Federal Reserve Bulletin, 1922-05

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

FEDERAL RESERVE BOARD. EX OFFICIO MEMBEKS. W. P. G. HARDING, Governor. A. W. MELLON, EDMUND PLATT, Vice Governor. Secretary of the Treasury, Chairman, ADOLPH C. MILLER. CHARLES S. HAMLIN. D. R. CRISSTNGER, Comptroller of the Currency. JOHN R. MITCHELL. W. W. TTOXTON, Secretary. WALTER S. LOO AN, General Counsel. W. L. EDDY, Assistant Secretary, \V. H. STEINEH, Acting Chief, Division of Analysis and Research. W. M. IMLAY, Fiscal Agent. M. JACOBSON, Statistician. J. F. HERSON, E. A. GOLDEN WEISER, Associate Statistician. Chief, Division of Examination and Chief Federal E. L. SMEAD, Chief, Division of Bant Operations. Reserve Examiner. ii Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANES. ! Federal Reserve. Bank of - Chairman Governor. Deputy governor. Cashier. Boston Frederic II. Curtiss ... Chas. A. Morss. C. C. Bullcn. W. Willett. W. W. Paddock New York. Pierre Jay ...| Benj. Strong J. H. Case L. H. Hendricks.i L. F. Sailer J. D. Higgins.i G. L. Harrison A. W. Gilbart.i E. R. Kenzel Leslie R. Rounds.* J. W. Jones.i Ray M. Gidney.* Philadelphia.. R. L. Austin : George W. Norris. Wm. II. Huttjr.... W. A. Dyor. Cleveland IXC. Wills : E. R. Fancher.... M.J.Fleming H. G. Davis. Frank J. Zurlinden.. Richmond. Caldwell Hardy George J. Seay C. A. Peple Geo. H. Keesee. R. II. Broaddus A. S. Johnstone' JohnS. Walden8.... 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. S. B.Cramer K. C. Childs.i John H.Blair J. H. Dillard.i D. A. Jonos.i O. J. Netterstrom. A. H. Vogt.i Clark Washburne. St. Louis Win. McC. Martin.. J D.C. Biggs O. M. Attebery J. W. White. Minneapolis... John II. Rich .; R. A. Young W. B. Geery B. V. Moore. S. S. Cook Frank C. Dunlop l.. Kansas City... Asa E. Ramsay .! J. Z. Miller, jr C. A. Worthington.. J. W. Helm. Dallas Wm. F. Ramsey... . B. A. McKinney.. R. G. Emerson R. R. Gilbert. San Francisco. John Perrin . J. U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk a L. C. Pontious* i Controller. * Assistant to governor. 8 Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— j Manager. Federal Reserve Bank of— Manager. New York: j! Minneapolis: . Buffalo branch W. W. Schneckenburger. j Helena branch ! R. E. Towle. Cleveland: i Kansas City: Cincinnati branch L. W. Manning. ! Omaha branch , L. H. Earhart. Pittsburgh branch Geo. De Camp. Denver branch ! C. A. Burkhardt. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: : Atlanta: El Paso branch W. C. Weiss. New Orleans branch Marcus Walker. Houston branch Floyd Ikard. Jacksonville branch Goo. R. Do Saussuro. !I San Francisco: Birmingham branch A. E. Walker. ;! Los Angeles branch j C. J. Shepherd. Nashville branch J. B. McNamara. I Portland branch Fredorick Greenwood. Chicago: ! Salt Lake Citv branch R. B. MothenvelL Detroit branch R. B. Locke. Seattle branch C. R. Shaw. St. Louis: ! Spokane branch. W. L. Partner. Louisville branch : W. P. Kincheloe. Memphis branch | J. J. Heflin. Little Rock branch i 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 i;o; 1915,1916 \917, or 1918 are available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE Ol1 CONTENTS. fcienerai summary: Page. Review of the month 495 Business, industry, and finance, April, 1922 „ 504 Acceptance liabilities of member banks 514 federal reserve act of Peru 515 Amendment to German bank act ." 522 Foreign collections 522 Foreign exchange operations, 1918-19 528 Business and financial conditions abroad—England, France, Italy, Germany, Argentina, Brazil, and Chile .. „ 549 Official: Rulings of the Federal Reserve Board , 572 State banks admitted to system...-. 571 Fiduciary powers granted to national banks • 571 Charters issued to national banks 571 Price movement and volume of trade: International wholesale price indexes—United States and England 574 Comparative wholesale prices in principal countries 580 Comparative retail prices in principal countries 584 Foreign trade—United Kingdom, France, Italy, Sweden, Norway, Japan, and Germany 585 Indexes of industrial activity—England, France, Germany, and Sweden 588 Foreign trade index 590 Physical volume of trade 590 Building statistics 597 Ocean freight rates : 598 Report of knit-goods manufacturers of America 598 Retail trade ." 599 Wholesale trade 602 Commercial failures 571 Banking and financial statistics: Domestic— Discount and open-market operations of Federal Reserve Banks 603 Condition of Federal Reserve Banks 611 Federal Reserve note account 615 Condition of member banks in leading cities 616 Savings deposits 602 Bank debits 620 Gold settlement fund 624 Operations of the Federal Reserve clearing system 625 Gold and silver imports and exports 624 Money outside the Treasury and Federal Reserve System 626 Discount rates approved by the Federal Reserve Board 626 Discount and interest rates in various centers 627 Foreign exchange rates 628 Abstract of condition reports of member banks 630 Foreign—England, France, Italy, Germany, Sweden, Norway, Japan, and Argentina 635 Charts: Index numbers of wholesale prices in the United States and England 574 Index number of wholesale prices in the United States—constructed by Federal Reserve Board for purposes of international comparisons 576 Index numbers of wholesale prices in England 577 Index numbers of domestic business • 591 Movement of principal assets and liabilities of Federal Reserve Banks 608 Movement of principal assets and liabilities of member banks 608 Debits to individual accounts 620 Foreign exchange index 628 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 8 MAY, 1922. No. 5 REVIEW OF THE MONTH. suggestions of the British Prime Minister. It has unavoidably been concerned with various Meeting at Genoa on April 10, the economic large political questions which are regarded as conference of the European powers which has laying the foundation for the definite adjustbeen under discussion for sevment of economic issues. These, it would eral months past has definitely seem, must be in some way closed before an devoted itself in no small deactive program for the settlement of banking gree to analysis of European economic and and currency problems can be made effective. financial questions. Prime Minister Lloyd- Nevertheless, the latter is still clearly to the George in addressing the House of Commons a front, as is indicated by the recommendation week before the opening of the conference emof Sir Robert Home, Chancellor of the British phasized this economic side of its activities and Exchequer, that at an early date a world concalled attention to the necessity for an early ference of note-issuing banks should be asstabilization of exchange, basing his belief in sembled for the purpose of considering in the this matter upon the idea of devaluation of fullest detail the policies which must be purcurrency. In this connection he said: sued in any process of gradual restoration of " The fact that international trade has broken the gold standard. down is one which has affected this country very Such restoration, it is significant to note, is specially, and it is not merely because Europe now clearly the predominant recommendation is impoverished but because machinery has been shattered. Cables have been cut. Trade of foreign experts. The search is dependent upon currencies, exchange, and 6 made during the past few years credit, and they have all been broken down. for some kind of credit substi- * * * What is the reason currency has gone tute for the gold standard is apparent^ adrift? It has broken from its moorings; it is drifting helplessly. One of the first things to abandoned, and instead the return to the older be attended to is the restoration of exchanges. basis is urged. Precisely what effect such a We must have a sound basis to proceed upon in plan of gold standard restoration would have this country. * * * upon those countries which now have more "But before trade can be fully restored you than their normal share of gold, and what it must have established everywhere convertibility of currency into gold, or its equivalent— would imply to those which have been swept convertibility of liquid assets lodged in banks of bare of the metal through war and postwar a country maintaining afree goldmarket. That financial transactions, would necessarily depend will involve the revaluation of currency. The much upon the technical methods of procedure world can not afford to wait until currency is to be developed in carrying the new plan into restored to par. What matters is stabilization at a figure that can be maintained and which effect. It is a question upon which no conwill, therefore, constitute a reliable basis of clusion can be drawn in the absence of very international commerce. That is one of the distinct and detailed specifications. What is problems which will have to be considered at certain in connection with it, as with every Genoa." other plan for restoration of specie redemption The conference has thus far hot reached a throughout the world, is that no amount of sufficiently decisive point to show how far or financial machinery in and of itself will effect in what way it is likely to put into effect the the desired result. There must be a definite 495 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

496 FEDERAL RESERVE BULLETIN. MAY, 1922. restoration of sound business and budgetary- case of England, export trade has been adconditions, a fact which has been the subject vancing, especially as regards tonnage, during of comment on the part of nearly every expert the past three or four months. In Italy the and .of almost all men in public life who have building trades and the iron and steel industry devoted themselves to the analysis of the have seemed paralyzed, as are the mechanical situation during the past year or more. The industries with the exception of plants workfactor in the present situation which arouses ing on orders for the railways and the autothe greatest confidence is therefore the cir- mobile industry, but theso latter trades showed cumstance that in most of the industrial signs of improvement toward the end of last countries of the world to-da}" symptoms of year. The condition of the textile industry genuine recovery from depression are begin- is more favorable. ning to manifest themselves. Among such In the financial field, developments in symptoms is the material increase in export England continue to be in the direction of power, coupled with the growth in the physical lower rates for loans and large investments in volume of production as well as at least the gilt-edged securities. British war loans have beginnings of a better budgetary system in a advanced in price in certain cases to points number of countries. It is this improvement higher than the issue price, and other types in business conditions all over the world which of bonds, especially domestic railway bonds, furnishes a much stronger basis for hope than have advanced proportionately. Because of can be gathered from any purely financial or the decline in outside market rates, the Bank technical innovation. of England reduced its official rate of discount The converse of this statement is also true, to 4 per cent on April 13, the lowest central for a study of conditions in western Europe bank rate now current and below any rate quoted in England during or since the war. In affords more and more confomressential?" spicuous evidence that currency France the central bank rate was reduced to 5 per cent on March 11, but there was no and exchange reform will prove reduction made in the rate for advances on an essential condition to the complete recovery securities, which remains at 6J per cent. of business. It is, as already stated, quite New flotations of industrial securities have true that the European business situation has also been less extensive in France than in shown a very decided improvement in recent England and the United States, mainly bemonths, but the need of help on the financial cause a large proportion of French capital side is also apparent. Its improvement is is still going into Government and reconstrucmanifested in a number of ways, and in partion loans. In Italy there has also been a ticular appears in Great Britain, where reconnoticeable advance in the price of Government struction has made greater progress than elsebonds during recent months, although this has where, and where the movement of exchange been somewhat checked by an announcement toward normal has become notable. Foreign that Government bearer securities will be subdemand for English goods appears to be ject to the same taxation in future as private urgent in some directions—perhaps more urgent securities. There has been very little specuat the present time than domestic demand. lative activity in the stock market because of Export trade in coal is reported to be active, the financial crisis precipitated by the collapse while the Continent and the United States are buying raw wool and the Orient cotton goods. of the Banca di Scon to. The official rate of The total value of the export trade is still not discount at the banks of issue continues to be appreciably greater than the average for 1921, maintained at 6 per cent, but the Treasury bill but the tonnage is steadily increasing. French rate has been reduced, possibly as a preliminary industry has not been so depressed as British to the conversion of the short-term bills into or American at any time during the past two Treasury bonds. years, and in recent months conditions seem In Germany the depreciation of the currency to have been steadily improving. As in the continues to attract foreign buyers, and as a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL, RESERVE BULLETIN, 497 result there has been a favorable balance of [000 omitted .1 trade for the past three months for the first time i ' February, since the war. As a result of currency infla- 1 March, 1921. ' March, 1922. 1922. tion, however, Government expenses have expanded and the cost of living advanced. . Total. Total. R ti e v l e a . - Total. ' ! R ti e v l c a . - The following brief table summarizes the recent trade situation: Receip t s of live s t ock a 115 ; western markets (head).! 4,700 100 j 4,566 97.2 1,811 ' 102.4 Receipts of grain at 17 inte-! rior centers (bushels) ! 78,899 100 74,057 93.9 105,278 \ 133.4 GERMAN IMPORTS AND EXPORTS OF MERCHANDISE. Sight receipts of cotton 551 100 480 87.7 462 • 83.4 [Millions of marks.] Shipments of lumber reported by 3 associations (Mfeet) 661 .100 795 | 119.7 682 i 102.7 Bituminous coal produci Excess of tion (short tons) 30,392 100 ,50,193 I 165.2 40,951 ; 134.7 j exports Anthracite coal production I Exports., Imports, j (—); of (short tons) 7,400 1.00 | 8,757 I 118.3 6,762 I 91.3 . imports Crude petroleum produc- 1 (+). tions (barrels) 40,905 100 J46,916 ! 114.7 40,814 ' 99.8 Pig-iron production (long tons) 1,595 100 : 2,035 j 127.5 1,630 102. L 1921. ! Steel - ingot production Average for 8 months i 8,295 9,910 +1,615 (long tons) , 1,571 1.00 I 2,371 j .150.9 1,742 ! 110.9 December ! 14,468 ! 13,702 ' --766 Cotton consumption , 1922. , i ' W ( o ba o le l s) consumption1 | •138 100 ! 518 • 11.8.3 473 ! 108.0 January 14,394' 12,641 --1,753 (pounds) 47, 181 100 70,424 ! 149.2 63,2-14 , 134.0 February ' 14,482 12,001 -2,481 Prominent factors in the business situation Obviously, a favorable balance of trade can for the past year have been, first, progressive be maintained by continued inflation of the adaptation of conditions in each individual currency only so long as imported raw materials industry to those prevailing in other industries, can be purchased at a price that will allow a and, second, increasing stability of prices as a profit on the basis of German selling prices. whole, with variation confined chiefly to estab- The fall in world prices at the same time that ishment of more normal relationships between German prices have been rising has helped to the prices of individual commodities, thus make it possible for German manufacturers to affording in turn a basis for placing forward import raw materials from abroad and still orders which have heretofore been noticeably to sell the finished products at a profit. absent. During the course of business since In the United States current conditions are the armistice the textile industries have specially noteworthy for the more pronounced taken the lead, being the first to decline in 1920 tendencies toward industrial and then the first to revive, while subsequently Trade outlook improvement manifest in va- again showing some tendency toward slackenin the United rious directions. These are not ing within recent months. The basic indus- States. new developments, but repre- tries, on the other hand, have lagged. Cotton sent rather intensifications of tendencies al- and wool consumption reached a peak in Januready discernible. They are indicated in the ary, 1920, and pig-iron production in March, following table, presenting the Federal Re- 1920. The trough in the former was already serve Board's usual indexes of current produc- reached in December, 1920, but pig-iron protion and marketing conditions. March coal duction only reached a low point in July, 1921. production, it will be observed, was especially A second principal factor in domestic busilarge in view of the strike called for April 1, ness conditions has been the price situation. while cotton consumption, in spite of labor For the second time in the Price changes. » , , difficulties, was larger than during the previous course oi the past year the month and the same month a year ago, and pig general level of commodity prices in the United iron and steel ingot production both increased States shows a rise. The earlier advance which sharply. occurred last summer was due in the main to a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

498 FEDERAL RESERVE BULLETIN. MAY, 1922. rise in price of certain agricultural products, This rise of commodity prices has already especially cotton. The latter resulted in part produced two decidedly important effects upon from the fact that it was forecast at that time agriculture which are becoming more and that the output of the staple was more seri- more evident as the spring season advances. ously curtailed than proved to be the case, and One of these is the tendency to induce holders after a brief period of rising prices there was a of agricultural products to release them and to decline. The present advance in the general push them upon the market, thereby reducing price level also began with a rise in farm prod- the pressure for funds with which to "carry" ucts, this time of foodstuffs. Conditions in such products. As a result of this change in the other industries as regards prices, however, are situation, country banks in many regions have different in important respects from those of found themselves able to collect their loans and last summer. At that time crops were about to pay off their rediscounts proportionately or to be harvested, whereas now it will be four to to settle the borrowings which they had consix months before the new crops come on the tracted from banks in neighboring cities. The market. There has also been a considerable natural result of such action has been to reduce change as regards supplies in the textile and stringency in those parts of the country where coal industries because of strikes and in the iron funds had previously been scanty. The second and steel industry because of steady liquida- important effect of this change in conditions tion during the past year. In fact, the most has been to make the financing of the current important single factor in the situation is probcrop easier than could otherwise have been ably the revival of activity in the steel indusexpected. Country banks have been able to try. This has led to relatively small advances gather funds which they could lend within the price of steel products and similar inout inconvenience for financing the new crop, creases in coke and bituminous coal prices. while, on the other hand, they have been Practically simultaneously with the small encouraged to make such loans by the fact rise in the price level here, a similar almost that the crop itself was evidently likely to imperceptible advance appears to have ocbe more profitable than could otherwise have curred in England. According to the index been expected. As a result it would seem that compiled by the Federal Reserve Board it in most staples a substantial acreage is being amounted to less than 1 per cent. The Statist planted and that as a consequence the fears of a and Economist indexes show similar slight short crop which have been widely expressed gains, but the Board of Trade index continued have proportionately small foundation. One to decline. The commodities that have been outcome of these conditions has been greatly on the increase there as here are mainly agrito improve the business outlook in the agricultural products and foodstuffs. However, cultural regions and accordingly to establish coal is also advancing, as well as cotton and a far more hopeful prospect for the sale certain steel products. of goods during the coming season. This is The improvement in agricultural prices duralready indicated by retail and wholesale trade ing the past three months has been very strikindexes as well as in other ways. Agricultural prices ing- The trend of prices of a and banking, group of leading farm products The banking situation reflects clearly the is illustrated in the following table: transition period through which industry has been passing. Accompanying jWhoat,1 Small demand the decrease in business ac- Corn, I ! N no o r . t h 1 - , 1 i B le a y r , - Hoggs,, s C tee a e, tt r l s e , Sheep, for loans. tivity, demand for bank accomy N el o lo . w 3, , sp c r r i n n g,1 | g f o ai o r d - , white, i rl)3" choice, c g h o o o i d ce - , p N rim ew e, modation by the business community showed c C~ a "h g i" o - M ap ii o in li o s -: • c C a h g i o - Olu" | (bu cago c C a h g i o - Y (l o iv r e k a noticeable drop during 1921, and this has (bu.). (b 6 u 0 . , I (bu.). (bu°' I lbs.). w (l g iv t. e ). wgt.). continued thus far during the present year. lbs.). I i i Demand for new accommodation has not yet 1922. 1 j —• January.. SO. 4741 SI.I 2. 2999955i$i$00.5.5882200 S OSO. .3 3442222, S, OSO. .8 089090?0 8?.283l! S7.638 $5. 875 been sufficient to keep up the volume of bank February. .5341 11.55221199 .663322551 .3356666 , .99222!! 9860; 7.500 7.000 March .5615 1.5003 .6438 .36351 1.0206 10.680J 7.740 8.175 loans in the face of continued liquidation of old Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 499 loans. Total loans of reporting member banks, volume of trade just indicated, or the much which were about $13,250,000,000 at the open- more pronounced security market activity ing of 1921, are therefore now about $11,000,- which has taken place, may be explained in 000,000. Some evidences of a tendency to- several ways. One factor which has probward slackening in the rate of decrease are, ably had much to do with it has been the however, appearing. Varying conditions are fact that in many classes of business commitshown in different sections of the country. ments had been thoroughly liquidated and Since the opening of the year the item " other considerable cash balances had been carried loans'7 of reporting member banks, which are in banks, thus obviating the necessity of largely of a commercial character, has de- current resort to banks for the purpose of creased in all districts except No. 4 (Cleveland), getting working capital. It is also true, unwhere the reverse is true, and No. 1 (Boston) doubtedly, that the gradual liquidation of and No. 3 (Philadelphia), where it is substan- large stocks of commodities which have been tially unchanged. The special agricultural de- held over in order to avoid a process of " dumpmands at this.season of the year have not ing " upon the market has resulted in providing affected markedly the loans of reporting member many holders with funds which they are now banks (which, however, are located in the larger able to use in the current development of cities), and the March 1 settlements generally business. It is, moreover, true that a study of passed with out embarrassment, in spite of the business depressions and recoveries indicates heavy payments required. a general recession in the demand for credit The principal effect of seasonal demands in down to a period much later than the resumpthe agricultural districts has been upon the tion of business growth. This phenomenon is volume of accommodation obtained from the also seen in converse form in the fact that Federal reserve banks. Since the first of the credit extensions arc likely to remain at a high year, the reporting member banks as a whole level or even to go on growing to a peak long have been able to reduce this figure over 70 after the recession of prices and decline in per cent, from $647,000,000 to $180,000,000. business volume have set in, a fact which was Reduction has been especially pronounced in observable in the year 1920, when Federal the middle western districts of Chicago, St. reserve dealings did not reach their maximum Louis,- Minneapolis, and Kansas City, as well until about the close of the year, although the as in the Richmond and Atlanta districts. recession of prices and business had started Average reductions are reported from the New eight months earlier. Increase in demand York, Philadelphia, and Dallas districts, while may be expected to manifest itself in due time Boston and Cleveland, and especially San as the expansion of business reaches a point Francisco, show reductions considerably below where it must rely upon the banks. the average. For the past month or so, how- As a result of the light demands made upon ever, most of the agricultural districts have them by customers, the banks as a whole substantially increased their borrowings from have a considerable surplus of the Federal reserve banks, although the total - , funds available for outside inis still very small. The general situation is u of banks. ™ • illustrated in the following comparison: vestment. r This is well illus- [000 omit led.] trated in the increasing purchase of commer- Bills held Loans and cial paper and in the loan of funds at call by Federal discounts of reserve reporting against stock exchange securities. Leading banks. member banks. commercial paper dealers had $760,000,000 Apr. 8, 1921 : §2,258,359 $12,450,692 outstanding at the end of March, as compared Jan. 4, 1922 1,239,432 . 11,205,769 with $663,000,000 at the opening of the year. Apr. 5, 1922 ," 723,273 10,874,199 May 3, 1922 ." 580,103 I 10,867,054 Distribution has, however, continued to be Failure of commercial demand for credit to limited by the small supply of prime paper, reflecting the smaller volume of business operagrow in proportion to the growth of physical tions. Though demand has been increasingly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

500 FEDERAL, RESERVE BULLETIN. MAY, 1922. active, the market is, of course, still much securities have shown a similar tendency, going more limited than in normal times. as low as 3 per cent in March, and are now The supply of time money at New York about 4 to 4^ per cent. The rates at which busialso reflects this condition of increasing ease in ness enterprises have been able to borrow for the banking situation. Reports state that not long periods of time have likewise declined as for a long time have interior banks sent so stock and bond prices have continued upward. much money to New York to be loaned on Noteworthy in this connection has been the time as since the middle of March. As a re- recent decrease to 3^ per cent in the rate carsult, there is now said to be a much larger ried by Treasury certificates. The business amount.of money loaned on time there than at man is therefore assured of ample accommoany date since the free market for time funds was dation at reasonable rates, both for long-term restored. An outlet for these funds has been and short-term needs. In this connection it is afforded by the increasing volume of security worth while to note the action of the Bank of sales and the larger offerings of new issues. It England on April 13 in reducing its discount is also to be noted that new security issues, rate to 4 per cent. This came almost simullately so numerous, give evidence of the in- taneously with the announcement of the creased willingness of the business community Treasury Department of a new issue of certifito make outlays for fixed capital purposes. cates on which the rate was stated as 3^ per This reflects the improvement in current busi- cent. Both occurrences are of significance as ness conditions in these lines, at the same time showing the relatively far greater ease which that it affords a stimulus to the basic indus- exists in the money market to-day as contries. Better balance in the entire industrial trasted with conditions not very long ago. structure is thus obtained. The growth of the The depression of business has set free large iron and steel industry has gone hand in hand volumes of funds which are seeking investment with the increased outlays made for capital and which can easily be drawn into sound equipment and for repairs. In certain direc- securities like Treasury certificates at rates tions, of course, where there was an insuffi- of interest very much less remunerative than ciency of such equipment, depression has not those that have existed heretofore. In deterbeen felt or has been relatively small. This mining the policy of the Bank of England has been notably the case with construction. many factors have undoubtedly exerted an Even here, however, present activity shows con- influence. Among them is the belief that such siderable increase. The value of contracts let reduction in money rates is likely to prove in March was larger than in any month since stimulating to business and ma}7 thus mate- April, 1920, and the figures for the first quar- rially assist commercial revival. The British ter of 1922 are two-thirds larger than those for money market has for some time past been a year ago, the low point being reached about increasingly active and optimistic. the opening of 1921. On March 11,1922, the United States District Borrowing by business enterprises, both for Court rendered an opinion in the so-called "par long-term and short-term purposes, has been clearance'' suit against the greatly facilitated by the de- Par collection. ^^ Reserye Bank of At _ Trend of in- j i discount and interest cme n lanta. This case grew out of a suit brought in terest rates. ^^ ^ ^ r£h reflected the a State court in Georgia to enjoin the Federal easier banking situation and the increasing reserve bank from collecting checks drawn on confidence of investors. On borrowings for the plaintiff banks in such manner as to prevent commercial purposes the drop has been par- the plaintiff banks from charging exchange. ticularly pronounced for rates in the open mar- The case was removed to the United States ket rather than for rates charged customers by District Court, and in an opinion rendered banks. The trend has been fairly steadily April 5, 1920, it was held that the Federal court downward, until prime 4 to 6 months' paper is had jurisdiction and that it is a proper exercise now quoted at 4£ to 4f per cent. Call rates on of power for the Federal Reserve Bank of At- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 501 lanta to collect checks by presentation at the The question of amendments to the Federal counters of the drawee banks in spite of the reserve act still continues under consideration custom which the plaintiffs alleged existed of in Congress. Two plans are making exchange charges on items transmitted Amendments now prominentlv before that through the mails. This opinion was further to the Federal i • i .- i j " ,-u ±i. reserve act. legislative body—the one, the sustained by the United States Circuit Court of proposal for alteration in the Appeals in an opinion filed November 19, 1920. conditions of membership in the Federal Re- The case was then appealed to the United serve Board; the other, the measure providing States Supreme Court, which on May 16, 1921, for the creation of a so-called " intermediate" rendered a decision upholding the Federal reagricultural credit system. The measure inserve bank's contention that the District Court tended to alter the structure of the Federal of the United States had jurisdiction in the Reserve Board was given a hearing before the case, but reversing the decrees of the lower House Committee on Banking and Currency on courts which had granted the Federal reserve March 15 and 16 and was reported to the House bank's motion to dismiss the plaintiff's comof Representatives on April 7. In its present plaint. '. The decision thus established the juform the essential feature of it is described by risdiction of Federal Courts over any suit that committee, as follows: brought by or against any Federal reserve It is the opinion of the majority of your committee that bank, provided it involves the necessary juristhe membership of the Federal Reserve Board shall remain dictional amount. Further than that, the case as provided for by existing law. It is not thought ad viswas merely sent back to the district court for able to enlarge the board, as an increase in membership trial upon its merits. would certainly not increase its efficiency. A smaller board is essentially more efficient than a larger, it being a The opinion filed on March 11, 1922, by the well-established fact that as the membership is increased United States District Court is to the effect that just so much is the responsibility of each member lessened. Federal reserve banks may collect all checks And, too, there is no need for a larger board. It is agreed, payable on presentation, including checks however, that agricultural and financial interests should drawn on nonmember banks, but that they can be placed on a parity with commercial and industrial interests. By the bill as now recommended by your comnot pay any exchange charges. They may emmittee to be amended the President in selecting the ploy any proper instrumentality or agency to members of the Federal Reserve Board "shall have due collect checks drawn on banks which refuse regard to a fair representation of the financial, agricultural, to remit without the deduction of such ex- industrial, and commercial interests, and geographical change charges. It is further held that there divisions of the country." exists no objection to including in a par clear- During March, 1922, the net inward moveance list the names of towns or cities, with a ment of gold totaled $32,525,000, compared representation that the Federal reserve bank with a net inward movement will undertake to collect at par all checks vehement!"' °f $27,007,000 for the month drawn on any bank, whether member or non- of February. Sweden, France ; member, in the said town or city. In a list of and Denmark are credited with $25,571,000, individual banks, however, names of nonmem- or over 76 per cent of the total of $33,488,000 ber banks should not be included without their of gold imported during March. Gold imports express consent. The opinion also states that from England, largely because of the miners' the plaintiffs had failed to substantiate their strike in South Africa and the suspension of charges that the Federal Reserve Bank of gold production and shipments of South Atlanta had acted or intended to act illegally, African gold to London, were practically negor had or intended to exercise its rights in such ligible. Gold imports from the three European a way as to oppress or injure the plaintiff banks. countries named apparently represent, to a This decision obviously makes it much easier to large extent, gold of Russian origin, or the bring the entire par collection question to a equivalent amounts of gold received from final adjustment. Russia by these countries. Substantial gold Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

502 FEDERAL RESERVE BULLETIN. MAY, 1922. imports for the month are also credited to the course of loan operations shows a slight Canada, Mexico, Colombia, and the Central downward trend for the period under review. American States. Gold exports during the The effect of the first factor is seen both in an month totaled $963,000, of which $340,000 increase of investments of member banks in were consigned to Mexico and $184,000 to corporate securities from $2,067,000,000 to Hongkong. Net imports of gold since August, $2,139,000,000, and in an increase of their 1914, totaled $1,627,348,000, as may be seen loans protected by such securities from from the following exhibit: $3,135,000,000 to $3,216,000,000. Loans secured by Government obligations, on the [In thousands of dollars.] other hand, show a steady decrease from Imports. Exports. E im xc p e o s r s t s o . f $410,000,000 to $359,000,000. Other loans Aug. 1, 1914, to Dec. 31, 1918 1,776,616 705,210 1,071,406 and discounts, largely of a commercial and Tan. 1 to Dec. 31, 1919 76,534 * 368,185 1291,651 J an. 11 o D ec. 3 J, 1920 417,068 322,091 94,977 industrial character, declined from $7,364,- Jan. 1 to Dec. 31, 1921 691,267 23,891 667,376 Jan. 1 to Mar. 31, 1922 88,798 3,558 85,240 000,000 to $7,271,000,000. Investments in Total 3,050,283 1,422,935 1,627,348 Government securities" of the reporting banks i Excess of experts. likewise show a substantial increase from Net silver imports for the month totaled $1,661,000,000 to $1,719,000,000, all classes $2,651,000, compared with net exports of of Government securities, except Treasury $2,306,000 for the preceding month. About certificates, showing larger figures at the close 80 per cent of the total of $6,953,000 of silver of the period than five weeks before. Holdimported during the month came from Mexico, ings of Treasury certificates show a gradual the remainder proceeding chiefly from Peru, decline during the first four weeks, but in- Canada, and the Central American States. Of creased by over $70,000,000 between April 12 the silver exports for the month amounting to and 19, though the holdings on the later date $4,302,000, over 30 per cent went to British were $35,000,000 less than five weeks before. India and nearly 16 per cent to the China coast. Aggregate borrowings of the reporting insti- About 36 per cent of the silver exports of the tutions from the Federal reserve banks fluctumonth were consigned to England, though the ated between $268,000,000 on March 29 and ultimate destination of this silver probably was $210,000,000 on April 19, or between 1.8 and also the Far East. Net exports of silver since 1.4 per cent of the banks' aggregate loans and August, 1914, totaled $440,397,000, as shown investments. . The share which these borrowby the following exhibit: ings constitute of the total discounts held by [In thousands of dollars.] the Federal reserve banks shows a decrease Imports. I Exports. Excess of from 38.2 per cent on March 15 to 37.9 per exports. cent on April 19, compared with about 75 Aug. 1, 19J4, to Dec. 31, 1918 203,592 I 483,353 279,761 Jan. 1 to Dec. 31, 1919 89,410 239,021 i 149,611 per cent on April 22 a year ago. Jan. 1 to Dec. 31, 1920 88,060 113,616 i 25,556 Jan. 1 to Dec. 31, 1921 63,242 51,575 | i 11,667 The following exhibit presents changes in Jan. 1 to Mar. 31, 1922 18,235 15,371 ! 1 2,864 the principal accounts of reporting member Total. 462,539 902,938 ' 440,397 banks during the five weeks under review: i Excess of imports. REPORTING MEMBER BANKS. Larger activity in the stock market, also [In millions of dollars.] Government operations in connection with the Loans Redisplacing on April 15 of $150,- Number and dis- counts Raioof Net situation banking 000,000 of Treasury certificates, Date. po o r f t i r n e- g co a u nd nts and tmis m a o c d c a o t m io - n d d e e p m o a s n it d s. banks. invest- (3-j-2). are the two factors responsible ments.1 Bank. for the more important changes in the banking 1 2 3 4 situation during the five-week period between Mar. 15. 805 10,909 226 1.5 10,598 March 15 and April 19, 1922, as evidenced by Mar. 22. 805 10,893 252 1.7 10,338 Mar. 29. 804 10,842 268 1.8 10,309 the weekly statements of condition of over Apr. 5.. 802 10,874 267 1.8 10,456 Apr. 12. 802 10,857 223 1.5 10,565 800 member banks in leading cities. Apart Apr. 19. 801 10,846 210 1.4 10,629 from changes traceable to these two factors, i Including rediscounts with Federal reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 503 Federal reserve bank figures, which cover the cashier's checks, fluctuated between a high of five-week period between March 22 and April 26, $54,100,000 on April 19 and a low of $38,400,000 indicate further liquidation of $115,800,000 of on the previous Wednesday. Federal reserve discounted bills, of $4,500,000 of purchased note circulation increased by $16,900,000 duracceptances, and of $6,000,000 of Pittman cer- ing the first three weeks of the period, but detificates, as against an almost continuous in- clined by $42/700,000 during the following two crease, totaling $130,000,000, in other Govern- weeks, the April 26 total of $2,157,600,000 ment securities, largely Treasury notes and cer- being a low record for the year. The reserve tificates. Total earning assets of the reserve ratio, after a decline from 78.4 on March 22 to banks at the close of the period were $1,149,- 77.3 per cent on April 19, shows a rise to 78.3 900,000—an increase of $3,700,000 for the five- per cent on April 26. week period. Of this total, Government Principal weekly changes in the condition of securities constituted 49.3 per cent, as com- the Federal reserve banks during the period pared with 38.7 per cent about five weeks under review are shown in the following before. Gold holdings of the reserve banks exhibit: show a further gain for the period of $18,500,000 FEDERAL RESERVE BANKS. and other cash reserves a gain of $1,700,000. [In millions of dollars.] Changes in members' reserve deposits, reflecting largely the course of member banks7 deposit counted. liabilities, reached a high level of $1,760,900,000 F.R. on April 19, and at the close of the period stood Date. res C e a r s v h es. b G S y e o c v U u e r . r e n S d - . All other. de T p o o t s a i l ts. n c o ir t c e u s l a in - R r e a s t e io rv . e at $1,748,800,000, an increase of about ment ob- tion. ligations. $81,000,000 since March 22. Government de- I posits, after reaching a low figure of $35,500,000 Mar. 22 3,104.6 | 227.1 388.8 1,774.6 2,183. 4 78.4 on April 5, increased to $45,200,000 at the close A M p a r r . . 2 5 9 3 3 , , 1 1 0 0 9 3 . . 6 4 : 2 24 4 0 2 . . 2 8 3 3 8 9 4 3 . . 7 2 1 1 , , 8 8 0 0 4 5 . . 4 1 2 2 , , 1 1 8 9 1 8 . . 1 8 7 77 7 . . 7 8 of the period, while other deposits, composed A Ap p r r . . 1 1 9 2 3 3 , , 1 1 1 1 9 2 . . 0 7 ! 2 2 0 10 1 . . 7 3 3 3 6 5 2 1 . . 5 9 1 1, , 8 8 0 5 3 2 . . 9 0 2 2 , , 2 1 0 8 0 1 . . 3 1 7 7 7 7. . 7 3 largely of nonmembers' clearing accounts and Apr. 26 3,124. 8 i 179.0 321.1 1,833. 2 2,157. 6 78.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

504 FEDERAL RESERVE BULLETIN". MAY, 1922. BUSINESS, INDUSTRY, AND FINANCE, APRIL, 1922. Pronounced increase of activity has been characteristic of many basic lines of industry during the past month. It has been particularly noticeable in the metal working industries, while metal mining operations have also reflected the tendency to an upward movement. In steel and iron manufacture it is now estimated that, taking the industry as a whole, about 70 per cent of plant capacity is being utilized. The reopening of many of the important copper mines is partly the result of the great reduction in surplus copper stocks and partly the outcome of increased demand, both domestic and foreign. There has been a decided increase in physical output of zinc and some advance in lead-ore prices. The automobile trade has shown a very decided gain, the March output both in trucks and passenger cars being more than 50 per cent ahead of that for February, while many plants are reported as fully employed. Active demand for building materials has had a favorable effect not only upon the metals but also upon other lines of industry. The total value of building permits for March was almost twice as great as that for February and more than twice as great as that for March, 1921. The lumber industry has notably expanded operations. In cotton textiles the month has been much less encouraging. There has been a reduction in mill activity, largely due to the widespread strikes in the New England districts. On the other hand, demand for cotton goods has been fairly well sustained. In the southern districts mills generally continue to operate at a level close to full capacity, although with some tendency to accumulation of stocks. Boots and shoes have shown great irregularity as between different producing districts. Very much the same is true of the woolen manufacture. A conspicuous development has been the shifting of demand from worsteds to woolens. Leaving out voluntary unemployment, the result of strikes, a decided increase in the number of employees at work is noted. There has been a 2.5 per cent increase during the month in the number of workers employed by firms reporting to the United States Employment Service. The improvement noted will, however, be offset to some extent by the widespread unemployment in the coal mining industry as well as in the New England textile centers. Wholesale and retail trade have reflected to some extent the improvement in industrial conditions. Such improvement is in part seasonal but also contains an element of growth due to better business conditions. Figures compare favorably with those of a year ago, particularly in hardware lines, which are affected by the greater activity in building. In the retail trade also a very general advance has taken place, in spite of the late Easter and the bad condition of the roads in the rural sections. Agriculturally the month has not been altogether promising. Spring planting has been retarded by the cold weather and continued rains. Prices continue relatively stable. The Federal Reserve Board's wholesale price index for March advanced one point. Few conspicuous changes in the prices of entire groups of commodities are indicated. Financially the month shows the same tendencies as during March and February. Foreign exchange has been much more stable. Interest rates have continued on a very low basis, with slight tendencies to decline. An apparent shrinkage of commercial credit has been indicated by further falling off in the rediscounts of the Federal reserve banks, although an upward movement is again to be noted in the loans and discounts of member banks in many parts of the country. A more promising outlook in export trade is apparently indicated by another growth in our favorable balance, although it is still uncertain whether this is due to temporary causes or to a general revival of European demand. But for labor disturbances the industrial outlook would be pronounced definitely good, with evident promise of improvement even in those directions, such as foreign trade, in which heretofore prospects have been unsatisfactory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1.922. FEDERAL RESERVE BULLETIN. 505 1921, although planting has been* restricted in AGRICULTURE. those counties which suffered heavily from the Current production of winter wheat was esti- boll weevil. District No. 8 (St. Louis) states mated on April 1 to amount to 572,974,000 that planting has been impeded by excessive bushels, or 2.4 per cent less than in 1921, moisture, but that acreage will be 16 per cent while production of rye was estimated at larger than last year in Arkansas and about the 69,667,000 bushels, or atiout 20 per cent greater same as last year in Missouri. Some localities than the crop of 1921. Condition of winter in that district report increased sales of fertilwheat in district No. 10 (Kansas City) was izer, but comparatively little has been bought greatly improved by snows and rains during in district No. 5 (Richmond). March and the first week of April, but in sec- The price of middling upland cotton at New tions of the Great Plains much of the wheat Orleans on April 19 was 17 cents, as compared was killed by the long dry season which ex- with 16.75 cents on March 15. A very active tended from early autumn to the latter part of cooperative selling movement has been develthe winter. In district No. 8 (St. Louis) the oped among the farmers of district No.* 5 winter wheat crop has a fine stand and good (Richmond), and an effort is being made to root growth, although floods have entirely persuade growers to contract to sell through destroyed the crop upon thousands of acres this association for live years. Many farmers of bottom lands. Winter grains are in line have already signed contracts which pledge condition in district No. 7 (Chicago) and little thousands of bales to this pool. wheat acreage has been abandoned. The planting of spring crops has been much TOBACCO. delayed, due to the cold weather and continued rains. District No. 8 (St. Louis) reports that In most districts tobacco has practically all there are slight increases in acreage of corn been delivered by the farmer. Burlcy growers planted in Arkansas, Mississippi, and Tennes- are reported to appear well satisfied with the see, while there are smaller plantings in Ken- results obtained by their association up to this tucky. An increase in corn acreage is reported time, and active attention is being given both from district No. 10 (Kansas City), but seeding in the western dark districts and in the eastern of oats has been greatty retarded by wet districts to the formation of similar marketing weather. Wet soil also has interfered with the organizations. Preparations are being made planting of potatoes in Kansas and Nebraska, for a full sized crop of burley and dark tobacco although indications still point to a normal in district No. 8 (St. Louis), while in district acreage. Contracts for sugar beets signed prior No. 4 (Cleveland) a somewhat larger crop is to April 8 provide for 111,550 acres in Colorado, expected than last year, when the acreage was 44,919 acres in Nebraska, and 13,000 acres in below the average. A leading dealer in dis- Wyoming, at a minimum price of $5 per ton of trict No. 5 (Richmond) states that "the leaf beets. In district No. 7 (Chicago) wet weather tobacco trade is in a far more healthy condition has prevented many farmers from sowing oats, than it has been in the last two years, and we which may cause an increase in the acreage of think it is gradually improving each month.'1 corn. Precautions are being taken to prevent Little recent activity is reported in the Pennthe European corn borer from reaching the sylvania leaf market. Estimates indicate that corn belt from infested territory in Eastern approximately 25 per cent of the 1921 crop is States. Sowing of barley has been delayed in still held by the growers. In general the dedistrict No. 12 (San Francisco), but it is esti- mand for cigars in that district has increased mated that total plantings will be about as large within the past month, but many evidences of as in 1921. Wheat nelds in Washington, depression are still found in the industry. Idaho, and Utah were protected by snow all Operations average between 60 and 70 per cent winter, and the melted snow has insured a of capacity. plentiful supply of moisture. FRUIT. COTTON. Shipments of citrus fruit from California and The acreage planted to cotton this year will Florida during March were considerably smaller be greater than in 1921, according to reports than in March, 1921, due to a decided curtailfrom 167 counties in Texas. There is still ment in the shipments of oranges. March much doubt as to the size of this increase, how- shipments of oranges amounted to 6,701 carever, and recent rains have resulted in consider- loads, a decrease of 14 per cent from the shipable abandonment. Acreage of cotton planted ments a year ago, while shipments of grapein Oklahoma will be slightly larger than in fruit amounted to 2,233 carloads, an increase Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

506 FEDERAL RESERVE BULLETIN. MAY, 1922. of 6 per cent, and shipments of lemons March, while corn stocks continued to accuamounted to 940 carloads, an increase of 0.4 mulate. per cent. District No. 6 (Atlanta) reports FLOUR. that large markets are rapidly absorbing at increased prices all citrus fruit offered. Prices March production of flour exceeded fthat^of of oranges are higher than they have ever February in almost all districts, the estimated been at this time of the year, and grapefruit figure for the United States being 9,658,000 prices have risen as a result of the shortage barrels, as compared with 9,232,000 barrels in of oranges. Reports from district No. 12 (San February. Reported output in district No. 9 Francisco) indicate that almost all the navel (Minneapolis) was 2,053,800 barrels, as comorange crop was shipped by the middle of pared with 1,802,781 barrels in February, an April as a result of the strong demand. increase of 13.8 per cent. In district No. 10 Reports from all sections of the country (Kansas City) production increased from indicate that the prospects for the deciduous 1,498,813 barrels in February to 1,786,507 fruit crop are exceptionally good. District barrels in March. Eleven leading mills in dis- No. 5 (Richmond) states that the continued trict No. 8 (St. Louis) showed production cold weather has prevented unseasonably increased from 260,472 barrels to 329,428 barearly development of fruit trees and that the rels, while 48 millers in district No. 7 (Chicago) outlook for a large crop is excellent. Apple showed an increase of 10.2 per cent, the March and peach orchards in district No. 8 (St. figure being 449,568 barrels. In district No. Louis) have been subject to more careful culti- 12 (San Francisco) output declined from vation than in former years, and the Arkansas 795,650 barrels in February for 64 mills to strawberry crop will probably exceed all pre- 707,202 barrels in March for 61 mills. In all vious yields. Heavy rains have given an districts, however, production was in excess adequate supply of soil and surface moisture of that in March, 1921. Business in general for the growing season in district No. 12 (San is described as dull, and millers in district No. Francisco), while the backward spring has 10 (Kansas City) assert they are facing the delayed budding and minimized the dangers necessity of curtailing operations unless there from frost. The apricot crop, which has been are increased bookings or orders, both for infected by apricot dry rot and injured by domestic and foreign trade. Prices, however, frosts, is the only fruit crop reported to be in continued strong, mainly in sympathy with poor condition. the strong position of cash wheat, and hence increased sharply in the middle of April. Choice milling grain is reported difficult to GRAIN MOVEMENTS. secure by several districts. Grain receipts at 17 reporting interior centers decreased considerably during March, LIVE STOCK. although receipts of rye and barley increased. This decline was due to a reduction in exports, Receipts of cattle and calves at 15 western unfavorable weather conditions, and uncer- markets during March were 1,157,138 head, as tainty concerning the size of the new crops. compared with 1,345,487 head during Febru- Corn receipts which reached a record volume in ary and 1,119,548 head during March, 1921. February, declined 47 per cent during March, Receipts of hogs decreased from 2,530,092 head due to heavy reductions at Chicago, St. Louis, during February to 2,384,335 head during Peoria, and Indianapolis. Receipts of wheat March, as compared with 2,390,480 head a were 15 per cent smaller than in March, the de- year ago. March sheep receipts, however, clines being most pronounced at Kansas City, were 997,119 head, as compared with 913,642 Wichita, and Omaha. Receipts of both corn head during February and 1,161,549 head durand wheat at Duluth were considerably larger ing March, 1921. Stocker and feeder shipin March than in February. Rye receipts at ments of cattle and calves were much heavier reporting centers increased 110 per cent during in March than in February, but the reverse March, this increase also being most marked was true of sheep. General conditions affectat Duluth. Receipts of barley were 40 per ing the live-stock industry are showing concent greater than in February, most of the tinuous improvement in district No. 10 (Kansas gain being recorded at Minneapolis and Mil- City), the higher levels of prices (as compared waukee. Total receipts of grain at 9 seaboard with those prevailing through the fall and early centers increased during March, although winter months) having greatly stimulated inreceipts of corn and rye were somewhat di- terest. There has been a heavy movement of minished. Stocks of wheat and barley at both cattle from the Southwest to the long-grass interior and seaboard centers declined during pasturage of Oklahoma, Kansas, and Nebraska. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, .1922. FEDERAL RESERVE BULLETIN. 507 Steady improvement in range conditions is re- PETROLEUM. ported in district No. 11 (Dallas). Continuance of winter weather up to the middle of Production of crude petroleum throughout April prolonged the feeding season in district the United States continued its upward trend No. 12 (San Francisco) beyond its normal during March, reaching the new record of limits, but live stock in general is reported in 46,916,000 barrels. In district No. 11 (Dallas) normal condition. 16,246,680 barrels were produced, as compared Returns from 36 packers show a decrease of with 13,759,335 barrels during February. 0.1 per cent in average weekly sales (in dollars) The daily average yield showed an increase of in March from those of February, and 37 show 32,682 barrels over the flow during February. a decrease of 8.8 per cent as compared with a In this district there was a general resumption year ago. Domestic trade in fresh and cured of drilling operations. The number of wells meats was rather slow in March in district No. completed totaled 358, which included 268 7 (Chicago), but showed some signs of improve- producers, as against 223 producers completed ment in early April. Export business in pro- during February. District No. 10 (Kansas visions was much smaller. City) reports that approximately 15,406,400 barrels were produced during the 31 days in March, as compared with 13,794,000 barrels COAL. for the 28 days of February and 14,392,000 March production of bituminous coal was barrels for the 31 days of March, 1921. In 50,193,000 tons, the highest record for any district No. 10 (Kansas City) 633 wells, with a March during the past 10 years and an increase daily new production of 137,967 barrels, were of 23 per cent over last month and of 65 per completed, as compared with 433 wells during cent over March, 1921. During the first week February and 765 during March, 1921, with of the strike production dropped to 3,793,000 daily new production of 67,953 barrels and tons, as compared with 5,590,000 tons during 70,910 barrels, respectively. District No. 12 the first week of the 1919 coal strike. Stocks (San Francisco) likewise reports an increased in the hands of consumers on April 1 were production of 8,970 barrels per day over Feb- 63,000,000 tons, with 4,000,000 tons in storage ruary. Shipments of crude petroleum, howon the Lake docks. Although it is estimated ever, declined 14,164 barrels per day from the that the supply, with weekly production, is previous month. Fifty-eight new wells were sufficient for four months' consumption and opened during March, with an initial daily export, this does not mean that some sections flow of 22,000 barrels, but two wells were and industries may not feel a shortage much abandoned. Stored stocks in district No. 12 earlier, due to unequal distribution. On ac- (San Francisco) were 37,991,694 barrels on count of the heavy reserves of consumers and March 31, as compared with 1,289,884 barrels dealers, bituminous markets have felt little on February 28. stimulus from the lessened output resulting from the strike. IRON AND STEEL. Production of anthracite for the month was 8,757,000 tons, as compared with 6,762,000 Improvement has continued in the iron and tons in February and 7,406,000 tons during steel industry, although the coal strike has March last year. Demand for hard coal has served to inject a factor of uncertainty into been but little affected by the almost complete the situation. March pig-iron production suspension of mining since April 1. With amounted to 2,034,794 tons, as compared with very few exceptions domestic consumers are 1,629,991 tons during February, while steelbuying to satisfy immediate needs only, as they ingot production showed a somewhat greater do not fear any shortage as a result of the increase, from 1,745,022 tons to 2,370,751 tons. strike. Production of beehive coke for March Operations of the leading interest have been at was 732,000 tons, with a production of 191,000 slightly over 70 per cent of capacity, and of tons for the week ending April 1, the heaviest the independents at between 60 and 65 per weekly tonnage during the year. By-product cent. Activity in district No. 3 (Philadelcoke production increased from 1,795,000 tons phia) is still on a somewhat lower scale than in February to 2,137,000 tons in March. There in other sections. Accompanying this inhave been no general advances in price, but a crease in production was an increase in sales, stiffening of quotations occurred early in April, the unfilled orders of the United Steel Corpodue to the sharp decline in output. Stocks of ration advancing from 4,141,069 tons at the by-product coke exceed 1,000,000 tons, and close of February to 4,494,148 tons one month there is no change in production, as these later. March bookings of mills and furnaces furnaces have large supplies of bituminous. are said by district No. 4 (Cleveland) to have 102784—22 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

508 FEDERAL RESERVE BULLETIN. MAY, 102J. been the heaviest in about two years. Not 1921. District No. 10 (Kansas City) reports only have sales increased and operations ex- total shipments of 31,601 tons of zinc ores, panded, but prices have exhibited a firmer as compared with 27,043 tons during February tendency than has been evident for several and 22,138 tons during March a year ago. months past. In many instances quotations Stocks of zinc ore held in bins of the producers have been advanced both for pig iron and for throughout the district amount to approxisteel products. Curtailed purchasing has, how- mately 54,000 tons. The average price for ever, usually followed the announcement of an lead ore for the month of March was $61.17 advance, for consumers have generally been per ton and the total sold amounted to 7,502 given the opportunity to place orders at the tons, as compared with 7,806 tons sold in old figure before the advance is made. In February at an average price of $60 per ton. part the general situation reflects the fear of a The average price per ton for March. 1921, was possible shortage as a result of the coal strike, $38.97. Reports received from 19 mines and this has continued a patent factor through- engaged in the production of gold, silver, lead, out April. At least a part of recent purchases and copper in district No. 12 (San Francisco) have been for stocking purposes. The in- indicate a small decrease in the output of these fluence of the coal strike has been brought metals in February, 1922, as compared with sharply home to the industry by the unex- January. The silver production in the United pected^ cessation of work by nonunion miners States for March amounted to 4,186,042 troy in the Cormcllsville region, which is a leading ounces, as compared with 3,878,498 during source of beehive coke. Most plants, how~- February and 6,077,498 during March, 1921. ever, are reported to have sufficient fuel to last for some time, but there is naturally hesitation COTTON TEXTILES. to expand operations further. The strike in the New England mill districts is as yet unsettled, and it is not surprising, AUTOMOBILES. therefore, that manufacturing activity con- Both production and shipments of auto- tinued to decline during the month of March. mobiles increased during March. Manufac- Reports from district No. 3 (Philadelphia) turers who produced 98,487 passenger cars in show very little activity in the case of yarn February built 152,512 cars in March, an mills in that section, which on the average are increase' of 54.9 per cent, while companies operating at not to exceed 75 per cent of building 12,861 trucks in February had an capacity, with stocks accumulating in the output of 19,349 trucks in March, an increase hands of spinners. In contrast to this situaof 50.4 per cent. Carload shipments increased tion, reports from district No. 5 (Richmond) from 19,636 in February to approximately and district No. 6 (Atlanta) indicate that 25,210 in March. Orders for passenger cars operating activity continues at a high rate, are coming in at a good rate in district No. 4 although the former district states that mill (Cleveland), and part of the improvement in stocks are accumulating somewhat, while truck business is ascribed to reduction in stocks mills continue to run approximately full time. held by dealers. In district No. 6 (Atlanta) there was an actual increase in March production of cot- NOXFERROUS METALS. ton cloth amounting to 12.8 per cent for 43 mills reporting directly to the Federal reserve Only a few copper companies in the'United bank of that district. Shipments during the States now remain closed. The four porphyry month increased 17.2 per cent, but orders on copper companies resumed operations on the hand at the end of the month were 5 per cent 1st of April. Copper production during March lower. Cotton-yarn production also advanced showed an increase of about 65 per cent over 10.9 per cent in the case of 36 reporting mills. the production for February, amounting to Shipments were 18.7 per cent greater, but 61,867,403 pounds, as compared with 37,415,808 orders on hand were 8 per cent less than at the pounds in February, but was 27,259,762 end of the month. The consumption of raw pounds less than in March, 1921. Sales of cotton in the United States during the month copper were the largest since November, but of March increased to 518,450 bales, as comthe price of electrolytic copper delivered in pared with 473,000 bales in February. New York was 12.625 cents per pound on April 15, as compared with 14 cents per pound WOOLEN TEXTILES. in December. Zinc production for March totaled 26,532 tons, an increase of 4,019 tons The effect of increased demand for woolens over February and 10,791 tons over March, as contrasted with worsteds is evident in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAV, 1922. FEDEKAL RESERVE BULLETIN. 509 statistics showing the percentages of idle March. The actual volume of business for spindles to total reported and percentages of the season, however, has averaged over 35 idle spindle hours to total reported. In the Ser cent greater than a year ago for 8 reporting case of woolen spindles the percentage of idle rms. In the case of 13 tailors-to-the-trade machinery dropped to 17.5 on April 1 as com- there was an increase of 79.8 per cent in orders pared with 20.1 on March 1, while the per- for suits received in March as compared with centage of idle hours fell to 14.1 as compared February, while orders were 8.6 per cent with 18.4. In the case of worsted spindles, greater than in March, 1921. The number of the percentage of idle machinery jumped to suits made increased 89.7 per cent in March 25.3 as compared with 14.4, and the per- as compared with February and was 7.1 per centage of idle hours to total reported rose to cent above totals for March, 1921. 29.2 as compared with 17.3. There was an increase in the percentage of idle machinery SILK. and also in the percentage of idle hours to There has been active selling of broad silks total reported both for looms 50-inch reed by jobbers in the Philadelphia section, accordspace and wider and for looms 50-inch reed ing to the reports from district No. 3 (Philaspace or less. For looms wider than 50-inch delphia) , but productive activity has neverthereed space the percentage of idle machinery less continued to decline. Broad silk looms are rose from 31.5 (March I) to 34.9 (April 1), working from 1 to 3 days a week, with less than and for looms 50-inch reed space or less the 50 per cent of the silk spindles in operation. advance was from 27.1 to 27.8. The corre- Individual orders are estimated to be 20 per sponding advances in the percentages of idle cent smaller than during the preceding year. hours were from 34.1 t*o 30.9 and from 31.9 Declines in manufacturing activity are also to 36.5, respectively. According to the report reflected in the figures received from North from district No. 3 (Philadelphia) the demand Hudson and from Paterson, which show further for woolen and worsted cloth has been slight; reductions in the number of active looms and the volume of business has been less than for in the percentage of active loom hours to total the corresponding period last year; and the reported (April 8). For Paterson only 2,809 out majority of reporting firms state that demand of a total of 15,000 looms were reported active, has diminished since March 10. The perand the percentage of active loom hours to centage of activity in this district appears to total reported was 17.02. In North Hudson be considerably below the average, as the 2,187 looms were active out of a total reportmajority of reporting manufacturers state that ing of 4,161, while the percentage of active they are operating at only 40 per cent of hours was 43.71. capacity. There is continued dullness in the yarn market, and weavers hesitate to make The price situation in the case of raw silk is purchases because of a lack of demand for still unsatisfactory, decreases at the end of their product. District No. i (Boston) reports March having been followed by renewed adthat the market for raw wool "has been vances since the middle of April. Speculative moderately active and that prices have been activities in the Yokohama market and a higher during the past month.'7 There is said knowledge that considerable holdings are in to be a scarcity of some wools in Boston. On the hands of the Japanese syndicate continue the other hand, the Philadelphia raw wool to be unsettling factors causing buyers to hesimarket is ''extremely inactive, trading being tate to make purchases. con fined to small lots on which sellers are HOSIERY. willing to grant price concessions." The activity of coarse and medium wools is said not The full-fashioned silk hosiery mills in disto be great but relatively better than for the trict No. 3 (Philadelphia) continued to be busy, finer counts. although the falling off in orders for future delivery indicates a decline in the intensity of the CLOTHING. demand for the finest grades of goods. In the Sales of reporting wholesale clothing firms case of mills making seamless hosiery, both silk showed increases in March as compared with and artificial silk, great variations in activity February both for district No. 2 (New York), exist. Some mills are running at 100 per cent in which 10 firms showed an increase of 41.2 of capacity, with orders sufficient to maintain per cent, and in district No. 8 (St. Louis), that rate for several months; but the majority in which 23 firms reported increases ranging are operating at anywhere from 30 to 75 per from 2 to 20 per cent in A larch. In district cent of capacity. Returns from 28 reporting No. 7 (Chicago) the wholesale clothing manu- firms selling to the wholesale trade showed that facturers report few orders received during product manufactured during the month of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

510 FEDERAL llESEKVE MAY, 1922. March (in dozens of pairs) increased 10.5 per and goatskins is very dull. Reports from seven cent as compared with the preceding month. tanners in district No. 7 (Chicago) show a de- Orders booked were 15,7 per cent greater, while- cline in March sales of many shoe leathers but Unfilled orders on hand at the end of the month an increase in sales of strap, bag, case, harness, declined 19.8 per cent as compared with the sole, and calf leather. Low grades and specialend of the preceding month. The correspond- ties seemed to have the best demand. District ing figures for 10 firms selling to the retail No. 3 (Philadelphia) states that the most entrade showed increases of 28 per cent and 0.1 couraging feature in the heavy-leather market per cent and a decrease in unfilled orders of has been the increased sales of belting leather, 15.5 per cent. Orders for mercerized and cot- which reflect a general increase in manufacturton hose continued to be scarce. On the other ing activity. Among the upper leathers busihand, in district No. 6 (Atlanta) 4 mills manu- ness in both kid and calf has been rather light facturing cotton hosiery showed an increase of this season, but there have recently been inorders booked during the month of 25 per cent, creased sales of lower-grade kid. Patent although orders on hand at the end of the leather, which has had the best demand this month were 6.9 per cent below those on hand year, is now somewhat less active. The exat the end of February, There was a decrease port market for upper leathers, however, has of 5.6 per cent in hosiery manufactured as com- shown a tendency to broaden, particularly in pared with the preceding month but a substan- respect to the number of countries which are tial increase of 23.4 per cent as compared with making purchases. a year ago. Western shoe factories continue active, but UNDERWEAR. the average daily output of New England factories showed some curtailment during March. Comparative reports received from 34 mills Total output of eight manufacturers in district reporting to the Association of Knit Goods No. 1 (Boston) was only 2.4 per cent greater Manufacturers of America reflect progress in in March than in February, and the output of actual production over the previous month, seven of the reporting firms showed an actual output increasing from 497,005 dozens in Febdecrease. Production of 45 manufacturers in ruary to 601,302 dozens in March, a gain of 21 district No. 3 (Philadelphia) was 14.7 per cent per cent. Shipments also improved as commore than in February and shipments were pared with February, amounting to 429,769 38.5 per cent greater. New orders increased dozens in that month and 501,030 dozens in 6.5 per cent, but the total volume of unfilled March, an increase of 16.6 per cent. Both unorders diminished 19.9 per cent. Both wholefilled orders and new orders fell off during salers and retailers hesitate to make purchases March, the former decreasing from 1,418,892 except for immediate requirements on account dozens on February 1 to 1,336,245 dozens on of frequent style changes. Returns from March 1, a decline of 6 per cent, while the reporting firms in district No. 7 (Chicago) indilatter fell from 387,820 dozens to 355,713 cate that production in March was 11.2 per cent dozens, a decline of 8 per cent. Cancellations greater than in February, while stocks decreased decreased from 10,968 dozens in February to 10.1 per cent, shipments increased 15.2 per 9,551 dozens in March, or 13 per cent. cent, and unfilled orders decreased 7.5 per cent. Thirty-seven mills which reported an actual Sporting shoes and extreme styles have the best production of 612,566 dozens in March have demand. Factory operation in district No. 8 unfilled orders on hand on April 1 amounting (St. Louis) is from 80 to 100 per cent of capacto 1,208,600 dozens, the balance of orders havity. A large business has been done in that dising declined 11.4 per cent since March 1. The trict in Easter goods and specialties, although normal production of these 37 mills is 708,606 the demand continues to center in low-priced dozens. New orders amounted to 363,960 shoes. Orders have been received in satisfacdozens, or 51.4 per cent of normal production, tory volume in April, but there has been some while shipments were 510,555 dozens, or 72.1 decrease in the level of prices for fall lines. per cent of normal. Cancellations amounted to only 1.4 per cent of normal production. LUMBER. SHOES AND LEATHER. The lumber situation shows a decided and Prices of packer hides increased somewhat very general improvement. District No. 12 during the first three weeks of April, and the (Sail Francisco) reports that the industry is Chicago market has been fairly active. De- more active than at any time since the boom mand for calfskins has also shown some im- period in the spring of 1920. Production reprovement, but business in both sheepskin ported by 168 mills in four asso ia'ions in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAV, 1922. FEDERAL RESERVE BULLETIN. 511 district was 381,572,000 feet, an increase of $264,651,165 in March. Large increases were 14.8 per cent over February and of 60.9 per recorded in each of the seven districts. The cent over March, 1921. Orders received to- value of contracts awarded for residential purtaled .467,346,000 feet, being 33.3 per cent poses in these districts amounted to $112,577,greater than last month and 60.8 per cent 397 in March, an increase of 57 per cent over greater than March last year. The volume of February and of 100 per cent over March, orders received was 22.4 per cent greater than 1921. actual production during the month and 11.2 Reports from district No. 3 (Philadelphia) per cent in excess of shipments and represented indicate a great expansion in building operathe largest amount of new business totaled in tions, which is particularly noteworthy in the any one month since March, 1920. Shipments case of residential building. Operations in during the month amounted to 420,108,000 district No. 4 (Cleveland) have been somewhat feet, as compared with 347,660,000 feet in Feb- hampered by strikes, but are nevertheless ruary and 248,477,000 feet in March a year ago. showing steady growth. A building exposi- Higher prices for many varieties and grades tion is to be held in Cleveland to stimulate the have accompanied increased production and building of homes and advertise various types consumption. The logging industry no longer of house furnishings. In district No. 5 (Richis hindered b}r the weather and is keeping pace mond) new construction is showing more with the mill industry. activity than repairs and alterations, and Orders and shipments have increased from architects and builders have as much work as 247,852,100 feet and 238,332,788 feet for 112 they can handle. The value of building permills in district No. 6 (Atlanta) in February to mits in 19 of the 24 reporting cities in district 305,651,455 feet and 297,134,215 feet for" 118 No. 7 (Chicago) was over 100 per cent greater mills during March. Of 67 reporting mills, 49 than in February. District No. 10 (Kansas were operating full time and only one was shut City) reports that there is not only unprecedown. Production increased from 266,202,470 dented activity in the erection of houses and feet last month to 296,272,361 feet in March. apartments, but also great activity in the In sharp contrast to last month's situation, erection of public buildings and school builddistrict No. 11 (Dallas) reports a large increase ings. in production, which was, however, 10 per cent EMPLOYMENT. below shipments. Unfilled orders on hand March 31 amounted to 59,156,346 feet, as com- Reports received by the United States Empared with 51,070,461 feet on February 28. ployment Service for the period ending March Retail lumber sales at 701 yards in district No. 31 showed an increase of. 2.5 per cent in num- 9 (Minneapolis) were more than twice as great bers employed as compared with the preceding in March as in February, but 10 per cent lower month. The principal declines occurred in than in March a year ago. leather and its finished products and in textiles. Advances were most pronounced in the groups comprising vehicles for land trans- BUILDING. portation, iron and steel, metal and metal Number of building permits issued, value of products. The direct and indirect effects of permits issued, and value of contracts awarded the coal strike upon employment will not, of all reached new high levels during March. course, be apparent until the next reports are Total value of permits issued in 166 selected issued. District No. 1 (Boston) reports that cities amounted to $259,508,703 in March, as notwithstanding the continuance of the textile compared with $141,715,243 in February and strike "the actual amount of unemployment $126,472,031 in March, 1921. The value of in the cotton manufacturing industry is probpermits issued was greater in March than in ably no larger than at the beginning of April." either February, 1922, or March, 1921, in each In the centers of manufacture for metal goods, of the 12 Federal reserve districts. Increases machinery, and tools, such as Waterbury, in March over February varied from 18 per Worcester, Providence, and New Haven, there cent in district No. 1 (Boston) to 188 per cent has been a steady upward movement in numin district No. 9 (Minneapolis), while increases bers employed. In New York State there was over March, 1921, ranged from 8 per cent in an increase of 1.3 per cent in numbers emdistrict No. 11 (Dallas) to 238 per cent in dis- ployed in industrial establishments between trict No. 2 (New York). 'ebruary 15 and March 15, according to the The value of contracts awarded in seven reports received from the New York State Federal reserve districts (statistics of which Department of Labor. In district No. 3 are compiled by the F. W. Dodge Co.) in- (Philadelphia), excluding 200,000 striking creased from $161,438,750 in February to miners, employment conditions also showed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 FEDERAL RESERVE BULLETIN. MAY, 1022. continued improvement between March 15 onty been available for a limited number of and April 15. There was a decrease of 16.8 months and, second, they cover a period during per cent in numbers unemployed in the six which violent price changes have occurred. cities of Altoona, Harrisburg, Johnstown, However, the very pronounced and general Philadelphia, Scranton, and Wiliiamsport, the advances in sales occurring in March are unnumber out of work on the latter date being doubtedly seasonal. This will be evident when 181,310. District No. 5 (Richmond) likewise comparisons are made with sales for the emphasizes the very general improvement in same month a }^ear ago. With due allowance employment conditions throughout the district. for price declines, the showing is favorable but The special inquiry regularly made into em- not unusual. Reports comment upon the bad ployment conditions in district No. 7 (Chicago) weather as having interfered somewhat with shows that 220 firms employing 117,983 persons retail trade, especially in the southern districts, at the end of March had on their pay rolls 3.5 thereby retarding purchases from wholesalers. per cent more employees than at the end of In district No. 2 (New York) and No. 3 the preceding month, and practically the same (Philadelphia) sales of builders' hardware resultnumber as a year ago, the decrease amounting ing from an increase in building operations have to only 0.1 per cent. The increase in the total helped swell the sales of hardware. Collections pay rolls of these reporting concerns was espe- on the whole in all reporting lines appear to cially large, indicating that many men already have improved. at work were getting back to full-time schedules. The increase in the amount of the pay PERCENTAGE OF INCREASE (OR DECREASE) IS NET rolls compared with the preceding month was SALES IN MARCH, 1922, AS COMPARED WITH THE PRECEDING MONTH (FEBRUARY, 1922). 12.3 per cent. Automobile and accessory plants were reported to be employing 13 per cent more men than a year ago, while the monthly Groceries. ' Dry goods. Hardware. Boots and shoes. report from the Employers' Association of D du e r t i r n o g it t s h h e o w m e o d n t a h n in in c n re u a m se b e o rs f e 9 m .4 p l p o e y r e d c e i n n t District. c P e e n r t. N f b i e r u m r m o s - . f 1 : ce P* n ™e t> r i • i f i N b rm e u r s m . o - f ce P* n ™o t' r . f b N i e r u m r m o s f . - Per :, : N b fi e u rm r m o s - . f manufacturing "vehicles for land transportation." Iron and steel products, agricultural machinery, and railroad equipment also show N N o o . . 2 3 2 1 8 2 . . 4 4 1 9 9 . . 2 8 i ! 1 3 5 5 4 8 6 . . 1 2 67.3 pronounced advances. District No. 9 (Minne- N N o o . . 4 5 2 1 1 3 . . 2 9 I 2 1 3 3 . . 2 5 j 1 1 6 3 ! 3 3 3 4 . . 1 0 17.9 19 apolis) reports a considerable increase in the No. 18.4 | 29.2 ! 21 : 16.6 48.0 9 No.7 27.6 i 8.4 ; 9 60.7 56. 6 8 seasonal demand for farm labor and also notes No.9 31.7 j -2.1 ! 6 74.9 -9.1 7 that a considerable surplus of mining labor is N N o o . . 1 11 0 , 1 1 9 2 . . 2 3 i - 1 0 0 .4 .0 " 12 8 ! 5 1 1 2 . . 4 6: being absorbed by the opening of the copper No.12 , 21.1 | 23.5 13 24. 8 38.6 j 15 and iron mines. In district No. 10 (Kansas City) lead and zinc mines and smelters "show PERCENTAGE OP INCREASE (OR DECREASE) IN NET increased activity, with larger numbers of men SALES IN MARCH, 1922, AS COMPARED WITH MARCH, 1921. at work." This is also true in the Colorado metal mines. There has been an increased de- Groceries. Dry goods. - Hardware. Shoes. mand for labor for farm work as well as for work on highways and on public improvements. District. I a n n d d i b s u tr il i d ct i n N g o o . p 1 e 2 ra t ( i S o a n n s F an ra d n c h i i s g c h o w ) a a y g c ri o c n u s l t t r u u r c a - l 1 c P e e n r t. ... ; : I .. b N . fi e r u r m m o s - . f. c P e e n r t. N f b i e r u m r m o s. - f c P e e n r t. I N b fi e r u r m m o s - f , 1 j I ; ! N b f e i u r r m m o s - f . tion have absorbed considerable numbers of No. 2 0.4 41 -14.3 3-2.0 11-17.4 8 the unemployed, and the increasing activity of No. 3 -17.4 47 -17.5 15 - 5.6 25 the lead and copper mines of the district has No. 4 ;-12.6 23 -18.6 13 —13.5 12 No. 5 i —10.1 46 -18.0 16 -23.0 19-24.2 19 also been a favorable factor in reducing unem- No. 6 -7.0 29 -17.0 21 - 5.6 22-16.0 9 No. 7 -10.1 35 - 9.9 9 -10.1 15-23. 4 ployment. In the Pacific Northwest reports No. 9 -3.9 59 -22.4 | 6 ,-20.6 14-21.3 7 from 10 principal lumbering sections show N N o o . . 1 1 0 1 : - - 3 9 . . 7 2 1 1 0 2 - - 27 0 . . 2 1 ! ! 1 8 2 ! - — 1 1 3 8 .8 .6 1 8 3 61,427 loggers and lumbermen employed on No. 12 -12.9 32 - 2.1 i 13 - 3.8 21 — 21. 4 15 March 25, as compared with 60,697 on February 15, and 55,426 on the same date a year ago. IlETAIL TRADE. Retail sales for March throughout the coun- WHOLESALE TRADE. try showed the expected seasonal increase It is difficult to generalize concerning the when compared with those for February, due variations in the sales of reporting wholesale partly to the longer month, but they were not firms for two reasons. First, returns have as large as for March, 1921. Allowance must Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 513 be made. however, for the decline in prices vanced prices of certain of their fabrics slightly, and the fact that Easter came in March last but woolen and worsted yarns have been year. Because of the latter circumstance, practically unchanged. Cotton yarn prices the sales for the first three months of the year have been fractionally lower, while any reduccompared unfavorably with those for the cor- tions which may have occurred in cloth have responding period last yc&v. In country dis- been slight. tricts the decline in trade from last year is attrib- The Federal Reserve Board index of wholeuted partly to the bad weather and muddy sale prices for March (revised figure) stood at roads, while in coal-mining centers the strike 147, as compared with 100 in 1.913. This has affected business. In the United States was 1 point higher than the index for Februas a whole, however, the stores are beginning ary. Increases occurred in agricultural comto feel the results of the improvement in the modities, pig iron and coke among the raw maemployment situation. terials, and in cotton-seed oil, burlap, certain March sales for 446 stores in the United chemicals, sugar, and meats among the finished States showed a decrease of 14.5 per cent from goods. There were decreases in hides, silk, those of last March. Reference to the table coal, copper, and tin; in certain petroleum and on page 134 shows that the district No. 12 (San steej products, rubber, brick, and in a con- Francisco) figures are the least unfavorable, siderable number of foodstuffs. Otherwise comdecreasing 6.2 per cent, while in district No. 6 modity prices were largely unchanged. (Atlanta) trade suffered a decrease of 24.4 Retail prices of food during March were per cent. At the end of March the stores held somewhat lower than in February, the index: larger stocks than they did in February, as of the Bureau of Labor Statistics standing at the Easter buying had scarcely commenced. 139, as compared with 142 in the earlier month. All but three districts show increases in stocks on hand over those held last March. The ratio FOREIGN TRADE. of average stocks at the end of the first three months to average monthly sales during the After a series of declines, continuing over a same period was 453.2, showing a better rate period of several months, the foreign trade of turnover than was the case a month ago, returns for March disclose large increases in the but comparing unfavorably with that for last value of both exports and imports. The March. At the end of March the percentage of former are reported at 8332,000,000, which is outstanding orders to total purchases for 1921 larger than any monthly total since last Octowas lower for all districts than at the end of ber and is not quite 15 per cent below the February, which would seem to indicate that figure for March, 1921. The value of imports the bulk of the spring and summer goods had is given as §258,000,000 in March, surpassing been received by the end of March or that the amount for any single month since Dethe buyers were depending upon fill-in orders cember, 1920. That these increases in value to meet the demands of the season. represent also the movement of greater quantities of goods is indicated by the Federal Reserve Board's foreign trade index, which in PRICES. March stood at 107.1 for exports and at 195.7 Whatever price changes have occurred dur- for imports, compared, respectively, with 82.6 ing April have been of very small dimensions. and 183.4 in February and with 92.6 and 169.6 Among the agricultural commodities, wheat, in March, 1921. Somewhat similar conclucorn, and oats averaged about 1 cent higher sions are warranted by a consideration of the in the first three weeks of April than in March. tonnage of American overseas commerce as On the other hand, prices of cotton, cattle, compiled by the United States Shipping hogs, and meat products were a shade lower Board. These figures show that, excluding than in March, and sheep prices declined shipments of oil in bulk, the weight of our heavily. In the same way, only small changes overseas exports in March exceeded the weight occurred in the prices of most of the leading of shipments in February by about 28 per cent, metals and coal, although pig iron advanced on while at the same time imports increased arjthe average between 50 cents and SI a ton, proximatety 6 per cent in weight. If oil while lead advanced about jJ cent a pound. shipments are included, the gain in the total Lumber prices were practically unchanged. tonnage of our overseas trade, both inward and The same stability characterized manufactured outward, is shown to have been about 23 pergoods also. The American Woolen Co. ad- cent in March as compared with February. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 FEDERAL RESERVE BULLETIN. MAY, 1922. MEMBER BANK ACCEPTANCES ON MARCH ACCKPTANCK LIABILITIES OF NATIONAL AND OTHER 10, 1922. MEMBF/R BANKS—Continued. [In thousands of dollars.] Between the close of 1921 and March 10 of the present year the volume of member bank June 30, j Dec. 31, Mar. .1.0, acceptance liabilities declined from 8367,294,000 Class of banks and city. "' •mo-f'''' 1021. i 1921. J922. to $316,755,000, or about 14 per cent. Since _ | May 4, 1920, when the peak of $673,852,000 Stale bank and trust company j members. was reached, the volume of outstanding acceptances has declined more than one-half. This New York 138,856 121.354. | 103,398 91,292 Buffalo 856 '919 | 534 399 decline corresponds in a general way to theBoston IJ, 857 1L, 012 | 9,4.02 9,313 Providence J 309 754 : 353 251 decrease in the value of our foreign trade, Philadelphia 200 624 .156 204 which gives rise to over 70 per cent of thePittsburgh 198 376 100 200 Cleveland 8,746 . 9.008 3,649 4,4.03 total bank acceptances outstanding. Some of Detroit 400 '450 Cincinnati 3 ! the loss of acceptance business is also said to Memphis 280 545 580 be due to the displacement during recent Richmond 3 Baltimore 197 100 months of dollar acceptances by sterling bills, Atlanta 162 j HI 337 252 Savannah 475 ' 410 964 ' 764 a development furthered by the rather elabo- New Orleans j 6,509 ' 4,167 6,714 5,834 rate regulation of the acceptance business in Chicago 21,273 20,996 16,697 14,034. St. Louis 1,472 i 1,152 793 : 582 this country, as compared with the utter ab- Kan sas City, Mo 1,550 . 1,966 979 sence of governmental restrictions, under D Sa a n l la F s r ancis ." co 726 971 1,4 1 9 2 9 5 381. which the English banks arc operating. On Los Angeles 200 ' 744 217 72 Portland (584 569 i 419 March 29 the Federal Reserve Board simpli- Seattle 3 ' 66 fied that portion of Regulation A which deals Allothor V>60 ; •1,318 2,078 1,592 with bankers' acceptances growing out of the Total 199,938 i 180,962 14.8,358 131,554 importation and exportation of goods. A I! member banks. In the following tables arc shown acceptance Now York UN,IMS 261,174, 215,122 : 194,953 liabilities by principal cities of national and Buffalo 1.628 1. 6X7 : 1.046 740 Boston 5S.064 44.709 : 4\. 734 37,652 other member banks, also totals for all member Providence 2,084 1.158 ' ' 871 361 Philadelphia 12,062 11'. 026 ; 10,745 . 1.0,350 banks on all call dates for the period April 28, Pittsburgh 1,442 2,076 .1,167 899 1921, to March 10, 1922: Cleveland 9.8S3 11)131 I 4,608 1,979 Detroit 3,785 4,008 , 678 . 703 Cincinnati 081 51.1. ! 153 : 200 Memphis 444 280 \ 545 580 ACCEPTANCE LIABILITIES OF NATIONAL AND OTHER Indianapolis 1,365 551 j 492 | 478 MEMBER BANKS. Richmond 1,028 1,741 ! 3,615 .1,865 Baltimore 1.643 1,849 \ 1,812 997 Atlanta 612 361 337 252 [In thousands of dollars.] Savannah 475 410 964 764. New Orleans 7,489 5,378 7,697 i 6,75;") Charleston, S. C 1,441. 778 1,009 ' 890 Class of banks Apr. 28, Juno 30, Sept. 6, Deo. .'il, ! Mar. 10, Chicago 45,553 40,291 | 35,279 ' 27,097 and city. 1921. 1921. 1921. 1921. j 1.922. St. Louis 1,996 1,809 j 1,715 823 Minneapolis 1,819 1,422 ! 2,462 i 2,670 Kansas City, Mo 2,573 3,045 I 350 i 1,092 National banks. Dallas 150 300 1,306 . San Francisco 14,337 11,636 9,892 ! *""6,"52() New York 173,062 142,620 122,638 Ill, 724 103,661 Los Angeles i 1.177 2,447 1,319 i 847 Buffalo 772 768 568 512 341 Portland i 3J557 2,137 1.507 ; 1,123 Boston 46.207 33,697 25,949 35,332 28,339 Seattle ' 934 561 '351 : 228 Providence 775 404 303 518 110 Allother ! 16,029 16,411 17,518 ! 12.937 Philadelphia J1,862 10,402 9,463 10,589 10,146 Pittsburgh 1,244 1,700 1,198 1,067 699 Total 504,169 • 431,887 367,294 316,755 Cleveland I 1,137 2,123 1,197 959 576 Detroit ; 3,385 3,558 1.533 453 703 Recapitulation. Cincinnati 681 511 182 150 200 Indianapolis | 1,365 551 316 492 478 Total national banks 304,231 ; 250,925 218,936 185,201 Richmond ; 1,028 1,741 1,903 3,615 1.862 Total State bank and trust Baltimore i 1,446 1,749 2,118 1,812 '997 company members 199,938 : 180,962 148,358 131,55-1 Atlanta 450 250 New Orleans 920 911 846 983 921 Grand total. . 504,169 : -431.887 367.294 316,755 Charleston, S. C.. 1,441. 778 409 1,009 890 Chicago 24,280 19,295 24.030 18,582 13,063 St. Louis 524 657 568 922 241 Minneapolis .1,819 1,422 1,658 2.462 2,670 Federal reserve bank holdings of purchased Kansas City, Mo... 1,023 1,079 2,293 350 11.3 and discounted bank acceptances show a con- Dallas 150 300 250 1,181 San Francisco 13,611 10,665 7,401 8,393 6,139 siderable decline for the first month of the pres- P L o o r s t l A an n d geles.... 2.7 9 7 7 2 7 1 1 , , 4 7 5 0 3 3 1 1 , , 6 3 4 6 4 7 | 1,1 9 0 3 2 8 7 7 0 7 4 5 ent year, from $145,383,000 to 876,013,000', and Seattle 931 495 474 ' 351 228 successive increases to $93,590,000 on February Allothor 12,369 12,093 9,872 15,440 11,345 28 and $105,287,000 on March 31. Holdings of Total 304,231 250,925 218,180 ! 218,936 185,201 member bank acceptances show a similar de- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 19226 FEDERAL RESERVE BULLETIN. 515 cline from $110,552,000 at the opening of the FEDERAL RESERVE ACT OF PERU. year to $61,307,000 at the close of January, and an increase to $76,079,000 at the close of IVIarch. Following a disastrous experience with irre- In addition, as shown in the subjoined exhibit, deemable currency, the people of Peru for a the Federal reserve banks held $29,208,000 of generation before the World War used gold bills accepted by nonmember banks, including and silver as the only circulating medium of private banks, agencies of foreign banks, and the country. At the outbreak of the war, howdiscount corporations, compared with $34,- ever, a great shortage of currency- developed. 831,000 held at the close of last year. Peruvian exports, like those of other South American countries,fell off decidedly during the ITOI/DTXGH OF BANKERS5 ACCEPTANCES BY FEDERAL first months of the war. Gold was being shipped RESERVE, BANKS. abroad in payment of British balances, and [In thousands of dollars.] still more gold was withdrawn from the banks and hoarded by the people. Under these cir- Purchased in open market. Held under discount. cumstances it became imperative, in order to supply the needs of the country, to issue some Accepted by— kind of paper money. The leading banks therefore organized what is known as the Junta de Vigilancia, to which the}^ turned over gold, Date. real estate mortgages, warehouse warrants, and other securities as cover for an issue of bank III II notes. To overcome somewhat the popular dis- I trust of paper money these notes were called 3 ft 1 cheques circulates (circulating checks). They i helped to alleviate the immediate currency 192L Mar. 31 119,054: 65,8(38 20,653| 15,878 16,655 13,052 9,18li 3,871 shortage, but they were strictly an emergency Dec. 31.. 145,015.11.0,264 13,656j 12,319 338 288! 5m0easure, as special legislation was required for 1922. each issue. There were at first two such issues— Jan.31. 74,833 60,376 5,864 2,586 6,007 1,180 931 249 Feb. 28.. 93,356! 69,915! 8,470 7,371 7,600 234 234 . one of £p. 1,100,000 ($5,500,000) under the law Mar.3i... 105,1.10; 75.902 12,671 9,781 6,756 177 177 . of August 22, 1914, and one of £p. 1,400,000 ($7,000,000) under the law of October 1, 1914. Acceptance liabilities of the British banks Against the first issue a gold reserve of 35 per during the present year likewise show a down- cent was required and against the second issue ward trend, though the rate of decline is less a gold reserve of 20 per cent, but the reserves than for member banks in the United States, actually held were much larger, and on June as may be seen from the following statement 30, 1921, amounted to over 94 per cent of the for each of the last four months of average circulation. Later, because of the rapid disweekly acceptance liabilities of 10 London appearance of silver coins from circulation, the clearing banks: Government was also forced to issue paper currency in fractional denominations. Up to December, 1921 £65, 790,000 January, 1918, the equivalent of £p. 342,250 January, 1922 64, 085,000 ($1,711,250) was issued in small notes. February, 1^22. 63, 352, 000 The circulation of cheques circulares was Ma O rc p h, e n 19 2 m 2 arket rates in New York o 5 n 7, 5 p 5 r 8 i ; m 00 e 0 further increased in 1918 as a result of action bank acceptances, which stood at 4J-4J- per taken to stabilize exchange on New York and cent about the close of 1921, because of theLondon. After the first three years of the war easier money conditions during the early part in Europe the balance of trade with the United of January, declined to 3£-3J per cent. Later States and Great Britain had moved heavily in the month rates advanced to 4 per cent, and in Peru's favor and exchange on New York this rate continued in effect during February and London went to a big discount. The disand the early part of March. After March 15, count on the dollar had been halted for a short in connection with the large Government opera- time by the importation from the United ations, the greater abundance of liquid funds States of a large sum of gold just prior to the caused a decline of the rate to 3^ per cent, the placing of the embargo on gold exports from lowest quoted in the New York market since this country on September 7, 1917. This 1917. London rates continued during this greatly increased the gold holdings of Peru, period at a slightly lower level, a decline to most, if not all, of which found its way into £573^6 Per cent about the middle of February the reserves of the Junta de Vigilancia and being followed by a rise to 3f—3^- per cent brought the cover for the cheques circulares to about the middle of March. a high percentage. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

516 FEDERAL RESERVE BULLETIN. MAY., Further action, however, was necessary to CONDENSED BALANCE SHEET OF THE JUNTA TJE stabilize the exchanges. Accordingly, under a LANCIA AS OF FEBRUARY 28, 1922. law of June 14, 1918, as amended by an act [In thousands of Peruvian pounds.] of September 16, 1918, an arrangement was made whereby cheques circulares to the amount ASSETS. LIABILITIES. of £p. 3,000,000 ($15,000,000) were issued by Gold 4,213 Cheques circulares in actual the Junta de Vigilancia to the several inter- Credits in London 2,630 circulation 7,218 Mortgages 180 Gold deposit certificates 144 ested Peruvian banks against deposits in New G o vernmen t securities: Nickel coins in circulation... 500 York and London arising from export trans- Keceived from banks... 117 Due to banks 239 Other 239 Other liabilities 17 actions. A requirement of this legislation was Other securities 51 Otherassets 658 that these banks should increase the gold reserve against the original issues of cheques Total 8,118 Total liabilities 8,118 circulares by depositing with the Junta all of the gold of which they could dispose freely. The cheques circulares were in the nature of a The new cheques were to have the same stand- stepping-stone from an all-metal currenc}^ to a ing as those already in circulation. modern asset currency with a gold reserve back In the summer of 1920 a serious shortage of of it. They were highly inelastic, and with the circulating medium arose. Apparently cheques rise in prices the currency shortage in Peru again circulares were being hoarded on a considerable became serious, while all the gold was either held scale. The cause for the hoarding is not clear, by the banks or hoarded by the people. Under but the fact that hoarding occurred would these circumstances the agitation for the estabseem to indicate that the cheques circulares lishment of a bank of rediscount and issue had come to be regarded almost: as highly as became active, its chief proponent being Presigold and silver coin. In any event, the situa- dent Leguia, of Peru. The President wished to tion became so acute as to prompt several establish a Government bank with the issue banks to import over $3,000,000 in gold, against privilege, which would act as a fiscal agent of which an equivalent amount in cheques cir- the Government and would also supersede the culares (at par of $4.8665) were issued by the private corporations, which in Peru still act as Junta de Vigilancia immediately upon receipt tax-collecting agencies on a concession basis. of cable advice that the gold had been embarked. Serious opposition to the President's plan de- By these several measures a large volume of veloped on the part of banking and business cheques circulares were put into circulation interests which did not wish to see the central and at the same time the gold reserve against bank so closely associated with the Governthese issues increased to over 90 per cent. ment. The reserve bank act as passed is in In view of this very high gold reserve and substance a compromise between the Presiof the fact that the exchange value of the dent's proposal for a Government central bank Peruvian pound in terms of dollars and ster- and the banks' preference for a strictly private ling had declined greatly since the latter part institution. of 1920, many persons advocated the raising The measure passed by Congress on March 8 of the embargo placed soon after the outbreak and approved by the President on March 9 of the war on the export of gold from Peru. is constructed in many respects after the This did not, however, seem advisable to the model of our own Federal reserve act. The Government and to the majority of the bankers Government is to designate three of the nine and business men, since for every pound in directors, the other six being elected by the gold exported a cheque circulare of equal value member banks. The president and vice presiwould be withdrawn and the already limited dent of the board of directors must be selected currency circulation would be reduced. from the Government appointees and must be A condensed balance sheet of the Junta de Peruvian citizens. In case the Government Vigilancia for the latest available date is given should have a fiscal agency abroad, this agency below. In this statement the liability of the is to designate a tenth member of the board, junta on cheques circulares to the public alone whose office, however, may be abolished at any is shown, the offsetting liabilities of the junta time by the unanimous vote of the other nine to the banks, composed of gold, London funds, directors. The reserve bank takes over the securities, and commercial bills, and of the assets and liabilities of the Junta de Vigilancia banks to the junta on cheques circulares issued and the functions and assets and liabilities of to them having been eliminated. the Caja de Depositos y Consignaciones an in- 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 517 stitution organized by the leading banks for the than that enjoyed by our own reserve banks. purpose of receiving governmental and judicial The bank also has authority to deal in foreign deposits and .making loans to the Government gold and specie, to open and carry accounts in in anticipation of tax receipts. The Caja also foreign countries, and to act as a clearing house acted as a clearing house for the banks. A for share-holding banks. The bank is prosummary of the principal provisions of the hibited from engaging in speculative exchange reserve act follows: operations or from discounting paper based Capital.-—The capital of the-bank shall con-upon speculative transactions or issued for insist of 2,000,000 pounds, divided into 200,000 vestment purposes, from making ordinary bank shares of 10 pounds each. There shall be two loans, and from making advances in current classes of shares—shares of class A, to be owned account or permitting overdrafts. by the member banks and conferring the right Note issue.—The Reserve Bank of Peru shall to vote, and shares of ('lass B, to be offered to the have the exclusive privilege of issuing bank public and not conferring the voting privilege. notes. These notes shall be issued either in The organization committee of the bank is to exchange for cheques circulares on demand of offer at "once 50,000 shares of class A and 50,000 the holders, in payment for rediscounts and shares of class B, one half of which must be paid advances, or in payment to depositors of gold. for in cash and the other half in whole or in part The notes are not legal tender but are redeemon 30 days' notice. The remaining capital may able in gold or in dollar or sterling exchange, be subscribed for by the public or by newly except that provisionally until the President organized banks, at the discretion of the of Peru, at the request of the directors of the directors. bank, shall decide that "the international Organization.—The management of the bank financial situation has become normal," gold shall' be in the hands of a board of directors, redemption shall not be operative. three of whom shall represent the Government, Reserves.—The bank must hold as reserves two the domestic banks with a paid-up capital against notes not less than 50 per cent in gold of 250,000 pounds or more, two the domestic or in New York or London exchange and must banks with a capital of less than 250,000 pounds, have eligible paper as cover for the balance of and two the shareholding branches of foreign the notes. A separate reserve of 50 per cent banks doing business in Peru. The board of in gold or in New York or London funds is also directors shall supervise the business of the required against deposits. The reserve bank bank; shall name the manager and other em- will take over all the assets and liabilities of ployees; fix their powers, duties, and salaries, the Junta de Yigilancia and will redeem cheques and discharge them at pleasure; shall adopt by- circulares in reserve notes upon presentation. laws and exercise such incidental powers as may When gold redemption shall be resumed, the be necessary to carry on the business of the cheques circulares will be redeemed in gold and bank within the limitations prescribed by the destroyed. In the meantime the cheques react. ceived in exchange for notes will be held for Functions.—The bank shall be authorized to the purpose of being paid out for notes upon receive deposits from member banks and from demand. Cheques exchanged for gold or recentra] and local governmental bodies, and to ceived as deposits, however, will be destroyed. discount, with the indorsement of shareholding Distribution of net earnings.—The net earnbanks, bills arising out of actual commercial ings of the banks shall be distributed annually transactions and bills of exchange secured by in the following manner: (]) 10 per cent to be readily marketable products. The maturity of set aside as a reserve for contingencies; (2) discounted paper is limited to three months, cumulative dividend of 6 per cent on shares of except for agricultural paper, which may have class A (held by banks) and of 12 per cent on a maturity not to exceed six months, but must shares of class B (held by the public); (3) 2£ not exceed 20 per cent of total discounts. The per cent to the board of directors; (4) 2£ per bank is also permitted to discount acceptances cent to the benefit fund of the employees; (5) and collateral notes of member banks; to sell 20 per cent to surplus until such surplus shall cable transfers and foreign bills of exchange and be equal to 100 per cent of subscribed capital "when in the judgment of the board of directors and 10 per cent thereafter; (6) the remainder the reserves of the bank are sufficiently large to go to the Government in lieu of a franchise to justify such operations, the bank may buy, tax, and of all taxes on profits, on the issue discount, or make advances on acceptances, privilege, and on the bank notes themselves. commercial bills, or bills payable, even though In view of the fact that there is still an acute they do not have the indorsement of a member shortage of currency in Peru, it is to be exbank." This clause gives the Reserve Bank of pected that in the immediate future the circu- Peru a wider scope for open-market operations lation will consist both of cheques circulares Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

518 FEDERAL, RESERVE BULLETIN. MAY, H)2L>. and of reserve bank notes, the latter, as they ART. 5. The minister of finance, the president of the gain the confidence of the population, gradu- Lima Chamber of Commerce, and the manager of the "Caja ally superseding the former. Since the present de Depositos y Oonsignaciones" shall constitute the organization committee of the bank and shall immediately reserve against cheques circulares is over 90 offer at par to banks organized within the country and to per cent and the reserve required against re- foreign banks which do business and have branches thereserve notes is only 50 per cent, a considerable in, under the provisions of law, 50,000 shares of class A expansion of currency may be expected, the to an amount of £p. 500,000 (Peruvian) and to the public. 50,000 shares of class B to be subscribed to at par, to an possibility of this expansion being in fact one amount of £p. 500,000 (Peruvian). Fifty per cent of the of the motives for the enactment of the law- value at par of either class of shares shall be paid for at the It will be seen that the reserve act of Peru time of subscription, the subscribers agreeing to pay the balance on 30 days' notice at such time or times and in such was modeled after our own Federal reserve act, amounts as the board of directors shall prescribe. The with such modifications as banking conditions bank shall be considered organized and be authorized to and practices of the country suggested to the begin operations when there shall have been paid by the framers. The principal differences, outside of subscribing banks in actual gold or cheques circulares (bank currency), 50 per cent of the 50,000 shares of class A, the absence of regional banks, which the smaller without reference to the number of shares of class B subarea and population of Peru and the limited scribed to by the public. number of eligible member banks would make ART. (>. The board of directors of the bank shall be auunnecessary, are the wider scope of open- thorized, whenever it considers it advisable, to offer for market operations, the separation of deposit subscription on terms to be agreed upon, but never below par, the remaining shares of classes A and B, in series or and note reserves, and the higher percentage of otherwise, provided that shares of class A shall be offered reserves required—50 instead of 40 for notes only to banks organized in the country or to foreign banks and 50 instead of 35 for deposits. There is no which do business and have branches therein under requirement, as in the case of our reserve sys- authority of the laws. tem, that the member banks keep their deposit The proportion between the shares of classes A and B that may be offered for subscription by virtue of this reserves with the reserve bank, though the article shall be fixed by the board of directors of the bank, banks7 deposits with the reserve bank m&y be provided that the total number of both classes issued and counted as part of their legal reserves. in. force shall at no time exceed 200,000. ART. 7. Any new bank founded in the country and any In practice an important difference between new foreign bank that may be authorized to do business the early stages in the development of the and to establish branches in the country may be admitted Federal reserve system in the United States as a shareholder in the reserve bank* being required to subscribe to shares of class A in an amount equal to oneand the reserve system in Peru will be that the tenth part of the capital with which it begins its business Peruvian Reserve Bank, by taking over the in the country, provided that this amount shall not be assets of the Junta de Vigilancia and of the less than the lowest amount subscribed to by any of the Caja de Dcpositos y Consignacionos, will begin organizing banks. If at the time of organization of such new bank the authorized capital of the reserve bank shall business with large holdings of Government have been fully subscribed and issued, the shareholding securities and of other securities, many of banks which are holders of the shares of class A, on request which are not eligible for discount under the of the board of directors of the Banco de Reserva del Peru, law. shall turn over to the new subscribing bank in the proportional amount fixed by the board of directors of the former The text of the law follows: a number of shares sufficient to allow the new bank to acquire the character of shareholder and be the owner of FEDERAL RESERVE ACT OF PERU. shares of class A in an amount equal to the least held at the time by an organizing bank. Upon receiving the ARTICLE 1. There is hereby created a credit institu- shares the new bank shall pay over to the shareholding tion to be named Banco de Reserva del Peru which shall banks the price thereof, but not less than par. be organized according to the provisions of this act. ART. 8. Whenever a shareholding bank shall return all ART. 2. The bank shall have its domicile in Lima and its shares of class A, they shall be canceled and the bank branches and agencies wherever the board of directors shall lose all its rights and privileges of membership, and shall deem convenient, either in Peru or in foreign coun- after deducting the amount of debts due or accruing to the tries. Banco de Reserva del Peru, there shall be reimbursed in ART. 3. The period of existence of the bank shall be 25 cash to the subscriber the net balance of its subscription. years. This period may, however, be extended by law In no case, however, shall the value of this subscription be in accordance with the terms of article 21 of this act. counted as greater than the value at the time of the ART. 4. The authorized capital of the bank shall be shares on the books of the bank. The withdrawing bank £p. 2,000,000, divided into 200,000 shares of <£p. 10 each. shall also have the right to the return of all its deposits Said shares shall be divided equally into two classes, A and to payment of whatever other amount the bank may and B, respectively. The shares of class A shall be owe it. subscribed to by the banks mentioned in this act, which If a shareholding bank has been declared insolvent, the are called shareholding banks; these banks shall have the shares of class A which it possesses shall be canceled right to vote, as more fully described hercunder, and their without relieving the bank of its liability, and all payments shares shall not be transferable or pledgeable. The shares in cash on account of said shares with any reductions of class 15 may be subscribed to and owned by the pub- corresponding to their book value shall be applied in the lic; these shares shall be transferable in accordance with first place to the paying of all debts which the insolvent the by-laws to be promulgated by the board of directors institution owes the bank, which shall be declared prefwith the approval of the executive, but shall not be erential above all others, and the balance, if any, shall be entitled to a vote. turned over to the receiver. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 519 The canceled shares in the two cases above referred to In case no branch of a foreign bank becomes a sharemay be reissued. holder, the board of directors shall fix a new basis of ART. 9. The management of the bank and the exercise capitalization for the formation of the three groups of of all its powers shall be intrusted to a board of directors. shareholding banks from the native banks. This board of directors shall perform the proper and usual In case the Government of Peru shall establish a fiscal functions of bodies of the same kind in other banking agency abroad, this agency shall designate a tenth member institutions, as well as other functions prescribed in the whose term of office shall not be subject to the provisions present act. The board of directors shall be composed of of this act regarding annual renewal. This tenth director 10.members, of whom 3 shall be named by the Govern- may be abolished at any time by unanimous vote of the ment. Of these three directors at least two shall be of nine other members of the board of directors. Peruvian nationality. The subscribing banks which are A quorum of the board of directors shall be seven memholders of shares of class A shall designate six members bers, and six votes shall be required to constitute a majorwho shall be their representatives and who shall be elected ity, but there must be present at least two members who in the following manner: are representatives of the Government. When 50,000 shares of class A have been subscribed, the If for any reason these representatives of the Governorganization committee shall classify the shareholding ment fail to attend two consecutive sessions, the quorum banks into three groups: of the third session called shall be formed without the 1. Shareholding banks whose individual paid-up capital necessity of their presence. i=3 <£p. 250,000 (Peruvian) or more; Meetings of the board of directors shall be called by the 2. Shareholding banks whose paid-up capital is less than president or by the vice president, as the case may be, <£}). 250,000 (Peruvian); and, or in, their absence by any of the directors in turn, in 3. Branches of foreign banks which have taken shares of accordance with the provisions of the general statutes. class A. ART. 10. Without prejudice to the general powers con- Two directors shall be elected by the banks of each group. ferred upon the board of directors of the bank by article Of the representatives of each group at least one must be a 9 of this act, there are included among its powers the Peruvian citizen. Foreigners elected by banks must following: possess the following qualifications: (a) Residence in the 1. To adopt and use a corporate seal. country of at least live years; (b) an established business or 2. To make contracts not in contravention to this act. industry or the ownership of real estate in Peru. 3. To sue and be sued in courts of law through counsel, The election shall be certified the first time to the and to defend the bank before any power or authority. organization committee and thereafter to the board of 4. To name a manager and such other employees as directors by the managers of the banks comprised in each may be necessary, and fix their powers, duties and salaries, group. the bonds for the faithful performance of the same, and to The following may not be directors of the bank: (a) discharge them at pleasure. Directors, director-managers, counsels, and managers of 5. To" adopt by-laws in accordance with the provisions shareholding banks; (6) deputies and senators; (c) members of this act detailing the manner in which the bank's busiof the judiciary; (d) public officials or employees, except ness shall be carried on and how the privileges which it the person having charge of the administration of customs enjoys shall be exercised. These by-laws shall be subwhile in office; (e) two or more persons who belong to the mitted for the approval of the Government. same commercial organization; (/) two or more persons of 6. To exercise such incidental powers as shall be necesblood relationship to the fourth degree or of relationship sary to carry on the business of the bank within the limitaby marriage to the second degree; and (g) persons who are tions prescribed by this act, including that of securing bankrupt or insolvent. proper quarters for its main and branch offices and fur- At the first general meeting of the board of directors the niture and equipment therefor. directors elected by the banks shall designate two of their ART. 11. The bank shall be authorized— number whose term shall end at the expiration of the first (a) To receive from any of the shareholding banks, from year, reckoning from the 1st of January nearest the date of the Government, and from official institutions of any such session, two whose terms shall expire twTo years from department or province and from any other Government that time, and two whose terms shall expire three years body, deposits in current account, in gold, in cheques from that time, provided that the termination of the circiilares, in notes of the bank itself, or in any other class terms of no two members of the same group shall occur at of legal-tender money, checks, drafts, and bills of exchange the same time. At this same session the directors named payable upon presentation; also, for collection, maturing by the Government shall designate one of their group bills and other obligations. The deposits on current whose term shall expire a year from the above date, one account of the shareholding banks shall be taken into whose term shall expire two years from that date, and one account in computing the reserve under article 185 of the whose term shall expire three years from that date. There- commercial code. after the directors elected shall hold office for the term of (6) To discount with the indorsement of any of the sharethree years. Vacancies on the board of directors shall be holding banks, bills (vales), drafts and bills of exchange filled in the manner prescribed for the selection of the arising out of actual commercial transactions, that is, issued respective directors, the new directors to fill the unexpired for agricultural, commercial, and industrial purposes, or the terms of their predecessors. Directors may be redesigna- proceeds of which have been or are to be used for such t,ed by the Government or reelccted by the banks, as the purposes, the board of directors to have the right to detercase may be. mine and define the character of paper eligible for discount The board of directors shall elect its own president and within the meaning of this act. To discount bills (vales), vice president, who must be members designated by the drafts, and bills of exchange secured by readily marketable Government and citizens of Peru. The president of the agricultural and mercantile products; but this authority board shall have a vote under the same conditions as other shall not include the discount of bills (vales), drafts, or members. bills of exchange growing out of permanent or long-time After the first election of representatives by the share- investments, or which have been issued for the purpose holding banks, the board of directors of the reserve bank of speculating or trading in shares, bonds, or other investshall have the authority to classify the shareholding banks ment securities, or for the purpose of carrying such secuinto three groups. Each group shall consist as nearly as rities. The bills (vales), drafts, or bills of exchange accepted practicable of an equal number of banks and of banks of for discount in accordance with the provisions of this similar capitalization. The amounts of surplus and un- section shall not have a maturity at the time of discount divided profits shall not be taken into consideration in of more than 90 days; except that bills (vales), drafts, this classification. and bills of exchange for agricultural purposes, whose Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

520 FEDERAL RESERVE BULLETIN. MAY, 1922. maturity shall not exceed six months, may be discounted liabilities of the "Caja de Depositos y Consignaeiones" for to an amount not to exceed 20 per cent of the total amount the account of the shareholders of the same. of the loans and discounts of the bank. The total amount (h) To receive public deposits without interest. of bills (vales), drafts, and bills of exchange of the kinds (i) The bank at the request of the Government shall act indicated in this section having the signature or indorse- as a disbursing agent. ment of any one person, company, or corporation presented (/) The bank is authorized to deal in foreign gold specie for rediscount by a shareholding bank shall at no time and bullion in Peru or abroad, to make loans thereon, to exceed L0 per cent of the paid-in capital and surplus of exchange in the manner hereafter shown its own obligathat, bank; but this restriction shall not be applicable in tions for gold specie and bullion, and to contract for the case of rediscounts of bills of exchange drawn against loans of coined gold or gold in bare, offering if necesactually existing values owned by the drawer. sary the requisite guaranties. The indorsement to the reserve* bank does not obligate (k) To buy from the shareholding banks and to sell to it to observe the formalities of protest and advice required them with or without its indorsement bills of exchange by the commercial code in order to bring an action for growing out of commercial operations as described in this recovery, and failure to pay any of the discounted paper act. at maturity gives the reserve bank the right to recover (I) To establish the rates of discount which shall govern the amount advanced by it from the indorsing bank by each kind of transaction, with a view to accommodating presenting the paper to* the latter within two days after commerce and industry. maturity. (m) To open and carry accounts in foreign countries; (c) To discount acceptances of shareholding banks to name correspondents and to establish agencies in such which have a maturity at the time of discount of not more places as are deemed convenient, and to buy and sell with than three months and which grow out of transactions in- or without its indorsement through such correspondents or volving the importation or exportation or domestic ship- agencies bills of exchange or acceptances arising from ment by water or land of merchandise and products, sub- actual commercial operations which do not have a period ject, however, to conditions fixed by the board of directors of more than 90 days to run, and which bear the signature for determining the commercial character of the transac- of two or more persons of responsibility. To collect bills tion underlying the acceptance, or which are secured by of exchange through the same means and to open and carry warehouse receipts or other documents conveying or secur- bank accounts with, the said foreign correspondents or ing title or rights to said products and merchandise, which agents. in all cases must be readily marketable. (n) The bank shall have authority to act as a clearing (d) To discount bills payable of the member hanks with house between the shareholding banks. maturity at the time of discount of not more than three ART. 12. The bank shall be prohibited— months, provided that said bills payable shall be secured (a) From speculating in exchange. by bills, drafts, bills of exchange or bank acceptances (b) From making ordinary bank loans. whose discount or purchase by the bank is permitted by (c) From making advances in current account or perthis act, or by Government securities, cedillas and other mitting overdrafts. mortgage bonds, gold, and warrants up to the following (d) From performing acts or doing business not authorproportions of their amounts: ized by this act, and from acquiring by discount, purchase, 1. 1 ;onds of the Government and Treasury obligations up or other means, property or securities of a kind different io 90 per cent of the market quotation. from those described in this law. 2. Mortgage cedulas up to 90 per cent and other mort- ART. 13. The bank shall have the exclusive privilege gage bonds up to 75 per cent of their respective quotations of issuing bank notes for the following purposes: in the market. 1. To exchange them at par upon demand for cheques 3. Warrants or warehouse receipts up to 50 per cent of circulares in circulation at the time of the promulgation of the value of the product which they represent. this act. 4. Gold in bars or minted at the rate of 7 grams, 323 2. To pay out for rediscounts and advances to the memmilligrams of fine gold per Peruvian pound. ber banks in accordance with this act. (e) To sell and buy from banks, or export or import com- 3. To pay out to depositors of Peruvian gold coin panies of the first class, either in Peru or abroad, cable bullion or gold in-any form at the rate of 1 Peruvian transfers, foreign bills of exchange and bank acceptances pound for each 7 grams and 323 milligrams fine gold. of the kinds and maturities eligible for discount, with or Subject to the requirements of article 14, these notes without the indorsement of a member bank. shall be redeemed upon presentation in the office of the </) When in the judgment of the board of directors the bank at lima in Peruvian gold pounds stamped according resen es of the bank are suiliciently large to justify such to the weight and fineness now existing or in drafts on operations the bank may buy, discount, or make advances foreign countries. In the latter case, payment shall be on acceptances, commercial bills, or bills payable, e\ en made at the option of the holder in cable transfers, sight though they do not have the indorsement of a member drafts, or checks in United States dollars on New York or in bank, provided that these bills shall be of the kind and sterling on London drawn by the batik and on the basis of maturity which this law requires for rediscount and that the gold parity of the respective moneys less the actual they bear at least two indorsements of first-class business cost of the transfer of the gold from Lima to New York or firms and are secured by the pledge oi" documents of the London, as the case may be. kind referred to in this article. ART. 14. When the international financial situation be- (g) The bank shall receive judicial and administrative comes normal, the executive power upon petition by the deposits and exercise the functions now resting in the board of directors of the bank shall authorize it perma- "Oaja do Depositos y Consignaciones, " being governed by nently thereafter to redeem all bank notes in the manner the laws in effect with reference to the same, with the sole prescribed in the preceding article. exception that it is not obliged to furnish the special guar- ART. 15. As reserve for the bank notes referred to in anties required by them.. The board of directors of the article 13 the bank shall keep in its vaults Peruvian gold reserve bank shall determine the time when it shall com- pounds and gold in bars at the rate of 7 grams and 323 mence to exercise these powers but shall not do so until milligrams of fine gold for each Peruvian pound, and actual such time as the quotation of the bonds of the internal debt funds in dollars in New York, or pounds sterling in London, which constitute its guaranty shall represent a sum equal their value being estimated at the rate of exchange in gold to that which appears on the books of the "Oaja." it being in lima, according to the quotation of the day, or foreign then authorized to begin the liquidation of all assets and gold coin whose free exportation may be permitted by the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 521 Government which has issued it. The total of the gold amount of bank notes equal to the total of cheques'circulares and funds shall in no case be less than 50 per cent of the in circulation and shall hold them for the exchange of the amount of bank notes in circulation. As further cover in same whenever presented at the head office. The bank addition to these, the bank shall keep bills (vales), drafts, notes which are returned to the bank in exchange for bills of exchange or acceptances obtained in accordance cheques circulares, shall be returned to the fund to with the provisions of sections (a), (b), and (c), of article 11, which this article refers, with a view of preserving the or bills payable acquired in accordance with paragraph proportion between the two. The bank notes which the (d) of the same section, with the limitation that bills pay- bank holds for the purpose of redeeming the cheques able shall not exceed 10 per cent of the total cover of the shall be taken into account in computing the amount of bank notes. The amount of gold and of gold funds in gold and other items which are required to be held as foreign countries mentioned in this paragraph, together reserves fixed by this act, just as though they were with the paper, shall not be less than the total amount of in circulation. According as the amount of cheques notes in circulation. circulares may have been reduced through exchange for The bank shall keep further in its vaults against demand gold in conformity with the provision of the last part of the deposits an independent and special reserve composed of preceding article, or by their incineration as is provided gold and funds of the kinds stated in the preceding para- for further on, the bank notes held in reserve for the exgraph which shall not be less than 50 per cent of said change of said checks shall be reduced by an equivalent deposits. This reserve shall not be taken into account in amount. The total shall also be reduced by an amount ( omputing the amount of reserve in gold and foreign funds equal to that of cheques circulares held by the bank as abroad held against bank notes. part of its immediately available resources (imposiciones ART. 1 (>. The Junta de Vigilancia for the issue of cheques a la vista). circulars, the bank of Peru and London, the Banco Itali- All the cheques circulares redeemed by the banks in ano. the Banco Popular, the Banco Aleman Transatlantic©, gold coin shall be immediately burned in the presence of the Banco Internacional del Peru, and the Caja de Ahorros the majority of the members of the board of directors and (Savings Bank), shall deliver and transfer to the reserve of the notary of the treasury, record being made thereof bank immediately after its organization all the gold coin and preserved in the archives of the bank. and bullion, all credits and funds in pounds sterling and in ART. 18. The notes which the bank may issue shall be in dollars, mortgage bonds, bonds and other obligations of the denominations and form determined by the board of Peruvian Government, and all the other assets held as directors with the approval of the minister of finance and security for cheques circulares. From that time all the shall be signed by the president of the board of directors, a hove-named items shall become the property of the bank by one of the directors representing the member banks, and which shall hold them for the purpose of securing and re- by the manager. deeming cheques circulares which may then be in circula- ART. 19. The net earnings of the bank shall be distributed tion, subject to the provisions of this act, and their amount annually in the following manner: shall be credited to the banks heretofore named for ac- . 1. Ten per cent for contingencies. count of their liability to the ''Junta de Vigilancia"; 2. An amount sufficient to pay a fixed cumulative divi but all these credits, bonds, and Government obligations, dend on the capital subscribed, of 0 per cent annually on and other assets of this character, transferred and delivered, the shares of class A and of 12 per cent annually on the shall j)ass to the reserve bank under the same conditions shares of class B. The balance shall be distributed as and with the same rights as apply to the Junta, and the follows: rights of the banks named to these assets shall remain- the 1. Two and one-half per cent to the board of directors. same without alteration with the only difference that 2. Two and one-half per cent to the benefit fund of the amounts payable on that account may be paid in gold, employees. cheques circulares, or in bank notes issued by the reserve 3. Twenty per cent to a surplus fund until such time as bank, these payments to be made as soon as the loans made said surplus shall be equal to the subscribed capital; and to the Government under laws 1982 and 2111 are repaid. 10 per cent thereafter. Said mortgage bonds, bonds, and other obligations of the 4. Any balance which remains after haying provided for Government, and other assets of this kind, shall be kept by the purposes just enumerated shall be paid to the Governthe bank only for the purpose of the present article and for ment. In return for this prerogative the capital of no other purpose. the bank, its profits, and it? Lsue privilege as well as the The bank shall have the right to collect the interest bank notes themselves shall be free of all taxation, present which all the assets transferred and intrusted to it under and future. the provision of this article shall earn. As soon as the said ART. 20. The books of account and the records of the transfers and deposits are verified, all liability of the said bank and its archives shall be subject at all times to in • Junta de Vigilancia and of the banks heretofore mentioned spection and audit by the Government, through its auwith respect to the holders of cheques circulares shall thorized agents, for the purpose of assuring the compliance cease, the liability passing in its entirety and subject to by the bank with this act and with the bank's by-laws, and the same terms to the reserve bank. From that time of fixing the liability of the officers and employees for any no new cheques circulares shall be issued, and all laws illegal action which they may have committed. then existing on the subject in so far as they conflict with This liability shall be the same as that appertaining to the provisions of the present act are hereby repealed. persons administering public trust funds and shall be The cheques circulares shall be redeemed on presenta- borne jointly by the members of the board of directors tion in Peruvian coined gold pounds of the weight and present at the time the act in question is authorized and fineness specified in existing law in the office of the bank failing to cause their negative vote to be recorded. in this capital, but the executive power shall not order ART. 21. During the time mentioned in article 3 of this their redemption in conformity with paragraph A of the law. it shall not be repealed, altered, or modified in any of its sole article of law No. 4017, which is hereby repealed, parts, except upon request of a general meeting'with the apexcept by agreement with the board of directors of the proval of t\vro-thirds of the class A shareholders of the bank. bank and after the redemption of the bank notes has been ART. 22. The balance sheet published by the bank in acauthorized at the request of the board of directors in ac- cordance with the provision of law shall make special mencordance with the provision of article 14 of this act. tion of the amount of cheques circulares and of bank notes ART. 17. Immediately after the transfer to the bank of the which are in circulation and of the respective reserve funds. coined gold, gold bullion, and other funds specified in the j ART. 23. The reserve bank shall be subject to the propreceding article has been effected, the bank shall issue an ' visions of law No. 1965, prohibiting the exportation of gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 FEDERAL RESERVE BULLETIN. MAY, 1922, TEMPORARY PROVISIONS. consisting of coins of different currencies. For the time being merely a deposit of gold is contemplated. As is well ARTICLE 1. Until such time as the bank shall have been known, these gold reserves are under no condition to serve authorized according to the provisions of article 14 of this as payment for foreign securities required in reparation law to redeem bank notes in the manner prescribed in payments, but only to furnish a temporary working capital Article 13, the bank notes shall at the option of the holders in foreign countries. be exchangeable for cheques circulares and up to that time The March 31 statement of the Reichsbank the bank shall keep in its custody all of the cheques circulares which may have been delivered to it in exchange for the first time segregates the gold in its vaults for bank notes or through deposit. All the other cheques from the gold deposited in foreign banks (viz, circulares which come into its vaults before the converti- the Bank of England), 980,733,000 and 16,bility of bank notes is ordered shall be burned by the bank 144,000 marks, respectively. On April 22 these in the manner prescribed in article 17. When redemption shall have been ordered, cheques circulares which are at two items stood as follows: Gold in vault, that time in the bank's custody and which it may receive 958,567,000 marks; and gold on deposit with afterwards in exchange for bank notes, shall be destroyed. the Bank of England, 41,301,000 marks. ART. 2. So long as the executive power maintains a iiscal agent abroad it shall have the authority to designate the bank which in the United States or in Europe shall name the tenth member of the board of directors referred to in FOREIGN COLLECTIONS. article 9 of this law. Bill passed by Congress March 8, 1922, and I. INTRODUCTION. approved by President Leguia on March 9,1922. The burden of financing a transaction in foreign trade may be carried either by the importer, the exporter, or their respective AMENDMENT TO GERMAN BANK ACT. banks. During the past year the FEDERAL RESERVE BULLETIN contained several studies The Reichsgesetzblatt for March 14, 1922, on the commercial letter of credit through publishes the following law amending the existwhich the financing of a shipment is undertaken ing law concerning the metallic cover of the by the importer's bank. International com- Reichsbank: merce is also financed by means of trade bills ARTICLE 1. Gold deposited by the Reichsbank with a for- drawn by the seller on the purchaser of goods. eign central bank of issue, in so far as it is held at the free The former, when engaged in far-eastern trade, disposal at anytime of the Reichsbank, is to be considered as par I; of the total reserves (Bestande) and of the metallic re- may shift the financial burden upon the latter serves of the Reichsbank in the sense of paragraphs 8, 9, and by insisting that he provide for the issuing of an J7 of the banking law of March 14,1875 (Reichsgesetzblatt, authority to purchase. As explained in the page 177); but in the weekly statements and annual balance sheets of the Reichsbank (paragraph 8 of the banking law) FEDERAL RESERVE BULLETIN for August, the amount of such gold must be stated separately and not 1921, this instrument assures the drawer of a be included in the amount of gold held in vault. draft that it will be negotiated by a bank in Ids ART. 2. This law shall take effect on the day following own country. But the authority to purchase the date of its publication. is confined almost exclusively to exports to the (Signed) THE PRESIDENT OF THE REPUBLIC. Orient, and in drawing drafts on customers in (Signed) THE FEDERAL CHANCELLOR. other countries the financial burden must be 33ERLIN, March 4, 1922. carried by the seller or his bank. An exporta- The paragraphs of the banking law of March tion may be facilitated simply by the straight 14, 1875, referred to in the text of the abovecollection method in which the exporter draws stated law, cover the following points: his draft on the buyer and then turns over the Paragraph 8 describes the items which must bill to his bank to be collected for his account. appear in the weekly statements of the Reichs- The exporter may not have sufficient means to bank which must be published in the Reichsanassume the entire financing, so he requests his zeiger. Paragraphs 9 and 17 describe the nabank to advance him a certain amount, say 60 ture of the gold and paper reserves which the to 80 per cent, of the face value of the draft. Reichsbank must hold at all times as cover for Lastly, a bank may carry the entire financial the notes which it has issued. burden by discounting the draft of the exporter. The Frankfurter Zeitung for March 19, 1922, Thus foreign trade gives rise either to bills published the following item with regard to a drawn on banks or on business houses. The deposit of 50,000,000 gold marks in the Bank of employment of these two classes of drafts England, which will probably be made in the depends upon such factors as the intimacy of near future: the economic relations between the countries In consequence of the changes made in the banking law, and the parties involved, and the terms of sale the Reichsbank, having received the necessary assurances in various lines of business. Where trade rewith regard to freedom of withdrawal and exemption from lations are well developed and economic conexport duties, will probably forward to the Bank of England in the last week of March a sum of 50,000,000 gold marks, ditions settled, an American seller is disposed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1922. FEDERAL, RESERVE BULLETIN". 523 to draw drafts on reliable firms, but in dealing Hold for arrival of goods. with countries of relative instability he insists Payable at collecting bank's selling ~ ch ^ e r c ~ k rate on New upon drawing bankers' bills usually under York day of payment. letters of credit. Exports of cotton and of Payable at check rate on New York, remitting proceeds automobiles are generally financed by bankers' by cable, charges for our acconut. bills, while shipments of lumber, packers' prod- Interest to be collected at per cent from date of ucts, and general merchandise are covered issue until approximate arrival cover in New York. Allow drawee interest at per cent per annum for largely by trade bills. anticipated payment. As previous studies have considered the handling of bankers' drafts, this survey will be All charges are for account of v confined only to the collecting of trade bills Waive charges if refused by drawee. sent from the United States to foreign countries. In case of need refer to and advise immediately by mail. No attention need be given to incoming cable. collection items, since they are handled in the Yours truly, same manner as ordinary domestic items, except that attached shipping documents require The letter of instruction is a form usually special care. As a matter of fact, the principles furnished by the bank, but large exporting governing the collection of outgoing items are houses at times prefer to use their own blanks. similar in nature to those which determine the The • instrument is similar in nature to an handling of domestic collections. Both classes application for a letter of credit, in .that it may be divided into "cash" and "collection" states the conditions to be observed by the items, depending upon the time when the sender bank in handling the transaction. While the may avail himself of the proceeds of the items bank is thus bound by these terms, at the same given to his bank for collection. A discounted time it can not be held responsible for conbill is practically a cash item, while both domestic and foreign collection items are similar tingencies concerning which the drawer has in that the sender does not receive credit until given no instructions. The letter of instrucactual payment is made by the drawee. tion as seen above, contains a detailed description of the draft, the accompanying documents, and detailed instructions which enable the II. .DOCUMENTS. bank to fill out its remittance letter. A typical The forwarding of an item for collection, form of remittance letter is presented below: whether domestic or foreign, involves such parties as drawer, sending bank, presenting X BANK or NEW YORK. bank, and drawee. The relation between Mail to drawer and sending bank is expressed in the "letter of instruction," while the relation Please report by our No between the sending and the presenting bank We inclose herewith the item described below: is stated in the "letter of advice," or, as it is more generally termed, "remittance letter." A typical letter of instruction reads as follows: discount ,_ _ DEAR SIRS: We enclose for collecti-4o—n the underment r i e o n n d e e d r o d f r a d f o t cu w m it e h n t d s o t c o u d m ra e w nt e s e s a s is e c n o u n m di e ti r o a n te a d l . u po T n h e f ul s f u il r l - - n C d u a l m i t e e b n o t e ' r r s . Drawer. Drawee. Tenor. a D m o o l u la n r t. ment of instructions as indicated by cross (X) in margin. Draft. Number. Documents. Original documents No .! Commercial invoice. (guarantee delivery). Duplicate documents. Drawer .1 Consular invoice. Drawee .! Bills of lading. To be Please observe City where payable.. .: Insurance certificate. In- In- surren- the perma- P A a m te ount . . I W Ce e r ig ti h fi t c a c t e e r t o if f i c o a r t i e g . in. Bills a s n u c r- e In- j Bills a s n u c r- e In- u d p er o e n d . n ti e o n n t s i n o s n t r t u h c e - Drawn at . I Declaration of shipper. of lad- cer- voice. ioflad- cer- voice. reverse side. ing. tifi- ! ing. tificate. cate. INSTRUCTIONS. • j. payment. Documents against acceptance> nonpayment. Our client. Protest for e. nonacceptailC Permit drawee privilege of inspecting merchandise before Yours, truly, accepting draft. 10278^-22 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

524 FEDERAL. RESERVE BULLETIN. MAY, 1922. While these two instruments present the As relatively few foreign branches are operated specific details concerning each bill sent for by American banks, they avail themselves collection, the general relations among the of the services of correspondents. The forvarious parties to the transaction are expressed warding of customers' foreign collection items in two other documents. The sending bank is undertaken by practically all the larger usually informs the drawer of certain standing American banks which can readily establish arrangements which govern the handling of all correspondent relations with foreign instituforeign drafts sent for collection. These terms tions. Smaller American banks have not suffiare usually printed in the acknowledgment cient foreign business to warrant maintaining sent to the drawer by the bank which thus such connections, and instead simply employ seeks to contract out various liabilities which the facilities of their metropolitan correspondit would otherwise assume in receiving items ents. Many foreign banks engaged in overseas for collection. The nature of these waivers financing operate numerous branches, and so will be discussed elsewhere in this article. the American sending bank may remit drafts The sending bank usually defines its rela- either to the head office of their foreign cortions with its collecting correspondents in a respondent or the branch in the locality of the set of permanent instructions printed on the drawee. It is the rule in dealing with European reverse side of the remittance letter, or are banks to send drafts to the branch nearest the stated in the general " condition sheet" which drawee. However, far-eastern banks at times regulates such interbank relations as payment request that outgoing bills from the United of interest on balances, negotiation of commer- States be sent either through their New York cial credits, and tariff charges on collections. agency or to the head office in the Far East In the event that the sending bank's instruc- and not directly to the branch in the locality tions conflict with the drawer's special direc- of the drawee. tions, the latter take precedence. A set of Of practical interest to the exporter is the standing instructions may read as follows: extent to which he may ho}d the bank liable in handling an item for collection either through (L) You are hereby authorized to supply our indorseits branch or its correspondent. Ordinarily ment or to guarantee "our indorsement on the inclosed item or any document pertaining thereto where it may have the drawer of a draft would have the right to been omitted or incorrectly made. In such event please hold the sending bank strictly accountable for notify us of your action by "mail. the proper presentation of the draft by the (2) In case of dishonor.—(a) Notify us immediately, collecting institution. However, the sending giving reason for dishonor (by cable if item exceeds $500 or. equivalent), and protest unless otherwise instructed. bank, in undertaking to forward the draft for (?)) Please try to obtain goods on arrival and have them collection abroad, specifically relieves itself, of stored (preferably in bonded warehouse) and insured this responsibility. This waiver is printed against all necessary risks for account "whom it may coneither in the letter of instruction filled out by cern" and mail advice to us. It is, however, understood that you may modify these instructions in order to the drawer, or in the communication which the adapt them to laws and usages prevailing in your country bank sends to the drawer for the purpose of and that you may take such action as you deem most ex- acknowledging the receipt of his draft. A pedient in order to protect and promote our interest in the typical waiver reads as follows: matter. (c) Necessary disbursements (payment of freight, duty, Owing to the existing conditions in European and other storage, insurance, etc.) connected with dishonored items countries, and in order that we may have a clear underor relative goods may be charged to our account. Such standing with our customers and correspondents, we desire charges must be collected from the party retiring the to advise that, in receiving items for collection, payable in draft unless collection of said charges is expressly waived by us. Our authority should be asked by cable for the any foreign country, this bank, acting only as agent for payment of relatively large amounts. the customer or correspondent, undertakes to use its best efforts to collect and realize upon the same, through estab- (d) Hold draft and documents for instructions from us. lished channels or through other banks acting as agents or The filling out of the various collection subagents, but takes such items at the customer's or correspondent's risk until actual payment to this bank of documents is simplified by the use of the fanthe proceeds or avails thereof, and without any liability on fold system, which makes it possible at one the part of this bank as a principal for any act, default, loss, time to record the specific details of each or delay of any agent or subagent to whom said items may collection item on several copies which range be sent either directly or indirectly or be forwarded for collection. from 7 to 12 in number. A set thus contains While we undertake to use the same care with all such copies which can be used as remittance letters, items intrusted to us for collection as we do with our own duplicates for filing purposes, acknowledgments similar items, we assume no responsibility for any loss in to the sender, tracers, and credit advices. the mails or by reason of any negligence or default of any of our correspondents or any agent or subagent. While we undertake to exercise due diligence in the III. COLLECTION. . selection of any collecting bank or agent or subagent, we wish it understood that we are not to be personally liable The sending bank transmits the collection as your collecting agent until the actual receipt by us of items to its branches or correspondents abroad. the proceeds of any such items and we reserve the right to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 525 charge back any items for which final payment has not to pay all charges, the sending bank inserts in been thus received. the letter of instruction a clause which reads: The collecting bank likewise relieves itself "This item is payable with all of liability to the drawee. On making pay- charges for collection and remittance including ment or on accepting the draft, he receives the stamp duties and our charges which latter documents which enable him to obtain posses- amount to -, which kindly include in sion of the goods, but generally he has no claim your summary of charges.77 The sending bank upon the sending bank, for it stamps on the may also stipulate a certain amount to be remittance letter to the collecting bank the collected and in this case the letter of instrucstatement: "that it shall not be responsible for tion bears the statement: "Please collect your the genuineness of the accompanying papers, own charges plus one-eighth of 1 per cent nor for the quantity, quality, or delivery of any (minimum $0.50 for us),7' Frequently charges goods referred to therein.77 are borne by both drawer and drawee, the former carrying the charges of the sending bank, IV. PAYMENT. the latter the fees of the collecting bank. In collecting a foreign item the sending bank The nature of the funds in which the drawee and its correspondents are compensated for is to make payment depends upon the contract their services out of the collection charge. of sale. Where the stipulated amount is in This varies from one-eighth to one-fourth of 1 foreign currency, the drawee delivers to the per cent for the sending bank, and from one- presenting bank the face amount of the draft. twentieth to 2 per cent for the collecting In case of dollar funds, the sending bank will correspondent. Some banks, however, have usually give definite instructions as to what arrived at agreements whereby they mutually class of dollar exchange shall be paid. The collect their items free of charge. These exchange may be either a sight draft on New differences in rates are caused by the presence of York, a prime banker's bill, or a cable transfer. certain elements of cost which are variable in To cover each case the letter of remittance nature. The percentage of the collection bears a stamp such as the following: "Payable charge varies inversely with the size of the bill, at collecting bank's selling rate for check on since the overhead cost of handling a small New York.77 "Payable in United States dolitem is almost the same as the cost of handling lars prime banker's check on New York.77 one of larger denomination. A clean bill can "Payable at collecting bank's selling rate for be collected more cheaply than a draft accom- cable transfer on New York.7' In the case of panied by documents which must be carefully drafts drawn on Australia, New Zealand, and scrutinized. There is also a wide difference in South Africa, the remittance letter is stamped the development of banks abroad and likewise with an interest.clause known as the "British of their collection facilities. The amount of Colonial clause," which reads: "Payable with collection charges and exchange, British and the collection charge also ddeepends upon whether colonial stamps added at the current rate in the draft is drawn in dollars or in foreign London for negotiating bills on the colonies,77 currencies. If the draft is drawn in dollars, or for drafts on non-British colonies the followthe drawer is usually reimbursed in this curing stamp is sometimes found: "With exchange rency and so the bank graduates its collection and collection charges inclusive, interest at 6 charge, for no profit can be realized from this per cent per annum from date hereof to aptransaction. If, on the other hand, the bill is proximate due date of arrival of remittance drawn in a foreign currency, the sending bank in -,77 This interest clause may be inthus realizes a profit in the conversion of exserted in collections on almost all points, but change and may reduce its charge or eliminate it is most frequently found in drafts drawn on it entirely. the Far East and Latin America. The collecting bank must carefully observe the sending bank's instructions in such matters After payment has been made by the as payment of charges, funds in which payment drawee, the presenting bank may follow one of should be made, and the remittances to the several ways in reimbursing the sending bank. sending bank. The charges for collecting a It may either credit the account of the latter foreign item may be borne either by the bank or remit to it the collected funds. The drawer, the drawee, or by both. If the charges procedure of refunding is determined largely are carried by the drawer, the collecting bank by the currency of the draft. A draft on a foris instructed to collect from the drawee the full eign country may be drawn either in the local face value of the draft. If the drawee agrees currency of the drawee, in dollars, or in ster- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

526 FEDERAX, RESERVE BULLETIN. MAT, 1922. ling. In the first case, the collecting bank is thus formally certify that the item has been usually instructed to credit the foreign-cur- presented to and dishonored by the drawee. rency account of the sending bank. The exact Whether or not protest is to be made depends time when the account of the sending bank upon the instruction it receives from the sendshould be credited varies according to the ing bank, which in turn acts in accordance with country or the particular institution. In most the wishes of the drawer. As a general rule, cases the sending bank is credited on the date it has, been found inexpedient to protest items of payment or one day after payment, and drawn on certain South American countries, in a few instances several days after payment where the cost is prohibitive. Protest fees cost has been made. In Europe it is the general about $5 and in a special case have amounted practice to credit the account of the sending to $100. Outside of South America, protest bank the same day of payment if it is made is made for nonpayment of sight bills, and in the before noon, and one day later if payment is case of time items both for nonacceptance and effected in the afternoon. Where the draft is nonpayment. Clean time bills are usually drawn in sterling, American banks usually in- protested immediately upon nonacceptance, struct their foreign correspondents to remit while in the case of documentary drafts protest the sterling proceeds directly to their London is sometimes withheld until maturity. The branches or correspondents. In a few cases exact time when protest must be made varies the collecting bank is instructed to credit the according to local law. As a rule, protest must sterling account of the sending bank on the be made on the day of maturity or not later date of value. On dollar drafts the American than 24 hours thereafter, although in some bank is usually instructed to debit the dollar countries the law is broad enough to recognize account of the foreign collecting bank. The* the legality of a protest made at a date later actual time of crediting the funds varies, but than the act of dishonor without prejudicing as a general rule the collecting bank is debited the rights of the drawer. Drawees frequently only after the sending bank has received refuse to accept or pay documentary drafts because of nonarrival of the goods. Banks are notice of payment. not in agreement as to whether this delay justi- In accepting a time draft, a drawee obligates fies the withholding of protest by the collecting himself to make payment of a certain sum of bank. Some banks maintain that the refusal money at the maturity of the bill. However, of a drawer to pay a draft because the goods he is usually permitted to anticipate this payhave failed to arrive is no indication that he ment by refunding all or part of the amount of will not eventually make payment, and so the draft before it becomes due, and so he is these institutions strongly urge their clients to entitled to a rebate of interest from the date give instructions covering this matter. A of actual payment to the date of maturity. The simple solution is to direct the collecting bank rate of this rebate may be determined either to withhold presentment until the arrival of by the sending or by the collecting bank. the merchandise. One method is to fix a flat rate of 3 or 4 per cent, depending upon the condition of the After protest has been formally made, the money market. In South America and the Far collecting bank then takes measures necessary East the rate is naturally higher than in Great to safeguard the interests of the shipper of the Britain and the United States, where money goods. These steps are made only in accordcan be borrowed more cheaply. A more exact ance with the instructions contained in the method of determining the rebate to be allowed collection letter, and if this advice does not to a drawee for anticipatory payments is to cover the particular contingency the collecting fix it in relation to the prevailing bank rate. bank then cables or writes to the sending bank For example, if the discount rate of the Federal for additional instructions. Both banks nat- Reserve Bank of New York is 4 per cent, the urally aim to prevent the importer from obtaining possession of the goods. The collecting rate of rebate on anticipatory payments may bank therefore enters them at the customhouse be 1 per cent lower, or 3 per cent. as soon as possible in order to avoid additional V. DISHONOR. fines and stores the goods in a warehouse on behalf of the exporter or his bank. The mer- The collecting bank presents the item to the chandise is also adequately insured against loss drawee, and if he pays or accepts, the transac- by fire or other contingencies. Acting upon the tion may thereby be closed. However, if he instructions of the exporter, the bank then dishonors the instrument, steps must then be makes the necessary preparations either to taken to protect the interests of the drawer reship the goods or, if this proves too costly, to and indorse rs. It is customary for the pre- dispose of the merchandise through a broker in senting bank to protest the instrument and the local market, and tries to realize the best Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

I, 1922. FEDERAL, RESERVE BULLETIN. 527 possible price. If the proceeds derived from If the value of the goods at any time is deemed this forced sale are insufficient to cover the insufficient to cover all the outlays and examount of the bill, the bank upon instructions penditures of the bank, it may then call upon takes legal action against the drawee for the the drawer for additional margin either in the balance. form of cash or securities. In signing the hypothecation certificate or VI. DISCOUNTING. letter, the drawer of the drafts also agrees to Consideration has thus far been confined only waive all claims against the sending bank for to the procedure of handling a straight col- acts of its correspondents, delays in transmislection item. As mentioned at the begin- sion, or errors in presentation. Also the ning of the article, the drawer of a bill may drawer yields his right to notice of protest, sell it to his bank and thus receive imme- which he may otherwise require under the unidiate credit. In this sense the bill is a cash form negotiable instruments law of his State. item and is handled in somewhat different In buying bills the bank usually insists upon manner than a straight collection item. As retaining full recourse to the drawer and the the discounting bank is now financially inter- indorsers, and so the seller writes his blank ested in the transaction, it must take proper indorsement on the reverse side of the bill. steps to protect itself, and therefore has This indorsement must not be made with a the drawer sign an instrument which estab- rubber stamp, but be signed in ink, and, lishes between them the relation of debtor to moreover, bear the official signature of the creditor. If the drawer sells only a single bill drawer. These precautions should be rigidly with the bank, the transaction is covered by observed, for in most foreign countries a what is known as an hypothecation certificate, rubber-stamped indorsement on a foreign which opens with a statement which reads: draft is considered illegal and not binding. "We have this da}^ sold to (buying bank) our Also the absence of an official signature to an bill of exchange on (drawer) dated for indorsement may possibly be used as an excuse against a shipment of — for by the drawee to dishonor the draft. as per bills of lading herewith." As an ex- A bank discounting a documentary bill must porter is continually selling drafts, it is more give some consideration to the contract of sale. convenient for him to sign a document covering As mentioned in previous articles, this docuall these transactions, and this standing agree- ment which expresses the relations between ment is known as a " general letter of hypothe- buyer and seller, is of no interest to a bank cation." This instrument begins with the fol- discounting a draft under a commercial letter lowing statement: "As you may from time to of credit, since American and foreign courts time purchase from or negotiate for me bills have universally regarded the letter of credit of exchange drawn or indorsed by me with as entirely independent of the contract of sale. collateral securities, it has been agreed between But in the absence of a commercial letter us that the stipulations contained in this memo- of credit, the discounting bank should insist randum shall be deemed to be continuing and that the documents accompanying the draft ambulatory and are to apply to all cases in conform strictly with the contract of sale, for which such bills of exchange may at any time, noncompliancc with its terms may cause the either directly or through other persons, be drawee to dishonor the bill. While banks do negotiated with or sold to you by me." not usually insist that their customers exhibit The hypothecation certificate is more ab- contracts of sale, nevertheless this right is breviated in form than the general letter, but always held in reserve. As a rule, a bank, in the two instruments have about the same pro- buying drafts from its customer, relies not so visions. In these instruments the drawer much upon the merchandise or the foreign agrees to give the bank adequate security to drawee as upon the financial responsibility of cover its advances. He surrenders all title to the local drawer. In the event of default by the bills of lading representing the merchandise, the drawee, the bank immediately turns to the and also recognizes the right of the bank to drawer for reimbursement, and if he is a insure the goods if the original cover proves customer promptly debits his account. As the unsatisfactory. Thus, if the drawee defaults bank thus cancels its interest in the bill, it is by not accepting or not paying the drafts on no longer a cash item, but becomes a straight presentation, the bank is protected by its com- collection item, which must be handled accordplete control over the merchandise. The ing to the wishes of the drawer and so may bank is at full liberty to enter into any contract again be presented. As mentioned at the outfor the disposal of these goods, even to the set, a bank may also share the burden of financextent of making partial delivery to the drawee ing a transaction in foreign trade with the exor effecting a sale in order to reimburse itself. porter by advancing him a certain part of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

528 FEDERAL RESERVE BULLETIN. • MAY, 1922. draft. The bill is then handled in the same period of governmental control of foreign exway as a discounted item described above. change. The previous articles appeared in the Attention has been directed entirely to the FEDERAL RESERVE BULLETIN for December, handling of drafts, but other items may also 1921, and February, 1922. The topics already be forwarded for collection, such as checks, dealt with include balances on open account promissory notes, certificates of deposit, divi- between the United States and foreign coundend warrants, coupons, securities, mortgage tries, purchases and sales of exchange, and papers, bank pass books, and currency, all of debits and credits to dollar account. This which are handled in about the same way. article will take up arbitrage transactions, foreign exchange transactions in securities, VII. CONCLUSION. and holdings of securities. During the past few years, bankers have experienced various problems in collecting items IV. ARBITRAGE TRANSACTIONS. abroad, and have often met with difficulties in When a banker in the United States has obtaining payments. In conclusion, it may be exchange on a foreign country, say French of interest to indicate the causes which have francs, which he wishes to dispose of, he may lead drawees to refuse payment on drafts. A sell it to another foreign exchange dealer here frequent reason for the rejection of a draft has or he may exchange it directly with a French been the failure of the shipper carefully to ob- banker who has dollars and is willing to serve the contract of sale as to time of shipment accept francs in payment for them. Such or character of the merchandise. Because of transactions do not fall within the meaning unsatisfactory experiences in the past, foreign of the technical term "arbitrage." If, howbuyers often insist upon the right to inspect the ever, the American dealer sells his francs to merchandise before paying or accepting drafts, a dealer in a third country, say Great Britain, and a refusal to permit such inspection has in exchange for a currency different from his caused them to dishonor bills. Another diffi- own (dollars), we have the beginning of a culty encountered in collecting drafts is the three-cornered arbitrage transact ion. unwillingness of drawees, especially in Latin From the standpoint of the American dealer, America, to bear exchange charges. These the transaction would not ordinarily be comcauses for the rejection of drafts can be easily plete until the third currency, in this case remedied by a more careful framing of the con- sterling, had been converted into dollars either tract of sale and by a strict adherence to its directly or through other intermediate exterms. During the past year rejections have changes. In the present article, however, the been caused by other factors, which, however, term "arbitrage" will not be limited to purcan not be readily remedied, since they arise out chases and sales of foreign exchange which of the disturbed economic conditions of inter- would necessarily come within a strict defininational trade and finance. In Central and tion of arbitrage, but the term will be used in South America, buyers have been at times un- connection with any exchange transactions able to meet their obligations at maturity, and entered into by American dealers with parties shippers have been forced to grant extensions outside the United States. of time on these foreign drafts, for absolute Under normal conditions an arbitrage transinsistence for payment would have intensified action is carried on in order to realize a profit the critical business situation in these coun- from a temporary dislocation of rates of extries. Collections from drawees in Continental change among several countries. Such trans- Europe have been impeded, due to the general actions, however, were to a very great extent fluctuation in exchanges, and also to the diffi- limited during the war both by the laws of culty in obtaining dollar exchange for making the various countries and by the fact that the reimbursements of collected funds. currencies of the important allied countries In several European countries banking as- such as Great Britain, France, and Italy were sociations have arrived at uniform rates for pegged in the New York market. Any amount handling foreign collections, but in the United of sterling, francs, or lire offered in New York States no such agreements have been made. 'would have been absorbed at a rate fixed by the Governments or by a financial commission in New York. So, for instance, any amount FOREIGN EXCHANGE OPERATIONS, of sterling offered in the New York market 1918-1919. would have been purchased by the fiscal agent The following article is the third and last of the British Government at a rate of $4.76. of a series summarizing the statistical data In interpreting the figures which arc to be reported to the Division of Foreign Exchange presented, it will be well to bear in mind the of the Federal Reserve Board during the possible reasons why a given foreign exchange Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1922. FEDERAL RESERVE BULLETIN". 529 may be bought or sold in the open market. although such transfers are in no sense arbi- During normal times the largest volume of trage transactions. In this way it is possible foreign exchange transactions is based on to show the amounts of each foreign currency shipments of merchandise from one country bought by dealers in the United States from to another. Foreign currencies may also be each of the various foreign countries, and simiin demand on account of speculation in ex- larly the amounts of each foreign currency sold change, remittances for services, and expendi- to the several foreign countries. This infortures of tourists. In the period under con- mation is contained in Table X, "Foreign exsideration expenditures of tourists or payments change arbitrage," which gives the total for services were less important than in normal amounts of such transactions for the entire times. Inasmuch as foreign exchange trans- 70-week period covered by the reports, beginactions were limited except as to the currencies ning February 21, 1918, and ending June 25, of a few neutral countries, main stress must 1919. For French and British exchange the be laid upon the demand and supply for figures have been separated to show the results foreign exchange arising out of international quarterly, appearing in that form in Table XI. trade. In the neutral countries, however, the The columns of Table X are arranged to show open-market operations of foreign exchange for each currency separately the countries dealers will be found to be of some importance, which furnished the United States with exas is brought out in the figures reflecting the change and the countries which we in turn buying and selling of the neutral exchanges. supplied. The same information may be ar- The reports required by the Federal Reserve ranged by separate countries to show the Board from foreign exchange dealers on the amounts of different currencies bought by the subject of arbitrage transactions are an elab- United States from a given country and sold oration or detail of one of the columns 1 in by the United States to the same country. each of the forms, "Purchases of exchange/7 This rearrangement of certain of the figures in and "Sales of exchange." upon which dealers Table X has been followed in the brief tables also reported. It will be observed that the which are inserted at this point and on the total amount of exchange on a given country next two pages. The period covered is from "bought from" all foreign countries, as shown February 21, 1918, to June 25, 1919, inclusive. in Table X, agrees substantially with the totals in Table V, column 7 (February, 1922, BULLE- FOREIGN EXCHANGE DEALINGS OF UNITED STATES WITH TIN), opposite the given country in that table. FRANCE AND GREAT BRITAIN. In the same way the total amount of exchange [In thousands of dollars.] on a given country "sold to" all foreign countries, as presented in Table X, corresponds c a o p l p u r m ox n i m 7, a t o e p ly p o w sit i e th th t e h e g i t v o e t n a ls c o i u n n t T ry a b i l n e t V ha I, t Exchange on— F B r f o r a o u n m g c h o t . F S r o a ld n c t e o . B B G f r o r i r o u t e a m g a i h n t t . B S G r o i l r t d e a a i t n t o . table. The lack of absolute agreement between the two sets of figures is to be explained Argentina 497 1,413 5,016 1.321 by the fact that some dealers in making up Canada 1 1,661 352 2,406 China 36 989 4.676 their weekly reports to the board failed to Denmark 2 60 2,821. 1,077 France 91,6J2 47,813 88,619 16,425 make the figures in question tally exactly, Great Britain 21,784 211,336 5 tO, 020 232,758 with the result that certain minor discrep- Greece 378 48 21,160 440 Holland 1,023 686 21,629 4,815 ancies could not be eliminated from the com- India 21 544 482 128 Italy 22,563 849 25,433 2,118 pilation of the reports as published. As already Japan 897 2,797 3,740 260 indicated, the reports on arbitrage cover only Norway 141 463 6,544 2,607 Spain (i, 725 1,314 26,410 2,799 purchases and sales of exchange between Sweden 577 351 8,182 2,316 Switzerland 7,167 2,276 10,664 4,379 dealers in the United States on the one hand and foreign institutions outside the United Total, all countries 162,228 272,140 766,819 281,095 States on the other. In order to complete the record of the class of dealings just described, The foregoing table shows that during the there are included in the statistical tables at period covered by the reports American dealers the end of this article the dealings between furnished France with a greater amount of American dealers and foreign institutions di- foreign currencies than France supplied to the rectly in the currency of the foreign country, United States. The excess is more than accounted for by sterling sold to France, other currencies, especially francs and lire, being sold 1 See column 7 of Table V (February, 1922, BULLETIN, pp. 170-173), "Purchases of foreign exchange. from foreign institutions outside of by France to the United States in greater U of n i f t o e r d e ig S n t a e t x es c " h ; a n a g n e d f c o o r lu a m cc n o u 7 n t o f o T f a p b a l r e t i V es I o ( u id ts e i m de , p o p f . U 17 n 4 it - e 1 d 7 7) S , ta " t S es a . ' 1 amount than we supplied to her. On the other Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

530 FEDEEAL, RESERVE BULLETIN. MAY, 1922. hand, Great Britain sold to the United States FOREIGN EXCHANGE DEALINGS OF UNITED STATES WITH more of practically every foreign currency than ITALY, HOLLAND, NORWAY, SWEDEN, SPAIN, AND American dealers sold in return. A large part SWITZERLAND—Continued. of the excess sterling received from Great [En thousands of dollars.] Britain was apparently sold by American deal- Bought ers to France. Regarding for the moment only Exchange on- j from N S o o r l w d a to y. S S w ol e d d e to n. sterling transactions between the United States I Norway. and Great Britain and France, it is clear from "I the above table that dealers in the United Denmark 531 633 ! 18 France ! 1,884 | 209 ! 254 ! 58 States purchased from Great Britain and Great Britain I 16,976 i 5,221 6,422 I 5,957 Norway ' 12,262 4,926 ! 346 291 France $564,804,000 worth of sterling and sold Sweden i 2,610 I 79 i 6,052 508 those two countries $444,094,000 in sterling. Total, all countries i 35,160 j 11,628 13,436 j 7,068 Since, according to Table X, total purchases and sales of sterling by dealers in the United States in their transactions with all countries «* ! Sold to ! Sold to Exchange on— Switzerwere nearly equal (amounting to about ~ land. $900,000,000 in each case), the excess of some $120,000,000 in purchases of sterling from France 1,541 ' 3,951 ' 1,296 3,384 France and Great Britain must have been dis- Great Britain 25,128' 31,851 i 13,804 9,478 posed of to other countries. As will be seen Italy 116 1 10,422 8 Spain 11,538 ! 2,496 6 by referring to Table X, the countries which Switzerland ! I , 9,567 1,625 bought this sterling from us in large amounts Total, all countries I 38,635 j 38,763 ' 35,843 14,539 were Canada, the West Indies, and a number of European countries, especially Holland, A significant fact disclosed by this table is Greece, and Italy. With respect to French the limited number of currencies bought from exchange it may be noted that from both or sold to these European countries by the France and Great Britain the United States United States on anything approaching a large purchased more francs than we sold, the excess scale. The figures emphasize the importance of franc purchases from those two countries of sterling in the exchange markets of the totaling about $120,000,000. Unlike sterling, world as a medium through which the various however, no large portion of this excess was minor currencies were bought or sold. distributed to other countries, total purchases To carry the analysis a step further, it will of francs by the United States from all counbe convenient to refer at this point to the comtries exceeding sales to all countries by plete record for each of these currencies sepa- $92,000,000. It would seem reasonable to rately as given in Table X. This shows that suppose that this sum in francs was used in the United States bought from foreign countries part to defray expenses of the United States a total of 891,717,000 in Italian lire and sold incurred in France during the war. only $18,323,000. Purchases of the neutral The next table gives data for the other chief European exchanges by American dealers were countries of Europe with which the United also largely in excess of total sales of the same States had exchange transactions. Aside from exchanges. The large purchases of lire in the direct dealings in the currency of each foreign New York market may be explained by the country, it will be observed that British ex- necessity under which Italy found herself of change played the largest part in every case. providing funds in payment for coal, wheat, and munitions bought from the United States, thus giving Italy dollar credits in New York in FOREIGN EXCHANGE DEALINGS OF UNITED STATES WITH exchange for lire. Undoubtedly, much of the ITALY, HOLLAND, NORWAY, SWEDEN, SPAIN, AND SWITZERLAND. excess lire exchange bought by this country found its way back to Italy in the shape of [In. thousands of dollars.] remittances by Italians living in the United States, which would not necessarily be re- Bought Sold to Bought Sold to ported as a sale for foreign account. In the Exchange on- I f t r a o l m y. Italy. Ho fr l o la m nd. Holland. case of the neutral exchanges which the United States bought in larger volume than she sold, France I 9,744 13,638 290 1,892 it may be noted that the United States was Great Britain ! 8,449 27,579 5,125 34,564 exporting to the neutral countries of Europe Holland ,. I 200 83 11,732 2,295 Italy i 27,395 9,682 351 an excess of merchandise above the amounts Switzerland ; 211 2,423 274 imported from them, with the result that the Total, all countries j 48,555 | 61,351 18,857 39,220 neutral currencies were offered in the New Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Y,, 1922. FEDERAL RESERVE BULLETIN. 531 York market in considerable volume to meet FOREIGN EXCHANGE DEALINGS OF UNITED STATES WITH obligations here. At the same time, the fact ARGENTINA AND BRAZIL. that many of these neutrals had a favorable [In thousands of dollars.] balance of trade with the world at large together with the fact that their currencies were Bought n ex o p t la p i e n r m at i t l t e e a d s t t i o n b p e a c r o t m th e e h p i r g e h m lv iu m in f w la h te ic d h w th i e ll Exchange on— A f t r i r o n g m e a n . - S A t o r i l n g d e a n . to - B B f o r r u o a g z m i h l t . ; S B o r l a d z i t l o . neutral currencies commanded in New York. Our foreign exchange transactions with Argentina 16,707 7,850 2 Asiatic countries were principally with China F B r r a a n z c il e 3.02 4 8 6,930 3,70 9 4 1 2,9 3 0 5 0 4 and Japan, which are set forth in the following Great Britain 67,827 44,716 20,702 7,846 Holland.... 1.534 531 brief table: Italy i;758 1,031 1,442 616 Spain 596 1,425 26 127 Switzerland 2,253 325 268 FOREIGN EXCHANGE DEALINGS OF UNITED STATES WJTII CHINA AND JAPAN. Total, all countries 93,828 67,608 25,990 ! 12,436 [In thousands of dollars.] I Exchange on- B C f o r h o u in m g a h . t S C o h l i d n a to . B J £ a h p t al • s ! o l * d « t * o "• Ca T n h a e d a e x a c n e d s s t h o e f W fo e r s e t i g I n n d e i x es c h m an a g y e b e so a ld c c t o o u n b t o e t d h for in part by sales of sterling bought from Great Britain and elsewhere. In Canada's China 5,893 331 9! 1 France 2,099 1,050 10,207 j 614 case there is also to be mentioned a consider- I G n r d e i a a t Britain 20,622 19,19 8 2 7 20,8 6 2 79 5 I 8,9 1 2 8 7 4 able sum of Canadian dollars purchased by Japan 476 1 15,596 i 1,896 the United States from Mexico, as shown in Total, all countries 29,338 20,702 47,319 i 11,680 Table X. In contrast to an excess of exchange sold to The importance of sterling exchange in the North America, dealers in this country bought international trade of the Far East is evident from South America a greater amount of forfrom the foregoing figures. Of interest also is eign currencies than they sold. The figures disthe very small amount of Chinese taels pur- close that a considerable excess of sterling was chased from Japan, or of Japanese yen pur-bought from both Argentina and Brazil, whereas chased from China. In the total amount, sales of sterling to Chile exceeded purchases. moreover, of Far Eastern exchanges bought Taking the arbitrage data as a whole, we may from and sold to all countries the figures dis-summarize the information contained in Table close a difference between the Chinese and the X in the following way. During the period Japanese currencies. Whereas total purchases from February 21,1918, to June 25,1919, dealers of Japanese yen by the United States from in this country " overbought" from institutions foreign countries exceeded sales by about outside the United States the currencies of $11,000,000, total sales of Chinese taels ex- Denmark, France, Great Britain, Greece, Holceeded purchases by about $3,000,000. land, Italy, Norway, Spain, Sweden, Switzer- The principal countries of North and South land, India, Japan", and Argentina. On the America, so far as the volume of foreign ex- other hand, American dealers during the same change dealings with the United States is period "oversold" to institutions outside the concerned, are represented in the following United States the currencies of Canada, the tables: West Indies, Brazil, and China. The total amount of foreign currencies bought in this FOREIGN EXCHANGE DEALINGS OF UNITED STATES WITH way aggregated $1,607,173,000 in terms of CANADA AND WEST INDIES. American dollars, whereas the foreign curren- [In thousands of dollars.] cies sold amounted to $1,295,962,000, an excess Bought Sold to of $311,211,000 bought by dealers in this coun- Exchange on— Sold to from West try. The principal countries from which an Canada. Canada. "West Indies. Indies. excess of foreign currencies was bought are Canada : 34,868 84,121 18 12 Great Britain, Norway, Sweden, Switzerland, China I 2 i 2,782 2 1,608 China, India, Japan, Mexico, Argentina, Brazil, France ' 1,832 ; 5,936 4,922 11.834 Great Britain ! 68,588 93,459 14,873 63; 351 and Australasia. The chief countries to which Italy ! 171 ! 1,383 31 536 Spain ; 1,218 1,006 2,156 12,879 an excess of exchange was sold are France, Hol- West Indies ...; 24 , 217 411 1,313 land, Italy, East Indies, Canada, West Indies, Total, all countries j 106,918 ; 191,308 22,760 92,676 and Chile. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

582 FEDERAL. RESERVE BULLETIN. MAT, 1922. V. FOREIGN EXCHANGE TRANSACTIONS IN will be seen from the tables the amount of SECURITIES AND HOLDINGS OF SECURITIES. foreign exchange transactions arising out of securities sold to foreign countries was $777,- In connection with the supervision exercised 030,000, and the total for securities bought over foreign exchange dealings, the Federal from foreign countries was $701,506,000, from Reserve Board found it necessary to require February 21, 1918, to June 25, 1919, inclusive. from dealers in this country complete records Stated in another way, this means that purof the buying, selling, and delivery of securities chases of securities in this country for foreign for or through foreign correspondents. Securi- account amounted to about $777,000,000, ties held by dealers in the United States for whereas sales here for foreign account totaled foreign account were required to be listed on a a little over $700,000,000. From Table XII form provided for the purpose as of the close it is evident that by far the greater portion of of business February 20, 1918. Other reports the security transfers in this market tor foreign as of the same date were prescribed upon account were purchases and sales of American forms designed to show the amount of "securi- securities.. The same data are presented ties held by us1 abroad for American account," quarterly in Table XIII for security transand "securities held by us1 abroad for foreign actions with France, Great Britain, and account." In order that these statements Canada, as well as with great groups of might be kept up to date, the instructions to countries. dealers contained the following provisions: Holdings of different classes of securities by As reports are being made from week to week of foreign American banks and business houses on exchange transactions and those going through dollar certain dates are set forth in detail in Tables accounts, where securities are involved * * * entries XIV to XVIII, inclusive. It will be underof which are made on Form IE2 of the actual stood, of course, that securities held by private amounts involved in the sale or purchase of the securities, the board should be advised by letter, giving par values individuals and by institutions not carrying in United States dollars figured at the mint par, when on foreign, exchange transactions nor dealing securities are in foreign moneys, and stating specifically in securities for foreign account would not be which statement * * * such securities should be reported to the Federal Reserve Board, and added to or subtracted from. When accounts showing such transactions are sufficiently active, reports may be that such holdings are therefore not included made on forms [here specified] instead of by letter.3 in the tables. On December 31, 1918, securi- The foregoing periodical reports, therefore, ties held abroad for American account were in connection with the initial statements of reported at $108,358,000. On the same date securities held on February 20, 1918, served the figures show that securities held abroad by to keep the board regularly informed as to the dealers in this country for foreign account status of the different classes of security amounted to $56,201,000. These amounts holdings. represent par values, and in the case of foreign The statistical data contained in the different securities conversion has been made into dolreports to the board on the subject of securities lars at the mint par of exchange. will be found in Tables XII to XVIII, inclusive, The final three tables give the total par values at the end of the article. The first two of these of securities held in the United States for tables relate to foreign exchange transactions foreign account, as reported on June 26 and in securities, while the remaining tables give December 31, 1918, and on June 25, 1919. The the amounts of the several classes of security figures are $1,740,055,000 on the first of those holdings on certain specified dates. It should dates, $1,892,617,000 at the end of 1918, bo observed that the data in Tables XII and and $1,990,808,000 on the date last named. XIII are an elaboration of figures already It is interesting to note that American securities published in the columns headed "Against constituted about two-thirds of the amount of securities," in Tables V and VI, and the these holdings for foreign account. In addition columns headed "Cost of securities purchased" to the holdings just referred to, which are set and "Proceeds of securities sold," in Table VII forth in detail in Tables XVI to XVIII, the (February, 1922, BULLETIN, pp. 170-181). As board obtained reports on the securities held in this country for the account of the British 1 The reporting institution or dealer. Government. The value of securities so held 3 The reports on form IE," Foreign exchange transactions in securities," are the basis for Tables XII and XIII, which appear at the end of this on December 31,1918, is shown in the following article. exhibit: s FEDERAL RESERVE BULLETIN, March, 1918, p. 194. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 538 SECURITTISS HELD TN UNITED STATES FOR THE BRITISH and a year later they had declined slightly to GOVERNMENT, DECEMBER 31, 1918. $l,592,'360,000. A combination of these fig- [Sterling securities converted at $4.76.] ures with the corresponding reports of other securities held in this country for foreign ac- Issued by- P s a t y e a r b li l n e g . in Pa d y o a ll b a l r e s . in Total. count yields a total of somewhat over $3,500,- 000,000 for each of these dates. It is of interest to compare certain of the United States SI 9,433,000 $378,256,000 8397,689,000 (Treat Britain 77 564 000 77,564,000 figures presented in the foregoing table with Africa . - . 99,626,000 99,626,000 the statement of American securities loaned to Australia 90,031,000 90,031,000 Canada 344,3f)3,000 286,525,000 630,878,000 the British Treasury as given in the report of China 477,000 477,000 Denmark 26,000 26,000 the American Dollar Securities Committee of •Japan 101,682,000 101,682,000 the British Government. That report shows South America 328,160,000 328,160,000 West Indies 7,386,000 7,386,000 that on March 31, 1919, American dollar secur- Total 1,061,352,000 672,167,000 1,733,519,000 ities to the amount of £72,928,708 had been loaned to the British Treasury, these securities The total of $1,733,519,000 here given is over presumably having been sent to the United and above the figures presented elsewhere in States in the earlier years of the w^ar as colthis article, so that the aggregate of security lateral for dollar loans to be used by the British holdings in the United States for foreign ac- Government in the stabilization of the exchange count, including securities held for the British value of the pound sterling. These American Government, was over $3,600,000,000 at the securities, if expressed in dollars instead of in end of 1918. On the two other dates, to which pounds sterling, as in the committee's report, reference has also been made, the reports to the amount to $364,643,540. This sum, it will be board show a similar situation as regards the noted, does not differ greatly from the figure amounts of securities held for foreign account. of $378,256,000 given in the above table as the At the close of business, June 26, 191.8, securi- total of American dollar securities held in the ties held in the United States for the British United States for the British Government at Government were reported at $1,796,026,000, the end of 1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 FEDERAL, BESEKVE BULLETIN. MAI, 1922. TABLE X.—FOREIGN EXCHANGE ARBITRAGE—TOTAL TRANSACTIONS FROM FEBRUARY 21, 1918, TO JUNE 25, 1919, INCLUSIVE. [Approximate equivalents in thousands of U. S. dollars; 000 omitted.] EXCHANGE ON EUROPE. Foreign currencies bought from and Denmark. France. Great Britain. Greece. Holland. sold to the following countries. Bought Sold Bought Sold Bought Sold Bought Sold Bought Sold from. to. from. to. from. to. i from. to. from. to. Europe: Denmark . .. 1 327 218 31 2 888 2 022 France 2 60 94,642 47,813 24,784 21l!336 378 48 1,023 686 Great Britain.. 2,821 1,077 88,649 16.425 540,020 232,758 21,160 440 21,629 4,815 Greece • . 89 479 2 151 25 061 20 160 21 647 Holland 290 1,892 5,125 34,564 11,732 2,295 Italy 25 9,744 13,638 8,449 27,579 5,622 200 83 Norway 531 633 1,884 209 16,976 5,221 Portugal 100 11 3 708 2 943 llussia i 1 613 209 261 303 22 Spain . - - 1 1 541 3 951 25 128 31 851 10 Sweden 147 18 254 58 6'422 5 957 Switzerland 1 1,296 3,384 13,804 9,478 240 Other points 11 519 1,435 4,969 38 782 Asia: China. 2,099 1,050 20,622 19,192 12 East Indies.. 18 520 8 8L1 371 89 India 800 7,394 2 211 Jaoan 10 207 614 20,825 8 927 Straits Settlements 27 4 285 6 254 Other points g 272 1 809 96 North America: Canada 6 28 1,832 5,936 68,588 93,459 29 28 45 218 Central America 48 1 428 2 136 4,100 8 851 28 Mexico 6 302 8 186 3 596 3 774 17 West Indies 1 4 922 11 834 14 873 63 351 273 14 South America: /Argentina. 3 028 6 930 67 827 44 716 1 534 534 Bolivia 27 '267 1,792 663 41 Brazil 3,704 2 900 20,702 7,S46 Chile 75 176 12 126 18,642 Colombia o 396 3 625 700 7,519 10 Ecuador 7 36 2,143 847 2,931 13 2 412 7 161 322 Uruguay 9 216 4,569 5 369 Venczucl a 1,038 521 1,565 1.502 9 Other noints . 6 2 674 513 2 50 A frica 1 4, 106 508 1 Australasia 9,369 3,4.81 RECAPITULATION. Europe 4,829 2,044 200,652 89,658 651,151 594,042 41,708 6,131 34,884 9,308 Asia 13 151 1 672 53 918 47' 204 96 371 101 North America 13 77 8,484 28,092 91,1.57 169,435 29 28 363 232 South America 18 8 332 19 192 117,963 90 023 J 546 634 \frica and Australasia. 1 13,475 3,989 ' 1 Grand total ... 4,842 2,139 230,619 138,615 927,664 904,693 41,833 6,159 37,165 10,275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL, RESERVE BULLETIN. 535 TABLE X.—FOREIGN EXCHANGE ARBITRAGE—TOTAL TRANSACTIONS FROM FEBRUARY 21, 1918, TO JUNE 25, 1919, INCLUSIVE—Continued. [Approximate equivalents in thousands of U. S. dollars; 000 omitted.] EXCHANGE ON EUROPE—continued. Foreign currencies bought from and Italy. Norway. Portugal. Russia. Spain. Sweden. sold to the following countries. Bought Sold Bought Sold !Bought Sold Bought Sold Bought Sold Bought: Sold from. ! to. from. to. from. to. from. to. from. to. from. to. Europe: | 'Denmark 1,241 406 232 100 France 22,563 849 141 463 13 1 6,725 1,314 577; 351 Great Britain 25,433 2,118 6,544 2,607 118 107 4 26.410 2.799 8,182 2,316 on Holland 351 Italv 27,395 9,682 27 26 60 80 164 Xorwav 754 12 262 4 926 4 2 610 79 Portugal 1 Russia 23 i 166 50 i 123 Spain . . 116 108 11 538 2,496 108 12 Sweden 346 291 19 6,052 508 Switzerland 10,422 8 6 Other points 898 64 63 Asia: China East Indies i India 1 Japan . . io Straits Settlements ! Other points . . . . 4 5 North America: Canada 171 1,383 28 197 10 1 218 1,006 2 44 Central America. 21 237 84 510 5 Mexico 272 2 234 5 366 156 West Indies 31 536 1 2 156 12 879 10 South America: Argentina 1,758 1,031 596 1 425 Bolivia 124 1 327 Brazil 1,442 616 6 26 127 2 Chile 99 8 29 73 Colombia 62 401 218 335 Ecuador 3 708 L62 172 Peru 34 TJruguav 196 31 4 1 i 167 Venezuela 9 295 1 149 230 Other points Africa 15 10 2 Australasia 26 —= RECAPITULATION. Europe 87,932 12,658 20,561 8,914 131 293 54 44,818 6,958 17,762 3,716 A N So f o r u i r c t t h h a A A an m m d e e A r r i i u c ca a s . t ra . lasia.. 3,5 2 6 2 2 3 3 2 , , 2 4 2 2 1 1 8 5 2 4 8 198 12 10 3 2, , 1 6 5 9 1 1 2 0 1 2 9 , , 8 7 4 6 2 6 1 8 2 21 7 5 5 5 Grand total... . .... 91,717 18,323 20,593 9,119 131 305 64 50,671 29,597 17,764 4,011 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

586 FEDERAL. RESERVE BULLETIN. MAY, 1922. TABLE X.—FOREIGN EXCHANGE ARBITRAGE—TOTAL TRANSACTIONS FROM FEBRUARY 21, 1918, TO JUNE 25, 1919, INCLUSIVE—Continued. [Approximate equivalents in thousands of U. S. dollars; 000 omitted.] EXCHANGE ON EUROPE—continued. EXCHANGE ON ASIA Foreign currencies bought from and Switzerland. Other points. China. East Indies. ; India. sold to the following countries. B f o ro u m gh . t Sold to. B f o ro u m gh . t Sold to. B f o ro u m gh . t Sold to. B f o ro u m gh . t Sold to. B f o ro u m gh . t Sold to. Europe: Denmark 39 16 France 7,167 2,276 2,499 323 36 21 544 Great Britain 4,379 3,129 1,690 989 4,676 476 482 128 Holland 274 1,354 38 Italy 211 2,423 39 i Norway 89 Portugal 2 Russia 3 125 26 184 9 i Sweden 56 189 Switzerland 9 567 1 625 500 Other points . . 5 269 1,244 499 Asia: China 5,893 334 146 87 India 1 Japan 9 1 4 679 184 Straits Settlements.. 1 1,524 Other points 5 North America: Canada 28 738 645 2 2,782 50 310 3 "Mexico 2 124 388 West Indies 976 55 2 1,608 South America: Argentina 2,253 325 75 4,527 ! Bolivia 102 | Brazil 268 218 Chile 1 Colombia 6 83 Ecuador 6 45 3 j Peru 6 2 1 Uruguay 6 Venezuela 1 88 Africa 41 i Australasia 38 RECAPITULATION. ! Europe 27,655 11,305 9,145 2,617 1,209 4,685 476 503 672 Asia 5,902 336 4 2,349 272 North America 30 1,888 700 4 5,088 3 South America 2,266 924 75 4,745 2 3 Africa and Australasia. 79 G rand total 29 951 14,122 9,220 8,062 7,117 10 191 476 4 2,852 947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 537 TABLE X.—FOREIGN EXCHANGE ARBITRAGE—TOTAL TRANSACTIONS FROM FEBRUARY 21, 1918, TO JUNE 25, 1919, INCLUSIVE—Continued. [Approximate equivalents in thousands of U. S. dollars; 000 omitted.] EXCHANGE ON AJ.SIA—COnt]nued. EXCHANGE ON NORTH AMERICA. Foreign currencies bought from and Japan. Straits Settlements. Other points. Canada. | Central America. sold to the following countries. B f o ro u m gh . t Sold to. B f o ro u m gh . t Sold to. B f o ro u m gh . t Sold to. B f o ro u m gh . t Sold to. | fl.om Sold to. Europe: i 1 France . 897 ; 2 797 1 1,661 (Jireat Britain 3,740 260 2 151 7 352 2,406 13 Greece 10 Holland 3 70 Italy 22 7 1 N orway | ... .. . 6 224 Portugal.... 8 6 Kussia 14 110 39 Spain 3 213 16 8 Sweden 31 . . . 30 Switzerland 10 17 Other points ! 3 Asia: China 476 1 85 17 1 East Indies . 207 India 296 Japan 15,596 ],896 ;;; 15 Straits Settlements 2 846 10 Other points 1 North America: Canada • 477 2 34,868 84,121 16 5 Con i:ra.l \Tnp.rif>.a. 153 2 1 4 Mexico 67 50,056 22,224 2 22 West Indies 50 18 12 9 11 South America: Argentina 1 1 14 Bolivia 2 12 Brazil 4 78 ".:.. 20 2 Chile 61 1 Colombia . 2 1 Ecuador 9 Peru .. 4 229 i Venezuela 50 .:::.: ft Other points 2 4 3 Africa . 202 Australasia 683 757 RECAPITULATION. Europe 4,651 3,206 2 154 7 394 4,691 30 8 Asia • 16,072 5,247 10 85 32 1 North America 747 2 84,942 106,359 28 i 42 South America 62 396 2 34 2: 9 Africa and Australasia. 683 959 Grand total 20,785 9 596 12 154 Q 86} 106 112,075 60 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

538 FEDERAL RESERVE BULLETIN. MAT, 1922. TABLE X.—FOREIGN EXCHANGE ARBITRAGE—TOTAL TRANSACTIONS FROM FEBRUARY 21, 1918, TO JUNE 25, 1919, INCLUSIVE—Continued. [Approximate equivalents in thousands of U. S. dollars; 000 omitted.] EXCHANGE ON NORTH EXCHANGE ON SOUTH AMERICA. AMERICA—continued. Foreign currencies bought from and sold to the fol- Mexico. West Indies. Argentina. Bolivia. Brazil. Chile. Colombia. lowing countries. Bought Sold Bought Sold Bought Sold Bought Sold Bought Sold Bought Sold Bought Sold from. to. from. to. from. to. from. to. I from. to. from. to. from. to. Europe: 2 20 • 828 France 11 122 i 46 497 1,413 74 110 i2 30 Great Britain 2 7 • 55 5,046 1,321 137 508 50 43 14 30 Greece 1 Holland 87 ! 2 Italy 1 2 1 565 112 1 1,870 1,870 6 ~NJ or way 11 50 143 42 QO 2 92 Russia 3 ! : 1 1 Spain . 34 58 123 7 2 60 7 108 6 4 Switzerland | 21 2 1 Other points Asia: China 6 1 East Indies India Japan 29 1 Straits Settlements i ! Other points i North America: Canada 37 10 24 217 12 2 Central America 1 63 3 1 Mexico 162 121 6 19 3 2 19 West Indies 22 25 411 1,313 1 . ! 37 1 South America: Argentina 5 2 16,707 7,850 4 1 Bolivia 1 15 26 3 10 Brazil 1 2 1 91 354 1 Chile 1 7 40 11 Colombia 1 1 2 2 Ecuador 10 Peru 2 1 7 1 13 1 Uruguay 1 30 44 1 \ enezuela 1 1 f 1 Other points 18 Africa Australasia RECAPITULATION. Europe 51 13 198 295 6,115 4 naa 3 2,123 2,587 64 47 114 30 Asia 6 ! 29 2 North America j 221 156' 442 1,612 4 ; 14 40 19 4 South America 1 5 10 20 16,749 | 7,916 28 3 106 354 54 21 4 2 Africa and Australasia.' Grand total 277 169 650 1,933 22,868 11,992 31 3 2,229 2,941 160 87 122 32 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 539 TABLE X.-FOREIGN EXCHANGE ARBITRAGE—TOTAL TRANSACTIONS FROM FEBRUARY 21, 1918, TO JUNE 25, 1919, INCLUSIVE—Continued. [Approximate) equivalents in thousands of U. S. dollars; 000 omitted.] 10XCJIANGE OS SOL-Til AMERICA—Continued. EXCHANGE ox- Foreign currencies bought from and .sold to the fol- Ecuador. Peru. Uruguay. Venezuela, i Other points. | Africa. Australasia. lowing countries. : i ! • i i B f o ro u m gh . t S t o o l . d iI BB fr oo o uu m gg . hh tt!! ! SS to o . l d ', | B fr o o u m g , ht j ! S to o . l d j j f B ro o m ug . ht S to o . ld :'B fr o o u m g . ht S t o o. l d ' B fr o o u m g . htl S to o . ld B fr o o u m gh . t! " S t o o l . d ..J I Europe: France 50 I. 1 i. Great Britain.. ;*5S I 179 . 17 i. 117 Italy X or way Spain.". Sweden Asia: China , 12 Japan L. North America: Canada , 6 ;. Mexico West Indies... South America: Argentina .'Jo ! 250 i Brazil 15 I Chile. Colombia. •J. . Ecuador.. 27 I. .Peru. 20 Uruguay .1.00 Venezuela Other points. Africa Australasia RECAPITULATION. Europe 4 . 229 , In I 18 :. 117, A N s o i r a th .. America 1 !. 13 4 i "'is' South America 160 : 2 Africa and Australasia. "il'l Grand total. 521 . 617 22 i 134 10278422 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

540 FEDERAL RESERVE BULLETIN. MAY, 1922. TABLE X.—FOREIGN EXCHANGE ARBITRAGE—TOTAL TRANSACTIONS FROM FEBRUARY 21, 1918, TO JUNE 25, 1919, INCLUSIVE—Continued. [Approximate equivalents in thousands of U. S. dollars; 000 omitted.] RECAPITULATION: EXCHANGE ON— TOTAL EXCHANGE. Foreign currencies bought from Africa and and sold to the following Europe. Asia. North America. South ±Lmcrica. Australasiacountries. B f o ro u m ght Sold to. Bought Sold Bought Sold Bought Sold Bought Sold Bought Sold from. to from. to. from. to. from. to. from. to. Europe: D F G r e r a e n n a m c t e a B rk ri tain.. - = 7 1 5 6 5 4 0 , , , 7 8 5 7 6 1 6 4 5 2 27 6 2 1 5 , , , 7 4 5 2 1 4 8 9 7 5,8 9 4 5 0 4 35 . ,, . 30 . 4711 3 1 7 3 4 4 2 1, , 7 4 0 6 2 7 1 7 5,6 6 0 2 5 4 2 1 , ,5 0 8 7 8 2 3 1 8 13 i 4 54 7 1 6 6 5 6 2 , , , 7 8 2 1 7 2 9 8 4 2 28 7 3 1 2 , , , 6 0 1 0 9 4 2 5 0 Greece 22.480 26,471 10 ] 22,480 26,482 Holland.. 18; 852 39,063 3 70 2 87 18,857 39,220 Italy 46,086 59,361 ..:::: 26 8 2,443 1,982 48,555 61,351 Norway .. 35,112 11,068 6 285 42 275 35, 160 11,628 Portugal 3.809 2,956 8 2 6 . . . .i 3,811 2,970 Russia.. 2,188 738 198 119 3 39 1 2,390 896 Spain 38,441 38,419 3 108 344 83 38,635 38,763 Sweden 13,429 6,888 31 7 30 119 13,436 7,068 Switzerland 35 830 14 501 10 17 3 21 35 813 14 539 Other points 4,139 8,246 3 4,139 8,249 Asia: China . . 22 721 20,254 6 515 422 85 24 17 2 29 338 20,702 East Indies.... 909 8,900 207 909 9,107 India 8,194 . 2,212 297 8,194 2,509 Japan 31,032 9,551 16,284 2,085 15 3 29 47,319 11,680 Straits Settlements 4,312 6,254 1,534 2,847 5,846 9,101 Other points 368 1,831 1 368 1,832 North America: Canada 71,957 103,682 2 3,261 34,945 84,353 8 12 6 100,918 .19.1,308 Central America 5,661 13,837 466 2 69 4 5,667 12,372 Mexico 4,159 17,878 455 50,226 22,386 12 21 54,397 40', 740 West Indies 22,256 89,657 2 1,658 460 1,361 42 22,760 92,676 South America: Argentina 77,071 59,491 1 6 16 16 751 8 100 93,828 67,608 Bolivia 1,819 1,524 2 12 1 26 28 1,848 1,564 Brazil 25,874 11,983 4 78 3 20 109 355 25,990 12,436 Chile.. 12,300 18,929 61 ] 1 4L 18 12,342 19,009 Colombia. 1,392 11,971 2 3 9 1,404 11,973 Ecuador . 1,054 6,006 12 37 1 091 6,018 Peru 7,174 2,781 6 229 3 49 1 • 7,232 3,011 Uruguay 4,778 5,790 1 131 212 4,910 6,002 Venezuela... 3,755 2,645 50 1 5 12 3 818 2,650 Other points 682 565 2 4 21 2 686 590 Africa 4,117 526 41 202 4, 118 769 Australasia 9,369 3,507 38 683 757 11 10,063 4,302 RE CAriTUL ATION. ! Europe 1,141,521 747,405 6,995 8,570 673 5,007 8,803 6,967 135 54 i 1,158,127 768,003 Asia 67,536 49,002 24,333 5,859 85 39 20 31 91,974 54,931 North America 104 033 223 054 4 5 840 85 633 108 169 66 33 6 ! 189 742 337,096 South America . 135,899 121,685 64 399 . 19 63 17,167 8,714 153,149 130,861 Africa and Australasia 13,486 4,033 79 683 959 12 ! ; 14,181 5,071 Grand total... 1,462,475 1,145,179 31,396 20,747 87,093 114,237 26,056 15,745 153 54 1,607,173 1,295,962 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 541 TABLE XI.—ARBITRAGE TRANSACTIONS IN FRENCH AND BRITISH EXCHANGE, QUARTERLY. [In thousands of dollars.] Exchange on Exchange on Exchange on Exchange on France. Great Britain. France. Great Britain. Country and period. Country and period. B ff o rrno u mm g h . t I i & g O ] l d a T t 0- B f o frrm u o g nm h . t Sold to. i ] B f o ro u m gh . t Sold to. B f o ro u m gh . t Sold to. EUROPE—cont inued. j Denmark: Switzerland: ; February-March ,191s1. 78 February-March, 1918 : 370 • 826 92 April-June2 31 31 51 April-June : 63 186 3,142 187 July-September3 151 209 July-September i 179 . 649 1,721 2,169 October-December4 869 October-Decem ber ; 153 242 2,546 1,642 January-March, 1919a... 2,080 546 January-March, 1919 381 1,475 3,006 2,400 April-June 6 548 347 April-June 150 . 832 2,563 2,988 France: Other points: February-March, 191.8.... 4.068 | 8,377 4,228 2,116 February-March, 1918. 16 12 April-June 15', 103 j 9,911 ! 7,467 3,425 April-June 10 19 80 July-September i 11,922 ! 7; 627 I 2,302 23.504 July-September 181 11 October-December | 15,660 i 1,899 ! 716 57; 267 October-December. 2 36 54 85 January-March, 1919 13,731 5,866 2,516 87,758 January-March, 1919 ; 45 1,171 324 1,416 A pril-June 34,158 I 14,133 7,555 37,266 April-June ; 472 • 372 841 3,365 Great Britain: j February-March, 1918... 1,451 i 1,920 : 40,299 11,101 April-June 3,858 : 2,454 | 115,589 29.793 July-September. 9,411 | 1,429 62,969 27; 799 China: j J O a c n t u o a b r o y r- - J M )e a c r e c m h, b 1 e 9 r 1 9 ! 2 1 9 2 , ; 8 9 3 6 7 2 •• 2,489 ! 1 7 1 8 1 , , 9 0 9 3 2 5 4 3 1 0 , , 2 9 7 1 6 8 A Fe p b r r i u l- a J r u y n -M e arch, 1918.... 10 2 1 , , 9 4 4 5 0 9 2,3 7 1 61 3 April-June 31;130 7,599 i 131,136 91,871 July-September | 440 : 7,020 3,229 Greece: October-December ! 3,008 6,071 February-March, 1918 1 i 166 241 January-March, 1919 j 1,192 : 42 4,406 5,647 April-J lino 2 147 2,504 April-J une : 457 ' 482 1,789 1,171 J uly-September 23 ! 52 ; 177 3,741 East Indies: October- December 18 . 81 : 238 4,688 February-March, 1918 1,429 J A a p n r u il a r J y u n M e arch, 1919 48 i 31 3 0 3 ;;. 1,423 9 4 , , 4 4 6 20 7 J A u p ly ri l S -J e u p n te e mber 133 4 1 , , 2 0 4 1 3 3 Holland: October-December 294 241 February-March, 1918.... 145 i 145 298 January-March, 1919 837 April-June 87 ! 444 1,786 April-June 93 1,048 J lily-September 18 1,166 8,647 India: October-Decem ber 120 ! 423 4,134 February-March, 1918 1,249 134 January-March, 1919 1,379 • 665 7,493 April-June 1,093 52 April-June 144 ! 143 : 2,129 11,676 July-September 1,640 355 Italy: October-December 849 53 February-March, 1918.... 3.405 j 118 ! 651 2,538 January-March, 1919 1,848 1,153 April-June 4.679 : 611 j 3,937 4,197 April-June 715 464 July-September ' 924 i 185 ' 1,650 1,292 Japan: October-December 274 i 92 . 7 2,518 February-March, 1918....! 1,579 3,953 480 January-March, 1919 127 370 ! 468 480 April-June • 1,787 5,383 571 April-June 335 ! 12,262 1, 736 16,554 July-September 577 4,596 715 Norway: October-December 934 | 3,980 1,358 February-March, 1918.... 3,002 18 January-March, 1919 2,856 614 2,287 3,141 A J O u p c l t y r o i - l b S - e J e r u p - n D te e e m c b em er ber 1,22 4 2 0 53 j 4 1 1 , , , 4 8 3 1 4 8 3 6 5 1, 6 6 2 2 0 1 7 7 2 Stra A F it e s p b r S r il u e - t a J t r u le y n m - e M en a t r s c : h , 1918.... : j ; 2,474 I 6 16 2 6 6 2,6 16 6 6 2 January-March, 1919 4,014 1, 898 April-June. 2,832 2,197 April-June 2,316 " 859 July-September \ 334 2,156 Portugal: October-December 27 930 255 February-March, 1918 852 3 January-March, 1919 548 April-J une 599 1 April-June I 23 July-September 842 445 Other points: ! October-December 100 j 1 i 378 1,239 February-March, 1918 '. 1 January-March, 1919 10 I 736 1,135 April-June I 95 72 April-J une 301 120 July-September 191 Russia: October-December.. 262 February-March, 1918 33 43 January-March, 1919 420 April-June.. 176 ; 97 April-June 863 July-September.. 2 74 J O a c n t u o a b r e y r - - M De a c r e c m h, b 1 e 9 r 19 9 7 1 0 2 1 247 • 80 5 1 0 3 NORTH AMERICA. Spai J A J A A O F n a u : e p p p c n l b t y r r r u o i i r i - a l l l u b S - - - r a e J J J e y r r u u u p - - y n n n M D t - e e e e M e m a c r a b e c r m e h c r , h b , 1 e 9 r 1 1 9 9 18.... 3 2 5 1 1 9 9 1 4 9 1 7 2 9 2 1, 6 8 8 4 1 5 2 1 5 2 7 8 3 2 9 3 6 ! ! . , . 5 3 5 3 4 1 , , , , , , 7 5 4 8 7 1 7 3 4 7 0 4 8 7 1 1 9 9 5 9 5 2 8 5 4 8 1 , , , , , , 1 5 8 7 9 6 2 7 4 5 4 2 0 0 1 7 0 3 Can J a A J F A O u a d e p c p n l a b t y r r : u o r i i - a l l u b S - - r a e J J e y r r u u p - - y n n D M t - e e e M e m a c r a e b c r m e h c r , h b , 1 e 9 r 1 1 9 9 18.... 2 2 4 1 0 5 9 7 1 6 0 3 5 0 1 1 1 , , , 4 9 8 0 3 3 4 1 1 7 4 4 6 9 3 1 0 7 1 1 1 1 1 7 0 6 0 1 1 , , , , , , 2 9 7 8 4 2 8 1 6 7 9 7 2 4 2 0 0 0 2 2 1 1 7 1 1 6 9 5 , , , , , , 6 8 7 9 1 9 8 6 4 8 8 9 6 8 2 9 0 4 Central America: Swe A A J J F O d a u e e p p c n l n b r t y r u : o r i i - l a l u b S - - r a e J J e y r r u u p - y - n n M D t - e e e M e m a c r a b e c r m e h c r , h b , 1 e 9 r 1 1 9 9 18.... 136 4 1 2 6 1 1 , , 5 6 8 7 9 5 7 6 4 7 7 9 5 2 2 1 8 4 2 1 1 , , , 6 2 0 1 1 7 4 8 4 0 8 0 2 0 0 2 8 5 Mex A J J A F O ic u a e p p c o n l b t y r r : u o r i i - l a l u b S - - r a e J J e y r r u u p - - y n n M D t - e e e M e m a c r a b e c r m e h c r , h b , 1 e 9 1 r 1 9 9 18.... 5 2 3 1 9 5 6 7 4 0 2 2 1 4 2 7 j j i 4 5 2 3 4 1 6 0 9 4 1 1 1 2 5 9 6 3 1, 9 3 2 6 7 8 6 8 8 3 4 8 3 3 2 8 6 5 1 , , 5 5 7 6 2 2 1 0 3 6 0 2 1 8 3 7 3 9 1 Period of 6 weeks, beginning Feb. 21,1918, and ending Apr. 3,1918. February-March, 1918.... 205 332 640 a Period of 13 weeks, beginning Apr. 4, 1918, and ending July 3,1918. April-June 73 516 588 481 :* Period of 13 weeks, beginning of July 4, 1918, and ending Oct. 2,1918. July-September 24 ! 797 721 459 4 Period of 13 weeks, beginning Oct. 3,1918, and ending Dec. 31,1918. October-December 16 I 2,201 339 489 5 Period of 13 weeks, beginning Jan. 1, 1919, and ending Apr. 2, 1919. January-March, 1919 35 I 2,334 633 1,028 • Period of 12 weeks, beginning Apr. 3,1919, and ending June 25,1919. April-June 154 ' 2,133 983 677 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

542 FEDERAL RESERVE BULLETIN. MAY, 1922. TABLE XL—ARBITRAGE TRANSACTIONS IN FRENCH AND BRITISH EXCHANGE, QUARTERLY—Continued. [In thousands of dollars.] Exchange on Exchange on Exchange on Exchange on France. Great Britain. France. Great Britain. Country and period. Country and period. I Bought Bought Sold to. » ! Sold to. I from. Sold to. from. Sold to. NORTH AMERICA—continued. OTHER WORLD POINTS'. West Indies: Africa: February-March, 1918.... 187 . 958 827 5,278 February-March, 1.918.. 900 April-June 579 • 1,777 2,186 12,669 April-June 2,308 175 July-September 521 I 1,910 j 3,207 12,941 J uly-Septcmber 41 136 October-December 725 | l',895 S 2,654 8,314 October-December 54 1.8 January-March, 1919 1,310 ; 2,092 : 2,960 : 10,158 January-March, 1919... 170 160 April-June 1,597 j 3,202 3,039 | 13,991 April-June. 627 10 Australasia: SOUTH AMERICA. I February-March, 1918.. 1,694 02 Arg J A e F O u n e p c l t b y t i r o n r i - u l b S a - a e : J e r r u p y - n D t - e e M e m c a e b r m e c r h b , e 1 r 918.... i 3 4 1 - 5 9 3 1 7 1 1 9 j 3 7 8 2 8 9 7 5 7 2 6 1 1 1 1 6 0 4 1 , , , , 1 9 9 1 4 5 6 6 1 0 9 8 1 1 5 8 2 0 , , , , 1 0 4 2 0 9 9 6 6 6 5 7 A J J A O a u p c p n ly t r r u o i i - a l l b S - - r e J J e y r u u p - - M n n D te e e e m a c r e b c m h er , b 1 e 9 r 19... 2 1 1 1 , , , , 4 8 3 3 6 0 9 1 8 8 7 1 0 0 1 1, 3 4 4 7 3 1 0 8 0 95 1 3 6 4 January-March, 1919 1,171 1,578 16,831 3,896 April-June 829 ; 3,046 7,768 4,856 RECAPITULATION. Bolivia: February-March, 1918.... Braz J A J A O F u i a e l p p c n l : b y t r r u o r i i - a l u l b S - - r a e J J e y r r u u p - y - n n M D t - e e e M e m a c r a b e c r m e h c r h , b , 1 e 9 1 r 1 9 9 1 8.... l ' ! 2 2 3 7 6 ;i 1 1 7 7 2 8 8 1 1, 2 3 2 4 4 2 9 3 5 8 3 1 1 7 0 2 2 7 1 4 2 9 2 2 4 2 3 8 1 A J J F A O u a e p p c l n b t r y r o u r i i - l u l b a S - - a r e J J e y r r u u p y - - n n D t M - e e e M e m a c a r b e c r m e c h r h , b , e 1 r 9 1 1 9 9 1 8....' i • • " 1 2 6 2 4 3 0 5 6 2 5 0 , , , , , 3 0 7 6 , 3 4 4 3 8 9 3 6 7 1 2 5 4 3 ] ; . ; • 3 1 l 1 1 6 o 3 0 3 4 , , , , 4 5 5 , 7 6 9 4 7 6 3 2 6 8 4 8 4 4 2 i I . i 1 1 1 f 7 8 3 1 5 > 8 9 2 2 4 3 , , O , , , , 1 3 2 9 8 O 2 8 7 6 9 G 0 9 8 3 5 I i ; ' ' 1 1 1 7 1 . 4 7 5 2 4 5 8 8 1 5 ; , , , , , 5 7 6 1 7 1 2 7 1 1 7 9 7 7 9 2 9 8 A Ju p ly ri - l S -J e u p n te e mber 1, 6 06 29 0 8 6 2 1 4 2 6 6 , , 4 5 8 8 3 3 2 1 , , 1 58 7 5 6 Total i 200,652 i 89,608 : 651,151 , 594,042 October-December 347 884 ! 2,602 1,524 January-March, 1919 ! 468 483 : 1,665 1,977 Asia: ; April-June ' 964 95 2,152 363 February-March, 1918 j 1,079 ' . ! 0,827 •• 2,971 Chile: April-June 1,787 526 12.343 ! 6,218 February-March, 1918 158 697 1,097 J lily-September 1,112 ; ; 13,771 10,889 April-June 1 : 2,127 4,037 October-December ; 965 j i 9,061 ' 8,240 July-September 16 3,141 1,658 January-March, 1919 1 4,644 I 056 ! 8,010 11,746 October-December 1,927 6,484 April-June i 2,904 ! 490 3,300 7,140 January-March, 1919 75 1,828 3,736 April-June 2,406 1,630 Total.. 13,151 1,672 53,918 j 47,204 Colombia: February-March, 1918 52 50 678 North America: April-June 10 222 • 112 1,064 February-March, 1918... .j 394 1,722 8,524 i 18,833 J J O u a c n ly t u o - a b S r e e y r p - - M D te e m a c r b e c m e h r , b 1 e 9 r 19 4 9 8 2 6 4 2 4 3 3 7 5 5 1 8 ; j ' 1 5 9 3 1 8 8 1 1 1 , , , 1 8 2 6 1 5 8 3 6 A j O u p c l t r y o i - l b S - e J c r u p - n D to e e m c b em cr b er [ : 1 1, , 1 1 6 7 0 9 0 4 8 •• 3 3 5, , , 9 8 4 3 7 2 1 3 8 . , 2 1 1 0 5 4 , , , 1 5 8 7 8 4 4 8 0 ! : 3 3 3 2 1 0 , ; , 4 i 9 J 7 O 5 1 9 l April-June 112 411 ' 251 1,540 January-March, 1919 2,357 I 0,169 15,845 27,086 Ecuador: April-J uric 2,701 : 6,969 10,180 22,185 February-March, 1918 119 | 120 205 April-June 14 j 375 I. 568 Total j 8,484 i 28,092 | 91,157 ! 169,435 July-September 6 ! 194 • 24 234 October-December 169 ! 33 220 J A a p n r u i a l- r J y u - n M e arch, 1919 4 7 9 9 0 6 ! I 5 1 0 6 6 4 1,4 2 2 7 7 7 Sout F h e A br m ua e r ri y c - a M : arch, 1918.... • j 419 ' 4,895 1 14,841 | ! 8,398 Peru: April-June ' 1,557 , 2,345 ' 26,899 i 23,588 F A e p b r r i u l- a J r u y n -M e arch, 1918.... 2,2 4 9 7 6 : ! 4 8 3 4 1 0 1 2 3 1 3 J O u c l t y o - b S e e r p -D te e m ce b m er b er : ' 1,2 5 3 7 1 1 ! . 1 2 , , 8 28 7 9 5 '• 1 1 8 8 ,1 ,0 5 7 1 9 : ! 1 1 8 6 ' 4 .1 1 9 1 3 July-September 11 i 1,820 53 J anuary-March, 1919 ! 2,331 1 3 152 1 23,859 1 13,704 October-December 17 ! 1,435 34 April-June ! 2,223 : 4,036 ' 15,534 ' 9,009 .) anuary-March, 1919..:.. 17 j 1,208 60 April-June 24 ' 1,427 2L Total. 332^1 19,192 j 117,963 . 90,023 Uruguay: February-March, 1918.... 994 1,028 Africa and Australasia: A Ju p ly ri - l S -J e u p n te e mber 54 -1, 3 5 6 4 3 9 2 1 , , 1 02 8 5 7 A Fe p b r r i u l- a J r u y n - e March, 1918.. 2 4 , , 0 7 0 1 0 8 i ; 02 October-December 215 334 July-September 1,432 ; 022 Ven J A e F a z e p n u b r u e r i a l u l a - r a J : y r u - y M n - e M ar a c r h ch , , 1 9 1 1 91 9 8. 1 2 3 5 7 1, 1 00 43 2 4 3 7 2 2 3 J A O a p c n t r u o i a l b - r e J y r u - - n M D e e a c r e c m h, b 1 e 9 r 19... 1 1 1 , , , 8 3 5 0 0 50 8 1 I ! 1 1, 9 4 4 3 2 0 3 9 5 A Ju p ly ri - l S -J e u p n te e m .. ber.. 95 3 1 0 0 0 3 2 9 2 4 4 3 1 1 9 9 4 Total.. 13,475 : 3,989 October-December 32 40 223 463 January-March, 1919 519 23 741 287 Total, all countries: April-June 303 55 140 201 February-March, 1918....! 12,523 \ 17,351 80,681 '• 48,876 Otherpoints: April-June j 29,851 ; 19,847 200,412 : 108, 501 February-March, 1918...: 239 4 July-September 25,719 | 10,730 127; 976 ' 138,702 April-June 358 481 October-December 33,177 \ 12,430 133,039 : 184', 100 July-September 71 Jan uary-Mar?h, 1919 ' 54,006 23,060 182,239 205,278 October-December April-June j 74,083 1 48,591 191,317 219,170 January-March, 1919 April-June Grand total I 230,019 ! 138,615 I 927,664 ; 901,093 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1922. FEDERAL RESERVE BULLETIN. 543 TABLE XII.—FOREIGN EXCHANGE TRANSACTIONS IN SECURITIES, FEBRUARY 21, 1918, TO JUNE 25, 1919, INCLUSIVE, [In thousands of dollars.] American securities.! English securities. French securities. '. Other securities. Total. Countries sold to and bought from. Sold to. B f o ro u m gh . t Sold to. B f o ro u m gh . t Sold to. B f o ro u m gh . t Sold to. B f o ro u m gh , t i j Sold to. B f o ro u m gh . t i Europe: Denmark 14,721 13,621 8,789 : 10,594 732 532 876 588 ' 25,118 25,335 France 81,995 75,678 ; 7,804 i 2,539 14,382 4,820 5,135 4,739 ! 109,310 87,776 Great Britain 19,317 32,226 i 11,357 ! 5,085 1,338 1,339 i 7, 135 5,170 '• 39,147 43,8.20 Greece 968 89 : 3,876 j 2,816 296 i ' 98 ; J, 183 230 6,323 3,233 Holland 18,842 35,776 5,141 | 2,968 109 j 218 6,264 20,489 i 30,356 59,451 Italy...... 727 1,143 294 | 19 40 ! 141 4,883 6,544 : 5,944 7,847 Norway 24,356 18,552 48,897 I 46,172 15,355 14,907 , 2,594 3,393 91,202 83,024 Portugal 203 87 i 4 : 15 13 20 i 5 225 122 .Russia 1,716 195 i 174 , 98 61 4 118 2 ! 2,069 299 Spain 7,004 1,867 ! 3,056 ' 2,886 600 245 i 2,083 608 12.803 5,606 Sweden 1 2,871 3,020 11,067 9,136 167 1,005 1 1,733 410 . 15', 838 13,571 Switzerland 16,669 9,765 ! 3,375 i 1,599 2,729 2,831 4,313 2,973 ! 27,086 17,168 Other points 3,650 1,669 | 189 .. 18 16 25 • 3,873 1,694 Asia: V China 2,432 931 27 17 : 3,388 128 East Indies 88 3 91 4 India 25 12 37 Japan 1,671 2,047 \ 54,635 2,626 ! 63 : 592 , 309 , 59,524 14,109 Straits Settlements, 53 53 Other points 61 141 . 61 141 North America: Canada 228,375 226,789 , 10,289 19,040 1,079 I 3,180 ! 28,143 i 29,308 i 267,886 278,317 Central America 1,675 368 i 9 32 120 ' 29 ' 1,804 429 Mexico 1,312 2,201 i 768 315 9 ' 1 i 62 i 16 I 2,181 2,533 West Indies 51,179 • 46,067 j 439 773 285 i 79 ' 1,368 i 3,181 : 53,271 50,100 South America: ! A Bo rg li e v n ia tina 3, 3 6 0 1 2 8 2,7. 8 1 4 0 ! !. 380 60 5,937 :. 36 1,84 1 7 0 ' . 71 5 3 11,7 3 8 1 2 2 3,51 8 9 9 Brazil 1,642 92 j 43 | 15 : 195 j 109 1,895 335 Chile 1,579 1,111 | 10 33 !. 1,622 1,121 Colombia 11 11 4 Ecuador 111 ""iiT 20 j. 38 ;. 169 17 Peru 1,5-11 374 326 30 149 : 110 i 2.094 969 Uruguay 365 5 2 3 5 3 i | " 2 14 2 ! 381 3 Venezuela 218 157 84 11 ' 4 i 422 119 Other points 22 4 j. 22 4 Africa 111 87 ! 29 i 1 144 88 Australasia 384 290 118 ; 175 15 ; 14 580 531 RECAPITU L ATION. Europe 193,039 193,688 104,023 83,927 35,900 j 26,160 36,338 ! 45,171 369,300 348,946 Asia 4,277 2,287 55,634 11,717 2,634 ' 63 609 l 315 63,154 14,382 North America 282,571 275,425 11,505 20,160 1,373 ! 3,260 29,693 : 32,534 325,142 331,379 South America 9,439 4,577 : 833 482 6,141 i 178 2,297 : 943 18,710 6,180 Africa and Australasia.. 495 139 i 64 290 147 ' 176 18 ! 14 724 619 Grand total 489,821 476,116 ! 172,059 116,576 46,195 j . 29,837 68,955 ! 78,977 ' 777,030 | 701,506 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

544 FEDERAL RESERVE BULLETIN. MAT, 1922. TABLE XIII.—FOREIGN EXCHANGE TRANSACTIONS IN SECURITIES SOLD TO AND BOUGHT FROM PRINCIPAL FOREIGN COUNTRIES AND GREAT GROUPS, BY QUARTERS. [In thousands of dollars.] American securities English securities. French securities. Other securities. Total. Country and period.1 oJW Sold to. B f o ro u m gh . t Sold to. B f o ro u m gh . t Sold to. B f o ro u m gh . t Sold to. B f o ro u m gh . t PRINCIPAL COUNTRIES. France: February-March, 1918 3,610 • 2,859 167 955 37 136 31 4,868 2,985 April-June 34,587 j 2,943 848 766 i 43 532 139 36,733 3,162 July-September 6,802 i 29,032 870 2,669 ' 141 927 54 11)268 29,636 October-December 17,356 i 16,591 1,328 1,959 I 847 604 574 21,247 18,334 January-March, 1919 8,297 I 10,038 2,338 6,196 1,990 1,603 1,734 18,434 14,437 April-June 11,343 ! 14,215 2,253 1,837 1,762 1,333 2) 207 16,766 .19.222 Total 81,995 j 75,678 7,804 2,539 14,382 j 4,820 5,135 4,739 I 109,316 87,776 Great Britain: February-March, 1918. 1,129 | 465 216 36 17! 876 2,238 521 April-June 2,254 i 2,194 1,311 202 63 ! 1,132 4,760 ' 2,474 July-September 2,342 | 6,190 2,032 1,768 891 i 524 1,181 | 6,446 ! 8,587 October-December 3,293 i 4,201 3,675 1.341 35 i 357 180 ! 7)183 : 6,687 January-March, 1919.. 3,530 ! 4,593 2,513 • ' 456 177 '. 189 1,104 | 7,324 : 6,223 April-June 6,769 ! 14,583 1,610 1,282 155 i 269 2,662 -1 11,196 , 19,028 Total. 19,317 32,226 11,357 5,085 1,338 ; 1,339 7,135 : 5,170 43,820 Canada: February-March, 1918 4,501 4,611 1,415 1.218 24; II 1,640 ! 1,598 7,580 7,438 April-June 41,295 37,442 1,139 2)090 1.81 : 286 2,493 ! 2'. 902 45,108 42,720 July-September 28,256 27,403 1,342 3,978 m I 592 3,707 i 5)382 ! 33,716 37,355 October-December 52,127 50,454 1,638 6,431 84 ! X80 4,624 | 8,374 i 58,473 66,139 January-March, 1919 34,556 36,843 1,158 3,285 377 j 1.348 9,520 6,958 j 45,611 48,434 April-June 67,640 70,036 3,597 2,038 2 i ' 63 6,159 4,094 I 77,398 76,231 Total. 228,375 226,789 10,289 19,040 1,079 | 3,1.80 28,143 29,308 ! 267,886 278,317 GREAT GROUPS. Europe: February-March, 1918... 12,132 5,748 12,980 140 1.902 i 47 5,203 ! 1,829 ' 32,217 7,764 April-June 46,359 10,527 10.829 939 3'. 809 j 89 5,259 i 4,226 ' 66,256 15,781 July-September 29,229 43,050 30,628 30,186 10)561 ; 926 4,519 i 3,713 ' 74,937 77,875 October-December 36,075 34,275 13,457 12,266 3,466 ; 6,351 1,734 i 4,752 i 54,732 57,644 January-M arch, 1919 29,274 31,410 23.830 17,489 12,019 ' 15,163 5,657 9,288 70,780 73,350 April-June 39,970 68,678 12,299 22,907 4,143 | 3,584 13,966 21,363 ! 70,378 116,532 Total. 193,039 193,688 104,023 83,927 35,900 j 26,1.60 36,338 | 45,171 j 369,300 j 348,946 Asia: February-March, 1918. 71 11 663 1,545 i. 13 ! 2,292 22 April-June 91.3 532 1,110 48 295 I. 1- 2,318 580 July-September 91 1,634 11,484 11,387 156 j. 4;. 11,735 13,021 October-December 2,638 39 5,296 266 7,934 614 January-March, 1919.. 350 8 9,823 037 589 i 11,399 76 April-June '. 214 63 27,258 1 3 ! 27,476 69 Total. 4,277 2,287 55,634 I J 1,717 2,634 63 609 | 315 63,154 14,382 North America: February-March, 1918 4. 4,923 1,415 1,268 32 I 12 1,712 j 1,683 , 8, .1.53 7,886 April-June 48; 43,549 .1,399 2,101 .186 I 286 2,697 j 2,954 52,823 48,890 A J J O u a p c n ly t r u o i - l a b S - r e J e y r u p - - n D M te e e m a c r e b c m e h r , b e 1 r 919 3 6 4 8 4 5 5 3 , , , , 3 4 5 8 3 7 8 7 , , , , 2 5 6 4 3 8 6 6 6 8 5 4 3 1 1 1 , , , , 5 8 8 5 5 0 1 1 6 6 5 4 4 6 3 2 , , , , 7 3 6 0 7 6 0 4 9 9 3 0 4 4 1 1 7 5 1 0 6 5 5 9 I i i | 1,4 6 8 0 6 0 9 7 3 2 0 3 5 9 6, , , , 5 1 5 9 8 3 9 7 1 5 0 8 • j ! 1 4 5 7 .1 , , , 2 4 0 ,0 8 8 6 6 1 9 2 5 ! ; , ' 4 9 5 7 3 1 6 1 , , , , 9 8 5 7 3 8 6 7 9 8 9 0 9 4 5 7 3 9 4 7 , , , , 4 8 0 2 3 5 8 2 6 7 8 2 Total 282,571 | 275,425 11,505 20,160 j 1,373 | 3,260 29,693 i 32,534 • 325,142 331,379 South America: February-March, J918. 6 1 198 I. 135 i (537 April-Juno 66 96 ! 62 506 |. 64 ! 14 1,346 .142 J O u c l t y o b S e e r p -D te e m ce b m er ber 3,5 •- 0 •8 2 8 5 1 3 5 2 8 j 34 2 4 5 3 i} , i 1 9 1 3 4 ; ! 1,1 5 1 0 1 0 i ! 110 3 9 , , 8 2 0 7 9 0 3, 5 5 4 9 7 0 January-March, 1919.. 161 37 50 128 103 266 i 197 .1,488 ! 511 April-June 754 10 1,002 ! 64 221 i 565 2,160 | 1,383 Total 9,439 j 4,577 I 833 ! 482 6,14.1 ~ 178 | 2,297 | 943 18,710 ; 6,180 Africa and Australasia: T< ebruary-M arch, 1918. i 7 ! 7 i 2 April-June 81 23; 1.8 ! 129 i 24 July-September 248 10 ! 278 85 . 343 | 334 J O A a c p n t r u o i a l b r e J y r u - n M D e e a c r e c m h, b 1 er 919.. 9 5 1 4 8 4 24 i "ii" H 6 O 5 1 1 1 1 1 8 4 3 I ! j J7S ' o1 Total 139 64 290 147 176 ! 18 : 14 724 , ~619 Totals all countries: i I: ebruary-M arch, 1918 17,501 j 10,688 15,065 I 1,415 3.677 : 60 7,062 3,518 43,305 ; 15,681 April-June i 96,574 i 54,684 13,457 ! 3,150 4)803 . 375 8,038 7,208 122,872 j 65,417 July-September > 66,733 I 78,064 44,210 I 46,964 12,450 i .1,533 9,002 9,304 132,395 ! 135,865 October-December ! 108,413 I 96,480 20,741 19)160 6,689 , • 7,247 j 7,980 16,183 143,823 ! 139,070 January-March, 1919 ! 75,953 | 79,176 35,205 20,934 13,260 : 16,801 ! 16,102 16,547 140,520 i 133,458 April-June ; 124,647 ! 157,024 43,381 ! 24,953 5,316 j 3,821 20,771 26,217 194,115 : 212,0! 5 Grand total j 489,821 476,116 172,059 I 116,576 46,195 i 29,837 68,955 . 78,977 777,030 701,506 i For precise duration of each period see footnotes to Table XI on p. 541. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY; 1922. FEDERAL, RESERVE BULLETIN". 545 TABLE XIV.—SECURITIES HELD ABROAD FOR AMERICAN ACCOUNT, DECEMBER 31, 1918. [Expressed in thousands of U. S. dollars at the mint par of exchange.] Country in which held. s A e m cu e r r i i t c ie a s n .se E c n u g r l i i ti s e h s.se F c r u e r n it c i h es.se G c e u r r m it a ie n s.s A ec u u s r t i r t i i a e n s.s C e a c n u a ri d t i i a e n s.s A e m c S u o e r u r i i t t c i h e a s n .se l M a c n u i e s ri c o t e u i l e s - s. Total. Kuropean. Allies: France 1,940 55 15,936 162 30 116 33 18,272 Great Britain 1 14,533 10,368 190 206 58 1,830 1,275 1,040 29,500 Greece 21 10 31 Ttalv 1,205 1,205 Russia 1 12,732 12,733 Other points 10 42 I 63 115 European neutrals: T) en mark 16 16 Holland 16 763 48 1 449 17,999 Norway ' 120 738 339 Spain 1,523 20' 219 1,543 Sweden 3 441 444 Switzerland 5,272 15 400 28 532 1,674 7,921 Central Powers: 2,031 50 2,081 G crman v 837 1 7,114 12 220 62 511 8,757 Asia: India 8 8 .1 apan 500 249 749 North America: Canada 49 854 25 928 Central America . 2 2 Mexico 83 83 We<?t Indies 4 i 332 336 South America: Argentina 4,436 4,436 Bolivia 14 14 Brazil 794 794 1 Africa. ..'. 46 46 Australasia 5 5 RECA PITULATIOX. European Allies 16,505 10,423 16,168 206 220 1,860 1,391 15,083 61,856 European neutrals . . .. 23,678 20 lo 464 29 981. 3 3,072 28,262 Central Powers 837 1 7,114 2,043 220 62 561 10,838 Asia 500 8 249 757 North America . . .. 854 25 415 1 349 South Yin erica 1 5,244 5 245 Africa and Australasia 51 ' 51 Grand total. 41,576 10,452 16,183 7,784 2,292 3,91.5 6,725 19,431 108,358 TABLE XV. -SECURITIES HELD ABROAD FOR FOREIGN ACCOUNT DECEMBER 31, 1918. [Expressed in. thousands of U. S. dollars at the mint par of exchange.] Country in which held. s A e m cu e r r i i t c ie a s n .se E c n u g r l i i t s ie h s.se F c r u e r n it c i h es.se G c e u r r m it a ie n s.s A ec u u s r t i r t i i a e n s.s C e a c n u a ri d t i ie an s. A se m c S u o e r r u i i t t c i h e a s n .se l M a c n u is e r c i o t e u i l e - s s. Total. European Allies: France 349 1,711. 13 100 49 789 3,011 Great Britain 1,157 3,918 110 2,471 1,1.03 2,1.4 L 177 11,077 Italy U,.8O4 11,804 Russia 1 5,328 5,329 Kuropean neutrals: 250 250 Holland 45 16 61 Sweden i 2 55 57 Central Powers: Germany 572 446 14 2,282 34. 284 310 1,131 5,073 Asia: China 5 14 21 40 J O a t p h a e n r p . o i . nts 24 3 • 3,085 3,109 3 North America: Canada 262 125 5 638 1 6,026 I 18 19 "West Indies 91 5 68 170 South America: Argen tin a 10 061 10,061 Venezuela 2 2 Africa Auslralasia 109 109 RECAPITULATION. European Allies 1,506 3,918 1,821 2,484 100 1,103 18,098 31,221. European neutrals 45 2 321. 368 Central Powers 572 446 14 2,282 34 284 310 1,131 5,073 Asia 5 41 21 3 085 3 152 Nori h Ymerica 268 125 91 1 5,638 23 69 6' 215 S out h A merica 2 10,061 10,063 Africa and Australasia 109 109 Grand total 2, 505 4,489 1,926 4,810 155 7,025 12,587 22,704 50,201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

546 FEDERAL RESERVE BULLETIN. MAY, 1922. TABLE XVI.—SECURITIES HELD IN THE UNITED STATES FOR FOREIGN ACCOUNT, JUNE 26, 1918. [Expressed in thousands of U. S. dollars at the mint par of exchange.) Country for whose account held. s A e m cu e r r i i t c ie a s n , se E c n u g r l i i t s ie h s ..se F c r u e r n it c i h es .'se G c e u r r m iti a e n s , i s A ec u u s r tr it i i a e n s , . C se a c n u a r d it i i a e n s . • . A se m S cu o e r u r i i t t c h ie a s n .se l M a c n u i e s r c i o t e u i l e s - s. Total. European Allies'. France : 281,279 674 13,943 26 5,696 1,005 8,717 ! 317,397 Great Britain ' 346,337 26149 5,022 ' 46 392 . 22,309 48,89S 30,033 j 479,186 Greece 227 1,195 80 . 678 : 53 j 2,233 Italy : 10.838 165 115 93 71 j 3,625 I 14,907 P R o u r s t s u ia g al 8,1 4 8 3 5 1 3 6 7 8 1 4 6 200 1 • 83, 8 2 5 6 0 8 I I 9. 1 1 , , 5 5 2 3 3 8 Other points : 5,743 33 12 i 25 32 300 I 6,150 European neutrals: Denmark 9,460 8,626 ! 394 , 534 • 103 I 2,374 ' 21,491 Holland 42,599 3,064 . 431 348 63 ! 1,923 48,428 Norway 26,202 48,361 I 5.101 4,344 1,558 85,871 Spain 9,524 3,658 . '418 2.19 146 j 1,690 15,654 Sweden 8,212 8,430 I 1,307 47 • 2 ! 3,997 22,070 Switzerland 100,832 2,578 2,624 8,815 4,759 | 4,932 ! 124,702 Central Powers: i Austria-Hungary • 20,717 60 . 20 143 ! 2.1,028 Asia G : ermany ! 65,639 91 !. 207 • 372 378 i 3,303 69,990 China. .1 1,264 323 I 94 60 i 1,788 East Indies 759 2 777 India ' 118 127 14 264 Japan : 4,144 46,442 I 13,594 I 205 47 ; 2,904 07,346 S O t t r h a e i r ts p S o e in tt t l s e ments = 4 1 , . 0 5 2 2 4 9 2 6 2 3 ! : 155 Ii 12 "ie": 3 8 6 ! I 4 1 , , 0 6 8 4 7 3 North America: | Canada 133,584 3,100 | 49,852 847 ; 5,955 •'226,482 Central America 950 8 ! 16 2,226 ! 3,200 Mexico 5,540 80 j 124 j 82 • 9 ! 8,273 i 14,116 West Indies 48,928 1,470 | 10,946 23 1 096 315 i 7,722 I 70,500 South America: Argentina 2,479 227 j 1,126 1 ; ' 10 108 j 186 i 4,137 Bolivia 267 1,640 I 1,467 10 j 3,384 Brazil 1,314 186 80 ; 1 090 284 | 42 2,996 Chile : 949 302 | 12 77 469 ! 60 ! 1,869 Colombia 305 1,233 i 6 I 1,544 Ecuador 177 10 i 2 i. 2 I 191 Peru 3,053 1,953 41 i. 25 | 5,703 V U e ru n g ez u u a e y l a : 17 2 5 o ! Si. 16 ! ieo i 3 2 7 0 3 A A f u r s ic t O r a a t h la e s r i a p oints 1 1 , , 4 2 4 1 5 6 4 3 0 2.2 3 1 2 0 1 5 3 ! I , 2 2 0 i i. • 2 a 5 ! i 1,1 3 9 3 6 0 7 I ; j 2 3 , , 8 6 9 3 4 7 9 9 9 400 I RECAPITfLATION. European Allies 653,040 34,321 I 19,192 I 72 • 454 • 29,002 i 50,007 i 126,846 912,934 European neutrals 196,829 74,717 , 10,635 | 155 : 22 ' 14,307 . o, 077 16,4.74 318,216 Central Powers 86,356 179 '. 207 I 60 ! 392: 378 i 3,416 91,018 Asia 11,838 40,850 '•"l3," 674" I 10 440 ! 71 ' 3,022 • 75,905 North America 189,002 34,651 i .14,170 51,016 . 1,1.71 i 24,176 31.4.298 South America 10,135 4,352 • J,308 1,209 ' 4,216 i 1,616 22' 866 Africa and Australasia : 1,713 . 2,514 , 20 . 420 i 25 i 126 4,818 Grand total 1,148,913 197,584 ; 58,997 527 , 537 j 96,816 | 60,945 I 175,736 I 1,740,055 I i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 3 922. FEDERAL RESERVE BULLETIN. 547 TABLE XVII.— SECURITIES HELD IN THE UNITED STATES FOR FOREIGN ACCOUNT, DECEMBER 31, 1918. I Expressed in thousands of 17. S. dollars at the mint par of exchange.] Country for whose account held. securities, securities.'se G cu e r r i m tie a s n . -s | e A c u u s ri t t r i i e a s n , : s C e a c n u a ri d ti i e a s n , ! Am So c u ri t c h a n l M an i e sc o e u l s - Total. us. securities. ! European Allies: -France 26 57 5.886 ! 3,314 : 9,084 348,646 Great Britain 46 397 23;057 ! 48;738 29.812 489.434 Greece 938 i 7 '103 3*. 210 Italy 107 71 17.400 30', 844 Portugal 201 : 1 ' 850 1', 550 Russia 187 j 83,388 91.739 Other points 25 I 32 I 192 5; 863 European neutrals: Denmark 10,668 504 ' 103 ! 2,374 30,240 Holland 3,965 708 i 255 '• 1,940 53.147 Norway 37,729 5,477 : 1,345 85^ 289 Spain." 4,318 '464 i 216 2,65.1 18,850 Sweden 10,296 15 47 ! 2 ! 3,962 23,823 Cent S r w al i t P z o e w rla e n rs d : 2'. 821 155 7 12.557 ; 17.695 j 5^509 152.907 Austria-Hungary... 60 18 i 59 10,576 Germany ""iis" 221 ; "66" I 2,360 57,690 Asia: China 109 '• 6 ! 60 3,891. East Indies 2 849 India 127 22 31.1 Japan .10 206 47! 3,026 115,835 Straits Settlements., 36 4,157 Other points 12 16 i 8 1,653 North America: Canada 53.613 ; 893 ' 6,351 232.005 Central America ' 1.5 : 2,436 3 j 748 Mexico 89 • 8,775 1.5,186 West Indies 1,321 861 7,640 75;869 South America: Argentina 549 i 201 ! 467 10,043 Bolivia 1,467 1 9 3.487 Brazil 1,078 269 ! 42 3,112 Chile 77 469 60 I 1.977 Colombia 1,233 6 ! l',564 Ecuador 2 ! '274 Peru 30 588 43 i 6.6i2 Uruguay 2 8 26 Venezuela 7 210 488 Other points 2 .1,137 2.645 Africa. 22 ' 36 '803 Australasia 347 90 4,216 E EC A I'll U \..\ TIOX. European Allies 72 459 30,401 52,163 140.859 ' 971,286 European neutrals .155 22 19,757 18,276 17^781 : 364.256 Central Powers 98 60 239 66 2.4.19 : 68,266 Asia 10 456 74 3'. 152 i 126.696 North America 81. 55,038 1,764 25'. 202 I 326', 806 South America. 2 1,745 4,286 1,976 i 30;228 Africa and Australasia 369 94 '126 ; 5,079 Grand total 1,243,048 .108.005 76,723 I 191,515 ; .1,892,617 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 FEDERAL RESERVE BULLETIN. MAY, 1922. TABLE XVIII.—SECURITIES HELD IN THE UNITED STATES FOR FOREIGN ACCOUNT, JUNE 25, 1919. [Expressed in thousands of U. S. dollars at the mint par of exchange.] Country for whose account: held. s A e m cu e r r i i t c ie a s n .se E c n u g r l i i ti s e h s.se F c r u e r n it c i h es.se G c e u r r m iti a e n s.s A ec u u s r t i r t i i a e n s.s C e a c n u a ri d t i i a e n s. A se m c S u o e r u r i i t t c h ie an s.se l M a c n u i e s r c i o t e u i l e s - s. Total. European Allies: France 278,781 9,016 18,020 14 57 6,382 2,697 9,898 321,895 Great Britain 358,426 26,258 3,960 46 345 21,870 46,748 26,642 484,295 'Greece .. 1,346 1 560 130 738 '198 303 4,275 11-alv 14 246 L90 92 107 72 4,734 19, 141 Portugal 502 7 11 205 1 250 976 Russia 10,114 118 113 187 83,434 93,966 Other points 3 915 316 43 5 10 331 4', 680 IOuropcan neutrals: Denmark 8,211 6,778 93 450 101 2,385 18,018 Holland.. 40 496 5 393 473 715 67 1,697 48,841 Norway... . 22,662 33,617 1,051 10,096 8 16 67,450 Spain 15 730 5 375 262 725 357 3,477 25,935 8 w eden... ft, 556 8. 760 320 15 47 4,076 19,774 Switzerland .113,913 4,940 2,253 4 14 14,5.19 19,285 6,704 161,632 Central Powers: A11 s j ri a-lli i iiga r v 4,861 60 22 16 4,959 Germany. . 21,483 1,007 46 2 490 23,028 Asia: China 2 151 628 71 115 6 54 3.025 i^-ast Indict 1 548 69 5 2 l' 624 India ' 247 127 5 22 ' 401 Japan 154,664 129,992 28,226 10 204 47 3,199 316,342 Straits Settlements 76 22 5 36 139 Other points 1 628 65 15 16 16 17 1,751 North America: Canada ±12 319 22 931 1,012 48,420 912 7,009 222,603 Central America 1 369 23 101 17 2 330 3,840 Mexico 6 012 477 43 7 1 121 1,558 6,738 14,957 West Jiidies. - 65,284 ],975 10,921 1,539 948 7,571 88,238 South America: Argentina 5 727 800 3,658 185 236 466 11,072 j j olivia 577 1 640 186 1,470 3 873 Brazil 1 979 262 42 1,121 289 84 3,777 Chile. 2,283 296 15 127 9 59 2,789 Colombia 216 1,232 6 1,454 Ecuador 330 16" 2 12 363 Peru 3 316 2 325 12 5 7 583 22 6,270 Uruguay 24 2 20 Venezuela 231 7 146 4 225 613 Other points 441 29 13 3 5 491 \frica 735 22 20 36 814 Australasia 1,548 2,099 350 94 90 4,181 RECAPITULATION. European Allies.... 667,330 37,525 22,369 60 407 29,529 49,716 125,592 932,528 European Neutrals... 207,568 64,863 4^ 452 13 29 26,*52 19,818 18,355 341,650 Central Powers 20 311 : 1 007 60 68 2 506 27,987 Asia 160,314 130,776 28,322 1.0 458 : 74 3,328 323,282 N orth America 214,984 25,408 12,077 : 7 1 50,097 I 3,4.1.8 23,618 329,638 South \morica 15 124 5 378 3 890 1 633; 3,819 879 30,728 Africa and Australasia 2,283 2, .100 22 370 : 94 126 4,995 Grand total.. 1,293,947 266,048 71, 132 1,102 497 108,707 76,941 ! 172,431 1,990,808 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 19"22. FEDERAL EESEEVE BULLETIN. 549 BUSINESS AND FINANCIAL CONDITIONS ABROAD. GENOA CONFERENCE. 2. The Soviet Government should recognize all types (local, provincial, and public utility) The Genoa conference, which was convened of Russian financial obligations. on April 10, had for its official agenda the fol- 3. The Soviet Government should assume io wi ng su b j e(? ts: responsibility for material damage suffered by 1. Examination of the methods of putting foreigners in consequence of the Soviet regime. into practice the principles contained in the 4. A commission should be created to deresolution reached at Cannes on January 6, termine Russian debts. 1922. 5. All obligations incurred by foreign gov- 2. The establishment of European peace on ernments and Russia since August 1, 1914, a firm basis. should be considered effaced by the payment 3. Essential conditions for the reestablish- of sums to be fixed in a future accord. ment of confidence without injury to existing The Russian delegation made no immediate treaties. response to these terms and consequently direct 4. Financial subjects: negotiations were entered into between the four (a) Currencies. Allies and Russia within the first week of the (b) Central banks and banks ol issue. conference, with a view to reaching a basis for (c) Public finance in relation to reconstruc- debt settlement. The German delegation was tion. not included, in these conferences. On April 17, (d) Exchanges. before Russo-Allied conferences had provided (e) Organization of public and private credit. a basis of negotiations satisfactory to either 5. Economic and commercial subjects: side,. the Germans, however, signed a treaty (a) Facilities and guaranties for the import with Russia granting the Soviet Government and export of commercial products. de jure recognition and providing for the mutual (&) Legal guaranties for the reestablishment cancellation of debts as follows: of commerce. 1. Both countries renounced claims for war (c) Protection of industrial property and damages (including damages to their nacopyrights. tionals) and expenses incurred for the other in id) Status of consuls. the execution, of the war. (e) Admission and position of foreigners in 2. Germany renounced all claims of her regard to the conduct of business. nationals against the Soviet Government on (/) Technical assistance to industrial recon- condition that the latter docs not satisfy similar struction. claims of the nationals of other countries. The conference, as soon as convened, ap- In addition, the treaty provided for the repointed various commissions to study these sumption of consular and diplomatic relations subjects and technical experts were assigned between the two countries, the granting of mostto each commission. favored-nation privileges, and the encourage- More emphasis has been placed upon the ment of commercial contracts between private question of the rehabilitation of Russia than firms in the two countries. upon any other one subject, although reports The German Government in canceling Rusand recommendations have been made by the sian debts and recognizing the Soviet Governfinance committees as well. The Russian ment thus granted the Russian delegation problem was studied by allied experts in Lon- exactly those conditions which the Allied Govdon before the meeting of the conference, and ernments refused to grant it. The German the memorandum prepared at that time fur- Government was not, however, in a position to nished the original basis of the negotiations of furnish long-time credits to Russia. the allied delegations with the Russian delega- On April 15, the day before the Kussotion. That memorandum, which was pre- Gernian treaty was signed, the allied nations sented to the Russian delegation on .April 11, addressed the following communication to the included the following conditions as a basis for Russian delegation at Genoa: the resumption of trade with Russia and pre- ARTICLE 1. The creditor allied Governments represumably as a condition of recognition of the- sented at Genoa can not admit any liability regarding the Soviet Government by the Allies: claims advanced by the Soviet Government. 1. The Soviet Government should accept the ART. 2. In vicw^of the serious economic condition of financial obligations of the Russian Imperial Russia, however, such creditor Governments are prepared to write down the war debts owing by "Russia to them by a and Provisional Governments, both as regards percentage to be determined later; and the countries repforeign Government and private loans. resented at Genoa would be prepared to consider not only Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

550 FEDERAL RESERVE BULLETIN. MAY, 1922, the postponement of payments of interest upon financial French that in cases where it is impossible for claims but also the remission of some part of the arrears of the Russians to return property to former interest or postponed interest. owners now, they not dispose of it to third par- ART. 3. It must be definitely agreed, however, that there can be no allowance made to the Soviet Government ties; and that if later on the property is disagainst, first, either debts and financial obligations due to posed of, preference be given to former owners. foreign nationals; or. second, the right of such nationals At the same time a conditional offer of forregarding the return of their property and compensation eign credits was made to Russia through the for damage or loss in respect thereof. proposed international financial corporation A reply was not made to this communication j w"Ih •i c1h now Th as a cap•i it a1l i• zati i• on o/*f /£•» <2r% 0r\ ,*0"v i0"\ /0~v ,/0~\ /~0\ f0\ until April 21. In their reply of that date the j provided by a group of countries, including the Russian delegation claimed the complete remis- | five leading Allies, Canada, Holland, Czechoslosion of Russian debts, but, that failing, at least j vakia, Sweden, Norway, Spain, Switzerland, the reduction of war debts and arrears of inter- j and Denmark, est as well as the postponement of interest on I all debts; also the assurance that financial j GERMAN REPARATIONS. assistance would be given to Russia by the j Developments during the month as regards creditor nations. The note also stated that | German reparations have been of two main the Russian Government could not assume any sorts: (1) "Definite arrangements have been obligation with respect to the debts of made for the meeting of a subcommittee of the its predecessors until it had been officially Reparations Commission to consider the quesrecognized de jure by the interested powers. ; international loan for Germany, and tion of an At the same time the Russian delegation (2) Germany has stated that it is impossible stated that the home government "would be to put into execution the proposal of the ready to restore to their former owners the use j Reparations Commission that 66,000,000,000 of property, nationalized or reserved, under the i taxation in addition to g()ld marks bo raiscd b reservation that in the event of that being the sums already provided for in existing laws, impossible, satisfaction shall be given to the i discussion of the latter subject Morc compcte legitimate claims of the former owners, either | W JJJ be f oimd on pao . e 559 by mutual agreement arrived at indirectly j ' Certain more detailed information has been between both parties, or in virtue of arrange- obtained during the month regarding the ments to be worked out during the present March meeting of allied finance ministers in conference." Paris than was available when the April Since that time negotiations have been under BULLETIN was published. In that issue of the way among the Allies to reach a common agree- BULLETIN it was noted that the finance minisment regarding the question of Russian debts. ters of Belgium, France, Great Britain, and On May" 2 the formal reply of the Allies to the Italy had met in Paris to discuss common Russians was completed, but the Belgian and problems, and that they had agreed upon a French delegations refused to acquiesce in the division of the pjvyments in cash made by Gerconcessions which it contained regarding the many upon reparation account. Besides setrestitution of private property to original tling the matter of the division of cash payowners. The official text of the note is not yet ments the interallied agreement, which was available, but it contained the following terms signed at that time, takes up the matter of the on the subject of Russian debt: In the first armies of occupation, the division of German place, the Russians were called upon to "recog- payments in kind in 1922-, the \yiesbaden nize/7 war debts, but the Allies agreed not to agreement, the price of the coal delivered by press for payment now and to modify the Germany to France and Italy, the value of the amount when other international war debts arc Saar mines, and the reparation debts of dealt with. Secondly, it was requested that Austria and Hungary, The chief clauses in Russia meet pre-war national debts, but an this settlement are as follows: offer was made to have her capacity to pay and the method of payment determined by an After May 1, 1922, the armies of occupation in Germany are to include 19,300 Belgian, 15,000 British, and 90,400 international arbitral commission to consist of French troops. Germany is to pay for their maintenance one American, one Russian, and one repre- 102,000,000 Belgian francs, 2,000X00 pounds sterling, and sentative of interested nations. The greatest i 460,000,010 French irancs annually in equal monthly payrii'ffipnH-v ornqo rwor fho nnpstinn of thp hin ments. It is calculated that these sums will amount to (1 Jliculty arose o\ er tnc question, ol tne nan- o.ooo,OOO gold marks a year. The size of the army # about 22 dling ol private property situated, in Kussia occupation is to be revised the 1st of May each year, of belonging to allied nationals, the French and ; and Belgian, English, and French forces are to be enlarged Belgian delegations insisting upon the return | proportionately as the American Army is reduced. If the nf ontnol r™rnor«hir> fho nthvv AIIIPQ Vioino- actual cost of the armies of occupation is less than the estiol actual ownership, the otner Allies being l ^ efit by the difference. It t ed C0Bt> Germany t0 ben willing to accept long-term leases. An amend- j ided that army of occupation accounts in future ment was inserted as a ooncession to the i|s aarleso tporo bve kept separate from reparations accounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL BESEEVE BULLETIN. 551 Of the payments in kind to be made by Germany in 1922, and certain loans have been floated for other France is to receive 65 per cent, while of the amount European countries such as Czechoslovakia. remaining Great Britian is to receive 24 per cent and the other powers shares similar to those decided upon at Spa Germany and Russia, have thus far been unin 1920, with whatever adjustments are necessary in case successful in their attempts to raise funds in any one of the interested powers orders from Germany a London, but if an agreement is reached with quantity of goods less than its share. Russia, probably the first tangible result will be The signatory Governments approve the application of the Wiesbaden agreement for a x>eriod of three years, pro- the granting of credits to Russia, and similarly, vided that the goods delivered to France but not credited if the conferences of the subcommittee of the immediately to Germanv's account do not exceed 350.- Reparations Commission, which are to be held 000,000 gold marks in ] 922, 750,000.000 gold marks in 1923, in May, reach any practical conclusions, Gerand 750,000.000 gold marks in 1924, and that the amount remaining due at the end of 1924 (with interest stipulated many will probably receive an international in the original agreement) shall be deducted in ten equal loan. Investments, of course, benefit the trade annual payments, begining May 1, 1920, from the sum due of the lending as well as the borrowing counto France each year on reparations account. It was also try, since a large proportion of the loans raised agreed that similar arrangements might be made by any other power entitled to receive reparations, provided that are usually spent in the country lending the sums to be received by the powers other than Franco funds. Loans to Australia, New Zealand, and should not exceed 35 per cent of the deliveries in kind, to New South Wales (which form a considerable be made in 1922. portion of the loans floated during the past The agreement made on October 7, 1922, between Germany and France in regard to the price of the coal to be year), have probably stimulated the British delivered on reparations account was approved at this equipment industries directly and the textile meeting, and it was provided that a similar arrangement and other export trades indirectly. If Russia might be made between Italy and Germany. is able to raise a loan she, too, will doubtless It was also agreed that Germany should be credited on her account with France with 300.000.C00 gold marks, as require mainly capital goods for the equipment the value of the Saar mines, on the same conditions as of her factories and railroads, but other British those affecting payments in kind in 1922. If the value of industries will also be indirectly stimulated. the Saar mines, as eventually decided by the Reparation Germany, on the other hand, will doubtless Commission, should exceed 300,000.000 gold marks, the excess is to be settled by a transfer of class C repara- use any sterling loans she may raise for reparations bonds. The United States. Great Britain, and France tions payments. They will probably not be as will receive, on account, of their claims under the last direct a stimulus to British trade as Russian paragraph of article 232 of the Versailles treaty (paraor colonial loans, since the largest proportion graph which deals with Germany's assumption of Belgian war debts), bonds equal to the" nominal value of their of German reparations payments for 1922 and credits under this clause. The bonds are to include se- 1923 will go to France, who may or may not curities of the A, B, and 0 types in proportion to their increase her British purchases in consequence. representation in the total reparation debt. This disposi- In the period just before the war a larger tion is subject to the ratification of the United States Government. proportion of new British capital was being The Reparations Commission will fix the reparations invested outside the empire than within, but debt of Austria and Hungary, and German class C bonds in the post-war revival more empire loans have to the amount of the debt are to be distributed to the been floated than foreign loans. The figures powers concerned. The entire agreement is subject to the rights of the United States. published by the Statist, showing the relative size of foreign, colonial, and domestic capital It will be noted that this agreement makes issues during the past 10 years, are informing. no provision for the payment to the United As is shown in the following table, colonial States of the cost of the American armies of loan -flotations were approximately as large in occupation. At the March conference, how- 1921 as in 1913 (a record year), but foreign ever, the claim of the United States for $241,loans were only about one-fifth as important 000,000 (966,000,000 gold marks), for occupaas they were before the war. tion costs was presented for consideration. The memorandum was referred to the allied Governments, but no arrangement has yet CAPITAL ISSUES or THE UNITED KINGDOM. been made for the payment of the sum involved. [In thousands of pounds sterling.! ENGLAND. Home. Colonial. ; Foreign. BRITISH FOREIGN LOANS. . ! 1911 ' 32,2:14 60,932 103,040 During the past year England has again be- 1012 .• 51,291 61,407 i 95,635 99,569 , 97,958 gun to act as capitalist for the less developed ! m^;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;: 153;5-- 85,000 ! 70,000 countries of the world. Most of her funds have _ 860,314 75,000 ( 552,412 25.000 gone to the Dominions and Colonies instead ' i^T---••"-•--•-•• 14,927 ! 1,917 J 339^ 818 9,895 I 2,752 of to foreign countries, but in the last few , 1919!!!.....V......'.'.'.'.'.'.'.'.'.'.... 980,316 25,469 ! 26,098 months considerable sums have also been i }^o Y''['['.'.'.'.'.'."'.'.'.'.'. 413,505 43,513 j 24,142 279,831 91,803 I 21,166 raised for French railroads and departments, '_.._1^1"^1"_"_1"_1"__, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

552 FEDERAL, RESERVE BULLETIN. MAY, 1922. During the early months of 1922 there has "stability7' of the price level may have been been a continued boom in the colonial invest- reached, in which case violent advances or ment field, especially in Australian loans, which declines are not to be anticipated. The leading have totaled, almost £25,000,000 in three and a commodities to advance in price during March half months. The French railroads have raised were live stock and meats, a few cereals, iron about one-half this sum, while the Czecho- ore, coke, bituminous coal, cotton and cotton slovak Government has raised something under manufactures, as well as certain less important £3,000,000. commodities. Steel products, on the other British trade during 1921 was more pre- hand, as well as other finished and semifinished dominantly with the Dominions and the Colo- equipment goods, continued, to decline, but nies than in previous years, in part doubtless with the rise in the prices of raw materials in as a result of the large capital investments these lines it seems probable that an increase which have been made in these regions. Of is in prospect for the finished goods. Other total exports of products of the United King- important commodities to decline in price are dom, 42 per cent went to British colonies in anthracite coal, tin, copper, hides, and leather. 1921, as compared with 37 per cent in 1913 and Until the first week in March there was a 1920. Of course, a considerable portion of this steady appreciation of the value of sterling in trade consists of exports to India which are terms of dollars, but since that time the rate more apt to be goods ready for consumption, has fluctuated about the §4.40 to a pound point. such as cotton goods, than equipment materials. Under normal pre-war conditions this might Outlying sections of the Empire have also been have been considered a sign of equilibrium beproviding England with an increasing propor- tween the British, and American price levels, tion of her imports, which in turn have formed but at the present time, of course, it does not the basis for a highly profitable reexport trade necessarily mean that; although, as a matter in such commodities as wool and hides. Ex- of fact, the price levels of the two countries ports to Europe during 1921 were of smaller appear to be in fairly close equilibrium. The dimensions (in relation to other parts of the following table shows the course of sterling world.) than in 1920 or 1913, but were probably quotations weekly since the beginning of this on a more satisfactory financial basis than in year: 1919 or 1920. In the table below different sections of the export and import trade are STKRIJXC: TJXCITAN'(;K RATL:« ON XKW YORK. summarized according to geographical areas. fin dollars.] [In millions of pounds siorling.] High. Low. High. Low. Imports. Exports. llccxpori.s. Jan. 7 4.205 '1. JOS Mar. 4 •!. 444 -1.386 Jan. 14 •J, 23 4.209 i Mar.11 . •1.101 4.341 Jan 21 -1.2'^S 4. 201 1 Mar.18 4.403 4.276 ; 1GI3 ! 1920 ! 1921 i 1.913 1920 j 1.921 ! 191.3 : 11992201 Jan. 28 4.2I9 •1.20") . Mar.25 4.40! 4. 30(5 Feb. 4 4.33 4.250 Aor.1. 4.370 4.352 Feb. 1] 1.38") 4.313 Apr.8 4. 410 4.379 Europe 309 | J50 • 305 178 190 216 61 ! 136 70 Feb. 18 4,371 4. 3 -16 Apr.15 4.4>4 4.407 Other foreign coun- I Feb. 25 4 4JG 1 3S1 •\nr 22 1. -123 4.409 tries I 268 922 -J51 i 152 343 188 35 ; 61. British possessions.. j 192 560 331 ! 195 501 299 1.4 , 26 Total ! 769 ".1,932 ; 1,087 525 1,331 703 110 223 ! 107 LABOR DISPUTES. There have been other indications of an improvement in business conditions, such as in- E.XD OF PRICE DECLINE. creased production of pig iron and finished steel, In March the export trade continued to active export demand for coal (accompanied by increase, the total value reaching a sum of increased production), and large orders for £74,735,000, as compared with £68,509,000 in cotton goods from the Orient. The labor February. At the same time wholesale prices situation, on the other hand, has been disadvanced slightly (0.6 per cent according to turbing in the engineering and shipbuilding our index number) after 21 months of steady industries and has threatened to be so in decline. As there has been no important the cotton industry. Early in March the change in financial or industrial conditions, it members of the Amalgamated -Engineering seems probable that the rise in prices is merely Union were served with lockout notices by the the natural outcome of the process of com- Engineering Employers' Federation because of modity liquidation which has been going on the refusal of the union to recognize certain there, as here, for the past two years. It also "managerial functions'' that the employers seems possible that a condition of so-called claimed. The conflict is one concerning the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 553 right of employers to dictate working con- EXPENDITURES, APR. :i, 1921, TO MAR. 31, 1922. ditions, not one regarding wages or hours. fin thousands of pounds sterling.] Debt services 332, 294 Forty-seven other unions in the engineering and Road fund. 10, 795 shipbuilding lines became involved in the dis- Local taxation payments 11,172 pute because they too refused to recognize the Northern Irish exchequer J, .104 demands of the employers, but lockouts were Land settlement 2, (547 Other consolidated fund services !., 808 avoided because of their willingness to attempt Supply services 719, 307 to negotiate the question. At the same time a dispute arose between these unions and the Total 1, 079,187 Amalgamated Engineering Union over this very From these accounts it is apparent that the question of negotiations, the latter contending source of greatest revenue is the income tax that the employers had not offered a satisfac- and that the largest expense is that of the debt tory basis for compromise. At the present service, aside from the supply services (which, time, the lockout continues against the Amal- include Army, Navy, and all other civil servgamated Engineering Union, but the other ices). During the past few months there has unions are at work. In the shipbuilding been considerable agitation in England for the industry, this problem of the control of working reduction of the rate of the income tax, which conditions in industry is further complicated last year amounted to 3 shillings for every by a wage controversy. In the cotton in- pound sterling in the case of incomes of £500 dustry the employers gave notice of a 30 per to £1,000 and to 6 shillings for every pound cent reduction in wages at the end of March, to in the case of incomes of £2,500 and up (the take effect in one month. No stoppage of work latter not counting supertaxes). The rate was occurred, however, and in the negotiations which graduated from 2s. 3d. for the smallest taxable have followed the two parties agreed to a 16 incomes (i. e., below £500 per annum) on up per cent reduction in wages. to the higher rates. This meant a 15 per centtax in the case of the smallest incomes and a 30 per cent rate in the case of those of £2,500 PUBLIC FINAXCE. and up, after deductions were made. The abatement in the case of the unmarried amounts The British fiscal year 1921-22 came to an to £135, and in the case of the married to £225. end on March 31, but the budget for the coming- Before the war the income tax provided as year was not submitted to Parliament until large a share of revenue as now, but the indi- May 1. Total expenditures last year amounted vidual rate was relatively low. The tax was to "£l,079,000,0()0 (as compared with the steadily increased during the early years of the estimate of £ 1,146,000,000), while revenue came war and in addition the excess profits duty to £1,125,000,000 (as compared with the was added. The latter tax has not been apestimate of £1,217,000,000), leaving a balance plied during the past year; in fact, it has been or surplus of £46,000,000. This is far less than necessary for the Government to reimburse it was estimated could be saved a year ago, but taxpayers in cases where losses were sustained is more than was hoped would remain after the after the payment of the tax. The following unforeseen expenditures connected , with the table shows the proportion of the income and coal strike and unemployment. Receipts and excess-profits taxes to total revenue during expenditures were as follows: the past 10 years: REVENUE, Am. 1, 1921, TO MAR. 31, 1922. REYHXUE FROM PROPERTY AND IN'COMK TAX AND FROM EXCESS PROFITS DUTY. [Tn thousands of pounds sterling.] fin millions of pounds sterling.] Customs L30, 052 Prop- ! Excise 194, 291 erty and Motor-vehicle duties 1.1, 090 income j Per Excess- Per Total Income tax (including supertax ) 398, 887 i tax cent of profits cent of reve- Excess-profits duty.. T 30, 452 :(mdud- total. i duty- ; total. nue. • ing Corporation-profits tax 17, 51(5 ! supcr- Other inland revenue duties 74, 419 1 tax). — : _-, Year ending Mar. 31— Total tax revenue 856, 7J 3 1913...". 45 24 189 Post office 56, 400 191-1 •17 . 24 198 Crown lands 820 191") 69 i 30 ; : 227 1916 128 38 337 Sundry loans 13, 807 1917 205 36 140 21 573 Miscellaneous: 1918 240 34 220 31 707 Ordinarv 26, 334 1919 291 33 285 i 32 889 .1920 359 27 290 ! 22 l,3!0 SpeciaL 170,800 1921. 394 : 28 219 i 15 1, -120 1922 399 35 30 3 1,12") Total revenue 1,124, 880 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

554 FEDERAL RESERVE BULLETIN. MAY, 1922. The new budget—i. e., for the year begin- trading has been carried on privately at prices ning April 1, 1922—calls for expenditures of a few points below the Government prices of £910,060,000 and provides for revenues of 78.95 for the 5 per cent rentes and 64.60 and £910,775,000. To cut expenditures to this 64.25 for the 4 per cent series. The Finance figure it has been necessary to abandon tem- Minister decided to allow free trading at this porarily the plan for reducing the war debt time for the 5 per cent rentes only, but the and for providing debt sinking funds. Instead, experiment seems to have been successful and loans maturing this year will be met by re- wall probably be extended. On April 24 the borrowing. Presumably there will be no in- 5 per cent rentes were being quoted at 78.65. crease in the total debt as a result of these It had been rumored that the Finance Minoperations. The most important change in ister would introduce a bill allowing the free taxation is the reduction of the income tax export of capital from France, in pursuance of by 1 shilling in the pound sterling. In addi- his policy of freeing the capital market from tion, reductions have been made in the duty Government control. According to the law on tea, coffee, cocoa, and sugar, and the excise at present in force dealing in foreign securities tax on domestic sugar and molasses has been will not be allowed (except in the case of exrepealed. Postal and telephone charges have change transactions) until December 31, 1922. also been reduced. No change has been made in this law up to the present time. FRANCE. THE RECOVERABLE BUDGET FOR 1922. THE FISCAL POLICY OF THE FRENCH GOVERN- MENT. On March 23 there was distributed to the French Senate the report of M. Henri Berenger The present French Finance Minister, M. de on the "recoverable budget for 1922/' i. e., Lastoyric, was one of the most ardent critics the budget which deals with Government of the fiscal policy of the Government which expenses which, according to the Versailles preceded that of M. Poincare, and he assumed Treaty, are eventually to be met by Germany. office with a very well-defined fiscal policy of The budget provides for the expenditure of his own. The first step in the carrying out more than 22,000,000,000 francs, 8,000,000,000 of his plan was the reduction of the rate of francs to be borrowed and distributed to war interest on national defense and other treas- sufferers by the Credit National, 4,000,000,000 ury bills; the second involves the liberation of francs to be raised by groups of the "Sinisthe French investment market from Govern- trfis" themselves, and 10,300,000,000 francs ment control, and the third concerns the float- to be raised by the Government direct and ing of a consolidation loan. spent for reconstruction in the devastated dis- The reduction in the treasury and national tricts, for the expense of the armies of occupadefense bill rate was made on March 11 (as tion on the Rhine and in Upper Silesia, and noted in the April issue of the BULLETIN), and for pensions and military allowances. that reduction, together with the lowering of M. Bcrcnger's report took up the whole field the discount rate of the Bank of France, has of French finances, pointing out the favorable made for a general lowering of interest rates results of the March conference of the finance in the French market. A Paris cable of ministers by which France receives 140,000,000 April 2 recorded the fact that call money was gold marks of the 1,000,000,000 gold marks then bringing hardly 3$ per cent, and three paid last summer by Germany. According to months7 bills 3J per cent. The importance of an agreement made b}^ M. Doumer in August, the reduction of the treasury bill rate and at 1921 (which was never ratified by the French the same time the necessity for a consolidation Government), France received no part of the loan is emphasized by the fact that at the end sum. The report emphasizes the need of of December, 1921, there were national defense France for payments from Germany and recand treasury bills outstanding to the amount ommends that a debt commission be established of 65,420,345,000 francs and that the net issue in Berlin as part of the Reparations Commisduring January and February amounted to sion and that German customs be mortgaged 1,772,000,000 francs, making a total of approx- for the benefit of payments on reparation imately 67,000,000,000 francs outstanding at account. the end of February. The recoverable budget for 1922 was passed The market for French war bonds has been on March 31, and a day or so later a request was regulated by the GoArernment ever since their made in the Chamber of Deputies for additional issue, with the result that the sales recorded credits on account of 1921 expenses to the on the bourse have been very small, and that amount of 2,000,000,000 francs. This request Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1&22. FEDERAL RESERVE BULLETIN. 555 roused a storm of protest in the chamber, par- was little change in the national income in ticularly because it duplicated the experience of France in 1921. Prices fell in that year, but last year in regard to the 1920 budget. (The agricultural and mineral production increased, deficit in the 1921 account was smaller than the and it seems safe to assume that the average 1920 deficit, however.) This circumstance lent Der capita income in 1921 was very near the especial interest to the bill, which came up figure of the year previous (i. e., 3,200 francs). before the Chamber of Deputies on April 8, In Germany in 1921 the volume of production which would make the bureau chiefs concerned was probably about the same as in the year prepersonally responsible for the expenditure of vious, but prices in terms of paper marks were sums not authorized by law. At the request considerably higher than in 1920. The cost of of the Finance Minister, however, the consider- living was on the average 15 per cent greater ation of the bill was postponed, on the ground than in 1920, and wholesale prices were 18 per that it would be difficult to administer. It was cent higher. Using the latter figure and the even suggested that the unauthorized expendi- League of Nations estimate for 1920 income tures had been inevitable, because credits had (3,900 marks), the resulting estimate for 1921 is been reduced by the Parliament without proper 4,602 marks. On the basis of these figures, it consultation with bureau chiefs. seems that the average Frenchman paid 16 per cent of his income in taxes in 1921, while the av- INTERALLIED DEBTS. erage German paid 28 per cent of his income. The French Government does not expect to in- On April 9 Great Britain sent a note to the crease taxes at the present time, but German French Government reserving the right to retaxes increased, steadily during 1921, and new quest the payment of interest on the French taxation has recently been enacted by the war debt to the British Treasury. If this note Reichstag. is followed b.y a request for interest, it will undoubtedly necessitate a revision of the French DELIVERIES IN KIND FROM GERMANY TO FRANCE. budget for 1922. On October 6, 1921, M. Loucheur, who was TAXATION". then reconstruction minister for France, and Dr. Rathenau, who held the same position in French tax receipts continue to fall below Germany, signed at Wiesbaden an agreement budget estimates. In January the deficit in providing for deliveries of reconstruction mareceipts from indirect taxes and Government terial to France during the next four and onemonopolies was 99,000,000 francs and in Febhalf years. Under this agreement (which was ruary it reached 241,000,000 francs. The defdescribed at some length in the January issue icit in February was larger than it had been of the BULLETIN) deliveries of goods were to be for several months previous, and receipts made by a company of producers organized by amounted to only a little more than 80 per the German Government to a society reprecent-of the total expected. senting the French "Sinistrfe." Orders for There has been much comment in recent material were to pass through the offices of months on the relative burden of taxation in these two groups, and prices were to be fixed Franco and Germany. In the calendar year by negotiations between them. The Wies- 1921 tax receipts alone totaled 20,042,901,000 baden agreement was not approved by the allied francs in France and 75,416,264,000 marks in Governments until March 11, 1922,1 and at that Germany. (Neither of these figures include time it was provided that other Governments receipts from Government monopolies.) In entitled to reparation payments might make other words, the average tax paid per person in similar arrangements. In anticipation of this 1921 in France was 501 francs and in Germany action the Reparations Commission had sent a 1,257 marks. If these figures are reduced to a representative to Berlin (M. Bemelmans, of gold basis, the results show that the average Belgium), to negotiate with the German Gov- Frenchman paid his Government $37.35 in ernment as to the terms under which such de- 1921, while the average German paid only liveries might be made. The agreement arabout $15.22. This difference seems most ranged by M. Bemelmans on February 27,1922, unfair at first glance, but if the taxes paid are provided that orders for reconstruction matecompared with income received, it is more easily rial should go directly from the war sufferer understood. desiring German goods to the producer in Ger- Satisfactory figures on the national income in many, and that the amount with which Ger- France and Germany in 1921 are not available. many should be credited on reparations account The best that can be done is therefore to adapt for this particular delivery (with a few relathe 1920 figures prepared for the League of Na- tively unimportant exceptions) should be negotions7 financial conference in Brussels in Sepber of that year. It seems probable that there Soe p. u50. 102784—22 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

556 FEDERAL RESERVE BULLETIN. MAY, 1922. tiated between the producer and the future riod in 1919-20. The increase this year thus user of the goods. The Bemelmans agreement amounts to about 20 per cent over 1920-21, also provided for the delivery of German goods and more than 85 per cent over 1919-20. to " nonsinistres" in the countries entitled to As regards the proportion of revenues dereparations payments, but in such transactions rived from the several classes of taxes, the latest the beneficiary would be required to pay a cer- data available refer to December, 1921. The tain percentage of the purchase price (some- yield from the several sources in the first half times as much as 90 per cent) in cash in the of the current fiscal year and in the correspondcase of manufactures for which raw materials ing periods of the two preceding years is shown have to be imported into Germany from abroad. in millions of lire in the following table: This latter arrangement seemed to the French Government more advantageous than that provided for in the Wiesbaden agreement, July-December— and after the meeting of the Finance Ministers in Paris early in March a representative of the 1919 1920 1921 I French Government was sent to Berlin for the | purpose of applying the Bemelmans provisions T D a ir x e e c s t o ta n x b es usiness (registry and stamp 1,112 : 1,670 2, 321 to the Wiesbaden agreement. The resulting duties, inheritance tax, luxury taxes, etc.) 585 843 1,100 Franco-German agreement, signed at Berlin Consumption taxes 560 872 i 827 March 15, 1922, provides for direct transac- Government monopolies 1,019 1,582 I 1,902 tions between French consumers and German Total. 3,.276 | 4,973 • 6,150 producers on favorable terms. In consequence of all these negotiations a Direct taxes.—As is seen from the table above, law has been proposed in the Chamber of Depu- the largest increase has taken place in direct ties ratifying the Wiesbaden and Berlin agree- taxes, the vield this year having been more ments and authorizing the French Government than double that of 1919-20. The growth of to fix by decree the customs duties to be the absolute and relative importance of dicharged on deliveries in kind from Germany to rect taxes in the last two years has been in line France. In the preamble of the bill proposing with the general tendency of taxation in Italy this law, it is pointed out that a French pur- since the beginning of the war, as is apparent chaser desiring to obtain reconstruction mate- from the following table showing the revenues rial from Germany will consider the price derived from the several classes of taxes in charged by the German producer, the freight each fiscal year since 1913-14. from the frontier to the place where the material is to be used, and the customs duty before AMOUNT AND PERCENTAGE OF REVENUES DERIVED FROM ordering German goods. It is evident that if THE SEVERAL CLASSES OF TAXES IN EACH FISCAL YEAR the sum of these three is more than the price FROM 1913-14 TO 1921-22. charged by a French producer that the order [In millions of lire.] will not be placed in Germany. However, the tariff rates at present in force always bring the 1913-14 1914-15 1915-16 1916-17 ' 1917-13 total cost to a figure higher than the French price. It is therefore proposed to reduce the I § general tariff as it applies to deliveries in kind, ! I after consultation with the minister of the liberated regions, and representatives of the vari- Direct taxes 541 592 31 721 .3_11.1,058 3311,532 37 ous French producers and the "Sinistres." Consumption taxes... 621 462 25 6411 27 922! 28! 970 23 T G a o x v e e s r n o m n e b n u t s i m ne o s n s op- 294 299 16 338 14 448 14: 589; 14 ITALY, olies 500 25 518 28 659 28 796 251,0811 26 Total I,9o6| 100J 1,871 100:2,359 100 3,224 100l4,172J 100 REVENUES FROM TAXATION. In the first nine months of the current fiscal July-Deyear (July, 1921, to March, 1922) Govern- 1918-19 1919-20 1920-21 cember, 1921. ment revenues from the principal taxes and monopolies aggregated 9,180,000,000 lire, which seems to justify the Government estimates of last December, in which a revenue of 12,000,- 000,000 lire was anticipated from these sources j for the entire fiscal year. Revenues from the | Direct taxes | 2,066 38 2,334 32 4,067 2,321 38 Consumption taxes j 1,033 19: 1,205 17! 1,608 827; 13 same sources totaled 7,620,000,000 lire for the Taxes on business. 813 15 1,298 181 1,915 1,100! 18 first nine months of the preceding fiscal year, Government monopolies... 1,472 2S; 2,372 33| 3,417 1,902 31 and 4,950,000,000 lire for the corresponding pe- Total. 5,384 100 7,209 10011,007 6,150 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 557 It is thus seen that the fiscal provisions made The reform was to become effective in January, since the war have resulted in increasing reve- j 1921, but its enforcement was postponed, first nues from the principal taxes by some 9,000,- j until 1922 and then for another year. In the 000,000 lire, or more than 460 per cent, between meant*i-m"--e- x t l h e o-1 ld J x t ax- es remain -i-n '—force and a 1913—14 and 1920-21, while completely chang- number of new temporary and emergency taxes ing the respective positions of the several have been added to those enacted during the sources of revenue. Neither the increase nor war. These factors account for the growth of the change, however, has been the result of a ! revenues from direct taxation in 1920-21. systematic revision of the pre-war taxation I In view of the postponement of the applicasystem. The most important of the new taxes tion of the progressive income tax, a temporary introduced arc of a temporary character. progressive surtax on incomes over 10,000 lire Certain emergency provisions, however, simply was introduced in 1920, which yielded increase the rates of the old taxes or establish 66,000,000 lire in 1919-20, 89,000,000 lire in new taxes as additions to the old ones. This 1920-21, and 89,000,000 lire in July-December, has led in many instances to a further aggrava- 1921, the rate having been doubled last year; tion of the universally admitted deficiencies of 150,000,000 lire are expected from this source the tax system. This is true above all with re- in 1922-23. gard to direct taxes, of which the only ones of a permanent character are the three old EXCESS WAR-PROFITS TAX. taxes on land, buildings, and incomes from movable wealth. The unsatisfactory working The most important tax is still that on excess of these taxes, especially of the last mentioned, war profits, enacted in 1916. It has been supwith regard to the methods of assessment and plemented, beginning with 1920, by a tax on collection, which was recognized long ago as the capital increments due to the war, and, finally, basic weakness of the Italian system, has been a law which was made effective beginning with demonstrated more obviously than ever since April, 1921, provided for the confiscation of all the war. In fact, in spite of several increases excess war profits realized between August 1, in rates and of other provisions enacted during 1914, and June 30, 1920, including those derived the last few years with a view to securing a from a number of industries hitherto exempted larger yield, the increase of revenues from the from the excess-profits tax (merchant marine, tax on incomes from movable wealth (from hydroelectric plants, etc.). The combined 346,000,000 lire in 1913-14 to 935,000,000 lire yield from the excess-profits tax and the capital in 1920-21) has been greatly out of proportion increment tax has progressed as follows: to the general advance in values since 1914. Lire. In 1921, it is true, there could be observed a 1916-17 108, 000, 000 notable tendency toward an increase in the 1917-18 452. 000, 000 yield of-the tax, due to certain improvements 1918-19 806, 000, 000 in the method of assessment. ,, 1919-20 1, 047, 000, 000 ^920-21 2, 014, 000, 000 July-December, 1921 998,000, 000 THE NEW INCOME-TAX LAW. The estimates for 1922-23 anticipate a reve- A plan for the general revision and simplifica- nue of 900,000,000 lire from this source. tion of direct taxes, with a view to making them a permanent part of the tax system, was em- CAPITAL LEVY. bodied in a bill introduced by Minister of Finance Meda in March, 1919, which was enacted, The character of the capital tax, which was with some modifications, by royal decree of originally intended as an extraordinary levy de- November 24, 1919. Under the terms of this signed to facilitate the financial liquidation of decree the three old direct taxes are abolished, the war and the redemption of the war debt, as are also a number of minor direct taxes intro- was considerably modified when the tax was duced since the war, and these are replaced by a enacted, in April, 1920. In its present form, general income tax, which consists of a "nor- with payments extended over a number of mal" proportional tax on the several classes of years, it has become rather a tax on income incomes, and of a "supplementary" progressive assessed on the basis of capital possessed. The personal tax on the total income. Provision payment is to be effected in 10 years for such has also been made for an improvement of the estates, in case three-fifths or more consists of methods of ascertaining the taxable income. movable wealth, and in 20 years for other es- In the original plan it was proposed to supple- tates. The rates of the tax range from 4.50 per ment the income tax with a moderate tax on cent on 50,000 lire to 50 per cent on 100,000,000 capital, but this feature was later eliminated, lire and above, and the annual rate, under the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

558 FEDERAL RESERVE BULLETIN. MAY, 1922. 20-year payment plan, from 0.225 percent to 2.5 from this source in 1920-21. An " extraordiper cent. A discount at 6 per cent compound nary personal war contribution77 has been interest is granted for advance payments, and levied since 191.8 as an addition to the taxes further advantages and facilities have been on land, on buildings, on income from movable granted by a recent decree to those who choose wealth, and on incomes of directors and officers to pay off the entire amount of the tax within of corporations. Finally a "contribution for two years. the benefit of disabled soldiers and of war The revenue from the capital tax has been widows'7 was established in 1920, as a 5 per much below the amount anticipated. It cent addition (now increased to 15 per cent) yielded 483,000,000 lire in 1920-21, whereas a to the three old direct taxes, as well as to the yield of 500,000,000 is anticipated for 1922-23. registry and documentary, stamp duties; this The low yield is accounted for by the defects of tax is" expected to yield 200,000,000 lire in assessment (which has thus far been based ex- 1921-22 and 450,000,000 lire in 1922-23. clusively upon uncontrolled statements of the taxpayers), and the future productivity of the TAXES ON BUSINESS. capital tax depends largely upon the extent to which the compulsory registration of bearer se- An important source of revenue has been curities is enforced. This provision, which was found since the war in the so-called "taxes on the subject of protracted discussion in connec- business,77 which increased about 550 per cent tion with the projects of a capital levy, of a tax between 1913-14 and 1920-21. However, the on capital increments, and of a general income exceptional growth of revenues from this source tax, was enacted by a law of September 24, in 1919 and 1920 was not due so much to an 1920, for all securities, with the exception of increase in tax rates as to an expansion of short-term treasury bills and of treasury bonds business transactions. This is true, in parof short maturities. The law, however, has not ticular, with regard to the registry and docubeen enforced so far. A decree of June, 1921, mentary stamp duties, which amounted, rewhich contained regulations for the compulsory spectively, to 454,000,000 lire and 344,000,000 registration of all securities except bonds of the lire in 1919-20, as compared with 94,000,000 National Government was repealed two months lire and 82,000,000 lire in 1913-14. Beginning later. with 1921 business depression has resulted in a decrease of revenues from these sources. Documentary stamp duties yielded 139,000,000 lire MISCELLANEOUS OTHER DIRECT TAXES. in July-December, 1921, against 168,000,000 In expectation of the enforcement of compul- lire in the same months in 1920 and an original sory- registration, profits derived from bearer estimate of 365,000,000 lire for the whole fiscal securities have been subjected to special taxa- year 1921-22. The aggregate amount derived tion. The 2 per cent tax on dividends, interest, from taxes on business in July-December, 1921, and premiums on securities other than National totaled only 1,100,000,000 lire, while the Government bonds, was advanced for bearer se- amount originally anticipated for the fiscal year curities to 5 per cent in November, 1919, and to as a whole was 2,800,000,000 lire. The increase 15 per cent in April, 1920. In his first program over last year of 257,000,000 lire, or over 30 statement before Parliament Premier Facta per cent, was due to the extent of 107,000,000 announced the impending extension of this pro- lire to the "stamp duty on the sale of luxuries vision to Government bonds to bearer as well. and on exchanges,77 which is a limited sales A bill to this effect was introduced by the Gov- tax administered for the first time in 1921; its ernment last March. The revenue from this yield, however, in the first six months of this tax amounted to 23,000,000 lire in 1920-21 and fiscal year amounted to only about 30 per cent to 22,000,000 lire in the first half of 1921-22. of the 350,000,000 lire anticipated for the The special tax on incomes of directors of whole year. corporations, enacted during the war, has been Inheritance taxes were considerably insupplemented since 1918 by one on compensa- creased in the autumn of 1920. However, tion paid by corporations to their executive revenues from these taxes in the first half of officers in any form in addition to their regular the current fiscal year were far below what salaries. Both taxes are progressive. The was anticipated (100,000,000 lire, as compared so-called "war centime77 contribution, estab- with an anticipated total of 300,000,000 for lished during the war as a levy on payments the whole year), which is attributed chiefly to received from the Government and as an addi- the nonenforcement of the registration of tion to direct taxes, is now levied as an addi- bearer securities. Accordingly, the estimates tional 1 or 2 per cent tax on incomes subject for 1922-23 are 100,000,000 lire below those to direct taxes; 144,000,000 lire were obtained for 1921-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 559 In spite of the new stamp duties instituted imports, and further increases are anticipated last fall, revenues from the whole group of in 1921-22 and in 1922-23 as a result of the "taxes on business" figure in the estimates for enforcement of the new tariff. It should be 1922-23 for nearly 400,000,000 lire less than in observed that the import duty on grain, which those for 1921-22. formed about 25 per cent of the total customs receipts before the war, has been suspended since 1915. CONSUMPTION TAXES AXD GOVERNMENT MO- NOPOLIES. THE 1922-23 BUDGET DEFICIT. The tobacco monopoly has proved a very elastic source of revenue. Beginning with The budgetary estimates for 1922-23 antici- September, 1915, prices were advanced every pate a deficit of 3,000,000,000 lire, as compared few months, and the gross revenues, which were with a deficit of 11,000,000,000 lire in 1920-21 350,000,000 lire in 1913-14, amounted to and one of 5,000,000,000 lire anticipated for 2,435,000,000 lire in 1920-21, and to 1,330,- 1921-22. The improvement will appear even 000,000 lire in the first half of 1921-22. Allow- more considerable if it is considered that in ance must be made, of course, for the costs of drafting the budget of 1922-23 the Government manufacture and of acquisition, which increased did away with all so-called "special accounts/' from 72,000, 000 lire in 1913-14 to 661,000,000 so that the expenditures included in the budget lire in 1919-20. approach the actual total expenditures to be The several commercial monopolies insti- incurred during the year much more nearly than stuted in 1919 (sale of coffee, of coffee substi- has been the case in any of the recent years. tutes, and of electric lamps) yielded a gross On the other hand, with regard to future revenue of 453,000,000 lire in 1919-20, of prospects for budgetary equilibrium, it is a fact 523,000,000 lire in 1920-21, and of 311,000,000 of the utmost importance that at present the lire in July-December, 1921. These monop- most important sources of revenue are of a olies have now been abolished and replaced by temporary character, while the deficit is due taxes, which are expected to give larger returns in large part to expenditures of a permanent to the treasury. nature. Another new consumption tax of first im- The heaviest charges arising directly from portance is the tax on wine, which was for the war have been eliminated. The combined the first time enacted, in spite of considerable expenditures of the ministries of war and of opposition, in 1920, and yielded 311,000,000 the navy, which amounted in 1920-21 to lire in 1920-21. It was originally established 5,100,000,000 lire, including 3,000,000,000 lire at a rate of 10 lire per hectoliter, which was for extraordinary expenditures, have been raised to 30 lire in February, 1921, and reduced reduced to 2,500,000,000 lire, of which only to 20 lire in July. The question of the wine about 600,000,000 lire are extraordinary extax, of its further increase or reduction, and penditures. The Government administration as to whether it shall be maintained at all, of food supplies has been discontinued, and still remains a subject of discussion. Government control of the merchant marine Otherwise the increase that has taken place is rapidly diminishing in scope. While some since the war in revenues from consumption of the large expenditure items included in the taxes is due primarily to excise taxes and to budget arc of a temporary nature, such as customs duties. The increased yield from the those referring to the reparation of war damformer (especially from the taxes on produc- ;es or to the. restoration of the merchant tion of sugar and of alcohol) was due to a great marine (which together amount to over extent to larger consumption and the economic 1,800,000,000 lire), there are others which are depression has resulted in a certain decline in bound to be maintained or to continue to 1921. However, as a result of the increased increase for a number of years to come. Thus rates of some of these taxes, especially of those an expenditure of 1,650,000,000 lire is anticion alcohol and on beer, which were decreed pated on account of war pensions. The public last fall, the revenues from this source are debt charge totals 5,200,000,000 lire, with anticipated at nearly 1,000,000,000 lire in interest on the foreign debt put at 1,100,000,000 1922-23, as compared with 625,000,000 lire in paper lire. Salaries of Government employees 1920-21. exceed 5,000,000,000 lire. CUSTOMS REVENUES. No further increase in taxation is believed possible, according to repeated statements Revenues from customs duties increased from by members of the Government. Budgetary 343,000,000 lire in 1913-14 to 525,000,000 lire equilibrium is . expected from economy in in 1920-21, owing chiefly to the growth of expenditures and from the enforcement of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

5(50 FEDERAL RESERVE BULLETIN. MAY, .1022. general reform of direct taxes. The roost im- takings should in future be operated, on a sound portant measure enacted with a view to effect- financial basis; that the proceeds of the forced ing economies in administration has been the oan should be used within Germany; that a civil service reform of 1921. However, ac- minister of economy should be appointed, cording to former Minister of the Treasury whose business it should be to reduce Govern- De Nava, the largest annual economy that ment expenditures; and that inflation should may be expected from the application of this be reduced. The Government accepted these reform is 300,000,000 lire. On the other hand, conditions. it is uncertain whether it will be possible to On March 16, at the second reading of the enforce the taxation reform in 1923, in view new tax law, Doctor Hermes, who had been of the difficulties implied in the building up of definitely appointed Finance Minister a few the required administrative machinery. days before, submitted to the Reichstag the compromises adopted in the conference of the GERMANY. 10th, and, after a long debat.e, they were approved. The new law, however, had not THE TAX COMPROMISE. reached its third reading before the Reichstag when the March 21 note of the Reparations When the German budget for 1922-23 was Commission was received by the German Govpresented to the licichstag at the end of Janu- ernment. The principal items in this note ary, it provided for receipts from taxes of were outlined in the last issue of the BULLETIN. 103,000,000,000 paper marks. However, the The most important requirement as regards taxes in force at that time did not yield suffi- taxes was that laws should be enacted before cient revenue to make up this total. In the May 31 increasing tax receipts in the current first 11 months of the fiscal year 1921 tax re- year to an amount of 60,000,000,000 paper ceipts totaled 73,000,000,000 paper marks, marks above the total provided for in the 1922 which will probably mean about 80,000,000,000 budget (103,000,000,000 paper marks). The paper marks for the entire year. In a note of note caused considerable discussion in German January 27 to the Reparations Commission political circles, partly because of this demand the German Chancellor stated that a bill was in regard to taxes, and partly because of the uiJt; vjnjx.ij.j-cti.ij. V/JictJXV/i.~a.iv^L oiat'ou Linn; a UILI. then before the Reichstag proposing a ffoorced clause which stated that a subcommittee of the loan for 1,000,000,000 gold marks; ((wwhhiicchh wweould, Reparations Commission would come to Berlin he estimated, mean about 40,000,000,000 paper to administer German Government finances. marks), and new taxes which would, bring On March 28 Chancellor Wirth came before Government receipts to the total indicated the Reichstag to explain his position in regard above. to the demand for a further increase in taxes. As a matter of fact, a iinal decision regard- He said: ing the details of this law was not,reached until March 9, when representatives of the Social The meetings of the Reichstag for the past week have been taken up by a consideration of the new tax .law to Democratic, Center, and Democratic Parties, which the Government is pledged in political circles both the Bavarian People's Party and the German at home and abroad. The very term by which the law People's Party conferred with the President, is known, "the tax compromise," recognizes the fact that a the Chancellor, the Foreign Minister, Doctor tax program which, would receive a parliamentary majority in this period of business disorganization was achieved Ttathcnau, and the Acting Finance Minister, only after many unsuccessful trials. The parties which Doctor Hermes, in regard to its provisions, support the compromise from both the left and the ri^ht and 14 new taxes were agreed upon. Even at have subordinated important political and economic inthe time of this conference, however, some terests in working on these 14 new taxes, and by including the forced loan in the law have assured the" Governquestions in regard to the forced loan remained ment of a billion gold marks, which will be paid, for the to be settled. most part, in 1922. The tax compromise agreed on at this time The Government and the parties concerned hoped that differs from the original proposals of Chancellor this reorganization of finances would further the foreign policy of'the State, solve the important problem of repa- Wirth in several ways. The tax on postwar ration deliveries, and result in achieving a reasonable increases in wealth was abandoned, the sale equilibrium between Germany's economic capacity and tax was reduced to 2 per cent, and the coal tax her obligations. * * * The new program for reparawas made 40 per cent on the selling price in- tion payments in .1922 conveyed in the Reparation Commission's note of March 21 would seem much more possistead of the 50 per cent as originally proposed. ble of fulfillment than any previous plan were it not for The German People's Party agreed to the new the clause which requires that tax receipts in the fiscal series of taxes only on condition that the funds year 1922-23 be increased by another 60,000,000,000 paper accruing from the forced loan should not be marks. These new taxes are to be voted before May 31 and put into effect, and 40,000,000,000 paper marks are to applied to the deficit in the accounts of the be collected this year. Before any further consideration, Government monopolies and that these under- I must say, in the name of the Government, briefly and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 561 simply that this is a wholly impossible condition. Every- in Germany of the armies of occupation. Acone in this House will agree that such a possibility could cording to these figures the total is 11,400,000,not be considered seriously. 000 gold marks. In other words, the goods A reply to the Reparations Commission's and paper marks furnished to the armies in demands of March 21 was not dispatched, how- Germany have amounted to almost 5,000,000,ever, until early in April, and when it was sent 000 gold marks. According to this same unit emphasized the impossibility of further in- official source, the purposes to which these creases in taxes, as well as the German Govern- payments have been put are as follows: ment's objections to foreign control of German finances.1 EXPENSES IN CONNECTION WITH THE ENFORCEMENT OF THE VERSAILLES TREATY. PAYMENTS ON REPARATIONS ACCOUNT. [In thousands of gold marks.] The schedule of 1922 reparations payments included in the March 21 note required that Authorized purchase-of food and raw materials for Germany 3, 800, 000 Germany pay a little more than 18,000,000 gold Repayment of advances made to Germany marks on April 15. A cable dispatch from in connection with deliveries of coal ". 390, 000 Paris dated April 22 records the fact that the Expenses of the armies of occupation up to German Government has paid the sum due on May 1,1921 (including those of the American Army) 3,100, 000 that day. Paper marks and various deliveries (canton- On Starch 8 the Reparations Commission ments) for armies of occupation up to May made public a revised statement of German 1, 1921 ". 1, 080, 000 payments up to December 31, 1921. The re- Expenses of interallied commissions chargeable to Germany 110, 000 vised statement is as follows: Total 8, 540, 000 GERMAN PAYMENTS (NOV. 11, 1918, TO DEC. 31, 1921) NOT INCLUDING DELIVERIES OF PAPER MARKS OR COMMODI- From the 1st of January, 1922, up to the TIES TO THE ARMIES OF OCCUPATION. time these announcements were made (Mar. 9) [In thousands of gold marks.] Germany had made deliveries on reparations account in kind worth about 60,000,000 gold I. In gold or foreign bills: marks and in cash of 186,000,000 gold marks. (a) Payments made by Germany up to Dec. 3L J921...: . .... 1,041,419 When these sums are translated into terms of (b) Receipts from other sources credited paper marks they reach quite fantastic figures to Germany's account— and they account for a large part of the Ger- (1) Payment made by Denmark man Government's expenditures in the last for cession of part of Schleswig-Holstein (J5, 000 three }^cars. The following table gives the (2) Sale of destroyed war material.. 40, 960 latest estimate of Government expenditures in (3) Sundry ." (557 1921-22: {<:) Receipts arising from the reparation recovery act 30, \ 36 GERMAN GOVERNMENT EXPENDITURES FOR THE YEAR L. 184,172 ENDING MARCH 3.1, J922. II. Deliveries in kind: [In thousands of paper marks.] (a) Made to the allied and associated powers 2 2, 760, 250 General administration (including expenses (b) Sold to Luxemburg, and to the in connection with the Versailles Treaty)'.. J55, J05, 300 United States Textile Alliance... 2 39, 092 Service of debt 20, 399, 200 Subsidies 12, 787,100 2 2,799,342 Total 188, 291, 600 Total of available receipts 2 3, 983,514 III. Value of State property in the ceded FOREIGN EXCHANGE. territory according to present evaluations, excluding the property ceded in Schleswig-Holstein included in 1(6)... 2 2,504,342 German industrial life has been complicated during April by the violent fluctuations of General total 2 G, 487, 856 mark exchange. The low point for the month On the same day that these figures were re- was reached on April 3, when the quotation leased by the Reparations Commission, there of the mark was 0.31 cent, and the high point appeared in Paris newspapers an estimate of on April 24, when it stood at 0.44 cent. The the total amount spent on reparations account rise in the rate produced as usual a season of by Germany in this period, including the cost great gloom on the Berlin Stock Exchange. The feeling of depression was intensified by the lFor discussion of por capita tax rate in Germany, too p. ;"-">o. fact that German internal prices have risen s Still provisional,' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

562 FEDERAL RESERVE BULLETIN. MAY, 1022. steadily and rapidly in the last few months. New budget proposals have been submitted The general price level has not yet become regularly for five years and subjected to proadjusted to world prices, however. The ex- longed discussion, but none has been approved treme price increases which have occurred in and passed by Congress. Instead, the same the last few months have not entirely made budget—with certain indispensable increases up for the decline in the foreign exchange and modifications—is renewed each year by value of the mark. On May 1 the wholesale passing special monthly apportionments known price index number of the Frankfurter Zeitung locally as "duodecimos" or one-twelfth of the registered 6,573, as compared with 100 in the previous budget. middle of 1914. If this index is reduced to a In February of this year the budget comgold basis (using 1.45 as the per cent of par of mittee of the Chamber of Deputies submitted the mark in New York during April) it records its proposals for the Government program for German internal prices in terms of gold on that 1922. It was at once suggested that in view date as 95 as compared with 147 in the United of the lateness of their presentation and the States and 151 in England. lack of all data and facilities necessary to carry out the far-reaching innovations of the new ARGENTINA. scheme, the 1922 estimates be discarded and their place taken by the 1921 administrative Recent reports indicate that economic con- balance sheet. As a matter of fact, two ditions in Argentina, while still far from nor- "duodecimos," or one-sixth of the 1921 total, mal, are gradually improving, due to an in- had already been voted to cover revenue colcreased demand for the leading export com- lections and official outlay (hiring the months modities, notably cereals, hides, and wool. of January and February which had elapsed. Export prices have risen as a consequence, The political situation was undoubtedly rethose for cereals being about 10 per cent higher sponsible in large measure for lack of immedithan at the beginning of the year, while stocks ate action on the new budget, as elections for of commodities on hand awaiting shipment are president and vice president, for one-half of much lower than at this time a year ago. Ex- the total membership of the National Chamber ports of beef, however, are far below those of of Deputies, and for a part of the membership the corresponding period in 1921. Import con- of the National Senate took place in April, ditions show little change, though stocks of and nothing definite could be enacted until imported merchandise on hand have been these were out of the way. The new budget gradually reduced until they are now reported proposals arc, however, interesting, as an indito be about normal. There is general con- cation of the enormous increase in Government fidence that the economic; situation, though expenditure in recent-years, and as showing temporarily unstable, is fundamentally sound. the general official attitude on the subject of taxation. NATIONAL FINANCES. The National Government is, on the whole, REVENUE AND EXPENDITURE OK TITK AUGISNTLNU in a rather unfavorable situation financially, NATIONAL GOVERNMENT. being handicapped by its fiscal system. At the present time the most urgent problems con- [Paper.] fronting the Government are the consolidation of the floating debt and the preparation of an Year. N re a v t e io n n u a e l . expe T n o d ta it l ure. JMieit. adequate budget scheme which will enable the administration to meet current expenses and 1913 ! 319.299,429 403,438,978 -54,1.39,549 interest and amortization charges. The former 19 L1 250,067, 601 419,639,608 -169,572,007 1915 1 230,251,286 399,928,985 -.169,677,699 question—that of consolidating the floating 1916 • 232.585,318 374,645,598 -.142,060,280 1917 1 228.213,855 389.571,152 -161,327,297 debt—has been under discussion for the past 1918 297,573,216 42J, 053,107 -]23,479, 891 five years and various plans have been put 1919 i 368,365,575 \ 429,000,000 -60,000,000 1920 ; 479. 487,026 j 482,665,365 -3,178,339 forward, among others a foreign loan and a 192! , I 182,000,000 ! l 512,910,075 -30,910,075 national lottery loan. So far no definite con- 1922 j | 2 r)9g 9"^ ;-)05 . clusion has been reached and it is unlikely that 1 Estimated expenditure. 1 Budgeted expenditure. there will be any solution in the immediate future, certainly not before next autumn, when J922 BUDGET PROPOSALS. the present administration leaves office. The same is true of what is called an "equilibrated" The total expenditure for 1922 is estimated budget; that is to say, one under which total to be $599,956,505 (paper), as compared with revenues at least equal total expenditures. an estimated expenditure of $512,910,075 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AFAF, 1922. FEDERAL RESERVE BULLETIN. 563 (paper) last year, or an increase of over CUSTOMHOUSE COLLECTIONS AT ARGENTINE PORTS. $87,000,000, distributed as follows: [Cold pesos.] ( I p n a p ca e s r h ). I ( n p a b p o e n r d ). s Year. I d m ut p i o es rt . E d N u i p ic o s r . t Administrative expenditure $398,856,507 i. 1913. §199,167,701 fcrervico of public debt 128,736,485 \. 1914. 118,302,182 P S u ub b s li i c d i w es o r a k n s d bouni ics ' i . 20, 616,263 I !. ?51,7-17,250 1 1 9 9 1 1 " 6 ) . . 1 9 0 4 4 . , 8 9 9 0 5 2 , ,8 8 6 1 8 4 1917. 96.686.384 Total 518,209,255 j 51,7-17,230 1 19 9 . 1 1 8 9 . . 8 •1 8 9 , . 4 0 5 1 5 9 , , 3 9 1 1 17 So 2 O 9 , , 6 8 9 8 3 9 . , 0 9 6 3 2 8 1.920. 70^ 526,398 42,498.660 J921. 75,753,000 7,600', 000 This expenditure is to be met out of ordinary revenue, with the exception of $51,747,280 for The budget incidentally provides for the forpublic works to be covered by the issue of mation of a board of valuation (Junta do bonds and $20,616,263 for subsidies which will Aforos), which would consist of four representabe met by the proceeds of a national lot-ten'. tives of "industry, commerce, production and The running expenses of the administrative labor," and five persons appointed by the addepartments are greatly augmented by the ministration. This commission, which would creation of minimum wages, based on a very report direct to the Secretary of the Treasury, liberal scale; the service of the public debt calls would establish and periodically revise tariff for more money; public works are to be carvaluations. The present schedule of import ried on extensively. In other words, adminvaluations is based on Buenos Aires market istrative expenditure for 1922 shows an inprices for 1906. crease along all lines, while present sources of revenue are proving more and more inadequate. Heretofore the chief sources of inland revenue have been taxes on so-called luxuries, such as Under the present tax system, approxialcohol, tobacco, matches, wines, and alcoholic mately 60 per cent of the total revenue has beverages; a land tax (contribucion territorial), been derived from customs duties, chiefly on stamps and licenses. imports. During the war imports fell off heavily and there was a corresponding decline in governmental income. This deficiency was INLAND REVENUE. partly met by an export tax on the leading [Paper.] national products and by increases in excise taxes, but notwithstanding these attempts to 1913 SGI, 337, 975 ! 1917 $(>], 119, 055 keep pace with the rapid increase in official 1.914 52, 807, 044 j 1918 07, 043, 052 expenditure, the national budget has shown 191.5 03, 300, 389 \ 1.919 80, 84 L, 502 1910 57, 895, 194 ; 1920 93, 033,100 an annual deficit of large proportions. Under existing conditions it is obviously impossible It has long been believed on all sides that to continue the tax on exports; indeed, this tax a tax on private incomes is requisite for the has already been sharply reduced. The wheat regulation of Argentine finances, and several tax, for example, has dropped from S3.13 per such projects have been elaborated in the past metric ton to $0.96, and taxes on other cereals few years, but none has ever been adopted. have been lessened correspondingly. By the The subject is again brought to the fore in the end of 1922 this form of taxation will probably 1922 budget, though it is probable that it will have been en tirel y abandoned. Import duties, be shelved as all similar proposals have been, though supplying the bulk of Argentina's na- inasmuch as it is argued that the Government tional revenue, arc declining, the figures for the has neither the data nor the means to render first few months of 1922 being below those Ofan income tax readily and equitably collectible. the corresponding period last year, and there is It is proposed for a period of five years to levy little prospect of any improvement. In fact, a tax of 1 per cent on incomes from $5,000 to the tendency is all in the opposite direction, $20,000 (paper), this tax increasing by 1 per owing to the spread of free-trade principles cent with each $20,000 of income up to an among the commercial classes and a consequent aggregate of $100,000 per annum; then by 1 per desire on their part to see reductions in customs cent further for each $50,000 up to $200,000. duties wherever possible. The falling off of Incomes between $200,000 and $500,000 would revenue from this important source is therefore be called upon to pay a tax at the rate of 8 per likely to be accentuated during 1922. cent per annum, those between $500,000 and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

564 FEDERAL RESERVE BULLETIN. MAT, 1922. $1,000,000 at the rate of 9 per cent, all incomes privileges of the railways, exempting them above the latter figure being subject to a tax of from customs duties on the materials which 10 per cent. they import and from national, municipal, and In addition to this tax on private incomes, provincial taxes. Considerable differences of the budget calls for a tax* of 3 per cent on all opinion arose in 1913-1915 as to this exempincome derived from banking deposits, secu- tion from taxation and several cases were carrities, credit operations, capital invested in ried to the supreme court, where judgments foreign countries, and from any similar sources. went against the companies in favor of the These latter taxes would be collected by deduc- municipalities which had called upon them to tion at the source and are expected to yield an contribute for certain "municipal services." annual revenue amounting to $25,000,000. The result was an amendment of this clause in Those opposed to this tax argue that, while the the law. It was officially estimated that in country urgent!}' needs capital for the develop- 1913 the companies would have had to pay ment of its potential wealth, it is manifestly customs duties amounting to $6,676,016 (paper) unwise to impose what is practically a super- on imported "duty-free" goods. tax on capital earnings. In any case, the The State railways are intended to cover probabilities are that nothing definite will be districts neglected by private enterprise as not enacted until after the renewal of the member- likely to be profitable in the near future and to ship of the Chamber of Deputies and the give to the inhabitants of such thinly popu- Senate next October. lated districts facilities for the development In its report the budget committee submits of their industries which they would otherstatistics showing the present state of the wise lack. It has therefore been left to the country's indebtedness, both as regards its State to construct lines where traffic is light and consolidated obligations and its floating debt. financial prospects relatively unsatisfactory. The former is said to have amounted to The following statistics apply to all Argentine SI,200,000 on December 31, 1921, while the railways, both State and private. latter, taken from returns made up by the accounts department, was $644,417,475 on the AKOENTIN K RAILWAY STATISTICS. same date. Year. r of ( C to a n rg s o ). I re T ce o i t p al ts ex T p o e t n a s l es REPORT OF ARGENTINE RAILWAY COMMISSION. j (gold). (gold). Simultaneously with the report of the budget 1913 32,494 j 82,322,830 42,033,250 ,5140,113,201 •$87,274,512 committee, an exhaustive report and recom- 1914 33,51.0 • 75,103,809 33,506,829 i 115,107,179 78,569,057 1915 33,710 : 67,401/, 101 35,655, 679, 125,032,595 79.481,161 mendations were submitted to the Chamber 1916 33,955 j 61,829^930 36,630,578 ! 129,517,972 84', 680,577 1917 31,036 57,685,147 31,562,401 ! 118,502,508 88,431,321 of Deputies by a special committee which had JfllS 3/>,256 j 58.89.1,405 •39,683,000 :?169,159,077 128,238,478 been formed to examine into the claims of the 1 11 9 ) 1 2 9 0 3 3 5 5 , . 2 2 9 7 1 8 . ! 8 7 2 0 , : 2 9 8 8 0 1 . , 0 0 0 0 0 0 ; |4 44 1 . , 3 9 2 1 3 3 , , 0 0 0 0 0 0 i 2 1 2 9 8 0 , , 9 7 1 6 6 0 , , 0 0 0 0 0 0 1 1 8 3 6 8 , , 7 6 8 3 8 0 , , 0 4 0 7 0 6 railway co nip an i cs to in c re ase thoi r tariffs.1.921 35,853 ! 87,825,900 ! 35,022,900 11208,151,000 191,578,600 The appointment of this commission was the 1 Approximate. result of serious differences between the companies and the National Government over the The railways, in common with oilier trade revision of railway rates. The private roads interests, have suffered severely from postin Argentina—built and operated almost en- war reaction, and the year 1920-21 was probtirely by British capital—are under the juris- iihly the worst in their experience, especially diction of ,the minister of public works, con- in comparison with the previous year 1919-20, trolled by a general railway board (Direccion which was remarkably favorable, owing to General do Ferrocarriles). Until 1872, when abnormal circumstances. The grain traffic the first railway law was passed, the Govern- during that year was most exceptional and the ment exercised no control over the operations companies operating with foreign capital beneof the railway companies. Thereafter its prin- fited largely from the exchange situation. In cipal function was that of fiscalizing the ac- 1919-20, when exchange had reached its counts, in view of the fact that most of the greatest depreciation, the remittance of interest railways were guaranteed by the nation. Since and dividends to England by the railways rethe coming into effect of the railway law of sulted in profits on the exchange amounting, 1891 and the creation of the Direccion General in many instances, to almost as much as the de Ferrocarriles, the State has intervened net earnings of the roads. Naturally this conactively in a multitude of questions arising out dition could not continue, and the annual reof the complicated administration and legal ports for 1920-21 of four of the largest private status of the different companies. The Mitre roads exhibit a deficit in the case of all but one law, passed in 1907, defined the liabilities and company, which had a small surplus. In some Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAS:, 1022. FEDERAL RESERVE BULLETIN. 565 instances dividends were cut almost in half, cent more, but not season-ticket holders. and even to pay these the companies had to Cattle, dairy produce, and perishables will be draw largely on reserves, while the Buenos carried at present rates of freight. Aires and Pacific Railway paid no dividends on Railway interests are naturally not satisany shares. fied, and the general opinion is expressed that This unfavorable result of the working of the the suggested increases can not do much to railways during 1921 is explained by the falling improve dividends for some time to come and off in freight traffic—passenger traffic receipts certainly will not bring them anywhere near being comparatively good—coincides try with the 6.8 per cent stipulated as the maximum for increased running expenses, especially fuel and ordinary net capital earnings under the terms wages. The high salaries granted (luring the of the Mitre law. latter years of the war were continued, and in addition the companies had to comply with TRADE AXI) PRICES. the eight-hour day law which was given general application. Due to the miners7 strike in The year 1921 opened with Argentine trade England during the first half of 1921 the roads conditions much depressed. Toward the end were deprived of the benefit of cheaper coal. of the year, however, both exports and im- Thus it was that working expenses repre- ports increased. The official estimate of the sented an extraordinarily high ratio to total value of imports for 1921 was 635,000,000 gold receipts. Poor crops and port troubles were pesos; that of exports, 672,000,000 gold pesos, also contributory factors. giving a favorable balance of 37,000,000, as compared with 150,000,000 in 1920. The total foreign trade of Argentina for RATIO or EXPENSES TO RECEIPTS. recent years is shown in the following table: 1913- i 191.-1- ! 1915- . 1916- i 19.17- 1918- 11919- 1920 - [Tii thousands or gold pesos.] Railways. 14 i 15 i 16 ! 17 . 18 ; 19 I 20 21 Total Balance in Buenos Aires & Year. Imports. Exports. trade. favor of Pacific 02.63 61. 70. 61.161 65.68. 65.80 73. 51 j 69. Argentina. Buenos Aires Great Southern 58.56 60. 44| 57.01, 61.06, 76.1.6: 77.96] 69.19 Buenos Aires West- 1913 496.227 I 5L9,1.56 1,015,383 22,929 ern 58.82, 59.67, 58.22, 66.88 75.68' 75.08; 69.-18 1914 322i 530 i 403,131 725,661. 80,60L Central Argentine.. 19.15 305,488 ; 582,179 887.667 276,691 1916 356,130 i 572,999 939; 129 1.917 380,321. | 550,170 930,491. 169,849 .19.18 500,602 801,466 1,302,068 300,864 The Mitre law allows the railways to earn 191.9 655, 772 1,030,965 1,686,737 375,193 0.8 per cent on their capital, a rate not even L920 881,33-1 ' 1,03.1,388 ! 1,912,722 150,054 1.921 035,000 • 672,000 • 1,307,000 37,000 distantly approached by any of the roads, and in the beginning of 1921 the companies put into operation certain tariff increases to which The trade of Argentina with the United they believed themselves entitled under the States for the past two years, as reported by provisions of this law. The fact that this was the United States Department of Commerce, carried out without authorization of the Na- iis hown in the table below: tional Government occasioned serious dispute between the two parties and eventually led to [In thousands of dollars.) the imposition of heavy lines on the railways. In the autumn of 1921 an arrangement was Imports Exports Total . Balance in Year. info United from.United; trade with favor of made, annulling these fines and providing for a States. States. ! Argentina. Argentina. general revision of the tariffs by the commission of experts referred to above. 1920. 21.3,726 ; 207,777 421,503 1 5,949 .1921. 110, 833 59,926 .170,759 : 50, 907 The commission's recommendations, which will bo shortly put into effect, increase the tariff on heavy grain, that is to say, wheat and maize, It may be noted that the price declines, which 10 per cent; linseed and similar crops will be began about the middle of 1920, continued genersurcharged 15 per cent; general merchandise al ly through 1921, though there was a slight imfrom 10 to 25 per cent; the lower increase ap- provement toward the end of the year. Prices plying to crude articles and the higher rates to of imported merchandise could not rise to articles classed as luxuries, such as tobacco, any extent while the goods accumulated in distilled liquors, etc. Passengers pay 18 per warehouses were awaiting sale, and prices of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

566 FEDERAL RESERVE BULLETIN. MAY, 1922. Argentine products declined to even lower FINANCE AND BANKING. levels in consequence of the reduced purchasing In September, 1921, the Argentine Governpower of the impoverished countries of Europe. ment floated in New York $50,000,000 of • By the end of 1921 these stocks on hand had Argentine Treasury gold notes. These notes, been greatly reduced. In Buenos Aires a dated October 1, 1921, mature two years from systematic inventory was made of the quantity that date, and bear interest at 7 per cent. and value of the commodities held in the Part of the proceeds of the loan will be used to customshouse. On January 1, 1921,. the total pay off the Government's debt of 85,000,000 amount due American interests on account of paper pesos to the Banco de la Nacion; the goods shipped was about 35,000,000 gold pesos. rest is to be applied to the State railways, the By June 30 this amount had been reduced to purchase of locomotives in the United States 24,000,000 and by the end of November to being part of the plan. 10,000,000, less than half of which represented In December the Finance Minister issued a merchandise which had been actually, refused. new internal loan, a bond issue of 26,400,000 gold pesos, bearing 6 per cent interest. The FOREIGN EXCHANGE. proceeds of this loan are to be used largely for public works. Argentine exchange during 1921 fell steadily In July, 1921, a bill was introduced into the from the beginning of the year to its lowest Argentine Senate to regulate the establishment point in July. Since then there has been a and operation of foreign banks in Argentina. steady though slight upward trend. A table By the terms of this bill foreign banks will be peron page 569 shows the course of Argentine mitted to operate in Argentina, only provided exchange during the year 1921 and the first their home country extends similar privileges four months of 1922. to foreign banks in its own territory, such banks In the hope of improving the cxhange or branches, after their establishment, to be situation, a bill was introduced last summer to subject to the same restrictions as those imposed authorize the reopening of the Caja de Con- on foreign banks and branches in their home version and to permit the export of gold. The country. The bill is frankly aimed at American sponsors of the bill believed that these measures banks, which during the past few years have would reduce the paper currency and raise the come into Argentina in considerable numbers, rate of exchange. The bill proposed also to while the United States has not shown favor to place all exchange operations under the control the establishment of foreign banks in her own of a State bank, so as to eliminate speculation. territory, has not been willing to grant loans After considerable heated discussion in parlia- to Argentina on what Argentina considered ment and the press the bill was defeated, and reasonable terms, and has recently erected the Government still maintains its gold em- tariff barriers which may seriously restrict bargo. imports from Argentina into the United States, The low rate of exchange led Senor Tornquist The further statement was made, in introducin July to propose a plan for improving the ing the bill, that American banks were persituation, especially with reference to the mitted to establish themselves with capital United States. His plan was that the Gov- either merely nominal in amount, or inadequate ernment of the United States, acting through considering the volume of deposits which the War Finance- Corporation or the Federal they handled. This bill has not been passed Reserve Board, should extend, to the United by either house of Parliament. States Chamber of Commerce in Argentina a BRAZIL. credit of $50,000,000 for from one to three years. This credit should be guaranteed by TRADE AND PRICES. the American exporters who had stores of In Brazil at the beginning of 1921, as well accumulated merchandise in Argentine ware- as in Argentina, there was in storage at the houses, and should be used exclusively to pay ports and customs warehouses a considerable for goods already imported, or to make new accumulation of goods ordered during the purchases from the United States.* Such a trade boom of 1920, and delivered too late plan, Senor Tornquist argued, would first of all for sale before the demand fell off. To allestrengthen Argentine exchange; this would be viate . this situation, the Brazilian Governof great assistance to the Argentine importer, ment toward the end of August passed an who was heavily handicapped by the adverse emergency decree which contained the folexchange rate, and would promote the export lowing provisions: Goods stored because trade of the United States with Argentina. they could not be sold should be exempt This plan, although widely discussed in the from warehouse charges until October 30, press, has not been pushed to any conclusion. 1921; sales at public auction of merchan- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1&22. FEDERAL RESERVE BULLETIN.. 567 dise in these warehouses should be sus- which it is closely bound up. Currency inflation pended until October 30, and the proportion has been a relatively less important factor in the of import duties payable in gold should be exchange situation. Although Brazil is pracreduced from 55 per "cent to 40 per cent until tically on a paper basis and the gold reserves the end of September, and should be only 45 of the country arc negligible, the total circulaper cent during the month of October, after tion per capita is less than in England. Finanwhich date the rate should again be raised to cial needs have been met less by currency the customary 55 per cent gold. The remain- issues than by loans, some of which were raised der of the duties was payable in paper. This in the United States. emergency law had the effect of increasing The Government made vigorous efforts, withdrawals from the customs warehouses, mainly through the valorization of coffee, to imand thus greatly relieved the congestion. prove the foreign exchange situation, as well as The production of all the staple articles economic conditions in the country. About a which constitute the principal source of the year ago—that is, in March, 1921—the Brazilnational income has decreased during the past ian Government, under authority of the budget year. During 1921 the demand for coffee, rub- law for the year, began to buy surplus supplies ber, and rice fell off, while stocks oil hand of coffee in primary markets. The urgent need remaining over from the previous year were of some remedial action was felt because at considerable. As a result, the market was that time the May, 1921, options on the New glutted, and prices showed sharp declines. York market sold as low as 5.10 cents per Brazil is, however, beginning to develop other pound, compared with 14.68 cents for the May, industries which will make it less dependent 1920, option in March of that year. Continued on the principal staples. Some of these newer purchases by the Government had advanced industries are the growing of cotton and cereals, the December option to about 8 cents. Up to timber cutting, sugar production, and cattle the latest available date the Government had raising, which itself includes many lines of in- bought some 4,000,000 bags of coffee and had dustry, such as meat, hides, and leather. agreed, if necessary, to take 6,000,000 bags The foreign trade of Brazil during 1921 shows more. an almost continuous improvement as meas- LOANS AND BANKING. used by the balance of trade. The adverse Below is shown a table giving the new loans balance fell from £5,500,000 in January to raised in the United States by the South Amer- £29,000 in July; in August there was a favorican countries since the armistice. Of the $251 ,able balance of £1,333,000, which rose to £1,- 800,000, the Federal Government, States, and 960,000 in December. The favorable balances cities of Brazil have borrowed §121,000,000, or of the last five months went far toward counteralmost one-half, and of this $121,000,000, acting the unfavorable balances from Janua^ $72,000,000 was borrowed in 1921 and$20,500,to July. For the year 1921 the unfavorable 000 in 1922. The 1922 loans are to be used to balance was only £1,879,000, compared with finance various public works. Negotiations are £ 17,484,000 for 1920. Below arc given figures of said to be in progress for a loan of £10,000,000 the total foreign trade, and the trade balances in London, against which are to be pledged the for 1920 and 1921. It will be seen that the Government's purchases of coffee. excess of imports in 1920 was about 7.5 per cent of the total trade, whereas in 1921 this LOANS TO THE SOUTH AMEHICAN COUNTRIES SINCE THE unfavorable balance had fallen to only 1.6 per ARMISTICE. cent of the vear's total trade. Countries. Amount, j Maturity. Tim h e er o e ff . ered Y c ( e p i n e e l t r d ). 1921 1920 Argentina $50,000,000 I Oct., 1923... Oct., 1921...! 7.20 Do 27,000,000 Feb., 1927... Feb., 1922... 7.25 Imports £60,466,000 £125,521,000 United States of Bra- ! 25,000,000; June, 1941.., May, 1921...! 8.25 zil. Exports •. 58,587,000 ! 107,521,000 Do 25,000,000 1 do Aug., 1921...! 8.15 P U e n r f a c v e T o n r t o a t o b a f l l e t f o o b t r a a e l l i a g f n o n r c e t e r i g a n d e t rade > \ 119 1 , , 0 8 5 7 3 9 , , 0 1 0 0 . 0 6 0 0 j ! 23 1 2 7 , , 5 4 2 8 6 4 , , 0 7 0 0 0 .5 0 0 R U e ru p g D D u u b o o a l i y c of Chile.... ! i 2 1 7 4 0 9 , , , , 5 0 5 5 0 0 0 0 0 0 0 0 , , , , 0 0 0 0 0 0 0 0 0 0 0 0 ; j F N A O e o c u b t v g . . , . . , , , 1 1 1 1 9 9 9 9 4 2 4 4 1 6 6 6 . . . . . . . . . . . . A N F O e u o c b t g v . . . , . , , , 1 1 1 1 9 9 9 9 2 2 2 2 1 1 1 1 . . . . . . . . . . . . ! I I . ' * 8 8 8 . . .* 2 1 4 0 1 0 Do ! 2,300,000 I Feb., 1923... Feb., 1922...: 6.00 STATES (BRAZIL). j FOREIGN EXCHANGE. Rio Grande do Sul...! 10,000,000 Oct., 1946...: Nov., 1921... 8.10 Sao Paulo 10,000,000 . Jan., 1936.... Mar., 1920... 8.47 Brazilian exchange declined steadily from ! | CITIES (BRAZIL). January, 1921, when it was 15.13*90, to Porto Alegre ! 3,500,000 . Dec, 196J....! Jan., 1922... 8.10 10.4490 in July of the same year. After that Rio D de o . J a . n « eiro 1 1 0 2 , , 0 0 0 0 0 0 , , 0 0 0 0 0 0 M Oc a t y ., , 1 1 . 9 92 4 2 6 -3 .. 1 .' : O M c a t y ., , 1 1 9 9 2 1 1 9 . . . . . . 6 8 . . 5 20 it rose very slowly, being in December still Do 13,000,000 Apr., 1947... Apr., 1922...i 8.0 Sao Paulo 8,500,000 Nov., 1943... Oct., 1919...! 6ft about 2.5 cents lower than it had been in Janu- Do 4,000,000 i Mar., 1952...' Mar., 1922... 2.0 ary. The course of exchange is seen to be re- Total 251,800,000 Paulista Rwy. Co 4,000,000 Mar., 1942.... Mar., 1922... 7.12 lated to the price of coffee, with the export of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

568 FEDERAL RESERVE BULLETIN. MAY, 1922. There has been a definite movement recently the United States, which in 1920 were double in Brazil to give the Bank of Brazil the monop- those in 1913, fell off in 1921 to less than oneoly of foreign exchange business. This bank fourth the amount of the preceding year, and has for some time had an advantage over for- to less than one-half the 1913 amount. An eign banks in that it was not required to pay important factor in the decline of the demand the stamp tax on foreign exchange operations. for nitrates in 1921 was the fall in the price of Even with this advantage, however, the com- cotton in the United States and in Egypt, a,nd petition between it and the foreign banks has the consequent reduction of cotton acreage. been keen. The decreased production of nitrate has A bill is under discussion which would con- resulted in serious unemployment in Chile. In vert the Bank of Brazil into an institution of the nitrate fields all food has to be imported, rediscount and issue. In fact, by virtue of a which makes the problem of caring for the unprovisional executive decree issued on Novem- employed in these places more difficult. Even ber 13, 1920, pending the passage of the per- where the attempt was made to relieve the manent act, the bank has the authority to situation by removing the unemployed from rediscount commercial bills and to issue notes the nitrate fields, unemployment continued, up to a maximum amount of 100,000 contos of with the result that the demand for agricultural reis ($13,000,000). products has fallen off and this in turn resulted in a demoralized market for agricultural CHILE. products. At the request of some of the more important NITRATE TRADE AND PRICES. nitrate producing companies, a law designed to meet the recent difficulties of the nitrate situ- In Chile, where the principal article of export ation was passed in September, 1921. Under as well as the principal source of revenue to the this law, companies engaging to keep open their Government is nitrate of soda, the decline in plants may receive Government credits sethe nitrate market and in its price during 1920 cured by nitrate stocks not subject to previous and 1921 affected not only the business of the loans; credits are negotiable through Chilean country but also the Government revenue. banks having a paid-up capital of 10,000,000 or more paper pesos, and definite regulations NITHATE OF SODA. are prescribed for the retirement of currency upon liquidation of the credits. 1921 1920 1913 There are two nitrate associations in Chile, one composed of the producers and called the Tons. Tons. Tons. Chilean Nitrate Producers' Association; the Production 1,300,000 2,495,000 2,739,000 other, composed of the dealers, and known as Shipments: To Europe (including Egypt) 718,000 1.283,000 2,003,000 the Nitrate Pool. These two associations en- To United States 302.000 1^86,000 616,000 To other countries 80, 000 193,000 8(i, 000 tered into an agreement last October, under the terms of which the association was released Total shipments 1,100,000 | 2,762,000 2,705, 000 from its previous obligation to maintain the Port deliveries: In Europe (including Egypt) 635,000 ! 858,000 1.820,000 price of nitrate at 14 shillings per quintal, and I I n n o U t n h i e t r e d co S u t n a t t r e i s es 6 7 0 8 0 , , 0 0 0 0 0 0 j 1 8 1 0 9 0 6 , ,0 0 0 0 0 0 '56 9 0 0 , , 0 0 0 0 0 0 agreed to pay to the pool £1,500,000, to be collected by assessment on all newly sold Total deliveries 1,313,000 i 1,854,000 2,470,000 nitrate from October 1, 1921, to June 30, 1923. S S t t o o c c k k s s i i n n C Eu hi r l o e p , e D , e D c. e c 3 . 1 31 1,4 7 5 9 6 8 , , 0 0 0 0 0 0 , 1,3 3 9 8 8 5 , , 0 00 0 0 0 4 37 9 4 8 , , 0 0 0 0 0 0 In consequence of this agreement, the association established selling rates which were to Total stocks 2,254,000 | 1,783,000 872,000 remain in force until the end of June, 1922. After this date the association may deal with The above table gives statistics of nitrate of prices at discretion. soda for 1921 and 1920, as compared with 1913. Production in 1921 will be seen to have fallen FOREIGN" EXCHANGE. off almost one-half, as compared with 1920, shipments during the same period more than Gold reserves in Chile for some years past one-half, and deliveries almost one-third. have been the immediate concern of the Govern- Stocks on hand, however, are much larger; ment, which has been steadily building them up. those in Chile at the end of 1921 more than The reserve amounts now to 93,219,804 Chilean 12 per cent larger than at the end of 1920, and gold pesos, or about $30,240,500 in United those in Europe more than double. Stocks on States money. Gold remittances on the way hand on December 31, 1921, were over 32 per to Chile were recently estimated at $9,000,000, cent larger than the total shipments during the which would increase the gold reserves to about year. It will also be noted that shipments to $39,000,000. Against this reserve there was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL, RESERVE BULLETIN. 569 outstanding on January 31, 1922, paper cur- LOANS AND BANKING. rency to the amount of only 292,396,000 pesos, so that the paper may be said to be practically Chile, as well as other South American covered 100 per cent. countries, floated loans in the United States In spite of this fact, Chilean exchange is low during the past year. These loans amounted and subject to violent fluctuations. The to $44,000,000. On January 5, 1922, Chile Government has never resumed the redemption floated a loan in London of £1,657,000, the of paper money, discontinued in 1898, so that proceeds of which are to remain in England the paper peso is inconvertible. This results to meet Chilean obligations. in fluctuations in response to trade conditions Jtecent supplementary regulations under the and speculative demand. From time to time Chilean banking law provide that foreign joint a date has been set for opening the conversion stock banks organized and operating in Chile office, and establishing the convertibility of shall have an actual working capital of at least the paper peso. In January, 1921, the date 10,000,000 paper pesos, that they shall set was postponed again to December .31, 1921. aside as reserve funds not less than 10 per cent On that date, however, the Chilean Congress of their net profits for the year and that all authorized a further three-year postponement agencies of foreign banks shall be governed by of conversion, until December 31, 1924. the general banking laws. LOW, HIGH, AND AVERAGE RATES OF EXCHANGE ON ARGENTINA, BRAZIL, AND CHILE, JANUARY, 1921, TO APRIL, 1922. [Rates in cents per unit of foreign currency.] Argentina. Brazil. Chile. Low. High. Average. Low. liigh. Average. Low. High. Average. 192 L. January 70. 7040 81.2500 79.3820 14.5000 15.8750 15.1300 13.6250 14.7500 14.3200 Febri larv 78.9770 81.2500 80.3900 1 1. 8750 10. 3750 15.5970 13.6250 15.1250 1.4, 4030 March 76.9890 70.8300 78. 2020 14.0000 10. 0000 15.1300 L3.7500 15.2500 14.7600 \pril 71.8750 76.9890 73.9580 13. 5000 14. 5000 14.0160 1!.. 7500 13. 8750 12.9840 May 67. 8980 76. 7050 71.8480 13.3750 13. 8750 13.7000 11.1250 12.3750 11.8690 June 68.1100 73. 2600 09.8570 ] 0.3400 13.0200 11.6470 10.3750 1.1.3750 1.0. 8570 July 63. 7000 08.0600 05. 7990 10.1730 11.1400 10.4490 .10.1250 10.8750 10.4430 August 64.6800 68.0800 66.5550 1L.4400 12.1900 11. 7600 9.7500 10.0250 10.2400 September 67.4800 73.8300 69.6300 11.9900 12. 8300 12.3700 9. 8750 11.0250 10.7080 October 71.3500 74.4700 73.0780 12.4900 13.0000 12.7080 .11.0000 12.1250 11.7344 November 72. 4600 74.3600 73.4739 1% 3300 12.7900 12. 5996 1.0. 5000 11.6250 11.0380 December 72.8600 76. 1400 74. 8042 12.5300 12.8400 12.6692 10.5000 10.8750 10.7837 1922. January 7"). "7000 83.0800 77. 1892 12.4200 12.6800 12.5752 9.3750 10.7500 10.1302 February 80.6400 83. 8300 S2.5764 12.61.00 13.6500 13. 2459 9.8750 11.0000 10.3958 March . 80.1300 84.9000 82. 7785 13.4400 13, 9600 13.0678 10.8750 11.6875 11.4050 April 78.3400 8.1. 5000 80.7480 13.4700 13.0900 13. 5096 11.0625 11.6250 11.2775 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

570 FEDERAL RESERVE MAY, 1922. ASSETS AND LIABILITIES OF THE BANCO DE LA NACION, ASSETS AND LIABILITIES OF THE BANCO DO BRAZIL ARGENTINA, ON DECEMBER 31, 1919, 1920, AND 1921. ON DECEMBER 31, 1919, 1920, AND 1921. [In thousands of pesos.] [Tn thousands of milreis.] 1919 1920 1921 1919 1920 1921 ASSETS. i ASSETS. Due from foreign correspondents 25,280 4,194 Government securities in guaranty of Advances in current accounts and on se- reserve fund 8,266 9,694 curities 314,905 312,680 332,734 Loans in current accounts 123,146 138,375 291,122 Bills receivable 2,139 2,107 2,550 Bills discounted 113,779 139,158 437,569 Accounts for collection 22,026 15,241 12,405 Bills receivable 96,550 281,371 207,619 Bills discounted and rediscounted 361,099 491,167 571,370 Foreign and domestic credits j 86,701 Doubtful debts 2,055 2,388 7,216 Due from agents in Brazil and in Europe. 125,446 155,608 349,694 Real estate 25,586 23,213 22,047 Bank stock 10,490 11,888 77,120 National bonds, series A 43,296 42,738 42,493 Other stock 2,704 10,346 Other Federal securities | Stock in liquidation 5,463 2,505 672 Mobilization of conversion fund, law i Various accounts 182,526 223,129 9,791 9479 ! 46,144 45,455 45,460 Cash in vault 69,152 106,526 131,653 Furniture and stationery i 468 519 Bank buildings and furnishings 2,307 2,872 5,972 Interest earned but not received ' Due from the treasury, law 10251 i 72,000 72,000 72,000 Total. 826,530 1,081,472 1,511,212 Conversion account 342,970 265,538 66,929 Due from branches LIABILITIES. Cash on hand 356,506 461,926 462,835 Due, according to the agreement with Capital paid in 45,000 45,000 88,148 England and France 289,496 266,436 75,802 Surplus 8,865 10,632 25,000 Deposits, not interest bearing 23,788 121,553 367,362 Total. 1,903,508 2,005,551 1,716,722 Deposits, interest bearing 119,222 127,146 219,058 Deposits, time. 17,922 36,156 273,164 LIABILITIES. Current accounts 1,519 Due to agents in Brazil and in Europe. 38,420 21,114 200,191 Capital 138,551 144,925 150,039 Bills payable, interest bearing 18; 115 Surplus 43,652 50,028 55,150 Government deposits, judicial 1,513 3,843 Conversion fund, law 3871 68,182 68,182 68,190 Government exchange account 8,889 8,889 Conversion account 342,970 265,538 29,449 Dividends payable 796 850 7,097 M De o p b o il s i i z t a s t , i t o i n m o e f a t n h d e d c e o m nv a e n r d sion fund 1,2 4 4 5 9 , , 4 7 5 3 5 0 4 4 1 5 2 , , 4 3 5 5 5 1 1,3 4 1 5 0 , , 4 0 5 5 5 1 D Va iv ri i o d u e s n d a s c , c u o n u d n i t v s ided 52 2 3 , , 2 8 5 2 0 3 68 2 6 , , 2 12 5 1 0 306,526 Discounts, interests unearned but col- Pension fund 8,427 9,627 14,019 lected 4,118 ; 7,149 7,463 Profit and loss 7,980 8,29L 1,758 Due to branches 10,850 11,923 13,436 Total 826,530 1,081,472 1,511,212 Total. 1,903,508 2,005,551 1,716,722 Rediscount department. 356,839 ASSETS AND LIABILITIES OF THE BANCO DE CHILE ON DECEMBER 31, 1919, 1920, AND OCTOBER 31,1921. lln thousands of pesos/] 1919 1920 1921 : Currency. Gold. Currency. Gold. Currency. Gold. ASSETS. Cash : 32,521 12,913 48,844 9,469 93,731 3,899 Due from banks and bankers i 20,490 , 3,334 11,019 1,593 7,4.11 2,731 Short-term bills, foreign ! j • 3.000 S R e e c a u l r e it s i t e a s t e o wned :: 1 9 2 , , 9 04 1 9 2 j : o .1 , , 5 2 8 0 1 0 1 9 2 , , 2 2 3 1 3 4 j 5.405 43,330 5,420 Furniture and furnishings : 1,082 2 1,246 ! Loans and advances : 300,982 : 32,546 353,398 ! 30,445 31.7,202 25,341 Treasury certificates : 16,580 ' 10,000 Due from agencies 3,293 I 9,164 "o,'75(Y 8,533 Interest and discounts i . 1,648 I 120 2,878 Other assets 12,280 18,744 3,725 ! 18,803 12,381 "6," 453 Total. 411,287 77,446 401,721 | 71,585 474,055 52,377 LIABILITIES. I Deposits in current accounts: Demand and time 253,840 31,361 240,536 32,467 186,520 ! 12, 732 I n London " 10,360 92,979 ! 5,328 Due to banks and bankers 2,178 90 2,515 no 1,966 ' 79 Savings deposits .1.857 716 Interest and discounts j, 39 5,025 I 43 Capital paid in ! 60,000 I 100,000 100,000 i. Surplus 34,000 i 5,000 »s; ooo '13V333" 02,220 i Due to stockholders 3, 111 3,600 Dividends i 138 I 179 Profit and loss j 5,478 : 9,002 25,345 ! 20,802 Other liabilities j 50,685 i 30,632 47,107 25,576 Total. 411,287 77,446 401,721 71, 585 474,055 52,377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT., 1922. FEDERAL RESERVE BULLETIN. 571 State Banks and Trust Companies. Fiduciary Powers Granted to National Banks. ADMISSIONS. During the month of April the Federal Reserve Board approved applications of the national banks listed below The following list shows the State banks and trust comfor permission to exercise one or more of the fiduciary panies which were admitted to membership in the Federal powers named in section 11 (k) of the Federal reserve act reserve system during the month ending April 30, 1922, as amended, as follows: on which date 1,642 State institutions were members of 1. Trustee. the system. 2. Executor. 3. Administrator. Capital. 4. Registrar of stocks and bonds. 5. Guardian of estates. 6. Assignee. District No. 4. 7. Receiver. State Banking & Trust Co., Cleveland, j 8. Committee of estates of lunatics. Ohio 5750,000 §225,000 1 §11,746,011 9. In any other fiduciary capacity in which State banks, Fa v r a m n e ia rs , O & h M io erchants Bank Co., Syl- 50,000 16,000 j1 567,126 trust companies, or other corporations which come into competition with national banks are permitted to act I District No. 5, under the laws of the -State in which the national bank is located. The Peoples Trust Co., Martinsburg, W.Va. . .., 200,000 102,500 1,562,724 The numerals opposite the name of each bank indicate Farmers Bank of Pendleton, Frank- i i the power or powers it is authorized to exercise, as given lin, W.Va 50,000 50,000 I 616,978 below: District No. 6. B B a a F n n l k k a o o f f M W a i d n i t s e o r n , P M ar a k d , is W on in , t G er a Park, 1 4 0 0 0 , ,0 0 0 0 0 0 1 75 0 , , 0 0 0 0 0 0 4 5 1 0 6 1 , , 9 1 4 9 5 9 Place. t D N ri i o c s . - t Name of bank. g P r o a w nt e e r d s . Pendergrass Banking Co., Fendergrass, Ga 25,000 4,000 72,782 District No. 7. Honesdale, Pa 3 Honesdale National Bank 1 to 9. Philadelphia, Pa.. 3 Bank of North America Ito9. Fletcher Savings & Trust Co., Indian- San dusky, Ohio 4 Third NationalExchangeBank. Ito9. apolis, Ind .1,500,000 250,000 I 16,526,517 Wilmington, Ohio. 4 Clinton County National Bank.. 2,3,5 to District No. 8. i 7, and 9. P F l a M a r n m is t e e s r r s s B St a a n te k B & a T n r k u , s N t C ew o., A R th u e le n v s i , l l 1 e 1 , 1. 1 2 0 5 0 , ,0 0 0 0 0 0 10,000 I • 20 8 7 2 , , 8 0 5 6 6 8 B T M L r e e o o e c n y s k b e , l e s u A y s r e l g , a n , W , V Pa a .Va... B F P Pe e i e r o o c s p p k t l l l N e e e s s y a t N N N io a a a n t t t i i i a o o o l n n n B a a a a l l l n B B B k a a a n n n k k k 1 I I 1 . t t t o o o 9 9 8 . . . N Sc o B M r r u a t o g h n g w k s , , e S st t V e . r L a n n o d u T e i r s r u , v s M o t o o r C t o., & S t. B L a o r u n i e s y , 2 5 0 0 0 0 , , 0 0 0 0 0 0 200,000 8 1 , , 5 3 9 7 5 8 , , 3 4 2 1 0 8 D D St e u e c b v o u e r n q a s u h e , P , I o o I i o w n w t a , a Wis. N D Fi u a r t s b i t u o N q n u a a l e t B i N o a n a n a t k i l o B o n a f a n D l k B ec a o n r k a . h .. ., 5 I I t t t o o o 9 8 9 . . . Sioux Falls, S. Dak. Alinnehaha Nationa IBank. 5 to 8. District No. U. Seattle, Wash , University National Bank. Ito9. Citizens Bank, Portland, Oreg i 200,000 1,000 • 2,220,847 Commercial Failures Reported. Converted into national banks.—Peoples State Bank, Enumclaw, Wash.; Farmers & Merchants State Bank, Kenedy, Tex.; First.State Bank & Trust Co., Kenedy, Tex., Guaranty Bank & Trust Co., Dallas, Tex. While failures in the United States still largely exceed Consolidation.—American Bank & Trust Co. and Liberty Bank & those of last year in number, some narrowing of the margin. Trust Co., both of New Orleans, La., under name of American Liberty Bank& Trust Co. of increase has recently been witnessed, and the 1,563 com- Merger.—North. Side Bank, Brooklyn ,N. Y., has merged with Manu- mercial defaults reported to R. G. Dun & Co. during three facturers Trust Co., Brooklyn, N. Y. weeks of April compare with 1,043 for the corresponding Voluntary liquidation.—Bank of Santa Monica, Santa Monica, Calif. period of 1921. The returns for March, the latest month Withdrawal.—Cambria Bank (Inc.), Cambria, Va. for which complete statistics are available, discloses 2,463 insolvencies, with liabilities of $71,608,192. In point of New National Bank Charters. number, the March failures are the largest, excepting the 2,723 defaults of January of the current year, of any month The Comptroller of the Currency reports the following back to January, 1915, and on only one previous occasion— increases and reductions in the number and capital of in 1915—have the March insolvencies reached the 2,000 national banks during the period from March 25, 1922, to mark in number. On the other hand, the March in- April 21, 1922, inclusive: debtedness, although well above the monthly average, is less than the amounts reported for each of the three immediately preceding months. Num- Amount ber of of banks. capital. FAILURES DURING MARCH. Number. I Liabilities. New charters issued $2,790,000 Distriet. Restored to solvency 0 1922 1921 • 1922 j 1921 Increases of capital approved 3,841,000 Aggregate of new charters, banks restored to sol- First 217 88 $8,086,696 j $8,259,999 vency, and banks increasing capital 6,631,000 Second 478 218 ! 14,656,044 |30k,'"*" """ Third 96 63 : 6,84~8,734 j 082,419 Liquidations 1,665,000 Fourth 202 4,159,463 i 767,384 Reducing capital 250,000 Fifth 215 123 ' 3,787,550 191;8,460 Sixth 221 152 i 5,559,986 397,390 Total liquidations and reductions of capita 1,915,000 Seventh... 336 138 '13,189,310 438,805 Consolidations of national banks under act of No Eighth.... 173 108 I 2,529,541 273,193 7,1918 4,000,000 Ninth 103 27 ! 3,764.602 703,571 Tenth 100 1,720,146 189,798 Aggregate increased capital for period 6,631,000 Eleventh.. 107 2,121,725 702,583 Reduction of capital owing to liquidations, etc. 1,915,000 Twelfth... 215 137 5,204,365 838,475 Net increase. 4,716,000 Total 2,463 1,336 I 71,608,192 67,408,909 102784—22 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

572 FEDERAL RESERVE BULLETIN". MAT, 1922. RULINGS OF THE FEDERAL RESERVE BOARD. Reserves against liabilities resulting from receipt and use not be mingling trust funds with the funds of of trust funds. the bank acting as fiduciary. A national bank exercising fiduciary powers need not It is to be noted, however, that a subsequent carry reserves against trust funds, which it keeps segre- provision of section 11 (k) modifies the prohigated and apart from its general assets, or deposits in another bition against mingling funds held in a fiduciary institution. If, however, such funds are mingled with the general assets of the bank under, authority of section 11 (k), capacity with the general assets of the bank. Federal reserve act, a deposit liability thereby arises The provision in question reads as follows: against which reserves must be carried. All funds received by a national bank, including funds Funds deposited or held in trust by the bank awaiting deposited by a corporate debtor to meet the corporation's investment shall be carried in a separate account and shall maturing obligations, give rise to deposit liabilities against not be used by the bank in the conduct of its business unwhich reserves must be carried, unless the funds are re- less it shall first set aside in the trust department United ceived as trust funds and are kept segregated from the gen- States bonds or other securities approved by the Federal eral assets of the bank. Reserve Board. In computing reserve requirements, trust funds deposited by a national bank in another institution must be Construing this latter provision, the Federal classified Tby the latter as an individual deposit rather than Reserve Board has, by its Regulation F, series a bank deposit. of 1920, provided as follows: Whether funds received under certain circumstances are trust funds depends in each case upon the particular cir- Funds received or held in the trust department of a cumstances. national bank awaiting investment or distribution may These principles are equally applicable to State member be deposited in the commercial department of the bank banks and trust companies receiving and using funds un- to the credit of the trust department, provided that the der like circumstances. bank first delivers to the trust department, as collateral A number of inquiries have been received re- security, United States bonds or other readily marketable securities owned by the bank, which collateral security lating directly or indirectly to the subjects disshall at all times be equal in market value to the amount cussed in the two rulings published on page of the funds so deposited. 1435 of the FEDERAL RESERVE BULLETIN for Consequently, unless prohibited from so December, 1921, and the board has deemed it doing by the terms of the particular trust, a advisable to issue this further ruling dealing national bank nuiy deposit in its commercial generally with the same subjects and discussing department funds which it has received in a also certain related questions which have been fiduciary capacity and which are held temporaised since that time. rarily awaiting investment or distribution; that Section 11 (k) of the Federal reserve act, is, it may mingle such funds with the general which authorizes the Federal Reserve Board to funds of the bank, provided it deposits proper grant permission to national banks to exercise collateral in its trust department as the security fiduciary powers, provides in part that— to the trust estate for the funds thus used. National banks exercising any or all of the powers enu- When, however, trust funds are thus deposited merated in this subsection shail segregate all assets held in the bank's commercial department, the bank in any fiduciary capacity from the general assets of the bank and shall keep a separate set of books and records incurs a deposit liability against which reserves showing in proper detail all transactions engaged in under must be carried, since, in effect, the trust deauthority of this subsection. partment has become an ordinary depositor in If this provision were not qualified in a sub- the commercial department, and the deposit sequent paragraph of the section, all funds re- constitutes, in the hands of the commercial deceived by a national bank in a fiduciary capacity partment, funds which may be used generally would have tp be kept separate and apart from in the conduct of the bank's business. the general assets of the bank, and could not The result is that if funds received by a be mingled with other funds received by the national bank in its fiduciary capacity are kept bank in the course of its strictly banking busi- separate from the bank's general funds, so that ness. This provision is declaratory of the gen- the property of the trust estate can always be eral rule of law that a trustee must keep prop- identified, or if the trust funds are deposited erty which it holds in trust segregated from in another institution to the credit of the trust property belonging to the trustee individually department, the national bank is, with respect or to other trusts. The national bank could, to such funds, subject to no deposit liability however, unless prohibited by the terms of the against which it need carry reserves; but as trust to which the particular funds belonged, soon as the bank mingles those trust funds deposit them in another bank for the account with its general funds, it thereupon incurs a of the national bank as fiduciary for this would deposit liability against which it must main- ; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 19U2. FEDERAL, RESERVE BTJLLETIF. 573 tain reserves. To state these propositions in If, on the other hand, the funds are mingled another form: No deposit liability results from with the bank's general funds, a deposit trust funds deposited in a national bank so long liability * is thereby created against which as such funds are carried as trust funds and reserves must be carried. kept segregated from the bank's general assets. Whether or not in any given case funds re- If the terms of the trust permit, the trust funds ceived by a bank to meet a corporate debtor's may be emploj^ed in ordinary commercial bank- maturing obligations constitute trust funds ing in two ways, both of which, however, will depends upon the express or implied terms of give rise to deposit liabilities—it may transfer the agreement under which the funds are rethe funds to its commercial department, as ceived and the other circumstances of the parprovided in section 11 (k) of the Federal reserve ticular case. If the bank is acting as trustee act and Paragraph V of the board's Eegulation under a deed of trust for the holders of.the obli- F, in which event the national bank will be gations which are to be paid, the presumption subject to reserve requirements on account of would be, in the absence of evidence to the conthis deposit in its commercial department; or trary, that it was the intention of the parties it may make a general deposit of the funds in that the funds received should be held as trust another institution for the account of its trust funds subject to the terms of the deed of trust. department, and in this event the depositary On the other hand, if the bank has no duty to institution will be required to carry reserves the holders of the obligations, and there is no against such deposit. special agreement setting forth the bank's If the national bank receiving funds in its duties in regard to handling the funds, the bank fiduciary capacity deposits those funds in being authorized merely to pay the obligationa another institution, the liability of that other when and as presented, the presumption would institution is, as stated above, a deposit be that the transaction- was intended to give liability against which it must carry a reserve rise to an ordinary deposit liability, the bank balance with its Federal reserve bank, if it is a having authority to mingle the funds with its member bank. Such a deposit should be general assets and acting merely as the agent designated in some way as a deposit for account of the corporate debtor in paying the obligaof the national bank as fiduciary and the deposi- tions. tary bank must treat it as an individual deposit In the two rulings published on page 1435 rather than a bank deposit; that is, in com- of the 1921 FEDERAL RESERVE BULLETIN the puting its required reserve, the depositary bank board passed upon the facts of two specific may not include its liability to the national situations, but did not attempt to lay down bank as fiduciary among the amounts due to definite rules for differentiating between deother banks from which the amounts due from posits which constitute trust funds and deposits other banks may be deducted. This neces- which give rise to liabilities against which resarily results from the fact that the transfer of serves must be carried. In the present ruling, trust funds to the depositary bank consti- however, the board lays down the broad rule tutes a deposit by the national bank as fidu- that all funds received by a bank inthe course ciar}7 and not a deposit by such bank in its own of its commercial or fiduciary business must right, and consequently the deposit is not an be treated either as deposits against which item due to banks generally, but is an item due reserves must be carried, or as trust funds subto the national bank as fiduciary and so ject to the ordinary restrictions and safeanalogous to an individual deposit. guards imposed upon the custody and use of The same principles must also determine trust funds, and that whether a certain deposit whether funds which are received by a national falls in one category or the other must depend bank from a corporate debtor to meet the in each case upon the particular terms and concorporation's maturing obligations (such as ditions under which it was made. bonds and coupons) constitute deposit liabili- For convenience, the institution receiving ties within the meaning of section 19 of the the funds in question has been referred to Federal reserve act. If the funds so received throughout the ruling as a national bank. It are trust funds and are kept at all times segre- is to bo understood, of course, that the princigated from the bank's general assets, the bank ples herein stated are equally applicable to incurs no deposit liability and need carry no State member banks and trust companies reserve against such funds. This is true irre- receiving and using funds under like circumspective of the maturity of the obligations. stances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

574 FEDERAL BESERVE BULLETIN. MAY, 1922. PRICE MOVEMENT AND VOLUME OF TRADE. INTERNATIONAL WHOLESALE PRICE INDEXES—UNITED STATES AND ENGLAND. In March, for the first time in 21 months, the index of British prices registered an advance. It amounted to less than 1 point, but even so is an indication that, for the time being, the long period of decline has come to an end. In the United States the advance in prices was also very slight, amounting to 0.7 per cent for all commodities according to our index number. The trend of the index numbers for the different groups that make up the total of "all commodities77 was remarkably similar in the case of the two countries. Prices of raw materials and finished consumers' goods advanced two points in both cases, while producers' goods declined one point." Similarly, both indexes showed a one-point increase in domestic goods and a two-point increase in exports. Goods imported into the United States, however, advanced one point, while the similar group in the British index declined one point. The annual revision of the index for the United States has just been completed. Eleven new commodity quotations 1 have been added to the index of consumers' goods, making a total of approximately 100 quotations in the index as a whole. These changes have been computed for the entire period covered by the index number, i. e., from January, 1919, to date. The groups which have been affected most by the revision are the indexes of consumers' goods, goods produced, goods exported, and all commodities. INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES AND ENGLAND FEDERAL RESERVE BOARD, 191S-1S22 AVERAGE PRICE LEVEL OF 1913 = 100 500 500 4-50 450 4-00 4-00 350 350 300 300 250 200 \ 150 150 -UNITED STATES -ENGLAND (IN STERLING) '•ENGLAND (CONVERTED TO GOLD BASIS) 100 100 80 80 J. F. M.A.M. J. J.A.S.O.N.D. J. F. M. A. M. J. J. A.S. O. N. D. J. F. M. A. M. J. J. A.S. 0. N. D. J. F. M. A. M J. J. AS. 0. N.D. 1919 1920 1921 1922 New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1922. FEDERAL RESERVE BULLETIN. 575 INDEX NUMBER OF WHOLESALE PRICES IN THE UNITED STATES.-—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISONS.! [Revised figures. Average prices in 1913=100.] pr G o o d o u d ce s d im G p o o o rt d e s d.ex G p o o o r d t s ed mat R er a i w als. d g u o P c o r e o d - r s s . ' su C m o e n r - s' m A o ll d c it o i m es - . 1.919, average. 214 174 221 209 198 221 211 1920, average. 242 191 235 235 237 214 239 1921, average. 148 108 i 136 141 142 160 148 1919. January... 203 168 . 207 195 192 212 201 February. .196 168 199 190 191 201 194 March 198 163 201 1.96 185 200 195 April 203 165 201 201 181 208 200 May 208 172 218 209 .1.84 214 206 June 209 180 221 208 192 213 207 July 2.1.9 176 232 217 200 223 216 August 226 .174 227 2.17 206 237 223 September. 220 170 219 211 203 231 217 October 221 174 233 213 207 230 218 November. 228 179 250 220 2.13 236 225 December.. 235 203 254 229 223 243 233 1920. January.. 250 212 264 245 236 257 248 February. 250 216 260 242 247 255 248 March 255 218 266 246 263 255 253 pril.. 269 242 272 263 274 270 267 May 270 246 271 263 274 273 269 June 265 226 265 258 265 267 262 July 258 208 256 219 251 263 254 August 244 182 236 237 235 245 240 September. 237 164 219 233 225 234 232 October 220 142 187 211 209 221 21.4 November. 202 127 168 192 190 206 196 December.. 184 112 151 ' 176 171 1S7 179 1921. January— 172 114 147 164 166 173 168 February.. 160 113 140 152 158 162 157 March 155 114 129 146 153 159 152 April 148 109 125 136 148 155 146 May 148 105 129 139 145 152 145 June 140 102 126 133 110 154 142 July 143 103 126 134 136 162 145 August..... 144 104 127 133 133 167 146 September. 1-14 106 149 138 133 162 146 October 143 107 116 140 132 158 145 November. 142 108 1-13 141 128 157 145 December.. 140 111 141 140 127 153 142 1922. January... 139 110 139 141. 127 150 142 February. 113 1.10 ! 112 145 127 155 146 March..:.. 144 HI i 111 147 126 157 147 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, .1.920, and June, 1921. The index of "goods produced" consists of 85 quotations (30 raw materials, 24 producers' and 31 consumers' goods). These include agricul tural 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, eggs, dairy products, fruits, cotton and woolen cloths, underwear and hosiery, boots and shoes, and kerosene among the consumers' goods. The index of "goods imported" consists of 19 quotations (10 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 39 quotations (17 raw materials, 11 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 40 quotations, the producers' goods 31, and the consumers' goods 33. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

576 FEDERAL RESERVE BULLETIN. MAT, 1922. INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES 1920-1922 CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF" INTERNATIONAL AVERAGE PRiCE LEVEL OF 1913 = 100 500 4-50 -ALL COMMODITIES -RAW MATERIALS A 00 "GOODS IMPORTED "PRODUCERS GOODS 4-00 •GOODS EXPORTED •CONSUMERS GOODS 350 350 300 250 250 A. 200 150 »•*•'.. 100 M. A. M. J. J. A. S. C. N. D. J. F. M. A. M. J. J. A. 3. 0. N. D- J. F. M. A. M. J. J. A. MS.. A. M. J. J. A. S. 0. K. D. J. F. M. A. M. J. J. A. S. 0, N. D. J. F. Ii. A.M.J. J. A.S. 80 1320 1921 1922 1920 1921 1922 INDEX NUMBERS OF WHOLESALE PRICES IN GREAT BRITAIN—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISONS.! [Average prices in 1913== 100.1 Date. pr G o o d o uc d e s d.im G p o o o rt d e s d.ex G p o o o r d t s ed.mat R er a i w a ls • . P g r o e o o r d s d u ' s c . - Co go n e o r s s d u ' s m . - m A o l d l i t c i o e m s - . g v o e l C r d t o e b n a d - s t is o . 1919, average.. 238 2-17 275 226 " 261 241 241 221 1 19 9 2 2 0 1 , , a a v v e e r r a a g g e e . . . . 3 2 1 0 5 7 2 1 9 7 4 1 4 1 3 8 S 3 2 1 9 9 1 7 3 1 5 7 5 8 2 21 9 9 2 3 20 1 1 4 2 1 + 5 2 9 1921. March 219 182 189 202 • 198 231 213 172 July 204 164 174 192 ; 105 222 196 146 August 202 165 168 193 161 223 195 146 S O e c p to te b m er ber.. 1 1 9 9 9 2 1 16 7 3 0 1 1 7 7 5 1 1 18 9 7 5 ; 1 16 6 6 5 2 2 1 0 .2 0 1 1 9 8 4 7 1 14 4 9 8 November.. 182 154 164 177 153 191 177 144 December.. 17G 152 158 173 147 186 172 147 1922. January.. 174 149 158 171 147 181 170 148 February . 171 148 151 168 . 1U 181 167 150 March 172 147 153 170 ! 143 183 168 151 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 of international comparisons. It was published for the first time in the FEDERAL RESERVE BULLETIN for February, 1922, but is also coinpuied for the years 1913,1.919.1920, and 1921. ' Detailed information regarding the make-up of the number may be found in the FEDERAL RESERVE BULLETIN for February 1922 pages 147-153 The entire list of commodities included in the different groups is furnished there with exact specifications and markets indicated The''weights" assigned to the different commodities in constructing the index numbers are also given in detail. "' The commodities which form the basis for the index number are for the most part the same as those used in the Federal Reserve Board index of American, prices. The index of "goods produced" consists of 55 quotations (16 raw materials, 26 producers' and 13 consumers' goods). Those include agricultural products (grains, live stock, wool, and hides), pig iron, coal and coke among the raw materials; cotton yarns, woolen varns and wool tops Vemifmishcd iron arid 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). Those include American and Australian wheat, American tobacco, American and Egyptian cotton, Australian wool, Straits tin, American copper, Swedish lumber, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL, BESEEVE BULLETIN. 577 INDEX NUMBERS OF WHOLESALE PRICES IN ENGLAND 1920-1922 CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON 500 AVERAGE PRICE LEVEL OF 1913 »ICO 500 450 450 • ALL COMMODITIES 400 .———»-.GOODS !.M,POF^TED 400 • GOODS EXPORTED CONSUMERS GOODS 350 \ 350 •*'*'" *\. , \ 1 300 : s•8"—»» 300 \ \ 250 250 \ V 200 \ -J i ,v< "\ 150 150 100 100 80 80 M. A. M. J. J. A. S. 0. 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. 0. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 1920 1921 1922 1920 1921 1922 INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES FOR PRINCIPAL CLASSES OF COMMODITIES—BUREAU OF LABOR STATISTICS—REGROUPED BY FEDERAL RESERVE BOARD.2 [Average prices in 1913=100.] Raw materials. Pro- ; Con- Year and month. Agricul- Animal Forest Mineral Total d g u o c o e d r s s . 1 1 s g u o m o e d r s s . ' A m l o l d c i o ti m es - . products.products. products. products. terials. j 1920, average 8 256 183 333 235 240 235 , 252 243 1921, average 8 133 108 208 187 151 140 : 161 153 1921. March 136 116 210 197 157 11.9 : 168 162 July 122 109 203 177 145 134 153 148 August 123 112 200 175 145 132 ; 162 152 September.. 142 K)4 194 172 146 133 1 160 152 October 134 105 193 376 145 133 j 158 15C November.. 129 103 200 178 145 130 j 157 149 December.. 129 102 208 178 146 130 155 149 1922. January.. 129 107 207 177 147 127 1 151 148 February.. 139 117 207 176 153 127 i 153 151 March 141 118 207 176 153 128 i 153 152 * As the index number of the Bureau of Labor Statistics (which is based upon 315 quotations) has been rcclassi/led by the Federal Reserve Board, " " " " " * - * • -- * •* — materif BULLETIN for October, 1918, contains a list of (he 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

578 FEDERAL RESERVE BULLETIN. MAY, 1922. 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. no M rt i h n e n r e n a p sp ol r i i s n . g, re C d h i w ca in g t o e . r. goo C d h t i o c a c g h o o . ice, st h e e e a rs v , y C n h a ic ti a v g e o. Year an d inon I h. Average! , ! p A r v ic e e r a p g e e r ! R l e iv !a e - p A r v ic e e r a p g e e r I j R ti o v l o a- 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 ti e v l e a- pricier, R• p A r v ic e e r a p g e e r! R ti c v l e abushel, price. pound. ! price. bushel. price. bushel. price. pounds. | pound. price. 1913 .....; SO. 6155 100 SO. 1270 • 100 SO. 8735 100 100 $%.5072 100 SO. 1839 100 1919. 1. 5800 257 .3185 ' 251 2.5660 294 2.5370 239 17.4957 206 . 3931 210 1920. 1.3968 227 .3301 i 260 2.5581 293 2.5225 256 14.4856 170 .3122 174 1921. . 5648 92 . 1414 . 111 1. 4660 168 1.4353 146 8.7803 103 .1390 76 1921. March .6180 : 100 .1105 | 87 1.6135 185 1.6798 170 9.5625 ! 112 .1150 63 July .6019 ' 98 .1.147 ' 90 1.4384 166 1.2291 125 8.4063 j 99 .1388 75 August .5578 | 91 .1290 I 102 1.3953 160 1.2373 125 8.7750 I 103 . 1405 76 September .5344 • 87 i .1963 155 1.4825 170 1.2769 129 8.3750 i 98 . 1406 76 October .4647 i 76 I .1913 j 151 1.3191 151 1.1938 121 8. 8750 I 104 .1481 81 November .4728 . .1750 ; 138 1.2535 144 1.1758 119 8. 5625 ! 101 .1580 86 December .4669 ' .1713 ' 135 1.2594 144 1.1767 119 8.21.88 ! 97 . 1650 90 1922. January... .4738 . 77 ! . 1650 I 130 ! 1.2995 149 1.1960 121 8.1500 96 .1650 90 February.. .5572 ' 91 I ".1656 130; 1.5219 174 1.3816 140 8.6375 102 .1600 87 March .5606 j 91 .1669 I 143 ! 1.5003 172 1.3567 138 8.7313 103 . 1388 75 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 J e t - d s § , . Heml Y o o c r k k , . N • ew Y N e f e l l l w o o o w r Y i n p o g i r , n k e . , C ru o s n a p l o o , t b f m a it t u i m n m e i i , n n f e o . s o u , . s b , .: J 1 P C s o p o c o a a t l h , a o b t n i t m t u a i m s n ,f i e n . s o o , . u b. s, Pittsburgh. | Columbus. I Year and month. Average | Average Rela- Average Rela- p A r v i e c r e a p g e e r Re!a- ! Average Rela- i Average Relapounds. p t r i i v c e e . ! I p p r o ic u e n d pe . r p t r i i v c e e. pr M ic e fe p e e t. r p t r i i v c e e. ma M n f u e f e a t c- p t r i i v c e e , i ' s p h r o ic r e tt p o e n r . p t r i i v c e e, s p h r o ic rt e t p o e n r . p t r i i v c e e. tured. i _L 1913. S8.4541 ' 100 I SO. 4710 100 $24.2273 100 $44.5909 100 ; SI.3200 100 1 $1.5710 100 1919. 18.3260 ! 217 ' 1.1394 248 39. 7500 164 ; 78.8333 177 ! 1920. 14.7106 I 174 I . 9712 203 56.6667 234 145.4167 326 - 6.0433 458 5. 8891 375 1921. 8.8913 : 105 : .5076 108 40. 8960 169 93.7083 210 2.2030 167 3.1804 202 1921. March 10.3063 122 .5273 112 48.0000 198 95.0000 213 ; 2.2900 173 3.4000 516 July 10.2000 121 . 4909 104 37. 5000 155 91. 0000 204 j 2.0750 157 3.2000 204 August 10.3950 1.23 .4727 100 37.2500 154 92. 0000 206 ! 2.1300 161 3.0600 195 Soptombcr ! 8.5000 10 L . 4727 100 37.2500 154 92.0000 206 i 2.2310 169 2.9190 186 O*-*L ct. o-bi er. i 8ri .1^ e8t0s\t0\ 97 .4727 100 37.2500 154 90.0000 202 I 2.1800 165 2. 6800 171 November. 6. 8688 81 . 5091 108 37.2500 154 91.0000 204 ! 2.1500 163 2.4500 156 December. 7.0250 82 . 5273 112 37.2500 154 95. 5000 214 i 2.1500 163 2.1950 140 1922. January.. 8.1600 97 I .5818 j 124 37.2500 154 95.5000 214 2.1500 163 2.1500 137 February. 10. 2625 121; .6727 ' 143 . 37.2500 154 95.5000 21.4 2.1500 103 2.0750 132 March.. I. 10.5875 j 125 I .7273 i 154 37.2500 154 95.5000 214 2.0380 154 1.8250 116 s C to o v a t e l i , d , a e N n w e t a w h t r e a Y r c . o it r e k , , v C il o l k e, e , a C t o fu n r n n e a l c ls e - . C e N o l p e e p c w t e r r o Y , l i y o n t r g i k c o . , t, d N es e i w lv e Y ri o z r e 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 1 , \ S P h M i e g 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 d c e , y, at furnace. Year and month. 1 T Average Rela- Average Rela- I Average Rela- Rela- I Average Rela- I Average Relal p o r n ic g e t o pe n r . , p t r i i v c e e . ! I p s r h i o ce rt p t e o r n. p t r i i v c e e , I p p ri o c u e n p d e . r p t r i i v c e e. p p ri o c u e n p d e . r p t r i i v c e e . ! I pr b i a c r e r e p l e . r p t r i i v c e e , j l p o r n ic g e t p o e n r . : p t r i i v c e e. 1913. $5.0813 ! 100 : $2.4396 100 100 SO. 0440 100 S2.4500 100 ; $14.7058 100 1919. 8.1639 ! 161 4.7375 194 122 .0578 131 4.1346 169 27.6971 ' 188 1920. 9.4265 I 186 , 10.8163 443 114 .0808 184 5.9750 244 ; 42,2692 j 287 1921. 10. 5544 ; 209 ! 3.6361 149 80 .0457 104 3.3144 135 I 21.6683 i 147 1921. March 10.0382 210 5.0000 205 I .0405 92 3.0000 122 24.2000 : 165 July 10.5048 208 2.9063 119 I .0440 100 2.2500 92 19.3750 132 August 10. 6036 210 2.8000 115 I .0440 100 2.2500 92 18.2000 124 September.. 10.7075 212 3.1875 131 .0461 105 , 2.3125 94 19.1250 i 130 October •K i 212 3.2750 134 .0470 107 ! 3.1250 128 19.1875 " 130 November.. 10.6859 211 2.9700 122 .0470 107 3.9000 159 19.0000 I 129 December.. 10.7063 212 2.7500 113 .0470 107 4.0000 163 18.6250 : 127 1922. January... 10.6935 211 2.7500 .0470 107 3.3000 135 18.1500 123 February.. 10.6944 i 211 3.0375 .0470 107 3.2500 133 17.7500 121 March 10.6930 1 211 3.2500 .0470 107 3.2500 133 i 17.9375 122 i 1 On Toledo markot, average for last 6 months of 1913. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 579 AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES—Continued. [Average price for 1913=100.] Cotton yarns, Leather, sole, | Steel billets, Steel plates, Steel rails, I Worsted yarns, northern cones, hemlock, No. 1, ' Bessemer, tank, Pitts- open-hearth, j 2-32's crossbred, 10/1 Boston. Chicago. Pittsburgh. burgh. Pittsburgh. ! Philadelphia. Year and month. ! Average Rela- : Average Rela- ' Average i Rela- Average Rela- Average I Rela- j Average Relaprice per tive I price per tive i price per ! tive price per tive price per | tive price per tive pound. price. ! pound, price. : long ton. I price. pound. price. long ton. price, pound. price. 1913 SO. 2213 100 ' SO. 2821 100 i $25.7892 100 SO.0148 100 S30.0000 100 SO. 7767 100 1919 . 5340 241 i .5283 187 40.5385 j 157 .0271 183 49.2642 164 1.6274 210 1920 .6245 282 i .5342 189 56.2596 \ 218 .0328 222 53.8269 179 1. 8250 235 1921 ,2904 131 .3583 127 I 34.3846 133 .0193 , 130 I 45.6538 152 1.1792 152 1921. I March .2447 111 .3700 131 . 38.4000 I 149 .0204 138 47.0000 157 .. 2000 155 July .2411 109 .3500 124 ! 32.2500 125 .0185 125 47.0000 157 .. 1500 148 August .2586 117 .3400 121 , 29.6000 ! 115 .0178 120 47.0000 157 .. 1500 148 September . 3446 156 .3400 121 ! 29-0000 I 112 . 0164 111 47.0000 157 .1500 148 October .3832 173 .3400 121 : 29.0000 112 . 0160 .108 45.2500 151 .. 1500 148 November .3655 165 . 3100 121 . 29.0000 112 . 01.52 103 40.0000 133 .. 1500 148 December .3391 153 .3400 121 j 29.0000 112 .0150 101 40.0000 133 .. 2500 161 1922. January .3259 147 .3400 121 28.0000 j 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 March .3136 142 .3500 124 i 28.0000 109 .0139 94 I 40.0C00 133 1.2500 161 Flour, wheat, steers, Chicago. st (1 a 9 n 1 d 8 a w , r s d a t r a ) p , n a d t a e r n d ts Ham C s h , i c s a m g o o k . ed, Ill 1 u N 5 m 0 e ° i w n f a 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 r d k . . Minneapolis. Year and month. 1 Average Rela- ! Average Average Average Rela- Average Rela- Average Relaprice per tive price per price per price per tive price per tive price per tive pound. price, i pound. barrel. pound. price, gallon. price. pound. price. 1913. SO. 1295 100 ! $0.1113 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. . 2304 178 j .1198 108 i 12.6750 277 .3310 201 .2629 213 .1267 297 1921. .1627 126 I .0719 65 8.3264 182 .2678 161 . 2432 197 .0616 144 1921. March . 1625 12o j .0639 57 8.7300 190 . 2725 164 .2625 213 .0784 184 July I .1490 ! 115 I .0647 58 8.9000 194 .3200 193 .2200 178 .0546 128 A.ugust .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 121 December.. . 1640 : 127 .0931 84 6.8813 150 .2150 129 ' .2400 195 .0500 11? 1922. January... . 153S 119 .0963 7.0000 153 .2210 133 ! .2175 176 .0480 112 February. . 1450 112 .0902 7.9750 174 . 2672 161 j . 2100 170 .0492 115 March . 1450 112 .0959 7.8125 170 . 3063 184 ! . 2100 170 .0516 121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

580 FEDERAL RESERVE BULLETIN. MAT, 1922. COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES. The foreign index numbers published here- In the following table the all-commodities with are constructed by various foreign sta- index numbers for the whole series of countries tistical offices, and are sent to the Federal appear together to facilitate the study of 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 ( a d s n 9 o i e a t e s t 0 t e r r e ) r a v d s . a d - * ; e l i i ; , . :t B t U S i S q L i c o u t u t n s a a a n o r o i b t t ( e t s f t e 3 i o e a ) a s 1 s r d . u - - 2 ; 5 C m D t q L i a o e u e ( n a 2 n p n o a b 7 s a t t d o 2 ) a r o a . r t - 6 f ; - i ; U B T m K d c t ( i n r o o o 1 o e i o a i m n a 5 m s d t f d r g ) 0 e i - d e . ; - d - (9 D F t U 8 B K e e i d o n o c q s o i n l i e a n u m c t s r r g o e r ) d v ; . a d - t 2 e a i -! ' i , • s ? J + F l l m t ^ ^ • a r e i B a e S l o t + g u n r s i , d t i n • ) i c a l i j - . d e e - - ' i , i ; e „: 7 u | : 6 1 n 1 ( 0 3 m 9 I a B t d 8 0 P 2 t i f o a u l t a 1 r t e d c l r c o h 1 r y i o i a h e f 9 ) n ; m t n . . 2 i n r a i g 0 e d e g - . - s H S t t S q i i w a d v o u n ( e n e n o 4 d d n i s t 7 e n e a ) s l . k g n - s 5 ; - i . i j i N ( C 0 9 m R t m o a k 3 h i e e n r o o r c i w s v i i s d n o s ) a u k i a o m t , . - e i 6 y - - - ; t F m i p ? d v n a e r a n k n d " s e - - I i B D ™ t e i l e c ? s g p ) * i a . u s r ° i t m f - ; ! -I I... 1913.... 100 : 100 - 100 100 100 , 100 ' 100 8 100 i 1914.... ioo ! 101 101 ! 95 116 io 115 ii 100 | 22 100 1 1 1 9 9 9 2 2 1 0 1 9 . . . . . . . . . . . . 2 2 1 3 1 4 9 1 8 ! ! 2 2 1 4 1 5 3 2 3 i i : 2 2 1 1 4 8 7 8 2 3 2 1 0 4 2 i 2 3 2 4 0 1 1 1 4 ' i I 5 3 3 1 4 5 0 5 7 j I 6 3 5 2 6 7 4 4 8 3 3 21 4 3 1 7 0 3 3 2 7 6 2 7 9 2 I I 2 3 2 8 9 5 2 4 0 i ; ! . . . I 1921. i Marc:i 152 162 19-1 215 2,1.3 300 604 1,461 I 237 312 April 146 154 ! 1S7 209 200 i 347 584 1,401 j 229 I 297 270 July 145 148 ' 170 198 1 6 • 330. 520 1,51 I 211 j 300 i 253 August— 140 152 i. 174 194 105 ; 331 542 1,798 ! 19S 297 I 256 347 September 140 152 , 172 191 191 I 344 580 1,8-13 i 182 287 I 224 364 October... 14o 150 ! 169 184 187 I 331 599 2,007 175 286 ! 202 368 November. 145 149 I 168 170 177 332 595 2,798 ! 174 276 I 186 368 December. 142 149 ' 170 171 172 I 326 595 3,348 | 172 188 i 1922. January... 142 148 . 168 167 170 ! 3J4 577 170 260 178 361 February.. 146 151 , 169 105 107 ! 306 502 166 253 177 March 147 152 i 166 163 168 j 307 533 164 240 182 April 160 311 527 165 236 178 May 177 Aus- , South tralian • I Cal- • Shang- ; i I ! ( S 7 L l w 1 D a o i n c r t r e o z d . n e m ; z r - - P o C B t f l i c o e u c S o l s n r l t m e a t a ( r a 5 n t - a i u 3 d l s ; - G D g e d B t a n i i e u o r r e e l i i n r a a - c a ; - t e j \ \ m D t S C i c c o e t a o a s p n i m t r ( a t i o 2 s r - o ; - 3 t f - j 1 ; 1 a O A C n t f i ( f d f e s 1 i r c n t 8 i S i e c s 7 c u a t o s a ; s f - s w B o u C m f u e s o C a r o a e m l n e t n a n - h - u d - ; Z D m S e N e e t a a p n l e t a a t w i n r s o t d - - f ; j 1 I • ' I S D n t E t i d u a c a i t t a e s c i l t s s h - ; m D t S I c e e i t n u c p a n d t a s t t i t i r a a ( s o t , ; 7 - - f 5 ( B J 5 T J a a 6 a o f p n p o c k a k a r o y n n i o o n ; f - j ; ! i B M M F u i i a h r n n r o e a a i k f a i s n ; e u t c t r s e y o , ! f ; I ! ' • ( m S 5 D P 8 t e e t e a n i c p r t c t o i u a s s o m ; r - f t - i rnodi- modi- Sta- modi- com- Statistics tics. ' Bureau.6 com- modi- (147 com- modi- ' ) ties).!6 tistique. ties). ! modi- (92 com- inod - ties).2 ! modi- ties).20 i ties). 1 modi- ! ties) .a ties).23 ; I ties).' I 1913. 100 100 (17) 18 100 100 100 1914. 1C0 : 105 103 100 : 100 1 104 1* 100 1 wi 00 96 104 1919. 297 11,166 225 ! 181 j 180 178 281 ; 198 236 i 24 129 220 1920. 282 1,9-10 299 1 245 ! 218 212 226 I 204 259 140 238 1921. 195 I 181 2,006 180 • J92 j 167 201 166 181 200 145 205 i 1921. March 219 i 188 2,437 1S2 -. 1S1 208 194 175 191 143 210 April • 208 ! 176 2,006 181 : 184 I 171 204 188 183 190 144 205 July , 179 ," 176 1,721 164 ; 109 159 200 183 183 195 145 201 August 177 I 180 j 1,730 166 |. 160 .. 197 184 184 199 149 205 S O e c p to te b m er ber... 1 1 8 8 4 1 i , 1 1 8 6 0 9 ; 2 1, , 7 0 5 5 8 2 176 j. «r 1 1 5 6 6 0 1 j 1 1 9 9 5 7 1 17 8 5 8 1 1 8 8 7 4 2 2 1 0 9 7 1 1 4 4 8 6 2 2 0 0 5 3 November... 182 ' 165 2.061 181 ! 151 1 191 170 180 214 144 195 December 178 | 165 2,155 j 170 ; 148 j 189 166 180 209 146 190 1922. January , 176 161 j 2.172 108 147 180 164 178 206 I 149 190 February 171 162 I 2.272 , 169 147 181 , 163 179 204 1 148 191 March 171 ; 102 i 2;287 I 153 146 180 I 104 182 201 !. 190 April.... 103 : 150 187 T 1 Sae following page for issues of BULLETIN containing descriptions of u 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. 16 Based upon prices of 52 commodities during 1920; 53 during 1921. 2 End of month. I? Jan. 1, 1913-July 31,1914=100. < Beginning of month, but not always the first. 11 Average annual expenditure, 1913=-100. 5 Middle of month. I "Fob., 1913-100. • End of year and end of month. ! 20 Average for month until September, 1921; thereafter prices as of 15th 7 First of month. I of month. • July 1,1913, to June 30,1914= 100. 21 Average of last half of month. •Middle of 1914=100. 22 April, 1914=100. 10 Dec. 31, 1913-June 30, 1914=100. 2? As of last Wednesday in month. 11 July 1,1912-June 30,191-1-100. 24 December figure. is July, 1914-100. 25 As of March 15, 1022. » End of Julv, 1911« 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1922. FEDERAL RESERVE BULLETIN. 581 The BULLETIN for January, 1920, contains a index published by the Federal Statistical Budescription of the French, Australian, Japanese, reau for Germany, and the indexes for Switzerand Canadian indexes. A description of the land, Holland, Norway, Bulgaria, Cairo, method used in the construction of the Swedish the Union of South Africa, the Dominion index number appeared in the BULLETIN for of New Zealand, and Peru. The index num- February, 1921, the new Italian index number bers for the Dutch East Indies and Belgium was discussed in the April, 1921, issue of the were described in the BULLETIN for March, BULLETIN, and the method used by the Frank- 1922, Lack of space prevents the publicafurter Zeitung in the case of the German index tion of group index numbers for these counnumber was described in the BULLETINS of Feb- tries, but they can bo obtained at any time ruary and March, 1921. Complete information upon request. In the case of the two Amerregarding the computation of the index of the ican 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 LETIN for May, 1920. The Danish index has computations in these cases are, therefore, only 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 are subof Trade, was described in the March, 1921, ject to revision. In certain cases the index issue of the BULLETIN. The BULLETIN for numbers for the war years were published in December, 1921, contains a description of the various issues of the BULLETIN in 1920. GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS. [1913=100.] Date. pr F od ar u m ct s. ! : F e o t o c. d, : C c lo lo th th s in a g n . d F li u g e h l t i a n n g d . M pr e m o ta d e l u s t a c a l t n s. d m b L u a u a t i < m l n l ; d e d d b r iin i n e a ,g r l. • i a g l s s . fu I r g l i o o i o u i d s s s h e . i - ng L M i L n s e c o cl n - s. com t A m i l e o l s d . i- 19.13 100 i 300 .100 ! 100 100 100 : 100 100 100 100 1919 234 j 210 261 173 161 192 | !79 236 217 212 1920 2L8 ! 239 302 i 238 186 308 | 210 366 230 243 .1921 L20 ' 143 183 I 190 : 13" 196 168 238 158 153 1921, March 125 150 j 192 207 139 208 171 275 167 162 July 115 179 184 : 125 200 163 235 149 148 A ugust 118 152 179 182 ! 120 198 161 230 .147 152 September... 122 146 187 178 ! 120 193 J62 223 146 152 October 1L9 : 142 190 182 j 121 192 162 218 145 150 November.. 1L4 j 1.42 186 186 ! 119 197 162 218 145 149 December... 113 139 185 187 ' 119 203: 161 218 148 149 1922, j January 116 i 134: 183 I 183 117 j 202 | 159 214 146 148 February 120 138 : 183 ! 183 115 I 202 ! 159 213 150 151 March 128 . 138 182 ; 183 114 ! 202 • 159 213 153 152 GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE. [1913=100.] Other i Cereals. an M d e f a is t h. • f O o t o h d e s r . T fo o o t d a . l Iro st n e e a l n . d . ! m a e n ta d ls I Cotton. 1 ! te O x t t h il e e r s. ar O ti t c h l e e r s , ! j no T t o f t o a o l d. A m l o l d i c t o i m es - . minerals. T 1913 average.. 100 100 100 ! 100 100 : 100 100 ! 100 j 100 100 100 1920 average 273 263 278 ; 272 406 252 480 362 ; 274 ' 340 314 1921 average 195 222 214 ; 210 213 180 174 i 197 198 202 1921. March 205 251 229 ; 283 192 173 179 205 209 2i5 July 202 214 215 210 229 185 180 161 191 192 198 August 205 216 210 210 222 172 176 , 159 189 186 194 September 195 200 201. 199 207 160 213 ! 163 190 187 191 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 j 173 172 152 1S8 167 178 171 171 1922. January 149 176 182 i 166 : 149 i 180 174; 167 167 .February 155 178 187 , 174 162 145 168 104 i 169 ! 161 165 March 159 166 187 ' 171 159 ! 143 | 172 159 ! 1.67 . 159 163 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

582 FEDERAL RESERVE BULLETIN. MAY, 1922. GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU. [1913=100.] Date. f A o m o n a d i l - s. f V t o a o e b d g l s e e . - c S c o a o u f n c g f d o e 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 ie n s - .' j ; j m r R ( i 2 a a a 5 l t w s ) e . - m c it A o i o e m l d s l - - . Date. foods. S co u c g o a 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 es -1 , i 1 , m r ( R i 2 a a a 5 t l w e s ). - m c it A o i o e m l d l s - - . 1 1913 average. 100 100 100 100 100 100 100 ' 100 100 1921 1920 average. 503 427 422 459 449 737 524 ! 550 510 November... 331 306 324 321 277 388 362 34! 332 1921 average. 380 330 343 355 275 355 374 i 338 345 December... 324 303 300 313 269 375 364 337 326 i 1921. i 1922. April 396 348 359 372 281 314 371 ! 328 347 January 309 289 306 302 25S 363 350 324 314 July 353 364 393 366 253 290 3i3 I 301 330 February 303 288 318 301 242 345 341 311 306 August 371 337 352 355 245 321 356 i 312 331 March 341 281 326 317 242 326 328 300 307 September.. 373 311 389 352 253 388 370 ! 338 344 1April 362 310 320 835 215 319 324 297 314 October 345 305 305 323 262 391 365 i 338 331 - GROUP INDEX NUMBERS—ITALY—RICCARDO BACHI. [1921=100.] Ve f g oo et d a s b . le A fo n o im ds a . l ! <r. -»eim ^ ca , ,s. Minerals ' Building Other and metals 1921 100 100 i 100 100 100 100 i 100 100 100 1922, January 112 114 73 72 61 112 94 92 February 109 .112 ! 73 68 62 111. 92 90 March... .107 ! 97 ! 72 65 59 103 87 85 April 105 ! 103 j 70 63 . 58 92 88 84 GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG. [Middle of 1914=100.] All :• \ All Miner- | Miscel- j com- ,i Misccl- ! conials. i lancous. i modi- i laneous. j modii tics. i| ties. July, 191.4 100 • 100 100 l! 1921. 1920 average 1,925 1,417 ! 1,580 " Beginning of— 1921 average. 2,268 i 1,672 I 1,862 !| December 3,348 1921. j| 1922. Beginning of— Beginning of— May 2,080 1,734 I .1, 590 1,483 i January.., 3,562 July 2,107 I 1,780 J 1,566 1,517 ii February 3,955 August 2,240 i 1 811 ! 1,525 1,798 j, March 4,888 September. 2,560 I 1,935 I 1,582 1,843 !l April 5,899 October.... 3,200 ! 2,337 | 1,705 2,067 ii May 6,573 November. 4,613 j 3,251 | 2,057 2,798 11 GROUP INDEX NUMBERS—GERMANY—FEDERAL STATISTICAL BUREAUS [1913 prices-100.] Goods Goods All coin- Goods Goods All comproduced imported modities produced. imported modities (16 com- (22 com- : (88 com- (16 com- (22 com- (38 commodities) . modities). I modities). modities). modities). modities.) T 1913 average 100 I 100 100 October 2,235 3,585 2,460 1920 average 1,2,-3 i 2,652 ! 1,486 November 2,9!>7 5,662 3,4.16 1921 average 1,786 2,533 1,911 December 3,170 5,071 3,487 1921. 1922. April 1,280 1,560 1,326 January 3,383 5,075 3, 665 July 1,369 1,721 1,428 February 3,763 5,800 4,103 August 1,913 1,935 1,917 March2 4,863 7,038 5,229 September 1,952 2,643 2,007 April 5,985 8,203 63i5 ^Latest figures subject to revision. 2 As of Mar. 15, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY. 1922. FEDERAL RESERVE BULLETIN. 583 GROUP INDEX NUMBERS—SWEDEN—SVENSK HANDELSTIDNING. [July 1,1913-June 30,1914=100.] Raw ma- Vege- Date. f t o a o b d l s e . An fo i o m d a s l . f t o e r r a i g a r l i s - Coal. culture. 1913-14... 100 100 100 1920 262 296 312 1921 210 220 227 i 1921. March 238 ! 229 210 July 236 " 227 210 August 217 | 230 214 September 18'$ " 208 207 October 167 198 200 November 161 196 .197 December 156 186 202 1922 January 168 173 202 February 170 159 170 March 173 153 168 April 174 156 169 GROUP INDEX NUMBERS—CHRISTIANIA, NORWAY—OKONOMISK REVUE. [Dec. 31, 1913-June 30, 1914= 100.] I Fuel. Date. ! Ani d m s a . l f V m o e u o g i d e s c - . a t s i F n l t d e u i z e f e f f d r e s r s - - . C a o n a d l P l a e e n u tr d m o - I ; | Iron. ' Metals. i t n B e g r u i i a m l l d s a - . - t T il e e x s - . le H a a i n t d h d e e s r. w P o u o l d p . Paper. m c t o A o i d l e m s i - l . coke. benzine.] End of— 1914... 115 130 108 151 104 115 : 128 107 105 158 103 101 115 1920... 352 385 340 647 407 482 = 200 416 402 255 321 472 377 1921... 263 279 233 289 276 278 ; 183 291 320 219 183 338 269 192 L April 283 304 279 317 343 I 295 : 166 329 329 199 289 413 297 July 301 408 254 388 303 ! 307 ! J90 309 3.19 197 276 392 300 August 296 360 260 371. 297 I 307 190 305 315 197 262 392 297 September 302 303 254 333 297 ! 339 J90 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 i 319 184 293 320 2.19 227 338 276 December 263 279 233 289 276 I 278 18'J 291 320 219 183 338 269 1922. January.. 211 256 226 279 276 i 268 183 279 316 219 183 332 260 February. 236 250 224 279 256 ! 263 165 274 310 219 183 327 253 March 222 24.5 220 279 203 . 232 161 262 289 190 177 309 240 April 213 241 217 263 203 : 230 159 . 260 286 185 177 304 236 GROUP INDEX NUMBERS—AUSTRALIAN COMMONWEALTH—BUREAU OF CENSUS AND STATISTICS. [July, 1914=100.] Textiles, Agricul- Groceries Date. Me c ta o l a s l . and j e u t t c e . , tob a a n c d co. Meat. m B a u t i e ld ri i a n l g s. Chemicals. m A o ll d c i o ti m es - . 100 100 100 100 100 100 100 100 100 209 243 229 184 186 201 295 277 218 1921 198 125 166 166 192 133 249 225 167 1921. March 203 107 176 | 207 198 178 303 234 181 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 i 118 18S 196 200 147 February 184 136 143 ; 119 187 195 194 147 March 182 137 144 ! 121 186 187 190 146 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

584 FEDERAL RESERVE BULLETIN. MAT, 1922. GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABOR.* [1913=100.] Date. f G o a d r n a d d i e n r s . : | A m n a e i n m a d t a s . l s: i ' D p u r c a o t i d s r . y - t F a v a r b e n u g le d i e t s - s . 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. m Im e p n l t e s - . i ! i l t u n B eg m r u im i a b l l e d as r - -, . ; F l i u g e h l t a in n g d . I | I D a c n h r al u e d s m g . s i- m c t A i o o e r l d s n l . i - 1913 100 100 100 100 100 100 100 100 100 100 100 100 100 1920 263 | 198 204 261 258 303 192 203 245 268 255 204 246 1921 150 1-19 | 157 172 181 189 110 150 210 211 218 177 182 1921. i April 154 | 169 I 161 162 I 189 191 115 145 241 229 220 180 187 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 j 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 1922. January 133 ' 129 j 149 186 155 176 99 142 231 180 i 206 103 168 February 145 140 ! 141. 204 155 174 97 141 216 179 i 204 164 169 March..". 149 138 I 122 204 : 158 174 96 137 213 174 I 206 166 166 April 152 ! M3 I 127 203 i 157 174 95 L35 213 174 i 206 L')5 166 i Unimportant groups omitted. GROUP INDEX NUMBERS—CALCUTTA, INDIA—DEPARTMENT OF STATISTICS. [End of July, 1914=--100.] Other I I FJuild-ii j C0tt0I] j II JJllllttee OttlPT^ Oil* ' i All Date. m h a ie f e- i ; Metals.j s a k n in d s. n tu i fa a r c i e l - s u- . R ot a t w o] h m t a fua n rc u e. - s . t t e tei x lxe s . I ! j m mJ ta ,u ur ; d s I . ' - ' • Raw Oil '; ! Teaj ! : sugar..P ! ulses.jC | ereaLs i j foods. m c t o i o d e m s i - . - ; articles I I.. End of July, 1914..! 100 100 100 j 100 100 i 100 i 100 100 100 100 i 100 100 100 100 '• 100 100 100 1920 average 13S 231 ! 238 I 147 354 153 149 162 : 128 104 ! 173 78 407 i 166 . 151 184 204 1921 average 1-16 242 i 237 i 10S 306 143 105 112 ! 108 83 135 100 270 j 160 j 145 157 181 1921. I March 153 239 I 255 ! 86 301 98 91 90 81. 122 : 71 369 1.22 j 1.28 136 July 149 237 : 245 | 116 316 136 102 147 | 115 80 157 92 247 173 151 162 A Se u p g t u e s m t ber.. 1 1 4 4 3 3 2 2 4 4 2 7 ! : 2 2 4 1 1 4 ! I 1 1 2 2 1 0 3 3 0 0 1 2 2 1 1 5 7 0 1 1 0 2 7 7 1 1 3 4 5 7 i ! 1 11 1 5 6 . 1 8 0 5 2 1 1 4 5 5 0 1 11 0 6 7 2 2 3 1 6 9 1 1 8 8 2 2 1 1 5 5 3 7 1 1 7 7 0 2 1 1 8 8 4 7 October 141 251 ! 214 i 122 310 193 112 148 ! 106 : 88 122 124 205 184 154 166 184 November.. 111 213 116 299 ! 166 : 108 150 j 104 j 123 151 203 | 178 143 164 180 December... •i 219 I | 128 289 176; 111 ! 150 i 103; l\ 124 152 • 194 I | 180 147 i 169 180 1922. • I January 132 236 220 ! 126 275 ; 165 1.10 ! 156 * 105 132 161 I 225 ' 177 139 ! 150 178 February 130 241 193 131 266 172 107 j 162 j 109 I 143 146 ! 218 j 174 137 175 179 March 132 2G0 187 ! 126 271 ! 189 I 120 150 | 130 ! 82 ! 148 J46 222 I 173 153 167 182 90 COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following table are presented statistics j RETAIL PRICES IN THE UNITED STATES, PARIS, SWEDEN, showing the trend of retail prices and the cost ! AND ITALY; COST OP LIVING IN UNITED KINGDOM AND of living in the United States and important FUANKFURT-AM-MAIN. European countries:1 [Jujy» 1 P 1 0 9 a 0 1 1 r 3 . i T , s h , h I r a n a e n s e t d h b e o e S e f w c n a e t s h d s e o h e n s i o f e — f te t d i a h n r e c d t o e U c x o t n h n i n t e s e u t r d J m u u c S b ly t e t e a , r d s t 1 e — 9 o s 1 n , t 4 t h t h , h o e b e s a e o b s r a e i f s g . o i i r s n T a o t l h h f b e e p a r G s i U c e e e , n r s m t i h t i e a n a d n t J o i u K n f l d y i t n e h , g x e 1 d 9 y u 1 o s e 4 m e a = s r , p U S r r t e i n a c t i t a e t e e i s s l d . , 1 d o o U f K l m i n v i , i n i t c n g e o g - d s .r t p P r r e i a c t r a e i i s s l . , 1 S p w r r e i e t c a d e i e s l n . , I January, 1914, as a base. The American index number, constructed by the Bureau of Labor 1920 199 249 371 963 454 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 su t m he p r t e io ta n i , l p u r n ic ti e l s J o a f n 2 u 2 a a ry rt , i cl 1 e 9 s 2 1 of , w fo h od en , w i e t i w gh a te s d 1921 , 150 220 337 237 1,18-1 548 increased to 43 articles reported by dealers in 51 important cities. The 1921. method of weighting continues the same, although the actual "weight" March 153 241 358 253 1,121 556 aoplied has been changed. • April 149 233 328 248 564 "The British index number of the cost of living constructed by thei July 145 219 306 232 1,106 501 Ministry of Labor consists of the retail prices not only of foodstuffs but! August 152 222 317 234 534 of other articles as well. Retail clothing prices, rents, and the cost of September. 150 220 329 228 "ijio-i" 542 fuel, lighting, and miscellaneous household items are also taken intoI October... 150 210 331 218 581 consideration. The index number is weighted according to the im- November. 149 203 326 211 583 portance of the items in the budgets of working-class families. December. 147 199 323 202 585 The retail price index for Paris, compiled by the Trench General m t S w h t e i T a a s i n t h g i i ' s h e n s t t d i e S f c e a d w a x m l e a a i d l c O r y i c e s f o f h f i o r c o d f e i o i n , n f d d o g s c e u , o x r t a n o n p n s d i e u t s h r t m t s s h e o b e o n a e s v f o r . e t r h c r e a e o . t E g a r n e l i s t e l w i v s a p e t o n s r n i n a c o u r o e f e a s f t l k h t o e h c e r f o e o r n 1 s e c s e 3 t o u n a m m d i e l i m f p a p f n t e r o i r i d o d c e n i e n a t s i l t e c o o o s c f h f o i a o n m f l c o w . m l o u o d o d r s k d e tu i d i n t f i g f e i s n s - , , J M A F a e p a n b r r 1 u i r c 9 l u h a 22 a r . y ry .. . . . 1 1 1 3 3 3 6 9 9 1 1 1 1 8 8 8 9 2 6 8 2 3 3 2 3 0 1 9 0 4 9 4 7 1 1 1 1 8 8 9 8 9 5 0 2 1,657 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 wTar had a yearly income oif 2 Beginning of month. 2,000 kroner. | 3 January, 1914-100. The German retail price index compiled by Dr. Moritz Elsas has been * 1913-100. substituted for Dr. Kuczynski's index which was formerly published in the Federal Reserve Bulletin. Dr. Elsas bases his calculations upon the cost of living for a family of four in Frankfurt. The Italian retail| Ministry of Labor, consists of retail prices of 21 commodities.Twenty price index for the most important cities, computed by the Italianlof the commodities included are foods and the 21st is charcoal. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 585 FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, NORWAY, JAPAN, AND GERMANY. In the following table are presented figures j snowing the monthly value 01 the ioreign trade i uusually tho preceding year. a 0 ^V 1 n d a « J g ^ a .^ r D - o .- a . u -T n p N 1 0 ^- 1 P i 4 m ™ p ^^ o -™ rt + a « n ^ t + E l^ u -.- r ,- o » p ^^ e ^ a « n ,^ C ^- o .• u .•r n x t 4 r -ni ', ensn • ' I O a f r f e g NN £ o oo i l v l nn d e d ee n a a n oo s d w ff d o tt s 1 hh 1 ii e e l a lv s ff e t ii o r gg . t uu a rr l ee II s v s n a pp t l t u hh rree e e ss s ee , c nn w a tt s ee h e dd i l o e f bb f i E ee n l E l oo t n w h w lg e d l ii a c nn a n cc s d ll e uu d o d a d f e n e F t d h tth h e F ee r o a ii t mm n he c pp r e oo , c rr t g t o r u o o o f n ui rr t r p ee ie xx s f pp i oo g rr u tt res " ' total values only are presented. This does not mean that group figures I arc not obtainable, merely that they are either delayed in publication i Currencies have not been converted to a common unit, nor are or appear not to be of 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 i to revision. FOREIGN TRADE OF THE UNITED KINGDOM. Imports. Exports. Reexports. In thousands of pounds sterling. In thousands of pounds sterling. j In thoutobacco. ' Articles l i a M p n n a i c i e n r s l o c c u g e e u d l l s - - , Total, o s t f h a I t n o n o d u n s - s . i ; to d F b a r o i a n n o c d d k c , o , . r m a i m a r R t a l i a s a i c t n w a l e e l n - y s d A m w m r a h a t o i i o i c n r m l l l l e y y - s l i a M p n n a i c i e n r s l o c u c g e e u d l l s - - , i I Total. o s t f h a I t n o n o d u n s - s. 2S In post. post. ling. factiired. Monthly average: 1913 24,184 23.485 16,134 259 64,061 4,669 : 2,716 5,825 34,281 919 43,770 7,650 9,131 152 1920 63,817 59,196 37,787 254 161,387 3,795 . 4,2-15 12,120 93,312 1,523 111, 200 3,292 18,563 139 1921 47,271 22,598 ! 20,421 268 90,557 3,203 | 3,122 . 5,297 49,055 1,126 58,600 2,748 8,921 118 1921. || March... I 50,930 : 17,739 24,930 184 93,784 2,697 | 2,897 5,832 \5Q,969 1,111 :66,809' 2,656 127 July -12,090 . 20,232 18,005 431 80,757 -1,050 ! 2,702 2,775: 36,705 990 ! 43,172 j 1 1,350 | 9,362 August ! 50,584 | 19,589 IS.194 214 88,581 ;3.389 3, L24 7,058 i39,936 j 1,228 : 51,3-16 3,747 ' 9,998 i 154 September i 48,410 20,465 • 17,905 338 87,1L9 i 3; 515 3.300 6,907 I44,009 ' 912 55,248 4,128 | 8,595: 116 October. 44,475 21,256 > 18,691 320 81,742 3,470 3,466 7.359 .50,328 1,113 62,265 4,297 ! 10,386 | 159 November.. 41,246 '29,946 17/JL3 154 89,259 . 3,343 • 3,586 7,046 j51,091 i 1,169 62,895 4,541 : 9,823 j 139 December.. 39,083 27,792 18,291 165 85,312 3,080 3,187 7,446 ;47,304 I 1,378 ; 59,375 5,238 i 9,204 107 1922. ! i January ! 33,972 24,565 | 17,710 2U 7S.488 2,861 i 7,032 ! 51,824 1,429 63,147 8,459 February j 32,257 '. 20,220 j 16,576 322 69,375 2,754 6,869 ! 48.000 712 58,335 ! i 10,174 March i 45,261 22,095 ; 20,309 215 87,879 3,270 8,465 • oil760 1,085 64,581 1 10,154 April •-...; 80.661 40,308 9,200 I i « Includes reexports. FOREIGN TRADE OF FRANCE.1 Imports. Exports. In thousands of francs. in thousands of francs. : In \ ! In • thou- | thou- Food. m r R i a a a t l w e s. - M ar t a u t n i r c u e l f d e a s c . - i ; Total. js 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 s e . - M ar t a u t n i r c u e l f d e ac s - . i ! P p a o r s c t e . l ! Total. I sa m t n o e d n t s r s i . o c f I Monthly average: 1913 2 151,405 412,144 | 138,109 j 701,778 3,0S5 ! 69,008 154,841 30i, 420 : 47, 1.82 573,351 1,840 1920* 989,576 j 2,096,379 : 1,072,787 4,158,741 4,211 217,733 509,485 1,413; 548 ! 100,4792,241,245 ' 1,071 19213 517,158 1,033,170 ! 412,045 j 1,962,373 3,165 . 161,031 i 463/219 1,067,413 104,430 1,796,092 j 1,333 1921. March * , 454,267 852,036 : 506,879 1,813,282 2,986 169,706 404,230 1,029,961 108,418 1,712.315 I 1,183 Julys 434,001 704,069 I 33 L, 047 1,409,117 2.J64 123,803 439,534 l;25,808 ~4,350 1,563; 055 i 1,194 August3 555,545 855,607 ! 320,052 1,731,294 2'593 i 112,654 445,312 1,084, .193 82; 933 1,725,092 ! 1,035 September8 691,972 1,204,213 i 329.494 2,225,079 3,993 ! 140.467 444,891. 1,087,443 95,852 : 1,774,653 j 1,172 October3 717,091 l,19L,800 ; 3.18,000 2,226,951 : •2,809 132; 424 4;^2,370 1,041,594 103,078 L75V472 ' 1,252 N D o ec v e e m m b b e e r r 3 3 7 5 5 6 4 4, , 0 6 1 7 2 1 1 1, , 8 4 5 4 6 6 , , 1 1 4 2 8 5 I 3 54 2 3 3 . , 4 5 4 9 5 3 3 2 , , 1 3 5 3 4 3 , , 2 7 6 3 4 0 ; 5 5 , , 1 1 9 0 7 1 j • 2 .1 5 5 9 7 , , 0 1 0 8 5 0 j 4 5 7 4 8 9 , , 4 8 9 7 5 5 1,1 9 9 9 3 2 ; . 2 1 5 6 0 1 . 1 1 M -2 ) 0 ,O ,3 5 4 9 3 2 1 , , 7 j 4 82 8 ; ,6 3 5 2 4 0 ; ! 2 1, , 5 5 1 0 5 7 1922.5 January 3,396 121, 526 158,460 991.852 63,903 1,638,741 1,554 February 4,126 I 153, 892 448,4o5 106',507 144,458 1,853,312 1,520 March 4," 434 130,595 156.930 1,189,712 99,431 1,876,668 ; 1,570 1 Not including gold, silver, or the reexport trade. Latest figures subject to revision. 2 Calculated in .1913 value units. 3 Calculated in 1919 value units. French foreign trade figures arc originally recorded in quantity units, and the value of the trade is calculated by applying official value units to the quantities imported and exported. Norm ally the monthly statements of trade appear computed at the rates of the year previous, and only at the end of the year is the trade evaluated at the prices prevailing during that year. 'Because of the disturbed price conditions in France during the past two years, 1919 price units arc being applied to the L92L trade. 4 Calculated in 1920 value units. 6 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

586 FEDERAL RESERVE BULLETIN. MAT, 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 , 210 71 68 46 33 61 53 1920 , 2 1,322 2 650 281 191 253 104 195 162 1921 106 91 128 63 135 104 1921. March 75 117 137 94 iuly 3 557 344L 98 94 134 110 99 August 3 981 3 587 103 11.3 148 132 106 September.. 3 962 3 659 126 105 176 129 96 October 3 1,101 s 683 101 99 153 130 112 November.. 3 1,125 «718 95 103 146 152 121 December.. 3 1,521 3 856 112 108 129 161 146 1922. January .. 77 179 >-7 February. 49 196 101 March 109 205 115 1 Subject to revision. 2 Based on 1919 values. 3 Based on actual current prices. * Estimates of Farmand. FOREIGN TRADE OF GERMANY.1 Imports.2 Exports.a Merchandise. Merchandise. Gold and Gold and silver (in silver (in t o h f o m us a a r n k d s) s . In o f m m i a ll r i k on s. s m I e s n a tr n i t c d h s o t o o u n f - s. t o h f o m us a a r n k d s) s . In o f m m i a ll r i k on s. s m I e s n a tr n i t c d h s o t o o u f n - ?. Monthly average: 1913 36,553 6,073 8,450 841 - 6,141 1920 1,570 17,773 5,776 1,651 1921* 17,756 9,910 2,194 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 2,111 13,514 6,670 1,828 September.. 26,674 10,642 2,533 26,832 7,492 1,871 October 60,693 13,814 3,065 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... 12,641 2,309 134,054 14,394 2,027 February., 46,409 12,001 1,475 57,425 14,482 1,747 March 22,919 2,645 21,285 2,153 4 Latest figures subject to revision. 2 Not including philanthropic gifts. 3 Not including deliveries on reparations account. * Average for 8 months. Figures covering first 4 months of 1921 are not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESEftVE BULLETIN. 587 FOREIGN TRADE OF ARGENTINA. [000's omitted.1 Total value of for- I Exports of principal national products (quantity). stoM states dollars). Frozen Wheat s U ee n d - . ; Maize. Wool. F ( t q r b e o u e r z e s a e ) f r . n - C ( t q h b e u i e r l e s a l ) f e r . d - m l ( a a u c n m t a d t r b o - n D h r i y d e o s x . , -; ! S hi a d lt e e s d . S-1-?TI?" 'ImP°rts-: Exports. I S U m f t r n p a o i t o m t e e r s d t . s p S U o t E n r a t i x t s t e - e s t d o . casses). Tons. Tons. Tons. Tons. I Tons. Tons. Tom. j 1913. 2,812 I 1,017 ! 4,807 120 21 19 49G, 227 i 519,15(5 54,980 25,570 1919. 3,286 855 | 2,485 140 5> 034 75 1, (144I 21 80 17 I 055,772 : 1,030,9(55 155,899 199,158 1920. 5,007 i 1,063 4,475 95 ! 4,522 1,720 9.5 : 42 9.0 i 931,968 ' 1,044, ((85 213,726 207,777 1921. First quarter 475 311 413 45 ! 1,295 305 874 1.5 i 10.3 1.1 ! 52,840 19,459 Second quarter.." 837 303 i 513 15 ! 000 404 053 22,423 14,2(11 Third quarter 288 434 j 1,404 38 i 484 485 599 a 2.9 ! 317 3 4.3 i. 17,917 14,101 Fourth quarter 92 I 302 : 498 43 ' 529 011 321 4 8. 0 I * 24 17,653 12,105 Total, 1921 ! 1,092 j 1,350 2,828 I 141 ; 2,908 1,805 | 2,447 13.1 : 50 15.3 '1(535,000 i i«72,000 110,833 59,926 1922. • i : First quarter •• 1,352 | 191 j 445 113 247 & 500 "451 &-1.5 M4.5 7.9 i. 511,422 | 5 12,433 1 Figures for 1921 are official estimates and. therefore subject to revision. Latest official published statistics apply to 1920. 2 Figures taken from United States Department of Commerce reports. 3 Second four months of year. * Third four months of year. » First two months of year. 102784—22 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

588 FEDERAL RESERVE BULLETIN. MAY, 1922. INDEXES OF INDUSTRIAL ACTIVITY. ENGLAND. Production (long tons, 000 omitted). Exports. Per cent Raw of un- Coal. Pig iron. i S i c n a t n a g n e s g o t e s d t - l . s Fi s n t i e s e h l e . d I s s v c a ( u t o n i h s p t d i o t p b o s u l l n y o e - f n t S c i a o o g h t n n o i e 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 l t 0 i t w l t , t 0 e e o a 0 s d n y 0 ) s . o I t f r o m m a o ( s n c l n i t a t o s t e u n t , n e a e r 0 u g l e n d 0 - s d ) 0 . o ( f s m C 0 m a q 0 c o . i a 0 t t t y u , n t t 0 e o r d u 0 e d n s 0 - s ) . . , ! ; t o o m n C s i o , t a t W e l V d J ), 1 e a p i 2 m m a n p e , m 0 s p p r a 0 u s r l t o 0 o o o e r n , e y n l x 0 y g d e s 0 i- d . 0 1913, average 23,953 855 639 12,002,699 414 «596 j 6,117 1920, average 19,108 670 756 646 1,397 3,603,131 ,546 271 374 | 2,078 1921, average 13,696 218 302 238 1,234 13,312,983 ,108 142 244 2,055 1921. March 16,437 386 359 1,232 8 3,798,593 ,273 149 234 1,968 July 2 15,214 10 117 137 ! 1,310 ,088 64 179 816 14.8 August 16,5S9 94 434 321 1,194 ,311 77 214 3,103 13.2 September 16,517 158 429 322 i 1,060 3 3,282,972 ,297 133 268 3,407 12.2 October... 2 21,090 236 405 304 I 1,123 ,325 156 345 i 3,406 12.8 November 17,875 272 444 330 I 1,216 _,368 194 366 ; 3,594 15.7 December 2 22,594 275 381 292 1,271 V2,"G40,"319 1,306 205 333 : 4,309 16.2 1922. January... 17,693 288 328 271 I 1,298 253 342 4,021 16.2 February. 19,764 300 419 321 i 1,240 224 254 4,014 15.7 March..".. 19,921 390 549 1,112 7 2,235,998 296 307 5,201 14.0 1 Average of 4 quarterly estimates. 6 Work suspended on all but 1,918,319 tons. 2 Five weeks. «Yards. 3 Work suspended on all but 2,094,000 tons. ' Work suspended on all but 1,619,000 tons. 4 End of month. 8 Work suspended on all but 2,951,593 tons. FRANCE. > Receipts of the principal Number French of unrailways.3employed receiving municipal aid in Parish 1913, average 1920, average 3,022 .1921, average 20,671 1921. February 1,177 2,849 44,525 July.../. 660 2,164 10,616 August... 1,065 2,593 9,706 September 1,874 3,993 7,486 October... 1,301 2,809 5,348 November. 3,291 5,161 3,730 .December 2,895 5,197 4,175 January 454,323 4,658 "February. 468,175 4,385 March 472,779 3,546 1 End of month. » Does not include Lorraine. 3 Railways included are: State railways, Paris-Lyon-Mediterrane", Nord, Orleans, Est, Midi, Alsace-Lorraine and Guillaume-Luxembourg Railways. * Excludes the Alsace-Lorraine and Guillaume Luxembourg Railways. 5 Latest figures subject to revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL, RESERVE BULLETIN. 589 GERMANY.* Production (in 000's of Imports (in metric Exports (in metric Ship arrivals in Unemploymetric tons). tons).a tons).» Hamburg. ment. Number of Ton- 1 Per unem- Coal. ! Coke. Wheat- I o r r o e n .8 t C on o . t 1 - * ! |m tu I i a f r r a r a n o o e c n d n s n - u .5 - s D d t a u y n y l e d e f - s s . Coal. N s b h e u i r p m o s - f . r o t 0 n t t ( e e o e m 0 n a g r d n e 0 g e i t i ' s ) s e t d s . ; - - I • I ! j : u u t m p r c n n a l e e o e o i d n r o f m y i e t n t - - . - I • p p r ( o S e e l 0 i a o c m r t n 0 i e a s y d g 0 i o i t e t v e ' n s - d - s ! ted). 1 1 9 9 2 1 0 3 , , a a v v e e r r a a g g e e ; i 1 1 4 0 , , 4 9 2 4 5 5 ' 2 2 ,7 ,0 2 9 1 8 9 7 , , 3 26 2 9 3 | : 2 4 1 9 2 , , 2 1 9 6 0 3 1L, 5 2 3 2 7 4 , , 5 9 3 5 5 1 4 1 3 2 , , 4 4 2 9 4 0 5 1 4 4 1 5 , , 4 8 3 8 9 3 2 8 1 , , 4 8 6 1 2 2 ' . 2,8 6 8 0 1 8 , , 1 7 2 49 6 j ! 1, 4 2 0 5 1 6 1,1 3 8 7 2 4 ! 2 3. . 8 9. 366 1921, average , 11,351. 2,327 10,251 200.264 619,194 30,894 203,681 8,530. 518,937 700 794: 2.8 310 1921. Febr 11 ary * 12,009 2,277 10,1 .1. 543 673! 4.7! 423 July...: I 10,731j 2,218 10,065 155,200 493,434 35,176 177,773, 7,353! 453,173! 809| 888! 2.0; 314 August 11,727 22,224477 10,606: 278,661 356,397 52,433 240,071j 9,618! 613,7391 942! 955 15 267 September 11,607; 2,278 10,359' 262,915 564,827 28,766 225,331 10,156! 649,158 957, 1,018! 232 October ! 11,977' 2,396 10,567! 273,496 919,822 29,739 246,115 10,255! 576,048! 915| 1,047 s 185 November 11,708 2,344 , , 937,268 27,242 233,204 9,953j 569,657! 838 881 1.2! 152 December 11,923: 2,420 10,479 191,932 790,811 28,313 214,812 9,212 640,877! 503; 873! 1.4i 149 11,029 97,499 1.6: 1922. January , 12,168 2,472 10.978' 83,382 941,972 23,426 221,743 9,552 752,340J. 3.3; 101 February ; 11,456" 2,199 10J091. 19,119j 492,70 5 17,915 172,709 9,332 669,433;. 196 1 Latest figures subject to revision. a Import and export figures for the first four months of 1921 are not available. 1921 averages are based on eight months. 8 Includes manganese ore. * Includes linters. & Not including machinery. SWEDEN. Exports. Shipping. Railway Production t o ( n 0 s 0 ) 0 . 's of metric Unemtraffic, ploy- Im c p o o a r l ts, Net tonnage of o v f o f l r u e m ig e ht fu B rn la ac st es n m um en b t e , r U m ( b 0 n c e o 0 p u t a 0 l b e a r 's r i d n c s o s e ) f . d ( m 0 t P p o 0 a e u n 0 p t l ' s r s e p i ) r c . of ( m 0 to 0 e n 0 t ' s r s ) i o c . f f l o o r a e d i o g e m n d i t v t r t e a e s d d s e e ) . l ( s 0 i 0 n 0 r o a m t n ( i o 0 l e w n S 0 t 0 s r t a a ) i 's y c . te s ir P o i n g . in s a g t n e o e d t l s. p p a u p lp er . o ( o p p f e e t r i o r n a c t t a e i l o n ) n t . p v e c a i r c o e a f 1 s n 0 . - 0 Entered. Cleared. 1913, monthly average.. 328 71 408 1,147 1,147 830 61 49 112 1920, monthly average.. 306 73 234 677 692 991 39 37 79 107 1921, monthly average.. 162 40 122 519 482 589 26 17 48 270 1921. February. 19 6 111 419 394 714 33 19 54 32.8 301 July...:... 119 41 20 455 487 503 19 16 41 14.9 26.1 August 205 66 148 592 536 575 17 15 37 15.7 235 September. 325 49 279 609 536 566 16 16 41 16.4 227 October 370 54 219 670 595 691 16 16 44 15.7 263 November.. 361 99 192 601 578 721 18 22 57 384 December.. 356 104 246 575 582 558 19 17 69 ifi"" 482 1922. January... 87 28 114 442 \ 48;") 482 February. 2") 11 02 479 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

590 FEDERAL RESERVE BULLETIN. MAY, 1922. FOREIGN TRADE INDEX. and lard. Kelined sugar showed an increase of 80 per cent over February and reached the The volume of exports in March declined, highest point since the war. due to decrease in exports in each of the three The volume of imports showed a marked main groups of commodities. Exports of con-increase again this month, due to substantial sumers' goods were greater than in any month gains in producers' and consumers' goods. In since' May, 1920. All the items in the raw- the producers'-goods group there were a nummaterials group were greater than in February, ber of decreases, but rubber was the only imthe increase being most marked in the case of portant item among them. The increase in the copper, lumber, bituminous coal, and the total for the group was due mainly to gains in grains, especially oats and corn. Exports of exports of burlap and cane sugar; the latter copper and oats were greater than during any itein reaching the highest point on record. month since March, 1920, and exports of lumber Four of the five articles in the consumers' goods greater than in any month since June, 1919. group showed an increase. Exports of cocoa Exports of corn were the largest ever recorded were larger than in any month since May, 1919. in one month. In the group of producers' There was an increase of imports in the rawgoods every article showed an increase, the material group. Imports of silk, however, were most important being for gasoline, fuel oil, smaller than during any month since March, and upper leather. Exports of upper leather 1921. Cotton, copper, lumber, and tobacco reached the highest point since May, 1920. All showed increases, tobacco imports reaching the the items in the group of consumers' goods highest point since August, 1920, and copper showed an increase except hams and shoulders the highest since January, 1921. INDEX OF VALUE OF FOREIGN TRADE IN SELECTED COMMODITIES AT 1913 PRICES. [Monthly average values, 1913=100.] Exports. Lmports. i Raw mate-! Producers' : Consumers'! fn . Raw mate- : rial* ovmriu Mn ': cm/v1« (1 ' J ° rials !.. eom- (10 comi (12 com- !modifies). modities). ! modilics), j 1913—Year.. 1.00.0 i 100.0 IOO.O : 100.0 100.0 I 100.0 ; 100.0 i 100. 0 1919— Year.. 88.9 ! 155. i 183.6 115.3 157. 5 192.9 j 1.47.5 ! 168.4 1920—Year.. 92.2 .158.7 .183.6 i .107.5 135. 8 227. 5 ! 138.8 168.8 1921—Year.. .103. 1. : 116.9 .124. I ; 108.9 113.6 162.8 141.4 135.6 .January :i0f).2 208.6 1.26.2 ! 120. 2 74. 5 130.9 , 123.9 I 102. C February... 91.0 162. 4 119.4 ' 104.1 118.2 143.7 '. 185.4 ! 130.1 March...... 78.2 185. 1 .120.2 92.7 .1.60.6 177.2 i 178.9 169.5 April 76.5 132.5 1.16.4 90.5 i 153.3 .177.6 ; 185. I 167. I May 97.6 96.4 110.8 ! 100.3 ! 98.7 | 150.0 162.1 127.2 June 107.9 94. 2 182.2 ; 111.5 I 94.5 j 152.3 130.4 120.8 July 111.6 78.6 183.8 i 1.12.9 ; 99.3 ! 126.6 121,4 112.6 August .1.42. 7 99.6 160.7 ! 142. 1 116.8 ; 165. J 129.8 136.0 September.. 115.7 89.7 142.3 118. 6 102.8 .137.7 99. 3 114.6 October.... 121.7 107.0 ^ 113.2 1.18.4 ! 96.1 ; 173.5 1.16.5 126.9 November.. 95. .1 100.2 j 106. 2 98.1 : 115.1 I 199.4 149.2 150. 6 December.. 93. 8 96.0 i •J07.8 96.9 , 133.0 ; 219.1 164.8 1.68.7 .January.. 82.6 104.3 j 129.7 , 94. 5 118.4 j 228.7 135. 2 160.1 February. 68. 5 86.0 i 127.6 ! 82.6 1.28.3 281.3 i 133.5 i 183.4 March./.. 89.8 121.7 •J 57.6 107.1 148.1 806.8 : 161. I i 206. 5 PHYSICAL VOLUME OF TRADE. Receipts of grain at 1.7 interior centers declined sharply during March, due to a marked The indexes of business activity continued to decrease in corn receipts. Grain shipments diverge during March. The output of mines were practically unchanged in volume, while and factories continued to expand, while the stocks showed a tendency to accumulate. movements of agricultural products declined. Live-stock receipts at 59 markets increased If allowance is made for the fact there were slightly, but receipts of hogs declined. The three more days in March than in February, number of animals slaughtered in March was however, it appears that the increase in business somewhat larger than in February, and there activity was relatively small. was a considerable increase in cokl-storas'e hold- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 591 ings of pork products. Receipts of butter, opening of mines which had been closed, while cheese, and eggs at 5 markets increased during silver and iron output showed more moderate March, but the cold-storage holdings of butter gains. Total production of crude petroleum and cheese were much diminished. Sales of again reached record proportions during March, leaf tobacco were 74 per cent less than in Feb- but there was a considerable curtailment in ruary, 1922, and 85 per cent less than in March, the operations of oil refineries. 1921. There was a pronounced increase in Heavy' increases were registered in the mill shipments of white potatoes and of California consumption of cotton, wool, and silk ""during oranges during March, but a decided reduction March, while there was a further reduction in in the volume of apples shipped. stocks of raw cotton and silk. Production of Production and shipments of reporting lum- wood pulp and of all important grades of ber associations increased during March, while paper also increased substantially. there was little change in the volume of stored March output of brick and cement was very stocks. Receipts and shipments of lumber at much heavier than that of February, and ship- Chicago and St. Louis continued to show ments were also greatly increased. Large marked increases and were considerably larger increases in the production of passenger autothan in March, 1921. Receipts of rosin and mobiles and trucks were recorded, but there turpentine at three southeastern ports both in- was a slight decrease in factory shipments of creased during March as compared with Feb- locomotives and a marked curtailment in the ruary; but rosin receipts were 140 per cent tonnage of new vessels. larger than in March, 1921, whereas turpentine Railroad car loadings increased during March receipts were 59 per cent smaller. in every geographical division of the United Production of anthracite and bituminous States and for all classes of products except coal was very heavy in March, but this was grain. The freight car surplus was further imq lies tion ably due to anticipation of existing reduced and was less than one-half as large as in strike conditions. Copper and zinc produc- March, 1921. The tonnage of vessels cleared tion also showed great increases, due to the from American ports increased 21 per cent. INDEX NUMBERS OF DOMESTIC BUSINESS 1919 - 1922 PER PER CENT IK CENT 140 140 fez 130 ) \ 130 1 1 2 1 0 0 I i i \ \ A iL r . I ''H Vi v _t / 1 n 2 o 0 fKT\:. f*\ tV * \ / ino v / / / 100 \ \ 90 ! '" 90 jr_ 1 j 80 \ 80 f J 70 \/~ \ 70 V 60 60 50 50 40 40 \GRICULTURE 30 AWIKG 30 MANUFACTURE 20 20 10 10 i- 0 J. F. M.A. M. -J.J. A. S.0. N. D.J. F. M.A. M. J.J. A. S.0. N. D.J. F. M.A. M. J.J. A. S.0. N. D.J. F. M.A.M. J. J. A.S. 0. N. D. 1919 192JO 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

592 FEDERAL RESERVE BULLETIN. MAY, 1922. INDEXES OF DOMESTIC BUSINESS. COMMOIMTY MOVEMENTS. [Monthly average of 1919=100.] | Percent ofaver- : age, same month, AGRICULTURAL MOVEMENTS. i 1919-1921. Mar., Feb., Mar., 1922. 1922. 1921. Dale. a T gr o ic t - a i l i l- ! T a o n t i a - l Total Cotton. L t e o a - f ! ! M 19 a 2 r 2 . . , - : 1 F 9 e 2 b 2. . , 1 M 92 a 1 r. . , tiirc.1 j mals. grams. bacco. PRODUCTS OF AGRICUL- 1921. TURE. 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 Gram and flour. ! J A J M M u u p a a l n r y y r e i c l h 6 7 9 7 8 3 3 6 9 2 . . . . . 4 6 3 4 2 6 7 7 7 8 8 6 4 7 1 . . . . . 4 2 1 9 3 1 6 9 7 7 5 0 6 1 7 1 . . . . . 0 7 5 9 5 5 6 5 5 5 7 7 7 2 1 . . , . . 4 8 7 8 3 " 1 1 1 1 12 3 8 7 3 3 7 9 3 5 . . . . . 0 4 3 1 8 1 2 8 1 4 8 4 1 2 . . . . . 1 9 1 1 1 Re c c e e C W n i t o p e h r t r n s e s a ( a ( t 0 b t ( 0 u b 1 0 .) u 7 o . m ) in i t t e te ri d o ) r : , j | 2 3 0 0 , , 3 6 9 5 6 1 2 5 4 7 , ,8 1 9 0 3 9 2 3 2 4 , , 8 1 4 6 9 5 ! ! 1 1 2 1 7 2 . . 9 0 1 1 2 1 6 3 0 1 . . 6 3 ; . 1 1 4 2 2 5 . . 5 5 Augusi 116.7 85.4 195. 5 56.0 86.4 5-1.7 Oals(bu.) ! . 16,465; 19,329] 17,433; 92.1: 118.1] 97.5 S O e c p to t b e e m r ber... 1 1 1 3 5 0 . . 3 9 ] 8 0 5 7 . . 9 0 1 1 5 2 1 1 . . 6 3 1 1 1 9 4 5 . . 7 3 7 6 9 9 . . 9 9 i 1 7 07 9 . . 6 3 R B y ar c l ( e b y u ( . b ) u.) I 3 3 , . 2 2 5 9 4 l! ! 2 1 ', , 5 3 8 5 9 8 3 1 , , 1 3 1 4 1 1 5 9 5 9 . . 6 2 6 6 7 3 . .7 5 ! 5 4 2 0 . . 0 8 N D o ec v e e m m b b e e r r 1 9 0 3 4 . . 9 6 9 8 9 2 . . 2 0 ! 6 7 5 9 . .0 3 1 1 6 3 3 3 . . 2 4 3 5 4 3 . . 7 6 1 1 8 1 8 7 . .0 5 Fl T ou o r ta ( l b g b r l a s i . n ) (bu.).! ; 7 2 4 , , 0 0 5 5 4 7 10 1 5 , , 8 27 5 8 2| 7 2 8 ^ ,8 0 9 9 9 6 . , 1 1 1 1 9 8 . . 0 5 . : 1 11 6 6 7 . . 9 1 i 1 1 1 2 3 0 . . 9 9 1922.* i- January S8.9 91.8 83. S 7ft. 8 96.1 113. 2 Total grain and | February 77.7 76. 5 j 92. 3 43.3 55.5 101. 2 flour (bu.) | 83,302; March 70.7 79.2 73.0 42.8 J30.4 27. 5 Shipments at 14 interior centers (000 omitted): I 1 Combination of 14 independent series. Wheat (bu.) 14,719 12,463! 17,415 102.0l 08.1 120.7 Corn(bu.) 22,999! 31, IOO; 20,724 175.0 277.8 157.7 Oats(bu.) 16,826: 12, lOol 12,435 117 7, 101.0; 87.0 MINERAL PRODUCTS. Rye(bu.) 882 721 1 117 35.5! 60.8! 45.0 Barley (bu.) 1,920| 1,373 1,686 61.9. 46.11 54.3 Total grain (bu.). 57,346! 57,762 53,377 120.8 144.2; 112.5 Date. u p T m e c r o r o i t a t n s d a l . - - 1 l t n c u B o o m i a u - l i s . - C le t p r r u u o e m d - - e . Iron. I i p C e o r- p- Zinc. Fl T ou o H r ta o ( l u b r b g ( l r b s a . u i ) n .) and 7 3 4 , ,7 8 9 7 7 8 7 3 2 , ,3 2 7 4 4 7 6 3 7 , , 1 5 5 8 6 1 1 1 2 2 7 1 . . 1 9 1 , 1 1 3 2 9 5. . 1 9 ] ; 1 1 1 0 0 3 . . 2 4 Stocks at 11 interior centers at close of month 1921. | (000 omitted): January 102.8 ! 105.5 100.8 120.3 94.8 80.0 65. 9 AVhcat(bu.).... 26,561 27,832 11,278 68.3 62.0 29.0 February 87.5 | 80.8 104.8 111.2 76.0 71.2 45.2 Corn(bu.) 29,883 26,178 24,465 289.7 312.5! 237.2 March 86.8 ! 79.6 100.8 130.2 62.6 83.0 40.0 Oats(bu.) 54,041 56,563 31,570 332.9, 329.3; 194.5 April 78.7 '• 72.2 104.8 127.3 4618 47.6 42.1 Ryo(bu.) 6,666 4,337' 563 72.41 44.5 6.1 May 84.7 ' 87.3 102.0 133.6 47.9 22.6 45.9 Barley (bu.).... 1,317 1,476! 1,673 33.31 38.9 42.3 June 83.9 i 88.7 105.9 128.4 41.8 18.1 49.5 July 76.7 I 79.6 95.9 128.1 33.9 16.6 39.4 - Total grain (bu.). 118,468 116,3861 69,549 150.8 138.6 88.5 August 82.8 ! 90.5 97.9 130.2 i 37.4 19.9 37.2 September.. 81.6 91.9 96.9 116.3 38.7 19.5 36.6 Total visible supply October 93.9 114.6 103.1 113.2 48.9 22.9 37.0 (000 omitted): November... 86.0 94.2 93.3 120.0 55. 5 20.8 53.8 Wheat (bu.) 99,764 107,791 35,^654 128.7 December... 82.0 81.1 81.4 133.3 64.7 17.3 56.0 Corn (bu.) 51,040 44,767 35,277 326.8 368.9 225.9 1922. Receipts at 9 seaboard January 90.0 | 98.5 ! 85.1 137.1 64.3 24.1 60.3 centers (000 omitted): February 94.9 ! 107.3 92.0 129.7 63.9 34.8 57.3 Wheat (bu.) 14,219 13,792! 9,065 145.4 178.4: 92.7 March 117.1! 13L. 5 119.1 149.1 71.0 57.6 67.5 Oorn(bu.) 21,395 22,246 13,933 406.9 673.0 265.0 Oats(bu.) 3,931 2,342: 1,433 141.5 86.0; 51. (J Rye (bu.) 865 912! 1,035 28.7 35.6 34. 4 1 Combination of 7 independent series. Barley (bu.) 1,296 640 1,689 73.7 48.1 96.0 Total grain (bu.) 41,706 39,932 27,155] 184. 226.3! 120.2 PRODUCTION OF MANUFACTURED GOODS. Flour (bbls.) 2,090 1,660! 1,518! 127.5 137.2 92.7 Total grain and Total I flour (bu.) 51,110 47,401; 33,988 170.6 205.3! 113.4 Date. m uf a a n c- - Steel.L b u e m r. - p P e a r - . P lc e u tr m o- . i j t T il e e x s - . Le e a r t . h- Food. To- St t o e c r k s s a a t t c 8 lo s s e e a b o o f a m rd o n ce th n - j ture.1 (000 omitted): ! Wheat (bu.) i 8,360 10,367. 97.2 78.9 Corn(bu.) 10,510 8,251 6,353i 417.6 462.8 252.4 1921. Oats(bu.) i 2,087 1,692. 1,286! 75.5| 53.7 46.6 January 84.5 87.6 67.7 87.8 127.7i 72.0 63.5 88.2 87.8 Rye(bu.) 1 1,840 2,343 1,069! 102.6i 122.4 59. 6 February... 77.4 69.6 75.7 79.5 106.8| 73.1 62.8 77.4 94.1 Barley (bu.) I 1,731 2,058. 1,455 67.0 75.5 56.3 March 87.8 62.5 89.3 84.4 113.0i 90.8 72.0 88.1 106.1 April 83.1 48.3 87.5 81.7 113.8: 91.5 75.8 84.0 95.5 Total grain (bu.).i 24,528 24,711 16,946 127.2":123.0; 87.9 May 84.4 50.3 100.4 72.4 114.7| 95.0 83.2 82.2 99.3 Wheat Hour production1 I J J u u n ly e 8 8 0 7 . . 1 1 3 3 9 1 . . 9 9 8 85 9 .6 3 7 6 0 5 . . 2 6 no. I! 1 9 0 4 1. . 9 5 8 76 1 . . 3 1 8 8 5 5 . . 1 5 1 1 0 0 6 0. . 6 8 (bbls.) : 9,658 9,232; 9,100: 101.2! 115.1! 95.3 August 90.7 45.3 99.7 75.6 108.3 103.4 85.7 98.5 117.2 TAvc stock. ! September.. 90.2 46.7 92.9 78.6 110.6 105.5! 80.3 92.8 111. 6 i October 94.6 64.3 103.1 90.8 110.2 104.8 86.2 99.8 115.8 Receipts at 59principal I November.. 89.5 66.0 100.6 95. 8 119.7 100.4! 90.9 89.4 102.9 markets (head, 000 j December.. 81.3 56.8 92.2 94.7 117. II 99.7j 93.0 85.2 76.8 omitted): ; 119.6h Cattle and calves...; 1,607 l,402[ 1,549 102.7! 103. l! 98.9 1922. Hogs ! 3,371 3,553! 3,342 93.0 90.7 92.2 January 87.0 63.4 100.7 95.0 119.01 112.2, 88.2 91.3 90.6 Sheep '• 1,439 1,374 1,732 102.9; 102.2 123.9 February... 80.2 69.3 95.4 90.0 108.6! 96. 8! 78.1 88. 5 83. 8 Horses and mules March 90.9 94.3 102.5 108.4 123.9; 107.6! 78.5 96.5 98.4 (43 markets) : 45 3o' 42, 70.0j 45.6 65.5 Total I 6,462 6,361 6,665 97.1 95.0: 100.2 1 Combination of 34 independent series. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

.MAY., 1922. FEDERAL RESERVE BULLETIN. 593 COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. I Per cent of aver- I Per cent of aver- I age, same month, j age, same month, 1919-1921. 1919-1921. Feb., ! Mar., \ Mar., Feb., Mar., 1922. ' 1921. 1922. 1922. 1921. Mar Fob.,! Mar. • Mar. Feb., Mar., 1922 1922. ! 1921. 1922. 1921. PRODUCTS OF AGRICUL- PRODUCTS OF AGRICUL- TURE—continued . TURE—continued. Live stock—Continued. Dairy products—Contd. Shipments at 54 princi- Cold-storage holdings pal markets (head, (000 omitted): 000 omitted): Creamery butter Cattle and calves... (lbs)..' 9,024| 22,582 14,732 11.2. S Hogs American cheese Sheep j (lbs.) 10,731 15,DOC 14,294 72. M.-1 Horses and mules i Eggs (cases) 919 1 J, 9261 120. 2M 1 (4.3 markets)... j Other agricultural Total., 2,493 2,545 2,552| 99. products. Cottonseed (tons): 1-ieceipts at 15 western | Received at mills.. f>"». J.07 13o, 04 336,22(i 28. 14/, 9 markets (head, 000 j Crushed 214', 911 297, 11. 452,7701 54. Ml. 2 omitted): On hand at mills at j Cattle and calves... j 1,1201 101. close of month \ 107,058 256,872 299,976 39. Hogs 2,390 88. Cottonseed oil (lbs., , Sheep 1,162 102. 000 omitted): i Plorses and mules.. 28 65. Production 1 72,237 91,32! 149,526 Stocks , 60,089 69,952 164,327 38. 40. 104. 0 Total. 4,811 j 4,700 94.3 Oleomargarine con sumption (lbs., 000 Shipments at 15 west- omitted) 15,263 12,195 21,361 53. C 52. ern markets (head, 000 omitted): Tobacco sales at loose- Cattle and calves... leaf warehouses (lbs., Hogs 000 omitted): Sheep Virginia dark 862 6,277 14,896 14. ( 2-12.4 Horses and mules.. Bright belt— \ Total. Virginia I 2,712 10,533 11,935 00. 2 242. s North Carolina. 4,302 11,333 18,580 56.3 45.8 Shipments of stockcrs South Carolina. and feeders from 34 markets (head, 000 Total 7,014 21,866 30,515 00. 8 59.2 242.9 omitted): Hurley I 4,580 34,520 74,397 12. b 47.9 202.3 Cattle and calves... • Western dark ; 7,189 12,109 22,478 45.5 63. :• 142.3 Sheep... Grand total ; 19,645 74,772 142,286 27. 54.8 199. o Total. Sale of revenue stamps for manufactures of Slaughter at principal tobacco (excluding centers under Federal Porto Rico and the i inspection (head, 000 Philippine Islands omitted): (lbs., 000 omitted): | Cattle 569! 624! 103.9 Cigars (large) 529,162 447,225 561,343 85.2 85.6 90.4 Calves 279. 3621 112.0 Cigars (small) ; 59,536j 70,246 85.1 100.5 Hogs j 3,480! 3,075| 99.0 Cigarettes (small). .-'3.636,032J3,126,475 470,292 80.0 87.6 105.7 Sheep I 776 1,076! 91.5 Manufactured tobacco 34,396 29,215 32,210 103.3 101. 8 99.8 Total. Fruit shipments (cit- j rousand deciduous) i Meats, c old-storage from California (carholdings (lbs., 000 loads): j omitted): Oranges 4, 653 1,649 4,955 94.4 52.' 100.5 P B o ee rk f products ! 5 7 4 3 7 , , 7 4 8 5 2 0 8 1 4 38 2 , , 3 9 4 0 5 6 j | 5 3 7 3 . . 0 4 L D e e m ci o d n u s o us J 9 lO 40 l! 7 1 3 1 2 7 9 8 3 1 6 | 1 1 1 0 3 0 . . 5 0 1 8 0 4 3 . . 2 5 1 8 1 0 3 . . 2 0 Lamb and mutton.i 2,803 38,519j 17.8 Apples, shipments (car- Exports of certain meat j loads) 2,904 4,731 5,695|. products (lbs., 000 Apples, cold - storage omitted): holdings (bbls.) (end Beef- of mo.) 1,931| 2,210|. Canned White potatoes, ship- Fresh ments (carloads) 20,799| 13,51 16,087|. Pickled and iugar, 7 ports (long I other cured.. tons): Ho B g a p c r o o n ducts- R M e e c l e ti i n p g ts s 535,357i 5 4 1 15 9 , , 7 5 231 4 4 4 3 3 3 , , 7 1 5 8 1 6 ; ; . . Hams and shoul- Raw stocks at close I I ! ders, cured of month 273,811| 163,817 172,6791 Lard Pork, pickled.. FOREST PRODUCTS. /umber: Dairy products. Number of mills- Southern pine.. 169, 173! 195. Receipts at 5 principal Western pine.. 54' 55" 55. markets (000 omit- Douglas fir j 129| 124; 118. ted): Eastern white ! Butter (lbs.) 35,593! 127.7 135.5 pine. ! 19' 19;. Cheese (lbs.) 12, G75l 112.8 111.8 North Carolina Eggs (cases) l,977j 120.0i 105.0 pine 15.. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

594 FEDERAL RESERVE BULLETIN. MAT, 1022. COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. Percent of aver- Percent of average, same month, age, same month, Mar., I Feb., Mar,, 1919-1921. Mar., Feb., Mar., 1919-1921. 1922. 1922. 1921. 1922. 1922. 1921. Mar., Feb.,: Mar., Mar., Feb., Mar., 1922. 1922. ', 1921. 1922. 1922. 1921. KOItEST PRODUCTS—COn. FUEL AXI.) 1'OWKR—COn. i .umber—"ontinue:!. Oil refineries—Contl. Production (M Stocks at close of feet)— month (000 omit- Southern pine.. 394,9921 352,717 387,959 98.4 101.6 96.7 ted)— Western pine.. «« -no! 41^793 35,983 83.9 81.6 45.4 Lubricating Douglas fir 30(5,018! 310, 753 192,188 .1.10. o 129.4! 73.0 (gals.) :. 69,123 74,3.1.4 72,132 99.1 96.9 103.9 Eastern white Crude oil pine 34,783j 18, 6121 26,396 135. 0 88.5. 102.5 (bbls.) 25, 30,636 22,412 151.4 185.1 132.5 North Carolina Gasoline (gals.) S07, 705, 711 680,510 142.3 143.9 120.0 pine 14,99l| 13,317! 12, 778 60.3 76.8; 51.4 . Kerosene (gals.) 33.1, 327,48-1 430,045 93.5 91.1 121.3 Shipments (M Gas and fuel 1, 321, 319, 481 993,127 174.2 178.3 130.9 feet)— (gals.) Southern pine.. 398,599 326,0031 390,300 101.7 96.4 99.5 Lubricating W Do e u s g te la rn s f p ir ine.. 1 2 1 8 6 0 , ,2 5 0 5 3 1 2 8 66 9 , , 7 2 5 7 5 2 j . 2 6 10 3 , , 8 1 4 2 2 6 i 1 1 1 0 6 5. . 7 3 1 11 0 6 0 . . 4 5 6 7 3 9 . . 0 5 Electric ( p g o a w ls e .) r pro- 253,068 245,23i: 201,628 156.3 152.01 124.3 Eastern white j duced by public utilpine j 30,353 22,2111 15,298 96.4 73.8 48.6 ity power plants North Carolina I (000 kw. hours): pine j 14,825! 12,491 8,915 72.3 86.6| 43.5 Produced by water Kl;ocks at close of i ! ! power 1,437,8101.221,103 1, Wo, 507! 105.9 104. n\ 99.1 month (M feet)— | Produced by iucls.12,346,326 2,246.839=2,049,480! 113. 41 104.4! 99. I. Southern pine..;.L121,623]1,148,200] L, 316,186 102.4 107.1] 119.9 North ( arolina j Total 'S, 784,136 3.467,9!7J3,394,987 110.41 102.2I 99,1 pine i 55,107] 56,483| 70, (iiOOj 55.4i.. 71.1 Receipts at Chicago and St. Louis METALS. (Mfeet) 485,443! 339,312 349, V26: 128.8 107,6 92.7 Sh c i a p g m o ent a s n a d t C S hi t - . I i I I Iro to n n s a , n 00 d 0 o st m ee it l t ed (J ) o : j 2 ig Louis (M feet) 1,300 Pig-iron produc- Oak flooring— I 290,300 203,4941 215,760 129.91 llt.21, 96.5 tion 2,072 2, 035. 1,193 97. 0] 76.7 65. S Number of \ Steel-ingot producmills j 25 25' 251. tion... 2,439! 2,371 1,214 120. l! 94. 4 59. R Production (M I Unfilled orders, U. feet) ..--I 20,367 17,282j 8,464!. S. Steel Corp 5,097 4, 494 5, 845 72.8 62.4 83.5 Shipments (M ; Structural steel (long feet) i 22,690 16,455 10,474k tons): U St n o f c il k l s e d ( M or f d e e e r t s ) .! j 28,090 28,856 39,998 Fa t b u r r i a c l a t s e t d e el, s tr c u o c n - - | I (Mfeet) j 24,935 20,907 tracted for, ton- i Naval stores at 3 south- nage 139,300 78,700 52,300 177.8 107.8 66. 8 eastern ports: j Silver production of Spirits of turpen- the United States tine (casks)— (troy ounces, 000 Receipts 3,301 3,240 7,995 73.9 65.7] 179.1 omitted) 4,186| 3,878 6,077 St o o f c k m s o a n t th close 19,280; 33,204| 29,299 44.0' 54.91 66.8 Co ( p lb p s e . r , 000 o p m ro i d t u te c d ti ) o . n ... 61,867 37,416 89 127 ! Rosin (bbls.)— Zinc (lbs., 000 omitted): Receipts 44,069; 38,533i 18,405 278.9.! 149.4; 116.5 Production 53.064 45, 026 31,482 Stocks at close Stocks at close of of month 282,4281 299,305! 301,972 130.5 125.2 139.5 month 120,524 28, 248 161,980 Tin (lbs., 000 omitted): Imports 15,783 9,295 3,028 203." 3 109. 0 39. 0 FUEL AND POWER. Deliveries to factories 13,507 7,202 3,770 203.6 KM. 4 56.8 Coal and coke (short Stocks at close of tons, 000 omitted): I ! month 6, 913| 3,149 7,786 Bituminous coal j An p t r h o r d a u c c i t t i e o c n o a ( l c — st. ).j | 50,193 40,951' 30,392 135. 7j 119. 7| 82.2 TEXTILES. Cok P S e h r - o ip d m uc e t n io ts n I ; | 8 6 , , 7 77 5 9 7 6 5 , , 7 2 6 3 2 9 > | 5 7 , , 7 4 3 0 8 6 1 1 2 3 8 1 . .3 5 ! 1 1 0 0 5 6. . 5 0 ! 1 1 1 0 3 8 . . 6 7 Co om tt i o t n te d ( ) b : ales, 000 | • ' Beehive, pro- ' Sight receipts j 486! 462 554 74.2 53. 8 84. 5 B d y u - c p t r i o on d ( u e c st t . , ) i 732 549: 575 46.7 37.6] 37.5 P O o v r e t rl r a e n c d ei pts move- j 46 L 332 401 93.2 60.3 83.2 production • Am m e e r i i i c t an spi n n crs; I i 98 i : 128 134 92, 3 80.9 126. 4 Crude petr ( o e l s e t u .) m : : 2,137 1,795; 1,772 St t o a c k k i s n a g t s ports and I ! 259] 308 253 107.2 69.3 104.7 S P t r 0 o o 0 c d 0 k u s o c m t a io t i t n t c e l d ( o b ) s b e ls o ., f • : ' 46,916 40,814j 40,905 113311..66 112288..99 114.7 S S t t i o o n c c t k k e s s r i a o t r a m p t o il i l n w s t s a re- : | 2 1 , , 5 0 5 3 4 7 2 1 , , 2 5 4 9 6 7 2 1 , ,3 7 3 5 7 8 1 8 0 0 0 . . 0 2 1 8 0 4 0 . . 0 8 1 8 0 6 8 . . 3 3 Pr m o o m d o u n it c t t h i e n d g ( ) b o b i l l s w ., e 00 ll 0 s I . 215,6331 204,779, 142,093 163.0 158.2! ! 107.4 V Co i h s n o ib s u u l s e m e s s p u t p io p n ly by j • < 3 3 , , 5 76 9 6 3 ] 4 3 , , 8 2 9 2 1 2 5 4 , , 2 4 5 76 3 8 8 8 3 . . 1 8 9 8 3 7 . . 3 3 1 1 2 0 2 4 . . 7 3 Oil ref c in o e m ri p e l s e : t * e • d (No.).: 1,323| 1,113' 1,452 84.1 78. l! 92.2 Sp m in i d ll l s e s active ". : .; 518; 473 438 107. 5 105.6 90.8 To (0 ta 0 C l 0 r u o d p m e r i o tt d o e u i d l c ) t — r i u o n n > Woo C l: o d n u s r u in m g p m ti # o o n n th by ! : 31,875 33,797 32,148 96.1 101.0 96.9 (bbls.) 31,423- 38,582 34,588 116.0 118.8J 116.6 mills (lbs., 000 : K G e a r s o o s li e n n e e ( ( g g a a l l s s . . ) ) , : 3 1 9 6 8 7 , ,2 2 2 23 0 ! 4 1 4 7 4 2 , , 6 91 2 7 3 , : 3 1 8 63 8 , , 0 1 8 8 2 8 1 ' 1 9 2 6 0 . . 1 2 ] ! 1 9 2 2 1 . . 7 2 1 " 1 9 1 3 7. . 1 8 omitted) ; 70,424 63,244 47,181 141.9 149.1 94. 7 Gas and fuel . 1 Figures for February, 1922, January, 1922,and February, 1921. (gals.) ; 761,085! 858, Hi: 732,512] 121.7 126.0' 117.1 2 Figures for April, 1922, March, 1922, and April, 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY., 1922. FEDERAL RESERVE BULLETIN. 595 CoMMODITY -M OVKMJSXTS—Con ti rwed. COMMODITY MOVKMENTS—Oontimiccl. Per cent of aver- Per cent of averjage, same month, age, same month, 1 1919 1921. 1919-1921. Mar.. Feb., Feb., Alar., 1922. 1922. 1921. i --- 1922. 1922. 1921.. \ Mar., Feb.,; Mar., . Mar.,!Feb., i.\lar., ; 1922. j1922. i 1921. : 1922. |1922. ! 1921. T I:: x TIL K s—conlin uc d. MISCELLANEOUS MAN- ; UFACTUKE&—COn. \ \Y ooJ— Continued. Paper (short tons): Percentage of idle Newsprint— j ! machinery o n. Production 117,507 97,786: 107,532! 100.7 91.51 92.1 t f o ir t s a t l o r f e p m or o te n d th '— to S St h o i c p k m s en e t n s d of i 117,142j 96,521; 104,919| 102.9 97.0 92,2 Lo t r o h e m a e n d s s 5 w p 0- a i i d c n e c e h . r . .. I ! 3 k 9i 31.5 36.1: 107.4. 142.5 11 Li B Pa o p o e k r m pr b o o o n d a t u r h d c ti p o r n o . - . . ; i 2 7 8 7 , , 1 8 8 8 0 9 ! : 2 69 7 , , 4 8 0 1 8 5 ! 4 5 1 9 , , 7 8 8 3 9 2 1 8 06 3 . . 5 5 ': ! 1 9 0 0 1 . . 1 7 1 8 2 1 3 . . 8 8 Looms 50-inch Se l r t e e s s e s d o / s c p a a r c d e s . o . r . . - .j j j 2 .1 7 .6 . . 8 4 ! i 2 1 7 8 . . 3 !. 3 3 3 4 . . 0 I1 ! 7 9 1 2 . . 3 4 | ' n 8 c 9 .8 . 1 6 i H 14 i. 3 3 .5 W Fi p d r n a r u e o p c p d p l a i u i o p n c n g e t r i o p n r . p od ap u e c- r : 1 7 9 0 2 , , 1 3 4 0 1 8 ; ' 1 6 5 2 3 , , 0 7 3 0 5 1 : : 1 - 3 1 9 9 , , 7 g 23 1 12 1 6 9 . . 3 5 1 1 0 2 8 1 . . 3 3 9 8 0 6 . . 0 7 S C p o d i m i n e n b s i s , n g w o s o p l i e n n - . . j | 2 I 3 7 . . o V ! i 2 1 0 3 . . 1 6 3 1 2 8 . .7 3 ; ; 1 7 1 4 8 . . 5 8 ' ! 9 95 3 . . 7 8 ! ; 1 9 3 3 8 .5 .0 Bu o i m ld i i t t n i t o e g n d m ): aterials (000 29,346, 26,663. 19,058 115.5 109.5' 75.0 Spinning spin- j i ' Clay fire brick- Pe h r o c u en r d s t i a e g o s e , n w o fi o f rs r t s " i t d e o l d e f . 25. 3j i 1,1. 1 21.8" H7.11 75.4" 100.9 P S St r h o o i c p d k m u s c e t c n i l o t o s n se of 4 3 6 8 , , 6 6 2 9 6 4 3 3 4 0 , , 6 0 8 4 3 3 3 4 1 2, , 2 9 8 2 4 3 8 79 1;. .2. i7 66 1 . . 5 4 1 1 6 8 5 0 . . 2 5 r m ep o L o n o t r t o h t h e m a d n s 1 — to 5 w 0- t i i o n d l c e a h r ! Silic N U a e n m b w f r i o i l c l n o e k t r d — h d e o r r s ders.! ! 1 3 4 4 1 3 9 , , , 0 5 0 9 3 3 8 7 4 1 j 1 3 3 4 5 0 6 ) , ,9 3 9 1 5 4 1 7 1. 1 4 1 3 1 7 4 , , , 8 1 2 3 9 7 9 6 5 ! 1 3 6 0 9 5 7 . . . 0 3 7 1 8 2 0 7 7 9 . . . 1 3 0 1 ! ' 9 3 3 7 7 5 . . . 1 9 6 Lo r r o e e m e e d d s s s p p 5 a a 0 c c - e i e n c — o h r as. 3, S S P t h r o o i c p d k m u s c e t c n i l o t o s n s e of \ ! ! 9 7 , , . 8 1 3 2 7 o : ! 6 7 , , 2 6 6 6 3 3 4 8 , , 7 9 6 2 3 7 " i. . Se l t e s s s of cards— 3 1 6 1. . . 5 ( . V a 1 I 5 . , 9 0 3 •1 5 7 . . 8 3 : : i .Face b m ri o c n k— th i | 36,944 35,743 44,9341. C Sp o d i m l n e n b s i , s n , g w o s o p l i e n n - .. 1 14 7 . .7 lj j .1 2 8 . . 8 4 3 1 1 .1 . .3 lj ' . : P S St r h o o i c p d k m u s c e i t n n io t s s n h eds ; j | 4 3 2 7 , , 1 49 3 1 3 2 1 2 8 , , 9 3 2 9 6 2 2 1 4 8 , ,6 4 1 6 1 3 ! 135. 88. 0| 60. 0 Sp d i l n e n s i , n g w o s r p st i e n d - . 29.2. 17.3 25.7!- Un a f n i d ll e k d i l o n r s d ers i | 156,906 15J,769 137,991 J39>.9.0Jj 125.9!123.0 Raw silk: at oloso of I C S m t o o ( o p b c m o a k l i n r s e t t t s s s e ) a u d t ( ) m lb c s p lo ., t s e i 0 o 0 o n 0 f 25 2 , , 5 5 -1 0 6 8 ; . 2 2 2 , , 1 9 0 0. 7 1. 2 2 6 , ,9 2 4 0 2 2 i 116.2: 114,5 ; 102,0 Cem S P e h r n m o i t p d o ( m u b n c b t e h t l n i s o t . s n )— I ! j 5 6 7 9 , , , 8 6 0 5 8 0 2 2 5 4 4 3 4 , , , 2 2 5 7 8 1 8 3 5 3 6 6 0 , , , 2 6 7 2 6 6 1 8 3 1 1 . ! . 80.6 64.8] 4J.3 month (bales) 22,077 28,982 52,7851 St o o f c k m s o a n t t h c lose I j 13,848 14,142 12,000;. i Rubber (pounds, 000 j HIDES AND LEATHER. omitted): I Sales of raw hides and Imports of crude | skins (number, 000 I i rubber J 64,215 66,744 28,509 109.7 157.9 48.7 omitted): Consumption by ! Cattle hides 696 527 750 tire manufacturers 26,771 18,447 12,075 Calfskins 608 643 604 ! Pneumatic tires (000 j Kip skins 137 209 138 ! j omitted): j Goat and kid.. 1,230! 813 1,023 ' Production j 2,646; 2,084 1,163 Cabrctta 69 70 99; : ! Shipments, domes- ! Sheep and lamb 1,276 1,482 1,274 | : tic : 2,074 1,562 ],615 Stocks of raw hides and Stocks.. i 5,183: 4,597 skins at close of month [unor tubes:3 I 4, "' ( te il d u ) m : ber, 000 omit- j I S Pr h o i d p u m cti e o n n t s, do- j j 3,018! 2,597 1,346 C Ca a l t f t s le k i h n i s des 5 2, ,6 9 6 6 2 5| 2 .') , , 8 7 2 6 0 1 7 3 , , 8 0 ( 6 ) 0 7 . ! 1 8 4 7 3. . 2 2 ! ; 1 8 3 5 4 . . 2 6! 1 14 1 7 2 . 0 8 .3 St m oc e k s s i ie . '. . . . . ! ', 6 2 , , 9 0 9 9 1 1 . ! 61,,710432 5 .1 , , 0 6 4 4 5 4 Kip skins 916 951 .1,212! 104.7; 96.8: 142.0 Solid, tires:2 \ Goat and kid 8,044 7,627 8,652', 72.6" 69.6! 78.0 Production • 49J 39 29 Cabretta 361 456 1,5791 25.9i 27.51 113.2 Shipments, do- ! Sheep and lamb 9,680 .10,318 12,971! 95.3; 100.2! 127. 7 mestic 1 1 48j 37 44 Prod S u o c le ti o le n a t o h f e l r e ( a s t i h d e e r s : ). 1,472,528:1,466,165.1,351,140 : I Auto S m to o c b k i s les: j 182! 183 284 S O k a i k v a er n s d ( U do n z io .) n har- 19,451 17,021 16,867! : ! Pr b o e d r) u — ction (numness (sides stuffed). 78,100 65,067 70,194! , j Passenger cars. 152,614 108,542 Stocks of leather:- I Trucks. ! 19,349J 12,861 Sole and belting Shipments— j Up 0 (l 0 p b 0 e s r . o , m 00 ( i s 0 tt q e o . d m ) i f t e t e e t d , ) 2 44 0 9 0 , , < 0 ) 7 lf 2 : . i 2 4 0 3 4 1 , , 4 7 7 0 J 1 4 1 2 8 7 4 ,5 ,7 0 0 81 7 | : ' ! I i ; ; D Ra l r o i i l a r v d o c s a ) a d w ( a c y ar s - j ! j 27,380! 19,636 16,287 Boots and shoes, out- (machines)...! 16,766^ 10,173 9,939 put (pairs, 000 omit- i ! ,• Boat (machines) 560 180 75 ted): Locomotives (number):; Man's 7, 7321 6,697 Domestic shipped... 35i 40 112 25.4 42.2 81.2 Women's 10,529. 8,665 Foreign completed. j 4; 4 49 5.1 3.8 62.0 Other 11,425" 9,538 Vessels built in the i United States and i MISCELLANUOUS Al A N- officially numbered UFACTURE3. by the Bureau of Woo C P d r o o p n d u s u u lp c m t ( i p o s t h n io o n rt tons) 2 3 4 1 9 4, , 5 2 9 0 1 1 : ' 2 2 0 1 2 3 , , 4 3 4 1 9 0 2 IO 62 9 , , 3 2 3 7 2 3 ' | 1 1 0 1 8 2 . . 1 3 ; i1 9 n0i 7 1 . . 6 •3" 1 ! 9 8 0 9 . . 7 8 Na T N v o u i n g m n a b a ti g e o r e n: 6,20 6 8 2 - 38,35 3 9 9 154,864 4 2 2 . . 5 1 3 1 1 7 . . 8 4 . 6 5 3 8 . 1 5 Shipments 47,839i 38,265 37,149! 98.4 81.3: 76.4 1 Figures £or April 1, 1922, March 1, 1922, and April 1, 1921. Stocks end of month 196,257] 178,709 242,516i 98.2 98. Sj 12.1.4 2 Figures for February, 1922, January, 1922, and February, 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

596 FEDERAL, RESERVE BULLETIN. MAY, COMMO:I>ITY M.OVK,\IJONTS—Continued. COMMODITY MOVEMENTS —Contin ued. Per cent, of aver- ; Per cent of avor- : ago, same month, ! age, same month, 1919-1921. i 1919-1921. Mar., Feb., Mar., Feb., Mar., 1922. 1922. 1921. '—• 1922. 1921. i Mar., Feb.,Mar., i Mar., Feb.,; Mar., 1 1922.: 1922. 1921. ; 1922. 1922. 1921. TRANSPORTATION. TRANSPORTATION—COn. I i Railroad operating sta- R e venue-freight loa d ed, I tistics:1 classified—Jon. Net ton-miles, rev- Northwestern 461,098 379,0331 418,368! 100.3Q!! 91.51 91.0 enue and non- Central western 513,496 450,752! 462,397i 110.3! 107.81' 9~ 9.3" revenuo (000,000 Southwestern 263,343 226,336 259,698, 103.9! 102.3i 102.5 omitted) 28,348! 27, 10f> 24,893 101.9 Net tons per train.. 673i 632 01 ~ 105.2 Total 3,723,2113,074,965j3,113,323; 112.31 107. 2j 93. 9 Net tons per loaded car 28.2i 27.fi! 2«.4 Freight car surplus 1 Revenue-freight loaded (number): | and received from Total ! 206,746 215, lOo! 495,90 ti 65.1 98.5 153. I connections, classified Box. 88,491 95,361 j 171,119! 72.2> 84.0i 130.5 according to nature of Coal 72, 566 97, (5341 255, 055J 4.9. 8 product (short tons): Freight car shortage: Grain and grain Total 423 599! 123| 1. 4- 2. 6: .4 products 185,330! 200,005! 164,485 Box 255 373 j 26: 1.4 2. 9" . i! Livestock 123,108: 116,449; 118,040 Coal 77 100! a 1, l! 1.6 . I Coal 885,0o7! 759,294! 572,836 Bad order cars, total... 320,083 331,628; 270,319; 165.2: 191. 3 \'M. 6 Coke 40,090' 31,542 28,860 Vessels cleared in for- Forest products 237,322: 200,495 223,003 eign trade (net tons, Ore 23,642 16,006; 29,274 000 omitted): Merchandise, l.c.l.. 1,068,781 863,9731 943,076 American 2,181 1,856! 2,0981 I23.5; 111.8 IIX. 8 Miscellaneous .1,159,881 880, 599J 1,033,750 Foreign 2,683 2,169, 2,396: 130.4! 119. 4: I IS. 4 Total 3,723,2113,074,965 3,113,323 112.3 107.2 93.9 Total ! 4,864 4,02o| 4,494| 127.2, 11.5. 8J 117. 5 Revenue-freight loaded, ==1= 1 : ;= classified according to Percentage of American! geographical divi- to total. ; 4 40. lj 46.7] ; sions: ! Panama Canal traffic i Eastern ! 938,7961 760,593 744,339 118.2J 11'5.9 93.7 4 (tons, 000 omitted): 1 1 Allegheny | 793,295| 637,285 618,533 115.6! 107.1 90.2 Total traffic ! 838 807! 953| 109.4J 94.8i J21, t Pocahontas 164,5271 141,436: 104,853 128.2 130.8 81.7 American vessels... 380 360i 435! ! Southern 588,655j 479,530! 505,134 111.61 105.5 95.8 British vessels 276 2771 i 268i! lI II 1 Figures for February, 1922, January, 1922, and February, 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 597 BUILDING STATISTICS. BUILDING PERMITS IN 166 SELECTED CITIES. [ Collected by the 12 Federal Reserve Banks.j NUMBER OF PERMITS ISSUED. D c N i i t s ( o i 1 t e . 4 r s i 1 ) c . t D c N i i t s ( o i 2 t e . 2 r s i 2 ) c . t I 1 . , " D c N i i t s o i ( t e . 1 r s 4 i 3 ) c . t D c N i i t s ( i o 1 t e r . 2 i s c 4 ) t . . D c N i i t s ( i o 1 t e r . 5 s i ) c 5 . t D c N i i t s ( o i 1 t e . r 4 s i 0 ) c . t D c N i i t s ( i o 1 t e r . 9 s i 7 ) c . t D c N i i t s i o t e r . s i 8 ) c . t D c N i i t s o i ( t e 9 . r s i 9 ) c . t D c N i i t o s ( i 1 t . e r 4 s i 1 ) c 0 . t D c N i i t s o i ( t . e 9 r s i 1 c ) 1 . t D c N i i t s o ( i 2 t . e r 0 s i 1 c ) 2 . t c T i ( t o 1 i 6 e t 6 a s l ). | March. 2,079 0,55! 3,036 0,024 4,201 2,781 0,015 1,961 1,634 2,728 2,331 9,419 48,810 | !92:2. J« Hilary " S78 1.170 •• l,O2.'5 1,724 2, 188 2, J.55 3.198 "i,.NI . 523 1.330 1,653 8,298 28,881 Fpbm^ry 1 , 024: 4', 210 ' 2.0S1 2,019 2'. 305 2,500 4,815 1. -134 517 1.75S 2,11.4 • 7,000 33,043 March,." .13,284 . 3,557 K. 9S0 •1, 101 3,211 8, 037 2,218 .1.493 2; 7.11. 2,023 11, 1.90 60,284 VALUE OF PERMITS ISSUED. • District No. District No. j District No. District No. District No. District No. District: No. i 1 (14 cities). 2 (22 cities). \ 3 (1,1 cities). I 4 (12 cities). 5 (15 cities). 0 (M cities). 7 (1.9 cities). 192 L. March.. 5,087,102 35,517,7-13 ; 0,088,021 | 11,731,390 8,108,832 4,747,379 20,185,084 1922. January.. 7,380,701 50,145,296 ' 0,878,523 ! 5,713,209 8,352,615 ! 3,734.262 18,905,561 February. 9,280,827 50,372,553 i 8,275,338 j 7,829,585 7,513,542 ! 4,630,052 20,419,417 March..'.. 10,995,500 119,904,783 14,116,292 ! 1.3,814,868 11,329,049 : 6,021,211 33,499,637 District No. District No. District No. District No. j District No. Total (100 8 (4 cities). • 9 (9 cities). 10 (14 cities.) 11 (9 cities). 112 (20 cities). cities). 1921. March. 2,512,871 2,612,291 6,147,620 ! 5,190,191 ! 18,542,835 126,472,031 1922. .laniiary.. 2,579,894 ! . 2,110,424 • 5,023,603 4,900,078 ! 22,872,876 138,031,902 February. 4,150,487 1,569,774 i 4,330,011. I 4,419,789 •" 18,917,868 141,715,243 March.... 5,012,607 4,526,209 I 7,165,925 i 5,630,336 ! 27,432,280 259,508,703 VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS. • [F. W. Dodge Co.l VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS. District District District District District j District District No. 1. No. 2. No. 3. No. 4. No. 5.i j No. 7. No. 9.2 1921. March. 12,183,446 I 30,924,354 14,128,900 32,725,987 15,555,218 j 37,438,044 8,714,075 1922. January 15,302,453 ! 54,902,847 12,128,900 21,006,282 14,002,399 29,182,324 3,613,148 February 14,799,470 i 60,152,424 11,828,700 20,602,823 : 16,518,079 ! 32,344,424 5,192,824 March 26)212,330 I 90,088,870 24,558,100 29,601,058 : 24,116,011 i 58,081,526 11,933,270 1 North and South Carolina not included prior to May, 1.921. 2 Montana not included. VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS. District District District District District District District No. 1. No. 2. No. 3. No. 4. No. 5.i No. 7. No. 9.3 I March. 1921. 4,283,570 ii 18,070,530 j I 0,012,600 11,370,703 5,220,414 9,348,670 2,112,107 1922. J an uar y i -1,707,597 i 35,652,203 I 6,280,200 0,279,459 0,597,861 10,601,761 1,049,594 February : 4,179,944 . 38,657,156 ! 5,647,700 5,545,073 7,299,608 9,388,615 I 962,757 March • 11,897,080 : 51,116,514 | 9,552,500 10,041,177 9,796,405 17,225,204 ! 2,348,5H 1 North and South Carolina not included prior to May, 1921. 2 Montana not included. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

598 FEDERAL RESERVE BULLETIN. MAY, 1922. INDEX OF OCEAN FREIGHT RATES. months past, and rates generally represented substantial concessions in favor of charterers. The accompanying table shows the monthly fluctuations in ocean freight rates prevailing between United States Atlantic ports and the REPORT OF KNIT-GOODS MANUFACTURprincipal European trade regions. The figures ERS OF AMERICA. are derived from the actual rates quoted on The total production of winter and summer the following commodities: Grain, provisions, underwear for the six months ended March 31 cotton, cottonseed oil, and sack flour. For was as follows: the methods used in constructing the index see the August, 1921, BULLETIN, pages 931- I 934. ! Number p A ro c d tu u a c l - !Per cent ! cf mills tion of i report- (dozens). normal. RELATIVE OCEAN FREIGHT RATES EN UNITED STATES AND j ing. EUROPE TRADE. 1.92.1. [January, 1920, rates=100.] October 56 675,205 87.3 November 57 692,452 86. 5 December 49 518,376 77.0 United States Atlantic ports to- 1922. ! January ! o5 640,489 79.1 February , 53 663,346 84. I Monlli. U K d n o i r n it r g e i. - d A F t r l e a n n c ti h c. B N e l a e a lg n n th i d d u e s m r- . • ! S n c a a v n i d a. i- M n te e e r a r d n a i - - . ! i Eu A ro ll pe. M S W u a i m n rc t m e h r : e r . u 1 n u d nd e r o w r w ea e r a r ( M (M ar a c r h c ) h ) i ' • 3 3 5 1 6 4 3 7 3 6 5 9 3 6 2 , , , 2 5 ( 4 9 >5 9 7 2 : ; 1 9 0 8 5 - 2 1 . . 9 0 0 i Order and production report for month ended. 1921. January 60.7 30.2 31.1 ! 42.9 43.2 13.3 March 31, 1922, follows. The number of mills February 5-1.7 27.7 29.2 ! 30.9 43.8 38.5 March 49.3 2 k 6 28.3 i 30.8 42.2 35.9 producing was 37. \pril 50. L 32.6 36.6 : 29.4 35.7 39.0 Mav 50.6 35.0 38.2 , 31.3 31.6 10.1 J S T A u e u u l p n y g t e u em st ber 4 4 4 4 1 2 2 2 . . . . 9 5 7 8 3 3 3 3 3 3 2 4 . . . . 2 7 7 4 3 3 3 3 6 7 5 8 . . . . 7 0 8 3 i : ! . 2 3 2 2 8 8 1 9 . . . . 4 2 3 0 3 3 3 3 4 L . . 7 6 0 3 3 3 3 6 6 6 7 . . . . 0 7 6 8 Dozens. p o r P o f e d n r u o c c r e m ti n o a t n l . October 37.0 28.5 30.7 i 26.7 33.3 32.3 November 33.5 25.0 25.2 '• 24.0 32.9 28.8 December 32.4 22.7 22.9 23.3 32.3 27.2 Unfilled orders first of month 1,364,746 New orders received during month. 363,960 1922. January 31.7 22.7 23.3 ! 23.4 32.2 27.1 Total (A) 1,728,706 February 31.7 25.7 25.2 23.3 31.8 29.1 March . 33.1 26.5 24.9 23.4 30.1 28.3 Shipments during month 510,555 : 72.1 April 27.3 24.8 22.7 24.0 27.1 25.4 Cancellations durin]g month 9,551 | 1.4 Total (B) 520,106 As the foregoing table indicates, average Balance orders on hand Apr. 1 (A minus B)... 1,208,600 Production 612,566 86.4 freight rates from the United States to European ports declined to a new low point during April. All of the trade regions here represented, Thirty-four representative mills which rewith the exception of Scandinavia, show ported for February and March, 1922, furnish decided declines in the last month as compared the data for the following table: with March, while the all-Europe number now fin dozens.] stands at only a trifle over 25 per cent of the level prevailing in January, 1920. The great- I I est drop occurred in the United Kingdom I [( F 34 e b m r i u l a ls r ) y . j(34 M m ar i c l h ls). Gain, Loss. trade, where very material reductions in grain f" rates reflected a surplus of available shipping Unfilled orders first of month. !1,418,892 1,336,245 ! 82,647 space, especially for smaller or part cargo ship- New orders ! 387,820 355,713 32,107 Shipments \ 429,769 501,030 71.261 ments. The charter market for full cargo Cancellations ] 10,968 i 9,551 1,417 Production 497,005 ! 001,302 ' 104 ,"'297 steamers was less active than for several I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

599 1922. FEDERAL RESERVE BULLETIN. RETAIL TRADE. mond), 34 stores in district No. 6 (Atlanta), 66 stores in district No. 7 (Chicago), 16 stores The following tables are a summary of the in district No. 8 (St. Louis), 16 stores in district data obtained from 446 representative depart- No. 9 (Minneapolis), 16 stores in district No. 10 ment stores in the 12 Federal reserve districts. (Kansas City), 22 stores in district No. 11 In districts Nos. 1, 2, 5, 6, 7, 9, 11, and 12, the (Dallas), and 33 stores in district No. 12 data were received in (and averages computed (San Francisco). Trade for Chester in district from) actual dollar amounts. In districts No. 3 is shown separately for the first time Nos. 3, 4, 8, and 10, most of the material was this month. received in the form of percentages, and the A comparison of monthly changes in activity averages for the cities and districts computed of different types of retail business since from such percentages were weighed according January, 1919, is shown in the second of the to volume of business done during the calendar following tables. The 159 department stores year 1920. The changes in retail trade for are located in districts Nos. 1> 2, 5, 6, 9, 11, the United States as a whole are obtained by and 12, while the mail-order houses do business combining the district percentages, after multi- in all parts of the United States. Chain plying them by a system of weights based store figures are based upon the total sales of partly on population and partly on banking the same reporting chains for each month, resources. The tables for the month of Feb- but the actual number of stores in these ruary are based on reports from 26 stores in chains varies slightly. It may be noted that district No. 1 (Boston), 64 stores in district all classes of stores show increases over No. 2 (New York), 91 stores in district No. 3 February, 1922, while only the grocery chains (Philadelphia), 32 stores in district No. 4 show an increase over March, 1921, figures. (Cleveland), 24 stores in district No. 5 (Rich- CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS. [Minus sign (—) denotes decrease.] Percentage of Percei tage of average stocks outstanding Percentage of increase in net Percentage of irlcrease in stocks at close of each ordersat close sales as compared with corre- at cl[>se of 11Louth compared month to aver- of month to sponding period previous year. with- age monthly total piirehases sales for same during previous period. calendsir year. District -and city. . Tan. 1,1922, to Sainemonth Previous month. Jan. 1,1922, to close of— previoiis year. close of— ; Feb., Mar., Feb., Mar., 1922. 1922. 1922. 1922. Feb., Mar., Feb., Mar., Feb., Mar. . Feb., Mar., 1922. 1922. 1.922. .1922. 1922. 1922. ' 1922. 1922. District No. 1: Boston -1.0 —8. 3 — 0. i") -0.6 ">. 1 -1.7 4.5 7.1 329. 0 317.8 0.3 5 9 Outside -8.1 —13.9 -7.1 -10.0 1.9 4.2 0.5 487.3 484. 0 7.2 6.2 District " -3.1 -9.0 -5.9 -7.3 4.0 3.8 4.4 0.9 300. 2 355. 5 0.4 0.0 District; No. 2: Now York: City and 'Brooklyn -3.0 -7.3 -5.0 -0.1 2.0 7.3 1.0 11; 0 373.0 367. 0 7.0 5.1 Buffalo. -17.0 —U. 1 -17.0 — 15.7 —0.0 —9.7 0.0 8.7 495.0 483.3 8.0 5 1 Newark . . -0.0 3.8 -3.0 -.0 5.0 5. 2 4.0 9.5 382.0 358. 9 0.0 3.8 Rochester -1.0 -Jo. 8 -0.0 -10.1 -22. 0 -14.5 4.0 10.1 374. 0 378.4 8.0 7.1 S vracuso -11.0 -11.3 -9.0 -9. 8 -12.0 -9.5 -4.0 10.7 431. 0 420.4 8.0 Bridgeport -10.0 -22.o -13.0 -10.1 7.0 5.7 13.0 9.4 410.0 449.2 0.0 4.4 Outside • 2.0 —4.3 -1.0 -2.1 18.0 17.0 7.0 7.0 023.0 021, 0 0.0 0.7 District . -1,0 -8.0 -G.0 -0.9 2.0 5.0 3.0 11.1 379.0 371.5 7.0 5.7 District No. 3: Philadelphia — 10.3 -9. 7 -9.8 -2. 5 .1 1.5 8. 9 327.4 321.0 8.4 7.5 Trenton -3. 5 -12.0 —9. 9 -9.3 -3.2 3.0 4. 3 7.4 535. 5 558.7 5. 7 2.0 Wilmington -1.8. 3 -27. 7 -21.9 -20. 9 -23.9 -11.0 -2.2 11.1 823. 9 775. 9 4.8 C O h u e ts s i t d er e .' "-L3" - -2 4 1 8 . . 1 8 '-ii.T - - 1 4 5 2. . 0 4 ""5.2' -3 5 .9 .3 '"'lo.'i' 9 7 . . 7 3 ""583." 8* L, 5 8 0 3 0 7 . . 0 5 7.1 4 2 . . 9 8 District... -6.5 -13.8 -10.3 -11.8 -L.-l .8 3.2 9.1 397. 7 404.1 8.0 0.8 District No. -A: Cleveland -13.0 -15.0 -17.0 -15. 8 9.3 8.0 19.1 10. 7 382.7 403.0 7.9 7. 5 Pittsburgh —24. 2 —2-1. 2 -23. 2 —25. 0 -2.1 —4. 9 13. 8 9.0 417.5 432.4 0. 7 0.2 Cincinnati —7. 5 —13. 0 —8.8 -10.0 4. 7 11. 2 10. 4 JO. 1 512.3 534.4 10.4 11.0 Toledo - 9.1 -12.0 -12.1 -12.1 -1.7 -2.8 18.7 4. 5 379.0 398.3 7.4 4.9 Outside -11.0 -13.3 -1.9.0 -15.0 .1 10.4 8.1 12.3 457. 3 498. 8 16.1 10.2 District .. -10.7 -17.8 -IS. I -18.3 2.3 3.0 .14.9 9.7 420. 0 441.4 7.9 7.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

600 FEDERAL RESERVE BULLETIN. MAY, 1022. CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS—Continued. [Minus sign (—) denotes decrease.] Percentage of Percentage of average stocks outstanding Percentage of increase in net Percentage of increase in stocks at close of each ordersit close sales as compared with corre- at close of month compared month to aver- of month to spondingpenod previous year. with— ago monthly total purchases sales for same during ]Drevious period. calendsir year. District and city. Jan. 1,1922, to Same month Previous month. Jan. 1,1922, to close of— previous year. close of— Feb., Mar., Feb., Mar., 1922. 1922. 1922. 1922. Feb., Mar., Feb., Mar., Feb., Mar., Feb., Mar., 1922. 1922. 1922. 1922. 1922. 1922. 1922. 1922. District No. 5: Baltimore -13.0 -20.5 -16.6 -18.1 5.1 7.6 9.0 9.6 447.8 433. 5 7.5 5 \) Richmond . —13.1 —11.5 —13.5 -12.7 9.7 6.4 7.0 4.7 468. S 431. 3 Q.'i 6 5 Washington.. .... -10.5 -16.0 -11.3 -13.2 13.2 11.3 20.8 8.7 456.5 438. 9 5.1 3 2 Outside -17.5 -25.7 -18.2 -21.5 10.4 9.2 9.7 7.3 657.1 616. 0 4. 5 3.8 District -12.7 -18.8* -14.8 -16.5 8.7 8.9 :i2.6 8.6 473.3 456.0 6.2 4.8 District No. 6: Atlanta... -17.4 —22.4 -21.0 —21.6 2K 13.2 -6.0 .1 690. 8 656. 5 5. 5 '1 1 Birmingham —33.5 -33.2 —35. 3 -34. 2 -7.3 -6.8 5.6 3.9 917.4 657. 9 5.2 5. 4 Nashville. —7. .1. -17.4 -8 8 —12. 2 4.7 2.4 11.1 3. S 470. 5 550. 9 5. 9 3 •"> N Sa e v w a n O na r h leans.... — -2 ( L 5 I . . 2 0 — -2 2 4 7 . . 7 5 - - 1 3 3 0 . . 3 7 - - 1 2 7 9 . . 6 3 -(> 1 . . 2 9 -7 4 . . 3 5 - 1 3 2. . 3 1 5 5 . . 4 3 5 75 1 7 0 .7 8 5 6 1 8 5 7 . . 3 9 S 3. . 9 4 6 5 •" 1 > Outside . . -14.4 -21.1 -13.4 -16.5 .5 4.1 12.4 1.7 734.6 695.4 4.8 3.9 District. . . ... —15.5 -24.4 -17.2 -20.2 .0 2.8 8.4 3.9 610.8 581.7 6.4 5.2 District No. 7: Chicago —8.9 -10.7 —8.5 —7.4 2.2 9.1 15.2 15.7 344.2 319.5 5 9 4 6 Detroit. —5.6 -9.9 —1.8 -8.0 -8.5 -4.8 12.0 7.7 374.9 376.3 8 7 8 4 Milwaukee -17.2 -20.7 -13.1 —15.9 -2.6 —4.5 4.7 5.8 662.9 664.6 6.5 6 5 I iidiaiiapolis -11.2 -9.9 -7.2 -8.3 18.4 12.4 10.0 6.3 352.6 340.1 7.2 4.9 Outside — 13.8 -24.4 -14.0 ^19.5 3.0 .5 10.6 6.5 626.2 653.1 7.1 4.8 District -10.3 -15.7 -8.2 -12.2 -.6 -.7 10.4 7.3 479.4 476.4 7.7 6.6 District No. 8: St. Louis . -11.0 -18.3 -13.7 -15.6 9 —.9 10. 9 10.2 378.7 361. 7 7.4 .Louisville -9.2 —15.2 -7.8 — 11.1 —6.7 —3.6 18.5 5.4 583. 8 591.6 5 2 9 7 Memphis . -15.2 -21.0 -13.9 —16.8 7.1 9.5 4.0 10.8 614.1 75S. 3 () i 7*0 Little liock... -19.7 -33.6 -23.4 -26.3 17.4 20.9 16.1 7. 5 514. -I 524.3 6. 7 5 4 Outside -14.0 -21.4 -13.1 -15.2 2.7 — 1.5 10.7 8.9 619.3 676. 8 4.0 4.1 District -12.1 -19.8 -13.6 -16.1 2.0 2.0 11.2 9.4 458. 9 474. 3 7.2 5.5 District No. 9 -12.3 -16.9 --11.7 -13.7 2.8 5.7 6.1 8. i 650. 6 029.7 0.0 5.0 District No. 10: K.ansas City -19.5 -16.2 -12.7 —15.7 9.7 7.8 9.5 6.0 46 L. 4 533. 2 6 0 7 7 Denver -14.0 -9.5 -1L.7 —9.9 9.2 12.2 9.5 7.2 087.4 682. 5 11.3 9.2 Outside -16.9 -12.7 -17.9 -12.8 12.1 11.2 21.8 9.4 558. 5 636.9 8.3 6. S District . .. .. -10.9 -12,9 -14.1 -12.9 10.3 10.2 13.6 7.3 565. 7 011. 7 8.0 7.9 District No. 11: Dallas — 18.6 —12.5 —19.1 -16.9 -6.6 —3.9 10.1 7.4 489. 2 455. 3 8 4 5 9 Ft Worth -26.5 -22.2 -27.8 —25.5 2.5 —4.0 17.0 6.4 669.1 589.3 7 4 4 6 Houston.. -13.2 -16.4 -14.2 -12. 7 -1.0 .2 5.2 3.9 499.8 492.9 7 9 6 6 Outside...: -20.4 -28.1 -18.8 -24.9 -1.7 1.4 4.7 14.7 477. 9 483.8 5.9 3.4 District -19.5 -19.5 -19.7 -20.0 -2.8 -1.7 8.7 8.5 510.1 498.5 7.7 5. L Dist L ri o c s t N A o n . g 1 e 2 le : s... —3.2 .9 -2.8 -1.5 21.2 22.7 .2 6.7 494.8 446.7 8 1 • 6 1 S O a a n k l F a r n a d ncisco — -2 2 1 . 0 9 .5 - — 16 3 . . 6 9 - - 1 7 8 . . 4 8 - — 18 6 . . 0 2 1 2 5 . . 8 3 1 1 0 5 . . 4 3 1 8 0 . . 5 3 5 2 . . 7 6 4 6 9 7 6 6 . . 5 0 • 6 '1 1 8 8 9 .9 3 ¥>• 1 10 1 Seattle —13.2 -4.7 -12.5 —9.5 -11.2 -6.9 10.8 17.5 484. 9 472.1 8.8 6 3 Spokane —15. 5 —15.4 —15.9 — 15.7 -4.6 2.6 -.4 18.3 756.9 751 0 9 9 6 S Salt Lake City —22.1 -20.7 —20.9 -20.9 .1 4.2 2,6 11.7 576. 0 575.4 9.5 District -9.1 -6.2 -4.1 -7.4 -6.0 -2.4 4.7 7.1 ' 515.9 489.9 10.3 9. 5 United States -10.5 -14.5 -11.0 -12.8 1. 7 3.2 8.3 8.4 460. 7 463.3 7.4 6.;', Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL. RESERVE BULLETIN. 601 VALUE OP RETAIL TRADE. [Average monthly value 1919=100.] Chain stores. Chain stores. s s m p t t ( D o o a 1 e r 5 r r e e n e t - 9 - s t s ). ! ih h o o M o u r u ( d a s 4 s i e e l e s r - s ) .; ! j i c h G e ( a e 1 i i r r n 6 o y s - ). ! r i ' i c - h F a » a T n ™ i i v n d e s). ch D a r i u n g s). ch C a i i g n a s r ). s s m p t t ( D o a o 1 e r 5 r r e n e t e 9 - - s t s ).h h o M o o u r u ( d a s 4 s e i e l e s r - s ). ch c G a ( e 1 i r r n o 6 y s - ).ch F a T a i n ( i e v 4 n d n e s ).! j I i c D ha ( r 6 i u n g s).chains) : - 1919. 1920. January 86.1 : 89.4 70.2 93.2 74.8 October 131.8 103.7 142.6 129.9 121.9 151.0 February 73.1 j 86.0 72.3 84.3 77.0 November... 136.6 125.5 140.0 125.7 112.6 133.9 March 82.6 I 95.7 90.8 97.1 93.7 December 183.3 97.9 137.8 214.6 146.2 180.5 April , 91.5 | 92.9 93.9 94.7 91.7 May 81.3 : 94.3 ! 96.4 94.8 102.1 1921. June , 74.5 • 90.3 86.3 93.4 92.2 January 103.7 69.1 124.6 86.1 115.3 119.9 July 76.3 76.1 101.2 87.9 100.9 98.2 February 88.4 64.8 118.4 92.9 108.6 116.5 August 76.1 82.1 98.6 94.6 101.6 99.9 March 116.9 95.1 128.7 121.1 120.8 131.8 September 96.8 102.1 100.2 92.5 98.3 96.2 April H2.5 77.5 121.7 111.9 119.2 ! 134.7 October 124.7 155.9 '•119.8 107.9 104.1 110.2 May 112.5 60.2 118.8 112.2 117.2 129.5 November j 122.2 148.2 111.5 112.1 ; 103.4 114.9 June 110.9 62.1 116.0 109.7 118.2 127.8 December | 181.6 146.4 120.2 195.1 ! 132.9 149.0 July i 79.2 49.3 115.1 108.0 118.9 128. f> August | 82.0 56.4 121.4 116.0 116.4 127.6 1920. September 94.5 72.7 ! 118.3 113.4 116.7 128.0 January 107.5 120.2 127.4 85.6 ! 113.6 106.8 October 130.4 88.6 : 135.2 141.9 121.7 138.0 February 85.9 122.2 128.1 82.6 I 106.1 106.1 November i 125.0 83.3 ! 133.5 134.1 112.5 124.8 March j 120.6 130.7 147.9 111.1 I 116.1 120.3 December j 182.4 80.3 j 144.5 241.6 141.6 172.7 April 117.4 107.5 153.8 110.6 I 109.2 .' 123.2 May | 124.7 90.4 152.4 112.9 I 115.1 | 135.6 1922. I June ' U9.8 87.3 149.8 108.9 i 116.1 129.6 January 93.9 65.4 135.8 94.6 114.2 111.0 July 90.9 80.7 159.3 112.0 122.5 I 137.3 I February | 81.8 59.8 127.6 100.8 111.9 109.3 August 88.1 80.2 143.3 111.1 ! 118.1 129.2 I March i 105.1 182.6 149.0 118.4 120.2 124.3 September ; 106.3 90.5 142.6 111.7 118.3 : 136.6 1 Partly estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

602 "FEDERAL RESERVE iHTLLETllSf. MAY, 1922. WHOLESALE TRADE. PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN MARCH, 1922, AS COMPARED WITH THE PRECEDING MONTH (FEBRUARY, 1922). Groceries. ! Dry goods. Hardware. | Furniture. ; Drugs. Au p t l o i e s s u . p- Stationery. p F l a e r m m e n im ts - . Auto tires. District. i c P e e n r t. b f N i e r u r m m o s - . f :c P e e n r t. b f N i e r u r m m o s. - f ] b f N i e r u r m ra s o - . f i : • c P e e n r t.' b f N i e r u r m m o s - f . fco p e nnt " l i | b i N n er n u o m s f . , - cceo p nn tt - b f e i N r r m u of s m . - c P e e n r t - . f b N i e u r r m m - o s 1 f . ': I c r Num- Pcr b f N i e r u r m m o s - f . c P e e n r tt . . ; b f N l e n r u n m s of - I No. 2 +28.4 41+ 9.2 31+58.1 11+67.3 8 9.5! 6. +10.1 No. 3 +12.4 47: + 19.S l5i+46.2 25... + 12.4; 15. No. 4 +21.2 23+13.5 13'+33.1 12... ...+14..IJ No. 5 +13.9 46+23.2J 16+34.0! 19+17.9 + 12. o! 13! !. No. 6 1+18.4 29 +29.2! 21 +16.6! 22:+48.0 +25. 3 11+23.0 3... 1.9 No. 7 j+27.0 35+ 8.4= 9 +60. 71 15+56.6 .1 + 25.6- 6+34.6 No. 9 !+31.7 59 - 2. 1: 6j+ 74.9| 14'- 9.1 No. 10 1+19.2 10+10.0 8+51.4! 81... ... +37.01 6+15.8! 6!- 5.0; 4 No. 11 <•- +12.3 121- 0.4' 12+1.2.6 13... ... +14.6 3+12.9; 8 * ! -38.11 4! j. No. 12 +21.1 32'+23. 5, 11334+.92J4.8 2.1!+38.0 15! + 18. 8 16 +22.9i 9J+22.5I 21 +11. I.! 29+87.4 24"+ 45.2 I 1 PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN MARCH, 1922, AS COMPARED WITH MARCH, 1921. I j i I Furniture, j Drugs. | Stationery, j Auto tires. I Groceries. J Dry goods. : Hardware, i District. c P e e n r t. b f N i e r u r m m o s - f . c P e e n r t. f b N i e r r u m m o s - . f 1 ,, C O P o 1 n e U - r - I I ! f b N i e r r m u m s o . f - 0 * 61 " 1 11 b f e ir r m o s f; Per f b N i e r u m r m s o - . f , j 1 Per ' b f N i e u r r m m- o s . f : c p* e " n t., x i b f > e ir r m o s f . c P e e n r t. b ' i f N i e r u r m r o r s i f . - , c jp cnt- f bb N i ee r u r m r m o s - o . ff ii(e - j b f e i N r r m um o s f - . i Xo. 2.. + 0.4 41 -14.3 3j- 2.0 -17. 4 1 + 10.8! 6. -12.9; No.3... -17.4 47J-17. 15! + 2.4 ICY. No. 4.. -12.6 23|-18.6 13—13.5 12... :- 0.3 14. No. 5.. -10.1 -18. o! 16 -23. 0 191-224.2 19i+43.6 13 No. 6.. -7.0 -17.0. 21;- 5.6! 22- 16.0 9!- 2.7 11 + 9.0. 3 ..:. .07; 3+41.4i No. 7.. -10.1 - 9.9i 9—10. Ij Lo!- 23. 4 8- 1 IO.5: i i... No. 9.. - 3.9 -22.4! 6 -20. 6! 14. 21.3 7.... ----'! ! No. 10. - 3.7 10- 0.1 8.-13.8 s! ... +14.81 6j-.Ll.4j 61-45.1 4" • No. 11. - 9.2 12—27. 2; 12!-18.6 13 ...—14.4 31-13.0; 8 1 : — 1.5 4 !....:. No. 12. -12. 9 32 - 2.1 13 - 3. 8 21 j 15-- 4.4! I6+I.I..9! 9 I | -16.4j I 2l| ! - 13.2;; 29-17.1 24- 6.2j 15 I I i i SAVINGS DEPOSITS. increased in all reporting districts except No. 7 (Chicago). The comparative volume of Savings deposits on April 1, 1922, arc savings shown for the various districts is not shown in the following table for groups of in itself significant, as the ratio of reported representative savings institutions in 11 Fedsavings to total savings varies between diseral reserve districts. The figures for districts tricts, but care has been taken to obtain No. 1 and No. 2 are those of large mutual reports of representative groups of banks savings banks, but in all other districts reports from each Federal reserve district. of other banks are included in order to make the figures thoroughly representative. In all districts where reporting commercial banks I Nuinsubdivide their time deposits, statistics of District. | ber of ; Apr. 1, 1922. : Mar. 1, 1922. j Apr. 1, 1921. ! banks. savings deposits subject to notice (excluding time certificates of deposit) are used. This is No. 61 SI, 085,788,000 j SI, 081,935.000 81,065,907,000 in accordance with the definition given in the No. 30 1.704,841,000 1,698,535; 000 L, 639,233, 000 No. 80 ' -126,837,000 ! -126,470,000 418,389,000 board's Regulation D, series of 1920. No. 93 259,576,000 -, 255,03 i, 000 2 i L, 773, 000 It is significant that the volume of savings N N o o . . 19 8 0 0; 7 1 3 53 7 , , 0 6 7 02 4 ' , , 0 0 0 0 00 i 7 1 3 4 7 8 , ,2 98 8 9 7 , ,0 0 0 0 0 0 7 1 5 5 7 » , - 1 ,3 9 0 5 » , , 0 0 0 0 0 0 deposits in nine Federal reserve districts in- No. 35 111,675,000 ; 110,701,000 .103,618,000 creased during the year ending April 1, while N N o o . . 6 1. 2 4 : 7 7 2 8 , , 0 4 1 1 ) 2 9 ) , 0 0 0 0 0 0 . ! 7 75 1 . , 2 3 3 3 0 4 ', . 0 0 0 0 0 0 7 7 1 1 , , 0 3 9 2 4 5 , '0 00 0 0 0 district No. 7 (Chicago) and district No. 0 N N o o . . 10 7 9 4 73 6 1 0 , , 1 9 3 9 1 1 , , 0 0 0 0 0 0 ! 72 6 8 0 , ', 5 23 2 3 4 , ,0 0 0 0 0 0 70 0 8 ^ , 73 12 7 1 ; ', 0 0 0 0 0 0 (Atlanta) were the only ones to show a de- Total..- 831 I 5,421,996,000 ' 5,394,275,000 j 5,288,699,000 crease. During the month of March savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 603 DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS. Following is a set of tables showing the volume of bills discounted and of acceptances and Government securities purchased by the Federal reserve banks during March, 1922: VOLUME OP OPERATIONS DURING MARCH, 1922. United States securities ! . • purchased. : Total. Bills dis- Federal reserve bank. co m u e n m te b d e f r or : i Bil i l n s o b p o e u n g ht • _ • i : ; M w u a n rr i a ci n p t a s l banks. market. j Bonds and ; Certiijcates | purchased. March, 1922. . March, 1921. notes. I debtedness. Boston $283,800,371 $12,877,758 82,722,000 So, 500 : $304,763, 8772,882,327 New York 482,865,862 j 85,230,112 89,153,200 416, 000 1 1,074,055, -1,631,295,825 Philadelphia 233,033,922 i 11,254,807 ' 76,000 16, 500 263,529. 435,205,401 Cleveland 104,703,036 j 3,877,755 3,260,000 47, 000 159,516] 361,566,195 Richmond 166,653,725 j 1,025,811 167,679, 307,639,194 Atlanta 52,980,704 I 2, 873,163 15,000 30,000 i 55,898. 164,074,302 Chicago 147,019,423 ' 14,128,308 17,924,100 912,500 i 204, Oil] 556,911,242 St. Louis 41,018,799 1,173,800 3,930,700 330,000 ! 50,453. 157,861,947 Minneapolis 14,580,075 ;. 6, 787,150 523,000 25,890, 60,550,680 Kansas City 29,199,098 ' 38,000 : 12,538,700 782,000 ! 45,557] 112,114,132 Dallas 21,650,050 i 15,000 : 186,000 250,ooo : 28,101, 73,572,590 San Francisco 175,591,535 : 8,877,130 i 20,104,000 226,500 236, 799] 327,336,599 Total: March, 1922 1,753,096,620 ! 144,351,644 ;156,696,850 ; 562,114,000 : 2,616,259,114 = March, 1921 7,368,268,054 j 1-19,255)323 ' 4-19) 487,'057 ' ."!. 7,967,010,43 J 3 months ending Mar. 31, 1922 ." 6,178,834,855 387,282,638 j389,106,600 838,274,500 ! $111,029 j 7,793,609,622 \ 3 months ending Mar. 31, 1921 23,747,279,788 440,578,947 11,800 742, 15$, 557 ! \ j 24,930,329,092 VOLUME OF BILLS DISCOUNTED DURING MARCH, 1922, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOMMODATED. Member banks' collateral. Customers' notes. ! Bankers' acceptances. Federal reserve bank. ! | j i se G c p m o u a v r e e p e n d e r t n r b - y G S o e v cu e r r e n d m b e y nt Co n m p . a m e p . e e r s r c . ial A p t g a u r p r ic e a u l r. l- j Li p v a e p -s e t r o , ck j j Foreign. ' Domestic. Dollar I obligations. obligations. exchange. Boston $3,610,119 | $51,919,800 $227,82.1,278 $297,143 j $17,147 New York 1,979,338 i 335,308,331 143,993, 500 894,207 j 14,628 Philadelphia 2,287,255 174,385,517 55,985,782 332,952 Cleveland 772,306 68, 203, 525 S195, 500 33,705,o82 266,372 ; 125,431 Richmond 713,129 138, 214,318 1,012,000 21,802,848 4, 277;707 ' 1,000 Atlanta 401,088 23,413,550 369,147 23,349,602 4,594,859 342,110 Chicago .1,034,274 73,965,929 529, 211 58,857,536 12,438,608 1,000 St. Louis 558,594 25,166,379 25,000 ! 11,444,546 3.336,798 130,619 $124,220 Minneapolis 23,380 ! 7,658] 708 1,837,000 i 2,053,404 2,179,725 799,727 Kansas City 265,794 ! 15,795,222 150,000 i 7,220,589 1,693,670 4,068,873 Dallas 21,345 ! 9, 560,901 1,917,401 " 4,303,897 3,080,920 ; 2,753,497 San Francisco 482,153 | 96,659,598 23,896,608 , 50,439,01.3 2,322,206 ;1,345,005 T Total: March, 1922 12,148,775 ! 1,020,251,778 29,931,867 640,977,527 35,715, 167 9,599,037 I : 124,220 I February, 1922 17,081,217 1,267,616,523 26,411,796 730, 839,912 27, 567, 790 6,909,724 ,. , 92,41.0 j March, 1921 120,450,762 ! 3,429,409,78229,770,819 , 3,683,583,18655,415,411 26,257,964 ^ 11,512,349 February, 1921 128,863,393 . 3,727,368,68122,721, 562 ; 4,164,415,48941,888,361 16,169,502: 6,158,914 I Total reduced to a com- Trade acceptances. mon maturity basis.1 Member banks. Total, all Federal reserve bank. classes. Number ! Accommodated. Foreign Domestic. I Amount. P of e r t o c t e a n l t , j dis i t n r ict \ ;"T ' <. ~ 1 Mar. 31. Number, j Per cent. Boston $134,884 $283,800,371 $117,153,989 6.7 434 i 227 52.3 Now York 675,85S 482,865,862 243,516,704 13.9 799; 350 43.8 Philadelphia... 42,416 233,033,922 153,251,148 8.7 709 ' 382 53.9 Cleveland 1,434,340 104,703,056 141,588,867 8.1 883 i 343 38.8 Ilichmond 632,723 166,653,725 163,030,526 9.3 630 : 398 63.2 Atlanta 510,348 52,980,704 129,779,774 7.4 524; 340 64.9 Chicago 192,865 147,019,423 380,186,870 21.7 1,440 791 54.9 St. Louis 232,643 41,018,799 77 507,926 4.4 594 : 287 48.3 Minneapolis 28,131 14,580,075 43,886,032 2.5 1,020 380 37.0 Kansas City... 5,000 29,199,098 80,796,035 4.6 1,129 441 39.1 Dallas 12,089 21,650,050 68,421,402 3.9 860 , 430 50.0 San Francisco. 446,952 175,591,535 153,977,347 8.8 845 332 39.3 Total: March, 1922 4,348. 249 1,753,096,620 9 873 ! 4,701 i 47.6 Fcbruarj'-, 1922. 3,853]961 2,080,373,333 9,858 . 4,847 j 49.1 March, 1921 11,867,78 L 7,368,268,054 9,715 : 5,332 ! 54.9 February,1921. 13,262,727 8,120,848,629 9,681 5,107 i 52.8 1 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (15.39) for system. 102784—22 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

604 FEDERAL RESERVE BULLETIN. MAY, 1922. VOLUME OF BILLS DISCOUNTED DURING MARCH, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Average Federal reserve bank. 4-J per cent. 5 per cent. Total. (36 ra 5- te day m A a v t e u r r a i g t e y. basis). Per cent. Bays. Boston , §283,800,371 §283,800,371 4.50 6.35 New York. 482,805,802 482,865,862 4.50 7.76 Philadelphia.., 233,033,922 233,033; 922 4.50 10.12 Cleveland 104,703,050 104,703,056 4.50 20.82 Richmond §166,653,725 166,653,725 5.00 15.06 Atlanta 32,592,409 20,388,295 52,980,704 4.09 37.70 Chicago , 59,072,043 87,347,380 147,019,423 4.78 39.80 St. Louis , 41,018,799 41,018,799 5.00 29.08 Minneapolis 14,580,075 14,580,075 5.00 46.33 Kansas City.... 29,199,098 29,199,098 5.00 42.59 Dallas , 21,650,050 21,650,050 5.00 48.64 San Francisco.. 175,591,535 175,591,535 4.50 13.50 Total: March, 1922.... 1,372,259,198 380,837,422 1,753,096,620 4.70 15.39 February, 1922. 1,51G, 279,033 504,094,300 2,080,373,333 4.77 11.94 VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING MARCH, 1922, BY CLASSES. Total reduced to a Bankers' acceptances. Trade acceptances. 1 common maturity Totalbills1 Federal reserve bank. purchased, j Foreign. Domestic. Dollar Total. Foreign. Domestic, Total. j Amon*. j^ffi exchange. Boston §8,468,707 84,004,051 8405,000 $12,877,758 §12,877,758 §6,952,504 4.82 New York , 00,457,991 17,543,681 6,791,500 84,793,172 §416,940 §416,940 85,210,112 63,685,381 44.12 Philadelphia 10,241,896 3,534,911 478,000 14,254,807 14,254,807 23,046,139 15.97 Cleveland 2,595,347 1,147,408 135,000 3,877,755 3,877,755 4,449,274 3.08 Richmond 646,500 379,311 1,025,811 1,025,811 2,068,281 1.43 Atlanta... 1,887,783 985,380 2,873,163 2,873,163 3,999,35 L 2.77 Chicago 7,907,159 5,956,149 205,000 14,128,308 14,128,308 28.126,925 19.48 St.Louis 908,574, 215,226 50,000 1,173,800 1,173,800 3,089,874 2.14 Minneapolis Kansas City 38,000 38,000 "I" 38,000 54,155 104 Dallas , 15,000 15,000 15,000 38,013 .03 San Francisco , >, 520,373 2,251,757 105,000 8,877,130 8,877,130 . 8,841,747 6.12 Total: March, 1922... 99,034,330 36,070,874 8,229,500 143,934,704 416,940 416,940 ! 144,351,044 144,351,044 j 100.00 February, 1922, 96,694,506 36,840,851 5,243,963 138,785,320 235,178 235,178 | 139,020,498: March, 1921... 100,587,340 31,372,941 16,738,187 148,698,468 556,855 556,855 I 149,255,323 i February, 1921 116,049,385 30,602,672 14,650,397 167,362,454 2,078,542 §15,000 2,093,542 ! 109,455,990 1 Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (33.91) for system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN. 605 MAY., 1922. VOLUME OF ACCEPTANCES PURCHASED DURING MARCH, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RAiES AND MATURITIES. Federal reserve bank. £ per cent. -3-£e per cent.I 3f per cent. • 3.? per ceni. 3g per cent. 3|-jj- per cent. 4 per cent. | 4-J per cent. I Boston $1,JL42,199 $1,745,929 , $2,266,993 ; $136,575 i | $2,859,432 • 5-1,368.591 New York 40,017,218 3,170,437 i 7,976,840 I 858,434 ! I 22,923,330 •• 494,312 Philadelphia : 3,538,508 5,107,384 ' 117,262 : 841,380 i j 4,166,830 : 483,353 Cleveland | 1,013,152 316,067! 210,477 j i 1,586,844 437,520 Richmond Atlanta 875,009 j. Chicago .j 1,483,931 , $275,000 1,514,416 1,521,577 31,881 : $150,000 | 4,749,057 '•4,350,693 St. Louis 51,672 48,286 I. 475,000 ! 35,000 398,729 Minneapolis Kansas Citv •!• Dallas ". San Francisco 1,142,104 i 550,136 • 265,220 i 664,175 ! ; 3,140,414 : 2.142,384 Total: March, 1922 48,337,202 i 326,672 ; 12,404,369 , 13,281,66-1 . 2.532,445 : 625,000 j 39,460,90-7 • 12,675,582 February, 1922.. I ! ' ' '226,008 ! 250,000 :• 55,263,7.13 25,910,399 I ! ! Average Federal reserve bank. 4J per cent. 4£ per cent. • 4h per cent. 4g per cent.42 percent. 5 per cent. Total. d r a a y te b ( a 3 s 6 i 5 s) - . m A a v t e u r r a i g ty e . 1 Per cent. Day?.. Boston 8124 630 ; 8233,400 S12,877,758 3 99 18 30 New York ' . . .. 183,874 ! 9.548.217 S37,450 85,210,112 3. 86 25. U Philadelphia 14,254,807 3. 82 fii. 82 Cleveland 305,695 : S8.000 i 3,877,755 3.84 38.00 Richmond 380,000 $645,811 1,025,811 4.95 68.36 Atlanta 79,214 705,550 1,213,390 2,873,163 4.57 47.19 Chicago 51 753 U,128,308 3 06 67 50 St. Louis 165,113 1,173,800 4.08 89.25 Minneapolis 38,000 38,000 5.07 48.32 DKaalnlsaass Citv . . 15,000 15,000 5 07 85.92 San Francisco 687,618 §188,910 . 96,139 8,877,130 3. 95 33.77 Total* March 1922 1,597,927 188,010 10.583.315 8.000 417,450 1,912,201 14-1,351,644 3.92 33.91 February, 1922 1,974,862 1,034,648 51.515.734 127,921 2,680,401 1139,020,498 4.21 31.99 1 Includes $36,812 of acceptances purchased at A-Js per cent. E.—All Federal reserve banks use 360 days to the year in calculating interest on bills bought m open market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

606 FEDERAL RESERVE BULLETIN. MAY, 1922. HOLDINGS OF EARNING ASSETS, BY CLASSES. Following is a set of tables giving a detailed analysis of the different classes of earning assets held by the Federal reserve banks at the end of March, 1922. AVERAGE DAILY HOLDINGS OP EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARN- INGS DURING MARCH, 1922. Average daily holdings of— Earnings on- Annual rate of earnings on— Federal reserve bank. A of l a l s e c s a e l r a t n s s i s . n e g s co b D u il n i l s t s - e . d , I ; c b h P i a u l s l r s e - . d sec U u . r i S ti . es. A of l a l s e c s a l e r a t n s s i s . n e g s co b D u il n i l s t s - e . d c b h P i a u l s l r s e - . d r U s i e t . i c e S u s . - . ea A rn 11 ing1 || I c D ou is n - t- c b P h i a u l s l r s e - . d r U s i e t . i c e u S s - . . assetts, Per ct. '' Per ct. ' Per ct. •. Per ct. Boston §90,284,485 $40,908.242 $11,630,4821537,745,761 $317,635 $156,691 $40,268 S120,676 4. U; 4.51 4. OS; 3.76 New York 279,983,528 77,471,127: 32,224,128 170,288,273 949,562: 295,353 107,831! 546,378 3.99; 4.50 3.94 3.78 Philadelphia 104,655,116 65,059,708: 16,215,727 277,681 378,594; 248,458 55,611' 74,032 4.251 4. so; 4.03 3.74 Cleveland 105,138,514 58,004.394 3,218,804 915,316 382,864! 227,026 11,088! 144,750 4. 29 4.60| 4.05 3.88 Richmond 80,016,316 72,907;510 2,315,406 793,400 328,008 309,763 9,942| 8,303 4. 83. 5.00' 5.06 2. 04 Atlanta 56,936,685 47,805.601 1,751,444 379,640 221,158 201,194! 7,2071 12,757 4. 57. 4.96: 4.85! 2.04 Chicago 177,170,980 85,978,547 16,128,464 063,969 673,806 367,988i 55,803 250,015 4. 48: 5.04! 4.07: 3.92 St. Louis 49,228,494 30,454.241. 1.286,018 488,235 185,916 129,485! 4,427 52,004 4.4.5! 5. OOJ -i. 05 3. 50 M Ka in n n s e as a p C ol i i t s y 3 7 9 0 , , 6 6 6 0 7 0 , , 5 3 0 3 0 3 3 3 5 0 , , 1 7 2 5 9 9 : :5 13 0 2 0... "32," 306 9 4 0 3 8 8 , , 0 8 0 9 0 5 2 1 5 6 9 8 , , 9 7 9 0 0 7 ' 1 1 4 5 5 2 , , 1 1 2 3 8 3 ! 142 1 2 0 3 7 , , 5 7 7 1 9 5 4 5 . . 01 3 ! 4; 5 5. . 1 5 0 6 , !. T17 3 3. . 1 5 2 8 Dallas 41,082,625 36,022:,873 • 15,000 044,752 171,363i 160,822 66 10,475 4.91. 5. 26 5.18 2.44 San Francisco 96,248,748 59,80i:126 8.149,190 298,432 356,972 232,241 28,444 96,287; 4.37 4. 57 4.11! 4.01 Total: Mar., 1922. 1,191,013,324 640,302,001 i 92,966,969 4:i57,642,354 4,394,575! 2,626,282! 320,829'1,446,971 4.34 4.83 4.06 3.72 Feb., 1922. 1,215,050,176 772,415,829 87,400,347355,038,179 4,165,669 2,903,8311 284,686 976,285 4.47i 4.90 4.25 3.58 Mar., 1921. ;2,735,784, 1112,, 301,628,559 138,397,250 295,758,302 13,697,62612,428,782 706,155 562,689 5.90! 6.36' 6.0l| 2.24 Feb., 1921.2,869,233,489 2,;408,791,923173,082,"3 86 287,359,:~" 13,022,158 1li1:,762,106 795,795; 464,257 5.92J 6.37 5.99J 2.11 NOTE.—The figures for Philadelphia in the Arst, fifth, and ninth columns include average daily holdings of municipal warrants, earnings, and annual rates of earnings thereon as follows: S102,000, $493, and 5.68 per cent. HOLDINGS OF DISCOUNTED BILLS* BY CLASSES. [End of March figures. In thousands of dollars.] I Custo- c M ol e l m at b e e ra r l b n a o n te k s s . Bankers' acceptances. acce T p r t a a d n e ces. mer's paper Commor- Agri- live- I Federal reserve bank. Total. b se y c u G r o e v d - Secured cial paper, cultural stock ! e o r b n l m ig e a n - t b e o y m b l m G ig e o a n v - t - s O e w c t u i h s r e e e r , d - . n.e.s. | paper. I paper. c D h o o a x l n - l g ar e. Foreign, m D es o t - ic. tions. tions. Boston 46,920 ; 2,098 14,883 29,235 521 15 ! 168 New York 94,755 , 1,281 •63,066 28,897 | 880 631 Philadelphia... 64,793 2,483 43,409 18,194 | 605 102 Cleveland 52,894 1,433 20,674 64 28,059 ! 737 425 i 1,502 Richmond . 75,476 1,225 30,767 372 32,819 i 9,092 31 I 1,170 Atlanta 47,857 , 1,001 10,045 120 25,062 : 9,922 975 j 732 Chicago 118,483 1,202 32,196 165 51,831 i 32,745 344 St. Louis 27,805 427 7,588 11,662 I 7,252 416 177 283 Minneapolis 27,716 . 62 2,574 881 2,515 ; 15,798 5,669 217 Kansas City 33,996 'I 459 6,391 8,155 j 6,188 12,797 6 Dallas '..... 34,949 ; 77 2,925 4,923 15,033 10,308 •-•I :- 682 San Francisco.. 54,823 : 807 13,708 10,587 17,496 6,044 5,830 351 Total: Mar. 31,1922. 680,467 12,555 !248,226 I 13,190 258,848 104,817 36,466 177 1 6,188 Feb. 28,1922. 712,577 18,459 266,155 14,074 256,335 111,822 39,147 234 ] 6,351 Mar. 31,1921. 2,233,104 '204,707 766,392 15,789 994,964 140,987 81,693 8,787 ! 4,183 82 I 256 15,264 Feb. 28,1921. 2,389,510 224,607 • 773,361 13,031 1,127,795 136,679 83,654 10,335 I 3,086 540 16,422 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY., 1922. FEDERAL RESERVE BULLETIN. 607 HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of March figures. In thousands of dollars]. All classes. Bankers' acceptances. Trade acceptances. Federal reserve bank. ch P a u s r e - d I i c D ou i n s t - ed Dollar Total. in open for Total. Foreign. j D omestic. ex- Total. ; Foreign.! market. : member | change. banks, i Boston 11,547 11,379 i 168 11,379 8,358 2,527 494 168 168 New York 45,390 44,759 I 631 44,616 33,116 7,773 3,727 774 143 631 Philadelphia.. 20,951 20,849 | 102 20,849 15,490 4,699 660 102 102 Cleveland 4,643 . 3,141 I 1,502 3,141 : 2,279 727 135 1,502 1,502 Richmond 3,173 i 2,003 : 1,170 2,003 730 1,273 1,170 1,170 Atlanta 2,570 i 1,838 732 1,838 1,461 377 732 732 Chicago 13,450 ! 13,106 344 13,106 9,574 3,212 320 344 344 St. Louis 1,621 1,161 460 . 1,338 819 469 50 283 283 Minneapolis... 217 217 :'. 217 217 Kansas City... 35 29 29 !. 29! 6 Dallas ".... 697 15 682 j 15!. 15 682 San Francisco. 7,341 6,990 351 | 6,973 ! 5,188 1,740 45 368 17 351 Total: Mar. 31,1922 111,635 105,287 j 77,015 22,841 5,431 6,348 160 6,188 Feb. 28,1922 100,043 93,590 67,136 22,612 3,842 6,453 99 6,354 Mar. 31, 1921 147,913 132,106 93,782 28,224 10,100 15,807 543 15,264 Purchased in open market: Mar. 31, 1922 105,270 105,110 77,015 22,664 5,431 , 160 160 Feb. 28,1922 93,458 ! 93,356 : 67,136 22,378 3,842 ! 102 99 Mar. 31, 1921 119,341 i 119,054 1 84,995 24,041 10,018 ! 287 I 287 Discounted for member banks: Mar. 31, 1922 6,365 177 177 6,188 6,188 Feb. 28,1922 6, $85 234!. 234 6,351 i 6,351 Mar. 31, 1921 28,572 | 13,052' 8,787 4,183 82 : 15,520 ! 256 15,264 HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS. [End of March figures. In thousands of dollars.] ! I Member banks. Nonrnem- 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 . an f c o d i r e e a s i g g o e n n f - ! National. tional. rations. banks. Boston 11,379 6,819 3,271 1,108 181 New York 44,61.6 13,446 15,061 0,752 I 6,091 3,266 Philadelphia... 20, 849 7,771 0,147 2,698 I 2,309 1,924 Cleveland 3, .141 595 1,065 590 ! 226 665 Richmond 2,003 2,003 Atlanta 1,838 486 Chicago 13,106 7,342 St. Louis J, 338 471 Minneapolis Kansas City.... 29 Dallas 15 15 San Francisco.. G,973 3,171 637 874 Total: Mar. 31, 1.922. 105,287 '. 42 148 33,931 1.2,671 : 9,781 j 6,756 Feb. 28. 1922. 98,590 .1 4:i932 28.217 ' 8,470 ! 7,37! j 7,600 Purchased in M op a e r. n 3 m i,' a 1 r .9 k 2 e 1 t . : 132,106 r 46,304 28,745 : 23,736 16,015 j 17,306 Mar.3L,, 1922. 105,110 i' 42 094 33,808 ' 12,671 i 9,781. | • 6, 756 Feb. 28. 1922 98,356 "" 41 i826 28,089 ! 8,470 7,371 7,600 Mar. 31', 1921 1.19,054 "i 40 404 25,464 •' 20,653 | 15,878 16,655 Discounted for member banks: Mar. 31, 1922 177 .: 54 123 " i Feb. 28. 1922 234 j lOfi 128 . 1" Mar. 31.; 1921 13,052 • 5900 3,281 ! 3,083 | 137 : 651 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

608 FEDERAL RESERVE BULLETIN. MAY., 1922. BANKING CONDITIONS DURING MARCH AND APRIL. Member bank developments for the five exchange transactions and the general briskweeks ending April 19 include a reduction of ness of the security market, which is also $63,000,000 in loans and discounts and an indicated by the advance from $2,067,000,000 increase of $130,000,000 in investments. A to $2,139,000,000 in corporate securities owned reduction is shown for loans secured by Gov- by the banks. All classes of Government WEEKLY Cl•IANGES IN PRINCIPAL ASSET!5 AND LIABILITIES F FEDERAL RESERVE BANKS REPORTING MEMBER BANKS 1 RESERVE RATIO 6 U. S. SECURITIES 1 LOANS SECURED BY U.S. OBLIGATIONS 6 OTHER LOANS (Largely Commercial) 2 TOTAL DEPOSITS DISCOUNTS SECURED BY 2 U.S. GOVERNMENT OBLIGATIONS 7 NET DEMAND DEPOSITS 3 CASH RESERVES U.S.GOVERNMENT OBLIGATIONS 3 ACCOMMODATION AT F. R. BANKS 8 TOTAL LOANS A- 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 OF or OF OF DOLLARS DOLLARS DOLLARS DOLLARS 3000 9 3000 17 9 17 % V 16 16 2500 V n A. \ V 2500 15 \ \ V 15 -V \ \.J >\ *\ 2000 \ \ t\ \ \ 2000 14 14 \ \ V 1500 * K 13 8 13 ^ \ 1500 7 \^•Ay* \"A. 12, \ "\ 12 1 5 0 0 0 0 0 ***\ \ V \ "^ v 1000 11 \ - 7 \, •\ V V ^\ , A./ 11 6_«*« i 500 10 \ A 10 V O 5••* ... 9 6 9 MIL O LI F ONS RES O ERVE \ DOLLARS t RATIO 8 8 \ "s. 3000 - > X .• C P E E N R T 7 7 100 2500 3 \ \ 90 6 6 1 pc 80 5 5 2_ 2000 A/ > 70 ?*• 4 4 ,*' 60 1500 1 50 3 5 f~ *s 3 40 1000 30 2 4 2 z•v J 500 20 1 m •«-• \ >%, «•• 1 10 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 J. F. M. A. M. J. J. A. S. 0. N. D. 1921 1922 1921 1922 ernment obligations and for commercial loans, securities, except Treasury certificates, show while loans secured by stocks and bonds show advances for the period: United States bonds an increase from §3,135,000,000 on March 15 by §59,000,000, Victory notes by $9,000,000, to $3,216,000,000 on April 19. This increase and Treasury notes by $25,000,000. Member in loans supported by corporate securities bank holdings of Treasury certificates, on the reflects the increase in the volume of stock- other hand, declined from $214,000,000 on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. EEDEKAL RESERVE BULLETIN". 609 March 15, when large new issues were floated, MOVEMENT OP PRINCIPAL ASSETS AND LIABILITIES OF to $108,000,000 on April 12, four weeks later. REPORTING MEMBER BANKS—Continued. For the last week an increase of $71,000,000, [In millions of dollars.] in connection with the issue of $150,000,000 of tax certificates, is noted. As a result of Mar. Mar. Mar. Apr. Apr. Apr. these developments, total loans and invest- 15. 22. 29. 5. 12. 19. ments of member banks show an increase of $67,000,000 for the five weeks. U. S. certificates of indebtedness 214 172 131 109 108 179 Accommodation of the member banks at the Other bonds, stocks, and Federal reserve banks advanced from $226,000- securities 2,067 2,080 2,092 2,103 2,104 2,139 000 on March 15 to $268,000,000 on March 29, Total investments... 3,728 3,712 3,702 3,702 3,722 3,858 but declined to $209,000,000 on April 19. Total loans and dis- The ratio of accommodation to total loans and n e m o /u e u j n n J t « t s o s 1 c a j/ n ii d u i i n n v > e c s o t i - r j14,637 |l4,605 . I 14,544 !l4,576 |l4,579 14,704 investments shows a slight reduction from ===== 1.5 per cent to 1.4 per cent for the five-week Reserve with F. R. banks. 1,423 I 1,257 ! 1,293 1,314 I 1,312 1,344 Cash in vault j 266 : 271 , 276 ! 27!3 284 280 per G io o d v . ernment deposits, which stood at $241,- N T G i e o m t v e d e r e d n m e m p a o e n s n d i t t s d d e ep p o o s s i i t t s s ...... i 1 0 3 , , 5 1 2 9 1 4 8 4 1 1 , j 1 3 0 , , 1 3 3 3 2 3 8 2 = I 4 1 3 0 , , 1 3 1 3 0 9 1 9 9 1 ° 0 3 , , 4 11 1 O 5 2 5 1 6 1 8 i : 1 0 3 , , 5 1 1 6 3 5 8 43 1 3 0 , , 1 6 7 2 3 9 243 000,000 on March 15, show a constant decline Bills payable and redis- j I to $143,000,000 on April 12, but as a conse- counts with F. .R. banks,! I total ! 226. 251 267 223 210 quence of the issue of Treasury certificates on Secured by U. S. Gov- j | April 15, rose to $243,000,000 on the most ernment obligations. 90 : 89 : 102 106 82 ! recent report date. Other demand deposits Allother j 136 , 162 j 166 161 141 i 130 Ratio of accommodation • j j (net), after declining from $10,598,000,000 on at F. R. banks to total i • March 15 to $10,309,000,000 on March 29, rose loans and investments..' 1.5 1 1.7 1.8 1.8 1.5 1.4 decidedly during the last three weeks and stood on April 19 at $10,629,000,000. The total Changes in condition of Federal reserve increase for the period was thus $31,000,000, banks for the five weeks ending April 26 inwhich compares with an increase of $60,000,000 clude a further reduction of $115,800,000 in in demand deposits at the member banks in discounted bills and of §4,500,000 in ac- New York City alone. Time deposits show a ceptances, accompanied by an increase of gain of $59,000,000 for the five weeks. Mem- $124,000,000 in holdings "of United States ber banks' reserve balances with the Federal securities. Gold reserves show a gain of reserve banks show a decline of" $79,000,000 for $18,500,000 and total reserves a gain of the period, while cash on hand increased by $20,200,000, while Federal reserve note cir- §14,000,000. culation, after increasing by $16,900,000 dur- In the following table are shown the principal ing the first three weeks, declined by changes in the condition of reporting member $42,700,000 during the last two weeks and banks during the five weeks ending April 19. stood on April 26 at $2,157,600,000, the lowest Corresponding changes since the beginning of record since the end of August, 1918. The 1921 are traced on the chart on page 608. increase in reserves and the decline in note circulation were counterbalanced by an ad- MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF vance of $58,600,000 in deposits, and the REPORTING MEMBER BANKS. reserve ratio shows a slight decline from 78.4 to 78.3 per cent for the period. [In millions of dollars.] Considerable gains, aggregating $88,200,000, Mar. Mar. Mar. Apr. Apr. Apr. in gold reserves, are shown for the Federal 15. 22. 29. 5. 12. 19. reserve banks in the East and Southeast, namely, Boston, New York, Philadelphia, Number of reporting banks 805 805 804 802 802 80.1 Richmond, and Atlanta, while the other banks Loans and discounts: show an aggregate reduction in gold reserves Secured by U. S. Government obligations1 410 394 374 368 359 of $69,700,000, the most pronounced declines Secured by stocks and being that of $24,500,000. shown for the bonds (other than U. S. Government Chicago reserve bank, and that of $23,200,000, AH ob o li t g h a e t r i o i ns) 3 7, , 3 1 6 3 4 5 3 7 , , 1 3 3 6 1 4 3 7 , , 1 3 0 4 8 0 3 7 , , 1 3 5 4 5 5 3 7 , , 1 3 2 6 1 8 7 3 , , 2 2 7 1 . 6 1. shown for the San Francisco bank. Reductions in discounts are reported by all Total loans and discounts1 10,909 10,893 10,842 .1.0,874 10,857 10,846 the banks, and substantial additions to hold- U S. bonds 1,009 1,018 1,029 1,031 1,047 1,068 ings of Government securities by all the banks, U. S. Victory notes 74 63 63 69 74 83 with the exception of Richmond, Atlanta, and U. S. Treasury notes 364 379 387 390 389 389 Dallas. All the districts report smaller figures i Including bills rediscounts with Federal reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

610 FEDERAL RESERVE BULLETIN. MAY,, 1922. of Federal reserve note circulation, with the MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF THE exception of Philadelphia and Cleveland, where 12 FEDERAL RESERVE BANKS COMBINED. the revival in the steel industry has resulted fin millions of dollars.] in an increased demand for currency, and of Mar. Mar. Apr. Apr. Boston, where a nominal increase is shown. 22. 29. 12. 19. The declines in Federal reserve note circulation were most pronounced in New York, Reserves: where the reduction was $10,400,000; in San Total 3,104.6 3,103.4 3,109.6 3,112.0 3,119. 7 3,124. 8 Gold. 2,976.72,975.42,9S3.22,985.7 2,990.9 2,995.2 Francisco, where it was $7,100,000; and in Bills discounted: St. Louis, where it was $6,200,000. Total 615.9 636.0 624.9i 573.5 552.8 500.1 Aggregate net liabilities of Federal reserve • Secured byJU. S. Government banks on Federal reserve bank notes in circu- obligations 227.1 242.8 240. 2i 210.6 201.3 179. 0 lation have varied but slightly during the pe- Bills bou A g ll h o t t h i e n r open 388. 8 393.2 384. 71 362.9 351.5 321.1 riod and stood on April 26 at $79,500,000, com- market 87.0| 102. 7 87.3 82.5 Certificates of indebted- 98.4: 93.6 pared with $78,900,000 five weeks earlier. ness 234.21 240. 5 251. 4 278.1 316.9 U. S. bonds and notes 209.0; 200. 3 223257.. 17 i: 261.6 254.1 250. 2 Government deposits show a decline from Total earning assets. ,146:21],179.6!.1,186.11,180. 2.1,172.3 , 149. 9 $66,400,000 on March 22 to $35,500,000 on Government deposits 66. 4.i | H5."5r 38.6 37. . " 45. 2 April 5, followed by an increase to $45,200,000 Members' reserve deposits. 1 667.81,308.8,1,729.6 1,726. Oil,,760.9,1.748. 8 Total deposits I.774.611,805. t!i, 804.4!1.803.01,,852.911'833. 2 on April 26. Members' reserve deposits, in F. R. notes in circulation.. |2, 183.4 2,181. 8j2,198.1,2;200.3:2,181. lj2;157.6 harmony with the increase in deposit liabilities F. R. bank notes in circu- i i lation—net liability j 78.9' 80. 4! 81.1 82. 1: 80.3 79. 5 of the member banks, show a growth from I. escrve percent ajie 78. 4" 77. 8j 77. 7. 77.7: 77.3! 78.3 $1,667,800,000 in March 22 to $1,748,800,000 on April 26. In the following table are shown comparative The table below shows weekly changes in figures of daily average cash reserves; deposits, principal assets and liabilities of Federal re- Federal reserve note circulation, and reserve serve banks for the five weeks under review. percentage for the months of March and Corresponding changes since the beginning of April, 1922, as compared with data for the 1921 are presented in the chart on page 608. same months in 1919, 1920, and 1921: CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR APRIL AND MARCH, 1922. [Daily averages. Amounts in thousands of dollars.! Total cash reserves. Total deposits. Fed i e n r a c l i r r c e u se la rv ti e o n n . otes Reserve percentages. Federal reserve bank. April. March. April. March. April. March. April. March. Boston ! 208,826 , 198,100 118,075 ! 114,701 155,397 154,298 76.4 73.6 New York : 1,153,923 1,117,351 718,358 i f>91,216 627,318 629,561 85.8 84.6 Philadelphia : 230,898 , 223,865 106,601 ''• 105,096 : 193,442 188,440 77.0 76.3 Cleveland '' 260,721 262,346 138,593 Io8,689 i 201,564 196,811 76.7 78.2 Richmond 88,294 81,201 56,488 I 56,482 ! 91,962 93,452 59.5 54. 2 Atlanta ,...: 125,005 ; 118,458 50,494 i 49,974 111,016 110,988 77.4 73. 6 Chicago ; 468,591 " 483,429 250,362 255,542 373,975 371,034 75.1 77.2 St Louis 110,526 . 117,529 70,294 70,373 77,416 82,280 74.'8- 77.0 Minneapolis 71,161 . 72,058 45,840 i 45,990 51,862 52,295 72.8 73. 3 Kansas City ! 80,684 i 8*, 581 76,441 i 77,232 61,605 62,002 58.5 60.7 Dallas i 46,591 ; 46,976 47,702 •18,081 27,269 28,525 62. 2 61. 3 San Francisco ; 269,708 ; 289,862 143,540 i 141,519 217,621 225,445 74.7 79.0 Total: 1922 : 3,114,928 , 3,095,762 1,822,788 ," 1,794,895 . 2,190,447 2,195,131 77.6 77.6 1921 2,485,079 '• 2,403,470 1,749,568 I 1,808,529 ' 2,870,615 2,979,486 53. 8 50.2 1920 ' 2,084,077. 2,058,293 1,998,732 ; 2,032,787 ; 3,071,754 3,0'.0,440 1 43. 0 U2.7 1919 : 2.224,9-18 ! 2,202,368 1,878,879 ' 1,951,752 ' 2,547,535 2,503,350 1 52.0 i 51.6 1 Calculated on basis of net deposits and Federal reserve notes in circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY., 1922. FEDERAL, RESERVE BULLETIN. 611 CONDITIOxN OF FEDERAL RESERVE BANKS. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, MARCH 29 TO APRIL 26, 1922. RESOURCES. [In thousands of dollars.] d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n i e s. - K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . Gold and gold certifi- i cates: Mar. 29 322,429 10,633 221.493 2,171 12,578 2,902 5,273 23,166 4,567 8,294 2,718 9,127 19,507 Apr. 5 325,955 12,622 220; 759 I 2,202 12,730 2,921 5,307 23,005 8,030 7,811 2,214 8,976 19,378 Apr. 12 326,345 12,695 220,198 I 3,431 12,937 2,933 5.334 23,144 7,2.12 7,726 2,242 9,020 19.473 At>r. 19 326,625 13,660 219,748 3,423 12,929 2,919 5; 375 22,990 8,025 7,508 2,276 8,057 19)715 Apr. 26 326,638 13,564 2.18,524 3,481 12.992 2,0-10 5,398 23; 161 H, 150 8,227 2,297 8,144 19, 757 Gold s e 111 c m e r.i t fund—F. 11. Board: Mar. 29 497,322 20,442 117,41.2 67,999 49,841 29,509 25,637 55,964 17,450 29,380 29,727 10,616 43,315 Apr. 5 519,332 2^,534 114,920 67,312 44,768 33,927 27,179 8% 607 14,049 32,186 30,872 10,534 35,444 Apr.12 509,369 30,601 127,901 6',360 36,298 33,144 31,017 76,803 7, 371 28,975 25,252 11,141 35,206 Apr.19 509,619 3">. 825 135,369 68,094 39,791 32, 878 21,817 59,498 10, 764 28,320 26,235 11,456 36,570 Apr. 26 453,974 15', 955 105,573 57,998 46,626 31,954 27,371 62,989 7,397 25,265 25/194 11,136 36,516 Gold with F. It. agents: Mar. 29 2,065,992 120,142 770,378 141,206 190,676 37,405 83,200 340,653 75,300 30,802 42,906 18,510 214,814 Apr. 5 2,046,479 117,584 770,228 146,103* 191,219 35,701 82,275 322,024 75,439 31,695 42,921 19,362 211,598 Apr. 12 2,091,844 125,650 770,101 153,833 191,503 41.716 82,503 350,440 75,537 32,962 43,114 18,898 205,587 Apr. 19 2,094,362 128,804 769,881 151,519 19.1,020 40', 091 86,303 354,985 72,958 32,343 43,148 19,412 203,898 Apr. 26 2,154,510 141,182 799.699 156,322 190,872 46,399 86,776 300,162 73,591 31,155 42,950 20,374 204,728 Gold redemption i fund: Mar. 29 89,612 21,679 10,000 7,153 5,797 3,536 1,906 26,301 1,727 1,489 2,281 2,356 5,387 Apr. 5 91, 435 23,947 10,000 9,570 5,163 5,021 2,621 24,777 1,465 2,286 2,256 1,435 2,894 Apr. 12 58,180 15,582 10,000 3,725 7,659 3>773 2,196 5,996 1,252 1,009 1,801 1,825 3,362 Apr. ]9 60,317 12,339 10,000 5,555 2,919 5,153 2,223 11,174 1,700 1,619 1,678 2,259 3,698 Apr. 26 60,080 14,935 .10,000 5,875 3,596 1,555 5,718 982 2,499 1,862 1,219 3,573 Total gold reserves: Mar. 29 2,975,355 172,896 1,1.19,31.3 218,529 258,892 73,352 116,016 446,084 99,044 69,905 77,632 40,609 283,023 Apr. 5 2.983,201 176,687 1,115,907 225,487 253,910 77,570 117,382 455,413 98,983 73,978 78,263 40,307 269.314 Apr. 12 2,985,738 184,528 1,128,200 226,349 248,397 81,866 121,050 456,383 91,372 70,672 72,409 40,884 263)628 Apr. 19 2,990,923 190,628 1,134,998 228,591 216,659 81,041 118,718 448,647 93,447 69,790 73,337 41,186 263,881 Apr. 26 2.995,202 185,636 1,1.33,796 226,067 256,365 84,889 121,100 452,033 90,120 67,416 72,303 40,873 264,571 Legal tender notes, silver, etc.: Mar. 29 128,024 22,884 i 31, 834 5,875 7,444 6,930 I 4,902 12,249 18,177 723 4,804 5,765 6,437 Apr. 5 120,400 22,190 i 29,668 6,678 7,858 6,975 ! 4,586 12,400 17,918 544 5,722 5,791 6,070 Apr. 12 126,285 22,855 29,066 6,682 6,978 7,322 I 4,914 I 12,708 16,919 628 6,167 5,827 6,159 Apr. 19 128,742 22; 716 ! 29,290 7,85,0 7,004 7,356 4,575 13,807 18,43,5 651 5,513 5,782 5,763 Apr. 26 129> 637 22,158 i 29,408 8,377 6,886 7,037 ! 4,796 I 11,283 18,710 723 5,488 5,788 5,983 Total reserves: Mar. 29 3,1.03,379 195,780 1,151,147 224,404I 266,336 80,282 S120,918 !458,333 117,221 70,688 82,436 46,374 289.460 Apr. 5 3.10a, 601 J9»,877 1,14.:"), 575 232,165 I 261,768 84,545 !121,968 i407,813 110,901 74,522 83,985 40,098 275)3S4 Apr. 12 !3',112,(te3 207,3^3 1,1.57,266 233,031 I 255,375 89,188 '125.994 !409,091 108.321 71,300 78,570 40,711 209,787 Apr. 19 13,119,665 213,314 I., 164,288 236,441 253,663 88,397 123)293 I462,454 111.; 882 70,44.1 78,850 46,968 269)641 Apr. 26 |3.1.24,83*) 207,794 1,163.201 234,444 263)251 m, 926 125,896 i466.316 1.08,830 68, 169 77, Till 40,061 270,557 ii!: discounted: Secured by U. S. (iovenimen t. obligations— Mar. 29 242,797 .17,788 47,528 45,884 24,023 30,997 10,876 27,730 8,225 2,585 (), 078 3,247 17,836 Apr. 5 2 U.))205 1.5,127 04,202 42,414 22,955 26,263 10,736 27,007 8,185 2,543 6,2.">3 3,212 1.1,278 Apr. 12 210,650 11 14,316 43,33S 41,751 23,485 23,652 9,289 24,302 7,794 2, 521 5, 749 3,3o4 1.1,095 Apr. 19 5i0L,2;i7 !| 1.1,905 41,759 40,650 24,331 2.1,696 8,010 28,647 7,300 2,331 5,002 2,894 6,042 Apr. 26 178,991 J| 9,995 30,932 37;ii33 19,1.01 21,544 7,792 25,538 7,212 2,005 4,863 2,530 y, 340 All other- Mar. 29 393.155 25,969 20,9.18 17,931 ! 30,978 43,512 36,442 67,324 19,343 25,115 26,679 3.1,837 41,107 Apr. 5 384'689 26,504 1:3,389 12,332 37,410 42,247 3.1,785 1)4,545 18,358 24,120 20,001 3.1,03.5 43,303 Apr. 12 3o2, 884 2.1,01.9 13,909 j37', 304 40,355 32,085 57,831. 17,264 24,191 27,097 30,955 37,l;30 Apr. 19 35 1, 526 16,937 19,'504 13,243 I36,868 39,780 32, 546 54,666 18,130 24, L:<3 26,907 31,618 37,108 Apr. 26 3/1,10i» L0,581 10,100 8,939 I30, 431) 37,863 31,111 49,362 1.6)516 24,308 25,548 31,98-1 38, 295 Bills bought iii open market: Mar. 29 102,691. ! 11., 513 45,553 '. 18,1S5 3,135 . 1,911 1,894 12,769 I 174 29 15 6,483 Apr. 5 98,379 ' LI, 303 37,857 I 21,01.3 3,243 ! 1,871. 1,170 14,551 1 1,092 19 15 0,245 Apr. 12 93,611. , 1.1,031 35,474 i 22,374 2,826 ! 1,805 ! 1,096 12,392 I 942 44 65 5)562 Apr. 19 87,327 i 10,543 27.976 ' 22,838 2, .102 1,857 : 1,200 i 14,289 820 44 65 5,593 Apr. 26. 82),).18 9,882 25,281 20,474 2)032 1,908 1,303 I 14'818 844 39 65 5,87 A l\ S. bonds and iioies: Mar. 29 200,325 I 4,977 55,953 : 14,754 19,6-10 I 1,233 j 11.4 ! 33,007 7,600 2,703 31,464 2,816 25,399 Apr. 5 227,064 i 4,476 61,101 14,724 24,292 1,233 ! 114 : 33,166 9,251 3,854 31,467 2,816 40,570 Apr. 12 261,585 I 4,477 78,894 j 17,778 25,042 j 1,233 j 114 j 32,136 11,048 5,173 31,474 2,816 51,400 Apr. 19 254,079 4,477 64,944 I 17,725 27,042 " 1,233 j 114 ! 35,999 11,378 5,477 31,474 2,816 51,400 Anr. 26 250,185 !• 4,477 58,223 i 19,799 27,042 i 1,233 i 151 i 37,131 11,379 5,885 30,649 2,816 51,400 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

612 FEDERAL RESERVE BUKLETHsT. MAY, 1922. Ltinued. RESOURCES. [In thousands of dollars.] Total. Boston. Ng£ ! d P el h p i h la ia - , C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n i e s. - K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . TL S. certificates of indebtedness: • 1-year certificates i (PittmanAcl-)— ' Mar. 29 j 89,000 . 8,450 , 27,400 8,000 6,000 3,560 7,199 8,687 3,571 4,350 4,321 1,900 5,582 Apr. 5 87,500 8,450 ; 26,500 8,000 6,000 3,560 7,199 8,667 3,571 4,000 4,321 1,900 5,332 Apr. 12 : 87,500 8,450 1 26,500 8,000 6,000 3,560 7,199 8,667 3,571 4,000 4,321 1,900 5,332 Apr. 19 ! 86,000 '• 7,950 : 25,500 8,000 6,000 3,560 7,199 8,667 3,571 4,000 4,321 1,900 5,332 Apr. 26 84,500 ; 7,950 24,000 8,000 6,000 3,560 7,199 8,667 3,571 4,000 4,321 1,900 5,332 All other— | Mar. 29 151,535 24,460 ' 40 102 20 18,222 31 45,610 9,109 3,752 3,698 250 209 Apr. 5 148,190 22,933 | 4±', 015 26 17,296 31 46,796 8,891 3,352 3,798 250 208 Apr. 12 ! 163,' 876 22 624 : 00 514 26 18,671 31 47 340 9,968 3,321 5,923 250 208 Apr. 19 1 192,057 23', 500 ' 74! 952 507 18,671 31 50,679 9,991 4,297 8,842 250 277 Municip A al p w r. a 2 r 0 ra nts: I i 232^ 448 :• KJ 3 i y 7 J -\J4J 4 02 A.\/\jy 1 yj 0 •*• • 3' 047 205 18,711 31 49,' 578 10,013 3,432 8,842 250 277 Mar. 29 ' 102 102 Apr. 5 ' 102 102 Apr. 12 : i 102 102 Apr. 19 102 102 :' Apr. 26 j 102 ! 1 102 Total earning assets: j Mar. 29... : 179,605 93,187 ; 249,514 104,882 101,998 81,213 50,556 195,773 49,022 38,510 72,269 40,005 96,610 Apr. 5 18:>, 135 88,793 : 257,064 98,611 111, 190 75,174 54,035 194,732 49,348 37,869 72,519 39,258 106,930 Apr.. 12 ' 180,21.4 81,917 ! 2-52,054 103,940 113,328 70,615 49,814 182, (508 50,587 39,206 74,608 39,350 111, 527 Apr. 19 i 172,348 ! 75,3.12 : 254,035 103,125 115,014 08,125 49,100 192,947 51,196 40.258 76,080 39,543 106,412 Apr. 26 , 149,850 80,287 j 258,243 95,112 103,325 m, 108 47,587 185,094 49,535 40,230 74,262 39,545 110,522 Bank premises: i Mar. 29 ! 38,339 5,032 7,030 000 4,774 2,571 1,151 7,190 051 914 4,810 2,164 852 Apr.5 38,820 5,040 i 7,032 (500 4,780 2,571 1,185 7,209 901 914 4,885 2,1(54 939 Apr. 12 1 38.928 5,053 ' 7,032 000 4,817 2,57L 1,200 7,313 901 914 4,900 2,089 938 Apr.. 19 I 39; 440 5,148 7,890 000 4,908 2,571 1,211 7,313 901 914 4,930 2,091 963 Apr. 20 1 39,508 5,102 7,928 600 4,910 2,571 1,245 7,323 908 914 4,950 2,091 966 Five per cent redemption fund against 1 F. R. banknotes: Mar. 29 7.757 422 ' 1,181 700 539 188 468 605 2,023 240 916 136 279 Apr.5 7,742 422 ; 1.130 700 539 188 408 705 2,023 230 916 130 279 Apr. 12 7.811 422 i; 135 700 539 188 468 790 2,023 204 916 146 279 Apr. 19 7', 727 422 ; 1,080 700 539 188 408 756- 2,023 204 916 146 279 Apr. 26 7,001 422 , 1,011 700 539 188 408 705 2,023 204 916 140 279 Uncollcctcd items: Mar. 29 470.449 : 44,105 . 99,807 39,108 44,619 41,096 19,961 59,216 25,809 11,451 32,039 20,982 32,190 Apr. 5 597j 580 54,133 ! 109,002 40,11.4 45,239 43,744 20,592 01,992 29,229 12,335 32,880 19,144 32,522 Apr. 12 540,351 | 5fJ,855 ; 118,323 40; 878 51,721 45,320 21,843 Go, 739 31,257 13,441 32,908 23,224 38,776 Apr. 19 593,12o 1 54,904 ! 137,700 54,606 57,511 48,085 25,708 75,101 32,873 14,049 33,574 21,542 39,087 Apr. 26 ,' 51J). 027 i' 52,034 ' 111,599 44,222 47,790 44, 443 22,197 64,016 29,974 12, 231 33,940 21,372 35,179 All other resources: ! Mar. 29 • 16,322 574 ; 2,921 305 752 395 115 1,332 478 1,259 720 2,036 5,435 Apr. 5 i 16,260 572 ; 2,822 337 971 390 271 1,261 428 1,258 763 2,029 5,158 Apr.12 i 16,959 647 , 3,283 403 1,069 208 152 1,345 473 1,260 814 2,003 5,302 Apr.19 i 17,608 623 ' 3.503 418 1,196 193 120 1,567 485 1,241 887 2,025 5,350 Apr. 26 ! 18,587 788 , < 003 488 1,258 192 141 1,612 525 1,240 922 2,028 5,390 Total resources: . Mar. 29 [4,81.5,851 339,100 1,512,200 369,999 419,018 205,745 199,169 722,509 195,264 123,062 193,190 111,757 424,838 Apr. 5 4,866,144 347,837 ! 1,524,491 378,527 424,493 206,612 198,519 733,712 198,830 127,128 195,948 108,829 421,218 Apr. 12 4,902,286 352,277 "'J, 550,294 385,552 . 426,849 208,096 199,47.1 726,946 193,562 126,325 192,782 113,523 426,609 Apr.19 4,952,920 349,813 i 1,569/174 395,950 432,831 208,160 199,900 740,138 199,360 127,707 195,837 J 12,315 421, 735 Apr. 26 4,860,072 347,087 .1,545,988 375,566 '• 421,073 205,428 197,534 725,066 191,795 123,018 192. 781 111,843 422,893 LIABILITIES. I Capital paid in: : j M Ap a r r . . 5 29 1 1 0 0 4 3, , 9 0 9 0 3 5 ! 7 7 , , 9 9 8 6 9 9 2 2 7 7 , , 0 0 5 5 7 7 j 1 8 8 . ,8 8 5 56 6 I 1 1 1 1 , , 4 4 8 8 0 0 i : • 5 5, ,5 5 2 2 1 1 i 4 4 , , 2 2 3 3 6 3 1 1 4 4 , ,4 4 8 7 3 4 ! j 4 4 , , 6 6 3 2 0 3 i ,' 3 3 . . 5 5 7 74 5 ! •• 4 4 . , 6 6 1 0 5 9 : | 4 4 . , 2 2 0 0 3 4 ! : 7 7 , , 3 3 8 8 9 4 Apr. 12 104,109 : 7,969 . 27,102 : 8.857 '. 11,512 j 5,520 I 4,241 14,487 i 4,633 I 3,577 i 4.616 :• 4.204 , 7,391 Apr.19 104,221 ! 7,969 j 27,107 ' 8,932 j 11,512 ! 5,531 ' 4,242 14,487 ! 4,633 1 3,577 1 4,620 ! 4.214 ! 7,397 Apr. 26 104,311 7,969 ' 27,107 8,912 j 11,512 , 5,533 ; 4,253 ; 14,582 ! 4,661 i 3,577 ' •4,611 j 4.215 I 7,399 Surplus: ' j Mar. 29 215,398: 16,483 I 60,197 17,945 , 22,509 : 11,030 | 9,114 29,025 i 7,468 • 7,394 15,199 Apr. 5 ' 215,398 | 16,483 ; 60,197 17,945 ! 22,509 ! 030 , 9,114 29,025 7,468 , 9,646 7,394 j 15,199 Apr.12 i 215,398 ! 16,483 I 60,197 17,945 I 22,509 : 11,030 i 9 114 29,025 i 9,388 i 7,468 ; 9,646 7,394 ' 15,199 Apr.19 ! 215,398 , 16,483 60,197 17,945 ! 22,509 i 11,030 • 9,11.4 29,025 ! 9,388 ' 7,468 .- 9,646 7,394 j 15,199 Apr. 26 : 215,398 ! 16,483 60,197 j17,945 I 22,509 ' J],030 i 9,114 29,025 ! 9,388 ; 7,468 ' 9,646 •7 394 ! 15,199 Reserved for Govern- | I meiit franchise tax: Mar. 29 j 1,982 ! 193 I 448 181 305 413 . 79 ! 217 146 Apr. 5 i 2,075 I. 193 ! 480 229 336 : 405 j. 79 240 113 Apr.12 ' 2,213 .1 513 248 375 ! 421 . 83 i 242 143 Apr.19 ; 2,147 ' 212 : 542 149 362 424 ;. 92 ! 245 ; 121 Apr. 26 : 2,308 205 i 550 202 396 ! 421 i. 44 I 271: 219 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1922. FEDERAL RESERVE BULLETIN. 613 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, MARCH 29 TO APRIL 26,1922—Continued. LIABILITIES. [In thousands of dollars.] i | Total, j Boston. Y N o e r w k. d P e h lp i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta, Chicago. Lo S u t. i s. j ! M ap i o n l n i e s. - K C a i n ty sa . s Dallas.; ! F S ra a n n i Cisco. Deposits: Government- Mar. 29 i 56,031 4,841 7,282 i 1,035 3,855 I 4,078 6,436 8,358 4,484 ! 1,697 2,932 7,607 Apr. 5 35,542 1.356 9,163 ! 1,929 3,992 ] 1,034 3,817 5,094 2,760 : 1,246 1,252 1,510 2,389 Apr. 12 : 38,634 S' 694 9,260 ! 3,121 954 ! 2,139 3,867 3,376 1,871 1,890 1,739 2,022 ! 4,701 Apr. 19 : 37,833 420 18,231 I 1,576 242 1,496 3,100 1,145 3,838 904 2,338 1,508 j 3,035 Apr. 26 ! 45,194 2,608 17,905 I 2,241 1,922 : 1,625 3,316 3,451 2,539 2,623 1,629 2,018 I 3,287 Member bank— | reserve account- Mar. 29 |i, 708,782 109,624 684,951 102,379 136,180 53,324 46, 825 234,254 66,217 42,357 I7.1,523 44,254 I 116,894 Apr. 5 1.1,729,603 111,151 678,64 L 104,838 141,303 53,867 46,388 243, 701 69,212 45,699 ! 68,645 44,229 i 12.1,929 Apr. 12 11,726,016 112,703 696,978 : 101,896 133,547 53,648 46,902 235,365 64,043 ! 43, 596 69,813 45,334 !122,191 Apr. 19 1,760,942 115,229 702,383 ' 111,624 139,689 51,852 46,886 242.094 67,964 :44,656 : 73,219 45,341 ^ 1.20,005 Apr. 26 1,748,755 116,280 701,016 ! 104,848 134,223 54,250 47,169 242', 615 67,007 141,509 71,061 46,090 :122,687 All other- Mar. 29 i 40,323 819 10.231 I 1,144 483 305 i 2,468 950 I 442 i 870 261 21,454 Apr. 5 i 39,299 998 io'. 490; 1.167 1.178 390 i 326 j 2,01.9 800 I 434 ! 653 277 20, 507 Apr. 12 38,381 625 10' 538 : 1,381 1,115 339 287 2,369 696 : 391 611 255 19, 774 Apr. 19 54,085 988 18,225 : 1,988 2,301 358 : 445 ! 6,800 1,336 I 560 688 242 20,154 Apr. 26 • 39,281 723 10,930 j 1,121 j 1,383 241 : 2,218 1,187 ! 358 714 248 19,720 Total deposits: , i F. R A A A M A . p p p p n a r r r r o r . . . . . t e 2 1 5 1 2 s 6 9 2 9 in actual l ! ; j 1 l i 1 1 , , 8 , , 8 8 8 8 0 0 0 3 5 3 3 5 4 2 , ^ , , . 0 1 4 2 3 3 8 4 3 6 6 1 4 0 0 1 . J . 1 1 1 1 1 1 1 1 6 9 . 5 7 3 , , , , 6 6 , 2 0 5 3 1 8 2 0 7 1 4 2 5 7 6 7 7 7 2 3 1 9 0 9 8 6 8 2 , , , , , 8 8 7 2 4 5 3 7 9 6 1 9 6 4 4 . ! I i I ! ] 1 1 1 1 .1 0 0 0 0 .5 7 6 8 4 , , , , , 9 2 3 3 .1 3 1 1 9 8 4 0 0 8 8 1 1 1 1 1 4 4 3 3 4 2 1 7 5 6 , , , , , 2 1 6 5 4 3 7 1 2 7 2 9 6 8 3 I i . ! ; ' 5 5 5 5 5 6 6 3 7 5 , , , , , 3 1 7 2 8 1 2 9 0 8 3 6 1 6 5 j ! ' i 5 5 5 5 5 0 0 0 3 1 , , , , , 4 7 5 5 0 3 2 3 6 5 1 6 1 6 6 . 2 2 2 2 2 5 4 4 4 5 0 5 8 1 0 , , , , , 0 0 2 1 8 3 8 8 1 1 9 0 4 0 4 ' 6 7 7 7 7 . 0 6 3 2 1 , , , , , 6 1 8 6 7 3 1 3 5 3 8 0 2 1 3 ! i 4 4 4 4 4 6 4 4 7 5 , , , , , 4 1 4 3 8 9 2 9 7 7 6 0 0 9 7 7 7 7 7 7 0 6 3 2 5 , , , , , 2 4 1 3 5 4 6 0 2 5 5 3 4 5 0 4 4 4 4 46 7 8 7 7 , , , , , 0 0 3 6 9 . 9 1 1 8 4 . 1 1 1 6 6 1 1 1 1 1 4 4 4 4 4 3 5 6 5 4 , , , , , 1 6 6 9 8 6 9 9 5 2 6 4 4 5 5 circulation: Mar. 29 2,181,843 j 153,692 625,774 197,788 91,314 109, 865 372,752 79,572 51,691 01,690 27,219 221,560 Apr. 5 :2,198,072 155,834 633,156 191,123 197,566 92,664 110. 899 376. 413 79,170 52,315 62,773 27,994 218,165 Apr. 12 2,200,305 157,278 625,426 198,719 204,064 92,190 no; 752 375', 223 77,641 52,244 61,922 27,175 217,671 Apr. 19 2,181,090 155,539 621,684 193,864 200,589 91,791 110,321 373,363 76,963 51,968 61,544 27, 006 216,458 Apr. 26 2,157,568 154,034 615,475 189,232 200,344 89,702 109,786 I 368,427 74,749 51,170 I;60,517 26,390 217. 742. F. R. bank notes in > \ circulation—net i liability: ! Mar. 29 : 80.353 8,342 16,982 7,978 I 5,806 2,878 5,761. 8,546 3,439 3, 918 9,349 2,874 Apr. 5 i 81', 082 8,020 18,200 7,983 i 5,802 2,845 5,853 8,594 3, 325 3; 537 9,640 2,984 4,299 Apr. 12 .1 82,065 7,758 19,918 7,983 ! 5,614 2,861 5,794 8,414 ! 3,366 3,584 ! 9,615 2,822 4,336 Apr. 19 ! 80,304 , 7,459 19,508 7,983 ! 5,452 2,983 5,666 8,242 ' 3,365 3,644 i 8,814 2,830 4,358 Apr. 26 79,497 •• 7.602 ! 18,833 7,953 i 5,484 2,993 5,532 8.133 3,326 3,658 I 8,847 2,829 4,307 Deferred availability ! : ! items: * i Mar. 29 ' 409,333 36,193 75. 700 41,040 I 39, 046 36,014 15,509 48,267 25,848 10,765 I 31,682 I 20,408 j 28,861. Apr. 5 j 443,313 44, 878 83, 613 43,678 I 39,442 38,096 16,753 50,063 28,763 11,662 ! 37, 18,529 29,973 Apr. 12 477,25.TO8 • 44,623 96, 778 44,586 ! 46,236 39,166 17,367 54. 596 31,174 ! 12,368 i33,922 22,528 I 33,914 Apr. 19 498,921. 44,557 97,829 50,955 I 49,241. 41,903 .18,959 60; 878 31,115 • 13,715 I34, 067 22,004 33,698 Apr. 26 i 449,347 40,223 90,416 42.186 ! 42,343 38,604 16,945 52,455 28,159 1 11,403 ! 34,767 20,808 ! 31,038 All other liabilities: I I M Ap a r y . 2 5 9 ; 1 1 7 7 , , 8 7 1 5 3 5 9 9 1 5 , 5 1 ! ; 3 3, , 1 5 9 7 4 8 7 7 6 7 3 9 I ! 1 1, , 2 2 2 1 1 0 j 8 7 2 98 9 7 7 0 2 8 8 4 4 , , 3 3 5 2 6 9 6 61 6 3 1 ; : 9 9 3 5 3 2 7 7 4 1 3 8 1 1, , 7 7 0 1 9 7 ' i 1 1 , , 3 3 9 6 9 8 A A A p p p r r r . . . 2 1 1 6 9 2 : : 1 1 1 7 8 7 , , , 9 1 9 7 1 0 9 3 7 9 9 9 6 5 5 0 7 6 I • 3 3 3 , , , 5 4 5 5 0 8 9 8 1 9 9 8 3 2 1 - 6 6 1 i : 3 1 1 , , , 3 2 2 5 9 9 3 6 8 I ! 88 8 55 2 71 8 I , , 7 7 7 1 5 2 3 7 6 4 4 4 , , , 1 1 0 0 8 9 1 0 1 6 73 6 S 5 7 I j 9 9 98 7 6 1 0 5 7 7 7 8 5 7 0 5 0 1 1 1 , , , 7 8 7 7 2 8 6 1 9 j " 1 :1 1 I , , , 5 4 1 1 3 3 4 2 1 Total liabilities: : i Mar. 29 1,815,851 339,100 1,512,200 369,999 419,018 205,7:15 199,169 722,509 195,264 123,062 193,190 ,111,757 ' 421,838 Apr. 5 1,866,111 ! 317,837 1,521,491! 378,527 j424,493 206,612 198,519 733,712 198,830 I 127,128 195,918 ,108,829 j 421,218 Apr. 12 1,902,286 I 352,277 11,550,291! 385,552 426,849 I 208,096 •199,471 726,916 193,562 I 126,325 192,782 113,523 i 426,609 Apr. 19 1,952,920 319,813 11,569,174 i 395,950 j 432,831 ' 208,160 j199,900 710,138 199,360 ! 127,707 195,837 1112,315 1.21,735 Apr. 26 ;i,860,072 .347,087 1,545,988 375,566 421,073 205,428 j197,534 725,066 191,79") ! 123,018 192,781 !lll,843 422,893 I MEMORANDA. Ratio of total reserves to deposit and F. R. note liabilities com- ! bined—per cent: i Mar. 29 i 77. 8 | 72. 8 86. 76. 5 78.6 ! 53. 8 i 74.0 74. 2 77.5 . 73.5 ! 60. 2 61.7 , 78.8 Apr.5 [ 77.7 I 73.8 80.0 77.6 76.1 i 57.1 75. 6 74.6 76.9 I 74. 8 ! 63.0 02.3 ! 75.9 Apr. 12 77. 7 I 75. 6 86. 2 70.4 75.2 l 60.1 77.9 76.1 75.1 72.7 58.6 62.5 ; 74.0 Apr. 19 : 77. 3 jl 78. 4 i 85.6 76. 5 74. 0 60. 8 76. 7 71, 2 74.5 71.8 57. 2 63.1 j 75.0 Apr.26 : 78.3 :; 75.9: 86.5 78.8 77.9 63.0 78.1 75.6 74.8 • 71.3 58.1 62.-1 : 74.1 Contingent liability : ' on. bills purchaser! j for foreign corre- j ! spondents: I Mar. 29 ' 26,967- 1,969, 9,899 2,157 2,21.1 ! 1,321 '• 971 3,209 1,267 728 1,294 701 i 1,210 Apr.5 38,313 : 1,902 21,825 2,084 2,136 | 1,276 i 938 3,100 1,224 i 703 1,250 677 i 1,198 Apr. 12 37,233 i 2,711 13,695 2,975 3,049 1,822 ! 1,339 4,425 1,7J8 : 1,00-1 1,785 967 ; 1,710 Apr. 19 ! 36,089 i! 2,711 13,285 2,870 2,942 1,758 1,292 4,269 1,686 j 969 1722 932 • 1,650 Apr.26 j 35,396, 2.499 13,729 2,738 2,807 1,677; 1,232 4,073 1,009 ' 924 613 1,575 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

614 FEDERAL RESERVE BULLETIN. MAY, 1922. MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] Within 15 16 to 30 31 to 60 61 to 90 Over 90 days. days. days. days. days. Bills discounted: Mar. 29 635,951 350,506 ! 70,013 105,603 74,299 35,530 Apr 5 624,894 342,051 i 69,412 106,449 72,863 34,119 Apr. 12 •573,540 303,151 j 66,160 104,975 64,076 35.178 Apr. 19 552,783 293', 474 ! 64,492 98,092 59,417 37!308 Apr. 26 500,097 256,579 i 56,961 92,093 54,222 39,642 Bills bought in open market: Mar. 29 102,691 46,856 15,877 23,892 14,201 1,865 Apr. 5 98,379 39,731 i 19,912 20,403 16,985 1,348 Apr. 12 93,611 35,987 ; 20,171 20,997 15,217 1,230 Apr. 19 87,327 3?,631 14,524 21,398 18,603 1,171 Apr. 26 82,518 27.913 15,688 22,480 15,775 659 United States certificate" of indebtedness: Mar. 29 240,535 17,595 1,700 2,000 31,785 187,455 Apr. 5 235.695 5,707 ! 2,200 1,000 35,911 190,87S Apr. 12 251,376 4,114 • 2,000 500 40,229 204,533 Apr. 19 278,057 2,200 500 41,229 7,570 226,558 Apr. 26 316,948 1,900 5(X) 46,096 7,437 261,015 Municipal warrants: Mar. 29 102 102 Apr. o 102 102 Apr. 12 102 51 i 51 Apr. 19 .102 102 Apr.26 102 102 : Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BTJLLETIN. 615 FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, MARCH 29 TO APRIL 26, 1922. [In thousands of dollars.] Total. Boston. Y N o ew rk - . d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. St. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F S r a a n ncisco. Net amount of F. R. notes received from Comptroller of the Currency: Mar. 29 3,372,447 285,829 1,124,426 251,073 245,514 127,844 186,120 514,548 120, L45 67,413 88,443 51,414 309,678 Apr. 5 351,018 283,271 1,110,581 254,270 244,387 126,140 186,695 505,919 119,284 66,506 90,257 50,765 306,943 Apr. 12 3,354,769 28L,337 1,113,418 257,701 248,041 126,1,55 189,423 507,976 118,882 66,453 92,050 50,302 305,031 Apr. 19 i 3,352,973 273,491 .1,113,627 261,186 I 225522,775588 126,990 189,223 502,519 115,303 &), 304 92,485 49,815 303,182 Apr. 26 ! 3,335,056 276,869 1,110,181 j 257,989 j 251,009 125,798 188,195 501,417 114,438 65,506 91,287 49,277 303,092 F. R. notes on hand: Mar. 29 853,931 126,050 321,330 i 46,560 31,400 29,745 69,886 108,460 'l26,250 12,980 17,850 20,920 42,500 Apr. 5 821,416 118,550 300,570 ! 49,020 31,600 27,845 72,176 98,040 !26,250 11,665 19,700 20,300 33,700 Apr. 12 824,916 113,650 304,570 '• 43.020 ! 28,800 27,525 74,19L 99,920 ! 26,250 L 1,805 21,100 20,L05 50,980 Apr. 19 817,976 112,450 301,050 ! 47;620 ! 33,280 27,985 71,591 91,120 !26,250 LI, 705 21,100 19,845 50,980 Apr. 26 i 798,161 110,850 298,890 i 44,220 ! 32,980 28,485 73,956 82,520 i 26,250 11,565 21,100 19,565 47,780 F. II. notes outstand- ; i ing: : ' Mar. 29 : 2,518,516 159,779 803,096 204,513 I214,114 98,099 116,234 40a, 088 93,895 51,433 70,593 30,494 267,17S Apr. 5 •... i 2,529,602 1.64,721 810,011 : 205,250 !212,787 98,295 114,519 407,879 93,031 54,841 70,557 30,465 267,243 Apr. 12 ! 2,532,853 167,687 808,848 : 214,68L : 219,241. 98.630 115,232 40S,0">6 I 90,631 54,648 70,950 30,197 251,051 Apr. 19 i 2,531,997 167,011 812,577 ! 213,566 :2L9;47S 99;005 114,632 411,3.);) 80,053 54',683 I 7L,3S5 29,970 252,202 Apr. 26 i 2,536,895 166,019 811,291 I 213,769 :218,029 97,313 114,23:) 418,807 88,186 53,941. 1 70,187 29,712 255,312 Collateral security for i F. R. notes "but- | standing: (j old and gold cer- j tificates— Mar. 29 1 403,713 5,300 356,925 : 13,375 2,400 5,960 13,052 6,701 Apr. 5 403,713 5,300 356.924 1 13,375 2,400 5,960 13,052 6,702 : Apr. 12 i 103,7 L3 5,300 356.925 : 13,375 2.400 5,960 13,052 6.701 j Apr. 19 404,713 5,300 356.924 i 13,375 2', 400 5,960 13,052 I 7,702 Apr. 26 j 404,714 5,300 356.925 I 13,375 2,400 5,960 13,052 ! 7.702 I (Sold redemption ! fund— ! Mar. 29 126,217 14,842 32,453 12,817 12,301 4,1L0 3,300 15,009 4,040 ; 2,550 3,546 1,809 I 19,440 Apr. 5 ! 128,603 12,284 42,304 10,0L4 12,874 2,406 3,875 j 15,330 5,179 i 1,643 2,561. 2,660 17,423 Apr. 12 i 127,002 10,350 42,176 12,444 13,128 3,921 2,603 ; "1 4,~796 2,777 ! 3,910 3,754 2,197 . 14,946 Apr. 19 1 118,331 8,501 41,957 10,130 12,645 2,296 3,903 15,340 3,198 ' 3,291 2,78S 1,710 i 12,599 Apr. 26 ! 133,791 15,882 41,774 I 11,933 12,497 3,604 2,876 14,5L8 4', 331 2,403 3,590 2,672 ! 17,711 Cold fund— F.R. . Board— j Mar. 29 : 1,538,082 100,000 381,000 i 128,389 165,000 33,295 77,500 325,644 65,300 : 15,200 33,330 10,000 195,374 Apr. 5 1,514,163 100,000 371,000 135,389 165,000 33,295 76,000 306,644 64,300 ' 17,000 40,360 10,000 194,175 Apr. 12 1,561,129 110,000 371,000 141,33~9' 165,000 37,795 77,500 335,644 66,800 | 16,000 "- """ ' 10,000 190,641 Apr. 19 1,571,288 115,000 371,000 141,389 165,000 37,795 80,000 33 3,645 63,800 : 16,000 40,360 10,000 191,299 Apr. 26 ! 1,616,005 120,000 ! 40 L, 000 144,389 165,000 42,795 81,500 315,644 63,3.10 j 16,000 33,330 10,000 187,017 Eligible paper- Amount required— Mar. 29...j 452,524 33,637 32,718 63,307 23,438 60,694 33,031 65,435 18,595 23,631 27,687 11,984 52,364 Apr. 5....! 483,123 47,137 33,783 i 58.847 21,533 j 62,594 32,244 85,855 17,505 23,146 .27,636 11,103 55,645 Apr. 12..., 441,009 42,037 38,747 !60.848 27,738 56,914 32,729 57,6L6 15,095 21,686 !27,836 11,299 48,464 Apr. 19...' 440,635 3S,237 42,696 i62,047 28,458 ' 58,914 28,329 53,414 16,035 22,3 Hi '•2S, 237 10,558 48,30 L Apr. 26... 382,385 24,837 11,592 i 57,417 27,157 :. 50,914 27,463 b% 735 14,595 j 22,486 27,237 9,338 50,584 Excess amount held— ! Mar. 29...i 257,742 15,663 75,912 6,045 33,865 13,443 15,952 : 42,133 10,147 3,449 5,078 23,115 12,940 Apr. 5...J 215,036 5,797 76,627 i 3,408 41,870 I 6,646 14,246 " 20,172 10,040 2,708 !5,229 23,189 5,104 Apr. 12...! 204,588 4,329 53,813 ''6,368 35,877 I 8,495 9,560 3J, 870 10,852 4,567 5,054 23,0S5 5,718 Apr. 19... i 183,316 1,147 37,885 ! 8,465 34,843 ! 3,932 13,251 41,164 10,161 3,701 j 3,778 24,0L9 907 Apr. 26...'. 183,995 5,621 54,533 | 1,373 24,208 , 9,524 1.2,571 30,945 9,977 4,023 !3,213 25,241 2,763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

616 FEDERAL RESERVE BULLETIN. MAY, 1922. CONDITION OF MEMBER BANKS IN LEADING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM MARCH 22 TO APRIL 19, 1922. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [Amounts in thousands of dollars.] Total. B to o n s . - New ! pht la A n t t - a. Chicago. Lo S u t. i s. ! a M po in li n s e . -J C » i ty. Dan,,.! c j S i £ s a c £ n o . . Number of reporting banks: Mar. 22 805 491 108 43 109 37i 79 52 68 Mar. 29 804 49 i 108 42 109 37' 79 52 68 Apr. 5 802 49 107J 42 109 37i 79 i 52 68 Apr. 12 802 49! 107: 42! 109 37! 79 52 68 Apr.19 801 49! 107! 42j 109 37, 79, 52 68 Loans and discounts, including bills rediscounted with F. 11. banks: Secured by U. S. Government obligations— Mar. 22 397,770; 23,293 135,646 39,478 42,4501 16,390 11,241! 69,437 14,288: 9,249 13,661 5,419 17,218 Mar. 29 394,157 20,161 132,4561 38,059 41,762! 20,182 10,616 67,239 13,375: 8,859 13,732 5,065 16,651 Apr. 5 373,877 22,956 128, Olol 35,688 40,488; 15,212 10,458 63,757 13,125! 8,774 13,450! 5,046 16,90S Apr. 12 367,700 22,404! 124,653 36,313 39,813 14,872 10,084| 63,481 12,934i 8,682 12,759 • 5,014 16,691 Apr.19 358,925 21,342 124,679 34,124 37,059 14,545 10,199 61,234 13,192 8,413 12,440 4,951 16,747 Secured by stocks and bonds (other than U. S. Government obligations)— Mar. 22 3,131,258 205,9571,411,192 195,795 324,317 106,178 53,3661 433,851 120,733) 31,113 64,742 40,826! 143,188 Mar. 29 3"'' , 108,010! I 2014,"3J1 t1 406,025 193,684 328,106 104,601 54,742! 422,754 120,718 30,015: 64,656 40,705! 140,573 Apr. 5 3,155,086 '| 203,6351L, 444,615 200,795 328,428 109,104 5"'4 ,5" 03 415,243 122,891 30, 734! 64,836 41,145! 139,157 Apr. 12 3,121,3981: 202,1061L, 400,082 205,512 326,722 109,114 55,330 419,255! 124,986 30,518 64,638 41,926: 141,209 Apr.19 :... 3,215,688 213,564 1L], 487,882!200,855 327,715 109,751 55,683 417,723 122,305 31,1711 64,266 42,773; 142,000 All other— Mar. 22 7,363,644:! 567,772 25.,465,800 332,818 628,153 312,910 290,5471,047,914 2S9,555 198,4io'346,467 188,038- 694,660 Mar. 29 7,339,931 564,161 22,;443,852!330,713 628,632 310,824.293,085il,056,509 289,053 196,285!346,238 191,301 689,278 Apr. 5 7,345,236! 563,7612,445,382!326,321 634,834! 312,942 289,378il,058,078 286,797 196,650!345,638 190,909 694,546 Apr. 12 7,367,627 565,389 2; 454,364 326,417 635,4091 309,949 286,970 1.064,222 287,320 196,893; 349,735 193,044 697,915 Apr.19 ! 7,271,246 561,899 2,377,762 320,806 635,980! 308,316 285,194 1,061,507! 282,027 195,362!349,888 191,185 701,320 Total loans and discounts, including bills rediscounted with F. R. banks: Mar. 22 10,892,6721 797,022 4,012,638 568,091 994,920 435,478 355,154., 551,202424,576 238,772: 424,870 234,883: 855,086 M Ap a r r . . 2 5 9 1 10 0 , , 8 8 7 4 4 2 , , 1 0 9 9 9 8 : ! 7 7 9 9 1 0 , , 7 3 5 5 3 2 : ! 3 4 , , 9 0 8 1 2 8 , , 3 0 3 1 3 2 5 5 6 6 2 2 , , 8 4 80 5 04 6 41,0 9 0 9 3 8 , , 7 5 5 0 0 0 4 4 3 3 5 7 , , 6 2 0 5 7 8 3 3 5 5 8 4 , , 4 3 4 3 3 9 . ., , 53 5 7 4 , 6 07 ,5 8 024 4 2 2 3 2 , ,8 1 1 4 3 6 ! ! 2 2 3 3 5 5 , , 1 1 5 5 9 8 4 4 2 2 3 4 , , 9 6 2 2 4 6 * 2 2 H 3 3 J 7 I 7 . , , U 1 0 U 0 7 0 l! O 8 - 8 X 5 K 4 ) 0 6 , , , O 6 5 V 1 J 0 £J 1 2 Apr. 12 10,856,725ii 789,899:3,979,099 568,2121,001,944 433,935: 352,384., 546,958425,240i 236,093 427,132 239,984' 855,815 Apr.19 10,845,859 I 796,805 3,990,323555,7851,000,754 432,612 351,076 .,540,464 417,524 234,946 426,594 238,909 i 860,067 U. S. Bonds: Mar. 22 . 1,017,677 49,241 413,100 48,170 126,652 57,696 25,033 83,880 24,745 18,301 37,813 34,903; 98,143 Mar. 29 I 1,029,22611 49,505 430,655 49,109 122,611 56,891 23,961 85,300 24,480 20,082 37,793 33,039, 95,800 A A A p p p r r r . . . 1 5 1 9 2 : ; : 1 1 1 , , , 0 0 0 6 4 3 8 7 0 , , , 1 4 9 2 7 7 8 2 5 ! ' 44 5 b '9J b 1 , , , , 1 3 44 0 6 o5 2 8 y9i 4 4 4 4 Z 2 3 2 t 6 > 9 9 , , , , 6 9 6 0 8 3 4 4 7 6 8 8 4 4 4 8 7 8 , , , 4 0 3 6 3 5 7 0 8 1 1 1 2 2 2 4 5 6 , , , 1 6 4 6 8 5 9 3 2 5 5 5 5 7 5 , , , 6 1 5 1 8 8 5 1 2 2 2 2 4 4 4 , , , 0 6 4 0 7 1 6 0 4 8 9 8 4 4 6 , , , 4 2 9 5 3 0 1 6 4 2 2 2 5 5 5 , , , 3 1 5 0 3 8 8 4 2 2 2 2 0 1 1 , , , 6 0 3 8 2 6 7 9 4 3 4 4 8 3 4 , , , 9 7 1 9 5 9 0 2 7 3 3 3 2 2 2 , , , 8 1 1 6 4 8 4 5 3 ! . | 1 1 1 0 0 0 0 1 2 , , , 2 5 1 6 3 2 6 0 6 U. S. Victory notes: Mar. 22 62,743 2,271 21,535 5,495 4,727 1,398 1,101 7,328 3,830 879 2,070 937: 11,172 Mar.29 62,114 1,731 22,359 8,342 6,271 1,267 714 4,885 3,397 876 1,807 1,174; 9,291 Apr. 5 69,010 2,038 31,718 8,201 5,988 1,226 492 5,438 2,322 860 1,267 972! 8,508 Apr. 12 73,690 2,528 35,922 8,510 4,965 1,071 539 b,mb 2,724! 426 1,441 969 9,030 Apr.19 82,853 3,053 41,399 8,733 6,488 1,068 665 5,812 3,062 401 1,660 803: 9,676 V. S. Treasury notes: Mar.22..; 379,661 13,855 232,319 18,078 25,676 5,426 1,347 40,855 7,563 5,821 7,360 4,399l 16,962 Mar.29 12,653 241,408 16,113 26,659 4,646 1,692 40,183 7,079 7,162 6,677 3,1811 20,356 Apr. 5 390,185. 15,413 245,626 14,942 25,437 3,729 1,657 42,549 5,761 7,183 5,269 3,260! 19,356 Apr. 12 388,9571 15,296 245,501 14,902 24,446 3,639 1,657 43,565 5,692 7,183 4,821 3,269! 18,986 Apr.19 389,305; 12,907 245,658 15,624 24,140 3,646 1,626 44,669 4,833 7,223 6,201 3,729 19,049 U. S. certificates of indebtedness: Mar.22 172,381 8,505 76,426 7,447. 9,743 4,305 4,778 16,240 6,008 8,605 4,74' 5,306 20,271 Mar.29 130,608J i 6,694 54,063 4,780| 8,000 3,323 4,164 12,606 5,652 6,241 4,573 4,533 15,979 Apr. 5 108,882" 6,348 39,664 4,314 6,659 3,125 3,168 11,389 4,42l! 5,952: 5,645 4,392 13,805 Apr. 12 108,351 6,015 38,564 4,293 10,221 2,652 3,333 10,059. 4,3951 4,767 5,491 4,491 14,070 Apr.19 179,153 10,843 61,037 9,676 15,152 5,042 6,160 23,015: 7,027 7,182 7,35- 5 977 20,685 Other bonds, stocks, and securities: Mar.22 2,079,605 141,895 718,389 164,716 274,060 49,487 33,665 383,048 70,333! 22,108: 48,169 8,4681 165,267 Mar.29 2,092,394 I144,433 716.691 165,975 274,205 50,962 31,638 388,188' 70,935| 21,939 48,982 7,890 170,556 Apr. o 2,103,043j 146,148 728,735 167,834 274,316 49,401 32,449 387,630: 71,8051 21,739 48,022 8,22l! 166,743 -Apr. 12 2,104,097• 145,568 732,631 169,207 272,436 49,928 32,531 385,533! 74,322! 21,815: 49,177 8,303! 162,616 Apr.19 2,138,777: 146,316 758,377 173,352 270,466 48,882 32,334 390,261.' 73,673 21,489! 49,713 7,912 165,969 Total loans and discounts and investments, including bills rediscounted with F. R. banks: Mar.22 14,604,739! 11,012,789 5,474,4.07;811,9971,435,778 553,790i 421,078 2,082,553 537,055 291,486 525,029 288,8961,106,881 Mar.29 14,544,219 '1,006,769 5,447,509 806,775 1,436,216 552,696; 420,612 2,077,664 534,689' 291,159 521,458. 286,8881,158,184 Apr. 5 111, 576,294 !l,009,758!5,490,403 806,562,1,440,299 -'io wu ooo .-7a 523,117! 286,7901,159,289 Apr. 12 .14,579,292 1,010,674.0,461,653 813,51211,439,095 - "j 289,1991,162,047 Apr.19 !14,704,075! 1,025,056)5,536,481 810,2001,443,452 : 289,494! 1,177.572 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 617 PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM MARCH 22 TO APRIL 19, 1922—Continued. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued. [Amounts in thousands of dollars.] Bos- Rich- At- St. ! Minne-Kansas San ton. mond. lanta. Louis. : apolis. City. Dallas. F ci r s a c n o - . 1 :_! Reserve with F. R. banks: Mar. 22 1,256,716 74,534 579,837 62,668 88,432! 32,682 30,949; 186,394! 43,907 20,858 39,126 21,836 75,523 Mar. 29 1,293,212 74,670 625,761 (53,9S9j 93,0911 32,894 28,9141 172,065 43,705 18,152 41,388j 21,605 76,978 Apr. 5 1,313,825 76,460 620,7581 65,120! 99,0221 32,788 28,567| 180,665 46, 103 21,704j 39,159l 22,218 80,931 Apr.12 1,311,739 76,818 639,5531 63,428! 92,177i 32,621 27,515! 173,358 41.476 19,544 40,730j 23,333 81,186 Apr.19 1,3 43,583 79,071 644,054: 72,096' 90,891 31,299 28,883- 178,880 44; 519 20,979 44,290' 23,414 79,204 Cash in vault: Mar. 22 271,248 17,434 87,068 14,794 27,010 13,553 9,136 48,1.96 6. 8611 6,121 11,519 9,271 20,249 Mar. 29 276,028 17,016 89,035 15,110 26,823 13,437 9,248 50,04 Si 6,96li 5,931 12,809 9,467 20,143 Apr. 5 273,355 17,181 89,938 14,135! 26,2-18! 13,691 8,927 50,420, 6,986 5,884 11,622 8,855! 19,168 Apr.12 283,968 18,081 91,060 17,095 27,510 13.725 9,242; 51,57"" 6,957i 6,633 12,261 9,216^ 20,582 Net A de p m r.1 a 9 nd deposits: 279,895 17,742 88,906 16,095 28.131 11,623 9,0511 I 51,51 7,046 6,189 11,578 8,982j 20,010 Mar. 22 10,337,664 730,0354,662,057 625,053 790,881; 299,522: 234,763 1 327.827 311,619 180,879 390,7O8.; 2O1.89o| 582,400 Mar.29 10,308,949! 718,55550" 4',699,7641 628,919 793,801! 298,257! 229,326 jl'288J998. 315,073 174,230 389,659= 197;130 575,242 A A p p r r. . 1 5 2 1 1 0 0 , , 4 5 5 6 5 4 , , 9 7 6 7 9 8 7 74 3 9 8 ; .5" 1 6 2 "5 7 4 4: : ; ; , ; 7 6 7 8 9 , 3 4 , 4 0 9 6 j 8 ' 6 4 6 1 18 , , 3 7 7 4 7 6: 8 8 0 0 4 0 , , 3 2 1 81 7 | 3 3 1 0 0 5 ; , 0 4 0 82 9| 2 2 3 3 6 0 , , 3 7 1 8 3 1 1 1 3 3 0 2 4 7 , , 1 2 3 5 5 4 ! ; 3 3 1 1 8 9 . , 9 9 1 6 0 4 l ! 1 1 8 8 0 2 . , 6 0 8 5 5 5 4 38 0 1 0 , . 4 1 1 7 4 0 1 ' 2 1 0 9 5 9 . , 0 2 2 7 2 9 J ! 5 59 7 3 8 . , 5 2 3 0 6 5 Apr.19 10,628.997: 763,142 4:-,858,602| 614,431; 793,732 305,508] 238,147:1 329,672 312,398 180,032 400,883 203, 598,570 Time deposits: i Mar. 22 3,132,921 193,786 536,283^ 48,517 473,726 135,002: 142,123, 662,103 158.198 75,591 104,449 62,635! 540,508 Mar.29 3,130,607.' 196,380 539,953, 48,627; 474,518 134,453. 143,925 657,473 157; 8831 77J382I 104,7611 63,004 532,248 Apr. 5 3,121,448 194;145 534,970 48,7841 471,869 134,147! 144,362. 658,476 158.726! 77,31.71 109,095 63,521 526,036 Apr.12 3,138,077: 194,754 543,699 49,003 468,902 134.707! 144,999 6"5""7 ,498'! 159,173- 77,3011 106,338 63,448 538,255 .Apr.19 3,172,586 198,646 568,100 48,920| 470,051 135)638' 114,721 658,228; 160,089. 77,412. 108,291 6"3~,8 69 538,621 Government deposits: Mar. 22 224,114' 19,550 89,679 15.3691 20,154 6,411 5,211 27,709; 7,149 7,372| 5,602 4,872 15,036 Mar.29 199,23 V 17,685 81,484 13; 712! 18,53" 5,818 4,416 23.457, 6,246: 6,460 4,591 3,530 1.3,295 Apr. 5 158,132;! 14,274 65,899 10,868! 14,268 4,614 3,357 18,845: 4', 969! 5;194i 3,307 2,686! 9.851 Apr.12 H2,718i: 1.2,838 59,298 9,773 12,711 4.163 2,937 16,893 4,461! 4,775| 2,930 2,4.17| 9; 522 Apr.19 243,260!: 20,967 93,570 16,889 23,193 7,272 5,822 31,222 8,471j 8,514 4,918 4,620 17,802 Bills payable with F. R. banks: ! Secured by U. S. Government obligations- I Mar. 22. 81,670!; 3,588 15,844; 17,219; '5,289 15,009, 1,9211 2,82' 2,396! ,1-19| 1,41 985 14,026 Mar.29 95,090! 4,191 28,482; 13,965 9,221 14', 841! 1,269; 8,108 1,192: 426 1,163 625; 11,607 Apr. 5 102,033: 3,376 47.9251 11,811 8,565 10,819 1,448 8,159 1,2901 3011 1,636! 638 6,065 Apr.12 78,819 i 3,237 27;582i 12,174 9,314 8,746 1,288 6,298 1,6181 301' 1,473j 663; 6,125 Apr.19 77,031! 2,024 25,855: 11,568 10,687 8,755! 90" 11,709 1,513 426! 1,308 583 1,699 All other- Mar. 22 26 241 Mar.29 26 151 . 239 Apr. 5 26 97:. 238 Apr.12 26 1511. 249 Apr.19 1411. LOOi 247 Bills rediscount ed with F. R. banks: Secured by U.S. Government obligations— Mar. 22 357 2,961 487 156 55 316 306 Mar.29 l,095: 2,188 542 62 361 Apr. 5 241 911 514 259 222 10 212 Apr. 12 904 570 409 180 259 10 'J99 Apr. 19 562 485 110 165 291 273 All other— Mar.22 162,068 27,457 13,591 25,036 20,787 15,781 9,987 1,932 7,139 3,651 8,006 Mar.29 164,942 19,306 11,686 23,221 2200,6611.44 9,571 2255,117744 8,078 1, 727 8,248 4055 13,817 Apr. 5 160,276 16,263 6,434 28,913 19 725< ft 1O1 °2"2 ,w6o1877 7,268 1,773 8,149 4,Oil 16,136 Apr. 12 140,170 15,041 28,599 17^833: 16,915 6,407 1.756 8,901 3,733 11,796 Apr.19 129,102 11,972; 8,108 27,979 17,126: 14.704 6,895 1,855 9,045 3,612 10.881 MEMBER BANKS,IN FEDERAL RESERVE BANK CITIES. Number of reporting banks: Mar.22 275 26 67! 50 13 10 16 15 Mar.29 275.! 26 67; £8 3 10 16 15 Apr. 5 274! 26 66l 10 16 15 Apr.12 274 26 66; 50 13 1.0 16 15 Apr.19 273 26 66! 50 13 10 16 15 Loans and discounts, including bills rediscounted with F. R. banks: Secured by U. S. Government obligations— Mar.22 279,139, 18,984 120,692 36,953 12,093 3,156 1,710, 57,554 9,955 ' 5,814 4,485 1,530 6,183 Mar.29 273,411 21,860 117,849, 35,508 11,813 3,136 1,724' 54,791 9,369 5,831 4,396 1,345 5,792 Apr. 5 260,169. 18,491 114,013' 33,076 11,525 2,935 1,572| 52,156 9,278 5,752 4,144 1,335 5,892 Apr.12 256,053 17,978 110,937i 33,752 11,177 2,722 1,582; 52,086 9,347 5,694 3,547 1,359 5,872 Apr.19 250,317| 17,236 111,703! 31,260 10/709| 2,673 1,534! 50,1471 9,013 5,459 3,313 1,412 5,858 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

618 FEDERAL RESERVE BULLETIN. MAY, 1922. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM MARCH 22 TO APRIL 19, 1922—Continued. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Conbinuad. [Amounts in thousands of dollars.! Total. B to o n s- . Y N o e r w k. P p d h h e i i l l - a a . - C la lo n v d e , - m R o ic n h d - . M ap i o n l n is e . - ! I K C a i n ty sa . s F c S i r s a a c n n o - . I J Loans and discounts—Contd. I I Secured by stocks and I bonds (other than U. S. . Government obligations)— I Mar. 22 12,245,466! 160,93o: 1,239,066 175,765 130,890 312,0321 89,595 13,869 20,093 10,713- 66,306 Mar. 29 2,228,021: 155,776,1,236,102' 174,164 135,772 303, 439! 89,677 12,522 19,756 10,5141 63,140 Apr. 5 ! 2,274,192 158,422 j 1 275,476! 181,401 135,358 299,504 92,128 13,070 19,789 10,678| 62,438 Apr. 12 ! 2,233,312 157,102 1,225.694 186,184 133,659 15,410 _,._.. 303,660 93.846 12,877 19,607 10,9851 63,507 Apr. 19 ! 2,32-1,051, 167,839 1,311,' 088 180,367 135,712 15,35Si 10,737 303,697 93;062 13,621 19,291 10,537! 63,342 All other- Mar. 22 4,677,912 426,916/2,178,04(): 299,811 281,540 63,124 49,423 669,400! 175,07s1 91,093 120,059 46,336! 277,067 Mar. 29 4, (358,618 425,61i:2,156,491 297,986 280,206 63,482 50,210; 679,285: 176,886; 90,54.8: 119,473 46/7871 271,683 Apr. 5 4,656,030! 427,275 2,159,513 293,656 282,106 62,686 50,973' 678,316 174,033! 90,783 119,138 47, OOSi 270,513 Apr. 12 4,675,313| 427,620 2,168,010: 293,495 283,322 61,799 51,104 681,496! 174,442; 90,793! 123,245 48,010| 271,977 Apr. 19 ; 4,590,998' 425,263 2,096,191! 289,034 283,742 62,140! 51,115 676,385' 171,038' 90,986 j 123,908 48,765| 272,431 Total loans and discounts, in- i I eluding bills rediscoimted ; with F. 11. banks: Mar. 22 ; 7,202,517 605,836 3,537,798 512,529 424,523 81,560 62,054jl,038,98('». 274,623 110,806= 114,637, 58,609 349,556 Mar. 29 7, L60,083 601,247:3,510,442 507,658 427,791 81,892 62,819 1,037,515. 275,932 108,901 143,625! 58,646: 340,615 Apr. 5 7,190,421 604,18S'3,549,032 508,133 428,989 80,818 63,276 1,029,976: 275,4391109,605 143,071; 59,021: 338,873 Apr. 12 7,164,678 602,70013,504,641!513,43.1 428,158 79,931 63,407 1,037,242: 277,635 109,364 146,399! 60,354! 341,416 Apr. 19 7,165,936 610,3383,518,982 500,661 430,163 80,171 63,386 1,030,229, 273,113 110,066 146,512! 60,714j 341,631 U.S. bonds: i Mar. 22 554,333 i 15,773| 361,642 34,491. 14,263 5,320 4,181j 28,417' 10,563' 4,8331 12,763 8,005: 54,082 Mar. 29 | 575,426 1 16,4351 379,329 34,881 14,282 5,300 4,1811 28,868i 10,3631 6,094 13,053 ';,003| 54,637 Apr. 5 575,545 15,801 379,328 34,034 14,286 5,252 4,181! 28,568: 10,428; 7,019 14,806 8,1™27 1 53,715 Apr. 12 588,541;i 17,3011 384,5-1-1 34,180 14,397 5,233 4,162 30,115: 10,640 7,118 18,539 54, 112 U. S A . V pr i . c 1 to 9 ry notes: 602,655) 16,691' 393,387 34,174 14,041 5,227! 4,017 36,170 10,617! 6,616 18,803 ! 8^ 203! 54,709 Mar. 22 32,389, i 252' 16,082 4,833 218 3,539 3,224 130 260 30| 3,812 A M A A p p p a r r r r . . . . 5 1 1 2 9 9 2 4 3 4 5 9 5 3 6 , , , , 1 1 7 5 4 8 7 1 4 6 3 4 ! :' | 1,1 2 1 1 0 0 0 0 2 1 4 1 j 3 2 3 1 0 6 6 7 , , , , 6 5 0 2 1 4 1 0 6 9 2 0 ' 8 7 7 8 , , , , 7 7 0 3 2 1 3 2 7 6 1 0 1 5 9 3 7 4 9 4 6 o! 2 2 3 2 3 2 3 3 , , , , 2 5 0 3 4 2 2 7 1 3 3 8 2 2 3 2 , , , , 1 5 2 8 5 5 0 6 4 9 8 7 1 1 1 1 2 3 2 3 9 0 9 0 ! : ! 4 2 3 5 7 5 0 5 6 2 0 3 ! 1 5 3 5 1 9 7 0 9 ! 3 3 3 3 , , , , 6 6 9 9 4 7 2 8 4 9 2 0 U. S. Treasury notes: Mar. 22 295,016 221,931. 16,294 3,150 121 136! 24,037i 5,115' 5,8341 2,798 6,620 Mar. 29 296,628j 7,290: 230,173 14,329 3,084 36i Ill 21,394 4,386 5,648j 2,497 7,680 Apr. 5 300,195; 10,051 234,294 13,158 2,952 81 22,372 3,260 •• 4,049 2,497i 7,476 Apr. 12 300,502' 10,536 234,156 13,116 3,023 81 23,506 3,181 i 3,254! 2,497 7,147 Apr. 19 ; 303,838 10,709 234,970 13,748 3,0211 24,504J 2,469j ! 4,52l! 2,707 7,184 U. S. certificates of indebted- ! ness: I Mar. 22 ! 115,694; 5,295 70,498 6,047 2,003 753 1,986 7,379! 4,805 4,239 1,164 2,493| 9,052 Mar. 29 1 81,895'! 3,830 48,137 4,270 1,684 394 1,956 4,824'. 4,644 3,643 998; 2,598i 4,909 Apr. 5 | 65,970; 3,760 34,700 4,091 1,939 357, 1,749| 4,305! 4,271 3,745 866! 2,4611 3,726 Apr. 12 ! 64,900 | 3,569 34,070 4,123 1,964 293 1,623! 3,816 4,268: 3,730! 710 2,478! 4,256 Apr. 19 : 111,672] 9,213: 54,018 8,927 2,263 79l| 1,997 13,185 6,318 4,8751 1,173 4,023 4,889 Other bonds, stocks, and securities: Mar. 22 1,123,042; I 535,419 131,540 62,053 3,855! 3,161 174,70l! 44,961! 8,421 9,907! 83,220 Mar. 29 1,127,625 66,124 533,536 132,725J 61,214: 3,851' 3,132 176,, 425 45,4591 8,521 10,097 i 1,415 85,126 Apr. 5 1,140,349 67,700. 544,083 134,374! 59,661 3,852 3,104 175,573; 46,082! 8,505 10,401 i 1,731 85,283 Apr. 12 1,140,403i 67,088: 547,575 135,7201 59,3851 3,897 3,020. 173,022 47,382: 8,634 11,087j 1,739 81,85,4 Apr. 19 1,170,351! 66,947 568,871 139,487! 58,5231 3,905 3,150 177,144! 47,314 8,678 10,708! 1,373 84,251 Total loans and discounts and investments, including bills rediscounted with F. R. banks: Mar. 22 9,322,991 701,002 4,743,370 705,734: 506,210 91,615! 71,5011,277,059 343,291 128,429 174,565 73,873 506,342 Mar. 29 9,276,801. 698,127 4,718,81.7 701,590! 508,231 91,479; 72,212 1,271,549! 343,992 127,289!173,673 73,196 496,646 Apr. 5 9,316,2541 701,6014,767,986! 701,506 507,926 90,290' 72,393 1,263,817! 341,634 129,004 173,493! 73,887 492,717 Apr. 12 9,308,213 701,298 4,735,602 708,590 506,981 89,36o! 72,295 1,270,942 345,665 128,975 180,465! 75,328 492,707 Apr. 19 99,441:01909,9595 715,000 4,806,240 705,328508,045 90,105 72,5521,284,610 342,698 130,364 182,270! 77,139 496,644 Reserve with F. R. banks: Mar. 22 913,065 59,977 534,737 57,026 28,148 5,494 6,049! 132,549 31,191 10,553 12,788! 6,765 27,788 Mar. 29 947,330 59,940 582,345 58,062 27,937: 5,461 5,764! 118,551 31,693 8,421 13,496! 5,731 29,929 Apr. 5 964,780 61,078 576,591 59,015 31,101! 5,675 4,839! 130,120 33,588' 12,071 13,0961 5,191 32,415 Apr. 12 963,763 62,005 594,942 58,050 28,805! 4,500 5,645! 119,299! 29,401 9,454 14,014! 6,707 30,941 Apr. 19 989,815; 63,962 5,512- 65,483 28,594 4,423 5,142: 125,954 32,686 11,271 16,706 6,425 30,657 Cash in vault: Mar. 22 8,749 75,617i 12,051 6,594 1,700 27,926 3,070 2,110 2,438 1,499 5,999 Mar.29 151,4671! 8,281 77,122 12,0051 6,916 1,691' 29,513! 3,274 2,047 2,352 1,698 5,699 Apr. 5 151,9271 8,566 77,906 11,525 7,056! 774; 1,709: 29,228! 3,187 1,973 2,586 1,453 5,964 Apr. 12 156,1351 i 8,835 78,371 13,944| 7,118 884, 1,736: 29,955: 3,098 2,231 2,632 1,518 5,813 Apr. 19 151,572 i 8,528 75,824 13,292 7,287! 910 1,550 29,422! 3,152: 2,118 2,381 1,538 5,570 Not demand deposits: Mar. 22 7,204,981 570,594 4,182,516 544, 806 197,085. 45,114 37, 824 909,631: 215,924! 81,868 140, 888 55,811 222,920 Mar.29 7,205,9071 562,955 4[,2,2 32,2937;6 976 549,775200, 787i 45,117 37,864 878,356 216,923! 80,780 140,790 54,912 213,672 Apr. 5 7, 329,196 577,355 4t,,2 8288,88,98595 561,946 202, 823 45, 822 38,089 894,517, 219,998 86, 275 1.42,158 55,690 215,628 Apr.12 7,393, 629 583,598 4[,3,07 ,3 0"7',"9'15i 569,308206,997! 45,114 39; 063, 902, 892; 223,242 84,349 150,680 59,535 220,936 Apr. 19 7,463, 844 597,605 4,3"71i,;229! 564,838 203,163! 44,710 38,6161 905,060 215,462! 85,177 153,5031 58,887 225, 594 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALvr, 1922. FEDERAL RESERVE BULLETIN. 619 PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM MARCH 22 TO APRIL 19, 1922—Continued. MEMBER BANKS IN FKDERAL RKSERVE BANK CITIES—Continued. [Amounts in thousands of dollars.] Total. B to os n - . Y N o e r w k. P p d h h e i l i - l a a . - C la le n v d e . - m R o ic n h d - . la A n t t - a. M ap i o n l n i e s. - K C a i n t s y a . s Dallas. F c S i r s a a c n n o - . Time deposits: Mar. 22 1,465, 996 81,032 344,688 32,359 272,631 23,357 22,056 316,783' 91,417 10,944 7,822 233,985 Mar.29 1, 456,3S8 81*, 217 347, 842' 32, 385 272,699 23, 338 22,068 311,474; 91,3461 29,237 10,860 7,888 226,034 Apr. 5 ! 1,443,144 80, 807 345,891 32, 548 270,445 23,383 22,250 311,843 92,307! 29,185 11,056 7,891 21.5, 528 Apr. 12 i 1,457, 827 81,231 353,272 32, 715 267,240 23, 331 22,301 311,160: 92,399i 29,290 11,083 7, 962225, 843 Apr. 19 11,486,90S1 j 84,336 375, 791 32, 545 268,927 23,467 22,346 311,943, 92,981 i 29,388 11,105 8,004 226,070 Govern merit deposits: i Mar. 22 i 165, 780 .16,127 83,183 14,271 4, 510 2,025J 973 19,5801 5,542 j 3,363 4,834 3, 366 8,006 Mar.29 j 117, 737 14,637 75,650 12,764 3, 995 1,814; 756 16,913! 4,798 2,957 3, 833 2,435 7,185 Apr. 5 117,280' 11,830 61,234 10,148 3,279 1, 440 477 13,1511 3,8121 2,394 2, 823 1,910 4,782 Apr. 12 106,136 • 10,642 55,103 9,126 2,915 1,2971 435 11,8211 3,419 2,154 2, 543 1,719 4,962 Apr. 19: 177,841 17,75-1! 87,618 15, 743 4,583 2,027 671 22,388 6,655 4,210 4,129i 3,749 8,314 Bills payable with F. R. banks: Secured by U. S. Government obligations- J Mar. 22.' 39,669 : 2,1 3, 770! 15, 074 1,665 3, 3581 81- 1,035! 504 12,000 Mar.29 48, 754 'i 2, 610 16, 590; 11,914 1,900 3,114 81: 2,895; 198! 9, 330. Apr. 5 57, 522 i 1,620 36, 745; 9,788 1,955 1,695!. I, 395 j 314! 3,630 Apr. 12 39,716 ! 1,998 17,050 10,0"96" 3,332 851 490 i 1,355 684 3,480 Apr. 19 36,922; | 1,038j 17,255 9,985 2, 847 1,241 175; 2,550 796 i 655 All other- ji Mar. 22 Mar.29 Apr. 5 Apr. 12 Apr. 19 Bills rediscounted with F. R. banks: Secured by U. S. Government obligations— Mar. 22 5, 200 j 998 274 2,961 367 83 i 300 351 112 15 Mar.29 5, 054 959 1,046 2,188 340 83! 300 113 25 Apr. 5 2,018 196 911 317 11 374 25 Apr. 12 2, 161 73 852 570 260 21 300 Apr. 19 1,633; j 73 485 21 411 48L Allother— • Mar. 22 88,322'; 17, 553 16,202! 13,481 18, 990 4,651: 1,351 6,937 1,020! 208 4,826 Mar.29 87, 303 18,053 4, 893' 11,575 15, 802 4, 334; 1,142; 16, 525 1, 454 25 3,180 91. 10,229 Apr. 5 85, 478 1.8, 3091 5,268 6,323 20, 790 4, 599 j 1,387: 13,0.56 913 .25 3,388 140! 11,280 Apr. 12 70, 343 13, 527 j 4, 789 8, 280 18,613 4, 087! 1,241. 8,821 383 •. 3,132 911 7,379 Apr. 19 62, 1.51 9, 989 2, 844 8, 008 IS, 726 3,500! 844 7,041 1, 325: 150 2,983 77 6,664 j 102784—22- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

620 FEDERAL RESERVE BULLETIN. MAY, 1922. BANK DEBITS. Volume of business for the five weeks ending a total of 243 centers, of which 166 are in- April 26 remained at a level substantially cluded in the summary by Federal reserve equal to that maintained for the preceding districts, because for these centers comparable four weeks. The largest figures were recorded figures for the five weeks and for the correfor the week ending April 5, which saw a large sponding period in 1921 are available. volume of end-of-quarter payments, and the smallest figures were reported for the week DEBITS "FO INDIVIDUAL AC:COUNTS ending March 29. For New York City alone, | . AT BANKS IN the volume of business for the period under REPORTIN3 CLEARING HOUSE CENTERS review was on a level about 3 per cent above C)EBIT5 FOR 1921 . «__—DEBITS FOR 19>12 that for the preceding four weeks, while for the ( IN BILLIONS OF DOLLARS ) other centers it was about 3 per cent lower 11 11 than for the preceding period. U 10 10 As compared with the corresponding period 9 A A 9 • f l 0 i a v 0 s e 0 t , w y 0 e 0 e a 0 e r , k , s o t h u r n e a d b a e v o r e u d r t a is g 1 c e 7 u v s p s o e i l o r u n m c w e e n a t o s . f la b r F u g o s e i r r n b N e y s e s $ w f 1 o , Y 2 r 6 t o h 7 r , k e - 7 8 V \ V fv- A A A r^\f\ A \1 / jv A V V\ \ \ 8 7 City alone the weekly average was larger by 6 6 \2 $1,178,000,000, or about 33 per cent, while the j 5 5 c a e g n g t r e l g ar a g te e r f o th r a t n h e a o y t e h a e r r a c g e o n . te T rs h w e f a i s g u o r n e l s y w 2 o u p l e d r ! j 3 &\ \J \} V " A r 1 r V 1W fA \ 4 3 seem to indicate that the increase in business 2 2 volume over the corresponding period of last j 1 1AND 2: BANKS IN NEV\YOFKCITY 1 year is due chiefly to the revival in the security ! •JAND4'- BANKS IN ALLREPORTING CENTER! 0 - I i 1 - 0 market and that business transactions resulting ' from production and distribution of goods were 5 5 at about the same level as that prevailing in the 4 K A K V \ spring of 1921. 3 3 The volume of business is measured by i 2 2 debits to individual accounts as reported to 1 1 the Federal Reserve Board for banks in leading ; BANKS OUTSIDE OF fcEW YOIK CITY clearing house centers. Figures are shown for I Jan." Feb.' Mar.' Apr.' May June'July Aug.'Sept Oct.' Nov.' Dec. DEBITS TO INDIVIDUAL ACCOUNTS, BY BANKS IN REPORTING CENTERS. SUMMARY BY FEDERAL RESERVE DISTRICTS. [In thousands of dollars.] •».: 1922 1921 .N umber of Week ending— Week endingcenters in- — cluded. Mar. 29. Apr. 5. Apr. 12, Apr. 19. Apr. 26. Mar. 30. Apr. 6. ' Apr. 13. ! Apr. 20. : Apr. 27. Boston 14 385,821 484,763 420,473 425,862 455,435 395,064 475,290 427,472 445,417 406,322 New York.... 7 4,498,638 5,160,900 4,752,307 5,043,137 5,175,026 3,250,158 4,116,027 3,657,732 4,037,761 3,633,454 Philadelphia.. 13 360,397 423,458 384,945 386,876 389,190 336,465 425,867 375,085 385,468 358,623 Cleveland 13 374,168 451,755 482,989 431,556 439,361 426,567 477,239 487,364 460,158 437,300 Richmond 11 173,049 218,967 194,964 200,550 190,186 179,646 215,316 192,963 207,553 176,605 Atlanta 15 154,920 187,161 167,161 178,191 144,447 154,735 194,975 166,696 182,766 159,207 Chicago 24 942,580 1,074,479 857,330 948,738 910,233 795,474 838,518 871,505 943,106 852,03C St. Louis 8 184,173 216,027 215,719 217,407 196,688 181,379 206,849 213,484 222,504 183,596 Minneapolis... 12 106,854 118,901 116,138 124,814 122,287 101,077 136,323 127,901 130,21] 115,830 Kansas City.. 16 217,338 233,015 230,897 231,812 227,873 208,790 250,946 229,981 235,830 220,411 Dallas 13 126,925 142,397 131,596 136,794 125,908 124,963 135,654 125,638 132,469 114,531 San Francisco. 20 398,1.52 473,663 474,785 481,700 463,712 430,520 465,948 463,230 493,087 451,777 Total.... 1G6 7,923,015 9,185,486 8,429,304 8,807,437 8,840,346 6,584,838 7,938,952 7,339,051 ; 7,876,3307,109,686 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 621 DEBITS TO INDIVIDUAL ACCOUNTS, BY BANKS IN REPORTING CENTERS—Continued. DATA FOR EACH REPORTING CENTER. fin thousands of dollars.] 1922 1921 Week ending— Week ending— Mar. 29. Apr. 5. " Apr. 12. Apr. 19. i Apr. 20. Mar. 30. Apr.fi. | Apr. 13. ', Apr.20. j Apr. 27. District No. 1—Boston: Bangor, Me 3,121 3,170 3,289 2,833 : 3,357 3,327 ! 3,772 : 3,488 3,514 3,413 B B r o o s c to k n to , n M , a M ss ass 26 4 9 , ,0 2 3 5 5 5 330 4 , , 5 (5 0 6 8 7 28 4 4 , , 7 5 9 4 9 8 28 4 6 , , 5 49 3 7 5 : 32 4 5 , , 5 5 .1 9 . 4 3 278,073 322,534 297,681 309,106 278,715 .Fall River, Atass 5,399! 0, 234 6,053 6,225 I 6,376 " ""5," 036"; 6,431 5,194'j ,41jj 5.654 Hartford, Conn 17,046 24,006 21,792 24,679 i 22,405 16,623 j 27,209 20,216 ; 24,622 I 18,167 llolyoke, Mass 2,919i 3,308 2,965 2,750 I 3,295 2,709 3,347 2,775 j 2,843 ! 2,933 Lowell, Mass 4,077I 4,904 4,630 4,104 4,874 : 3,989 4,525 ' 4,482 • 4,158 ! 4,366 Lynn, Mass 4,787i 5,948 6,017 5,356 6,967 Manchester, N. H 3,986: 4,951 4,275 4,053 3,590 • 4,006 ! 5,180 4,178 4,290 ! 4,283 Ne\v Bedford, Mass 5, 244 ! 6,161 6,028 5,226 6,297 4,740 ' 5,338 j 5,365 5,3.1.9 ' 5,156 Ne\v Haven, Conn 13,692 • 18,910 15,915 17,077 15,258 i 13,027 ; 18,345 . 15,963 17,422 i 14,356 Portland, Ale 6.585: 7,857 7,606 (>, 936 7,530 6,929 9,099 7,202 : 0,217 ! 7,171 Providence, R. I 25; 468 ; 34,067 29,977 33,064 27,344 27,831 I 31,595 28,458 31,816 29,285 Springfield, Mass 12,251 14,380: 11,151 12,412 j 14,544 11,268 i 14,712 ; 12,448 11,398 12,821 Walerbury, Conn 4,059 9,890 5,640 : 6,209 I 4,234 4,314 | 6,715 i 5,127 • 5,311 5,478 Worcester, Mass 12,339 16,258 13,604 i 13,737 ; 10,737 13,192 16,488 ! 14,895 13,982 • 14,524 District No. 2—New York: Albanj^N. Y 24,259 43,136 25,802 23,137 ! 34/767 . 24,058 28,106 ' 22,879 j 21,397 33,128 Binghamton, N. Y 3,504 4,419! 4,149 4,338 ! 3,970 ! 3,198 4,287 3,979 i 4,131 3,427 B E u In ff d a i l a o , , N N . . Y Y 4 2 9 , , 8 5 5 1 7 7 6 3 4 , , 0 9 7 5 7 0 58 2 , , 6 8 1 9 8 0 : 5 3 9 , , 0 9 8 19 6 5 3 5 , , 0 55 7 7 8 : 48,897 62,730 56,856 I I 60,527 52,261 J amestown, N. Y 2,814 4,035 3,725 3,778 3,662 j i Montclair, N. J 2,207 2,689 2,336 2,560 2 5111 ;;•": !..;.; : N Ne e w w a Y rk o , r k N , . N J . Y 4,3 4 7 5 9 , , 6 4 0 5 0 7 ' 4 . , 9 5 9 8 0 , ; 6 5 7 2 6 9 4,6 4 1 8 4 , ,4 5 2 32 0 | j 4,90 5 3 2 , , 1 37 5 0 8 5,03 5 5 4 , , 0 3 7 2 7 1 i i 3,133,090 : 3,967,755 3,527,728 j I; ' ; 3 • , •; " 900," 09 | 0" j"-.499, 083 Northern New Jersey Clearing House Association 30,053 37,701 31,395 | 31,220 30,368 l 1 1 Passaic, N. .1 4, 785 5,548 5,974 1 5,384 5,436 ! 4,014 ; 4,511 4,592 5,149 4,390 S R t o a c m h f e o s r t d e , r , C N o . n Y n 26 1 , ,9 4 8 0 7 2 ! 35 2 , , 9 5 1 2 5 3! 28 2 , , 5 4 8 0 2 2 i 3 2 1 , , 2 8 9 4 9 0 26 1, , 1 9 1 0 4 6 24,774 33,121 28,104 31,971 29,148 Dist S ri y c r t a N cu o s . e 3 , — N. P Y hiladelphia: . 10,714 16,403j 14,762 15,361 j 13,313 . 12,127 15,517 .13,594 14,490 12,017 Allen town, Pa : 5,452 7,633 5,918 6,295 ' 5,902 j Altoona, Pa 3,038 2,478 3,457 : 3,143 2,953 ! 3,187 2,842 3,124 3,442 3,111 Camden, N. J 8,402 9,762 9,712 10,624 8,463 Chester, Pa 3,766 4,431 3,950 4,265 3,982 4,127 5,585 4,220 4,920 3,927 Harrisburg, Pa 6,209 7,224 8,192 7,231 8,062 5,750 7,93J 6,811 5,965 5,945 Hazleton, Pa 2,183 2,506 2,223 2,249 2,220 1 Johnstown, Pa 4,376 4,652 4,501 . 4,424 4,472 5,047 5,254 5,049 5,042 5,095 Lancaster, Pa 5,096 11,536 6,278 5,531 4,803 • 5,790 16,677 5,946 5,819 4,634 Lebanon, Pa 1,109 2,194 1,443 1.32L 1,192 I N orristown, Pa 698 741 739 ' 789 674 ! Philadelphia, Pa 283,444 329,196; 297,291 307,077 ! 310,261 i 258,762 • 324,790 290,1L6 304,044 280,751 Reading, Pa • 6,822 8.942 7,743 7,928 : 7,443 ! 5,979 : 8,393 8,755 8,108 6,526 - Scranton, Pa 14,888 14; 482 16,952 : 12,648 i 12,616 I 14,823 j 14,376 16,310 12,184 16,063 Trenton, N.J 9,335 10,888 12,656 : 10,846 : 10,548 I 9,753 11,290 10,555 11,512 10,203 Wilkcs-Bano, Pa... . 8,592 9,118 8,827 8,010 ' 8,461 ! 8,721 8,702 8,070 8,958 8,309 Williamsport, Pa .....! 3,758 5,233 4, 111 4,150 4,357 ' 3,719 4,61L 4,369 3,763 3,649 Wilmington, Del ! 6,959 7,888 6,337 6,938 7,396 i 6,705 8,921 7,235 7,615 6,006 York, Pa 4,114 7,390 4,650 4,685 3,836 4,102 6,495 4,525 4,096 3,804 District No. 4—Cleveland: Akron, Ohio 11,319 14,695 14,128 .12,307 12,378 12,365 j 16,379 ! 15,008 14,704 12,390 Butler, Pa 1,553 2,588 2,344 2,158 2,218 Canton, Ohio 6,101 9,682 9,102 7,550 : 6,881 Cincinnati, Ohio : 64,428 (58,358 79,892 67,296 63,311 54,758 • 70,13.8 j 72,842 I 65,451 , 53,093 Cleveland, Ohio j 92,507 133,569 140,025 117,522 112,636 120,419 . 138,965 j 146,850 I 133,617 ' 117,046 Columbus, Ohio • 23,297 28,078 33,190 30,206 I 26,406 28,427 j 28,785 j 35,874 j 31,635 i % 28,172 Connellsville, Pa ; 976 974 1,032 1,024 984 Dayton, Ohio ! 10,279 13,909 12,217 12,683 11,133 11,879 : 13,532 i 13,128 ; 12,358 11,843 Erie, Pa ' 4,761 5,628 5,969 5,565 5,826 5,898 6,752 6,2^)7 ! 6,256 | 5,926 H G o r m ee e n s s t b e u a r d g , , P P a a 3, 4 5 6 29 2 3, 6 4 2 92 8 3, 6 7 3 8 6 5 i i 5,1 6 3 2 3 9 . 4,1 5 3 63 9 I ' 3,949 3, . 8 . 2 . 5 .. j ! 3,865 . 1 '. 4,007 : 3,664 Lexington, Ky 5,716 4,879 4,559 4,378 ; 3,674 5,101 1 5,221 4,181 ! 4,492 3,614 Lima, Ohio 2,540 3,135 . 3,614 2,878 ] 3,111 ! .....I .'.. Lorain, Ohio 808 1,252 1,302 1,217 ! 968 I : !. ! "' New Brighton, Pa 1,756 1,905 1,973 1,597 i 1,800 ! • !..i..!!"!!.l""! Oil City, Pa 2,114 2,531 2,456 2,525 ! 2,936 : 1,995 i 2,604 ! 2,367 I 2,822 ! 2,724 P Sp it r t i s n b g u fi r e g l h d , , P O a hio 13 3 0 , , 4 3 0 8 2 0 '• 15 3 2 , , 7 2 9 9 0 2 15 4 5 , , 7 2 3 8 8 4 : 15 4 2 , , 1 4 9 0 4 7 ! 17 3 2 , , 4 1 7 9 7 5 ! 15 3 8 , , 9 9 6 4 0 5 16 4 1 , , 8 7 8 3 7 6 i | 15 4 9 , , 6 9 9 2 3 2 ! j 16 4 2 , , 1 1 0 3 1 4 17 3 7 , , 5 2 8 7 8 3 T W o a le rr d e o n , , O O h h io io 2 1 8 , , 9 8 7 5 7 8 3 2 1 , , 7 8 1 6 5 7 37 1 , , 1 95 19 4 3 2 4 , , 5 5 9 9 5 1 : 32 1 , ,9 7 0 0 7 3 i ...... ! Wheeling, W. Va 7,526 8,575 •• 7,901 8,127 9,552 ! 8,140 9,901 j 8,io6 8,696 j 7,399 Z Y a o n u e n s g v s il t l o e w , n O , h O io hio 2 8 , , 1 9 3 1 1 0 1 2 1 , , 4 9 3 5 0 9 ; i 1 2 2 , , 9 8 7 4 9 5 2 9 , , 4 0 4 9 3 3 1 2 1 , , 0 6 2 9 3 8 ' ! 10,731 ' i 14,514 ' I 14,217 9,885.! 10,508 District No. 5—Richmond: Asheville, N. C 3,200 4,058 4,335 | 4,070 . 3,700 Baltimore, Aid 70,050 92,773 80,736 . 81,193 ! 78,842 85,685 , 99,691 90,569 ! 93,404 78,818 Charleston, S. C 4,564 6,480 6,100 : 6,800 j 5,710 4,723 7,263 5,571 i 6,387 6,784 Charleston, W. Va 5,803 6,581 6.325 6,796 ! 6,635 Charlotte, N. C 5,605 6,095 5,332 8,244 ! 6,723 ; 4,974 5,756 I 5,048 6,006 ! 4,991 Columbia, S. C 4,771 7,308 ; 4,521 4,400 ' 5,192 4,374 '. 4,949 j 4,490 I 4,378 j 5,319 Cumberland, Aid 1,001 • 1,907 j 1,878 1,967 2,458 ' Danville, Va 1,634 : 2,230 ! 2,021 1,474 1,787 I Greensboro, N. C 2,633 ; 4,088 3,599 ; 3,402 3,209 Greenville, S. C 3, oiii : 3,279 3,499 1 3,454 i 2,776 2,283 ! 3,177 3,981 I 3,009 : 2,014 llagerstown, Al d 1,775 2,672 2,079 1,848 I 1,831 ! i Uuntington, W. Va 3,773 : 4,523 4,238 ; 4,368 ! 3,907 5,130 I 5,413 I 4,908 . 5,461 !* ""4,380 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

622 FEDERAL RESERVE BULLETIN. MAY, 1922. DEBITS TO INDIVIDUAL ACCOUNTS, BY BANKS IN REPORTING CENTERS—Continued. DATA FOR EACH REPORTING CENTER—Continued. [In thousands of dollars.] District No. 5—R ichmond—Con. Lynchburg, Va 2,872 4,520 4,544 3,978 3,476 Newport News, Va 1,486 i 1,712 1,492 1,610 1,467 Norfolk, Va 13,824 16,688 15,596 14,539 14.278 12,607 i 14,152 j 11,058 : 12,751 , 11,684 Raleigh, N. C 3,900 I 3,600 4,200 4,100 4; 100 4,200 4,000 j 4,100 I 3,800 ! 3,800 Richmond, Va 21,166 : 27,898 22,7()0 26,682 23,499 21,384 24,628 ! 21,871 28,746 ! 20,976 Roanoke, Va 3,705 5,272 3,800 5,164 4,348 Spartanburg, S. C 2,333 j 1,975 1,975 1,787 1,656 Washington, D. C 38,511 44,219 43,148 42,039 41,508 29,572 40,155 36,319 37,649 33,258 Wilmington, N. 0 3,869 j 6,044 4,888 4,731 3,651 4,714 6,132 ; 5,048 ; 5,902 3,975 Winston-Salem, N. C 4,459 : 5,730 5,101 5,700 6,633 District No 6—Atlanta: Albany, Ga 833 ' 922 823 986 707 Atlanta, Ga 22,686 26,027 23,320 25,305 17,776 20,055 25,174 j 22,544 I 25,588 i 19,232 Augusta, Ga 4,425 j 6,772 4,966 . 5,053 4,500 4,079 5,507 4,947 j 5,032 i 4,464 Birmingham, Ala 14,637 I 17,733 14,456 : 17,034 13,512 12,535 15,641 ! 12,640 I 15,756 I 12,214 Brunswick, Ga 469 j 588 588 539 410 Chattanooga, Tcnn 5,602 ; 7,944 6,252 7,324 6,556 7,508 8,411 I 8,952 j 10,146 | 6,884 C C o o r l d u e m le b , u G s, a Ga 1,9 1 1 9 1 7 i , 2, 2 5 8 0 6 5 2, 2 5 3 2 6 4 2, 2 4 1 8 6 7 1,8 1 9 89 7 T Dothan, Ala 557 ; 553 500 439 376 Elberton. Ga 172 : 361 229 214 132 Jackson, Miss 2,134 : 3,006 3,067 2,344 .1. Jacksonville, Fla 12,298 j 12,149 11,131 11,598 9,048 10,189 14,159 I 12,293 12,863 9,375 Knoxville, Tenn 5,625 5,937 • 6,339 7,086 5,038 5,559 6,816 ! 5,416 6,421 5,560 Macon, Ga 2,793 3,923 ! 4,204 4,193 3,053 3,486 4,491 ! 3,417 4,022 3,374 Meridian, Miss 1,467 1,991 1.830 1,976 1,679 Mobile, Ala 5,607 6,199 4,387 6,414 4,640 5,918 6,256 i 1,669 6,519 5,202 Montgomery, Ala 3,185 3,957 | 3,589 3,521 2,481 3,004 3,612 2,886 4,216 2,888 Nashville, Tenn 13,188 15,503 i 15,938 16,372 14,178 17,797 20,390 I 19,481 20,354 18,588 Newnan, Ga , 337 319 ; 275 287 267 New Orleans, La | 49,109 60,651 I 54,317 55,367 48,954 48,220 : 63,158 51,623 ; 52,614 55,430 Pensacola, Fla j 1,083 1,623 : 1,790 2,551 1,160 1)120 •• 1,607 1,466 , 1,644 1,203 Savannah, Ga 8,742 10,997 i 9,200 9,291 7,757 : 8,498 i 11,619 8,781 | 10,099 8,503 Tampa, Fla 4,812 6,448 j 5,863 5,841 4,743 j 5,635 ! 6,868 0,272 | 6,192 5,176 Valdosta, Ga 764 855 937 912 734 s Vicksburg, Miss 1,098 1,298 1,409 1,241 1,018 I District No 7—Chicago: Adrian, Mich 565 752 727 782 665 j Aurora, 111 2,396 2,555 3,264 2,839 2,756 Bay City, Mich 2,198 2,301 2,501 2,191 2,317 2,588 •: 2,781 2,328 2,308 2,332 Bloomington, 111 2,219 3,192 2,257 2,485 2,546 2,481 ! 2,983 3,203 I 2,564 2,014 Cedar Rapids, Iowa 4,614 7,532 5,313 4,969 4,787 10,561 : 13,965 11,034 ; 10,520 9,075 Chicago, 111 614,962 738,352 550,088 611,174 584,049 521,575 ; 514,728 553,907 I J93, 607 551,101 Danville/Ill 2,900 4,400 2,500 2,900 1,900 Davenport, Iowa 6,410 10,375 7,173 7,135 6,591 6,211 ! 8, 712 6,665 0,215 7,163 Dccatur, 111 2,946 ! 3,437 3,041 2,759 2,827 3,158 ' 4,151 3,043 3,388 2,660 Des Moi ties, Iowa 13,821 i 17,232 16,079 15,231 15,039 16,766 17,887 19,173 19,753 10,595 Detroit, Mich 110,510 i 114,673 99,334 124,731 128,178 86,123 101,273 103,257 128,265 103,464 Dubuque, Iowa 2,806 2,950 : 2,994 2,771 3,377 2,883 3,410 2,806 3,163 2,709 FFlliinntt,, MMiicchh 4,990 8,010 i 7,884 10,199 5,493 3,623 4,210 4,509 5,426 4,294 Fort Wayne, Ind 5,974 6,821 : 6,708 7,130 6,153 5,970 7,273 7,208 7,699 6,186 GG ary, IInnd 2,760 1,910 2,835 2,515 2,238 Grand RRapids.. Mich 13,344 13,452 13,219 13,837 12,638 16,017 15,346 18,252 18,756 i 17,798 Indianapolis, Ind 46,226 30,380 30,599 30,153 29,328 26,495 30,632 30,905 31,708 : 29,016 Jackson, Mich . 3,466 3,098 3,240 3,376 4,099 3,243 3,125 I 3,195 3,549 ! 3,451 Kalamazoo, Mich 3,585 4,229 4,089 3,864 4,198 3,630 4,354 4,094 4,289 ! 3,470 Lansing, Mich 4,264 6,592 4.831 5,224 5,301 4,003 4,801 : 5,236 5,-115 ' 5,832 Mason Citv, Iowa 1,852 • 2,609 1,972 2,533 2,032 Milwaukee, Wis 59,929 ! 49,568 52,493 55,905 49,813 41,577 51,313 50, 104 56,265 I 46,192 Moline, 111 1,548 ; 2,496 1,979 2,684 1,896 I 2,002 2,540 2,478 2,211 ' 2,018 Muscatine, Iowa 1,182 1,309 1,512 1,079 1,401 Oshkosh. Wis 1,800 2,100 2,300 2,000 2,011 i Peoria, 111 5,585 9,251 ! 7,189 7,559 7,176 i 7,173 8,676 7,982 8,477 7,159 Rockford, 111 4,078 • 5,907 • 4,806 4,790 4,293 i 4,652 ! 6,034 5,468 5,124 4,077 Sioux City, Iowa 15,580 i 17,168 15,774 14,078 14,957 11,139 i 13,249 11,332 9,586 8,617 South Bend, Ind 5,873 ! 6,665 6,415 6,462 6,184 5,118 i 6,481 5,890 6,155 5,299 Springfield, 111 4,645 • 7,001 5,753 6,256 5,128 5,960 7,108 ! 5,737 5,867 5,206 Dist W ric a t t e N rl o o . o S , — Io S w t. a Louis: 2,977 3,797 3,571 3,775 3,862 2,526 3,186 i 3,401 ij 2,796 3,236 East St. Louis and National Stock Yards, 111 7,665 8,757 i 9,284 8,009 9,609 7,418 8,030 8,535 ! 8,914 8,201 Evansville, Ind 5,760 5,189 5,359 6,512 i 5,899 4,407 4,344 5,243 ! 6,343 4,335 Greenville, Miss 751 947 1,086 748 i 549 Helena, Ark 751 833 | 950 826 i 798 Little Rock, Ark 7,731 8.287 i 10,058 9,023 8,406 8,622 : 9,015 9,545 i 10,489 7,907 Louisville, Ky 28,130 29,761 30,435 34,275 28,106 25,419 31,039 ! 28,945 31,271 26,538 Memphis, Tenn 18,255 24,931 | 24,387 22,464 27,072 17,110 16,247 20,808 ! 20,858 ! 17,113 O wensboro, Ky 1,139 1.288 i 1,156 1,270 j 980 Quincy, 111 2,019 3,009 : 2,059 1,951 ! 1,817 2,443 , 3,546 •2,474 I 2,447 1,878 St. Louis, Mo 112,203 133,082 i 131,022 132,051 113,208 113,525 131,389 134,832 I 140,306 115,386 Springfield, Mo 2,410 3,011 3,115 3,122; 2,571 2,435 3,239 3,102 I 2,876 2,238 District No. 9—Minneapolis: Aberdeen, S. Dak 937 1,337 1,188 1,360 1,130 ! 1,456 i 1,374 1.000 1,588 1,237 Billings, Mont 1,200 1,791 1,629 1,489 1,221 ! 1,400 I 1,965 j 1,632 1,884 1,508 Dickinson, N. Dak 155 227 266 426 327 i. Duluth, Minn 11,019 12,444 11,554 10,634 11,322 i 11,109 I 14,453 ! 15.266 15,159 • 16,873 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1022. FEDERAL RESERVE BULLETIN. 623 DEBITS TO INDIVIDUAL ACCOUNTS, BY BANKS IN REPORTING CENTERS—Continued. DATA FOR EACH REPORTING CENTER—Continued. [In thousands of dollars.] 1922 1921 AA'cek ending- Week ending— Mar. 29. Apr. 5. Apr. 12. ; Apr. 19. Apr. 26. I Mar. 30. Apr. 6. Apr. 13. Apr. 20. Apr. 27. District No. 9—Minneapolis— Continued. 'Fargo, N. Dak 1,866 2,370 2,465 2,572 2,152 2,042 ! 2,788 2,511 2,405 2,437 Grand Forks, N. Dak 1,075 1,379 1,521 1,621 1,434 997 i 1,269 1.236 1,071 989 Qreat Falls, Mont 1,292 1,421 i 1,294 1,273 1,281 1,457 I 1,723 1,647 1.752 1,627 Helena, Mont i 1,491 2,320 ; 2,136 2,025 1,695 1,467 j 2,483 ! 1,922 2,201 1,592 J L a e m w e i s s t t o ow w n n , , N M . o D nt a k ! ! 6 2 2 9 1 3 3 7 2 9 8 4 5 8 0 0 0 9 4 7 7 6 0 9 6 5 7 0 9 0 "I." Mni neapolis, Minn. 5o,988 02,010 61,586 67,890 69,069 54,499 72,067 68,831 67,118 58,256 Mi not, N. Dak. 771 870 1,132 872 715 Redwing, Minn 435 537 466 457 412 St. Paul, Minn i 27,169 1 27,841 i 27,023 1 30,524 1 27,569 ; 20,453 30,115 26,903 30,160 24,699 Do.. 30,973 i 32,872 31,398 35,665 32,390 ' Sioux Falls, S. Dak 2,490 ; 3,455 ! 3,150 2,797 3,084 3,719 4,817 3,961 \ 3,991 3,672 Superior, Wis 1,567 j 1,470 \ 1,533 1,751 1,535 i 1,458 1,997 1,913 I 2,088 1,973 Winona, Minn 760 I 1,063 ! 1,059 I 872 795 i 1,020 1,272 1,079 ! 794 967 District No. 10—Kansas City: Atcliison, Kans 1,300 ! 1,187 i 1,231 1,260 I 1,177 1,200 1,240 1,300 980 900 Bartlesville, Okla 2,006 : 2,785 2,304 2,575 1,031 2,021 2,589 2/774 2,480 2,160 Casper, Wyo 2,901 i 2,442 2,321 2,578 ! 2,595 Cheyennc, Wyo 1,785 1.690 1,508 1,490 : 1,695 . 1,686 I 1,821 ; 1,912 i 1,727 1,307 ColoVado Springs, Colo 2,155 3,031 2,563 | 2,357 j 2,257 I 2,131 2,580 i 2,552 2,182 2,164 I F > re e m nv o e n r, t , C N ol e o b . r ." 35,470 38. ' 3 9 7 5 4 1 29, 9 0 4 6 3 5 I 29,7 7 4 4 3 1 31,8 6 7 3 4 2 i i 28,413 36,000 29,106 31,073 34,695 Grand Island, Nebr 953 i 1,293 1,063 : 1,217 1,152 " Grand Junction, Colo 500 ! 596 682 : (567 594; Guthrie, Okla 461 : 506 553 533 478 H In u d t e c p h e i n n d so en n, c e K , a K n a s ns 2 2 , , 3 1 3 5 1 5 | i 2 1 , , 7 5 5 9 6 6 ! 2 1 , , 3 71 1 5 6 2 2, , 8 4 3 2 5 1 i 2 1, , 3 6 5 4 9 8 j T Joplin, Mo...-. 2'. 058 ! 2,227 j 2,563 ; 2,443 I 2,331 1,824 2,259 2,198 2,173 1,831 Kansas City, Kans 3)419 i 3,272 ! 3,527 i 3,412 3,222 3,325 3,137 3,357 1 3,223 3,066 Kansas City, Mo 56,433 .' 59,077 ! 65,308 ; 73,058 66,468 59,107 75,666 i 67,872 : 69,148 ! 64,476 M La c w A r l e e n st c e e r , , K O a k n la s i i 8 7 4 8 6 0 ' 9 9 0 4 1 8 ! 1 1, , 1 0 4 6 5 8 | 1,0 8 4 7 2 8 9 8 4 5 1 1 j 'I! Muskogee, Okla 5,578 5,579 5,548 : 5,441 5,958 : 3,892 ! 4,402 3,599 3,486 3,801 Oklahoma City, Okla 20,508 21,046 18,076 : 20', 175 18,788 : 17,621 j 22,060 19,989 20,365 18,246 Okmulgec, Okla 2,063 • 1,328 ! 1,838 . 2,108 1,684 ! Omaha, Nebr : 39,531 : 47,832 ! 41,220 40,484 42,259 I "38," 877' 42,867 40,395 44,029 37,739 Parsons, Kans 788 • •847' '• 763 810 863 Pittsburg, Kans 1,279 l.oto; 1,525 : 1,085 ! 1,047 T T S P t u u o . l p e J s b c o a k l , s o a e O , , p C k K h l o , a a lo M ns o 2 1 2 1 0 1 , , , , 4 3 7 0 0 9 3 5 6 9 8 0 i 1 3 A 3 ; , , 6 2 4 6 4 1 0 7 8 ! ! i 2 15 3 5 4 ' ) . , . 1 5 8 7 8 4 7 3 6 7 2 7 j 2 1 3 2 0 2 ; , , , 8 7 8 7 1 8 4 3 9 4 0 2 \ = 2 1 2 3 1 3 , , , , 9 6 2 1 2 2 2 9 3 9 9 3 ; ! ! 1 1. 2 4 9 4 ; , , . 4 3 5 4 6 3 8 3 5 7 6 7 ! • 2 1 1 5 4 5 , , , , 1 6 6 3 5 3 3 5 1 4 9 0 j 2 1 1 4 2 5 , , , , 2 8 9 6 1 6 8 3 2 6 1 3 ; I 1 2 1 2 4 4 3 , , , , 2 0 3 9 3 5 9 9 8 6 8 0 1 1 3 3 9 4 , , , , 7 6 0 6 8 0 0 0 8 6 2 8 Dist W ric i t c h N i o ta . , 1 K 1— an D s allas. 8,442 | 1 9 6 , , 0 5 8 04 6 i 8,612 ! 9,199 8,939 9,551 10,235 10,282 9,022 Albuquerque, N. Mex 1,513 ! 2,104 ! 1,751 | 1,889 ! 1,651 1,788 I 1,599 1,145 990 Amarillo, Tex i;; 3 1,674 | 1,5.17 I Austin, Tex 2,045 3,569 • 3,279 :' 2,932 2,931 2," 465"! 2,900 2,480 2,007 Beaumont, Tex 2,700 3,220 i 3,218 3,630 2,232 . 2,848 i 3,322 3,600 2,690 Corsicana, Tex 813 . 1,007 j 1,290 1,416 876 i Dallas, Tex 29, 198 i 32,442 ; 31,727 32,777 29,969 29,621 32,838 ! 29,936 33,779 29,576 El Paso, Tex 6,239 ! 6, 735 j 6,987 7,012 ' 6,742 ! 7,405 ' 7,444 ] 7,795 7,534 6,708 Ft. Worth, Tex j 30.876 ; 31,961 30,100 29,460 ; 26,120 l 20,410 : 19,120 ; 21,800 19,400 15,530 (1 al vcslon, Tex I \'X,967 I 18, 168 i 13,163 14,114 I 14,215 ! 17,674 , 21,570 : 17,090 Hi, 451 17,892 II ouston, Tex i 23,037 ,! 25,912 ; 21.812 24,170 ' 24, 574 26,822 26,065 22,620 28,566 22,109 Roswell, N. Mex 402 605 " ' 625 679 504 San Antonio, Tex... - 5,183 5,480 6,141 0,682 5,303 1 5,910 I 6,879 7.144 ! 7,007 5,792 Shrcveport, La. - 6,493 6,628 7,372 7,109 6.881 i 5,840 1 7,270 5,940 ! 6,275 5,902 Texarkana, Tex 1,284 • 1,127 ! 1,494 1,942 1;107 1 1,023 1,490 1,839 ! 1,652 1,125 W Tu a c c s o o , n T , e A x riz... i 2 1 , , 4 3 5 3 1 9 " i 3 1, , 5 5 - 0 1 4 7 3 1 , , 1 4 5 0 0 2 ; 3 1 . , 1 8 8 9 0 7 j 2 1 , ,3 8 8 0 3 0 I ' 2 1 , ,2 8 6 7 9 2 I 3 1 . , 6 30 6 2 6 3 1 , , 0 4 . 7 1 1 5 3 1 , , 1 38 9 5 5 3 1 , , 0 16 4 7 3 District No. 12—San. Francisco: Bakersficld, Calif 2,564 3,537 2,571 ! 2,467 2,279 BcUingham, Wash j 1,289 , 1,377 . 1,459 | 1,679 1,158 "I" Berkeley, Calif 3,390 : 4,247 ; 4,101 ' 3,572 3,654 2,252 I 2,973 I 2,750 i 2,838 2,478 Boise, Idaho 2.181 >' 2,731 i 2,531 2,319 2,492 1,862 ! 2,610 I 3,195 ; 2,644 2,063 F E r u e g s e n n o e , , C O a r l e if g . 9 l' J . 0 3 0 6 6 L i ! 15 1, , 3 9 4 8 5 5 I ! 1 2 5 , , 2 7 0 49 0 1 2 0 ' , , 1 0 7 8 4 5 11 1, . 7 2 4 1 6 5 8,738 9,739 9,401 I 9,838 8,559 Long Beach, Calif 5,842 : 7,152 6,812 7,036 (i 774 5,204 6,321 5,389 I 6,088 5,404 Los Angeles, Calif 10!),277 114,288 108,864 114,891 110,636 92,979 100,682 94,970 i 103;232 101,086 Oakland, Calif 17,018 23,056 19,015 20.025 19,986 18,293 18,412 18,069 • .18,643 17,672 Ogden, Utah 3,464 i 5,19-1 I 3,51.2 4)284 4,079 3,011 3,620 3,076 2,995 2,872 Pasadena, Calif 5,450 ' 3.872 ! 6,425 6,437 5,603 5,001 6,781 5,942 ' 5,727 5,251 Phoenix, Ariz 2,672 4;130 ! 3,7.1.5 3,760 3,355 Portland, Orog 25,522 32,370 : 35,967 32,639 30,920 30,882 39,382 43,505 37,283 37,761 Reno, Nev._ 2,024 2,256 I 2,153 2,131 2,190 2,180 2,656 •2.566 2,745 2,200 llitzville, Wash 132 139 j 146 207 184 Sacramento, Calif 11,615 .16,164 17,652 13,766 13,855 10,524 11,493 1 11,826 i 12,681 10,993 Salt Lake City, Utah 11,093 13,562 14,545 11,925 11,364 14,895 15,624 ; 18,059 : 16,513 15,571 San Bernardino, Calif 1,346 1,410 1, 743 1,502 1,400 San Diego, Calif 7,948 8, 752 11,576 9,756 9,338 7,309 8,329 j 8,911 8,726 7,383 San Francisco, Calif .1.34,544 161,904 i 153,105 175,581 168,989 171,072 175,258 1 167,823 198,664 172,231 San Jose, Calif 4,463 4,733 j 4,194 4,170 4,691 3,591 4,304 ! 4,533 5,180 6,620 Seattle, Wash 33,086 32,375 I 40,749 34,977 33,191 29,402 30,720 ! 33,520 33,407 28,848 Spokane, AVash 7,617 9,084 " 10,782 11,130 9,111 9,234 10,341 ! 12,497 10,856 Stockton, Calif 4,037 5,064 5,737 5) 699 5,186 3,742 4,753 I 6,434 4,629 4,293 Tacoma, AVash 7,385 , 8,291 8,692 8,351 ! 8,045 8,248 9,657 ! 8,773 8,182 9,326 Yakima, AVash 2,190 I 2,583 2,624 2,837 j 2,393 2,101 2,293 1,991 2,216 2,184 1 Debits of banks which submitted reports in 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

624 FEDERAL RESERVE BULLETIN. MAY, 1922. GOLD SETTLEMENT FUND. INTERBANK TRANSACTIONS FROM MARCH 24 TO APRIL 27, 1322, INCLUSIVE. [In thousands of dollars.] Changes in ownership Transfers. Daily settlements. of gold through trans- Balance in f ers and sottlemen ts. fund Federal reserve bank. , at close of ; | period. Debits, j Credits. Debits. Credits. Decrease. I Increase. : Boston.. 23,000 . 4,000 : 490,097 518,027 9,530 I 24,396 New York 24,000 ! 37,000 !1,905,582 1,923,161 30,579 ! 94,204 Philadelphia... 7,000 615,857 618, 746 9,889 ! 56,871 Cleveland.1. 7,000 2,000 516,335 518,892 2,443 ! 47,652 Richmond 2,000 469,404 409,678 2,274 32,221 Atlanta 3,000 201,632 220,108 12,476 28,089 Chicago 10,000 10,000 976,915 957,964 18,951 68,974 St. Louis 7,000 3,000 490,602 4S6,932 7,670 7,966 Minneapolis 2,000 137,898 129,896 6,002 26,554 Kansas City.... 2,000 4,000 372,827 367,012 3,815 25, 825 Dallas 1,000 1,000 197,372 193,699 j 3,673 8,2S1 San Francisco.. 2,000 7,000 274,922 247,728 i 22,194 36,965 Total five weeks ending— Apr.27, 1922 79,000 79,000 ! 6,652,443 6,652,443 : 64,748 I 64,748; 457,998 A M p a r r . . 2 2 8 3 , , 1 1 9 9 2 2 1 2 1 1 8 3 8 3 , , 4 5 5 0 5 0 1 1 8 3 8 3 , , 4 50 5 0 5 ! 6 6; , 1 7 5 5 3 6 , , 0 4 4 0 6 3 6 6 , , 7 1 5 5 6 3 , , 4 6 0 4 3 6 5 4 1 8 3 8 , , 4 1 9 3 3 7 Mar.24, 1921 , 214,923 214,923 . 6,476,880 6,476,880 541, 412 I GOLD AND SILVER IMPORTS AND EXPORTS. IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Gold. Silver. Countries. March. | Nino months ending March, j March. • Nine months ending March 1921 1922 1921 1922 IMPORTS. Denmark S53,437 §3,983,059 $290,173 812,579,266 S844 France 26,956,333 ! 6,619,971 75,733,754 127,278,661 $11,811 576,791 i SI26,810 198,781. ' Germany 3 532 ! 3,986 ! 11,296 .19,924,809 15,924 20,528 | 42,807 5,709,498 Greece..'.. -. 168>., "0"3"5 1,129,911 5,003 22,144 252,039 Netherlands 938,752 2,495,057 4,186,976 24,846 1,669 Spain 39,134 801,635 316,389 436 i 109,797 49,655 Sweden 4,678,956 11,938,204 6,715,020 51,770,795 31,395 1,354 United Kingdom—England.. 21,075,538 21,399 I 271,617,405 118,639,688 35,582 163,343 159,587 Canada 19,825,753 1,261,172 27,326,862 17,062,493 451,034 234,837 3,024,462 2,875,425 Central American States 601,560 414,414 4,334,583 4,815,105 89,557 .1,960,186 1,255,541 Mexico 445,388 707,332 4,137,279 4,282,030 2,375,308 5,476*! 656 ! 27,130,407 36,371,689 West Indies 6-1-1,011 14,530 3,222,653 2,852,154 3,123 17,487 ! 78,839 457,971 Argentina 162,016 7,105 ], 890,600 261,259 997 5,601 i 24,045 12,402 Chile 28,851 15,959 162,059 392,501 145,693 118,935 2,512,325 1,271,391 Colombia 1,122,867 414,200 11,873,453 7,822,482 27,377 ! 47,686 672,693 193,151 Peru 92,234 137,046 1,135,324 1,361,212 539,115 i 624,913 5,841,625 4,503,020 Uruguay 769,832 145,000 1,239,161 4,111,970 25,347 Venezuela 86,379 131,745 623,727 775,615 1,513 China 2,653,169 9,660,719 4,236,999 1,702 British India : 2,058,308 8,080,133 14,863,765 11,718 Dutch East Indies 81,856 217,617 725,039 1,342,271 932,258 328,479 Hongkong 9,421,632 534,429 192 201 Philippine Islands 74,253 49,592 839,795 997,216 14,130 14,390 British Oceania 1,419,459 152,450 7,617,739 12,740,382 3,020 1,550 All other 292,122 4,220,445 5,061,729 20,950,655 1,016,096 579,947 Total ; 87,271,775 33,488,256 456,149,741 434,104,125 3,872,047 i 6,953,105 : 45,549,530 , 54,027,128 EXPORTS. United Kingdom—England.. 85,565 765,413 1,562,459 6,574,255 9,431,987 Canada 247,341 3,449,990 2,04.4,827 224,771 267,625 I 2,200,738 3,987,427 C M e e n x t i r c a o l American States 300,187 6,110,338 j 4,21 1 4 2 , , 4 1 7 2 0 7 1 5 1 0 2 , , 5 6 0 7 0 7 '"•sib',m\ 1, 3 6 7 4 0 9 , , 0 0 0 6 5 0 1,51 6 6 , , 5 2 1 3 3 4 West Indies 50,000 713,000 350 10,950 4,440 j 880,299 28,100 Colombia 136,103 ! 239,500 327,103 Pdru 3,653,376 I China 12,000,000 ! 322,389 526,753 i 14,849,259 14,303,856 British India 1,414,461 i 2,003,057 553,086 1,341,761 j 1,935,182 4,316,183 Dutch East Indies 40,000 600,000 ! 40,000 French East Indies 2,290,000 ! 3,168,000 Hongkong 111,840 " 183," 805" 8,259,910 i 8,864,485 415,639 143,830 : 11,486,274 6,605,326 Japan 92,537,289 462,650 6,225,339 1,562,967 All other 300' 325,611 174,062 3,579,687 450 30,818 651,043 Total. 709,668 963,413 131,317,991 20,759,003 2,918,525 4,302,182 j 46,440,729 45,904,769 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE CLEARING SYSTEM. OPERATIONS DURING MARCH, 1922. [Number and amount of items handled shown in thousands.] Items drawn on banks located ! Total items handled, including Number of nonmember Federal b re ra se n r c v h e . bank or o I r n b F r . a n R c i . n h b o a c w n it k y n . . 1 d O i b s u t r r a b t i s n c a i c d t n . h e k c F o i r . t v R . . J I o t n e o m T f s r L e d a \ r s a u S w r . e n r d T e u x h o p c a t l l a n i u c l d s a i i l t v t e e i d e o m , n o s s f . It F e e . a b m d n r R s a t d o n . f t c b o o h h a r t e w h e n i s e r k a . r r s d- I s c t a e b d b m m a r t n a e o s n k d f p c o i o a h s r r r w t r e i t i n a n o c r t t d . - i ; ' | Number. duplicati A on m s o . unt. . 1 ; N m u b m e a m n b k e b s r e . r of ! On par li b s a t. nk N s . o l t i o s n ti par 1 i 1 Mar. Mar. ! Mar. i Mar. Mar. j Mar. N b u e m r. . - j ! - Amount. |i J1"l" I Amou nt. N b u e m r. - Amount. ber. iN b u e i r n . Amount.1 1922 1921 a 1922 19212 j ; 1 3 9 1 22 , . ! L 1 9 5 21 , . 1 3 .9 1 22 , . ! . 1 9 1 21 5 . . 19 3 22 1 . , • 1 19 5 2 , 1. I Boston 6641 130,568| 3,598 377,892. 19,825 4,417 928,285 201' 48,7651. 4,618, 3.670' 977,050 832,191 i 434| 436 259| »>! New B Y uf o fa r l k o 2,0 24 3 4 6 j 4,0 S 45 6, , 0 2 4 8 8 7 1 ' 4,6 1 7 3 8 4 59 50 0 , , 6 7 9 4 4 8 1 ! ,j 1.3': 11 2 6 , , 2 8 8 9 3 2 7,8 6 2 9 7 1 4,7 1 5 3 2 9 , , 9 02 27 o! 10 1 9 25 5l i 12 IS 0 , , 4 7 0 9 7 2 1 4 1 8 8 1 4 9 , , 3 7 7 8 0 8 , ' 8,9 8 4 64 0 : , - 7, 6 0 7 3 4 4 ; 4,8 1 7 7 7 7 , , 7 6 0 0 4 5 2,7 1 1 5 0 6 ,5 ,5 7 2 8 8 ': j 71 8 6 3 5 ; 70 S 7 3 25 77 5 i 2.50 Philadelphia 1,8591 732,374j 2,252 265,709; 152i 24,458 4,263 1,022,541i 722 125,032', 4,985: 4,085 1,147,573 1,006,367 j 7091 702 47l| ^ Cleveland 484 209,675 1,3431 146,505: 72|. 8,109 1,809 361,289 53 6,834i '32 ""7,'977! l,984j 1,,522 379,100: 34S, 755. 318 312 512; 526! Cincinnati 229 123,134 872' 81,676j 68 6, K99J3 1,177 3 213,205 14 5,635 12| 4,171 1,2031 966 j 223,011: 219.231! 222 220i 319 324, Pittsburgh.... 546 227,262 903; 88,9401 45 4,549| 1,494: 320,751 95 35,336 271 7,084 1,616 1,344 363,171) 3.S0; 706' 343 342j 219 233: Richmond 129 119,379i 1,975; 246,477! 54 8,650 2,158 374,508 168 57, 303 38! 8,917 2,364 1,973 140,726| 41.6,861 468 452 71.7: 772J 558 Baltimore 303 141,155 751i 66,952i 66 6, 998 1,120! 215,105 99 34,457 80l 7,175 1,299: '973 256,737' 238, S73i 162. 159 265 274' Atlanta 2111 76,29» 386 43,837 38 7,331 635: 127, -16(5 34 11,155^ 22 3,361 69 Lj 497 141,982: .1.1.7, l.S3i 226 209 95 107! 488 '527 Birmingham.. 272 34,815 158' 8,544 II 970 44l! .11,329 19 9,895! 32 18,195| 225 72,419 67,597j 81 71 33 32| 119 122 N J N a e a c s w k h s v O o i n l r l v l e e i a ll n e s .. . . . 1 6 7 0 5 8 1 2 2 4 9 3 4 ' , , , 9 4 9 5 8 7 1 6 2 | : i 2 1 1 2 3 9 0 1 1 ! 2 1 1 0 9 4 , , , 6 8 0 7 4 3 4 2 3 1 4 4 3 1 1 0 , , 3 5 9 3 0 6 0 9 4 3 2 2 0 7 7 3 5 4 1 i 4 5 6 1 9 4 , , , 9 0 7 7 2 6 6 3 2 1 : | 2 5 4 4 3 1 3 2 , , 6 9 3 5 7 1 0 4 2 i i 4 o 7 8! 10 1 , , 3 3 6 9 0 3 0 8 2 1 1 | 3 3 3 2 3 3 5 5 1 i i 3 2 2 0 5 3 0 0 8 5 0 8 6 5 2 , , , 9 4 6 3 2 6 4 9 4 : : ' 5 . 7 - 1 3 ,7 , ; 4 , 2 5 5 3 8 3 3 8 1 ! 7 87 5 . 6 8 5 7 5 2 1 6 4 5. 4 1 4 . 14 7 5 4 0 0 : 1 2 1 1 2 4 6 5 4 0 2 1 1 1 5 4 9 4 0 i C St h . i c L D a o g e u o t i r s oit 1, 3 3 20 0 9 6 7 2 6 2 1 5 3 6 4 9 6 , , , 8 8 7 5 3 3 4 3 0 ! ! 3 1 , ,3 9 4 9 9 9 3 9 8 ; 3- 5 8 1 0 1 6 , , 5 , 0 9 9 1 0 9 9 8 = , 36 1 5 0 5 4 9 3 . , , 4 3 7 4 3 4 4 3 8 5 1 , , 6 9 8 3 3 4 0 1 5 1 ! j .1, 2 3 0 2 3 5 1 0 5 , , , 7 2 5 7 1 1 3 5 0 3 3 5 1 6 2 2 32 2 4 , , , 4 7 9 4 6 4 6 8 4 4 9 9 i ! 1 3 1 1 , , , 7 0 S 0 5 3 4 6 9. 1 " 5 1, , 9 9 8 7 9 6 6 1 1 6 0 5 1 3 7 9 1 6 : i 1,0 3 2 9 2 3 2 6 5 , , , 3 1 7 8 5 1 ( 8 7 ) 1 ! l 1,0 2 1 0 9 5 7 5 7 , , , 0 4 6 8 5 4 2 1 0 ! ' . 1; 3 3 1 7 1 2 5 6 4 : 1, 3 3 1 0 6 2 6 1 0 2 7 97 6 2 . 3 2 1 i 1 2 , 1 7 5 , 5 0 9 0 0 , 3 I M S K D a a a i n n l n l S S M H H D L L n O O E P S L a s F e a p e a s o o o i l e o e k m r e a t a s l o u r a l s n l u t P m t p e t t a k a l n i C v t l s a A e n o s h h l L a a c p t e v s e i l a o o n n a i h t n R i a r o i s y s m n e l d i k c c l o s e e o o a c k l C C e i s i t t . y . y . I | 3 1 2 3 2 1 1 1 1 1 4 4 8 7 6 4 9 1 8 5 6 2 5 1 7 4 2 0 7 6 9 4 9 4 S 1 3 4 4 4 3 7 2 3 7 , 2 1 1 1 6 6 3 2 2 4 4 6 3 3 2 1 3 1 2 2 0 2 5 7 9 0 4 8 9 0 4 2 1 7 3 1 2 1 , , , , , , , , , , , , , , , , , , 2 8 2 5 8 2 6 4 7 5 5 5 9 3 9 2 5 7 7 9 5 7 2 5 4 6 7 7 5 2 0 0 6 0 3 5 2 1 6 6 2 7 0 3 1 6 2 3 4 3 9 7 2 3 1 ! ; j ! j : : : ' j : ! 1 1 1 1 , , , , 4 3 3 4 3 3 3 2 9 5 3 2 1 5 2 1 1 4 0 6 3 1 5 4 8 3 7 7 i 4 3 3 7 2 2 7 1 0 3 1 6 6 2 2 6 2 o 7 2 8 2 6 0 0 ! ; , ' , 1 : i : ; • 1 6 2 7 2 9 2 4 2 3 8 1 1 1 1 6 4 9 9 0 1 8 2 3 8 8 7 1 2 1 5 0 6 9 , , , , , , , , , , , , , , , , , , 2 2 7 5 1 5 2 7 2 8 2 9 5 9 0 5 f 7 > 2 1 9 7 1 9 1 0 5 1 5 5 8 3 9 8 8 4 3 7 9 8 0 2 3 4 1 6 0 5 9 5 0 9 9 7 1 1 ] ! ! ; ; : i 3 4 2 lo l 0 7 l \ ; . 1 1 1 1 1 4 6 3 2 2 2 4 . 1 8 3 9 1 1 3 0 1 6 ' , , , , , , , , . , , , , , , 6 3 3 3 8 8 2 6 O 4 5 0 9 8 5 5 7 8 7 7 S 5 3 0 3 4 4 3 1 4 2 7 1 0 4 S 3 6 4 3 5 f 3 0 5 9 4 1 7 3 2 2 7 S = 1 ! ! , ; : j | | i i 3 1 1 1 1 1 2 3 , , 5 4 1 , , 7 , 5 0 8 7 3 7 3 5 2 3 4 4 2 0 4 9 6 2 1 0 9 7 6 6 . 9 3 1 0 2 7 4 6 ; 2 4 9 8 0 6 7 5 3 5 3 9 " 1 1 J : ! i 3 3 ' 3 2 3 1 2 2 1 9 3 3 2 6 6 3 3 6 2 4 0 0 5 2 3 0 0 8 9 9 8 1 9 1 7 7 1 0 6 9 3 2 9 0 2 , , , , , , , , , , , , , , , , , , 6 6 0 0 4 5 8 0 8 9 5 9 9 0 8 1 5 9 0 5 9 L 2 5 4 3 7 8 4 3 8 6 3 2 0 7 1 ( 9 4 4 4 0 0 5 6 5 9 9 0 0 5 6 2 ) ' 1 ] ! ! l : | j 2 1 3 8 6 4 4 1 8 1 2 2 3 1 2 6 2 4 6 7 7 6 8 2 4 7 3 1 0 6 7 9 . 3 1 1 1 1 2 9 1 1 7 5 2 5 1 3 5 7 2 3 3 6 1 , , , , , , , , , , , , , , , , , 3 0 0 7 7 8 8 0 5 2 2 1 3 3 0 6 O L ( 3 1 3 3 2 6 0 2 9 1 7 2 6 7 1 5 2 6 i 7 1 2 8 1 6 2 9 1 4 0 8 7 2 9 3 l 1 ! - j ! ! , ; : i . 1 • 2 6 4 2 i 6 1 3 5 1 1 5 0 9 2 5 5 5 2 9 2 7 5 8 = ! . : | 1 . ! , i ! 1 1 2 6 6 1 6 5 8 3 3 3 2 1 5 , , ; , , , , , , , , , 0 2 8 6 9 1 9 6 3 6 3 2 8 1 5 2 4 1 i 2 3 8 8 0 7 1 0 9 4 8 9 0 9 2 6 - l 0 4 4 5 2 0 8 7 7 6 3 1 6 1 6 l 7 0 J - ! ' 1 | ! ! . 1 i . ; ! 2 1 1 1 2 , ' . , , , 2 0 . 8 0 0 6 3 2 6 6 2 8 4 3 4 9 4 2 9 4 5 8 1 9 1 7 5 0 1 L . 5 2 6 7 7 8 7 1 6 3 4 6 6 4 S 6 6 9 7 0 8 1 8 2 ! 1 : ; ! ! : ! ! 1 ! 1 | j ! , j 2 1 1 1 , , ' , , . H 6 3 4 6 2 5 8 9 1 7 4 7 4 3 1 2 2 8 1 5 3 4 1 1 1 2 1 0 9 9 8 4 9 0 7 8 7 4 4 8 7 4 4 8 3 1 9 1 8 3 4 l ; / J , : ' ; 1 ! j 2 3 2 2 1 1 3 3 4 9 2 2 9 8 2 7 5 5 5 3 2 7 5 1 1 9 3 4 3 0 5 9 3 3 6 8 4 1 6 5 2 4 6 , , , , , , , , , . , , , , , , , , 1 4 6 6 1 8 2 9 0 0 8 2 4 8 1 9 6 K 2 4 6 7 7 6 3 1 0 5 4 9 6 5 8 8 6 i 2 9 3 1 2 7 5 7 0 9 3 7 4 3 4 3 0 ll 1 j : ! , ; ! j i ! j ; | j 2 4 2 1 1 2 1 4 3 7 2 8 2 3 1 7 3 6 7 5 1 3 5 3 9 6 9 S 4 0 3 7 8 2 7 6 1 1 0 7 9 8 1 ' ; , , , , , , , , , . , , , . , , , 2 3 1 0 9 4 6 8 0 1 6 1 4 0 9 8 2 1 8 2 3 2 7 8 0 6 8 3 3 3 8 7 1 4 1 2 9 7 5 1 1 4 2 3 9 6 3 1 3 5 1 4 7 4 1 1 ! i : ! ' ; i i 8 3 3 2 6 1 1 1 2 1 1 1 1 6 2 5 9 8 5 3 6 3 9 0 6 5 0 6 7 6 3 1 7 5 7 9 6 2 1 8 9 8 0 1 3 7 1 3 S 1 , . 1 ! , ; i : : i i i ' 8 3 3 2 6 1 -1 1 2 1 1 1 1 6 9 5 1 6 3 5 3 7 6" 6 3 0 7 0 7 2 8 , - 0 0 2 8 9 0 0 2 5 l 0 2 8 7 0 4 1 ! : 1 j % '1 2 , 7 3 4 2 2 4 4 8 \ 7 2 2 1 1 1 4 5 2 0 3 5 9 7 6 7 m 1 9 0 6 4 5 2 2 3 6 8 7 4 5 3 0 6 2 3 5 4 ' ; ! ' ! . ; : ' : 2 2 1 1 2 , , , 3 i 5 4 2 1 2 5 9 2 2 1 1 1 3 s 3 9 4 0 1 7 8 0 7 8 . 6 9 1 7 7 3 3 9 8 7 9 3 4 6 1 7 6 S 8 9 ! i ^ ; 1 ! : ' : ' 1 i . 0 . . . . . , 1 1 1 6 3 7 9 1 4 4 4 1 1 1 4 7 2 4 Total: M Fe a b rc ru h arv. 1 9 1, , 0 0 1 1 1 9 : 8 7 , ,0 5 1 61 7 , , 0 0 8 2 8 3 ! j 3 2 4 8 , , 3 0 6 2 6 6 - 2 3 ! r2 5 4 7 3 7 , , 3 3 2 0 o 0 |2 2 , , 9 1 2 4 9 4 ; 5 4 3 0 9 0 , , 0 7 7 8 9 7 3 3 4 9 8 , , 1 9 9 1 8 73 9 12 ,9 ,3 9 4 7 6 , , 5 7 4 3 7 3 3 3 , , 9 2 4 3 6 : 6 5 7 6 0 1 , , 0 0 8 44 ?! ; •6 8 5 6 7 7 ! i 1 1 7 3 9 1 , , 1 9 4 W 5 4 5 3 3 , , 0 7 9 3 l 0 l J 4 4 3 3 ,4 ,8 4 3 7 8 J 1 1 3 0 , , 1 6 9 9 - 0 , , ^ 5 6 3 ^ 1 ! 1 lO 0, ,4 7 1 8 4 5 , , 6 6 5 4 8 7 i j 9 9 , , 8 8 7 5 3 6 ! 9 9 , , 6 6 9 6 6 8 1 1 1 8 7 , ,9 0 7 1 6 9 1 J1 1 9 8, , 8 0 0 2 4 3 , ; 2 2 . , 3 3 1 )1 8 1 1 , , 9 7 3 4 6 4 1 Incorporated banks other than mutual savings banks. 2 Feb. 16 to Mar. 15,1921. 3 Includes items drawn on banks in other Federal Reserve districts forwarded direct to drawee banks as follows: Cincinnati, 8,000 items, $1,496,000; Minneapolis, 2,000 items, $ 1,350,000; Omaha, 1,000 items, 8394,000: total, 11,000 items, 53,240,000. NOTE.—Number of business days in period for Baltimore, Dallas, El Paso, and Houston was 26, and for other Federal Reserve Bank and branch cities, 27 days. fcO C7I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

626 FEDERAL KESEBVE BULLETIN. MAY, 1922. MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL RESERVE SYSTEM, APRIL 1, 1922. General stock. U a G s H . o S a e v s . l e s d T e r n t r i s n e m a o s e th f u n e r t t h e .1 - e H a F e n . l d d R b a . g y b e a o n n r t k s f . s o 2 r IT H . a e S n S ld d . y s T o t F r e u . e m t a 1 s 1 . s id . u e ry U c A a . a p S m n i . t d o a T u F o r n e . u t a t 1 p s s 1 i u e . d r r e y " System. (.iold coin and bullion 83,750,617,539 j $380,694,273 " 82,241,345,367 I 8429,419,665 Gold certificates 526,208,100 172,950,134 Standard silver dollars 367,'261,'851 6,995,014 i 9,301,554 , 59,098.542 Silver certificates 36,874,053 253,4.62,125 Subsidiary silver 272,329,258 "i 7," 929," 695 "I 27.024,802 227,374,761. Treasury notes of 1890 1,209 1,529,354 United States notes 346,681,016 5,356,478 i 57,232,295 284.092,243 Federal Reserve notes 2,521,963,710 2,180,607 ' 30+', 237,385 2,215,545,718 Federal Reserve Bank notes.. 97,443,400 958,925 I 1.2,356,463 84,128.012 National bank notes 752,679,422 19,1.86,672 . 12,522,079 720,970,671 _!— Total:Apr. 1, 1922 8,108,976,196 ! 433,301,664 3,227,103,307 4,448.571,225 S40.69 Mar.], 1922 8,076,223.365 | 41.7,395,134 i 3,225,479,102 I 4,433;349,129 40.60 Feb. 1,1922 8,079,226;057 423,791i431 3,243,270/315 ; 4.412,164,278 40. 46 Jan. 1,1922 8.282,433,487 ! 427,628',569 : 3,147,357,764 I i; 707,447,154 43. 22 Dec. 1, 1921 8J156,446, 450,610.144. : 3,082,379,182 I 4,623:457,657 42. 50 Nov. l, 1921 8,117,812, 457,988;002 2,982,192,610 j 4,677,631,480 43. 06 Oct. 1, 1921 8,150,752,689 430.580,014 2,980,284,106 ! 4,739:888,569 I 43.68 Sept. 1,1921 8,082,456,974 431;623,905 2,907,188,113 I 4,743,644,955 I 43. 77 Aug. 1.1921 8,059,103,327 432,471,109 2,818,800,024 ' 4,807,832,194 ! 44.42 July 1,1921 8,096,033,684 460,595,721 2,697,553,897 i 4.937,881,066 . 45.68 June 1, 1921 8,114,987,895 499,236,987 2,562,692,917 ! 5; 083',057,991. j 47. 09 A M p a r y . 1 1 , ,1 1 9 9 2 2 1 1.... 8 8 , , 1 1 2 8 8 1 , , 2 5 1 2 9 9 , . 1 27 8 4 3 4 5 9 0 6 8 , , 9 3 4 4 5 9 ! , 9 1 6 9 9 3 2 2, , 5 5 3 1 4 2 , , 7 4 4 6 3 5 , , 8 8 - 3 1 1 3 : j • , , 1 4 10 9 7 ; ,4 8 0 3 4 9 , ,4 1 6 5 2 6 i ! 4 1 7 7 . . 3 8 8 3 Mar. 1, 1921 8,176,356,209 493,970!120 2,385,101,578 I ,297,278,511. j 49. 26 Feb. 1,1921 8,286,360,557 499 358'809 2,438,773,422 ! . 348,228.326 I •19. 80 Jan. 1, 1921 8,516,984,381 494,296!257 2,377,972,494 : ;61 715,630 I 52.63 1 Includes reserve funds held against issues of United States notes and Treasury notes of 1890 and redemption funds hold against issues of national-bank notes, Federal Reserve notes, and Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in trust for the redemption of outstanding gold and silver certificates and Treasury notes of 1890. •-' Exclusive of amounts held with United States Treasurer in gold redemption fund against Federal Reserve notes. DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT MAY 1, 1922. Paper maturing within 90 days. Agricultural Secured by- Bankers' and live-stock acceptances paper Federal reserve bank. Commercial, maturing maturing i T i c n r e e d r a t e i s b f a u i t c n r e a y d d t e n n s e o s o te s f . s L a i n b d e n r o V ty t i e c b s t o . o n ry ds acc T ep ra ta d n e ces. a p a n g a d p r i e l c i r v u , e l n t - u s . t r e o a . c l s , k . w m i o th n i t n h s 3 . af b 6 te u m r t 9 o w 0 n i t t d h h a i s n ys, Boston 4| New York 4 4i Philadelphia.. i 44 44 4-1 4 Cleveland Richmond 4 4 * T 4i 4t4 4 44 i 44 Atlanta Chicago 4|- 4/I 1l 44 St. Louis t 44 4 Minneapolis... 52 5 5 Kansas City... 5 5 5 5 Dallas 5 5 5 5 San Francisco. 4i 44 41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST RATES. In the following table are presented actual discount and interest rates pre- A comparison between rates prevailing during the 30-day period ending vailing during the 30-day period ending April 15, 1922, in the various cities April .1.5 and the 30-day period ending March 15 continues to show a tendency in which the several Federal reserve banks and their branches are located. toward stabilization. The only marked decline was in bankers' acceptances, A complete description of the several types of paper for which quotations both indorsed and unindorsed. Compared with the corresponding period last are given will be found in the September, 1918, and October, 19J8, FEDERAL month, all rates are lower. RESERVE BULLETINS. DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING APRIL 15, 1922. Bankers' acceptances 00 to 90 days. Collateral loans—stock exchange. Ordinary loans to District. City. C lo a a t n tl s e . S w e r a e c r c u e e r h e ip o d t u s b s . e y s c e u L c s u i t b r o e e m d r t e y b rs y 3-G months. bonds. t=J No.l.. Boston ILL. a //. L. a U. L. C. //. L. a d is No. 2.. New York1 o'-0 6 4 Buffalo 6" 6 6 6 No. 3.. Philadelphia 51 54 04 6 5 54 No. 4.. Cleveland 6 6 6 6" Pittsburgh 0 6 6 6 6 G Cincinnati G 6 G G 6 6 G T) 5 No. 5.. Richmond 0 6 6 6 f> 6 Baltimore 0 6 6 6 6 6 No. 6.. Atlanta (i .! 7 51 7 7 .5 6 Birmingham 7 -i 7'«" 61 7 "} G 6£ Jacksonville .. 7 74 7 U 64 7 New Orleans 8 I #" 5> 6-7 8 5 6 N N o o . . 7 8 . . . . C N S D t h a e . i s t c L r h a o o v g il u i o l i l s e ! j : | 6 8 6 7 6 6 5 5 6 6 7 54 4 " — 6 _ ! I . I 8 . 8 6 .. 6 6 : G 7 8 8 . 6 " s 7 ? 7 6 6 1 5 6 5 5 5 6 4 4 Louisville ; 0 6 54 6 Memphis j 8 J 8 60 66 7 6" 6 Little Rock ! 8 1 8 7 8 7 8 8 7 7 No. 9.. Minneapolis | 6 61 i .7 6 6 6 G a-1 54 No. 10. H K O e m a l n e a s n h a a a s . City : i ! 8 7 8 6 8 7 7 « 8 4 1 6 7 7 7 7 7 1 1 1 i I 8 * 6 8 7 7 7 8 6 6 8 4 6 5 8 " 4 8 6 6 4 Denver 8 GA-7 8 G 64-7 6 64-7 8 54 64-7 Oklahoma City ,10 10 7 8 10 7 8 10 6" 8" No. 11.. Dallas i 7 8 6 7 2 8 6 6-J 8 6 7 El Paso ,10 10 7 8 10 6 8 10 6 8 Houston i 7 7 7 7 7 6 54 G No. 12.. San Francisco ! 0 t; 0 G 7 6 6" G Portland | 8 8 7 7 8 8 6 7 Seattle • 8 8 8 (j 7 Spokane • 8 8 7 7 7 8 7 7- Salt Lake City , 8 8 8 8 8 8 6 7 Los Angeles •, 8 8 64 7 10 8 6 7 1 Secured by prime bankers' acceptances 41, 3, 34-44. to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

628 FEDERAL RESERVE BULLETIN. MAY, 1922. FOREIGN EXCHANGE. Relatively slight changes in foreign exchange ian lira from 5.37 to 5.4 cents. On the other rates, accompanied by a considerable shift of hand, South American exchanges show unitrade from countries with high exchange rates form, though not significant, declines. Of the to countries whose currencies are greatly de- oriental countries, India and Japan show no preciated, are reflected in a decline of the gen- change in rates, while the Shanghai tael reeral foreign exchange index from 56 in March to flects the rise in the price of silver bullion by 53 in April. Advances for the month arc shown advancing from an average of 70.8 cents in for most of the leading European countries, March to 73.9 cents in April. though the rates on Spain, Germany, and Swe- The rates used in the compilation of the table den show nominal recessions. Sterling went are noon buying rates for cable transfers in up from an average of 8-1.376 to the pound in New York, as published daily by the Treasury March to $4,413 in April; the French franc ad- in accordance with the act of May 27, 1921. vanced from 9 cents to 9.23 cents, and the Ital- FOREIGN EXCHANGE INDEX 1918 - 1922 -GENERAL INDEX •FRANCE ITALY -ARGENTINA • ENGLAND •GERMANY >• NETHERLANDS ^ JAPAN ' A.M.J. J. A.S.C 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDEEAL. RESERVE BULLETIN. 629 FOREIGN EXCHANGE RATES. [Rate in cents per unit of foreign currency. General index for April, 1922, 53; for March, 1922, 56; for April, 1921, 57.] COUNTRIES INCLUDED IN COMPUTATION OF INDEX. \ Index (percent Par Low. High. Avc | of par).1 Weight. Monetary unit. of exchange. April. March. April. March. April. March. April. March. Belgium Franc 19.30 8.4000 8.1900 8.6200 8.7100 8.5192 8.4311 44.14 43.68 29 29 Denmark Krone 26.80 21.0700 20.8700 21.3000 21.3600 21.2204 21.1081 79.18 78.76 19 21 France Franc 19.30 9.0200 8.8100 9.3500 9.2100 9.2288 9.0033 47.82 46.65 87 79 German y Reichsmark 23.82 .3110 . 2945 .4163 . 4360 . 3459 . 3585 1.45 ! 1. 50 101 84 Italy Lira 19.30 5.1700 4.9000 5.4900 5.4000 5.3668 5.1115 27.81 | 26.48 27 24 Netherlands Florin 40.20 37.7300 37.3400 38.1600 38.3600 37.9332 37. 8152 94.36 i 94.14 39 27 Norway Krone 26.80 17.7400 17.2800 19.0900 18.0900 18.6116 17.6156 69.45 I 65.73 7 8 Spain Peseta 19.30 15.2700 15.3600 15. 5800 16.0300 15. 5128 15.6533 80.38 ! 81.11 17 18 Sweden Krona 26.80 25.9400 25.6300 26.1800 26.6300 26.0480 26.1563 97.19 ; 97.60 40 34 Switzerland Franc 19.30 19.4200 19.3300 19.4600 19.5900 19.4480 19.4548 100.77 i 100.80 11 11 United Kingdom Pound 486.65 437.6500 429.3600 443.0000 444.0800 441.3368 437.5719 90.69 " 89.92 210 243 Canada Dollar 100.00 96.8917 95.5469 98.6688 97.9844 97.7580 96.8604 ; 97.76 96.86 161 156 Argentina Peso (gold) 96.48 78.3400 80.1300 81.5000 84.9000 80.7480 82.7785 ! 83.69 ! 85.80 26 34 Brazil Milreis 32.44 13.4700 13.4400 13.6900 13.9600 13.5696 13.6678 i 41.83 • 42.13 25 31 Chile Peso (paper) 219. 53 11.0625 10.8750 11.6250 11.6875 11.2775 11.4050 ; 57.74 . 58.40 10 11 China Shanghai tael... 2 66.85 72.4200 67.2900 75.6000 72.9600 73.9396 70.7541 110.61 105. 84 41 50 India Rupee 48.66 27.6800 27.5000 27.9600 28.0900 27.8096 27.8215 I 57.15 57.18 26 29 Japan Yen 49.85 47.3100 47.1900 47.4500 47.5000 47.3628 47.3485 I 95.01 94.98 94 111 OTHER COUNTRIES. Low. High. Average. Index (per cent of par). Par of Monetary unit. exchange. April. March. April, i March. ]- April. March. \ April. March, Austria Krone. 20. 26 0.0127 0.0130 0.0137 0. 0190 • 0.0134 0.0150 0.07 0.07 Bulgaria Lev. 19.30 . 6850 . 6850 .6983 ; .6983 . . 6898 . 6880 3.57 3.56 Czechoslovakia. Krone 20.26 1.8569 1.6213 2,0392 : 1.8978 i 1.9602 1.7333 9.68 8. 56 Finland Markka 19. 30 1. 8638 1.9763 2.0538 2,1214 I 1.9268 2.0600 9.98 10.67 Greece Drachma 19.30 4.3700 4.2200 4.5200 ; 4.5800 ! 4.4668 i 4.4407 23.14 23.01 Hungary Krone 20.26 . 1154 . 1082 .1351 j . 1450 .1258 ' . 1256 .62 .62 Poland Polish mark... 23.82 .0241 .0213 .0271 j . 0262 . 0262 .0238 .11 .10 Portugal Escudo 108.05 7. 7500 8. 0300 8.1800 ! 9.1700 7.9800 j 8.4293 7.39 7.80 Rumania Leu 19.30 .7075 . 7159 .7591 : .7942 : . 7332 .7485 3.80 3.88 Yugoslavia \ f S K cr ro b n ia e n dinar. 2 1 0 9. . 3 2 0 6 1 . . 3 2 0 0 1 5 1 0 1 . . 2 3 2 0 0 4 0 8 1 . . 4 6 0 2 3 4 1 3 ' 1. . 4 3 5 5 6 7 0 9 1 . .3 3 3 3 0 2 2 5 1 . .2 3 8 2 9 0 9 7 | . 6 1 . . 8 6 9 4 6 1 . . 6 5 8 8 Cuba... Peso... 100. 00 99.7689 99.8250 99. 8625 99.9375 :99.8115 99.8878 ! 99.81 99.89 Mexico. do. 49.85 49.0375 48.6375 49. 5775 49.7375 i 49.3574 49.2888 ! 99.01 98.87 Uruguay. ..do. 103.42 76. S900 79.2000 79.0100 82.2000 , 78.1116 80.7326 75. 53 78.06 China Mexican dollar.. 2 48.11 52.8500 49. 7300 55.2S00 53. 3500 53.9196 51.6278 j 112.08 107.31 Hongkong Dollar 2 47. 77 53.6800 51.7000 55.9300 54.4100 ;54. 7284 53.1767 ! 114.57 111. 32 Straits Settlements. Singapore dollar. 56. 78 49. 5800 48.8300 50. 5800 50.1700 !49. 9928 49.5307 : 88. 05 87.23 1 Based on average. 21913 average. Average price of silver per fine ounce: In London (converted at average rate of exchange) 50.67694; in New York, SO. 67055. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

630 1'EDEEAL. RESEEVE BULLETIN. MAY, 1922. CONDITION OF MEMBER BANKS. ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS IN EACH FEDERAL RESERVE DIS- TRICT ON MARCH 10, 1922. [In thousands of dollars.] D N i ( s o 4 t . 0 ri 1 ct D N i ( s 1 o t 3 . r 5 i 2 c t : D N is ( o 5 t . r 5 i 3 c t j ! D N i ( s 1 o t 1 . r 6 i 4 ct D N i ( s o 6 t . r 8 i .r ct D N i ( s 1 o t 3 r . i 1 c 6 t; D N i ( s o 3 t . 7 r 6 i 7 ct D N i ( s 1 o t 0 . r 7 i 8 ct D N i ( s 1 o t 3 . r 7 i 9 ct D N i o ( s . 4 tr 3 i 1 c .0 t = D i ( N s 2 t 0 o r 1 i . c . 1 t 1 ; - ! 1 D ( i 2 N st 1 o r 5 i . c t 1.2U S T 1 n o :a i t t 1 a e l e d s banks). banks). banks).j banks). banks). banks). banks). banks). banks). banks), banks).! banks).; RESOURCES. I Loans and discounts 471,0261,962, 787 I90.542J 666,381 110.447 221,8051,112,8501 275,360 93,02.1 89,275 594,606 5,865,265 Overdrafts 154 529: ' 87 199 ' .164 6581 675 540 . 172 420 482 4,236 Customers' liability on account of acceptances 9,010 S6,745| 203; 4,818 398 6,813 14,203 1,292 63 880 125,462 United States Governmentsecurities • 40,705 374,331 j 31,789! 00,635 4,573 7,881 98,079, 16,325 4,629 78,905. 726,302 Stock of Federal reserve bank. 2,2S,' 11,276- 2,336 4.529 776 1,392 5,686 1,605 676 2, 555! 33,965 Other bonds, stocks, and securities 106,818 477,930^ 104,566 181,483 13,836 22,684 271,453 46,730 10,928 2,165 113322,,7733Ss|| 1,383,085 Banking house furniture and fixtures 12,929 06,957 11,312 26,702 4,672 14,422 31,494 10,776 2,675 3,214 29, US 217,167 Other real estate 1,760 4,530 2,829 16,649 837 2,093 4,895! 1,953 1,015 2,1.22 3,627 42,565 Gold and gold certificates 1,070 2,931 438j 353 104 ' 276 1,956 263 ' 187 107 921. 9,393 All other cash i n vault 10,751 36,086 4,920 2,653 5,505 26,873 2,343 Reserve with Federal reserve 13,654 5,462 2,317 12,255 124,329 bank 42,052 286,315 21,949 6,110 .1.4,558 95,241 Items with Federal reserve 48,550 20,980 6,002 42,829J 597,930 bank in process of collection. 9, 85-t' 36,864' 5,750: .1,691 6,733 13,462 Due from banks, bankers, and 15,146 9,41.3 1,512 8,925 115,262 trust companies 19,902: 65,657; .12,322 9,566 26, 191 85,844 11,653; 61,548 Exchanges for clearing house; 32,280 24,572 379,324 also checks on other banks J. in same place 8,391 2I6,225! 3.042 8,441 6,548 24,855J 5, 115 566! 8,561. 284, 778 U O n u it i t e s t m e id d s e S ch ta e t c e k s s a se n c d u r o i t t h ie e s r c b a o s r h - • 1,094 8,214 : ' 230 ! ! 2,611 194 1, OS 4 I ! 7,46 ! 4! 690 2931 9,091; 32,306 rowed 40 5,151 3,880- 6.492 635 579 3,709: 6,779 545i 235i 28,544 O O t t h h e e r r s a e ss c e u t r s ities borrowed *5,966 76,66 4 9 0 1,786| j 7 ' , 70 1 9 3 J A! .... 3,285 12 9 ,1 8 8 8 6 j ! 2,12 7 1 1 2,799 6 ' ! 4,66 2 1. S ; ! 1 1 2 , 3 1 ,4 4 2 6 8 ij 229J 3 Total 747,3413,719,237. 397,981 • 1,091,645! 157,537, 342,507 1, 8.11,9^13 4.30,047 128,364 991,965; 10,094,487 LIABILITIES. ~T Capital stock paid in 36,81.1 187,668' 27,773 70,434! 15,739 28,654 102,802 31,842 10327 9935 15,075 60,309 597,369 Surplus fund 39,021 81,367 10,236 17,899 86,986; 21,978 4,145 3,742 6,201 24,425 525,379 Undivided profits, less ex- 179,029j 50,350 penses and taxes paid .17,977 18,387 3,578 5,095 31,890 6,751 1,525 2145 1,727 11,705 188,149 Amount reserved for interest 75,614- 11,755 and taxes accrued 3.010 3,325 852 8,788 1,493 1915: -365 197 2,407 41,215 Due to Federal reserve bank.. '883 128,,381793j 1,19.8541 '601 432' 374! 118 25 126 20 5,860 Due to banks, bankers, and I ! trust companies 22,517 294,630 10,503: 45,869 8,639: 36,956 85,820 31,911 7,972 35,225 619,112 Certified and cashiers' or 9,682 29,388 treasurers' checks outstanding. 7,288 126,829 1,906 5,656 1,893 2,420| 1.5,71.4 3,474 1,371| 1,870 1,031 14,782! 184,234 Demand deposits 415,3302,1.11,936 203,61.1 367,232 52,253 129,942 612,855 164,894 38,47o| 64,076 65,079 281,023 4,506,706 Time deposits ! 168,690 ' 469,836' 66,968 443,585 50,000! 87,614 778,375 133,674 56,490 24,668 11 8£•,>1 .18 n7— 5:2O71 ,O3A4't2 2'v, 8"2"-5,429 United States deposits j 10,235 49,311' 7,854 10,176 1,075! 4,431 19,741 3,853 777 2,504 l,541i 5,071 116,569 Total deposits I 624,9433,054,855 291,796 873,119 114,292 261,7371,512,623 337,831 106,809 122,506 93,936 863,463 8,257,910 Bills payable (including all ! obligation s re present ing j money borrowed, other than rediscounts) 2,118 17,881 7,94*) 5,287 4,193 7,431 15,975 5,339 5,609 1,104 3,763 14,730 91,370 Notes and bills rediscountcd (including acceptances of other banks and foreign I bills of exchange or drafts Ca s s o h l d l w et i t t e h r s i nd o o f r se c m re e d n it t ) and 11,452 39,709 22,965 7,763 12,135 23,550 10,221 4,560 1,257 6,501 7,579 148,783 Ac tr c a e v p e t l a e n r c s e c s h eck ex s e o c u u t t s e t d a ndi f n o g r . 89 13,256 2 48 9 247 59 1 58 1 13,850 Ac c c u e s p to ta m n e c r e s s executed by other 8,650 86,597 204 4,818 398 7,031 14,052 1,2 979 850 124,867 banks for account of reporting banks 1,148 5,479 35 25 6,687 United States securities borrowed 40 5,150 6,492 670 579 3,804 6,779 131 545 235 28,722 Other securities borrowed 40 1.3 988: 71 28 1,146 Other liabilities " 2, 082 35,080 1,960 5,390 145 1,085 10,173 6,395 109 412! 6,129 69,040 Total 747,341 3,7.1.9,237 397,981. 1,091,645 157,537 342,5071,811,913 430,047 133,411 142,539 128,364 991,965 10,094,487 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 631 ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYSTEM ON MARCH 10, 1922, BY CLASSES OF BANKS. I In thousands of dollars.] Central reserve city banks. Total United States. Other re- C ountry '• serve city banks banks (1.94 (1,377 Mar. 10, Dec. 31, I i ( N 29 e w ba Y n o k r s k ) , | j (1 C 4 h b ic a a n g k o s). (1 S 0 t. b L an o k u s is ). ! (53 T b o a t n a k l s).1 banks). banks). 19 b 2 a 2 n ( k 1 s ,0 ) 2 . 4 19 b 2 a 1 n ( k 1 s ,0 ). 14 I j RESOURCES. j Loans and discounts j 1,452,352 459,233 127,09(5 I 2,038,081 2,280,310 1,540,274 5,865,205 5,906,281 Overdrafts : 420 48 09 537 1,300 ' 2,333 4,230 4> (534 Customers' liability on account of acceptances, j 85,931 14,003 581 100,515 23.332 i;015 125,4f>2 142,890 United States Government securities 287; 879 23,000 0,072 317,551 242,811 105,940 726,302 074,353 Stock of Federal reserve bank ''• 8,520 2,377 844 11,741 13.080 8,53S 33,905 33,512 Other bonds, stocks, and securities 258,980 107,175 27,979 394,134 598)058 390, 893 1,383,085 1,398.542 Banking house, furniture and fixture* ! 4(4,3(>(i 2,894 4,045 53,305 99,000 04,202 217,107 212; 071 Other real estate i 1,949 2,273 444 4,000 27,282 10,017 42,505 32,804 Gold and gold certificates j 1,944 844 54 2,842 2,788 3,703 9.393 8,727 All other cash in vault ! 23,354 8.250 1,892 33,490 49,150 41,083 124,329 128,530 Reserve with Federal reserve bank j 241,727 49^ 794 11,59(3 303,117 193,920 100,887 597,930 015,082 Items with Federal reserve bank in process of collection : 23,851 8,53(> 5,822 ! 38,209 00,922 10,131 115, 202 I 127,131 Due from banks, bankers, and trust companies j 40,092 34,013 0,718 j 82,023 178,989 118,312 379,324 . 359,043 Exchanges for clearing house, also checkss on ! I other banks in same place j 208,872 , 14,738 2,890 ' 220, 500 47,710 10, 508 284,778 ' 270,013 Outside checks and other cash items [ 0,871 I 3,488 ' 175 ! 10,534 17,493 4,279 32,300 i 44,133 United States securities borrowed ! 130 ' 3,000 I 3. 730 14, 790 10,0.18 28,544 ' 35,710 Other securities borrowed i 40 I 01 '• ' 101 L, 045 1,140 i 381 Other assets ; 70,773 j 9,714 001 j 81,148 30,450 11,830 123,428 '• 123,803 Total. i 2,700,057 I 740,980 201,199 I 3,702,830 | 3,888,0(53 2,502,988 I 10,094,487 •• 10,178,912 ! Capital stock paid in 132,150 ' 37,350 . 14,225 : 183,725 I 230,815 182,829 j 597,369 586,089 Surplus fund : 141,622 42,090 i .14,115 i .197,827 : 224,010 103,542 I 525,379 524,574 Undivided profits, less expenses and taxes paid: 55,521 , 16.876 • 3,230 75,033 I 63,654 48,862 1 188,149 170,115 Amount reserved for interest and taxes accrued 14,532 0,005 i 724 I 21,321 i 12,754 7, 1.40 ! 41,215 32,947 Due to Federal reserve bank ' 280 :. 280 I 1,932 I 3,048 5,860 6,639 Due to banks, bankers, and trust companies.. 202,723 I 56,770 12,982 i 332,481 j 233,192 ; 53,439 I 619,112 587,875 Certified and cashiers' or treasurer's checks | outstanding ; 122,905 I 9,738 ! 1,800 ; 134,443 i 36,492 j 13,299-1 184,234 173,487 Demand deposits 1,052,799 ! 305,595 ! 84,455 •• 2,042,849 1 1,491,675 I 972,182 4,506,706 45,72,500 Time deposits ! 168,218 i 223,908 01,7.10 I 453,902 ! 1,400,392 971,135 i 2,825,429 2,702,110 United States deposits 39,005 ! 15,031. 1 3,055 57,091. ! 46,890 ! 1.2,588 . 116,569 120,308 Total deposits ' 2,245,930 611,108 164,008 | 3,021,046 1 3,210,573 1 1,026,291 ! 8,257,910 8,162,919 Bills payable (including all obligations repre- 1 seining money borrowed, other than rediscounts") j 3,300 ' 3,300 32,520 I 55,550 91,370 158,981 Notes and bills rediscoimted (including acceptances of other banks and foreign bills of ! exchange or drafts sold with indorsement).. 30,869 ! 6,548 L. 37,417 50,976 j 60,390 148,783 ! 274,052 Cash letters of credit and travelers' checks out- , standing ' 13,083 73 I 58 ' 13,21.4 i 523 i 113 13,850 I 1.2,491 Acceptances executed lor customers i 85,813 13,968 ! 582 ! 100,303 ! 22,910 j 1,594 124,867 " 144,177 Acceptances executed by other banks for account of reporting banks 5,479 i 35 I. 5,514 1 1,173 6,687 5,687 United States securities borrowed.. 135 i 3,000 : 3,735 ! 14,839 ! 10,148 28,722 35,752 Other securities borrowed 40 01 . 101 I 1,045 1,146 381 Other liabilities 32,183 0,867 i 590 ' 39,640 ! 23,916 5,484 69,040 70,747 Total. 201,1.99 ! 3, 702,836 ; 3,888,663 • 2,502, Ratio of reserve with Federal reserve banks to net deposit liability (per cent) | Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

632 FEDERAL RESERVE BULLETIN. MAY, 1922. CLASSIFICATION OP LOANS AND DISCOUNTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYSTEM ON MARCH 10, 1922. [In thousands of dollars. District. District District District Districtj District istrict: District District No. 1 No. 2 j No. 3 i No. 4 No. 6 I No. 7 No. 10 i No. 11 No. 12 (40 (135 (55 I (116 (131 (376 (43 ! (201 (21 banks). banks), banks).1 banks). banks).' banks). banks), banks). banks). On demand: Not secured by collateral.. 31,423 1,476 2,953 22,344 Secured by U. S. Government obligations ' 2,029 Secured by other collateral, i 80,861 On time: Not secured by collateral.. 209,345 30,955 : 27,969 157,741 Secured by U. S. Government obligations ' 12.291 Secu S" r ee• e c dd cu u bb ree y d " r b ea yy l l o e t s h tt e at r t e c c d o d • e l d"lt e "a e d 't e s r fo a f l*, 65;043 trust or other realestate liens 69,679 Acceptances of other bank j discounted j 1,179 Acceptances of reporting banks! purchased or discounted ' Customers' liability on account of drafts paid under letters of ; credit : Loans and discounts not classi-' fied Total loans and dis- ; counts 474,026 1,962,787 190,542 \ 221,805 1,112,850 275,360 93,021 74,165 : 89,275 .594,606 5,865,265 ! ! i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON MARCH 10, 1922 (INCLUDING 8,192 NATIONAL BANKS AND 1,624 STATE BANKS AND TRUST COMPANIES). [In thousands of dollars.] so District District District District District District District District District U T n o i t t a e l d No. 2 No. 3 No. 4 No. 5 No. 8 No. 9 No. 10 No. 11 No. 12 States (796 (710 (883 (626 (589 (1,015 (1,112 (851 (835 (9,816 banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). RESOURCES. Loans and discounts 1,305,106 4,706,636 | 1,032,363 ,603,689 852,425 656,027 2,703,745 749,712 693,402 825,646 ! 583,666 1,433,188 17,145,605 Overdrafts 389 2,455 251 833 883 1,246 2,305 1,185 879 1,778 ! 1,777 1,549 15,530 Customer's liability on account of acceptances.. 35,932 182,624 9,774 7,030 6,933 8,251 28,742 1,967 2,885 1,241 ; 1,583 8,387 295,349 United States Government securities l 174,437 876,532 232,838 295,464 144,723 88,538 305,205 107,653 8J,429 109,904 91,350 246,773 2,754,846 Other bonds, stocks, and securities 2 283,641 1,069,252 4.49,528 475,414 ]04,851 63,391 480,460 125,714 78,205 84,758! 25,353 262,434 3,503,001 Banking house furniture, and fixtures 41,463 130,979 45,637 81,881 [ 38,983 36,402 91,522 28,720 25,631 34,687 . 31,628 69,810 657,343 Other real estate 8,362 8,410 6,469 21,985: 4,492 4,550 11,048 4,718 6,637 5,356 8,994 9,122 100,143 Cash in vault 33,342 108,339 33,692 47,967 i 23,547 20,462 78,882 18.918 17,501 27,179 19,749 39,396 468,974 Reserve with Federal reserve bank 110,244 683,409 104,001 132,516 ! 54,126 45,210 250,924 61,769 43,316 72,508 46,261 118,353 1,722,637 Items with Federal reserve bank in process of collection 31,487 106,044 39,548 40,752 26,723 16,871 50,790 29,857 8,393 30,263 18,316 29,112 428,162 Due from banks, bankers, and trust companies. 81,926 141,435 89,318 136,594 69,019 91,177 304,804 90,208 109,693 199,510 105,033 195,201 1,613,918 Exchanges for clearing house, also checks on other banks in same place 25,660 565,064 30,464 21,849 13,507 12,632 64,408 12,189 7,545 ! 15,203 6,563 29,191 j 804,275 Outside checks and other cash items 3,355 18,499 1,895 4,694 2,646 2,571 13,147 2,243 4,303 ; 3,402 3,084 13,638 i 73,477 Redemption fund and due from United States Treasurer ; 2,541 4,507 2,928 4,861 3,252 ! 2,161 4,281 2,131 ],72i : 2,336 2,516 3,246 36,481 U O n th it e e r d s e S c t u a r te it s ie s s e b cu o r r i r t o ie w s e b d orrowed 40 5,15 4 1 0 3,880 6,4 1 9 3 2 635 : 579 : 3, 9 7 8 0 8 9 6,77 7 9 1 131 368 ' 54 6 5 2 2 3 8 5 : . 28 1 , ,1 5 4 4 6 4 Other assets 18,087 185,454 8,687 11,155 1,700 4,019 I 23,272 3,372 3,703 7,076 4,248 15,865 ! 286,638 Total. 2,156,012 8,794,830 2,091,273 2,893,189 | 1,348,445 1,054,087 4,418,238 j 1,247,206 1,085,374 1,421,215 950,672 2,475,528 29,936,069 LIABILITIES. I Capital stock paid in 140,513 440,221 117,112 195,768 105,620 84,452 ! 274,598 ! 99,340 ! 76,574 97,658 80,627 164,689 ! 1,886,172 3 Surplus fund 124,944 458,969 178,164. 187,059 77,548 56,044 j 200,885 i 55,120 41,798 51,860 48,750 79,302 | 1,561,043 Undivided profits, less expenses and taxes paid3. 71,423 240,917 59,033 74,865 31,764 21,851 i 103,049 26,143 21,491 i 23,538 20,114 43,614 i 737,802 • Due to Federal reserve bank j 3,232 5,747 3,005 2,004 5,144 957 ! 1,051 I 230 104 : 1,405 622 ' 23,501 Due to banks, bankers, and trust companies ! 139,078 1,135,619 174,740 182,673 96,385 99,446 536,687 j 147,345 113,448 86,533 198,686 3,141,962 Certified and cashiers' or treasurers' checks outstanding 16,754 356,729 11,343 12,199 , 8,530 7,789 35,960 6,962 11,379 18,682 ' 8,335 39,648 534,310 D Ti e m m e a n de d p d o e s p it o s sits , 1,0 4 6 2 1 9 , , 2 6 0 45 3 4 1 , , 4 1 2 0 2 8 , ,4 5 7 58 3 4 8 8 8 6 7 , ,6 2 8 4 9 0 1, 8 1 8 2 6 3 , , 9 0 6 5 4 2 ; ! 3 4 7 7 1 1 , ,1 9 8 9 3 4 4 24 0 7 9 , , 5 4 2 4 4 5 1 1 , , 2 6 9 6 7 6 , , 5 9 5 1 3 4 ! i 5 29 0 5 1 , , 2 9 5 3 9 5 3 3 5 6 2 4 , , 7 1 5 6 5 8 . , 6 24 3 3 7 , , 0 9 4 8 9 8 i i 4 1 7 0 1 9 , , 9 91 7 9 0 9 8 4 2 3 1 , , 0 6 4 1 6 0 12 6 , , 9 6 - 6 4 2 9 , , 3 7 9 4 8 4 United States deposits 29,199 112,268 23,635 31,023 ! 11,497 10,749 43,887 ' 11,306 11,616 i 14,630 i 10,206 19,481 329,503 Total deposits 1,679,111 7,141,394 1,586,652 2,237,915 ' 964,733 775,910 3,582,052 963,037 853,470 1,145,677 i 688,374 2,023,093 23,641,418 Bills payable (including all obligations representing money borrowed, other than redis- No co te u s n t a s n ) d bills rediscounted (including ac- 13,943 50,794 53,171 24,812 : 42,868 22,607 41,3 15,697 24,515 i 16,617 17,088 42,949 366,459 ceptances of other banks and foreign bills of exchange or drafts sold with indorsement)... 31,102 84,312 15,320 40,619 ! 46,140 38,102 64,767 23,035 29,222 32,150 32,976 34,775 472,520 Cash letters of credit and travelers' checks outstanding 244 15,631 77 357 17 74 1,271 85 33 191 41 542 18,566 Acceptances executed for customers 36,421 183,436 8,912 7,054 7,259 I 8,682 28,404 1,964 2,438 1,186 1,526 8,917 296,199 Acceptances executed by other banks for account of reporting banks 2,871 14,361 1,563 46 ; 47 790 25 447 406 20,556 National bank notes outstanding 50,318 89,258 57,474 96,360 = 62,079 42,804 86,239 42,224 33,725 46,443 48,488 63,662 719,074 United States Government securities borrowed. 1,911 12,039 7,663 19,770: 7,743 • 1,200 9,804 11,821 560 ' 4,059 1.867 4,001 82,444 Other securities borrowed 178 3,029 547 76 524 1,063 261 3 481 '314 773 7,249 Other liabilities 3,033 00,469 6,132 7,463 2,552 | 1,784 23,918 8,454 1,098 1,355 1,504 8,805 126,567 Total. 2,156,012 8,794,830 2,091,273 2,893,189 1,348,445 1,054,087 4,418,238 j 1,247,206 1,085,374 ; 1,421,215 950,672 2,475,528 I 29,936,069 CO CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

634 FEDERAL RESERVE BULLETIN. MAY, 1922. ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM ON MARCH 10, 1922, BY CLASSES OF BANKS (INCLUDING 8,192 NATIONAL BANKS AND 1,624 STATE BANKS AND TRUST COMPANIES). [In thousands of dollars.] Central reserve city banks. Total United States. Other re- Country serve city banks i ! N (5 e 8 w b a Y n o k r s k ). (2 C 7 h b ic a a n g k o s). (1 S 7 t. b L a o n u k i s s ). (102 T b o a ta n l ks) (507 b a b n a k n s k * s) b ( a 9 n ,1 k 4 s 7 ). 19 M b 2 a a 2 r n . k ( 9 s 1 , ) 0 8 . 1 , 0 19 D b 2 e a 1 e n . k ( 9 s 3 , ) 1 7 . , 79 RESOURCES. Loans and discounts • 3,490,143 1,031,250 292,987 4,817,380 5,557,042 0,770,583 17,145,005 17,408,930 Overdrafts 2,073 202 84 2,359 3,051 10,120 15,530 14,582 Customer's liability on account of acceptances. I 179,831 20,013 822 207,200 • 79,175 8,908 295,349 343,559 United States Government securities ' | 021,048 44,924 24,752 091,324 757,999 1,305,523 2,754,840 2,047,793 Other bonds, stocks and securities 2 | 514,142 149,409 47,040 711,251 j 1,031,245 1,700", 505 3,503,001 3,512,891 Banking house, furniture and fixtures j 80,035 14,005 10,139 104,839 | 232,352 320,152 057,343 042.503 Other real estate • ! 2,83 4 2,385 1,830 7,055 I 43,009 50,019 100,143 87', 152 Cash in vault : 09,797 23, 713 3.095 97,205 131,197 240,572 408,974 478,410 Reserve with Federal reserve bank : 574,017 120,502 28', 209 728,728 ; 517,283 470,020 1,722, (537 1,758,341 Items with Federal reserve bank in process of. j collection | 77,132 27.804 i 18,532 123,408 j 247,548 57,140 428,102 477,042 Due from banks, bankers, and trust companies; 05,205 110)705 i 28,078 204,048 (507,057 741,013 1,013,918 1,449,037 Exchanges for clearing house, also checks on other banks in same place oo2,189 42,571 7,472 002,232 ' 158,803 43,180 804,275 777,439 O Re u d ts e i m de p c ti h o o n c k fu s n a d n a d n o d t h d e u r e c f a ro sh m it U em ni s ted States 15,054 5,214 510 [ 20,778 ; 31,293 21,400 73,477 10C), 333 treasurer 1,909 30 485 I 2,484 : 8,844 j 25,153 30,481 30,072 United States securities borrowed 130 3,000 3,730 14,790 I 10)018 28,544 35,710 Other securities borrowed 40 01 101 ! 1,045 1,140 381 Other assets 170,825 17,478 1,121 195,424 05.085 ! 25,529 280,038 27(5,749 Total. 0,423,070 1,025,985 470,023 8,520,278 9,547,093 I 11,808,098 29,930,009 30,114,130 LIABILITIES. Capital stock paid in 305,950 87,800 40,175 433,925 579,922 872,325 1,880.172 1,807,821 Surplus fund 359,2o7 83,385 23,305 4(50,017 511,942 583,084 1,501)043 1,557,475 Undivided profits, less expenses and taxes p aid ^ 180,800 45,591 10,935 237,320 220,855 279,021 737,802 007,711 Due to Federal reserve bank 455 455 0,487 10,559 23,501 25,521 Due to banks, bankers, and trust companies.. 1,000,702 300,287 78,541 i 1,505,590 1,304,011 331,701 3,141,902 2,834,045 Certified and cashier's or treasurer's checks outstanding 347,372 21,093 3,221 I 371,080 97,172 05,452 534,310 438,330 Demand deposits 3,358,2(50 090,248 j 195,749-1 4,250, 203 4,014,412 4,085,009 12,949,744 13,170,122 Time deposits 320,205 243,994 i 92,478 I 002,737 2,105,402 3,894,259 0,002,398 0) 450,029 United States deposits 89,171 29,259 i 7,784 ' 12o,214 152,201 51,088 329,503 300,103 Total deposits 5,182,291 1.356,881 ! 377,773 i 6,916,945 7,680,285 9,044,188 23,641)418 23,231,356 Bills payable (including all obligations representing money borrowed, other than rediscounts) 17,385 115 ! 17,500 83,020 205,933 300,459 055,304 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 03,995 0,548 I 805 71,348 134,371 200,801 472,520 797,058 Cash letters of credit and travelers' checks outstanding 15,439 1,017 84 10,540 1,020 ; 400 18,500 10,437 Acceptances executed for customers 180,750 20,414 823 207,987 79,174 ! 9,038 290,199 340,555 Acceptances executed by other banks for account of reporting banks 14,203 (552 j 14,855 5,380 321 20,550 22,245 National bank notes outstanding 38,877 599 | "6," 070 "I 49,140 173,832 490,090 719;074 710,908 United States Government securities borrowed 5,813 5,300 11,173 39,1.03 32,108 82,444 ! 102,075 Other securities borrowed 2,920 01 2,987 1,414 2,848 7,249 : 0,121 Other liabilities 55,974 10,983 1,572 I 74,529 30,709 15,209 120,507 j 125,810 Total 0,423,070 1,025,985 j 470,023 | 8,520,278 1,547,093 ; 11,808,09829,930,009 I 30,114,130 Ratio of reserve with Federal Reserve Bank to net deposit liability (per cent) 13.8 13.0 11.3 i 13.5 10.1 7.4 10.2 10.5 1 Includes United States Government securities borrowed by national banks. 2 Includes other bonds and securities borrowed by national banks. 3 Includes amounts reserved for interest and taxes accrued. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. "FEDERAL KESEEYE BULLETIN. 635 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. BRITISH FINANCIAL SITUATION. [Amounts in millions of pounds sterling.] Nine London clearing banks.' Discount rates. land and Treasury. : Average of end month figures: 1913 1920 1921 1921, end of— April 2,914 i July 2,961 j August 2.787 September 2,641 October 2,938 November 2,921 December 3,173 1922, end of— January February March April 1 Less notes in currency notes account. 2 Held by the Bank of England and by the Treasury as note reserve. 3 Average weekly figures. < Compilation of London Joint City and Midland Bank, British Government loans for national purposes excluded. •Compilation of London Economist. Ratio of net profits to ordinary and preferred capital of industrial companies, oxclu:sive of railways, mines, insurance companies, and banks. Applies to earnings disclosed during the quarter and has therefore a probable lac of six month.?. a As of Apr. 22, 1922. FRENCH FINANCIAL SITUATION. [Amounts in millions of francs.] Bank of France.i Situation of the Government. Value of Savings new banks, stock excess , Average Advances and to the : Price of boTid Govern- ' issues ' : res G e o rv ld e s, j i re S se il r v v e e r s . . , po D s e i - t s.2 i i C l ir io cu n l . a- t p m h u e e r r p o w i o t f a s f r o e . s r * ; j I ! C "m om en e ? . ' - 1 ' • I * n •» te * m • al rente.6 u m F p p a r l o a r e n k c n e e c t d t h h . 7 e; i ; a d l w s r a it ( w h - - - ). b P a a n r k is s. I 1913, average 3,343 j 629 ; S30 ! 5,565 320 35,000 S6.7 - 65 1920, average 8 3,586 ! 253 . 3,527 I 38,066 26,000 I 1,005 57.34 : 4,654 + 4S • ' 50 554 1921, average • 3,568 | 274 , 2,927 | 37,404 25,300 ; 1,103 56. 56 1,100 + 67 550 1921— April » 3, 5()6 271 ! 3,018 38,2.11 2?, 000 : 1,248 56.92 1,085 . -f- C 6 600 July » 3,573 275 | 3,252 36.941 25,100 ! 1,242 229,055 35,286 56. 35 : 2,345 + 52 438 August ' 3,574 277 ' 2,749 36j 783 24,900 i 1,016 56.50 152 + 72 467 September 9 3,575 277 I 2,509 37,129 24,900 : 1,011 56.20 i 234 " + 68 : 553 October 9 3,575 278 ' 2,563 37,154 25,100 ' 1,305 54.30 i 3,355 + 33 463 November 9 3,576 j 279 ' 2,563 36,336 24,500 1,051 54. 90 j 434 - 0.5 i 505 December 9 3,576 | 280 " 2,743 36,487 24,600 1,228 1242,758 54. 75 ; 853 + 38 527 1922. January 9 3,576 280 2,392 ; 36,433 ! 23,000 1,323 56. 55 ': 7."9 4- 41 : 489 February ; «3,577 281 2,429 ! 36,151 j 22,500 1,014 | 59.55 i 5,062 + 100 ! 489 March ! B3,578 282 ?23i 35,528 | 21,500 1,154 i 56.70 ! + 49 455 April 9 3,570 283 35,787 ! 2i\100 •.(>() j. I 1 End of month figures. 4 From indirect taxation and Government monopolies. * Includes Treasury and individual deposits. ' Foreign debt converted to francs at par. » Under the laws of Aug. 5 and Dec. 26,1914, July 10, 1915, and Feb. 16, 1917. « Last Wednesday in the month. » Figures of the "Association Nationalo des Porteiirs Frangais de Valeurs Alobilieres." Bonds issued by the Government and l,ho railroad companies not included. « Not including 1,978,000.000 francs held abroad from January through August and 1,948.000,000 francs from September Ihrougn Decemoer. • Not including about 1,94^,000,000 francs held abroad. »• Average for 11 months. ll Estimate in the French Senate, 102784—22 10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

636 FEDERAL RESERVE BULLETIN. MAY, 1922. ITALIAN FINANCIAL SITUATIONS [In millions of lire.] Leading private banks. Banks of issue. Government finances. ! ,Index ±TinCl- Circula- State T£f Shortterm notes- serve. bills. ; during | ; month.* 1913, end of Dec. 493 117 1920,end of Dec. 13,200 I 1 921, average...1 1,019 i 87.12 1921. end of— ! i February.. 1,016 7,158 1,210 98.43 July 1,140 7,156 2,546 348 20,276 693 78.71 August ; 1,131 7,315 348 21,173 '108,729 82.87 September. 1,052 7,327 21,612 ! 87.04 October ...; 1,364 7,816 2,546 22,997 1110,754 1,404 i 91.07 November. 3 1,174 7,810 648 '• 83.99 December .:•1,997 10,020 j 1,458 | 80.13 1922, end of— January... 3 1,426 2,848 ! 10,183 8,570 909 | 96.61 February.., 3 1,08L 2,562 ! 0,631 8,620 1,366 i. March \ 2,687 i 9,589 j 8,523 759 I 88.82 « Latest figures subject to revision. 1 Banca Commerciale Italiania, Banca Italiana di Sconto, Credito Italiano, Banco di Roma. a 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. 8 Excluding Banca Italiana di Sconto. < Figures for 1921. aro basod on quotations of Doc. 31, 1920-= 100. Those for 1922 are based on quotations of Dec, 1921 = 100. GERMAN FINANCIAL SITUATION.' [Amounts in millions of marks. J ! Index numbers Reichsbank statistics. Situation of the Government, i of securities prices.* , Value of — . : . IDarlehns-i •-- i - -•,- - -inew stock Discounts.1 scheine i i I i i i an i d s s b u o es nd in circu- Gold ; Note • ! lation.1 Receipts ! Revenue; Treasury | German 25 ! 15 se r r e v e .1 I ! 1 • c tr o e b D u a i n l i s s l t u s e . r d y i i m p C e a o r p c m e i r a - . l la c t ir io cu n - . 1 i j Deposits.1Clearings. I ; t f a r x o e m s . ! ! r o a f i lw st a a y te s, , s b ta il n ls d i o n u g t . - 1 1 ! market. stocks. I bonds. ! .. __. I : I 1 1 9 91 2 3 0 , , a a v v e e r r a a g g e e 1 1 , , 0 06 9 8 2 47,980 53 1 , ,9 9 5 6 8 4 17,702 5 6 7 , , 1 8 3 9 6 8 ! 13,145 207 i ! . 13 , «220 1921, average 1,056 83,133 80,952 20,213 89,297 | 8,861 6,285 j 2,358 i192,832 2,655 I 1921. April 1,092 I 60,894 70,840 20,850 9, 543 ! 5,357 ; 1,832 172,730 i 2,559 July 1,092 ! 79,982 1,136 77,391 15,824 78,337 8,358 i 5,566 ! 190,770 i 1,507 ! August 1,024 j 84,044 1,002 80,073 13,650 79,172 7,837 5,145 i 2,416 202,872 i 1,228 ! September.. 1,024 ; 98,422 1,142 86,384 19,980 98,004 7,610 4,908 • 2,599 210,504 ; 1,534 : October 994 98,705 881 91,528 18,303 119,496 7,316 : 6,185 2,825 218,000 2,889 '• November.. 994 114,023 1,446 100,944 25,313 140,493 7,330 • 7,044 ] 3,397 226,076 7,135 •' <269 i < 181 December... 995 132,331 1,062 113,639 32,906 120,835 8,325 . 8,010 I 4,329 246,921 5,965 ' 1922. January 996 ! 126,160 1,592 ! 115,376 ! 23,412 116,680 i 8,046 8,802 ! 4,415 255,678 4,831 ! 223 152 February 996 : 134,252 1,857 ! 120,026 ! 26,526 109,816 ! 7,977 ' &,f>14 : 4,659 262,817 2,101 ! 222 j 154 March 997 j 146,531 2,152 i 130,671 33,358 170,357 ! 8,701 : 11,065 i 7,096 271,935 6,416 j 274 ! 11t6in9 April 1,001 155,618 2,403 i .140,420 ! 31,616 I 9,183. i 280,935 3,992, 265; » Latest figures subject to revision. 1 End of month. 8 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 aro as of beginning of month, »End of March, 1913. * As of Nov. 10, 1921. . & As of Dec. 30, 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1922. FEDERAL RESERVE BULLETIN. 637 SWEDISH FINANCIAL SITUATION. [Values in millions ol kronor.] i Busi- Riksbank. S G itu o a v t e io rn n m o e f n t t h . e Jo b in a t n -s k to s. ck i 1 ! dur P in ro g b t i m e ll s s o te n d th.1 d n u u fa e r r i e i s l n s - s g F i c n h o d e r a e x e n x i - g g .* e n month.1 Value Index ofstock Foreign num- issues ex- ber of regischange stock tered Gold Bills value prices— during l c b a i o o n u i d n l n - . l c a N i t r i o c o t u n e - . po D s e i - ts. ; C in le g a s r . - debt. d S e ta b t t i . R w i i k t s h - i ber. Value. I i N b u e m r. - ( a f k o b o f r r r o e o t n i h a g a e d n A lisU m t o h n e th. bank. ! currencies =100). 1913, end of December.. 102 235 108 : 1.39 2,287 4,314 2 ! 309 258 24 1920, average 269 733 226 , 3,596 476 • 6,008 3,586 6 ; 196 , 112.9 176 61 1921, average 280 661 193 , 2,715 389 5,948 !6,907 15 j 432 i 121.8 121 31 1921, end of— March 282 717 247 3,088 442 j 6,094 8,521 20 I 390 121.7 133 28 July 280 629 i 177 2,528 1,341 1.34 363 ! 5,930! 7,383 17 i 413 119.3 125 67 A Se u p g t u e s m t ber 2 2 8 7 5 5 6 6 3 7 2 2 : 1 1 5 1 2 3 " 2 2 , , 3 6 1 0 6 9 1 1 , , 3 3 6 6 0 8 1 6 3 0 7 3 3 4 3 5 0 ! ! 5 5, , 9 9 0 3 1 7 . 6 5 , , 5 7 1 8 5 6 1 1 6 0 I : 3 4 5 9 3 3 1 12 1 . 9 1 . . 5 4 1 11 2 4 0 3 1 1 3 October 276 650 126 2,310 1,393 63 341 ! 5,837 •6,449 13 I 505 124.9 107 17 November 275 628 : 188 2,364 1,409 77 354 ; 5,735 6,089 13 i 491 ! 124.0 104 19 December 628 j 331 3,305 .1,433 78 464 ; 5,656 6,298 io ; 528 126.3 107 21 1922, end of— j January 275 563 337 . 2,332 1.434 ! 84 421 | 5,654 6,345 509 126.6 109 18 M Fe a b rc r h uary.. 2 2 7 7 4 4 6 5 2 7 6 9 , 34(3 ; .1 1 1 . , 4 4 3 3 5 5 | i 8 9 7 0 4 4 2 4 9 7 i • 5 5 , , 5 4 7 7 2 4: 6,272 io ! 398 ' 1 1 2 2 9 8 . . 2 3 94 ! 18 April 274 5S2 5,430 1 Source: Kommersiella Meddelanden. NORWEGIAN FINANCIAL SITUATION. [In millions of kroner.] Norges Bank 1 Foreign — — • • •• • - --• — - — •gss ... s . as -j exchange Bankruptho G ld o i l n d gs. circ N u o la te tion. Deposits. L di o s a c n o s u n an ts d . cies. - Per cent. 1914, end of July. 2 84 123 14 88 1920, average 147 451 102 419 652 91. i 32 1921, average 147 417 111 443 537 : ! 86 1921, end of— February 147 417 128 441 447 j 94.9 i 56 July... 147 428 100 452 541 • 82.4 96 August 147 421 110 455 580 ; 81.9; ioi September... 147 416 85 426 637 ! 85.9 102 October 147 411 113 453 589 86.2 78 November... 147 395 121 439 538 j 95.4 89 December 147 410 141 476 551 81 1922 end of— i i January 147 378 131 433 524 i February 147 376 141 428 i 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

638 FEDERAL RESERVE BULLETIN. MAY, 192:>. JAPANESE FINANCIAL SITUATION.1 {Amounts in millions of yen.] Bank of Japan. Tokyo banks. Current j Total Tokyo Average Specie i Ordinary Advances Govern- ! Private loans bank discount reserve ! loans and ; on foreign mentde- ; deposits Tokyo clearings, rate fornotes.2 ; discounts, i bills. p J o a s p it a s n i . n : in Japan. ass b o a c n ia k t . ed the t o m ta o l n in th.; m (T a o rk k e y t o ). 1913, average 363 216 47 33! 333 8.38 1921, average 1,226 1,200. 107 39 | 297 1,932 2,572 i 9. 00 1921. ! End of— ; April 1.147 1,147: 43 4o 322 3') 1,848 2,442 i 9. in July 1,172 1,172! 43 23 330 76 1,987 2,341 i 8.36 August 1,192 1,192 107 ; 31 345 35 1,951 2,816 ! 8.43 September j 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 j 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 j 9.02 February ; 1,246 1.223 172 20 328 27 1,950 2,438 ! 9. 02 March i 1,289 :.... 248 58 422 29 1,903 3,099 |. April j 1,2M 207 • (il 520 30 ! 1 Figures apply to last day of month in case of Bank of Japan, to last Saturday of the month in the case of the other items. 2 This includes the specie segregated against notes only. It includes gold credits abroad as well as bullion and coin at home. 3 During January, February, April, October, November, and December, 1913, CJovernment deposits averaged 4,193,000 yen. During th.? remainder of the year there was an average monthly overdraft of 8,942,000 yen. ARGENTINE FINANCIAL SITUATION. [Amounts expressed in millions.] Private banks.1 Banco de la Nacion. Caja de Conversion. Public debt. Exchange, : Cash. Cash. Gold guar- : (Consolidated. average monthly Date. : p ( e p r a ) - ' ! 1 I jv ( c a D p o n a u i o - s n e - s t s G : old.;Paper. De- : D ? W p is- * p P e a r - . C i p ( n l e p e g r a a ) s - . r 2 -. I l c N p a i ( e t r p o i c r a o t ) u e . - n - a C c n h d i a t r e e y j c a l u d o l | ! f a i n g t A i n — e o o r n n - - te. te E r x n - a l- I i ; : ! I ! p (p i e n a r g ) - - ( m p B a o a p n n e t k r h ) - , 2 ! Y $ B r A 9 ( a o N u 6 p i t r e e e r . k a 4 e n w r 8 s o o o : f = s n * ! per). ; I per). . Con- i tine 100 gold s v io e n r- . 3! I t l i c o g n a s - . pesos). End of— 1913 i 1,464 1,341 62 435 54L 478 ! 32 180 1,471 | 823263 !. 309 ! 158 i 177 14 ! .1919 : 3,010 2,113 : 66 771 1,250 i 676 39 268 2,805 I 1,177 320 i 79 ; 275 j 196 214 651 3 i 99.0180 1920 3,530 2,505 46 i 1,081 1,412 i 804 25 406 33,661122 ;; 113,63363 476 : 4 i. 510 5 90.7040 192! j 3,375 2,543 = 36 I 1,087 1,310 ! 866 23 410 i 3,045 ! 1,363 476 4 . 044 12 72.9999 1921. i - i I End of— February... 3,402 2,546 1,024 1,342 814 24 401 2,817 ,363 ! 476 10 : 80.39 March , 3,438 2,558 1,059 1,353 840 24 3,132 ! ,363 ! 476 10 i 78.202 July.. : 3,454 2,544 1,072 1,350 846 i 23 3,065 i ., 363 476 640 I 12 65.799 August : 3,444 2,519 1,093 1,34-f 828 ! 24 402 3,093 i ,363 476 12 66.555 September..1 3,447 2,492 j 1,152 1,350 816 : 23 431 3,076 ! , 3C3 476 8 : 09.63 October 3,891 2,407 1,172 1,311 803 i 23 448 2,909 ,363 ^ 476 I 4 16 i 73.078 November.. 3,359 2,501 i 1,150 1,293 840 . 23 463 j 2; 133 ,363 I 476 I 4 1 13 73.4739 December.., 3,375 2,543 ! 1,087 1,31.0 866 ,"23 4J0 ! 3,482 ! ,363 • 476 ! 4 644 : 13 74.8042 1922. End of- January....- 3,362 2,529 36 1,064 1,310 8S7 23 419 ; 3,014 |1.363 : 476 ! 10 77.1892 February...! 3,3H2 : 2.5(!f> 30 994 1,310 01.3 23 383 ! 2,593 i1,363 j 476 8 i 82.5764 March..*....;...... ' : j 3,298 | 1,363 I 470; 1<) ! 82. 7785 1 Includes figures of Banco de la Nacitfn. 21913-1919 figures are monthly averages. 8 Includes amount hold in conversion fund of Banco de la Nacldn. Prior to outbreak of war the Banco de la Nacion 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: ' >age. Condition statements: Page. Acceptance liabilities of member banks 514 Federal reserve banks 608, 611 1 leld by Federal reserve banks 607 Member banks in leading cities 608, 616 Purchased by Federal reserve banks 604 Abstract of " 630 Agricultural movements, index of 592 South American banks 570 Argentina: Cost of living: Banco de la Nacion, condition of 570 England 584 Budget 562 Germany 584 Finance and banking 566 Currency reform abroad '. 496 Foreign exchange. 531,566,569 Debits to individual account 620 Foreign trade 587 Denmark, wholesale prices in 580 Industrial and financial conditions 562. 638 Deposits, savings, of commercial banks 602 National finances 562 Discount and open-market operations of Federal Report of Argentine Railway Commission 564 reserve banks: Trade and prices 565 Acceptances held 607 Atlanta par clearance case 500 Acceptances purchased 604 Australia, wholesale prices in 580,583 Bills discounted 603, 604 Bank act of Germany, amendment to 522 Bills held 606 Bank debits, April / :. 620 Earning assets held 606 s Banking conditions: Number of banks discounting 603 Abroad 635 Volume of, during month 603 United States 502 Discount rates: In effect May I 626 Brazil: Prevailing in various, centers 627 Banco do Brazil, condition of 570 Egypt, wholesale prices in 580 Foreign exchange.. 531,569 England: Loans and banking 567 Acceptance liabilities of British banks 515 Trade and prices. 566 Budget ;•••-•. .- 55j Building statistics 597 : Business and financial conditions 551, 635 Business and financial conditions: Capital issues 551 Argentina .. 562. 638 Cost of living 584 Brazil 566 Exchange rates on New York 552 Chile 568 Foreign exchange dealings with United States.. 529 England 551, 635 Foreign loans 551 France 554,635 Foreign trade 585 Germany 560, 636 Income tax 553 Index of 590 Index of industrial activity 588 Italy 556, 636 Labor conditions 552 Japan , 638 Public finance 553 Norway 637 Wholesale prices 552, 576, 581 Sweden 637 Exchange operations, foreign, during Government United States. 504 control i' 528 Canada, wholesale prices in 580.584 Failures, commercial 571. Charters issued to national banks 57.1 Federal reserve act: Charts: Proposed amendment relative to board member- Assets and liabilities of Federal reserve banks ship 501 and member banks 608 Peru 515 Debits to individual account 620 Federal reserve banks: Foreign exchange 628 Condition of 608, 611 Index numbers of domestic business 591 Discount and open-market operations 603 Wholesale prices in England 574, 577 Federal reserve note account 615 Wholesale prices in the United States 574. 576 Fiduciary powers: Check clearing and collection: Granted to national banks 571 Atlanta par clearance case 500 Reserves against liabilities resulting from use of Gold settlement fund transactions 624 trust funds by national banks 572 Operations of the system during April 625 Finland, wholesale prices in 580 Number of banks on par list 625 Foreign collections, study of 522 Chile: Foreign exchange: Banco de Chile, condition of 570 Argentina 531, 566, 569 Foreign exchange 568 Brazil 531, 569 Loans and banking 569 Chile 568 Nitrate trade 568 England B 529,552 China, wholesale prices in 580 France 529 Clearing-house bank debits 620 Germany 561 Collection of trade bills, foreign 522 Index of 628 Commercial failures 571 Operations during Government control 528 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ii INDEX. Foreign trade: Maturities—Continued. Pag°- Argentina 587 Bills discounted and bought 604,614 Collection of trade bills, foreign 522 Certificates of indebtedness 614 England 585 Member banks: France 585 Acceptance liabilities 514 Germany 586 Condition of 616 Index of 590 Abstract of 630 Italy 586 Number discounting during April 603 Japan 586 Number in each district 603 Norway 586 State banks admitted to system. 571 Sweden 586 Mineral products, index of 592 France: Money, stock of, in the United States 626 Budget 554 National banks: Business and financial conditions 554 Acceptance liabilities of.. , 514 Deliveries in kind from Germany 555 Charters issued to 571 Fiscal policy 554 Fiduciary powers granted to 571 Foreign exchange dealings with United States. 529 Reserves against liabilities resulting from re- Foreign trade 585 ceipt and use of trust funds 572 Indexes of industrial activity 588 New Zealand, wholesale prices in 580 Interallied debts 555 Norway:* Interest rates 554 Financial conditions 637 Retail prices in Paris 584 Foreign exchange dealings with United States.. 530 Taxation 555 Foreign trade 586 Wholesale prices 580,582 Wholesale prices 580,583 Freight rates, ocean 598 Ocean freight rates 598 Genoa international conference 495, 549 Par list, number of banks on 625 Germany: Per capita circulation 626 Amendment to bank act 522 Peru: Business and financial conditions 560 New banking act 515 Cost of living 584 Wholesale prices in 580 Foreign exchange 561 Physical volume of trade 590 Foreign trade. 586 Prices: Indexes of industrial activity . *. 589 Discussion of 497 Reparations payments 550,561 Retail, in principal countries 584 Tax compromise : k t . 560 Wholesale, abroad 574, 580 Wholesale prices ' \.. 580,582 Wholesale, in the United States 575, 580 Gold imports and exports 501,624 3S, discount 626, 627 Gold settlement fund 624 Reparations payments, German ; 550 Gold standard.' 495 Reserve ratio of Federal reserve banks. 503 Holland, wholesale prices in 580 Reserves against liabilities resulting from receipt Imports and exports, gold and silver.. .• 501,624 and use of trust funds by national banks 572 Index numbers: Reserves, deposits, and note circulation of Federal Foreign exchange 628 reserve banks 610 Foreign trade 590 Resources and liabilities: Industrial activity, England, France, Germany, Federal reserve banks 611 and Sweden 588 Member banks in leading cities 616 International wholesale prices, United States South American banks 570 and England 574 Retail prices, comparative, in principal countries.. 584 Ocean freight rates 598 Retail trade, condition of 599 Physical volume of trade 590 Rulings of the Federal Reserve Board: Retail prices in principal countries 584 Reserves against liabilities resulting from re- Trade and production 592 ceipt and use of trust funds by national Wholesale prices abroad 580 banks 572 Wholesale prices in the United States 575, 580 Savings deposits of commercial banks 602 India, wholesale prices in 580,584 Silver imports and exports 502, 624 Interest rates prevailing in various centers 627 South Africa, wholesale prices in 580 International conference at Genoa 495,549 State banks: Italy: Admitted to system 571 Budget 559 Acceptance liabilities of 514 Business and financial conditions 556 Sweden: Customs revenues 559 Financial conditions 637 Excess war-profits taxes. 557 Foreign trade 586 Foreign exchange dealings with United States. 530 Foreign exchange dealings with United States. 530 New income-tax law 557 Index of industrial activity 589 Retail prices 584 Retail prices 584 Taxation ; 556 Wholesale prices 580, 583 Wholesale prices 580,582 Switzerland, wholesale prices in 580 Japan: Trade: Financial statistics 638 Foreign. (See Foreign trade.) Foreign trade 586 Physical volume of 590 Wholesale prices 580 Retail 599 Knit goods production 598 Wholesale , 602 Loans, small demand for 498 Wholesale prices: Manufactured goods, index of 592 Abroad 574, 580 Maturities: In the United States 575, 576, 580 Acceptances purchased, 605 Atfiiolesale trade, condition of 602 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS I ^ \ MINN. 1 MINNEAPOLIS S.DAK. Birmingham ALAN'S, 6( yXA % £1 — BOUNDAfUES OF FEDERAL RESERVE DISTRICTS -—-BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH C4TJES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis