Federal Reserve Bulletin, 1922-03

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

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

OFFICERS OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— . Chairman. Governor. Deputy governor. Cashier. Boston Frederic II. Curtiss.. Chas. A. Morss. C. C. Bullen W. Willett. W. W. Paddock New York.. Pierre Jay Benj. Strong J. H. Case L. H. Hendricks.i L. F. Sailer J. D. Higgins 1 G.L.Harrison... A. W. Gilbart.» E. R. Kenzel Leslie R. Rounds.* J. W. Jones.i Ray M. Gidney.1 Philadelphia.. i R.L.Austin Georgo W. Norris Wm. II. Huttjr W. A. Dyer. Cleveland ! D. C. Wills E. R. Fancher M. J. Fleming H. G. Davis. Frank J. Zurlinden Richmond i Caldwell Hardy. George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus A. S. Johnstone8 John S. Walden s 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. II. Dillard.i D. A. Jones.1 0. J. Netterstrom.i A. H. Vogt.i Clark Washburne.i St. Louis Wm. McC. Martin.. D.C. Biggs 0. M. Attebery J. W. White. Minneapolis.. John H. Rich R. A. Young W Fra . n B k . G C. e e D ry unlop l B. V. Moore. S. S.Cook Kansas City.. Asa E. 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* 1 Controller. 2 Assistant to governor. a Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of- Manager. Federal Reserve Bank of— Manager. New York: Minneapolis: I Buffalo branch W. W. Schneckenburger. Helena branch , R. E. Towle. Cleveland: Kansas City: ! Cincinnati branch L, W. Manning. Omaha branch j L. H. Earhart. Pittsburgh branch Geo. De Camp. Denver branch C. A. Burkhardt. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch A. H. Dudley. 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 j C. J. Shepherd. Nashville branch J. B. McNamara. Portland branch : Frederick Greenwood. Chicago: Salt Lake City branch , R. B. Motherwell. Detroit branch R. B. Locke. Seattle branch C. R. Shaw. St. Louis: Spokane branch W. L. Partner. Louisville branch W. P. Kincheloe. Memphis branch J. J. Heflin. Little Rock branch... A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN. The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. It is printed in two editions, of which the first contains the regular official announcements, the national review of business conditions, and other general matter, and is distributed without charge to the member banks of the Federal Reserve System. Additional copies may be had at a subscription price of $1.50 per annum. The second edition contains detailed analyses of business conditions, special articles, review of foreign banking, and complete statistics showing the condition of Federal Reserve Banks. For this second edition the Board has fixed a subscription price of $4 per annum to cover the cost of paper and printing. Single copies will be sold at 40 cents. Foreign postage should be added when it will be required. Remittances should be made to the Federal Reserve Board. No complete sets of the BULLETIN 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. 261 Business, industry, and finance, February, 1922 271 Attitude of State Department toward foreign loans 282 Member bank acceptances at the close of 1921 283 Tobacco finance 285 Indexes of trade and production 292 Commercial credit practice of Japanese banks 296 Business and financial conditions abroad—England, France, Italy, and Germany 301 Argentine financial statistics 314 Official: Law department 318 State banks admitted to system 317 Fiduciary powers granted to national banks 317 Charters issued to national banks 317 Price movement and volume of trade: International wholesale price indexes—-United States and England 319 Comparative wholesale prices in principal countries 325 Comparative retail prices in principal countries 330 Foreign trade—United Kingdom, France, Italy, Sweden, Norway, Japan, and Germany 330 Indexes of industrial activity—England, France, and Germany 332 Foreign trade index 334 Physical volume of trade 335 Ocean freight rates 339 Report of knit-goods manufacturers of America 339 Retail trade 340 Wholesale trade 342 Commercial failures 317 Banking and financial statistics: Domestic— Discount and open-market operations of Federal Reserve Banks 342 Condition of: Federal Reserve Banks 347 Federal Reserve note account 354 Condition of member banks in leading cities 355 Bank debits '. 358 Operations of the Federal Reserve clearing system 362 Gold settlement fund 363 Gold and silver imports and exports 363 Money outside the Treasury and Federal Reserve System 364 Discount and interest rates in various centers 365 Discount rates approved by the Federal Reserve Board 364 Foreign exchange rates 366 Abstract of condition reports of member bank 371 Foreign— England, France, Italy, Germany, Sweden, Norway, and Japan 375 Condition of principal European banks of issue, 1913-1921 367 Charts: Index numbers of domestic business, 1919-1922 294 Index numbers of wholesale prices in the IJnited States and England 319 Index number of wholesale prices in the United States—constructed by Federal Reserve Board for purposes of international comparisons 320 Index numbers of wholesale prices in England 321 Movement of principal assets and liabilities of Federal Reserve Banks 347 Movement of principal assets and liabilities of member banks 347 Debits to individual accounts 358 Foreign exchange index 367 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 8 MARCH, 1922. No. 3 same time the banks have had to face the REVIEW OF THE MONTH. problem of how to provide additional credit as With the return of the planting season, the needed for financing the new crop. In various Recurrence of question of agricultural credit parts of the country there has seemed to be agricultural prob- once more assumes a renewed danger that, because of the fact that the banks lem. importance and significance. were already carrying considerable amounts of This question has naturally been prominent in held-over loans, there might be an indisposicurrent discussion during the past few months tion on their part to finance the planting of the because of the continuance of the difficult new crop as freely as would be desirable. conditions growing out of economic readjust- Uncertainty as to future prices of agricultural ment to which the farmers of the country have products is of course in no small measure been subjected. These conditions, as noted on responsible for such an attitude, but this fact former occasions, have included the lack of itself emphasizes the question how to provide adjustment of farm prices to costs of equipment for the needs of agriculture on a safe and and supplies which the farmer must purchase, systematic basis. the unsatisfactory "adaptation of the credit In these circumstances there has naturally system to rural needs, and sudden changes and been a search for remedies or modifications in export demand, which have Suggested rem- ^ ^ improvement of the ©dies. . •r. naturally tended to alter the economic position agricultural situation, liecomof the grower. Added to these have been the mendations have been of many sorts and have various banking problems growing out of the included better and cheaper transportation, fact that the sudden shrinkage of prices had cooperative marketing, changes in the conprevented the farming population in some parts ditions of granting farm credit, higher customs of the country from liquidating their bank duties, and others. Congress has already acted obligations as they otherwise would have done, upon a cooperative marketing proposal, but so that at not a few points it was necessary farm credit legislation has offered a more diffiduring the past season or two for banks to cult issue as well as one which calls for much carry over a substantial amount of the farmers7 more careful adaptation or adjustment to other current obligations which would ordinarily economic factors in the situation. In the dishave been settled out of the proceeds of the cussion thus far carried on, however, certain crop year just closed. This has produced a suggestions stand clearly out. Among these is substantial element of "frozen loans77 which it the proposal of more liberal bank lending has been difficult for the farmer to liquidate, policies and especially of more liberal bank and which the banker was thus obliged to carry rediscount facilities. These are urged in the on the renewal basis for a period much longer belief that there has been an undue degree of than that which would ordinarily be considered conservatism on the part of the banks in dealsound practice. ing with agricultural applications or that the These conditions have given rise to renewed conditions which they have fixed as regards study of the agricultural credit situation, with duration of loans or eligibility of paper have a view to providing more fully for it through been unduly narrow. Another type of sugmodifications or amendments in our existing gestion has been founded upon the belief that body of banking legislation. Several important new means of reaching the public or of assisting suggestions have been made and are now the public to reach the banks were called for. before the country for consideration. At the These ideas have rested upon the belief that, 261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 FEDERAL RESERVE BULLETIN. MABCIT, 1922. as things stand, with barely one-third of all mission made it clear that it attributed the disbanks members of the Federal Reserve System, abilities under which not only farmers but the it was not feasible for the resources of the rest of the community have been laboring as system to be as widely and generously dis- due only "in a measure" to credit restrictions tributed as would be needful if they are to and limitations. The pressure of liquidation, reach the ultimate borrower. On the other it was stated, "was greater upon the agriculhand, it has been supposed that the interven- tural sections because of the peculiar conditions tion of some new type of institution lending surrounding the marketing of agricultural direct to the people or the expansion of the crops, and as a result of the fact that the crops powers of the land banks so that they could of 1920 had been produced at costs greater than make liberal short-time loans might be of those applicable to any other crops in the hisassistance. Another type of suggestion is not tory of the country. These hardships were also based upon a desire to modify standards of greater because the prices of agricultural comeligibility or to change the machinery of re- modities declined to a greater degree and with discounting, but it is rather designed to alter greater rapidity than the prices of other comthe economic situation of the reserve sys- modities." This relatively rapid decline was tem in relation to farming by calling upon not, however, attributed to a greater pressure it to provide means for carrying agricultural for liquidation exerted by the banks in the products in warehouses. All these ideas and agricultural sections of the country. On the sundry variations of them have been freely contrary, the evidence showed that liquidation considered both by official and unofficial or- of bank loans and discounts in the agricultural ganizations, with the result that certain con- sections of the country was less than in the increte suggestions have taken definite form. dustrial sections, and, in fact, that but little Of such suggestions those put forward by the actual liquidation of loans and discounts had Joint Commission of Agricultural Inquiry, the occurred in such agricultural districts taken Federal Advisory Council, and the President's as an aggregate up to May, 1921. The trouble was due not to excessive liquidation, but to in- Agricultural Conference have been directed ability in many cases to liquidate at all, because along somewhat parallel lines, although the agricultural products were selling at prices views of the latter organization have been far whose proceeds were not sufficient to enable more radical in their proposals for innovations farmers to meet debts incurred in the course upon existing credit conditions than have those of production. of the other bodies. The Joint Commission of Agricultural In- The reason for this situation is not hard to Work of the quiry> to which reference has Reason for find- Foodstuffs are peculiarly Joint Commission just been made, was appointed disproportionate subject to the vicissitudes of the of Agricultural In- for the purpose of investigating price declines in market. A relatively slight surquiry* " the causes of the present con- agriculture. pj j]| result in a disproporus w dition of agriculture/' and during the past tionately sharp drop in prices. On the consummer held hearings at which extensive agri- trary, scarcity in relation to demand will cultural information was secured. This related bring about a sharp rise. It was natural, to the bearing of the prices of agricultural com- therefore, that during the war prices of foodmodities on those of other commodities, the stuffs should advance out of relation to many adequacy of the available facilities for financing other prices, even under such regulation of the production and sale of agricultural com- distribution and of selling prices as was enmodities and the difficulties connected with forced. Following the war the great increase their transportation and distribution. In Part in foreign demand for American products, II of its report (Credit), the commission took coupled with active domestic buying, gave an the view that the banking machinery of the enormous impetus to the rise in agricultural country was in certain respects not well adapted prices. As a result, at the peak of the domestic to the farmers7 requirements. But the com- price inflation, the price index for agricultural Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 263 products, according to the index of the Bureau department will be empowered to discount for of Labor Statistics as recomputed by the Fed- any national bank, State bank, trust company, eral Reserve Board, registered 314, while the incorporated live-stock company, or savings all-commodity index reached 272. Following institution, with its indorsement, notes, or oblithe general price decline, the price index of gations whose proceeds have been used for agricultural products dropped to 122 in July, agricultural purposes or for raising, breeding, 1921, while that of all commodities fell to 148 fattening, or marketing live stock. Loans may in the same month, the lowest point since the also be made directly to cooperative associaconclusion of the war. With prices for food- tions of agricultural producers, if such loans or stuffs thus subjected to sharp and sudden obligations are covered by warehouse receipts fluctuations it is very necessary to develop securing the products. Such loans or discounts credit machinery to enable the farmer to carry must have a maturity at the time they are made such surpluses within reason. The farmer, or discounted by the Federal land bank of not however, usually expects to sell for cash and less than six months or more than three years. to leave the matter of distributive financing Kates of interest and discount are subject to to intermediaries, with the result that the the approval of the Federal Farm Loan Board. full force of price declines falls primarily upon The legislation proposed also provides for the him. It is not surprising, therefore, that the sale of debentures with a maximum maturity recent heavy declines in prices led to appeals of three years, secured by cash or by notes or from large numbers of farmers for credit in other obligations against which advances have order to avoid forced sales. Not only was the been made. Each farm credits department banking machinery of the country not equip- would have a capital of $1,000,000 subscribed ped to take care of many of these appeals, by the Government before it exercises any of the but they often represented demands for powers granted. Section 204 of the proposed credit of a sort not acceptable to commer- bill is of special importance in that it extends cial banks from the point of view either of the the rediscount powers of the Federal Reserve time element or of the t3^pe of security ten- Banks to notes or other obligations representdered. Losses have undeniably been severe, ing loans of the type just described, with the as well as unavoidable, but preparations for the proviso that at the time of rediscounting such new crops have nevertheless gone forward ia notes or obligations they shall not have a maorderly fashion, and a recent rise in the prices turity in excess of six months. Section 206 also of leading agricultural, products testifies to a permits any Federal Reserve Bank to buy and relative improvement in the economic status of sell debentures and other obligations issued by the farmer, since commodit}^ prices in general a Federal land bank, but "only to the same have remained fairly stead}'. extent as and subject to the same limitations As a result of its deliberations, based upon a as those upon which they may buy and sell Legislation pro- review of the conditions just farm-loan bonds.77 posed by Joint indicated, the Joint Commis- Not long after the work of the Joint Commis- Commission. j f Agricultural Inquiry sion of Agricultural Inquiry had son o Attitude of Adlately embodied in a bill subsequently intro- been brought to a conclusion, visory Council. duced into both Houses of Congress its pro- members of the Federal Adposals for permanently improving the credit visory Council filed with the President (Jan. facilities directly available to farmers and filling 12, 1922) a memorandum relating to some in the "gap between the short and long time problems affecting the Federal Reserve Syscredit furnished by banking agencies." The tem, in which they took occasion to speak of bill in question provides for the establishment the general needs of the agricultural comof a farm credits department in each Federal munity. They then referred to the possible land bank whose function it will be to provide danger of special opportunities offered to for an intermediate type of farm credit running special classes in connection with the making from six months to three years. Each credits of lonna under peculiarly favored conditions, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 FEDERAL RESERVE BULLETIN. MARCH, 1922. and urged that in such an event the Federal type running from six months to three years Reserve System would not "be kept inviolate for production and marketing purposes. The. as a reserve system/7 since it would not be in farmer7s turnover normally requires approxia position to "always restrict its investments mately 12 months, and in the live-stock industo those having a reasonably short maturity/7 try the turnover may require as long as three while it would "incur the risk of immobilizing years.77 It is believed by the Board that banks its funds in credits that conceivably may be- are not disposed to lend on such long terms the come frozen.77 Because of these apprehended amounts required to meet the needs of agriculdangers the Council affirmed its belief that ture unless they are in a position to rediscount u whatever relief Federal Reserve Banks may such paper in emergencies. The Board is of furnish must be granted through the inter the opinion that by restricting rediscount to mediary and under the responsibility of bank- paper having a maturity not in excess of six ing channels. If the existing country banking months, it will not only be possible to enmachinery is inadequate in certain sections, it courage the granting of these intermediary ought to be strengthened and supplemented, credits by banks, but that it can be done withbut there should always be a 'buffer7 between out lessening the liquidity of the paper held by the borrower and the Federal Reserve Bank.77 the Federal Reserve Banks and the elasticity In this same memorandum the Advisory Coun- of the Federal Reserve note currency, which is cil expresses its hearty indorsement of the pro- based upon and secured by the paper so held. posal contained in the report of the Joint Com- The assigned reasons for granting this redismission of Agricultural Inquiry to extend the count privilege to the land banks are based activities of the Federal farm loan system in upon the fact that seasonal needs are more or such a way as to make provision for afford- less concentrated and that unless the Federal ing longer credit accommodation to farmers land bank system were prepared to carry unthan afforded by existing banking facilities. utilized resources for a considerable part of the It is conceded that although the Federal Re- year it would be unable to respond to the sudserve Banks have been generous in the amount den increases in demands for loans that would of credit accommodation extended to the be made upon it at certain periods. If, howfarming communities, and although contrac- ever, paper held could be rediscounted at such tion of loans has been confined to the non- times with the Federal Reserve Banks, the agricultural sections, it is nevertheless true farm loan system would be in a position to that the machinery of agricultural credit is not secure additional funds instantaneously and in yet complete. It is pointed out that the agri- the precise amounts required. The reason why cultural sections are largely served by small this provision for rediscounts should not be member banks with limited operating power, made by direct application to the Federal and by nonmember State banks, and further- Reserve Banks is fairly clear, in view of the more that even where banking facilities are nature of the Federal Reserve System and the available the credits extended to the farmer particular functions assigned to it. The probare not granted for a period of time sufficiently lems of agricultural credit are of a special sort, long to meet his needs. and for that reason it has been regarded as best In a letter addressed to the chairman of the that the new type of loan should be developed Attitude of the Committee on Banking and as an adjunct of the Federal farm loan system Federal Reserve Currency of the United States already engaged in making long-time loans to Board. Senate (Jan. 26, 1922), the agriculture. Federal Reserve Board has approved the pro- In view of the importance of the agricultural visions for enlarging the powers of the Federal credit situation at the present farm loan banks in the way provided in the Work of the time, the conclusions arrived at pending bill, embodying the recommendations of fral C°n ^ the Agricultural Conference, the Joint Commission of Agricultural Inquiry. which convened in Washington; The Board is of the opinion that "there is a on January 23, are of noteworthy importance. need for agricultural credits of an intermediate The conference was called for the purpose of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN". 265 considering the causes and remedies of agri- visions of the commission bill, investments in cultural depression, and was a body of national debentures or other obligations would be conscope and significance, consisting of represen- fined to those issued by the Federal land banks tatives not only of agriculture but of allied against the security of loans made by them to industries, and of transportation and financial banks and cooperative associations, with the interests as well. The purpose of the con- further limitations imposed by the Federal ference, as expressed by President Harding in Reserve Act upon the buying and selling of his letter to the Secretary of Agriculture bonds. The resolutions reported by the comauthorizing the latter to call such a confer- mittee on credit of the Agricultural Conference, was indicated as twofold—first, "to give ence would, if followed, amend the Federal consideration to our present-day difficulties, Reserve Act so as to give an opportunity for which admittedly are serious and need effec- the Federal Reserve Banks to make direct tive attention," and, second, "to include a loans to agriculture. It should bo recognized survey of the future, in an effort to determine that such a proposal looks toward putting the upon general policies, having in view the Federal Reserve Banks into the position of maintenance of production, the greatest pos- competitors of the member banks whose resible use and at the same time the conservation serves they carry, since it would involve an of our agricultural resources, and the more extension of the open-market operations of complete coordination of our agricultural, the reserve system beyond the limited dealings manufacturing, and general business interests." in bills of exchange and limited purchases of Among the many resolutions passed by the securities engaged in under the act as it now conference those relating to the need for better stands. Moreover, it would involve the adopfacilities emphasized the inadequacy of the tion of a policy of legislative favoritism, since existing banking machinery to meet the needs no other classes of borrowers arc given an of the farmer for short-time credit accommo- equal opportunitjr to utilize directly the redation. The proposals for correcting this sources of the system. The Federal Reserve situation put forward by the conference went Banks in such case would cease to occupy the beyond those embodied in the pending legisla- position which they have come to hold in the tion growing out of the investigation of the general banking system, as already noted by Joint Commission of Agricultural Inquiry. the Federal Advisory Council in the memo- Not only is the suggestion made that the randum recently submitted to the President Federal Reserve Banks should be authorized of the United States and referred to above. to rediscount notes and buy and sell deben- It may well be hoped that legislation of the tures of any government agency which may Agricultural type urged by the commission be established for the purpose of making loans credit and inter- and the Board will provide running from six months to three years to est rates. more abundant credits for banks, live-stock associations, or cooperative periods of time better suited to the farmer's groups of producers, but no restriction is im- needs; and it is also to be expected that the posed which would limit such rediscounts by new credit machinery will aid in bringing Federal Reserve Banks to paper within six down farm-loan interest rates. In its annual months of maturity as is the case in the bill report for 1921 the Federal Reserve Board now before Congress. It is further urged that publishes figures showing the marked disthe Federal Reserve Act be amended to give crepancies between rediscount rates and the the Federal Reserve Banks the authority to maximum rates charged to the public by buy and sell, with or without the indorsement certain member banks during December, 1921. of member banks, notes secured by warehouse In some instances these latter rates have gone receipts covering readily marketable, non- as high as 12 per cent, with rediscount rates perishable agricultural staples or live-stock at 5 per cent. It should be said, however, paper of the kinds and maturities now eligible that such a situation is not peculiar to the for rediscount under the act. Under the pro- districts in the less well-developed sections of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 FEDERAL RESERVE BULLETIN. MAIICH, 1922. the country, but appears to be quite general. the loans and discounts of the reporting Certainly the new legislation will be an aid to banks. The statistics upon which the estithe reduction of high interest rates to the mates were based were obtained for Decemextent that it brings about better standardiza- ber 31, 1920. The Federal Reserve Board attion and gives a better rating to paper secured tempted to estimate loans on the basis of the by agricultural products. location of reporting member banks, as the The data furnished by the Board under this nature of the loans made by the banks was head may be briefly presented as follows: not ascertainable from their reports. Banks were classified as agricultural, semiagricultural, Rates charged by | Margin and nonagricultural, according to whether they m ce e n m t) b . er banks (per j I b a e v t e w ra e g en e were located in counties whose products in terms Rates j ; ch ra a t r e g s ed of value were at least 80 per cent agricultural, cha b r y ged | I me b m y ber from 50 to 80 per cent agricultural, or less than Federal Reserve District. R Fe e d se e r r v a e l I i b a a n n d ks 50 per cent. On this basis loans in agricultural B ( a p n e k r s i i ch r a a r t g e e s d counties as of April 28,1921, appeared to consticent). i by tute 17 per cent of the total member bank loans, Federal ' Reserve while they amounted to 8 per cent in semi- Banks. agricultural counties. Given the fact that Boston during the summer and early fall harvesting New York .. Philadelphia and crop moving demands had to bo met, Cleveland. Richmond while liquidation of old loans was on a limited Atlanta Chicago. scale, it is highly likely that the proportion of St. Louis... Minneapolis agricultural loans to total loans rose rather Kansas City Dallas than fell after the date of inquiry. Cer- San Francisco tainly such evidence as is available points to All districts ; 12.0 j 4.00 I 6.27 the continued existence of a considerable mass 1 Average rate. Discount rate was reduced from ol- to 5 per cent on of unliquidated agricultural paper in many sec- Dec. 10. * Average rate. Discount rate was reduced from o£ to 5 per cent on tions of the country, and the contraction that Dec. 19. s Average rate. has occurred since the date of this investiga- From manjr points of view the question of tion appears to have been very largely con- Proportion of agricultural credit really re- fined to the large cities and industrial secagricultura! loans duces itself to the share or per- tions of the country. It would seem then that to total loans. centage of available loanable in the agricultural regions themselves, farmfunds obtainable or obtained by farmers. In- ers during the past year or two have been dependent investigations made during the able to count upon an accommodation possibly past year by the Department of Agriculture equal to 15 to 20 per cent of all advances on and the Federal Reserve Board, with a view current account, with an additional 5 per cent to determining just what percentage of the for mortgage loans. How much larger a prototal loans of tho banks of the United States portion of our loanable funds could or should was represented by advances to agriculture, be assigned to farmers through the new credit gave results substantially similar, although machinery is worthy of discussion. the methods of arriving at estimates were dif- In studying the general question of bank ferent. The Department of Agriculture sent Misunderstand- advances to agricultural borout a questionnaire to over 30,000 banks, ing of banking rowers, it is well worth noting receiving returns from about 45 per cent of policy, that considerable misunderthat number. From these questionnaires it standing exists. There is a prevailing opinion was determined that personal and collateral that farmers are unable to get accommodation loans to farmers constituted 13.3 per cent and at their banks because the latter are cut off farm mortgage loans about 5 per cent of all by Federal Reserve Banks. In fact, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN". 267 excuse is frequently given by bankers who Closely connected with the credit question is seek to curtail credit to farmers that they Export situation that of export demand, it being are obliged to do so because their loans have in relation to realized that good foreign debeen called or because they have otherwise agriculture, mand is necessary to good been obliged to make payment by their prices and hence to liberal credit. The eco- Federal Reserve Bank. As has often been nomic situation in which the farmer now finds explained in the past, this is usually merely a himself has of late frequently been ascribed to means of evading responsibility for refusing to the difficulty of marketing his surplus products make a loan, and is frequently nothing more abroad. There is no doubt some truth in such than a means of clothing a refusal in what is statements, but an examination of the official supposed to be more acceptable language. foreign trade statistics shows at once that ex- As the Board itself notes in its annual report: ports of most agricultural products were better maintained during 1921 than other classes of Banks, as a rule, do not like to admit to customers that goods, judged either according to values or they are short of loanable funds, nor do they wish to actual quantities exported. While exports of arouse enmity in declining to make loans or in asking for a reduction of a loan already made. There are doubt- all commodities declined in value by 45.5 per less some bank officers who are able frankly to decline an cent in 1921, as compared with the previous application for a loan in a way which leaves no sting, year, the value of foodstuffs in crude condition but not all bank officers have such tact. Some are frank and food animals decreased but 24.6 per cent. enough, but their bluntness hurts the feelings of the wouldbe borrower. It is not unusual, therefore, for some bank Judging by the Board's foreign trade index, the officers in declining loans to seem to evade direct re- quantities of all classes of exports taken as a sponsibility. Formerly the board of directors was made whole were not far from equal in the two years, useful in this capacity. In recent years, however, bank 1920 and 1921. Agricultural products, on the officers have found in the Federal Reserve Board or the other hand, were exported in somewhat greater Federal Reserve Bank a much more satisfactory buffer than a local board of directors. In many cases, in small volume in 1921 than in the year previous, as a towns particularly, banks have found it convenient to comparison of the quantities of the principal pass the responsibility on to the Federal Reserve Bank or agricultural exports will show. This means, of the Federal Reserve Board, and have stated to a borrower course, that average export prices of farm or would-be borrower that they would like to grant the products declined during this time more than extension asked for or make the loan desired, but the Federal Reserve would not permit it. Such a procedure did the total values of agricultural exports. has a tendency to relieve the situation as far as the local As an illustration of what has been taking bank is concerned, but it is certainly unfair to the Federal place, there may be mentioned the case of raw Reserve System. This evasion of responsibility has cotton, exports of which increased slightly, from subjected the Federal Reserve Banks to a great amount 3,179,000,000 pounds in 1920 to 3,339,000,000 of unjust criticism and has given the public a wrong impression of the authority and attitude of the Federal pounds in 1921, but the value of which in the Reserve Banks and the Federal Reserve Board. same years fell from §1,136,000,000 to $534,- A similar misconception exists in most 000,000. So, too, the volume of wheat exminds with respect to "deposits" which mem- ports increased from 218,000,000 bushels in ber banks are obliged to keep with the Federal 1920 to 280,000,000 bushels in 1921, while the Reserve Banks. Some regard this as analogous corresponding values dropped from $597,000,to the 20 per cent deposit "balance" required 000 to $433,000,000. In the first of the folby many commercial banks of their customers. lowing tables corn and wheat have been There is no analogy of this sort, but on the selected to illustrate the monthly movement of contrary the "balance" kept by a member this class of exports during the past two years bank with the Federal Reserve Bank is merely and also in 1913. The different trend of export its actual reserve against outstanding liabilities values is shown in the second table, which gives which the law requires it to maintain there the monthly values of the group of unmanufor the sake of safety and for the purpose of factured foodstuffs (including food animals) enabling it to meet demand liabilities when and of raw cotton exported from the United required to do so by its customers. States in 1913, 1920, and 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 FEDERAL RESERVE BULLETIN. MARCH, 1922. EXPORTS OF CORN AND WHEAT FROM THE UNITED tal of foreign countries, have been the chief STATES. topics of anxiety throughout the export credit [In thousands of bushels.] discussion. Indeed, most of the foreign trade credit plans which were evolved subsequent to Corn. Wheat. the Brussels financial conference were intended Month. to facilitate the importation of raw materials 1913 1920 1921 1913 j 1920 1921 I from the United States and from other raw i January 11,317 2,211 : 5,436 8,441 | 8,480 21,345 material producing countries, rather than to February 12,307 1,791 : 8,144 4,357 i 4,938 18,469 March 10,109 1,843 i 13,373 4,569 I 6,939 14,599 develop any new and distinctively export credit April 5,596 1,147 , 10,426 6,590 ! 4,176 17,641 May 1,252 772 , 8,535 7,159 | 10,864 25,932 ideas. It was recognized that the demand for June 743 835 ' 11,835 5,661 : 12,846 25,235 July 926 1,145 i 14,973 9,404 23,838 24,842 raw materials takes care of itself when there is August.. 745 781 13,652 24,3(6 ! 27,691 58,537 September 670 949 ' 18,600 11,971 . 30,771 30,842 a demand for finished products, and that the October 404 1,417 i 9,217 7,434 I 35,803 18,362 November * 444 1,829 , 4,622 3,851 ! 26,035 13,846 surest way to promote sales of and payment for December 773 3,041 : 10,243 5,727 I 25,903 10,451 raw materials is to create a market for manu- Total 45,287 17,761 ' 129,055 1 99,509 ; 218,287 279,949 factures produced from them. Both the Engi ! i lish Government export-credit plan and the VALUE OF CHIEF AGRICULTURAL EXPORTS FROM THE various plans of continental origin thus took UNITED STATES. definite form primarily as means of promoting [In thousands of dollars.] manufacturing industry. The inference to be drawn from these factors is that increase in the Foodstuffs in crude condition and food animals. Cotton, unmanufactured. demand for staples by the manufacturing coun- Month. 1913 1920 1921 1913 1920 1921 tries is regarded as most likely to be favorably I- affected by the growth of manufacturing and 1 January i 20,827 ' 44,403 i 75,452 58,405 194,973 - 60,899 by the application of credit in the latter direc- February ; 16,310 ! 31,695 60,748 33,903 135,950 44,333 March I 13,907 ! 49,820 I 52,712 23,725 171,899 27,133 tion. Doubtless the increase of agricultural Anril : 13,210 I 38,671 i 50,105 33, 727 117,536 :20,544 May 11,007 j 67,805 59,302 28,621 77,500 !30,640 exporting will depend largely on the improve- June 9,015 j 64,305 ! 62,779 13,792 50,141 I30,519 July 12,915 ! 101,148 !58,522 8,385 44,152 i 31,796 ment of international trade in general. The August | 26,731 104,233 ,105,871 16,519 28,052 30,361 September... j 14,842 108,174 ; 65,746 41,436 !43,233 future of agricultural exports, while of course October j 11,765 : 118,684 !40,205 107,381 91,247 :91,028 Novem ber... | 8,879 i 94,230 I30,052 103,340 91,138 !64,255 influenced, as usual, by the quantity of compet- December 9,977 I,91,823 !28,737 81.953 92,385 i 61,774 ing articles produced abroad, will depend in no Total .. J (59, 588 917,991 092, ] 06 575,490 i 1,136,409 ! 534,242 small degree upon the restoration of normal business conditions, with larger manufacturing, The conclusion which the facts would seem hence demand for raw materials, and larger emto warrant, therefore, is not that there has been ployment for labor, hence stronger buying of a falling off in the foreign demand for American farm products, but rather that the world-wide foodstuffs. fall in prices has resulted in giving the farmer In connection with the questions discussed during the past year a smaller monetary return Index of busi- above, the Board's usual inthan he received in 1920 for a greater quantity ness conditions, dexes of current production of goods shipped abroad. and marketing conditions are of interest. Agri- The change in point of view which has led cultural prosperity is naturally closely interwithin recent months to less- woven with satisfactory conditions in other Nonagricnltnral - th em hasis laid branches of industry, for the latter determine export credits. & _. r . . , •r, the extent of the demand for the farmer's prodexport credits is m part the ucts. These indexes show increased activity result of study of foreign experience. The in January as compared with December in export credit schemes instituted abroad have several leading industries, notably steel and been thus far primarily plans for facilitating textiles. On the other hand, however, the the shipment of goods representing a fairly heavy marketing season for several of the advanced stage of production. Manufactured principal crops has passed, although corn is goods, representing the product of labor and moving in large volume. Most of these prodcapital in competition with the labor and capi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL, RESERVE BULLETIN. 269 ucts have moved at distinctly satisfactory $1,629,000 for the preceding month. Mexico prices, and trade in the agricultural regions, furnished over 58 per cent of the $6,496,000 both wholesale and retail, has tended to be silver imports for the month, the remainder benefited accordingly. coming mainly from Canada, Germany, Peru, and Chile. Of the silver exports for the month, [000 omitted.] amounting to $3,977,000, over 40 per cent was i January, 1921. January, 1922. December, 1921 consigned to China and about 50 per cent to the other countries in the Far East. Net exports Rela- Rela- Rela- I Total. tive. Total. tive. Total. tive. of silver since August 1, 1914, totaled $440,742,- 000, as may be seen from the following exhibit: Receipts of live stock at 15 western markets (head) 5,667 100 5, 114 90.8 4,039 81.9 [In thousands of dollars.] Receipts of grain at 17 interior centers (bushels) 98,732 100 97.265 98.5 85,013 86.1 Imports, i Exports. Excess of Sight receipts of cotton . exports. (bales) I 1,154 100 865 75.0 1,484 128.6 Shipments of lumber j reported by three as- Aug. 1,1911, to Dec. 31, 1918 203,592 483,353 ' 279,761 sociations (million | Jan. 1 to Dec? 31,1919 89,410 239,021 ! 149,611 feet) 100 712 j 79.7 639 71.6 Jan. 1 to Dec. 31,1920 88,060 113,616 ! 25,556 Bituminous coal pro- Jan. 1 to Dec. 31,1921 63,242 51,575 ! 111,667 duction (short tons).. 40,270 100 ; 37,600 ! 93.4 | 30,975 76.9 Jan. 1 to Jan. 31,1922 6,496 3,977 i 12,519 Anthracite coal production (tons) 7,410 100 '. 6,258 ; 84.5 ' 8,454 114.1 Total. 450,800 | 891,512 440,742 Crude petroleum production (barrels) 37,959 100 43,326 ' 114.1 41,957 110. 5 Pig iron production 1 Excess of imports. (long tons) 2,416 100 1,639 67.8 | 1,649 68.3 Steel ingot production Further reduction in the volume of loans and (long tons) 2,203 100 1,593 72.3 1,427 61.8 Cotton consumption discounts, more than offset, (bales) 366 100 527 I 143.9 512 139.9 Wool consumption The banking however, by increases of in- (pounds) 29,807 100 j 61,192 205.3 61,283 205.6 situation. vestments in Government se- During January, 1922, the net inward move- curities, largely United States Treasury notes, ment of gold totaled $25,708,- is indicated by the weekly bank statements of Gold and silver 000, compared with a net in- over 800 member banks in leading cities for movements. ward movement of §29,523,000 the period from January 18 to February 15 for the month of December, 1921. England, of the present year. Although the bill hold- Sweden, France, and Denmark furnished $17,- ings of the Federal Reserve Banks show a more 776,000, or about 67 per cent of the $26,571,000 than commensuarate reduction, only moderate of gold imported during January. In addition decreases are shown in their note and deposit large gold imports for the month are credited liabilities. A moderate rise in the reserve ratio, to Canada, British Oceania, and Colombia. from 77.2 to 78.1 per cent, is due largely to the Gold exports during the month totaled $863,- gain in gold held by the Federal Reserve Banks. 000 and w^ere consigned chiefly to Mexico, As against a further reduction of $28,- Spain, Hongkong, and Canada. Net imports 000,000 in loans secured by Government obliof gold since August 1, 1914, totaled $1,567,- gations, the reporting banks7 loans secured b}^ 816,000, as*may be seen from the following corporate obligations show an increase for the exhibit: period of $19,000,000, while commercial loans [In thousands of dollars.] proper declined by about $75,000,000. Under date of February 1, 1922, the Government Imports. Exports. Excess of imports. allotted over $600,000,000 of Treasury notes, accepting in part payment about $200,000,000 Aug. 1,1911, to Dec. 31,1918 1,776,616 705,210 1,071,406 Jan. 1 to Dec. 31,1919 76,534 368,185 1291,651 of Victory notes. The effect of this operation Jan. 1 to Dec. 31, 1920 417,068 322,091 94,977 Jan. 1 to Dec. 31,1921 691,267 23,891 667,376 on the status of the member banks is seen in Jan. 1 to Jan. 31,1922 26,571 863 25,708 an increase of $247,000,000 in their hold- Total 2,988,056 1,420,240 1,567/816 ings of Treasury notes and a decrease of 1 Excess of exports. $48,000,000 in their holdings of Victory notes. Net imports of silver during January totaled During the following week the banks dis- $2,519,000, as compared with net exports of tributed substantial amounts of newly issued Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 FEDERAL RESERVE BULLETIN. MARCH, 1922. Treasury notes, so that their holdings of $1,652,300,000 at the beginning of the period Government securities at the close of the and a maximum of $1,744,400,000 on February period show a net increase of $162,000,000. 15, while Government deposits, after reaching a Total loans and investments of the reporting high total of $114,700,000 on February 1, member banks on February 15 aggregated show a gradual decline to $63,900,000 at the $14,684,000,000, an increase of $73,000,000 close of the period. The large return movefor the four-week period. ment of Federal Reserve notes may be said to Aggregate borrowings of the reporting in- have terminated, though the February 21 stitutions from the Federal Reserve Banks total of Federal Reserve note circulation, $2,show a further decrease during the four weeks 173,500,000, shows a decrease for the four from $468,000,000 to $378,000,000, or from 3.2 weeks of $10,500,000, compared with a deto 2.6 per cent of the banks' combined loans crease of $39,000,000 for the corresponding and investments. Of the total discounts of period in 1921. In addition there is shown a all Federal Reserve Banks, the amount dis- loss of $20,600,000 in reserve cash other than counted for the reporting banks, i. e., member gold, composed largely of greenbacks and banks located in the larger cities, constituted silver certificates of the smaller denominations 48.1 per cent on February 15, compared with issued to meet the circulation demand for the 51.2 per cent four weeks earlier and 78.1 per smaller bills. cent about a year ago. Gold holdings of the Federal Reserve Banks A general idea of member bank operations show a further increase of $42,600,000, and at during the four weeks under review may be the close of the period reached the record total had from the following exhibit: of $2,946,800,000. In addition to this gain some shift in the distribution of gold reserves REPORTING MEMBER BANKS. through the gold settlement fund is noted. [In millions of dollars. Chicago reports the largest increase in gold Number Loans Redis- holdings for the period, viz, by $38,200,000, of re- Atlanta reports an increase of $32,000,000, Date. , p b o a r n ti k n s g . i m in a e v n n e d t s s t . - 1 B F w a . i R n th k . . (3+2). d d e e p m o a s n it d s. w 00 h 0 i , l e a s r m e a s l h le o r w i n n c f r o e r a se th s, e a M gg in re n g e a a t p i o n l g i s, $ 2 K 9, a 9 n 0 s 0 a , s - City, Dallas, and Richmond banks. All the four eastern banks show decreases in their gold Jan.18.. 800 ' 14,611 I 468 3.2 10. 332 Jan. 25.. 801 | 14. o31 i •109 2.8 10)271 reserves for the four weeks under review, the Feb.l.. 806 ! 14,708 I -100 2.7 10.298 Feb. 8.. 807 ; 14,639 j 395 2.7 10,236 largest decreases being shown for Boston, by Feb. 15. 807 ! 14,68-1 I 378 2.6 j 10,321 $28,000,000, and for New York, by $22,100,000, 1 Including rediscounts with Federal .Reserve Banks. while smaller decreases in gold reserves ag- Federal Reserve Bank figures which cover gregating $7,400,000 are shown for the Federal the four-week period between January 25 and Reserve Banks of Philadelphia, Cleveland, St. February 21 show further liquidation of dis- Louis, and San Francisco. counted bills aggregating $128,900,000, a Principal weekly changes in the condition of nominal reduction in the holdings of accept- the Federal Reserve Banks during the period ances, a decrease of $16,000,000 in Pittman cer- under review are shown in the following exhibit: tificates, and an increase of $62,500,000 in FEDERAL RESERVE BANKS. other Treasury certificates, largely held by the [In millions of dollars.] Boston, New York, Cleveland, and Chicago re- Bills discounted. serve banks. F.R. Re D se u r r v i e n g B t a h n e k s p e i r n i c o r d e a u s n e d d er b y re $ v 5 ie 8 w ,5 0 t 0 h , e 0 0 F 0 e d th er e a ir l Date. re C se a r s v h es. G S b e y o c v u U e r r e . n d S - . All p T o d o s e t i - a ts l . n a c o c i t r e t c u s u a - i l n R r e a s t e io rv . e ment other. lation. investments in United States bonds and notes, obligations. through purchases of Victory notes and newly • issued Treasury notes, while their total earning Jan. 25 3,058.9 357.9 492.3 1,778.8 ! 2,184.0 \ 77.2 Feb.l 3,061.5 361.1 476.7 1,840.5 1 2,178.1 ! 76.2 assets show a decline of $24,100,000. Reserve Feb. 8 3,062.6 361.9 461.6 1,858.5 ! 2,166.2 j 76.1 Feb.15 3,075.9 327.6 458.0 1,857.5 2,170.0 ! 76.4 deposits fluctuated within a minimum of Feb. 21 3,080.8 282.0 439.3 1,772.2 2,173.5 ! 78.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 271 BUSINESS, INDUSTRY, AND FINANCE, FEBRUARY, 1922. During the past month improvement of conditions in several basic industries has furnished a more hopeful prospect for the trade of the coming months. This better outlook has in some measure been offset by labor and other difficulties in the textile industry, which have resulted in reduced activity in that branch of business. Fluctuations in the price of raw materials have subjected the textile trade to still further difficulty, while in that industry, as well as in others, the lack of forward orders has made it difficult to plan policies far in advance. Fairly good conditions are reported in the shoe and leather industry, although improvement has been largely confined to New England. There has been distinct increase in the activity of the plants of the United States Steel Corporation as well as some increase in the activity of independent mills. Iron and steel prices have, however, tended to decline, or at best to hold their own, rather than to advance. In the chemical industry business activity has been given a severe setback as a result of uncertainty as to the future. In the nonferrous metals, especially copper, there has been a distinct increase in production with the reopening of mines, which had been shut down for a long time past. The net outcome of these changes has been to diminish the irregularity and unevenness noted in the movement of industry during 1921. Textiles and allied lines which have been far in advance of others are losing their relative momentum. The evening tendency thus evidenced by current readjustments is reflected in the fact that the Board's price index remains unchanged at 138. The significance of this apparent stability of the price situation is not disclosed until account is taken of the fact that there have been noteworthy advances in prices of many agricultural products during the month. The effect of these advances would have been to raise the general price index had they not been offset by corresponding price declines in other lines of industry. The readjustment process, it would appear, has now definitely reached the stage of interindustrial price revision. The advance in value of agricultural products has tended to create conditions materially facilitating both the liquidation of loans at banks and the rapidity of movement of products to market. The more satisfactory marketing and price conditions have not only extended to grain but have also included tobacco and other products. Early crop reports from the southwestern grain regions have not been altogether reassuring. The long-continued slackness of employment and past uncertainty as to agricultural prices have produced an effect upon trade activity, with the result that both wholesale and retail trade indexes are disposed to show recession of buying in most parts of the country save for seasonal activity in special lines, such as dry goods. Although betterment of retail demand has been reported in the farming districts, the effect of higher agricultural prices has not yet brought about any considerable modification of conditions. It should, however, be remembered in this connection that the farmer had already largely disposed of his last year's crop. The volume of employment (another important factor in influencing demand for goods) shows but little modification, although figures reported by the United States Employment Service indicate a slight advance. This condition, however, holds good chiefly in the population centers. Strikes in the textile region of New England as well as labor troubles elsewhere have during the latter part of the month of February tended to aggravate the unemployment situation. Continued improvement is noted in building operations. As compared with last year the volume of building is very much larger, January permits being more than double what they were a year ago. This is resulting in an increased demand for steel and iron products as well as for other materials. It has also increased the demand for labor in parts of the country where the surplus of unemployment would otherwise have been more considerable. Financially the month has shown continued reduction in the volume of credit required by the community. Portfolios both of reserve and member banks show still further reduction, while interest rates have remained fairly stable at the levels already reached. Foreign exchange has shown a decidedly stronger tendency, the highest levels for a long time past having been reached in sterling, francs, and some other European currencies. Business failures are on a materially higher level than in 1921, while the month of February, as previously predicted by commercial agencies, also shows an increase in commercial failures as contrasted with January. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 FEDEBAL RESERVE BULLETIK. MARCH, 1922. been well sustained. The Growers7 Cooperative AGRICULTURE. Association has commenced operations in the The condition of winter wheat has shown burley district, making advances to growers as some improvement recently, as a result of tobacco is delivered to it. Several large sales snows and rains in the latter part of Janu- at quite satisfactory prices are reported by it. ary and the early part of February. District In the western dark district the greater portion No. 10 (Kansas City) states that the Kansas of the tobacco has been delivered at very satiswheat crop, except in the eastern half of factory prices. Most of the und.eliyeredftothe State, is in poorer condition than has bacco is of inferior grade but is bringing a fair been reported at this season in many years. price. Drought still prevails in large sections of The cigar-leaf market in district No. 3 (Phil- Oklahoma and Colorado, but the deteriora- adelphia) continues dull, and in all but a few tion of wheat in Nebraska has been checked sections the largest part of the 1921 crop is by recent snows. Weather was favorable for still in the growers7 hands. While the quality the wheat crop in districts No. 7 (Chicago) in general is poor, prices to date have been and No. 8 (St. Louis) up to the middle of lower than in recent years. Demand for cigars February. In district No. 11 (Dallas) Febru- is reported light in district No. 3 (Philadelphia) ary rains have benefited crops, but the Texas and production is still being curtailed. Janwheat crop is reported to be far below normal. uary, 1922, sales were no greater than January, Vegetable and truck crops of the Gulf Coast 1921, which in turn was the poorest month in and the Rio Grande Valley have so far escaped years. A slight improvement is reported since damage from killing freezes and generally the 1st of February. Only a few makers of promise fair yields. District No. 8 (St. Louis) popular brands are producing cigars in any reports that stocks of corn on the farms are appreciable volume. unusually large for this season and that much corn is being fed to cattle and hogs. FRUIT. Prices of citrus fruit, both in California and COTTON. Florida, rose rapidly in the latter part of Jan- The price of middling upland cotton at New uary, as a result of the severe damage to the Orleans in the third week of February was 16.75 California crops from frost. Officials of the cents, the same as the January average. In California Fruit Growers' Exchange estimate district No. 11 (Dallas) cold rainy weather has that 50 per cent of the orange crop and 33£ temporarily halted the preparation of soil for per cent of the lemon crop have been destroyed the new crop but has been very beneficial in by frosts and winds. Oranges suffered more furnishing an abundant supply of subsoil mois- severely than lemons, because lemons are ture. Although freezing temperatures have planted in more favored situations and are frequently occurred in the jiorthern part of the more generally protected by smudge fires and district, it is feared that the cold waves have heating plants. Shipments of oranges and not been sufficiently severe to insure widespread lemons from California from November 1, 1921, destruction of boll weevils. Heavy reduction to January 29, 1922, amounted to 10,439 cars, in Texas wheat acreage may result in an in- an increase of about 2 per cent over the shipcreased planting of cotton. District No. 8 (St. ments in the corresponding period of the pre- Louis) reports that demand for cotton is quiet, vious crop year. According to district No. 6 while district No. 5 (Richmond) states that (Atlanta), extremely cold weather at distribfarmers continue to hold a substantial portion uting points has hindered the movement of of the last crop on farms or in bonded ware- citrus fruit from Florida, but during this season houses. Exports of raw cotton from the United to date shipments of oranges have been ap- States amounted to 475,910 bales in January, proximately as heavy and shipments of grapeas compared with 639,825 bales in December. fruit have been 12 per cent heavier than in the corresponding weeks of the last crop year. It is estimated that only 45 per cent of the grape- TOBACCO. fruit crop has been shipped from Florida, and Sales of leaf tobacco on the markets of Vir- over 6,500 carloads are said to be still on the ginia and North Carolina have been limited. trees. Most of the markets in the bright belt closed Unsettled and cold weather during January during February, and the dark markets expect is reported to have caused some damage to to close during March. In spite of the large fruit in Michigan. In New Mexico there was amount of low-grade tobacco coming on the some premature blossoming of apricot trees in market as farmers clean their barns, prices have January, but district No. 10 (Kansas City) re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 273 Eorts that subsequent loss from frosts was neg- for quick shipment. The increase in wheat gible. The southern strawberry crop was in prices and the accompanying increase in flour good condition at the end of January. has stimulated purchasing, although, states district No. 10 (Kansas City), "not to the ex- GRAIN MOVEMENTS. tent of creating any extraordinary demands." The volume of grain movements showed a LIVE STOCK. further slight advance during January, due to the exceedingly heavy marketing of corn. Re- Movement of each of the principal classes of ceipts of corn at Chicago amounted to 28,- live stock to market during January was 568,000 bushels in January, as compared with heavier than in December, although in all cases 18,288,000 bushels in December, and corre- less than in January, 1921. Receipts of cattle spondingly large increases in receipts were re- and calves at 15 western markets during Jancorded at Minneapolis, Omaha, and St. Louis. uary were 1,128,020 head, as compared with January receipts of wheat showed some curtail- 975,330 head during December and 1,191,814 ment at most reporting centers, although slight head during January, 1921. In the case of increases were recorded at St. Louis and Wich- hogs, receipts increased from 2,673,947 head ita. Receipts of rye also declined, but receipts during December to 2,882,551 head during of oats and barley registered moderate in- January, as compared with 3,339,419 head creases. Stocks of grain at 11 interior centers during January, 1921. Receipts of sheep durdeclined somewhat during January, although ing January were 1,101,679 head, as compared there was some increase in stocks of rye and with 974,034 head during December and barley. The most general reduction occurred 1,112,024 head during January, 1921. During in the case of wheat stocks, which declined at January there was more activity in the purall important centers except Duluth. District chase of stocker and feeder cattle, calves, and IJo. 12 (San Francisco) reports that total ex- sheep in district No. 10 (Kansas City) than had been observed for many months. Such purports of wheat and barley from Pacific coast chasers in quite a number of instances outbid ports during the present cereal year are conbuyers for the packers. The live stock in the siderably higher than during the same period district in general is reported to be in a very of the previous season. These exports favorable position. In districts No. 11 (Dallas) amounted in the case of wheat to 47,468,211 and No. 12 (San Francisco), however, condibushels this year, as compared with 28,616,256 tions have been unfavorable. Winter rains in bushels last year. district No. 11 (Dallas) have not been sufficient to relieve the drought from which ranges have FLOUR. been suffering for several months, while in district No. 12 (San Francisco) there was January production of flour showed an inunusually cold weather throughout January. crease over December in certain districts, but in others the reverse was true. In district No. Twenty-three representative packers report 9 (Minneapolis) the January output reported an increase of 1.8 per cent in January sales was 1,935,754 barrels, as compared with 1,- (measured in dollars) over those for December, 754,654 barrels in December, while in district but a decline of 17.8 per cent from those for No. 8 (St. Louis) the respective figures for 11 January, 1921. Reports from district No. 7 millers were 333,966 barrels and 248,600 bar- (Chicago) generally state that domestic trade rels. In district No. 7 (Chicago), however, Jan- in fresh meats was slow during the latter part uary production of 44 millers was 289,478 bar- of January and early February, although rels, a decrease of 3.3 per cent from the De- domestic trade in cured meats and lard was cember figure, while in district No. 10 (Kansas good. A marked revival took place in the City) 1,398,989 barrels were produced in Jan- demand for lard and provisions in the United uary. Output in district No. 12 (San Fran- Kingdom and on the Continent, and prices cisco) decreased from 775,139 barrels reported advanced. by 61 mills in December to 711,292 barrels re- COAL. ported by 67 mills in January. A decidedly better feeling pervaded the trade in district Production of bituminous coal showed an No. 8 (St. Louis), accompanied by stronger increase during January. The output for the demand for both home consumption iand ex- month was 37,600,000 tons, as compared with port. Retailers and ultimate consumers show the December production of 30,975,000 tons a disposition to replenish stocks. In district and a production in January, 1921, of 40,270,- No. 10 (Kansas City) demand was somewhat 000 tons. With the exception of October, the slow early in January, most of the orders being figures for January, 1922, are the largest since 92371—22 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 FEDERAL RESERVE BULLETIN. MARCH, 1922. January a year ago. The present production barrels in January, 1921. Production of crude is large enough to meet current requirements petroleum in district No. 11 (Dallas) totaled for consumption and export and at the same 14,916,130 barrels during January, breaking time add to the reserve in storage. Due to the all previous records and registering an inexpectation of a strike of bituminous miners on crease of 1,496,380 barrels over the December April 1, there has been an improved demand production figure. In that district 212 new and a building up of reserves during the last producing wells, with an initial flow "of 259,188 month. This has been especially noticeable barrels, were completed in January, as comwith railroads and public utilities, electric pared with 203 producers, with an initial flow utility plants having 51 days' supply on hand of 328,984 barrels, in December. Average and coal gas plants 89 days' supply on January daily production of petroleum in California 1. Other classes of consumers hold from 4 to during January was 315,755 barrels, a decrease 8 weeks' supply. Stocks throughout the coun- of 9,723 barrels a day compared with Decemtry on January 1 amounted to 47,500,000 tons ber and of 15,431 barrels a day compared with in addition to 7,151,000 tons on the Upper January a year ago. Fifty-two new produc- Lakes docks. ing wells, with an initial daily production of Production of anthracite coal increased from 11,210 barrels, were completed during Jan- 5,984,000 tons in December to 6,258,000 tons uary. Stored stocks at the end of the month in January, which is 15 per cent below the increased to 36,184,527 barrels, an increase of 7,410,000 tons production for January 1921. 1,162,615 barrels over the amount stored District No. 3 (Philadelphia) reports that con- during December. Prices for crude oil showed tinued cold weather during the past month has very little change during the month of Janresulted in only a slight improvement in the uary, but are higher than in January, 1921, at domestic demand for prepared sizes of anthra- which time crude-oil prices were showing rapid cite. All purchasing is of a hand-to-mouth declines. -nature and orders are for only small lots, as IRON AND STEEL. operators and dealers alike are unwilling to accumulate stocks before the end of the present After the extreme dullness of December, coal year. Domestic consumers are unwilling January steel-ingot production showed an into purchase at the present price, as their fuel crease to 1,593,482 tons from the figure of needs will lessen considerably after April, and 1,427,093 tons during the preceding month, consumers of steam sizes are also reluctant to but pig-iron production showed a slight destock at the present price, since they are crease, from 1,649,086 tons in December to aware of the existence of heavy- supplies of 1,638,697 tons in January. The unfilled orders steam coal in the yards of dealers and operators. of the United States Steel Corporation at the In an endeavor to reduce their holdings, inde- close of the month likewise showed a small pendent operators have reduced their prices, decrease, from 4,268,414 tons to 4,241,678 even on some of the popular sizes, to the tons. Divergent reports have been heard as companies' level, and retail dealers have to conditions in February. On the one hand, shaded existing prices as much as 50 cents or the fact that increased demand since the mid- SI a ton. The production of the beehive coke dle of January has served to carry operafor January was 496,000 tons, as compared with tions back to the level obtained in November 514,000 tons in December and 1,137,000 tons is pointed to. Furthermore, some important in January, 1921, while January production of companies having a diversified output have by-product coke was 1,903,000 tons, as com- recently been able to run at better than 60 per pared with 1,860,000 tons in December and cent of their capacity. On the other hand, 2,278,000 tons in January a year ago. while it is acknowledged that many firms report an increasing volume of inquiries and in PETROLEUM. some instances a larger number of orders, the increase is regarded as relatively slight. It is Reports from district No. 10 (Kansas City) generally acknowledged that at least a considstate that the number of oil wells completed erable part of the present demand is for small in January of this year was less than one-half quantities and for immediate delivery. A the total completed during January, 1921, but large part has been for the replenishment of the quality of the wells was such as to bring exhausted lines revealed when inventories the new production to within 3 per cent of the were completed in January. More active detotal new production for January, 1921. mand by cement and oil interests, as well as for Crude-oil production for Kansas, Oklahoma, export, is reported. There have been increased and Wyoming amounted to approximately inquiries for and some sales of both railroad 14,369,000 barrels, as compared with 12,158,000 equipment and structural steel. All in all, con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDEEAL RESERVE BULLETIN. 275 flicting tendencies have been in evidence and City) reports that the price of lead ore was until recently no marked tendency toward very steady throughout the month of January, either further progress or recession has ap- the prevailing price being $60 per ton every peared. This is reflected by the fact that prices week. Ore stocks at the end of the month for both pig iron and finished steel products in showed 72,000 tons of zinc blende as against general have continued weak. 50,000 tons for the same date in 1921, and of 600 tons of lead ore as against 500 tons on the AUTOMOBILES. corresponding date in 1921. District No. 12 (San Francisco) states that reports received Some improvement in the automobile in- from 14 of the largest mines in that district dustry in January is reported, and production show a decreased production of gold, silver, is also considerably greater than in the same and lead for December as compared with the month a year ago. Companies reporting pro- previous month. duced 81,424 passenger cars in January, as against 70,435 in December. These companies COTTON. TEXTILES. produced 99 per cent of the total output reported for December. Manufacturers report There has been a subsidence of activity in the that the results of the New York and Chicago cotton goods mills during recent weeks, although automobile shows, both in attendance and inter- the consumption of cotton in January as reest displayed by the public, were better than ported by the Bureau of the Census rose to expected. It is stated by district No. 4 (Cleve- 526,552 bales, as compared with 511,800 bales land) that the public is showing more confidence in December. The continued fluctuations in after the recent price reductions, and that or- the price of raw cotton have been a serious ders are starting to come in. Output of report- .hindrance to the placing of forward orders, and ing truck manufacturers increased from 8,183 the extensive strikes in New England mills trucks in December to 9,127 trucks in January. following announced wage reductions have These manufacturers produced 98 per cent of added to the already existing uncertainties. the total output reported for December. During January, however, the rate of activity of the New England cotton industry was well maintained and even showed a slight increase. NOXFERROUS METALS. Goods mills in district No. 3 (Philadelphia) There was little change in the nonferrous are operating at about 70 per cent of capacity, metal market during February. The price of with sufficient orders booked to enable them copper (New York, net refinery) was 12.875 to continue running at that rate for about six cents to 13 cents per pound on February 15, to eight weeks. Very little manufacturing is as compared with 13.25 cents per pound on being done for stock. During the first part February 1, while the price of lead has been of February the yarn market in district No. 3 practically stabilized at 4.70 cents per pound (Philadelphia) was reported to be exceedingly since last September. The zinc market has dull. Orders were in small lots for immediate been exceptionally quiet, the price remaining delivery and buying was confined chiefly to around 4.50 cents. Copper production in the knitting trade. Yarn mills in the district January amounted to 25,848,284 pounds, in were operating at 65 per cent of capacity, with comparison with a production of 18,595,182 about 75 per cent of orders being filled from pounds in December. Some of the more stock. District No. 5 (Richmond) says that important copper companies have resumed the mills in that section " continued to run on operations in spite of the reduction in the approximately full time in an effort to get the price of the metal. District No. 10 (Kansas cost of production as low as possible, but City) reports January shipments of 28,431 orders being far less than the output, some tons of zinc blende as compared with 30,096 accumulation of stock has resulted." On tons for January 1921, average prices being account of the unwillingness of buyers to $26.44 and $27.11, respectively. Production place forward orders, many mills were beginof zinc showed a further increase, amounting ning to curtail their operating time. Cottonto 23,706 tons in January as compared with cloth manufacturers in district No. 6 (Atlanta) 22,013 tons in December, but was still less than have also felt the unfavorable effects of the the amount produced in January, 1921, which uncertain markets for raw cotton. In the totaled 25,916 tons. There was a further case of the goods mills, demand decreased slight reduction in the amount of zinc on hand, during January and a number of the mills restocks at the end of January amounting to ported that they were "unable to secure orders 65fi78 tons as compared with 66,608 tons at under present conditions for future delivery." the end of December. District No. 10 (Kansas Statistics based on the returns from 40 repre- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 FEDERAL RESERVE BULLETIN. MARCH, 1922. sentative goods mills in the district showed a in the case of woolen spindles from 25.6 at reduction in the yardage output of cloth the beginning of January to 25.4 on February 1, during January of 1.7 per cent as compared while in the case of worsted spindles they rose with December, but an increase of 39.1 per from 13.8 at the beginning of January to cent as compared with a year ago. Ship- 13.9 on February 1. ments increased 3.4 per cent during the month District No. 1 (Boston) reports woolen and as compared with December and 29.4 per cent worsted machinery to be "moderately active," as compared with January, 1921. Orders on although not operating at as high a rate as hand were 6.8 per cent greater than at the end during the past two or three months. Orders of the preceding month and 8.2 per cent above taken at the recent opening sales of the mills those on hand a year ago. Although yarn were, generally speaking, below expectations. buyers were also said to be purchasing only In district No. 3 (Philadelphia) production of for immediate needs, the reports received from woolen and worsted cloth increased slightly 39 representative yarn mills in district No. 6 during the month, and reporting mills averaged (Atlanta) showed a great increase in activity about 75 per cent of operating capacity. during January. Production rose 17.9 per However, orders on hand were not in most cent as compared with December and was 90.6 cases sufficient to make possible the mainteper cent greater than a year ago. Yarn ship- nance of this rate of production for more than ments increased 2.8 per cent as compared 30 days. In the yarn market, district No. 3 with December and 108.1 per cent as compared (Philadelphia) reports a falling off in the with January, 1921. Orders on hand at the demand for knitting yarns, but there was a end of the month were 15.9 per cent larger slight improvement in the call for weaving than at the end of December and 20.5 per cent yarns, although the market continues to be larger than a year ago. It is stated that the very limited. Carpet yarns, however, were demand for lowT-grade yarns appears to be in active demand. Operations of yarn mills weak, consumers showing preference for the in the district averaged about 80 per cent of better grades. capacity, and it was stated that most spinners could continue at that rate for two or three months on the basis of orders on hand. In WOOLEN TEXTILES. some cases, departments were being operated Activity in woolen textiles has shown a at night and a majority of the mills were slight recession during the past month, as is employing a full force of men. evident from the statistics of active and idle The market for raw wool continues to remain machinery and percentages of idle hours firm, although a lessening of the volume of reported by the Bureau of the Census. The operations has been noticeable since the beginpercentages of idle looms to total reported ning of February, according to the report rose in all cases except in that of carpet and from district No. 1 (Boston). Raw wool prices rug looms. For looms wider than 50-inch in the Boston market advanced on the average reed space the percentage of idle machinery nearly 50 per cent to the beginning of February on February 1 was 34.3, as compared with as compared with fall quotations. District 30.3 at the beginning of January. The cor- No. 12 (San Francisco) reports that at the presresponding percentages for looms 50-inch reed ent time little or no wool is held by growers in space or less were 27.2 and 21.2, respectively. that district. Between 75 per cent and 80 per On the other hand, there was a reduction in cent of the 1921 wool clip and carry-over was the percentage of idle carpet and rug looms from sold between June 1 and November 1, 1921, 26.2 to 22.4 (February 1). The percentage at prices ranging from 9 cents to 20 cents per of idle woolen spindles rose from 25.1 to 27 pound, according to the grade of wool and and for worsted spindles from 13 to 14.3. locality where grown. Wool buyers are now Percentages of idle hours to totals reported said to be offering from 17 cents to 33 cents were also greater in the case of weaving per pound for various small holdings still in machinery excepting carpet and rug looms, the growers7 hands. Raw wool consumption the figures for looms wider than 50-inch reed during the month of January amounted to space being 35.2 per cent on February 1 as 61,192,000 pounds. compared with 32.9 per cent at the beginning of January. The corresponding figures for CLOTHING. looms 50-inch reed space or less were 32 per cent and 27.8 per cent. The percentage of idle Clothing sales in districts No. 2 (New York) hours for carpet and rug looms, however, wTas and No. 8 (St. Louis) showed very slight reduced to 23.9, as compared with 29.7 lor the changes in January as compared with Decempreceding month. Percentages of idle spindle ber. In the former district there was a negligihours remained practically unchanged, falling ble increase of 2.3 per cent in sales for 10 report- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 277 ing firms, while in the latter theie was a sligh only 60 per cent of capacity and on the basis recession in the volume of sales of 23 report-in of present orders can not continue at that rate firms. In both districts sales as compared more than two weeks. Latest reports from with a year ago showed reductions. In dis- Paterson , and North Hudson, February 11, trict No. 2 (New York) this drop amounted t< show a very low percentage of activity, as 22.8 per cent. Returns received from six only 3,653 looms out of a total of 15,000 rewholesale manufacturers of men's clothing porting were operating in Paterson and the located in district No. 7 (Chicago) showed tha percentage of operating loom hours to total the volume of orders for spring received to date available was only 23.02, a reduction from the was 25.8 per cent ahead of orders received for figure of 24.13 per cent reported two weeks the spring season last year. The comparison ago. In North Hudson, the percentage of is for the same number of days during the two operating loom hours to total reported was seasons. The production increased slightly 57.48, as compared with 58.81 on January 28. during the month, the number of suits made Active looms amounted to 2,456 out of a total being 5.4 per cent greater than during De- of 4,179. cember and 64.1 per cent in excess of produc- HOSIERY. tion for January, 1921. Shipments were 327.9 per cent greater than in December and 58.9 per Reports from 33 hosiery firms in district cent greater than in January a year ago. The No. 3 (Philadelphia) show a large increase in reports received from 10 tailors-to-the-trade orders booked during January. In the case of showed a slowing down in activity, as the those reporting firms which sell to the wholenumber of suits made was 36.5 per cent below sale trade, orders booked during the month inthat of the preceding month, although 11.4 per creased 55.5 per cent as compared with Decemcent greater than a year ago. Orders received ber, while in the case of the firms selling to the during the month were 30 per cent below Deretail trade the increase was 181.9 per cent. cember figures but 14.5 per cent above those Unfilled orders on hand January 1 were 1.9 per for January a year ago. Shipments declined cent greater than during the preceding month 36.5 per cent from the December totals but inin the case of those firms selling to the wholecreased 11 per cent over last year. sale trade, and 33 per cent larger in the case of firms selling to the retail trade. Product SILK TEXTILES. manufactured during the month rose for both classes of firms, the respective percentages The market for silk goods of all descriptions being 0.4 and 18. Shipments in the case of is in a highly unsatisfactory condition, due in firms selling to the wholesale trade advanced considerable part to the uncertainties growing 11.7 per cent and in the case of firms selling to out of the speculative rise in the prices of raw the retail trade dropped 24.7 per cent. The silk in the Japanese markets. Buyers, in conreport from district No. 3 (Philadelphia) says sequence, are unwilling to make forward comthat "statements received regarding the mitments on the basis of present costs of proamount of business being done are very duction, and the few orders that are being onflicting and it is agreed difficulties are met placed are chiefly for immediate delivery. with, due to the fact that the cost of materials The situation in district No. 3 (Philadelphia) has increased while there is difficulty in placing in the case of mills manufacturing silk goods orders at any advance in prices over those is better than might be expected, considering named earlier in the season. During the these disturbing factors, as the average rate month there was a slight decline in the price of operation of reporting firms is about 70 per of silk and cotton yarns but not sufficient to cent of capacity. A number of mills, as a enable manufacturers to make any concessions matter of fact, are operating at full capacity, to buyers.77 District No. 6 (Atlanta) reports but in all cases activity is based on orders rethat there is little change in the activity of the ceived some time ago. The demand for silk otton hosiery mills in that section. Orders yarns has fallen off to a certain extent and the booked during the month were, however, concessation of buying by hosiery manufacturers siderably larger than in December and about has been an unfavorable faqtor, but, never- ;he same as reported for January of the pretheless, yarn manufacturers in district No. 3 ceding year. (Philadelphia) are operating at "an almost normal77 rate for this season of the year. They UNDERWEAR. are, however, engaged on orders taken during previous months. Although a few mills are In January, 1922, reports were received from running at full capacity, with enough business 55 mills producing underwear, as comp i to insure capacity operation for about six are( with 49 in December and 61 in January, 1921. weeks, reporting establishments are averaging \ctuai production during the past twelve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 FEDERAL. RESERVE BULLETIN. MARCH, 1922. months shows material progress. A year ago several months. District No. 3 (Philadelphia) the production of 61 reporting mills was only states that sales of leather are not large, but 148,023 dozens, or 16.4 per cent of normal, orders are being received steadily. Sales of while the most recent figures from 55 mills belting in district No. 7 (Chicago) were greater place actual production at 640,489 dozens, or in January than in either December or January, 79.1 per cent of normal. In December the 1921, but belting prices advanced. Demand production of 49 mills stood at 77 per cent of for shoe leathers has been restricted largely to normal. specialties, such as patent, gray suede, smoked The greater part of the January, 1922, pro- elk skins, and veals. January sales in the duction was along the line of summer under- United States were 124 per cent larger than wear, which amounted to 347,977 dozens, or those of December, due to a heavy increase in 95.3 per cent of normal, while the production demand in the Middle West. of winter garments amounted to 292,512 Shoe manufacturing showTed an encouraging dozens, or 65.8 per cent of normal. increase in activity during January, except in Comparative reports received from 34 mills district No. 8 (St. Louis). Reports from eight show marked improvement for the month of manufacturers in district No. 1 (Boston) indi- January as compared with the December re- cate that January production was 12 per cent turns from the same mills. Production rose greater than that of December and 113 per cent from 398,338 dozens in December to 417,051 greater than that in January, 1921. Six of dozens in January, a gain of 4.7 per cent. Un- these manufacturers showed an increase of 2 filled orders fell slightly, from 1,228,611 dozens per cent in shipments and a decrease of 7 per on December 13 to 1,175,377 dozens on January cent in new orders for January in comparison 14, a decrease of 4.3 per cent. The most with December. Forty-five reporting firms in striking gains are seen in new orders received district No. 3 (Philadelphia) show increases of and shipments during the month. The former 15 per cent in production, 14 per cent in shiprose from271,764 dozens inDecember to 481,270 ments, 18 per cent in new orders, 8.5 per cent dozens in January, an increase of 77.1 per in stocks, and 5 per cent in number of opercent, while 524,007 dozens were shipped during atives during January, while the volume of January as compared with 320,126 dozens in unfilled orders was reduced about 5 per cent. December, a gain of 63.7 per cent. At the Shoe manufacturers in that district are runsame time cancellations fell off 36 per cent, ning their factories at a higher percentage of from 10,850 dozens in December to 6,940 dozens capacity than at any time since last spring, in January. although prices still continue to decline. In Forty mills, with a normal production of the high-grade factories specialties predomi- 685,149 dozens, reported an actual production nate, varying from strap slippers to sport shoes. of 505,242 dozens during January, with unfilled Reports from 28 concerns in district No. 7 orders on hand on February 1 amounting to (Chicago) show that production increased 1 1,531,205 dozens, the balance of orders having per cent, shipments 4 per cent, and stocks 16 increased 18.2 per cent since January 1. per cent during the month of January. Retail New orders amounted to 782,616 dozens, or merchants are reported to be buying only in 114.2 per cent of normal production, while small quantities and low-priced shoes have the shipments were 78.7 per cent of normal pro- best demand. Factory operation in district duction. Cancellations were slight, being only No. 8 (St. Louis) ranged from 45 per cent to 1.1 per cent of normal production. 100 per cent of capacity, with lower production confined chiefly to interests specializing SHOES AND LEATHER. in expensive footwear. January sales of 11 reporting manufacturers in that district showed Demand for hides and skins continued to increases ranging from 62 per cent to 140 perbe very dull during the last week in January cent in number of pairs over January, 1921, but and the first three weeks in February, and prices were slightly smaller than in December, 1921. of packer hides at Chicago yielded somewhat in the week ending February 18. District LUMBER. No. 7 (Chicago) reports, however, that more interest has been shown in country and The lumber situation shows a slight improvespecialty hides than in the packer class. Sales ment. The close of the inventory period has of green calf and kip skins throughout the benefited the industry by an increased demand, United States were 105 per cent greater in but the increase has fallen short of expecta- January than in December. The curtailment tions. General conditions in the lumber inmade several weeks ago by most of the tanners dustry of district No. 12 (San Francisco) in the number of hides put into process will improved during January, which was evidenced not be felt in the finished leather market for by an increase in production, shipments, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL EESERVE BULLETIN. 279 orders, both as compared with December, 1921, In district No. 8 (St. Louis) there has been a and with January a year ago. Production of declining market for west coast lumber, lumber during the four weeks ending January moderate reduction of stocks, ragged prices, 28, according to reports received from three and a somewhat lower selling basis for hardlumber associations, totaled 327,624,000 feet, woods. Southern pine, however, has been compared with 264,544,000 feet in the preced- making headway, and with a gradually ining four weeks, an increase of 23.7 per cent creasing demand has apparently strengthened during the month. Compared with January, its price position since the new year. 1921, when 152,110,000 feet were cut, there was an increase of 175,514,000 feet, or 115.3 BUILDING. per cent. Present cut is approximately 80 per Building permits issued in 166 selected cities cent of normal production for the reporting reached a total value of $138,631,902 during mills. Orders received during the month January, as compared with §140,382,406 durtotaled 343,565,000 feet, compared with ing December and $61,522,867 during January, 270,724,000 feet in December and 178,614,000 1921. In seven of the twelve Federal Reserve feet in January a year ago. The January districts—No. 1 (Boston), No. 3 (Philadelphia), orders exceeded the January cut by 4.8 per No. 5 (Richmond),. No. 6 (Atlanta), No. 7 cent and the shipments were 5.3 per cent (Chicago), No. 11 (Dallas), and No. 12 (San above the actual production, continuing the Francisco)—the value of permits issued was reduction in stocks which has been in progress greater in January than in December. These since last November. Logging production increases varied in size from 3 per cent in during January was reported to be approxi- district No. 7 (Chicago) to 64 per cent in mately 50 per cent of normal. Severe weather district No. 11 (Dallas). Decreases were conditions have forced man}' camps to suspend registered in the other five districts and ranged operations for the past three months. District in size from 3 per cent for district No. 2 (New No. 6 (Atlanta) reports that although winter York) to 52 per cent for district No. 9 (Minneweather has interfered somewhat with mill apolis). The value of permits issued in and logging operations, there has been some January, 1922, was greater than in January, improvement in the industry, as shown by 1921, in the case of every Federal Reserve an increase both in orders and production over district. These increases varied from 4 per the preceding month. For the week ending cent for district No. 4 (Cleveland) to 230 per February 3, of the 75 reporting mills of the cent for district No. 2 (New York). The Southern Pine Association 57 reported full value of contracts awarded in seven Federal time and only 4 shut down, compared with 6 Reserve districts (statistics of which are operating full time and 23 shut down out of compiled by the F. W. Dodge Co.) decreased the 78 reporting for the last week in December. from $183,633,754 in December to $148,377,055 Production since January 1 has been about 81 in January. Decreases occurred in districts per cent of normal. District No. 11 (Dallas) No. 1 (Boston), No. 2 (New York), No. 3 reports a production of 85,572,937 feet for 41 (Philadelphia), No. 5 (Richmond), No. 7 mills during January, as compared with (Chicago), and No. 9 (Minneapolis), while 95,954,972 feet for 45 mills in December. there was a moderate increase in the value of There has been a sharp decline of shipments contracts awarded in district No. 4 (Cleveland). combined with an increase in new orders, District No. 1 (Boston) states that residential making the unfilled orders of 41 mills on construction continues to be maintained at a January 31, 44,667,936 feet, against a total of high rate, whereas the number of new business 39,230,622 feet for 45 mills on December 31. buildings shows a marked decline. Reports The demand for upper grades of lumber has from district No. 3 (Philadelphia) indicate been very weak. considerable building activity, which has been Lumber sales at retail in district No. 9 encouraged by further declines in prices of (Minneapolis) declined 25 per cent between materials. In district No. 6 (Atlanta) building December and January, but were larger than has continued in large volume during the in January a year ago. Stocks, while lower winter months, as the weather has been unthan a year ago, were larger at the end of usually mild, but building for industrial pur- January than at the end of December. On poses has not revived to the same extent as the other hand, the number of board feet home building. A large number of small homes ordered during January, 1922, nearly doubled are also being built in the southern sections of that of January a year ago, and shipments district No. 8 (St. Louis), where favorable during January were more than double those weather conditions prevail. District No. 9 of a year ago. Production of reporting mills (Minneapolis) reports that there is a noticeable in January was 4,536,322 board feet, as com- increase in the average size of permit issued pared with 1,803,114 board feet in December. for new construction, in spite of declining Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 FEDERAL RESERVE BULLETIN. MARCH, 1922. building costs. Construction activity in dis-;1 ranging from 4.5 per cent in district No. 4 trict No. 11 (Dallas) is increasing in volume/ (Cleveland), 11 firms reporting, to 95.3 per cent and is being extended from residential building in district No. 10 (Kansas City), 5 firms reportto building for business purposes. District ing. A majority of the other districts record No. 12 (San Francisco) reports that building exceptionally heavy increases, amounting fc) 49.2 activity in January once more reached record per cent in the case of district No. 7 (Chicago), proportions, exceeding that in any month with 11 firms reporting, and 54.9 per cent in with the exception of October, 1921. district No. 5 (Richmond), 14 firms reporting. In all other cases except district No. 12 (San EMPLOYMENT. Francisco) increases were in excess of 25 per cent The reports received from the various dis- as compared with the preceding month. Sales tricts concerning developments in the labor were heavier as compared with January a year situation during the past month are of a some- ago in every case except district No. 6 (Atlanta), what conflicting character. The latest state- where there was a negligible drop of 1.5 per cent ments issued by the United States Employ- for 21 reporting firms. Otherwise increases ment Service, covering firms employing more ranged from 2.5 per cent for 14 firms in district than 500 workers, show that for the period No. 5 (Richmond) to 62.1 per cent for 5 firms ending January 1 there was an increase of in district No. 10 (Kansas City). Increases as 4.2 per cent in numbers employed as com- compared with a year ago were also especially pared with the end of December. Increases heavy in district No. 2 (New York), district were especially noticeable in the case of No. 7 (Chicago), and districtNo. 9 (Minneapolis), vehicles for land transportation, in which the advances amounting to 40.3 per cent for 3 there was an increase of 58.4 per cent during firms, 42.4 per cent for 11 firms, and 50.1 per the month. Leather and its finished products cent for 4 firms, respectively. and metals followed with increases of 3.7 per Reports from wholesale grocery firms indicent and 2.8 per cent, respectively. The cate a generally dull trade during the month of largest decreases occurred in railroad repair January in all districts except district No. 9 shops, which showed a reduction of 3.9 per (Minneapolis), in which an advance of 3.5 per cent in numbers employed, and in tobacco cent for 12 firms occurred, and district No. .12 manufacture, in which there was a decrease (San Francisco), in which there was an increase of 2.6 per cent. The net increase in numbers of 15.5 per cent for 31 firms. Decreases were employed amounted to 63,400 for the 1,428 recorded ranging from 2.4 per cent in district reporting firms, which were employing 1,556,- No. 11 (Dallas), 12 firms reporting, to 11.8 per 507 workers on January 31. Since the date of cent in district No. 2 (New York), 41 firms rethis report, conditions have arisen which porting. As compared with a year ago, dehave brought about increases in unemploy- creases were evident in all reporting districts, ment in certain sections of the country, although in most cases they were not suffinotably in district No. 1 (Boston), where ciently pronounced to more than offset the widespread strikes in the textile mills of intervening price declines in most cases. The Rhode Island and New Hampshire are now declines in sales were least in district No. 12 in progress. The strikes started about the (San Francisco), where a drop of 1.9 per cent middle of February, when mills in northern was recorded for 31 firms; the decrease was New England and Rhode Island announced a greatest in district No. 6 (Atlanta), where reduction of 20 per cent in wage rates, accom- sales were 18.8 per cent less for the 32 reportpanied in some instances by an increase in ing firms. Seasonal dullness in the hardware working hours from 48 to 54 per week. So trade is also reflected in the fairly pronounced far, cotton mill operatives in Massachusetts drop in sales that occurred in most reporting have not been affected to any great extent, as districts during the month of January. Exno wage reductions have been made either in clusive of district No. 5 (Richmond), in which Fall River or New Bedford. an advance of 7.1 per cent in the sales of 19 reporting firms occurred, declines were regis- WHOLESALE TRADE. tered in all reporting districts, the mini- Statistics of sales for four reporting whole- mum being 2.5 per cent for district No. 12 sale lines—groceries, dry goods, hardware, (San Francisco), with 21 firms reporting, and and boots and shoes—indicate no changes of the maximum amounting to 29.5 per cent moment during the past month, although in for 8 reporting firms in district No. 10 the case of dry goods a marked seasonal upturn (Kansas City). The volume of sales as comin sales is registered for all districts except dis- pared with a year ago has been fairly well trict No. 2 (New York), in which there was a sustained, the decreases ranging from a' neglidecline of 14.3 per cent for 3 reporting firms. gible amount of 0.7 per cent in district No. 12 In all other districts there were advances (San Francisco), 21 firms reporting, to 28.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL, RESERVE BULLETIN. 281 per cent in district No. 4 (Cleveland) 10 firms the rise in the prices of agricultural commodities. reporting. Three reporting shoe wholesalers Prices of grains and live stock, not only on the in district No. 9 (Minneapolis) reported a very large exchanges but generally throughout the heavy increase in sales during January of 73.6 country, showed appreciable advances, while per cent as compared with the preceding wool prices, especially for the finer grades, month. Otherwise declines were recorded in were materially higher than in December and districts No. 2 (New York), No. 5 (Richmond), January. Raw cotton, however, was slightly No. 6 (Atlanta), No. 7 (Chicago), and No. 12 lower at the opening of February than in Janu- (San Francisco), rising from 2.7 per cent in the ary, and the average quotation for the first three case of district No. 6 (Atlanta), 9 firms report- weeks of February for upland middling at New ing, to 15.2 per cent in the case of district No. 7 Orleans was $0.1629 a pound, as compared with (Chicago), 16 firms reporting. As compared $0.1675 in January. Prices of nonagricultural with a year ago, four districts—No. 2 (New raw materials were for the most part lower in York), No. 5 (Richmond), No. 9 (Minneapolis), February than in January. An average of the and No. 12 (San Francisco)—show increases prices of all grades of bituminous coal on the amounting to 6.4 per cent, 8 firms reporting; leading markets of the country was $2.21 a ton 36.5 per cent, 20 firms reporting; 47.1 per at the mine in February, as compared with cent, 3 firms reporting; and 26.2 per cent, 21 $2.26 in January. Pig iron prices were also firms reporting, respectively. lower in February, as were prices of copper and tin. Lumber prices have been practically un- RETAIL TRADE. changed for a period of several weeks. Retail sales in January showed the usual de- An average of February prices of manufaccrease in volume after the holiday buying. All tured goods would probably show little change districts reported decreases in dollar amounts from the January average. Steel products conas compared with January,11921, figures, but tinued to decline in February; also cotton yarns this is attributed in most cases to decline of and cloth. Wool and silk textiles, on the other prices rather than a smaller volume of trade. hand, increased, although in the case of the The public did not respond as usual to the finished goods trading appears to have been on annual sales, and extra sales efforts were neces- a comparatively narrow basis. Food prices sary to maintain even the current volume of showed a tendency to increase because of the sales. Collections were rather poorer than in rise in prices of agricultural commodities. the preceding months, the percentage of un- January is the most recent month for which paid charge accounts compared with cash pay- index numbers of wholesale prices are availments being large, especially in country dis- able. The Federal Reserve Board index for that tricts. The dollar amount of sales recorded by month was 138 (with prices in 1913 considered 387 stores throughout the United States as 100). This figure was the same as the Deshowed a decrease of 12.4 per cent from Janu- cember index. Between December and January, 1921. Decreases recorded by the various ary small reductions were made on the average districts amounted to 8.1 per cent in district in the prices of manufactured goods, while raw No. 1 (Boston); 7.8 per cent in district No. 2 materials as a group advanced. The increase (New York); 12.2 per cent in district No. 3 in the latter group was due to the advance in (Philadelphia); 21.9 per cent in district No. 4 prices of farm products. (Cleveland); 17 per cent in district No. 5 Changes in retail prices and the cost of living (Richmond); 19.4 per cent in district No. 6 in general have been slight during the past few (Atlanta); 6.6 per cent in district No. 7 (Chi- months, as is shown by a study of the cost of cago) ; 15.1 per cent in district No. 8 (St. Louis); living in 32 cities which was published by the 15.6 per cent in district No. 9 (Minneapolis); Bureau of Labor Statistics early in February. 12.9 per cent in district No. 10 (Kansas City); This study shows that between September and 19 per cent in district No. 11 (Dallas); and 6.3 December, 1921, there was an average reducper cent in No. 12 (San Francisco). Depart- tion in the cost of living of only 1.7 per cent. ment stores stocks showed a decrease of 4.2 The total reduction since the peak of prices in per cent from last month, but are about the the summer of 1920 is estimated at 19.5 per same size as last year. The rate of turnover cent. was slightly less than in December, 1921, but FOREIGN TRADE. there was a rather substantial increase in the volume of outstanding orders. January exports and imports were both somewhat lower than those reported for De- PRICES. cember. Exports, which amounted to $279,- The most significant feature in the price situ- 000,000, were at a level lower than had been ation in the first three weeks of February was reached at any time since xiugust, 1915, Im- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 FEDERAL RESEKVE BULLETIN. MARCH, 1922. ports, which were valued at $216,000,000, al- FLOTATION OF FOREIGN LOANS. though lower than the December total, did Following is the text of a statement given not decline to the very low. values recorded in to the press by the Department of State on the summer months of 1921. Foreign trade March 3: at this season of the year is normally less than at other times, so that this latest decline is At a conference held last summer between not unexpected, nor does it signify anything the President, certain members of the Cabinet, new of a disturbing sort. and a number of American investment bankers, the interest of the Government in the public One of the most significant facts in connecflotation of issues of foreign bonds in the tion with American foreign trade in recent months has been the readjustment of exports American market was informally discussed and and imports upon a basis more nearly ap- the desire of the Government to be duly and proaching an even balance. In January the adequately informed regarding such transacexcess of merchandise exports over imports tions before their consummation, so that it was only $63,000,000, as compared with might express itself regarding them if that $445,000,000 for the previous January, and a should be requested or seem desirable, was monthly average during 1921 of $165,000,000. fully explained. Subsequently the President The latest foreign trade figures, therefore, was informed by the bankers that they and indicate the continuance of a tendency which their associates were in harmony with the Govbecame especially pronounced in November, ernment's wishes and would act accordingly. 1921, when merchandise exports exceeded im- The desirability of such cooperation, howports by $83,000,000, as compared with the ever, does not seem sufficiently well understood far greater amount of $155,000,000 in Oc- in banking and investment circles. tober. If allowance is made for imports of The flotation of foreign bond issues in the gold and also for estimates of the various American market is assuming an increasing "invisible" elements in our trade balance, importance, and on account of the bearing of such as immigrants7 remittances and foreign such operations upon the proper conduct of investments, the excess of merchandise ex- affairs it is hoped that American concerns that ports has been more than offset in each of the contemplate making foreign loans will inform last three months, with the result that our the Department of State in due time of the balance of trade has actually been reversed essential facts and of subsequent developments and for those months constituted a small of importance. Responsible American bankers debit against us. will be competent to determine what information they should furnish and when it should be SHIPPING. supplied. American concerns that wish to ascertain the Ocean freight rates during February re- attitude of the Department regarding any promained generally steady, while such changes jected loan should request the Secretary of as occurred were in the direction of higher State in writing, for an expression of the Dequotations. Grain was the principal com- partment's views. The Department will then modity for which substantially increased rates give the matter consideration and, in the light were paid from American ports to the United of the information in its possession, endeavor Kingdom and the Continent, while small in- to say whether objection to the loan in question creases over January rates were effective on does or does not exist, but it should be careflour in the same trades. West Indian sugar fully noted that the absence of a statement cargoes, although not so active as in January, from the Department, even though the Departcontinued to furnish employment to many ment may have been fully informed, does not vessels. Time chartering for future require- indicate either acquiescence or objection. The ments was less in evidence than in the previ- Department will reply as promptly as possible ous month, but there was good demand for to such inquiries. steamers in position for prompt loading, and The Department of State can not, of course, charterers at times found difficulty in filling require American bankers to consult it. It their immediate needs without offering a will not pass upon the merits of foreign loans as premium. Steamship men report that cargo business propositions, nor assume any responofferings are on the increase, which, coupled sibility whatever in connection with loan transwith the firmness of freight rates and improved actions. Offers for foreign loans should not, foreign exchange conditions, has given rise to therefore, state or imply that they are cona feeling of greater confidence in shipping tingent upon an expression from the Departcircles than prevailed two or three months ment of State regarding them, nor should any ago. prospectus or contract refer to the attitude of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL BESERVE BULLETIN. 283 this Government. The Department believes average rates of decline are reported for the that in view of the possible national interests following cities: Baltimore, 62 per cent; Cleveinvolved it should have the opportunity of s&y- land, 65 per cent; Minneapolis, 70 per cent; ing to the underwriters concerned, should it St. Louis, 79 per cent; and Kansas City, 91 per appear advisable to do so, that there is or is cent. not objection to any particular issue. In the following table are shown acceptance liabilities by principal cities separately for national and other member banks, also for all member banks on all call dates for the period Member Bank Acceptances at the Close of 1921. December 29, 1920, to December 31, 1921: Between June 30 and December 31, 1921, outstanding acceptances of all member banks ACCEPTANCE LIABILITIES OF NATIONAL AND OTHER MEMBER BANKS. decreased from $431,887,000 to $367,294,000, or by about 15 per cent. The shrinkage in the [In thousands of dollars.] volume of outstanding member bank acceptances has been continuous since May 4, 1920, Class of banks and Dec. 29, Pel). 21,' Apr. 28.1 Juno 30, Sept. 6, Dec. 31, when the peak total of $673,852,000 was shown. city. 1920. 1921. ! 1921. 'j 1921. 1921. 1921. Between that date and the end of 1921 the shrinkage totaled $306,558,000, or over 45 National banks. per cent, while $226,414,000, or 38 per cent, New York 193,309 191,918: 173,062| 142,620: 122,638, 111,724 constitutes the decrease for the past calendar B B o uf s f t a o l n o 49 1, , 4 7 8 8 4 6 1 : 47 1 , , 1 1 8 9 1 4 ! 46,2 7 0 72 7 ' : 33,6 7 9 68 7 : 25,9 56 4 8 9 35, 5 3 1 3 2 2 year. This per cent decline is somewhat Providence, l,05l! 932 775: 404 303! 518 Philadelphia 10,343! 12,143: 11,862: l(),402i 9,463j 10,589 smaller than the relative decline for the year in Pittsburgh 1,471; 1,240; 1,244 1,700, 1,198' 1,067 our total foreign trade, viz, 48 per cent. C D l e e t v r e o l i a t nd 4 8 , , 5 5 2 2 7 8 ; 5 1 , ,9 0 2 0 4 3 ' : j 3 1 , , 3 1 8 3 5 7 ! . 2 3 , , 1 5 2 5 3 8' 1 1 , , 5 19 3 7 3 ! ! 4 9 5 5 3 9 Acceptance liabilities of the national banks, Cincinnati 1,202! 742' 68.1.1 511 182! 150 Memphis 1001. which constitute about 60 per cent of the total Indianapolis 2,818' 2,484' 1,365 55i; 316! 492 acceptance liabilities of member banks, show Richmond ' 2,190| 2,0J 9' 1,028 1,903.1 3,6.15 Baltimore 4,273' 3,100! 1,446 1^749 2,118l 1,812 a decline of about 40 per cent, while those of Atlanta 600! 700; 450 250j. trust company and State bank members de- C Ne h w a rl O e r s l t e o a n n s s . C 2 1 , , 1 5 6 3 6 2 1 , 1,9 9 2 08 7 | 1,4 92 4 0 1 9 77 1 8 1 ! 8 40 4 9 6i 1,009 clined only 32 per cent during the year. Chicago 28,819i 23,894 24,280; 19,2951 24,030' 18,582 St. Louis 3,116; 2,615 524! 657j 5681 922 National banks in New York City show a de- Minneapolis 8,208! 5,888' 1,819; 1,4221 1,658; 2,462 Kansas City, Mo 3, G49i 2,240! l,023| 1,079 2,293 350 crease in their acceptance liabilities from Dallas ". 1,750: 890| 1501 300 250! 1,181 $193,309,000 to $111,724,000, or at about the San Francisco 13,241! 14,091' 13,611i 10,66o| 7,4011 8,393 Los Angeles 1,816! l,78lj 9771 1,703 1,367; 1,102 same rate as all other national banks, while Portland 2,493' 2,507! 2,772'i 1,453 1,64* 938 trust companies and State banks in New York S A e l a lo tt t l h e er 1 1 9 , , 0 8 9 45 9 ! ! 1 l 7 , , 0 3 2 0 1 2 j | 12,3 9 6 3 9 1| ! 12,0 49 9 5 3 9,8 4 7 74 2 1 | 15, 3 4 5 4 1 0 City show a decline from $148,296,000 to Total. 375,416! 345,644 304,2311 250,925| 218,180; 218,936 $103,398,000, or at a rate of decline slightly i I i lower than member banks of their class in other cities. The relative volume of outstand- Class of banks and city. D 1 e 9 c 2 . 0 2 . 9, A 1 p 9 r 2 . 1 2 . 8, Ju 1 n 9 e 2 1 3 . 0, De 1 c 9 . 2 1. 31. ing New York member bank acceptances, compared with the total volume of member State bank and trust company • bank acceptances outstanding, shows a slight members. \ increase for the }Tear from 57.5 to 58.1 per cent. New York 118,296 138,856 , i12,554 103,398 Buffalo 1,950 856 i 919 534 Smaller than average reductions are reported Boston 14,349 11,857 ! 11,012 9,402 by member banks in the southern cities, in- P P h ro il v a i d d e e l n p c h e i . a .. .. . 1 1 , , 1 5 0 6 0 9 1,3 2 0 00 9 ! ' 6 7 2 5 4 1 3 1 5 5 3 6 cluding New Orleans and Dallas, whose fig- Pittsburgh 450 198 376 100 Cleveland 4,746 8,746 : 9,008 3,649 ures, because of the rise in the price of cotton, Detroit 900 400 450 225 show substantial increases during the second C M i e n m ci p n h n i a s ti 2 1 7 5 5 0 444 280 545 3 part of the year. Member banks in Richmond Richmond 100 Baltimore... 500 197 100 more than doubled their acceptance liabilities Atlanta 197 162 111 337 during the latter half of the year and the N Sa e v w a n ( n M ah eans 7,4 5 4 62 2 6,5 4 6 75 9 4,4 4 6 10 7 6,7 9 1 64 4 December 31 total is about 58 per cent larger Chicago 23,TS81 21,273 20,996 16,697 St. Louis 4,937 1,472 1,152 793 than the total reportedjabout the- close'of 1920. Kansas City, Mo. 132 1,550 1,966 Of the larger financial centers outside of New Dallas 125 San Francisco 1,122 ' 726 971 1,499 York, Philadelphia shows a decline for the year Los Angeles 390 200 , 744 217 Portland 630 i 785 684 of 38 per cent, Chicago a decline of 35 per cent, Seattle 4 ! 3 ; 66 San Francisco a decline of 31 per cent, and Allother 4,810 i 3,660 ! 4,318 2,078 Boston a decline of 30 per" cent. Larger than -Total ! 218,292 . 199,938 ; 180,962 j 148,358 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 FEDERAL RESERVE BULLETIN". MARCH, 1922. ACCEPTANCE LIABILITIES OF NATIONAL AND OTHER about $600,000,000, the October 1 estimate of MEMBER BANKS—Continued. the American Acceptance Council. [In thousands of dollars.] HOLDINGS OF BANKERS' ACCEPTANCES BY FEDERAL RESERVE BANKS. Class of banks and city. Apr. 28, i June, 30, Dec. 31, [In thousands of dollars.] 1921. : 1921. 1921. I Purchased in open market. . Held under discount. All member banks. New York 311,005 311,918 ' 264,164 215,122 Accepted by— Accepted by- Buffalo 3,434 1,628 : 1,687 1,046 Boston., 64,135 58,064 ! 44,709 44,734 P P P r h it o i t l v s a i b d d u e e r l n g p c h h e i a .' 1 2 1 7 , , , 9 6 4 2 2 4 1 0 3 j ! | 1 2 1 2 , , , 0 4 0 4 8 6 2 4 2 i : 1 2 1 1 , , , 1 0 0 5 7 2 8 6 6 | 10 1 , , 8 7 1 7 4 6 1 5 7 Date. I j m N b e c o m r n - - I i ! C C D M i l e e e n t m v c ro e i p n l i a h t n n i a s d ti 1 5 1 3 , , , 3 4 2 3 5 2 7 7 2 4 7 5 i J ! 9 3 , , 8 7 6 4 8 8 4 8 3 5 4 1 ; . i 1 4 1 , , 0 1 2 5 0 3 8 1 8 1 0 1 I 4, 5 6 6 1 4 0 7 5 5 8 3 8 Total. M b e e m r -ib a a n n d k sj v P a r t i e - ! j j B a r g ? a e " n n d f c s i J e T s otal. b M a b n e e m k r s - .b O a t n h k e s r . Indianapolis 2,818 "• 1,365 551 492 Richmond 2,290 : 1,028 1,741 3,615 ! pora- A Ba tl l a ti n m ta ore 4,7 7 7 9 3 7 ; ; 1,6 6 4 1 3 2 . 1,8 3 4 6 9 1 1, 3 81 37 2 1 tions. Savannah 562 | 475 : 410 964 New Orleans 8,974 ! 7,489 5,378 7,697 C Ch h i a c r a le g s o ton, S. C 5 2 2 , , 1 5 6 0 6 0 ! | 4 1 5 , , 4 5 4 5 1 3 ' 40,2 7 9 7 1 8 35 1 , , 2 00 79 9 Dec 1 . 92 3 0. 1.. 258,878169,387 38,374! 21,905 26,212,17,218 0) M St. i n L n o e u ap is olis 8 8 , , 2 0 0 5 8 3 j ' 1 1 , , 8 9 1 9 9 6 : 1 1 , , 8 4 0 2 9 2 2 1 , , 4 7 6 1 2 5 1921. ! K Da a l n l s a a s s City, Mo 3 1 , ,7 7 5 8 0 1 i j 2,5 1 7 5 3 0 • , 3,0 3 4 0 5 0 1, 3 3 5 0 0 6 F T e a b n . . 2 3 8 1. . . . 1 1 6 6 2 9, , 0 3 4 8 8 5 ! ' 8 9 9 6 , , 2 3 4 1 0 3 3 3 2 3 , , 3 7 7 6 2 8 1 1 8 8 , , 0 4 5 5 5 8 2 2 2 0 , , 7 5 1 0 8 9 . , 1 1 2 3 , , 5 4 0 2 6 1' 8 8 , , 4 6 5 6 4 9 4 4 , , 0 7 5 5 2 2 San Francisco 14,303 14,337 11,636 9,892 Mar. 31.. 119,054' 65,868 20,653 15,878 16,65513,052' 9,181 3,871 Los Angeles 2,206 1,177 2,447 1,319 Apr. 30.. 109,142': 62,327 18,341 13,915, 14,559'l0,188i 6,343! 3,845 A P Se o ll a r t t o l t t l a h e n e d r 2 3 4 1 , , , 1 1 6 0 2 5 3 3 5 j 1 3 6 , , 5 0 9 5 2 3 7 9 4 1 2 6 , , 1 4 5 3 1 6 7 1 1 1 1 7 , , 3 5 5 5 0 1 1 8 7 M J J A u u u a l n s y y r e . 3 3 3 3 1 1 1 0 . . . . - . . . 3 4 7 1 5 0 5 7 , , , , 2 1 9 2 8 3 1 3 0 0 2 9 ! ! ! ' 4 2 2 1 6 5 6 3 , , , , 7 1 7 4 5 5 8 1 4 8 7 1 1 5 3 6 0 , , , , 6 9 0 0 6 3 8 5 0 S 7 3 J i j 3 3 9 l, , , , 0 0 5 3 3 2 1 9 4 2 7 l i i i | 8 2 1 , , ,4 9 9 3 6 1 9 8 2 5 2 0 , ' 8 9 1 6 , , , , 4 0 7 4 5 8 1 7 6 9 5 2 i ) ; : 6 6 4 , , , 4 0 0 9 6 7 3 2 9 5 3 4 ! 2 3 2 , , , 0 4 0 7 1 2 0 9 4 3 3 1 To R t e a c l apitulation. 593,708 ' 504,169 j 431,887 367,294 N D S O e e o c c p t v . . t . . 3 3 3 3 1 1 0 0 . . . . . . . . 1 4 8 7 4 4 6 2 5 , , , , 9 8 0 0 1 2 5 4 6 4 5 5 1 . 1 ! 1 1 . 6 3 5 1 4 3 3 0 , , , , 8 4 2 6 9 8 6 2 0 6 4 0 1 1 4 8 1 3 , , , , 8 7 6 8 7 5 4 J 3 6 3 6 " | i i 1 2 4 6 2 , , , 3 6 9 4 1 3 6 8 i 5 > 0 8 1 ' 3 2 5 8 , , , , 5 8 9 8 0 0 3 4 1 6 5 2 ! ' ! ' 8 3 8 4 9 3 4 4 9 8 7 5 j 3 2 3 6 8 7 8 2 1 8 3 8 1 i | j 4 2 5 7 6 6 0 6 9 4 Total national banks i 375,416 ! 304,231 250,925 218,936 To c t o a m l p S a t n a y te m b e a m nk b er a s n d trust j ! 218,292 | ! 199,938 180,962 148,358 i No data. Acceptance liabilities of 13 of the leading Grand total i 593,708 j 504,169 431,887 367,294 British banks show for the same period (i. e., between the last of 1920 and 1921) a decline Federal Reserve Bank holdings of purchased from £96,598,000 to £69,894,000, though it and discounted bank acceptances, which reached should be noted that a much lower total was the low total of $17,912,000 on July 31 of last reached on Juno 30 of last year and that since 3rear, show a gradual increase to $145,045,000 then quite a substantial recovery of the British at the close of the year, of which $110,552,000 acceptance business has taken place. represented member bank acceptances. The Acceptance liabilities of the three great latter amount constitutes about 30 per cent of French banks declined nearly one-third beall the member bank acceptances outstanding tween the end of November, 1920 and 1921, on that date, which is about the proportion while the Italian great commercial banks, of member bank acceptances hold in the port- except the now insolvent Banca Italiana di folios of the reserve banks about the end ofSconto, show a decline of over 20 per cent for 1920. In addition, as shown in the subjoined the same period. The Sconto's acceptance exhibit, the reserve banks held at the (Jose of liabilities on October 31, 1921, were about last year a total of $34,831,000 of bills accepted 200,000,000 lire, the largest total ever reported by nonmember banks, including private banks, by that institution and, for that matter, by any agencies of foreign banks, and discount corpo- Italian commercial bank. rations. It is believed by some that the per- The greater ease in the general credit situacentage of total outstanding nonmember bank tion affected also the course of acceptance rates, acceptances held in the portfolios of the reserve which show a practically continuous decline banks is somewhat larger than the percentage during the second half of the year. Openof member bank acceptances. Assuming, how- market rates in New York on prime bank ever, an equal 30 per cent of both classes of acceptances, which were quoted as high as 5J-6 acceptances held by the reserve banks, we may per cent during June of last year, declined to estimate the total amount of bank acceptances 4J-4\ per cent about the end of November, and outstanding at the close of last year at some- these rates were in effect about the end of the what less than $500,000,000, compared with year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MABcn, 1922. FEDERAL RESERVE BULLETIN. 285 TOBACCO FINANCE. called buying on order. He may do the latter either under contract, that is, agree to deliver The following is the fifth of a series of articles at a fixed price, or under order, receiving a describing the financing methods which are specified commission and charge for rehandling, employed in the tobacco industry. The preas will be indicated below. There is little convious articles appeared in the September, 1921, tract business, and this is said to be done only October, 1921, November, 1921, and December, where the buyer has great confidence in the 1921, issues. Data were obtained partly dealer. through the cooperation of the Federal Reserve The extent to which each of these two Agents in the various districts, and partly direct general methods—purchase for own account from banks and persons interested in the and purchase on order—is used varies with industry in various capacities, as well as from market conditions and with the type of toother Government organizations. To all of bacco in question. It is often said"to be hazthem acknowledgment is due. ardous to buy tobacco for one's own account, due both to uncertainty as to when the same V. LEAF TOBACCO DEALING—MANUFACmay be sold and possible changes in price, so TURED AND EXPORT TYPES. that the practice is often designated as specu- The Commissioner of Internal Revenue, in lating. In an active advancing market more pursuance of his duty as collector of taxes on tobacco is therefore bought b}^ dealers on their tobacco and tobacco products, has laid down own account. During the 1919-20 season regulations which govern in certain particulars many dealers did this, but during the 1920-21 the operations of persons engaged in the season, with the drop in the price of tobacco, industry. In addition to growers, he recog- they confined their business to purchasing on nizes as distinct classes dealers (including order. Bright tobacco is said to afford greater bu}rers who act for two or more dealers) and opportunities for speculation, due to the value manufacturers. To the extent that a manu- attached to the color of the leaf. Purchase on facturer receives tobacco for resale or for any own account shades into order buying in cerpurpose other than manufacture, or receives it tain cases, for dealers may also buy to some off his bonded factory premises, he is regarded ,extent in an endeavor to anticipate later orders as a dealer. ' 'Dealer'3 includes any person whose of customers, basing their action on the regubusiness it is, for himself or on commission, to lar needs of the latter as shown by past expesell, or offer for sale, leaf tobacco, and every rience. Some dealers act as brokers in selling person who, as a principal, receives leaf to- hogshead tobacco for others. bacco into his actual possession. Accordingly, Sales of tobacco bought by the dealer on his anyone who operates a sales or storage ware- own account may be made either to manufachouse, a stemmery, or a rehandling plant is turers or to other dealers or for export. A conregarded as a dealer. Every dealer is required siderable number of local dealers in the smaller to give bond and register with the collector of markets confine their business to buying on internal revenue of the district in which the order for others, and do this to a considerable business is to be conducted. He is permitted extent for other dealers who themselves have to sell only to other dealers in tobacco, to regis- received an order from a manufacturer or from tered manufacturers, or for export. The quan- abroad. Certain local dealers purchase to tity sold shall not be less than a hogshead, some extent on their own account, but this is case, or bale, except loose-leaf tobacco, com- done especially by larger dealers in the leading prising the breaks on warehouse floors, and markets. The latter maintain on hand stocks except to a duly registered manufacturer of of leaf of their own standard grades, which cigars, for use in his own manufactory exclu- they are able to supply at all times to the trade. sively. These regulations apply to both dealers These larger dealers in general arc interested in the cigar and in the manufactured and in other firms, in some cases very extensively, export types. in addition to themselves having branches at various markets, which provide facilities for A. CLASSES OF DEALING. handling or storing tobacco. In particular, From the description just given it will be Danville is the headquarters of dealers in the clear that dealing in the manufactured and ex- East and Louisville in the West. The smaller port types of tobacco (using the term in the dealers tend to specialize in either the eastern more restricted sense in which it is generally or the western types, but a number of the understood in the trade) may be done in one larger dealers handle both. of several ways. The dealer may either buy The proportion of the crop which passes the leaf outright or else he may act merely as through the hands of dealers differs greatly as intermediary and purchase and re dry or re- between the different types. This question is handle it as he receives specific orders. This is closely related to the extent to which the sev- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 FEDERAL RESERVE BULLETIN. MAECH, 1922. era! types are exported instead of being used B. SERVICES OF THE DEALER. domestically. It is estimated that 35 to 40 In acting in the manner indicated above, per cent of bright tobacco is used domestically, the dealer performs several services. Whether and 30 per cent of the Virginia dark type. In buying on order or for his own account, it is the West, 85 to 90 per cent of burley is so used, necessary for him to assemble the tobacco 30 to 40 per cent of one-sucker tobacco, and desired by the manufacturer and in so doing one-half the Green River type, but the major to sort or grade the leaf he purchases, and to part of the Paducah, Clarksville-Hopkinsredry or renandlc it, placing it in keeping order. ville, and stemming types is exported. The Whore he buys it for his own account, he has bulk of the tobacco used domestically is purthe further duty of keeping it in stock until it chased by the four large companies. These is ready for use. It frequently takes a conlarge companies in general have highly develsiderable time to assemble a lot of tobacco, for oped buying organizations, and purchase direct the individual manufacturer often has his from the farmer, either at the leaf sales warepreferences as to color and kind of leaf, as houses or in the country, according to the well as with respect to method of preparation. district in question. Foreign business is therefore more important to the dealer, and he fur- Some tobacco is air dried, which takes thermore pays much less attention on the about six months, but the great majority is whole to burley than to the other types. redried with the aid of steam. The machine Dealers7 estimates place the proportion of the is a steel enclosure, from 73 to 200 feet long, 1921 crop passing through their hands at not and approximately 18 feet wide and 9 feet over 25 per cent. A considerable number high. It contains moving conveyors, on which make the estimate 10 to 15 per cent, and an- the tobacco is carried from one end to the other group 25 per cent. From the eastern other. The machine has three compartments, districts it is generally reported that dealers used respectively for drying, cooling, and orderare confining their buying largely to the com- ing or steaming. The first chamber is approximon grades. mately half the total length, the second oneeighth, and the third, the remainder. The destination of exports in 1920 is given in The tobacco leaves, tied in hands, are placed the following table: on sticks, which arc then placed in the notches on the chains of the conveyor. The hands are first carried into the drying chamber, which Pounds. Value. contains steam coils for heating the air. The Total leaf tobacco : 467,662,124 '• $244,897,187 object here is to dry thoroughly every leaf and stem to the point of brittlencss. The tempera- United Kingdom ! 162,709,819 128. 020,512 France ; 60,396,643 18!664,414 ture for the heavier grades varies from 120°- I B ta el ly g ium ! ' 4 2 4 8 , , 1 4 6 9 0 9 , , 2 3 7 6 8 0 ; 0 0 9 9 9 7 , ,7 0 1 6 4 2 170° F., and for the lighter grades from 120°- Netherlands.. , 26,351,990 304,032 145° F. The tobacco then enters the cooling Scandanavia ! 23,420,970 237,156 Germany i 14,773,1.36 637,017 chamber, through which passes a continuous C C a h n in a a d a j ! 1 1 8 6 , , 2 6 2 7 4 8 , , 9 5 2 2 3 1 0 8 9 8 7 4, , 7 2 5 1 1 6 stream of cold air sucked in from the outside Australia : 18,372,538 222,956 atmosphere by large fans. Finally, the tobacco British West Africa i 12,507,022 757,282 passes through the ordering chamber. Here steam comes in contact with the hands, and Consideration of the total volume of exports, reduces them to a condition of pliability. The and the major countries to which they go, will details as to length of time spent -in passingserve to show why the fall in foreign exchange through the dryer, temperatures, etc., are has had so great an effect upon the leaf tobacco determined by the expert in charge of the business. operation and vary according to his judgment, The bulk of these exports pass through the mien the tobacco emerges from the machine, customs districts of New York, Philadelphia, the sticks are removed from the conveyor and Maryland, Virginia, and New Orleans, the 1920 the hands packed and compressed into hogsfigures for these districts being as follows: heads. The hogshead is then headed, and is ready for shipping or storing. Tobacco is not used by the manufacturer | Pounds. Value. immediately after it is rchandled, but is I "aged" instead. The dealer who buys to- "United States 467,662,124 §244,897,187 bacco on his own account generally performs New York 139.672,664 62,385,102 this service for the manufacturer. This in- Philadelphia 25,845,788 12,498,350 volves him in further expense, namely, that Maryland 70,722,943 32,217,257 Virginia 105,186,923 94,828,404 of interest on his investment, storage charges, New Orleans 93,242,408 24,659,241 and insurance. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 287 The Bureau of the Census docs not separate QUANTITY OF MANUFACTURED AND EXPORT LEAF TOBACCO the stocks of leaf held by dealers from those HELD BY MANUFACTURERS AND DEALERS, 191.9—1921. held by manufacturers, showing merely total [Pounds.] figures for the first of each quarter. The leaf is, however, divided according to types. The stocks held vary widely from year to year, as Total. V d ir a g r i k n . ia j Bright. I Burley. W d e a s r t k e . rn well as at different dates within a given year. "This may be accounted for in part by prac- 1919. ! tices and customs prevailing in the various Jan.1. : 913,252,894: 46,472,484' 427,369, 856j 139,038,535!267,878,756 Apr. 1. : 1,255,869,264 59,590,593 434,517,068: 333,912,305394,027,730 tobacco-growing localities, the size of the crop, Julyl. ! 1,012,255,690 42,919,482 327,277,360! 287,564.917:322,333,696 Oct. 1. ". 891,633,932 34,221,05-i| 367,976,734: 229,890^ 560.222,499,314 the prices obtaining, transportation facilities, and the amounts of export tobacco awaiting 1920. Jan.1. 962,807,355 37,714,823 i 448,541,704! 227,278,528 210,558,048 cargo space.77 The following table gives the Apr.l. 1,179,823,043: 48,530,911* 415,332,199j 328,135,558 353,386,528 Julyl. : 1,013,719,134 34,972,322: 304,206,285 326,920,164J320,217,568 amounts of each of the principal types heldOct.l. 849,199,335 30,808,5051229,703,235 267,7S9,489,2"8 3,185~,141 quarterly during 1919, 1920, and 1921. ; ' : i .1921. Jan.l. . . 1,061,696,4.01. 32,492,507: 523,912,560: 237,777,164J235,9L9,234 QUANTITY OF LEAP TOBACCO HELD BY MANUFACTURERS Apr. 1...j 1,363,499,010 50,180,089. 571,148,382| 399,001,690 307,285,600 AND DEALERS, 1919-1921. [Pounds.] By far the major part of this tobacco is held i ' Manufactured \ \ in unstemmed form, although the proportion Total. i and exported i Cigar typos. ' varies as between the different districts. The i | types. ! largest proportion of stemmed tobacco is found in the case of the manufactured and export 1919. Jan.l... 1,234,884,390 913,252,894 ' 254,309,051 i 07,322,451 types, and the least in the case of the imported Apr.l.. 1,627,233,87G 1,255,809,204 , 303,505,8G9 ! 07,798,743 Taly 1.. 1,400,963,823 : 1,012,255,690 j 323,531,210 : 05,170,917 types. The proportions vary somewhat for Oct. 1.. 1,203,769,070: 891,633,932! 302,972,044 69,163,094 the several manufactured and export types, 1920. being largest for burley, with bright tobacco Jan.l.. 1,318,131,291 i 902,807,355 j 283,303,899! 72,020,037 Apr.l.. 1,590,624,644 1,179,823,043 328,724,633 " 82,076,968 second. This is seen in the following table: Julyl.. 1,452,962,024 1,013,719,134 ! 350,692,935 88,549,955 Oct.l.. 1,271,524,630 849,199,335 331,848,564 90,470,731 QUANTITIES OF UNSTEMMED AND STEMMED LEAF 1921. Jan.l.. 1,446,914,469 | 1,06 L, 696,401 ! 297,471, S22 i 87,740,24G TOBACCO HELD BY MANUFACTURERS AND DEAL- Apr.l.. 1,818,781,268 I 1,363,499,010 . 307,854,007 \ 87,428,191 ERS, 1920. [Pounds.] The amount of tobacco of the manufactured Jan. 1. Apr. 1. and export types held on January 1, 1920, thus amounted to 73 per cent of the total leaf Unstemmed. i Stemmed. Unstemmed. Stemmed. held, and on January 1, 1921, to 73.4 per cent, while the figures for cigar leaf were 21.5 per Aggregate 1,179,623,879 138,507,412 1,437,166,452 153,458,192 cent and 20.5 per cent, and for imported leaf fCioigraarr ttwypneoso 2O5r«9O, 3'iQ9S8i ,3'i1\O2 O',i O.(\~*, W7:, Qflf,t Wi, ,01 «• 00 t Ad n\n 5.5 per cent and 6.1 per cent, respectively. If I M m a p n o u r f t a e c d t u t r y e p d es a n d 69,036,241 2 2 3 , , 9 9 8 0 3 5 , , 7 5 9 8 6 7 ; ! 30 7 6 8, , 7 5 2 8 5 3 , , 3 9 3 1 6 6 " ; 22 3 , , 1 3 4 5 0 1 , 7 6 1 3 7 2 values were taken, the proportion of cigar leaf export types 851,189,326 111,618,0291.051,857,200.127,965,843 Virginia dark 35,370,788 2,344,035: ' 42,670,110' 5,860,771 would, however, be greater. It will be ob- Bright 412,184,260 36,357,441 376,4.04,063 38,928,136 served that stocks of manufactured and export B W u e r s l t e e y rn dark... 2 16 0 5 2 , , 8 1 8 3 0 1 , , 7 7 0 0 7 1 1 , 6 8 1 , , 4 3 2 9 3 7 , , 3 8 1 2 7 1 , ; 2 3 7 2 4 7 ; , - 1 lo 1 o 1 ! ,3 1 9 1 6 7 , 2 2 7 6 3 , , 2 9 7 6 5 9 , , 1 1 3 6 2 2 type tobacco on the whole arc smallest on Fired 117,417,736! 1,382,508 196,204,473 10,223,498 Henderson.. 4,5-19,313i 1,350,023' 10,903,300: 6,119,220 October 1 and highest on April 1, while in the Green River. 39,363,077 4,661,238, 57,719,293 7,898,296 case of the cigar types the low point comes on One sucker.. 40,804,441 1,029,578= 62,28-1,330 2,031,118 January 1 and the high point on July 1. This July 1. Oct. 1. variation is due largely to difference in date of marketing of the two types. Stocks of im- • Unstemmed. Stemmed. Unstemmed.Stemmed. ported leaf apparently show no regular seasonal change. The following table shows Aggregate 1,300,157,070 152,80t, 954; 1, 111, 531,8531159,992,777 separately the stocks of each of the principal Cigar types 329,724,lot 20,968,781 304,023,563 27,825,001 types of manufactured and export leaf held on Imported types 85,658,842 2,891,113 87,518,007 2,928,724 Manufactured and the same dates as those given in the table export types 884,774,074128,945,060 719,900,283129, 239,052 Virginia dark.... 31,820,5271 3,151,795 28,129>, ,634 ~ 678,871 above. Bright 266,736,261! 37,470,024 189,7291,,339 973,896 It will be observed that stocks of burley and Burley 259,701, 515,935 207,697',,579 091,910 Western dark 304,033, 887,120 260,8225,,885 362,256 the western dark types are lowest on January Fired 197,309, 675,031 174,497,', 732 754,941 Henderson... 10,008, 838,684 5,333!,,252 798,613 1, while stocks of bright tobacco, due to the Green River.. 51,644, 461,135 38,7725,,865 438,947 earlier marketing, are lowest in July to October. One sucker... 45,071, 912,270 42,219, ""V55 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 FEDERAL RESERVE BULLETIN. MARCH, 192I\ C. FINANCIAL REQUIREMENTS. Where the dealer purchases tobacco on order, his requirements are substantially similar, ex- A number of the larger dealers are incorpoept that the stocks he maintains may be very rated, but the majority are merely partnerships. small. He may, when buying for another Considerable changes in the plan of capitalizadealer, not put up any funds himself at all, tion took place during the years 1919-1921. but only pay the warehouse when he receives Several firms have an issue of preferred stock a remittance from his principal, and thus as well as common, and in a few cases it exmerely needs funds for rehandling. If he has ceeds the volume of common stock. The to finance himself locally in such transactions, financial strength of the dealers as a whole his requirements will nevertheless be for a varies greatly. Some dealers are so situated short period of time only. On the other hand, that they do not need to borrow at all, while when buying on order for a manufacturer, others have only capital sufficient for their assembly of the tobacco may take a considerplant investment. A modern rehandling plant able period of time, and he further may arrange such as described above is expensive. The to extend credit, the factors in his requirements volume of business that is done with this plant then being the same as those in the case of varies greatly from season to season. During purchases on his own account. The needs of the 1919-20 season, c. g., it was said by one different dealers vary according to the comdealer that he could not run tobacco through position of their business, and the extent to his "factory," as it is often termed, quickly which they do each form. enough, while the following season the movement was decidedly slow. The volume of (1) Purchases of leaf tobacco by dealers from business a dealer ma}^ do on a given capital also farmers are regularly made during the leaf depends on whether the dealer buys on order or sales warehouse season. The amount sold on on his own account, as in the former case he does the loose-leaf floors during various months was not need to have capital tied up in inventory, indicated in Section I of this study (September, but merely holds the tobacco while he is assem- 1921, BULLETIN, pp. 1065-1066). It will be bling and preparing a given lot, and thus avoids recalled that, while the time of heavy marketstorage. The 1921 statements (generally either ing varies somewhat from year to year, tobacco for January 1 or June 30) of some dealers with in the South Carolina new bright belt moves in total resources of over $1,000,000 in general show July and August and to a less extent in Sepnet worth equal to from four to seven times the tember, in the old and new bright belts of plant investment, although several companies Virginia and North Carolina in September— have only a very small plant item. Kant January, inclusive, in the Virginia dark district includes real estate and buildings, machinery, from November — February, in the burley fixtures and furniture, and automobiles. region from December—March, and in the western dark districts from December—April. The In a general way, the financial requirements season was relatively late in 1920-21, but toof the leaf dealer who purchases tobacco on his bacco has moved freely again this year, with own account, are determined by the following the exception of the burley district, where a factors: (1) Purchases—amount and time of new form of marketing is^being tried. This year; (2) expense of "handling" tobacco; (3) concentration of movement means that the shocks of leaf carried; (4) sales of tobacco— dealer purchases his year's requirements during amount and time of year; terms of sale. In the several months listed, and passes the leaf other words, the dealer first needs funds to on during the remainder of the year. Thus pay for leaf when it is delivered to him. He several dealers in the western dark districts later will need additional funds, for preparing state that from 70 to 75 per cent of their purthe tobacco. These requirements will increase chases during the 1920-21 season were made in until he either ceases to receive tobacco, or December—-February, inclusive. The dealer is until his sales exceed his purchases; i. e., until usually required to settle for these purchases at a period of selling succeeds a period of buying. once, but in any event generally at least weekly His need for funds, however, may not in all cases be reduced at once, for he often extends (December, 1921, BULLETIN, p. 1414). He practically therefore pays cash for his tobacco credit to those who buy from him. This at the auctions. Only to the extent that he naturally tends to keep up the amount of funds purchases from other dealers tobacco which they required, and to prevent liquidation of inthemselves had previously bought, is it possible debtedness incurred, the amount previously for him to obtain credit to any considerable represented by inventory then being repreextent other than from banks. sented by receivables. As a result, the funds needed vary to some extent from season to (2) The local dealer who buys on order for season, as well as greatly over a longer period another dealer either may or may not redry of time. the tobacco. If he does not, he merely packs Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 289 it in warehouse or winter order, and ships it to his own account. Tobacco bought on, order his principal. Two general scales of charges may, however, bo carried in stock for some by the local dealer therefore apply. The charge time by the dealer. Fall and winter purfor either operation further varies according to chases may not be shipped out until the folthe grade and type of tobacco. The figure lowing summer. Thus the dealer's statement, given for buying and packing in winter order in addition to the amount he actually owns, ranges from 80 cents to $1.50 per hundred- may include an item for tobacco sold but undeweight, various dealers also quoting $1 or livered. In some statements the item appears $1.25. The figure for buying and redrying is as accounts receivable secured by tobacco generally given as $2 to $2.50, many specifying held for customers, while sometimes the $2.25 also. If strips (the leaf after the stem item ''accounts receivable secured by tohas been pulled out) are to be made, the charge bacco in warehouse7' is shown. Tobacco is is still more, $4 and $5 being quoted by various sometimes shipped abroad to agents or repdealers. The charge may be increased some- resentatives on consignment, the latter then what if the leaf is to be re tied also. maintaining a stock from which deliveries These figures serve to give an indication of can bo made. Some statements list the the general expense of the operation. Where principal foreign accounts separately. Part the dealer himself redries tobacco which he has of the dealer's inventory may be held on bought on his own account, he must pay for joint account, and this may be represented the fuel, labor, and material used. Air drying by a separate item. Supplies, such as fuel naturally does not call for the same expenses, arid hogshead material, are sometimes included but requires the dealer to hold the tobacco in with the leaf inventory, but are sometimes unfinished form for months instead. listed separately. The item is generally so (3) Tobacco owned by the dealer is generally small, however, as to make little material held by him not longer than from 6 to 12 diffe.ro.nce. Tobacco is usually shown at months, although some place the usual figure cash or market value, and this is of special at about 8 to 9 months, and others at 12 importance -in view of the decrease in price months. At times, however, tobacco moves during the last few years. slowly, and may even be held for several years. (4) Sales of tobacco owned by the dealer dis- This occurs very seldom, and involves the play a certain seasonal tendency. This tendency, dealer in the risk of deterioration, besides re- however, varies from one season to another, quiring him to pay carrying charges. The com- sales being effected earlier some years than in mon grades during recent seasons have had a others. On the whole, says one dealer, domestendency to remain in dealers' hands because of tic sales are more regular than foreign sales. the fact that Europe on the whole has not been As already indicated, the dealer endeavors to purchasing freely. The dealer may also have sell his tobacco as soon after the beginning of in his stock sorts of tobacco which the growing the season as possible. In the eastern districts season shows will be short in the next crop, or several dealers report largest sales in the spring may have accumulated a stock at very cheap and early summer. Generally speaking, howprices which he is justified in holding for ad- over, no certainty attaches to the business and vance. In general, however, he aims to sell out sales may vary greatly from month to month. his purchases as far as possible every year before A dealer .may do a large proportion of his busihe commences to buy the new crop. A prom- ness one month and find sales dwindle greatly inent dealer in the new bright belt observes that the following month. This is illustrated by the his stocks are at a maximum on January 1 and following figures for one eastern and one western that he endeavors to liquidate them by July 1. dealer, snowing the percentage of 1921 sales A dealer in the western dark districts states that made in each of the first 11 months of the year. his stocks are heaviest on May 1, and that they The figures are only approximate, as the sum of then decrease until November. Stocks, how- the former equals 105 per cent and the sum of ever, fluctuated very greatly from year to year the latter equals 96 per cent, but they serve to during the war and just after, and comparison give an indication of conditions. of two successive annual statements of the same dealer often shows great change. Extreme instances noted in the case of two western Eastern Western Eastern \ Western dealers when comparing the 1920 and 1921 dealer, dealer. 1921 dealer, dealer. statements were a decrease to less than one- I tenth for one, at the same time that the other January 0. f> July ; 30 February 12. r. August I 3 y showed almost a three fold increase. March. .* : September i 13 8 April ! JO October ; 4 12 Stocks held naturally differ according to May ' .11 November i 5 6 whether the dealer buys largely on order or on June : 92371—22 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 FEDERAL RESERVE BULLETIN. MARCH, 1922. During the last few years the situation has for a specified proportion of the value of the not been one in which price pays a large role, shipments. Bankers' acceptances are also as tobacco, it is said, either moves or will not used to some extent on foreign sales. One do so at any price. This has been accentuated dealer illustrates his situation by stating that by the fact that foreign business has been he buys on order for a foreign customer from adversely affected, due to the exchange December 15 to March, ships in July and situation. August, and is paid October 1. Terms on which tobacco is sold vary con- Receivables outstanding should naturally siderably. Arrangements where one dealer vary somewhat in amount from one season to bu}^s on order for another were indicated in another. They should be heaviest in the late a previous section and need only be recalled spring and summer months and remain at a here. Either a check is sent after invoices high point for some months after sales have have been compared with the shipment of commenced to decline. The time should vary tobacco or else a sight draft is drawn and somewhat from year to year, according to the put through the bank. Statements may, how- readiness with which tobacco is sold. The ever, be rendered and settlement made at reg- seasonal tendency in the case of receivables, ular intervals, such as weekly. A variation is however, may be offset by the variety of terms seen in the case of one large dealer, who pays which are in use, as more cash sales, e. g., may weekly for the green weight of leaf bought, and occur at the time of heaviest sales, and thus later for redrying. serve to hold down the volume of receivables. Where tobacco is bought on order for manu- Several dealers in fact state that very little facturers similar arrangements may prevail. seasonal variation is noticeable in them. Some may pay as the tobacco is shipped, others Taken together, all these factors tend to weekly or monthly as it is bought, still others cause the dealer's financial needs to show a make a deposit, such as 25 per cent, and pay certain seasonal variation. This is reflected in the remainder when shipped, while the rest his bank borrowing. In the eastern districts pay at the close of the season, being charged his borrowings increase from September to interest accordingly. The last named, of course, January, remain at a peak from January to requires the dealer to carry the purchaser and March, and then dimmish until he has cleaned this is often done when dealers sell tobacco they up about July 1. Dealers often make their € own to the smaller manufacturer, although a statements as of June 30, although a considconsiderable proportion of such sales are for erable number use other dates between -then cash. The time granted varies greatly, depend- and October 1. In the western districts the ing upon the needs of the individual case, and seasonal tendency appears several months ranges from 30 days to four and even six months. later, and dealers often make statements as of Both open account, note and trade acceptance January 1. These dates are by no means uniare used, the proportions varying to some versal but merely afford a general indication extent between different dealers. Examina- of the situation. The interrelation of purtion of annual statements of condition shows chases, sales, receivables, and bank borrowing that for larger dealers the open account far is well illustrated by the following figures for overshadows both the note and trade accept- a western dealer. ance. The acceptances used generally run for 30, 60, or 90 days, but it is said that renewals are often requested. Percentage of 1921. ; Terms on foreign sales also vary greatly. Receiv- Ow to ing They depend in large measure not only on the ables.1 banks, i buyer's individual needs but also upon the country to which the sale is made. Both drafts and oj)en accounts are largely used. It 19*0. December., 10 ! is said that for several years it has been cus- 1921. tomary to draw at 60 days' sight, although in January... 35 I 6.5 100 j 64 the 1919-20 season a sight draft was used in- February.. 25 12.5 83 | 82 March 15 ! 7 67 152 stead. Ninety-day drafts are also often used, April 10 93 i 162 and four and six months7 bills are found, while M Ju a n y e 1 5 1 1 1 1 2 7 9 1 1 7 3 1 1 in some cases the foreign dealer may desire July 9 137 126 August 9 129 102 considerable time and pay interest accordingly. September. 8 110 ! 92 October 12 93 52 Clean bills may be drawn on representatives November. 78 28 abroad or documentary bills on the purchasers. December.. 83 ! 28 Where tobacco is consigned to foreign repre- 11921 average^ 100. .. a Scattered.sentatives, agreement may be made to draw Tobacco kept in stock on the average for 9 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 291 D. FINANCING ARRANGEMENTS. several experts to appraise it, which is expensive, or else accept the dealer's word. In the Two principal questions, aside from the sea- latter case, however, the dealer's character sonal variation just indicated, arise in connec- bulks large, as the basis for the advance is in tion with the arrangements which the dealer many respects the same as if the dealer had makes to finance himself—the form of the paper merely given his straight note. Varying perand the location of the financing. Certain centages are given for which a loan is made, standard situations may be distinguished in the such as 60 to 75 per cent of the value or cost, case of these problems. Accordingly, there are according to whether or not the bank employs several types of fairly uniform practice with experts to determine the value. In a time of respect to each problem. falling prices, such as found during the past The banker, it has been said, generally con- several years, the limitations of a cost basis siders the following credit elements in making are apparent. Distinction in the percentage a loan to a dealer: (1) His character; (2) his loaned may also be made between common ability and experience as a tobacco man; (3) and fine grades, as the latter have had a much his tobacco collateral in the shape of warehouse readier market recently. It should also be receipts; (4) his financial worth. In both the noted that where a warehouse receipt is used, burley and western dark districts warehouse each transaction is financed by itself, and the receipts are very generally used by banks as line of credit method is not employed. collateral for loans to dealers, unless the dealer Where export business is done on open happens to be ver}^ strong and entitled to large account, the dealer finances himself in precisely credit upon his financial statement. the same way as for his domestic needs. As Neglecting export business, the usual prac- seen above, notes or drafts may be used, or tice for the larger dealer is to borrow on his banker's acceptances drawn under a letter of straight note. One dealer in the eastern dis- credit opened in his favor. In the former case tricts told the writer that he had always bor- the notes or drafts drawn on the foreign buyer rowed in this way since commencing business may be discounted or taken for collection. In in the eighties, at which time his banker had the latter case the banker's acceptances will be said that no collateral which he could put up negotiated by an American bank. In these would enable him to get the loan more cheaply. cases each individual transaction is handled This emphasizes the personal basis of the separately, and the line of credit system is not accommodation, and the close contact which used. Ninety days is the usual maturity. exists between the dealer and his banker. In Several banks state that some bankers' acfact, the criticism has been made that New ceptances are drawn for dealers or manufac- York banks formerly did not know how to turers against warehouse receipts, but with the finance the business, as they insisted upon majority their use is confined to foreign trade collateral. Only in case such a dealer's regu- finance. lar line of credit is exhausted is collateral With few exceptions, the dealer generally regularly used. While many notes are single does not borrow in the open market. This is name, some are indorsed, e. g., by the stock- usually ascribed to the uncertainty of sales, holders in a closed corporation, or by a cor- and the fact that liquidation by the dealer poration for its subsidiaries. Receivables, can not be expected within any "fixed period, both notes and trade acceptances, are also re- so that he must be carried until he sells his discounted to some extent, at times only when tobacco. He, therefore, prefers to make arthe regular line of credit is exhausted. rangements directly with his banks because of Warehouse receipts are placed third among the greater sense of security which he then has. the credit elements for several reasons. Much Small dealers obtain sufficient funds from their tobacco is stored by the dealer on his own local banks, but the larger dealers in the East premises. This is more convenient for him, as find it necessary to borrow heavily in Richthe tobacco requires rehandling, sampling, etc. mond and New York. Baltimore is also used Furthermore, tobacco grades are not standard- by some dealers. In certain cases there is, of ized, and each buyer who places an order has course, a combination of centers, according to his individual peculiarities as to color of leaf, the dealer's particular requirements, and boretc. The warehouse receipt ordinarily merely rowing in Richmond may be combined with calls for one hogshead of tobacco, without borrowing in several large markets, such as specifying grade or type. The tobacco itself Danville or some of the eastern North Carolina by no means has a ready market at all times,, centers. In the western districts Louisville and may change greatly in value. Where and Cincinnati are naturally the leadingtobacco is pledged, the bank must either have centers. 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292 FEDEKAL RESERVE BULLETIN. MARCH, 1922. E. THE BURLEY TOBACCO GROWERS COOPERA- types and grades established by the associa- TIVE ASSOCIATION.1 tion. These payments amounted to about 40 per cent of the market value of that tobacco. With the past year there has been formed in The expenses for handling and redrying were Kentucky a cooperative association for the limited to 2£ cents per pound. marketing of burley tobacco, modeled on the A number of very large sales have already plan of various associations in California. been made in losse-Jeaf form to the buyers, Growers of at least 75 per cent of the entire principally from the ranks of the four large burley crop have pledged all the tobacco pro- manufacturing companies. Arrangements have duced by them within the next five years. been made with the War Finance Corporation The association is incorporated under an act of at Washington to finance the association on the Kentucky Legislature authorizing the warehouse receipts to the extent of $10,000,000. formation of such associations for marketing From the success that the association has had cooperatively agricultural products. in disposing of part of its tobacco in green The burley section is divided into districts, condition in loose-leaf form on the floors of its and almost all of the burley loose-leaf ware- warehouses, it is highly improbable that it will houses in those districts are consolidated into be required to call upon the War Finance Corwarehouse corporations to receive and ware- poration for the full amount of the $10,000,000 house the crop. These warehouse corporations of permanent financing arranged for, or it may are controlled by the association, but they are not be necessary to call upon it at all. entirely separate corporations and are licensed One of the principal advantages to be deunder the Federal warehousing act. The asso- rived from this method of handling tobacco is ciation has title to the tobacco and may either that the association divides all of the burley sell the tobacco at public or private sale in crop into 12 main types, with various subloose-leaf form, or may have it redried and grades, so that there are in all 52 grades of placed in warehouses to be marketed to the tobacco. The most expert tobacco growers best advantage. have been obtained and all of the leaf deliv- This association is now operating on the 1921 ered to their warehouses will be graded into crop and it is, therefore, the largest single leaf- one or the other of these 52 grades. When tobacco dealer in the entire tobacco trade. placed in hogsheads each hogshead will con- The crop this y-ear was financed in the follow- tain nothing but leaf of that definite grade, ing manner: A meeting of the bankers in the and each warehouse receipt will call for a cerburley district was called at Lexington, Ky. tain definite number of pounds of tobacco all Practically every bank in that district pledged of a certain definite type. the amount it would loan to the Burley To- This is the consummation which bankers bacco Growers Association at that meeting, or have hoped could be attained, but because of soon thereafter. The result was that a revolv- the multiplicity of management of warehouses ing fund of a little more than $5,000,000 was has never before been possible. It is the pledged. The purpose of this revolving fund greatest single advance ever made in the towas to make the first payment to the grower bacco trade and it should place loans on tobacco and to take care of the cost of handling the warehoused under this plan on a basis with any tobacco, either for immediate sale in loose-leaf other properly warehoused commodity. form or for placing it in the warehouse. These lending banks were secured by deed of trust from the Burley Tobacco Growers Association to a trust company in Lexington, by which INDEXES OF TRADE AND PRODUCTION. title to all of the tobacco received by the association at any of its warehouses passed to the A number of indexes of agricultural and intrustee for the benefit of the lending banks dustrial activity have been developed in order pledging the revolving fund. The banks to present past and future trends of business loaned their money against notes of the Burley activity in a more compact and better coordi- Tobacco Growers Association, each of which nated form. The material for this purpose has was registered by the trustee and named as been obtained from the physical volume of one of those secured by the tobacco under the trade section of the BULLETIN. At the present trust agreement. The trustee paid out these time the physical volume of trade section confunds to the growers on a basis of 50 per cent tains over 100 different series of data which of a loan value previously fixed by a com- measure the current activity of business. mittee of expert tobacco men for the various After analyzing this material, it was determined to use only direct measures of domestic iTliis section has been kindly prepared by Mr. N. H. Dosker, vice business, as shown by commodity production president of the National Bank of Kentucky, Louisville, Ky. 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MARCH, 1922. FEDERAL RESERVE BULLETIN. 293 and movement. Accordingly, the following American Government and people, so that its 55 series of data for agricultural or industrial value was very doubtful and that year also was products were selected for use in composites: omitted. This narrowed the period covered by the study to the months from January, 1919, to date. Data. Source. In the selection of a base for relatives the three chief possibilities were the use of a prewar Wheat receipts at 17 interior Compiled from reports of chambers of centers. commerce. base, the use of the postwar years 1919 and 1920 Corn receipts at 17 interior Do. centers. combined, or the use of one of these years alone. Oats receipts at 17 interior cen- Do. The idea of a prewar base was eliminated, ters. Rye receipts at 17 interior cen- Do. because such a base was not available for certers. Barley receipts at 17 interior Do. tain important series and because the years centers. prior to 1914 do not measure accurately the Cotton sight receipts New Orleans Cotton Exchange. Cottonseed receipts U.S. Bureau of the Census. relative importance of certain industries in the C To a b tt a le c c r o e c le e a ip f t s s a l a e t s 59 markets... C U o . m S. p i B le u d r e f a ro u m o f S M ta a te r k r e e t p s. orts. postwar period. On the other hand, it did not Calf receipts at 59 markets Do. seem wise to use 1920 as a base either alone Sheep receipts at 59 markets... Do. Hog receipts at 59 markets Do. or with 1919, as it was marked by a great Orange shipments (California). California Fruit News. depression in certain industries (e. g., wool, silk, Lemon shipments (California). Do. Iron production Iron Age. copper, etc.). The use of the average of the Copper production American Bureau of '.Metal Statistics. Zinc production American Zinc Institute. months of the year 1919 as a base is not ideal, Lead production American Bureau of Metal Statistics. as the period is rather short and is also some- Bituminous coal production... U. S. Geological Survey. Anthracite coal production Do. what distorted. However, it seems probable drudo petroleum production... Do. Wheat Hour production Russell's Commercial News. that the inactivity in the early part of the year Cattle slaughtered U. S. Bureau of Animal Industry. tended to balance the great activity in the Calves slaughtered Do. Sheep slaughtered Do. latter part and make the monthly average Hogs slaughtered : Do. Sugar melted (seven cities) Weekly Statistical Sugar Trade Jour- reasonably normal for the great majority of nal. " industries. In view of all these considerations Cotton consumption— U. S. Bureau of the Census. Wool consumption U. S. Bureau of Markets. it was deemed best for the purpose of this study Silk consumption The Sill. Association of America- Sole leather production. Tanners' Council of the United States to base all the relatives on the average monthly of America. production or distribution of commodities in Douglas fir production West Coast Lumbermen's Association. Yellow pine production ] Southern Pine Association. the year 1919. Cement production j U. S. Geological Survey. Hosin receipts at 3 centers Naval Stores Review and chambers of Having determined the period of time to be commerce. Turpentine receiptsat 3 centers Do. covered and the base to be used in calculating Cotton seed crushLeCd(L U. S. Bureau of the Census. relatives, the original data were further ana- Wood pulp production Federal Trade Commission. Newsprint production Do. lyzed. The commodities were divided into Hook paper production Do. Fine paper production Do. three main groups, according to the nature of Wrapping paper production... Do. the processes employed in their preparation— Paperboard production Do. Gasoline production U. S. Bureau of Mines. agricultural products, extracted minerals, and Kerosene production Do. Fuel oil production— Do. manufactures. The agricultural products are Lubricatnig oil production i Do. those raised on the farms, their production Manufactured tobacco produc- j U. S. Commissioner of Internal Revetion. I nue. isually requires a year, and their supply is Cigarettes (small) production..! Do. Cigars (large) production j Do. ietermined once a year. The extracted min- Steel ingot production American Iron and Steel Instiinlc. erals are natural resources found in restricted Locomotive production Compiled from company reports. Vessels built ' U. S." Bureau of Navigation. areas and are in most cases definitely limited as Beehive coke production •, U. S. Geological Survey. Tin consumption , N. V. Metal Kxehango. to ultimate supply. Manufactures, on the other hand, are directly prepared by human beings It then became necessary to determine the and their available supply may be increased, as number of months to be covered by the study well as diminished, within a short period of and the base period to be used for relatives. ime. It is possible to measure production of It would be desirable to start a comparison minerals and manufactures by monthly periods, of this kind in the years prior to the World but agricultural production can only be meas- War, but this would necessitate the omission ured annually. In so far as agricultural producof a large number of series which were first tion enters into the nation's business activity, collected and published during the period however, its condition is perhaps more accuof participation by the United States in the rately measured by the movement to markets war. As a large proportion of the material than by production. Consequently it was would become unavailable in this way, it did decided to measure activity in mining and not seem wise to carry the study back further manufacturing by actual monthly production, than 1918. On the other hand, the year 1918 but to measure agricultural activity by monthly was distorted by the war activities of the receipts from the farms at primary markets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 .L'lODERAL ."RESERVE BULT,ETIX. MARCH, 1922. As there is a fundamental difference in these than the geometric method of averaging. systems of measurement, as well as in the Furthermore, in the averaging of actual figures factors measured, no attempt was made to of production, which on the whole are quite combine these three main groups of com- inclusive, there seems no justification for minimodities. mizing increases over the base (which would After each commodity series had been con- result from the use of the geometric average). verted into relatives on a base of average The system of weights was next considered. monthly activity in 1919 it seemed advisable As the commodities are measured in varying to summarize the results of the study by units the best system of determining their grouping together all closely related products relative importance seemed to be their value. (e. g., manufactured foods) and finally to Two methods of determining relative value are obtain a combined measure for each of the the use of census statistics of value and the three main groups (e. g. manufactures). Ex- use of market prices. As the census statistics ; periments were made with three methods of for 1919 have not yet been published in final INDEX NUMBERS OF DOMESTIC BUSSMESS 1919 -- 1922 PER PER CENT CENT 140 \ 140 130 / \ 130 120 ll 1 i V\ >\ / r M I l \ \ 120 110 I \ 110 too \ 90 m Ley V \ '•'I \ ..... 100 1 \ Y N 90 0 80 v j V 80 70 V 70 60 60 50 50 40 40 \GRICULTURE 30 FINING 30 MANUFACTURE 20 20 10 10 0 - 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. 1919 1920 1921 1922 combining the series of relatives of certain form and as it might be very difficult to coordimineral products—the unweighted arithmetic nate census classifications of certain products average the weighted arithmetic average, and with other classifications, each series was ; the weighted geometric average. The results weighted by its average price.in the year 1919 obtained by use of the weighted arithmetic (i. e., for each month of the period covered the average and the weighted geometric average production is multiplied by the 1919 average corresponded very closely, while there was price in dollars). A further correction was considerable divergence in the case of the made for each manufactured product by unweighted arithmetic average. The use of multiplying its price by the average percentage the weighted arithmetic average (sometimes added by manufacture in that industry during known as the method of aggregates) was the census years 1909 and 1914, thus eliminatdetermined upon, as the curve thus obtained ing the cost of materials used in manufacture is the steadiest, is very nearly the same as that which are included in the other two groups. obtained by the geometric method, and as its Corrective factors were used also in comcomputation is more readily understand able- bining the commodities into groups in the case Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 295 of the index of agricultural movements. The MINERAL PRODUCTS—Continued. actual receipts of each of the grain crops except c tw or e n e n w t e h re e w to e t i a g l h c te r d o p b p y r o t d h u e c a ti v o e n r a i g n e 1 ra 9 t 1 io 9 b a e n - d Date. ! . T 1T o li t n a - l I i t n u B o m i u - s i -! i | t A c h i n r t a e - - le t P r u o e m - - . Iron. C p o e p r. - Zinc. Lead. amount marketed at reporting centers during !££•!«*• I coal. the ensuing crop year. (A check was made I to make certain that this ratio did not fluctuate 1919. ! greatly from year to year). Corn receipts were May i 94.8; 98.3 j 1.02,4 95.3 82.7 , 86.3 ' June i 94.9 97.1 i 100.7 100.6 83.0 ' 89.3 | not weighted, as hogs and cattle on the farms July ! 106.4 : 111.8 I 108.5 107.7 , 93. 5 consume most of the corn crop which is not August ! 109.6 ! 112.3 I 110.1 107. 6 107.6 100.6 ' September., 111.4 124.2 I 102.0 107.0 9977..66 i 101.2 received at the primary markets, and receipts October....: 119.7 147.3 j 117.6 105.9 73.1 ' 107.2 November .| 78.8 48.9 ! 107.1 105.2 : 93.9 i 109.2 of these animals are included separately in the December.. 100.6 95.9 i 110.1 103.3 ' 103.3 ! 95.9 index. 1920. The three sets of indexes obtained for agricul- January....' 117.7 127.5 ; 103.1 : 107. 3 118.3 113.5 ' 110.5 February..J 104.7 105.2 : 88.6 ! 104.0 116.9 109.4 . 111.7 tural movements, mineral production, and March . 119.9 122.7 i 106.7 , 113. 8 132,4 112.0 i 12? 8 manufacturing are shown in the following A M p ay ril. . . j ; 1 1 0 0 1 8 . . 1 3 1 9 0 9 2 . . 4 1 i j .1 8 .0 1 8 . . 5 1 ! i 1 1. 1 1 3 6 . . 1 0 1 1 0 1 7 7 . . 1 5 1 10 0 7 8 . . 0 1 ! • 1 1 1 1 5 5 . . 5 5 tables, while the comparative movement of the June .' 11.6.2 118.2 ! 111.0 i 1.1.7.4 119.4 108.1 ! 104.3 July .: 11.6.7 117.9 i 112.2 i 121.4 J20.3 102.2 ! 102.3 group indexes arc reproduced in the accom- August— ., 121.9 128.1 ! 109.0 : 124.1 123. 5 108. 4 !108.4 panying chart. September.' 113.2 128. 8 ' 63.1 ! 119.2 122.8 I 97.7 i 92.2 October....' 126.1 136. 6 |109.6 I125.8 129.2 98.0 : 74.4 November. j 121.1 134. 8 ;101.2 ! 123.0 115.1 I 99.3 i 84.8 AGRICULTURAL MOVEMENTS. December.. 121.7 136. 5 |115.0 ! 123.8 106.1 i 89.1 ! 72.4 !... Total Total J ! Janu 19 a 2 ry 1. ! 102.8 105.5 : i 100.8 120. 3 94. 8 j 80.0 I 65.9 i 79.5 Date. a t g u r r i e c . u 1 l - : m a a n l i s - . ! Cotton.l Fruit. ba T c o c - o. M Fe a b r r c u h a ry...1 : 8 8 6 7 . . 8 5 7 80 9 . . 6 8 i i 1 .1 0 0 0 4 . . 8 8 1 1 3 1 0 1 . .2 2 7 62 6 . . 6 0 7 83 1 . . 0 2 ! i 4 40 5 . . 0 2 i 7 7 3 6 . . 4 6 April : 78.7 72.2 i 104.8 127.3 46. 8 47.6 . 42.1 ; 69.0 May : 84.7 87.3 ! 102.0 133.2 : 47.9 22.6 '' 45.9 ! 72.9 1919. June i 83.9 88.7 105.9 128.4 41.8 18.1 : 49.5 ; 74.8 J J A M M F a u e p a a n n b y r r e u i c r l a u h r a y ry 1 7 7 7 7 7 1 0 4 2 4 4 6 . . . . . . 6 6 7 7 3 1 i 1 8 8 8 8 7 22 4 6 9 8 5 . . . . . . 3 4 9 3 5 4 ! i ! : 1 6 6 5 9 5 06 2 8 9 6 8 . . . . . . 7 5 8 9 7 6 : , • 1 5 5 4 5 7 3 9 3 7 3 7 4 . . . . . . 5 7 1 4 0 4 ! : : I • I 1 1 1 1 8 4 2 8 7 5 0 9 0 4 2 1 . . . . . . 6 5 4 4 5 2 ! ; i • N D J S A O u e o e u c l p c t v y g o t e e u e b m m s m e t r b b b e e e r r r . . . . . " , 8 8 9 8 7 8 2 1 6 3 6 2 . . . . . . 0 6 0 9 7 8 : 1 8 7 9 9 9 1 1 4 9 1 0 4 . . . . . . 2 6 9 1 6 5 ' . ' 1 9 9 8 9 9 0 1 6 3 5 7 3 . . . . . . 4 9 3 9 9 1 1 1 1 1 1 1 3 2 1 1 2 3 3 0 6 3 8 0 . . . . . . 3 0 3 2 1 1 6 3 3 3 4 5 3 4 7 8 8 5 . . . . . . 7 4 7 9 5 9 2 2 1 1 1 1 0 9 2 7 9 6 . . . . . . 3 9 6 9 8 5 : i ' i i 3 5 3 5 3 3 6 6 7 3 9 7 . . . . . . 0 6 2 8 4 0 ! , , ' j . . . . . . 8 7 8 7 3 2 3 9 . . . . 0 7 4 5 July 95. 8 i 91.1 128. 9 i 49.4 , 84.1 31.3 August 104. 4 i 86.5 I 171.7 ! 28.3 > 51. 8 53.6 September... 117.7 j 103. 8 155.2 ! 67.8 i 52.6 160. 3 PRODUCTION OF MANUFACTURED GOODS. October 143.9 ! 130.3 j 118.6 j 191.1 76.5 238. 9 November... 136. 8 -: 88. 7 i 235. 9 ! 86.3 128.4 December 126. 3 | 116.' 5 I 83.7 I 202. 5 i 90.1 ! 174.0 i 1920. i January , 111.7 I 108.3 ! 83.3 ! 148.4 72.0 I 171. 4 February ! 83.1 i 76.7 i 71.5 i 97. 5 ! 82. 5 ! 150. 3 March ; 78.9 j 84.9 ! 69.6 ; 72.7 i 125. 2 ( 62.1 April 60.8 73.9 | 49.5 48.4 i 98.6 ! 16.3 1919. May •• 70.5 , 91.5 64.1 I 31.1 , 149.3 8.0 January j 104.7! June ! 69.9 ! 9.1.3 i 68.6 23.2 i 113.6 :. 5.3 February— 89.2' A J S O N D u e u c o e l p t c y g v o t e u e e b m m s m e t b r b b e e e r r r i ! j | | 1 1 1 1 8 2 2 7 0 0 0 o 5 1 0 6 . . . . . . 2 9 2 1 9 5 ! 1 H 9 8 7 8 0 7 9 4 9 7 1 . . . . . . 4 2 2 3 1 8 ; i l : i i 1 1 1 9 8 8 1 3 1 4 4 3 4 0 3 . . . . . . 7 5 3 9 3 8 j \ ' I i 1 1 1 1 2 7 3 5 7 5 1 2 6 9 0 5 . . . . . . 9 6 3 1 2 5 ; : : ! 3 5 4 4 9 8 3 0 9 6 7 1 . . . . . . 6 1 3 3 7 2 ! I I ' i : 1 1 1 6 . 8 9 1 4 8 0 1 6 8 6 4 . . . . . . 6 3 0 3 4 9 A J J A S M M u u e u p a a n l p g r y y r e t i u c e . . l . . h s m . t . . ber..-j 1 1 9 9 9 9 9 0 0 9 7 8 5 5 2 8 . . . . . . . 6 2 6 3 3 7 5 1 i j ! i | ! 1921. ! I October [ 108.41 J F a e n b u r a u r a y ry 1 8 0 1 5 . . 1 0 9 73 6 . . 9 5 6 9 6 7 . . 7 9 1 7 10 7 . . 1 8 9 95 4 . . 6 5 ; . 2 1 9 9 7 5 . . 4 7 N De o c v e e m m b b e e r r . . . . . . 1 ! 1 9 0 9 1 . . 4 1 : ! March 79.4 76.4 77. 5 57. 8 . 137. 4 181.1 April 66.3 74.2 • 60.5 51. 3 175.1 24.1 1920. ! J M u a n y e • : 7 8 3 2 . . 6 2 7 81 7 . . 9 3 , . 9 7 6 1 . . 0 7 6 5 7 7 . . 4 8 • 1 1 3 8 9 3 . . 0 3 • 8 4 . . 9 1 J F a e n b u r a u ry a ry— j H 9 O 9. . 2 o ! ; 1 1 1 1 3 8 . . 9 0 1 1 0 0 3 3 . . 2 2 i j 1 1 0 1 1 5 . . 0 2 1 1 9 1 8 02 .8 .01 10 1 8 5 . . 6 5 9 8 0 1 . .7i 1 8 1 5 3 . . 1 2 1 , 1 9 1 8 4 . . 8 2 July : 93.4 68.1 • 151.9 52. 7 123. 8 : 12.1 March 110.4' 131.2 113.8! 118. lj 108.3 114.9" 94.0! 92.7'. 122.8 A Se u p g t u e s m t ber | 1 1 1 1 6 5 . . 7 3 8 8 5 5 . . 9 4 ' . 1 15 9 1 5 . . 6 5 1 5 1 6 4 . . 0 7 7 8 9 6 . . 9 4 • 5 7 4 9 . . 7 3 A M pr y il 3 10 0 1 1 . . 3 3 1 " 1 1 0 1 4 4 . . 9 7 1 1 1 2 5 1 . . 8 2 ! ! 1 1 2 2 1 1 . . 2 9 H 10 0 5. . 7 9 ", 1 1 . 1 0 1 2 . . 6 9 9 81 0 . . 9 ? j ! 7 88 9 . . 2 3 ! ' . 1 1 0 1 7 .0 . . 7 9 October 130.9 107.0 : 121. 3 195.3 69.9 107.6 June ! 101.8! 1.18.5 104.7 120.9 116.1' 93.5. 95.2! 86.51 113. 5 D N e o c v e e m m b b e e r r ; ; 1 9 0 2 4 . . 6 4 i i 9 82 9 . . 0 2 ; ' 6 7 5 9 . . 3 0 1 13 6 3 3 . . 2 4 : 3 8 4 3. . 6 7 ' 1 6 8 9 8 . . 5 4 J A S u e u l p y g t u e s m t ber... I ! ! 9 9 9 8 3 6 . . . 6 5 3 i ! i 1 1 1 1 1 1 9 1 9 . . . 3 3 5 1 9 9 0 4 8 6 . . . 2 8 5 1 ! ' 1 1 1 1 1 1 8 6 4 . . . 2 2 O 1 1 j 1 1 1 2 2 1 5 4 7 . . . 0 9 7 : : ' 8 8 8 5 3 0 . . . 1 1 8 ! , - 8 7 7 0 3 0 . . . 3 5 7 i ! | 8 8 8 6 4 1 . . . 0 8 6 1 ! | 1 1 9 0 0 9 4 1 . . . 0 7 5 October I 95.9i 119.9 98.7' 116.8! 130.9; 69.6 77.8; 83.2 104.3 1 Combination of 14 independent series. November... i 89. Oj 104.9 83.8, 109.1 128.5! 58.3' 70. II 91.2 91.1 December., .j 78.61 93.0 66.9 97.6 130.3: 50.3. 70.5| 88.0 71.7 MINERAL PRODUCTS. 1921. January ' 84.51 87.6 67.7, 87.8 127.71 72.0 63. oi 88.2 87.8 Total ! Bi- • An- M Fe a b rc ru h. a .' ry—l 7 8 7 7 . . 4 8 ! 6 6 9 2 . . 6 5 7 8 5 9 . . 3 i ! - 7 8 9 4 . . 5 4 1 11 0 3 6 . . 0 8 i ; 9 73 0 . .8 !•• 6 7 2 2. ,8[ 7 8 7 8. . 1 4 1 9 0 4 6 . . 1 1 Date. il ous ^ p<? A M p a r y i l ; , S 84 3 . . 4 1 4 5 8 0 . . 3 3 1 8 0 7 0 . . 5 4 1 : 8 7 1 2 . , 7 4 J j 1 11 1 4 3 . . 7 8 , ' 9 9 1 5 . .0 5' 7 8 5 3 . .2i 8 8 2 4 . . 2 0 9 99 5 . . 3 5 June '' 87.1! 9.9 89.6: 70.2! 110.1. 101.9: 81.1 85.1 106.8 July j 80. l! 31.9 85.3! 65.6! 108.3: 94.51 76.3! 85.5 100.6 August 90.7 45.3 99.7j 75.6' 110.61 103.4= 85.7| 98.5 117.2 J M F a e a n b r u 1 c r 9 h a u 1 r a 9 y r . . y . . . . . ! 1 8 9 1 9 3 1 . . . 1 1 2 ' , : 1 8 8 0 8 8 2 . . . 3 7 7 ' ! j 6 1 7 0 9 0 6 . . 4 . 6 4 9 | 9 1 9 6 . 5 . 6 1 .9 1 1 12 2 1 1 9 5 . . . 2 6 3 j ! 1 1 9 2 0 5 6 4 . . . 0 4 0 . ' N D O Se c o e p t c v o t e e e b m m m er b b b e e e r r r . . . . . . . . .1 ! 9 9 8 8 9 4 1 0 . . . . 6 3 2 o j ! 6 6 5 4 - 6 6 6 1 . . . . 8 0 3 7 1 ! J 9 9 1 1 0 2 2 0 0 3 . . . 9 2 . 1 , ; t ; 9 9 9 7 0 5 4 8 . . . .6 8 8 7 ! ! i j 1 1 1 1 1 1 1 1 . 0 9 9 7 . . . . 2 7 6 l 1 . ; . ! 9 1 1 1 0 9 0 0 4 . 0 5 . 7 . 8 4 . ! 1 5 , 9 9 8 8 6 0 3 0 . . . . 2 9 0 3 1 ; j 9 8 8 9 5 9 9 2 . . . . 2 8 4 8 1 1 1 7 1 0 1 1 6 2 5 . . . . 9 8 8 6 April • 89.9': 84.2 ; 93.7: 93.4 97. 2 . 92.0 ! 1 Combination of 7 independent series. 1 Combination of 34 independent series. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 •FEDERAL RESERVE BULLETIN. MARCH, 1922. A comparison of these three indexes indicates activities, as, for example, the Bank of Taiwan that, although the total volume of agricultural which was formed, to develop the resources of movements was somewhat higher in 1919 than Formosa and the trade with South China and in either 1920 or 1921, the monthly changes in the South Sea Islands, and the Bank of Chosen volume of shipments are due largely to seasonal recently established to expand Japan's trade conditions. The tendency of farmers to hold in Korea (Chosen) and in Manchuria. In additheir crops in the 1920-21 season was clearly tion, a number of the old private banks were shown both by the fact that the peak point incorporated under the general chartering act was one month later and the fact that the of the Imperial Government. Although the volume was much less in the fall of 1920 and two types of banks, special and general chargreater in the spring of 1921 than the year tered, differ as to form of incorporation, their before. Manufacturing activity suffered a operations are practically the same in nature. steady decline from March, 1920, to February, These native organizations soon entered into 1921, and fluctuated in the spring of 1921, active competition with the branches of foreign showing some tendency to recover in the late banks, and in time the former took over the summer. Operations in extractive industries, financing of the greater part of the exports from on the other hand, were maintained at a high Japan, while the latter were able to retain conlevel throughout 1920, but were severely con- trol over the handling of the country's imports. tracted from" February, 1921, to September, This division of the field proved favorable to 1921. Each of these group indexes of business the Japanese banks which accumulated gold indicates an encouraging recovery of activity balances abroad, while foreign banks which in the early fall of 1921, which was not, how- held silver balances in Japan endured heavy ever, maintained during the months of Novem- losses due to the fall in the price of silver. ber and December. With the beginning of the century, the Japanese banks established their own branches in foreign money centers and so were in a position to handle imports to Japan as well as exports. COMMERCIAL CREDIT PRACTICE OF The latest stage in the financing of Japanese JAPANESE BANKS. foreign trade came with the outbreak of the war in 1914. The branches of German banks I. INTRODUCTION—DEVELOPMENT . OF JAPAwere eliminated entirely, and even the British NESE EXCHANGE BANKS. agencies were forced to restrict their credit ac- The following study presents a survey of the tivities. On the other hand, American banks commercial credit practice of Japanese banks, increased in relative importance, and the and should be of interest because of the import- Japanese exchange banks were likewise able ance of Japanese-American trade relations. enormously to augment their business. The From one-fourth to one-third of the total foreign former increased the number of their branches in trade of Japan is conducted with the United Japan, while the latter established new agencies States, which is Japan's best customer. The in the United States, especially in New York, development of the banking system for financ- San Francisco, and Seattle. Because of this ing this trade has passed through a rapid evolu- expanded American and Japanese bank organition. In the early history of Japan's commerce zation and the dislocation of the British money it was financed almost entirely by branches and market, the dollar and yen exchange to a agencies of British, European, and later, Ameri- large extent replaced sterling as a means of can banks. A small part of this trade was settling balances between the United States financed by some of the old private firms of and Japan. Formerly the method of paying Japan which had been engaged for several for exports from Japan was almost entirely centuries both in banking and in merchandising. through London, but in the past few years The next period in the evolution of Japa- direct exchange relations have been established. nese banking was initiated by the founding of This movement has been accelerated by the native exchange banks. They were ordinary growth of an acceptance market in both commercial banks engaged both in domestic Yokohama and New York. The period since and foreign business and operated under either 1914 has also been marked by a change in the a special or general charter. An example of , technique of financing Japanese imports. For the former is the Yokohama Specie Bank which ! years they were financed largely by the authororganized in 1880 was under a special imperial ity to purchase and by trade drafts, but these charter for the purpose of stabilizing the cur- methods have given way to the use of the rency of Japan and for facilitating its foreign letter of credit and bankers' bills. trade. Some of these special chartered insti- Consideration will therefore be given mainly tutions were given definite territories for their to the operation of Japanese letters of credit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN.. 297 This study does not present many varied documents, and the home office obtains reimor new technicalities. Japanese commercial bursement by drawing an interest-bearing draft credit practice is quite uniform because the on the importer. financing of foreign trade has been controlled Because of distance, a Japanese bank in issuby a small number of banks located in Yoko- ing a letter of credit to a foreign seller, say in hama, Tokyo, Kobe, and Osaka. The practice New York, may first send him a cablegram or of these institutions to a large extent has been permit him to effect his negotiation before the modeled after the usage of British and Ameri- arrival of the letter itself. lie is then instructed can banks, and so attention need be given only to note on his draft'' Drawn under letter of credit to those phases which are peculiar to Japanese en route.77 operations. 2. Issuing of letter of credit.—Japanese banks seldom issue their letters of credits to the bene- II. LETTER OF CREDIT. ficiaries directly, but instead notify them either through agents or correspondents. As men- 1. Opening of credit.—A Japanese bank in tioned above, Japanese banks operate a conissuing a letter of credit may base its action siderable number of agencies in the more impormerely on the credit standing of the importer tant commercial centers throughout the world or may require him to deposit some form of col- and elsewhere maintain a network of correlateral. When the Japanese applicant is of un- spondents. When they arc asked to advise a certain credit standing or is not in a position to credit of a Japanese bank, the question of confurnish collateral, he may still be able to obtain firmation naturally arises. The distinction a credit by inducing another party to act as between irrevocable and confirmed credits is his guarantor. The latter binds himself to reim- not sharply drawn by Japanese banks. One burse the bank for all its advances if the opener bank, in answering the question of the Divifails to meet his obligations. This form of sion of Analysis and Research regarding conpersonally indorsed credit, while quite common firmation, states that if requested by a forin Japan and in fact throughout the entire eign bank to notify a Japanese beneficiary of Far East, is not extensively used in the United the opening of an irrevocable credit, it would States or Great Britain. Japanese banks be inclined to add its confirmation unless usually require openers of credits to present instructed to the contrary. Another bank formal applications and also to sign regular clearly differentiates between these two types contracts, which are quite similar in content of credits as evidenced by its answer, which to the forms employed by American banks. reads as follows: "When an American bank A rather peculiar Japanese form is presented issues an irrevocable letter of credit and does below: not request the Japanese bank to confirm the same, it is an irrevocable unconfirmed letter of I/We shall, feel obliged by your forwarding instructions credit; therefore an irrevocable credit is not by cable/letter to your agents in to make payment or payments as follows: always confirmed by the Japanese bank.77 As To M. — a matter of actual practice, American banks Anv sum or sums not exceeding in all say issuing their irrevocable credits in favor of Against a draft; or drafts at — days sight drawn by Japanese exporters generally expect Japanese the said firm-upon the X Bank. Ltd., , for my/our account. banks merely to notify the beneficiaries and Against a shipment or shipments of — — not to add their confirmation. On the other Not later than . the drafts to be accompanied by hand, in the financing of an importation to a full set of shipping documents .relating to the above- Japan, the beneficiary abroad receives a credit mentioned merchandise ordered by me us viz: Invoices from the local agent and not from the home Bills of lading office of the Japanese bank, and so the credit Policies of insurance is either revocable or irrevocable by the agency In consideration of your granting me/us the above request, without involving any act of confirmation. It T /we hereby agree and engage to accept a draft or drafts at usance of days sight drawn on me us by your bank in is therefore essential for American importers reimbursement for the amount so paid by your agents, and and bankers carefully to specify whether credits duly to pay the amount at maturity at exchange ol' should be advised by Japanese banks as conplus interest thereon at the rate of - — per cent per firmed or unconfirmed by them. annum, and also I/we undertake to hold myself/ourselves liable to you as per conditions set forth in the letter of On the subject of cancellation, Japanese guarantee signed by me/us. banks generally hold that they have the right This application calls for an instrument which to rescind a revocable unconfirmed advice at is somewhat different from the ordinary let- any time without the necessity of giving notice ter of credit. It is used only between the of their action to the beneficiary. The revocahome office and its foreign agency, which is in- ble unconfirmed advice of one Japanese bank to structed to pay the beneficiary cash for his the beneficiary contains the statement "We Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 FEDERAL RESERVE BULLETIN. MARCH, 1922. have no authority from our correspondents to Japanese bankers are usually unwilling to confirm this credit. The credit is therefore permit a beneficiary to present documents subject to cancellation with or without notice covering merely a partial and not a complete and the above particulars are for your guidance shipment. On this subject one bank writes: only." Another bank explains its policy as Whon the terms of the letter of credit include the quanfollows: "We have the understanding that the tity of the goods ordered, we do not negotiate drafts accomvalidity of such revocation starts at any time panied by documents which represent partial or separate that we receive such instruction without notice shipments, unless we receive specific authority to this to the beneficiary." The same institution adds effect from the issuing bank. We do, however, negotiate the following comment: "In case of an uncon- them when there is no mention of the quantity in the letter of credit and also when no such stipulation against this firmed revocable credit, i. e., unconfirmed with action by the issuing bank. 'subject to cancellation7 clause, we act only as 5. Negotiation of drafts.—As mentioned above, advising agents and have no right to revoke the Japanese banks issue most of their credits credit unless we receive instructions from the through their agents or correspondents. Upon issuing bank to this effect." notification by an agent, the beneficiary of 3. Transferring of credit.—Japanese banks do such a credit is not usually allowed to sell his not usually permit a beneficiary to transfer drafts to banks at large, but is bound to conhis credit to another party. The right of asfine his negotiation with the advising bank signment is, however, recognized by a few banks only. Accordingly, the Japanese issuing bank which insert in a form drawn especially for this usually gives the notifying bank the following purpose the expression that the credit is availinstruction: "Kindly advise the beneficiary of able b}^ the accreditoe "or to any nominee or the above credit and also of the condition that nominees appointed by him in writing." As this credit shall be valid only when the drafts explained in the FEDERAL RESERVE BULLETIN are negotiated through your bank." Japanese (February, 1921), some banks in the United credits, if notified by agents, may therefore be States make it a practice, at the request of the described as special rather than general. beneficiary of a credit, to issue an ancillary Most Japanese banks do not claim the right instrument in favor of a second party who is of recourse to the beneficiary on drafts which supplying or manufacturing the merchandise. lie has drawn under letters of credit, whether This practice is not followed by Japanese banks revocable or irrevocable. The general policy which, if necessary, prefer to cancel the original of Japanese banks is well stated in one ancredit and to open a new credit. swer, which reads— 4. Presenting of documents.—Japanese banks naturally will accept documents only when they An issuing bank has not the right of recourse to the beneficiary irrespective of "irrevocable" or "revocable," are drawn in conformity with the terms specified unless especially stipulated to that effect in the credit. in the letter of credit. When these conditions If there is no mention in the letter of credit, only the bona are not stipulated, the procedure of handling fide negotiator of the draft, excluding the issuing bank and shipping documents in a general way is gov- the confirming bank, has the right of recourse to the drawer. erned by the same principles of commercial us- 6. Expiration of credit.—Japanese banks age which apply in the United States. Japanese quite naturally refuse to honor documents which bills of lading must conform to an imperial are presented after the date of expiration of statute, which is quite similar in content to the the credit. The question was raised by the Barter Act of the United States. The''received Division of Analysis and Research as to the for shipment" instrument is not regarded as a policy which a bank would follow if the Japanbill of lading in Japan. Some banks will accept ese beneficiary presented before the date of on board bills of lading only, while others follow expiration documents which were unacceptthe rule of compelling beneficiaries to furnish able and Avhich were again presented in cor on board bills of lading unless instructed to rected form after the termination of his credit. accept "received for shipment" bills. This To this question all banks replied that the policy is the inverse of American usage, which beneficiary was not entitled to payment under recognizes the right of an American bank to these conditions. Letters of credit frequently accept a "received for shipment" bill of lading contain an expression calling for "prompt unless advised to the contrary. Japanese shipment." Japanese banks in their answer banks do not discriminate against the offering express a dislike for this statement because of of certificates of insurance under blanket pol- its indefiniteness. They interpret the length icies and do not insist upon the production of of time within which the exporter must make the policies themselves. However, brokers7 shipment under such a credit variously from cover notes are not regarded as satisfactory. one week to ten days. The remaining documents of the commercial 7. Reimbursement of credit.—Reimbursement set are similar in nature to those which are between the notifier and issuer is effected by the used in the United States. former debiting the account of the latter, or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 299 drawing drafts on the latter. The issuing bank In consideration of your granting me/us the above request in turn may obtain cash from the opener who is I/we hereby engage to accept and duly pay the draft or drafts drawn as above said, and guarantee that I/we shall importing the goods or may draw a draft on not cause you any loss or losses in consequence of such him. This bill he has agreed to accept ac- shipment or shipments being delayed or the goods turncording to the terms of his application, which ing out on arrival to be of defective quality, or under any also specifies the rate of interest to be paid. circumstances whatever irrespective of the goods. The bank in turn acknowledges the receipt III. AUTHORITY TO PURCHASE. of the application and signifies its approval in the following form: Transactions in foreign trade may be DEAR SIR: In accordance with your application No. financed by the importer or by his bank either of we shall have the pleasure of instructing our through the letter of credit or the authority branch/agency to negotiate the drafts drawn by to purchase. The general features of this on your good/self/selves if offered before , 19 . instrument have been described in the FEDERAL We reserve to ourselves the option of cancelling at any time if deemed expedient in the interest of the parties RESERVE BULLETIN for August, 1921, pages 926- concerned. 932, and so only the characteristics peculiar to Yours, faithfully. Japanese practice will be described. As ex- For the X Bank, plained above, the letter of credit has to some extent replaced the authority to purchase as an In issuing authorities to purchase the instrument for financing imports to Japan from Japanese bank is careful to relieve itself of all the more advanced commercial nations, such as the commercial risks attendant upon the shipthe United States, Great Britain, and Europe. ping of goods in foreign trade, as indicated in However, the authority to purchase still remains the expressions found in the above forms. an instrument of primary importance for facili- Responsibility is waived especially as to the tating Japanese commerce with other eastern genuineness of the merchandise and the countries, such as China, India, and the Philip- validity of the underlying documents. It may pine Islands. The authority to purchase or let- also be observed that in its acknowledgement ter of instruction, as it is known in Japan, gives the bank reserves for itself the right to cancel rise to a trade bill drawn by the exporter on the the authority at will. Japanese importer, and is purchased by a bank acting upon the instructions of the importer. IV. TRUST RECEIPT. The buyer and seller in the contract of sale determine the form of the authority which In extending its credit on an export or imin most cases is revocable rather than irrev- port transaction a bank is usually covered by ocable. Also the drafts are made with the merchandise which serves as collateral. recourse on the drawer and so the authority However, at some stage in the movement of to purchase is a less desirable instrument than the goods to market, it is often necessary for the letter of credit from the standpoint of the the bank to surrender its control over the exporter. Acting in accordance with the goods or documents and under these condicontract of sale the Japanese importer requests tions it makes use of the trust receipt. (See his bank to authorize the purchase of the ex- FEDERAL RESERVE BULLETIN, January, 1922.) porter 's draft by an agent located near the In Japanese practice this instrument is better latter. The application of the exporter to known as a letter of guarantee, or, following his bank may read as follows: British usage, as a letter of lien. The trust receipt may be used in connection with the No. financing of a foreign trade transaction either .19. by the importer or by the exporter. As men- To the X BANK. tioned above, the former's bank may extend DEAR SIRS: I/we request you to forward instructions by mail/cable to your branch/agency to purchase the credit cither through the authority to purdraft or drafts as follows: chase or the letter of credit. When goods Drawn by . imported under authority to purchase arrive Upon . in Japan the documents may be released to the Against shipment of . importer under a trust receipt which may read At usance of . To be drawn in (payable at the ba-nk:s drawing as follows: rate for demand drafts on ). Not later than . To the MANAGER, THE X BANK, LTD. To the extent of - DEAR SIR: In consideration of your having this day accompanied by a full set of shipping documents, viz: delivered to me/us the following documents, viz: Bills of lading, invoices, and policies of marine insurance Bills of lading (marks and numbers of packages, etc., as relating to the above-mentioned merchandise ordered by on the back hereof) vhich you hold as collateral security me/us, it being understood that you will take the invoice for the due payment of the draft, , amounting to as genuine and reliable evidence, , drawn upon me/us by M. , of , and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

300 FEDERAL RESERVE BULLETIN. MARCH, 1922. accepted by mo/us, I/we hereby undertake to land and. to your inspection at any time, either alone or jointly with store on your behalf the goods covered by the said bills other interested banks, until shipment when bills and shipof lading in godown on lot No'. . holding ping documents shall be completely delivered to you, in them strictly under lien to you, and keep them fully in- compliance with the terms of the above contract. sured on your behalf against fire, to the extent of the I/we further guarantee that the goods held by me/us acceptance, payable, in case of loss, to you with under- under the present agreement shall be fully insured against standing that any expenses incurred on these goods shall loss or damage by lire at ray/our expense until delivered to be borne by me/us and not chargeable to you. the steamship company. The amount insured'must be I/we also hold myself/ourselves responsible for any paid in case of fire direct to your bank. damage or loss caused to the said goods and not covered it is understood that interest shall be charged on the by fire insurance policy, during the time so stored in daily maximum balance of my/our overdraft at a rate to my/our godown. be notified by you from time to time. I/we also engage to hand you the proceeds of portion of Letters of lien are employed by Japanese the goods on delivery before maturity of the bills, and also to return undelivered-goods to you, should you so desire banks in surrendering shipping documents to at any time. importers so as to enable them to enter their goods at the customhouse, and later to store There is no need to reproduce the trust receipt them in warehouses or "godowns" as they are issued in connection with a let-tor of credit, for called in the Far East. As mentioned in the the form is similar in content to those forms study on trust receipts, American banks usuanalyzed in the FEDERAL RESERVE BULLETIN ally insist that the importer place the merfor January, 1922. The burden of furnishing chandise in a warehouse over which he has no credit to a transaction in international comcontrol. However, in this respect Japanese merce may be carried by the exporter or by banks are not so particular, as customers his bank which permits him under Japanese are permitted to store goods in their own wareusage to make an overdraft on the bank —a houses, but the goods must be segregated and practice not general in the United States but available for inspection at any time by the common in Europe. It agrees to honor a debank or its agents. The Japanese bank enmand draft which therefore becomes a check. deavors to protect its interests by insisting The bank is secured by the merchandise which upon a satisfactory insurance coverage. The is kept in a godown. When the exporter is Japanese trust receipt serves mainly as a means ready to make shipment he is given the goof enabling the importer to store goods in godown receipt upon signing an agreement or downs, but is seldom used to permit him to sell letter of lien which reads as follows: the goods. These are released for the purpose And in consideration of your allowing me/us to overdraw of sale only if the importer has a very good my/our account (export account) with you by my/our j credit standing, or if he is able to induce a seccheque or cheques, against the above contract, I/we hereby ond party, either a merchant or a banker, to agree that such cheque or cheques shall be drawn only for act as his guarantor. Japanese banks seldom payment of: merchandise purchased by me/us for shipment as well as for freight, insurance, and other shipping charges surrender goods to the importer on trust reon the said merchandise and that cheques shall be made ceipts for the purpose of manufacture. In genout only in favour of a party to whom actual cash payment is eral, the trust receipt although widely employed due. I/we also hereby agree to convey the ownership of in Japan does not rest on a very firm legal the merchandise to your bank, keeping them in my/our godo.wn separate and distinct from other goods and open basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 301 BUSINESS AND FINANCIAL CONDITIONS ABROAD. amounting to 500,000,000 gold marks, was due GERMAX .REPARATIONS. on January 15. Germany was unable to meet hi the BULLETIN' for November, 1921, an this payment and therefore on December 15 estimate was given of the reparation payments asked a delay in both the January and February made by Germany to the Allies under the terms payments. Her request was considered at the of the Treaty of Versailles between November conference at Cannes, but no decision was 11, 1918, arid October 31, 1921. Since that reached before M. Briand resigned as premier time there have been important developments of France. Just before the conference broke up, which will affect the future handling of the however, the Reparations Commission granted reparations problem. A summary of the pay- Germany a delay on the following conditions: ments which have been made up to November (1) That during the period of delay Germany 30, 1921, is therefore presented preliminary to pay in approved foreign securities 31,000,000 a discussion of recent developments. gold marks every 10 days, the first payment to be made on January 16. PAYMENTS AND DELIVERIES ON REPARATIONS BY GER- MANY—ARMISTICE-NOv. 30, 1921. . (2) That within a fortnight (i. o., by January [Millions of gold marks.] 27) Germany submit to the Reparations Commission a plan for reforms or appropriate guar- May 1 to antees for its budget and paper currency, and i Nov. 30, Period 1921 ' also a program for reparations payments in to May L,! (under : Tola.]. cash and kind during 1922. 1 \92O : schedule' ! ! ofpay- (3) That the period of provisional delay end : ; merits). when the Reparations Commission or the Allied Governments reach a decision regarding C D a e s l h iv eries in kind and transfers of prop- ; I 127 I ! 1,051 1,178 the plan and program presented by the German crty, etc j 4,964 | 282 5,216 Government, the balance of the January 15 Total. o,()91 ] 1,333 G, -12-J payment to become due two weeks thereafter. Five cash payments of 31,000,000 gold 1 Estimates presented in the "November issue of the BULLETIN were approximately 500,0()0.()()0 gold marks lower than this estimate. marks were made between January 16 and March 1, totaling 155,000,000 gold marks, the Between November 30 and December 31, sum referred to above in the estimate of pay- 1921, payments on all accounts amounted to ments since January 1, 1922. 64,000,000 gold marks, while between Janu- This temporary arrangement was made after ary 1 and March 1, 1922, payments in cash Premier Briand had resigned, when it was apamounted to 155,000,000 gold marks. No parent that the scheme for payments during the figures are available showing payments in kind coming year which had been tentatively worked since January 1, but they probably have not out by the Allies at Cannes would not be acexceeded a value of 100,000,000 gold marks. cepted in France. The Cannes scheme for This makes an estimated total of 6,743,000,reparations, as reported by cable to New York, 000 gold marks paid to date on reparations. provided for an annual payment of 720,000,000 The schedule of payments agreed to in Longold marks in cash (in place of the 2,000,000,000 don in May, 1921 (the so-called London agreegold marks provided for in the London agreement), provided for payment of 1,000,000,000 ment) and payments in kind to the amount of gold marks on May 31, 1921, the other 1921 1,750,000,000 gold marks (in place of the 26 payments to be made in goods. The cash payper cent export tax provided for in the London ment was met, as is apparent from the table agreement, which it has been estimated would above, although not completed until August 31. yield about 1,200,000,000 gold marks in 1922). The amounts of the payments in goods were The distribution of the payments in kind benot specified, except that they were to equal 26 tween the Allies was to be as follows: per cent of the value of the total export trade. The first payment in goods was due on or before November 15, 1921, and was equal to 26 per •• (Jold marks. •Per cent of total. cent of the gold value of German exports in the , ! three months ending July 31, 1921. On Feb- France •...! J, 125, 000,000 ! 64.0 ruary 15 payments equal to 26 per cent of theItaly j 240,000,000 ! 14.0 value of trade in July, August, and September Great Britain 100,000,000 6.0 Belgium • 125,000,000 j 7.0 fell due. The first payment was met in full, but Japan ! 7,000.000 i .4 the payment due on Februarjr 15, 1922, was not Other beneficiaries j 153,000,000 j 8.6 completed. The first cash payment in 1922, Total | 1,750,000,000 | 100.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

302 FEDERAL RESERVE BULLETIN. MARCH, 1922. Belgium was to be the main beneficiary of the MAY 1 TO NOV. 30, 1921. 1922 cash payment of 720,000,000 gold marks. She was to receive the whole sum, except i Deliy- 159,000,000 gold marks which was to go to Cash. eriesin Total. G to r t a a n l d . i kind. Great Britain. Of the latter sum Great Britain agreed to lend 139,000,000 gold marks to United States. 58 France, repayment to be made from funds to be Great Britain. 29 i 10 39 470 obtained irom Germany at some later date. France 144 144 1,522 Belgium i 923 : 41 964 1,535 Cash payments after 1922, it was proposed, Italy 46 46 132 Japan. 67 should be applied as interest on the 12,000,000,- Other Powers.. 3o j 35 64 000 gold marks class "A" bonds, the issue of Undistributed. 99 6 10o 2,576 which was provided for in the London agree- Total. 1,051 : 282 I 1,333 6,42 i ment. Interest at 6 per cent on these bonds (5 per cent to the investor and 1 per cent for a 1 Out of the 923,000,000 gold marks in cash assigned to Belgium, 430,000,000 gold marks have been paid over to Great Britain on account sinking fund) would require exactly 720,000,000 of the British claim for cost of occupation up to May 1, .1921. This gold marks a year. distribution is subject to ratification by France. Annual payments of 720,000,000 gold marks The Wiesbaden agreement between France in cash and i,750,000,000 gold marks in goods and Germany, which has been another source (which were the sums reported as determined of difficulty among the Allies, was also under upon at Cannes by the Allies) were considered consideration at Cannes. If the Wiesbaden beyond Germany's ability to pay by representagreement had been carried out in all its atives of the Wirth Government. The latter provisions and the deliveries of goods to the stated that, considered on an annual basis, the amount of 7,000,000,000 gold marks for which limit of Germany's ability was 500,000,000 it provides in the next 4^ years had been spread gold marks in cash and 1,000,000,000 gold evenly over that period, Germany would have marks in goods. delivered to the Allies about 4,000,000,000 gold As is well known, there has been considermarks in gold and goods during the current able controversy among the Allies as to the year instead of the 2,000,000,000 marks in gold division of the reparations already obtained and approximately 1,200,000,000 gold marks from Germany. This applies especially to in goods contemplated by the London agreethe 1,000,000,000 gold marks paid by "Germent. The excess of about 800,000,000, gold many to the Reparations Commission between marks would have consisted entirely of goods, May 1 and September 1, 1921. At Cannes, to be ordered by the French " sinistres " and used France agreed (provisionally, of course) to for reconstruction purposes in the devastated rerenounce all ^claims to any part of this paygions. This excess would not have been credited ment and it, was decided to divide this sum on reparations account until after 1926, when between Great Britain, Belgium, and Italy, deliveries under this agreement were to cease. Great Britain and Belgium to receive the larger Although it was recognized in October, 1921, shares. The British portion was to be used in when the Wiesbaden agreement was concluded, payment of expenses already incurred by the that an increase in payments in goods with a army of occupation. In the case of Belgium corresponding decrease in payments in cash the payment was to cover the sum promised would be desirable, it was felt that Germany her in priority of other claims at the time of the would be unable to make the excess payments Spa agreement. The distribution of payments to France and at the same time meet her made prior to November 30, 1921, has been as obligations to the other allies. Sir John Bradfollows: bury, the British delegate on the Reparations DISTRIBUTION OF REPARATIONS PAYMENTS BETWEEN Commission, in reporting to his government on THE ALLIES. the subject, said: [Millions of gold marks.] If there were reasonable grounds for anticipating that the NOV. 11, 1918, TO MAY 1,1921. obligations under the schedule of payments could be main- Deliy- State tained, and would be discharged, in full, during the whole Cash.eriesin proper-. Total, of the period contemplated by the Wiesbaden agreement, kind. , ty, etc.' the excess deliveries to France being made in addition, it would be not unreasonable to allow to France the full ad- United States.. 58 ' 58 vantage of the acceleration in the payment of her share of F G r r a e n a c t e Britain.. 127 9 3 7 0 6 3 ; , 402 1 1,3 4 7 3 8 1 reparations for which she has been able to arrange. Belgium 571 ! 571 The obligations of the schedule of payments were, how- Italy 86 ever, fixed as recently as May last and they then represented J O a t p h a e n r Powers.. 29 8 ! | 59 6 2 7 9 in the opinion of the Reparations Commission and of the Undistributed. 429 ! 2,042 2,471 allied Governments, the maximum burden which, in the light of the indications available, Germany could be ex- Total. 127 2,460 I 2,504 5,091 pected to be able to bear. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 303 Two weeks after the Cannes Conference, i. e., large scale as was planned at London and on January 27, the German Government re- Wiesbaden. plied to the demand of the Reparations Com- ENGLAND.1 mission for a plan for the reform of German public finances and a program of reparations RECEtPTS FROM REPARATIONS. payments in 1922. Discussion of the financial Of the 1,000,000,000 gold marks which were reforms which were promised may be found on paid to the Reparations Commission between page 311. As regards 1922 reparations pay- May 1 and September 1, 1921, Great Britain ments, the German Government urged that the made claims for 450,000,000 gold marks on cash payment be reduced from 720,000,000 account of the cost of her army of occupation. gold marks and that this be compensated for, France tentatively agreed to the division of if necessary, by increases in payments in kind. this 1,000,000,000 gold marks between Great It was also requested that the method of pay- Britain, Belgium, and Italy last August, when ment be changed from that prescribed under M. Doumer, Minister of Finance at that time, the London agreement to a monthly basis and signed the so-called financial agreement of that the cost of the armies of occupation pay- August 13, but the agreement was never apable in foreign currencies be included in these proved by the Chamber of Deputies or the estimates. As regards payments in kind, the French press. At that time, however, ap- German Government requested that separate proximately 450,000,000 gold marks were estimates be made for each country and that allocated to Great Britain for expenses conthese be limited to goods to be used during the nected with the army of occupation, and the current year. rest was allotted to Belgium and Italy. The On February 21 it was unofficial!}^ reported allocation in the case of Great Britain was that France and Great Britain had agreed made " subject to adjustment of the final to leave the determination of reparations settlement." Since this question was raised for 1922 "or longer" to the Reparations Comagain at Cannes and no definite adjustment mission. According to this report the comreached, the status of it now is apparently the mission "will have the power to lix, withsame as at the time of the August agreement. out consultation with the governments, what- In other words, Great Britain has the funds ever modifications it deems should be made of in prospect but can not meet current expenses the schedule of payments laid down in London with them. last May * * *. Further, it will have to Excluding this sum of about 450,000,000 fix the amount of reparations in kind which gold marks which is held in suspense, Great shall be made under the Wiesbaden agree- Britain had received the following sums in payment." It is definitely stated that the deciment of reparations by November 30, 1921: sion to leave reparations problems to the commission applies only to future payments, not Gold marks. to payments which have already been made, Cash 156, 000,000 distribution of which apparently is to be other- Deliveries in kind 313. 000,000 State property, etc .' L 000,000 wise negotiated. It is reported that a provisional agreement Total 470, 000.000 was made between Germany and representa- The cost of the British army of occupation, tives of the Reparations Commission on Febhowever, between the armistice and April 30, ruary 28, providing for the payment of 1921, amounted to £52,880,470; in other words, 720,000,000 gold marks in cash and 1,450,receipts on all accounts for a period of 36 000,000 gold marks in kind during 1922. These months were several million pounds sterling figures are radically lower than the payments less than the expenditures for occupation durspecified in the London agreement last May, ing 29 months. No estimates are available which were of course very much lower than the for the cost of occupation since April 30, 1921, terms of the Paris ultimatum of January, 1921. nor for receipts from reparations since Novem- The London agreement of May, 1921, prober 30. It is entirely possible, however, that vided for annual cash payments of 2,000,000,receipts on all reparations accounts have not 000 gold marks and payments in goods equal exceeded the cost of the army of occupation. to 26 per cent of the export trade, or about 1,200,000,000 gold marks In the current year. GENOA CONFERENCE. The Wiesbaden agreement provided for additional goods payments to France to the extent These problems connected with reparations of 800,000,000 gold marks annually. The new payments have an intimate relation to the formula of payments is a confession that reparations can not be collected on such a 1 British price, trade, and financial statistics may be found on pp. 325, 330, 332, 375. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 FEDERAL RESERVE BULLETIN. MARCH, 1922. Genoa Conference. France has been deter- of railways, has just been made public. It calls mined that reparations should not be included for economies which will bring about an estiin the agenda of the conference, while the Brit- mated saving of £100,000,000 a year. It is ish view has been that discussion of this ques- recommended that the army be reduced by tion was a necessary preliminary to any pro- 50,000 officers and men, the navy by 35,000, posals for the reconstruction of eastern Europe. and that the army, navy, and air forces be Apparently French views have prevailed on combined as a single ministry. It is stated this point, since the problem of future repara- that the naval estimates for next year could be tions payments has been definitely assigned reduced by £60,000,000 to £81,000,000, exto the Reparations Commission and to that clusive of savings as a result of the naval holiextent removed from the political arena. The day, and that army estimates could be reduced question of Great Britain's share in the distri- by £20,000,000 and the cost of the air service bution of the payments, however, may still be by £5,000,000. Recommendations are also used as a political weapon in connection with made for material reductions in- next year's the conference. She may consider it more to estimates for education, the board of trade, her advantage to obtain the general coopera- and various other civil services. tion of Europe (including that of France) in the reconstruction of trade than to receive her REDUCTION IX BANK OF ENGLAND DISCOUNT full share of whatever reparations payments RATE. are made. Another financial consideration which may be an important factor in connec- On February 16 the official rate of discount tion with the conference is the fact that at the Bank of England was reduced from 5 France owes Great Britain large mms for per cent to 4-J- per cent. This compares with expenditures during the war. a 4 per cent rate at the Federal Reserve Bank of New York and with a 2J per cent rate for Great Britain is not likely, however, to make 3 months' treasury bills in London. Money on any concessions regarding her share of reparadeposit in London banks receives 2\ per cent tions payments which have already been made; interest. The following table shows rates on in other words, it is probable that she will different kinds of paper at the end of each receive her portion of'the 1,000,000,000 gold month since last July: marks payment which was completed last August. The payment or nonpayment of this RATES OF INTEREST. sum may in fact make it possible or impossible for her to balance her 1921-22 budget. Ac- I ; Three | Three Three cording to reports to the end of January, pub- Bank of ; months' ! months' months' lic expenditures during the preceding 10 England, treasury j bank trade . bills. • bills. bills. months had amounted to £846,000,000. Revenue collected during the same period totaled 1921. £784,000,000, leaving a deficit of £62,000,000 End of— Per cent. Per cent. Per cent. Per cent. July that, had been raised by borrowing. As total August September expenditures for the fiscal year had been esti- October mated at £1,040,000,000 and receipts at November £ December ,'ijj 4:i £1,217,000,000, it is apparent that on both 1922. sides of the balance sheet the totals for eight January months are appreciably less than was antici- February pated. This is due, in the main, to the decline in prices which has occurred during the year. The lowering of the bank rate brings it more into touch with outside market rates than has been the case since last spring. However, it is GEDDES REPORT. unlikely, in view of recent bank policy, that Taxation has borne so heavily upon business the change would have been made if there had interests in England during the depression that, not been an improvement in public finances. especially since last summer, there have been Conditions have been improving, however, uninterrupted and concerted protests against so- with the increase in revenue normal at this time called Government extravagance. This agi- of year, and outstanding Treasury bills have tation led to the appointment last summer of been appreciably reduced. At the same time a committee of business men to investigate there has been a steady advance in the value Government expenditures, with a view to the of sterling in terms of dollars, which brought elimination of unnecessary expenses, waste, the quotation at the end of February to $4.42, etc. The report of this committee, which was as compared with an average of $3.97 in Noheaded by Sir Eric Geddes, formerly director vember and $3.68 last August. This rapid Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. l^EDE tAL RESERVE BULLETIN. 305 advance in exchange rates is due in part to The Ministry of Labor estimates that 20 per the trade situation and in part to other factors cent may be taken as the average reduction in operative in the market. On the visible items rates of wages during the year. In certain alone there is a far closer balance between im- industries, such as boot making, no reductions ports and exports than has existed at any were experienced, while in others, notably the time since the war. In 1919 the monthly coal industry, very severe reductions were average value of imports was £136,000,000; of made. Earnings, however, were probably exports and reexports, £80,000,000. In 1920 much more than 20 per cent less in 1921 than in imports had increased to a monthly average of 1920, as there has never been a period of such £161,000,000, but exports had advanced also serious unemployment as the past year. The to a point where they were only £30,000,000 following table shows the percentage of the lower. In the last six months of 1921 imports 12,000,000 people insured under the unemaveraged £86,000,000 and exports and re- ployment insurance act who were out of work exports £65,000,000, a difference of only or working short time at the end of each month £21,000,000 a month, or, on an annual basis, in 1921: £252,000,000. In spite of the shrinkage in freight earnings, etc., this sum is probably UNEMPLOYMENT IN INSURED TRADES. covered by such invisible items as shipping services, interest on investments, etc. The Unom- On shift in the trade balance is in part due to the short time. fact that prices of commodities in England have been definitely on the decline during 1921. recent months in contrast to the relative End of— Per cent. Per cent. ^ January.-. 8 stability of the price level in the United States February.. . 10 6 and many other countries. This fact has en- M Ap a r r i c l h. H 16 10 7 couraged purchases in England by foreigners May 18 11 June.. . 19 8 and vice versa has discouraged imports into Julv Jo 4 Aucust .. U3 3 England from abroad. September... U2 3 October 15 2 November. 16 2 WAGE REDUCTIONS DURING 1921. December 16 3 1 This figure is affected by the unavoidable exclusion of those unem- The January number of the Labour Gazette, ploj-od insured persons who had removed their insurance books from the official publication of the British Ministry the employment exchange after the exhaustion of their right to benefit. of Labor, contains a summary of the reductions FRANCE.1 that were made in 192.1 in the full-time rates of wages of workers in leading British in- „ THE RECOVERABLE BUDGET. dustries. These are tabulated below: Per cent. The amount to be spent by France during Skilled workers in the building trades.1 12-16 the current year for the reconstruction of the Laborers in the building trades 19-23 devastated regions, for pensions, and for the Hewers in coal mining industry (according to interest on loans previously floated for recondistricts) 20-50 Underground laborers, mining industry (according struction purposes has not yet been finally deto districts) , 30-60 termined. Recent cable dispatches state that Workers in blast furnaces 33-46 the Chamber of Deputies has voted to spend Processmen in iron and steel manufacture 33-45 13,500,000,000 francs for these purposes, and Laborers in iron and steel manufacture 30-45 Skilled workers in engineering and shipbuilding that this sum will be met, as far as it is not (time work) 17-18 covered by payments from Germany, by the Laborers in engineering and shipbuilding 20 sale of treasury bonds and of bonds of the Cotton operatives 22 Credit National and of the "Sinistres." The Wood textile operatives 27-29 Workers in textile bleaching, dyeing, printing, Senate has not yet given its approval of this and finishing trades 19-21 figure, however. Engine drivers in transport trades 11-14 To what extent France can depend upon re- Porters 17-18 Dock laborers 112-13 ceipts from Germany during the current year Seamen 10-14 for the payment of pensions and the expenses Hand compositors in printing and bookbinding of reconstruction can not be stated at the prestrades 5 - 6 ent time. On the basis of the figures reported Bookbinders 7J- 9 Cabinet makers, upholsterers, etc 12 -13 as adopted by the Allies at Cannes, France Pottery workers 10 would receive during 1922 goods to the amount Heavy chemical workers 19 -21 1 French price, trade, and financial statistics may be found on pp. i Further reduction already scheduled. 22>55, 331, 333, 376. 92371—22 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 FEDERAL RESERVE BULLETIN. MARCH, 1922. of 1,125,000,000 gold marks, and gold to the duction has been actively urged by the French amount of 139,000,000 gold marks to be loaned public for some weeks past, partly because it to her by England. These two sums would be was contended that the high rate of interest equivalent to about 1,555,000,000 gold francs. was unduly increasing the expenses of the Gov- What that amount would yield in paper francs ernment and partly because of the difficulty will depend upon the course of the French being experienced by French capitalists in price level during the current year. Upon the raising funds for industrial purposes. basis of the French wholesale price index in . Figures recently made public on the amount January, 1922, it would yield about 4,665,- of money invested in securities in France dur- 000,000 paper francs, but upon the basis of ing the last year confirm the statement that current exchange rates on the United States it funds have been diverted from industrial to would yield only about 8,110,000,000 paper Government investments during the past year. francs. In either case it is evident that the This is undoubtedly due in part to the uncersum of 1,555,000,000 gold francs would not go tainty in regard to the return on industrial very far toward meeting the expenditures for stocks as well as to the high rate of interest on reconstruction and pensions proposed for the Government securities. The following table current year. The deficit which already exists sets forth the issues of securities in France in the French account as " recoverable from during 1921 as compiled by the Association Germany/' therefore, continues to increase. Nationale des Porteurs fran^ais de valeurs In the course of the debate on the ordinary mobiiieres: budget last December it was stated that France had already spent 69,000,000,000 francs on re- SECUJUTIES PLACED ON THE FRENCH MARKET IN 1921. construction. During the debate on the "re- [Estimates of the Association nationale des Porteurs frangais de valours coverable budget'7 this figure was explained mobiiieres, in millions of francs.] and enlarged. According to the later report, Securities of the Federal Government, of depart- France has spent in repairing material damages ments and cities 6, G40 45,000,000,000 francs, in repairing damages Bonds of various sorts 4,173 done to persons 29,000,000,000 francs, and in Capital shares 2,359 interest on sums borrowed to meet expendi- 13,171 tures recoverable from Germany under the Railroad bonds 3,100 peace treaty 6,000,000,000 francs, or 80,000,- National defense bills and bonds l 22, 700 000,000 francs in all. Total 38,871 Meanwhile the Credit National is issuing another loan for the benefit of the devastated The average rate of interest on the bonds regions. It is dated February 1 and will bear and bills offered to the public varied from 6.60 interest at 6 per cent on the face value of the to 6.85 per cent. ^ bonds. The 500-franc bonds will be marketed at 482, and will bear 6 per cent interest on TAX RECEIPTS IN 1921. their face value. They will be repaid at three According to the preliminary figures recently different prices, the price varying with the date issued, French tax receipts in 1921 did not go of maturity. The 2-year bonds will be re- as far toward improving the financial situadeemed at par, the 5-year bonds at 507.50 tion of the Government as it had been hoped francs, and the 10-year bonds at 525 francs. that they would. Receipts from indirect taxes This new system is based upon the public pref- and Government monopolies show a deficit of erence for short-term securities. Up to the over l,000,00(),000 francs for the year. This present time the loans floated by the Credit deficit in indirect taxes is largely accounted National have yielded about 10,675,000,000 for by the disappointing yield of customs francs—3,910,000,000 in 1919, 3,825,000,000 in duties and of the tax on total business turn- 1920, and 2,941,000,000 in 1921. over. Receipts from the income taxes brought in only about one-third of the revenue expected INTEREST RATE OX THE NATIONAL DEFENSE from them, and of 10,325,000,000 francs due BILLS. on the war profits tax this year only 7,578,- 000,000 francs were received. In connection In the Journal Officiel of February 26 there apwith the last-named tax it is interesting to note, peared a ministerial decree reducing the interest however, that the return is actually larger than rate on national defense bills and treasury bills that expected by the Government, although it one-half of 1 per cent as of March 12. This action is smaller than the amount owing. Last July, on the part of the Government will reduce the in his report to the Senate on the budget for rate on 1-year bills from 5 to 4£ per cent, on 6 months' bills from 4J to 4 per cent, on 3- 1 Excluding renewals and reimbursements, but including the 2-year months' bills from 4 to 3£ per cent. The rebonds issued in June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 307 1922, M. Doumer, then Finance Minister, It is more satisfactory to deal jvith the stated: "As for exceptional resources, the figures on French trade which are expressed yield in 1922 for the extraordinary tax on in volume than to use the figures in value, war profits is estimated at 2,550,000,000 because of the French system of using official francs as against 4,000,000,000 francs in 1921." valuations in compiling foreign trade statistics. The relatively small yield of the tax on total The total value of the trade is computed by business turnover and on incomes is undoubt- assigning a fixed, value to each commodity edly due in part to the business depression instead of using the values declared by the which has prevailed in France this year, but importers and exporters as is customary in it is attributed by the French press in part this country and in Great Britain. As a rule to the unpopularity of those taxes and the the trade for a given year is valued in the inefficiency of the Finance Ministry in collect- units of the year previous, and later revalued ing them. M. de Lasteyrie, the new Finance according to the prices prevailing in the year Minister under Premier Poincare, is said to to which the figures apply. In 1921, however, have remarked, some time before he assumed 1919 values have been used since the 1920 office: "In France he pays taxes who wishes values were too high to be applicable to the to do so/7 trade of 1921. FRENCH FOREIGN TRADE IN 192 L. FRENCH WHOLESALE PRICES. The decline in French imports which took The index number of the French General place during 1921 has been frequently attrib- Statistical Bureau seems to bear out the uted to the lack of industrial activity in France decision of the customs officials in valuing during the year. It should be pointed out, French trade in 1921 at 1919 prices, as the however, that the total weight of French average index for year 1921 is 345 as comimports was only slightly smaller during 1921 pared with an average of 357 in 1919. There than during the five years before the war. were three different movements in French During the present year the greatest decline wholesale prices in 1921. Prices fell until has taken place in imports of raw materials, June, rose in July, August, and September, which declined from 41,872,000 tons in 1920 and have fallen since that time. The rise in to 32,448,000 tons in 1921, as compared with the summer was small as compared with the an average of 32,855,000 tons in the nva years level at the first of the year, and the February, before the war. As regards exports, the volume 1922, index shows a further decline. of exports in 1921 is actually larger than the volume of exports in 1920, although the value COST OF LIVING IN FRANCE. assigned them is less than in the year previous. In connection with the trend of wholesale The total weight of 1921 exports is 16,000,000 prices in France during the past year, it is intermetric tons, as compared with 12,855,000 metesting to review the figures on tne cost of living ric tons in 1920 and an average of 17,800,000 which have been assembled by the central commetric tons in the five years ending in 1913. mission for studies relating to the cost of living. The low point in the volume of French exports This commission was created by a decree of in 1921 occurred in August, and in the last four February 19, 1920, at a time when both living months of the year a distinct improvement costs and wholesale prices were still rising raptook place. Tho following table gives the volidly. The central commission has assembled ume of French trade in 1921 as compared with the work of 20 regional, 26 departmental, and the trade in 1920: several local commissions. The figures collected show in most cases the relation between FRENCH FOREIGN TRADE. the cost of living in various French cities in 1920 [In thousands of metric tons.l and 1921 with living costs in 1913, although in the case of the reports from Nancy, Limoges, 1920 1921 and Quimper, costs in the year 1919 are used as IMPORTS. a base. The figures show that the peak of liv- Food 6.19o 4,066 ing costs was reached in the summer and fall of Raw materials 41 872 32 449 1920. From November and December of that Manufactured articles 2,465 1.459 year until the spring of 1921 the decline was Total 50,532 37,974 general. Figures for the third quarter of 1921 EXPORTS. indicate an increase in costs in several regions, R Fo a o w d materials 9 1 7 2 0 5 9 8 12 1 S 2 5 2 8 7 although the general trend was still downward Manufactured articles 1,865 1,891 at that time. The most important increases Parcels post 23 25 occurred in Clermont-Ferrand (a city in the Total 12,855 16,001 south-central coal district of France), where the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 FEDERAL RESERVE BULLETIN. MARCH, 102:2. index rose from 286 in June to 319 in September, At no time, however, did the Governments 1921; in Lyon, where the index increased from that have succeeded one another in Italy since 247 on August 1 to 251 on October 1; in St. the armistice entertain or encourage any expec- Etienne, where living costs rose from 325 in tation of considerable revenues from reparations June to 350 in October; and in Marseille, where payments or attempt to base their financial an increase from 310 in July to 322 in October policies upon such revenues. was registered. All the cities mentioned use At the Spa Conference, Italy's share of Ger- 1914 as 100 in computing their indexes. It will man reparations was fixed at 10 per cent. At be observed from the figures cited that there is the same time she was allowed 25 per cent of very little uniformity observed in the dates for the eventual reparations payments of Austria, which the regional indexes are compiled. It is .Hungary, and Bulgaria. The Paris Interpossible, however, to compare the different Allied Conference of last August fixed the indexes in general. The highest total figure reparations due from Austria and Hungary at reported is for lievin, a city in the northeast of a minimum of 6,000,000,000 gold marks, and France, where the total index rose to 472 on those due from Bulgaria at a minimum of October 1, 1920. Indexes of over 400 as com- 2,250,000,000 gold francs. The Paris Conference pared with 100 in 1914 were common in 1920, also adopted the principle that the settlement however. They occurred in 16 out of the 37 of Italy's claims should not be delayed until cases where figures for 1920 are presented. In the time when the economic rehabilitation of the 21 cases remaining the peak figures for 1920 Austria, Hungary, and Bulgaria made payvary from 300 to 400. In most cities the index ment on their part possible. It was accordfor rent is lower than the other group indexes ingly decided that the reparations due from because of Government regulation of rents. these countries should be advanced by Ger- In some cities, however, there is no indication many as part of her total reparations liability of such regulation. In Arras the rent index of 132,000,000,000 gold marks, in the shape of stood at 350 in 1920, in Mines de Brassac it group C bonds. This decision was confirmed stood at 300 in that year, while in Clermont- at the Cannes Conference last January, follow- Ferrand in January and June, 1921, it regis- ing its ratification by France. tered 464, rising to 500 in September. Italy's share of German reparations in kind The following table gives the indexes com- to be paid during the year 1922 was tentatively piled for Paris: fixed by the Cannes Conference at 240,000,000 gold marks. Furthermore, the Cannes Con- COST OF LIVING INDEX FOR A PARIS WORKING MAN'S ference granted to Italy the following ad- FAMILY OF FOUR PERSONS. vantages : [Expenses in 1914=100.] (1) The value of reparations in kind de- Heat livered to Italy up to December 31, 1921, shall Date. Food. li a g n h d t. Rent, be charged to the account of reparations pay- ! j ments due to Italy in 1923 and subsequent 1919, first half 260 164 I years, instead of being remitted to Belgium by 1920: 306 200 100 right of priority. First quarter 344 296 100 (2) The amount of 175,000,000 paper lire, Second quarter.. 358 349 100 Third quarter... 389 349 100 (or 31,000,000 gold marks) of the first billion Fourth quarter . 1921: 350 319 100 gold marks paid by Germany, which was de- First quarter 323 ' 308 110 posited at the Banca d'ltalia to be later re- Second quarter.. 310 307 121 Third quarter... 310 307 133 mitted to the Allies under their priority rights, Fourth quarter. shall be definitely allocated to Italy. ITALY.1 The last-named amount, payment of which has not been ratified by France, seems to be the REPARATIONS. only cash payment thus far received by Italy Italy's reparation claims were defined as fol- on reparations account. By June 30, 1921, lows in the statement of the Reparations Com- the following deliveries in kind were effected mission of February 12, 1921: by Germany: In 1919, 33,140 tons of coal. In Reparations of damages to property and 1920, 987,000 tons of coal; 3,728 quintals of other compensation of civilians and aniline dyes; 2,569 quintals of other dyeing returned war prisoners lire. - 33, 086, 836, 000 and tanning materials. January-June, 1921, Pensions and separation allowances.franc. 37, 926,130,395 1,089,755 tons of coal; 11,293 quintals of Shipping losses £128, 000, 000 aniline dyes; 4,947 quintals of other dyeing 1 Italian price, trade, and financial statistics may be found on p. 325, and tanning materials. 330, 331, 376. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 309 PRICE MOVEMENT IN ITALY. 1921, end of— January 94. 23 The upward movement of wholesale price: February 98. 43 of commodities, which began last Jul}r, con- March. .* 91. 82 April 90. 51 tinued until October. In that month the May 85. 84 Bachi index number for all commodities wai June 80. 76 nearly 18 per cent above that of June, 1921 July 78.71 August 82. 87 whicli was the lowest of the year. While the September 87.04 index numbers for the several groups of com- October 91. 07 modities have fluctuated up and down since • November 83. 99 last October, the general index number has December 80.13 been practically stationary, with a tendency The downward movement of stock prices beto decrease. At the end of December, 1921, tween February and July was succeeded in the it stood at 95 (the average monthly prices in following three months by an advance in quota- 1920 being taken as 100), which was more than tions; the index for October being 12 points 11 per cent below the index for November, above that for July. The November and De- 1920, when the highest level of prices since the cember index numbers show a new sharp decline. armistice was reached. In December, 1921, The effect of the industrial depression is seen in prices of vegetable foods and of sundry vegethe fact that the index at the end of 1920 was table products and those of animal foods were higher than that of any month in 1921. If higher than the average monthly prices of prices on December 31, 1918, are taken as 100, 1920. Prices of all other groups of commodithe highest monthly index number in 1921 is ties were lower than the 1920 average. 78.42, and the lowest 62.71, as compared with Retail prices of food, as shown by the index 106.42 and 73.24, respectively, in 1920. The numbers of the Italian Ministry of Labor, variation of foreign exchange rates has been reached their highest level in April, 1921, the probably the most important single factor index number for that month being 564-, with affecting the general stock market situation. the average monthly prices of 1913 taken as a The advance of quotations from August to basis of 100. Prices decreased in the following October, in particular, is largely accounted for three months, the index for July being 501, by speculative buying at the time of the fall but a new increase began in August, and in in the value of the lira. Another factor that September the price level was higher than at the affected the market as a whole was the changing beginning of the year. outlook in regard to the enforcement of the The monthly index numbers of retail prices law of September. 1920, regarding the comof food in 1920 and in the first nine months pulsory registration of bearer securities. The of 1921 are shown in the following table: ecree making that law effective as regards securities of private corporations was pub- MONTHLY INDEX NUMBERS OF RETAIL PRICES OF FOOD. lished in June. This fact accounts to a great [Monthly average in 1913=100.| extent for the low quotations at the end of June and July. The suspension of that decree in Aiig- 1920 1921 ust was immediately reflected on the financial markets, especially as it gave grounds for the be- January • 384 542 February j 393 540 lief that a repeal or a general revision of the March i 401 556 compulsory registration law was impending. April I 416 564 May j 435 544 The following table shows the Bachi monthly June i 445 509 July ! 452 501 index numbers of the quotations of some of the August ; 464 534 September ISO 542 most important groups of shares at the end of October I 507 each month from June to November, 1921, November i 533 December | 543 i their respective quotations on December 31. 1920, being taken as a basis of 100: The movement of stock prices in 1921 nearly paralleled that of commodity prices. The fol- i June. S July. Aug. j Sept. j Oct. Nov. lowing table, showing the index numbers com- Banks j 90.98 91.04 92.65 94.73 98.09 94.73 puted by Prof. Bachi for the monthly settle- Merchant marine 60.03 58.48 53.91 67.89 67.30 65.29 Cotton i 68.21 76.70 87.60 96.64 99.54 93.92 ment quotations of dividend-bearing shares of Wool i 96.08 94.87 103.00 i106.29 115.68 115.45 125 corporations, with an aggregate capital of Si - l i k n en and hemp ; '• I 5 5 4 9 . . 2 5 4 6 6 62 6 . . 7 4 1 7 7 7 9 8 . . 6 7 6 7 !8 8 9 9 . . 6 8 8 0 9 9 2 6 . . 9 2 2 0 1 8 0 8 0 . . 6 0 7 0 6,382,000,000 lire at the end of 1920, contains Mining • 60.87 61.33 71.85 j 80.27 82.76 73.11 Iron and steel ; 48.73 47.91 53.50 i52.30 50.78 39.10 the end-of-month figures for 1921. Quota- Machine industry...; 98.43 80.00 85.72 I 95.84 107.05 77.53 tions on December 31, 1920, are considered A El u e t c o t m ric o b t i r l a e d s es......: • 9 6 6 4 . . 2 0 9 2 9 61 6 . . 8 4 2 8 9 6 9 4 . . 1 0 2 2 : ! 1 6 0 5 1. . 6 0 5 6 1 7 0 7 3 . . 2 1 8 8 9 78 8 . . 1 4 0 3 as 100: Chemicals : 75.58 72.77 73.32 !74.79 80.26 74.26 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 FEDERAL RESERVE BULLETIN. MARCH, 1922. These figures show, among other things, that (45 per cent in the original proposal) be rethe shares of the several textile groups stood funded to the creditors in cash within a year, higher at the end of November than during the while another portion (originally set at 5 per summer months, thus reflecting the recovery cent) is to be remitted to them in the form of of those industries. The same is true to a stock of the new credit institution and the recertain extent as regards the automobile in- mainder in registered bonds gradually redeemdustry. On the other hand, the shares of the able as the realization of the assets of the Banca iron and steel industry and those of the machine di Sconto proceeds. Discussions which are industry fell at the end of November to ^ the now under way between the receivers and the lowest level since the armistice, the November Government on the one hand and the repreindex numbers being 18.55 and 42.73, respec- sentatives of the bank's creditors on the other tively, if quotations on December 31, 1918, are relate chieffy to the amount to be refunded in taken as a basis of 100. This is explained by cash to the latter. Another important questhe critical situation of the Ansaldo group and tion under discussion is whether the assets and by the failure to agree upon a settlement of the liabilities of the old bank and its liquidation liabilities of the Ilva Society. shall be taken over by the new institution or whether the liquidation shall be carried on THE BANCA DI SCONTO CRISIS. under the auspices of a separate body especially created for this purpose. Finally, it remains Trading on the stock exchange has been to be decided whether and to what extent cash inactive since the end of December, when a pa}7ments to creditors shall be guaranteed by government decree limited transactions to cash the banks of issue. operations, in order to prevent speculation on the fall of Banca di Sconto shares. The crisis BANKING SITUATION IN 1921. of the Banca di Sconto also caused the postponement of the December monthly stock The principal assets and liabilities of the exchange settlement until January 4. A large four leading private banks (Banca Commcrnumber of shares of the bank, estimated at ciale Italiana, Banca Italiana di Sconto, Credito 60,000, had been sold for the December and Italiano, and Banco di Roma) on October 31, January settlements, the sales having been ef- 1921, as compared with December 31, 1920, fected at or near par (500 lire). The principal are shown, in millions of lire, in the following buyer was the Banca di Sconto, acting through table: a subsidiary company, the Banca Italo Caucasica, as under the Italian law a corporation is not permitted to deal on the exchange in its Dec. 31, Oct. 31, 1920. 1921. own securities. The commission of receivers of the Banca di Sconto appointed by the court Discounts ' : 9,034 9,87(5 under the moratorium decree refused the bank Loans ! 1,504 1,287 Due from correspondents j 5,950 5,822 permission to continue the payments required Deposits ! 3,229 3,527 lor these operations. A consortium of stock Due to correspondents • 12,581 13,495 exchange brokers was formed, which succeeded, after many difficulties, in completing the De- Deposits and correspondents' credit balances cember settlement on January 11. The trans- combined increased in all banks, with the exactions in Banca di Sconto shares for the De- ception of the Banca di Sconto, which showed, cember settlement were settled with the sellers, on the contrary, for the two items combined, who assumed a part of the loss, and transactions a decrease of over 11 per cent (from 4,509,for the January settlement were canceled. 000,000 lire to 3,956,000,000 lire). This clearly While the value of the assets of the Banca indicates a curtailment of the activities of the di Sconto has not been definitely ascertained Banca di Sconto since the beginning of the as yet, the deficit, after allowing for deprecia- year. Outstanding loans of the four banks tion, has been estimated at 1,265,000,000 lire combined decreased nearly 18 per cent. This in a preliminary statement of the receivers. decrease, which occurred in all banks except It has also been estimated that not more than the Banco di Roma, reflects the curtailment 1,500,000,000 lire of its assets are realizable of stock exchange transactions. An effect of within one year. Its liabilities, on the other the business depression may also be seen in the hand, are in excess of 4,000,000,000 lire. decrease in balances due from correspondents, Accordingly, the several tentative plans for the which likewise applied to all banks, with the liquidation of the old bank and the creation of exception of the Banco di Roma. Discounted a new credit institution in its place, which have bills held by the Banca di Sconto decreased been submitted by the receivers, provide that from 2,456,000,000 lire to 1,970,000,000 lire, or only a certain portion of the bank's liabilities nearly 20 per cent, The coinbixied. discounts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 311 of the three other banks increased more than to 10,300,000,000 lire, or 14 per cent more than 20 per cent. In this connection it should be that at the end of 1920. observed that discounts, as indicated in the A comparison of the statements of the bank statements, include Treasury bills held Banca d'ltalia of December 20 and December by the several banks. Short-terra Treasury 31, 1921, shows the effect upon the general bills in circulation increased between December banking situation of the crisis caused by the 31, 1920, and October 31, 1921, from 12,545,- collapse of the Banca di Sconto. During 000,000 lire to 22,997,000,000 lire, or over those 10 days the note circulation of that bank 10,000,000,000 lire. It is true that these bills, increased by 1,574,000,000 lire, 1,539,000,000 which are issued in small denominations and lire for the amount being due to an expansion are specifically exempted from compulsory of commercial circulation. Discounts increased registration, are a preferred form of invest- 538,000,000 lire, loans 1,698,000,000 lire, and ment, even by small investors, and circulate demand liabilities (drafts payable at sight) widely. There is no doubt, however, that a 735,000,000 lire, while deposits decreased large proportion of the issues was taken by the 174,000,000 lire. leading banks. The increase of 1,328,000,000 A decree was issued on November 12, 1921, lire in the portfolios of the three banks does designed to facilitate the expansion of banknot therefore necessarily mean a considerable note circulation for the needs of trade. Under expansion of purely commercial credit, but the terms of the general banking law, the may, on the contrary, coincide with an actual commercial circulation in excess of a certain contraction in the amount of commercial bills amount (fixed during the war at 1,320,000,000 discounted. lire for the Banca dltalia, 400,000,000 lire for Domestic bills discounted by the three the Banco di Napoli, and 96,000,000 lire for banks of issue likewise include, in addition the Banco di Sicilia) is subject to a tax ranging to commercial bills, rcdiscounted Treasury from one-fourth of the official discount rate to bills and also bills directly purchased by the the full amount of that rate. The new decree banks of issue. The aggregate amount of provides that one-third of the amount of this discounts at the three banks of issue remained tax collected during the period from July 1, practically stationary during the period under 1921, to December 31, 1923, shall be converted consideration (4,256,000,000 lire on Decem- into short-term Treasury bills and shall conber 31, 1920, and 4,226,000,000 lire on October stitute a special fund. If at the end of that 31, 1921). The official discount rate has been period the average annual profits of any of maintained at 6 per cent since May, 1920. the banks of issue for the three years 1921 to Outstanding loans of the banks of issue in- 1923 shall appear to be below 5 per cent of its creased from 2,818,000,000 lire to 3,590,000,000 capital, the difference shall be paid to such lire, or 25 per cent. Deposits and demand banks from the fund thus formed, the balance liabilities decreased from 2,563,000,000 lire to of the fund being definitely remitted to the 2,243,000,000 lire. Treasury. Bank-note circulation on December 31, 1921, GERMANY. amounted to 18,800,000,000 lire, as compared with 19,700,000,000 lire on December 31, 1920, THE GERMAN NOTE TO THE REPARATIONS a decrease of 900,000,000 lire, or about 4.5 per COMMISSION. cent. This decrease was due to the redemption The note addressed to the Reparations Comof notes advanced to the Treasury. The note mission by the German Chancellor on January circulation on that account, which amounted 27 is of such importance that it seems worth to 10,743,000,000 lire at the end of 1920, while to summarize it briefly, as follows: decreased steadily in 1921 until August, and, in spite of a slight increase in subsequent The German Government is resolved to complete the months, amounted to only about 8,500,000,000 reform of its finances and to balance its budget during the current year. A bill at present before the Reichstag pro- Lire on December 31. Commercial circulation, poses new taxes on wealth, on increases in wealth, on on the contrary, increased from about transfers of capital and on corporations, a tax of 2 per cent 9,000,000,000 lire" on December 31, 1920, to on total business turnover, and increases in the coal tax, about 9,800,000,000 lire at the end of Septem- in customs duties, and in certain consumption taxes. ber, 1921, and rapidly decreased in the follow- Government receipts for the fiscal year will be considerably increased by these measures and at the same time ing months, so that on December 20 it was Government expenditures are to be greatly reduced. practically the same as at the beginning of Subsidies to reduce the cost of living, which last year the year. After that date, however, the crisis caused the expenditure by the State of 22,500.000,000 of the Banca di Sconto led to a new expansion, paper marks, are to be curtailed so that they will require only 1,000,000,000 paper marks during 1922, unless there is and on December 31, 1921, the commercial a new depreciation of the mark. Reforms proposed for the circulation of the three banks of issue amounted railway and postal services will make it possible, beginning Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 FEDERAL RESERVE BULLETIN. MARCH, 1922. April 1, 1922, to balance ordinary expenses by ordinary Allies to fix a much lower figure as regards the payments in receipts. Their extraordinary expenses will be met by cash required from Germany, and, if need be, in return to loans. The Government's ordinary budget for 1922 will increase the volume of payments in kind". balance and leave a surplus of 16,500,000,000 paper marks In whatever way the reparations payments for the year to be used to cover expenses accruing under the Peace 1922 are fixed, the German Government proposes the Treaty. Against ordinary expenditures of 86,700,000,000 following program for their execution: marks there will be 103,200,000,000 marks from ordinary (a) That payments in specie as well as payments In receipts. kind already made or ta be made on the installments due During the course of the year 1922 the German Govern- January 15 and February 15, 1922, should be deducted ment will endeavor to float an internal loan. It will be from the sums fixed. That payments in specie yet to be possible to do so successfully, however, only after con- made should be divided evenly between the months of fidence is reestablished in the economic and financial re- 1922. construction of Germany, and people are convinced that (b) That expenses necessary for the armies of occupation the provisions of the treaty of Versailles will not affect the payable in foreign money shall be deducted from the total payment of interest on a consolidated Federal loan. of the payments for the year 1922. The contribution to th e Quite apart from the voluntary loan, the German Gov- expenses of the army of occupation to be paid in paper ernment will issue a forced loan, the proceeds of which marks should be sensibly reduced. will be used to check the increase of the floating debt. (c) That the other financial obligations covered by the The German Government is resolved to resort to this peace treaty which have to be met by payments of foreign extreme measure, a measure which could not be repeated, money, particularly the charges resulting from the operafor the purpose of financing reparation payments at least tions of verification and clearing should be reduced by for 1922, as far as possible without printing notes. special agreements so as to be bearable. The Government has submitted for the approval of the As regards payments in kind, Germany renews the Reichstag the draft of a law which will have the effect expression of her eagerness to cooperate with all her of withdrawing the privilege which the Chancellor at ability and to serve in every possible way the work of present legally enjoys of interfering in the affairs of the reconstructing the devastated regions. Reichsbank. This law will have the effect of establishing the autonomy of the Reichsbank. The program outlined in the Chancellor's As regards a program for reparations payments in 1922, note has not yet been enacted by the Reichstag, the Chancellor admits that the proposed increases in partly because of political difficulties which receipts and reductions in expenditures will not provide arose in connection with the strike of the Gerfor a satisfactory financing of reparations payments during the current year. Only "fiduciary money is received by man railway employees. A more fundamental the treasury, and it is impossible to affect the payments cause for the delay is the difficulty in deciding in gold mar'-rs on reparations account by means of it, upon a basis on which the forced loan is to be given the present depreciation of the mark. This deprelevied. Certain parties in the Reichstag wish ciation has been caused, despite the greatest eSorts on the part of the German Government, by the impossibility of to use the assessments of 1919 which were affecting the total reparations payments in the time given. made in connection with the Erzberger tax The principal factors which make it impossible are as plan. Others object on the ground that the follows: With the exception of coal, Germany possesses few raw materials. There has been a sensible decline in inflation which has taken place in the last two general production, especially in agricultural production. years renders these figures invalid for taxation Necessary imports of raw materials and of foods amount to purposes. It is generally recognized, however, 5,000,000^,000 marks a year. The total value of German that a delay long enough for a new assessment exports, which in 1913 amounted to about 10,000,000,000 gold marks, has fallen to 4,000,000,000 gold marks. Taking to be made would be undesirable. into account the universal rise in prices all over the world, this is equivalent to saying that German exports at present THE 1922 BUDGET. only represents a quarter of exports before the war. The unfavorable balance in German foreign trade now amounts On January 30 the Finance Minister preto about 2,000,000,000 gold marks. sented to the" Reichstag a draft of the budget In these circumstances every large payment in foreign bills brings about a new depression of the mark quotation for the fiscal year 1922, an outline of which and at the same time results in a depreciation of all internal had already been sent to the Reparations receipts, increases all expenses, adds to inflation, and Commission. The chief items in the new weakens more and more Germany's ability to make budget are as follows: reparations payments. Viewing the reparations problem from the economic angle one is obliged to see that Germany ought to be relieved for a relatively long period, at least 1)IIAFT OF THE GERMAN BUDGET FOR 1922. for the entire year 1922, from the necessity of making any payments in cash. The German Government at the same [In marks.] I. General expenses: time does not refuse to recognize that given the actual (a) Ordinary budgetstate of affairs, it is necessary, for political reasons, to Receipts 103/208,856,000 ignore important considerations affecting the economic Expenditures— Ordinary expenses 83,657,942,000 and fiscal situation in Germany. Nonrecurring expenses 3,050,914,000 The German Government is not unaware of the fact 86,708,856,000 that on the side of the Allies the following figures were Surplus available for the considered at Cannes for German payments for reparations carrying out of the pusposes in the course of the year 1922: 720,000,000 gold peace treaty 16,500,000,000 marks to be paid in cash; 1,450,000,000 gold marks to be (b) Extraordinary budget- Receipts— paid in kind. The German Government estimates that Sundry receipts 1,849,656,000 even after the reform of its internal finances it could pro- Receipts from loans 3,095,462,000 cure funds to meet such payments only by increasing the 4,945,118,000 floating debt, and it therefore is forced to request the Expenditures 4,945,118,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 313 II. Government monopolies: table from the Frankfurter Zeitung gives the (a) Ordinary budget— (1) Federal post and telegraph fluctuations of Government prices for gold since service- June, 1921: Receipts 16,247,351,000 Expenditures- Ordinary expenditures 15,926,532,000 GERMAN GOVERNMENT PRICE TOR GOLD. Nonrecurring expenditures 320,819,000 (Paper marks paid through the Reichsbank for a 20-mark gold piece.) 16,247,351,000 1921: !1921: (2) Fede R r e al c e p i r p i t n s t ing office— 499,150,000 June 1-11 260 I Oct. 17-23 540 - Expenditures 499,150,000 June 12-25 280 I Oct. 24-Nov. 6.... 600 (3) Federal railways— June 26-July 3 300 ! Nov. 7-13 720 Receipts 71,998,628,000 July 4-10 310 | Nov. 14-Dec. 4.... 850 Expenditures 71,998,628,000 (b) Extraordinary budget— July 11-31 320 Dec. 5-31 720 (1) Federal post and telegraph Aug. 1-Sept. 11.... 340 1922: " se R rv ec ic ei e p - ts— Sept. 12-18 390 Jan. 1-22. 720 Sundry 78,000,000 Sept. 19-Oct. 2.... 450 Jan. 23-29 780 Receipts from loans. 2,456,460,000 Oct. 3-16 480 2,534,460,000 Expenditures 2,534,460,000 It is obvious that a more fundamental re- (2) Federal railways— form than the mere separation of the Reichs- Receipts- Sundry 6,500,000 bank from the interference of the Government Recei pts from loan s. 6,782,759,000 is now necessary before German currency can 6,789,259,000 be stabilized. At the end of 1921 Reichsbank Expenditures 6,789,259,000 III. Execution of the peace treaty: notes to the amount of 113,639,000,000 paper Receipts- Surplus from general budget... 16,500,000,000 marks were in circulation, and the Reichsbank Receipts from loans 171,031,696,000 was holding 132,331,000,000 paper marks of 187,531,696,000 the 246,921,000,000 paper marks of outstand- Expenditures- Ordinary budget 147,687,168,000 ing treasury bills. During January the note Extraordinary budget 39,844,528,000 circulation had declined somewhat, but rose 187,531,696,000 again at the end of the month, standing at 115,376,000,000 paper marks on January 31, It will be noted that according to this draft while the treasury bills in the possession of of German Government finance for 1922 the the Reichsbank amounted to 126,160,000,000 finance minister expects to raise more than paper marks on that date. 183 billion paper marks by loans during the year, 3 billions on account of general administrative expenses, 2J^ billions for the post and GERMAN BUSINESS CONDITIONS. telegraph service, almost 7 billions for the railways, and 171 billions for the execution of the Reports from Germany seem to indicate Peace Treaty. that industrial activity there is continuing on the basis of orders placed during the decline of Of this amount approximately 40,000,000,000 the mark last fall. The latest figures availmarks will be provided by the forced loan, but able on unemployment (those for December 1, it is evident that unless some way can be found 1921,) state that 81,228 trade union memto decrease the remaining 140,000,000,000 bers out of 5,912,750 were unemployed on marks, or to raise that sum without discountthat date and that the Government was paying treasury bills, and issuing notes through ing unemployment doles to 147,806. These the Reichsbank, this budget will soon be out figures may be compared with those for of date. It is also pointed out by the German February and March, 1921, when the greatest press that recent increases in telegraph, postal, unemployment for the year was reported. In and railway rates, and the removal of the cost February 266,069 trade-union members were of living subsidies will so increase costs that a unemployed and in March 426,852 persons revision of the budget within a few months will were receiving unemployment aid from the be necessary on that account. Government. The general course of prices in Germany THE SITUATION OF THE REICHSBANK. still seems to be upward, although declines Of the reforms proposed in the January note have been noted in some branches of the not the least important is that of the Reichs- textile industry. The Eisenwirtschaftsbund bank, In the week of January 23 to January announced an increase in iron and steel prices 29 the Government announced that it would as of February 1. The increase was caused pay 780 paper marks for a 20-mark gold piece. partly by increase in coal prices and in railway The official price of gold in Germany has fluc- rates and partly by the continued export tuated during the last two months above 35 demand. The wholesale price index number of paper marks for 1 gold mark. The following the Frankfurter Zeitung for March 4 shows Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 FEDERAL RESERVE BULLETIN. MARCH, 1922. an increase of almost 24 per cent. This index embargo on gold became widespread, the now stands at 4,713. as compared with 100 in Caja de Conversi6n was authorized to deliver the middle of 1914. paper money in exchange for gold deposited The question of wages has been very much in foreign countries to the order of the respecagitated in Germany during the last month. tive Argentine legations. It was thus pos- The cost of living has been increased through sible for Argentine exporters to obtain paper the withdrawal of various Government sub- currency from the Conversion Office in Buenos sidies, and since it seems that wages in most Aires, issued against gold which had been industries had not kept pace with the increase placed by foreign importers to the account of in living costs, even before the subsidies were Argentine legations abroad. At the same removed, it is natural that wage increases time the exportation of gold from xirgentina should be demanded within the next few was prohibited, except for limited amounts months. belonging to travelers leaving the country and amounts needed for payment of maritime freights and passages. In September, 1914, ARGENTINE FINANCIAL STATISTICS. an emergency measure was passed suspending A comprehensive article dealing with bank- delivery of gold by the Caja de Conversion in ing and financial conditions in Argentina exchange for paper money. These decrees appeared in the FEDERAL RESERVE BULLETIN still remain in force. There is considerable for June, 1920. This issue contains a statis- agitation in favor of the resumption of gold tical summary designed to reflect the present exports, especially on the part of importers, financial situation in the Argentine Republic. because of the greatly increased cost to them of Accordingly, the following brief resume of the merchandise shipped from the United States more important financial institutions of the at the present exchange level. The Governcountry is published in order that these figures ment, however, has been consistently opposed and similar material which will appear regu- to the shipment of gold in the belief that it was larly in the BULLETIN each month may be more desirable to keep the metal in the counfully understood. try, in view of present financial conditions in Europe. The authorities argue that inas- The monetary system of the Argentine much as most of the countries to which Argen- Republic is theoretically on a monometallic tine goods are exported are not on a gold basis basis, the unit being the gold peso or gold at present, the settlement of the existing undollar, weighing 1.6129 grams, with a standard favorable balance of trade with the United of 0.9 of fine gold. The gold peso is divided States would entirely deplete the gold reserve into 100 centavos. Transactions with foreign and result in an even greater depreciation of countries are generally conducted on the basis the currency. either of the gold peso or of foreign currency. The only circulating medium within the During the latter half of 1920 the trade country at present, however, is the paper peso, balance, which had been running heavily in known as moncda nacional" (m/n), issued Argentina's favor, gradually turned against the in the form of State notes, this paper money country, but exchange with the United States being employed exclusively in all domestic was temporarily stabilized by means of a transactions and constituting unlimited legal series of operati©ns which had the efFect of tender. The legal value of the paper peso is gold movements from Buenos Aires to New 44 centavos gold, and conversely the value of York without actually releasing any gold. the gold peso is 2.27 paper pesos, this fixed The Argentine Government had on deposit in ratio having been in force since 1899. Prior the United States a credit of about 79,000,000 to that date the paper currency was not gold pesos which had been built up during the convertible into gold and the ratio of paper war when the balance of trade had strongly to gold suffered frequently from wide fluctua- favored Argentina and when shipments of tions. gold from the United States were prohibited The official institution known as the "Caja under the war-time embargo. The gold in de Conversion/' under the control of the this fund was gradually released and paid over Ministry of Finance, deals with the issue, ex- to American exporters, while at the same time change, and conversion of the paper currency Argentine importers settled their obligations, of the country and holds a supply of gold as through the medium of their local banks, by guaranty for the convertible value of the depositing equivalent amounts of gold in the paper which it issues. This gold conversion Caja de Conversion. In this way the stock of fund is built up from certain specified re- gold held by the Buenos Aires banks was resources, provided for by law. At the out- duced from $114,014,000 on May 31, 1920, to break of the war in August, 1914, when the $46,179,000 on October 31, 1920, and at the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. EEDEKAL RESERVE BULLETIN'. 315 same time the gold holdings of the Caja de fiduciary circulation did not fall below 40 per Conversion increased correspondingly from cent. The Banco de la Nacion is to-day the $399,421,000 to $466,477,000. Gold transfers most important banking institution in the by this method could continue, however, only country and has figured prominently during so long as the Caja de Conversion had golcl recent years as the intermediary of the National available in the United States. By the Government in its various credit operations with autumn of 1920 this fund was exhausted, the foreign Governments. At the end of 1919 it trade balance was moving more and more ad- had 156 brandies and 25 agencies throughout versely against Argentina, and the prohibition the Republic. Many of the commercial banks of gold exports continued. The peso suffered in Argentina are organized with foreign capital severe depreciation as a consequence. Another and are largely interested in financing foreign contributory cause for this depreciation, in trade. addition to unfavorable trade conditions, is The "Banco Hipotecario Nacional," or found in the necessity for remitting large sums National Mortgage Bank, which was founded abroad for the service of the public debt and in 1886, grants loans on real estate throughout for interest on the great amount of foreign the Republic by means of the issue of " cedulas," capital invested in Argentine undertakings. or mortgage certificates, bearing interest of 6 Further investment of foreign capital is needed to 7 per cent, to persons mortgaging their but under present world conditions is hard to properties to the bank. The bank is authorized obtain. Since the middle of 1920 the fiduciary by law to maintain a total circulation of 1,000,circulation of the country has remained 000,000 paper pesos, and thus far 10 series of practically stationary at 1,362,564,000 paper these bonds have been issued. The latest, pesos, and there has been no change in the amounting to 50,000,000 paper pesos, was gold reserve held in guaranty of this paper. placed on the market in the autumn of 1921, The continued suspension of gold delivery by bringing the total amount of cedillas outstandthe Caja de Conversion has not affected the ing up to 688,000,000 paper pesos. Transfixed ratio of gold to paper. Stocks of gold actions in cedulas constitute an important eleheld in the banks show a steady diminution. ment in the business of the Buenos Aires stock There has been a great deal of agitation in exchange. These bonds are also listed on the Argentine financial circles in favor of the estab- stock exchanges of Paris, Antwerp, and lishment of a central banking system, similar to Madrid. the Federal Reserve System, with a strong Administrative expenditures in the Argencentral bank of issue and rediscount. At tine Republic have increased less during the present the official Government bank, the past ten years than has been the case in most Banco de la Nacion, operates largely as a com- other countries, but there was a serious falling mercial bank and is regarded by other com- off in fiscal revenues during the war years, due mercial banks as a competitor rather than as a largely to the decline in imports. Important central institution. Although it has authority sources of revenue in addition to customs reto. rediscount bills for these banks, this power ceipts are the land tax, tobacco, and alcohol is not exercised to any great degree. The taxes, licenses and stamps. There is as yet no National Government appoints the directors income tax in Argentina, although proposals and is directly responsible for the operations for such taxation have been under discussion. and for the deposits of the Banco de la Nacion. The floating debt, resulting chiefly from The bank can not make loans to any Government budgetary deficits, amounted on July 31, 1921, or municipality except the National Govern- to $640,000,000 (paper), consisting entirely of ment, and such loans may not exceed 20 per internal obligations, most of them in the form cent of its capital, though this restriction is of Treasury bills. On December 31, 1921, the withdrawn in case of necessity. The bank is floating debt was estimated to be $636,817,477 allowed to employ up to 20 per cent of its (paper) which included the 2-year $50,000,000 funds in bonds of the national public debt loan contracted in New York last September. acquired in the open market. As an emergency Many schemes have been proposed for the conmeasure, the Caja de Conversion was em- solidation of this floating debt, among others powered to issue and deliver to the Banco de la a national lottery loan of $600,000,000, and a Nacion, at its request, legal tender notes in foreign loan, but thus far no definite action has exchange for commercial bills of the bank's been taken by the Government. The conown portfolio, or those which it might have re- solidated debt, consisting of both external and discounted for other banks in Argentina, internal obligations, amounted on September always provided that the gold guaranty of the 30, 1920, to §553,270,910 gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ARGENTINE FINANCIAL SITUATION. CO [Amounts expressed in thousands.] Private banks.1 Banco de la Nation. Caja de Conversion. Public debt. Exchange, average Cash. Cash. Gold guarantee j Consolidated. monthly of note I Bank- rate of Date. D (p e a p p o e s r i ) t . s D ( a v p i n s a a d c n p o c e a u c d r s n ) - . t s ! ' | Gold. Paper. D ( e p p a o p s e i r) t . s ! I i ! v c D a o a n n u L c S d n c - t s s i ! \ ; Paper. (p C in a l p g e e s a r r 2 ) - . ( c p i N t r a i c p o o u e n t l e r a ) - . ci C rc a u ja la i n t — io j n A h r e g l o d n i - ! te E r x n - al Internal. (p F a i l n o p g a e t r - ). r m ( d u p u p o a r t p n i c e n t i h r e g ) 2 s . Y B A o N ( u p r i e e k a r w n e r o o s : n s l i | (paper). ! ; Cqn do v er- j • l t c i g n a e - (gold). Gold. Paper. $ 10 9 0 6 . g 4 o 8= ld sion.:{ tions. pesos). I End of— 1933... ! 1,468,514 1,540,817 61,737 435,343 541,385 477,696 32,000 ISO, 000 1,4.71,073 j 823,263 263, 198 308,855 157, 177,493 | "• 14,413 1914 i 1,242,043 1,195,552 50,264 404,175 605,411 496,660 28,000 194.000 1,023, 234i 803,280 231,71.0 ; 2,695 312,424 155, 174,US j 140,611 I 35,895 1915 I 1,469,121 1,241,992 26,922 598,126 692,365 444,579 10,000 362) 000 1,125,203 ': 987,640 247,292 68,344 309,302 153, 169,173 276,736 14,376 1916 1 1,657,058 1,317,035 33,344 624,310 755,655 441,682 14,000 366.000 1,315,315 i 1,013,099 270)321 j 56/514 i 301)278 151, 214, •3j-77-77, 8o9no3 ! o8 .5a0na6 1917 2,013,781 1,553,540 57,057 656,765 871,056 533,452 36,000 295'000 1,586,941 i 1,013,137 I 271,598 55,254 i 294,625 202, 223, 587,800 6)656 1918 j 2,843,606 1,,884,802 54,146 830,400 1,195,044 532,009 36,000 315,000 2, 244,627 I 1,154,456 289,465 99,567 | 282,828 199, 219, 515,692 3,229 1919 I 3,009,794 2,113,333 65,908 •770,620 1,249,730 676,028 38,959 267,963 2,805,335 ; 1,177,174 320,032 78,997 \ 275,028 196, 214, 650,938 2,508 0180 1920 3,529,841 2,505,215 45,863 1,081,134 1,412,351 803,846 24,726 405,731 3,611,547 I 1,362,564 476,478 4,123 ' 515,798 4,817 7040 End of— July.... i 3,494,194 2,356,009 ! 70,084 996,011 1,390,669 730,521 I 48,222 327,052 4,124,264 1,362,561 452,865 27,734 ! 3,744 92.26(10 Aug i 3,556,180 2,401,751 ' 64,905 1,031,718 3, 494,088 1.362,563 458,048 22,552 i 3, 021 87.1000 Sept I 3,508,980 2,433,500 i 53,640 1,029,933 i," 387*431'727,098 31,900 440,416 3,517,365 1,362,563 •469,460 11,140 ! 545,988 ; 4,283 84.5740 Oct i 3,463,507 2,465,490 i 46,179 1,038,244 1,374,133 748,872 24,791 438,194 3,379,833 1.362,564 476,477 4,123 i 5,023 81.3710 Nov 3,518,366 2,508,708 I 45,649 1,068,351 1,412,955 779,258 24,651 442,553 3,329,885 1,362,564 476,477 4,123 T 11,490 70.8740 Dec : 3,529,841 2,505,215 j 45,863 1,08.1,134 1,412,351 803,846 24,726 405,731 3,319,678 1,362,564 476,477 4,123 515,798 12,199 78.7340 1921. i End of— I Jan ! 3,489,487 2,532,177 45,582 1,071,579 1,373,967 803,425 24,660 400,754 308,094 I 1,362,564 I 470,477 4,123 11,722 79.382 Feb 3,401,920 2,546,055 44,022 1,023,630 1,341,822 814,328 23,990 401,458 816,960 I 1,362,564 ' 476,477 4,123 10,065 Mar I 3,437,544 2,558,296 42,771 1,059,237 1,352,611 840,025 23.766 39S, 509 131,733 ; 1,362,564 476,477 4,123 10,092 78.202 Apr ! 3,459,472 2,529,260 41,484 1,082,060 1,356,370 817,706 23,671 423.191 372,810 i 1,362,564 476,477 4,123 800,000 14,406 73.958 May I 3,461,139 2,545,837 40,872 1,098,761 1,360,732 830,015 23.767 419)093 103,766 I 1,362,564 476,477 4,123 7,969 71. 848 June i 3,455,410 2,538,109 39,457 1,090,002 1,351,870 844,367 23,760 386,430 052,043 j 1,362,564 476,477 4,123 16,658 69. 857 July I 3,454,432 2,544,285 38,316 1,072,425 1,349,529 846,006 23,321 386,821 065,151 I 1,362,56 i . 476,477 4,123 '640,'666' 12,132 65.799 Aug.. 3,444,350 2,518,570 37,688 1,092,727 I1,349,138 827,588 23,566 402,731 093,090 i 1,362,564 I 476,477 4,123 11,778 66.555 Sept. 3,446,703 2,492,297 36,391 1,151,904 |1,350,486 816,265 23,176I 431,076 076,066 i 1,362,564 476,477 4,123 7,837 69.63 Oct.. 3,390,975 2,467,292 36,066 1,171,500 1,311,197 802,617 23,197 448,063 909,200 : 1,302,564 476,477 4,123 16,050 73.078 Nov.. 3,358,766 2,501,150 35,956 1,150,213 1,293.389 840,438 23,158 463,245 133,300 !1,362,564 476,477 4,123 13,109 73.4739 Dec ! 3,375,086 2,543,410 35,782 1,087,131 l,310;050 866,186 23,174 410,160 ,482,239 ! 1,362,564 476,477 4,123 636,817 12,845 74.8042 1 Includes figures of Banco do la Nation. 21913-1919 figures arc monthly averages. 3 Includes amount held in conversion fund of Banco de la Nation. Prior to outbreak of war the Banco de la Nation hold $30,000,000 as its portion of the gold guarantee. In August, 1914, §20,000,000 of this amount was mobilized, leaving 810,000,000 in the bank's conversion fund since that date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 317 State Banks and Trust Companies. DISTRICT NO. 8. Trustee, executor, administrator, guardian of estates, assignee, receiver, ADMISSIONS. and committee of estates of lunatics: National Bank of Berild, Benld, 111. The following list shows the State banks and trust com- Trustee, executor, administrator, registrar of stocks and bonds, guardian panies which were admitted to membership in the Federal of estates, assignee, receiver, and committee of estates of lunatics: Reserve System during the month ending February 28, American National Bank, Mt. Carmel, 111. 1922, on which date 1,632 State institutions were members DISTRICT NO. 10. of the system. Guardian of estates, assignee, receiver, and committee of estates of lunatics: First National Bank, Kansas City, Mo. Total resources. Commercial Failures Reported. District No. 2. Overpeck Trust Co., Ridgefield Park, Current statistics disclose a continued increase in num- $100,000 I $25,000 $125,000 ber of failures in the United States over those of a year ago, Globe Exchange Bankj Brooklyii*N.* Y. 200,000 I 40,000 2,026,284 the 1,820 defaults reported to R. G. Dun & Co. for three Midwood Trust Co., Brooklyn, N. Y... 500,000 j 250,000 ! 2,097,207 weeks of February comparing with 1,186 in the correspond- District No. 8. ing period of 1921. The returns for January, the latest month for which complete figures are available, show Peoples Savings & Dime Bank, Scranton, Pa 700,000 I 450,000 HO, 813,148 2,723 commercial insolvencies for 873,795,780, as against 1,895 failures, with liabilities of $52,136,631, in January, District No. 6. 1921. In point of number, the defaults of January, this Polk County Trust Co., Lakeland, Fla.. 300,000 j i 438,119 year, are the largest of any month since January* 1915, ! ! but the indebtedness, although much above the monthly District No. 8. average, reveals a considerable reduction from the high- Montgomery County Loan & Trust Co., record total of $87,500,000 in December, 1921. Hillsboro,Ill 100,000 50,000 I 650,215 Separated according to Federal Reserve districts, the Southern Commercial & Savings Bank, St. Louis, Mo - 200,000 i 50,000 I 2,745,536 January statistics disclose more defaults in every instance than in that month of 1921, while only in the first and District No. 9. fourth districts arc the liabilities less, than those of the earlier period. Daly Bank & Trust Co., Anaconda, Mont 100,000 100,000 I 2,731,029 FAILURES DURING JANUARY. District No. 11. | First State Bank, Bedias, Tex i, 000 5,000 ! 103,417 Number. Liabilities. Iola State Bank, Iola, Tex i.000 5,000 j 104,626 District- Withdrawal.—Hillsboro State Bank, Hillsboro, Ind. 1922 1921 1922 1921 Converted into national banks.—City Trust & Savings Bank, Grand Rapids, Mich.; First State Bank, Locust Grove, Okla.; State Bank of Enumclaw, Enumclaw, Wash.; Mercantile Trust Co., New York, N. Y. First 209 183 $2,600,442 $3,841,114 Insolvent bank.—Woodville State Bank, Woodville, Tex. Second 429 390 22,885,754 9,808,623 Voluntary liquidation.—Rideout Bank, Marysville, Calif. Third 136 96 2,561,559 2,183,908 Merger.—Long Beach Trust & Savings Bank, Long Beach, Calif., Fourth 242 133 6,238,303 6,661,913 and Guaranty Trust & Savings Bank, Los Angeles, Calif., with Security Fifth 233 142 4,696,036 3,887,908 Trust «fe Savings Bank, Los Angeles, Calif., a member bank. Sixth 283 195 5,012,931 4,054,436 Soventh.. 362 222 10,314,358 9,182,523 Eighth 177 126 4,013,092 2,370,168 Ninth... 109 48 2,597,637 583,858 Fiduciary Powers Granted to National Banks. Tenth 112 82 3,400,430 1,767,286 Eleventh 207 155 4,326,594 3,359,871 The applications of the following banks for permission Twelfth 224 123 5,148,644 4,435,023 to act under section 11 (k) of the Federal Reserve Act Total 2,723 1,895 73,795,780 52,136,631 were approved by the Board during the month ending February 28, 1922: DISTRICT No. 2. New National Bank Charters. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: Hudson County National Bank, Jersey City, N. J. The Comptroller of the Currency reports th • following National Exchange Bank, Carthage, N. Y. increases and reductions in the number and capital of Mercantile National Bank, New York, N. Y. national banks during the period from January 28, 1922, DISTRICT NO. 5. to February 24, 1922, inclusive: Trustee, executor, administrator, guardian of estates, assignee, receiver and committee of estates of lunatics: : Num- Amount First National Bank, Holly Hill, S. C. berof of Trustee, executor, administrator, registrar of stocks and bonds, guard- ; banks. | capital. ian of estates assignee, receiver, and committee of estates of lunatics: First National Bank, St. Marys, W. Va. New chaters issued •• ,§1,245,000 DISTRICT NO. 6. Restored to solvency • ! o Trustee, executor, administrator, registrar of stocks and bonds, guard- Increases of capital approved i ; I 7,960,000 * ian oi estates, assignee, receiver, and committee of estates of lunatics: Aggregate of new charters, banks restored to sol- ; American National Bank, West Palm Beach, Fla. vency, and banks increasing capital 9,205,000 First National Bank, Barnesville, Ga. Liquidations 1,575,000 First National Bank, Gulfport, Miss. Reducing capital 90,000 Total liquidations and reductions of capital 1,665,000 DISTRICT NO. 7. Consolidations of national banks under act of Nov. : Trustee, executor, administrator, registrar of stocks and bonds, guard- 7,1918 750,000 ian of estates, assignee, receiver, and committee of estates of lunatics: Aggregate increased capital for period i 9,205,000 Galesburg National Bank, Galesburg, 111. Reduction of capital owing to liquidations, etc ' 1,665,000 First National Bank, Elwood, ind. American National Bank, Racine, Wis. Net increase ....! 7,540,000 Trustee, executor, administrator, guardian of estates, assignee, receiver, and committee of estates of lunatics: * Includes one increase in capital of $50,000, incident to a consolidation First National Bank, Colfax, Iowa. under act of Nov. 7,1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 FEDERAL RESERVE BULLETIN. MARCH, 1922. LAW DEPARTMENT. There is published below the text of a letter upon the security of first mortgages upon agricultural lands; and under the terms of the Federal Reserve Act addressed to the chairman of the Banking and agricultural paper with a maturity not in excess of six Currency Committee of the Senate, expressing months is eligible for rediscount by Federal Reserve Banks after it has been discounted and indorsed by a the opinion of the Federal Eeserve Board in member bank of the Federal Reserve System. As pointed favor of the bill recently recommended to Con- out, however, in the Report of the Joint Commission of Agricultural Inquiry, there is need for agricultural credits gress by the Joint Commission of Agricultural of an intermediate type, running from six months to three Inquiry. years, for production and marketing purposes. The farmers' turnover in the production of crops, including JANUARY 26, 1922. the planting, harvesting, and gradual marketing through MY DEAR MR. CHAIRMAN: Receipt is acknowledged of orderly processes designed to avoid flooding the market at your letter of January 23, 1922, inclosing a copy of Senate any one time, normally requires approximately twelve bill 3051 and requesting the views of the Federal Reserve months; and in the live-stock industry the turnover may Board with regard to it. This is the bill the enactment of require as long as three years. Consequently, in order to which is recommended in the recently published report make it possible for the farmer and live-stock man to of the Joint Commission of Agricultural Inquiry. The liquidate, out of the ultimate proceeds of his agricultural same bill has also been introduced in the House of Repre- transactions, his indebtedness incurred for production sentatives as H. R. 10058. and marketing purposes, it is necessary that such in- While the proposed bill deals mainly with the Federal debtedness be permitted to run for periods ranging from farm loan system, the administration of which does not, of six months to three years, depending upon the particular course, come within the jurisdiction of the Federal Reserve commodities being produced and marketed. Board, the Board is glad of the opportunity to say that the Loans with such maturities can not be granted, in suffibill has its cordial approval and support. The Board cient amounts to meet the needs of agriculture, by ordibelieves the bill to be sound and constructive legislation nary banking institutions the liabilities of which are for that is well designed to a fiord much needed relief to agrithe most part payable on demand, unless the banks can cultural and live-stock interests by adding to their availrely on being able to rediscount the loans in emergencies. able credit facilities, which at the present time are not The main purpose of the bill under consideration, as the adequate for their requirements. Federal Reserve Board understands it, is to provide The bill proposes to add to the Federal farm loan act a proper and adequate facilities for such rediscounts. new title, Title II, consisting of sections 201 to 209. Sub- Bills have been introduced in Congress within the past division (a) of section 201 provides that each Federal land year proposing to amend the Federal Reserve Act so as to bank, subject to regulation by the Federal Farm Loan make eligible for discount by Federal Reserve Banks Board, may discount for any bank or live stock loan comagricultural paper with maturities up to twelve months, pany, with the indorsement of such bank or company, any instead of six months, as the law now provides. The note or other such obligation the proceeds of which have Board has expressed its disapproval of these and similar been used for an agricultural purpose or for the raising, bills, because the enactment of any such bill would breeding, fattening, or marketing of live stock, and may materially lessen both the liquidity of the paper held by make loans to any cooperative association of producers of the Federal Reserve Banks and the elasticity of the staple agricultural products upon the security of ware- Federal Reserve note currency which is based upon and house receipts covering such products. Subdivision (b) secured by the paper so held. The bill recommended by of section 201 provides for the issuance by Federal land the Joint Commission of Agricultural Inquiry avoids this banks of debentures or other such obligations with maturidanger, and at the same time offers far more adequate ties not in excess of three years, secured by discounts or relief to the agricultural interests of the country than loans made under subdivision (a). Section 204 provides could be obtained through the enactment of such an that any Federal Reserve Bank may discount for a Federal amendment to the Federal Reserve Act. land bank, upon the latter's indorsement, discounts or The Federal Reserve Board has carefully examined the loans made under section 201 which have a maturity at the bill introduced in the Senate as S. 3051, and in the House time of discount by the Federal Reserve Bank not in excess of Representatives as H. 11. 10058, and approves not only of six months, and section 206 provides that any Federal the purpose and substance of the bill, but also the form Reserve Bank may buy and sell the debentures and other and language that have been adopted in drafting it. obligations of a Federal land bank issued under section 201 The Board is of the opinion that the bill is admirably to the same extent and subject to the same limitations as designed to accomplish the purposes which its framers those upon which they may buy and sell Federal farm loan have in mind and that its various provisions are so cobonds. The other sections of the new title provides for ordinated as to provide the most efficient machinery for the creation of a "farm credits department" in each the performance of the new functions of the Federal land Federal land bank for the purpose of exercising the powers banks without in any way interfering with their present conferred by the title, and provide that the capital of each activities. such department shall be $1,000,000, to be subscribed by the United States, and contain certain other necessary Very truly, yours, W. P. G. HARDING, administrative provisions which are not important for the Governor. purposes of this general discussion. Hon. GEORGE P. MCLEAN, At the present time the Federal farm loan act provides Chairman Committee on Banking and Currency, the means for supplying the farmers long-time credits United States Senate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1022. FEDERAL RESERVE BULLETIN. 319 PRICE MOVEMENT AND VOLUME OF TRADE. INTERNATIONAL WHOLESALE PRICE INDEXES—UNITED STATES AND ENGLAND. In the chart below a comparison is made between wholesale prices in England and the United States. The upper line shows English prices in terms of sterling, the dotted line English prices in gold, and the solid line the American price level. All are expressed in their ratio to the prewar level which is taken as 100. The American dollar and British sterling prices were obtained by the construction of similar index numbers of wholesale prices of commodities in the United States and England. Gold prices for England were obtained by multiplying the British index number by a ratio showing the depreciation of sterling in terms of dollars; the quotient was then divided by 100. On page s 320 and 321 the index numbers upon which the charts are based are published in detail; there is also a description of how they are constructed. The general similarity in the trend of British and American prices is apparent from this ^hart. In both countries there was a brief post armistice decline in prices, followed by a more or less steady advance to May, 1920. From that time until the spring of 1921 there was a rapid decline in both countries, but it was more rapid in the United States than in England. Since last spring American prices have not shifted greatly, but, following a brief period of stability during the summer, British prices have continued to decline. The dotted line shows that since control of exchange rates ceased the difference in the level of prices in the two countries has been to a large extent compensated for by the exchanges. In other words, British prices in terms of gold have approximated American prices since Government control of the exchanges was lifted. Exception must be made to this statement for the period from January to June, 1921, when American prices were appreciably lower than British, even when the latter were converted to the gold or dollar basis. INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES AND ENGLAND FEDERAL RESERVE BOARD, 1919-1922 AVERAGE PRICE LEVEL OF 1S13 = 1OO 5OO 500 4-50 450 400 400 350 350 300 300 250 200 150 150 -UNITED STATES - ENGLAND (IN STERLING) •ENGLAND .CONVERTED TO GOLD BASIS ) too 100 60 80 J.F. M.A.M. J. J.A. S.O.N.D. J. F. M. A. M. J. J. A.3. O. N. D. J. F M. A. M. J. J. A.S.O.N. D. J. F. M. A. M J. J. A.S. 0. N.D. 1919 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 FEDERAL RESERVE BULLETIN. MARCH, 1922. INDEX NUMBERS OF WHOLESALE PRICES IN UNITED STATES—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON.* [Average prices in 1913=100.] Goods | Goods Raw Pro- Con- Date. po im rte - d , po e r x te - d. I m ria a l t s e . - 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 it o i m es - . 1919, average 174 214 209 198 207 206 1920, average 191 227 ! 235 237 229 233 1921, average 108 131 141 142 149 145 1921. January 114 •; 142 164 166 159 163 July 103 ! 122 ; 134 13(3 153 142 August 104 123 1 133 133 157 142 September 106 ! 144 138 133 152 143 October 107 i 141 : 140 132 145 141 November 108 138 ! 141 128 143 140 December 111 136 140 127 140 138 1922. January 110 135 141 126 139 138 i The index number of the Federal Reserve Board has been constructed primarily with a view to international comparisons of wholesale prices. The number has been published monthly since May, 1920, but is computed for the years 1913,1919, and the first of 1920 as well. For detailed information regarding the makeup of the number, reference may be made to the FEDERAL RESERVE BULLETIN for May, 1920, pages 499-503. The commodities included in the different groups are listed there with exact specifications and markets indicated. The "weights" assigned to the different commodities in constructing the index numbers are also given in detail. Revisions in prices or weights appear in BULLETINS for June, 1920, and Juno, 1921. The index of "goods produced" consists of 74 quotations (30 raw materials, 24 producers' and 20 consumers' goods). These include agricultural products (such as grains, live stock, and textiles), minerals, and lumber, among the raw materials; yarns, leather, semifinished steel products, refined oils, chemicals, building materials, etc., among the producers' goods; and potatoes, meats, flour, rice, dairy products, cotton and woolen clothss,, bDoOoOtIsS aannda sshnooeess,, aannda kKeerorosseennee a ammoonngg tnhieo ccoonnssuummeerrss' ' ggoooodass.. THhiee iinndd ex o"f" " goo*d s' imported" consists of 18 quotations" (9 raw materials, 7 producers' and 2 consumers' goods). It-includes Egyptian cotton, Austrraalliiaann •a<nd 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 cotlce for consumers' goods. Leading American exports arc included in the index of prices of "goods exported," which is made up of 40 quotations (17 raw materials, 12 producers' and 11 consumers' goods). Grains, tobacco, cotton, copper, coal, pig iron, petroleum, and lumber make up the list of raw materials; vegetable oils, leather, semifinished metal products, refined oils, and chemicals the producers' goods; and wheat flour, refined sugar, pork products, coffee, cotton cloth, boots and shoes, and kerosene the consumers' goods. The index numbers of "raw materials," producers' goods,'.' and "consumers' goods," consist of the commodities mentioned above which fall into these classes, whether they are of domestic or foreign origin. The raw materials group include 39 quotations, the producers' goods 29, and the consumers' goods 22. 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 1920-1922 CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON AVERAGE PRICE LEVEL OF 1913 = 1OO 500 500 450 450 ALL COMMODITIES 1^AW MATERIALS 400 400 GOODS EXPORTED :ONSUMERS GOODS 350 350 300 300 250 250 / • '\ 200 200 \\ \ 150 150 > : 100 100 B0 80 M.A.M. J. J. A.S. O. N. D. J. F. M. A. M. d. J. A. S. 0-N-D-J. F. M.A. M.J. J. A. S. 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. 1920 1921 1922 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 321 INDEX NUMBERS OF WHOLESALE PRICES IN GREAT BRITAIN—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON.* [Average prices in 1913=100.1 Dale. pro G d o u o c d e s d.im G p o o o rt d e s d .! ex G p o o o r d te s d ma R te a r w ials. P g r o e o r o d s d ' u s c . - ! j ; C g o o e n o r s s d u ' s m . - m A o l d l i t c i o e m s - .g v o e l C d rt o e b n d a - s t i o s. 1919, average.. 238 I 247 ! 275 226 26 L ! 241 241 221 1920, average.. 315 ! 294 I 438 291 ' 355 i 292 314 242 1921, average.. 207 i 171 i 183 197 178 • 219 201 159 1921. January 252 I 207; 24(> 233 231 261 244. 188 July..: 204 ; 164 ! 174 192 165 ! 222 196 146 August 202 ! 165 i 168 193 161 1 223 195 146 September.. 199 ' 170 171 195 1.65 212 194 148 October 192 ' 163 i 175 187 166 200 187 149 November.. 182 i 154 : 164 177 1.53 191 177 144 December.. 176 ! 152 15S 173 M7 186 172 147 1922. January. 149 158 171 147 L70 i i 1 The British index number is the second of the series of wholesale price indexes to be completed by the Federal Reserve Board for the purpose of international comparisons. It was published for the first time in the FEDERAL RESERVE BULLETIN for February, 1922, but is also computed for the years 1913,1919,1920, and 1921. ' Detailed information regarding the make-up of the number may be found in the FEDERAL RESERVE BULLETIN for February, 1922. pages 147-153. The entire list of commodities included in the different groups is furnished there with exact specifications and markets indicated. The "weights" assigned to the different commodities in constructing the index numbers are also given in detail. The commodities which form the basis for the index number are for the most part the same as those used in the Federal Reserve Board index of American prices. The index of" goods produced" consists of 55 quotations (16 raw materials, 26 producers' and 13 consumers' goods). These include agricultural products (grains, live stock, wool, and hides), pig iron, coal and coke among the raw materials; cotton yarns, woolen yarns and wool tops, semifinished iron and steel products, building materials, chemicals, leather, etc., among the producers' goods: cotton cloth, boots and shoes, food products, and tobacco among the consumers' goods. The index of "goods imported" consists of 43 quotations (23 raw materials, 9 producers7 and 11 consumers' goods). These include American and Australian wheat, American tobacco, American and Egyptian cotton, Australian wool. Straits tin. American copper, Swedish lumber, etc.. . .^ * ' v._ IT* *. T a: r._-i«_ • _J ^ -r-fc „ " Ii ... i _ ._ J. ._ i • a. T. * _• ' , i i , X 7.* *. . * , .' into these classes, whether they are of domes! ic or foreign origin. The raw materials group includes 39 quotations, the producers' goods 35, and the consumers' goods 21. The " all commodities " index is obtained by combining the group indexes of domestic and foreign goods. 11 consists of 98 diffcreii t, quotations. As a general rule quotations have been obtained from trade journals which have well organized price collecting services, or from individual firms. The American consul in London supervises the collection of the prices each month and cables them to the United States about the 7th of the following month. The index number is constructed here and is ordinarily ready for publication by the 1.0th to 15th of each month. INDEX NUMBERS OF WHOLESALE PRICES IN ENGLAND 1920-1922 CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON 500 AVERAGE PRICE LEVEL OF 1913 = 100 500 450 450 *\ — --ALL COMMODITIES 400 \ 400 •. 350 350 ..... 300 300 \ \ \ \ \ • *^\ 250 \ V \\ 200 s \ '** \ N \ •• 150 100 100 80 M.A.M.J. J. A. S.O.N.D. J. F. M. A. M. J. J. A.S-0. N. D. J. F. MA. M.J. J. A. S.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. 1920 1921 1922 1920 1921 1922 92371—22- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 FEDERAL RESERVE BULLETIN. MARCH, 1922. 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=100.1 Raw materials. Year and month. Animal Forcst ! Mineral d g u P o c r o o e d - r s s . ' s g u C o m o o e n d r - s s . ' A m l o l d c i o ti m es - . 1920, average3 256 183 , 333 : 235 240 235 252 243 1921, average s 133 JOS : 208 ! 187 ] 51 140 161 153 1921. January .155 119 245 i 220 175 | 109 182 177 July 122 109 i 203 '•• 177 145: 134 . 153 148 August 123 112 200 ! 175 145 ! 132 162 152 September.. 142 104 : 194 : 172 .146 i 133 : 160 152 October 134 .105 ! 193 170 1.45 I 133 i 158 150 November.. 129 . 103 '• 200 ! 178 145 : .130 157 149 December.. 129 : 102 ! 208 ! 178 . 146 ! 130 i 155 149 1922. I January. 129 i 107 ! 207 : 176 147 | 127 : 151 148 2 As the index number of the Bureau of Labor Statistics (which-is based upon 315 quotations) has been reclassified by the Federal Reserve Board, the raw materials group consists of approximately 76 quotations, the producers' goods of about 80, and the consumers' goods of 158. R;aw materials have been subclassified into agricultural products (mainly grains, cotton, and tobacco), based upon 19 quotations, animal products based upon the same number, forest products based upon 11 quotations, and mineral products based upon 27 quotations. The FEDERAL RESERVE BULLETIN for October, 191.8, contains a list of the commodities in each group. The weights are the same as those used by the Bureau of Labor Statistics. 3 These reclassifiod 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. In order to give a more concrete illustration shown in tlie table have been obtained from the of actual price movements in the United States, records of the United States Bureau of Labor there are also presented in the following table Statistics, except in the case of bituminous coal, monthly actual and relative figures for certain prices for which have been obtained from the commodities of a basic character. The prices Coal Age. AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES. [Average price for 1913= J.OO.J Co C r h n i , c N ag o o . . 3, [ • C N ot e t w on O ,m rl i e d a d n l s in . g, no W M rt h i h n e e n a r t e n , a p X sp o o l r i i . s n . 1 g , , W r h e C d e h a i w t c , a i N n g t o o e . r . . 2, g C oo a C d tt h l t e i o , c a s c g t h e o o e . i r c s e , , H st h i e d e e e a r s s v , , y C p n h a a i c c t k i a v e g e r o s . , Year and moni'h. I Average I Rela- j Average j Rela- i Average Rela- Average Average j Relaprice per tive ! price per live I price per tive prit e per price per' tive bushel. price. ; pound, i price, j bushel. price. bushel. pound. price. 1913 SO. 0155 •' 100 . SO. .1.270 100 SO. 8735 100 SO. 9863 ] 100 1919 1.5800 : 257 .3185 ' 251 2.5000 294 2.5370 214 1920 1.3908 i 227 '' .330L ! 200 2, 5581 293 2.5225 170 1921 . 5048 • 92 ' . H14 ! 111 1.4000 168 1.4353 76 1921. January .6553 . 100 , . 1450 . 114 ! 1.7884 205 1.9613 91 July .0019 : 98 ' .1.147 ! 90 | 1.4384 165 1.2291 75 August .5578 ' 9L " .1290 '• 102 j 1.3953 160 1.2373 76 September .5344 87 ! .1903 ! 155 I 1.4825 170 1.2769 76 October .4047 "• .1913 i 151 I 1.3191 151 1.1938 81 November .4728 ; . .1750 ; 138 1.2535 144 1.1758 80 December . 4609 ! . 1713 ! 1.35 1.2594 144 1.1767 90 70 ' 1922. January .4738 , .1650 ! 130 1.2995 149 1. i960 90 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 323 AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES-Continued. ! Coal,bituminous, Coal,bituminous, H C og h s ic , a l g ig o h . t, e g W a r s a o t d e o e r l n , s , O m s h c a i o o r u k , r e e J t - d s $ , . Hem Y lo o c r k k , . New Y N e f e l l l w o o o w r Y i n p o g i r , n k e . , ! ru s n p o o t f a m t i m ne i , n f e . s o , .b. Po sp c o a t h o at n l m as i , n f e . s o , .b. Pittsburgh. Columbus. Yen rand month. I Average Average I ! 1 price per Rela- Average Rela- Average Rela- price per j Re'.a- ; Average Rela- ; Average j Rela- : 100 tive price per tive price per tive M'feel tive | price per live j price per • tive ; pounds. price. pound. price. Mfeet. price. manufac- price, i short Ion.- price, short ton. price. lured, j j '• 1913 i S8.4541 I 100 SO. 4710 100 S24.2273 ioo !844.5909 100 SI.3200 100 i 81.5710 : 1.00 19.19 18.3260 ' 2L7 1.1894 248 39.7500 164 I 78. 8333 177 ; J920 14.710(3 174 .9712 203 56.6667 234 : 145.4167 326 = 6.0433 458 5.8891 i 375 1921 :.." 8. 8913 J 05 . 5076 108 40. 8960 169 I 93. 7083 210 2.2030 167 3.1804 | 202 1921. | January \ 9. 6700 i 1L4 i . 5455 1.16 48.0000 198 i 110.0000 247 2. 5300 192 4.2500 : 271 J nly..." i 10.2000 121 . 4909 104 37.5000 155 ! 91.0000 | 204 2.0750 157 3.2000 i 204 August; ; 10.3950 123 .4727 100 37.2500 154 i 92.0000 i 206 2.1300 161 3.0600 i 195 September ! 8.5000 L01 : .4727 100 37.2500 154 I 92.0000 j 206 2.2310 169 2.9190 ' 186 October j 8.1800 97 ' .4727 100 37.2500 154 I 90.0000 I 202 2.1800 | 165 2. 6800 171 November : 6.8688 si: . 5091 108 37.2500 154 i 91.0000 ' 204 2.1500 163 2.4500 , 156 December ' 7.0250 . 5273 112 37.2500 154 ! 95.5000 ! 214 2.1500 163 2.1950 ' 140 83 1922. Januarv. 8. .1600 j . 5818 124 37.2500 154 : 95.5000 214 2,1500 163 ! 2.1500 137 1 I s C to o v a t e l i , d , a e N n w e t w a h t r e a Y r c . o it r e k , ' , ! j j v r\ i R ll , e « , e ' aa i tt r furnace. : Co e N P l e e w P c e tr r Y , o o l i y r n t k g i . c o , t, d N e L s e o i w l a v d e Y , r p i o z i r e g k d , . , : Pe P t e r n o a n l t e s w u y m e lv l , l a s c n . r i u a d , e,; S P h M i e g a a n t h a ir o n f o u n g n r i o n n , g a V b c a a a e s l . n i l c d e , y, Year and month. 1 .Average Rela- I Average | Rellaa-- Average Rela- ! Average j I Rela- , Average | ! Rela- ! Average • Relai price per tive \ price per ! tivvee price per, tive p'rice per ; tive ! price per j tive : price per j tive long ton. price, j short ton.; priccee.. pound. price. pound. | price. barrel, j price, 'long ton.! price. 1913 i $5.0613 100 $2.4396 ; 100 SO.1573 100 SO. 04-10 100 = $2.4500 i 100 $14.7058 100 1919 1 8.1639 161 4.7375 194 . 1911 122 . 0578 131 4.1346 ! 169 27.6971 188 1920 ,.; 9. 4265 186 10.8163 j 413 .1797 11.4 . 0808 184 I 5.9750 1 244 42.2692 287 192L I 10. 5514 209 3.6361 149 . 1262 so . 0457 104 3.3144 ! 135 21.6683 147 1921. ! January 10.6373 210 5. 5313 227 .1288 ' . 0497 113 | 5.7750 236 j 30.0000 204 July 10. 5048 208 2.9063 119 . 1253 i . 0440 100 i 2. 2500 92 19.3750 132 August 10.6036 210 2.8000 115 .1173 : . 0440 100 . 2.2500 92 | 18. 2000 124 September.. 10.7075 212 3.1875 131 .1200 . . 0461 105 j 2.3125 94 i 19.1250 130 October 10. 7125 212 3. 2750 134 . 1268 .0470 1.07 3.1250 128 ' 19.1875 130 November.. 10.6859 211 2.9700 122 . 1303 . 0470 107 i 3.9000 159 I 19.0000 129 December.. 10. 7063 212 2. 7500 113 . 1356 . 0470 107 4.0000 163 i 18.6250 127 1922. January. 10.6935 211 2.7500 ! 113 .1355 ! 86 . 0170 107 i 3.3000 I 135 j 18.1500 I 123 Cotton yarns, Leather, sole, Steel billets, Steel plates, Steel rails, Worsted yarns, northern cones, hemlock, No. 1, Bessemer, tank, Pitts- open-hearth, 2-32's crossbred, 10/1 Boston. Chicago. Pittsburgh. burgh. Pittsburgh. Philadelphia. Year and month. I Average Rela- Average Rela- Average ; Rela- ; Average j Rela- Average Rela- Average ! Rela- 1 I p p r o ic u e n p d e , r : p t r i i v c e e , ! i p p ri o c u e n p d e . r p t r i i v c e e . : ! p l r o i n ce g p to er n . j ; p ti r v i e c e. ! \ p r p ic o e u n pe d r , i p ti r v i e ce. l p o r n ic g e t p o e n r . p t r i i v c e e. p p ri o c u e n p d e . r ; i p t r i i v c e e. 1913 i S0.2213 100 i $0.2821 100 $25.7892 i 100 | SO. 0148 I 100 S30.0000 100 SO. 7767 100 1919 i . 5340 [ 241 ; . 5283 187 ' 40.5385 • 157 ! .0271 i 183 • 49.2642 164 1.6274 210 1920. .6245 : 282 . 5342 189 56.2596 ! 218 i .0328 i 222 : 53.8269 179 .1.8250 235 1921. .2904 , 131 . 3583 127 34.3846 j 133 ! .0193 j 130 . 45.6538 152 j 1.1792 152 1921. January . 2S78 130 , . 4000 142 : 43.5000 j 169 I . 0265 1.79 i47.0000 157 1.1500 148 July . 2411 109 " . 3500 124 32.2500 125; . 0185 125 ! 47.0000 i 157 1.1500 148 August .2586 117 ; .3400 121. ! 29.6000 115 ! .0178 120,1 47.0000 157 1.1500 148 September.. . 3446 156 • . 3400 121 | 29.0000 | 112 I .0164 in ; 47.0000 I 157 1.1500 148 N O o c v to e b m e b r e .. r . . . . . . 3 3 6 8 5 3 5 2 1 1 7 6 3 5 : ; . . 3 3 4 4 0 0 0 0 1 1 2 2 1 1 ; 2 2 9 9 . . 0 00 0 0 0 0 0 I ! 1 1 1 1 2 2 j ! . . 0 0 1 1 5 6 2 0 1 10 0 3 8 ! ' 4 4 5 0 . . 2 0 5 0 0 0 0 0 1 13 5 3 1 1 1 . . 1 1 5 5 0 0 0 0 1 1 4 4 8 8 December.. .3391 153 , . 3400 121 : 29.0000 I 112 ! . 0150 101 I40.0000 133 1.2500 161 1922. ! January. .3259 ! 147 .3400 121 ; 28.0000 j 109 .0150 101 ! 40.0000 133 1. 2774 164 » On Toledo market, average for last six months of 1913. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 FEDERAL RESERVE BULLETIN. MARCH, 1922. AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES—Continued. I Flour, wheat, I 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 , . New , TK ? Y iipn o , r JNS k o . o . 77 , I| st ( a 19 n 1 d g a j w r s a d t r a ), p il a d t a e r n d ts Ham C s h , i c s a m g o o. ked, Ill 1 u N 5 m 0 e ° i w n f i a r Y t e i o n t g r 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 , . Minneapolis. Year and month. I " " ! Average Rela- i Average Rela- i Average Rela- j Average i Rela- Average Rela- Average ! Relaprice per tive price per tive price per tive I price peri tive price per i tive price per j tive pound. price. ! pound. price. I barrel. price, j pound, j price. gallon, i price. pound. ! price. | : 1913 i $0.1295 100 | SO. 1113 100 ; $4.5837 100 ! $0.1662 j 100 SO. 1233 ! 100 SO. 0427 | 100 1919 ! .2333 180 i .1785 160 j 11.9982 262 ; .3433 ' 207 .2004 i 163 .0894 i 209 .1920 2304 178 I .1198 108 i 12.6750 277 | .3340 ! 201 .2629 I 213 .1267 297 1921 .1627 126 ; .0719 65 : 8.3264 1821 i! .2678 ! 161 .2432 ! 197 .0616 ! 144 1921. I January . 1738 134 . 0669 60 i 9.6250 210 .2488 150 .2900 i 235 . 0757 177 July . 1490 115 .0647 58 ! 8. 9000 194 I .3200 . 193 .2200 ! 178 . 0546 128 August .1600 124 . 0703 63 i 8.1200 177 : .3248 ! 195 .2200 ! 178 .0583 137 September. . 1595 123 . 07S9 71 . 8. 3188 181 ! .2756 " 166 .2200 : 178 . 0559 131 October . 1644 127 . 0S13 73 i 7. 4250 162 I . 2372 1.43 .2320 i 188 .0519 122 November.. .1725 133 . 0883 79 • 7.1700 156 j .2238 • 135 .2400 ! 195 . 0517 121 December.. .1640 127 . 0931 84 I 6. 8813 150 I .2150 129 .2400 ' 195 .0500 i 117 1922. January. .1538 119 .0963 87 | 7.0000 153 ' .2210 : 133 ! .2175 i .0480 ! 112 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL HESEKVE BULLETIN. 325 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 com- Reserve Board by cable.a parative price levels: INDEX NUMBERS OF WHOLESALE PRICES (ALL COMMODITIES). j • i i i i ! j • I R F t S U q B i e o e t u ( n a o d s n 9 o t i e a e s 0 e t t r r r ) e a s v d a . d - ; 2 e l t t B U i S q S L i c o u u t t n s a a a n o o r i b t t e ( s t f t e i 3 o e ) a a s s 1 r . d u - - 2 ; 5 ' j ' | 1 | C m t D q i L o a ( e e u a 2 n n r p o 7 b i a s a t t 2 o d ) a r o . r a t - 5 f - ; U B m T K t d c ( i n r o o o 1 e o i o a i n a m 5 m s d t f d r g ) 0 e i - d e . ; - - d " I i 1 ! : ' ( 9 K F U B 8 K d e e o n q o s d i a i n e u m e t r r g o e r d v ; - a d t o a l -! ! i ! I i G F t l l i e e r a s B a n t t S i u i n e n q t r l c a - a d u e - i e e ; e ! | ( 1 I a 3 m t B 9 t u f P 8 h a t 2 t a n o i r e e 0 l c e c o t r y r d , o s i h e ) f ; i l m 7 . . - - i 2 1 6 - ( Z F m 7 m f t e r i G 7 u a o i e a r e d n t s c t r n ) i u y e o . - k n - ; r m * - g - ( R t m S 3 m t e i t a G 8 a i o i s a e e m d n c c t c s r t h h i i y o ) - e s s - ; m . - s - - 2 H S t t S q i i w a d o v u n ( e e n n o 4 d d n s i 7 t e n e ) a s . l k g n - 6 s ; - : : j I : ! j j I , ( N 0 9 C R m t m - a o 3 i h k e e n r o i o c r v s w i s d i o n ) a u s k i . m a o , t - 6 e i y - - - ; . ; j • i ( F t 3 mm i t m i T d i 3 n e J aa e o a s r c r n d ) i n k o c . d i 7 s r - - , e n - -i 1 '. j ( m * B 1 S > n 3 o e t t e i i 0 n l a o c p g t c t s d a i o i o u s r i m f - t m - - - ; ! 1913 100 100 i 100 ! 100 ; 100 ' 100 i 100 I. ioo B 100 ! 1914 . 100 i 101 j 101 I 95 i 9 ioo : 116 o 115 , 11 100 i 1919 206 212 , 217 ; 241 i 357 , 364 i. 330 322 294 j. 1920 243 i 246 i 314 I 314 j 510 : 624 i 1,509 i 1,479 j 347 377 382 . 1921 145 153; 182 | 202 ! 201 345 i 578 ! 1,797 i 1,915 | 211 250 !. i 1921. ! ."January... 163 : 177 j 208 251 I 244 407 642 1,549 ! 1,436 267 344 341 February.. 154 ; 167 i 199 . 230 ' 226 377 613 1,484 [ 1,372 250 319 290 July....".. 142 148 176 198 I 196 330 520 1,473 ! 1,425 211 I 300 253 August 142 • 152 ' 174 194 i 195 331 542 1,723 i 1,909 198 I 297 256 347 September 143 ! 152 | 172 191 i 194 344 580 1,820 2,067 182 ! 287 224 364 October... 141 ; 150 ! 169 : 184 i 187 331 599 1,993 : 2,460 175 ! 286 202 368 November. 140 , 149 ! 168 176 ! 177 332 595 2,698 '' 3,416 174 ; 276 186 36S December. | 138; 149 i 170 171 ! 172 326 595 3,283 3,569 172 : 188 1922. ! January... 16S 1(59 i 314 562 ; 3,467 170 ' 260 178 February.. 169; 306 3,814; 166 . 253 177 March.."... 4,713 • 182 I I Aus- | South tralian Cal- ' Holland; Bul- Cairo; Africa; Com- cutta, Japan: I Peru; j Sw: ; Central garia; Depart- Office of mon- New- Dutch India; Bank of ;Shang- Depart- ( L 7 t m i 1 o e D o r s c e r d ) o . n . i m i - z * - o B t f t m i i c c u e S o s o r s t m e ) d a ( . a 5 i t ! - - i u 6 3 s- G ti D s e d t S t n i i e i o t r e q a e l n r a u - c a - e ie . m t S m i t c c e i t o o e a s n m s t d t ( i ) 2 i s - o . - 3 - f a C n t m c i d e ( s o 1 o n t m 8 i d S s c 7 u i t - s - a s - S ( s w B 9 t o u a 2 f u e s t C a r i c s a e l o e t t n a m h n i u d c ; - - s Z m D S e t e e t a i a p n c l t a a s t i n . r s o t d - f - ; B I S u n t E t i r d a c a e i t a s a e i l t s u s - ; .6 m D t S i r c c e e n t o a s p n o m t a t d ( i 7 r s - - o t - 5 f - ( T 5 J m t 6 i o a o f e k d p c o s o i r a y ) r - n o n . - 2 j ! ! j m D S e e t t h p a i n a a t c t i s i r ; s o . t - f - ( m 5 S t m i 8 e t e t a o i s n c c t ) d t o i . s * i s o m - - 1 f ties). modi- ties).2 ties).' 1913 100 100 (17) 8 100 100 J 100 1914 100 105 103 • 100 , 100 I 12 100 104 * 100 ' 13 100 96 ' 104 1919 297 : 1,166 : 225 | 181 i 180 178 281 • 236 I 20 100 ! 220 1920 282 1,940 : 299 ! 245 j 218 212 226 .. 204 259 1 106 | 238 1921 195 181 2,006 I 180 I 167 166 : 181 200 109 ' 205 1921. j' January 238 213 2,392 i 214 260 | 196 216 214 ; 206 201 104 221. February 230 ! 197 2,135 ! 196 192 210 197 : 195 195 107 215 July 179 : 176 1,721 I 164 159 200 183 ' 183 196 109 201 August 177 ' 180 1,730 i 166 160 197 184 ! 184 199 112 205 September... 181 180 1,758 j 176 160 197 188 : 1.87 207 . 111 205 October 184 i 169 2,052 186 156 195 175 . 184 219 ; 110 203 November 182 : 165 2.061 181 151 170 : 180 214 i 109 195 December 165 2,155 170 148 166 * 180 209 i 110 190 178 " ! 1922. January 176 161 2,095 168 146 178 205 j 190 February 171 1 Index numbers for 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 1* As of Jan. 1. of the BULLETIN for April, 1921. 15 Prices as of first of the month. 1914= 100. a Average for the month. 18 Based upon prices of 52 commodities during 1920; 53 during 1921. 3 End of month. 1913=100. * Beginning of month, but not always the first. " Jan. 1,1913-July 31,1914=100. »Middle of month. 18 Average annual expenditure, 1913=100. • End of year and end of month. is 1914= 100. 7 First of month. so September, 1919=100. » July 1,1913, to June 30,1914=100. *! Average for month until September, 1921; thereafter prices as of 15th •Middle of 1914=-100. of month. w Dec. 31,1913-June 30,1914=100. 22 Average of last half of month. " July 1,1912-June 30,1914=100. 23 April, 1914=100. "July, 1914=100. 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

326 FEDERAL RESERVE BULLETIN. MARCH, The index number for the Dutch East Indies, and the French, Australian, Japanese, and Canawhich appears in this issue of the BULLETIN dian indexes. A description of the method for the first time, is compiled by the Statis- used in the construction of the Swedish index tical Bureau of the Department of Agricul- number appeared in the BULLETIN for Febture, Industry, and Commerce in Buiten- ruary, 1921, the new Italian index number was zorg, and is cabled each month by the Amer- discussed in the April, 1921, issue of the BULLEican consul at Batavia, Java. The index is TIN, and the method used by the Frankfurter constructed on the basis of average prices for Zeitung in the case of the German index numthe five-year period 1901-1905, but as pub- ber was described in the BULLETINS of Februlished in the BULLETIN it has been recomputed ary and March, 1921. Complete information on the basis of prices of January 1, 1914, for regarding the computation of the index of the purposes of comparison. The commodities United States Bureau of Labor Statistics apused are classified under five headings—I, pears in the publications of that bureau, and Grains and Meats; II, Other Foodstuffs; III, a description of the index number of the Fed- Textiles; TV, Minerals; V, Miscellaneous (oil, eral Reserve Board may be found in the BULwood, rubber, etc.). The "all commodities" LETIN for May, 1920. The Danish index has index number, which is the • only figure pub- been constructed only recently, is based upon lished in the BULLETIN, is a weighted arithmetic the prices of 33 commodities, and is roughly average of these group indexes. weighted according to consumption. The new British index number, compiled by the Board The statistical section of the Belgian Ministry of Trade, was described in the March, 1921, of Labor has constructed a monthly index of wholesale prices in Belgium beginning with issue of the BULLETIN. The BULLETIN for December, 1921, contains a description of the August, 1921. The index numbers are calcuindex published by the Federal Statistical Bulated according to the "chain system," i. e., reau for Germany, and the indexes for Switzerthe base is shifted each month so that prices of land, Holland, Finland, Norway, Bulgaria, any one month are expressed in terms of the Cairo, the Union of South Africa, the Dominion preceding month. For purposes of compariof New Zealand, and Peru. Lack of space preson, however, the index numbers published in vents the publication of group index numbers the BULLETIN have been recomputed on a for these countries, but they can be obtained permanent basis of prices in April, 1914, as 100. at any time upon request. In the case of the The index consists of 130 commodities of both two American index numbers, 1913 is used as domestic and foreign origin, represented by the basis in the original computations. In most more than 200 price quotations. The comother cases in which 1913 appears as the basis modities are divided into 16 groups and for the computation, the index numbers have weighted according to the number of articles been shifted from their original bases. The included under, each head. Where several computations in these cases are, therefore, only quotations aie given for a certain commodity, approximately correct. In certain cases July, a simple arithmetic average of these quota- 1914, or the year immediately preceding that, is tions is taken. Both the group indexes and used as the base. Since the figures are for the the general index are geometric averages. most part received by cable, the latest ones are The prices are furnished by well-known indussubject to revision. In certain cases the index trial and commercial organizations and apply numbers for the war years were published in to the last half of each month only. various issues of the BULLETIN in 1920. The BULLETIN for January, 1920, contains a description of the Statist index for England, GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS. [1913= 10Q.] Farm Food, Cloths arid Fuel and «IH at All Date. products. etc. clothing. lighting. commodi- |a"ddnigs- ties. 1913.. .100 100 100 100 1919.. 234 210 261 212 1920.. 218 239 302 243 192J.. 120 143 183 153 1921. January 136 162 208 July 115 134 179 August 118 152 179 September... 322 J40 187 October 119 142 190 November... 1L4 142 186 December... 113 139 185 1922. January. 116 134 183 183 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 327 ALL COMMODITIES GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE. [1913=100.] j Other Meat Other Total Iron and mot als Cotton. . Other Other Total All com- "'•• i alid fish. foods. food. steel. and textiles. articles. not food. modities. minerals. i .1920 average 273 j 263 278 j 272 406 252 480 362 274 340 314 1921 average 195 • 222 214 j 21.0 243 ISO 193 174 197 198 202 192 L January 245 i 285 245 j 257 359 213 221 : 220 221 248 251 July..: 202 ! 214 215 j 210 229 .185 180 161 194 192 198 August 204 217 21.0 i 210 220 172 176 159 189 186 194 September 197 201 201 j 200 207 160 213 163 190 186 19.1. 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 1.53 181. 187 173 172 152 1S8 167 177 170 171 Jannaiy 1922. 147 ' ! 170 182 m 166 149 18! ' no 174 167 167 GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU. [1913=100.1 J)al.e. fo A m o n a d i l l i -r ; ' i ^ /^ ^ T .c i of a f n e d c |j ; ( F 2 o 0 o ) d . s : j M er i a n l - s . i ! T ti e le x s - . . \ S d m ri i e - s m J r (2 i i a a a 5 t w l ) s e . - ' i • , i ities. |! fooclsfoods- c co a X c n o d a ; ' . F ( o 2 o 0 d ). ss M era i l n s - . t T il e e x s - . m R r (2 i a a a 5 t w l ) e s . - m i c t A o i o e m l d l s - - . -..!. 1919 average.: 392 313 : 253 ! 336 ! 272 i 4-14405 373 : 357 '< 1921 1920average.! 503 427 : 422 i 459 ! 419 i 737 524 550 ! 510 : October : 345 I 305 305 323 262 391 365 i 338 331 1921 average.: 380 330 | 343 355 i 275 I 355 374 338 •• 345 i; November... 331. ! 306 324 321 277 388 362 J 341 332 ; ;' December...: 324 I 303 300 313 364 . 337 326 1921. February.... 452 ! 317 : 338 378 , 300 j 398 422 378 i 377 !! 1922. I i July 353 j 364 | 393 366 ! 253 290 343 301 i 330 i1. January : 309 j 289 306 302 258 363 350 : 324 314 August ; 371 • 337 ' 352 355 : 215 321 356 312 j 331 ,! February....^ 303 , 288 318 301 242 345 341 . 3.1.1 306 September.. 373 i 311 j 389 352 ' 253 388 370 338 | 344 :i ' ' GROUP INDEX NUMBERS—ITALY—RfCCARDO BACH1. . . [1920 = 100.] i '. • Aliu- Other All Min- lild Other All ! ! t f V a o b o e d l g e s e . - f A o m o n a d i l - s .1 , ; 1 r v C i t T il e e x s - . m a a n l e s d t . - m ria a l t s e . - t p u a r c b o t l s d e . - d S r u i n es - . m c it o i o e m d s - - . f Y t o a o e b d g l e s o - ; J , f A m oo n a d i l s - . ' | SET m e a r n e a d l t s - i ate- v t p a e r b o g l e d e - - d S r u i n es - . m i c t o i o e m d s - - . 1921 averageJ 107 116 ' 77 65 . ... 101 110 96 93 1921. i I 67 October 116 ! 129 i 75 76 64 91 114 94 96 1921. November 114 ; 126 i 76 75 65 no 114 94 95 January .: 107 121 i 98 77 88 113 123 107 103 December.... 115 i 121 74. 79 QQ 89 114 94 95 July . i 100 109 i 65 54 60 95 92 87 83 • August .i 107 113 : 68 62 60 92 96 87 87 1922. i i September. .! 114 125 ; 75 59 91 102 93 93 January 109 j. 112 | 73 68 62 111 92 90 i 1 GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG.1 [Middle of 1914=100.] j ; i I A p U t g u r C r o r i t c S d a . l u - l- le t T a i t l e h e x s e - , r, i M a i l n s e . r- la M n i e s o ce u l s - . m c t A o i o e m l d s l . i - - ! ! : A p u g t r u c r o i r t d c s a - . u l l- Jc t T a il e t e h x s e - , r.i i . M a i l n s e . r- l M an i e s o ce u l s - . m c t A o i o e m d H s i . - - 1920 average ! 1,230 3,160 1,747 1,432 1,509 1921. 1921 average ; 1,693 2,957 1,932 1,768 1,797 Beginning of— November.. 2,78;; 2,937 ! 2,092 2,60S 1921. Dc( ember.. ??2Z '567 3,580 | 2,458 3,283 J3eginning of— March i 1,204 2,343 1,552 1,517 1,419 1922. July : 1,274 2,153 1,594 1,592 1,473 Beginning of— August : 1,784 2,289 1,636 1,550 1,723 January 3,295 6,567 i 3,636 3,033 3,467 September 1,851 2,616 1.748 1,608 1,820 February... 3,576 6,975 | 4,084 3,450 3,814 October , 1,995 3,270 2^ 112 2,567 1,993 March 4,745 7,357 I 5,105 4,083 4,713 i Latest revised figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 FEDERAL RESERVE BULLETIN. MAKCH, 1922. GROUP INDEX NUMBERS—GERMANY—FEDERAL STATISTICAL BUREAU. [1913 prices^ 100.] Goods G oods All com- G oods Ci oods All comproduced imported modities produced imported modities (16 com- (22 com- (38 com- (16 com- (22 com- (38 commodities). modities). modities). modities). modities). modities.) ! 15)20 average 1,253 | 2, 009 ; 1,479 ji August. 1,913 1,888 I 1,909 1921 average, 1 915 September ; 1.952 2,043 ! 2.067 December, 1920.. 1,323 2*005 j 1,437 October 2, 235 3,585 ! 2,400 November 2,967 5,002 : 3,1l(i 1921. Decoraber !. 3,569 July. 1,3(19 1.70K . 1,425 i GROUP INDEX NUMBERS—SWEDEN—SVENSK HANDELSTIDNING. [July 1,1.9L3-June30, 1914=100.] i i Date. f V t o a e o b g d l e e s - . An fo im od a s l . R c fo t a u e r w l r t i a u a m g r l r s e a i . - - Coal. Metals. i ! B m u r i i a l a d t l e i s n - . g j l H e a i a n t d d h e e s r. Textiles. : Oils. j m A o l d l i c ti o e m s. - 1913-14. 100 .100 100 100 KM) • 100 ! 100 100 100 i 100 100 191.9 261 409 340 804 ! 258 ' 286 I 308 21J 330 1920.... 262 290 312 1,007 I 278 371 ! 675 2.15 324 j 294 347 1921.... 210 220 227 285 i 159 : 2-13 i 310 107 141 : 228 211. .1921. February.. 23 L 241 2-18 362 ; 204 319 j 511 ! 108 147 31S 250 July....:... 236 227 216 315 \ 149 .199 i 197 LI2 133 191 21.1. August 217 230 214 250 i 130 L98 ! 183 ! 107 132 191. .198 September. 183 208 207 223 ! .130 191 j 178 108 166 191 182 October 167 198 200 202 i 130 21.1 I 169 119 161 187 175 November. 1.61 .196 197 . 194 ! 133 239 I .1.81 .108 .149 179 174 December.. 156 186 202 197 i .134 243 ! 189 no .179 172 I 1.922 January.. 168 i 173 202 ! 179 I 131 ' 228 i 189 104 144 | 179 170 .February. 170 ! 159 170 i 186 ! 130 , 226 I 178 97 1.38: 179 1(56 GROUP INDEX NUMBERS—CHRISTIANIA, NORWAY—OKONOMISK REVUE. | Dee. 31, 1913-Junc 30, 1914=100.] Fuel. Date. I ; A f n oo im ds a . l I | i I ! t a i F n l e i d x e c d f r e - s r . - : i • i c C a o n o k d a e l . b P e l a e e n n t u z d r m i o n - e . i i i . Iron. Metals. | I i i t n B c g r u i i m a l l d s a - . - t T il e e x s - . le H a a i t n d h d e e s r. I ****• m c t A o i o e m l d s l - . ir End of— 1 1 9 9 1 1 4 9 . . . . 3 1 2 1 9 5 2 1 8 3 1 0 i : 2 1 7 0 7 8 ! j 7 1 6 5 7 L 1 1 0 6 4 2 4 1 4 1 2 5 : 1 1 8 2 7 8 j I 3 1 5 0 8 7 3 10 5 5 6 I 2 1 8 5 4 8 2 .1 7 .0 7 3 3 10 2 .1 2 . ; 3 11 2 . 2 5 1920.. 352 385 I 340 i 647 407 482 ! 200 j 416 402 i 255 321. 472 i 377 1921.. 203 279 i 233 ' 276 278 183 i 291 320 I 219 ! 183 33S | 269 1921. i February 294 324 292 358 364 310 167 362 352 21.2 j 2S9 | 472 i 319 July....; J01 408 254 388 303 307 190 309 319 197 i 276 i 392 ' 300 August 296 360 260 371 297 307 190 305 315 197 I 262 ! 392 • 297 September V)2 303 254 333 297 339 190 299 309 21.0 i 227 • 377 ; 287 October 297 303 251 333 297 335 197 297 315 228 i 227 ! 350 ; 286 November 273 282 233 316 276 319 184 293 320 219 | 227 ! 338 : 276 December 263 279 233 276 278 183 291 320 219 i 183 ! 338 ' 269 1922. January 24-1 I 256 I 226 | 279 276 183 ! 279 316 219 : 183 i 332 i 260 February 236 j 250 ! 224 | 279 256 263 165 i 274 310 219: 1S3 ! 327 •- 253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAUCJF, 1922. FEDERAL RESERVE BULLETIN". 329 GROUP INDEX NUMBERS—AUSTRALIAN COMMONWEALTH—BUREAU OF CENSUS AND STATISTICS. [July, 1914=100.] Date. ' i Met c a o l a s l . and T l e e x a e t t t i h c l . e e r s , , p A r g o t r d u i u r c a c u l t l s - . pr D o a d i u r c y ts. G t r o o b a c a n e c d r c i o e . s Meat. ; I m B a u t i er l i d a i l n s g . Chemicals, jm A o l d l i t c i o e m s - . July, 1914 i 100 100 100 100 100 100 100 100 100 1919 193 217 186 137 147 145 ' 261 282 ' ISO 1920 209 243 229 184 186 201 , 295 277 i 218 L921 198 125 I6f> 166 1.92 133 : 249 225 ' 167 1921. January 215 145 197 208 1.97 191. i 279 24.1 ! 196 Julv ' . 195 111 158 166 188 119 238 220 ! 159 \.ugust 194 116 160 164 190 120 231 224 i 160 September 193 143 159 146 187 110 226 220 160 October 193 147 157 129 189 98 210 220 • 156 November 190 138 155 123 188 '87 ' 198 208 ' 151 December 183 134 149 122 187 93 j 192 205 | 148 1922. Fanuarv 1S5 L33 14.0 US 1SS 92 190 200 \ 146 GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABOR.1 [1913=100.] I I Date. i I f G o a d r n a d d i e n r s , • j j m A a n e n i a m d ts a . ls D u a c i ts r . y t v a a e b n g l e e d - s. • T extiles.! ! I le H a e i t t d h c e e . s r , , l i t B n u e u g m r i i b l a m e l d a r s - - . , F l u ig e h l t a in n g d .c D h c a r e a n u m l d s g . i s - I I i : m c t A i o o e m l d s l . i - - 1913 ; 100 I 100 100 100 100 100 100 100 100 ioo; 100 1919 ! 227 I 199 192 206 222 285 213 171 201 205 ! 217 1920 , 263 I 198 204 261 258 303 192 268 255 204 246 1921 ! 150 i 119 1.57 172 18.1 189 110 211 2.1.S 182 1921. I i February ...! 171. 171 1S5 163 205 20. 126 239 231 18$ ! 199 July....." ; 146 i 143 333 157 174 179 106 217 207 175 ! 176 August I 152 143 142 182 173 181 101 192 206 176 j 174 September 144 j 133 141 170 170 183 100 189 206 171 ' 172 October ! 127 134 149 171 162 185 100 190 210 169 I 169 November 125 | 113 158 176 158 179 100 180 211 165 ' 168 December ! 131 : 122 170 188 159 176 100 180 211 166 ; 170 1922. | ! j January ] 133 ; 129 149 186 155 176 99 180 206 163 I 168 February 145 : 140 141 204 155 174 97 179 204 164 169 1 Unimportant groups omitted. GROUP INDEX NUMBERS—CALCUTTA, INDIA—DEPARTMENT OF STATISTICS. [End of July, 1914=100.] Date. B m i u a n i g t l e d - - ! ! I t M u fa r a e c n d - u - , • ' » tals. H a i n d d es C m f o a a t c n t - o u n -i ; | co R t a to w n, Tea. Sugar. foods m c o A o d l m- i l . rials, jartioles skins. tures. i ties. End of July, 1914.. 100 j 100 100 100 100 i 100 100 100 i 100 100 100 100 100 ioo ! 100 100 100 1920 average 138 I 231 j 238 147 354 j 153 149 . 162 i 128 104 173 78 407 166 I 154 ! 184 204 1921 average 146 ' 242 j 237 108 306 143 105 1.12; .1.08 83 135 100 270 160 ! 1-15 , 157 18.1 1921. January 158; 238 247 81 324 1.07 104 149 ; 116 85 130 77 314 139 I 139 178 July../. 149 , 237 ' 245 116 316 136 102 147 ", 115 80 157 92 247 173 151 i 162 183 August 143 ! 242 , 241 121 301 150 107 135: 116 ! 85 150 107 236 182 153 ' 170 184 September.. 143 ; 247 214 120 302 217 127 147 ! 115 i 102 145 116 219 182 157 ! 172 187 October 141 j 251 , 214 122 310 193 112 148 ; 106 ' 88 122 124 205 184 154 ; 166 184 November.. 141 946 : 213 116 166 108 150 • 104 I 77 123 151 203 178 143 164 180 December... L.V j 235 : 219 128 176 111 150 ! 103 I 86 124 152 194 180 147 169 180 1922. i January 132 ; 236 | 222200 126 275 165 110 : 156 I 105 i 85 132 161 225 177 139 150 178 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

330 FEDERAL RESERVE BULLETIN. MARCH, 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 j SWEDEN; COST OF LIVING IN UNITED KINGDOM AND of living in the United States and important' BERLIN. European countries:1 \ [July, 1914=100.] 1 Three of these index numbers—those for the United Kingdom, Sw re e t d a e i n l , B co e s r t l i o n f , I r t e a t l a v il . Paris, and Sweden.—are constructed on the basis of prices in July, 1914= prices. living.3 prices.4 100. In the case of the United States, the original base, that of'the year 1913, has been shifted to the July, 1914, base. The German index uses the year ending July, 1914, as a base. S ac t T a co t h i r s e d t i i A n c g s m , w e to r a i s c f a a b n m a s i i e l n y d d e u c x p o o n n n s u u t m h m e b p e r t e r i , o t a n c i , l o p n 'u r s i n t c r t e u il s c o t J e f a d n 2 2 u b a a y r r t y t i , c h l e e 1 s 9 B 2 o u 1 f r , f e o w a o u h d e , n o w f e i L t i g a w h b t a o e s r d 1 1 1 9 9 9 2 1 2 0 9 1 1 1 IS 9 8 O 9 2 i j i 2 2 2 4 1 2 9 6 6 . : 2 3 33 6 7 7 0 1 2 3 2 9 3 21 8 7 1 1 , , 0 2 8 3 0 6 454 increased to 43 articles reported by dealers in 51 important cities. The 1921. method of weighting continues the same, although the actual "weight" j January... 109 265 410 283 1,111 542 applied has been changed. February.. :I55 251 " 3S2 262 1,087 540 The .British index number or the cost of living constructed by the July 145 219 • 306 232 1,125 501 Ministrv of Labor consists of I he retail prices not only of foodstuffs but iAugust 152 222 : 317 234 1,177 534 of« o.t mh erV art. i. clI es as we1l1 l. •R*-<*. etia>il1 Tcllo1«t hing pr• ices, reins, an-d1.1 the cos. t o.af September.1 ]50 220 • 329 | 228 1,212 542 fuel, lighting, and miscellaneous household items are also taken into October... 150 210 . 331 218 1,340 consideration. The index number is weighted according to the im- November.: 149 : 203 ' 326 | 211 1,767 portance of the items in the budgets of working-class families. December.; 147 | 199 : 323 I 202 1,934 The retail price index for Paris, compiled by the French General 1922. l m S w t e a a i n t g i ' s h s t t i e f c a d a m l a il c O y c f o f o i r c d f e i , f n o g c u o r t n o p s e i t s r h t s s e o n o a s v f . e r r e a E t g a l e i e l v a p e n n r n i c u o e a f s l t o h c f e o n 1 c s 3 o u m d m i m f p f t o e i r d o e i n n t i t e o s f c o i a n m c w l m u o o d r d e k d i i t n i i g e n s - , J F a e n b u ru a a ry rv .. . . . ; ; . 1 1 8 3 9 9 ; j 1 19 8 2 8 ; I 3 3 1 0 9 7 ! ]90 this index are foods, and the other two arc kerosene and alcohol. The Swedish index number consists of the retail prices of foodstuffs, \ 1 Average for the month. fuel, and lighting and is based upon the prices of 51 articles in 44 towns i 2 Beginning of month. (in 1920, 50 articles in 49 towns), weighted according to the budget of • a August. 1913-July, 1914=100. a workingman's family which before the war had a yearly income of i 41913=100. 2,000 kroner. The German index expresses upon a percentage basis figures compiled by Dr. R. R. Kuczynski of the Statistical Office of Berlin-Schone- for the most important cities, computed by the Kalian Ministry of berg. Dr. Kuczynski bases his calculations upon the cost of living per Labor, consists of retail prices of 21 commodities. Twenty of the comweek of a family of four in. Greater Berlin. The Italian retail price index modities included are foods and the 21st. is charcoal. FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, NORWAY, JAPAN, AND GERMANY. In the following table ar< Sweden. Tn France and Italy the value of foreign trade is estimated not in terms of current prices but in terms of those of some earlier, dated showing the monthly value of the foreign trade usually the preceding year. of a group of important European countries None of the figures presented below include the import or export, of gold and silver. In the case of England and France, group figures and Japan.1 are given as well as total values, while in the case of the other countries total values only are presented. This does not mean that group figures are not obtainable, merely that they are either delayed in publication 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 same in all countries. Tn England imports ; material. arc given current c. i. f. values in England; exports and reexports, \ Japanese figures for recent months are received by cable and subject current f. o. b. values. The same method is followed in Japan and ; to revision. FOREIGN TRADE OF THE UNITED KINGDOM. Imports. Exports. Reexports. In thousands of pounds sterling. In thousands of pounds sterling. In I ai id . r a ia R r l t s i a c w a le n s d A m w r a h t o i i o c n r l l l l e y y s | i l i M a n n i c i e n s l c o u g e u d l s - - ,! | | Total. • i o s f t a h I t n n o o d u n s - s. d F r o i o n d k , , ! I ; I r a i m a r R t l a i s a c t w a l e e n - s d A m w r a h t o i i o n r c l l l l y y es ! j ! l M a in n i c i e n s l o c g u e u d l s - - , Total. o s t f h a I t n o n o d u n s - s. P s t a h n o f d u s - i I 1 o s f a t n o d n s s. manu- parcel j manu- ! parcel ling. factured. post, j factured.j post. iactured. Ifactured. I Monthly average: 1913. .... 24,184 I 23,485 16,134 64,061 4,669 2,716 , 5,825 34,281 949 43,770 : 7,650 9,131 152 1919 59,927 ! 50,505 24,663 358 135,513 2,814 I 9,274 53,457 1,008 ! 66,553 ; 13,729 1920 63,817 . 59,196 37,787 254 161,387 3,795 4,245 i 12,126 93,312 j 1,523 i 111,206 I 3,292 18,563 139 1921 47,271 | 22,598 20,421 268 90,557 i 3,263 3,122 i 5,297 49,055 j 1,126 j 58,000 ! 2,748 8,921 118 1921. January 49,149 i 37,005 30,167 420 117,041 i 3,383 3,852 " 7,668 79,746 i 1,491 92,756 2,558 9,955 July...".... 42,090 i 20,232 18,005 431 80,757 ! 4,050 2,702 i 2,775 36,705 ; 990 43,172 11,350 9,362 August 50,584 | 19,589 18,194 214 88,581 3,389 3,124 ,' 7,058 39,936 ! 1,228 51,346 3,747 9,998 154 September \ 48,410 20,465 17,905 338 87,119 3,515 3,300 ! 6,997 44,009 i 942 55,248 4,128 8,595 116 October 44,475 ! 21,256 18,691 320 84,742 j 3,470 3,466 7,359 50,328 j 1,113 62,265 4,297 10,386 159 November. 41,246 i 29,946 17,913 154 89,259 ! 3,343 3,586 ; 7,046 51,094 : 1,169 c6o2 ,8on9e5 i•' 4; 541 9,823 139 December. 39,063 i 27,792 18,291 j 165 85,312 i 3,088 3,187 ; 7,446 47,364 : 1,378 59,375 i 5,238 9,204 107 1922. January I 33,972 j 24,565 17,710 j 241 2,861 7,032 51,824 1,429 63,147 i. 8,459 February I ! 69,375 j. 58,335 i. 10,174 I i 1 Includes reexports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL KKSEJiVE BULLETIN. 331 FOREIGN TRADE OF FRANCE.1 Imports. Exports. 1 In thousands of francs. In thousands of francs. In ' in ihou- : thousands of; Isands of ! Food. m r .R i a a a t l w s c . - | • ! : M a t r a u t n i r u c ed l f e a . s e . - Total. 1 ! T ™ 0ll f S l f ! j| Food. ria in ls a . te- . a ! r ^ tic S le l s. "" Total. j I m to e n tr s i . c Monthly average: I 19132 1 151,465 412,144 : 138, 169 701,778 • 3,685 ; 69,908 154,841. 301.420 47,182 573,351 1. 840 19193 • 892; 040 1,229,435 j 861,797 2.983,272 I 3,204 99,201 203,691 615)630 ! 71,44-1 ! 989.966 ' 464 1020 8 ! 718)179 ! 1.400,046 j 832,187 2,950,413 ! 4)211 | 184', 277 397,677 1,187,742 99,867 .1, S69'. 583 1,071 1921 « • 517,158 i 1,033,170 412,045 L962,373 : 3,165 ! 161.', 03 L 463,21.9 1.067.413 : 104,430 1,796,092 1,333 1921.3 ; .)ami:.!ry ' 346, 703 1.10L.207 . 534,498 982,468 3, 702 . 188.546 436,069 • 1,142, .115,605 1,882,618 1,11.7 J uly...' : 434,001 704! 069 | 331,047 469,1.17 2, 164I 123,303 439,534 925, 74,350 j .1.563,055 1,194 August 555.545 855;697 i 320;052 731,294 j 2, 593 1 112,654 445.312 !].084. 882!,933 ! 1)725,092 1,035 September ; 091 ',972 1,204,213 329,494 225,679 3^ 993 .146,467 444'. 89 L ;.1)087; 9'5-) 8—5 2 1774; 653 1.172 October 717,091 i'. L9J, 860 j31.8; 000 220,051. 2; 809 1.32, 424 482; 376 ••.1,041; 103,078 59.472 1)25J November 504.012 1,446.125 : 323'. 593 333,730 ! 5, 161 : .157. 180 478,875 : ' 992; 120,1543 l'.74<654 I.51.5 December 754,671 1,856! 148 | 543.445 154.264 5. .197 . 259,605 549.495 : 1.193; 180,059 2) 1S2,320 2, 507 i 1922. January.. 1 Not: including gold, silver, or the reexport trsade. Latest figures subject to revision. - Calculated in 1913 value units. .3 Calculated in i919 value units. French foreign trade figures arc 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 (;hc end of the year is the trade evaluated at the prices prevailing during that year. 'Because ofihe disturbed price conditions in France during the past two years. L919 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 millionsof (in millionsof •lire.)1 kronor.) kronor.) yen.) Imports. Exports. Imports. Exports. Imports. Exports. Imports. EXLor Is. — - Monthly average: J913 304 210 71 (^ 46 33 61 53 1919 1 3^r) ->06 ; 9ii J31 21 "> 65 J Si 1 175 1920 2 1,322 2 650 281 191 253 104 195 162 1921 !06 91 128 63 135 104 .1.921. ; January 122 91 124 6S 105 75 February. 116 89 131 56 119 77 .July »557 3 44.1 98 94 134 6L 110 99 August » 981 3 587 ; 103 113 148 72 132 106 September . ••« %2 3 659 126 .105 176 82 129 96 October 8 1,101 3 683 101 99 153 82 130 112 November 3 1,125 3 718i 95 103 1J6 65 154 .121 December... 112 108 129 82 160 145 1922. i January 77 61 176 S7 Fcbruarv 196 101 1 Latest; figures subject to revision. 2 Based on 19L9 values. 3 Based 011 actual current prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

332 FEDERAL RESERVE BULLETIN. MARCH, 101*2. FOREIGN TRADE OF GERMANY. Imports.1 Exports.2 j Merchandise. Merchandise. j Gold and Gold and ; silver (in silver (in j t o h f o m us a a r n k d s) s . In o f m m i a ll r i k on s. s m I s e n a tr n i t d c h s o t o u o n - f s. o th f o m us a a rk n s d ) s . I o n f m m il a l r io k n s. s m I s e n a tr n t i d h c s o t o u o n - f s. Monthly average: 1913 927 6,068 8,450 841 i 6, .146 1920.. 1,570 17,773 5,776 | 1,657 19213. 17,756 ! 9,910 2,232 34,901 8,295 ! 1,715 I July ; 8,376 7,572 1,925 37,567 6,175 1,55S August 35,765 9,382 2,411 13,514 6,670 1,828 September. 26,674 10,642 2,533 26,832 7,492 1,871 October... 60,693 13,814 3,005 30',013 9,681 1,973 November. 5,312 12,273 i 2,535 44,073 11,887 1.908 December. 4,922 13,702 : 2,086 86,227 14,468 1,930 January4 12,800 | 2.31.0 14,500 2,030 1 Not including philanthropic gifts. 2 Not including deliveries on reparations account. 3 Average for 8 months. Figures covering first 4 months of 1921 are not available. * Subject to revision. INDEXES OF INDUSTRIAL ACTIVITY. ENGLAND. Production (long tons, 000 omitted). Railways! Iron and Cotton Coal. n t c i a o o g t n n o e s n ( u t g s r n r u ) o d . c s e - s r o n ( m 0 m e 0 i t 0 t i l t . t e e 0 o s 0 d n 0 ). i | | f m a s c a t t e u i e m r l e - s I j | f m ac a tu n r u e - s o to m ( n C l i s o t o , t n a e 0 g l d 0 ) 0 . 19.1.3, average 23,953 : 855 12,002,699 I i 1920, average I 19,108 : 670 646 13,603,131 ! 1,546 1921, average 13,696 218; OW4 £•00 13,312,983 I 1921. I ; January 2 21,805 I 642 j 493 373 1.268 July-/- ! 215,214 10 , 117 137 1,310 ! August 16,589 : 94 ' 434 321 1,194 | September ! 16,517 • 158 429 322 1,060 33 283,000 October 2 21,090 236 : 405 304 1,123 ! November ; 17,875 272 444 330 1,216 I December i 2 22,594 275 , 381 292 1,271 & 2,640,000 1922. I January : 17,693 ' 328 16.2 1 Average of 4 quarterly estimates. 3 Work suspended on all but 2,094,000 tons. 6 Work suspended on all but 1,918,319 tons, 2 Five weeks. 4 End of month. e Yards. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 333 FRANCE. t d i p P i r u o r o i o c n g n - - . C t s d p i r t u r o u e o c n d e - - l . el d P u r c o e - d. m S C t i o n a o c t e a k s l. . s 1 con ti f s o o u n r m . p- R t f p s o o a t u o r n i w o m r c t i n o e m c p . d o n - - t - - s H t C o a o c v t k t r s o e n a .i t s f p s o i t R u l o r i k o m r a c t n i w o e p m . d n - - - im T p o o ta r l t s., ! ex T p o o t r a t l s, j emplo ^ yed i receiving ^municipal Thousands of metric tons. M to e n tr s i . c s b 5 a T a 0 n h l k e d o s s i 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 ! ! i s m T an h e d o tr s u i c - o f I | i | P a a id n s in .2 grams. tons. I tons. | 1913, average I * 434 j » 391 3,338 1,558 27,428 274 629 3,685 j 1,840 1920, average i 286 1 254 2,025 279 2,005 19,577 225 390 4,211 I 1,071 3,022 11)21, average ; 280 255 1,472 16,660 109 200 3,105 j 1,333 20,671 1921. | January I 293 208 2,352 879 1,738 20,393 188 161. 3,702 I 1,117 34,758 July...*. ! 267 223 2,280 256 000 6,539 131 51 2,164 1,194 10,616 August i 255 232 2,403 1,353 1,065 10,700 132 202 2,593 i 1,035 9706 September : 244 230 2,432 1,476 1,874 11,769 131 201 3,993 '. 1,172 7480 October • 250 200 2,524 1,560 1,301 25,757 181 385 2,809 1,251 5,348 November | 295 } 277 3,291 29,059 .192 277 5,101 ! 1,515 3,730 December ! 301 j 302 2,895 30,835 208 382 ! 5,197 i 2,507 4,175 I 1922. January. 188 4,058 T 1 End of month. s End of month. These figures have been 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. a Does not include Lorraine. GERMANY.* Production (in 000s of Imports (in metric Exports (in metric ' Ship arrivals in Unemploymetric tons). tons).12 tons).2 Hamburg. ment. i Num- Ton- I ber of Coal. i : . n L i i t g e. - I o Ir r o e n .3 t C o o n t . - < m tu I i a f r a r r a n o e o c n d - n s n u .5 - s d t a u y n f e d f - s. Coal. ; = b N sh e u i r r p n o s - . f r o t t t n ( 0 e e e o m a n 0 g d r n g e e 0 i ) i s s . t e d t s ; - - ! i ; '. u u t m p r c n P n a l e o e e o i e d n o f n m y r e t n t - - . - I j ! : r p p u o S e ( l e n 0 i a m c o t n r 0 i e a e y s d g 0 i m i t o e t v e s - n d - - s I ted). 1913, average j 14,425 2,7211 7,269 212,163-1,224,951 43,424 541,439 ., 812 2,,881,126' 1,250 1,182i 2.9.. 1920, average i 10,945 2,098! 9,323j 49,290! 537^ 535 12,490 145,883 008,749; 407 3.8! 366 1921, average j 11,351 2,327j 10,251 200,2641 619,194 30,894 203,993 518,9371 1921. | January j 12,009' 2,350 10,0711. .1. 525 055! 4.5 410 July 10 731 2,218 10,0651 155,2001 493,434 35,176 177,773; 7,353 453,173: 809 8881 2.51 314 August ! ll,727i 2,247 10,606! 278,661 356; 397i 52,433 240,071! 9,618 613,739: 942 95ol 2. 267 September j 11,607, 2,278 10,359! 262,915 564,8271 28,766 225,331: 10,156 649,158 957 1, OI81 232 October 11,977! 2,396 10,567i 273,490 919,822J 29,739 216,115 10,255 570,048 915 1,047: 1.2: 185 November J 11,708; 2,344 10,479! 191,932 937,268; 27,242 23-1,249; 9,953 569,057: 838 88i; 1.4! 152 December I 11,923! 2,420 11,029. 97,499 790.81V 28,313 216,2641 9,212 640,877!. 1922. January.. 1 Latest figures subject to revision. 3 Import and export figures for the first four months of 1921 are not available. 1921 averages are based on eight months. 8 Includes manganese ore. * Includes linters. * Not including machinery. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 FEDERAL RESERVE BULLETIN. MARCH, 1922. FOREIGN TRADE INDEX. goods was caused by pronouned increases in exports of sugar, illuminating oil, flour, and There are presented below the usual indexes pork products. The outstanding movement designed to reflect the movements in foreign among the raw materials was the decline in trade of the United States, with the fluctua- exports of cotton, which were smaller than in tions due to price changes eliminated. The any month since April, 1921. Exports of corn commodities chosen for these indexes are those increased 149 per cent during January and were for which prices are compiled by the Federal larger than in any month since the war. .Reserve Board in the preparation of its inter- The volume of imports of the 27 selected national price index.1 commodities showed a moderate decline, in The export index for January increased spite of an increase in imports of producers' slightly, due to substantial gains in the volume goods. This increase in importation of proof exports of producers' goods and consumers' ducers' goods was due primarily to the imports goods. In the group of producers7 commod- of sugar, which were larger than in any month ities, exports of gasoline and copper wire in- since April, 1921. In the raw material group, creased considerably, while most of the other imports of raw silk, lumber, cotton, and refined commodities showed some reduction in ship- copper declined materially, which was partly ments. The increase in volume of consumers' counterbalanced by substantial increases in imports of wool and tobacco. The decline in the volume of consumers' goods imported was i The list includes 27 of the most important imports the value of which in 1913 formed 49.3 per cent of the total import values, and 29 of the due to a curtailment in the imports of coffee, most 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- tea, bananas, and oilive oil. Imports of modities used was given in the July, 192G, BULLETIN. The classifica- bananas were smaller than in anv month since tion of 11 additional commodities of imports was given in the April, 1921, BULLETIN, and 2 additional commodities in the November, 1921, February, 1921. BULLETIN. INDEX OF VALUE OF FOREIGN TRADE IN SELECTED COMMODITIES AT 1913 PRICES. [Monthly average values, 1913=100.] Exports. Imports. R m ( a 1 o w 2 r d i a i m t c l i s o e a m s t ) e - . - P m g r o o o c o d d o d i u m s t c i e - ( e 1 r s 0 s ). ' ; i j ! C m g o o n c o o s o d d u m i s m t i - e ( e 7 s rs ). '! ; m T o o c d t o a i m l t ie - (2 s 9 ). R m a (1 o w 0 r d i i a m c t l i o s e a m s t ) e - . - P m g r o o o c o d d o d i u m t s c i e - e ( s 1 r ) s 2 . ' | I i C m g o o o n c d o s o d i u m t s m i - e ( e s 5 r ) s . ' ; • m To o c t d o a m i 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 88.9 154.7 188.5 118.6 157.5 193.0 I 147.5 168.4 1920—Year 92.2 142.5 138.0 107.7 135.8 227.4 166.7 168.8 1921—Year 103.1 95.8 126.1 107.9 113.6 162.8 141.4 , 135.6 1921. January 105.2 187.9 ! 126.0 117.6 74.5 130.8 123.9 102.6 February 91.0 141.0 i 116.4 101.6 118.2 143.5 : 135.5 130.0 March 78.2 104.4 i 122.4 91.1 160.7 177.5 178.9 169.7 April 76.6 102.7 I 122.5 89.9 153.4 177.7 185.1 167.2 May 97.7 81.8 ! 112.8 100.0 198.7 150.2 : 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 i 112.6 August 142.7 68.1 I 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 I 119.2 117.6 96.2 173.5 116.5 j 126.9 November 95.1 •83.7 '! 108.6 97.3 115.1 199.5 149.2 150.6 December 74.1 i 106.5 95.0 133.0 218.9 164.8 168.7 1922. January ;6.7 96.0 ! 126.2 97.0 11.8.4 228.8 135.2 I 160.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 335 PHYSICAL VOLUME OF TRADE. ments of cement were further reduced in volume due to the seasonal curtailment of The volume of domestic business showed the building industry. Production of both very little change during January. Agri- sole and upper leatner also declined. Railcultural movements, coal mining, copper min- road car loadings showed a slight gain, as a ing, and textile manufacturing showed some- result of increased loadings of coal, live stock, what increased activity, while production of and grain. lumber, cement, and leather fell off rather sharply. Index Receipts of live stock at 59 markets registered [January average their customary seasonal increase. Grain re- • Jan., Dec, Jan., 1919-21 = 100.1 ceipts at 17 interior centers were also larger 1922. .1921. 1921. • — • -.•- - • than in December, due to substantial increases Jan., Dec,1 Jan., 1922. 1921. 1921. in receipts of corn and oats. Stocks of grain, however, continued to shrink at both interior PRODUCTS OF AGRIand seaboard centers. Production of flour CULTURE. increased materially and was considerably Grain and flour. larger than in January, 1921. Receipts of Receipts at 17 interior 1 both cotton and cotton seed continued to centers (000 omitted): decline during January, whereas tobacco sales Wheat (bushels)... 20,341 24,572 32,229 7-1.;: 83. P J IS. 0 Corn (bushels) 55,069 41,731 42,037 174. (; 147.1 132.9 increased due to an increased volume of Oats (bushels) 18,32;} 14,661. 18,509 <SS." 100.0 89.0 live (bushels) 1,267 2.346 2,203; 31. L 80.8 54.2 marketing of the Kentucky crops. Shipments Barley (bushels)... 2,265 1,704 3,754 42. : •IS. n 70.") of citrus fruit from California were consider- Total grain (bushably larger than in December or January, 1921. els).... i 97,265 85,013 98,732 109.: i()7. C1 110.8 Flour (barrels) 1,768 1,890 ' 1,431 103. i" 97. 2 83.7 The January lumber cut was smaller than Total grain and that of December for all reporting associations, flour (bushels). 105,222 93,516 105,171I 108.7 100.9 108.0 except the Northern Pine Association, while Shipments at 14 interior there was no material change in size of mill centers (000 omitted): Wheat (bushels) - - - 12,212 14,051 20,187 70.l.i 78.5 127.1 shipments. Receipts of lumber at Chicago Corn (bushels) 29,167 17,310 17,289 202. ?: 141.4 119.9 and St. Louis also declined in January, but Oats (bushels).... 12,148 10,883 11,524 77.4 98.1 73.4 live (bushels) 360 1,996 2,381 lo. 7 80.7 104.1 increased in volume during February in spite Barley (bushels)... 1,435 1,335 2,874 44. < 50.9 90.0 Total grain (bushof the fewer working days. Production of els).. 55,322 45,576 54,255 .107..'• 99. C 105.4 wood pulp showed some curtailment in January, Flour (barrels) 2,896 3,272 2,678 90. -1 90.2 83.0 but paper output was about equal in volume Total grain and flour (bushels) 68,353 60,298 66,307 103. 7 90.7 100.0 to that of December. Receipts of rosin and turpentine fell to a very low level, but this Stocks at 11 interior centers at close of is a customary occurrence in midwinter. month (000 omitted): Wheat (bushels)... 26,671 29,869 14,414 54. (• 93.9 29.0 Output of both bituminous and anthracite Corn (bushels) 16,836 15,597 11,597 200. 2 203.5 183.3 coal mines increased substantially during Oats (bushels) 52,900 53,918 29,435 307.1! 170.7 170.9 liye (bushels) 3,855 3,182 478 •U.4 51.9 5.4 January, while there was little change in the Barley (bushels)... 1,620 1, S31 2,057 40.8 92.8 51. S amount of coal coked by beehive and by- Total grain (bushproduct ovens. The production of crude oil els) ;.... 101,882 104,396 57,981 119.8 133.7 OS. 2 in January was the largest ever recorded in a Total visible supply (000 omitted): single month, yet the number of producing Wheat (bushels)... 120,804 135,823 74,036 120.1 127.4 77.0 oil wells completed showed a further increase. Corn (bushels) 30,383 27,109 15,977 390. 7 240.2 208.0 Pig iron production declined slightly in both Receipts at 9 seaboard centers (000 omitted): January and February, whereas steel ingot Wheat (bushels)... 18,037 27,304 12,717 191.9 130.8 135.3 production registered large gains in both Corn (bushels) 17,532 11,341 6,228 570.0 201.5 204.0 Oats (bushels) 2,306 1,941 1,542 51.3 85.1 84.3 those months. There was a moderate in- liye (bushels) 1,104 2,095 2,749 oo. 0 80.7 138.4 Barley (bushels)... 648 1,1] 6 1,971 38.8 58.0 118.1 crease in zinc refining during January and a Total grain (bushrather impressive increase in the output of els) 39,627 43,797 25,207 192.4 137. C 122.4 Flour (barrels) 1,601 1,746 1,175 100.9 03.4 74.0 copper. Production of automobiles and ves- Total grain and sels increased in volume, while there was a flour (bushels). 46,833 51,653 30,494 168.9 110.6| 109.9 moderate reduction in the number of loco- Stocks at 8 seaboard centers at close of motives completed. month (000 omitted): Factory consumption of cotton resumed its Wheat (bushels)... 13,157 15,176 15,060 101.4 77.4 116.1 Corn (bushels) 3,959 2,557 2,525 300.0 229.2: 195. L upward trend in January, and silk deliveries Oats (bushels) 1,751 1 447; 1,980 53.2 71.3 60.2 Eve (bushels) 2,609 2,510! 1,602 131.0 139.1 80.5 were larger than in either of the two previous Barley (bushels)... 2,230 2,543 2,106| 80.4 80.0 81.6 months. The quantity of wool consumed, Total grain (bushon the other hand, was slightly smaller than Wheat H e o l u s) r . p .. r . oduction 23,706 24,233 23,273 107.1 88.1 105.2 in December. Both production and ship-1 (barrels) 9,496 8,856 8,924 88.8 .86.9| 83.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 FEDERAL RESERVE BULLETIN. MARCH, 1922. ! Index. , Index. i [January average J 1 a 92 n 2 . . , D 19 e 2 c 1 , . J 1 a 9 n 21 ., . I j [Ja 1 n 91 u 9 a - r 2 y 1 = av 10 e 0 ra .] ge D 19 e 2 c 1 , . Jan., ; ! 1919-21=100.] : Jan., Dec, Jan., 1921. r r — : 1922. 1921. 1921. : J a 1 n 9 . 2 , 2 . D ; e c 1 , 9 2 J 1 a . n . 1 , 921. PRODUCTS OF AGR1CUL- ! PRODUCTS OF AGRICUL- TURE—continued . TURE—contin u ed. | Other agricultural prod- Live stock. i ucts. Receipts at 59 principal | Cotton seed (tons): markets (head, 000 ' Received at mills.. 130,373 273,306 418,840: 30.2 01.9! 06.9 om (b it a t t e tl d e ) a : nd calves...; 1,611" 1,404: 1,030 80.2 85.1 87.3 C O r n u h sh a e n d d at mills at •. 329,901 416,021 527,521' 53.4 77.9; 85.3 H Sh o e g e s p I i 4 I, ,2 ?" 1 " 0 1 3 1 , , 8 6 7 2 3 2 : j 4 1 , ,7 0 0 5 9 8 " ! 1 8 1 0 0 . . 4 1 8 87 9 . . 5 3 88.8 Cotton c s l e o e s d e o o il f ( m po o u n n t d h s . , . 418,3491 018,173 484,832 09.4! 100.2! SO. 4 Horses and mules , 000 omitted): (43 markets)... i 45 23 35 47.9 55.4 30.7 Production 100,700 131,961 171,887 25.7 38.8; 43.9 Stocks 98,295 100,167 100,710 00.1 79.7 [ 112.1. Total ; 7,670! 6,922; 8,092; 80.7 87.8 91.5 Oleomargarine consumption (pounds, Sh p i a p l m m en a t r s k a e t t s 5 4 p (h ri e n a c d i , - I | 000 omitted) 10,887 19,411 22,688 53.2! 70.4! 71.5 000 omitted): Tobacco sales at loose- Cattle and calves... i 603 077 002 93.9 88. Oi 85.3 leaf warehouses Hogs j 1,740 1,745 1,64.1 107.5 107.5 101.0 (pounds, 000 omit- Sheep '• 870 856j 082 132.3 93.4 103.8 ted): Horses and mules Virginia dark 6,277 7,083 7,862 94.41 103.7; 118.3 (43 markets)... j 33 47.2 53.4 35. 7 Bright belt- Total I 3,323 3,301; 2,958| L07.9 98. ('» 90.0 V N i o r r g t i h n i C a arolina. 1 1 6 0 , ,4 7 6 1 0 8 2 1 8 1 , , 9 5 4 7 7 2 4 1 9 8 , , 3 06 1 0 5 1 0 0 0 2 . . 0 2 : : 7 8 5 7 . . 0 O i 1 1 7 9 0 4 . . 4 7 South Carolina. Receipts at 15 western = . markets (head, 000 ' omitted): i Total. 17,178 40,519 67,375 53.31 78.0! 209.0 C H Sh a o e t g t e s l p e and calves... j ! 1 2 1 , , , 1 8 1 2 8 0 S 2 2 2,0 9 9 7 7 74 5 4 . ' : 8 8 8 L 0 3 . . . 1 4 2 1 8 8 0 5 4 3 . . . 0 3 4 B W u e r s lc te y rn dark 3 2 1 0 , , 7 9 8 9 2 2 2 1 1 1 , , 6 0 8 7 0 0 4 9 9 , ,1 0 4 1 9 1 , | 1 5 0 6 2. . 9 3 ; 1 5 1 2 1 . . 9 9 , , 4 8 4 7 . . 2 0 Horses and mules.. i 32 lGj 42.4 Grand total 70,228 80,352 133,397| 05. 81.5: 115.2 Total. 5,144 4,039! 5,007 79.4 87.5 Sale of revenue stamps for manufactures of Shipments at 15 west- j tobacco (excluding em markets (head, | Porto Rico and Phil- 000 omitted): j | ippine Islands Cattle and calves... I 471 427 90.2j 88. 9 81.9 (pounds, 000 omit- Hogs ! 1,141 1,208' 1,079 110.6 114.9 104.5 ted): Sheep ! 535 503. 310' 147.9 95.8 87.4 Cigars (large) 443,201 463,664 462,798! 80.81 85.2 84.4 Horses and mules.. j 31 16! 24 53.8 59.1 42.5 Cigars (small) 61,495 44,289 64,662; 94.1 90. 9 99.0 Cigarettes (small)..3,705,516 2,995i,,9353,901,560) 90.01 80.5 101.7 Total. 2,178 2,215| 1,840 110.4 93.0 Manufactured tobacco... 30,938 22,057 24,750J 105.9| 98.9 84.7 Shipments of stockers ; Fruit shipments (citrus and feeders from 34 j and deciduous) from markets (head, 000 I California (carloads): omitted): Oranges 3,546 3,097 3,429! 118.1' 88.8 114.2 Cattle and calves... 231 242 203 70. L 74.1 00.8 Lemons 575 487 627j 90.5 i129.9 10f>. 2 Hogs 25 31 42 44.7 72.7 74.5 Deciduous 118 142 981 107.3 00.2 89.1 Sheep 183 205 51.8 42. 7 Apples, cold-storage holdings Total 439 333 02.5 (bbls.) 4,304 5,429 5,105;. Sugar, 7 ports (long Slaughter at principal tons): centers under Fed- Receipts 320,773 222,773 132,013 eral inspection (head, Meltings 290,791 264,941 128,5T"' 000 omitted): Raw stocks at close Cattle 041 72.8 79.4 78.3 of month 85,002 62,419 103,7831 Calves 288 259! 282 98.0 95.3 95.9 Hogs 3,985 3,807i 4,347 78.3 90.8 85.4 FOREST PRODUCTS. Sheep 954 890; 1,068 94.0 87.3 105.9 Lumber: Number of mills— Total i 5,868 5,542: 6,387 80. 87.8 Southern pine.. 174 182 193!. Western pine.. 14 50 54". Meats, cold-storage j Douglas fir 119 108 110.. holdings (pounds, 000 Eastern white omitted): pine i 19 19'. Beef 84,548 80,007 142,813 32. 54.7 55.2 North Carolina j Pork products 457,177 396,397i 593,299 05.9 96.7 85.6 pine ' lOJ. Lamb and mutton. 6 401 7,508 68,113 21.1 30.0 224.1 Production (M ! feet)— | Dairy products. Southern pine..! 373,231 377,332 289,824; 111.3 113.' 80.4 Western pine. .1 35,385 38,901 24,698' 78.7 77.0 54.9 Receipts at 5 princi- Douglas fir 326,588 238,036 153,1571 138.7 109.1 65.0 pal markets (000 Eastern white omitted): pine 22,530 19,205 24,319J 96/ 134.1 Butter (pounds)... 41,697 37,172 30,939 129. 124.5 90.1 North Carolina Cheese (pounds) 10,684 11,237 11,387 90.0 95.7 102.9 pine 5,397 12,095 7,123: 805 538 648 147.4 130.0 118.7 Shipments (M Cold-storage holdings feet)— (000 omitted): Southern pine.. 320,152 348,178 311,977, 92.2 105.2 89.8 Creamery butter Western pine.. 82,874 83,350 42,793; 97.2! 112.2 50.2 (pounds) 48,391 65,138 58,682 92.9 89.4! 112.0 Douglas lii- 308,817 170,821. 124.8| 108.7 69.0 American cheese Eastern white 207,162 (pounds). 34,062 34,115 77.4 74.9! 95.6 pine 25,029 10,602j 84.0: 136.0 35.6 2,402 408 95.2\ 45.5 North Carolina 23,574 pine 3,632 7,880| |... 12,535 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 337 . Index. Index. ! [January average [January average I 1919-21=100.] 1919-21=100.] Jan., Dec, Jan., Jan., i Dec., Jan., 1922. 1921. 1921. 1922. 1921. 1921. Jan., Dec., Jan., Jan., Dec, Jan., 1922. 1921. 1921. 1922. 1921. 1921. FOREST PRODUCTS— FUEL AND POWER— continued. continued. Lumber:—Continued. i \ Electric power pro- Stocks at end of ! j duced by public utilmonth (M feet)— ; ; i ity power plants Southern pine-jl, 124,613a,071,534.1,309,480" 104.0 95.5| 121.9 (kw. hours): North Carolina j I i Produced by water pine i IB, 844i 5L,880| 67,1781. power 276,29911,31?, 502:1,342,689 Receipts at Chicago. J ; ! Produced by fuels..j2,514,018J2,497,335 2,198,804 and St. Louis (M , | ' feet) | 328,249. 403,875! 263,<X)Lj 104,9 100.9: 84.1 Total |3,790,317i3,809,837 3,541,493 Shipments at Chi- i [ cago and St. : \ j METALS. Louis (M feet)....•• 190,897; 258,355 165,308; 109.8 111.4 95.1 Oak flooring— I Iron and steel (long Number of mills 25! 25i 25;. tons, 000 omitted): 1 Production (M : ! ' ! Pig-iron production. 1,630 1,639 1,937J 02.2 50.3 74.0 feet) ' 19,262; 17,510.' 4,269 . Steel ingot produc- Shipments (M I tion 1,742 1,593 h799; 71.4 57.7 71.7 feet) I 1.4,970! 18,085| 4,182: Unfilled orders, U. Slocks (M feet). 27,467; 21,763. 39,949 .. S. Steel Corp 4,1.41 4,242 934! .3 54.1. 92.7 Unfilled orders • Structural steel (long (Mfcot) ; 21,230! 20,888! 3,620!.. tons): | Naval stores at 3 south- Fabricated struceastern ports: tural steel, con- Spirits of turpen- tracted for, tontine (casks)— i nage 72,100 71,500 32, 000. 114. 7 79.0 Receipts j 7,1.19 23,136| 8,919; 85.4 113.4! 1.07.0 Structural steel Stocks at close ' • , : '. orders, tonnage 28,910 12, 194 88.2 42.4 of month. ... 53,423| 66,965j 51,563; 79.3 J32.8| 76.0 Shipments 29,056 32, 964;. 77.2 84.1 Rosin (barrels)— : ! Copper "production i Receipts 62,180 115,181 36,333 j 155. 128. (<j 91.0 (pounds. 000 omitted) 25,848 18,5955:: 85,929||. Stocks at close . | Zinc (short tons, .000 of mooth i 327,932 330, 680, 310,905. 129. 0 120. Oj 122.3 omitted): Production 24 26!. FUEL AXD POWER. Stocks at close of ! month 66 67 76'... Coal and coke (short ! I Tin (p 0 u n d s, 000 i tons, 000 omitted): omitted): Bituminous coal Imports 9,103 8,880 96.1 39.1 production (cst.) -i 37.600' 30,975 4(),270| 80.5 77.0J 92.0 Deliveries to fac- 2,584- 137.8 Anthracile coal— | tories 9,576 8,310 84.0 03-8 P ( r e o s d t. u ) e t i o u 6.2581 5,9841 7,4101 82.3 79. T 97. 5 St m oc o k n s th at close of 2,981 3,799 3,483! 175.3 Shipments 4J848J 4,636! 5,741 83. (I 80.8, 89.0 «,703 ... Coke— TEXTILES. I Beehive, production (est.) 49(>i 514; 1,137 27.0 41.5 02.0 Cotton (bales, 000 C O r i u l d r T S P P e e t r o f r m c 0 0 ( o o i o 0 p t 0 0 o n c a d d 0 B e 0 o 0 m e k l u u 0 t r s n r o y p o ( c p i c o e o e m t i m - l t r s i n a l s m e h p p o o e : t i t g t i r t . u n e r 1 d t i o ) t l t o d m o c t e e u d e i l d ( d d u ( c o l : d b b ) ) u c s t w ) b b e i t — c i l o e l o s t s l n o , . n l . , s f , 1 4 9 1 3 1 3 , , , , 9 1 3 7 0 5 0 2 3 1 ' 5 6 j I 1 4 8 1 1 2 1 , , , , 9 4 8 1 5 8 6 0 2 7 ( 8 ) 1 1 ! ! 1 3 3 2 7 1 0 , , , , 8 2 9 3 2 5 7 2 5 9 8 1 ! ! ; i 1 1r> 2 77 5 7 i 55 0 .0 . . 4 8 1 1 7 1 2 2 1 1 . . . 0 9 1 1 1 11 1 0 9 1 1 . . . 7 5 0 om A S O C P S S V S i i t t t o o m v i m t i g h t o o o s a n t r n e h o c c c i e t e k e t b s r k k k t u d e r l n i u r l i s s s s a r n ) r e e c t m i e : e n c g a a o a s s c d e t p s t n r u e a i t p m p p i i t p s p m o o t p o p i s t n r l l s i i t l y n n w s 0 s t n a a s b v e r n r e e d v s - - ' 2 4 4 1, , , , 6 6 3 2 8 4 6 1 7 1 0 8 2 6 2 3 5 8 2 3 1 5 3 3 5 2 1 1 4 , , , , , 7 1 5 4 5 5 9 3 7 8 8 4 9 5 8 7 4 0 8 4 4 1 - ; | : | ! ] 5 4 1 2 1 , , , 1 , , 6 8 8 2 5 6 1 5 2 6 3 4 2 5 7 7 6 4 3 7 5 2 3 ! ' , J J j ' | ; 7 1 0 9 9 5 8 9 0 7 4 2 9 4 9 2 2 . . . . . . . . 0 8 4 0 3 7 0 3 ] | 1 1 1 0 8 9 7 9 9 0 0 0 1 5 2 5 7 3 7 . . . . 7 3 0 1 . . . . 8 0 7 9 1 1 1 8 8 9 7 7 0 2 0 3 0 8 2 8 7 1 8 . . . . . . . . 1 0 0 8 9 2 7 0 C K G r e a l ( u o r s b d o n o a e s l s r i e ) r n e n o e l e s i l ) ( ( g g ru a a n l l - - 4 3 3 9 9, , 0 2 3 2 1 3 4 3 3 7 1 , , 2 8 1 8 2 7 4 4 6 0 4 , , 4 3 8 9 5 3 ; 1 1 0 0 5 0 . . 0 3 1 J0 0 5 2 . . 9 5 1 1 0 1 8 2 . .4 4 Woo S l p : m d i u n i r d ll i l s n e g s m a o c nt t h ive \. . 34,4 5 5 2 8 7 34,4 3 8 1 9 2 s 31,5 3 3 6 9 6 ; ! 1 IO 04 3 . . 2 2 J | 1 H 0 O 4 . . 5 4 7 9 2 4 . . 0 5 lons) 170,315 175,241s 2L0,668: 83. 7 80.9 103.5 Consumption b y Gas and fuel mills (pounds, (gallons) 865,769 799,257 859,131: 107.8 104.9 106.9 000 omitted) 61,192 61,283 29,807. 130.4 123.0 03. 5 Lubricat- Percentage of idle i ing (gallons) . 82,573 77,005 90,895, 100.9 94.0 111.1 machinery 0 n Stocks at close of first of month to m onth (000 total reported]— omitted)— Looms wider Cr ( u b d a e r re o ls il ) run 26,562 21,856 21,261: 130.7! 114.0; 104.0 r t e h e a d n sp 5 a 0 c -i e nch 34. 3 30.3: 53.9! 80.8 130.5 Gasoline (gal- Looms 50-inch Ke lo ro n s s e ) ne (gal- 586,087 495,590: 462,3821 117.0. 121.01 92,8 l r e e s e s d space or 27.2 21.2: 48.7 75.8 03.5 135.7 lons) I 341,009 340,026 393,071; 95.3i 93.9! 109.9 Sets of cards... 26.0 25. 9" 56. 5 70.0 78.o 104.7 Gas and fuel Combs 18.3 18.5. 43. 8j 00.0 115.0 L ( u g a b l lo r n i s ) c a t- i '1,331,265 1,279,451 837,404 138.5 133.3J 87.1 Sp d i l n e n s i , n w g o s o p le in n - .. 27.0 25.11 58.9' 75.0 ing (gallons)-! 216,766 228,038! 160,523 120.4| 131.7! 93.0 Sp d i l n e n s i , n w g o s r p st i e n d - . 14.3 13.01 43.0J 43.1 39.0, 129. 5 1 Figures for December, 1921, November, 1921, and December, 1920. 1 Figures for February, 1922, January, 1921, and February, 1921. 92371—22 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

338 FEDERAL RESERVE BULLETIN. MARCH, 1922. Index. Index. [January average [January average 1919-21=100.] 1919-21=100.] Jan., Dec, Jan., Jan., Dec, Jan., 1922. 1921. 1921. 1922. 1921. I 1921. Jan., I Dec, Jan., Jan., Dec, Jan., 1922. j 1921. 1921. 1922. 1921. 1921. TEXTILES—continued. MISCELLANEOUS MANU- FACTURES— contd. Wool—Continued. Building materials (000 Percentage of idle omitted): hours on first of Silica brickmonth to total Production 6,581 4,7 11,659 reported- Shipments 8,246 7,32l 8,656 Looms wider Stocks, close of than 50-inch month 36,344 38,812J 39,730 reed space 35.2; 32.9! 60.0 Face brick— Looms 50-inch | Production 25,331 38,444 17,833 87.0 .5 01.2 reed space or Shipments 14,902 23,151 8,704 less 32. Oj 27.8 66.7 Stocks in sheds Sets of cards... 24.6; 27.1 64.3 and kilns 154,285 160,961 154,092 143.1 124.8 142.9 Combs 3.7| 51.0 Unfilled orders i Spinning spin- 1.4 at close of dleSj woolen.. 25.4 64.5 month 31,799 34,755 28,3921 47.4 42.3 Spinning spin- 25.6 Cement (barrels)— dles, worsted. 13. o! 55.3 J roduction 4,052 6,559 4,0 Raw silk: 13.8; Shipments 2,829 3,697 2,5 Imports (pounds, Stocks at close C 0 o 0 n 0 s o u m m itt p ed t ) ion 3,881 5, 709 165.7' i 108.4 30.3 Rubber ( o p f o m un o d n s t , h 0 .. 0 0 .. 13,148 10,300L (bales) 33,842 20,930 22,176 omitted): Stocks at close of Imports of crude month 31,139! 24,804J 31,85o! rubber 54,011 58,645; 26,912 139.2 127.2! 69.4 Consumption bytire manufac- HIDES AND LEATHER. turers 18,0491 6,625 Pneumatic tires:1 Stocks of raw hides and Production 1,840 1,757| 506. skins at close of Stocks 3,697 3,908j 5,5081. month (number, 000 Shipments, domesomitted): tic 1,343 1,327. Cattle hides 6,053! 5,819 7,899] 88. 115.1 Inner tubes: 1 Calfskins 2,897 2,965 3,0871 137. 14G. 9 Production 2,070 2,126 50sL Kip skins 1,046 1,025 1,382 107.0 141.3 Stocks 4,731 5,204i 5,787;. Goat and kid 8,998 10,380 10,870! 90.7 109.0 Shipments, domes- Cabretta '500 547 2,155j 32.3 139.0 tic 2,523 l,540| 1,481;. Sheep and lamb.... 12,281 12,661 13,184 127.3 106.3 136.7 Solid tires: 1 | Production of leather: Production I 40 44; 16!. Sole leather (sides).1,654,744:1,745,625 1,190,950 . Stocks : 169 173i 303!. Skivers (dozens)... 17,950- 20,149 14,234:. Shipments, domes- 1 Oak and Union tic ! 40 35. 41 harness (sides Automobiles: ; stuffed) 59,815; 62,551; 42, Production (num- Stocks of leather: ber)— Sole and belting Passenger cars. 81,424 70,435:. (pounds, 000 omit- Trucks 9,127 8,183!. ted)....! 195,8971 186,531 Locomotives (number): j Upper (square feet, Domestic shipped.. 11 30! 154 j 6.8 27. c 95.7 000 omitted) 415,790! 425,942 Foreign completed. 63 59; 71 i 106.8 90.il 120.4 Leather products: Vessels built in the Belting, sales United States and (pounds, 000 officially numbered omitted) 309,474 by the Bureau of i Bo o o u ts t p a u n t d ( s p h a o ir e s s , , Na N v u ig m a b ti e o r n : • : : 711 45! 94 j 62.3 47. S 82.5 000 omitted). Gross tonnage j 52,704 40,108! 216,280; 21.0 26.8 Men's 7,77li 7,455! 7,350 TRANSPORTATION. : O W t o h m er en's 7 9 , , 9 4 7 2 6 7 ; | 9 7 , , 0 7 3 4 9 8 ! ! 9 7 , , 0 7 2 2 0 7 Ra ti i s lr t o ic a s d : 1 o perating sta- ! i Net ton-miles, rev- ' MISCELLANEOUS MANU- enue and nonrev- FACTURES. enue (000 omitted) 25,707 29,139! 34,670; 82.1 88.] 110.7 Woodpulp (short tons): Net tons per train.., 609 633: 657: 94.794.8 102.2 Production 266,921! 272,835: 275,353 93.0 92.8 95.9 Net tons per loaded ] Consumption ! 220,064: 213,571! 215,087 100.8 94.7 98.5 car ' 27.11 31.1; 94. ( 97.1 109.1 Shipments I 40,667: 47,896: 32,098 03.0| 82.7 49.7 Stocks, end of ! Revenue-freight loaded month i 176,113 169,923 200,817 99.5: g 113.5 and received from Paper (short tons): connections, classi- Newsprint— ! fied according to na- Production ! 105,808: 107,877: 123,830| 85.9 91.0 100.5 ture of product (short Shipments | 103,192| 107,070: 116,176 86.3 91. 97.2 tons): Stocks, end of ' Grain and grain month I 26,550! 23,934! 32,417 112.9 112.1 137.8 products 210,2441 186,545 182,220! 120.2 109.9 104.2 Book production...\ 73,446' 70,798, 64,382 95.3 90.1 83.5 Live stock 135,707 129,522 147,029 84.8 92.7 91.8 Paper board— ] Coal 703,001 582,839 850,938! 83.8 77.0 101.5 Production i 145,198! 149,047! 105,806 95.0 104.2 9.2 Coke 31,650 30,519 43,423! 76.7 68.8 105.2 Shipments I 145,485 145,809! 100,431 Forest products... 203,997 199,560 201,711i 91.0 93.9 89.9 Stocks at end I Ore 18,836 24,693 37,590! 38.5 50.3 76.7 of month ' 62,731; 63,018| 58,479 Merchandise, 1. c. 1. 875,296 941,824 766,574 138.9 115.6 121.7 Wrapping paper i Miscellaneous 881,887 945,115 898,056 74.9 76.3 production • 65,791; 64,850J 44,620 119.5 107.2 81.0 Total |3,060,107-3,040,617J3,023,677J 93.8 91.1 92.7 Fine paper produc- ; tion , 27,405: 25,843! 22,756 98.7 92.2 81.9 L Figures are for December, 1921, and November, 1921, and December, 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 339 For the first time since May, 1921, the general Index. [January average European index shows an increase last month, Jan., Dec, Jan., I " 1919-21=100.] thus marking the end, temporarily at least, of 1922. 1921. 1921. . r .- Jan., 'Dec, | Jan., the severe decline in ocean freight rates which j 1922. • 1921. 1921. has continued for so many months. Higher TRANSPORTATION—COIl. quotations on grain and flour have had the most Revenue-freight loaded, influence in raising the level of the February classified according to geographical divi- index numbers, the increase being greatest in sions: the French Atlantic and United Kingdom Eastern 741, !,730 670,445! 97.2 91.6!' 87.8 Allegheny 607, ;,094! 613, lfe'8, 88.9! 88.2: 89.7 trades. Charter rates were likewise higher, Pocahontas 130, - 123,169 Southern. 4(58, i 460,037i and particularly for steamers "in prompt posi- Northwestern 411,' 401,721! tion" charterers found difficulty in filling their Central western -168,1 467, Southwestern 230, ( 216.535 immediate requirements except on owners' Total terms. Freight car surplus (number): Total 330,681 470,516 REPORT OF KNIT-GOODS MANUFACTUR- Box 132,174! 191,707 ERS OF AMERICA. Coal 145,913! 221,614 Freight car shortage: Total 1 The total production of winter and summer ISox underwear for the six months- ended January Coal. Bad-order cars, total... | 313,190 31 was as follows: Vessels cleared in foreign trade (net tons): ! i ' ! ! ! Number Actual American % 050,856 2,431,309 2,191,201 116.3 100.5| 124.2 of mills produc- Per ceu t Foreign jl, 935,475 2,580; 301 ;2, -15t,617 j 92.2: 100.7> 116.9 report- tion of Total ,3,986,331 5,020,610 4,645,818. 103. 2 103. ing. (dozens). normal. Percentage of American to total 48.5 47.2 1921. Pa ( n to a n m s, a 00 C 0 a o n m al i tt t e ra d f ) f : i i c A S O e u c p t g o t u e b s m e t r b er j ! 4 5 5 8 5 6 ; : | 6 4 5 7 1 7 5 2 2 , , , 6 2 8 2 0 3 7 5 3 7 8 8 1 4 7 . . . 4 1 3 Total cargo traffic .. 953 855 1,077 138.1 106.2 156. November ; 57 ! 692,452 American vessels... 349 356 473: December i 49 : 518.376 British vessels 343 237 335 J922. INDEX OF OCEAN FREIGHT RATES. January 55 : 040,489 79.1 Winter"underwear (January).. 30 ! 292;512 . 65. 8 Summer underwear (j anuary). 37 i 347,977 95. 3 The accompanying table shows the monthly fluctuations in ocean freight rates prevailing Order and production report for mon tii ended between United States Atlantic ports and the January 31, 1922, follows. The number of principal European trade regions. The figures mills reporting was 40. are derived from the actual rates quoted on the following commodities: Grain, provisions, ! Per cent cotton, cottonseed oil, and sack flour. For of normal i Dozens. production. the methods used in constructing the index see the August, 1921, BULLETIN, pages 931- Unfilled orders first of month ! 1,295,379 934. New orders received during month J 782,616 114.2 Total (A) : 2,077,995 RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND EUROPE TRADE. Shipments during month 539,526 78.7 [January, 1920, rates=100.] Cancellations during month. 7,264 : 1.1 Total (B). 546,790 : United States Atlantic ports to Balance orders on hand Feb. 1 (A minus B). 1,531,205 '. Month. U K n i i n t g e - d j ; j | A F t r l e a n n c t h ic . ; ! ; . B N l e a e l a g n t n h i d u d e s m r - . i S n ca a n v d ia i- . M n te e r e a r d a n i - . - Eu A ro ll pe. Pro T du h ct i i r on ty-four representative mil 5 l 0 s 5 ,2 w 42: hich r 7 e 3. - 7 1921. ported for December, 1921 and January, 1922, January 60.7 30.2 ; 34.1 4.2.9 43.2 43.3 furnish the data for the following table: February 54.7 I 27.7 : 29.2 30.9 j 43.8 38.5 M Ap a r r i c l h 4 5 9 0 . . 3 1 ! ; 2 3 4 2 . . 6 6 . 2 36 8 . . 6 3 3 29 0 . . 4 8 4 3 2 5 . . 2 7 3 3 5 9 . . 9 0 [In dozens.] May 50.6 ' 35.0 38.2 31.3 34.6 40.1 June 42.7 ! 34.7 38.3 31.3 34.0 37.6 Decem- i J A u u ly gust 4 4 2 2 . . 9 5 ; 3 33 3 . . 4 2 3 36 7 . . 7 0 2 28 9 . . 4 0 3 3 4 4. . 7 3 3 3 6 6 . . 7 8 5S5SJ Loss. September 41.8 | 32.7 ; 35.8 28.2 33.6 36.0 October 37.0 ! 28.5 " 30.7 26.7 33.3 32.3 N D o ec v e e m m b b e e r r 3 3 3 2. . 4 5 2 2 5 2 . . 0 7 i 2 2 5 2 . . 2 9 ; : 2 2 4 3 . . 0 3 3 3 2 2 . . 9 3 2 2 8 7 . . 8 2 U N n e w fi ll o e r d d e o r r s d ers first of month. • ! 1 ,2 2 2 7 8 1 , , 6 7 1 6 1 4 ; 1, 4 1 8 7 1 5 , , 2 3 7 7 0 7 i 209,506 53,234 J F a e n b u r a u 1 r 9 a y 2 r 2 y . i ! : 3 3 1 4 . . 7 7 ! 2 2 2 5 . . 7 7 I '• 2 25 3 . . 2 3 2 2 3 3 . . 3 4 I j 3 3 2 1 . . 2 8 ; 2 2 7 9 . . 1 1 C S P h r a o n ip d c m u el c e l t a n i t o t i s n o ns • 3 3 2 1 9 0 0 8 , , , 1 8 3 2 5 3 6 0 8 : : 5 4 2 1 6 4 7 , , , 9 0 0 4 0 5 0 7 1 : ! ' 20 1 3 8 , , 8 7 8 1 1 3 3,910 1 Figures are for December, 1921, November, 1921, and December, 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

340 FEDERAL RESERVE BULLETIN. MARCH, 1922. RETAIL TRADE. and 33 stores in district No. 12 (San Francisco). Bridgeport, in district No. 2 (Now York), and The following tables are a summary of the Milwaukee, in district No. 7 (Chicago), are data obtained from 387 representative depart- shown separately for the first time this month. ment stores in the 12 Federal Reserve districts. Figures for Denver, which are shown separately In districts Nos. 1, 2, 5, 6, 7, 9, 11, and 12 the for December, are included in "outside" stores data were received in (and averages computed in district No. 10 (Kansas City) for January. from) actual dollar amounts. In districts Nos. A comparison of monthly changes in activity 3, 4, 8, and 10 most of the material was received of different types of retail business since Januin the form of percentages, and the averages for ary, 1921, is shown in. ths second of the followthe cities and districts computed from such per- ing tables. The 158 department stores are centages were weighted according to volume of located in districts Nos. 1, 2, 5, 6, 9, 11, and 12, business done during the calendar year 1920. while the mail order houses do business in all The changes in retail trade for the United parts of the United States. Chain-store figures States as a whole are obtained by combining are based upon the total sales of the same the district percentages, after multiplying them reporting chains for each month, but the actul by a system of weights based partly on popula- number of stores in those chains shows some tion and partly on banking recourccs. variation. The tables for the month of January are It may be noted that all reporting types of based on reports from 26 stores in district No. 1 business show decided decreases in volume of (Boston), 64 stores in district No. 2 (New trade for January as compared with December, York), 54 stores in district No. 3 (Philadelphia), this being most emphasized in the case of de- 29 stores in district No. 4 (Cleveland), 22 partment stores and 5 and 10 cent stores. The stores in district No. 5 (Richmond). 34 stores 5 and 10 cent chains and grocery chains, howin district No. 6 (Atlanta), 6C stores in dis- ever, had larger sales in January than in Jantrict No. 7 (Chicago), 19 stores in district uary, 1921. Department stores, mail order No. 8 (St. Louis), 13 stores in district No. 9 houses, and cigar chains had smaller sales than (Minneapolis), 11 stores in district No. 10 (Kan- in January, 1921. sas City), 22 stores in district No. 11 (Dallas), CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS. [Minus sign (—) denotes decrease.] 1Pcrcentago of Perccntage of averagestocks outstanding Percentage of change in nct sales Percentage of cllangc in stocks : at close of orders iit close compared with corresponding at close of mon In compared month 1to avcr- ofinoiithto period previous year. with— age minthly total purchases sales for same during jorevious penod. calendsir year. District and city. Same month Previous D 19 e 2 c 1 , . J 1 a 9 n 22 .. . D J 1 e u 9 c to l 2 . y 1 3 l . 1, J t 1 o a 9 n 2 3 . 2 1 1 , . p D re e v c, ious J y a e n a . r , . Dec m , on j th Ja . n., D J e 1 u 9 c t l o . 2 y 1 3 . 1 1, J t 1 o a 9 n 2 3 . 1 2 , . 1 D 19 e 2 c 1 , . J 1 a 9 n 22 ., . 1921. 1922. 1921. | 1922. . _ ... . | District No. 1: Boston 5.9 - 8.7 - 1.9 - 8.7 — 5.5 0.9 —13.7 i - 8.7 290.0 298.4 4.3 6.6 Outside . . 5.5 - 6.3 - 4.9 — 6.3 - 7.6 1.4 -18.1 ! - 3.4 395. D 428.3 . 3.6 5.1 District 5.8 - 8.1 - 2.7 - 8.1 - 6.2 1.0 -15.0 1-7.1 316.0 329.2 4.2 6.4 District No. 2: New York City and Brooklyn 3.6 - 7.3 - 3.1 - 7.3 — 3.0 5.5 -14.9 ! - 3.6 314.2 350.8 5.2 5.8 Buffalo — 6.8 -16.2 — 5.6 -16.2 - 0.1 — 5.6 22.6 ! 1.7 372.9 454.8 6 0 7 6 Newark 3.5 — 0.8 — 2.3 - 0.8 -10.9 .3 —18.6 — 0.4 315.8 332.5 3.6 5 7 Rochester - 4.5 -11.3 - 3.8 -11.3 —22.0 -21.0 -12.4 ; - 9.9 350.5 379.6 2.3 3 7 Syracuse - 8.2 - 6.9 - 7.2 - 6.9 -25.1 - 3.8 12.6 1 1.5 356.2 426.2 2.2 Bridgeport -14.4 -14.4 5.7 .... ! —11.9 305.9 6 7 Outside - 5.2 - 2.4 - 8.5 - 2.4 - 4.0 13.3 -14.1 - 8.3 473.0 568.8 5.0 4.8 District 1.6 - 7.8 - 3.9 - 7.8 - 5.5 3.7 -16.3 - 3.7 323.1 347.1 5.1 6.4 District No. 3: Philadelphia.. . 3.0 -10.9 - 6.4 -10.9 -10.4 - 8.4 -12.0 j-0.3 321.7 345.3 6.8 8.8 Outside - 3.6 -15.6 - 7.5 -15.6 - 1.2 .6 -19.7 . 2.8 426.6 536.3 2.9 6.8 District 1.2 -12.2 - 6.7 -12.2 - 8.2 - 6.1 -13.9 .4 347.9 394.0 5.9 8.3 District No. 4: ! Cleveland -10.0 -19.6 — 18.9 —19.6 -11.2 5.0 — 15.3 —15.3 379.1 348 4 5 7 7 7 Pittsburgh —15.2 -28.9 -21.6 -28.9 -13.3 - 4.7 — 16.1 —6.5 363.6 369.3 5.2 10 4 Cincinnati . . . - 3.2 - 8.6 - 7.3 - 8.6 -14.2 - 9.9 -19.0 - 6.5 407.7 439.7 7.1 11.1 Toledo..... - 4.7 -14.4 - 9.5 -14.4 -23.4 - 7.8 -28.0 - 4.8 388.2 359.3 4.6 6.2 Outside - 7.4 -23.3 -17.5 -23.3 - 2.0 - 1.9 -18.4 i - 3.2 443.1 476.4 7.5 16.5 District I -10.7 -21.9 -17.3 -21.9 -13.2 - 2.7 -17.6 : - 8.7 381.0 376.5 5.6 9.3 ===== Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN 341 CONDITION OF RETAILTRADE IN THE FEDERAL RESERVE DISTRICTS—Continued. . Percentage of Percentage of • average stocks outstanding Percen tage of change innet sales Percentage ofchange in stocks at close of orders at close compared with corresponding at close of 1nonth c()m pared ; month to aver- of month to period previous year. with— 1 age monthly total purchases | sales for same during previous period. calendar year. District and city. I Same month Previous D 19 e 2 c L , . J 1 a 9 n 22 ., . D J 1 e u 9 c t l o 2 y 1 3 . I 1 J t 1 o a 9 n 2 3 . 2 1, 1 . p D re e v c, i ous J y a e n a . r , . • De m c, enth J . an., . j ! ' D J 1 c u 9 c t l 2 o y 3 1 1 . 1 , J t 1 o a 9 n 2 3 . 2 1 1 . , D 19 e 2 c 1 , . i | J 1 a 9 n 22 ., . 1921. •• 1922. 1921. : 1922. ! District No. 5: — 7.4 —19.5 — 12 5 19 5 4.3 • 3.3 ; —21.9' — 2 0 350.1 406.3 5 1 i 8 1 Richmond ~ 0. 7 -14.0 - 6.7 -14.0 1.6: 9.4 -20.4 ; - 8.7 346.5 449.2 5.7 7.0 Washington . . 7 -12.1 — 3.8 — 12.1 — 7.0 3.6 -20.7 1-9.7 : 354.5 414.3 2.8 3.7 Outside -12.4 -21.8 -15.0 . -21.8 -11.8 ; 16. 8 -25.2 - 1.9! 475.6 595.1 5.3 3.9 District - 4.5 -17.0 - 9.5j -17.0 — 5.9 5.4 -21.8 j - 5.1 ; 369.3 414.3 4.4 5.9 District No. 6: 'Vtlanta — 17.2 —24.9 —24.7 —24. q - 7.8 12.9 -25.0 i - 0.1 : 470.6 726.4 3.0 6.4 Birmingham -30.1 -37. 9 -32.2 -37.9 8.8 - 7.4 i -10.8 1.3 ; 490.0 957.0 3.3 7.5 Nashville : - 3. 7 -.10.7 -12.8 -10.7 - 9.8 - 6.3 i -15.8 441.3 502.2 4.3 8.2 New Orleans -13.4 — 15.2 —15.4 — 15.2 - 8.1 - 2.0 ' -22.0 !4 394.3 449.4 8.0 9.0 Savannah -24. 7 -33.0 -26.1 -33.0 11.7 - 8.0 - 9.0 • — 1.1 1 568.7 957.4 2.2 2.6 Outside -17.3 -12.2 -21.8 -12.2 - 6.3 - 3.4 ; -14.6 3.4 443.9 661.4 2.1 6.5 District -16.8 -19.4 -20.5 -19.4 - 4.5 - 2.5 -17.9 j - 0.2 436.3 593.2 5.0 7.7 District No. 7: Chicago - 7.6 - 9.9 -11.4 - 9.9 - 7.0 1.4 1 -20.9i - 5.7 : 345.6 338.1 3.5 7.1 Detroit. . . .. — 5.6 1.8 — 14.7 1.8 —20.9 — 16.11 -18.7I — 6. 7 349.0 330.6 5.8 8.6 \filwaukec — 9 2 — 9 2 — 1.7 505.1 5.4 Outside - 8.5 -14.4 -13.1 -14.4 ! - 6.8 - 2.0 i -14.5 - 5.2 473.4 469.5 4.4 7.1 District - 7.1 - 6.6 -13.5 -6.61 -12.3 - 7.6 -16.7 - 5.0 407.4 410.2 4.9 7.6 District No. S: St. Louis - 87 -16.2 — 10.9 -16.2 - 2.6 -8.8 -15.9 — 14.6 360.6 394.9 3.7 8.7 Louisville — 8.8 4 0 — 13 5 4.0 : — 11.9 — 1.5 —25.0 — 4.4 580.4 561.2 3.6 5.3 Memphis. — 8.3 — 13.1 — 14.7 — 13.1 - 5.2 — 0.6 -15.3 - 2.8 485.7 557.3 6.0 8.1 Little Rock —10.6 —24.5 —10.8 -24.5 1.5 1.9.2 -19.7 6.4 441.3 424.7 6.8 9.3 Outside -11.9 | -15.2 -15.0 -15.2: - 3.0 3.5 -17.1 -14.0 507. 5 357.0 6.6 4.1 District -8.6 -15.1 -11.9 -15.1 1 - 3.9 — 4.0 -17.3 - 9.8 401.4 442.1 4.5 8.3 District, No. 9 -18.3 -15.6 -17.3 -15.6 j - 8.1 - 3.7 -12.9 - 3.6 321.3 582.9 2.8 6.1 District No. 10: Kansas Citv — 3.9 !—11.2 — 8.0 -11.2 ' 1.0 7.6 24.1 11.0 436.2 : 505.1 1.0 8.0 Denver — 0.1 8.6 -19.1 552.8 : 2.1 Outside -CIS -14.5 - 9.9 -14.5 ! -11.3 18.9 -15.4 - 4.5 393.3 | 475.5 ! 5.0 12.5 District - 4.3 -12.9 - 7.6 -12.9 - 1.8 13.4 -20.3 3.1 443.7 ! 490.0 | 2.2 10.2 District No. 11 -•-- i -16.7 -19.0 -21.3 -19.0 . -11.6 - 2.0 -22.5 -0.4 443.2 ; 474.6 ' 7.5 9.8 District No. 12: Los Angeles.... 1.8 — 2.5 1.1 — 2.5 14.4 22.7 -17.2 10.6 416.5 l 467.3 ; 9.9 - 7.9 San Francisco.... 1 6 — 4 9 — 6 6 — 4 9 — 6.2 5.3 — 14.4 — 0.6 382.3 ! 343.4 : 6.8 10.9 Oakland - 9.1 — 15.3 - 9.4 -15.3 - 2.6 15.0 -12.1 — 3.9 434.4 : 581.8 Sacrament o — 15 3 — 4 6 — 13 8 — 4 6 — 2 5 1.1 —21.0 — 3.8 409.7 483.2 Seattle — 5.0 —11.8 — 10.6 1— 11.8 — 17.4 — 16.8 — 19.7 -10.8 343.9 437.9 4.0 6.2 Spokane —14.5 — 14.7 —11.0 -14.7 — 4.9 - 1.6 -18.0 8.7 469.2 .' 748.3 9.0 Salt Lake Citv -16.0 -.1.9.9 -16.5 j -19.9 — 6.4 - 4.6 -11.8 - 5.7 439.2 . 523.5 ! 10.0 District . . .. - 3.0 : - 6.3 - 7.7; - 6.3 -13.6 3.4 -15.4 -5.5 411,7 ; 489.6 i 6.8 8.9 United States i — 5. 5 !-12.4 -10.8 -12.4 - 8. 0 ]- 0.3 -17.2 — 4.1 378.5 . 425.8 5.0 7.7 VALUE OF RETAIL TRADE. [Average monthly value, 1919=100.] Chain stores. Chain stores. Depart- Mail- : Depart- Mailment order , i ment order Date. i ; 1 s s ( t t 1 o o 5 r r e e 6 s s). *l j ch ' a ( i 6 n l s g ). 1 c C h i a g ( i 3 a n r s s ). 1 Date. s s to t ( o 1 r 5 r e e 8 s s ). h h o o u u s s e e s s ).c G h r a o ( i 1 c n 3 e s r ) y . ! j c a c h n e F a d n i i v t n t e e s ( 4 ) n . ; : .ch D a r ( i 6 u n g s).c C ha ig ( i 3 a n r s s ). i "i 1921. i 1921. January 103.8 69.1 ' 1.15.5 86. .1' 115.3 i H9.9 September.. 95.0 72.7 110.4 113.4 ; 116.7 128.0 February i ^S. 5 64. 8 ! 109. L 92.9 | 108.6 116. October 130.6 88.6 126.2 141.9 121. 7 138.0 March * 116.9 95.1 ; 119.2 121.1 : 120.8 131.8 November.. 123.4 83.3 125.7 134.1 : 1.1.2. 5 124. 8 Amii : 112.5 77.5 ! 112.1 HI. 9 119.2 134.7 •• December... 182.8 80.3 134.9 241.6 141.6 172.7 May ! 112.6 60.2 i 111.3 112. 2 117.2 1.29.5 i Tune 111.1 62.1 ! 108.7 109. 7 118.2 127.8 1922. Julv 79.7 49.3 I 106.8 : 108.0 118.9 128.5 UiMuarv 91.2 65. 4 1.28. 0 94.6 : 114.2 111.0 August • **2. 7 56.4 : 114.3 116.0 ! .11.6. 4, 127.6 ! Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 FEDERAL RESERVE BULLETIN. MARCH, 1922. WHOLESALE TRADE. PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN JANUARY, 1«)22, AS COMPARED WITH THE PRECEDING MONTH (DECEMBER, 1921). Groceries. Dry goods. I Hardware. Bo s o h t o s o a s n . d Furniture. Drugs. Au p to li e s s u . p- rtalionory. F p a le r m m e i n m ts - . Auto tires. District. |Xn n- ,>or Num-; p Numcent, j!firms.! Xuin- iNum-l b N fi e r u r m m o s f . c0 pp 0c 1n11t • j | W j f N ir u 1 m m oo s ff - . f No. 2 -a. 41|-14.3| 3"—22.4i 11-10.4, 1-19. 61 ; -3.7 N N o o . . 3 — 7. 4 22 S 1 j + 4.5 i;. HI -21. 8! 10 i jj+0.5:. No. 5 — 5 46:-L 51.9] 11-h 7. i; 19— 3.S= 20-13.3 <S' !! No.6 -10 321-1-26.2! 2i;-4.-i! 22 - 2. T 9-3S.3; 13|+0.3 4! ...-...+ 3.3> 4;-32.4; No. 7 - 6 31 -f 49.2j i 17 1.0.2! 10 '• i+5.21 12i —2. S 8 i i !. No. 9 + 3 12!+29.6i 4|- 9. lj 10+r3.6| 3 .....-;- .1. ' 1-13.8' 8 No. 10.. 101+95.3! 51-29, 5! 8 ... — 5.6' 5!_ 8.9j 6!—13.51 4 : j+273.0 No. 11 - 2 12U-37.3: ]2'-22.0i .1J ... -28. V 35-4- 4.9: 8! I •• • 1+43.0": 4 No. 12 : 31+15.6; 1.2 - 2. 5i 21 "-J-1. 2 21—21. 7. 13!- 9.-1' 9!+ 0.3 21,-20.7; 2(>i-12.5: 23 -36.2! 15 : ! i I i i ! ' PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN JANUARY, 1922, AS COMPARED WITH JANUARY, 1921. Groceries, j Dry goods. Hardware. • Bo s o h t o s e a s n . d r nrniture. Drugs District. i" i I c P en e t r . f N ir u r m m o s - . f ; ' ! ccnt-:fi • r b m N er u s . o m i c - l cn P l" e • r i ib N e u r m o - f Per ' . 'f N b i e r u r m m o s - f . . Per i i b X cr u o m f - 1 Per b f N i e r u r m m o s - f . : ! 'c P e e n r t. b N fi c r u r m m o s - f . ! c P e e n r t, i I Num- Per b fi e r r m o s. f ) cent. b fi c r r m m o s f . j No.2 -10.3 41!+40.3 3J-28.5; 11 + 6.4: . +10.0 -1-24.7 No.3 -15. 2 48; '. ...-20.2; 25- !. No.4 -14.5 22'+ 6.4: 11.1-28.6: 10 ...i- 7.0 No.5 — 14.9 46'+ 2.5 141—13.5" 19.+36.5" 20+206.7 8 i No.6 |-18. 8 32,- 1.5s 211— 8:8! 22!- 8.3' 9"+ 17. 8 13:^ 3.0." .'-10.8; 4—1.7.2 N N o o . . 7 9 ! j- - 9 6 . . 9 1 31'+42.4- ll 4 j !- - 1 1 2 4 .- .1 1' 1 10 7- +4 3 7 . ] . " 1 • 16 3" : ...:+ 0.2! 12J + 14.9 —22.9! -21.7 No. "— 5.1 10 1 ,+62. ii o!-1.2. 6 8 ....: +57. 6 6i- 6.3 '— 73. 7i 41 i X N o o . .12 — — 17 1 . . 0 9 .12,+ 8.0: ] 1 2 2| l — -2 6 0 .6 .7 " 2 11 1 +26.2 i. .. 2 .. L . - + 5 43 .9 .9 1 3 3 1 — -1 6 () . . 2 8 | ! 8 9 , :- . .. 5.9 21I-U.7! 26-45.1 i 2 4 3 j -11.6, I Jo 31 +12.7' I ! i i 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 January, 1922. VOLUME OF OPERATIONS DURING JANUARY, 1922. United States securities purchased. Total. Federal Reserve Bank. co B m u b i e n l a l m t n s e k b d d s e i . f s r o - r Bi m i l n ls a o r b k p o e e u t n g . ht Bo n n o d t s e a s. nd C of e e r d i t n n if d e ic s e s a b . t t e - i ! i p M w ur u a c n r h r i a c a s i n p e t a d s l , i j | January, 1922. J January, 1921. Boston 8148,728,662 i 814,526,904 S2,140,000 §26,318,500 S191.714,066 5521,894,102 New York 945,228,302 i 49,226,015 30,697,550 77,845,500 1,102,997,367 5,789,802,707 Philadelphia 246,117,377 i 8,923,046 10,043,200 500 Sol, 000 265,135,123 383,218,493 Cleveland 184,602,699 I 3,307,588 1,162,350 6,880,000 195,952,637 412,390,636 Richmond 204,741,710 i 1,098,000 205,839,710 247,729,048 Atlanta 80,778,934 I 2,395,176 83,174,110 185,274,510 Chicago 186,179,652 , 19,409,308 9,287,650 29,125,500 244,002,110 474,435,863 Sfc Louis 74,527,672 i 880,054 339,800 203,000 75,950,526 146,870,654 Minneapolis 25,324,136 ,. 24,600 721,500 9,029 26,079,265 81,980,175 Kansas City 46,220,158 | 26," 666' 10,000 4,000 46,254,158 100,742,070 Dallas 39,195,873 L 39,195,873 92,743,276 San Francisco 164,122,291 i ""3,"72i,"84i 8,452,350 2,000 176,298,482 217,052,899 Total: January, 1922. 2,345,767,466 ! 103,507,932 62,157,500 141,100,500 60,029 2,652,593,427 January, 1921. 8,257,762,245 ! 122,268,488 11,700 274,092,000 8,654,134,433 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 343 VOLUME OF BILLS DISCOUNTED DURING JANUARY, 1922, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOMMODATED. Member banks' collateral Customers' notes. Bankers' acceptances. paper Federal Reserve Bark. ! I o se b G c l m i u o g r v e a e e r t d i i r t o n b n - y s. G o S b o e l v c i u e g r r a e n t d i m o b n e y n s. 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 s r r , . cial A p t g a u r p r ic e a u r l . l- p s L a t i o p v c e e k r - . Foreign, j Domestic. ex D c o h l a la n r ge. Boston i §3,905,042 846,084,900 $98,248,591 $342, New York I 860,058 748,840,062 193,812,364 832, $11,637 Philadelphia i 5,715,470 187,805,807 52,532,863 444, Cleveland j 1,910,487 134,713,633 §159,000 45,152,639 205, 95,454 $500,000 R~ i' c"h mond' . 1,010,735 178,642,883 1,389,900 17,882,895 5,019, 17,412 Atlanta 1,718,095 36,235,510 579,000 35,863,279 5,250, 390,569 I Chicago 2,201,630 126,263,396 1,476,953 46,047,758 9,781 109,106 75,000 I. St. Louis 757,582 51,878,803 99,000 17,157,115 3,417, 540,159 260,497 !. Minneapolis 126,755 12,647,176 3,081,740 4,487,055 3,465, 1,493,998 ' Kansas City 783,289 30,494,194 8,988,522 2,161, 3,732,026 Dallas 228,185 18,253,733 2," 893,' 733" 7,870,527 5,381, 4,065,895 439,564 San Francisco 721,700 86,867,154 24,995,792 46,349,902 2,664, 2,064,248 Total: January, 1922... i 19,939,028 1,658,227,251 34,675,118 574,393,510 38,967,290 12,520,504 j i 1,275,061 I December, 1921.. j 34,447,381 2,643,303,761 38,970,549 1,369,899,777 52,648,490 17,040,568 :$2,061,000 j 137,395 j $40,000 January, 1921.... 148,545,029 3,992,943,600 29,724,638 3,986,445,075 51,176,925 20,326,421 j 8,429,562 December, 1920.. 143,335,882 4,886,257,779 38,638,721 4,367,464,512 9,643,021 Trade acceptances. i ! To m tal o n re m du a c t e u d r it t y o b a a c s o is m .1 - Member banks. Total, all Federal Reserve Bank. classes. Accommodated. Number Foreign. Domestic. ! Amount. Per cent in district of total. Jan. 31. dumber. Per cent. Boston $147,890 ! $148,728,662 j $119,314,720 5.1 436 231 53.0 New York 871,472 i 945,228,302 1 413,090,262 17.6 798 356 44.6 Philadelphia... 118,289 246,117,377 j 188,271,828 8.0 709 402 56.7 Cleveland 1,866,305 184,602,699 j 200,356,428 8.5 883 376 42.6 Richmond 778,291 ! 204,741,710 ! 181,033,113 7.7 626 395 63.1 Atlanta. 742,341 ! 80,778,934 j 216,824,167 9.2 520 364 70.0 Chicago 223,890 I 186,179,652 375,427,816 16.0 1,445 937 64.8 St. Louis 416,632 • 74,527,672 ! 131,410,645 5.6 589 j 320 54.3 Minneapolis. „. 22,098 ! 25,324,136 ' 83,722,540 3.6 1,024 ! 500 48.8 Kansas City... 60,361 i 46,220,158 120,787,307 5.2 1,112 I 563 50.6 Dallas 62,821 i 39,195,873 130,493,085 5.6 856 i 536 62.6 San Francisco., 459,314 I 164,122,291 185,035,555 7.9 852 ! 366 43.0 Total: January, 1922 j 5,769,704 • 2,345,767,466 I 2,345,767,466 100.0 9,850 j 5,346 54.3 December, 1921 1 10,016,944 ! 4,168,565,865 ' 9,855 ! 5,676 57.6 January, 1921.... $20,170,995 8,257,762,245 9,659 ! 5,291 54.8 December, 1920., 16,317,764 9,461,657,679 9,628 j 5,551 57.7 1 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (13.75) for system. VOLUME OF BILLS DISCOUNTED DURING JANUARY, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Average Federal Reserve Bank. 4£ per cent. 4f per cent.; 5 per cent. 5.v per cent. Total. d r a a y t e b ( a 3 s 6 i 5 s - ). m A a v t e u r r a i g t e y. Per cent. Days. Boston $148,728,662 | $148, 728,662 4.50 11.03 New York '. 945,228,302 j ' 945,22S,302 4.50 6.00 Philadelphia 246,117,377 j 246,117,377 4.50 10.52 Cleveland :....! • 8184,602,699 184,602,699 5.00 14.92 Richmond ! j ! 204,741,710 204,741,710 5.00 12.16 Atlanta ! ! 80,778.934 778,934 5.00 36.91 Chicago ! j 186,179,652 186,179,652 5.00 27. 73 St. Louis j : 74,527,672 74;527,672 5.00 24.25 Minneapolis ! 1 17,475,180 87,848,956 | 25,324,136 5.18 45.46 Kansas City : { j 46,220,158 I 46,220,158 5.00 35.94 Dallas ! ! §402,564 i 25,833,900 "12*9597349"! 39;195,873 5.19 45. 78 San Francisco j 71,069,964 " 93,052,327 164, 122,291 4.73 15.50 .{ : Total: Jaimary, 1922 1,411,144,305 402,564 1 913,412,292 i 20,808,305 ' 2,345,767,468 4.84 13.75 December, 1921 2,898,201,271 ! 1,072,731,549 i 1"9"7 J'6•"3"3 J"04'"5 : 4,168,565,865 4.91 11.67 i I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

344 FEDERAL RESERVE BULLETIN. MARCH, 1922. VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING JANUARY, 1922, BY CLASSES. I j Total reduced to a 1J ankers' acce pta nces. Trade acceptances. common maturity : TOW urns bU3K1 Federal Reserve Bank. -•' purchased. r Dollar i , Percent Foreign, i Domestic. ; exchange. ! Total.. Domestic. Total. Amount. i of total. Boston ' §7,724,615 , 86,542,289 8260,000 !$14,526,904 [814,526,904 87,909,340 7.64 New York ! 35,112,897 j 10,394,668 3,71.8,450 ' 49,226,015 i 19,226,015 26,230,138 25.34 Philadelphia i 5,574,860 i 2,500,039 804,000 8,878,899 S44.147 • $44,147 \ 8,923,046 11,721,351 11.33 Cleveland " 1,8.13,438 i 1,449,150 45,000 3,307,588 ....'.....• i 3,307,588 2,663,859 2. 57 Richmond ' 170,000 ' 928,000 ' 1,098,000 '' i 1,098,000 1 .-477,812 1, 43 Atlanta 1,387,940 | 1,007,236 ' 2,395,176 ! 2,395,176 4>11,887 4.-19 Chicago : 13,572,413 , 5,353,207 483.688 19,409,308 ! 19,409.308 44,050,647 42. 56 St. Louis 278,503 i 601J 551 .....! 880,054 , i 880,054 1,731,585 1.67 Minneapolis. Kansas City '• ; 20,000 | ; 20,000 j 20,000 23,457 .02 Dallas....." i. San Francisco : 2,795,308 ^ "739,"386 T" Ii5,36C)"]" 3,650,(Vvi 1,787 ! ; 71,787 *3*72L84T *3,"6f)i.*856": 2/95 Total: January, 1922.. 68,429,974 i 29,535,526 ', 5,426,498 103,391,998 71.787 ! 44,147 115.931 :103.507,032 103.507.032 100.00 December,1921. 155,482,374 ; 53,331,146 j 21,079,169 229,892,689 208,664 ' 208,664 230.101,353 " January, 1.921.. 77,992.228 ; 32,275,174 j 10,858,001 121,125,403 i 1,073,284 69.801 1,1-13,085 ' 1.22.268,488 .I.)ecember,1920-1L77,656,948 \ 63,555,187 : 11,239,769 252,451,904 i 1,1.20,968 2ooi 000 • 1,375,968 |253,827,872 1 Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average inaiunly (31.61) for system. VOLUME OF ACCEPTANCES PURCHASED DURING JANUARY, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Federal Reserve Bank. ; 3} per cent. 3J per cent, j 4 per cent, j4jV per cent.j 4i per cent.; A\ per cent.' 4$ per cenl. 4J per cenl; Boston , $2,005,975 §2,654,555 ' , 85,640,154 ! -S3,339,046 8486,487 §289,306 New York.. 51,340 ! 7,512,810 2,061,832 318,955 39,257,126 Philadelphia ! • 25,000 6,345,460 i 1,916,015 • 296,371 ; 290,200 50,000 Cleveland I ', 43,620 i $29,140 1,978,389 ! 616,242 . 505,387 20,432 Richmond ! C A h tl ic a a n g ta o • i ; , • " I I! - " 10,700,996 I. 6,595,883 1,61 6 1 5 , , 6 8 5 8 1 1 = ; . 500,778 St. Louis .1 $337,392: 97,881 j 15,737'. 377,294 • 51,750 Minneapolis. Kansas City. Dallas. •I- San Francisco. 120,000 356,249 i 1,209,130 i 1,283,076 ; 526,599 I- Total: January, 1922.... 337,392 ! 2,248,856 20,167,957 i 29,140 24,852,381 j 9,651,393 ! 2,680,156 39,616.864 December, 1921. 54,068,217 i 32,252,5-48 ; 12,634,039 120,421; 785 Federal Reserve Bank. 4$ per cent. 4} per con 1.1 4£ per cent. 5 per cent. 5& per cent. TOW. i day basis). Per ccM. \ Days. Boston $32,200 $79,181 814,526,904 4.20 : 17. 54 New York 23,952 49,226,015 4.47 ] 16.85 Philadelphia. 8,923,046 4. 10 : 41.53 Cleveland 49,378 5,000 I §25,000 835,000 3,307,588 4.27 25.46 Richmond 1,098,000 1,098,000 5.07 I 42.55 Atlanta 2,329,295 2,395,176 5.05 i 61.31 Chicago 19,409,308 4.13 , 71.75 St. Louis 880,054 3. 90 62.21 Minneapolis.. Kansas City.. 20,000 20,000 5.07; 37.08 Dallas. San Francisco. 105,000 68,536 $53,251 3,721,841 '4*32'; "25*95 Total: January, 1922... 105,530 84,181 i 130,000 3,550,831 53,251 103,507,932 4.28 ' 31.61 December, 1921. 3,051,852 1,220,983 I 409,016 4,029,033 186,500 ^ 230,101,353 4.41 ! 23.39 1 Includes $60,500 and $1,766,880 of acceptances purchased at 51 and 5& per cent, respectively. NOTE.—All Federal Reserve Banks use 360 days to the year in calculating interest on bills bought in open market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 345 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 January, 1922: AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARNINGS DURING JANUARY, 1922. Average daily holdings of— Earnings on- Annual rate of earnings on— All Federal Reserve 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 . sed se U S cu t n a r i i t t t e e i s d es. e c a a l s a r s o n s e f s i t n e s. s g 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 ™ +V ! / f i "' e a a s o r s n e f t i s n . g ! ! ;c o b u i n ll t s e . d c b h P i a u l s l r s e - . d I U s S e t t n i c a e i u t s t e r . e i s d - \Per cent Per cent Per cent'.Per cent Boston | 883,164,494: 842,229,543.810,566,8481830,368,103 $307,005 8162,120i 837,728 8107,157! 4.35 4.52 4.20! 4.16 New York ! 270,457,485: 160,815,091 36,559,362^ 73,083,032 961,186 625,204! 142, ""- .193,257 4.18: 4.58 4.60l 3.11 Philadelphia 106,852,081= 75,906,729- 14,108,097 16,654,481. 382,910 290,327i 50, 40,795; 4.21 4.50 4.24; 2.88 Cleveland 114,923,243 95,404,389 4,775,428 14,743,426; 462,488 406,001! II 39,080, 4.74 5.01 4.29; 3.12 Richmon d I 95,440,744. 87,255,559. 3,191,785 4,993,400 404,520 381,432 4.99; 5.L 5.33" 2.03 Atlanta. 99,867,047: 79,655,201 3,749,935 16,461,911 414,273 352,272! 45,352! 4.88' 5.21 5.23, 3.24 Chicago 204,026,172 156,875,243 12,893,373 34,257,556; 828,626i 68(),386: ,958 103,2821 4.78 5.11 4.11 3.55 St. Louis 59,289,406. 51,059,716 305,635 7,924,055 233,831 217,842; :,054 14,9351 4.64 5.02 2.22 Minneapol is 49,586,0001 45,078,000' 4,465,000 220,650l 212,720 . i 7,739 5.24 5.56 2.04 Kansas City 76,201,668 61,269,376 616,178 14,238,695 300,550! 270,826' 933 26,463, 4.64 5.20 2.19 1 )allas 52,631,555 48,072,539 29,516! 4,529,500 238,405 229,448 138 8,819' 5.33 5.62 5.49 2.29 San Francisco 91,694,175: 65,349,786.11,944,808 14,399,581 360,307 277,897j 796 38,614; 4.63 5.01 4.32' 3.16 Tol al: J D a e n c . , , 1 19 9 2 2 .1 2 .... 1 1 ,3 ,5 0 1 4 7 ,1 ,1 3 9 4 4 ,0 ,0 7 2 0 7 ,1,1 9 8 68 5 , , 9 4 7 3 1 1 , , 1 6 7 0 2 2 . 1 9 0 8 5 ,7 ,4 4 9 0 9 ,9 ,1 6 2 5 7 2 2 3 2 6 6 ,1 ,0 1 0 8 5 ,7 ," 4 " 0 " 6 5 , , 1 1 0 1 9 4 , , 2 7 4 5 3 1 5 4 , , 1 1 4 0 4 6 , , 4 4 9 7 4 5 ; : 4 3 0 7 2 2 , , 9 7 1 5 7 8 5 6 6 3 ( 4 ) , , 1 6 2 4 2 0 ! : 4 4 . .7 6 4 2 1 4 5 . . 9 1 9 11 ! 4 4. . 4 5 4 0: 3 2 . . 1 9 6 2 Jan., 1921 3,034,655,353 2,536,104,523 200,913,063 297,637,767 15..,154,34913,568,1521.,048,344 537,853: 2.13 Dec, 1920 3,313,502,262 2,730,360,460 244,001,410 339,140,392 16i;, 792,813'14,844,052;, 2i5;0,273 5 5 . . 9 8 8 8 6 6 . . 4 3 2 0 6 6 . . 1 0 4 5 : 2.43 NOT!.:.—The figures for Philadelphia, Minneapolis, and Kansas City banks include average daily holdings of municipal w;arrants, earnings and annual rales of earnings thereon as follows: Philadelphia, 8182,774, 8877, and 5.65 per cent; Minneapolis. 843.000, 819J, and 5.10 per cent; Kansas City, 877,419, 8328, and 5 per cent: total, 8303,193, 81,396, and 5.42 per cent. HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of January figures. In thousands of dollars.] Member banks' Bankers' ac- Trade accept- Custom- . collateral notes. ceptances. ances. . ers' paper- 1 secured !- v — Commer- Agri- Live- Federal Reserve Bank. Total. cial paper, cultural stock o t b io li n g s a . - wise n. e. s. paper. paper. e F i o g r n - . m D es o t - ic. e F i o g r n - . m D es o t - ic. i ' """ " "" " j : Boston 39,018 2,252 : 13,411 22,439 751 165 New York I 123,636 957 i 94,206 26,855 8<J6 722 Philadelphia 79,019 • 6,985 '. 51,524 19,588 778 144 Cleveland i 74,733 . 2,268 : 30,195 89 38,216 929 547 500 l,989 Richmond : 81,966 1,874 ' 34,771 985 33,222 9,277 18 1819 Atlanta 71,139 2,360 16,487 214 38,417 11,559 978 i 124 Chicago j 1.22,861 2,289 . 41,996 : 597 37,650 39,829 500 St. Louis ! 41,173 1,438 13,364 I 69 17,224 7,491 487 Minneapolis 40,997 221 6,020 I 1,510 6,034 20,913 : 6,098 201 Kansas City 53,998 1,193 11,783 . 14,446 7i,, 7i8 o1± ii 18,753 42 Dallas " 45,494 313 7,532 " 1,642 8)293 j 15,121 I 11,621 249 723 San Francisco 64,851 1,016 19,802 j 11,731 18,332 6,377 ; 7,235 358 Total: Jan. 31, 1922 838,885 23,166 " 341,091 ! 16,837 180,716 121,702 i 45,919 249 931 j 8,274 Dec. 31, 1921 ," 1,144,347 41,611 443,723 17,785 45."to 2,1mn9 9 io1n 29A,O0I:; 36 ' :A I\4 9,6/»7TM0 j 50 288 | 5 | 9! Jan. 30, 1920 ! 2,174,357 ; 317,688 : 1,140,204 ! 6,427 608,283 23,212 I 33,693 \ 19,964 ! 24,886 Dec. 30, 1920 ! 2,719,134 ' 271,526 869,510 | 17,907 1,274,606 .143,145 j 103,795 \ .... 17,218 I'"" 21,427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

346 FEDERAL RESERVE BULLETIN. MASCH, 1922. HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of January figures. In thousands of dollars.] I— Federal Reserve Bank. Total. Boston 8,204 165 8,204 4,247 3,263 694 : 165 NewYork 23,654 22,932 722 22,904 15,509 5,355 2,040 j 722 Philadelphia 14,205 14,061 144 14,061 8,854 3,298 1,909 ! 144 Cleveland 5,867 3,378 2,489 3,878 2,392 1,441 45 I 1,989 Richmond 4,324 2,505 1,819 2,505 659 1,846 1,819 Atlanta 4,103 2,979 1,124 2,979 1,465 1,514 1,124 Chicago 1.5,840 15,340 500 15,340 I 11,749 2,658 500 St. Louis 987 918 500 25 475 487 Minneapolis | 201 201 201 Kansas City j 103 42 61 . 61 42 Dallas... ..* | 987 972 264 I 249 15 723 San Francisco ! 5,749 358 I 5,317 ! 4,321 | 632 364 361 Total: .Tan. 31, 1922 i 84,389 i 76,013 49,470 20,558 5,985 8,376 i 99 | 8,277 Dec. 31,1921 ! 155,586 i 145,383 I 34,250 11,164 10,203 : 223 i 9,980 Purchased in open market: . Jan. 31,1922 ;. 74,935 74,833 49,221 19,627 5,985 ! 102 I Dec. 31,1921 j. 145,263 345,045 99,919 I 33,962 11,164 | 218 | 218 Discounted for member banks: j Jan. 31, 1922 9,454 I 1,180 249 j 931 ! i 8.274 L.. 8,274 Deo. 31,1921 1. 10,323 I 338 50 i 9', 985 I 9,980 HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS. [End of January figures. In thousands of dollars.] Member banks. j Nonmem- ; Branches Federal Reserve Bank. Total. Non- I 1 | a b n i c n d r g b b c a a o n n r k k - s - I j | P b r a i n v k a s te . o a f g a f e o n n r c d e i i e g s n National. national. j p orations, j banks. Boston 8,204 5,693 ! 2,225 ! 37! 2-19 i NewYork.... 22,904 7,924 ! 8,297 ; 2,333 ! 970 ! 3,380 Philadelphia.. 14,061 5,733 i 4,652 j 1,722 I 855 I 1,099 Cleveland 3,878 687 I 1,772 . 362 105 I 952 Richmond 2,505 2,500 i Atlanta 2,979 745 I 2,234 '.'. Chicago 15,340 •7,301 i 6,907: 958 ; 121 53 St. Louis 500 226 1 27-1 :. Minneapolis Kansas City 61 61 Dallas 264 15 "249"L San Francisco 5,317 2,429 1,627 : 452 I 286 523 Total: Ja n. 31, 1922 76,013 33,314 27,993 i 6,113 i 2,586 ! 6,007 Dec. 31, 1921 145,383 60,210 50,342 ; 13.706 i 32,319 I 8, 806 Purchased in open market: ! Jan. 31,1922 74,833 33,101 27,275 ! 5,864 I - 2,586 6,007 Dec. 31, 1921 145,045 60,173 50,091 I 13,656 i 12,319 8,806 Discounted for member banks: Jan. 31,1922 1,180 213 718 ' 249 . Dec. 31,1921 37 251 : 50 : Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 347 BANKING CONDITIONS DURING JANUARY AND FEBRUARY, 1922. Continuous loan liquidation by reporting operations in connection with the allotment on member banks, as well as Federal Reserve February 1 of $601,600,000 of Treasury notes. Banks, offset in part by increases in their invest- On February 16 about $256,000,000 of loan ments in Government securities, mainly Treas- certificates fell due, but apparently the larger ury notes, and a substantial increase of Gov-part of these certificates had been received ernment balances held by the member banks before maturity in payment for the newly WEEKLY CVIANGES IN PRINCIPAL ASSET•<I AND LIABILITIES >1 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 AKD INVESTMENTS 5 PURCHASED ACCEPTANCES 9 TOTAL EARNING ASSETS 5 LOANS SECURED BY STOCKS AND BONDS MILLIONS MILLIONS BILLIONS BILLIONS DOL o L r ARS DOL O L F ARS DOL O L F ARS DOL O L F ARS 3000 9 17 17 3000 9 V 16 V 16 \ 2500 A \ 1 2500 15 V 15 v\ \ J 2000 V \ \ 2000 14 14 Y \ VA 1500 -\ s 13 c 8 13 \ 1500 - 7 12 \ - IE 1000 % 500 k'• 1 . v \ \ 7 s * 1 5 0 0 0 0 0 1 1 0 1 \ "\ *v A A . / ^*A -% \ — i 1 \\ 0 o 5 «».- \\ 9 6 9 MILLIONS 0 \ DOL O L F ARS RE R S A E T R IO VE 8 \ > 8 & #.-- •^ "V i 3000 > y C P E E N R T . 7 N•*« ! 7 X 3 "s•Xf 100 6 6 2500 y 90 I j 80 5 5 2000 ,2 4 «.' j i 70 4 4 60 1500 1 50 3 5 3 40 1000 2 4 ! ! 2 30 • 2 •* •> - "- 560 2 1 0 0 1 —s" -—^*. "^. -•• 1 J. F. M.A.M. J. J. A.S.O. N. D. J. F. M. A. M. J. J. A.S. 0. N. 0. J. F. M.A M.J.J.A.S.O. N. D. J. F. M.A.M. J. J. A.S.O. N. D. 1921 1922 192! 1922 are the leading features of development in the issued Treasury notes, so that the effect of banking field during the four-week period end- these operations is reflected but little in changes ing February 15 and 21, respectively. Some of condition of either the member banks or the of the changes, notably those in meiiiber bank Federal Reserve Banks. The return movement investments in Government securities and in of currency, mainly Federal Reserve notes, Government deposits, are traceable to fiscal characteristic of the early part of the year, has Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

848 FEDERAL RESERVE BULLETIN. MARCH, 19 ik-. practically ceased, and both reserve note and Of the total discounts of all Federal Reserve deposit liabilities of the Federal Reserve Banks Banks the amount held for reporting banks, show only moderate decreases for the period i. e. member banks located in the larger cities, under review. An increase for the period in constituted 48.1 per cent on February 15, comthe reserve ratio from 77.2 to 78.1 per cent is pared with 51.2 per cent four weeks earlier due largely to the gain in gold by the Federal and 78.1 per cent about a year ago. Notwith- Reserve Banks* standing the decrease in borrowings from the Loans secured by Government obligations (so- Federal Reserve Banks and in their net decalled Government paper) show a continuous mand deposits, reserve balances of the reportreduction, totaling $28,000,000 foi the period. ing members show a practically continuous Loans secured by corporate obligations fluctu- increase for the period of $66,000,000. Cash ated between a low of 83,074,000,000 on Janu- in vault shows a further decline of $18,ary 25 and a high of $3,129,000,000 on Febru- 000,000, the February 15 total of $270,000,000 ary 8, the February 15 total of $3,126,000,000 being 2.6 per cent of the net demand deposits being $19,000,000 in. excess of the January 18 of all reporting institutions, as compared with total. All other loans and discounts, compris- slightly over 3 per cent on the corresponding ing largely commercial and industrial loans fol- date of last year. lowed a downward course (luring the first three In the following table are shown the prinweeks of the period under review, but increased cipal changes in the condition of reporting by about §62,000,000 during the week ending member banks during the four weeks ending February 15. Loans and discounts of report- February 15. Corresponding changes since the ing member banks on the latter date aggre- beginning of 1921 are traced on the chart on gated $10,930,000,000, marking a decrease of page 347. $85,000,000 for the four weeks under review. United States bond holdings of the reporting MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OK institutions show an increase for the four weeks 'REPORTING MEMBER BANKS. of $10,000,000, while Victory note holdings of [In millions of dollars.] these banks show a decline of $48,000,000 on February 1 and of an additional $7,000,000 on Jan. Jan. Feb. i Feb. Feb. the following Wednesday, these decreases ap- IS. ' 25. 1. : 8. 15. parently representing largely the amounts of notes tendered to the Government in payment Number of reporting banks 806 : 804 800 807 Loans and discounts: for Treasury notes of the February 1 series. Secured by U. S. Government Investments in these notes show an increase obligationsl 470 . 451 450 i 444 ; Secured by stocks and bonds of $247,000,000 in the February 1 member bank (other than. U. S. Governstatement. During the following two weeks the All oth m e e r n i t obligations) . 7 '{ , , 4 1 3 0 8 7 j : 7 3 , , 3 0 9 7 4 4 3 7 . , 1 3 L 1 H 5 j i 7 3 , , 3 1 0 2 0 9 3 7 , , 1 3 2 0 ( 2 > banks distributed"substantial amounts of the Total loans and discounts l.. 11,015 10,919 10,878 10,873 ,10,930 newly acquired notes among their customers, reducing their maximum holdings by $52,000,- U U . . S S . . b V o i n ct d o s ry notes 189 9 1 9 8 7 8 9 1 9 4 9 1 9 1 9 3 5 4 9 1 9 4 8 2 000. Treasury certificate holdings show an U. S. Treasury notes 120 120 367 322 315 U.S. certificates of indebtedness... 204 198 : 230 224 208 increase of $4,000,000 for the period, while Other bonds, stocks, and securities. 2,095 2,112 , 2,0932,091 2,091 investments in corporate and other securities Total investments. 3,596 '• 3,615 . 3,830 3, 766 3,754 totaled $4,000,000 less at the close of the period Total loans and discounts than at its beginning. In consequence of the and. investments l 14,611 14,534 ; 14,708 14,639 .14,084 changes noted, loans and investments of the Reserve with F. II. Banks | 1,267 : 1,250 ; 1,285 1,308 1.333 reporting member banks on February 15 aggre- Cash in vault i 288 : 278 , 260 279 270 Net demand deposits 110,332 :10,271 ,10,298 10,236 10,321 gated $14,684,000,000, an increase of $73,- Time deposits ! 3,018 3,021 . 2,979 3,004 3,062 000,000 for the period. This increase is accom- Government deposits : 186 ' 168 350 450 423 panied by increases of $237,000,000 in Gov- Bills payable and rediscounts with F. R. Banks, total 468 409 .400 395 378 ernment deposits and of $44,000,000 in time Secured by U.S. Government • deposits, as against a decline of $11,000,000 in obligations • 216 187 194 202 172 other demand deposits. Rati A o ll o o f t a h c e c r ommodation at F. R. ! 252 : 222 206 193 206 Borrowings of the reporting institutions from Banks to total loans and in- I the Federal Reserve Banks show a further de- vestments 3. 2 s 2. 8 . 2. 7 2.7 2.6 crease during the four weeks from $468,000,000 1 Including bills rediscountcd with Federal Reserve Banks. to $378,000,000, or from 3.2 to 2.6 per cent of the banks' aggregate loans and investments. Figures for the Federal Reserve Banks But little change is seen in the borrowings of which cover the four-week period between member banks in New York City from the January 25 and February 21 show further local reserve bank. liquidation of $128,900,000 of discounted Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 349 bills, the greater part, viz, $75,900,000, repre- Reserve deposits show a gradual rise from senting bills secured by Government obliga- $1,652,300,000 on January 25 to $1,744,400,000 tions. Over 80 per cent of the Government on February 15, followed by a decline to paper held by the reserve banks on February $1,677,000,000 on the following Tuesday. 21 was paper secured by United States bonds, Government deposits reached a high total of mainly Liberty bonds, about 9 per cent paper $114,700,000 on February 1, the date of issue secured by Victory notes, less than 3 per cent of the most recent series of Treasury notes. paper secured by Treasury notes, and a little Since then a gradual decline to $63,900,000 is over 8 per cent paper secured by Treasury noted. Federal Reserve note circulation on certificates. February 21 aggregated $2,173,500,000, a Holdings of acceptances purchased in open decrease of $10,500,000 for the four weeks, market fluctuated between $94,300,000 on compared with a decrease of $39,000,000 for February 8 and $82,600,000 on February 21, the corresponding period in 1921. On the the latter amount differing but little from the other hand, the Federal Reserve Banks report amount reported four weeks earlier. United a decrease of $20,600,000 in reserve cash States bonds and notes showed an increase other than gold, the amount representing during the first three weeks of $59,900,000, largely greenbacks and silver certificates issued most of the Federal Reserve Banks, notably by reserve banks to meet the increased demand those of New York, Cleveland, Chicago, and for currency of the smaller denominations. Kansas City, reporting substantial increases Gold holdings of the Federal Reserve Banks under this head through purchases of Victory show a further gain for the four weeks of notes and newly issued Treasury notes.- Pitt- $42,600,000 and at the close of the period man certificates on deposit with the Treasury reached a record total of $2,946,800,000. to secure Federal Reserve Bank note circula- Besides the actual gain in gold there may be tion show a further reduction of $16,000,000 noted considerable shifting of gold holdings while other Treasury certificates, largely held by through the gold settlement fund among the the Boston, New York, Cleveland, and Chicago Federal Reserve Banks, six of the banks re- Federal Reserve Banks, show an increase of $62,- porting increases and six decreases in their 500,000 for the period. Total earning assets on gold reserves for the four weeks under re- February 21 stood at $1,159,000,000, marking view. Chicago shows the largest increase, a decline of $24,100,000 for the four weeks viz, of $38,200,000, Atlanta being next with and of $1,695,100,000 since February 25 of an increase of $32,000,000, while smaller last year. increases aggregating $29,900,000 are reported In the subjoined table are given the weekly by the Kansas City, Dallas, Minneapolis, changes in the principal assets and liabilities and Richmond banks. Boston reports the of the Federal Reserve Banks for the four largest decrease in gold holdings for the four weeks under review. Similar changes since weeks, viz. $28,000,000, followed by New the beginning o 1921 are presented on the York with a decrease of $22,100,000, while chart on page 347. smaller decreases aggregating $7,400,000 are shown for Philadelphia, San Francisco, Cleveland, and St. Louis. MOVEMENT OP PRINCIPAL ASSETS AND LIABILITIES OF THE Since February 25 of last year gold holdings 12 FEDERAL RESERVE BANKS COMBINED. [In millions of dollars.] of the Federal Reserve Banks have increased by $806,500,000, the largest accretion for the Jan. | Feb. Feb. Feb. Feb. period, viz, $689,300,000, being shown for the 25. i 1. 15. 21. New York bank. Chicago shows an addition to its gold holdings of $100,400,000, San Fran- Reserves: Total ..3,058.9 ;3,061.5 3,062.6 3,07"). 9 j3,080.8 cisco an addition of $95,400,000, while smaller Gold ..;2,904,2 !2,911.5 2,921.4 2,936.1 j2,946.8 additions aggregating $65,500,000 are shown Bills discounted: •. for the Atlanta, Minneapolis, Philadelphia, Total 850.2 837.8 823.5 785.6 721.3 Secured by U. S. ; Kansas City, and St. Louis Federal Reserve Government obliga- Banks. Cleveland reports a decrease in gold tions 357.9 i 361.1 361.9 327.6 i 282.0 All other 492.3 ! 476.7 461.6 458.0 439.3 holdings for the period of $65,000,000, Boston Bills bought in open market.. 82.7 i 90.0 94.3 78.3 ; 82.6 Certificate of indebtedness... 184.3 214.7 232.2 259.0 230.7 a decrease of $57,300,000. Richmond a decrease Total earning assets jl, 183.1 il, 233.5 1,260.0 1,248.7 11,159.0 of $21,400,000, and Dallas a nominal decrease Government deposits j 95.9 | 114.7 112.7 79.3 ! 63.9 of about $400,000. Decreases in the gold- Members' reserve deposits '1,652.3 1,689.4 1,714.7 1.744.4 1,677.0 Total deposits ,1,778.8 ;1,840.5 1,858.5 1.857.5 1,772.2 ieserves of the Cleveland and Boston banks are F. H. notes in circulation |2,184.0 % 178.1 2,166.2 2,170.0 :2,173.5 due in part to the return of their reserve notes F. It. Bank notes in circula- j j tion—net liability ! 84.9 ' 83.9 83.5 83.0 ; 81.2 for redemption by other Federal Reserve Reserve percentage | i 77.2 ! ! 76.2 76.1 76.4 : 78.1 Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 FEDERAL RESERVE BULLETIN. MAKCH, 1922. In the following table are shown comparative percentages for the months of January and figures of average daily cash reserves, deposits, February, 1922, as compared with data for Federal Reserve note circulation, and reserve the same months in 1919, 1920, and 1921. CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR FEBRUARY AND JANUARY, 1922. [Daily averages. Amounts in thousands of dollars.] Federal Reserve notes Total cash reserves. j Total deposits. in circulation. Reserve percentages. Federal Reserve Bank. February. January, j February. January. February. I January. February, j January. L Boston 211,545 j 237,351 • 123,427 119,837 160,707 i 183,233 74.5 ; 78.3 New York 1,130,814 ! 1,158,375 709,388 | 727,201 622,185 : 626,865 84.9 ! 85.5 Philadelphia 208,920 j 216,613 105,399 ! 105,342 185,356 ; 187,815 71.9 ! 73.9 Cleveland 259,900 249,372 139,062 ! 134,367 193,661 ! 202,570 78.1 i 74.0 Richmond 78,788 71,541 57,421 57,048 95,670 ' 100,973 51.5 i 45.3 Atlanta 103,590 78,046 50,632 48,849 109,650 i 115,521 63.4 ; 47.5 Chicago 472,027 456,292 250,486 244,386 364,244 ! 383,910 76.8 1 72.6 St, Louis 119,090 I 114,035 70,179 68,422 84,999 89,889 77.1 . 72.0 Minneapolis 68,088 62,792 46,014 44,479 52,252 ; 54,712 68.9 | 63.3 Kansas City 88,072 79,881 75,512 74,101 61,871 : 65,804 64.1 i 57.1 Dallas 43,370 ! 35,902 49,004 45,776 30,148 ! 33,188 54.8 ! 45.5 San Francisco... 287,241 i 283,784 137,322 131,181 215,786 i 227,577 81.4 ; 79.1 Total, 1922. 3,070,045 ! 3,043,984 1,814,446 1,800,989 2,170,529 | 2,272,057 76.9 \ 74.7 1921. 2,343,537 2,287,274 1,804,476 1,822,600 3,068,578 i 3,177,656 149.6 ' l47.5 1920. 2,053,422 2,098,498 2,002,503 2,027,861 2,946,863 2,887,846 143.3 144.9 1919. 2,183,641 2,164,167 1,855,124 1,825,147 2,462,941 i 2,540,642 i 52. 5 152.0 i 1 Calculated on basis of net deposits and Federal Reserve notes in circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 351 CONDITION OF FEDERAL RESERVE BANKS. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, FEB. 1, 8, 15, AND ON TUESDAY, FEB. 21, 1922. RESOURCES. [In thousands of dollars.] Total. Boston. Y N o ew rk. d P el h p i h la ia - . C la le n v d e . - m R o ic n h d - . Atlanta, Chicago. Louis. M ap i o n l n is e . - K C a i n t s y a . s Dallas. c F i r s a c n o - . Gold and gold certificates: Feb.l 385,044 7,672 289,068 i 2,037 I 13,266 2,823 5,135 22,281 3,511 9,241 2,551 8,259 19,199 Feb. 8 382.418 7,773 286,890 ! 2,085 12,332 2,846 5,188 22,513 3,536 9,258 2,587 8,475 18,935 Feb. 15 382,260 7,855 286,244 i 2,082 12,361 2,862 5, 111 22,630 3,569 9,276 2,575 8,635 19,060 Feb. 21 381,673 7,945 285,045 j 2,117 12,414 2,877 5,151 22,808 3,584 9,304 2,585 19,144 Gold settlement fund—F.R. Board: Feb.l 509,163 42,410 78,412 48,987 44,877 27,157 21,423 88,557 29,634 28.249 42,911 ; 11,185 45,391 Feb. 8 514,110 35,687 54,376 51,783 | 46,229 33,173 26,559 98,265 31,406 34,'457 41,812 j 17,673 39,690 Feb. 15 531,354 25,518 53,005 51,022 ! 57,316 31,728 32,056 109,400 34,053 31,968 45,702 15,813 43,773 Feb. 21 520,681 24,247 71,979 i 51,475 46,104 29,439 31,425 100,308 22,426 34,126 52,917 18,140 38,095 Gold with F. R. ! agents: Feb.l 1,928,419 137,929 711,967 i 138,823 186,306 31,877 | 52,314 312,011 72,967 24,021 32,159 10,822 217,223 Feb. 8 1,942,725 135,448 711,797 ! 135,412189,036 29,969 53,545 321,840 71,927 23,898 32,266 11,475 223,112 Feb. 15 1,940,665 132,880 7/1 i1i,, 60-417/ j 110306, ,o5u»0 8 1i8»5;>,,0u9y9y 27,942 59,917 327,115 75,213 23,136 31,336 ' 10,925 218,947 Feb. 21 1,977,602 131,412 741,396 134,896 , 186,938 26,386 68,561 332,778 75,666 22,746 30,415 10,296 216,112 Gold redemption fund: Feb.l 88,872 14,509 10,000 i 8,307 5,684 6,677 4,087 j 25,839 1,743 2,141 2,736 2,084 5,065 Feb. 8 82,099 16,957 10,000 i 11,414 2,890 8,246 3,504 i 12,887 2,591 2,056 2,232 I 1,336 7,986 Feb. 15 81,775 19,493 10,000 i 6,919 6,750 9,943 3,868 | 10,517 2,143 2,606 2,779 i 1,821 4,936 Feb. 21 66,847 10,913 10,000 8,192 4,815 11,128 2,979 4,727 1,551 2,991 3,401 2,392 3,758 Total gold reserves: Feb.l 2,911,528 202,520 1,089,447 198,154 250,133 68,534 82,960 107,855 63,652 80,357 32,350 286,878 Feb. 8 2,921,352 195,865 1,063,063 200,694 250,487 74,234 88,796 458,505 112,460 69,669 78,897 38,959 289,723 F F e e b b . . 2 1 1 5 2 2, , 9 9 4 3 6 6 , , 8 0 0 5 3 4 1 1 8 7 5 4 , , 7 5 4 1 6 7 1 1 , , 0 1 6 0 0 8 , , 8 4 9 2 6 0 1 1 9 9 6 6 , , 5 6 3 8 1 0 2 2 6 5 1 0 , , 5 2 2 7 6 1 72,475 1 10 0 8 0 , , 1 9 1 5 6 2 j 4 4 6 6 9 0 , , 6 6 6 2 2 1 1 10 1 3 4 , , 2 9 2 7 7 8 ! 6 69 6 , , 1 9 6 8 7 6 8 89 2 , , 3 3 1 9 8 2 3 3 9 7 , ,1 5 9 2 4 7 2 2 8 7 6 7 , ,1 7 0 1 9 6 Legal tender notes, I silver, etc.: Feb.l 149,990 23,564 48,613 8,497 7,260 4,338 15,979 13,720 i 654 6,943 5,947 4,610 Feb. 8 141,277 24,950 43,059 9,176 8 256 6,650 4,358 14,812 12,761 I 850 6,151 5,742 4,512 Feb. 15 139,886 24,785 40,366 9,089 6,778 4,166 14,056 14,247 j 800 6,781 5,900 4,588 Feb. 21 134,006 24,378 36,271 8,697 7,961 6,565 4,092 13,635 15,040 I 723 6,282 4,559 Total reserves: Feb.l 3,061,518 226,084 1,138,060 208,019 258,630 75,794 87,298 464,667 121,575 i 64,306 87,300 38,297 291,488 Feb. 8 3,062,629 220,815 1,106,122 209,870 258,743 8il(0\ ,8OU844 9O3Q, 1I5R4A 473,317 125,221 ! 70,519 85,048 44,701 294,235 Feb. 15 3,075,940 210,531 1,101,262 205,620 269,856 79,253 105,118 483,718 129,225 67,786 89,173 43,094 291,304 Feb. 21 3,080,809 198,895 1,144,691 205,377 258,232 76,395 112,208 474,256 118,267 69,890 95,600 45,330 281,668 Hills discounted: Secured by U. S. Government obligations— Feb.l... 361,092 15,850 92,442 58,934 i 31,504 36,444 18,468 43,237 15,232 6,073 14,139 7,675 21,094 Feb. 8. 361,900 14,511 111,432 56,629 30,492 34,339 18,560 39,391 13,468 5,799 13,754 6,733 16,798 Feb. 15 j 327,641 12,997 86,258 59,502 29,411 34,999 16,106 35,238 13,572 5,486 10,301 6,471 17,300 F"e b." 2"1 281,994 12,262 54,168 55,182 j 25,834 34,717 14,374 34,620 11,175 5,170 6,189 19,468 All other— Feb.l 476,726 26,810 26,770 19,073 ' 44,365 45,590 51,138 81,207 26,179 31,387 40,250 37,346 43,611 Feb. 8 461,553 27,378 41,345 13,131 i 46,623 43,636 49,661 69,451 23,640 33,413 36,939 35,626 40,710 Feb. 15 457,979 26,683 54,531 20,472 S 43,969 41,823 43,448 64,491 24,364 32,395 33,750 33,777 38,276 Feb. 21 439,289 33,053 46,805 18,793 ! 39,040 42,442 38,861 63,207 24,075 32,003 31,572 33,665 35,773 Bills bought in open market: Feb.l !- 90,027 8,424 36,560 15,857 3,275 2,504 2,819 15,247 303 61 15 4,962 Feb. 8 i 94,255 7,817 40,402 17,539 2,415 2,459 2,945 15,689 999 58 15 3,917 Feb. 15 : 78,287 11,784 19,277 17,229 2,310 2,364 2,390 16,161 1,469 45 15 5,243 Feb. 21 i 82,564 12,611 23,007 16,971 2,535 2,135 2,271 16,813 1,269 46 15 4,891 U. S. bonds and notes:: Feb.l i 90,709 3,449 24,714 11,765 6,534 1,233 2,829 15,166 1,714 220 9,038 2,630 11,417 Feb. 8 ! 109,919 3,469 29,452 14,044 11,556 1,233 916 16,674 2,853 181 13,885 2,630 13,026 Feb. 15 i 125,633 3,569 37,017 14,475 11,561 1,233 116 21,124 4,133 240 17,381 2,630 12,154 Feb. 21 i 124,299 3,476 30,622 14,654 14,861 1,233 164 22,583 4,340 180 2,630 12,118 U. S. certificates of indebtedness: I One year certificates (Fittrnaii Act)— Feb.l '• 113,000 8,450 j 35,400 10,000 i 8,040 3,760 8,564 I 12,667 6,569 4,450 5,320 1,900 I 7,880 Feb. 8 98,466 8,450 33,900 8,000 | 6,000 3,560 7,866 j 8,667 4,071 4,350 5,320 1,900 6,382 Feb. 15 j 98,466 8,450 33,900 8,000 6,000 3,560 7,866 I 8,667 4,071 4,350 5,320 1,900 6,382 Feb. 21 ! 96,966 8,450 32,400 8,000 6,000 3,560 7,866 j 8,667 4,071 4,350 5,320 1,900 6382 All other— Feb.l : 101,702 25,581 47,695 27 8,870 18,806 300 380 j 42 Feb. 8 ' 133,723 26,706 69,215 27 10,345 25,025 1,468 4.06 : 520 10 Feb. 15 i 160,499 26,816 92,397 27 10,355 24,793 4,747 833 ! 520 10 Feb..21 ; 133,743 26,334 61,857 27 11,581 27,482 5,544 45 10 Municipal warrants: ; Feb.l 206 191 15 i Feb. 8 193 191 2 j Feb. 15 . 193 191 2 i Feb. 21 : 191 191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 FEDERAL. RESERVE BULLETIN. MAKCH, 192.;. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, FEB. 1, 8, 15, AND ON TUESDAY, FEB. 21, 1922—Continued. RESOURCES—Continued. [In thousands of dollars.] Total earning assets: Feb.l.... 1,233,462 83,81.9 186,330 50,297 •• 45,525 68,850 49,566 88,964 Feb.8 1,260,015 79,949 174,897 46,499 =44,151 70,476 46,904 '. 8(),8-t3 Feb. 15 1,248,698 69,927 170,474 52,356 43,306 67,317 44,793 ' 79,365 Feb. 21 |1,.159,046 63,537 173,372 50,474 42,565 63,256 44,399 ' 78,6;2 Bank premises: Feb.l 1,055 7,084 643 828 4,740 2,Oi-0 83 \ Feb.8 1,076 "• 7,085 643 828 4,740 2,091 831 Feb. 15 1,082 ; 7,129 643 828 4,740 2,099 884 Feb. 21 1,089 : 7,129 643 871 4,740 2,101 S34 Five per cent re- ! demption fund : against F. R. Bank j notes: i Feb.l ! 502 1,664 523 220 916 136 394 Feb.8 i 638 1,665 523 297 916 136 394 Feb. 15 506 1,665 523 365 916 136 394 Feb. 21 551 1,665 2,023 296 916 136 394 Uncollected items: Feb.l > 21,194 63,867 26,980 13,239 32, 152 22,033 30,725 Feb.8 ; 21,119 52,958 25,449 10,975 32,266 22,019 ! 32,853 Feb. 15 23191 70739 28,268 12,638 34,326 26,473 . 39,366 Feb. 21 22,550 61,185 29,068 11,552 33,716 24,143 34,303 All other resources: Feb.l 274 151 516 194 974 294 2,349 5,986 Feb.8 107 95 520 223 1,033 318 2,590 6,074 Feb. 15 98 114 715 278 1,045 362 2,675 6,074 Feb. 21 137 83 810 296 1,009 355 2,044 6,084 Total resources: Feb.l 1,527,965 412,161 207,529 19.1,019 ;724,128 200,2.12 125,012 194,552 114,471. '4•18,391 Feb.8 .1,535,117 4.14,413 i 206,783 196,031 I710,4-.;2 1^8,558 127.803 1/J3,764 118,441 :415; 233 Feb. 15 1,558,920 433,886 • 205,914 199,938 734,440 j 211,293 125,908 ! 196,831 119,270 I4.1.7,337 Feb. 21 1,505,808 109,710 202,316 200,021 718,717 i 200,771 126,183 198,583 118,156 401,925 LIABILITIES. Capital paid in: Feb.l 103,200 7,966 I 26,958 8,748 11,134 ! 5,458 4,201 ! 1J,439 i 4,606 3.552 •i,577 4,191 7,370 Feb.8 103,233 26,958 8,748 11,134 5,460 4,215 i 14,451 4,604 3', 556 4.578 4,189 7,371 Feb. 15 103,325 7,969 27,029 8,748 11,133 5463 4,215 14,458 4,604 3.555 4; 580 4,194 7,377 Feb. 21 103,685 7,969 27,049 8,817 11,343 i 4,215 ! 14,480 j 4,622 3.556 4,600 4,195 7,376 Surplus: Feb.l 215,398 16,-1 §3 60,197 17,945 I 22,509 11,030 9,114 1 29,025 9,388 7,468 9,646 7,394 15,199 Feb.8 215,398 16,483 60,197 17,945 I 22,509 11,030 9,114 ! 29,025 ! 9,388 7,468 9,646 7,394 15,199 Feb. 15 215,398 16,483 60,197 17,945 j 22,509 11,030 9,1.14 29,025 '• 9,388 I 7,468 9,646 7,394 15,199 Feb. 21 215,398 16,483 60,197 17,945 ! 22,509 11,030 9,114 29,025 ; 9,388 7,468 9,646 7,394 15,1.99 Reserv e d for G over n mentfranchise tax: Feb.l 1,250 170 122 142 j 162 242 114 i 1.40 70 Feb.8 1,548 204 ! 153 191 ' 216 274 114 154 122 Feb. 15 1,504 249 189 180 . 21.8 298 163 98 Feb. 21 1,317 226 100 252 339 185 86 Deposits: I Government— I Feb.l 114,744 11,745 50,255 504 5,455 5,425 3,872 10,744 ! 4,946 4,603 I 5,594 2,148 9,453 F F F e e e b b b . . .8 2 1 1 5 1 6 1 7 3 2 9 , , , 7 9 3 1 1 1 7 0 6 1 1 5 6 3 , , , 2 5 3 3 8 6 7 7 2 2 2 4 5 0 1 , , , 3 3 5 3 9 4 5 7 2 ! 6 4 4 , , , 3 6 5 3 8 9 6 0 2 6 6 1 , , , 8 7 4 2 6 1 1 9 3 I ! ; 3 3 3 , , , 3 3 8 9 3 7 7 0 0 i 5 2 5 , , , 6 2 8 3 5 3 5 5 4 ' i i • 8 2 3 , , , 8 9 1 1 0 4 0 9 5 ! ; 2 2 6 , , ,1 5 8 6 5 9 5 4 2 4 2 3, , , 2 7 2 0 0 3 1 3 8 ! 4 2 1 , , , 5 3 6 5 1 8 3 5 0 3 3 5 , , , 4 2 0 1 5 7 3 8 8 9 7 4 , , , 7 7 1 4 4 5 2 0 5 Member bank — reserve account— Feb.l 1,689,422 ! 116,250 662,370 103,999 131,800 i 53,348 42,317 239,541 ! 63,708 41,000 69,015 42,929 120,115 Feb.8 1,714,668 '• 110,590 686,330 99,987 136,131 53,939 44,707 237,754 ' 66,093 43,934 70,258 44,960 119,985 Feb. 15 1,744,430 111,308 689,778 97,092 144,554 53,486 49,648 245,843 ; 71,365 42,533 73,326 42,708 122,789 Feb. 21 1,677,011 110,791 650,439 93,754 130,632 •52,943 46,638 240,564 I 67,645 44,228 76,034 45,757 117,086 All other— i Feb.l 36,304 | 15,203 1,066 760 ! 452 5,218 : 822 509 693 608 9,453 Feb.8 31,111 11,408 1,016 765 415 2,324 ! 710 477 580 747 11,469 Feb. 15 33,728 ! 1,080 ! 11,849 1,378 870 442 I 503 3,692 I 805 502 769 785 10,992 Feb. 21 31,260 873 . 11,734 1,033 773 , 503 i 345 2,729 : 752 503 900 813 10,362 Total deposits: ; 443 j Feb.l 1,840,170 i 129,071 727,828 105,569 i 141,015 59,217 46,641 i 255,503 = 69,476 46,112 75,302 45,685 J39,051 F F F e e e b b b . . .8 2 1 1 5 .( 1 1 1 , , , 8 7 8 5 7 5 8 2 7 , , , 4 1 4 9 8 7 6 1 4 : I 1 1 1 2 2 1 5 7 7 , , , 9 5 0 7 8 2 5 5 6 , ! ." 6 7 7 8 2 3 7 2 9 , , , 5 1 1 6 0 3 9 8 5 1 1 G 0 0 O 5 4 ' , . , 6 8 3 3 5 7 9 0 9 j ' 1 1 1 . 5 4 1 3 2 3 , , 2 6 2 , 0 4 8 9 5 7 4 ! 1 5 5 5 7 7 6 , , , 8 7 7 5 1 7 9 6 8 5 5 52 2 0 - , , , 7 3 8 8 7 1 6 7 7 i I ! 2 2 2 5 4 4 2 6 8 , , , 6 2 8 8 0 8 0 2 8 , I6 7 7 1 9 8 , , ; 2 3 3 8 5 3 9 7 5 4 4 •1 8 5 7 , , , 6 7 9 4 3 3 9 8 2 7 7 7 8 5 6 , , , 4 4 5 8 1 1 7 0 8 5 4 4< 6 0 V . ; , 9 7 0 8 0 6 5 48 1 1 13 4 4 2 1 1 , , , 1 5 1 . 2 9 0 1 6 3 F. R. notes in actual circulation: Feb.l 2,178,053 1 166,679 i 614,031 181,448 ! 192,826 96,944 i 110,835 j 362,961 ! 86,089 52,639 62,676 31,247 219,678 Feb.8 2,166,179 ! 163,136 ' 615,027 182,439 i 192,920 96,379 J 109,438 j 360,925 .' 84,323 52,526 62,223 30,507 216,336 Feb. 15 2,169,953I 159,685 !621,792 1 185,907 192,625 I 94,431 j 108,943 * 364,388 85,017 52,162 61,355 29,895 213,753 Feb. 21 12,173,514I 158,721 ! 626,544 I 185,669 193,598 94,505 I 109,259 I 365,719 i 84,023 52,027 61,493 29,657 212,299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 353 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, FEB. 1, 8, 15, AND ON TUESDAY, FEB, 21, 1922 -Continued. LIABILITIES—Continued. [In thousands of dollars.] Boston. m R o ic n h d - . Atlanta. Chicago. Lo S u t. i s. M ap i o n l n is e . - K C a i n ty sa . s Dallas. Francisco. F. R. Bank notes in circulation—net liability: Feb.l 83,888 7,984 3,127 6,777 7,843 4,003 3,829 9,607 2,667 4,889 Feb. 8 83,507 8,017 3,058 6,564 7,933 3,827 3,837 9,550 2,582 4,760 Feb. 15 82,988 8,221 3,063 6,190 7,987 3,679 3,715 9,662 2,540 4,688 Feb. 21 81,165 I 8,180 3,009 6,214 8,062 3,577 3,686 9,623 2,488 4,808 Deferred availability items: Feb.l 414,475 36,018 75,374 47,231 38,068 31,019 15,507 50,320 26,013 10,328 31,882 21,696 31,019 Feb. 8 388,650 33,027 70,084 36,317 37,560 32,274 15,322 45.161 26,388 10,598 31,365 21,395 29,159 Feb. 15 494,582 38,279 101,365 53,763 48,650 33,249 17,690 6i;999 29,611 12,173 34,358 26,824 33,621 Feb. 21 425,437 36,391 83,012 40,617 42,656 30,746 17,397 51,225 27,175 10,343 33,904 23,044 28,927 All other liabilities: Feb.l 15,188 810 438 706 572 702 3,923 565 1,024 792 1,591 1,176 Feb. 8 15,768 811 3,270 475 726 588 727 3,945 607 1,015 762 1,609 1,203 Feb. 15 15,839 i 860 3,527 488 756 601 702 3,903 597 994 725 1,517 1,169 Feb. 21 16,290 881 3,395 649 982 595 666 4,004 654 986 744 1,530 1,204 Total liabilities: Feeb.l ,851,922 365,018 ., 527,965368,384 412,161 207,529 194,019 724,128 200,212 125,092 194,552 114,471 418,391 FFebb . 88 ,832,779 357,105 ., 535,147359,059 414,413 208,783 196,031 710,442 198,558 127,803 193,764 118,441 415,233 Feb. 15 ,941,063 357,510 .,558,920 379,753 433,886 205,914 199,938 734,440 211,293 125,968 196,834 119,270 417,337 Feb. 21 ,788,987 345,728 .,505,808 3ol,039 409,740 j 202,316 200,021 718,717 200,771 126,183 198,583 118,156 401,925 MEMORANDA. Ratio of total reserves to deposit and F.R. note liabilities combined—per cent: Feb.l 76.2 76.4 j 84.8 72.5 , 77.5 48.5 55.4 75.1 78.2 65.1 63.3 49.8 81.3 Feb. 8 76.1 76.0 ! 81.7 72,9 ' 76.9 52.5 58.3 77.6 81.5 69.7 61.7 55.0 Feb. 15 •. 76.4 73.7 81.9 70.7 78.2 52.0 65.0 78.4 79.1 69.2 64.7 56.1 82.0 Feb. 21 78.1 72,1 87.1 72.0 ! 79.1 50.5 69.2 77.5 76.1 69.9 68.3 57.1 81.8 Contingent liability on bills purchased for foreign correspondents: Feb 1 32,263 2,336 12,007 2,560 2,624 1,568 1,152 1,504 864 1,536 832 1,472 Feb. 8 32,240 2,336 11,984 2,560 2,624 1,568 1,152 3,808 1,504 864 1,536 832 1,472 Feb. 15 32,256 2,336 12,000 2,560 2,624 1,568 1,152 3,808 1,504 864 1,536 832 1,472 Feb. 21 32,260 2,336 12,004 2,560 2,624 1,568 1,152 3,808 1,504 1,536 832 1,472 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] Within 16 to 30 31 to 60 61 to 90 Over 90 Total. 15 days. days. days. days. Bills discounted: Feb.l : 837,817 492,041 87,361 119,719 91,344 47,352 Feb. 8 823,459 500,208 81,307 113,179 82,558 46,207 Feb. 15... 785,615 485,495 75,271 104,904 77,396 42,549 Feb. 21 721,283 428,670 74,039 109,593 67,644 41,337 Bills bought in open market: Feb.l 90,027 51,708 13,089 14,677 10,187 Feb. 8 94,255 49,096 16,768 16,743 11,431 217 Feb. 15 78,287 28,665 19,161 15,137 15,011 313 Feb. 21 82,564 29,473 22,050 15,289 15,633 119 United States certificates of indebtedness: Feb.l 214,702 26,527 2,009 34,773 3,200 148,193 Feb.8 232,189 35,019 2,000 9,294 38,165 147,711 Feb. 15 258,965 23,768 35,999 9,671 2,700 186,827 Feb. 21 230,708 1,884 39,302 15,449 2,700 171,373 Municipal warrants: Feb.l 206 140 51 Feb.8 193 2 140 51 Feb. 15 193 142 51 Feb. 21 191 140 51 92371>—22 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 FEDERAL RESERVE BULLETIN. MARCH, 1922. FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, FEB. 1, 8, 15, AND ON TUESDAY, FEB. 21, 1922. [In thousands of dollars.] San Y N o e r w k . I j d P e h lp il h a i - a. C la le n v d e . - m R o ic n h d - . Atlanta, Chicago. Lo S u t. is. M ap i o n l n i e s. - K C a i n t s y a . s Dallas. F ci r s a c n o - . i Net amount of F. R. notes received from Comptroller of the Currency: Feb. 1 3,515,117 303,316 11,162,805 252,690 256,643 131,596 192,234 561,347 132,011 64,532 I 83,295 56,141 318,507 Feb. 8 3,496,610 300,835 11,174,441 249,280 251,873 129,688 189,964 554,175 130,371 64,089 81,403 55,295 315,196 Feb. 15 3,467,738 298,267 ; 1,172,400 245,375 249,336 128,160 188,336 546,450 129,058 62,827 80,473 54,744 312,312 Feb. 21 3,458,017 296,799 1,171,091 243,764 247,076 128,564 189,480 542,113 127,511 63,797 80,152 54,115 313,555 F. R. notes on hand: Feb. 1 955,461 129,240 360,710 49,760 39,000 28,575 75,581 155,280 25,460 8,875 13,440 21,240 48,300 Feb. 8 971,601 129,600 378,510 48,360 38,300 27,155 75,386 156,280 25,460 9,180 13,440 21,630 48,300 Feb. 15 960,766 130,200 378,510 42,880 37,300 27,655 74,296 150,280 25,260 8,855 11,990 21,530 52,010 Feb. 21 947,441 130,650 376,010 41,260 35,800 27,805 74,811 143,080 25,060 9,055 11,490 21,610 50,810 F. R. notes outstanding: Feb. 1 2,559,656 174,076 802,095 202,930 | 217,643 103,021 116,653 406,067 106,551 55,657 69,855 34,901 270,207 Feb. 8 2,525,009 171,235 795,931 200,920 : 213,573 102,533 114,578 397,895 104,911 54,909 67,963 33,665 266,896 Feb. 15 2,506,972 168,067 793,890 202,495 212,036 100,505 114,040 396,170 103,798 53,972 68,483 33,214 260,302 Feb. 21 2,510,576 166,149 795,081 202,504 211,276 100,759 114,669 399,033 102,451 54,742 68,662 32,505 262,745 Collateral security for F. R. notes outstanding: Gold and gold certificates— Feb. 1... 344,013 5,600 296,925 13,375 2,400 5,960 13,052 1 6,701 Feb. 8 344,013 5,600 296,924 13,376 2,400 5,960 13,052 ! ! 6,701 Feb. 15 344,012 5,600 296,924 13,375 2,400 5,960 ; 13,052 1 6,701 Feb. 21 344,012 5,600 296,924 i 13,375 2,400 5,960 13,052 ! 6,70.1 Gold redemption fund— Feb. 1 122,166 12,329 34,042 13,434 I 12,931 3,582 4,914 15,367 4,307 1,769 1,799 2,637 15,055 Feb. 8 134,397 19,848 33,873 10,023 ! 15,660 4,674 5,645 14,196 4,667 1,646 1,906 ! 3,290 18,989 Feb. 15 123,374 17,280 33,723 11,119 11,724 2,647 4,017 15,471 2,953 1,884 2,976 I 2,740 16,840 Feb. 21 123.729 15,812 33,472 14,507 . 13,563 4,091 3,161 15,134 3,4.06 1,494 2,055 1 2,111 14,923 Gold fund—F.R. Board— | Feb. 1 1,462,240 120,000 381,000 125,389 j 160,000 28,295 45,000 296,644 ! 62,700 9,200 30,360 1,484 202,168 Feb. 8 1,464,315 130,000 i 381,000 125,389 ! 160,000 25,295 45,500 310,, 644 ii 61,, 300 . 9,,200 30,360 1,484 204,143 Feb. 15 1,473,279 110,000 1 381,000 125,389 : 160,000 25,295 53,500 331111,664444 ii 6666,330000 :: 88,220000 28,360 1,484 202,107 Feb. 21 1,509,861 110,000 411,000 120,389 ; 160,000 22,295 63,000 317,644 j 66,300 j 88,220000 1,484 201,189 Eligible paper- Amount re- | ! quired— Feb. 1.... 631,237 36,147 90,128 64,107 31,337 71,144 64,339 94,056 J 33,584 31,636 j 37,696 24,079 52,984 Feb. 8....! 582,284 35,787 84,134 65, 508 24,537 72,564 61,033 73,055 : 32,984 31,011 i 35,697 22,190 43,784 Feb. 15...! 566,307 35,187 82,243 65,987 26,937 72,563 54,123 69,055 28,585 30,836 37,147 I22,289 41,355 Feb. 21...J 532,974 34,737 53,685 67,608 24,338 74,373 46,108 66,255 26,785 31,996 38,247 |22,209 46,633 Excess amount! held F — eb. 1.... ! 260,411 14,937 48,869 15,182 47,807 10,654 : 7,749 45,635: 8,124 7,520 16,676 , I 20,751 16,507 Feb. 8...J 304,523 13,919 93,099 9,887 54,709 7,101 ; 9,803 51,458 I 5,112 6,773 15,054 i 20,150 17,458 Feb. 15... i 261,247 16,277 61,077 17,298 48,653 2,821 i 7,503 46,836 !10,820 6,002 6,937:' 17,861 19,162 Feb. 21...i 234,354 23,189 52,609 9,164 43,071 1,801 : 9,064 48,287 I 9,699 4,315 2,185 | 17,660 13,310 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 355 CONDITION OF MEMBER BANKS IN LEADING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JAN. 25 TO FEB. 15, 1922. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [Amounts in thousands of dollars.] ! San Clevc- ! Rich- At- Minne-Kansas land. mond. > lanta. Chica"°- Louis. apolis. Citv. Dallas, j c F i r s a c n o - . Number of reporting banks: Jan. 25 49! 107 110 66 Feb.l 806| 107 110 Feb. 8 807 108 HO! Feb. 15 807| 108 110 68 Loans and discounts, including bills rediscounted with F. R. Banks: Secured by U. S. Government obligations— Jan. 25 450,892! 27,265 164,197 47,454 45,833 18,572 13,898 67,181 16,767 9,797 15,078 5,422 19,428 Feb.l 449,7341 30,668 158,324 46,686 45,333! 17,722 13,479 69,524 18,435 9,527 15,720 5,360 18,956 Feb. 8 443,632! 29,142 155,575 45,773 44,450! 17,902 13,369 67,166 16,521 11,471 14,970 5,530 21,763 Feb. 15 441,727; 27,520 161,467 44,382 42,663 17,563 12,920 70,467 16,616 14,813 5,388 18,242 Secured by stocks and bonds (other than U. S. Government obligations)— Jan.25 3,074,170. 221,6261L329.101 205,221 320,111 108,515 53,571 435,471 123,211 32,332 63,649 39,783 141,579 Feb.l 3,112,865 213,60511,387,725 196,853 318,423 107,984 54,534 434,578 123,916 33,145 64,217 39,596 138,289 Feb.8 3,129,004, 223,3011L,362,949 214,238 323,439 107,990 55,278 443,722 123,761 32,302 63,703 41,000 137,321 Feb. 15 3,125,795! 217,0731;1,370,162 206,695 328,118 106,893 53,524 121,798 32,642 63,151 41,663 140,783 All other- Jan .25 7,393,467! 554.S514 2!, 467,120 319,051i 615,453! 315,538 292,3491,062,618 294,058 204,01.9 353,676 189,846 725,225 Feb.l 7,315,444 558. S968 22!,454,184 321,15l! 609,8511 314,081 288,8971,058,957 292,429 200,935 350,864 189,991 675,136 Feb.8 7,300,518! 554,7912,462,245 320,620 608,290J 316,188 283,904:1,048,854 295,774 199,394 350,502 188,328 671,628 Feb. 15 7,362,6811 565, 5o3r4 22,466,571 327,520| 632,279; 313,468 289,0461,051,271 298,778 201,893 349,287 189,556 677,478 Total loans and discounts, including bills rediscounted with F. R. Banks: Jan. 25 10,918,529 803,405 3,960,418 571,726 981,397. 442,625 359,8181,565,270 434,036 246,148 432,403 235,051 886,232 Feb.l 10.878,013, 803,241 11,000,233 564,690: 973,607' 439,787 356,910(1,503,059; 434,780 243,607 430,801 234,947 832,381 Feb.8 id, 873,1.54 807234 Z5,980,769 580,631' 976,179 442,080 352,55l| 1,559,742!436,056! 2.13,167 429,175 234,858 830,712 Feb. 15 10,930,203, 810,12733:,998,200 578,597;l,003,060| 437,924 355,490jl,565,031j 437,192! 244,221 427,251 236,607 836,503 U. S. bonds: Jan. 25 997,1331 47,985 395,761 47,684 118,130| 61,665 26,967' 79,777i 27,247 18,620 35,669 32,973 104,655 Feb.l 998,525 48,217 404,150 47,884! 122,657: 61,387 27,3611 76,013j "26,620 19,327 34,611 34,914 95,384 Feb.8 994,836! 48,719 400,918 48,057 120,7501 61,463 28,354! 75,084: 25,345 18,796 36,218 34,646 96,486 Feb. 15 997,684 48,513 401,181 47,751j 120,980 61,341 26,570J 76,850| 26,000 19,315 36,416 34,706 98,061 U. S. Victory notes: j Jan.25 188,076 3,882 103.600 15,099. 18,367! 2,035 1,151: 21,907! 3,476| 710 2,922 1,242 13,685 Feb.l 141,387, 3,493 69,086 12,8941 15,461! 1,965 1,3461 15,438: 3,6651 3,391 1,285 12,998 Feb.8 134,287; 3,210 71,332 7,922 16,261 2,040 1 137 12,060 4,157 3,047 1,210 11,303 Feb. 15 141,960' 74,115 8,560, 17,077j 2,160 1,153 15,122 4,238 609 3,069 1,214 11,284 U. S. Treasury notes: Jan. 25 120,430 4,576 82,323 5,187- 2,768j 4, , ! 7,575 547! 1,207518 1, 10,049 Feb.l 366,543' 14,902 164,481 25,103., 21,642! 5i 032 376i 94,566 5,820 3,245 13,969 1,708 15,699 Feb.8 322,340 16,435 172,989 22,484] 20,539; 7,347 2,303 43,197 3,988 3,125 10,946 4,289 14,698 Feb. 15 315,05oi 16,683 167,578 19,175 18,595| 7,485 2,033 41,795 3,815 3,685 10,644 3,787 19,780 IT. S. certificates of indebt- j edness: Jan. 25 197,613 128,936 6,885! 7,825! 2,280 1,189 14,691 4,657 4,216 3,486 3,264 13,556 Feb.l 230,547| 7,685 137,788 8,815"- 10,320: 5,487 1,673! 14,251 6,317 10,632 8,773 3,381 15,425 Feb.8 224,017 6,814 122,068 8.9801 9,893! 4,093 5,064; 16,484 6,370 10,073 5,959 5,850 22,369 Feb. 15 207,739j 6,138 117,54L 8,443| 9,835! 3,316 3,439! 15,615j 5, 4,985 4,478 19,374 Other bonds, stocks, and I I, securities: Jan.25 2.111.963! 144,533 746,649 165,483 4<JO, vot\ 48,419 35,270i 382,457! 20,767 47,275 9,091 174,006 Feb.l 2,092,675 139,275 744,594 162,639, 268,087! 48,505 35,831, 383,917! 68^ 499| 20,534 46,236 9,037 165,521 Feb.8 2,091,066 142,258 737,822 162,253 273,226 48,343 35,589 381,844 68,436 20,633 46,656 9,199 164,807 Feb. 15 2,090,869! 142,387 737,969 163,037, 275,948! 47,854 35,768: 382,554 rtl 21,390 46,732 9,183 158,389 Total loans and discounts and investments, including bills rediscounted with F. R. Banks: Jan. 25 14,533,7441,011,009 5,417,687 812,0641,397,471! 561,112 424,39523,071,6771 538,9921 291,66! 522,273 283,2131,,202,183 Feb.l 114,707,720' 1,016,813 5,520,332 822,025,1,411,774 562,163 423,497 2J:, 147,244' 545,701! 297,71 537,781 285,2721,137,408 Feb.8 14,639,700 1,024,67()l5,485,898 830,3271,416,848! 565,366 424,998 22, ,088.,,_4_1_1.! 544352 29640 532,001 290,0521,140,375 Feb. 15 114,683,510 1,027,207 5,496,584 825,563:1,445,495; 560,080| 424,453 2,096,967: 529,097 289i 9751,143,391 Reserve with F. R. Banks: ! Jan. 25 1,250,355 77,302 596,031 62,232! '86,1771 33,973 26,001: 164,347j 43,593 18,895 40,909 20,597 80,298 Feb.l 1,285,175. 81,873 604,756 68,324. 92,514 31,781, 26,025' 179,762i 41,286i 18,388 40,517 21,126 78,823 Feb.8 1,308,450' 75,508 630,145 63,100: 93,297i 32,168 27,940 178,524! 44,374 21,027 41,587 22,813 77,967 Feb. 15 1,333,056 76,794 633,850 59,284' 99,881 31,848 32,554' 185,511| 49,160 19,550 44,114 20,835 79,675 Cash in vault: Jan. 25 278,480 19,261 89,641 14,561: 25,935 9,316! 49,460! 6,634 6,412 11,870 9,332 21,992 F Fe e b b . . 8 l i 2 2 6 7 6 8 , , 1 6 0 9 8 5 1 1 8 8 , , 2 1 1 2 . 8 4 1 : 8 9 4 0 , , 4 9 5 9 6 5 1 1 3 4 , , 4 9 6 3 7 8 ; , 2 2 5 8 , , 2 0 9 7 2 0 13,992! 1 8 0 , , 9 0 6 57 8 ! ! 4 4 8 8 , , 7 8 9 9 4 4 i 6 6 , ,6 6 3 2 6 0 | 6 7 , , 1 1 7 7 8 4 ! 1 1 1 0 , , 7 9 6 5 7 4 9 9 , , 3 2 3 8 0 3 2 1 0 9 , , 0 8 4 5 4 0 Feb. 15 269,880 17,626 87,382 14,666 25,874 13,084J 8,246j 49,21l! 6,603] " 11,321 9,502 20,271 Net demand deposits: ! Jan. 25 756,51714,682,791 622,056! 770,217 3044,,667799 222,9531,260,480! 309,318! 175,030 372,034 190,998 603,719 Feb.l 110,270,792 760,245:4,71.5,214 614,523i 769,514 300,816 224,370:i,286,785! 308,723! 175,290 372,354 189,769 580,387 Feb.8 il0,297,990 741,85414,636,253 623,839 789,000 305,076 223,89511,287,6291 312,973; 174,941 374,029 192,166 574,000 Feb. 15 10,235,655 747,359)4,680,770 612,914, 776,3811 303,3981 229,326,1,312,794; 320,360! 176,257 383,207 196,534 581,374 10,320,674 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 FEDERAL RESERVE BULLETIN. MARCH, 1922. PRINCIPAL RESOURCES AND BIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JUNE 25, TO FEB. 15, 1922—Continued. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued. [Amounts in thousands of dollars.] Total. Boston. Y N o ew rk. d P e h lp 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. Lo S u t. is. M ap i o n l n i e s. - F c S i r s a a c n n o - . Time deposits: Jan. 25 3,021,337 183,565 480,013 47,308 425,539 130,973 143,321 648,472 155,196 76,205 105,020 61,486 564,239 Feb.l 2,979,403 185,941 486,463 47,234 425,923 130,413 141,428 647,536 156,49o| 76,276 105,341 59,596 516,757 Feb. 8 3,003,848 186,824 491,607 47,562 430,105 130,516 145,395 653,582 156,4481 75,613 105,731 62,513 517,952 Feb. 15 3,061,970 187,742 509,919 47,966 465,269 130,164 143,239 656,401 155,996| 76,609 105,256j 62,870 520,539 Government deposits: Jan.25 168,462 12,753 66,005 17,701 18,286 4,897 4,251 20,713 4,177J 4,760 3,684 7,266 Feb.l 350,490 33,709 163,647 37,615 18,286 5,053 7,665 21,108 " ~ 13,709 #147 3,730 24,735 Feb. 8 450,272 34,611 165,726 37,595 47,325 12,919 12,775 59,704 13,641 13,700 15,147 11,429 25,700 Feb. 15 422,896j 34,559 165,476 21,645 46,257 12,841 12,775 58,203 13,742 13,165 15,147 11,429 17,657 Bills payable with F. R. Banks: Secured by U. S. Government obligations- Jan.25 170,651! 4, 62,784 19,892 14,259 20,105 5,467 20,697 5,894 1,037 3,719 2,218 9,890 Feb.l 181,217, 4,170 71,977 21,395 14,885 18,192 6,185 17,371 4,042 953 6,603 2,409 13,035 Feb. 8 186,628] 3,050 92,145 19,878 14,474 16,400 5,675 13,294 3,200 993 6,526 1,848 9,145 Feb. 15 157,014J 2,380 66,279 23,137 14,264 17,515 4,130 9,450 3,734 . 996 3,596 1,765 9,768 All other- Jan. 25 837 j. 27 84 325 349 Feb.l 1,136. 27 2001. 145 410 354 Feb. 8 1,266'. 27 14; 185 610 299 Feb. 15 soo;. 155 360 285 Bills rediscounted with F.R. Banks: Secured by U. S. Government obligations— Jan.25 16,215, 1,018 187 5,331 2,077 1,2 2,104 1,! 1,161 50; 745 52 382 Feb.l 13,277! 479 6,378 1,194 1,493 353 1,001 87| 706 52 460 Feb. 8 15,567 772 5,819 651 947; 1,390 587 682 77| 608 52 3,384 Fob. 15 14,609! 1,6 1,222 6,255 587 794 1,078 1,288 812 73 520 52 300 AU other- Jan. 25 221,590 14,024 26,020 39,199 23,305 17,822 34,157 16,173 5,008 19,307 5,145! 12,448 Feb.l 204,415 19,191 17,459 12,265 34,876 21,929 16,039 28,772 13,425 3,8U 17,566 5,263j 13,819 Jan. 8 191,615| 20,376 32,487 6,810 37,346 20,917 13,398 18,883 11,128 3,144 14,449 4,434| 8,243 Feb. 15 205,804 20,697 46,643 14,360 35,742 19,433 12,854 16,099 11,859 2,703 12,032 9,516 MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. ! Number of reporting banks: Jan. 25" 275 | 15 Feb.l. 275 13 15 F F e e b b . . 8 15 2 2 7 7 5 5 13.i 1 1 5 5 Loans and discounts, including bills rediscounted with F. R. Banks: Secured by U. S. Government obligations- Jan. 25 313,997 22,500 145,505 44,496 12,646 3, 1,942 52,156 10,607 6,301 5,164; 1,497 7,187 Feb.l 315,581 26,103 140,455 43,768 12,653; 3, 1,976 55,187 12,424 6,088 5,102| 1,543 6,389 Feb.8 308,943 24,628 137,958 42,916 12, 54l| 3, 785 1,909 52,824 10,790 6,057 4,785: 1,538 9,212 Feb. 15 310,545 22,985 143,626 41,222 12,209 3,738 1,905 55,809 10,811 5,974 4,659 1,513 6,094 Secured by stocks and bonds (other than.U.S. Government obligations)— Jan. 25 2,196,540 176,696 1,,159,696 184,960 126,308; 15,409 9,766 319,626 92,219j 13,882 20,613 10,113 67,252 Feb. 1 2,229,023 168,406 I.,! 214,161 176,434 124,773 15,427 9,759 319,188 92,739. 14,843 20,685 10,391 62,217 Feb.8 2,245,269 178,0361.,191,874 193,994 126,146 15,460 9,551 328,640 92,894: 14,976 20,830 10,478 62,390 Feb. 15 2,237,740 171,,6941., 196,813 185,958 126,244 15,414 9,619 328,800 92,8831 14,822! 20,400 10,750 64,343 All other— Jan. 25 4,71.7,963 416,692 2,1831,609 286,899 263,572 60,628 49,806 074,400 174,570 91,263 1.23,747 46,884 342,893 Feb.l 1,625,828 420,946"! , 1"73,327 289,11.5 258,4411 61,086 50,053 667,150 174,509! 91', 890. 122,478 40,480 27) 353 Feb.8 4,616,382 414,4032,175,657 288,253 259,940! 63,095 50,212 660,017 177,741! 92,458! 121,732 45,429 2G7,445 Feb. 15 4,671,887 426»/," 1411 2,1.78,407 294,612 287,724 62,009 50,617 662,729 178,6281 92,6731 122.220] 45,318 270,809 Total loans and discounts, including bills rediscounted with F.R. banks: Jan. 25 7,228,500 615, 888 «3,., 488,810 516,355 402,526i 80,033 61,5.14 .1., 048,182277,390! 114,440 149,524 58. 494 417,332 Feb.] 7,170,432 615,4553,527,943 509,317 395,867-! 80,406 61,77:88 I.!041,525 279.6721 112,82,1 148,265; 58; 414 338,959 Feb.8 7,170,594 617,0"6""7 "3,.,505,489 525,163 398,627 i 82,340 61,66'72 1.', Oil, 481281^425; 113,491 147; 347! 57> 44<"> 339,047 Feb. 15 7,220,172 620, 8820 3;!, 518,846 521,792 426,177 81,161 62,1411,047,338 282,322 113,409 147,279! 57, 581 341,246 U.S. bonds: Jan. 25 547,357 15,953 347,044 34,037 12,749 6,851 4,31.1 23,120 11,627, 4,473 12,839, 7,885 66,468 Feb. 1 539,330 15,583 353,828 34,249 12,728 6,854 4,311 24,273 11,330 4,690 11,0891 7,884 52,511 Feb.8 537,939 16,077 350,5271 34,427: 12,873 6,849 4,318 23,773 10,149 4,872 12,38o| 7,896 53,793 Feb.15 540,504 15,533 349,998 34,026 13,787 6,938 4,327 25,135 11,095, 4,677 12,665* 7,915 54,408 U.S. Victory notes: Jan. 25 128,767 1,587 96,207 13,049 266 6 5 7,787 2,0531 137 679 121 6,870 Feb.l 89,841 1,248 61,734 10,833 253 6 5 6,140 2,520: 137 1,194 199 5,572 Feb.8 84,767 951 64,128 5,880 251 6 3 5,565 2,999:. 137 125 3,863 Feb. 15 91,463 998 66,730 6,588 356 6 3 8,750 3,1031 580! 129 3,832 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 357 PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JUNE 25, TO FEB. 15, 1922—Continued. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES-Continucd. [Amounts in thousands of dollars.] Total. | ! Boston. Y N o e r w k . I d P el h p i h la ia - , C la le n v d c , - m R o ic n h d - . la A n t t - a. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F c S i r s a a c n n o - . U. S. Treasury notes: Jan. 25 90.003 2,116 77,930 4,568 570 3,076 29 27 1,686 Feb.1 285,173 10,186 156,802 23,536 3,892 730 69,678 3,763 10,296 1,009 5,155 Feb. 8 240,918 11,011 164.595 21,190 2,841 874 24,527 2,026 7,373 2) 365 3; 516 Feb. 15 236,755 11,746 159; 218-' 17,940 2, 756 447 276 24,361 1,775 7,021 2,363 8,851 U. S. certificates of indebtedness: Jan. 25...'. 153, . 3,058 123,980 6,198 873 441 . 741 6,144 4,241 95 426 1,496 6,195 Feb. l 172,390! 4,411 131,416' 8,089 1,211 349 362 5,835 5,512 3,: 2,911 1,613 6,873 Feb.8 .159,982 3,381 116,354 7,335 797 841 1,971 6,440 5,458 3,119 573 3,687 10,026 Feb. 15 150,100 3,067 112,334 7,340 781. 561 1,999 5,679! 5,121 2,852 590 2,301 7,475 Other bonds, stocks, and securities: Jan. 25 1,171,897 68,453 570,093' 132,527 58,315 3,569 3,216j 173,519 45,030 8,465 10, 1,420 96,543 Feb. J. .1,150,215 63, 148 567,214; 129,718 59,308 3,599 3,216 174,736 44,200 8,451 1.1,053 1,356 84,216 Feb. 8 1,141,522 65,868 558,443! 129,512 60,861 3,637 8,216 173,353 44,269 8,493 10,296 1,249 82,325 Feb.15 1,140,295 65,477 557,402 130,343 63,733 3,588 3,206 173,856 45,0S6 8,503 10,179 1,251 Total loans and discounts and investments, including bills rediscountcd with i F. JR. Banks: Jan. 25 9,320,412 707,0554,704,064 706,734 475,299 90,90.1 69,7S7!J,259,828 340,376 127,616! 174,215 69,44? 595,094 Feb. 1 9,407,38J 710,0314,798,937 715,742 473,259 91,944 69,8081.1,322,1.87 346', 997129,907! 184,808 70 475 493,286 Feb. 8 9,335,722, 714,9554,759,536 723,507 476,250 94,547 71,180! 1,275,139 346,326 130,112! 178,833 72,767 492,570 Feb. 15 9,379,289J 717,6414,764,528 718,029 507,590 92,701 71,9521,285,119 348,502 129,890 178,314 71,540 493,483 Reserve with F. K. Banks: Jan.25 914.617 62,110 553,129i 55,851 24,210 6,550 4,051 113,791 31,487 9,333 14,369 4,979 34,757 Feb.I 949)917 67,167 562,281- 61,665 28,914 5,8.11 4,349 130,456 30,624 8,523 15, 124 4,923 30,080 Feb. 8 959,650 60,760 585,3641 57,327 27,382 5,063 4,415 126,244 32,733 10,535 14,245 5, 593 29,989 Feb. 15 980,141 6.1,450 586,994 53,632 33,664 5,798 4,493 134,186 37,453 9,607 15,047 5,001 32,816 Cash in vault: Jan.25 156,537 i 10,640 78, .1.79 11,919 6,293 1,033 1,763 29,456 3,1 2,118 2,586 1,475 7,988 Feb.] 145,482 9,852 73,635 10,693 5,834 897 1,740 28,453 3,058 1,851 2,352 1,424 5,693 Feb. 8 153,194 9,470 78,987 12,167 6,050 954 1,718 28,754 3,137 2,144 2,596 1,504 5,713 Feb.15 149,785 8,883 75,9l9i 11,787 6,792 838 1,444 29,170! 3,046 2,055 2,252 1,568 6,031 Net demand deposits: Jan. 25 7,258,008 594,300 ,212,339 542,408 193,934 48,567 35,894 870,020 216,516 81,464 136,554 50,184 275,828 Feb.l 7,268,7841 598,200 ,247,320 534.505 196,208 46.994 35,142 889,4421 215,032 81,524 135,491 49,743 239,183 Feb.8 7,189,163' 578,368 ,169,276i 544; 796 204,054 46.682 34,267 888,079| 217,407 82,391 135,808 50,335 237,700 Feb. 15 7,245,3111 582,290 ,200,699: 534,388 196,811 47)790 36,409 909,833 225,152 81,890 137,613 53,206 239,230 Time deposits: Jan. 25 1,408,461. 73,891 302,355 31,458 231,373 23,450 21,645 312,419! 90,148 26,872 13,875 7,471 273,504 Feb.l 1,343,208 75,336 304,272 31,712 232,398 22,973 21,656 311,230! 90,496 26,890 13,855 7,497 204,893 Feb.8 1,349,2081 75,904 305,541 31,988 232,577 22.995 21,791 314,7461 90,355 26,940 13,823 7,601 204,947 Feb.15 1,402,633, 76,381 321,253! 32,327 267,246 23,122 21,761 314,376! 90,202 27,134! 13,790 7,628 207,413 Government deposits: Jan.25 127,698 1.0,477 61,71- 16,988 3,41.2 1,856 1,131 15,431 3,280 2,381 3,577 2,975 4,476 Feb.l 278,4.1.6 27,976 151,4f 35,112 3,412 1,856 1,148 15,751 4,569 6,506j 11,910 3,005 15,677 Feb.8 331,490! 28,298 153,524i 35,092 7,587 4,594 3,850 44,721 10.804 6,497 11,910 7,934 16,679 Feb.15 309,2081 28,298 153,274J 19,786 7,587 4,594! 3,850 43,220 10.805 6,420 11,910 7,934 11,530 Bills payable with F. R. I Banks: ! Secured by IT. S. Government obligations- Jan. 25 85,067 2,515 49,005| 16,846 2,593 2,958 250 1,380 872 85 1,123 7,440 Feb.l 95,219! 2,150 54, lOOi 18,195 2,054 1,940 250 805 1,556 4,169 10,000 Feb.8 111,305! 1,130 75,373j 16,808 3,035 3,095 250 275 931 2,958 7,450 Feb. 15 85,218' 590 49,575 19,731 3,484 1,— 250 1,461 671 7,468 All other: Jan. 25 52J. 52 Feb.l 145. 145 Feb.8 H5 145 Feb. 15 Bills rediscounted with F. V.. Banks: Secured by U. S. Govern J F F F a m e e e n b b . b e . . n . 2 8 l 1 t 5 5 obligatio . n . s . - . 1 9 9 8 1 , , , , 6 4 1 3 7 7 1 5 1 1 3 9 1,4 7 3 2 2 9 9 0 6 6 3 1 1, 6 4 1 8 3 2 1 9 1 6 6 5 5 , , , , 2 8 0 3 3 1 0 7 1 9 5 8 1, 4 4 5 8 7 2 2 1 5 5 2 7 :i 7 2 8 2 2 2 5 2 1, 3 3 3 3 0 5 2 0 0 0 9 4 3 5 5 0 5 0 0 8 7 7 3 3 3 3 2 1 1 2 3 6 3 2 0 1 2 2 2 2 ; 3, 1 1 7 7 4 0 1 4 All J F F F o a e t e e n b h b b . . e . 2 . 8 l r 1 5 - 5 1 1 9 9 1 0 4 7 5 3 , , , 2 3 7 7 5 4 5 2 5 6 5 9 1 ! 1 1 1 19 8 9 3 , , , , 3 3 2 5 5 6 1 1 1 3 4 7 2 3 1 4 0 2 2 , , , , 8 6 0 8 1 7 2 4 1 9 4 6 1 1 6 2 4 , , , 5 0 0 8 3 9 1 9 5 2 2 2 2 5 9 7 8 . , , , 4 5 3 2 4 6 ! 2 r5 4 9 5 9| 2 2 2 2 , , , , 0 1 3 3 8 7 1 8 0 6 9 2| 2 2 1 1 , , , , 1 0 5 3 2 7 9 S 1 5 5 7 1 1 4 4 1 3 , , , , 9 0 2 2 1 5 3 4 8 6 0 9 1, 8 3 4 1 9 8 9 0 6 7 2 2 2 l 1 j , , 3 1 6 0 0 5 5 3 5 9 6 8 5 , , , , 0 5 2 0 9 6 5 7 6 4 2 7 7 2 8 1 7 2 5 3 8 4 2 5 7 4 9 5 , , , . 7 4 5 9 3 8 3 6 1 2 0 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 FEDERAL RESERVE BULLETIN. MAECII, 1922. BANK DEBITS. much more pronounced than during the period under review, the average daily volume for Beginning with the statement for the week the two years was approximately the same. ending Februaiy 4 the Board's figures of debits to individual accounts cover all the centers of the United States where clearing-house asso- DEBIl"5 'TO INDIVIDUAL AC^COUNTS ciations have been established, provided re- AT BANKS \H ports reach the Board in time for inclusion in REPORTIMG CLEARING HOUSE CENTERS its weekly statement. The number of centers E•EBITS FOR 1921 ~- DEBITS FOR 19;22 ( IN BlULiONS OF DOLLARS ) reporting at present is about 230, of which, 12 however, only 166 are included in the summary 11 11 by Federal Reserve districts, for the reason that 10 K 10 these are the centers for which comparable 9 »h 9 fig V ur o e l s u m fo e r 1 o 9 f 2 1 b u a s re in e a s v s a il s a h b o l w e. ed a downward 8 V \X A A V r A \A N \ \ 8 tendency for the four weeks under review, but 7 V-\ V j 7 6 6 this decline is largely accounted for by the two t- 5 5 legal holidays in the latter part of the month— Lincoln's Birthday on February 12 (observed 4 \A W *A r \ \ A p K \j h \ 4on February 13) and Washington's Birthday on 3 3 February 22. On the basis of average daily 2 2 volume the figures for the most recent four 1 1AND 2: BANKS IN NEW YORK CITY 1 2\ AND 4*- BANKS 1N ALL REPORTING CENTERS weeks are only about 7 per cent below those for 0 - I I I i I - O the preceding weeks. Volume of business in February has been lower than in January for 5 5 every year for which statistics are available, 4 \ \A A \ V /\ ^^\ ^A \ 4 since the week at the opening of the year is one 3 3 during which large amounts of annual pay- 2 2 ments are made. 1 1 While the decline in volume of business dur- - -• BANKS OUTSIDE OF NEW i YOR i K Ci Y ing the corresponding four weeks in 1921 was Jan. Feb. Mar. Apr. May June July Au£. Sept. Oct. Nov. Dec. DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS. SUMMARY BY FEDERAL RESERVE DISTRICTS. [In thousands of dollars.] 1922 1921 Number Week ending— Week ending— of centers included. Feb. 1. Feb. 8. Feb. 15. Feb. 21. Feb. 2. Feb. 9. Feb. 16. Feb. 23. Boston 463,844 452,505 402,734 396,861 497,831 429,114 442,736 364,747 New York 4,460,342 4,214,255 3,802,553 3,974,091 4,771,038 3,988,564 3,766,451 3,235,403 Philadelphia.. 39G, 128 3S9,297 339,572 353,193 402,831 347,983 361,659 326,224 Cleveland 409,226 438,571 389,8«1 360,711 j 518.559 440,956 457,631 484,299 Richmond 182,894 191,279 182,820 151,184 I 226,383 199.985 204,178 171,795 Atlanta 179,283 176,223 162,653 151,045 j 201,272 178' 390 184,036 169,661 Chicago 923,317 904,882 822,892 807,860 966,859 880,538 892,021 774,541 St. Louis 200,76.1 196,454 194,855 177,388 221,093 207,848 220,245 211,023 Minneapolis... 112,926 118,922 110,020 109.103 129,220 121,960 129,591 102,096 Kansas City... 216,427 225,269 218,521 199,328 ! 253,586 235,122 228,254 232,471 Dallas 139,197 142,468 129,452 125,335 I 157,370 152,882 140,567 133,92* San Francisco. 427,174 439,376 406,513 424,938 ! 469,79S 451,886 457,150 391,533 Total.... 166 ' 8,111,521 7,889,501 7,162,466 | 7.234,037 8,815,840 7,635,228 7,484,519 6,597,721 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAUCH, 1922. FEDERAL RESERVE BULLETIN". 359 DATA FOR EACH REPORTING CENTER. [In thousands of dollars.] I 1922 1921 Week ending— Week ending- Feb. 8. Feb. 15. Feb. 21. Feb. 2. ! Feb. 9. Feb. 16. Feb. 23. i District No. 1—Boston: Bangor i 2,995 3,098 j 2.770 2,797 i 3,615 | 3,567 3,563 2,836 Boston j 333,230 319,174 I 274,966 ' 279,434 I 352,702! 296,986 307,145 248,934 Fall River : ' 7,180 6,546 j 5.771 ! 4,732 • 6,547 6,628 5,752 5,282 Hartford i 19,284 22,254 i 17,300 I 17,766 i 21,108 20,602 21,560 16,082 llolyoke 2,885 2,840 I 2,560 ' 2 573 ! 3,305 2,714 2,793 2,574 Lowell ! 4,1G6 4,473 | 3,897 | 3,887 | 5,274 ; 4,156 3,886 3,669 Manchester J 3,995 4 167 : 4,013 3,246 j 4,192 ! 4,206 4,103 3,482 New Bedford ] 5,823 5,692 I 6,721 6,069 I 5,893 ; 5,358 6,258 5,104 New Haven j 15,799 15,924 I 14,265 13,878 ! 18,356 f 16,559 15,366 13,732 Portia rid j 6,860 i 6,670 6,044 5,866 i 10,370 I 8,271 7,514 7,366 Providence i 30,994 i 29,628 32,337 26,372- 31,766 ! 28,773 29,379 27,053 Springfield i 12,323 , 12,808 ! 11,583 11,287 13,788 j 11,733 15,186 11,992 Waterbury | 5,183 5,667 ! 8,354 7,387 5,428 ! 5,473 5,299 4,540 Worcester | 13,127 J 13,564 i 12,153 11,567 15,487 | 14,088 14,932 12,101 District No. 2—New York: i Albany i 24,355 j 22,310 ' 18,444 17,751 24,091 I 26,043 21,615 18,712 Binghamton I 3,961 ! 4,235 I 3,708 3,255 4,304 3,292 3,550 3,244 Buffalo 57,473 , 47,820 | 47,178 48,329 i 59,607 56,686 53,217 51,819 Elmira ' 2,629 ! 2,837 ' 3,326 2,305: Jamestown I 3,105 2,957 2,787 2,857! Montclair I 2,438 ! 3,419 i 1,779 2,327 New York I 4,330,748 !4,098,131 !3,694,540 3,866,176 4,632,279 3,856,031 3,642,864 3,122,242 Northern New Jersey Clearing House Association , 49,248 ' 44,875 j 39,367 38,926 Passaic ' 4,789 ' 4,580 ] 4,361 4,297 ! 4,434 4,473 3,743 Rochester | 27,263 i 26.525 | 23,802 23,429 i 33,077 27,667 27,990 23,797 Stamford j 2,492 , 2,161 1,939 1,721 | Syracuse I 11,753 : 12,654 10,520 10,854!" 13,684! 14,411 12,742 11,846 District No. 3—Philadelphia: ] Allcntown | 5,384 ! 5,032 4,667 4,613 i Altoona \ 2,798 ! 2,675 2,396 2,081 j 3,025 2,917 2,930 2,499 Camden ! 9,803 ! 8,920 8,420 7,643 Chester j 3,523 • 3,799 3,403 3,432 I 4,599 4,355 5,430 4,277 Harrisburg ! 7,300 I 6,587 5,604 5,970 I 7,000 I 6,400 5,900 4,529 Hazleton i 2,352 i 2,035 ! 2,063 1,620 j Johnstown < 4,422 ! 4,122 i 3,475 3,393 5,081 4,610 4,227 4,305 Lancaster ! 3,963 ! 4,250 4,604 3,988 4,984 4,781 4,790 4,276 Lebanon | 995 I 1 004 ! 1,028 885 , Norristown ' 617 • 774 I 550 492 !. Philadelphia | 320,460 ' 316,292 j 267,429 284,598 ; 322,762 270,488 282,597 247,378 Reading i 6,561 ; 6,760 ! 6,397 6,351 ' 6,818 6,158 6,228 5,721 Scranton i 14,014 ! 13,330 ! 12,867 12,460 i 13,800 ! 15,777 15,151 13,743 Trenton ! 10,875 ! . 10,573 12,081 9.791 ' 10,168 i 9,850 11,387 9,024 Wilkes-Barre i 8,859 ! 7,532 8,095 7,126 j 8,735 j 7,201 8,256 8,161 WiUiamsport \ 3,291 i 3,628 3,765 4,262 ! 3,979 3,929 3,699 3,549 Wilmington i 6,445 i 6,233 I 6,257 6,446 8,081 8,032 7,627 15,527 York... I 3,617 ! 3,516 i 3,199 3,295 3,799 ! 3,485 3,437 3,235 District No. 4—Cleveland: ! i I A Bu k t r l o e n r , 11,034 ' 12 1, , 5 8 7 3 6 4 i i 1 2 1 , , 0 4 5 4 1 6 9 1 , , 1 55 5 6 2 12,356 | 12,532 j 12,552 10,940 Canton 5,874 i 5,787 5,437 j Cincinnati i 59,355 ! 61,230 53,962 52,376 i 60,404 54,795 j 57,310 51,491 Cleveland ' 113,585 | 115,053 i 114,280 98,964 i 146,316 ! 117,251 j 121,954 97,524 Columbus ! 23,947 i 41,420 | 45,690 25,878 ; 29,126 26,202 j 26,937 21,728 Connellsville ! 956 774, Dayton '• 11,216 12,328 I 11,445 10,452 | 11,498 • 11,695 11,837 11,145 Erie \ 5,134 i 5,006 ! 5,133 4 595 6,204 ! 6,018 6,895 5,118 Greensburg j 9,964 ; 2,645 i 3,464 2,321 ! 5,127 | 3,863 3,557 2,892 Homestead ! 707 I 479 534 j Lexington j 3,760 | 5,530 | 5,989 5.309 | 5,717 5,567 I 5,402 4,825 Lima i 2,775 ! 3,301 2,659 .. Lorain | 869 i 989 827 I New Brighton i 1,611 ! 1,585 1.310 ; Oil City i 2,540 ' 2,375 I 2,001 2,211 ! 2,955 ! 3,206 2,492 2,613 P Sp it r t i s n b g u fi r e g l h d , Ohio I | 15 3 0 , , 1 0 5 0 6 3 ! 16 3 1 , , 2 8 4 5 6 5 ' i 11 3 8 , , 2 3 8 3 5 5 13 3 3 , , 0 0 1 2 5 8 | | 21 3 2 , ,5 8 5 5 1 2 I i 1 3 77 , , 4 6 1 4 9 8 18 3 5 , r0 8 9 0 6 5 25 3 6 , , 4 9 4 26 3 Toledo i 37,118 ! 39,948 29,933 26,234 | Warren, Ohio j 1,955 i 2,664 1,927 ! Wheeling i 8,084 6,840 i 5,959 6,495 j 9,731 : 7,601 7,847 6,669 Youngstown j 7,448 ! 8,892 6,915 ! 12,722 ! 11,159 j 11,947 Zanesville 1,654 , 2,010 1,622 : District No. 5—Richmond: Baltimore 78,876 74,225 ! 73,942 62,306 I 104,723 I 93,833 73,854 Charleston, S. C 6,001 ' 6,895! 5,674 6,010 I 6,400 ' 5,600 i 6,410 5,211 Charleston, W. Va 6,100 i 6,674 6,891 6,213 Charlotte 5,572 -. 6,330 6,382 i 4.792 4,588 ! 5,523 4,641 4,783 Columbia 4,591 i 5,220 4,990 3,963 4,550 j 4,666 4,799 3,778 Cumberland 1,554 i 1,671 1,822 1,357 ! Danville 1,905 i 2,173 2,059 1,474 ! Greensboro 3,558 i 3,397 3,384 2,762! Greenville 2,882 I 3,422 2,865 2,452 ! 3,505 ; 3,345 3,132 2,708 Hagerstown 1,443 i 1,726 1,510 1,385 | Huntington 3,979 i 3,921 ! 3,990 3,632 "5," 957"' 5,648 '5,'478 5,217 Lynchburg 4,384 i 4,391 | 4,409 3,595 I Newport News 1,392 ! 1,562 ! 1,588 943 ! Norfolk 13,528 13,902 I 13,050 10,500 15,046 I 13,816 13,182 11,349 Raleigh 3,750 ! 4,380 i 3,900 3,065 3,890 i 4,300 4,100 4,050 Richmond 25,057 j 26,521 i 23,456 21,254 33,867 I 29,6 29,145 26,782 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 FEDERAL RESERVE BULLETIN. MARCH, 1922. DATA FOR EACH REPORTING CENTER—Continued. [In thousands of dollars.] 1922 1921 Week Ending— Week Ending— Feb. 1. Feb. 8. Feb. 15. Feb. 21. Feb. 2. Feb. 9. Feb. 16. Feb. 23. Roanoke... 4,306 4,702 3,732 3,892 j Spartanburg 2,054 1,933 1,786 1,565 Washington. 34,628 42,144 40,158 32,375 36,414 38,054 33,958 29,862 Wilmington, N. C 4,030 4,319 4,413 3,835 7,443 5,517 5,500 4,201 Winston-Salem 4,823 4,811 4,648 3,798 Dist A ric lb t a N ny o. 6—Atlanta: 961 1,114 1,082 732 ! Atlanta 25,275 21,960 20,600 19,712 27,620 23,892 ! 24,973 22,163 Augusta 5,521 5,196 4,725 4,212 6,039 6,087 5,263 4,937 Birmingham 11,645 15,940 15,512 13,585 17,238 15,563 15,862 16,026 Brunswick 443 819 506 449 Chatanooga 6,595 6,603 6,944 5,995 9,194- 8,245 i 8,970 7,545 Columbus 1,846 2,067 2,128 2,055 Cordele 213 214 Dothan 426 530 424 368 Elberton 141 200 184 114 Jackson 3,455 2,695 Jacksonville 9,131 10,075 10,117 9,182 12,702 12,170 10,953 10,342 Knoxville 5,375 6,450 5,699 5,684 6,027 5,560 6,137 5,128 Maeon 3,081 3,265 3,240 3,144 3,765 3,937 3,813 3,315 Meridian 2,040 ! Mobile 5,695 7,127 5,824 5,043 6,461 5,840 5,682 5,504 Montgomery 3,223 3,525 3,113 2,756 4,015 3,181 3,079 2,930 Nashville 15,286 14,809 13,842 12,505 19,070 21,252 18,908 19,595 Newnan 267 277 323 New Orleans 69,230 61,057 55,503 53,930 69,157 53,319 60,941 53,553 Pensacola 1,094 1,308 2,144 917 1,941 1,395 1,604 1,295 Savannah 8,418 8,704 8,160 7,622 10,677 10,810 9,661 9,263 Tampa 8,023 8,498 5,584 5,311 5,622 5,297 6,438 6,733 Valdosta 729 1,127 974 799 J. Vicksburg 1,691 1,706 1,646 1,447 1,744 | 1,842 1,752 i,332 District No. 7—Chicago: A Au d r r o ia r n a , ;.. 1/ 580 2, 7 7 0 6 3 5 2, 5 0 3 9 9 0 1,9 5 8 0 3 0 Bay City 1,987 2,235 1,843 2,244 2,597 | 2,472 2,593 2,356 Bloomington 2,098 1,935 2,037 2,012 2 239 2,112 2^63 2,195 C D D C D D D e h a e a e e d i s n v c t c a r a v e a M o r t n i g u l i R o p o l t r e . i o a n r p e t i s ds 63 1 2 5 7 2 9 2 , , , , , , 5 9 6 6 4 2 0 0 0 4 6 7 0 7 0 6 8 2 60 1 9 8 2 8 2 8 2 4 , , , , , , , 3 4 8 7 3 1 6 0 0 4 1 3 9 8 0 5 2 0 9 0 8 54 9 1 6 2 5 2 0 7 3 , , , , , , , 5 2 4 7 9 2 6 8 9 2 0 4 1 ^ 0 3 0 5 9 4 0 5 1 3 1 0 6 6 1 2 3 1 0 , , , , , , , 8 6 3 3 2 0 9 0 2 3 2 2 6 9 0 2 9 3 7 1 0 6 1 5 1 0 8 6 2 2 6 9 , , , , , , 1 8 8 0 2 9 5 9 8 2 5 9 0 6 0 7 2 2 i 5 9 7 1 6 9 2 5 6 9 , , , , , , 3 6 2 4 4 3 0 8 2 8 5 8 6 4 0 6 5 1 58 9 1 2 6 7 3 5 , , , , , 5 6 3 0 9 1 6 8 0 2 1 0 6 2 7 50 1 8 8 5 2 5 4 4 , , , , , , 0 5 8 7 7 5 7 0 8 0 0 8 6 9 3 7 1 4 Dubuque 2,538 2,796 2,756 2,475 2,956 3,067 2,838 2,426 I J M F F G K L M M G M P S W S S O R n a l o p e i a o a o r a s c d a o o i i u a o n a r r u l l h r n c k s i l u i s w a t t y n r s a i k k o t n t e s c m x n i h i d W n f o a o n g r a a n e o l u a s a f n C t B g o R r C i i h a k p z n e d o i e y o e a o i t l e t n y d e n p o l y d i , e i s d 1 s 11 2 1 5 1 4 5 2 3 4 3 6 6 3 3 1 1 3 4 5 2 1 1 , , , , , , , , , , , , , , , , , , 1 2 7 8 2 8 1 8 6 7 0 9 3 3 6 9 9 8 4 0 3 8 8 9 1 5 5 9 7 3 0 1 7 7 8 3 2 3 0 7 2 1 8 1 1 5 1 8 8 7 9 1 5 2 9 2 2 2 6 1 1 4 6 3 4 7 1 3 2 2 2 4 1 1 7 1 5 5 3 0 , , , , , , , , , , , , , , , , , , , 7 4 6 1 0 6 7 4 6 7 1 2 0 3 3 1 4 5 8 6 8 0 7 8 8 4 7 4 2 5 4 1 7 8 2 9 6 0 1 6 6 0 6 1 9 4 1 8 2 8 1 9 9 2 8 7 4 1 5 1 3 5 2 2 3 3 2 1 1 7 4 4 1 5 2 2 1 , , , , , , , , , , , , , , , , 5 4 4 7 6 5 8 1 0 4 9 7 5 4 2 5 9 7 4 3 0 0 4 8 7 1 5 2 2 0 1 5 6 7 6 1 6 5 0 1 5 2 9 8 2 1 8 2 9 0 7 7 7 2 2 1 4 1 4 6 6 2 3 1 4 1 6 1 0 1 3 6 4 2 6 0 ! , , , , , , , , , , , , , 3 8 0 5 5 2 6 8 1 6 6 5 3 6 9 8 9 1 5 0 5 8 8 4 0 7 4 7 1 7 9 2 1 2 3 9 5 6 0 0 2 9 9 2 2 5 8 0 3 1 2 7 3 6 7 4 2 2 1 5 1 6 3 3 3 4 1 8 4 2 8 6 5 8 3 2 , , , , , , , , , , , , , , 6 6 0 3 8 7 3 3 0 8 3 0 2 6 5 5 9 6 2 7 9 1 7 8 6 1 9 2 2 6 0 7 4 8 7 2 3 5 8 3 5 9 5 2 2 ' I I I I 2 1 5 1 6 3 4 2 4 7 8 8 4 9 1 3 4 2 1 , , , , , , , , , , , , , , , 5 6 0 8 2 9 0 2 7 0 5 4 8 7 5 1 4 1 2 8 4 5 0 1 9 7 0 2 0 6 2 3 6 0 6 3 5 1 7 1 8 9 4 0 0 "I" 3 5 1 1 6 3 3 3 4 2 1 9 7 8 5 3 5 3 1 ^ , , , , , , , , , , , , , , 0 1 6 7 2 2 9 2 2 9 2 3 0 8 G 1 4 4 7 4 7 1 6 9 5 6 7 5 2 o 7 2 3 4 4 5 8 7 9 1 0 0 2 7 * 2 4 1 1 3 3 3 5 2 2 7 4 6 7 4 4 7 2 0 , , , , , , , , , , , , , , , 7 6 2 3 0 2 4 8 0 6 2 4 5 5 7 8 2 9 5 7 6 6 4 9 3 9 2 9 8 7 1 2 4 6 5 0 1 9 6 0 0 6 7 9 8 District No. 8—St. Louis: East St. Louis and National Stock Yards 8,467 8,952 6,800 9,470 9,723 8,305 7,356 Evansville 4,943 4,764 5,214 4,757 4,415 4,324 4,539 4,382 Greenville 1,111 891 880 Helena, Ark 915 905 776 Little Rock 9,508 11,888 ,9,581 8,043 9,616 11,133 9,742 7,781 Louisville 28,884 28,481 33,985 27,302 34,814 30,895 31,215 59,065 Memphis 22,698 21,372 19,745 19,219 24,265 23,014 21,872 18,006 O wensboro 1,656 1,741 1,394 1,378 Quincy 1 806 1,957 1,789 1,639 2,140 2,518 2,226 2,047 St. Louis 121,408 116,520 112,924 107,358 j 133,496 123,647 139,865 109,839 Springfield, Mo 3,049 3,179 2,665 2,270 j 2,877 2,594 2,481 2,547 District No. 9—Minneapolis: Aberdeen 981 1,055 902 ; 1,362 1,332 1,163 Billings 1,593 1,562 1,416 1,155 j 1,446 1,626 1,550 1,400 Dickinson , 223 223 129 217 | Duluth 10,665 11,640 10,534 9,983 14,358 14,159 15,902 I 10,953 Fargo 2,020 2,232 1,838 1,434 2,050 2,171 2,234 I 2,211 Grand Forks 1,132 1,263 1,088 902 1,030 1,224 994 i 821 Great Falls 1,299 1,393 1,124 1,112 1,747 1,645 1,357 | 1,126 Helena. 2,321 2,388 2,256 1,661 2,075 2,313 1 774 j 1,822 Jamestown 294 446 333 298 Lewistown 776 701 686 Minneapolis 57,402 65,687 61,342 59,090 | 70,212 63,187 69,766 I 53 490 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. ' FEDERAL, RESERVE BULLETIN. 361 DATA FOR EACH REPORTING CENTER—Continued. [In thousands of dollars.] 1922 1921 Week Ending— Week Ending- [ Feb. 1. Feb. 8 I Feb. 15. Feb. 21. Febi 2. Feb. 9. Feb. 16. Feb. 23. District No. 9—Minneapolis—Continued. Minot 600 643 499 618 !. Redwing 449 421 348 455 j. St.Paul 1 30,622 126,504 124,575 127,641 28,024 26,445 27,877 22,753 DO ..: 35,992 31,048 27,196 32,088 !. Sioux Falls 2,728 2,809 2,664 3,043 j *"4,"I66' 5,000 3,800 3,600 Superior 1,389 1,529 1,423 1,386 ! 1,968 2,104 2,012 Winona 774 824 794 i 1,070 920 District No. 10—Kansas City: Atchison ." 981 1,101 I 1,108 1,044 1.100 1,069 B C C C D o h a a e s l r e n o t p y v l r e e e a e r s n d r v n o i e l S lc prings : 3 2 2 2 4 2 , , , , , 3 0 4 4 6 9 2 5 6 3 1 8 3 7 0 30 2 2 1 3 , , , , , 7 6 4 9 0 8 6 3 9 2 3 6 2 1 2 ' I 2 2 3 9 1 1 , , , , , 9 9 2 3 1 9 1 5 2 0 6 9 1 1 4 2 1 1 1 , , , , 7 5 1 3 4 9 8 8 4 9 5 8 " I !. 3 3 2 2 7 , , , , 7 4 4 0 7 2 8 4 1 7 8 0 3 2 1 2 1 , , , ; 1 3 0 2 1 1 6 0 5 6 8 9 2 2 2 8 1 , , , , 6 9 7 3 5 7 6 4 6 2 7 8 2 2 6 3 1 , , , ,9 4 9 0 3 7 8 2 2 7 8 4 Grand Island 1,042 1,103 1,092 2,144 H J K K G G o u a a r u p a n n t t l c n h i s s n h d r a a i i s s e n J C u C s n o i i t t c n y y t , i , o M K n a o ns 4 2 3 9 1 , , , , 9 5 7 1 9 3 8 3 1 1 6 6 3 6 5 8 0 8 6 3 3 5 1 , , , , 5 5 2 7 9 0 7 0 6 4 8 0 7 7 0 2 0 8 I 6 3 3 2 1 . , , , 5 5 0 5 3 4 0 5 5 0 9 2 5 7 9 0 7 8 31 2 2 1 1 , , , , , 2 0 7 7 7 4 4 . 7 7 0 1 7 5 8 7 8 0 1 1 9 5 I ! | j . . . . 7 4 1 2 , , , 0 9 2 5 2 9 7 5 7 6 3 2 8 , , , 8 1 3 4 8 1 5 5 5 6 3 2 5 , , , 9 2 4 9 0 8 9 2 1 6 3 0 1 , , , 1 7 6 0 2 4 1 7 9 Lawrence 828 883 806 58,912 i M M c u A sk l o e g st e e e r 5 1 , ,0 1 8 8 2 7 5, 8 51 22 6 5, 9 41 65 5 7 78 1 6 0 ! l . .t 5,091 5,503 5,386 4,191 Oklahoma City 16,693 18,145 16,717 4,898 22,009 22,433 20,275 18,321 Okmulgee 1,941 2,532 15,157 Omaha 38,193 39,900 37,433 1,592 43,327 41,631 40,663 37,382 Parsons 648 939 634 38,607 Pittsburg, Kans 936 .1,407 747 Pueblo... 3,601 4,307 3,220 1,031 2,919 2,917 3,811 3,044 St. Joseph 15,594 10,941 13,240 2,416 15,846 16,620 14,405 15,390 Topeka 2,825 4,236 3,608 11,240 3,393 4,754 2,629 3,168 Tulsa 28,544 24,339 24,431 2,605 26,164 18,975 23,428 40,368 Wichita 8,844 8,771 9,843 13,832 9,788 9,236 9,163 9,723 District No. 11—Dallas: 9,199 Albuquerque 1,583 1,931 1,550 1,611 1,673 2,084 1,682 1,535 Amarillo ." 1,552 ! Austin 2,552 3,443 j 2,429 2,126 3,275 2,863 3,311 3,082 Beaumont 3,481 3,712 3,860 3,518 3,641 4,486 4,419 3,583 Corsicana 1.356 | 1,178 1,492 Dallas 33,457 34,801 ! 29,866 31,890 37,765 32,182 34,468 31,181 El Paso 7,885 7 463 I 6,838 5,731 8,469 7,825 7,331 7,706 Fort Worth 32,599 31,947 30,427 32,146 23,660 24,180 23,470 24,100 Galveston 15,954 15,831 11,983 11,812! 21,349 23,928 16,290 18,194 Houston 23,871 22,695 22,540 20,397 34,814 31,457 27,298 27,135 Roswell 595 713 526 San Antonio 5,359 6,329 5,552 5,192 7,515 7,079 6,891 5,248 Shreveport 6,370 6,911 8,201 5,410 i 8,190 9,349 7 747 6,405 Texarkana, Tex 1,172 1,756 1,436 1,572 I 1,623 1,661 1,456 1,214 Tucson 1,359 2.357 , 1,470 1,400 j 1,264 1,825 1,673 1,380 Waco 3,555 3,292 | 3,300 2,500 4,132 3,903 4,501 3,165 District No. 12—San Francisco: Bellingham 1,115 1,180 1,200 1,278 j. Berkeley 2,829 i 4,214 ' 2,715 5,204 ! 2,569 3,092 2,558 2,568 Boise 3,267 i 2,573 2,385 2,035 i 2,619 2,403 2,851 1,763 Eugene 1,196 1,471 1,846 1,241 . Fresu o 8,654 9,201 8,745 7,887 j 10,855 17,684 14,852 Long Beach 6,341 6,666 5,630 6,099 | 5,165 5,004 5,041 4,660 Los Angeles 118,452 112,873 102,257 97,950 | 96,424 93,795 95,703 84,350 Oakland 16,416 21.403 16,400 16,928 j 19,115 18,221 18,192 17,819 Ogden 4,522 4,796 3,595 3,581 ! 3,051 3,067 3,069 3,007 Pasadena 5,301 5,886 4,739 5,106 ! 5,670 5,470 5,301 4,901 Phoenix 3,666 4,424 3,595 3,119 |. Portland 29,235 30,656 26,318 24,167 ! 34,902 32,506 38,248 32,624 Reno 1,930 2,302 1,861 1,791 i 2,207 2,243 2,305 1,802 Ritz ville 144 144 121 111 Sacramento 10,171 12,152 10,159 11,790 10,991 13,896 12,533 Salt Lake City 11,465 12,582 9,577 9,391 14,305 13,137 12,907 13,012 San Bernardino 1,500 1,419 1,279 1,244 San Diego 7,597 8,116 7,766 7,292 7,832 8,843 7,999 San Francisco 148,534 144,184 144,782 172,435 190,932 174,592 175,218 150; 639 San Jose 4,201 4,730 I 4,129 3,958 5,955 4,486 4,066 3,522 Seattle 26,193 30,485 ! 33,140 29,319 31,842 29,373 31,327 24,109 Spokane 8,532 11,275 7,374 7,728 10,208 10,821 9,732 8,684 Stockton 4,140 4,857 4,752 3,533 4,618 4,634 4,939 3,800 Tacoma 7,108 7,691 | 7,811 6,187 7,768 7,339 7,461 6,419 Yakima 2,286 2,734 I 2,378 2,127 2,680 2,291 2,004 1,880 Debits of banks which submitted reports in 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 FEDERAL RESERVE BULLETIN. MAKCH, 1922. FEDERAL RESERVE CLEARING SYSTEM. OPERATIONS FROM JAN. 16 TO FEB. 15, 1922. [All figures shown in thousands.] Items drawn on banks located Items in own district. Items forwarded Federa o l r R b e r s a e n r c v h e . Bank I o n r b F r . a R nc . h B c a i n ty k . O b u r B a ts n a i c d n h e k c F o i . r t y R . . I o t n e m o T f s r U e d a . r s a S u w . re n r d T e u x h o p c a t l l a n i u l c d s a i i l t v t e e i d e o m , n o s s f . F f . b a o t r n R o r a w d . n o a c B t t r h h h d a e e e e n r i s d r k . s t t o o b i d n a i b p s n s t r a a k r a r i m n e c o c n t e r . h t d T u i h o n p a t c l a n i l c l u d a d i l t t e i i e n d o m g , n s s. Num- Num- Num- Number. Amount. Amount. ber. Amount. ber. Amount. ber. Amount. 1 Boston 630 557,061 3,450 360,2-12 102 22,072I 4,182 939,375 47,691 i 4,375 987,066 New York 1,889 3,576,027 4,342 550,683 968 110,166I 7,199 4,236, 876 1,012 115,105 : 18 j 5,531 8,229 4,357,512 Buffalo 219 76,317 406 i 40,868 8 1,986! 633 119,171 122 18,145 40 ; 22,854 ; 795 160,170 Philadelphia 1,738 691,321 2,032 ! 229,192 140 28,897 3,910 949,410 669 114,142 ; 4.579 1,063,552 Cleveland 398 187,984 1,211 j 132,004 50 6,329 1,659 326,317 49 5,133 ; 6,129 Il', 734 337,579 Cincinnati 186 107,220 807 68,769 48 6,36811,049 1183,712 12 7,698 . 3,299 !1,074 194,709 Pittsburgh 455 190,021 820 ! 80,485 29 3,991 1,304 280,497 91 36,664 7,322 1,423 324,483 Richmond 111 113,297 1,828 231,027 44 8.970 1,983 353,294 174 5k 421 8,682 2,192 416,397 Baltimore 254 127,706 651 56,974 49 i\, 992 954 191,672 58 25,758 6,107 1,082 223,537 Atlanta 112 50', 487 332 40,041 35 14,153 479 104,681 32 10,188 3,639 533 118' 508 Birmingham 227 31,867 133 7,304 10 948 370 40,119 18 8,250 17,604 414 65,973 Jacksonville 63 21,375 169 17,263 8 1,029 240 39.667 36 7,534 1,250 282 48, 151 Nashville 59 26,681 199 18,620 13 1,347 271 46,651 17 2,675 ! 1,026 293 50,352 New Orleans 66 43,652 111 12,709 40 8,977 217 65,338 48 13,031 ! 668 271 79,037 Chicago 1,011 530,037 3,483 269,077 244 44,550 4,738 843,664 287 29,707 i 2,615 5,032 875,986 Detroit 265 126,496 454 43,604 26 2,976 745 173,076 9 2,409 . 612 757 176,097 St. Louis 338 188,837 1,292 73,795 111 12,393 1,741 275,025 34 4,502 ! 973 L, 785 280,500 Little Rock 44 20,794 290 16,651 7 1,045 341 38,490 9 1,044 1,962 376 41,496 Louisville 92 53,529 418 23,294 31 3,645 541 80,468 9 706 I 169 553 81,343 Memphis' 82 28,549 153 9,224 11 997 246 38,770 1 228 • 86 249 39,084 Minneapolis 217 94,155 1,275 61, 136 23 11,488 11,517 1167,95 i 78 15,301 ! 320 1,000 183,578 Helena 22 7,177 184 10,3-17 7 3,369 213 20,893 2,528 i 783 222 24,201 Kansas City 282 212,577 1,279 85,150 59 18,364 1,620 316', 091 229 33,084 . 9,958 1,918 359,133 Denver 131 39,813 31.1 18,931. 23 3,445 465 62,189 i OS 16,545 i 9,398 570 88,132 Oklahoma City 71 44,378 896 61,310 10 1,409 977 107,097 7,082 1 6,365 1,038 120,544 Omaha 178 43', 321 476 26,363 18 2,360 1673 172,326 ! 41 5,071 • 4,553 733 81,950 Dallas 164 57,435 1,258 170,837 28 9,189 1,450 237,461 10,887 ! 4,438 1,568 252,786 El Paso 42 132 9,528 16 1,616 190* 20,052 11 1,628 1 544 206 22,224 Houston 61 38,507 321 29,756 38 1,878 420 70,141 19 2,808 , 1,207 444 74,156 San Francisco 196 102,617 495 37,521 60 68,952 751 209,090 26 2,772 i 5,005 812 216,867 L P S S a e o o l a r s t t t A t l L l a e n n a g k d e e l e C s ity 3 1 6 4 0 6 1 7 9 4 1 2 2 3 0 1 7 1 7 , , , , 6 7 4 7 5 4 8 1 9 8 5 4 1,2 3 2 1 0 1 6 9 3 6 9 9 8 2 1 1 4 1 3 0 , , , , 7 6 7 3 9 1 3 0 6 3 3 5 3 2 1 1 6 5 5 2 4 2 5 8 , , , , 6 9 6 6 6 4 2 5 3 2 5 7 1, 3 2 4 60 5 7 2 3 0 5 8 1 4 5 4 9 1 8 2 8 , , , , 2 8 6 1 1 7 7 7 4 3 8 5 1 1 1 1 5 4 1 6 1 3 6 1 6 , , , , 5 0 2 1 5 1 0 6 0 9 6 0 i ; , ! 4 3 2 9 , , , , 5 2 5 6 1 8 9 2 8 0 8 5 1, 4 4 3 7 0 5 1 88 1 2 5 2 6 4 5 2 1 7 4 3 , , , , 9 8 1 9 3 2 7 6 8 6 2 0 Spokane 37 15,951 168 10,055 8 873 213 26,879 12 2,052 1 4,414 241 33,345 Total: , J D a e n c . . 1 1 6 6 t t o o F Ja eb n . . 1 1 5 5 , , 1 1 9 9 2 2 2 2 . . . . | 1 9 0 ,9 ,2 3 2 9 1 6 7 , , 5 6 9 08 0 , , 7 4 0 4 6 5 1 |3 3 2 1 , , 1 3 5 6 7 3 2 3 , , 9 1 3 7 3 5 , , 5 8 0 6 7 2 i 2 2 , , 3 9 5 6 2 5 4 43 3 4 2 , , 9 6 8 6 1 1 ' - 1 1 4 4 5 3 , , 0 9 7 4 2 7 !i 1 l 1 0 0 ,2 ,9 0 7 3 7 , , 5 3 7 8 5 6 . , 3 3 , , 7 6 7 4 8 5 1 1 6 5 2 7, , 5 9 3 2 4 5 i 4 4 9 8 , , 6 3 3 3 0 6 ! I 1 1 1 1 , , 0 7 3 6 3 6 , , 3 6 1 4 0 7 Jan. 16 to Feb. 15,1921.. 7,715 % 923,213 ,29,068 3,529,757 [2; 205 444,749 Ii38,995i 19,899,312 .3,491 220,583 43,280 j 11,261,341 i 1 I 1 Includes items drawn on banks in other Federal Reserve districts forwarded direct to drawee bank. NOTE.—Number of business days in period was 26 in all Federal Reserve bank and branch cities except as follows: Birmingham and Memphis, 25 days; Boston, Cleveland, Cincinnati, Richmond, Baltimore, New Orleans, Kansas City, and Oklahoma City, 27 days. NUMBER OF MEMBER AND NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, FEB. 15, 1922 AND 1921. Nonmember banks. ! 1 Nonmember banks. I Member banks.! • - - — Fed d e i r s a t l r r i e c s t. erve On par list. Not on par list.1 Fed d e i r s a t l r r ic es t. erve I [ On par list. '. Not on par list-1 ; I 1922 1921 ! 1922 j 1921 j 1922 1921 St. Louis ! 590 572 2,513 165 174 Minneapolis j 1,023 1,005 2,627 2,867 186 Kansas City 1 1,115 1,094 3,092 3,392 220 Dallas i 856 854 1,121 1,259 33 San Francisco ! 852 838 968 1,017 Total 9,853 9,668 18,053 19,023 2,327 1,744 1 Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL. RESERVE BULLETIN. 363 GOLD SETTLEMENT FUND. INTERBANK TRANSACTIONS FROM JAN. 20 TO FEB. 23, 1922, INCLUSIVE. [In thousands of dollars.] Changes in ownership Transfers. Daily settlements. of gold through trans- Balance in fers and settlements. fund at Federal Reserve Bank. end of period. Debits. Credits, Debits. | Credits. Decrease. I Increase. .... Boston 40,000 471,221 | 477,408 33,813 26,253 New York 35,000 55,000 1,749,293 1,727,871 1,422 77,409 Philadelphia... 11,000 15,000 590,071 I 583,890 2,181 I -I 56,891 Cleveland 7,000 5,000 452,494 i 461,576 7,082 39,438 Richmond 6,000 8,000 506,634 508,389 3,755 33,820 Atlanta 2,000 189,287 ! 221,624 34,337 28,049 Chicago 2,000 7,000 862,902 j 893,289 ! 35,387 101,557 St. Louis 4,000 6,000 434,678- - 420,280 20,728 Minneapolis 3' 000 113,666 110.753 i2,398 !. 87 32,360 Kansas City... 2,000 8,000 351,068 ! 335', 469 47,510 Dallas 3,000 188,142 i 189,695 "9^599'I. 4,553 i 18,549 San Francisco.. "5," 666" 239,390 | 218,602 25,788 37,588 "I Total, 5 weeks ending— Feb. 23,1922 112,000 112,000 6,148,846 j 6,148,846 85,201 85,201 518,152 Jan. 19,1922 165,475 165,475 6,428,702 i 6; 428,702 468,174 Feb. 24,1921 267,055 267,055 6,203,222 1 6,203,222 .1 521.727 Jan. 20,1921 561,698 561,698 7,038,789 1 7,038,789 397;858 GOLD AND SILVER IMPORTS AND EXPORTS. IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Gold. Silver. Seven months ending Seven months ending Countries. January. January. January. January. 1921 1922 1921 1922 • 1921 1922 1921 1922 I IMPORTS. France | $4,695,491 $1,874,799 $35,194,047 $119,202,809 841,626 S19,057 $94,174 $114,097 Germany .• 61 7,764 19,919,482 7,237 553,118 10,972 5,624,379 Greece 442,554 866,254 5,003 187,655 229,895 ! Netherlands ! 394,287 9,896 1,332,215 4,186,976 24,041 ! 1*669 Spain i 39,280 10,900 529,823 306,124 552 24,838 95,079 i 25,281 Sweden •. 4,275,999 2,036,064 28,011,345 31,395 ! 1,354 United Kingdom—England. .1 17,764,747 i 10,467,791 238,218,844 110,308,645 5,497 23,210 144,450 80,325 Canada j 188,123 2,381,294 6,962,650 14,149,796 242,264 805,911 1,962,230 2,369,061 Central American States j 417,134 537,567 3,375,102 4,004,774 136,332 55,565 1,709,081 1,023,570 Mexico 1 505,832 469,303 3,198,875 3,261,271 3,390,654 1,781,575 21,817,716 27,219,435 West Indies ' 493,830 I 312,685 1,768,681 2,608,540 211,418 70,804 ! 440,014 Argentina ' 9,060 ! 1,670,123 254,154 856 18,530 j 6,801 Chile j 14,321 I 21,358 123,545 373,931 136,355 395,470 1,903,288 ! 1,139,625 Colombia 1 975,325 1,365,937 9,049,026 6,873,387 19,163 31,600 638,325 ! 124,566 Peru I 118,924 111,123 987,646 1,107,793 529,754 450,319 5,034,485 ! 3,302,855 Uruguay :. 15,058 3,802,964 25,347 Venezuela ! 112,235 36,749 436,460 511,977 132 642 1,441 China I 1,311,561 168,108 1,311,561 3,894,520 100 91 1,283,444 1,582 B D r u i t t c is h h E In as d t i a Indies j 1,01 7 4 5, , 4 0 4 2 . 5 9 "*i8i"7is" 1, 6 0 4 1 3 4 , , 1 0 8 2 3 5 14 1 , , 8 1 6 2 3 4 , , 7 6 6 2 5 4 1 83,461 45,238 872,267 29 1 6 1 , , 9 7 9 1 7 8 Hongkong '. 1.042,000 7,618,087 534,429 204 Philippine Islands ' 89,988 69,'744! 669,787 891,360 ! 1,303 1,209 10,982 12,680 British Oceania 1,459,950 2,106,707 I 4,669,122 11,658,304 I 70 1,029 1,263 AU other 2,469,790 2,154,635 1 4,568,169 19,960,976 i "Si," 934* 96,427 862,206 463,802 Total 33,633,967 ; 26,571,371 • 326,251,053 ! 371,876,949 ; 4,834,875 j 6,495,758 j 36,815,362 | 42,288,068 T EXPORTS. United Kingdom—England 85,565 ' 1,370,145 131,870 4,202,372 5,947,813 Canada 180,177 i 101,512 2,994,819 I 1,874,330 | 259,991 186,215 1,741,876 : 3,478,826 Central American States 1,000 93,705 ! 6,543 Mexico 2,191,203 I 339,071 ' "5*263,* 556 T 3,411,915 ! 449,798 i 106,950 1,351,450 1 1,051,450 West Indies 50,000 j. 593,000 I 350 1 369,696 I 862,774 I 19,535 Colombia 142,500 j 142,500 ! Peru 3,653,376 China 12,000,000 I 896,263 1,600,562 13,393,679 , 11,528,775 British India 1,414,461 1,179,000 : 667,813 1,087,010 I 1,557,099 Dutch East Indies 60,000 ! 600,000 French East Indies 1 2,290,000 897,600 2,745,600 Hongkong ' "219*366*1 136,400 8,026,490 8,561,125 i 2,298,062 1,053,578 10,370,366 I 6,326,771 Japan 1 92,537,289 " 235,480 4,909,224 1,562,967 Allother ! 24,300 286,000 173,762 3,037,076 '. 343 30,368 285,543 Total. 2,724,980 862,983 I 129,572,318 j 18,063,796 6,690,748 I 3,977,118 38,185,324 34,510,922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 FEDERAL RESERVE BULLETIN. MAECII, 1922. MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL RESERVE SYSTEM, FEBRUARY 1, 1922. Amount per Generate*. ! G H o e v l e d r n in m e th n e t.1 F. H R el . d B b a y n k o s r f a o n r d U H . a e S s n l y . d d s T t o F e r u e m . t a s R . s i u d . r e y T c J a . a p s S n i y t . d a s T t F e o r . m e u a t R . s s i . u d r e y Gold coin and bullion §3,680,882,401 , $367,064,680 §2,166,703,166 $444,482,276 Gold certificates 529,876,156 172,756,123 ! Standard silver dollars 357,481. 12,858,238 8,637,252 58,225,364 ! Silver certificates 43,908,192 232,309,781 • Subsidiary silver "272," 54^512 14,950,395 27,906,903 229,684,214 , Treasury notes of 1890 1,020 I 1,542,004 ; United States notes 346,681,016 ! 3,967,098 73,960,042 268,753,876 I Federal Reserve notes 2,560,887,510 3,158,867 354,834,075 ! 2,202,894,568 '. Federal Reserve Bank notes. 111, 140.400 1,719,532 18,374,798 j 91,046,070 National bank notes 749,611,367 20,072,624 19,068,741 j 710,470,002 Total: Feb. 1,1922... S, 079,226,057 423,791,434 3,243,270,345 ! 4,412,164,278 . S40-46 Jan. 1,1922... 8,282,433,487 427,628,569 3,147,357.764 j 4,707,447,154 43. 22 Dec. 1,19213.. 8,156,446,983 450,610,144 3,082,379,182 ! 4,623,457,657 ' 42.50 Nov. 1,1921 'K 8,117,812,092 457,988,002 2,982,192,610 '• 4,677.631,480 • 43.06 Oct. 1,19213.. 8,150,752,689 430,580,014 2,980,284,106 | 4,739' 888,569 43.68 Sept. 1,19213. 8,082,456,974 431,623,906 2,907,188,113 j 4,743,644,955 43.77 Aug. 1, 19213. 8,059,103,327 432,471,109 2,818,800,024 ! 4,807,832,194 44.42 July 1,1921.3.. 8,096,033,684 460,595,721 j 2,697,553,897 ! 4,937,884,066 45.68 Juno 1,19213. 8,144,987.895 499,236,987 ' 2,562,692,917 5,083,057,991 47. 09 May 1, 192 is.. 8,128,219' 183 508,349,193 I 2,512,465,834 ! 5,107,404,156 17. 38 Apr. 1,19213.. 8,181,529,274 496,945,969 i 2,534,743,843 , 5,149,839,462 47.83 Mar. 1,19213. 8,176,356,209 493,976,120 2,385,101,578 ! 5,297,278,511 49.26 Feb. 1,19213. 8,286,360,557 499,358,809 2,438,773,422 j 5,348,228,326 49. 80 Jan. 1,19213... 8,516,984,381 494,296,257 i 2,377,972,494 ' 5,644,715,630 52.63 1 Includes reserve funds hold against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of national-bank notes, Federal Reserve notes, and Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in trust for the redemption of outstanding gold and silver certificates and Treasury notes of 1890. 2 Exclusive of amounts held with United States Treasurer in gold redemption fund against Federal Reserve notes. 3 Revised figures. DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT MAR. 1, 1922. I Paper maturing within 90 days. Agricul- Secured by- Commer- B a a c n c k ep e t r - s' l t i u v r e a - l s t a o n c d k cial, agri- ances paper Federal Reserve Bank. d c n e T e o b r r o t t t e i e e f f a d s i s i c n n a u a e n - r te s y d s s . b V o L n n i i o c b d t t e s o e r s a r t y . y nd a a T c n c r c a e e d p s e t . - a c n n p u s . d a l t t o p e u l c . e i r v k r s a e , . l - , 3 m m w at i o u th n r i i t n n h g s. 6 d m a a w m a f y t t i o e s u t , h r n r i b i t n 9 n h u 0 g s t . Boston 44 41 New York.... 44 41 Philadelphia. 4i 41 41 Cleveland 41 f 41 4} Richmond 5 5 5 A C M S S D K a t h t a a . i l n i n n l a c L l s n n a a F o a g e s t r s a u . o a a i p n C s o c i l i t i s y s c . . o . . . 4 5 5 5 5 5 5 1 4 5 5 5 5 5 5 4 5 5 5 5 5 5 4 5 5 5 5 5 5 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST RATES. In the following table are presented actual discount and interest rates A comparison between interest rates prevailing during the 30-day period prevailing during the 30-day period ending February 15, 1922, in the various ending February 15 and the 30-day period ending January 15 indicates that cities in which the several Federal Reserve Banks and their branches are there has been a noticeable trend toward stabilization, although rates for located. A complete description of the several types of paper for which prime commercial paper purchased in the open market continued to decline. quotations are given will be found in the September, 1918, and October, 1918, Rates for all classes of paper were lower than in the corresponding period oE FEDERAL RESERVE BULLETINS. Quotations for new types of paper will be 1921, the declines being most general in the case of indorsed bankers' acceptadded from time to time as deemed of interest. ances. DISCOUNT AND INTEREST RATE PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING FEB. 15, 1922. Prime commercial paper. Ordinary Secured by loans to District. City. warehouse customers receipts. secured by Liberty bonds. 30 to 60 i 4 to 0 days. ! months. _| No. 1... Boston 6J 5-1 5 No. 2... Now York l 7 5 5 Buffalo 7 No. 3.. Philadelphia... 5 No. 4.. I C Pi l t e t v s e b l u an rg d h 7 6 5 J 6 6-7 6 Cincinnati 6J- 6 6 6i 61 6-1 No. 5.. Richmond 6 51 6 6 5-1 6 6" oh 6 Baltimore 6 6 6 6 6 6 6" 6 No. 6.. Atlanta 8 5 7 8 6 7 8 6 7 | Birmingham 71 6 7 8 6 7 | Jacksonville. I New Orleans, Nashville No. 7.. I Chicago I Detroit No. 8.. • St. Louis Louisville. Memphis. Little Rock 7 8 No. 9.. Minneapolis 7 61 7 Helena 8 8 No. 10. Kansas City 8 6 7- Omaha. 716 71 Denver. 8 6 7 Oklahoma City 7 10 7 No. 11. j Dallas 8 617-1 ; El Paso. 10 6 8 I Houston 7 7 7 No. 12. San Francisco 7 5-1 61 Portland Seattle Spokane ! 8 Salt Lake City 8 Los Angeles 7 1 Rates for demand paper secured by prime bankers' acceptances; high, 51; low, 4; customary 4-1. 00. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 FEDERAL RESERVE BULLETIN. MARCH, 1922. FOREIGN EXCHANGE. per cent two years ago, the February, 1920, average of $3.23 per pound being the lowest Continued advances in sterling and in most on record. of the other European and South American In the computation of the general index for exchanges are reported for the months of the month changes in the rates on the different February. The German mark, however, and currencies approximately offset each other. the currencies of central and eastern Europe The final result of these changes, together with show further declines. A downward tendency certain shifts in the weights assigned to the is noted also in the rates on the Orient. The different countries, is a slight decline of the rise in sterling was consistently maintained index from 59 in January to 58 in February. throughout the month. The rate on February The rates used in the compilation of the table 1 was about $4.23 and on February 28 $4.43, are noon buying rates for cable transfers in or only about 9 per cent below par, as compared New York, as published by the Treasury in with 20 per cent below par a year ago and 31 accordance with the act of May 27, 1921. FOREIGN EXCHANGE RATES.1 COUNTRIES INCLUDED IN COMPUTATION OF INDEX. Low. High. Average. Weight. Par Countries. of exchange. Febru- Janu- Febru- Janu- February. ary. ary. ary. ary. Belgium Franc 19.30 7.9500 7.5900 8.7300 8.0000 8.3195 7. 8144 i 43.11 i 40.49 28 20 Denmark Krone. 26.80 20.1900 19.7900 21.0700 20.1900 20.6414 19.9744 77.02 74.53 11 11 France Franc 19.30 8.3300 7.9600 9.2000 8.3500 8.7305 8.1636 45.24 ! 42.30 76 74 Germany j Rcichsmark 23.82 .4339 .4697 .5207 .5876 .4811 .5204 2.02 j 2.18 80 68 Italy i Lira 19.30 4.6400 4. 2600 5.3300 4. 5900 4.9095 4. 3744 25.44 ; 22.67 35 47 Netherlands Florin 40.20 36.9900 36. 3000 38.4700 36.9400 37.6082 36. 6772 93.56 91.24 29 29 Norway Krone 26.80 15.8700 15.4700 17.2700 15. 8700 16.6641 15.6636 62.18 , 58.45 8 9 Spain I Peseta 19.30 15.2000 14. 8500 16.0300 15.1800 15.6927 14.9768 81.31 i 77.60 21 19 Sweden j Krona 26.80 25.4400 24. 6500 26.6600 25.4200 26.1495 24. 9488 97.57 j 93.09 23 i 17 Switzerland Franc 19.30 19.4400 19. 3000 19.6000 19. 5200 19.5227 19.4156 101.15 ! 100.60 10 10 United Kingdom Pound 486. 65 428.7800 418.6500 443.2200 427. 6700 436.2000 422.4780 89.63 ! 86.81 244 247 Canada Dollar. 100.00 95.5547 93.5469 97.9844 95.6641 96.3114 94. 8222 96.31 94.82 155 150 Argentina. Peso (gold) 96.48 80.6400 75.3000 83.8300 83. 0800 82.5764 77.1892 85.59 80.01 29 Brazil Milreis 32.44 12.6100 12.4200 13.0500 12. 6800 13.2459 12.5752 40.83 38.76 37 Chile Peso (paper) 319. 53 9.8750 9. 3750 11.0000 10.7500 10.3958 10.1302 53.23 51.87 .7 China Shanghai tael... 3 66.85 68.6400 72, 4500 74.2400 75.1100 72.1532 74.1456 107.94 . 110.91 51 40 India Rupee 48.66 27.7400 27.5800 28.4400 27.9700 28.1427 27. 8104 57.84 57.15 23 26 Japan Yen. j 49.85 47.2600 47.4300 47.4900 47.9200 47.3727 47.6244 95.03 95.54 141 163 1 Noon buying rates for cable transfers in New York as published by Treasury in accordance with act of May 27,1921. 2 Based on average. 31913 average. OTHER COUNTRIES. I Low. High. Average. Index ( p p a e r r ) . c i ent of Par of Monetary unit. 'exchange.^ F a e r b y ru . - January. F a e r b y r . u- January. F a e r b y ru . - January. F a e r b y ru . - January. Austria j Krone ! 20.26 0.0199 0.0267 0.0339 0.0389 0.0281 0.0325 0.14 0.16 Bulgaria :..: Lev I 19.30 .6817 . 6933 .7083 .7438 .6930 .7104 3.59 3.68 Czechoslovakia Krone ! 20.26 1.(5894 1.5481 1.9316 1.9713 1.8550 1.7319 9.16 8.55 Finland Markka 19.30 1.9857 1.8400 2.0214 2.0136 2.0029 1.8871 10.38 9.78 Greece ! Drachma 19.30 4.4200 4.2200 4.6000 4.4400 4.5082 4.3644 23.36 22.61 Hungary : Krone 20.26 .1425 . 1244 . 1563 .1722 .1497 . 1525 .74 .75 Poland ' Polish mark 23.82 .0237 .0288 .0310 .0356 .0286 .0327 .12 .14 Portugal Escudo 108.05 7.2400 7.2100 8.0200 7.8200 7.4895 7.6644 6.93 7.09 Rumania Leu 19.30 . 7442 .7375 .8233 .8340 .7953 .7783 4.12 4.03 20.26 .3055 .3275 .3316 , .3766 . 3235 .3430 1.60 1.69 ; 19.30 1.2267 1.314 1.3300 I 1.509 1.2975 1.3814 6.72 7.16 Cuba ! Peso... 100.00 99.7501 99.6462 99.9375 99.8542 99.8542 99.7256 99.85 99.73 Mexico : do. 49.85 48.6250 48.3000 49.0250 48.9825 ] 48.8076 48.6898 97.91 97.67 Uruguay do 103.42 75.6100 I 70.9200 j 82.3700 76.4200 79.2391 72.6472 76.62 70.24 China ! Mexican dollar 2 48.11 50.4200 j 52.9000 54.2500 54.7800 52.7445 54.1040 109.63 112.46 Hongkong ' Dollar 2 47.77 52.3400 i 54.5100 55.2900 55.6900 53.9795 54.9864 113.00 115.11 Straits Settlements j Singapore dollar 56.78 47.8300 ! 47.0000 50.2500 48.2900 49.2959 47.9296 86.82 84.41 i Hased on average. 21913 average- Average price of silver per fine ounce: In London (converted at average rate of exchange), $0.66589; in New York, $0.65696. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN". 367 F<}RIEION EXCHANGE 1ND EX 1918 - 1922 GE.NERAL 1NDF IT/ AQAI ENTINA 1GLAND ^MAN\f ^ THEHLt*NDS HH 1 A Pi PERCENT PERCENT 110 110 > PAR- ^* 90 \ 90 IN y 80 80 \ - —' 70 \ \# 70 N \ v A 60 X \ "v. \ / \ 60 / 50 \ 50 \ i 9" 40 30 30 £0 20 •• 10 10 .... N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F M. A. M. J. J. A. S. 6. 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 BANKS OF ISSUE, 1913-1921. BANK OF JAPAN. [From annual reports and weekly statements of the Bank of Japan.] [In thousands of yen.] Dec. 31, Dec. 26, Dec. 25, Dec. 30, Dec. 29, Dec. 28, Dec. 27, Dec. 25, Dec. 3.1, 1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. ASSETS. Gold and silver, coin and bullion held at homo and abroad 225,568 218,834 249,269 413,702 ! 655,931 725,021 908,533 1,234,894 1,247,031 Loans, discounts and advances 78,772 25,448 27,524 74,242 | 60,659 99,195 289,510 109,233 296,313 Advances to the Government (Laws of 1888 and 1890) 22,000 22,000 22,000 22,000 I 22,000 22,000 22,000 22,000 22,000 Other advances 32,872 39,109 43,861 60,108 i 48,995 48,537 55,804 05,743 40,811 Foreign bills discounted 44,835 39,467 13,300 122,006 I 209,007 420,847 340,525 73,478 76,215 "Duo from agents and offices 181,749 162,214 335,308 340,167 477,908 833,293 1,005,796 820,318 742,668 Due from banks and correspondents 1,054 351 108 97 89 20 143 30 157 Due from branches 6,320 5,527 10,127 5,676 7,315 5,322 18,522 45,100 36,334 G overnment securities 55,530 55,922 43,951 36,724 34,774 32,043 77,453 190,508 191,915 Government securities held as cover for fractional currency 19,825 91,210 145,300 200,000 216,500 lical estate, including bank promises 2,022 2,023 2,588 2,504 2,485 2,291 2,268 2,392 2,367 Total | 051,32S 571,495 748,162 2,280,385 2,925,914 2,703,762 2,872,311 LIABILITIES. Capital paid in 37,500 37,500 37,500 37,500 37,500 I 37,500 ! 37,500 37,500 37,500 Surplus and undivided profits 33,318 34,140 35,062 39,075 41,811 !! 50,212 | ^ ,60,799 02,436 52,965 Notes in circulation 426,389 300,441 396,384 610,539 824,105 I l,090;910 ' l,460;327 1,311,234 1,546,546 Government deposits 85,739 78,194 185,820 331,420 j 550,566 921,395 I 1,117,279 940,956 886,659 Other deposits 14,610 25,564 29,210 "3 3,809 |! 53,024 i 43,078 98,581 40,509 Funds for amortization of and interest on national debt 32,233 46,540 67,807 | 29,522 31,239 i 35,425 I 01,139 97,763 Due to the G overnment on account of loans issued 296 | 1 15,262 3,222 Due to banks and correspondents 30,894! 70 25 14 "109* | 491 30 16 Due to branches Government securities held as cover for fractional currency 19,825 91,210 145,300 200,000 216,500 Total 651,328 I 571,495 748,162 ; 1,077,286 j 1,538,988 j 2,280,385 ] 2,925,914 2,763,762 2,872,311 Katio of metallic reserve to deposit and j note liabilities combined—per cent ! 43.63 I 48.29 41.01 . 42.60 I 46.54 35.12 j 30.97 52.55 50.41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN. MARCH, 1922. BANK OF ITALY. [From annual reports and weekly statements of the Bank of Italy.] [In thousands of lire.] Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. Gold.. 1,107,633 1,118,188 1,077,364 899,686 835,852 817,759 804,824 819,316 850,006 Silver. 94,607 107,890 104,803 72,655 87,410 77,148 75,096 74,985 74,351 Total metallic vault reserve 1,202,240 1,226,078 1,182,167 972,341 923,262 894,907 879,920 894,301 924,357 Notes of Italian Government and of other, including foreign, banks of issue 4,517 57,774 104,204 142,509 179,229 338,457 475,611 381,456 466,156 Other cash and cash equivalents 6,652 17,032 14,112 25,756 31,985 42,494 62,853 62,920 64,874 Bills payable in Itply 505,968 705,839 473,728 539,828 757,137 886,834 1,355,917 3,158,819 3,895,824 Bills payable in foreign countries, including foreign treasury bills 72,736 87,068 20,901 20,810 22,125 315,391 21,568 20,685 9,435 Bills payable, received for collection... 35,287 24,083 25,354 20,448 3,524 10,914 8,964 1.1,864 14,882 Advances, ordinary 126,063 151,195 192,582 307,013 436,380 762,704 1,365,320 2,294,159 4,176,175 Advances to the Government or for account of the Government 518,812 1,608,534 1,830,749 4,327,128 5,244,870 7,771,975 8,036,723 6,407,527 Securities 218,650 204,591 204,916 219,760 223,121 204,884 212,668 214,176 ! 533,685 Debtors in current account: In Italy 35,508 j 40,025 10,975 ! 11,082 12,454 381,772 369,534 ,1,130,388 I 640,459 In foreign countries 46,524 ' 42,460 148,,4 58j 386,488 467,924 775,363 771,955 : 777 438 702,084 Bank premises 26,757 ' 27,794 28,498 ! 29,259 28,302 29,239 29,817 1 35,024 I In fiscal account with the Government and provincial administration 11,740 I 5,122 8,822 j 7,250 95,252 I 252,358 519,125 348,531 I 375,544 Sundry assets 190,610 j 175,496 427,183 i 733,995 4,011,591 I 2,344,626 2,656,223 '1,682,119 ! 1, Total., 2,483,252 , 3,283,3 4,450,434 | 5,247,288 11,519,414 I 12,484,813 i 16,501,450 j 19,048,60193,656,979 LIABILITIES. I Capital paid in 180,000 . 180,000 180,000 180,000 180,000 180,000 180,000 180,000 180,000 Surplus 48,000 ! 48,000 48,000 48,000 48,000 48,000 48,000 48,000 48,000 Extraordinary and special reserves 13,025 i 22,025 22,025 17,525 28,946 46,623 68,615 79,528 100,676 Circulation: F F o o r r a a c c c c o o u un n t t o o f f t c h o e m m G e o r v c e e rnment... i|lJll, /i6r4A, 4w3 3 !1/|1 »,6 gl 4 8 3 , 8 6 1 3 2 7 1 1 , , 4 6 3 0 1 8, , 5 6 3 4 4 2 2 1 , , 0 8 4 3 5 0 , , 9 7 9 4 3 9 2 4 , , 2 3 1 2 2 7 , , 0 1 6 2 7 8 3 5, , 2 9 4 7 4 8 , , 8 4 7 8 0 8 4 7, , 7 9 7 1 1 9 , , 9 8 7 0 5 5 8 7 , , 0 4 3 0 6 0 , , 7 1 2 9 3 9 8 6 , , 4 4 3 0 9 7 , , 8 5 8 2 3 7 Demand and time deposits 1 207,885 : 549,923 745,888 865,933 1,449,077 1,596,656 2,084,850 2,081,569 2,440,511 In fiscal account with the Government and provincial administration. 158,831 208,912 112,226 86,258 290,327 265,954 44,823 354,839 1,140,411 Sundry liabilities 111,078 112,060 302,119j 172,830 2,983,869 1,124,222 1,383,382 867,745 899,971 Total 2,483,252 | 3,283,3694,450,434 ; 5,247,288 11,519,414 12,484,813 16,501,450 I 19,048,603 19,656,979 Ratio of metallic reserve to deposit I and note liabilities combined—per cent 60.95 45.20 31.22 i 20.50 11.56 8.27 5.95 : 5.10 5.35 I NATIONAL BANK OF SWITZERLAND. [From annual reports and weekly statements of the Bank of Switzerland.] [In thousands of francs.] Dec. 31, Dec. 31, 'i Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1913. 1914. I 1915. 1916. 1917. 1918. 1919. 1920. 1921. i Gold in vault. 169,956 237,936 250,132 j 344,998 357,644 414,719 453,114 I 477,743 1549,521 Silver 20,836 24,913 51,238 j 52,454 51,830 j 58,412 73,649 I 121,571 108,240 Total metallic vault reserve 190,792 262,849 301,370 | 397,452 409,474 ! 473,131 526,763 599,314 1657,761 Gold held abroad .1. 63,878 65,160 Notes of other banks of issue 29,345 17,103 I'" 2,"484| 12,674 9,765 12,040 13,261 18,317 Loans and discounts i46,54i 196,271 190,007 ; 222,319 i 360,312 588,818 511,603 474,883 378,123 Foreign demand credits 50,069 70,285 3,456 15,300 Advances on securities 28,385 19,552 20,954 ! 22,140 I 45,201 40,899 32,669 36,630 75,696 Public securities 6,377 9,329 8,099 j 6,802 7,295 I 8,553 6,638 5,864 5,407 Due from correspondents 21,240 33,826 30,984 I 42,944 i 32,921 ! 28,073 36,149 34,975 Bank premises 6,480 6,250 6,150 •' 6,644 ! 6,008! 6,600 5,425 5,427 53,662 Sundry assets 5,043 6,828 9,014 ; 9,284: 9,781 8,048 7,721 9,123 Total. 404,858 ! 564,250 583,681 710,069 | 883,666 ; 1,213,956 1,273,171 1,248,093 1,204,266 LIABILITIES. Capital paid in 2.% 000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 Surplus 1,147 1,495 1,995 2,441 7,441 12,941 14,441 4,941 Notes in circulation. 313,821 455,889 465,609 536,518 975,706 i 1,036,123 1,023,712 1,009,264 Deposits 59,012 70,842 82,710 129,747 187,641 ! 180,856 163,334 128,765 Sundry liabilities... 5,878 11,024 8,367 16,363 18,168 1 18,251 21,606 36,296 Total 564,250 583,681 710,069 1,213,956 j 1,273,171 1,248,093 1,204,266 Ratio of metallic reserve to deposit i and note liabilities combined—per cent 51.19 49.90 54.96 59.66 40.67 43.28 50.49 1 Includes gold held abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 369 BANK OF SWEDEN [From annual reports and weekly statements of the Bank of Sweden.] [In thousands of kronor.] Doc. 31, = Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Doc. 31, Dec. 31, Dec. 31, 1913. 1914. 1915. 1916. 1917. 1918. 1919, 1920. 1921. Gold coin and bullion 102,133 108,537 124,572 183,520 244,457 285,566 281,158 281,777 274,743 Silver and other metallic reserve.. 5,203 i 1,888 2,134 2,339 1,600 1,015 2,733 11,317 Total metallic reserve 107,336 110,425 126,706 185, 859 246,057: 285,931 282,173 284,510 Checks and sight drafts, including foreign. 11,043 13,328 18,030 17,170 25,210 i 35,464 37, 859 48,653 Current account deposits held abroad 30,458 16,751 51,084 39,070 19,150 ' 45,667 48,750 73,561 Government securities 27, 490 24, 574 52,156 62,910 59,856 54,618 48,359 12,696 Securities of domestic corporations 3,411 3,002 5,334 5,692 5,539 5,046 5,046 4,488 Bills payable m Sweden 157,268 174,938 113,620 121,623 186,345 ! 280,306 453,369 541,188 Bills payable abroad.. 69, 804 43,400 91,141 122,413 110,129 70,494 31,332 Advances in current account 3,303 "2,505 2,289 2,498 1,396 1,202 1,377 : 1,126 Other advances 19, 576 42,694 24, 880 121,296 180,544 101,391 I 15, 895 Sundry assets 608 71,973 63,964 66,390 85,030 92,310 29,959 4,070 Total I 430,297 503, 590 | 549,204 I 676,523 860,008 1,051,582 1,075,259 I 1,017,519 1,054,280 LIABILITIES. I Capital 50,000 50,000 i 50,000 50,000 50, 000 50,000 ! 50,000 I 50,000 50,000 Surplus 12,500 12,500 j 12, 500 12,500 12, 500 12,500 : 12,500 i 12,500 ! 12,500 Notes in circulation 234,472 304,058 ! 327, 880 417,537 572,722 813,534 ! 747,562 i 759,877 I 627,699 Deposits 109,361 108,144 i 129,069 173,130 197,448 141,424 221,469 ! 176,773 I 336,105 Due to foreign banks 5,918 9.019 | 9,955 4,810 1,934 318 I 5,016 •' 4,899 3,924 Bank ordersl 1,972 2,049 ! 2,608 3,598 8,821 11,477 10,351 i 5,361 4,469 Dividends due and payable to the Government.. 7,058 8,800 ! 8,760 8,120 3,500 Sundry liabilities 9,016 9.020 ! 8,426 6,848 16,583 22,329 | 28,361 ; 8,109 I 16,083 Total i 430,297 ! 503, 590 i 549,204 j 676,523 860, 008 1,051,582 1,075,259 i 1,017,519 j 1,054,280 Ratio of metallic reserve to deposit and note , liabilites combined—per cent ! 31.22 ' 26.79 | 27.73 ' 31.47 31.95 29.94 !9.12 30.38 j 29.68 BANK OF NORWAY. [From annual report and monthly statements of the Bank of Norway.] [In thousands of kroner,] Dec. 31, Dec. 31, ! Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1914. 1915. i 1916. 1917. 1918. 1919. 1920. 1921. I G old in vault 51,630 123,236 116,393 121,980 147,724 147,284 147,293 Total metallic vault reserve 38,394 51,630 I 123,236 116,393 ! 121,980 147,724 147,284 147,293 Held with Scandinavian banks of issue. 3,327 15,638 ! 3,089 3,365 i 3,230 4,775 Held with other foreign agencies 27,884 63,240 I 79,206 76,921 ! 69,786 71,419 58,294 39,064 Loans and discounts, domestic 119,650 86,343 i 159,711 409,783 | 433,841 410,604 504,660 476,236 Foreign bills 804 310 i 551 665 ! 241 114 40 Real estate loans 1,512 1,385 ! 1,256 1,102 '• 998 910 815 Securities 8,963 13,394 , 13,440 | 13,091 | 13,221 10,563 9,077 8,792 Sundry assets 6,540 2,428 = 7,486 I 840 : 1,073 1,257 7,250 Total. 387,975 j 622,160 . 644,370 647,366 727,420 i. LIABILITIES. | Capital 25,000 ! 35,000 35,000 35,000 35,000 35,000 Surplus 11,453 i 17,366 17,048 15,374 14,000 I 14,033 Notes in circulation. 257,854 j 326,319 436,212 454,281 482,611 409,781 Deposits 83,307 ! 226,451 127,530 109,742 133,288 140,838 Sundry liabilities... 10,361 | 17,024 28,580 62,521 Total 387,975 | 622,160 644,370 647,366 727,420 Ratio of metallic reserve to deposit and note liabilities combined—per cent 36.12 I 21.06 21.64 26.19 23.91 92371—22 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 FEDERAL RESERVE BULLETIN. MARCH, 1922. NATIONAL BANK OF COPENHAGEN (DENMARK). [From monthly statements of the National Bank of Copenhagen.] [In thousands of kroner.] Dec. 31. Dec. 31, Dec. 31, Dec. 30, Dec. 31, Dec. 31, I Dec. 31, Doc. 31, Dec. 31, 1913. 1914. 1915. 1916. 1917. 1918. ! 1919. 1920. 1921. Gold coin and bullion 159,877 173,922 194,624 226,892 227, 582 228,330 Silver and other metallic reserve. 1,669 2,462 2,438 3,308 2,603 3,542 Total metallic vault reserve 79,434 95,184 111,312 161, 546 176,384 197,062 230,200 230,185 231, 872 Foreign credits 12,240 37,170 38,736 41,959 44,918 89,563 29, 522 9,405 22,684 Danish Government securities 31,686 16,652 42,232 36, 389 24,877 Other Danish securities 10,296 12,042 36,990 6,123 6,417 9,708 11,546 10,716 10, 520 Foreign G overnment securities 9,138 8,624 4,259 4,087 4,000 Notes of and credits with other banks of issue. 162 48 31 29,603 25, 518 32,119 16,623 Domestic bills 57,220 33, 580 56,020 176,905 187,749 136,714 Foreign bills 197,452 1119,718 102,132 10,411 9,907 9,395 15,232 3,624 3,447 Loans and discounts 23, 204 21,882 24,498 53,554 52,816 79, 231 Real estate 2,480 3,057 2,955 3,037 3,089 4,173 Other assets 77,890 153,428 175,435 163,362 232,012 183,928 Total. 421,805 | 485,110 614,887 ; 755,367 802,191 718,069 LIABILITIES. Capital ; 27,000 27,000 27,000 27,000 27,000 27,000 27,000 27,000 27,000 Surplus and special reserves | 10,193 14,931 19,749 27, 243 31,995 j 38,957 Notes in circulation I 151,560 206,622 220,416 284,864 337,864 450,035 489,347 556,706 ! 470,964 G overnment deposits I 3,426 3,317 3,204 3,087 2,966 I 2,840 Current account deposits I 6,894 "ii,"934 ""IB," 570* 60,871 54,977 99,323 71,920 65,210 I 128,458 Other deposits I 28, 570 43, 548 14,658 135,371 117,359 . 48,811 Due to foreign central banks of issue 5,718 2, 877 Profit and loss 500 500 500 i 500 - 500 ; 500 Other liabilities 663 96 418 j 899 ' 455 ! 539 Ratio T o o f t a m l etallic reserve to deposit and note 421,805 485,110 614,887 . 755,367 i 802,191 ; 718,069 liabilities combined—per cent 42.77 40.11 34.74 ! 32.90 ! 31.01 35.61 1 Includes also some "other assets." CHARTERED BANKS OF CANADA. [From official monthly returns of the chartered banks, supplement to the Canada Gazette.] [In thousands of dollars.] Dec. 31, Dec. 31, I Dec. 31, 1913. 1917. j 1918. Gold and silver in vault 25,945 38,746 42,583 44,506 55,349 60, 928 62, 553 62,582 59,651 Gold heid abroad 19,478 23,824 25,413 26,666 26,684 18, 388 17,535 20,106 I 19,200 Dominion notes 104,778 138, 056 j 145,548 124,750 167, 509 175,745 172 964 177,489 | 195, 731 Deposited with Minister of Finance for se- M !« curity of note circulation 6,651 6,733 I 6,775 re,86i 5,770 5,558 5, 947 6,302 6,529 Deposit in central gold reserve 7,597 9,700 ! 17,360 43, 700 97,270 130,900 125, 800 113,353 68,453 Notes of other banks 14,777 13, 063 j 15,103 19,702 24, 079 31, 379 36,138 53,502 50, 880 Cheques on other banks 60,899 48,991 ! 63. 809 76, 836 95, 599 116,359 145,524 149,970 109,315 Loans and discounts 988, 032 955,449 j 968, 081 1,009,341 j1, 088, 020 1j, 323, 018 1, 559, 777 1, 669, 562 1, 504, 999 Due from banks and bankers in Canada and in the United Kingdom 14,127 17,901 i 43,792 I 32,063 i 20,367 ! 19,705 24, 787 30,771 19, 027 D G u o e v e fr r o n m m e b n a t, n k m s u a n n i d ci p b a a l n , k a e n r d s e o ls th ew er h e p r u e blic 25,601 35,427 | 74,144 ' 50,449 ! 51,356 | 43,221 60,794 82,327 62,324 securities 33, 290 33,605 55, 727 • 198,671 412, 797 ! 460,453 405,020 311,662 323,642 Railway and other stocks and bonds 74,108 72,056 66,769 I 64,108 55,609 I 53,138 54,958 46,495 44, 021 Call and short loans outside of Canada 115,985 85, 013 137,158 I 173,878 134,483 ' 150,248 172, 232 211,443 169, 859 Overdue debts 4,538 6,188 6,632 5,761 . 4,859 i 4,543 4,528 6,636 8, 444 Bank premises, other real estate, and niort- 45,475 51, 893 54,459 i 57,018 58,860 j 60,238 ! 64,046 j 67,364 77,348 liabilities of customers under letters of credit 8,556 12,248 9,126 ' 9,131 21,981 ! 33, 670 , 51,188 43,751 22,986 Sundry assets 4,426 6,667 5,517 ! 4,604 2,571 : 2, 042 ! 3,583 | 3,664 4,324 Total.. 1,554,263 1,555,560 1,737,996 1,948, 045 2,323,163 j 2, 689, 833 i 2, 967,374 J 3, 050, 29,7 9746, 733 LIABILITIES. Capital paid in. 114, 809 113, 917 113,988 | 113,346 111,674 109,492 , 119,199 | 128,067 129,317 Reserve 112,118 113,071 112,457 I 113,383 114,101 116,016 ' 124,713 j 133, 049 128, 073 Notes in circulation , 108,646 105,970 122,200 | 148, 785 192,924 224,501 ! 232,487 | 228,759 184,603 Due to Dominion and Provincial Governments , 32,309 41,554 47,117 43,009 82,781 269,684 243,960 137, 989 150,161 Other deposits 1,109,971 1, 111, 641 1,279,330 1,467,076 1, 740,199 1,876,353 i2,116, 822 2,307,275 2,052,471 Due to banks and bankers in Canada and in the United Kingdom , 20,603 24,628 22,364 12,729 13,667 14,502 18,956 17, 471 18,407 Due to banks and bankers elsewhere 8,267 7,916 10, 800 17, 595 19, 842 23, 794 33,913 29,218 30,236 Bills payable 16,537 7,961 3,850 5, 242 3,480 917 6,381 10,415 11,167 Acceptances under letters of credit 8,556 12,248 9,071 8,131 21,981 33,670 51,188 43, 751 Sundry liabilities 3,866 2,729 4,551 4,381 6,861 4,830 3,009 3,431 2,319 Total i 1,308,755 1,314,647 1,499,283 | 1,708,9482, 081, 735 2, 448, 251 i 2, 706, 716 : 2, 778,320,9472,350 I 1 Exclusive of capital, surplus, and undivided profits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 371 CONDITION OF MEMBER BANKS. ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS IN EACH FEDERAL RESERVE DISTRICT ON DEC. 31, 1921. [In thousands of dollars.] Dis- Dis- Dis- i Dis- Dis- Total trict trict trict I trict trict United No.l No. 2 No. 3 | No. 4 States (40 (133 (51 ! (115 (1,614 banks). banks). banks).: banks). banks). RESOURCES. Loans and discounts 451,8751,974,510; 182,378: 5,692,229 Overdrafts .... 226688 442288j |• 85 4,634 Customers' liability on account of acceptances 9,281 99,6611 306 7,450 16,231 142,896 U. S. Government securities 35,871 332,626 32,300! 8,922! 100,640 674,353 Stock of F. It. Bank 2,261 11,258 2,272, 1,368 5,571 33,512 Other bonds, stocks, and securities 105,058 509,917 101,427 175,901 1,398,542 Banking house, furniture, and fixtures 12,863 65,630 10,196 25,592, 4,527 13,776 31,484 12,2631 2,596j 2,87 3,469 27,403 212,671 Other real estate 1,593 4,5001 2,763j 9,9051 918 2,230! 2,556 1,737! 906 26S 2,022 3,315 32,804 Gold and gold certificates 1,449 2,969' 367 312! 277 1,638 257 165 19C 103 908 8,727 All other cash in vault 12,736; 36,8811 4,496! 13,797 2,612: 4,976 28,438 5,283: 2,037 1,490 2,571 13,219 128,536 Reserve with F. R. Bank 41,688: 307,720J 48,009 13,493; 91,386 23,784J 4,594 9,304 5,471 41,785 615,082 Items with F. R. Bank in proc- 21,661j 6,182 ess of collection 11,072 45,177 16,263 7,37o' 14,678 10,117; 1,184J 4,682 1,61 7, 127,131 Due from banks, bankers, and 5,139; 2,501 trust companies 19,856 79,072: 27,879 27,548i 73,615 23,87o| 10,030i 15,288 10,39' 47,835 359,043 Exchanges for clearing house; 13,509 10,144 also checks on other banks in same place 9,319| 174,104 3,070 14,475 1,105 7,823! 32,479 7,115 2,524 1,436 16,297 270,613 Outside checks and other cash items 2,026| 11,400 37J 2,7 1,738| 12,882 1,359 617 374 489 9,203 44,133 United States securities borrowed 40J 5,374 7, OSli 10,319 271 488! 3,065 7,686 191 29 855 311 35,710 O O t t h h e e r r a se ss c e u t r s i . t ' ies borrowed '"7," 2671 '3,70 4 0 0 , 2,092 I 6 2 ,2 1 4 5 8j 256 4,080| 11,451 2,13 7 7 1 ! j 245 ' "8," 725 25 30 381 2,169 5,493 123,863 Total. 724,5233,734,967j 389,5201,019,144! 153,148! 333,829,1,709,952417,959] 126,896 151,183 124,654 959,0859,904,860 LIABILITIES. I Capital stock paid in 36,411' 186,867 26,770 65,189! 15,623j 27,942: 100,299 30,517| 10,452 9,960 15,355 60,704 Surplus fund 38,939! 178,510 49,647 81,623, 9,966- 17,700; 22,594, 3,946 3,744 6,356 24,665 524,574 Undivided profits, less expenses and taxes paid 15,788 68,737 13,261 16,032' 3,357J 3,703: 27,652 6,263; 1,619 2,168 1,207 10,328 170,115 Amount reserved for interest and taxes accrued 3,12" 13,187 1,287 2,526 367 740 8,961 1,1801 216 145 276 935 32,947 Due to F. R. Bank 478; 2,964 1,091 K508°8 442 154 59 14 759 83 6,639 Due to banks, bankers, and trust companies 29,466 294,809 10,605 44,421 8,161 32,503; 65,528 30,969 7,785 26,675 6,016 30,937 587,875 Certified and cashiers' or treas- j urers' checks outstanding 5,079| 91,391 2,497 17,757 1,925' 6,669i 14,550 7,198 1,398 5,564 1,975 17,484 173,487 Demand deposits 408,82()!2,224,301 191,342 343,348 55,987 130,325 614,933 160,6161 39,175 63,554 66,135 273,9641,572,500 Time deposits... 158,992, 441,251 56,846 392,894 47,967| 87,584: 768,432 126,450 54,167 27,901 19,002 520,6241,702,110 United States deposits 8,4111 47,733 j 17,260 14,053 2,4731 3,623i 17,491 2,886 765 2,691 584 2,338 120,308 Bills payable with F. R. Bank.. 4,834; 30,745; 8,391 16,655 3,975 3,248' 26,198 8,008, 1,819 4,529 1,912 6,505 116,819 Bills payable with War Fi- Bi n ll a s n c p e a y C a o b r l p e o r o a t t h i e o r n than witn 248L 452 l,130| 1,146 I 1,104 207 735 143 5,165 F. R. Bank and War Finance j Corporation 720 465! 439 3,631 1,626 8,388 5,492 3,261 4,005 2,754 2,930 3,286 36,997 Cash letters of credit and travelers' checks outstanding 2 10,771 111 1, 16 126 31 5 40 94 12,491 Acceptances executed for customers 9,422;' 99,531 306 4,096 379 8,125 17,044 1,703 4 1,131 125 2,311 144,177 Acceptances executed by other banks for account of reporting banks 604 4,8 19 173 25 5,687 United States securities borrowed 40 5,374 7,081 10,319 311 488 3,067 7,686 191 29 855 3111 35,752 Other securities borrowed 40 215 25 30 381 Other assets 3,"l42 33,425! 2,586 4,504 137| 1,472 11,917 8,512 238 91 405 4,318| 70,747 Total. 724,523J3,734,967| 389,5201,019,144 153,148 333,8291,769,952 417,959i 126,896 151,183 124,654 959,085 9,904,860 Liability for rediscounts with •"• ••••••:I F.R.Bank 20,889| 19,682; 3,382 41,128 7,971 31,271 37,168 5,325 7,176 - •• Liability for rediscounts other 19,800j 4,836 206,511 than with F. R. Bank 47I 86,! 1,043 281 1,106 2,671 18,120 1,534| 616 515 572 27,522 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 FEDERAL RESERVE BULLETIN. MARCH, 1922. ABSTRACT OP CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYSTEM ON DEC. 31, 1921, BY CLASSES OF BANKS. [In thousands of dollars.] Central reserve city banks. Other Total United States. reserve Country city banks New York Chicago St. Louis Total banks (1,368 Dec. 31, June 30, (30 (14 (10 (54 (192 banks). 1921 (1,614 1921 (1,595 banks). banks). banks)- banks). banks). banks). banks). RESOURCES. Loans and discounts 1,478,461 437,141 122,438 2,038,040 2,185,076 1,469,113 5,692,229 5,772,959 Overdrafts 322 55 30 407 2,122 2,105 4,634 4,619 Customers7 liability on account of acceptances. 98,661 15,803 793 115,257 25,623 2,016 142,896 174,284 U. S. Government securities 256,108 25,950 ' 4,740 286,798 233,922 153,633 674,353 644,043 Stock of F. R. Bank 8,565 2,317 841 11,723 13,374 8,415 33,512 33,196 Other bonds, stocks, and securities 293,705 102,172 28,567 424,444 591,521 382,577 1,398,542 1,405,300 Bankinghouse, furniture and fixtures 45,772 2,894 5,673 54,339 96,695 61,637 212,671 198,518 Other real estate 2,008 66 428 2,502 20,154 10,148 32,804 29,060 Gold and gold certificates 2,380 731 49 3,160 2,410 3,157 8,727 13,125 All other cash in vault 23,557 9,884 1,658 35,099 50,494 42,943 128,536 143,063 Reserve with F. R. Bank 260,906 48,879 12,958 322,743 195,376 96,963 615,082 584,457 Items with F. R. Bank in process of collection. 30,109 8,974 6,562 45,645 64,488 16,998 127,131 120,763 Due from banks, bankers, and trust companies, 52,920 29,883 6,587 | 89,390 161,833 107,820 359,043 338,151 Exchanges for clearing house, also checks on other banks in same place 164,974 19,240 4,750 188,964 66,255 15,394 270,613 368,894 Outside checks and other cash items 8,869 7,696 591 17,156 20,167 6,810 44,133 39,377 U. S. securities borrowed 276 4,502 4,778 20,194 10,738 35,710 Other securities borrowed 40 61 101 280 381 Other assets 68,269 8,954 690 77,913 33,841 12,109 123,863 139,326 Total. 2,795,902 720,639 201,918 3,718,459 3,783,545 2,402,856 9,904,860 10,009,135 LIABILITIES. C Su a r p p it l a u l s s f t u o n c d k paid in 1 1 4 3 1 2 , , 6 4 6 0 1 0 3 4 5 2 . , 1 0 5 9 0 0 1 14 3 . , 8 3 1 2 5 5 1 1 8 9 0 8 , , 8 5 7 6 5 6 2 2 2 2 4 3 , , 9 5 5 8 2 6 1 1 8 0 0 2 , , 2 4 6 2 2 2 . 5 5 8 2 6 4 , , 0 5 8 7 9 4 5 5 8 3 5 1 ; , 9 5 1 3 8 0 Undivided profits, less expenses and taxes paid 51,655 14,585 2,931 69,171 57,012 43,932 170,115 170,389 Amount reserved for interest and taxes accrued 11.137 7,193 656 18,986 8,130 5,83.1 32,947 49,750 Due to F. R. Bank 203 203 1,678 4,758 6,639 5,915 Due to banks, bankers, and trust companies.. 267,687 42,094 11,806 321,587 217,986 48,302 587,875 556,184 Certified and cashiers' or treasurers' checks outstanding 85,538 7,498 5,531 98,567 59,743 15,177 173,487 226,934 Demand deposits 1,754,882 319,428 78,719 2,153,029 1,459,957 959,514 4,572,500 4,585,885 Time deposits 157,659 214,164 60,140 431,963 1,332,167 937,980 2,702,110 2,671,593 U. S. deposits 40.525 12,788 2,312 55,625 51,841 12,842 120,308 142,457 Bills payable with F. R. Bank 7,500 3,409 10,977 59,442 46,400 116,819 164,189 Bills payable with War Finance Corporation . 1,408 3,757 5,165 Biils payable other than with F. R. Bank and War Finance Corporation 13,545 23,166 36,997 55,489 Cash letters of credit and travelers' checks outstanding 10,699 65 10 10,774 1,692 25 12,491 18,998 Acceptances executed for customers 98,531 16,629 793 115,953 26,324 1,900 144,177 ! 178,483 Acceptances executed by other banks for account of reporting banks 4,866 | 173 5,039 648 j. 5,687 ! 2,479 U. S. securities borrowed 276 4,502 4,778 20,194 | 10,780 35,752 I. Other securities borrowed 40 ' 61 101 280 381 i. Other liabilities 30,643 ; 8,714 2,622 41,979 23,240 \ 70,747 62,942 Total . 2,795,902 i 720,639 201,918 j 3,718,459 3,783,545 I 2,402,856 9,904,860 I 10,009,135 Liability for rediscounts with F. R. Bank 5,555 l 12,004 4,803 22,362 117,507 j 66,642 206,511 344,571 Liability for rediscounts other than with F. R. B ank 15,654 15,654 5,219 | 6,649 27,522 20,849 Ratio of reserve with F. R. Bank to net deposit liability (per cent) 13.6 13.0 13.2 13.5 10.2 I 7.1 10.8 10.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 373 ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON DEC. 31, 1921 (INCLUDING 8,165 NATIONAL BANKS AND 1,614 STATE BANKS AND TRUST COMPANIES). [In thousands of dollars.] D b N a i ( s n 4 o t 3 k r . 6 i s l c ) t . D b N a i ( s n 7 o t 9 k . r 5 i s 2 c ) t . I j I b D N a i ( n s 7 o t 0 k . r 4 i s 3 c ) t . D b N a i ( s n 8 o t . 8 k r 3 i s 4 c ) t . D b N a i ( s n 6 o t 2 . k r 5 i s 5 c ) t . D b N a i ( s n 5 o t 1 . k r 2 i s 6 c ) t . D b N ( a i 1 n s o , t 4 k . r 4 i s 7 2 c ) t . D b N a i ( n s 5 o t 8 k . r 5 s i 8 c ). t D b ( N a i 1 s n o , t 0 k . r 1 i s 9 7 c ) t . ! | i b D N ( a i 1 o n s , t 0 . k r 9 1 s i 2 c 0 ) t . D b N a i ( o s n 8 . t 5 k r 1 1 i s c 1 ) t . i ! b D N a i ( n o s 8 t . 3 k r 7 s 1 ic ) 2 . t b U S ( T a 9 n t n o , a 7 i k t t t 7 a e e s 9 l s d ). I RESOURCES. Loans and discounts..1,251,439 4,788,2311,002,587 1,526,900 805,127 606,916 2,559,283 716,828 666,77o' 795,697 549,227ll, 402,273 16,671,278 Overdrafts 519 1 242! 317 782 901 1,380; 1,965 1,200 8171 1,826 1,825J 14,582 Customers' liability on account of ac- ! ceptances 44,239 200,804' 10,554 7,038 10,136, 9,757l 35,472 3,127 2, S64j 2,725 3,5011 12,742: 343,559 U. S. Government securities 161,6-19J 821,531 j 230,079 271,586 150,261 j 100,213 303,732 102,937 75,249]. 107,839 $9,174; 233,543 2,647,793 Other bonds, stocks, and securities 276,623! 1,108,080| 441,012 465,753 101,485| 66,053! 471,001 122,399 87,832) 30,218, 263,497i 3,512,891 Banking house, furni- i ture, and fixtures 41,119| 127,669 44,039 76,388 38,552 j 31,9501 92,507 29,867 20,4581 33,726' 30,933! 67,295i 612,503 Other real estate 7,449: 9,451 6,166 15,063 •!•' 4] 2 4,735. 7^910 4,330 6,069! 4,80l| 8,345, 8,418| 87,152 Cash in vault 38,463! 109,541 34,645 50,412! 24,2891 19,612' 80,389 17,887 17,166j 25,035 19,039! 41,908; 478,416 Reserve with F. R. Ite B m a s n k \yith F. R. 110,440 724,373' 104,413 132,128 58,02ii 44,357 235,593 65,171 43,537! 72,32222 45,305' 122,678 1,758,341 Bank in process of I Du co e l lec f t r i o o m n banks, 40,717! 120,976! i 44,054 43,987 31,598! ]7,3-13; 57,649 33,098 8,308i 30,681. 21,784 26,847 477,042 bankers, and trust Ex h c o c o o n h m u a s o p n e t a g ; h n e e i s a r e l f s s o o b r a c n c l k e h a e s r c i k i n n s g 90,049 153,5901 i 91,794 120,055 71,059i j j 84,36 ! 7' 247, C 77,350 87,079 156,266 81,728 1 i 186,231 1,449,637 same place 30,139 462,376| 40,980 32,853 17,130j 15,967' 79,619 20,314 8,745 17,405 11,029' 40,852 777,439 Outside checks and other cash items 7,568J 25,80l' 5,397 5,913 5,539! 4,078 19,007 3,073 5,267, 4,143 4,585| 15,962 105,333 Redemption fund and i • j due from U. S. ! Treasurer 2,535 4,5111 2,919 4,917 3,259i 2,163! 4,354 2,173 1,724. 2,326 2,53S| 3,253 36,672 U. S. securities borrowed1 40 5,374' 7,081 10,319 271 j 488: 3,065 7,686 29 855 311 35,710 Other securities borrowed i 40i. 215 71 25' 381 Other assets 19,549 175,182- 7,498 9,877 " -i,63J| 4,933' 18,3 3,424 2,836, 10,083 4,6871 18,7- 276,749 Total.. 2,122,537! 8,838,778! 2,073,5652,774,786 1., 326,674 1,017,34.2,1,216,9517,210,935.1,027,9791,352,739 907,798 2,446,388 29,31.6,478 LIABILITIES. I C Su a r p p it lu al s s f t u o n c d k paid in.. 1 1 3 2 9 4, , 7 9 5 1 0 3 4 4 5 3 5 4 , , 2 1 8 4 5 5 1 1 1 1 7 5 6 , , 6 6 5 8 1 1 1 18 8 6 7 , , 9 7 3 8 6 3 1 7 05 6 , , 2 4 1 9 9 2 5 8 5 3, , 5 6 9 9 5 3 , ! 2 2 0 7 2 6 , , 9 2 3 5 2 2 9 5 7 5 , , 7 9 6 7 4 4 7 4 6 1 , , 7 5 6 5 ( 0 ) | i 9 5 7 2 , , 0 2 2 3 7 7 8 4 8 9 , , 4 1 9 0 5 7 1 ! 1 7 6 9 5, , 2 8 1 3 4 2 8 5 6 5 7 7 , , 8 4 2 7 1 5 Undivided profits, less I expenses and taxes paid 64,190 212,4841 55,487 68,821 27,879 18,344; 95,333 24,379 22,650'- 21,653 17,535, 38,956 667,711 Due to F. R. Bank.... 3,177 6,53o! 2," 1,980 6,056 607' 741 192 29! 209 2,479! .528 25,521 Due to banks, bankers, and trust com- ! panies 136,226 1,104,935j 166,234 167,183 96,766 81,81.4, 411,911 127,335 86,841| 190,880 75,377 j 189,143 2,834,645 Certified and cashiers' i or treasurers' checks i outstanding 14,193 206,729 11,530 29,992 9.115 11,875 31,325 10,667 10,9J9| 29,397 20,129 52,435 438,336 T B D U i i . e m l S m ls . e a d d n e p e d p a p o d y o s e a s i p b i t t s o l s e s its with 1,0 4' 2 0 7 " 5 8 9 " , , , 4 7 2 4 7 1 5 8 2 1 k , 0 ( 1 « J 4 0 8 7- 8 8 , , , 9 5 4 0 1 6 3 5 4 1 4 8 6 2 9 6 9 0 , , , 5 6 4 3 3 0 1 0 5 1,0 8 3 7 2 8 1 9 , , , 6 6 9 3 7 6 0 9 5 4 36 9 1 2 0 3 , , , 8 6 2 6 3 3 1 6 5 1 2 4 4 0 9 6 4 , , , 4 3 5 4 8 1 5 3 8 ! | l 1 , , 6 2 3 1 8 7 7 5 , , , 4 0 5 6 8 9 6 5 7 2 5 8 0 4 5 8 , , , 1 1 1 0 4 9 6 3 2 3 5 4 1 6 7 3 0 , , , 4 0 3 9 1 2 1 0 1 j 6 24 2 8 2 0 , , , 8 6 2 3 1 1 4 6 8 4 10 5 4 8 6 , , , 8 3 5 3 2 2 5 5 4 J : ; 9 8 8 6 1 0 0 7 5 8 8 , , , , 3 0 3 4 6 9 6 0 1 2 1 3 13, ,4 3 1 5 0 7 0 6 6 , , , 6 1 1 2 0 2 9 3 2 Bi F ll . s R. p B ay a a n b k le with 18,463 169,450 66,391 43,146 39,796 28,420J 55,177 19,719 15,806 10,70l! 22,773 498,708 War Finance Cor- So Is r at p io a n yable other 248 07 3,738 ! 1,612! I 2,960 580 4,305 1,222 1,018j i 790 16,540 than with F. R. Bank and War Finance Corporation.. 3,654 2,729 3,875 11,556 11,934 15,251! 18,341 16,062 17,253 15,680: 15,628 140,056 Cash letters of credit and travelers' checks I outstanding 130 12,857 166 1,453 24 16! 1,028 18 25' 117 43j 560 16,437 Acceptances executed for customers 44,062 204,033 9,805 7,658 10,209 10,346! 35,963 3,129 2,206 2,675 3,416J 13,053 346,555 Acceptances executed I by other banks for account of reporting banks 3,522 14,093 1,211 23 357' 1,508 661 231 847 22,245 National-bank notes outstanding 49,727 88,674 57,408 95,156 61,695 42,852! 85,989 42,259 33,751 46,467 48,613: 64,377 716,968 . U. S. Government securities borrowed 2,043 15,342 13,466 25,074 8,630 3,768 9,364 13,013 1,5 4,449 2,362 3,895 102,675 Other bonds and securities borrowed... 184 3,053 817 66 356; 102 215 3 538 264! 523 6,121 Other liabilities.... 4,614 63,485 6,103 6,957 2,300 2,090 17,883 10,157 1,230 1,141 2,872 6,978 125,810 Total.. 2,122,537 8,838,778 2,073,565 2,774,786 1,326,6741,017,342 4,216,957 1,210,9351,027,9791,352,739 907,798 2,446,388 29,316,478 Liability for redis- I counts, including those with F. R. I Bank 52,317 71,428 26,088 73,874 59,725 76,500j 153,176 46,237 44,784 60,738 42,633; 50,139 757,639 »By State and bank trust company members. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 FEDERAL RESERVE BULLETIN. MARCH, 1922. ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM ON DEC. 31, 1921, BY CLASSES OF BANKS (INCLUDING 8,165 NATIONAL BANKS AND 1,614 STATE BANKS AND TRUST COMPANIES). [In thousands of dollars.] Central reserve city banks. Other • Total United States. reserve Country city banks (9,108 Dec. 31, June 30, New York Chicago St. Louis Total (103 (568 banks). 1921 (9,779 1921 (9,745 (30 banks).(28 banks).(17 banks). banks). banks). banks). banks). RESOURCES. Loans and discounts 3,609,659 962,496 280,763 4,852,918 5,309,004 6,509,356 16,671,278 16,894,785 Overdrafts 838 367 54 1,259 4,063 9,260 14,582 14,588 Customers' liability on account of acceptances. 197,829 ! 33,378 1,715 232,922 98,770 11,867 343,559 412,571 U. S. Government securities 577,780 j 42,374 19,081 639,235 711,887 1,296,671 2,647,793 2,661,078 Other bonds, stocks, and securities 567,705 143,060 47,130 757,895 1,027,070 1,727,926 3,512,891 3,443,577 Banking house, furniture and fixtures 78,907 16,862 11,705 107,474 223,389 311,640 642,503 608,812 Other real estate :.. 4,038 178 3,818 6,034 34,681 46,437 87,152 80,786 Cash in vault 70,849 26,393 3,480 100,722 133,926 243,768 478,416 529.764 Reserve with F. R. Bank 612,859 121,463 31,377 765,699 514,898 477,744 1,758,341 1,624,662 Items with F. R. Bank in process of collection. 87,538 29,901 21,630 139,069 275,265 62,708 477,042 448.765 Due from banks, bankers, and trust companies. 72,123 97,158 22,072 191,353 577,878 1,449,637 1,353,614 Exchanges for clearing house, also checks on other banks in same place 445,270 49,871 13,994 509,135 205,419 62,885 777,439 1,085,375 Outside checks and other cash items 19,419 9,160 1,104 29,683 45, 999 30,651 106,333 100,607 Redemption fund and due from U. S. Treasurer 1,955 30 487 2,472 8,964 25,236 36,672 United States securities borrowed i 276 4,502 4,778 20,194 10,738 35,710 Other securities borrowed 1 40 61 101 280 381 Other assets 167,069 12,039 1,273 180,381 69,000 27,368 276,749 344,011 Total., 6,514,154 I 1,544,730 ! 462,246 | 8,521,130 9,260,407 11,534,941 29,316,478 29,639,259 LIABILITIES. Capital stock paid in 301,500 431,375 571,359 865,087 1,867,821 1,858,710 Surplus fund 356,706 466,156 511,188 580,131 1,557,475 1,557,719 Undivided profits, less expenses and taxes paid 161,765 215,980 196,880 254,851 667,711 716,076 Due to F. R. Banks 338 338 6,418 18,765 25,521 24,593 Due to banks, bankers, and trust companies.. 1,036,068 278,054 64,617 1,378,739 1,156,643 299,263 2,834,645 2,688,096 Certified and cashiers' or treasurers' checks outstanding-. 193,880 16,034 7,269 ! 217,183 146,548 74,605 438,336 563,443 Demand deposits 3,617,581 724,800 195,536 i 4,537,917 3,954,354 4,683,851 13,176,122 13,292,177 Time deposits 295,094 232,979 89,859 i 66177,,9932 2,018,842 3,813,855 6,450.629 6,366,632 United States deposits 92,375 24,657 5,594 122,62"6 136,068 : 47,409 306; 103 389,910 - Bills payable with F. R. Bank 122,120 241 4,337 152,847 , 219,163 616,557 Bills payable with War Finance Corpora- 498,708 tion .. I 1,408 ! 15,132 Bills payable other than with F. K. Bank 16,540 and War Finance Corporation 110 946 38,084' 101,026 195,684 Cash letters of credit and travelers' checks 140,056 outstanding 12,779 871 17 ' 13,667 2,509 | 261. 16,437 25,185 Acceptances executed for customers 201,105 33,913 1,715; 236,733 98,058 ; 11,764 346,555 418,165 Acceptances executed by other banks for account of reporting banks 14,016 1,471 15,487 6,513 245 22,245 13,722 National bank notes outstanding 38,297 599 9,399 48,295 173,191 ! 495,482 716,968 703,654 U. S. Government securities borrowed 8,468 27 6,256 14,751 52,178 ; 35,746 102,675 100,324 Other bonds and securities borrowed , 2,941 61 3,002 1,161 ; 1,958 6,121 2,830 Other liabilities 59,011 10,750 | 3,544 73,305 36,158 ! 16,347 125,810 105,782 Total. 6,514,154 1,544,730 | 462,246 | 8,521,130 9,260,407 I 11,534,941 29,316,478 29,639,259 Liability for rediscounts, including those with F. R. Bank 39,785 51,200 10,664 101,649 317,444 338,546 757,639 1,243,764 Ratio of reserve with F. R. Bank to net deposit liability (per cent) 14.1 13.3 13.1 14.0 10.4 7.5 10.5 9.8 1 By State bank and trust company members. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 375 SYSTEM ON DEC. 31, 1921. [In thousands of dollars.] I Dis- District Dis- Dis- Dis- Dis- District1 Dis- l Dis- Dis- Dis- Dis- Total trict trict trict trict trict trict trict i trict . trict trict trict trict United No.l No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 No. 10 No. 11 No. 12 States (40 (133 (51 (115 (66 (127 (377 (105 ! (135 (44 (202 | (219 (1,614 banks). banks). banks). banks). banks). banks). banks). ! banks), banks).banks). banks).! banks).| banks). 1 On demand: I I Not secured by collateral 33,706 71,906' 8,730 29,488| 2,186 6,834 36,008, 13,545 3,493J l,912j 3,428! 19,905' 231,141 Secured by U. S. Government obligations 2,482 29,392 4,658 7,051 902 4651 6,9941• 1,839! 204 4 162 l,824i 55,977 Secured by other collateral... 75,712 644,368 92; 379] 120,152. 11,567, 35,723. 136,055! 43,699' 6,333! 5,526 7,064 27,648'1,206,226 On time: Not secured by collateral 209,6391 769,974 40,410 227,454 55,705 93,455j 439, A 104,104! 32,011 32,808 27,731 161,9112,191,611 Secured by U. S. Govern- I ment obligations 12,65l'i 67,162. 8,9ol: 19,426 4,741 10,402 22,445 5,259' 1,637' 2.7211 848 7,317i 163,560 Secu S r e e c d u r b e y d r b e y a l o t e h s e ta r t c e o d ll e a e te d r s a o l. f .. 67.5001 I 316,176 , 17,211; 91,024 28,123 72, 113: 234,732 67,058: 29,429: 30; 982, 41,122 78,0281,073,498 A A c c t c r c c o u e e u s p p n t t t t a a o e n n r d c c o e e t s s h e o o r f f r o e t t a h h l i e s e r s t b b a a a t n e n k k l i s e p n d u s i r s . - . - . 6 1 9, , 2 9 2 2 9 8 ' . ! 7 29 8 , , 3 2 7 7 1 3 , j 13,3 9 6 9 0 1 153,9 2 2 6 6 8 9,088 17,9 2 7 1 6 l! ! 25 5 5 , , 7 2 5 1 5 1 3 2 8 , , 8 82 0 5 6 ; 20,2 2 9 2 8 6 9,359, 10,04 7 5 9 ' ; i 27 1 9 0 , , 6 7 4 4 1 9 , i 95 5 5 2 , , 2 3 3 9 1 1 Cu c s h t a o s m e e o r r s d li i a sc b o il u it n ie te s d on account l,302i 20,119'. 743 18 2,549| 526 655 281 616 306; 27,115 of drafts paid under letters of credit ! 266! 113 1,270 36 1,743 Loans and discounts not classi- 1 i fied ....! 50 IL 3701 699 311 2,424 238 4,788 Total loans and discounts..! 474,149 2,027,007 186,803 650,852 112,3371 240, lOl'l, 138,140 278, 93.912! 83,350; 93,519 587,622 5,966,281 • ' II 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.] float- Nine London clearing : ! ing debt. banks.3 land and Treasury. I 3, II r •a I * a ; a © I o Average of end of month figures: 1913 29 57 j 38 15 1920 103 348 147 146 1,078 219 1,297 : 1921 108 327 136 I 157 1,139 182 1,822 I 97 1,176 ; 309 1921, ond of— j February 108 336 127 I 157 1,110 189 1,299 88 1,172 306 July 109 325 122 :157 1,202 150 1,355 104 1,191 306 August 107 319 137 ;157 1,166 180 1,347 100 "., 179 302 September 106 314 118 I 157 1,159 361 1,321 99 , 186 302 October 104 312 175 !157 1,124 214 1,338 102 , 196 306 November 106 313 144 i 157 1,108 193 1,300 96 ,205 311 December 107 326 123 I 157 1,060 200 1,260 108 ,191 315 1922, end of— January 103 305 135 I 1571,039 116 1,154 114 ,192 333 February 102 298 138 ' 157 111 ,152 357 odg Dis c 3 p O erT Discount rates. II 5 i ! B el i 5 In c/i 1 1 © " "El - 9 S o x I 3 Per Per Per Per cent. cent. ' cent. cent. 41 I 4|J I 11.7 1\ \ 101.6 15.2 1,768 "" ! 120.1 10.3 1,754 120.9 1,785 112.9 8.4 1,764 113.0 1,771 114.6 1,802 121.7 1,793 128.1 1,8.18 127.3 1,826 132.6 1,802 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. * Compilation of London Joint City and Midland Bank, British Government loans for national purposes excluded. Revised figures. 6 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

376 FEDERAL RESERVE BULLETIN". MARCH, 1922. FRENCH FINANCIAL SITUATION. [Amounts in millions of francs.] Bank of France.* Situation of the Government. Value of new Savings Ad to v a t n he ces Price of s b a t o o n n c d d k 1 : p o b e o x a s f c n i e d t k s s e s s - ^ , ) c A le d v a a e r i r i l a n y g g e s res G e o rv ld es. re S s i e l r v v e e r s, j po D s e it - s.2 C t ir io cu n l . a- t p m G h u e e o r n p v o w t e o f r a s f n o e r - . r s 3 | j r G e m v ov e e n e n r u t n e - / In d t e e b rn t. al E d x e te b r t n .5 al ce r p 3 e n e n t t p t u p e e a r e . l 6 r- u m F p p a r l o a e r n k c n e e c t d t h h . e 7 a d l w s r o a it ( w r h - - - ). b o P a f a n t r k h is s e . 1913, average 3,343 629 | 830 ! 5,565 320 35,000 86.77 j - 65 1920, average 8 3,586 253 3,527 38,066 26,042 ! 1,005 57.34 ! 4,654 + 48 10 554 1921, average " 3,568 274 2,927 ! 37,404 25,300 1,103 56.56 : 1,098 + 67 550 1921— February 9 3,555 264 I 3,293 i 37,808 25,600 ': 921 ;. 58.15 1,861 + 181 591 J A u u ly gust 9 9 3 3 , ,5 5 7 7 4 3 2 2 7 7 7 5 2 3 , , 7 2 4 5 9 2 j ! 3 3 6 6 , , 7 9 8 1 3 1 2 2 5 4 , , 1 9 0 0 0 0 ! i 1 1, , 0 2 1 4 6 2 : j. 229,055 35,286 5 5 6 6 . . 3 5 5 0 2,3 1 4 5 5 2 + + 7 5 2 2 4 4 6 3 7 8 September ; 9 3,575 . 277 2,509 ' 37,129 24,900 I 1,011 !. 56.20 234 + 68 553 October \ 9 3,575 278 2,563 37,154 25,100 1,305 . 54.30 3,355 + 33 463 November i 9 3,576 279 2,563 i 36,336 24,500 1,051 . 54.90 434 -0.5 505 December i 9 3,576 280 2,743 ! 36,487 24,600 1,228 ;. 54.75 853 + 38 527 1922. I January j » 3,576 280 2.392 36,433 j 23,000 1,323 :. 56.55 + 41 489 February »»3,577 281 2; 429 36,151 22,500 59.55 I 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. 3 Foreign debt converted to francs at par. 6 Last Wednesday in the month. 7 Figures of the "Association Nationale des Porteurs Frangais de Valeurs Mobilieres." Bonds issued by the Government and the railroad companies not included. » Not including 1,978,000,000 francs held abroad from January through August and 1,948,000,000 francs from September through December. » Not including about 1,948,000,000 francs held abroad, w Average for 11 months. ITALIAN FINANCIAL SITUATION. [In millions of lire.] Leading private banks.1 Banks of issue. Government finances. I Loans, Princi- Cash- I i i j i d c s c n o p e d o u n S o i r n n t t s r s o - e t d . s - m - , i s D d c t p e s u o e n o e p r a t n r o s n e t d . s o d - - - c L o a d o u i n a s n d - n t s s. s G e r r o e v - l e d . s T * O ™ M - i D » t e i p e S - o s * . s i - l c C a m i c t r o i i e c a o m r u l n - - - . C a ti s c o i o t c r f n a c o t t u u h e f l o n e . a r t - n r S e c o t n u t a e c r t - s e y . m T s li e u r c e r e r t v y a r a e e s l - . - - S t b t r u h e i e l r o r a l y m r s s t . - - p d T u e o b b t l a t i . l c n p t n a m u a d a n o e x o u l d p s a n r r o i t e m t f l n i h r v i o o g e o . e n 2 m s - - 1913, end of December.. 129 2,007 1,674 857 1,375 1,661 : 318 2,284 493 117 19^0 end of December . 1,297 . 1,058 2,077 : 8,988 10,743 13,200 ] 92l'Average 7,509 1,074 2,020 2,352 9,304 9,064 1,029 1921, end of— July 1,140 16,851 16,704 7,156 1,076 1,990 : 2,290 9,433 8,507 2,546 348 20,276 691 August 1,131 17,024 16,672 7,315 1,079 1,964 i 2,143 9,491 8,352 21,173 108,729 1,381 September 1,052 17,223 16,825 7,327 1,073 1,966 ; 2,124 9,785 8,395 21,612 564 October 1,364 ' 15,413 17,022 7,816 1,086 1,990 ' 2,243 9,746 8,554 2,546 22,997 110,754 1,404 November 3 1,174 3 12,844 312,778 7,810 1 089 1,948 ' 2,151 9,435 8,485 648 10,020 1,092 1,999 : 2,913 10,304 8,505 1,458 1 1 Banca Commerciale Italiania, Banca Italiana di Sconto, Credito Italiano, Banco di Roma. 3 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. 3 Excluding Banca Italiana di Sconto. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1922. FEDERAL RESERVE BULLETIN. 377 GERMAN FINANCIAL SITUATION. [Amounts in millions of marks.] Index numbers Reichsbank statistics. Situation of the Government.; of securities prices.' Value of i Darlehns- -new stock1 Discounts.1 k sc a h ss e e in n e - iand bond.1 in circu- : placed on- Gold ' i Note lation.1 Receipts Revenue; Treasury: German ' 25 15 ser re v - o.1 ! co D un is t - e d ! m C e o rc m ia - l la ci t r io cu n - .1 Deposits.1Clearings., t f a r x o e m s. r o a f i l S w t a a y te s . S b ta il n ls d i p n u g t . - 1 market, istocks, bonds. . ! treasury i paper. I bills, i , .•. j _^ .. .. 1913, average. 1,068 ; : 1,958 6,136 , ! 207 13 j 3220 ! \ 1920, average. 1,092 I 4 47,980 ; 53,964 17,702 j 57,898 ! 13,145 i j 1921, average. .1,056 i 4 83,133,1 80,952 20,213; 89,297 8,861 • 6,285 2,358 j 192,832' 2,655! 1921. ! ' : i ' ' 1 February 1,092 l 4 56,451 i 67,427 17,357 i 70,499 10,755 1 7,766 1,590' 161,750 2,397 \ ' July 1,092 i 79,982 1,136 77,391 15,824 78,337 8,358. 5,566 2,269 i 190,770 1,507 : ! August 1,024 j 84,044 • 1,002 80,073 13,650 I 79,172 7,837 i 5,145 2,416 1 202,872 1,228! j September... 1,024 ' 98,422 i 1,142 ; 86,384 19,980 i 98,004 ; 7,610 j 4,908 2,599 • 210,504 1,534 October 994 ; 98,705 : 881 91,528 18,303 I 119; 496 7,316 ! 6,185 2,825 ' 218,000 2,889 ! i November... 994 = 114,023 ! 1,446 ; 100,944 25,313 140,493 ; 7,330 ; 7,044 3,397 ' 226,676 7,135; 6 269 ! 5181 December 995 i 132,331 • 1,062 113,639 32,906 I 120,835 • 8,325 1 8,016 4,329 j 245,921 5,965' «206 ' 5147 1922. January 126,160 ; 1,592 115,376'' 23,412! 116,680 8,046 j \ 255,678 4.831 '223! ' 152 February »... 996 134,252 1,857 120,026 . 26,526 1 7,977 I ! 1 277,320' '....J 8 222, 8 154 I ' ' • • ' ! i * 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 gurcs, recently revised, now include subscription privileges which were heretofore omitted, s End of March, 1913. * Combined figure for all discounts. » As of Nov. 10,1921. * As of Dec. 30, 1921. ' As of Jan. 5, 1922. 8 As of Feb. 3, 1922. » Latest figures subject to revision. SWEDISH FINANCIAL SITUATION. [Values in millions of kronor.] Busi- Riksbank. ! : Si G tu o a v t e io rn n m o e f n t t h . e Jo b in a t n -s k t s o . ck : dur P in ro g b t i e m l s ls t o e n d th.1 du n u fa e r r i e i s l n s - s g F i c n o h d e r a e x e n i x - g g . e n 1 month.1 i Value Index ;j of stock num- issues F c o h e r a x e n - i g g e n b st e o r c k of : x t e e g re is d - G l c b a i u o o n o l i - n d l n d . ! ; l c a N i t r i o c o t u n e - . po D s e i - ts. i . ' Fu d S n e ta b d t t e e . d F d S i l e t n o a g b a t t e t . - j ! s ; c R b w o B d a i u i i i k n s l t n s h l - k t s - e . da c n L o d o u a n d n i t s s s - . • j : N b u e m r. - Value. N b u e m r. - ( a f k o v b o f c r a u r r o e l r o t - n u h i a g a e e d n ! i I p A r i l c i e s s t — .1 m du t o h r n e i t n h g . rencies =---100). 1913, end of December : 102.1 234.5 : 628.2 I 20.1 138.9 ; 2,286.9 4,314 1.9 309 !. 258 . 24,0 l920,average 269.2 733.0 225.8 1,280.8 j 248.1 476.3 : 6,008.3 ; 3,586 6.4 196 ! 112.9 176 , 60.6 1921, average 279.7 . 660.6 : 273.7 •, 388.6 ' o, 948. 2 0.007. 15.2 432 ; 121.8 I 121 ,. 1921, end of— i February 281.8 : 687.6 : 228.4 ' 451.3 ! (i, 119. 2 . 0,411 • 14.1 381 116.4 ' 138 71.2 J A u u ly g ust 2 2 8 8 5 0 . . 0 3 : 6 6 2 3 9 2 . . 4 4 ' \ 1 1 7 5 7 2 .2 .1; 1 1 , , 3 3 4 5 1 9 . . 5 9 1 1 3 3 4 7 . . 3 1 ' I 3 36 4 2 4 . . 6 8 1 5 5 , , 9 92 3 9 7 . . 9 1 • , 7 6, , 5 3 1 8 5 3 1 16 6 . . 0 S 4 3 1 5 3 3 ;: 1 1 1 1 9 9 . . 3 5 1 12 2 5 0 I I 6 30 7 . . 9 1 September 275.9 672.4 , 113.4 ; 1,367.8 60.1 i 329.7 ; 5,900.9 • 5,786 ! 10.3 4.93 : 121.4 114 13.0 October 275.5 ! 650.3 ' 126.4 . 1,393.1 62.9 : 340.9 j 5,837.4 ' 6,449 12.6 505 i 124.9 107 i 16.5 N D o ec v e e m m b b e e r r 2 2 7 7 5 4 . . 0 7 6 6 2 2 8 7 . . 0 7 ; 3 1 3 S 1 7 . . 4 6 ; . 1,409.2 76.8 3 4 5 6 4 4 . . 4 3 i ' 5 5 , , 6 7 5 3 5 5 . . 8 1 ••6 0 , . 0 2 8 98 9 • • • 1 1 0 3 . . 1 1 4 .5 9 2 1 8 i , 1 1 2 2 6 4 . . 3 0 1 .1 0 0 4 7 i ' , . 1922, end of- January 274.5 = 563.0 : 337.2 420,8 ! 5,654.2 VA\ 0 February 271- 4 579.0 i 5.571.8 1 Source: Kommorsiella Mod del an den. 92371—22 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 FUIMOKAL KESERVE NORWEGIAN FINANCIAL SITUATION. [Tn millions of kroner.] Norges Bank. Gold Note Loans and jClearings atj index* ; cies. holdings. circulation. discounts. ''Christiania. j (Farmand)j Per cent. 1 !)•] 1, end of July 2 84.2 , 122.5 14.4 88.4 ;. 1920, average 147.4 . 450.5 102.4 419.1 j 652 ! 9~i.Y 32 1921. average 147.3 ' 410.9 111. 4 443.0 : 537 SO 1921) end of— January 147.3 423. 3 133.7 457.1 • 588 : 99. 4 71 July.. I 147.3 428.4 i 1.00.0 452.0 = 541 82.4 96 August 147.3 . 421.0 110.2 454.8 ' 580 81.9 101. September - , 147.3 415.9 ; SS.6 42.0.0 637 85.9 102 October 147.3 411.4 112. 9 452.5 589 86.2 78 November 147.3 ' 395.4 121.3 438. 0 538 : 95.4 89 December 147. 3 409. S ; 140.8 ' 476.2 551 81 19*22, end of— Januar v 147.3 378.1 L30.8 . 433.2 ; 524 : 1 Average value of krone in terms of foreign currencies. 2 Includes balances abroad. JAPANESE FINANCIAL SITUATION.1 [Amounts in millions of yen. .Bank of Japan. Tokyo banks. Current j Total Tokyo Average circ N ul o a t t e ion. fo r r S e p s n e e o c r t v i e e e s.'2 d l O o is a r c d n o s in u a a n n r t y d s. j I \ o A n d b v fo i a l r l n e s c i . g e n s ;' m p G o e o s r v i it t e s d r i n e n - - ! in d J ' e r J i p v a o a p l s ; a i © t n s . as T s l o o o c a k i n a y s t o e d ; c t le o b a t a a r n i l n k i g n s, d ( i T s r c o a o t k e u yo nt Japan. ba nk. tl i c month. market). 1913, average. 210 47 • 33 7 364. [ 8.38 1921, average. 1.220 1,200 .107 : 39 297 50 1,932 2,572 | 9.00 1921. End of— February.. ..Ul. 1..1U 40 222 130 1,874 2,143 I 9.71 July ; .1.72 1,172 23 330 70 1,987 2,341 : 8.36 August . 192 1,192 1.07 ! 31 345 35 1,951 2,816 j 8.43 September. 1232 .1,232 101 ' 32 293 ! 30 1,955 2,(327 i 8.28 October ,255 1,255 157 ! 30 309 ! 31 1.993 j 2,079 i 8.50 November. .283 J',2G4 197 , 30 325 i 37 l'.989 2,783 i 8.79 December.. J,2!G 298 20 203 I 35 2,000 3,340 i 9.20 1922. Knd of - January... 1,377 1,241 224 277 35 1,984 2,246 i 9.02 February. 1,210 1,223 172 •328 1.95) 2,438 , Kigureri apply tolas!, day ofino.niliinca.se of Bank of Japan, to last Saturday of ihc month in the case of the other items. - This includes the specie segregated against notes only. It includes gold credits a I.-.road as v ell as 1 •i>lli<;n and coin al home. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Page. Gemianv --ConLinucd. Page. Acceptance liabilit ies of mem her banks, 1921 283 Foreign trade 332 Acceptances: G old prices in paper marks 313 Held by Federal Reserve Banks 346 Indexes of industrial activity 333 Purchased by Federal Reserve Banks 344 Reichsbank situation 313 Agricultural confcrence, work of 201 Reparations situation 301,303,31.1. Agricultural credit 20.1-208 Wholesale prices 325,327 Agricultural exports, value of 268 G old settlement fund transactions 363 Agricultural loans, proportion of, to total loans 266 Imports and exports of gold and silver 269,363 Agricultural movements, index of 295 Index numbers: Amendment to Federal Reserve Act, proposed, relative to agri- Foreign exchange 1 366 cultural credit '. 265 Foreign trade 334 Argentine financial statistics 31.4 International wholesale prices. United States and Kngland... 319 Authority l,o purchase, use of, by Japanese banks 299 Ocean freight rates '. Bank debits, February 358 Physical volume of trade 335 Banking and Currency Committee, Idler of Board to, approving Retail prices in principal countries 330 bill granting long-term credit to farmers 31S Trade and production 292 Business and financial conditions: Wholesale prices abroad 319-329 Abroad 301-316 Wholesale prices in the United States 322,325 In the United States 271-2S2 In!crest rates prevailing in various centers 365 Canada: Condition of chartered banks of, 19.13-J92.1 369 ' Italy: Wholesale prices 325,329 'Acceptanceliabilities of banks in. 284 Charters issued to national banks 317 Banca di Scontocrisis 310 Bank of "Italy, condition, of, 1913-1921 368 Charts: Business and financial conditions 308,376 Assets and liabilities of Federal Reserve Banks and member Foreign trade 331 banks , 347 Reparations claims 308 Debits to individual account 358 Retail prices 309,330 Foreign exchange 367 Wholesale prices 309,325,327 Index numbers of domestic business, 19MM922 294 Wholesale prices in England 319,321 Japan: Wholesale prices in the United SI nl es 320 Commercial credit practice of ban ks in 296-300 Clearing and collection: Financial statistics! 378 Gold settlement, fund transact ions 303 Foreign trade 331 Operations of the system during February 302 Wholesale prices 325 Number of banks on par list 362 Joint Commission of Agricultural Inquiry: Condition statements: Bill affording long-time credit to farmers recommended by.. 318 Federal Reserve Banks 347.351 Work of 202 Foreign banks of issue 367-370 K nit. goods production 339 Member banks in leading cit ies 317,355 Law department: Abstract of ". 371 Letter of Board to Banking and Currency Committee approv- Credit practice of .1 apanese banks 296-300 ing bill granting long-term credit to farmers 318 Credit to farmers, letter of Board to Banking and Currency Com- Lei 1 ers of credit, use of, by Japanese banks 297 mittee approving ' 3.1 S Loans, foreign, statement of State Department on flotation of 282 Denmark: M anufact urcd goods, index of 295 Bank of Copenhagen, condition of, 1913-1921 -.... 370 Member banks: Wholesale prices in *. 325 Condition of 347,355 Discount and open-market operations of Federal Reserve Ban ks. 3-12-316 Abstract of 371 Discount rates: Number discounting during February 3-13 Agricultural paper 260 Number in each district 343 Bank of England, reduction in 301 State banks admitted to system 31.7 in ellcct -Nfarch 1 301 M in oral products, index of...'. 295 Money, stock of, in the United Stales 361 Prevailing in various centers 305 National banks: En gland: Chart ers issued to 317 Acceptance liabilities of 13 leading banks 281 Fiduciary powers granted, to 317 Business and financial conditions' 303,375 Norway: . Cost of living 330 Bank of Norway, condition of, 1913-192J 369 Discount rates of Bank of Kngland, reduction in 30! Financial conditions 378 Foreign trade 1 330 Foreign trade 331 (jeddes's report 304 Wholesale prices 325,328 Index of industrial activit y 332 Ocean freight rates 339 Reparations receipts '. 303 Par list, number of banks on 362 Wage reductions during 1921 :W5 Physical volume of trade 335 Wholesale prices 319,321,325,327 Prices. (Sac Retail prices: Wholesale1-prices.) iOxport situation in relation, to agriculture 207 Rates, discount. (See Discount rates.) Failures, commercial, reported 31.7 Reparations payments, Gcrman 303,308,31.1 Federal Advisory Council on agricultural credit 203 Reserves, deposits, and note circulation of Federal Reserve Banks. 350 Federal Reserve'note accou nl;.'. 35-1 Retail pi ices in principal countries 330 Fiduciary powers granted to national banks 317 Ret ail trade, condition of 340 Foreign exchange rates 300 Silver import s and exports 209,3(53 Foreign loans, attitude of Stale Department toward 282 State bank members: Foreign trade: Accept ai ice liabilities of 283 Commercial credit practice of Japanese banks 290 Admissions to system 317 France 307,331 Condition of, abstract of 371 England 330 State Department, statement of, on flotation of foreign loans 282 Germany 332 Sweden: I ndcx of 334 Bank of Sweden, condition of, 19.1.3-1921 369 I taly :m Financial statistics 377 Japan • 331 Foreign trade 331 Norway 331 Retail prices 330 Sweden. 331 Wholesale prices 325,328 France: Switzerland: Acceptance liabilities of banks in 284 Bank of Switzerland, condition of, J9L3-1921 368 Budget 305 Wholesale prices in 1 325 Business and financial conditions 305 Tobacco finance, study of 285-292 Cost of living 307 Trade: Foreign trade 307.331 Foreign. (Sec Foreign trade.) I ndexes of industrial activity 333 Physical volume of 335 I ntercst rates '. 300 Retail 340 Issues of securities during 1921 300 Wholesale 342 Retail prices in Paris '' 330 Trade and production, indexes of 292 Tax receipt s 306 Trust receipt, form of, used by Japanese banks..' 299 Wholesale prices 307,325,327 "Wage reductions in England .* 305 (ienoa intcrna tion al confereni-e 303 Wholesale prices: Germany: Abroad 3L9-329 Budget for 1922 312 In the United States 281,31.9,322,325; 32(> Business and financial condii ions 312 Italy 309,325,327 Cost of livi ng in Berlin.,.,.,.,., 330 Wholesale trade, condition of '.. 342 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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