Federal Reserve Bulletin, 1922-04

FEDERAL RESERVE BULLETIN (FINAL EDITION) ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON APRIL, 1922 WASHINGTON GOVERNMENT PRINTING 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 0. MILLER. CHARLES S. HAMLIN. D. R. ORISSINGER, Comptroller of the Currency. JOHN R. MITCHELL. W. W. HOXTON, Secretary. WALTER S. LOGAN, General Counsel. W. L. EDDY, Assistant Secretary. H. PARKER WILLIS, Director, Division of Analysis and Research. W. M. IMLAY, Fiscal Agent. M. JACOBS ON, Statistician. E. A. GOLDENWEISER, Associate Statistician. J. F. HERSON, Chief, Division of Examination and Chief Federal E. L. SMEAD, Reserve Examiner. Chief Division of Reports and Statistics. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS. : Federal Reserve Bank of— ', Chairman Governor. Deputy governor. Cashier. Boston Frederic H. Curtiss.. i Chas. A. Morss C. C. Bullen W. Willett. W. W. Paddook , New York Pierre Jay , Benj. Strong J. 11. Case L. H. Hendricks.i L. F. Sailer J. D. Higgins.i G. L. Harrison A. W. Gilbart.» E. R. Kenzel Leslie R. Rounds.* J. W. Jones.* Ray M. Gidney.i Philadelphia R. L. Austin George W. Norris. ! Wm. H. Huttjr W. A. Dyer. Cleveland | D. C. Wills E. R. Fancher I M.J.Fleming H. G. Davis. Frank J. Zurlinden Richmond I Caldwell Hardy i George J. Seay ! C. A. Peple Geo. H. Keesee. | R. II. Broaddus A. S. Johnstone * JohnS. Walden* Atlanta Joseph A. McCord. M. B. Wellborn... L. C. Adelson M. W. Bell. J. L. Campbell Chicago Win. A. Heath J. B. McDougal... C. R. McKay W. C. Bachman.i S. B.Cramer K. C. Childs.i JohnH. Blair J. H. Dillard.i D. A. Jones.1 O. J. Netterstrom.1 A. H. Vogt.i Clark Washburne.i St. Louis Win. McC. Martin.. D. C. Biggs O. M. Attebery J. w. White. Minneapolis John IT. Rich R. A. Young W. B. Geery j B. V. Moore. S.S.Cook ; Frank C. Dunlop » 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 Pcrrin J. II. Calkins Wm. A. Day i W. N. Ambrose. IraClerk* j L. C. Pontiousa j 1 Controller. 1 Assistant to governor. »Assistant deputy governor, MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: | I Minneapolis: Buffalo branch I W. W. Sehneckenburger. i Helena branch ; R. E. Towle. Cleveland: : I Kansas City: Cincinnati branch L. W. Manning. j Omaha branch L. H. Earhart. Pittsburgh branch j Geo. Do Camp. ! Denver branch i C. A. Burkhardt. Richmond: j Oklahoma City branch.. C. E. Daniel. Baltimore branch ! A. H. Dudley. l| Dallas: Atlanta: ; j El Paso branch W. C. Weiss. New Orleans branch ; Marcus Walker. i J J ouston branch i Floyd Ikard. Jacksonville branch I Geo. R. De Saussure. San Francisco: Birmingham branch I A. E. Walker. : i Los Angeles branch C. J. Shepherd. Nashville branch J. 13. McNamara. Portland branch | Frederick Greenwood. Chicago: i Salt Lake City branch ! R. B. Motherwell. Detroit branch ! R. B. Locke. Seattle branch ; C. R. Shaw. , St. Louis: j 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 fo* \915,1916 *«917, or 1918 are available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. General summary: Page. Review of the month 379 Business, industry, and finance, March, 1922 390 Intordist rict gold movement 400 Tobacco finance 403 Commercial credit practice of some- continental banks 4.10 Business and financial conditions abroad—England, France, Italy, Germany, and Sweden 415 Argentine foreign trade statistics 428 Annual report of Bank of France 427 Official: Hillings of the Federal Reserve Board 432 Amendment to Regulation A 433 Law department 436 State banks admitted to system 431 Fiduciary powers granted to national banks 431 Charters issued to national banks 431 Price movement and volume of trade: International wholesale price indexes—United States and England 437 Comparative wholesale prices in principal countries 44.3 Comparative retail prices in principal countries 448 Foreign trade—United Kingdom, France, Italy, Sweden, Norway, Japan, and Germany 449 Indexes of industrial activity—-England, France, and Germany 451 Foreign trade index 453 Physical volume of trade 454 Building statistics 459 Ocean freight rates 4.60 Report of knit-goods manufacturers of America 461 Retail trade 461 Wholesale trade 464 Commercial failures 431 Banking and financial statistics: Domestic— Discount and open-market operations of Federal Reserve Banks 464 Condition of Federal Reserve Banks 472 Federal Reserve note account 475 Condition of member banks in leading cities 476 Bank debits 479 Gold settlement fund 483 Operations of the Federal Reserve clearing system ; 484 Gold and silver imports and exports 483 Money outside the Treasury and Federal Reserve System \ 486 Discount rates approved by the Federal Reserve Board 486 Discount and interest rates in various centers 487 Foreign exchange rates 488 Foreign—England, France, Italy, Germany, Sweden, Norway, Japan, and Argentina 49Q Charts: Index numbers of wholesale prices in the United States and England 437 Index number of wholesale prices in the United States—constructed by Federal Reserve Board fo?1 purposes of international comparisons 438 Index numbers of wholesale prices in England 439" Index numbers of domestic business 454 Movement of principal assets and liabilities of Federal Reserve Banks 470 Movement of principal assets and liabilities of member banks 47O Debits to individual accounts 479 Foreign exchange index 48£ IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 8 APRIL, 1922. No. 4 REVIEW OF THE MONTH. tone of the market has been distinctly firm during the greater part of the month. The im- With the opening of the year 1922 generally provement has been especially noteworthy in better business and financial conditions have the case of sterling, while the position of francs undoubtedly developed abroad and lire has been bettered in lesser degree. Restoration of ]j j h United States. as we as n t e German marks, on the other hand, have not 1 di The uPward trend of Producshared in the recent display of strength, but tion and the stronger banking instead have dropped below the point reached position in the United States are unquestioned. last November, thereby establishing a new Similar conditions have been in evidence in low record for German exchange. So far as Europe, and particularly in England. Indithe recent weakness of the mark is concerned, cations of a more satisfactory situation are it is worth while to note that much of the perseen first of all in the more regular and stable sistent selling during March seems to have production outlook, in the prospect of inemanated from German sources. At the same creasing exportation, and in a more even time, a number of international banking balance of trade, Great Britain having very houses which arc believed to have been lending nearly effected an equilibrium between exports and imports, as well as in a somewhat improved their support to the British and French curbudgetary situation. These factors have an rencies have not had a like interest in the Gerimportant bearing not only upon European man mark. Some of the more conservative conditions themselves but also upon the re- bankers in this country have expressed the lation of European countries to the United view that the advance in the value of sterling States. They also necessarily influence in an has proceeded at too rapid a rate if estimated, important way the export trade situation of upon a basis of economic merit. A number of the United States, as is seen in the fact that, constructive factors in the exchange situation as foreign countries. have increased their have, however, made themselves felt within exportation relatively to importation (both the past month or two. Among them may be absolutely declining), a reverse movement has mentioned the equalization of foreign trade been going on in this country. The result is a balances, already referred to, both abroad and nearer approach toward stability in inter- in our own trade relations. Apart from the innational and industrial relations than has fluence exerted by improvement in foreign existed at any time in the recent past. The Government finances, the fact that progress is natural outcome of this more even and bal- being made in reducing currency inflation in anced state of things in our foreign trade has Great Britain and to some extent elsewhere has been reflected in the position of the exchanges. had a favorable reflex effect. Of significance The general upward movement of the foreign also in connection with the advance in foreign exchanges, w^hich has continued since last exchange quotations is the increased volume autumn with only minor setof foreign dollar loan flotations in the United Improvement p back reached a higtl 0int at States, the immediate effect of which has been of the exchanges. . ' ., J j . A r1 o - to place at the disposal of foreign countries about the 1st of March. Since dollar balances capable of being utilized in the then rates have eased off somewhat, but the exchange market for the purchase of foreign significant fact remains that the recent high currencies as needed. All these elements in levels to which many of the exchanges have the situation are reflected in the following brief risen have been well maintained and the under- 379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 FEDERAL RESERVE BULLETIN. APRIL, 1922. summary of the movement of the principal not been in a position to ship gold fully to settle currencies during March: trade balances. Foreign exchange rates still indicate to a certain extent, however, the posi- NOON BUYING KATES FOR CABLE TRANSFERS IN tion of trade balances and show the relative NEW YORK. purchasing power of currencies in terms of one British French Italian German another, but there are frequently wide devia- Date. pound. franc, j lira. mark. tions between internal and external currency i values as expressed by internal prices and March, 1921, average S3.9110 80.0703 ! $0.0385 . SO.01595 January, 1922, average 4.2248 .0810 j .0437 1 .00520 foreign exchange rates. Since there is to-day February, 1922, average 4.3020 .0873 .0491 i .00481 March. 1922, average 4.3757 .0900 i .0511 ! .00358 no generally accepted international medium of Feb. 27,1922 4.4322 .0920 . .0533 .00434 exchange, the most available way to reach Mar. 0,1922 4.3950 .0904 : .0519 .00390 Mar. 13,1922 4.3200 .0881 .0490 .00378 conclusions as to relative purchasing power of Mar. 20,1922 4.3790 .0897 . .0507 .00330 Mar. 27,1922 4.3728 .0899 .0508j .00295 currencies is found in comparison of the internal price levels of a group of countries all converted While, however, there has thus been an eviinto terms of dollars. In that way some notion dent and considerable technical improvement of relative progress toward price stability can in foreign exchange quotations, it remains true be obtained. Such a study shows that in the that so long as the various currencies continue last six or eight months there has been a closer to lack a common basis or standard of reference, parity between international price levels than they will lack the stability or continuity of has existed since the war. value which is essential to the restoration of At the beginning of 1919 prices in the permanently sound conditions. United States were a little less than twice Before the war, when currencies were on a as high as they were before gold basis, price levels in various parts of the Course of In- j England thev th world tended to bear a fairly ternational price fe Prices and exconstant ratio to one another, levels. were about two and a quarter changes. because gold furnished a gen- times as high; in France, Italy, erally accepted means of payment for trade and Sweden between three and three and a balances and thus connected the price levels half times as high. Under normal conditions of various countries. Foreign bankers then foreign exchange rates would have shown stood ready to balance international indebted- similar depreciation, but at that time exchange ness by the shipment of gold, and the metal rates were stabilized near their prewar values was usually exported when the cost of remitting by international agreements between the varibills of exchange on a given foreign country ous Governments and therefore did not react exceeded the cost of gold shipments by more to the true depreciation of the internal purthan a narrow margin. If internal prices in chasing power of these currencies. With the any one country declined, there was apt to be unpegging of the exchanges, however, there an increased demand for goods from abroad, was a rapid fall in the dollar purchasing power and if this process was carried far enough it of the European currencies, and by August, led to high rates of exchange on the country of 1919, prices in the United States, England, low prices, and eventually to the import of France, and Italy, expressed in terms of dolgold. The increase in foreign demand, com- lars, were relatively adjusted to the values of bined with the acquisition of- gold, tended the different currencies. In the autumn and then to bring prices in that country more winter of 1919 prices advanced in all these nearly into harmony with prices elsewhere. countries, but at the same time there was a As internal prices rose, "foreign demand de- greater depreciation in the French and Italian clined, gold was no longer imported, and exchanges than the internal price levels warforeign exchange rates tended to fall. This ranted. The result of this was that whereas in kind of adjustment between international price February, 1919, the dollar purchasing power of levels is now absent, because countries have the currencies of these two countries had been abnormally high, by February, 1920'Jheywere Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APKIL, 1922. FEDERAL EESBEVE BULLETIN. 381 abnormally low as compared with the American low. This progress in the restoration of inprice level. In other words, at this latter date ternational comparability of prices upon a the dollar had a much larger purchasing power basis similar to that which existed before the in France or Italy than at home, while the war is of utmost importance. It tends powerreverse, had been the case in February. 1919. fully to restore foreign trade to a normal This overdepreciation of French and Italian condition and to abolish unfair competition as values, as well as the more extreme case of well as to regularize gold movements. German mark depreciation, continued through Since the beginning of the year the improve- 1920, but in the case of France and Itaty had ment in the condition of the Bank of England become of relatively small importance as early and of the Bank of France, which as the fore part of 1921. Was "lcrcas^ngly evident during Changes in the gold purchasing power of tion abroad. ^he l^'01' half of 1921, has been francs, lire, and dollars moved in fairly close well sustained. As a matter of harmony throughout the past year. Since the fact, there was a fairly continuous decline in summer of 1921 there has been an even closer the liabilities of both banks, with a general agreement between British and American strengthening of reserve ratios. The note prices, due to the continued fall of prices there issues of the Bank of England fell from and the relative stabilit}^ of prices here. On £107,000,000 outstanding at the end of Dethe other hand, prices in Germany, when fig- cember to £103,000,000 on March 8. Tempoured in terms of dollars, continue to be very rary advances to the state, after showing a much lower than elsewhere. In the accom- marked reduction from £200,000,000 at the panying table are furnished index numbers end of December to £116,000,000 at the end which represent in a general way the com- of January, advanced and declined again, and parative price levels in important countries, all stood at £128,000,000 on March 4. Currency expressed in terms of dollars. These indexes notes outstanding showed a steady decline were obtained by multiplying the price index from £326,000,000 at the end of December to of each foreign country by a relative showing £298,000,000 on February 23, but in the folthe depreciation of the exchanges in terms of lowing week expanded slightly to £300,000,000. dollars. At the same time deposits, both public and private, advanced from £122,600,000 at the end of INTERNAL PRICE LEVELS OF FOREIGN COUNTRIES IN December to £138,200,000 on March 8. The TERMS OF GOLD, AS COMPARED WITH THE AMERICAN PRICE LEVEL. note issues of the Bank of France show no material change, though indicating a slight United United Ss: j downward tendency. Advances to the Gov- States. ernment were less by 2,700,000,000 francs on March 9 than at the end of December, 1919— A F u e g b u ru st ary 2 1 1 8 8 9 2 2 1 2 7 3 3 2 7 9 6 8 2 2 6 2 1 1 3 2 2 4 3 6 • when they amounted to 24,600,000*,000 francs. 1920—February 242 227 244 179 202 I 176 August .... 234 245 286 171 198 ; 155 While these facts point to a strengthening of 1921—February 1 1 5 4 4 2 1 1 8 4 0 6 2 1 0 5 8 6 1 1 1 2 6 1 1 1 4 3 0 3 : 10 9 1 2 the position of these central banks since the September 143 148 148 126 130 83 October 141 149 150 123 124 SO beginning of the year, the rise in exchange N De o c v e e m m b b er er.... 1 1 4 3 0 8 1 1 4 4 4 7 1 1 5 5 1 7 1 1 2 3 7 7 1 1 2 3 4 3 d 7 o 9 during recent weeks is not to be attributed 1922— F J e an b u ru ar a y ry 1 1 4 3 2 8 1 1 5 4 0 7 1 1 6 5 2 8 127 1 1 3 3 8 3 I S 9 t 9 i solely to these changes. So far as Germany is concerned, the improvement in exchange that * Abnormally low for that period, owing to break in foreign exchange was in evidence until the middle of February rates resulting from political factors. Internal prices did not adjust to exchange rates. took place in spite of a progressive deterioration It is apparent from this table that at the in the condition of the Reichsbank. Note cirpresent time there is tolerably close equilibrium culation rose from 113,639,000,000 marks at the end of December to 115,376,000,000 marks of British, French, Italian, and American at the end of January and 120,026,000,000 prices, but that Swedish prices are still abnormarks at the end of February. Loan Bank mally high and German prices abnormally Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 FEDERAL KESMRVE KUIXISTIIT. APUIL, 11)22. note (Darlehnskassenscheine) circulation, which table for the years 1913, 1920, and 1921, and has become a much less important factor, for selected months in 1921 and 1922. fell somewhat during the same period, from TRADE OF THE UNITED STATES WITH EUROPE, 8,325,000,000 marks at the end of December to [In thousands of dollars.] 7,977,000,000 marks on February 28. Discounted Treasury bills decreased from 132,331,- United Ger- Total many. Europe. 000,000 marks at the end of December to 126,160,000,000 marks at the end of January, Year 1913: rising again in February to 134,252,000,000 Exports 590,732 I 153,923 78;675 351,931 1,499,573 Imports 271,955 138,934 55,322 184,211 864,666 marks on the 28th. The real basis of improve- Excess of ex ports..! 318,777 I 14,989 23, 353 167,720 634,907 Year 1920: | ment in exchange is undoubtedly attributable Exports .1.825,033 j 676,191 371,762 311,437 4,466,091 Imports ! 513,847 j 165,655 75,357 88,836 11,227,843 mainly to economic causes, particularly to Excess of exports., ll 311,186 i 510,536 296,405 222,601 3,238,248 Year 1921: the progressive development of sounder con- Exports ! 942,107 224,942 215,463 372,325 2,363,918 Imports ! 238,797 141,885 62,290 80,280 764,942 ditions in production and trade, not only Excess of exports, .i 703,310 83,057 53,173 292,045 1,598,976 January, 1921: ! between the United States and European Exports I 110,794 35,825 29,357 48,812 325,219 Imports j 17,438 10,012 3,339 j 4,630 59,579 countries but also between the European Excess of exports.. 93,356 25,813 26,018 ! 44,182 265,640 October, 1921: nations themselves. The basis for this view of Exports 84,953 26,051 18,554 ! 26,261 196,284 Imports 19,215 10,677 6,914 ; 7,624 66,730 the situation can be understood from a brief Excess of exports.. j 65,738 15,374 11,640 ' 18,637 i 129,554 November, 1921: analysis of some of the salient facts in the case. Exports 60,901 19,262 13,249 24,326 ! 153,349 Imports 21,888 13,930 5,607 5,913 I 70,243 During the past few months there has been Excess of exports..; 39,013 5,332 7,642 18.413 i 83,106 December, 1921: a moderate contraction in the value of mer- Exports J 69,098 17,249 15,001 21,786 i 155,063 Imports ! 24,626 11,484 5,393 7,372 ! 72,733 chandise exported from the Janu E a x r c y e , s 1 s 9 o 2 f 2 : e xports..1 ! ' 44,472 5,765 9,608 14.414 i ' 82,330 Our trade with United States to Europe. Im- Exports I 64,853 17,730 9,266 23,669 i 148,939 Imports : 20,805 10,654 4,590 7,223 1 68,113 Europe. ports from Europe, on the other Excess of exports..1 44,048 7,076 4,676 16,446 j 80,826 February, 1922: j hand, have somewhat increased, with the result Exports j 53,390 16,054 5,637 22,053 ! 128,956 Imports | 26,499 11,656 3. ISO 8,901 ! 71,485 that our "favorable" balance of trade in the Excess of exports., j 26, 891 4,398 2; 457 13,152 1 57,471 months beginning with last November has been The real bearing of the facts thus set forth much reduced from the level of the earlier and of the circumstances that our foreign claims months of last year. In our trade with Europe are now being effectively financed is understood the excess of exports over imports has in recent when they are studied in comparison with the months been running at the rate of about international trade balance which had previ- $1,000,000,000 a year (as compared with ously been developed. $1,600,000,000 for 1921 and over $3,200,000,000 A definite reversal in the balance of trade of in 1920). Our largest European customers in the United States took place during the last 1921 were Great Britain, Germany, France, two months of 1921. In con- Italy, Netherlands, and Belgium, in the order International . , , ,-, ,-, -. named. Two-fifths of our total exports to Eu- trade balance trast to the monthly increases rope last year went to Great Britain and some- in the total unfunded balance what less than one-fifth of the total was shipped due us from abroad, which had been steadily to Germany, while France and Italy each re- accumulating since 1919, the figures for the months of November and December, 1921, ceived about one-tenth of the total. Nethershowed that the excess of merchandise exports lands and Belgium together accounted for over imports was more than counterbalanced slightly over one-tenth of the total, leaving by net imports of gold and the "invisible" payapproximately one-tenth of our European exments made by the United States, resulting in ports to be divided among the Scandinavian a small contraction in the balance previously countries and the rest of Europe. The meroutstanding. During the first two months of chandise balance between the United States the current year the recent tendency has conand Europe is shown in the accompanying tinued, especially in February, when the excess Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

L, 1922. FEDERAL RESERVE BULLETIN. 383 of merchandise exports over imports was only tion of food and raw materials, but in many $34,000,000. The foreign trade returns for countries the decline in import trade is the January and February, 1922, give exports of result of disorganized currenc}^ and credit merchandise as $530,000,000, while imports are conditions and represents inability to buy reported at $434,000,000, leaving an excess of goods abroad rather than the lack of desire exports of $96,000,000 for these two months. to do so. Countries whose productive capac- The inflow of gold to this country has recently ity was little affected by the war, such as fallen off somewhat, but during the first two Great Britain, Sweden, and Norway, are sufmonths of the year net imports of the metal fering from the effect of unsettled conditions amounted to $53,000,000. Deducting this in other European countries. Since the forsum from the merchandise balance just re- eign demand for their products has so greatly ferred to leaves a net addition to our in- decreased, they have been obliged to curtail ternational trade balance from these visible their own purchases abroad. It is encouragsources of only $43,000,000 in the two months ing, however, that several of the important under consideration. On the other hand, the countries of Europe have been able within flotation of foreign loans in this country has the last few months more nearly to balance been on a large scale in recent months, totaling their current import and export trade. In over $160,000,000 during January and Febru- the case of Great Britain the decrease in both ary. Although payments to foreigners for exports and imports has been very large durshipping services have lately increased some- ing the past year. Her import surplus has what, they have probably no more than equaled steadily decreased. In 1921 her visible imthe earnings which American shipowners have ports exceeded visible exports by £277,000,000, derived from foreigners, so that at the present and it is estimated that this sum was almost, time this item of the balance is of small influ- if not entirely, compensated by the earnings ence either way. Immigrants7 remittances, of her banking, insurance, and shipping comwhile perhaps somewhat reduced from the aver- panies, and by interest on investments. In the age rate of 1921, have continued to flow from the first two months of 1922 the British balance United States in substantial volume, and there of trade has shown still further improvement. are also the items of tourists' expenditures and In the month of February the excess of visible relief to be considered as offsets to our visible imports over exports (£870,000) was less than export balance. It is evident, then, from a in any other month since the beginning of the consideration of the foregoing factors, that our war period. The following brief table comexport balance has been much more than compares British trade in the first two months of pensated as a result of our invisible payments 1922 with trade in the corresponding months during these months. of 1920 and 1921. The change which has taken place in the trade of the United States during the past FOREIGN TRADE OP GREAT BRITAIN DURING JANUARY AND FEBRUARY. year has been accompanied by International trade similar changes in European [In thousands of pounds sterling.] of Europe. trade. The decreased value Exports j of ; Reex- Total Excess of imports and exports is due in part to the j Imports. British ; ports, exports, of products.! j imports. lower prices which have prevailed in most countries since the spring of 1920, but in "•• r i 1920 353,778 191,844 I 48,068 I 239,912 113,866 part it represents a fundamental change in 1921 ! 214,015 160,978 ! 17,959 ! 178,937 35,078 1922 145,863 121,482 18,633 ! 140,115 5,748 the demand for goods. In most European, countries the decline in imports during the French foreign trade statistics for the month past year has been greater than the decline of December, 1921, show that during that in exports. This decrease in the demand for month the value of imports into France imported goods in Europe indicates in some exceeded exports by about 1,000,000,000 measure progress in the recovery from war francs, although in the earlier months of the conditions and improvement in the produc- year the balance of trade had turned in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 FEDERAL, RESERVE BULLETIN. , 1922. opposite direction. The excess of imports in respectively, as compared with an excess of December is probably accounted for in part by imports in October of 4,153,000,000 paper receipts of foreign grain, as French harvests marks. It should be observed, however, that during the past year were not large enough to the increase in the value of exports can be supply all domestic needs, in spite of the fact attributed to increased prices only in part that they showed improvement over the year It is also due to larger shipments of goods. previous. French export trade in 1921 in Many of the goods being exported now were general showed great improvement. The ex- ordered in November, when German prices in cess of imports over exports amounted to terms of gold were at their lowest, and the 1,995,000,000 francs in 1921, as compared with increase in the volume of German export trade 23,010,000,000 francs in 1920, and it is esti- has been very striking in the past few months. mated that the greater part of this excess Exports from Germany weighed only 1,145,000 represents imports from Germany on repara- metric tons in May, 1921, as compared with tions account. The decline in French imports 2,027,000 metric tons in January, 1922. These of raw materials from 41,872,000 metric tons figures are particularly significant when it is in 1920 to 32,448,000 tons in 1921 has been recalled that they do not include deliveries on attributed by some observers to the slackening reparations account. of industrial activity in France in the past Foreign trade figures for Italy show an inyear. It should be noted, however, that im- crease in the value of imports and exports in ports of this class of goods in 1921 were only recent months. The Italian Government disslightly less than the average importation of carded the use of "official valuations" in comraw materials in the five years before the war, piling foreign trade statistics in the middle of which amounted to 32,855,000 tons. 1921, and from July on the value of the trade The lack of adjustment between the internal is available as it was declared by individual and the external value of German currency and importers and exporters. These figures show consequently in the external a steady increase in both exports and imports Special posi- German and internal value of from July through November (the latest month tion of Germany. . for which figures are available). They also goods, noted m a preceding show a surplus of imports, the highest occurparagraph, has resulted in large exports of ring in October, when the import surplus German manufactures at low prices and imreached 418,000,000 lire. This is smaller, ports of food and raw materials at high prices, however, than the monthly excess in 1920. with a resulting "unfavorable balance" in the The following table represents the available value of German trade. The policy of the Gerfigures on the foreign trade balances of the man Government in the regulation of prices principal European countries: of foodstuffs, rents, and freight rates, and the continued depression of exchange rates by FOREIGN TRADE OF THE PRINCIPAL EUROPEAN COUNTRIES. the selling of marks abroad, have combined Monthly surplus of Ratio of import to keep German internal and external prices visible imports to export trade apart. In the last few months, however, the Country. Currency. over exports. (percent). Government has been making a conscientious 1913 1920 | 1921 i 1913 I 1920 i 1921 effort to increase export prices; freight rates Great Brit- j Thousands of 11,160:31,618 123,036 82.6 80.4 74.6 have been increased, and on February 16 the ain.1 i pounds ster- ! ling. bread subsidy was materially decreased. These France Millions of 128 1,080 ; 2 166 81.7 ! 53.9 91.5 ; francs. new regulations, combined with the growing Italy Millions of lire. 94 | 672 i 3 328 I 69.1 '•• 49. 2 65.6 Germany...' Millions of 4 85 ! (5) |« 1,510 ! 91.7 (5) 84.6 shortage of goods in Germany, have resulted Sweden i Mi m ll a io r n k s s . of kro- I i ! [ 85.8 in higher prices, and there has been an im- I nor. 3 90 ' 15 i 95.7 ; 68.0 Norway do 13 , 149 . 65 j 71.7 41.1 49.2 provement of several million paper marks in the value of German export trade. In 1 Including reexports. 2 Calculated on the basis of 1919 value units. December, 1921, and January, 1922, the excess 3 On the basis of July-November trade. January-June not availabie on a comparable basis. value of exports amounted to 850,000,000 * Gold marks. 6 Not available. paper marks and 1,760 000,000 paper marks, • Paper marks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 385 In the present unsettled state of European resolution adopted at Cannes and the suggested agenda currencies, it is difficult to measure the effect for the conference. I regret to inform Your Excellency that, as a result of of improvement in the balance of trade upon this examination, it has been found impossible to escape exchange rates. In the case of a country like the conclusion that the proposed conference is not pri- Great Britain, which has a relatively stable marily an economic conference, as questions appear to currency basis, and which has steadily reduced have been excluded from consideration without the satits unfunded balance abroad by shipments of isfactory determination of which the chief causes of economic disturbance must continue to operate, but is gold as well as goods, the effect of an improverather a conference of a political character in which the ment in the balance of trade is more or less di- Government of the United States could not helpfully rect* It is clear that a part of the improvement participate. This Government can not be unmindful of in sterling quotations on New York in the past the clear conviction of the American people, while desix months can be attributed to improvement sirous, as has been abundantly demonstrated, suitably to assist in the recovery of the economic life of Europe, that in the British balance of trade. On the they should not unnecessarily become involved in other hand, in the case of Germany, with its European political questions. billions of paper marks held abroad and its It may be added, with respect to Russia, that this inflated currency system, decreased imports Government, anxious to do all in its power to promote and increased exports are obviously of less the welfare of the Russian people, views with the most effect in determining current exchange rates eager and friendly interest every step taken toward the restoration of economic conditions which will permit as long as the improved trade balance does Russia to regain her productive power, but these condinot reflect improved currency and credit contions, in the view of this Government, can not be secured ditions within the country. until adequate action is taken on the part of those chiefly After a period of uncertainty, it has been responsible for Russia's present economic disorder. It is also the view of this Government—and it trusts that agreed to hold the Genoa economic conference this view is shared by the Governments who have called on April 14. The reply of the conference—that, while awaiting the establishment of Genoa confer- ^ Government of the United the essential bases of productivity in Russia, to which ence. States to the invitation of the reference was made in the public declaration of this Gov- Italian Government was sent on March 8, and ernment on March 25, 1921, and without which this Government believes all consideration of economic revival to was as follows: be futile, nothing should be done looking to the obtaining DEPARTMENT OF STATE, of economic advantages in Russia which would impair the Washington, March 8, 1922. just opportunities of others, but that the resources of the EXCELLENCY: I have the honor to acknowledge the re- Russian people should be free from such exploitation and ceipt of Your Excellency's note transmitting the invitathat fair and equal economic opportunity in their interest, tion addressed by the Italian Government to the Governas well as in the interest of all the powers, should be prement of the United States to tajce part in an economic served. While this Government does not believe that it and financial conference to be convened at Genoa purshould participate in the proposed conference, it sincerely suant to the resolution adopted on January 6, 1922, by hopes that progress may be made in preparing the way for the allied Governments in conference at Cannes. the eventual discussion and settlement of the fundamental T have also received your later notes with respect to economic and financial questions relating to European re- American representation, the proposed agenda, and the cuperation which press for solution. postponement of the date of the conference. Accept, Excellency, the renewed assurance of my Since the receipt of Your Excellency's first note the highest consideration. question of American participation in the proposed con- (Signed) CHARLES E. HUGHES. ference has had the most earnest attention. I am sure His Excellency that you will realize that the Government of the United Senator VITTOIUO ROLANDI RICCI, States must take a deep interest in any conference which Ambassador of Italy. holds promise of effective measures to promote the economic rehabilitation of Europe, since not only do we The whole question of international investkeenly desire the return of prosperity to the peoples who ment of capital and the rehabilitation of foreign have suffered most severely from the wastes and dislocations of war, but it is also manifest that there can be no countries is evidently assuming International ,. . , J. . ,, improvement in world conditions in the absence of Euro- investment. fre shx importance. 1 his is partly pean recuperation. It is with this sympathetic spirit, due to the fact that the market and with the utmost reluctance to withhold its support for capital has improved and that the possifrom any appropriate effort to attain this object, that the Government of the United States has examined the bility of placing capital issues is now con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 FEDERAL RESERVE BULLETIN. APRIL, 1922. siderably greater than on former occasions. In American concerns that wish to ascertain the attitude the United States particularly, the number of of the department regarding any projected loan should offerings of foreign bonds, especially of foreign request the Secretary of State, in writing, for an expression of the department's views. The department will then give Government bonds, has been largely increased the matter consideration and, in the light of the informawithin the past few months. tion in its possession, endeavor to say whether objection The following table, prepared for the Federal to the loan in question does or does not exist, but it should Reserve Board by the Guaranty Trust Co. of be carefully noted that the absence of a statement from New York, sets forth the total of foreign dollar the department, even though the department may have loans issued in the United States during 1921 been fully informed, does not indicate either acquiescence or objection. The department will reply as promptly and 1922 to March 15, 1922, including certain as possible to such inquiries. Treasury notes and other loans not offered for The Department of State can not, of course, require public subscription: American bankers to consult it. It will not pass upon [Fn thousands of dollars.] the merits of foreign loans as business propositions, nor assume any responsibility whatever in connection with 1921 | 1922 (to Mar. 15) loan transactions. Offers for foreign loans should not, therefore, state or imply that they are contingent upon an Gov- ! Gov- expression from the Department of State regarding them, Country. r C a o ti r o po n - . " c S m SI - * j I ***r C •a o ti r o po n - . m e a r n e n d n - t Total. n o o f r t s h h is o u G ld o v an er y n p m r e o n s t p . e ct T u h s e o r d c e o p n a t r r t a m ct e n re t fe b r e t l o ie t v h e e s a t t h ti a t t u d in e municmunic- ipal. view of the possible national interests involved it should ipal. have the opportunity of saying to the underwriters con- Australia ; 12,000 ! 1.2,000 2,500 ! 10,000 . 12,500 cerned, should it appear advisable to do so, that there is or Dutch East Indies. ' 80,000 j 80,000 Belgium : 34,270 I 34,270 is not objection to any particular issue. Denmark j 15,000 ! 15,000 30,000 I 30,000 France 4,275 ,122,800 127,075 10,000 25,000 ! 35,000 An important step in the adjustment of our Poland 10,000 | 10,000 Argentina ! ! 63,000 63,000 27,000 ; 27,000 international financial relations was taken by Bolivia \ 1 2,253 2,253 7,000 : 7,000 Brazil 82,000 82,000 7,500 , 7,500 Work of the Congress in the passage of the Chile ! 44,000 44,000 Paraguay 1,192 .1,192 funding commis- foreign debt funding bill on Uruguay 7,500 7,500 . Moxico j • 2,500 2,500 j sion- February 9 which reads in Central America | ; and other i j IS, 100 13,100 part as follows: Canada »104,050 2 74,06:3 1.78,113 11,000 13 25,000 36,000 Newfoundland 6,000 6,000 "i,"666V5,"666" "*6,"666 That a World War Foreign Debt Commission is hereby Cuba 30,300 • 30,300 Dominican Repub- created consisting of five members, one of whom shall be the Po li r c to Rico 9,000 2,5 5 0 00 0 2 9 , , 5 50 00 0 Secretary of the Treasury, who shall serve as chairman, and Hawaii 7,000 7,000 four of whom shall be appointed by the President, by and Philippines 20,000 20,000 : 5,000 : 5,000 with the advice and consent of the Senate. Total 161,917 488,3% 650,303 | 31,500 1231,500 263,000 SEC. 2. That, subject to the approval of the President, the commission created by section 1 is hereby authorized i.Includes capital issues by companies having properties in more than one country. to refund or convert, and to extend the time of payment 2 Estimate of The Monetary Times, Toronto, Jan. 6,1922. of the principal or the interest, or both, of any obligation 3 Approximate. Recognizing the increase of the demand for of any foreign government now held by the United States of America, or any obligation of any foreign government American capital, the Department of State has hereafter received by the United States of America (inissued aletter to American bankcluding obligations held by the United States Grain Cor- Our foreign fi- ^ , in which {f hag laid down poration, the War Department, the Navy Department, or nancial policy. . . , , . , . , ,. the American Relief Administration), arising out of the the principles which it believes World War, into bonds or other obligations of such foreign should govern the placing of loans in the United government in substitution for the bonds or other obliga- States. The statement referred to was issued tions of such government now or hereafter held by the United States of America, in such form and of such terms, on March 3 and was in part as follows: conditions, date or dates of maturity, and rate or rates of The flotation of foreign bond issues in the American interest, and with such security, if any, as shall be deemed market is assuming an increasing importance, and on for the best interests of the United States of America: account of the bearing of such operations upon the proper Provided, That nothing contained in this act shall be conconduct of affairs it is hoped that American concerns that strued to authorize or empower the commission to extend contemplate making foreign loans will inform the Departthe time of maturity of any such bonds or other obligations ment of State in due time of the essential facts and of subdue the United States of America by any foreign governsequent developments of importance. Responsible Ameriment beyond June 15, 1947, or to fix the rate of interest at can bankers will be competent to determine what informaless than 4-J- per centum per annum: Provided further. tion they should furnish and when it should be supplied. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APUTL, 1022. FEDERAL, BESEKVE BULLETIN. 387 That when the bond or other obligation of any such During February, 1922, the net inward government has been refunded or converted as herein movement of gold totaled $26,969,000, comprovided, the authority of the commission over such pared with a net inward moverefunded or converted bond or other obligation shall cease. Gold and silment of $25,708,000 for the SEC. 3. That this act shall not be construed to authorize ver movements. the exchange of bonds or other obligations of any foreign month of January. Sweden, government for those of any other foreign government, or England, Denmark, and France are credited cancellation of any part of such indebtedness except with $23,725,000, or 83 per cent of the $28,through payment thereof. 701,000 of gold imported during February. SEC. 4. That the authority granted by this act shall The effect of the miners' strike in South Africa cease and determine at the end of three years from the date of the passage of this act. and of the curtailed output and shipments of SEC. 5. That the annual report of this commission shall South African gold to London is seen in a be included in the Annual Report of the Secretary of the gradual decrease of gold arrivals from England. Treasury on the state of the finances, but said commission On the other hand, gold receipts from Sweden shall immediately transmit to the Congress copies of any and Denmark, representing largely Russian refunding agreements entered into, with the approval of the President, by each foreign government upon the gold sent to this country by the soviet authoricompletion of the authority granted under this act. ties in payment for food supplies, show a con- The improvement in general business condi- siderable increase. In addition, substantial tions in leading foreign coun- gold imports for the month are credited to Index of busi- ^^ Wftg indicated above> Simi _ Canada, British Oceania, and Colombia. Gold ness conditions. , , - , , , „ exports during the month totaled $1,732,000. larly, the past halt year has and were consigned to British India, Mexico, been a period of business readjustment in the Spain, Hongkong, and Canada. Net imports United States. This process is still continuing, of gold since August, 1914, totaled $1,594,as will be seen in the Federal Reserve Board's 785,000, as may be seen from the following usual indexes of current production and marketexhibit: ing conditions, which are presented herewith. [In thousands of dollars.] The process is well illustrated by the slackening observed in the textile industry, which was Imports. : Exports. Excess of among the first to revive, at the same time imports. that the steel industry shows further progress, Aug. 1, 1914, to Doe. 31, 191S 1,776,616 705,210 1,071,406 although not yet operating on the same scale Jan. 1 to Dec. 31, 1919. 76,534 368,185 i 291,651 Jan. 1 to Doe. 31, 1920. 417,068 322,091 94,977 as a year ago. Jan. 1 to Dec. 31, 1921. 691,267 : 23,891 667,376 Jan. 1 to Feb. 28, 1922 55,272 ; 2,595 52,677 [000 omitted.] Total 3,016,757 \ 1,421,972 1,594,785 I February, 1921. February, 1922.1 January, 1922. 1 Excess of exports. . Total. TTnotteall . ! ]^*e£la - TTntoctial l.^ela" The month witnessed net exports of silver totaling $2,321,000, compared with net im- Receipts of live stock' j at 15 western mar- '• ! ports of $2,519,000 for the preceding month. kots (head) 4,738 , 100 4,811 ! 101.6 ! 5,144 108.6 Receipts of grain at • Mexico furnished about 77 per cent of the 17 interior centers i (bushels) ' 6(5,515 ' 100 105,278 | 158.5 ! 97,265 116.2 $4,771,000 of silver imports during the month, Sight receipts of •. i ! cotton (bales) 745 j 100 462 | 62.0 I 865 116.1 the remainder coming chiefly from Peru, Shipments of lumber' ! reported by three •. j Canada, and Germany. Of the silver exports associations (mil- , lion feet) 538 j 100 082 ! 126.8 712 132.4 for the month amounting to $7,092,000, about Bituminous coal pro- . duction (short ' 60 per cent went to the Far East and over 30 tons) : 30,851 ! 100 40,951 ! 132.7 37,600 121.9 Anthracite coal pro- , j per cent to China alone. England is credited duction (tons) ' 7,701 100 6,762 87.8 6,258 81.3 Crude petroleum pro-: , with over 27 per cent of the silver exports for duction (barrels)..: 35,366 ' 100 | 41,163 '116.4 43,141 122.0 Pig iron production • j the month, though the ultimate destination of (long tons) , 1,937 j 100 j 1,630 | 84.2 1,639 84.6 St t e i e o l n i ( n l g o o n t g p to ro n d s u ) c . - .. ; i 1,749 • i ' 100 j 1,742 j' 99.6 1,593 91.1 these silver shipments is probably also the Co ( t b t a o l n e s c ) o nsumption t , 395 | i 100 j 473 j119.8 527 133.5 Far East. Net exports of silver since August, Wool consumption • ! , i 1914, totaled $443,063,000, as may be seen (pounds) • 30,204 174.7 61,192 169.0 100 i 63,244 from the exhibit following: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 FEDERAL RESERVE BULLETIN. APRIL, 1922. [In thousands of dollars.] 2.6 per cent to 1.5 per cent of the banks' combined loans and investments. The share which Imports. Exports. Excess of these borrowings constitute of the total disexports. counts held by the Federal reserve banks shows Aug. 1, 1914, to Doc. 31, 1918 203,592 483,353 279,761 a further drop from 48.1 per cent on February Jan. 1 to Dec. 31, 1919 89,410 239,021 149,611 Jan. 1 to Dec. 31, 1920 88,060 113,616 25,556 15 to 38.2 per cent on March 15, compared Jan. 1 to Dec. 31, 1921 63,242 51,575 111,667 Jan. 1 to Feb. 28,1922 11,267 11,069 U98 with 77.3 per cent on March 18 of a year ago. Total 455,571 i 898,634 443,063 The following exhibit presents in summary form the course of member bank development i Excess of imports. during the period under review: Moderate liquidation of loans and investments totaling $47,000,000, accompanied by an REPORTING MEMBER BANKS. increase of $277,000,000 in de- [In millions of dollars.] The banking posit liabilities, and a much situation. Loans Redissmaller reduction in borrowings Number and dis- counts Ratio of j f s r t o a m nd i t n h g e f F ea e t d u e r r e a s l o r f e s d e e rv v e e lo b p a m nk e s n , t a in re th th e e b a o n u k t- - Date. p b o o a f r n t r k i e n s - g . m i c n o a e v u n n e d n t s s t t . s - 1 a p n a F w d y . i a b R t b h i . l l l e s i accom- Net ing field during the four weeks between Feb- 2 3 4 ruary 15 and March 15, as indicated by the weekly statements of condition of over 800 Feb is 807 14,684 378 2.6 10,321 member banks in leading cities. M Fe a b r . . 2 1 1 8 8 0 0 7 7 1 1 4 4 , , 5 5 4 4 2 5 3 3 1 2 8 1 2 2 . . 2 2 1 1 0 0 , , 2 3 4 4 " 9 ) Mflr 8. . 806 14,527 255 1.8 10,334 Weekly figures of loans secured by Govern- Mar.15 ... 805 14,637 226 1.5 10,598 ment obligations extended by the reporting insti- 1 Including rediscounts with Federal reserve banks. tutions show a steady decrease from $442,000,- 000 to $410,000,000, loans secured by corporate Federal reserve bank figures, which cover the obligations fluctuated between $3,092,000,000 four-week period between February 21 and on February 21 and $3,135,000,000 on March March 22, indicate further liquidation of 15, while other loans and discounts, largely of $105,400,000 of discounted bills, an increase of a commercial character, with the exception $4,400,000 in the holdings of purchased acceptof one week, remained practically stationary ances, and a reduction of $6,500,000 in Pittman at about $7,360,000,000. Changes in the in- certificates. Other Treasury certificates show vestment block affect primarily the holdings of an increase up to March 8 of $27,400,000. On Government securities, largely in consequence the following Wednesday seven of the Federal of the extensive credit operations of the Gov- reserve banks held a total of $167,000,000 of ernment in connection with the March 15 special certificates to cover advances to the income tax pa}onents. The effect of these oper- Government pending collection of income tax ations on the status of the reporting member checks and of funds from depositary institubanks is seen in a reduction since February 15 tions. These certificates were redeemed durof $68,000,000 in Victory notes, as against ing the following week and on March 22 the increases of $49,000,000 in Treasury notes and total of the item, $143,700,000, was only of $6,000,000 in Treasury certificates. The $10,000,000 in excess of the total shown four banks report also an increase of $11,000,000 in weeks earlier, while total earning assets of the their holdings of United States bonds and a reserve uanKs, $1,146,200,000, show a decrease reduction aggregating $24,000,000 of their of $12,800,000 from the February 21 total. investments in other securities. Gold holdings of the reserve banks show a furxiggregate borrowings of the reporting insti- ther gain for the period of $29,900,000, while tutions from the Federal reserve banks show total cash reserves increased by $23,800,000. a continuous decrease during the four weeks Members7 reserve deposits reached ahigh level from $378,000,000 to $226,000,000, or from of $1,845,500,000 on March 15, the increase Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 889 for that week representing mainly credits to FEDERAL RESERVE BANKS. member bank account for matured Treasury [In millions of dollars.] certificates. During the following week, as Bills discounted. income tax checks drawn on the banks were F. R. c w l i e p a e r d ed o a u n t, d t h c e o l M lec a t r e c d h , 2 th 2 i s to i t n a c l r o ea f s $ e 1 w ,6 a 6 s 7 , e 8 n 0 t 0 i , r 0 e 0 ly 0 D J ar t e# res C e a r s v h es, b G S y e o c v U u e r . r e S n d - . All de T p o o t s a i l ts. n c a o i c r t c t e u u s a l a i l n ment other. tion. being $9,200,000 below the total shown four obligations. i weeks earlier. Government deposits, after _. | reaching a low figure of $16,800,000 on March Feb. 21 i 3,080.8 282.0 I 439.3 1,772.2 2.173.5 ! 78.1 15, increased to $66,400,000 at the close of the Mar. 1 1 3,080.8 285.4 . 422.2 1.818.4 2,197.0 ' 76.7 Mar. 8 3,094.0 392.5 1,780.1 2,197.4 ! 77.8 period, while other deposits, including cashiers7 Mar. 15 ! 3,101.4 229.1 362.7 1.913.5 2.188.6 ! 75.6 Mar. 22 j 3,104.6 227.1 388.8 1.774.6 2,183.4 I 78.4 checks, reached a maximum of $51,200,000 on March 15, apparently in connection with in- The Division of Analysis and Research, come tax payments, but declined to $40,400,000 which has heretofore had headquarters at 50 on the following Wednesday. Federal reserve Broad Street, New York City, note circulation increased by $23,900,000 dur- Personnel and ^ be transferred to Washingorganization. ing the first two weeks, but declined by about ton, D. C, with headquarters $14,000,000 during the following two weeks. there after May 1, 1922. Mr. H. Parker Principal weekly changes in the condition of Willis, who has been director of the division the Federal reserve banks during the period since its organization, has resigned, effective under review are shown in the following exhibit: July 1, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

890 FEDERAL RESERVE BULLETIN. APRIL, 1922. BUSINESS, INDUSTRY, AND FINANCE, MARCH, 1922. The outstanding feature in business development during the past few weeks has been the improvement in basic industries, including steel, especially railway equipment, copper, and other metals. A marked increase in the production of automobiles has also been a feature of the month. Building activity, which has been on the upgrade for several months past, continues its growth, February permits being about 40 per cent in excess of those of February, 192.1, while the advance is still continuing. As against this favorable trend in the physical volume of production in basic lines is the fact that a variety of conditions have operated to offset the encouraging improvement which has been noted in textiles during the winter months. Prominent among these unfavorable influences are the disturbed relations with labor, but uncertainty as to cost of production and lack of forward orders have produced a depressing effect in those districts where no labor troubles have made themselves felt. No important changes have been observed in other manufacturing lines, such as leather, boots, and shoes. Agriculturally the month has been one .of favorable development considering the season. Winter wheat prospects are reported good in most parts of the country. Cotton planting indicates increased acreage, although a heavy infestation of boll weevil is predicted. A larger use of fertilizer is also reported in some sections. Prospects for deciduous fruits are reported encouraging. Labor conditions in the agricultural regions are regarded as satisfactory. A material increase in the demand for labor, largely the natural seasonal growth, is reported from most districts. According to official figures a marked, even if still limited, decrease in unemployment is under way. This is partly due to the greater activity of basic industries already referred to and partly to seasonal growth of demand for labor, but offsetting it must be mentioned the voluntary unemployment growing out of strike conditions, both present and prospective. In trade, both retail and wholesale, the tendency has been on the whole downward, although not pronouncedly so. In certain districts seasonal activity has resulted in an absolute increase in particular lines of wholesale trade, as, for example, in the case of shoes and dry goods. Retail trade, on the other hand, is uniformly lower than it was a month ago or than it was at this time last year. This is in a large measure due to postponement of buying resulting from the lateness of the season, but is also in part due to a longer continuance of unemployment. The movement of commodities to market during the month has been very satisfactory. Increase in car loadings has been noticeable in many parts of the country. Grain shipments during February have been larger than in any month since October, 1921. A satisfactory movement of live stock and meat products is also reported. Better earnings of railroads demonstrate the growth in freight tonnage which has been a striking feature of recent weeks. The advance in the index number of wholesale prices shown by the Federal Reserve Board's compilation amounts to 4 points for the month. This change is largely due to the advance in the prices of agricultural products. In wholesale lines some declines have taken place, but prices have been tolerably firm, although, where they have been so, restriction of the activity of trade has been a feature. The process of evening up prices through interindustrial adjustments is still incomplete. Financially the month has shown but little change. Discount and interest rates have not moved materially. Foreign trade shows a somewhat further decline, with a much closer approach to adjustment of export and import figures both here and abroad. Increasing stability in foreign exchanges, with the exception of marks, has been the rule. Further liquidation of frozen loans in the West and South has been effected, and reports from these parts of the country show that a satisfactory line of credit is being extended for the planting of new crops. Increasing specie reserves and declining portfolios in Federal reserve banks show that there has been no increase in the demand brought to bear by member banks for commercial accomodation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. .RI-:SKKVi-: BUJXETIX. 391 generally low, due to the fact that the bulk of AGRICULTURE. the offerings were barn scrapings and low grades The quantity of grain stored on the farms sold to wind up the season's crop. Sales of on March 1, 1922, was considerably smaller bright tobacco in Virginia to March 1 were 60 than on March 1, 1921. Stocks of oats have per cent and of dark tobacco 85 per cent of registered the greatest reduction and are 41 those in 1920-21. Prices realized for the per cent less than a year ago, while stocks of former averaged lower this season than a year wheat are 40 per cent less, stocks of barley ago, but dark tobacco brought higher average 37 per cent less, and stocks of corn 16 per cent prices. Leaf dealers report improved foreign less. The condition of winter wheat has shown demand. In Kentucky, the Burley Tobacco marked improvement during March. District Growers' Cooperative Association, it is reported, No. 10 (Kansas City) reports that the wheat has continued to operate in a very satisfactory plant is making a very favorable showing in manner. It is now evident that the crop is notthe eastern and southern parts of Kansas, and heavy. A large part has been delivered to the that recent rains and snows in Oklahoma have association and already sold, although some is greatly aided the crop. The drought has been in storage. Prices have been very satisfactory. broken in the Texas Panhandle, according to A plan is now being inaugurated to organize an district No. 11 (Dallas), and that section now association in the dark districts of western has the brightest crop outlook in many years. Kentucky, and is expected to be completed for Reports also indicate that the condition of handling the 1922 crop. winter wheat is good in district No. 8 (St. District No. 3 (Philadelphia) reports no evi- Louis), but severe sleet and ice storms have dence of the improved demand for cigars usually caused considerable damage to winter grains expected at this time of the year, and the dein district No. 7 (Chicago). District No. 9 mand is still very uncertain and irregular. . (Minneapolis) states that winter wheat is in Although dealers' stocks are low, they are buysplendid condition, as it has been well proing only goods they absolutely need." January tected by snow. Plowing and preparation of sales of revenue stamps for cigars were less than soil for corn is now in progress in most of the in any month within the past three years. Southern States and seeding of oats is under way in Missouri, Kansas, and Oklahoma. FRUIT. Planting of sugar cane in Louisiana has been hampered by wet and cold weather, but the Movement of citrus fruit to market from Calcane already planted is reported to have es- ifornia and Florida showed some decline during caped damage. February. ^ Growers belonging to the California Fruit Growers7 Exchange received an COTTON. average price (f. o. b. California) of $3.39 per The final ginning report on the 1921 cotton box for oranges and S3.93 per box for lemons in crop showed total ginnings of 7,976,665 run- February, as compared with $2.15 per box for ning bales. The price of middling upland cot- oranges and $2.09 per box for lemons in Febton at New Orleans on March 15 was 16.75 ruary, 1921. The market for Florida oranges cents, which is the same price as prevailed on is also very strong and substantial premiums February 15. There is a general tendency are paid for standard sizes. throughout the cotton belt to hasten planting Prospects for deciduous fruits are thus far exof the new crop, as an early start helps to mini- cellent, but it must be remembered that there is mize the depredations of the boll weevil. Dis- still danger of frost damage in many parts of tho trict No. 11 (Dallas) reports some increase in country. District No. 10 (Kansas City) states cotton acreage this year, and states that timely that the outlook of orchard fruit is very favorrains have put the soil in a condition which able, although there has been some wintershould be conducive to the quick germination killing of peach trees. Orchards are in bloom and growth of the plant. Reports from dis- in most sections of district No. 11 (Dallas) and trict No. 6 (Atlanta) indicate an increased promise large yields unless damaged by late acreage and a tendency to use fertilizers. In frosts. District No. 8 (St. Louis) reports indistrict No. 5 (Richmond) rain and snow have creased strawberry crops in Arkansas and Misdelayed spring planting, while the generally sissippi and a more careful and scientific treatmild winter has permitted the hibernating of ment of fruit orchards. Shipments of apples a large number of boll weevils. from district No. 12 (San Francisco) amounted to 47,335 carloads up to March 4, 1922, as compared with 29,125 carloads shipped in the cor- TOBACCO. responding period of the previous crop year. Virginia tobacco sales in February and early District No. 12 (San Francisco) reports heavy March were comparatively small and prices exports of both dried and canned fruits in recent 97329—22 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 FEDERAL RESERVE BUIXETIN. APIILL, 1922. months. Only 8,511,851 cases, or about 15 Toward the end of February prices were per cent, of the 1921 pack of California remains higher in district No. 7 (Chicago) in response in the hands of canners, and both foreign and to the higher price of wheat. After March 1, domestic demand is increasing. Prices for however, the demand subsided. District No.10 canned apricots, peaches, pears, and cherries (Kansas City) likewise states that there was a have all advanced since the beginning of the drop in sales at the beginning of March. season, but are considerably lower than at this Throughout the period there has been a good date last year. export demand, while bujdng for domestic consumption continues to be for immediate GRAIN MOVEMENTS. needs only. LIVE STOCK. Receipts of grain at 17 interior centers were larger in February than in any month since Receipts of cattle and calves at 15 western October, and exceeded January receipts by 7.5 .markets during February were 1,345,487 head, per cent. Corn receipts at these 17 centers as compared with 1,128,020 head during Janwere larger than in any month during the past uary and 835,686 head during February, 1921. two years, due to heavy increases at Chicago, Receipts of hogs decreased from 2,882,551 head Indianapolis, Kansas City, and Peoria. Wheat in January to 2,530,092 head in February, receipts were 18.5 per cent larger than in Jan- which was 372,015 head less than a year ago. uary, and showed particularly large gains at February receipts of sheep were 913,642 head, Kansas City, Chicago, and Omaha. "Receipts as compared with 1,101,679 head in January of oats, rye, and barley also increased at inte- and 972,647 in February, 1921. District No. 10 rior centers, while there was a slight drop in the (Kansas City) remarks that February was receipts of flour. Grain receipts at 9 seaboard notable for the number of stackers and feeders centers were slightly larger in February than in sent to the country. On* account of low tem- January, due to the heavy movement of corn, perature in some parts of district No. 12 (San although the receipts of wheat, rye, and barley Francisco) and the consequent backwardness declined. Stocks of grain increased at both of pasture lands, California grass fed cattle arc interior and seaboard centers. Stocks of corn expected to come to the market in May, a were much augmented at all reporting centers, month later than usual. At present the live whereas stocks of wheat, oats, and barley were stock in the district is reported to be in favorsomewhat diminished. able condition. Returns from 35 packers show an increase FLOUR. of 1.8 per cent in average weekly sales in February over those of January, 1922, and 34 February production of flour in most dis- show a decrease of 14.2 per cent as compared tricts showed an increase over both January, with a year ago. Higher prices in February 1922, and February, 1921. In district No. 9 were a factor in the increase of dollar sales over (Minneapolis) the 'reported February, 1922, those for January. Domestic trade in fresh production was 1,802,781 barrels, as compared and cured meats during the early part of with 1,935,754 barrels for January and 1,889,799 March was rather slow on account of the lenten barrels for February, 1921. Eleven leading period, reports district No. 7 (Chicago). Exmills in district No. 8 (St. Louis) reported a port demand for meats and provisions fell off decrease of 83,494 barrels from the January, during the first part of March. 1922, output, but an increase of 1,872 barrels over the February, 1921, production. In dis- COAL. trict No. 7 (Chicago), on the other hand, a comparison of February, 1922, figures with Production of bituminous coal showed an January, 1922, and February, 1921, showed increase of 9 per cent over January and 33 per increases of 19.5 per cent and 40 per cent, re- cent over February last year. The output for spectively. District No. 10 (Kansas City) re- the month was 40,951,000 tons, an average of ports that 80 mills produced 1,498,813 barrels 1,706,000 tons per working day, which is the during February, 1922, an increase of 356,503 highest rate of production for February since barrels, or 31.2 per cent, over the production 1918. Production for the coal year to March 4 of 84 mills reporting in February, 1921. Re- was 391,945,000 tons, compared with 496,ports from district No. 12 (San Francisco) 639,000 tons for the previous coal year to showed an increase from 711,292 barrels pro- March 4, 1921. Stocks in the hands of conduced by 67 mills in January to 745,650 barrels sumers on January 1 amounted to 47,500,000 produced by 64 mills in February. tons and there were 7,200,000 tons at the lake Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AritiL, 1922. FEDERAL RESERVE BULLETIN. 393 docks. Demand has suffered a general falling district was 13,759,335 barrels, as compared off, except in district No. 4 (Cleveland). The with 14,916,130 barrels in January. District decrease in general is attributed to the un- No. 12 (San Francisco) also reported an incertainty as to prices after April 1, and to the creased average daily production during Febfact that railroad and public utilities have ruary. The stored stocks in that district stood accumulated large stocks and are no longer at 36,701,810 barrels on March 1, as compared increasing their reserves. with 22,903,639 barrels on the corresponding Production of anthracite coal for the month date a year ago. Forty-one new producing was 6,762,000 tons, an increase of .8 per cent wells were completed during February, as comover January and a decrease of 12 per cent pared with 52 wells in January. compared with February last year. Demand District No. 11 (Dallas) reports a slight for both domestic sizes and steam coal is weakness in crude-oil prices during the month. governed by seasonal influences, and purchases Corsicana heavy decreased from 95 cents per are sufficient to cover onl}~ immediate needs. barrel to 75 cents per barrel. However, the Although certain large users have stored coal prices posted at the various fields are now equal in anticipation of a strike, in the main con- to or higher than those posted at this time a sumers do not seem concerned with the fear of year ago. a shortage, and retail dealers and domestic con- IKON AND STEEL. sumers alike appear to be desirous of entering the new coal year with minimum stocks. Con- Further improvement in the iron and steel sequently producers have been compelled to industry occurred during February, although store a large proportion of their output and there was some recession in activity earlv in their reserves are heavy. Some retail dealers March. District No. 3 (Philadelphia) reported have endeavored to stimulate demand by that plants in that section received Jess busishading prices, but the practice has not been ness than those located in other parts of the general. Production of beehive coke for Feb- country and were operating at about 45 per ruary amounted to 538,000 tons, an increase cent of capacity, as compared with a rate of of 8.5 per cent over January. Consumption 60 to 65 per cent elsewhere. Daily pig-iron and prices arc better than last month, a re- production in February averaged 58,214 tons, flection of increased iron and steel operations. as compared with 53,063 tons in January. The Stocks at by-product plants now amount to output of steel ingots advanced, the net gain amounting to 148,863 tons, according to** the more than 1',000,000 tons. American Iron and Steel Institute. Unfilled PETROLEUM. orders of the United States Steel Corporation receded to 4,141,069 tons at the end of Febru- Reports from all the more important oil ary, the lowest total since December, 1914. fields indicate an increased output of crude oil The decrease of over 100,000 tons, as compared during February. Due to this increased pro- with unfilled orders at the end of January, is, duction and the lessened demand, it is esti- however, largely attributable to the increased mated that stocks increased over 8,000,000 activity that prevailed in the steel mills during barrels during February. District No. 10 February. Demand from automobile manu- (Kansas City) states that during February 430 facturers is better and considerable buying is wells were completed, as compared with 499 in being done by the railroads. Prices of some January and 771 in February, 1921. The products, such as plates, bars, and shapes, adaverage flow per completed well was 156 bar- vanced in March, and that is true also of some rels, as compared with 149 barrels in January grades of pig iron. Nevertheless, the upward and 85 barrels in February a year ago. Gross movement is by no means general and as a production during February in Kansas, Okla- matter of fact declines have occurred in cerhoma, Wyoming, and Colorado totaled 13,141,- tain grades of pig iron, while the average of. 692 barrels for the 28 days of the month, as steel prices shown by the composite figure comcompared wTith 14,375,000 barrels in January piled by the Iron Age for March 7 was below and 11,903,000 barrels in the corresponding the average of the same date a month ago. month last year. Reports from district No. 11 (Dallas) show AUTOMOBILES. a daily average production of 491,404 barrels, as compared with 481,165 barrels during Jan- District No. 7 (Chicago) reports increased uary. The north Texas field and the Mexia activity in both production and shipment of field were considerably hampered by weather automobiles during February. Manufacturconditions. In this district 223 producing ers, who reported 81,474 passenger cars built in wells were completed; with an initial flow of January, show an output of 107,626 cars during 258,188 barrels. The total production for the February, or an increase of 32.1 per cent over Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 FEDERAL RESERVE BULLETIN. AriiiL, 1022. January. Truck production of companies re- respectively, although the full effects of the porting 8,832 trucks built in January was strike were not felt until the middle of Febru- 12.443 during February, or an increase of 40.9 ary. Mill •' operations increased slightly in per cent. Production is also increasing in dis- Connecticut and Vermont, but were subtrict No. 4 (Cleveland), but buyers are not stantially unchanged in Maine, and showed a purchasing for stock but against sales. There slight loss in Massachusetts. The cotton goods has been an improvement in the automobile market in district No. 1 (Boston) was reported body business in that section, although auto- to be dull during the first three wreeks of March, mobile axle business is probably not in excess and print cloths sold lower than at any time of a year ago. since the beginning of the year. The southern mills were also feeling the influence of lessened NONFERROUS METALS. demand, and district No. 5 (Richmond) reported the industry to be "largely on a hand Due to the announcement that a number of to mouth basis." In district No. 6 (Atlanta) copper mines were to reopen, the demand for production in both cloth and yarn mills dethe metal slackened in February. On March creased, according to the reports received 15, however, the price of copper (Newr York, from representative mills located in that net refinery) was 12.75 cents per pound as section. Forty-one cloth mills showed a recompared with 12.50 cents on March 1. The duction in the yardage output during February export demand lately has taken so much of 3.6 per cent as compared with January, but copper off the market that producers generally an increase of 42.2 per cent as compared with have not cared to attract domestic trade by a year ago. Shipments increased 1.8 per cent price cutting. Copper production in February as compared with January and 72.5 per cent amounted to 37,415,808 pounds, as compared as compared with February, 1921. Orders with 25,848,284 pounds in January, but was on hand at the end of the month were 4.7 per less than 50 per cent of the amount produced cent below those on hand at the end of the during February, 1921. District No. 10 (Kan- preceding month, but were 53.3 per cent above sas City) reports declines in both shipments those on hand a year ago. The reduction in and prices of zinc ores from the January the output of 38 yarn mills amounted to 17.6 record for the Missouri-Kansas-Oklahoma zinc per cent during the month as compared with and lead mines, the total shipments of zinc January, but was nevertheless 33.8 per cent ore being 27,043 tons, as against 28,431 tons above the output for February, 1921. Yarn during January. Shipment of lead ores showed shipments fell 9.7 per cent, but were 35.6 per a material increase over January and over cent greater than a year ago. Orders on February a year ago. Production conditions hand at the end of the month dropped 15.5 gradually improved during the month in this per cent as compared with January and were district. Both lead ores and zinc ores regis- 13.8 per cent above the amount outstanding tered a notable increase in price during Febru- at the end of February, 1921. ary. Stocks of zinc on hand at the end of February were 64,124 tons, as compared with WOOLEN TEXTILES. 65,678 tons at the end of January. The total production of zinc was 22,513 tons in Febru- Activity in woolen textiles showed a slight ary, as compared with 23,706 tons in January. improvement during February, according to Conditions in the gold, silver, lead, and zinc the statistics of active and idle machinery and mining industries in district No. 12 (San Fran- percentages of idle hours reported by the cisco) continued to improve slowly during Feb- Bureau of the Census. The percentages of ruary. idle looms to total reported fell in all cases. For looms wider than 50-inch reed space the COTTON TEXTILES. percentage of idle machinery on March 1 was 31.5, as compared with 34.3 at the beginning The reduced rate of activity in the cotton tex- of February. The corresponding percentages tile industry which was reported a month ago for looms 50-inch reed space or less were 27.1 subsequently became even more pronounced. and 27.2, respectively. There was a reduction The extensive strikes in certain sections of in the percentage of idle carpet and rug looms New England have not stimulated activity from 22.4 to 21.2. The percentage of idle in other parts of the country, and cotton con- woolen spindles fell from 27 to 20.1 and that sumption dropped from 526,562 bales in Jan- of worsted spindles rose from 14.3 to 14.4. uary to 473,073 bales during the month of The percentages of idle hours to total reported February. In New Hampshire and Rhode were also less in the case of weaving machinery, Island the reduction in the amount of cotton the figure for looms wider than 50-inch reed consumed amounted to 45 and 26 per cent, space being 34.1 per cent on March 1, as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

L, 1022. FEDERAL RESERVE BULLETIN. 395 compared with 35.2 percent at the beginning seemed to promise." Latest returns show this of February. The corresponding figures for increase to be about 26 per cent for the season looms 50-inch reed space or less were 31.9 per to date. Eleven tailors-to-the-trade report cent and 32 per cent. The percentage of orders for suits received during February to be idle hours for carpet an drug looms was reduced 61.4 per cent in excess of orders for the preto 23.1 from 23.9 for the preceding month. ceding month, while the number of suits made Percentage of idle spindle hours fell in the increased 69.8 per cent as compared with case of woolen spindles from 25.4 at the January. beginning of February to 18.4 on March 1, SILK TEXTILES. while in the case of worsted spindles it rose from 13.9 at the beginning of February to The persistence of unsatisfactory conditions 17.3 on March 1. in the market for raw silk continues to be the Notwithstanding the somewhat better show- chief obstacle to the resumption of activity in ing for February, reports from various districts silk manufacture. Buying on the part of indicate that the situation is. not so favorable jobbers is in limited quantities and only to as it was at the beginning of the year. District satisfy the needs of the moment. Production No. 1 (Boston) says that woolen and worsted is at a very low rate and stocks are accumulatmills in that section, particularly in Rhode ing. The reports received from Paterson Island, are gradually curtailing production. and North Hudson for March 11 show reces- The goods market is stated to be dull, especially sions in activity as compared with February in the case of men's wear, and worsteds are 11. In Paterson only 3,299 looms out of a not selling as well as woolens. In district No. total of 15,000 were active, as compared with 3 (Philadelphia) a few firms report "a fairly 3,653 the month before, and the percentage of well maintained volume of business/7 but in operating loom hours to total available' had the majority of cases orders are small and fallen to 22.28, as compared with 23.02 on merely to fill in. Cancellations, moreover, February 11. In North Hudson the percentage have increased greatly during the past two of operating loom hours to total reporting was weeks. Production has been curtailed and in 57.33, as compared with 57.48 the month some cases plants manufacturing men's wear before. Active looms amounted to 2,468 out have been closed down entirely, while manu- of a total covered of 4,161, as compared with facturers of women's wear are operating at a 2,456. much reduced rate. District No. 3 (Phila- HOSIERY. delphia) reports no particular change in the woolen and worsted yarn situation. Yarn In district No. 3 (Philadelphia) sales of silk mills are averaging about 85 per cent of operathosiery have increased, and it is reported that ing capacity but arc working almost entirely some orders for full-fashioned hosiery are being on contracts placed some time ago. Both in placed for delivery as far ahead as June, althe Boston and Philadelphia markets the though many call for prompt shipment. In demand for raw wool has decreased, and seamless hosiery, both silk and artificial silk, Boston reports that "prices have shown a few orders are being received except for early slight sagging tendency/' although on the delivery. The returns made to the Federal whole it seems that the market has held fairly Reserve Bank of Philadelphia by 28 firms firm and sellers are not disposed to make selling to the wholesale trade do not, however, concessions. indicate any improvement in February as compared with" the preceding month, as both pro- CLOTHING. duction figures and unfilled orders on hand at The sales of 10 wholesale clothing firms the end of the month showed a decline, output located in district No. 2 (New York) showed being 3.1 per cent below that of January (in an increase of 3 per cent as compared with dozens of pairs), wThile unfilled orders on hand January. The 23 reporting firms located in were 17.2 per cent lower. But in the case of district No. 8 (St. Louis) also recorded a fair 9 firms selling to the retail trade a slight inincrease in February sales. Forward orders crease of 1.8 per cent in output was recorded, were stated to be somewhat better than in and unfilled orders at the end of the month recent months, although smaller than in were 18.2 per cent larger. Output and orders former years. Seven wholesale manufacturers were in all cases much above a year ago. The of men's clothing in district No. 7 (Chicago) increase in output averaged over 85 per cent have about completed orders for the spring for both classes of firms, while the unfilled season, and it appears that the " increase in orders were 148.8 per cent greater in the case the volume of such orders over those of last of firms selling to the wholesale trade and 45.7 year is not so large as the earlier activity per cent larger in the case of firms selling to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 FEDERAL RESERVE BULLETIN. APRIL, 1922. the retail trade. In district No. 6 (Atlanta) Prices have receded somewhat from the Febthe plants manufacturing cotton hosiery booked ruary levels for packer hides, calfskins, and about the same amount of orders as were re- goatskins. Reports from eight tanners in disported for the preceding month, but the amount trict No. 7 (Chicago) show slightly larger sales of hosiery manufactured by reporting mills was for February than for January. New orders 5.6 percent less, although 32.5 per cent above booked in March have been for low-grade the total manufactured in February, 1921. leather or specialties. In district No. 3 (Phila- Unfilled orders at the end of the month were delphia) sales of belting leather have shown a 21 per cent below those on hand at the end of moderate increase, while sales of sole leather January. and upper leather have decreased. Demand for patent leather has been cmite satisfactory, UNDERWEAR. but business in both glazed kid and calf leather has been poor. In February, 1922, reports concerning the February output of shoes is slightly smaller production of underwear were received from 53 than that of January for most districts, but mills' belonging to the Association of Knit would show a slight increase, except in district Goods Manufacturers of America, as com- No. 1 (Boston), if reduced to a daily average pared with 55 in January and 63 in February, basis. Eight firms in district No. 1 (Boston) 1921. Actual production during the month report total shoe production in February 11.5 continued to show decided progress, as the per cent less than in January, but 60 per cent amount produced by the 53 mills was greater greater than in February, 1921. Some New than the totals reported for January by the 55 England factories which make novelties for the reporting mills, and much above the output Easter trade are still quite active, but those for the same month in 1921. A year ago the producing staple goods are experiencing a seaproduction of 63 reporting mills amounted to sonal slackness. Production of 47 concerns in only 248,431 dozens, or 28 per cent of normal; district No. 3 (Philadelphia) was 0.9 per cent in January, 1922, the production of 55 mills greater in Februar}7 than in January, while stood at 640,489 dozens, or 79.1 per cent of shipments increased 15.7 per cent. New orders, normal; while the most recent figures from 53 however, declined 13.7 per cent. Large orders mills place production at 663,346 dozens, or have been booked for sport shoes and for white 84.1 per cent of normal. Production in "Feb- shoes, but business of factories which make ruary was almost evenly divided between win- high-grade shoes has been disappointing. lieter and summer underwear, the former amount- ports of 28 shoe manufacturers in district No. 7 ing to 332,224 dozens, or 74 per cent of normal, (Chicago) indicate that production in February and the latter being 331,122 dozens, or 97.4 was 3.8 per cent less than in January, while per cent of normal. shipments increased 10.7 per cent. Unfilled Comparative reports received from 36 mills orders of 22 manufacturers were equal on the show an opposite trend from that displayed average to about five weeks' business at the during the previous month in all items except February rate. Merchants are buying only in actual production. New orders received during small quantities and there is an increasing tenthe month declined 48.5 per cent, from 764,944 dency to cancel orders. District No. 8 (St. dozens in January to 393,585 dozens in Feb- Louis) states that February sales of 11 reportruary. Shipments also declined during the ing interests ranged from 20 per cent less to month, 442,194 dozens being shipped as com- 8 per cent more than January sales. The depared with 531,789 dozens in January, a fall- mand was centered on low-priced staples, but ing off of 16.8 per cent. Unfilled orders rose considerable improvement was noted in the slightly, from 1,261,601 dozens in January to call for novelty goods. 1,432,368 dozens in February, an increase of 13.5 per cent. Cancellations increased 51.7 per LUMBER. cent, amounting to 10,968 dozens in February as compared with 7,228 dozens in January. The lumber situation continues to show a Actual production rose slightly, from 493,196 slight improvement, but the spring trade is dozens in January to 507,022 dozens in Feb- very late this year because of the depression ruary, or 2.8 per cent. in agriculture, the continued high freight rates, and the difficulty of adjusting costs of production to a lower basis. Buying is as SHOES AND LEATHER. yet conservative and is only to meet immediate needs. However, reports from- three lumber Demand for hides and skins has continued associations in district No. 12 (San Francisco) dull, although there were some large sales of show an increase in production, orders, and packer hides in the second week of March. shipments compared with January and with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 397 a year ago. Production of lumber for four The value of permits issued in February, weeks ending February 25 was 347,678,000 1922, was greater than in February, 1921, in all feet, an increase of 6.1 per cent over the pro- of the Federal reserve districts, except district duction of the preceding four weeks. Orders No. 7 (Chicago) and district No. 9 (Minneapreceived totaled 355,758,000 feet, an increase olis). These increases ranged from 7 per cent of 3.5 per cent over January and of 69.4 per for district No. 5 (Richmond) to 284 per cent cent over February, 1921. Shipments from for district No. 3 (Philadelphia). The value of the same mills increased from 345,249,000 contracts awarded in seven Federal reserve feet in January to 353,234,000 in February, districts (statistics of which are compiled by the and were 70 per cent larger than in February F. W. Dodge Co.) increased from $150,164,153 last year. Logging operators were working in January to $161,220,750 in February. Inat approximately 60 per cent of normal during creases occurred in districts No. 2 (New York), February, compared with 50 per cent the month No. 5 (Richmond), No. 7 (Chicago), and No. 9 before. (Minneapolis), while contracts in districts No. 1 Conditions in the lumber industry in district (Boston), No. 3 (Philadelphia), and No. 4 No. 6 (Atlanta) have continued to improve, (Cleveland) showed slight declines. The value in spite of unfavorable weather conditions. of contracts awarded for residential purposes in Orders and shipments for 112 mills in February seven districts increased from $71,228,675 in were 247,852,100 and 238,232,768 feet, com- January to $71,680,853 in February. pared with 241,135,404 and 224,732,954 feet Reports from district No. 1 (Boston) indicate for 108 mills in January. Of 73 reporting that residential building comprises a smaller mills, 57 were operating full time and only proportion of the total construction than in last three were shut down. Output of southern summer and autumn. District No. 3 (Philapine mills in district No. 11 (Dallas) decreased delphia) states that the prevailing building from 85,572,937 feet for 41 mills during Jan- activity is the most promising element in the uary to 82,699,889 feet for 42 mills during business situation, and that this activity is February. New orders during the month largely confined to the construction of small amounted to 81,309,962 feet, compared with homes and inexpensive apartment houses. 73,888,871 feet during January. Despite the District No. 5 (Richmond) reports that the, large increases in shipments, the unfilled orders construction outlook is bright, and considerable of 42 reporting mills on February 28 totaled supplies of materials and loanable funds are 51,070,461, as compared with 44,667,936 feet available. Reports from district No. 6 (Atfor 41 mills on January 31. lanta) indicate that the housing shortage has Lumber sales at retail in district No. 9 been relieved to a great extent. District No. 8 (Minneapolis) were 86.7 per cent of those a (St. Louis) reports that residential construcyear ago. February orders and shipments of tion is proceeding on a larger scale than at any mills both showed a decrease as compared with time since the beginning of the war, while January. District No. 8 (St. Louis) reports municipalities are starting many important that the hardwood market, following a month building projects. or six weeks of softening prices, declined quite noticeably in early March. EMPLOYMENT. BUILDING. With' the exception of the New England district, in which large numbers of employees The valuation of building permits issued in in the cotton mills of New Hampshire and 166 selected cities amounted to $141,715,243 in Rhode Island and, to a lesser extent Massachu- February, as compared with $138,631,902 in setts, are out on strike, the reports concerning January and $96,023,474 in February, 1921. the employment situation are distinctly en- The value of permits issued was greater during couraging. The United States Employment February than during January in seven of the Service showed a slight increase of 8,894 (0.57 twelve Federal reserve districts—No. 1 (Bos- per cent) in number of workers employed, ton), No. 2 (New York), No. 3 (Philadelphia), by 1,428 reporting firms. Losses occurred No. 4 (Cleveland), No. 6 (Atlanta), No. 7 (Chi- only in textiles and in paper and printing, the cago), and No. 8 (St. Louis). These increases former industry accounting for 19,152 of the varied in size from 0.5 per cent for district No. 2 total decrease of 19,237. In New York State (New York) to 60 per cent for district No. 8 there was an increase of 3 per cent in the num- (St. Louis). The remaining five districts re- ber of factory workers between January 15 and ported decreases varying from 11 per cent for February 15, which was the largest monthly district No. 11 (Dallas) to 26 per cent for dis- gain reported since September. In district trict No. 9 (Minneapolis). No. 3 (Philadelphia) an improvement likewise Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 FEDERAL RESERVE BULLETIN. AruiL. .15)22. occurred, as between February 14 and March PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES ] 5 there was a decrease of 7 per cent in the num- TN FEBRUARY, 1922, AS COMPARED WITH FEBRUARY ber of unemployed in the six cities of Altoona, 1921. Harrisburg, Johnstown, Philadelphia, Scranton, and Williamsport. The questionnaire based Groceries. ; Dry goods. ' Hardware. Boots and shoes. on returns from 236 firms reporting directly to the Federal Reserve Bank of Chicago District, ! ! Num- \ Numshowed that the number employed on Febru- ! Per i ber of i Por 'be of Pcr I bcr of ary 28 had increased 1.1 per cent as compared firms. ! ' I with the preceding month, the total number employed at the later date being 131,609. In N N o o . . 2 3 ! i - 1 - 2 6 . . 7 0 ! rn ! - - 7 5 . .5 0 : : 2 n 5 -20.0 ! 8 district No. 9 (Minneapolis) it was stated that No. 4 i—20-7 25 1.3 , 12 ! No. 5 :-12.0 . AS 1-17.4 ! 18 19.7 18 winter unemployment had passed its peak and No. 6 i —18.9 ! 31 '-13.7 21 -.1 i 8 that the demand for farm labor and for build- N N o o . . 7 9 1 1 - - 1 1 3 3 : . 4 1 : 2 1 1 4 i 1 -1 1. 0 0. . 7 3 ! 1 lo 4 -1 8 1 3 . . 9 1 : 3 8 ing workers was expected to strengthen con- No. 10 1 7.3 9 4.0 i 0 No. 11 ,-16.8 11 j—11.7 12 siderably during the coming month. In Mon- No. 12 1-17.8 i 31 , -1.3 i 21 —1.5 : 13 tana considerable improvement had been noted in copper and zinc mining and in the lumber It is evident from the above table that sales camps. The Anaconda mines reopened during of the four principal wholesale lines for which the past month. District No. 10 (Kansas returns are included compare favorably with City) also reports increased activity in out- a year ago. But the seasonal increases that door work and the reopening of a number of might be expected at this time are not genindustrial plants. In the lead and zinc mining erally in evidence except in the case of boots fields of Kansas, Missouri, and Oklahoma the and shoes. Dry goods sales in district No. 6 situation was better than during the preceding (Atlanta) and district No. 11 (Dallas), howmonths, although there was little change in ever, reflect the opening up of spring buying, the Rocky Mountain mining districts. Dis- although in neither district did the increase trict No. 12 (San Francisco) reports " steadily come up to expectations. District No. 6 increasing activity of the lumber mills, the (Atlanta) mentioned the bad weather as havnear approach of the Alaska fishing season, and ing had a deterrent effect upon sales. The the beginning of railroad and highway con- late date at which Easter comes, together struction work" as having resulted in "a with the very conservative policy pursued by steady diminution of unemployment there retailers in placing forward orders, are factors during the month." Reports from the ten to be considered in examining sales figures. principal lumbering districts show that 60,697 It is also necessary to ' keep in mind that loggers and lumbermen were on the pay rolls February had 4 per cent fewer business days on February 15 as compared with 54,350 men than January. a year ago. RETAIL TRADE. WHOLESALE TRADE. Dollar values of retail sales continued to decrease during February as compared with PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES January. This appears to be due to the IN FEBRUARY, 1922, AS COMPARED WITH THE PRECEDshorter month and to the large reductions in ING MONTH (JANUARY, 1922). prices offered in the special sales in order to | I move winter goods preparatory to the spring Boots and Groceries. ! Dry goods. I Hardware. shoes. season. Sales likewise showed a decrease as compared with last February, undoubtedly District. Per Num- Per Num-1 Per Num- because of the severe weather and lateness of cent. f b i c rm ro s f . i ; cceennlt - !l b fi e r r m o s f. , j cceenntu i j b f c i r r m of s. Easter. District No. 1 (Boston) reported that the department stores situated in New Eng- No. 2 ! -6.0 -3.0 I 11 -2.0 | land cities other than Boston did not do as No. 3 | -1.4 d\ 25 well in February, relative to a year ago, as No. 4 i -4.4 12 No. 5 • -.3 18 25.2 ! they did in January, because of the textile N N o o . . 7 6 i 1 -3 -. . 2 4 - - 1 1 7 2 . . 6 4 I I 2 1 1 5 1 15 9 . . 0 1 | I strike prevailing in that part of the country No. 9 ! -1.7 V 14 7.2 I during February, while district No. 5 (Rich- No. 10 ' 2.6 17.1 i 9 No. 11 ! 6.4 12 mond) attributed the falling off in trade in No. 12 !-14.2 21 .3 13 two cities to street car strikes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APUTL, 1022. FEDERAL. RESERVE BULLETIN. 399 February sales of 444 department stores has advanced in price as a result of the slight throughout the country decreased 10.5 per improvement in conditions in the iron and steel cent as compared with February, 1921. As industry. Prices within the iron and steel indicated in the table on p. 462, the decreases industry proper, however, appear to be scarcely ranged from 3.1 per cent in district No. 1 any, if at all, higher than last month. In fact, (Boston) to 19.5 per cent in district No. 11 prices of steel rails and certain other commodi- (Dallas). Stores in all districts have been ties were actually lower in March than in Feblaying in stocks of spring merchandise, so ruary. Copper and tin prices were lower also that there has been a general increase through- than in February, but there was a definite trend out the United States in stocks on hand at upward in both markets. the end of February as compared with the Prices of finished and semifinished textiles end of January, but half the districts show were uneven during March. In the cotton indecreases from* the corresponding month last dustry prices seemed to be definitely on the year. The receipt of spring merchandise in decline, while in the woolen industry there was quantities naturally increased the average per- considerable uncertainty and relatively little centage of stocks on hand at the end of each trading done. Silk cloth prices, on the other month since January 1 to net sales during hand, are reported to have been firm. January and February, and the percentage at Index numbers for February showed an apthe end of February was 471.5, as compared preciable advance, the Federal Reserve Board with 424.4 at the end of January. The ratio index shifting 4 points, from 138 to 142 (on the of outstanding orders to total purchases during basis of prices in 1913 = 100), and the index of 1921 remains practical!}7 unchanged. the Bureau of Labor Statistics advancing 3 points. As was pointed out in last month's PRICES. BULLETIN, the most important commodities to increase were farm products. Provisions were Prices of most farm products continued to also" higher, as well as certain chemicals, oils, rise during the early part of March and in the and woolen yarns. case of a few commodities the advance continued through the month. According to the quotations furnished the Federal Reserve FOREIGN TRADE. Board, grains showed slight reaction about the middle of the month, but the average for the The value of exports of merchandise during first three weeks of March was higher than for February dropped to $251,000,000, which is February. Sheep and mutton have continued only $34,000,000 more than the value of imto show substantial increases, and cattle and ports for the same month. This excess of hogs are slightly higher than they were at the merchandise exports over imports is the smallend of February, although in the case of hogs est since September, 1914, and indicates a conlower than during the first two weeks of March. tinuance of the tendency toward a more even Wool prices have remained firm during the balance of trade which has been particularly month, in spite of a smaller demand from manu- evident since last November. Imports of gold facturers than had existed earlier in the year. have declined somewhat in recent months/ but. Other leading farm products, such as cotton in February they were nevertheless on a suband hides, have shown the reverse tendency. stantial scale, amounting to $28,700,000. In Raw cotton prices during the first three weeks February, as in previous months, exports of of March were higher than the February aver- gold were comparatively insignificant, totaling age, but there has been a- steady downward only between $1,000,000 and $2,000,000. It is trend in the market during March. Cattle significant to note that while, in consequence of hides and calfskins were definitely lower in the fall in prices, the value of our export trade March than in February. has been very largely reduced in the last few There has been no uniformity in the move- months, compared with the same months of the ment of the prices of nonagricultural raw ma- previous year, the value figures still remain subterials. Prices of bituminous coal have been stantially- above pre-war levels. So far as actual gradually reduced each week since early in quantities are concerned, however, the Federal February, and recently some of the independ- Reserve Board's foreign-trade index shows that ent companies have also reduced their quota- foreign shipments have recently been somewhat tions for anthracite. Coke, on the other hand, lower than in the same months of 1913. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 FEDERAL RESERVE BULLETIN. APRIL, 1922. INTERDISTRICT GOLD MOVEMENT. I contracts, etc.; (3) interdistrict accommodation; ! (4) interdistrict movement of reserve notes. In view of the great increase in the total gold | The following table shows the gold reserves of reserves of the Federal "Reserve System during each of the 12 Federal reserve banks on October recent months, it is of interest to consider the 29, 1920, at about which time the present gold more important factors affecting changes in the movement started, and on March 22, 1922: distribution of this gold among the 12 Federal reserve banks, On January 1, 1922, the total gold stock in GOLD RESERVES OF EACH FEDERAL RESERVE BANK OX the United States was estimated at $3,657,000,- OCT. 29, 1920. AND ON MARCH 22, 1922. 000, according to the circulation statement of [Amounts in thousands of dollars.] the United States Treasury. Of this amount, $380,000,000 was held in the Treasury as Amount. Percent of total.! assets of the United States Government, Federal reserve Tn- De- $2,641,000,000 was held by the Federal Reserve bank. Oct. 29, . Mar. 22, ! Oct. 29, Mar. 22,1 crease. System (exclusive of redemption funds with 1920. i 1922. j 1920. , 1922. ; the Treasurer of the United States) and §636,000,000 was held outside. The last Boston 194,571 178,278 i 9.7 i 6.0 I 16,293 figure is obtained by subtracting the known N Ph ew il a Y d o e r l k phia.... 4 1 7 9 6 0 , , 6 4 9 2 4 7 'I. 2 0 1 8 2 3 , , 9 8 0 7 0 2 ! j 2 9 3 . .8 5 ' 36 7. . 1 4 l i 22 6 , 0 4 7 7 ,1 3 78 holdings of the Treasury and of the reserve Cleveland 252,340 i 256,451 • 12.6 , 8.6 | 4, 111 Richmond '.. 88,296 72,961 j 4.4 2.5 15, 335 banks from the estimated stock and is there- Atlanta 88,103 115,458 ! 4.4 ; 3.9 I 27,355 fore only a rough estimate. Most of the gold Chicago 308,067 j 476,549 i 15.4 16. 0 i 168, 482 St. Louis 73,053 I 97,202 ' 3.6 3.3 24,149 held outside of the Treasury and the Federal Minneapolis i 49,350 i 71, 864 2.5 . 2.4 ! 22.514 Kansas Oitv i 72,317 ! 80,340 3.6 ! 2. 7 | 8; 023 Reserve System is in small hoards in the hands Dallas....: | 46,557 j 43,01.9 2.3 3, 538 of the general public, although some gold is in San Francisco... '• 163,545 287, 809 8.2 : 9! 7 "124," 264' the vaults of member and nonmcmber banks. Total 2,003,320 2,976,703 I 100. 0 : 100. 0 973,383 ! The gold in circulation in the more literal sense—that is, changing hands as purchases CLEARINGS AND TRANSFERS. are made or maturing obligations paid—is negligible. With nearly all the gold of the The principal element in the origin of country held in central reservoirs and practiinterdistrict balances are checks drawn in one cally no gold in actual circulation, it is apparent district and sent in. payment for goods purthat changes in the gold reserves of the differen t chased in another district. Net balances of Federal reserve banks can occur only in one of such checks are settled daily through the gold three ways: (1) through imports from or exsettlement fund. During the recent period of ports to foreign countries, (2) through transfer large gold imports an extraordinary factor, viz, from or to other reserve banks, or (3) through the transmission of foreign gold to the interior, transfer from or to the United States Governaffected these balances. The bulk of this gold ment. Imports of gold are made chiefly represents liquidation by foreign interests of through the port of New York, the gold being obligations incurred through the purchase of turned over to the New York Federal Reserve goods in different parts of the United States; Bank. Since the beginning of the present gold some of this gold entering at the port of movement to the United States there has been New York and deposited with the local reserve a continuous stream of gold from abroad to the bank gradually finds its way to the interior New York bank. Changes in the gold reserves of the country in payment for goods which of other reserve banks are traceable almost enoriginated there. Physically the gold does not tirely to the operations of the gold settlement move, but title to it is transferred through the fund, through which gold payments between gold settlement fund. reserve banks and between these banks and the One way in which gold entering the country Government are effected. is transferred to the reserve banks in the in- Some of the more important factors affecting terior is through the repayment by member the gold movement between reserve districts banks of their borrowings from reserve banks may be classed under the following heads: by draft on New York correspondents. A (1)" Settlement of interdistrict balances on ac-member bank may have borrowed from a recount of checks and drafts cleared or collected serve bank in order to finance a customer's exthrough the Federal Reserve System, also ports. When these exports are paid for in gold transfers between Federal reserve banks for ac- it is received in New York and credited by the count of member and nonmember banks; New York correspondent to the member's ac- (2) Government operations in issuing and re- count. In paying off its debt this bank draws deeming obligations and in transferring funds on its New York balance and thus adds to its in connection with tax collections, payments on reserve bank's credit in the settlement fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AL-KIL, 1922. FEDERAL RESERVE BULLETIN. 401 A study of the actual figures in the table show a material excess of redemptions over on page 403 shows that reductions in dis- allotments and most of them show larger counts of reserve banks are approximately bal- allotments than redemptions. Tax collections anced by increases in gold reserves plus de- in New York fall relatively far below the procreases in note circulation. The increases in portion of certificate allotrrcuts and redempgold reserves reflect in part payment of mem- tions. This is due chiefly to the fact that New ber bank liabilities by draft on their New York possesses a much larger proportion of the York correspondents. country's banking resources which form the basis of certificate allotments than of its income. MOVEMENT OF FUNDS FROM AND TO FINANCIAL Nearly half of the tax certificates maturing in CENTERS. 1921 were redeemed in New York, but only about 27 per cent of income and excess profits Another important element in the movement taxes were collected in that district. On the of gold through the gold settlement fund is other hand, in the Boston, Richmond, and Atthe movement of funds from country districts lanta districts tax receipts constitute materially to financial centers and vice versa. This movelarger proportions of the total for the country ment in normal times has a seasonal character, j than do certificate redemptions. In the other During periods of heavy demand for funds in !districts the differences are less pronounced. agricultural districts, balances of the coun- iAs a consequence, on income-tax dates and try banks with their New York correspondents •for a few days following, the Government has are greatly reduced, as the funds are needed by not sufficient funds in New York to-pay for the country banks to meet local requirements. | maturing certificates and conscquent-lv issues On the other hand, after payment for agricul- | to the Federal Reserve Bank of New York tural products is made and local needs become | special certificates of large amounts. As inless pronounced, the country banks often have come tax funds are collected in New York and idle funds on hand which they transfer to New in other districts the Government finds itself York for deposit and investment. with excess funds in other districts and trans- Furthermore, the large banks in New York, fers them to New York, where they are used Boston, and Chicago not only receive deposits to retire the special certificates. Transfers from country banks and make investments for of gold to NTew York on Government account them but also make loans to these banks. In during the '10 days following income-tax .1920 and 1921, when the demand for funds in dates are exceedingly heavy and come from country districts was very heavy, the larger New nearly every other district. On the other York, Boston, and Chicago banks were ex- hand, it is in New York that most of the tending large loans to country correspondents. payments on Government contracts are made, When the contraction of credit got under way and the funds thus made available in New in 1921 itnd a large portion of the funds York become distributed throughout the counloaned by the city banks was returned, a try, when the headquarters of corporations movement of gold to the financial centers send out dividend and interest checks or supply resulted, working funds for plants and branches in other parts of the country. Statistically this GOVERNMEXT OPERATIONS. is reflected in the fact that Now York gains through transfers and loses through clearings. The principal fiscal operations of the United In 1921, for instance, the New York bank had States Government resulting in intcrdistrict a net credit through transfers of $745,000,000, gold movements are the issue and redemption and a net debit through clearings ot of Treasury certificates and notes, the payment 81,043,000,000. of interest on outstanding obligations, the collection of income and excess profits taxes, and the payment on Government contracts. IXTEBDISTRICT ACCOMMODATION. A study .of the allotments of tax certificates; of their' redemptions, and of income tax Interdistrict accommodation also has a direct deposits at each quarterly income tax date in bearing on the movement of gold reserves. 1921 at each Federal reserve bank shows that When one reserve bank rediscounts paper with in New York redemptions far exceed allot- another, the accommodated bank receives the ments, especially since conditions in the proceeds as a credit in the gold settlement fund. money market have favored active trading in When the rediscount is liquidated, a movement Treasury certificates. Certificates issued in in the opposite direction occurs. other districts drift to New York, the financial Gold reserves of the reserve banks on October center of the country, and must be redeemed 29, 1920, for instance, were affected by the there at maturity. None of the other districts fact that there was a total of interdistrict Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 FEDERAL EESEE-VE BULLETIN. APB1L: 1D22. accommodation amounting to §260,440,000, notes of the New York bank do not go outside distributed as follows: of the district to the same extent and, therefore, the New York bank continuously returns more GRANTOR BANKS. QUANTISE BANKS. notes to other districts than it receives from them. Notes finding their way to Cuba and Boston §S4, 396, 000 New York. . . $61, 362, 000 other islands in the West Indies, to Canada, Philadelphia. 37, 201, 000 Richmond. .. 14, 275, 000 Cleveland. . . 138, 750, 000 Atlanta 36, .122, 000 Mexico, and to other foreign countries are also San Francisco - 93, 000 Chicago 7, 050, 000 a factor. These notes originate in various parts St. Louis 37, 305, 000 of the United States, but when deposited with Minneapolis.. 26, 603, 000 the banks in the foreign countries they are likely Kansas City.. 44,895,000 Dallas 32,828,000 to be brought back by returning tourists or to be shipped to New York correspondents, thus Total.. 260,440,000 Total.. 260,440,000 increasing the amount of "foreign" reserve On March 22, 1922, there was no interdistrict notes in the hands of the Federal Reserve accommodation outstanding, so that the Bank of New York. changes in gold reserves shown in the table During the war another element entered into on page 400 reflect in part the transfer of the interdistrict movement of notes. The of $260,000,000 of gold from the eight banks United States Treasury had to pay the soldiers accommodated to the four banks which had and used for this purpose whatever Federal extended the accommodation. Thus Cleve- reserve notes it happened to have on hand in land gained 8139,000,000 from this source, Washington. These notes would find their way and the fact that its total gain is much smaller to the various camps throughout the country, indicates that gold moved from Cleveland as but would be returned in most cases to New the result of other transactions, mainly in York correspondents to be turned in at the connection with the interdistrict movement of New York Federal Reserve Bank, which would reserve notes discussed below. On the other send them to the issuing banks. The Boston hand, New York shows a gain in gold reserves, bank, for example, as a result of these notes largely through imports Qfrom abroad, of paid to soldiers had a constant excess of notes 8607,000,000 over and above the liquidation received from New York. of $61,000,000 of rediscounts with other re- During the last two or three years the Boston serve banks. and Cleveland banks have been losing gold as a result of excess receipts over shipments of Federal Reserve notes. The reason for this INTERDISTRICT MOVEMENT OF RESERVE NOTES. development appears to be that these banks When the notes of a reserve bank find their had a supply of new notes on hand when other way into circulation in other districts and are reserve banks were short of fresh currency and later returned through banking channels, this many banks in other districts applied to" their results in a gold movement from the reserve correspondents in the Boston or Cleveland disoank issuing the notes to the reserve bank at tricts for currency. When prices began to fall which these notes were deposited. If it were and currency needs of the people declined, the true that the volume of "foreign" reserve notes of the Cleveland or the Boston bank were notes deposited with a reserve bank equaled deposited with the member banks in other disthe volume of its notes deposited with other tricts; these banks sent them to their reserve reserve banks, there would be no gold move- bank, which returned them to the Boston or ment caused by those note transactions. But Cleveland bank and thereby gained gold from the amounts do not balance and are frequently these banks. very far apart. A large number of people, for The Cleveland bank reported for a number of instance, come to New York for business or years excess receipts of Federal reserve notes pleasure, and spend money there in the form over shipments (see table on p. 403), but this chiefly of Federal reserve notes of their home excess became very much more pronounced in districts. These notes are deposited by the the last two years. In the case of Boston the store or hotel keepers in New York with their movement was in the opposite direction in banks which in turn deposit them with the 1917, 1918, and 1919. This is accounted for New York Federal Reserve Bank. In this partly by the .fact that residents of the Boston way the New York bank always has a large district traveling in the much larger districts amount of Federal reserve notes of other re- of the West spent Boston reserve notes there. serve banks in its possession, which it returns These notes would stay out in circulation for a to them or sends to the Treasury when unfit considerable period of time, while notes of other for further circulation, gaining gold in either banks spent in the much more compact Boston case. On the other hand, Federal reserve district would find their way into the reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APKIL, li)22. FEDERAL RESERVE BULLETIN. 403 bank more promptly. As a result of this and RESERVES, NOTE CTIICULATIOX, AND DISCOUNTS OF of the fact that more notes are brought to FEDERAL "RESERVE BAXKS OX SELECTED DATES-- Continued. New England by residents of other districts ..._. ^ ..._. ._ _ _ .. ,. ._.. .._._.. than are spent by New Englandors outside of their own district, the Boston bank had more ; • ! Interdistrici j ; i ' Total accommodanotes to return to other districts than it re- , ' j Federal j dis- j tion (net). ceived from them. The following table shows Gold re- j Total rc-| reserve j counts j serves. ' serves, jiiotecir- j for own j | for each reserve bank the excess of Federal re- filiation., member i Ex- " serve notes received over those returned to I banks. te ed n . d- ! c e R iv e e - d. other districts or vice versa for the years 1917-1921. Philadelphia: May 29,1919... 127,340! 127,643! 205,734' 232,122 . j 35 533 Mar. 26,1920.. 140,539, 141,295] 244,5791 242,255 " "! r> -rVl INTEKDISTRICT MOVEMENT OF FEDERAL RESERVE NOTES. M Oc a t r . . 2 1 9 ,1 ,1 9 9 2 2 2 0 . . . . . 2 1 1 9 0 0 , , 6 4 3 2 7 7! j 2 1 1 .9 9 1 , , 2 1 2 44 4 i 1 2 8 73 8 , , 2 4 6 6 6 3 1 ! 1 7 4 4 8 , , 9 5 5 6 8 0 ! | 37,201 ------- Cleveland: [Kxcess ofnol.es received is indicated by a plus (-f) sign; excess of notes May 29,1919.. 204,821! 205,826 223,599! 102,656! 35,533' • returned by a miiii::s (—) sign.] Mar. 26,1920.. 194,01a! 195,055 296,044; 143,328,' 38,304'" Oct. 29,1920.. 252,340, 254,320 352,123! 82,433138 750 " |In thousands of dollars.] Mar. 1,1922... 246,729, 254,758 195,931j 66,308j Richmond: May 29,1919.. 68,91-lj 69,313| 115,484 139,097 i 45,000 Fede b ra a l n r k e . s erve J i l ,, d - l , ' , - I 1919 j 1920 1921 M Oc a t r . . 2 2 9 6 , , 1 1 9 9 2 2 0 0 . . . . 7 8 5 8 , , 9 29 9 6 0 7 8 6 8 , , 4 7 4 9 2 3 ; j 1 1 2 4 6 6 , , 3 1 4 16 2 1 1 2 1 6 6 , , 8 8 .1 1 0 3 1 : 1 u 5 0 2 0 7 0 5 Mar. 1,1922... 74,897 80,988, 94,544! 7733; 667799 1 ' Atlanta: ( P B S H h e o o w i s m l I a o e d Y l n a e n o lp d rV hi . a .. . - - + + 7 6 2 5 , , , , 7 8 1 (5 3 9 9 4 4 4 7 2 - - + 1 2 6 2 1 - 9 , , 2 8 5 ,1 7 2 7 1 2 4 7 9 : I , i - - + - 4 1 2 3 6 6 7 2 , , , , 5 6 2 1 7 7 2 1 2 5 5 1 -1 + - + 2 5 1 6 8 - 8 6 , , , 7 3 , 7 7 1 8 0 6 3 7 8 7 i ; ! | -2 + + + 2 4 3 4 0 3 6 2 , , , , 3 2 8 9 7 9 7 4 0 5 2 1 Chic M M M O ag c a a a o t y r . . r - .2 2 2 1 6 9 9 , , , , 1 1 1 1 9 9 9 9 2 2 1 2 2 0 9 0 . . . . . . . . . . 9 1 8 0 7 4 7 8 3 ,8 , , , 3 1 1 1 3 0 5 6 . 3 1 8 1 1 9 7 8 1 4 6 9 1 , , , , 8 7 6 9 6 1 1 tl 1 9 5 . j ! 1 1 1 1 4 7 0 1 5 3 7 9 ', , , . 3 7 2 7 5 3 7 7 0 1 " 9 1 9 5 8 7 5 1 5 6 , , . , 4 5 2 7 9 2 0 9 0 6 9 5 ' ! . | .. 3 . . , . ' : 3 . . 5 . 1 . i i 36,122 C S S M A D R K a t h t i a . a i n l ? i n n a c l L h n l s a n F o m a a g e t u r a s s a o o a i . p s n n C . o . c d . i l i i l / - s s y . . c . . . . o -1 + - + + + + + 4 0 4 4 2 2 , 6 1 , , , , , , 1 1 3 5 2 , 6 M 5 3 8 7 1 5 6 6 9 7 0 3 8 o 4 1 - - + + 2 + - + 2 1 1 2 4 5 7 + 0 , , , , , 7 5 , 1 2 6 4 7 o 4 3 8 8 6 8 7 8 8 1 3 9 i 8 1 l ' I ! j j ! + + + + -2 - + + 2 2 1 5 9 0 7 6 3 1 , , , , , , 1 0 , , 3 9 1 5 7 8 0 8 7 0 2 9 7 0 5 9 3 2 4 1 5 6 I ! | j . I + - + + + 3 - + + 5 6 1 1 6 6 8 5 1 1 3 , , , , 9 , , 0 , , 3 3 1 4 4 5 6 7 4 7 5 2 7 1 5 6 1 8 2 9 1 8 I , ! ; | j | ' + - - + • 1 + + + - 2 8 1 7 6 3 7 6 9 1 , , , , + 9 , 3 9 , , 4 0 1 9 7 9 0 4 7 7 7 4 2 2 2 4 4 5 4 ' ^t. L M M O O M M M o c c a a a a a u t t y y r r r . . . . . i s 2 2 2 : 2 2 2 1 6 9 9 9 9 6 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 2 2 2 1 2 1 2 2 0 0 9 0 9 0 . . . . . . . . . . . . . . . . . 4 3 3 4 0 1 0 0 7 7 4 4 8 6 . 3 1 , , , , , , 0 0 5 4 0 9 1 5 0 6 0 1 8 .7 7 7 3 9 6 0 3 1 1 [ ! J ! • 3 3 4 1 1 1 9 7 8 7 0 6 6 5 6 9 0 4 , , , , , , 4 , 8 5 8 4 3 9 4 3 3 S 8 6 3 2 5 6 2 2 2 1 1 ! | j | 4 5 1 1 1 3 5 2 2 3 3 0 0 5 0 6 2 4 7 9 1 , , , , , , , 0 0 1 8 1 3 1 6 0 8 8 9 2 8 5 1 0 6 8 7 0 - ! ! ! ! 1 , 3 1 1 1 4 5 5 9 9 0 7 1 9 9 7 4 0 6 9 , , I , . , , 9 9 8 4 6 5 S S 5 1 7 8 3 4 7 ' 3 2 3 6 5 ) | i ! 1 ' | ' ' . 1 5 ' 0 . 7 9 . ' ' . 0 ' ' 6 3 . . 0 3 0 '. 0 2 5 '. ' ' ; ' . ' . 3 i " I i . 7 7 " . ' . 8 3 ' '. 6 2 0 . : " 9 5 6 .. Mar. 1,1922... 102,673 116,825 85,180. 33,300, " " i ' Minneapolis: The table below shows gold and total re- May 29, 1919... 75.632 75,738 S3,894, 35,545; 1.5,000 Mai'. 26,1920.. 62.2741 62,344 81,906' 55,353 10 029i serves, Federal reserve note circulation, total Oct. 29, 1920.. 49; 35()i 49,438 82,714; lll,273i.......i"26.'6(")3 discounts, and inter-district accommodation for Kan M sa a s r . C 1 it , y 1 : 922.. 69,272! 69,842 52,134; 31,073. | each reserve bank for four selected dates: May 29j 1919... 81,8271 82,019 95,585, 1 89,340' I ! Mar. 26. 1920. 82,670 83,532 101,613. 104,542:' 1.873 May 29, 1919, just before the gold embargo was Oct. 29, 1920... 72,317 74,235 111,575; 160,672....'..".. 44 895 removed, March 26, 1920, about which time the Dall M as a : r. 1, 1922.. 86,106: i 91,763 61,881, 37,748. outward movement of gold from the United May 29, 1919.. 33,055j 35,191 .46,268: 85.116' .. ! 32 339 Mar. 26, 1920. 61,013 61,669 77,307' 48,189 7,825' ' States came to an end, October 29, 1920, when Oct. 29, 1920.. 46,557 49,734 91.071= 110.466. ! 32 828 the peak of credit expansion was reached and ran . M F a r r a . nc 1 i , s c 1 o 9 : 22... 38, .190 44,235 29,387' -37,945 i ' the present gold movement to the United May 29, 1919.. ! 151,558 15 i, 800 194,3 H)1 SI, 284. 26 499; Mar. 26, 1920. I 366,580 166,954 222,155' 106,878 7,08l| States started, and March 1, 1922. Oct. 29, 1920.. 1 163,545| .164,0661 251,7 Hr 160,301' 93! Mar. 1, 1922.. j 291,! 37 i 2%, 580! 22V135- 60, 140... ! I • ' I OBSERVES, NOTE CIRCULATION, AND DISCOUNTS OF FEDERAL RESERVE BANKS ON SELECTED DATES. TOBACCO FINANCE. [In thousands of dollars.] The following is the sixth of a series of arti- Intcrdistrk-t cles describing the financing methods which are , Total accommoda- employed in the tobacco industry-. The pre- ! | Federal i dis- tion (net). 1 Cold re-1 Total re-' reserve | counts vious articles appeared in the September, Octoi ! i ! serves, i ! ! I serves. , i ' i d n i o la te ti o ci n r , - I ! i j m f b o e a r m n o k w b s e n . r te E e n d x d . - - ce R iv e e - d. b F p e a e r r b , t r l u y N a r t o y h v , r e o m u 1 g 9 b h 2 e 2 r, , t h i e s a s n c u d o e o s. p D e e r D a c t e a i m o ta n b e w o r, f e r t e h 1 e 9 o 2 b F 1 t e , a d in e a r n e a d d l reserve agents in the various districts and All F. R. Ban'<:s: " " "" May 29,191'.). 2 187,743 2,255,1062,519,292=1,989,392:139,29-1139,294 partly direct from banks and persons interested Mar. 26,1920. 1 934 75512 057 155:3,048,039J2,449,230| 96,480 96,480 in the industry in various capacities, as well as Oct. 29,1920. •2 003 320'2,168,038 3,351,303|2,801,297 260,440 260,440 Mar. 1,1922.. 2,951, 4343,080,793 2,196,9831 707,57:l!... 1 from other Government organizations. To all Bost M o a n y : 29,1919. 122,77 L1 130,1271 172,171 151,679 858 of them acknowledgment is due. Mar. 26,1920. 165 752i 168 044 261,697 172,466 20,414. Oct. 29,1920. 194 571. 203,175' 296,168 109,918 84,396. Mar. 1,1922.. 170,359! 192,682 155,898' 47,749 '. VI. LEAF TOBACCO DEALING- CIGAII TYPES. New York: M M a a r y . 2 2 6 9 , , 1 1 9 9 2 1 0 9 . . 5 75 0 1 4 ,4 ,6 4 6 8 8 8 9 : 6 8 1 0 1 2 , , 4 1 6 7 2 2 7 8 4 3 2 4 , , 3 1 9 8 0 8 , 7 8 2 47 9 , , 6 9 4 2 9 9 •. 2 3 5 4 ,5 ,0 7 9 1 6 Dealing in the cigar types of tobacco differs Oct. 29,1920. 4™f6i94 606,010 876,706 985,223 , 61,362 in important respects from dealing in the manu- Mar. 1,1922.. 1,087; 314 1,122,445 626,673 90,323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 FEDERAL RESERVE BULLETIN.. APRIL, 1922. factured and export types. The tobacco is not immediately bulked again, putting the leaves marketed in the same manner, so that the formerly outside on the inside of the new bulk. dealers perform their services differently. In The operation is repeated until the leaf is cured. general, also, cigar leaf is not bought on order, Sampling is usually done by a guaranteed relatively little of it is exported, and a con- sampler appointed by the firm, though somesiderable amount is imported.' Accordingly, times it is done by a local packer appointed by the dealers must be classified in a different the company for which he samples. After curing, the tobacco is "aged." The manner. dealer usually stores the tobacco from six to A. GENERAL ASPECTS. eight months, after w^hich he sells it to the The principal classes of cigar leaf dealers manufacturer. The tobacco thus remains in (other than retail dealers) are: (1) Dealers in the dealer's hands until the manufacturer needs domestic leaf, (2) dealers who also grow part of it. This involves the dealer in further exthe wrapper and binder tobacco which they pense, namely, that of interest on his investsell, and (3) dealers in imported leaf. While ment, storage charges, and insurance. there is a tendency toward specialization, even The grower-dealer also grows part of the to the extent of dealing solely in leaf imported tobacco which he sells. As a practical propofrom one given country, the classification is by sition, his operations are confined to the no means absolute. Many dealers combine Connecticut Valley, Georgia, and Florida, several classes of business, so that some handle and principally to shade-grown tobacco, the both domestic and imported leaf and others growing of which requires large capital. Such several types of domestic leaf, while a few deal dealers then combine the growing of and in all classes of tobacco. The organization of dealing in a certain amount of tobacco with the industry is complicated by the fact that dealing in an additional amount. As dealers, many firms have an interest in or control other their functions are the same as given above concerns. and are merely preceded in connection with The functions of the several classes of dealers part of their tobacco by the growers' problems differ. By far the largest part of the domestic already indicated in Section II. crop is sold by the grower to the leaf dealer, Importers of leaf generally confine themwho grades and packs it and then sells the selves solely to buying, storing, and selling. cased tobacco to manufacturers. The dealer Domestic cigar leaf, unlike the manufactured must both prepare and store the tobacco. In and export types, is largely consumed in the preparing the tobacco it is necessary to (1) United States. Imports of cigar leaf are open the bundles when delivered by the grower principally from two countries, namely, Cuba and size and sort the tobacco, (2) tie it into and the Dutch East Indies. The latter was hands, (3) pack and cure it. and (4) sample it. the only country which in 1920 shipped large The time and expense involved in performing quantities of tobacco suitable for cigar wrappers these operations vary with the season, type of to the United States. During the war a cheap tobacco, and method of curing. The most grade of tobacco was also imported from Brazil usual method of curing is to pack from 300 to 350 and San Domingo for reexport to Europe. pounds of sorted leaf tied in hands into a wooden The amount and value of the tobacco imported box. These cases are piled in an unheated from each of the principal countries in 1920 is storehouse as they are packed, turned once or shown in the following table:1 twice, and after lying over one summer are sampled and ready for sale. This process of QUANTITY AND VALUE OF IMPORTED LEAF TOBACCO FOR 1920. natural sweating takes six months, while forced sweating, which has been largely used in Pounds. Value. the Connecticut Valley in recent years, takes but five to six weeks. With this method, the Leal1: tobacco, packed in cases, is kept for about six Product Philippine islands.. 3,842,613 $432,201 Cigar wrappers 9.925,025 17,840,035 weeks in a room with a moist atmosphere Netherlands ?; 720,255 14,852.115 maintained at 9.0° to 120° F. The bulk method Canada 17,230 33,591 Cuba 35,420 ! 130', 593 is used to some extent for Havana seed and Dutch East Indies 2,102,664 : 3,033,950 Other countries 49,456 i 59,785 exclusively with shade-grown, although it has All other leaf 70,453,758 !• 63,357,775 not been successful with broad leaf. The tem- Cuba 23,616,999 i 26,749,480 Noncigar types— perature is kept at from 80° to 90° F., with Greece 9,023, 777 8, 740,4.43 humidity- high enough to keep the leaf soft. T D u o r m k i e n y i c ( a i n n A R s e i p a u ) blic 1 4 8 , , 0 8 5 5 4 6 , , 2 0 6 9 1 1 17,0 7 7 5 1 6 , , 9 4 1 1 9 2 When the thermometer inside the bulk shows China 3,141,430 960,932 Other countries 6,205,650 3,799,668 a temperature of 110° to 130° F., the bulk is pulled down, the leaf lightly shaken down and 1 Prepared from Stocks of Leaf Tobacco, etc., 1920, Bureau of the Census, Bulletin No. 146, p. 35. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Al'iUL, 1922. FEDERAL RESERVE BULLETIN. 405 The bulk of the imported tobacco is shipped what for the several cigar types, being largest, in through the port of New York. In 1920, of for Pennsylvania and Wisconsin. This is seen the 9,925,025 pounds of cigar wrapper leaf iii the following table: tobacco imported, 8,982,324 pounds came through the customs district of New York, and QUANTITIES OF TJXSTKMMED AND STEMMED LEAF TOof all other leaf tobacco 60,728,684 pounds out BACCO HELD BY MANUFACTURERS AND DEALERS, 1920. of a grand total of 70,453,758 pounds entered through New York. The Florida customs district also received 3,058,154 pounds. Jan. 1. Apr. 1. Figures for stocks of the several principal types of leaf tobacco were given in the pre- Unstemmed.: Stemmed. ". CnstemmedS.temmed. ceding section of this study (BULLETIN, p. 287). The following table shows separately the Cigar types—total.. 398,312 23,905,587 i 306,583,9.16 22,140,7.17 New England. 238,201 1,295,007 .- 67,429,030 1,658,387 stocks of each of the principal classes of cigar Pennsylvania. 940.858 6,497,862 99;060,533 6,075,413 leaf held quarterly from 1919 on. Ohio..- 254', 584 2,295.049 62,502,028 2,099,987 "Wisconsin 566'041 8,192', 000 (53,598,693 7,622,520 Imported types... 036,241 2,983,796 78,725,336 3,351,632 QUANTITY OF CIGAR LEAF TOBACCO HELD BY MANUFAC- TURERS AND DEALERS', i919-1921. . July 1. Oct. 1. New England. l.'nstemmed.| Stemmed. .Cnstemmed. Stemmed. Total cigar ; types! I i Total. Broadleaf. \ H s a e v e a d n . a g S r h o a w d n e . Ciga N r e t w yp e E s n — gl t a o n ta d l . . . 3 7 2 0 9 , , 3 7 4 2 0 4 , , 1 1 7 5 7 4 2 2 0 , , 2 9 6 6 5 8 , , 2 7 0 8 6 1 : : 3 5 0 7 4 , , 4 0 4 2 5 3 , , 3 5 1 6 0 3 2 3 7 , , 5 8 6 2 2 5 , , 7 0 4 0 6 1 Pennsylvania. 92,305,242 i 6,365,956 ' 79,715,794 8,034,515 Ohio..' 77,226,698 2,122,827 ! 76,889,712 2,873,195 19.19 Wisconsin 78.388,308 i 5,904,036 ' 77,871,187 '' 7,472,443 Jan.1 254,309,051 i 52,972,346 21,133,336 ' 26,081,630 5,757,380 Imported types... So,658,842 2,891,1.13 i 87,548,007 2,928,724 Apr. 1.. 303,565,869 61,814,954 ! 24,165,049 ! 31,370,281 6,279,624 Julyl... o3n2o 3,5r.o3i 1,2011«6 6az5 ,9nn0n9 ,0n5c«6 >, o•? 2I7AQ,7 4Z8.,,\5Z4. 5. 3M1I, 302011 ,880300 6,838,628 Oct. 1... 302,972,044 53,630,636 - 24,072,662 23,831,375 5,726,599 B. THE DOMESTIC LEAF DEALER. 1920 .Tan.l... 283,303,899 56,533,208 ' 22,136,346 i 26,407,196 7,989,666 Apr. 1... 328,724,633 69,087,417 ' 27,530,283 ! 33,538,052 8,019,082 In each cigar-leaf producing district there July].. 350,692,935 j 72,605,383 : 32,026,120 35,086,990 5,492,273 are a number of local dealers who deal only Oct. 1.. 331,848,564 j 61,008,056 , 27,537,941 28,251,881 5,218,234 in the leaf produced in their section. Each Jan. 1 9 1 2 . 1 .. 297,471,822 ! 60,370,376 ! ' 26,726,389 26,850,498 6,793,491 district has one or more centers at which Apr. 1.. 367,854,067 j 72,141,267 i 31,955,546 j 33,871,769 6,313,952 these dealers are chiefly located. Hartford, and to a very much smaller extent Springfield, I Pennsyl- Ohio. | Wisconsin. are the centers for the Connecticut Valley, vania. Lancaster for Pennsylvania, Dayton and Cincinnati for the Ohio-Miami Valley, and Janes- 1919 Jan. 1.. 75,764,009 i 61,023,386 \ 44,410,665 ville and Milwaukee for Wisconsin. A smaller Apr. 1. 94,495,845 ; 56,281,785 j 72,145,234 number of dealers, who nevertheless form a J uly 1. 99,953,843 62,094,319 ! 79,406,887 Oct. 1. 91,696,358 I 69,304,661 | 68,713,252 very important group, buy and sell in two or 1920 1 j more producing regions. In many cases the Jan. 1.. 80,438,720 i 71,549,633 j 54,758,04.1. large dealer has his warehouses in each section, Apr. 1. 105,735,946 \ 64,602,015 71,22], 233 July 1. 98,671,198 ! 79,349,525 84,292,344 and has traveling buyers or local agents who Oct. J. 87,750,309 I 79,762,907 85,343,630 buy tobacco direct from the grower either on 1921 a salary or on a commission basis. In the Jan.].. 69,444,959 70,172,609 77,181,052 Apr. 1. 93,918,626 78,771,348 102,404,820 Connecticut Valley the local agent is usually a prominent grower who owns a building It will be observed that, while the highest suitable for handling and storing tobacco. and lowest dates for New England and Wis- Frequently these buildings, fully equipped, consin correspond exactly to those for the are built by dealers for their local agents, entire cigar types as a whole, in the case of while in other cases they are leased for a Pennsylvania the high point in 1920 is April 1 period of years. There are also some dealers instead of July 1, and the low and high points in New York who handle all the various classes for Ohio (whose tobacco passes through a of domestic cigar leaf. Some dealers in that double sweat) are April 1 and October 1, center, whose principal business is in domestic respectively. leaf, engage in addition in the import business By far the major part of this tobacco is held to a considerable extent. This practice is notin unstemmed form, although the proportion general, but is followed by a few large firms, varies as between the different districts. The who may be termed general leaf dealers, since proportion of stemmed tobacco vary some- they handle all grades of cigar leaf. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 FEDERAL RESERVE BULLETIN. APRIL, 1922. Financial requirements.—Some dealers have quarter of the preceding year. It should be a very large not worth, and several are said to remembered, however, that present conditions have loaned surplus funds to other dealers. are much more in favor of the buyers than in As in the case of the manufactured and export 1919, and this will be reflected in slower movetype dealers, plant investment of large deal- ment of the crop. ers, comprising both city property and ware- (2) The work and time required for sorting houses in the several tobacco districts, is very and packing vary widely in the different small. In fact, as just seen, the rehandling cigar-leaf producing sections. In Connecticut equipment is not as extensive as for the other the tobacco is packed from January to April types, and plant investment of the large and then allowed to sweat. If the natural dealers is relatively insignificant as compared sweating process is used the tobacco is ready with net worth. for market in the early fall, but where "forced"" It will be observed that the only parallel to sweating is used the dealer can place his tobacco buying on order is in the case of local agents. on the market as early as May and June. In Accordingly, the cigar-leaf dealer's financial Pennsylvania and Wisconsin tfie tobacco passes requirements are similar only to those of the through the natural sweating process, hence it manufactured and export leaf dealer who can not be placed on the market before Sepbuys tobacco on his own account, with one tember 1. In Ohio the time is considerably difference: The cigar-leaf dealer has also made longer than in Connecticut, Pennsylvania, or advances to growers in some districts. The Wisconsin, for the reason that the tobacco factors which determine his requirements may must be handled twice before it is ready for therefore be indicated as follows: the market. The Ohio-Miami cigar leaf to- (1) Purchases—advances to ^ growers, bacco is allowed to pass through the natural amount, and time of year purchased. sweat, and in September it is dipped and re- (2) Expense of preparing tobacco. sweated. This increases the cost of prepara- (3) Stocks of leaf maintained. tion considerably as well as the expense of (4) Sales of tobacco, amount and time of holding the leaf. The Ohio cigar-leaf tobacco year. Terms of sale. is often not ready for the market until Feb- (1) These requirements vary to some extent ruary or March. Where natural sweating is between the several cigar leaf districts. It has employed, the dealer is ready to market the already been noted (Section II) that in the tobacco in the fall of the year following that Connecticut Valley the crop has usually been in which grown. This is the case for the Penncontracted for while growing, and advances sylvania and Wisconsin and part of the Conoften made, the average in 1920 probably necticut Valley crops, while that part of the being $50 per acre. In 1921 effort was made Connecticut Valley crop for which forced to limit such advances to $10-$15 per acre. sweating is used is ready in the early summer. In Wisconsin advances, averaging $25 per I he Ohio-Miami crop, on the other hand, is acre, have also been made on crops purchased only ready at the opening of the second year while in the field or hanging in the shed, after it is grown. as well as additional advances at tax payment Some data are available as to the cost of time (February 1), if the crop has not already packing tobacco in the Connecticut Valley. been delivered to the purchaser by that date. The cost sustained by one large dealer in In Pennsylvania and Ohio there are practically 1917-18 was 11-J cents per pound for sunno advances. grown and 28 cents for shade-grown. This Heaviest deliveries of tobacco to the pur- includes all charges and cost of packing into chaser have been made from November to 350-pound cases. It includes a sampling January in the Connecticut Valley, during charge of 35 cents per case and 15 cents to January and February in Pennsylvania and handle the cases and to deliver the samples to Wisconsin, and during February and March in the manufacturer, making the total charge for the Ohio-Miami Valley. Further information these two operations 50 cents per case. Some is afforded by the figures of farmers' sales of leading dealers estimate roughly the cost at tobacco given in Section I. These show that present for sun-grown varieties at about 10 for the year ending June 30, 1919, roughly cents and for shade-grown at about 20 cents. one-half the Pennsylvania and Ohio crops were The trend of the cost to packers is clearly sold in each of the" first and second quarters of shown in the following quotation: "In 1915 the year, two-thirds of the Wisconsin crop was the packers estimated that it cost them 3^ sold" in the first quarter and one-third in the cents a pound to sort, tic, store, pack, sweat, second quarter, and one-half the Connecticut and sample their tobacco. This includes all Valley crop in the first quarter, one-fourth in labor, lumber for cases, nails, twine, paper, the second quarter, and one-fourth in the last sampler's fee, and other expenses connected Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

•Antili, 1922. FEDERAL RESERVE BULLETIN. 407 with packing. In 1916 the packers estimated figures include manufacturers' as well as dealers' their cost at 5 cents a pound. The deprecia- stocks, the comparison of the average of stocks tion on buildings and equipment, cost of heat- on January 1 and April 1, 1920, with the estiing, lighting, taxes, etc., are not included in mated 1919 crop shows that for the cigar types the above. Including the last-named items, stocks were almost 140 per cent of the crop, the 1916 cost was about 7 cents per pound. In and for the other types only slightly over 90 1917 the packers estimated that processing and per cent. Supplies are generally not listed marketing cost them, from the time the to- separately in the statement, while the item bacco reached their hands until delivered to "interest in transactions on joint account" the manufacturer, wholesaler, or jobber, 11 cents may appear. One statement divides finished a pound for sun-grown tobacco and 28 cents a tobacco from tobacco in process, and another pound for shade-grown." The same author- requires valuation at cost or market, whichever ity x gives an itemized statement showing the is lower. Comparison of annual statements cost involved in sweating, sorting, and packing over several years shows great changes in ina 350-pound case of tobacco in 1917-18, as ventory for several large general leaf dealers, follows: but much greater stability for New York domestic leaf dealers. COST OF PACKING A 350-POUND CASE IN 1917-18. (4) Sales of cigar leaf tobacco apparently Shrinkage, 10 per cent, at 30 cents, price show a more pronounced seasonal aspect than paid farmer $.10. 50 do sales of the manufactured and export types. Sweating, 5 per cent, at 30 cents, price Sales are largely concentrated in the months paid farmer 5. 25 after the crop has been sampled. This gen- $ 15. 75 erally takes place in the fall of the year in Paper, 1 pound, at 1.1 cents "11 Thrice of white pine case 2. 50 which the crop is packed, the 1920 Wisconsin !N ails for case 03 crop, e. g., being packed at the opening of 1921 Twine, 1 pound, at 20 cents. 20 and sampled in September. When the samples Labor: are ready for inspection, under ordinary condi- Tying 350 pounds, at $1.25 per .100.. 4. 37 Sorting 350 pounds, at $1.30 per 100.. 4. 55 tions the manufacturer as a rule will buy a PacVing 1. 50 year's supply, states a Wisconsin dealer. In Sampling 35 1921, however, 75 per cent of this dealer's sales Cartage and inspection 15 during the year were made in January and 13.76 Price paid producer for 350 pounds, at 30 February, and nothing of any size was sold cents, $105: interest on $118.7(> (§105+ again until November. Similarly, an Ohio $13.76), at G £er cent 7.13 dealer did 48 per cent of his year's business in Storage, 1 year (including taxes and insurthe first quarter. Sales in Pennsylvania are ance) .. .* ,. 50 Light.! 10 much the heaviest in August and September, Heat 1.00 although a considerable amount of business is Transportation to New York at 20 cents also reported in some months of the first and per 100 pounds, less shrinkage and second quarters. sweating 60 Office help 20 The terms granted by both domestic and Collecting 10 import dealers .are generally the same. Dealers Depreciation on buildings, $5,000, at 5 per engaging in both classes of business state that cent on basis of cases packed 54 10.17 they have only one set of terms for their customers. The terms are 2 or 3 per cent for cash Total cost per case 39. 68 in 10 to 30 days, net 4 to 6 months. A Cost per pound 113 couple of dealers, however, stated that they At the present time the cost is considerably had extended up to one year's time. It is estiless. mated that normally 40 to 50 per cent of sales (3) Several dealers state that tobacco is held are for cash, 15 to 30 per cent on open account, in stock on the average about one year, aland 20 to 35 per cent covered b}^ note or trade though this varies somewhat with the different acceptance. At the present time, however, types. Thus part of the Ohio-Miami crop is the proportion of cash sales is considerably less, Held 8 to 9 months, and the remainder 12 to 15 and notes are used much more extensively. months, the average for the district working A Wisconsin dealer says that " taking the trade out at about 12 months. Due to the length of generally, the extension of credit was far greater time required in packing the leaf, stocks are than ever before in my experience of 35 years.'; relatively heavier than in the case of the manu- Examination of dealers' statements for the factured and export types. While the census past several }^ears indicates a much larger use of the open account, as compared with the i Mass. Agricultural Experiment Station Bulletin 193, October, 1919, note and acceptance, than appears in the estip. 191. 97329—22 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 FEDERAL RESERVE BULLETIN". APRIL, 1922. mates just given. The volume of receivables C. THE IMPORT LEAF DEALER. appears to follow the course of the volume of sales, but at a distance of several months. As has been seen above, there are two prin- Several general and domestic dealers in New cipal sources of cigar leaf outside the conti- York reported receivables heaviest in the last nental United States—the East Indies and the quarter. West Indies. Two leading classes come from The seasonal variation in the dealers' re- each—Sumatra and Java and Havana and quirements resulting from these factors tends Porto Rico, respectively. The large general to be reflected in his/bank borrowings. Sev- dealers import both, but import leaf dealers eral large general andjdomestic dealers in New generally confine their business either to one or York reported that their accommodation the other, although some dealers further spereaches a peak about May, at which time stocks cialize and handle only either Cuban or Porto of leaf are largest, and correspondingly a low Rican leaf. There are thus two general classes point in the fall. The problem is well sum- of import leaf dealers. The problem of each marized in the words of a Wisconsin dealer: differs in certain respects from that of the other, and they will therefore be treated sep- Our heaviest borrowings always come during Januaryarately. In this discussion, as also in the con- April, when we are receiving the tobacco from the farmer and packing same in boxes. There is no chan.ce to de- sideration of the grower dealer below, attention crease any of these borrowings until sales have been made will be confined to those features in which the of the same crop. This does not take place until Novem- problems of the import leaf dealer differ from ber and December of the same year, so the packer of cigar those of the domestic leaf dealer just indicated. leaf has his money tied up continually. This means that by the time he is able to sell out his packing and get his Referring to the four factors which determine money out of same he has to reinvest in the next crop. the domestic leaf dealer's financial requirements, it will be seen that the import leaf The interrelation of sales, receivables, and dealer purchases his tobacco in a different borrowings is well illustrated by the following manner, while he has no need for advances to figures for an Ohio dealer and for a Pennsylgrowers. He must, however, pay the import vania dealer: duty. In some cases the tobacco he buys may be already packed, and hence there may be no Ohio. Pennsylvania. expense involved to prepare it for the market. The season of purchase and sale of the tobacco, Owing Owing however, differs, and thus also does the seasonal S p a e l r e - s, R a e b c l e e i s v . - ba t n o ks. S p a e l r e - s, R a e b c l e e i s v . - ba t n o ks. movement of his receivables and his bank borcent- cent- rowings. The dealer's terms of sale, on the age of 1921. 1921 average= 1921. 1921 average= other hand, do not differ markedly, nor does 100. 100. the form in which he borrows from his banks. Java and Sumatra tobacco is bought at the so January 23 85 80 2 19 6 called "inscriptions," or auction sales, held in 10 107 124 21 11 17 March 15 137 138 81 87 Amsterdam and Rotterdam during the spring April 5 139 138 3 35 173 May 11 144 138 1 35 144 and fall of each year. These are largely at- J J u u n ly e 3 8 12 8 9 5 10 9 2 4 3 9 2 1 7 0 1 1 7 7 3 3 tended by cigar manufacturers and leaf-tobacco August 4 79 83 2 32 69 dealers from all over the world. The tobacco, September 6 71 76 53 235 69 October 6 72 76 2 241 144 belonging to the various growing companies, is November 4 75 76 3 246 115 December 5 77 75 1 230 29 in bales averaging about 170 pounds. It is inspected by the prospective buyer or his representative, who then submits by a recognized Financing arrangements.—The arrangements broker a sealed bid on those lots he believes which the cigar-leaf dealer makes are substan- particularly adapted to his requirements. tially similar to those of the manufactured and During the war these sales had to be canceled, export leaf dealer. The usual practice is for and tobacco was partly bought direct and also the dealer to borrow on his straight note. by inscriptions at New York, but since 1920 Some discounting of receivables, whether note they have been reinstituted at Amsterdam. or trade acceptance, or use of warehouse re- The buyer is granted 1 per cent 10 days. ceipts, is reported. Some banks in Lancaster The purchase is generally financed by means of County, Pa., however, frequently require either a letter of credit running for either 90 or 120 collateral or indorsement. One large New days. While the great majority of such to- York leaf dealer states that he discounts receiv- bacco is bought outright by the dealer, a small ables in preference to borrowing on his own amount is imported on a commission basis. paper. Some of the largest dealers alone use Porto Rican tobacco is, however, generally the open market. bought direct from the grower, and the dealer Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 409 then cures, stems, and packs it before shipping Connecticut Valley and Georgia-Florida. In it to the United States. Cuban tobacco is gen- the words of one authority, " shade tobacco erally bought from a local packer who purchases brought to New England the corporation it from the grower. The tobacco is generally farmer and introduced to the leaf trade a new bought in April, May, and June, although method of marketing. It modernized the sometimes later, as in July and August, due to method of handling cigar tobacco in the waremarket conditions. The grower or packer is house and in the office and has had a great paid cash,'the representative obtaining funds influence upon the economic life of the rural by drawing on the New York office at three sections of the Connecticut Valley." For days' sight. These drafts generally reach New several years there was a tendency in that York and are presented for acceptance on district toward concentration of the shade- Thursday, hence are due and payable at the grown industry in the hands of one large comdealer's bank the following Monday. Occa- pany operator. The proportion of the total sionally 10-day drafts arc used, or, if money is area controlled by this company was 14.3 per cheap, at times 20-30-day drafts. Some dealers cent in 1915 and 21.7 per cent in 1918. For own and operate packing and sorting houses the last two years, however, an opposite in the growing districts in Cuba during and tendency has been apparent, and the percentafter the growers7 marketing season. age has been largely reduced. The seasonal factors differ as between the The financial requirements of dealers in the two classes of leaf. Porto liican tobacco is Connecticut Valley, therefore, combine the usually ready for sale in August, but Havana, features found in the case of both growers and because the curing period is longer, comes into dealers. Much of the land cultivated is, howthe market somewhat later, namely, in October, ever, leased, and hence the item of land, build- November, and December. Selling of Sumatra ings, and equipment does not bulk as large as and Java begins at once after purchase at the might be anticipated. At most, the item equals inscriptions, and receivables of importers of about one-half the net worth, and from this such tobacco are reported highest from July ranges down in selected 1921 statements to to September and lowest from February to about 6 per cent. Growing also gives rise to April. It is said that with companies handling considerable expense for supplies, such as both Cuban and Porto Kican tobacco, peaks cloth, fertilizer, etc. In the Connecticut Valley are less noticeable than with companies han- the dealer finances the growing of the crop in dling only one of these classes, due to the differ- this manner, as well as by advances to growers ent marketing periods resulting from the differ- whose crop he has purchased under contract. ence in curing. Several dealers in Havana leaf Taken together, the advances and the expenses report their receivables highest from about incurred in growing tobacco serve to give the November to January, and lowest from May dealer a class of assets intermediate between to July. Bank and open-market borrowing is current and fixed, representing funds tied up said by them to be at a low point and to reach in tobacco which can not be delivered to him a peak about the same time, although one for some time. Similar to them are funds in dealer states that his indebtedness reaches a the hands of buyers, which may be expended peak about August to October. Some deal- in this way, or for tobacco ready for delivery ers in Porto Rican tobacco, and in both Havana (which then at once swells the merchandise and Porto Ilican, show a somewhat different inventory), according to the time of making movement of both receivables and payables. the statement. They are specifically called deferred assets in some statements, and are D^ THE GROWER DEALER. found in the case of some dealers with headquarters in New York as well as in the case of The grower dealer is of importance only in dealers who operate exclusively in the Contwo districts—the Connecticut Valley and, to necticut Valley. One statement, however, a lesser extent, Florida. Almost all dealers in includes these items under the head "Tobacco the former section grow some of the tobacco investment/' which has three parts in its statewhich they sell. Some dealers with headquar- ment—deferred accounts, crop accounts, and ters in New York do likewise. Especially is stock on hand. this done in the case of shade-grown tobacco The seasonal factors are apparently subwhich, as already remarked, requires large stantially similar to those of the domestic leaf capital, as there is a heavy initial expense for dealers indicated above. Dealers' sales to cloth, etc. It has been estimated that fully manufacturers are reported heaviest in the 90 per cent of shade-growTi tobacco is produced months after the crop is ready. For shadeby leaf-tobacco dealers, while only 10 per cent grown, they occur from December 15 to April of sun-grown tobacco is so produced in the 15; for broad leaf from about August 15 to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 FEDERAL RESERVE BUIXETIN. APRIL, 1922. October 1; and for Havana seed in June. "We herewith request you to open a credit,77 Borrowing likewise shows seasonal variation. and adds, "with your correspondents at One dealer gives March and April as the peak according to the practice of that place." This and October 1 as the low point. Another statement may be deleted by the applicant, states that he cleaned up with his banks in according to whether he wishes the credit- November, 1920, and that he usually borrows issued direct by the Belgian bank or through a heavily from about December 1 to April 1, and a foreign correspondent. The application of begins to pay off in July and August. State- the Belgian bank contains many expressions to ments are usually made as of January 1, al- be found in the contracts for credits used by though some appear in the fall, such as of American banks. For example, the application September 30. Some open-market borrowing makes provision for reimbursement in the folis reported by a number of these dealers, but lowing expressions "Will you please debit our most rely entirely upon their banks. Much of account for your payments effected (acceptthe business is financed in Hartford. ances made) against this credit," and concludes with the statement, "It is understood that you will incur no responsibility for the authenticity of documents which will be delivered to you, COMMERCIAL CREDIT PRACTICE OF or for the quantity of quality of the underlying SOME CONTINENTAL BANKS. merchandise." If the importer's application is approved by In continuation of the previous studies of the the bank, it then sends him a formal acknowlcommercial credit operations of European edgment. This communication serves not banks, the following survey anatyzes the prac- alone as an approval of the importer's applitice of some leading banks of Belgium, Holland, cation, but also as a statement of the condiand Italy (see FEDERAL RESERVE BULLETIN, tions under which the bank is willing to February, March, 1922). It was thought best issue its letter of credit. The form used by to analyze the methods of these banks in one one Belgian bank reads as follows: study because they have many features in common, and do not present characteristics which DEAR SIRS: We have received your letter/telegram of vary greatly from those followed by institu- opening a credit with us in favor of : for account of ——. We acknowledge it and take tions in the United States or in the countries liberty at this occasion to call your attention to the folwhich have*already been considered. Close at- lowing points: tention will therefore be given only to those We always notify beneficiaries of credits opened in their phases which depart from the usage as accepted favor. In case of revocable unconfirmed credits, this notification is given as a simple advice without any enby American bankers and merchants. The gagement on our part. following review is not an analysis of the . A credit -is not opened as irrevocable confirmed unless practice of all banks in the respective countries, upon special instruction, and under the entire responsibut is rather a study of the methods of lead- bility of the opener, remitter of order. In this case an expiration date must be stated. Such a credit can not ing institutions. It represents, however, the be modified or canceled without consent of the beneficiary. accepted practice in each country, since the We always examine with great care the documents which financing of foreign trade is concentrated in are delivered to us. We, however, decline always all the hands of relatively few institutions. The responsibilities as to their authenticity or the quality and quantity of merchandise therein mentioned. data has been gathered largely through answers The documents are forwarded at your risk. It is underto a questionnaire sent by the Division of stood that you engage yourselves to take them up upon Analysis and Research to leading foreign notice of their arrival against covering of our payments, institutions, which gave detailed responses and outlays, commissions, freight, and interest. copies of their forms. The forms employed by Dutch and Italian banks are similar in nature and are therefore OPENING OF CREDITS. not reproduced. Because of the details thus inserted in both application and acknowledg- As in American practice, the importer ad- ment, there is little need for the formal contract dresses his application for a credit to the bank which American banks usually require their on a form prepared by the latter. The content customers to sign. Besides, Belgian banks feel is similar to the forms used by American insti- that they are sufficiently well protected against tutions. A large Dutch bank has the applicant fraud on the part of their customers through fill out a form which begins with the statement: the provisions of Articles I and II of the Bel- "We request you to open the following credit gian law of May 5, 1872, which gives a creditor which please advise to the beneficiaries." The complete title to goods imported under a letapplication required by a Belgian bank reads: ter of credit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ArnrL, 1922. FEDERAL RESERVE BULLETIN. 411 ISSUING OF CREDITS. practical distinction between the terms "irrevocable77 and "confirmed.77 In fact, one in- A bank may issue a credit in three ways. stitution makes the following representative It may deliver the letter to the importer, who answer: "We consider the terms 'irrevocable7 in turn transmits it to the beneficiary, or the and 'confirmed7 synonymous, assuming that bank may forward this communication direct there is practically no difference between the to the exporter. A third method is to request liability incurred by a bank not to revoke a another institution to inform the beneficiary credit before a given time (irrevocable credit) of the establishment of the credit. It is not and that incurred by confirming to a beneficiary the practice of the banks in the countries under the promise that payment will be made before consideration to employ the first method, but the expiration of a stipulated date (confirmed there is no uniformity as to which of the other credit).'7 two methods should be followed. One Belgian It is generally assumed by continental banks bank prefers to issue its own letter to the benefi- that they are not legally bound to notify beneciary direct, while the Dutch and Italian banks ficiaries of the opening of unconfirmed credits, employ the services of correspondents who but as a matter of practice such notifications notify the accredited parties. are usually given. Confirmed credits, however, Continental banks arc often unwilling to must be notified to the accredited parties. negotiate drafts under letters of credit which These views concerning unconfirmed and have been advised by cable to the beneficiaries, confirmed credits find expression in the forms since they thus have the opportunity of selling used by the various banks. A Belgian their drafts to more thanonebank. If the issuing bank inserts in its application which the bank insists upon notifying its credit by cable to opener fills out the following expression: the beneficiary, it must advise this fact to the "You are directed to notify the beneficiaries European bank which is to negotiate the drafts. of the opening of the credit by giving them When a credit is thus issued hj one bank and a simple advice without engagement on your advised by a second institution, the question part/jour confirmation for our account and arises as to where the credit is domiciled. In responsibility.77 The opener then deletes one order to obtain the views of foreign banks on expression or the other, depending upon this subject, the Division of Analysis and whether he desires the opening of an unconllesearch put the following question: "If an firmed or confirmed credit. If he applies American bank asked you to advise a bene- for the former, the bank then addresses to the ficiary that it had opened a credit, would you beneficiary a communication which is headed: advise the beneficiary that (a) the American "Revocable unconfirmed credit,77 and which bank had opened such a credit, or (6) you had concludes with the following statement: "The opened the credit.77 On this subject there are foregoing is only a mere advice revocable two different views prevailing. One holds that at any time and does not constitute any enthe credit is domiciled with the issuing bank, fagement on our part.77 If, on the other while on the other hand it is maintained that and, the bank is requested to issue a confirmed the credit is established with the advising credit its letter is captioned "Irrevocable bank. confirmed credit,77 and closes with the state- To the above question a Belgian bank ment: "This credit will remain in force answers as follows: "Our letters of advice until .77 Analysis of the forms of Dutch indicate that the credit is opened by us.77 A banks indicates the same practice as stated different view is held by the Italian banks, one above. One Dutch bank in its acknowledgof which replies: "We inform the beneficiary ment to the opener writes— that the American bank has opened such a If we are without your instructions to open an irrevocredit.77 cable credit we shall advise the beneficiaries without any CONFIRMING OF CREDITS. liability on our part. * * * In case you wish to confirm the credit to the beneficiaries we shall be pleased to receive your special instructions to that effect, together As explained in a previous article on German with your statement for what period the credit will be commercial credit practice, continental banks irrevocably valid. use the terms "revocable77 and "irrevocable77 In accordance with the instructions of the in referring to the right of the opener to cancel opener the Dutch bank will then issue its letter, the credit. The words "unconfirmed77 and which, if unconfirmed, contains the following "confirmed77 are applied to the banks whether statement: they are issuing the credits or merely advising them. This view is also held by the foreign You will kindly note that this advice is given by us only to simplify the transaction and that it may not be banks under consideration, and from their considered as a confirmation of the credit—it involves no answers it is apparent that they draw no liability for us. In case you would not be in a position Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 FEDERAL RESERVE BULLETIN. APRIL, 1922. to adhere to the above stipulations, we suggest that you Europe, continental banks will make payment apply to your buyers, so that they have the instructions, only to the specified beneficiary, unless the given to us, altered. openers give instructions to the contrary. On However, if the opener desires that the the other hand, wider latitude is allowed in bank add its confirmation, the communication export credits which, are frequently drawn in to the opener then reads: the name of a beneficiary or his order. One We beg to inform you that there has been opened with bank writes that in the case of import credits us a confirmed credit irrevocably valid until . "this is a matter for the American bankers, or As mentioned above, revocable credits are the foreign buyers who may open the credits to likewise unconfirmed by the banks, who are order. With export credits, however, transfer therefore free to exercise the right of cancella- is generally allowed.'7 tion. The question then arises, may such credits be revoked without giving the bene- PRESENTING OF DOCUMENTS. ficiary notice of this action? Banks are unanimous in their opinion that notice is not After the bank has issued its letter, the next required. It might be interesting to note that stage in the operation of the credit is the prein the case of the Cape Asbestos Co. v. Lloyds sentation of the documents by the beneficiary. Bank (King's Bench, July 24, 1921), the court He must naturally draw his drafts and submit held the view that a bank was not obliged to in- his documents before a stipulated time. This form the beneficiary of an unconfirmed credit may be stated as a fixed date of maturity or that it had been canceled. Although the Euro- may be determined by the time of shipment pean banks hold the view that they are not com- as evidenced in the bill of lading. There is a pelled to give notification of the cancellation, difference of opinion as to the place at which as a matter of practice it is usually sent to the a credit expires. It is the common view that accreditec. There is, however, no agreement where a credit calls for the presentation of as to the exact time when an unconfirmed documents before a certain date, this implies credit expires. It is quite generally held that presentation at the office of the bank negotiatthis type of credit terminates as soon as the ing the drafts. However, certain Italian banks bank receives the order of cancellation from interpret this expression to mean that the the opener, and so it may be concluded that documents must be delivered before the specithe credit can be revoked at any time before fied date to the bank which has issued the the honoring of the draft drawn by the bene- credit (i. e., in the country where the credit ficiary. Irrevocable confirmed credits contain originates). Banks holding this view are proba date of expiration before which cancellation ably influenced by their customers who are imcan not be made. The period within which porting goods and who desire definite assurance the credit is effective is termed by European that they will be in possession of the goods before banks as the "validity of the credit." a certain time. However, the adoption of this The question of the revocation of a credit policy would impose upon negotiating banks is more or less erroneously associated with the the necessity of practically guaranteeing actual matter of recourse. It is" commonly held that delivery of documents to the beneficiary. This unconfirmed credits by implication call for the matter becomes even more complicated when drawing of drafts with recourse, while con- the drafts are accepted by a third institution. firmed credits permit the drawing of bills with- For example, an Italian bank may issue a out recourse. These views are not accepted b}^ sterling letter of credit, and an American bank continental banks, but instead they hold that, on the strength of this document may negoif the beneficiary is permitted to draw a sight tiate the drafts which in turn arc drawn on a draft on a bank, it no longer has recourse to British bank. In order to avoid equivocation, him regardless of whether the credit is con- it is therefore essential to state definitely where firmed or unconfirmed. This conclusion as- presentation of documents must be made. sumes that there is no mention of recourse in Letters of credit often contain no fixed date the credit, and also that the documents sub- of expiration, but instead the beneficiary is mitted by the beneficiary have been drawn in authorized to draw his drafts upon making strict compliance with the terms of the credit. "prompt shipment" of goods. This expres- If the documents are later rejected because sion is interpreted by Belgian banks to mean of discrepancies, the bank has redress to the that the beneficiary may deliver his documents beneficiary of the credit whether it is confirmed at any time within 30 days of the advice of or unconfirmed. the credit. Some Italian banks adopt the The analysis has so far assumed that the same policy, although others allow the benecredit is available only by the beneficiary. In ficiary only 15 days "or even only one week if the case of credits covering goods imported to shipment is to be made by railroad. Regard- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 413 ing Dutch practice, no fixed rule can be stated, bilities, and a Dutch bank defines its position since it depends largely upon the custom of to the beneficiary in a communication containeach port and upon the nature of the com- ing the following expression: modity being shipped. We beg to call your attention to the fact that in taking Partial shipments are not regarded with up documents wliich are presented for payment in virtue favor by continental banks. They generally of credits opened, we always exercise great care in examininsist that the beneficiary effect complete ing them as to their being in due form and regular in every respect. However, we desire it to be thoroughly undershipment unless the opener gives instructions stood that we assume no responsibility for the genuineness to the contrary. These are provided for in the of the documents, nor for the quantity or quality of the application of a Belgian bank, which allows merchandise mentioned therein. the opener to choose between " single shipment Also, in acting as negotiators of drafts drawn prohibiting entirely partial shipment" or under letters of credit, European banks refuse "several shipments." Some Italian banks to accept responsibility for documents which permit partial shipment in transactions indeviate in any respect from the terms of the volving staple commodities shipped in bulk or credit. Banks ma}7 negotiate the drafts if the merchandise of which the price is definitely documents contain technical discrepancies, but ascertained. Also subject to interpretation they will insist, as do American banks, that the are the terms "about" and "approximately" beneficiary sign a guaranty, which, as issued when used in referring to the amount of the by one bank, reads as follows: credit. Continental banks object to the use of these terms, but whenever they appear in We guarantee to indemnify you for any prejudice which might arise from the fact that your payment has been credits they are interpreted to give benoeffected in deviation from the conditions of the above-menficiaries a margin of from 5 to 10 per cent of tioned credit, opened by your good selves; we engage the amount mentioned in the credit. ourselves to reimburse you for the above amount on the first application, against delivery of the documents we The various facts concerning the shipment surrendered, in case your correspondents do not agree to are evidenced in the documents of the com- your payment with regard to the relative deviations. mercial set. The decision of the British court in the Diamond Alkali Export Corporation v. PAYING FOR CREDITS. Bourgeois (see FEDERAL RESERVE BULLETIN, October, 1921, p. 1173) has raised several With the accepting of the documents prequestions concerning the acceptability of cer- sented by the beneficiary thus explained, attentain commercial documents under a c. i. f. tion is once more directed to the relations be- (cost, insurance, and freight) contract. This tween the bank and the individual opener of decision held that shippers under such a the credit. Under normal conditions the doccontract must present "on board" bills of uments will arrive before the goods. But when lading, since "received for shipment" in- the reverse takes place it is then the practice of struments were not considered as acceptable. continental banks to give a guaranty to the This decision is in accordance with the custom customs officials and steamship agents, so as to of most continental countries, where "on enable the importer to obtain possession of the board" bills of lading are used to a large goods without having presented the documents. extent and where banks accept "received for At this stage in the transaction the importer shipment" bills of lading only upon specific may reimburse the bank if it has paid sight instructions to this effect from the openers of drafts drawn by the exporter, by paying cash the credits. An exception to this rule is or by having the bank debit his account. found in the case of a Dutch bank, which re- However, such transactions are largely fiplied that it made a practice of accepting nanced by acceptance credits giving rise to the "received for shipment" bills of lading. The drawing of time drafts on the bank which same policy is followed by German banks. accepts the draft and agrees to honor it at The court, in the above-mentioned case, also maturity. The accepting"bank may adopt two rejected certificates issued under blanket in- policies regarding reimbursement. It may imsurance policies and insisted that exporters mediately call upon the opener for reimbursedeliver full policies. However, policies are ment or wait until a few days before the not required by continental banks, although maturity of the drafts. On this subject the they naturally express a preference for policies various banks answer as follows: as against certificates. Continental banks in issuing their credits refuse to assume the com- We act differently, according to the client and to the amount. Upon favorable appraisal of both these points, mercial risks involved in the shipment of we deliver the documents and wait for payment at maturgoods. The banks waive all such responsi- ity. Otherwise goods are not released to the importer but Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 FEDEKAL RESERVE BULLETIN. APRIL, 3 922. remain in our trustees' hands, and the proceeds of sale are AUTHORITY TO PURCHASE. placed in a funded account in order to utilize the said funds at maturity to meet the accepted drafts.—(Italian bank.) Quite similar to the letter of credit is the It sometimes occurs that an importer covers a draft authority to purchase. Its general features accepted by us before maturity. In such a case interest is have been described in the FEDERAL RESERVE refunded to the importer which agrees with, the interest we are able to make on money deposited with us up to the BULLETIN for August, 1921, and little considdate of maturity.—(Dutch bank.) eration need here be given to the operation of We consent to wait for reimbursement until maturity, this instrument, since it is handled in about the on condition, however, that the goods taken out from our same manner as in American practice. In pledge be replaced by others subject to our acceptance. Belgium it is known as 'Tautorisation de If new security is not given we allow partial or total payment immediately by granting a discount whose rate negociation," and can be issued in both revdepends upon our relation with the client and also upon ocable and irrevocable forms, and with or the general money market.—(Belgian bank.) without recourse to the drawer who draws his In short, continental banks do not com- bills on the importer. The comparison bepel their customers to make prepayment in tween the letter of credit and the authority to anticipation of acceptances. In the period purchase from the European viewpoint is well between the arrival of the goods and the pay- summarized in the following statement of an ment of the acceptances, the goods are in the Italian bank: possession of the importer. Legal title, how- The letter of credit gives power to the seller to draw ever, remains with the bank. In the United upon the issuing bank, whilst; the authority to purchase — States it is customary for this institution to which we get through and with the guaranteed signature of a bank—gives power to the seller to draw upon the buyer. protect its interest by having the importer Nevertheless in both cases we are authorized by a bank to sign a trust receipt, but this instrument is discount the drafts with its guaranty. We consider ournot generally recognized by the laws of most selves as identically guarantors in both the cases. In discontinental countries. Italian law does not counting we take into consideration the difference of the permit a lien on goods while they are in the two types of paper. hands of debtors. Banks in Belgium can not CONCLUSION. well employ trust receipts, for the law con- From the above survey it is clear that in the siders that possession of movable goods implies countries under consideration commercial credtitle to the same. Therefore, if merchandise is its are governed by almost the same principles placed in the hands of a debtor, the creditor loses which apply in the United States. There are, all his security and, in case of the bankruptcy of however, differences in the technique as practhe former, the holder of a trust receipt would ticed by institutions of the United States and of be regarded merely as a general creditor. these countries. Practice within each country However, the trust receipt is employed to some is quite standardized, because the financing of extent b}^ banks in Holland, where the practice foreign trade is concentrated in the hands of a is about the same as that followed in the few institutions, and these follow specific regu- United States. lations as established by banking associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL BESKEVE BULLETIN. 415 BUSINESS AND FINANCIAL CONDITIONS ABROAD. REPARATIONS AND INTERALLIED DEBTS. floated on German account. This plan was referred to the various allied governments for In the March BULLETIN a fairly detailed consideration. statement was given of the "various payments ENGLAND.1 that had been made on reparations account hy In England, as in the United States, the Germany up to March 1, 1922. At that time, investment boom which began last October however, no decision had been reached as to has continued during recent months. At the distribution of certain payments among the Allies. With a view to arriving at a decision, first it was only first-class, so-called gilt-edged, a conference of finance ministers of the allied securities which were in demand, but recently nations was held in the second week of March, more speculative stocks have also been very and a method of distribution arrived at. Ac- generally traded in. The explanation of the cording to this agreement Great Britain re- boom seems to lie in the fact that funds which ceived"oOO,()00,000"gold marks of the 1,000,000,- ordinarily are used in current business have 000 gold marks paid to the Allies in cash on been transferred to the capital market because August 31, 1921. France received 140,000,000 of the inactive condition of trade, and this gold marks, Italy 30,000,000 gold marks, and transfer has led to speculation in securities. Belgium the remainder. In the case of Great Interest rates have continued to weaken and Britain, France, and Italy, these payments will new issues have been floated on more favorable be applied to the cost of the armies of occupa- terms to borrowers than for some time past. tion, but in the case of Belgium the 330,000,000 At the same time there has been an improvement gold marks is an actual reparations payment. in public finances, due to the large revenues normal to this season of the year, and some As will be recalled, after the fall of the increase in the export trade. Otherwise recent Briand Cabinet, the question of future reparadevelopments have not been particularly favortions payments was referred by the allied govable. Although the textile trades have been ernments to the reparations commission. In fairly active during March, industry as a whole deciding upon terms for payments in 1922, the continues to be depressed and unemployment commission accepted the recommendations of has not improved appreciably. Wholesale the Cannes Conference and requested the payment of 720,000,000 gold marks in cash during prices, however, advanced in March for the the year and 1,450,000,000 gold marks in goods. first time since May, 1920. About one-third of the cash payment has been made; the remainder will be paid in monthly ANNUAL REPORTS OF THE JOINT-STOCK BANKS. installments of 50,000,000 gold marks, begin- Reports of the British banks for the end of ning with April 15. The last two installments 1921 were surprisingly favorable. They showed of the year will be 60,000,000 gold marks each. that in spite of the fact that "the preceding No estimate is available as to the portion of the year had been one of heavy liquidation, the deliveries in kind that have been made thus far condition of the banks, both as regards profit in 1922. This schedule as a whole for payand loss and current accounts, was very similar ments in 1922 is approximately one-third lower to that of the preceding year when liquidation than the schedule provided for in the London had been in progress only a few months. agreement of May, 1921. Although it is impossible to analyze the position At the meeting of the finance ministers in of the banks with exactitude, because of the March, the British Chancellor of the Exchequer inadequacy of the published statistics, the made a proposal for the reduction of German outstanding facts are to be noted. In disreparations obligations proportional to any re- cussing recent bank statements in the Febductions which may be made in debts owed b}^ ruary issue of the London Bankers' Magazine the Allies to each other or to the United States. the editor states: According to this plan, if the United States should cancel a portion of the debt owed her by One or two among the provincial banking institutions have seen lit to increase their rates of dividend distribution the Allies, an equal sum would be deducted from for the past year, these instances occurring apparently Germany's total liability. In the same way, mainly in those cases where particularly heavy amounts if Great Britain canceled some of her outstand- had been written oft' in.respect of investments depreciation ing claims, these would be deducted from total in the last few years, with the result that not only have profits sufficed to set aside very substantial sums required reparations. In order to make the proceeds of as provision, for bad and doubtful debts, and still leave a the remainder of Germany's liability available handsome margin, but the rise in security values has to the Allies at the earliest possible date, it was proposed that a series of international loans be 1 British price, trade, and financial statistics may be found on pp.439, 443, 444, 448, 449, 451, 490. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 FEDERAL RESERVE BULLETIN. APRIL, 1922. permitted sums previously set aside to investment reserve The dividends declared by all of these banks funds to be brought back and added to visible general are the same as last year, namely, Barclay & Co., reserve funds. The more general practice, however, has 10 per cent per annum on "A*" shares and 14 been to leave the past alone, to be thankful for the rise in Government securities, and to add further sums to the per cent per annum on "B" and "C" shares; amounts previously written otT or added to undisclosed Lloyds, 16§ per cent per annum; London Joint reserves for "contingencies," an all-embracing word which City & Midland, 18 per cent per annum; Nais more or less of postwar adoption. * * * It is generally tional Provincial & Union, 16 per cent per employed in regard to internal reserves which are not annum; London County Westminster & Parr's, disclosed in the balance sheet, although the sums in question are allocated from the published profits. ^ Before 20 per cent on £20 shares and 12£ per cent on the war it was usual to make all additions to internal £1 shares. reserves before arriving at the figure to be published as Deposits of the five big banks were approxiprofit, but the discovery of contingencies has enabled internal reserves to be built up without unduly cutting mately the same at the end of December as a down the amount of the published profits. It has also year earlier, while loans and advances were enabled auditing difficulties to be got over, for sums appreciably lower and discounts appreciably written off the book value of investments could not higher. It is impossible to state the proportion afterwards be written in again if securities appreciated, but a reserve against contingencies may be earmarked at one of total discounts that are based upon treasury period against investment depreciation, and when no bills, but this ratio has probably increased durlonger required for that purpose may go to form additional ing the year, since commercial bills have been provision for bad debts. relatively scarce. In this connection, the The percentage of net profit to paid-up capi- Bankers' Magazine says: tal in the case of the five largest banks ranged It is a great pity that more of the leading banks have not from 14 to 24 per cent for the year. The dis- seen their way to stating in their balance sheets the precise position of profits in the case of the London amount of treasury bills held. Such information is very valuable from a statistical point of view, and from that of Joint City & Midland Bank was as follows: the banks it would seem to be an advantage rather than the reverse to show the public how much of the discoiuits Balance from preceding year £741, 619 is represented by bills whose safety is beyond all question. Treasury bills, in fact, are so readily convertible into cash Net profits, 1921 .7 2, 454, 083 that they might well be ranked as superior to money at call as regards degree of liquidity. Under our present sys- Total 3,195,702 tem treasury bills are not very far removed from an interestbearing currency, for the Bank of England can not very Dividend, 18'per cent per annum less income well impose limitations as to their rediscount. tax . 1,368,449 Reserve for future contingencies 7&0, 000 In these remarks both the strength and Bank premises redemption fund 300,000 weakness of treasury bills as bank assets are Balance to be carried forward to next account. 777, 253 touched upon. They are more liquid than Total 3,195,702 most commercial paper, but they are not self- In other words, in the case of this bank the liquidating and therefore tend to be inflationcontingency fund took approximately 30 per ary. In the table below the deposits, loans, cent of the net profits for the year and divi- and advances, and bills discounted of the five dends required 55 per cent. In the case of the big banks at the end of December, 1921 and National Provincial & Union Bank slightly less 1920, are itemized: than 20 per cent of the net profits went to the contingency fund and 70 per cent to dividends. [Millions of pounds sterling.] In the following table a summary is given of the net profits of the five big banks during the Deposits. Loans and Bills disadvances. counted. last two years and the ratio of net profits in 1921 to paid-up capital. 1920 1921 1920 1921 1920 1921 I Barclay & Co 328 | 331 156 133 75 Per cent Lloyds 345 ! 348 151 131 91 of net London Joint City & Midland... 372 ! 375 190 177 72* Bank. I ; i D p e C c a i a 3 d p 1 i , u t 1 a p 9 l , 21. Net 1 p 92 ro 0 f . its,! ! N et 1 9 p 2 r 1 o . fits, p p 1 c 9 a r a 2 o i p 1 d f , i i - t t u a s t p l , o N Lo a P n t a i d o r o n r n ' a s l C P o r u o n v t i y n c W ial e s & tm U in n s i t o e n r & 2 3 7 0 8 5 | i 2 3 73 18 1 1 4 3 1 1 1 1 2 1 7 0 1 5 0 6 2 Dec. 31, 1921. Investments of the banks show a slight reduction during the year, but the distribution Barclay & Co £15,592,372 £2,927,525 j £2,201,652 Lloyds... ! 14,372,956 3,237,742 I 2,529,124 of holdings between (jovernment and private London Joint City & : investments appears to be similar. In the Midland j 10,860,852 2,831,861 | 2,4o4,083 National Provincial & ; I case of the London Joint City & Midland Bank, Union • 9,309,416 2,762,514 2,054,686 London County West- i of total investments amounting to a value of minster & Parr's....! 9,003,718 2,915,708 2,167,845 £56,759,000, £55,365,000 were war loans or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APKIL, 1922. FEDERAL RESERVE BULLETIN". 417 other British Government securities. In the (not taking into account the savings made case of Barclay & Co.'s bank the proportion possible by the international agreements arwas not quite so high, but British Government rived at in Washington), this to be brought securities amounted to £48,125,000 out of a about by increasing the control of the Treasury total of £55,656,000. t over the estimates of the military departments. They also recommended large reductions in PUBLIC FINANCES. expenditures for education, the savings to be As the British fiscal year 1921-22 comes to a made effective by reducing teachers' salaries close on March 31, there is very general dis- and not allowing children to enter school prior cussion at present regarding expenditures for to the age of 6 years. A summary of the renext year. Thus far the Government has made ductions recommended are as follows : no indication as to whether it would recommend Navy £21, 000. 000 any changes in taxation, but has made definite Army 20. 000. 000 arrangements for reductions in expenditures. Air force 5, 500. 000 Education IS.. 000.000 In the first place, Government departments Health 2. 500.000 were requested to reduce their budget esti- War pensions (>. 300. 000 mates to a point that would make possible a saving of £75,000,000, as compared with last 73.300.000 Civil service, miscellaneous. •13,500.000 year, on the budget as a whole. In addition, a committee of business men was appointed Total 86. S00. 000 about six months ago to make an investi- A little more than one-half of these recomgation into Government departments, with mendations have been accepted by the Gova view to decreasing costs and eliminating ernment. They provide for a saving of waste. The goal set for this committee was £53,000,000, to be divided in the following the reduction of the budget by £100,000,000. fashion: In its final report, dated February 21, the com- Navy £H).000.000 mittee indicates ways in which a saving of Army (excluding .Middle East) 14. 500.000 £87,000,000 could be made and states that if Air force " •]. 000.000 the savings in naval expenses provided for by Education (I 500.000 Miscellaneous 19! 000, 000 the Washington Conference are taken into consideration, the total saving can be increased Total 53, 000. 000 to over £100,000,000. But of this total certain economies are not The committee states in conclusion that immediately applicable, so that the saving in during the year just closing (1921-22) expendi- 1922 will probably not be more than £43,tures will be approximately as follows: 000,000 on these items. In addition, however, Class 1—Debt charges £345.000000 the terms of the agreements reached in Wash- : Glass 2—Other charges on consolidated ington make possible a further saving of £11,fund 21. 272,000 000,000. Adding the saving of £75,000,000 Class 3—Pensions 152, 53 9, 917 Class 4—Aftermath and other expendi m tures worked out by the departments, this makes a arising out of the war 191, 216, 500 total saving during the coming vear of £129,- Class 5—Fi<tfitin<* services 167, 302,400 000,000. Class 6—Middle east 27,197. 000 When the final estimates are made, it is Class 7—Other civil expenditures 241, 615.188 possible that further reductions may be pro- Total 1,146,123,000 vided for. The London Times makes an esti- With regard to the first four classes and to a mate of a budget of £900,000,000 for 1922-23. large extent the sixth, the committee states Revenue from taxation in the period from that reductions of appreciable dimensions arc April 1, 1921, to March 11, 1922, amounted to impossible without changes in policy. Ob- £998,000,000. Although it is possible that viously no reductions can be made in debt taxes may be somewhat decreased in the comcharges, the payment of pensions, the payment ing year, it is apparent that they can not be, of unemployment insurance, export credits, if any considerable reductions are to be made loans to Allies, etc., once these undertakings in the public debt. have been voted by Parliament. This means, FRANCE.1 in other words, that of the total £1,146,000,000 FOREIGN EXCHANGE. expenditures provided for, £737,000,000, or almost two-thirds, are largely irreducible. Of During March French foreign exchange rates the remaining £409,000,000, the committee declined slightly from their favorable position estimates that almost one-fifth could be saved. at the end of February. In spite of this fact, They recommended a reduction of £47,000,000 in the expenditures of the fighting services i French price, trade, and financial statistics may l>c found on pp 44;* 445, 448, 449, 451, 490. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 FEDERAL RESERVE BULLETIN. APRIL, 1922. the value of the franc in foreign trading shows cates the improvement in France's position as a distinct improvement over quotations at an exporter: this time last year. In dealings with the FRENCH FOREIGN TRADE. United States and Great Britain the franc [Special commerce in millions of francs.] reached its lowest point in December, 1920, and January, 1921. At that time it was neces- 1920 i : Surplus • 19212 ;Surplus sary to pay more than 61 francs 50 for the Country cf origin or ! ports ports pound sterling and more than 17 francs for the destination. Im- Ex- , (+); of •1m- i Ex- (+);of dollar. The improvement during 1921 was ports. ports. ports, j ports. cuporu, spasmodic; there was a distinct increase in the : ("}' : value of the franc in May, when the pound United States 1.0,8(56 2,257 4 8,609 3.582 ! 2,040 + 1,542 sterling was quoted at about 45 francs and England 10,318 4,233 ! +6,085 " 3,167 ! 3,355 -188 the dollar at about 11 francs. This increase B G e e l r g m iu a m ny 2 3 , , 6 3 0 2 S 5 • 4 1 , ,5 4 0 7 2 9 • ! - + 1 1 . , 1 1 5 6 4 6 • ' 2 1 , ,7 4 9 7 3 6 ; ! 4 2 . , 0 3 9 5 1 6 -2 + ,2 1 9 2 8 0 Algeria 1,053 2,290 ! -1,237 : 1,129 j 1,448 —319 in relative values did not continue, however, Italy 1.283 1,249 + 34 , 568 1 771 -203 and franc quotations declined sharply in the Argentina 2,992 445 ! +2,547 i ' 833 i 249 +581 Switzerland 1,014 1,792 i -748 , 398 , 1,1.69 -771 fall of the year. The recent improvement in All other countries. 10.356 8,648 1 +7,708 , 9,602 ! 6,074 -f 3,528 exchange rates brought sterling quotations on Total. 49,905 26,895 |+23,oio ; 23,548 • 21,553 + 1,995 Paris to 47.13 francs on February 23 and dollar I quotations to 10.92 on the same date. At the 1 Valued according to market prices in France. 1920 (official values). 2 Preliminary figures,valued according to market prices in France, end of March the franc had fallen again and 1919. the rates were 48.48 francs to the pound, and The official statistics on French foreign 11.07 francs to the dollar. trade in January, 1922, which have recently As regards quotations on other European been made public by the French customs countries, the French situation has shown department, present current imports according similar improvement in the last year. Belgian to the valuations declared by the persons who francs were being quoted at 1.05 in Paris in brought the goods into the country, but the January, 1921, as compared with 94 in the export trade is still presented according to the middle' of March, 1922. Swiss francs in Paris official valuations for 1919, since official declined from 260 to 216 in this period, and valuations for 1921 have not yet been decided rates on Sweden, the Netherlands, Italy, and upon by the permanent commission on cus- Spain moved in the same fashion. toms values, and the 1920 values are con- The following table sets forth foreign ex- sidered too high to be applied to current trade. change rates on Paris at important dates in The change in stating import values has been the last year and a quarter: made in connection with the collection of the tax on total business turnover in its applica- FOREIGN EXCHANGE RATES ON PARIS.1 tion to imported goods. Up to this time French importers have declared the value of Francs to the— the goods they brought into the country, but the declarations have not been utilized in Pound I Bel- Ger- compiling the value of goods imported for l s i t n e g r- . | | Dollar, f g ra ia n n c. Lira. m m a a r n k. publication. _j _ . _. -j The following table presents the trade for Par 25.22 I 5.18 1.00 1.00 1.23 January, 1922, as compared with January, E M n i d d d o le f D of e M ce a m y b , e 1 r 9 , 2 1 1 920 4 5 5 9 . . 4 6 5 2 ! ! 1 1 1 6 . . 3 8 2 7 1 ]. . 0 0 ( 5 ) . .6 5 4 8 . . 2 1 3 9 1921: End of November, 1921 56.97 ! 14.26 .96 .58 .05 End of February, 1922 48.14 10.91 .95 .55 .05 FRENCH FOREIGN TRADE FOR JANUARY. Mar. 23,1922 48.48 j ii. o; .94 .57 .03 [In thousands of francs.] i Middle of week quotations from the L'Economiste Francais. 1921 1922 FOREIGN TRADE. IMPORTS. Declared value: This improvement in the foreign exchange Foods 403,1S6 352, 572 value of the franc may be ascribed in part to Raw materials 1,381.183 887,253 Manufactured articles 589', 964 247,827 the improved foreign trade position of France Total 2 374 333 1 487 652 in the last year. French imports in 1921 Official value, total 1,982, 468 2,113,522 totaled only 38,000,000 tons, as compared EXPORTS. with 50,000,000 tons in 1920, while French Official value: Food 192,477 121,526 exports increased from 13,000,000 tons in Raw materials 445 804 458,460 1920 to 16,000,000 tons in 1921. The fol- Manufactured articles... 1, 13-1,395 994,852 Parcel post 118,585 63,903 lowing table presents the value of French trade in the two years by countries, and indi- Total J,891,201 1,638,741 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APKIL, 1922. FEDERAL RESERVE 419 The difference between the declared and the year loan was issued at 95, bears 7 per cent official value of French imports in January of interest on the face value of its bonds, and is the two years in question confirms the impres- redeemable in whole, but not in part, at 103 sion that valuing foreign trade at official after January 1, 1935. The Paris-Lyon-Medirates becomes extremely unsatisfactory during terranean Railway bonds, on the other hand, a period of rapidly changing prices. ' In this were issued at 86/bear 6 per cent interest, and particular case it is difficult to know how much are redeemable at par from 1929-1958. The importance to attach to the fact that the official Nord Railway bonds sold at 90; they bear value of the goods exported during January, interest at 6 per cent and are redeemable at 1922, is more than 150,000,000 francs greater par before December 31, 1950, or, at the than the declared value of the goods imported, option of the compan}^, after July 1, 1932, at since the official value of the import trade is 103 and accrued interest. Both series of railabout 600,000,000 francs greater than that way bonds are the direct obligation of the declared by importers. If the official valua- company they represent and of the joint fund tions now being used for exports differ as of all the French railway systems, established greatly from current market prices as the offi- by a convention of July 28, 1921. They cial import valuations evidently do, it would are also guaranteed by the French Governseem that there is still a balance unfavorable ment. to France in foreign trade. Five French loans of varying importance Quantity figures for January trade show have been placed on the New York market that imports declined from 4,000,000 tons in since January 23. The first was a loan of January, 1921, to 3,300,000 tons in January of the Department of the Seine for $25,000,000, the current year, and that exports increased which was sold at 90J, bearing interest at 7 per from 1,206,000 tons to 1,554,000 tons in the cent and maturing in 20 years. The second same months. The relatively small tonnage of French loan floated here this year was part of a exports may be attributed in part to the fact foreign series of 1920 issued by the Midi Railthat a large proportion of the exports from way Co. This loan, in contrast to the other France are highly manufactured goods, which French external loans floated in the United are very valuable in comparison to their weight. States in 1922, is redeemable in francs. The bonds offered were worth 25,000,000 francs INVESTMENT OF FOREIGN CAPITAL IN FRANCE. and were sold on the basis of §79 to a 1,000franc bond. They are redeemable at par by The effect of recent investments of foreign annual drawings, not later than 1960. The capita] in France has probably been of more Paris-Lyon-Mediterranean Co., in addition to importance in determining the level of exchange its British loan, placed bonds to the value rates than the improvement in the foreign of $30,000,000 on the New York market trade situation. On February 26 the Minister in February. These bonds bear 6 per cent of Finance announced that the interest rate interest and were sold at 83, with accrued on national defense bills would be reduced interest from February 15, 1922, to date of one-half of 1 per cent. At the time of the delivery. They are due February 15, 1958, announcement the rate of interest on 3 and are of the same type as the British bonds. months' national defense bills was 4 per cent, Both of these issues of railway bonds are as compared with a rate of 2J per cent on 3 secured in the same fashion as the French months7 treasury bills in London, and during railway bonds offered on the British market. the fortnight before the French rate was re- The only French industrial issue offered in duced, a great deal of capital seeking short- New York so far this year appeared in the form term investment was attracted to the French of bonds of the Framerican Industrial Developmarket. ment Corporation. This company was or- In addition to these investments in short- ganized in 1917 for the purpose of "facilitating term bills, there has been a considerable in- the business in this country of the French vestment of English and American funds in company of Schneider et Cie." The latter comlong-term French securities since the first of pany specializes in iron and steel products, and the year. Three loans have been placed on the owns the Creusot Works, one of the most im- London market—one on February 6 for portant plants in France for the manufacture £3,000,000 by the Department of the Seine, of electrical machinery, locomotives, engines, one on February 28 for £5,000,000 by the and steam turbines. The $10,000,000 loan re- Paris-Lvon-Mediterranean Railway Co., and cently placed here was in the form of 7J per one on "March 23 for £5,000,000 by the Nord cent 20-year bonds, and sold at 99, to yield Railway. The Department of the Seine 30- approximately 7.60 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 FEDERAL RESERVE BULLETIN. APRIL, 1922. The most recent French loan offered in New ITALY.1 York was announced March 20. It is one of the series of reconstruction loans authorized FOREIGN TRADE BALANCE. by the French Government and is issued by the A considerable improvement in Italy's city of Soissons for $6,000,000 at 6 per cent. foreign trade balance is shown by the latest It is noncallable in whole or part and will be available figures of imports and exports, which redeemed in 1936. The bonds were sold at refer to November, 1921. In the period from 85J and interest, to yield about 7.65. The July 1 to November 30, 1921, imports totaled French Government has arranged to pay the 4,725,000,000 lire, and exports 3,088,000,000 city more than 8,000,000 francs per annum for lire, with an excess of imports of 1,637,000,000 the service of this loan. The proceeds of the lire. These figures are based on current prices, Government payments will be applied, after as shown by actual statements of importers the settlement of current interest requirements, and exporters. In the corresponding five to the purchase of the bonds in the open market months of 1920 imports amounted to 10,111,without limit as to price, or, at the option of 000,000 lire and exports to 4,515,000,000 lire, the city, to the purchase of approved Canadian with an excess of imports of 5,596,000,000 lire. Government, provincial, or municipal bonds The customs administration figures of foreign to be deposited as security for this loan. All trade beginning with July, 1921, arc not comthese French loans have been very favorably parable with those for the preceding six months, received, and at the rate of 9 cents to the as the basis of valuation was changed befranc they have probably meant the transfer ginning with July 1, when the new customs of about 720,000,000 francs to French bal- tariff went into effect, while the figures of the ances in this country, if not to France, in the preceding six months were based on 1920 last two months. value units. However, tentative estimates of the value of imports and exports in the first FRENCH INVESTMENT MARKET. half of 1921, on the basis of 1921 prices, have been made by the Ministry of Finance, and if The last loan of the Credit National, which these estimates are accepted, imports during was placed on the French market February 1, the first 11 months of 1921 may be estimated is said to have been very successful. A at 12,980,000,000 lire and exports during the preliminary announcement by the Minister of same period at 6,970,000,000 lire, with an Finance places the total amount subscribed at excess of imports equal to 6,010,000,000 lire. 4,500,000,000 francs. The only other recon- In the corresponding 11 months of 1920 imstruction loan floated in France since the 1st ports amounted to 24,107,000,000 lire and of February is that of the Groupements des exports to 10,500,000,000 lire, with an unfavor- Compagnies d'Energie electrique et d'Eclairage able balance of 13,607,000,000 lire. The excess du Nord et de l'Est, a group of public utility of imports over exports, which amounted to companies in the devastated districts, which over 15,000,000,000 lire for the entire year 1920, offered bonds of a nominal value of 82,500,000 was in all probability less than 7,000,000,000 francs to the French public at 475 francs for lire for the entire year 1921. each 6 per cent 500-franc bond. From the figures given above it may be seen THE BANK OF FRANCE. that both exports and imports in the first 11 months of 1921 had declined in value as com- On March 11 the Bank of France announced pared with the corresponding period in 1920. a reduction in its discount rate from pi to 5 The decline amounted to about 34 per cent for per cent. This action had been anticipated exports and to 46 per cent for imports. The ever since the announcement of the Finance improvement in the balance of trade is prima- Minister late in February of the reduction in rily accounted for by the fact that the value of the rate of interest for national defense bills. imports was affected to a much greater extent This change has had very little effect so far by the decrease of the general price level than in the condition of the bank. On March 23 that of exports, just as the advance of prices loans and discounts (including discounted in 1920 had affected the value of imports in a treasury bills) totaled 2,815,403,440 francs, as much larger proportion. compared with 2,726,320,509 francs the last week in February. Advances to the State had EXPANSION OF CAPITAL. fallen to 21,500,000,000 francs on March 23, as compared with 22,500,000,000 francs on Feb- With the end of the inflationist movement ruary 23, and note circulation had fallen to and the beginning of business depression in 35,281,790,430 francs from 36,150,809,365 francs in the same period. 1 Italian price, trade, and financial statistics may be found on pp. 443 445,448,450,491 '' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 421 1921, there was a much smaller demand for It will be noticed that deposits increased at new capital than in 1920. This is reflected in a monthly rate of 139,000,000 lire between the figures showing annual increases in the June 30, 1919, and June 30, 1920, that the aggregate capital of joint-stock companies pub- rate increased to 181,000,000 lire in the lished by the Association of Italian Joint Stock following six months, then fell to 148,000,000 Companies. lire in the first half of 1921, while the total increase in the four months from the end of NET ANNUAL INCREASE IN AGGREGATE CAPITAL OF June to the end of October, 1921, amounted JOINT-STOCK COMPANIES. only to about 73,000,000 lire. [In millions of lire] 1913 132 UNEMPLOYMENT. 1914 127 1915 79 The latest date for which full official data 1916 236 1917 1, 288are available with regard to the unemploy- 1918 2, 950ment situation is January 1, 1922, when the 1919 2, 779number of unemployed workers amounted to 1920 4, 835542,000. This was an increase of about 6 per 1921 2, 569 cent over December 1 and of about 432 per In the course of the .year 1921, new corporate cent over the beginning of 1921. It was beinvestments were* slowly decreasing, as is tween May 1 and August 1 that the growth shown by the fact that the increase in the of unemployment was particularly pronounced first half of the year amounted to 2,082,000,000 (from 250,000 to 435,000). Beginning with lire (considerable investments having been the month of August a certain improvement effected in the chemical industry, the electric occurred in the textile trades and, later, in trades, commercial corporations, and textile the automobile industry. The increase of industries), while in the second half of the unemployment in subsequent months was largyear the increase totaled 487,000,000 lire only. est in the construction and building trades and Increases became particularly insignificant in in agriculture, and was due to a considerable the last months of the year (October, 89,000,000 extent to seasonal causes. From partial local lire; November, 49,000,000 lire; December, reports available for the first months of this decrease of 30,000,000 lire). In January, 1922, year it would appear that unemployment has the total amount of corporate capital increased continued to increase. Among other things, by 186,000,000 lire, which was, however, only since.last autumn the shortage of electric power about 33 per cent of the increase which took due to drought has caused curtailment of proplace in January, 1921. duction and consequently increased unemploy- The growth of postal savings deposits also ment. Provision had to be made by the Govseems to have come to an end in the summer of ernment for the control and rationing of the distribution of power and for an eventual 1921, as may been seen from the following table requisition of power plants. showing the movement of deposits from July, 1914, to October, 1921. The unemployment situation has been aggravated by the decrease of emigration from POSTAL SAVINGS DEPOSITS. Italy. The number of emigrants in the first 11 months of 1921 was about 241,000, and for [In millions of lire.] End of— the year as a whole a maximum of 265,000 June, 1914 2,121 was anticipated, as compared with nearly June, 1915 1, 862 365,000 in 1920, and an annual average of June, 1916 1, 988 706,000 in the years 1911-1913. June, 1917 2, 353 June', 1918 2, 919 It should be observed that the effects of the June, 1919 4, 224 restriction of immigration to the United States June, 1920 5, 897 began to be felt only in the second semester of December, 1920 6, 981 1921, so that overseas emigration in 1921 as a January, 1921 7, 247 February, 192.1 7,421 whole, in so far as its volume could be antici- March, 1921 7, 5GS pated from the figures for the first eleven April, 1921 7, 689 months of the year, was but slightly less than May, 1921 7,791 June,1 .1921 7, 869 the overseas emigration in 1920 (about 198,000 and 211,000, respectively). In fact, overseas July, 1921 7, 932 August, 1921 7, 947 emigration in the first semester of 1921 showed September, .1921 7,949 a considerable increase over that in the corre- October, 1921 7, 942 sponding period of the preceding year (128,000 and 92,000, respectively), as the department of i Figures for June, 1921, and subsequent months are provisional. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

422 FEDEBAL RESERVE BULLETIN. APRIL, 1922. emigration had taken measures in the first five joods delivered during the rest of the }^ear do months of the year to further emigration to the not reach the total indicated, the balance must United States, in anticipation of restrictive be made up in cash. Merchandise delivered to legislation. After having averaged about the armies of occupation is to be credited 25,000 a month, in January to May, of which only to army costs. All deferred payments on 20,000 on the average went to the United army costs are to bear 5 per cent interest. States, overseas emigration dropped to about In addition to these details in regard to the 5,000 in June, and averaged about 11,000 in the actual payments on reparations account, the succeeding five months. Emigration to the memorandum from the commission lays down United States formed only about 54 per cent certain conditions in regard to the internal of the total overseas emigration in the period financial arrangements of the German Governfrom July to November, 1921, while it had ment. The more important of these conditions amounted to over 80 per cent in 1920 and in are as follows: The German Government is the first semester of 1921. Beginning with last required to complete a new fiscal program October, there have been indications- of an which it is to put into effect before April 30. increased movement of emigration to Argentina Taxation must be increased by 50,000,000,000 and Brazil. paper marks during the fiscal year, of which Emigration to European countries, the Near 40,000,000,000 paper marks must be collected East, and Northern Africa began to decrease in during 1922. The commission urges the instithe second half of 1920, and in 1921 it decreased tution of a tax system by which the tax rate in a much larger proportion than overseas emi- will reflect automatically a fall in exchange or an gration, as the number of emigrants amounted increase in the Government debt to the Reichsto about 56,000 in January to November, 1921, bank. An internal loan must be floated for the purpose of balancing this year's budget; the as compared with an annual total of 154,000 in practice of discounting treasury bills at the 1920. The decrease was general with regard to Reichsbank must be discontinued and the emigration to all countries and was particularly Reichsbank must be made independent of the pronounced in that directed to France and Government; the exportation of capital must Switzerland. Emigrants to those two counbe stopped; Government expenses must be tries numbered, respectively, 120,000 and radically reduced; and most important, from a 20,000 in 1920, and 33,000 and 6,000 in the first political point of view, Germany must submit eleven months of 1921. Emigrants7 money remittances to Italy to a system of supervision through obligatory consultations with the commission of guaraneffected through the Banco di Napoli amounted tees, and either float an international loan or to 280,000,000 lire in the first half of 1921, as make a levy on capital to raise a substantial compared with annual amounts of 981,000,000 sum for reparations. Financial legislation and lire in 1920 and 494,000,000 lire in 1919. methods for collecting taxes must be formulated in consultation with the reparations com- GERMANY. mission, which is to exercise constant super- DEVELOPMENTS IN THE REPARATIONS SITUATION. vision over Germany's execution of the demands through the committee of guarantees. Since March 9 the Reparations Commission has been made to assume the functions Germany's 1922 budget, which was discussed assigned to it in the Versailles treaty, and the in last month's issue of the BULLETIN, provided latest authoritative statement on the repara- for the payment of almost 188,000,000,000 tion program for 1922 has been issued by that paper marks on reparations account during the body. This last memorandum, which is dated current fiscal year. According to the estimate March 22, reduces the total sum to be paid in of the commission the present program will the current year to 2,170,000,000 gold marks, decrease this amount by 45,000,000,000 paper of which 720,000,000 gold marks are to be paid marks. It is extremely difficult, however, to in cash and 1,450,000,000 gold marks in goods. translate gold marks into paper marks at the The commission announces that 282,000,000 present time, because of the difference between gold marks in cash have already been paid, but the depreciation of the mark in foreign the value of the goods delivered on account of exchange and in internal purchasing power and 1922 payments has not been made public. because of the fluctuations in the level of prices The cash payments still to be made are dis- within Germany. tributed throughout the year—18,000,000 gold It remains to be seen how effective these new marks are to be paid on April 15, 50,000,000 gold measures will be in dealing with the reparations marks on the 15th of each month from May situation. The difficulties experienced by Gerthrough October, and 60,000,000 gold marks on many in establishing an export balance have November 15 and on December 15. If the been pointed out in previous issues of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 423 BULLETIN. In January and February, 1922, increases in the note circulation of the Reichsbecause of the decline in German imports, ex- bank do not have as immediate an effect on ports exceeded imports by about 89,000,000 rates as news which makes it seem possible gold marks. Whether this surplus, which is that inflation will be halted in the near future. essential for cash reparations payments, will The most striking instance of the effect of news continue if German internal prices are raised of this sort occurred on November 29 and 30 to the world level, is problematical. News- and December 1,1921, when it was reported that paper announcements indicate that except for Germany had obtained a loan from England the deliveries of coal specified in the treaty, and that she was to have an extended delay in payments in kind will only take place as Ger- reparations payments. The value of the dolman goods are ordered by the citizens of allied lar in marks fell from 295 on November 25 to countries. The March 22 program provides 181 on December 1, and then rose again as it that during the current year 950,000,000 gold became evident that the news was false. marks worth of goods are to go to France and It should be remembered, however, that the 500,000,000 gold marks worth to the other fundamental question in European exchange Allies. There is some question, however, is the improvement or lack of improvement whether there will be a demand in the allied in the currency situation of the country incountries for enough goods to make up these volved. In this connection it is interesting to totals. Even in France, where goods for recon- compare the foreign exchange rates of the struction purposes are greatly needed, domestic other central European countries with that of producers of such goods have protested vehe- Germany. The following table traces the mently against their importation from Germany. course of German exchange rates on New York The problems involved in the settlement of since May, 1921, when the London ultimatum the reparations question are not simple. As to was accepted, and compares them with the the specific recommendations of the commis- rates for Austria, Czechoslovakia, Hungarj^ sion on fiscal procedure, however, nothing is and Poland. suggested which is not already under consideration in Germany. An effort was made in CENTRAL EUROPEAN EXCHANGE RATES ON NEW YORK. November to obtain an international loan; the Social-Democratic Party has strongly urged a Per cent of par. tax which would be levied on gold values (which corresponds to the commission's sug- 1921 1922 gestion as to a tax rate which would reflect a fall Monetary ..- Country. in exchange or an increase in the Government unit. I debt to the Reichsbank); and attempts have been made to place a tax on capital. The attempts to tax capital have been largely ineffective, however, because of depreciation of the Germany II e i c h s- 6.82 6.065.474.99 4.02 2.87 1.65 2.21 !2.18 2.02 1.50 mark and the consequent disorganization of mark. Austria.. Krone 1.281.04 .70 .59 .46 .28 .is' .19! .16 .141.07 monetary values. Czecho- |...do 7.18-6.93 6.4816.045.735.185.12J6.17 8. 55 91..06 8.56 Slova- I i kia. FOREIGN EXCHANGE. Hungary.,.. .do 2.40 2.. 011L,. 641.30.96 .71 .531 .75 .75 .62 Poland. ..'Polish . 51 ..34 .22| .21 .11: .09 .12 .13 .14 .10 I mark. I Although the decision of the Reparations i Commission on the 1922 program was not made public until March 22, it had been generally The relative position of German exchange understood since February 28 that the figures rates and those 021 other central European agreed upon at Cannes would be adhered to. countries is very important to Germany. The result was that the foreign exchange value Before the war Austria-Hungary was Gerof the mark declined almost steadily during many's best customer excepting Great Britain, March. The lowest quotation for the month and she imported more from Austria-Hunoccurred on March 23 and 27, when the mark gary than from any other country except the was quoted at 0.29 cent. United States, Russia, and Great Britain. If It has been frequently pointed out that the Czechoslovak exchange and the other central foreign exchange value of the mark on a given European exchanges move radically against day depends much more upon news affect- Germany, it will further complicate her already ing the political and economic situation in complicated trade position. The favorable Germany than upon the currency situation on position of Czechoslovakia, as compared with the day in question. Inflation has proceeded the other central European countries, has come to such a point and the number of marks out- about as the result of the financial reorganside Germany is so formidable that further ization of the Government which has taken 97329—22 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 FEDERAL RESERVE BULLETIN. APKIL, 1022. place there within the last year. The budget real property at prices much below their real has been made to balance and Government value in terms of gold. In the second place, expenses have been materially reduced. This each decline in the mark has meant increased reorganization has been possible because orders for exporting concerns, and has thus in- Czechoslovakia is better provided with raw creased the value of their stocks. And in the materials than any other of the succession third place, the depreciation of mark exchange States and has a better industrial organiza- has resulted in many rumors or announcetion. It has also been assisted by the fact that ments of increases of capital, with subscrip- Czechoslovakia has been obliged to bear no tion privileges for stockholders. Such news part of the reparation burden. Austria and sends stock prices up temporarily, although, in Poland are at the other end of the scale. the end, increases in capital naturally result in Conditions in Austria are the result of the lower prices for the stocks affected. disorganization of trade and finance which There have been six distinct movements on followed the division of the Austro-Hungarian the German stock exchange in the three years Empire among the succession States. The since the armistice. Stock prices rose from the territory assigned to the new Austria was so beginning of 1919 until March, 1920; fell with largely dependent before the war upon the the rapid appreciation in mark exchange and territory now held by Czechoslovakia that a the decline in commodity prices which took painful period of reorganization was inevitable place that spring; rose from July, 1920, until after the division of the empire and the erection the time of the Paris conference in January, of trade barriers which followed that division. 1921; fell until March, moved with great irregu- At the present time there is a tendency to larity until the conclusion of the London agreeremove some of these barriers, and financial ment late in May, then rose rapidly as the mark aid is to be provided by Czechoslovakia, fell until November, when violent fluctuations England, and France, so that it seems prob- again occurred. On the 1st of December, at able that the Austrian situation will soon the time of the break in exchange rates because begin to show improvement. In the case of of rumored loans in London, there came a Poland the political and military situation has conspicuous drop in stock prices. Since that been of prime importance. Large sums have time prices have tended to increase, because the been spent on the army, the budget has been Government's policy of removing subsidies has heavily burdened with debt, and the Govern- tended to raise commodity prices. The best ment lias pursued a steady inflationist policy. measure of the fluctuation of stock exchange At the present time, however, the reorganiza- rates in Germany is furnished by the securities tion of the Government's budget has been index of the Frankfurter Zeitung. This index begun. It has been arranged recently that a contains quotations of 25 stocks, 10 domestic Franco-Polish syndicate should take over the bonds, and 5 foreign bonds. The stocks incoal mines in Upper Silesia which belonged to cluded in the index are divided among German the Prussian State, one-half of the capital to industries as follows: Mining and smelting be furnished by Polish and the other half by shares 5, banking 3, machinery manufacture 3, French banks. 'A bank is also to be formed for electrical apparatus 2, textiles 2, chemicals 1, Upper Silesia with Polish and French capital. sugar 1 cement 1, paper 1, shipping 1, brew- 7 The reestablishmcnt of economic and political ing 1, unidentified 2. One foreign stock is stability in these central European countries is represented in this list—that of the Baltimore & of vital importance to Germany, so closely are Ohio Railroad. All the domestic bonds inher economic interests bound up with theirs, cluded are those of the German Government, but the revival of their exchange rates, while of German States and municipalities, except German foreign exchange values are still those of the Bavarian railway, the Hochst Dye declining, will aggravate the difficulties of the Works, and the General Electric Co. The for- German business situation. eign bonds in the index are a striking comment upon Germany's present economic situation and the extent to which she has been isolated GERMAN STOCK EXCHANGE PRICES. from other industrial countries by her inflated currency. They are 4 per cent Austrian gold A change in German foreign exchange values rente, 5 per cent amortizable internal Mexican almost immediately affects the prices of her (silver), 4 per cent Turkish (Bagdad) Series I, industrial stocks. This connection has been 4J per cent amortizable Rumanian gold 1913, established for three reasons of varying imand the 4 per cent Hungarian gold rente. With portance. In the first place, a decline in the this series of stocks and bonds the Frankfurter value of the mark enables foreign purchasers to Zeitung achieves the following index: buy stocks representing an interest in German Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 425 GERMAN SECURITIES PRICES—FRANKFURTER ZEITUNG likely to be an indication of the methods of INDEX. financing that have been employed by the various companies rather than of their general Dates. Stocks. D b o o m n e d s s t . ic F b o o r n e d ig s n . Total. prosperity. The stock of companies which have greatly enlarged their capital in the last 1920, beginning of January... 52 99 99 56 1921: year or two, so that the value of their stock in Beginning of January 100 100 100 100 paper marks would correspond more closely to Mar. 5 56 99 83 87 Nov 10 260 115 240 2'">c the value of their plant in 'the same unit, has Dec. 30.. 207 109 1S3 200 1922, Jan 5 223 106 214 216 not risen to the fantastic values on the stock Feb 3 222 106 198 21") exchange characteristic of those who have not Mar. 3.... 274 107 226 263 attempted increases in capital. The eight It is impossible, however, for the Frank- German great banks furnish a good example furter Zeitung index number to indicate the of the effect of increases in capital on stock extent to which the prices of certain German prices. The highest quotation registered for stocks fluctuated during the past year, since these banks even during the extreme speculasuch an index seeks to eliminate the most tion of November, 1921, was that of 715 for the extreme manifestations of the movement it Deutsche Bank. represents. The highest quotation reported Another good example of the restraining from the Berlin Bourse (7,000 as compared effect of increases in capital upon stock prices with 119 in 1913) was achieved by the Sarotti is that of the Allgemeine Elektricitats Gesell- Chocolate Co., which paid dividends of 40 schaft, which has increased its capital considper cent in both 1919 and 1920 (in terms of erably during the. postarmisticc period. The paper marks). In general, however, shares most recent change took place late in Novemrepresenting the iron and steel industry rose ber, when capital was raised from 850,000,000 to the greatest heights. These companies have marks to 1,100,000,000 marks. It is said to reaped all the benefits of the depreciation have a larger capital than any other single of the mark and suffered from few of the Gorman corporation. According to figures evils. The more fortunate of them have not compiled by the Frankfurter Zeitung, increases been obliged to import raw materials from in capital in Germany during recent years have abroad, and they have profited from the fact been as follows: at the Government has stabilized coal prices bejow the level of world market prices. INCREASES OF CAPITAL IN GERMANY. he following table is compiled from in- .N ominal formation furnished by the Disconto Gesell- Number capital schaft of Berlin, and sets forth the range of of corpo- (in milrations. lions of prices of some of the more important mining marks). and smelting stocks on the Berlin Bourse in 1916.. 4,800 16,000 1921 and gives the quotation on the last day 19.1.8.. 5,360 19,700 1919.. 5,265 20,300 in February. 1920.. 5,845 29,000 1921.. 6.779 54,700 QUOTATION'S ON THE BERLIN BOURSE FOR MIXING AND Increases of capital in Germ any during 1921, SMKi/riNG COM PANTES. also compiled by the Frankfurter Zeitung, 1921. were divided as follows among German in- Stock. . I D c 1 c 9 .3 1 1 3 , . Low quotation, j High quotation. Fe 1 b 9 . 2 2 28 . , dustries : Date. Q t u io o n ta . - ! , | INCREASES IN CAPITAL AMONG GERMAN CORPORATIONS DURING 1921. Bochum Gusstahl. 208.10| Feb. 8 406.00| Nov. 7 1,500.00:1,317.00 Deutsch - Luxcm- ! | Capital increases (in burg "Bergwerke. 130.75i May 6 290.25' Nov. 7 1,350. Oo' 1,270.00 Number millions of marks). Harpenor Bcrgbau 172.50 Feb. 8 403.00' Nov. 7 '1.900.001,865.00 of corpo- I L ls a c u B ra e V r m gb tt a e u 47 C 5 1 .2 ) 5 .l F u e n b o . 1 8 4 30 5 0 0 . . 0 0 0 0 ; N O o ct v . . 2 2 4 6 S ,1 , , 0 5 0 0 0 0 . . 0 0 0 0 1 1 2 , , 6 3 6 0 0 5 . . 0 0 0 0 rations. Par value. P v re a s l e u n e t . Mannesmannrohren-Workc... 217.75 Feb. 16 540. Oo!Nov. 28 1,800.00; 1,740.00 Phonix Bergbau..! 234.10; Feb. 14 545.00. Nov. 7 :1,675.00" 1,265.00 Banks. j 162 4,402.63 6,922.84 Rheinischc Stahl- : Insurance companies I 54 318.57 386.10 • V T h e w Z r a . y e l e p rk e S c E n t i a & s h e l W n v h e i i s r i s k t e t o o n . ! i i 1 1 5 5 C 9 1 1 . . 0 ) 5 0 0 F M J e a a n b y . . 2 8 4 7 4 9 6 1 1 7 5 0 6 . . . 0 0 0 0 0 0 J ; ' N N N o o o v v v . . . 2 2 7 1 4 ' 3 . 1 5 , , 4 , 8 8 0 0 0 0 0 0 . . . 0 O 0 0 0 o , ! 4 5 1 , , 5 1 ,5 0 0 0 0 0 0 . . 0 0 .0 0 0 0 M M C T E e h l e i e x e n t c a m t i t i l n r l i g e i a c c a n a c i l t d o n y c m d m o a p s m a n m a c p d n h e a i i g l e n n t a s i i e s n e s g c c o o c m m o p p m a a p n n a i i n e e s s i es ! j i 3 1 1 1 8 7 0 0 6 6 6 9 4 5 2 1 1 1 , , , , 5 9 8 7 8 5 9 4 4 6 4 8 5 4 8 . . . . . 4 3 2 5 3 6 6 7 0 0 3 2 2 2 , , , , 6 4 2 3 9 6 4 9 9 4 1 7 6 6 6 . . . . . 1 1 8 2 7 0 7 1 2 1 Food companies : 247 1,730.87 2,145.00 1 Not quoted. Stone and earth companies 112 381.59 498.80 Paper com panics : 51 258.54 362.11 CAPITAL INCREASES IN GERMANY. Construction companies ! 41 308.17 368.40 Commercial enterprises j 66 1,253.07 1,490.12 An examination of a list of the prices quoted Leather and rubber companies •. 63 418.86 460.12 on the German stock exchange proves, how- Miscellaneous companies i 170 1,145.97 1,525.86 ever, that extremely high quotations are more Total. 1,806 I 19,229.16 25,907.36 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 FEDERAL RESERVE BULLETIN. APRIL, 1922. SWEDEN. classes of bonds being 7.91 per cent, as compared with an official discount rate of 7J per A striking indication of the effect of the precent. In the first quarter of 1921 bond yields vailing stagnation in industry and contraction declined in anticipation of the reduction in the of credit is the change which has taken place bank rate. In November, 1921, the latter had during the last 12 months in the investment declined to 5£ per cent, while the bond interest market of Sweden. For the most part, the rates had dropped to 6.08 per cent. The recent year 1921 witnessed a considerable decline in cut in the Riksbank discount rate on March stock-issuing activity. On the other hand, 9, 1922, presumably will have the effect of there was a marked gravitation of capital into making bond yields lower. the bond-investment field. As compared with the preceding year, the increase in bond flotations amounted to nearly a quarter of a billion CHANGES IN THE YIELDS OF TYPKS OF .BONDS AS V.TTI1 THE BANK It ATE. kronor. The volume of long-term loans absorbed in 1921 exceeded by substantial margins [Compilation of the Skandinaviska Krcditakticbolaget.] the bond issues placed on the market during any of the war years. Although part of this Mortincrease was due to the renewed borrowing gage bank Disactivities of the Government, it is noteworthy Stale i Other and Munic- Rail- cou n.t that corporate business attracted the largest Date. re lo n a t n e . s . | ' l S o i a a n t s e . m ga o g r e t- lo ip a a n l s. lo w a a n y s. lo A an ll s. o r f a t t h e e percentage of the new investment capital. com- Rikspanies' bank. This reversal of tendencies which had pre- loans. viously been in evidence is a result not only of the demand, caused by the depression, for non- 1919. speculative types of securities with fixed inter- Nov. 28.. 6.06 5. 88 5.88 6.35 6.23 6.11 Dec. 10.. 6.15 6.11 6. 0 L 6.50 6.15 6.22 est, but also by the general credit restrictions i 1920. which compelled enterprises formerly depend- Jan. 20.. 6.30 6. 02 (5.15 6.7.1 6.20 6.43 ent on bank credit to negotiate long-term loans Fob. IS.. 0. 32 6.64 6. .1.8 6.70 6. 20 6.43 Mar. 10.. 6. 43 6.68 6.30 6.73 ! 6.28 6.50 to liquidate debts contracted during the infla- Apr. 13.. 6.75 7.06 6. 70 7.11 (>. 50 6.87 • tion period. J M u a n y e 7 5 . .. . . . 6 7 . . 8 0 7 2 7 7. . 3 2 8 1 6 7. . 9 0 3 8 7 7. . 2 1 6 8 : i 6 6. . 7 8 1 4 7 7 . . 1 0 2 1 i j b th o e T n d h w - e a i n f r o : v l e lo s w tm in e g n t t a m b a le r k s e h t o w si s n c t e h e t h s e it u b a e t g i i o n n n i o n f g t o h f e J J N S O u u e o c l p l y t v y . t . . 3 5 l 1 3 . 0 . 3 . . . . . . . . . 7 7 7 7 7 . . . . . 1 4 3 2 0 - 8 1 1 9 1 7 7 7 7 8 . . . . . 5 7 1 5 6 8 5 3 4 5 7 7 7 7 7 . . . . . 2 6 2 2 8 2 2 2 3 3 7 7 7 7 8 . . . . . 3 8 4 3 5 6 6 7 0 5 : ! ; ' ! 7 6 7 7 7 . . . . . 4 1 9 4 1 6 5 2 3 5 7 7 7 7 7 . . . . . 6 3 2 3 9 0 1 6 1 1 I ! ! : ' 1921. •i VOLUME OF BONDS ISSUED DURING THE PERIOD JULY, J F a e n b . . 1 2 5 4 . . . 7 (') . . 0 9 8 3 6 7 . .1 9 0 3 7 7 . . 0 1 4 9 7 7 . . 3 3 7 5 ' I 7 7 . . 1 0 2 0 7 7. . 1 2 2 7 1914-DECEMBER, 1921. Apr. 18. 7.02 6. 83 6.98 7.28 . 7.00 7.08 May 20.. 7.02 6.75 6.92 7.25 6.88 7.01 [Millions of kronor.] June 30. 6.96 6.69 6. 85 7. 03 6.75 6.90 July 30.. 6.50 6.55 6.42 6.67 6.62 6.59 Aug. 30. 6.43 6. 23 6.34 6.60 6. 50 6.48 Year. G m o e v n er t n . - M ga o g r e t- ities. | u> T p ti r o o a r n n ta s . - - Total. N S O e o c p t v . t . . 2 2 2 5 - 3 1 .. . . 6 6 6 . . . 4 1 4 0 8 0 6 5 5 . . . 1 8 9 6 8 1 6 5 5 . . . 2 9 8 2 3 3 6 6 6 . . . 2 6 1 6 1 3 6 6 5 . . . 1 3 8 0 6 7 6 6 6 . . . 2 0 -1 3 8 2 _ ! T 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 1 1 1 1 1 2 1 2 6 4 7 9 5 0 8 1 , July-December. 1 1 1 1 3 9 6 5 3 1 5 4 0 2 8 5 8 3 8 . . . . . . . . 8 6 0 2 2 4 1 7 2 6 1 2 1 9 4 5 1 5 6 8 6 . . . . . . . . 9 6 7 9 5 8 3 6 2 2 2 2 2 7 5 5 4 2 1 9 9 9 6 5 . . . . . . . . 2 4 6 8 3 4 1 3 i ! : 1 1 1 2 7 6 9 6 4 7 6 3 0 8 7 4 6 4 . . . . . . . . 7 9 1 3 4 6 7 0 1 1 3 4 5 1 3 1 1 . . . . . . 7 1 5 4 0 0 2 2 2 2 2 4 1 9 3 6 7 4 8 0 8 0 0 3 2 2 4 4 9 . . . . . . . . 5 5 1 1 2 3 2 7 flo I t n a ti c o o n n s t ra n s o t te to d S T t O h in C e K in 1 c 9 M r 2 e A a 1 R s , K e t d E h T e a . r c e t iv w it a y s i n a bo c n o d nsiderable decline in stock issues characteristic Total 761.0 169.4 318.1 j 661.7 66.6 1,976.6 I I I of the depression period. Under the conditions existing in 1918 and the first half of 1919, stock The fall in interest rates on commercial paper issues furnished the greater amount of the needs which has accompanied the industrial depression of private enterprise, particularly indusis also to be noted in the long-term investment trial undertakings. The decline during the past market, although the decline has been neither year occurred not only in new capital subscripso sharp nor so rapid. It will be observed from tions and payments, but also in capital primathe accompanying table that the fall in the rily issued for the expansion of existing plants. yield of the principal types of Swedish bonds A certain proportion of the new registered capinas coincided with a more than equivalent drop tal as a matter of fact represents reorganizain the discount rate of the Swedish Kiksbank. tions and corporate amalgamations, and for The interest rate on bonds reached its peak near that reason it is impossible to gauge correctly the end of 1920, the average figure for allthe volume of new capital from the statistics of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AntiD, 1922. FEDERAL EESERVE BULLETIN. 427 registrations given below, but the figures indi- Another factor which reflects the situation cate the activity in the capital market. with regard to available capital is the volume of time deposits and savings accounts m the AMOUNT OF PAID-IN CAPITAL FOR NEW ENTERPRISES. private commercial banks. According to Swedish banking practice, a large proportion of [Slatistisk Arsbok.] these deposits is invested in long-term securi- [Value in. millions of Icronor.] ties rather than in commercial loans. In 1921 time deposit accounts remained fairly constant, Classes of enterprises. 191.3 j 191-1191.5 ; 1916 i 1917 | 1918 11919 , 1920 j w192i1th only slight fluctuations from month to month. A decline occurred toward the end of Banks ....I 0.4! 1.0 1 28.91 16.9i 11.1' 7.()i the year, coinciding with the taxpaying period. Insurance 0.3 .6 1.0 .8 i Industries and agri- As compared with the corresponding figure for culture 30. 0 20. 2! 12. .">! 43. ()! 99.0 119. 8 94.9; 80.51 05.9 Commerce 37.2. 31.4; 47.1 60. (•) 137.5H6S. 1117.0 84-. Gj 0-1.1 1920, the monthly average for 1921 shows a Transportation. 6.7| 3.0: It. 3: -13.1: 20.1. 35.2, 18.3 11.4-- 4.9 gain in time deposits of about 162,000,000 Other 8.2 9.5 5.1" 8.6; 22. lilOS. 9 20.0 69.1! 11.0 kronor. Savings accounts during the first five Total.... 82.4 65. 1' 80. 2.155. 3-309.4J446. 7:267.2 252.7 145.9 months of 1921 made a better showing than in I I i i : ! the previous year, but a decline followed in the It will be observed that the total amount of later months. paid-in capital in 1921 is appreciably higher than in 1913, but much below that, of the peak TIME AND SAVINGS DEPOSITS OF THE PRIVATE COMyear 1918. The number of new undertakings MERCIAL BANKS. registered also declined during the past year, [Millions of kronor.] amounting to 955 as compared with 1,507 in 1920 and 1,529 in 1918. Registrations of new Time deposits. Savings deposits. enterprises in 1913 amounted to 563, thus showing a considerable widening of corporate 1913 1920 1921 1913 I 1920 1921 activity as well as growth of corporate capital J. since the war. End of— During 1921 the value of total dealings on the January I,076.1 2, 707. 5 2, 933. 3 343.8 11., 006. 3 1,006.2 February ; I,08L. 5 2, 704. 3 2,935.9 345.1 11,006.5 1,008.9 Stockholm Stock Exchange shrank consider- March. 075.9 2,691.. 4 ! 2,958. 7 346.0 997.7 1,009.9 ably amounting to only about one-half of the April. 076.9 2, 721.0 2,958.1 353.0 • 1,003.0 1,016.9 May.. 083. 6 2, 723.9 2,943.4 351.1 998. 2 1,004. 8 business of 1920 and also falling below the figure •Iline.. 092. 6 2, 752.1 2.965.6 354.0 I 989.2 994.0 July.. 101.8 2,795.4 . 2,967.9 357. 3I 990.7 990.9 for 1913. The monthly average in the past August 109. 8 2,803.3 • 2,961.6 357.2 991.3 981.8 year stood at 573,000 kronor, as compared with September... 110. J. 2,805.8 i 2,939.8 353. 7 983. 5 966.1 October • 1,112.2 2, 822. 8 !2,914. 8 •' 353. 8 982.6 958.3 an average of 1,145,000 kronor in 1920 and November.. .1 1,109. 8 2, 834. 8 I2, 850.0 i 353.0 973. 8 941. 4 December ! 1,1L5.1 2,854.0 I 2.827.7 ! 349.4 959. 7 910.9 643,000 kronor in 1913.' The decline in prices of stocks readied its low point in November, Average.... 1,095.4 ! 2, 768.0 ' 2,929.9 j 351. 7 990.1 982. 5 1921, with a slight rally occurring at the close of the year and beginning of 1922. Industrial ANNUAL REPORT OF THE BANK OF and other stocks, which were quoted in 1913 at FRANCE FOR 1921. an average rate of 300 (in comparison with par values), dropped to an average level of In his annual report to the stockholders of 160 in 1920 and 104 in 1921. Bank shares, on the Bank of France, M. Itobincau, the presithe other hand, exhibited a rising tendency in dent, takes occasion to review the economic 1920, being quoted at an average rate of 229 developments of the past year in France. as compared with an index of 209 in 1913, but The following paragraphs present a brief declined in 1921 to an average value of 171. summary of this review: railing the first six months of the year 1921 French DAILY AVEKAGE VALUE OK DEALINGS ON THE STOCKHOLM business suffered inevitably from the consequences of the EXCHANGE. economic crisis of the year previous. Until last July the systematic and prolonged refusal of consumers to buy [Thousands of kronor.] produced a distinct slowing down of production. On the other hand, the necessity for liquidating the stocks which ; 19.13 ; 1920 i 1921 • i i 1913 1920 1921 h n a u d m b a e c r c u o m f f u ir l m at s e d t o i i n m p fa o c r t t o a r n ie t s p r a i n ce d r s e t d o u re c s ti o f n or s c . ed a large These price reductions resulted in relieving the commer- " f F a e u b n r a u r a y ry ...' i 1,1 9 2 1 1 2 i : 2 2, , 2 4 7 8 6 9 i , 6 6 2 7 3 7 ! |i | J A u u lv g ust J | 4 52 6 4 2 4 5 6 3 0 5 9 4 4 0 2 4 cial situation and in increasing somewhat the consumers' March ' 603 ' 2,54-5 ; 779 " September . 45 J S96 425 demand. By the middle of the year the liquidation of -Vpril .. .' 793 ' 1,2S9 . 594 '. October....1 508 61L 483 domestic stocks and the decline in the prices of the prin- Mav i 002 ! 1,050 . 473 !' November J 570 407 59b cipal key commodities brought about a slight but certain June (584 i 673 : 463 ii December..! 327 506 418 i". ' resumption of buying; Wholesale prices, after having Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 FEDERAL RESERVE BULLETIN. APRIL, 1022; declined on an average 25 per cent during the first six policy, the bank feels that it could not have acted othermonths of the year, reached their lowest point in June, wise. and have since that time shown a remarkable degree of In the progress toward more normal conditions, constability, to which are diie for the most ~j>art the more firmed by the lowering of discount rates in New York and favorable tendencies, either present or anticipated, in the London, the bank became convinced that the market had various branches of production and exchange. passed, the period of excessive speculation and the dis- This improvement in business, this turning toward a count rate was lowered from 6 per cent to hh per cent on better economic equilibrium, shows itself in various July 28. This measure has resulted in the appearance in degrees in most countries. The reconstruction of the the bank's portfolio of commercial bills of small and avernorth and east has proceeded very satisfactorily during the age size, which testify not only to a revival of consumption past year. On the 1st of last November, of the 2,000,000 but to a happy reestablish merit of normal commercial hectares laid waste during the war, almost 1,500,000 were credit. again under cultivation, more than four-fifths of the indus- The bank's gross profits for the year amounted to trial establishments in the devastated departments have 5-19,000,000 francs and its net profits to 317,000,000 francs, resumed their work, and they are employing more than as compared with 199,000,000 francs last year. The amount 50 per cent of their pre-war personnel. paid to the State on account of taxes out of these profits Increase in agricultural production throughout the whole totaled 136,000.000 francs. country has been conspicuous during the year. Thanks to the increase in the area seeded and to the improvement of agricultural equipment and methods, cereal crops ARGENTINE FOREIGN TRADE STATISTICS. showed a further increase in 1921. The wheat crop in 1921 was 23,000,000 quintals larger than in !920 and was The official Argentine foreign trade statistics very near the pre-war average. . This improvement will ordinarily appear many months late, due, it is result in reducing French imports in .1.922 and will inclaimed, to the fact that the Government fluence the commercial balance favorably. Even during 1921, thanks to the abundance of the crops statistical department lacks the requisite perof the preceding year, imports of foods showed a distinct sonnel to compile and issue up-to-date data on decrease; they amounted in 3921 to less than 4,000,000 this subject. The most recent official trade tons, as compared with 6,000,000 tons in 1920 and to figures which have been published apply to the 7,000,000 tons in 1919. Coal production also increased during the year and made it possible to reduce imports of coal. third quarter of 1920. In response, however, Imports of raw materials declined greatly during the first to the widespread interest in and demand for part of the year because of the decline of production, but reliable information regarding Argentine foreign they have, fortunately, increased during the last months trade, official estimates are published from of the year. The increase in exports, on the other hand, is an index of French efforts in production, and has re- time to time, giving the approximate value of sulted in a greatly improved balance of trade. imports and exports. Statistics showing the This improvement in the balance of trade has had a very physical volume of certain leading exports satisfactory effect upon French foreign- exchange quota- appear with fair regularity in current Argentine tions, and'rates for the dollar and the pound sterling are publications, though the estimates vary conmuch more favorable to France than they were a year ago. siderably, according to the source from which The"improved condition of the exchange is also an index they are taken. Discrepancies frequently octo the improved fiscal condition of France. In spite of the cur, for example, between the figures furnished economic crisis, the new taxes have increased treasury by the statistical department of the Ministry of receipts during the past year, and the savings of the people have furnished the treasury, directly arid indirectly, with Agriculture and those compiled by the cereal the sums necessary to meet its heavy expenses. The situa- exporters. tion of the treasury has permitted the State to repay grad- At the beginning of 1922 an estimate was ually the amount of its debt to the bank in the time iixed by the conventions. The amount of temporary advances made by A. E. Bunge, director-general of to the State, which totaled 26,600,000,000 francs at the end national statistics, of the total value of Argenof the previous year, appeared in the bank statement of tine trade for 1920 and 1921. His figures for December 31 last as 24,600,000,000 francs. Since that 1920 are based on exact official statistics for date the debt has been further reduced. These reductions are the result of a remarkable financial effort on the part of the first nine months and the approximate the Government, the Parliament, and the country. They official estimate for the last quarter of the year. mark an important step toward the progressive liquidation The figures for 1921 are also estimates, obtained of Avar loans and toward placing the assets with which our from statistics of customs revenue and import notes are guaranteed upon a more normal basis. They restore to the note issue the elasticity necessary to permit and export prices, as follows: The official the bank to meet the needs of industrial and commercial schedule of tariff valuations was drawn up in credit. 1906 and import valuations still continue to be The slowing down of production and exchange and the based on the Buenos Aires market prices of that piling up of stocks which took place last year resulted temporarily in lack of funds in the case of many business year. According to customs house records in enterprises. The bank endeavored to aid the business 1921, the revenue which resulted from the appliworld with all its power in overcoming this difficulty, and cation of duties to these fixed prices represented it has continued to satisfy all the demands made upon it 26.58 per cent of the total value of imports. which represented legitimate needs and were in accord with the general interest. As this customs revenue amounted to 76,000,- The bank took part in stabilizing measures undertaken 000 gold pesos, Dr. Bunge has calculated the by the great private banks, at the request of the Govern- "nominal" or tariff value of imports in 1921 as ment , to prevent the demoralization, of the m arket. With- 285,000,000 gold pesos. To determine the apout overlooking the risks involved in such a liberal credit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 429 proximate actual value of imports, statistics value of imports remained below the pre-war are kept of current market prices for 170 com-level until 1918. In 1918 and 1919 both immodities which comprise more than 80 per cent ports and exports increased very largely, the of the total value of import trade, and theexpansion being especially pronounced in the difference between these prices and the fixed case of exports, resulting in a favorable trade tariff valuation is calculated. In 1921 actual balance for 1919 which far exceeded any preprices were estimated to be 122.3 per cent vious figure. This favorable balance reached higher than the fixed tariff prices (as against its highest point in the early months of 1920, 196.8 per cent in 1920), bringing the approxi- but thereafter exports fell off rapidly until in mate actual value of imports up to 635,000,000 the last half of the year the balance became gold pesos. In the case of exports, the official adverse to Argentina. valuations are variable, but the physical This striking decline in the value of the volume of exports is recorded regularly, and country's foreign trade is attributable in large statistics are kept of the current market prices measure to the fall in prices for both imports of 20 commodities which comprise 90 per cent and exports. It is estimated that more than of the total value of the export trade. From 200,000,000 gold pesos of the decrease in actual these Dr. Bunge has derived the approximate import values during 1921 is due to this cause. actual value of exports. In the case of exports the decline in prices has The following table, also compiled by Dr. been accompanied by a great falling off in the vol- Bunge, compares the variations in quantity, ume of certain leading exports, notably cereals. price, and value for the past 10 years for both In spite of rising prices the amount of wheat imports and exports. shipped during the first half of 1920 was more than double the average yearly export of the IXDEX NUMBERS OF ARGENTINE FOIIKIGX TRADE. war years, and by the middle of the year the Government found it necessary to prohibit Imports ft x ports- the further export of wheat and flour and even (;i!v'' Price. v T a o l t u a e l . O U u t a y n . - Price. v T a o lu ta e l . b b e o l u o g n h g t e d b ac t k o s th to e c G ks o v h e e r l n d m i e n n t t h s e o f c F ou ra n n tr c y e , w It h a i l c y h , 1910 100 : 100 100 100 | 100 100 and Belgium. During 1921 the slackening in 1 1 9 9 ] 1 2 i - - 1 .1 0 .0 9 1 : 1 1 0 0 8 3 1 1 1 .0 8 7 1 8 3 9 2! 9 0 8 9 12 8 9 8 foreign demand for Argentine grains and the ]9J3 .120 i 110 131 136 98 133 fall in prices in the international cereal market 1914 77 111 102 101 .1.01 19]o 65 127 81 129 116 150 caused a serious decline in grain exports, es- 1910 62 lai 97 112 - 131. 1,17 pecially wheat, wheat flour, and corn. In 1917 52 : 108 1.00 iSO 170 141 1918 •17 ' 29! 132 .117 .176 207 December, 1921, the Argentine Government 19)9 65 . 278 173 137 193 265 192Q1 8-1 298 220 200 instructed all Argentine legations to offer to the 19211 | 70 222 108 172 various foreign governments all facilities for the i Approximate figures. purchase of Argentine products,*in the hope of finding an outlet for these products at satisfac- These index numbers are significant in that tory prices. In its circular the Government they show that the marked expansion in the stated that it "is willing to accord every facility value of Argentine export trade during the war for the acquisition by foreign countries of meat, years was due almost entirely to rising prices cereals, wool, and other articles of national rather than to an increase in the physical volproduction necessary for the consumption and ume of exports. As a matter of fact, the averfor the manufacturing industries of those age annual quantity of goods exported from countries." 1914 to 1918 declined appreciably as compared with the four pre-war years, while at the same The slump in wool prices during 1920, due time the average annual average value of ex- partly to a decreased demand by other counports increased correspondingly. The first year tries, resulted in a serious falling off in the of the war caused a drop in the volume of both export trade, but estimates for 1921 place the imports and exports, but in 1915 there was a quantity shipped during the past year at decided recovery in the case of exports. Dur- the same level as in 1919, though prices are still ing the next two years the volume of goods far below those of former years. The reappearshipped abroad again declined, but by 1919 the ance of Germany as the principal purchaser of volume of exports had returned to the 1913Argentine wool has been largely responsible for level. The value of these exports in 1919,this recent improvement in wool exports. The however, was double that of the same quantity quantity of hides exported during 1921 has also in 1913. Imports also decreased markedly shown a decided increase as compared with the during the war years, due to severe war-time preceding year. Exports of meat in 1921 were restrictions on trade, and although prices of only slightly below those of 1920, the great imported goods had almost trebled, the total increase in exports of chilled beef and frozen Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 FEDERAL RESERVE BULLETIN. APRIL, 1922. mutton and lamb offsetting the decline in The following table shows the physical volfrozen-beef shipments. This decline is attrib- ume of exports of certain leading Argentine uted to a lessened demand on the part of Great products, the total value of Argentine foreign Britain, which has heretofore been the chief trade, and the value of the country's trade with market for frozen beef. the United States since 1913: , FOREIGN TRADE OF ARGENTINA. [000's omitted.] Exports of principal national products (quantity). To e p t i e a g s l n o v s t a ) r . K uo ic 1 o ( f g o fo ld r- S w A t i a r t g t h e e s n th t 2 i e n ( e U U t n n r i i a t t d e e d d e States dollars). 1 Frozen Wheat s L e i e n d - . Maize. Wool. F ( t q b r e o e u r z e s a e ) f r . n - ( ( • t q b h e e u i r l e s a l ) f e r . d - m l ( a a u c m n a tt d r o b - n D h r i y d e o s x . - S h a i o d l x t e e - s d . S s h k e in e s p . -Imports. Exports. I U S m f t r n p a o i t o m t e e r s d t . s n " S U o E t r a n t x t i s t e - e s t d o casses). Tons. Tons. Tons. Tons. Tons. Tons. Tons. 1913.... 2,812 1,017 4,807 120 21 66 19 496,227 519.15(5 54,980 25,576 1914 981 842 3,542 117 1,182 3,216 2,337 15 64 13 322,530 403 132 27,128 56,274 1915 2,512 981 4,331 118 3,217 1,113 1,665 26 64 20 305,488 ' 582,179 52,841 94,678 1916 2,295 64.0 2,874 118 4,811 815 2,134 22 78 15 366,131 572.999 76,874 116,293 1917 936 141 894 127 4,427 620 1,420 19 76 11 380,321 550,170 107,099 178,246 1918 2,99G 391 665 104 0,195 24 1,469 16 82 G 500,603 801,466 105,216 227,128 1919 3,286 855 2,485 140 5,034 75 1,644 21 80 17 655,772 1,030,965 155,899 199,158 1920. ' j First quarter 1,714 331 903 32 1,206 265 3.4 16 4.4 191,258 ! 276,831 42,545 55,638 Second quarter 2,478 2G2 1,090 20 1,217 106 527 1.4 11 1.7 215,792 ' 347,618 45,550 61,559 T Fo hi u r r d t h q u q a u r a t r e t r er 7 1 8 1 2 1 2 23 2 7 0 1,4 9 7 4 7 1 2 1 9 7 132,100 3 559 » 934 \ 3.6 15 0 2 . . 4 5 2 2 6 0 6 7 , ,6 6 0 8 0 4 { 1 2 1 3 7 4 2 , , 9 0 3 0 9 0 7 5 1 4 , , 1 5 1 2 0 1 5 32 8 , , 5 0 2 5 4 6 Total, 1920 5,085 1,050 4,411 98 4,522 (\()n 1,726 9.5 42 9.0 881,334 | 1,031,388 213,726 207,777 1921. First quarter 475 311 413 45 1,295 305 874 4 1.6 4 15 *1.7 52,840 19,459 Second quarter 837 303 i 513 15 080 464 653 22,423 14', 261 Third quarter 288 434 1,404 38 484 485 599 6 2.9 5 17 5 4.3 17,917 14,101 Fourth quarter 92 302 498 43 529 611 321 6 8.6 6 94 6 9.3 17,653 12,105 Total, 1921 1,092 1,350 2,828 141 2,908 1,865 2,447 13.1 56 15.3 635,000 672,000 110,833 59,926 1 Figures for fourth quarter of 1920 and totals for 1920 and 1921 are official estimates and therefore subject to revision. Latest official published statistics apply to third quarter of 1920. 2 Figures taken from United States Department of Commerce reports. 8 Last half year. 4 First four months of year. 5 Second four months of year. 6 Third four months of year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL. RESERVE BULLETIN. 431 State Banks and Trust Companies. Fiduciary Powers Granted to National Banks. ADMISSIONS. During the month of March the Federal Reserve Board The list following shows the State banks and trust com- approved applications of the national banks listed below panies which were admitted to membership in the Federal for permission to exercise one or more of the fiduciary reserve system during the month ending March 31, J 922, powers named in section ll(k) of the Federal reserve act on which date 1,638 State institutions were members of as amended, as follows: the system. 1. Trustee. 2. Executor. 3. Administrator. Total 4. Registrar of stocks and bonds. 5. Guardian of estates. 6. Assignee. District No. 5. 7. Receiver. 8. Committee of estates of lunatics. The Forest Hill State Bank, Forest 9. In any other fiduciary capacity in which State Hill, Md S6,500 ; $215,-J 50 banks, trust companies, or other corporations which come District No. 6. into competition with national banks are permitted to act under the laws of the State in which the national bank Peoples Bank & Trust Co., Selma, Ala. 30,000 : 737,627 is located. Citizens Bank of Barnesville, Barnesville, Ga 2J2,383 The numerals opposite the name of each bank indicate Bank of Hoschton, Iloschton, Ga 66,17.r) the power or powers it is authorized to exercise, as given District No. 8. below: Lawrence County Bank, Walnut Ridge, Ark 35,000 I 862,514 Dis- Greenfield Bank, Greenfield, Tenn ' 218,359 Place. trict Name of bank. Powers No. granted. District No. 9. S S t e a c t u e r i B ty a nk S t o a f t e A no B k a a n , k A , no " k W a, a n M am in i n ngo, 923,118 Spring Valley, N. Y. First National Bank Ito9. Minn 208,836 Smyrna, Del Fruit Growers National Ito4,6to9. Bank. District No. 11. P P h h i i l l a a d d e e l l p p h h i i a a , , P P a a . . . . . . M Ri a t r te k n et h o S u tr s e e e t N N at a i t o io n n al a l B B a a n n k k .. . I 1 t t o o 9 7 . and 9. Farmers Guaranty State Bank, Stephen- Warren, Ohio , Western Keservc National 1 to 7 and 9. ville, Tex 513,097 Butler, Pa Fa B rm an e k r . s' National Bank Ito9. Raleigh, N. C Commercial National Bank.. Ito9. EJloree, S. C First National Bank 1 to 9. Converted into national banks.—'Bank of Lemooro, Lcmoore, Calif.; Copperhill, Tenn.. First National Bank of Polk 1 to 3,5 to 8. Rittenhouso Trust Co., Philadelphia, Pa.; Texas Bank & Trust Co., County. Beaumont, Tex. Danville, 111 Palmer National Bank Ito9. Insolvent.—First Guaranty State Bank, Collinsville, Tex. Martinsville, lnd.. First National Bank 1 to 7. Whiting, lnd First National Bank 1 to 7. Hampton, Iowa.. Citizens National Bank 1 to 9. LeMars, Iowa... First National Bank 5 to 9. Commercial Failures Reported. Mascoutah, 111... First National Bank 1 to 9. Quincy, 111 Quincy National Bank 1 to 9. Despite a recent tendency toward improvement, fail- Evansville, lnd.. National City Bank Ito9. Faribault, Minn. Security National Bank 1 to 9. ures in the United States are still largely in excess of those Virginia, Minn.. 9 American National Bank 1 to 3,5 to 8. of last year: the 1,693 defaults reported to 11. G. Dun & Co. Hooker, Okla... 10 !First National Dank 1 to 3 and 5. during* three weeks of March comparing with 881 for the Longviow, Tex.. 11 First National Bank 1 to 3,5 to 8. corresponding period of 1921. Thie returns for February, the latest month for which complete statistics are available, disclose 2,331 commercial insolvencies for $72,608,393 of New National Bank Charters. liabilities, as against 1,641 failures, involving $60,852,449, in February, 1921. Separated according to Federal reserve The Comptroller of the Currency reports the following districts, the February statement shows a larger number of increases and reductions in the number and capital of defaults than in that month of last year in all instances, national banks during the period from February 25, 1922, while only in the second, third, tenth, and twelfth dis- to March 24, 1922, inclusive: tricts is the indebtedness less than that of February, 192.1. FAILURES DURING FEBRUARY. Amount of Number. Liabilities. capital. Districts. 1922 1921 1922 1921 New charters issued , S3,420,000 Restored to solvency , 0 Increases of capital approved , 520,000 F S T F F S S e i i i e o h f r x c v u i t s o t r h e t r h d n n th d th 2 2 2 2 2 3 9 7 0 1 8 3 0 3 0 6 3 8 5 0 2 2 1 1 1 1 4 1 7 2 7 3 4 - 1 1 2 5 9 4 1 8 2 2 5 4 4 7 0 1 , , , , , , , 3 4 7 8 6 2 2 3 6 3 7 2 0 3 1 1 6 6 7 2 5 , , , , , , , 0 7 9 4 0 8 2 5 4 3 0 3 5 7 0 4 1 2 8 8 1 S 2 2 3 5 3 I 3 6 , , , , , , , 9 4 1 6 7 8 9 2 4 7 0 1 3 4 2 0 0 1 3 6 2 , , , , , , , 2 3 4 5 2 5 2 0 4 9 2 9 0 8 7 7 7 6 1 5 5 C A T L R o o i e g 7 v q t n d g , e a u s u r n 1 l i o e c 9 d c g l l 1 i y i i a n a d q 8 , t t g i a u e a o t i c i n n d o o a d s a n f p t s b i i n o t a o a e n n l f w s k 1 n s a a c n i t h n d io a c r r r n e t e a e d a l r u s s i b c , n t a g i b n o a k c n n s a s p k u o s it n f a d r c l e e a s r p t o i a t r a c e l t d of to N o so v l . - 31 " ! 1 1 3 1 , , , , 1 3 9 6 2 0 6 1 7 i0 . 0 0 5 7 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N Ei i g n h th th 1 9 6 7 7 1 5 2 3 9 4 2, , 3 6 0 5 0 3 , , 8 2 1 3 4 1 2 1 , , 9 6 3 9 6 0 , , 1 7 4 7 4 1 Aggregate increased capital for period .1 3,940,000 Tenth 99 85 2,006,480 3,993,889 Reduction of capital owing to liquidations, etc. .! 1,640,000 T E w le e v l e f n th th .. . . . . . 2 1 0 5 7 6 1 13 3 1 7 2 5 , , 2 8 8 89 7 , , 1 4 4 3 3 1 2 2 , , 4 1 8 1 7 7 , , 9 0 1 6 9 8 Net increase j 2,300,000 Total 2,331 1,611 60,852,449 i Includes two reductions in capital aggregating $225,000, incident to consolidations under act of Nov. 7,1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 FEDERAL RESERVE BULLETIN. APRIL, 1922. RULINGS OF THE FEDERAL RESERVE BOARD. Eligibility of notes and acceptances arising out of cotton against rediscounting cotton factors' paper," factorage business. ruled that such paper was not eligible for The Federal Reserve Board's attention was rediscount at Federal reserve banks. This statement would indicate in the first place that recently called to a petition signed by a number cotton factors' paper, of the kind declared to of cotton factors and referring to a former be ineligible by the board's ruling of October 27, ruling of the board with regard to cotton 1920, had theretofore been held by the Federal factors' paper. The following, which is taken Reserve Board to be eligible, and would from the board's reply to a letter making in- indicate further that in this ruling the board discriminated against cotton factors' paper quiry as to the subject matter of the petition, as such. The board desires to say that in contains a review of the board's various rulings these respects the impressions given by the upon the eligibility of notes of cotton factors petition are entirely erroneous, as the board and suggests means by which cotton factors has always ruled that notes the proceeds of may finance themselves through the instru- which are loaned to third parties arc ineligible, and under date of October 27, 1919, specifically mentality of paper which is eligible for disruled that cotton factors' notes the proceeds count at Federal reserve banks. of which had been used for such purpose were The ruling in question was issued by the ineligible, and this ruling was published in the Federal Reserve Board under date of October FEDERAL RESERVE BULLETIN for November, 27, 1920, and was to the effect that when the 1919. This ruling resulted from the first inquiry proceeds of cotton factors' notes have been made of the board regarding the eligibility of cotused by the factors to make loans to third ton factors' notes, i have already shown that parties, such notes of cotton factors must be the cotton factors' rulings did not discriminate regarded as finance paper, which is ineligible against cotton factors' paper as such, but for rediscount at Federal reserve banks, rather merely applied to the case of cotton factors a than as eligible commercial or agricultural general principle of eligibility with the inevipaper. This ruling was published on page 1176 table result that some of the paper of cotton of the FEDERAL RESERVE BULLETIN for No- factors was held to be ineligible and some was vember, 1920. held to be eligible, depending upon the use of As the ruling indicates, it does not preclude the proceeds. The same principle has been the eligibility of notes of cotton factors as such, applied in determining the eligibility of paper but on the contrary states in effect that a cotton of persons and concerns engaged in other factor's note, the proceeds of which have been businesses. used by the factor for a commercial or agri- It seems appropriate to suggest still another cultural purpose, rather than for the purpose means, in addition to those mentioned in the of making loans to the factor's customers, Federal Reserve Board's ruling of October 27, may be eligible for discount subject to the 1920, by which cotton factors may under some maturity limitations of the Federal reserve circumstances finance themselves through the act. The board also took occasion in the instrumentality of paper which is eligible for ruling to show how cotton factors might con- discount at Federal reserve banks. " I have duct their business in such a way as to have in mind the use of bankers' acceptances. If in their possession paper which would be eligi- cotton factors have authority, under their ble for discount at Federal reserve banks, contracts with the original owners of the cotton and pointed out particularly that if cotton and under the local laws which govern in the factors would take notes signed by their cus- particular jurisdiction, to pledge the cotton tomers, the cotton producers, representing the consigned to them and to give the pledgee a loans made to them by the factors, these notes good and indefeasible lien thereon, they may after being discounted and indorsed by member draw time drafts on banks which do a bankers' banks would be eligible for rediscount at acceptance business, attaching to the drafts Federal reserve banks upon a satisfactory warehouse receipts 'l conveying or securing showing that the producers had obtained the title" to such cotton. These drafts after loans for agricultural purposes. acceptance by the banks, which will detach The first paragraph of the petition of the cotton and retain the warehouse receipts as their factors states in effect that about a year and a security in the transactions, can bo sold by the half ago the Federal Reserve Board, "which factors and when indorsed by member banks prior to that time had made no discrimination will be eligible for discount or purchase by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL EESERVE BULLETIN. 433 Federal reserve banks within 90 days of out authority to issue bankers' acceptances, and although maturity, provided, of course, they otherwise some State banks had that power very few of them exercised it. During the war, however, there was a rapid comply with the law and the regulations of the growth of the acceptance business, stimulated by the Federal Reserve Board made pursuant thereto. abnormal demand for goods and credits, and due to this To cany out this suggestion it would be rapid growth it became necessary for the Federal Reserve necessary that the cotton be stored in ware- Board to make frequent rulings and periodically to issue regulations for the guidance of accepting banks and Federal houses which are independent of the factors, reserve banks in this newr field. Regulation A, Series of and it would be improper acceptance practice 1920, constituted the last definite step in the development to adopt the suggested plan for any purpose of bankers' acceptance regulations designed primarily to other than to finance the holding of cotton meet the exigencies of the unusual conditions that existed pending reasonably prompt sale by the factor. during and for some time after the war, that regulation containing the substance of all the more important rulings The difficulty in some States is that under previously issued by the board. State law factors receiving cotton on consign- Those American banking institutions which have large ment for sale can not hypothecate the cotton demands for acceptance credits in foreign transactions in such a way as fully to protect the pledgees, have by this time had considerable experience in this field, and the former detailed regulations are no longer and consequently can not furnish warehouse thought necessary. Moreover, it is believed that the receipts "conveying or securing title" to the general advancement of foreign trade, with the resulting cotton as the law requires. Whenever this, benefit to the agricultural and commercial interests which difficulty- can be overcome, however, there are largely dependent upon foreign markets, can be furthered most effectually at the present time by the would seem to be no reason why cotton factors substitution of this simpler regulation applicable to should not obtain financial assistance by means acceptances in export and import transactions. of bankers7 acceptances to the extent that they The responsibility for passing upon the eligibility of can make a valid and effective pledge of the bankers' acceptances offered to the Federal reserve banks for rediscount or purchase rests upon the Federal reserve cotton consigned to them, provided they follow banks themselves, and each bank should satisfy itself, the recognized principles that govern the in whatever way it deems appropriate, that the acceptances correct use of these credit instruments. conform to the requirements of the law and the board's regulation. The Federal .'Reserve Board will watch carefully the development of the acceptance business under this new regulation, with a view of making any later modification that may seem necessary or advisable. The board Amendment to Regulation A. will call the attention of the Federal reserve banks to any On March 29, 1922, the Federal Reserve apparent failure to comply with the law or abuse of the Board transmitted to Federal reserve banks its acceptance privilege, and the Federal reserve banks will in turn be expected to keep the board closely advised in Regulation A, Series of 1922, superseding regard to acceptance practices in their districts. Regulation A, Series of 1920. The board's letter of transmittal and the amended regula- REGULATION A, SERIES OF 1922. tion are set forth below: (Superseding Regulation A of 1920.) WASHINGTON, March 29, 1922. REDISCOUNTS UNDER SECTION 13. The Federal Reserve Board transmits herewith Regulation A, Series of 1922, superseding "Regulation A, Series ARTICLE A. of 1920. No change has been made in the regulation except in NOTES, DRAFTS, AND BILLS OF EXCHANGE. that part which deals with bankers' acceptances growing out of the importation or exportation of goods, and that SECTION I.—General statutory provisions. part has been simplified by the elimination of certain matter which appeared in the former regulation. It Any Federal reserve bank may discount for any of its should be understood, however, that the board's action member banks any note, draft, or bill of exchange, proin issuing the new regulation with this matter eliminated vided— does not imply any change of view as to the meaning or (a) it has a maturity at the time of discount of not more proper construction of the law, or as to the broad principles than 90 days, exclusive of days of grace; but if drawn or which should govern the exercise of the acceptance issued for agricultural purposes or based on live stock, it privilege. The board is not reversing or in any way may have a maturity at the time of discount of not more modifying any of its former rulings as to bankers' accept- than six months, exclusive of days of grace. ances growing out of the importation or exportation of (6) it arose out of actual commercial transactions; that goods in so far as these rulings have been interpretative is, it must be a note, draft, or bill of exchange which has of the law, or have laid down broad general principles, the been issued or drawn for agricultural, industrial, or comobservance of which is, as a result of long experience in mercial purposes, or the proceeds of which have been used the field of international banking, recognized as essential or are to be used for such purposes. in the proper conduct of the acceptance business. The (c) It was not issued for carrying or trading in stocks, board's action is intended merely to allow greater latitude bonds, or other Investment securities, except bonds and to Federal reserve banks for the exercise, each in its own notesof the Government of the United States. t way, of their discretion and judgment, observing always, (d) The aggregate of notes, drafts, and bills bearing the of course, the express and implied limitations of the law. signature or indorsement of any one borrower, whether a Conditions affecting foreign trade at the present time person, company, firm, or corporation, rediscounted for are essentially different from those which led to the any one member bank, whether State or National, shall developm ent of the former regulations. Prior to the enact- at no time exceed 10 per cent of the unimpaired capital ment of the Federal reserve act, national banks were with- and surplus of such bank; but this restriction shall not Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 FEDERAL RESERVE BULLETIN. APRIL, 1922. apply to the discount of bills of exchange drawn in good writing, signed by the maker, to pay, in the United States, faith against actually existing values. at a fixed or determinable future time, a sum certain in (e) It is indorsed by a member bank. dollars to order or to bearer. (f) It conforms to all applicable provisions of this regu- (b) Evidence of eligibility and requirement of statements.— lation. A Federal reserve bank must be satisfied by reference to No Federal reserve bank may discount for any member the note or otherwise that it is eligible for rediscount. State bank or trust company any of the notes, drafts, or The member bank shall certify in its application whether bills of any one borrower who is liable for borrowed money the note offered for rediscount has been discounted for a to such State bank or trust company in an amount greater depositor other than a bank or for a nondepositor and, if than 10 per cent of the capital and surplus of that State discounted for a bank, whether for a member or a nonbank or trust company, but in determining the amount of member bank. The member bank must also certify money borrowed, from such State bank or trust company whether a financial statement of the borrower is on file the discount of bills of exchange drawn in good faith against with it. actually existing value and the discount of commercial or A recent financial statement of the borrower must be on business paper actually owned by the person negotiating file with the member bank in all cases, except with respect the same shall not be included. to any note discounted by a member bank for a depositor Any Federal reserve bank may make advances to its other than a bank or another member bank if— member banks on their promissory notes for a period not (1) It is secured by a warehouse, terminal, or other exceeding 15 days, provided that they are secured by similar receipt covering goods in storage, or by bonds notes, drafts, bills of exchange, or bankers' acceptances or notes of the United States; or which are eligible for rediscount or for purchase by Federal (2) The aggregate of obligations of the borrower rereserve banks, or by the deposit or pledge of bonds or notes discounted and offered for rediscount at the Federal ' of the United States, or bonds of the War Finance Cor- reserve bank by the member bank is less than a sum poration. equal to 10 per cent of the paid-in capital of the member bank and is less than 85,000. SECTION II.—General character of notes, drafts, and bills of The Federal reserve bank shall use its discretion in takexchange eligible. ing the steps necessary to satisfy itself as to eligibility. Compliance of a note with Section II (b) may be evidenced The Federal Reserve Board, exercising its statutory by a statement of the borrower showing a reasonable excess right to define the character of a note, draft, or bill of of quick assets over current liabilities. A Federal reserve exchange eligible for rediscount at a Federal reserve bank, bank may, in all cases, require the financial statement of has determined that— the borrower to be filed with it. (a) It must be a note, draft, or bill of exchange which has been issued or drawn, or the proceeds of which have SECTION V.—Drafts, bills of exchange, and trade been used or are to be used in the first instance, in pro- acceptances. ducing, purchasing, carrying, or marketing goods 1 in one or more of the steps of the process of production, manu- (a) Definition.—A draft or bill of exchange, within the facture, or distribution, or for the purpose of carrying or meaning of this regulation, is defined as an unconditional trading in bonds or notes of the United States. order in writing, addressed by one person to another, (b) It must not be a note, draft, "or bill of exchange the signed by the person giving it, requiring the person to proceeds of which have been used or are to be used for whom it is addressed to pay in the United States, at a fixed permanent or fixed investments of any kind, such as land, or determinable future time, a sum certain in dollars to buildings, or machinery, or for any other capital purpose. the order of a specified person; and a trade acceptance is (c) It must not be a "note, draft," or bill of exchange the defined as a draft or bill of exchange, drawn by the seller proceeds of which have been used or are to be used for on the purchaser of goods sold,2 and accepted by such investments of a purely speculative character or for the purchaser. purpose of lending to some other borrower. (b) Evidence of eligibility and requirement of statements.— (d) It may be secured by the pledge of goods or collateral A Federal reserve bank shall take such steps as it deems of any nature, including paper, which is ineligible for necessary to satisfy itself as to the eligibility of the draft, rediscount, provided it (the note, draft, or bill of exchange) bill, or trade acceptance offered for rediscount and may reis otherwise eligible. quire a recent financial statement of one or more parties to the instrument. The draft, bill, or trade acceptance SECTION III.—Applications for rediscount. e should be drawn so as to evidence the character of the underlying transaction, but if it is not so drawn evidence All applications for the rediscount of notes, drafts, or of eligibility may consist of a stamp or certificate affixed bills of exchange must contain a certificate of the member by the acceptor or drawer in a form satisfactory to the Fedbank, in form to be prescribed by the Federal reserve eral reserve bank. bank, that, to the best of its knowledge and belief, such notes, drafts, or bills of exchange have been issued for one or more of the purposes mentioned in Section II (a), and, SECTION VI.—Six months' agricultural paper, in the case of a member State bank or trust company, all applications must contain a certificate or guaranty to the (a) Definition.—Six months' agricultural paper, within effect that the borrower is not liable, and will not be per- the meaning of this regulation, is defined as a note, draft, mitted to become liable during the time his paper is held bill of exchange, or trade acceptance drawn or issued for by the Federal reserve bank, to such bank or trust com- agricultural purposes, or based on live stock; that is, a pany for borrowed money in an amount greater than that note, draft, bill of exchange, or trade acceptance the prospecified in Section I above. ceeds of which have been used, or are to be used, for agricultural purposes, including the breeding, raising, fatten- SECTION IV.—Promissory notes. ing, or marketing of live stock, and which has a maturity at the time of discount of not more than six months, ex- (a) Definition.—A promissory note, within the meaning clusive of days of grace. of this regulation, is defined as an unconditional promise, in 2 A consignment of goods or a conditional sale of goods can not be con- 1 When used in this regulation the word "goods" shall be construed to sidered "goods sold" within the meaning of this clause. The purchase include goods, wares, merchandise, or agricultural products, including price of goods plus the cost of labor in effecting their installation may be live stock. included in the amount for which the trade acceptance is drawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 435 (b) Eligibility.—To be eligible for rediscount, six months' the goods will be applied within a specified time toward agricultural paper, whether a note, draft, bill of exchange, a liquidation of the acceptance credit or (6) that a or trade acceptance, must comply with the respective sec- new document, similar to the original one, will be tions of this regulation which would apply to it if its resubstituted within a specified time. maturity were 90 days or less. Provided, that acceptances for any one customer in excess of 10 per cent of the capital and surplus of the accepting ARTICLE B. bank must remain actually secured throughout the life of the acceptance, and in the case of the acceptances of member banks this security must consist of shipping BANKERS' ACCEPTANCES. documents, warehouse receipts, or other such documents, or some other actual security growing out of the same SECTION VII.—Definition. transaction as the acceptance, such as documentary drafts, trade acceptances, terminal receipts, or trust receipts A banker's acceptance within the meaning of this reguwhich have been issued under such circumstances, and lation is defined as a draft or bill of exchange, whether paywhich cover goods of such a character, as to insure at all able in the United States or abroad and whether payable times a continuance of an effective and lawful lien in in dollars or some other money, of which the acceptor favor of the accepting bank, other trust receipts not being is a bank or trust company, or a firm, person, company, or considered such actual security if they permit the customer corporation engaged generally in the business of granting to have access to or control over the goods. bankers' acceptance credits. A Federal reserve bank may also rediscount any bill drawn by a bank or banker in a foreign country or de- SECTION VIII.—Eligibility. pendency or insular possession of the United States for the purpose of furnishing dollar exchange as provided in A Federal reserve bank may rediscount any such bill Regulation 0, provided that it has a maturity at the time bearing the indorsement of a member bank and having a of discount of not more than three months, exclusive of maturity at time of discount of not more than three months, days of grace. exclusive of days of grace, which has been drawn under a credit opened for the purpose of conducting or settling accounts resulting from a transaction or transactions SECTION IX.—General conditions as to maturity of domestic involving any one of the following: acceptances. (1) The shipment of goods between the United States and any foreign country, or between the Although a Federal reserve bank may legally rediscount an acceptance having a maturity at the time of discount of * United States and any of its dependencies or insular not more than three months, exclusive of days of grace, it possessions, or between foreign countries. may decline to rediscount any acceptance the maturity of (2) The shipment of goods within the United States, which is in excess of the usual or customary period of credit provided shipping documents conveying security required to finance the underlying transaction or which is title are attached at the time of acceptance, or (3) The storage of readily marketable staples,3 in excess of that period reasonably necessary to finance such transaction. Since the purpose of permitting the provided that the bill is secured at the time of acceptacceptance of drafts secured by warehouse receipts or ance by a warehouse, terminal, or other similar other such documents is to permit of the temporary holdreceipt, conveying security title to such staples, ing of readily marketable staples in storage pending a issued by a party independent of the customer, and reasonably prompt sale, shipment, or distribution, no such provided further that the acceptor remains secured acceptance should have a maturity in excess of the time throughout the life of the acceptance. In the event ordinarily necessary to effect a reasonably prompt sale, that the goods must be withdrawn from storage prior shipment, or distribution into the process of manufacture to the maturity of the acceptance or the retirement of or consumption. the credit, a trust receipt or other similar document covering the goods may be substituted in lieu of the original document, provided that such substitution SECTION X.—Evidence of eligibility, is conditioned upon a reasonably prompt liquidation of the credit. In order to insure compliance with A Federal reserve bank must be satisfied, either by this condition it should be required, when the original reference to the acceptance itself, or otherwise, that the document is released, either (a) that the proceeds of acceptance is eligible for rediscount under the terms of the law and the provisions of this regulation. The bill 3 A readily marketable staple within the meaning of these regulations itself should be drawn so as to evidence the character of may be defined as an article of commerce, agriculture, or industry of such the underlying transaction, but if it is not eo drawn eviuses as to make it the subject of constant dealings in ready markets with dence of eligibility may consist of a stamp or certificate such frequent quotations of price as to make (a) the price easily and defi-affixed by the acceptor in form satisfactory to the Federal nitely ascertainable and (b) the staple itself easy to realize upon by sale at any time. reserve bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 FEDEKAL RESERVE BULLETIN. APRIL, 1922. LAW DEPARTMENT. Right of Federal reserve banks to collect checks drawn exchange, it is in the power of the several Federal reserve on nonmember banks not remitting at par. banks to employ any proper instrumentality or agency to collect the checks from the drawee bank, and it may Below is printed the opinion filed March 11, legitimately pay the necessary cost of this service. 1922, of United States District Judge Beverly (4) The process of the daily collection of checks, in the D. Evans in the so-called "par clearance" exercise of the clearing-house functions, is not rendered unlawful because of the fact that of the checks handled suit against the Federal Keserve Bank of two or more of them may be drawn on the same bank. Atlanta. The opinion announces the decision (5) It is a legitimate feature of the clearing-house funcof the District Court for the Northern District tion of a Federal reserve bank to publish a par clearance of Georgia to the effect that Federal reserve list, that is, a list of banks on which checks are drawn that will be collected at par by the Federal reserve banks. banks may collect all checks, payable on pre- But inasmuch as a conclusion may be drawn from the sentation, including checks drawn on nonmem- appearance of a bank's name on the par list that it agrees ber banks, but can not pay any exchange to remit at par, or has agreed to enter the par clearance system, I do not think such list should include the name charges, and may employ any proper instruof any nonmember bank, unless such nonmember bank mentality or agency to collect checks drawn consents. I see no objection to including in the par on banks which refuse to remit without the clearance list the names of towns or cities, with a reprededuction of exchange charges. The opinion sentation that the Federal reserve bank will undertake to collect at par checks drawn on any bank (member or also states that the plaintiffs failed to subnonmember) in such town or city. stantiate the charges which they made in (6) In the inauguration of its par clearance system, I their bill that the Federal Eeserve Bank of find that the Federal reserve bank of the Atlanta district Atlanta had acted or intended to act illegally was not inspired by any ulterior purpose to coerce or injure any nonmember bank which refused to remit at or had or intended to exercise its rights so as par. Specifically I find the charge that the Federal to oppress or injure the plaintiff banks. Reserve Bank at Atlanta would accumulate checks upon country or nonmember banks until they reach a large American Bank & Trust Co. et al., plaintiffs, v. Federal amount, and then cause them to be presented for payment Reserve Bank of Atlanta et al., defendants. over the counter, so as to compel the plaintiffs to maintain BEVERLY D. EVANS, district judge: so much cash in their vaults as to drive them out of busi- This case was heard by me on its merits and, after ness, as an alternative to agreeing to remit at par, is not argument and due consideration, I find as follows: sustained by the evidence. (1) Under sections 13 and 16 of the Federal reserve act (7) I find the evidence insufficient to sustain any charge the Federal reserve banks are empowered to accept any in the bill that the Federal reserve bank was acting illeand all checks payable on presentation, when deposited gally, or exercising any right it had so as to oppress or with them for collection. injure the plaintiff banks. With regard to the publica- (2) Checks thus received must be collected at par. tion of the names of nonmember banks on the Federal The Federal reserve banks are not permitted to accept in reserve bank's par list, while I do not think the evidence payment of checks deposited with them for collection an justifies a finding that such publication was done to amount less than the .full face value of the checks. injure or oppress plaintiff banks, nevertheless I do not (3) In the discharge of its duties with respect to the think the names of plaintiff banks, or any of them, should collection of checks deposited with them, and with respect be included in the list without their consent. to performing the functions of a clearing house, the several The general result of my findings is that the plaintiffs Federal reserve banks are empowered to adopt any reason- are entitled to the writ of injunction against the inclusion able measure designed to accomplish these purposes. To of their names on the par list without their consent, but that end a Federal reserve bank may send checks to the are not entitled to an injunction for any other matter comdrawee bank directly, for remittance through the mails, plained against the respondents. of collections without cost of exchange. If the drawee Let an appropriate decree be submitted giving effect to bank refuses to remit without deduction of the cost of the foregoing findings. This March 11th, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 437 PRICE MOVEMENT AND VOLUME OF TRADE. INTERNATIONAL WHOLESALE PRICE INDEXES—UNITED STATES AND ENGLAND. Prices in general in the United States and England continued to move in opposite directions during February. In the United States there was a more considerable advance than has occurred since last summer, while in England prices continued to fall. Due to advances in the sterling rate of exchange, gold prices in England moved upward at about the same rate as American prices. In the United States the advance was mainly due to the rise in prices of farm products, but there were advances also in building materials, certain chemicals, cottonseed oil, fuel oil, as well as woolen yarns and leather. The most important commodities to decline were coal, pig iron, and steel products, copper, tin, zinc, as well as raw cotton and cotton products, gasoline, and kerosene. In England practically the only commodities to advance in February were farm products and foodstuffs, but by no means all of these increased. Domestic wheat and barley prices declined, as well as domestic hides and cattle. In other than foods the price decline was fairly general, affecting coal, coke, iron and steel, copper, tin, zinc, lead, building materials, as well"as raw cotton, cotton yarns and cloth, hemp, jute, wool yarns, and leather. Raw wool, on the other hand, was steady in price or else advanced. INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES AND ENGLAND FEDERAL RESERVE BOARD, 191S-1922 AVERAGE PRICE LEVEL OF 1913 = 100 500 500 4-50 450 400 400 350 350 300 300 250 200 200 150 -UNITED STATES -ENGLAND (iN STERLING) •ENGLAND (CONVERTED TO GOLD BASIS) 100 100 80 80 J.F. M.A.M. J. sJA. 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. 0. 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

438 FEDERAL RESERVE BULLETIN. APRIL, 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.] i Goods Goods Raw Pro- Con- All com- Date. du pr c o e - d. po i r m te - d. m ri a a t ls e . - I d g u o c o e d r s s . ' s g u o m o e d r s s . ' modities. 1919, average. 209 174 214 209 i 198 207 1920, average. 236 191 227 235 237 229 233 1921, average. 147 108 131 141 142 149 145 1921. February.. 156 113 135 152 158 152 154 July 144 103 122 134 136 153 142 August 145 104 123 133 133 157 142 September. 145 106 144 138 ! 133 152 143 October 143 107 141 140 i 132 145 141 November. 142 108 138 | 141 128 143 140 December.. 139 111 136 i 140 | 127 140 138 1922. January... 140 110 135 141 ! 126 139 138 February . 144 110 137 145 j 127 145 142 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 make-up of the number, reference may be made to the FEDERAL RESERVE BULLETIN for May, 1920, pages 499-503. The commodities included in the different groups are listed there with exact specifications and markets indicated. -The "weights" assigned to the different commodities in constructing the index numbers are also given in detail. Revisions in prices or weights appear in BULLETINS for June, 1920, and June, 1921. The index of "goods produced" consists of 74 quotations (30 raw materials, 24 producers' and 20 consumers' goods). These include agricultural products (such as grains, live stock, and textiles), minerals, and lumber, among the raw materials; yarns, leather, semifinished steel products, refined oils, chemicals, building materials, etc., among the producers' goods; and potatoes, meats, flour, rice, dairy products, cotton and woolen cloths, boots and shoes, and kerosene among the consumers' goods. The index of "goods imported" consists of 18 quotations (9 raw materials, 7 producers' and 2 consumers' goods). It includes Egyptian cotton, Australian and South American raw wool, Japanese and Chinese silk, South American hides, Straits tin, and Canadian lumber among the raw materials; plantation and Para rubber, Chilean nitrate, cane sugar, burlap, sisal, etc., among producers' goods; and tea and coffee for consumers' goods. Leading American exports are included in the index of prices of "goods exported," which is made up of 40 quotations (17 raw materials, 12 producers' and 11 consumers' goods)'. Grains, tobacco, cotton, copper, coal, pig iron, petroleum, and lumber make up the list of raw materials; vegetable oils, leather, semifinished metal products, refined oils, and chemicals the producers' goods; and wheat flour, refined sugar, pork products, coffee, cotton cloth, boots and shoes, and kerosene the consumers' goods. The index numbers of "raw materials," "producers'goods," and "consumers' goods," consist of the commodities mentioned above which fall into these classes, whether they are of domestic or foreign origin. The raw materials group 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 I 450 4-50 -ALL COMMODITIES -RAW MATERIALS. 400 •GOODS IMPORTED -PRODUCERS GOODS 400 •GOODS EXPORTED •CONSUMERS GOODS 350 350 300 300 A 250 \ 200 \ 150 \ \ \ 100 100 80 80 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.M. A. M. J. J. A. S. 0. N. D. J. F. M.A.M. J-J. A. S. 0. M. a 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

APRIL, 1922. FEDERAL RESERVE BULLETIN. 439 INDEX NUMBERS OF WHOLESALE PRICES IN GREAT BRITAIN—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON.1 [Average prices in 1913=100.] Date. 'pr G od o u o c d e s d.im G p o o o r d te s d , I ex G p o o o r d te s d..ma R te a r w ials.! Pr e o r d s' uc- Co g n o e o r s s d u ' s m . - j 1 A m l o l d i c t o i m e - s. g v o e l C r d t o b e n a d - s i t s o . 1919, average.. 238 247 275 ' 226 ! 261 241 I 241 221 1920, average.., 315 294 438 | 291 : 355 292 i 314 242 1921, average... 207 171 183 I 197 l 178 219: 201 159 ! 1921. February... 234 190 201I 213 ; 213 246 226 180 July 20-1 164 174 ! 192 : 165 222 196 146 August 202 165 168 . 193 161 223 195 146 September.. 199 170 171 ; 195 i 165 212 194 148 October 192 163 175 187 i 166 200 187 149 November.. 182 154 164 177 ! 153 191 177 144 December.. 176 152 158 173; 147 186 172 147 1922. January... 174 149 158 i 171 ! 147 181 170 148 February . 171 1-18 151 • 168 ' 144 181 167 150 March 151 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 ofint ernational 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, 25 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 producers' 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., among raw materials; West Indian sugar, India jute, Para and plantation rubber, American petroleum productSj etc., among the producers' goods and Argentine beef, American pork products, coffee, tea, kerosene, etc., among the consumers' goods. The index of "goods exported or reexported" includes cotton, wool, coal, pig iron, etc., among raw materials; cotton and woolen yarns, iron and steel products, rubber, etc., among the producers' goods; and cotton cloth, boots and shoes, coffee, tea, and tobacco among the consumers' goods. The index numbers of "raw materials," "producers' goods," and "consumers' goods" consist of the commodities mentioned above which fall into these classes, whether they are of domestic or foreign origin. The raw materials group includes 39 quotations, the producers' goods 35, and the consumers' goods 24. The "all commodities" index is obtained by combining the group indexes of domestic and foreign goods. It consists of 98 different 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 10th to loth of each month. INDEX NUMBERS OF WHOLESALE PRICES IN'ENGLAND 1920 -1922 CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON AVERAGE PRICE LEVEL OF 1313 = 100 500 450 AGO 350 300 250 200 kj 150 100 80 S CIM 500' 450 ML COMMODITIES MAitRI L5 400 \ i 350 \ \ \ 300 \\ • ... 250 ,K \ * -\ \^» ••• \ • \ 150 I 1 100 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. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 1320 1921 t922 1920 1921 1922 97329—22 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 FEDERAL RESERVE BULLETIN. APRIL, 1922. INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES FOR PRINCIPAL CLASSES OF COMMODITIES—BUREAU OF LABOR STATISTICS—REGROUPED BY FEDERAL RESERVE BOARD.3 [Average prices in 1913=100.] Raw materials. Pro- Con- Year and month. p A r t o g u r d r i u c a u c l l t - s.p A ro n d i u m c a ts l . pr F o o d r u e c s t t s. f p M ro i d n u er c a t l s. r t a e T w r o i a t m a ls l a . - d g u o c o e d r s s . ' s g u o m o e d r s s . ' A m l o l d c i o ti m es - . 1920, average3. 256 183 333 235 240 235 252 243 1921, average8. 133 108 208 187 151 140 161 153 1921. February 145 114 225 207 164 155 171 167 July 122 109 203 177 145 134 153 148 August 123 112 200 175 145 132 162 152 September 142 104 194 172 146 133 160 152 October 134 105 193 176 145 133 158 150 November 129 103 200 178 145 130 157 149 December 129 102 208 178 146 130 155 149 1922. January 129 107 207 176 147 127 151 148 February 139 116 207 170 153 127 153 151 i rcclassified by the Federal Reserve , nd the consumers' goods of 158. Raw >), based upon 19 quotations, animal products based upon the same number, forest products based upon 11 quotations, and mineral products based upon 27 quotations. The FEDERAL RESERVE BULLETIN for October, 1918, contains a list of the commodities in each group. The weights are the same as those used by the Bureau of Labor Statistics. 3 These reclassified 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 the 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=100.] Corn, No. 3, Cotton, middling, Wheat,No. 1, Wheat,No. 2, Cattle,steers, Hides, packers, Chicago. New Orleans. northernspring, red winter. good to choice, heavv native Minneapolis. Chicago. Chicago. steers, Chicago. Year and month. Average Rela- Average , Rela- Average Rela- Average Rela- Average Rela- Averago Relap b r u ic s e h e p l e . r p t r i i v c e e. p p ri o c u e n p d e . r ' | p t r i i v c e e. p b r u ic s e h e p l e . r p t r i i v c e e. p b r u ic s e h e p l e . r p t r i i v c e e. pou 10 n 0 ds. p t r i i v c e e. p p r o ic u e n d p . er p t r i i v c e e. 1913 SO. 6155 100 0.1270 ! SO. 8735 100 SO. 9863 100 $8.5072 100 SO.1839 100 1919 1. 5800 257 .3185 ' 2.5660 294 2.5370 239 17.4957 206 .3931 210 1920 1.3908 227 .3301 ' 2. 5581 293 2.5225 256 14.4856 170 .3122 174 1921 . 5648 92 .1414 i 1. 4660 168 1.4353 146 8.7803 103 .1390 76 1921. February . C350 103 .1322 1.6713 191 1.9194 195 9.3125 109 .1363 74 July .6019 98 .1147 1.4384 166 1.2291 125 8.4063 99 . 1388 75 August .5578 91 .1290 1.3953 160 1.2373 125 8.7750 103 . 1405 76 September . 5344 87 .1963 1.4825 170 1.2769 129 8. 3750 98 . 1406 76 October .4647 76 . 1913 1. 3191 151 1.1938 121 8. 8750 104 .1481 81 N D o ec v e e m m b b e e r r . . 4 4 7 66 2 9 8 7 7 7 6 . .1 1 7 7 1 5 3 0 1 1 . . 2 2 5 5 9 3 4 5 1 1 4 4 4 4 1 1 . . 1 17 7 6 5 7 8 1 11 1 . 9 9 8 8 . . 5 2 6 1 2 8 5 8 1 9 0 7 1 . . 1 1 5 6 8 5 0 0 8 9 6 0 1922. January .4738 77 .1650 , 130 1.2995 149 1.1960 121 8.1500 96 .1650 90 February .5572 91 .1656 , 130 1.5219 174 1.3816 140 8.6375 102 .1600 87 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1.922. FEDERAL RESERVE BULLETIN. 441 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 H t d s - , . Hem Y lo o c r k k , . New New York. ' I ru sp n P o i o t t f t a s m t b i m u n r i e g n , h e f . . s o , .b. | P s o p C c o a t o h l a u o t m n m t b a i u s n , s e . f s . , o.b. Year and month. p A r v ic e e r a p g e e r R ti e v l e a- p A r v ic e e r a p g e e r R li e v ! e a - I p A ri v c e e r a p g e e r R t e i l v a e - | : ! A p M r v i e f c r e e e a t p ge er R ti e v l e a - | | p A ri v c e e r a p g e e r R ti e v l e a - p A r v ic e e r a p g e e r j R ti e v l e a- ! 100 price. : pound. price. . Mfoct. price. manufac- price, short ton. price, short ton J price. ' pounds. i tured. 1913 §8.4541 100 : SO. 4710 100 $24.2273 100 844.5909 100 $1.3200 100 100 1919 18.3260 217 1.1894 248 39.7500 164 78. 8333 177 1920 ! 14.7106 174 .9712 203 56. 6667 234 145.4167 326 . 6.0433 458 375 1921 8.8913 105 . .5070 108 j 40. 8960 169 93.7083 210 2.2030 167 202 1921. February 9.7003 115 ! .5455 116 48.0000 198 95.0000 213 2.4200 183 237 July 10.2000 12L i . 4909 104 37.5000 155 91.0000 204 2.0750 157 204 August; 10.3950 123 i . 4727 100 37.2500 154 92.0000 206 2.1300 161 195 September 8. 5000 101 ! .4727 100 37. 2500 154 92.0000 206 2.2310 169 186 October 8.1800 97 . 4727 100 37.2500 154 90.0000 202 2.1800 165 171 November 6. 8688 81 : . 5091 108 37.2500 154 91.0000 204 2.1500 163 156 December 7.0250 83 I . 5273 112 37.2500 154 95. 5000 214 2.1500 163 140 1922. January 8.1000 97 I . 5818 124 37.2500 154 95. 5000 2L4 2.1500 163 137 February. 10. 2625 121 ! . 6727 143 37.2500 154 95. 5000 214 2.1500 163 132 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 , , v C i o ll k e e . , a C U o u n r n n e a U c s e - . d N e L s e e i w a lv 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 e ig a n h a ir o n o n g n i o n , g V b a a a s l n i l c d e , y, at furnace. Year and month. Average i Rela- Average Rela- Average Rela- ! Average Rela- Average Rela- Average Relaprice per tive price per! tive price per tive j price per tive price per tive price per tive long ton.: price. short ton.j price. pound. price, pound. price. barrel. price. long ton. price. 1913 §5.0613 100 82.4396 100 SO.1573 100 SO. 0440 100 $2.4500 100 $14.7058 100 1919 8.1639 161 4. 7375 191 . 1911 122 . 0578 131 4.1346 169 27.6971 188 1920 9.4265 186 10. 8163 413 . 1797 114 . 0808 184 5.9750 244 42.2692 287 1921 10.554-1 209 3.6361 149 . 1202 80 .0457 104 3.3144 135 21.6683 147 1921, Fobruary 10.6382 2J0 5.1875 213 .1288 82 | . 0468 106 4.1875 171 27.5000 187 July 10. 50-18 208 2.9003 119 I .1253 80 I . 0440 100 2.2500 92 19.3750 132 August 10.6036 210 i 2.8000 115 ! .1173 75 j . 0410 100 2,2500 92 18.2000 124 September 10. 7075 212 ! 3.1875 131 .1200 76 . 0461 105 2.3125 94 19.1250 130 October 10.7125 212 j 3.2750 134 . 1268 81 .0470 107 3.1250 128 19.1875 130 November 10.0859 211 2.9700 122 .1303 83 | . 0170 107 3.9000 159 19.0000 129 December 10.7063 212 2.7500 113 .1356 86 ! . 0470 107 4.0000 163 18.6250 127 1922, January 10.6935 211 2.7500 j 113 . 1355 .0470 107 3.3000 135 18.1500 123 February 10.0944 211 3.0375 I 125 .1288 82 j .0470 107 3.2500 133 17.7500 121 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. A yerage Rela- Average Rela- Average j Rcla- average Rela- Average Rela- Average Relaprice per i tive price per tive price per i tive rice per tive price per tive price per tive pound. ! price. pound. price. long ton. j price. )ound. price. long ton. price. pound. price. 1913. SO. 2213 ' 100 SO. 2821 100 $25.7892 100 $0.0148 100 S30.0000 100 SO.7767 100 1919. .5310 241 . 5283 187 • 40.5385 157 .0271 183 49.2642 164 1.6274 210 1920. . 6245 282 . 5342 1S9 56.2596 218 . 0328 222 53.8269 179 1. 8250 235 1921. . 2904 131 .3583 127 34,3846 133 .0193 130 45.6538 152 1.1792 152 1921. February... .2775 125 . 3800 135 42.2500 , 164 . 0233 157 47.0000 157 1.1500 148 July .2411 109 .3500 124 32.2500 ! 125 .0185 125 47.0000 157 1.1500 148 August .2586 117 . 3400 121 29.6000 ! 115 .0178 120 47.0000 157 1.1500 148 September.. . 3446 156 . 3100 121 29.0000 j 112 .0164 111 47.0000 157 1.1500 148 October .3832 173 . 3100 121 29.0000 112 .0160 108 45.2500 151 1.1500 148 November.. .3655 165 .3400 121 29.0000 112 .0152 103 40.0000 133 1.1500 148 December.. .3391 153 . 3400 121 29.0000 112 .0150 101 40.0000 133 1.2500 161 1922. January... .3259 147 .3400 28.0000 109 .0150 101 40.0000 133 1.2774 164 February.. .3127 141 .3500 124 28.0000 109 .0139 94 40.0000 133 1.3000 167 i On Toledo market, average for last 6 months of 1913. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

442 FEDERAL, RESERVE BUIXETHsT. APRIL, 1922. AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES—Continued. Flour, wheat, st B e g e e o r e o s f d , , C c n a h a r i t c c i a a v s g e s o , . Cof N fee e , w R Y io o , r N k o . . 7, st (1 a 9 n 1 d 8 a w , rd s a t r a p ), n a d te a n rd ts Ham C s h , ic s a m g o o k . ed, Ill 1 u N 5 m 0 e ° i w n f a ir Y t e i o n t r g e k s . o t, il, g N r e a S w n u u g Y l a a o r t , e rk d . , Minneapolis. Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive pound. price. pound. price. barrel. price. pound. price. gallon. price. pound. price. 1913 SO. 1295 100 SO. 1113 100 $4. 5837 100 SO. 1662 100 $0.1233 100 $0.0427 100 1919 .2333 180 .1785 160 11.9982 262 .3433 207 .2004 163 .0894 209 1920 . 2301 178 .1198 108 12.6750 277 .3340 201 .2629 213 .1267 297 1921 .1627 126 .0719 65 8.3264 182 .2678 161 .2432 197 .0616 144 1921. February.. . . .1000 124 .0672 60 9.1813 200 . 2600 156 .2750 223 .0709 166 July . 1490 115 .0647 58 8.9000 194 .3200 193 .2200 178 .0546 128 August .1600 124 .0703 63 8.1200 177 . 3248 195 .2200 178 .0583 137 September .1595 123 .0789 71 8.3188 181 .2756 166 .2200 178 .0559 131 October ... . 1644 127 .0813 73 7.4250 162 .2372 143 .2320 188 .0519 122 November .1725 133 .0883 79 7.1700 156 .2238 135 . 2400 195 .0517 12] December .1640 127 .0931 84 6.8813 150 .2150 129 .2400 195 .0500 11? 1922. January . 1533 119 .0963 87 7.0000 153 .2210 133 .2175 176 .0480 112 February .1450 112 .0902 81 7.9750 174 .2672 161 .2100 170 .0492 115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 443 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 wh°le series of countries tistical offices, and are sent to the Federal; appear together to facilitate the study of com- Reserve Board by cable.1 ; parative price levels: INDEX NUMBERS OF WHOLESALE PRICES (ALL COMMODITIES). R F t U S q B i e e o u t n o ( s a d n o 9 i e a t e s t 0 t e r r e r ) a d v s a . d - 2 ; e l t B t U i S q S L i c o u u t t n s a a a n o o r b i t t e ( s t f t e i o 3 e ) a a s s 1 . r d - u - 2 ; 5 C m D t q i L a o e u e ( n a 2 n p o n a b 7 s a t t d o 2 ) a r o a r . - t & f - ; U B m T K t d c i ( n o r o o 1 e o i o a i m n a 5 s m d t f d r ) g 0 e i - d . e ; - - d 1 | (9 R F t U B 8 i K d e e o n q o d o s n i i e n a u m e s t r r ) g e o r v . d ; a - d « t e a l G ( t l F 4 l i e m t a e s i r B 5 t e n a t i o S i u s n n e c q d ) l t o r c . - d i u a a * m - e - l e e ; e - u 7 1 m 1 ( 0 n a 6 3 I 9 B f 0 o t P t 8 2 d t i a a d e 1 r l t u l c h c o r i 1 y r t ) o h e 9 a f i . i ; m . 2 r * i e n n e 0 s g d - * ( Z 7 F m m t f e i 7 u G r e a i o a r s t c e n t n d u ) e o r . y i k n - r * m - ; - g - \ ! ( R 3 t m S m i t 8 a e s i t G a e o c a i m c c s n h t d e o h ) i t y e i s , . m s - 2 s ; - - - ! H S t t S q i i w a o v d u n ( e n e n o 4 d d n s i 7 t e n ) e a s l . k g - n 5 s ; - ! j 1 N ( C 0 9 R t m o a m i k 3 h e e n r o r o i s v w c i i s ) n d s a o u k a . o t i , m e e - i y - - ; -! 1 1 ; ! ( t F m 3 i m t D d i i 3 n e a e o e c s a r n d o n ) k n d i m , - ; - i s e - - B ( D m 1 t S m e 3 i e t e l e t 0 i g p o a n c s i c t a d t s ) u i o . r i o s m * - t m - - f ; - ! \ 1913 100 100 100 100 100 100 100 1 100i 8100 1914 100 101 101 ! 95 9 100i iW i 116 i° 115 ii 100 S3 100 1919 206 212 i 217 241 357 364 330 322 294 1920 233 243 i 246 314 314 510 624 1,580 1,486 347 377 382 1921 145 153| 182 202 201 345 578 1,862 1,911 211 269 250 1921. January... 163 177 208 251 244 407i 642 1,607 1,439 267 344 341 February.. 154 167 199 230 226 377 j 613 1,528 1,376 250 319 290 March 150 162 194 215 213 360 i 604 1,461 1,338 237 312 280 July 142 148 176 198 196 330 520 1 517 1 428 211 300 253 August 142 152 174 194 195 331 ! 542 1,798 1,917 198 297 256 347 September 143 152 172 191 194 344 1 580 1,8-43 2,067 182 287 224 364 October... 141 150 169 184 187 331 599 2,067 2,460 175 286 202 368 November. 140 149 163 176 177 332 595 2,798 3,416 174 276 186 368 December. 138 149 170 171 172 326 595 3,348 - 3 487 172 269 188 1922. January... 138 148 168 167 170 314 577 3,562 3,665 170 260 178 February.. 142 151 ]69 165 167 306 3 955 3,987 166 253 177 March. ... 166 168 307 4,888 240 182 April 5,899 178 | Aus- South tralian Cal- Shangqwtt,.r Holland; Bul- Cairo; Africa; Com- cutta, Japan; hai; Peru; land; Central garia; Depart- Office of i mon- New Dutch India; Bank of 3uroau of Depart- Bureau Direc- ment of Census i wealth; Zealand; East Depart- Japan Markets, ment of -pvr of Statis- tion Statis- and Sta- Bureau Depart- Indies; ment of for Ministrv Statis- (71 com- tics (53 Generale tics (23 tistics of Cen- ment of Statis- Statis- Tokyo of tics com- dela com- (187 sus and Statis- tical tics (75 (56 com- Finance (58 commodi- Sta- modi- com- iStatistics tics. Bureau.* com- modi- (147 com- modities)^ tistique. ties). modi- (92 com- mod- ties).2 modi- ties).si ties). modi- ties).2 ties)^ ties).' 1913 100 100 (17) i is 100 i 100 20100 100 1914 .. . 100 105 103 100 19 100 i2166 104 i n 100 13 100 96 104 1919 297 25 1, 166 225 181 180 178 281 198 236 25 129 220 1920 282 1,940 299 245 218 212 1 226 204 259 140 238 1921 195 181 2,006 180 192 167 201 ' 166 181 200 145 205 I 1921 Januflrv 238 213 2,392 214 260 196 216 ' 214 178 201 138 221 February.. 230 197 2,135 196 192 210 ' 197 174 195 142 215 March 219 188 2,437 182 181 208 ' 194 175 191 143 210 July I 179 176 1,721 164 169 159 ! 200 183 183 196 145 201 177 180 1,730 166 160 i 197 i 184 184 199 149 205 September 181 180 1,758 176 160 197 i 188 187 207 148 205 October... 184 169 2,052 186 155 156 ! 195 i 175 i 184 219 146 203 November 182 165 2,061 181 151 ' 19] | 170 1 180 214 144 195 December. 178 165 2,155 170 148 ! 189 166 180 209 146 190 1922. January 176 161 2,095 168 147 ' 164 I 178 206 149 190 171 162 169 147 ! 163 I 179 204 191 March 171 1 190 i See following page for issuesof BULLETIN containing descriptions of " As of Jan. 1. the methods used in constructing these indexes. 15 Prices as of first of the month. 1914-100. * Average for the month. w Basec 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. ],1913-Julv 31,1914-100. »Middle of month. 18 Average annual expenditure, 1913=100. • End of year and end of month. W1914-100. ' First of month. » Feb.,1913-100. » July 1,1913, to June 30,1914=100. *l Average for month until September, 1921; thereafter prices as of 15th •Middle of 1914-100. of month. w Dec. 311913-June 30,1914=100. 22 Average of last half of month. "Julyl, L912-June 30,1914-100. 23 April 1914-100 u July, 1914-100. 2i As of last Wednesday in month. "End of July, 1914-100. 25 December figure Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

444 FEDERAL RESERVE BULLETIN. APRIL, 1922. The for January, 1920, contains a index published by the Federal Statistical Bu- BULLETIN description of the French, Australian, Japanese, reau for Germany, and the indexes for Switzerand Canadian indexes. A description of theland, Holland, Norway, Bulgaria, Cairo, method used in the construction of the Swedish the Union of South Africa, the Dominion index number appeared in the for of New Zealand, and Peru. The index num- BULLETIN February, 1921, the new Italian index number bers for the Dutch East Indies and Belgium was discussed in the April, 1921, issue of thewere described in the for March, BULLETIN and the method used by the Frank- 1922. Lack of space prevents the publica- BULLETIN, furter Zeitung in the case of the German index tion of group index numbers for these counnumber was described in the of Feb- tries, but they can be obtained at any time BULLETINS ruary and March, 1921. Complete information upon request. In the case of the two Amerregarding the computation of the index of theican index numbers, 1913 is used as the United States Bureau of Labor Statistics ap- basis in the original computations. In most pears in the publications of that bureau, and other cases in which 1913 appears as the basis a description of the index number of the Fed- for the computation, the index numbers have eral Reserve Board may be found in the BUL- been shifted from their original bases. The for May, 1920. The Danish index has computations in these cases are, therefore, only LETIN been constructed only recently, is based upon approximately correct. In certain cases July, the prices of 33 commodities, and is roughly 1914, or the year immediately preceding that, is weighted according to consumption. The new used as the base. Since the figures are for the British index number, compiled by the Board most part received by cable, the latest ones are of Trade, was described in the March, 1921,subject to revision. In certain cases the index issue of the The for numbers for the war years were published in BULLETIN. BULLETIN December, 1921, contains a description of the various issues of the in 1920. BULLETIN GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS. [1913=100.] Lumber Date. pr F od ar u m cts. F e o t o c d . , C c l l o o t t h h s i n a g n . d F li u g e h l t i a n n g. d bu a il n d d ing Chera Eousc- la M n i e s o ce u l s - . com A m ll odimaterial. goods. ties. 1913 . 100 100 100 100 100 300 100 I 100 100 100 1919 234 210 26 L 173 161 192 179 ! 236 21.7 212 1920 . 21.8 239 302 238 186 308 210 366 236 243 1921 120 143 183 190 131 196 168 238 158 153 1921. February 129 150 198 218 116 221 178 277 180 167 July 115 134 179 184 125 200 163 235 149 148 August 118 152 179 • 182 1.20 198 161 230 147 152 September 122 146 187 178 120 193 162 223 146 152 October 1L9 142 190 182 121 192 162 218 145 150 November 114 142 186 186 119 197 162 218 145 149 December 113 139 185 187 119 203 161 218 148 149 1922. 116 134 183 183 117 202 159 214 146 148 February 126 138 183 183 115 202 159 213 150 151 GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE.1 [1913=100.] Other Cereals. an M d ea f t i sh, f O o t o h d e s r . T fo o o t d a . l Iro st n e e a l. nd m a e n ta d ls Cotton. te O x t t h il e e r s. ar O ti t c h l e e r s. no T t o f t o a o l d.: • m A o ll d i c t o ie m s - . minerals. 1920 average 273 263 278 272 406 252 480 362 274 340 314 1921 average 195 222 214 210 243 180 193 174 197 198 202 1921. February 212 266 227 234 321 201 195 201 2.16 228 • 230 July 202 214 215 210 229 185 180 161 194 192 ' 198 August 205 216 210 210 222 172 176 159 189 186 194 September 197 201 201 200 207 160 213 163 190 186 ! 191 October 170 185 193 183 194 157 225 170 190 185 184 November 157 178 195 177 181 153 199 169 183 176 176 December 153 181 186 173 172 152 188 167 177 170 171 1922. January 148 176 182 169 166 149 180 170 174 167 167 February 153 178 187 173 162 145 168 166 169 161 165 1 Figures have recently been subject to slight revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 445 GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU. [1913=100.] Date. f A o m o n a d i l - s.f t o a o b d le s. c S c o o a u f c n g f o e d a e a ' r , , . F ( o 20 o ) d . s e M ra in ls - . t T il e e x s - . d S r u ie n s - . m R r (2 i a a a 5 t w l ) e s . - 1 i c m t A o i o e m ll d s - . - Date. f A o m o n a d i l - s.f V t o a o e b g d l e e s. -c c S o o a u f c n g f o e d a e a r , . , F ( o 2 o 0) d . s e M ra i l n s - . t T il e e x s - . d S r u i n e - s. m R r (2 i a a a 5 t l w ) e s . - m c it A o i o e m l d l s - - . 1919 average. 392 313 253 336 272 441 405 373 357 ; 1921 1920 average. 503 427 422 459 449 737 521 550 510 October 345 305 305 323 262 391 365 338 331 1921 average. 380 330 313 355 275 355 374 338 345 November... 331 306 324 321 277 388 362 311 332 December... 324 303 300 313 269 375 364 337 326 1921. March 406 322 367 366 289 375 392 355 360 1922. July 353 364 393 366 253 290 343 301 330 January. 309 289 306 302 258 363 350 324 314 An gust. 371 337 352 355 245 • 321 356 312 331 . February.... 303 288 318 301 242 345 341 311 306 September.. 373 311 389 352 253 ! 388 370 338 344 March. 339 285 326 316 242 326 328 300 307 1 GROUP INDEX NUMBERS—ITALY—RiCCARDO BACHI. [1921=100.] , I ' f t o a V o b c d l g s e o . i i - f o m A o a d n l s i . - , ! m M e a a r n l e a i s d t n l . - s - U m U a 1J t j . e ? Q - - O u p Y ta Q c r t o h b t g s Q d e l . e r - - m i c t A o i o e m l d l s - - . f V t o a o o b g d l e s e , - , , f A m oo n a d i l s - . I I 1 j i eA a a M rr n l a d n s l i . lo n s : - ! - 1 L 3 n 1I a I. l I f l s l l " ' J I o Tt v p u Ta c r r t c g t o ,g h r t lr d s t e e e . , - - : j r i I 1 S d u ri n e - s. : m c i A t o i o m e l d l s - - . 1921. 100 100 ! 100 100 100 100 ; 100 100 1922. Januiry ! 112 •• 114 . 73 64 I 92 112 ! 94 | 92 GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG.1 [Middle of 1914=100.] Agri r c a u l l- t T iles, M a i l n s e . r- la M n i e s o ce u l s - . m c t A i o o e m l d s l . i - - A p t u g u r c r o r i t c a s d u . l - l- le T a e th x e - r. M a i l n s e . r . - la M n i e s o ce u l s - . m c t A o i o e m l d s l . i - - 1920 average. 1,223 3,107 1,925 1,417 1,580 1921. 1921 average.. 1,678 2,880 2,268 1,672 1,862 Beginning of— December.. 3,159 6,427 5,635 2,418 3,348 1921. Beginning of— 1922. April 1,187 2,107 1,780 1,475 1,461 |. Beginning of— July 1,265 2,107 1,780 1,566 1,517 lj January 3,351 6,427 4,025 2,984 3,565 August 1,867 2,240 1,811 1,525 1,798 ;| February... 3,551 6,827 4,520 3,393 3,952 September.. 1,841 2,560 1,935 1,582 1,843 ij March, 4,712 7,200 5,650 4,016 October 1,981 3,200 2,337 1,705 2,067 i! April 5,707 8,907 6,471 4,967 5,899 November.. 2,766 4.613 3,251 2,057 2,798 ,| 1 Figures have recently been entirely revised. GROUP INDEX NUMBERS—GERMANY—FEDERAL STATISTICAL BUREAU.1 [1913 prices^ 100.] Goods i Goods All com- Goods Goods All comproduced , imported modities produced imported modities (16 com- : (22 com- (38 com- (16 com- (22 com- (38 commodities). : modifies). modities). modities). modities). modities.) 1- 920 av• e• rage '| 1,253 i 2,652 1,486 October 2,235 3,585 2,460 1921 average j 1,786 ; 2,533 1,911 November 2,907 5,602 i 3,410 December 3,170 5,071 I 3,487 1921. ! ' February , 1,320 , 1,660 1,376 1922. July..... ; 1,369 ; 1,721 1,428 January 3,383 5,075 ' 3,665 August ! 1,913 ! 1,935 1,917 February 3,716 5,343 ! 3,987 September j 1,952 : 2,643 2,067 1 Figures have recently been revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

446 FEDERAL RESERVE BULtLETHST. APRIL, 1922. \ GROUP INDEX NUMBERS—SWEDEN—SVENSK HANDELSTIDNING. [July 1,1913-June 30,1914=100.] Date. f V t o a e o b g d l e s e - . A f n o i o m ds a , l R c fo t a u e r w l r t a i u a g m r l r s e a i . - - Coal. Metals. Bu m r i a i l a t d l e s i - . ng W pu o l o p d . le H a a i t n d h d e e s r. Textiles. Oils. m A o ll d i c t o ie m s - . 1913-14 100 100 ]00 100 100 100 100 ' 100 100 100 100 1919 261 409 340 804 258 286 308 j 211 330 1920 262 296 312 3,007 278 371 675 j 215 324 "'294" 347 1921 210 220 227 285 159 243 310 107 144 228 211 1921. February 231 241 248 362 | 204 319 5 LI 108 147 318 250 July 236 227 216 315 i 149 199 197 112 133 191 211 August 217 230 214 250 j 130 398 183 107 132 191 198 September 183 208 207 223 j 130 191 178 108 166 191 182 October 167 198 200 202 130 211 169 119 161 187 175 November 161 198 197 194 133 239 18.1 108 149 179 174 December. 156 186 202 197 134 243 110 146 179 172 1922 January 168 173 202 179 i 131 228 189 ! 104 144 179 170 February 170 159 170 186 j 130 226 178 97 138 179 166 GROUP INDEX NUMBERS—CHRISTIANIA, NORWAY—OKONOMISK REVUE. [Dec. 31,1913-June 30, 1914=100.] Fuel. Date. A f n o i o m ds a . l f V t o e a o g b d l e s e - . a s i n t d * u e f f e f e o r s . - - Coal P l e e t u ro m - Iron. Metals. i t B n e u g r i i l a m l d a s - - . t T i e l x es - . l H e a a i t n d h d e e s r. w P o u o l d p . Paper. m c o A o l d m l i - tilizers. and and ties. coke. benzine. End of— 1914 115 130 108 151 104 115 128 107 105 158 103 101 115 1919 329 281 277 767 162 442 187 358 356 284 277 322 322 1920 352 385 340 647 407 482 200 416 402. 255 321 472 377 1921 263 279 233 289 276 278 183 291 320 219 183 338 269 1921. March 307 315 287 289 357 328 169 339 350 203 289 472 312 July 301 408 254 388 303 307 190 309 319 197 276 392 300 August 296 360 260 371 297 307 190 305 315 197 262 392 297 September... 302 303 254 333 297 339 190 299 309 210 227 377 287 October 297 303 251 333 297 335 197 297 315 228 227 350 286 November... 273 282 233 316 276 319 184 293 320 219 227 • 338 276 December 263 279 233 289 276 278 183 291 320 219 183 338 269 1922. January 244 256 226 279 276 268 183 279 316 219 183 332 260 February 236 250 224 279 256 263 165 274 310 219 1S3 327 253 March 222 245 220 279 203 232 161 262 289 190 177 309 240 GROUP INDEX NUMBERS—AUSTRALIAN COMMONWEALTH—BUREAU OF CENSUS AND STATISTICS. [July, 1914=100.] ^ f Date. Met c a o l a s l. and T le e a e x t t t c h i . l e e r s , , pro t du a cts. pr D od a u ir c y ts. G t r o o b a c a n e c d r c i o e . s Meat. m B a u t i e l r d i i a n l g s. Chemicals. m A o ll d c it o i m es - . July, 1914 100 100 100 100 100 100 100 100 100 1919 193 217 186 137 147 145 261 282 180 1920 209 243 229 1 184 186 201 295 277 218 1921 198 125 166 166 192 133 249 225 167 1921. February 214 132 192 206 197 184 242 192 July 195 111 158 166 188 119 238 220 159 August 194 116 160 164 190 120 231 224 160 September 193 143 159 146 187 110 226 220 160 October 193 147 157 129 189 98 210 220 156 November 190 138 155 123 188 87 198 208 151 December 183 134 149 122 187 192 205 148 1922. January 185 133 140 118 188 92 196 200 147 February 184 136 143 119 187 195 194 147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 447 GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABOR.1 [1913=100.] Date. f G o r a d a n d i d e n r s . A m n e a i a n m t d a s l . s D p u a r c o i t d s r - . y Fr a u n i d ts f O o t o h d e s r . Textiles. l H e i a e t d t h c e e . s r , , Metals, j ££& 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 i a n n g d . c D h o a r s e n a u m l d g s i s . - m c t o A i o d l e m s i l - . i 1913 100 100 100 100 100 100 100 100 j 100 100 100 100 100 1919 227 199 192 206 222 285 213 173 ! 228 171 201 205 217 1920 263 198 204 261 258 303 192 203 245 268 255 204 246 1921 150 119 157 172 181 189 110 1.50 ! 210 211 218 177 1S2 I 1921. March 168 171 174 175 203 198 118 158 i 243 231 233 181 194 July 146 143 133 157 174 179 106 147 , 236 217 207 175 176 August 152 143 142 182 173 181 101 145 237 192 206 176 174 September... 144 133 141 170 170 183 100 143 235 189 206 171 172 October 127 134 149 171 162 185 100 143 234 190 210 169 169 November..., 125 113 158 176 158 179 100 140 ! 232 180 211 165 168 December 131 122 170 188 159 176 100 141 ! 232 180 211 166 170 i 1922. January 133 129 149 186 155 176 99 142 l 231 180 206 103 168 February 145 140 141 204 155 174 97 141 ' 216 179 204 164 169 March..". 149 138 122 • 204 158 174 96 137 1 213 174 206 166 166 i Unimportant groups omitted. GROUP INDEX NUMBERS—CALCUTTA, INDIA—DEPARTMENT OF STATISTICS. [End of July, 1914-100.] Other! Date. m B r u a i i i a n t l l g e s d - . - in a r f a a a n n c w d u - . - i I ! 1 Metals, s H a k i i n d n d e s s . C m t o u f a t r a n t c e u s o - - n . 1 ' | R , co a tt w on, m t J u f a u r a n c e t u s - e - . O t t t i e l h x e e s - r . t m O a i u r l s d s - . , j R u a t w e. se O e i d l s. Tea. Sugar.Pulses.Cereals f O o t o h d e s r . m c t o A i o d l e m s i l - . tured ; articles! | i i" End of July, 1914, 100 100 ! 100 100 100 ! 100 100 100 100 100 100 100 100 100 100 100 100 1920 average 138 231 I 238 147 354 153 149 162 128 104 173 78 407 166 154 184 204 1921 average 146 242 : 237 108 306 ' 143 105 142 108 S3 135 100 270 160 145 157 181 1921. February 147 226 I 243 80 305 ! 104 101 149 97 80 124 70 352 119 129 148 174 July 149 237 245 116 316 ! 136 102 147 115 80 157 92 247 173 151 162 183 August 143 242 1 241 121 301 i 150 107 135 116 85 150 107 236 182 153 170 184 September 143 247 i 214 120 302 i 217 127 147 115 102 145 116 219 182 157 172 187 October 141 251 i 214 122 310 : 193 112 148 106 88 122 124 205 184 154 166 184 November 141 *>46 ; 213 116 299 166 108 150 104 77 123 151 203 178 143 164 180 December L39 235 219 128 289 ' 176 111 150 103 86 124 152 194 ISO 147 169 180 i 1922. January 132 236 ! 220 126 275 l 165 110 156 lOo 85 132 161 225 177 139 150 178 February 130 241 1 193 131 266 1 172 107 162 109 82 143 146 218 174 137 175 179 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 FEDERAL, RESERVE BULLETIN. APRIL, 1922. COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following table are presented statistics RETAIL PRICES IN THE UNITED STATES, PARIS, AND showing the trend of retail prices and the cost SWEDEN; COST OP LIVING IN UNITED KINGDOM AND of living in the United States and important ! BERLIN. European countries:x [July, 1914=100.] 1 P 0 a 1 0 r . i T s h , I r a n o n e t d h e o S f w c a e t s h d e e e n s o e — f t i h a n r e e d U e c x n o i n t n s e u t d r m u S c b t t e a e r d t s e — s o , n t t h h t o h e e s e o b r a i f g s o i i r s n a o t l h f b e p a r s i U e c , e n s t i h t i e n a d t J o u f K l y t i h , n e 1 g 9 d y 1 o e 4 a m = r , p U S r r t e n i a c t i t a e t e e s i s l d . , 1 o d U f o K l m n i i i v n , t c g i e n o - d g st / p P r r e i a c t r a e i i s s l . , 1 S p w r r e i e t c d a e i e s l n , , j j I l B c iv o e i s r n t l g i o n . f 3 , p I r r t e i a c t l a e y s il , .4 1913, has been shifted to the July, 1914, base.' The German index uses the year ending July, 1914, as a base. The American index number, constructed by the Bureau of Labor 1919 182 216 260 321 a S c t c a o ti r s d t i i n c g s, w to a s f a b m as i e ly d u c p o o n n s u th m e p r t e i t o a n i , l p u ri n c t e il s o J f a 2 n 2 u a a r r y ti , c l 1 e 9 s 2 o 1 f , f w oo h d e , n w i e t ig w ht a e s d 1 1 9 9 2 2 0 1 1 15 9 0 9 2 22 4 6 9 3 33 7 7 1 2 23 9 7 8 1 1, , 236 4 5 5 4 4 8 increased to 43 articles reported by dealers in 51 important cities. The 1921. method of weighting continues the same, although the actual "weight" January... 169 265 410 283 1,111 542 applied has been changed. February-. 155 251 382 262 1,087 540 The British index number of the cost of living constructed by the March Io3 24.1 358 253 1,035 556 Ministry of Labor consists of the retail prices not only of foodstuffs but July 145 219 306 232 1,125 501 of other articles as well. Retail clothing prices, rents, and the cost of August 152 222 317 234 1,177 534 fuel, lighting, and miscellaneous household items are also taken into September. 150 220 329 228 1,212 542 consideration. The index number is weighted according to the im- October... 150 210 331 218 1,340 581 portance of the items in the budgets of working-class families. November. 149 203 326 211 1 767 583 The retail price index for Paris, compiled" by the French General December. 147 199 202 1,934 585 Statistical Office, consists of retail prices of 13 different commodities, weighted according to the average annual consumption of a working- 1922. man's family of four persons. Eleven of the commodities included in January... 139 192 319 190 this index arc foods, and the other two are kerosene and alcohol. February.. 139 188 307 189 The Swedish index number consists of the retail prices of foodstuffs, March 136 186 294 fuel, and lighting and is based upon the prices of 51 articles in 44 towns (in 1920, 50 articles in 49 towns), weighted according to the budget of 1 Average for the month. a workingman's family which before the war had a yearly income of 2 Beginning of month. 2,000 kroner. 3 August 1913-July, 1914=100. The German index expresses upon a percentage basis figures com- * 1913=100. piled by Dr. R. R. Kuczynski of the Statistical Office of Berlin-Schoneberg. Dr. Kuczynski bases his calculations upon the cost of living per week of a family of fourin Greater Berlin. The Italian retail price index Labor, consists of retail prices of 21 commodities. Twenty of the comfor the most important cities, computed by the Italian Ministry of modities included are foods and the 21st. is charcoal. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 449 FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, NORWAY, JAPAN, AND GERMANY. Tn flin fnllrkwino* +OKIP «r/i -nrpcsrvntprl fimippQ ' Swedou. In France and Italy the value of foreign trade is estimated intne lOUOWing taDie are presentea ngures p co but in terms of those of some earlier, dated notillterinsofciirront ri S snowing; the monthly value or the loreign trade usually the preceding year. /? J? *™ 4. ^x. xn,,^^^^ ,•> ^,,-^J.-»:« : None of the figures presented below include the import or export 01 a group 01 important Ji/Uropeail Countries ; f gold and silver. In the case of England and France, group figures Oare 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 i are not obtainable, merely that they are cither delayed in publication 1 Currencies have not been converted to a common unit, nor are \ or appear not to be of such general interest as the French and English methods of valuation the same in all countries. In England imports material. are given current c. i. f. values in England; exports and reexports, Japanese figures for recent months are received by cable and subject current f. o. b. values. The same method is followed in Japan and ; to revision. FOREIGN TRADE OF THE UNITED KINGDOM. Imports. Reexports. In thousands of pounds sterling. In thousands of pounds sterling. I In to d F b a r o a i n o n c d c d k o , , . Raw Art o ic r les l i M a p n n a i c i e n s r l o c g c u e u e d l s l - - , Total. ! ! i i o s t a f h I n t o n o d u n s - s, ! j to d F b a r o a i n n o c d c d k o , , . u m a n m r R m a ti a a i c a n t w l e n e ly - s u-ii A m -m- r a :a t 7 i i . n n c u l l " y e - s' j , M pa i i n s r c c g e e l l - j Total. th T o u- I j s t a li h " n o g d u . s - o s f th a t I n o o n d u n s - s. = > =, post. I I factured.flactarirod1 post. i — Monthly average: I 1913 24,184 | 23,485 I 16,131 259 64,061 2,716 5,825 31,281 i 9i9 , 43,770 7,650 9,131 152 1919 59,927 I 50,565 ! 24,663 358 135,513 2,814 9,274 53,457 1,008 j 66,553 13,729 1920 , 63,817 59,196 i 37,787 254 161,387 3,795 4,245 12,126 93,312 | 1,523 j 111,206 "3," 292' 18,563 139 1921 47,271 ! 22,598 20,421 268 90,557 3,203 3,122 I 5,297 49,055 ' 1,126 ! 58,600 2,748 8,921 118 I i 1921. I February 47,786 25,504 23,394 326 97,010 2,573 3,075 ! 5,881 58,177 , 1,089 68,222 2,446 i 8,004 82 July ! 42,090 20,232 18,005 431 80,757 4,050 2,702 2,775 36,705 ! 990 43,172 i 1,350 ; 9,362 August 50,581 19,589 18,194 ,214 88,581 3,389 3,124 7,058 39,936 ] 1,228 51,3-16 | 3,747 ! 9,998 154 September 48,410 20,465 17,905 338 87,119 3,515 3,300 6,997 44,009 . 942 55,248 i 4,128 j 8,595 I 116 October 44,475 21,256 18,691 320 8i,742 3,470 3,466 7,359 50,328 ' 1,113 62,265 4,297 10,386 . 159 November 41,246 29,946 17,913 154 89,259 3,343 3,586 7,046 51,094 I 1,169 62,895 4,, 511 !! 99,8,8233 I 139 December 39,063 27,792 | 18,291 165 85,312 3,080 3,187 7,446 47,364 1,378 59,375 5,238 : 9,204 107 1922. January 33,972 • 24,565 ! 17,710 241 2,861 7,032 51,824 '••1,429 63,147 1 8,459 February... 32,257 j 20,220 16,576 69;375 2,754 6,869 48,000 ; 712 58,335 ! 10,174 March i 87,879 ; i 64,581 i 10,153 11ncludes reexports. FOREIGN TRADE OF FRANCE.* Imports. Exports. In thousands of francs. In thousands of francs. In I In thou- -l thou- Food. m r R i a a a t l w e s. - M ar a t t u n ic r u e l f e d a s c . - 1 : 1 Total, s m a t n o e d n tr s s i . o c f Food. m r R i a a a t l w e s. - M ar t a t u n ic r u e l f e d a s c . - P p a o r s c t e . l Total. j ! j s m a t n e o d t n r s s i c o . f Monthlv average: ! • 1913 2 ; ! 151,465 412,144 138,169 j 701,778 3,685 69,908 : 154,841 301,420 47,182 573,351 1,840 19J9 s 892,040 1,229,435 861,797 I 2,983,272 3,204 I 99,201 ] 203,691 615,630 71,444 989,966 464 1920 *..."."." I 989,576 I 2,096,379 1,072,787 4,158,741 4,211 j 217,733' 509,485 1,413,548 100,479 2,241,245 1,071 19213 I i 517,158 ! ! 1,033,170 412,045 1,962,373 3,165 161,031 463,219 1,067,413 104,430 1,796,092 1,333 I February5 1 383,674 I 881,917 442,866 1,708,457 2,849 ! 189,275 510,805 1,187,935 82,09-4 1,970,109 1,594 Julys i 434,001 ! 704,069 331,047 1,469,117 2,164 I 123,303 439,534 925,868 74,350 1,563,055 1.194 Augusts ! 555,545 | 855,697 320,052 1,731,294 2,593 ! 112,654 445,3.12 1,084,193 82,933 1,725,092 1,035 September* , 691,972 ; 1,204,213 329,494 2,225,679 3,993 I 146,487 444,891 1,087,444 95,852 1,774,653 1,172 Octobers ! 717,091 I 1,191,860 318,000 2,226,951 2,809 I 132,424 482,376 1,041,594 103,078 1,759,472 1,251 November's. " ' 564,01.2 1,446,1"2"5 323,593 2,333,730 5,161 i 157,180 478,875 992,256 120,343 1,748,654 1,515 December s : 754,671 1,856,148 543,445 3,154,264 5,197 I 259,605 549,495 1,193,161 180,059 2,182,320 2,507 1922.5 j February 385,021 | 1,137,855 324,150 1,847,0 4,126 153,892 ; 448,455 1,106,507 144,458 1,853,312 i 1,520 1 Not including gold, silver, or the reexport trade. Latest figures subject to revision. 2 Calculated in 1913 value units. s Calculated in 1919 value units. French foreign trade figures are originally recorded in quantity units, and the value of the trade is calculated by applying official value units to the quantities imported and exported. Normally the monthly statements of trade appear computed at the rates of the year previous, and only at the end of the year is the trade evaluated at the prices prevailing during that vear. Because of the disturbed price conditions in France during the past two years, 1919 price units are being applied to the 1921 trade. * Calculated in 1920 value units. 5 Exports calculated in 1919 value units. Imports calculated on basis of actual declared values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

450 FEDERAL RESERVE BULLETIN. APRIL, 1922. FOREIGN TRADE OF ITALY, SWEDEN, NORWAY, AND JAPAN.1 Italy. Sweden. Norway. Japan. (In millions of (In millions of (In millions of (In millions of lire.) kronor.) kronor.) yen.) Imports. Exports. Imports. Exports. Imports. Exports. Imports. Exports. Monthly average: 1913 304 210 71 68 46 33 61 53 1919 1,385 506 211 131 215 65 181 175 1920 2 1,322 2 650 281 191 253 104 195 162 1921 106 91 128 63 135 104 192L January 122 91 124 68 105 75 February 116 89 131 56 119 77 March 99 75 117 68 137 94 July 3 557 3441 98 94 134 61 110 99 a 981 3 587 303 113 148 72 132 106 September 3 962 3 659 126 105 176 S?, 129 96 October 3 1, 101 3 683 101 99 153 82 130 112 31,125 3 718 95 103 146 65 152 121 December 112 108 129 82 161 146 1922. Januarv 77 61 179 87 February 196 101 1 1 Subject to revision. 2 Based on 1919 values. 3 Based on actual current prices. FOREIGN TRADE OF GERMANY. Exports.* Merchandise. Merchandise. Gold and Gold and silver (in silver (in In thou- thousands In thouor marks).M m-illi™on-s sands of of marks). In millions sands of metric tons. of marks. metric tons. Monthly average: 1913 927 6,073 8,450 841 6,146 1920 1,570 17,773 5,776 1,657 1921 s 17,756 9,9*16 2,232 34,901 8,295 1,715 1921. July 8,376 7,572 1,925 37,567 6,175 1,558 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 2,535 44,073 11,886 1,908 December.. 4,922 13,702 2,086 86,227 14,468 1,930 1922. January.. 12,634 2,312 134,054 14,394 2,027 February4 12,047 1,450 14,540 1,747 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. 4 Subject to revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN". 451 INDEXES OF INDUSTRIAL ACTIVITY. ENGLAND. Production (long tons, 000 omitted). j Exports. 1 Per cent Raw -; ofun- Coal. Pig iron. in S c a a g t n e s o d e t t - l s Fi s n t i e s e h l e . d s s v c a ( u t i o n h s p t d i o t p b s o u l l n o y e - f n t S c i a o o g h t n n o e i p s n ( u t g s t r n o ) r u o . d n c s e - - s r R o n ( m a 0 m e i 0 i t l 0 i t w l t , t 0 e e o a 0 s d n y 0 ) s . : . ! | I f r m a o ( s l c n a t o e t n u n e a u r g l n e - d s j f C m ac o a t t u n t r o u e n - s ( C lo o n a g l ] 1 : 1 i 2 e a m a , m p 0 m p a 0 p r t 0 o l o e o , n 0 l x y y g 0 i e - 0 d ings. bales).-< 1 tons, 000 I I insured ! omitted). | i persons. 1913, average 23,953 855 639 12,002,699 414 6 596 6,117 , 1920, average 19,108 670 756 616 1,397 13,603,131 1,546 i 271 374 2,078 1921, average 13,69G 218 302 238 1,234 13,312,983 1,108 , 142 244 2,055 1921. i February 17,369 464 484 342 1,263 i 1,276 167 217 1,729 ' July 2 15,214 10 117 137 1,310 ! 1OSS 64 179 8.16 14.8 August 16,589 94 434 321 1,194 ! 1,311 77 214 3,103 13.2 September 16,517 158 429 322 1,060 !3 3,282,972 1,297 133 268 3,407 12.2 October 2 21,090 236 405 304 1,123 | 1 3?5 156 345 3,406 12.8 November | 17,875 272 444 330 1,216 ! 1,368 194 306 3,594 i 15.7 December j 222,594 275 381 292 1,271 62,640,319 1,306 205 333 4,309 , 16.2 1922. January... 17,693 288 328 271 1,298 2f>3 342 4,021 16.2 February. 19,764 300 419 1,240 224 254 4,014 15.7 1 Average of 4 quarterly estimates. 3 Work suspended on all but 2,094,000 tons.. & Work suspended on all but 1,918,319 tons. 2 Five weeks. * End of month. 6 Yards. FRANCE. t d i p P i r u r o o i o c n g n - - . C t s d p i r t u r o e u o c n e d - - l . e du P c ro e - d. m S C t i o n o c e a k s l. . s : j r Imp fo o r rted R f t p s o o a t u o r n w i m o r c t i n o e c m p . d n o - - t - - s I t C l o a o c v k tt r s o e n . a i t s f p s o i t R u l o r i k m o r a t c n w i e o p m . d n - - - im T p o o ta rt l s. ex T p o o t r a t l s. e r N e m o c u p f e m l i u o v n b y in - e e 1 g r d Thou- municipal Thousands of metric tons. M to e n tr s i . c s b 5 a a 0 n l k e d i s s 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 o c - f s m a T n h e d o tr s u i o c - f P a a id r is in .i ! grams, j tons. tons. 1913, average. 2 434 2 391 ! 3,338 | 1,558 27,428 ! 274 629 3,685 1,840 1920, average. 286 254 | 2,025 j 279 2,005 19,577 ! 225 390 4,211 1,071 3,022 1921, average.. 280 255 ! 1,472 16,666 I 169 206 3,165 1,333 20,671 1921. January.. 293 268 2,352 879 1,738 26,393 ' 200 161 4,079 1,206 34,758 July.. , 267 223 2,280 1,256 660 6,539 j 131 51 2,164 1 194 10,616 A Se u p g t u em st ber I 2 2 5 44 5 2 23 3 6 2 2 2 , , 4 4 3 0 2 3 1 1 , , 4 3 7 5 6 3 1 1 , , 0 8 6 7 5 4 1 1 0 1 , , 7 76 0 9 0 f i 1 13 3 1 2 2 2 0 6 2 1 2 3, , 9 5 9 9 3 3 1 1, , 1 0 7 3 2 5 7 9 , , 4 7 8 0 6 6 October 256 260 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 5,161 1,515 3,730 December 301 302 2,895 30,835 208 382 5,197 2,507 4,175 1922. January... 312 315 I 188 3,396 1,554 4,658 February. 163 4,126 1,520 4,385 i 1 End of month. 2 Does not include Lorraine. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

452 FEDERAL RESERVE BULLETIN. APRIL, 1922. GERMANY.* Production (in 000s of Imports (in metric Exports (in metric Ship arrivals in! Unemploymetric tons). tons). 2 tons) .2 Hamburg. ment. ; Num- ! ber of Per ; unem- Iron cent ployed Coal. Coke. n L i i t g e - . Whea • t. ! I I o r r o e n .3 t C o o n t .* - m i a r a n o n d n u- D d a y n y e e d - s Coal. ! | b N e u r r n o - f persons fac- stuffs. ships. State tures.5 I 1913, average \ 14,4251 2,721 7,269 212,163,1,224,951 43,424 541,439 21,812 2; 881., 126] 1920, average ' 10,945! 2,098 9,323i 49,290! 537,535 12,490 145,883 8,462 608,749; 1921, average 11,351 2,3271 10,251 200,264 619.194 30,894 203,681 8,530 518,937! 1921. I January j 12,009j 2,396 10,071 July 10 7311 2,2181 10,0651 155,200 493,434 35,176 177,773! 7,353 453,173 August. ! 11,727! 2,247j- 10,6061 278,661 o3s5f6t-;o3n9-7r! 52^433 240,071] 9,618 613,739! September j 11,607! 2,278i 10,359! 262,915 564,827' 28,766 225,331; 10,156 649,158! October 11,977, 2,396j 10,567, 273,496 919,8221 29,739 246,115! 10,255 576,04S| November 11,708: 2,344j 10,479; 191,932 937,268! 27,242 233,204| 9,953 569,657! December i 11,923, 2,420i 11,029; 97,499 790.8111 28,313 2L4,812| 9,212 640,877: 1922. j j January i 12,168; 2,472i 10,978; 83,382 941,972 23,426 221.,709J 9,552 752,341 1 Latest figures subject to revision. 2 Import and export figures for the first four months of 1921 are not available. 1921 averages arc based on eight months. 3 Includes manganese ore. < Includes linters. 5 Not including machinery. SWEDEN. Production (000's of metric Exports. Shipping. Railway tons). Unemtraffic, volume Imports, of freight inent, U m ( b 0 n c e o 0 p u t 0 a l e b a ' r s r i d n c s s o e ) . d f • i : , ( m t 0 P p o 0 a e u n 0 p t l s ' r s p e ) i r c . of ( m 0 to c 0 e o n 0 t ' a s r s l ) i c . of _ f . l o o N r a e e d i o t g e m n d to i t v n t r . e t n a e s a d s d g e e ) e l . ( s 0 o i 0 n f 0 " . r o c a m n t ( a i o 0 l e r n w S 0 r t i 0 s r t a e a i ) 's y c d . te s ir P o i n g . in s I a g r t n e o o e d n t l s. C p p h a u e p m lp e i r . cal ope i r n ation w n p v u o e c a m r r i c o k e a f b 1 s m n 0 . e - 0 e r n Entered., Cleared. ! 328 [ 71 408 1,147 | 1,147 830 60.8 49.2 112 109(1 TnOTli lllv 9.V6r£Lt£6 306 ! 73 234 677 , 692 991 39.4 36.5 79.4 107 162 | 40 122 519 i 482 589 25.9 17.2 48.4 276 I | 1921. 43 ! 13 112 478 I 359 608 32.2 18.0 72.2 35.8 246 July 119 ! 41 20 455 487 503 19.4 15.8 40.7 14.9 261 205 ! 66 148 592 536 575 16.5 15.4 37.2 15.7 235 Spntembcr • - - 325 ! 49 279 609 536 566 15.5 15.9 40.6 16.4 227 October 370 ! 54 219 670 595 691 16.4 16.0 43.7 15.7 263 361 , 99 192 601 578 721 18.2 21.9 56.8 384 December 356 ! 104 246 575 582 558 18.5 16.9 68.8 16.5 482 1922. 87 28 114 1 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 453 FOREIGN TRADE INDEX. The volume of imports showed a marked increase, due to a substantial increase in pro- There are presented below the usual indexes ducers' goods and a considerable increase in designed to reflect the movements in foreign raw materials, in the group of producers' trade of the United States, with the fluctuagoods all classes of wood pulp and paper tions due to price changes eliminated. The showed a decline, but this was not large, excommodities chosen for these indexes [ire those cept in the case of unbleached wood pulp. for which prices are compiled by the Federal The only other important falling off was in Reserve Board in the preparation of its international price index.1 imports of burlap, which were 17 per cent less than in January. These losses were more than The volume of exports in February declined, ofFsct by gains in imports of quebracho, nitrate due to decrease in exports of each of the three of soda, manila hemp, jute, crude rubber, and main groups of commodities. In the raw-macane sugar. Rubber imports were larger than terial group, wheat and cotton, the two most in any month since March, 1920, while imimportant items, were less than in January by ports of sugar reached the highest monthly 45 per cent and 27 per cent, respectively. The total since July, 1920. Substantial gains in figure for wheat was smaller than in any month these two most important articles in the prosince April, 1920. The decrease in volume of producers7 goods was very general, but was ducers' group brought the total well above that of last month. The increase in total raw maparticularly noticeable in the case of gasoline. terials imported was due mainly to an increase The exports of structural iron and steel and of more than 400 per cent in imports of refined steel plates were less than for any month in copper. There were also gains in cotton, 1920 or 1921. Exports of upper leather showed hides, lumber, tin, flaxseed/ pulp wood, and the only important increase in this group. wool, which more than offset losses in silk and Among consumers' goods there was very little tobacco. The imports of wool were the highest change, the greatest increase being in the since last April. Consumers' goods showed a exports of boots and shoes and the largest reslight decline, the result of decreases in four duction in illuminating oil. of the five items in the group. The February cocoa imports were the largest since i The list includes 27 of the most important imports the value of which in 1913 formed 49.3 per cent of the total impcrt values, and 29 of theApril, 1920. On the other hand, imports of most important exports the value of which in 1913 formed 56.3 per cent olive oil were less than in any month since of the total export values. The classification of the original list of commodities used was given in the July, 1920, BULLETIN. The classifica- last March. tion of 11 additional commodities of imports was given in the April, 1921, BULLETIN, and 2 additional commodities in the November, 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 o s e a m s te ) - . - P m g r o o o c o d d o d i u m s t c i - ( e e 1 s r 0 s ). ' C m g o o n c o o s o d u d m i m s ti - e ( e s 7 r ) s . ' 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 a i m t c 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 i c - e ( e 1 s r ) 2 s . ' C m g o o o n c d o s o i d u m ti m s e - ( s e 5 ) r . s' m T o o c d t o a i m l t ie ( - 2 s 7 ). 1913—Year.. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100 0 1919—Year.. 88.9 155.4 182.9 11"). 3 157.5 193.0 147.5 168.3 1920—Year.. 92.2 158.8 133. i 107. 4 135.8 227. 5 166.7 168 8 1921—Year. 103.1 110.9 123.6 108.8 113.6 162.8 141.4 135.6 1921. January 105.2 208.7 125.7 11.9.4 74.5 130.8 123.9 102.5 February... 91.0 164. \ 118.9 104.3 118.2 143.5 135.5 130.0 March 78.2 135.1 11.9.8 92.6 160.7 177.5 178.9 169. 6 April 76.6 132.4 116.0 90. 4 153.4 177.6 185.1 167.2 May 97.6 96.4 110.4 100.2 98. 6 150.2 162.1 127.3 June 107.9 94.6 131.7 111. 5 94.5 152. 6 130.4 121.0 July 111.6 78.6 133.3 112.8 99.3 126.5 121.4 112.6 August 142.7 99.6 160.1 142.0 116.7 165. L 129.8 136.0 September.. 115.7 89.5 141.7 118.4 102.8 137.7 99.4 114 6 October 121.7 107. 0 112.8 118. 3 96.1 173.5 116.5 126.9 November.. 95.1 100.2 105.8 97.8 115.1 199.5 149.2 150.6 December.. 93.8 90.0 107.4 90.8 133.0 219.0 164.8 168.7 1922. January .. 82.6 101.3 129.7 91,5 118.4 228.7 135.2 160 1 February. 68.5 86.0 127. 6 82.6 128.3 281.3 133.5 183. 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

454 FEDERAL RESERVE BULLETIN. APRIL, 1922. PHYSICAL VOLUME OF TRADE. The indexes of domestic business presented January, but average daily production showed in the accompanying chart and tables show that some increase. there was a considerable reduction in total Production of bituminous and anthracite volume of agricultural movements during Jan- coal mines showed a pronounced increase duruary and February, and a general increase in ing February, while the monthly output of mining activity. Factory production also in- crude petroleum was very little less than in creased in volume during January, and the January. Daily average output of pig iron slight decrease during February is accounted and of steel ingots increased, but unfilled orders for by the fewer number of working days. of the United States Steel Corporation were Receipts of live stock at 59 markets declined further reduced. Copper production showed a during February, this decrease being most ac- marked gain, while the activity of zinc retorts centuated in the case of hogs. Cold-storage was practically unchanged. There was a holdings of pork and mutton were somewhat rather pronounced increase in both production augmented in February, while holdings of beef and shipments of automobiles during February, diminished. Grain receipts at 17 interior cen- whereas the volume of locomotive construction ters were larger, due to an increase in the mar- and of shipbuilding declined. keting of wheat and to a record movement of Mill consumption of cotton and silk during corn from the farms. Cotton receipts declined February fell off somewhat in comparison with sharply and shipments of citrus fruit from Cali- January, but there was an increase in the acfornia also fell off. Receipts of butter and tivity of woolen mills. There was some reduceggs at five important markets were larger in tion in the output of cement, silica brick, and February than in January, but cheese receipts face brick, but February shipments of cement were somewhat smaller. and of face brick were larger than those of Both production and shipments of reporting January. lumber associations declined slightly, but lum- Railroad car loading in February increased, ber receipts at Chicago and St. Louis increased. due to heavy shipments of coal and grain. A Shipments and stocks of oak flooring mills both reduction occurred in the number of idle freight increased during February, while production cars, but the bad order cars continued to accuwas slightly reduced. Total output of wood mulate. The tonnage of vessels cleared from pulp and of newsprint was also less than in American ports increased during February. INDEX NUMBERS OF DOMESTIC BUSINESS 1919 - 1922 PER PER CENT CENT 14-0 14-O 130 i \ 'A- A 130 120 a1n M % n i M I l I-* \ 120 110 fk !%.. i % i •• \ \ 110 / 100 (" v \ ..... > 100 T • •,/•/•• \ 90 i J/ y A\ 90 80 r V V 30 ~ *^ 70 V 70 60 60 50 50 40 40 AGRICULTURE FINING 30 30 MANUFACTURE 20 20 10 10 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 1322 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1.922. FEDERAL RESERVE BULLETIN. 455 INDEXES OP DOMESTIC BUSINESS. COMMODITY MOVEMENTS. [Monthly average of 1919=1001. Per cent of aver- AG RICULTU HAL MOVEMENTS. age, same month, 1919-1921. Febru- Janu- Febru- Date. H T gr o ir i t c e a u . l 1 l - j | | i i m T a o n a t l i a - s l . g T ra o i t n a s l . Cotton. Fruit. ba T c o c - o. 1 a 9 r 2 y 2 , . 1 a 9 r 2 y 2 , . 1 F a r 9 e r u 2 y b - 2 , - . u 1 J 9 a a 2 n r 2 y - . , 1 F a r 9 r e u 2 y b - 1 , - . 1921. January 105.0 ! 96.5 97.9 110.8 94.6 195.7 February 81.1 ! 73.9 66.7 77.1 95.5 297.4 PRODUCTS OF AGRI- March 79.4 ; 76.4 77.5 57. 8 137.4 181.1 CULTURE. April 66.3 ; 74.2 60.5 51.3 175.1 24.1 May 73.6 77.3 71.7 67.4 139.0 8.9 Grain and flour. June 82.2 ' 81.9 96.0 57.8 183.3 4.1 July 93.4 • 68.1 151.9 52.7 123.8 12.1 Receipts at 17 interior August 116.7 | 85.4 195.5 56.0 86.4 54.7 centers (000 omitted): September ... 115.3 85. 9 L51.6 114. 7 79.9 79.3 Wheat (bus.) 24,109 20,341 22,923 131.3 74.5 124.8 October 130.9 i 107.0 121.3 195. 3 69.9 107. 6 Corn (bus.) 57,893 55,069 27,566 260.6 174.0 124.1 N D o ec v e e m m b b e e r r 1 9 04 3 . . 9 6 ( 9 8 9 2 . . 2 0 7 6 9 5 . . 0 3 1 1 6 3 3 3 . . 4 2 3 83 4 . . 7 6 1 1 1 8 7 8 . . 0 4 O Ry a e ts ( ( b b u u s s . . ) ) 1 1 9 , , 5 3 8 29 9 1 1 8 , , 2 3 6 23 7 1 1 2 , , 3 5 9 53 8 1 6 1 7 8 . . 5 1 3 8 1 8 . . 2 1 7 5 6 9 . . 7 3 Barley (bus.) 2,358 2,075 63.7 42.5 56.1 1922. Total grain (bus.) 105,278 66,515 167.1 109.1 105.6 January 88.9 i 91.8 . 83.8 76.8 96.1 113.2 Flour (bbls.) 1,742 11>8 .1,659 110.0 103.5 104.8 February 7.77 • 76.5 92.3 •13. 3 55.5 101.2 Total grain and flour (bus.) 113,119 105,222 73,981 161.3 108.7 105.5 1 Combination of 14 independent series. Shipments at 14 interior centers (000 omitted): MINERAL PRODUCTS. Wheat (bus.) 12,463 12,212 15,134 98.1 76.9 119.1 Corn (bus.) 31,100 29,167 12,892 277.8 202.3 115.1 i Oats (bus.) 12,105 12,148 9,300 101.0 77.4 77.5 Date. Tota i l ! "0US I c c A h o i r a n t a e l - , - • • ile t P u ro e m - - . t*on. C p o er p . - Zinc. F R B l y T a o e r o u l e r t ( a y b ( l u b ( g s b b r . u l ) a s s i . n . ) ) (bus.) 5 1 1 7 , , , 3 9 7 7 6 7 6 2 2 3 8 1 5 2 1 5 , , , 8 3 4 3 9 2 3 6 6 2 5 0 3 2 1 1 9 , , , , 6 0 6 9 9 4 2 9 7 4 1 7 1 6 4 7 4 0 6 5 4 . . . . 8 1 2 8 1 4 1 9 0 4 0 5 7 . . . . 4 9 7 5 1 8 5 9 0 4 7 3 9 . . . . 6 9 8 8 Total grain and 1 flour (bus.) 66,618 68,353! 52,129 128.8 103.7 100.8 1921. Stocks at 11 interior January 102.8 105.5 100. 8 I120.3 94.8 80.0 65.9 centers at close of February 87.5 80.8 104. 8 j111. 2 76.0 71.2 45.2 month (000 omitted): March 86.8 79.6 100. 8 ]130.2 62.6 83.0 40.0 Wheat (bus.) 27,832 26,671 12,883 62.0 54.9 28.7 April 78.7 72.2 104. 8 |.127.3 46.8 47.6 42.1 Corn (bus.) 26,178 16,836 17,295 312.5 266.2 206.5 May 84.7 87.3 102.0 ' 133.2 47.9 22.6 45.9 Oats (bus.) 56,564 52,900 30,039 329.3 307.1 174.9 June 83.9 88.7 105.9 , 128.4 41.8 18.1 49.5 Rye (bus.) 4,337 3,855 600 44.5 43.4 6.2 July 76.7 79.6 95.9 I128.1 33.9 16.6 39.4 Barley (bus.) 1,475 1,620 1,801 38.9 40.8 47.5 August 82.8 90.5 97.9 130.1 37.4 19.9 37.2 September 81.6 91.9 96.9 j 116.3 38.7 19. 5 36.6 Total grain (bus.). 116,386 101,8S2j 62,618 138.6 119.8 74.6 October 93.9 114.6 103.1 ;113.2 48.9 22.9 37.0 Total visible supply November 86.0 94.2 j 93.3 ! 120.0 55. 5 20.8 53.8 (000 omitted): December 82.0 81.1 I 81.4 i133.3 64.7 17.3 56.0 WTheat(bus.) 107,791 120,804- 66,928 114.3 126.6 71.0 1922. Corn (bus.) 44,767 30,383! 24,745 368.9 396.7 203.9 January 90.0 85.1 ! 137.1 64.3 24.1 60.3 Receipts at 9 seaboard February 95.1 107.3 92.0 | 130.8 63.9 34. 8 57.3 centers(000 omitted): 1 Combina P t R io O n D o U f C 7 T i I n O d N e pe O n F d e M nt A s N er U ie F s A . CTURED GOODS. F W C O R B l o y a T a o h r r e t o u n s e l e t r a ( ( a y ( b t b ( b l u b u ( ( u g s b b b s s r . u u l . a ) . ) s ) s i s . n . . ) ) ) (bus.). 2 3 1 2 2 9 1 3 , , , , , 3 2 9 6 7 9 6 4 3 4 6 9 1 4 2 2 6 2 0 2 0 1 3 1 2 1 1 7 9 8 , , , , , , 3 1 5 6 0 6 6 0 0 3 2 3 0 4 6 2 7 7 4 1 8 2 1 1 2 1 7 2 1 0 , , , , , , , 0 0 6 1 8 8 3 3 6 8 9 3 1 4 0 2 9 6 7 6 1 6 2 1 1 8 4 3 7 2 7 3 6 8 5 3 8 6 7 . . . . . . . 0 0 6 1 4 3 2 5 1 1 1 5 5 7 3 9 9 0 5 1 6 8 1 2 0 . . . . . . . 6 0 3 9 8 4 9 2 1 1 1 3 8 9 3 3 2 2 8 0 7 8 9 3 2 . . . . . . . 2 4 4 7 5 7 1 Total grain and Date. m u T tu f o a a r t e n c a . - - 1 l bteol.|i | Lum- p P e a r - . I l P le e u tr m o- . t T il e e x s - . Le e a r. th-Food. ba T c o c - o. St c m o e c o n k n t s e th rs f a l ( t o 0 u a 0 8 r t 0 ( o b s c m e u l a o s i b s . t ) e t o e a d r o d ) f : 47,401 46,833 28,2321 205.3 168.9 122.3 J M F a e a n b r u c 1 r a h u 9 r 2 a y 1 r . . y - .. . 8 7 8 7 4 7 . . . 4 5 8 8 6 6 9 2 7 . . . 6 5 6 ' ! | . 6 7 8 7 5 9 . . . 7 7 3 7 8 8 9 4 7 . . . 4 8 5 1 1 1 2 1 0 7 3 6 . . . 7 0 8 7 7 9 2 0 3 . . . 0 8 1 6 7 6 2 3 2 . . . 0 5 8 7 8 8 7 8 8 . . . 4 2 1 1 8 9 0 7 4 6 . . . 8 1 1 R W C O B o y a a h r r e t n s l e e ( a ( y ( b t b b u u ( ( u s b b s s . u . u ) . ) ) s s . . ) ) 1 2 2 8 1 0 , , , , , 3 2 0 6 3 4 5 5 9 6 3 1 8 7 2 1 2 2 3 1 3 , , , , , 6 2 9 7 1 0 3 5 5 5 9 0 7 9 1 1 3 1 1 1 2 , , , , 9 9 7 0 3 8 1 7 3 3 2 3 0 6 2 4 1 9 5 6 7 2 3 9 2 5 2 . . . . . 7 4 4 8 5 3 1 1 5 8 0 0 3 3 6 1 6 1 . . . . . 2 4 4 0 0 2 1 6 5 2 7 1 9 3 6 0 5 . . . . . 4 6 3 0 3 A M p a r y il 8 84 3 . . 4 1 4 5 8 0. . 3 3 i | 1 8 0 7 0 . . 5 4 7 8 2 1. . 7 4 1 1 1 13 4 . . 7 8 ! i 9 95 1 . . 0 5 7 8 5 3. . 2 8 8 82 4 . . 2 0 9 9 5 9 . . 5 3 Wheat T o f ta lo l u g r r ai p n r ( o b d u u s c . - ). 24,711 23,706 21,033 123.0 107.1 105.1 J Ju u l n y e 8 8 0 7 . . 1 1 3 3 1 9 . . 9 9 | 8 8 ! 5.3 7 65 0 . . 6 2 1 1 1 1 0 1 8 0 . . 3 1 1 9 01 4 . . 5 9 7 8 6 1 . . 3 1 8 8 5 5 . . 5 1 1 1 0 0 0 6 . . 6 8 tion (bbls.) 9,232 9,496 7,066 115.1 88.8 88.1 August 90.7 45.3! 99.7 75. 6- 110.6 103.4 85.7 98.5 117.2 Live stock. September. 90.2 46. 7. 92. 9 78 105. 5 80.3 92.8 111.6 Receipts at 59 princi- October... 94.6 64.31 103.1 90.81 119.71104.8 86.2 99.8 115.8 pal markets (head, November. 89.5 66.0! 100.6 95.8! 117. ll100.4 90.9 89.4 102.9 000 omitted): J D a e n c u e 1 a 9 m 2 r 2 b y . e . r .. . 8 87 1 . . 0 3 5 6 6 3 . . 4 8 ! 10 9 0 2 . . 7 2 9 9 5 4 . . 0 7 i 1 1 1 1 9 9 . . 0 6 i i 1 9 1 9 2 . . 7 2 9 8 3 8 . . 0 2 9 8 1 5. . 2 3 7 9 6 0 . . 8 6 C H S H h a o o t e g r t s e s l e e p s a . . n . a d n d c a m lv u e l s e . s .. 3 1 1 , , , 4 3 5 7 0 5 4 2 3 4 1 1 , , , 2 6 7 1 1 9 6 1 8 3 1 1 , , , 1 9 5 7 0 5 5 2 5 1 1 9 0 0 0 3 2 . . . 7 2 1 1 8 8 1 6 0 0 . . . 2 4 1 1 1 8 0 1 6 1 1 . . . 3 0 9 February.. 81.4 69.3 95.41 90.0: J19.0 96.8 78.1 88. 5 83.8 (43 markets) 35 45 40 45.6 47.9 52.3 1 Combination of 34 independent series. Total 6,364 7,670 6,673| 95.0 86.7 99.7 97329—22 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 FEDERAL RESERVE BULLETIN. APRIL, 1022. Per cent of aver- ! Per cent of average, same month, age, same month, 1919-1921. 1919-1921. Febru- Janu- I Febru- Febru- Janu- February, ary, ary, ary, ary, ary, 1922. 1922. ! 1921. F 1 a r 9 e r u 2 b y - 2 - , . u 1 J 9 a a 2 n r 2 y - . , F 1 a r 9 e r u 2 y b - 1 , - . 1922. 1922. 1921. F r e u b - - Jan- F 1 a r 9 e r u 2 b y - 1 - , . PRODUCTS OF AGRI- PRODUCTS OF AGRI- CULTURE— continued. CULTURE- -continued . Lire stock—Continue ft. Dairy 'products—Con. j Shipments at 54 prin- Cold-storage holdings cipal markets (head, (000 omitted): ! 000 omitted): Creamery butter i I Cattle and calves... 663 455! 109.8 93.91 86.6 (ibs.).: ' 22,557 35,047 27,1031 91.4.; 90.2; 10:). 8 Flogs 1,288- 1,746 1,349! 98.3 107.5 102.9 A in crican cheese Sheep 646 870 586 122.0 132.3 110.6 (lbs.) , 14,953 21, 130; 17,477 73.1.1 76.4' 85.5 Horses and mules Eggs (cases) " 13 179 43 39.4 1.04.1; 131.0 (-13 markets) 34 44 39 14.6 47.2 50.0 Other agricultural \ Total 2,545 3,323! 2,428 104.2 107.999.4 products. ! Cotton seed (tons): Receipts at 1,5 western Received at mills.. 135,641 130,373, 434,430 41.8ii 30.2 134.0 markets (head, 000 Crushed 297,118 329,961 496,486 6.1. 81 53.4 103.3 omitied): On hand at mills at Cattle and calves... 1,345 1,128! 836 134.7 79.8 83.7 close of month.... 256,872 418,349 424,557 57.6 69.4 95.2 I TORS 2,530 2,882 2,902 86.7 73.4 99.4 Cottonseed oil (lbs., 000 Sheep 914 1,102 97* 101.51 102.4 108.0 omitted): Horses and mules.. 22: 32 27 42.7j 55.7 53.7 Production 91,321 100,706 161,809 21.71 25.7 Stocks 69,952 .98,295! 168,254 45.0; 66.1 108.2 Total 4,811; 5,144 4,738J 98.8 79.4 97.3 Oleomargarine consumption (lbs., 000 ! Shipments at 15 wes- omitted) 1 16,887; 20,297 53. 2 86.6 t 0 e 0 r 0 n o m m a it r t k e e d t ^ s : (head, To le b a a f c w co a r s e a h le o s u s a e t s lo (l o b s s e . - ! i Cattle and calves... 430 471! 334 110.4 90.2 85.9 000 omitted): ; Ho<>s 842i 1,141; 870! 98.3 110.6101.5 Virginia dark j 6,277 5,314 13,847 75.8' 84.0 167.3 Sheep 4081 535| 324, 134.3 147.9106.8 Bright belt— ; ; Horses and mules.. 21 31' 27! 41.0 53.8 51.0 Virginia I 10,533] 9,477 23,322; 86.6 91.6 191.9 North Carolina j 11,333' 16,718 59,216 45.8 66.0:239.1 Total 1,701 2,178| 1,555: 106.2 110.4 97.0 South Carolina Shipments of stockers Total I 2i, m 26,195: 82,539 59.2 74.3 223.5 and feeders from 34 Burlcy : 34 520 27,575! 90,704 47.9: 50.11 125.9 markets (head, 000 Western dark 1V2JL,1, 0W9M1 \ 2z0u,,9y9<2jZj | 2^4,,y9m84 63.3 102.9 130.5 omitted): I- Cattle and calves... 241 231 164l 109.01 76.1 74.3 Grand total... 74,7:2! 80,0761 212,073i 54.8. 68.4 155.5 IIoss 57 25 49' 97.7! 44.785.0 Sheep 169, 183 62! 152.2! 88.6 55.5 Sale of revenue stamps . for manufactures of ! Total 467 439 275 119.6 77.6 70.6 tobacco, excluding ! Porto Rico and the Slaughter at princioal P hi lippin e I s 1 a n d s centers under "Feder- (lbs., 000 omitted): 1 al inspection (head, Cigars (large) 447,22o| 443,261! 496,724 85.6 80.8! 95.1 00 C 0 a o t m tle itted): 569 6421 i)'Z6 92.0 72.8 84.5 C C i i g g a a r r s e t ( t s e m s a ( l s l m ) all). ..3,126,475 1 3.70 6 5 1 , , 5 4 1 9 6 5 ! ! 1, 6 1 4 1 , 9 4 , ft 3 . 7 ' 7 91.1! Hf>. 1 Calves 279 288: 252 112.5 98.0 101.6 Manufactured to- j 29,2I5| 87.0 96.6' 114.6 Hogs 3,48(): 3,985: 3,771 93. 78. 101.5 bacco : 30,938 27,097 101.8! 105. 9l 94.4 Sheep 77(51 9541 9581 91. 94.6 113.1 Fruit shipments (citrus and deciduous) from j Total 5,104. 5,869! 5,504 j 94.1 80.7 101.4 California (carloads): Oranges 1 1,649 3,546; 3,481 52.9 118.1111.8 Meals, cold-storage Lemons 732: 575! 610 103. 5! 96. 5 86. 3 o h m ol i d t i t n e g d s ) : (lbs., 000 I App D le e s c , i d c u o o l u d s - storage j : 111 118" 81 84.2 107.358.3 Beef 73,659 78,295 146,4091 31.4 30. 8 62.3 holdings (bbls) ... 3,0." 8 4,313 3,(55 0 Pork products 545,290: 484,898! 837,158 54.9 54.9 84.3 Sugar, 7 ports (long j Lamb and mutton. 4•, 0~1 9 3,9I4!' 59,3()4| 16.5 12.1 243.4 tons): Exports of certain meal, Receipts ' .5.1._9,,522 320,773. 299,134 products (lbs., 000 Meltings I 41.5,723, 290,791 263,794 \ omitted): Raw stocks at close ' ! licet- - ' 1 : of month | 163,817 85,602 135,714 C Fr a e n s n h ed 3 1 0 9 9 3 155 1,734! 5.5 3.3 4 1 9 0 . . 0 6 FOREST PRODUCTS. Pickled a n d 191 979| 3.3! 3.2 Lumber: other cured .. 2,069 75.1 Number of mills- II og products— 1,765 1,751 88.7] 56.2 Southern pine.. 174 189 Bacon 30,794' 42.7 Western pine.. 54! 53 II a m s a n. d 26,095' 31,612 41. ol 35.0 Douglas fir 124| no; 114 shoulders, Eastern white cured 25,2091 22,012! 15,848 84.6 77.1 53.2 pine 19! 19 L Po ar r d k, pickled.. 7 2 5 ' , , 5 8 2 1 0 0i ! "7 3 3 , , 7 1 7 9 2 4 1 ! 9 3 1 , , 1 8 5 4 0 1 ' 1 9 1 6 4 .3 .7 1 J 1 1 4 8 3 .2 . l 6 10 1 7 3 . 9 7 .5 Nopritnhe Carolina 18 ; : i 1 Production (M Dairy products. feet)— Southern pine.. 352,717; 373,231i 330,680 101.6 111.3 95.2 Receipts at 5 principal Western pine.. j 41,793 35,385: 22,128 81.6, 78.7 43.2 markets (000 omit- Douglas fir \ 310,753! 326,588! 159,646 129.41 138.7, 66.5 ted): Eastern white j 1 ! Butler (lbs) 38,894 41,697: 27,996 135.5! 129.6j 97.5 pine ! 18,612 22,530 23,722 88.5 96.7, 112.8 Cheese (lbs.) 11,319 10,684 11,274" 111.8 96.6 111.4 North Carolina Eggs (cases) 1,026 8051 1,168' 105.0 147.41 118.5 pine ' 1 5,397 10,673 I 61.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 457 Per cent of aver- Per cent ofaverage, same month, age, same month, 1919-1921. 1919-1921. Febru- Janu- Febru- Febru- Janu- Februarv, ary, ary, arv, ary, ary, 1922. 1922. 1921. 1 F a r 9 e r u 2 v b - 2 , - . u 1 J 9 a a 2 r n 2 v - . , F 1 a r 9 r e u 2 y b - 1 , - . 1922. 1922. 1921.. 1 a I r - 9 r i 'o 2 v 1 b 2 , - - . 1 u J 9 a a 2 n r 2 - v . , i a 1 r - r . 9 o l V 2 i b - 1 , - . FOREST PRODUCTS -COn. FUEL AND POWER-COn. Lumber—Continued. Electric power pro- Shipments (M duced by public utilfeet)— ity power plants (kw. Southern pine.. 320,003 320,152 335,876 96.4 92.2 99.3 hours, 000 omitted): Western pine.. 89,272 82,874 48,270 100.5 97.2 51,3 Produced bv water Douglas fir 266,755 308,817 153,649 116. 4 124. 8 67.0 power !,233,8881,2')2,7271,195,527 105.6 10C.-31 102.3 Eastern white Produced by fuels.. i, 250,8022.519.-1911.970.51-1 110. 1108. 8 96.6 pine 22,241 21 029 IS- 61'") 7S 8 84 0 45 2 North Carolina Total 3,484,690 3, 80), 218 3,166,041 10S. 6 105. 8 98. 7 O fi'-JO 10 045 69 6 Stocks at close of METALS. month (M feet)— Southern pine..1,148,200 ., 124,6131,295,120 107.1 104.6 120.8 Iron and steel (long North Carolina tons, 000 omitted):2 pme 18,844 75,096 Pig-iron production 2 035 1 630 1 5% 75.7 62 2 .",9. 4 Receipts at Chicago Steel-ingot producand St. Louis (M tion.. 2 371 1 745 1 571 114.4 71.;:,j 62.6 feet) 339 312 328 249 969 632 107.6 104.9 85. 5 Unfilled orders 1 Shipments at Chi- U. S. Steel Corp.. 4,494 4,141 6,285 02.4 55.3; 87.3 cago and St. Structural steel (long Louis (M feet).... 203,494 190,897 169,843 114.2 109.8 95.3 tons): Oak flooring- Fabricated struc- Number of nulls 25 25 25 tural steel con- Production (M tracted for, tonfeet) 17,282 19,262 5,508 nage 78 700 72 100 25 POO 107 8 35. 1 Shipments (M Copper production feet) 16,455 14,970 5,966 (lbs., 000 omitted).... 37,416 25,848 70,508 Stocks CM feet") 28 856 97 467 39 843 Zinc (lbs., 000 omitted): Unfilled orders Production 45 026 47 419 35 538 (M feet) 20,907 ^1 230 4,095 Stocks at olo^p of Naval stores at 3 south- month 128,248 131,356 156,010 eastern ports: Tin (lbs., 000 omitted): •j Spirits of turpen- Imports. 9 995 5 270 109. 0 137 8| 61.8 tine (casks)— Deliveries to facto- Receipts 3,240 7,119 5,455 05. ~i 85.4 110.6 ries 7 '?02 9 576 0 - r*n 101. J 175.31 51.5 Stocks at close Stocks at close of of month. 33,204 53,423 41,755 54.9 79.3 69.1 month 3,119 2 981 7 943 i Rosin (bbls.)— Receipts 38,533 62,186 25,935 149.4 155. 7 100.5 TEXTILES. of month 299,305 327,932 316,440 125.2 129.0 132.4 Cotton (bales, 000 omitted): FUEL AND POWEK. Sight receipts 462 865 715 53.8 62. J 86.6 Port receipts 332 421 446 60.3 5k 3 81.0 Coal and coke (short Overland movetons, 000 omitted): ment 128 133 207 8k 9 77 0 137. J Bituminous coal American spinproduction (est.). 40,951 37,600 30,851 119.7 86.5 90.2 ners' takings. 308 623 570 69. 3 92.3 129. 6 Anthracite coal- Stocks at ports and Production 6,762 6,258 7,701 105.0 82.3 119.6 interior points 2,216 2,383 2,820 8 k 0 89.7 105.5 Shipments 5,239 4,848 5,966 106.5 83.6 121.3 Stocks at mills 1,597 1,675 1,327 100. 8 102.6 83. 8 Coke— Stocks at ware- Beehive, pro- houses 4 222 4 618 5 503 93 3 99 0 121.6 duction (est.) 549 496 865 37. 6 27.0 59. 2 Visible supply 3,' 891. 4,202 4,707 15 7.3 9i. 8 105.0 By-product, Consumption by production mills 473 5'^ 7 395 105.6 10 k 2 88. 2 (est) 1 795 1 903 1,888 Spindles active Crude petroleum: during month 33,797 34,458 32,497 101.0 103.2 97.1 Production (bbls., Wool: 000 omitted) 41,163 43,141 35,366 130.0 127. 0 111.7 Consumption by Stocks at close of mills (lbs., 000 month (bbls., 000 omitted) 63,244 GL, 192 36,204 149.1 130. ,1 85 A oimtted) 205,506 194,390 135,092 158.7 151.4 104.3 Percentage of idle Producing oil wells machinery on Oil ref c i o n m eri p e l s e : t 1 ed (No.). 1,143 1,151 1,574 78.1 75.4 107. 5 f t i o r t s a t l o re f p m or o t n ed th 3 — to Total production Looms wider (000 omitted)— than 50-inch Crude oil run reed space 31.5 3 k 3 13.1 112.5 86.8 195.0 (bbls.) 38,582 39,223 39,637 118.8 105.0 122.1 Looms 50-inch Gasoline (gals.). 444,623 439,031 460,432 121.21 106.3125.5 reed space Kerosene (gals.) 172,917 170,315 205,375 92.7 83.7 110.1 or less 27.1 27.2 •41.7 116.8 75. 8 179. V Gas and fuel Sets of cards 18.1 26.0 46.2 89. 6 70.0 228. 7 (gals.) 858,111 865,769 836,684 126.0 107.8 122.8 Combs 13.6 18. 3 28.3 93.8 60.6 195.2 Lubnc ating Spinning spin- (gals.) 74,314 82.573 . 85,909 96.9 100.9 112.0 dles, woolen.. 20.1 27.0 47.2 95.7 75.0 224.8 Stocks at close * Spinning spinof month (000 dles, worsted. 14.4 14.3 . 33. C 75.4 43.1 172.8 omitted)— Percentage of idle Crude oil (bbls.) 30,636 26,562 21,064 185.1 130.7 127.3 hours on first of Gasoline (gals.)- 705,711 586,087! 571,984 143.9 117.6 116.6 month to total Kerosene (gals.) 327,484 341,009, 418,748 91.1 95.3 116.5 reported:{— Gas and fuel Looms wider (gals.) 1,3L9,48;1,331,265. 921,028 178.3 138.5 124.5 than 50-inch Lubricating reed space 34.1: 35.2 45.3 (gals.) 245,231 216,766 183,813 152.0 126.4 114.0 2 Figures for March, 1 1 Figures for January,1922, December, 1921, and January, 1921 3 Figures for Mar. 1,1922, Feb.1, 1922, aid AJar. 1,1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

458 FEDERAL RESERVE BULLETIN. APRIL, 1022. Per cent of aver- Per cent of average, same month, age, same month, 1919-1921. 1919-1921. Febru- Febru- Febru- Janu- February, ary, ary? ary. ary, 1922. 1921. F 11 aa r 9 e r u 2 y b - 2 , - . u 1 J 9 a a 2 n r 2 y - . , F 1 a r 9 e r u 2 y b - 1 , - . 1922. 1922. 1 F a r 9 r e u 2 y b - 2 , - . u 1 J 9 a a 2 r n 2 y - . , 1 F a r 9 r e u 2 y b - 1 , - . TEXTILES—continued. : MISCELLANEOUS MANj UFACTURERS— COI1. Wool—Continued. i Percentage of idle ! Building materials, (000 hours on first of ; omitted): month to total ; Silica brickreported-Con. i Production 6,116; 6,581 9,994 Looms 50-inch ; Shipments 7,263 8,246! 5,980 reed space or • Stocks close of or less j 31.9 32.0 57.1 month 35,743 36,344 43,743 Sets of cards ! 24.6 50.6 Face brick- Combs 2! 8 3. 26.2 Production..... 22,926 25,331 15,314! 88.0 87.0 58.8 Sp d i i n e n s i , n w g o s o p le in n - . . : ! 18.4 25.4 50.5J S St h o i c p k m s e i n n t s s heds 18,392 14,902 11,628|. Spinning spin- :. and kilns 151,769 154,285 154,156 125.9 143.1 127.8 dies, worsted, j 17.3i 13.9 37.9J Unfilled orders Raw silk: i at close of Imports (lbs., 000 . month 44,513 31,799 28,425 64.8 47.4 41.4 omitted) 2,964 3,881 2,328 114.5 165. 89.9 Cement (barrels): Consumption j Production 4,278 4,291 4,379 (bales) I 22,107! 33,842 16,725 Shipments 3,285 2,931 3,331 Stocks at close of ! Stocks at close of month (bales)....! 28,982 31,139 27,928 month 14,310 13,316 11,400 Rubber (lbs., 000 HIDES AND LEATHER. omitted): Imports of crude Sales of raw hides and j rubber 66,744 54,011 21,933 157.9 139.2 51.9 skins (number, 000 ' Consumption by omitted): : I tire manufac- Cattle hides j 527j 64' 7381 turers 7,824 Calfskins j 643! 67; 431; Pneumatic tires:l Kip skins 209' 250 113! Production 1,84o! 703 Goat and kid 813: 986 513! Shipments, domes- Cabretta 70 41 16 tic 1,9 965:. Sheep and lamb.... i 1,482 1,613 1,230 Stocks 3,697 5,32u| Stocks of raw hides and • Inner tubes:1 skins at close of ; I Production 2,070 74l!. month (number, 000 j Shipments, domesomitted): tic 2,523 l,043j. Cattle hides I 5,761; 6,053 7,940 85.2 88.2 117.4 Stocks 4,731 Calfskins : 2,82()l 2,897 3,158 134.6 137.9 150.8 Solid tires:l Kip skins j 9511 1,046 1,375 96.8 107.0 140.0 Production 40 21 Goat and kid ; 7,6271 8,998 90.7 Shipments, domes- Cabretta 4561 500 1,942! 27.5 32.3 116.9 tic 40 29 Sheep and lamb— 10,348 12; 281 12,490, 100.2 127.3 120.9 Stocks 169 304 Production of leather: Automobiles: Sole leather (sides). 466,1651,654, 744 1,177,888 Production (num- Skivers (doz.) 17,021" 17,950 13,987 ber)— Oak and Union Passenger cars . 108,544 81,614 harness (sides, Trucks 12,829 9,162 stuffed) • 65,067! 59,815 56,971,. Shipments- Stocks of leather:J i Railroad (car- Sole and belting loads) 19,636 15,297 (lbs.,000 omitted) . 199,324; 195,897 186,5311. I) rive a ways Upper (sq. ft., 000 (machines)... 1.0,173 7,467 7,507 omitted) ! 422,318 415.790' 425,942!. Boat(machines) 18( 143 99 Boots and shoes, out- i : ! i put (pairs, 000: Locomotives (number): omitted)— Domestic shipped.. 108 44.2 113.7 M W e o n m 's en's 6 8, , 6 6 G 97 5 ! : 7 7 , , 7 9 7 76 1 : Foreign completed. 70 3.8 106.8 66.0 Other 9,5381 9,427 Total 44 741 178 21.8 33.6 88.1 MISCELLANEOUS MAN- UFACTURES. Vessels built in the U. S. and officially num- Wood pulp (short tons): bered by the Bureau Production 243,310! 266,921 243,797i 97.6 93.0 97.8 of Navigation: Consumption 202,449 220,054 189,529! 101.4 100.8 94.9 Number 39 71: 95i 31.8 62.3 77.3 S St h o i c p k m s e e n n t d s of month 1 3 7 8 8 , , 2 70 6 9 5 : ' 1 4 7 0 6 , , 6 1 6 1 7 3 2 3 1 8 6 , , 4 6 7 0 9 6 ! 9 8 8 1. . 3 8 6 9 3 9 . . 0 5 1 8 1 1 9 . . 8 7 Tonnage 38,359 52,764; 121,404! 17.4 21.6 55.2 Paper (short tons): TRANSPORTATION. Newsprint- Production 97,786 105,! 103,040 91.5 85.9 96.4 Railroad operating sta- Shipments 96,521. 103,192 96,281 97.0 86.3 96.8 tistics: 1 1 Stocks end of Net ton-miles, rev- ! month J 27,815! 26,550 39,176 90.1 112.91 126.9 enue and nonrev- ' Book, production. J 56,687i 101.7 95.3; 83.0 euue (000,000 ! Paper board, pro- | 69,408 73,466 omitted)..'. ! 27,105 25,707! 29,789; 85.5j 82.1 94.0 duction ; 123,832; 108.3 95. o| 87.2 Net tons per train.. \ 632 609 617; 1001." 94. 97.6 Wrapping paper, ! 153,704! 145,198 Net tons per loaded production 46,352. 121.3 119.5J 90.6 car i 27.6 26.8 30.1: 94, 94. 103.4 Fi d n u e c ti p o a n ger, pro- 62,035j 65,791 19,242; 109.5 98.7I 79.0 1 Figures for January, 1922, December, 1921, and Janua-.r9y|, 1921. 26,6631 27,405 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDKRAL RESERVE BULLETIN. 459 Per cent of aver- L Pet cent of average, same month, age, same month, 1919-1921. Febru- Janu- February, ary, ary, 1922. 1922. 1921. .Fob- Jan- ! Febuarv. " ary, ,092 I ary, 1922. uzz- 1921. TRANSPORTATION—COn. TRANSPORTATION—COn. Revenue-freight loaded Freight car surplus and received from (number): connection s, c 1 a s s i - Total nod according tona- Box ture of product (short Coal tons): Freight car shortage: Grain and grain Total products 206,005 201,243 150,350 147.6 115.0 107.7 Box Livestock 116,449 135,707 104,094 98.5 84.8 88.1 Coal Coal 759,294 703,001 596,699 120.1 83.8 94.7 Coke 31,542 31,560 35,373 87.8 76.5 98.5 Bad order cars, totall.. Forest products 200,495 203,997 209,183 88.9 91.0 Q2.8 Vessels cleared in for- Ore 16,616 18,386 31,743 33.6 37.5 64.2 eign trade (net tons, Merchandise, 1.6.1.. 863,973 875,296 759,324 149.2 141.2 131.1 000 omitted): Miscellaneous I 880,599 881,887 844,409 81.1 74.3 77.6 American Foreign Total 3,074,965 3,060,1672,741,175 107.2 93.8 95.6 Total Re c v la e s n s u if e ie -f d r e a i c g c h o t r l d o in ad g e t d o , Pe t r o c t e o n t t a a l ge of American geographical divis- Panama Canal traffic ions: (tons, 000 omitted): 2 A Ea ll s e t g e h rn eny 6 76 3 0 7 , , 5 2 9 8 3 5 J 6 7 0 4 7 2 , ,1 9 6 8 8 2 ^ 5 6 6 4 3 1 ; , 9 0 1 8 0 1 j 1 1 1 5 0 . 7 9 .1 9 88 7 . . 9 2 9 9 7 4 . . 8 7 A To m t e al r i t c ra a f n f i v c essels... 94.8 138.7 131.3 Pocahontas 141,436 130,402 89,727! 130.8 97.9 83.0 British vessels Southern 479,530 468,543 439,413| 105.5 95.4 96.7 Northwestern 379,033 411.724; 373,280 j 91.591.9 90.1 C So e u n t t h ra w l e w st e e s r t n ern 4 22 5 6 7 , , 3 3 3 5 6 2 4 2 6 3 8 0 , ,6 7 3 1 6 2 4 2 0 2 6 7 , , 7 0 3 4 1 3 1 1 0 0 2 9 . . 3 4 9 9 6 4 . . 8 4 1 9 0 7 2 . . 3 6 2 1 F C i o g n u d r i e t s i o f n o r a J t a t n h u e a f r i y rs , t 1 o 9 f 2 2 th , e D f e o c l e lo m w b i e n r g , m 19 o 2 n 1, t h a . nd January, 1921. Total. 3,074,965 3,060,167 2,741,175107.2 93.895.6 BUILDING STATISTICS. BUILDING PERMITS IN 166 SELECTED CITIES. [Collected by the 12 Federal Reserve Banks.] NUMBER OF PERMITS ISSUED. D c N i i t s ( o i 1 t e . r 4 s i 1 ) c . t D c N i i t s ( o i 2 . t e r 2 s i 2 ) c , t I i D c N i i t ( s o i 1 t e . r 4 s i 3 ) c . t D c N i i t s ( o i 1 t e . r 2 s i 4 ) c , t : j D c N i i t s ( i o 1 e t . r 5 s i 5 ) c . t' 1 I I D c N i i t s ( o i t 1 e . r 4 s i 6 ) c . t ! I , D c N i i t s o i ( t 1 e . r 9 s i 7 c ). t; D c N i i t s o i ( . t e 4 r s i 8 ) c , t 1 i j ! D c N i i t s o i ( . t e 9 r s i 9 c ) , t J c N D it ( o i i 1 s . e t 4 s r 1 i ) 0 c . t D c N i i o t s ( i . t 9 e r s 1 i ) c 1 . t D c N i i o t s ( i . 2 t e r 0 1 s i ) 2 c . t c T i ( t 1 o i 6 e t 6 a s) l . I "I 1921.. February. 842 3,148 1,430 2,962 2,417 2,158 j 3,088 1,119 68(5 I 1,327 27,232 1,630 1 6,395 1922. ! i January 4,176 1,623 1,724 I 2,188 2, .155 3,498 1,141 523 : 1,336 1,653 ! 8,298 28,S8t February 1,021 4,210 I 2,081 2,619 ; 2,305 2, 566 4, 815 1,434 517 I 1,758 2,114 I 7,600 33,013 VALUE OF PERMITS ISSUED. I : District No. ! District No. ; District No. D istrict No. District N o. District N o. District No. j 1 (14 cities). I 2 (22 cities), i 3 (1.4 cities). 4 (12 cities). 5 (15 cities). : 6 (14 cities). 7 (19 cities). 1921. February. So, 564,539 j 828,619,271 $2,153,152 86,099,516 ; $6,995,120 ! 84,089,181 821,271,117 1922. January.. 7,355,561 | 50,145,296 6,878,523 5,713,209 I 8,352,615 ; 3,734,262 18,905,561 February. 9,280,827 ; 50,372,553 8,275,338 7,829,585 7,513,542 i 4,630,052 20,419,417 District No. District No. District No. I District No. District No. Total (1.66 8 (4 cities). 9 (9 cities). 10 (14 cities).! 1.1. (9 cities). 12 (20 cities), j cities). 1921 February ' j 81,608,789 $1,946,150 $2,721,473 $3,138,657 511,783,509 $96,023, 474 1922, January... 2,579,891 2,11.0,424 5,023,603 4,960,078 ' 22,872, 876 138,631,902 February.. 4,150,487 I 1,569,774 4,336,011 I 4,119,789 1 18,917,868 141,715,213 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 FEDERAL RESERVE BULLETIN. APRIL, 1922, VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS. IF. \V. Dodge Co.l VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS. District District | District District District District District No. .1. No. 2. | No. 3. No. 4. No. o.* No. 7. No. 9.2 1921. j February j S0,tto6,292 | $21,818,908 $7,211,800 | SI 5,882,329 | S11,197,300 . £24,621,67' S3, 594, OS 1. I .1922. ; y 15,302,453 i 54,962,847 12,128,900 i 21,066,282 " .11,002,399 29,182,324 3,613,148 •FobniaYv. 14,799,476 60,152,421 11,828,700 ' 20,602,823 ; 16,5.18,079 32,344,421 5,192, 824 1 North and South Carolina not. included prior to May, 1921. a Montana not included. VALUF OF CONTRACTS FOR .RESIDENTIAL BUILDINGS. District District District District District District District No. 1. No. 2. No. 3. No. 4. No. o.i No. 7. No. 9.2 1921. February §2, -129,904 810,514,996 I $4,260,300 j $4,884,79-1 : §4,954,084 ! 85,674,654 $558,045 1922. fanuarv 4,767,597 \ 35,652,203 6,280,200 6,279,459 i 6,597,861 10.601, 761 1,049,594 4,179,914 j 38J657,156 : 5,617,700 I 5,545,073 | 7,299,608 9', 388,615 962, 757 i North and South Carolina not included prior to May, 1921. 2 Montana .not included. INDEX OF OCEAN FREIGHT RATES. terranean trades, as well as in the all-Europe index number. In the French Atlantic trade The accompanying table shows the monthly the most recent decline was not sufficient to fluctuations in ocean freight rates prevailing offset the higher rates which prevailed during between United States Atlantic ports and the the greater part of the month, so that in this principal European trade regions. The figures case the March average is slightly above the are derived from the actual rates quoted on average for February. the following commodities: Grain, provisions, cotton, cottonseed oil, and sack flour. For RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND the methods used in constructing the index EUROPE TRADE. see the August, 1921, BULLETIN, pages 931- [January, 1920, rates=100.] 934. The fluctuations of ocean freight rates during United States Atlantic ports to March were decidedly erratic. Early in the m in o F n e th b ru th a e ry u w pw as a r w d e l m l s o u v s e ta m in en ed t w an h d ic t h h e o c c c h u a r r r t e e d r Month. U K d n o i i n m t g e . - d A F t r l e a n n c ti h c. B N e la e a lg n t n h i d d u e s m r- . S n c a a v n i d a i . - t M n e e r e a r d a n i - . - Eu A ro ll pe. market had a distinctly firm tone. By the 1921. middle of March, however, charterers had filled January... 60.7 30.2 34.1 42.9 43.2 43.3 their most pressing requirements, with the February.. 54.7 27.7 29.2 30.9 43.8 38.5 March 49.3 24.6 28.3 30.8 42.2 35.9 result that owners who had been holding their April 50.1 32.6 36.6 29.4 35.7 39.0 May 50.6 35.0 38.2 31.3 34.6 40.1 vessels in the expectation of securing better June 42.7 34.7 38.3 31.3 34.0 37.6 rates found themselves under the necessity of July 42.5 33.2 37.0 29.0 34.7 36.8 August 42.9 33.4 36.7 28.4 34.3 36.7 offering substantial concessions in order to September 41.8 32.7 35.8 28.2 33.6 36.0 find takers. Rates on individual commodities N O o c v to e b m e b r e .. r . . 3 3 3 7 . . 5 0 2 2 8 5 . . 5 0 3 2 0 5 . . 7 2 ; 2 2 6 4 . . 7 0 3 3 3 2 . . 3 9 3 2 2 8 . . 3 8 likewise fell sharply in the latter part of the December. 32.4 22.7 22.9 I 23.3 32.3 27.2 month, the change being reflected in the lower 1922. index numbers shown herewith for the United J F a e n b u r a u r a y ry .. . . . 3 3 1 4 . . 7 7 2 25 2 . . 7 7 2 25 3 . . 2 3 j i 2 2 3 3. . 4 3 3 3 2 1 . . 2 8 2 2 7 9 . . 1 1 Kingdom, Netherlands, and Belgium, and Medi- March 83.1 26.5 24.9 23.4 30.1 28.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

L, .1.1)22. FEDERAL RESERVE BULLETIX. 461 REPORT OF KNIT-GOODS MANUFACTUR- RETAIL TRADE. ERS OF AMERICA. The following tables are a summary of the data obtained from 444 representative de- The total production of winter and summer partment stores in the 12 Federal reserve disunderwear for the six months ended February tricts. In districts Nos. 1, 2, 5, 6, 7, 9, 11, and 28 was as follows: 12, the data were received in (and averages computed from) actual dollar amounts. In districts Nos. 3, 4, 8, and 10, most of the : Number ; Actual ! ; of mills produc- ; Per o c f ent material was received in the form of perreport- i tion normal. centages, and the averages for the cities and ing. (dozens). [ districts computed from such percentages 1921. ' ! were weighted according to volume of busi- September 55 572,833 ! 84.4 October 56 675,205 87.3 ness done during the calendar year 1920. November 57 .' 692,452 ! 86. 5 The changes in retail trade for the United December 49 , 518,376 : 77.0 States as a whole are obtained by combining 1922. ; • January 55 ! 640.489 : 79.1 the district percentages, after multiplying February 53 . G03',34(> , 84.1 them by a system of weights based partly on Winter underwear (February) : 30 332,224 74.0 Summer underwear (February)... 32 : 331.122 • 97.4 population and partly on banking resources. The tables for the month of February are based on reports from 26 stores in district Order and production report for month ended No. 1 (Boston), 63 stores in district No. 2 February 28, 1922, follows. The number of (New York), 78 stores in district No. 3 (Philamills producing was 38. * delphia), 31 stores in district No. 4 (Cleveland), 23 stores in district No. 5 (Richmond), 33 stores in district No. 6 (Atlanta), 73 stores in district No. 7 (Chicago), 22 stores in dis- 1 Per cent Dozens. of normal trict No. 8 (St. Louis), 22 stores in district production. No. 9 (Minneapolis), 18 stores in district No. 10 (Kansas City), 22 stores in district Unfilled orders first of month 1,439,397 Now orders received during month 398,407 02. 0 No. 1.1 (Dallas), and 33 stores in district Total (A) 1.837,804 No. 12 (San Francisco). Trenton and Wilmington in district No. 3, Indianapolis in Shipments during month 442,094 08. 8 Cancellations during month 10.968 1.7 district No. 7, and Dallas, Fort Worth, and Total (B) 453,062 Houston in district No. 11 are shown separately for this first time this month. Balance orders on hand Feb. 1 (A minus B).. 1,3S4.742 Production 509,5^)8 79.";} A comparison of monthly changes in activity of different types of retail business since January, 1921, is shown in the second of the follow- Thirty-six representative mills which re- ing tables. The 156 department stores are ported for January and February, 1922, furnish located in districts Nos. 1, 2, 5, 6, 9, 11. and the data for the following table: 12, while the mail-order houses do business in all parts of the United States. Chain [In dozens.] store figures are based upon the total sales of the same reporting chains for each month, but the actual number of stores in these chains January February • (36 mills). (35mills). Gain. : Loss. varies slightly. It may be noted that grocery, drug, and 5 and 10 cent chains show increases Unfilled orders first of month.1,261,(01 ],432,3f'8 170,767 ! over February, 1921, while only the 5 and 10 N ew orders 764,944 i 393.085 371,359 Shipments 531,789 442, 194 89,595 cent chains show an increase in trade over Cancellations 7,228 " 10,9 "8 • 3,740 January, 1922. Mail-order business continues Production 493, 19(> 507,022 13,826 ' to be very restricted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

462 FEDERAL RESERVE BULLETIN. APRIL, 1922. CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS. [Minus sign (—) denotes decrease.] Percentage of Percentage of average stocks outstanding Pe s r y r e a e c s l a e e p r n s o . t n a a d g s i e c n o g o m f p p i a e n r r c i e r o d e d a s w e p i r i t e h n v c i n o o e u r- s t Pe a w r t c i e t c h n l — o ta se g e o o f f m in o cr n e t a h s e c i o n m st p o a c r k e s d m e a o t a t o n c c h t a l h v o m l e s y e r o a s o n g a f e t l h es o o c t r f h o d a e e t s a o r e c s t s h a a d l m t u p c r o u l i o n n r s - t g h e for same previous period. calendar year. District and city. Jan. 1,1922, Same month Jan. 1, 1922, to to close of— previous year. Previous month. close of— Jan., Feb., Jan., Feb., 1922. 1922. 1922. 1922, Jan., Feb., Jan., Feb., Jan., Feb.. Jan., Feb., 1922. 1922, 1922! 1922. 1922. 1922,' 1922. 1922. District No. 1: B oston —«. 7 —1.6 -8.7 R R 0.9 -8.7 -8.7 4.5 29S. 4 329. f, 6.6 6.3 Outside . . -6.3 -8.1 -6.3 i -7. i 1.4 3.1 -3. 4 4.2 428.3 487.3 5.1 7.2 District -8.1 -3.1 -8.1 -5.9 1.0 -5.4 -7.1 4.4 329.2 366.2 6.4 6.4 District No. 2: New York City and Brooklyn . -7.3 -3.0 —7.3 _s n 5.5 2.0 -3.6 1.0 350. 8 373.0 5.8 7.0 Buffalo ' " .... -16.2 -17.0 -16.2 —17 0 —5.6 -6.0 1.7 6.0 454. 8 495.0 7.6 8.0 Newark -.8 -6.0 —.8 —3 0 5.0 —.4 4.0 332, 5 382,0 5.7 6.0 Rochester —11 3 — 1.0 -11.3 -6.0 -21.0 -22. 0 -9.9 4.0 379.6 374.0 3.7 8.0 Syracuse . -6.9 -11.0 -6.9 -9.0 -12.0 1.0 -4.0 426.2 431.0 8.0 Bridgeport —14.4 -10.0 -14.1 —13.0 5.7 7.0 -11.9 13.0 305.9 41.6.0 6.7 6.0 Outside -2.4 2.0 -2.4 -1.0 13.3 1S.0 -8.3 7.0 568. 8 623.0 4.8 6.0 District... . -7.8 -4.0 -7.8 -6.0 3.7 2.0 -3.7 3.0 347.1 379.0 6.4 7.0 District No. 3: Philadelphia -10.9 -7.1 -10.9 -9.7 -8.4 -2. 5 -.3 1. 5 345.3 327.4 8.8 8.4 Trenton 3.5 9 9 3 2 1 3 535 5 5.7 Wilmington . .. -18.3 -21. 9 -23.9 -2.2 823.9 Outside -15.6 -4.3 "—15." 6* -11.1 .'6* 5.2 """"2." 8* 10.1 "536." 3* 583. 8 ""6."«" 7.1 District -12.2 -6. 5 -12.2 -10.3 -6.1 -1.4 3.2 394.0 397.7 8.3 8.0 District No. 4: Cleveland -19.6 -13.6 -19.6 -17.0 5.0 9.3 -15.3 19.1 348. 4 382. 7 7.7 7.9 Pittsburgh -28.9 -24.2 -28.9 -23.2 -4.7 -2.1 -6.5 13.8 369.3 417.5 10.4 6.7 Cincinnati -8.6 -7.5 -8.6 -8.8 -9.9 4.7 —6.5 10.4 439.7 512.3 11.1 10.4 Toledo —14 4 —9.1 — 14.4 —12 1 —7.8 —1.7 —•1.8 18.7 359 3 379.6 6.2 7.4 Outside -23.3 -11.6 -23. 3 -19.6 -1.9 .4 -3.2 8.1 4.76.4 457.3 16.5 16.1 District -21.9 -16.7 —21.9 -18.1 -2.7 2,3 -8.7 14.9 376. 5 420. 0 9. 3 7.9 District No. 5: Baltimore -19.5 -13.0 — 19.5 —16. 6 3.3 5.1 -2.0 9.0 406. 3 447.8 8.1 7.5 Richmond -14.0 -13.1 -14.0 -13.5 9.4 9.7 -8.7 7.0 149.2 408. 8 7.0 6.2 Washington -12.1 -10.5 -12.1 -11.3 3.6 13.2 -9.7 20.8 -114.3 456. 5 3.7 5.1 OuMdc 21 8 17 5 -21. 8 -18.2 16.8 10.4 — 1.9 9.7 595.1 657. .1. 3.9 4.5 District --17.0 -12.7 -17.0 -14. 8 5.4 8.7 -5.1 12. 6 414. 3 473. 3 5.9 6.2 District No. 6: \tlanta . . . . —24 9 -17.4 —24.9 —21.1) 12.9 2.8 —.1 —6. 0 726.A- 690.8 6.4 5. 5 Birmingham -37.9 -33. 5 -37.9 -35.3 -7.4 -7. 3 1.3 5.6 957. 0 917. 4 7. 5 5.2 Nashville — 10 7 — 7 1 —10 7 —s 8 -6.3 4.7 -8.1 11.1 502. 2 170. 5 8.2 5.9 New Orleans 15 2 — 11.0 — 15. 2 -13.3 -2.0 1.2 .1 12,3 449 4 510.7 9.0 8.4 Savannah —33. 0 -26. 2 -33.0 —30. 7 -8.0 -6.9 -1.1. -3.1 957.4 757. 8 2.6 3.9 Outside . .... —12. 2 — 14.4 —12.2 — 13.4 —3. 4 3.1 12. 4 661.4 731.6 6. 5 4.8 District -19.4 -1.5.5 -19.4 -17.2 -2. 5 0 0 8.4 593.2 610. 8 7.7 6.4 District No. 7: Chicago . . —9.9 -8.9 -9.9 —8. 5 1.4 2.2 —5.7 15.2 338 1 314.2 7.1 5.9 Detroit. 1.8 —5.6 1.8 -1.8 -16.1 -8.5 -6.7 12.0 330.6 371.9 8.6 8.7 Milwaukee -9.2 -17.2 -9.2 -13.1 -1.7 -2.6 1 4.7 505.1" 662.9 5.4 6. 5 Indianapolis -11.2 -7.2 18.4 10.0 352.6 7.2 Outside ... "-14." 4" -13.8 "—i-i.'i" -14.0 *"-2."6" 3.0 ""-5.Y 10.6 ""•169." 5" 626.2 7.1 7.1 District -6.6 -10.3 -6.6 -8.2 -7.6 -.6 -5.0 10.4 410.2 479.4 7.6 7.7 District No. 8: Pt. Louis -16.2 — 11.0 -16.2 -13.7 -8.8 .9 — 1-1.6 10.9 394.9 378.7 8.7 7.4 Louisville 4.0 -9.2 4.0 -7.8 -1.5 -6.7 —4.4 18. 5 561. 2 583. 8 5.3 5.2 Afempbis -13.1 -15.2 -13.1 -13.9 — .6 7.1 -2.8 4.0 557.3 614.1 8.1 9.1 Little Rock -24.5 -19.7 -24.5 -23.4 19.2 17.4 6.4 16.1 424.7 514.4 9.3 6.7 Outside -15.2 -14.0 -15.2 -13.1 3.5 2.7 -14.0 10.7 357.0 619.3 4.1 4.0 Disti ict —15.1 -12.1 -15.1 —13.6 -4.0 2.0 -9.8 11.2 442.1 458.9 8.3 7.2 District No. 9 ' - 15.6 - 12.3 -15.6 -11.7 -3.7 2.8 -3.6 6.1 582.9 6.1 6.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AFRIT-, 1922. .FEDERAL RESERVE BULLETIN. 463 CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS—Continued. [Minussign (—) denotes decrease.] Percentage of j Percentage of average stocks i outstanding Percentage of increase in net Percentage of increase in stocks at close of j orders at close sales as compared with cor- j at close of month compared each month , of each month responding period previous i with— to average ' to total purvear. monthly sales j chases during I for same ! previous period. ! calendar year. District and citv. Tan.l, 1922, Same month Jan.l, 1922, to to close of— previous year. Previous mon th close of— Jan., Feb., Tan., Feb., 1922. 1922. 1922, 1922. Tan., Feb., Tan., Feb., Tan., Feb., Tan., | Fob., 1922. 1922. 1922. 1922. 1922. 1922. 1922. | 1922. ! j District No. 10: Kansas City -11.2 -19.5 -11.2 -12.7 7.6 9.7 11.0 9.5 505.1 ! 461.4 8.0 6.0 Denver -14.0 -11.7 9.2 9.5 ! 687 ..4 11.3 Outside -14.5 -16.9 -14.5 -17.9 18.9 12.1 -4.5 21.8 475.5 i 558.5 12.5 8.3 District -12.9 -16.9 -12.9 -14.1 13.4 1C.3 3.1 13.6 490.0 1 565.7 10.2 8.0 DistrictNo.il: Dallas . -IS.6 -19.1 —6 6 10 1 ! 4 89 2 8 4 Fort Worth —26 5 — 27 8 2 5 17 0 : 669 1 7 4 Houston -13.2 -14 2 —1 0 5 2 499 8 7 9 Outside... -20.4 -18.8 -1.7 4.7 ! 477.9 u District -19.0 -19.5 -19.0 -1.9.7 -2.0 -2.8 ,| 8.7 474.6 ! 510.1 9.8 7.7 District No. 12: i Los Angeles -2.5 -3.2 -2.5 -2.S 22.7 21.2 10.6 .2 467.3 i 494.8 7.9 8.1 San Francisco 4.9 -10.5 4.9 -7.4 5.3 2.8 - 6 . 8.5 343.4 ' 496.5 10.9 12.1 Oakland -15.3 -22.9 -15.3 -18.8 15.0 15.3 -3.9 10.3 581.8 ' 676.0 Sacramp n to —4 3 —4 3 1 1 —3 8 483 2 •' Seattle -11.8 —13.2 —11.8 -12.5 —16.8 -11.2 -11.0 i().8 437.9 484.9 6.2 8.8 Spokane -14.7 -I5.r> -14.7 -15.9 -1.6 -4.6 8.3 -.4 748.3 ; 756.9 9.0 9.9 Salt Lake Citv — IP 9 -22.1 -19.9 -20.9 -4.6 .1 -5.7 2.6 523.5 •• 576.0 10.0 9.5 District -6.f> -9.1. -6.5 -4.1 Q 7 -6.0 .9 4.7 468.9 i 515.9 8.9 10.3 I; n it ed States -12.4. -10.5 -.11.0 —1.2 1.0 -3.7 8.3 42 i A ' 155.5 • 7.7 7.4 VALUE OF RETAIL TRADE. [Average monthly value, 1919=100.] Depart- Mail ! Chain stores. i i Depart- Mail Chain stores. ment order "' ~ 1 i ment order stores houses i stores houses (1.56 GroceryI Five andDrug (6 Cigar (3 ! ; (1.56 (4 GroceryI Five and, Drug(6 Sffi.? stores). houses). chains). chains). i stores). houses). i 1921. i 1921. ! • .January 103 8 69.1 1 115.5| 86.1 11.5.3 119.9 September... 1 95.0 72.7 11.0.4\ 113.4 116.7 128.0 February..... 88.5 64.8 ; 109.11 92.9 .1.08.6 116.5 October 1 130 6 88 6 126.2 ' 141.9 ! 121.7 138.0 March 116.9 95.1 119.2 i 121.1 120.8 131.8 iNovember. , 123.5 83 3 125 7: 134 1: 112 5 124 8 April 112.5 77.5 112.1 I 111.9 119.2 134.7 December .: 182.S 80.3 134.9 ; 241.6 141.6 172.7 May 112 6 60.2 '• 111.3 : 112.2 117.2 129.5 Tune 111 1 62.1 108.7 ! 109.7 118.2 127.8 1922. 1 Tuly . . 79.7 49.3 • 106.8 108.0 118.9 128.5 January 91.2 65.4 .1.28.0 94.6 ; 114.2 111.0 August 82.7 •56.4 i 114.3 1 116.0 116.4 127.6 February.....; ! 81.7 59.8 1 118.9; 100.8i 111.9 109.3 I 1 Estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

464 FEDERAL BE SERVE BULLETIN. APRIL. WHOLESALE TRADE. PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN FEBRUARY, 1922, AS COMPARED WITH THE PRECEDING MONTH (JANUARY, 1922). District. Groceries. Dry goods. Hardware. Bo s o h t o s e a s. nd Furniture. Drugs. Au p t l o i e s s u . p- Stationery. im$™lls<; Auto tires. \" Num- I Num- Num-\ Num-\ Num-\ '• Num-\ •• Num- \Num- • Xum-. Num- Per ber of Per \ ber of Per her cf Per ber of \ Per \ ber of j Per '•• ber of Per ber ofPer \berof Per .ber of \ Per ber of cent. firms. cent. firms. cent. firms. cent, firms. \ cent. \1irms.\ cent, 'firms.} cent, firms. ~mt. !irms. cent, firms, i cent. firms. No. 2... -6.0 41 +0.2 3 -3.0 11 -2.0i 8! i". l- +1.0 6! ; -2.0! 6 No.3... -1.4 50 -5.1 14 +0.2 25 ! ' +2.4 15| • No. 4... -4.4 2-, 5+7.1 11 +9. l ! +1.3: 12; No. 5... -0.31 48 -2.1 16-17.6 18+25.2 18—11.6! 10 No. 6.. -0.2 31!+13.4 19-12.4 21+19.1 8,+11.9 -2.0i 4- -3.1: 4-1-86.(5 No. 7.. -3.4 24;-12.9, 10 +6.7 15+15.0 8! l -5.0 71+10.5 7. No. 9.. — 1.7 14'-22.9i 4 +0.5 14 +7.2 81 1. No. 10. +2.6 9 +0.2 6 +17.1 9 V)-2h.2 5=IIIIIIiIIIIII i—3212 51 |. No. 11. +6.4 llj+19.7 -3.1 12 -4.8 si I ; :+i2.i 4 j. No. 12. -14.2 31! -4.5 -5.5 21 +0.3 13; +2.0 15! +3.6: 9-19. 3' 20-12.7. 27 +35. 8 21—31.41 PERCENTAGE OF INCREASE OR DECREASE IN NET SALES IN FEBRUARY, 1922, AS tCMPAJIE \* IT H II11 I t I Y, IS21. District. Groceries. Dry goods. Hardware. Bo s o h t o s e a s n . d Furniture. Drugs. j stationery. imp F le a m rm ents. Auto tires. Num- Num- ' Num-\ Num- Num- Num- Num-\ ! Num- Num- \Nuw- Per \ ber of Per \berof Per 'berof\ Per ber of Per ber 0/ Per ber of Per ber of \ Per \ ber of Per \berof\ Per \ ber of cent, 'firms. cent. \firms. cent. 'firms, j cent. firms. cent, .firms. cent. firms. cent. firms., cent, \firm. cent, [firms. | cent, firms. No. 2.. -6.0i 41 -7.0I 3-20.0, 11.-20.0 1+21.0 6 ...' -9.01 No. 3., -12.7 50 -5.5i 14-16.6! 25! +4.3 15 No. 4.. -20.71 9* +1.3! 11-18.1! 12, +0.9 12 No. 5.. -12. Ol -17.4 -17.1! 181+19.7 18+32.1. N No 0 . .6 7 . . . . - - 1 1 8 3 . . 9 1 ! : 24+ -1 1 3 0 . . 7 7 - -1 1 3 4 . . 0 8 1 , 15'—n!o 8+14.5' + + 1 2. . 7 1 -3.7 9 No. 9.. -13.4| -10.3 -30.0, 14+83.1 3?! - ...1-40.7 8; N N o o . . 1 1 0 1 - + 1 7 6 .3 . ' 8 - + 1 4 1 . . 0 7 1 1 6 2 + J- 1 2 2 4 . . 7 2 1 12' j. . .. . . . I i + + 3 7 . . 6 8 1 | +7.4 . . . . . .j - + 8 1 4 2 . . 5 4 401: No. 12 -17.8 12; +1.1! 21: -4.5I 131 +4.3 +7.5 91-12.9 20-12.4 27 -46.9 21 1 -23.3 16 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, and1 Government securities purchased by the Federal reserve banks during February, 1922: VOLUME OF OPERATIONS DURING FEBRUARY, 1922. United States securities Bills dis- Bills bought < i purchased. Municipal Total. Federal reserve bank. co m b u e n a m n te k b d s e . f r or m in a o rk pe e n t. • j Bonds and j Certificates of p w ur a c r h r a a s n e ts d. Februarv, February, notes. indebtedness. 1922. " 1921. Boston 8301,209,712 819,835,522 | $1,678,000 S3,229,000 $325,952,234. S548,589,754 New York 745,682,001 74,878,839 j 105,912,700 , 99,985,000 1,020,458.540 5,692,233,204 Philadelphia 235,473,490 14,609,789 ] 3,643,450 230,000 551,000 j 254,007,729 , 328,232,852 Cleveland 170,634,398 3,794,607 ! 11,86.1,500 ' 5,915,000 192,205,505 408,280,631 Richmond 158,107,946 1,514,370 I. 159,622,316 ! 226,994,636 Atlanta 61,373,824 1,27.1,931 ' 244,050 62,889,805 ' 150,01.4,477 Chicago 141,037,386 11,950,516 | 24,878,750 : 17,825,000 ! .195,691,652 405,293,848 St. Louis 54,234,110 2,081,920 ,' 3,120,900 i 6,173,500 i 65,610,430 ! 124,617,045 Minneapolis 17,067,010 1,921,200 1,123,500 20.711,710 j 69,326,518 Kansas City 32,624,488 ' 5," 666"! 15,030,400 ! 565,000 ' 48!224,888 ' 91,628,751 Dallas 23,600, 883 I. 23,660,883 I 67,374,398 San Francisco 138,668,085 9,078,004 j ], 961,300 j 14,000 149,721,389 j 196,592,111 Total: February, 1922... 2,080,373,333 139,020,498 ! 170,252,250 | 135,060,000 51,000 j 2,524,757,081 February, 1921... 8,120, 848,629 109,455,990 I 100 | 18,879,500 8,309,184,225 2 months ending Feb. 28,1922... 4,425,738,235 242,930,994 232,409,750 276,160,500 111, 029 5,177,350,508 2 months ending Feb. 28,1921... 16,379,011,734 291,323,624 11,800 292,971,500 16,963,318,658 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1922. FEDERAL RESERVE BULLETIN. 465 VOLUME OF BILLS DISCOUNTED DURING FEBRUARY, 1922, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOMMODATED. Customers' Member b n a o n t k es s . ' collateral "B a nkers7 accop ta n ces. paper se- Commercial Fedora] reserve bank. G o o b cu v li r e g e r a n d t m i o b e n y n s t . 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 en y s. t O se th c e u r r w ed is . e n p . a p e. e r s , . Ag p ri a c p u e l r tu . ral| | liv p e a - p s e to r. c k * : '- Foreign. Domestic.I I I e D xc o h l a la n r ge. Boston $3,226,273 S33,886,000 $263,765,993 8235,194 i 825,000 " New York 1,943,080 541,487,215 200,958,845 588,719 11,398 ' Philadelphia 5,0813, 899 169, 865,357 60,209,580 264,104 !. Cleveland 403,398 101,748,627 $106,000 66,398,921 238,778 ! 88,694 i. Richmond 736,972 135,563,787 990,000 16,616,649 3,583,326 ' 23,735 ,. Atlanta 500, 722 32,899,950 293,300 23,186, 582 3,869,977 i 306,530 . Chicago 3,691, 763 88,397,820 979,21.0 40,264,056 7,596,504 i. St. Louis 871,862 35,337,692 30,000 15,048, 834 2,599,411 ! 131,932 :. 832,195 '... Minneapolis 30,161 9,956,063 2,068,203 3,257,917 1,826,135 ; 493,54.5 !. Kansas Oily 226,272 24,851,915 3,774,825 1,439,791 : 2,320,097 .. Dallas ". 29,353 12,005,419 1,909,739 3,581,783 3,479,526 \ 2,565,292 :. 60,215 | Sa n Francisco 337,462 81.616,678 20,035,344 33,775,927 i 1,846,325 ! 943,501 . Total, February, 1922... 17,081,217 1,267,616,523 26,411,796 730,839,912 | 27,567,790 i 6,909,724 ; 92,410 : January, 1922.... 19,939,028 1, 658, 227, 25134,675,118 574,393,510 j 38,967,290! 12,520,504 872,497 ! February, 1921... 128, 863,393 3, 727,368,6S1 22, 721,562 4,164,415,489 I41,888,361 I16,169,502 ' $6, J 58,914 January, 3921 148, 545,029 3,992,943,600 29,724,638 3,986,302,380 i51,176,925 ,20,326,421 ! 8,973,117 Total reduced to a common ! Trade acceptances. maturity basis.1 \ Member banks. Total, all Federal reserve bank. classes. Per cent ! ! v N , um , b er ! Accommodated • . Foreign, j Domestic. Amount. of total. 1 in district: ' • — i Feb. 28. Number. Per cent. Boston S71,252 8301, 209, 712 8137,867,968 6.6 435 . 207 47.6 New York 692,744 745,682,001 363,633,141 17.5 I 799 . 333 41.7 Philadelphia... 50, 550 235,473,490 197,866,986 9.5 i 710 401 56.5 Cleveland J,649,980 170,634,398 195, 876,955 9.4 , 883 355 40.2 Richmond 593,477 158,107,946 171,365,615 8.2 : 626 : 375 59.7 Atlanta 316,763 61,373,824 165,906,849 8.0 ' 522 ' 355 68.0 Chicago 108,033 141,037,386 354,407,809 i7.o; 1,443 : 889 61.6 St. Louis 182,184 54,234,110 116,197,375 5.6 ' 594 • 298 50. 2 Minneapolis... 34,986 17,667,010 55,310,021 2.7 •' .1,024 : 372 36.3 Kansas Oily... J L, 588 32,624,488 82,509,118 4.0 ; 1,118 ' 453 40. 5 S D a a n l la F s rancisco. .1 2 1 9 2 , ,8 55 4 6 8 1 2 . 3 38 , , 6 6 6 6 0 8 , , 0 8 8 8 5 3 1 9 4 1 7 , , 4 9 7 5 8 2 , , 9 5 2 7 3 3 4 7 . . 4 1 i 8 8 5 4 6 8 ! ! 4 34 6 1 8 5 40 4 . .6 2 Total, February, 1922.. . j 3,853,961 2,080,373,333 2,080,373,333 100.0 i 9,858 . 4,847 49.1 .January, 1922... J 5,769,704 2,345,764,902 9,852 • . 5,346 54.3 February, 1921 $13, 262, 727 8,120,848,629 9,681; 5,107 52.8 January, 1921 20,170,995 8,258,163,105 9,659 , 5,291 5.1.8 i Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (11.94) for system. VOLUME OF BILLS DISCOUNTED DURING FEBRUARY, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES Average Average Federal reserve bank. 4J per cent, j 5 per cent. Total. rate (365- maturity. day basis). Per cent. Days. Boston $301,209,712 $301,209,712 4.50 5.47 New York 745,682,001 745,682,001 4. 50 5. 83 Philadelphia... 235,473,490 235,473,490 4. 50 .10.04 Cleveland 95,24o, 745 575,388,653 , .170,634.398 4.75 13. 71 .Richmond 158,107,946 ! 158,107,946 5. 00 12.95 Atlanta 61,373,824 j 61,373,824 5. 00 32. 29 Chicago 141,037,386! 141,037,386 5.00 30.01 St. Louis 54,234,110 | 54,234,110 5.00 25.59 Minneapolis— 17,667,010 i 17,667,010 5.00 37. 40 Kansas City 32,624,488 | 32,624,488 5.00 30. 21 Dallas 23,660,883! 23,660,883 5.00 46.18 San Francisco.. 138,668,085 138,668,085 4.50 12. 75 Total: February, 1922. 1,516,279,033 564,094,300 2,080,373,333 4.77 11.94 January, 1922... 1,411,144,305 913,412,292 i 2,345,364,902 4.84 13.75 1 includes 820,808,305 of bills discounted at 5-£ per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

466 FEDERAL RESERVE BULLETIN. APRIL. .1922. VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING FEBRUARY, 1922, BY CLASSES. Total reduced to a Bankers' acceptances. Trade acceptances. common maturity basis.i Total bills Federal reserve bank. purchased. Dollar Do- Per cent Foreign. Domestic. exchange. Total. Foreign. mestic. Total. Amount. of total. Boston $13,409,053 §5,483,953 j $882,516 $19,835,522 $19,835,522 ! $22,276,848 16.02 New York 53,251,126 18', 209^ 416 3,382,855 74,843,397 $35,442 835,442 74,878,839 ! 48,660,291 35.00 Philadelphia 11,860,667 2,411,594 337, £28 14,609,789 14,609,789 i 26,401,570 18.99 Cleveland 2,534,116 j 1,260,491 3,794,607 3,794,607 i 3,051,640 2.20 Richmond 110,000 1,404,370 j 1,514,370 1,514,370 2,663,811 1.92 Atlanta ! 5"1'3; 306 758,625 i J, 271,931 1,271,931 ' 1,796,330 1.29 Chicago i (3,601,381 I 5,027,087 322,048 11,950,516 11,950,516 ! 22,879,278 16. 46 St. Louis. 1,581,483 | 500,437 2,081,920 2,081,920 | 3,914,617 2.81 Minneapolis. Kansas City. 5,000 5,000 5,000 ! 9,229 0.02 Dallas. San Francisco 6,773,374 ! 1,785,878;T 319,016 "8," 878," 268' 199,736 199,736 9,078,004 [ 7,366,884 5.29 Total: February, 1922 J 96,694,506 i 36,846,851 I 5,243,963 138,785,320 235,178 235,178 139,020,498 ! 139,020,498 100. 00 January, 1922.. 68,832,538 ' 29,535,526 | 5,426,49S 103,794,562 71,787 44,147 115,934 103,910,496 ! ! i Febmary,192lJll6,049,385 \ 36,662,672 | 14,650,397 167,362,454 2,078,542 15,000 2,093,542 169,455,996 January, 1921..I 77,801,368 j 32,110,174 10,813,001 120,724,543 j 1,073,284 69,801 1,143,085 121,867,628 1 Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (31.99) for system. VOLUME OF ACCEPTANCES PURCHASED DURING FEBRUARY, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. 33 per 4 per cent, 4-iV per 4} per cent |p 4-2 per Federal reserve bank. cent. cent. cent. cent. cent. cent. Boston : ! $5,000 $8,231,703 $9,891,980 $447,569 $119,575 New York i 17,353,692 5,843,790 732,133 762,500 Philadelphia : I 14,373; 235,803 Cleveland ! I 2,356,994 1,106, 847 300,766 Kichmond ; j Atlanta i ! 110,900 Chicago. 5,994,202 5,846,303 110,011 St. Louis ; $250,000 i 1,314,167 $36,812 480,941 Minneapolis ! Kansas City ; Dallas ;r San Francisco ' I 221,008 j 5,638,969 2,504,735 273,483 152,573 Total, February, 1922 i 250,000 226,008 55,263,713 36,812 I 25,910,399 1,974,862 j 1,034,648 January, 1922 2,248,856 20,167,957 j 29,140 | 24,852,381 9,651,393 j 2,680,156 Average Federal reserve bank, 4^- per cent. \\ percent. 5 per cent. Total. d r a a y t e b a (3 s 6 is 5 ). m A a v t e u r r a i g ty e . Per cent. Day a. Boston §1,099,695 $40,000 S19, 835, 4.09 '35.93 New York 50,098,803 87,921 74,878, 4.34 20. 79 Philadelphia.. 14,609, 4.06 57. 81 ("lev eland 30,000 3,794, 4.10 25. 73 Richmond $1,514,370 1,514, 5.07 . 56.27 Atlanta 1,1(51,031 1,271, 5.02 45.18 Chicago 11,950, 4.14 61.24 St. Louis 2,081, 3.98 60.15 Minneapolis ... Kansas City... 5,000 5,000 5.07 59.04 Dallas San Francisco.. 287,236 9,078,001 4.11 "25*96 Total, February, 1922.. 51,515,734 127,921 2,680,401 139,020,498 3.98 31.99 January, 1922... 39,616,864 486, 745 3,550,831 '! 103,910,496 4.28 31.56 1 Includes §337,392, $105,530, $130,000, and $53,251 of acceptances purchased at 3J, 4g, 4|, and b\ 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

APRIL, 1922. FEDERAL RESERVE BULLETIN. 467 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 during February, 1922. AVERAGE DAILY HOLDINGS OF EACH CLASS OP EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARNINGS DURING FEBRUARY, 1922. Average daily holdings of— Earnings on— Annual rate of earnings on— \ All All classes Dis- Pur- United Disof earning counted chased counted p securiassets. bills. bills. bills. - I ties. f5 assets. Per ct. Per ct. Per ct.!Perct. Boston 890,824,946 $42,078, 860'SIO,464,140 $38,281,946 5276,088 $145,284- 833,325 $97,479 3.96 4.50 4.15. 3.32 New York 278,498,041 114,490;407, 29,022,370134, 985,264 882,272 399,4981 96,206!3—<? 8 » ! 6 , , 1 5-1 6" J"8 J'. 4.13 4.55 4.32' 3.73 Philadelphia 115,157,770 75,207' 108 17,267,280 490,561 377,812 260,535 54,302 62,1161 4.27 4.51 4.09! 3.60 Cleveland 102,811,713 69,598!411! 2,884,288 331,014 365,276 260,9011 9,474 94,901I 4.63 4.88 4.28' 4.07 Richmond 85,453,684| 78,440',776j 2,333,558 679,350 319,766 303,025 9,154 7,587 4. 5.04 5.11' 2.11 Atlanta 72,981,724| 62,037,7961 2,501,423 442,505 266,095 242,107; 9,772 14,216 4.75 5.09 5.09 2.20 Chicago 177,547,456 107,012,778| 16, 102,054 629,882 418,1521 51,536 160,194 4.62 5.09 4.09i 3.86 St. Louis 50,810,098 37,850, 894,727 175,561 145,550 3,325 26,686 4.50 5.01 4.07= 2.92 Minneapolis 43,837,000 38.572; 262,000 171,775 161,474'. 10,2931 5.11 5.46 2.55 Kansas City 67,485,840 46,512, 922,735 234,166 183,770i 50,198! 4.52 5.15 5.07; 3.13 Dallas 46,143,100 41,598' 529,500 179,989 171,960 64 7,965! 5. 5.39 5.57! 2.29 San Francisco 83,498,804 59,017. 110,523 286,987 211,57s1 17,330 58,082, 4.48 4.67 4.211 3.96 Total: Feb., 1922 !1,2.1.5,050,176 772,415,829 87,400,347 355,038,179! 4,165,669 2,903,831 284,68«6! ,976,285' 4.47 4.90 4.25! 3.58 Jan., 1922 !1, 304,134,07I0 968,971,172 98,740,965 236,118,740 5,114,75l! 4,106,475! 372,758 634,122] 4.62 4. 4.441 3.16 Feb., 1921.... 2,869,233,489 ,2 408,791,923 173,082,386287,359,18013,022,158 11,762,106! 795,795 464,257 5.92 6.37 5.991 2.11 Jan., 1921 3,034,655,353 2,536,104,523:200,913. 06'-3 297,637,767; 15,154,349 13,568,152 1,048,344 537,853 5.88 6.30 6.14) 2.13 I NOTE.—The figures in the first, fifth and ninth columns include average daily holdings of municipal warrants, earnings, and annual rates of earnings thereon as follows: Philadelphia, §192,821, $859, and 5.80 per cent; Minneapolis-, $3,000, $8, and 3.88 per cent; total, $195,821, $867-, and 5.21 per cent. HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of February figures. In thousands of dollars.! Member banks' Bankers' acceptances. Trade accept- 1 Custom- collateral notes. ances. . ers' pa- '; • per se- ; Commer- ! Agricul-! Live- Federal reserve bank. Total. • cured by '•• Secured cialpa- j tural ' stock m G e o n v t e o rn b - - 1 ! e b m y i G ne o n v- t w O is th e e s r e - - ! per, n.e.s. paper. paper. For- Do- Dollar ; For- Doi legations, i obliga- cui'ed. 1 eign. mestic. eign. j mestic. I tions. Boston 46,990 , 2,352 , 9,945 33,995 I 579 25 94 New York : 89,165 ' 1,319 ! 58,390 27,966 774 716 Philadelphia 75,734 6,379 49,636 18,954 j 651 114 Cleveland 64,898 1 1,300, 23,684 37,086 I 813 447 1,490 Richmond 74,529 i 1,748! 31,370 510 30,353 9,127 39 1,382 Atlanta " 52,280 j 1,609. 11,927 I 159 i 26,190 | 10,885 856 654 Chicago 100,978; 1,147 i 33,266 488 i 31,908 : 33,755 414 St. Louis 36,806 I 783: 9,241 18,327 I 7,360 522 234 ; 339 Minneapolis 34,818 ! 172 ! 4,334 I 1,217 3,743 . 19,100 6,047 205 Kansas City 38,199 i 663 | 7,735......... 8,685 I 6,902 14,166 48 Dallas i 38,919 >. 2J1 : o'352 I 1,001 5,778 , 15,345 10,540 692 San Francisco 59,261 i 776 21,275 10,621 13,350 l- 6,531 6,505 203 Total: Feb. 28, 1922 712,577 , 18,459 • 266,155 14,074 256,335 : 111, 822 39,147 - 234 6,351 Jan. 31, 1922 838,885 22,495 ' 341,091 j 16,837 : 281,387 I 121,702 45,919 ! 249 931 8,274 Feb. 28, 1921 2,389,510 . 224,607 • 773,361 13,031 1,127,795 j 136,679 83,654 I 10,335 3,086 540 16,422 Jan. 31, 1921 2,457,116 230,188 j 810,177 14,330 1,143,438 140,815 88,233 1 8,419 3,912 175 115 17,314 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

468 FEDERAL RESERVE BULLETIN. APRIL, 1922. HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of February figures. In thousands of dollars.] All classes. Bankers' acceptances. Trade acceptances. Federal reserve bank. Total. ch o a P s p u e e r d n - in co D u fo i n s r t - ed Total. Foreign. Do- Dollar Foreign. m D es o t - ic. market. member, | banks. i Boston 13,012 12,918 94 12,918 9,433 2,767 : 718 j 94 94 New York 30,169 29,453 716 29,418 21,555 6,969 i 894 I 751 35j 716 Philadelphia.. 16,863 16,749 I 114 16,749 12,380 3,259 . 1,110 114 114 Cleveland 4,807 3,317 i 1,490 3,317 2,454 838 ! 25 1,490 1,490 Richmond 3,671 2,289 j 1,382 2,289 526' 1,763 i 1,382 1,382 Atlanta 2,535 1,881 j 654 1,881 998 883 j 654 654 Chicago 17,828 17,414 ! 414 17,414 12,722 3,866 ! 826 414 414 St. Louis 1,707 1,134 I 573 .1,368 737 631 ! 339 339 Minneapolis 205 205 205 | 205 Kansas City... 95 48 47 47 '- 48 I 48 Dallas 707 lo 692 15 15 l. 692 ! 692 San Francisco. 8,444 8,241 203 8,174 6,331 1,574 | 269 270 | 64 206 Total: Feb. 28, 1922 100,043 93,590 | 67,136 J 22,612 3,842 6,453 6,354 Jan. 31, 1922 84,389 76,013 , 49,470 | 20,558 5,985 j 8,376 8,277 Purchased in open market: Feb. 28, 1922 , 93,458 93,356 I 67,136 ' 22,378 3,842 ' 102 3 Jan. 31, 1922 74,935 74,833 ' 49,221 i 19,627 5,985 j 102 3 Discounted for member banks: Feb. 28,1922 6,585 234 L 234 ! 6,351 j 6,351 Jan. 31, 1922 9,454 1,180 . 249; 931 ! i 8,274 I 8.274 HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS. [End of February figures. In thousands of dollars.] Member banks. Nonmem- Branches Federal reserve bank. Total. Nonna- a i b n n e g d r c b b o a a r n n p k o k s - - P b r a i n v k a s te . ag f e o n a re c n i i d g es n of National. tional. rations. banks. Boston 12,918 8,008 3,502 1,080 328 New York 29,418 10,415 8,386 3,008 4,726 2,883 Philadelphia... 16, 749 6,593 4,429 2,223 1,704 1,800 Cleveland 3,317 874 659 598 65 1,121 Richmond 2,289 2,284 Atlanta 1,881 521 1,360 Chicago 17,414 8,127 8,087 1,184 10 St. Louis 1,368 565 414 3 17 Minneapolis... Kansas City... 47 47 Dallas 15 15 San Francisco. 8,174 4,483 1,380 369 179 1,763 Total: Feb. 28,1922 93,590 41,932 28,217 8,470 7,371 | 7,600 Jan. 31,1922 76,013 33,314 27,993 6,JJ3 2,586 | ft, 007 Purchased in open market: Feb.28,1922 93,356 41,826 28,089 8,470 7,371 ! 7,600 Jan. 31,1922 74,833 33,101 27,275 5,864 2,585 I 6,007 Discounted for member banks: Feb. 28,1922 234 106 128 Jan. 31,1922... 1,180 213 718 249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1.922. FEDERAL RESERVE BULLETIN. 469 BANKING CONDITIONS DURING FEBRUARY AND MARCH, 1922. March 1.5 being an income tax date, the con- to week and on March 15 constituted only 1.5 dition of member banks at the close of business per cent of the banks7 total loans and investon that date reflects developments in connec- ments, compared with 2.6 per cent four weeks tion with the payment of income taxes by the earlier and 10.7 per cent a year ago. The public and the redemption and issue of certifi- total amount of accommodation of reporting cates and notes by the Treasury. Govern- member banks at the Federal reserve banks on ment operations during the week included, March 15 was only $226,000,000, compared besides the redemption of about $530,000,000 with $1,719,000,000 a year earlier, representing of tax certificates maturing on March 15, a liquidation of $1,493,000,000 for the year! payment of semiannual interest on about During the same period the total discounts of $3J600,000,000 of third Liberty bonds and the reserve banks for all member banks de- $390,700,000 of Treasury notes and the issu- creased by SI,633,000,000, the decrease in disance of $617,800,000 of new Treasury notes counts for the reporting member banks, i. e., and of $266,250,000 of tax certificates. The the banks in the larger centers, representing effect of these Government operations on the over 90 per cent of the total liquidation for member bank condition statement is seen in a the year. reduction of $74,000,000 in Victory notes largely In the following table are shown the prinaccepted in payment for new Treasury notes, as cipal changes in the condition of reporting against increases of $91,000,000 in Treasury member banks during the four weeks ending notes and of $62,000,000 in Treasury certifi- March 15. Corresponding changes since the cates. At the same time the demand de- beginning of 1921 are traced on the chart on posits of member banks show.an increase of page 470. $264,000,000 for the week, while Government deposits declined by $37,000,000. The credit- MOVEMENT OF PRINCIPAL- ASSETS AND LIABILITIES OV ing of member banks7 reserve accounts with REP()IITIX(3 J\lEMBER BANKS. the amounts of certificates redeemed by the [In millions of dollars.] Treasury accounts largely for an increase of their reserves from $1,304,000,000 on March 8 to $1,423,000,000 on March 15. These in- F 1 e 5 b . . F 2 e 1 b . . Mar. 1. Mar. 8.M 1 a 5 r . creases in demand deposits and reserves of the memberbanks were wiped out during the follow- Number of reporting banks 807 807 807 ! 806 805 ing week when income tax checks were cleared, Loans and discounts: I collected, and charged to depositors7 accounts Secured by U. S. Government obligations1 442 436 427 419 410 and clearing balances settled by checks on the Secured by stocks and bonds (other than U. S. Govern- Federal reserve banks. ment obligations) 3,126 3,092 3,130 3,111 3,135 Another* 7,362 7,323 7,360 7,366 7,364 With the four-week period ending on an income tax date, the regular development for Total loans and discountsl.. J10,930 10,851 10,917 the period is obscured by the special trans- U. S. bonds 998 ! 1,009 U.S. Victory notes 148 74 actions of the last day. Loans and discounts U. 8. Treasury notes 273 I 364 of member banks fluctuated during the period O l.\ t h 8 e . r c b e o rt n if d ic s, a t s e t s o c o k f s , i a n n d d e b s t e e c d u n r e it s i s e . s . . . 2,0 1 6 5 0 2 i 2,0 2 6 1 7 4 between a high of $10,930,000,000 on February Total investments 15 and a low of $10,851,000,000 on February Total loans and discounts 21, and at the end of the period were about and investments1 $21,000,000lower than at thebeginning. Total Reserve with F. R. banks i 1,333 j 1,269 I 1,314 1,304 j 1,423 investments in Government securities show Cash in vault I 270 270 ' 263 277 I 260 only a nominal change for the four weeks, al- T N i e m t e d e d m ep a o n s d i t d s. e posits , : 1 0 3 , , 3 0 2 6 J 2 1 3 0 , , 0 2 9 4 1 5 1 | 1 3 0 , , 0 3 8 4 4 9 1 3 0 , , 1 3 0 3 5 4 1 i 1 3 0 , , 1 5 1 9 4 8 though, as mentioned above, a decided shift G overiimcnt deposits ' 423 j 301 j ' 280 278 241 from Victory notes to Treasury notes and cer- Bills payable and rediscounts with ' i tificates is noted. Investments in corporate se- F. R."banks, total ! 378 I 321 318 255 226 curities show a decline of $24,000,000 for the Secured by V. S. Government \ \ obligations , 172 I 130 I 135 96 90 period. Total loans and investments of the All other ! 206 191 ! 183 159 136 Ratio of accommodation at F. It. j reporting institutions remained comparatively Banks to total loans and invest- j steady during the four weeks and stood on ments ' 2.6 ! 2.2 j 2.2 1.8 I March 15 at $14,637,000,000, compared with 1 Including bills rediscounted with Federal reserve banks. $14,684,000,000 four weeks earlier and $16,- 076,000,000 on March 18, 1921. Federal reserve bank figures, which cover Accommodation of member banks at Fed- the four-week period between February 21 eral reserve banks declined steadily from week and March 22, show a further liquidation of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

470 FEDERAL RESERVE BULLETIN. APRIL, 1922. discounted bills at about the same rate as the amounts of Pittman and other Treasury during the preceding four weeks. The increase certificates held show no material change. for the week from $591,700,000 to $615,900,000 On March 15 the reserve banks held a total of reported on March 22 may be due in part to $167,000,000 of special certificates to cover the need of funds by member banks in con- advances to the Government pending the colnection with the withdrawal of deposits in lection of income tax checks and of funds from payment of income tax checks cleared during depositary institutions. These certificates the week. Acceptance holdings of the reserve were all redeemed during the following week, WEEKLY CHANGES IN PRINCIPAL ASSETc> AND LIABILITIES c)f FEDERAL RESERVE BANKS REPORTING MEMBER BANKS 1 RESERVE RATIO r 6 U. S, SECURITIES 1 LOANS SECURED BY U.S. OBLIGATIONS 6 OTHER LOANS (Largely Commercial) 2 TOTAL DEPOSITS DISCOUNTS SECURED BY 2 U.S.GOVERNMENT OBLIGATIONS 7 NET DEMAND DEPOSITS 3 CASH RESERVES U.S.GOVERNMENT OBLIGATIONS 3 ACCOMMODATION AT F. R.BANKS 8 TOTAL LOANS 4 F. R.NOTE CIRCULATION 8 TOTAL DISCOUNTS 4 STOCKS, BONDS ETC. 9 TOTAL LOANS AND INVESTMENTS 5 PURCHASED ACCEPTANCES 9 TOTAL EARNING ASSETS 5 LOANS SECURED BY STOCKS AND BONDS MILLIONS] MILLIONS BILLIONS BILLIONS DOL O L F ARS DOL O L F ARS DOL O L F A R . S v DOLLARS 17 [s 17 3000 w "V V 3000 16 9 16 A 2500 V \ 2500 15 15 \ =v T\ J -A 'A 2000 V 2000 14 14 7 s\ \ \ 13 13 \, V 1500 \ 1500 V7* y 12 N 12 1000 \ \ 1000 •* •v"V 500 /»_6 A v 1 , s •r \ \ J. 500 1 1 0 1 \ - 7 \ *v i A ^4A * •w -\ J 1 1 0 1 's -». * V •»... s 6 9 9 M DO IL L L O O L I F O A - N R S S VI4 RE R S A 0 E T R IO VE 8 s \ \- V.•x. a 3000 ,•• y <•• C P E E N R T 7 7 ,** 100 3 \ SV 6 6 2500 90 \ 80 5 5 2 A L 2000 A/ 70 4 4 ,*' 60 1500 1 50 3 5 *"" ••<», 3 40 4 1000 2 2 3 2 0 0 1 b • 2 ^ f . >sV m - f-. 1 500 10 ••• •- *.. *^, J. f. M.A.M. J. J. A. S. O. N. 0 J. F. M.A.M. J. J. A.S.0. N. D. J. F. M. A M. J. J. A.S.O. N. D J. F. M.A.M. J. J. A. S:O.N. D. 1921 1922 1921 1922 banks increased by about $19,400,000 during the and on March 22 Federal reserve bank holdings first two weeks of the period, but declined again of Treasury certificates other than Pittman by $14,900,000 during the last two weeks, the certificates were only about $10,000,000 larger amount on March 22, $87,000,000, being only than four weeks before. Total earning assets $4,500,000 larger than four weeks earlier. of the reserve banks on March 22 stood at Investments of Federal reserve banks in $1,146,200,000, compared with $1,159,000,000 United States bonds and notes increased by four weeks earlier and $2,692,400,000 about $84,700,000 during the four-week period, while a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 11)22. FEDERAL RESERVE BULLETIX. 471 The table below shows weekly changes in Federal reserve note circulation shows a principal assets and liabilities of Federal reserve net increase for the four woeks of 89,900,000. banks for the four weeks under review. Cor- The circulation of these notes increased by responding changes since the beginning of 1921 $23,900,000 during the first two weeks and are presented on the chart on page 470. declined by §14,000,000 during the last two weeks. Gold holdings of the reserve banks MOVEMENT OK PRINCIPAL ASSETS AND LIABILITIES OP show a continuous increase for the four weeks, THE 12 FEDERAL RESERVE BANKS COMBINED. amounting in the aggregate to $29,900,000, [hi millions of dollars.] offset by a decrease of about $6,100,000 in other reserve cash. This increase in reserves, Feb. Mar. Mar. Mar. ! Mar. 21. 1. 8. 15. 22. together with the small increase in note circulation and th,e practically unchanged level of Reserves: Total . :3,080.813,080.8 3,091.0.3.101.4!3,101.6 deposits, is reflected in a rise of the banks' Gold . |2,940.8;2j 951.4 2,935. 9 2l 97(5.0;2,978. 7 reserve ratio from 78.1 to 78.4 per cent. For Bills discounted: the period between October 29, 1920, at about Total 721.3: 707.0: 631.0. 591.7 615.9 Secured by 17. S. Gov- which time the recent gold movement to the ernment obligations.. 282. 0 285.4j 238.5 229. v, 227.1 United States began, and March 22, 1922, the Allother '. ! 439.3 422.2! 392.5 862.7! 388.8 Bills bought in open market 82.0 95.7: 101.9: 87.3J 87.0 gold reserves of the reserve banks in- Certificates of indebtedness 230. 7 249.7 255.1! 383.3| 234.2 Total earning assets 1,159.011,216.4(1,176.91,277.5.1 1-10.2 creased from $2,003,300,000 to $2,976,700,000, or by §973,400,000. Of this increase about Government deposits .1 63.9! 60.8. 24.2 16.8! 66.4 Members' reserve deposits . 1,077.01,725. HI, 719.9 1, 845. oil.667.8 §607,200,000 is shown for the Federal Reserve Total deposits .! 1, 772.2 1,818.4 1, 780.11,913.5 1, 774.6 F. R. notes in circulation . 12,173.52; 197.0:2,197.4:2,188.6 2,183.4 Bank of New York, §168,500,000 for Chicago, F. II. bank notes in circulation- and $124,300,000 for San Francisco. The net liability 81.2 80.1, 79.6" 78.0 78.9 Reserve percentage 78.1 76.7 77.8' 75.6 78.4 increases in the other reserve banks are considerably smaller, while the Boston, Rich- Members' reserve deposits/which were built mond, and Dallas banks had smaller gold up in anticipation of the income tax date and reserves on March 22, 1922, than at the time were further increased by the redemption of this movement started. certificates on March 15 to 81,845,500,000, In the following table are shown comparadeclined by March 22 to $1,667,800,000, a de- tive figures of daily average cash reserves, crease of §9,200,000 for the four-week period. deposits, Federal reserve note circulation, and No material changes in Government deposits reserve percentages for the months of February or in other deposits, largely cashier's checks, and March, 1922, as compared with data for are shown. the same months in 1919, 1920, and 1921: CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR MARCH AND FEBRUARY, 1922. [Daily averages. Amounts in thousands of dollars.] Total cash reserves. Total deposits. Fede in r al c ir r c e u se la rv ti e o n n . otes Reserve percentages. Federal reserve bank. _l..... .... _ March. . February, j March. , February. March. February. ! March. February. Boston 198,100 1 211,545 114.701 123,427 154,298 i 160,707 73.6 74.5 New York 1,117)351 j 1.130,814 691'. 2 LG 709,388 629,56L i 022,185 84.6 84.9 Philadelphia 223,860 ! 208,920 10;")) 096 105,399 188,440 • 185; 356 76.3 71.9 Cleveland 262,316 j 259,900 138,689 139, 062 196,81.1. •' 193,661 78.2 78.1 Richmond - 81)204 78, 788 56,482 57,421 93,452 95,670 54.2 51.5 Atlanta .11.8,458 101,590 49,974 50,632 110,988 : 109,650 73.6 63.4 Chicago 483.429 , 472,027 255,542 250,486 371,034 i 364,244 77.2 76.8 St. Louis 117)529 . 1 19,690 70,373 70,179 82,280 84,999 77.0 77.1 . S K D M a a a n i l i n l i a s n F a s e r s a a p n C o c i l i t i s y s co - 2 - 8 8 7 1 9 4 2 6 , , , , 5 8 0 9 8 6 5 7 4 2 8 6 I ; j | 28 4 8 6 7 3 8 8 ; , , , 3 0 0 24 7 7 8 0 2 8 L 1 4 • 7 4 1 5 7 1 8 , , , , 9 2 5 0 9 3 1 8 0 2 9 1 1 4 7 4 3 9 5 6 7 , , , , 0 5 6 3 0 1 1 2 4 2 4 2 2 6 5 2 2 2 2 8 5 , , , , 0 2 5 4 0 9 2 4 2 5 5 5 2 6 3 5 1 1 0 2 5 , , , , 7 8 1 2 8 7 5 4 6 1 2 8 6 6 7 7 0 1 9 3 . . . . 7 0 3 3 6 6 8 5 4 8 1 4 . . . . 9 4 8 1 Total: 1922. 3,095/762 ! 3,070,045 1,794,895 1,814,446 2,195,131 2,176,529 77.6 76.9 1 1 1 9 9 9 1 2 2 9 1 0 . . . 2 2 2 , , , 4 0 2 0 5 0 3 8 2 , , , 4 2 3 7 9 6 0 3 8 2 2 2 , , , 0 1 3 5 8 4 3 3 3 , , , 4 5 6 2 3 4 2 7 1 2 1 1 , , , 0 8 9 0 3 5 8 2 1 , , , 5 7 7 2 8 5 9 7 2 2 1 1 , , , 0 8 8 0 0 5 4 2 5 , , , 4 5 1 7 2 0 6 3 4 2 3 2 , , , 9 0 5 7 4 0 9 0 3 , , , 4 4 3 8 4 5 6 0 0 3 2 2, , , 4 9 0 6 4 6 2 6 8 ' . , , 5 9 S 7 4 6 8 1 i\ 1 M 5 5 2 0 1 . . . 7 6 2 1 1 1 4 4 5 3 9 2 . . . 3 6 5 I i Calculated on basis of net deposits and Federal reserve notes in circulation. 97329—22 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

472 FEDERAL RESERVE BULLETIN. APRIL, 1922. CONDITION OF FEDERAL RESERVE BANKS. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, MAR. 1 TO MAR. 22, 1922. RESOURCES. [In thousands of dollars.] Total. Boston. i Y N o e r w k. d ' e P l h p i h la i - a. C la le n v d e . - | | m R o ic n h d - . Atlanta. Chicago. Lo S u t. is M ap i o n l n is c . - K C a i n ty sa . s Dallas. . c F S is r a a c n n o - . Gold and gold certificates: Mar. 1 380,406 7,984 ! 283,461 2,086 ! 12,511 I 2,910 5,193 22,729 3,608 9,314 2,600 8,782 19,228 Mar. 8 380,823 8,052 ! 283,422 2,113 | 12,585 2,832 5,217 22,801 3,639 9,329 2,609 8,894 19,270 Mar. 15 321,283 9,165 i 222,688 2,187 '. 12,437 I 2,855 5,238 22,976 4,049 9,349 2,648 9,039 18,652 Mar. 22.. 321,499 10,097 | 221,981 2,217 ' 12,495 i 2,876 5,256 23,076 3,837 9,103 2,705 9,140 18,716 Gold settlement fund—F.R. Board: Mar.l ryy i 273 084 j 52,689 73,420 504 I 34,827 27,796 96,349 21,983 ! 34,435 44,945 16,776 55,465 Mar. 8 49lJ 294 425 I 56,1.18 ! 65,139 9.13 i33,385 24,770 96,443 28,218 I 29,366 35,269 17,395 ! 36,853 Mar. 15 484,180 526 ' 53,109 I 67,598 433 ! 30,882 25,986 80,874 23,300 31,891 36,509 18,807 j 35,265 Mar. 22 514,262 296 i 81,402 j 61,817744. \ rx437 ! 28,939 24,960 86,421 16,325 ; 32,364 34,441 21,454 I" 47,349 Gold with h\ R. I i agents: Mar. 1 L, 982,061 128, 741,164 i 130,913 ! 1840,38 i 32,897 70,826 337,407 74,722 22,762 34,647 11,253 212,894 Mar. 8 2,030,161 126, 740,909 : 142,440! 1853,00 I 36,204 80,991 340,358 75,522 I 29,114 36,447 10,662 225,367 Mar. 15 |2,090,124 124, 770,673 i 146,784 186,594 31,353 80,709 374,293 74,577 ' 28,379 37,504 10,287 221,705 Mar. 22 J2,061,301 121, 770,489 ! 143,867! 1886,42 I 32,667 83,242 347,736 74,958 i 29,218 39,792 10,685 218,186 G old redemption fund: Mar.l 07,694 13,753 10,000 4,218 i 7,676 4,263 3,516 10,004 2,360 2,761 3,914 1,379 j 3,850 Mar. 8 i 63,595 15,406 ! 10,000 7,234 ! 6,349 I 5,612 2,315 6,909 1,547 1,400 1,775 1,896 I 3,152 Mar. 15 80,435 17,648 : 10,000 10,438 : 4,973 ! 7,077 2,560 12,864 2,477 • 2,128 2,705 2,208 i 5,357 Mar. 22 79,581 20,006 ! 10,000 4,942 ! 2,877 ! 8,479 2,000 19,316 2,082 ! 1,179 3,402 1,740 . 3,558 Total gold reserves: Mar.l :2,951,434 170,359 1,087,3 L4 210,637 i 246,729 ' 74,897 107,331 466,489 102,673 • 69,272 86,106 38,190 ' 291,437 Mar. 8 2,955,873 174,730 !l,090,449 216,926 •' 248,147 | 78,033 113,293 466,571 108,926 I 69,209 76,100 38,847 ! 284,642 Mar. 15 2,976,022 176,605 i I, 056,470227,007 | 258,437 I 75,167 1L4,493 491,007 104,403 I 7.1,747 79,356 40,341 1 280,979 Mar. 22 |2,976,703 178,278 jl, 083,872 2.12,900 256,451 72,961 115,458 476,549 97,202 I 71,864 80,340 43,0.1.9 j 287,809 Legal tender notes, I silver, etc.: Alar.l 129,359 22,323 • 35,131 8,587 8,029 I 6,091 4,584 13,047 14,152 570 5,657 6,045 ' 5,143 Mar. 8 128,087 21,925 ! 35,128 8,393 7,523 i 6,855 4,731 12,071 14,452 609 5,254 6,121 i 5,025 Mar. 15 125,375 22,658 ! 34,081 6,753 7,273 I 6,674 4,673 12,298 15,060 612 5,102 5,838 , 4,353 Mar. 22 127,907 21,920 ; 33,078 7,974 7,515 ; 7,345 4,555 11,963 16,463 ! 645 4,893 5,983 I 5,573 Total reserves: I Mar.l 3,080,793 192,682 ' 1,122,445 2;19,224 254,758 !80,988 111,915 479,536 116,825 i 69,842 91,763 44,235 i 296,580 Mar. 8 3,093,960 196,655 1,125,577 225,319 255,670 j 84,888 118,024 478,642 123,378 '69,818 81,354 44,968 1 289,667 M M a a r r . . 2 1 2 5 1 1 3 3 , , 1 1 0 0 1 4 , , 3 6 9 1 7 0 2 ] 0 9 0 9 , , 1 2 9 6 8 3 j ' J 1 , , 0 1 9 1 0 6 , , 5 9 5 5 1 0 2 2 3 2 3 0; , 7 8 6 7 0 4 ' 2 2 6 6 5 3 , , 7 9 1 6 0 6 8 8 1 0 , , 8 3 4 0 1 6 1 12 1 0 9 , , 0 1 1 6 3 6 5 4 0 8 3 8 , , 3 5 0 1 5 2 1 1 1 1 9 3 , , 4 6 6 6 3 5 I !7 7 2 2 , , 3 5 5 0 9 9 8 8 4 5 , ,2 4 3 6 3 8 4 4 6 9 , , 1 0 7 0 9 2 ' . • 28 2 5 9 , 3 3 , 3 3 2 82 Bills discounted: ! Secured by U.S. Government I obligations— 285,376 12,279 61,530 55,833 j25,344 32,742 13,272 33,925 10,504 I 4,490 8,231 5,465 I 21,761 Mar. 8 238,497 12,373 41,279 49,100 !20,990 30,416 11,486 27,154 9,656 ! 3,711 7,713 5,091 ! 19,528 Mar. 15 229,068 14,489 37,970 46,638 j21,232 32,601 11,281 21,223 8,406 ! 3,653 7,419 4,139 i 20,017 Mar. 22 227,138 14,973 34,063 49,299 19,517 31,773 11,607 21,527 9,824 I 3,795 6,717 3,797 i 20,246 All other- Mar. 1 422,175 35,470 28,793 19,125 40,964 40,937 38,218 65,908 22,796 !29,588 29,517 32,480 38,379 Mar. 8 392,544 28,880 27,152 13,048 38,296 40,067 34,398 57,346 22,379 I 28,093 29,359 31,947 41,579 Mar 15 362,662 21,594 26,328 13,574 31,170 40,422 32,535 55,254 20,166 i 27,027 26,550 31,199 36,843 Mar. 22 388,769 25,338 34,828 19,160 32,451 I 42,894 36,595 58,391 21,107 j 25,751 25,737 31,014 35,503 ] Jills bought in open i i ma M M M M rk a a a a r e r r r . . . t . : l 2 8 1 2 5 1 9 8 8 0 5 7 7 1 , , , , 3 7 0 9 1 3 4 3 1 0 5 1 1 1 1 1 2 2 0 0 , , , , 8 6 3 4 0 0 5 9 3 2 7 2 3 3 2 3 2 4 8 3 , , , , 0 1 4 1 3 7 2 2 4 9 8 8 1 1 1 1 6 6 5 5 , , , , 4 0 5 3 9 9 9 2 9 6 2 2 3 3 3 2 , , , , 0 2 9 4 7 6 8 2 1 7 0 7! 2 2 2 2 , , , , 3 5 3 3 1 9 0 6 2 3 9 5 1 1 2 1 , , , , 9 0 7 3 2 0 6 0 1 9 3 1 1 1 1 1 7 9 3 6 , , , , 3 3 5 6 9 8 7 7 3 7 0 8 1 1 1 1 , . , . 1 2 2 2 2 4 8 4 9 7 7 8 ( i I i 1 1 1 1 5 5 5 5 j 8 6 1 , , 8 0 , , 3 3 3 0 3 1 3 6 1 8 7 2 U. S. bonds and i ! notes: M M M a a a r r r . . . l 8 15 2 1 1 1 0 8 5 3 8 , , , 0 7 3 9 7 2 3 3 2 4 4 4 , , , 4 4 8 7 7 6 7 7 2 7 5 6 7 3 3 , , , 3 5 0 7 4 2 1 8 4 , . i 1 1 1 4 4 4 , , , 7 7 7 2 2 2 5 4 4 1 1 1 8 8 8 , , , 5 3 3 0 8 8 5 0 0 i i i 1 1 1 , , , 2 2 2 3 3 3 3 3 3 1 1 1 1 1 1 3 4 4 2 3 3 3 9 1 , , , 5 4 1 5 1 9 9 2 7 4 6 5 , , , 1 6 2 3 7 5 0 8 5 : ! 1 1 1 , , 2 9 9 9 0 1 1 5 4 2 3 3 1 0 0 , , , 5 3 4 6 8 8 1 4 2 2 2 2, , , 8 6 8 1 3 1 . 0 6 6 ; j j 2 1 1 3 2 4 , , , 7 2 8 9 5 7 9 2 0 Mar. 22 208,968 4,864 68,268 , 14,764 18,815 j 1,233 114 32,290 7,587 ' 2,270 30,548 2,816 ' 25,399 U. S. certificates of . . i indebtedness: One-year certificates (Pittman A 95,466 8,450 31,900 , 8,000 6,000 ! 3,560 7,366 8,667 3,571 4,350 5,320 1,900 I 6,382 Mar. 8 93,966 8,450 31,400 ; 8,000 6,000 i 3,560 7,366 8,667 3,571 ! 4,350 4,820 1,900 i 5,882 Mar. 15 92,000 8,450 30,400 8,000 6,000 j 3,560 7,199 8,667 3,571 j 4,350 4,321 1,900 j 5,582 Mar. 22 90,500 8,450 28,900 i 8,000 6,000 j 3,560 7,199 8,667 3,571 i 4,350 4,321 1,900 5,582 All M M M M ot a a a a h r r r r . e . . r 2 8 1 1 - 2 5 2 1 1 1 9 6 4 5 1 1 3 4 , , , , 2 6 1 2 7 9 0 5 4 6 2 0 2 2 2 2 5 5 5 4 j , , ,3 7 3 3 2 6 4 3 9 8 8 7 I ! i . 1 4 7 7 7 6 9 6 7 , , , , 5 9 7 2 0 8 1 9 9 4 5 7 ; , ' | 5,0 2 2 2 2 8 7 7 6 3 1 1 1 0 8 4 7 , , , , 0 0 2 1 0 9 3 7 6 3 1 8 ' I ! i 3 1 1 1 1 ! i 4 3 3 2 1 0 0 9 , , , , 4 6 4 9 7 0 9 4 9 6 4 1 6 6 8 8 , , , , 2 5 8 3 4 8 1 5 0 8 2 6 ] I I ! 1 1 3 3 , , , , 2 0 4 5 3 6 0 3 4 3 9 2 7 1 1 4 9 1 3 9 4 7 2 .. 1 . , . 2 2 - 5 5 . 0 . 0 . ! i i 10,0 1 1 0 5 5 4 5 Mun M M ic a i a p r r . a . l l 8 warrants: 1 1 } 0 0 0 2 2 2 1 1 1 0 0 0 2 2 2 M M a a r r . . 2 1 2 5 102 102 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 473 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, MAR. 1 TO MAR. 22, 1922--Continued. RESOURCES—Continued. [In thousands of dollars.] ! Total. Boston. Y N o e r w k. de P l h p i h la i - a . • i C la Jo n v d e . - Rich- i 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. F S ra a n n cisco. Total earning assets: Mar. I...' '1,216,421 98,826 284,543 1.14,310 I 108,186 80,784 : 60.891 185,799 j 48,918 39,782 64,772 42,490 87,120 Mar. 8 1,176,915 92,505 I 277,018 101,593 ! 104,824 77,869 i 54', 374 17-1,540 ! 48,736 •39', 302 72,4.44 41,769 91,941 Mar. 15 1,277,510 85,135 I 377,77 L 103; 161 HO, 071 80,125 : 52,893 165,322 ! 47.832 40,467 68,850 • 41,319 101,564 Mar. 22 1,146,218 88,446 245,696 106,675 , 97,216 81,825 ' 57,847 175,741 52,193 I 39,575 68,146 39/792 93,066 Bank premises: Mar.l 37,232 1 4,960 7,353 • 600 4,306 2,569 1,089 7.142 613 881 4,740 2,105 844 Mar. 8 37,394 4,972 | 7; 375 600 4,397 2.569 1,125 7; 143 643 88.1 4,740 I 2,105 844 Mar. 15 38,005 4,983 ; 7,576 ! 600 4,679 2.570 1,126 7,187 643 899 4,743 ! 2,155 844 Mar. 22 38,237 5,021 ' 7,578 ; 600 4,756 2.571 1,146 7,189 650 j 9U 4.805 ; 2,156 851 5 per cent redemption fund against I F. R. bank notes: M Ma a r r . . 8 1 8 8 , , 1 3 7 6 3 2 I : ; 4 4 2 2 2 2 ! : 1 1 , , 4 5 0 0 6 6 I ! 7 7 0 0 0 0 5 5 3 3 9 9 1 1 8 8 8 8 4 4 6 6 8 8 I 6 6 6 6 5 5 i i 2 2 , , 0 0 2 2 3 3 3 4 1 0 6 5 i 9 9 1 1 6 6 : ! 1 1 3 3 6 6 3 3 9 9 4 4 Mar. 15 8,005 11 122 1,331 I 700 539 188 468 I 665 j 2,023 223 i 916 ' 136 394 "Mar. 22 7,806 •'' 422 i 1,256 I 700 539 188 468 j 665 ! 2,023 214 , 916 I 136 279 Uncoil ected items: ! Mar.l 505,782 I! 46,207 ; 102,006i I! 43,026 ! 47, 081 42,470 ; 21,115 j 68,308 ! 29,478 ! 12,492 ! 34,993 i 21,184 36,822 Mar. 8 486, L90 |i 43,820 ! 91,979 ' 39,318 i 42,446 42,072 • 21,247 j69,451 ! 29,740 ! 13,784 j 35,565 ! 22,827 " 33 935 Mar. 15 607,795 I 55.148 ; 123,814 i 54,1-13 ' 50,380 47,437 ! 27,397 91,471 ! 32,066 ! 14,091 I 40,338 ! 24,066 i 41 444 Mar. 22 521,650 I: 50^008 108,459 45,423 | 52,086 43,527 I 23,610 ; 65,485 28,452 1 12,414 j 34,249 j 22,802 j 35,105 All other resources: Mar. 1 15,759 '; 555 3,750 210 ; 531 470 : 109 ! 954; 383 i 1,076 I 469 i 2,072 I 5 180 Mar. 8 16,216 :! 606 : 3,847 ' 246 I 753 203 ' .106 I 1,043 I 423 I 1,100 i 038 i 2,067 j 5,184 Mar. 15 15,310 'i 499 2,380 ; 276 j 626 131 i 146 = 1,444 | 414 : 1,125 i 676 | 2,059 j 5,534 Mar. 22 15,306 . 537 . 2,364 294 ! 712 125 ! 211 i 1,314 1,181 j 700. 2,048 5,362 Total resources: Mar.l 4,864,349 '; 343,652 1,522,203 378,070 j415,401 207,469 1^5,587 742,404 1 198,270 ! 124,478 197,653 1.112,222 I 426,940 Mar. 8 4,818,848 ; 338,986 1,507,202 : 367,776 '408,629 207,789 I 195,344 731,484 • 204,943 j 125,201 195,657 ; 113,872 ! 421,965 Mar. 15 5,048,022 'I 345,450 1,603,423 392,640 j438,005 212)292 201'196 , 769,394 | 202,441 129,164 199,9,91 1.1.5,914 I 438,112 Mar. 22 4,833,827 ; 344,632 1,482,303 •• 374,5664 !19,275 208,54'2 ' 203,295 738,9,06 , 197,441 I 126,837 194,049 115,936 ; 428,045 LIABILITIES. Capital paid in: Mar.l 103,736 ii 7,969 ! 27,062 8,854 j 11,343 5,463 4,224 14,474 ' 4,623 3,564 4,604 4,194 7,362 M Ma a r r . . 8 15.. 1 1 0 0 3 3 , , 8 9 0 4 2 8 j| ' 7 7 , ,9 9 6 6 9 9 ! j 2 27 7 , , 0 0 6 6 2 2 8 8 . . 8 8 5 5 4 5 1 I 1 1 1 1 , , 3 4 4 5 3 6 5 5 , ,4 4 8 8 9 8 4 4, , 2 2 3 2 1 3 1 14 4 , , 4 4 8 8 3 4 ! j 4 4 , , 6 6 3 3 9 9 3 3 , , 5 5 6 6 4 7 4 4, , 6 6 1 0 1 1 4 4, , 2 1 0 9 2 5 7 7, , 3 3 8 8 4 0 Mar. 22 103,961 •; 7,969 j 27,056 8,855 ! 11,480 5,496 4,241 14,483 4,623 3,574 4,606 4,205 7,373 Surplus: Mar.l 215,398 16,483 i 60,197 17,945 j22,509 11,030 9,114 29,025 9,388 7,468 9,646 7,394 15,199 Mar.8 215,398 ' 16,483 ! 60,197 17,945 ;22,509 11,030 9,114 29,025 9,388 7,468 9,646 7,394 15,199 M M a a r r . . 2 1 2 5 2 2 1 1 5 5 , , 3 3 9 9 8 8 j! ! 1 1 6 6 , , 4 4 8 8 3 3 j • 6 6 0 0 , , 1 1 9 9 7 7 1 1 7 7 , , 9 9 4 4 5 5 I I2 2 2 2 , , 5 5 0 0 9 9 1 1 1 1 , , 0 03 3 0 0 9 9 , , 1 1 1 1 4 4 2 2 9 9 , , 0 0 2 2 5 5 9 9 , , 3 3 8 8 8 8 7 7 , , 4 4 6 6 8 8 9 9 , , 6 6 4 4 6 6 7 7 , , 3 3 9 9 4 4 1 1 5 5 , , 1 1 9 9 9 9 Reserved for Gov- I I ernment franchise tax: Mar.l 1,349 ! 73 281 82 ' 280 330 57 185 61 Mar.8 1,530 11 123 323 110 277 365 31. 195 106 Mar. 15 1,570 ;j 119 382 121 1 290 354 43 189 72 Mar. 22 1,829 11 164 423 156 328 365 76 206 111 Deposits: Government- M M M M a a a a r r r r . . . . 8 2 1 1 2 5 6 6 2 1 0 6 4 6 , , , , 3 7 2 7 5 8 0 7 9 9 7 0 j I i ! j i 3 2 5 , , , 4 6 2 8 1 3 4 6 7 0 3 9 2 1 3 6 7 , , , 3 1 0 4 1 8 3 4 6 9 5 9 4 1 1 1 , , , , 1 9 4 4 2 0 3 1 9 1 4 2 i 2 4 , ,9 5 7 5 5 2 5 6 1 5 9 4 2 4, , 1 5 7 3 6 8 2 2 3 2 4 9 6 6 2 1 , , , , 1 3 9 5 9 7 0 5 4 1 1 3 5 8 1 1, , , , 2 8 7 3 3 2 4 0 6 5 2 2 3 2 2 , , , 9 6 0 1 7 2 7 3 7 3 0 3 3 1 1 , , , 9 4 3 6 5 3 8 6 9 9 2 2 3 2 4 1 , , , , 7 6 6 4 4 2 5 6 . 2 0 7 3 . 2 1 1 , , , 3 9 0 6 3 8 6 6 0 0 5 6 6 1 , , , 4 9 6 0 8 7 6 8 7 1 6 8 Member bankreserve account- M M M Ma a a a r r r r . . . . 8 2 1 1 2 5 1 1 1 1 , , , , 8 6 7 7 4 2 1 6 5 5 9 7 , , , , 4 0 9 8 6 9 1 4 9 3 0 2 1 1 1 1 0 1 0 1 9 3 9 1 , , , , 2 5 5 0 3 0 5 9 6 4 2 8 7 6 6 6 5 3 8 7 7 4 1 4 , , , , 2 5 9 0 3 5 4 8 3 3 3 0 1 1 1 1 0 0 0 1 8 0 4 L , , , , 5 5 2 2 3 4 4 1 3 5 2 . 0 ' ! ' < 1 1 1 1 3 3 4 3 1 0 8 4 , , , , 1 9 4 7 1 2 0 9 1 6 0 7 5 5 5 53 5 3 4 , , , , 0 1 4 7 2 7 2 6 5 6 6 4 , 4 4 4 4 4 9 3 8 , , , , 5 5 9 4 3 8 7 42 3 3 0 2 2 2 2 4 4 5 6 5 8 4 4 , , , , 5 1 5 4 0 9 2 1 5 1 8 2 7 6 6 6 6 0 2 6 , , , , 5 8 4 3 8 8 9 6 5 4 6 0 4 4 4 4 5 3 2 4 , , , , 4 5 2 0 7 9 9 2 9 4 2 2 7 6 7 7 8 1 1 3 , , , , 5 3 0 4 0 6 5 4 3 1 5 9 4 4 4 4 4 3 6 4 , , , , 8 2 2 7 1 2 3 6 9 5 0 4 1 1 1 1 1 1 1 2 6 8 8 2 , , , , 0 8 6 9 5 3 6 1 3 1 6 2 All other- Mar. 1 32,607 887 10,788 1,011 i 768 i 424 382 2,31.6 768 541 701 939 13,082 Mar.8 35,938 862 10,792 1,016 756 438 463 2,528 1,082 470 683 957 15,891 Mar. 15...... 51,181 1,858 14,151 1,764 i 1.800 ! 986 553 2,922 1,426 804 2,757 1,167 20,993 Mar. 22 40,382 800 10,453 1,250 , 810 399 361. 2,150 790 443 997 567 21,362 Total deposits: M Ma a r r . . 8 l ' ; 1 1 , , 8 7 1 8 8, 0 4 , 4 0 6 55 1 11 1 4 7 , , 2 8 2 2 9 1 7 6 0 9 7 8 , , 9 0 4 7 7 4 I 1 1 0 1 7 0 , , 1 9 5 4 9 4 , " 1 1 3 3 8 2 , , 1 3 2 8 9 8 ! ! 5 5 6 5 , , 1 7 7 8 9 i 4 5 7 0 , , 8 7 9 0 7 5 2 2 6 4 2 9 , , 2 8 0 5 9 8 6 74 6 , , 0 8 3 9 9 1 4 44 6 , , 0 2 1 2 6 5 7 7 3 6 , , 2 8 0 9 5 3 4 4 7 6 , , 1 1 6 2 2 4 1 1 3 3 6 8 , , 2 3 4 7 4 9 Mar. 15 '1,913,463 1.12,027 772,093 • 113,731 i 150,955 56,886 51,707 268,570 68,759 47,722 78,710 47,427 144,876 Mar. 22 11,774,583 115,879 662,868 I 106,829 , 136,695 j57,587 54,997 259,020 69,505 47,124 73,180 47,396 143,503 F. R. notes in actual i \ ' i circulation: M Ma a r r . l 8 , ' 1 2 2 , , 1 1 9 9 6 7 , , 9 4 8 3 3 4 1 1 5 5 5 5 , , 8 1 9 5 8 2 I 6 6 2 2 6 8 , , 6 2 7 8 3 0 I 1 1 .1 8 8 7 8 , , 3 4 4 6 6 3 ' 1 1 9 9 6 5 , , 8 9 3 3 9 1 ! 9 94 4 , , 1 5 9 4 9 4 ! j 1 1 1 0 L 9 , , 2 3 7 8 7 5 3 3 6 6 9 9 , , 1 5 8 3 0 3 8 8 5 3 , , 1 3 8 2 0 8 5 52 2 , , 5 1 9 3 0 4 6 6 1 1 , , 8 9 8 6 1 0 2 2 9 9 , , 3 01 8 5 7 ! j 2 2 2 2 8 7 , , 4 8 3 0 5 7 Mar. 15 ,12,188,593 153,814 ! 626,501 ' 188,167 ' 195,727 ' 92,946 I J10,613 369,575 82,457 52,477 62,123 28,689 i 225,504 Mar. 22 12,183,374 153,976 j 625,844 | 186,202 i 195,696 | 92,603 1 110,971 369,825 80,962 52,297 62,161 28,004 ! 224,833 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

474 FEDERAL, RESERVE BULLETIN. APRIL, 192*2. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, MAR. 1, TO MAR.22,1922—Continued. LIABILITIES—Continued. [In thousands of dollars.] Total Boston.! Y N o e r w lc . i : 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. 1 M ap i o n l n is e . - F ci r s a c n o - . F. R. bank notes in circulation — net j | liability: Mar/1 80,095 8,246 ! 1.7,361 j 7,863 5,761 3,034 5,650 8,207 ; 3,232 ! 3,627 9,447 ! 2,708 4,959 Mar. 8 79,633 8,208 i 17,092 I 7,878 5,778 3,118 5,757 i 8,301 ! 3,339 ; 3,775 8,981 j 2,887 4,519 Mar. 15 78,029 8,364 ! 15,851 \ 7,971 5,812 3,028 5,653 8,358 :. 3,338 3,820 8,683 I 2,829 4,322 Mar. 22 78,863 8,394 j- 15,824 I 7,978 5,795 2.960 5,798 8,417 ! 3.381 • 3,849 9,075 2,924 4,468 Deferred availability j items: Mar.l 432,241. 36,266 '9,445 ; 43,215 40,723 36,317 15,613 ! 55,370 28,298 j 10,297 34,385 20,893 31,419 Mar. 8 424,41.8 35,904 i 7r2o; °8°8°8 37,753 38,676 37,211 15,928 i 56,240 29,524 ! 1.2,632 36,430 ; 21,669 29,563 Mar. 15 529,912 45,759 ] 97,626 55,137 50,473 41)929 18,845 I 75,278 33,182 • 12,983 ! 35,416 ! 23,691 39,593 Mar. 22 ". 458,377 10,834 86,519 45,833 45,954 37,783 17,086 I 53,891 28,862 I .1.1,374 34,550 ! 24,330 31,361 All other liabilities: i Mar. 1 16,101 896 3,237 704 1,005 622 674 3,939 001 736 i 1,522 1,187 Mar. 8 16,578 918 3,286 731 1,096 682 675 4,043 (\oi> i 728 • 1,550 1,253 Mar. 15 17,109 915 3,711 713 1,073 694 679 4,105 635 ! 938 730 j 1.682 1,234 Mar. 22 17,442 933 3,572 768 1,143 755 723 4, 245 644 1 945 720 i 1.683 1,308 Total liabilities: Mar. 1 t, 8(54,349 343,652 = 1,522,203 378,070 415,401 207,469 195.587 742,404 ! 198,270 :124,478 197,653 112,222 42.'), 940 Mar. 8 4,818,848 338,986 11,507,202 367,776 408,029 207,789 195)344 731,484 ; 204,943 125, 201 195,057 113,872 421,965 Mar. 15 >, 048,022 345,450 1, 603,423 302,640 438,005 212,292 201,196 7(59,394 202,441 .129,104 199,991 115,914 438,112 Mar. 22 4,833,827 344,632 1,482,303 374,566 41.9,275 208,542 203, 295 738,906 197,441 120,837 194,049 115,936 428,045 I MEMORANDA. i Ratio o[ total reserves to deposit and F.R. note liabilities combined— 1 per cent: Mar.l 76.7 70.4 84.1 73. 2 76.3 53.7 70.0 I 76.8 ' 71.0 66.1 58.6 80.9 Mar. 8 77.8 73.0 84. 9 76.5 77.7 o(y. 6 74.1 ! 77.3 78.4 72.3 60.2 59. 0 79. 6 Mar. 15 75.6 75:0 78.0 77.4 76.6 54.6 73.4 i 78.9 I 79.0 i 72.2 00.0 60.7 77.0 Mar. 22 78.4 74.2 86.7 75. 4 79.4 53.5 72.3 j 77.7 ! 75.5 ! 72.9 03.0 65. 0 79.7 Contingent liability on bills pur chased for foreign corre- ! spondents: Mar.l 32, 258 2,336 I 12,002 2,560 2,624 1,568 1,152 3,808 I 1,504 864 1,536 i 832 1,472 Mar. 8 32,052 2,336 ! 11,796 2,5(50 2,624 1,5(>8 1,152 i 33),880088 !j 1)504 ' 8(54 1,530 832 1,472 Mar. 15 30,343 2,237 ! 10,942 2,452 2,513 1,502 1, 103 ! 3,647 ; 1,44L 828 1,471 , 797 1,410 Mar. 22 28,456 2,072 I 10,489 2,271 2,327 1,391 1,022 '" 3,378 1,334 1,362 738 1,306 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] Total. 1 W 5 i d t a h y in s. 1 d 6 a t y o s . 30 31 d a to y s 6 . 0 61 d a to y s 9 . 0 O d v a e y r s 9 . 0 Bills discounted: Mar. 1 707,551 413,826 75,111 106,617 69,538 42,459 Mar. 8... 631,041 345,054 76,492 102,340 69,709 37,446 Mar. 15 591,730 317,482 73,175 97,705 67,223 36,145 Mar. 22.... 615,907 337,022 73,540 100,551 69,048 35,746 Bills bought in open market: Mar.l... 95,730 45,348 15,855 16,991 16,795 741 M M a a r r . . 1 8 5 r 10 8 1 7 , , 9 3 3 1 1 1 2 4 7 3 , , 7 1 2 7 3 1 1 1 8 4 , , 7 4 0 2 7 7 2 2 3 3 , , 1 8 8 1 6 3 1 1 6 2 , , 6 1 4 0 0 1 4 4 , , 5 9 0 6 7 7 Mar 22 87,045 32,227 17 096 23,004 12,187 2,531 United States certificates of indebtedness: Mar.l 249,816 44,086 2,125 15,458 1,000 187,147 Mar. 8 . 255,068 44,998 13,909 10,587 500 185,074 Mar. 15 383,274 167,362 14)763 3,700 500 190,949 Mar 22 234,196 17,117 13,033 2,700 20,064 181,282 Municipal warrants: Mar. 1 102 102 Mar. 8 . 102 102 Mar. 15 102 102 Mar. 22 102 102 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 475 FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, MARCH 1 TO MARCH 22, 1922. [In thousands of dollars.] Total. :! Boston. | | 1 do P l h p i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta.;Chicago. St. M ap i o m li i s c . - I ; K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . : i Net amount of F. R. notes received from Comptroller of the Currency: I i Mar. 1 , 444, 451 ' 293,925 |1,166,550 ! 215,781 250,276 126,976 187,746 536, 743 125,767 63,493 !82,384 53,672 311,138 Mar. 8 ,423,514 1 292,231 !1,157,411 i 248,308 247,637 125, 782 188,910 530,893 124,567 62,845 81,183 53,083 310,691 Mar.] 5 , 407,483 289, 952 |l 146,711 ! 250,651 247,131 123,932 187,129 524,828 .1.23,122 64,710 81,241 52,707 315,369 Mar. 22 , 397,570 287. 567 !l.,137,036 ] 253,734 2.16,380 .1.27,115 186,662 520,191 121,503 66,469 86,929 52,105 311,849 F. It. notes on hand: Mar.l 917,791 130, 450 369,010 ! 39,960 38,000 26,200 73,861 131,980 24,860 8,525 12,690 21,355 40,900 Mar. 8 883,101 131, 050 i 352,020 I 41,960 33,100 25,360 71,621 128,180 24,260 7,395 11,230 20,425 36,500 Mar. 15 879, 711 !' 131,050 i 3-46,770 ' 46,960 33,300 24,620 70,966 118,440 24,060 9,715 10,730 20,600 42,500 Mar. 22 874,196 !: 127,450 ! 334,230 j 49,560 33,300 28,160 70,146 115,700 24,060 11,620 16,450 21,020 42,500 F. R. notes outstanding: Mar.l ,526,060 163,475 I 797,540 205,821 212,276 100,776 113,885 404,763 100,907 54,968 69,694 32,317 270,238 Mar. 8 ,540,113 161,184 | 805,391 206,348 214,537 100,422 .1.17,289 402,713 100,307 55,450 69,953 32,658 274,191 Mar. 15 ,527,772 158,902 ! 799,911 . 203,691 213,831. 99,312 116,163 106,388 99,062 54,995 70,511 32,107 272,869 Mar. 22 ,523,374 160,117 802,806 | 204,174 213,080 98,985 116,516 404,491 97,143 54,849 70,479 31,085 269,349 Collateral security for F. R. notes outstanding: Gold and gold certificates— Mar.l 344,013 i 5,600 296,925 I 13,375 2,400 5,960 13,052 6,701 Mar. 8 344,012 j 5,600 296.924 , . .. .. 13,375 2,400 5,960 13,052 6, 701 Mar. 15 403,713 : 5,300 356.925 I 13,375 2,100 5,960 13,052 6,701 Mar. 22 103,7.1.2 ! 5,300 356,924 | 13,375 2,400 5,960 13,052 6,701 Gold redemption fund- j Mar. 1 114,401 12,938 33,239 ! 10,524 10,663 2,102 5,426 14,763 3,662 1,510 3,287 3,068 13,219 Mar. 8 121,616 11,247 32,985 j 12,051 11,925 3,409 4,591 14,713 4,462 2,862 2,087 2,477 18,807 Mar. 15 118,317 8,966 32,748 ! 13,395 13,219 4,558 2,809 15,649 3,017 2,127 3,144 2,102 16,583 Mar. 22 123,271 16,579 I 32,565 j 10,478 15,267 2,872 4,812 15,091 3,398. 2,966 2,432 2,500 14,281 Gold fund—F. j R. Board- Mar. 1 523,647 110,000 !411,000 120,389 160,000 30,795 ! 63,000 322,644 65,100 | 8,200 31,360 1,484 199,675 Mar. 8 564,533 110,000 i 411,000 330,389 160,000 32,795 j 74,000 325,645 65,100 i 13,200 34,360 1,484 206,560 Mar. 15 568,094 110.000 !381,000 133,389 160,000 29,795 | 75,500 358.644 65,600 I 13,200 34,360 1,484 205,122 Mar. 22 534,378 100)000 i 381.000 133,389 160,000 29,795 j 76; 000 332.645 65,600 I 13,200 37,360 1,484 203,905 Elig A ib m le ou p n a t p e r r e - - i I j ! j quired— ! ! Mar. 1...I 544,599 34,937 ! 56,376 i 74,908 28,238 67,879 ! 43,059 67,356 26,185 32,206 35,047 21,064 57,344 Mar. 8...i 510,282 34,337 I 64.482 • 63,908 29,237 64,218 i 36,298 62,355 24,785 26,336 33,506 21,996 48,824 Mar. 15..! 437,618 34,636 i 29; 268 . 56,907 27,237 64,959 ! 35,454 32,095 24,485 26,616 33,007 21,820 51,164 Mar. 22..1 462,013 38,238 ; 32,317 60,307 24,438 66,318 ! 33,274 56,755 22,485 25,631 30,687 20,400 51,163 Excess1 amount ' held— ! Mar. 1... i 222,139 25,614 i 49,267 ! 1,264 41,312 5,783 10,001 49,715 8,175 608 2,725 16,892 10,783 Mar. 8. 197,291 ! 19,519 ! 22,348 ' 7,886 33,512 8,391 10,266 41,711 8,537 4,422 3,602 15,057 22,040 Mar. 15.. I 212,417 ! 11,804 I 50,088 : 7,111 28,097 7,585 9,788 61,040 5,334 3,243 991 13,533 13,803 Mar. 22.., 214,617 i 12,565 ! 58,895 ! 11,532 29,957 9,155 16,950 36,488 9,685 2,879 1,796 14,426 10,289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

476 FEDERAL RESERVE BULLETIN. APRIL, 1922. CONDITION OF MEMBER BANKS IN LEADING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM FEBRUARY 21 TO MARCH 15, 1922. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, f Amounts in thousands of dollars.] I Total. . Boston. Y N o e r w k. d P el h p i h la ia - , C la lo n v d e . - ' I m R o ic n h d - . lanta. Lo S u t. i s, j M ap i o n l n i o s. - ; j K C a i n ty sa . s ! , F c S i r s a a c n n o - . I Number of reporting banks: Feb. 21.., 807 1081 1.1.0 37i 35; 79, 68 Mar. 1 807 1081 110' 37i 35: 79; Mar. 8 806 10S| 58 110 37; 79i 68 Mar. 15 80.: 108| 58 109 37: 35j 79i 68 Loans and discounts, including bills red iscoun l.od with F. R. banks: Secured by U. S. Government obligations— Feb. 21. 435,557 I 25,861 159,032 43,330 42,956 17,531 12,6.1.1 68.585 .16,724! 9,773! 15,821 5,4S2 17,851 Mar. 1 426,94SJJ 24,812 152,008 42,908! 42,549J 17,844j 12,501 70,048 15,507, 9,294! 15,234! 5,466 1.8,777 Mar. 8 419,058 i 28,728 148,955 41,368 42,304i 17,489 12,252 68,708! 15,501: 9,098l 15,048; 5,475 19, 132 Mar. 15 409, 973 ! 24,684 143,351. 40,170 42,642 17,059 1.1,512 70,659 1.4,512 8,999j 13. U5j 5,477 17,793 Secured by stocks and bonds (other than U. S. Government obligations)— Feb. 21.. 8,092,451 214,3681,342,001 201,970 322,794 107,673 53, 533 445,5.14 123,8011 32,439, 62,782; 41, 532 144,044 Mar. I. 3,130,35 L 215,383 1,373,135 201,568 332,793! .107,710 54,376 4,13,456 124, 536! 32,180! 63,3621 40,192 141,660 Mar. 8 3,110,778 2.1.4,37211,348, .1.15208,642 328,3621 108,432 54,205 447,226 124,145 31,068 63.4161 41, 858 140,932 Mar. 15 3,134,840 1 207,398 1,393,529 197,732 324,830 107,239 53,341. 443,925 129,929 29,325 64,620j 41,332 141,640 All other— Feb. 21 7,322,506|. 568,359 2,427,714 324,861 638,899 31.1,81.2 283,988 1, 059,009296,329' 200,157; 347,350!186,662 677,366 Mar. I 7,360,236=1 566,318|2,448,147 324,368 627,399 31!., 074 285,634 I,069,125!295, 5321 200, 1.021353,679,189,474 689,384 Mar. 8 7,366,304J | 565,605|2,449, 868 321,284 630,4261 311,644 285, 539 1,. 068', 300203.466' 202,8781 852, ()97!1.88,860 696,432 Mar. 15 7,364, 229 ! 570,707 2,470,931 325,547 626,0041 309,704 284,737 1,053, 512292; 0571197,983 348,819'188,052 695, 576 Total loans and discounts, including bills rcdis- i discounted with F. R. banks: Feb. 21 10,850,5 L4| I 808,58813,928,747 570,161 1.,004,649 437,01.6 350,1.32 1,573,108 436,854! 242,369- 425,9531233,676 839,261 Mar. 1 10,91.7,53511 806,51313,973,290 568,844 1,002,74.1. i 486,628 352,51J "582,6291 435,575' 241,576' 432,275 235,132 819' 821 Mar. 8 l0,896,225|j 803,70o'.3,946,933 571,294 L, 00.1,092 437, 565351,996 L584, 234] 433,1.1.2, 243,04 4 j430,561 236,193 856,496 Mar. 15 10,909.042 ! 802,789 4/007,811 563,449 993,476| 434,002 349,5901,568,096 437, 0981236,307! 426,554! 234,861 855,009 U. S. bonds: Feb. 21 994,8(54 | 48,81.2 397,135 48,102 122,167| 59,749 26,588 76,175 26,1.78' 20.225 37,382| 34, 594 97,762 Mar.l 994,4421 i 49,138 397, 941 48,641. 122,722i 57,413 26,448 79,569 25,3711 19', 634! 36,532' 34,373 *96,660 Mar. 8 997,6631 49,563 402,941 48,653 .121,684! 58,103 26,037 79,088 24,552 18,459j 37,077; 34,453 97,050 Mar. 15 1,009,0421 j 49,617 404,300 50,560 123,074) 58,046 25,236 84,121 24,667 17, 974; 37,816! 34,663 98,968 U. S. Victory notes: Feb. 21 144,5631! 3,296 76,057 9,291 16,123 2,096 1,104 1.5,856 4,454 361 2,618, 1,217 12,090 Mar.l 149,986)! 3,219 79,900 9,597 16,408 2,099 1,133 16,258 4,364! 364 2,600. 1,215 12,829 Mar. 8 148,0071 i 2,681 75,282 11,259| 17,032! 2,005 2,535 15,499 4,284, 385 2,713! 1,195 13,137 Mar. 15 73,919j 2,509 21,000 7,2431 5,473 2,018 1,11.3 13,280 4,469| 844 2,144j 1,036 12,790 U. S. Treasury notes: Feb. 21 295,891 !j 14,918 158,788 17,708i 14,725 5,925 1,531 39,736 4,506 5,619 8,930' 3,787 19,7.18 Mar.l 272,513|j 14,706! 146,435 16,15i| 14,384 5,758 1,504 33,584! 4,784 5,618;' 7,493| 3,785 18,308 Mar. 8 272,588,1 14,498| 151,318! 14,277| 13,968 5,532 1,491 34,042j 2,657 5,668 7,708; 3,785 17,644 Mar. 15 364,270 | 14,247 218,348 1.8,159] 26,011 6,220 1,488 39,978 6,0751 5,618! 7,146| 4,334 16,646 U. S. certificates of indebt- I edness: Feb. 21 168,398,1 5,514 95,678 5,8| 6,975 2,644 3,282 13,225 4,922 5,561 4,837, 4,339 15,615 Mar.l , 141,958,' 5,122 09,335 6,370j 6,148, 2,138 3,276 13,826 5,061 5,544 4,852' 5,.237 15,549 • Mar. 8 ; 152,4931! 4,782 81,31.1 5,813! 6,15l! 2,038] 3,365 13,266 6,916 3,914! 5,5551 4,258 15,124 Mar. 15 ! 213,8731' 9,802 83,729 8,984| 9,326 4,569 3,124 53,807 6,486 6,987: 6,448: 4,831 15,780 Other bonds, stocks, and j securities: Feb. 21 I 2,087,932' 142,795 724,239 164,361 278,747| 48,430 36,472 384,686 69,685 21,407 46,978' 8,040 162,092 Mar.l 2,068,706' 140,504j 704,106 163,375' 278,679; 49,189! 32,308 383,885 70,058; 21,623 48,985' 8,877 167,117 Mar. 8 I 2,059,609' 140,7371 696,782 162,894! 277,102' 48,97l| 33,664 386,548 69,470- 21,682, 48,548' 8,433 164,778 Mar. 15 i 2,057,0461 140,062 705,876 162,800 271,754' 48,989 33,910 389,274 70,881, 21,613| 48,111' 8,359 165,417 Total loans and discounts I I, and investments, including bills rediscountod with F. R. banks: I I! Feb. 21 j 14,542,162j; 1,023,923 5,380,644 815,429iJ.,443,386i 555,860; 410,109 2,102,786 546,5941 295,542' 526,698' 285,653 1,146,538 Mar.l 114,545, .140' < 1,019,202' 5,371,007!812,981a,441,082,I 5- 53,225"'' 4—17 ,1~8 0 2,109,2~5"1' 545,213: 294,359, 532,737j 288,619 1,160,284 Rese M F M r e v a a b e r r . . . w 2 8 1 1 5 i th F. R. banks: , , , I 1 1 1 4 4 ,5 ,6 2 3 6 7 ,5 ,1 8 9 f> 2 j ) ; l , 1 1 , , 0 0 1 1 9 5 , , 0 9 2 6 6 6 I ; ! 5 5 , , 4 3 4 5 1 1 , , 0 5 6 7 4 0 J ! 8 8 5 1 1 6 4 1 , , , 9 1 1 0 9 9 0 1 5 : ' 1 1, ,4 4 3 8 2 7 9 7 , , , 0 1 2 2 1 9 9 4 0 ; : | j : 5 5 5 3 5 - 2 3 1 , , , 7 8 2 8 1 4 4 s 4 l ' ! 4 4 2 1 1 9 9 4 , , , 0 4 3 8 6 5 8 1 6 2 2 , , 1 1 1 1 4 8 2 8 0 , , 6 , 5 1 7 5 7 7 6 2 1 | 1 5 5 4 4 4 9 0 5 , , , 6 9 5 7 9 9 6 1 1 1 - j 2 2 8 9 2 9 3 0 , , , 3 1 8 4 5 9 3 2 6 - , 5 5 2 3 4 8 2 7 , , , 2 1 1 1 6 9 9 2 9 1 , , 2 2 2 8 8 8 3 8 , , , 0 5 3 8 3 1 4 9 7 ; 1 1 , , 1 1 6 6 7 4 4 4 , , , 2 6 7 2 1 5 9 0 5 Mar.l I 1,268,930,' 75,533" 594,910 70,1351 91,800, 32,024| 26,879 192,952] 40,431' 20,634! 44,411.! 21,508 79,679 Mar. 8 ' 1,314,440,! 77,694' 616,293 66,033 87,901 33,289 27,215 183,541! 48,623! 18,594 41,4651 21,517 77,438 Mar. 15 1,303,763! 74,404' 623,743 71,959 102,901 33,244J 31,708 201,509' 43,315; 18,807 41,154 22,6111 82,717 Cash in vault: 1,423,369' 73,867, 699,577 Feb. 21 269,541 17,283; 89,004| 14,705 25,916 13,556' 47,926i 6,850, 5,861 11,453 9,061. 19,065 Mar.l 263,092 17,401' 85,1341 14,413 25,544| 13,441' 9,390 46,698' 6,619 5,726 10,681' 9,039I 19,006 Mar. 8 277,334 17,389! 89,7Y8»1lj 14,807 27,233, 13,762! 9,301 49,355 7,104! 6,189 11,871! 9,428i 21,114 Mar. 15 266,082|j 17,238; 80 J187 14,222 26,766 12,9211 9,083 48,167| 7,003; 5,483 10,843i 9,382; 19,787 Net demand deposits: Feb. 21 !10,244,738 ! 740,52114,612,235 616,3021 779,381j 301,479!! 229,3941,320,730' 320,376' 177,989 382,424' 198,312 [ 565,595 Mar.l '10,348,640! 740,348;4,664,791! 632,930! 783,946! 301,728'' 226,6861,339,635! 314,915: 181,871! 393,166! 201,090; 567,534 Mar.8 10,334,114J! 732,690|4,644,257i 637,567) 780,293! 304,839- —233,,—242,.-1,,3-4-0,,6-0.2,; -3-1,7-,-5 52: _1.8..0,.,.4..6..0 ! _3.8.6,_,1_5_2i 199,8871 576,573 Mar. 15 110,598,194! j 744,48014,793,6941 642,487i 806,4911 303,226' 223355,.2255881'l1.,338800.,335511'' 331144,.4444991,' 118811,.778844'' 339911,.884499!! 201,616' 602,509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL EESEEVE BULLETIN. 477 PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM FEBRUARY 21, TO MARCH 15, 1922—Continued. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued. [Amounts in thousands of dollars.] Total. T B - o Q st . o n.: i Y N or o k w i ! j d ! e P l h ph il L a a - j l C an le d< vc- Lo S u t. is. M ap i o n l n i e s. -K C a i n ty sa . s Dallas.! 1 F S r a a n n- : CiSCO. I Time deposits: Feb. 21 3,091,027 189,094J 519,119; 47,781! 470,050 130,383, 142,354' 658,773 157,761 76,855 106,227 62,593! 530,007 Mar. 1 ; 3,084,152' 190,632| 500,457 47,912 470,282, 130,752! 142,710' 659,376 158,292 74,210 103,102 62,493' 543,934 Mar. 8 i 3,104,900 190,851 519,011; 48,277: 472,287: 131,691 i 142,379! 664,442 158,317 '74,319 104,806 60,479 538,041 Mar. 15 ! 3,113,981. 193,388 527,9811 48,236| 471,921' 131,362' 142,042, 663,709 157,863 70,563 104,563 62,668. 539,685 Government deposits: ) Feb. 21 301,320| 23,078 106,040 21,647: 35,667: 8,470 9,014 40,888 9,917 9,299 11,587 8,109J 17,604 Mar. 1 279,602| 21,853' 99,471 i 19,893! 28,621 7,918! 8,590 39,08.1 9,455 8,845! 1.1,170 7,871! 16,834 Mar. 8 278,396| 21,853 99,3961 19,893 28,614' 7,908 8,590 39,042 '9,455 8,845! 11,170 6,796 16,834 Mar. 15 24L, 049! 23,205 101,816: 18,701 19,642 3,078 . 6,460J 34,356 7,282 8,442 7,372 4,699; 5,996 Bills payable with F. R. i banks: Secured by U. S. Government obligations- Fob. 21 119,914' 3,295 34,632! 19,752j 12,191 Mar. 1 123,9L9 2,450: 41,143' 20,223! 15,018 Mar. 8 86,720 2,638 22,243; 16,010 12,826 Mar. 15 82.126! 3,690 19,007! 14,557 13,731 All other— Feb. 21 Mar. 1 408 Mar. 8 476: Mar. 15 468 Bills rediscounted with F. R. banks: Secured by U. S. Government obligations— Fob. 21 10,378ij 320 378; 5,611 Mar.l ll,422j: 928! 1,101 5,584 Mar. 8 1 9,374!. 1,199 1,182! 3,833 Mar. 15 1 8,073 1,764 716' 2,881 All other- ' ; Feb. 21 . 190,0861 i 26,696: 39,211 12,502 31,005 Mar. 1 ] 82,524! 29,514:" 20,620! 13,216 33,222 Mar. 8 158,784. 22,986 19,262 7,265J 30,657j Mar. 15 135,424! i 15,776; 18,343 8,088| 23,934 I MEMBER BANKS IX FEDERAL RESERVE BANK CITIES. Number of reporting banks: Feb. 21 275 10J 15 ' Mar.l 275 10J 15 Mar. 8 275 10 15 Mar. 15 275 | 15 Loans and discounts, including bills rediscounted with F. R. banks: Secured by U. S. Government obligations— Feb. 21... 306,398 21,32,s 141,839 40,429 12,408 3,7291 1,926 54,431 10,912 6,121j 5, ' 1,572 5,811 Mar.l 298,297 20,221 135,15o| 39,965 12,515 3, 625; 1,872 55,724 10,106 5,9181 5,753 1,553 5,890 AEar.8 292,363. 19,352 132,600 38,186 12,253 3,536 1,888 54,587 10,170 5,778! 5,710 1,521 6,482 Mar. 15 286,15-1 • 20,260 127,117 37,514 12,412 3,299! 1,836 56,670 9,982 5,8951 3,849 1,493 5,797 Secured by stocks and bonds (other than U. S. Government obligations)— Feb. 21 2,199,705 169,263 1,167,321 181,837 123,077 15,473 9,697 329,845 92,278 14,460 19,287 10,721 66,446 Mar.l 2,243,333 170,836 1.,202,786 181,059 133,088 15,453: 9,676 93,279 14,386! 19,108 10,276-' 64,502 Mar. 8 2,223,759 169i, , "5"3"6 *1.'., 176,910188,093 131,373 15,326j 9,553 330,983 92,878 13,702; 19,093 10,878) 65,434 Mar. 15 2,252,57? 162,!, 650 1,221,474 177,587 130,417 15,392! 9," 328,738 97,928 13,147 20,012 10,881! 64,763 All other— Feb. 21 4,641,007 427,4062,139,795 291,931 291,718 62,3701 50,783 672,687 178,,117700!! 92,111 121,017 45,036j 267,983 Mar. 1 4,670,046 428,3782,160) 043! 291,460282,054 62,733! 49,935 667799,,33330011 117788,,441133 92,394 124,433 46,479| 274,394 Mar. 8 j 4,672,836 427,3282,162,809! 288,245! 282,927 63,931i 51,058 668811,555588!! 117766,,992200 9933,441144 120,999 45,977! 277,670 Mar. 15 4,696,252 431,386 2,181, 293,474'- 280,727 63,117! 51,183 678,955 177,667766 121,267 46,103; 276,794 Total loans and discounts, j i including bills redis- j co F u e n b t . e d 2 1 w ith F. R. banks:! i 7,147,110 617,994 3,448,955; 514, .I.97I 427,203 81,572' 62,4061,056,963 J 2 , 81,360) 112,692 146,199 57,329 340,240 Mar.l ; 7,211,676; 619,435=3,497,984| 512,4841 427,657 8l,81ll 61,483 1,063,938' 281,798! 112,698 149,294 58,308! 344,786 Mar. 8 17,188,958!! 616,216J3,472,3191 514,821! 426,553 82,793] 62,499 1,067,128, 279,96 112,8941 145,802 58,3761 349,586 Mar. 15 j7,234,984|J 614,29613,530,479! 508,60oj 423,556 8811,8800881 6an2 ,cnoi 1f\t>,.0.i 6o4«O, 36O3CX 2Z.U85,586 112,724; 145,128 58,477! 347,354 U. S. bonds: Feb. 21 538,344' 15, 598 347, 438i34,330' 13,792 6,9381 4,327 24,115, 11, 228 5,125! 13,486 7, 897; 54,070 Mar.l j 538,1881 15,635 348,3601 34, 282! 13,964 5, 846: 4,168 26,513, 10,731 4, 807 i 12, 797 7, 688.1 53,395 Mar. 8 542,756! 16,034 353, 532 34J80j 14.018 5,320| 4,181 25,471! 10,670; 5, 289' 12, 738 7,719! 53,604 Mar. 15 548, 987, 15,551 353, 546 36,442. 14,299] 5, 317 4,181 29,127'. 10,816! 4, 626! 12,778 7,721; 54, 583 U. S. Victory notes: Feb. 21 95,559'! 932 68,819 7,525j 357! 9,488; 3,309i 137, 445 127! 4,411 M Ma a r r . . l 8 1 9 0 5 0, , 0 9 6 5 1 0; 9 4 5 1 5 2 6 71 6 , , 9 6 6 9 3 8 1 ' 7,989; 3 3 5 6 8 7 ! 1 61 6 i 1 -Wn 9 0 , , ,U 3 0r.J 8 \5Ow 6 8| , , 3O 3 'i, , , 2 0 £oU0 9 mi. 6 1, I 1 V1 13O 33I7 77, , 1 4 5 3 1 2 9 1 1 2 0 8 2 ! : 5 5 , , 0 0 3 2 2 4 Mar. 15 40, 308| 3591 14,022| 6,600; 3391 8,894; 3,865) 130= 545 129; 5,416 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

478 FEDERAL RESERVE BULLETIN. APRIL, 1922. PRINCIPAL KESOURCEwS AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM FEBRUARY 21 TO MARCH 15, 1922 -Continued. MEMBER BANKS IN FEDERAL RESERVE BANK CITIKS- -Continued. [Amounts in thousands of dollars.] . ! Total, M Boston. Y N o e r w k. d P el h p i h la i - a . C la lo n v d c . - m R o ic n h d - . la A n t t- a. St. j Mi 'w n l n lo e - - j : K ^L a y n - sas! | , . ! C F S is r a c a n o n . - ._ ._| I . _.: ._ • U. S. Treasury notes: Feb. 21 224, 598 10,05S 150, 576 16,5281 2, 635 3331 275 22,71V 2,503' ; 7,003 2,363: 9,613 Mar. 1 203,053 9,854 13S,454 14,940J 2,418| 306| 276 17,955 3,005 : 6, 1111 2,363! 7,971 Mar. 8 203, 787 9, 646; 143, 328 13, 520; 2, 324| 263 275 18,208 883 50: 5,379; 2,363 i 7, 548 Mar. 15 283,154 9,135 208,679 16, 385' 3,345 635 275 25,985, 3,776; i 5,167! 2,363' 7,419 U.S.ccrtiflcatos of indebtedness: M Fe a b r . . 2 l 1 1 9 21 6 , , 3 3 1 9 8 7 2 2, , 9 5 0 .1 1 3 - | 9 6 0 1 , , 5 3 2 8 2 7 i 4 5 , , 9 5 2 6 4 5! 9 5 0 80 8 ; 33 9 9 2 1 1, , 9 9 9 9 9 3 4 4, , 6 7 5 9 0 7. 4 4 , , 3 2 8 1 2 6 2 2 , ,6 67 6 6 2 i 6 6f 3 ) 9 6| 2 3, , 2 3 4 2 1 0 .1 5 5, , 3 4 0 4 3 0 Mar. 8 106,1451 2,177. 76,368! 4,551* 590: 92 1,963 4,786 6,313 1,032 658! 2,1.1.2 5, 503 Mar. 15 154, 783' *6, 079 77,042 7,944 2, 280 830! 1,733: 37,868 5, 410 3, 810 j 3,189 2,64.1! 5,957 Other bonds, stocks, and securities: M Fe a b. r .l 21 1 1 , , 1 1 1 3 2 1 , , 7 5 9 2 4 7 6 63 5 , , 7 5 0 9 3 7 5 5 4 2 2 1 , , 1 6 3 8 5 2 1 1 3 3 1 1 , , 4 0 0 4 6 0 6 6 4 4 , , 3 1 1 8 8 9 1 ! 3 3 , , 6 82 5 4 1 2 3, , 9 0 5 4. 1 2 , ; 1 1 7 7 6 6 , , 1 0 4 0 4 8 4 4 4 5 , , 9 2 7 9 6 2 : 8 8 , , 4 6 7 2 3 3 1 9 0 , , 6 3 9 2 7 2 - 1 1 , , 2 9 5 8 1 2 . i : 8 8 0 3 , , 8 1 2 9 2 3 M M a a r r . . 8 1 5 •--- • • 1 1 , , 1 0 L 4 L , 5 1 , . 7 8 7 2 2J 6 6 3 2 , ,2 2 0 7 7 5 5 5 2 1 2 4 , , 2 2 5 3 8 5 1 13 3 0 0 , ,7 8 0 5 2 31 ; 6 62 2 , , 7 0 3 3 7 0 i 3 3, , 7 8 7 0 5 01 3 3, , 2 ( 7 9 3 1 : ! 1 1 8 7 0 8 ,9 ,3 6. 3 1 0 .• 4 45 4 , , 9 8. 8 1 9 .3 i :. 8 8, , 6 3 0 2 3 ! 1 9 0 ,0 9 3 0 1 5 . 1 1 , , 4 93 8 0 0 , ' 8 8 2 4 , , 8 3 7 7 8 7 Total loans and discounts and investments, including bills rediscounted with F. R. banks: Feb. 21 9,258, 535 713,1861-1,648, 445j 708,9L0i 509,213 92, 839; 71, 961 jl, 291, 0.7.1 347, 592| 129,103 177, 469. 71, 2S7j 494, 459 Mar.l 9,262,688 711,989k, 642,565- 706,300 5-^0n9o, 1177.5^'j Q9I1 ,o9m4 0 r7(7\ 0t\,(9\^6.\[5 | Lo, o2o 99w,o2 69^ IQ3 4M8M,\ 409IO <*>1 2<V8>,T9 27i"!r o 17a9oo, 622*7'O T7i3n,:7 10AiC \<\ 409197,817 M Ma a r r . . 1 8 5 9 9, , 3 2 7 4 7 1 , , 9 7 9 7 . 8 S 7 7 0 07 7 , , 6 7 2 6 7 0 1 1 - 4 !, , 6 7 2 0 6 6 , , 7 0 4 2 5 6 1 : 7 7 0 0 0 7 , , 7 82 2 9 1 5 5 0 0 6 5 , , 5 $ S 19 0 : 9 9 2 2 , , 2 3 4 9 9 6 7 7. 2 1, , 1 9 9 9 4 1! ; 1 1 , , 3 34 0 7 3 , , 3 1 0 9 9 8 ; 3 3 4 55 5 , , 9 2 1 6 9 6 1 J 2 2 8 9, , 0 6 0 1 5 L 1 1 7 7 5 6 ,0 , 0 8 1 3 . 8 : 7 7 2 3 , , 1 2 5 6 2 1' ' 5 50 0 5 4 , , 1 1 0 4 6 3 Reserve with F. R. banks: Feb. 21 927,987 61,315: 550,989 51,577 26,012 5,361 4,9.13" 131,090 33,973' 10,368 17,1.38 6,53.1 i 28,720 Mar.l 965,492 62,152| 570',817 63,677i 26,859 5,595, 5,098 139,971 29,758 10,337 15,985 6,304! 28,939 Mar.8 958,41.8 59,874 j 577,673. 60,282 27,066 5,692 4,731; 130,658 36,199i 8,034 13,248 5,663; 29,298 Mar.15 1,048,05-1 58,648! 653,827 66,560 29,244. 5^207' 4,995! 1.38,420 31,7011 8^ 193: 13^859, 5,697 j 31,700 Cash in vault: Feb. 21 148,687 | 8,745! 77,046 11,654. 6,845! 869! 1,44.7. 27,298' '3,1.55! 2,020 2,465 1,482! 5,661 Mar.l 145,677! 8,693! 73,898 11,532! 7,036i 8951 1,552 27,685 3,074; 1.799 2,349" 1,347' 5,817 M Ma a r r . . 1 8 5 ..... 1 1 4 5 5 3 , , 8 7 2 2 9 6 1 ! 8 8 , , 5 5 6 4 9 6 ! 7 7 7 4 , , 7 0 7 6 7 2 1 1 2 1, , 5 1 9 6 1 9 7 7 , , 2 1 7 4 1 7 , 9 7 3 8 3 0 1 1 , , 7 7 1 3 8 1 = 2 2 9 7, , 4 0 0 9 0 1 • 3 3, , ( 1 ) 8 5 6 7 ! : 2 1 , ,9 1 2 9 4 7 2 2 , , 5 2 0 1 7 3 J : 1 i. . ; 5 3 4 0 41 6 5 , , 7 9 7 37 8 Net demand deposits: Feb. 21 7,176,4451 576,3174,139,191: 536,473 191,319 46,884! 35,9061 921,926 223,4B5i 83,209 138,6741 5533,317 226,734 Mar.l 7,253,7141 i 577,2361,190,6-17; 553,3 L9 195,415 46.992; 35,528i 934,163; 21.9,355] 8-1. L10 141,785! 5555,368 219,796 Mar.8 7,223, L991 571,305 1,172,449: 558,008 194,362 ' 47/971. 3o,55L1 929,568! 220,723 81,530! 138,033! 54,559 21.8,140 Mar. 15 7,412,824i 580,329 -t, 31.0,969 562,353 201,987 •15,907- 37,810 945,722 215,173 83,1611 140,986: 56,199I 232,228 Time deposits: Fobi'21 1,428,790 77,690" 329,864 32,110 271,021- 23,227. 21,783 315,973 9l,422i 27,396; 13,91.41 7,625: 216,765 Mar.l 1,422,292 78,569 312,16^ 32,153 271,358 23,161: 22,101 316,571| 91,799i 27,530 1.0,910! 7,671 228,304 Mar.8 1,443,858 78,607i 329,789; 32,306 272,197 23,337j 21,999 317,479! 91,684 27,635 10,915' 7,653: 230,257 Mar.15 1,453,107' 80,717! 337,002] 32,131 271,362 23,368| 22,006 316,595 91,4S7 27,407 10,891. 7,708] 232,313 G ovornment deposits: [ Feb. 21 215,063i 18,824' 97,707| 19,788 4,569" 2,933] 2,840: 30,725! 7,887 4,349 8,693 5,253! 11,495 Mar.l 202,233! 17,820= 91,560] 18,103. 4,182. 2,7381 2,718 29,1.21' 7,525. 4,095 8,334; 4,956! 11,081. Mar.8 202,399 17,820" 91,560i 18,103: 4,182 2,738J 2,718 29,287, 7,525 4,095 8,334 4,956; 11,081 Mar.15 187,698 19,0921 96,4611 17,305 3,480 1,260 9S1, 24,604 6,638' 3 953 5,915 3,567 4,442 Bills payable with F. It. banks: Secured by XJ. S. Govern m en 1 obligations— Feb. 21.../ 56,182; 1,770 19,682' 16,461 1,940: 3,672 250 1,126 413j. 238 10,630 Mar.l 62,511 •• 6851 26,519; 16,788 1,415 1,872! 250! 501. 610i 271 13,600 Mar.8 37, ISO1 1,402! 7,319 13,019' 1,702- 1,950 ' 1.60 5981 55 10,920 Mar.15 38,156 i 1,799': 6,107! 12,475 1,665 2,798 • 580 296| 363 12,035 All other— Feb. 21 Mar.l Mar.8 Mar.15 Bills rediscounted with F It. banks: Secured by U. S. Government obligations- Fcb.21 6,974, 118 287' 5,611 326'. 20 300! 35; 151' 124 Mar.l 8,162 j 726: 1,055 5,584 24i:. 36 300. 35 65- 12C Mar.8 6,153! 1,025j 1,094 3,833!. 79! 12! Mar.15 5,630J 1,4961 028 2,881; 400|. 31! 55" 121 15 All other— Feb. 21 105,093. 25,315 23,503 12,257] 24,656! 2,718: 1,5321 4,881: 277 670 5,074 131 4,079 Mar.l 101,3271 28,313. 5,839 13,016 27,246' 2,573! 1,653 9,423j 382 •406 5,261 100- 7,115 Mar.8 81,4981 22,0411 5,868, 7,146! 24,536 2,394! 1,334 3,099| 805 187 3,972 87 10,029 Mar.15 67,786 14,684' 5,530! 8,008 19,095j 3,471' 1,277 4,025'. 917 208 3,789 47- 6,735 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1022. FEDERAL RESERVE BULLETIN. 479 BANK DEBITS. summary by Federal reserve districts, because for these centers comparable figures for the Volume of business for the four weeks ending four weeks and for the corresponding period March 22 maintained itself on a level about 13 in 1921 are available. per cent above the average for the preceding four weeks. The highest figures were reported for the week ending March 1, which included DEBITS TO INDIVIDUAL ACCOUNTS heavy ond-of-month payments, and for the AT BANKS IN week ending March 22, which saw the clearing REPORT8NG CLEARING HOUSE CENTERS and collection of a large volume of income -DEBITS FOR 1921 -DEBITS FOR 1922 { IN BILLIONS OF DOLLARS ) tax checks. The increase in the volume of business, compared with the preceding four weeks, was about equally pronounced in New York City and in outside centers. In New York City it is traceable in part to an increase in volume of transactions on the exchanges, while the increases outside are partly seasonal and partly due to increasing business activity. As compared with the corresponding period in 1921, the volume of business for the four weeks under review was larger by an average of about $430,000,000 a week. The weekly ! 1 '; '" "i i average increase in New York City alone was 1 AND 2: BANKS IN NEW YORK CITY $499,000,000, while the other centers reported smaller figures than a year ago. In comparison with last year the increase in business in New York is also due in part to the revival of trading on the exchanges. The volume of business is measured by debits to individual accounts as reported to the Federal Reserve Board for banks in leading clearing house centers. Figures are shown for a total Feb. Man Apr. May June July Aug. Sept. Oct. Nov. Dec. of 243 centers, of which 165 are included in the DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS. SUMMARY BY FEDERAL RESERVE DISTRICTS, fin thousands of dollars.] 1922 1921 Number | Week ending- "Week ending— ! of centers _ 1 included.: Mar. 1. Mar. 8. Mar. 15. j Afar. 22. Mar. 2. Mar. 9. Mar. 16. •Mar. 23. Boston ' 14 ! 447,075 . 414,315 489,882 | 439,604 ' 465.109 i 410,921 486,9! 8 408,838 Now York j 7 1 5,151,167 '" 4, 506,131 4,490,688 ,4,903,131 i 4,597,594 !3,887,516 A. 612,068 3,971,849 Philadelphia : 13. 420,711; 379,915 370,330: 386,94(5 , 432,321 . 359,775 412,645 372,662 Cleveland \ 13 j 4(53,157 •• 399,879 403,299 ! 416,540 494,090 ' 423,218 . 489,717 461,783 Richmond 11 | 210,435 • 193,823 191,354 ' 192,269 ' 215,063 195,855 ! 2J3,070 197,477 Atlanta ! 15 ' 188,591 , 182,131 173,593 I 176,611 • 212,916 j 186,665 j 192,257 171,083 Chicago 24 j 1,018,631 , 948,399 1,003,049 !1,0 LI, 417 '1,028,183 : 896,391 I 994,098 877, 445 St. Louis ' 8 j 227,332 , 201,504 212,156 : 210,295 > 233,665 • 212,747 ! 226,479 204,532 Minneapolis 12 i 122,98 4 ' 131,531 133,174! 128,856 i 142,144 , 121,999 I 13.1,991 121,730 Kansas City I 16 i 251,025 ' 240,484 223,272 ! 225,620 . 262.110 ' 244,419 ! 2(52,460 236,777 Dallas ! 12 j 127,758 I 134,845 129,843 \ 134,116 ' 124,239 ! 147,558 126,875 130,015 San Francisco ; 20 j 478,623 507,998 473,221 j 482,952 ' 503,857 497,225 518,733 506,477 Total i 16; 9,140,489 8,240,958 8,293,864 j 8,708,357 I 8,711,291 i 7,584,292 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

480 FEDERAL RESERVE BULLETIN. APRIL, 1922. DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued. DATA FOR EACH REPORTING CENTER. [In thousands of dollars.] 1922 1921 Week ending- 1 Week ending- Mar. 1. Mar. 8. I Mar. 15. Mar. 2. Mar. 23. Mar. 22. Mar. 9. I Mar. 16. I" District No. 1—Boston: Bangor, Me 3,302 3,102 3,077 i 3,596 3,725 3,538 ! 3,638 3,165 Boston, Mass 307,040 285,828 351,959 i 304,171 317,830 283,528 i 345,945 274,459 Fall River, Mass 5,394 5,243 0,023 i 0,029 0,154 5,215 j 5,929 5,464 Hartford, Conn - 23; 603 21,022 19,905 ! 20,179 24,078 20,399 1 22,185 18,602 Holyoke, Mass '. 2,607 3,104 2,709 i 3,183 3,478 2,715 i 2,974 3,193 Lowell, Mass 4,381 4,312 4,248 ; 4,424 4,124 2,832 4,279 4,244 Manchester, N. II j 3,77(3 ! 3,522 j 5,245 ; 3,473 4,410 3,900 ; 4,902 5,337 New Bedford, Mass i 0,412 j 5,070 5,928 ! 0,057 I 5, (534 4,830 I 5,751 5,346 New Haven, Conn 14,094 ; 17,090 17,323 ! 17,705 19,0.17 1 16,118 17,314 17,622 Portland, Mo , 7,731 ! 7,310 I 7,479 ! 0,091 ! 7,730 7,627 8,179 7,602 Providence, R. I ! 34,090 j 1 27,830 j 32,700 i 30,229 I 32,026 27,019 31,592 29,630 Springfield, "Mass \ 13,475 ' 12,270 12,052 13,223 i 14,422 13,273 14,434 13,035 Water'bury, Conn j fi, 807 5,430 I 0,435 0,478 ! 5,013 j 5,558 5,415 5,578 Worcester, Mass i 13,637 12,504 j 14,013 14,100 15,008 \ 13,700 I 14,351 14,901 District No. 2—Now York: j Albany, N. Y 42,151 20,555 20,030 26,417 27,881 I 29,772 28,129 24,16(5 Binghamton, N. Y ! 4,340 3,702 I 4,073 3,742 3,912 i 3,844 4,079 3,542 Buffalo, N.Y i 00,705 | 52,181 I 54,226 53,457 67,130 j 50,900 57,297 53,284 Elrnira, N. Y ! 3,350 ! 2,088 2,722 2,741 Jamestown, N. Y 3,291 3,143 3,193 3,325 Montclair, N. J 1,980 2,299 2,144 2,305 "I" Newark, N. J , 47,449 New York, N. Y ! 4,997,750 4,383,912 4,305,972 4,771,300 4,440,818 ! 3,759,943 | 4,471,938 3,844, 041 Northern Now Jersey Clearing House j Association 33,335 33, 091 30,200 30,830 P ass a ic, N. J ! 5,413 4,805 5,898 0,157 4,510 ' 4,040 I 5,225 4,825 Rochester, N. Y i 30,353 28,003 28,109 28,542 32,909 . 2o,50() j 30,370 28,130 Stamford, Conn ' 2,274 2,928 2,327 1,955 Syracuse, N. Y j 13,449 12,853 | 12,374 13,510 14,308 I 12,445 15,030 13,201 District No. 3—Philadelphia: | Allentown, Pa ! 5,966 5,103 ! 5,227 5,382 Altoona, Pa i 2,989 2,545 i 3,173 2,840 3,551 2,840 1 3,538 2,905 Cam den, N. J ! 9,392 8,747 9,227 9,930 Chester, Pa I 5,235 3; 551 I 4,091 4,032 4,589 : 4,424 i 5,187 5,014 Harrisburg, Pa ' 0,047 0,002 j 0,741 0,078 7,150 I 6,103 \ 6,240 6,119 Hazleton, Pa I 2,585 2,044 2,188 1,896 Johnstown, Pa j 4,700 4,279 4,072 3,825 5,847 i 4,985 i 4,855 5,215 Lancaster, Pa 5,274 5,157 ! 5,020 5,410 5,035 i 4,824 I 5,529 5,695 Lebanon, Pa I 1,182 1,000 1 950 1,081 Norristown, Pa ! 038 038 I 580 044 Philadelphia, Pa \ 331,495 300,370 292,575 305,912 348,095 ' 281,081 I 331,786 290,036 Reading, Pa i 7,037 0,500 • 7,209 7,294 5,881 I 0,281 i 0,308 7,957 Seranton, Pa ! 10,013 13,459 ! 13,432 14,050 10,194 j 15,113 ! 13,351 ,,15,098 Trenton, N. J i 1,5,153 10,439 I 10,998 11,527 1.1,307 ' 10,500 j 10,500 10,500 Wilkes-Barre, Pa I 8,353 0,882 • 8,512 8,077 8,275 ! 8,294 : 8,442 8,041 Williamsport, Pa 4,0(54 3,809 4,201 4,114 4,454 I 4,191 ! 4,001 4,500 Wilmington, Del 9,101 0,137 0,870 7,774 8,380 • 7,470 j 8,403 7,153 York, Pa ! 3,984 4,005 3,430 4,207 3,497 i 3,663 4,385 4,369 District No. 4—Cleveland: ' Akron, Ohio ' 11,295 10,657 10,858 11,360 14,040 j 12,487 j 13,485 12,797 Butler, Pa ; 1,969 1,753 1,833 1,654 Canton, Ohio ! 6,926 0,995 5,819 9,048 Cincinnati, Ohio ; 65,998 59,235 ! 65,404 65,434 63,769 ! 58,675 ' 73,783 65,949 Cleveland, Ohio i 118,550 105,382 107,572 104,381 129,013 I 113,168 ! 131,769 124,764 Columbus, Ohio ! 26,337 25,617 28,849 26,847 28,606 26,485 j 25,053 29,880 Connellsville, Pa i 1,037 953 995 1,051 Dayton, Ohio , 11,683 15,353 11,610 12,676 13,175 ' 13,427 ! 12,875 12,158 Erie, Pa ' 5,874 6,299 ! 6,737 5,640 6,600 ' 6,120 j 6,364 6,497 Greensburg, Pa 4,198 3,177 4,047 3,427 5,063 ! 3,930 i 4,685 4,809 Homestead, Pa ! 543 602 597 594 Lexington, Ivy ! 9,944 8,013 8,246 7,952 7,173 j 6,201 6,322 5,8 Lima, Ohio..." ! 3,509 3,490 3,280 2,879 Loraiti, Ohio ! 886 876 1,032 1,163 New Brighton, Pa ' 2,018 1,657 1,885 1,652 •!- Oil City, Pa j 2,469 2,484 2,591 2,444 3,284 i 2,486 ! 2,625 2.919 Pittsburgh, Pa i 183,350 142,194 135,431 154,498 196,478 1 157,977 ! 188,488 173,251 Springfield , Ohio ! 4,518 5.213 4,012 3,904 4,649, 4,844 i 4,619 4,027 Toledo, Ohio i 30,855 28'. 607 27,492 31,828 Warren, Ohio i 3,028 2,072 3,295 2,077 Wheeling, W. Va ! 8,109 7,453 7,300 8,254 9,109 ! 7,908 7,484 8,023 Youngstown, Ohio j 10,832 8,802 10,642 9,723 13,131 I 9,510 12,195 13,889 Zanesville, Ohio ' 1,967 2,165 2,638 2,494 District No. 5—Richmond: j Asheville, N. C 3,600 3, Baltimore, Md 93,055 80,950 76,681 76, 100,436 I 88,959 96,543 91,916 Charleston, S. C 5,500 6,009 5,860 4, 6,789 ' 4,906 6,058 5,871 Charleston, W. Va 7,468 6,456 6,966 /, Charlotte, N. C 6,737 6,538 5,959 6. 5,600 . 5,550 5,502 5,365 C C D u o a l m n u v b m i e l b l r e i l , a a , V n S d a . , C Md 2 5 1 , , ,8 2 5 4 0 7 5 4 4 5 1 1 , , , 6 7 8 8 5 2 0 0 7 4 1 1 , , , 1 9 7 2 2 1 5 5 2 5 I :6 8 2 4 2 8 5,302 ' 4,511 4,686 4,568 Greensboro, N. C 3,310 ' 3,309 3,298 363 Greenville, S. C 3,669 3,820 3,404 303 3,501 j 3,014 3,130 3,132 Hagerstown, Md 1,730 1,955 1,697 789 Huntington, W. Va 4,461 4,437 4,224 444 "5f"65o"! "5*394 "6," 51.9 "5,"509 Lynchburg, Va 4,059 4,423 4,307 063 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1922. FEDERAL RESERVE BULLETIN. 481 DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued. DATA FOR EACH REPORTING CENTER—Continued. [Tn thousands of dollars.] ! 1922 1921 Week ending— Week ending— 1 Mar. 1. Mar. 8. Mar. 15 Mar. 22. Mar. 2. Mar. 9. ! Mar. 16. \ Mar. 23. District No. 5—Richmond--Continued. Newport News, Va 1,651 1,486 1,726 ! 1,496 Norfolk, Va 14,170 13,886 13,733 13,734 14,679 14,554 ; 14,234 j 13,039 Raleigh, N. C 4,100 3,500 4,300 ! 3.800 3,900 4,600 4,400 i 3,800 Richmond, Va 29,518 25,585 26'. 373 '' 23;625 27,372 25,812 _ 29,063 ! 24,510 Roanoke, Va 4,858 4,348 4,119 . 4,452 Spartanburg, S. C 1,885 1,992 1,813 ' 1,987 1 Washington, D. C 39,176 38,229 41,857 • 44,£10 36,868 33,255 | 37,985 ! 35,C40 Wilmington, N. C 4,475 5,112 4,838 ! 4,656 4,961 5;300 4,950 j 4,727 Winsion-Salcm, N. C 5,372 4,697 4,946 : 6, 439 District No. 6—Atlanta: Albany, C a 775 917 896 ! 827 Atlanta, Ga 26,007 25,333 25,264 I 24,726 25.661. 23,678 27,093 ; 24,082 Augusta, Ga 6,088 ! 5,382 5,556 •! 5.544 5,825 5,113 5,018 ! 4,896 Birmingham, Ala 17,156 18,801 17,14.7 Hi! 539 17,750 1.5,436 i 16,363 I 15,039 Brunswick, Ga 512 i 541 469 485 Chattanooga, Term 7,127 i 7,181 7,321 7,1.33 9,742 , 11,107 9,707 8,707 Columbus, Ga 2/249 j 2,349 2,251 I 2' 301 Cordclle, Ga 230 , 257 224 I 268 Dothan, Ala 477 ! 475 400 j 460 Elbcrton, Ga 302 I 350 223 182 Jackson, Miss 2,524 j 2,155 2,339 ! 2,529 Jacksonville, Fla 10,724 ! .11,233 1.0,970 11,007 11,352 12,814 12,001 10,825 Knoxvillc, Tonn 6,104 ! 5,5.16 5,774 6,482 6,529 ! 5,350 : 6,397 6,426 M M a e e ri o d n i , a n G , a Miss 3 2 : , 5 0 1 1 3 2 " 3 1, , 9 2 4 8 1 8 3 1, , 5 4 4 0 9 0 3 2, , 2 7 0 5 0 8 4,1.63 i 3,774 ; 4,227 3,861 Mobile, Ala 5.957 I 6,673 6,226 5,767 8,221 6,4.1.0 1 5,715 5,805 Montgomery, Ala 3', 311 i 3,832 3.404 3,327 3,396 1 3; 315 3; 917 3,173 Nashville, Term 15,379 , 16,158 15'062 15,827 25,614 i 21,342 i 24,847 18,950 Ncwnan, Ga 338 ' 301. 231. 320 New Orleans, La 67,606 i 60,988 55.995 59,386 53,466 Pensacola, Fla 1,358 • 1,444 1; 6.1.7 1,144 1,307 Savannah, Ga 10,053 i 9,079 8,950 8,681: 9,8-13 Tampa, Fla 6,633 ! 5,932 5,543 5,905 6,430 Valdosta, Ga 924 1,013 992 919 Vicksburg, Miss 1,575 1,291 1,364 1,382 District No. 7—Chicago: Adrian, Mich 759^ 709 751 679 Aurora, 111 3,026 , 3,065 2,681 2,768 , Bay City, Mich 2,767 2,235 2,061. 2.360 I 2,597 - 2,315 i 2,358 2,638 Bloom ington, 111 3,018 4,183 2,684 2,756 i 4,475 ! 3,193 2,962 2,480 Cedar Rapids, Iowa 8,854 8,730 5,649 4,819 ; 13,589 i 15,523 • 13,503 10,685 Chicago, 111 709,703 . 633,101 668,550 656,000 ! 662,912 i 566|583 636,662 562,019 Danville, 111 3,1.00 ! 2,500 3,100 3,200 ' Davenport, Iowa 10,662 : 8,261 7,184 7,559 i 10,651 ! 8,737 i 6,619 7,658 Decatur, 111 3,406 3,615 3.201 3,135 i 3,392 1 3,359 3,625 3,068 Des Moincs, Iowa 15,801 22,320 17;627 16,055 20,299 ! 27 043 ! 20,788 16,418 Detroit, Mich 115,737 91,365 118,838 138', 602 119,045 94,865 122,557 100,898 D F G F l o n a i r r n b t y t u , , W q I M u T a e i i y d c , n h I e o , w ln a d 3 4 2 8 , , , , 4 9 8 7 3 6 5 2 8 1 2 7 3 4 7 2 , , , , 4 5 3 4 1 0 1 0 . 1 1 0 4 2 4 6 2 , , , , 8 3 2 6 5 3 0 5 7 4 0 2 2 5 6 1, , , , 7 9 7 5 6 2 0 8 3 9 0 2 3 4 7 , , 6 9 7 9 6 1 7 6 4 ! , ! 3 3 7; . , 7 4 9 2 5 6 3 8 3 6 3 4 , , , 7 2 8 1 3 0 4 8 5 6 3 4 , , , 6 4 0 1 3 8 0 9 2 I J M L G K n a a a r d c a n a l s k i a n s o a s m i d n n o n a a n g C R p z , , i o a o M t M p l o y i , i i , s i c d c , M I h h s o l , i w n M c d h a 3 1 4 2 8 3 5 4 , , , , ; ,0 4 0 1 6 1 5 8 8 4 9 4 2 4 6 0 8 3 2 1 3 4 9 3 2 2 , , , , , , 2 4 7 7 9 0 9 1 7 6 3 3 1 0 8 5 8 0 3 1 0 4 2 4 2 2 ' , , , , . 5 3 9 0 6 5 8 0 3 6 2 1 3 3 6 5 3 3 3 1 3 3 5 2 0 4 ' , , , , , , 0 4 8 3 3 0 7 2 1 7 5 6 7 6 4 2 8 5 I I i ' I. 3 1 3 4 4 9 7 , , , , , 6 9 9 0 6 0 1 1 3 5 L 4 7 5 1 ! ! j ' 3 1 3 3 4 1 7 , , , , , 9 9 0 2 7 1 9 8 7 3 8 3 6 6 1 i ! : ' 3 1 3 4 5 1 7 , , , , , 5 8 0 1 4 1 5 4 8 7 2 9 1 8 9 3 1 0 7 3 4 5 , , , , , 4 6 8 0 7 . - 0 6 9 1 1 5 2 0 5 4 M M M i o u l l s w i c n a a c u t , i k n 1 e e 1 e , 1 , . i ^ W ow is a 51 1 1 , , ,9 8 2 3 5 9 6 8 0 5 2 4 1 , , , 0 6 8 7 7 1 6 3 8 60 1 1 , , , 8 8 4 7 7 73 3 9 62 1 1 , , , 4 3 8 1 9 3 . 5 5 2 i ' •. 5 3 6 , , 1 2 5 1 0 8 i ! 5 2 1 , , 0 6 5 7 6 5 ' 5 2 8 , , 5 1 9 7 1 0 5 2 4 , , 2 9 2 29 9 pshkosh, Wis 2,300 2,400 2,500 |. R S S W P S p o i c o o a o r u c u i t r k t n e x h i f r g a o l , C f B o r i 1 d e o i e 1 t l , , n y d 1 I . 1 d . o 1 , I I w 1 o l l l w n a d a 1 3 6 3 6 8 3 , , , , ^ , 9 0 2 6 4 4 3 8 0 6 3 2 3 8 4 2 7 2 ! 1 9 4 5 6 4 9 , , , , , , 8 6 2 0 3 2 1 2 4 7 3 4 . 6 0 3 9 5 0 . 1 4 5 8 3 7 6 , , , ' , , 5 0 6 4 3 3 2 2 5 8 9 6 4 7 8 1 4 6 3 7 5 5 , , , , , , 4 2 6 6 7 8 5 4 7 4 7 3 4 7 0 6 5 4 I ! ! ! ' 1 1 6 5 5 2 4 0 , , , , , , 6 7 8 8 1 1 5 3 0 7 9 0 2 0 5 0 8 5 I i ! ! , ' 1 9 6 3 5 5 5 , , , , , , 4 3 0 6 3 0 6 9 6 0 0 5 6 9 9 2 3 5 ' i ; , . 1 9 6 5 5 3 4 , , , , , , 3 0 1 5 4 8 1 7 8 5 6 3 1 9 8 9 0 0 1 4 4 5 2 8 2 , , , , , , 7 2 5 0 2 9 1 6 0 0 0 7 9 8 4 7 3 7 District No. 8—St. Louis: I I i East St. Louis and National Stock Yards, 111 - 9,705 i 7,984 7,915 7,754 9,158 j 9,005 8,677 7,466 Evansville, lnd 6,855 I 7,419 6,701 5,400 i 5,572 ; 3, 884 4, 865 4,4.13 Greenville, Miss 1,048 , 897 808 I 725 I. Helena, Ark 828 I 864- j 860 914 . Little Rock, Ark 9, 244 9,857 I 9,467 ;= 9,332 i 9, 846 9,151 i 9,105 ! 7,483 Louisville, Ky 34,485 ! 29,428 ' 32,032 I 32,727 ! 33,840 29,570 I 3.1,491 j 30,683 Memphis, Term 23,683 . 23,928 23,891 j 22,752 I 23,092 22,962 22, 588 ! 20,800 Owensboro, Ivy 737 I 1,541 1,435 ! 1,302 . Quincy, 111 2,137 j 2,491 2,162 2,087 I 3,206 : 3,231 i 2, 516 2,510 St. Louis, Mo 138,242 117,306 127,069 127,529 ! 146,193 i 132,056 j 144,427 128, 575 Springfield, Mo 2,981 ! 3,091 2,889 2,714 ; 2,758 ! 2,888 j 2,780 2,602 District No. 9—Minneapolis: I Aberdeen, S. Dak. 1,014 ! 1,109 1,220 941 : 1,685 ! 1,276 1,400 1,473 Billings, Mont 1,432 j 1,552 1,364 1,429 1,614 ' 1,841 1, 594 1,508 Dickinson, N. Dak 183 ! 448 | 235 208.. Duluth, Minn 10,266 i 12,158 i 15,871 ! 13,479 ' 16,991 i 12,91:2 15,523 12,040 Fargo, N. Dak 1,910 i 2,423 i 2,005 j 2,343 ! 2,806 I 2; 577 2,553 2,611 Grand Forks, N. Dak 1,214 i 1,384 I 1,345 ! 1.361 I 1,240 j 1,180 I 1,306 1,039 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

482 FEDERAL RESERVE BULLETIN". APRIL, 1922. DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS Continued. DATA FOR EACH. REPORTING CENTER—Continued. [In thousands of dollars.] 1921 Week ending- Week eliding— Mar. 1. Mar. 8. j Mar. 15. ! Mar. 22. Mar. 16. ; Mar. 23. District Xo. 9- Minneapolis —Continued. . Croat Falls, Mont 1,493 1,36-4 1,295 i 1,286 1,634 ; 1,674 2,246 . 1, 548 Helena, Mont 2,251 2,307 j 1,742 1,728 2,51.5 ' 3,022 1,884 i 1,958 Jamestown, N. Dak 311 431 ! 375 i 31.8 Lewistown, Mont 664 | 913 561. 580 Minneapolis, Minn 65,761 | 72,986 I 70, 108 i 68,61.2 73,222 , 63,000. 68,932 65,990 Minot, N. Dak 827 . 900 | 803 , 6*5 Rcawing, Minn 468 ' 483 431 I 410 !'" St. Paul, Minn i3J,S80 : 129,777 I i 32,274 i31, 977 32,612 | 20,242 28,4 43 29, 409 Do 36,136 : 35,165 I 36, 046 36,770 ! Sioux Falls, S. Dak 3,835 . 3, 813 3,210 2,958 j Superior, Wi:s 1,610 ! 1,674 ! 1,885 1, 559 Winona, Minn :. 783 i 987 | 855 1,183 j District "No. 10—Kansas City: Atchison, Kans 1,290 ; 1, '102. I 1,182 1,202 j Bartlosvillc, Cida : 2,713 ' 2,552 ' 2,1.1,1 1,730 ' Casper, V,"yo 2', 368 , 2,840 I 2, 137 2,915 Cheyenne," Wyo 3,153 ! 2,198 ! 1, 481 1, 691 Colorado Springs, Colo 2,511. 2, 516 2,519 2,376 Denver, Colo 32,(i58 ! 32,080 • 3.1,678 30,077 Grand Island, Nebr 1,220 j 1,378 | 1,155 1,153 j Grand .!unction, Colo 060 628 ! <)77 647 G u t hrie, O Id a..' 534 i 566 533 525 ! Jtutehinson, Kans 3. 105 j 2, 807 2, 337 2, 139 ! i ndopcndoiice- Kans. 2,011. | .loplin, Mo 2, 239 2, 092 2,8.16 1,675 | 2, 286 2,375 | 1,999 Kansas City, Kans 3,-111 3,3.17 3, .161. 3,990 i 3,006 3,777 , 3,695 ; 3, 712 Kansas City, Mo 75,206 71,25.1 64,001 65,218 74,201 58,754 ' 77,834 71,281 Lawrence, Kans 1,022 .1,01.9 925 978 M Mu eA sk l o e g st e c e r , , O O k k l l a a 5 1 , , 7 0 3 1 L : 8 ' . 7,0 9 7 33 6 1 5 , . 0 3 0 6 0 0 6, 8 5 7 5 0 L 6, 742 5, .176 "h',nh \ 5,8.18 Oklahoma City, Okla 19,606 . 19,055 17;122 19, 551 20, 888 26,661 | 18, 882 Okmulgec, Okla 1,863 2,003 1, 834 1,951 21,-686 Omaha, Ncbr 17,851 ! 47, 57o 43,217 45, 345 44, 750 48,438 47, 254 42, 869 Parsons, Kans -• 807 j 1,01.7 797 884 Piitsburg. Kans 1,757 ! 977 .1,233 1,153 Pueblo, Colo 3,-127 , 4,007 3,912 4,323 ! 3,743 3,969 i 4, 551 4, 742 St. Joseph, Mo .1.2,427 ! 13, 682 9, 531 11,222 | 16,885 18,634 : 16, 582 11,957 Topeka, Kans 3,414. j 3, 513 3,11.3 2,988 i 3. 575 4,598 : 3,602 3,426 Tulsa, Okla 23,915 ! 18,394 23,196 18,423 I 25', 314 20,923 j 24, 511 20, 370 Wichita, Kans " 1.1,340 | 9,683 8, 569 9,255 11,250 9,969 ! 10,412 8,860 District No. 11—Dallas:. i Albuquerque, N. Mcx 1,976 2,140 1,710 1,839 I 2,093 1,212 | 1,612 1,563 Amari 11. o, Te x 1,890 2,149 1,839 1,882 Austin, Tex 2,552 3,437 2,988 2,595 2,620 3,560 i 2,815 3,105 BeaumoiH, Tex 3,358 3,559 3,567 3,695 3,065 4,360 | 3,775 3,593 Corsicana, Tex 985 1,160 1,198 1,037 Dallas, Tex 34,674 36,263 32,504 34,205 31,699 40,246 ! 32,646 34,151 El Paso, Tex 6,858 7,662 7,747 6,661 6,970 9,366 ! 7,534 7,559 Fort Worth, Tox 30,840 31,444 32,530 31,422 23,850 19,472 ; 17,023 23,100 Galvoston, Tex 9,736 15,141 13,090 15,163 16,085 20,81.0 ! 19,460 16,396 Houston, Tex 24,900 21,845 22,700 25,600 24,826 32,660 : 27,935 27,934 llos well, N. Mcx 704 636 524 524 San Antonio, Tox 5,830 6,226 6,538 6/525 5,820 8,462 : 6,803 6,498 Shroveport, .La 7,742 6,792 7,468 6,742 8,202 7,669 i. 6,991 Texarkana^ Tex 1,790 1,369 1,569 1,953 1,750 1,429 ! 2,115 1,354 Tucson, Ariz 1,687 | 1,619 1,349 1,561 1,648 1,645 j 1,548 1,455 Waco, Tex v.. 3,557 4,140 3,551 2,897 3,813 4,336 3,609 3,307 District No. 12—San. Francisco: Bakorsf ield, Calif 4,523 3,967 2,322 Bell ingnani, Wash 1,330 I 1,448 1,583 1,807 Berkeley, Cal if 4.034 j 4,642 5,238 3,844 2,935 3,283 3,130 2,923 "Boise, Idaho 2,512 2,684 1,739 2,423 2,337 2,137 2,370 2,427 E ugene, Oreg 1,332 ! 1,557 1,589 1,651 Fresno, Calif 10,519 9,325 9,230 8,590 9,934 10,350 I 10,515 9,998 Long Beach, Calif 7,160 ! 8,103 6,836 6,878 5,852 6,891 ! 5,855 5,436 Los Angeles, Calif 124,409 127,770 117,783 116,080 111,225 115,386 ; 114,254 105,800 Oakland, Calif 17,615 20,192 17,719 19.103 19,691 19,356 20,252 | 18,332 Ogdon, Utah 4,041 •' • 5,168 4,208 4,495 3,330 3,108 3,111 3,217 Pasadena, Calif 4,840 8,279 5,673 5,802 6,571 7,448 6,228 6,113 Phoenix. Ariz 3,540 3,535 3,412 3,221 Portland, Oreg 33,237 32,707 33,711 34,675 41,175 35,787 j 39,745 I 34,868 Reno, Nev 1,989 2,056 2,242 2,456 2,760 2,616 ! 2,482 2,567 Ritzville, Wash 205 147 225 148 Sacramento, Calif 13,906 11,630 17,087 14,703 12,072 13,574 13,200 | 12,350 Salt Lake City, Utah 13,397 11,961 11,752 11,427 14,938 12,791 13, 233 | 15,208 San Bernadino, Calif 1,378 1,651 1,434 1,470 San Diego, C alif 9,290 8,687 9,521 8,782 8,299 7,423 7,998 8,025 San Francisco, Calif 167,851 193,107 160,261 168,976 199,142 199,695 235,659 213,338 San Jose, Calif 2,350 4,598 4,214 4,309 4,283 4,216 4,322 3,804 Seattle, Wash 35,581 29,718 38,312 39,206 33,269 27,449 36,069 32,403 Spokane, Wash 9,816 12,088 10,785 12.104 10,919 10,441 12,513 11,902 Stockton, Calif 4,876 4,831 5,083 5,135 5,221 4,749 5,336 4,770 Tacoma, Wash 8,312 7,534 9,193 11,204 7,668 8,051 10, 111 10,755 Yakima, Wash 2,888 2,918 2,637 2,760 2,236 2,474 2,350 2,241 i Debits of banks which submitted ^reports in 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1922. FEDERAL RESERVE 483 GOLD SETTLEMENT FUND. INTERBANK TRANSACTIONS FROM FEBRUARY 24 TO MARCH 23, 1922, INCLUSIVE. [In thousands of dollars.] ! [ Changes in ownership Transfers. Daily settlements. of gold through transfers and settlements. Balance in Federal reserve bank. fund at end of period. Debits. Credits Debits. Credits. Decrease. Increase. Boston ! 26,500 3S4,473 I 414,703 3,730 I 27,350 New York •' 4,000 92,500 1,643,332 , 1,498,674 j 56,158 79,720 Philadelphia j 10,000 2,000 491,503 j 510,021 ! 10,518 62,220 Cleveland j 2,000 1,000 382,337 ! 404,229 20,8 57,977 Richmond ! 7,000 1,000 425,520 I 428,400 i 3,120 i 30,570 Atlanta j 9,500 167742 j 185,996 ! 8,754 23,210 Chicago 36,000 4,000 824,552 ' 869,837 13,285 84,321 St. Louis 7,500 402,224 ! 405,363 4,361 13,093 Minneapolis 4,000 107,574 j 111,791 2,2.1.7 | 32,923 Kansas City 7,000 303,153 ! 304,763 4,390 33,437 Dallas | 164,295 j 164,701 900 i 20,778 San Francisco ! 22 L,902 220,129 7,727 ! 47,294 Total 4 weeks ending— i Mar. 23, 1922 1 113,500 113,500 5,518,607 ! 5,518,607 j •8,029 68,029 I 513,493 Feb. 23,1922..: ' 93,000 93,000 4,483,#>4 i 4,883,964 L 518,152 Mar. 24, 1921 i 189,117 189,117 5,315,451 ! 5,315,451 !. 54 L, 442 Feb. 24, 1921 ! 164,804 164,804 4,834,163 j 4,834,163 j. 521,727 i ! GOLD AND SILVER IMPORTS AND EXPORTS. IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. ! Gold. Silver. Countries. February. ! | Eight F m e o b n ru th a s r y e . nding February. Eight F m eb o r n u th ar s y e . nding j... 1921 1922 1921 1922 1921 1922 1921 1922 IMPORTS. • France j 813,583,374 j SI ,125.881 i $-18, 777. 421 $120,628,690 §20, 795 87,890 ! $114,969 SL21,987 Germany i;3!i! 7, 764 19,920, 823 15,911 61,591 1 26,883 5,088,970 Greece./ I 95,622 961,876 5,003 229, S95 Netherlands : 22-1,090 1,556,305 4,186,976 805 i. 24,846 1,669 Spain | 235,678 10,265 765,501 316,389 .1,1,282 i 24,,158! 109,381 49,439 Sweden i. 8, 821,246 2,036,06-1 36,832,591 31,395 1,354 United Kingdom—England... i ' "9," 323," 023" 8,309,644 247,541,867 118,618)289 i8,"893~'' '"'43,"68*6"' 163', 343 124,005 Canada ' 538,459 1.618,525 7,501,109 15, 798,321. 611,198 I 27.1.;,527 ; 2,573,428 2,6 H), 588 Central American States I 357,921 ' 357,506 3, 733,023 4,362,280 161,518 i 13;,672 ; I) 870,629 1,067,242 Mexico 493; 016 313,427 3,691,891 3,574,698 3,237.383 i 3,675,598 : 25,055,099 30,895,033 West Indies 809,971 229,084 2, 578, 652 2, 837,624 4', 912 470 I 75,716 440,48! Argentina 58,461 1. 1,728,584 254,154 4,518 23,048 6,801 Chile 9,650 ] ,l 133,195 376,512 •163,344 ""12","83.!" 2,366,632 1,152,456 Colombia 1,701,560 534,895 10,750,586 7,108, 282 6,991 21,199 1 645,316 145,765 Peru 55,54-1 ' 116,373 1,043,090 1,224,166 268, 025 575,252 5,302,510 3,878,107 V U e r n u e g z u u a e y la j 4 1 6 0 9 0 , , 3 8 3 8 2 8 I I 1 1 0 3 4 1 , , 0 8 0 9 6 3 4 5 6 3 9 7 , , 3 3 3 4 2 8 3,9 6 6 4 6 3; . 9 8 7 7 0 0 . ilk' 371 2 1 5 , , 4 3 7 4 8 7 China ! 5,695.989 ; 342,479 7,007,550 4,236,999 1,481 120 ! 1,284,925 1,702 British Iridia j 5,007^ 800 6,021,825 14,8(53,765 11,718 Dutch East Indies '. 643,183 1,124,624 872,267 296,997 Hongkong j 1,803,545 9,421,632 534,429 192 192 204 Philippine Islands j 95,755 ; 56,264 ; 765,542 947,624 2,579 803. , 13,561 13,483 British Oceania J 1,529,158 I 929,628 j 6,198,280 12,587,932 1,860 j 146 2,889 1,409 All other | 438,077 I 5,365,441 5,006,346 25,326,417 27,256 i 29,058 i 889,462 492,860 Total 42,626,913 ! 28,700,509 ! 368,877,966 400,577,458 4,862,121 4,771,032 41,677,483 i 47,059,098 EXPORTS. — i = ~ T United Kingdom—England.. 85,6()t> 1,606,470 1,921,715 5,808.8-12 7,869,528 Canada 207,830 1 108,502 3,202,649 1,982,832 234,091 240,976 1,975; 967 3,719,802 Central American States 225, 800 319,505 6,543 C M W Pe o e e r l x o s u i t m c I o b n i d a ies 6 1 0 00 6 , , 0 5 0 9 0 5 ! |. 462,680 I I 3 5 , , 6 8 6 5 1 9 3 0 3 , , , 3 1 0 7 5 0 6 0 1 3,874,5 3 9 5 5 0 1 9 8 6 7 1 , , , 5 0 9 0 7 3 0 5 3 I ! j ""1 1 4 9 5 4 1 7 , , 1 5 0 2 7 0 5 3 0 1,5 2 8 3 6 3 9 6 9 , , , 3 3 5 - 0 8 1 0 3 9 1,1 1 9 2 9 7 3 1 , , , 6 0 0 6 0 2 0 0 3 China 12,000,000 1,133,191 ! 2,248,328 14,526,870 13,777,103 British India 824,057 1,414,461 2,003,057 295,080 j 1,417,323 1,382,096 2,974,422 Butch East Indies 600,000 H J A F a r l o p e l n a n o g n c t k h h o e n E r g ast Indies 121,580 i * 1 2 1 i7 9 , , " 5 6 5 6 5 6' 9 2 2 8 , , , 2 5 1 1 9 3 4 7 0 7 8 3 , , , , 0 2 0 7 0 8 7 6 9 0 0 2 I 8 3 , , 6 2 8 5 0 4 , , 6 0 8 76 0 8 7 5 0 3 0 , ,2 4 6 6 9 5 ! 3 4 1 6 2 3 5 2 1 , , , 5 4 7 0 0 2 0 0 5 1 5 .1 ,7 ,0 6 3 7 2 0 0 , , , 6 3 6 6 8 3 8 9 5 I I 6 3 1 , , , 4 1 5 6 6 6 6 5 1 8 2 1 , , , , 4 9 0 0 9 6 0 4 6 3 0 7 Total. 1,036,005 j 1,731,794 130,608,323 19,795,590 5,336,880 ; 7,091,665 43,522,204 j 41,602,587 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE CLEARING SYSTEM. QQ OPERATIONS DURING FEBRUARY, 1922. (Number and amount of items handled shown in thousands.) Items drawn on banks located • I ! Total items handled, including i ! Number of non member in own district. j Items for- Items for- j duplications. , i banks. Federal res™ bank or o T Ir T nb , r1 1 a. ? n Re T .h f bc h iat n nyk n . i • r • b • ! a • n O • k - u • ( ? ts rb • i • d r e a - n F c . h R ' . : j . I o t n e m T of r s e ^ a ' d s r u S a r w . er n s h iv a c T n o o d t t f l a i e d o l d . u n H , p s e e . l x m ic c s a lu - - I o b w b t a h r a n a e t r k h n r d s e c e F i h d a r . e n R t s d o . . p o in a w r r s t a e o a t r n r m d i t b , e c e r d t b a . d a n t i o n c s h k - Number. ] Amount. i I j o X f b m u a m n e k m b s e b . r er On par list. Not l i o s n t. . i par city. Amount. N b u e m r. - I Amount. N b i c u r n . - ; ! Amount, ber. 1 Amount. 1922 \ 192L 2 1922 192.12 ; F 2 eb 8 . , F 1 e 5 b , . F 2 e 8 b , . i I F 1 e .5 b , . 1 ' F 2 e 8 b . . 1 ! F 1 e 5 b , . 1 1922. I 1921..1.922. I 1.921. ! 1922. ' 1921. Boston ! 545! 486,874 3, OlOi 311,146i 90! 18,131 3,645' 816,151. 167| 4.0,864 3,812. 3,684. 857,015 939,981/ 435i 4391 25J ! New York i 1.626 3,441,362' 3,840! 480,510' 890; 116,553 6,356: 4,038,425| 902; 102,479' 4,2961 7,273 6,977' 4,145,200 2,793,458' 716; 705 i 251i D S C P A C M K R S a h t l h a i t a i e . n c l i i l n n v a l c l h L S P S S B C D H L E H O B B J M O a P D n N N L L a s a F e n m a p o a e d o e s a o g l i u i l o e o a i i m e e k r t e a n c a e t l a u o a r s e t a r s a o f o n l u l w P u t s t t l k t c n m m t p i f t t k l e r a n a s h l n v C i t A s s i i p l a a s d L o e o n s l b a h h i m c a t v p i e d o l s e O h v i i o l n n n I a i a o u a o n r t h i o t R i n s n i i o n y l g e k g s r . m r a l i c d l v ' l o r l g a e s e e h o e e e . i a l c t h , a l a e i C l k m n s e C i s t i y ty , \ : 3 1 4 3 1 - 2 9 2 2 2 1 1 1 1 3 9 " 3 5 4 3 3 3 5 7 0 1 6 1 0 9 5 6 5 4 3 1 5 4 6 8 1 0 9 " 7 2 4 1 9 2 1 3 7 7 3 8 7 6 3 7 3 0 4 4 9 5 8 0 8 4 6 0 4 , ! 1 ' 1 j 6 " 4 1 1 1 1 1 1 2 2 1 3 9 1 6 9 4 8 1 3 3 5 3 9 4 2 4 2 2 7 8 1 1 8 8 1 6 1 7 8 6 3 3 4 7 0 7 4 7 6 7 7 4 5 8 2 5 6 4 1 9 1 5 7 3 2 3 7 5 2 5 7 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 5 6 4 7 0 6 2 6 3 7 0 6 7 9 6 8 6 4 6 6 1 6 5 0 8 2 2 1 2 9 7 8 . 5 H 9 8 6 9 9 4 5 2 8 1 2 7 3 9 7 9 3 3 0 7 6 2 9 3 4 6 1 0 4 8 5 2 3 7 9 3 5 2 3 3 1 6 5 0 5 8 9 6 4 8 2 0 5 6 4 5 9 3 5 4 5 3 6 4 0 , 1 1 1 1 ! ! 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I ! ! . 1 ' ! 1 1 ] ; ' 1 j j ! ! j ! j ! 1 l | 1 3 2 1 2 2 4 1 1 1 1 1 1 0 3 2 5 2 2 1 2 3 4 2 6 4 5 6 2 2 4 4 8 8 1 4 0 2 0 0 8 3 2 5 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 5 6 3 6 2 7 8 7 0 3 8 1 5 8 2 6 4 4 1 6 8 6 3 4 3 4 6 7 2 2 8 8 6 7 8 3 9 8 3 6 8 4 3 4 3 6 6 5 7 3 5 1 3 0 2 5 4 8 8 7 1 3 8 8 7 3 3 3 7 3 4 7 0 1 5 2 6 2 5 9 9 2 1 6 3 9 3 0 9 3 4 7 7 8 1 2 2 4 4 . 1 1 ! i 1 1 1 1 ' j 1 1 ' ! ; " ! j , 1 ! , j ' : | ! i 3 3 6 2 a 6 3 3 1 3 2 2 3 2 6 1 J I 1 8 3 4 3 1 3 2 9 7 3 4 I 4 i I 8 4 0 2 9 2 I 1 ! 1 1 1 1 | | | j 1 | ! , 1 1 ' i 1 1 3 3 3 3 4 9 1 4 3 8 5 4 ] 6 2 5 7 2 8 5 1 1 4 . , ' ; ' , , , , , , , , , . , , , , . , , , , , , 5 6 0 2 9 4 7 3 G 5 0 1 4 8 2 5 7 8 3 3 4 9 2 7 9 5 5 8 1 1 1 6 7 4 3 6 0 4 1 5 3 0 5 6 8 2 0 3 5 4 9 6 3 8 3 1 7 3 8 4 0 0 . 5 3 2 2 7 1 3 4 5 4 5 8 7 6 1 9 1 5 0 9 0 8 9 0 6 8 6 3 9 0 7 7 2 0 , - ! ! , ! , 1 i i 1 i ! 1 i i , ! ' ! ' j j | ! ! | 1 4 4 1 1 1 1 1 1 1 , , , , , , , , , , 7 0 5 4 5 4 0 2 9 6 3 3 3 2 2 6 6 5 9 6 3 2 6 3 2 9 9 4 2 2 1 5 1 6 1 3 0 3 0 1 7 1 9 6 6 3 8 2 7 9 4 8 3 9 8 4 7 4 6 2 8 6 9 5 9 0 5 3 9 1 3 0 4 4 9 1 9 5 0 0 8 7 5 5 2 0 1 1 9 1 7 4 0 2 9 4 8 2 8 , ! • . 1 , 1 i ! , ! 1 ! ' ' ! ' , ' l i ! ' ' | 1 j i j 2 1 2 4 1 4 1 1 1 l, , , , , ' , , . , , 7 2 6 6 2 5 4 2 2 3 3 4 2 2 4 9 4 7 7 6 9 2 2 2 5 2 1 9 4 2 4 1 0 3 4 5 9 1 1 2 5 5 8 0 1 9 6 4 9 8 0 1 9 3 7 0 8 5 0 4 2 7 8 6 3 0 3 . 2 7 5 1 . 9 1 9 8 6 7 8 2 2 8 7 7 6 4 6 7 7 8 5 1 6 5 7 5 6 6 5 i 1 ! : ! ! 1 , j ; ! ' ! i | i 1 j i ! 2 3 2 2 3 7 9 3 2 1 2 1 1 1 1 1 1 6 4 5 2 4 7 0 2 6 9 4 6 3 3 2 7 0 1 2 0 6 4 7 1 4 5 0 3 5 9 9 0 7 9 2 2 8 4 6 3 2 5 3 0 5 4 0 7 2 7 6 5 1 1 3 7 6 0 4 6 9 6 8 5 1 4 ' , , , , , , , , , , , . , , , , , , , , , , , , , , , , , , , , 8 6 8 6 6 4 9 3 5 5 6 5 3 2 1 8 3 2 0 4 4 7 0 9 8 6 0 2 6 6 6 7 2 0 5 2 1 1 9 4 7 0 3 9 3 2 7 6 7 7 4 0 8 2 9 7 2 0 3 7 3 3 9 8 9 1 4 1 1 3 5 5 8 1 9 6 6 4 9 2 0 4 7 4 7 8 9 4 9 6 4 2 5 5 8 4 6 9 1 . . 1 1 1 1 1 1 j i i i ; , ' ; 1 ; ' ' : ' ' | ! ' : ' ' 1,1 3 3 2 4 3 4 9 1 1 2 4 2 1 1 1 1 6 3 5 4 3 4 8 1 1 4 3 9 7 0 7 4 7 8 1 9 7 5 5 1 8 1 9 0 2 6 3 7 3 9 2 4 1 8 7 9 1 6 9 4 7 2 4 9 6 6 9 7 4 4 4 4 9 4 3 9 2 8 1 2 0 ^ , , , , , , , , , , , , , , . , , , , , , , , , , , , , 5 , , , 7 1 0 7 9 8 2 3 2 4 3 3 0 3 0 8 4 6 7 3 6 4 5 3 5 7 1 8 1 2 8 6 0 8 6 5 1 2 8 8 3 8 2 6 0 7 4 4 0 6 5 1 6 8 4 1 9 3 2 0 9 7 5 0 9 1 4 7 9 1 9 9 3 8 8 9 1 5 8 6 8 7 0 2 2 2 0 5 9 3 8 8 3 4 8 7 9 " 5 1 J 1 i i i i ! i , i ! , : , , , ' : , - ' : ' ' ! ' ! ' ' ! ' 1,3 3 3 3 6 2 3 2 2 3 2 8 1 1 2 4 1 1 7 1 I 1 9 3 5 5 0 7 1 7 2 0 4 2 6 2 6 . 7 0 6 6 9 8 5 5 6 6 8 1 4 0 2 4 9 8 4 9 3 4 3 1 2 9 0 3 9 9 6 1 2 5 5 . 4 7 1 5 3 0 ; ! ! | | 1 J | ' | , , J ! ! l 1 1 1 1 ! ; i . 1,3 3 3 3 2 6 3 2 8 1 1 1 6 3 2 4 1 1 1 1 1 1 0 6 5 3 1 6 2 0 7 2 5 6 4 3 7 4 0 1 9 9 5 5 2 6 9 9 5 8 . 2 0 3 8 1 2 0 6 " 2 6 8 0 8 2 3 0 8 9 9 0 9 1 4 0 8 2 ! ! 1 ; ; | ; | ' | ! ! 1 ; | i ' ! ! ' j j i j i ' i 2 3 1 1 . . , , ' ' 2 2 4 2 9 3 4 4 8 7 2 3 2 2 7 2 1 1 1 4 2 7 1 1 51 2 7 5 6 0 1 6 5 6 7 8 0 7 8 6 9 7 2 8 4 6 6 5 7 3 1 6 3 9 7 4 1 3 1 2 7 - 5 5 0 0 1 = 7 1 3 2 9 4 1 0 8 4 7 4 9 5 6 7 9 6 6 . ! ! i ! , ! ; 1 1 | 1 1 ! j l i , ' ! ; , i ! l i i i 4 1 1 1 ; , , 6 2 4 2 5 9 2 2 0 2 77 2 1 1 3 9 2 1 1 1 1 4 5 2 1 1 1 0 4 8 3 0 8 4 7 9 3 8 7 2 4 4 4 4 2 7 0 0 5 6 2 7 2 2 5 7 1 3 7 J 3 1 8 3 0 4 1 7 0 5 3 4 6 0 9 0 4 8 0 9 0 0 3 8 9 6 7 5 6 0 L 6 , 4 ! : 1 : 1 ! . 1 1 ' ' , ; ! ! ! : ! ! ! ' , i , i i : j I 1 8' ' 2 4 2 1 1 5 1 1 1 4 8 . 1 2 0 1 3 6 8 8 5 . 3 3 7 9 9 5 3 4 I 5 0 4 5 . i ! 1 ; ' ; 1 ! ; ' ' j ' | ! ! i i i ; ' , : 1 , ... 4 1 5 2 1 . 1 1 0 7 3 ' 1 5 4 2 . 6 4 9 1 4 0 0 . Total ; 9,019.7,017,023,28,026J2,577,300" 2,1474 400,787!39,198 9,997,547' 3,236' 561,0441 657 131,94043,091!43,44710,690,531110,785, G47| 9,856; 9,668J18,01919,0231 2,318} 1,744 1 Incorporated banks other than mutual savings banks. 2 Jan. 16 to Feb. 15. 3 Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee banks, as follows: Cincinnati, 6,000 items, $1,332,000; Minneapolis, 2,000 items, S854,000; Omaha, 1,000 items, $251,000; total, 9,000 items, $2,437,000. NOTE.—Number of business days in period for Boston, Cleveland, Cincinnati, Richmond, Baltimore, Atlanta, Jacksonville, Nashville, New Orleans, St. Louis, Little Rock, Kansas City, and Oklahoma City was 23, and for other Federal Reserve bank and branch cities, 22 days. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPERATIONS DURING JANUARY, 1922. [Number and amount of items handled shown in thousands.1 Items drawn on banks located Total items handled, including in own district. Items for- Items for- duplications. warded to warded to Items drawn ! ^ W ^ S hi other F. R. parent bank Federal reserve bank or OlltSidC F. R. on 0 T 1 r e L a . s b u . r er 1 | ^ i! ^ ft«Q L ^^ b b a r n a th n k e c s i h a r e n s d . o in r s to a tr m i b c r e t a . d n i c s h - Number. Amount. b ranch. N Kb u en m rr. -1 . , A . moun , t . i - N b.c u r m . - Amount. N b u e m r. -I j , A . mmnonunni-t ! j N b u e m r. - Amount. I ^™\ Amount. N b u e m r. - Amount. 1922 1921 21 1922 I I Boston 618, 555,7251 3,431 367,532 118. 18,650! 4,167 941,907! 186- 43,294'. 4,353 j 4,071 985,2011 1,, 174,19.31 436 437; 258 256,' New York 1,878-3.,263,326: 4,301 574,365 941! 82,965' 7,120 3,920,656! ,009; 119,220' 6,360 8,146' 7,843' 4,046,236 3,,741,300 713' 704] 256 252. Buffalo 216' ' 80,129! 408 42,092 11; 2,074! 635 124,2951 141 19,4.04! 24,439 881177 772233; 168,13S! 200,637! 85 80 78; . 76 . Philadelphia 1,734", 680, 111! 2,044 234,495 124! 25,381! 3,902 939,987! 682- 111,208:. 4,584 4,697 .",051,195' 1.335,229| 709! 60S: 469 4411. Cleveland 401! 180,4851 1,196 127,007 41' 6,4751 l,638l 313,9071 47: 5,201i "5," 670, 1,7121 1,629 324,838:. '473,537 •• 318 313, 5181 526L Cincinnati 185: 104,619' 7911 67,874 42' 5,303'31,026 3179, Us! 13 8,753: 3,365| l,052| 1,021 191,236' 259,542! 222! 219! 320i 325! 1 Pittsburgh 434; 197,923' 839! 81,701 40' 4,800', 1,313 284,424! 86 35,084' 1,429| 1,357, 326,977! 530,068, 343, 3371 249' 2291. Richmond 110. 118 511! 1 8I5! 242,027; 40: 9,780, - '"*• 370,318' 159 53,496' 9'073' 2,160! 2,532 432,887. 563,588! 466' 451 720: 987i '585'" 339 Baltimore 246 132,'595' ;65o| 57,8181 47! 5,772 9431 196,185! 561 26,955' 6.515J l,070! 1,142; 229,655: 344,2191 160' 1601 266! 274!. Atlanta 116 52,636! 322' 41,727| 30 8,192' 468 102,555; 28 9,771.' 3,662; 51.8' 516". 115,988 151,497: 22S •192i 110! "492;" '547 J B a i c r k m s i o n n g v h i a ll m e 2 6 2 3 8 3 1 4 9, , 7 2 6 5 9 7 " 1 16 2 2 8 1 ' 1 7 6 , ,7 6 3 1 0 8 i | 1 9 0 1, 8 O 1 O 0 O ! i 3 2 6 3 5 5! 4 3 2 7 , , 6 4 8 9 5 9 1 ! 17 8 7; . 5 1 8 2 0 4 i . 18 i; , 3 1 7 2 5 7! ] 4 27 0 4 7 l ! 2 2 3 0 9 2 , , 6 45 9 . , 9 3 9 9 8 2 " ; 8 5 8 1, , 8 0 6 3 1 5 , | 7 7 G 4! : 6 7 6 0( 3 6 3 5 1 | fo 1 I4 1 4 9 i ' 1 14 2 0 1 g Nashville 60 27,076' 194! 18,537i 10 1,006', 2641 46,6191 2,425' 1,054' 284! 308 50| 098i 64,239! 87" 83! 145; 146! 159! 151 New Orleans 64 42,361' _10,8| 13,053 37 4,685' —209: 60,099' 44 12,808i 564' 258; 235' 73,471: 88,871j 53 50 50l 228 219 Chicago 971 521,452! 3,478. 270,837 291 58,975| 4,740 851,264j 283 30,009, 2,55315,030! 4,893| 883,826' 1, 107,144: 1,321, 1.3001 3.975- 4,002.. Detroit 260 132,503, 456! 43,397 27 2,830; '743 178,730' 10 2,120' 496: 756; 655: 181.346; 235,909! 124' ' 120: ' 259! 257.. St. Louis 323 207,062' 1,267; 76,179 98 10,527| 1,68S| 293,768 34 4,3711 9 721' l,73l' 1,678, 298^860 363,1.72; 372; 358i 1,728; 1,753 . M L Lo i e t u t m l i e s p v h R il i o l s e ck 9 8 4 2 2 5 2 1 9 4 , , , 9 0 4 9 8 8 9 0 5 - ; : 1 2 4 4 8 0 8 0 6 , j 2 1 10 4 7 ^ . , 0 1 2 3 8 0 6 8 1 2 6 9 2 2,7 6 8 6 2 1 0 6 9 ; ' 2 3 5 3 2 2 9 2 9 1 3 4 8 8 1 1 , , , 0 8 2 1 9 7 9 9 6 ' 1 , | 6 9 2 9 6 15 9 5 5 5 2 1 . ' 21 2 1,7 2 6 0 9 7 6 3 = i j 3 2 5 5 4 3 3 6 3 ; j ! 2 3 4 2 6 S 6 3 9 : i 4 4 8 1 1 2 , , , 6 2 1 6 6 3 7 0 5 , ! 4 9 4 7 7 2 , , , 9 8 1 5 4 6 0 0 9 " ; | 6 9 9 4 6 9 4 8 9 6! 3 2 1 4 3 8 0 2 7 ; ! 3 2 19 3 4 5 2 3 1 1 |. . . . 165, 188 I d w Minneapolis 216 96,581. 1,276' 63,445 28 12,809,31,522 3 173,656' 79 15,096: 380. 1,606' 2,053 189,132! • 280,0O7! 8241,009 2,421! 2,875' 177, Helena 25 7,915' 1901 11,752 7 2,902: 222! 22,569! 8 2,5111 926! 231! ' 26,006"... 200 213".......I.. Kansas City 284 224,129i 1,220; 86,870 49 17,6441 1,553; 328,643! 224 34.382. 3 9,907, 1,844 2,862, 372,932' "498," 805- 330 "33411,452' 1,449!.. Denver 130 40,976' 313' 19,556 22 3,260: 46o! 63,792 15;800! 8,926' 569! 543! 88,518 113,5641 1.61 160 275| 287 ., Oklahoma City.. 69 47,217i 864j 63,022 7 1,008) 94()! 111, 247i 46 7,648: 6,489! 1,000; l,061i 125,3S4 180,450; 368 340 473! 546' 23 )1 Dall E O as l m P a a h s a o 1 1 4 6 3 2 4 0 6 4 9 1 2 , , , 2 6 0 8 1 7 7 3 5 ! i 1 4 , 1 2 7 3 3 6 2 2 ! ! 1 2 8 9 6 1 , , , 5 3 9 3 4 2 9 5 3 J ! 2 2 1 5 4 5 2 8 1 , , , 8 1 9 6 5 5 1 3 3 1 ! l 3 ,, * 4! 6 1 2 "8 3 1 "9 l j j' | 3 2 7 2 5 0 1 1 . , , 7 5 6 7 9 4 5 3 7 : ' . 7 4 1 6 1 1 1 5 1 1 , , , 5 2 6 9 5 3 9 8 8 i , , 3 1 4 9 j ! 4 4, , 7 2 5 5 9 8 0 6 8 ! | 1,5 6 2 3 9 0 1 5 1 ; ' . l, 2 6 92 2 9 6 0 7 - ! : 2 8 0 2 1 7 3 , , , 4 7 0 3 0 0 0 7 1 3 1 5 3 0 9 6 6 , , , 6 7 4 1 8 2 3 5 7 1 ; ' 2 6 5 6 5 3 9 4 2 6 5 7 4 6 2 7 7 8 9 9 6 6 3 9 : ! ! 1,1 9 1 0 7 0 2 7 ! ' . 19 3 7 1 Houston 61 37,047 306! 30,409 43 1,981 41()! 69; 437; 18j 2,7011 1,2751 433, 51.0: 73,413' 107,740 133 130 263' 275. San. Francisco 210 113,0211 525; 39,131 59 42,6131 194,765' 29 2,858 351 4,445 858 703 202,00X1 204,875i 209 206 277! 281'. Los Angeles 356 118,729| 1,166" 82,675 37 9,090! 210,494^ 121 16,731 73 j 10,270! l,753i 1,370' 237,495; 219,300! 172 168 107, 169 i. P S o al r t t l L an a d ke City.. 4S 2 2 7 4 , , 7 1 0 0 9 6 ! 2 3 0 7 1 7 2 1 7 0 , , 8 6 5 5 8 2 1 1 5 2 5 2 , . 0 2 1 0 2 7 i 4 2 3 7 7 8j 4 5 3 4 , . 3 1 7 7 3 1 . ' A 2 1 ,4 8 8 0 7 4! 3 1 6 .0' 3 2 , , 8 3 8 3 1 7 1 j 3 4 1 6 9 1. ; 5 3 2 0 1 7 , ; 4 5 8 9 , , 7 3 4 12 1, 1 6 1 3 8 , , 9 8 3 8 4 2 1 , 1 1 3 7 2 5 1 1 2 7 2 7 1 1 6 0 5 3 : ' 1 12 7 2 7 1 |. . S S p ea o t k tl a e ne 1 3 1 8 4 3 1 3 6 , , 1 8 7 4 7 0 2 1 1 74 6 ; 1 1 4 1 , , 7 0 4 6 0 8 28 5^ 9 9 9 3 7 8 3 22 58 0j 5 2 3 8 ', , 9 S 0 5 5 5i 21 5 2, , 1 9 0 9 8 3 ) ! 3 15 9 " i , 3 4 , , 7 3 7 3 9 4 " 4 24 1 7 8 1 ' 3 25 5 4 2 1 ' 3 6 4 4 . , 7 1 9 8 2 2 ' ' 4 7 5 7 , , 3 9 7 86 5; 1 6 0 2 2 6 9 4 8 1 9 6 6 2 ! ' 1 17 0 2 2 1 '. . Total jl0,0757,356,52631,092J3,013,3991 2,332 371,8~8 343,510|310,741,192' 3,633! 030,2391 730: 160,092,17,879,48,198,11,534,523'13,435,851 j 9,8521 9,637 18,071.19,101! 2,32L 1,705 1 Incorporated banks other than mutual savings banks. 2 Dec. 16, 1921, to Jan. 15, 1922. 3 Includes:items drawn on banks in other Federal Reserve districts forwarded direct to drawee banks as follows: Cincinnati, 8,000 items, Sl,322,000; Minneapolis, 2,000 items, §821,000; Omaha, 1,000 items, $200,000; total, 11,000 items, 32,409,000. NOTE.—Number of business days in period for Birmingham was 23; for Richmond, Atlanta, Jacksonville, and Nashville, 24; and for other Federal Reserve- bank and branch cities, 25 days. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

486 FEDBEAL RESERVE BULLETIN. APRIL, 1922. DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT APR. 1, 1922. Paper maturing within 90 days. ! Agricultural Bankers' ; and live-stock Secured by— acceptances I paper matur- Federal reserve bank. J Commercial, maturing , ing after 90 I Trade I agricultural, within 3' ! days, but Liberty bonds acceptances. | and live-stock months. within 6 j paper, n. e. s. months. notes. debtcdnoss. ! Boston 44 41 41 44 New York 41 41 4} 41 4* Philadelphia.. 44 44 41 44 44 Cleveland 44 4* 44 41 44 Richmond 5 5 5 5 5 Atlanta 41 41 41 41 44 M C K D S Sa t h a a . i n i n n l c L s n l a F o a a e g r s u s a o a i . p n C s . o c . i . l i t : i s y s . c . . . o . . . . . . . 4 5 5 5 5 4 4 5 5 5 5 4 4 5 5 5 5 i 4 5 5 5 5 1 4 5 5 5 1 1 1 41 41 41 41 44 MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL RESERVE SYSTEM, MAR. 1, 1922. General stoclc. U a G s H . o a S e v s l . s e d e r T n t i r s m n e o a e t s f h n u t e t h r .1 y e H a F e n . l d d R a . b g y b e a n o n t r s k . f s 2 or U H . a e S S n ld . y d T s o t F r e u e . m t a s R s . id u . e rv X c T A a a . p m S n S it y d o . a s u T F t o n e r u . e m t t I a p s I . s i e . u d r " r e y Gold coin and bullion ! S3,720,755, G55 $369,444,572 \ 82,234,380,388 ! S424,580,936 Gold certificates 522,438,270 •, 169,911,489 Standard silver dollars 360,-101,851 5," 930," 528"; 9,374,364 , 58,612,767 ! Silver certificates 36,099,-5 L8 ! 248,850,705 j Subsidiary silver 272,380,601 : 17,571,082"! 27,065,491 i 227,744,028 i Treasury holes of 1890 1,209 1,532,700 United States notes " 346,081,016 : 3,900,196 I 00,850,844 281,923,976 Federal R escrve notes ' 2,518,443,360 " 3,067,442 ! 301,862,170 2,213,513,748 Federal 'Reserve bank noies 105,525,400 I 1,351,259 ! 17,953,809 86,220,332 National bank nolcs 752,035,482 . 16,130,055 I 15,447,039 720,458,388 Total: Alar. 1, 1922 ; 8,076,223,365 I 417,395,134 3,225,479,102 4,433,349,129 $10.00 Feb. 1, 1922 8,079,226,057 . 423,791,434 3,243,270,345 4,412,164,278 40.46 Jan. 1, 1922 8,282,433,487 " 427,628,569 3,147,357,764 4,707,447,154 43.22 l)e::. 1, 1921 ! 8', 156,446,983 . 450,610,114 3,082,379,182 4,623,457,657 42.50 Nov. 1, 1921 8,117,812,092 : 457,988,002 2,982,192,610 4,677,631,480 43.06 Oct. 1, 1921 8,150,752,689 i 430,580,014 : 2,980,284,106 4,739,888,569 43.68 Sept. 1, 1921 8,082,450,974 j 431,623,906 ! 2,907,188,113 4,743,644,955 43.77 Aug. 1, 1921 i 8,059,103,327 i 432,471,109 j 2,818,800,024 4,807,832,194 44.42 July 1. 1921 | 8,096,033,684 ! 460,595,721 ; 2,697,553,897 4,937,884,066 45.68 Juno i. 1921 : 8,144,987,895 • 499,236,987 2,562,692,917 5,083,057,991 47.09 May 1,' 1921 8,128,219,183 j 508,349,193 2,512,465,834 5,107,404,156 47.38 Apr. 1, 1921 1 8,181,529,274 ! 496,945,969 2,534,743,84.3 5,149,839,462 47.83 Mar. 1, 1921 8,176,356,209 ! 493,976,120 2,385,101,578 5,297,278,511 49.26 Fob. 1, 1921 i 8,286,360,557 ; 499,358,809 2,438,773,422 5,348,228,326 49.80 Jan.1, 1921 8,516,984,381 ! 494,296,257 2,377,972,494 5,644,715,630 52.63 redemption funds held against issues of er coin and bullion held in trust for the 2 Exclusive of amounts "held with United States Treasurer in gold redemption fund against Federal Reserve notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST RATES. o In the following table are presented actual discount and interest rates pre- A comparison between rates prevailing during the 150-day period ending 2 vailing during the 30-day period ending March 15, 1922, in the various cities March 15 and the 30-day period ending February 15 shows a more marked o in. which the several Federal reserve banks and their branches are located. tendency to stabilization than was indicated last month. The most noticeable | A complete description of the several types of paper for which quotations are decline was in loans to customers secured by Liberty bonds. All rates are to given will be found in the September, 1918, and October, 1918, FEDERAL RE- lower compared with rates in the corresponding period last year. SERVE BULLETINS. Quotations for new types of paper will be added from time to time as deemed of interest. DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING MARCH 15, 1<)22. Prime commercial paper. " ©S'to M S ! Collateral loans-stock exchange. Ordinary | Secured by loans to District. City. Customers'. Open market. Int l e o r a b n a s n . k C lo a a t n tl s e . ! | w r a e r c e e h ip ou ts s . e s c e u c s u t r o e m d e b rs y 30 to GO 4 to 6 , 30 to GO | 4toG Indorsed. d U or n s i c n d - . Demand. : 3 months. • m 3 o t n o t h G s. L b i o b n c d rt s y . " days. months. : days. | months. r L. C. II. L. C. H. L. C. I If. L //. L. (7. If. L. C. , If. L. C. 77. X. (7. //. Is. C. I //. /:. c. //. L. C. If. L. C. . IT, No.1 Boston 5 51 G 5 515 51 44 3J 4 i 4i 33 4 5 5 5 G : G'- 5? G No. 2 Now York 4-? 51 Gl 5 1 4i 7 5 4ft 4 4i i 5 4 41-5 0 4 4-51 51-G 1 7 4J 51-G .' G \\ 5-0 Buffalo 5-1 0 7 0 I 5511 55 5 8 a6 i 43 4J 4J 7 6 6' I 7 G 0" : 7 o (f .• G 6 G So. 3 Philadelphia 5 6 0 5 6 6 6 5 5 j G 5 51 ' 6 4§ 51 : 0 5 51 No. 4 Cleveland o1. G 7 5J 6 G 7 4i- 6 ! 7 41 G 7 G 6 ! 7 (5 G" i 7 G G .' 7 fi fi" Pittsburgh 51 0 G 51 i G 5-j I G r>J : G G 6 4 3H i 41 4" G 0 fi | 6 0 G . fi fi fi fi G • 0 0 0 Cincinnati 51 6 Gl 6" 01 G I 01 G 1 Ci 5$ 0 41 4i 21 • 01 0 G I fij- fi 6 1 f»i G () Gl G G 01 0 I Gl 51 0 No. o B R a ic lt h im mo o n re d 5 5 1 1 0 0 0 G 5 5 1 1 oj 5 ! oj 5 ! . G 0 5 5 1 ' 5 0 1 G 5 4 5 ! J { 4 G =1 6 0 " 5 5 0 0 ! 6 5i G ! : 6 G 5 5 1 1 f 5 i -1 f f i i " fi 6 ; <> oi 5-1 No. 6 A Bi t r l m an i t n a gham f 5 i 7 7 8 8 G 5 8 } 5 ^ 5 8 } 4 5 } i 8 8 f 5 i" 1 6 7 " 8 6 7 8 8 f 0 i G 7" l 8 8 f f i i ! 8 8 f 6 i Gl 8 8 f 0 i G 51 " G 7" l Jacksonville G 7 f5f . 7 77 8 0 7 8 G 7 8 7 8 8 7 fi 7 New Orleans 5.', Gl-7 8 5101-7 fil-7 i 71 4 G-Gl 71 41 5-7 14 0 | 8 5! G-7 !« G-7 1 8 51 Gl-7 | 8 5. Gl - 7 51 G-Gl Nashville 6 7 8 G"f . 8" G fi 8 0 7 8 0 7 | 8 fi' 7" fi" G No. 7 Chicago 5 5 >-G 51-G i 5-J I i 8 51 G 7 5 5i-61? 51-G 1 7 5 51-G 51 !• 0 5 51-G Detroit G 01 G : 01 fi" 0 4 V 3!J 35 7 G Oi Gl ; 7 0 01 .: ; 7 o N N o o . . 9 8 L L S M M t o i . t i e u n t m l L i n e s e o p v a h u i R p l i i l s s o o e c li k s G G 5 6 5 1 G f ( 6 7 ) i . " 1, ; 0 8 8 G 1 G 6 7 5 5 5 1 1 5 5 . ; 7 f 8 7 7 i " 5 0 5 G G 1 5 7 0 6 G 1 1 " . i 41 41 44 4 4 5 4 4 1 • 1 '? G 7 G 7 G 5 l G G 8 G l I I j ^ 7 7 0 f 5 7 0 i . ' 1 G 0 G 8 1 " : I ! 7 8 7 8 f i 7 5 0 7 0 1 1 " 0 7 8 fi 7 8 f 0 7 i 0 0 8 1 1 ! 1 i 7 8 8 7 5 f 7 0 i 5 0 5 7 5 1 1 f 0 0 G i Helena 7" 7 8 7 j 8 7 • 8 7 7-i ! 8 8" 7i , 8 88 71 7 71 , 8 8 8 8 No 10 Kansas City 5101 G 1 ! 6 5 51-0 . 8 0 01 G Gl 8 (i Gl : 8 0 01 8 G 7-8 i 8 0 0 0 Omaha. 7 51 •>i ^ #r>i ' 5i 4y 5 71 G 7 G 7" i 8 0 7" . 8 01 7 81 7 7 8 0 G 0 Denver 8 G" fi.1,—T 8 () Hl-7 8 G 7 G Gl 8 0 01 ! 8 fi" 01 8" 0 7 1 8 0 51 7 Oklahoma City 8 G 8 10 6 8 I G 5 [ 8 07 6 8" 10 7 8" .10 7 8 10 7 S "•10 7 fi 8 No. 11.... Dallas 7 5 G C) 1 7 5 7 51 fi-1, G 7 8 0 7 : S fi 7 8 7 7 ' 8 0 •) v El Paso 10 G 8 10 8 10 8 0 G 8 G 8 10 G 8 !L0 0 8 10 7 8 ' i 0 G G 8 Houston 7 G G (i 1G G 7 fi 0 ; 7 0 7 . 7 7 51 0 No. 12...J San Francisco Gl 5* (i Gl 51fi ! 5 4J Gl G G "I? 0 G 01 5i G ! 01 G 0 fi 0 0 i 7 0 hi 0 Portland S ol 7 8 (i 51 41 7" G 7 Gl 4 4 7 8" G " 8 0 7 • 8 0 7 . 8 fi 0 7 i | S S p ea o t k t a le n e S s 5 G ( 7 >i 8 8 G 5 l 7 7 5| 51 ! V 7 7 ( 7 J 7 0 " 1 I 7 4 ! 8 8 8 7 5 " 17 8 1 8 fi ;J0 8 10 7 10 8 i i 8 8 7 0 f f i i 7 7 : Salt Lake City 8 7 7 8 i 5 4-:s 5 4$ 4? 7 6 7 .! 8 8 8 7 6J i 9 8 8 i 8 7 fi 7 Los Angeles 8 4) Gl 8 41 G i 7 4 • 7 4} 5 7 5 G 51 4 4 41 4 ' 7 6-} 7 0 I 8 7 • 8 77 ; 8 o 51 G:; 1 Rates for demand paper secured by prime bankers' acceptances, 5, 'ih, 4. oc Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

488 FEDERAL RESERVE BULLETIN. APRIL, 1922 FOREIGN EXCHANGE. rates on China, India, and Japan were lower in February than in March. These changes Average exchange rates in March were some- in exchange rates, together with certain what higher than in February for most of the shifts in the weights assigned to the different European and South American countries. countries, are reflected in a decline of the German exchange, however, shows a decided foreign-exchange index from 58 in February to drop from an average of 48 cents per 100 in56 in March. February to one of less than 36 cents per 100 The rates used in the compilation of the in March... The lowest quotation of the mark table are noon buying rates for cable transfers on record was shown for March 27, when the in New York as published by the Treasury in rate was 29.45 cents per 100 marks. Exchange accordance with the act of May 27, 1921. F< EIGN EXCHANGE 1NDEX 1918 - 1922 6E.NERAL INDE \NCE IT/ Aprf1NTINA 1 GLAND *MAN\ , kjF"rHERUWDS HM 1 A Pi PERCENT PERCENT 110 110 >. *^ PAR- y N PAR *-— 90 V 90 N /s z^ 80 80 \ \ /' 70 \ / 70 \ \ A 60 \ *v V 60 \ \ / 50 > 50 \ '• \ 40 40 ' J / 30 30 ,^- 20 ao ••• 10 10 Nk. D. J. F. M, A. M. J. J. A. S- 0- 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. J. F. M. A. M. J. J. A. S. 0. N. D. 1918 1919 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AlMtiL, 1922. FEDERAL RESERVE BULLETIN. 489 FOREIGN-EXCHANGE RATES. COUNTRIES INCLUDED IN COMPUTATION OF INDEX. [Rates in cents per unit of foreign currency.] w. High. Average. Inde o x f p (p a e r r ) . c 1 ent Weight, Countries. Mo u n n e i t t. ary ex P c a h r a n o g f e. Feb- Feb- Feb- Feb- March. ruary. March. ruary. March. ruary. March. ruary. ISelgium Franc 19.30 8.1900 | 7. 9500 8. 7100 8. 7300 8. 4311 8. 3195 43. 68 43. 11 29 28 Denmark Krono 26. 80 20.8700 ' 20.1900 21. 3600 21.0700 21.1081 20. 6414 78. 76 77. 02 21 11 France Franc 19. 30 8.8100 ! 8. 3300 9.2100 9; 2000 9. 0033 8. 7305 46. 65 45. 24 79 76 Germany Reichsmark... 23. 82 .2945 i . 4339 . 4360 . 5207 . 3585 . 4811 1. 50 2.02 84 : 80 Italv . L ira .19.30 4.9000 ! 4.6400 5.4000 5. 3300 5.1115 4. 9095 26. 48 25. 44 24 • 35 Netherlands Florin 40.20 37. 3400 36. 9900 38. 3600 38. 4700 37.8452 37. 6082 94.14 93.56 27 ! 29 Norwav Kron e 26.80 17.2800 i 15. 8700 18. 0900 17.2700 17. 6156 16. 6641 65. 73 62.18 S . 8 Spain..' Peseta 19. 30 15. 3600 ! 15. 2000 16.0300 16.0300 .1.5. 6533 15. 6927 81. 11 81. 31 18 ! 21 S S w w i e t d z e e n rland F K r r a o n n c a 2 1 6 9 . . 8 3 0 0 2 1 5 9 . . 6 33 3 0 0 0 0 ! : 2 1 5 9 . . 4 4 4 4 0 0 0 0 2 1 6 9 . . 5 6 9 30 0 0 0 2 1 6 9 . . 6 6 6 0 0 0 0 0 2 1 6 9 . . 1 4 5 5 6 4 3 8 2 1 6 9. . 1 5 .4 2 9 2 5 7 1 9 0 7 0 . . 6 8 0 0 1 9 0 7 1 . . 1 5 5 7 3 1 4 1 : i 2 1 3 0 United Kingdom... Pound 486.65 :429. 3600 428. 7800 114.0800 443.2200 437. 5719 436. 2000 89. 92 89. 63 213 i 244 Canada Dollar 100.00 9o. 5169 95. 5547 97. 9844 97. 9844 96. 8604 96.3114 96. 86 96. 31 156 • I')') Argentina .Peso (gold) 96.48 80.1300 80. 6400 84. 9000 83. 8300 82. 7785 82. 5764 85.80 85. 59 31 29 Brazil Milreis 32.44 13. 4400 12. 6100 13. 9600 13. 6500 13. 6678 13. 2159 42.13 40. 83 31 • . 29 Chile Peso (paper).. 2 19. 53 , 10.8750 9. 8750 11.6875 11.0000 11.4050 10. 3958 58. 40 53. 23 .11 7 China I Shanghai tael. 2 66. 85 67. 2900 68. 6400 72. 9600 74. 2100 70. 7541 72.1532 105.84 107. 94 50 : 51 India ' Rupee 48.66 i 27.5000 27. 7400 28. 0900 28. 4400 27. 8215 28. 1427 57.18 57. 84 29 23 Japan Yen 47. 2600 47. 5000 47. 4900 47. 3485 47. 3727 94. 98 95.03. 111 141 OTHER COUNTRIES. Low. High. Average. Index p (p ar e . r ) i cent of Monetary unit. •I Par of exchange. I March. F a e r b y r . u- March. F a e r b y ru . - March. F a e r b v r . u- March. F a e r b y r . u- Austria Krone ; 20. 26 0.0.1300 0.0.199 0.01900 0.0339 0.01500 0. 0281 0.07 0. 14 Bulgaria Lev ! 19.30 . 6850 .6817 -1 . 6983 . 7083 . 6880 . 6930 3. 56 3.59 Czechoslovakia j Krone j 20. 26 1.6213 1.6894 1. 8978 1.9316 1.7333 1.8550 ! 8. 56 9.16 Finland ! Markka : 19. 30 1. 9763 1.9857 : 2.1214 2.0214 2.0600 2.0029 .10.67 L0. 38 Greece I Drachma \ 19.30 4.2200 4.4200 •1. 5800 4, 6000 4.4407 4. 5082 23.01 23. 36 Hungary ! Krone i 20. 26 . 1082 . 1425 . 1450 . 1563 . 1256 ! .1197 : .62 .74 Poland ' Polish mark.... 23.82 .021.3 . 0237 . 0262 .03100 .0236 .0286: .1.0 .12 Portugal j Escudo. ; 108.05 8.0300 7. 2400 9.1700 8. 0200 8. 4293 7. 1895 j 7.80 6. 93 Rumania '• Leu ' .19.30 .7159 .7442 . 7942 . 8233 . 7485 .7953 | 3. 88 4. 12 20. 26 . 3048 . 3055 . 3579 . 3316 . 3207 .3235 ' 1.58 1.60 19.30 1.2200 .1.2267 : 1.4560 .1.3300 1. 2899 1.2975 : 6.68 6.72 Cuba... Peso... 1.(0H0U.0M0) 9\t99..8M2M50 9\M9..7 /5M01l !, 9\M9..9 \3),7i/5o W99h. \9rd3t7i>5 99. 8878 99.8542 .' 99. 89 99. 85 Mexico. do. 4.9.85 48.6375 4.8.6250 " 49.7375 49.0250 49.2888 48.8076 ; 98. 87 97.91 Uruguay. .do. 103.42 79.2600 75.6100 . 82.2000 | 82.3700 80.7326 79.239.1. | 78.06 76.62 I China ; Mexican dolla r..; 2 48.11 49. 7300 50.4200 ! 53.3500 : 54.2500 i 51.(5278 52.7445 ' 107.31 109.63 Hongkong j Dollar i 2 4.7. 77 51.7000 52. 3400 ; 54. 4100 j 55.2900 53.1767 53.9795 i 111.32 11.3.00 Straits Settlements \ Singapore dollar.) 56. 78 48.8300 47.8300 , 50.1700 | 50.2500 ! 49. 5307 19.2959 I 87. 23 m. 82 ; ' I 1 Based on average. . 21913 average. Average price of silver per fine ounce: In London (converted at average rate of exchange), $0.65571; in New York, $0.64838. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

490 FEDERAL RESERVE BULLETIN. APRIL, 1922. FINANCIAL STATISTICS FOR ENGLAND, FRANCE, ITALY, GERMANY, SWEDEN, NORWAY, JAPAN, AND ARGENTINA. 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.] j land and Treasury. iS j * ! * !l! C s • En Average of end of month figures: 1913 | 29 1920 103 1921 108 1921, end of— March ! 110 July I 109 AugUSt ; 107 September i 100 October ! 10-1 November | JG6 December... I.! 1922, end of— January February March nop I T: Nine London clearing banks.* o I Discount rates, j *§ 3 I"" ! S EoH g Total, clearings. 15 1,370 348 147 140 1,078 210 1,297 i 3,252 327 130 , 157 1,139 182 1,322 | 97 1,176 j 3091,768 2,911 344 i 138 . 157 1,121 155 1,275 ! 83 1,145 312 1,715 2,941 325 : 122 i 157 1,202 150 1,355 i 104 1,191 306 1,785 2,961 319 i 137 , 157 1,166 180 1,347 I 100 1,179 302 1,764 2,787 314 : 118 : 157 1,159 161 1,321 | 99 1,186 302 1,771 2,641 312 i 175 ! 157 1,124 214 1,338 102 1,196 306 | 1,802 2,938 313 ! 144 : 157 1,108 193 1,300 96 1,205 311 i 1,793 2,921 107 i 320 j 123 157 1,060 200 1,260 106 1,191 315 j 1,818 3,173 103 ! 305 I 135 : 157 1,039 116 1,154 I 1141,192 ! 333 1,826 3,399 102 I 298 ! 138 i 157 957 112 1,069 111 1,152 357 1,802 .10.} j 300 151. ' 882 147 1,030 103 1,097 i 3G9 1,747 3,452 rhT i3 Si a g : «& 8 1 .5 « I 53 j Per ! Per ! P«r . Per | c«tf. ce«f. . cent. \ cent. : 4$ ' 4f| ; 11.7 32 6} ' G-^ i 1\ j 10 LO | 15.2 18 i 4J . 5g§- : 6i I 120.1 j 10.3 26 j 1 Loss notes in currency notes account. * Held by the Bank of England and by the Treasury as note reserve. 3 Average weekly figures. 1 Compilation of London Joint City and Midland Bank, British Government loans for national purposes excluded. Revised figures. 5 Compilation of London Economist. Ratio of net profits to ordinary and preferred capital of industrial companies, exclusive of railways, mines, insurance companies, and banks. Applies to earnings disclosed during the quarter and has therefore a probable lag of six months. FRENCH FINANCIAL SITUATION. [Amounts in millions of francs.] Bank of France.1 Situation of the Government. Value of new Savings j stock | Advances | and I to the ! Price of bond rcs G e o r l v d c s.; ! re S s i e l r v v e e r s. ; | po D si e t - s.2 Ci t r i c o u n l . a- I I ! m p G u e o r n v p t e o r f s o n e r - s r G e m v o e v e n e n u r t n e. - * In d te e r b n t a . l External. p u p p is l o a s n u c e e t d s he d w ra it w h- - b P a a n r k is s. I ! the o w f ar.3 rente.0 m F a r r e k n e c t h .7 als (-). I I 1913, average 3,343 629 i 830 5,565 j , 320 35,000 80.77 - 05 59 1920, average s 3,586 253 1 3,527 38,000 ! 20,042 ! 1,005 57.34 4,054 + 48 io 554 1921, average • 3,508 274 2,927 37,404 •• 25,300 . 1,103 50.50 1,100 + 07 550 1921— i March »3, 550 207 3,103 38,435 I . 25, 200 i 972 58.17 344 + 111 550 July ». 3,573 275 3,252 30,941 I 25,100 ! 1,242 229,055 35,280 50.35 2,345 + 52 438 A Se u p g t u e s m t ber ^ a 3 3 , , 5 5 7 7 4 5 2 2 7 7 7 7 2 2 , , 5 7 0 4 9 9 3 37 0 , , 1 7 2 8 9 3 ! 2 2 4 4 , , 9 9 0 0 0 0 : j 1 ., , 0 0 1 1 1 0 5 5 0 0 . . 5 2 0 0 2 1 3 5 4 2 i + + 0 7 8 2 4 5 0 5 7 3 October 9 3,575 278 2,503 37,154 i 25,100 i ,305 54.30 3,355 + 33 403 N ovember 9 3,570 279 2,503 30,330 j 24,500 ! .,051 54.90 434 - 0.5 505 December » 3,576 280 2,743 30,487 ! 24,000 ,228 54.75 853 + 38 527 1922. I January •3,570 280 2,392 30,433 i 23,000 ! ,323 56.55 759 + 41 489 M Fe a b r r c u h ary 9 • 3 3 , , 5 5 7 7 7 8 2 2 8 8 1 2 2 2 , , 4 2 2 3 9 6 3 3 5 0, , 1 5 5 2 1 8 2 2 2 1 , , 5 5 0 0 0 0 ; : ,0L4 59.55 + 100 1 End of month figures. * 4 From indirect taxation and Government monopolies. 8 1 I U n n c d lu e d r e t s h e T r la e w as s u o ry f A an u d g . i n 5 d a i n v d i d D ua e l c . d 2 e 0 p , o 19 si 1 t 4 s. , July 10,1915, and Feb. 10,1917. 6 5 L F a o s r t e W ign e d d n e e b s t d a c y o n i v n e t r h te e d m to o n fr t a h n . cs at par. 7 Figures of the "Association Nationale des Porteurs Francais de Valeurs Mobilieres." Bonds issued by the Government and the railroad companies not included. B Not including 1,978,000,000 francs held abroad from January through August and 1,948,000,000 francs from September through December. 9 Not including about 1,948,000,000 francs held abroad. 10 Average for 11 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Amir,, 1922. FEDERAL RESERVE BULLETIN. 491 ITALIAN FINANCIAL SITUATIONS [In millions of lire.] Leading private banks.1 Banks of issue. Government finances. Cash. d c s u L c o p e a o o d u o i n r a s f n n r d - n r e t d o s s - - m , , I i s D d c t e p s u o e n o e r p a t n r s n o e t d . o d s - - ' - • : ! j j c L o a d o u n i a s n d n - t s s.; j s G e r r e o v - l e d . s T e r o r e v - ta e l . i l D m t i t s a d i e a b e e p a n - s i n o l . d i s d - - l c a C m i c t r o i i e c o a m r u l n - - - . a C ti s c o i o t c r f n a c o t t u u h f e l o n e a . r - t 1 , Ii n r o " e t n £ e c s • - yy m T s li e u r c e r e r t v y a a r e e s l - . - - S t t b r u e h e i r r l o a l m y r s s t . - - p d T u e o b b t l a t i . c l n t p n a u a d P n o a e x u d r l p s a i r o r n i t f m e l n i r c i o v o o g e i - n m e - s - P b , I n r e n i • u r ( d ; s m e o s o - x - 4 f . ents. month.2 1913, end of Doc. 129 2,007 I 1,674 i 857 j 1,375 1,661 318 2,284 ! 493 117 I920,endofl)ec. 1,297 j " ! 1,058 2,077 8,988 10,743 j 13,200 , 10.19 1921, average... 1,200 j 10,242 I 10,001 ; 7,509 | 1,074 2,020 2,352 j 9,304 9,064 ! 1,019 87.12 1921. end of— January —. 1,193 17,113 16,392 6,931 058 2. 046 2,635 8,673 j 10,591 822 94.23 July ..*...... 1,140 16,851 16,704 7,156 076 1,990 2.290 9,433 ! 8,507 • 2,546 348 20,276 691 /8.71 S A e U p ii t U e S m t ber.: 1 1, , 0 1 5 3 2 1 1 1 7 7 , , 0 2 2 2 4 3 ! i 1 1 6 6 , , 6 8 7 2 2 5 7 7 , , 3 3 2 1 7 5 0 0 7 7 3 9 1 1 , , 9 9 6 6 6 4 2 2, , 1 1 4 2 3 4 i , 9 9 , , 4 7 9 8 1 5 i j 8 8 , , 3 3 9 5 5 2 I I 348 2 2 1 1 , , 6 1 1 7 2 3 | 108,729 1,3 56 8 4 1 1 8 8 7 2 . . 0 8 4 7 October ... 1,364 15,413 ! 17,022 7,816 086 . 1,990 2,243 ! 9,746 i 8,554 | 2,546 22,997 110,754 l,40J| 9.1.07 November. 3 1,174 3 12,844 i» 12,778 7,810 089 | 1,948 2,151 | 9|435 I 8,485 j 648 83.99 December . 3 1,998 3 J 1,797 i1250" 10,020 092 ! 1,999 2,913 j 10; 304 ". 8,505 j 1,458 80.13 1.922, end of— J F a e n b u r a u r a y ry . . . . . 1,425 ^ 11,334 311,515 , 10,158 1,110 1,997 2,849 10,185 j 8,571 '. :i 1,3 90 6 9 6 1 | 96.00 I I T <i Latest figures subject to revision. 1 Banca Commerciale ltaliania, Banca Italiana di Sconto, Credito Italiano, Banco di Roma. 2 Revenues from state railways; from post, telegraph, and telephones; from state domain; from import duties on grain; and from Government sales of sugar are not included. ^ Excluding Banca Italiana di Sconto. * Figures for 1.921 arc based on quotations of Dec. 31, 1920=100. Those for .1.922 are based on quotations of Dec, 1.92] =100. GERMAN FINANCIAL SITUATION. [Amounts in millions of marks.) I Index numbers Reichsbank statistics. j Situation of the Government.; I of securities prices.* j Value of! — jDarlehns-j - new stock j ,- Discounts.1 j k s a e s h s e e i n n e ; I . an is d s u b e o s n d, j ! I in circu- | I placed on i se G r r e o v - l e d .1 t c re o a S s t u e r d y ! mm C w ^ u , dl la c N i t r i o o c t u n e - .1 'Deposits.1! Clearings. " j R t e f a r c x o e e m i s p , t s : R r o a e f il v w S e t a n a y u t s e e , s T b t r a i e l n l a d s s i o u n u r g y t . - 1 i j G m e a r r m k a e n t ' ( ' • st 2 o 5 c ks ! ! .! b 1 o 5 nds, bills. paper. 1913, average... 1,068 j 1,958 ' 668 6,136 207 13 a 220 1920, average... 1,092 : 47,980 53,964 17,702 ! 57,898 13,145 j. 1921, average... 1,056 I 83,133 80,952 , 20,213 , 89,297 8,861 : 6 ,'285" "2,"358" 'l92,"832' 2,655 1921. March 1,092 66,803 09,417 28,043 74,294 10,168 : 0,840 j 1,68.1. 106,425 July ! 1,092 79,998822 1,136 77,391 15,824 i 78,337 8,358 I 5,566 ' 2,269 190,770 1,507; August j 1,024 84,044 1,002 80,073 13,650 79,172 7,837 j 5^ 145 ' 2,416 • 202,872 1,228 • September ! 1,024 98,422 1,142 86,384 19,980 i 98,004 7,610 4,908 2,599 210,504 1,534 i October 994 98,705 881 91,528 18,303 119,496 7,316 I 6,185 2,825 218,000 2,889 j November 994 114,023 1,446 100,944 25,313 , 140,493 7,330 7,044 : 3,397 . 226,676 7,135 4 269 December 995 132,331 1,062 113,639 32,906 120,835 8,325 ! 8,016 : 4,329 246,921 5 965 -206 * 147 1922. January 996 126,160 1,592 115,376 23,412 i 116,680 8,046 i 8,802 4,415 255,678 4,831 !i 223 152 February 996 134,252 1,857 120,026 26,526 i 109,816 7,977 , 262,817 2,101 ! 222 154 March e 997 146,531 2,152 130,671 33,358 ! 8,701 ! ' 7265,183 6,416 I 274 169 1 End of month. 2 Calculated by the Frankfurter Zeitung with prices of 25 stocks, 10 domestic and 5 foreign bonds (prices as of Jan. 1,1921=100). These figures, recently revised, now include subscription privileges which were heretofore omitted. Figures are as of beginning of month. 3 End of March, 1913. 4 As of Nov. 10,1921. » As of Dec. 30, 1921. « Latest figures subject to revision. 1 As of Mar. 20, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

492 FEDERAL RESERVE BULLETIN. APRIL, 1922. SWEDISH FINANCIAL SITUATION. [Values in millions of kronor.] I Situation of the | Riksbank. ' Government, j Gold Bills c b a o u n i l d - n l c a N i t r i o c o t u n e - . ! C in le g a s r . - F S l i t o n a 8 a t t e " I c o w d u i n s i " t t h ed lion. debt, i Riks- ; bank. I ~r 19115, end of December.. 102 235 628 ! 20 j 1.39 1920, average ' 269 733 220 ! 3,596 j 1,281. i 248 ; 476 1921, average •, 280 661 274, 2,715 389 .1921, end of— ! February ' 282 688 228 j 2,803 451 6,119 July....". 280 629 1.77 i 2,528 1,342 i 134 363 5,930 August i 285 632 152 , 2,316 1,360 i 137 345 5,937 September i 275 672 .113 2,609 1,368 ! 60 330 5,901 October ' 276 650 1.26 ! 2,31.0 1,393 ! 63 341. 5, S37 November 275 628 188; 2,364 1,409 i 77 354 5,735 "December 275 628 331 i 3; 305 1,433 j 78 464 5,656 1922, end of— j January ! 275 563 • 337 1 2,332 421 February • 274 579 : 1 Source: Kommersiella Meddclanden. NORWEGIAN FINANCIAL SITUATION. [In millions of kroner.] Norges Bank Foreign exchange Bankruptho G ld o i l n d gs. circ N u o la t t e ion. Deposits. L di o s a c n o s u a n n ts d . C C l h e r a i r s i t n ia g n s i a a . t(Fa in n d n e a x n i d). cies. Per cent. 1914 end of Julv a 84 123 14 88 1920 average. 147 451 102 419 652 91.1 32 1921 average 147 417 111 443 537 86 1921, end of— FotoruEirv --- ----------- 147 417 128 441 447 94.9 56 July.. .. 147 428 100 452 541 82.4 96 147 421 110 455 580 81.9 101 147 416 85 426 637 85.9 102 October 147 411 113 453 589 86.2 78 November ... . 147 395 121 439 538 95.4 89 December 147 410 141 476 551 81 1922, end of— January 147 378 131 433 524 February 147 376 141 428 1 Average value of krone in terms of foreign currencies. 2 Includes balances abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN. 493 APRIL, 1022. JAPANESE FINANCIAL SITUATION.* [Amounts in millions of yen.] Bank of Japan. Tokyo banks. Current Total Tokyo Average circ N ul o a t t e ion. fo r r S e p s n e e o r c t v i e e e s.* d l O o is a r c n d o i s n u a a n n r t y d s. A on d b v f i o a ll r n s e c . ig e n s m p G o e o s n v it t e s r d n i e n - - in d P e r J p i a v o p a s a t i e t n s . as T s l o o o c a k i n y a s t o ed 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 y n o t Japan. bank. the month. market). 1913, average... . . .. 363 216 47 33 (3) 7 333 364 8.38 1921, average 1,226 1,200 107 39 297 50 1,932 2,572 9.00 1921. End of— March I, 178 1,178 60 43 802 30 1,852 2,502 9.28 July 1,172 1,172 43 23 330 76 1,987 2,341 8.36 August 1,192 1,192 107 31 345 35 1,951 2,816 8.43 September 1,232 1,232 101 32 293 30 1,955 2,627 8.28 October 1^255 1,255 157 30 309 34 1,993 2,679 8.50 November 1,283 1,264 197 30 325 37 1,989 2,783 8.79 December 1,546 1,246 298 26 203 35 2,000 3,340 9.20 1922. End of— January.. 1,377 1,241 224 56 277 35 1,984 2,246 9.02 February 1,246 K223 . 172 26 328 27 1,950 2,438 March 1 289 248 58 422 29 During the ARGENTINE FINANCIAL SITUATION. [Amounts expressed in millions.] Private banks.1 Banco do la Nacitin. • Caja dc Conversion.! Public debt. | . Exi change, Cash. Cash. I Gold guar- Consolidated. . average anty of note ! monthly Date. p W ( D o p s e - a i - - t s i I j ! | ( c y I p p o a ™ D a u n e - u c i r * s c t ) s - s . Cold. • : j P aper.; i i i p 1 p ( ) e p o c r l s a - ) i - . ts c p D o a a e u n d i r s - n d ) - - . t s i ! | p P e a r - . i I j I i C p ( n p e g le s a r a ) - 3 r . - i ' . 1 c l N p ( a i P e r t o c r i a t o ) u e . - n - C C c v h d i o e a r e e r n j c - a - l u d l a i ti n o - n tc E r x n - a l : Internal. F p ( l i e p o n r a a g ). - t - j | i I , j ! r ( d m u B p u p a a o t r p - n n i c c n k t i r h g e - ) s . 2 ; : . j | ! Y 1 $ r p B A 0 ( N 9 o a 0 e p 6 u r i t s e r e . k a e g 4 o e w r n o 8 o s s o : o = l ) f n d . - s • ! sion .3 End of— 1913 1,464 : 1,541. 435 I 541 I 478 32 | 180 1,471 828 263 309 158 I 177 • 1914 1,242 1,196 404 | 605 497 28 ! 194 1,023 803 •232 3 312 156 174 141 1915 1,469 : 1,242 598 I 692 I 445 io; 362 1,125 988 I 247 68 309 154 I 169 , 277 1 1 9 9 1 1 6 7 ! 1 2 , , 6 0 5 1 7 4 : : 1 1 , , 5 3 5 1 4 7 6 6 2 5 4 7 : 7 8 5 7 6 1 ! ; 4 5 4 3 2 3 | i 14 3 2 6 9 6 5 ! !1 1 , , 3 58 1 7 5 1 1 , , 0 0 1 1 3 3 I ; 2 2 7 7 0 2 5 5 7 5 3 2 0 9 1 5 ! 1 2 5 0 1 3 2 2 1 2 4 3 i ! 8 5 7 8 8 8 .1918 j 2,844 ; 1,885 830 -, 1,195-1 532 36 1,154 i289 .100 282 199 219 i 5.1.6 19.19 ! 3,010 2,113 771 i1 1,250 ! 676 3396 !2 63185 I 2,28,02455 1,177 ;320 79 275 196 214 ! 651. 99.0180 1 1 9 9 2 2 1 0 ; 3 3 , , 3 5 7 3 5 0 | 2 2 , , 5 5 4 0 3 5 1 1 , , 0 0 8 8 1 7 ! i 1 1 , , 3 4 1 1 0 2 8 8 6 0 6 4 2 2" 5 3" ! i' "4 4 "1 0 "0 6 3 3 2 , , 6 08 1 40 . 55 2 1 1 , , 3 3 6 6 3 3 j | 4 4 7 7 6 6 4 4 ! j 5 6 1 3 6 7 9 7 0 2 . . 9 7 9 0 9 4 9 0 1921. End J o a f n — uary... 3,489 ! 2,532 1,072 ! .1,374 803 401 1 3,308 1,363 ". 476 79.382 February.. 3.402 2,54(5 1,024 i 1,342 814 401 . 2,817 1,363 : 476 80.89 .March..... $',438 2, ooS 1,059 • 1,353 840 398! 3,132 1,363 I 4.76 78.202 April 3,459 j 2,529 .1,082 , .1,356 818 423! 3,373 1,363 ! 476 600 78.958 May 1 3,461 '2,546 1,099 ! 1,361 830 419 i 3,104 1,363i 476 71.84S June , 3,455 ! 2, 538 1,090 ! 1,352 84.4 386! 3,052 1,363 i 476 69.857 July i 3,454 i 2,514 1,072 1,350 846 386 3', 065 1.363 i 476 640 I 65.799 S A e u p g t u em st ber. i 3 3 , , 4 4 4 4 7 4 ! ' 2 2, , 5 4 1 9 9 2 1 1 , , 1 0 5 9 2 3 1 1 , , 3 3 5 4 0 9 m i 4 4 3 0 J 2 . i 3 3 , , 0 0 7 9 6 3 1 1 , , 3 3 6 6 3 3 1 ! 4 4 7 7 6 0 f=s=*=a 6 66 9 . . 6 5 3 55 October... i 3,391. 2,467 1,172 1,311 8:6 i 448 j 2,909 .1,363! 476 73.078 N D o ec v e e m m b b e e r r . . . I 3 3 , , 3 3 7 5 5 9 ' ' 2 2 , , 5 5 0 4 1 3 . 1 1 , , 0 1 8 5 7 0 1 1 , , 3 2 1 9 0 3 8 8 0 4 3 0 ! i 4 4 6 1 3 0 2 3 , , 1 4 3 8 3 2 1 1 , , 3 3 6 6 3 3 j ! 47 4 6 76 7 7 4 3 . . 8 4 0 78 4 9 2 866 j 1922. i ! KM of— i i • January....: 3,362 : 2,529 j 1,(64 1,310 887 23 419 3,014 1,363 476 '• 77.1892 February...! I 2,593 1,303 476 : 82.5764 1 Includes figures of Banco de la Nacidn. 21913-1919 figures are monthly averages. 8 Includes amount held in conversion fund of Banco de la Nacidn. Prior to outbreak of war the Banco de la Nacidn held $30,000,000 as its portion of the gold guaranty. In August, 1914, $20,000,000 of this amount was mobilized, leaving $10,000,000 in the bank's conversion fund since that date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. A cceptances: 1>ase • Discount and open-market operations of Federal 1'agc. Cotton factors1 paper, eligibility of 432 reserve banks—Continued. 'I leld by Federal reserve banks 4 68 Earning assets held 467 Purchased by Federal reserve banks 46(> Number of banks discounting 465 'Regulation A, amendment to 433 Volume of, during month 464 Agricultural movements, index of -. 455 Discount rates: Argentina: Bank of France, reduction in 420 Financial statistics 4193 iii effect April i 486 Foreign trade 428 Prevailing in various centers 487 Atlanta Par Clearance case, opinion of Judge Debt funding bill, foreign 386 Beverly in ••130 Division of Analysis and Research transferred to Australia", wholesale prices in •Ji(> Washington. 386 Bank debits, March 179 Eg;.-pt, wholesale prices in 443 Hank of France, annual report of England: Banking conditions: Annual reports of joint-stock banks 11.5 Abroad 38i 490 Budget 417 United States 388 409 Business and financial conditions 41.5, 490 Building statistics ' -159 Cost of living '448 Business and financial conditions: Dividends of joint-stock banks 4.1.6 Argentina 493 Foreign trade' 383, 449 England ' 415, 490 Index of industrial activity 45.1. France 41.7,490 Reductions in expenditures 417 Germany 422, 491^ Wholesale prices. -• 444 r Index of '- 387 Failures, commercial, reported 431 Italy., 420,491 Federal reserve banks: Jauan 493 Condition of 469-474 Norwav 492 Discount and open-market operations 464-468 Sweden 420, 492 Federal reserve notes: United States 390 Accounts of Federal reserve agents.. 475 Canada, wholesale prices in... ^ '47 Interdistrict movement of 402 Charters issued to national banks 431 Fiduciary powers granted to national banks... 431. Charts: Finland, wholesale prices in 443 Assets and liabilities of Federal reserve banks Foreign debt; funding bill 386 and member banks". 470 Foreign exchange rates: Debits to individual account 4/9 Discussion of 379 Foreign exchange 4-88 "France 417 Index numbers of domestic business 454 Germany 423 Wholesale prices in .England 437, 439 index of, chart showing 488 Wholesale prices in the United States. ..... 437,438 Foreign financial policy, State Department on . 386 China, wholesale prices in 443 Foreign loans placed in the United Stales 386 Clearing and collection.: Foreign trade*: Gold settlement fund transactions 483 Argentina. 428 Operations of system during March 484 Commercial credit practice of continental Opinion, of Judge Beverly in Atlanta par banks 4 10 clearance case 436 England 383, :M9 Number of banks on par list 484 France 383, 118, 449 Clearing-house bank debits 4v 9 Germany 4 50 Commercial failures reported 431 index of 453 Condition statements: International trade balance 382 Federal reserve banks 469-474 Italy 420,450 Member banks in leading cities 469. 476 Japan 4 5Q Cost of living: Norway 450 England". 448 Principal European countries 384 France jJ:* Sweden 45n Germany , 448 | United States with Europe ..'. 382 Cotton factors' paper, eligibility ol foj France: Credit practice of continental banks 41.0-414 i Annual report of Bank of France 4.27 Debits to individual account 4v9 I Business and financial conditions 417, 490 Denmark, wholesale prices in 443 | Discount rate of Bank of France, reduction in 420 Discount and open-market operations o! Federal Foreign exchange rates 417 Foreign trade 383, 418,44:9 reserve banks: Indexes of industrial activity 451 Acceptances held 4t|S Investments of foreign capital 419 Acceptances purchased 466 Retail prices in Paris 418 Bills'discounted M')') Wholesale prices 415 Bills held - !li = . 97329—22 9 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

II INDEX. Pago. Member banks—Continued. Freight rales, ocean 460 Number in each district 4.65 Genoa international conference, reply of 'United State banks admitted to system 431 States Government to invitation of Italian Gov- Mineral products, index of 455 ernment 385 Money, stock of, in the United States 486 Germany: National banks: Business and financial conditions 422,491 Charters issued to 431 Cost of living in Berlin 448 Fiduciary powers granted to 431 Foreign exchange - 42?> New Zealand, wholesale prices in. 443 Foreign trade 450 Norway: Increases in capital among German corporations 425 Financial conditions 492 Indexes of industrial activity 452 Foreign trade 450 Reparations situation 422 Wholesale prices 446 Stock exchange prices 424 Ocean freight rates 460 Wholesale prices - 445 Opinion of Judge Beverly in Atlanta Par Clearance Gold: case. 436 Imports and exports 387, 483 Par list, number of banks on 484 I nterdistrict movement- of 400 Per capita circulation 486 Gold settlement fund transactions 483 Peru, wholesale prices in . 443 .Holland, wholesale prices in 443 Physical volume of trade * 454-459 .Imports and exports: Prices: Gold • 387, 483 Discussion of 380 Merchandise balance between United States Foreign countries, compared with United States 381 and Europe 382 Retail, in principal countries 448 Silver 387,483 Wholesale, abroad 443 Index numbers: Wholesale, in the "United States 444 Foreign exchange 488 Rates, discount. (See Discount rates.) Foreign trade 453 Regulation A of the Federal Reserve Board, amend- Industrial activity, England, France. Germany, ment to 433 and Sweden - - - 451 Reparations and interallied debts 41.5, 422 International wholesale prices, United States Reserve ratio of Federal reserve banks 389 and England 437 Reserves, deposits, and note circulation of Federal Ocean freight rates 460 reserve banks 471 Physical volume of trade 454. Resources and liabilities: Retail prices in principal countries 448 Federal reserve banks •.... 472 Trade and production 454 Member banks in leading cities 476 "Wholesale prices abroad 443 Retail prices, comparative, in principal countries. 448 Wholesale prices in the United States 438 Retail trade, condition of 461 India, wholesale prices in 447 Rulings of the Federal Reserve Board: 1 nterdistrict movement of gold 400 Amendment to regulation A. 433 Interest rates prevailing in 'various centers 487 Cotton factors' paper, eligibility of 432 International conference at Genoa 385 Silver imports and exports. 387, 483 Italy: South Africa, wholesale prices in "Business and financial conditions. 4U0, 491 State banks admitted to system 431 Emigration 422 State Department, on foreign loans placed in United Foreign trade 420. 450 States 386 Increase in capital of joint stock companies 42.1 Sweden: 'Postal savings deposits 421 Business and financial conditions 426, 492 Retail prices 448 Deposits of commercial banks 427 Unemployment 421 "Discount rates, changes in 426 Wholesale prices 445 Foreign trade 450 Japan: Index of industrial activity 452 Financial statistics 493 Investment market ." 426 Foreign trade 450 Retail prices 448 Wholesale prices 443 Stock-exchange transactions 426 Knit goods production 461 Wholesale prices 44(5 Law department:: Switzerland, wholesale prices in 443 Tobacco finance, study of 403-410 Opinion of Judge Beverly in Atlanta Par Clear- Trade: ance case 436 Foreign. (See Foreign trade.) Letters of credit, use of, by continental banks 410 Physical volume of 454-459 Loans, foreign, placed in the United States 386 Retail 4(51 Manufactured goods, index of 455 Wholesale 404 Maturities: Wholesale prices: Acceptances purchased 466 Abroad 443 Bills discounted and bought 465,474 Certificates of indebtedness 474 In the United States 444 Member banks: Wholesale trade, condition of 464 Condition of 1 469, 4.76 Willis, H. Parker, resignation of, as director of Number discounting during March... — — , 465 division of analysis and research ,...,.,.,., 389 T Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINN, i MiNNEXPOLIsJ i I v i L Jacksonville ««—i BOUNDARfES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES # FEDERAL RESERVE BANK CITIES @ FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis