 531. UNITED STATES. Argentina— Foreign loans placed in United States, 48, 49, 128, Grain imports from, 1072. 314, 386, 419, 420, 429, 566, 567, 643, 644, 645, Loans floated in United States, 314, 566. 939, 940, 1027, 1028, 1050, 1181, 1315. Army of Occupation. Claim against Germany for (See infra, State Department.) cost of, 551. Should not be required to be spent in United Balance of trade.— States, 644. 1913-1922, 382. Foreign trade. United States, 1103, 1222,1347, 1466. Reversal of, 382, 383. (See supra, Argentina; Brazil; Chile; Cuba.) With Europe, 1913-1922, 382. (See also Foreign trade, principal heading.) Balance, unfunded, due to United States, 3, 128. France— Brazil— Movement of gold between France and United Foreign trade with United States, 1910-1922, States, 1181. 567, 697, 956, 1192, 1316, (See France; Loans; Prices, comparison.) Loans placed in United States, 567, 823, 1317. Genoa conference. United States declines to par Chile— ticipate in, 385, 642. Loans placed in United States, 569, 825, 1074. Germany— Trade with United States, 1913-1920, 959. Claim of United States against, for cost of Army Claim against Germany. Cost of Army of Occupa of Occupation, 551. tion, 551. Treaty between United States and Germany, Comparison with Japan. (See infra, Japan.) August 25, 1921, 1296. Conditions, economic and financial. (See Review * Goldof month.) Imports and exports. (See Gold.) Cost of living, 84, 225, 330, 448, 584, 714, 842, 971, Movement between France and United States, 1100,1217. 1181. Cuba— Production, 1910-1921, 660. Exports to United States, 962. Visit of financial Reserves, 1913, 1918, and 1922, 254, 367, 758. commission to United States, 960. Grain imports from Argentina, 1072. Debt— Great Britain. Debt to United States, 643. Foreign Governments to United States, 128, 645. Immigration laws. Effect on unemployment in Great Britain to United States, 643. Italy, 421. Dollar loans. Imports. Grain from Argentina, 1072. Granted by United States abroad, 386, 1027, Italy. Effect of United States immigration laws on 1028,1050. (See infra, Loans; State Department.) unemployment in Italy, 421. Economic and financial conditions. (See Review of Japan. Comparison with United States. Coins, month.) measurement, weight, 1059. Employment, 19, 140, 280, 397, 511, 657, 784, 919, Loans— 1040, 1167, 1282, 1382. Foreign loans placed in United States, 48, 49, 128, 314, 386, 419, 420, 429, 566, 567, 643, Europe— Balance of trade with, 1913-1922, 382. 644, 645, 939, 940, 1027, 1028, 1050, 1181, Trade with United States, first six months of 1922, 1315. Unwise to require foreign loans to be spent in 1027. Exports— United States, 644. Cuban exports to United States, 962. Mexico. Oil production, Mexico and United States, Decline in exports from United States, 382. 1083,1195. Financial commission, Cuban, to United States, 960. Monetary unit. Dollar. Par, 665. Financial conditions. (See Review of month.) (See Foreign exchange; Rates.) Foreign corporation securities placed in United States, Money. Stock of money in United States. (See 1051. Money held, etc.) (See Dollar loans; Loans.) Movement of gold between France and United States, Foreign countries. Debt to United States, 128, 645. 1181. Foreign exchange— Occupation, Army of. Claim of United States against Dealings of United States with— Germany for cost of, 551. Argentina, 531. Oil production, Mexico and United States, 1083,1195. Brazil, 531. Panama Canal. (See Same.) Canada, 531. Possessions of United States. Securities placed in, China, 531. 1050,1052. Cuba, 962. Prices— France, 529, 541. Comparisons— Great Britain, 529, 541. United States and Canada, 156, 1089, 1206, Holland, 530. 1336,1454. Italy, 530. United States and France, 5, 381, 928, 929, Japan, 530. 968,.1054,1089,1206,1336,1389,1454. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
101 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. UNITED STATES—Continued. UNITED STATES COIN. Prices—Continued. (See Silver.) Comparisons—Continued. UNITED STATES DISTRICT COURT. United States and Germany , 5,381, 562,1389, (See Clearing system, Federal reserve.) 1390. United States and Great Britain, 5, 153, 319, UNITED STATES GOVERNMENT OBLIGATIONS. 381, 437, 562, 574, 704, 819, 832, 928, 929, 1. Federal reserve banks— 951, 963, 1054,1389, 1390. Allotment of United States Treasury certificates United States and Italy, 5, 381,1389,1390. through, 868. United States and Sweden, 5, 381, 819, 951. Discount and open-market operations— Index numbers, wholesale prices. (See Prices, Discounts, secured by Government obliga principal heading.) tions, customers’ paper, member bank Retail prices. (See Same, principal heading.) collateral notes, 87, 228, 343, 465. 603, Wholesale prices. (See Prices.) 733, 768, 865, 872, 989, 1118, 1237, 1361, Production— 1481. Gold, 660. Purchases— Oil, 1083,1195. United States bonds, United States cer Silver, 662. tificates, United States notes, United (See Production, principal heading.) States securities, 87, 228, 342, 464, Reparations. (See Same.) 603, 732, 865, 872, 989, 1118, 1237, Reserves. (See Same.) 1361,1481. Retail prices. (See Same.) Victory notes, 865. Russia. Debt to United States, 939. Discount rates. Paper secured by Treasury notes Sault Ste. Marie Canal. (See Same.) and certificates, Liberty bonds and Victory Securities. Foreign securities placed in United notes, 112, 251, 364, 486, 626, 753, 893, 1011, States. (See Securities.) 1137, 1258, 1380, 1500. Ships. (See Ships, principal heading.) Holdings— Silver production, 662. Secured by Government obligations. Cus Silver reserves, 1913-1922, 665. tomers’ paper, member bank collateral South American countries. Loans placed in United notes, 90, 231, 345, 467, 606, 735, 875, 992, States, 567. 1120, 1239, 1363, 1483. State Department asks to be advised of foreign credits, United States securities and earnings there 386. on, 89, 145, 231, 345, 467, 606, 735, 768. Trade with United States. Foreign countries— 862, 865, 875, 991,1012, 1120, 1239, 1363. Argentina, 1072. 1483. Brazil, 1910-1922, 567, 697, 956,1192, 1316. Maturity distribution. United States certificates. Chile, 1913-1920, 959. 99,238,353,474,614, 742,882, 999.1127,1246. Europe, 1913-1920, 1027. 1370, 1490. (See Foreign trade.) Notes secured by, may be presumed by Federal Treaty with Germany, Aug. 25, 1921, 1296. reserve banks to have been originally given Unemployment. Effect of United States immigra for carrying or trading in United States bonds. tion laws on unemployment in Italy, 421. 931. Unfunded balance due to United States, 3,128. Resources and liabilities. Bills discounted se Vessels built in United States. (See Ships, principal cured by Government obligations. United heading.) States bonds, United States certificates. Vessels entered and cleared in foreign trade. (See Pittman Act, 96, 236, 351, 472, 611, 612, 740, Ships, principal heading.) 880, 997, 998, 1125,1244, 1368, 1488. Vessels passing through Panama Canal. Percentage Weekly changes. Assets and liabilities— of American vessels. (See Ships, principal head Discounts secured by Government obliga ing-) tions. United States certificates, United Wholesale prices. (See Prices, principal heading.) States securities, 93, 94, 235, 349, 471, (See Review of month.) 610, 738, 878, 996, 1031, 1122, 1124, 1158, 1241, 1243,1365,1367, 1397, 1483. UNITED STATES BONDS. Charts. Discounts secured by Government, Refunding loan, 4} per cent, 1947-1952— obligations, United States securities, 93, Circular announcing issue on Oct. 16, 1922, 1296. 234, 347, 470, 608,1030,1157. Subscriptions and allotments, 1272, 1273. 2. Reporting member banks— Table. Cash and exchange subscriptions, 1272. Secured by Government obligations— Reserve on depreciation. Federal reserve banks, 146. Bills .payable with ana rediscounts with Purchased by Federal reserve banks, 87, 228, 342, 464, Federal reserve banks, 92, 102, 104, 233, 603, 732, 865, 872, 989, 1118, 1237, 1361, 1481. 241, 242, 348, 356, 357, 469, 477, 478, 609, See Resources and liabilities; Treasury finance.) 617, 619, 745, 746, 869, 879, 885, 886,1002, See also United States Government obligations.) 1004, 1130, 1131, 1249, 1251, 1373, 1374, 1493,1494. UNITED STATES CERTIFICATES. Loans and discounts of, 92, 101, 233, 240, (See Maturity distribution; United States Treasury 348, 353, 469, 476, 609, 744, 869, 884, certificates.) 1001, 1129, 1248, 1372, 1492. (See also United States Government obligations.) United States bonds, 92, 101, 163, 233, 240, 241, 348, 355, 366, 469, 476, 477, 609, 616, 618, 744, UNITED STATES CIRCUIT COURT OF APPEALS. 745, 869, 884, 885,1003,1128,1129,1130,1248, (See Clearing system. Federal reserve.) 1259, 1372, 1373, 1493. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
102 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT OBLIGA UNITED STATES TREASURY CERTIFICATES. TIONS—Continued. Allotted through Federal reserve banks, fiscal year 2. Reporting member banks—Continued. 1922, 868. United States certificates of indebtedness, 92,101, Bills discounted secured by, 96, 236, 351, 472, 611, 103, 233, 240, 241, 348, 355, 357, 469, 476, 478, 612, 740, 880, 997, 998, 1125, 1244, 1368, 1488. 609, 616, 618, 744, 746, 869, 884, 886, 1001, Discount rates. Federal reserve banks. Paper se 1003,1129,1130,1248,1250,1372,1374,1493. cured by, 112, 251, 364, 486, 626, 753, 893, 1011, United States Government obligations and loans 1137, 1258, 1380,1500. secured thereby. Charts, 93, 234, 347, 470, Holdings— 608,1030,1157. Federal reserve banks, 96, 236, 351, 472, 611, 612, United States Government securities, 870, 995, 740, 880, 997, 998, 1125, 1244, 1368, 1488. 1241,1486. Reporting member banks, 92, 101, 103, 233, 240, United States Treasury notes, 92, 101, 103, 233, 241, 348, 355, 357, 469, 476, 478, 609, 616, 240, 241, 348, 355, 357, 469, 476, 478, 609, 616, 618, 744, 746, 869, 884, 886, 1001, 1003, 1129, 618, 744, 746, 869, 884, 886, 1001, 1003, 1129, 1130, 1248, 1250, 1372, 1374, 1493. 1130, 1248, 1250, 1372, 1374, 1492, 1494. Issue of 300 millions of 4J per cent, in exchange for United States Victory notes, 92,101,103, 233,240, 4} per cent Victory notes called for redemption, 241, 348, 355, 356, 469, 476, 477, 609, 616, 618, July 26, 1922, 929. 744, 746, 869, 884, 885,1001, 1003, 1129,1130, Maturity distribution, 99, 238, 353, 474, 614, 742, 882. 1372, 1374, 1492, 1493. 999, 1127, 1246, 1370, 1490. Pittman Act certificates, 96, 236, 351, 472, 611, 612, UNITED STATES LIBERTY BONDS. 740, 880, 997, 998, 1125, 1244,1368, 1488. (See Liberty bonds.) Purchases, Federal reserve banks, 87, 228, 342, 464, UNITED STATES NOTES. 603, 732, 865, 872, 989, 1118, 1237, 1361, 1481. Stock of. (See Money held, etc.) Weekly changes, Federal reserve banks, 93, 94, 235, 349, 471, 610, 738, 878, 996, 1031, 1122, 1124, UNITED STATES REVISED STATUTES. 1158, 1241, 1243, 1365, 1367, 1397, 1485. Section 324. Amended by act of June 3, 1922. (See United States Government obligations.) Limitation on construction of Federal reserve UNITED STATES VICTORY NOTES. bank and branch buildings, 830. Section 5136. Amended by act of July 1,1922. Na Discount rates on paper secured by, 112, 251, 364, tional banks given succession for 99 years, 831. 486, 626, 753, 866, 893, 1011, 1137, 1258, 1380, 1500. Section 5200— As amended by act of Oct. 22,1919. Analysis of, Exchangeable for Treasury 4J per cent certificates, 929. 933,1287. Distinction between, and section ,13; Federal Exchangeable for United States 4£ per cent bonds, reserve act, 1287. 1272, 1273, 1296, 1297. Purchases, Federal reserve banks, 865. UNITED STATES SECURITIES. Redemption. One-half of outstanding 4f per cent (See supra, United States Government obligations.) called for redemption, July 26, 1922, 929. Reporting member banks. Holdings, 92, 101, 103, UNITED STATES STEEL CORPORATION. 233, 240, 241, 348, 355, 356, 469, 476, 477, 609, Unfilled orders, 67, 210, 337, 457, 594, 724, 854, 982, 616, 618, 744, 746, 869, 884, 885, 1001, 1003, 1129, 1111, 1229, 1354, 1475. 1130,1372,1374, 1492, 1493. Charts, 62, 205. UNITED STEAMSHIP CO. Securities placed in United States, 1052. UNITED STATES TREASURY. Allied debts— UNITS OF FOREIGN CURRENCIES. Balfour note on, 1024, 1046 (text). Foreign exchange rates on. (See Foreign exchange; United States Treasury. Statement on, 1024, Rates; Monetary unit.) 1025. UPHOLSTERY LEATHER. Financial plans of, 929, 1273, 1296. (See Leather.) Operations, refunding. (See, infra, Refunding policy.) Policy, refunding. (See, infra, Refunding policy.) UPMANN AND CO., CUBA. Refunding loan, Oct. 16, 1922, United States 4J per Suspension of, 827. cent bonds, 1947-1952,1296. UPPER LEATHER. Refunding operations— (See Leather.) Call for redemption of one-half of outstanding 4f per cent Victory notes, 929. URUGUAY. Issue of 300 million 4| per cent Treasury notes, Deposits, gold reserves, notes, ratio, 1913, 1918, and 929. 1922, 758. Refunding policy. Statement of what has been Dollar exchange drafts. American banks and bankers accomplished, 929,1273,1296. authorized to accept, 680. United States bonds. Issue of 4} per cent, 1947- Foreign exchange— 1952, Oct. 16, 1922- Currency of, bought and sold by United States Subscriptions, 1272, 1273. from and to, and other foreign countries, 534. Treasury statement, 1272, 1273, 1296, 1297. Rates, 116, 253, 366, 489, 629, 756, 896, 1016, United States Treasury notes. Offering of 300 mil 1141,1262,1384,1504. lions of 4£ per cent, in exchange for Victory Gold exports and imports. (See Gold.) 4 j per cent notes called for redemption, July 26, Government securities placed in United States, 386, 1922, 929. 1050. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX “DIGEST OF FEDERAL RESERVE BULLETIN. 103 URUGUAY- Continued. VOLUNTARY LIQUIDATION. Monetary unit. Peso. Rates. (See, supra. Foreign State banks and trust companies, member, 195, 317, exchange; Rates.) 571, 700, 829, 1043. 1169, 1285, 1407. Notes. (See supra, Deposits, etc.) Prices, 1334. W. Reserves. (See supra, Deposits, etc.) WADE, FESTUS J. Silver imports and exports. (See S il ver.) Elected a member of Federal advisory council. 773. USAGES OF TRADE. WAGES. (See Dollar exchange.) Germany, 314, 690, 1187. Great Britain, 305. V. Sweden, 953. VALORIZATION. (See Unemployment.) (See Coffee.) WAR FINANCE CORPORATION. VALUE. Bills payable with. Member State banks and trust (See Building statistics; Exports; Foreign trade; Mone companies, 371, 630, 1142. tary unit; Retail trade; Wholesale trade.) (See also Review of month: Bonds, Liberty bonds, WAR PROFITS TAX. France, 306, 555. Railroad securities.) Great Britain, 553. VALUE, INDEX OF. Italy, 557. (See Foreign trade; United States.) WAREHOUSE RECEIPTS. VANCOUVER ASSOCIATED LUMBER INTER Loans secured by. Market rates. Federal reserve ESTS. bank and branch cities, 113, 252. 365, 487, 627, Securities placed in United States. 1052. 754, 894, 1014, 1139, 1259, 1382, 1502. Payments against. Debits to dollar account, 178. VAULTS, CASH IN. (See Rulings Federal Reserve Board, bills of ex (See Banking conditions; Resources and liabilities.) change; Rulings Federal Reserve Board, col VEGETABLE FOODS. lateral; Rulings Federal Reserve Board, ware (See Group index numbers: France, Great Britain. house receipts.) Italy, Norway, Sweden.) WAREHOUSES. VEGETABLE OILS. (See Tobacco.) Prices. Canada, 804. WAREHOUSES INDEPENDENT OF BORROWER. VEGETABLE PRODUCTS. (See Rulings Federal Reserve Board: Warehouse.) (See Group index number, Italy.) WARRANTS, MUNICIPAL. VEGETABLES. Holdings. Federal reserve banks, 97, 236, 351, 472, (See Group index number, Canada.) 612, 998, 1125, 1245, 1368, 1489. Maturity distribution, 99, 238, 353, 474, 614, 742, 882, VENEZUELA. 999, 1127, 1246, 1370, 1490. Dollar exchange drafts. American banks and bankers Purchases by Federal reserve banks. 87, 228, 342, authorized to accept, 680. 464,603,732,865, 872,989,1118.1237,1361,1480. Foreign exchange. Currency of. bought and sold by Year ending May, 1922, 865. United States from and to, and other foreign countries. 534. WATER POWER. Gold and silver exports and imports. (See Gold; (See Electric power.) Silver.) WATTS, F. O. VERSAILLES TREATY. Resigns as member of Federal advisory council, 775. Cost of enforcement of, 313, 561, 1068. WEEKLY CHANGES IN ASSETS AND LIABILITIES. (Sec Reparations.) Federal Reserve banks and member banks, 92, 233, VESSELS. 348, 469, 609, 648, 738, 773, 877, 879, 907, 993, (See Ships.) 994, 1030, 1124, 1157, 1158, 1241, 1365, 1396, 1485, 1486. VICTORY NOTES. Chart, 774. (See United States Victory notes.) WEEKLY STATEMENT, CHANGE IN. VIRGIN ISLANDS. Federal reserve banks and Federal reserve system. Gold exports and imports, 110, 249. “Net deposits” stricken out and “Total do- Silver exports and imports. (See Stiver.) posits” substituted. March 18, 1921, 25. VISIBLE SUPPLY, TOTAL. (See Nonreserve cash.) Cotton, 855, 982, 1111, 1229, 1354, 1473. WEIGHT. Great Britain, 86, 227, 332, 451, 588, 718, 845,974, (See Foreign exchange; Rates.) 1103, 1218. 1343, 1462. Grain, 980, 1109, 1227, 1352, 1471. WEIGHT SYSTEM. Comparisons, Japan and United States, 1059. VOLUME OF TRADE. (See Foreign trade; Foreign trade index; Indexes of WEIGHTS AND MEASURES, COINAGE. trade and production; Physical volume of trade; (See Foreign exchange; Monetary unit.) Price movement and volume of trade; Retail WELTING. trade; Wholesale trade.) (See Leather.) 39507—23------8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
104 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. WEST-BOUND TRAFFIC. WOOD PULP—Continued. (See Saulfc Ste. Marie Canal.) Production. Mechanical, sulphite, sulphate, soda, 787,951. WEST INDIES. Pulp, paper. Norway, exports, 847. Currency of, bought and sold by United States from Sweden, exports, 452, 589, 719, 846, 975, 1219, 1344, and to, and other foreign countries, 534. 1463. Exchange on, bought and sold by United States from Pulp wood. Index number, wholesale prices, and to, and other foreign countries, 531. Norway, 1914-1922, 82, 223, 328, 446, 583, 713, Sales of foreign exchange payable in, 176. 1096. Securities of, held in United States for British Gov Sale of, 790. ernment, 533. (See French West Indies.) Seasonal changes, 789, 790, 791. Shipments. (See supra, Production, etc.) WESTERN PINE. States. (See supra, Geographical distribution.) (See Lumber.) Stocks. (See supra, Production, etc.) Supply, 788. WHEAT. Area sown to, Argentina, 1072. WOOL. Crop reports, 202, 861, 984, 1117, 1236, 1349. Argentina— Exports from Argentina, 1072. Wool exports, 1190. Imports into Germany, 227, 333, 452, 589, 719, 846. Wool industries, 954, 1190. Prices. United States. No. 1, northern spring, Consumption, 1416, 1418. Minneapolis; No. 2, red spring, Chicago. Average Charts, 62, 205. monthly prices, 1913-1922, 57, 199, 322, 446, Imports— 578, 707, 835, 1210. Germany, 975, 1104, 1219, 1344, 1463. Sault Ste. Marie Canal. East-bound shipments of Great Britain, 1343, 1462. wheat through, 72, 726, 856, 984,1112,1231,1356, Japan, 1220, 1345, 1464. 1475. Prices— (See Grain.) New Zealand. Group index numbers, 1913-1922, WHOLESALE PRICE INDEXES. 1100. (See Prices.) United States— Average monthly prices. Scoured wool. WHOLESALE PRICES. Eastern markets, 1913-1922, 57,199, 323 United States and foreign countries. Index num 441, 578, 708, 836, 1210. bers. (See Prices.) Peak and low point, 497. WHOLESALE TRADE. WOOL AND WOOLEN INDUSTRY. Condition, increase or decrease, 78, 219, 342, 464, 602, Textiles— 731, 861, 988, 1116, 1235, 1360, 1480. Canada. Group index numbers, wholesale prices. Monthly reports on, 20,141, 280, 398, 512, 657, 785. 1913-1922, 83, 224, 329, 447, 584, 714, 842, 971, 919, 1041, 1168, 1283, 1404. 1098, 1216, 1341, 1451. WIESBADEN AGREEMENT, 123, 302, 303, 555. United States— (&ee Reparations.) Consumption, idle machinery, idle hours, 68, 205, 212, 337, 457, 594, 724, 855, 982, WILLIS, H. PARKER. 1111, 1229, 1354, 1355, 1473. Resignation as director of division of analysis and Consumption. Charts, 62, 205. research, 389. Prices. Worsted yam. Average monthly WISCONSIN BANKS, 196. prices, Philadelphia, 1913-1922, 58, 200, (See Fiduciary powers.) 323, 421, 579, 708, 836, 1210. Production. Index numbers, 455, 592, 722, WITHDRAWALS FROM FEDERAL RESERVE 852, 980, 1109, 1227, 1352, 1473. SYSTEM, 195, 317, 571, 700, 921, 1169. (See State banks and trust companies, member.) Reports on condition. 15, 136, 276, 394, 508, 654, 781, 915, 1037, 1164, 1279,1401. WOOD PULP. WORKING OF FEDERAL RESERVE SYSTEM. Chemical paper pulp. Exports— 1920 and 1921. Review, 902. Norway, 847. Sweden, 452, 589, 719, 846, 975, 1219, 1344, 1463. WORLD WAR FOREIGN DEBT COMMISSION. Consumption. (See infra, Production, etc.). Act creating, 386. Financing of the industry, 787. Personnel, 645. American practice, 793. Canadian practice, 792. WORSTED SPINDLES. Geographical distribution, by States. Paper mills, (See Wool and woolen industry; Textiles.) pulp mills, ground wood, sulphite, soda, sulphate, WORSTED YARN. 787, 788. Average monthly price. Philadelphia, 1913-1922, Manufacture of, 787. 58, 200, 323, 441, 579, 708, 836, 1210. Mechanical paper pulp. Exports, Norway, 847. Prices. Group index numbers, wholesale, 1913-1922, WRAPPING PAPER. 82, 223, 338, 445, 583, 713, 970, 1096, 1216, 1341, (See Paper.) 1459. Production, consumption, shipments, stocks, 69, 212, WYATT, WALTER. 338, 458, 595, 725, 789, 855, 983,1121,1230,1355, Appointed!general counsel of Federal Reserve Board, 1474. ? 1158, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
105 INDEX-DIGEST OF FEDERAL, RESERVE BULLETIN. Y. Z. ZINC. YELLOW PINE FLOORING. Production— Average monthly price. New York, 1913-1922, 57, Mexico, 1082. 199. 323, 441, 578, 708, 836, 1210. United States, 67, 211, 337, 457, 594, 724, 855, YEN. 982, 1111, 1229, 1354, 1473. Monetary unit. Japan. Par. Rates, 114, 116, 253. Index numbers, 295, 455, 592, 722, 851, 980, 366, 489, 629, 756, 896, 1016, 1141, 1262, 1384, 1109, 1227, 1352, 1471. 1503. Seasonal variations, 1416. YOKOHAMA. (See Japan.) YUGOSLAVIA. Monetary unit. Krone. Serbian dollar. Par. Rates, 116, 253, 366, 489, 629, 756, 896, 1016, 1141, 1262, 1384, 1504. O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1921, December 31). Federal Reserve Bulletin, 1922-01. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_192201
@misc{wtfs_bulletin_192201,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1922-01},
year = {1921},
month = {Dec},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_192201},
note = {Retrieved via When the Fed Speaks corpus}
}