Federal Reserve Bulletin, 1922-02

FEDERAL RESERVE BULLETIN (FINAL EDITION) ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON FEBRUARY, 1922 WASHINGTON GOVERNMENT PRINTING OFFICE 1822 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD. EX OFPICIO W. P. G. HARDING, Governor. A. W. MELLON, EDMUND PLAIJT, Vice Governor. Secretary of the Treasury, Chairman. &BQLPH .Q* MILLER. CHARLES *% HAMLIN. D. R. CRISSINGER, Comptroller of the Currency. JOHN B^ MITCHELL. W.-W. HOXTGN, Secretary. WALTER S. LOGAN, General Counsel. H. PARKER WILLIS, W. L. EDDY, Assistant Secretary. Directory Division of Analysis and Research. W. M. IMLAY, Fiscal Agent. M. JACOBSON, Statistician. J. F. HERSON, E. A. GOLDENWEISER, Associate Statistician. Chief, Division of Examination and Chief Federal E. L. SMEAD, Reserve Examiner. Chief, Division of Reports and Statistics. n Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS. j Federal Reserve Bank of— Chairman. ; Governor. i.. _... Boston Frederic H. Curtiss I C. C. Bullen W. Willett. ! Chas. A. Morss W. W. Paddock.... New York i Pierre Jay i Benj. Strong J.H.Case L. H. Hendricks.1 L. F. Sailer J. D. Higgins.i G. L. Harrison A. W. Gilbart.i E. R. Kenzel Leslie R. Rounds.* J. W. Jones.* Ray M. Gidney.i Philadelphia R. L. Austin ! George W. Norris. Wm. H. Huttjr.... W. A. Dyer. Cleveland D.C.Wills ! E. R. Fancher M Fr . a J n . k F l J e . m Z i u n r g li . nden.. H. G. Davis. Richmond I Caldwell Hardy • George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus A. S. Johnstone * JohnS. Walden*.... Atlanta Joseph A. McCord M. B. Wellborn. L. C. Adelson M. W. Bell. J. L. Campbell Chicago Wm. A. Heath .... J. B. McDougal. C. R. McKay W. C. Bachman.i S. B.Cramer K. C. Childs.i JohnH. Blair J. H. Dillard.i D. A. Jones.i O. J. Netterstrom.1 A. H. Vogt.i Clark Washburrie.1 St. Louis Wm. McC. Martin.. D.C. Biggs O. M. Attebery J. W. White. John H. Rich W. B. Geery B. V. Moore. Minneapolis R. A. Young Frank C. Dunlop1.. S. S. Cook Kansas City... AsaE. Ramsay.. : J.Z. Miller, jr C. A. Worthington.. J. W. Helm. Dallas Wm. F. Ramsey. ! B. A. McKinney.. R. G. Emerson R. R. Gilbert. San Francisco. John Perrin ! J.U. Calkins../... Wm. A. Day W. N. Ambrose. Ira Clerk 3 L. C. Pontious a 1 Controller. »Assistant to governor. »Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANES. Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: Minneapolis: Buffalo branch W. W. Schneckenburger. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch L. W. Manning. Omaha branch L. H. Earhart. Pittsburgh branch Geo. De Camp. Denver branch C. A. Burkhardt. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch Morton M. Prentis. Dallas: Atlanta: El Paso branch W. C. Weiss. New Orleans branch Marcus Walker. Houston branch Floyd Ikard. Jacksonville branch Geo. R. De Saussure. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch C. J. Shepherd. Nashville branch J. B. McNamara. Portland branch Frederick Greenwood. Chicago: Salt Lake City branch R. B. Motherwell. Detroit branch R. B. Locke. Seattle brancn C. R. Shaw. St. Louis: Spokane branch W. L. Partner. Louisville branch W. P. Kincheloe. Memphis branch J. J. Heflin. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN. The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. It is printed in two editions, of which the first contains the regular official announcements, the national review of business conditions, and other general matter, and is distributed without charge to the member banks of the Federal Reserve System. Additional copies may be had at a subscription price of $1.50 per annum. The second edition contains detailed analyses of business conditions, special articles, review of foreign banking, and complete statistics showing the condition of Federal Reserve Banks. For this second edition the Board has fixed a subscription price of $4 per annum to cover the cost of paper and printing. Single copies will be sold at 40 cents. Foreign postage should be added when it will be required. Remittances should be made to the Federal Reserve Board. No complete sets of the BULLETIN foj 1915,1916, 1917, or 1918 are available. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. General summary: Page. Review of the month 1.21 Business, industry, and finance, January, 1922 ' 132 Earnings and expenses of the Federal Reserve Banks 143 International price indexes—the British number .147 Effect of the exchange situation on inter-American commerce 153 Recent international price fluctuations '. 155 Commercial credit practice of German banks 158 Foreign exchange operations, 1918-19 163 Business and financial conditions abroad—England, France, Italy, and Germany 184 Japanese banking statistics .193 Official: Rulings of the Federal Reserve Board 190 State banks admitted to system 195 Fiduciary powers granted to national banks 195 (•barters issued to national banks 195 Price movement and volume of trade: "Domestic;— Wholesale prices in the United States : 197 Foreign trade 201 Ocean freight rates 202 Crop production, by Federal Reserve districts ? 202 Physical volume of trade 203 Building statistics 215 Retail trade 217 "Wholesale trade . 219 Commercial failures 195 Foreign— Comparative wholesale prices in principal countries 220 Comparative retail prices in principal countries 225 Foreign trade—United Kingdom, France, Italy, Sweden, Norway, Japan, and Germany 225 Indexes of industrial activity—England, France, and Germany 227 Banking and financial statistics: Domestic— Discount and open-market operations of Federal Reserve Banks 228 Condition of Federal Reserve Banks 233 Federal Reserve note account 239 Condition of member banks in leading cities 240 Bank debits 243 Operations of the Federal Reserve clearing system 247 Gold settlement fund -. 246 Gold and silver imports and exports 248 Money outside the Treasury and Federal Reserve System 251 Discount and interest rates in various centers 252 Discount rates approved by the Federal Reserve Board 251 Condition of principal European banks of issue, 1913-1921 254 Foreign exchange rates 253 Foreign— England, France, Italy, Germany, Sweden, Norway, and Japan 257 Charts: Index numbers of wholesale prices in England : 152 Index of wholesale prices in leading countries 156 Tndex number of wholesale prices in the United States—constructed by Federal Reserve Board for purposes of international comparisons 197 Physical volume of trade -~ 205 Movement of principal assets and liabilities of Federal Reserve Banks 234 Movement of principal assets and liabilities of member banks 234 Debits to individual accounts 243 Foreign exchange index 254 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 8 FEBRUARY, 1922. No. 2 REVIEW OF THE MONTH. Second. Establishment of European peace upon a solid basis. During the past two months the increasing Third. Conditions necessary to the restoraseriousness of economic condition of economic confidence without endangerconfereSces™1 tions in European countries has ing or altering existing treaties. once more led to the conclusion Fourth. Financial questions, such as curthat an international conference for the pur- rency, paper money, banks, and banking syspose of discussing problems of common interest tems. will be necessary. At the sessions of the Su- Fifth. Economic and financial questions. preme Economic Council held at Cannes dur- The third item, which has been the cause of ing the early part of January, it was determisunderstanding and disagreement between mined to hold a general international session Premier Lloyd-George, of Great Britain, and at Genoa beginning on April 8, and invitations Premier Poincare, of France, reads in the Enghave accordingly been issued not only to the lish translation of the text, " without injury to countries included in the League of Nations existing treaties.77 The very broadest scope is but also to Germany, Russia, and to the United evidently given to the field of economic States. The session at Genoa will be the first and financial discussion which is to be allowed. meeting of the kind that has taken place since Questions of international indebtedness, of forthe so-called Brussels Financial Conference, which occurred in September, 1920. The results eign exchange, and probably of tariff relationof the Brussels Financial Conference have been ships, will naturally be germane to the proimportant in the development of public opinion gram stated in these broad terms. Indeed, and in the diffusion of better understanding in the preliminaries to the Genoa conference have regard to the issues which must be met and already included the formation of a corporasettled before a satisfactory disposition of pend- tion whose function it will be to promote the ing international problems can be made. The rehabilitation of Russia and neighboring napractical outcome of the Brussels conference in tions, provided that such nations are willing a financial way was the proposal of the so-called to assent to certain specified terms. "finishing credits plan77 and the Ter Meulen The question which nations should be adplan for international financing of commodity mitted to participate in the movements. Neither plan has thus far been thePconfSce.in conference has naturally resuccessfully applied in practice, but, on the ceived much attention. A cercontrary, the conditions which these plans were tain section of opinion in Europe has held to intended to remedy have, if anything, become the view that those only should be invited who more acute than they were at the time. are already members of the League of Nations. In issuing the invitation to the United States In discussing this view of the case, Mr. Lloydfor participation in the sessions George, in an address before the Coalition at Genoa> the allied govern- Liberal Convention on January 21, stated ments have furnished the folreasons for believing that no such limitation lowing " agenda/7 or list of matters which are would be feasible, and then said: expected to enter into the proceedings of the conference: There is a conference to be held at Genoa, in many respects the greatest international conference ever held. First. Examination into means for putting The nations of Europe without distinction have been ininto execution the principles contained in the vited to come. Why have they all neon invited to come? Cannes resolution of January 6, 1922. Because we want to put an end to these constant wars and 121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 FEDERAL RESERVE BULLETIN. FEBltUAHY, 1922. rumors of wars, which are just as bad, or a.t least almost as successful in the economic sense unless it bad, for international business as war itself. adjusts issues affecting the rehabilitation of * # . -* -x- * Russia, Germany, Austria, and southeastern When you come to that conference, if men go there, if Europe generally. Somewhat the same posistatesmen of all the nations go there determined to do their best, determined to remove difficulties and not to tion is taken as regards the suggestion that create them, determined to allay suspicions and not to no reference be made at the Genoa conferarouse them, determined to help and not to hinder, there ence to the question of German reparations. will be a great pact of peace as a result of the conference, Within the past month or more it has been and I would appeal from here as far as my feeble voice contended more positively than ever before shall extend, not merely in this room, but, even more, I would appeal to all men in power, to all rulers of men who that the reparations problem is an almost have got the opportunity to determine it, to go there in inevitable element in any discussion which the spirit of peace and peace will ensue. aims to develop a general solution for Euro- Without peace it is no use having economics. For that pean questions at large. reason we have placed deliberately on the agenda of this The Secretary of Commerce, as chairman of conference the first question of establishing peace in Europe. We put it first, why? Because unless you can do that the Inter-American High Commission, issued it is no use somebody asking the experts to discuss finan-' on January 23 a statement relative to the cial schemes, trade-credit schemes. The trader won't go general exchange situation of countries of the out in bad weather, he has had enough of it, he is drenched Western Hemisphere. He emphasizes the deto the skin, and there is nowhere yet to dry his clothes. pendence of exchange recovery in the world You must first of all sweep the clouds away, give him a fair and clear atmosphere, and he will go out, and the trader at large upon the economic restoration of will become the missionary of peace. Schemes may expe- Europe, and as an integral factor of it the dite and schemes may facilitate, but without peace every reparation situation. The statement proceeds: scheme must fail. I have one other word to say about the Genoa conference. The European-American business fabric is constructed * * * If you give work to the League of Nations which on a triangle, with one point resting in Europe and two for special reasons it is not adapted to discharge, you do points in South and North America. Any consideration harm to the League of Nations. The League of Nations is of the effect of the exchange problem on the trade of the in the making and you can not make things by written American Republics must therefore involve the question constitutions. You must create confidence in it, and con- of exchange stability between Europe and the Western fidence can only be created by achievement, and every Hemisphere. So long as the European vertex of the failure which the league could very well afford when it economic triangle remains unstable, the establishment of was well established, every failure at this stage, is a ruin- stability in inter-American exchange will be attended ous one. It is like the fall of an infant; it may get a broken with difficulty. spine, and it would simply limp for the rest of its days. A review of Europe's situation—the weak, disturbed, It must establish itself, but it can not do that if you en- and unstable storm center in international trade and trust it with duties which at the moment it is obvious, for finance—draws us to the inevitable conclusion that there special reasons, it is unfit to carry through to such a full can be no stabilization of exchange upon any footing issue. until there is a cessation of inflation in the principal continental States. Inflation is the result of unbalanced The inclusion of Russia has already been budgets, which themselves are the result of the necesthe subject of discussion because of the view- sary expenditures upon reconstruction, the unsettled that her participation in the conference would situation of German reparations, the maintenance of imply a recognition of the present Russian Gov- land armaments, and increasing debts. The disturbing forces are indeed predominantly European, and while ernment or an assent to its policy by other Europe has made great progress in agricultural, industrial, participating Governments. Premier Pomsocial, and political stability since the war, the fiscal care, of France, in succeeding M. Briand, has situation continues to disrupt exchange with great apparently held to the view that France severity. could not well be represented at the confer- The German Government is not meeting its reparation obligations by taxation; while other countries are unable ence without a previous undertaking on the to mobilize enough taxable resources to cover their expart of Russia to allow full faith and credit penditures for reconstruction, for military forces, and for to her prewar debts. On all these points the other purposes. There can be no hope of stability in the issues at stake are "political*7 in the broad world's exchange until, in the first place, German reparasense of that term rather than economic, tions payments have been put upon a basis not only securing a definite flow of economic strength into the just many regard the conference as unlikely to be task, of rehabilitating the devastated countries, but also Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1922. FEDERAL RESERVE BULLETHST. 123 calculated to be within the practical power of the German reparations has been placed on a basis which people to pay. Furthermore, it is necessary for economic squares with economic activity. stability that land armament on the continent of Europe Belief that the war damage must be repaired should be reduced. Armies in many States are of such has not been modified, but the size as to necessitate continuing inflation, either through New view of currency or short-time bills. The economic loss in pro- best means for repairing it have war payments. ductivity of the nations is not measured alone by the certainly not yet been found. number of men under arms but by the spirit that sur- It seems to be more and more admitted that rounds the entire situation. the best way of paying France in the next few Yet, in spite of this continuous discussion of years will be by an extension of the method prothe subject, the amount of the vided in the Wiesbaden agreement, although the Reparations reparations payments to be use of German labor in the devastated regions, situation. r . / f... made in 1922 still remains un- which was contemplated in that agreement, settled. After the German note of December may not prove to be practicable. Payments 16, which stated the inability of that Govern- in kind will not, however, ultimately solve the ment to meet the installments due in January French situation, because of the large French and February, the heads of the German and public debt. During a debate over the budget the Allied Reparations Commissions conferred in December it was stated in the French Senate in Paris, but no tangible results were reached. that the Government has already spent 69,000,- It had been hoped that the question might be 000,000 francs on reconstruction, and various settled at the meeting of the Supreme Eco- cities and industrial groups in the devastated nomic Council at Cannes during the first week regions have borrowed 2,000,000,000 francs in January, but the only outcome of that meet- more on bonds which the Government has ing, as far as reparations were concerned, was guaranteed in anticipation of reparations paythe granting of a short delay. This delay ments. As for the other allied countries, paywas made conditional upon the payment of ments in kind can only be regarded as accept- 31,000,000 gold marks every 10 days, from able in very small amounts. On the other January 16 until a final agreement has been hand, extensive payments in "cash" presupreached, and upon the presentation within a pose an export balance on the part of Germany fortnight by the German Government of a which can be built up only upon the basis of a memorandum setting forth budget and cur- world demand which does not exist at present, rency reforms, and a program for reparations and which will not exist until currency and payments in cash and in kind during 1922. trade conditions have been reorganized in The Government is endeavoring to enact tax Europe. Germany exported large quantities laws for 1922 and to draw up a program of of goods in 1921, but her internal and external fiscal reform which will enable it to balance its price levels have been so out of harmony that budget. It has been announced that the until December, when a small export balance bread subsidy will be materially reduced on was achieved, the value of her imports ex- February 16. The price of a 4-pound loaf of ceeded that of her exports. The problem of bread will be increased from 7-| to 13J marks, reparations payments and reconstruction thus bringing about a saving to the State of throughout Europe are so closely interrelated several billion marks. The Government is that it is difficult to distinguish them, but it also considering further increases in import seems reasonable to say that a delay granted duties, coal prices, and freight rates. It Germany in the matter of "cash" payments appears essential that German plans for fiscal would greatly facilitate reorganization not only reforms and reparations payments during 1922 in Germany but in the rest of Europe. should be completed as soon as possible and The reparations situation, however, has a that the scheme of reparations payments bearing much broader than is should be worked out by the Allies by the time found in the relations between of the Genoa conference, since discussion of France and Germany. This lies the reorganization of European finance and in its significance in respect to the investment of trade is likely to be futile until the matter of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 FEDERAL HESERVK BULLETIN. FEBRUARY, 1922. capital. Not only machinery for the safe- At the time of the Brussels conference, busiguarding of international trade is needed but ness conditions in the leading inalso active support from the various countries ,dufrial countries of the world which may participate at Genoa in putting this had not yet suffered from depresmachinery to work. In the course of the past sion in any considerable degree. The developtwo years several plans have been promulgated ment of the Ter Meulen scheme on the part of both in Europe and America for the financing the western European countries, therefore, was of trade with countries with depreciated cur- more or less entered into from altruistic motives. rencies, but none of them has been widely wSince that time, however, the demoralizing enough accepted to be of much practical as- effect of the conditions in eastern Europe has sistance. The Ter Meulen scheme, which was reacted very directly upon trade elsewhere, first suggested at the time of the Brussels con- with the result that recently there have been ference, is the official plan of the League of several proposals looking to the rehabilitation Nations. No actual use has been made of the of the purchasing power or buying capacity scheme, however, although the terms are well of Russia, Poland, Austria, etc. The proposal known and generally approved. Sir Drum- which appears to have been officially accepted mond Fraser, the organizer, has studied condi- by the Supreme Economic Council at Cannes tions in the countries which would be the most provides for the incorporation of an internalikely lenders and borrowers (or sellers and tional organization based upon private capital, buyers) under the scheme, but the commission the participants to include representatives of provided for in the plan to pass upon the gold Great Britain, France. Italy, Belgium, theUnited value of the assets to be offered by the borrowers States, Germany, and possibly others if they so has not yet been created. The details of the Ter desire. The declared purpose of this organiza- Meulen scheme, which have been frequently tion is the rebuilding of railroads and other commented upon, provide for the creation of means of communication in Russia, and the bonds by an international commission on the plan contemplates the creation not only of a basis of the gold value of the assets of countries central international corporation with headdesiring to create commercial credits for their quarters in London but of affiliated corporations citizens. The bonds thus created would serve in the participating countries as well. Conas collateral for loans made to importers in tributions to the capitalization of the corporathese countries by foreign exporters, who could tion are to be made in the currencies of the sevin turn hold them until payment was made or eral contributing countries, but control is to be obtain bank accommodation on the basis of exercised by the central organization. them. The creation of bonds on behalf of a Obviously this plan differs considerably country is made conditional upon domestic from the Ter Meulen bond financial reforms, such as the balancing of the Relation to Ter proposal, since its purpose is Meulen plan. budget, the removal of trade barriers, the em- exclusively that of providing bargo of nonessentials, etc. In order to put long-term credit. It is also less a Government such a scheme as this into operation, there than a commercial proposition. Although it must be one of two conditions—either gov- presupposes relatively stable political condiernments of countries whose credit is impaired tions in the countries to which loans are to be must definitely want Ter Meulen bonds created made, the latter need not be granted on the on their behalf, or exporters and bankers in condition that domestic financial reforms be selling countries must insist upon the security undertaken, as is the case with the Ter Meulen of such bonds in their foreign trade transactions. plan. In fact, this new international cor- If the assets upon which the bonds are based poration resembles very closely the measure have prior claims upon them, however, their which Mr. Lloyd-George introduced into Parvalue is to that extent vitiated. liament last October for the encouragement of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KEBKUARY, 1922. FEDERAL RESERVE BULLETIN. 125 British foreign trade. At that time sirability of the security furnished by the gold £25,000,000 was voted by Parliament to bonds, the necessary machinery could be almost guarantee the capital and interest on loans to immediately made effective. foreign Governments for capital undertakings The savings which will result from the limitaon the condition that the proceeds of the loans tion in armaments decided upon PubSic finance. be spent for British goods. The international at the Washington conference corporation seems to be an extension of this will, unfortunately, affect immediately only the idea, except that the capital of the corpora- three countries whose finances are already in a tion is not to be drawn from public sources. relatively sound condition. It is estimated One of the strong features of the Ter Meulen that the reduction decided upon for the United scheme is that it not only takes care of short- States will save about $200,000,000 on the term financing but of long-term as well and present building program. The saving in that it gives countries with depreciated cur- England and Japan will reach an amount aprencies a stable unit of value, based upon gold, proximately equivalent. In France and Italy, to be used in foreign transactions. The inter- however, no increase in naval armaments had national corporation does not aim at creating been contemplated in the near future, and the machinery which will stabilize currencies and savings brought about at Washington will not facilitate ordinary short-term commercial re- affect their immediate problems. lationships, but it is concerned rather with the It is particularly important in the present development of certain public undertakings in situation not only that governmental budgets countries where these have collapsed. Aside should be balanced, so that short-time borfrom the provisions which have been made in rowing by the Government may be disconthe United States in the Edge Act for the tinued, but also that the sum of Government creation of corporations to advance funds both expenditures should be decreased in order to for long and short time operations in foreign reduce the tax burden of the business comtrade, and in the War Finance Corporation Act munity. In most countries, however, curtailfor the handling of agricultural paper, most of ment of taxes seems highly problematical at the plans which have been put forward here for present. Only in the United States has it the rehabilitation of eastern Europe have had been attempted. Any savings which result in for their purpose the substitution of a new England next year from a decrease in expendiinternational currency based upon gold for the tures will probably have to be applied to debt debased currencies of Europe. This type of reduction. The situation is much the same in reform presupposes the active assistance of France. In Italy the difficulty of increasing the United States, since it is the only Government revenue to meet expenditures is country which can spare gold to build up re- almost as great. In Germany the balancing of serves for foreign currencies. Actual plans for the budget is complicated by the fluctuating the execution of such a reform are less devel- value of the mark, and large increases in taxes oped, however, than is the case with the other are planned for the coming year. proposals which have been discussed. But From the preliminary announcements of none of these propositions has any considerable Return to gold unofficial character, as well as weight of public opinion behind it except the standard. f the "agenda," it is clear rom Ter Meulen scheme. This plan seems to have that discussion at Genoa is likely to relate in the support and approval of western Euro- no small measure to the restoration of the gold pean as well as American bankers and financial standard, or, in lieu thereof, to the developexperts, probably because it appears to meet ment of some plan for the stabilization of the needs of the various types of foreign trade foreign exchange. Much difference of opinion financing. If the Genoa conference could bring exists concerning the specific means to be about a recognition on the part of potential employed and the incidental difficulties likely borrowers of the necessity of domestic financial to be encountered in bringing about a return reforms and on the part of lenders of the de- to the gold standard in Europe. But there is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

126 FEDERAL RESERVE BULLETIN. FEBKUAHY, 15)22. a gratifying unanimity of opinion among lead- of line with that of others. When currency and ing economists, financiers, and statesmen to the credit systems are erected upon a gold basis, loss effect that any permanent rehabilitation of of gold following an excess of imports tends to credit and currency systems will necessitate a check the process of further credit expansion, return to a gold basis of some sort. It is quite and the knowledge that gold may be wanted for obvious, however, that prior to any attempt to export is under all circumstances a deterrent reinstate the gold standard, many complex to indefinite credit expansion. In short, interproblems will have to be solved. These are national purchases and sales tend to offset one problems connected with reparations payments, another except to the extent that occasional with domestic and foreign indebtedness, with adverse balances can be covered by means of the effect of national policies upon the amount gold shipments. However, if there is no and direction of current expenditures. The attempt to maintain the gold standard or to issues involved necessitate far-reaching inter- link gold in any way with the internal price national adjustments that are likely to be the level, the process of gold denudation can go on subject of prolonged negotiations. Extraterri- to the point of exhaustion. In fact, that is torial interference wdth power to raise money what has virtually happened in a number of or to spend it is rightly regarded as an inter- countries. Ordinarily the rising interest rates ference with the sovereignty of a State, and that would accompany an outflow of gold can only be justified in extreme cases. On the would check such a movement. But if credit other hand, a simple ultimatum to insolvent expansion by means of paper issues goes nations to the effect that obligations must be ahead unrestricted by the need of redemption, met and budgets must be balanced, will not either immediate or prospective, no effect upon bring about a solution of international diffi- interest rates need ensue. culties. The capacity of the several nations Meanwhile the unequally progressive rates to defray recurrent expenditures out of regular Exchange sta- °f inflation within the several sources of income must be carefully appraised, bilization and the countries, resulting in varying and expenditures in excess of ability to pay gold exchange degrees of depreciation of the must be eliminated before budgets can be standard. local currencies, are reflected balanced and inflation consequently stopped. in erratic fluctuation of exchange rates. Until some sort of international agreement But, as has been repeatedly shown, the based upon recognition of this patent fact has exchange rates are so influenced by specmade possible the cessation of deficit financier- ulative purchases and sales, by the coning, no program of currency reform involving a sideration of probable future developments, return to the gold standard has any chance of and by various incalculable factors that they success. have become an imperfect and sometimes The argument in favor of the restoration of misleading index of the course of internal as an international stand- prices. The unhealthy stimulus thereby given Position of gold as a stand- ard of value is twofold—first, either to the import or to the export of goods, ard* that no superior or better basis as the case may be, because of this lack of for prices has as yet been developed, and, correlation between the course of internal second, that the use of gold as an international prices and of exchange rates, is at present an currency or price basis affords strong protec- evidence of abnormally disordered financial tion against pressure to bring about expansion conditions. But even an improvement in of credit. In international trade the gold world finances of such a fundamental sort as standard also constitutes a nexus between the to make possible balanced budgets and cessaprice levels of various countries. It can by no tion of inflation will nevertheless leave open means be said to be an ideal means of pay- for subsequent solution the subsidiary but ment, but under normal conditions it has been important problem of exchange stabilization. very effective in preventing the price level of The problem would then assume a less aggraany one country from falling too markedly out vated form, but it would still be necessary to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 127 devise some plan for controlling minor fluctua- gold exchange. Experience with the gold tions. Even under normal prewar conditions, exchange standard in India, its subsequent the existence of exchange fluctuations such introduction into the Philippines by the as occurred in transactions between gold and United States Government, and its utilization silver using countries constituted a vexatious in other parts of the Far East throw some light problem and afforded abundant evidence of on the problems that would have to be faced, the need for some common standard of value although, of course, the difficulties are infinitely in terms of which all international payments greater in attempting to establish a goldshould be expressed and liquidated. The exchange standard for the world at large than difficulties were solved for some silver-using they are when only restricted areas are countries by the introduction of a gold-ex- involved. It is sometimes urged that the change standard, and it now looks as if the gold-exchange standard is essentially a system most workable plan for the reintroduetion whose successful operation is dependent upon of gold as an international standard of value its limited application; that it is fitted only to would be the utilization of some form of the the conditions of a colony or dependency congold-exchange standard. nected with gold-using countries. In answer The introduction of a gold-exchange stand- to this objection it has been pointed out by a Question of &rd would, of course, involve number of economists that the system in force parity, many difficult questions as to in certain European countries before the war, the basis upon which a new parity should be such, for example, as Austria, was not essenestablished between the stabilized paper cur- tially different from the gold-exchange standrencies of the several countries and the gold ard. For that matter, the actual use of gold placed at their disposal under any redistribu- was everywhere being confined more and more tion plan that might be arranged by interna- largely to international transactions. The tional agreement. However, such difficulties fact that the gold-exchange standard did are slight compared to those that would be break down during the war, and that it will encountered if attempts were made to inject inevitably break down in the face of too abnorgold into general circulation. Even if visible mal trade balances, does not condemn it. gold supplies were ample enough when redis- No conceivable system can be expected to tributed to make it possible to introduce specie function properly until a reasonable equilibpayments within the countries now on a paper rium in trade relationships is restored and basis, the experiment would be highly dan- until extraordinary payments on indebtedness, gerous. The confidence of the people in the for reparations, etc., are either eliminated or purchasing powers of their present currencies at least removed from the field of exchange having been destroyed, any attempt to reintro- operations for an indefinite period. duce gold payments within a country would Attempts to stabilize by artificial methods probably be impossible, as a tendenc}^ to hoard Stabilization of controlling exchange operawould lead to disappearance of coin and the without resort to tions such as were employed exhaustion of gold reserves before any sub- gold standard. during the war period are esstantial degree of improvement could be sentially of an emergency character. Their achieved. Hence it would seem wise to inadequacy as a means of correcting fundarestrict attempts to reintroduce a gold standard mental maladjustments of trade balances has to the international field. Governments, either been made so obvious by experience and has directly or through central banks, or a combina- been a subject of such lengthy comment that it tion of banks, would have to maintain a rigid does not require further elucidation. It is, supervision over exchange operations, and however, conceivable that the stabilization of they would also have to be in a position to exchange and the reestablishment of a satisfacenforce an effective control over domestic tory system of internal payments could be accredit policies, with a view to the maintenance complished by a rigorous control over credit of the selected parity between paper and the and currency without return to the gold stand- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

128 FEDERAL RESERVE BULLETIN". FERRUAKV, 102iJ. ard. But it is highly unlikely that such con- gold at the earliest date at which the state of trol would be sufficiently rigorous and discrim- exchange renders this course possible and deinating to prevent exchange fluctuations from sirable, recognizes the necessity of early restocontinuing to be of a magnitude sufficient to ration of the gold standard in a real sense, in constitute a serious interference with foreign order to combat evils of the kind already trade. It may be that the use of the discount described. rate as a means of price stabilization could In November, 1921, a detailed estimate of with wise manipulation, unhampered by po- Our present the net unfunded balance due litical pressure, be effective in some countries. international bal- to the United States from Changes in discount rates would then act as a ance- abroad was presented. Exclumeans of encouraging the expansion or forcing sive of the war-time debts of foreign Governthe contraction of credit-created currency with- ments to the United States Government, which out either an inflow or outflow of gold. But amount to $10,000,000,000, roughly speaking, such a scheme presupposes a centralized con- it was estimated that on October 1, 1921, there trol over money markets that was by no means was owing to private creditors in the United assured even in prewar times, and it also pre- States a net unfunded balance of $3,408,000,000. supposes a sensitive response to variations in During October, November, and December the interest rate that implies the existence of exports of merchandise exceeded imports by a highly organized international markets which little less than $300,000,000; and for the same no longer exist. period net imports of gold and silver were but It is evident from all that has been said that slightly short of $125,000,000, leaving a net Argument for the United States has an inter- addition to our unfunded balance from " visible" sources of $175,000,000. When, however, redistribution of est in the introduction of some the remaining or "invisible" items in the gold supplies. f f gold standard as a orm o balance are taken into consideration and means to the resumption of trade relationships summed up, it is likely that they constituted a through the effective stabilization of exchange. net debit for the three months of between At present, furthermore, the abnormal concen- $175,000,000 and $200,000,000. The result is tration of gold in this country is a source of that the visible items during these three months danger, because it is a false guide in matters of have been fully offset or possibly a little more credit policy—no longer an index of the outside than offset by the invisible elements in the limit of legitimate credit expansion. Considbalance, leaving the former estimate substanerations of national interest alone are, therefore, tially unchanged and if anything slightly rea sufficient reason for a careful weighing of duced at the close of 1921. In view of all the proposals looking to a redistribution of the available facts, therefore, it seems fair to take gold supplies of the world and involving, a $3,400,000,000 as the approximate amount of return of some part of the gold held by the our unfunded international balance on January United States for use elsewhere. No proposals 1, 1922. of any sort should, however, be entertained Of very great interest and significance is the until far-reaching guaranties of fiscal reform recent tendency toward a reduction rather have been secured from the countries that rethan an augmentation of our international quire aid. Otherwise the assistance would be balance. In October, 1921, exports of merdetrimental to the extent that it would lead to chandise and gold exceeded imports by the postponement of the necessary fiscal reforms $115,000,000 which, after due allowance for which must be made preliminary to the rehabiinvisible offsets, still resulted in a net addilitation of currency systems and the reestabtion to our unfunded balance. The situation lishment of stabilized exchange relationships. was reversed, however, in November. The The unofficial announcement in London that extent to which the balance has been reduced the Chancellor of the Exchequer has stated the during November and December is small, to be British Government's intention to permit the sure. In fact, the reduction just about offsets reestablishment of an unrestricted market for the increase in the balance during October, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRBKUARY, 1922. FEDERAL RESERVE BULLETIN. 129 leaving the net sum outstanding on January 1, States has been maintained remarkably well up 1922, about the same as on October 1, 1921. to this time in the face of tremendous obstacles. Nevertheless, the fact that we have ceased to Recent developments, however, point unadd large sums monthly to the huge amount mistakably to the necessity for laying a more already owed us by foreign debtors and that solid foundation if American export trade is to instead, during the last two months for which prosper. figures are available, the tendency has been in In the following table are presented the the opposite direction are considerations of no Board's usual indexes of current Index of busi- duction and marketing consmall importance. pro ness conditions, j . .. -,-> • , • -, The striking fact in connection with recent ditions. Keceip ts o c i gram and official foreign trade reports is production of pig iron and pretroleum were the l0W lGVel t0 Whlch CXP°rts larger in December than in November, but acfell in the last two months of tivity in all other lines declined. Textile 1921. Not since August, 1915, have exports manufacturing was on a much larger scale than been so low, measured in terms of value. Dur- in December, 1920, and grain movements were ing the spring, summer, and autumn months somewhat larger. the value of exports maintained a fairly con- [000 omitted.] sistent level, averaging a little less than $350,- December, I December, j November, 1920. 1921. 1921. 000,000 monthly. The returns for November and December, therefore, of only about $295,- Total.' Total. live. Total. R tiv el e a . - 000,000 in each of these months would seem to indicate a definite renewal of the declin- Receipts oi1 live stock at 15 I ing tendency in our foreign trade that was RRe w ci e te s ip te ts rn fo m f g a ri r a k in e t t t a s t 1 ( 71 h 7 e ii a n d t ( ti )) e rior 4,,88009 100 4,639 95.3 ; 5,217 I 107.1 centers (bushels) j71,467 '. 100 •'«;>, 013114.1 '58,953 79.2 so evident in the trade statistics of ten or Sight receipts of cotton (bales). 1,580 '• 100 j 1,484 93.9 • 1,704 107.9 Shipments of lumber reported i I twelve months ago. The rate of this new de- by 3 associations (million j J I cline, however, has been much less than that Bi f t e u e m t) inous coal production I I 515 i | 100 i ( 039;124.1 713 ; 144.3 which occurred in the early part of 1921. It An (s th h r o a r c t i t t o e ns c ) oal production 52,123 ' • | 100 30,975 59.4 135,955 09. 0 is none the less serious, inasmuch as price re- Cr ( u t d o e n s p ) etroleum production i 8,454 ! I 100 5,981 70.8 0,859 81.1 ductions, which were chiefly responsible for Pi ( g b -i a r r o r n e ls) production (long 38,901 i 100 41,957 107.7 '37,880 97.2 the former decline, can not be held to apply at St t e o e n l- s i ) n got production (long 2,704 i 100 j 1,049 01. 0 1,415 52.3 tons) 2,340 j 100 1,427 . 61.0 1,660 70.9 the present time to any great extent. As was Cotton consumption (bales).. 295 , 100 512 !173.6 i 527 178.7 Wool consumption (pounds)..24,372 ! 100 61,283 J251.4 i65,326 208.0 pointed out in a preceding section, the decrease in the value of exports, coupled with an in- During the 21 days ending December 31 the crease in merchandise imports and the large net inward movement of gold inflow of gold, has resulted during the last two Gold and silwas $18,598,000, as compared months in a reversal in the direction of our ver movements. with a net inward movement of total trade, both visible and invisible. There $33,534,000 for the 20 days ending November seems no reason to doubt that this is due to the 30. England, France, and Denmark comdifficulty of further financing our export trade, bined furnished over 53 per cent, or $11,007,000 and is but an illustration of the universal tenof the $20,548,000 of gold imported during the dency of a one-sided and unbalanced trade 21 days ending December 31, other countries of movement to right itself. That such a process Europe furnishing over 10 per cent, and Canada, of readjustment if left to itself might result in a Australia, and Egypt most of the remainder. most serious curtailment of our export trade for Gold exports amounting to $1,950,000 were many months to come, unless steps are taken consigned principally to Mexico and Canada. to facilitate payments to this country in goods Net imports of gold since August 1, 1914, and other forms, is a conclusion that can hardly were $1,542,119,000, as may be seen from the be escaped. The foreign trade of the United following exhibit: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

130 FEDERAL BESERVE BULLETIN. FEBRUARY, 1922. [In thousands of dollars.] Continuous loan liquidation by both member banks and Federal Reserve . Imports. Exports. E im xc p e o s r s t s o . f Banks> mainly in connection with the large return flow to J A a u n g . . 1 1 t , o 1 D 91 e 4 c , . t o 3 1 D ,1 e 9 c 1 . 9 3 1,1918 i : 1,77 7 6 6 , , 6 5 1 34 6 3 7 6 05 8 , , 2 1 1 8 0 5 1 1 ,0 29 7 1 1 , , 6 4 5 0 1 6 the banks of Federal Reserve notes and other Jan.ltoDec. 31,1920 ; 417,068 322,091 94,977 currency, and a moderate increase in demand Jan.ltoDec. 31,1921 *...; 691,267 23,880 667,387 deposits at the member banks are the main Total | 2,961,485 1,419,366 1,542,119 developments in the banking field during the 1 Excess of exports. four-week period between December 21, 1921, Net gold imports for the past calendar year and January 18 of the present year. totaled $667,387,000. The largest gains are Reports from over 800 member banks in shown through imports from the following leading cities indicate a reduction of $274,countries: England, $202,091,000; France, 000,000 in outstanding loans and discounts, $190,688,000; and Sweden, $66,356,000. Gold the decrease affecting fairly uniformly loans exports during the past year were consigned secured by Government and corporate obligachiefly to the following destinations: Hong- tions as well as other loans and discounts, i. e., kong, $9,611,000; Mexico, $7,090,000; Canada, ordinary commercial loans. As against this $2,914,000; and Sweden, $2,643,000. substantial loan liquidation, the reporting Net imports of silver during the 21 days member banks show an increase of $58,000,000 ending December 31 were $1,097,000, as com- in their investments in Liberty bonds and pared with net imports of $2,719,000 for the 20 Victory notes and of $23,000,000 in total indays ending November 30. Mexico furnished vestments. Total loans and investments of over 71 per cent, or $2,623,000 of the $3,685,000 the reporting institutions during the four of silver imported during the 21 days ending weeks under review show a continuous de- December 31, the remainder coming principally cline, the January 18 total of $14,611,000,000 from Peru, Canada, and Chile. Of the silver being $252,000,000 below the total reported exports, amounting to $2,588,000, over 70 per four weeks earlier. cent, or $1,826,000, was consigned to the Orient, Aggregate borrowings of the reporting instiand the remainder principally to Canada and tutions from the Federal Reserve Banks show England. a reduction for the period from $743,000,000 Net exports of silver since August 1, 1914, to $468,000,000, or from 5 to 3.2 per cent of were $443,261,000, as may be seen from the the banks' combined loans and investmentsfollowing exhibit: Member banks in New York City show for the same period a reduction of their accommoda- [In thousands of dollars.] tion at the local Federal Reserve Bank from $158,000,000 to about $84,000,000, or from 3.3 Im- : Ex- Excess of ports, i ports. exports. to 1.8 per cent of their aggregate loans and investments. Of the total discounts of the Aug. 1, 1914, to Dec. 31, 1918.. 203,592 483,353 279,761 Jan. 1 to Dec. 31,1919 89,410 ! 239,021 149,611 Federal Reserve Banks, the amount dis- Jan. 1 to Dec. 31, 1920 , 88,060 i 113,616 25,556 Jan. 1 to Dec. 31, 1921 63,242 | 51,575 Ml, 667 counted for reporting banks, i. e., member Total. 444,304 887,565 I 443,261 banks located in the larger cities, constituted 51.2 per cent on January 18, compared with 1 Excess of imports. 60.7 per cent four weeks earlier and 77.9 per Compilation of the statistics of gold and cent about a year ago. Since January 21, silver imports and exports has been resumed 1921, accommodation of reporting member by the Bureau of Foreign and Domestic Com- banks at the Federal Reserve Banks has demerce and publication of the 10-day reports of clined from $1,933,700,000 to $467,800,000, or these movements will be discontinued by the 76 per cent, while accommodation of nonre- Federal Reserve Board. Monthly figures only porting member banks, i. e., those located in will be compiled and made public by the Conir the smaller towns and in the agricultural secmerce Bureau beginning with January, 1922. tions of the country, has declined during the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL. RESERVE BULLETIN. 131 same period from $549,300,000 to $446,000,000, cline of $352,800,000. Reserve deposits flucor only 18.8 per cent. Net demand deposits tuated between $1,735,600,000 on January 11 reached a low level of $10,174,000,000 on and $1,652,300,000 on January 25, while December 28, i. e., the Wednesday following Government deposits, after reaching a low level Christmas. Return of currency accounts prob- of $15,300,000 on January 11, increased to ably for most of the increase of $253,000,000 in $95,900,000 at the close of the period under demand deposits shown during the following review. two weeks, while the reduction of $95,000,000 During the four weeks under review the rein these deposits shown for the last week under turn movement of Federal Reserve notes agreview is in keeping with the volume of loan gregated $259,500,000, compared with $253,liquidation effected during that week. Net 900,000 for the corresponding period a year withdrawals of Government balances, practi- ago. In addition the Federal Reserve Banks cally continuous during the period, aggregated show a gain of $32,000,000 in reserve cash other $105,000,000, while time deposits show a gain than gold, composed largely of silver certifiof over $50,000,000. cates and greenbacks withdrawn from circula- The course of member bank operations dur- tion channels. Gold reserves at the close of ing the four weeks under review is indicated in the review period show the record total of a general way in the following exhibit: $2,904,200,000, an increase of $34,600,000 over the December 28 total, while total cash reserves REPORTING MEMBER BANKS. reached the total of $3,058,900,000, a gain of [In millions of dollars.] $66,700,000 during the period. The reserve ratio, mainly because of the reduction in note Loans Redis- Date. N p b o o u a f r m n t r k i e b n s - e g . r a m a c n n v o e d d e u n s n d t i t s n t i - . s s - 1 - a p B c n w a F o d a v . i u n a t R b n h k b i . t s l l s l . e s J R ( S 3 a 0 t ^ ? i 2 o " ) of d . d e e m p N a o n s , i d ts. l d c i e u a n b ri t i n . li g ti e t s h , e s h fo o u w r s w a e e p k ra s c f t r i o ca m ll y 7 1 c . o 1 n t t i o n u 7 o 7 u . s 2 ri p s e e r 1 3 4 \ 5 Principal weekly changes in the condition of the Federal Reserve Banks during the period Dec. 21 808 14,863 743 5.0 j 10,248 under review are shown in the following ex- Dec. 28 806 14,780 698 4.7 i 10,174 Jan. 4 808 14,771 647 4.4 10,416 hibit: Jan. 11 808 14,681 531 3.6 ! 10,427 Jan. 18 806 14,611 468 3.2 10,332 FEDERAL RESERVE BANKS. i Including rediscounts with Federal Reserve Banks. [In millions of dollars.] Figures of the Federal Reserve Banks which cover the four-week period between December Bills discounted. 28,1921, and January 25, 1922, indicate continuous liquidation of discounted bills aggregating Se- F. R. Cash cured Total notes in Re- $329,600,000, a reduction of $31,500,000 in ac- Date. re- by de- actual serve ceptances, a decrease of $6,500,000 in Pittman serves. U G er . o n S v - . - o A th l e l r. posits. ci t r i c o u n l . a- ratio. certificates, and an increase of $8,800,000 in ment obligaother Treasury certificates, largely held by the tions. Boston, New York, and Chicago Federal Re- Dec. 28,1921 2,992.2 487.2 692.6 1,704.5 2,443.5 71.1 serve Banks. Reserve bank holdings of United Jan. 4, 1922 3,009.8 477.5 635.1 1,829.1 2,405.3 71.1 Jan. 11,1922.. . . 3,041.3 427.5 500.0 1,776.9 2,293.8 74.7 States bonds and notes show an increase of Jan. 18,1922 3,051.5 388.7 525.2 1,784.9 2,229.7 76.0 $6,300,000, and their total earning assets a de- Jan. 25,1922 3,058.9 357.9 492.3 1,778.8 2.184.0 77.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

132 FEDERAL RESERVE BULLETIN. FEBRUARY, 1022. BUSINESS, INDUSTRY, AND FINANCE, JANUARY, 1922. Production and trade show no striking departures from the conditions prevailing at the time of the last report. At this season there usually occurs a period of slackening in various lines of manufacture, and this has been true during the past month. Such recession as there has been does not, however, go beyond the proportions to be expected at this time of the year. In a number of lines productive activity has been unusually well sustained. The already pronounced tendency toward stabilization of prices has continued. The Federal Reserve Board's price index for December shows a reduction of only two points, as compared with a month earlier, while the United States Bureau of Labor Statistics shows no change in its index. On the productive side interest has been largely centered about the iron and steel trade. The activity in that branch of business has, on the whole, been slightly on the increase, the end of the year showing a slowing down due to the usual inventory period, while during the first part of January better inquiry, particularly from railroads, has tended to increase the volume of orders on hand as well as the activity of the plants. Demand for nonferrous metals continues quiet. In cotton and woolen textiles no material change has taken place. In other manufacturing lines there has been, if anything, a moderate tendency toward improvement. This is true of shoe manufacturing in the western districts. But little recovery from the depression in silk is yet to be noted. Demand in the automobile trade remains little altered but with reports of fair prospects for spring trade. Prices of staple farm products have, on the whole, about held their own, with fair export demand. Minor agricultural crops have shown satisfactory yields. The interest in the agricultural situation now centers about the preparations for the new season. Some anxiety is expressed with reference to credit conditions in various parts of the West and South, due to the fact that banks in those regions already hold considerable amounts of paper representing the " carry over" from last year. Combined bank figures show continued liquidation and recession in the loan account, but this has been far more pronounced in urban and manufacturing sections than in the agricultural districts. A slight increase in unemployment is attributable largely to seasonal recession and indicates no important changes in the general demand for labor. Building operations have been unusually well maintained especially for this season of the year, being about double those reported for the corresponding month a year ago. The demand for lumber has likewise been well maintained, but with considerable variation as to prices between different grades and classes. Wholesale trade lines have shown great variation. Sharp declines have occurred in dry goods and boots and shoes, while hardware sales, although not declining in so marked a degree, have fallen off substantially. Groceries also show a lessened volume of demand. In the Southern States decline in wholesale lines has been especially pronounced in dry goods and shoes. The figures, however, make a distinctly favorable showing as compared with a year ago. In retail trade, buying demand in the manufacturing districts of the East and North still shows improvement, while demand in the agricultural regions of the West and South indicates sharp decrease as compared with the corresponding period a year ago. While, as already noted, the general price level has shown but little change, some important items have suffered from instability. Among these are raw wool, wThile in cotton, variations in export demand have prevented prices from assuming a fixed position. Some uncertainty in iron and steel prices has also been noted. Building materials have in some cases, such as brick and cement, moved downward. Slight recovery in raw sugar has been noted during the latter part of the month. Financially the month of January has shown growth in the reserve strength of Federal Reserve and member banks. Commercial demand for credit has tended downward, while market quotations for money have eased. A lower rate on bankers' acceptances has become general. Foreign exchange quotations have fluctuated within a considerably narrower range than during December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 133 infested by the pink bollworm, and that post AGRICULTURE. may soon be exterminated. Weather conditions have thus far been excellent for the growth.of winter wheat in the States TOBACCO. east of the Mississippi Kiver and in district No. 9 (Minneapolis), but have not been so The markets in Virginia and North Carolina favorable in districts No. .10 (Kansas City), were closed from December 20 until after New No. 11 (Dallas), .and No. 12 (San Francisco). Year's Day. Subsequent sales have been Winter wheat and rye were reported to be in comparatively- light, due to unseasonable good condition in early January throughout weather for the preparation of the leaf for district No. 7 (Chicago), and there was plenty market, but the warehousemen estimate that of snow to protect the plant in Wisconsin, Iowa, about 80 per cent of the year's production has and Michigan. District No. 8 (St. Louis) already been sold. Prices of burley tobacco reports that the winter wheat plant has good not signed up by the growers' cooperative growth, and that the color of the top growth association have averaged materially higher indicates an exceptionally healthy condition. than in 1920. The association expects to In district No. 9 (Minneapolis) there has been a open the selling season in a short time. The pronounced increase in acreage of ry ( and some cigar-leaf market in district No. 3 (Philadelincrease in wheat sowing due to the favorable phia) continues dull, and movement of the conditions for fall planting and the relatively Lancaster County crop has not yet begun. favorable prices received for rye in 1921. Dis- Cigar manufacturers in the district are now in trict No. 10 (Kansas City) states that the con- the midst of their usual winter inactivity, dition of wheat in Kansas and Nebraska is very factories with few exceptions being closed low, as the result of a long-continued drought, down during the latter part of December for while the deficiency of moisture in Colorado and the purpose of taking stock. Many plants, Wyoming has been partly remedied by recent particularly those of the smaller firms, are still snows and rains. Copious rains during Decem- closed. The demand for cigars is exceedingly ber and January have improved the condition light, and orders in most cases can be filled of winter wheat in district No. 12 (San Fran- from stock. Both manufacturers and retailers cisco), which had previously suffered from a in district No. 5 (Richmond) reduced prices on prolonged drought, and a light layer of snow most cigarettes and some cigars during the now covers the fields of Idaho and Washington. second week of January, and some price reductions have been announced in district No. 3 The Louisiana crop of cane sugar has been (Philadelphia). much benefited by ideal weather throughout the harvesting and grinding season, and cane pro- FRUIT. duction for 1921 amounted to about 3,671,000 tons, an increase of 47 per cent in comparison The unpicked citrus fruit of California is with 1920. Grinding operations are completed, reported to have suffered considerable damage except for certain large factories. from recent frosts, but both California and Florida production is well above the average COTTON. output of recent years. The orange crop is estimated to amount to 22,500,000 boxes in Cotton ginnings from December 13, 1921, to California and 8,200,000 boxes in Florida, as January 15, 1922, inclusive, amounted to only compared with 18,700,000 boxes and 8,100,000 114,513 bales, as compared with 1,138,479 bales boxes, respectively, in the previous year. The in the corresponding period of the previous lemon production of district No. 12 (San Franyear. Despite this early curtailment in ginning cisco) is estimated at 4,664,000 boxes, as comactivity the price of middling-upland cotton at pared with 3,750,000 boxes in 1920. Grape- New York declined from 18.80 cents on Decem- fruit production is also somewhat larger than ber 24 to 17.75 cents on January 24. District last year and amounts to 5,400,000 boxes in No. 11 (Dallas) reports that the winter has been district No. 6 (Atlanta), an increase of about mild and fears that this may permit extensive 6 per cent. Shipment of the present crop of hibernating of boll weevils. The establishment citrus fruit from Florida has been more rapid of large noncotton zones during the coming year than during the last season, but the volume of to be alternated with other zones in subsequent California shipments up to December 31 was years has been strongly advocated as a method less than in the corresponding period of 1920. of ending the costly ravages of the weevil, but there seems little prospect of concerted action GRAIN MOVEMENTS. of this sort during 1922. However, definite steps have been taken to stop cotton planting Volume of grain movements increased slightfor a year in certain sections of Texas which are ly during December, due to exceptionally 87690—22 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

134 FEDERAL- RESERVE BULLETIN. FEBRUARY, 1922. heavy marketing of corn and a moderate of sales resulted, due largely to depleted stocks. increase in receipts of oats and rye. Wheat What is known as the small trade did most receipts amounted to 24,572,000 bushels at 17 of the buying. There is practically no export reporting interior centers, a decline of 4.4 per demand in district No. 12 (San Francisco), and, cent as compared with November. Particu- while domestic inquiries are frequent, few sales larly heavy declines were registered at Toledo have resulted. and Duluth, which were partly counterbalanced by a large increase in the amount of LIVE STOCK. wheat received at Kansas City". District No. 10 (Kansas City) reports that wheat stocks December receipts of cattle and calves and on the farms on December 31 were much sheep at 15 western markets were less than in smaller than at the close of 1920. December November, although receipts of hogs were receipts of corn at 17 interior centers totaled greater. Sheep receipts alone were greater 41,731,000 bushels, an increase of 139 per cent than a year ago. In the case of cattle and in comparison with November, and the largest calves, 975,330 head were received during Demonthly receipts since January, 1921. In- cember, as compared with 1,394,217 head durcreases of over 100 per cent in corn receipts ing November, and 984,309 head during Dewere recorded at each of the following impor- cember, 1920. Receipts of hogs during Detant centers: Chicago, Duluth, Kansas City, cember were 2,673,947 head, as compared with Milwaukee, Minneapolis, Omaha, and Peoria. 2,559,916 head during November and 2,932,052 This acceleration in the movement of corn head a year ago. Receipts of sheep decreased from the farms is partly seasonal, but has been from 1,244,214 head during November to much aided by large exports to Europe. 974,034 head during December, as compared Stocks of grain have shown a slight tendency with 942,858 head during December, 1920. to increase at both interior and seaboard The condition of live stock in district No. 10 centers, although there has been some decline (Kansas City) is generally good, although the in stocks of oats and barley. Corn stocks number of cattle and sheep on feed in the increased 92 per cent at 11 reporting interior Mountain States and on the Great Plains is less centers, and 132 per cent at 8 reporting sea- than last year. Live stock in all parts of disboard centers during December. trict No. 11 (Dallas) is reported to be wintering well, in spite of the fact that winter rainfall is still much below normal, and in many sections FLOUR. ranges are seriously affected by drought. In December production of flour showed a district No. 12 (San Francisco), recent rains further decrease in all districts. District No. have improved ranges in California and Ari- 9 (Minneapolis) reported an output of 1,754,654 zona, but the condition of Oregon ranges is barrels, a decline of 24 per cent from the No- below normal. vember figure of 2,290,084 barrels. December Twenty-three representative packers report production reported in district No. 10 (Kansas an increase of 2.3 per cent in December sales City) was 1,540,102 barrels, as compared with (measured in dollars) over those for November, 1,673,034 barrels in November, while the output but a decline of 20.5 per cent from those for Deof 11 leading mills in district No. 8 (St. Louis) cember, 1920. District No. 7 (Chicago) reports decreased from 261,400 barrels in November to a better domestic demand for meats and lard 248,600 barrels in December. In district No. toward the close of December, but a tendency 7 (Chicago), 43 representative millers produced toward irregularity in the opening weeks of 311,182 barrels, which was 0.5 per cent less than January. Seasonal falling off in export trade in November, while in district No. 12 (San set in during December, and it was compara- Francisco) 61 mills produced 775,139 barrels, as tively dull in early January. compared with 856,079 barrels produced by 71 mills in November. Jobbers and bakers in dis- COAL. trict No. 7 (Chicago) are reported to be buying very little flour, but in district No. 8 (St. Total production of coal in the United States Louis) December brought forth much better during 1921 amounted to 495,000,000 tons, shipping instructions on|'iold orders, although which is the smallest annual output during the the volume of new business was disappointing. last 10 years. The decrease was due princi- In districts No. 8 (St. Louis) and No. 10 (Kansas pally to the lessened output of bituminous City) there has been much better inquiry since coal, as anthracite mines maintained a large January 1. In the former this was especially production until the last of November. Protrue of the south, but virtually all was for prompt duction of bituminous coal showed a decrease shipment. In the latter a considerable number during December. The output for the month Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEUKUAUY, 1922. FEDERAL RESERVE BULLETIN. 135 was 30,975,000 tons, as compared with the tively, as compared with $3 and $1.75, respec- November production of 35,955,000 tons and tively, on January 1, 1921. a production of 52,123,000 tons in December, In district No. 12 (San Francisco) crude 1920. District No. 3 (Philadelphia) reports petroleum production reached the high figure that the consumers' market is still inactive, of 114,849,924 barrels during 1921, or an inalthough the removal of the transportation tax crease of 9,128,738 barrels, when compared with on January 1 caused a slight reduction in 1920. During the year 657 new producing prices. Prices at the mines have decreased wells were completed. The daily average slightly, due to competition between union and production of petroleum in California during nonunion operators. District No. 7 (Chicago) December was 325,478 barrels, as compared states that " steam coal and screenings are with 293,323 barrels during November. On slightly stronger in demand and price.77 Ex- account of the seasonal slackening in conports have declined, as British competition has sumption and the continued increased producbecome more active. tion, the stored stocks on December 31, 1921, Production of anthracite coal decreased amounted to 35,021,912 barrels, as compared from 6,859,000 tons in November to 5,984,000 with 33,486,350 barrels on November 30, 1921, tons in December, which is considerably lower and 22,240,271 barrels on December 31, 1920. than the output of 8,454,000 tons in December, Forty-four new producing wells, with an initial 1920. District No. 3 (Philadelphia) reports a daily production of 16,160 barrels, were comnoticeable increase in the sales to consumers pleted in district No. 12 (San Francisco) during of domestic sizes, although steam sizes still December. move sluggishly. Due to the fact that both retailers and operators have large stocks, many IRON AND STEEL. companies have curtailed production and the industry is now operating at about 60 per cent A better tone is reported in the iron and steel of capacity. industry, although the actual volume of busi- The production of beehive coke for December ness received has increased only slightly in was 514,000 tons, as compared with 477,000 January. Unfilled orders of the United States tons in November and 1,515,000 tons in De- Steel Corporation at the close of December cember, 1920, while December production of amounted to 4,268,414 tons, as compared with by-product coke was 1,860,000 tons, as com- 4,250,542 tons a month earlier. Pig iron propared with 1,766,000 tons in November. By- duction, however, showed a substantial inproduct producers have a considerable advan- crease, from 1,415,481 tons in November to tage at present, as they are not entirely de- 1,649,086 tons in December, and the month pendent on the manufacture of iron and steel. showed a net gain of four furnaces in blast. On the other hand, December steel-ingot pro- PETROLEUM. duction was only 1,427,093 tons, as compared with a November figure of 1,660,001 tons, due Reports from district No. 11 (Dallas) show a to widespread cessation of operations during the production of 13,419,760 barrels of crude oil holidays. Some tendency of buyers to figure for December, as compared with 10,617,880 bar- definitely on future requirements, and the aprels during November. This was the largest pearance of large contracts in the market, is. amount produced during any one month of reported from, district No. 4 (Cleveland). 1921 in that district. The Mexia field, which District No. 3 (Philadelphia), however, still brought in 33 producing wells, was largely notes hesitancy on the part of buyers to place responsible for the enormous increase and orders at existing prices, due largely to uncershowed a daily average production for the tainty as to possible changes in freight rates. month amounting to 104,530 barrels. During Railroads have placed some contracts, while December, 203 producing wells were completed the automobile industry, in anticipation of in district No. 11 (Dallas) with an initial pro- increased operations, is buying somewhat duction of 328,984 barrels, as compared with more freely, especially of sheets. Seasonal de- 132 producing wTells completed in November, crease in purchases of plates and pipe by oil with an initial production of 208,341 barrels. interests is, however, reported. Lake ship- However, production of crude petroleum in yards have let some contracts, while tin plate this district for the year was almost 5,000,000 and tubular goods on the whole are said by barrels less than during 1920. On account of a district No. 4 (Cleveland) to be making the reduction in price, drilling operations have been best showing of any steel lines at the present much curtailed in the MiS-Continent field. On time. Prices have shown little further de- January 9, 1922, the price of Corsicana light crease since the opening of the year, and conand heavy stood at $1.30 and $0.95, respec- cessions are said to be largely of the character Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 FEDERAL RESERVE BULLETIN. FEBRUARY, 1022. of dividing advantages of location with the 4,718 tons to 9,897 tons, respectively. The buyer. Operating conditions in district No. 3 unsold surplus, however, decreased from 78,000 (Philadelphia) average 40 per cent of capacity, tons to 70,000 tons in the case of zinc blende which is still somewhat less than for the indus- ore, and from 1,700 tons to 600 tons in the try as a whole. Most plants in that district case of lead ore. The end of the year saw a have expanded their operations somewhat gradual resumption of operations in that during January. district by many mines long closed down. AUTOMOBILES. COTTON TEXTILES. As was to be expected, December production Cotton consumption in December amounted of passenger cars showed, a sharp decrease from to 511,800 bales, a decline of 14,810 bales from the November figure. Companies reporting the November total. There were no important produced 61,586 cars in December, as comdevelopments during the month. The New pared with 97,981 in November and 85,957 in England mills continue to maintain a high rate December, 1920. The scope of the inquiry is of activity. The report from district No. 1 indicated by the fact that these reporting com- (Boston) notes the fact that recent upward panies produced 93.7 per cent of the total outprice revisions have been moderate and have put reported for November. Companies rebeen confined to cloths the prices of which porting produced 6,279 trucks in December, as had not previously responded to the autumnal compared with 7,188 in November and 5,315 rise in raw cotton. In district No. 3 (Philain December, 1920. The reporting companies delphia) the demand for cotton yarn is reported produced 71 per cent of the total output to be dull, and neither dealers nor sellers are of trucks reported for November. December disposed to consider orders for future delivery. factory shipments were 19 per cent less than Mills in district No. 5 (Richmond) are operatin November, but 5 per cent greater than a ing on much the same basis as during the preyear ago. The extent of consumers' demand ceding two months. A few have forward is as yet uncertain, and manufacturers are orders that will keep them busy well into 1922. proceeding cautiously. Further price reduc- In district No. 6 (Atlanta) reports made to tions were announced during the past month the Federal Reserve Bank by 39 representative on many cars and trucks in an effort to cotton cloth mills showed a slight reduction in stimulate orders for spring delivery. Dealers yardage output in December oi 4.3 per cent as in many cases have been compelled to absorb compared with November. Shipments were severe losses on used cars that have been 1.6 per cent below those of the previous month, accepted in part payment for new ones. but orders on hand at the end of the month had "A veritable glut exists in the used-car market/7 states district No. 3 (Philadelphia). increased 2.7 per cent. As compared with December, 1920, cloth production was 38 per cent greater, shipments 126.7 per cent larger, and NONFERROUS METALS. orders on hand at the end of the month 22.1 The nonferrous metal markets have been per cent above those of December 31, 1920. quiet during January. From a price of 14 The fact that some mills closed for a few days cents per pound, reached in mid-December, during the holiday season would explain at copper (New York, net refinery) declined to least a part of this reduction. Mills in the 13.50 cents by mid-January. Copper produc- district, generally speaking, are operating at tion for December was 18,545,182 pounds, as full capacity, and in certain cases are running compared with 22,347,984 pounds for Novem- night shifts. Thirty-three mills engaged in the ber. Stocks on January 1, 1922, are reported as production of cotton yarn in the district re- 793,000,000 pounds, or 331,000,000 pounds ported production to be 2.4 per cent less than less than a year ago. Lead continues to be in November, but 80.3 per cent larger than in quoted by the leading interest at 4.70 cents December, 1920. Shipments were 4.2 per per pound. December zinc production in- cent less than November totals and 141.5 per creased to 22,013 tons from the November cent above December, 1920, shipments. The figure of 21,135 tons, but stocks at the close orders on hand at the end of the month were 3.8 of the month showed a small decrease, from per cent less than at the end of November and 67,049 tons to 66,608 tons on December 31. 54.8 per cent in excess of those on hand on De- Demand has decreased somewhat and prices cember 31, 1920. have shown a tendency to decline slightly. December production of both zinc blende and WOOLEN TEXTILES. lead ores in district No. 10* (Kansas City) was much greater than in November, increasing At the beginning of January the percentage from 31,636 tons to 50,031 tons, and from of idle woolen and worsted machinerv and of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1022. FEDERAL RESERVE BULLETIN. 137 idle hours to totals reported, according to the creasing scarcity which, combined with tariff census figures, showed a slight advance in most restrictions, has stimulated speculation and cases. In the case of looms wider than 50-inch trading. A statement issued by the Boston reed space, the percentage of idle machinery Wool Trade Association showed that there rose from 26.6 per cent on December 1, 1921, was a very general scarcity of raw wools, as to 30.3 per cent on January 3, but there was a the Boston dealers on January 1, 1922, held slight reduction from 21.7 per cent to 21.2 per the smallest amount on hand since the begincent in the case of looms 50-inch reed space or ning of 1919, with stocks about half those held less. The corresponding percentages for spin- on January 1, 1921. Woo] consumption during dles rose from 22.4 per cent to 25.1 per cent December amounted to 61,283,000 pounds, as for woolen spindles and from 10.2 per cent to compared with 65,326,000 pounds in No- 13 per cent for worsted spindles. The per- vember. centage of idle hours to total reported in- CLOTHING. creased in all cases with the exception of As a result of seasonal factors, sales of clothcombs. The percentages for looms wider ing in district No. 2 (New York) dropped 50 than 50-inch reed space increased from 28.7 per cent in December as compared with Novemper cent to 32.9 per cent; for looms 50-inch ber totals (10 firms reporting). As compared reed space or less, the increase was from 25.7 with a year ago, however, sales increased 26.8 per cent to 27.8 per cent. The percentage of per cent. District No. 8 (St. Louis) also reidle spindle hours rose from 21.9 per cent to ports a rather sharp decline in the December 25.6 per cent in the case of woolen spindles business of 23 reporting firms, a drop which in and from 12.6 per cent to 13.8 per cent in the this district was accelerated by the unusually case of worsted spindles. A certain amount of warm weather which retarded sales. It is reduced activity is to be expected at the end of stated that orders for forward delivery conthe year immediately prior to the display of tinued to be well in excess of a year ago, but fall offerings. The opening of the American Woolen Co.7s lines of staple worsted and staple were slightly less than during the preceding month. Reports from manufacturers of men's and fancy woolens on Monday, January 23, clothing in district No. 7 (Chicago) show that the had been awaited with special interest, and volume of spring orders received by seven wholethe fact that prices were on the average lower sale clothing manufacturers was 47.8 per cent than last year is taken as a favorable augury in excess of the totals for the preceding year. for sustained mill activity. The settlement of The number of suits made increased 34.1 per the prolonged dispute in the garment trades in cent as compared with November and 320.3 per New York City is certain to have a stimulating cent as compared with December, 1920, when effect upon the market for women's wear, but many shops were closed entirely. In the case the settlement is too recent to have been reof 15 reporting tailors to the trade, orders and flected to any extent as yet in mill activity. production decreased in December as com- District No. 1 (Boston) states that the mills pared with November, although both were in in that district are running at as high a rate as excess of figures for December, 1920. The could be expected, even if business throughout decline in production amounted to 28.9 per the country were in a prosperous condition. cent as compared with November, and in On the other hand, the goods mills in district orders the reduction was 32.6 per cent. As No. 3 (Philadelphia) are much less active, and compared with the preceding year the percentthe average rate of production is estimated not ages were 20.8 and 26.1, respectively. to be in excess of 55 per cent. This average is probably not representative, as some mills are SILK TEXTILES. closed or running at greatly reduced capacity, whereas at least one corporation reports that Raw-silk consumption, according to the Silk its mills are operating at capacity and that it Association of America, amounted to 20,930 has unfilled orders sufficient to keep it working bales in December, an increase of 2,575 bales at top speed for six weeks. The demand for over the preceding month. However, there is carpet and knitting yarn has been good, al- no noticeable acceleration of activity in the though there are said to be very few requests case of mills manufacturing broad silks and for weaving yarn. As a result, yarn mills in ribbons, as the persistent rise in raw-silk prices district No. 3 (Philadelphia) are operating at has militated seriously against the placing of about 80 per cent of capacity, with sufficient orders for future delivery. The statistics reorders to insure a maintenance of this rate for ceived from North Hudson and Paterson about three months. The raw-wool market (January 17) do not indicate any material imhas been very active of late, and prices have provement in the situation since the middle of advanced materially, largely as a result of in- December. In fact, slight increases for Pater- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. son in the number of active looms and per- November to 352,506 dozens in December. centage of active loom hours to totals available Unfilled orders on December 1 were 21,535 are more than offset by pronounced declines in dozens in excess of November 1, the totals North Hudson. In the former city 3,731 rising from 1,109,321 dozens to 1,130,856 dozlooms were active out of a total of 15,000 re- ens. New orders received during the month porting, and the percentage of active loom dropped 96,747 dozens, from a total of 296,972 hours to total was 22.7. In North Hudson dozens for November to 200,225 dozens for 1,405 looms were active out of a total of 4,596 December. Cancellations declined from 13,981 reporting, and loom-hour activity was 32.7 dozens during November to 10,916 dozens, a per cent. reduction of 3,065 dozens. For the 49 mills * HOSIERY. which reported an actual production of 518,376 dozens in December, the percentage of normal New orders placed with hosiery mills in dis- capacity averaged 77 per cent, a decline from trict No. 3 (Philadelphia) engaged in manufac- the month of November, in which 57 mills turing silk and heather mixtures have declined showed an average productive capacity of 86.5 in recent weeks, largely because of the rise in per cent. Six mills reporting announced that yarn prices which has made manufacturers they were closed as compared with three mills unwilling to accept contracts at prices formerly reported closed during November. prevailing. In view of large orders already Manufacturers of heavyweight underwear placed, however, the mills will be able to run located in district No. 3 (Philadelphia) report from three to six months on the existing basis. that they are booking orders for immediate Business has fallen off in the case of mills man- shipment, and also for fall delivery. They ufacturing seamless silk hosiery, partly because state that although the majority of orders are of yarn advances, but also because the demand not large, the total is sufficient to keep the has turned more toward full-fashioned goods. mills fairly busy. In lightweight underwear, The 25 firms selling to the wholesale trade, however, the amount of business done conwhich regularly report to the Federal Reserve tinues to be below expectations. Bank of Philadelphia, increased their output (in dozens of pairs) 5 per cent in December as SHOES AND LEATHER. compared with November, and 172.1 per cent as compared with a year ago. Orders booked Demand for hides and skins was very declined during the month 21.6 per cent, but sporadic during the last two weeks of Decemwere 82.2 per cent above those.of December, ber and the first three weeks of January, but 1920. Shipments fell off 0.2 per cent as com- prices are for the most part unchanged. There pared with November, but showed an increase were only two recorded sales of packer hides of 88.3 per cent over a year ago. The nine in the last two weeks of December, whereas firms selling'to the retail trade produced 4 per sales in the second week of January reached cent less in November and 3.9 per cent less the largest weekly aggregate for several months. than in December, 1920. Orders booked de- District No. 7 (Chicago) reports that shipments clined 27.9 per cent from the preceding month, of green hides from Chicago during December shipments fell 10.2 per cent, and unfilled orders were 9.6 per cent greater than in November. were 37.9 per cent less. In district No. 6 Sales of calf and kip skins increased in the (Atlanta) orders for cotton hosiery during De- middle of January, as a result of a slight reduccember increased, and production was slightly tion in prices. Leather sales in December larger than in November, but at about the were somewhat less than in November, due to same rate as a year ago. Unfilled orders at the general desire of manufacturers to reduce the end of the year remained substantially inventories, but demand for both sole and unchanged as compared with those on hand on upper leathers has improved during January. November 30, but were larger than at the end District No. 7 (Chicago) reports that sole of 1920. leather was in good demand during the early UNDERWEAR. part of January and that there was a slight tendency toward stiffening of prices. Reports The comparative reports received from 34 from district No. 3 (Philadelphia) state that representative mills belonging to the Associa- colored leather is being purchased more freely, tion of Knit Goods Manufacturers of America while sales of patent leather are decreasing. show that in the case of these mills little change Export demand for kid is improving and stocks in productive capacity occurred during the of kid are now comparatively low. month of December. A slight reduction in Western shoe factories showed a moderate output amounting to 5,100 dozens was re- increase in activity during December, while corded, totals falling from 357,606 dozens in most eastern plants slightly reduced operations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 139 Six important shoe manufacturers in district cent. Sales of 15 retailers decreased 48.5 per No. 1 (Boston) report production 2.5 per cent cent for the same period, and stocks 2.8 per less than in November, but 40.2 per cent cent. greater than in December, 1920. These firms In district No. 12 (San Francisco) the month had 27.9 per cent more shipments but 30 per of December was marked by moderately heavy cent less new orders in December than in demand for lumber for water shipment, both November. In district No. 3 (Philadelphia) domestic and foreign, a slight increase in prices 45 shoe concerns report production 1.9 per of the upper grades of some woods, and reports cent less, shipments 1.1 per cent less, and new of small and incomplete stocks in the hands of orders 52.4 per cent less during December mills and distributors. Production of four assothan during November. Twenty-one manu- ciations during the four weeks ending Decemfacturers in district No. 7 (Chicago) report ber 31 was 280,622,000 feet, as compared with increases of 3.6 per cent in production and 17.3 355,898,000 feet during the four weeks ending per cent in unfilled orders, while shipments November 26, while shipments likewise fell registered a decline of 23.2 per cent. District from 341,578,000 feet to 285,659,000 feet. Un- No. 8 (St. Louis) states that 11 reporting filled orders, reported by only two associaconcerns showed increases in December sales tions, increased, however, from 1,077,032,000 varying from 6.5 per cent to 22 per cent in feet to 1,140,370,000 feet. The December excomparison with November. Factories special- port market witnessed large purchases by Japan izing in high-priced shoes are doing relatively and a slight revival in Australian demand for a much smaller business than those producing Pacific coast lumber, while in the domestic cheaper grades. market buying for Atlantic coast and California shipment continued heavy for this season LUMBER. of the year. Production of logs was less in December and the opening of January is December than in November, due to the ungenerally a period of seasonal inactivity in the usually severe storms and the usual holiday lumber industry, but conditions this year have shutdown for repairs. been relatively satisfactory. December production of southern pine showed some decrease, BUILUIXG. the output of 117 mills in district No. 6 (Atlanta) being 284,835,000 feet, as compared with 298,- The total value of building permits issued 704,000 feet for 123 mills in November, and a in 166 selected cities amounted to $139,192,593 similar decrease was noted for 45 mills in dis- in December, as compared with $145,883,418 trict No. 11 (Dallas). Shipments in both dis- in November and $69,164,447 in December, tricts fell off more sharply, from 312,902,000 1920. The valuation of permits issued, morefeet to 248,347,000 feet in district No. 6 (At- over, was actually greater in December lanta), and from 106,742,000 feet to 83,149,000 than in November in 6 of the 12 Federal feet in district No. 11 (Dallas). Unfilled orders Reserve districts. These increases occurred in at the close of the month showed a similar de- districts No. 4 (Cleveland), No. 5 (Richmond), crease, from 186,453,000 feet to 156,776,000 No. 8 (St. Louis), No. 9 (Minneapolis), No. 10 feet, and from 51,187,000 feet to 39,231,000 (Kansas City), and No. 12 (San Francisco), and feet, respectively, but stocks remained practi- ranged from 5 per cent in district No. 5 (Richcally unchanged. Winter weather has been in- mond) to 40 per cent in district No. 9 (Minneterfering with logging operations in some parts apolis). Comparison with December, 1920, of district No. 6 (Atlanta). There has been shows large increases in value of permits quite an appreciable increase in orders in the issued for every Federal Reserve district, first part of January, and likewise some in- these increases varying in size from 12 percrease in prices. cent for district No. 11 (Dallas) to 254 per In district No. 8 (St. Louis), because of the cent for district No. 8 (St. Louis). The value sustained strength of the market as a result of contracts awarded in seven Federal Reserve of the comparative smallness of stocks and cut, districts (statistics of which are compiled by there has been more than the usual amount of the F. W. Dodge Co.) increased from $177,375,inquiry, and also of small buying for immediate 132 in November to $183,633,754 in December. needs. Buying of building lumber for stock, Increases were registered in districts No. 1 even by the line yard companies, has hardly (Boston), No. 2 (New York), No. 3 (Philastarted as jet. Decrease of stocks, in spite of delphia), No. 5 (Richmond) and No. 9 (Minnelessened shipments, is reported by 12 manu- apolis), while districts No. 4 (Cleveland) and facturers in district No. 9 (Minneapolis). De- No. 7 (Chicago) registered decreases. cember shipments were 24.5 per cent less than District No. 1 (Boston) reports that the in November, while stocks decreased 6.6 per building situation in New England has im- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

140 FEDERAL RESERVE BULLETIN. 102-J. proved steadily for several months, due to a Philadelphia, Scranton, and Williamsport noteworthy increase in residential building. reached a maximum for the year of 243,293, Reports from district No. 3 (Philadelphia) but on January 15 the number of unemployed indicate that the trend of construction has had fallen to 234,910, a decrease of 3.4 per been definitely upward throughout the greater cent. In district No. 5 (Richmond) no mapart of 1921 and that plentiful supplies of terial changes arc reported during the past building materials are now available at fairly month. It is said that "there is a steady but stable prices. In district No. 5 (Richmond) slow growth in the number of employees taken the volume of new construction and of repairs on by factories, but an offset to triis during were both larger in December than in Decem- winter is lessened employment on outdoor work ber, 1920, but the increase was relatively and reduced demand for farm labor.77 The greater in the case of new construction. Dis- replies to the labor questionnaires which are trict No. 8 (St. Louis) reports marked activity regularly sent out by the Federal Reserve in the erection of inexpensive homes in subur- Bank in district No. 7 (Chicago), covering 249 ban communities and small towns. There firms employing 139,758 workers on December have been small reductions in prices of cement 31, showed a decrease of 5.3 per cent in numand certain grades of yellow pine lumber. bers employed as compared with the preceding December building activity in district No. 12 month and 16.2 per cent as compared with the (San Francisco) was greater than in any same month of the preceding year. The deprevious month except October, 1921. crease covered a very extended list of industrial establishments. Tlie largest group, comprising EMPLOYMENT. manufacturers of iron and steel products, showed a decrease of 3.4 per cent and packing A fairly general, although not pronounced, plants a decrease of 16 per cent. In district increase in numbers unemployed occurred No. 9 (Minneapolis) unemployment increased during December, according to the reports during December and "the demand for labor made to the United States Employment Servhas been yevy slight, owing to the complete ice by 1,428 firms which on December 31 absence of agricultural operations of any imwere employing 74,267 fewer employees than portance and the completion of public works at the end of November—a decrease of 4.7 perand buildings. In Montana slight improvecent. Supplementary reports received from ment appeared during December in employthe several districts indicate that the decline ment in lumber mills and copper-mining estabin employment is fairly general, and not conlishments.77 Unemployment also increased in fined to the large establishments covered by district No. 10 (Kansas City) and, according to the employment survey. In district No. 1 the report, the industrial situation was not as (Boston), however, the reports are on the good as it had been 30 or 60 days previous. whole encouraging, although the granite and The seasonal release of farm labor, completion paper-making industries are among those that of beet-sugar manufacture, reduction in railare employing somewhat fewer workers. On road shops, strikes in packing houses, and the the other hand, the employment situation in difficulties in the coaf mines combined to rethe shoe centers of Massachusetts is improved, duce the numbers employed. Cessation of and the textile centers continue, as during past agricultural work and of outdoor construcmonths, to show relatively little unemploytion operations was also responsible for inment. Conditions in the metal-working establishments are reported to be "spotty,77 with a creases in numbers unemployed in district No. 12 (San Francisco). The movement into the probable slight gain in employment. The cities of laborers from the rural districts tended reports from the New York State Department to swell the numbers out of work in the prinof Labor show very little change in the emcipal centers. The bulk of the unemployment ployment situation during the past three was confined to unskilled laborers. It was months, and since seasonal declines might be stated that in the intermountain States the expected at this time the situation is on the situation was not so serious, and there was no whole rather better than it was. The settlemarked suffering from unemployment. ment of the strike in the garment industry of New York has decidedly reduced unemploy- A number of districts mention rather signifiment in the needle trades. In district No. 3 cant readjustments in wage rates which have (Philadelphia) the Pennsylvania State De- been made during the past month. In district partment of Labor reports a fairly steady No. 1 (Boston) wage reductions in only a limited growth in unemployment during November number of cotton textile mills had been anand December, with the result that at the end nounced at the date of writing, and it was of the year the number unemployed in the six alleged that southern competition was exerting cities of Altoona, Harrisburg, Johnstown, a pressure in bringing about these reductions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FKBUUARY, 1922. FEDERAL RESERVE BULLETIX. 141 Since that time more extensive cuts have oc- firms reporting, and 11.2 for 12 firms reporting, curred and have led to strikes and disturb- for the respective districts. Small decreases ances in Rhode Island mills. Scattered wage occurred in the other districts ranging from 1.1 reductions have also taken place in metal- per cent in district No. 5 (Richmond), with 16 working establishments. In district No. 2 firms reporting, to 10.6 per cent in district (New York) a 12 per cent reduction in the No. 4 (Cleveland) with 11 firms reporting. wages of textile mill workers in Utica and Grocery sales showed a uniformly downward Cohoes has occurred. This reduction was trend during December, although as compared accompanied by a coincident increase in work- with a year ago the percentages of decrease were ing hours which will result in the maintenance not as large as were the corresponding percentof the per capita earnings. The New York ages for November, 1920, and November, 1921. State Department of Labor in its Monthly The reductions during December as compared Survey estimates that the average weekly with November ranged from 1.8 per cent for earnings in factories in the State during De- district No. 6 (Atlanta), with 29 firms reportcember were $24.91, as compared with $24.32 ing, to 16.2 per cent for district No. 10 (Kansas during November, the increase being due in City), with 6 firms reporting. As compared part to lengthened working time. In district with the preceding year reductions varied from No. 12 (San Francisco) the majority of the a minimum of 10.8 per cent in district No. 10 mining companies in Utah announced a reduc- (Kansas City), with 6 firms reporting, to a tion in wages of approximately 10 per cent, maximum of 24.1 in district No. 4 (Cleveland), effective January 16, 1922. In San Francisco with 25 firms reporting. Hardware sales simiwages of metal-trade workers were reduced 10 larly dropped in December as compared with per cent during the month. There were also the preceding month in all districts except reductions in the wages of building trades as a district No. 3 (Philadelphia), in which an adresult of arbitration awards. vance of 0.4 per cent was recorded for 23 firms. In all other districts decreases occurred ranging WHOLESALE" TRADE. from 8.9 per cent in district No. 6 (Atlanta) and Very general recessions in the sales of re- district No. 12 (San Francisco), with 22 firms porting wholesale firms occurred in December reporting in each case, to 20.5 per cent in disas compared with the preceding month. In trict No. 5 (Richmond), with 18 firms reporting. the case of dry goods and shoe firms the reduc- Figures for December as compared with a year tions were especially heavy in a majority of the ago show decreases in all cases except district districts from which returns were secured. No. 10 (Kansas City), in which 4 reporting firms The decreases in dry goods sales ranged from showed an average increase of 3.5 per cent. 6.9 per cent in district No. 2 (New York), with The minimum decrease was 8.1 per cent for dis- 3 firms reporting, to 42.8 per cent in district trict No. 7 (Chicago), with 21 firms reporting; No. 11 (Dallas), with 12 firms reporting. the maximum percentage of decrease wTas 28.9 District No. 9 (Minneapolis) was the only one for district No. 9 (Minneapolis), with 10 firms recording an increase, which amounted to reporting. District No. 3 (Philadelphia) states 7.1 per cent for 3 reporting firms. Declines that although the business in hardware in that in shoe sales varied from 10.3 per cent for section was somewhat better despite seasonal the 14 reporting firms in district No. 12 (San dullness, the developments were very uneven. Francisco) to 45.4 per cent for district No. 6 Dealers in builders' hardware were meeting an (Atlanta), 9 firms reporting. Despite these active demand, but firms in the coal districts marked reductions, however, sales on the had experienced a gradual decrease in purchaswhole made a favorable showing as com- ing. District No. 8 (St. Louis) also notes an pared with a year ago, and it is evident that improvement in demand as evidenced by forthe decreases were principally due to seasonal ward orders, which are from 5 to 14 times as factors, since the physical volume of sales large as a year ago. However, the December has been well maintained in the case of dry sales of 12 reporting interests were 13 to 24 per goods, while in the boot and shoe lines actual cent under the same month in 1920 and from 8 increases have been recorded in all reporting to 14 per cent less than in November, 1921. In districts, ranging from 0.6 per cent in district connection with all lines of wholesale trade gen- No. 2 (New York), with 8 firms reporting, eral emphasis was placed upon the continuance to 38.2 per cent in district No. 5 (Richmond), of the policy of ordering to fill only immediate with 19 firms reporting. Dry goods sales, requirements. This tendency was further acas compared with a year ago, increased in centuated by a desire to reduce the end-of-thedistricts No. 9 (Minneapolis), No. 11 (Dallas), year inventories. Reports from the southern and No. 12 (San Francisco), the percentage districts note that in the rural sections slow paybeing 168.6 for 3 firms reporting, 8.7 for 12 ments by the farmers and curtailed credits of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 FEDERAL RESERVE BULLETIN. FEBRUARY, 1022. the stores have kept down buying in some point of disagreement between the two indexes regions in which the urban centers have was in the matter of lumber prices which the experienced a fairly active demand. Labor Department reports to have increased, while correspondents of the Board report small RETAIL TRADE. reductions or no change. This is an indication Retail sales in December showed a decided of the uncertainty as to prices in this industry, increase as compared with those of November, which is further borne out by the Federal 1921. All of the districts show a decrease when Reserve Bank of Philadelphia, which states compared with December, 1920, except the that dealers in that district report a wide three eastern districts—No. 1 (Boston), No. 2 range of quotations. Although the prices of (New York), and No. 3 (Philadelphia). Com- individual commodities in the raw materials parison of sales from July 1 to December 31 group shifted up and down during the month, show that the business transacted throughout the average of farm products, animals and meats, the country during the six months' period was and mineral products was approximately the 10.9 per cent smaller in dollar amounts than same as in the preceding month. Manufactured that of the same period in 1920. District No. goods, on the other hand, declined in price. 1 (Boston) reports that the increase in the SHIPPING. volume of trade in that district was not confined to the large stores but was participated The month of January has been characterin by many smaller stores in various centers, ized by a decided stiffening in ocean freight while district No. 8 (St. Louis) reports that rates, particularly charter rates for prompt " results in the country as a rule were less loading. More activity has likewise been dissatisfactory than in the larger centers of played in time charters, a number of vessels population." The lines which were most having been chartered for 12 months' general active during the month were neckwear, trading at 5 shillings per dead-weight ton per inexpensive silver, leather goods, gloves, fur- month. This compares with quotations in niture, jewelry, and kitchen goods, while the January, 1920, of 25 shillings, and in January, market for dress goods, books, stationery, 1921, of 10 shillings per month. The revival millinery, and heavy clothing was dull. Prices of interest in time charters for as long a period as a whole show a high degree of stabilization. as 12 months, when for many months past charterers have been as a rule unwilling to sign December sales throughout the United States for more than a round trip or 3 months at a showed increases amounting to 5.8 per cent in time, is undoubtedly of significance as showing' district No. 1 (Boston), 1.6 per cent in district that shipping men arc not anticipating material No. 2 (New York), and 1.2 per cent in district reductions below recent charter quotations, at No. 3 (Philadelphia). Decreases were reported least for some months to come. Grain cargoes in the other districts, amounting to 10.7 per from the Atlantic range to Europe and cargoes of cent in district No. 4 (Cleveland), 4.5 per cent sugar from Cuba to the United Kingdom have in district No. 5 (Richmond), 17 per cent in recently displayed pronounced activity; but the district No. 6 (Atlanta), 7.4 per cent in district export coal trade continues at a low ebb, British No. 7 (Chicago), 8.6 per cent in district No. 8 quotations on coal in most foreign markets (St. Louis), 18.3 per cent in district No. 9 being reported as lower than the best American (Minneapolis), 4.3 per cent in district No. 10 c. i. f. prices. (Kansas City), 16.7 per cent in district No. 11 (Dallas), and 2.4 per cent in district No, 12 FOREIGN TRADE. (San Francisco). The value of goods exported in December, Stocks on hand in representative district 1921, remained at approximately the same stores throughout the country at the close of figure as in November, namely, about December were 17.5 per cent lower than at the $295,000,000. This represents a substantial close of November, probably due to reductions decline from the monthly value of exports preceding annual inventories. Outstanding from April to October, inclusive, which was orders at the end of December were practically fairly stable around an average slightly less the same as at the end of November. than $350,000,000. While the rate of this decline has by no means been so great as in * PRICES. February and March, 1921, it should be borne The general trend of wholesale prices during in mind that the chief factor in the former December was probably toward slightly lower decline, that is, very materially reduced levels than in the preceding month. The index commodity prices, is no longer operative to of the Federal Reserve Board registered 138, any considerable extent. The most recent as compared with 140 in November. The declines in export values therefore reflect more Labor Department index, on the other hand, or less accurately a fall in the actual quantities showed no change. The most important and volume of goods in the export trade. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 143 EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS. Total earnings of the Federal "Reserve Banks year. This change accounts for part of the for the calendar year 1921 were $122,864,605, increase in the current expenses for 1920. compared with $181,297,338 for the calendar Current net earnings, i. e., the excess of earnyear 1920, while total current expenses were ings over current expenses, totaled $86,798,540, $36,066,065, compared with $29,889,307 for compared with $151,408,031 in 1920. Calcuthe preceding year. Current expenses for the lated on an average paid-in capital for the year under review include, besides the expense year of $101,995,000, the current net earnings of operation proper, the following important for the year constitute 85.1 per cent, comitems: $5,132,497, the cost, including ship- pared with 160.7 per cent on the average ping charges, of the issue and redemption paid-in capital in 1920. If current net earnof Federal Reserve currency; $692,339, the ings are related to the average of paid-in amount of taxes on Federal Reserve Bank capital and reserve balances combined, i. e., note circulation, and $1,508,923 for furniture to the total amount directly contributed by and equipment. the member banks, or $1,774,864,000, the rate Total current expenses above shown are works out at 4.9 per cent, compared with 7.9 exclusive of that part of the expenses of the per cent for the system shown for the prefiscal agency departments of the Federal Re- ceding yc&r. A still lower ratio, viz, 4.4 per serve Banks which is reimbursable by the cent, obtains, if the total of current net earn- Treasury. These expenses totaled $2,609,755 ings is related to the combined average for in 1921", compared with $6,215,356 in 1920 the year of capital, surplus, and reserve and $16,626,016 in 1919. Beginning with deposits. July 1, 1921, the larger part of the fiscal In the following table are shown for each agency department expenses has been ab- Federal Reserve Bank daily average amounts sorbed by the Federal Reserve Banks, the for the year of paid-in capital, surplus, and amount of reimbursable expenses for the reserve deposits, and per cent ratios of current second half of the year being $249,245 only, net earnings to daily average capital, capital as compared with $1,245,939 absorbed by and surplus, capital and reserve deposits, and the banks, and with $2,360,509 of total ex- capital, surplus, and reserve deposits compenses reimbursable for the first half of the bined. [Amounts in thousands of dollars.] Daily average. Ratio of current net earnings to- Feder B al a n R k e . serve c P a a p id it - a in l. Surplus. co P s c m u a a a r i p b n d p i i d - t l n a u i e n l s d. M d r e e e p s m o e s r b i v e ts e r . s 1 ' c m d o P r c e e m e a a a m p s i b p n e o d b i i r d s - n t v e i i a e n t e r l s d s' . c m d o s c P r u e e m e a a a m r p s p i b p n e o d i b i r l t d s - n u v a e i i e l s n t e r , s , d s' . c P a a p id it - a i l n . ! I co P s c m u a a a r p i b n p d i i d t - l n a u in e l s d. c m d o P r c e e m e a a a m p s i p b e n o d b i i r d s - t n v e i a i e n t e r l s d s' . c m d o s c P r u e e m e a a a m p r s p i b p n e d o i b i l d r t - s n u a v e i i n e s l t r e , s , d s' . |. Per cent. '• Per cent. Per cent. Per cent. Boston 7, 885 16,029 23,914 .109,751 117,639 133,668 60.0 ; 19.8 4.0 3.5 New York 26,812 57,878 84', 690 656,141 i 682,953 740,831 99.0 I 31.3 3.9 3.6 Philadelphia... 8,628 17,289 25,917 101,205 109,833 127,122 60.8 i 20.2 4.8 4.1 Cleveland 11,004 21,292 32,296 138,326 ! 149,330 170,622 58. 5 ' 19.9 4.3 3.8 Richmond 5,370 10,795 16,165 53,477 I 58,847 69,642 85.7 I 28. 5 7.8 6.6 Atlanta •1,098 8.527 12,625 43,987 ! 48.085 56,612 142.2 46.2 12. 1 10.3 Chicago... 14,230 29,704 43,994 238,223 i 252', 453 282,217 109.1 I 35.3 6 2 5. 5 St. Louis 4,504 8,733 13,237 62,143 I 66,647 75,380 71.2 ! 24.2 4.8 4.3 Minneapolis... 3,528 7,113 10,671 42,168 i 45,696 52,839 103.2 34.1 8.0 6.9 Kansas City... 4,477 9'. 245 13,722 70,817 i 75,294 84,539 73.8 : 24.1 4.4 3.9 Dallas 4,203 6,578 10,781 44,099 . 48,302 54,880 56.7 : 22.1 4.9 4.3 San Francisco. 7,256 14,705 21,961 112,529 i 119,785 134,490 74.0 4.5 4.0 Total.... 101,995 207,978 309,973 1,672,869 , 1,774,864 1,982,842 | 85.1 : 28.0 4.9 4.4 I 1 Average of amounts shown in the 52 weekly statements. Additions to current net earnings, $492,392, ductions from current net earnings, totaling are composed of $360,856 formerly deducted $5,203,707, comprise $1,251,675 depreciation from net earnings and set up as reserve for allowances on bank premises, $2,861,500 redepreciation on United States bonds and of serve to take care of undetermined and pos- $131,536 difference accounts, amounts carried sible losses arising from dealings with banks directly to profit and loss during the past year, which have failed or suspended, $400,000 and various minor miscellaneous items. De- reserve for self-insurance, $49,295 reserve for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 FEDERAL RESERVE BULLETIN. FEBKUARY, 1922. depreciation on United States bonds, and of the total earnings, as against 3.9 per cent a $641,237 of miscellaneous deductions. This year before. Penalties on deficient reserves leaves net earnings available for dividends, produced slightly less than 1 per cent, while surplus, and franchise taxes of $82,087,225, as the balance of earnings is made up of net against $149,294,774 for the preceding calendar earnings on domestic transfers bought and sold, of collection charges, and sundry minor Under the amended section 7 of the Federal profits. Reserve Act, net earnings, after deduction of Of the total current expenses of the banks 6 per cent annual cumulative dividends, are proper, $15,201,393, or over 42 per cent, compaid into a surplus fund, until this fund is pared with 41 per cent in 1920, went as comequal to 100 per cent of the reserve bank's pensation to the clerical staff, while $2,383,subscribed capital, and thereafter 10 per cent 994, or 6.6 per cent, compared with 6.3 perof such net earnings is carried to surplus cent in 1920, represents the amount of salaries (this portion constituting the so-called super- paid to bank officers. Compensation of spesurplus), while the remaining 90 per cent is cial officers, watchmen, and extra help, also paid as a franchise tax to the Government. overtime pay and supper money, account for In accordance with this provision the Fed- $1,892,863, or 5.2 per cent of the total expenses; eral Reserve Banks, after paying $6,119,673 postage and expressage for $1,131,230, or 3.1 of dividends for the year, carried $9,329,256 to per cent; and printing and stationery for their normal surplus and $6,663,830 to their $1,022,540, or slightly less than 3 per" cent. suporsurplus accounts and paid $59,974,466 as Assessments for the support of the Federal franchise tax to the United States Government. Reserve Board totaled $741,436, or slightly At the opening of 1922 the total surplus of over 2 per cent of the banks' total current the Federal Reserve Banks aggregated expenses. Rent paid by the banks in the $215,523,000, or 104.5 per cent of the total past year aggregated $1,312,799, nearly all subscribed capital reported on that date, com- the banks using at present rented quarters. pared with $202,036,000 and 101.2 per cent Net book value of bank premises after the shown at the opening of 1921. The Federal close of the books in 1921 was $35,258,000, Reserve Bank of Dallas is at present the only compared with $17,860,000 at the close of one whose net earnings have not been suf- 1920. All Federal Reserve Banks, except ficient for the accumulation of a surplus the St. Louis bank, are occupying or conequal to its subscribed capital. All other structing buildings of their own. The St. banks have accumulated surplus funds in Louis bank owns the site for a bank buildexcess of their subscribed capital. ing, but has not yet begun construction. Of the total earnings of the Federal Reserve Six of the branches own and occup}^ their Banks for the past year, slightly over 89 per banking houses, and one is constructing its cent, as against 82 per cent in 1920, came from bank building. Nine other branches own paper discounted for member banks. Owing either bank buildings or building sites, but to the decline in the volume of rediscount have not yet started remodeling or new conoperations and to the successive reductions in struction, while seven branches have not yet discount rates, the amount earned from dis- purchased any property for the housing" of counts was $39,461,000 less than last year. their banking offices. Bills purchased in open market contributed Monthly earnings show a practically con- 4.3 per cent of the total yearly earnings, com- tinuous decline with the gradual decrease in pared with 12.1 in 1920, this large decrease earning assets and the reduction in the discount reflecting the reduction in the supply of bills rates charged on discounted bills and openbased upon foreign trade transactions, as well market purchases. Earnings during the last as the larger demand for this class of paper by half of the year totaled $46,182,000, compared the commercial and savings banks, also outside with $76,683,000 for the first half of the .year investment interests. United States securities, and $99,519,000 for the last six months in largely Treasury certificates, yielded 5.1 per cent 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK DURING 1921. EARNINGS. Total. Boston. Y N o o r w k. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. St. Louis. M ap i o n l n is e . - K C a i n t s y a . s Dallas. Ra c n i s F co r . an- ! I Discounted bills $109,598,675 $6,007,117 $30,762,021 §6,849,905 $8,041,788 i$6,166,477 j$6,621,052 §18.829,302 '$4,739,032 !st,619,55[ ,'$5,134,004 j$3,829,840 $7.965,583 Purchased bills ! 5,234,141 515,192 1,829,665 513,710 737,533 184,592 '151)440 '374,864! ' 41,427 I 13 49,148 ! 7,980 825,577 United States securities ! 6,253,85-1 415,931 1,955,970 597, 553 479,840 196,299 533,022 858,205 ! 284,151 . 142,001 '" 382,855! 171,151 236,876 Domestic transfers bought and sold, net 326,148 61,673 362,555 I ! 12,581 i 89,339 M De i f s i c c e i l e l n a t n e r o e u se s. r ve penalties j 1,1 2 7 7 7 4 , , 5 2 6 2 2 5 1 16 3 , , 6 7 4 7 4 8' 9 6 3 3, , 8 4 0 7 4 9 3 1 4 2 , , 4 4 4 8 2 5 5 1 7 3 , , 0 0 1 1 7 2 ' 17 6 5 , , 5 ' 7 1 9 4 7 * i ! 9 4 0 ) ,8 3 2 1 5 3 1 3 2 3 3 , ,2 9 5 9 0 1 | | 2 8 1 0 . , 0 61 6 0 5 ' 15 5 7 , , 0 1 0 5 4 8 i 1 " 12 2 6 0 " ,4 43 1 4 7 " 1 2 2 1 4 , , 1 1 7 6 5 3 """"13 2 6 0 ," ,1 2 2 5 3 4 Total earnings : 122,864,605 i 6,968,662 I 34,704,939 8,008,095 9,390,863 ! 6,729,679 , 7,406,652 I 20,382,170 ! 5,166,315 : 4,966,311 , 5,712,858 . 4,243,648 ' 9,184,413 CURRENT EXPENSES. Salaries: Bank officers §2,383,994 §135,500 §498,114 I $124,020 I $1944,64 §149,702 ' .9163,432 $332 652 8151,043 3115.499 i SI .60,543 $133,545 i 8225.480 Clerical staff 15,201,393 905,811 3,928,025 i 999,460 1 1,166,854 ! 858,861 i 530,325 .1, 888877 931,158 517)448 ,1,051,627 • 735,904 1,687,013 Special officers and watchmen 789 879 31,648 208,144 69,934 ! 82332 j ™2 9,9"4"1 22.653 138792 28.069 , 23,618 : 45,976 , 34,598 i 74,174 All other 1,102,984 35.233 303,314 84,970 1 136031 : 62,102 40,751 156,492 38,763 18,807 i 55,097 82,470 : 88,954 Governors' conferences 7,751 '461 448 343 . 329 ; t55t0o ! 819 615 '675 770 i 620 - 714 ! 1,407 Federal Reserve Agents' conferences 4,443 j 118 156 137 ' 133 ' 88 442 244 287 . 403 : 211 295 ! 1,929 Federal Advisory Council 10,522 200 1,200 382 ' 859 | 493 1,259 1099 1,200 908 ! 410 : 200 ". 2,312 D Tr i a re v c e t l o in rs g ' e m x e p e e t n in se g s s l 3 1 5 6 7 8 , , 9 55 6 6 2 9,263 3 3 2 7 , , 1 8 0 9 1 1 1 6 7 , , 5 8 0 39 9 • ! 1 60 3 0 3 1 i 33 7 , ,0 9 2 3 1 1 2 2 5 6 , , 7 2 0 5 8 1 4 1 8 1 ,1 7 3 3 1 1 2 1 9 1 , , 3 9 7 4 3 8 " • 3 1 5 1 , , 5 9 0 0 5 2 : , 2 2 8 5 , , 7 82 0 3 5 ! ". 39 7 , , 1 0 8 0 5 4 ; ' 3 1 5 2 , , 1 4 1 1 5 3 Assessment for Federal Reserve Board expenses. 741,436 57,218 202,802 62,008 i 77,182 ! 38,723 30,242 105227 31,597 : 25,554 j 32,749 1 25,759 ' 52,375 48,166 1,200 2)275 5,745 , 2,000 4,292 116 11,628 1 6,769 : 93 j 6,510 Insurance (life, fidelity, casualty, workmen's 7,538 compensation, and general liability) 532,307 18,054 82,822 42,987 , 52,859 20.709 68,987 39,651 ; 29,553 j 42,172 , 39,607 66,733 Banking house: 28,170 Taxes 178,178 47,336 I 8,036 22,820 28. 826 7,873 2,115 1,965 j 13.654 i 30,052 6,713 Fire insurance 20,073 6,132 i 324 2 79 2)523 68 8,788 169 1,154 I 1,932 " 7,547 59 Light, heat, and power 119,408 3,110 9,678 I 34,794 | 11,556 4,093 244 3,184 1,556 1 7,781 I 27,632 7,48S Repairs and alterations (not; of perma- 8,536 nent character) 163,655 9,279 79.117 4,120 10,157 I 2,609 296 '•• 1,015 ! 7,088 • IS, 476 25,498 All other 70,231 1,906 : 20,993 10,500 20,989 1,333 ' 48S 168 .. 13,851 T R P T P F F O o i r e u e f e r i f l s l r n i e n e e c t n t a p t g i e i i n g h r t n a s u a e o g u p n r n ( r e h d a e o a n n t a o h d n c t e e d h s r — e t e t a r h q t f s i u a u o u n r i n p n p e i p o m t r n l u y i . e r e e m n s t o a n n e d y e a q n u d i p s m ec e u n ri t t . y .. 1 1 1 , , , 3 0 5 6 5 2 1 2 0 1 9 1 0 2 2 8 3 0 7 1 , , , , , , , 7 5 9 7 4 9 7 4 9 4 9 2 9 6 2 0 9 2 7 3 3 7 9 2 7 1 1 3 5 7 2 1 0 6 , , , , , , , 0 6 6 1 1 9 3 3 9 3 4 2 6 6 2 7 4 1 3 0 5 ; ! : ' i 4 1 1 6 2 8 4 3 1 2 5 9 7 6 5 ) , . , , , 4 1 3 6 9 3 9 1 1 6 9 2 8 1 9 8 0 1 8 8 1 3 6 0 1 3 2 2 4 9 8 0 8 0 ) , , , , , 6 1 6 5 5 3 9 0 2 0 5 8 3 6 3 1 8 8 5 2 1 1 4 8 5 3 0 1 2 8 7 1 5 8 4 , , , , , , , 3 5 4 1 6 0 9 4 1 9 1 8 0 1 1 1 1 9 4 1 8 1 2 5 9 3 1 9 7 2 4 6 4 1 , , , , , , , 3 3 9 3 3 0 2 1 1 1 3 2 3 1 3 1 0 1 9 7 0 3 2 2 5 5 3 5 6 8 7 4 , , , , , , 2 3 9 7 4 2 9 9 9 8 0 2 8 1 9 9 3 6 3 7 3 2 1 1 1 7 3 2 7 1 2 3 7 0 1 1 8 8 , , , , , , , 1 6 8 6 8 1 7 4 2 4 2 7 5 7 1 5 7 1 2 8 0 i • ! ! i i 6 5 4 4 1 6 3 4 3 9 8 , , , , , , 0 2 8 0 9 7 2 9 1 8 9 1 0 6 1 7 2 7 8 7 2 • ' . i i "" " 4 2 6 2 5 4 9 7 3 7 3 , , , , , * 9 1 1 4 1 2 3 2 5 2 9 1 6 4 1 1 8 4 2 8 8 " i ! ' j ! ! 1 1 6 6 8 3 7 1 7 3 3 5 9 0 1 , , , , , , , 6 2 9 2 4 5 9 . 5 2 6 7 0 8 1 7 3 4 5 7 4 1 : ! ! 1 ' I " "" 4 6 1 6 5 9 9 4 9 8 5 , , , , , * 8 6 5 6 6 1 8 1 6 8 5 8 9 4 8 7 0 4 0 2 3' 1 1 1 5 3 5 0 1 2 0 7 4 0 6 , , , , , , , 2 5 7 5 9 1 6 6 6 2 1 0 3 6 6 9 5 8 shipments) ." 1,085,206 : 72,779 127,817 70,092 89,158 ! 72,360 60,391 141,220 ! 85,511 80,932 ! 130,030 66,336 88,580 Expressage (other than on money and security shipments) 46,021 1,065 ; 3,753 3,575 2,837 2,331 4,21.5 j 4,226 ' 1,968 2,207 ; 3,152 I 3.610 1.3,085 C Se u c rr u e r n it c y y s a h n ip d m c e o n in ts shipments 3 3 9 1 2 1 8 8 , ,5 3 9 8 2 7 ! : 10 9 6 , , 4 9 3 0 6 7 ' 1 1 3 8 3 5 , , 4 6 6 7 1 4 5) 330 8 8 0 ) , 1 6 7 0 0 4 5 1 3 4 , . 0 7 0 1 3 0 5 4 8 ) , 1 8 9 5 9 7 ! I 10 13 7 , , 0 5 3 0 3 2 t i 30 5 , , 6 0 4 7 0 2 2,101 8'. 035 3 3 7 4 1 , )0 8 0 7 3 0 0 1 0 3 , , 2 0 6 0 2 8 Federal Reserve currency: 107,114 20,420 1 42)902 ! Original cost, including shipping charges 4,208,211 [ 302,264 i 1,091,592 209,295 262,614 203,504 I 768,220 j 236,047 65,915 49S, 7(52 Cost of redemption, including shipping 320,923 124.584 j 124,491 I charges 924,286 ' 88,526 ! 213,287 90,999 77,712 6,972 • 106,811 20, 049 23,150 74,963 Taxes on Federal Reserve bank note circu- 113,211 16,552 i 32,054 j lation 692,339 ! 56,749 ! 136,310 58.313 ! 75,920 32,240 51,963 i 98,655 ' 26,500 26,980 I 62,938 ! 22.2S6 43,485 All other expenses 893,826 i 42,703 152,469 54)490 j 145,901 40,796 25,445 j 107,710 i 49,468 29,384 ! 70,385 I 61)571 113,438 Total current cxpci 1 scs I 36,066,065 , 2,239,007 8,167,780 2,766,413 j 2,950,802 j 2,127,174 | 1,580,585 I 4,852,258 | 1,901,250 1,325,807 1 2,411,079 , 1,860,856 j 3,816,961 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 2 Credit. . 3 Cost of security shipments at Dallas from January to June included with cost of cu rrency and coin shipments. en Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFIT AND LOSS ACCOUNT OF EACH FEDERAL RESERVE BANK DURING 1921. Total. Boston. Y N o e r w k. Ph p i h la ia d , e l- j C la le n v d e . - m R o ic n h d - Atlanta. | Chicago. Lo S u t. i s. ! ! a M po in li n s c . - K C an it s y a . s Dallas. i ! Fra S n a c n isco* i I Earnings $122,864,005 S3,908,662 i$34,704,939 S8,008,095 iS9,390, 853 $3, 729,679 S7,406,652 §20,382,170 $5,166,315 !$4,980,311 $5,712,858 "$4,243,648 i $9,184,413 Current expenses i 36,006,065 2,289,007 i 8,167,780 2,766,44.} . 2,956,802 2,127,174 1,580,585 | 4, 852; 258 1,961,250 1,325,867 2,411,079 j 1,860,856 I 3,816,964 Current net earnings i 86,798,540 4,729,655 j 26,537,159 5,241,652 6,434,061 4,602,50a 5,826,067 j 15,529,912 3,205,065 . 3,640,444 | 3,301,779 1 2,382,7925,367,449 Additions to current net earnings: I Amounts deducted from reserve for depreciation on U.S. bonds 360,856 43,681 127,192 i 57,296 6,827 8,379 j. 38,605 !. 78, 876 All other 131,536 3,894 3,654 8,J88 ; 169,438 | 4,202 622 j 4,826 13,241. 17,264 I 3,826 i 884 1,497 Total additions.. 492,392 47,575 | 3,054 | 135,380 ; .126,734 | 11,029 9,001 4, 826 13,241 . 17,264 42,431. 884 1 80,373 Deductions from current net earnings: Depreciation, allowances on bank premises '. 1,251,675 489,000 I 60,404 30,000 , 64,759 ! 54,069 47,088 145,000 | 2 .112,224 \ 5,275 i 88,114 139,230 ! 1.6,512 Reserve for possible losses 2,861,500 .100,000 ! J 00, 000 250,000 500,000 1"5"0, 000 I 5•0"0,"000 ; 200,000 j 5""61", 5"0"0" 500,000 Reserve for self insurance 400,000 '250,666 100,000 I 50, 000 Reserve for depreciation on U. S. bonds. 49,295 49, 295 All other 641,237 6,877 j "136*577' 7, 578 JJ,653 . 15,8*8 "384," 021' 4,156 j 1,279 |. 20,087 10, 810 Total deductions. 5,203,707 I 495,877 ' 446,981 37, 57S 276,412 j 219,907 j 338,849 j 1,029,621 288,114 j 770, 112 527,322 Net deductions from current net earnings... 4,711,315 448,302 443,327 3 97,802 149,678! 208,878 | 329,848 1,024,795 253,139 I 489,290. 245,683; 769,228: 446,949 Net earnings available for dividends, surplus, and franchise tax 82,087, 225 4,281,353 j 26,093,832 5,339, 454 6,284,383 ' 4,393,027 j 5,490,219 j 14,505,1172,951,926 j 3,151,154 I 3,056,090 I 1,613,564 | 4,920,500 Dividends paid 6,119,673 473,109 ! 1,608,721 517,663 000,228 : 322,203 i 245,862 853,785 I 270,253 211,657 ! 268,620 ! 252,211 I 435,361 Transferred to surplus account 15,993,086 772,324 i 3,782,67.1 935, 239 2,329,442 [ 093,792 i 770, .106 2,075,323 1,042, 564 488,530 | 486,91.8 i 1,361,353 I 1,254,824 Franchise tax paid U. S. Government 59,974,466 3,035,920 i 20,702,440 3, 886, 552 3,294,713 I 3,377,032 | 4,480,25111,576,009 1,039,109 2,450,907 2,300,558 !. 3,230,315 1 Includes $47,209 account assessment for expenses of Federal Reserve Board. 2 Includes reserve of $100,000 for dismantling old building. 3 Net additions. REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT. [ Total. Boston. New York. Pphif1~ Chicago. St. Louis. M ap i o n l n is e . - K C a i n ty sa . s ! 1 Fr S an a c n isco. Total expenditures during 1921 $2,609,754 §204,539 $481,787 §122,435 $292,969 $99,113 ! §393,239 • §150,475 $132,003 §253,504 $138,751 i $260,246 Amounts reimbursable Jan. 1, 1921 939,309 80,989 224,647 37.855 82,020 39,920 | 84,243 I 70,417 54,307 112,033 23,658 ; 99,332 Total 3,549 063 291 528 706,434 160,290 104,581 139,033 1 477,482 220,892 186,310 365,537 162,409 j 359,578 Reimbursements received during 1921 3,485,950 289,312 702,524 158,189 367,841 103,282 135,548 : 465,994 215,612 177;573 355,218 159,296 ! 355,561 Balance reimbursable Jan. 1,1922 63,113 2,216 3,910 2,101 7,148 1,299 3,485 I 11,488 .; 5,280 8,737 10,319 | 3,113 ' 4,017 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL EESERVE BULLETIN. 147 INTERNATIONAL PRICE INDEXES. COLLECTION OF PRICES. The British Number.1 The method used in the construction of the American index has been followed in making In the issue of the BULLETIN for January, the British number. It is a weighted arith- 1920, the Federal Reserve Board announced metic index in which the commodities are its intention of undertaking the construction classified first according to stage of manufacof a group of wholesale price indexes for some ture (i. e., as raw materials, producers' goods, of the leading industrial countries for the pur- and consumers' goods), and, second, accordpose of international price comparisons. The ing to trade movements, as goods produced American index number, the first of .the series, in the United Kingdom, goods imported, and was described in the BULLETIN of May, 1920, goods exported. There are 65 to 70 different and has been published currently since then. commodities represented in the index, many The British index, the second of the series of them by averages of several quotationsto be completed, is published herewith, while A few of the prices are quoted by individual the Canadian, Japanese, and French indexes firms, but as a general rule they have been are still in process of construction. Studies of obtained from trade journals which have well German and Italian prices are also being made. organized price collecting services. They have The object of the Federal Reserve Board, in been collected for the most part on a weekly constructing its own index numbers of whole- basis and averaged to obtain the monthly sale prices for foreign countries, was not to figures. The sources used in obtaining the supplant existing national index numbers quotations have been thoroughly investigated which measure price fluctuations within the both by the Division of Analysis and Research several countries. These national indexes, and by the office of the American consul in constructed primarily for domestic use, and London. Very material assistance has also differing in scope and method of compilation, been given by the British Board of Trade, are not best suited for international com- which, in fact, furnishes the division with a parisons, particularly at the present time number of quotations. The American consul when so many disturbing factors are at work in London supervises the collection of the to dislocate normal price relations. The Fed- prices each month and cables them to the eral Reserve Board, therefore, conceived the United States about the 7th of the following idea of preparing price indexes for the leading month. The index number is constructed countries by using uniform methods in the here and will ordinarily be ready for publicaselection of commodities, in their classification tion by the 10th to loth of each month. and grouping, and also in their weighting. This does not mean that the number of articles WEIGHTING. or the weights attached to a commodity or As mentioned above, the index is of the series of commodities are the same in all weighted, arithmetic type. In other words, countries. It will be found, for instance, the final average is obtained by the following that the articles included for the United States method: The price of each individual comand the United Kingdom are to a large extent modity for each month in the period is multithe same, but the weights differ according to plied by a weight which represents its importhe importance of the article in the economy of tance in the whole group. These separate the respective country, as may be seen by money aggregates for the whole series of comparing the detailed list for United Kingcommodities are then combined, and the dom on page 148 with a similar list for the final index number expressed in a percentage United States printed in the BULLETIN for of the 1913 average. The weights are based May, 1920, page 500. In addition to being upon the volume of production, imports, and more nearly comparable than the official and exports in 1913.2 The separate group index nonomcial index numbers compiled in the difnumbers are obtained in the same way. The ferent countries, the Board's index numbers index of the prices of imported goods is present a uniform classification of commodities. weighted according.to the volume of imports It will thus be possible on the basis of the in 1913, the price index of exported goods ac- Board's figures not only to compare more cording to the volume of exports, and the accurately the price levels of the different index of goods produced in the United Kingcountries, but also to make comparisons for dom according to the volume of production the principal classes of commodities. 2 The quantity weights for imports and exports have been tested by the statistics showing the value of imports and exports reported by the 1 This index, as well as the American index number of the Board, hasBoard of Trade. In cases where the aggregate figure obtained by mulbeen constructed under the supervision of K. H. Snodgrass, of the Divi- tiplying the price of a commodity by the quantity imported or exported sion of Analysis arid Research; the price quotations have been collecteddid not agree with the official value, an adjustment was made in the with the assistance of Irving Linnell, American consul in London; the weight. In a few cases the production weights have been increased to actual computations, etc., have been made by D. S. Davis, of the Divisiongive representation to commodities more highly manufactured than of Analysis and Research. those in the index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

148 FEDEKAL KESEKYE BULLETIN. FEBRUARY, 1022. in the prewar year.3 The all-commodities SIMILARITY TO FEDERAL RESERVE BOAR*) index is obtained by combining the aggre- INDEX OF AMERICAN PRICES. gate in the two groups, goods produced and goods imported. The commodities which form the basis for The following table contains'ratios showing the index number are for the most part the the importance of the different groups of com- same as those used in the Federal Reserve modities in the price index to the index as a Board index of American prices. The British whole in 1913 and June, 1921. These ratios index, however, contains ten commodities are obtained by dividing the money aggregate which do not appear in the American index, for the different group indexes on those dates namely, wool tops, tin plate, caustic soda, by the money aggregate for the all-commodities flax, hemp, jute, herring, iron ore, linseed, index. and lubricating oil. The American index, on the other hand, contains prices of seven com- RATIO OP GROUP INDEXES TO TOTAL. modities that are not in the British index— Goods ! Goods , Haw I Pro- Con- !| rye, hay, crude petroleum, fuel oil, acetate of pro- ! im- !i mate- |ducers' sinners' :j All. lime, sisal, and woolen cloth. The most seriduced. j ported, ij rials. ; goods. , goods. i ous omissions from the British index are the •i" prices of woolen cloth and imported hides. Average, 1913 i 73.0' 27.0 , 40.0: 30.2 29.8 100 June,1921 1 77.2! 22.8 i 39.9 26.6 33.5 100 JL I BASE PERIOD. The commodities included in the index of goods imported represented 53 per cent of the The index number has been constructed value of all British imports in 1913; those in- with the prewar year, 1913, as a base. Prices cluded in the index of goods exported repre- have not been collected for the war period, sented 49 per cent of the total value of British but recommence with January, 1919. The exports and reexports in 1913. following table gives a detailed description of the commodities included in the index, the 3 The only British census of production of manufactures was made in 1907. Estimates had to be resorted to in several cases, therefore. markets in which they are quoted, the source Advice on the weights was obtained from an expert in the British Board of the quotations, and the weights: of Trade. . A. GOODS PRODUCED. Weight Commodity. Unit. Grade. Market. Source. (000's omitted). I. Raw materials. Wheat 504 pounds White London. I Mark Lane Express. 6,800 Barley 448 pounds English, malting. ....do... .do., 7,000 Oats 336 pounds English. .do.. .do.. 15,800 Woo D l o P .. o .. u d n o d D Le o i w ce n s s t , e r p i h c o k g s S , h 4 r 0 o ' p s s u h n i w re a h s o h g e s d , f>0's Brad d f o o rd ! j Woo d l o R .. e cord , 94,000 Cattle Hundredweight, live. Shorthorns, first grade, fat...' I Shrewsbury I Return of market prices • 7,280 Pigs Stone Porkers, first grade ' do do | 28,000 Sheep | Pound Downs, first grade .do.. .do.. 237,000 Hides j do. Ox, first, 90 pounds and up London. Leather World. 112,000 Do ! do. Cow, first, light, 59 pounds and ....do... do 37,400 under. Pig iron Ton Foundry, No. 3, Cleveland do ! Iron and Steel Trades .1 ournal. -1 26,000 Coal do.. Lancashire, best house Manchester ! Iron and Coal Trades Review. \ Do 1 do.. Yorkshire, best house, Silkstonc... Sheffield ! do / 235,000 Do ! do.. Steam, sinallS; best Cardiff j do 47,000 Do -. do.. Anthracite, best malting S wansca ' do j 5,200 Coke do.. Best South Wales, furnace At works i do ] 20,500 II. Producers7 goods, j I Cottonseed oil | Ton Refined London \ London Economist 128 Cotton yarns I Pound 32's mule cops, American Manchester | Manchester Guardian ) Do do 40's weft, American do | do X 1,700,000 Do i do 60's twist, Egyptian do do ;l Wool tops I do Colonial crossbreds, prepared, 36's do do -.: 41,000 I , » average. Do ! do .*... Colonial crossbreds, carded, 50's..! do •> .do 258,000 Do ! do , M"—er•in--o , "7"0'' s average. : ....do ! do 165,000 Worsted yams | do ' 2/32's worsted crossbreds, 40's Bradford I Wool Record Do i do ! 2/40's worsted crossbreds, 46's. .do., .do., 235,000 Do I do 2/48 white Botany, 64's. "I" .do.. .do.. Burlap j do 10^-ounce, 40-inch, Hessians Dundee ! Textile Mercury 426,000 Leather i do Sole bends, 10/12 pounds London , London Economist. 172,000 Do .do Rough English calf, 20/30 pounds do | do. 4,200 Steel billets Ton , Hard d/d. Northwest of Eng-1 Iron and Coal Trades Review.. 3,800 land. Rolled steel prod- .do : Shapes, rounds and squares, 3-5£ At works Iron and Steel Trades Journal. ucts. 1 inches. ! I Do .do , ! Rails, heavy, 60 pounds per yard : London j do i ana over. " j 15,800 Do .do • Plates, ship ' Cleveland do Iron products. .do i Crown bars, standard quality , do ! do Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN". 149 A. GOODS PRODUCED-Continued. Weight Commodity. Unit. Grade. Market. Source. (000's omitted). II. Producers' goods—Con. Copper products... j Pound j Wire London Iron and Coal Trades Review.. 314,000 Tin plate Box :....! Coked, I. C, 20 by 14 inches, 112 Southwest ports... Iron and Steel Trades Journal, j 12,000 ! i sheets, 108 pounds. Brick I 1,000 | Best Foreham red London at railway Building News and Engineer- j 5,000 stations. ing Journal. ' Cement Ton ; Portland best London London Economist 3,000 Paper ! do | Sulphite bleached, good quality... .....do.: World's Paper Trade Review.1 500 Sulphate of am- j do [ Gray do Chemical Trades Journal j 400 monia. j Sulphuric acid : do i Pyrites, 168 degrees F. o. r. makers' ..do.. 1,500 works. Caustic soda do.. Sodium hydrate, 7G per cent ....do do.. 100 III. Consumers1 I Wheat flour 280 pounds Domestic Liverpool George Broomhall's Corn Trade 35,600 News. Sugar I IIun dred weight. Refined, granulated London. London Economist 19,500 Herring ' Stone Salted do.. Fish Trade Gazette 113,000 Tobacco j Pound. Capstan, medium, navy cut, lady. Bristol.. Private firm 158,000 Beef : Hundredweight First quality London. Journal of Board of Agri- 14,600 culture. Mutton do. .do.. .do.. do 5,600 C Po o t t a to to n e c s loth ! I P T ie y o c a n e r , d s. converted to ; 3 B 2 r - i i t n i c s h h , , f 1 i 2 r 5 st y q a u rd a s li , t 1 y .77 . by 17.. B M r a is n t c o h l ester.. Man d c o hester Guardian. -I 8,000 Do ' do : 35-inch, 38 yards, 16 by 14, 8* .do.. do 7,900,000 I ' pounds per piece. Do I do , 38-inch, 37£ yards, 13 by 11, 6£ .do.. .do.. I • pounds per piece. Boots and shoes.... ~P a"ir ~Gent's medium, box-calf London. Private firm.. Do. do •..: Men's box calf, Oxford, or Gib- ....do... do son pattern, Goodyear welt. 113,000 Do. do : Men's box calf, Balmoral or Derby, .do.. .do.. Goodyear welt. B. GOODS IMPORTED. i I. Raw materials. ! Wheat 100 pounds Red winter, No. 2, American Liverpool. George Broomhall's Corn Trade1' News. ! 119,000 Do do Australian .do. do i Conr 480 pounds American, mixed. ..do. Statist • Do j 100 pounds converted Plata, ex-ship .do. George Broomhall'sCorn Tradej 11,400 I to 480 pounds. News. Tobacco • Pound , Virginia, leaf, semi to fine do Private firm 28,000 Cott D on o I | d d o o E E g g y y p p t t i i a a n n , , F Sa . k G e . l l F ar . i , d u i p s per d d o o M Li a v n e c rp h o es o t l e C r o G tt u o a n r d E ia x n c hang _ e... 400,000 Do. .do. American, middling, official. do. Manchester Guardian 1,024,000 Wool, colonial.. .do. Good style, bright, 46's, dean basis. London. Private firm 141,000 Do do G ood style, bright, 56's, clean basis do do 125,000 Do .do. Good average, 64's, clean basis do do 193,000 Silk. .do. Chinese, Canton do London Economist 970 Flax Ton Riga, Z. K., spot c. i. f do do 122 Lead do.. Soft, foreign do Statist 204 T Zi i n n c . . . . . . . . d d o o . . S O t r r d a i i n ts a ry, foreign, spelter : ! d d o o Iron d a o nd Steel Trades Journal. 2 4 2 6 3 Copper ....do. American electrolytic do Iron and Coal Trades Review . 151 Iron ore ....do. Rubio, ex-ship tees, Bilboa, 50 per Cleveland do 7,000 cent. i j Lumber.. Superficial foot. White wood, No. 1, common ' London ! Private firm Do... do , Walnut, No. 1, common ! do j do Do... ..do. Oak, quartered, No. 1, common do j do 2,200,000 Do... .do. Silver spruce do ]'.'.'.'..do. Do... .do. Mahogany, African, Axim do do. II. Producers' goods. Sugar Hundredweight. British West India, crystals, lower ; London The Grocer 14,000 price. : Linseed Ton. Calcutta, spot do Statist 570 Hemp do Manila, fair do London Economist 138 Jute ....do Daisee, No. 2, spot Dundee Textile Mercury 351 Rubber Pound Para, hard, fine, spot London India Rubber Journal, Do ....do Plantation, crepe, spot ! do do. 122,000 Gasoline G allon Motor spirit, best quality, No. 1 do OilNews 44,000 Lubricating oil Ton American, filtered, cylinder do ....do 178 Nitrate of soda do 96 per cent, refined Liverpool Chemical Trades Journal. 14 L 87690—22- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

150 FEDERAL RESERVE BULLETIN. FEBRUARY, 1022. B. GOODS IIMPORTED—Continued. Weight Commodity. Unit. Grade. Market. Source. (000's omitted). III. Consumers7 goods. Sugar Hundredweight Refined, granulated London London Econom is t 14,000 Rice do Rangoon, No. 2 do London Corn Circular 4,426 Beef do Argentine, hind quarter, first qual- do Return of market prices 9,200 ity, frozen. Pork products do Hams, American, green, long cut.. Bristol do 855 Do do Bacon, Danish . London do 4,420 Butter .do Australian, first .quality. .do do 4,14.0 Cheese do Canadian first quality "Bristol do 2,300 Lard do American, in boxes .... London Statist 2,000 Coffee .do Costa Rica, good to finefit, lower ....do The Grocer. . 590 price. Tea Pound Indian, average of market prices. .. .do . do 235,000 Kerosene Gallon American do Statist 77,000 C. GOODS EXPORTED OR REEXPORTED. I. Raw materials. Cotton Pound Egyptian, Sakcllaridis Liverpool Manchester Guardian. Do do ; Egytpian, F. G. F., upper | do ...j Liverpool Cotton Exchange... 43,000 Do do American, middling, official [ do Manchester (3uardian 2J 5,000 Woo D l, o domestic .u d d .u o o i , D L .iv e o u i c i i v t e u n s i s t u e , a r p i i i h , c o i k i g i J s S u , h .u 4 r 0 L o \ i s p i , i " s g h , u i u n r u e w i , k a h /i s o a h i g e s d , 50'sj j Brad d u f u o o r d ' : | . W Mc o t o i d i l u o i R iuo e i c " o !. r d \» uciiuia-ii. •-...... 63,000 OO D l, o C OlOnial. ......jj I . I . ... -U d AdJo o : ; u G Gu o uo o uo d do i i s sjr t t y Jy.C l l, e e , ,u b bu r rg i iu g gu h h, t t -,r 5 \4> 6 6 o 's ;s, , , w c c l el e ea a na n nv b abi a ca s s i i s s . Lon d do o n " Pr d iv o at . e firm 155,000 Do I do Good average 6'1's, clean basis • do ; do Coal Ton • Steam smalls, best I Cardiff Iron and Coal Trades Review. 81,000 Pig iron .do | F"o undry, N" o. 3~, C'"le ve'l and' !j ' L ond*o n "Ir on and• Stee-l ~T rad-e s -Journal. 1,658 Copper. do i American, electrolytic \ do iron and Coal Trades Re/vie -v. 34 Tin do : Straits ' do iron and Steel Trades Journal. 42 II. Producers7 goods. Cotton yams Pounds 32's, mule cops, American Manchester Manchester G uardian Do. do. 40's, weft, American do i do 279,000 Do. do. 60's, twist, Egyptian ! do do Worsted yarns. do. 2/32's worsted crossbreds, 40;s ! Bradford , Wool Record Do do. 2/J.O's -worsted crossbreds, 46's ! do do 68,000 Do do. 2/48's, white Botany, 64's I do do Hemp Ton Manila, fair ! London London Economist 46 Jute do Daisee, No. 2 | Dundee Textile Mercury 130 Burlap Pounds 10£-ourico, 40-inch, Hessians ! do : do 212,000 Rub D be o r d d o o P P a la ra n , t a h t a io rd n , , f c i r n e e p , e s , p s o p t o t ! Lond d o o n ; " I nd d ia o R . ubber Journal 89,000 Steel products Ton Shapes, rounds and squares, 3-5 £ At works ; Iron and Steel Trades Journal. inches. Do- .do.. Ra a i n ls d , o h v e e a r v . y, 60 pounds per yard London. ! j do 5,300 Do do Plates, ship Cleveland : do Iron products do Crown bars, standard quality i do do C T o in p p p e l r a t p e roducts... B Po ox u nds ! W Co s i k h re e e d e , t s I , . 1 C 08 , p 2 o 0 u b n y d s 1 . 4 i . n ches, 112 L So o u n t d h o w n est ports..j ! I i r r o o n n a a n n d d S C t o o a o l l T T r r a a d d e e s s R Jo ev u i r e n w al . . . 7 1 2 0 , , 0 2 0 0 0 0 Sulphate of ammo- Ton Gray Manchester Chemical Trades Journal 323 nia. III. Consumers7 I goods. Coffee Hundredweight Costa Rica, good to finest ! London. : The Grocer 371 Tea Pound Indian, average of market prices.. i do • do i 48,000 Herring Stone j Salted #..' do Fish Trades Gazette I 70,360 Tobacco Pound j Capstan, medium, navy cut, lady.! Bristol ' Private firm | 11,100 Cotton cloth Piece, converted to ! 32-inch, 125 yards, 17 by 17 ."..| Manchester ; Manchester Guardian f yards. J I , j Do. .do 35 p -i o n u c n h, d s 3 p 8 e y r a p r i d ec s, e . 16 by 14, 8 I } ' do do , I 7,085,000 Do. ..do.. 38-inch 37£ yards, 13 by 11, 6$ j do \ do I pounds per piece. Boot D s o a nd shoes— ' Pair do ! M Ge e n n t 's 's b m o e x d c i a u l m f, , O b x o f x o r c d a lf o . r Gibson j , Lond d o o n. ;: Priv d at o e firm ) | j pattern, Goodyear welt. ! 9,700 Do do j Men's box calf, Balmoral or Derby, ,' do .do.. j Goodyear welt. British hundredweight = 112 pounds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 151 In the charts on page 152, the fluctuations of reactions. The Board of Trade and Federal the index number are shown in comparison with Reserve Board indexes show a steady decline the indexes of the British Board of Trade, the since May, 1920, but a relatively slow rate of London Statist (Sauerbeck's index), and the decline since March, 1921. London Economist. The Board of Trade index Since the old Board of Trade index was is based upon over 150 different price quota- abandoned, there have been no British indexes tions, is very roughly weighted according to pro- which classified commodities according to stage duction in the census year, 1907, and is a of manufacture or trade movements. The ingeometric average. It was published for the dexes of the Federal Reserve Board, therefore, first time in the spring of 1921, that is, since the are the only ones to furnish some indication of Division of Analysis and Research began to the relative fluctuations in the prices of raw macollect British prices, and in about 25 cases the terials as compared with manufactured goods, quotations in the two indexes are the same. or imports as compared with exports. The The Sauerbeck and Economist indexes are first chart shows the excessive rise in the price very old, dating back to before the middle of of British exports in the nine months from the nineteenth century. The Sauerbeck in- July, 1919, to April, 1920, and the even greater dex is reported to consist of approximately 45 fall between May,' 1920, and March," 1921. commodities or 60 market quotations, and is Since that time prices of exported goods have weighted only by the number of quotations continued to sag, but at a slow rate as comassigned to each commodity. The Economist pared with the earlier period. Prices of imindex is similarly constructed, but is based ports, on the other hand, rose far less than upon fewer quotations. Both the Economist those of domestic goods during the period of and Statist indexes contain only prices of raw inflation, but are now moving in harmony materials or of commodities in a relatively with prices of exports. In the first half of early stage of manufacture. 1919 the level of domestic prices was relatively From this discussion it is apparent that the lower, as compared with prewar, than the four indexes are all differently constructed. prices of imported goods. The rise in prices, The Board of Trade and the Federal Reserve however, was more rapid, with the result that Board indexes resemble each other as regards since August, 1919, relative prices of domestic construction more than either resembles the goods have been higher than like prices of im- Statist or the Economist indexes. It is there- ports. fore not surprising that there should be a In England the great postwar price advance relatively high degree of correlation between was most pronounced in the group of goods the two former. All the indexes show that the generally classified as producers' or semirise in prices following the armistice began in finished goods. If reference is made to the April, 1920. The Economist index, however, list of commodities included in this group is the first to mark the break in 1920, dating on page 148. it will be seen that these goods the peak of prices in March. The Statist gives are also leading British export commodities. April as the peak, and the Board of Trade and The rise in the price of these goods began the Federal Reserve Board give May. This spectacularly in April, 1919, and continued reminds one of the situation at the same time until April, 1920. Since then there has been in the United States. Bradstreet's index dated a consistent decline every month until Septhe peak in American prices in February, 1920, tember, 1921, when prices show a moderate but the indexes of the Federal Reserve Board rise, followed by a decided fall during the and the Bureau of Labor Statistics gave May. last two months of the year. Raw materials The explanation in this case seems to be prices rose less spectacularly between April, that certain commodities which in this par- 1919, and June, 1920, and likewise declined ticular period were the first to feel business more slowly than producers' goods. Prices depression, such as textiles and leathers, figure were kept at a high level through the summer very importantly in the Bradstrect index, of 1920 by various price-fixing measures. while commodities, such as iron and steel, Although finished consumers' goods did not which were not affected by depression utnil rise as high as producers' goods during the later, are of relatively small importance. The period of inflation, they were higher than any differences in the British index numbers can other group of goods in January, 1919, and probably be accounted for in some similar have been so again since December, 1920. way. On two occasions during 1921 the The table on page 153 contains the index Statist and Economist indexes have shown in- numbers for the different groups of comcreases in prices which were shortly followed by modities and for the total. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

152 FEDERAL, RESERVE BTJLLETIX. FEBRUAET, 1922. INDEX NUMBERS OF WHOLESALE PRICES !N ENGLAND 1919 - 1921 ( AVERAGE PRICE LEVEL OF 1913 ? 100 ) 600 FEDERAL RFSERVF BOARD iNDEX NUMBERS 550 550 500 500 450 450 400 t \ 400 I 1 350 \ 1 \ 350 £ i \ i \ \ 300 300 \ •-! / "/ m § 250 h 250'§ |200 O cS NCi 200 | \ s 150 \ _____ 150 ALL COMMODITIES RAW MATERIAL .5 GOODS IMF*ORT£:D PROiOUCERS GC10DS COOLJS EXP0R7'ED CON^3UMERS G(10DS 100- -100 80 80 550 COMPARISON WITH OTHER SNDEX NUMBERS —- 550 ! : i 500 500 ! 450 450 400 400 — 350 350 - L -. 300 300 \ K i \ V §250 250 & > o \ • / \ r • v 1 200 F 1 -. 200 | s r 150 | a i ^— 150 "BRl TISH L3CARL3 OF!-RADEL FEDi~RAL RESERVEBOARD-r /NDiIX FCR UN! TED //•.' f)i•y frQa ENGLANDifsj ores;ING 'FEDLZRAL RESE,WEB OARD-BR /TVS/ INDi:x itWEX FGFENGLAND,CONv'EFITED TO C-.OLD IJAS/S 100- ! -100 ! \ •i 1 »i_ 80 J F.M.A.M.J.J.A.S.OH.D.JF M.A.M.J.J. A.S.O.N.D.J.F. M.A.M. J. J.A.S.O.N.D. J. F. M.A.M. J. J.A.S.O. N. D.J.F. M.A.M.J. J.A.S.O.N.D. J. F. M.A.M.J. J.A.S.O. N.D 1919 1920 1921 1319 1920 1321 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL. RESERVE BULLETIN. 153 INDEX NUMBERS OF WHOLESALE PRICES IN ENGLAND— COMPARISON OF FEDERAL RESERVE BOARD INDEX OF CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR AMERICAN PRICES AND BRITISH INDEX CONVERTED TO THE PURPOSE OF INTERNATIONAL COMPARISON. A GOLD BASIS. [1913 average=100.] [Average prices in 1913=100.] Goods Goods G oods Raw Pro- Con- All Federal Date, du pr c o e - d. po i r m te - d. po e r x te - d. m ria a l t s e . - d g u o c o e d r s s . ' s g u o m od e s rs . ' m c t o i o e m d s. - i- B R o d e a e s r x e d r o v i f n e - I . _... _ American i i I . prices. 1919. January 221 214 212 210 238 241 227 February... 215 i 2:10 231 208 229 234 222 March ... 202 233 222 206 200 226 210 1919. April 208 230 219 207 213 225 214 January— 195 222 May 220 234 232 211 237 229 224 February.. 189 217 June .. 281 241 233 2?6 257 236 234 March...'... 191 205 July 240 247 265 222 269 244 242 April 196 205 August 250 210 278 234 277 243 249 May, 202 216 September . 253 240 302 239 277 241 251 June '203 223 October.... 262 259 332 250 288 249 261 July 211 227 November.. 273 269 345 255 310 260 272 August 218 223 December.. 283 280 399 261 331 267 287 September. 211 220 October 212 227 1920. November. 219 233 January 302 298 452 270 358 289 305 December.. 22G 235 .February... 310 314 478 281 392 291 320 Jlarch 327 319 483 | 287 406 300 329 1920. •Vpril 332 324 48i) 292 409 306 334 January 242 237 May - - 341 322 484 SOfi 406 310 34C February 242 227 June 344 306 469 i 308 396 311 339 March 248 267 July 330 299 452 307 363 302 32(- April 263 276 August 322 304 439 307 352 297 322 May 264 274 September.. 319 28S 421 301 341 296 315 June 258 278 October 301 272 392 290 309 282 297 July 250 265 November.. 285 253 369 282 278 267 280 August 234 245 December.. 206 230 328 205 244 255 260 September 226 231 October 20S 214 1921. November 190 198 January 252 207 246 233 231 261 24.4 December 173 186 February... 234 190 201. 213 2L3 246 226 March 219 182 1.89 202 198 231 213 1921. April 211 180 185 1 201 184 225 206 January 163 188 Alav 200 167 182 l| 198 179 216 201 February.. 154 180 .-•." •n".>ne... 206 161 179 196 173 213 197 March 150 172 July 204 164 174 192 165 222 196 April 143 166 August 202 165 168 193 161 223 195 May 142 164 September.. 199 170 .1.7.1 195 165 212 194 June 139 153 October.... 192 163 175 187 166 j 200 187 July 141 146 November.. 1S2 154 • 1.64 177 153 : 191 177 August 143 146 December.. 1TC, 152 | 1.58 ' 173 147 1 186 172 September. 143 148 ! October 141 149 November.. 140 144 The fourth chart in the series shows the December.. 138 147 index numbers of the Federal Reserve Board for the United States and for England, and the Effect of the Exchange Situation on Interlatter adjusted by British foreign exchange American Commerce. rates on Now York. The spread between the solid and the dotted lines therefore measures Following is a statement issued to the press the extent to which American and British on January 23, 1922. by the United States prices have tended toward the same 'level, Section of the Inter-American High Commisas compared with the prewar average, in sion: the period from January, 1919, to December, 1921. This would seem to indicate a rela- The present disordered exchange situation in tively close agreement between the two levels the world is militating severely against the during the period of rapid deflation in the recovery of the world's commerce. The exautumn of 1920, followed by a period of con- change situation is not, however, the cause of siderable dissimilarity, which in turn was suc- the world's economic difficulties; but it is the ceeded by the present period of rather close effect thereof. For the most part, the exagreement. The following table gives the change situation merely reflects the economic index of American prices and that of British situation. Exchange has been likened to a converted to the dollar basis. The latter is barometer; the barometer indicates the obtained by multiplying the British index by a weather, but it does not make the weather. relative showing the depreciation of English The dislocations which still exist in the whole money in terms of dollars and dividing the international economic structure, and the product by 100. derangements of the international price struc- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 FEDERAL BESEEVE BULLETIN". FEBRUARY, 1922. ture, are mainly responsible for the disordered So long as the European vertex of the economic exchange situation. The exchange situation triangle remains unstable, the establishment of will improve as the world's economic recovery stability in inter-American exchange will be goes on. especially in Europe, and particularly attended with difficulty. as the existing distortions of the price structure A review of Europe's situation—the weak, disappear: disturbed, and unstable storm center in inter- Confusion in the existing exchange situation national trade and finance—draws us to the shows itself principally in two ways: First, in inevitable conclusion that (here can be no the relative premiums and discounts on the stabilization of exchange upon any footing currencies of different countries, and, second, until there is a cessation of inflation in the in the disastrous daily fluctuations of the principal continental States. Inflation is the currencies of some countries. result of unbalanced budgets, which them- The export trade of countries whose cur- selves are the result of the necessary expendirencies are at a premium is at a serious dis- tures upon reconstruction, the unsettled situadvantage. The trade of the United States is ation of German reparations, the maintenance suffering more from this derangement than of land armaments, and increasing debts. The any other country, "because its currency is at disturbing forces are indeed predominantly a premium with respect to practically every European, and while Europe has made great other country. The other American Republics progress in agricultural, industrial, social, and are, however, suffering, if not in the same political stability since the war, the fiscal degree, nevertheless in much the same way as situation continues to disrupt exchange with the United States wherever a similar relation- great severity. ship exists with regard to their respective The German Government is not meeting it? currencies and to the currencies of the different reparation obligations by taxation, while other States of Europe. countries are unable to mobilize enough taxable It is to be expected that, in the course of resources to cover their expenditures for recontime, price levels and wage levels will rise in struction, for military forces and other purcountries with depreciated currency and will poses. There can be no hope of stability in decline in countries with premium currencies the world's exchange until, in the first place, until an economic equilibrium is once more German reparation payments have been put attained. Meanwhile, however, while changes upon a basis not only securing a definite How in the relative premium and discount on of economic strength into .the just task of currencies are going on, the process is causing rehabilitating the devastated countries, but incalculable inconvenience and serious injury— also calculated to be within the practical power economically, financial!}', and socially—both to of the German people to pay. Furthermore, the premium and discount countries. it is necessary for economic stability that land The second phase of the derangement—that armament on the continent of Europe should is, the daily fluctuation of exchange—is be reduced. Armies in many States are of destructive of sound and progressive business, such size as to necessitate continuing inflation, because it drives every international trans- either through currency or short-time bills. action into the realm of speculation. The The economic loss in productivity of the nations daily fluctuation in exchange, in many in- is not measured alone by the number of men stances, absorbs more than the normal margins under arms but by the spirit that surrounds of profit, and thus either enlarges the margins the entire situation. or drives business to a cash basis instead of The situation in Russia and Eastern Europe the accustomed credit relationships. In either has also a bearing upon the problem. The case, the result is a decrease in the entire total extinction of economic productivity in commerce of the world. Russia from an export and import point of These fluctuations are less extensive between view seriously deranges the economy of Westthe American Republics than they are between ern Europe. The slow healing of the economic the American Republics as a group and Europe, disruption due to the creation of new States but it is impossible to disassociate inter- can not be ignored. American exchange relations from the Euro- Beyond this, again, there arises the question pean relation. The European-American busi- of domestic debt in some of the States of ness fabric is constructed on a triangle, with Europe. The increasing volume of these doone point resting in Europe and two points in mestic debts under the pressure of unbalanced South and North America. Any consideration budgets makes more and more uncertain the of the effect of the exchange problem on the point at which stability of values can be extrade of the American Republics must there- pected. fore involve the question of exchange stability The Washington Conference on the Limitabetween Europe and the Western Hemisphere. tion of Naval Armament is a definite and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 155 positive step in the only path that leads to except in England, the Scandinavian countries, commercial stability, and its effect has already and Canada were prices definitely on the debeen felt in the exchanges of the world. cline. In most countries they are now fluctuat- There are some secondary pleasures which ing about a level considerably lower than that can be taken to prevent the more violent daily of a ye'ar ago or declining slowly, but in Gerfluctuations and to eliminate the intermediate many, Poland, and other eastern European movements of exchange. In the examination countries they are rapidly increasing. of these steps we hope to cooperate earnestly A study of banking factors in their relation with the other sections of the Inter-American to prices shows that in England, as a result of High Commission. trade depression and the relatively favorable The situation in the United States is un- condition of publicfinances, loans, and discounts fortunate in that the high premium on with the nine leading joint-stock banks declined American exchange attracts to this country the from £1,207,000j000 sterling in January to gold flow of the world. We are to-day over- £1,127,000,000 in April. At the same time stocked with gold beyond our currency needs. bank and currency note circulation decreased The surplus earns no interest and serves no slightly and the floating debt about £100,useful purpose. 000,000. Since that time, although there has The United States feels it to be to its own been a consistent reduction in the note circuinterest that this gold should be utilized in lation and in wholesale prices, discounts and foreign channels, and also that it be redis- advances have been increasing, mainly because tributed. From an economic point of view, the banks have been large purchasers of the method of utilization is by the investment Treasury bills which have been placed on the of capital abroad. The method of redistribu- market in increasing amounts. It is only in tion should be through loans for reproductive the last few months that there has been any enterprise and by specific gold loans to coun- considerable reduction in the floating debt. tries which are in a position to undertake the Wholesale prices continue to decline, the Dereorganization of their currencies on a gold cember figures showing about a 50 per cent basis. The United States section regards it as decrease from those of "May, 1920, when they mutually desirable and profitable that capital were at their peak. investments should be made in the other In France, also, the deflation in prices has American Republics where national credit been much more severe than the curtailment rests squarely on stability in the social order. of bank credit, and the reductions that have One effect of the recent accumulation of gold occurred in the note issue have been due in the reserves has been to make the United States a main to decreases in advances to the Governmore available and abundant market for the ment by the bank. This does not mean, placing of public and private securities of the however, that the short-term floating credits other Republics than has heretofore been the of the Government have been reduced during case. During the past year there has been a the year; merely that the manner of obtaining great strain in the United States local credits credit has shifted from borrowing at the bank due to the reactions from the postwar boom, to the sale of Treasury bills. The situation in but this strain is now relaxing and the further England and France is similar in that, in spite movement of investment in Latin America has of Government financing, there has been a fairly already begun. Upward of § 150,000,000 worth consistent reduction in prices. of securities representing the other ..American In Italy, there has been a material reduction nations were floated here in the last year. in the note circulation for the account of the State, but the commercial note circulation has increased about as much as the former has de- RECENT INTERNATIONAL PRICE FLUCTU- creased, leaving the total not much lower this year than last. Indications of continued infla- ATIONS. tion are not absent, however. Loans and dis- In the charts on page 156 are shown the fluc- counts, including Treasury bills, of the four tuations in wholesale prices in 18 countries dur- leading private banks increased about 20 ing 1920 and 1921. These charts show that per cent between June, 1920, and June, 1921, during the second half of 1921 falling prices were while loans and discounts of the banks of the exception rather than the rule; in other issue increased about 10 per cent during words, that in the case of only a few countries the same time. The floating debt was 14,000,were prices consistently on the decline, while in 000,000 lire higher at the end of October, a large number of countries they were advancing 1921, than in June, 1920. Certain factors in more or less rapidly, or fluctuating about a level the general industrial situation, however, are lower than the 1920 peak. In fact, nowhere of importance in connection with the recent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

156 FEDERAL RESERVE BULLETIN". FEBRUARY, 1022. INDEX NUMBERS OF WHOLESALE PRICES IN LEADING COUNTRIES 1920 - 1921 AVERAGE PRICE LEVEL OF 1913 = 100 ( SCALE UNIT - 20 PER CENT ) • \ t 3OO V \ V \ \ \ \ V 2OO 2OO *•« \ V & — — — 1OO 1OO •* / " 3OO 3OO A 2 : K S. ' — 2OO ,/g 2OO \ //a \ ••-• 1OO 1OO 1320 1921 1922 1920 1921 1922 Where the base period is not the calendar year 1913, it is a period very close to that, such as July, 1913 to June,. 1914, July, 1914, or some similar date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

157 FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. INDEX NUMBERS OF WHOLESALE PRICES IN LEADING COUNTRIES 192O - 1921 AVERAGE PRICE LEVEL OF 1913 = 1OO ( SCALE UNIT = SO PER CENT) 8OO 7OO 7OO i 6OO 600 t \ / ----- ^ 5OO V 50O f « A # 4OO 4OO — \ \a — V 3OO 3OO K. 2& ^| 2OO 2OO ••-- 1OO 1OO „.._. — — • 4-OOO r SCALE UNIT =200 PER CENT) (SCALE UN/T= JO 000 PER CENT) — ..... — — 9OOOO ........ 8OOOO 3OOO / 1 7OOOO / / / / 6OQOO I — J V 2OOO / — 5OOOO f jr 1 4OOOO 773/7^/ 3OOOO i1 -.— 1OOO — — — A, 2OOOO „— 1OOOO - -• 1OO 1920 1921 1922 1920 1921 1922 Where the base period is not the calendar year 1913, it is a period, very close to that, such as July, 1913 to June, 1914, July, 1914, or some similar date Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

158 FEDERAL RESERVE BULLETIN. y, 1922. rise in prices. The new protective tariff, the de- in some respects are unlike the expressions control of industry, as well as the subsidizing used by American banks. Uncertainty seems of certain of the domestic cereal prices, have all to prevail even among German bankers themencouraged higher prices. In other words, the selves as to the meaning and use of such terms present situation in Italy seems to have resulted as "Akkreditiv," "Gegcnakkrcditiv," "Remfrom various more or less opposing factors, bourskredit,'' and '' Trassierungskredit.'' some making for deflation, some for inflation. In the Far East, there has apparently been II. MEANING OF TERMS. an increase in bona fide business activity during the latter half of 1921. Although Japanese for- 1. Akkreditiv,—It may be well to analyze eign trade during 1921 was not on anything first the Akkreditiv, which has the broadest like the scale of the immediately preceding connotation in that it includes the Remboursyears, exports have been materially higher kredit and Trassierungskrcdit. This Akkreditiv in recent months than early in the year. may be described briefly as an order given by At the same time there has been an advance in a purchaser of goods to a bank which is reimports also. Toward the cud of 1921 an quested to notify the credit and to make payexpansion occurred in the note circulation and ment to a third party, the beneficiary. The inloans and discounts of the Bank of Japan. strument is unlike the American commercial This is accounted for in. part by end-of-year letter of credit in which the bank authorizes a payments. beneficiary to draw his drafts and engages that these will be honored on presentation. The COMMERCIAL CREDIT PRACTICE OF GER- German Akkreditiv may rather be compared MAN BANKS.1 with the American application signed by the importer who opens the credit and addressed to I. INTRODUCTION. the bank which issues the credit. The Akkreditiv is in the nature of a contract, which In previous issues of the FEDERAL RESERVE may be oral as well as written. (See Biirger- BULLETIN, the practice of American banks in liches Gesetzbuch (Civil Law Code), par. 675). financing foreign trade by means of the letter The German commercial letter of credit is not of credit has been considered. In order to subject to paragraph 363 of the Handelscomplete this survey, the Division of Analysis gesetzbuch (Commercial Code), which requires and Research of the Federal Reserve Board an obligation to be in written form and which has conducted a study of the forms and pracgoverns the traveler's letter of credit. tices followed by banks of foreign countries 2. Gegenakkreditiv.—The Akkreditiv, like the engaged in the financing of overseas trade. American letter of credit, serves to assure the This article is the first of a series and will seller of ultimate payment. Because of the more present the commercial credit practice of or less continued rise in the price level in Gerleading institutions in Germany. German many there has been a greater need of protectliterature on this subject is limited and the ing the buyer against rejection of the order for standard works written in the prewar period goods by the seller, and so the latter is often re are of little value. Information has been quired to open a "Gegenakkreditiv," or counter gathered through a questionnaire addressed to credit with a bank in favor of the former. a selected number of German banks which This instrument is not a true letter of credit, cooperated in this study by answering the but a letter of indemnity in which a bank questions in detail and by supplying their agrees to compensate the' buyer to a certain forms. Many of the doubtful phases of the minimum in case the seller does not comply subject have been clarified through personal with the terms of the sales contract. interviews with New York representatives 3. Eembourskredit.—While the Akkreditiv and correspondents of foreign banks. A nummay apply to domestic as well as to foreign transber of the conclusions regarding credits actions and may be either clean or documenstated below are based on correspondence tary in the sense of permitting payment only which the Division of Analysis and Research upon presentation of shipping documents, the has conducted with Dr. Alfred Jacoby, term Rembourskredit covers only an importaof the National Bank for Germany, who has tion of goods, and so must necessarily be a made the first intensive survey of German documentary foreign credit. practices on the commercial letter of credit. (See Bank Archiv, June 1 and 15, 1921.) 4. Trassieru-ngsJcredit.—The Rembourskredit may call for the drawing of drafts at sight or It is necessary first to arrive at a clear definition of the various German terms wThich on time, and so may give rise either to a cash or an acceptance credit. Like the Rembours- 1 Special acknowledgment is due to the Direction der Disconto Gescll- kredit, the Trassierungskrcdit applies only to schaft and the A. Schaffhausenscher Bankverei n. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDKEAL RESERVE BULLETIN. 159 documentary foreign credits, but the instrument ject Dr. Jacoby, in answer to an inquiry of the is further narrowed in its scope in that it per- Division of Analysis and Research, writes as folmits only the drawing of time drafts on a bank. lows : It is, therefore, never a cash but always an ac- In no case, unless the credit is stated as ^transferable," ceptance credit. will a German bank permit the beneficiary to assign his The Trassierungskredit may serve two func- rights to another party so that the latter, on the oasis oC tions. In the first place it may correspond to the transferred credit, rnay demand payment from the ban';, it will, however, be impossible to prevent- a freight the American documentary acceptance credit, forwarder or another bank, upon direct notification of the which authorizes the drawing of drafts by the beneficiary to the bank, to present documents and request exporter on the importers7 bank, or it may payment. It is also possible for the beneficiary to instruct also be used as a form of acceptance agreement another party to ship the goods and to present the documents to the bank. In this case a difficult task devolves according to which the bank permits the upon the bank to determine whether or not payment is to importer to draw drafts which correspond be made. If the bank pays, it may encounter objections to what is known in the United States on the part of the opener, because payment lias been made as " refinancing acceptances.'7 A Tras- to a party other than the beneficiary. If payment is resierungskredit is sometimes called an "Ak- fused, the opener may incur damages since he delays in accepting the offered documents. It is impossible to make zeptkredit." The former term is used in cona general decision; the bank must determine whether paysidering the transaction from the viewpoint of ment corresponds to the will and intention of the credit the merchant drawing the drafts, while the lat- opener. ter expression is employed in referring to the 2. Location.—Since the outbreak of the war, position of the bank accepting the bills. letters of credit have been used in domestic as There seems to be considerable confusion in well as foreign trade. Before 1914, domestic German bank literature between the letter of letters of credit were practically unknown in credit and the authority to purchase, which Germany, but the instability of prices and the was described in the FEDERAL RESERVE BUL- decline of business morality led to the wide LETIN for August, 1921. The authority to use of this instrument as a means of binding the purchase instructs the beneficiary to draw his contract between buyer and seller. draft not upon a bank, but upon an im- 3. Number.—A letter of credit is usually isporter, and thus gives rise not to a bank but sued as a primary document. However, a to a trade bill. The instrument is erroneously German credit may be the basis of a secondary termed a letter of credit by one German writer, or ancillary credit. For example, a beneficiary who comments as follows: " If the bank binds it- of a credit may ask his bank to open another self to buy drafts drawn by the exporter on the credit in favor of a firm supplying him with importer, provided the documents are in com- goods. Thus the first party is beneficiary pliance with the request of the importer, it is under the original credit, and opener of the regarded as a confirmed letter of credit." (Re- ancillary credit. (See FEDERAL RESERVE BULpenning—Das uberseeische Remboursgeschaft LETIN, February, 1921, p. 169.) der deutschen Banken, p. 61.) One bank an- 4. Qualification.—Letters of credit may also swers that the only distinction which it draws be grouped as either clean or documentary, debetween a letter of credit and an authority to pending upon whether payment is conditioned purchase lies in the method of charging com- or qualified upon the presentation of documission, which in the case of the authority to ments evidencing title to property. This may purchase is borne by the beneficiary selling the consist of stocks and bonds or other forms of goods, while under the letter of credit is carried securities, but in most cases it consists of merby the opener who is buying the merchandise. chandise either in transit or in a warehouse. 5. Cancellation.—Letters of credit are either III. CLASSIFICATION. revocable or irrevocable. However, these 1. Transferdbility.—German credits may be terms have a rather peculiar significance in classified according to those general principles German, commercial credit practice. In the which are familiar to American banks. In the United States and also in Great Britain, the first place, credits may be grouped according question of revocability applies to the issuing to whether or not they are transferable. Most bank which may or may not possess the right credits are addressed to a specified beneficiary of rescinding its offer to the beneficiary. In and so are nontransferable. However, it is revoking a credit, an American bank may be possible under exceptional circumstances for a acting on its own initiative or on the instruc- German bank to issue a credit which is payable tion of the party who has opened, the credit. to the order of a beneficiary who may thus Under German credits the subject of revocability make an assignment to another party, or the refers only to the relation between the person instrument may be made payable to bearer, opening the credit and the bank issuing the but the latter case is very rare. On this sub- letter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 FEDERAL RESERVE BULLETIN. FKHKCIARY, 1022. 6. Confirmation.—The term confirmation, as IV. FORMS OF LETTERS OF CREDIT. in the case of American credits, expresses the In order to illustrate the various types of relation between the bank notifying a credit letters of credit described above, the forms and the beneficiary. Confirmation refers to used by some of the leading German banks will the ability or inability of the notifying bank to be presented in their original text with an withdraw its obligation of honoring the drafts English translation. of the accredited party. In the case of German credits, confirmation refers to the bank issuing 1. Letter of credit.—As mentioned above, the the credit as well as to the notifying bank. letter of credit (Akkreditiv) is the communica- Thus in German commercial practice a dis- tion addressed by the party opening the credit tinction is drawn between the question of revo- to the bank issuing the credit, and the instrucability and that of confirmation. But as a ment conforms closely to our application for a matter of fact in Germany, if a credit is irre- credit. A clean, irrevocable letter of credit vocable by the opener, the bank usually con- reads as follows: siders itself bound to issue a confirmed letter of Bar-Akkreditiv Xr credit. This view has been unanimously ac- Wir bitten Sie, der Firm a cepted by the members of the Berlin Bankers' im Auftrage von M Association. If the party, opening a credit in Worten: irrevocable by himself, does not wish the bank unwiderruflich gtiltig bis to add its confirmation, he must so state his auszuzahlen request in his application, otherwise the bank Clean Credit Number We request you will issue what may be regarded as an irrevoto pay to the firm of cable confirmed letter of credit. On this sub- for account of ject, one bank in its answer to the Division of M Analysis and Research, writes as follows: in words irrevocable until This form can be changed from a clean to a We regard all irrevocable credits as confirmed for the following reasons: The purpose of opening an irrevocable documentary credit by adding the expression: credit is to give the beneficiary an unqualified claim to gegen Entgegennahme folgender Dokumonte: payment on a bank. An irrevocable credit is opened, welche Sie uns einsenden wollen. because the opener of the credit is pledged by contract against delivery of the following documents: to do so, and besides the seller agrees to the sales contract which please forward to us. on the belief that the bank will execute the order under This form of credit may be rendered revocaany circumstances. * The bank which refuses to pay a credit, after having ble by including the following statement: opened an irrevocable but unconfirmed letter of credit Per begiinstigten Firma beliebcn Sie hiervon in unmust consider that it places itself by this act in a difficult verbindlicher Form Kenntnis zu geben und dabei ausposition, if on the one hand the opener of the credit gives driicklich zu bemerken, dass es sich urn einen unbeinstructions to refuse payment, and on the other hand statigten Kredit handclt, dessen Widerruf jederzeit erfoigen the beneficiary insists upon payment. kann. In order to avoid these difficulties, a bank from the Please give notice to the favored firm herein in a nonbeginning must state that it does not regard itself ob- obligatory communication and especially call to its attenligated in any way to the beneficiary. If the bank tion that this involves a revocable credit of which cancelthen makes such a statement of its waiver of responsi- lation may follow at any time. bility, it runs the risk of not acting according to the 2. Acknowledgment to opener.—Whether the instructions of the opener who may not have had the thought of revocation in mind. The beneficiary, on credit is clean or documentary, irrevocable or the other hand, will not be able to do anything with such revocable, it is formally acknowledged by the a credit, as he expected, according to the sales contract, bank to the opener in a communication which to receive an irrevocable credit. in the case of a documentary credit reads as As mentioned in the FEDERAL RESERVE BUL- follows: LETIN (February, 1921, p. 158), an American Wir sind im Besitze Ihres Schreibene vom mit bank which has been asked to notify a bene- welchem Sie uns beauftragen, nachstehende Dokumente ficiary of a credit will never confirm it if revoca- gegen Zahlung von M zu Ihren Lasten aufzunehmen, worauf wir nach Einreichung ble by the opener. In German practice, howderselben zuruckkommen werden. ever, a revocable confirmed credit is possible. Wir bemerken ausdrucklich, dass wir fur die Echtheit, This type of credit can not be canceled by the Vollgultigkeit und Vollstandigkeit der durch uns aufgeissuing bank on its own initiative but only upon nommenen Dokumente keine Gewahr ubernehmen. instruction from the opener. As a rule a bank We have at hand your letter of in which you instruct us to receive the following documents is not required to send a beneficiary notice of an against payment of M unconfirmed revocable credit, but confirmation to be debited to your account, upon presentation of which necessitates the sending of such an advice, we will further advise you. whether the credit is revocable or irrevocable We call to your special attention that we assume no responsibility for the genuineness, validity, and sufficiency by the opener. of the documents received by us. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 161 3. Advice by issuer to beneficiary.—The bank Wir empfingen Ihr Schreiben vom , mit dem now issues its advice to the beneficiary to in- Sie , bei uns bis zum Betrage von M gultig bis akkreditieren. form him of the opening of the credit. If irrevocable, the communication assumes a form We received your communication in which you which reads as follows: accredit with us up to the amount of M valid until A\7ir sind von 6. Advice by correspondent to beneficiary.— beauftragt, Ihnen wegen The correspondent then addresses the benegegen Aushandigung iolgender Dokumente: den Betrag von M ficiary in the following advice of the opening zu verguten und sehen der Einreichung der Dokumente of the credit: ent-gegen. Wir bcstatigen Ihnen hiermit, dass das vorstehende Akkreditiv bis zum unwiderruflich ist. Wir werden von brieflich/telegraphisch verstandigt, dass genannte Bank einen Kreditbrief No. We have been instructed by zu Ihren Gunsten in Hoho von to pay you for account of umviderruflich ^ _ auageeteUt hat, der against delivery of the following documents w Mg widerruflich the amount of M unter Beifiigung folgender Dokumente: and await the presentation of documents. We state that benutzbar ist. the above letter of credit is irrevocable until # Wir sind beauftragt, Ihre auf Grund dieses Kredits As indicated above, a credit irrevocable by zu ziehenden Sicht-Tratten zu negothe opener is usually confirmed by the issuing zieren und bitten Sie, uns die vorbezeichnoten Dokumente einzureichen. bank, and hence contains the expression found at the end of the above letter. If the credit We are informed by by letter/telegraph that the above mentioned bank has opened a letter of is revocable by the opener, it is usually uncredit number in your favor to the amount of confirmed by the issuing bank, which then in- Hr§_Y?£*ly valid until available cludes in its advice to the beneficiary the folrevocably lowing expression: against delivery of the following documents: We are instructed on the basis of this credit, to negotiate Wir bemerken, dass vorstehendes Akkreditiv jederyour sight drafts and request you to deliver to us the zeit widerruflich ist und dass obige Benachrichtigung an above-mentioned documents. Sic ohne jede Verbindlichkeit fur uns erfolgt. We note that the foregoing credit is revocable at any V. LIABILITIES OF PARTIES. time and that the above notification to you involves no obligation on our part. As in the case of American practice, litiga- 4. Advice to correspondent.—The issuing banktion over German letters of credit has arisen is often requested to domicile the credit with a mainly from the act of cancellation. In Gercorrespondent bank located near the benefici- man practice, however, breaches of contract ary. The communication which the bank then in recent years were made not so much by addresses to the correspondent will read: buyers of goods as by sellers who were ready to take advantage of the continually rising Unbestatigter Kredit Nr Hierdurch bitten wir Sie, folgendes Akkreditiv zu eroff- prices during the war and especially in the nen: period immediately following the close of hos- Betrag: tilities. Consideration will now be given to the -gultig: widerraflich more important decisions rendered by German Begunstigter: TJjiscr Auftraggeber: courts during the past few years. benutzbar gegen Einlieferung von: 1. Relations of opener to beneficiary.—The Wir bitten Sie, die aufgenommenen Dokumente an contract of sale between buyer and seller zu senden und die begiinstigte Firma frequently provides for a letter of credit and von der Erofmung des Kredits in unverbindlicher Form ftir uns und unsern Auftraggeber zu benachrichtigen. specifies such details as the name of the issuing bank and the time within which the credit is to Unconfirmed Credit No Herewith we request you to open the following credit: be opened. If the contract of sale mentions a Amount: particular bank as issuer, the buyer of the goods valid until: revocable must open the credit with this bank only and Beneficiary: not with any other institution. (Bank Archiv, Our opener: available against delivery of: Mar. 15,1921, 467.) A buyer and seller entered into a sales contract in which the former agreed We request you to send the documents when presented to ." and to notify the accredited firm of to open u an irrevocable credit to the amount the opening of the credit in a nonobligatory form in behalf of M. 85,000 at Bank I), credit to expire on of ourselves and our openers. December 31." The buyer did not open the 5. Acknowledgment oj correspondent.—If the credit directly with Bank D but indirectly correspondent accedes to the request for the through another bank. The latter notified opening of a credit, he will reply in the fol- Bank D that a credit had been opened in its lowing form : favor for the benefit of the seller and that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 FEDERAL RESERVE BULLETIN". FEBRUARY, 1922. payment would be made upon presentation of within business hours of the last day. If the the proper documents. However, this indirect credit is notified after business hours of the last credit was unsatisfactory to the seller, who day, the German courts have held that this thereupon canceled the order. The buyer delay entitles the seller to withdraw from the believed that he had complied with the terms contract and the buyer in turn to sue his bank. of the contract and sued the seller for damages. (K. G. Zivilsonat, Feb. 12, 1918, R. II, 420/17.) The/court gave judgment to the seller in a A bank must exercise due care in handling decision which read in part as follows: the shipping documents accompanying drafts drawn under its letter of credit. German law, Where delivery against: an. irrevocable credit at a spoci" Heil bank has been agreed upon, the buyer does not meet the same as American and British, does not bis obligation by placing the amount at the disposition of hold a bank liable to the opener for the vathe snecii'iecl bank with another bank. (BiVrgerliclies lidity of the documents or the genuineness of Gesetzbnch (Civil Law Code), par. 326.) the goods. In a certain case, the copy of the The sales contract usually specifies the bill of lading called for 1 bag of seed weighing period of time within which a credit must be 10 kilograms, but this amount was raised to opened by the buyer. If he fails to open the 140 bags holding 12,350 kilograms. The bank, credit within this time, the seller may with- having no means of ascertaining that the bill draw from the contract and sue the buyer for of lading had been altered in amount, paid the damages. A German buyer had agreed to open beneficiary in accordance with the instructions a credit immediately by cable with a bank in of the credit opener. The latter sued for Copenhagen in favor of a Danish seller. He damages but the court decided against his refused to ship the commodities because the claim on the ground that— credit was opened not immediately upon the signing of the contract but five days iater. Both the opener of a credit carries the risk of any falsification*, of documents which may arise, provided that the falsiparties sued for damages, but the courts refication could not be detected by the paying bank by jected the claims of both. The plea of the exercising a decree of care customary in handling such buyer was denied because he had broken the transactions (Z.V'S., O. L. G. Stuttgart, December, 1920, contract by opening the credit after five days U. 547/20.) when no more than two days were needed for 3. Relation of issuer to notifier.—A bank such a transaction, while the seller had forfeited notifying a credit must carefully observe the his claim to damages because he had withdrawn instructions of the issuer, and can be held from the contract. (See decision of R. G. liable for any acts of remission on its part. Zivilsonat, Apr. 16, 1918, R. II, 505/17.) This view was held by the court in a case In a somewhat similar case the buyer was where the issuing bank had asked a correinformed on October 16 by the seller that spondent to pay a beneficiary against delivery the latter had live carloads of certain goods of a railroad bill of lading addressed to a which would be delivered at a fixed price," pay- party in a certain city. The beneficiary rement to be made in advance by cable through ceived payment although he presented a bill of direct irrevocable credit on a Berlin bank." lading which consigned the goods to the On the same day the plaintiff accepted the wrong destination where the goods remained offer and instructed a local bank to open a unclaimed. The credit-issuing bank refused credit in favor of the seller with the Berlin to reimburse the negotiating bank on the bank. But this bank did. not advise the credit ground that the instructions had not been until November 5 to the beneficiary, who re- followed by the latter institution. It brought garded this delay as a breach of the contract of suit but was not upheld by the court which sale and sold the goods elsewhere. The opener decided that the negotiator had not exercised of the credit brought suit for damages but the the care necessary in handling of the docucourts gave judgment to the seller. From this ments. decision it may be concluded that it is not 4. Relation of issuer to beneficiary.—A notisufficient for the buyer merely to induce a fication of the opener to the beneficiary of the bank to open a credit in time, but the credit existence of a credit domiciled with a bank must actually be opened and the beneficiary im- does not give the beneficiary a claim on the mediately notified. (Berliner Boersen Courier, bank unless it has informed him of the opened No. 284. Decision of R. G. Z. S., li. II, 565/20- credit. (See decision of Reichsgericht, Feb. 25, 22.4.21.) 1921; Berlin Boersen Courier, No. 254.) 2. Relation of opener to issuer.—When an A beneficiary is not obliged to find out for opener of a credit has requested a bank to himself whether a letter of credit has been notify another institution of the establishment opened in his favor. (Decision of the R. G. of the credit, the notification must be made of Apr. 26, 1921, 377/20.) The defendant sold within the time limit, and in no case later than the plaintiff a cargo of goods, terms, letter of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 168 credit with, a Leipzig bank against delivery of have now been assembled, covering the period a copy of the railroad bill of lading. Accord- from February 21, 1918, to June 25, 1919, ing to the sales contract the defendant was inclusive, a total of 70 weeks, are presented in permitted to withdraw in case of nonfulfil- tabular form at the end of this article. ment of the conditions of payment on part of the buyer. The seller was notified by the VOLUME OF FOREIGN EXCHANGE DEALINGS. buyer that he had opened a credit with a bank in favor of the former. The bank delayed in Total purchases and total sales of exchange notifying the seller who received the advice reported by dealers in this country were not far only after several days had elapsed. Taking from equal for the period as a whole, and a advantage of the contract of sale, which stipu- fairly close similarity in the two sets of figures lated that notice of the credit should be given applies also to the amounts of exchange on by the bank and not by the opener, the seller individual foreign countries. To anyone familrefused to deliver the merchandise. His action iar with the character and extent of arbitrage was upheld by the court which expressed the transactions, it will at once be apparent that opinion that the opener of the credit had no there is no reason why purchases of exchange redress against the beneficiary but against the on a given country should agree with sales of bank which delayed in transmitting the letter exchange on the same country, when only of credit. (Burgerliches Gesetzbuch, par. 278.) dealers in one country, as the United States in the present instance, report their transactions. The first two columns in the tables of purchases of exchange and sales of exchange (Tables V and FOREIGN EXCHANGE OPERATIONS, VI) might, indeed, be expected to tally exactly, 1918-1919. since the amounts in these two columns represent transactions between pairs of dealers located in This is the second of a series of three articles the United States who presumably would report summarizing the statistical data collected by a given transaction, the one as a sale of exthe Division of Foreign Exchange of the Fedchange and the other as a purchase of exchange eral Reserve Board during the period of governof like amount. In reference to such differences mental control of foreign exchange. The first as exist in these two columns under purchases article, which appeared in the December, 1921, and under sales, it should be borne in mind issue of the BULLETIN, was concerned with that while the larger dealers made their reports balances on open account between the United weekly, many smaller dealers were permitted States and foreign countries. The present to make their reports less often, so that a " sale" article deals with purchases and sales of of exchange, for instance, might be reported exchange and with debits and credits to dollar somewhat earlier than the corresponding " puraccount. chase77 of exchange. This and possibly other reasons of no great significance explain why II. PURCHASES AXD SALES OF EXCHANGE. purchases and sales of exchange do not The reports to the Division of Foreign Ex- exactly check with each other. But there change of the Federal Reserve Board make seems to be no reason to doubt that the great possible for the first time the ascertainment, bulk of exchange transactions during the with any degree of accuracy, of the total period of governmental control were accurately amount of foreign exchange dealings in the and promptly reported to the Federal Reserve United States over a period lasting more than Board and that the tables as shown represent a year. It is true that the period covered by with essential precision the true situation as it the reports can not be regarded as a normal existed. one, and. that allowances will have to be made Detailed figures on purchases of exchange and by anyone who wishes to draw from the figures sales of exchange will be found in Tables V specific conclusions that would hold good for a and VI, respectively. In order to show the subsequent period. Nevertheless the figures totals for the principal foreign exchanges.more throw much new light upon a matter that has clearly at a glance, the accompanying summary hitherto been the subject of conjecture, rather tables covering purchases and sales of exchange than of definitely known facts. The data that have been prepared. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

164 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. PURCHASES OF FOREIGN EXCHANGE BY "DEALERS" IN Similar information in regard to sales of ex- THE UNITED STATES, FEB. 21, 1918, TO JUNE 25, 1919, change may be obtained from the table which INCLUSIVE. follows: [ In thousands of dollars.] SALES OF FOREIGN EXCHANGE BY 'DEALERS" IN THE Coun p t a r y y a i b n l e w . hich fr i a o t D n r n S m a e d U t n m a d s c n t f e a a e i e a t n b s e r l . l d s e d e rs m e D b x e i o p n l c l o t s u e r . - d t t a i i f g o n F o e n s r r n e t s o i c i t g m a i u e n n - s d . T e c x o h c t a h a s l a e n p s g u o e f r . - U IN N C I L T U ED SI V S E T . ATES, [In F t E ho B u . s a 2 n 1 d , s o 1 f 9 1 d 8 ol , lar T s/ O JUNE 25, 1919, Demand Euro F p ra e n an ce Ailies: 596,365 144,877 276,523 1,095,587 Coun p t a r y y a i b n l e w . hich t a d ra n e U n d a n s l e f c it e r a e s r b d s l i e n to i a m g S p a a o i l n e r s s ts t . T t a i i o g o n e n s f n o s ti c r t a e i u e i n g - s d . n T c o o h ta f a l n e s g x a e - l . es Great Britain 3,359,739 1,259,385 1,052,574 6,358,453 States. Italy 272,447 60,823 112,742 510,364 European neutrals: Denmark 15,594 37,880 4,941 61,177 Holland 80,136 25,685 39,279 171,276 European Allies: Norway 22,635 29,705 22,111 80,674 France 598,460 87,772 165,956 1,096,063 Spain 73,655 20,086 53,499 159,788 Great Britain.... 3,522,969 867,174 1,028,079 6,412,882 Sweden 21,845 19,927 17,391 65,840 Italy 235,390 5,459 20,231 529,152 • Switzerland 50,563 88,772 31,237 177,771 European neutrals: Asia: Denmark 13,887 1,220 2,599 58, 782 China 12,621 59,202 7,798 137,060 Holland 84,480 25,151 10, 737 164,184 India 6,718 19,306 2,845 84,312 Norway 23,994 1,741 11,832 80,306 Japan r 35,496 300,123 20,832 512,073 Spain 80,640 12,155 34, 794 166,666 South America: Sweden 26,253 3,099 4.550 67,066 Argentina 25,468 60,145 29,046 232,366 Switzerland 54,268 19,987 14,427 177,443 Nor C t B h h r a A il z e m il erica: 11,5 6 6 7 1 0 2 4 3 8 , , 5 8 6 3 8 0 3,3 3 5 7 1 1 3 8 1 6 , , 3 7 6 0 0 5 Asia C I : n h d in ia a 1 6 2 , , 5 9 2 8 7 3 4 53 2 , , 5 0 5 5 4 8 10,2 9 1 5 2 1 1 8 1 0 9 , , 0 9 4 8 7 6 Canada 284,454 104,914 85,345 1,534,437 Japan 48,057 134,174 9,732 440,352 Mexico 1,485 6,652 496 27,377 South America: West Indies 8,502 72,288 830 166,517 A Br r a g z e i n l tina 2 4 1 , ,8 1 4 9 7 3 1 1 1 5 4 , ,3 9 9 1 6 9 1 3 6 , , 1 3 7 4 5 5 2 8 3 2 6 , ,8 4 4 2 5 5 Chile 232 4,370 289 31,483 RECAPITULATION. North America: Tota A E l: u si r a ope 4,51 5 2 7 , , 2 7 0 4 8 2 1,7 3 1 9 1 9 , , 7 6 9 31 6 1,66 3 2 2 , , 7 1 3 60 6 8,8 8 0 0 4 5 , , 4 3 1 3 5 6 C M W a e e n x s a i t c d I o a ndies...... 29 1 1 3 8 , , , 3 6 9 1 8 9 4 2 0 5 2 0 9 , , 6 5 5 1 7 8 6 5 3 14 3 2 , , 5 4 3 4 1 4 4 9 4 .1. 1 5 2 3 6 5 6 4 , , , 6 7 9 7 4 1 6 4 1 South America... 40.881 161,995 33,659 397,955 North America... 294, 441 183,854 86,671 1,728,331 RECAPITULATION. Other points 978 18,727 431 33,906 Total: Grand total 4,906,251 2,476,004 1,815,656 11,769,944 Europe 4,662,320 1,029,101 1,307,474 8,881,255 Asia 68,551 273,970 20,910 709,863 South America... 27,212 141,591 20,955 398,394 North America... 313,986 80,774 146,307 1,727,331 It will be observed that out of total purchases Other points 2,569 6,780 154 30,230 of exchange amounting to $11,769,944,000 dur- Grand total — 5,074,639 1,532,2L6 1,495,800 11,747,073 ing the period under consideration, $6,358,- 453,000, or slightly over 54 per cent of the total, DISTRIBUTION OF EXCHANGE TRANSACTIONS. represented purchases of sterling exchange payable in Great Britain; while all the European In order to show how total purchases of exchanges taken together, including British, exchange were divided between the several amounted to $8,804,415,000, or 74.8 per cent of groups of countries, and also how much exthe total. Of the remaining 25.2 per cent, change belonged to each of the 12 classes Canadian exchange accounted for about one- which dealers were required to distinguish in half, or 13 per cent of total purchases of ex-their reports, the following percentage table change. It will be further observed that total has been prepared. In this table the grand demand items and cable transfers purchased total of purchases—that is, $11,769,944,000— from dealers in the United States amounted to has been put equal to 100 per cent, which has $4,906,251,000, or 41.7 per cent of the grand then been split up into its component parts. total; documented export bills totaled $2,476,- The numerical data have been taken from 004,000, or 21.1 per cent; purchases from for- Table V. A more detailed distribution table, eign institutions and agencies were $1,815,656,- in which each country is considered separately 000, or 15.4 per cent; while various other pur- and its total put equal to 100 per cent, appears chases made up the remainder of 21.8 per cent. as Table VIII at the end of this article. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1922. FEDERAL RESERVE BULLETIN. 165 PERCENTAGE DISTRIBUTION OP TOTAL PURCHASES OF Powers, severed during the war, were again EXCHANGE. renewed, so that not a little of the increased dealings in exchange in 1919 may be attributed Cen- to purchases of German marks in this country tral which commenced on a broad scale soon after Powers 1 Euro-!Enro- and South Other the armistice. It is true that many purchases Items. , A p \ ln o lii^ a e s n . j n P eu f - " m TET i u! n ,,r^ o o^- r Asia, Amer- p w o o in rl t d s. of German exchange after the armistice, when trals.: pean done indirectly, as through the purchase by I co u iil-tries. Americans of marks with sterling or neutral exchanges, would not show in these tables Demand items from under the heading of the Central Powers. But dealers in United States 9.4 0.3 0.2 2.0 12.7 such purchases nevertheless helped to swell the Cable transfers from total foreign exchange transactions reported. dealers in United States 20.6 1. 4 0.1 .2 .1 • . 0 I 29.0 With reference to foreign trade, it is worth Finance or clean time C M o b e t i a t l o t l s n b — i b ll l i s o ll a s ns 5 1. . 3 8 0) ( ( ' ' ) ) 0 i ' ( ( 0» > ) ) ) '•• ( 0) . 1 1 7 . . . 4 6 0 n w o h t i i c n h g t a h v a e t r a e g x e p d o rt a s l f i r t o t m le t o h v e e r U n $ i 5 te 0 d 0 ,0 S 0 t 0 a , t 0 e 0 s 0 , Other export bills .1 2.4 • 1.4 1.6 13.4 monthly during 1918, totaled $4,057,422,000 From foreign institutions outside United in the first six months of 1919, reaching a States 1.4 A .3 • .2 13.6 maximum of $928,379,000 for the single month From foreign agencies and firms domiciled of June, 1919, the highest point ever reached Ag in a i U ns n t i s te e d c u S ri t t a i t e e s s 1. 7 i .1 0) () () .1 1 . . 3 8 by American foreign trade. During these six Coupons and dividend 0) ; 0) months also, in spite of the fact that the excess checks (0 Gold and silver ship- of exports over imports was greater than in ments 0) 0) ;. .1 .3 any similar period previously, imports ex- Miscellaneous 5.7 .4 1.3 9.8 19.8 (i) | 2.5 panded moderately, thus calling for greater Total 68.4 0.1 I 0. 3 6. 8 : 3. 4 j .15. 0 100.0 international settlements not only on account 1 Less than 0.05 per cent. of exports but also of imports. It should, of course, be remembered that a very large part Thus far purchases and sales of exchange of our exports to Europe during the latter have been considered as totals, taking in the part of the war were paid for through transfers entire 70 weeks' period covered by the reports. of book credits which our Government had An examination of Tables V and VI, however, opened in this country in favor of the allies, in which the figures are presented quarterly, and that payments to American exporters by discloses certain additional facts. The chief this means did not necessitate foreign expoint of interest to be mentioned here is the change transactions. Additional American increase in the volume of transactions in the Government credits to Europe were extended first two quarters of 1919, and more particu- also after the armistice and these had not larly in the latter of these. In the third and been exhausted by June, 1919, as is shown by fourth quarters of 1918, the reports show that the records of the Division of Foreign Exchange total purchases of exchange averaged, re- respecting balances on open account. It is spectively, $142,851,000 and §156,873,000 per therefore impossible to determine just how week. 'The first and second quarters of 1919 much of the increase in foreign exchange disclose purchases amounting on the average transactions may be attributed to our larger to $175,244,000 and $240,663,000, respectively, foreign trade at that time. But that foreign per week. trade expansion was an important factor in Two reasons that may be advanced for the this connection can hardly be doubted. expansion in the volume of foreign exchange dealings in the first half of 1919 are (1) the EXPLANATION OF DETAILED TABLES. increase in exports of merchandise from the United States and (2) greater speculative By way of further explanation of the statisactivity following the unpegging of the foreign tical tables that appear at the end of this exchanges. Prior to March, 1919, during the article, the following information is presented period when the principal allied foreign ex- concerning the reports which form the basis of changes were stabilized by so-called "pegging" those tables. The instructions to foreign exat essentially fixed levels, there was very little change dealers made public by the Division of opportunity for speculation in foreign ex- Foreign Exchange on February 3, 1918, change. Speculative operations therefore in under authority of the President's Executive sterling, francs, and lire, undoubtedly were order of January 26, 1918,1 required not only undertaken on a larger scale in the second that the amounts of all purchases and sales of quarter of 1919 than had been possible before. Moreover, banking relations with the Central 1 The full text of the Executive order of Jan. 26, 1918, appears in the Annual* Report of the Federal Reserve Board for 1918, pp. 39-46. 87690—22 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. foreign exchange by dealers in the United Occasionally long bills in foreign moneys are purchased States should be reported, but also that all from dealers in the United States by domestic persons, who may or may not be dealers, and who at the time of the exchange transactions should be classified purchase sell exchange for future delivery, in order to according to the nature of the bills and the fix the interest return. Where the dealer selling the long purpose for which they were drawn. The bills is also the purchaser of the exchange at maturity, forms issued to foreign exchange dealers for both the purchase and sale of exchange should be entered at the time the transaction is made, and also at its comreports of purchases of exchange/from which pletion. In other cases purchases of exchange for future Table V has been compiled, contained 13 delivery need only be entered at the time of delivery. columns headed as follows: Columns Nos. 4, 5, and 6'.—All purchases of exchange against exports should be entered in these columns. 1. Demand items from dealers in United States. Column No. 7.—Particular attention must be given to 2. Cable transfers from dealers in United States. transactions covered under this column which represent 3. Finance or clean time bills—loans. purchases from foreign interests not domiciled in the 4. Cotton bills. United States. All purchases of exchange aimed to 5. Meat bills. create dollars which are to be used to pay for imports of 6. Other export bills. other foreign countries must be entered in this column. 7. Purchases from foreign institutions outside United For instance, if a house in Great Britain having an agent States. in the United States should purchase goods in, say, Chile 8. Purchases from foreign agencies and firms domiciled and should pay for them by a dollar draft in Chile but in United States. should create the dollars through sterling exchange in the 9. Purchases against securities. United States drawn upon the English house or its agents, 10. Coupons and dividend checks. the dollars paid for the sterling exchange must appear in 11. Gold and silver shipments. this column. It is incumbent upon all dealers to fa- 12. Miscellaneous. miliarize themselves sufficiently with the nature of the 13. Total purchases of exchange. business of their customers from whom they buy foreign Probably the best way to show the scope of exchange to enable them to ascertain with certainty all purchases of exchange that represent a transfer of any each of these headings is to quote at length foreign moneys into United States dollars for the use from the instructions issued by the Division of directly or indirectly of any foreign interest. Foreign Exchange for the guidance of dealers Great care must be exercised in entering the detail in in making up their reports. The complete this column on the special form provided for that purinstructions covering not only reports of pur- pose, No. ID.1 If a bank in New York purchased 10,000 pounds sterling from a bank in Argentina, it would apchases and sales of exchange but also debits pear in column 7 as a purchase of exchange on Great and credits to dollar account and other re- Britain, but on Form ID, it would show that the sterling ports, in addition ,to various administrative had been purchased from Argentina. On Form ID all provisions, were published in the FEDERAL purchases of exchange would be entered under the column "Bought frpm," but opposite the country listed on the HESERVE BULLETIN for March, 1918, pages left-hand side of the sheet which sold the exchange. 185 to 196, inclusive. Also all exchange sold to those outside of the United States would be entered on Form ID under "Sold to." INSTRUCTIONS TO DEALERS REPORTING PUR- (See instructions under Form 1C, Sales of Exchange.) CHASES OF EXCHANGE. Column No. 8.—All purchases of exchange from foreign houses domiciled in the United States should be entered The essential portions of the instructions in this column. It should also include purchases of exthat covered reports on Form No. IB, " Pur- change from commercial houses having offices in the United States. Those transactions must be reported in chases of Exchange," are herewith reproduced. detail by letter, but only in totals from countries. When All entries must be in dollars which represent the exact in doubt as to whether a house should be considered as a amount paid for the various classes of exchange purchased foreign institution domiciled in the United States, exand the totals must be entered against the country in change purchased should be listed in this column and which the exchange is to be paid. For instance, drafts attention should be called to the concern from which it drawn on Italy payable in London would be listed as was purchased, by letter. All exchange purchased from against Great Britain. American branches of foreign banks should be entered Columns Nos. 1 and 2.—All purchases of exchange, either under column 7. demand or cable, from dealers of classes A and B,1 would be Column No. 9.—All exchanges purchased against entered in these columns, except such exchange as would securities sold abroad should be entered in this column properly belong under any of the other headings. and the detail should be carried forward on Form IE,2 Column No.'3.—Purchases of time finance bills from under the column "Sold to," under the proper classificadealers of classes A and B and the dollar proceeds of any tion and against the country for which the securities are exchange created through foreign loans obtained by the sold. reporting dealer should be entered in this column. When Column No. 10.—All coupons and dividends payable foreign funds are received from the issuance of long bills in foreign countries which represent income from foreign the proceeds must appear in this column as exchange securities held in the United States should be entered in against the country where the funds are deposited. Such this column. bills should also be entered in column 3 on Form 1C, Sales of Exchange. 1 Form ID was used for recording arbitrage transactions in detail. A statistical summary of the reports on arbitrage will appear in the next 1 Classes A and B included all foreign exchange dealers in the United article of this scries. States. For an exact definition of these terms as used in the Executive 2 Form No. IE was used for recording foreign exchange transactions order of Jan. 2(>, 1918, and in the instructions to dealers, see Federal in securities. This subject will receive attention in the next article of Reserve Board Annual Report, 1918, p. 40. the scries. 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FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 167 Column No. 11.—All exchange made through the ex- make a counter entry in the report of "Purchases of portation of gold or silver should be entered in this column. Exchange," Form IB, under column 12 and against the Also foreign currency in separate total marked F. C. exporting country. Column No. 1?L—All purchases of exchange not ap- Column No. 5.—All sales of exchange to make payments plicable to any of the classifications should be entered in for freight, insurance, or other services rendered by foreign this column, also book entries, such as exchange, com- institutions in connection with transportation and life missions, profits, etc. and fire, guaranty, or other forms of insurance, should be In case exchange is purchased where the dealer has entered in this column. doubt as to the classification, it should be entered in Column No. 6.—Sales of exchange for the purpose of column 12, and a letter of explanation should accompany making remittances to pay income of foreigners or Amerithe report. cans living abroad, and also foreign taxes of any kind, Column No. 13.—A cross footing should be made against should be entered in this column. Ordinary remittances each country and placed in the total column, No. 13. made by foreigners to relatives in foreign countries should Footing should also be made of each class of exchange not be included. purchased and the cross footings of the totals should agree Column No. 7.—The entries in this column correspond before dealers send in their reports. to those in column 7 of the form " Purchases of Exchange " and should cover all exchanges sold to interests outside of FORM OF REPORT FOR SALES OF EXCHANGE. the United States, whether payment is made in dollars or foreign moneys. If in foreign moneys, a purchase of exchange should be recorded also. The detail must be A somewhat similar form was provided for carried forward into Form ID under the second division the reports of sales of exchange, which con- of each country listed across the top under " Amount sold stitute the basis for Table VI. This form, to." Example, in case £10,000 sterling was sold to an No. 1C contained the following headings: Argentine bank, this would appear in column 7 under ; sales of exchange against Great Britain, as, say, $47,500, 1. Demand items to dealers in the United States. and would be entered in Form ID opposite Argentina, 2. Cable transfers to dealers in the United States. among the countries listed on the left-hand side, under 3. Finance or time bills—loans. "Exchange on Great Britain," and under "Amount sold 4. Sales against imports. to " in the right-hand column. 5. Sales to cover freight, insurance, etc. Column No. 8.—The conditions covering entries in 6. Sales on account of income taxes, etc. column 8 in the report of "Purchases of Exchange," 7. Sales for account of parties outside of United States. Form IB, should be read and applied here. 8. Sales to foreign agencies and firms domiciled in the Column No. 9.—All exchanges sold in order to pay for United States. securities purchased abroad should be entered in this 9. Sales against securities. column and the detail carried forward on Form No. IE 10. Travelers' letters of credit and checks. under the column "Bought from" under the proper classi- 11. Gold and silver shipments. fication and against the country from which the securities 12. Miscellaneous. are purchased. 13. Total sales of exchange. Column No. 10, Travelers1 letters of credit and travelers' checks.—Letters of credit: Drafts presented to foreign cor- These headings are explained thus in the respondents drawn against travelers' letters of credit instructions to dealers: issued under guaranty, when credited to the foreign account by the dealers, should be entered in this column. This form is divided into a number of columns in order to separate sales of exchange into the same classes as Letters of credit sold against cash should be entered in those of purchases of exchange and such other as are con- this column as of the time the credit is made to the foreign sidered necessary. account. Columns Nos. 1 and 2.—Sales of exchange, either de- Travelers' checks: Travelers' checks are sold for use in mand or cable, to dealers of class A and class B would be the United States and all parts of the world, and at the entered in these columns, except such exchange as inight time of their sale it is impossible to determine in what properly belong under any of the other headings. country they will be charged to American account. At Column No. 3.—Sales of long bills must be entered in the time of sale of travelers' checks, therefore, whether this column, regardless of whether they are sold for United against cash or otherwise, no entries need be made upon States dollars or for foreign currency, although in the any foreign exchange report and inland correspondents latter event a purchase of exchange must be shown against selling checks against the accounts of metropolitan banks the country where the proceeds are deposited. (See or exchange houses need make no report whatever of such column 3, Form IB, Purchases of Exchange.) sales. When dealers, whose business it is to protect Column No. 4-—All sales of exchange to be used for travelers' checks, receive advice that such checks have payment of imports must be entered in this column. been charged to their accounts by foreign corespondents, Every dealer must ascertain for what purpose exchange they must at the time they credit such foreign corresold is required, and when doing so must be particular to spondent for travelers' checks paid by the latter enter the find out whether its purpose is directly or indirectly for total in this column. the payment of imports to the United States. Column No. 11.—Exchange disposed of through the im- To these figures must be added all settlements of com- portation of gold or silver should be listed in this column. mercial letters of credit against the country where drafts In case gold or silver is not imported to the United States drawn against such credits are made payable, with the but is shipped from one foreign country to another foreign exception of dollar commercial letters of credit issued country, a record should be made under column 7, Form against imports. (Commercial letters of credit for domestic IB, "Purchases of Exchange," of the exchange received, use not included.) The dealer must on presentation enter but advice by letter should accompany the report, stating in this column drafts drawn under dollar commercial the nature of the transaction. (As a shipment of this letters of credit against the country from which the impor- nature might be for enemy account or benefit, a permit tation is made, and in order to balance his report must must be obtained from the Federal Reserve Board before Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

168 FEDERAL RESERVE BULLETIN. FEBRUABY, 1022. any gold or silver can be shipped from one foreign country INSTRUCTIONS TO DEALERS. to any other foreign country.) Also foreign currency in separate total, marked F. C; The different classifications above enumer- Column No. 12.—All sales of exchange which represent ated will be rendered clearer by reference to funds being transferred to relatives or friends as presents, gifts, or voluntary contributions, and that do not represent the following extracts from the instructions to a remittance due the beneficiary account of property held dealers. The columns for debits to dollar in the United States, should be entered in this column. account are explained thus: All other sales of exchange which do not clearly belong under any other column should be entered in column 12; Column No. 1.—Payment to banks or others in the , also all book entries, such as exchange, commissions, United States either through drafts drawn or letters of losses, etc. instruction or by cable are to be entered in this column, Column No. 13.—A cross footing should be made against except where they specifically belong in some other each country and placed in this column. Footings should column. also be made of each class of exchange sold, and the cross Column No. 2.—All payments to banks or others outfootings of the totals should agree before dealers send in side of the United States or to banks in the United States their reports. for accounts of banks or others outside of the United States situated in a different country from that of the depositor, It is expected that the foregoing instrucwhether by cable, letter of advice or draft, should be entions to dealers will be referred to by anyone tered in this column. making a detailed study of the figures given in All drafts drawn against the dollar accounts of foreign Tables V and VI. The scope and meaning of persons which bear a foreign indorsement in a country different from that of the drawer should be entered in the columns in those tables, which are the this column and a detailed statement [to be reported by same as in the original reports from dealers letter] should show the country of the drawer and country on the forms above described, will thus be of the foreign indorser. * * * more clearly apparent. Column ATo. 3.—All payments for merchandise of any kind, whether against shipping documents, warehouse receipts, or transfers, should be entered in this column. III. DEBITS AND CREDITS TO DOLLAR AC- Column No. 4.—The cost of the purchase of all securities COUNT. should be entered in this column and the details should be reported on Form IE, "Securities," etc., under column The purpose of obtaining reports on debits "Sold to" and against the proper country. and credits to dollar account was to enable the Concerning credits to dollar account, the Federal Reserve Board to exercise close super- instructions to dealers give these explanations: vision over the accounts maintained in the Column No. 1.—Credits received from persons in the United States by foreign banks, business United States, whether made through deposit of such houses, and individuals. To this end, reports persons or through the collection of drafts drawn upon from all "dealers" in the country who carried them, except where such items clearly come under other dollar accounts for foreigners were required headings, should be entered in this column. regularly upon forms designed to classify Column No. 2.—Remittances received direct from the foreign account in the shape of bills of exchange where transfers of credit into several main categories. the drawers are located in a foreign country not that of the Form No. IF, debits to dollar account, was depositor, and all remittances received from foreign counprovided with six headings as follows: tries outside of that of the depositor for account of the depositor, should be entered in this column; also all de- 1. Payments to banks or others in United States. posits made by American institutions at the request or 2. Payments to banks or others outside United States. for the account of foreign interests. * * * 3. Payments against shipping documents or warehouse Column No. 3.—The proceeds of securities sold should receipts. be entered in this column and report of details should be 4. Cost of securities purchased. made on Form IE against the proper country and under 5. Miscellaneous. the column "Bought from." 6. Total debits to dollar account. Column No. 4.—It is customary for many foreign interests carrying accounts in the United States to sendcom- Form No. 1G, credits to dollar account, had modities'for sale, the proceeds to go to their credit. Totals the following headings: of such sales should be entered in this column. Also the proceeds of documentary remittances. 1. Credits from banks or others in United States. 2. Credits from banks or others outside United States. Column 5 in both forms is for miscellaneous 3. Proceeds of securities sold. items not properly belonging in any of the 4. Proceeds of commodity sales. first four columns. The sixth column pro- 5. Miscellaneous. 6. Total credits to dollar account. vides for a cross-total of the other five columns. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL BESEBVE BULLETIN. 169 AMOUNT AND DISTRIBUTION OF DEBITS AND PERCENTAGE DISTRIBUTION OF TOTAL CREDITS TO DOLLAR ACCOUNT. CREDITS TO DOLLAR ACCOUNT. The dollar balances on open account, built up and maintained in this country by foreign Central i e t n h x t e t e e r E n e u d s r e ts o d p l b e a a r y g n e t h A ly e l l i U a e s s n , i a t h n e a d v o e S u t t r g a e t r c e o e s w i v G t e h d o v o a e f t r t n e t m h nt e e i o n lo n t a t i n o n s Items. A E p l u e li r a e o n s - . E t p n r u e e a a r u ls o n - . -P m E o a u i w n n r d o e o r - r s Asia. A S i o m c u a e t . r h - p w O o o t i h n rl e t d s r . T t c r o o a ie u l t l a s n l . - , pean the first article of this series. Table VII, at countries. the end of the present article on the other hand, shows by the statement of debits and credits • From banlrs or others to foreign dollar accounts the activity or turn- in United States 52.5 3.4 0.2 4.5 3.4 13.7 77.7 over of the funds held in the United States for From banks or others outside United the account of foreign countries. Lack of States 6.9 3.4 -.1 1.4 .9 3.2 15.9 Proceeds of securities space prevents any detailed analysis of Table sold .4 .6 1.0 2.0 VII at this point, and in view of the explana- Proceeds of commodity salos .2 .1 .2 .3 1.0 tions that have already been given in this and Miscellaneous .9 .6 .6 .4 .9 3.4 the previous article, the figures may be left to Total 60.8 8.1 0.3 6.7 4.9 19.2 100.0 speak for themselves. Suffice it to call attention to the size of the settlements that were 1 Less than 0.05 per cent. effected by means of transfers of these foreign In Tables V, VI, and VII, which follow, will dollar credits in the comparatively short space be found detailed figures covering purchases of 70 weeks. Total credits to dollar account and sales of foreign exchange, and debits and during this time reached the enormous sum of credits to dollar account, during the period $32,645,793,000, while debits to dollar account from February 21, 1918, to June 25, 1919, amounted to approximately the same figure, or inclusive, arranged quarterly, and classified $32,810,251,000. Nearly two-thirds of these according to the headings and countries presums, or about $20,000,000,000 each for debits scribed in the original reports to the Federal and credits, represented transfers for the ac- Reserve Board. Then follow two tables which count of the European allied nations. Among present for individual countries the percentage other countries, the largest sums credited in distribution of certain of the basic data conthe United States were for the account of tained in Tables V and VII. It will be ob- Canada, about $4,000,000,000; Japan, $1,500,served that the totals in those tables do not 000,000; West Indies, $1,350,000,000; and always exactly equal the sums of the indi- Argentina, $700,000,000. Debits in each case vidual items as shown. This is due to the fact were about the same as credits. In the following that all amounts, including the totals, are table the grand total of credits to dollar account shown to the nearest thousand, the results has been put equal to 100 per cent, which has therefore being more accurately stated than if then been split up to show the percentage disthe totals had been adjusted to correspond tribution between the several groups of countries with the individual items. and also between the various classes into which credits are divided in Table VII. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 FEDERAL BESEEVE BUU,ETIX. FEBRUARY, 1922. TABLE V.—PURCHASES OF FOREIGN EXCHANGE. fin thousands of dollars.] j From Co p u e n r t i r o y d a . nd D U d S i e f t e t r n m e a a o i m n i l t m a t e e e n s r s d s d . tr d U S a C f e n t r n a a a o i s n i b l t m f t e e l e e e r s r d s . s F b l i c t o n i i l o a m e a ll n a n r s e n s c - . e ; i | C b o il t l to s, n M bil e l a s t . e O b x i t p l h l o e s r . r t i o f U n F o t u s i r r n o t e o t o s i i i n t f i m t g e d u s n d e - ' 1 i ! ! i ; • c d a i f f c a l o g o i e i n r r c m o d m e d i s i i i i s g - - n n A se t g i c e a u i s n r . i s - t c p d h C d a e e o i o n v c n u d n i - k d s - s. ! m s s G a i h e l n o v n ip l d e t d - s r . la M n i e s o ce u l s - . ! Total. States. i : S U t n a i t t e e s d . i EUROPEAN ALLIES. France: Feb.-Mar., 19181. 11,121 30,083 . 565 12,809 10,193 i 13,943 2,048 140 54 3 ! 5,241 86,201 Apr.-June3 20,921 53,385 ; 1,890 23,613 25,971 I 29,633 j 4,091 245 40 j 19,353 ' 179,501 J O u c ly t.- - D Se e p c t . . » * 2 1 0 8 , , 5 25 2 7 1 3 7 5 3 , , 6 9 1 3 6 3 , 1, 7 7 1 2 9 4 | ! 6, 2 0 7 5 1 5 8 7 0 4 9 6 , , 9 1 1 5 7 3 ' I 3 2 3 5 , ,7 2 5 1 8 3 ;: 9 5 , ,8 0 9 2 7 3 64 7 1 6 1,404 13 4 6 8 ! , 7 6 , , 9 6 2 9 3 3 : ! 1 1 5 1 1 3 , , 6 4 2 4 3 2 Jan.-Mar., 1919«.. 49,625 79,94.1. 1,491 j 1,012 86 20,606 J 54,665 ! 7,443 2,388 220 325 i 8,289 226,092 Apr.-June* 79,583 123,377 j 1,665 i 8,332 1,241 18,391 I 74,683 ! 16,126 1,760 99 22 ! 13,448 i 338,728 Totals. 200,029 ! 396,336 8,055 ! 52,093 1,554 91,231 I 231,896 ' 44,627 5,251 | 2,995 574 0,947 1,095,587 Great Britain: Feb .-Mar., 1918.. 51,428 i 226,790 12,074 ' 35,366 6,367 39,078 i 83,105 ! 9,163 735 I 1,088 366 i 26,321 491,881 Apr .-June 90,749 | 401,865 25,624 ! 78,187 8,987 91,175 ' 202,587 26,452 433 |1,038 959 j 66,477 994,534 July-Sept 106,487 ! 421,916 19,395 ! 102,825 4,274 74,536 ! 128,061 i 21,322 219 940 451 ! 114,480 994,906 Oct.-Dec 112,244 i 429,619 28,668 ! .165,827 4,140 90,998 j 133,116 14,987 3,003 | 920 384; 140,368 1,124,275 Jan.-Mar., 1919... 146,330 i 514,579 31,118 I 122,585 9,266 124, .190 182,239 ; 25,954 494 i 1,399 201 91,634 1,249,988 Apr.-June 292,649 565,082 25,181 129,473 24,845 147,264 191,318 i 34,270 1,598 | 602 1,187 ! 89,397 1,502,868 Total., 799,888 12,559,851 142,060 j 634,264 57,880 567,241 I 920,427 |132,147 6,481 3,549 j 528,677 j 6,358,453 Italy: Feb.-Mar., 1918. 6,068 i 12, 730 154 i 13 2,312 ! 4,083 1,872 15! 2,601 \ 29,848 Apr.-June 11,963 | 25,219 7 i 64 5,826 i 6066 5,201 521 6,293 ! 71,163 July-Sept 11,001 25,109 141 ; 169 6,271 | 8,623 !1,538 13,908 j 66,781 Oct.-Dec 10,170 ! 20,559 66 ! 39 36,435 i 1,409 i 647 8,969 i 78,377 Jan.-Mar., 1919.. 14,750 | 17, 487 74 ' 7,064 j 2,619 j 573 9,027 ! 51,623 Apr.-June 49,430 | 67,961 120 ! 832 1,705 ; 61,271 | 8,840 I 22 | 22,385 212,572 Total.. 103,381 j 169,066 563 i 1,118 92 59,613 j 94,071 18,671 | 543 I 38 25 i 63,183 510,364 Other:» I A Fe p b r . . - - M Ju a n r e ., 1918. 20 2 3 0 3 3 4 2 9 6 11 I- 1, 6 8 9 2 0 4 4 1 , , 9 1 7 5 8 7 ! '' 1 7 2 4 1 45 1 3 0 , , 4 8 6 3 5 9 1 1 3 0 , , 9 2 0 2 3 9 July-Sept 141 229 16 . 2,166 5,729 j ! 1,065 9,356 Oct.-Dec 164 470 1,712 7,629 ,. 3,998 13,982 Jan.-Mar., 1919.. 253 758 2,301 10,973 77 2,387 16,749 Apr.-June 1,519 648 22 4,130 12,433 127 1,957 20,835 Total.. 2,300 2,779 48| 12,823 | 42,900 ! 407 I 12 66 ; 23,709 85,053 EUROPEAN NEUTRALS. ! | Denmark: Feb.-Mar., 1918.. SO ! 441 136 2,241 j 154 i (2) i 141 3,193 Apr.-June 115 i 1,587 18 2 344 358 | 51 652 5,280 July-Sept 179 j 1,255 1,958 ! 462 | 132 4,043 Oct.-Dec 234 1,232 4,370 ! 1,149 j .«!• 216 7,215 Jan.-Mar., 1919... 480 700 30 50 8,608 i 1,090 329 11,288 Apr.-June 3,300 5,990 185 1,310 16,845 j 1,667 I 816 30,158 Total'.. 4,388 11,206 240 142 1,371 I 36,366 ; 4,8 228 i 2,286 61,177 Holland: Feb.-Mar., 1918.. 708 1,827 I 15 "2I j-. 517 2,570 , 165 282 1 8 , 1,195 7,290 Apr.-June 918 3,981 | 1,684 ! 2,518 i 23 191 347 i\ 1,468 11,140 July-Sopt 1,577 3,998 j 815 ' 2,533 : 254 38 3 1,692 10,963 Oct.-Dec 1,399 5,696 j. 29 6,251 i 5,236 47 4 11 1,711 20,395 J A a p n r .- .- M Ju a n r. e , 1919.. 1 1 6 , , 5 1 0 90 7 3 1 0 1 , , 5 7 8 4 9 7 I I 550 1 8 1 6 4 5 8 3,351 2 9 f8 1 3 7 6 0 I i 1 8 5 , , 5 5 1 7 2 9 ! 1,7 6 7 5 7 3, 9 3 0 2 6 2 5 3 7 2 0 9 1 i 4 9, , 2 5 2 3 4 5 8 3 8 2 , , 9 5 3 4 8 9 Total.. 22,299 57,837 | 570 | 1,060 j 3,352 21,273 | 36,948 \ 2,331 I 4,742 ! 964 73 I 19,826 j 171,276 Norway: Feb.-Mar., 1918... 296 ! 2,490 i 1 36 ! 1,193 546 49 481 5,109 Apr.- June 3,475 ! 3,475 j 113 5,990 ! 3,469 ! 133 ! 209 1,255 16,143 July-Sept 842 i 1,914 1 3,816 I 3,405 i 149 I 134 242 10,629 Oct.-Dec 1,530 ! 2,385 j. 4,593 | 4,699 i 290 ! 93 561 14,173 Jan.-Mar., 19J9.... 1,337 ! 2 458 ! 189 76 6,288 ; 3,300 : 326 1,035 15,034 Apr.-June 1,318 : 3,114 j 176 134 7 531 ! 5,581 i 207 1,515 19,586 Total. .1 6,799 i 15,836 \ 479 85 210 29,410 j 21,000 1,111 I 485 166 I 5,0 80,674 1 Period of 6 weeks, beginning Feb. 21,1918, and ending Apr. 3,1918. 2 Amount is less than $500. 3 Period of 13 weeks, beginning Apr. 4,1918, and ending July 3,1918. 4 Period of 13 weeks, beginning July 4, 1918, and ending Oct. 2,1918. 6 Period of 13 weeks, beginning Oct. 3, 1918, and ending Dec. 31,1918. « Period of 13 weeks, beginning Jan. 1,1919, and ending Apr. 2, 1919. * Period of 12 weeks, beginning Apr. 3,1919, and ending June 25,1919. s Period of 70 weeks, beginning Feb. 21,1918, and ending June 25,1919. 9 Greece, Portugal, and Russia only. The remaining European alallileies not shown separately were grouped in the original reports with the Central Powers under the heading " Other European points." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 171 TABLEV.-FURCHASES OF FOREIGN EXCHANGE—Continued. [In thousands of dollars.] ! From i Co p u e n r t i r o y d a . nd D P U d S i e e t t f n m e a a r i o i n m t l t a e e m e n r s s d s . d t j r d i S U * t C a e t f n n a a a r i s i o t l b n t f e e m e l e r s e d s r . s F b l c i o t i n i l l a o l e m a s n r a n — e s n c . e C b o il t l t s o . n M bil e l a s. t e O b x i t p l h l o s e r . r t i o S U f n F o t u t i s n r a t r o o t e s i o t i f n t i i e t m e g d s u s d n e . - f U c i f d i a o f a n l o c i g r e r n i i m e e d m e t d i n e s g i i s - d - n n A se t g i c e a u i s n r . i s - t c d h p d C a e e i o o n v c n n d u i k d s - - s. m s s G a i h e l n o v n i d p l e t d - s r . la M n i e s o ce u l s - . Total. States. EUROPEAN NEU- TRALS—COn. Spain: Feb.-Mar., 1918 . 1,098 1,555 3 1 357 3 382 2 IS 3 CO 413 8 030 Apr.-Juno 3,045 3,340 55 39 1,355 4,392 483 (2) 1,070 13,779 July-Sept 5,533 5,391 279 38 61 3,500 6,845 432 1,041 23,121 Oct.-Dec. , 7,339 6,575 179 2,417 804 1 2 774 29 954 Jan.-Mar., 1919.... 5,801 S, 744 303 848 4,021 9,829 2-t 1,879 32,869 Apr.-June 12,027 13,205 251 542 1 5,308 16,014 415 2,000 2,273 52,035 Total 34,844 3«,811 1,009 1,466 02 18,558 50,2G7 3,232 3 1 2,024 9,451 159,788 Sweden: Feb.-Mar., 1918... 59 1,450 314 1,280 779 3,890 Apr.-June 592 2,254 2,397 2 243 339 3 19 S39 8,885 July-Sept 713 3,708 037 9 08Q 39 48 477 7 979 Oct.-Dec. 624 2,322 1 525 2 983 62 4 1 378 8 898 Jan.-Mar., 1919.... 309 3,471 0,443 4*127 3 1 13 1 371 15,73S Apr.-June 2,011 4,335 501 7,810 4,106 82 4 1,741 20,649 Total 4,307 17,537 501 19,428 16,806 525 1 5 88 6,584 65,840 Switzerland: Feb.-Mar., 1918... 1,105 3,001 22 1,138 115 5,623 2,691 41 1 1 586 14,443 Apr.-June 4,163 3,706 102 1,906 55 19,210 2,722 37 153 3 20 1,094 33,891 Julv-Sopt 2,723 4,554 233 2L4 10,389 5,905 64 86 1 2 800 25,030 Oct.-Dec 4,050 3,521 131 436 9,318 3 355 51 11 3 2 742 21,626 Jan.-Mar., 1919.... 4,715 7, SSL 219 1,720 18,43S 5 602 862 40 943 40,119 Apr.-June 4,393 6,925 320 3,223 1,778 15,150 9,77-1 175 105 3 1 807 42,661 Total 21,214 29,349 1,093 8,697 1,947 78,128 30,048 1,1S9 437 11 25 5,631 177,771 OTHER EUROPEAN POINTS. Central Powers and minor European countries: Feb.-Mar., 1918... 3 180 (•>) (2) 122 311 Apr.-June 4 195 (2) 90 289 July-Sept 2 101 (2) 115 221 Oct.-Dec 33 68 08 38 7 213 Jan.-Mar., 1919.... 1,045 2,334 21L 2 3L3 1,027 6,038 328 12,498 Apr.-June 4,640 5,417 4 45 481 8,803 2,797 259 2,418 24,900 Total 6,331 7,820 21 r> 49 793 10,9S2 8,871 260 (2) 3,111 38,432 ASIA. China: Feb.-Mar., 1918... 669 464 C2) 72 3,934 647 2 1,100 4,507 11,395 Apr.-June 1,485 505 1 36 14 10,012 2,627 6 218 10,908 25,870 July-Sept 1,970 259 4 209 9,65i 1,270 9 2,750 10,975 27,100 Oct.-Dec 2,032 354 124 8,3S3 504 1 015 8,395 20,637 Jan.-Mar., 1919.... 1,578 771 77 12,903 1,191 1,561 7,379 25,460 Apr.-June 2,085 649 47 2 13,984 1,472 78" " ••(«)••• 469 7,810 26,598 Total 9,819 2,802 253 320 14 58,869 7,711 87 8 7,143 50,034 137,060 India: A Fe p b r . . - - M Ju a n r e ., 1918... 26 1 8 3 2,1 3 2 5 8 2 14 1 ( V 2)718 711 3 1, , 0 7 0 8 9 9 1,9 1 6 3 4 5 (2) 2 6, , 9 5 1 0 4 7 1 4 6 , , 3 2 3 5 2 2 July-Sept 403 1,600 1 2,072 408 25,728 30,218 Oct.-Dec 7 677 2 3,908 89 (2) 10,088 14,831 Jan.-Mar., 1919.... 69 53 60 3,704 10 6,485 10,382 Apr.-June 190 949 13 3,275 238 1 3,631 8,297 Total 951 5,767 91 719 711 17,876 2,844 CO 1 55,352 84,312 Japan: Feb.-Mar., 1918... 208 1,357 77 4,864 13,782 1,458 5,462 35 (2) 9,055 36,298 Apr.-June 921 3,205 259 9,846 1,431 25,941 3,494 23 26o 27,375 72,769 July-Sept 1,494 638 98 15,932 41,360 3,800 200 28,612 92,137 Oct.-Dec. 4,119 3,775 61 26,830 34,195 . 2,157 3 22 33,078 104,240 Jan.-Mar., 1919.... 5,759 6,096 449 42,479 45,390 5,858 181 5 28,220 134,437 Apr.-Juno 4,460 3,404 538 10,464 27,610 3,675 1 5 2,005 19,969 72,192 Total 16,961 18,534 1,482 110,414 1,431 188,278 20,412 390 5,485 45 2,301 146,309 512,073 Other: Feb.-Mar., 1918... 140 83 2 33 1,102 487 395 m 5,811 8,053 Apr.-June 303 46 6 2,565 43 14,367 17,330 July-Sept 565 81 19 46 4,185 (2) (2) 9,897 14,794 J O a c n t . . - - M De a c r. . , 1919.... 2 3 6 1 9 6 1 1 8 5 9 1 8 3 4 4 , , 2 6 0 4 0 2 4 4 2 (2) (2) 2 4 4 , , 1 8 8 0 7 3 8 9, , 9 6 1 9 9 1 Apr.-June 1,067 5 7 4,227 108 7,690 13,105 Total 2,660 248 145 79 20,921 685 395 3 48,756 71,891 * Amount is less than §500, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

172 FEDERAL RESERVE BULLETIN, FEBRUARY, 1922. TABLE V.—PURCHASES OF FOREIGN EXCHANGE—Continued. [In thousands of dollars.] ! ! From Demand Cable -, From foreign Co p u e n r t i r o y d . and d U S i f e t t r n e a a i o n i m l t m t e e e r s s d s . tr d U S a f e t n n r a a i o s n i l t m t f e e e e r s d r s . s f l i c t o n l i o a e a m r n a n e n s c . e • • '• C b o i t l t l o s. n ! b M il e l a s t . e O b x i t p l h l o e s r . r t i o U f n o t u n s i r t o e o t i s i i f n t i g t e d s u n d e - , c d a f i a l i c o g e r n i m e m d e d n s i s i - - n V se t g c ie u a s i r . n i- st c d h p C d a e e o i o n v n c n u d i d k s - - s. i . !m s s G a i e h l n o v n i d p l e t d - s r . l M an i e s o ce u l s - . Total. States. United States. | • '•" i SOUTH AMERICA. I ! i I j Argentina: Feb.-Mar., 1918.... 772 ! 3 489 52 36 3,411 651 : 105 (2) ! 1 11,898 20,416 •Vpr.-June 1,881 1,984 438 . 9 9,596 3,871 57 3 25,269 43,111 July-Sept 1 976 3 147 556 1 62 10,241 5,401 50 00 4 1 25,255 46,697 Oct -Dec 1,125 118 ' 33 : 5 12,761 2,672 200 20 1 25,418 43,673 J A an p . r - . A -J l u a n r. e , 1919 'A, 709 ' 2 •>• ,5 1 3 11 8 7 2 6 1 I 2 i 1 1 3 0 , , 3 6 1 6 8 5 i 3 7, , 5 3 6 7 1 6 3 1 , 9 1 3 6 4 5 | 2 4 5 9 i , 1,404 1 ; 1 7 9 , , 6 4 6 4 6 1 2 4 9 9 , , 1 2 8 8 7 1 Total 11,075 14,393 1,262 144 i 5 59,995 23,535 j 5,511 2 ; 84 1,412 j 114,947 232,366 1 Brazil: Fob -Mar 1918 827 39 i 10 4 120 5 1 958 6,962 Apr -June 2,202 2 38 ! 8,923 50 134 (2) i 2,718 14,068 Julv-Sept 1,780 14 27 ' 8,797 190 35 10 15 4,099 14,96S Oct.-Dec 2 003 9 40 (2) 2 6,995 57 1 1 3,565 12,673 Jan -Mar., 1919 . 2 152 £] 75 | 9 701 78 30 4,928 17,016 Apr.-June 2,488 3 99 ! 10,282 1,878 890 5 5,344 20,989 Total 11,453 109 318 i 10 j 2 48,818 2,258 1,093 10 15 6 22,61.3 86,705 Chile: Feb.-Mar., 1918... 33 4 23 1,413 (2) 200 754 2,428 Apr -June ! 116 •< 39 2 3 795 1 4 1 1,653 5,611 July-Sent ! 130 I 17 4 4 210 18 1 1,260 5,641 Oct.-Dec 161 39 5 459 56 0 (2) 1 621 6,343 Jan.-Mar., 1919.... 115 20 4,941 39 938 6,053 Apr.-June 105 9 31 ' 3,721 46 i 1,371 5,284 Total 659 10 150 27 2 23,539 161 210 (2) 3 6,598 31,360 Other: Feb-Mar., 1918 . 175 42 12 1 821 48 10 733 2,845 Apr.-June . - 476 77 4 727 82 2 41 1,705 7,109 July Sept ! 424 (2) 100 5 4,840 189 3 31 1 1,326 6,920 Oct .-Dec 370 62 9 (2)1 5,987 123 14 1 2,040 8,608 Jan .-Mar., 1919 789 ! 53 102 2 5 946 374 605 1,966 9,837 Apr.-June = 695 ! 200 43 6,097 69 (2) (2) 658 4,442 12,205 Total 2,929 254 427 28 2 29,422 885 5 86 1,276 12,211 47,524 .-^ :— OTHER WORLD POINTS. Canada: Feb.-Mar., 1918.. i 12,143 598 558 921 92 6,953 4,940 320 320 217 395 51,234 78,697 Apr.-June ! 39,085 5,309 65 2,940 178 18,409 14,168 1,327 520i 528 1,582 182,036 266,748 Tuly Sept i 39,669 10,081 81 1,560 55 18,687 21,989 5 650 593 1,839 183,482 278,690 Oct .-Dec i 43,125 17,061 105 4,793 65 17,651 22,799 17 397 614 2,260 233,572 342,459 Jan.-Mar., 1919... • 39,991 19,417 173 1,833 31 17,495 13,163 83 5,978 520 2,804 ! 183,852 285,346 Apr.-June 45,862 12,115 513 1,240 105 11,901 6,492 36 2,028 294 3,517 ; 198,395 282,498 Total 219,874 64,580 1,495 13,292 526 91,097 83,552 1,793 9,893 j 2,766 12,398 1,033,170 1,534,437 Mexico: ! Feb.-Mar., 1918 .J 68: 1 4 291 • 12 i 1 j 106 918 1,401 Am* .-June 437 32 17 (2) 962 97 9 129 2,081 3,765 July-Sept J 534 (2) 9 1 (2) 830 52 11 (2) i . 97 2,402 3,936 Oct.-Dec ! 307 3 40 : (2) 1 262! 85i 28 5 5 4,621 6,356 J A a p n r . . - - M Ju a n r e ., 1919 .. 3 5 0 7 i 15 1 1 6 5 1 (2) 1 1 , , 7 5 6 4 2 4 87 5 5 1 6 (2) 31 1 i 3 4 , , 8 3 5 9 2 7 6 5, , 5 3 6 5 1 8 Total -! 1,434 51 100 i 1 (2) 6,650 339 156 37 337 18,270 27,377 West Indies: ! Feb. Mar., 1918.. 358 162 110 4 749 150 2 7 1 5,187 10,726 A pr.-June 1,321 16 85 614 14,861 48 37 i46 8 1 34 16,277 33,591 July-Sept 1,390 124 160 202 12,326 145 1 24 22 1 (2) 12,187 26,586 Oct.-Dec .i 1,616 141 2281 250 56 12,916 94 (2) 15: 1 1 16,480 ' 31,798 Jan.-Mar., 1919...., 1,671 59 66 1 (2) 3 14,501 350 2 2 11i 16,529 33,192 Apr.-June 1,806 155 4 11,548 3 3 ! 1 6 ! 17,097 30,623 Total .! 8,162 340 856 398 989 70,901 790 40 190 ! 41 53 83,756 166,517 All o F t c h b e . r - : Mar., 1918 .-j 31 13 j 2 1 211 214 <•> 1 = 1, 218 2,690 Apr .-Juno j 49 9 29 2 3 516 50 (2) 2,547 6,199 July-Sept 148 2 48 2 806 24 10 29 1,653 4,719 Oct.-Dec -1 127: 17 35 1 3,266 i 48 1 2 2 2,997 6,494 Jan.-Mar., 1919 .J 277 1 30 i 3 955 57 (2) 1 2,092 6,414 Apr.-June -1 318 45 i 3,971 26 1 5 3,024 7,390 Total .] 949 i 29 200 | 2 18,725 419 12 .! 2 37 13,531 33,906 —•— " Amount is less than §500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL BESEEVE BULLETIN, 173 TABLE V.-PURCHASES OF FOREIGN EXCHANGE -Continued. [In thousands of dollars.] From Demand Cable : From foreign Co p u e n r t i r o y d a . nd U d S i f e t t n r e a a i o i n m t l t m e e e s r s d s . tr d U S a f e t n n r a a i o s i n l t t m f e e e e r s d r s . s F b l c i t o n i i l a o e m l a n l r a n s e s n c - . e C b o il t l t s o . n M bil e l a s t . e O b x i t p l h l o s e r . r t ! i o U n f t u o i s n t r o o t s i e i n f t i i t e d g s u d e n - ; i c d a i f l c o a g i e r i m n e d e m n d s i i s - - n A se t g c i a e u i s r n . i s - t ch d p d C a e e i o n o v c n n d u i k d s - - s. m s s G a i e h l n o n v i d p l e t d - s r . la M n i e s o ce u l s - . Total. States. i United . States. RECAPITULATION. European Allies: Feb.-Mar., 1918... 68,636 269,953 12,793 48,196 6,368 52,272 102,289 13,204 875 1,143 429 45,002 621,159 Apr .-June 123,837 480,795 27,531 101,864 9,060 124,797 253,265 35,817 1,198 1,328 1,019 95,588 1,256,100 July-Sept 138,151 521,188 20,271 109,049 4,362 92,890 168,171 i 28,764 295 1,880 500 137,146 1,222,660 Oct.-Dec 140 835 486 264 30,458 166 138 4 299 135,299 ; 175 3f$i 24,058 3 644 2 337 520 100,258 1 •«() 07ft Jan.-Mar., 1919.... 210,958 612,765 32,683 123,597 9,352 154,161 250|496 34,047 2] 882 1,*641 534 111,337 1,544,452 Apr .-June 423,181 757,068 26,989 138,637 26,087 171,490 1 339,705 ( 59,363 3,380 703 1,212 127,187 2,075,003 Total 1,105,598 3,128,032 150,725 687,482 59,528 730,908 1,289,294 ; 195,853 12,275 9,032 4,214 676,517 8,049,457 European neutrals: Fcb.-Mar., 1918... 3, 407 10,824 41 1.312 115 11,2-1.")1 .10,629 390 376 20 3,595 41,956 Apr.-June 10,308 18,342 348 2; 006 67 32,980 1 15,701 1, 067 552 355 214 6,978 88,919 Jnlv-Sept 31,566 20,819 517 314 61 21,4L5 21,209 945 2f>7 6 211 4,444 81,765 Oct.-Dec. 15,182 21,732 315 466 28 474 27 227 i 1 316 10(> 23 37 7 382 102 262 Jan.-Mar., 1919 14,149 34,702 742 2,716 126 47,233 32,462 • 3,7S8 946 572 73 10,091 147,598 Apr .-June 39,210 64,157 1, 488 4,636 7,075 01,815 52,781 943 3, 427 38 2,050 16,376 254,027 Total 93,852 170,576 3,451 11,450 7,443 203,161 100,009 j 8,449 5,668 995 2,605 48,866 716,526 Total Europe, including Central Powers: Feb.-Mar., 1918... 72,046 280,777 12,834 49,508 6, 482 63, 703 1.1.2,918i 13,594 1,251 1,145 450 48,718 663,426 A pr.-June 134,149 499,137 27,879 103,871 9,127 157,972 268,067 36,884 1.751 1,684 1,233 102,656 1, 345,309 July-Sept 149,717 542.007 20,788 109,365 4,423 114,409 189,380 29,709 552 1, 88iS 711 141,706 1,304,652 Oct.-Dec . 156 051 508 064 30,773 166,604 4 299 163,840 202 630 25 974 3 753 2 359 556 167 647 1,432,551 Jan.-Mar., 1919.... 226, 752 649,800 33,636 126,314 9,790 203,021 288,996 37,834 3,828 2.213 607 121, 756 1,704,548 Apr.-June 467,067 826,642 28, 481 143,319 33,642 242,107 395,283 60,565 6,808 741. 3,262 146,012 2,353,930 Total 1,205,781 3,306,427 154,391 698,981 67,764 945,051 1,458,175 204,561 17,9-J3 10,028 6,819 728, 495 8,804, 415 Asia: Feb.-Mar., 1918... 1,286 2,257 80 4,969 19,886 2,727 (2) 5,402 433 1,100 21,879 60,079 Apr.-June 2,721. 5,884 280 10,601 2,1.56 42,306 8,128 5 23 9 <!83 59, 624 132,221. Julv-Sept 4,432 2,585 120 16,187 57,271 5,47<S 209 (*) 2, 753 75,212 164,248 Oct.-Dec 6,427 4,620 200 26,830 50, 745 2, 754 3 (-) 1,070 55, 7-18 148,399 Jan.-Mar., 1910.... 7,722 6,938 684 42,479 66,638 7,102 181 (2) 1,567 46.8S7 180,197 Apr.-June 7,802 5,067 606 10,467 49,096 5,494 79 0 2, 474 39,100 120,191 Total 30,391 27,351 1,970 111,532 2,156 2S5,913 31.683 477 5, 485 44!) 9, 448 298,451. 805,336 South America: Feb.-Mar., 1918... 1 807 3,490 137 81 10,768 705 308 (2) 11 15,343 32,050 Apr-Juno 4 677 1 986 593 10 2 27 042 4,004 196 41 4 31,345 69, 899 Julv-Scpt 4 311 3,162 701 71 (2) 28,089 5.801 88 JO 51 4 31,939 74,226 Oct.-Dec. 3,815 1,133 259 43 8 31,201 2,908 207 40 4 3i;644 71,297 Jan.-Alar., H)19 . 4 478 2,245 273 4 33 906 3 868 1 195 4!) 607 15,499 62,123 Apr.-June 6,997 2,750 195 1 30,705 9,554 4,825 2 0 2, 067 30,5<J9 87, 759 Total 26,115 14,766 2,157 210 11 161,774 26, 839 6,819 12 184 2,697 156,309 397,955 Other world points: Feb.-Mar., 1918... 12,601 599 737 921 202 13,205 5,316 328 320 226 501 58, 557 93,514 Apr.-June 40,892 5,365 196 3,084 794 37, 74S 14,363 .1, 373 666 536 1, 745 203,541 310,303 Julv-Sept 41,740 JO, 207 298 1,565 257 34,649 22,210 27 674 .615 1,966 199,724 313,931 Oct.-Dec 45,174 17,221 408 5,043 121 35,095 23,026 47 412 022 2.208 257,669 387,108 Jan.-Mar., 1919.... 41,969.. 19,492 284 1,838 31 37,71.3 .13,657 134 5,980 522 2,8.16 206,870 331,310 Apr.-June 48,042 12,116 729 1,240 108 28,964 6,527 93 2,031 326 3,528 222,367 326,073 Total 230,419 65,001 2,651. 13,691 1,517 187,373 85,100 2,002 10,083 2,847 12,825 1,148,728 1,702,238 Total, all countries: Feb.-Mar., 1918... 87,740 287,122 13,789 55, 479 6,684 107,561 121, 666 14,230 7,034 1,803 2,083 144,498 849,669 A Ju p lv r. - - S Ju ep n t e 2 1 0 8 0 2 , , 2 4 0 4 0 0 5 5 1 5 2 7 , , 3 9 7 6 2 0 2 2 8 1 , ,9 9 0 4 6 8 1 1 1 2 7 7, , 1 5 8 6 7 5 1 4 2 , , 6 0 8 7 1 9 2 23 6 4 5 , , 4 0 1 6 7 8 2 2 9 2 5 2 , , 8 4( 6 5 9 2 3 3 0 8 , ,4 0 5 3 9 3 2 1 , , 2 4 3 4 7 0 2 2 3 . 5 2 5 7 2 0 3 5 , , 4 4 3 6 1 5 3 4 9 1 7 8 , , 1 5 6 8 6 1 1 1 , , 8 8 5 5 7 7 , , 7 0 3 5 2 8 Oct.-Dec 21.1,497 53 L, 039 31,640 198,520 4,429 280,885 231,318 26, 231 4, 165 3,021. 3,899 512, 709 2,039,354 Jan.-Mar., 1919.... 280,921 678,476 34,876 170,635 9,824 341,278 313,623 39,344 9,808 2, 784 5,596 391,012 2,278,178 Apr.-June 529,908 84.6,575 30,010 loo,027 33, 751 350,933 416,859 65,562 8,840 1,078 11,332 438, 077 2,887,953 Grand total I, 492, 706 3,413,545 161,170 824,414 71,448 1,580,142 1,601,797 213,859 33,524 13,508 31, 788 2,332,043 j11,769,944 2 Amount is less than S500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 FEDERAL RESERVE BULLETIN. FEBRUARY, 102:2. TABLE VI.—SALES OF FOREIGN EXCHANGE. [In thousands of dollars.] Eor Country and period.1 i 1 : . D i U t d S e e e t n m m a a i i n t l t s a e e e n r s t d s o . d tr U d S a C e t n n a a i a t s i n o b l t t f e e e l e r e s d r s . s b n l t o a i i F o a m l n i l n r - c s e s e - . f i r c a n e e o n T i s t v g c c u o e h e . r r , t - , a in t c a c e c O x o o t o c e m f n u . s n e , , t a U o p S c u a t c n a t r o o o i s t t t f f i i u e e d e s n d s e . t EUROPEAN ALLIES. ! France: Feb.-Mar., 1918... 10,134 36,040 5,920 1,373 13,563 1,990 180 87,177 Apr.-June. 23,173 51,995 14,207 ! 3,255 21,130 6,683 722 180,298 July-Sept 19,437 62,505 14,241 ' 3,310 16,800 2,589 3,550 149,812 Oct.-Dec 18,980 34,560 14,995 i 2,831 12,484 2,557 1,469 i 3,370 21,584 113,995 Jan.-Mar., 1919.... 47,367 91,061 18,295 3,575 23,659 2,093 905 ! 3,000 42,887 • 233,900 Apr.-June 79,772 123,436 20,113 I 3,026 48,593 13,815 1,398 j 1,577 38,842 ! 330,881 Total 1,852 87,772 2,125 Great Britain: Feb.-Mar., 1918... 45,710 i 198,652 2,373 ; 75,948 6,370 ! 3,960 57,810 5,994 212 114,782 516,540 Apr.-June 87,823 ! 404,584 8,450 | 174,606 12,466 8,374 116,111 17,282 576 161,972 1,002,142 July-Sept 101,562 | 8,565 '•1-69',-1-49 9,781 6,188 138,805 15,259 2,294 99,659 1,024,071 Oct.-Dec. 112,516 i 482,106 8,841 165,687 9,941 8,206 184,273 10,655 1,396 112,224 1,098,753 Jan.-Mar., 1919.... J163,984 I 536,508 152,798 10,200 ! 10,744 205,277 18,261 792 207,228 1,322,724 Apr.-June. 307,450 : 618,372 7,772 j 4,944 219,174 39,179 7,094 102,031 1,448,651 Total Italy: Feb.-Mar., 1918 ,424 12,431 1,726 218 12,302 37,167 Apr.-June. 13,038 18,638 2,032 1,018 | 29,266 70,757 July-Sept 13,910 4,887 588 39 35,628 59,221 Oct.-Dec 11,923 3,181 854 139 65,779 82,775 Jan.-Mar., 1919. 17,405 8,456 1,689 165 34,765 63,614 Apr.-June. 67,892 57,206 8,740 3,022 77,231 215,618 Total... 15,630 | 4,601 j 11,050 Other: Feb.-Mar., 1918 41 10 15,237 18,178 Apr.-June, 553 1,029 8,453 10,955 July-Sept 129 301 9,656 10,582 Oct.-Dec 512 2,472 10,617 14,040 Jan.-Mar., 1919. 2,387 1,737 13,542 18,559 Apr.-June 25 i 697 498 15,824 19,577 Total. EUROPEAN NEUTRALS. Denmark: Feb.-Mar., 1918... 2,539 3,197 Apr.-June. 3,165 5,353 July-Sept 2,161 3, Oct.-Dec 4,956 7,205 Jan.-Mar., 1919. 8,785 10,888 Apr.-June. 19,039 28,157 Total. Holland: Feb.-Mar., 1918. 325 680 856 ' 3,394 6,728 Apr.-June 1,166 717 2,441 ' 3, 13,288 July-Sept 1,241 1,909 i 1,179 2,605 11,591 Oct.-Dec 1,547 2,966 ' 1,211 2,841 15,223 Jan.-Mar., 1919. 1,745 6,887 2,065 5,673 35,926 Apr.-June 10,671 11,991 2,804 9,208 81,427 Total Norway: Feb.-Mar., 1918.... 2,313 6,385 Apr.-June 8,467 16,457 July-Sept 2,242j 5,169 11,623 Oct.-Dec 1,591 6,223 13,180 Jan.-Mar., 1919.... 1,244 119 15,359 Apr.-June 1,306 10,054 17,302 Total. Spain: I Feb.-Mar,, 1918....' 242 1,728 261 , (») ; 1,767 7,201 Apr.-June 1,268 1,930 166 s i 2,938 13,023 July-Sept 1,437 2,820 410 : 1 6,154 23,023 Oct.-Dec 1,657 5,468 409 i 7,357 30,615 Jan.-Mar., 1919.... 2,169 6,480 j 562 1 9,740 35,261 Apr.-June 5,383 12,145 2,416 ! 15 8,031 57,542 Total 1 For precise duration of each period see footnotes to Table V on p. 170. 3 Amount is less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL BESEKVE BULLETIN. 175 TABLE VI,—SALES OF FOREIGN EXCHANGE—Continued. [In thousands of dollars.] To Country and period. D ^ i U t S d e e e t n m m a i a i n t l t s a e e e n r s t d s o . d tr U d S a C e t n n a i a a t n s o i b l t t f e e l e e e r s d r s . s b n l t o i a i F a o l m n i l n r - c s e s e - . i A m g p a o in rt s s t . f i r c a n e e o n T i s t v g c c u o . e e h r r , - t, i a n t c a c e c O x o t o o c n e m f u . s n e , t , a U o p S c u a t n c F a t r o o o i s o t t f f t i i u e r e d e s n d s e . t c U f d i o a i a i l c n o r g r e n e i m i m e d e i d t n g s e i s i - n - d n A se g ti c a e u i s n r . i s - t c T l c e h a r r e t e a e o n r t c s v d e f d ' k r e it s s l . - m s s G a i h e l n o v i n d p l e t d - s r . l M an i e sc o e u l s - . Total. States. EUROPEAN NEU- TRALS—COn. Sweden: Feb.-Mar., 1918... 355 1,429 1 832 1,252 18 537 1 1 797 5,222 Apr.-June 819 2,482 (3) 236 1,429 88 428 11 4 3,220 8,717 July-Sept 1,192 3,912 329 789 ! 47 652 33 ! 4 2,535 9,491 Oct.-Dec 488 2,809 287 219 ; 29 565 80 i 12 3,048 7,538 Jan.-Mar., 1919.... 1,790 3,930 605 70 19 757 56 7 (2) 8,482 15,716 Apr.-June 2,306 4,742 810 17 30 1,114 318 : 18 11,026 20,381 Total 6,950 19,303 1 3,099 3,777 '• 231 4,052 498 .! -16 (») 29,108 67,066 Switzerland: Feb.-Mar., 1918... 1,164 3,670 1,430 • 7 " 288 1,706 26 47 3 6,240 14,580 Apr.-June 4,076 3,834 115 3,830 26 • 694 1,537 • 38 27 33 19,345 33,552 July-Sept 2,834 4,997 1 126 4,514 2 • 754 1,119 00 70 4 11,104 25,582 Oct.-Dec 3,832 4,156 123 3,041 53 • 668 1,490 101 14 11 9,659 23,147 Jan.-Mar., 1919.... 5,616 7,587 ; 100 3,847 39 i 687 2,308 230 18 17 19,344 39,792 Apr.-June 4,945 7,558 i 101 3,326 235 ; 442 5,548 266 4 7 18,355 40,788 Total 22 466 31,802 564 19 987 13,707 721 180 75 84,046 177,443 OTHER EUROPEAN POINTS. Central Powers and minor European countries: Feb.-Mar., 1918... J 85 1 2 2 1 377 460 Apr.-June 1 ! 269 (») 1 2 430 710 July-Sept 261 318 Oct.-Dec 242 242 Jan.-Mar., 1919.... 2,548 253 2 20 4,87i 2 472 11,680 Apr.-June 4*, 777 5,507 360 5 75 3,127 2 9,493 23,400 Total . . . 6,299 8 056 1 024 ft 97 8,001 53 ; 5 13,276 36,820 ASIA. China: A Fe p b r . . - - M Ju a n r e ., 1918... 1,3 6 6 7 7 9 9 2 3 2 8 5 9 3 , , 3 99 9 0 3 3 1 32 1 7 6 1,3 6 5 1 3 3 (2) 5 1 1 1 7 9 1 5 ' 4 8 , , 0 9 6 4 0 0 2 1 2 0 , , 1 0 7 9 8 7 July-Sept 2,420 582 i 9,778 4 25 1,347 1 92 9,699 23,948 Oct.-Dec 1,921 214 6,202 5 6 2,813 10,241 21,404 Jan.-Mar., 1919.... 1,639 1,002 7 5,526 3 207 3,070 15 225 10,490 22,185 Apr.-June 1,347 651 7,169 ll 24 1,016 9,955 20,173 Total 9,373 3 611 7 42,058 ( 27 606 10,212 (2) i 53,386 119,986 India: Feb.-Mar., 1918... (2) 147 1,833 17 260 471 1,277 4,006 Apr.-June 126 2,126 7,609 9 1 193 2 3,800 13,866 July-Sept : 119 1,799 26,080 | 2 98 1,819 29,918 Oct.-Dec 19 531 9,370 10 188 4,597 14,715 Jan.-Mar., 191.9 15 309 G, 088 (2) 1 i ; 24 3,749 10,186 Apr.-June 238 1,098 2,572 ; 10 i 3,436 7,355 Total i 517 6,010 53,554 36 275 951 2 24 18,679 80,047 Japan: A J F u e p l b y r . . - - - S M Ju e a p n r t e . , 1918... ! : 1 i; , 4 6 o 7 8 o 6 5 o 3 3 1 , , , 9 4 5 3 8 4 7 1 5 85 8 2 2 1 9 7 0 , , , 6 7 0 4 1 1 4 7 7 3 2, , 7 9 8 3 3 1 9 5 1 ! 1,5 2 ( 0 1 5 1 7 8 . 2 2 , , 1 9 9 9 4 1 2 8 6 2 1 6 5 5,000 51 8 2 3 4 0 4 3 , , , 5 1 7 6 6 1 7 7 0 8 4 7 5 1 1 , , , 6 5 8 2 7 6 9 3 1 Oct.-Dec •' 2,888 7,752 30 25,313 1,513 8 556 3 ' 1 57,171 95,544 Jan-Mar., 1919 i 2,458 13,807 1 19,662 1,374 666 2,470 ' 50~ 33 56 49,851 90,428 Apr.-June ! 1,090 7,347 64 21,822 1,222 77 491 08 5 4 23,126 55,317 Total 10,187 37 870 18K 134,174 11 '")04 9 "Q'7 9,573 ; 159 5,308 I 108 j 62 228,592 440,352 } « Other: j Feb.-Mar., 1918.... 108 15 4,881 4 1,093 4 8 ^ 1,459 7,572 J A u p ly r. - - S J e u p n t e \ 1 3 6 8 3 ' 2 6 7 6 1 1 9 3 , , 5 9 8 4 9 2 ! 4 (2) ! 1 1 4 3 , , 0 3 8 5 9 5 1 13 7 . , 7 7 8 3 8 1 Oct.-Dec j 46 33 4,362 13 | 4,465 8J919 A Ja p n r . . - - M Ju a n r e ., 1919.... • 1 9 4 0 8 2 7 7 9 4 7 , ,1 2 6 4 9 1 43 1 214 1 4 7 2 j 61 5 4 , , 1 3 6 1 8 2 1 8 2 , , 9 51 5 2 5 Total 493 491 44,184 53 1,307 16 ' 24 61 22,848 1 69,477 ! 2 Amount is less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 FEDERAL. RESERVE BULLETIN. FEBRUARY, 1922. TABLE VI.—SALES OF FOREIGN EXCHANGE—Continued. [In thousands of dollars.] I To Country and period. D i U t d S e e e t n m m a a i i n l t t s a e e e n r s d t s . d o tr U d S a C e t n n a a a t i s i o n b t l t f e e l e e e r s d r s . s b n l t o a i i F a o m l n l n i r c - s e s e - . i A m g p a o in rt s s t . f i r c a n e e o n T i s t v g c u c o e h e . r r , - t, a in t c a c e c O x o o o tc e n m f u . s n , e t a U o p c u a n c F t r o o o i s o t t f f i i u e r d e n d s e t c f d o f i a c a l i o r g e i r n e m e e d m i d s n g i , i s - n - n A se g ti c a e u i s n r . i s - t ! ! ' i ! ' c l T c h e r r a e t e o e a t n r c f d e v s d k i r ' e t s s l . - m s s G i a e h l n o v n ip d l e t d - s r . la M n i e s o ce u l s - . Total. States. United States. SOUTH AMERICA. Argentina: Feb.-Mar., 1918.... 211 4,500 854 12,038 3 148 197 53 ! 4 5,661 24,269 Apr.-June 177 2,615 (-) 27,2S9 35 36 1 529 2 13,572 4o,248 July-Sept 322 1,478 1,002 25, 1.36 . 106 11 ; 1,192 153 18 11.792 41,211 Oct.-Dec 30 4,338 1,170 24,046 1 9 : 3,949 478 1 C2) 10,552 50,570 Jan Mar 1919 727 3 000 7 547 • 17 77 3 221 410 ... • 1 15.872 30,871 Apr.-June 391 4,058 "' 17,741 897 40 2,863 2,306 12 16! 362 44, 071 Total 1,857 19,990 3,020 114,390 1,059 321 12,944 3,401 ! : 39 0-0 79,811 236,845 Brazil: Feb.-Mar., 1918... 84 1,503 89 14 I 16 4,848 0,581 Apr.-June 19S 9 2,529 143 5 ! 1.73 : O 10,070 13,194 July-Sept 1 008 --- 2,733 217 17 ! 172 ! ....:./ 0 10,008 14,191 Oct. Dec 291 2,137 406 17 i 354 . 11 8,400 11, 793 Jan.-Mar., 1919.... 390 1,295 2,826 400 50 ; 130 . . 3 .1.0,910 10,012 Apr.-June 7 744 j 4,191 294 13' 2,272 59 j CO 13,076 20,654 :• Total.. 572 3,020 9 15,919 1,610 115 i 3,117 59 26 57,378 82,425 Chile: Feb.-Mar., 101S... 2 441 101 200 i ; 1 (2) 2,317 3,003 Apr.-June 31 1 405 (") 1 3,885 5.391 July-Sept 3fi 922 1 U 6 20 1 3 4,222 5,213 Oct.-Deo :> : 37 430 3 23 ! . . : S 0,739 7,244 Jan. Mar., 1919.... 2 14 397 3 4 18 i (i (2) 5, 403 5,847 Apr.-June 5C> 44 715 1 23 ... ! ! (2) 3,887 4,725 Total 67 1 165 4,370 8 111 89 200 ! ! 19 J 20, 454 31,483 Other: Feb.-Mar., 1918... 99 5 ; 368 61 98 = 3 10; 2,739 3,382 Apr.-June 28 71 (*) 887 1 1 32 1 8 5,955 6,985 July-Sept 105 59 534 1 (2) 117 3 5,969 6,790 Oct.-Dec 116 121 '• 1,336 50 1 173 . . .. 6 15 7,415 9,234 Jan.-Mar., 1919.... 60 111 631 (2) 11 364 2 7,876 9,056 Apr.-June 19 145 3,151 5 324 25 :::::::: (\ 8,524 12,195 Total 428 513 (2) 6,906 52 68 i 755 389 15 35 38,478 47,641 OTHER WORLD POINTS. : Canada: Feb.-Mar.,1918... 9,175 1,495 125 4,959 116 67 10,116 792 320 ! 22 206 42,159 69,551 Apr.-June 38,757 6,958 242 13,864 618 762 22,508 363 632 39 368 158,955 244,066 July-Sept 38,792 11,942 653 9,986 1,246 469 22,244 8,505 877 i 7 247 182,028 276,996 Oct.-Dec 41,121 15,019 9,887 9,625 833 281 23,307 14,376 2,706 7 220 279,559 396,942 Jan.-Mar., 1919.... 50,008 12,138 11,711 6,499 244 162 23,829 4,060 1,692 . (2) 5,751 183,875 299,969 Apr.-June 47,319 21,265 2,018 5,683 205 68 12,260 58 681 : (2) 117 187,710 277,387 Total 225,173 68,817 24,637 50,016 3,262 1,809 ; 114,265 28,154 6,908 i 75 6,909 1,034,286 1,564,911 Mexico: Feb.-Mar., 1918... 24 3 (J) 14 (2) C, | i 23 1,156 1,221 Apr.-June 419 233 54 142 3,027 3,881 July-Sept 610 4 i 43 10 6 7 2 21 3,370 4,073 Oct.-Dec 176 6 !--- 105 66 5 ; I 37 5,080 5,477 J A a p n r .- .- M Ju a n r. e , 19J 9.... 1 1 9 4 32 4 1 7 2 9 1 2 5 3 2 76 1 3 7 8 3 :::::::: (\ 30 5 4, , 8 6 3 3 0 3 5 5 , ,9 1 1 1 2 1 Total 1,262 52 583 75 222 122 7 : 6 253 23,095 25,676 West Indies: Feb.-Mar., 1918... 124 55 5 2,972 5 7 467 53 25 i 117 20 6,262 10,112 Apr.-June 1,733 4,712 517 6,918 9 23 567 100 78 ! 46 13 18,589 33,305 July-Sept 1,267 822 97 5,567 5 27 315 1,030 46 ! 31 17 13,496 22,721 Oct.-Dec 1,758 644 731 4,619 n 22 112 29 51 13,102 21,078 Jan.-Mar., 1919.... 3,298 872 60 5,707 5 98 613 150 27 . 31 83 13,515 24,458 Apr.-June 2,454 943 29 3,792 43 8 97 39 72 ! 147 6 17,439 25,069 Total 10,634 8,048 1,443 29,575 72 185 2,171 1,372 277 ! 423 140 | 82,403 136,744 All other: Feb.-Mar., 1918... 164 137 1 510 49 6 90 10 ; 3 (2) I 1,379 2,348 Apr .-June 115 272 1,609 129 26 14 i 3 12 i 3,609 5,789 July-Sept 130 185 1 151 49 11 6 i 3 3,186 4,721 Oct.-Dec 172 375 2,197 79 12 14 : •• 5 2.747 5,599 Jan.-Mar., 1919.... 271 393 539 81 34 15 :. 8 14 3,969 5,325 Apr.-June 177 178 774 14 i 5 4 2 50 5,239 6,448 Total 1,029 | 1,540 1 6,780 400 94 143 11 (•) ; 27 76 j " 20,129 30,230 2 Amount is less than §500. .: . • •• = Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBHUAET, 1922. FEDERAL RESERVE BULIJETIN. 177 TABLE VI SALES OF FOREIGN EXCHANGE-Continued. [In thousands of dollars.] To For foreign Country and period. D i U t d S e e e t n m m a i a i n l t t s e a e e r n s t d s o . d tr U d S a C e t n n a a a i t s i n o b l t t f e e l e e e r s d r s . s b l n t o a i i F o a l m n i l n r - c s e s e - . i A m g p a o in rt s s t . f i r c a n e e o n T s i t v g c u c o e e h . r r , - t, i a n t c a c e c O x o o t o c m e f n u . s n e , t , a o U p S c u a t c n a t r o o o i s t t t f f i i u e e d e n s d s e . t U c d f a il a c i n o g e r i n m i e m e d t d n e s i i s - d - n A se g ti c a e u i s n r . i s - t c T l c e h a r r e t e e a o n t r c e d s v f d k ' r i e s t s l . - m s s G a i h e l n v o i n p d l e t d - s r . l M an i e sc o e u l s - . Total. States. RECAPITULATION. European Allies: Feb.-Mar., 1918... 63,073 249,102 2,396 82,657 6,701 5,476 73,109 8,210 3,406 4,765 285 159,883 659,062 Apr.-June 124,273 475,683 8,495 190,842 13,494 11,813 140,303 25,133 5,529 10,478 268 257,840 1,264,153 July-Sept 135,203 531,235 8,611 184,452 10,119 9,754 156,494 17,890 5,381 12,517 191 171,841 1,243,687 Oct.-Dec 143,598 520,046 9,829 181,654 10,277 11,238 200,083 13,354 2,940 4,797 1,544 210,203 1,309,563 Jan.-Mar., 19 L9.... 229,336 636,287 9,752 174,163 10,652 14,549 232,363 20,521 1,709 4,948 6,094 298,422 1,638,796 Apr.-Juno 457,045 799,564 11,396 150,954 8,013 8,238 277,005 56,016 8,509 3,938 123 233,927 2,014,727 Total 1,152,526 13,211,917 50,478 961,723 59,257 61,069 1,079,356 141,124 27,474 41,442 8,507 1,332,116 8,129,988 European neutrals: A Fe p b r . . - - M Ju a n r o ., 1918... 2 9 , , 8 3 8 5 5 5 1 19 0 , , 6 8 6 3 2 2 12 i 1 6 3 , , 4 2 2 6 7 8 2 1 , ,6 3 2 7 5 5 9 4 7 0 8 1 6 7, , 5 0 1 4 8 7 ! ! 1, 3 6 7 0 1 2 1 13 3 4 3 1,1 1 4 0 7 2 (2) 4 1 1 7 , ,0 0 4 7 9 3 9 4 0 3 , , 3 3 9 1 2 3 J O u c ly t. - -D Sc e p c t 1 1 2 5 , , 3 3 8 9 5 1 2 22 2 , , 9 2 1 9 9 3 3 95 5 9 7 8 8 , , 4 4 3 3 6 4 1 1 , , 4 6 5 4 7 3 9 94 8 0 7 1 8 0 , , 2 8 3 4 1 2 | : 8 S 3 0 2 4 8 1 6 4 2 0 4 2 4 9 8 (*) 2 3 9 4 , , 7 0 2 8 7 4 9 8 6 .5 , , 9 2 0 9 8 3 J A a p n r .- .- M Ju a n r. e , 1919.... 3 1 7 8 , , 2 9 6 3 2 3 3 73 7 , , 7 8 0 9 6 8 2 1 4 1 2 6 2 1 2 4 , , 6 1 0 8 6 3 2,4 4 4 3 5 6 1,1 8 9 1 3 8 2 1 3 2 , , 7 9 5 8 0 1 | ' 4 1 , , 0 33 3 2 1 3 6, ,8 7 4 61 8 6 5 4 8 (a) 25 6 7 0 5 , ,7 1 1 4 3 1 2 1 4 5 5 2 , , 5 9 9 4 9 2 Total 96,212 187,310 1,795 63,354 9,981 5,317 69,969 i 8,971 11,878 1,846 25 257,788 714,447 Total Europe, including Central Powers: Feb.-Mar., 1918... 65,958 259,935 2,397 86,011 8,327 5,879 79,758 8,581 3,538 4,868 2«5 177,309 702,841 Apr.-June 133,636 495,345 8,615 197,539 15,870 12,791 147,823 26,735 5,663 11,626 268 299,343 1,355,254 Julv-Sept 147,588 553, 528 8,967 192,945 11,577 10,742 164,724 18,722 5,522 12,965 191 201,829 1,329,299 Oct.-Dec 158,989 542,965 10,788 190,088 11,920 12,17S 210,925 14,157 3,802 4,826 1,544 244,530 1,400,713 Jan.-Mar., 1919... 249,782 676,541 9,868 188,599 13,099 15,762 250,215 21,853 5,557 5,012 6,094 361,036 1.803,418 Apr.-June -199,084 878,969 11,638 173,920 8,454 9,132 303,881 60,100 15,269 3,998 148 3L9,134 2; 283,726 Total 1,255,037 3,407,283 52,273 11,029,101 69,246 66,483 1,157,326 150,148 39,351 43,294 S,532 ;i, 603, ISO 8,881,255 Asia: Feb.-Mar., 1918... 1,472 1,824 (a) 20,721 835 1,882 4,080 (2) . 5,000 20 195 1 27,507 63,536 Apr.-June 3,132 6,880 8 60,661 3,944 1,585 3,694 15 54 171 ! 59,261 139,404 July-Sept 4,167 6,429 85 73,091 2,748 45 2,361 26 10 92 i 50,175 139,227 Oct.-Dec 4,873 8,529 30 45,247 1,518 25 3,558 308 17 3 | 76,474 140,582 Jan.-Mar., 1919... 4,202 15,146 7 35,518 1,378 1,086 5,548 50 50 366 ! 68,402 131,754 Apr.-June 2,723 9,175 64 38,732 1,286 103 1,511 68. 6 4 1 41,685 95,358 Total 20,509 47,982 195 273,970 11,710 4,725 20,751 159 5,308 156 831 j 323,505 709,863 South America: Feb.-Mar., 1918... 332 4,591 854 14,949 92 325 311 253 13 11 15,566 37,295 J A u p ly r. - - S Ju ep n t e 2 4 7 6 3 0 2 2 , , 9 5 1 8 6 2 1,002 9 3 2 2 9 , , 1 3 7 2 0 5 3 1 2 7 6 9 4 3 2 4 1 1 , , 7 5 3 0 2 1 1 153 3 6 1 s 3 3 3 .1 , , 4 9 8 9 2 1 6 7 7 0 , , 4 81 0 8 4 J A O a p c n t r . . - . - - M D Ju e a n c r. e , 1019... 1,1 4 2 7 7 0 9 2 8 4 4 4 , , , 4 9 7 2 9 8 1 1 8 1,170 2 2 1 5 7 1 , , , 7 9 4 9 4 0 7 9 1 1,1 4 5 9 2 2 2 0 0 1 2 5 3 7 7 1 4 3 5 , , , 5 3 4 0 8 8 0 0 2 : 2,3 4 7 9 7 7 0 4 8 . J 1 2 O 4 6 15 4 4 3 1 0 9 , , , 8 0 1 4 6 6 9 7 6 6 7 8 1 8 2 , , , 7 8 2 4 4 8 7 5 6 Total 2,924 24,288 3,035 141,591 2,729 616 16,906 4,049 98 36 202,121 398,394 Other world points: Feb.-Mar., 1918... 9,488 1,687 131 8,443 169 80 10,687 855 345 143 249 50,956 83,232 Apr.-June 41,025 11,947 759 22,624 755 811 23,144 465 710 88 535 184,179 287,041 Julv-Seot 40,799 12,953 751 16,747 1,300 507 22,575 9,541 930 42 286 202,080 308,511 Oct.-Dec 43,22S 16,044 10,621 16,546 918 315 23,500 14,380 2,735' 64 258 300,489 429,097 Jan.-Mar., 1919...j 53,596 13,407 11,771 12,866 329 318 24,532 ! 4,247 1,719 40 5,849 206,992 335,665 Apr.-June j 49,964 22,419 2,047 10,329 262 133 12,362 i 172 754 154 202 215,217 314,015 Total i 238,098 78,457 26,081 : 87,554 3,733 2,163 116,801 - 29,660 7,193 } 531 7,378 |l, 159,912 1,757,561 Total, all countries: Feb.-Mar., 1918...; 77.249 268,037 3,382 130,124 9,423 8,165 94,835 I 9,688 8,884 5,042 740 271,337 886,907 Apr.-June 178,065 517,088 9,392 312,993 20,749 15,229 176,392 27,215 6,373 11,775 982 576,265 1,852,518 July-Sept ] 193,014 575,492 10,805 312,108 15,950 11,327 191,161 , 28,442 6,451 ', 13,047 569 486,074 1,844,44 L Oct.-Dec 1 207,297 572,326 22,609 279,831 14,876 12,544 242,483 .. 29,016 6,845 1 4,933 1,820 660,659 2,055,239 Jan.-Mar., 1919-..i 308,759 709,514 1 21,646 248,383 15,226 17,298 283,676 ! 26,925 7,277 ' 5,112 12,311 676,497 2,332,623 Apr.-June ; 552,244 915,553 13,749 ; 248,778 11,195 9,424 323,236 i 62,731 16,024 ! 4>m 354 617,885 2,775,344 Grand total 1,516,629 ,3,558,011 81,583 .1,532,2161 87,418 73,987 1,311,784 ilS4,016 51,853 I 44,050 16,777 3,288,718 11,747,073 i i I 2 Amount is less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

178 FEDERAL, RESERVE BULLETIN. FEBRUARY, 1922. TABLE VII.—DEBITS AND CREDITS TO DOLLAR ACCOUNT. [In thousands of dollars.] DEBITS TO DOLLAR ACCOUNT. CREDITS TO DOLLAR ACCOUNT. Pay- ! Pay- Pay- ments I Co p u e n r t io ry d . a * nd in t o o S r m U t b o a e a n t t n h e n i t t e s k s e r . s d s t o o o U r m u b n o e t a i s t n t h i n e d t e k s d e r s s s o a h m r d g i o p w a e c p i n a n u i t r s n s - e t g - , I i ! c C s h p e o t a c u i s s e u r t e s - r d o i- . f ! \ . U St n a i t t e e s d . U St n a i t t e e s d . P o r r s f o i o s t c l i e e d e c e s . u d - s P m o r s ff o o a c c l d e o e i s e m t . y d - s l M an i e s o ce u l s - . Total. States. house ; | receipts. ! i EUROPEAN ALLIES. France: Feb.-Mar., 1918. 352,989 16.272 9,350 ! 4,750 \ 2,746 386,106 i 343,313 ; 45,640 2,936 1,412 11,152 404,454 Apr .-June 861,855 36; 063 18,104 I 37,614 j12,830 966,466 ! 904,471 , 88,602 3,213 2,208 13,298 1,011,792 July-Sept 894,441 29,894 12,097 i 11,198 3,420 951,051 j 829,426' 68,002 29,552 3,217 5,912 936,109 Oct.-Dec 1,165,443 190,236 10,827 ' 20,612 | 3,580 1,390,698 1,124,680 i 192,476 17,032 3,001 4,538 1,341,727 Jan.-Mar., 1919.. 1,400,855 180,546 17,457 ! 16,045 | 3,241 1,618,144 1,340,243 ! 186,321 13,533 2,358 7,312 1,549,767 Apr .-June 783,410 44,293 15,923 j 15,006 5,848 864,480 755,711 i 78,833 17,825 3,286 10,615 866,271 Total.. 5,458,993 497,303 759 j 105,224 ! 31,665 | 6,176,944 5,297,844 j 659,875 84,092 15,484 52,826 ; 6,110,121 Great Britain: Feb.-Mar., 1918. 867,198 41,512 8,368 i 2,0' 6,964 926,135 815,673 i 44,607 427 1,688 12,354 ! 874,748 Apr.-June 1,696,271 87,489 13,883 . 4,378 i 17,330 1,819,352 1,671,197 ! 89,489 2,105 4,460 24,360 j 1,791,611 July-Sept 2,170,246 76,665 13,427 ' 6,235 13,445 2,280,017 2,174,143 ; 90,573 6,344 7,765 17,000 , 2,295,824 Oct.-Dec........ 2,487,576 337,882 16,955 ' 4,186 11,993 2,858,592 2,430,799 i 378,035 5,608 6,197 18,045 ! 2,838,684 Jan.-Mar., 1919.. 1,840,715 212,765 20,979 6,831 16,957 2,098,247 1,649,103 ; 366,874 5,432 5,102 29,687 I 2,056,198 Apr .-June 1,385,146 84,005 23,122 I 9,600 17,464 1,519,338 1,293,262 ! 186,608 11,933 3,930 24,753 | 1,520,486 Total. 10,447,151 840,319 96,735 ' 33,324 84,152 11,501,681 10,034,176 il, 156,187 31,848 29,142 126,199 ill, 377,551 Italy: Feb.-Mar., 1918. 41,016 8,339 23,624 i 16 929 73,924 38,835 8,550 12 156 48,542 Apr .-June 131,869 17,658 53,511 " 134 7,557 210,730 181,363 44,691 75 1,224 13,381 | 240,733 July-Sept 224,595 11,392 46,880 ! 303 10,830 294,000 214,261 53,087 209 726 8,921 277,204 Oct.-Dec 421,551 91,417 134,809 ' 105 2,724 650,607 518,003 129,006 75 553 5,648 ! 653,286 Jan.-Mar., 1919.. 276,685 164,154 55,800 ' 166 10,451 507,256 378,766 111,490 595 161 10,236 i 501,248 Apr.-June 265,519 12,038 8,217 : 156 8,007 293,937 24,737 498 669 8,324 304, 111 Total 1,361,235 305,000 322,841 i 881 j 40,497 j 2,030,454 1,601,111 I 371,561 1,464 3,489 47,498 j 2,025,124 Other: Feb.-Mar., 1918. 20,246 6,007 2,304 i 540 11,111 40,208 10,878 ! 8,462 25 465 8,237 28,067 Apr.-June 43,421 6,830 7,602 i 1,619 12,837 72,309 47,200 i 9,047 457 1,968 26,246 84,918 July-Sept. 36,936 9,676 10,638 ! 2,191 10,520 69,962 33,433 | 7,320 905 2,896 6,142 50,697 .-Dec. 38,716 12,134 6,049 ; 1,790 5,844 64,532 35,166 ! 14,437 898 3,196 6,763 60,459 Joacnt..--Mrar., 1919.. 35,174 10,364 6,657 | 1,236 6,617 I 60,047 32,337 | 9,605 938 869 5,026 48,774 Apr .-Juno 46,771 9,344 10,292 ; 1,617 8,529 | 76,553 49,295 j 10,041 536 805 10,339 71,018 Total. 221,263 54,356 43,542 | 8,! 55,457 j 383,611 208,310 | 58,911 3,759 10,199 62,753 343,932 EUROPEAN NEU- TRALS. Denmark: Feb.-Mar., 1918. 12,960 5,812 2,114 2,052 446 j 23,385 9,890 i 6,325 156 608 5,053 22,031 Apr.-June 6,024 15,403 2,889 3,374 3,375 31,066 13,682 ! 16,750 705 763 2,952 34,852 July-Sept 7,185 6,553 2,319 7,553 1,389 24,999 6,522 j 17,840 4,452 112 • 2,801 31,727 Oct.-Dec 11,725 25,122 5,384 3,831 1,321 47,383 10,527 ! 37,527 2,578 188 3,467 54,286 Jan.-Mar., 1919.. 26,246 39,216 11,947 6,367 5,240 ! 89,016 16,636 I 56,354 9,741 260 6,015 89,006 Apr.-June 33,038 53,346 26,380 2,780 5,121 | 120,665 27,449 j 59,974 7,702 171 6,166 101,461 Total. .1 97,178 145,452 51,033 I 25,957 16,893 336,513 84,705 ; 194,769 25,334 2,102 :6,454 333,364 Holland: |~ Feb.-Mar., 1918. j 18,484 27,199 1,928 ' 1,710 702 ! 50,024 21,766 j 15,645 465 258 1,884 40,019 .Apr.-June | • 31,190 32,956 4,539 i 2,854 5,040 I 76,578 50,890 j 14,871 1,528 2,134 11,212 80,635 July-Sept 47,194 32,853 8,212 i 3,158 4,099 i 95,516 51,859 ! 30,639 3,160 1,690 5,619 I 92,967 Oct.-Dec 39,433 23,495 4,927 | 3,770 6,744 j 78,369 40,151 i 31,848 4,069 1,618 10,678 ! 88,365 Jan.-Mar., 1919.. 56,189 29,744 32,054 , 4,308 8,437 ! 130,732 67,330 j 42,979 6,858 1,162 9,578 | 127,908 Apr.-June 126,039 35,273 24,847 | 11,066 11,604 ! 208,829 125,117 ! 35,343 31,684 1,486 18,330 | 211,961 Total , 318,529 181,520 76,507 ; 26,866 j 36,626 640,048 357,115 | 171,326 47,764 8,348 57,301 | 641,854 Norway: Feb.-Mar., 1918 13,840 i 15,591 2,913 15,264 650 : 48,249 20,912 • 27,599 774 382 j 1,524 i 51,190 Apr.-June 3L,902 22,026 8.032 11,355 7,363 | 80,678 38,833 ! 37,333 2,516 478 i 7,978 , 87,139 July-Sept 30,105 21,765 9', 223 30,876 4,067 . 96,036 30,313 i 34,617 20,269 380 .' 4,617 i 90,196 J O a c n t . . - - M De a c r., 1919.. G 4 O 1; , 7 4 4 2 7 9 i 3 4 3 7 , , 1 0 9 7 0 0 1 8 2 , , 0 6 1 9 9 9 1 8 9 , , 0 58 8 1 6 3 6 , , 6 6 2 8 7 8 ! ! 1 9 4 4 6 , , 6 46 6 8 8 3 4 0 9 , ,7 2 9 5 6 8 ! , 4 56 1 , , 9 7 4 4 5 0 2 1 0 8 , r 6 7 6 5 9 2 1 1 5 3 3 2 ' 5 7 , , 2 8 6 7 1 2 i ! 1 9 3 6 5 , , 0 4 8 9 1 6 Apr.-June 62,565 ! 76,248 1.7,087 7, 757 4,377 : 168,034 46,528 ! 74,115 20,421 120 ; 8,710 I 149,894 Total. 240,588 . 215,890 57,973 | 92,909 26,772 : 634,133 216,641 : 272,350 83,400 35,961 | 609,997 Spain: Feb.-Mar., 1918. 6,302 : 1,557 859 141 59 ! 8,917 7,159 '. 3, 600 35 61 i 235 i 11,091 Apr.-June 32,332 6,398 1,868 i 1,329 2,599 i 44,525 33,859 13,961 74 114 : 2.142 I 50,149 July-Sept 29,526 4,815 2,957 ' 3,236 1,525 ; 42,059 2ft, 878 ! 16,397 2,372 138; 2,319 ! 48,104 Oct.-Dec 49,611 ' 5,091 3,251 i 2,587 1,175 j 61,715 46,260 8,399 709 169 ! 1,598 i 57,134 Jan.-Mar., 1919., 56,661 ! 7,807 4,593 j 3,189 1,287 ! 73,537 51,052 • 12,766 1,127 307 ! 1,830 ! 67,082 Apr.-June 49,839 | 12,467 4,774 | 2,737 729 : 70,546 55,383 ' 15,475 1,061 791 1.143 I 73,852 Total. 224,271 | 38,135 18,301 I 13,219 7,373 301,300 220,590 I 70,598 5,378 1,578 9,267 307,412 i For precise duration of each period see footnotes to Table V on p. 170. 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FEBRUARY, 1922. FEDERAL RESERVE BULUiTlK. 179 TABLE VII.—DEBITS AND CREDITS TO DOLLAR ACCOUNT—Continued. [In thousands of dollars.] DEBITS TO DOLLAR ACCOUNT. CREDITS TO DOLLAR ACCOUNT. Pay- j Pay- ments | Co p u e n r t i r o y d . and i t o n o S r m P U t b o a e a a t n t n y h e n i t - e s t s k e . r s s d o to o U S r m u t n b o e a t i s a t n t t h i e n e t d e s s d k e . r s s s o a h m h r d g i o o p a w e u c p i n a n u s i t r e s n - s e t g - | c C s h e p o t a c i u s e s u t r e s r - o d i- f . l M an i e s o ce u l s - . j i Total. U S F t n r a o i t t e m e s d . ! j b o U S a o u F n t t n a t h r k i s t o e t s i e e m d r s s d o e . r \oP r f s rs i o o t ec i l c d e eu s . e " d sj \ : oP m f roc o co d em i e -t d y s l M an i e s o ce u l s - . i ! Total. receipts. i EUROPEAN NEU- TRALS—Con. j ! | Sweden: j Feb.-Mar., 1918J 4,822 3,131 652 j 202 1,274 i 10,081 5,688 3, 766 11 735 1,298 11,499 Apr.-June 5,675 6,175 2,862 ! 570 2,499 I 17,781 7,304 11,820 1 575 3,739 23,440 July-Sept 9,819 8,260 1,856 : 3, 796 3,318 i 27,049 6,177 ! 11,673 2,989 383 3,638 27,860 Oct.-Dec 24,393 7, 765 3,468 i 1,327 1,996 , 38,948 10,741 j 32,232 1,432 657 2,322 : 47,385 Jan.-Mar., 1919.. 50,575 23,525 9,711 3,355 7,482 1 94,649 29,550 ' 68,150 5,223 1,214 6,945 111,083 Apr.-June 77,076 57,921 16,508 ! 6,184 5,782 : 163,472 65,416 I 77,399 3,884 692 6,711 . 154,103 Total. 172,301 106, 77' 35,057 | 15,435 22,351 j 351,980 124,876 j 208,041 13,541 I 4,256 21,655 ! 375,369 Switzerland: i Feb.-Mar., 1918.. 16,361 5,124 5,181. 3,402 1,470 31,538 10,927 1 9, 492 2,096 327 2,130 I 24,078 Apr.-June 11,877 J2,800 21; 441 3.300 9,590 59,068 21,859 | 28) 095 1,212 429 8,978 ! 00,573 July-Sept 16, 719 9,916 9,955 I 3i 896 3,017 ; 43,533 14,028 ! 26. 1.01 1,272 170 4,068 45,639 Oct.-Dec 15,728 9,668 10.867 i 3,943 3,262 ! 43,468 13,798 , 24,883 2,978 1.1.3 5,275 : 47,047 Jan.-Mar., 1919.. 17,293 22,863 2o;eoi I 5,820 3,766 • 70,343 17,032 : 44,226 3,454 156 7,112 . 7.1,979 Apr.-June 35,235 39,593 26,874 I 6,556 4,906 I 113,164 28,175 I 66,972 5,247 103 6,366 106,864 Total I 113,243 99,966 j 94,918 j 26,978 26,011 I 361,115 105,819 j 199,768 ! 16,260 1,298 33,935 357,080 OTHER EUROPEAN POINTS. Central Powers and I minor European countries: I A Fe p b r . . - - M Ju a n r e ., 1918. 1 5 2 , , 7 6 6 5 9 9 2 .1 7 7 8 6 i 1, 1 0 8 2 9 6 1,63 46 3 629 i 1 8 4 , , 6 7 3 8 7 3 4 1 , , 9 8 9 2 5 4 ! 1,2 3 6 9 3 9 1 1 8 2 6 1 2 2 0 0 3 2 , , 2 4 3 03 2 • ^ 4, 9 5 3 2 3 4 July-Sept 5,753 940 . 114 2,001 1,013 ! 9,724 3,111 ; 1,172 914 8 384 i 5,589 Oct.-Dec 4,329 117 ! 144 764 912 i 5,774 9,073 ; 415 31 218 ; 9, 737 J A a p n r . . - - M Ju a n r e ., 1919.. 6 1 9' 1 , . 9 6 5 9 8 8 • 7, 8 2 0 7 1 5 ! , 2,2 2 0 65 4 1 5 1 9 7 3, 9 1 4 1 8 2 2 4 0 1 I I 1 8 3 2 , , 9 4 9 7 5 9 1 4 5 6 , , 4 3 2 9 5 3 j I 1 2 2 , , 1 7 2 5 6 8 1 47 4 3 7 4 2 9 0 9 4, 8 1 9 1 6 0 • : 1 6 9 3 , , 1 7 2 2 1 6 Total 110,167 9,587 3,942 ! 4,626 7,069 ; 135,392 80,822 ! 18,133 1,733 11,243 : 112,630 ASIA. China: Feb.-Mar., 1918. 15,615 2,556 i 3,2.18 i 32 4,896 26,346 15,074 11,307 38 732 525 I 27,677 Apr.-Juno 35,149 6,467 I 7,572 781 12,799 62,767 50,186 15,640 3,574 3,011 72,411 July-Sept 37,620 9', 695 ; 12.073 915 18,388 78,698 50,171 20,837 1,912 3.538 : 76,466 Oct.-Dec 88,650 13,858 9', 485 1,388 5,207 68,589 37,340 23,640 3,229 4; 578 : 68,842 Jan.-Mar., L9J9-. 41,264 5,716 13,798 ; 180 3,463 64,421 37,043 24,002 2,805 2)564 : 66,427 Apr.-June 40,214 9; 958 9,045 ; 90 7,586 1 72,893 42,225 18,985 3,156 13,000 ' 77,402 Total 214,548 48.250 = 55,192 • 3,386 52,339 373,715 114,412 I 149 15,407 27,2.15 i 389,223 India: Feb.-Mar., 1918. 2,038 148 ; 772 1. 325 • 3,282 2,273 ! 1,332 !. 79 270 ; 3,954 Apr.-June 4,528 1,936 . 1,594 : 60 i 8,119 4,183 i 2,527 i. 823 1,006 ! 8,540 July-Sept 25,186 284 i 1,437 : 129 27,050 20,585 ! 2,259 :. 65 832 ; 23,741 Oct.-Dec 12,409 2,659 ! 1,806 : 2,154 : 19,050 11,843 i 3,749 i.. 1,234 661 17,486 Jan.-Mar., 1919.. 17,774 2,090 2,543 : 123 i 22,531 18,450 3,468 !. 480 763 23,162 Apr.-June 13,114 6,068 , 1,885 i. 1,139 ! 22,206 12,053 8,834 ! 421 791 22,100 Total i 75,048 13,184 i 10,037 ; 38 j 3,930 ! 102,238 69,386 , 22,169 (2) 3,103 4,324 = 98,982 Japan: I Feb.-Mar., 1918. 53,638 5,513 14,627 1,952 8,453 84,183 46,186 i 28,038 3 ! 1,158 6,645 82,030 Apr.-June 175,997 16,924 25,657 , 1,361 21,476 i 241,416 162,203 : 61,159 583 9,938 j 57,367 i 291,250 July-Sept 239,500 j 9,558 " 23,741 i10,792 9,552 I 293,144 j 242,544 • 58,846 12,888 6,394 i 34,983 ' 355,655 Oct.-Dec 226,634 ! 17,760 25,402 ! 6,496 310,776 I 207,464 44,760 250 I 5,994 29,817 288,284 Jan.-Mar., 1919.. 188,375 I 22,702 24,747 I 11,187 16,368 i 263,378 i 179,918 45,362 63 ! 5,617 2,979 233,939 Apr.-June 162,943 j 29,037 j 14,909 I 27,375 11o8 ,n9o311 iI 2OM5 3,i1n9n5 |!j 181,450 48,753 15 3,509 ; 5,840 : 239,567 Total 1,047,087 I 101,496 129,083 59,163 109,263 1,446,092 j. 1,019,765 286,918; 13,801 i 32,610; 137,632 1,490,726 Other: j Feb.-Mar., 1918.; 8,626 3,601 1 987 479 1,256 14,948 466 330 ' 14,733 Apr.-June 18,874 8,629 ; 2,079 94 13,290 42,966 28,509 1,748 ; 2,182 ! 40,844 July-Sept ! 21,478 6,166 4,166 17 10,263 42,089 25,968 2,923 ! 1,324 ". 38,529 Oct.-Dec 1 18,011 8,823 I 4,240 27 2,337 3333,,443388 2211,,007788 10,791 j 11,,336677 I 11,,337744 3344,,661100 Jan.-Mar., 1919..! 20,710 7,379 ' 4,986 32 ^509 3344,66117,7! 2244,115511 j 10,082 1 11,888844 !i 11,883366 3377,995533 Apr.-June | 17,714 8,527 5,767 11 2; 784 34,803;; 28,260; 7,236 | 19 j 1,846] 2,181; 39,542 Total I 105,413 43,124 ; 22,225 659 31,439 202,861 i 135,587 , 50,890 | 275 10,233 i 9,227 : 206,211 2 Amount is less than S500. 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180 FEDERAL RESERVE BULLETIN". FKBUUAUY, 1922. TABLE VII.-DEBITS AND CREDITS TO DOLLAR ACCOUNT—Continued. [In thousands of dollars.] i DEBITS TO DOLLAR ACCOUNT. CREDITS TO DOLLAR ACCOUNT. Pay- Cou p n e t r r i y o d a . nd j | i t n o o S m r P U t b o a e a a n t t n y h e n i t - e t s s k e . r ' s d s o to o U S r m P u t n b o e a t a i s a t t n y t h i e n e t - d e s s k d e . r s s s o a h m m r h d g i o o p w e a e u c i n p n a n u s i t t r e s s - n s e t g - ' • i ! . j . c C s h e p t o a c i u s e s u t r e s r - o d i- f . l M an i e sc o e u l s - . Total. b o U S a t F h t n n r a e k o i r t t s e m s e s d o i . n r : b U o S a o F u n t t n r a h t k o i s t e t s i e m e r d s s d o e . r P o r r f s o i o s t c i l e e d e c e s . u d - s : I P m o r s f o o a c l d c e e o i s e t m . d y - s l M an i e s o ce u l s - . Total. receipts. | i i SOUTH AMERICA. | Argentina: Feb. Mar., 1918. 47,612 3,731 ' 2,775 359 2,307 56,785 39,981 : 10,311 2,860 3,547 56,700 Apr-Juno : * 85,982 17,755 5,975 961 10,399 121,073 81,514 21,270 62 7,504 7,902 118,253 July-Sept 105,068 15,963 6,258 : 1,868 8,034 137,191 92,134 22,400 146 5,321 4,515 124,517 Oct. Dec . 96,819 7,571 7,277 • 7,074 10,740 129,480 108,953 | 18,500 2,347 2,784 9,409 141,992 Jan .-Mar., 1919.. 96,449 8,368 6,407 394 4,741 116,359 84,866 19,414 252 2,796 4,195 111,524 Apr.-June 122,227 14,618 6,622 1,226 11,819 156,511 106,642 31,722 773 6,118 5,407 150,661 Total 554,158 68,005 35,313 11,882 48,040 717,398 514,090 123,617 3,581 27,384 34,975 703,647 Brazil: Feb.-Mar., 1918. 14,712 3,139 1,000 40 2,028 20,919 11,268 4,608 5 1,750 2,750 20,381 Apr.-June 36,988 14,114 4,406 137 6,503 62,147 34,864 20,625 71 2,848 6,377 64,785 July-Sept 31,612 4,027 2,856 64 6,757 45,316 25,748 17,864 45 1,854 4,455 49,967 Oct.-Dec 20,466 7,362 2,993 915 5,063 36,799 16,584 10,091 9 1,702 4,276 32 663 Jan-Mar., 1919.. 27,344 10,564 3,793 518 6,820 49,039 23,139 15,075 112 1,636 7,911 47,874 Apr.-June 35,862 13,954 6,263 199 6,483 62,761 28,646 23,155 89 662 7,263 59,817 Total 166,983 53,161 21,312 i 1,872 I 33,654 276,982 140,250 91,419 332 10,453 33,032 275,486 Chile: Feb.-Mar., 1918. 5,126 824 474 | 11 394 6,828 4,299 706 337 1,617 6,960 Apr.-June 18,205 6,539 972 : 5 2,244 27,965 22,074 1,401 207 2,292 2,582 28,555 July-Sept 17,404 3,991 2,068 ' 1,307 1,231 26,001 22,307 3,477 10 55 1,248 27,098 Oct.-Dec 23,624 6,751 1,799 ; 81 1,168 33,423 25,544 1,170 1,054 48 2,448 30,265 Jan.-Mar.,1919.. 16,370 3,651 1,482 ' 91 1,121 22,714 21,079 834 2 39 2,348 24,302 Apr.-June 13,412 751 528 ; 55 1,250 15,996 11,675 2,978 57 549 2,679 17,938 Total 94,141 | 22,507 7,322 : 1,550 7,408 : 132,928 106,978 10,566 ! 1,330 3,320 12,922 135,118 Other: Feb.-Mar., 1918. 27,700 5,141. 1,118 88 1,182 35,228 25,063 4,311 39 3,034 5,740 38,217 Apr.-June 51,625 8,464 2,155 217 8,838 71,298 51,961 12/341 145 3,750 8,397 76,594 July-Sept 56,222 10,055 1,718 588 4,784 73,367 51,186 16,311 348 3,251 5,843 76,940 Oct. Dec 51.334 9,088 2,023 1,207 3,336 66,987 47,694 13,642 182 6,157 3,969 71,644 Jan.-Mar., 1919.. 82,564 11,490 2,560 485 15,099 112,198 83,324 13,207 145 5,544 5,098 107,318 Apr.-June 91,984 9,308 2,508 681 26,916 131,398 79,461 16,644 464 7,602 23,781 127,953 Total 361,428 . 53,547 12,082 3,266 60,155 j 490,477 338,689 76,486 1,325 29,339 52,827 498,666 OTHER WORLD POINTS. Canada: Feb.-Mar., 1918. 246,629 21,545 1,104 12,803 8,323 290,404 204,378 57,809 12,584 8,304 14,304 297,379 Apr.-June 651,031 70,061 3,917 48,439 28,069 801,518 531,462 136,431 44,378 23,800 44,601 780,673 July-Sept 650,769 65,781 1,197 33,076 : 24,955 775,778 586,358 96,875 36,736 8,261 41,431 769,662 Oct.-Dec 618,072 58,568 3,005 58,084 • 25,103 762,831 559,773 100,607 • 64,732 2,083 36,955 764,149 Jan.-Mar., 1919.. 559,689 54,131. 2,237 39,632 31,327 687,017 515,283 90,473 ! 46,742 1,734 35,225 689,458 Apr.-June 568,200 42,720 2,037 75,370 29,576 718,504 564,280. 72,887 ! 75,553 4,204 27,876 744,801 Total 3,294,390 ! 312,807 1-4,096 ; 267,404 147,353 4,036,050 2,961,534 555,083 280,725 48,386 200,393 4,046,121 Mexico: . Feb.-Mar., 1918. 39,171 ; 8,530i 566 37 1,868 50,172 32,536 11,148 • 7 427 6,232 50,348 Apr.-June 67,442 17,689 1,530 294 4,654 ! 9L,608 58,284 27,580 111 1,049 6,129 93,153 July-Sept 90,497 9,422 1,276 ! 208 3,516 I 104,919 78,227 22,772 162 1,965 4,803 107,929 Oct.-Dec 98,760 9,102 1,415 . 778 1,230 i 111,285 81,935 20,927 188 435 3,504 106,988 Jan.-Mar., 1919.. 98,527 13,901 1,275 593 1,586 115,882 93,111 31,382 1,788 49 3,386 129,717 Apr.-June 97,582 12,849 1,149. i 300 1,805 113,685 95,128 19,498 : 248 103 3,058 118,034 Total 491,979 71, 194 7,211 ; 2,209 . 14,659 587,551 • 439,220 133,307 ! 2,503 4,028 27, 111 606,169 West Indies: Feb.-Mar., 1918. 65,787 16,383 1,850 1,409 7,479 92,907 72,392 20,326 ! 1,783 1,551 1,575 97,628 Apr.-June 143,23S 41,674 5,140 7 772 13,577 211,400 147,340 49,215 : 6,551 6,172 8,384 217,661 July-Sept 142,135 j 39,613 1 6,671 7,416 10,527 206,363 ! 139,041 40,165 i 6,510 8,861 6,425 201,002 Oct.-Dec 132,492 36,515 ; 7,314 11,317 • 6,901 194,539 117,993 40,146 10,819 5,950 6,986 181,893 Jan .-Mar., 1919. 209,840 50,968 I 7,502 10,584 ; 8,805I 287,700 . 201,109 56,020 9,053 8,494 8,846 283,522 Apr.-June 267,354 64,598 ; 3,4291 16,201 10,983 ! 362,565 248,451 72,563 17,163 18,005 17,426 373,608 Total 960,845 249,751 31,907 54,698 58,273 ; 1,355,474 926,326 278,436 51,880 49,032 j 49,641 1,355,314 All other: Feb.-Mar., 1918. 10,765 2,360 586 15 981 14,707 10,055 4,385 i 1 1471 302 14,890 Apr.-June 24,352 7,993 937 4091 2,686 36,376 22,775 9,994 33 681 5,378 38,860 July-Sept 26,303 13,385 759 562 1,297 42,306 25,070 13,591; 390 878 2,370 42,299 Oct.-Dec 25,752 9,973 1,072 1,313 1,312 39,423 23,062 11,677 90 857 4,398 40,084 Jan.-Mar., 1919.. 35,362 9,909 900 64 982! 47,216 33,007 13,606 218 901 3,738 51,470 Apr.-June 39,833 11,923 1,175 199 2,153 55,284 34,838 16,170 • 319 961 5,805 58,092 Total 162,369 55,543 5,428 2,562 | 9,411 235,313 148,807 69,422 ! 1,052 4,423 | 21,991 245,695 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FraimuAitY, 1922. FEDKJiAL RESKKYE BULLETIN". 181 TABLE Vlf.—DEBITS AND CREDITS TO DOLLAR ACCOUNT—Continued. [In thousands of dollars.] DEBITS TO DOLL.Ut ACCOUNT. CREDITS TO DOLLAR ACCOUNT. .Pay- I ! Co p u e n r t i r o y d a . nd i o n to S r m P t U o b e a a t n a l n y h e n i t - e s s t k . e r s s d o to o U S r m u P t n b o a e t a i s a t t n y t i h e n e t d - s e s d k e . r s s s o a h m m r l d g l i o p V o a e e c i p i u n n T n u s i t t i - s s n s e r t g o- c C s h e p o t a c i u s s e u t r e s r - o d i- f . • • : . A la l n is e c o e u l- s . ! | Total. o b S U t a F h t n n r a e k o i t r s t s e m e s d o i . n r ! i i | ! b S o a o U F u t n t n a h r t k s t o i e s e t i m r e d s s o d . e r ! P o r r s o f i s o c l c l i e c d e e u . s d - s : | ! P o m r s f o a o c c l d e o e i e s m t . d y - : la M n i e s o ce u l s - . Total. receipt;;. i RECAPITULATION. European Allies: Feb.-Mar., 1918. 1,281,448 72.131 i -is, 0ir> 7,399 21,749 i. 420,37! |: 1,208,698 j 107,200 3,400 j 3,721 32,731 I 1,355,811 Apr .-Juno 2, 73.3,-117 : U.^O-IO j 93,101 740 1 50,554 3,008,857 ii 2, MM, 23L 23.1,828 5,850 i 9, >&0 77, 285 i 3, •"1•' 29,054' July-Sept 3,32<),21>< ' u:,(\2* \ >•;•{,!)->-2 •.'^>19,927 ! 3> 3,595,030 j: 3,251^263 '• 218,982 37,010 ! .1.4,604 37,974 ; 559,834 J O a c n t . . - - M De a c r. ,1919.. 4 3 , ,5 11 5 3 3 , , 2 4 8 2 5 9 I 0 56 3 7 J ^ .6 8 6 3 9 0 I ! 1 16 0 S 0 , , ( 8 » 9 4 2 1 2 2 4 6 , ,6 27 9 7 4 • 3 2- 7 1 ' . 2 1 0 4 0 0 4 4 , ;9 2 6 8 i 3 , , 4 0 2 9 9 4 i •" ; : 4 33 , , 1 ,44 0 00 8 00 ,6 ,,44 -1 44 7 88 I I 6 7"< 7 1o 4 3 , , 2 9"" 9 5 1 4 2 2 0 3 , , 4 6 9 1 7 3 I j 1 8 2 , ,9 4 4 9 7 1 3 52 4 , , 2 9 6 9 1 3 4 4 , , 8 1 9 5 4 5 , , 1 9 5 8 5 8 Apr.-June 2,480,8-i."> 149,680 i 57, oo") 20,378 ! 39,848 2,754,308 . 2,308,152 I 300,220 ; 30,792 I 8,69.1 54,031 I 2,761,886 Total : 17,488,043 .1,696,979 540,870 148,422 211,772 20,092,691 ',17,1-11,440 2,246,535 I 121,163 | 58,314 289,277 |l9,856,727 Euro F p e e b a . n - , M n a e r u . t / r 1 a 9 l i s 8 : .J j 58,415 i:-,(S47 ! 2:2,7(51 .(. .. !72, 194 \. 7(5,34! 66,427 3,537 ! 2,371 1.2,131 160, 807 Apr .-.June , Mi), 001 ••1!,«{1 j 22,,Sli 30,4:5 :<09,697 ii l(i-:!,4:;8 : i 22, 8^0 6,036 j 4,492 37, 002 336, 788 July-Sept ' 140,57:; 1741 329, 192 :i 135,778; 140,267 34,515 2,872 23,062 330,494 J A O a p c n t r - . . - M - D J a u o r c n . e , 1919.. " : 2 1 6 8 7 2 , , 0 3 V 9 7 3 i 1 J : 7 7- 0 1 . , 2 8 2 4 6 8 • I 9 3 I 5 i t) , , , , 6 9 4 0 1 7 5 4 ! 4 ; 2 > > 3 7 , ,« ,0 5 > S 4 2 4 I 0 i ' 1 3 S 2, , 9- ! .X 25 ) 0 8 •• 1 0 { 4 6 4 4 , , 7 ,5 1 5 0 1 i ; : j 2 1 3 5 , 1 ;• i ! , , 3 , 7 9 0 « ( 6 i 5 « 7 ; 2 3 1 8 2 7 1 9 0 , , 4 2 ,0 2 7 2 0 9 9 : ! j 4 7 3 7 0 0 , , , 0 4 1 0 3 5 0 4 | 3 2 , , 3 8 0 9 3 8 2 3 4 9 8 7 , , , 0 4 3 0 2 5 0 " 2 ' 6 3 7 9 9 0 0 8 2 , , , 5 2 1 5 9 3 4 7 6 Total.. , 166,17 •>''•;, 789 2:.M,"64 ! 136,02255 ii 22,,(052255,,008800 !\ I1,, IIUU00,, 77i4<<>> ,,11,, 111100,,885522 !! 119911,,007788 j 19,227 j 187,574 I 2,625,076 Total Europe, in- i eluding Central Powers: , Feb.-Mar., 1.9 IS..1 1,3(10,877 I.- ,.«,.'.) i 8 &Vi0v) 26, OS.') | 1,013,205 | i,28;),8;.i4 ' 171,08:) 7,123 6,213 47,205 i 1,521,551. Apr .-.June 2,858,187 :4', 974 I:;!, t)i0 t-:-S, 221 j S.-.\O-.52 I 3, 387, 330 •: 2, 9<5, (554 • 355,922 11,S9S 14,372 117,519 ' 3,475,300 J O u c l t y .- - D Se e p c t ! : 3 I , , 4 • 7 0 2 0 , , 5 2 1 5 9 2 : ; :! i 2 u , , 7 i - 1 0 7 : 2 ! 0 i 1 7 , , 6 0 9 7 9 7 7 51 4 , 4 0 4 0 ( 2 • 5 4 : 2 'j , , 0 5 8 4 0 2 | i 5 3, . 9 3 : 3 S 4 3 , ,9 7 4 5 5 5 • , " ' ' 4 3 , , 3 2 9 (5 O 9 , , . 4 I 5 5 7 2 , ' 8 3 9 0 0 0 , , 9 4 9 2 8 0 7 5- 2 1 , ' 4 0 1 4 0 7 1 15 " , ,4 8 8 7 4 0 0 0 . 3 1 , , 8 4 1 2 1 0 i 5 3 , , 2 9 9 0 - 1 1 , , 9 1 1 8 7 9 J A a p n r .- . A -J J u a n r. e , 1919.. ! ! 2 3 , ,8 9 . ^ 4 2 ,;> ,7 3 8 (. 0 » : 4 7.. n ;8, . s 8 o 5 i 7 i 1 1 9 7o 2 , , 7 2 6 4 ;* i 0 6 3 6 , , 5 95 7 7 0 I : 7 5 1 1 5 , 0 0 5 7 7 0 8 8 i | | 3 l -l ' , ' , 6 9 9 8 0 0 1 2 2 , ,4 4 , 4 9 3 3 7 5 5 i j , i i l i 3 2 3 , 6, . 7 6 4 o 4 7 2 7 2 , , , G 2 7 1 7 0 2 0 ! ! ! 9 0 9 5 4 5 1 8 8 , , 4 , 0 4 0 2 0 9 5 9 59 : 1 6 0 7 1 , , 8 2 0 0 0 5 ! i 1 1 2 2 , , 0 2 7 2 4 0 i \ 1 9 0 2 5 , , 5 5 1 6 0 8 ! , 3 4 , , 6 7 2 7 3 8 , , 2 L 0 4 8 3 Total.. ...\S, 7(iJ,rW0 'j,-l})4,;:0;> ; S84,0{)S 354, 4i2 • 351,836 122,853,1.72 .'18,332,008 :3,381, 520 j 314,573 | 78,240 j 488,093 j22, 594, 434 Asia F : eb.-A far.,] 9 IS.. 79, <;47 i !8:7 : )<)PJ-':4 >) •ii>2 14.929 !28,759 71,154 4:), 8(>5 i 170 2,435 7, 770 128,394 Apr.-June 2.:.-],5,y 3;<951) , 36902 •) L'-;7 •17,024 2;>S 245,080 i 8^ 732 ! 583 16,082 ! 63, 566 413,044 July-Sept 323, 790 25,704 1 •114;S 11'i.\a 38,332 410, 981 ' 339,2(59 ' 90, 130 .13,021. 11,294 | 40,077 494,391 Oct.-Dec 295, 705 •i<i0! 4-»9 %') 7W, •14, 182 4 i.l, 277, 7.24 82,940 ! 306 11,822 '. 36,430 409,222 J A a p n r . - - M Ju a n r e ., 1919.. 2 2 6 \ 8 9 , ,9 1 8 2 5 3 5- '•, S 5 S 0 7 0 ; • 3 4 1 6 ,6 0 0 7 6 3 2 1 7 ' , ,• 4 [ 7 ;) ; •) ) 3 2 0 1 ,4 iv m i ; 3 - 8 ! S < i , , 0 (M 9 7 7 ; . 2 2 5 6 9 3 , , 5 9 0 S 3 S ' 8 8 ; 2 ! , , 9 1 8 . 0 4 7 ' • 7 7 6 0 .1 8 0 , , 9 7 3 8 3 5 ! ! 2 8 1. , 8 1 L 43 2 3 3 ( 7 ) 8 1 , ., 6 4 1 8 0 L .1,442,098 • 205, 055 ! 2 i {),5<>7 6"\ 19-», 970 2, 124,905 j], 45:), 778 1 474,390 : 01,352 j 178,398 ! 2,185,143 South America: i Feb. -Alar., (918.. j 95, 150 . 498 5,912 | 119,761 80,012 19,967 ! 44 7,982 | 13,654 , .122,258 Apr.-June : .1.92, 800 1.3, 508 1,320 27,984 j .190,413 55,637 : 485 .16,395 j 25,258 288, .188 July-Sept i 210,30(5 ' o, }.>2V •281.S75 00,052 i 550 .: 10,482 36,061 : 278, 520 Oct.-Dec i 30,771 ' K 275 20,307 j 266,690 : 1 US, 775 : 43,403 , 3,592 ! JO, 091 I 20,101 ! 276,563 Jan.-Alar., 1919..1 222, 72(5 34,074 • ],4SS i 27,781 I 300,310 I 212,408 i 48,531 I 5J2 10,01.5 ! 19,552 ! 201,01.8 Apr.-June ; 263, 485 ;-8,o;}2 • liV~)2L 2, 161 ' 46,468 ! 306,667 j 22o,424 . 74,499 i 1,38-1 i 14,931 i 39,131 | 356,369 Total .| I, .176, 709 j 197,219 : 76,029 18,570 i .149,257 j .!,617,780 "] 1,100,008 I 302,088 | 0,567 |. 70,496 | 133,757 i 1,612,917 Other world points: Feb.-Mar.,J9L8.. '5(52, 352 48,817 : 4,10(5 14,204 18. •51 ! 448, L90 319,3(51. • 93,668 10,428 I 22,413 | 460,245 Apr.-June 886, 063 137,41.7 . ! !523 5i>, 913 48^ 08o I, 110,902 ! 759,8150 ; 223, 220 5!,073 ' 31,702 i 64,492 ! 1,130,347 July-Sept 909,705 128, 201 j 9,£04 40, i»5 i i, 129,-i66 82s, (»9;5 J 73, 404 43.799 I 19,904 : 5" 5,029 j 1,120,892 Oct.-Dec 875, 077 U4, 159 . .128,05 7i',49L 34, 516 ! 1, 108, 079 • 782,7(53 I i 73, 350 75,830 I 9,324 ! 51,842 ! 1,093,115 Jan.-Mar., 1919. 90.1,418 128.910 : I !,915 50,87-i •12,700 i 1., Kw, 8i5 . 8-12,510 • .191,481 57.800 I 11,178 i 51,.196 i 1,154,166 Apr .-June 972,9(59 132; 090 : 8390 92,070 44, 5• 7 ! i, 250, 037 912,097 '•181, 119 93,283 i 23,273 j 54,165 I 1,294,536 Total.../. '> 4.909,583 | 089,595 ; 58,6-12 " 320,873 ! 220,095 ; (5, 214, 388 :4 4,,4475,887 ,1,030,248 330,100 ! 105,869 6, 253,300 Total, all countries: ! Feb.-Mar.,l9l8.. .1,904,']')•) 201,292 . 87,395 ; 47,431. i 6sj,47i 2,309,914 1,757,990 • 334,588 : 21,71.2 . 27,058 , 91,101 2,232,448 Apr.-June , 4,171,598 4(52,220 ' 195,853 : 128.693 , 200,1525 5.3 Go, 989 :4, 171,008 722,511. ! 64,039 ! 78,551 ! 270, 835 5,306,945 July-Sept MHO;350 •100,671 : 181,808 . 131,273 : .155,975 5,78'-, M»7 i4.719^492 • 684,007 I 129,810 I 59,225 1.73,187 5,795,721 Oct.-Dec 5,663,277 924, J 48 , 272, 5:;9 ' 139,70S \ 141,7zO 7, 141,376 5,528,7.19 :1,190,697 i133,775 ! 47,7.14 ; 172,184 7,073,089 Jan.-Mar., .1919. 5, 227,017 939,728 ! 204,992 i 130,718 . !?)3,022 6,725.507 i4,96i, 750 '.1,281,390 \ 12(5, L87 I 44,199 . 171,401 0, 584,933 Apr.-June 4,410775 656, ! 15 ! 232, (.47 185, 284 • 5,6S!,298 i4, 195,72! . 981,050 • 196,001 59,210 • 220,676 5,652,658 26, 293,;-;;71587,17-1 \\,235,815 j 703,101 ' 930,789 32,810,251 ; 25,304,080 5,.i04,240 j 071,526 ! 315,957 1,099,884 '32,645,793 8701)0-22 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 FEDERAL. RESERVE BULLETIN. FEBRUARY, 1922. TABLE VIII.—PERCENTAGE DISTRIBUTION OF PURCHASES OF EXCHANGE PAYABLE IN SPECIFIED FOREIGN COUNTRIES. European Allies. European neutrals. Asia. Items. V I I Demand items from dealers in i United States ' 18.3 j 12.(5 : 20.3 2. 7 I 7.2 8.4 21.8 11.9 : 10. 5 ! 7.2 i 1.1 3.3 3.7 Cable transfers from dealers in I United States , 40.3 33.1 | 3.3: 18.3 33. 8 19.0 24.3 10.5 ; 20.3, 2.0 | G.8 I 3.0 .3 Finance or clean time bills—loans.. .7 i 2.2 0) .4 .3 .6 .7 .0 : .2 ! .1 .2 C M o e t a to t n b i b ll i s l ls : 4 • . 1 7 i i 10. . 9 0 (0 . 2 • I (i) 2 . . 2 2 1.9 0) .9 4 1. .9 1 i ! 2 . . 1 1 ! (]) . 2 I j . . 9 8 ! 21 . . 3 5 .1 Other export bills 8.3 | 8.9 11.7 i 15.1 ! 12.4 30.5 | 44.0 , 28.0 43.0 21.2 ; 35.8 29.1 From foreign institutions outside : 59.5 11.6 United States j 21.2 | 14.5 j 18.4 ! 50.4 | 21. G 23.0 ; 31.5 25. 10.9 i 23.1 5.G 3.4 ; 4.0 1.0 From foreign agencies and firms ; 8.0 domiciled in United States 4.1 2.1 3.7 j 1.4 1.4 2.0 .7j .7 .1 0) I .1 M C A G o o i g s u l a d c p i e o n a l n s l n a t s d n s a e e s n o c il u d u v s r e d i r t i i v e s i h s d i e p n m d e c n h ts e '. c ks — • : j 0 5 ) . . G 3 ! i j C1) . . 1 1 12.4 ! 27.9 C 3 1) . . . 1 4 7 1 ( 2 1 ) . . 8 6 C 6 1) . . . 2 0 3 i i i j C C 5 1 1 1 ) ) . . 9 3 10.0 : (| 3 ) . .2 2 : i ' . (I) 3 C 5 0 1) . . 2 5 2 1 8 . . . 1 4 6 0 0 ) 5.0 Total i 100.0 ! 100.0 100.0 j 100. 0 j 100.0 100.0 100.0 100.0 100.0 1.100.0 ! 100.0 100.0 IOO.O i IOO.O 100.0 South America. Other world points. Recapitulation. 5 If Items. Is 2 I!! I O £ Demand items from dealers in United Stales , 4.8 13.2 | 6.2 14.3 ; 5.2 4.9 ! 2.8 13.7 13.1 13.7 3.8 ! 0.0 13.1 12.7 Cable transfers from dealers in United States 0.2 4.2 i .2 .2 23.8 37.0 3.4 . 3.7 3.7 29.0 Finance or clean time bills—loans. .5 .9 i • l ! .4 .5 1.7 .2 I .5 .1 1.1 Cotton bills .1 .1 0) .9 i 0) •3 i- 8.5 | 1. 0 7.9 13.8 . .1 .8 7.0 Meat bills 0) C1) 0) I 0) .6 | 1.0 .8 .3 I (l) .1 .6 O Fr t o h m er f e o x r p ei o g r n t b in il s l t s itutions outside 25.8 75.1 61.9 24.3 ' 42.0 ; oo. 6 9.1 ! 28.4 10.7 35.5 ! 40.7 10.0 13.4 United States 10.1 2.6, ! 1.9 ' 1.2 | 1.2 : 10.0 . 22.3 i 16.0 3.9 0.7 4.8 13.6 From foreign agencies and firms Ag d a o i m ns i t c i s l e e c d u r i i n t ie U s nited States.... C 2 1) .4 C 1 1) .3 •7 ! • .1 7 ; i .6 i 0) i 2. . - 2 1 1 • . 8 2 ; j 2. . 3 2 0) •7 | I (J) . . 1 0 1 . . 3 8 C G o o u ld p o a n n s d a s n il d v e d r i v s i h d i e p n m d e c n h ts ecks C C 1 1 ) ) C C 1 1 ) ) 2 . . 2 7 I | .2 1 . . 1 2 I : \ J | K J j . . 1 1 . .4 1 I . . 1 1 l" 2 J .7 . . 2 7 . . 1 3 Miscellaneous 49.5 20.1 21.0 25.7 i 67! 3 160.8 j 50.3 | 39!9 j 8.4 6.8 i 37.1 ! 39.3 05.2 19.8 Total. 100.0 100.0 100.0 ! 100.0 ! 100.0 i 100.0 ! 100.0 I 100.0 ii 100.0 100.0 | 100.0 100.0 i 100.0 100.0 ; 100.0 i Less than 0.05 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 183 TABLE IX.—PERCENTAGE DISTRIBUTION OF CREDITS TO DOLLAR ACCOUNT BY COUNTRIES. European Allies. European neutrals. Asia. Items. I 1 o From banks or others in United : States j 88. 2 79.1 GO. 0 25.4 55.7 j 35.5 ! 71.8 l 33.3 29.0 I 71.8 j 59.0 70.1 68.4. 05.7 From banks or others outside I i | Pr U oc n e i e te d d s o S f t s a e te c s u rities sold ; 10 1 . . 8 4 ! 10. . 2 3 ! .18 . . 1 3 1 1 7 . . 1 1 58 7 . . 0 4 20 7 . . 4 7 ! • 4 1 4 3 . . 6 7 ! . 2 1 3 .7 .0 I , 5 3 ^ . . G 4 5 4 5 . . 6 9 j 1 1 0 . . 5 1 i i 2 ( 9 l) .4 2 0 2 ) .4 19 . . 9 3 24 . . 1 7 Proceeds of commodity sales 2 j .2 j .2 3.0 1.3 .3 , .5 | 1.1 .4 .0 | 4.0 3.1 2.2 5.0 M iseellaneous 1.1 2.3 18.2 8.0 8.9 " .5.9' 3.0 G. 0 9.5 10.0 7.0 4.4 9.2 4.5 Total. 100.0 I 100.0 100.0 100.0 100.0 100.0 '' 100.0 i 100.0 i 100.0 i 100.0 I 100.-0 ! 100.0 100.0 100.0 100.0 South America. Other world points. Recapitulation. Items. 1 i 2 2 I I 3 w ! O From banks or others in United States 73.0 50.9 79.2 67.9 • 73.2 72.4 (;8.4 60.0 , 86.3 i 42.3 ; 81.1 ! 60.7 08.2 71.6 I 77.7 From banks or others outside United States 17.(3 33.2 7.8 15.3 ! 13.7 220 : 20.0 283 11.3 42.6 : 15.0 21.7 18-7 16.6 ! 15.9 Proceeds of securities sold .1 1.0 .3 6.9 4 ' 3.8 4 • .6 7.3 i 1.4 .6 .4 5.3 i 2.0 Proceeds of commodity sales 3.8 2.4 5.9 1.2 7 3.(') 18 .3 .3 ! 2.8 4.4 1.7 i 1.0 Miscellaneous 5.0 ! 12.0 9.6 10.6 5.0 4.5 j 3.7 89 1.5 7.1 2.2 | 8.2 8.3 4.8 | 3.4 Total. 100.0 I 100.0 100.0 100.0 100.0 100. 100.0 1000 100.0 100.0 100.0 | 100.0 100.0 100.0 100.0 i i Less than 0.05 per cent. NOTE.—In the first article of this series (December, 1921, BULLETIN", p. 1403), the decline during the latter part of 1918 in the balance owed by the United States to Japan was attributed to exports of gold from the United States to Japan. As a matter of fact, the movement of gold in large volume from the United States to Japan did not begin until the middle of 1919, when our gold embargo was lifted. Attention should therefore have been directed to other causes, such as payments by Japan for American exports, and the increasing amounts due the United States in Japan, as indicated in Table II of the article, the effect being a reduction in the net balance owed by the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 FEDERAL RESERVE BULLETIN. FEBRUARY, 1022. BUSINESS AND FINANCIAL CONDITIONS ABROAD. the United Kingdom. Since that time, at the THE REPARATION SITUATION. instigation of the Government, a group of There was no material progress in the settle- British financiers has suggested a scheme for ment of reparations difficulties during Janinternational cooperation in the extension of uary. The conferences, which were held by long-term credits for capital undertakings in the Allied and the German Reparations Com- Russia, Poland, and other eastern European missions after the dispatch of the German countries. This plan was developed in coop- Government's note announcing its inability to eration with financial experts in France and pay the full amount of the January 15 and elsewhere at the end of December, and ap- February 15 installments, reached no workable proved by the Supreme Council at Cannes in agreement. On January 13, after Dr. Rathe- January. It provides for the creation of an nau had described the difficulties of the Gerinternational corporation for the extension of man Government before the meeting of the long-term credits, the capital to be raised from Supreme Council at Cannes, a note was sent nongovernmental sources in the cooperating to Berlin granting a delay in the January 15 countries and invested under the direction of a payment. This delay was accompanied by central group who would also arrange for the the following requirements: (1) That the Govplacing of orders. The official memorandum ernment place at the disposal of the Reparaissued at Cannes provides that "the principal tions Commission foreign credits amounting to functions of the corporation shall be to ex- 31,000,000 gold marks every 10 days, beginning amine the opportunities for undertakings, in January 16, until a final agreement is reached connection with European reconstruction, to regarding the 1922 program for reparations assist in financing such undertakings, to obpayments; (2) that the German Government tain adequate security for payment in respect submit to the Commission within a fortnight of work carried out, to arrange for contracts, plans for the 1922 payments and for reforming and to promote or assist in promoting the subits own fiscal situation. sidiary companies or corporations in various Since the receipt of this note the German countries for special purposes." In his speech Government has been endeavoring to provide of January 21, Mr. Lloyd George placed less a practical plan for balancing its budget, but emphasis on the financial and banking aspects the only definite result of its endeavors has of the problem, but emphasized instead the been the announcement of a compulsory loan necessity for political stability as a prerequisite for 1,000,000,000 gold marks. On January 27 to trade revival. the German reply to the Reparations Commission's request for a program for repara- A resume of the British foreign trade situations deliveries was forwarded to Paris. The tion shows that the volume of exports in 1921, terms of this reply will be discussed in the if considered in terms of tonnage, was not more March BULLETIN. than 30 to 40 per cent of the prewar volume, although approximately 80 per cent of exports ENGLAND.1 in 1920. It is as deceptive, however, to consider trade in terms of volume or weight only .FOREIGN TRADE. as in terms of money value alone. Before the It becomes more and more apparent that war the bulk or weight of British exports was the dominant political as well as economic in coal and iron and steel; 73,400,000 tons of policy of the present Government in England coal were exported in 1913, as compared with is the revival of foreign trade. This has been 24,661,000 in 1921, and 4,969,200 tons of iron especially- emphasized in recent months by the and steel, as compared with 1,700,400 tons in program enunciated by Mr. Lloyd George in 1921. In the postwar period there has been opening Parliament last October and in his a shift in the composition of the exports, coal speech on January 21 before the Coalition forming a smaller proportion and the more Liberal convention. The October program highly manufactured steel products especially provided that the Government short-term forming a larger proportion of the total than credit scheme, which had been organized some was the case formerly. This fact makes it two years before, but little used, should be exseem probable that 1921 exports are nearer 50 tended to a larger group of potential buyers per cent of prewar than the 30 to 40 per cent and put on a more workable basis. It also noted above. Considered in terms of value, made provision for the extension of long-term of course, the showing is very different because credits for capital undertakings with Governof the inflation of present prices as compared ment guarantee if these credits were applied with prewar. The average monthly value of to the purchase of goods manufactured within exports in 1921 was £58,600,000 as compared with £111,000,000 in 1920 and only £44,000 - British price, tmd-i, and financial statistics may be found on pp. 000 in 1913. 220, 221, 222, 225, 227, and 2)7. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEU HI; ART, 1022. :F.K[)KEAL BHSETtVE BULLETIN". 185 In analyzing t3ie foreign trade returns for Belgium, and Italv. Trade with Russia was the first nine months of 1921, the Board of valued at £7,786,000 in 1920 and at £6,609,000 Trade converts 1921 values into terms of 1913 in 1921,2 and trade with Gormanvat £ 15,303,000 values and in this way arrives at a comparison in 1920 and £12,268,000 in' 1921, indicatof the trade of the two periods with tlie price ing an increase in the volume of the trade factor removed. Compared in this manner, with these countries in view of the drop in exports of the following articles have decreased British prices. The situation with regard to between 1913 and 1921 in the ratios indicated European trade is not surprising in view of below: the currency depreciation in many of the continental countries. Taking into account exchange rates and internal prices, values in Eng- Percentage deficiency land and Sweden are higher than elsewhere in Commodities whose export; value exceeded £5,000,000 of quantity Europe. It is therefore natural that British in 1913. in 1921 compared sales to most continental countries should have with 1913. declined as production on the Continent increased and needs could be met elsewhere. The Food, drink, dutiable • —IS. 4 Coal ' -75.9 veiy large reduction in sales to Sweden, how- Earthenware, glass, abrasives, el:e ! —49.2 ever, can not be directly accounted for in this Iron and steel, and manufactures thereof ! —64.7 N on ferrous metals, and manufactures thereof : —33.2 way. The Swedish price level is as high if not Cutlery, hardware, implements, and instruments — 53.3 Machinery ; -2o. 9 higher than the British, but trade depression Cotton yarn sand manufacture:-; —00.3 has been so severe there that it has reacted, Woolen and worsted yarns and manufactures —49.3 Manufactures of other textile materials : —63.1 seriously on foreign purchases. Apparel , —70.8 Chemicals, drugs, dyes, and colors [ —(>(). 3 Exports to other important markets have Vehicles (including locomotives, ships, and aircraft s) —21.1 not fallen off in anything like the same pro- Total, all classes ' -53.9 portion as the exports to Europe. Trade with China and Japan, the Argentine, Australia, The only class in which there has been an and British India did not average more than actual increase in exports is oil seeds, nuts, oils, 30 to 40 per cent less in value in the first 9 fats, etc. In all other classes of industry there months of 1921 than in the same period of have been decreased exports, the decreases 1920. Exports to Egypt, on the other hand, varying from 91 per cent for electrical goods had decreased about 60 per cent, to Canada and apparatus and 76 per cent for coal "to as about 55 per cent, and to the United States little as 7 per cent in the case of raw silk. over 45 per cent. The latter commodity is of such minor impor- If this type of trade situation were peculiar tance in the export trade, however, that the ratio to England alone, it would be rectified by the is of little significance. The large decreases in processes of trade itself. But since the situathe coal, iron and steel, and cotton industries are tion in England is repeated, in most of the other of special importance because of the predomi- large industrial countries, definite remedial nance of these commodities in the export trade. measures arc necessary. In order to create The rate of decrease has been less in some of an effective demand, -fluid funds must be the smaller industries and in the more highly brought into existence, but these can be acmanufactured end of the steel industry. ' |cumulated only gradually through the proc- British trade with European markets has | esses of production. In the meantime capital been more seriously affected during the past funds are necessary before production can year than elsewhere. Comparing the value of begin in countries where equipment has been exports during the first nine months of 1921destroyed. The encouragement of capital inwith those of the same period in 1920, and tak- vestments in Russia, Poland, and other couning account of the fall in prices in the course tries of large potential purchasing power but of the year, it seems probable that except in with no current credit is the first step, therethe case of Russia, Germany, and Spain there fore, in the process of revival of trade not only lias been a reduction in the quantity of goods for England but for the borrowing countries shipped to all leading European markets. as well. The reduction1 in. British wholesale prices of 35 PUBLIC FINANCES. to 4.0 per cent between the two periods is far Public accounts for the first nine months of exceeded by the percentage reductions in the value of exports to these markets, which the fiscal year ending March 31, 1922, show a amount to approximately 80 per cent in the revenue of £676,831,318, as compared with case of Sweden, over 70 per cent for Denmark £888,803,728 during the same period last year. and France, and about 60 per cent for Norway, The largest reductions are in excess profits duties and miscellaneous special receipts— 1 Refer to p. 153, where the Federal Reserve Board index of prices of British exports shows a drop of almost 60 per cent between 1920 and 2 For mirposes of comparison, Lithuania, Finland, Esthonia, and 1921. Latvia are included in the figure for 1921, as for 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. i. e., from the sale of war stocks, etc. Returns ber, 1920, and 3-| per cent a year later. Three from the excess profits duty amounted to only months' bank bills were discounted at 6-jj- per £29,714,000, as compared with £156,354,000 cent at the end of December, 1920, and at 3| during the same period of the preceding year. in December, 1921. The bank rate w as reduced Revenues from the property and income tax, from 7 in January to 5 in December, 1921. on the other hand, were larger than in 1920 by approximately £18,000,000. FRANCE.1 Expenditures during the same period PUBLIC FINANCE. amounted to £739,990,604, of which a net sum of £63,740,231 was raised by borrowing. Within the last few months the French Sen- Nevertheless, due to the sale of Treasury ate has adopted a rigorous attitude in regard to bonds, in the course of the 9 months a re- the stabilization of the'' ordinary budget"—that duction of £15,490,000 has been made in the is, the budget for all Government expenditures outstanding floating debt. In his revised excepting those which are regarded as recoverbudget statement of November 9, the Chan- able from Germany under the Versailles cellor estimated the deficit for the year at Treaty. French fiscal law requires that each £60,000,000, provided that Great Britain re- Government department submit to the Finance ceives the portion of the August 31 reparations Ministry estimates of expenditure for a given payment due her for the army of occupation. year, 12 or 14 months before the beginning of This matter, like all others connected with that year, and that the Minister of Finance reparations, is uncertain, but if this amount compare these estimates with the revenue is not received, the deficit for the year will which will probably be received during the presumably be increased to £90-£100,000,000.1 year and prepare a budget statement for the consideration of the Senate and the Chamber BANKING SITUATION. of Deputies. The statement thus prepared is Banking conditions at the end of 1921 debated in both Houses, and.before January 1 differed in several important respects from of the year to which it applies, a budget is conditions a year ago. In the first place, de- supposed to be agreed upon. The budget posits of other banks and the Government authorizes the total expenditures of the Govwith the Bank of England were 35 per cent ernment for the year, and additional credits lower, while the note circulation was approxi- are voted only under exceptional circummately 10 per cent less than 12 months earlier. stances. Should the Senate and the Chamber This statement is somewhat misleading as re- for any reason fail to agree upon the year's gards Bank of England deposits, however, budget before January 1, provisional credits because during the first week of January, 1922, on the basis of expenditures during the previous borrowing at the bank increased again and year are voted from month to month, until an was on approximately as large a scale as the agreement is reached. It is evident that the year before. In other words, the decline in system of voting provisional credits is not conthe deposit item has not been consistent, ducive to efficiency in the handling of departwhile the reduction in the note circulation mental finances. M. Bokanowski, the Reporter has continued steadily since December, 1920. General for the budget for the Chamber of The condition of the commercial banks as re- Deputies, has said that each month's progards the amount of loans and discounts out- visional credit would increase expenses this ' standing was approximately the same in De- year by 200,000,000 francs. For some years cember as in January, 1921. During the first before the war, because of disagreements which 4 months of the year reductions had occurred, arose in the French Parliament on the subject but since then increases have brought the total of increases in expenses and the consequent into approximately the same point as in January. crease in taxes, there was delay in voting the It is impossible to state the proportion of Treas- budget, and provisional credits for the first two ury bills discounted that are included in this or three months of the year became the rule item, but as the banks are large purchasers of rather than the exception. During the war bills it seems probable the proportion is high. period it was obviously impossible to fix the Foreign bills have also figured as an important total of the Government's expenditures for the part of bank portfolios in the past year, but ensuing 12 months at the beginning of the year. again it is impossible to determine their propor- At the end of 1919, however, an attempt was tion to the whole. Discount rates on Treasury made to return to the prewar system, and the bills and bankers' acceptances have been cut budget for 1920 was presented just before the almost in half during the year. The Treasury beginning of that year. It was not passed, bill rate was 6£ per cent at the end of Decem- however, until August, 1920°, and the Govern- 1 Developments during January indicate a more favorable situation than that shown for the end of December. It is considered possible i French price, trade, and financial statistics may be found on pp. 220, that the deficit may be wiped out. 222,225,226,227,258, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 187 ment departments were operated for 7 months THE SPECIAL BUDGET. without a knowledge of their total appropria- Aside from the 25,000,000,000 francs authortion for the year. Some improvement was ized by the Parliament to be spent on account made in 1921, largely because it was decided of the ordinary budget in 1922, there is the to make very few changes in existing taxes, and special budget for which the Finance Minister the different sections of the budget were passed has asked approximately 7,000,000,000 francs, in April and May of that year. On July 8, 1921, The special budget is divided as follows: M. Doumer (then Finance Minister) presented to the Chamber of Deputies proposals for the SPECIAL BUDGET PROPOSED FOR 1922. ordinary budget for the ensuing year. He esti- [In millions of francs.] mated that the total revenue receivable in 1922 Budget of~the Ministry of the Liberated Regions... 1,147 would amount to 25,019,000,000 francs and Interest on loans: that ordinary expenditures would total 24,932,- Of the Credit National 557 000,000 francs. In the estimate of receipts Of the "Sinistres" 300 Budget of the Ministry of Pensions 406 there were included, however, receipts from new Ministry of Finances: taxes and from increases in the rates of old For pensions 3, 657 taxes amounting to 2,481,000,000 francs. The For war damage 4 Chamber of Deputies was of the opinion that Other expenses 1 Other ministries 1,087 the French public could not bear further taxation, and the time between July 8 and Decem- Total 7,159 ber 15 was spent in an effort to adjust Govern- Neither the Senate nor the Chamber of Depment expenses to the revenue which might be uties has yet approved these proposed expendiexpected from taxes already in force. Eventutures. As they are eventually to be met by ally a compromise was reached. It was decided Germany according to the Versailles Treaty, to issue short-term bills to the amount of they will be provided for during the current 1,320,000,000 francs to take the place of the year by loans, in so far as they are not taken Government securities which would be recare of by payments from Germany. These turned to the Government in payment of the loans will be floated not by the State but by war profits tax, and which the Finance Minister the Credit National or the "Sinistres" (the had proposed to retire. The estimate for tax people of the devastated districts). The Govreceipts was also increased by the Chamber of ernment guarantees the interest and principal of Deputies by voting a law which allows a disthese loans. During December and January count on the payment of inheritance taxes due three such loans have been put upon the marfrom persons living in territory invaded by the ket, one for 500,000,000 francs by the "Groupeenemy or situated within the line of fire. By ment de la Grosse Metallurgie" (the iron a law previously enacted these payments had ore, and iron and steel producers), one for been postponed until 1923. 150,000,000 francs by the Department du Nord, The Senate Committee on Finance had be- and one for 185,000,000 francs by the Societe gun the study of the 1922 budget before the de Reconstitution d' Usines Sinistres (company Chamber of deputies finished with it, and the for the rebuilding of factories in the devastated usual long delay in committee was eliminated region). All these loans were sold at 475 francs by sending the budget to the Senate about a for a 500-franc bond. They bear 6 per cent inweek after it had been passed by the Lower terest on their par value. The loan to the iron House. The Seriate dealt with the budget very and steel producers will be used to reconstruct promptly, and it was finally approved early the plant of the iron mines, the rolling mills, in the morning of January 1. The receipts and the blast furnaces of the Nord and Pas de and expenditures decided upon are as follows : Calais districts. The funds received by the Department du Nord will be used for the assist- ORDINARY BUDGET FOR 1922. ance of those " sinistreV7 whose homes in 1914 [In millions of francs.] were valued at less than 10,000 francs. Credits opened: For the public debt 12, 647 1920 EXPENSES. Other credits 12, 041 One reason for the Senate's prompt action Total 24,688 on the 1922 budget was the disastrous result of voting provisional credits for seven months Receipts expected: before finally enacting a budget in 1920. When Normal receipts from taxes, Government monthe final accounts for the year 1920 were preopolies, etc - 19, 832 sented to the Chamber of Deputies on Novem- Yield of the war-profits tax 3,050 Sale of war stocks 500 ber 27, 1921, it was found that by the voting Sale of short-term bills 1, 320 of various supplementary credits and by the Total 24,702 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 FEDERAL FEBRUARY, 102'J. unauthorized expenditure of about 400,000,000 In July, when the budget was first presented francs, expenses for 1920 had risen several bil- j to the Chamber of Deputies, M. Doumer anlion francs above original budget figures. The | nounced that the public debt totaled 269,appropriations made on July 31 for the year I 000,000,000 francs, valuing the foreign debt 1920 amounted to a little less thavi at par. Evidently M. Doumer estimates that 48,000,000,000 francs, 21,761,000,000 on ordi- an increase of about 20,000,000,000 francs nary account, 5,420,000,000 on account of non-! has taken place in the debt in the course of recurring expenses resulting from the war, and ' six months. The increase in the number of 20,751,000,000 on account of expenses regarded national defense bills outstanding has been as recoverable from Germany under the Ver- particularly striking during the last year. On sailles Treaty. Before December 30 the Par-| September's©, 1920, there were 49,459,000,000 liament was called upon to vote further credits, francs' worth of these bills in the hands of the the largest item (1,304,000,000 francs) repre- public. On November 30, 192], according to senting expenditures necessary in connection our estimate, the amount of national defense with the bread subsidy. During 1921 further bills outstanding was about 66,500,000,000 supplementary credits were voted on account francs. The increase has taken place as of 1920 expenses, and when the final accounts follows: were presented they showed that more than 52,000,000,000 francs had been spent in meet- FjRii.NCH NATIONAL DKFI:>;SI-: BILLS OUTSTANDING. ing the 1920 budget, almost 4,500,000,000 [In millions of francs.] francs more than was authorized when the bud- September 30, .1920 4 0. 459 get was passed. Of this amount, a relatively March 1. 1921 53! 010 May 1, 1921 58. 812 small sum, 420,000,000 francs, had been spent November 30, .1921 i 00, 500 without being authorized at all, for food and At the year's end the debt of the Governfodder for the army and for soldiers7 pay. ment to the Bank of France has been reduced, This unauthorized expenditure brought proso that on January 26 it stood at 23,000,000,tests from both the Chamber of Deputies and 000 francs as compared with a peak of 20,the Senate. The Senate has refused to ap- 000,000,000 francs during the last quarter of prove all of the payments involved, although 1920 and 26,700,000,000 francs in May, 1921. the goods and services have actually been re- From the point of view of the Government's ceived, and has passed the following resolution: finances, however, this decrease in the debt to The Senate, in accordance Avit.li the report of its finance the bank is relatively unimportant so long as commission, requests the Government to insure a strict; the rest of the floating debt has increased so application of the laws applying to the control of expendimuch during the year. tures and to place at. the disposal of the Parliamentary Finance Commission the entire reports of the controllers as well as their notices in regard to the budget arid in re- ITALY.2 gard to additional credits. PUBLIC FINANCE. The Senate also requests the Government to take? all measures necessary to render it impossible, without; the According to the annual financial statement authorization of Parliament and outside of the cases pro- which was submitted by Minister of the Treasvided for by law, to make supplementary payments in ury dc Nava to the Chamber on December 8, addition to those covered by the regular credits. the outstanding features of Italy's financial PUBLIC DEBT. situation appear to be a decrease in the budget deficit and a contraction of the bank-note Another reason for the rigorous attitude of circulation for the account of the Governthe Senate at the present time is the increase ment, combined with an increase in the floatin the floating debt which took place during ing debt and the public debt as a whole. 1921. The exact amount of the increase can Although the Government anticipates a furnot be stated. The latest official figure availther improvement in the budget situation, able on the French debt is that for July 1, and proposes to continue gradually to reduce 1921; the latest detailed figures are those for the fiduciary circulation, a further expansion May 1, 1921. During a debate in the Senate of the public debt appears inevitable. on December 27, 1921, the Finance Minister, Fiscal year 1920-21.—For the fiscal year M. Doumer, spoke as follows of the debt: which ended June 30, 192.1, the latest official M. Henry ('.'heron (the Senate reporter on the budget) figures show 18,07.1,000,000 lire of effective speaking of our debt, places it at 335 billions; he has inreceipts, against 28,783,000,000 lire of effeecluded in that figure our foreign debt, but he has valued the latter at current rates of exchange; 1 believe that no,i tive expenditures, with a deficit of 10,712,one can ask us to repay our debt at "these rates; we shall'| 000,000 lire. The deficit increases to 11,758,choose the proper moment. I believe that in fixing our j debt at 290 billions, I am very near the truth. I say this 1 Estimated on the basis ofin.foriri.ation furnished by the Association in order to show the Senate that no one can give the N 2 a l I i t o a n li a a l n c d p e r s ic P e, o r t t r o a u d r e s , f a ra n n d ga f i i s n a d n o c v i a a lo l s u t r a s t i m sti o c b s i l m is a e y s. be found on pp. actual figure. 220, 222, 220. 258, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FttBHUAUY, 1922. FEDEKAL BESKKVE BULLICXiX. 189 000,000 lire, if expenditures for the refunding ! 1,800,000,000 lire by temporary expenditures and amortization of public debt obligations, I arising from the war, such as compensation for Government investments, and a number of i war damages, restoration of the merchant receipts of secondary importance are taken i marine, etc. There remains, however, a coninto account. The improvement of about siderable peace-time deficit. 3,000,000,000 lire (as compared with the de- As the chief means for restoring budgetary ficit anticipated in December, 1920) is due equilibrium, the Minister of the Treasury^bove to the fact that, as a result of large increases all recommends further economy in expendiin taxation, effective receipts were nearly 64 tures. The Government does not propose to per cent in excess of anticipations. Revenue enact any new taxation at present, believing from the principal taxes and monopolies I that the taxpayers' burden can not be much amounted to about 11,000,000,000 lire in 1920- increased. The Minister of Finance expects, 21, as compared with 7,817,000,000 lire in however, that additional funds may be obtained 1919-20. About 4,000,000,000 lire were ob- from better enforcement of existing taxes and tained from direct taxes, or 70 per cent more especially from the revision in the method of than in 1919-20. The yield from stamp assessing the capital levy. But the Governduties increased about 75 per cent and from ment makes no definite announcement regardindustrial monopolies about 50 per cent. ing the enforcement of the law of compulsory, - Fiscal year 1921-22.—For the current fiscal registration of bearer bonds (which, was enyear a deficit of about 5,000,000,000 lire is acted with a view to assuring the effective anticipated (total receipts, 18,336,000,000 lire; collection of the capital levy and the confistotal expenditures 23,348,000,000 lire). The catory tax on excess war profits). Since the Government's estimate of this year's receipts constitution of the Bono mi Cabinet there have is generally regarded as too conservative, it been repeated rumors of an impending repeal is based on an. anticipated yield of about or revision of the law regarding compulsory 12,000,000,000 lire from the principal taxes, or registration, and, although these reports have about 1,000.000,000 lire in excess of last year. been denied by the Government, a decree of Revenues from these sources in the first half of August 21, 1921, suspended the application of the current fiscal year (July-December, 1921) the regulations published two months before amounted, however, to about 6,500,000,000 lire, regarding compulsory registration of bonds or about 1,500,000,000 lire more than for the issued by private corporations and provincial same period in 1920. Although (here was a and municipal administrations. Above all, the decrease in the yield of stamp duties and of Minister of Finance expects an increase in taxes on consumption in the first months of this revenue from the enforcement of the general year, these were more than offset by increased taxation reform of 1919, based on a progressive revenues from direct taxes. The latter yielded income tax on all classes of incomes. The over 2,300,000,000 lire in the first six months enforcement of the .1919 law has, however, of the fiscal year, while the anticipated yield once more been postponed until 1923. for the entire year was 2,794,000,000' lire. An additional revenue of about 200,000,000 PUBLIC DEBT. lire is expected from a number of taxes that Italy's public debt, as shown by the table have been recently enacted (taxes on alcohol, below,' increased from 98,851,000,000 lire to beer, luxuries, etc). On the expenditure side 110,754,000,000 lire, or nearly 12,000,000,000 of the account, the budgetary estimates for lire between October 31, 1920, and October 31, 1921-22 make no allowance for the deficit of 1921. In the preceding 12 months the public the railway administration, which exceeded debt had increased about 14,000,000,000 lire. 1,000.000,000 lire last year. ITALY'S PUTJLIC DEBT ON OCT. 3L 1920, AND OCT. 31. 1921. Fiscal year 1922-23*.—The first estimates for [In millions of lire .J the year July 1922-23 anticipate revenues totaling 17,602,000,000 lire and expenditures °\kl!' Decrease. of 20,454,000,000 lire, with a deficit of about 3,000,000,000'lire. The reduction in expend- Prewar debt 13,439 ! 13,394 ; itures is due to the curtailment or the com- National loans issued during and after the war 35,450 ! 35,056 | 506 | plete elimination of services assumed by the 5 per con I; Treasury bonds (3, 5. and 7 years) * 4,570 I 5,009 ! 1,129 j Government during the war. Next year noth- Short-term Treasury bills (3 ing will be left of Government control of the to 12 months) .10,740 i 22,097 : 12,257 ;. Bank-note advances 10,040 ". 8.55-1 : 2,386 food suppty or of Government operation of Government currency j 2,540 i 2,540 !. Current account of the Tnsti- j ' ; \ the merchant marine. Military expenditures tuteof Deposits and Loans, i 572 ! 044 ' 72 ! have been estimated on the basis of a peace- External debt' ! 20,504 . 20, P(>4 \ 370 i time army of 175,000 men. The 3,000,000,000 Total I 98,851, 110,754 « 11,903 i 2,431 lire deficit is accounted for to the extent of 1 Value at par. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 FEDERAL RESERVE BULLETIN". FEBRUARY, 1922. The increase of 370,000,000 lire in the foreign, new consolidation loan in the near future. As debt which is figured at par is accounted for by funding of the floating debt obligations seems the accrued interest charge on British Treasury impracticable, it has been suggested that the loans. As far as the domestic debt is con- short-term bills be gradually converted into cerned, there has been a decrease in bank-note Treasury bonds of longer maturities. Two auadvances to the Treasury of 2,386,000,000 lire, thorities, Signor Luzzatti, in the Senate, and or of about 22 per cent. On October 31, 1921, Prof. Einaudi, in the press, havp called attenthe bank-note circulation for account of the tion, in particular, to the 7-year Treasury bonds, Treasury was lower than at any time since July, first issued last year, as a convenient form for 1919. It should be observed, however, that the conversion of short-term bills. That issue, -the expansion in the commercial note circula- one of the features of which is the periodic paytion (from 8,361,000,000 lire on Oct. 31, 1920, ment of premiums b}^ lottery drawings, has to 9,746,000,000 lire on Oct. 31, 1921) was proved very popular. The 7-year bonds, of largely due to the fiscal needs of the State, which over 1,000,000,000 lire have been placed, which required direct discounting of Treasury were issued originally at 94 lire and are now bills by the banks of issue. The floating and quoted at over 100. semifloating debt, on the other hand (including short-term Treasury bills, 3. 5, and 7 year THE CRISIS OF THE BANCA DI SCONTO. Treasury bonds, and the debt to the Institute of Deposits and Loans), increased. 13,458,000,000 Of the four leading Italian private banks, the lire during the year. The combined note circu- Banca di Scon to is the newest, and its expansion lation and floating and semifloating debt, was the most rapid during the war. In fact, its which constituted about 37 per cent of the total growth was almost entirety contingent upon the domestic debt in October, 1920, now forms 45 financing of war industries, and its^present crisis per cent of the total. is a direct result of the fact that its resources The steady increase in the circulation of were so largety tied up in war-time industrial short-term Treasury bills running for 12 months investments. or less is the cause of the gravest concern. The The bank was founded in December, 1914, growth of this form of indebtedness was tem- with a capital of 15,000,000 lire. In 1915 it porarily checked in 1920 during the flotation of combined with two other banks (Socicta Banthe sixth national loan. About 5,000,000,000 caria Italiana and Societa Italiana di Credito lire of short-term bills were then tendered in Provinciale), and the capital was increased to pajonent for subscriptions to the national loan, 65,000,000 lire and later, to 70,000,000 lire. and the amount of Treasury bills in circulation This was followed by further increases in subdecreased to about 9,200,000,000 lire on June sequent years, the capital reaching 315,000,000 30, 1920. Since that time, however, the circu- lire in 1919. Its growth since 1916 may be lation has been continuously expanding, and illustrated by the following table, which, shows attained on October 31 last the amount of the principal items in its statements of Decemnearly 23,000,000,000 lire. Notwithstanding ber 31, 1916, and of October 31, 1921: the favorable prospects with regard to the budgets for the current and next fiscal years, the [In millions ofliro.] Minister of the Treasury stated that at the present time he could not undertake to fix a Dec. 31, I Oct. 31, 1916. | 1921. limit to the issue of short-term bills, as such issues arc dictated by the necessity of meeting Capital "•sT 315 outstanding extra-budgetary obligations of for- Reserve 73 Cash 351 mer years, the exact amount of which has not Discounts 1,970 been ascertained as yet. There has been no Stock exchange loans 56 23S Securities :... 37 1-11. legal limit to the circulation of short-term bills Due from correspondents.. 260 1,758 since 1917. D Pa e r p t o ic s i i p ts a tions , 18 5 0 9 2 2 4 2 0 Floating of Treasury bills and of other short- Due to correspondents 505 3, 074 term Treasury obligations has been facilitated by the fact that they are the only class of secu- By the end of 1919 the Banca di Sconto rities explicitly exempted from compulsory ranked second among the four leading banks registration. On the other hand, it is the un- as regards combined capital and reserve and certainty which still prevails with regard to the the amount due to correspondents, and first enforcement of the law of compulsory registra- as regards loans, amounts due from corre*tion of bonds that is held primarily responsible spondents, deposits, and holdings in various for the unsettled condition of the financial corporations. Since the beginning it has had market, which precludes the flotation of a a larger number of branches than the other Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBBUARY, 1922. FEDERAL RESERVE BULLETIN. 191 big banks, having taken over 68 branches the Banco di Roma was formed at the request in Italy from its constituent organizations. of the Banca di Sconto in order to facilitate the The number has since increased to 150. liquidation of its credits to the Ansaldo, which Ever since its creation it has been the pro- have been estimated at about 750,000,000 lire. fessed ambition of the Banca di Scon to to The consortium decided to supply 600,000,000 build up a purely Italian banking organiza- lire for this purpose. But this did not save the tion, in opposition to the two other leading situation. On the contrary, the announccbanks, the Banca Commerciale Italiana, and | ment of the constitution of the consortium and the Credito Italiano, with their German and ! of its decision created alarm and caused a run Swiss connections. It has also had a leading j of depositors on the Banca di Sconto, particupart in the movement that developed during | larly of small depositors in southern Italy. the war for the promotion of Italy's industrial The liabilities of the Banca di Sconto to deself dependence. It had the largest share of any positors and correspondents amounted to of the banks in the financing oi' war industries, about 4,000,000,000 lire. While the stateespecially following the disaster of Caporetto ments of the Banca di Sconto do not permit the in 1917. From that time until last year it nature of its various assets to be precisely ascerparticipated prominently in the financing of tained, it appears that they are predominantly, nearly every important corporate undertaking and to a .greater extent than in the other in Italy and her colonies in the metal, mechan- leading banks, of a nonliquid nature, consisting ical, electrical, and shipbuilding industries, as largely of long-term loans and investments. well as in the merchant marine. On December 29, upon an application of the Its connections with the Ansaldo group have bank, the Government reenacted an old clause been so close that the two organizations have of the commercial code which permits the been regarded as being practically identical. courts under certain conditions to grant a mora- During the war the Ansaldo group developed torium to a corporation, provided it can showinto the most powerful combination of the that its liabilities do not exceed its assets. "vertical" type in Italy, based upon the On the ground of a moratorium decree, granted utilization of Italy's power resources in the for one year, the Banca di Sconto suspended iron and steel industry. It is composed of payments on December 30, and it is now in about 30 groups of establishments, including the hands of a commission of receivers apmines; hydroelectric and electric-metallurgical pointed by the court. According to the latest plants; foundries; iron and steel works; ship- reports, a plan is now under consideration probuilding yards; machine and machine-tool viding for the creation of two consortia, one works; locomotive, motor, and railway car for the liquidation of the obligations of the works, an aviation plant, etc. It also owned bank, and the other for the resumption of its two steamship lines, the Societa di Navigazione activities, the capital for both to be supplied and the Transatlantica Italiana, and an organi- jointly by the directors of the bank, its credization for the transportation of petroleum. tors, and by the other leading banks. The expansion and prosperity of the Ansaldo organization were the result of exceptional war- GERMANY. time conditions. After the end of the war the natural disadvantages of Italy's metal indus- THE COMPULSORY LOAN. tries again asserted themselves, and, beginning with the second half of 1919, a period of decline When the Allied Reparations Commission set in which turned into an acute crisis in 1920, on elan nary 13 demanded, that Germany present as a result of the shortage of raw materials, the a plan for balancing her budget within a forthigh cost of production, the competition of night, it asked for a solution of Germany ;s Germany and Czechoslovakia and continuous most difficult problem. Ever since the signing labor difficulties. Ansaldo shares (issue price, of the London agreement last May, German 250 lire) fell from 300 lire in December, 1917, to political leaders have endeavored to work out 234 in 1918, 214 in 1919, 124 in 1920, and to 94 a tax program that would prove acceptable to lire in July, 1921. A temporary advance in the the majority of the Reichstag, and have failed. succeeding three months (130 lire at the end of Recent press dispatches say that the budget October) was followed by a fall to 78 lire at the difficulty is to be solved for the moment by a end of November and to 50 lire on December 23. forced loan for ] ,000,000,000 gold marks. The It was this debacle of the Ansaldo that announcement of this loan was made by the was the direct cause of the crisis of the Banca Chancellor before the Reichstag on January di Sconto. On December 5 a consortium con- I 26, and it was accompanied by the statement sisting of the three banks of issue, and the that the tax on postwar profits, which has been Banca Commerciale, the Credito Italiano, and partfof the Government's tax program, would Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

192 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. be abandoned: that there would be a 2 per and which would tax the "real'7 value of cent business turnover tax; and that the duty ! property and thus be equally productive no on coal would be raised 40 per cent and the | matter what the change in the value of the duty on sugar 50 marks per 100 kilograms. | paper mark, a tax on postwar profits, on The compulsory gold-mark loan will bear | transfers of stocks and bills of exchange, and no interest for three years. The rate of inter- i so on. No action was taken on the proposed est after the expiration of that period has yet i taxes, as the Reichstag adjourned for its surato be determined. It will probably yield i mer recess a few days after the Chancellor's about 40,000,000,000 paper "marks, "but it speech, but it was pointed out by opponents must be admitted that this seems a relatively of the Chancellor's program that it did not small sum in comparison with the deficit in solve the problem. The Government's ex- Germany's finances. Every time expenses for penses during the year 1921 would certainly the year ending March 3l, 1922, have been amount to 150,000^000,000 marks, while the stated they have shown tremendous increases, taxes already in force plus those proposed largely because of the progressive deteriora- would yield only about 80,000,000,000 marks. tion of the mark. The latest estimate (that It was, suggested, therefore, by certain parties of Dec. 6 and 10) places the Government's total in the Reichstag that the Government resort expenses for the year including payments on to a capital levy under the name of the " Seizure reparations account, at 234,000,000,000 marks, of Gold Values." This suggestion aroused and the total receipts from taxes at 72,500,- the strong antagonism of the industrial and 000,000 marks. The deficit for 1921 is thus agrarian interests in Germany and the result shown to be 161,500,000,000 marks. Of this was the plan for the "Credit Union of German amount more than 71,000,000,000 marks have Business" which was described in the last been covered by Treasury bills placed on the mar- issue of the BULLETIN. The Credit Union ket since April 1, 192.1. It is evident that Gov- was to be formed not for the purpose of inernment finances can not be greatly improved creasing tax receipts but for the purpose of lending to the Government funds which had by the measures presented to the Reichstag on been borrowed by the Credit Union abroad. January 26. A survey of the stages through This plan has not as yet produced any tangible which the 1921 budget has passed shows that results. an important decrease in expenditures and further increases in receipts are necessary before When the Reichstag reconvened the tax Government finances can be stabilized. ! program was again postponed, largely because 1 of Bavarian difficulties and the decision in TILE 1921 BUDGET. regard to Upper Silesia, which resulted in the fall of the first Wirth Cabinet. Meanwhile, On March 26, when the budget for the fiscal inflation had been increasing. Treasury bills year 1921 (that is, the year "extending from outstanding, which amounted to 166,329.- Apr. 1, 1921, to Mar. 31, 1922) was briefly 000,000 marks at the beginning of the fiscal outlined in the Reichstag, it was estimated year, had risen to 212,548,000,000 marks at that total expenditures for the year would the first of November, when the new tax plan amount to 101,200,000,000 marks. In June was presented to the Reichstag. the Chancellor, who was at that time also the When his second cabinet was formed. Dr. Finance Minister, came before the Reichstag Wirth did not assume the portfolio of Finance to say that later estimates placed the ordinary Minister, but appointed the Food Minister, budget for 1921 at 48,459,000,000 marks, the Dr. Hermes, as Acting Minister of Finance. extraordinary budget at 59,680,000,000 marks, On November 4 Dr. Hermes stated the new and the cost of the armies of occupation and Government's financial position before the the payments due under the London agree- Reichstag. He said that it had been decided ment at 42,000,000,000 marks. At that time to place the reparations expenses which would the yield from taxes to cover the ordinary occur regularly each year in the ordinary budand, extraordinary budgets showed a deficit get. Expenditures included under this headof 49,180,000,000* marks, including the postal rag at that time totaled 114,300,000,000 marks, and railway deficits. The Chancellor pre- of which 55,100,000,000 represented payments sented, with this new draft of expenditures in on account of the Peace Treaty. As it was esti- 1921, tax proposals which, it was estimated, mated that revenue for the fiscal year would would yield from 32,000,000,000 to 36,000,000,- reach 61,200,000,000 marks, the deficit in the 000 marks. He proposed increases in various ordinary budget would amount therefore to consumption taxes, a property tax which about 53,000,000,000 marks. At the same would take the place of the emergency levy time the deficit in the extraordinarv budsret had Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBHUABY, .1922. FEDERAL BESEEVE BULLETIN. 193 reached 57,000,000,000 marks, making the total for the Bank of Japan are (1) private and Govdeficit 110,000,000,000 marks. Dr. Hermes laid ernment deposits, including Government debefore the Reichstag proposals for .taxes which posits abroad; (2) loans and discounts, exwould, he estimated, yield from 40,000,000,000 clusive of advances on foreign bills; (3) note to 42,000,000,000 marks. They embodied in circulation of the Bank of Japan, including general the proposals made by l)r. Wirth in his notes issued as reserve for the Bank of Chosen July speech. These proposals were debated note issue; (4) specie reserve held by the Bank during the next week by the Reichstag and of Japan for the note issue. It has now been sent to a special committee. By the end of dec idea to publish these statistics in somewhat another month (that is, on. Dec. 6) the Minis- greater detail in the future, and accordingly a terial Director, Dr. Popitz, presented to the table is printed herewith containing the new Reichstag tax committee a third revision of the items. A similar table will be published each 1921 budget which showed, as was stated on month under the heading "Japanese financial page 192,* a deficit of 161,500,000,000 marks statistics." instead of the 110,000,000,000 marks estimated . The first column, the note circulation, is the by Dr. Hermes. The change seems to have same as in the former table and includes notes been caused by allowing a wider margin for the | to the extent of about 35,000.000 yen, which depreciation of the mark. are used by the Bank of Chosen as reserve for its note issue. Bank of Chosen notes circulate REDUCTION IN GOVERNMENT EXPENSES. mainly in Korea and Manchuria, not in Japan proper. In addition to these notes, there is a Of the reforms proposed for the purpose of Government petit note circulation amounting reducing Government expenses, the most to about 200,000,000 yen, which is an outimportant for the immediate future are those growth of the war. These notes arc; of the same concerned with the railroads and the bread denomination as silver coins and were created subsidy. The price of bread is to be increased at the time of the shortage of silver. They on February 16, with a resulting saving to the have not been included in the table because it is Government of about 6,000,000,000 marks a likely they will be withdrawn very soon. The year. Railroad rates have been raised both for note issue of the Bank of Taiwan has also been the freight and passenger services several times omitted because it is not in circulation in Japan in. the last few months. Freight rates proper. were raised 30 per cent on November 1 and The second column in the new table is com- 50 per cent more on December 1. Passenger parable with the same item in the table that rates were raised on December 1 by 30 per cent, was formerly published. It shows the specie and it is planned to increase them 75 per cent reserve for the note circulation, not necessarily on February 1 and to increase freight rates the total specie holdings of the Bank of Japan. 30 per cent on the same date. This last In point of fact, between September, 1920, and increase will reduce the railroad deficit for the October, 1921, the bank's holdings of specie current fiscal year to 8,800,000,000 marks. were larger than the; note issue and conse- A more far-reaching reform is in prospect, howquently the two items appeared identical in the ever. The Federal Commerce Department bank statement. If the specie reserve is less has prepared a plan by which the Government than the note issue, the ratio between the two railroads will have a separate budget of their can be obtained. If the Bank of Japan wishes own, and by which they will not only pay their to issue notes in excess of the reserve, it can do own expenses but will build up a reserve of this to the extent of 120,000,000 ycxi by placing 10,000,000,000 marks by yearly payments of certain specified securities, such as Govern- 1,250,000,000 marks. There is also a plan in ment bonds, commercial paper, etc., behind the prospect for the separation of the Reicnsbank notes issued. Beyond this limit a tax of not from the Government finances. The practical loss than 5 per cent is placed upon all excess details of the plan have not been divulged, issues. however. Column 3 in the new table is the same as in the former table. It consists of the ordinary JAPANESE BANKING STATISTICS. loans and discounts of the Bank of Japan to other banks. A .new item has been added, Since the issue of the BULLETIN for Febru- however, to supplement this information, ary, 1921, Japanese banking statistics which namely, the advances of the bank on foreign are furnished to the Board by the Bank of bills. These advances to the foreign exchange Japan, have been regularly published each banks ordinarily amount to about 30,000,000 month. The items which have been followed yen. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

194 FEDERAL RESERVE BULLETIN. FEBKUARY, 1922. The fifth and sixth columns in the table financing Japanese foreign trade. Of the total show current Government deposits and private deposits in Japan in January about 35,000,000 deposits in Japan. These items differ from the yen were deposits of other banks with the Bank item formerly published as _" private and Gov- of Japan while 277,000,000 yen were Governernment deposits'7 in that Government de- ment deposits. posits abroad are excluded. Government No changes have been made in the statistics deposits in foreign countries are usually for the Tokyo clearing banks. It should be reso large that fluctuations in this item con- membered, however, that the Tokyo banks repceal changes in the domestic deposit ac- resent not more than 25 per cent of the resources count. As the current account of the Govern- of all Japanese banks, although they usually ment is far more important in its effect upon represent the general trend satisfactorily. the domestic banking situation, it has seemed Finally, the discount rate in Japan is usually preferable to exclude the foreign deposits quoted in rin (1 rin = one-tenth of 1 sen) by (which amounted to something like 700,000,000 the day for 100 yen. These quotations have yen in 1921) until some later date, when a been shifted to the percentage basis for publistudy may be made of the methods used in cation in the BULLETIN. JAPANESE FINANCIAL SITUATION.1 [Amounts in millions of yen..] "Bank of Japan. Tokyo banks. | ; Current Total Tokyo Average Note r S e p se e r c v ie e | ! l O oa rd ns in a a n r d y ! o A n d f v o a r n ei c g e n s m G e o n v t e r d n e - - d P e r p iv o a si t t e s T lo o a k n y s o cle b a a r n in k gs, dis r c a o te unt •circulation. for notes.2 \ discounts. , bills. posits in in Japan. associated total in (Tokyo Japan. bank. the month. market). j j 1921. End of— i January ' 1,235 1,235 75 ; 55 223 73 1,876 2,013 10.33 February I 1,141 1,141 62 I 46 222 136 1,874 2,143 9.71 March •. 1,178 1,178 60 : 43 i 302 30 1,852 2,502 9.23 April 1,147 1,147 43 45 ' 322 35 1,848 2,442 9.16 May ,! 1,118 1,118 61 43 375 32 1,873 2,506 9.05 June 1,218 1.218 82 : 65 312 45 1,980 2,670 8.91 July ; 1,172 l'. 172 43 " 23 j 330 76 1,987 2,341 8. 36 August ; .1,192 i.; 192 107 31 ' 345 35 1,951 2,816 8.43 September ; 1,232 1,232 101 j 32 293 30 1,955 2,627 8.28 October : 1,255 1,255 157 ; 30 i 309 34 1,993 2,679 8.50 November • 1,283 1,26-1 197 i 30 325 37 1,989 2,783 8.79 December ' 1,516 1,246 298 26 i 203 35 2,000 3,340 1922. j End of January ; 1,377 56 277 35 1,984 2,246 1 Figures apply to last day of month in case of Bank of Japan, to last Saturday of the month in the case of the other items. » This includes the specie segregated against nates only. It includes gold credits abroad as well as bullion and coin at home. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FBBKUART, 1922. FEDERAL EESEEVE 195 State Banks and Trust Companies. DISTRICT NO. 9. Trustee, executor, administrator, registrar of stocks and bonds, guardian ADMISSIONS. of estates, assignee, receiver, and committee of estates of lunatics: First National Bank, Red Wing, Minn. The following list shows the State banks and trust companies which were admitted to membership in the Federal DISTRICT NO. .1.0. Reserve System during the month ending January 31, Trustee, executor, administrator, registrar of stocks and bonds, guardian 1922, on which date 1,632 State institutions were members of estates, assignee, receiver, and committee of estates of lunatics: of the system: First National Bank of Guthrie, Okla. Capital. : Surplus. Total Commercial Failures Reported. District No. 3. The increase in number of failures in the United States Columbia County Trust Co., Blooms- j continues sharply defined, the J ,898 defaults reported to burg, Pa $125,000 j $25,000 S819,061 11. G. Dun & Co. for three weeks of January comparing with Lcmoyno Trust Co., Lemoync, Pa 1.25,000 j SO, 000 1,105,1-10 1,378 insolvencies during the corresponding period of 1921. Orrstown Bank, Orrstown, Pa 25,000 : 6,000 148,552 The returns for December, the latest month for which District No. 4. • ! complete statistics are available, disclose 2,444 commercial failures, involving §87,502,382 of liabilities, as compared Commonwealth Bank & Trust Co., i 100,000 353,160 with 1,525 defaults for $58,871,539 in December, 1920. Cleveland, Ohio 250,000 j Separation of the December returns by Federal Reserve District No. 6. . : districts shows a larger number of insolvencies in every 110,000 4S5,025 instance than in December, 1920, while only in the first, Macon County Bank, Tuskegee, Ala 50,000 I third, and tenth districts is the indebtedness smaller than Merchants & Planters Bank, White- i 6,000 115,414 in the earlier year. castle, La I 30,000 \ FAILURES DURING DECEMBER. District No. 7. \* 25,000 377,953 The Wayne County State Bank, Cory- I Number. Liabilities. don, Iowa I 75,000 . Districts. District No. 9. \ j 500 i 110,612 1921 1920 1921 ! 1920 Mellette County State Bank, White RWivietrh, dSr. aDwaka l.—Kansas Reserve S25ta,0t0e0 jBank, Topeka, First.. 190 1 ft> 156,671,119 ' 86,682,883 Kans. Second 551 333 36,979,329 ! 21,538,235 Insolvent.—Guaranty State Bank, Troup, Tex.; First Third 124 76 4,176,377 4,317,296 Territorial Bank, Lovington, N. Mex. F Fi o ft u h rth.. • 2 J J 8 2 0 9 7 7 5 5 4 , , 6 0 7 5 9 0 , , 4 4 8 9 7 0 ! ; 2 l.^ .2 8 1 7 0 2 ,4 ,7 4 0 1 0 Conversion.—Merchants State Bank, Port Arthur, Tex., Sixth l«»0 i an 6,066,401 3,125,655 has converted into a national bank. Re'venth.. 302 i ()?> 7,820,313 : 5,868,677 Liquidations.—Scandinavian-American Bank, Marsh- E N i i g n h th th 1 1 - 0 1 0 2 1 4 0 4 1 3 2 , , 8 1 7 5 3 8 , , 5 5 1 1 6 5 1 3 , , 1 0 5 3 0 0 , , 2 6 6 7 0 0 field, Oreg.; Bank of Commerce & Trust Co., Mercedes, Tenth.. 100 86 2,152,128 i 4,748,658 Tex. Eleventh 107 1?4 4,307,254 i 2 141,462 Twelfth 156 133 3,567,453 '. 2,184,602 Merger.—The Peoples Bank of St. Paul, Minn., has merged with the Central Metropolitan Bank of St. Paul, Total 2,444 1 525 87,502,382 58,871,539 a member bank. New National Bank Charters. Fiduciary Powers Granted to. National Banks, The Comptroller of the Currency reports the following The applications of the following banks for permission increases and reductions in the number and capital of to act under section ll(k) of the Federal Reserve Act were national banks during the period from December 24, 1921, approved by the Board during the month ending January to January 27, 1922, inclusive: 31, 1922: DISTRICT NO. 2. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: City National Bank, Binghamton, N. Y. DISTRICT NO. 3. Trustee, executor, administrator, registrar of stocks and bonds, guardian N R e e w s t c o h r a e r d t e t r o s i s s o su lv ed e ncy ! 28 !« 0 1, 2 j 9 0J000 0 of estates, assignee, receiver: Increases of capital approved 26 ; 2,835,000 . Reg F is i t r r s a t r N o a f t s i t o o n c a k l s B a a n n d k b , o O n c d e s a : n City, N. J. Ag v g e r n e c g y a , t e a n o d f b n a e n w k s c i h n a c r r t e e a r s s i , n b g a c n a k p s i ta re l stored to sol- '. 54 I ; 4,125,000 Central National Bank, Philadelphia, Pa. Liquidations 14 ! 2,345,00;) Third National Bank, Philadelphia, Pa. T R o ed ta u l c l i i n q g u i c d a a p t i i t o a n l s and reductions of capital j 14 0 | ; 2,345,000 0 DISTRICT NO. 7. Consolidations of national banks under act of Nov. i 7,1918 2 | 450,000 Trustee, executor, administrator, guradian of estates," assignee, receiver, and committee of estates of lunatics: Aggregate increased capital for period j 4,125,000 Citizens' National Dank of Princeton, 111. Reduction of capital owing to liquidations, etc j 2,345,000 Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: Net increase j 1,780,000 Security National Bank of Sheboygan, Wis. 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196 FEDERAL EESEKVE BULLETIN. PEBRUAEY, 1922. RULINGS OF THE FEDERAL RESERVE BOARD. Capital required of national banks in Wisconsin applying is of the opinion that in the present state of for permits to exercise fiduciary powers. the law it has legal authority to grant to any The question has been raised whether, in national bank located in the State of Wisconview of a recent amendment to the laws of the sin a permit to act in fiduciary capacities. State of Wisconsin, the Federal Reserve Board Section 11 (k) of the Federal Reserve Act, will grant to national banks in Wisconsin having however, provides that in passing upon applicapital of only §25,000, permits to act in cations of national banks for permits to exerfiduciary capacities under the terms of section cise fiduciary powers the Federal Reserve Board ll(k) of the Federal Reserve Act- may take into consideration the amount of Section ll(k) of the Federal Reserve Act. as capital and surplus of the applying bank, amended September 26, 1918, which authorizes whether or not it is sufficient under the cirthe Federal Reserve Board to grant permits to cumstances of the case, the needs of the comnational banks to act in fiduciary capacities, munity to be served, and any other facts and contains the following proviso: circumstances that seem to it proper, and may grant or refuse the application accordingly; Provided, That no permit shall be issued to any national and section 2024-9 of the Wisconsin statutes, banking association having a capital and surplus less than as amended, contains a provision vesting a the capital and surplus required by State law of State banks, trust companies, and corporations exercising such similar discretion in the State commissioner of powers. banking. In view, of these provisions, is it Prior to July 13, 1921, trust company banks clear that both the State commissioner of were the only corporations organized under the bunking and the Federal Reserve Board may laws of Wisconsin which could act in fiduciary require banks applying for permits to exercise capacities, and they were required to have a trust powers to have a greater capital than the minimum capital of §50,000 or §100,000, de- minimum fixed b}r law, if in view of all the pending upon whether they were located in circumstances they deem it proper to do so. cities of less than 100,000 inhabitants or in Furthermore, section ll(k) of the Federal cities of more than 100,000 inhabitants. Un- Reserve Act indicates the general intent of der these circumstances the Federal Reserve Congress to place national banks upon a basis Board, of course, was without authority to of substantial equality with competing State grant permits to exercise fiduciary powers to banks and trust companies, so far as the exernational banks in Wisconsin with less than cise of fiduciary powers is concerned. $50,000 capital. Before determining whether or not it would By an act approved July 13, 1921 (Wis- grant applications of national banks with consin Laws, 1921, chap. 555), the Legislature capital of only $25,000, therefore, the Federal of Wisconsin amended section 2024-9 of the Reserve Board addressed a letter to the com- Wisconsin statutes so as to authorize State missioner of banking of the State of Wisconsin banks, after obtaining authority from the State inquiring as to his interpretation of the State commissioner of banking, to exercise fiduciary law and as to his policy with respect to applipowers to the same extent as trust company cations of State banks with capital of $25,000. banks organized under the laws of Wisconsin. The commissioner replied that he felt that no That section, as amended, contains the follow- bank with a capital less than $50,000 should be ing proviso with reference to the amount of permitted to exercise fiduciary powers, that he capital which State banks must have in order had already advised a number of State banks to to obtain permits from the commissioner of this effect, and that he hoped that the Federal banking to exercise such powers: Reserve Board would adopt a like policy with respect to national banks. In view of this Provided, That no special authorization shall be issued to any such bank having a capital less than the capital fact, and in order to cooperate as far as possible from time to time required by law of a national bank exer- with the State commissioner of banking, the cising fiduciary powers in the same place. Board has determined that it will comply with The amount of capital required by the Wis- this request, and in the exercise of its discretion consin statutes for the organization of State will decline to grant permits to exercise banks is in no case greater than that required fiduciary powers to national banks in the for the organization of national banks in places State of Wisconsin with a capital of less than of similar size; and the Federal Reserve Board 850,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL, RESERVE BULLETIN. 197 PRICE MOVEMENT AND VOLUME OF TRADE. WHOLESALE PRICES IN THE UNITED STATES. It seems probable that wholesale prices continued gradually to decline during December. The index number of the Federal Reserve Board, based upon approximately 90 price quotations, showed a reduction of 2 points, and now stands at 138 as compared with the prewar average of 100. The index of the Bureau of Labor Statistics, on the other hand, showed no reduction during the month, the index remaining at 149 as compared with 100 in 1913. The differences in the two indexes seem to be mainly due to the contradictory movement of lumber prices. According to the index of the Bureau, there was a considerable advance in lumber, while the quotations followed by the Federal Reserve Board showed either small reductions or no change from the preceding month. As a result, the index of raw material prices computed from the Bureau of Labor Statistics quotations shows an increase while that of the Federal Reserve Board shows a decrease of 1 point. The two indexes agree in showing reductions in finished consumers' goods and small change in the price of producers' goods. Prices of leading American exports continued to decline while imports advanced. Goods produced here were definitely on the decline. During the first three weeks of January prices of live stock, with the exception of cattle, advanced, while cereals and other agricultural products declined slightly. Pig iron and the leading semifinished steel products did not change appreciably, and bituminous coal remained about the same. In the cotton industry, prices are almost stationary, with a tendency to decline. Prices in the woolen industry, on the other hand, are advancing. Lumber prices, as quoted by private dealers to the Board, showed no change or slight increases. INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES 1919-1921 CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON ^^ AVERAGE PRICE LEVEL OF 1913 = 1OO ^^ 1 i 280 ~z^— 280 _ — — — — GOODS IMPORTED - - PRODUCERS GOODS 260 7 ^\ - ••••••••••GOODS EXPORTED • .** *^i 260 240 / / --* V \ \ \ \ 240 / \ 220 y v \ 220 200 \ \ \ \ A i 200 5180 —* ji V \ \ \ \ \ 180^ \\ ^160 \ \ 160g \ •*. 140| O \. *•. • o \V I 120 \ .»•••* 120 \ V '" 100 100 80 80 J. A. S. 0. N. D J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A.M. J. J. A.S. 0. N. D. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D J. F. M. A. M. J. J. A S. 0. N. D YEAR 1919 1920 1921 1919 1920 1921 YEAR 87690—22 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

198 FEDERAL, RESERVE BULLETIN. FEBRUARY, 1922. INDEX NUMBERS OF WHOLESALE PRICES IN UNITED STATES—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISONS [Average prices in 1913=100.] G i o m o - d s i G e o x o - ds m R a a t w e- du P c ro e - rs' su C m o e n r - s' All comported, ported. rials. goods. goods. modities. 1919, average 214 209 198 207 206 1920, average 227 235 237 229 233 1921, average 131 141 142 149 145 January, 142 164 166 159 163 February 335 152 158 152 154 March. 125 146 153 151 150 April 121 136 148 147 143 May 125 139 145 144 142 June 122 133 140 144 139 July 122 134 136 152 141 August 123 133 133 157 143 September 144 138 133 152 143 October... 14 L 140 132 145 141 November 138 141 128 143 140 December 136 140 127 140 138 1 The index .number of the Federal Reserve Board has been constructed primarily with a view to international comparisons of wholesale prices. Due to the difficulties connected with the collection of foreign prices, the foreign index numbers are still incomplete, but in spite of this it has seemed advisable to publish the Amoric •*—u— «»•-.«« n „«»,•*.„:...„ «~..<~:.. ,^,.,.„,•*.•.««+.•— ,,c ~« ~/i:(.,- „.*. ~J.I~ ,• — -I-L-T. 1 ,, prices of the important goods imported i United States. The number has been published i .. „ ._ ..„, _, 4 „ . _, 7 „ ..„_ „..„„. For detailed information regarding the makeup of the number, reference may be made to the FEDERAL RESERVE BULLETIN for May, 1920, pages 499-503. The commodities included in the different groups are listed there with exact specifications and markets indicated. The "weights" assigned to the different commodities in constructing the index numbers are also given in detail. Revisions in prices or weights appear in BULLETINS for June, L920, and June, 1921. cloths, boots and shoes, and kerosene among the consumers' goods. TThh e iindd ex off " "gdo ods importiedd" consists of 18 quotations (9 raw materials, 7 producers' and 2 consumers' goods). It includes Egyptian cotton, Australian and South American raw wool, Japanese and Chinese silk, South American hides, Straits tin, and Canadian lumber among the raw materials; plantation and Para rubber, Chilean nitrate, cane sugar, burlap, sisal, etc., among producers' goods; and tea and coffee for consumers' goods. Leading American, exports are included in the index of prices of "goods exported," which is made up of 40 quotations (17 raw materials, 12 producers' and 11 consumers' goods). Grains, tobacco, cotton, copper, coal, pig iron, petroleum, and lumber make up the list of raw materialsvegetable oils, leather, semifinished metal products, refined oils, and chemicals the producers' goods; and wheat flour, refined sugar, pork products' coffee, cotton cloth, boots arid shoes, and kerosene the consumers' goods. ' The index numbers of "raw materials," producers' goods," and "consumers' goods," consist of the commodities mentioned above which fall into these classes, whether they arc of domestic or foreign origin. The raw materials group include 39 quotations, the producers' goods 29 and the consumers' goods 22. The "all commodities" index is obtained by combining the group indexes of domestic and foreign goods. It consists of 90 different quotations The quotations are obtained from representative trade journals and private firms. About half of them are the same that are used by the Bureau of Labor Statistics in its larger compilation of prices and are furnished to the Board by that bureau. INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES FOR PRINCIPAL CLASSES OF COMMODITIES BUREAU OF LABOR STATISTICS—REGROUPED BY FEDERAL RESERVE BOARD.2 [Average prices in 1913= 100.] Raw materia Pro- Con- Year and month. A t g u r r ic a u l l- Animal Forest Mineral Total d g u o c o e d r s s . ' s g u o m o e d r s s . ' A m l o l d c i o ti m es - . products.products. products. terials. 1920, average 3 256 183 333 235 240 235 252 243 1921, average 3 133 108 208 187 151 140 161 153 1921. J M A F a e p a n b r r u i r c l a u h r a y r y , 1 1 1 1 3 5 2 4 0 5 0 5 1 3 1 1 1 1 1 0 6 4 9 6 2 2 2 2 1 2 4 0 0 5 5 5 2 2 1 1 2 0 9 8 0 7 7 9 1 1 1 1 7 5 4 6 5 7 9 4 1 1 1 1 6 4 5 4 9 9 5 3 1 1 1 1 6 7 8 5 8 1 2 9 1 1 1 1 6 7 6 5 2 7 7 4 May 131 104 205 188 149 140 153 151 June 125 102 204 182 . 145 137 152 148 July 122 109 203 177 i 145 134 153 148 August 123 112 200 175 145 132 162 152 September 142 104 194 172 146 133 160 152 October 134 105 193 176 ! 145 133 158 150 November 129 103 200 178 • 145 130 157 119 December .129 102 208 178 146 130 155 149 bclassificd into agricultural products (mainly grains, cotton,; upon the same number, forest products based upon 11 quotations, and mineral products based upon'27 quotations, l'he FEDERAL RESERVE BULLETIN for October, 1918, contains a list of the commodities in each group. The weights are the same as those used by the Bureau of Labor Statistics: « These reclas'ified averages, with the exception of those for the "all commodities," are based on the 12 monthly, not the weekly figures for the year, as are the original averages compiled by the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN". 199 In order to give a more concrete illustration table have been obtained from the records of of actual price movements, there are also pre- the United States Bureau of Labor Statistics, sented in the following table monthly actual except in the case of bituminous coal, prices and relative figures for certain commodities of for which have been obtained from the Coal a basic character. The prices shown in the Age. AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES. [Average price for 1913=100. J Corn, No. 3, Cotton, middling, Wheat, No. 1, Wheat, No. 2, Cattle, steers, j Hides, packers, Chicago. New Orleans. northern spring, red winter. good to choice, i heavy native Minneapolis. Chicago. Chicago. ! steers, Chicago. Year and month. ! Average RoJa- Average ! Rela- Average • Rela- Average Rela- £' I Rcla- ! Average Rcla- 1 price per tive | price per live price per : live price per tive- r"jljnr i live price per; tive i bushel. price, pound, i price, j bushel. . price. bushel. price. pounds. Price' ! P°und- \ Pricc- 1913 SO. (5155 100 : SO. 1270 100 SO.8735 : 100 SO. 9863 100 $8.5072 100 SO. 1839 | 100 1919 ' 1.5800 257 .3185 251 2,5660 '• 294 2.5370 239 17.4957 206 .3931 , 210 1920 i 1.3968 227 .3301 260 2.5581 | 293 2.5225 256 14.4856 170 .3122 ! 174 1921 5648 92. .1414 111 1.4660 i 168 1.4353 146 8.7803 103 .1.390 ' 76 1921. January . 0553 106 . 1450 ! 114 1.7884 ! 205 1.9613 199 9. 8400 1.16 .1675 ! 91 February... . 6350 103 . L322 104 1.67.13 191 1.9194 195 9.3125 109 .1363 . 74 March . 6180 .100 j . 1105 87 1.6135 185 1.6798 170 9.5625 112 .1150 ! 63 April . 5547 90 .1116 : 88 1.4059 161 1. 3869 141 8.7188 102 .1013 | 55 May . 6090 99 .1178 j 93 1.4923 ! 171 1. 5680 159 8.4250 99 . 1188 ! 65 .Tune . 6075 99 .1101 87 1.4994 [ 172 1.4384 146 8.0938 95 .1395 i 76 July .6019 98 .1147 90 1.4384 165 1.2291 125 8.4063 99 .1388 ! 75 » August . 5578 91 . 1290 102 1.3953 | 160 1.2373 125 8.7750 103 .1405 : 76 September.. .5344 87 . 1963 J55 1.4825: 170 1.2769 129 8.3750 98 . 1406 76 October . 4647 76 .1913 i 151 1.3191 1.51 1.1938 121 8. 8750 1.04 .1481 81 November.. . 4728 77 .1750 138 1.2535 144 1.1758 1.19 8. 5625 101. . 1580 i 86 Doc ember. - . 4669 76 .1713 : 135 .1.2594! 144 I. 1767 1.19 8.2188 97 .1650 90 I H C og h s i , c a l g ig o h . t, e g V a r v s a ' t o d e o e r l n s , , O m s h c a i o o r u k , r e e } t - d s % , . Heml Y o o c r k k , . New Y N e f e l l l w o o o w r Y in p o g i r , n k o . , • i . r C u o s n p a o l o , f t b m a it t i u n m m e i , i n n f e . o o s u . , b s . , ! j P C o s o p c a o a l, t h b o a i t n t l u m a m s in , i f e n . s o o , . u b s . , • 'Pittsburgh. i Columbus. Year and month. I Average Average p p r o ic 1 u e 0 n 0 d p s e . r p R t r i e i r c l e a e - . ! p A r p i v o c e e u r n p a d g e . e r p R t r i i e v c : e a e - . ! p A r M v ic e f e is c r e a p g l e . e r p R t r i e i v c l e a e - , ! j m p M r a ic n f e u e e f p a t e c r - i • p R t r i e i v c ! e a e - . j : I p s A r h i v o c e r e t r a p to g e e n r . p R l r i e i v c l e a e - , j | s p A h r o i v c r e e t r t a p o g e n e r . p R t r e i i l v c a e e - . lured. 1913. 88.4541 100 ! SO. 4710 100 S24.2273 i 100 S44.5909 : 100 SI. 3200 100 j i SI.5710 100 1919. 18.3260 217 : 1.1894 248 39.7500 164 78.8333 ' 177 1920. 14.7106 174 I .9712 203 56.6667 234 145.4167 326 6.0433 458 5. 8891 375 1921. 8. 89.13 1.05 .5076 108 40. 8960 ' 1.69 93.7083 21.0 2.2030 167 3.1804 202 1921. January 9. 6700 114 .5455 .1.16 48.0000 198 '110.0000 . 247 • 2.5300 192 4.2500 271 February... 9.7063 .1.15 . 5455 11.6 48.0000 1.98 95.0000 i 213 . 2. 4200 1.83 3.7300 237 March 10.3063 122 . 5273 112 48.0000 198 , 95.0000 ! 213 ! 2.2900 173 I 3.4.000 216 April 8. 8563 105 .5273 112 41.0000 169 | 91.0000 204 ! 2.2500 170 3.3625 214 May 8. 4559 100 . 5091 108 41.0000 1.69 91.0000 I 204 i 2.1310 16.1 3.4940 222 June 8.2500 98 . 4909 104 41.0000 169 j 91.0000 204 i 1.9000 144 3.4250 218 July 10.2000 121 . 4909 1.04 37. 5000 1.55 '91.0000 ! 204 . 2.0750 157 3.2000 204 August 10.3950 1.23 . 4727 100 37.2500 I 154 i 92.0000 i 206 ! 2.1300 161 3.0600 I 195 September.. 8. 5000 101 . 4727 100 37.2500 ' 154 | 92.0000 ! 206 ; 2.2310 169 2.9190 | 186 October 8.1800 97 . 4727 100 : 37.2500 " 154 90.0000 I 202 ! 2.1800 165 2. 6800 171 November.. 6. 8688 81 . 5091 108 , 37.2500 I 154 i 91.0000 ; 204 ! 2.1500 I 163 2.4500 156 December.. 7.0250 .5273 112 ! 37.2500 , 154 i 95.5000 i 214 ' 2.1500 ' 163 2.1950 140 » On Toledo market, average lor last six months of 1913. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

200 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES-Continued. j s C to o v a e l, , a N n e t w hr a Y c o it r e k , , Coke, Connells- C e o l p e p ct e r r o , l i y n t g ic o , t, d L es e i a lv d e , r p iz ig e , d, Pe P t e r n o n le s u y m lv , a c n r i u a d , e, P M ig a h ir o o n n in , g b a a s n ic d , tidewater. ville, at furnace. New York. New York. at wells. She a n t a n fu g r o n a V c a e l . ley, Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive :price per tive price per tive price per tive price per tive price per tive long ton. price. short ton. price. pound. price. pound. price. barrel. price. long ton. price. 1913. • $5.0613 100 ; $2.4396 100 SO.1573 100 $0.0440 100 S2.4500 100 S14.7058 100 1919 8.1639 161 : 4.7375 194 .1911 122 . .0578 131 4.1346 169 27.6971 188 19?0 9. 4265 186 10.8163 443 .1797 114 .0808 184 5.9750 244 42.2692 287 1991 10. 5544 209 3.6361 149 . 1262 80 . 0457 104 3.3144 135 21 6683 147 1921. January.. 10.6373 210 5. 5313 227 .1288 82 .0497 113 5.7750 236 30. 0000 204 Februarv 10.0382 210 5.1875 213 . 1288 82 . 0468 106 4.1875 171 27.5000 187 March " 10.6382 210 5.0000 205 .1223 78 . 0105 92 3.0000 122 24.2000 165 April 10.1380 200 3.7188 152 .1247 79 . 0428 97 3.1875 130 22. 8750 156 May 10.2910 203 3.3250 136 . 1283 82 . 0495 113 3.3500 137 22.0000 150 fune i 10.3900 205 3.0938 127 . 1284 82 . 0451 103 2.6250 107 20. 7500 141 July . . ! 10.5048 208 2.9063 119 . 1253 80 . 0410 100 2. 2500 92 19.3750 132 August in. fin-Mi 210 2. 8000 115 .1173 75 . 0440 100 2.2500 92 18.2000 124 September 10.7075 212 3.1875 131 . 1200 76 . 0461 1.05 2.3125 94 19.1250 130 October . . . 10.7125 212 3.2750 134 .1268 81 . 0470 107 3.1250 128 19.1875 130 N ovcTiiber 10.6859 211 2.9700 122 . 1303 83 .0470 107 3.9000 159 19.0000 129 December 10.7063 212 2.7500 113 . 1356 86 .0470 107 4.0000 163 18.6250 127 Cotton yarns, Leather, sole, Steel billets, Steel plates, Steel rails, Worsted yarns, northern canes, hemlock, No. 1, Bessemer, tank, Pitts- open-hearth, 2-32's crossbred, 10/1 Boston. Chicago. Pittsburgh. burgh. Pittsburgh. Philadelphia. Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive pound. price. pound. price. long ton. price. pound. price. long ton. price. pound. price. 1913 $0.2213 100 SO. 2821 100 825.7892 100 $0.01-18 100 $30.0000 100 SO. 7767 100 1919 . 5340 241 . 5283 187 40.5385 157 . 0271 183 49.2642 164 1.6274 210 1920 . 6245 282 . 5342 189 56.2596 218 . 0328 222 53.8269 179 1. 8250 235 1921 . 2901 131 . 3583 127 34, 3846 133 . 0193 130 4o. 6538 152 1.1792 152 1921. January' . . 2878 130 . 4000 1.42 43.5000 169 . 0265 179 47.0000 157 1.1500 148 February . 2775 125 . 3800 135 42, 2500 164 . 0233 157 47.0000 157 . 1500 148 March . . 2447 111 . 3700 131 38. 4000 149 . 0204 138 47.0000 157 .2000 155 •Ypril . 2388 . 108 . 3700 131 37. 5000 145 . 0210 142 47.0000 157 L. 2000 155 May . 2491 113 .3700 131 37.0000 143 . 0220 149 47.0000 157 L. 2500 161 June . 2545 115 . 3700 131 37.0000 143 .0195 132 47.0000 157 L. 2000 155 Julv .2411 109 .3500 124 32.2500 125 .0185 125 47.0000 157 L. 1500 148 August . 2586 117 . 3100 121 29.6000 115 . 0178 120 47.0000 157 L. 1500 148 September . 3416 156 . 3400 121 29.0000 112 . 0164 111 47.0000 157 1.1500 148 October . 3832 173 . 3400 121 29.0000 112 . 0160 108 45.2500 151 1.1500 148 N ovembcr . 3655 165 . 3100 121 29. 0000 112 .0152 103 40.0000 133 1.1500 148 December . 3391 153 . 3400 121 29.0000 112 .0150 101 40.0000 133 1. 2500 161 Flour, wheat, st B e g e e o r e o s f d , , C c n a h a r i t c c i a a v s g e s o , . Coff N ee e , w R Y io o , r N k o . . 7, st ( a 19 n 1 d 8 a w , r d s a t r a ) p n , a d te a n rd ts Ham C s h , i c s a m g o o k . ed, Ill 1 u N 5 m 0 e ° i w n f a i Y r t e i o n t r g e k s o . t, il, g N r e a S w n u u g Y l a a o r t , e r d k , . Year and month. Minneapolis. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive pound. price. pound. price. barrel. price. pound. price. gallon. price. pound. price. 1913 . 1 .10.1295 100 §0.1113 100 $4. 5837 100 SO. 1662 100 SO. 1233 100 SO. 0427 100 1919 - 2333 180 . 1785 160 11.9982 262 . 3433 207 .2004 163 . 0894 209 1920 . 2304 178 .1198 108 12.6750 277 . 3340 201 .2629 213 . 1267 297 1921 .1627 126 .0719 65 8.3264 182 .2678 161 . 2432 197 .0616 144 1921. January i .1738 134 .0669 60 9.6250 210 .2488 150 . 2900 235 .0757 177 February . . 1600 124 . 0672 60 9.1813 200 .2600 156 . 2750 223 .0709 166 March . 1625 125 . 0639 57 8.7300 190 . 2725 164 .2625 213 .0784 184 Vpril . 1650 127 .0600 54 7.9500 173 . 2703 166 . 2540 206 0725 170 May . 1630 127 .0621 56 8.7450 191 .2725 164 . 2400 195 .0632 148 Tune .1600 124 -0666 60 9. 0063 196 .2822 170 .2200 178 .0569 133 July .1490 115 . 0647 58 8.9000 194 .3200 193 . 2200 178 .0546 128 August .1600 124 .0703 63 8.1200 177 . 3248 195 . 2200 178 .0583 137 So/pio/mhor _. . . 1595 123 .0789 71 8.3188 181 .2756 166 .2200 178 .0559 131 October . 1644 127 .0813 73 7.4250 162 .2372 143 .2320 188 .0519 122 November . 1725 133 . 0883 79 7.1700 156 . 2238 135 .2400 195 0517 121 December .1640 127 .0931 84 6.8813 150 .2150 129 .2400 195 .0500 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 201 FOREIGN TRADE INDEX. figures. Among the group of consumers' goods, wheat (lour registered the largest de- There are presented below the usual indexes crease but was still in excess of that exported designed to reflect the movements in foreign during the same month last year. This detrade of the United States, with the fluctua- crease in wheat flour was more than offset by tions due to price changes eliminated. The the increase in exports of refined sugar. commodities chosen for these indexes are those The total volume of the 27 commodities of for which prices are compiled by the Federal imports again registered a marked increase, Reserve Board in the preparation of its inter- the index number standing at 168.7, as comnational price index.1 pared with 150.6 in November and 100.4 in The December index number for the 29 December, 1920. The largest increase in the commodities which comprise the export index group of raw materials was shown by imports was 95, having declined for the fourth consecu- of silk, which was 171 per cent of that imported tive month from the peak reached in August. during November and almost six times the This decrease was distributed about equally amount imported during December, 1920. among the three groups of commodities. When Cotton, wool, and hides and skins registered an comparing the December, 1921, volume of ex- increase, while lumber showed a marked deports of products included in the group of rawcrease when compared with November, but materials with December, 1920, the greatest was still in excess of the figure for December, slump is noted in the case of agricultural com- 1920. The most noticeable change in the modities, although corn showed a remarkable group of producers' goods was in the case of increase over both last year and last month. India rubber, which was the largest amount The commodities making up the producers7 imported during any month of 1921. Extracts group showed little change when compared of quebracho again showed a decided revival with last month, but a decided decrease was over last month, as well as over December, noted in the case of cottonseed oil, gasoline, 1920. The same is true of jute, while nitrate steel rails, structural iron and steel, and copper of soda experienced a decided falling off. The wire when compared with the December, 1920, index number for the group of producers' goods stands at 218.9, as compared with 199.5 1 The list includes 27 of the most important imports the value of which last month and 133.0 for December, 1920. in 1913 formed 49.3 per cent of the total import values, and 29 of the Among the commodities included in the conmost important exports the value of which in 1913 formed 56.3 per cent of the total export values. The classification of the original list of com- sumers' group, coffee showed another large modities used was given m the July, 1920, BULLETIN. The classifica- increase, tea and olive oil slight increases, and tion of 11 additional commodities of imports was given in the April, 1921, BULLETIN, and 2 additional commodities in the November, 1921, cocoa and bananas decreases. BULLETIN. INDEX OF VALUE OF FOREIGN TRADE IN SELECTED COMMODITIES AT 1313 PRICES. [Monthly average values, 1913=100.] Exports. Imports. R m ( a 1 o w 2 r d i i a c m t l i o s e a m s t ) e - . - P m g r o o o c o d d o d u i m s t c i - e ( e 1 r s 0 s ) ' . C m o g n o c o o s o d u d m i m s t - i ( e e 7 s rs ) ' . m T o o c d t o a i m t l i ( e - 2 s 9 ). R m a (1 o w 0 d r i i a c m ti l o s e m a s t ) - e , - : P m g r o o o c o d d o d i u m s t c i ( c - e 1 s r 2 ) s . ' C m o g o o n c d o s o i u d t m i m s e - ( e s 5 ) r . s' m T o o c d t o a i m l t i ( e - 2 s 7 ). 1913—Year . . 100.0 100.0 100.0 100.0 100.0 ! 100.0 100.0 100.0 1919—Year ' 88.9 15-1.7 188.5 118.6 157.5 193.0 147.5 168.4 1920—Year 92.2 112.5 138.0 107.7 135.8 227.4 166.7 168.8 1921—Year...." 103.1 95.8 120.1 107.9 113.6 : 162.8 141.4 135.6 1921. 105.2 187.9 126.0 117.6 74.5 130.8 123.9 102.6 February 91.0 141.0 116.4 101.6 118.2 143.5 135.5 130.0 78.2 104.4 122.4 91.1 160.7 177.5 178.9 169.7 April 76.6 102.7 122.5 89.9 153.4 177.7 185.1 167.2 May 97.7 81.8 112.8 100.0 98.7 • 150.2 162.1 127.3 June 107.9 74.4 135.1 111.3 94.5 152.5 130.4 120.9 July 111.6 68.3 131.8 112.5 99.3 ! 126.5 121.4 112.6 August 142.7 68.1 164.1 140.9 116.7 165.0 129.8 136.0 September . . . .. 115.7 79.1 147.5 119.9 102.8 137.8 99.4 114. 6 October .. 121.7 83.5 119.2 117.6 96.2 173.5 116.5 126.9 95.1 83.7 108.6 97.3 115.1 199.5 149.2 150. 6 December 93.8 74.1 106.5 95.0 133.0 : 218.9 164.8 168.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. INDEX OF OCEAN FREIGHT RATES. rates, especially for prompt loading, were higher than in December, and there was an The accompanying table shows the monthly active demand for time charters—something fluctuations in ocean freight rates prevailing that has been almost entirely lacking ever since between United States Atlantic ports and the the severe and long-continued decline began in principal European trade regions. The figures the latter part of 1920. are derived from the actual rates quoted on the following commodities: Grain, provisions, CROP PRODUCTION BY FEDERAL RESERVE cotton, cottonseed oil, and sack flour. For DISTRICTS. the methods used in constructing the index see the August, 1921, BULLETIN, pages 931- Presented below is a table giving the final 934. estimates by the Department of Agriculture of the production of principal crops in 1921, with RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND comparisons for 1920. The 1920 figures have EUROPE TRADE. been revised by the department in accordance [January, 1920, rates=100.] with the returns of the census for the year 1919. Corn production was about 128,000,000 bush- United States Atlantic ports to— els less in 1921 than in 1920. The largest decrease was shown for the Kansas City district, Month. united French N la et n h d e s r- Scandi- Medi- All though the Chicago and St. Louis districts also K do in m g . - VllanlLc. Be a lg n i d um. navia, t n e e r a ra n - . Europe. reported materially smaller figures. The Minneapolis district, on the other hand, produced 1921. over 38,000,000 bushels of corn more in 1921 January GO. 7 i 30.2 3k 1 42.9 43.2 43.3 than the year before. Wheat production was February 54. 7 | 27.7 29.2 30.9 43.8 38.5 March 49.3 j 24.6 28.3 30.8 42.2 35.9 about 38,000,000 bushels smaller in 1921 than A M p a r y il 5 5 0 0 . . 1 0 ! 3 3 5 2 . . 0 0 3 3 6 S . . 0 2 2 3 9 1 . . 4 3 : 3 3 5 4 . . 7 6 : 3 4 9 0 . . 0 1 in 1920, the principal decreases being reported June 42.7 . 31.7 38.3 31.3 34.0 37.0 for the Minneapolis and Kansas City districts, July .-•12.;") i 33.9 37. 0 29.0 34.7 : 36. 8 August; 42.9 ! 33.4 38.7 28. 4 3k3 i 36.7 while in the Pacific coast region winter wheat S O e c p to te b m er ber 3 4 7 1 . . 0 8 3 28 2 . ,7 5 3 3 5 0 . . 7 8 2 2 G 8. . 2 7 I 3 3 3 3 . . 0 3 ' 3 3 0 2 . . 0 3 production was about 15,000,000 bushels larger November 33.5 25.0 25. 2 24.0 : 32.9 i 28.8 than a year ago. The final estimate on cotton December 32, 4 22.7 22.9 23. 3 32.3 27.2 places the crop at 8,300,000 bales, compared 1922. with 13,400,000 bales the year before, a decrease January 31.7 .. 22.7 23.3 23. 1 32.2 : 27.1. of 38 per cent, due chiefly to the reduction in acreage and the smaller amount of fertilizers The index numbers for January, 1922, indicate that the decline in ocean freight rates, used as the result of the decline in the price which last autumn set in again following a com- of cotton in 1920. Production of oats in 1921 paratively steady period throughout the sum- was 1,060,000,000 bushels, compared with 1,mer months, has been arrested for the time 496,000,000 bushels in 1920, the three princibeing at least. There was in fact a stiffening of pal producing districts, Chicago, Minneapolis, some commodity rates in the latter half of Janu- and Kansas City, all showing much reduced ary, the influence of which was not sufficient, figures. The amount of hay produced was however, to bring average quotations for the about 8,000,000 tons less in 1921 than the month above the December level. Charter year before. PRODUCTION OF CORN, WHEAT, COTTON, OATS, AND HAY, BY FEDERAL RESERVE DISTRICTS- FINAL ESTIMATES OF THE DEPARTMENT OF AGRICULTURE FOR 1921 AND 1920.* fin thousands of units of measurement.] Corn (bushels). T ( o b t u a s l h w el h s e ). at W ( i b n u te s r h e w ls h ) e . at Sp ( r b i u n s g h e w ls h ) e , at I I ( C b o al t e to s) n . Oats (bushels). Ha w y i , l d t a ( m to e n s a ) n . d Federal Reserve district. 1921 I 1920 1921 1920 1921 1920 1921 1.920 1921 1920 1921 1920 . 1921 1920 Boston ! 14,447 11,887 313 495;. 313 495;. 8,217! 9,142 3,372 3,902 New York i 42,872 36,257' 9,778 10,795| 9,416 9,913 362 8S2. 26,500! 42,879i 5,295 6.594 Philadelphia 69,416 64.195 21,126 19,602; 20,94.1 19,4.21 182 181!. 22,216| 29,719 2,613 3,013 Cleveland 209,377 227:621 35,254 38,567! 34,786 37,939 468 628 53; 402i 89,383 5,787 6,181 Richmond j 173.687 189,917 21,863 33,295' 24,863 33.295 1,576 2,570 19.830 i 19,942 3,418 3,748 Atlanta. j 250,255 236,508: 5,677 5,032 5,077 5; 032 I) 825: 2; 459 21,987= 17,718' 3,1.90 3,205 Chicago I 990077,227777 1,001177,114444 62;922! 67,8111 58,1.02 59,617 :, 820 8,224'. 385,091 598,522i 16,031 17,780 F,,i t. LT o_u' iis,. "'. . 4ii1a 6.5r.4to3 4M4O8 ,9nr0v9n: 66,442 68,061 66,110 67,566 332 495; 2.161 59,090 77,864: 6,934 7.595 M in n capolis = 302', 3 « 263,9951 153,483; 165,919 7,208 8,733 146,275 157,185;. 229', 772! 314,9S6| 16,877 19,171 K an sas City ' 442,158 536,672! 271,130' 296,322 258.286 282,910 12, 13,382' 518: 1.188! 163,401! 223,716: 15,589 17,876 D Sa a n l l F as ra .. n .. c . i " s ' co ! ! IS 1 O 1 , , 1 8 9 03 3 ! , 11 1 66 1 33 , ,9 5 96 1 60 9 0 ' 1 2 2 l 1 ', 9 98 1 6 9 i 1 2 0 1 5 , , 9 17 2 7 1 , 2 7 1 9 ; , 9 6 7 6 6 4 2 6 1 4 , , 5 5 6 7 3 8 40,5 3 9 5 9 8 ' 2, '2 5 2 8 1 6 | j 4 2 '? 8 1 8 .6 1 S , ; 3 3 6 4 , , 8 3 5 4 8 3 3 3 6 5 , , 9 4 2 8 8 2! 18 1 ; . 6 0 4 2 1 2 1 1 4 , , 5 7 1 3 3 7 Total 3,080,372!3,208,584 794,893! 833,027; 587,032 610,597i 207,861 i 222,430: 3 g, 3401 3 13,440 1,060,7371!, 496,28l| 96,802 105,315 1 Figures for 1920 are revised on the basis of census returns. * Tn addition the following amounts were estimated grown in Lower California (Mexico): 1921, 24.000 bales; 1920, 75,000 bales. 3 Cotton grown outside of cotton belt included as follows: 1921, 13,000 bales; 1920,13,000 bales. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 203 PHYSICAL VOLUME OF TRADE. The volume of production and shipments in December, although there was a moderate inalmost all lines of business during December crease in the amount of coal coked. Produccontinued the decline which commenced in tion of crude petroleum continued to expand, November. The only notable exceptions to resulting in an increase in the size of stored this were grain movements, petroleum .pro- stocks. Pig-iron production increased for the duction, tin consumption, leather production, fourth consecutive month, but the output of and locomotive production. steel ingots and of structural steel declined. Receipts of cattle and sheep at 59 markets There was a considerable reduction in opercontinued to decline during December, but a ations of copper mines during December, considerable increase in receipts of hogs was while zinc production was somewhat larger than recorded. Grain receipts at 17 interior cen- in November. Tin imports and deliveries to ters were larger than in either November, factories both showed a fairly large increase. 1921, or December, 1920, this gain being par- Factory consumption of cotton, wool, and ticularly pronounced in the case of corn re- silk all fell off somewhat during December. A ceipts. Stocks of grain showed some accu- considerable decrease was again recorded in mulation at both interior and seaboard cen- the production and shipments of five reportters, while there was a further marked reduc- ing lumber associations. Sole and side leather tion in output of flour mills. Shipments of production, on the other hand, increased in deciduous fruit from California declined to a volume for the fourth successive month. very low level during December, whereas Automobile factories and shipyards also reshipments of citrus fruit showed a normal ported a reduced output for December, but seasonal increase. Receipts of cotton showed there was a considerable improvement in outsome falling off and there was a marked de- put of locomotive works. Railroad car loadcline in receipts of cottonseed. ings declined in every operating district, and Production of both bituminous and anthra- for all groups of commodities except grain cite coal registered further declines during and coke. LIVE-STOCK MOVEMENTS. [Bureau of Markets.] Receipts. Shipments. C c m a a l a t v t r l e k e s e , a t n s .:> . d 9 | j : H m T n a , r , k ;t' a ts - s 9 - Sheep, 59 Total, all C c m a a a l t v t r l e k e s e , a t 5 n s. 4 d m H a o r g k s e , t 5 s 4 . S m h a e r e k p e , t 5 s. 4 H m m o u a rs l r e e k s s e , t a 4 s n . 3 d T k o i t n al d , s a . ll -| -• - 1920. Head. '• Head. Head. \ Head. Head. Head. Head. Head. Head. Head. December 1,382,997 ! 4,186,669 1,546,876 ! 16,005 7,132,547 647,801 1,516,893 705,118 16,829 2,886,641 1921. July 1,335,548 2,717,247 1,738,957 ' 10,696 i 5, 802,448 490,751 915,998 ; 760,172 10,036 2,176,957 August , 1,850,9-18 2,647,965 2,167,018 ! 15,933 i 6,987, 894 842,254 j 927,962 ! 1,110,134 14,661 2,895,011 September 1, SS9,057 2,640, 127 2,514,530 I 21,093 • 7,100,807 905,136 | 944,366 | 1,375,415 20, 779 3,245,696 October 2,284,561 3,200,589 2,932,433 34,160 ! 8,451., 743 1,185,599 1,216,405 . 1,609,426 32,449 4,043,879 November. 1,915,701 3,665,547 2,028.35.1 28,297 I 7,637,896 992,093 ! 1,289,983 | 1,077,096 27,112 3,386,284 .December I 1,404,291 3, 872, 386 1,622; 315 I 23,268 6,922,263 677,212 i 1,744,487 ; 856,331 23,096 3,301,126 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL. RESERVE BULLETIN. FEBRUARY, 1922. RECEIPTS AND SHIPMENTS OF LIVE STOCK AT 15 WESTERN MARKETS. [Chicago, Kansas City, Oklahoma City, Omaha, East St. Louis, St. Joseph, St. Paul, Sioux City, Cincinnati, Clevelai id, Denver, Fort Worth, Indianapolis, Louisville, Wichita. Monthly average, 19.1.1 -1913=100.J RECEIPTS. Cattle and calves. Hogs. Sheep. Horses and mules. Total, all kinds. Head. ! Relative. ! Head. Relative. I Head. : Relative. ; Head. . Relative, i Head. I Relative. -I- 1920, December.. 1)84,309 i 98 | 2,932,052 133 942, 858 ••I 69 9, 290 20 | 4,868,509 105 1921, July 910,173 I 93 2,021,268 92 1,035,674 6, 872 4,003,987 August 1,41.8,237 111 1,91.9,514 I 87 1,558,581 1.L5 11, L27 4,917,462 108 Sepi ember.. 1,417,259 , 141 1,783,827 I 81 1,651,659 121 1.5, 0G9 -4, 867,8 It 105 October 1,712,917 • 170 2,057,231 j 94. 1,812,148 135 21,249 5,636, 515 122 November.. 1,394,217 . 138 2,559,916 i 116 1,214,214 91 18,851 : 5,217,1.98 113 December.. '975,330 I 97 2,673,947 i 122 974,034 71 16,1.03 i 1, 639, 117 100 SHIPMENTS. 1920. December 472, 748 116 ', 943,515 I 195 384,616 .10,201. 1,811,1.10 120 j 1921. i July 338,30G 83 619,854 128 j 408, 088 81 ! 6,359 ! 1,372,607 ' 96 August 656,108 161 609', 505 120 604,996 1.20 I 10,078 1,880,687 1 131 Scotomber 698,459 172 583,866 121 ! 840,242 167 ! 11,712 2, 137,279 ! 119 October 892,091 219 707, 251. 146 917, 129 1S2 22, 783 ! 2,539,254 ! 177 November 718,756 177 828,2.1.9 171 i 61.1,961 122 ! 17,719 : 2, 1.76,658 ! 152 December 188,0S3 120 1,208, 114 249 '• 502, 774 100 i 1.6,132 | 2,215,103 ; 154 SHIPMENTS OF STOCKERS AND FEEDERS FROM 34 MARKETS. . Ca c t a tl l e v e a s n . d lniU|J- Sheep. T k o i t n a d l, s . all Ca c t a l l l v o e a s n . el Hogs. Sheep. T k o i t n al d , s a . ll 1920. Head. Head. Head. Head. \ 1.921. Head. Head. ' Head. i Head. December 277,053 36,827 258,599 i 572,479 August ! 353,619 21,564 : 402,372 I Til, 558 September 390,731 38,081. ! 551,110 i 979,925 1921. October j 61.2,838 •13,4-12 730,780 : 1, 387,060 Julv. 120,429 15,493 138,414 274,336 N ov em bar | 491, 776 30,100 . 51.0,320 1,032, J 96 Deee :i! her : 242,331 i 33,397 ' 205,291 I 481,022 ANIMALS SLAUGHTERED UNDER FEDERAL INSPECTION. | Bureau of Animal I ndustry. Alonihly average, 191 1 -1^13-= 100.| Cattle. Calves. Hogs. ! Sheep. Total. Head. R ti e v l e a . - Head. R ti e v ! e a . - ! j Head. \ R I, e h l e a . - •• I Head. R ti e v l e a . - Head. R t e i l ve a . - . . . .__ .....j ... i I 1920. December 667,314 110 214,573 . 138 i 3,985,125 I 932,417 5, 829, 459 121 I J 1921. | July : 579,028 324,046 l 183 2,820,616 | 100 1,059,902 88 783, 592 100 August.., : 680,4 1.9 1.12 i 303, 796 172 2,530,459 ! 90 1, 236,992 103 751.666 99 S N D O e e o c p c t v o t e e e b m m m e b r b b e e e r r r ! ! 7 5 6 6 4 8 8 8 9 6 6 9 , , , , 1 0 1 7 . 1 9 1 5 3 2 5 6 1 1 1 9 2 1 1 7 4 4 3 - 1 ! j . 2 3 3 2 5 0 9 2 9 9 2 1 , , , , 1 0 1 1 3 7 9 4 6 2 3 5 ! 1 1 1 .1 8 7 4 6 1 5 7 5 3 2 2 3 , , , , 8 4 8 4 0 4 8 2 6 7 6 2 , . , , 1 7 3 0 3 5 9 2 3 0 8 7 , 1 1 1 8 3 0 2 6 5 2 2 1 1 1 , , , 2 2 0 8 4 4 5 9 0 , , , 1 0 3 3 3 9 0 2 0 . 1 1 8 7 0 0 6 4 7 4 6 5 2 4 1 8 4 6 0 1 2 5 , , , , 6 0 7 4 1 1 0 5 8 6 4 5 1 1 1 9 1 0 1 7 4 8 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUAEY, 1922. FEDERAL RESERVE BULLETIN. 205 • MOVEMENT OF AGRICULTURAL PRODUCTS COAL AND PETROLEUM 1919-1921 1919 - 1921 LIVE STOCK RECEIPTS ANTHRACITE COAL PRODUCTION GRAIN AND FLOUR RECEIPTS . BITUMINOUS COAL PRODUCTION COTTON SIGHT RECEIPTS CRUDE PETROLEUM PRODUCTION INDEX NUMBERS. AVERAGE 1911-1913 = 100 INDEX NUMBERS. AVERAGE 1911-1913 = 100 22O j 1 1 1 , , 1 [ 1 , 1 1 , 22O 22O ./v 22 O / 2OO 2OO / 18O 18O ,; 16O 160 /" \ 14O i !>/ 14O I / 1 A A \ 120 12O 7 1OO • f 1OO 8 / / 1 1 1 \ 8O \\ y 8O V 6O w SO 4O 2O — o- 1919 1920 1921 YEAR 1919 1920 1921 IRON AND STEEL TEXTILES 1919 - 1921 1919 - 1921 - PIG IRON PRODUCTION - STEEL INGOT PRODUCTION COTTON CONSUMPTION •• UNFILLED ORDERS, U.S. STEEL CORPORATION WOOL CONSUMPTIC)N INDEX NUMBERS. AVERAGE 1911-1913i = 100 MILLIONS OF POUNDs 3OO 1 \ t 28O M IV 280 200 \ 2OO \ 16O - / \ 18O 2 2 4 6 O 0 I 1 \ / 2 24 6 - O O A( 16O 16O 22O 22.O / / A 2OO 2OO 14O Aft /""A 1A-O / \ 18O \ 18O 12OSi i \ 12O 16O \ V 16O IOO \ IOO 14O 14O 8O Y \ ••••• 8O 12O 12O IOO 1OO , 6O 6O 8O 6O p/ 6O A, /<\.< \ 6O 40 V 4O \ / AO 4O "V s 2O 2O 2O 2O -O- YEAR 1919 19E0 1921 YEAR YEAR 1919 1920 1921 YEAR Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. EXPORTS OF CERTAIN MEAT PRODUCTS. [Department of Commerce. Monthly average, 1911-1913=100.] Beef, pickled, Earns and Beef, canned. Beef, fresh. and other cured. Bacon. shoulders, cured. Lard. Pickled pork. Pounds. T?cla- Founds. ! t R iv e e la . - t R iv el e a . - Pounds. R tiv el e a . - Pounds. t R iv el e a . - I Pounds. R tiv el e a . - Pounds. t R iv e e la . - _! _ 1920. December... 221,691 1,583,434 128 3,053,993 114 68,784,322 j 411 14,491,763 \ 97 90,080,092 205 2,691,452 61 1921. I I July ,. 351,506 53 918,476 , 74 2,418,262 91 ! 48,171,405 i 288 j 27,786,271 186 i 83,329,134 189 : 3,308,482 1 76 August 914,418 138 292,663 . 24 2,w52,598 j 103 j 45,340,151 j271 i 32,233,527 216 I 87,410,510 199 ' 3,212,347 ! 73 September 286, 805 43 239,039 i 19 2,857.076 j 107 i 44,718,403 ; 207 i 17,137.013 .115 104', 74 0,783 238 j 2,990,328 • 68 October..... 562,372 310,179 • 25 !1,971.; 222 j 74 i 23,575,611 141 12'. 110', 375 81 I 56.885,933 j 129 ' 2,857,113 ! 65 November 188,712 28 2o8,2-15 • 22 ' 2,305,728 I 80 ! 15,612,319 ' 93 10^783,073 112 . 51.^855,109 I 1.18 !2,305,171 ! 53 December 154,046 23 274,250 ' 22 !1.325,056 i 50 | 21,309,729 j127 15,538,070 104 04,533,032 I M7 : 2,021,706 : 46 i RECEIPTS OF GRAIN AND FLOUR AT 17 INTERIOR CENTERS. [Chicago, Cleveland, Detroit, Dujuth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane, Toledo, and Wichita. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913=100.] Total grain and Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. flour.1 Bushels. Bushels. i Bushels. t R iv el e : . Bushels.t R iv e e la . -imBi snhc l , s - t R iv e e la . - Bushels. Barrels.;^" Bushels. t R iv el e a . - 1920. December. 32,758,773 121 19,390,714: 8; 13,777,300 69 3,482,6851 316 5,057,808 74,407,280: 901,570,822! 80l 81,535,979 94 i ! 1921. July 71,422,024 263 19, 713,672 88 25.527,442 127 2,557,0531 232 3,073,358 43 122,294,149= 157 705,340; 138:134,468,179 155 August 77,026,777 284 30,983,238! 138142; 739,890 213 6,207, 749! 506022 60,.387,297 89 163,344.951. 210 130,086! KK)ll77,430,338 205 September. 04,070,040! 23937,333,704 107 21,791,003 108 5,487,909 497 i 5'080,281 71134,36V>03i 1723: 421,132, 175| 149,764,097J 173 October... ,46,758,327 17235,551,591 159! 22,008,158 109 3,006,330: 272!4'012,646 50 111,337,052= 143 811'. 890! 195.128.490,557 148 November."25,094,300! 9«-17,471,999' 7S|ll,098,236 58 1,986,8501 180 2,102,025 "58,953,410 70 133.513; 16()l 73;054,219 84 December. 24,572,149| 91 4"1 ",730,565! 186 14', 600,518 73 2,345,52()i 213,1,704,254 85,013,036! 1091 889^503! 97j 93,516,07c1 108 1 Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel. SHIPMENTS OF GRAIN AND FLOUR AT 14 INTERIOR CENTERS. [Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toillcdo, Wichita shipments of flour not available for Cleveland^ Detroit, Louisville, Omaha, Toledo, and Wichita.] Total grain and Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. flour.1 Rela- Rela-i Rela- Bushels. tive. j Bushels. tive. Bushels. g ti S v S e. H Bushels.! aS?" Bushels. t 2 iv 5 e * . Bushels. i tive. Barrels, g* Bushels. tive. 1920. December. ,22,253,030 143: 7,898,979, 55 9,964,743 66:3,171,616; 44813,082,249 79 46,370,617' 93 3,141,524 93 00,507,475 93 1921. I July 131,373,871 201i20,154,143!. 14110,051,024 OOi 878,751 124|2,313,720 59; 64,771,515 130 31,,842,016: 113 82,000,722 120 August 158,901,701 178"22,057,863j 15915,422, OOfH 101 4,548,460 642|4,O6O,175 104 105,590,211 2135,040,334 149 128,271,714 198 SepteT.uber.42,726,679 274 27,705,761 194.15,341,802! 5,541,999 783 3,67(5,194 94,992,495. _1.9_15,473,912 162 119,625,099 184 October... J23,710,411 152-i 21,773,2421 153 13,076,3921 2,218,622 313 2,243, 2741 63,021,941 i 1275,857,7961 173 89,382,023 138 November. 120,574,46G 132,12,973,178 j 91 9,872,551 1,650,084 233 2,070,836 4il7;^,1,4i1i,1u1, 5. <9/«5/4,091,418! 139 68,252,496 105 December. 14,051,386 9()j 17.309,782" 12110,883,191 72 1,996,283 282j 1,335,179 45,575,8211 92 3,271,638 97 60,298,192 93 I i 1 Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel. STOCKS OF GRAIN AT 11 INTERIOR CENTERS AT CLOSE OF MONTH. [Chicago, Detroit, Duluth, Indianapolis, Kansas City, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, and Toledo.] Wheat. Corn. Oats. Rye. Barley. Total grain. 1920. Bushels. Bushels, i Bushels. Bushels. Bushels. Bushels. December. 15,525,114 4,793,299 j 27,358,948 1,007,591 2,378,548 51,063,500 1921. July 13,541,547 10,392,384 I 32,845,591 625,975 1,406,742 58,812,239 August 21,027,695 6,906,590 j 50,835,039 2,571,473 2, 206,180 84,446,977 September. 2~"9 ,727,378 • 7,794 625 I 52,136,821 2,481,562 2,265,615 94,406,001 October 31,524,106 12,089,459 56,202,298 3,027,107 2,662,732 105,505,702 November.. 27,916,998 8,105,076 55,368,267 3,555,046 1,958,807 96,904,194 December.. 29,868,649 j 15,596,902 53,917,618 3,181,584 1,831,520 104,396,279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 207 RECEIPTS OF GRAIN AND FLOUR AT NINE SEABOARD CENTERS. [ Boston, New York, Philadelphia, BaHimore, New Orleans. San Francisco, Portland, (Greg.). Seattle, Tacoma; receipts of flour not available from Seattle and TacoTna. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913=100.J T" Wheat. Corn. I Oats. Rvc. Barley. Total, grain. Flour. Total f l g o r n ai r n J and Bushels. I Bushels. , Bushels. ' Bushels. t R iv el e a . - Bushels/ Bushels, Barrels, Bushels. R ti e v l e a . i ' _ .._.! 1920. December. 29,551,9501 235 854,138, 24 1,911,801 40 j 3,190,40; 2, 457J 2,291, 039, 138! 38,099,993 108*4,307,180; 418 57,752,303! 211 1921. ! i I. j July 131,112,121' 271' 9.343,(397; 2()3 7,002, .14 3,113,438 2,212 4,02;;, 343: 279j 58,257,757 257:7,210,521: 090 90,705,102! 331 August 129:304,521 233 L' 93(iU. -181 2, 625, 1<W5O32 .1.38110,089,131 307' 41, 98L 2".1"2; ]8-iJi2,172.S3(''' 20S1 51,758.97-1; 189 S O e c p t t o e b m e b r e .. r . ., [ :- 2 3 7 3 , ) 2 0 0- 8 19 , ) 2 - 9 1 6 0 0! 2 2K :: V 2 2 2, . 21 0 5 5: ) 1 ) , 4 5 4 ,5 7 S 5 3: 0 8 2 3 ! ; 2 l, , 5 2 8 2 ( 1 i , , 4 33 7 » 1 1 , , 3 1 8 0 5 9 , , 0 4 4 8 5 0 ' 7 8 8 3 4 i 1 . - i 1 2 , , 7 9 0 2 9 8 ,3 ,1 8 7 1 8 • : 28 1 7 70 4 35 3 , , 7 4 8 4 3 2 ) ; 9 0 5 41 '? ! j 1 1 5 91 8 1 2 2, , 3 0 5 1 7 0 ; , 0 5 7 03 5 ; ! 2 1 2 9 0 3 1 1 5 4 4 - ' 1 , ) 0 8 5 5 1 0 ) ,29 07 1 5 1 ! 1 10 9 4 7 N D o ec v e e m m b b e e r r . .' |2 2 7 3 , , 3 3 0 2 4 9 " , . 4 3 4 9 0 8 , I 2 S 1 o 7 1. 3 1 ' . , , 1 3 0 1 1 0 , ,> , , 7 8 7 8 1 9 7 ; : ,i] 31 8 9 7| 1 .1 , , 9 9 9 4 0 0 , , 4 •I 2 I i i2. 9 0 7 9 3 4 , , 1 4 1 4 0 2 1,4 0 7 8 4 o J2 I, , 2 IK 0 i 3 , )0 1 2 8 1 8 133 3 •1 1 3 , . 5 79 0 1 8 ? , , 5 6 9 4 1 11 - . 1 1 9 3 3 9 1 1 . 1 1 .8 ,7 5 4 8 5 ,0 ,8 M 73 - ' 1 1 7 0 8 7 3 5 9 l) , 0 9 5 0 3 2, , 3 0 5 7 4 0 1 i 1 1 4 8 6 9 i • 1 Flour reduced to its equivalent in wheat on the basis of -\\ bushels per barrel. STOCKS OF GRAIN AT EIGHT SEABOARD CENTERS AT CLOSE OF MONTH. [Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco. Compiled from reports of trade organizations at these cities.] Wheat. Corn. Oats. Rye. Barley. Total grain. 1920. Bushels. Bushels. ; Bushels. \ Bushels. \ Bushels. Bushels. December.. 18,263,476 510,142 | 2,205,936 ! 2,196,380 ! 3,322,050 26,497,95 1921. July 9,972,506 1,113,767 ! 981,942 i 386,710 3,738,401 16,193,326 August 12.934,198 955,694 : 1,592,072 ' 1,389,338 3,997,970 20,869,272 September. 17)626,696 999,184 I 1,862,899 -. 1,640,511 3,811,936 25,941,226 October 18,365.928 1,734,237 ' 1,729,840 j 1,907,172 3,288,995 27,026,172 November.. 16,012) 432 1,100,768 , 1,587,965 \ 2,161,090 3,104,269 j 23,966,524 December.. 15,175,641 2,556,938 1,447,509 . 2,510,357 2,542,532 j 24,232,977 WHEAT-FLOUR PRODUCTION. [January, 1918, to June, 1920, U. S. Grain Corporation; July, 1920, on, estimated by Russell's Commercial News (Inc.), New York.] I I 1920. I Barrels. \- 1921. Barrels. December I 9,600,000 ,. August 13,266,000 j September 13,349,000 1921. October 13,917,000 June.. 8,087,000 !: November 10,166,000 July.. 10,720,000 i- December 8,856,000 COTTON. [New Orleans Cotton Exchange. Monthly average crop years, 1911-1913=100.] Stocks at ports Sight receipts. | Port receipts. Overland move- American spinners' and interior ment. 1 takings. towns at close of month. i Bales. ?,la-| Bales. R ti e v l e a . - Bales. R ti e v l e a . - ! Bales. R ti e v l e a . - Bales. R ti e v l e a . - 1920. I December i 1,579,751 126 ! 797,350 87 134,455 128 672,477 148 2,815,934 ! 239 1921. July i 607,788 48 465,143 51 78,106 . 74 469,715 103 2,311,696 ; 196 August ! 617,049 49 406,823 44 i 95,025 ! 90 369,420 81 2,167,927 i 184 September I 1,145,168 91 667,845 73 1 106,343 ! 101 447,188 98 2,381,859 ! 202 October | 1,943,049 155 1,135,498 124 I 195,668 : 186 811,118 179 2,669,534 ! 227 November : 1,704,398 136 • 760,310 83 ! 231,763 i 220 1,076,444 237 2,678,804 227 December i 1,483,719 118 589,768 64 175,035 ! 100 953,705 210 2,588,016 220 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 FEDERAL RESERVE BULLETIN. FEBRUARY, 1022. COTTON SEED. [Bureau of the Census.] R at e c m ei i v ll e s d . Crushed. m O of n i l m l h s o a ( n n c d t lo h a s ) e t . - ' • ! • . ] j R at e c m ei i v ll e s d . Crushed. m O of n i l m l h s a o ( n n cl d t o h s a ) e t . 1920. • Tons. \ Tons. Tons. i 1921. Tons. Tons. Tons. December 553,881 " 514,455 596,844 •: September , 553,726 296,258 381,342 I October 957,840 611,890 732,570 1921. • l ! November 603, 932 573,776 762,726 July 54,241 . 27,466 94,5-43 j December 273,306 416,021 618,173 August •• 130,333 ' 100,496 124,377 ; SHIPMENTS OF CITRUS AND DECIDUOUS FRUITS FROM CALIFORNIA. [March, 1921, on, Bureau of Markets and California Fruit News.1 Monthly average, 1911-1913=100.] ! Total Oranges. Lemons. Total citrus fruits. i deciduous fruits. Carloads. \ Relative. Carloads. Relative. Carloads. ! Relative. ! Carloads. 1920. December.. 3,774 154 368 91 4,142 | 145 368 1921. July 3,465 142 1,843 455 5,308 186 3,139 August 3,126 128 579 143 3,705 130 8,113 September. 2,534 104 888 219 3,422 120 16,166 October 2,450 100 | 546 135 2,996 105 ] 1,180 November.. 1,143 47 i 346 85 1,489 52 2,956 December.. 3,097 127 487 120 3,584 126 142 1 For previous sources, sec April, 1921, Bulletin. SUGAR. [Data for ports of New York, Boston, Philadelphia, San Francisco, Galveston, Savannah, New Orleans. "Weekly Statistical Sugar Trade Journal. Tons of 2,240 pounds.] . Raw stocks ! j Raw stocks Receipts. Meltings. I at close of !i Receipts, j Meltings. at close of j month. '\ month. | 1920. 1921. December. 234,164 224,688 | 81,935 I1 September. 240,211 253,811 145,390 . i ! j October 205,624 261,783 | 83,810 1921. November.. 275, 755 240,087 I 86,216 July 221,706 i 307,081 .1.44,904 I December. 222,773 264,941 j 62,419 August.. 416,170 423,677 136,421 ! ii TOBACCO SALES AT LOOSE-LEAF WAREHOUSES. [Reports of State authorities.] Bright belt. Virginia Western dark. North South Burley. dark. Grand total. Virginia. Carolina. Carolina. Total. 1920. Pounds. Pounds. Pounds. Pounds. Pounds. Pounds. Pounds. Pounds. December. 5,906,923 20,240,361 53,526,080 73,766,441 2,220,075 5,558,465 87,451,904 1921. August 11,840,109 37,950,177 49,790,286 j 2,662,095 486,550 52,938,931 September. 67,809 j 1,698,410 41,756,009 2,287,697 45,742,116 2,346,050 265,280 48,421,255 October ] 10o',458 . 9,274,223 50,597,385 59,871,608 i 2,724,010 62,475 62,763,551 November ! 7,400,768 ' 24,580,130 73,206,917 97,787,047 I 3,595,367 5,089!. 644 113,872,826 December I 7,082,832 j 11,572,222 28,947,346 40,519,568 I 11,069,994 21,6791557 80,351,951 I i NOTE.—Includes sale for growers and dealers, but excludes resales. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 209 SALE OF REVENUE STAMPS FOR MANUFACTURES OF TOBACCO IN THE UNITED STATES (EXCLUDING PORTO RICO AND PHILIPPINE ISLANDS). [Commissioner of Internal Revenue.] Cigars. Cigarettes. Cigars. Cigarettes. Manu- Manufactured factured tobacco. tobacco. Large. Small. Small. Large. Small. Small. ! 1920. i Number. Number. Number. Pounds. 1921. Number. I Number. •!I" Number. •. Pounds. December .506,126,135 47,380,000 |2,816,818, 050 15,457,561 September... 614,427,829 I 55,799,900 ;4,791,397,910 | 31,488,809 October 635, 807,697 ! 60,574,420 4,877,825, 880 33,718,291 1921. ! ! November.., 615,251,258 ' 52,962,253 4,229,401,957 , 27,747,196 July- .564,598,255 47,362,340 ;4, 161,217,573 ' 29,226,353 , December.... 463,663,809 : 44,288,700 .2,995,934,873 I 22,057,104 August. . 1622,039,033 53,630,000 5,130,577,133 33,601,590 | NAVAL STORES. [Data for Savannah, Jacksonville,, and Pensacola. Compiled from reports of trade organizations at these cities.] Spirits of turpentine. Rosin. Spirits of turpentine. Rosin. Stocks I Stocks 1 Stocks Stocks .Receipts. at close of , Receipts, at close of Receipts, i at close of Receipts. I at close of month. ! month. month. month. 1920. Barrels, Barrels. Barrels. Barrels. 1921. Barrels. Barrels. Barrels. Barrels. December 20,974 53,356 76,738 j 300,315 September. 28,786 54.949 83,481 322,898 October 23,440 5S;066 79,275 313,904 1921. November. 24,801 62,072 98,260 321, 478 July.. 36,435 47,580 : 90,382 j 328,224 ' December. 23,136 66,965 115,181 336,680 August 33,773 52,861 92,580 ! 332288,990077 ; I COAL AND COKE. [U. S. Geological Survey. Monthly average, 1911-1913=100.] Bituminous coal, esti- Anthracite coal, esti- : Beehive coke, esti- By-product coke, estimated monthly pro- j mated monthly pro- , mated monthly pro- mated monthly production. I duction. ! duction. duction. Short tons. Relative. Short tons. Relative, j Short tons. Relative. Short tons. Relative. 1920. December 52,123,000 I 141 I 8,454,000 114 ; 1,515,000 ! 58 1921. ! July 30,394,000 82 7,050,000 95 ! 181,000 i 7 1,285,000 i 146 August 34,538,000 93 7,196,000 97 248,000 9 1,402,000 159 September 35,105,000 95 7,124,000 96 ''• 289,000 , 11 1,423,000 : 162 October. 43,741,000 118 7,580,000 102 , 416,000 ' 16 1,734,000 197 November 35,955,000 97 6,859,000 93 ! 477,000 i 18 1,766,000 • 201 December 30,975,000 85 5,984,000 81 514,000 j 20 1,860,000 ! 211 CRUDE PETROLEUM. [Production and stocks, U. S. Geological Survey; wells completed, Oil and Gas Journal and Standard Oil Bulletin (California). Barrels of 42 gallons each. Monthly average, 1911-1913= 100.] B P a r r o re d l u s. ction R t . i e v l e a . - S (b c m to l a o o c r s r k n e e s t l o h s a f ) t . o P p i r c l l i o e o n w t d m g e e u d - l c l . - s B P a r r o re d l u s. ction R ti . e v l e a . - S (b c m t l o a o o c r s r k n e e s t l o h s a f ) t . o P p i r c l l i o e o n w t d m g e e u d - l c l . - s 1920. i 192L ! December 38,961,000 203 128,028,000 1,945 : September I 36,615,000 191 177,384,000 i October.. i 35,621,000 186 176,227,000 752 1921. , November , 37,880,000 198 177,129,000 903 July 40,328,000 210 172,359,000 I 1,157 I December 41,957,000 219 182,482,000 1,110 August 40,966,000 214 176,248,000 952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. TOTAL OUTPUT OF OIL REFINERIES AND STOCKS OF OIL. [Bureau of Mines.] OUTPUT BY MONTHS. Crude oil run Gasoline Kerosene Gas and fuel Lubricating (barrels). (gallons). (gallons). (gallons). (gallons). 1920. November. 39,458, 409 452,642,125 214,804,177 ! 822,638,305 ! 91,180,007 1921. July 36,040,797 419,641,815 138,724,132 807,428,397 65,893,228 August 36,044,910 431,577,195 143,652,290 784,450,485 66,473,473 September. 35,613, 933 416,913,000 1.54,017,299 788,408,124 69,053,307 October 37,908,496 440,955,518 182,453,593 833,775,254 j 75,97.1,377 November. 37,211,534 431, 886, 845 175,240,466 799,256,607 77,005,042 STOCKS AT CLOSE OF MONTH. I 1920. November 21,373, "945 354,835,764 j 398,991,592 808,802, 516 142,180,775 1921. July 31 1.9,115,631 684,236,695 ! 412,20.1,674 1,269,419,283 258,638,298 August 31 16,374,050 567,645, 548 j 389, 893,421 1,243,445,980 242,530,099 September 30 17,991,036 515,325,998 | 371, 235, 034 1,229,254,127 230,227,413 October 18,404,182 456,269,659 j 334,579, 774 1,238,269,365 216,770,320 November 21,856, 185 495,590,059 | 340,026, 007 1,279,450,548 j 228,037, 890 IRON AND STEEL. [Pig-iron production, Iron Ago; steel-ingot production, American Iron and Steel Institute. Monthly average, L91L-L91.3= 1.00.] SI eel ineor nrodnc ' Unfilled orders U. S. Pig-iron production. bteeJ inM Proouc- steel Corporation at i close of month. Gross tons. ! Relative.; Gross tons. : Relative.: Gross tons. Relative. .19.921 January I 2,416,292 , 104 2,203,186 . 94 7,573,164 144 July i 864,555 \ 37 803,376 ! 35 4,830,324 92 August 954,1.93 j 41 1, 1.38, 071 49 4,531,926 86 September ! 985,529 j 43 1,174,740 ! 51. 4, 560,670 87 .October | .1,246,676 54 1,616,810 ! 70 4, 286,829 81 November ' 1 > 415,481 I 61 .1,660,001 • 71 4,250,542 8L December I 1,649,080 j 7L 1,427,093 | 6L 4,268,41.4 81 .1.922. January j 1,638,697 71 1,593,482 68 4,241,678 80 STRUCTURAL-STEEL ORDERS AND SHIPMENTS. [Bridge Builders and Structural Society.] 1 ' Structural-steel orders and shipments of the member- : ship of Bridge Builders and Structural Society. out country Orders. Shipments. Per cent Tonnage. ca s p h a o c p ity. Per cent Per cent Tonnage. shop ' Tonnage. shop capacity. capacity. 1920. December . 47,000 26.0 14,521 20.0 42,767 60.0 1921. ! July " 60,200 33.5 | 21, 847 32.0 22,186 32, 5 August 59,300 33.0 ! 18,010 26.0 23,558 34.5 September 86,000 48.0- 32,099 47.0 23,197 34.0 October 97,800 54.0 i 28,150 41.0 26,406 38.5 November 99,800 55.5 ! 43,221 63.0 25,211 36.5 December 71,500 35.0 i 28,910 43.0 29,056 43.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUAKY, 1922. FEDERAL. RESERVE BULLETIN. 211 PRODUCTION OF COPPER. [American Bureau of Metal Statistics. Monthly average, 1911-1913=100.] Pounds. Relative. Pounds. Relative. 1921. 1921. July. 17,789,507 18 , October 1 24,613,754 25 August. , 21,413,569 22 I November... 22,347,984 26 September | 20,926,554 21 ;| December 18,545,182 19 ZINC. [American Zinc Institute. Tons of 2,000 pounds.] : Stocks 1 Stocks Produced. : at end of Produced. ! at end of i month. j month. 1921. 1921. January — 25,916 75,953 !, November. 21,135 67,049 July 15,495 j 92,408 j; December.. 22,013 66,608 August 14,621 ! 86,549 !i September. 14,367 81,135 I 1922. October.... 14,538 70,824 January 23,706 65,678 LEAD PRODUCTION. [American Bureau of Metal Statistics. Tons of 2,000 pounds.] Production, i Relative, ij Production, j Relative. j 1921. 1921. July 27,827 80 i i October. 31,474 ; 90 August 31,350 O9H0 ' N"\To/v*vT/evmmT"b»er. September. 30,146 I December.. TIN. [Imports, Department of Commerce. Deliveries, New York Metal Exchange. Monthly average, 1911-1913=100.] ; imports, j Relative. Imports. , Relative. 1920 ! Pounds. Pounds, I 1921 j Pounds. \ Pounds. December. .| 5,893,627 65 5,779,200 ! September 5,796,186 i 64 i 5,835,200 !, October I 4,351,541 j 48 I 5,107,200 1921 November 6,886,085 ' 76 ; 7,280,000 July 3,565,767 39 3,411,520 : December ! 8,879,859 j 98 i 8,310,400 August 5,200,504 57 •77 ,4A3OC6 ,8O0A0rt i I !i I TEXTILES—COTTON AND SILK. [Cotton, Bureau of the Census; silk, Department of Commerce and The Silk Association of America. Cotton, monthly average, crop years 1912- 1914=100; silk monthly average, 1911-1913=100.] Cotton consumption. Cotton Imports of raw silk. Silk spindles consumpactive dur- tion Bales. Relative. ing month. Pounds. Relative. (bales). 1920. December. 295,292 66 29,914,154 972,011 48 8,758 1921. July 410,120 91 32,446,281 4,867,985 238 32,325 August 467,103 104 33,059,211 5,114,901 250 32,790 September.. 484,647 108 33,898,415 4,597,642 225 31,229 October 494,745 110 34,255,522 3,140,516 154 26,816 November.. 526,610 117 34,387,008 3,412,371 167 18,355 December.. 511,800 114 34,488,640 5,824,202 285 20,930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. TEXTILES—WOOL. [Wool consumption, Bureau of Markets; idle wool machinery, Bureau of the Census.] T Percentage of idle machinery on first of month to Percentage of idle hours on first of month to total total reported. reported. Consumption (pounds).1 1921. January 29,807,333 July 53,076,000 August 58,261,000 September 62,130,667 October 67,287,000 November 65,326,000 December 61.283,000 1922. January 30.3 21.2 i Converted to grease-equivalent basis. LUMBER. [From reports of manufacturers' associations.] Southern pine. Western pine. Easter white pine, i North Carolina pine. b m N cr i u ll m o s f . j t d P i u r o o c n - - . m S e h n ip ts - . I | ' b m N e i r u l l m o s f . - : I t d P i u r o o c n - - . Ship- N m be u i r l m l o s - f . t P d i u r o o c n - - . m S e h n ip t - s. __^_J _..| 1920. Mfeet. M.feet. Mfeet. \ Mfeet. ' Mfeet. Mfeet. Mfeet. Mfeet. i Mfeet. Mfeet. December... 199 264,504 281,326 53 45,578 j 46,112 119 . 188,905 i 187,874 I 19,056 10/587 • 21 8,091 14,716 1921. ! July 187 366,057 346,300 • 56 I110,588 77,243 107 191,257 1S7,165 43,843 21,991 ' 11 15,267 14,864 August 185 388,510 405,974 56 107,346 92,397 103 290,877 321,553 47,675 25,933 12 15,820 16,617 September 186 385,029 433,714 53 j 82,890 89,500 103 231,559 216,763 37,716 35,675 I 11 15,623 14,592 October 186 395,435 493,035 56 85,006 107,450 100 311,119 304,090 29,707 41,432 • 11 17,641 18,556 November 184 411,883 423,032 56 . 66,032 98,273 104 260,055 22i; 433 12,275 36,118 10 16.336 19,100 December 182 I 377.332 34S, 178 56 38,901 83, 350 108 238,036 207,162 19,265 23,574 : 8 12.095 12, 535 RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO AND ST. LOUIS. [Chicago Board of Trade and Merchants' Exchange of St. Lonis. Monthly average, 1911—1913=100.] Receipts. Shipment:: i .Receipts. Shipments. 1 M feet. Relative. Mfeet. i Relative. Mfeet. 'Relative. M feet. Relative. 1.920. i 1921. December 1921. 351,695 76 192,072 • '. 76 i : '• O N Se c o p t v o t e e b T m er i b b e er r 3 4 4 8 9 0 8 6 5 , ,7 7 1 5 4 9 0 5 5 : j '•• 1 8 8 0 4 7 7 9 3 2 4 7 0 f 0 5 j ' , 1 { 4 ) . ( 4 8 ) 8 8 2 1 1 9 0 2 6 7 0 July 328,129 71 216,908 85 December.. 403,875 i 87 258, 355 102 \ ugULS t 356, 730 77 235,736 : 1 93 i PRODUCTION OF WOOD PULP AND PAPER. [Federal Trade Commission.] Wood News- . T? , | Paper • Wrap- j vpulp, j print, j ; board. ! ping. . 1 i ! puip. ping. : Net Net Net Net Net Net Net Net Net Net Net Net 1920. tons. tons. \ tons. tons. tons, tons, 1921. tons. tons. tons. tons. tons. tons. December I 302,527 124,857 j 76,093 105,227 j 54,308 ; 27,233 j! Sepptember 193,479 98,898 62,416 160,207 59.095 20,555 1921. i .| NN O o ct v o e b m er ber 2 2 3 7 3 1, , 7 6 8 1 7 8 1 1 0 0 1 4 , , 6 8 0 8 4 4 7 73 2 , , 1 5 3 4 9 4 1 17 8 2 1 , , 5 7 8 7 2 5 6 6 4 5 , , 5 9 . 0 1 5 8 2 24 4 , , 6 6 0 3 9 5 A Ju u ly g ust ! I 1 1 9 7 5 8 , , 1 1 7 7 6 3 94,247 ! 48,527 112,265 45,090 1 1 6 8 , , 3 8 2 3 7 3 " j December 272, 835 107,877 70,798 149,047 64, 850 25,843 102,277 59,711 138,530 56,167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL-RESERVE BULLETIN. 213 CEMENT. [U. S. Geological Survey.] Stocks at | Stocks at Production. Shipments.; close of Production. Shipments. j close of month. i month. 1921. ! Barrels. Barrels. Barrels. 1921 Barrels. Barrels. Barrels. July : 9,568,000 I 10,301,000 10,414,000 October 10,506,000 12,114,000 5,348,000 August : 10,244,000 ] 12,340,000 8,280,000 November 8,921,000 5,195,000 9,091,000 September : 10,027,000 ' 11,329,000 : 6,953,000 December 6,559,000 3,697,000 11,938,000 RAW STOCKS OF HIDES AND SKINS.* [Bureau of "Markets; July, 1920, on Bureau of the Census.] C hi a d t e tl s e . Calfskins. Kipskins. Go k a i t d a . nd I ^C»a»b«ar«e"ttaa-. Sh i e a e m p b a . nd .. I i Dec. 31. 7,793,702 3,27.1,905 1,305,776 i 11,721,505 2,6S5,670 13,773,089 1921. July 31 6,448, 809 3, 039,871 980,762 9,784,714 1,109,005 13,761,905 Aug. 31 6, 494,281 3,459,310 895,523 : 10,94*; 785 1,029.369 13,904,019 Sept. 30 6,0*6'. 225 3'. 475,069 938,00.1 I 10,745)903 791' 1L0 12,606,056 Oct. 31 5, 990) 033 3,370, 183 . "9-5-5•.-2•!-2 11 12-1,329 702,347 13,065,070 Nov. 30 5'. SOI, 843 3; 148,311 1,002; 299 11,296,645 520,829 13,364,170 Doc. 3J 5,819,219 2,935,257 1,025,1.69 10,379,703 i 547,335 12,661)438 1 Includes hides and skin in transit. PRODUCTION OF LEATHER. [Tanners' Council of United States of America.] Oak and Oak and Sole leather Skivers union har- Sole leather1 Skivers union harsides. (dozens). ness sides, sides. I (dozen). ness sides, stuffed. stuffed. 1920. .1921. December 1,322,594 9,898 60,482 September 1,507,185 20,683 49,507 October : J, 618, 5J9 19,896 55,879 1921. November ; .1,705, 101 17,533 ! 60,002 July 1,431,373 12,321 44,97.1 December 1,745,025 20,149 i 62,551 August. 1,607,302 21,430 50, 857 AUTOMOBILE TIRES AND TUBES. [The Rubber Association of America.] Pneumatic tires. Inner tubes. Solid tires. Production.; Stocks. SdJ5m^tta.S> Production- Stocks. 1920. Number. I Number. \ Number. \ Number. Number. Number. Number. \ Number. Number. December., 506,111 I 5,508,380 j 1,327,153 ! 508,446 5,786,929 1,481,285 16,297 ' 303,473 40,828 I 1921. July 2,570,524 3,892,037 i 2,757,581 I 3,020,981 3,122,815 ! 3,603,248 35,123 I 220,003 55,678 August 3,043,187 3,934,583 2,894,442 . 4,430,152 3,649,319 3,804,060 ' 55,694 ' 216,367 66,866 September. 1,929,268 3,340,798 1 2,047,929 3,274,822 3,827,830 : 2,645,758 ! 37,441 . 161,832 50,276 N O o ct v o e b m er ber.. 1 1, , 7 9 5 2 6 8 , , 5 2 5 7 5 1 3 3 , , 5 9 4 0 5 8 , , 0 3 3 4 0 2 : 1 1 , , 6 3 7 4 5 2 , , 1 5 6 1 9 9 ! ! 2 2 , , 8 1 4 2 3 6 , , 9 2 1 1 8 1 4 5 , , 7 2 3 0 2 3 , , 0 5 1 6 6 8 i ' 2 1 , , 0 5 1 4 6 0 , , 3 2 7 9 1 9 ! | 4 4 6 3 , , 2 5 7 3 4 7 ; j 1 1 6 7 3 3 , , 2 4 9 5 9 1 3 4 4 5 , , 5 9 5 1 6 1 December.. j SHIPMENTS OF AUTOMOBILES. [National Automobile Chamber of Commerce.] Railroad jDriveaways; Boat (ma- : Railroad IDriveaways! Boat (ma- (carloads). j (machines). j chines). ; (carloads), (machines).! chines). 1920. 1921. December. 11,802 1 6,469 September 19,002 ' 13,840 2,959 October 17,717 ; 12,926 2,214 1921. November 14,240 j 10,505 1,402 July...., 19,514 I 15,533 3,726 December 12,100 " 7,500 134 August.. 20,758 1 15,218 j 3,595 87690—22- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. OUTPUT OF LOCOMOTIVES. [Locomotives, reports from individual producers,] Locomotives. • Locomotives. Domestic Foreign Domestic Foreign shipped. completed. shipped. completed. i 1920. Number. Number. 1921. Number. Number. December 198 93 i September 31 25 1921. ! October . . . 51 22 July 43 51 '< November 14 15 August 50 53 December 30 59 VESSELS BUILT IN UNITED STATES, INCLUDING THOSE FOR FOREIGN NATIONS, AND OFFICIALLY NUMBERED BY THE BUREAU OF NAVIGATION. [Monthly average, 1911-1913=100.] Gross Gross Number. tonnage. Relative. Number. tonnage. Relative. 1920. 1921. December 732 September 67 ' 105,352 436 October 71 i 50,265 208 1921. November.: 79 j 61,599 255 July 375 December 45 | 46,108 191 August 373 RAILROAD OPERATING STATISTICS. [United States Railroad Administration; March, 1920, on, Interstate Commerce Commission.] Net ton-miles, Net ton-miles, I Net tons Net tons revenue and revenue and • per per nonrevenue. nonrevenue. i train. loaded car. 1920. 1921. j | November 37,285,758,000 September i 30,821,944,000 679 27.1 October 36,507,000,000 j 702 27.2 1921. November 29,139,115,000 | 633 27.1 July 28,412,404,000 August 30,381,958,000 RAILROAD REVENUE-FREIGHT LOADED AND RECEIVED FROM CONNECTIONS. [American Railway Association. Carloads.] REVENUE-FREIGHT LOADED, CLASSIFIED ACCORDING TO NATURE OF PRODUCT. a p n r G o d d r g a u r i c n a t i s n . s L to iv ck e . Coal. ! Coke. pr F o o d r u e c s t t s. Ore. c L h . a M n C e d . r i - s L e . , M n i e s o ce u l s l . a- Total. 1920. ! December 153,055 128,032 961,148 56,665 201,095 67,196 841,406 I 1,070,714 3,479,401 1921. July 239,857 104,221 634,100 17,057 182,078 131,666 879,382 | 1,072,774 3,201,138 August 2o9,878 124,394 699,193 19,875 202,545 142,961 968,746 ! 1,227,599 3,655,191 September 239,514 129,600 705,827 21,406 201,251 123,730 971,527 j 1,248,529 3,641,384 October 218,619 158,642 850,237 28,431 227,025 93,115 1,020,468 i 1,408,617 4,005,154 November 104,652 130.589 669,235 28,032 211,663 33,931 953,900 i 1,080,704 3,278,706 December 186,545 129,522 582,839 30,519 199,560 24,693 941,824 I 945,115 3,040,617 REVENUE-FREIGHT LOADED, CLASSIFIED ACCORDING TO GEOGRAPHICAL DIVISIONS. Eastern. Allegheny. h P o o n c ta a s - . Southern. North- w C e e s n te tr r a n l . w S e o s u te t r h n - . Total. 1920. December. 846,723 772,005 136,076 526,763 403,180 519,288 ! 275,360 3,479,401 •| 1921. July 786,454 651,910 122,958 465,145 489,118 485,161 260,392 3, 201,138 August j 890,199 716,717 120,320 493,840 579,035 567,883 i 287,197 3,655,191 September i 882,236 710,463 131,712 508,984 555,095 574,833 j 278,061 3,641,384 October I 981,224 790,621 156,234 570, 528 572,057 636,649 I 297,841 4,005,154 November i 825,073 ! 671,584 128,240 501,997 406,131 486,798 ! 258,883 3,278,706 December •• 752,730 ! 626,094 104,928 473,145 379,228 458,534 | 245,958 3,040,617 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBKUAKY, 1922. FEDERAL RESERVE BULLETIN". 215 TONNAGE OF VESSELS CLEARED IN THE FOREIGN TRADE. [Department of Commerce. Monthly average, 1911-1913=100.] Net tonnage. Per Net tonnage. Per cent- cent- Rela- age Rela- Rela- age Relative. Ameri- tive. tive. Ameri- tive. American. Foreign. Total. can to American. Foreign. Total. can to total. total. 1920. 1921. December... 2,785,615 2,949,416 5,735,031 140 49 183 September.. 3,091,900 2,903,253 5,995,213 147 51.6 194 .0 • October 2,702,587 2,795,081 5,498,268 134 49.2 185 1921. : November., 2,748,246 2,200,395 4,948,641 121 55.5 209 July 2,512,712 3,302,443 5,875,155 144 42.8 161 i December... 2,434,309 2,580,301 5,020,610 123 48.5 183 August 2,581,000 3,222,908 5,804,508 142 44.5 108 PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER PLANTS. [U. S. Geological Survey.] Kilowatt hours. Kilowatt hours. P w r a o t d e u rp c o ed w e b r y . Prod fu u e c l e s d . by Total. P w r a o t d e u rp c o ed w e b r y . Prod fu u e c l e s d . by Total. 1920. !' 1921 December 1,399,825,000 2,320,712,000 3,720,537,000 . | September.. 1,101,570,000 2,273,127,000 3,374,703,000 !: October 1,137,123,000 2,437,216,000 3,574,339,000 1921. L1 November.. 1,217,911,000 2,421,965,000 3,639,876,000 July I 1,224,813,000 j 2,044,890,000 3,259,709,000 |; December... 1,314,348,000 2,493,006,000 j 3,807,354,000 A ugust j 1,199,995,000 2,210,706,000 3,410,701,000 ! BUILDING STATISTICS. BUILDING PERMITS IN 166 SELECTED CITIES. [Collected by the 12 Federal Reserve Banks.] NUMBER OF PERMITS ISSUED. District District District District District District District District District District District i District No. 1 I No. 2 No. 3 No. 4 No. 5 No. 0 No. 7 No. 8 No. 9 No. 10 No. 11 ; No. 12 : Total (14 i (22 (14 (12 (15 (14 (19 (4 (9 (14 (9 i (20 j (166 cities), j cities). cities). cities). cities). cities). cities). cities). cities). cities). ; cities), cities). ; cities). 1920. December 3,284 1,246 1,818 i;713 1,422 j 1,989 863 665 736 1,678 ; 5,364 21,676 1921. | July 2,230 7,501 2,599 3,678 3,278 2,564 ' 5,392 1,815 1,753 2,240 2,475 I 7,925 43,450 August 2,590 8,188 2,749 4,222 3,750 3,437 6,157 1,971 2,390 2,053 2,814 I10,187 51,120 September... 2,442 7,709 2,990 3,987 3,389 2,847 • 5,406 2,03(i 1,975 2,739 2,598 !11,169 49,347 October 2,528 7,730 3,042 3,990 3,702 3,036 C,426 1,904 1,931 2,784 2,736 j11,442 51,311 November... 1,795 7,306 2,103 2,890 3,110 2, (577 4,198 1,357 1,105 2,143 2,479 !10,162 41,385 December 1,173 5,902 1,057 2,200 2,342 2,140 j 2,913 1,114 701 1,331 1,790 i 7,672 30,947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. BUILDING PERMITS IN 166 SELECTED CITIES—Continued. VALUE OF PERMITS ISSUED. District No. District No. District No. District No. District No. District No. District No. 1 (14 cities), i 2 (22 cities). 3 (14 cities). 4 (12 cities). 5 (15 cities). 6 (14 cities). 7 (19 cities). 1920. December 2,141,407 ! 16,699,894 2,186,330 8,976,700 2,682,869 2,682,217 . 11,049,761 1921. July 6,304,633 64,146,117 5, 875,671 9,342,411 5,606,030 5,772,478 29,933, 415 August 6,924,076 55, 534,223 6,379, 857 10,857,711 8,190,936 5, 304, 592 25, 578,330 September 5,799, 54.0 47,232,953 7,820,694 11,677,857 9,284,277 5,150,280 23,080,016 October 6,288,342 62, 995,929 9,700, 800 13,739,684 8,233, 404 5,174, 576 23,282, 376 November 6,159, 262 52,673, 837 9,290,556 10,381,430 6, 019,114 3,926, 470 22, 343,114 December 6,043,475 • 51, 556,916 4,564,907 11,137,182 6,304,190 3,476, 238 18, 360,176 I : District No. District No. District No. District No. District No. Total (166 8 (4 cities). 9 (9 cities). 10 (14 cities). 11 (9 cities). 12 (20 cities). cities). December. 915,471 2,671,237 2,574, 831 2,706,634 13,877,096 69,164,447 192 L. July 3, 485,150 3,906,381 5, 496,947 4,133,026 15,298,705 159, 300, 964 August 3,325,791 5,423,460 7,529,619 6,4.01,268 17,226,365 158, 676, 228 September. 5, 820,895 4,004,238 6,286,923 5, 680,968 20,131,993 151, 973,634 October 3,581, 849 4, 209,233 8, 066, 527 3, 597,942 23,333,741 172,204,403 November.. 2, 480,127 3, 023,050 5,674,501 4,331,965 19, 579, 992 145, 883,418 December.. 3, 243, 777 4,234, 323 7,431,761 3,025,311 21,001,120 140,382,406 'I VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS. [F. W. Dodge Co.] VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS. District District District District District District District No. 1. No. 2. No. 3. No. 4. No. 5.i No.. 7. No. 9.2 1920. December.. 12,413, 838 17,830,062 5,840,700 17,920,546 ! 6,905,657 24,901, 314 5,309,156 1921. July 19,298,334 54,500, 566 13,563,100 35, 669,377 16,026,969 41,119,866 1.2,651,007 August 19, 276,295 62,043,905 22,350, 500 26,665, 555 17,337,624 44,680,034 9,173, 552 September. 15,282,766 90,730,134 16,197, 500 36,041,601 19, 597,191 41,461,283 8,162,640 October 20,498,3(>3 74,429,237 18,295,400 26,969,803 19, 463,402 36,250,434 8,047,792 November. 17,442; 920 59, 810,680 13,137, 500 29,951,636 19,053, 420 32, 542,270 5, 436, 706 December.. 25, 593, 850 63,210, 850 15,551,500 19, 820, 882 19, 552,333 32,2i9,285 9,685,054 1 North and South Carolina not included prior to May, 1921. 2 Montana not included. VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS. District District District District District District District No. 1. No. 4. No. 5.1 No. 7. No. 9.> No. 2. No. 3. 1920. December.. 2,981,510 4,734,290 ; 1, 5,478,018 1,467,376 4,721,345 741,910 1921. July 6,672,758 22,546,142 2,971,900 8, 319,248 5,335,545 7,382,427 3, 758, 504 August 6,702,583 36,061,717 j 5,331,500 8,209,645 5,938,417 10,424; 029 2, 975, 503 September. 6,547, 754 AO Ton CAR '• 5,526,400 8,987,610 6,171, 436 11,655,497 2,476,134 October 8, 094,387 39,738,113 5,449,400 8,991,474 5,937, 599 11,660, 499 2,256, 545 November. 7.138,624 41,206, 876 4,304, 500 11,952, 875 6,643,425 11,847,385 2,202,353 December.. 16, 847,210 44,582,990 6,669,200 6,903,193 5, 970,062 10, 740,666 2,633,254 1 North and South Carolina not included prior to May, 1921. 1 Montana not included.. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 217 REPORT OF KNIT-GOODS MANUFACTUR- RETAIL TRADE. ERS OF AMERICA. The following tables are a summary of the The total production of winter and summer data obtained from 376 representative departunderwear for the six months ended December ment stores in the 12 Federal Reserve districts. 31 was as follows: In districts Nos. 1, 2, 5, 6, 7, 9, 11, and 12 the data were received in actual dollar amounts. In districts Nos. 3, 4, 8, and 10 the material N of u m m b il e ls r ! • p A ro ct d u u a c l - ! Per cent was received in the form of percentages, and report- : of Ing. the averages for the cities and districts computed from such percentages were weighted 1921. according to volume of business done during June 60 | 559,591 i 65.5 the calendar year 1920, The changes in retail July 01 i 490,640 ' 51.2 August 412,627 | 71.1 trade for the United States as a whole are S O e c p to te b m er ber 6 5 7 7 5 2 , , 2 8 0 3 5 3 i 8 8 - 7 1. . 3 4 obtained by combining the district percentages, November 8 57 ! 692,452 i 86. 5 after multiplying them by a system of weights Winter underwear (December).. 37 i 234,762 ! 08.8 Summer underwear (December). 30 i 283,014 j 85.4 based partly on population and partly on banking resources. The tables for the month of 1 5 other mills reported closed. December are based on reports from 26 stores 2 4 other mills reported closed. 3 3 other mills reported closed. in district No. 1 (Boston), 62 stores in district No. 2 (New York), 47 stores in district No. 3 Order and production report for month ended (Philadelphia), 30 stores in district No. 4 December 31, 1921, follows. The number of (Cleveland), 22 stores in district No. 5 (Richmills reporting was 35. mond), 30 stores in district No. 6 (Atlanta), 55 stores in district No. 7 (Chicago), 20 stores Per cent in district No. 8 (St. Louis), 12 stores in district Dozens. of normal production. No. 9 (Minneapolis), 14 stores in district No. 10 (Kansas City), 22 stores in district No. 11 Unfilled orders first of month 1,232,087 (Dallas), and 32 stores in district No. 12 (San New orders received during month 271,910 49."8* Francisco). Separate figures for Savannah, Total(A) 1,503,997 Ga., are shown for the first time this month. Shipments during month 320, 034 58.7 A comparison of monthly changes in activity Cancellations during month 12,206 2.23 of different types of retail business since Janu- Total (B) 3,32,840 ary, 1920, is shown in the third of the following Balance orders on hand Jan. I (A minus B).... 1,171,157 tables. The department stores are located in Production 398,846 73.0 districts Nos. 1, 2, 5, 6, 9, 11, and 12, while the mail-order houses do business in all parts of the Thirty-four representative mills which re- United States. Chain-store figures are based ported for November and December furnish the upon the total sales of the same reporting chains data for the following table: for each month, but the actual number of stores in these chains varies slightly. Mail- [In dozens.] order business continued to be quite depressed Novem- Decem- during December, but the dollar values of sales ber (34 ber (34 Gain. Loss. in all other reporting retail lines were much, mills). mills). larger than in November. December sales of Unfilled orders first of month. i 1,109,321 11,130,856 21,535- 5 and 10 cent stores and grocery stores were New orders j 290,972 ! 200,225 96,747 greater than in December, 1920, whereas sales Shipments ' 262,148 298,082 36534 Cancellations^.... 13,981 10,910 3,065 of mail-order houses, drug stores, and depart- Production I 357,606 i 352,506 5,100 ment stores were somewhat smaller. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS. [Minus sign (—) denotes decrease.] Percentage of Percentage of Percentage of increase in net average stocks outstanding sales as compared with cor- Percentage of increase in stocks at close of each orders at close responding period previous at close of month compared month to aver- of month to year. with— age monthly total purchases sales for same during previous District and city. period. calendar year. July 1, 1921, Same month Previous July 1,1921, Nov., Dec, to close of— previous year. month. to close of— Nov., Dec, • 1921. 1921. Nov., Dec, Nov., Dec, Nov., Dec, Nov., Dec, 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. District No. 1: Boston - 7.3 5.9 — 4.5 - 1 9 "• — 5.5 5.9 — L3.7 332.0 290.0 5.6 4 3 Outside - 6.6 5.5 - 8.2 - 4.9 -10.8 - 7.6 2.9 -18.1 459.0 395.0 4.3 3.6 District - 7.2 5.8 - 5.5 - 2.7 ! -10.6 - 6.2 5.0 -15.0 364.0 316.0 5.4 4.2 District No. 2: New York City and Brooklyn - 6.9 3.6 - 5.4 - 3.1 - 7.9 -3.0 3.0 -14.9 362.9 314.2 5. i 5.2 Buffalo 7 6 6 8 5 2 - 5.6 - 6.7 - .2 -22.6 428.7 372.9 5.8 6.0 - 8.4 3.5 — 5.7 - 2.3 -12.9 -10^9 1.1 -18.6 371.0 315.8 3.6 3.6 Rochester - 7.7 - 4.5 — 3.6 — 3.8 24.2 —22 0 2 1 —12.4 3Q? 7 350.5 4 7 2 3 Syracuse -11.4 - 8.2 -11.0 _ 7.2 ; — 9.0 .«i-25.1 3.5 -12.6 414.2 356.2 3.5 2.2 Outside -10.4 - 5.2 - 9.7 - 8.5 - 2.7 - 4.0 -14.1 519. 5 473.0 4.6 5.0 District - 8.2 1.6 - 5.7 - 3.9 - 9.4 - 5.5 2.1 -16.3 372.3 323.1 5.3 5.1 District No. 3: m P 0 h u i t l s a i d d e e lphia . - — 1 4 0. . 5 6 - 3 3 . . 0 6 - - 8 8 . . 9 8 - - 6 7 . . 4 5 - - 9 5 . . 7 4 - - 10 1 .4 .2 •1 - -1 1 9 2 . . 7 0 3 50 6 2 0 . . 9 3 3 4 2 2 1 0 . . 7 6 7 4 . . 4 8 6 2 . . 8 9 District - 8.9 1.2 - 8.9 - 6.7 - 8.7 8 2 .5 — 13.9 395.5 347.9 6.8 5.9 District No. 4: Cleveland -19.4 -10.0 -22.2 -18.9 -17.8 -11.2 2.7 -15.3 405.1 379.1 5.0 5.7 Pittsburgh.. . -27.0 -15.2 -22.5 -21.6 — 15.3 13.3 - .\ -16.1 414.1 363.6 4.5 5.2 Cincinnati -13.4 - 3.2 — 10.4 - 7.3 -16.6 -14.2 — 19.0 405.9 407.7 5.4 7.1 Toledo — 8.1 - 4.7 -10.4 — 9 5 9:^ S -23. 4 " L4 -28.0 406. 3 388. 2 4.7 4.6 Outside -20.7 - 7.4 -19.6 -17.5 .9 - 2.0 .6 —18.4 491.6 443.1 7.5 7.5 District -21.1 -10.7 -19.7 -17.3 : -16.3 —13.2 .7 -17.6 424.7 381.0 4.9 5.6 District No. 5: 14.7 - 7.4 — 14.2 -12.5 -8.fi — 4 3 — 1 7 —2J 9 407.1 350.1 4 4 5 1 Richmond - 9.1 — .7 - 8.8 _ p. 7 _ s R 1.6 2.9 -20.4 418.3 346.5 7.4 5.7 "Washington .. .. - 8.0 .7 - 5.4 - 3.8 - 9.9 - 7.0 .3 -20.7 420.0 354.5 3.2 2.8 Other cities -21.8 -12.4 -15.6 -15.0 - 7.1 -11.8 - 1.0 -25.2 529.7 475.6 4.5 5.3 District -13.2 - 4.5 -11.1 — 9 5 _H - 5.9 - -5 -21.8 431.5 369.3 4.3 4.4 District No. 6: Atlanta . . -20.5 -17.2 -28.5 -24.7 -13.2 - 7.8 - .6 -25.0 565.2 470.6 3.5 3.0 Birmingham -34.2 -30.1 —31.7 —32 2 — 17 7 8.8 1.2 -10.8 733.6 490.0 4.2 3.3 Nashville - 8.8 - 3.7 -14.5 — 12.8 ! — 12 fi— 9.8 15.8 555.7 441.3 4.0 4.3 New Orleans . —20.5 -13.4 -15.1 — 15.4 - 9.1 - 8.1 - \\ -22.0 443.4 394.3 6.5 8.0 Savannah -24.7 —26.1 11.7 568 7 2 2 Outside -22.7 -17.3 -21.5 -21.8 -20.7 - 6.3 .8 — 14.6 513.5 443.9 2.9 2.1 District -21.4 -16.8 -20.4 -20.5- -14.5 - 4.5 - .5 -17.9 517.4 436.3 4.8 5.0 District No. 7: Chicago -12.7 — 7.6 -13.4 —1.1.4 11 2 — 7.0 1.1 -20.9 362.2 345.6 3.3 3.5 Detroit 18 2 — 5.6 —17.3 —14 7 9J. 1 —20.9 - .2 -18.6 387.5 349.0 6.0 5.8 Outside —16.6 - 8.5 -15.0 — 13.1 j -12.6 — 6.8 - 1.3 -14.5 533.0 473.4 4.5 4.4 District -16.9 - 7.1 -15.9 -13.5 ; -17.5 -12.3 - .6 — 16.7 446.9 407.4 5.1 4.9 District No. 8: St. Louis - 8.2 - 8.2 -11.6 -10.9 - 3.7 - 2.6 2.5 IT 9 375.6 360.6 5.1 3.7 Louisville -14.1 - 8.8 -14.2 -13.5 - 9.9 -11.9 - 3.8 -25.0 650.4 580.4 2.7 3.6 Memphis - 9.7 - 8.3 -16.8 -14.7 -15.6 - 5.2 2.1 — 15.3 415.2 485.7 9.1 6.0 Little Rock - 9.2 -10.6 -11.1 -10.8 - 1.9 1.5 0.0 -19.7 469.9 441.3 8.5 6.8 Outside -17.1 -11.9 -10.7 -15.0 - 5.8 - 3.0 — 5.2 -17.1 465.0 507. 5 4.8 6.6 District - 9.4 - 8.6 -12.7 -11.9 - 6.2 - 3.9 1.3 -17.3 426.4 401.4 5.6 4.5 District No. 9 -18.3 -18.3 -13.5 -17.3 -12.9 - 8.1 - .8 -1.2.9 2.3 2.8 District No. 10: Kansas Citv .' -12.9 - 3.9 - 9.2 - 8.0 - 5.1 1.0 - 3.2 24.1 499.2 436.2 1.9 1.0 Denver - 8.6 .7 - 2.1 — .1 - 1.7 8.6 2.1 -19.1 498.5 552. 8 4.3 2.1 Outside -17.7 - 6.5 -17.4 - 9.9 -13.3 -11.3 -10.9 -15.4 532.5 3S3.3 3.9 5.0 District -13.8 - 4.3 -10.8 — 7.6 - 6.7 - 1.8 - 4.2 -20.3 507.7 443.7 3.0 2.2 District No. 11 -25.9 16.7 -24.2 -21.3 -16.0 -11.6 .2 -22.5 523.1 443.2 4.3 7.5 District No. 12: Los Angeles .5 1.8 .8 1.1 8.1 14.4 1.7 —17.2 478.9 416.5 7. i 9.9 S O a a n k l F a r n a d ncisco - - 4 9 . . 0 3 — 1 9 . . 6 1 — — 9 3. . 5 5 - — 9 6 .6 4 - — 4 6 . 7 8 - — 2 6 .2 6 .2 4 -1 1 4 2 .4 1 4 48 4 8 0 .0 3 3 43 8 4 2 .3 4 7.3 6.8 Sacramento -16.8 -15.3 -13.4 -13.8 - 6.4 '— 2.'5 A -21.0 461.5 409.' 7 Seattle -11.7 - 5.0 -13.1 -10.6 -21.3 -17.4 3.7 -19.7 415.1 343.9 5.3 4.0 Spokane —10.4 — 14.5 — 14.6 — 10 9 —17 1 — 4 9 — 2 0 18 0 541 8 469 2 8 0 Salt Lake City 1 -14.2 -15.4 -17.0 -16.5 -16.7 - 6.4 — .4 -11.8 499.3 439! 2 6.3 District - 7.9 - 3.0 - 8.3 - 7.7 -13.0 -13.6 - 1.1 -15.4 462.0 411.7 6.4 6.8 "United States -13.7 — 5.5 -12.4 -10.8 -11.8 - 8.0 .5 -17.2 432.0 381.0 5.0 5.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUAEY, 1922. FEDERAL RESERVE BULLETIN. 219 MONTHLY VALUE OF RETAIL TRADE. [Index numbers based upon the average monthly value for 1919=100.] Chain stores. Chain stores. Depart- j Mail- Depart- Mailmen t ! order- i ment order |- ! j ; s s t ( o t 1 o r 5 r e e s 8 s ) , ! i. h h o o ( u u 4 s s e e s s ). c G h r a ( o 1 i c n 3 e s r ) y . F c i h t v e a n e i n a ( s n 4 ) d . c D ha ru in g s ( ) 6 . c C h ig a a in r s ( ) 3 . ! i s s t ( t o 1 o 5 r r e 8 e s s . h h o o u u ( s 4 s e e s s ). c G h r a o (1 i c n 3 e s r ) y . j \ F c t i h e v n a e i a n ( n 4 s d ). c D h r a u i g n s ( ) 6 . c C h ig a a in r s ( ) 3 . 1920. I 1921. January i 107.2 i 120. 2 128.7 So. 6 113. 6 106.8 January 103.8 69.1 ! 115.4 j 86.1 ! 115.3 119.9 February \ 85.6 122.2 125.4 82.6 106.1 106.1 February : 88.4 64.4 I 109. 0 ! 92.9 ' 108.6 116.5 March 120.5 ' 130. 7 144. 9 111.1 116.1 120.3 March 116.9 95. 0 119.1 i 121.1 120.8 131.8 April 117.2 ! 107.5 149. 6 110.6 109.2 123.2 April ! 112.6 77.2 • 112. 0 j 111.9 119.2 134. 7 May 124.9 90.4 14c. 8 112.9 115.1 135. 6 May ! 112.6 60.2 111.2 112.2 117.2 129. 5 June i 119.9 i 87.3 142.6 108.9 116.1 129.6 June 111.1 61.9 108. 6 109.7 118.2 127.8 July i 89.9 i 80.7 151.9 112.0 122. 5 137.3 July | 79.7 49.2 106. 7 ! 108. 0 118.9 128.5 August | 88.8 | 80.2 134.6 111.1 118.1 129. 2 August • 82.7 56.3 114.1 I 116.0 116.4 127.6 September i 106.6 j 90.5 | 132. 5 111.7 118.3 ! 136.6 September 95.0 72. 5 j 110.3 113.4 116.7 128.0 October j 131.8 ' 103. 7 132.9 129.9 121. 9 ! 151. 0 October 130.7 88. 5 '• 126.0 ! 141.9 121.7 138.0 November I 136.8 125.5 131.3 125.7 112.6 I 133. 9 November ; 123.4 83.1 i 125.6 I 134.1 112.5 124.8 December i 183.8 ! 97.9 128.1 214.6 146.2 i 180.5 December ! 182.7 79.9 i 134. 9 ! 241.6 141.6 172.7 WHOLESALE TRADE. PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN DECEMBER, 1921, AS COMPARED WITH THE PRECEDING MONTH (NOVEMBER, 1921). Groceries. : Dry goods. | Hardware, j Furniture. Drugs. Au p t l o ie s s u . p- Stationery. p F i a e r m m e i n m ts - . ! ' ! i . 1. District. i j I c P e e n r t. firms.. • ;N I f u ir m m - s : .; ccn*" N f b ir e u m r m s o - . f jc P e e n r t. S c P e e n r t. f N b ir e u m r m o s - . f c Jp e ^J. f N i b rm u c m r s o , - f j j |c t t -T ,' i b rm er s o . f J—!—i. No, — 12.0i 9- 6.9l — 10.2 11—31. II - 9.6 + 7.9 No. -12. 4! + 0.4 23 N No o. - — 8 10 .7 .5 , ! 3 2 9 5 ! - - 1 3 6 8 . . 0 2! - - 1 2 8 0 . . 1 5 I I I S '— j 37 . .1 .. 19 1011 N N N o o o . . . - - 12 L .1 8 . 3 2 .. 7 9 !+ - |- - 3 3 7 9 5 . . . 1 2 2| 1 3 31 - - 1 -1 1 8 7 . . . 5 9 6 2 22 1 ; j - - 4 4 5 0 . . 4 5 ,1 ! 12 9- 1.4! . 1 . 2 . - - 8 9 .6 .6 12-9.6 I 12 +30.0 '. 4 '. - + 2 4 7 3 . . " 7 7" +85.0! N N o o . . . . - - 1 6 6 . . 2 4 ! ! 14-42.8 • - — 1 9 6 . . 8 2| jj::::::r: + 5.4. 4 3 1 =- 8.9 j. ' 9 ;. + 14.8 41... No. . -15. 2j 31 -26.3 - 8.91 22 I , -10. 3 i ! 14 -17.41 7-.8.51 20 +26.1 -11.8 21,+98.3 PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN DECEMBER, 1921, AS COMPARED WITH DECEMBER, 1920. j Groceries. • Dry goods.; Hardware. |j Furniture. Drugs. Au p t l o ie s s u . p- Stationery.! Auto tires. District, i \ "T Per Num ,o0 - f j o J crn}if. . ! N b«c u „r m „ o_ - f 1 | . Jc-erni t. i f N : if b ri u e mm m r, s .o - . . f c( Pteyf n l.tl.1; N b fi e u r r m m o s - f . c P e e n r t. f N b ir c u m r m s o . - ; f 1 te , n t" P e"r[ !jf N f b iTir e u .-mm r m o sO - f . ! " c P£ e e n 5r t i . ; N f b ir e u T r m r o lo - f No.2 —12.6! J|- 2.5j 3!-14.5| 11+ 0.6| + 9.3 No. 3 -20.6 48i -20.0. 23' : No. 4 1-24.1 25i-10.6! 111-27.2| 11, ' No. 5 !-17.9 39!- 1.11 16—17.51 18!+38.2| 19+447.3, No. 6 -21.2 29j- 8.3! 21 — 9.9l 22+37.4i 9' No. 7 '-16.3 37- 7.0! 13- 8.I1 211+19. 8 12! No. 9. ...i+168.6! 3!-28.9 10I ! , No. 10 j—10. 8 61 ! .. + 3.o! 4' j !+ 54.31 N N o o . . 1 1 1 2 - 1 1 — 3 15 .2 .1 3 1 1 4 1 + + 8 1. . 1 7 .2 1 1 2 2 - - 1 1 5 4 . . 7 0 i 1 2 12 2 1 i +26. 7 ! 14 !+ |+ 3 5 0 0 . . 6 8 j - Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES. The foreign index numbers published here- In the following table the all-commodities with are constructed by various foreign sta- index numbers for the whole series of countries tistical offices, and are sent to the Federal! appear together to facilitate the study of corn- Reserve Board by cable.a parative price levels: INDEX NUMBERS OF WHOLESALE PRICES (ALL COMMODITIES). I R F U S t q B i e e t o u n o ( a d s n 9 o i e a t e t s 0 e t r e r r a ) v s d a d . - ; 2 e l t B U t S i qq S L i c o t u u n t a s a a i o r o i b i t e t t s ( f e t o i e 3 a ) a s s d . r 1 u - - * ; 5 ! ! • i | D C m t q L i a o c u ( e a 2 n p n o r b 7 a i s a t o t 2 d ) a r r o t - a . - a f ; U B T m K d t c ( n i o r o o 1 e i o o a i n a m 5 m s t d f d r g e ) 0 i d - e ; . d - - ( U 4 S m K t d i 5 t n e o a i o i s n c m t d t ) i o g e . i s ; * m d - - t - : I I i , I G l t F ( l e i 4 a e s B r t i 5 a t i i S i u e n n q c t ' i c d r a u o - a e e - m e i ; e - j ! ' | ! I ( I 3 a m B t t P u f 8 h a t t a n i r o e e l c e o c r y d t r o s ) h i f e ; i . l m . - » - i 1 - ! ! i ( Z m F 7 f m t u i G e r 7 e a a o r i c e s t n t n d o u e ) r y . k - i r m n 4 - ; - g - ( R 3 t m S m i t 8 G s a i e t e a c a o i m c e s c n h t d o ) r i h t y e . i - s m * s - s ; - - - H S t S t q i i w a v o d u n ( e n c m 4 o d d n s 7 t e n ) e a s . l n k g - ' s 1 ; - N ( C £ 9 R m t o a m ) i h 3 k e e n r o r i o w v s c i i s d a s ) n u o k a i . t , o e m 6 - i y - - ; - ( t F 3 m i m t D i d 3 ie n a o e e s c a r d n ) n o n k . i d - 7 m - ; s e - - 1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. July August September.. October November.. December. 1922. January. February. Aus- | — • % South tralian i Cal- Finland; Holland; Bul- Cairo; Africa; Com- , cutta, Japan: Peru; Kom- Central garia: Depart- Office of mon- New : India; Bank of Shang- Departmerskol- Bureau Direc- ment of Census wealth; Zealand; • Depart- Japan hai; ment of lcgium of of Statis- tion Statis- and Sta- Bureau Depart- merit of for Depart- Statis- Sweden (71 com- tics (53 Gonorale tics (23 tistics of Cen- merit of ; Statis- Tokyo ment of tics (35 com- com- dcla com- (187 sus and Statis- tics (75 (56 com- Statis- (58 commodi- ties).^ modi- Sta- modi- com- Statistics tics. ! corn- modi- tics. modities). ties).!6 tisti quo. ties). modi- (92 com- mod- ties).* ties)^ ties). modi- 1 ties).2 ties).' i 1913 .... 100 100 100 (19) 20 100 : 100 100 1914 100 105 103 21 100 12100 104 , 13 100 96 w 105 1915 145 137 102 117 141 123 97 24 125 1910 222 « 268 124 135 132 134 117 24 160 1917 286 17 667 168 154 n 155 151 ! 147 2* 195 1918 392 17 830 207 168 170 175 192 24 217 1919 981 297 " 1 166 225 181 180 178 236 22 100 84 227 1920 1,384 282 1, 910 299 245 218 212 I 204 259 106 238 | 1921. July , 179 176 1,721 164 155 159 200 183 196 109 201 August 177 180 1 730 166 160 197 184 199 112 205 September 181 180 1 758 176 160 197 1 207 111 205 October 184 169 2.052 186 156 195 184 219 110 November 182 165 2^061 181 151 i 18() 214 109 December 178 165 2,155 170 148 ... 180 209 110 i 1922. January 176 168 205 February 171 i 1 Index numbersfor 1920 and thereafter based upon prices of 76 com- 13 End of July, 1914=100. modities. Computations arrived at by the method described on p. 465 n Last six months of 1917. of the BULLETIN" for April, 1921. is Prices as of first of the month. 1914= 100. 2 Average for the month. 1(5 Based upon prices of 52 commodities during 1920; 53 during 1921. 3 End of month. 1913= 100. 4 Beginning of month, but not always the first. 17 December figure. 5 Middle of month. w Last six months of 1914. 6 End of year and end of month. 19 Jan. 1, 1913-July 31, 1914=100. 7 First of month. 2° Average annual expenditure, 1913=100. s July 1,1913, to June 30,1914=100. si 1914= 100. 9 Middle of 1914= 100. 2a September, 1919= 100. i° Dec. 31,1913-June 30, 1914=100. « xVverage for month until September, 1921; thereafter prices as of 15th 11 July 1,1912-June 30, 1914=100. of month. 12 July, 1914=100. 24 Last three months of year. a See following page for issues of BULLETIN containing descriptions of the methods used in constructing these indexes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BTTULETIJSr. 221 The BULLETIN for January, 1920, contains a issue of the BULLETIN. The BULLETIN for description of the Statist index for England, December, 1921, contains a description of the and the French, Australian, Japanese, and Cana- index published by the Federal Statistical Budian indexes. A description of the method reau for Germany, and the indexes for Switzerused in the construction of the Swedish index land, Holland, Finland, Norway, Bulgaria, number appeared in the BULLETIN for Feb- Cairo, the Union of South Africa, the Dominion ruary, 1921, the new Italian index number was of New Zealand, and Peru. Lack of space prediscussed in the April, 1921, issue of the BULLE- vents the publication of group index numbers TIN, and the method used by the Frankfurter for these countries, but they can be obtained Zeitung in the case of the German index num- at any time upon request. In the case of the ber was described in the BULLETINS of Febru- two American index numbers, 1913 is used as ary and March, 1921. Complete information the basis in the original computations. In most regarding the computation of the index of the other cases in which 1913 appears as the basis United States Bureau of Labor Statistics ap- for the computation, the index numbers have pears in the publications of that bureau, and been shifted from their original bases. The a description of the index number of the Fed- computations in these cases arc, therefore, only eral Reserve Board may be found in the BUL- approximately correct. In certain cases July, LETIN for May, 1920. The Danish index has 1914, or the year immediately preceding that, is been constructed only recently, is based upon used as the base. Since the figures are for the the prices of 33 commodities, and is roughly most part received by cable, the latest ones are weighted according to consumption. The new subject to revision. In certain cases the index British index number, compiled by the Board numbers for the war years were published in of Trade, was described in the March, 1921, various issues of the BULLETIN in 1920. GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS. [1913--100.] Dale. pr F od a u rm cts. F e o t o c d . , C c l l o o t t h h s i n a g n . d F li u g e h l t in a g n . d M pr e m o ta d e l u s ta c a l ts n . d m b L u a u a i t m l e n d r d b i i n a e g l r . a C n h d e m dr i u ca g l s s . fu l r g l n o o i o i s i d s h e s . i - ng l M an i e s o ce u l s - . com t A i m e l s l o . di- 191.3 100 100 100 100 100 100 100 .100 100 100 1914 103 103 98 96 87 07 101 99 99 100 1915 105 104 100 93 97 94 114 99 99 1.01 1916 122 128 12^ 119 148 101 159 115 120 124 .1917 1.89 .170 181 175 20S 124 198 144 155 176 1918 220 189 239 163 181 151 221 1.96 193 196 1919 23-1 210 201 173 161 192 179 236 21.7 21.2 .1920 218 239 302 23S .180 308 210 366 236 243 1921 120 143 183 190 131 196 168 238 158 153 1921. July 115 134 179 184 125 200 163 235 149 14S Angus!: 1.1.8 L52 179 182 120 198 16 L 230 147 152 September... .122 J4f> 187 178 120 193 162 223 146 152 Go rob or 119 L42 .190 182 121 192 162 21S 145 150 November... J12 180 L86 119 197 102 218 145 1.49 December... 113 139 185 187 119 203 16L 248 148 149 ALL COMMODITIES GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE. [1913=100.] Other I Cereals. an M d e f a is t h. f O o t o h d e s r . T fo o o t d a . l Iro st n e e a l. nd m a e n t d als Cotton. te O x t t h il e e r s. ar O ti t c h l e e r s. no T t o f t o a o l d. A m l o l d c i o ti m es - . minerals. 1920 average 273 263 278 272 406 252 480 362 274 340 314 December, 1920. 262 292 257 269 381 236 254 239 I 236 270 269 1921. July.... 202 214 215 210 229 185 180 161 194 192 198 August 204 217 210 210 220 172 176 159 I 189 186 194 September. 197 201 201 200 207 160 213 163 • 190 186 191 October 170 185 193 183 194 157 225 170 ! 190 185 184 November.. 157 179 195 177 181 153 199 169 . 183 176 176 December.. 153 181 187 173 172 152 1S8 167 | 177 17. 171 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 FEDERAL, RESERVE BULLETIN. FEBRUARY, 1922. GROUP INDEX NUMBERS—UNITED KINGDOM—STATIST. [1913=100.] ! i Date. f V t o a o e b g d l e s e - .f tA o r o l d . Y s ' ' S f u e g o c a ° ' r ' f , i " l s t I uf f F s o . o j ! d o - ra l M s i ." n - ti ! l e T s e . x- d S r u ie n s - . i . r M ia a l t s e . - m i c t A o i o e m l d l s - - . Date. f V t o a o e b g d l e e s. - istuffs. e M ra i l n s - . t T il e e x s - . d S r u i n es - . M ra a il t s e . - m c it A o i o e m l d l s - - . • • i 1913. 100 100 100 , 100 100 100 100 1 100 ioo; 1921. 1914. 110 ! 10'0 107 105 90 97 105 ' 98 101 1915. 155 I 125130 1 137 109 111 131 119 126 , July 222 212 j 144 206 168 167 183 174 186 1916. 193 , 15!2 161 1 169 140 152 163 153 159 . August 221 213 | 159 207 156 160 180 168 181 1917. 252 192: 213; 218 152 228 212 198 206 ; September.. 203 186 , 153 ! 191 149 182 173 168 175 1918. 248 2101 238 i 229 167 265 243 225 226; October 175 170 ! 145 139 179 162 159 163 1919. 252 215i 275 1 238 190 271 268 243 242 , November .. 173 170 i 150 , 136 178 157 156 161 1920. ! 321 264i 366 i 301 269 299 290 285 291 , December... 163 163 I 143 131 179 157 155 157 Dec, 1920... 257 j 2621 ' 212 1253 254 205 248 237 243 . GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU. [1.913=100.] I Sug Raw' All ! I : (Raw! All Date. fo m o a d l s.foods and ; 1! i ; ( F 2( o 20 o 0) d -)' I s |o M ral i sl n . - I It T iltei e ls x , - d S r u ie n s - . m ri a a t l e s -, i m co o m d- - , ' Date. foods.jfoods.i^j (20)- ! M * i * n- • : ; T tU ex os -! . j S d u r n t - a J im r a M te- s , co ! i - n- (25). ! ities. j 1913 100 j 100 100 ! 100 100 100 100 ' 100 • 1921. 1 1 1 1 9 9 9 9 1 1 1 1 6 5 7 4 2 1 1 1 1 6 2 0 5 2 6 3 | : | 2 1 1 1 4 7 0 2 3 0 3 6 | | 1 1 1 0 6 5 6 4 1 j 2 1 1 1 2 6 0 3 5 7 4 1 2 2 1 7 9 3 6 1 8 2 4 ! I ! 3 1 1 0 8 3 3 0 2 3 1 1 0 9 9 4 2 9 9 5 2 2 1 1 0 9 4 0 6 1 5 1 ' | i 2 1 1 1 6 8 3 0 2 7 7 1 ! 1 i ' i i i 1 J A J u S a u l e y n g p u u te s a t m r . y b . e .. r . . . . j 3 4t 3 3 o 7 8 5 7 o 3 3 3 1 j j j I | o 3 3 3 3 o 1 3 6 3 ± 1 4 4 7 l | j ; 3 3 3 6 3 8 9 3 » 5 9 3 7 6 2 I ! 3 3 3 i 3 5 5 6 9 o 5 2 6 7 o 5 I i 2 3 2 z 2 5 4 5 4 o 3 1 3 5 o \ I j i I 3 2 4 z 3 8 y 9 6 i 2 8 0 0 ; 1! i ' i 3 3 4 C 3 H 4 5 4 7 O 6 3 5 0 ' i 3 4 o 3 0 1 u 3 3 1 5 i 8 1 ; 2 3 3 4 3 4 3 3 0 4 0 1 7 1918 286 298 _2.8.1_ | , 2_8„3 I 460 i 442200 jj 387 I 339 ;! October 345 305 305 i323 ! 262391 365 338 I 331 1919 31.3 336 j 272 i 444 ! 405 ! 373 ! 357 !! November.. 331 306 324 : 321 j 277388 ! 362 341 ! 332 1920 503 i 427 459 ' 449 , 737 i 524 324 303; 300 ! 313 I 269375 ! 364 337 ! 326 ! ; 1922. , January. 309 i 289 I 306 302 j 258 : 363 = 350 | 324 314 i GROUP INDEX NUMBERS—ITALY—RICCARDO BACHI. [1920=100.] j ! i V f t o a e o b g d l c s e . - j f A o m o n a d i l s - . icals. t T il e e x s - . M m e a a r n l e a i s n d t l . - s - d S r u ie n s - , m c it A o i o o m l d s l - . - I ! • f V t o a o e b g d l e s e . - f A o m o n a d i l s - . icals. t T il e e x s - . Min- ; Other, _ 1921. !. 1921. January. ' 107 121 : 98 77 I 88 i 113123 107 ' 103 i| October.... 116 129 75 76 64 ; 91 I 114 94 ! July i 100 109 ! 65 54 ! 60 j 95 92 87 ! 83 ;j November.. 114 126 76 75 65 ! 90 ' 114 94 i A Se u p g t u e s m t ber..! ; 1 1 1 0 4 7 1 12 13 5 ! i 6 7 8 1 6 59 0 i j 9 9 2 1 ; 9 1 6 02 87 • < 8 t 7 t 'I December.. 115 121 74 79 66 ! 89 i | 114 94 95 i GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG.1 [Middle of 1914=100.] A p t u g u r c r o r i t c a s d u . l - l- le t T a il t e e h x s e - , r. M a i l n s e . r- la M n i e s o ce u l s - . m c ti A o o e m d l s l . i - - A p u t g u r c r o r i t c a s d u . l - l- le t T a il t e e h x s e - , r. M a i l n s e . r- l M an i e s o ce u l s - . m c t A i o o e m l d s l i . - - 1920. 1921. Average for the year 1,230 3,100 1,747 1,432 1,509 Beginning of— November.. 2,78.'> 4,714 2,937 2,092 2,098 1921. December.. 3,322 0,567 3,580 2,458 3,283 Beginning of— February ; 1,205 2,507 1,622 1,542 1,484 1922. July.../. 1,274 2,153 1,594 1,592 1,473 Beginning of— August ' 1,784 2,289 1,030 1,550 1,723 January 3/295 0,507 3,630 3,033 3,407 S O e c p to te b m er b er | ' 1 1 , , 8 9 5 9 4 5 3 2 , ,0 2 1 7 0 0 2 1 , , 1 74 1 8 2 2 1 , , 5 00 6 8 7 1 1 , , 8 9 2 9 0 3 February... 3,576 6,975 4,084 3,450 3,814 i Latest revised figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 223 GROUP INDEX NUMBERS—GERMANY—FEDERAL STATISTICAL BUREAU. [1913 prices= 100.] Goods Goods All com- Goods Goods All comproduced imported modities produced imported modities (16 com- (22 com- (38 com- (16 coin- (22 com- (38 commodities). modities). modities). modi tics). modities) . modities.) 1920 average . 1,253 2,609 1,479 ! August 1,913 ; 1,888 1,909 December, 1920 1,323 2,005 1, 137 September. i,952: 2,643 2,067 ' October 2,235 ! 3,585 2,460 1921. November.. 5,662 3,416 Julv 1,309 1,708 1,425 December.. 2,9:>7 i 3,569 "! GROUP INE»EX NUMBERS—SWEDEN—SVENSK HANDELSTIDNING. [July ], 1913-June 30, 1914=100.] Date. f V t o a e o b g d l e s e - . An fo im od a s l . R c fo t a u e r w l r t a i u a g m r l r s e i a . - - Coal. Metals. B m u ri i a a ld t l e s in . - g W pu o l o p d . le H a a i t n d h d e e s r . ; ! : Textiles, Oils. jr A n l o l d c it o i m es - . • 19.13-14.. .100 100 100 100 1.00 100 100 .100 i 100 100 100 .1914 1... 136 101 114 123 109 104 118 103 ill 1.16 1915 .151 140 161 177 166 118 116 158 ; 116 120 145 1916 152 182 180 260 272 165 233 229 166 149 185 1917 .181 205 198 551 405 215 267 206 247 212 244 1918 221 419 304 8,% 398 275 300 195 ! 339 1919 261 409 340 804 258 286 308 211 330 1920 262 296 312 1,007 278 371 675 215 ' 324 294 347 1921. January, 1920.. 244 266 281 371 230 320 520 131 ! 169 328 267 July 236 227 216 31.5 149 199 197 112 : 133 191 2L1 August 217 230 2J4 250 130 198 183 107 ; .132 191 198 September. 183 208 207 223 1.30 191 178 108 166 1.91 182 October 167 198 200 202 130 211 169 1.19 ' 161. 187 175 November. 161 195 197 194 1.33 239 181 1.08 ! 149 179 174 December.. 156 186 202 1.97 134 243 189 110 ; 146 179 172 1922 January. 16S 173 202 179 131 228 189 104 i 144 179 170 i Average for 6 months ending Dec. 31,1914. GROUP INDEX NUMBERS—CHRISTIANIA, NORWAY—OKONOMISK REVUE. [Dec. 31, 1913-JuncSO, 191.4=100.] icl. Date. ! I A f n oo im ds a . l f V t o a e o b g d l e e s - . a ti s n F l t d i e u z e f e f f d r e s - s r . - C a o n a d l P le e u tr m o- Iron. Metals. i t B n e u g r i i l a m l d a s - . - ; ! ,t T i e l x es - . l H e a a i n t d h d e e s r. w P o u o lp d. Paper. m c t A o i o e m l d s l . i - coke. and benzine. End of— 1914.. 115 ' 130 108 151 104 115 128 107 105 158 103 101 115 1915.. 149 j 150 150 224 132 158 289 131 121 193 124 137 159 1916.. 193 ; 198 195 355 170 435 401 213 178 251 171 190 233 1917.. 260 ' 292 231 1,161 231 720 503 326 264 296 217 263 341 1918.. 324 j 277 284 514 247 573 503 359 i 302 286 283 313 345 1919.. 329 281. 277 767 162 442 187 358 356 284 277 322 322 1920.. 352 385 340 647 407 482 200 41.6 ! 402 255 321 472 377 1921. July 301. 408 254 388 303 307 1.90 ! 309 ; 319 197 276 392 300 August 296 360 260 371 297 307 190 i 305 ! 315 197 262 392 297 September 302 303 254 333 297 339 190 299 , 309 210 227 377 287 October 297 305 251 333 297 335 197 297 ! 315 228 227 350 286 November 273 282 233 316 276 319 184 293 ! 320 219 227 338 276 December 263 279 | 233 289 276 278 183 291 320 219 183 338 269 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. GROUP INDEX NUMBERS—AUSTRALIAN COMMONWEALTH—BUREAU OF CENSUS AND STATISTICS. [July, 1914=100.] I Date. I Me c t o a a ls l . and T le e a e x t t t h c il . e e r s , , pr D od a u ir c y ts. G to r b o a a c n c e d c ri o e . s Meat. m B a u t i e l r d i i al n s g . Chemicals. m A o l d l i t c i o e m s - . July, 1914. ' 100 100 100 100 100 100 100 1915 i 117 127 110 150 116 149 141 1916 i 154 124 127 155 136 172 132 1917 ! 213 116 131 155 194 243 155 1918 1 220 121 138 147 245 315 170 1919 ' 193 137 147 145 261 282 180 1920 1 209 184 186 201 295 277 218 December, 1920 ' 216 j 210 198 193 271 252 197 i 1921. i July 195 166 188 119 23S 220 159 August : 194 164 190 120 231 224 160 September : 193 j 146 187 110 226 220 160 October. 1 • 193 129 189 9S 210 220 156 November \ 190 123 188 87 198 208 151 December 183 122 187 93 192 205 148 GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABOR.1 [1913=100.] i Date. f G o r a d a n d i d e n r s . A m n e a i a n m t d a s l , s j ! D p u a c r t i o s r d . y - t F a a r b u n l i d e t s s . j | ! f O o t o h d e s r . Textiles ! i 1 l H ea i e t d t h c e e . s r , , Metals. m I e m n pl t e s - . 1 ' i 1 l i t B u n e u g m r i i b m l a e l d a r s - - . , F l u i e g l ht a in n g d . . : c D h c r a e a u n m l g s d i s . - m c t o A i o d l e m s i l - . - 1913 100 100 i 100 •• 100 r 100 100; 100 100 100! 100 100•• 100 100 1914 114 107 : 100 99 i 104 102 105 96 101 100 94 106 101 ]915 136 104 ! 105 93 121 114i " 110 128 106 97 92 160 110 1916 142 121 119 130 , 136 148 143 167 128 100 113 222 135 1917 206 161 i 149 233 ! 180 201 168 217 174 118 163! 236 177 1918 231 197 168 214 213 273i 169 229 213 147 188 250 206 1919 227 199 i 192 206 : 222 2851 213 173 228 171 201 205 217 1920 263 198 204 261 258 303 192 203 245: . 268 255 204 245 1921. January, 1920 186 175 • 216 184 • 212 228: 131 174 257 248 247 196 208 July " 146 143 i 133 157 174 179 106 147 236 217 207 175 176 152 143 ' 142 182 173 181 101 145 237 192 206 176 174 September 144 133 141 170 170 183 100 143 235 189 206 171 172 October 127 134 149 171 ! 162 185 100 143 2341 190 210 169 169 November 125 1J3 j 158 176 158 179 100 140 232 180 211 165 168 December . . 131 122 170 188 , 159 176 100 141 232 180 211 166 170 j ! 1922. JanuEfv - - 133 129 j 149 186 ! 155 176 99 142 231i 180 208! 163 168 i Unimportant groups omitted. GROUP INDEX NUMBERS—CALCUTTA, INDIA—DEPARTMENT OF STATISTICS. [End of July, 1914=100.] I Date. m B r i i u a n a i t g l l s e d . - - a M t r u f t a i a r c c e n l - d u es - Metals.; s H k a i i d n n e d s s . C m t o u f a r t a n e c t u s - o . - n co R t a to w n. tu J f u a r c e te - s. I tiles. t m O a u i r l d s s - , . j R u a te w . Sugar.Pulses. Cereals O fo t o h d e s r . m c t A i o o e m d l s l . i - - End of July, 1914.. 100 100 100 ! 100 100 100 100 | 100 j 100 100 100 100 i 100 I 100 100 Average for 1920... 138 231 23S 147 354 153 149 162 ' 128 104 407 166 154 i 184 204 December, 1920.... 161 229 242 90 333 116 107 i 156 i 124 83 273 149 139 160 ISO 1921. July ' 149 237 245 116 316 136 102 147 : 115 80 173 151 162 ! 183 A S O e u c p t g o t u e b s m e t r b er j i 1 1 1 4 4 1 1 3 3 2 2 2 5 4 4 1 7 2 2 2 2 4 1 1 1 4 4 ! 1 1 1 2 2 2 1 0 2 3 3 3 0 0 1 1 2 0 2 1 1 1 5 9 7 0 3 1 1 1 2 0 1 7 7 2 1 1 1 3 4 4 5 7 8 . I 1 1 1 1 1 0 5 6 6 1 8 8 0 5 8 2 2 2 1 0 9 5 1 1 1 8 8 82 2 4 ' ; j '• 1 1 1 5 5 5 3 7 4 1 1 1 6 7 7 6 2 0 [ ! 1 18 8 4 4 N D o ec v e e m m b b e e r r ; 14! ° ' 4 3 6 5 2 2 1 1 9 3 ! ; 1 1 1 2 6 8 2 2 8 9 9 9 1 1 6 7 6 6 1 11 0 1 8 1 1 5 5 0 0 1 1 0 0 4 3 ! ! 7 8 7 6 ; i 2 1 0 9 3 4 1 1 7 8 8 0 ' 1 1 4 4 3 7 1 1 6 6 4 9 i ! 1 1 8 8 0 0 ! Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL. RESERVE BULLETIN. 225 COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following table are presented statistics j RETAIL PRICES IN THE UNITED STATES, PARIS, AND showing the trend of retail prices and the cost ' SWEDEN; COST OF LIVING IN UNITED KINGDOM AND of living in the United States and important! BERLIN. European countries:x | 1 P 0 a 0 1 r . i T s h , I r a n e n e t d h e o S f w c a e t s h d e e e o n se — f t i h a n r e d e U e c x n o i n t n s e u t d r m u S c b t t e a e r t d s e — s o , n t t h h th o e e s o e b r a i f g s o i i s r n a o t l h f b e p a r s i U e c , e n s t i h t i e n a d t J o u K f l y t i , h n 1 e g 9 d y 1 o e 4 a m = r , p U S r r t e n i a c t i t e a t e e s i s l d . ' , 1 «UniJted IISS S p w r r e i e t c d a e i e s l n . , l B c iv o e i s r n t l g i o n . f " , 1913, has been shifted to the July, 19il, base. The German index uses ofliving.s P11CCS the year ending July, 1914, as a base. The American index number, constructed by the Bureau of Labor 1919 182 216 260 321 Statistics, was based upon the retail prices of 22 articles of food, weighted 1920 199 249 371 298 1,080 according to family consumption, 'until January, 1921, when it was December, 1920 | 175 269 424 294 I 1,135 increased to 43 articles reported by dealers in f)l important cities. The method, of weighting continues the same, although the actual "weight" 1921. : applied has been changed. January 169 265 410 283 | 1,111 The British index number of the cost of living constructed by the July 145 219 308 232 1,125 Ministry of Labor consists of the retail prices not only of foodstuffs but August 152 222 317 234 1,177 of other articles as well. Retail clothing prices, rents, and the cost of | September 150 220 329 228 1,212 fuel, lighting, and miscellaneous household items are'also taken into | October , 150 210 331 218 1,340 c p o o n rt s a i n d c e e ra o ti f o t n h . e i T te h m e s i i n n d t e h x e n b u u m dg b e e t r s o is f w w o e r i k g i h n t g e - d c la a s c s c f o a r m di i n l g ie s t . o the im- ; : D N e o c v e e m m b b e e r r i j 1 1 4 4 9 7 2 1 0 9 3 9 3 3 2 2 6 3 2 2 0 1 2 1 ! 1 1 , , 9 7 3 6 4 7 The retail price index for Paris, compiled by the French General 1922. Statistical Office, consists of retail prices of 13 different commodities, j January 319 190 i weighted according to the average annual consumption of a workingman's family of four persons. Eleven of the commodities included in this index are foods, and the other two arc kerosene and alcohol. ! l Average for the month. The Swedish index number consists of the retail prices of foodstuffs,, I 2 Beginning of month. fuel, and lighting and is based upon the prices of 51 articles in 44 towns j » August 1913-July, 1914=100. (in 1920, 50 articles in 49 towns), weighted according to the budget of a workingman's family which before the war had a yearly income of 2,000 kroner. The Gorman index expresses upon a percentage basis figures com- i berg. Dr. Kuczynski bases his calculations upon the cost of living per piled by "Dr. It. It. Kuczynski of the Statistical Oflicc of Berlin-Schonc- I week of a family of four in Greater Berlin. FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, NORWAY, JAPAN, AND GERMANY. lOlltnVlIlg ii Sweden. In Francee andd Ittallyy tthhee vvaalluuee ooff ffoorreeiiggnn ttrraaddee iiss eessttiimmaatteedd showingg the month g lyy value ot t p r ie foreiggn t g r ade II u n sno uot uatiila n lnl t y o lto y r t r h m t m he s e s p o p o r f re f e c c c c u e u e i d T d iT iin e n en gg nt t p yy pr ee ri a ci a c r e r e . s . s b buut ti nin t eterrmmss ooff t hthoossee o off s soommee e eaarrlileierr ,d daatetedd ^-P «« rr»»rr..ssvviiii--rrvv ll -rwP-P iTvi^APfff «yifT T?ny?^*r iAo^ ^\N>^no^*n•e » \^o-f thoef Nfgiooglnudre e aso nfdp r tsehsielv feirg.u reIns . pthrees ecnasteed o fb etnlotwrl ainndc luadned tFhrea nicmep, ogrrto uopr feixgpuroerst OI aa ggrroouupp OI important Jl/Uropean Countries \1 afr ge oglidv eann ads swilevlel ra s toInta lt hvael uceass,e w ohfil ten ienl athned c aasned o f1 t-hraen cocth egrr ocuopun ftirgiuesres 1 O total values only are presented. This does not mean that group figures and1 J-W-apan. ' . arc not obtainable, merely that they are cither delayed in publication 1 Currencies have not been converted to a common unit, nor are | or appear not to be of such general interest as the French and English methods of valuation the samp, in. all countries. In England imports [ material. are given current «. i. f. values in England; exports and reexports, ' Japanese figures for recent months are received by cable and subject current f. o. b. values. The same method is followed in Japan and i to revision. FOREIGN TRADE OF THE UNITED KINGDOM. Imports. Exports. I Reexports. In thousands of pounds sterling. In thousands of pounds sterling. In to d b a r a i n n c d c k o , .: i , a m m r R t a a i a i c t n w e le l - yy s A m m r a a ti i n c n u l l e y - s l i M a p n n a i c i e n s r l o c c u g e e u d l l s - - , Total. o s t f h a I t n o n o d u n s - s. to d F b a r o i a n o n c d d k c , , o. m R a a t w e- A w r h ti o c l l l e y s | ; l M p an a is r c c c o e e u l l - s , I j Total. ! I o s s t f h a a t I n u o o n d u u n s s - s .! j p° s t t h a S o n o L f d u J s - ! j o s s t f h a a I t n o n n o d u a n s s - s. 1u1 nt'l TY1m aOnM1Iu-factured. post. post. factured. lactured. Monthly average: I j ! 1913 21,181 23. 485 16,131 j 259 61,061 4,669 2,716 i 5,825 ! 31,281 949 | 43,770 1919 59,927 50)565 21,663 ! 358 135,513 22,,881144 !! 99,,227744 i 53,457 i 1,008 i 66,553 1920 03,817 59,198 37,787 j 254 161,387 3,795 i 44,224455 I 12,126 93,312 1,523 ' 111,206 December, 1920... 59,280 48,613 31,553 ! 241 142,687 3,723 ! 3,842 ! 12,277 78,819 I 1,694 96,631 i 1921. July 42,090 20,232 18,005 431 80,757 4,050 ! 2,702 2,775 , 990 43,172 11,350 9,362 August , 50,584 19,589 18,194 214 88,581 3,389 3,124 7,058 I 1,228 51,346 3,747 9,998 i 154 S O e c p to te b m er ber... 4 4 8 4 , . 4 4 1 7 0 5 2 2 1 0 , , 2 4 5 6 6 5 1 18 7 , , 6 9 9 0 1 5 • 3 32 3 0 8 8 8 1 7 , , 7 1 4 1 2 9 3 3 , , 4 5 7 1 0 5 i : 3 3, , 4 3 6 0 6 0 6 7, , 3 9 5 9 9 7 . j 1, 9 1 4 1 2 3 6 5 2 5 , , 2 2 6 4 5 8 i 4 4 , , 2 1 9 2 7 8 1 8 0 , ,3 5 8 9 6 5 j 1 1 1 5 6 9 November.., 41)246 29,946 17,913 i 154 89,259 3,343 ! 3,586 7,046 ! 1,169. 62,895 • 4,541 9,823 ; 139 December... 39,0J3 27,792 18,291 i 165 85,312 3,080 | 3,187 7,446 ! 1,378 59,375 i 5,238 9,204 107 I 1922. || January 76,480 63,140 I 8,450 ; 1 Includes reexports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. FOREIGN TRADE OF FRANCE.1 Imports. Exports. In thousands of francs. In thousands of francs. In In thou- thou- Food. m r R ia a a l t w s e . - I j M a t r a u ti n r c u e l f d e a s c . - Total. s m a t n o e d n tr s s i . c o I f ! Food. m r R i a a a l t w s e . - M ar t a u t n i r c u e l f d e a s c . - Total. s m a t n o e d n tr s s i . c of Monthly average: 19132 151,465 412,144 138,169 701,778 I 3,685 69,908 .1.54,841 301,420 47,182 573,351 1,840 1919s 892,040 1,229,435 861,797 2,983,272 : 3,204 99,201 203,691. 615,630 7.1,444 989,966 464 19203 718,179 1,400,046 832,187 2,950,413 ! 4,211 1S4,277 397,677 1,187,742 99,867 1,869,563 1,071 December, 1920 * 909,000 2,418,000 1,122,000 4,449,000 j 5,355 238,000 524,000 1,300,000 I 153,000 2,26S, 000 1,167 1921.3 I I July 434,001. 704,069 331,047 1,469,117 2,164 123,303; 439,534 | 925,868 74,350 ' 1,563,055 1,194 August 555,545 855,697 320,052 1,73L,294 2,593 112,654I 445,312 1,084,193 82,933 I 1,725,092 1,035 September 69.1,972 1,204,213 329,494 2,225,679 . 3', 993 146,467! 444,891 1,087,444 f9\ Z5. ,80*50 2 I1 .I7T 7A4 ,f6t" 5O3 1,172 October 717,091 1,19.1,860 318,000 2,226,951 i 2,809 132,424! 482,376 1,041,594 103,078 1,759,472 1,251 November 564,012 1,446,125 323,593 2,333,730 5,161 157, L80'• 478,875 992,256 120,343 .,748,654 1,51.5 December 754,671 1,856^ 148 543,445 3,154,264 : 5,198 259,605> 549,495 1, 193; 161 1.80,059 2,182,320 2,507 1 Not including gold, silver, or the reexport trade. Latest figures subject to revision. 2 Calculated in 1913 value units. 3 Calculated in 1919 value units. French foreign trade figures are originally recorded in quantity units only, and the value of the trade is calculated by applying official value units to the quantities imported and exported. Normally the monthly statements of trade appear computed at the rates of the year previous, and only at the end of the year is the trade evaluated at the prices prevailing during that year. Because of the disturbed price conditions in France during the past two years, 1919 price units are being applied to the 1921. trade. 4 Calculated in 1920 value units. FOREIGN TRADE OF ITALY, SWEDEN, NORWAY, AND JAPAN.1 Italy. Sweden. Norway. Japan. (In millions of (In millions of (In millions of (In millions of kronor.) kronor.) yen.) Imports. Exports. Imports. Exports. Imports. Exports. Monthly average: 1913 304 210 71 68 46 33 61 53 1919 1,385 506 211 131 21.5 65 181 175 1920 21,322 2 650 281 253 104 195 162 1920. October 299 218 190 96 108 134 November 228 177 1K4 88 108 105 197 171 173 71 105 87 192.1. July 3 557 3441 • 98 94 134 61 110 j August 3 981 3 587 103 113 148 72 132 ! 106 September 3 962 3 659 126 105 176 82 129 96 3 1,101 3 683 101 99 130 112 95 103 154 121 112 108 160 145 1922. 176 87 1 Latest figures subject to revision. 2 Based on 1919 values. 3 Based on actual current prices. FOREIGN TRADE OF GERMANY. Imports.1 Exports.2 Imports.1 Exports.2 Merchandise. Merchandise. Merchandise. Merchandise. Gold Cold : Gold and sil- and sil- jandsil-j I s m n a n a t d h rk s o s u o . - f s I m n a t n o t e h d n tr o s s i u . c o - fs m v a t e h n a r o r d k u ( s i s - n o ) f . I s m n a n a t d h rk s o s u o . - f I s m n a t n o t e h d n tr s o s i . u c o - f s m v a t e h n a r r o d k u s (i s - n o ) f . I s m n a n a t d h rk s o s u o . - f sb f m ±a r t i n o t - e h d n t ° r s s 1 m i . c o i f s ' sa m a v n t n a h e d r d 0 r s k ( Q s m s -oo ) ff . ! ! ; s m an a d rk s s o . f s I m n a t n o t e d h n tr s o s i . u o c - f Monthly average: i 1921.3 1913 ! 926,654 6,068 8,450 841,375 6,146 May 150 5,486,345 1,534 • 10,901 ; 4,547,341 1,145 1920 i 1,570 17,773 5,775,933 1,657 J une 154 6,408,681 1,824 . 30,081 5,437,743 1,509 July 8,376 7,572,099 1,925 I 37,587 ! 6,174,663 1,558 1920. August 35,765 9,382,484 2,4LI i 13,514 ! 6,670,105 1,828 December... 2,007 45,306 7,817,910 1,758 September.. 26,674 L0,641,769 2,533 ! 26,832 \ 7,492,452 1,871 October .3,875,000 3,005 •: " 9,721,000 1,973 November.. 2,278,000 2,538 ill,912,000 1,908 December... .3,700,000 2,086 ' 114,600,000 1,930 1 Not including philanthropic gifts. * Not including deliveries on reparations account. 3 Figures covering the first four months of 1921 are not available. Figures for 1921 are subject to revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL, RESERVE BULLETIN. 227 INDEXES OF INDUSTRIAL ACTIVITY. ENGLAND. Production (long tons, 000 omitted). Iron and Cotton steel manu- Coal f m a ( n c l a s t o u , n n r u g e 00 - s 0 ( f s 0 a q 0 c 0 . t y u ,0 d r 0 e s 0 s ., o to m ( n l i o s tt , n e g 0 d 0 ) 0 . 1913, average 1920, average 1921. . July 1,310 1,088 816 August 1,194 ! 1,311 3,103 September 1,060 I 3 3,283,000 1,297 3,407 October 1,123 I 1,325 3,406 November 1,216 ! 3,594 December .- 1,271 i "2,640,000 4,309 1 Average of 4 quarterly estimates. 3 Work suspended on all but 2,094,000 tons. Work suspended on all but 1,918,319 tons. 2 Five weeks. 4 End of month. Yards. FRANCE. Coal. Raw cot-1 Raw ton im- I silk imd P uc ro ed - . m St i o a n c t e k s s .1 I c m on t p i f s o o o u n r r m t . e p d - f p s o t u o r io m r c t n e o p . d n - - ' s H t C o a o c v k tt r s o e n . a i t f p s o t u o r io m r c t n e o p . d n - - im T p o o ta rt l s. ex T p o o t r a t l s. ; j e N m o u f p m u lo b n y e - e r d | receiving municipal Thousands of metric tons. M to e n tr s i . c s b 5 a T a 0 n h l e d k o s i s u l o o o - - f f M to e n tr s i . c s m a T n h e d o tr s u i c o - f s m a T n h e d o tr s u i o c - f P ai a d ri i s n .2 grams. tons. tons. 1913, average. 3 434 *391 ! 3,338 1,558 27,428 274 629 3,685 1,840 1920, average. 286 254 2,025 279 ! 2,022 19,576 225 390 4,211 1,071 1921. July 267 223 2,280 1,256 ! 660 6,539 131 51 2,164 1,194 10,616 August 255 ! 232 I 2,403 1,353 i 1,065 10,700 132 202 2,593 1,035 4 10,419 September. 244 : 230 j 2,432 1,476 1,874 11,769 131 261 3,993 1,172 7,486 October 256 260 2,524 1,560 1,301 25,757 181 385 2,809 1,251 5,348 November. 295 I 277 192 5,161 1,515 * 3;888 December.. 208 5,198 2,507 4,175 T 1 End of month. 2 End or month. These figures have baen substituted as an index to unemployment conditions in France because the basis on which the figures previously published were calculated seemed to be changed from time to time. 3 Does not include JLorrainc. ^ As of August 12, 1921. 5 As of November 18, 1921. GERMANY.1 Production (in000s of Imports (in metric Exports (in metric Ship arrivals in Unemploymetric tons). tons). tons).2 Hamburg. ment. Number of Ton- Per unem- Coal. Coke. n L i i t g e - . Wheat. I o r r o e n .8 t C on o . t * - m I i a f r r a a n o o n c d n n u - - s D t d a u y n y f e d e f - s s . Coal. N b sh e u i r p m s o - . f r t t n ( e n e o a n n g r n n g e e i < s s e t d a ; - u t u r c n n a e o e i d n o m f e t n - - p p r S e e l i o c r t n a e s y g o i t e v e n d - s tures.5 o te m d i ) t . - . m pl e o n y t - . (0 a 0 i 0 d s j omitted). 1913, monthly average. 14,425 2,721 7,269 212,1631,224,951 43,424 541,439 21,8122,881,126 1,256 1,182 2.9 1920, monthly average. 10,945 2,098 9,323 49,290 537,535 12,490 145,883 8,462 608,749 407 378 3.8 366 1921. May 8,771 2,266 e 9,368 156,168 428,255 19,856 129,847 7 4,813 293,260 582 644 3.7 394 June 10,295 2,223 6 10,055 186,243 462,741 25,625 162,297 7 6,877 355,582 612 588 3.0 358 July 10,731 2,218 10,065 155,200 493,434 35,176 177,773 7,353 453,173 809 888 2.5 314 August 11,727 2,247 10,606 278,661 356,397 52,433 240,071 9,618 613,739 942 955 2.2 267 September 11,607 2,278 10,359 262,915 564,827 28,766 225,331 10,156 649,158 957 1,018 1.4 232 October 11 977 2 396 10,567 915 1,047 1.2 185 November 11 708 2 344 10 479 152 December 11,920 420 11,030 1 Latest figures subject to revision. 5 Not including machinery. 2 Import and export figures for the first four months of 1921 are not available. e Excluding production in Upper Silesia. 3 Includes manganese ore. ' Figures for May and June are provisional. * Includes linters. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS. Following is a set of tables showing the volume of bills discounted and of acceptances, municipal warrants, and Government securities purchased by the Federal Reserve Banks during December, 1921. VOLUME OF OPERATIONS DURING DECEMBER, 1921. United States securities | Federal Reserve Bank. f d o i r s b c m B a o n i e u l k l m n s s t b . e e d r op b e o n u B m g il h l a s t r i k n et. Bonds p an u d rc ha C se e d rt . i ficates of! ' p w u a rc rr h a a n p s t e s d, December T , otal D . ecember, notes. indebtedness.; 1921. 1920. Boston $317,115,404 $2-1,985,473 $1,400,700 $13,135,000 ! 8356,636,577 $657,498,741 New York 2,279,517,775 146,084,632 14,037,700 323,310,000 ;2, 762,980,107 6,831,626,248 Philadelphia... 301,568,092 13,822,839 2,301,350 21,927,000 i $95,000 : 339,714,281 412,162,523 Cleveland 225', 832,283 5,236,707 4,500,800 25,120,000 ! • 260,689, 790 643,564,873 Richmond 213,509,322 2,008,830 2,000,000 ! 217,518,152 295,030,365 Atlanta 117,423,227 3,606,005 1,655,400 1,500 i 122,686,132 236,542,655 Chicago 253,003,719 11,394,584 9,343,850 35,078,000 308,820,183 699,902, 880 St. Louis 120,034,756 1,221,733 172, 800 4,238,000 i ! 125,667,289 177,916,302 Minneapolis 46,183,416 185,100 545,500 , 66,901 | 46,980,917 101,019,105 Kansas City 60,198,131 189,794 1,053,000 | 150,000 ! 61,590,925 142,889, 807 Dallas 45,037,713 35,000 : i 45,052,713 113,881,369 San Francisco.. 189,141,997 ., 535,756 2,750,900 8,669,000 1 222,097,653 347,705,033 Total: December, 1921.. 4,168,565, 865 230,101,353 36,348,600 435,107,000 | 311,901 .4,870,431,719 December, 1920 9,461,657,679 253,827,872 1,350 944,253,000 ' ' 10,059,739,901 12 months'ending Dec. 31,1921. ^57,758,726.725 L, 534,801,620 103, 782,061 3,741,916,557 . 984,996 63,140,211,959 12 months ending .Dec. 31, 1920. ;85,320^873',948 3,218,364,073 332,550 7,987,977,500 '•• 96, 527, 548,071 VOLUME OF BILLS DISCOUNTED DURING DECEMBER, 1921, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOMMODATED. Customers'i Member banks' colpaper se- I lateral notes. Bankers' acceptances. Federal Reserve Bank. in c g G u e a r n o t e v i t d o e o n r b b n s y l . - i - ! j . G o S b o e l c v i u g e r r a e n t d i m o n e b s n y . t O s t e h c e u r r w ed is . e Co n p m . a m p e. e e r s r , c . ial Ag p ri a c p u e lt r u . ral p s L a to i p v c e e k r - . Foreign. exSge. Boston $6,154,930 ; $71,126,700 $239,245,497 I S170, 535 New York ! 3,655, 827 .1,601, 878,651 672,046,976 ! 960, 927 $20,677 $2,081,000 $40,000 Philadelphia I 9,978,778 I 23 2,999, 499 78,098,614 415,608 Cleveland ' 3,997,757 342,976,166 8219,200 ' 76,200, 804 360, 583 232, 359 1 Richmond : 1,074 802 180,034, 822 2,946,420 : 23,098,188 ; 4,999,015 590 i Atlanta : 3,286 999 51, 001, 096 902,500 i 53,488,964 i 6,482,937 727,259 Chicago • 6,759 425 135, 611,038 3,273,873 ! 92,703,571 ! 16, 426,764 St. Louis 3,466 183 72,964,762 63,000 : 39,351,995 i 5,123,299 436, 571 $92, 395 Minneapolis ' 3L9, 706 16. 811,423 3,442,645 16,544,581 ' 6,247,444 2,714,059 i Kan sas City ! 966, 395 37,726, 546 12, 515.6 L5 2, 580,348 6,259,208 Dallas 121, 5v>3 22,147,607 '"4,'608,"2(U' 8, 767; 326 : 5, 547, 773 3,724,670 ; 20,000 San Francisco 664,956 ' 98,025,453 25,514,647 57, 839,646 3,033,257 2,919,175 i 25,000 Total: December, 1921. 34, 447,381 2,643,303,761 38,970,549 1,369,899,777 i 52,648,490 17,040,568 ! 2,061,000 ' 137,395 • 40,000 November, 1921. 41,759,847 ,1,888,864,330 35,347,233 1,177,504,930 I 56,222,593 22,574,835 ! j 1,150,322 December, 1920..143,335, 882 |4, 886,257,779 38,635,721 4, 387, 464, 5.12 9,643, 021 November, 1920.161,849,808 4,187,873,432 17,878,300 ; 3, 486,913,942 13,273,667 Total reduced to a com- Trade acceptances. mon maturity basis.1 Member banks. Total, all Federal Reserve Bank. classes. Accommodated. Per cent, Number Foreign. Domestic. Amount. of total. in district Dec. 31. Number. Per cent. Boston $117,742 $317,115,404 $230,017,933 o. o 436 246 56.4 New York 847,717 2,279,517,775 839,080,061 20.2 800 374 46.8 Philadelphia.. 75, 593 301, 568,092 271,063,318 6.5 704 417 59.2 Cleveland 3,845,414 225,832,283 334, 801,292 8.1 884 420 47.5 Richmond 1,357,425 213,509,322 246,945, 543 5.9 026 410 65.5 Atlanta 1,533,472 117,423,227 343,071,866 8.2 515 379 73.6 Chicago 229,080 253,003,749 808, 449,235 19.4 1,443 974 67.5 St. Louis 536, 551 120,034,756 259,189,674 6.2 5S9 316 53.7 Minneapolis... 103,558 46,183,416 213,300,389 5.1 1,024 582 56.8 Kansas City... 150, 019 60,198,131 204,801,964 4.9 1,101 612 55.6 Dallas 100, 510 45,037,713 162,322,473 3.9 876 573 65.4 San Francisco., 1,119, 863 189,141,997 255,522,117 6.1 857 373 43.5 Total: December, 1921.. 10,016,944 j 4,168,565,865 4,168,565,865 100.0 9,855 5,676 i 57.6 November, 1921. $56,250 7,790,514 3,231,270, 854 5,622 ; 57.2 December, 1920.. 16,317,764 9,461,657,679 9,628 5,551 i 57.7 November, 1920. 15,143,461 7,882,932,610 9,591 5,275 : 55.0 i 1 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (11.67) for system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 229 VOLUME OF BILLS DISCOUNTED DURING DECEMBER, 1921, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Federal Reserve Bank. 4£ per cent. 5 per cent. 5$ per cent. Total. d r a A a y v t e e b r ( a 3 a s 6 g i 5 s e ) - . m A a v t e u r r a i g ty e . Per cent. Days. Boston 8317,115,404 $317,115,404 4.50 8.46 New York 2,279,517,775 2,279,517,775 4.50 4.30 Philadelphia... 301,568,092 301,568,092 4.50 10.49 Cleveland $225,832,283 225,832,283 5.00 17.30 Richmond 170,247,316 §43,262,006 213,509,322 5.13 13.50 Atlanta 54,273,317 ! 63,149,910 117,423,227 5.28 34.09 Chicago 253,003,749 253,003,749 5.00 37.28 St. Louis 120,034,756 120,034,758 5.00 25.19 Minneapolis... 46,183,416 46,183,416 5.50 53:89 Kansas City... 60,198,131 5.00 39.70 Dallas 45,037,713 5.50 42.05 San Francisco. 189,141,997 5.00 15.76 Total: December, 1921. 2,898,201,271 1,072,731,519 197,633,015 4,168,565,865 4.91 11.67 November, 1921.. 1,800,532,008 927,412,754 j 423,357,268 13,231,270,854 5.03 14.42 1 Includes $73,968,82i of bills discounted at 6 per cent. VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING DECEMBER, 1921, BY CLASSES. Total reduced to a Bankers' acceptances. Trade acceptances. common maturity Total bills Federal Reserve Bank. purchased. Foreign. Domestic. ex D ch o a l n la g r e. Total. Foreign. Do ti m c. es- Total. Amount. o P f e r t o c t e a n l. t i Boston 700,314 89,660,576 $3,624,583 |$24,985,473 $24,985,473 $22,445,000 New York 311,141 28,801,395 14,903,206 146,015,742 146,084,632 110,382,060 48.0 Philadelphia 348,971 3,315,599 1,158,269 13,822,839 13,822,839 24,260,649 10.5 Cleveland 601,752 1,552,122 i 5,236,707 5,236,707 7,033,510 3.1 Richmond 809,380 1,199,450 I 2,008,830 2,008,830 4,485,508 1.9 Atlanta 079,225 1,526,780 ! 3,606,005 3,606,005 6,741,190 2.9 Chicago 590,569 2,179,015 ! 625,000 11,394,584 11,394,584 26,914,950 11.7 St. Louis 292,115 929,618 . 1,221,733 1,221,733 759,535 .3 Minneapolis Kansas City 144,000 I 45,794 189,794 '• 189,79i 387,897 .2 Dallas 15,000 15,000 j 15,000 56,254 San Francisco 16,604,907 ! 4,105,797 ! 685,278 21,395,982 139,774 139,774 21,535,756 | 26,634,800 "life Total: December, 1921.. 155,482,374 53,331,146 :21,079,169 229,892,689 208,664 208,664 230,101,353 230,101,353 100.0 November, 1921.. 114,427,495 I 37,061,462 10,331,749 161,820,706 177,845 177,845 161,998,551 | December, 1920.. 177,656,918 i 63,555,187 11,239,769 252,451,904 1,120,968 8255,000 1,375,968 253,827,872 I November, 1920.. 168,742,124 j 52,928,510 9,161,956 230,832,590 757,805 250,000 1,007,805 23.1,840,395 j i Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (23.39) for system. 87690—22 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. VOLUME OF ACCEPTANCES PURCHASED DURING DECEMBER, 1921, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. I Federal Reserve Bank. 4J per cent. 4J per cent. 4$ per cent, j 4^ per cent. 4§ per cent. 4| per cent. i4£- per cent. Boston 87,416,849 89,561,402 $5,046,699 82,506.156 §12,700 $264,823 8119,016 New York... 17,718,140 10,052,492 1,602,091 116,564,238 147,671 Philadelphia. 9,193,689 4,121,045 327,105 125,000 58,000 Cleveland 2,504,888 : 1,350,928 754,062 134,637 81,417 145,380 30,000 Richmond 133,780 Atlanta 19,028 433,829 Chicago , 1,568,296 3,507,600 1,199,282 ! 69,406 50,000 St. Louis 143,169 136,033 484,633 i 457,898 Minneapolis. Kansas City.... Dallas San Francisco.. 10,523,186 | 3,504,020 .3,220,167 ; 130,621 2,"8i6,064"i 57i,"666" " " 260,000 Total: December, 1921.. 54,068,217 32,252,548 12,631,039 :. 120,421,785 3,051,852 1,220,983 409,016 November, 1921., 13,940,310 17,586,586 • 92,525,841 14,552,135 14,596,658 503,252 Average Average Federal Reserve Bank. 5 per cent. 5J per cent. 51 per cent. 5£ per cent.! Total. rates(365- maturday basis) ity. Percent. Days. Boston §37,828 820,000 824,985,473 4.27 21.01 New York 146,084,632 4.46 17.67 Philadelphia... 13,822,839 4.23 4.1.05 Cleveland 235,395 5,236,707 4.30 31.41 Richmond 1,502,550 3372,500 2,008,830 5.12 52.22 Atlanta 1,773,768 1,379,380 3,606,005 5.24 43.72 Chicago 11,394,584 4.28 55.24 St. Louis 1,221,733 4.41 14.54 Minneapolis Kansas City.... 189,794 i 189,794 5.07 47.80 Dallas 15,000 I 15,000 5.58 87.71 San Francisco.. 289,698 166,500 §60,500 ; ' 21,535,756 4.30 28.93 Total: December, 1921.. 4,029,033 186,500 60,500 1,766,880 ! 230,101,353 4.41 23.39 November, 1921. 3,019,364 45,886 60,000 4,904,089 : 1161,998,551 4.60 25.77 1 Includes $264,430 at 6 per cent. NOTE.—All Federal Reserve Banks use 360 days to the year in calculating interest on bills bought in open market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIH. 231 HOLDINGS OF EARNING ASSETS, BY CLASSES. Following is a set of tables giving a detailed analysis of the different classes of earning assets held by the Federal Reserve Banks at the end of December, 1921. AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARNINGS DURING DECEMBER, 1921. Average daily holdings of— Earnings on— Annual rate of earnings on- Federal Reserve All All Bank. A of l a l e s c s a l e r a t n s s i . s n e g s .Dis b c i o ll u s n . ted Pu b rc il h ls a . s ed sec U u . r i S ti . es. c e l a a a s s r s s n e e i t s n s g . of co b D u il n i l s s t - e . d c b h P i a u l s l r s e - . d s U e ti c . e u s S r . i . - ear o n f ing co b D u il n i l s t s - e . d c b h P i a u l s l r s e - . d s U e ti c e . u S s r . . i- ; assets. !Per ct. Per ct. Per ct. Per ct. Boston .588,021,050 860,072,717i?8,91.9,949813,028,384 $322,104 $260,513 #33,142 828,449 4.31 4.64 4.37 2.57 New York ! 302,857,055 221, 674,63747,353,257 93,829,161 1,293,487 852,104 175,789 265,594 4.20 4.53 4.37 3.33 Philadelphia ' 116,530,838 89,315,558jll,680,280il.5,453,839 420,923 344,691 43,703 32,100 4.25 4.54 4.40 2.44 Cleveland 129,264,386 II2,268,877 3,7.13,793. 1.3,281,716 530,906 482,462 14,219 34,225 4.84 5.06 4.51 3.03 Richmond 104,361,103 95,592,398j 3,713,789j 5,057,916 470,441 443,691 17,935 8,815 5.31 5.46 5. 08 2.(J5 Atlanta 118,002,309 94,459' 939• 3.842,863 L9, 699,507 520,288 444,707 18,495 57,086 5.19 5.54 5.67 3.41 Chicago 217,653| 071 187, 791,878, 4; 884, 421924,976,764 930,945 854, 741 18,291 57,913 5.04 5.36 4.41 2.73 St. Louis 72,838,853 01,149, 1.50! 421,598 8,268,105 293,953 270,367 1,608 15,978 4.75 5.07 4.49 2.28 Minneapolis 62,071,000 57,193,000 4,811,000 285, 463 276,381 8,752 5.41 5.69 2.14 Kansas City 90,104,039 74,271,722 1,480,009 1.14,236,179 373,330 339,023 7,380 26,434 4.88 5.37 5.87 2.19 Dallas 57,626; 290 52,912,209 177,742 ! 4,536,339 , 276,670 267,099 857 8,714 i 5.65 5.94 5.68 2.26 San Francisco 97,861,033 09, 729,51719,305,418 ', 8,826,098 I 390,733 302, 715 71, 438 16,580 . 4.70 5.11 4.36 2.21 Total: Dec, 1921. 1,517,194,027 I.,185,431,602 1105,499,127.226,005,008 ! 6, 109,243 5,144,494 402,917 560,640 I 4.74 5.11 4.50 2.92 Nov., 1921. 1,520,283,245 1,232,575,771 178,867,348 1208,579,059 |6,237,929 5,459', 506 318,528 458,803 I 4.99 5.39 4.91 2.68 Dec, 1920. 3,313,502,262 2,730,360,460 j244,00!,4l0 |339,140,392 11.0, 792,8131.4,844,052 1,250,273 698,488 ! 5.98 6.42 6.05 2.43 Nov., 1920. 3,375,395,765 2,770,457,064 !278,521,300 320,417,341.1.0,507,625 14,560,645 1,377,088 569,892 5.98 6.41 6.03 2.17 NOTE.—The totals for the Philadelphia, Minneapolis, and Kansas City banks include average daily holdings of municipal warrants, earnings, and annual rates of earnings thereon as follows: Philadelphia, 875,161, $369, and 5.78 per cent; Minneapolis, 867,000, $330. and 5.81 per cent; Kansas City, 811.6,129, 8493, and 5 per cent. HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of December figures. In thousands of dollars.] I Member banks7 Bankers' acceptances. Trade accept- Customers'; collateral notes. paper I _... secured by • | Commer- ! Agricul- Live- Federal Reserve Bank. Total. Govern- | Secured cialpapcrJ tural stock o m bl e ig n a t - , j b em y i G ne o n v t - j : O w th is e e r- n. e. s. i paper. paper. For- For- m D e o s - tions. obliga- secured, eign. tlc* ,'change tic. tions. Boston 59. 4,856 . 16.677 • 36,638 855 142 New York 209, 2,620 I 153,393 51,597 863 607 Philadelphia 88, 10,460 ! 56,155 I 21,103 718 116 Cleveland 114, 3,263 43,005 ! 15 64,031 1,097 680 2,503 Richmond 94, 2,408 38,039 I 1,337 40,703 9,170 3 2,348 Atlanta 90, 4,702 19,718 327 51,074 12,405 1,053 1,488 Chicago 185, 5,017 54,815 61S 78,497 46,025 1 547 St. Louis 63, 2,702 19,069 I 33 31,815 7,637 843 284 610 Minneapolis S; 526 6,763 !1,965 13,995 22,042 5,609 252 Kansas City 1,937 15,903 22,830 8,374 20,834 102 Dallas 286 8,677 1,964 12,320 13,319 13,283 748 San Francisco 50, 2,774 10,909 11,526 27,536 6,471 7,302 50 517 67, Total: Dec. 31,1921. 1,144,347 41,611 443,723 ! 17,785 452,199 129,036 49,670 288 Nov. 30, 1921 1,182,301 48,896 427,464 17,350 486,313 139,164 51,715 392 10,936 Dec. 30,1920. 2,719,134 271,526 : 869,510 17,907 1,274,606 143,145 103,795 17,218 21,427 Nov. 26, 1920 2,735,400 278,946 I 913,479 7,299 1,260,326 136,315 105,246 12,828 20,961 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of December figures. In thousands of dollars.] All classes. Bankers' acceptances. Trade acceptances. Federal Reserve Bank. c m h o a P a s p u r e r e k - d n e t i . n m co e D u f m o i n s r - t b e e d r Total. Foreign. Domestic.ex D ch o a ll n a g r e. Total. Foreign. Domestic. banks. Boston 13,291 13,149 142 13,149! 812 4,785 1,552 I 142 142 New York 73,200 72,593 607 72,518" 885 13,876?; 6,777 ! 682 75 607 Philadelphia 16,011 15,895 116 15,895 899 j 3,6031 116 116 Cleveland 7,881 5,378 2,503 5,378 ; 353 942 2,503 2,503 Richmond ' 5,906 3,558 2,348 3,558 1 244 2,314 2,348 2,348 Atlanta 5,174 3,686 1,488 3,686:1| 653 I 2,033 1,488 1,488 Chicago 9,037 8,489 548 8,490'! ,647 | 1,368 475 547 547 St. Louis 1,112 218 894 502 ! 20 j 610 610 Minneapolis ! 252 252 252 252 Kansas City 1,439 1,337 102 1,337 : 569 768 102 102 Dallas 913 165 748 165 i 165 748 748 San Francisco j 21,370 20,795 575 20,705 ! 15'907" 3,914 884 665 148 517 Total: Dec. 31,1921 1 155,586 145,383 99,969 34,250 11,164 10,203 223 9.980 Nov. 30,1921 | 84,353 i 73,271 20,019 4,263 11,082 146 10,936 Purchased in open market: j Dec. 31, 1921 ; 145,263 145,045 99,919 33,962 11,164 218 218 Nov. 30,1921 i 72,954 72,824 48,934 19,627 4,263 130 130 Discounted for member banks: | Dec. 31,1921 1 10,323 338 50 Nov. 30,1921 j 11,399 447 55 392 > , 10,952 10,936 i ! HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS. [End of December figures. In thousands of dollars.] Member banks. Nonniem- Branches Federal Reserve Bank. Total. I'" Non- a b n e in d r g b b a a c n o n r k k - s - P b r a iv n a k t s e . an f c o d i r e e s a i g g o e n f n- National. national. porations. banks. Boston 13,149 i 8,505 4,378 Ill 144 11 New York 72,518 ! 26,242 25,593 8,066 8,853 3,764 Philadelphia Jo, 895 ! 7,095 4,608 1,669 1,055 1,468 Cleveland 5,378 1,579 1,253 791 370 1,385 Richmond 3, 558 3,548 10 Atlanta 3,686 1,027 2,659 Chicago 8,490 3,054 4,903 408 50 75 St. Louis 502 87 415 . Minneapolis Kansas City 1,337 ! 1,193 144 Dallas 165 i 165 San Francisco 20,705 7,715 '6,'379' 2,661 1,847 2,103 Total: Dec. 31, 1921 145,383 ! 60,210 50,342 13,706 12,319 Nov. 30, J921 73,271 | 30,289 23,579 8,942 4,960 5,501 Purchased in open market: Dec. 31, 1921 145,045 60,173 50,091 13,656 12,319 8,806 Nov. 30, 1921 72,824 30,208 23,282 8,873 4,960 5,501 Discounted for member banks: Dec. 31,1921 338 37 251 50 Nov. 30, 1921 447 81 297 69 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL, RESERVE BULLETIN. 233 BANKING CONDITIONS DURING DECEMBER, 1921, AND JANUARY, 1922. Return to the banks from circulation chan- As against the substantial decreases shown in nels of large amounts of Federal Reserve notes member bank loans and discounts and borrowand other currency and further loan liquida- ings from the Federal Reserve Banks, their tion by both member banks and Federal Re- total deposits show a slight increase, a reducserve Banks in connection with this movement tion of $106,000,000 in Government deposits are indicated by the weekly bank statements being more than offset by additions of $84,for the four-week period ending January 18. 000,000 to other demand deposits (net) and of The reserve position of the Federal Reserve $51,000,000 to time deposits. In keeping with Banks has been further strengthened by sub- the reduction in borrowings from the reserve stantial gains of gold and other reserve cash. banks, reserve balances of the reporting Loans and discounts of reporting member members, all held with the Federal Reserve banks show a decrease of $274,000,000 for the Banks, show a decline of $41,000,000, while four weeks ending January 18, this decrease cash in vault decreased by $53,000,000, the being distributed fairly uniformly among the January 18 total of $288,000,000 being less than several classes of loans specified in the weekly 3 per cent of the net demand deposits of all statements. Investments of the reporting reporting institutions. institutions, on the other hand, show a moder- In the following table are shown the princiate increase. Holdings of United States bonds pal changes in the condition of reporting show a further gain of $41,000,000, invest- member banks during the four weeks ending ments in Victory notes a gain of $16,000,000, January 18. Corresponding changes since the while holdings of Treasury certificates de- beginning of 1921 are traced on the chart on clined during the period by $36,000,000, and page 234. those of Treasury notes by $5,000,000. Holdings of corporate and other securities show but slight fluctuations, and at the close of the MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS. period were $6,000,000 larger than four weeks earlier. In consequence of the changes shown, [Tn millions of dollars.] total loans and investments of the reporting institutions show a decline of $252,000,000 Dec. i Doc. Jan. Jan. j Jan. during the four weeks under review. For the 21. 28. 4. 11. ! 18. New York City banks net loan liquidation of $65,000,000, as against an increase of $54,- Number of reporting banks 808 ; 806 ! | 806 000,000 in investments, largely in Government Loans and discounts: securities, is shown. Se o c b u l r i e g d a t b i y o n U s1 . S. Government 516 i 513 499 475 I 470 Total borrowings of the reporting institu- Secured by stocks and bonds (other than U. S. Governtions from the Federal Reserve Banks show a ment obligations) 3,165 3,165 3,184 3,153 3,107 All other i.." 7,608 7,542 7,523 7,478 7,438 parallel reduction for the period from $743,- 000,000 to $468,000,000, or from 5. to 3.2 per Total loans and discountsl.. 11,289 11,220 11,206 111,106 111,015 cent of the banks7 combined loans and invest- U. S. bonds 947 950 950 961 988 U.S. Victory notes... 173 ! 171 172 180 189 ments. Member baiiks of New York City show U. S. Treasury notes. 125 I 126 129 127 j 120 for the same period a reduction of their U Ot . h S e . r c b e o rt n if d i s c , a s te to s c o k f s , i n an d d e b s t e e c d u n r e it s ie s s .. . . 2,0 2 8 4 9 0 2 2 ,0 2 9 3 0 2,0 2 9 1 6 8 2,0 2 9 1 6 1 ! ! 2,0 2 9 0 5 4 accommodation with the local Federal Reserve Total investments j 3,574 3,560 3,565 3,575 I 3,596 Bank from $158,000,000 to about $84,000,000, or from 3.3 to 1.8 per cent of their aggregate To a t n a d l i l n o v a e n s s t m a e n n d t s d 1 i scounts 1 • 14,863 i 14,780 14,771 14,681 j14,611 loans and investments. Of the total discounts Reserve with F. R. Banks ! 1,308 1,267 1,314 I 1,325 j 1,267 held for all member banks by the Federal Cash in vault 341 i 340 327 ! 316 ! 288 Reserve Banks, the amounts held for reporting N Ti e m t e d e d m ep a o n s d i ts deposits 1 2 0 , , 9 2 6 4 7 8 i1 2 0 , , 9 1 9 7 8 4 1 3 0 , , 0 4 1 1 1 6 I 1 1 3 0 ,0 ,4 1 2 9 7 11 3 0 , , 0 3 1 3 8 2 banks in the larger cities (numbering over 800) Government deposits 292 257 257 j 239 186 constituted 51.2 per cent on January 18, com- Bills payable and rediscounts with pared with 60.6 per cent four weeks earlier and F. R. Banks, total 743 I 698 647 530 I 468 77.9 per cent about a year ago. It is evident, Secured by U.S. Government obligations 312 i 293 290 248 216 therefore, that the bulk of recent loan liquida- Allother 431 405 357 282 252 tion has been effected by the banks in the larger Ratio or accommodations at F. R. cities and to a much smaller extent by banks in Banks to total loans and investthe less populous centers, or in the agricultural ments 5.0 i 4.7 4.4 3.6 I 3.2 districts. i Including bills rediscounted with Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. WEEKLY CHANGES IN PRINCIPAL ASSETsi AND LIABILITIES FEDERAL RESERVE BANKS REPORTING MEMBER BANKS 1 RESERVE RATIO 6 U. S. SECURITIES 1 LOANS SECURED BY U.S. OBLIGATIONS 6 OTHER LOANS (Largely Commercial) 2 TOTAL DEPOSITS DISCOUNTS SECURED BY 2 U.S.GOVERNMENT OBLIGATIONS 7 NET DEMAND DEPOSITS 3 CASH RESERVES U.S.GOVERNMENT OBLIGATIONS 3 ACCOMMODATION AT F.'R.BANKS 8 TOTAL LOANS 4 F. R.NOTE CIRCULATION 8 TOTAL DISCOUNTS 4 STOCKS, BONDS ETC. ' 9 TOTAL LOANS AND INVESTMENTS 5 PURCHASED ACCEPTANCES~ 9 TOTAL EARNING ASSETS 5 LOANS SECURED BY STOCKS AND BONDS MILLIONS Li i MILLIONS BILLIONS 11. BILLIONS DOL O L F ARS + DOL O L F ARS DOL 1 LA 7 RS __. — - - - - - DOL O 1 L F 7 ARS 3000 9 - 3000 9 _- 16 16 V - ._i 2500 V8i I • _ 2500 • 15 vi 15 — _ - 2000 \ X\ \ X _ -:_...LI 2000 14 - - - _ - - 14 1500 \ __- 0 \ \ - - 1500 13 - \ • j j _ 13 ^ - - — 12 12 7 1000 \ 1000 X _ 11 j ' 11 - I 500 -As -A 1 \ T 500 10 ff **? - - 10 -1- MIL O L 0 I F ONS -• _L -RES 0 ERVE 9 e sj h 9 DOLLARS RATIO 8 .... 8 4 ,*' - f 300Q - X s .s C P E E N R T 7 7 K 2500 <- 3 - \ •Sr \ - -- 1 9 0 0 0 6 6 80 5 5 2000 Vv 2 .. 70 y .... 60 u •-J - 1- 4 1500 1 50 3 5 3 40 1 1000 - - 30 2 2 1, 20 500 ... 10 1 r is - 1 1 i J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A M. J. J. A.S. 0. N. D J. F. M.A.M. J. J. A. S. 0. N. D. 1921 1922 1921 1922 j;ures for the Federal Reserve Banks, secured by United States bonds, largely Liberty which cover the 4-week period between Decem- bonds, while paper secured by Treasury cerber 28 of last year and January 25, show tificates constituted slightly over 7 per cent total liquidation of bills discounted of §329,- of the total, as compared with over 10 per cent 700,000, the decrease affecting both paper 4 weeks earlier. Holdings of acceptances secured by United States war obligations and purchased in open market fluctuated between other discounted paper. Of the total reduc- $126,900,000 on January 4 and $82,700,000 on tion of discounts, $227,400,000 represents a January 25, the greater ease of the money reduction in the holdings of 15-day paper, market and a better investment demand for which on January 25 constituted over 56 per this class of paper apparently accounting for cent of the total discounts held, as compared the reduction of acceptance holdings durwith over 60 per cent 4 weeks earlier. Nearly ing the present year. United States bonds 80 per cent of the total of $357,900,000 of and notes show an increase of $6,300,000. Government paper held on the same day, com- Pittman certificates on deposit with the Treaspared with 71 per cent on December 28, were ury to secure Federal Reserve bank-note Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 235 circulation declined by $6,500,000, while other Reserve deposits fluctuated between $1,735,- Treasury certificates, largely held by the 600,000 on January 11 and $1,652,300,000 on Boston, New York, and Chicago banks, show January 25. Government deposits show the opan increase of $8,800,000. Total earning posite movement from a low of $15,300,000 on assets of the Federal Eeserve Banks on January January 11 to a high of $95,900,000 two weeks 25 stood at $1,183,100,000, marking a reduction later. Other deposits, composed largely of nonof $352,700,000 for the 4-week. period and/of members' clearing accounts and cashier's checks $1,725,800,000 since January 28 of the past increased from $26,900,000 to $30,600,000. year. Federal Reserve note circulation continued its In the following table are shown the weekly downward course during the period under changes in the principal assets and liabilities review, the January 25 total of $2,184,000,000 of the Federal Reserve Banks for the 4 weeks indicating a net return movement for the four under review. Similar changes since the begin- weeks of $259,500,000, compared with $253,ning of 1921 are presented in graphic form on 900,000 for the corresponding period a year the chart on page 234. ago. In addition the reserve banks show a gain of about $32,000,000 in reserve cash other MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF than gold (i. e., largely silver certificates and THE 12 FEDERAL RESERVE BANKS COMBINED. greenbacks of the smaller denominations) [In millions of dollars.] withdrawn from circulation channels. Only a nominal change is shown in the re- L Dec. 28.j Jan. 4. Jan, 11. Jan. 18.!Jan.25. serve banks7 aggregate net liabilities on Federal Reserve bank notes in circulation. Reserves: Gold reserves show a further gain of $34,600,000 - Total ;2,992.2 3,009.8 3,041.3 '3.051.5 ,3,058.9 while total cash reserves reached the record Gold !2,869.6 ',2; 875.3 j2,895.6 '2', 898.7 '2.904.2 total of $3,058,900,000, a gain of $66,700,000 Bills discounted: ! :. Total ;1,179.8 ,1,112.0 987.5 913.8 850..2 during the period. The reserve ratio, largely Secured by U. S. Gj ov-' i because of the reduction in Federal Reserve eminent obligations I 487.2 I 477.5 427.5 388.7 357.9 Allother , 692.6 j 635.1 I 560.0 j 525.1 492.3 note circulation, shows a practically con- C B e il r l t s i f b ic o a u te g s h t o i i n in o d p e e b n f c m ed a n rk es e s t . . . . . ' , 1 1 8 1 2 4 . , 0 2 ! j 1 1 8 2 2 6 . . 4 9 I 1 8 6 6 7 . . 8 0 : i 1 9 66 4 . . 8 9 j : 1 8 8 2 4 . . 7 3 tinuous rise from 71.1 to 77.2 per cent. Total earning assets 1 535.9 jl,470.9 ll,293.8 '1,236.6 ; 1,183.1 In the following table are shown comparative Government do posits ,' 71.6 ! 68.3 i 15.3 j 77.7 i 95.9 figures of average daily cash reserves, deposits, Members' reserve deposits ; 1,666.0 11,731.4 .1,735.6 '.1,673.8 ,1.652.3 Total deposits :i, 764.5 ; 1,829.1 ll,776.9 '1,784.9 l',778.8 Federal Reserve note circulation, and reserve F. R. notes in circulation '2,443.5 !2, 405.3 12,293.8 ,2,229.7 J2,184.0 percentages for the months of December, 1921, F. R. bank notes in circula- i i lion—Net liability ! 84.5 ! 83.9 84.0 i 84.9 84.9 and January, 1922, as compared with data for Reserve percentage i 71.1 71.1 74.7 I 76.0 77.2 the same months of 1919 and 1920. CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION AND RESERVE PERCENTAGES FOR JANUARY 1922, AND DECEMBER, 1921. [Daily averages. Amounts in thousands of dollars.] Total cash reserves. Total deposits. deserve percentages. Federal Reserve Bank. I January. | December. January. December. January. I December. January. December. Boston 237,351 j 255, G52 119,837 115,887 183,233 ! 207,649 78.3 79.0 New York 1,158,375 i 1,09 J, 085 727,201 700,396 626,865 | 656,042 85.5 80.4 Philadelphia... 216,613 I 223,922 ! 105,342 103,545 187,815 ' 203,823 73.9 72.9 Cleveland .. 249,372 ! 255,349 . 134,367 132,057 202,570 | 218,076 ! 74.0 r 72.9 Richmond 71,541 ; 73,635 57,048 56,884 100,973 :. 109,230 ! 45.3 ! 44.3 Atlanta 78,046 70,55(5 I 48,849 47,185 115,521 ! 121,319 i 47.5 I 41.9 Chicago 456,292 472,306 j 244,386 241,718 383,910 405,864 I 72.6 72.9 St. Louis 114,035 107,305 ! 68,422 65,826 89,889 98,152 I 72.0 : 65.4 Minneapolis... 62,792 55,720 ! 44,479 43,913 54,712 57,145 j 63.3 55.1 Kansas City. -. 79,881 71,050 i 74,101 73,795 65,804 69,149 I 57.1 49.7 Dallas 35,902 35, 567 ; 45,776 46,600 33,188 36,215 i 45.5 43.0 San Francisco. 283,784 282,835 j 131,181 127,420 227,577 233,432 I 79.1 78.4 Total 3,043,984 2,994,982 I 1,800,989 j 1,755,226 2,272,057 ! 2,416,096 i 74.7 71.8 1921-1920 2,098, 498 2,221,573 1 2,027,861 1, 821,746 2,887,846 ; 3,342,520 144.9 M4.7 1920-1919 2,164,167 2,149,653 j 1,825,147 I 1,990,221 2,540,642 2, 955, 476 152.0 145.7 1 Calculated on basis of net deposits and^Foderal Reserve notes in circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. CONDITION OF FEDERAL RESERVE BANKS. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JAN. 4 TO JAN. 25, 1922. RESOURCES. [In thousands of dollars.] Total. Boston.; New d P el h p i h la ia - . C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. | apolis. Gold and gold certificates: Jan. 4 377,675 7,225 285,782 1,952 12,295 2,673 5,177 21,982 ! 3,270 9,146 2,501 7,377 ' 18,295 Jan. 11 382,138 7,471 289, 021 2,096 12,413 2,720 5,233 21,913 3,337 9,178 2, 564 7,621 j 18,57L Jan. 18 382,460 7,397 288,749 1,890 12,513 2,775 5,325 22,229 I 3,410 9,159 2,531 7,821 , 18,661 Jan. 25 383, 541 7,541 288,707 1,974 12,626 2,776 5,174 22,418 :. 3, 445 9,209 2,565 8,088 ! 19,018 Gold settlement fund—F.R.Board: Jan. 4 507,836 46,759 116,339 57,722 40, 510 15,279 I 13,919 i 89,237 : 23,808 29,946 31,797 8,296 34,224 Jan. 11 502,010 21,573 134,751. 53,738 44,769 18,831 ' 13,105 I 86,059 28,160 24,383 33,362 5,791 ! 37,488 Jan. 18 469,367 27,784 87,116 54,049 50,361 19,455 ! 16,526 68,219 30,129 27,239 41,680 10,144 , 36,665 Jan. 25 483,222 12,448 114,648 50,446 61, 814 23,811 ; 16,338 61,951 26,237 26,322 46,754 9,958 ! 32,495 Gold with F. R. agents: I Jan. 4 902,912 168,361 652,910 152, 584 175,250 37,053 i 43,977 327,700 66,918 16, 297 28,763 ! 11, 736 221,363 Jan. 11 1,910, 561 168, 853 682,628 147,851 170,070 33,950 39, 897 318,435 67,351 23, 516 27; 587 ! 11,970 218,453 Jan.18 1,948,657 164,422 712,414 148,110 172,805 31,024 I 45,284 318,165 66,737 24,306 27., 775 ! 1.0,442 227,173 Jan. 25 1,939,792 160,181 712,130 142,761 172,186 34,344 50, 521 309,350 72,075 25,122 27,420 j 11, 548 222,154 Gold redemption fund: Jan. 4 86, 875 19,273 15,000 5,978 7,168 5,799 i 5,587 10,722 2,930 3,21.6 2.. 562 j 2,254 6, 386 Jan. 11 100,880 13,721 15,000 10, 067 7,259 8,509 ! 8,383 19, 841 2,483 2,882 3!. 408 I 1,955! 7,372 Jan. 18 98,208 18,107 15, 000 6, 850 4,438 11,037 ! 5,713 19,989 3,075 2,086 2l 906 I 2,658 II 6,319 Jan. 25 97,693 22,305 15,000 4,765 4,966 4,652 I 4,125 28,658 2,718 1,155 2; 841 ' 1,442 Ij 5,066 Total gold reserves: Jan. 4 2,875,298 241,618 1,070,031 218,236 235,223 60,804 i 68,660 449,641 96,926 58,605 65,623 29,663 280,268 Jan. 11 2,895,589 211,618 11,121,400 213,752 234, 511 64,010 , 66,618 446,248 101,331 59,959 66,921 27,337 281,884 Jan. 18 2,898,692 217,710 1,103,279 210,899 240,117 64,291 ! 72,848 428,602 103,351 62,790 74, 892 31,065 288, 848 Jan. 25 ,..~ 904,248 202,475 11,130,485 199,946 251, 592 65, 583'| 76,158 422,377 104,475 61, 808 79, 5S0 31,036 278,733 Le s g il a v l e r t , e n e d tc e . r : notes, I I Jan. 4 134,504 15.489 49,014 6,820 7,314 6,707 5, 594 15,216 10,855 918 6,363 3,314 Jan. 11 145,705 20,040 51,058 7,623 7,324 6,496 5,910 18,309 11,722 834 6,900 j 5,719 3,538 Jan. 18 152,811 20.490 52,523 10,224 7,449 6,902 5, 828 18,556 13,251 673 7,132 5,776 4,185 Jan. 25 154,607 24,703 | 50,382 10,190 8.159 6,968 5,059 16,819 13, 869 671 6,954 5,907 4,665 Total reserves: 7,215 Jan.4 3,009,802 257,107 1,119,045 225,056 242, 537 67,511 I 74,254 464,857 107,7S1 59, 523 72,523 36,026 283,582 Jan. 11 3,041,294 231,658 1,172,458 221,375 241,835 70,506 ! 72,528 464,557 113,053 60,793 74,053 33,056 i 285,422 Jan. 18 3, 051,503 238,200 1,155,802 221,123 247,566 71,193 , 78,676 447,158 116,602 63,463 81,846 36,841 I 293,033 Jan. 25 3,058,855 227,178 1,180,867 210,136 259,751 72,551 ! 81,217 439,196 118,344 62.479 86,795 I .36,943 283,398 Bills discounted: Secured by U. S. Government obligations— Jan. 4 477,456 20,260 i 153,604 62,977 44,138 38,451 ; 24, 453 61,191 20,299 7,225 18,165 8,678 18,015 Jan. 11 427,476 18,125 j 128,965 60,084 41,947 36,774 I 21,280 51,169 18, 839 6,776 15,767 8,580 19,170 Jan. 18 388,672 16,274 104,746 57,739 36,946 38,378 i 1.9,915 49,187 17, 820 6, 545 .14,339 8,288 I 18,495 Jan.25 357,921 17,440 ! 83,078 57,416 32,761 39,253 I 18,419 48,643 17,157 6, 525 11,544 7, 988 17,697 All other- Jan. 4 635,111 31,873 i 45,699 19,664 68,687 51,051 ;65,903 127,936 39,651. 41,688 51,404 38,879 52, 676 Jan. 11 560,018 22,349 i 35,311 12,706 65,996 48,576 I58,754 108,536 33,498 38, 081 49,025 41,008 46,178 Jan. 18 525,150 25,003 39,510 12,797 53,441 47,436 I56,387 95,717 32,367 37,074 45,699 38,315 I 41,404 Jan. 25 492,252 20,950 35,217 14,900 46,699 46,419 !52, 336 88,045 29, 510 35,773 41,967 i 42397 Bills bought in open market: Jan. 4 126, 865 13,295 i 58,066 15,464 5,370 3,408 ! 4,091 7,593 219 1,096 15 I 18, 248 Jan.11 86,754 10,353 22,676 14,381 4,930 3,332 i 4,204 13,283 380 753 1 15 ' 12, 447 Jan. 18 94,944 9,292 ! 35,607 12,973 5,036 3,115 3,699 15,092 415 364 i 15 i 9, 336 Jan. 25 82,709 9,742 | 28,232 12,805 3,032 ! 3,451 13,475 235 194 ! 15 1 U. S. bonds and notes: Jan. 4 48,675 2,078 | 2,173 5,488 1,233 ! 10,314 9,359 1,1.65 116 8,868 2,630 3, 563 Jan.11 52,150 3,549 j 858 2,630 5 496 1,233 I 10,162 10,808 1,173 115 2,630 4,628 Jan. 18 60,128 3,449 858 9,270 5,497 1,233 i 7,452 14,552 1,173 116 8,868 1 2,630 5,030 Jan. 25 65,761 3,449 858 11,687 5,497 1,233 5,807 14, 490 1,178 116 2,630 9,948 U. S. certificates of I I indebtedness: One-year certificates (Pittman Act)— Jan. 4 113,000 8,450 I 35,400 10,000 8,040 3,760 I 8,564 j 12,667 6,569 4,450 5,320 I 1,900 ! 7,880 Jan. 11 113,000 8,450 I 35,400 10,000 8,040 3,760 8,564 ! 12,667 6,569 4,450 5,320 I 1,900 I 7,880 Jan.18 113,000 8,450 I 35,400 10,000 8,040 3,760 8,564 ' 12,667 6, 569 4,450 5,320 1 1,900 i 7,880 Jan. 25 113,000 8,450 ; 35,400 10,000 8,040 3,760 ! 8,564 • 12,667 6, 569 4,450 5,320 j 1,900 ! 7,880 All other- Jan. 4 69,435 1,247 ! 60, 887 156 285 6,430 212 101 69 I ' 47 Jan. 11 54,040 22,319 i 29,428 55 536 J 1,414 204 32 44 j i 7 Jan.18 53,847 23,117 I 19,710 37 535 10,274 124 44 ! Jan. 25 71,278 24,907 j 27,901 27 535 17,759 105 43 ! : Municipal warrants: Jan. 4 379 140 150 ' i Jan. 11 385 191 44 150 1 , Jan. 18 216 191 25 i ! Jan. 25 206 191 15 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBEUARY, 1922. FEDERAL RESERVE BULLETIN. 237 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JAN. 4 TO JAN. 25, 1922—Continued. RE S 0 URCE S—Continued.. [In thousands of dollars.] Total. !j Boston. [ Y N o e r w k . | d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. L S o t u . is. M ap i o n l n is e . - K C a i n ty sa . s I Dallas. F c S i r s a a c n n o - . 1 !..__ | Total earning assets: | Jan. 4 1,470,921 77,203 I 355,344 | 110,574 132,008 97,903 113,326 225,176 68,115 53,669 85,072 52,102 100,429 Jan. 11 1,293,823 85,145 i 252,638 ] 100,047 126,945 93,675 102,965 197,877 60,663 49,498 79,927' 54,133 90,310 Jan. 18 1,235,957 i 85,585 |235,831 ! 103,007 109,495 93,922 96,018 197,489 58,468 48,215 74,634 51,148 82,145 Jan .25 1,183,127 j 84,938 !210,686 I 107,026 97,462 93,697 88,578- 195,079 54,754 46,879 67,936 | 50,572 85,520 Bank premises: Jan.4 35,305 | 4,752 j 6,648 j 600 3,958 2,545 1,037 7,010 616 763 4.399 j 2,168 809 Jan.11 35,121 | 4,773 6,648 ! 600 3,840 2,545 1,037 7,010 616 806 4.400 | 2,037 809 Jan. IS 35 822 ! 4,821 ! 6,813 ! 600 3,992 2,545 1,048 7,073 643 828 4,567 | 2,082 810 Jan. 25 36,199 ' 4/834 "! 6,924 ! 600 4,068 2,567 1,055 7,083 643 828 4,697 | 2,090 810 5 per cent redemption fund against F. R. ! bank notes: Jan.4 7,9*U : 422 1,603 700 539 188 570 1,665 523 277 156 ' Jan. 11 7,939 I. 422 1,623 700 539 188 522 1,665 523 291 916 156 394 Jan.18 7,871 422 1,651 700 539 188 504 1,665 523 213 916 156 394 Jan. 25 7,870 j 422 1,640 700 539 188 510 1,665 523 237 916 136 | 394 Uncollected items: ! Jan.4 638,462 |. 65,213 139,478 :53,132 60,061 48,087 27,360 80,132 39,672 15,491 42,612 j 28,602 38,622 Jan. 11 548,436 : 50,563 114,749 45,066 48,393 45,651 24,699 64,350 I 31,099 14,337 38,842 28,138 41,949 Jan. 18 554,362 j 53,955 117,658 j 44,054 54,139 44,000 25,507 67,964 ! 32,838 12,816 37,268 26,168 37,995 Jan. 25 481,760 I 45,712 104,125 !39,649 44,230 40,288 24,590 59,479 26,416 . 12,094 32,041 ! 21,146 31,990 All other resources: Jan. 4 14,001 ! 91 | 1,011 ! 48 132 288 201 213 396 | 926 183 3,794 6,118 Jan.11 12,709 ! 424 ! 1,495 : 43 89 551 212 212 187 | 928 203 j 2,180 6,185 Jan.18 12,575 .. 456 1,287 j 111 96 234 162 355 142 • 1,028 254 : 2,600 5,850 Jan. 25 12,719 !; 525 : 1,541 : 125 104 71 146 482 190 j 955 265 | 2,1906,125 Total resources: Jan.4 5,176,417 I 404,788 1.623,729 390,110 439,235 216,522 216,748 779,053 217,103 ! 130,649 205,678 : 122,848 429,954 Jan. 11 ±,939,322 i 372,985 111549,611 367,831 42], 641 213,116 201,963 735,671 206,741 ! 126,653 198,341 | 119,700 425,069 Jan.18 1,898,090 i. Q3U8Q3 '44'3in 9 !1ij1l, 5o.1i9 y,042 .3.69,595 415,827 212,082 201,915 721,704 209,216 126,563 199,485 : 118,995 420,227 Jan.25 4,780,530 I; 363,609 Si!505,783 |358,236 406,154 209,362 196,096 702,984 200,870 : 123,472 192,650 113,077 408,237 LIABILITIES. I Capital paid in: Jan.4 103,203 7,936 27,114 ! 8,736 11,134 5,429 4,189 14,308 4,604 3,569 4,605 4,203 7,376 Jan. 11 103,204 7,936 27,114 i 8,736 11,134 5,430 4.191 j 14,308 4,604 3,569 4,599 4,203 7,380 Jan. 18 103,020 7,935 26,958 • 8,728 11,134 5,430 4.192 ! 14,312 4,606 3,569 4,575 4,201 7,380 Jan.25 103,067 7,936 26,958 ! 8,737 11,134 5,430 4,195 | 14,379 j 4,606 3,552 4,576 4,194 7,370 Surplus: Jan.4 215,523 16,483 60,197 ' 17,945 22,634 11,030 9,114 i 29,025 | 9,388 7,468 9,640 7,394 15,199 Jan. 11 215,398 16,483 60,197 ! 17,945 22', 509 11,030 9,114 I 29,025 9,388 7,468 9,646 7,394 15,199 Jan. 18 215,398 16,483 60,197 | 17,945 22,509 11,030 9,114 j 29,025 9,388 7,468 9,646 7,394 15,199 Jan. 25 215,398 16,483 60,197 ! 17,945 22,509 11,030 9,114 ! 29,025 9,388 7,468 9,646 7,394 15,199 Reserved for Government franchise tax: Jan. 4 416 18 : 123 34 34 43 49 | 39 23 23 25 Jan. 11... 853 53 i 123 I 51 103 81 128 i 124 76 26 83 Jan. 18... M 996 50 123 I 93 115 140 175 94 76 66 62 Jan. 25 1,332 97 95 i Ill 176 212 175 114 110 130 103 Deposits: Government— Jan. 4 68,307 4,687 16,906 5,767 2,230 2,099 7,299 11,400 2,742 2,395 4,625 2,421 5,736 Jan. 11 15,289 1,617 ! 2,426 1,459 725 659 2,073 628 1,445 130 1,527 945 1,655 Jan. 18 77,734 4,111 I 40,778 4,988 i 4,387 1,630 3,287 j 3,588 3,341 1,872 2,932 2,099 4,721 Jan. 25 95,915 10,169 46,920 6,481 4,661 3,361 2,294 | 7,7133,513 1,478 2,989 2,751 3,585 Member bankreserve account— Jan. 4 1,731,374 114,904 713,943 100,049 131,625 52,281 47,975 234,789 65,326 j 41,446 67,456 41,260 120,320 Jan. 11 1,735,563 110,768 ;708,588 101,180 134,836 53,371 45,126 239,477 65,564 42,248 68,517 42,978 122,910 Jan. 18 1,673,824 121,953: 651,480 102,515 127,763 53,739 43,864 230,459 66,297 ; 42,147 69,512 42,414 121,681 Jan. 25 jl,652,310 112,908 ,652,341 j 129,081 54,492 42,516 ; 223,781 65,176 ! 41,837 69,393 42,175 119,019 All other— Jan. 4 i 29,457 1,039 i 16,716 1,168 783 436 : 356 2,875 837 442 291 3,866 Jan. 11 26,055 934 I 12,575 1,203 751 428 . 334 * 2,322 779 . 448 604 299 5,378 Jan. 18 ; 33,337 812 , 15,652 1,242 804 449 ! 359 j 2,591 839 | 638 313 9,199 Jan. 25 : 30,578 852 j 13,030 1,112 796 482 i 413 | 2,500 738 ! 401 558 304 9,392 Total deposits: Jan. 4 1,829,138 120,630 747,565 106,984 134,638 54,816 55,630 | 249,064 68,905 44,283 72,729 43,972 129,922 Jan. 11 1,776,907 113,319 723,589 103,842 136,312 54,458 47,533 : 242,427 67,788 42,826 70,648 44,222 129,943 Jan. 18 1,784,895 126,876 707,910 108,745 I 132,954 55,818 47,510 j 236,638 70,477 44,458 73,082 44,826 135,601 Jan.. 25 1,778,803 123,929 712,291 107,184 134,538 58,335 45,223 ' 233,994 69,427 43,716 72,940 45,230 131,996 F. R. no i es in actu al circulation: Jan.4 2,405,316 200,425 663,073 196,866 212,472 105,793 120,193 ! 412,361 94,222 ! 56,674 68,577 35,226 239,434 Jan.11 2,293,799 188,326 626,329 188,024 206,712 102,199 116,233 I 388,914 90,139 ; 55,577 66,644 33,732 ! 230,970 Jan. 18 12,229,677 179,840 611,792 183,821 198,948 99,206 113,883 " 377,213 88,645 54,377 65,183 33,142 | 223,627 Jan. 25 2,184,001 171,760 605,082 179,666 195,471 97,113 112,355 ; 368,667 86,026 53,254 63,837 31,569 219,201 F. R. bank notes in j circulation—net liability: Jan.4.... 83, 880 6,591 I 20,516 5,975 5,772 3,466 ! 7,975 i 7,5123,926 i 4,206 10,495 2,680 4,766 Jan.11... 83,977 6,890 20,759 6,525 5,715 3,359 ! 7,488 i 7,594 3,950 ! 4,084 1 10,218 2,613 4,782 Jan. 18... 84, 878 7,221 l 21,556 6,874 5,721 3,243 7,183 j 7,555 3,983 | 3,978 10,016 2,608 4,940 Jan.25... 84,876 7,567 | 21,494 6,883 5,791 3,127 7,193 i 7,583 4.049 I 3,885 I 9,765 2,550 4,989 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JAN. 4 TO JAN. 25, 1922—Continued. LIABILITIES—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P e h lp i h la i - a. C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. M ap i o n l n is e . - | I K C a i n ty sa . s Dallas. F S r a a n ncisco. Deferred availability items: Jan.4 523,293 51,937 102,342 53,184 51,748 35,433 18,873 62,631 35,227 13,308 38,734 27,777 32,099 Jan.11 449,455 39,227 88, 349 42,286 38,329 36,072 16,551 49,182 30,205 12,016 i 35,666 25,987 35,585 Jan.18 463, 826 44,289 87,357 43,021 43,695 36,707 19,154 52,863 31,466 11,570 I 36,103 25,290 32,311 Jan. 25 397,763 35,105 76,604 37,310 35,830 33,627 17,108 45,249 26,697 10,413 • 30,986 20,555 28,279 All other liabilities: Jan 4 15,648 768 2,799 386 803 512 725 4,113 1,118 867 1,596 1,153 .Ian. 11... 15,729 751 3,151 422 827 487 725 4,097 591 1,087 837 1,549 1,205 Jan.18 15,400 745 3,149 368 751 508 704 4,004 575 1,077 818 1,534 1,167 Jan.25 15,290 732 3,062 400 705 488 733 3,973 567 1,054 | 797 1,585 1,194 Total liabilities: Jan.4 5,176,417 404,788 1,623,729 390,110 439,235 216,522 216,748 779,053 217,103 I 130,649 j 205,678122,848 429,954 Jan. 11 4,939,322 372,985 1,549,611 367,831 : 421,641213,116 201,963 735,671 206,741 126,653 = 198,341 119,700 425,069 Jan.18 4,898,090 383,439 1,519,042 369,595 415,827 212,082 201,915 721,704 209,216 I 126/563 ! 199,485118,995 420,227 Jan.25 4,780,530 363,609 1,505,783 358,236 i 406,154 209,362 196,096 702,984 200,870 j 123,472 , 192,650113,077 408,237 MEMORANDA. Ratio of total re- : serves to deposit and F.R. note liabilities combined, | per cent: Jan.4 j 71.1 80.1 79.3 74.1 69.9 42,0 42.2 70.3 66.1 59.0 51.3 45.5 ; 76.8 Jan. 11 ! 74.7 76.8 86.9 75.8 70.5 45.0 44.3 73.6 71.6 61.8 : 53.9 42.4 j 79.1 Jan. 18 ...; 76.0 77.7 87.6 75.6 74.6 45.9 48.7 72.8 ; 73.3 64.2 ' 59.2 47.3 I 81.6 Jan. 25 77.2 76.8 73.3 78.7 46.7 51.5 72.9 I 76.1 64.4 i 63.5 48.1 I 80.7 Co o n n t i b n i g ll e s n p t u l r i c a h b a il s i e ty d i II for foreign correspondents: I Jan.4 , 32,304 2,336 12,048 ! 2,560 , 2,624 • 1,568 ! 1,152 3,808 1,504 864 1,536 j 832 , 1,472 Jan.11 ' 32,292 2,336 12,036 2,560 ! 2,624; 1,568 1,152 3,808 1,504 864 . 1,536 1,472 Jan. 18 1 32,284 2,336 12,028 '• 2,560 2,624 1,568 1,152 3,808 1,504 864 j 1,536 ! 1,472 Jan.25 ! 32,263 2,336 12,007 I 2,560 2,624 \ 1,568 1,152 3,808 1,504 | 864 1,536 832 1,472 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY TEE 12 FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] Within 15 16 to 30 31 to 60 61 to 90 Over 90 Total. days. days. days. days. days. Bills discounted: Jan.4 1,112,567 654,126 Ill, 915 167,695 118,138 60,693 Jan.11 987,494 569,318 95,071 152,155 110,092 60,858 Jan.18 913,822 522,081 92,021 146,787 93,756 59,177 Jan .25 850,173 480,944 86,170 143,918 83,947 55,194 Bills bought in open market: Jan.4 126,865 31,520 19,529 6,173 14 Jan. 11 86,754 32,210 25,621 16,773 12,147 3 Jan. 18 94,945 50,678 19,965 14,573 9,384 345 Jan.25 82,709 46,045 16,316 12,833 7,346 169 United States certificates of indebtedness: J an.4 182,435 5,719 2,500 12,541 28,634 133,041 Jan. 11 167,040 2,000 17,377 21,223 126,440 Jan.18 166,847 11,013 415 12,971 3,810 138,638 Jan.25 184,278 1,150 4,364 20,765 8,501 149,498 Municipal warrants: Jan. 4 379 211 26 142 Jan.11 385 184 150 51 Jan.18 216 6 140 51 Jan.25 206 2 141 50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 239 FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, JAN. 4 TO JAN. 25, 1922. []n thousands of dollars.] Total. Boston. Y N o e r w k. P p d h h e i i l l - a a . - C la le n v d e . - n^ond. j ! Atlanta-i I C hicaS<\ ! Lo S u t. is. M ap i o n l n is e . - K C a i n ty sa . s Da!las. c F S i r s a a c n n o. - 1- Net amount of F. R. notesrecei ved from Comptroller of the Currency: Jan. 4 3,631,389 318,748 1,144,595 27.1,451 273,088 141,572 199,896 594, 795 139,923 69,308 160 ! 59,306 335,547 Jan. 11 3,611,486 314,240 1,154,462 266,71.9 I 269,007 139,669 196)816 587,770 137,356 67,527 724 ! 58.540 333,656 Jan. 18 3,571,248 309,809 1,153,185 261,978 265,642 \ 136,742 194,203 577,500 135,242 66,817 912 j 57,761 328,457 Jan. 25 3,530,013 305,568 1,147,428 256,629 260,523 134,0(52 193,441 568, 68(5 133,ISO 65,633 56,868 323,438 F. It. notes on hand: Jan. 4 845,275 98,340 322,910 48,400 ; 34,900 25,119 73,251 1.39,040 26,060 9,390 I 000 ! 20,125 39,740 Jan. 11 878,625 .103,380 336,290 53,360 ; 36,300 24,639 73,656 141,280 26,060 9,200 I 440 i 21,180 41,840 Jan. 18 901,851 .109,680 342,990 52,560 ! 38,700 29,715 74,891 . 148,280 26,060 9,495 ! 440 21,400 39,640 Jan. 2o 925,056 123,690 342,990 51,160 . 38,700 29, 715 74,826 155,280 25, 460 8, 755 i 440 j 21,400 39,640 F. R. notes out- | standing: Jan. 4 2,78(5,114 220,408 821,685 223,051 238,188 j 116,453 126,645 i 455,755 113,863 59,918 ! 75,160 39,181 I 295,807 Jan.1L 2,732,861 210,860 818,172 213,359 232,707 ! 115,030 123,160 ! 446,490 111,296 58,327 7"4•) 2~84" ', 37,360 ! 291,816 Jan. 18 2,666,397 200,129 810,195 209,418 I 226,942 i 107,027 119,312 ". 429,220109,182 57,322 72,472 ! 36,3(51 ! 288,817 Jan. 25 2,604,957 1.81,878 804,438 205,469 ! 221,823 104,317 118,61.5 | 413,406 107, 720 06,878 7.1,117 i 35,468 ; 283,798 Collateral security : j forF. It. notes outstanding: Gold and gold ! certificates— Jan.4 349,012 5,600 296,924 18,375 2,400 5,9(50 13,052 ! j 6,701 Jan. 11 349,013 5,600 296,925 18,375 2,400 5,960 13,052 i i 6,701 Jan.18 349,013 5,600 296.924 18,375 ! 2,400 5,9(50 13,052 ! 6,702 i Jan. 25 349,0.13 5,600 296.925 18,375 j 2,,40J0 ! , b, 960 13,052 6,701 i Gold redemp- | tion fund— Jan.4 120,962 17,761 34,986 12,195 j 11,875 2,758 15,055 4,858 1,045 1,403 i 2,801 13,648 Jan.11 120,434 13'253 j 34,703 12,462 ",11,695 ! 2,655 3', 497 I.1.5,791 2,291 1,264 2,227 3,035 17,561 Jan. 18 128,523 18,822 | 34, 490 12,721 I 14, 430 : 2, 729 4,884 '15,521 4,177 2,054 2,415 . 2,256 14,024 Jan. 25 127,943 14,581 • 34,205 12,372 " 13,811 i 3,049 3,121 : 15,706 4,115 2,870 3,060 ' 3,363 17,690 Gold fund—F. I i It. Hoard— Jan. 4 L, 432,938 145,000 321,000 39,000 | 312,645 56,100 2,200 27,360 2,234 . 207,715 Jan. 11 1,441,114 150,000 i 351,000 140,389 ' 145,000 j 34,295 34,000 • 302,644 59,100 9,200 25,360 : 2,234 j 200,892 Jan. 18 1,471,121 140,000 i 381,000 135,389 j 140,000 31,295 38,000 , 302,644 56,600 9,200 25,360 ! 1,484 213,149 Elig J ib a l n e . p 2 a 5 per— 1,462,836 140,000 i 381,000 1 1 3 3 5 0 , , 3 3 8 8 9 9' I . i 1 1 4 4' 0 0 , , 0 0 0 0 0 0 2 3 8 1 , , 2 2 9 9 5 5 45,000 I 293,644 62,000 9) 200 24,360 " 1,484 204,464 Amount required- Jan. 4 883,202 52,047 j 168,775 70,467 62,938 79,400 82,668 128,055 46,945 43, 621 46,397 27,445 74,444 Jan. 11... 822,300 42,007 j 135,544 65,508 62,637 81,080 83,263 128,055 43,945 34,811 46,697 25,390 73,363 Jan. 18... 7.17,740 35,707 97,781 61,308 i 54,137 76,003 74,028 111,055 42,445 33,016 44,697 25.919 61,644 Jan. 25... 665,165 62,708 : 49,637 70,003 68,094 104,056 35,645 31,756 43,697 23.920 61,644 Excess am o u n t held— Jan. 4.... 311,981 13,381 63,001 14,970 : 54,122 I 12,360 1.1,467 68,560 13,147 3,228 24,186 19,668 ; 13,891 Jan. IL... 205,169 8,820 28,875 3,339 50,236 : 5,168 636 i 44,8(53 8, 732 8,068 18,841 23,849 ! 3,742 Jan. 18... 246,800 14, 862 62, 737 3, 759 40,863 i 10,05S 5,611 ! 48,867 8,109 8, 732 15,583 20,420 ! 7,169 Jan. 25... 237,833 26,435 40,671 12,563 33,604 15,743 5,793 i 46,107 10,242 8,800 9,980 22,029 j 5,866 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. CONDITION OF MEMBER BANKS IN LEADING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM DEC. 28,1921, TO JAN. 18, 1922. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [Amounts in thousands of doilars.] Phila- Cleve- : Rich- At- Chica- St. Minne- Kan- San Total. Boston. del- land. ! mond. lanta. go. Louis. apolis. sas Dallas. Franphia. City. cisco. Number of reporting banks: j Dec. 28 110 85: 112 80 51 f>4 Tan.4 109 85i 111 80 52 67 Jan. 11 109 85. 111 79 53 67 Jan. 18 109 85! 110 7Q fV3i 66 Loans and discounts, including bills rediscounted with F. R. Bants: Secured by U. S. Government obligations— I Dec. 28.... ! 512,520J 30,433 199,233 51,519 50,418 20,294 16,470! 66,270 18,879 11,712 16,513, 6,272: 24,507 Jan.4 498,405' 29,057 193,177' 50,928 49,9431 20,113 17,436| 64,270 18,079 10,803 16,380l 6,395 21,824 Jan. 11 475,383 26,226 180,818 48,306 48,958! 19,458 15,363! 6"6-,1"7•4 17,004 10,176 15,921; 5,863 21,116 Secu J r a e n d . 1 b .8 y stocks and 470,439. 29,079 180,160 47,441! 46,915' ! 18,721 14,393; 64,786 16,905 15,518. 5,681 21,006 bonds (other than U. S. Government obligations)— Dec. 28 i 3,165,48i 208,705 J, 408,286J 199,543 332,046 105,711 51,291! 451,127 124,982 31,926 66,532 38,102 147,230 Jan. 4 , 3,184,299 207,233:1,433,007! 203,802 332,548; 108,311 52,447! 439,794 124,099 32,077 65,642 37,960i 147,379 Jan. 11 3,152,647 210,296 1,407,448 204,021 326,855' 108,607 5"2 ,4"7•4'!• 436,016 123,573 32,019 64,767 39,825! 146,746 Jan. 18 ' 3,106,892 213,437 1,376,811 201,322 321,619 108,626 53,338i 438,225 122,151 32,435 65,794 39,752 135,382 Allother— jj ! Dec. 28 j 7,542,233!! 570,223 2,462,747 326,617 617,177 324,570 311,1591,080,293 302,789 216,278 371,486 200.897 757,997 Jan. 4 7,523,065 | 563,770 2,487,752 326,293 618,586 321,243 309,077.1,086,584 299,792 21.2,357 369,647 193; 141! 734,823 Jan. 11 : 7,478,399|. 558,928 2,486,286 323,626 617,835! 318,256 303,1301,074,515 300,157 211,742 362.91.1 192,574. 728,439 Jan. 18 7,437,827 j 558,022 2,481,477 316,344 614,610 314,668 295,398,1,069,90 296,727 206,925 357;265 192,992 733,495 Total loans and discounts, including bills rediscounted with F. R. Banks: Dec. 28 ill, 220,234 809,3614,070,266: 577,679 999,641! 450,575 378,920|l,597,690 446,650 259,916 451,531! 245,271 929,734 Jan .4 Ill, 205,769- 800, 4,113,936; 581,0231,0,00011,,007777:! 449,667 378,0601,590,648 441,970 255,237 451,669 237,496 904,026 Jan. 11 ll,106,429! 79»55',,4 45510 4,074,552|575,953 993,648i 446,321 370,967,1,576,705 440,734 253,937 443,5991 238,262 896,301 Jan. 18 :11,015,158 i 800, o53r8 44,,038,448. 565,107 983,144 442,015 363,129! 1,572,915 435,783 249,194 436,577' 238,425 U. S. bonds: |; Dec. 28 950.270JI 44,993 363,991 47,623 11.4,031 61,219 29,483 78,894 26,945 14,760 33,000 34,100 101,231 Jan.4 950;i4oli 45,391 364,3791 46,697! 112,990 60,612 28,584 78; 633 26,884 15,859 32,746 34,283 103,084 Jan. 11 1 960,670il 46,801 374,215s 47,35o! 115,728 60,742 27,610 78,390 26,898 16,052 32', 667 33,952 100,260 Jan. 18 ' 987,495!| 47,889 391,446J 4S,079j 117,501 61,185 27,177 78,279 27,155 18,43; 34,657 34,0231 101,671 U. S. Victory notes: :l Dec. 28 170,639!; 2,743 88,474J 12,228! 15,283 2,374 1,121 25,583 1,973 405 4,0701 15,198 Jan.4 1.72,36811 2,706 89,019! 12, 103 14,865 2,436 1,104 28,806 2,173 373 3,685 13,900 Jan. 11 179,915-i 2,6801 96,735| 12,7631 14,815 2,257 1,013 28,120 2,656 374 3,657 13,627 Jan.18 189,302! | 3,798 104,623! 14,835| 15,618 1,996 1,260 24,834 3,129 858 3,392 13,733 U. S. Treasury notes: i Dec.28 ! 125,559J I 4,446 87,788; 5,034 2,601 4,473 8,25' 470 1,449 824 9,495 Jan.4 128,491!, 3,978 91,448| 4,873 2,695 4,114 7,901 549 1,208 520 9,608 Jan. 11 1.27,545,1 4,108 90,201! 4,862 2,763 4,660 7,514 548 1,217 517! 10,049 Jan. 1.8 120,391 j I 4,597 82,675" 5,156; 2,575 4 8,241 547 1,208 517 10,04.9 U. S. certificates of indebted- i ness: Dec.28 -• 222,855j! 9,891 122,531 10,741 14,322 4,505 1,998 25,554 3,960 4,708 4,011 3,290 17,344 Jan. 4 218,, 296|,i. 9,375 123,130! 10,209 13,384 3,332 1,797 23,013 4,781 4,874 5,194 3,217 15,990 Jan.. 11 1 211,104.! 8,520 129,925: 8,552 8,869! 2,655 1,563 18,812 4,931 4,511 4,468i 3,333 14,965 Jan. 18 i 203,764'j 8,227 128,741! 7,839 8,337 2,698 1,549 16,479 4,669 4,149 3,640 3,285 14,151 Other bonds, stocks, and I! securities: Dec. 28 2,090,025!! 140,13. 730,257. 162,447! 266,642 49,861 33,571 380,098 69,550 21,479 49,115 9,444 177,426 Jan.4 2,098,071" 139,540 735', 180l 161,697 269', 228 48,840 36,414 381,674 69,979 21,253 48,999 9,269 173,998 Jan. 11 2,095,6731; 141,209 733,853! 164,781 267,165j 48,5801 36,073 382,106 69,270 21.181 48,184 9,620 173,651 Jan. 18 2,094,853 i 143,1.68 733,411! 164,696 267,8"1 4 4AC8 ,4A7VI0V| "3"5,325 381,310 69,468 20; 897 47,"" 9,082 173,526 Total loans and discounts and investment, includ- I ing bills rediscounted with F. R. Banks: Dec.28 14,779,582 1,011,569 51,,463,307: 815,7521,412.520 573,007 445,093 2,116,076 549,548 302,717 545., 551 294,014 1,250,428 Jan. 4 14,771,140s 1,001,053 o>\, 517,092i 816,602;l,414;239 569,001. 447,734 2,11.0,675546,336 298,804j 542; 813 286,18511,220,606 Jan. 11 14.681,336 998,768i, 4.99,481| 814,266JJ ,403,018 565,215; 4.37,351 2,091,647 545,037 297,2721533., 092 287,33611,208,853 Jan. 18 14,610,963 11,008,221177 5,479,344! 805,712!l,394;989 560,4521 428,440|2,082,058 540,751 294,739. 526.' 469 286,779 1,203,013 Reserve with F. R. Banks: Dec. 28 1,267,107! 75,603 627,680 59,086 81,268' 32,136- 28,5441 170,578 41,118 17,387! 39,066; 21,215 73,426 Jan.4 1,314,021 79,360 656,802 43,421 17,9911 39,120 19,965| 80,593 Jan. 11 1,325,4191 75,261 650,235; 43,354 1.8,457 39,6331 21,413! 82,218 Jan. 18 1,267,135 86,339 595,381 44,057 18,7061 40,514! 20,71 82,103 Cash in vault: J I Dec. 28 339,7991! 24,729 111,430! 18,9391 33,695 16,668; 10,373 58,383 7,0691 13,720! 10,479 26,236 Jan.4 326,748=1 22,629 104.2841 16,842 32,493 15,844! 11,382 59,314 6,996! 12,598! 10,553i 25,242 Jan. 11 315,985!i 22,039 103', 5131 15,832 31,187 15,673, 10,020 55,723 7,330 12,717 9,733 24,388 Jan. 18 288,2381 19,719 91,908' 15,447 28,732 14,598! 9,124 51,520 6,349 11,717 9,076; 22,814 Net demand deposits: 11 Dec. 28 10,174,437! j 731,989 4,679,857 612,797! 754,192 296,832 213,5281.,,246,541 300,497 172,473 371,784 192,069! 601,878 Jan.4 10,416,4671 754,563 4,821,032 624,324; 760,912 308,082 225,444 I..,277,555 306,058 175,599: 369,814 191,714!. 601,370 Jan. 11 10,427,495; 749,974 4,804,703' 625,935! 763,051! 310,038 224,076 L.,292,478 312,203i 177,501; 367,133 190,928, 609,475 Jan. 18 10,331,732 I 766,074J4,721,69ll 623,309' 763,6101 305,712; 221,8941,269,6431 310,0511 178,428' 367,634 193,6451 610,041 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL, RESERVE BULLETIN. 241 PRINCIPAL RESOURCES AND LIABILTIES OF MEMBER BAN^S IN LEADING CITIES ON WEDNESDAYS, FROM DEC. 28, 1921, TO JAN. 18,1922—Continued. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued. [Amounts in thousands of dollars.] Total. , Boston. Y N o e r w k. P d h e il l- a- C la le n v d e . - m R o ic n h d - . la A nt t- a. phia. Time deposits: Dec. 28 2,998,213' 180,480 473,236 45,648 418,645 126,591 140,463 Jan.4 3,011,212; 180,866 472,429 46,221 427,088 128,136 144,186; Tan.11 3,019,481 181,957 481,97r 46,360 425,969 128,904! 142,897 Jan.18 3,017,618! 182,9561 477, 46,790 426,409 130,624. 142,7441 Government deposits: Dec. 28 257,073! 19,239 99,691i 26,290 27,336 7,780^ 6,914 Jan.4 256,930 19,339! 99,6911 , 27,692! 7,770^ 6,610! Jan. 11 238,573 17,6591 92,990i 26,290 26,00l| 7,223, 6,280 Jan. 18 186,084 14,176 73,345! 24,713 20,658 5,6491 4,956 Bills payable with F. R. 17,701 Banks: Secured by U. S. Government obligations- J D a e n c. . 4 28 2 2 5 6 8 1 , , 6 2 5 1 6 4 5 8 , , 5 3 7 5 7 8 1 12 1 9 5 , , 2 6 2 0 3 3 j 2 2 7 0 , , 3 33 3 3 3 ! , 2 1 2 9 , ,7 9 7 8 5 9 ! 2 1 2 9 , , 9 1 4 62 3 | ' 8 8 , ; 413 Jan. 11 227,4581 6,161 107,129' 19,803i 21,599' 18,463 6,353 Jan. 18 198,403! 4,912 84,652| 19,639! 18,302 19,617 5,652 All other- Dec. 28 2,302' j 27 Jan.4 1,314, .1 27 35|. Jan. 11 1 138!. .! 27j Jan. 18 ; 1,068 "266;." Bi B ll a s n re k d s i : scounted with F. It. •; 27: Secured by U. S. Government obligations- Dec. 28 34,326 2,058i 9,357; 2,645 1,262 4,002' 2,074 Jan.4 28,783i 3,002'i 2,173! 9,723:' 1,744| 1,223| 3,222j 499 Jan. 11 20,773! 1,292! 236; 7,541 2,251 1,073 2,671 599 Jan. 18 17,372j 889! 179| 5,861j 2,010, 1,341 j 2,294| 490 All other- Dec. 28 402,937; 33,880J 60,769 13,334; 56/477 31,550 32,773' 12,235 28,015 '03| 20,747 Jan.4 355,594| 23,888 35,805 13,4751 58,344i 28,766! 31,594i 9,349 28,284 8; 170! 22,923 Jan. 11 281,138' 14,885j 25,9091 6,450' 55,650 26,220i 25,185' 5,400! 25,952 8,759! 16,181 Jan. 18 250,9831 18,047 Qf\ QAQ' 7,067 43,610i 24,466 21,8791 5.271! 22,621 6,572j 11,315 I MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. [Amounts in thousands of dollars.] Number of reporting banks: Dec. 28 277 26 68 10 51 15 Jan.4 275 26 67 101 50, 15 Jan. 11 275 26 67 10' 50 15 Jan. 18 275: 26 67 10: 50: 15 Loans and discounts, including bills rediscounted j with F. R. Banks: Secured by U. S. Gov- i ernment obligations- J J D a a e n n c . . . 4 1 2 1 8 , 3 3 3 3 6 4 1 0 8 , , , 1 1 3 2 6 0 4 1 7 . ' 2 2 2 4 1 5 , , , 6 1 3 4 0 5 7 4 0 1 1 1 7 7 6 3 9 1 , , , 4 6 5 4 2 7 5 6 7 4 4 4 7 5 8 , , , 8 3 4 5 8 7 7 5 0 1 1 13 4 4 , , , 4 9 9 9 4 0 7 0 9 1 l , 4 4 4 , , , 5 8 5 6 6 6 8 4 2 ! ! ! 1 1 2 , , , 9 0 4 0 6 0 4 5 5 8 1 0 , , , 6 0 2 5 7 4 8 2 2 ! ! ' 1 1 1 0 0 1 , , , 8 5 1 9 8 3 9 8 9 6 6 6, , , 4 8 6 8 4 0 1 9 4 5 5 5 , , , 4 3 5 2 2 8 9 4 8 1 1 1 , , , 4 5 5 9 9 8 6 4 0 1 7 7 0 , , ,0 5 7 3 9 6 3 8 2 Jan. 18 331,055 24,306 161,251 44,566 12,989| 3,963 1,931 50,255, 10,649 6,347 5,264 1,501 8,033 Secured by stocks and bonds (other than U. S. Government obliga- l tions)— 1 Dec. 28 "I2,280,639: 162,4691,244,2031 179,401 131,418 15,192! 9,400 331, 46 93,015 13,786 21,620 68,220 Jan.4 !2,300,030 I 160,9641,269,238! 183,838 132,489 16,002 9,865 319,257: 92,348 13,952 21,020 10,253 70,804 Jan. 11 12,263,320:, 163,304| 1,238,452 183,231 129,535 15,361 9,935 316,276: 91,891 13,872 20,805 10,354 70,304 Jan. 18 i2,224/908|| 167,4581,208,323| 180,119| 127,498 15,584| 9,724 320,200 90,957 13,974 20,649 10,165 60,257 All other— I Dec. 28 j4,786,318,1 434,8812,173,301; 292,689 257,839 62,082 52,604 680,291; 180,278 100,870 132,759 49,618 369,106 Jan.4 14,788,4061; 430,066,2,198,287 292,947 262,224 61,520| 50,479 688,019; 177,239 100,151 132,612i 48,712 346,150 Jan. 11 j4,764,795: 423,182j2,197,223 291,117 264,530 61,430 50,872 678,872: 178,311 98,807 128,665) 47,217 344,569 Jan. 18 14,755,836j! 422,849-2,195,551i 284,893 263,681 60,875i 49,843 678,656. 176,224 96,428 125,833! 47,789 353,214 Total loans and discounts, I i i including bills rediscounted with F. R. Banks: : Dec. 28 17,427,118' 622,497 3,597,13o! 520,560 404,197 82,138 63,913 1,062,079' 284,192 121,505 159,967! 61,581 447,359 Jan.4 7,436,743| 615,634!3,640,970; 524,642 409,622 82,090 62,3441,055,9341 280,726 120,707 159,061! 60,461 424,552 Jan. 11 :7,359,239 607,836:3,597,252 519,733 407,562 81,353 62,75; ,046,220 280,790 119,160 154,794; 59,151 422,635 Jan. 18 !7,311,7991 614,613!3,565,125j 509,578 404,168 80,422 61, 49-81.,049,111 277,830 116,749 151,746| 59,455 421,504 U. S. bonds: ; Dec. 28 ! 504,851 13,245! 315,821 33,979 11,291 6,832 4,320 22,334 11,427 4,174 11,634; 8,166 61,628 Jan.4 506,333 13,6421 316,392 33,040 10,736 6,869 4,231 22,151 11,439 4,279 10,476! 8,166 64,912 Jan. 11 ! 516,931 14,876| 325,978! 33,704 12,700 6,869 4,186 21,734 11,410: 4,396 10,5201 7,870 62,688 Jan. 18 : 537,451 15,966! 342,569 34,409 12,737 6,800 4,311 21,488 ll,447j 4,295 12,273| 7,873 63,283 U. S. Victory notes: i Dec. 28 111,631 356 80,352 10,182 6 5 11,027 903 137 1,352 81 6,941 Jan.4 ' 115,136 419 80,981 10,041 250 6 5 14,457 1,017 137 955 81 6,787 Jan. 11 ; 123,287 388 88,736 10,699 250 6! 5 13,860| 1,408 137 989 81 6,728 Jan. 18 ; 132,025 1,502 96,602| 12,789 260 5 10,717 1,712 934] 112 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS^IN LEADING CITIES ON WEDNESDAYS, FROM DEC. 28, 1921, TO JAN. 18,1922—Continued. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [Amounts in thousands of dollars.] Total. Boston. Y N o e r w k. phia. m R o ic n h d - . la A n t t - a. Ch g i o c . a- Lo S u t. is. M ap i o n l n is e . - ! K C s i a a t n s y - . Dallas. c F S i r s a a c n n o - . I U. S. Treasury notes: Dec. 28 95,064!! I,1 83,146 4,400 573 347| 3,311 300. 27 945 Jan. 4 97,953 i 1,994 86,806 4,239 571 2i 3,193 21 1,090 Jan. 11 97,731' I 2,13S 85,808 4,228| 571 2; 125 2,976 286 1,567 Jan. 18 90,279- 2,137 78,282 4,522: 571 I1 3,024 27 1,685 U. S. certificates of indebtedness: Dec. 28 168,77: V 6,183 116,234 9,863 1,605 721 931 16,720 3,327 795; 922 1,528 9,944 Jan.4 167, 143! 5,935 117,628 9,396 1,489 448 741 14,318 4,244 791.! 2,1171 1,460 8,576 Jan. 11 .106, 199 5,018 125,127 7,782| 1,114 446 741 1.0,042 4, (JOS 498| 1,396; 1, 576 7,821 Jan.J8 159,580 4,677 123,794 7,069| 853 445 741 8,544 4,343 130' 548!. 1,518 6,918 Other bonds, stocks, and i securities: Dec. 28 1,156,442!' 65,328 553,742 131,728 59,254 3,773' 3,456 171, 943 44,451 9,0441 11,536! 1, 518 100,609 Jan.4 1,157,945' 64,648 559,198 129,846 59,6/8 3,591 3,319 172,933 45,577 8,729, 11,336; .1,549 97,541 Jan.11 1,] 56,378.1 65, 898 556,238 132,351 59,868 3,545 3,236 173,538 44,728 8,6041 11,158! 1, 546 95,668 Jan. 18 1,1.57,428!! 67,320 556,644 131,854 59,238 3,619J 3,206 172,428 45,161 8, 528! 10,783 • 1,412 97,235 Total loans and discounts and investments, including bills rediscountcd with i F. R. Banks: Dec. 28 9,463,879| 709, 592 4,745,425 710,712! 477,209 93,817 72,625 1,287,414 344,332 1.35,655!185,711! 72,901 627,486 Jan.4 1 9,481,253! i 702,272U 801,975 711,204: 482,346 93,006 70,640' 1,282,986j 343,034 134,643 183,945 71,744 603,458 Jan. II 9,419,765, 696, L84j4, 779, .139 708,4971 482,065 92,221 71,046,1,268,370 342,974 132,795!178, 857 70,51.0 597,1.07 Jan.18 9,288,562lj 703,215 4,763,016 700,221 477,827' 91,293 69,761 ll, 265,312 340,522 130,091;176,284 70,397 597,623 Reserve with F. R Banks: j Dec.28 939,22 81: 60,892 582,432 52,6771 24,640 5,503J 4,247i 121,635 29,673 6,7001 14,945 5,186 30,708 Jan.4 981,199: i 64, 21.3 612,580 55,948 23,566 4,576' 4,787. 126,609 32,706 8,720! 12,9.14 4,301 33, 273 Jan. 11 981,4l9j 60,276 60-4,611 57,324 26,082 5,205j 5,297! 128,164! 32,123 8,907 i 12,156 4,813 36,461 Jan. 1.8 935,604;! 71, 242 552, 507 58,264 21,890 5,692; 5,689." 121,081 32,929 8,931! 15,216 5,168 36,995 Cash in vault: Dec. 28 196, 1.32 ! 14,956 97,208 15,392! 8,874 1,489: 1,750, 35,387 4,017 2,340; 3,205 1,773 9,731 Jan.4 184,915"|. 12,961 90,000 13,543 8,30.11 1,131.! 2,324! 36,254J 4,153 2,288, 2,699 1,577 9,684 Jan.11 178,711.! 12,247 90,199 12,975 8,018 1,107, 1,937, 32,760, 3,691 2,310; 2,625 1, 587 9,255 Jan.18 161,193!" 10,808 79, 734 12,436 7,212 983; 1,640| 30,587| 3,407 2,117J 2,611 1, 515 8,143 Net demand deposits: Dec. 28 7, 208,658, 572,791 j4, 216,994532,819 186,586 47,403' 33,306| 863,050| 207,331 78,568! 136,654 50,033 283,123 Jan.4 7,390,077'! 587,812 4,350,255 543,796 185,812 48,22i; 37,060! 887,357 210,923 82,202! 133 067 50,648 272,924 Jan. 11 7,389, 178.; 585,064 4,328, 718546,704 188,780 47,813! 37,929! 895,412 218,382 83,476! 131,789 49,340 275,971 Jan. 18 7,3l.2,035|.. 602,102 4,252,409 544,067 188,505 48,304; 37,083| 875,294 216,192 83,416; 133,716 50,022 280,775 Time deposits: Dec. 28 1,404,850;- 72,685 301,517 30,277 225,785 22,860! 23,699i 313,413, 87,784 27,609- 13,967 7,338 277,926 Jan.4 1,406,9931 i 72,524 300,689 30,608! 233,518 23,058! 21,586! 314,846' 89, 591 27,849! 13,990 7,221 271,513 Jan.II 1,411,919,. 73,042 306,479 30,682! 231,799 23,160: 21,631 313,346j 89,584 28,033' 13,789 7,322 273,052 Jan. 18 1,405, 217J 73, 576 299,067 30,941! 232,435 23,441! 21,650 313,398 89,813 27,087j 13,897 7,423 272,489 Government deposits: Dec. 28 195,078! 15,807 93,423 25,034J 5,151 2,730! 1,795 25,000 5,232 3,6411 5,275 4,662 7,328 Jan.4 194,8931 15,907 93,423 25,034! 5,151 2,730. 1,795 25,000 5,232 3,641 j 5,275 4,377 7,328 Jan.11 180,426! 14,450 87,049 23,619 4,867| 2,580 1,603 22,325 4,751 3,374! 4!, 976 4,238 6,594 Jan. 18 ' 139,811'. 11,646 68,574 16,988 ~ ~ 2,064 1,236 16,512 3,644 2,647^ 3'., 972 3,717 4,943 Bills payable with F. R. I Banks: Secured by TJ. S. Gov- I em D i e n c e . n 2 t 8 o bligations— ; ! 148,78f)ii 91,830 23,930 5,317 3,561 520 2,505 4,829 60 2. 585 9,050 Jan.4 - 155,448, 3,852 107,030 17,083 5,262: 2,646 480 5,369| 2,702 105, 4j 139 6,780 Jan.11 ' 129,746 ! 4,011 86,680 16,593 4,065 2,891 250 2,022 1,351 114 31 Ji- 8,350 Jan. 18 j 107,296'i 3,207 67,930 16,443 ~ ~" 2,799 260 1,102 1,174 gs! 2; 922 7,875 All other— : Dec. 28.... 180; Jan.4 1 18O. 180! Jan.11 ' 157 157| Jan. 18 1 57 57 Bills rediscounted with F. j R. Banks: j Secured by TJ. S. Gov- \ ernmont obligations— j Dec. 28 22,422 1 3,816 1,724 9,357 2,025 89! 3,071 141 150 599 1,450 Jan.4 ! 18,992N 2,71.7 1,813 9,723 1,083 9 2,951 101 138 457 Jan. 11 j 12,330 i 1,008 7,541 1,478 11 1,727 63 16 382 104 Jan. 18 !• 10,021 ! 662 5,861 1,362 74j 1,525 50 8 375 104 All other- Dec. 28 i 219,896 32,255 37,725 12,904 39,405 3,472 2,258 44,082 10,529 8,682 14,333 1,631 12,620 Jan.4 182, 216 i 22,488 15,939 13,211 43,221 2,817 2,210 36,490 9,479 6,717 14,116 1,544 13,984 J J a a n n. . 1 1 1 8 1 ' 1 1 3 2 0 1 , , 2 1 5 7 9 9 ! j 1 17 3 , , 2 6 0 8 6 0 1 1 0 6, , 0 1 4 6 1 1 6,322 4 3 2 3 , , 7 2 6 2 6 6 2 2 , , 6 5 2 0 6 8 2 2, , 1 2 0 7 6 0 2 1 1 7 , , 0 5 7 6 6 7 4 3 , , 0 5 3 4 1 2 3 2 , , 3 9 1 8 2 5 1 u >3,150 1 1 , , 4 2 5 8 5 5 9 5 , , 4 9 1 5 0 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 243 BANK DEBITS. the three years shows for the month of January as a whole a pronounced recession in the Volume of business remained steady at about volume of debits. $8,900,000,000 for the three weeks ending January 4, 11, and 18, but declined sharply to DEBITS TO INDIVIDUAL ACCOUNTS $7,551,000,000 for the week ending January 25.1 The trend was markedly different from REPORTING CL A E T A B R A IN NK G S H SN OUSE CENTERS that recorded for the corresponding period in DEBITS FOR 1921 -"DEBITS FOR 1922 1921, but quite similar to that shown in 1920. ( iN BILLIONS OF DOLLARS ) In 1921 the second week, ending January 12, saw a precipitate decline of over $2,000,000,000 in volume of business, while in 1920 and 1922 that week showed only a nominal decrease. The third week witnessed each year the usual mid-month business swell, and the fourth week each year marked a recession of business compared with the third. It is apparent that the volume of end-of-year payments at the turn of 1920-21 was exceptionally heavy, resulting in an extraordinarily large volume of bank debits for the first report period in 1921, with 1 AND 2: BANKS IN NEW YORK CITY , I a consequent heavy drop in the following week. 3 AND 4= BANKS IN ALL REPORTING CENTERS End-of-year expansion of business and the subsequent contraction were much more moderate at the turn of the years 1919-20 and 1921-22. Notwithstanding the differences in the trend of business just discussed, each of __L_| L_! _!-L- L-L... 1 The volume of business as measured by debits to individual accounts BANKS OUTSIDE OF NEW YORK CITY I reported to the Federal Reserve Board for banks in 160 centers. Jan. Feb. Mar. Apr. May June July Aug. Sent. Oct. Nov. Dec. DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS. SUMMARY BY FEDERAL RESERVE DISTRICTS. [In thousands of dollars.] 1922 1921 Week ending— Week ending- Number of centers Jan. 4. Jan. 11. Jan. 18. Jan. 25. Jan. 5. Jan. 12. Jan. 19. Jan. 26. included. Boston 14 504,563 484,233 540,467 419,118 635,852 491,130 532,851 443,320 New York 7 4,806,781 4,864,365 5,002,491 4,138,016 5,894,590 4,525,613 5,025,651 4, Philadelphia 11 415,953 397,187 383,337 348,601 476,830 397,312 394,259 372,044 Cleveland 14 601,810 499,786 452,844 428,188 792,635 596,067 581,836 539,268 Richmond 9 237,356 209,188 189,318 170,082 256,125 218,125 208,751 196,456 Atlanta 15 208,405 198,242 179,826 163,989 252,272 214,318 192,064 203,507 Chicago 24 950,691 964,114 956,469 833,330 1,154,846 1,025,696 1,056,759 952,876 St. Louis 5 222,128 193,671 195,851 158,435 257,755 206,859 j 205,238 187,830 Minneapolis 12 131,029 128,8C5 119,654 112,060 170,229 150,598 148,774 126,092 Kansas City 16 232,761 241,836 240,083 212,987 313,026 285,057 277,075 248,762 Dallas 13 160,456 159,223 149,100 131,898 178,068 166,018 157,752 149,833 San Francisco 20 509,637 519,219 503,189 434,158 580,803 543,849 | 527,152 461,506 Total 160 | 8,981,570 8,859,869 ; 8,912,635 7,550,892 j 10,963,031 8,820,642 9,308,162 8,279,516 NOTE.—Figures for the following centers, while shown in the body of the statement, are not included in the summary, complete data for these centers not being available for each week under review: Johnstown, Pa.; Reading, Pa.; Greenville, S. C; Wilmington, N. C; East St. Louis and National Stock Yards, 111., Quincy, 111.; and Springfield, Mo. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 FEDERAL RESERVE BULLETIN. FEBEUAIIT, 1922. DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS. DATA FOR EACH REPORTING CENTER. [In thousands of dollars.] 1922 1921 Week ending— Week ending— Jan. 11. Jan. 18. Jan. 25. Jan. 5. Jan. 12. Jan.19. Jan. 26. District No. 1—Boston: Bangor 3,707 3,367 3,274 2,909 4,218 4,343 3,318 3,178 Boston 347,731 335,724 382,488 298,721 449,523 334,026 374,862 308,967 Fall River 6,766 6,828 : 7,154 6,937 6,440 6,321 6,125 5,972 Hartford 28,040 24,557 I 27,718 18,995 33,404 23,888 24,473 19,347 Holyoko 2,780 3,048 I 3,079 2,928 3,875 3,413 3,692 3,685 Lowell 4,663 5,004 , 4,899 3,866 5,557 4,995 4,862 4,238 Manchester 5,629 5,032 i 4,580 3,610 5,954 4,495 3,991 3,643 New Bedford 6,410 6,226 ! 7,165 5,653 6,184 5,409 5,768 5,066 New Haven 18,938 18,457 | 19,693 14/998 21,228 18,254 19,977 15,699 Portland 7,138 7,162 7,541 6,655 10,168 9,318 8,944 7,680 Providence 35,141 35,141 I 36,665 21,523 40,153 37,737 36,132 31,462 Springfield 14,707 12,398 ! 12,978 ' 17,481 15,073 16,279 13,805 Watcrbury 6,848 7,041 - 6,107 5,818 9,091 7,126 6,358 5,486 Worcester 16,065 14,248 I 16,209 13,527 22,576 16,732 18,070 15,093 District N. 2—New York: Albany 22,575 34,078 22,650 20,231 26,276 25,243 28,699 23,725 Binghamton 4,085 4,515 3,724 3,331 4,620 4,637 3,980 3,443 Buffalo 64,289 63,417 61,524 51,008 79,077 71,474 66,270 56,326 New York 4,657,565 4,703,125 4,866,232 4,023,250 5,716,687 4,374,122 4,873,938 4,266,270 Passaic 6,115 5,881 6,004 4 639 5,491 4,978 5,197 4,353 Rochester 36,802 39,190 j 30,211 24,452 41,336 28,903 31,031 31,240 Syracuse 15,350 14,159 ! 12,146 11,135 21,103 16,256 16,536 12,665 District No. 3—Philadelphia: Altoona 2,776 2,727 2,878 2,593 3,360 I 3,540 3,233 Chester 4,538 4,276 4,650 4,209 i 5,088 | 4,705 5,579 5,389 Harrisburg 8,059 7,902 8,155 8,087 7,593 I 7,478 7,032 7,320 Johnstown 4,095 3,973 ! 4,362 3 577 ! 4,871 Lancaster 4,667 4,636 4,549 3,708 j 5,357 I 5,693 6,054 4,451 Philadelphia 345,302 322,254 j 317,831 281,874 390,989 I 317,875 320,858 300,092 Reading 7,640 8,448 ! 7,514 6,877 : Scranton 15,635 16,385 : 12,554 15,910 10,790 ! 19,279 12,762 16,630 Trenton 11,133 11,495 ! 10,513 10,258 13,500 j 11,434 12,597 10,642 Wilkes-Barre 8,909 9,421 ' 7,815 8,340 10,421 ! 8,549 8,743 8,832 Williamsport 4,486 4,158 : 3,862 3,403 5,818 i 4,786 4,546 4,450 Wilmington 6,894 8,486 i 6,726 6,843 13,374 I 9,874 8,527 7,206 York 3,554 5,447 ; 3,804 3,376 4,540 '' 4,099 3,733 3,793 District No. 4—Cleveland: Akron 12,365 13,889 i 12,463 11,720 19,325 14,551 13,747 12,449 Cincinnati , 94,305 70,828 ! 65,464 60,766 112,880 73,672 73,909 63,467 Cleveland 179,284 132,692 119,693 105,237 258,758 176,203 159,550 146,170 Columbus 32,269 29,122 27,921 23,743 37,126 32,100 29,087 27,544 Dayton 13,885 14,442 11,905 10,992 13,799 13,071 11,539 i 11,287 Erie 5,474 6,472 5,479 4,841 7,422 7,641 6,759 6,645 Greensburg 3,030 2,659 4,086 2,468 5,702 5,405 5,400 I 5,598 Lexington. 6,265 5,408 4,734 3,970 5,203 5,799 4,363 4,807 Oil City , 2,544 3,001 2,627 2,372 3,929 3,886 3,950 3,173 Pittsburgh 194,410 157,721 146,317 144,929 257,665 202,688 216,622 206,973 Springfield 2,509 5,045 ' 3,760 3,660 5,762 4,616 4,107 Toledo 39,115 35,917 i 33,368 37,278 34,615 28,908 27,942 23,539 Wheeling 8,724 7,883 | 6,680 6,702 10,340 9,580 9,544 8,515 Youngstown 7,631 14,707 j 8,347 9,510 I 20,109 17,947 15,317 15,238 District No. 5—Richmond: Baltimore 121,929 99,271 ]' 78,838 71,604 j 134,443 103,349 104,602 89,658 Charleston 7,600 7,411 i 5,838 5,780 I 6,900 6,655 6,642 7,084 Charlotte 8,504 6,779 ! 6,778 5,554 ! 8,173 6,744 4,783 4,999 Columbia 7,071 5,542 i 6,162 4,670 ' 5,650 5,517 4,700 4,969 Greenville, S. C 5,198 4,922 j 3,347 3,499 2,941 3,349 Huntington 4,462 5;125 ' 5,003 4,082 5,557 5,786 6,319 5,344 Norfolk 14,884 14,538 14,736 12,480 18,580 17,497 14,965 16,367 Raleigh 9,000 5,000 4,900 4,600 4,900 4,100 4,100 3,900 Richmond 27,555 24,460 27,884 25,049 31,967 29,529 25,878 30,135 Washington 36,351 41,062 39,179 36,263 39,955 38,948 36,762 34,000 Wilmington 5,807 4,851 3,615 6,973 5,105 8,257 District No. 6—Atlanta: Atlanta 28,243 26,613 24,959 20,482 29,485 27,125 22,987 24,558 Augusta 7,621 7,329 6,022 5,835 6,330 6,792 4,895 5,893 Birmingham 16,687 18,408 13,382 13,541 27,049 14,495 14,815 19,312 Chattanooga 8,058 9,455 8,177 6,003 11,929 10,126 8,801 9,231 Jacksonville 10,154 11,843 9,694 9,473 13,572 13,143 11,253 12,842 Knoxville 7,345 6,759 6,555 5,686 9,214 6,736 5,313 6,180 Macon 4,015 3,900 3,496 3,296 5,818 4,790 4,498 4,383 Mobile 7,381 6,510 4,946 6,303 8,364 8,128 5,818 6,828 Montgomery 3,781 3,887 3,652 3,323 4,068 4,386 3,677 3,970 Nashville 14,356 13,535 17,289 13,765 22,852 24,856 18,702 22,386 New Orleans 76,806 70,276 64,066 59,113 89,548 72,523 72,423 67,612 Ponsacola 1,295 1,492 1,420 1,326 2,164 1,561 1,508 1,666 Savannah 14,624 9,944 8,813 8,610 13,207 11,472 10,536 10,913 Tampa 5,893 6,447 5,733 5,542 6,568 6,241 5,204 6,103 Vicksburg 2,146 1,844 1,622 1,691 2,104 1,944 1,634 1,630 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 245 DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued. DATA FOR EACH REPORTING CENTER—Continued. [In thousands of dollars.] 1923 1921 Week ending— Week ending- Jan. 4. Jan. 11. Jan. 18. Jan. 25. Jan. 5. Jan. 12. Jan. 19. ; Jan. 26. District No. 7—Chicago: Bay City I 2,532 2,536 2,715 2,078 3,703 3,412 3,227 2,531 Bloomington I 2,472 2,230 2,126 1,824 2,925 2,558 2,405 1,915 Cedar Rapids j 11,188 j 9,880 9,200 7,758 i 11,649 13,732 11,084 10,495 Chicago i 638,713 ! 636,167 641,083 563,299 I 780,386 672,494 687,141 635,506 Davenport • 7,781 j 7,554 6,264 7,150 ' 9,725 7,382 6,999 6,757 Decatur ' 2,797 3,002 2,997 2,506 j 3,283 3,238 3,719 2,911 Des Moin.es I 14,868 I 17,769 16,614 13.689 ' 16,824 21,319 17,724 15,703 Detroit j 104,240 ; 116,470 112,045 91,469 i 114,936 110,040 126,283 101,014 D ubuq ue , 3,204 3,132 2,929 2,477 j 3,738 4,012 3,388 2,824 Flint 4,190 '• 4,365 5,450 4,650 4,832 4,524 4,756 4,051 Fort Wayne 7,054 ! 6,927 6,799 6,620 I 7,176 j 7,191 7,515 6,991 Grand Rapids ' 17,113 ; 19,850 14,367 13,205 j 24,132 ! 20,330 19,686 19,761 Indianapolis ! 31,188 31,698 32,671 28,991 ! 38,634 I 35,953 34,858 30,992 Jackson j 3,752 3,717 3,873 3,167 : 4,495 | 3,852 3,951 4,299 Kalamazoo i 4,616 . 4,862 3,835 3,501 ' 5,835 ! 5,197 4,772 3,894 Lansing ' 4,500 ! 4,400 4,646 3,892 i 4,770 i 4,955 4,697 4,325 Milwaukee I 55,148 i 52,237 52,277 45.690 | 73,090 - 59,534 71,582 60,379 Moline ! 1,384 j 1,772 1,847 1,518 . 2,041 ! 2,030 2,348 1,820 Peoria ! 7,617 8,093 7,662 6,640 ! 10,861 i 10,461 ! 9,675 7,993 Rockford i 4,335 4,782 4,422 3,946 j 6,178 j 6,228 j 4,743 4,200 Sioux City , ! 7 590 j 7,491 8,423 7,021 ; 11,637 ' 13,681 i 13,455 13,323 SouthBend ....J 5,974 ! 5,998 5,184 4,683 ' 3., 997 ! 3,997 ! 3,739 3,439 Springfield, 111 ! 5,179 ; 5,853 6,111 4,811 i 6,700 ! 6,456 ! 6,079 5,214 Waterloo i 3,256 ! 3,329 2,929 2,745 i 3,299 i 3,120 | 2,933 2,539 District No. 8—St. Louis: j •I East St. Louis and National Stock Yards.. j 7,586 i 8,822 8,093 7,5.10 ;. Evansville \ 6.620 i 6,608 5,431 5,081 ' 6,134 ' 6,546 | 4,469 4,781 Little Rock j 12,494 i 11,340 9,037 9.371 ! 14,925 '] 11,265 8,299 12,928 Louisville i 121,925 . i 24,173 i 23,925 1 21,107 I 30,795 , 26,220 25,596 23,988 Do j 30,511 31,427 31,253 26,957 ,. 30,981 30,101 Memphis I 27,497 ' 31,082 27,257 21,191 ! 30,996 ' 33,353 24,225 27,182 Quincy i 2,029 ! 2,247 2,092 1,922 !. 2,486 2,342 1,908 St. Louis I i 153,592 '• 1120,468 i 130,201 i 101,685 i 174,905 | 129,475 142,649 118,951 Do 166,231 | 133,427 143, 759 112,033 . Springfield, Mo 3,420 ; 3,165 3,125 2,940 :. 3,257 2,977 District No. 9—Minneapolis: Aberdeen 1.621 ! 1,262 1,278 1,076 j 1,625 , 4,709 1,241 Billings 2,085 ! 1,740 1,753 1,452 I 2,086 ! 2,218 1,681 Duluth 12,125 I 12,930 8,883 10,862 i 24,273 | 23,742 16,923 Fargo 2,296 ! 2,433 2,149 1,847 I 2,372 '• 2,475 1,822 Grand Forks 1,276 j 1,496 1,478 1,053 i 1,325 i 1,299 1,136 Great Falls 3,913 ! 1,956 1,424 1,327 ! 2,619 ! 2,528 1,969 Helena 3,171 j 2,953 2,336 2,169 j 3,465 , 3,849 2,082 Minneapolis 70,367 67,705 62,261 57,372 ! 90,604 ' 75,594 68,691 St. Paul 127,384 | 128,652 131,281 129,137 33,336 ! 25,859 23,766 Do 36,130 33,121 I. Sioux Falls 4,104 | 4,754 4,254 3,638 j 5,700 ' 5,000 4,500 3,900 Superior 1,568 1,714 J,587 1,296 ' 1,937 ! 2,248 1,864 2,057 Winona J,119 ! 1,210 970 831 887, 1,077 980 824 District No. 10—Kansas City: Atchison 1,022 ! 1,240 1,383 960 ! 1,208 ' 1,300 1,600 1,135 Bartlesville 2.431 i 2,528 2,099 1,799 j 4,102 i 2,999 4,097 2,608 Cheyenne 3)379 ! 2,779 3,253 3,364 ! 2,997 2,145 2,334 I', 592 C D o e l n o v ra e d r o Springs , 34 3 , , 0 5 8 5 1 6 ; , 3 2 7 , , 8 4 1 9 6 6 3 2 3 , , 6 10 5 0 1 3 2 1 , , 5 9 2 71 3 52 3 , , 6 7 3 7 9 3 ; j 40 2 , ,9 4 7 44 3 2 2 9 , , 8 35 0 9 7 35 2 , ,0 4 6 8 0 0 Joplin 2,405 | 2,678 2,418 2,102 2,477 ! 2,450 2,125 Kansas City, Kans 3,911 3,364 4,172 3,471 i 7,112 ! 4,191 3,982 3,907 Kansas City, Mo 65,873 ' 63,350 65,342 58,638 85,833 | 78,967 82,014 70,901 Muskogce 4,104 • 3,429 3,575 2,659 8,181 : 6,401 5,311 5,562 Oklahoma City 22,192 i 21,367 18,187 16,559 i 25,258 j 25,519 22,968 21,302 Omaha 36,406 ; 38,401 36,629 : 44,635 .. 48,433 45,616 42,565 Pueblo !!.!!""."."."!."!."."."."."!.".. 3,450 ' 4, 759 2,696 2,505 ' 6,735j 6,501 3,852 3,401 St. Joseph 15,763 ! 17,050 19,064 16,163 I 19,391 i 17,012 22,911 18,911 Topeka 3,774 , 3,950 3,880 3.372 i 4,445 j 4,597 4,251 4,130 Tulsa 22,332 , 28,555 29,468 21,406 ! 31,509 28,387 31,851 22,505 Wichi ta 8,082 • 9,632 10,394 12,731 | 12,199 11,672 10,578 District No. 11—Dallas: Albuquerque 2,087 , 2,011 1,976 1,542 2,028 ' 1,916 2,033 1,712 Austin 3,038 : 3,228 2,176 3,560 ! 4,079 3,978 2,920 Beaumont 3,221 ' 3,959 3,362 3,575 j 4,499 ! 4,598 4,497 4,887 Dallas 41,150 i 41,953 34,042 29,767 ! 45,868 i 38,654 38,005 35,018 El Paso 7,819 ; 9,572 7,809 7,378 i 8,623 ! 9,059 7,446 7,890 Fort Worth 32,566 ' 33,127 33,100 31,265 I 23,487 ! 24,180 24,080 24,880 Galveston 16,246 i 17,221 16,551 13,143 j 27,099 i 27,901 23,007 19,928 Houston 32,535 i 25,788 25,769 25,645 i 38,050 ' 29,633 29,730 31,117 San Antonio 5,431 : 7,476 7,734 5,331 ! 7,018 8,283 7,800 6,962 Shreveport 8,180 ; 7,720 9,059 6,082 8,550 9,348 9,740 7,799 Texarkana, Tex 2,620 | 1,386 1,226 1,251 2,839 1,751 1,489 1,278 Tucson 1,571 I 1,792 1,450 1,553 1,504 2,309 1,487 1,352 Waco 3,992 i 3,830 3,800 3,190 4,943 4,307 4,460 4,096 1 Debits of banks which submitted reports in 1921. 87690—22 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 FEDERAL, RESERVE BULLETIN. FEBRUARY, 1922. DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued. DATA FOR EACH REPORTING CENTER—Continued. [In thousands of dollars.] 1922 1921 Week ending- Week ending- Jan. 4. Jan. 11. Jan.<18. Jan. 25. Jan. 5. Jan. 12. Jan. 19. Jan. 26. District No. 12—San Francisco: Berkeley 3,475 4,453 4,133 3,163 3,116 4,054 3,144 2,827 Boise 2,911 3,154 3,449 2,981 3,414 2,685 3,395 2,757 Fresno 10,594 11,246 9,676 8,996 11,734 10,749 10,001 9,372 Long Beach 6,045 7,825 6,846 5,876 6,369 6,197 5,468 4,878 Los Angeles 128,012 121,705 127,850 111,564 108,739 j 115,624 109,318 104,654 Oakland 18,745 22,750 18,704 18,366 20,880 ! 21,842 20,241 19,136 O gden. 5,952 5,882 3,945 4,746 5,655 j 6,047 5,124 4,112 Pasadena 5,315 6,801 7,426 5,520 3,064! 6,154 6,795 5,766 Portland 28,494 31,533 31,162 25,999 42,509 ! 37,763 39,326 33,325 Reno 3,241 2,849 2,325 1,851 3,718 ; 3,134 2,300 2,494 Sacramento ". 11,133 18,202 15,817 11,062 19,791 15,029 12,471 11,400 Salt Lake City , 21,928 14,847 15,227 10,372 33,842 ! 19,060 18,412 13,623 San Diego 8,512 10,000 9,452 8,978 9,617 i 10,002 8,147 San Francisco 190,078 196,667 183,569 145,131 230,950 | 212,356 214,348 185,628 San Jose 3,179 7,104 5,428 4,301 7,321 j 6,914 4,896 4,111 Seattle , 35,825 26,106 32,808 42,189 35,334 , 35,004 35,957 24,820 Spokane 10,703 9,877 9,839 9,205 15,046 12,847 12,262 10,217 Stockton 4,370 7,187 4,586 4,261 6,408 i 5,447 4,001 4,349 Tacoma 8,363 8,305 8,417 7,750 11,218: 10,153 8,739 7,916 Yakima , 2,762 2,726 2,530 1,847 2,078 ! 2,788 2,257 1,974 GOLD SETTLEMENT FUND. INTERBANK TRANSACTIONS FROM DEC. 23, 1921, TO JAN. 19, 1922, INCLUSIVE. [In thousands of dollars.] Changes in ownership of gold through Transfers. Daily settlements. transfers and settle- Balance in Federal Reserve Bank. ments. f e u n n d d o a f t period. Debits. Credits, Debits. Credits. Decrease. Increase. Boston 34,475 405,079 416,973 22,581 23,798 New York 14,000 25,475 1,418,742 1,421,836 14,569 95,558 C Ph le i v la e d la e n lp d h ia j I 5 1, , 0 0 0 00 0 12 1, , 0 0 0 0 0 0 3 4 6 7 2 7 , , 3 2 9 4 2 2 3 4 7 5 0 8 , , 9 95 7 8 3 "7t 284" 5 5 1 3 , , 9 0 0 9 0 2 Richmond i 1,000 9,000 393,501 381,889 19,078 Atlanta I 5,000 2,000 150,368 165,267 Chicago i 9,000 1,000 699,455 24,iO5 63,035 St. Louis J 4,000 334,405 344,184 13,779 29,506 Minneapolis i i 4,000 98,557 102,079 7,522 29,221 Kansas City i 3,000 258,682 6,886 41,295 Dallas 1,000 , 2,000 164,309 161,828 1,481 11,030 San Francisco .......| 7000 199,806 192,633 173 I. 33, S02 Total, four weeks ending— ! ! I Jan.19,1922 ' 70,475 , 70,475 4,962,538 j 4,962,538 59,236 59,236 468.174 Dec.22,1921 i 174,617 ' 174,617 5,473,276 5,473,276 I 551,547 Jan.20,1921 • 392,915 | 392,915 5,460,007 5,460,007 I 397,858 Dec.23,1920 668,081 j 668,081 6,159,406 6,159,406 ' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FilBHUAET, 1922. FEDERAL BESERVE BULLETIN. 247 FEDERAL RESERVE CLEARING SYSTEM. OPERATIONS FROM DEC. 16, 1921, TO JAN. 15, 1922. [All figures shown in thousands.] Items drawn on banks located I in own district. ! Items for- Federal R b e r s a e n rv ch e . Bank or o In r b F r . a R nc . h B c a i n ty k . O b u ra B ts n a i c d n h e k c F o i . r t y R . . I o t n e o m T f s r U e d a . r s S a u w . re n r T o d o f l t e d a d u l , p i e t l e x i m c c a l s u t i s h o i a v n n e s. - p o w a r i d r t a n e o i r s n d s t b t a r e r i m d b c a a t n e t . n c o k h d T u i h o n p a t c l a n i l c l u d a i d l t t e i e i n d o m g , n s s. Num- Num- Num- Num- Num- NHumber. Amount. ber. Amount., ber. Amount. ber. Amount. Amount. ber. Amount Amount. _l 1 Boston 679 574,766 3,524 377,938: 159| 16,839 4,362 969,543; 187; 46,889 4,549i 1,016,432 New York 1,663 2,283,622 4,414 606,386; : 84,556 7,168 2,974,564! l, 002 i 123,931 6,415 8,248! 3,104,910 Burtalo 215 82,207 419 44,265 ' 16: 2,092 650 128,5641 1681 22,152 19,287 862' 170,003 Philadelphia... 1,709 711,812 2,124 249,155' 1541 28,471 3,987 989,438! . 715 116,773 4,702, 1,106,21.1 Cleveland 413 19973,337 l2& 136,089 60! 6,08(1 1,681 339,506! 58; 7,875 30 6,232 1,769 353,613 Cincinnati.. 191 110,256 '796 60: 5,093 11,055 1186,269! 12 9,946 3,540 l,080! 199,755 Pittsburgh ! 429; 228,0811 860 91, 521 56| 6,418 1,345 326,020 86i 37,066i 6,286 1,462, 369,372 Rich B m a o lt n im d. ore 258 1 1 2 3 6 5 , ,6 1 8 4 9 5 1, c 9 n 0 " 2 2 6 6 2 2 , , 2 4 9 5 7 5 : 5 4 4 9 ' i 1 6 0 , , 2 5 3 7 7 0 2 1 , ,0 0 0 6 5 5 3 2 9 0 9 4 , , 1 2 7 2 0 3 1 6 5 1 9 : 3 6 1 0, ,7 2 5 5 2 1j 3 7 8 6 ; i 9 8, , 9 3 5 8 1 3 2,262; 2 4 4 6 4 8 , , 9 8 2 0 6 t Atla B n i ta rm ingham... , 2 1 4 2 0 0 5 3 7 7 , , 5 8 7 1 6 3 141 4 8 4 , ,6 7 3 2 9 3 ! . 3 10 0 ! 8,1 8 6 8 9 4 4 3 8 9 9 1 1 4 1 7 0 , , 4 3 2 8 0 4 2 1 9 8 ; 9 9 , , 8 9 2 3 5 7 i ; 123! 1 3 9 , , 6 0 6 74 9 \r> 43 4 7 1; i 1 7 2 6 3 , , 4 8 3 7 1 8 Jacksonville..., 66 19,713 163 16,565| 7i 886 236 37,164 30| 6,720 1,592 2721 45,470 Nashville 60 26,917 202 19,067 13 i 1,086 275 47,070 15 3,107 1.296 296 51,473 New Orleans... 64 42,270 115i 13,349j 36 7,199 215! 62,818 45 11,548! '536j 206 74,902 Chicago 966 565,0103,647 296,163! 449 65,308 5,062j 926,481 294 31,399 7 2,355 5,303 900,235 Detroit , 282 153,394 4711 42,275: 35 3,404 788! 199,073 9 2,808| 3 585 800' 202,466 St. Louis 329 211,312 1,322 78,133 i 135 11,007 1,786. 300,452 35 r 4,623 9 763 1,830' 305,838 Little Rock.... 45 21,892I 294 17,754! 6 745 345 i 40,391 5 888, 19 1,984: 369i 43,263 Louisville , 95 54,767 411 j 24,290 30 2,580 5361 81,637 9! 2,253 4 334 549: 84,224 Memphis 85 32,200 162| 11,340! 10 912 2571 44,452 182 2 179 200; 44,813 Minneapolis 220 102,574! 1,328. 68,431; 41 11,926 1 1,591; 1 183,795 14,872; 5 346 1,674 199,018 Helena 25 8,811! 195 6 2,930 226 25,174 91 2,960! i\ 1,376 237 29,510 Kansas City 272 220,4111 1,3161 87^ 397| 86 19,137 1,674. 326,945 229 33,234 10,438| 1,969 370,617 Denver 132 43,451j 325! 20,131I 24 3,084 48l| 66,666 70 14,277 8,374! 590| 89,317 O O k m la a h h o a ma City , , 6 9 8 4 4 4 8 2 , ,6 5 0 14 4 o 4 o 9 ° 4, 6 2 8 6 , , 0 5 1 8 9 2 ; 42 8 3,0 9 9 3 1 1 16 9 3 64 1 1 1 1 7 1 2 7 , , 5 4 2 6 9 4, 50 5 8 , , 8 0 4 2 8 2 ! 15' 6 4, ,2 2 4 95 6! 1,0 6 2 9 9 11 . 1 8 3 2 1 , , 6 7 7 3 2 2 Dallas 157 65,002 1,256! 189,578 28 7,071' 1,441 261,651! 70 12,32o! 4.2 6,69211,553! 280,608 El Paso 43 9,708! 137| 10,155 15 l,843i 195 21,706 12; 1, 880! 5 671; 212 24,257 - Houston , 64 35,758! 318 31,467 76 2,163! 458 69,388 10 2,5031 5 1,331' 479! 73,222 San Francisco , 216 115,132 553 38,177 67 74,979! 836 228,288! 28 34 4,484j 898 235,OOo . Los Angeles 363 111155,000044 1,131 79,729 41 19,498: 1,535 214,231 120i 15,280. 76 10,32911,731 239,840 Portland , 64 30,649 212 11,473 18 7,242 294 49,364; 1,3721 4,213 337 54,949 Salt Lake City. 46 28,051 401: 31,723! 13 2,951 460 62,72o! loj 3,334! 2,191 48oi 68,250 Seattle , 114 34,025 211 15,416 30 8,358- 355 57,799! 21 5,398 5,058: 424 08,255 Spokane 17,972 185 11,998 10 1,241! 233 31,211' 2,752| 4,420| 202 38,383 Total: Dec. 16,1921, to Jan. 15, 1922 6,590,445 32,157 3,175,862 2,965 434,981! 145,072| x10,203,575 3,778! 666,810; 780 162,92ol49,630J11,033,310 Nov. 16 to Dec. 15,1921. 5,975,655 33,391 3,327,244 2,858 395,788 146,123| 1 9,701,311 3,814 704,933! 784 173,070 50,72110,579,314 Dec. 16,1920, to Jan. 15, 1921. 8,131 7,244,255 32,255! 4,282,606 3,063 497,064 143,456; 112,025,701! 3,886 1,401,832! 852 266,757 48,195 13,694,290 1 Includes items drawn on banks in other Federal Reserve districts forwarded direct to drawee bank. NOTE.—Number of business days in period was 24 in all Federal Reserve Bank and branch cities. NUMBER OF MEMBER AND NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, JAN. 15, 1922 AND 1921. Nonmcmber banks. Xonmcmber banks. Member Member Fede d r i a s l t r R ic e t s . erve ; banks. On par list, j Not on par list.1 Fede d r i a s l t r R ic e t s . erve banks. On par list. Not on par list.1 1922 1921 1922 1921 1922 1921 1922 I 1921 1922 1921 1922 1921 N Bo ew sto Y n ork 7 4 9 3 8 0 4 7 3 8 7 4 3 2 3 5 4 7 3 2 2 5 8 6 T M St. i n L n o e u ap is o lis ! ! 1, 5 0 8 2 8 4 j 1, 5 0 7 0 1 9 2 2 , , 4 0 8 3 9 7 I i 2 2 , , 5 8 2 7 3 5 1 1 0 7 7 8 188 Philadelphia.. 705 473 441 Kansas City i 1,109 j 1,090 3,074 I 3,392 243 Cleveland..... 883 1,082 1,080 1 Dallas ; 861 j 849 1,139 ! 1,254 28 Richmond 627 611 987 1,201 584 San Francisco 855 ' 970 j 1,023 Atlanta., 517 464 389 409 1,149 1,178 Chicago 1,444 1,420 4,235 4,259 Total. 9,817 9,637 18,066 j 19,101 2,350 I 1,705 1 Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 FEDERAL RESERVE BULLETIN. FEBRUARY, 1022. IMPORTS AND EXPORTS OF GOLD AND SILVER DURING CALENDAR YEAR 1921. Gold imports during the calendar year 1921 Of the total gold exports for the year totaled $691,267,000, compared with $417,- $9,622,000 was consigned to Hongkong, with 068,000 in 1920, while gold exports for the Chinese ports as the principal ultimate destinayear just passed totaled $23,891,000, com- tions, $7,090,000 to Mexico, $2,914,000 to pared with $322,091,000 the year before. Canada, and $2,643,000 to Sweden, the latter Net gold imports into the United States amount apparently representing gold of Rusaggregated $667,376,000, the largest total for sian origin, which couid not be disposed of in any calendar year recorded. Monthly impor- this country. tations were particularly heavy during March, Silver imports for the year totaled $63,242,- April, and August, when large gold imports 000, compared with $88,060,000 for the prefrom France, United Kingdom, and Sweden ceding year, while silver exports for the year are recorded. were $51,575,000, compared with $113,616,000 About two-thirds of the total gold imports for 1920. Nearly two-thirds of the imported for the year are credited to the United King- silver, or $41,250,000, is of Mexican origin and dom, France, and Sweden. Imports from the nearly 90 per cent of American origin. Silver United Kingdom represent largely newly mined imports from Europe, totaling $7,088,000, gold of South African origin, which for the past were composed largely of silver received from year has been sold in London almost exclu- Germany and, to a smaller extent, from the sively for export to the United States. A United Kingdom. Over 80 per cent of the much smaller part of the gold officially credited silver exported during the year was consigned to the United Kingdom represents gold coming to the Far East and to the United Kingdom, originally from British India, in addition to presumably for use in India. the $32,010,000 of gold imports officially Classified figures of gold and silver imports credited to that country. Gold imports from and exports for the calendar years 1921 and France, $190,688,000, and from Sweden, $66,- 1920 are shown in the following table: 356,000, are made up in large part of gold of Russian origin, or of the equivalent of such gold. Receipts from Sweden were particu- GOLD AND SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES. larly heavy during the second quarter of the year, while those from France show the largest [In thousands of dollars.| total during the third quarter. Imports from Germany, totaling $19,927,000 for the year, Gold. Silver. represent largely amounts received from that country in connection with reparation payj Calen- Calen- Calen- Calenments, while the total of $19,893,000 received 1 dar dar dar dar voar year vear year from the Netherlands, mostly during the 1921. 1920. 1921. 1920. second quarter of the year, is made up largely of gold taken from bank reserves. Nearly IM POUTS. $50,000,000 of the total of $68,812,000 credited Ore and base "bullion 33, 507 17,014 40,043 69,846 to Asiatic countries proceeded from China and Bullion refined: United States mint or assay British India. These imports were caused by office bars 459 3,810 3 the unfavorable trade developments of the Unit O ed th e S r tates coin 5 3 03 7 , , 7 1 7 3 1 7 3 1 2 8 2 , , 0 3 9 8 0 3 7 2 , , 5 8 7 8 4 9 7 2 ,0 8 9 0 4 9 year. In 1920 considerable gold exports to Foreign coin 11(5,333 55,729 0,136 8,248 these two countries were shown. Gold imports Total imports (591,207 417,008 03,242 88,060 from Canada, totaling $36,856,000, were DOMESTIC EXPORTS. slightly larger than a year ago. Other coun- Ore and base bullion 70 11 15 10 tries in North America from which considerable Bullion refined: United States mint or assay gold imports were received are Mexico, the oflicebars 1,348 37,200 152 4,351 Dutch West Indies, and Panama. By far the Other 204 1,078 23,474 05,877 Coin 17,922 282,294 803 14,770 larger portion of the total of $24,237,000 of gold imported from South American countries Total 19,610 320,583 24,504 85,014 is credited to Colombia and Uruguay, smaller FOREIGN EXPORTS. gold imports being credited to Peru, Venezuela, Ore and base bullion 1 2 1 and Argentina. A total of $16,970,000 of gold ]bullion refined 2,005 823 21,079 24,085 Coin 2,275 085 5,990 4,510 is shown to have been received during the Total 4,281 1,508 27,071 28,002 year from Australia and New Zealand, while gold received from Egypt during the year Total exports 23,891 322,091 i 51,575 113,010 Excess imports 007,376 94,977 : 11,007 totaled $6,875,000. Excess exports .. 25,55( I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL BESEBVE BULLETIN. 249 GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Imports. Exports. mnlry. • d D i 2 a n u 0 y g , r s i 1 n D e 9 g e n 2 c d 1 1 . - . 0 j j ; d D m 3 a u y ' L g r s , i n D 1 p g 9 h e 2 1 c d 1 . - 1 . D m e D o c 1 u e n 9 r m 2 t i h 1 n b . g e o r f , i . ' y c e a T a l o e r n t 1 a d 9 l a , 2 r 1. y c e a T a l o e r t n 1 a d 9 l a , 2 r 0. d D i 2 n a 0 u g y , r s 1 i D n e 9 g 2 n e 1 c d 1 . . - 0 D d i 3 a n 1 u y g , r s i 1 D n e 9 g n e 2 1 c d 1 . . - 1 D m D e o c . u 1 n e 9 r m t 2 i h n 1 b g . o e f r, y c e a T a l r o e n 1 ta 9 d l 2 a , 1 r . y c e a T a l r o e n t 1 a d 9 l 2 a , r 0. A Be u l s g t i r u ia m ' ' i ; " :i 3,7 S 60 9, , 0 7 0 1 0 1 S368,670 Denmark i ' S2.021,156 $2,021,156 • 5,431,500 200,251 Finland , i : ' 600 France " 'SI. 462,860 j 920,698 i 3,730,062 1190,088.144 31,192,911 Germany ' 282,061 , 96,036 i . 470,009 , 19,926; 761 7 703 $10,000 Greece , ! • 720,748 533,700 Iceland. 912 Italy-.. 9,090 : , ! 9,090 217,043 40,107 241,263 Malta... , i 593 615,935 Netherlands 89.1 , 367,134 j 673,280 I 198,93,019 2,099,356 j Norway : | 1,534,985 3,324 i 'Poland and Danzig : ' , 400 Portugal 23,010 25,364 Russia in Europe. 85,000 1,268,631 Spain ' 3,319,281 490,543 £25,000 $25,000 : $25,200 '. Sweden ' 1,311,310 [ 28,156 ' 1,362,560 66,355,925 2,036,064 2,643,013 :. Switzerland : '. 572,957 4,937 3,123 I 3,123 : 2,604 Turkey in Europe ! 70,677 : 22,"666"i 159,583"! 785,223 850 United Kingdom: ' i I England : 851,790 5,750,445 . 13,729,437 1202,091,349 280,852,465 Scotland., 45 ! Total Europe....; 3,988,679 1 9,205,625 i 22,155,770 1516,031,621 319,124,921 I 28,123 28,123 j 2,671,336 , 353,579 Bermuda '• ' i I 103,290 British Honduras.. 20 I C C a o n st a a d a Rica 30,2 4 8 5 0 0 2,26 1 9 4 , , 1 3 8 1 4 1 ' ' 2,31 7 4 2 , , 4 2 5 1 1 8 36,8 8 5 7 6 6 , , 1 9 1 7 0 6 3-1, 6 1 0 0 8 5 , , 0 2 9 8 4 7 j ! 67,063 $67,072 206,209 2,913,783 5,557P 367 Guatemala 5,000 12,000 i 19,629 565,038 14,872 j Honduras 402 899 , 1,301 203,690 257,414 I 19,000 Nicaragua 59,283 42,076 j 152,626 893,602 1,256,594 I Panama 44,529 235,630 : 437,722 3,200,839 703,645 Salvador 603; 11,238 799,675 1,440,537 ! ! 20,000 Mexico..... 203,519 . 62,241 i 329,602 5,588,737 4,866,163 I 61,300 1,602,180 1,685,380 \ 7,090,419 ; 18,171,684 Newfoundland : 221 I Cuba. 730 ' 363,730 15,579 ! 250,844 650,000 British West Indies... 27,924 : 1,504 , 29,888 ! 665,204 268,684 j Virgin Islands of l\ S... ' 150,000 10,000 Dominican Republic.. • 1,509 : 1,509 26,509 4,800 I. 47,000 Dutch West End ics....: 46,039 ; 2,260 156,751 ' •, 772,830 1,206,881 I. Haiti 23 I. Total North , America 418,935 i 2,640,708 ' 3,527,665 j 56,066,230 44,839,814 \ 128,363 j 1,669,252 1,891,589 ' 10,255,046 ' 24,475,051 A Bo rg li e v n ia ti na ' 4,755 , 2,990 : ' 4 7 , , 7 2 5 3 5 4 > 9 6 , , 7 4 8 7 6 1 1,707, 416 j • ,89,995,000 Brazil 10,341 : ' 23,064 116,186 SO!205 1 24,300 : 304,250 Chile 46,809' 11,157! 61,514 447,633 434,504 ! 1 . 400,000 Colombia 137,970 ; 145,120 ,020,608 941,685 9,489,812 700,000 Ecuador i - 644,518 624,4.89 1 9,740 9,740 , 9,740; 236,000 .British Guiana ! ' ' 9,429 ! 149,484 192,814 Dutch Guiana 2,883 I 14,015 I 78,643 728 I 6,300 Peru 45,220 , 54,318 i 166,102 . 613,621 1,371,655 !. 3,653,376 Uruguay • 15,822 , 251,764 ] 368,606 \ 815,363 12,850,000 Venezuela. 13,152 , 5,444 ! 156,088 , 353,816 592,990 184,000 Total South America 274,069 • 473,676 ' 1,831,415 \ 24,237,236 14,496,295 9,740 j 9,740 31,040 • 108,328,926 China 99,586 . 17,912,687 1,260 28,286,750 Chosen I 4,860 British India 195,167 195,167 32,009,553 1,179,000 : 6,752,549 S traits Set LI orn.cn Is c2\f\ 0,(0\'0\*0\ ' it(2\ 0t\t,"0\i\00 70,000 J 6,683,454 Dutch East :indios 10, 747 • 290,747 , 1,316,545 60,000 • 12,085,105 French E as t In dies.... 7,950 : , 7,950 ; 6,013,842 2,290,000 Greece in A si a • 57,099 74,602 1,350,587 Hongkong • " : 5,660,825 30,191,910 49,520 45,250 212,130 , 9,621,655 : 31,496,872 Japan • 2,208,234 101,299,476 Palestine and Syria-....j '. • 886,092 | Turkey in Asia". 1 • • .---; 1,448,793 ! Total Asia i 213,864 57,099 668,052 : 68,812,018 33,148,683 j 49,520 j 65,250 232,130 i 10,030,655 188,894,206 A ustralia 1,946,000 1,946,020 ! 14,013,917 1,946,600 ! ' ! New Zealand • 208,507 208,507 i 2,956,314 2,191,586 I i l r ahiti '• 300 .. Philippine Islands | 218,778 • 218,778 • 1,399,808 965,374 Abyssinia • • : 21,965 British West Africa....: • 13,250 39,446 British South Africa...: 51,823 423 I. Canary Islands 7,000 |. Egypt 303,000 539,000 902,532 • 6,874,924 Portuguese Africa.. 226,239 1 788,312 I 347,577 Total all countries. 5,477,325 15,070,615 i 31,684,978 ! 691,267,448 417,088,273 206,006 \ 1,744,242 2,101,582 ! 23,891,377 ; 322,091,208 Excess of imports or , , . , exports. 5,271,319 ! 13,326,373 | 29,523,396 ;667,376,071 94,977,065 j. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 FEDERAL RESERVE BULLETIN. FEBHUABY, 1922. SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Imports. Exports. Country. d D i 2 a n u 0 y g , r s i 1 D n e 9 g e 2 n c 1 1 d . . 0 - D d i 3 a n u 1 g y , r s i 1 D n e 9 g e 2 n 1 c d 1 . . 1 - ! | ; i D m e 1 D o c 9 n u e 2 m r th 1 in b . o g e f r. y c e a T a l o e r t n a 1 d l 9 a , 2 r 1 . i i ' y c e a T a l o r e t n 1 a d 9 l, a 2 r 0. D d i 2 a n u 0 y g , r s i 1 D n e 9 g 2 e n 1 c d 1 . . 0 - ! ! I I d D i 3 a n u 1 y g r , s i D 1 n e 9 g e n 2 c d 1 1 . - . 1 j . ! D m e D o c u 1 n e 9 r m t 2 h in 1 b g o . e f r, y c e a T a l r e o n t 1 a d 9 l a 2 , 1 r . j y c e a T a l r e o n 1 ta 9 d l 2 a , 0 r . Belgium S16 I $33,957 I Bulgaria S39,036 55,861 ! Denmark 844 1,214 | France S6,502 $377 6,879 184,513 j 117,508 ! 532,920 Germany 53,61 i 1,546 69,990 5,320,337 i 3,735 Greece 225,234 i 42,240 Italy 10,125 10,125 32,972 ! 24,026 Netherlands 2,474 ! 54,861 Norway 7,767 i 14,653 Poland and Danzig 1,000 j Portugal.... 1,802 ! 1,802 22,965 7,978 Spain 16,471 94,527 Sweden ! 6,604 31,395 54,960 Turkey in Europe 11,345 United Kingdom— England 6,021 ! 7,168 ! 13,189 1,199,408 ! 925,520 $130,960 | 8130,960 $11,843,103 : 4,924,778 Total Europe 76,259 10,893 141,865 7,088,181 ! 1,350,400 130,960 ! 130,960 11,843,103 ; 5,012,658 Bermuda 400 ; British Honduras... 6,100 69,097 Canada 83,062 • 80,682 i 255,818 3,807,203 788) 435 8127,349 | 425,469 I 656,879 " 4," 591," 373";"" '7*061^755 Costa Itica 975 i 3,872 | 5,771 62,457 64,986 Guatemala 769 : 776 1,796 24,534 3,500 : 5,000 Honduras 1,898 5,917 I 8,847 914,256 561,211 5,300 . 459,710 Nicaragua 27,950 38,488 305,307 671,921 3,000 Panama 7 69 604,714 148,261 226,043 i 542,000 Salvador 7,871 21,397 128,296 ! 3,727,938 50,000 : Mexico 1,425,439 1,197,083 3,842,400 41,249,925 I 53,197,337 32,947 , 42,119 : 94,470 2,140,667 i 3,241,090 Cuba 107 91,475 79,208 1,800 ! 158 ; 1,958 321,159! 1,259,599 British. West Indies 2 2,117 7,022 1,800 •. 1,800 102,353 i 46,908 Virgin Islands of United States.. • 25,000 Dominican Republic.. 210,900 j 120,800 i 316,000 Dutch West Indies... 140 168 1,868 I 2,317 French West Indies.. 20 Haiti 150 ! 150 150 I 77 9,000 Total North America 1,539,464 1,296,353 i 4,173,9 47,386,564 j 64,463,164 163,896 i 467,746 : 755,107 7,440,795 ! 12,969,062 Argentina 1,021 19,613 37,324 900 ! 13,173 Bolivia 6,466 114,736 438,465 - 1,397,053 Brazil 915 42,791 1,621 2,333 Chile 68,594 25,699 ! 123,627 1,825,744 3,744,351 Colombia 1,501 421. : 14,463 178,632 846,404 239,500 Ecuador 36,551 77,273 British G uiana. 40 49 Dutch Guiana.. 6 378 6,390 -I 1,402 Peru 355,572 287,622 795,391 5,598,218 11,990,677 Uruguay 1,085 24,244 28,110 Venezuela 28 12 66 3,309 905 285,000 285,000 j 10,000 Total South America 432,161 317,180 1 1,074,469 8,171,857 j 18,102,047 285,000 525,400 ! 26,908 . China | 25 8,029 1,295,317 222,238 ! 490.792 j 2,529,615 12,782,879 ! 61,347,610 Chosen j 140 , British India j 12,368 i 84,325 \. 84,325 3"234,"842 i 642,408 Dutch East; indies • 11,028 111,028 494,047 ! 2,671,555 Fren eh E ast In dies j 50 50 50 ! 1,320,666 "i^ 848,7)66" i" "4*058," 373 HongVong I 396 ; 1,650 859,362 ! 134,692 2,005,797 10,408,021 i- 24,872,571 Japan ' 34,243 ! 34,243 3,492,359 ! 4,673,784 Palest me and Syria—j 19 i Russia in Asia. 970 Turkey in Asia 960 • 38,511 Total Asia , 11,078 111,103 516,009 [, 007,033 1,200,168 625,484 ; 5,973,980 31,766,101 ; 95,595,716 Australia 3,130 New Zealand 137 137 1,549 12,245 Philippine Islands 1,817 1,817 21,773 19,705 Abyssinia 31 British South Africa... 3,760 6,097 British West Africa.... 11,880 Egypt 169 Portuguese Africa 12,520 49,648 99*350 Total all countries 2,060,779 I 1,624,563 5,515,904 63,242,671 88,060,041 1,364,064 1,224,190 7,145,047 51,575,399 i 113,616,224 Excess imports or exports 696,715 '. 400,373 11,667,272 I 1,629,143 I 25,556,183 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FBBBDAKY, 1922. FEDERAL RESERVE BULLETIN. 251 MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL RESERVE SYSTEM, JAN. 1, 1922. Held in the U. S. Treasury Held by or for General stock. a G s o as v s e e r t n s m o e f n th t. e 1 a F n . d R . a g B e a n n ts k . s 2 Gold coin (including bullion in Treasury). §3,656,988,551 | 8380,188,972 §2,110,314,014 $457,021,541 Gold certificates 530,762,750 178,701,274 Standard silver dollars 357,581,851 i 8,272,297 3 31,614,370 36,687,497 Silver certificatevS 40,839,662 238,622,501 Subsidiary silver 272,552,485 i 12,232,901 260,319,584 Treasury notes of 1890 1,545,524 :. United States notes 346,681,016 4,830,591 4 62,802,541 279,041,881 . Federal Reserve notes 2,781,791,260 2,493,721 335,583,650 2,443,713,889 I. Federal Reserve Bank notes 116,670,400 1,566,698 16,121,776 98,981,926 '. National bank notes 750,167,924 18,037,386 19,319,001 712,811,537 ''. Total: Jan. 1,1922.. 8,282,433,487 427,628,569 3,147,357,764 4,707,447,154 . $43.22 Dec. 1,1921. 8,085,813,663 450,610,144 3,082,379*182 4,552,824,337 | 41.85 Nov. 1,1921. 8,047,152,682 457,988,002 2,982,192,610 4,606,972,070 42.41 Oct. 1,1921.. 8,079,273,855 430,580,014 2,985,684,106 4,663,009,735 42.98 Sept. 1, 1921. 8,010,842,240 431,623,906 2,907,188,113 4,672,030,221 43.11 Aug. I,'1921 ! 7,988,397,187 432,471,109 2,818,800,024 4,737,126,054 ! 43*77 July 1,1921 | 8,024,422,943 460,595,721 2,697,553,897 4,866,273,325 45.02 June 1,1921 : I 8,073,737,233 499,236 987 2,562,692,917 5,011,807,329 I 46.43 May 1,1921 ! 8,040,936,478 508,349,193 2,512,465,834 5,020,121,451 46.57 Apr. 1, 1921 ! 8,082,773,866 496,945,969 2,534,743,813 5,051, 084,054 46.91 Mar. 1, 1921 ! 8,084,936,396 493,976,120 2,385,101,578 5,205,858,698 48.41 F eb. 1, 1921 ! 8,171,237,897 499,358,809 2,438,773,422 5,233,105,666 48.73 Jan. 1,1921 ! .8,372,970,901 491,296,257 2,377,972,494 5,500,702,153 51.29 Julv 1, 1920 i 7,887,181,586 485,057,472 2,021,271,614 5,380,852,500 50.19 Jan. 1, 1920 i 7,961,320,139 601,888,833 2,0-14,422,303 5,312,009,003 49.81 July 1, 1919 1 7,5SS,473,771 578,848,043 2,167,280,313 4,842,345,415 45.00 Jan. 1,1919 ! 7,780,793,606 454,918,160 2,220,705,767 5,105,139,679 47.83 July 1, 1918 ! 6,742,225,784 356,124,750 2,018,361,825 4,367,739,209 41.31 Jan. 1,1918 6,256,198,271 277,043,358 1,723,570,291 4,255,584,622 40.53 July 1,1917 5,480,009,884 253,671,614 1,280,880,714 3,945,457,556 37.88 1 Includes reserve funds held against issue of United States notes and Treasury notes of L890 and redemption funds held against issues of national bank notes, Federal Reserve notes, and Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in trust for the redemption of outstanding gold and silver certificates and Treasury notes of 1890. 2 Exclusive of amounts held with United States Treasury in gold redemption fund against Federal Reserve notes. 3 Includes subsidiary silver. * Includes Treasury notes of 1890. DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT FEB. 1, 1921. Paper maturing within 90 days. Agricul- Secured by- Commer- i B a a c n ce k p e t r - s' l t i u v r e a -s l t a o n c d k Federal Reserve Bank. Trade c c i u a l l t , u a r g a r l i , - ! an tu cc ri s n m g a- t p u a ri p n e g r a m ft a e - r Treasury Liberty accept- and live- . within 90 days, notes and bonds and\ ances. stock 3 months. but within certificates Victory ' paper, 6 months. of in- notes, i n.e.s. debtedness. Boston 4J 4* i New York 4i 4J 4* 4J Philadelphia.. J 4* 4J Cleveland 5 5 5 5 Richmond 5 5 5 5 Atlanta 5 5 5 5 Chicago , 5 5 5 5 St. Louis 5 5 5 5 Minneapolis... 5 5 5 5 Kansas City... 5 5 5 5 Dallas , 5 5 5 5 San Francisco. 4i 4J Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST RATES. to en to In the following table are presented actual discount and interest rates pre- during the 30-day period ending December 15, although in the case of colvailing during the 30-day period ending January 15, 1922, in the various cities lateral loans higher rates were noted in some centers. These declines were in which the several Federal Reserve Banks and their branches are located. most apparent in the case of prime commercial paper, loans secured by Liberty A complete description of the several types for which quotations are given will bonds and certificates of indebtedness, and indorsed bankers' acceptances. be found in the September, 1918, and October, 1918, FEDERAL RESERVE Present rates for practically all classes of paper are lower in most reporting BULLETINS. Quotations for new types of paper will be added from time to centers than those prevailing in the same period of 1920, the decrease being time as deemed of interest. most general for various classes of prime commercial paper. Rates for nearly all classes of paper again declined from the level prevailing DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING JAN. 15, 1922. Prime commercial paper. Bankers' acceptances, Ordinary 60 to 90 days. Collateral loans—stock excha n go loans to customers Diatricl. Ciiv. secured by Liberty 30 to 90 ! 4 to 6 bonds. days. 1 months. B § ILL. C. ! ILL. C H. L. C. "No. 1 .! Boston 54 5 5} No. 2 .' New York 6" 3i- b-b\i' Buffalo 7 6 6 No. 3 . Philadelphia.. 6 54 6 No. 4 J Cleveland 6 6 6 I Pittsburgh 6 6 6 I Cincinnati No. 5 . i Richmond '. 6 54 6 1 Baltimore I 6 54 6 No. 6 .'Atlanta 1 8 6 7 ! Birmingham , 8 6 7 g i Jacksonville 18 6 7 i New Orleans 8 7 74 I Nashville 8 6 7 6 7 No. 7 .. Chicago I 64 5 6J 5 6 ! Detroit ! 7 6 7 6 64 M No. 8 i St. Louis 7 54 6' 54 6 Louisville ! 7 6 6 Memphis I 8 6 7 Little Rock 8 7 7 No. 9 Minneapolis ! 64 6 I Helena I 8 7 No. 10 ! Kansas City | I Omaha 1 ; Denver ! 8 6 7-8 I 8 6 6 7 No. 11. ! i D O a k l l l a a h s oma City ! 1 1 7 0 5 5 4 4 6 8 J 10 6 74 10 6 7 1 7 8 4 I 1 H El o P u a s s to o n 11 7 0 4 6 8 j 1 0 8 6 8 7 10 7 8 7 8 No. 12 I San Francisco | 64 51 51 44 4$ j 7 6 6 64 J Portland ! 51 5 5 8 44 7 1 Seattle I 6 4$ 5 8 41 64 j 8 G 7 j Spokane ! KX X K 8 64 7 I Salt Lake City ! Los Angeles Rates for demand paper secured by prime bankers' acceptances; high, 51; low, 3i; customary, 4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 253 FOREIGN EXCHANGE. the volume of trade with Japan in December, which is the basis for the weight assigned to that Foreign exchange rates showed a general, country in the computation for January, was though moderate, upward trend in January, much larger than the month before. Since the the foreign exchange index in January being rate on the yen is only slightly below par, an 59, compared with 55 for December. Of the 18 increase in the weight assigned to it tends to countries included in the calculations of this raise the general index. Swiss exchange reindex all but 5 had higher average rates in mained at a premium throughout the month January than the month before. of January. The rates on German}?- and Italy were slightly The rates used in the compilation of the table lower, as were those on China, Chile, and Japan. are noon buying rates for cable transfers in New The rise in the general index is due to the cumu- York, as published daily by the Treasury in lative effect of advances in rates on most of the accordance with the act of May 27, 1921. important countries and also to the fact that FOREIGN EXCHANGE KATES. COUNTRIES INCLUDED IN COMPUTATION O\P LNDEX. I Ral.es in con is per unit of foreign currency.] Low. High. Average. "Ind o ex f p ( a p r e ) r . 1 cent, Weight. : Par of Coantries. Monetary unit. ; CX- . change. Decem- Jan- Decem- January., January. ber. uary. ber. Belgium Franc 19. 30 7.5900 ; 6. 9300 8.0000 7. 8800 7. 8144 7. 5354 40. 49 , 39.04 20 25 Denmark Krone.. 26. 80 .19.7900 ! 18.6400 20.1900 : 20.9300 19.9744 39.5165 74.53 'T.I. 82 11 7 Franco Franc. 19.30 7.9(500 i 7. 2300 8.3500 ' 8. 2200 8.1636 7.8446 42.30 :40.65 74 111 Germany Rcichsrnark 23. 82 .4697 ! . 4339 .5876 ! . 6058 . 5204 . 5258 2.18 I 2. 21 68 77 Italy Lira 19.30 4.2600 j 4. 2400 4.5900 : 4. 7200 4. 3744 4. 4365 22. 67 22.99 47 43 Netherlands Florin.. 40.20 j 36.3000 | 35. 5000 36.9400 '36.9800 36. 6772 36. 3104 91.24 90. 32 29 28 Norway Krone .• 26. 80 i 15.4700 ! 14. 2500 15.8700 ;16.0700 15.6636 15.2327 58.45 5o. 84 9 7 Spain Peseta ". 19.30 ! 14. 8500 j 13. 9500 15.1800 .1.5.1900 14. 9768 14.6496 77.60 i 75. 90 19 27 Sweden Krona i 26.80 i 24.0500 23. 6600 25.4200 i25. 2200 24. 9488 24. 5281 93.09 91,52 17 25 Switzerland Franc •. 1.9.30 ': 1.9.3000 j 19. 0900 19. 5200: 19. 5400 .19.4.156 19.3919 100.60 •1.00.48 10 9 United Kingdom ... I'ound • 418.6500 | 403.7500 427.6700 '422.9500 422.4780 415.6 LOS , 86. 81 85. 40 247 236 Canada Dollar ! 100.00 | 93.5469 '' 91.5469 I 95.6641 ' 95.2031 94. 8222 92.7744 • 94. 82 92, 77 150 170 Argentina Peso (gold) — 96.48 i 75. 3000 , 72. 8600 83. 0800 ! 78.1.400 77.1892 74.8042 | 80.01 77. 53 2(5 23 Brazil Miircis" 32.44 i J 2. 4200 12.5300 32.6800 • 12. 8100 .12.5752 12.6692 ' 38. 7(5 39. 05 37 32 Chile Peso (paper).. 2 19.53 9.3750 • 10.5000 j 10.7500 ; 10.8750 1.0. 1'JO2 "10. 7S;J7 51.87 5o. 22 7 11 China Shanghai Cacl.- - 6(>. 85 : 72.4500 < 74.4800 I 75..! LOO 76.3800 I 7-i. I-150 U2.66 40 32 India Rupec 48.66 • 27. 5800 • 26. 71.00 j 27. 9700 27.9600 j 27. 81.04 50.41 26 24 Japan. Yen 49.85 : 47.4300 . 47.7800 : 47.9200 47.9900 i •17. 624-1 9f». 13 163 1.13 OTHER COUNTRIES. Low. High. Average. Index p (p ar e ) r . i cent of Monetary unit. • I Par I iJanuary., Dg»* January.D,e b c-e^m- January. \ January. \ ! ! Austria : Krone.. 20. 26 0.0267 0.0325 0.0389 I 0.043S 0.0325 ' 0.0387 j 0.16 : 0.19 B Cz u e lg ch ar o i s a l ovakia I : L K e r v o n - e 2 1 0 9 . . 2 3 6 0 i ! 1 . . 6 54 9 8 3 L 3 ; , 1 . . 6 0 7 85 00 3 1 . . 7 9 4 7 8 1 3 3 ! 1 . . 4 7 7 6 5 3 0 3 1. . 7 7 3 . 1 1 . 0 9 4 , • 1 . . 7 2 2 4 2 94 4 ! !• 3 8. . 6 5 S 5 6 3 . . 1 7 7 4 Finland 1 "Markka 19.30 1.8-400 1.7313 2.0136 1.9714 1.8871 ; 1.9003 ; 9.78 • 9.85 Greece Drachma 19.30 : 4.2200 ; 4.0100 4.4400 4.2000 4.3644 j 4.1400 j 22.61 , 21.45 Hungary Krone 20.26 .1244 .1273 . 1722 . 1789 .1525 ! .1512 i .75 .75 Poland .* Polish mark... 23.82 •• .0288 ! . 0285 . 0356 .0338 .0327 i .0313 ! .14 .13 Portugal Escudo 108.05 : 7.2100 . 7.6700 7. 8200 8.3200 7.6614 i 8.0196 ! 7.09 : 7.42 Rumania j Leu 19.30 . 7375 . 7050 . 8340 .8813 .7783 , .8008 i 4.03 i 4.15 Yugoslavia lisoSlidiViaf. 2 1 0 9 . . 2 3 6 0 ' ! ' 1 . . 3 3 2 1 7 4 5 0 ! : 1 . . 4 3 4 59 9 . 0 1. 1 . . 5 3 0 7 9 6 0 6 1 . .6 3 0 9 0 8 0 1 : 1 . . 3 3 4 8 3 1 0 4 , 1. . 5 38 3 1 6 9 6 ; 7 1 . .6 1 9 6 ; 7 1 . .8 9 8 6 Cuba ' Peso ' 100.00 ' 99.6162. 99.5S38 99.8542 99.7188 ! 99.7256 '•99.6402 ! 99.73 '• 99.64 Mexico : do • 4.9.85 ' 48.3000 . 48.0900 48.9825 48.8100 • 48.6898 : 48.41S0 I 97.67 , 97.13 Uruguay J.... .do : 103.42 • 70.9200 ; 65.5500 76.4200 72.0400 • 72.6472 '. 68.9077 ! 70.24 66.63 China j Mexican dollar... 2 48.11 • 52.9600 ! 53.4500 54.7800 55.6800 . 54.1040 54.6027 ! 112.45 ! 113.50 Hongkong '.Dollar >• » 47.77 . 54.5100' 53.2100 55.6900 55.1800 ' 54.9864 54.2569 I 115.11 ! 113.58 Straits Settlements ! Singapore dollar. = 56.78 ! 47.0000 . 45.4200 48.2900 48.0000 i 47.9296 46.8612 | 84.41 ! 82.53 1 Based on average. 21913 average. Average price of silver per fine ounce: In London (converted at average rate of exchange), SO.66675; in. New York, 50.65853, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. FOREIGN EXCHANGE INDEX 1918 - 1922 •GENERAL INDEX ITALY -ARGENTINA • ENGLAND NETHERLANDS •« JAPAN N. D.J. F. M. A. M. J. J. A. S0. N. D.' J. F M. A. M. J. J. A. SO. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F M. A. M J. J. A. S. 0. N. D. 1918 1919 1920 1921 1922 CONDITION OF PRINCIPAL EUROPEAN BANKS OF ISSUE, 1913-1921. BANK OF ENGLAND. [Combined data for issue and banking departments.] [From the London Economist and weekly statements of the Bank of England.] [In thousands of pounds.] Dec. 31, Dec. 30, Dec. 29, Dec. 27, Dec. 26, Dec. 25, Dec. 31. Dec. 29, Dec. 28, 1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. ASSETS. G old and silver 34,983 51,476 54,305 58,337 79, 111 91,345! 128,268 128,434 Government securities: Held by issue department 18,450 18,450 18,450 18,450 18,450 18,450 18,450 18,450 18,450 Hold by banking department 13,199 14,808 I 32,840 57,188 58,303 71,106 92,469 107,865 36,962 Other securities 52,138 106,236 j 112,076 106,461 92,140 106,778 83,165 Total 118,770 208,987 214,842 236,404 229,979 260,807 309,039 340,611 267,011 LIABILITIES. Proprietors' capital 14,553 14,553 14,553 14,553 14,553 14,553 14,553 14,553 14,553 Rest (surplus) 3,252 3,283 3,312 3,311 3,301 3,257 3,272 3,340 3,334 Public deposits 10,256 26,933 j 49,677 52,116 42,009 23,643 19,213 14,305 16,057 Other deposits 61,087 128,055 111,973 126.727 ! 124,162 149,037 180,638 175,554 106,532 Seven-day and other bills 14 24 18 22 i 10 10 13 15 Notes in circulation 29,608 36,139 I 35,309 39,675 I 45,944 70,307 91,350 132,851 126,520 Total 118,770 22f0iS8 ,Q9R87 7 ! |2 1241.48,48242 236,404 229,979 260,807 309,039 340,611 267,011 Ratio of metallic reserve to deposit and note liabilities combined—per cent 34.65 26.14 24.85 ! 27.50 32.56 31.37 39.75 51.56 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 255 BANK OF FRANCE. [From weekly statements of the Bank of France.] [In thousands of francs.] I Dec. 26, Dec. 10,i Dec. 30, Dec. 28, Dec. 27, Dec. 26, Dec. 2fi Dec. 30, Dec. 29, 1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. Gold in vault 3,517,392 4,141,757 5,015,287 3,382,827 | 3,314,417 3,440,460 3,600,245 3,551,902 3,575,861 Other metallic reserve.. 640,063 351,034 352,088 294,869 ! 247,657 318,348 268,035 266,333 279,765 Total metallic vault reserve 4,157,455 4,492,791 5,367,375 3,677,696 3,562,074 3,758,808 3,868,280 3,818,235 3,855,b26 Gold held abroad 1,693,088 . 2,037,108 2,037,108 1,978,278 1,948,367 1,948,367 Foreign credits 1,056,799 825,801 : 778,397 2,336,472 1,296,616 Government securities: 677,976 623,733 Permanent investments 300,000 300,000 300,000 | 300,000 j 300,000 300,000 300,000 Advances to Government 300,000 300,000 since outbreak of war 3,600,000 5,000,000 7,400,000 I 12,500,000 17,150,000 25,500,000 Treasury bills discounted (ad- 26,600,000 24,600,000 vances to foreign Governments) 630,000 1,800,000 I 3,220,000 3,526,000 3,755,000 3,980,000 4,142,000 Other Government securities. 117,958 113,378 112,652 112,979 112,729 112,913 114,819 114,839 Loans and discounts 1,526,462 213,291 , 429,321 : 619,684 918,257 1,052,336 1,286,361 3,311,324 2,506,977 Bills matured and extended 3,637,514 ! 1,834,206 I 1,338,833 1,140,832 1,028,568 626,438 403,933 57,240 Advances on bullion, specie, securities, etc 772,403 J 2 780,758 ! 1,151,916 ! 1,317,753 1,224,798 1,215,715 1,464,331 2,201,795 2,240,918 Bank premises 44,230 I 50,272 46', 086 46,295 46,425 47,261 46,655 54,460 Sundry assets 320,005 I 363,233 502,718 627,520 1,550,272 1,927,158 1,579,028 2,117,383 Total ! 7,238,513 | 16,296,500 | 19,634,311 j 26,468,260 31,114,433 | 42,162,636 ; 44,982,132 42,561,543 LIABILITIES. ! Capital i 182,500 182,500 182,500 i 182,500 j 182,500 182,500 182,500 182,500 182,500 Surplus (including special re- • serves) • 42,519 42,964 42,964 42,964 42,964 42,972 54,917 72,618 Amortization account (laws 1914, i 1917,1918) ! 437,415 702,934 1,041,628 1,829,022 Dividends unpaid j 1,601 21,818 25,147 25,831 5,040 5,197 28,951 16,048 Government deposits I 403,359 176,557 173,896 15,009 251,859 111,684 76,497 56,575 26,014 Other deposits I 579,255 2,671,951 2,123,814 2,264,892 2,917,555 2,368,616 3,129,393 3,519,461 2,718,018 Bank notes in circulation 5,713,551 9,986,042 13,309,850 16,678,818 22,336,799 30,249,612 37,274,540 37,901,599 36,487,457 Sundry liabilities ! 315,728 441,658 I 424,981 710,752 716,602 748,603 2,196,501 1,229,866 Total 7,238,513 16,296,500 ; 19,634,311 26,468,260 34,114,433 42,162,636 ' 44,982,132 42,561,543 Ratio of metallic reserve to deposit and note liabilities combined—per cent , 62.09 35.00 34.39 | 19.40 j 13.97 11.48 • 9.56 | 9.21 9.83 1 No data available as at end of 1914. Incomplete data for December 10 taken from report of Minister of Finance. 2 Advances on securities only. GERMAN REICHSBANK. [From annual reports and weekly statements of the Reichsbank.] [In thousands of marks.] Dec. 31, Dec. 31, Dec. 31, ! Dec. 30, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1913. 1914. 1915. j 1916. 1917. ; 1918. 1919. 1920. 1921. ASSETS. Gold 1,169,971 2,092,811 2,445,185 2,520,473 2,406,586 :2,262,219 ''1•,089,499 j 1,091,636 995,392 Other metallic reserve.. 276,832 36,865 32,073 16,319 181,350 i 19,948 ; 20,520 ! 5,773 11,612 Total metallic vault reserve. 1,446,803 2,129,676 2,477,258 ;2,536,792 2,587,936 , 2,282,167 ] 1,110,019 j 1,097,409 1,007,004 Imperial Treasury and Loan Bank certificates 46,202 875,000 1,287,865 ' 422,089 1,314,790 5,266,919 11,025,257 I23,416,674 6,963,607 Notes of other banks 12,765 5,312 3,130 | 1,394 674 2,908 I 1,974 ! 1,624 2,084 Bills, checks, and discounted Treasury bills 1,490,749 3,936,568 5,803,314 j9,609,767 14,596,106 27,415,712 !41,744,534 60,634,023 U33,392,660 Advances on collateral 94,473 22,870 12,939 I 9,758 5,111 5;637 j 9,940 4,438 8,476 Securities 403,410 33,972 51,375 I 83,749 89,161 156,073 163,983 183,590 195, £12 Sundry assets 225,135 215,013 272,229 ; 784,125 2,091,394 2,390,080 ! 2,459,598 9,728,125 8,220,979 Total. 3,719,537 7,218,411 9,908,110 13,447,674 ' 20,685,172 \ 37,519,496 j 56,515,30595,065,883 149,790,722 i Capital paid in 180,000 180,000 ! 180,000 180,000 ' 180,000 : 180,000 180,000 180,000 180,000 Surplus ! 70,048 \ 74,479 : 80,550 85,471 90,137 j 94,828 , 99,496 104,258 121,413 Notes in circulation | 2,593,445 5,045,899 j 6,917,922 8,054,652 ; 11,467,749 ! 22,187,815 j 35,698,369 68,805,008 113,639,464 Other liabilities payable on de- • mand j 793,120 1,756,907 , 2,359,012 4,564,206 . 8,050,389 ' 13,280,398 i 17,071,857 22,327,114 3 32,905,673 Sundry liabilities ; 82,924 161,126 ! 370,626 563,345 896,897 j 1,776,455 , 3,465,583 3,649,503 2,944,172 Total '; 3,719,537 7,218,411 ; 9,908,110 13,447,674 : 20,685,172 j 37,519,496 ; 56,515,305 95,065,883 149,790,722 Ratio of metallic reserve to de- i posit and note liabilities com- ; bined—per cent ! 42.72 31.31 ; 26.70 20.10 ; 13.26 6.43 2.10 1.20 i 1 Of this 1,061,754,000 marks is bills and checks and 132,330,906,000 marks discounted Treasury bills, a Of this 7,591,343,000 marks is Government deposits and 25,314,330,000 marks private deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

256 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. BANK OF SPAIN. [From Espaiia ISctfjunica y Finaneiora and weekly statements of the Bank of Spain.] [In thousands of pesetas.] Dec. 27, Dee. 26, .Dec. 3.1, Dec. 30, i Dee. 29, ! Dec. 28, Dec. 27, ! Dec. 31, i Dec. 31, .1913. 19L4. 191;"). 1916. | 1917. j 1918. 1919. ! 1920. ! 1921. Gold 479,220 572,257 867,226 1,250,896 2,228,351 2,445,81.0 j 2,457,140 2,512,869 Silver 716,488 : 707,020 752,905 741,042 710,538 642,157 630,498 I 573,567 625,042 Total metalic vault reserve... 1,195,708 1,279,277 1,620,131 i1,991,938 2,677,354 ! 2,870,508 3,076,308 | 3,030,707 3,137,911 Credits abroad .193,650 147,534 103,195 90,170 89,392 j ' 87,468 66,418 ! 82,536 41,754. Loans, discounts, and adamees 785,432 802,179 667,365 671,060 731,428 1.145,070 1,621,4-15 i 1,903,611 2,860,128 G overiimen t s e ? u rit i e s: Charter, 1891 150,000 150,000 150,000 ! 150,000 150,000 i 150,000 150,000 I 150,000 150,000 Charter, 1899 100,000 100,000 100,000 : 100,000 100,000 ! 100,000 100,000! 100,000 100,000 Other 344,432 344,432 344,432 | 344,438 344,438: 344,475 344,475 344,475 344,475 Sundry assets 97,640 151,009 162,340 I 130,569 . 85,965 | 226,446 45,352 401,480 37,673 Total i 2,866,862 2,974,431 3,147,463 3,478,175 4,178,577 !4,923,967 5,403,998 ! 6,012,809 j 6,671,941 LIABILITIES. I I Capital 150,000 150.000 150,000 i 150,000 150,000 150,000 150,000 150,000 150,000 Surplus 20,000 20,000 24,000 , 26,000 | 26,000 ! 58,000 60,000 ! 63,000 78,000 Government deposits 155,709 113,237 44,878 ' 44,850 62,757 61,831 130,121 i 82,549 990,000 Other deposits 476,834 610,531 710,758 , 760,859 959,758 1,165,969 1,035,075 " 1,169,489 1,041,817 Notes in cireulat ion 1,924,274 1,965,068 2,100,174! 2,360,084 2,782,840 3,316,215 3,856) 300 4,326,250 4,244,081 Sundry liabilities L40,015 115,595 117,653 ; 136,382 197,222 171,952 172,502 22.1,521 167,147 Total 2,866,862 2,974,431 3,147,463 : 3,478,175 4,178,577 4,923,967 j 5,403,998 6,012,809 6,671,941 Ratio cf metallic reserve to deposit and note liabilities combined— : per cent ; 46. 77 47. 58 56.73 • 62. 92 70.36 ! 63.17 ! 61.26 54.33 49.99 BANK OF BELGIUM. [From weekly statements cf the Bank of Belgium .J [In thousands of francs.] Dec. 3.1, Dec. 30, Dec. 29, : Dec. 29, 19L3. 1919. 1920. ! 1921. Cold : 249,027 266,409 266,519 266,584 Silver o(\, 367 26,902 27,920 40,490 Total metallic vault reserve 305,394 293,311 ! 294,439 307,074 Foreign exchange and foreign credits 166,625 59,744 28,481 20, 684 Bills discounted 634,795 392,308 •: 756,688 425^ 972 .Public securities 58,518 6J,052 j 61, 870 62, 775 Investment of surplus 41,240 47,538 I 48, 749 50,175 Advances on national public securities 61, 449 62,831 ! 126,731 120,194 I -oaiis secured by foreign credits I 84,955 I 84,653 84,653 Provincial bonds, taken over by the State (law of Nov. 4, 1919) 480,000 ! 480,000 480,000 Funds held for the 'National institution of Savings '. i 1.1,823 Advances to the Government for the retirement'of German marks deposited with the bank ...! 5,800,000 , 5,500,000 5,500,000 Bank premises, furniture and .fixtures, net, i. e., loss depreciation j 14,974 j 15,391. i 15,587 .14,960 Sundry assets '. ". j 9,447 j 2,454 ' 2,601 2,592 Total 1,304,265 | 7,299,584 I 7,399, 799 7,069,079 LEARlUTfES. Capital 50,000 | 50,000 50,000 50,000 Surplus 41,781 47,579 48, 750 50,175 Notes in circulation 1,067,407 4, 763,802 6,119,239 6,289,576 Deposits in current account: Government, including specie deposits 9,585 217,932 89,464 168,073 Other 117,098 2,216,665 1,085,149 509,109 Funds due to the National institution of Savings. 11,907 Sundry liabilities ... 6,487 3,606 ! 7,197 2,146 Total 1.304,265 7,299,584 7,399,799 7,069,079 Ratio of metallic reserve to deposit and note liabilities combined—per cent. 25. 58 4. 07 4. 04 4.41 NOTE.—Figures for 1914-1918 not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL. RESERVE BULLETIN. 257 BANK OF NETHERLANDS. [From annual reports and weekly statements of the Bank of Netherlands.] [In thousands of florins.] Dec. 27, Dec. 21, Dec. 31, Dec. 30, Dec. 29, Doc. 28, I Dec. 27, Doc. 27. Dec. 27. 1913. 1914. 1915. 1916. 19.17. 1918. i 1919. ' 1920. ' 192.1. ' Gold coin and bullion 151,490 208,120 429,182 i 587,602 I 698,233 ' ,89,441 637,323 : 636,141 605,969 Silver 9,016 3,491 6,195 | 6,985 | 7,028 ! 8,545 ! 6,1.03 ! 21,190 8,24L Total metallic vauit reserve i 160,506 : 2.11,611 435,377 j 594,587 ! 705,261 I 697,986 643,426 657,331 614,210 Loans and discounts 67,504 ! 154,785 76,348 i 66,685 ! 81,819 i 243,691 168,862 196,824 270,186 Foreign bills : 14,300 j 667 2,-506 8,024 ! 8,039 ! 8,930 48,354 52,754 33,794 Advances , 86,026 I 133,353 93,579 85,505 j 107,448 I 139,515 250,116 247,605 124,554 Government securities , 9,235 '• 4,240 11,577 i 3 729 I 12,241 13,832 13,474 Other securities 8,968 ! 8,999 ""8,"925"j 9,096 | 8,856 ! 8,456 8,367 9,242 Bankpremises 2,000 i 1,800 1,600 1,400 ; 1,465 i 1,770 ! 3,312 3,594 3,747 Sundry assets 1,196 j 10,719 21,812 | 71,087 65,313 i 89,108 | 40,656 22,453 19,238 Total i 349,735 j 526,174 643,147 ! 847,961 ' 978,423 i 1,193,585 | 1,175,423 I 1,202,760 1,088,445 LIABILITIES. I Capital j 20,000 I 20,000 20,000 : 20,000 i 20,000 ! 20,000 | 20,000 20,000 20,000 Surplus ' 5,000 | 5,003 5,000 ! 5,155 j 5,234 i 5,079 | 5,000 5,000 5,387 Notes in circulation 312,695 473,107 577,056 ' 758,379 ! 890,273 i 1,068,947 i 1,032,732 1,072,146 1,012, 878 Interest bearing certificates ; 1,522 ! 1, 599 3,469 3,739 i 3,568 i 2,051 • 1,740 1,924 1,085 Government deposits : i 5,482 21,584 j. Other deposits 4,333 i 1.7,455 24,289 54,577 i 32,048 i 88,478 : 102,343 85,261 ! 30,573 Sundry liabilities 6,185 i 9,01.0 7,851 6,111 5,716 • 18,429 i 18,522 9,030 | 13,608 Total " 349,735 ' 526,174 < 1,202,760 | .1,058,445 Ratio of metallic reserve to deposil, and note .. ' : 643,147 ; 847,961 • 978,423 ; 1,193,585 [ 1, L75,423 liabilities combined—per cent : 50. 38 ! 43.00 56.70 ! 58.80 71. 34 | 72. 80 ' 74. 44 \ 60.20 > 56. 60 FINANCIAL STATISTICS FOR ENGLAND, FRANCE, ITALY, GERMANY, SWEDEN, NORWAY, AND JAPAN. A summary of banking and financial conditions abroad is presented statistically in the accompanying tables. Similar material will be published regularly each month in the BULLETIN. BRITISH FINANCIAL SITUATION. [Amounts in millions of pounds sterling.] Deposit and note acl c a o n u d n t a s n , d B T an r k e a o s f u r E y n . g- Gove i r n n g m d e e n b t t. float- Nine Lo b n a d n o k n s .3 c learing i Discount rates. |w i 33 O "S i 0 .5 fi o • P< ! •a 1 Per | Per \ Per \ Per 1913, average of end of month i cent. cent. '• cent. ' cent. figures 29 57 38 4* I 4JJ 1 11.7 1920, average of end of month figures s 103 348 ; 147 146 j 1,078 219 1,297 32 105.0 : 1921, end of— July 109 325 122 157 1,202 150 1,355 104| 1,191 i 306 1,785 • 7 112.9 8.4 August ! 107 319 137 157 I 1,166 180 1,347 100 1,179 . 302 1,764 : 3 1.1.3.0 '. September { 106 314 118 157 i 1,159 161 1,321 99 1,186 i 302 1 771 : 10 114.6 • - October | 104 312 175 157 j 1,124 214 1,338 102! 1,196 ; 306 1,802 ! 33 121.7 65 November i 106 313 144 157 j 1,108 193 1,300 96! 1,205 I 311 1,793 19 8 12«. 1 December 107 326 123 157 i 1,060 200 1,260 106 1,191 ' 315 1,818 ; 19 127.3 1922, end of January 103 305 135 157 i 1,039 116 1,154 114 1,192 i 333 1)826 '. 1 Less notes in currency notes account. 2 Held by the Bank of England and by the Treasury as note reserve. 3 Average weekly figures. 4 Compilation of London Joint City and Midland Bank, British Government loans for national purposes excluded. Revised figures. 5 Compilation of London Economist. Ratio of net profits to ordinary and preferred capital of industrial companies, exclusive of railways, mines, insurance companies, and banks. Applies to earnings disclosed during the quarter and has therefore a probable lag of six months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 FEDERAL RESERVE BULLETIN. 1922. FRENCH FINANCIAL SITUATION. [Amounts in millions of francs.] vim oi uaiics.j Bank of France.* Situation of the Government. Value of new Savings i stock i Advances aannda of deres G e o rv ld e s, j | re S s i e l r v v e e r s. po D si o ts - .2 i , C t i i r o cu n l . a- i ' ! 1 t m p h u t e e o r n p o t w t o n f e a s fo r e . r s 3 r G e m o v v e e e n n r u t n e - / lTT a £t e b D t t' , F d a -x e e O - b tP t t - r > no l c p e P P r n e 3sr r e P t t i i n u e c c n p r t a e e o e e l r r . o o 6 - f f u i p p m s F o s l i a a u b b n s r c r s e e o o k e u s n t n n d h e e c d d e s t h J p a o l d w s r s o i a i ( t r w t h - s - ) - ^ . ) j b o P a f a n t r k h is s e . 1 1913, average... 3,343 i 629 830 I 5,565 ;. 320 35,000 86.77 !. - 65 59 1920, average... 8 3,586 j 253 3,527 I 38,066 I 26,042 1,005 57.34 j '*4,'654' + 48 10 554 1921— 1 July 9 3,573 ! 275 3,252 ' 36,941 ! 25,100 1,242 229,055 35,286 56.35 I 2,345 + 52 438 August » 3,571 ; 277 2,7-19 ! 36,783 ! 24,900 1,016 56.50 j 152 + 72 467 September. 0 3,575 277 2,509 i 37,129 1 24,900 1,011 56.20 234 + 68 553 October 9 3,575 278 2,563 : 37,154 1 25,100 1,305 54.30 ! 3,355 + 33 463 November. 9 3,576 ! 279 2,563 I 36,336 1 24,500 1,051 54.90 ! 434 - 0.5 505 December. 9 3,576 I 2S0 2,7-13 36,487 : 24,600 1,228 54.75 i 853 + 38 527 I 1922. January 9 3,576 j 280 2.392 36,433 [ 23,000 56.55 i 41 1 End of month figures. 2 Includes Treasury and individual deposits. 3 Under the laws of Aug. 5 and Dec. 26,1914, July 10,1915, and Feb. 16,1917. 4 From, indirect taxation and Government monopolies. 5 Foreign debt convened to francs at par. « Last Wednesday in the month. 7 Figures of the "Association Nationale des Porteurs Frangais de Valeurs Mobilities." Bonds issued by the Government and the railroad companies not included. 8 Not including 1,978,000,000 francs held abroad from January through August and 1,948,000,000 francs from September through December. 9 Not including about 1,948,000,000 francs held abroad. M Average for 11 months. ITALIAN FINANCIAL SITUATION. [In millions of lire.] Leading private banks.1 Banks of issue. GovernmeiLt finances. Loans, Princi- Cash. j I d c u s c o o p e o d a n u i o r n s f n t r - n d r s e t o d . - s m - , i ' s D d t e pp s u e n o e p a tt n o s n d t . s d o - - c L T o o u n a n d n t s s .' ' se G r r v e o - e l " d i I se r r e v - e' i D l m t i t s a e d i a b e p e a n - i s o n l . d s i d - - l c C a m i c t r o i i e c o a m r u l n - - - . a C ti o s c i o t c f r n a c o t t u u h f e l o n e . a r t - ! j 1 , ! T m H u r e e e r t r a j a e s - l - - ] ! : , S t b t r u h e i e l r r o a l y m r s s t . - - ! , 1 ! ' p d T u e o b b t l a t i , l c n p t a n m u a d a n o e x o u l d p s a n r r o t i e f t l i n m r h v i o o g e . e o n 2 m s - - 1913, end of December. 129 2,007 1,674 857 j 1,375 j 1,661 318 2,284 493 117 I 1920, end of December. 1,297 ................. 1,058 ! 2,077 10,743 13,2G0 1. 1921, end of— I July 1,140 16,851 16,704 7,156 1,076 i 1,990 2,290 9,433 8,507 2,546 I 348 20,276 j 724 August 1,131 17,024 16,672 7,315 1,079 1,964 2,143 9,491 8,352 21,173 j 1,416 September , 1,052 17,223 16,825 7,327 j i;073 1,966 2,124 9,785 8,395 622 October , 1_,,3_6_4_ 15,413 17,022 7,816 ! 1,086 , 1,990 2,243 9,746 8,554 2,546 22,997 .110,754 1,477 November ,j* 1,174 3 12,844 !312,778 7,810 i 1,089 J 1,948 2,151 9,435 8,485 723 December 1,459 T 1 Banca Commerciale Italiania, Banca Italiana di Sconto, Credito Italiano, Banco di Roma. * Revenues from state railways; from post, telegraph, and telephones; from state domain; from import duties on grain; and from Government sales of sugar are not included. * Excluding Banca Italiana di Sconto. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 259 GERMAN FINANCIAL SITUATION. [Amounts in millions of marks.] Index numbers Reichsbank statistics. Situation of the Government. of securities prices.2 Value of Darlehns- -new stock Discounts.1 scheine in circu- placed on Gold Note lation.i Receipts Revenue TTrreeaassuu:ry German 25 15 se r r e v - e.1 co D u i n s- ted m C e o rc m ia - l la c t i i r o c n u . - * Deposits; Clearings. t f a r x o e m s. ra o i f l w st a a y te s. s b ta il n ls d i o n u g t . - 1 market. stocks. bonds. treasury paper. bills. 1913, average... 1,0 1,958 6,136 207 13 »220 1921. January 1,092 53,337 66,621 15,834 79,917 11,341 6,741 1,483 155,459 2,042 100 100 July 1,092 79,982 1,136 77,391 15,824 78,337 8,358 5,566 2,269 190,770 1,507 August 1,024 84,044 1,002 80,073 13,650 79,172 7,837 5,145 2,416 202,872 1,228 September 1,024 98,422 1,142 86,384 19,980 98,004 7,610 4,908 2,599 210,504 1,534 October 994 98,705 881 91,528 18,303 119,496 7,316 6,185 2,825 218,000 2,889 November 994 114,023 1,446 100,944 25,313 140,493 7,330 7,044 3,397 226,676 7,135 December 995 132,331 1,062 113,639 32,906 120,835 8,325 246,921 5,965 6 147 1922. January 8 126,160 1,592 115,376 23,412 116,680 8,046 7 249,249 4,831 j «223 «152 1 End of month. 2 Calculated by the Frankfurter Zeitung with prices of 25 stocks, 10 domestic and 5 foreign bonds (prices as of Jan. 1,1921=100). These figures, recently revised, now include subscription privileges which were heretofore omitted. a End of March, 1913. * As of Nov. 10,1921. * As of Dec. 30,1921. * As of Jan. 5, 1922. 7 As of Jan. 10,1922. 8 Latest figures subject to revision. SWEDISH FINANCIAL SITUATION. [Values in millions of kronor.] Busi- Situation of the ' Joint-stock Protested n fa e i s l s - Fo e r x ei - gn Riksbank. Government. banks. during b i m lls onth.1 du u r re in s g i c n h d a e n x g . e 1 month.* Value Index ofstock Foreign b n e u r m o - f issues l G c b a i o o n u o i n d l l n - d . l c a N i t r i o c o t u n e - . po D s e i - ts. F d S u e n ta b d t t e e . d F d S i l e t n o a b g a t t e t . - c b o R w B d u a i i i i n n k s l t - l t k h s s e - . d counts, j i j i Value. N b u e m r. - ( a c f k o v b h o f r a e a r r o x l e o t n u n i - h a g g e a e d e n p A s r t ic l o i e c s s k t — .1 m t d e t o u h r n r e e i d t n h g . I currencies =100). 1913, end of December 102.1 234.5 628.2 20.1 138.9 2,286.9 ; 4,314 1.9 258 24.0 1920, average 269.2 733.0 225.8 1,280.8 248.1 476.3 6,008.3 3,586 6.4 196 112.9 176 60.6 1920, end of— - November 282.4 752.8 182.7 1,280.7 224.8 446.0 6,117.8 4,114 7.9 113.8 144 57.5 December 281.8 759.9 171.5 1,280.6 215.9 450.3 6,211.3 5,171 10.8 274 114.1 145 | 67.2 1921, end of— July 280.3 629.4 177.2 1,341.5 134.3 362.6 5,929. 7,383 16.8 413 119.3 125 i 67.1 August 285.0 632.4 152.1 1,359.9 137.1 344.8 5,937. 6,515 16.0 353 119.5 120 | 30.9 September 275.9 672.4 113.4 1,367.8 60.1 329.7 5,900. 5,786 10.3 493 121.4 114 | 13.0 October 275.5 650.3 126.4 1,393.1 62.9 340.9 5,837. 6,449 12.6 505 124.9 107 16.5 November 275.0 628.0 187.6 1,409.2 76.8 354.4 5,735. 13.1 491 124.0 104 December 274.7 627.7 464.3 5,655. 13.1 1922, end of January.. 274.5 563.0 5,654. 1 Source: Kommersiella Meddelanden. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 FEDERAL RESERVE BULLETIN'. •FEBRUARY, 1922. NORWEGIAN FINANCIAL SITUATION. [In millions of kroner.] Norges Bank. Gold . Note Loans and ! Clearings at . indexi | holdings. circ^tionJ DePosits- discounts. IGhristiania. (Farm and)! Fer cent. 1914, end of July. 2 84. 2 i 122.5 14.4 •88.4 ". 1920, average 147.4 I 450.5 102.4 4i9.1 (552 91.1 32 1920, end of— November... 147.3 453. 4 92.8 443. 8 725 84.5 46 1921, end of— " July 147.3 428. 4 100.0 452.0 . 541 82.4 90 August 147.3 421.0 110.2 454.8 580 81.9 101 September... 147. 3 415.9 79.6 421.4 i 637 85.9 102 October 147.3 411.4 112.9 ! 452.5 589 86.2 November... 147.3 395.4 121.3 i 438.6 : 538 95.4 "I 1 Average value of krone in terms of foreign currencies. 2 Includes balances abroad. JAPANESE FINANCIAL SITUATION.1 1 See page 1.94. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis