Federal Reserve Bulletin, 1922-07

p ift (FINAL IBDiTIONjg ISSUER JOT THE FEDERAL AT WASHINGTON JULSU: 11922 GOVEKNMENTi PRINTING IffPFSGl? 192B Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD. EX OFPICIO MEMBERS. 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. CRISSINGER, Comptroller of the Currency. JOHN R. MITCHELL. W. W. HOXTON, Secretary. WALTER S. LOGAN, General Counsel. W. L. EDDY, Assistant Secretary. W. H. STEINER, Acting Chief, Division of Analysis and Research. W. M. IMLAY, Fiscal Agent. M. JACOBSON, Statistician. E. A. GOLDENWEISER, Associate Statistician. J. F. HERSON, Chief, Division of Examination and Chief Federal E. L. SMEAD, Chief Division of Bank Operations. Reserve Examiner. FEDERAL ADVISORY COUNCIL. (For year 1922.) District No. 1 (BOSTON) PHILIP STOCKTON. District No. 2 (NEW YORK) PAUL M. WARBURG, Vice President. District No. 3 (PHILADELPHIA) L. L. RUE, President. District No. 4 (CLEVELAND) CORLISS E. SULLIVAN. District No. 5 (RICHMOND) J. G. BROWN. District No. 6 (ATLANTA) .• EDWARD W. LANE. District No. 7 (CHICAGO) JOHN J. MITCHELL. District No. 8 (ST. LOUIS). FESTUS J. -WADE. District No. 9 (MINNEAPOLIS) G. II. PRINCE. District No. 10 (KANSAS CITY) E. F. SWINNEY. District No. 11 (DALLAS) „ R. L. BALL. District No. 12 (SAN FRANCISCO) D. W. TWOHY. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— , Chairman. j Governor. Deputy governor. Cashier. Boston : Frederic H. Curtiss.. Chas. A. Morss • C. C. Bullen W. Willett. ! W. \V. Paddock New York Pierre Jay Ben]. Strong ! J. n. Case L. H. Hendricks.i i L. F. Sailer J. I). Jiiggios.i , G. L. Harrison A. W. Gifbart.1 j E. R,, Kernel Leslie R. Rounds.* J. W. Jonos.i Ray M. GidneyJ i Philadelphia 1?,. L. Austin Ccorgo W. Norris. Wrn. PI. Iluttjr W. A. Dyer. Cleveland D.C. Wills E. II. rancher M. J. Fleming H. G. Davis. Frank J. Zurlinden Richmond I Caldwell Hardy. George J. Seay 0. A. Peple Geo. II. Keesee. R. JI. Broaddus A. S. Johnstone 2 John S. Walden* Atlanta Joseph A. McCorcL ...; M. B. Wellborn... L. C. Adelson M. W. Boll. J. L. Campbell Chicago Wm. A. Heath .....! J, B. McDougal... C. R. McKay W. C. Bachman.1 S. B.Cramer ; K. C. Childs.i John H.Blair ! J. II. Dillard.i 1). A. Jones.* O. J. Netterstrom.1 A. II. Vogt.i Clark Washburne.1 St. Louis Win. McC. Martin D.C. Biggs O. M. Attehery i J. \V. White. Minneapolis John IE. Rich R. A. Young W. B. Geery j B. V. Moore. 8. S. Cook | Frank C. Dunlop l : Kansas City AsaE. Ramsay.. .. W. J. Bailey C. A. Worthington J. W. Helm. Dallas Wm. F. Ramsey. .' B. A. ^rcKinn R. G. Emerson R. R. Gilbert. San Francisco John Perrin ., J. U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerks L. C. Pontious 3 i Controller. 2 Assistant to governor. 3 Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Manager. I! Federal Reserve Bank of— Manager. New York: Minneapolis: ! Buffalo branch Vvr. W. Schneckenburgor. Helena branch i R. E. Towle. Cleveland: Kansas City: Cincinnati branch L. W. Manning. Omaha branch '. L. H. Earhart. Pittsburgh branch Geo. De Camp. Denver branch : C. A. Burkhardt. Richmond: Oklahoma City branch ' C. E. Daniel. Baltimore branch I A. H. Dudley. Dallas: . ! Atlanta: El Paso branch ' W. C. Weiss. New Orleans branch.. ; Marcus Walker. Houston branch \ Floyd Ikard. Jacksonville branch.. I Geo. 11. De Saussure. San Francisco: \ Birmingham branch.. | A. E. Walker. Los Angeles branch • C. J. Shepherd. Nashville branch I J. B. McNamara. Portland branch ! Frederick Groenwood. Chicago: Sai t 'Lake City branch i R. B. Mothenvell. Detroit branch R. B. Locko. Seattle branch • C. R. Shaw. St. Louis: Spokane branch • W. L. Partner. Louisville branch W. P. Kincheloe. Memphis branch J. J. Heflin. Little Rock branch... A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN. The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. It is printed in two editions, of which the first contains the regular official announcements, the national review of business conditions, and other general matter, and is distributed without charge to the member banks of the Federal Reserve System. Additional copies may be had at a subscription price of $1.50 per annum. The second edition contains detailed analyses o! 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 for 1915, 1916, 1917, or 1918 are available. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. General summary: Page. Review of the month 765 Business, industry, and finance, June, 1922 776 Wood-pulp finance 787 Foreign credit information 795 Canadian price index 801 Business and financial conditions abroad—England, France, Italy, Germany, Sweden, Argentina, Brazil, and Chile 807 Economic and financial conditions in Cuba 825 Official: Law department 830 State banks admitted to system 829 Fiduciary powers granted to national banks 829 Charters issued to national banks , 829 Price movement and volume of trade: International wholesale price indexes—United States and England ... 832 Comparative wholesale prices in principal countries 837 Comparative retail prices in principal countries 842 Foreign trade—United Kingdom, France, Italy, Sweden, Norway, Japan, and Germany 843 Indexes of industrial activity—England, France, Germany, Sweden, and Norway 845 Foreign trade index 848 Ocean freight rates 849 Report of knit-goods manufacturers of America 849 Production and shipments of finished cotton fabrics 850 Physical volume of trade 851 Building statistics 857 Retail trade '. 858 July crop report by Federal reserve districts 861 Wholesale trade 861 Commercial failures 831 Banking and financial statistics: Domestic-r- Federal reserve and member bank development during year ending June 30. 1922 862 Discount and open-market operations of Federal reserve banks 872 Condition of Federal reserve banks ... 880 Federal reserve note account 883 Condition of member banks in leading cities 884 Savings deposits 848 Bank debits , 887 Gold settlement fund .' 891 Operations of the Federal reserve clearing system 892 Gold and silver imports and exports. 891 Money outside the Treasury and Federal reserve system 893 Discount rates approved by the Federal Reserve Board 893 Discount and interest rates in various centers.. 894 Foreign exchange rates 895 Foreign—England, France, Italy, Germany, Sweden, Norway, and Japan 898 Charts: Movement of principal assets and liabilities of Federal reserve and member banks 774 Seasonal variations in the wood-pulp industry 790 Index numbers of wholesale prices in Canada 805 Index numbers of wholesale prices in the United States and England 832 Index number of wholesale prices in the United States—constructed by Federal Reserve Board for purposes of international comparisons 833 Index numbers of wholesale prices in England 834 Index numbers of domestic business 852 Comparison of sales of department stores and mail-order houses 858 Discounted bills, Federal reserve notes, and total reserves of Federal reserve banks, 1921 and 1922 864 Debits to individual accounts 887 Foreign exchange index 896 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 8 JULY, 1922. No. 7 REVIEW OF THE MONTH. preceding statements during the period in question) having been arrived at during the Following the practice of past years, the past month or two. How much longer this Federal Reserve Board herewith presents a period may continue is still uncertain. Its mid-vcar statistical issue of characteristics, as already indicated, have been tic M al i i d ss -y u e e a . r stalls- tho BULLETIN. The p i urpose of on the banking side, "reduction of loans and bills this issuo is to aftord an out- held, retirement of note circulation, and gain in line of current financial history for the half gold.7' On the business side, the characteristics year concluding with June 30, 1922. The of the period have been stated as "lowering of course of events during the past year indicates production, growth of unemployment, falling off the practical completion of the downward of foreign trade, and reaction of prices." In movement of business from the peak which all of these particulars the business situation was reached in May, 1920, and suggests that has now radically changed, but the banking the low point was probably touched at or near and credit aspect of our economic organization, the beginning of the year 1922. The work of usually and normally following purely business the past half year, therefore, represents in a phenomena in its evolution, has not yet rebroad way the first definitely upward swing of sponded to the new conditions so far as current the movement toward normal conditions. As statistical indications show. has already been pointed out in former numbers The Federal reserve banks have during the of the BULLETIN, recovery in business has been past year made large purchases of Government unmistakably indicated by changes in the figsecurities as investments for ures of production and trade, whose growth has been traced in detail during the past few ttieir 0Wn account> not at a11 be" cause of pressure from the Govmonths. The current issue, therefore, is devoted ernment or from individuals holding Governprimarily to analysis of the financial and bankment obligations. As a consequence, the item ing effects or concomitants of this movement of chief interest in the statements of the Fedof recovery, only incidental attention being eral reserve banks has come to be that of bill given to the productive and business side of holdings, at one time of very uncertain value the situation. as an indicator of the extent to which the Fed- A year ago, in opening the mid-year statistieral reserve banks were being called upon to cal number, five main periods in the history provide commercial credits to the community of the Federal Reserve System were recogat large through the banks. Since the beginnized, the fifth being tentatively indicated as ning of the year the paying off of discounts running from May or June, 1920, up to the by member banks has caused a steady drop in end of June, 1921, or later, as subsequent such holdings from $1,239,432,000 on January events might determine. It would now seem 4 to $543,035,000 on June 21. The fall in bill that this fifth period may fairly be extended holdings has been followed by an increase to include another year at least, the low point in the holdings of United States securities, of Federal reserve portfolios (as compared with 765 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

766 FEDERAL RESERVE BULLETIN. JULY, 1922. which during the same period increased Events of recent months have demonfrom $231,110,000 to §555,534,000. There strated the danger of generalizations as to the effect of changes in credit dehas been a further increase of gold reserves Change in de- [ d the significance of to the amount of $144,662,000, and the Fed- manc ari mand for aceom- , ., . J3 . , eral reserve notes in circulation have con- J J modation. such cnanges m relation to busitinued to decline, being $279,012,000 less than ness activity. It is not to be they were on January 4. The movement of expected that changes in the volume of busimember bank reserves on deposit with Federal ness transacted during periods of increasing or reserve banks, being regulated by law, maindecreasing activity would be instantaneously tains a fairly fixed relation to the deposits of reflected in corresponding expansion or consuch member banks, and, as the latter have traction of credit accommodation. Study of been augmented of recent months, reserve de- the fluctuations in the demand for credit, as posits have consequently risen slightly more measured by variations in the outstanding than $80,000,000 since January 4. amounts of loans and discounts of the banks Loans and discounts of reporting member of the country, lends support to the belief banks, including rediscounts with the Federal that there is always a considerable lag in reserve banks, are lower by $320,982,000 than credit movements, whether business is taking they were at the beginning of 1922 and an upward swing or has started on a down- $989,035,000 below the total for the corre- ward grade. During the recent period of credit sponding date a year ago. Since the first of the recession a reduction in the volume of business, year, however, the reporting member banks whether measured statistically by debits to individual account or by various production have paid off sums borrowed from the Federal indexes, or tested by other known facts, was reserve banks to the amount of $523,631,000, in process months before the effects were and it is evident, therefore, that they are now apparent in the falling off in credit accommocarrying a larger volume of loans and discounts dation. Indeed, credit expansion continued on the basis of their own resources than they some months past the time when business conwere six months ago. There has been a growth traction began to be generally recognized as of nearly $776,000,000 in their net demand deexistent. Furthermore, when the shrinkage posits. The percentage relationship of loans of credit accommodation began to be apparent, and discounts to net demand deposits, always the rate of contraction was much less proa significant indication of the increasing or denounced than the rate of reduction in the creasing ability of banks to extend further volume of business. At present all the evicredit, has fallen from 107.6 per cent on Jandence indicates that the country is again exuary 4 to 97.3 per cent on June 21, showing periencing a revival of business activity, which the greater ease that has resulted from the would be more patent if it were not for the rebuilding up of deposit balances. Further tarding influence of strikes and labor disturbevidence of relative abundance of funds also ances. Debits to individual account, for examappears in the growth of the security hold- ple, reached a record high point on May 3 being ; ings of reporting member hanks, which rose larger than at any time since the beginning of from $3,565,371,000 to $4,378,864,000. Loans 1921, while for the month of May total debits against stock and bond collateral other than were 18 per cent higher than for the same pe- United States Government securities have riod a year ago. Similarly the production insimilarly increased $327,747,000, in the face dexes of the Federal Reserve Board have been of a decline of $439,636,000 in loans granted making a most favorable showing compared primarily for commercial purposes. with a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 767 But, notwithstanding these facts, loan con- avoid the necessity of carrying goods upon traction continues to be recorded and, as shown bank credit. above, the reduction in the bill holdings of the The demand for commercial loans, although Federal reserve banks has been unusual. In reviving, has not fully employed the released the case of the Federal reserve banks, however, resources of the banks, which have turned more the accelerated pace of loan reduction is easily and more toward the security market to find explicable. Bill holdings represent either di- employment for their funds. The banks have rectly or indirectly loans to member banks, aided the market not only by direct purchases and until recently the greater part of such of bonds but also by granting increased loans holdings has been in the nature of direct against stock and bond collateral. Given advances, as the open-market purchases were these favorable conditions, security issues formerly but a small percentage of total during the present year have been much holdings. It is evident that the member larger than a year ago. For the first 5 months banks will be disposed to discharge their of 1922 the figure reported was $2,627,648,000 obligations to the central institutions as as compared with $1,857,674,000 during the speedily as possible, once they are in possession same period of 1921. All classes of issues show of surplus funds, and since they have acquired increases, especially Federal Farm Loan, munideposits more rapidly of late than they have cipal and foreign corporate issues. Of parbeen called upon to make advances to cus- ticular interest, however, has been the increased tomers, the result has been a steady falling flotation of foreign securities. Investors have off in bills held by the reserve banks. The turned to the latter because of their continued member banks have not as yet begun to feel high yields in the face of decreasing rates of the pressure of the credit demands growing return on domestic issues. According to out of improved business conditions, because figures prepared for the Federal Eeserve Board any increase in accommodation granted has by the Guaranty Trust Co. of New York, been more than offset by the reduction in foreign government dollar and foreign curloans resulting from a continuous process of rency bonds issued in the United States from liquidation. January to June, 1922, inclusive, were $523,- 525,000. Of this amount, Europe took $108,- Another factor which deserves special con- 175,000; North America $176,000,000; South sideration at the present time as tending to America $129,350,000, and the Far East explain in part the failure of credit demand to $110,000,000. Total securities of foreign corincrease has been found in the greatly reduced porations issued during the same period level of prices. True, the price level during the amount to $114,515,000. past few months has once more shown a strong tendency to move upward, but over the period Evidence is afforded by both Federal reserve for which comparisons are now being instituted and member bank figures of the steady absorpthe price level has been far below that which tion of United States Governprevailed when the value of goods was at its Government , ,-,. .. - . peak. Indeed throughout possibly the whole obligations. ment o bugations for investment to a large extent by banking of the past year, the price level has been institutions themselves. At the same time relatively stable around 140 (1913 prices = 100). there has been a significent decrease in the As a result of this state of things many busivolume of loans collateraled by securities of nesses have found themselves correspondingly this kind. As long as preferential rates exless obliged to rely upon banks for advances. isted on such paper it was natural for the Liquidation of stocks of commodities found in banks and banking community to borrow in some lines has also enabled traders to finance this form, while, in addition, many people who themselves much more readily, and hence to had purchased Liberty bonds during the war Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

768 FEDERAL RESERVE BULLETIN. JULY, 1022. period needed to be carried by their banks strong demand for them and furnishes conuntil they could, in the regular course firmatory evidence of their changed status in of events, liquidate the debts they had in- the general financial situation. As already incurred in purchasing the bonds. The proc- dicated, their position in relation to the banking ess of liquidating debts of this description system has changed, and thus also the probhad already comm enced at Federal reserve banks lems arising in connection with them. Due in the middle of 1919, long before the volume of to heavy absorption for investment, relatively other loans reached a peak at the close of 1920. few of them are now used for borrowing pur- At member banks the volume of suchloans, how- poses, and those found in bank portfolios are ever, commenced to fall only at the close of owned directly, providing an outlet for surplus 1920. While during, the past year the decrease funds of banking institutions. in member banks' loans secured in this manner During the past year rates of interest charged was fairly continuous, the figure shown by the by member banks have shown the same ten- Federal reserve banks remained relatively sta- dency as has the volume of Interest rates. ble in the last quarter of 1921, but has again accommodation extended by decreased about 70 per cent since the opening them. The following table shows high, low, of 1922. and customary rates reported by leading New When United States Government obliga- York City banks for the 30-day period ending tions which banking institutions themselves June 15, 1922, as compared with rates six hold are considered, the position, however, is months and one year earlier: different. Recent months reflect distinctly the existence of surplus funds and their in- Prime commercial vestment in public securities. After remain- paper. ing relatively constant throughout 1920 and Demand 1921, Federal reserve bank holdings of Federal Period ending— e C rs u '. s t 3 o 0 m - to m O ar p k e e n t, co l l o la a t n e s r . al obligations have increased about 140 per cent 90 days. m 4 o n to th 6 s. since the opening of the present year, serving _ i //. L. C. \ II. L. C. ! II. L. C. to keep earning assets at a constant level in face Juno 15,1921.. 8 6 6 -7 8 S 8 ' 8 4 6-7 Dec. 15, 1921... 8 5 5*V6 U- 5 ! 0 4£ 5-ft of the falling off of member bank discounts. June 15', 1922.. 7 4i " 5 44- 4 4-l:-4i j 6 3 4-5 Member banks themselves commenced to increase their holdings in September, 1921, It will be observed that on the whole the although they have not done so nearly to the decrease during the first six months was more same relative extent as the Federal reserve pronounced than during the second six months, banks. The changes in the situation of Fed- especially in the open market. In other words, eral reserve and member banks is indicated in there has been a greater degree of stability of the following table: rates in recent months, although a downward [In thousands of dollars.] tendency has still been manifest. Changes in Federal reserve bank rates have Federal reserve banks. lie port- b i a n n g k s m . ember been confined within a narrower range. In the late spring and summer of 1921 rates on certain s U D e g . c i a s u S t c r i . o e o d u o n n b s b t . l s i y - U cu . r S it . i e s s e . - s U e g c L . a u S t o r . i e a o o d n n b s s l b . i- y o U b e l r . i S n g . m a G t e io n o n t v s - . t a y s p p e a s rt o f o f p a a p e te r n w de e n re c y f i t r o s t e d q e u c a r l e iz a e se m d o s r o e m n e e w a h rl a y t the rates borne by all the various classes of Juno 22, 1921 G57,980 288,952 I 673,123 j 1,404,086 paper eligible for rediscount. Small decreases Dee. 21, 192!. j 503,770 211,711 516,350 , 1,484,081 Juno 21, 1922 ! 1 40,713 ooo, 534 289,312 j 2,080,060 have occurred from time to time, and until lately all but three of the Federal reserve The strength of the market for Liberty bonds banks had a flat rate of 4-^- per cent on all and the rise in their price further reflects the classes of paper, and these three banks had a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1922. FEDERAL RESERVE BULLETIN. 769 flat rate of 5 per cent. In some of the banks with the Federal reserve bank rate. The size this level has been maintained since November, of the country also introduces an element of in spite of the decrease in market rates already geographic diversity. referred to. Toward the close of June two Fed- While the amount of gold in circulation is eral reserve banks, New York and Boston, smaller than a year ago, the total volume of further reduced their rates to 4 per cent. currency shows a decrease. Federal reserve rates, while following market Note issues. m ±_ J? i onn J rates on the down turn, have likewise moved Treasury notes ot 1890 and within a narrower range than in former national bank notes remained nearly constant, months, but have displayed a greater degree of but silver certificates and United States notes stability than those of the open market. They increased. Somewhat less than offsetting the are now somewhat below rates charged cus- gain in silver certificates was a decrease in tomers by member banks, at about the same Federal reserve bank notes, which had temlevel as, or slightly less than, open market porarily replaced them when silver was withpaper rates, and higher than call-money rates. drawn for shipment abroad. Federal reserve notes constitute the elastic element in the The lack of close correspondence between circulation. They commenced to decline in Federal reserve bank rates and market rates is easily understood. As liquidation proceeded volume at the opening of 1921, and, after a and customers repaid the loans they had con- temporary increase at the close of that year tracted at member banks, the latter in turn continued to fall off. The relative importance reduced their borrowings at the Federal reserve and changes in the volume of the different banks. The volume of member bank dealings classes of paper currency in circulation during with Federal reserve banks has steadily de- the past year are shown in the following table: clined, discounts of the latter showing a some- ; Juno 1,1922. ' Dec. 1,1.921. • Juno 1,1921. what greater rate of decrease since the opening -of 1922 than during 1921. Member banks Treasury notes of 1S90 | 81,527,213' SI, 540,961 ! 81,577,584 have had surplus funds for which they sought United States notes , 204.157,247 • 267,(502,345 i 253.124,795 Silver certificates 259', 161.992 : 234,168.(>3i 137; 576,063 to find an outlet in various channels. The Federal reserve notes I 2,15GJ 819J 224 2,395,248! 9S6 i 2,783,584, (587 Federal reserve banknotes' 79,880,724 j ' 97.220!o33 ! 144.972,195 classes of obligations which Federal reserve National bank notes 725,100,83S 719J 582! 531 j 719! 5-18,433 banks may purchase in the open market have been available during recent months in re- It should be observed that the total paper duced amount only, due to the general busi- currency in circulation reached its peak at the ness situation. As a result, the relation be- close of 1920, although the turn in business tween Federal reserve banks and the financial activity had already occurred in May and June situation in general is closer when there is of that year. This corresponds to the general increasing pressure for funds by member banks tendency shown b}^ bank credit. The same during a period of expansion. In a time of tendency is shown by figures of bank debits, liquidation, when funds are desired by few which, however, turned decidedly upward in member banks and outstanding loans are being the autumn of 1921, and had previously repaid, Federal reserve banks are in less close reached a peak at the close of 1919. These contact with the market. figures show the volume of checks drawn, and The problem of the relation of the Federal thus the use made of deposits. Member bank reserve rate to the market rate is made more demand deposits, however, had already reached complex by the diversity of types of paper in their peak in the late spring of 1920 and have the market, and the difficulty of deciding which increased since the autumn of 1921. These should be used as a standard of comparison deposits are naturally not as sensitive to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

770 FEDERAL RESERVE BULLETIN. ULY, 1922. fluctuations in business requirements as the June 21, I Dec. 31, June 22, figures of checks drawn. 1922. 1921. 1921. As a result of net importations of specie, which have continued without interruption N Bo ew sto Y n ork 7 87 2 . . 9 2 7 7 6 9 . . 9 5 7 68 4 . . 9 0 since September, 1920, the C Ph le i v la e d la e n l d phia... 6 8 9 0 . . 7 7 6 7 8 1 . .2 8 5 6 7 6 . . 4 0 Gold holdings. general stock of gold in the R A i t c la h n m ta ond 8 7 3 5 . . 0 5 4 4 5 1 . . 0 7 4 4 3 4 . . 7 7 country is now about one-sixth larger than a C St h . i c L a o g u o is 6 8 8 1 . . 4 3 6 7 4 1 . . 0 5 5 5 4 4 . . 1 3 year ago. The major part of this gain had M Ka i n n s n a e s a p C o i l t is y . . . . . . 6 7 4 0 . . 5 3 5 5 4 1 . . 8 3 3 4 9 9 . . 5 7 already been effected by the opening of 1922. D Sa a n ll a F s rancisco. 6 70 1 . . 2 8 4 7 8 8 . . 4 2 5 3 9 9 . . 6 0 Since June 1, 1921, the holdings of the Gov- System... 79.1 70.7 | 60.4 ernment decreased about one-sixth, mainly through shift of gold from the redemption Furthermore, the reserve percentages shown funds to the credit of the Federal reserve a year ago by several of the Federal reserve agents. There was also a substantial decrease banks in the agricultural districts were somein the amount in circulation outside of the what increased (and others correspondingly Treasury and the Federal reserve banks, while lowered) through the process of rediscounting, the holdings of the Federal Reserve System while at the present time no Federal reserve (exclusive of the redemption funds) increased banks are rediscounting. The rise in the about 40 per cent. This is indicated in the reserve ratio reflects both the increase in following table, giving the figures of gold and gold holdings of the Federal reserve banks gold certificates for June 1, 1922, December (§569,500,000 between June 22, 1921, and June 1, 1921, and June 1, 1921: 21, 1922) and the liquidation which has taken place. The situation is vividly depicted by recalling that the excess reserves, or free gold I June 1,1922. ! Dec. 1,1921. i June 1,1921. of the Federal reserve banks, increased from General stock. ;S3,774,470,231 iS3,615,758,421 !§3,246,287,8 $970,241,000 on June 22, 1921, to $1,389,867,- Held in United States •• j Treasury as assets of j 000 on December 31, 1921, and $1,648,114,000 Government' : 364,483,500 390,986,908 '. 431,427,816 Held by or for Federal j i on June 21, 1922. reserve banks and agents9 j 2,820,891,760 2,612,303,980 ! 2,076,595,692 As already indicated, customers7 demands Held outside United I States Treasury and ! | upon member banks have decreased, and they Federal Reserve System 589,094,971 612,467,533 ' 738,264,352 have been accumulating surplus funds. These 1 Includes reserve funds held against issues of United States notes and surplus reserves have found their way into Treasury notes of 1890 and redemption funds held against issues of various channels—purchases of paper in the national bank notes, Federal reserve notes, and Federal reserve bank notes, but excludes gold and silver coin and bullion held in trust for the open market, purchases of securities, and loans redemption of outstanding gold and silver certificates and Treasury no 2 t e E s x o c f lu 1 s 8 i 9 v 0 e . of amounts held with United States Treasurer in gold on call against securities. Securities, other than redemption fund against Federal reserve notes. United States Government securities, owned During the past year the several Federal by reporting member banks, have increased reserve banks have shown marked increase in from $2,069,898,000 on June 22, 1921, to their reserve ratios. This is indicated in the $2,298,804,000 on June 21, 1922. Somewhat following table, giving figures greater, however, has been the increase in loans Reserve position, for ratio of total reserves to against stocks and bonds other than United combined deposit and note States Government-obligations, which increased liabilities, for June 21, 1922, as compared with between these two dates from $2,992,486,000 to six months and a year ago. $3,512,046,000. Especially have these in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1022. FEDERAL RESERVE BULLETIN. 771 creases been pronounced within the past several modified in order to afford a complete picture months. But they do not indicate as fully as of conditions. do certain other data the change which has In estimating the amount of credit extended taken place with respect to surplus funds. The to any particular part of the country and the call-money market in New York affords a very extent to which loans previously made are sensitive indication, funds on the whole flowing being paid off, correspondent relations must be there when a local surplus exists and being with- taken into account. drawn when needed at home. Brokers' loans The general business situation, and especially are reported to have increased steadily since the decrease of foreign trade is reflected in the last August, when the total was only about volume of bankers7 acceptances Bankers' ac- §500,000,000, until they now stand at $1,500,- created by American instituceptances. 000,000, the highest figure since October, 1919. tions during the past year. In face of this increase, paralleling the activity The growth of such acceptances created for in the securities market and the heavy volume domestic trade purposes is as yet small, and of transactions, rates have, however, remained recent reports indicate that the difficulties low. Nevertheless, such loans have provided a connected with their use have by no means strong element of competition for the bill been overcome. The total amount of acceptim/rket, and have limited the supply of funds ances executed by all member banks of the for the latter. Federal Reserve System stood at $316,755,000 In the May BULLETIN attention was called to on March 10, 1922, as compared with $368,the fact that in the southern and western dis- 800,000 on December 31, 1921; $431,887,000 tricts reductions in the amount on June 30, 1921; and $673,565,000 on June 30, °f of accomodation obtained from 1920. Of the amount outstanding on March Federal reserve banks had been 10, 1922, $194,953,000 were executed by New especially pronounced, indicating that liquida- York City institutions., tion in the agricultural sections of the country To be contrasted with this showing are the was substantially completed. The latest avail- amounts held by Federal reserve banks. The able statistics show that rediscounts of report- volume of such paper discounted for member ing member banks in all districts a,re at present banks has always been small, until at the close negligible in relation to their total loans and dis- of May it amounted to only $103,000 of counts. In the early months of the year con- domestic acceptances, with no foreign acceptsiderable sums in rediscounts were still out- ances and none to create dollar exchange. standing, despite the fact that repayments had Open-market purchases have, therefore, conbeen proceeding at a rapid pace in the industrial stituted the great bulk of the paper. Holdings sections of the country. Although such repay- of Federal reserve banks stood at a low point ments came later and were effected more slowly about a year ago, the total figure for the end in the agricultural districts than elsewhere, it of July, 1921, being only $17,912,000, as comdoes not follow that the liquidation of agricul- pared with $169,048,000 at the end of February, tural loans has been relatively as slow as it has 1921. The amount at the close of May, 1922, appeared to be on the face of the returns. For stood at $118,101,000. It can not be said that example, city banks with country correspond- the percentage of acceptances created for any ents for whom they had discounted were in some of the three purposes mentioned above—domescases put into position to repay sums that they tic, foreign, and dollar exchange—has changed had borrowed from the Federal reserve banks noticeably, but the same relative proportion through repayments of advances made by them of each continues. The change of Federal to country banks. An analysis of a geograph- reserve bank holdings of bankers7 acceptances ical sort must therefore be correspondingly purchased in the open market are sum- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

7-72 FEDERAL RESERVE BULLETIN. JULY, 1022. marized in the following table, giving figures States or in any other world market. Whether for May 31, 1922, as compared with 6 months the proceeds of such loans are used directly for and a year ago: the purpose of buying American goods or not, such credits must eventually be employed in f[n thousands of dollars.] settling debts to the United States, unless indeed Total. ' Foreign. we ship gold abroad. This is necessarily so, because of the position occupied by the United May 31, 1921 75,239 49,902 14,705 10,572 States as a creditor nation. The result is that Nov. 30, 1921 72, 824 | 43,934 = 39,627 : 4,263 May 3J, 1922 ! 118,101; 88,004 i 26,496 3,60L in any event the proceeds of these loans are used here—either for the purchase of goods to One of the difficulties recently noted in con- be shipped abroad, or in settlement of debts nection with the acceptance market has been alread}^ incurred. the low rate borne by such instruments as At the same time that an increased volume compared with rates on other classes of invest- of foreign security issues is being placed here in ments. In some measure this is, of course, due the United States, the banks of this country to the preferred position of the bankers7 have been curtailing their foreign operations. acceptance as a pure credit instrument. On This is illustrated by the closing within the past the other hand, however, banks in the United year of numerous foreign branches and agencies States have been accustomed to receive sub- of American banks and the withdrawal of many stantial rates of return, and present rates have institutions more or less completely from foreign been proving too low to be very attractive. transactions. Other banks that in the past This is unfortunate, in view of the desirability have specialized in foreign business, realizing of building up an open discount market in the risks they were taking in extending credit order to obtain the most effective functioning of under present conditions, have shifted their the entire banking system. The development business from foreign commercial banking to of the market has been hampered also by the the marketing of foreign securities. As a coninexperience and lack of understanding by sequence of these and other similar developsome bankers of the proper sphere of the ments, the volume of foreign dollar acceptances acceptance, particularly in connection with on the market has shrunk very materially, and domestic trade transactions. the amounts of such acceptances purchased by As already noted, more recently the lower the Federal reserve banks in the open market, yields on high-grade domestic bonds have led although somewhat larger than at the extreme many investors in this country low point of last summer, are still small when me F n o t r . e ign invest- t r lace their fu ds in f ore i gn to compared with the large volume of such purchases a few months earlier, issues yielding higher returns. In the following table are presented the The question to be considered here is not the Federal Reserve Board's usual indexes of cursoundness of all such foreign investments, in rent production and marketing regard to which there may well be difference of Index of busi- conditions. All of the items opinion, but rather the effect which the large vol- ness conditions. ume of foreign financing in this market has had show an improvement when in enabling merchants in this country to secure compared with figures for April, the increase payment for goods sold abroad. Foreign loans being especially notable in the case of agriculsold here result in placing at the disposal of tural movements. Activity was also greater foreign countries credits which may be em- than in Ma}?-, 1921, except for coal production ployed in buying goods either in the United and cotton receipts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN 773 [000 omitted.] with $309,000 for the preceding month. Over three-fourths of the total silver imported dur- May, 1921. ; May, 1922. • April, 1922. ing May came from Mexico, the remainder proceeding chiefly from Peru, Central America, Total. *jola- i Total. R ti e v l e a . - Total. R tiv el e a . - and Canada. Nearly two-thirds of the silver exported during the month was consigned to Receipts of live stock at 15 western markets China and Hongkong, British India and Great Re (h ce e i a p d t ) s of grain at 17 4,574 ! 100 4,991. | 109.1 : 3, 838 ; Britain being the other large takers of silver interior centers (bushels) 72,040 ! 100 j 92,575 127.4 i 55,322 j 76.2 for the month. Net exports of silver since Sight receipts of cotton (bales).. 777 100 ' 594 70.4 ; 431 , bb. 9 August, 1914, totaled $440,871,000, as shown Shipments of lumber reported by 3 associa- in the following exhibit: tions (million feet)... 825 100 110.1 133.5 ! 874 \ 105.9 Bituminous coal production (short tons)..! 33,330 100 | 20,287 60.9 i 15,780 i 47.3 [In thousands of dollars.] Anthracite coal pro- | duction (tons) j 7,497 100 i 36 .5! 26' .3 Cr d u u d c e t - i p o e n tr o (b le a u r m rel s) p ro- . \41,985 100 I ; 46,473 ! 106.3 Imports. Fexxnpoorrttss. Excess of Pi ( g lo - n i g ro to n n s p ) roduction I | 1,221 100 I j 2,307 110.7 i 44,635 : 169.7 C W St o ( e ( o l t b e o t o o a l n - l l n i e g n s c g t ) o o o n t c n s o s ) p n u r s o m u d m p u p c t t t i i i o o o n n n I ;; , 1,2 4 6 -1 6 1 .j 1 1 0 0 0 0 i j 2,7 49 1 6 1 1 2 1 1 8 1 4 8 2 . . . 1 9 5 ! I i 2 2 , , 4 4 0 4 4 7 7 5 2 ' \ ' 1 1 9 0 3 1 . . 1 4 J A J J a a a u n n n g . . . . 1 1 1 1 t t t , o o o 1 9 D D D 1 e e e 4 c c c , . . . to 3 3 3 L 1 1 D , , , 1 e 1 1 9 9 c .9 2 . 2 1 0 3 L 9 1 . . . ' 1918 i ; ' i 2 6 8 0 8 3 8 3 9 , , , , 0 2 5 4 6 9 4 1 0 2 2 0 4 2 1 5 8 3 1 1 3 9 3 , , , ,6 3 0 5 1 5 2 7 6 3 1 5 I I : j 1 2 1 1 2 7 4 1 5 9 9 , , , , 6 5 6 7 6 5 1 6 7 6 1 1 (pounds) ' 50,929 I 100 91.1 Jan. 1 to May 31, 1922 j 28,547 20,157 j i 2,390 i 51,888 ' Total ; 472,851 913,722 ! 440,871 Net gold imports for the month of May 1 Excess of imports. totaled $5,587,000, a new low Further increases of over §250,000,000 in monthly reCOrd sinCe the be" verGmovemtnf" ginning of the latest inward investments and of $115,000,000 in loans supported by corporate securities, movement in September, 1920. About one-half The banking as against more moderate liqof the total gold imports for the month is cred- situation. uidation, totaling §86,000,000, ited to European countries, largely Denmark, of other, largely commercial, loans, are the Sweden, and France. Considerable gold imleading features of banking development durports, constituting nearly 20 per cent of the total ing the four weeks between May 17 and June for the month, are also credited to China. Of the 14, as evidenced by the weekly statements of total gold exports during May, amounting to condition of about 800 member banks in lead- $3,407,000, over three-fourths was consigned to ing cities. Investments in all classes of Gov- British India. Net imports of gold since ernment securities show substantial increases August, 1914, totaled $1,643,581,000, as may for the period—United States bonds and Vicbe seen from the following exhibit: tory notes by $125,000,000, Treasury notes by [In thousands of dollars.] $14,000,000, and Treasury certificates by $62,- 000,000, a larger increase in connection with Imports. Exports. E im xc p e o s r s t s o . f the June 1 allotment of $200,000,000 of tax certificates being followed by the customary Aug. 1, 1914, to Dec. 31, 1918 1,770,616 ! 705,210 ! 1,071,406 gradual reduction in holdings due to distribu- Jan. 1 to Dec. 31, 1919 76,534 368,185 1291,651 Jan. 1 to Dec. 31, 1920 417,068 • 322,091 I 94,977 tion among ultimate investors. Investments Jan. 1 to Dec. 31, 1921 091,248 23,89L ! 667,357 Jan. 1 to May 31, 1922 110,036 8,544 | 101,492 in corporate securities show an increase of over Total i 3,071,502 j 1,427,921 • 1,643,581 $50,000,000, a larger increase during the latter part of May being followed by some liquidation 1 Excess of exports. during the remainder of the period. Total Silver imports for the month totaled loans and investments of the reporting banks $5,512,000, and silver,exports $5,677,000, the on June 14 were $15,213,000,000, an increase net amount exported being $165,000, compared of $279,000,000 for the period under review, as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

774 FEDERAL RESERVE BULLETIN. JULY, 1922. against a decline of $216,000,000 since June and investments. The share which these bor- 15 of last year. About 47 per cent of the June rowings constitute of the total discounts held 14 total is represented by "other" loans and by the Federal reserve banks was 28 per cent discounts, compared with 48 per cent four on June 14, compared with 32.2 per cent four WEEKLY CHIANGELS IN c PRINCIPAL ASSET > AND LIABILITIES FEDERAL RESERVE BANKS REPORTING MEMBER BANKS 1 RESERVE RATIO 6 U. S. SECURITIES 1 LOANS SECURED 3Y U.S. OBLIGATIONS 8 OTHER LOANS (Largely Commercial) 2 TOTAL DEPOSITS DISCOUNTS SECURED BY 2 U.S. GOVERNMENT OBLIGATIONS 7 NET DEMAND DEPOSITS 3 CASH RESERVES U.S.GOVERNMENT OBLIGATIONS 3 ACCOMMODATION AT F. R. BANKS 8 TOTAL LOANS 4 K. 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' 1 MILLIONS BILLIONS i r BILLIONS OF T OF OF OF DO 3 L 0 L 0 A 0 RS I - DO 3 L 0 L 0 AR 0 S DOL 1 LA 7 RS - - ! r4-. DOL 1 L 7 ARS \ V \ - 16 16 V j 2500 >: \ t ~4 " V I - - 2500 15 \ / «^ T 15 ZOOO 2000 14 - - 14 - - - -j T s | "V 13 .a 13 1500 1500 1000 SA i si \ V _ . _ i . - i. •" :— _ : . \ V\ ^ - - - 1000 1 1 1 2 \ 7 \ x^ •% / 1 1 2 1 A 500 ,'s 500 10 1 A- A 10 V. 0 -" 0 9 $ 9 M DO IL L L O L IO F A N R S S I -- - - — - - - RE R S A E T R IO VE 8 \ \ 8 3000 \ S,X C P E E N R T 7 7 100 2500 3 V 90 6 6 1 80 5 5 2000 *^ 9y* - - - 70 4 4 60 1500 1 1 50 3 5 ««=•?*/•• - 3 40 4 1000 30 2 -v - 2 20 1 J. •*- \ »-.-*• - 1 500 10 - - - T J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. Ai H. J. J. A. S. 0. N. D. J. v. 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 weeks before and over 53 per cent on the cor- weeks before and 68.4 per cent about a responding date in 1921. year ago, a fair indication that by far the Borrowings of the reporting banks from the larger share of recent loan liquidation reported Federal reserve banks show a further decline by the Federal reserve banks is limited to from $151,000,000 to $116,000,000, or from 1 the banks in the larger, i. e., industrial to 0.8 per cent of the banks' combined loans centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. "FEDERAL RESERVE BULLETIN. 775 The following exhibit presents the principal such securities, compared with 14 per cent about changes in the condition of the reporting mem- a year ago. ber banks during the four weeks under review: Government deposits, after reaching a maximum of $73,300,000 on June 14, declined to REPORTING MEMBER BANKS. [In millions ol dollars.] $10,400,000 a week later, reserve deposits totaled $1,812,000,000, or $10,700,000 less I Redis- Date. I ; ! 1 N p b o o a u f r n m t k i r b e n s - e g . r : L n o d o u a n d n t i s s s .i - j mm Inl e vv* il eb t s s- t" - I ! j ! p a c a F w n o y d . u i a t n b R b h t l i . s e lls ( R 4 a m - c a t T c i o t o - i o d 2 o n m + a . o - 8 - f ). d d e e p N m o e a s t i n t d s. m t c h o e a m m n p b o f e o s r e u s d r 7 l w c a l r e e g e a e k r l s i y n g b o e f f a o c c r a c e s o , h u w i n e t h r s s i , l ' e c s h h o e o th c w k e r s a a d n e d p d e o c s n l i i o t n s n e , - : banks. 6 from $34,000,000 to $32,000,000. Federal reserve note circulation, after a rise of $13,300,- May 17.. 799 10,91(5 151 1.0 10,968 May 24.. 799 10,923 4,072 , 166 1.1 JO, 953 000 for the first two weeks, shows a decline of May 31... 799 10,906 4,123 | 157 1.0 11,049 June 1.. 799 10,887 4,235 117 .8 11,01.6 $18,900,000 for the following week, the June June 14., 800 10,944 4,269 116 .8 11,19S 14 total of $2,122,600,000 constituting a new 1 Including rediscounts with Federal reserve banks. low record for the year. Figures for the Federal reserve banks, which Gold holdings of the reserve banks show a cover the four-week period ending June 21, show further gain of $12,300,000 for the period, further net liquidation of $65,600,000 of diswhile other cash reserves show only a nominal counted bills, of $13,600,000 of United States increase. Since January 1 of the pres.ent year bonds and notes, of $4,500,000 of Pittman cergold holdings of the reserve banks have intificates, and of $22,600,000 of other certificreased by about $145,000,000, as compared cates, as against an increase of $16,100,000 in with an increase of $387,700,000 for the corthe amount of acceptances held. Smaller totals responding period of last year. New • York, of discounted paper held are shown on June 21 Atlanta, Chicago, and Richmond show the for all reserve banks, except those at Dallas largest increases of gold reserves for the presand San Francisco, the reduction for the New ent year, while Boston, San Francisco, and St. York bank alone being in excess of $30,000,000. Louis show the largest decreases for the period. Treasury certificates, other than Pittman cer- The reserve ratio shows a further rise for the tificates, reached a maximum of $315,900,000 period from 77.5 to 79.1 per cent, changes in on June 14. During the following days condeposit liabilities and a substantial gain of gold siderable amounts of tax certificates owned by during the last week accounting largely for the the reserve banks were redeemed by the Treasfluctuations shown. ury; on the other hand, the account was swelled Weekly changes in the principal asset and by the large amount of special certificates liability items of the reserve banks are inditaken by the reserve banks to cover temporary cated in the following exhibit: advances to the Treasury on June 15, pending the collection of tax checks and funds from de- FEDERAL RESERVE BANKS. [In millions of dollars.] positary institutions. The latter amount was reduced gradually, and on June 21, four of the Federal \ r o e f s er s v u e c h b an c k e s rt i s f t i i c l a l te h s e , l d w a i th to ta t l h e o f c $ o 3 n 2 s , e 0 q 0 u 0 e ,0 n 0 c 0 e Date. Cash • J i I B co t f o u fl n t s a t t e l f . d s, ,!s m e ti c e e u r s r i . t i - ' de T p o o t s a i l t s, j n c r a o e ir c s t c e t e u u s r l a v i a l e n - i ; R r e a s t e i r o v . e tion. that the account "other Treasury certificates77 May 24.. 3,135.3 487.2 596.2 1,917.2 2,128.2 77.5 shows a reduction of $61,700,000 for the week May 31.. 3,130.5 471. 5 603. 4 1,870.2 2.141.2 78.0 June 7... 3,134.1 420.3 6L7.9 1,897.0 2,141.5 77.6 and of $22,600,000 for the four weeks under June 14.. 3,136.5 413.6 629.7 1,929.0 2,122.6 77.4 June 21.. 3,147.7 421.6 555.5 1,854.4 2.126.3 79.1 review. Total earning assets of the reserve banks at the close of the period stood at On June 21 Mr. Festus J. Wade, president of $1,098,600,000—a decline of $90,200,000 since the Mercantile Trust Company of St. Louis, May 24. Notwithstanding the considerable re- Mo., was elected member of the duction in the amount of Government securi- Federal Advis- Federal Advisory Council for ory Council. ties held, slightly over one-half of the total district No. 8, to fill the unearning assets continues to be represented by expired term of Mr. F. O. Watts, resigned. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

776 FEDERAL RESERVE BULLETIN JULY, 1922. BUSINESS, INDUSTRY, AND FINANCE, JUNE, 1922. The outstanding features of the economic development during the month have been the continued and noteworthy increase in the physical volume of production and a continuance of the advance in prices noted for the month of May, the wholesale price index number of the United States Bureau of Labor Statistics showing an increase of live points for that month. Prices in Great Britain also show an increase, the index number compiled by the Federal Reserve Board for international comparison advancing four points, as compared with an increase of nine points in the similarly constructed number for the United States. An increase of production is noted in highly finished lines of manufacture as well as in basic industries. The advance has been especially marked in iron and steel, and in industries which are large consumers of iron and steel products, such as automobiles, foundries, machine shops, etc. May copper production was 266 per cent of that of May, 1921, and showed a very large advance over the preceding month. Zinc output also increased, while stocks were, less than half those at the close of May, 1921. Building activity has continued practically unabated. The value of contracts let during May was $323,000,000, which was about 50 per cent larger than for May, 1921. This was substantially the same as the April figure. Decided improvement in tanning and moderate improvement in the output of boots and shoes are noted. Wholesale groceries and hardware show a very pronounced advance over April, and compare favorably with the sales of a year ago. Iii dry goods and shoes a seasonal recession is reported, but the business in most districts does not vsiTy greatly from that of last year. The retail trade for the first time in many months is in excess of that of a year ago. This, however, is not uniformly true, as in half the districts trade was less than in May, 1921. Although the production of anthracite coal has been reduced practically to nothing, the production of bituminous coal at nonunion mines has increased somewhat, at the same time that petroleum output for the month has shown an advance as compared with April. General employment conditions have taken a very decided turn for the better. In some lines a scarcity of labor is now reported, as, for example, in the steel and building trades. Demand for agricultural labor also continues upward. While unemployment still exists, especially in those industries such as coal and textiles where labor troubles prevail, figures furnished by the United States Employment Service and by various State departments of labor show marked reductions in numbers of persons out of work. Most staple crops have shown improvement during the past month, and the approach of midsummer finds the farming community as a whole anticipating fully average yields. . In some parts of the country unfavorable weather has delayed or impaired prospects, but the general situation is favorable. Car loadings on lines of railways serving agricultural districts show a very material advance even though the new crop has not begun to move in quantity. Railways which have suffered most severely in business are those which are largely dependent on coal to make up the bulk of their traffic. Of fundamental interest has been the continued downward tendency of discount and money rates. In the New York market the charge for call funds has been as low as 2| per cent. Rates for commercial paper have also tended distinctly downward. During the month the Federal Reserve Banks of New York and Boston reduced the discount rate to 4 per cent. The Bank of England has also reduced its rate to 3-1- per cent. Federal reserve bank portfolios show little change, although indicating a declining tendency, while member bank loans have shown but moderate alteration. The outcome .of the international bankers' conference at Paris was unfavorable to the movement of exchange toward higher levels, and limited recessions have occurred in nearly all of the European currencies. Foreign loans have continued to be placed in this market in considerable quantities. The latest export trade figures show a small shrinkage in the volume of exports while imports havb increased materially. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 777 AGRICULTURE. COTTON. The condition of the crops shows a very gen- Unfavorable weather conditions which reeral and decided improvemant over last month, tarded cotton planting have given place to dry due mainly to the favorable weather during weather and higher temperature, and the May and early June. The average condition prospect is more hopeful. The price of midof winter wheat on June 1 was 81.9, as com- dling upland cotton at New Orleans on June pared with a condition on May 1 of 83.5 and a 14 was 19.4 cents, as compared with 19.9 cents condition of 77.9 on June 1, 1921. There was on May 17. Cotton stored in mills and public a decided improvement in the wheat prospects warehouses on May 31 amounted to 3,981,000 of district No. 7 (Chicago) during May, but bales—about 34 per cent less than on May 31, there was some damage from red rust in the 1921. first half of June. In district No. 10 (Kansas District No. 11 (Dallas) estimates the in- City) the harvesting, which was begun in the crease in acreage as high as 15 to 20 per cent, latter part of May, is sufficiently advanced to but the significance of this is somewhat modindicate that the yield is better than was antici- ified by the fact that last year's acreage was pated on May 1. Harvesting is in full swing below normal. The crop is from three to four in district No. 8 (St. Louis), where a yield equal weeks late, which adds to the difficulty of to or in excess of the June 1 estimate is indi- curbing the activities of the weevils, which cated, and the district is expected to produce have appeared in large numbers. Reports 83,390,000 bushels of winter wheat, compared show that not more than 75 per cent of the with 66,110,000 bushels last year. In district cotton planted in Texas is growing, but the No. 12 (San Francisco) the condition of wheat warm, dry weather since the second week in declined during May. Since June 1 drying winds June has been favorable and a fair crop should have been detrimental to the condition of grow- be produced. High temperatures and suning grains in sections of Oregon and Washing- shine over all the cotton-producing sections of ton. Planting of spring wheat, though de- district No. 8 (St. Louis) has greatly improved layed by unpropitious weather, was finally com- the condition of the crop, and the activities of pleted late in May under favorable weather the boll weevil have been retarded. In district conditions. No. 10 (Kansas City) a great deal of replanting The condition of the oats crop is improving, was necessitated by the early rains and low although it will be smaller than last year, due temperatures, and"the crop as a whole is from to a reduced acreage. The corn acreage in two to three weeks late. The weevil is appeardistrict No. 8 (St. Louis) is probably from 15 to ing in some localities a month earlier than last 20 per cent smaller than a year ago, while the year, and some damage has been done. A acreage in district No. 10 (Kansas City) is large amount of fertilizer has been used in about as large as last year. The warm, dry Georgia and a freer use than last year is reweather in early Juno was favorable for plant- ported in district No. 8 (St. Louis). ing and lent encouragement to the corn growers, although there is some apprehension of TOBACCO. probable insect damage in district No. 8 (St. Louis). District No. 7 (Chicago) reports satis- Interest in district No. 5 (Richmond) has factory progress, but there is a need of rain in been centered upon further progress in the some sections. Barley fields matured rapidly organization of the cooperative marketing assoin California this season and the h^ivest is now ciation. The association has recently sucin prospect. The California crop of barley is ceeded in arranging for advances aggregating estimated to be 24 per cent larger than in 1921. $30,000,000 from the War Finance Corporation The acreage of the white potato crop shows an during the next marketing season. The effort increase, especially in district No. 10 (Kansas to effect the organization of the association in City). In that district and in district No. 8 the dark-tobacco sections of district No. 8 (St. (St. Louis) the crop is generally in good con- Louis) is meeting with satisfactory results. dition. In Florida, where the Harvesting is The leaf-tobacco business in district No. 5 nearing completion, the season has been very gradually improves, and appears in a healthier satisfactory irom the point of view of produc- condition than for the past two years. Manution, but farm prices ranged rather low. The facturers' business in that district appears to sugar-cane crop is reported making good pro- be good, while cigar manufacturers throughout gress, but averages about three weeks late in district No. 3 (Philadelphia) report increased Louisiana, and heavy rains have prevented sales. This is the more remarkable in view of working the crop. the fact that June, July, and August usually 112292—22 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

778 FEDERAL RESERVE BULLETIN. JULY, 1922. show a seasonal falling off in demand. The and corn was most marked at Chicago. The large factories still report better business than May movement of wheat in district No. 10 do the smaller firms. The better grades of (Kansas City) was exceptionally heavy, as a cigars have the best sale. Orders are still result of rising prices and better transportation largely for immediate shipment, but the num- service. As shipments from the four leading ber of standing orders has increased. markets in that district were 2,462,000 bushels in excess of the receipts for the month, elevator FRUIT. stocks were substantially reduced. There was a somewhat similar shrinkage in interior and Reports from the various fruit-growing disseaboard centers. Grain prices declined rather tricts are very favorable, and a crop well above generally in the latter part of May, and although the 10-year average is ant cipated in district there was some recovery early in June, the No. 8 (St. Louis). Practically a 100 per cent price of wheat is still declining and is below strawberry crop has been marketed in district the lowest April quotation. No. 10 (Kansas City). Crops of blackberries and raspberries are about normal, while an un- FLOUR. usually large crop of cherries is being marketed in June. Peaches and pears are reported as Flour production during May was greater in doing well, and the prospect for the apple crop all districts than during April and than during is brighter than for several years. The Georgia May, 1921. Reported May output in district peach crop, however, is not quite up to average, No. 9 (Minneapolis) was 1,889,755 barrels, and the watermelons and cantaloupes have which was 6 per cent greater than in April and been damaged by rain. Weather conditions 1 per cent greater than in May, 1921. In disin May have been favorable throughout district No. 10 (Kansas City) production in May trict No. 12 (San Francisco) for deciduous amounted to 1,504,826 barrels, an increase of fruits, and the apple crop, although less than 1 per cent over the previous month and of 31 the record crop of 1921, will be large. A yield per cent over the same month last year. of 39,882,000 bushels is estimated for the dis- Eleven leading mills in district No. 8 (St. trict, compared with 46,450,000 bushels har- Louis) produced 279,970 barrels in May, which vested in 1921. The past month has brought was 11 per cent greater than the April figure. an improvement in the condition of peaches, May output of 44 mills in district No. 7 (Chiwhich are expected to yield a larger crop than cago) was 326,311 barrels, an increase of 3 per last year, and a good yield of cherries and pears cent over April and 27 per cent over the May, is in prospect. 1921, production. In district No. 12 (San The fruit crop in district No. 5 (Richmond) Francisco) May production of 65 mills was promises somewhat better than was expected 528,800 barrels, which was 5 per cent greater after the freezes in the latter part of April. than during April. Demand for flour during The outlook for peaches in Virginia and North May was dull and featureless in district No. 8 Carolina is fairly good, and South Carolina is (St. Louis). Both there and in district No. 12 already shipping a good crop. (San Francisco) buyers were disposed to await Prices of citrus fruits are higher than in the new wheat crop before stocking up. A April and much higher than in May last year, fairly active inquiry existed for clears and lowbut shipments of citrous fruits from California grade flour, but mills were unable to sell the are only about one-half as large as in May, higher grades and had no clears to dispose of. 1921. Valenci oranges, which comprised the Both foreign and domestic demand were likebulk of shipments durir-g May, are reported wise dull in district No. 10 (Kansas City). to be only fair in quality and small in. size this Choice milling wheat remains at a high level in season. districts No. 8 (St. Louis) and No. 12 (San GRAIN MOVEMENTS. Francisco). LIVE STOCK. Grain receipts at 17 interior centers registered an increase of 67 per "cent during May. This Movement of cattle, calves, and hogs to marpronounced increase was distributed very ket during May was heavier than during May, evenly among the different grains, but there 1921, but the reverse was true of sheep. In was a slight decrease in the receipts of flour. each case receipts at 15 western markets were May receipts of both wheat and corn increased greater than during April. May receipts of about 78 per cent at these centers, and totaled cattle and calves were 1,308,000 head, an in- 30,125,797 bushels and 27,364,113 bushels, crease of 33 per cent over the April figure and respectively. The gain in receipts of wheat 23 per cent over the May, 1921, figure. Re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 779 ceipts of hogs in May, which amounted to Conditions vary in the several States of dis- 2,734,000 head, were 31 per cent greater than trict No. 10 (Kansas City) from almost total during the preceding month and 14 per cent inactivity in Missouri and Wyoming to about greater than a year ago. May receipts of Q5 per cent of capacity operations in Colorado. sheep were 936,000 head, an increase of 26 per Reports from all districts indicate that stocks cent over the April figure, but a decrease of 15 have been considerably depleted, but that per cent from the May, 1921, figure. The prices are steady since the agreement of the heavier receipts are attributed to the increase operators as to fair spot prices at the mines. in the prices of cattle and hogs, but sheep No anthracite coal has been mined since the prices have shown a declining tendency. The commencement of the strike, but small quanmovement of southwestern cattle for finishing tities continue to be dredged from, the rivers purposes is practically completed, heavy ship- each week. These dredgings amounted to ments from ranges to pastures in the northern 26,000 tons in April and 36,000 tons in May, in and western States taking place in May. comparison with an actual mine production of Abundant rains in districts No. 10 (Kansas 7,497,000 tons in May, 1921. District No. 3 City) and No. 11 (Dallas) have left the soil well (Philadelphia) states that stagnation still presaturated with moisture, and grazing prospects vails in the retail market for domestic sizes of in general are excellent. Rain is badly needed, anthracite, but that buckwheat is in greater however, in southwestern Arizona and south- demand at higher prices. western New Mexico. District No. 12 (San Production of beehive coke declined from Francisco) reports improvement in the condi- 528,000 tons in April to 432,000 tons in May, tion of live stock in all parts of the district, whereas by-product coke output increased from except southeastern Arizona. 2,227,000 tons in April to 2,537,000 tons in Thirty-two packers report May sales 19.3 May. As a result of the shortage of beehive per cent greater than in April, and 31 report coke many steel manufacturers are relying them 10 per cent over those for May, 1921. chiefly upon by-product ovens, and the stocks May was thus the most encouraging month so of by-product coke have been much reduced. far this year. Practically all reported improvement in domestic demand, except in the PETROLEUM. coal districts, and a few reported improvement Production of crude petroleum has been in demand from rural districts. Storage stocks increasing steadily since the second week in of cured meats at western packing points at the May, in spite of a reduced flow in the Texas and close of May were greater than at the opening Louisiana fields. The total May output of the month, and there was a marked increase amounted to 46,473,000 barrels, as compared in the stocks of lard. Packers' operations durwith 44,657,000 barrels in April. The average ing May were the largest of any month of the daily production of oil in California was 357,376 present year in district No. 10 (Kansas City). barrels during May, as compared with 341,077 barrels in April and 337,101 barrels in May, COAL. 1921. Development work is increasing, and Bituminous coal production in May completions numbered 64 wells in May, in amounted to about 20,287,000 tons, as com- comparison with 49 wells in April. Shipments pared with 15,780,000 tons in April and increased, but are still less than production, so 33,330,000 tons in May, 1921. The weekly that California ..stocks were 2,241,401 barrels output has shown a steady increase since April larger on June 1 than on May 1. A number of 22, except for the week ending June 3, which new wells have been shut in, to curtail the included a holiday. Most of the gain in pro- amount of surplus production. duction is reported by nonunion fields, as In the fields of district No. 10 (Kansas City) operations in strongly organized districts are crude petroleum production averaged 539,446 still prevented by the strike. District No. 3 barrels a day during May, as compared with (Philadelphia) reports that production is in- 555,234 barrels a day in April. The number of creasing in many nonunion fields which suffered wells completed increased from 651 in April to from strikes during April and May. Produc- 669 in May, although development operations tion increased in the coal fields of district No. 6 in some localities were hindered by weather con- (Atlanta) during May and was maintained at a ditions. Average daily production in district substantially higher level than in May, 1921. No. 11 (Dallas) declined from 458,353 barrels Heavy purchases were made in that district in April to 426,173 barrels in May, while the by western railroads. Most bituminous mines number of completed wells dropped from 531 in district No. 7 (Chicago) are still closed. to 473. The production of the Mexia field Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

780 FEDERAL RESERVE BULLETIN. JULY, 1922. continues to decline, but three new fields were ment statistics. Manufacturers who produced proven in the Texas coastal region during May. 196,788 passenger cars in April built 231,829 Prices of the best grades of Kansas and cars in May, an increase of 17.8 per cent, while Oklahoma crude oil remain unchanged at $2 companies building 21,862 trucks in April had per barrel, while the only important change in a May output of 23,189, an increase of 6.1 per Texas prices was an increase in the price of cent. Carload shipments were about 33,810 in Orange crude from $1 to $1.25, the price May, as compared with 31,334 in April, a gain already prevailing in other coastal fields. On of 7.9 per cent. The output for the first five June 5 the price of Pennsylvania crude was months this year was greater than for the first increased from $3.25 to $3.50 a barrel. Re- six months last year. One factor in this infiners have been increasing their operations crease in business is that replacement purduring May and June, as demand has been chases by users last year were light, and an somewhat stimulated by warm weather and the accumulated replacement demand is now manicoal strike. Domestic sales of kerosene and festing itself. The sale of new cars is reported fuel oil are increasing, while an improvement is to be keeping pace with production, and in reported in tKe export demand for gasoline. some cases demand exceeds ability to produce. Lower and moderate priced cars are in greater IRON AND STEEL. demand. The used-car market continues on a satisfactory basis. Prices appear stabilized. The iron and steel industry has continued its upward progress. Pig-iron production dur- NONFERROUS METALS. ing May amounted to 2,307,000 tons, and steelingot production to 2,711,000 tons. Output Mining operations continued to expand in both cases was about 11 per cent larger than during June in the case of all important nonduring the preceding month. During May ferrous metals except lead. Copper producthere was a net gain of 13 furnaces in blast. tion amounted to 88,713,900 pounds which Unfilled orders of the United States Steel Cor- was 16 per cent larger than in April and about poration increased 3 per cent over those at the 266 per cent greater than in May, 1921. close of April, and amounted to 5,254,000 tons. Despite the impressive increase in production The interest of producers is largely in pro- during the past three months, the general viding output necessary to meet their com- trend of copper prices has continued to be mitments, while there is increasing pressure upward. On June 14 the price of electrolytic from buyers to obtain deliveries on the orders copper delivered at New York ranged from 13.75 to 13.875 cents per pound, as compared they have already placed. Buyers are again with a price of 13.25 cents per pound a month hesitant about contracts calling for delivery previous. Domestic demand for copper slackfar in the future, while producers are likewise ened considerably during June, but foreign reluctant to accept orders too far ahead. A demand was well maintained. District No. few producers in district No. 3 (Philadelphia) 9 (Minneapolis) reports that the May extrachave been forced to close down or curtail operation of copper mines in Montana and Michigan tions because of the shortage and high cost of was over six times as great as that of May, coke. Producers in many cases are experienc- 1921. ing difficulty in securing skilled workers, and Zinc production in May amounted to 27,419 unskilled labor is also scarce in some localities. tons, which was about 8 per cent in excess of Blast furnace activity in district No. 3 (Philathe April output and 51 per cent larger than delphia) still lags considerably behind that in in May, 1921. Stocks of zinc continue to other sections. Heaviest demand in the indecline and totaled only 40,409 tons at the end dustry is from automobile, railroad, building, of May, as compared with 83,721 tons on May and oil interests. Price increases have been 31,1921. District No. 10 (Kansas City) reports less pronounced during the past month than that 46,124 tons of zinc ore were shipped durpreviously. The season's selling price for lake ing May at an average price of $29.51 per ton. ore has been reduced 50 cents, and railroad Production is being materially augmented by freight rates have been reduced 10 per cent the reopening of properties which have been from mines to upper lake ports. idle for over a year. The output of pig lead in May was about 1.8 AUTOMOBILES. per cent less than in April, but was 12 per During May the automobile industry showed cent greater than in May, 1921, shipments a further considerable increase in activity. of lead ores from district No. 10 (Kansas City) This is reflected both in production and ship- were, however, somewhat greater than in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 781 April, and the average price rose from $68.27 creased from 80,545,503 in April to 100,842,008 per ton to $70.90 per ton. The May silver in May, and shipments of finished goods rose production totaled 4,257,973 ounces in com- from 43,355 cases to 49,859 cases. The average parison with 4,138,580 ounces in April. work ahead at the end of the month increased from 7.2 days to 9.1 days. COTTON TEXTILES. Cotton consumption for May was consid- WOOLEN TEXTILES. erably above the total for April, as the increases amounted to nearly 50,000 bales. The The rapid advance in the price of raw wool upward price movement of raw cotton stimu- has carried quotations to figures far above those lated the placement of orders more particu- prevailing last year. District No. 1 (Boston) larly for heavy cotton goods, and was reflected mentions the fact that the average of 98 quotain a less pronounced rise in the price both of tions computed by R. G. Dun & Co. shows a cotton cloth and of yarn. District No. 3 rise of over 75 per cent between October and (Philadelphia) reports productive activity in June. District No. 12 (San Francisco) states the goods mills to be about 85 per cent of that wool is being sold as fast as it is sheared capacity and states that stocks on hand are and sacked, and over 90 per cent of the total normal for the season. In district No. 5 clip of the district had been disposed of by (Richmcmd) the mills are receiving all the June 1. At that date growers were reported orders that they are prepared to receive, and to be selling average clips of fine grade unactivity is greater than it was in April. The cleaned wools at prices ranging from 35 cents special inquiry conducted in district No. 6 to 40 cents per pound, as compared with 30 to (Atlanta) shows that 34 mills which pro- 35 cents a month before and 15 to 17 cents for duced approximately 34,000,000 yards of comparable grades a year ago. Choice lots cloth in May had a yardage output 10.1 per have since sold at 45 cents, and some growers cent greater than in April, while for 31 mills are holding in the expectation of receiving even reporting this item production was 38.9 per better prices. District No. 3 (Philadelphia) cent in excess of May, 1921. Orders on hand refers to the fact that Ohio Delaine fleeces are at the end of the month (29 firms reporting) selling at higher prices than territor}^ wools. were 12.9 per cent greater than in April and Ohio farmers are receiving, for fine clips that 41 per cent above those for May, 1921 (24 shrink about 60 per cent when scoured, as high mills reporting for the latter date). Some as 57 cents per pound. of these mills are operating night shifts; There was also a slight increase in manufacdemand is not only for immediate delivery, turing activity during the month of May, as the but there is also a heavy demand for the fall. figures published by the Department of Com- Reports received from 36 mills producing merce show a decrease in the percentage of idle 7,500,000 pounds of yarn had a production hours to total reported both for looms wider in pounds in May 14.1 per cent greater than than 50 inch reed space and for 50-inch reed in April, and for 29 mills the output was 25.1 space or less. In the case of the former the perper cent in excess of that of a year ago. Orders centage of idle hours to total reported dropped on hand at the end of May (32 mills reporting) from 41.6 to 37.6 on June 1; and in the case of had risen 5.6 per cent as compared with April the latter the percentage fell from 46.6 to 44.8. and were 27.3 per cent greater for the 17 mills In the case of woolen spindles the percentage giving returns for a year ago. of idle hours to total reported dropped to 11.4, from 15.2 recorded on May 1. The percentage COTTON FINISHING. of idle hours in the case of worsted spindles Reports from 35 of the 58 members belonging still remained very high, although there was a to the National Association of Finishers of decline to 34.7 per cent on June 1 from 37.9 Cotton Fabrics indicate that there was an in- per cent on May 1. District No. 3 (Philacrease in finished yards billed from 87,153,258 delphia) comments on the marked discrepancy in April to 92,254,873 in May. The volume of between the activity of woolen mills, which are Sroduction showed little change in districts operating at about 80 per cent of capacity, and [o. 1 (Boston), No. 2 (New York), and No. 3 of the worsted mills, which are running at 33 (Philadelphia), but was very much larger than per cent of capacity. Yarn stocks in that disin April in districts No. 5 (Richmond), No. 6 trict appear to be low, while the average pro- (Atlanta), and No. 8 (St. Louis). The total duction of the yarn mills is estimated at about grey yardage of finishing orders received in- 75 per cent, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

782 FEDERAL RESERVE BULLETIN. JULY, 1922. CLOTHING. change in productive activity during May. It is stated that full-fashioned hosiery mills In district No. 2 (New York) sales of both have orders that will keep them busy until men's and women's clothing were larger than the end of September, and some have orders a year ago. According to reports received for shipments sufficient to run through the from 7 firms selling men's clothing the in- rest of the year. The seamless hosiery mills crease amounted to 16.5 per cent, while the in general are not booked beyond a six-weeks increase in the case of 14 firms distributing period. Thirty reporting firms in district women's clothing was 9.3 per cent. As com- No. 3 (Philadelphia) selling to the wholesale pared with April, however, seasonal declines trade manufactured 0.2 per cent more in May of 34.6 per cent and 32.3 per cent, respectively, than in April and 27.7 per cent more than in were recorded. In district No. 8 (St. Louis) May, 1921. Orders booked fell off 50.3 per sales of clothing were from 10 per cent less cent as compared with April and were 29.4 to over 100 per cent above those of a year per cent below the bookings of a year ago. ago in the case of reporting firms. A very Notwithstanding this fact, unfilled orders were general improvement in business was noted 15.3 per cent larger than those on hand at the and it was stated that manufacturers were end of May, 1921, although 13.5 per cent less receiving a heavy volume of mail orders, which than at the end of the preceding month. In in some cases could not be filled from stock. the case of 14 firms selling to the retail trade, An especially heavy volume of reorders from the product manufactured was 3.9 per cent the South had been received by distributors of below April figures, but 25.3 per cent larger women's apparel in the district. Reports than in May, 1921. Orders booked in May have been received from manufacturers of increased 32.8 per cent as compared with men's clothing in district No. 7 (Chicago), but April and were 31.6 per cent above May, 1921. comparable figures for the new season are not Unfilled orders were 10.2 per cent greater than available, as orders have not yet been placed at the end of April, but 20.4 per cent below in any considerable amount. Seven tailors those on hand at the end of Ma}^, 1921. All to the trade report slight reductions in suit cotton and mercerized hosiery lines were said orders for May, amounting to 1.6 per cent, as to be "extremely dull" in district No. 3 compared with April, but orders were 29.1 (Philadelphia). But returns from four reper cent greater than in May, 1921. The porting mills in district No. 6 (Atlanta) showed number of suits made fell off 7.4 per cent as an increase in output of 14.4 per cent for May compared with April, but were 32.7 per cent as compared with April and an increase of greater than a year ago. 62.4 per cent in orders booked during the month, with unfilled orders 17.7 per cent SILK TEXTILES. greater at the end of the month than at the The consumption of raw silk in May showed end of April. a substantial increase, advancing from 24,247 UNDERWEAR. bales in April to 33,284 bales. Prices also In May, 1922, reports were received from advanced, and silk throwsters in district 47 mills producing underwear, as compared No. 3 (Philadelphia) were stated to be receivwith 53 in April and 62 in May, 1921. Proing increased business, many mills running duction during the month showed a slight at 80 per cent of capacity. Hosiery mills decline compared with last month, but the were purchasing heavily, but there were no loss was very inconsiderable compared with indications of improvement in the market for the loss during the preceding month. May broad silks, with the exception of cr£pe fabrics. production of 518,150 dozens by 47 mills Production in the goods mills in district No. 3 shows an increase of 12,803 dozens over the (Philadelphia) averaged only about 40 per amount produced by 62 mills in May, 1921. cent of capacity, while the statistics from Production of 47 mills in May was 74.2 per Paterson showed a percentage of operating cent of normal, of 53 firms in April 82.7 per hours to total available of only 21.65 per cent cent of normal, and of 62 firms in May, 1921, (June 3), with 15,000 looms reporting. Only 55.4 per cent of normal. Production of winter 3,510 looms of the total 15,000 looms were underwear in May amounted to 298,080 producing on that date. dozens, whereas summer underwear output totaled only 220,070 dozens. HOSIERY. Comparative reports received from 33 of Keports received from hosiery mills in dis- of these mills show an opposite trend from trict No. 3 (Philadelphia) indicate little last month. Orders on hand at the first of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 783 the month showed a loss of 52,116 dozens, or ments for May, as compared with April. 8 per cent, but the large volume of new orders During the first two weeks in June there was a and the decline in shipments resulted in an marked improvement in new orders for shipincrease in orders on hand at the close of the ment within five or six weeks, due to a deplemonth of 171,884 dozens, or 28.9 per cent. tion of wholesale and retail stocks and a greater New orders during the month registered an stabilization of both prices and styles. The increase of 228,428 dozens, or 92.9 per cent, shoe production of 32 manufacturers in disand production increased from 392,578 dozens trict No. 7 (Chicago) increased 4.3 per cent to 403,872 dozens, a gain of 2.9 per cent. during May, while the volume of unfilled Shipments and cancellations, however, de- orders reported was 39.3 per cent higher on clined from 326,717 dozens and 14,711 dozens May 31 than on April 29. There was less to 291,761 dozens and 11,227 dozens, re- hesitancy in placing orders for future delivery, spectively. and some firms now require over nine weeks to fill an order. Sales of 11 reporting interests SHOES AND LEATHER. in district No. 8 (St. Louis) were from 2 per cent to 11.5 per cent higher than in April. Prices of Chicago packer hides continued to Factory operation varied from 90 per cent to rise steadily during June and are now from 20 100 per cent of capacity. In that district to 30 per cent higher than in April. Despite there has been a revival of demand for better the increase in prices, the volume of sales has grades of both men's and women's shoes, and been large in both Chicago and New York. orders for forward delivery are increasing. There was a pronounced improvement in the demand for calfskins during the third week of LUMBER. June, but the market for sheep and lamb skins has been rather inactive. Orders, shipments, and production of lumber Marked improvement occurred in most were all at a high level during May, but some branches of the leather industry during May slackening of demand was noted during the and the first three weeks of June. Seven first two weeks of June. Railroad shipments tanners in district No. 7 (Chicago) reported of forest products increased from 233,559 cars total sales for May from 20 to 60 per cent in April to 240,614 cars in May. The volume above those for April. Stocks in that district of new orders reported to the National Lumber were considerably diminished during May. Manufacturers Association has declined steadily District No. 3 (Philadelphia) reports that May since the middle of May, and totaled only sales of belting leather were the largest for 227,676,093 feet for 394 mills in the week many months, and that June sales are con- ending June 17, as compared with 301,837,237 tinuing at the same high level. The market for feet for 397 mills in the week ending May 20. other heavy leathers is also much broader, and Lumber mills in district No. 12 (San Franthere is now a demand for all tannages and all cisco) operated at capacity in May for the first parts. Calf leather is much more active, month in two years. The increased output, and heavy skins for men's wear are selling however, was not equal to the orders received, particularly well. Sales of kid leather are and unfilled orders on May 31 were almost larger, as a result of an increase in their use for twice as large as on the corresponding date in women's pumps. There has been a slight 1921. Orders received by 191 reporting mills improvement in the glove business, but most totaled 607,159,000 feet in May, an increase of the demand is still for the cheaper grades. of 42 per cent over April and of 71 per cent Sales of harness leather are well maintained, over May, 1921. Log production amounts to except in certain coal regions. about 90 per cent of normal capacity and is Shoe manufacturing registered a slight im- increasing rapidly, due to improved weather provement in most sections during May. The conditions. production of eight leading manufacturers in District No. 6 (Atlanta) reports that prodistrict No. 1 (Boston) increased 1.3 per cent duction of 122 mills of the Southern Pine Assoduring May, and were 29.6 per cent higher ciation totaled 346,993,000 feet during May, than in May, 1921. Shipments of seven of as compared with a cut of 282,529,000 feet for these firms were 0.6 per cent less than in April, 118 mills in April, while unfilled orders for the while new orders increased 11.3 per cent. same groups of mills increased from 251,877,000 Reports of 47 firms in district No. 3 (Phila- feet on April 29 to 331,182,000 feet on May 31. delphia) show an increase of 3.3 per cent in Forty-five southern pine mills in district No. 11 production, an increase of 2.1 per cent in new (Dallas) reported both orders and shipments orders, and a decline of 12.8 per cent in ship- considerably in excess of the cut for the month, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

784 FEDERAL RESERVE BULLETIN. JULY, 1922. while their unfilled orders on May 31 amounted April, but was maintained at a considerably to 99,561,000 feet, in comparison with unfilled higher level than in May, 1921. orders of 70,788,000 feet on the books of 42 mills on April 29. Prices of southern pine EMPLOYMENT. continued to climb during May, and remained Current testimony as to the increased opporfirm during the first two weeks of June. The tunities for employment and the limited numcut of reporting lumber manufacturers in disber of persons seeking positions is even more trict No. 9 (Minneapolis) showed a marked unanimous and emphatic than it has been gain during May, but was less than either shipduring the immediately preceding months. ments or new orders. Retail sales of lumber The United States Employment Service anin that district were 36 per cent larger than in nounced an increase of 3.2 per cent in numbers April and 7 per cent larger than in May, 1921. employed at the end of May as compared with April for the 1,428 firms covered by its survey. BUILDING. The decreases were confined to a limited group The total volume of building operations of workers and were relatively unimportant. continued during May at about the same high In district No. 1 (Boston) the metal working level as in April, as reductions in activity in industry and the building trades have been certain Eastern and Southern States were active, but the strike in the cotton textile counterbalanced by increases in most of the mills of the district still continues, although Central and Western States. The value of some mills have reopened and report an incontracts awarded in seven Federal reserve creasing number of employees. Employment districts (compiled from statistics gathered by agencies- in district No. 2 (New York) state the F. W. Dodge Co.) amounted to $323,044,- that there is a shortage of unskilled labor, 164 during May, as compared with $322,630,241 while according to the New York State Dein April and $220,792,350 in May, 1921. partment of Labor the numbers employed in Building increased during May in five of these industrial establishments in the State are seven districts, the increases ranging from 3.8 about equal to the totals for March, 1921. per cent in district No. 3 (Philadelphia) to 53.4 As compared with April, moreover, most of per cent in district No. 4 (Cleveland). De- the larger cities report increases in numbers creases of 25.1 per cent and 22.4 per cent were at work in May. An advance in average recorded in the value of contracts awarded in weekly earnings in New York factories is a districts No. 1 (Boston) and No. 2 (New York), significant indication both of the increasing respectively. The value of residential building scale of operations in some establishments and contracts increased in all of the seven districts, also of increased rates of pay in certain lines except district No. 2 (New York) and district in which labor shortages have developed. In No. 4 (Cleveland). Statistics of number and district No. 3 (Philadelphia) the Pennsylvania value of building permits issued in 166 cities State Department of Labor announces that are published on page 857. 104,055 persons were unemployed on June 15, Reports from district No. 3 (Philadelphia) in the six cities of Altoona, Harrisburg, Johnsindicate that building activity is particularly town, Philadelphia, Scranton, and Williamspronounced in Atlantic City and in the vicinity port, the lowest figure since December 30, of Philadelphia. Manufacturers of building 1920, and a decrease of 25.3 per cent from the materials report a large and increasing demand, estimates of May 15. In district No. 5 (Richwhile prices have advanced considerably. In mond) it is said that reports from various district No. 7 (Chicago) construction operations sections of the district show that common at Detroit and Chicago showed unusually large labor is becoming scarce in some localities and gains during May, and the increase in the there have been a few scattered advances in average value of new permits indicated that wages. The building trades, road work, and larger buildings are being erected. Permits other public improvements have given emissued by cities of district No. 8 (St. Louis) ployment to large numbers of unskilled laborindicate that new projects included more ers. Such unemployment as still exists is classes of construction in May than in any largely due to strikes in the coal-mining repreceding inonth of 1922. Building opera- gions of West Virginia. tions in district No. 10 (Kansas City) were the District No. 6 (Atlanta) notes increased emlargest ever recorded in a single month, al- ployment in the cities and also increases in outthough somewhat limited by storms and floods put both in coal mining and in the iron and in some sections. Construction activity reg- steel industries in Alabama. District No. 7 istered a rather marked decline in district No. (Chicago) emphasizes the need for workers in 11 (Dallas) during May, as compared with the steel mills and the existing shortages in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 785 lumber camps and sawmills. Foundries and WHOLESALE TRADE. machine shops are likewise reported to be in need of men. Construction work and the auto- PERCENTAGE OP INCREASE (OR DECREASE) IN NET SALES IN MAY, 1922, AS COMPARED WITH THE PRECEDING mobile industry have been leading factors in MONTH (APRIL, 1922). the demand for labor. The special survey of [Minus sign (—) denotes decrease.] employment conditions made by the Federal Reserve Bank of Chicago shows a gain of 4.4 Groceries. \ Dry goods. | Hardware. Boots and shoes. per cent in numbers employed b}^ 198 firms h en a d v in o g f 1 M 17 a , y 0 . 4 7 E p m er p so lo n y s m o e n n t t he c i o r n p d a it y io r n o s l l i a n t d th is e - District. c •P e De n ™r t . . hD f N i r e u m r m o s l - f . 'i• | • c P e e n r t' f N b i e r u m r m s o - . f i Per f N b ir e u m r m s o . - f ! j ! c p e £ n ? t> J I N f b i u r e m m r s o - . f trict No. 9 (Minneapolis) are said to have undergone a noticeable change during the last 30 No. 2 -5.2 42 0.6 8 I 11.9 11 j -4.4 No. 3 17.4 I 50 -0.4 15 | 4.1 27 i, days, because all labor wanting work is now No. 4 12.8 I 26 2.0 i 13 I 12.6 12 !, able to find it, and employers for the first time No. 5 ••. 12.0 i 48 -6.9 ! 16 3.9 17 -15.9 19 No. 6 :. 10.8 37 I-4.2 " 23 3.4 22 —25.5 10 in two years are not able quickly to find needed No. 7 11.3 ; 42 ! 16.1 12 14.1 14 -8.6 10 No. 9 10.8 : 38 ! 10.1 5 8.9 10 -6.6 4 help. In fact there are shortages of skilled No. 10 i 9 : -3.3 7 11.3 laborers in the building trades, of skilled miners No. 11 12 | 1.2 12 3.5 No. 12 13.6 32 | 6.8 14 14.3 0.4 i in the copper regions, and of experienced farm help. District No. 10 (Kansas City) says that PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES there is greater industrial activity in the dis- IN MAY, 1922, AS COMPARED WITH MAY, 1921. trict than for several months past, although a N-delay of about two weeks in beginning the wheat Groceries. Dry goods. Hardware. Boots and shoes. harvest left considerable numbers unemployed i a n n d th c e o i n n s t t e r r u i c o t r i o c n it i w es o . r • k T a h n e d i r n e c n r e e w as e e d i a n c b ti u v i i l t d y i n in g District. c P e e n r t. f N b ir e u m r m s o . - f c P e e n r t. f N b ir e u m r m s o . - f c P e e n r t. f N b i e r u m r m s o . - f c P e e n r t. f N b i e r u m r m s o . - f the lead and zinc mining regions have been very favorable factors. In district No. 11 No. 2 -0.7 42 -11.1 8 13.9 11 -9.5 10 (Dallas) idle workers have been absorbed in No 3 . -2.4 50 -17.8 15 9.0 27 part by the harvesting demand, although re- No. 4 -7.3 26 -4.5 13 R.(\ 12 No. 5 1.2 48 -7.7 16 i 4.7 17 1.8 19 cently there has been a reduction in building No. 6 -1.6 37 7.2 23 1.5 22 2.2 10 No. 7 2.3 40 8.7 12 22.0 14 -4.2 10 activity which has added to numbers unem- No. 9 1.4 38 -11.6 5 6.9 10 4.9 4 ployed. It is reported from district No. 12No. 10 0.2 9 -0.7 7 13.8 8 No. 11 —5.2 12 -6.1 12 — 1.2 12 (San Francisco) that unemployment during No. 12 3.4 32 10.5 14 23.7 22 -2.5 14 May was confined almost entirely to unskilled labor which was, however, being rapidly ab- A very general and • decided increase in sorbed. Salmon fishing and canning began in wholesale sales of groceries and of hardware May and offered employemnt to large numbers is reported by all districts except district No. of men. Reports from identical establishments 2 (New York), in which grocery sales declined in the principal lumbering sections of Oregon, 5.2 per cent. Grocery sales in certain sections Washington, and Idaho show that 77,400 men have been stimulated by the opening of the were on the pay roll June 1 as compared with fruit canning season and by the consequent 54,000 men on June 1, 1921, an increase of 43increase in purchases of sugar. There has also per cent. All lumber camps and mills in Ore- been a larger demand for staples and canned gon, Washington, and Idaho are reported to be goods. The growing demand for farmers7 employing over 100,000 men Employment in supplies and builders' hardware has been an the mines and in the petroleum industry of important factor in the increased hardware California was below normal during May, but sales that have occurred during the month, was increasing, while in Arizona, Idaho, Nev- and in general sales were well above the totals ada, and Utah there was an increasing demand for a year ago. from the mines and for agricultural work. In the case of dry goods and shoes there is Coal miners on strike in Utah have found em- evidence of between-season dullness, and ployment in considerable numbers in the decreases in sales as compared with the precopper-mining regions. According to the ceding month were to have been expected. United States Employment Service, employ- In some districts, however, dry goods sales ment in manufacturing industries in the cities dropped decidedly as compared with a year advanced fractionally in Portland and Seattle, ago. In district No. 3 (Philadelphia), for but was somewhat less in Los Angeles and San example, a fall of 17.8 per cent is attributed to Francisco. the effects of the coal strike, as many retailers Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

786 FEDERAL RESERVE BULLETIN. JULY, 1922. in mining sections have been buying only 25 increase of 9 points, or 6 per cent over the to 50 per cent of normal requirements. Outside April number of 149. Raw materials have the coal regions, however, there has been an advanced more than any other group as a increasing demand. District No. 6 (Atlanta) result of the rise in the wholesale prices of calls attention to the fact that although dry practically every commodity of that descripgoods sales showed a decline as compared tion, with the exception of wheat and sheep, with April, they are 7.2 per cent in excess of which declined, and petroleum and tobacco, May, 1921. The rise in the price of cotton which remained the same. The greatest inand the textile strike in New England have crease is found in pig iron and steel prodresulted in some price advances by the local ucts, while the noriferrous metals show only wholesalers. In district No. 10 (Kansas City), a slight rise in price. Corn, oats, and barley in which dry goods sales were slightly below continued to rise, as also did cotton and those of last year, the decline was attributed woolen goods. The increase in prices of coal to weather conditions, which were unfavorable and coke may be accounted for by the strike to the sale of summer goods. of the coal miners. Consumers7 and producers7 goods have likewise risen, the in- RETAIL TRADE. crease in these group indexes in May being 4 and 8 points, respectively. Six of the twelve Federal reserve districts The revised index number of the Bureau of reported increased retail sales during May as Labor Statistics shows a similar movement of compared with the same month last year. prices during May, although the increase of The decreases reported practically offset the 5 points in that index is not so great as the increases, so that for the country as a whole rise in the board's index. The general upretail trade for the month appears to be as ward tendency of prices continued througnlarge as in May, 1921, but cumulative sales for out June, but the advance was much less the year 1922 continue to compare unfavorably rapid than in May. A more exact and detailed with sales for the corresponding period of measurement of the course of prices during 1921 in all districts. The various lines of June must await the compilation of price merchandise have fared equally well, and the indexes for that month. demand is for medium-priced articles. The big crop of small fruits and vegetables, the FOREIGN TRADE. more seasonable weather, and the universally favorable outlook for crops have been impor- There was a moderate decline in exports from tant factors in stimulating business in the farm- the United States during May, the reported ing districts. The more pessimistic reports value amounting to $308,000,000, as compared are largely from sections dependent on the with $318,000,000 in April. At the same time coal-mining industry for their prosperity. imports, after dropping decidedly in April, rose very nearly to the level of two months ago, the Reports from 452 department stores in the figures reported for May being $254,000,000. United States indicate an increase of 0.8 per The excess of exports over imports, which in cent in sales over a year ago. Changes in the April amounted to slightly over $100,000,000, size of district sales are shown in the table on was therefore reduced to $54,000,000 in May. page 194. The increase of 15.5 per cent in The Federal Reserve Board's foreign-trade district No. 12 (San Francisco) over sales for index for exports declined from 106 in April to last May is particularly encouraging, while the 99.4 in May, showing that there was some largest decrease amounts to 7.2 per cent for reduction as compared with the earlier month district No. 6 (Atlanta). The stocks on hand in the average quantities of the principal omat the end of May are about the same size as on modities exported. The index for imports rose May 31, 1921. A comparison with stocks for from 169.1 in April to 177.9 in May, but the April shows a reduction of 3.3 per cent, which, volume of import trade indicated by the latter with the increased sales, produced a more figure was considerably below that indicated rapid rate of turnover. The slight increase in for March, when the index stood at 206.5. the ratio of outstanding orders to purchases The movement of gold continued during May for 1921 indicates that the buyers are beginon the much reduced scale of the previous ning to place their fall orders. month, with imports valued at $9,000,000 and exports at $3,400,000. Net imports of the PRICES. metal last month, were thus less than $6,000,- A decided advance in prices occurred during 000, in contrast to $57,000,000 in May, 1921, May. The Federal Reserve Board index of and a monthly average of $28,000,000 during wholesale prices for that month is 158, an the first three months of the current year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 787 WOOD PULP FINANCE.1 seen from the following table, which gives production of pulp by processes in the United The following study endeavors to present the States for specified years: methods employed in financing wood-pulp operations, both by companies confining their [000 omitted.] activities exclusively to this product and by paper manufacturers. It includes such data 1919 relative to production and distribution as are believed necessary to afford an understanding Pulp wood cords.. 4,430 of the financial aspects. Wood pulp tons.. 3,519 Mechanical do... 1,519 Sulphite do... 1,420 Sulphate do... 120 I. THE MANUFACTURE OF WOOD PULP. Soda do... 412 Unclassified do... 48 The wood-pulp industry is closely bound up with the paper industry. A majorit}^ of the Mechanical pulp or ground wood,2 as it is establishments produce paper exclusively (they more frequently called, is made by grinding are frequently called converters), but the up barked wood, then mixing the resulting largest firms (measured both in terms of capital material with water, and finally screening it. investment and in terms of value of product) This process is the cheapest of all, but the pulp produce both pulp and paper. Comparaproduced is inferior. In the production of tively few mills make pulp exclusively, and pulp by chemical processes, the wood is cut they are relatively small in size. The situainto chips and then digested with a chemical tion is shown in the following table, giving liquor at high temperature and pressure for census data for 1914 and 1919: several hours. The chemical dissolves all the constituents of the wood chips except cellulose, fin thousands of dollars.] leaving an unbleached pulp. After screening, it is ready for bleaching. Sulphite pulp, which Numis of very high grade, is made by the use of b es e t r a o b f - ; Capital. C m o a s t t e o - f p V r a o l d ue u c o t f .j I a V dd al e u d e . calcium and magnesium as chemical agents, lish- rials. ments. while in the soda process caustic soda is employed for dissolving the nonfibrous parts of Paper and wood pulp: the wood. Sulphate or kraft pulp, noted for Total, 1919 729 $905,795 S467,483 3788,059 $320, 576 1914 718 ! 534,625 213,181 332,147 118,966 strength, is reduced by means of a liquor of Paper exclusively, 1914... 495 : 177,413 103,678 158, 427 54,749 caustic soda, sodium carbonate, sodium sul- Pulp exclusively, 1914 63 36,028 13,733 20,528 6,793 Paper and pulp, 1914 160 321,181 95,770 153,194 57, 424 phite, and allied products. The geographical distribution of the wood- The manufacture of paper from wood pulp pulp industry is shown in the following table, in the United States dates back to the early compiled from Lockwood's Directory of the sixties, and to-day wood fiber is the most im- Paper Trade for 1922: portant product used. Poplar was the first wood used, but to-day spruce leads all other kinds, comprising over 50 per cent of the total P m a i p ll e s r . m P i u l l l p s. G w r o o o u d n . d p S h u it l e - . Soda. ph S a u t l- e. wood used. Hemlock is second, and poplar and balsam are rivals for third place. In addi- Maine 29 49 16 tion, other products besides wood are still used, New Hampshire 32 13 5 Vermont.. 18 9 ! 1 such as old rags, waste paper, etc. Massachusetts 106 5 : 2 Connecticut 46 0 I 0 Wood is converted into pulp suitable for New York 166 98 | 20 making paper by two different classes of proc- New Jersey 45 o! 0 Pennsylvania 73 5 esses—mechanical and chemical. That pro- Maryland 11 16 i 0 Virginia 12 Jl 1 duced by the chemical process is in turn sub- West Virginia 5 2 divided into three main groups, according to Ohio 58 5 1 Indiana 30 4 0 the respective chemicals used—sulphite, soda, Illinois 26 0 8 and sulphate or kraft pulps. The grades of M M i i c n h n i e g s a o n ta 5 9 6 1 0 5 pulp thus made are used in different propor- Wisconsin 58 9 2 Other States 58 57 21 I tions in the various kinds of paper. The 41 10 j relative importance of these processes can be Total United States 333 175 94 31 25 i Prepared by Woodlief Thomas, Federal Reserve Bank of Philadel- 2 Data on processes of manufacture of pulp secured from Witham, phia, in cooperation with the Division of Analysis and Research, Federal "Modern Pulp and Paper Making," and from bulletin of the Department Reserve Board. of Commerce, "By-Products of the Lumber Industry, 1916." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

788 FEDERAL RESERVE BULLETIN. JULY, 1922. From this table it will be seen that the pulp may be able to provide; and finally, he may mills are nearly all located in States which have secure timber rights to certain properties and large timber resources, the five great pulp- operate them. producing States being Maine, New York, Wis- Wood may be bought in three states of preconsin, New Hampshire, and Pennsylvania. paration—rough, peeled, or rossed. The cycle The following table gives the actual 1919 out- for peeled wood is much longer than for the put in tons for certain States, as reported by rough variety. Contracts are let during the the census: spring and summer for the following year's supply, or may be postponed until fall or winter, but purchases are usually made before Ground wood. Sulphite. Soda. Sulphate. logging operations begin. In July and August the large operators frequently employ a small Total 1,518,829 1,419,829 411,693 120,378 number of men to build roads, construct New York 479,817 260,891 C1) camps, and make other preparations for the Maine 469,148 323,718 coming season's output. Wisconsin 225,843 233,591 44 119 Vermont 69,946 (i) C1)' Cutting of the rough wood usually begins in New Hampshire 41,192 All other States 232,883 601,629 76,259 this country about the latter part of August or the first of September, although in northern i Included in "All other States." / Canada it may be done in the summer because Ground wood mills in particular are localized of the early heavy snows. The heaviest cutnear their wood supply because of the bulk- ting is ordinarily done during the months of mess of the product. Over three-fourths of October, November, December, and perhaps this grade of pulp is made in New York, Maine, January. The idea is to cut all the wood beand Wisconsin, which are also the chief news- fore the snow gets too heavy, or approximately print producing States. by Christmas, after which snow roads are made for the purpose of hauling pulp wood to the nearest streams. This hauling is done prin- II. THE SUPPLY OF PULP WOOD. cipally in the months of January, February, The primary operations in the production of and March. The driving of the logs in the wood pulp largely center around the cutting streams and rivers begins in the latter half of and purchase of wood by manufacturers. While April, and sometimes the last of the logs do not the time of the year at which the different oper- reach the mills until late summer. Deliveries ations are carried on varies as to the grade of on contracts or on purchases by those mills pulp produced, as to the section of the country that made no contracts begin about April and in which the mill is located, and as to the re- are heaviest during the three months following. spective policies of the individual manufac- Some firms report heavy purchases also in turers, uniform practices are found with respect October and November. In States where drivto certain aspects. ing is not done on streams the wood may be Some pulp manufacturers produce pulp pri- carried out during the winter by railway, and marily for the market, while others manufac- deliveries and purchases consequently begin ture for consumption in their own mills. Many earlier in the year than in the above illustraof the latter also sell their surplus supplies. tions, which apply chiefly to New England and The larger companies with extensive capital New York. resources usually cut their own pulp wood, and The operations in supplying peeled wood are the smaller ones purchase their needs from slightly different as to seasons and extend over other sources. Even many large firms that a longer period of time. The bark will slip possess their own wood properties frequently only in the spring when the sap is running, so purchase as much as possible from outside cutting is not usually done until that time. Its sources in order to conserve their holdings for period of greatest activity is in April and May. future use. The division of the wood used be- The logs are sawed and peeled during June and tween that cut from owned properties and that July. They are then hauled to the streams, purchased thus varies widely among the differ- where they remain until the drive of the folent firms. lowing spring, when they are carried to the pulp In purchasing wood, several different meth- mills. There they must remain until dried out ods may be used. The pulp manufacturer may and ready for use. Thus the cycle of operapurchase directly as needed from wood-pulp tions extends well over a year. Of course, jobbers or importers; he may contract with where the wood is hauled by railroad the large or small operators, lumbermen, or jobbers length pf time is much shorter. In the South, for his yearly requirements; he may contract also, it is shorter, and cutting is usually done with or purchase directly on a small scale from in the spring, while in the far South the cutting local lumbermen and farmers such wood as they and purchase of wood is uniform throughout Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 789 the year. Those pulp manufacturers who also where. One firm spates that on April 1 of operate lumber mills and use the mill waste in each year it has at least 70 per cent of the total the production of pulp usually secure a fairly year's requirements on hand, which, in conregular supply of raw material throughout the junction with later receipts, insures against a year. shortage. Most manufacturers try to keep a To summarize, we notice in general the proc- year's supply ahead, because few purchases ess of supplying wood to pulp manufacturers can be made except at certain seasons and has the following seasonal characteristics: because the fresh green wood is not as good to June to November, placing of contracts; Sep- work up into pulp as that which*has been dried. tember to January, cutting of rough wood; The largest stocks are usually held in the fall, September to May, cutting of peeled wood; when deliveries on contracts are ended. A January to March, hauling of wood; March to few mills, however, which have relatively June, spring drive; January to September, small requirements, or which for special reasons deliveries on contracts and purchases. arc able to secure wood promptly, carry small The acquisition and carrying of large sup- stocks. Particularly in the South is this true, plies of wood oilers the greatest financial prob- because of the regularity with which wood can lem which, manufacturers have to face, whether be purchased during the year, and stocks sufthey operate their own properties themselves ficient for six months or less are frequent with or under contract, or whether they purchase mills securing their supplies from this section wood from other sources. Stocks vary within of the country. certain limits at different seasons and accord- Some information as to seasonal changes in ing to the policy of the individual manufac- stocks of pulp wood held by pulp manufacturer, but in general they are rather large. turers in different sections is given in the fol- Most mills report that they ordinarily carry lowing table, showing data gathered by the available for current .use from 12 to 18 months7 Woodlands Section of the American Paper and supply of wood, either in their yards or else- Pulp Association: New New Pennsyl- Lake. Vest. South. Total. York. vania, etc. Sept. 1, 1921. Companies reporting 6 17 5 19 3 Consumption, 1920 (cords) 678,790 532,639 34.411 505,550 103,615 1,885,005 Cords on hand 960,310 726,208 19,572 522,061 64,332 2,292,483 Contracted for 159,900 316,4.00 24,500 248,830 43,000 792,630 Total stocks and contracts (cords) .. 1,120,210 1,042,608 44,072 770,891 107,332 3,085,113 Number of months' supply 1£8 23.5 15.3 18.3 12,3 20.0 Dec. 1,19.21. Companies reporting 10 33 9 22 4 3 81 Cords on hand 929,838 66,847 77,311 638,546 48,476 11.500 2,372,518 Days' supply 475 312 197 415 242 119 394 Cords contracted for 175,660 251,873 98,000 313,977 48,842 12,000 900,352 Days' supply 1,122 251 342 216 150 200 212 Cords to be contracted for. 79,400 12,000 53,500 46,000 190,900 Days' supply , 109 175 232 139 Mar. 1, 1922. Companies reporting 24 10 17 4 3 Cords on hand 907,850 812,444 88,531 528,241 30,317 8,618 2,376,001 Daj's' supply 590 540 150 4.16. 144 108 510 Cords cut or contracted for, 1921-22.. 68,821 341,380 181,400 275,762 30,976 21,300 919,641 Days' supply 226 306 217 147 266 267 Several points which these tables bring out contracts allow for a supply of wood sufficient may be noted. Stocks on September 1 ex- for 20 months. December 1 statistics show ceeded 1920 production, which, incidentally, stocks sufficient for 19 months. More detailed was extraordinarily large. These stocks are figures, showing ranges in stocks carried by undoubtedly greater than usual, because manu- individual mills on that date, are as follows: facturers placed contracts in the fall of 1920 for a supply in excess of their needs in order to Num- Number of days supply held. guarantee delivery of requirements, the de- ber of pression in business came, and wood con- Region. companies. Minimum. Median. Maximum. tracted for was delivered in full. Furthermore, production of pulp in 1921 was smaller New England . . . . - 10 14 163 570 than usual, thus leaving large stocks of wood. N Pe e n w n s Y y o lv rk ania and vicinity 2 7 9 9 1 0 9 1 1 5 2 0 2 7 8 5 4 3 0 This accounts for the rather small volume Lake States 20 15 300 900 Western 3 27 130 355 under contract for 1921-22. Total stocks and Southern ... 2 85 150 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

790 FEDERAL RESERVE BULLETIN. JULY, 1922. The above information shows conclusively producer of pulp for sale in the country reports that smaller stocks are commonly carried by that the amount sold by it through this the southern mills. It seems that the mills in medium is inconsiderable, and the maximum the Lake States have the largest supplies. thus disposed of by any firm is 15 per cent of The March 1, 1922, figures show increased total output. Dealers, however, are important stocks on hand as a result of the winter's log- in the sale of foreign pulp, most of which ging operations. The mills had on hand an comes from Canada and the Scandinavian average of 456 days7 supply on September 1, countries. 394 days on December 1, and 510 days on Seasonal variation in sales and use of pulp March 1. The largest supplies and smallest are slight in the case of the chemical grades, but amount of contracts outstanding, relatively rather pronounced in the ground-wood branch speaking, are found in the New England mills, of the industry. Under normal conditions prowhereas in Pennsylvania the contracts are duction and shipments of chemical pulp are SEASONAL VARIATIONS IN THE WOOD PULP INDUSTRY 1919-1921 AVERAGES FOR EACH MONTH PRODUCTION ——'CONSUMPTION STOCK ON HAND FIRST OF MONTH SHIPMENTS i i r THOU O S F ANDS i r . r TONS TONS MECHANICAL PULP SULPHITE PULP 200 200 40 40 ISO 150 30 30 100 100 20 20 50 50 10 10 3 6! K fij O Co o greater and, excepting the South, the stocks practically uniform throughout the year, with are smaller than in the other sections. For the slight recessions in July and August and percountry as a whole the total supply of wood on haps January and February. The demand hand and contracted for as of March 1, 1922, is seems to be fairly constant and plants are sufficient for practically two years, based on operated steadily every month. On the other full operating capacity. hand, in the manufacture of ground wood there are undoubtedly seasonal changes. As this III. THE SALE OF WOOD PULP. grade of pulp is produced by means of water power, the greatest manufacturing activity During the past few years it has been the comes when the water in the streams is high. custom of some pulp manufacturers to sell In the low-water period during the summer their pulp through dealers, but generally pur- most of the mills are forced to close down. chasers have contracted directly with the Therefore an excess supply is made in the manufacturers for their requirements. These spring in order to fill requirements during this dealers are not as yet important factors in nonproductive period. In the North, also, the selling the domestic product. The largest streams may be frozen during the winter, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 791 the manufacture of mechanical pulp therefore and soda pulp is virtually the same as with be temporarily suspended. In this branch of sulphite producers, that is, contracts are the industry there is thus rather pronounced commonty made early in the year for the total manufacturing activitiy in the spring, cur- annual production. This is not altogether tailed production during the summer, and re- universal, however, for at least one large kraft sumption of operations in the fall, which manufacturer reports that in normal times 50 usually continues until the following summer, per cent of output is sold on three to six months' unless stopped by winter freezing. contract and the remainder for immediate Shipments of pulp to purchasers and its use delivery. in making paper, however, are practically Within the last year or two the business uniform throughout the year. The only sea- depression and foreign competition has somesonal changes which may be noticed are a what demoralized the pulp market, so that slight falling off during July and August and. common practices have frequently not been perhaps in January and February, because of observed. Because of uncertainty regarding general slackening throughout all business at prices, contracts became less common. Conthat time, which natually affects the paper sumers expecting declines preferred to buy on industry. the spot market. Therefore at present hand- Stocks of wood pulp are, of course, dependent to-mouth buying is more common than purupon the manufacturing and selling phases. chasing by contracts. Pulp is so bulky that it is easier to store wood, The adjoined table and charts, prepared which is kept out of doors, or paper, which is from monthly statistics compiled by the more compact, than it is to carry large supplies Federal Trade Commission, illustrate the above of finished pulp, and few plants have facilities facts. The seasonal changes in production and for storing a large tonnage. Hence stocks of stocks of mechanical pulp, the regularity in the this product are as small as it is possible to keep monthly shipments and*the amount used of them. The amount of pulp carried varies both grades, and the relative uniformity in among the different companies from enough production and stocks of sulphite are apparent. for a very few days' requirements up to a six The table and charts further show the small months' supply. The latter figure, however, is volume of pulp sold (shipments) as compared rarely found. Manufacturers of the chemical with the total used: grades seldom have over a 30 days' stock on hand, owing to the regularity of production [Monthly average, in 1,000 tons, 1919-1921.] possible in this branch of the industry, but in the case of ground wood the situation is of Mechanical pulp. course different. Mills manufacturing this I Stock on. i grade of pulp have to build up stocks in the Produc- | hand ; Con- Shipspring to supply their requirements during the tion. | I m 1s o t n o th f . ! s t u i m on p . - ments. low-water period when it can not be produced l in sufficient quantity. Therefore stocks of January \ 124,768 133,366 107,562 18,091 mechanical pulp are ordinarily heavier in June February 107,011 133,351 101,519 7,946 March | 140,094 131,239 115,177 9,160 than at any other time of the year. April : 156,475 146,505 121,296 8.757 May 138,150 173,009 110,515 10,173 A factor which makes for seasonal uniformity June I 113,648 191,381 103,415 9, 532 in the sale of pulp is the practice of contracting July I 99,165 189,366 , 107,154 8.758 August 90,259 171,717 ; 109,065 8,304 ahead for requirements. The length of time September 87,863 144,535 ! 102,743 ! 8,992 October i 109,034 120,458 i 108,129 9,436 for which future contracts are taken varies with November"."."'.".'.."."."."."."."."." _*,*'.'.'. I l'Sl, 798 j 113,' 290 i112,342 11,431 the type of the mill, but they seldom if ever December ! 133,772 ! 121,340 ' 113,227 10,997 exceed a year. Allotments are made to customers and are shipped when called for. Many Sulphite pulp. companies report that they sell about half of Stock on their output on contract and the other half by i Produc- hand Con- Shipmeans of, spot sales, but in some cases all sales I tion. m 1 o st n o th f . s t u i m on p . - ments. are for immediate delivery. In the ground-wood market contracts, where January 29,441 7,031 20,743 7,746 February.. 25,938 8,080 18,4% 6,326 used, seem to cover a shorter period of time March 27,026 9,115 19,855 6,512 than in case of sulphite. They are commonly April 26,084 9,733 18,904 7,287 May 26,850 9,634 19,655 7,416 made to cover the period of low water when June 27,723 9,383 19,953 7,966 production is uncertain and are seldom longer J A u u ly gust 2 2 6 8 , , 9 6 2 7 3 2 9 8 , , 1 4 . 3 8 7 4 2 1 0 9 , , 7 22 5 2 8 8 8, , 4 6 5 5 1 5 than 90 days, although some Lake-States mills September. 28,699 7,691 20,577 8,619 October 31,541 7,186 22,284 9,430 report contracts for as far ahead as six months. November. 35, 739 7,048 21, 937 9,143 The practice among manufacturers of kraft December.. 28,88S 7,197 21,212 7,469 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

792 FEDERAL RESERVE BULLETIN. JULY, 1922. Terms of sale in the wood-pulp industry are as to issue bonds to meet the current obligaalmost universally on the basis of net pay- tions arising out of such purchases. ment in 30 days. Among the rare exceptions The methods used in financing operations are those of one manufacturer of sulphite pulp vary widely among the different mills in this who also allows a discount of 1 per cent for country in accordance with location, sources of cash within 10 days, another who gives 2 per supply of raw materials, grades of pulp and cent, and another selling only a small amount paper produced, and relations with other comof pulp whose quoted terms are 2 per cent in panies. The practice among the Canadian 10 days with no net option. One Middle companies is more uniform and is also employed Western firm observes the usual terms, except to a certain extent in this country, especially to agents, who are allowed a 3 per cent discount. in the northern mills. A description of these It is generally reported that accounts seldom methods is given-to provide a uniform or or never run past due to any appreciable ex- standard practice from which departures may tent. Outstandings therefore on the whole be noted. equal about 30 days7 sales, estimates ranging Canadian practice.—The wood-pulp and pafrom 15 to 90 days, with only two above 45 per industry is of greater relative importance in days. The use of notes and trade acceptances Canada than it is in this country. The wood is uncommon, although a number of companies resources are more extensive, the individual report that such means of payment are em- companies are larger, and the operations affect ployed occasionally. a greater portion of the community. The Canadian banks cooperate extensively with IV. FINANCING THE WOOD-PULP INDUSTRY. those having wood operations and advance the necessary funds as needed. In the Provinces During recent years the production of paper of Quebec, New Brunswick, and Nova Scotia, has been taken over more and more by large and to a.,limited extent in northern Ontario, corporations, so that the average size of the pulp wood is cut by small jobbers, who operate individual paper company is increasing greatly. either independently or under contract with In addition to their mills, they own vast timber- some mill. The operations of these jobbers, lands, power plants, and subsidiary com- some of whom are small farmers who occupy panies which handle various phases of the the winter months in this way, are comparaproduction of paper. Heavy capital invest- tively small, but over the country as a whole ment is required. For every ton of paper pro- they are important. Any financial assistance duced in 1919 there was a fixed capital invest- which these men require is granted by the ment of about $150. In addition, the total banks largely on the strength of their general amount paid for salaries, wages, and materials standing. At most, such assistance is very averaged about $80, indicating the amount of limited and would be merely a direct loan on operating capital further required. single-name paper. Most important of the financial problems, in Next come the wholesale dealers in pulp practically every instance where pulp is manu- wood who buy from the jobbers and sell to factured upon any appreciable scale, is that the mills. As in the case of the jobbers, the involved in securing the annual supply of standing of the individual borrower is, of pulp wood. This problem was particularly course, the governing factor in the extension acute in 1921, and many companies had to call of credit. Furthermore, security by way of upon new and previously unused sources for assignment of pulp wood taken under section funds to finance their large purchases of wood 88 of the Canadian bank act is likely to be and the resulting enormous stocks which they required. The nature and method of such an had to carry through a period of falling prices advance and assignment are described later. and small sales. Incidents are told of manu- The operations of the mill owners form by facturers who in 1920 placed as many con- far the largest part of the pulp-wTood business. tracts as possible, and at high prices, hoping These owners work their timber limits themto get deliveries on enough of them to meet selves, and in addition some of them let out their requirements. They later found that contracts to others for the working of part of more than was anticipated, and far more than these properties. The financing of these conwould be needed, was being delivered. Their tracts is sometimes done by the mill owners stocks were low at the* beginning of the season and in other cases by banks. In connection and they bought wood from every source. with the operations of the mills, the banks are When they had secured this wood, business' generally called upon to grant substantial began to fall off, and the banks had to be financial assistance. Security is usually taken called upon as never before to finance these in such cases under section 88 of the bank act excess stocks. Some firms even went so far by way of an assignment of all pulp wood and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 793 products thereof manufactured and in the is signed enumerating the bills and notes given process of manufacture, also fire insurance and the bank for the credit, listing and describing any additional collateral that might be called the goods provided as security, and certifying for, according to the strength of the account. the title of the borrower thereto. Financial assistance from the banks would com- Only when the firm is exceptionally strong mence about the 1st of September and con- is no collateral at all required. A borrower is tinue until the 1st of June or July. Advances generally given his credit extensions in' two are made from time to time to cover the pay classes—(1) the maximum extent of credit on roll or to meet such other expenses incident to the basis of assignment for a }Tcar and (2) the the cutting and preparation of the wood, and amount of trade paper that the bank will roach their height in the spring to meet pur- rediscount during the year. The borrower chases made at that time. By summer con- draws upon the bank for any sums which may sul arable wood has been converted into pulp be needed, and the amount is charged to his a:id sold. Gradual repayment begins about account and security is signed over to the bank Jim') or July with funds coming in from sales. to cover this amount. As the borrower sells About the 1st of September or October all the goods under assignment the proceeds of the hv,ns are usually paid up, and final liquidation sales, including cash, bills, notes, evidences of is therefore effected before the commencement title and securities, and the indebtedness of the of new borrowing for the next year's operations. customer in connection therewith are consid- The pulp manufacturers are usually also ered the property of the bank, and when transcalled upon to finance the small contractors ferred to the bank the borrower is given credit who cut from the properties of the company therefor on his account. Interest is computed or from some other timberlands for the upon the varying amounts which are charged account of the company. Funds are advanced against the borrower during the period of the to them at intervals as needed. One payment credit extension. The borrower is required to may be made when the working force enters keep the goods insured and to pay all salaries the woods; a certain percentage is generally and wages to his employees in the business with paid when the wood is cut and delivered on the which the goods are concerned. Ordinarily bank of the stream; a further percentage is when the pulp manufacturer makes a sale, he due when the wood has been brought down the draws a sight draft on the buyer, which is stream; and the final payment is generally either bought by the bank or taken by it for made after the wood has been delivered to the collection, and his account is credited therefor. mill. The manufacturer generally secures Especially is the sight draft employed if the funds from the bank in the same manner as in pulp is sold in the United States or abroad. financing his own operations. American practice.—A study of methods The method of obtaining secured loans used by American producers reveals no such from the banks under section 88 of the bank uniformity and no such cooperation between act may be briefly described. The would-be the banks and the manufacturers in handling borrower makes a written application to the the situation. We find at one extreme those bank for a specified "revolving" line of credit companies which state that they are in such a for his business to cover a certain period of time. favorable position as to have no financial Goods offered as security are stated and de- problems. Others are able to finance themscribed, giving location and quantities. The selves without assistance. Some are subapplicant agrees to give to the bank as often as sidiary to other companies and all finances required assignments covering all or a part of are handled by the larger organization, and such goods, or bills of lading or warehouse there are some good-sized companies, predomireceipts for them. Furthermore, it is agreed nantly paper manufacturers, whose financial that the manager of the bank will be appointed problems in connection with the manufacture the attorney of the applicant to give the bank of pulp are relatively insignificant. The larger the security that may be required and to sign number of companies, however, indicate that such security for the applicant. If the loan is they require assistance in financing their granted, the borrower signs the necessary prom- inventories of pulp wood. missory notes, stating amount, maturity, rate It was noted above that pulp manufacturers of interest, etc., and providing further that the secure their wood requirements chiefly from advance was made under the terms of " applica- four sources—(1) they may purchase wood tion for credit and promise to give bills of lading, directly from jobbers or merchants; (2) they warehouse receipts, or security under section 88 " may operate their own woodlands or (3) made by the borrower on a given date. The finance contractors who cut the timber theremanager of the bank is thereby appointed the from for them; or (4) they may finance inattorney of borrower. An additional form dependent operators who secure wood for 112292—22 -3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

794 FEDERAL RESERVE BULLETIN. JULY, 1922. them from other properties. The amount of spring drive and the months immediately wood purchased directly on time is relatively following, when wood is being delivered at small, and this practice is followed only by the mills. Loans for this purpose probably the smaller establishments. All of the other reach their maximum in late spring or early three methods require heavy financing at summer and are paid off during the fall when certain seasons of the year. Especially great sales are large. However, for the other mills, are the capital requirements of those firms deliveries are not made so promptly after that carry on lumbering operations. cutting, and their inventories reach their The problems of the smaller firms, however, highest point in the fall months. The loans which do not so operate, have to do simply obtained are paid off during the winter. If an with the financing of a sufficient quantity of aggregate of all borrowings for the purpose of pulp wood which it may be necessary to pur- financing the pulp-wood supply could be made, chase within a few months in order to carry however, it would no doubt be found that they them through the year. But the mechanical were heaviest during the spring months an^ pulp mills have the additional task during the lightest in the fall. period of high water of grinding enough- wood It is customary to pay for purchases of wood into pulp to carry them through the summer. within one month after receipt, and under It so happens that these two burdens fall ordinary conditions most wood is paid for practically at the same season, that is, during within at least 90 days. Occasionally, when the spring. Therefore manufacturers of this wood shipments are unusually large, the purgrade of pulp usually borrow heavily in the win- chaser may give a trade acceptance or a note, ter and spring and pay off their loans during the but this is uncommon. Often the buyer himsummer and fall. A partial exception to this self has not the funds, and he will borrow from practice is found in the case of some mills his bank and pay the seller of the wood which, because of severe winters, have to put promptly. However, instances are found, parin heavy stores of pulp wood, coal, and jother ticularly in the Great Lakes region, where wood supplies in the fall, and which therefore borrow is bought on time or notes given for it. One heaviest at that time. Wisconsin manufacturer stated that in Febru- There is a fair amount of uniformity in the ary, 1921, over 70 per cent of his current infinancing of wood purchases by northern debtedness was in the form of notes to lumbermanufacturers of chemical pulp. They usually men and 30 per cent represented bank loans make advances to operators at intervals as secured by indorsements. This situation, howneeded to supply the wood. These payments ever, is exceptional. are roughly as follows: So many dollars per The maturities of notes given by the manucord when the wood is cut, so many dollars facturer to the bank for financing wood operawhen peeled arid piled, a certain amount when tions and purchases are generally from three to the w^ood is delivered on the banks of the four months. This usually covers the period stream, and the balance 30 days after receipt in which the company is in greatest need of of the wood at the mill. The pressure for funds, as generally after four months it is funds is greatest in the early spring when the able to begin the liquidation of its current drives are started and the wood is beginning to debts. It was seen that credit is usually arrive at the mills. At this time loans arc obtained at the banks during the spring months secured at the banks. These loans are gen- to finance deliveries of wood, and these loans are erally liquidated during the early fall, but these liquidated in the late summer or early fall. companies which are not so near their source Some loans have a maturity of as long as six of wood find it necessary to borrow from late months, while at the other limit a few firms spring to early fall wiien purchases of wood are report customary maturities as short as 60 being received, and to liquidate in the winter days, but such cases are exceptions. when sales are large. Funds are borrowed from banks almost In general outline, then, the operations universally on unsecured and unindorsed involved in securing a supply of pulp wood promissory notes. This is absolutely opposed are practically the same as with the Canadian to Canadian practice, where title to the wood mills, both for northern manufacturers located is assigned to the bank. Only very rarely are near their sources of wood and mills which have notes secured by indorsement. Collateral loans to purchase their supplies from a distance. are a little more common, but are by no means The variations occur in regard to the seasons general. Some small middle western firms have at which heaviest financing is necessary and in given Liberty bonds as security when collateral regard to the methods of financing employed. was required. Borrowing on inventory of In the northern mills, as with the Canadian, either wood of finished pulp, as is done in pressure for funds is greatest during the Canada, is extremely rare in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 795 The rediscounting of trade paper is also un- buyers, which are now available to the entire common, as little of such paper is received in business community. the course of business. A few firms, however, While the domestic field has thus been caredo make it a practice of rediscounting such fully developed, little interest has been manipaper as they obtain. fested in information on foreign buyers. Only Practically all firms secure funds from banks after 1914, when the foreign trade of the United in the locality in which their principal mills are States increased by leaps and bounds, did busiplaced and from one or more banks in the ness houses and banks begin to pay more nearest large city or cities. The smaller firms attention to foreign credit information. In do practically all their banking business with this respect American practice is somewhat the local institutions. The larger establishments, opposite of British and German practice, where particularly those with offices in the bigger the domestic credit work has not attained the cities, however, almost without exception have same efficiency as in the United States, but established connections with banks in these where methods and sources for foreign credit cities. Most of the New England companies information have been studied for many of any appreciable size, for example, obtain decades. some, if not the greater part, of their loans This is the first of a series of articles which from Boston banks. The New York State will survey the various sources of credit inestablishments have credit arrangements with formation available on foreign names. The financial institutions in New York City, and methods employed, both b}^ American and formills in Pennsylvania and near-by States do eign institutions, will be analyzed in turn. their banking in Philadelphia or New York, The first two articles will survey the foreign or both. Practically all of the largest eastern credit work of American business houses, and companies have banking connections in New the methods used by the interchange bureaus, York. In the Lake regions borrowing from agencies and banks. Subsequent articles will local banks is probably more prevalent, but consider practices in Great Britain, and leadconnections in the larger cities, such as Chicago ing continental European countries. and Milwaukee, are common. A few large manufacturers sell their com- I. FOREIGN CREDIT WORK OF AMERICAN BUSImercial paper in the open market, but a NESS HOUSES. relatively small portion of the total financing is accomplished by this method. Most of the Credit policy.—It is generally believed that firms selling their notes are also paper manu- American exporters do not extend credit to facturers, and the connection between the funds foreign buyers as liberally as European comsecured in this manner and the financing of petitors do, especially British and German. wood purchases is more remote than is the Whether this is true or not has yet to be ascercase with bank loans. Within the last year tained. Answers to the questionnaire used by or more, as previously stated, some pulp the Federal Reserve Board in this study throw manufacturers have sold bonds in order to some light on this point, and seem to indicate provide for their current indebtedness, but that the majority of American linns engaged this practice is not very common. in foreign trade are inclined to sell more and more on liberal credit terms, and wherever conditions are favorable encourage such transactions. Commission houses as well as manufac- FOREIGN CREDIT INFORMATION. turers who have studied this field have come to the conclusion that business with foreign INTRODUCTION. countries can be done only on a credit basis, The methods of handling domestic credit in- if it is to be done at all. formation in the United States have been care- The credit policy of individual houses natufully studied for many years and are now well rally varies. Some extend credit only for 30 systematized. Trade organizations, as well as days, while others are willing to draw drafts individual mercantile houses and banks, have running for 120 days. This latter figure seems devoted much time and effort to this question, to be the maximum term usually granted by on which the entire credit system, rests, and to American export houses. Firms at times sell make the methods employed as efficient as on open account or grant four or six months, possible. The extension oi credit in the last but such cases are rare. As a rule, however, analysis of course depends entirely on the credit it may be stated that American exporters are risk. Exact knowledge of the buyer's status not in favor of selling on an open-account basis. is needed. Many channels and sources have Due largely to the handicap of lack of informabeen developed with respect to domestic tion on foreign buyers, and the unsettled Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

796 FEDERAL RESERVE BULLETIN. JULY, 1922. conditions in many countries, terms granted by "We can not draw strict lines between steady customers, most American houses arc not as liberal as occasional buyers, or prospective buyers. We usually look to our own travelers whom we send from our main those of their European competitors. office." The credit policy used depends upon many Another states: factors. By far the most important are the financial and political situation of the country, '' We start an investigation immediately upon the openand the reputation of the foreign firm. The ing of negotiations with a prospective buyer regardless of attitude of export houses can be seen from the terms, which may be agreed upon for the first transaction because it may soon develop, into an account where credit following two representative answers: terms will have to be considered." "We endeavor to encourage sales on a time or sight draft Investigation on a foreign buyer may be conpayment basis. We do not encourage foreign business on ducted either (a) when an order is received from an open account basis, although we sometimes sell on a new customer or when he makes an inquiry, open account more through necessity than by choice." " There are no definite standard terms in foreign coun- or (6) when the exporter makes an offer or a tries, and our attitude is based on (1) the stability and quotation to a foreign merchant. The genfinancial solidity of the foreign government, (2) the repu- eral tendency of American export houses is to tation of our customer in the said country." commence an investigation as soon as an in- Organization of credit department.—Almost quiry is received or an offer is made. every firm actively engaged in foreign trade op- The most difficult task of the credit man is to erates a credit department of its own, whose keep his files up to date. In order to facilitate duty it is to gather information and to pass on this work, files usually are divided into active the credit standing of foreign buyers. The and inactive accounts. The former are reforeign credit department may be either invised quarterly, half-yearly, or at least once a dependent or combined with the domestic year. Revision of the latter is undertaken credit work. Which method is better is diffionly on special occasions. The consensus of cult to say and depends to a large extent upon opinion is well summarized in the following the special needs of the firm. Manufacturers answer: doing both a domestic and foreign business usually combine their credit work, while houses "We revise our credit files periodically, based on the activity of the account, the importance of the market, and conducting a general export business naturally the facilities for obtaining revised information." have a separate foreign credit department. The organization of the foreign credit depart- II. SOURCES OF INFORMATION. ment varies with- the firms in question. Exporters having branches or representatives The information contained in the files of the abroad depend mainly upon the reports they credit department may be secured from various receive directly and do not pay particular sources. It may be collected directly from the attention to developing their own files through purchaser, or the credit manager may ask a other sources. One firm, operating a large bank, commercial agency, or another institution number of branch offices in many countries, to gather the necessary data for him. Where writes: credit information is secured directly by the seller from the buyer, the best source in domes- "We depend largely on our foreign offices and agents for tic trade is the financial statement. This, howthe maintenance of proper credit information and mainever, is very seldom given in foreign trade. tain files of information at this end merely for the purpose of occasionally checking up the operations of our represent- Foreign buyers, especially in Latin America and atives. All orders executed by us are solicited by and the Far East, sometimes regard such a request received through our own agents who are expected to as a personal insult and as reason to sever satisfy themselves in regard to the credit standing of the further business relations. The. unanimous buyer." opinion of all the exporters approached is seen Firms which have no such facilities are comin the following replies: pelled to collect up-to-date credit information from any other sources which may be available. " It is not customary to ask foreign customers for financial The names of foreign buyers listed in the statements; we think they would be offended, nor would we ever suggest that a foreign customer should answer any files of American exporters are divided into questionnaire that we may submit; it would be entirely several groups. Some houses carry informa- unpractical for us to attempt it." tion covering only steady customers, or those "We do not require foreign buyers to furnish financial with whom they have occasional dealings. statements, especially not in Latin America, where a request of that nature would be viewed differently from Large exporters, however, have information on the interpretation placed upon it in this country and prospective and potential buyers too. A few might readily lose us a valuable customer. We do not go even further and assemble information on believe that such statements are furnished except in rare the credit standing of foreign banks. One ex- instances." "We have occasionally received financial statements port house, discussing the question of names from foreign buyers, but this is only an occasional happencarried in its files, writes: ing, and as a rule we do not receive them." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 797 Accordingly, other channels have been devel- 2. Their standing individually and as a firm or corporaoped which if properly handled work out very tion. 3. How long established. satisfactorily. The lack of a statement is 4. Report from the bank with whom they do business. naturally less felt by houses which have 5. Their estimated or stated financial worth in and out of agencies or representatives abroad. In most business. cases these representatives receive their, infor- 6. From whom they purchase in the United States of America. mation through other channels than inquiries 7. Other references. made direct to buyers. Agents, representa- 8. Copies of financial statements if same are made and tives, or traveling salesmen are often in a issued. position to gather reliable information from 9. Full details as to the nature of their business. 10. Give as full a report as possible of financial conditheir daily contact with the market, and are tions throughout your territory with clippings from local at times able to judge the credit standing of a newspapers in financial matters. Report fully on all matforeign customer from their past experience. ters which would tend to affect exchange rate between the In rare cases, however, where such information United States of America and countries in your territory. is not available, and where a larger transaction It will facilitate our work at the home office if, on sending in reports on customers, each is given a separate sheet.'' is involved, they may request an inspection of the books. Exporters are not always able to get satisfactory credit information directly from their Firms which have no representatives abroad foreign customers. This compels them to apusually ask a prospective buyer for bank or ply often to what may be called "indirect trade references. These may be American sources." Such channels are consulted even banks and business houses, or foreign banks and where direct credit information has been obmerchants with whom the buyer has business tained, in order to check and to supplement the relations. The value of these references degathered information. The most important and pends to a large extent upon the individual most consulted indirect source of information given as a reference, and therefore the opinion is domestic and foreign banks. The methods expressed by manufacturers and exporters and practices employed by these institutions differs greatly. Some believe that the best and in collecting material will be discussed in submost reliable information is given by foreign sequent articles. Consideration at this point institutions, even though it is very often briefly is therefore given only to the question how far expressed. Others state that the only reliable exporters use these sources, and to what extent information' is given by Americans, and that they rely on information given by banking they never ask a foreign firm for any informainstitutions. tion. It is often stated that information received from American banks, although in An exporter may request credit information most cases fully detailed, is not always up to on a foreigner from his own bank, an American date. Almost all exporters, however, agree overseas bank, the foreign branch of a domestic that credit data obtained through an inter- bank, or a foreign banking institution. As a change bureau is particularly valuable. The matter of practice, however, exporters and ledger experience of other American merchants manufacturers apply mainly to their own who are dealing with foreign buyers is consid- banks. In cases where the services of foreign ered as the best source of information through institutions or American overseas banks are which a seller may determine what action lie needed, merchants ask their own banks to should take relative to the length of terms and inquire of the above-named institutions. methods of payment. The credit information given by banks is of utmost importance to houses who have no The information asked for by exporters inagencies and representatives abroad, and who cludes the reputation of the foreign buyer in rely almost entirely upon the banks. Objechis local market, the character of the managetion is often made that overseas banks and ment, and the manner in which the business is foreign branches of American banks are relucconducted. These items if received from tant to give credit information directly and reliable sources are thought to be more valuable when done their reports are very brief and do and indicative than tno "cold figures of a not contain detailed information. It is, howfinancial statement." ever, the general belief that credit data given Some firms at times ask their prospective by American banks are by far more reliable buyers, but more often their agents and repreand valuable than information furnished by sentatives abroad to fill out a blank along the foreign banks. The latter arc also unwilling following lines: to give information direct to American busi- "The home office is to be supplied with as full and ness houses. The following answers from two complete information as possible on the standing of the large firms engaged in foreign.trade express the following firm: general opinion of American business houses 1. Customer's name and full address. 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798 FEDERAL RESERVE BULLETIN". JULY, 1922. with regard to information given by banking standing of foreigners to be analyzed in a more institutions: satisfactory manner, and prevent many losses now incurred by bankers and merchants. "We consider the most reliable information received is that secured from American overseas banks or foreign branches of American banks.'' III. TRADE ORGANIZATIONS. " We think the best information is obtained from banks in this country who have foreign branches or who are in a Several institutions have developed departposition to secure information from other banks." ments to obtain foreign credit information The credit information made available by either through interchange of ledger experience American banking institutions, trade organiza- by American exporters or through reports tions, and individual houses increased consid- from their own representatives or corresponderably in the last few years, but many problems ents abroad. still remain. In their replies exporters, manu- 1. Foreign Credit Interchange Bureau of the facturers, and trade organizations indicate National Association of Credit Men.—This inmany difficulties which they encounter. The stitution is a mutual cooperative organization secretary of an important association fostering consisting of manufacturers, merchants, and foreign trade writes: export commission houses, and aims to serve as a clearing house for the ledger experience of "I consider the lack of credit information one of the greatest drawbacks to foreign trade. Individual banks its members. It is a comparatively new orare interested in special countries. Credit bureaus have ganization established in 1919, at a time when not the money to properly develop the business." American business men interested in foreign Other deficiencies especially pointed but by trade felt most keenly the lack of accurate many merchants can be seen from the follow- foreign credit information. Its operating meching answers: anism and functions are described by the bureau as follows: "The major lack is failure on the part of many exporters to cooperate with organizations established for "As each member is accepted by the bureau a number the gathering and dissemination of credit experience. known only to the member and the manager of the If all manufacturers and exporters were combined in the bureau is assigned. Forms for supplying the bureau organization already established for that purpose, the with a list of the member's customers in foreign countries individual position would be strengthened and the and export commission houses in this country are prodanger of incurring unsafe risks would be minimized or vided. Nothing appears on this list of customers except eliminated entirely." the number assigned to the member. "Not enough information is available with regard to "When the list is received by the manager, he consults payment of drafts." the card index files of the bureau to ascertain if the name "Information given on foreign buyers is in most cases is already listed. If it is listed, the number assigned the too old to be of any value." memrJer is then placed upon the card bearing the name " Lack of detailed and reliable information are the main and address of his customer. When a name not listed defects of the present status of credit information." appears on the list, a new card is made out, and the mem- "Lack of information as to how much credit has already ber's number is placed on the new card. This method been given to foreign customers by other exporters in serves a dual purpose, viz, it enables the bureau to know this country." where to secure information and in case of receipt of "Duplication of information furnished by various interesting information regarding an account makes possources based on correspondents having the same foreign sible a guarded dissemination to only those interested. bank sources of information." " When an inquiry is received, it is immediately looked up in the files. If a recent report is on hand, a copy is Man}' exporters report that a great mass of sent to the inquiring subscriber by return mail. If valuable credit information is accumulated in nothing is available from the files, an inquiry is sent to the files of American houses, but this data is each subscriber that has had experience with the parin most cases scattered and very difficult and ticular firm under investigation." expensive to obtain. To remedy this situa- The information gathered by the bureau tion many suggestions have been made. Some from its members may be divided into three of them have already been incorporated in the main groups: (1) Terms of sale, (2) amount services offered by banks and trade organiza- outstanding, and (3) manner of payment. tions. Others, such as the suggestion made Whenever a member makes an inquiry conby one firm that a central credit interchange cerning a foreign buyer, the following form is bureau be created, deserve close attention. sent by the bureau to all members whose In any event, however, cooperation among all number appears on the index card of the firm interested in the extension of foreign credits in question, and which indicates that they have is necessary. This would enable the credit business relations with it. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 799 Date No. FOREIGN CREDIT INTERCHANGE BUREAU. Will you kindly furnish this bureau your ledger ex- 12 Draft at days date through bank for collection perience, if any, with the following: d/a. Please use this form in making reply; in consideration 13. Draft at days sight through bank for collection of your courtesy in so doing we will be glad to send you a d/p. copy of the completed report gratis: .14. Draft at days through, bank for collection d/p. 15. Draft at days sight through bank for collection Name documents to customer. Business.. .• 16. Draft at days date through bank for collection documents to customer. Street City 17. Consigned stock. Country 18. Cash against shipping documents, dock receipt or warehouse receipt— KEY. (a) At customer's office. (b) At paying agency other than bank. TERMS OF SALE. 19. 1. Open account payable days from date of— MANNER OF PAYMENT. (a) Invoice. (6) Factory shipment. Open account. General. (c) Export shipment. 2. Open account payable immediately upon receipt of— A. Discounts. N. Account settled by at- (a) Documents. B. Pays when due. ' tomey. (b) Invoices. C. Slow. 0. Account settled by arbi- (c) Goods. Drafts. tration or compromise. 8. Account guaranteed. How? II. Anticipates payment. P. Account still in dispute. A. Voluntary remittance with order. I. .Accepts and pays We rate the account— 5. Sell for cash in. advance only. promptly. Q. High. 6. C. (). I), or S/D to R. R. B/L. J. Accepts promptly—de- 11. Good. 7. (-ash against documents under con firmed L/C. lays payment. S. Satisfactory. 8. Cash against documents under unconfirmed L/C. K. Delays acceptance— T. Unsatisfactory. 9. Bank acceptance of bank in this country at days. pays promptly. II. Undesirable." .10. Bank acceptance of foreign hank at days. L. Delays both acceptance 11. Draft at days sight through bank for collec- and payment. tion d/a. M. Makes unjust claims. Terms of sale. : I Amount ! now Manner ; Ho s w o l l d o . n g j : i K N e o y . Details. a H r c e i c g c o h e u n e n s t t t . Date last ! ow i i n n g g in- Amount . Number o m f o p t a i y t. - Hating. I l » C i f m r a e i d t n e i y d t ). : i - r d e C e a (g c s r l o i e i v d n n e i s e t ) d . ; Remarks. drafts. i (Use code.) _i j— G eneral comm ent. To. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

800 FEDERAL RESERVE BULLETIN". JULY, 1922. As soon as the answers are returned they contributed to the report. One copy is kept are classified and listed on a standard sheet. on file in the offices of the bureau. The final A complete report is then sent to the original report reads as follows: inquirer and to all those members who have FOREIGN CREDIT INTERCHANGE BUREAU, Nov. 31, 1921. Report on: Estaban E y Cia, Sheet {fll-S Avo. Florida 47, Mexico City, Mexico. Inquiry #11150 Terms of sale Manner of payment (as on Form on page 799). (as on Form on page 799). Terms of sale. Amount Ho s w o l l d o . ng ; i K N e o y . Details. a H r c e i c g c o h e u e n n s t t t . ! d D e a a t l o in l g a s s . t s ( i d t o n i a r n n w g a n c o f i d o l t w n s u i u g ) n d . t , 1 - g - ' Am p du a o s e u t . nt N o u f p d m u a d s e a b t . v e s r M o m f a e p n ( n a U n t y e . s - r e •w R d a e. t ) ing, ( l i C i f m r a e i n t d e y i d t ). r d e C e a ( c g r s l e o i i v d n n e i ^ e t d ). . ; . ' Remarks. Years. •. i Days. 8 ! 1 90b 10000 A Q . 2%—10 days. 10 1 120b. 5000 4-'21 i 13 Q. i Note "A." 2 1 60a 2000 5-'21 I Prompt. 6 11 CO 1500 o-'2i: 1500 1500 o IT. S | Notc"B." 1 '• 1 30a 1105 Q ! 4%—10 days, A Note "A": One of our best Mexican accounts. Know members personally; are thoroughly experienced, conservative, and of good reputation. Note "15": Aiways very prompt. Anticipate payment any day now. .Explanatory.—The above report includes the experiences of 5 subscribers, Each line as read from left to right indicates the experience of one subscriber. The advantages of the type of information accurate information. To make the data collected and given by the credit interchange standardized, forms in English, French, Spanbureau are self-evident and require no further ish, and German arc sent to the foreign corrediscussion. The service, however, is limited to spondents. A form forwarded to foreign those firms which already had business relations buyers reads as follows: with American houses. The more the firms which participate, the wider becomes the basis THE NATIONAL ASSOCIATION" OF MANUFACTURERS, of interchange and the more valuable the information. At a recent meeting between rep- NEW YORK, U. S, A. resentatives of some large banks and officers of Special correspondents in all countries and every town of the bureau the banks decided to join the insticommercial importance. tution. This will enlarge the activities of the bureau and render its services more efficient. Business houses receiving this form are respectfully 2. The National Association of Manufac- requested to return it with replies to the questions they care to answer. They are assured that all particulars turers.—To facilitate international commerce given will be discreetly used. The information is asked this organization has opened a foreign-trade simply for the purpose of promoting international commerdepartment, which, in addition to other serv- cial intercourse. ices offered, is able to gather information on The National Association of Manufacturers is always glad to aiCord information with respect to American prodthe credit standing of foreign buyers. The acts and to place inquirers in direct communication with association has about 3,000 correspondents the makers of any class of goods, but can not undertake abroad, mainly lawyers, merchants, and bank- to do this without knowing something about its corresponders, who for considerations ranging from $1 to ents. 85 give information on merchants in their dis- Those who have already filled out and returned forms of this kind are requested to note any changes which may tricts. Each report is filed in the offices of the since have taken place and add any other information organization, which at present has accumulated they would like to have filed. data on more than 35,000 foreign merchants. 1. Name The information is based upon answers of 2. City . State Country. one or more correspondents. In most cases 3. Street address. 4. Name and nationality of partners the association endeavors to receive data from 5. Are you merchant carrying stock for your own account? diverse sources so as to be able to give more Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN 801 6. Do you sell at wholesale or retail? group belong the two widely known commercial 7. Do you act as manufacturers' agofits? agencies, R. G, Dun & Co., and Bradstreets. 8. Do you manufacture any goods? ; if so, what The R. G. Dun Co. operates a large number line? " 9. Principal lines oC goods handled of branch offices and reporting agencies all "i0. When established over the world. It has agencies and branches 11. Amount of own capital. in England, France, Belgium, Holland, Switzer- 12. Average value of stock carried land, Spain, and in practically all important 13. On what terms do you usually buy? 14. Through what commission house (if any) do you places in Canada, Australia, Central and South import? ' America. In addition to their branches and 15. Bank or other references agencies, the company maintains several 1G. 'From what houses in the United States have you thousand individual correspondents who1 report purchased goods? 17. Tf you are an agent please state what business experi- either directly to the foreign department of ence you have had, what firms you. represent, the the home office in New York, or to the head territory you cover, and the year you were born. office in their respective districts. The New (An agent's photograph is always appreciated and York office states that it has information on liled.)" several hundred thousand foreign names. The organization of Bradstreets is somewhat 18. ("able address.. Codes used. similar in nature. The information on foreign- Date Sisnav-uro... ers is gathered through the medium of 84 offices outside the United States and which are operated This form, it will be observed, is, somewhat either by The Bradstreet Co., Bradstreets similar to that employed by certain exporters, British * (Ltd.), Bradstreet's International and reproduced above. (Ltd.), Bradstreet?s Beige, S. A., or in conjunc- In addition, the offices of the association are tion with allied organizations. In some inequipped with a great number of trade reports stances the agency has reached a working a"H(! ti'tide directories for practically every arrangement with other agencies abroad. country in the world. Among special agencies may be mentioned 3, r,'>e Philadelphia Commercial 'Museum.— the National Credit Office. It was originally It h o'Ki o4" the 'oldest organizations in the established to report credit information to the cv.mtvy v/irch furnishes foreign credit intextile trade. Since 1919, however, it reports for_r:a("..io:i. 'I Ii:> credit data arc obtained from also on the foreign customers of its subscribers. c ivvc. p >:\dor\i+ abroad, from banks and other S'jureos. A.-* s.m n.3 information is received, it h eornp'bd on a standard sheet and mailed INTERNATIONAL' PRICE INDEXES. l.o fhv; cvr!cv"*>*il Inquirer. The Canadian Number,1 4. Other inide ory:unz-fio:)z.—Among other O"ji:iri;:aii;):;s end.'avo-ing to furnish their The index of wholesale prices in Canada, riomb^i's witli foreig i credit information, the described below, is the third in a series of b.-:*{, kn;r..v:^ ure t'ri Americ.m Manufacturers' similar international index numbers now being ]JV];O:1: As:?ooiii.tio'.i. and. the American Ex- constructed by the Federal Reserve Board. A pofters aiivl Imports' Association. The infor- description of the index of American prices mr.tion of the latter is more in the nature of appeared in the FEDERAL RESERVE BULLETIN credit clj:inn£ or credit interchange, and is for May, 1920, and of the British number in s;-id to be very efiecliv:) and valuable to its the issue for February, 1922. Revisions in 3:nGmb::rs. The former association has done the American number were published in the litlta to cl-jv- lop any sources of its own and BULLETINS for June, 1920, June, 1921, and (bponds lii:-g:»ly upon credit data given by May, 1922. As the purposes to be served by New YoA aiKi'ouL-of-town banks.. The infor- the construction of such indexes have been dismation thus received is more limited in scope. cussed in previous articles, the scope of this one will be limited to a description of the make-up of the Canadian number, and the IV. ":::iCANTILE AGENCIES, trend of prices there since the war. T) meet the* growing need for credit infor- The Canadian index consists of the prices of mation desired by American business institu- about 70 different commodities represented by tions several mercantile agencies have been 101 quotations. Of these, 33 are for raw mateestablished. Some of them devote their activi- rials, 28 for semimanufactured or producers' t:(s entirely to the collection of credit infor- 1 This index has boon constructed under tho general supervision of mation on* foreigners, while others report on K. II. ."nodgrass, of tha Division of Analysis and Research; the price quotations have boon collected and the weights determined in the domestic as well as foreign names. To the latter main by Prof. II. Michell. of Me Master university, Toronto. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

802 FEDERAL RESERVE BULLETIN. JULY, 19:22. goods, and 38 for finished consumers' goods. (1) Prices of domestic goods. The index is weighted according to quantity (2) Prices of imported goods. (3) Prices of exported goods. production and trade in 1913, the " all-commodi- (4) Prices of raw materials. ties" index representing the aggregate of the (5) Prices of producers' goods. individual prices weighted by production plus (6) Prices of consumers' goods. imports in the pre-war .year, the group) indexes (7) Prices of all commodities—i. e., domestic plus imported goods. being weighted similarly—i. e., the index of prices of domestic goods by the quantity of In 1913 imported goods comprised only 13 domestic production, the prices of imported per cent of the total index, while goods progoods by the quantity of imports, and the duced in Canada represented 87 per cent of the prices of exported goods by the quantity of whole. Goods exported bore a ratio of 22 exports. In all cases where statistics are per cent to all domestic goods. The index of available, the final aggregates of prices X prices of goods imported is not so representaquantity weights have been tested and cor- tive of total import trade as the index of goods rected b}r the census reports ~on the value of exported is of the total export trade, as the the output of the industry concerned. commodities included in the import index rep- Agricultural raw materials have the heaviest resent only 36 per cent of the value of all weight of any group in the index, while in- imports, while the commodities included in the dividual manufacturing industries are of much export index represent 74 per cent of the value less importance. In the accompanying table, of all exports. It was difficult to obtain satisratios are given showing the representation of factory price quotations for imports because in different industries in the index in 1913. many cases only the New York market price is quoted. Where it was essential to include the commodity and no Canadian quotation RELATIVE IMPORTANCE OF 1)IITEIIKXT INDUSTRIES iNr THE was available, the New York market quotation CANADIAN INDEX NUMBER OF WHOLESALE PRICKS IN Was used after additions had been made for 1913, THE BASE PEJUOD. Per cent. freight, exchange, etc. In certain other cases Grains and flour 27. i) where quotations for the imported materials Live stock, meats, and fish .12.8 could not be obtained quotations for domestic Other foods and drinks 10. 5 goods were repeated in the index of imported - 51.2 Iron and steel 6.5 goods to give representation to these industries. Coal and coke 6.7 Source of price quotations.—In a considerable Other minerals and metals 4. 5 number of cases the Federal Reserve Board has Textiles 11.2 Building materials 10.4 used the same commodity quotations as are Miscellaneous (including leather, paper, and used by the Canadian Department of Labor and chemicals.) 9.5 the Dominion Bureau of Statistics in their 48.8 price work. In other cases prices are being 100.0 collected directly from trade journals or private firms without any intermediary, but in a few Classifying the commodities according to cases quotations are collected from private stage of manufacture instead of by industries, firms by a representative of the board in the proportions work out 53 per cent for raw Canada. • Following is a table showing the commaterials, 12 per cent for intermediates, and modities included in the index, the markets 35 per cent for finished consumers' goods. upon which they are quoted, and by what The only group indexes which will be pub- journal, as well as the weights used in the conlished as a regular monthly feature are: struction of the index number. A. GOODS PRODUCED. Weight Source. (000 omitted). I. Raw materials. Wheat I Bushel No. 1, Manitoba, Northern | Winnipeg JToronto (J lobe j 209,000 Do ! do i No. 2, white, Ontario i Toronto Barley do i No. 3, or better, extra test, 47 pounds..! do do j 48,000 Oats ,do No. 2, white, Ontario.. do do ; 383,000 Rye do | No. 3, Ontario. do ...-do '• 2,000 Flaxseed do I No. .1, N or th west .em Canada. "Winnipeg do • 18,000 llav Ton No. 2, timothy, baled Toronto.. do 2,200 Wool Pound Ontario and Eastern, low medium do Private .firm 13,000 Cattle Him dredweight. Butchers' choice steers do Toronto Globe •. 3,500 Hogs .do Selects, fed and watered • do do i 3,500 Sheep , do Ewes, light ' do do i 100 Hides ! Pound ! City butcher, green flats do do ! 195.000 Furs I Skin ! Muskrat, best wintcr and fall Winnipeg Private firm • 8,000 Do j do Beaver, average collections -t Montreal do i 500 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 803 A. GOODS PRODUCED-Continued Weight, Commodity. Unit. Grade. Market. Source. (000 omitted). | I. Raw materials- Continued. i C Pi o g p i p r e o r n T Po on u nd : ! F L o a u ke n d S r u y p N er o io . r 1 c , a H s a ti m ng il t i o n n got M To o r n o t n re to al .. . D Ha e r p d a w rt a m re e n a t n o d f J L V a le b t o al r . . . 11 2 o , . 0 0 0 0 0 0 Lead Hundredweight.. Pig .do . do. 570 Nickel Pound ! Shot .do Dominion Bureau of Statistics . 75,000 Coal Ton ! Bituminous, average of screened, pea, F. o. b. vessels, do 15,000 ' and nut. Vancouver. I Coke do Furnace, Conncllsville F. o. b. ovens | Iron Age Lumber.. M feet i Spruce, No. 1, 2 by 4, 10 feet Winnipeg 1,600 Do... do ! Spruce, mill run, 1 by 4 Toronto. Do... do :. Pine, white, Nos. 1, 2, and 3 cuts, do , Can ad a Lumberman. 1 inch. 4,000 Do do ; Pine, good strips, 1 inch Ottawa II. Producers' goods. I Leather Pound Harness, best selections Toronto.. Dominion Bureau Statistics \ ,on ... Do ....do Oak sole, sides, No.:! do. Toronto Globe / 130>00() Steel products Ton Billets, mild Montreal. Department of Laabboorr '] Do Hundredweight, Plates, one-fourth up do. Can adian Machiniccrryy , |L 19,000 Do do Bar, mild, -J inch and heavier ! do. Hardware and Meettaall |J Do ....do Galvanized sheets, American stand- j Toronto do ....;; 780 ard, 28 base, average of Premier and ; Apollo brands. Bricks. 1,000. Common structural, hard, No. 2, red | F.o.b. Port Credit. Dominion Bureau of Statistics... 608 pressed. Cement Barrel Portland - ! Toronto Hardware and Metal 9,000 Paper Ton Newsprint | F. o. b. mills j Pulp and Paper Magazine 339 Do Hundredweight. No. 1,'manila wrapping,. ' do. '. | do 230 Pulp Ton Ground wood, mechanical do do GOO S W u o lp o h d u a r l i c c o a h c o i l d H G u al n lo d n redweight. C 97 o ° mmercial, G0° Baume, bulk M F. o o n . t b re . a M l ontreal..1. !Dom d i o nion Bureau of Statistics.. ] 1 , , 0 1 0 3 0 0 III. Consumers' goods. I W Oa h t e m a e t a f l l our ' B 98 a r p r o e u ls n . d .. s M St a a n n i d t a o r b d a, first patents . T oro d n o t o : C T a o n ro a n d t i o a n G G lo r b o e cer 12,3 8 0 0 0 0 Sugar Hundredweight'. M ontreal granulated do do 275 Tobacco Pounds Smoking plug ] Eamilton i Private firm 6,000 Beef Hundredweight. Dressed, hindquarters. Toronto.. Toronto Globe 4,000 Pork products Pounds i Hams, smoked, medium size, 14-20.. Do do i Bacon, breakfast, ordinary 290,000 Do. Barrels | Pork, mess .....do do 300 Mutton Hundred weight.! Dressed, light do ! Toronto Globe 170 Lard Pounds i Pure, 400 pounds, in tierces .do Canadian Grocer. 65,000 Butter do i Creamery prints, Xo. 2 .....do do 220,000 Cheese do Large, new, fodder do do 11)2,000 Condensed milk 4 dozen 1-pound B omens' " Eagle brand " Montreal Private firm ; 800 tins. Potatoes 90-pound bag Ontario Toronto Canadian Grocer ; 53 000 Tomatoes Dozen cans.. .do., d o 1 70 « 170 Apples.. Pounds Evaporated .do.. 18,000 Salmon 12 l-pound cans. C'ohocs do do 8,000 Cod Pounds Market, fresh Montreal • do 280,000 Whitefish .do. Frozen. Toronto ! do , 28,000 Cotton cloth do j Shirtings, 4.35 yards to pound Do do ! \V oven'colored* fabrics, 300 lines F.^ b!amills: 'i. 'i. .i':.' .i' .^'^/Department of Labor j 185,000 Woolen cloth Yards • Beaver, 28-ouncc, 55-56 inches MMontreal do 42,000 No. 4. wide, Boots and shoes. Pair i Men's box calf, Bluchcr Bals Ottawa Do do ! Men's kip or heavy grain do [....do.... 16,000 Kerosene Gallons i Royalitc, prime white Toronto Hardware and Metal. 24,000 B. GOODS IMPORTED. I. Raw materials, j Corn I Bushel American, No. 3 yellow ; Toronto Toronto Globe , 6,000 Cotton 1 Pound Haw middling 1 *to liV inches hosiery | Hamilton Dominion Bureau of Statistics..! 77,000 cotton. ; Hides ! do Bogota, dry i Toronto New York price plus exchange ! 29,000 and freight. " j Coal ! Ton ! Bituminous, 5-inch lump I ....do Coal Age 1 7,500 Do I do 1 Anthracite, egg 'Montreal Dominion Bureau of Statistics.. j 3,000 Pig iron ' do ! Foundry No. .1, Hamilton : ....do Department of Labor i 145 Tin , 3 Fundredweight.! Straight, ingots jToronto Hardware and Metal I 117 Zinc i do Sheets. ; ....do .do- 109 L Pe u t m ro b l e e r u m ' B M a f r o re o l t . = j O C a r k u , d w e, h 2 it 0 e ° , B N a 0 u . m J, e c ommon } cut j iS T a o r r n o i n a t , o Ontario. C Pr a i n v a a d t a e f L ir u m m berman ; 3,3 2 0 0 0 6 //. Producers' Goods. \ Sugar i Pound i 96° centrimgal Montreal.. New York price plus exchange I 345,000 I j I and freight. Cotton yarn ' do 10's, hosiery cops j Hamilton. Dominion Bureau of Statistics.. 5,400 Worsted yarn : do 1 Worsted, 4-ply IMontreal., Department of Labor 5,000 Silk '. I do • Machine twist, .16-ounce,'' Prize Medal "j do Dominion Bureau of Statistics..: 760 Jute • do 1 Haw. first mark : do... Department of Labor ! 74,000 Binder twine • do \ Sisal Toronto.. .do 37,000 Rubber ' do j Plantation Hevea, first latex crepe Montreal. New York price plus exchange 5,700 and freight. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

804 FEDERAL RESERVE BULLETIN. JULY, 1922. B. GOODS IMPORTED—Continued. Weight Commodity. Unit. Grade. Market. Source. (000 omitted). II. Producers' Goods— Continued. Steel products | Hundredweight Bars, common, Pittsburgh ! Toronto.. ] Canadian Machinery quotation Do I do Rails, Bessemer do... 'V plus freight, exchange, and 18,000 Do. .do. Shapes, structural, Pittsburgh • do... j surcharges. Copper Droducts Pound Wire, solid bar j Montreal. Dominion Bureau of Statistics.. Gasoline Gallon Tank wagon Toronto.. Hardware and Metal 18,000 Vegetable oils do Linseed oil, raw, ^-barrel lots ! Montreal. do. 4,200 Acids 100 pounds Muriatic, 18° commercial I Toronto.. Canadian Chemistry and Metal- 67 lurgy. Nitrate of soda Hundredweight, j .do. Dominion Bureau of Statistics.. 230 in barrels. ! III. Consumers' goods. I Pork D p o roducts-. Pou d n o d. .. H Ba a c m o s n , , s b m re o a k k e f d a , s t m , e o d rd iu in m a r s y i ze, 14-20 ! : M To o r n o t n re to al .. . [•Canadian Grocer 7,200 Do Barrel.. Pork, mess • ....do... Toronto Globe 40 Lard Pound, Pure, 400 pounds, in tierces j do... Canadian Grocer 5,500 Butter .do.. Creamery prints, No. 2 1 .do. .do. 7,000 Rice .do. Siam .do. .do. 23,000 Currants .do. ! Greek Patras .do. .do. 48,000 Coffee .do. ! Rio j. do... .do. 11,000 Tea .do. Hyson, thirds ....do... .do. 27,000 Cott D on o cloth... . . d d o o . . ! ! S W h o ir v t e in n g c s o , l 4 o . r 3 e 5 d y f a a r b d r s ic t s o ( p 30 o 0 u n li d n es) ! j M Mi o ll n s treal. >Department of Labor. 34,300 Woolen cloth... Yards.. ; Beaver cloth, 28-oimce, 55 by 56 inches .....do... do 10,000 j wide, No. 4. Kerosene G allons Royalite, prime white Toronto Hardware and Metal. 9,800 C. GOODS EXPORTED OR REEXPORTED. I. Raw materials. I Wheat Bushel No. 1, Manitoba, Northern • Winnipeg Toronto Globe 148,000 Barley do | No. 3 or better, extra test, 47 j>ounds.. Toronto do ! 0,000 Oats do ! No. 2 white, Ontario ' do do.... 19,000 Flaxseed ..do- : No. 1, Northwestern Canada Winnipeg .do. 10,700 Cattle Hundredweight. Butchers' choice steers. Toronto. .do.. 1,000 Hides Pound City butcher, green fiats do ..do- 70,000 Fur ! Skin Muskrat, best winter-fall Winnipeg Private linn.. 5,900 Do : do Beaver, average collections Montreal. , .do.. 430 Coal i Ton Bituminous, average of screened pea F. o. b. vessels, Dominion Bureau of Statistics. 1,200 and nut. Vancouver Island. Pig iron : do.. Foundry No. 1, Hamilton... Montreal ,I Department of Labor 300 Copper I Pound., Lake Superior casting ingot. Toronto. ! Hardware and Metal 60,000 Nickel ! .do.. "Shot" do ; Dominion Bureau of Statistics... 12,000 Lumber • M feet : Spruce, No. 1, 2 by 4,10 feet... Winnipeg D D o o j d d o o ... ! j P S i p n r e u , c w e, h m it i e l , l N ru o n , 1 , 1 2 b , y a n 4 d 3 cut: Toro d n o to -nada Lumberman. 1,200 Do ! do j Pine, good strips, 1 inch Ottawa II. Producers' goods. I Leather. Pound | Harness, best selections Toronto Dominion Bureau of Statistics.. Do do • Oak sole, sides, No. 1 '• do Toronto Globe 8,300 Steel :. - Hundredweight. j Bar, mild, \ inch or heavier Montreal j Hardware and Metal 3,000 Par>er Ton i Newsprint j F.o.b. mills • Pulp and Taper Magazine 256 Do Hundredweight. I No. 1 Manila wrapping ! do do, 158 Pulp Ton Ground wood, mechanical do : do. 400 III. Consumer, I i Flour Barrel Manitoba, first patents j Toronto i Toronto Globe... 3,800 Beef Hundredweight. Dressed, hindquarters ' do do 55 Pork products Pound Hams, smoked, medium size, 14-20... Montreal !Wnrlinn Proper Do .do. Bacon, breakfast, ordinary ' Toronto j-oanacuan grocer.. 41,000 Condensed milk 14 dozen, Im- Bordens "Eagle Brand" Montreal ! Private firm 92 pound tins. j ! P Sa o l t m at o o n es 9 1 0 2 - 1 p - o p u o n u d n d b a c g a — ns. Ontario Toronto •. Canadian Grocer. 4 1 , ,3 4 0 0 0 0 Cod Pound CMoahrokeest , fresh. Mondtroe al ! ddoo 97,000 C C h o e tt e o s n e cloth .d do o. L Sh ar ir g t e i , n n g e s, w 4 , . 3 fo 5 d y d a e r r ds to the pound T i^ o b ro ^ n i to l is::::::'depar d t o ment of Labor. 134,000 Do... do Woven colored fabrics, 300 lines 5,500 Woolen cloth Yard , Be N a o v . e r V , 2 . 8 ounces, 55-56 inches wide, Montreal ; do 626 The trend of prices in Canada since the war, prices in the United States fell much faster and especially during the period of deflation, than in Canada and somewhat more rapidly has resembled the situation in England more than in England. In the spring of 1921 closely than in the United States. Prices in prices in the United States became stabilall three countries reached their post-war peak ized and remained at about the same level in the second quarter of 1920 (according to the for approximately one year. Recently they indexes of the Federal Reserve Board in May have been advancing rapidly. In England and of that year), but in the slump which followed, Canada, on the other hand, after a period of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL, RESERVE BULLETIN. 805 INDEX NUMBERS OF WHOLESALE PRICES IN CANADA 1319 - 1922 (AVERAGE PRICE LEVEL OF 1913 = 100 ) 340 - r "~T r l 1 34-0 320 F r EL U • L o im A i prcc V &11 IKADL~C 320 300 300 280 V V —s 280 260 ••J 260 2 2 2 4 0 0 -M... y .A \ •••• / j y' \ 2 2 2 4 0 0 200 \ 200 1 Vr 180 V 180 • s \ \ 160 160 140 \V N ./ 140 120 120 — ALLCOMMODITIt -PAW, ' MATERIALS DS IMfWRTEl -PRODUCEf>S GOODS ... '•GOODS EXPORTL ............"CONSUMERS GOODS 100 I 100 • 80 80 340 340 -COMPARISON WITH OTHER INDEX NUMBERS_! i 320 320 300 3 00 2.60 280 260 260 24-0 240 220 220 200 200 180 180 160 140 140 120 I ~ T 120 FEDERAL RESERVE BOARD INDEXES:~ -CANADIAN DEPT. OF LABOUR (SO Commodities) J • UNITED STATES \ \ | •PROFESSOR MICHELCS. INDEX \ j ENGLAND, CONVERTED TO U. S. DOLLAR BASIS FEDERAL RESERVE BOARD CANADIAN INDEX * CANADA, CONVERTED TO U.S. DOLLAR 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.O.N.D.J.F. M.A.M. J. F. M.A.M.J. J.A.S.O.N.D. J.F. M.A.M.J J.A.S.O.N.D. J.F.M.A.M.J.J.A.S.O.N.D. J.F.M.A.M. 1919 1920 1921 1922 1919 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

806 FEDERAL RESERVE BULLETIN". JULY, 1922. relative stability during the summer of 1921, case. In the last quarter of 1921 prices of the decline began again and has only just imports were on a higher level than exports, recently come to a halt. but during the balance of the period exports The chart in the lower right-hand corner of have been steadily higher, as compared with page 805 shows the relation of prices in the the pre-war base, than imports. three countries, all expressed in United States Considering Canadian prices by industries, dollars. In other words, the depreciation of we find that there has been great dissimilarity Canadian and English money in terms of in the trend of prices in. different industries. United States dollars has been taken into Grains were very much stimulated during the consideration in figuring dollar purchasing period of expansion, but declined with unusual power in these countries« This chart shows severity in 1920 and have since recovered that the Canadian price level has been con- somewhat. Meats and animal products, on the sistently lower than the American or British other hand, were relatively little affected by (each in terms of the 1913 base) throughout expansion, but declined in 1920 and 1921. the post-war period, except during the first Since autumn of last year they have been adhalf of 1921, when prices in the United States vancing along with other agricultural comwere falling considerably more rapidly than modities. Metal and fuel and textile prices prices in Canada. The English level figured have been relatively stable since the summer of in the same way has been somewhat higher last year, but have not advanced with agrithan the American during this period and is cultural commodity prices. now fairly close to it, in fact, almost as close The following table contains the index numas the Canadian. bers for all commodities and different groups The third chart in the series shows that the compiled by the Federal Reserve Board: new Federal Reserve Board index, number agrees fairly well with the new Canadian official CANADIAN INDEX. index number (based upon 50 commodity [1913=100.] prices unweighted) but not so well with the i index constructed by Prof. II. Michell (based Goods i pro- Goods Goods j Con- AH u th p r o e n e 4 in 0 d e c x o e m s m s o h d o i w ti es a a s l l s u o m u p n w in e ig p h ri t c e e d s ) . af A te l r l Month. 1 i d h u o a c m t ed e. im- m c ti o o e m d s. i - - August, 1919, followed by an increasingly rapid advance until May, 1920. The Michell 1919. i index shows a less rapid decline immediately January ; 195 201 209 183 186 219 196 February : 190 198 207 175 185 216 191 following that date, but indicates a trend March. .*. ! 193 198 209 ; 179 181 219 193 similar to the other two index numbers be- April 199 193 211 186 175 221 198 May 201 193 2.13 . 192 177 226 202 tween the autumn of 1920 and the present Juno 205 .1.96 216 ! 195 181 225 204 July 208 201 226 ! 203 1S6 220 207 time. The judgment of certain Canadian ex- August 220 205 226 209 194 239 218 perts is that the Federal Reserve Board index September /.. 217 208 228 : 208 193 236 216 October 214 212 226 207 196 I 230 214 is particularly sensitive to the trend of prices November 217 219 230 212 198 ! 232 217 of large scale transactions, especially those December 223 228 233 ; 219 203 i 237 223 connected with foreign trade, while the Michell 1920. January 238 245 262 231 226 255 239 computation is more nearly a cost of living February 218 254 270 212 231 266 219 March 251 263 271 217 231 268 253 index. April 263 276 274 252 253 289 265 In Canada, as in the United States, prices of May 277 288 296 261 268 j 309 279 June 275 283 296 ", 258 276 302 !: 276 finished consumers' goods advanced to a higher July 271 273 295 257 271 ! 299 :-j 271 August 258 255 286 ; 250 268 267 I! 258 post-war peak than raw materials or semi- September.. 2-14 247 270 230 266 258 ;• 244 manufactured goods. This was due in the October 234 231 252 215 267 250 :- 234 November.. 221 218 231 I 195 260 245 '• 221 main to the advance in the prices of clothing. December.. 208 208 215 187 2-12 229 J 208 Similarly, the present level of prices of finished 1921. goods is higher than for producers' goods or January 200 194 212 182 222 217 !! 199 February... 190 180 208 1.74 210 203 i' 189 raw materials. The decline in the prices of March 186 174 202 170 190 202 ij 184 raw materials was more precipitate in 1920 A M p a r y il •i 1 16 7 9 8 1 1 6 6 9 4 1 1 . 9 9 3 2 1 15 6 9 2 1 1 8 7 5 7 1 1 9 7 6 8 ' " • : 1 1 6 7 8 7 than in the other two groups, but when pro- June 166 160 190 157 168 176 j. 165 July j 164 158 185 153 164 177,: .1.63 ducers' goods finally began to decline they, August . 167 1.58 188 155 162 182 !| 166 too, fell with great rapidity. In the present S O e c p to te b m er b er ! j 1 1- 5 J 8 S l 15 o 3 o 1 1- 7 1 5 9 . 1 1 3 .4 6 7 J 1 5 5 3 9 1 1 6 7 6 4 j ; i : 1 14 5 9 8 price advance raw materials have led, both in November j 114 151 1.38 131 152 164 i; 145 December f 14-1 151 137 131 149 161 ! 145 point of time and in rate of increase. 1922. In view of the comparatively low level of January 113 151 139 132 147 '•• 161 prices in Canada, it might be expected that February 118 150 1 .152 138 147 : 164 i 149 March 150 .150 j .151 140 146 166 150 imports would have advanced more rapidly April 152 151 153 142 143 169 ! 152 than exports. This, however, was not the May 153 157 154 145 147 168 ! 154 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 807 BUSINESS AND FINANCIAL CONDITIONS ABROAD. ENGLAND. DISCOUNT RATE OF THE BANK OF ENGLAND. THE DISCOUNT RATE. Date. Hate. Date. Rate. The reduction in the rate of the Bank of England on June 15 from 4 to 3-£ per cent was Per cent. Per cent. the outstanding feature of British finance dur- Apr. 15, 1920 7 ! Nov. 3, 1921 5 ing June. The action of the Bank of England A Ju p n r e . 2 2 3 8 , , 1 1 9 9 2 2. 1 1 .." A Fe p b r. . 1 3 0 3 , , 1 1 9 9 2 2 2 2 t is of particular interest m this country, coming Julv21, 1921 «• June 15, 1922 as it did during the same month that the reduction from 4J to 4 per cent in the dis- FOREIGN EXCHANGE. count rate for commercial paper was announced by the Federal Kcserve Banks of New York The pound sterling, after remaining firm and Boston. Although the market rate on during the greater part of May, continued its treasury bills in England had for some time remarkably persistent advance in the early part been considerably below the Bank of England of June. On June 5 the rate in New York rate, action by the Bank of England at this advanced beyond $4.50 to the pound, at which time was more or less unexpected both abroad point it remained for several days. Since then and in this country. there has been a decided reaction and toward It must be remembered, however, that cheap the end of the month the rate has held slightty money is to the advantage of the British above $4.40. International bankers have pre- Treasury at the present time for two reasons sented many reasons for the rise in British at least: First, that treasury bills may be exchange, but there seems to be very little renewed at low rates of interest; and, second, agreement or consensus of opinion as to what? that conversion of war debts may be made are the really deciding factors in this particular from high interest-bearing securities to those movement. The lower interest rates which carrying lower rates. Under these circum- have been the rule in London recently have stances the needs of the treasury may well have been cited as a possible reason for the conbeen a potent factor in bringing about a re- tinued demand for sterling from concerns in duction in the Bank of England rate at this the United States, but British bankers have time. With respect to the low rate at which declared that they have seen no evidence of treasury bills have been floated recently, it the building up in London of large deposit may be remarked that the fixing of tliese balances to the credit of Americans, or of any rates has been left to the competition of the unusual inquiries for short-term advances money market. That is, the treasury has from this side. The balance of trade, which offered each week a large block of treasury is decidedly against Great Britain and in favor bills on which tenders have been invited. of the United States, is one factor which Even so, the rates may, of course, be affected would naturally operate in the opposite direcby the amount of new bills which the treasury tion, making the improvement in the British offers from week to week, but otherwise the pound more difficult to understand. rates have depended upon competition in the An interesting suggestion has been put formoney market. ward in one British quarter to the effect that To what extent British trade and industry the reason for the appreciation of the pound will be benefited by the lower rate it is difficult may perhaps lie in the depreciation of the to say. In so far as it lessens the burden of dollar. In support of this view it is cited that interest charges of concerns heavily indebted prices in the United States have started on to the banks, business will no doubt find it a substantial upward movement, whereas in easier to operate while the depressed state of Great Britain prices have advanced much less trade continues. But whether the further within the last month or two. Whether or lowering of interest rates will have much effect not this explanation is accepted as pointing to in actually reviving and stimulating business an important element in the situation, it still afresh may well be doubted. Nevertheless, remains probably true that no single factor has expression of. opinion in England regarding the been decisive in bringing about the improveaction of the Bank of England has in general ment in British exchange, but that it has been been favorable. a combination of factors which is more than The steps by which the Bank of England's usually difficult to analyze. There seems to discount rate has been reduced since the rate be little doubt that speculation has played a was put up to 7 per cent in April, 1920, are considerable part, and the moderate decline indicated in the following table. which set in during the latter part of June is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

808 FEDERAL RESERVE BULLETIN. also attributed in many quarters to selling of banks, preferring to invest clircctiy, lLo acsterling by those who believed the buying counts of the flotation of sc\-'ir.'itics <;ivc rooro movement has been overdone, temporarily at light on the accumulation of vfedth. For 19:3 least. new issues, of stocks and l;or.tl-.s -uiiOiniUd t;> 32,519,080,500 francs, for the most part, of INDUSTRY AND TRADE, course, Government war obJi^nt ions. 1 * >v 1010 That there has been an improvement in there is an abrupt drop to 11.000,489.000 \viu1c5. British industry is evidenced by the latest avail- to which must be added H>,000 000X00 of treasable reports on several different phases of the ury bills (Bons do la Dou-.iis0. NtUioi-a]), wlicli situation. Unemployment figures for the week figure does not include h\x^:: t-ii:cn hi exchange ended June 19 were at the lowest point reported for other issues. The lotr.l oi row r^pitr1! raised for several months past. With the settlement in 1919 may therefore be \y.\i at about 27,000,of the engineering lockout, which had been a 000,000 francs. Making <!/<! icfrior.s 01 municdisturbing factor during the* three months that ipals, there is le!i a rein u::<! re of a bent the dispute lasted, the men in the engineering 10,000,000,000 frar.es fo/ coinm-rid ov intrades have resumed work. The result of the dustrial enterprises, v.vi;;h is jrppi-oxirut-e-Iy ballot of the members of the Amalgamated live times the record n-:i r> p:*3 wav yo.irs. Engineering Union on the modified terms pro- In. 1920 the Gove:in:u.».rU fu> ae;l t.vo b.-nrs, posed by the employers was announced on which raised the totals fo • I'u1 year to VvM :.~ June 13" showing a majority of about 2 to 1 516,320 francs. To this s'.o :hi !>u v.i\\cd t-.io in favor of acceptance. The employers' prosum of about 4,000,00(7)00 iVanrs. the not inposals as accepted by the union concede the crease in treasury bills, a! Oaring fo.' l/io.v* l.i!\° 1 point that 10 days7 notice and an opportunity in exchange. However, k is r.onw.ry lo defor discussion must be given by the manageduct from the amount of Vw l\\n Sij(a loan3 ment when a workshop change is contemplated about 13,600,000,000 francs of oVi o')iijV.io-d which will result in one class of workmen being turned in in exchange. The f!g-.Lv, ho vjver, replaced by another. The employees had condoes not include about^1,000,000,00.) fn>:u'8 of tended for thV, principle of management by railroad securities marketed by the r.:i;roads their own representatives, but the agreement through, their oVn ticket offices. This mako.s makes no important change in that respect, and the net amount of new capital raised about the management rests with the employers es- 47,240,000,000 francs for 1920. If the State sentially as heretofore. issues are omitted, the figure of capital to go The May foreign trade figures are distinctly into industry is about 13,000,000 ()()0 francs. ? encouraging. Imports were higher than in any The issues of 1920 were mostly put out at 6 per month since last November, and exports were cent; instances of a 7 per cent or 71: per cent above those of April. Reexports in May were yield were rare. This is partly, no doubt, due about the same as in the previous month. to the fact that many of the issues, of one sort Especially noteworthy was the substantial or another, carried Government guaranties. increase in imports of raw materials and un- In 1921 tho sum of 13,171,362,000 francs is manufactured articles, which ordinarily find given plus the net increase of treasury bills of extensive use as basic material in British 22,700,000,000 francs; to which must be added manufacture. railroad issues of about 3,100,000,000. This FRANCE. gives a grand total for the year 1921 of about 39,000,000,000 francs. Deducting tho govern- ACCUMULATION OF CAPITAL IN FRANCE. mental issues, there is left something like 6 mil- The French people are accumulating and in- liards for municipal and departmental loans and vesting capital in amounts greatly exceeding 9 milliards for railroad, commercial, and induspre-war figures. As an illustration, the figures trial securities. Out of this 9 milliards some of excess of deposits' over withdrawals in 4,400,000,000 went into banks or banking savings banks (Caisse d'Epargno) were 800,- institutions, the Credit National alone getting 258,175 francs in 1921, as compared with 2,991,000,000 francs. The general rate ranged 581,648,774 francs in 1920. The total net from 6.60 per cent to 6.85 per cent, though cerincrease for the three years following the war tain issues had lottery features that to the is 2,311,170,445 francs. On January 1, 1921, speculative investor compensated for the rate. there were 15,737,878 individual accounts. Another feature is very interesting. Before The total savings on January 1, 1922, were the war French capital was obliged to seek 8,949,258,174 francs. From January 1 to June outlet abroad. Now it finds enough occupa- 20, 334,923,931 francs were added. Since tion at home. In 1913 foreign securities took French people of even very moderate circum- 55.9 per cent of the capital raised during the stances make comparatively little use of savings year. In 1918 the figure was 0.22 per cent; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1.022. TEDERAL KESE11VE BULLETIN. 809 in. 1919, 2.40 per cent; in 1920 0.22 per cent; redemption (and theoretically for the carrying ; and in 1921, with some 133,000.000 francs out charges) of a large part of this, about 80,000,of a total of 39,000,000,000 'francs, the propor- 000.000 francs, the French Government and tion rose to about 0.33 per cent. the French people are looking to the German The total of all those issues is an astonishing indemnity. figure, considering the strain to "which France This is a very heavy credit structure. The has been subjected during the war. From importance of the German indemnity in'sus- August 1, 1914, to the end. of 1918 internal taining it explains in large part the attitude of loans had exceeded 100,000,000,000 francs. ! the French people and Government toward the For the three post-war years the approximate rep arati on q ues tion. figures are: The following table summarizes the internal Fran.es. capital issues of the first quarter of 1922, 1919 27, 000, 000, 000including both stocks and bonds: 1920 -, 47, 000, 000, 000 1921 39, 000, 000, 000 [In francs.] Total 118, 000, 000,000 For a rough calculation, assuming the Month. Corporations.1 Tr b e i a ll s s u .1 ry Railroads. Total. French population at 40,000,000, the figure works out to about 2,831 francs per capita. January 759,307.000 1,366.829,900' 211,106,774 2,307,243,674 Inasmuch as the average per capita income is February.... 2 -i, 062'. .185j 000; 305) 430,000 284,628. 719 5,052,243,719 only about 3,200 francs, according to the March..." 377^ 240,000! 746,706,000 s '692,3M} 16111,516,286,161 League of Nations estimate, which is the best Total , 6,198,738,00042,451,955,900 918,069,65419,535,773,551 I i 1 I available, the conclusion would appear that 1 Net; increase*, exclusive of renewals. during the last three years the average French- 2 includes 4,710,000,000 francs of Credit National issue. man has saved and invested nearly one year's 8 Does not include 9t,310,S75 francs issue of the P. L. & M. sold in Krigland. income. As a matter of fact, there is a material 1 Includes 32,090,000 francs sold in January and February, but not reported until March. but incorrigible error, particularly in the item of the treasury bills. Although treasury bills The average return on fixed rate issues for renewed, are not considered as new capital, nor January was 6.66 per cent; for February, 6.61 in the case of state bond, issues arc the new per cent; and for March, 6.57 per cent. bonds paid for with old securities counted, it is The latest large issue was of 3,290,000,000 obvious that if the holder of a matured, treas- francs, put out by the Creel it Xational on June ury bill took the proceeds and bought an 26. industrial security, it would not represent FOREIGN TRADE OF FRANCE. strictly new capital. There is no way by which such transactions can be made to appear, but The following figures show the condition of it is doubtful if they would violently influence French foreign trade for the first five months of the general conclusions. 1922: These figures are the more remarkable, considering that the 10 Departments comprising Increase or the devastated regions are at a relatively low 1922 1921 ! decrease. state of production. Further, before the war the French people received a large annual Imports (thousands of francs) '' 8,820,-iOS . 9,128,791 i —308,386 income from foreign investments.1 As French I E m x p p o o r r t t s s ( ( m th e o t u ri s c a t n o d n s s o ) f francs)l.. _ 2 9 -» ,1 ,1 9 3 8 S . J ( f K i8 ) 2 2 \ ! 1 9 5 , , 2 2 1 -1 9 3 ,0 ,0 ( 5 5 0 8 ! -1- — 4,8 9 2 4 0 , , 9 ;} 5 S 2 l capital was largely invested, in. Mexico, Turkey, Exports (metric tons) i 7,977,993 t>, 476,120 • +1,501,8(>7 and .Russia, returns from this source have been 1 In 1919 unit values. seriously reduced in recent years. In considering the figures given above, This table shows an apparently favorable several factors must be taken into considera- balance of trade of 378,274,000 francs, comtion. First, during the period the franc has pared with 90,269,000 francs for the correhad wide .fluctuation in purchasing power*, and. sponding period last year. It will be remema part of the apparent prosperity which these bered that imports are reported on declared figures seem to indicate rests upon inflation. values, and exports on. a scale of 1919 prices. Of the 113,000,000,000 francs mentioned in the Hence, it is doubtful if the actual trade balance totals, perhaps three-fourths or more are in. stands in favor of France. Against this must securities of the French Government or guar- be set the invisible items such as the return on anteed by the French Government. For the foreign investments. which, though smaller than in pre-war years, .is considerable, and the 1 It has been estimated at ;5,()00,000,00() francs, but iliis figure seems expenditures of tourists. high. 112292—22 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

810 FEDERAL, RESERVE BULLETIN. JULY, 1922. Separations in kind are included in the method of computing exports, it is impossible imports. For the first four months of the to measure the exact improvement, if any. year, the coal received from Germany was val- During the past month the agitation regardued at about 80,000,000 gold marks, or about ing food prices in Paris has been repeatedly 225,000,000 francs, taking the franc at cur- mentioned in the American press. The various rent rates of exchange. Notwithstanding the indexes do not yet show serious advances, emphasis which has been given to the sub- except in selected commodities. Unemployject, other reparations in kind are negligible. ment figures for May are at new low levels, The coal figures for the first quarter of 1922 with an increasing number of unfilled positions were 146,000,000 francs for 2,091,745 metric reported. The retail food index reached 317 tons, as compared with 276,000,000 francs for for May, exactly the figure for May, 1921, but 2,742,882 tons for the first quarter of 1921. declined to 307 in June. By coincidence, the Figures for the first quarter of 1922 show the wholesale index for May also stood at 317, distribution of this trade by countries. The indicating a moderate advance, which conmore important are given below. tinued to 325 in June. IMPORTS INTO FRANCE. THE DECLINE IN FRENCH EXCHANGE. [In thousands of francs.] After the adjournment of the bankers' conference in Paris, the franc suffered a severe Country of origin. 1922 1921 and almost uninterrupted decline, bringing it to the approximate level of a year ago. Sev- England i 867,550 920,991 eral reasons have been advanced in explana- United Sta tes i 788,173 ., 361.924 Germany : 315,810 744,950 tion. There have probably been important Belgium ,' 346,665 453,714 Sarro • 1-16,183 purchases of dollars in anticipation of grain Netherlands 141,221 and cotton* movements. As part of the rise Switzerland ! 107,885 112,319 Spain l 27,612 103,781 in the franc from SO.0803 at the beginning of Italy i 173,156 128,23:) Brazil : 95,334 122,61.0 the year to the high of §0.0935 on April" 24, Argentina I 185,639 205,408 had been ascribed to the reduction of note cir- Algeria : 242,310 128,276 Morocco ! 14,099 22,995 culation, the belated consideration that this reduction was offset by the increase in the volume of short-term Treasury bills checked spec- Of these figures, only those for Italy and ulation for the rise. But the fact that the Algeria show an increase, the latter being movement clearly started following the adnearly 100 per cent greater. The abrupt dejournment of the bankers' conference, and has cline in Spanish trade was occasioned by the shown itself most sensitive to political news tariff controversy, now adjusted. from day to day, is evidence that in great measure the decline must be attributed to the EXPORTS FROM FRANCE. disquieting aspect of international politics. [In thousands of francs.] ITALY. Country of destination. 1 922 1921 I THE BANKING SITUATION. England •. 913,553 r7M4"?7,833 United States ' 613,531 399,559 The crisis of the Banca di Sconto in Decem- Germany i 501,328 628,013 Sarre I 115,305 ber, 1921, and the necessity of supporting the Belgium .1,1-18,696 ,093,245 industries endangered by its collapse have re- Switzerland i 221,604 339,0S7 Spain .....! 64,892 175,138 sulted in an increase of discounts and loans of Italy ; 186,456 265,730 Netherlands ! 91,424 the banks of issue to record heights. The com- Brazil •' 33,467 59,778 bined loans and discounts of the three banks of Argentina • 74,673 ! 89,801 Algeria 349,617 310,690 issue amounted to 10,113,000,000 lire at the Morocco | 121,988 113,292 end of April of this year, showing an increase of nearly 30 per cent over November, 1921, and Exports to the United States show a very one of 44 per cent over April of last year. The great increase, and to England a somewhat less sudden increase of discounts of the Banca marked advance. With Germany there has d'ltalia in the last 10 days of .1921 by more been a sharp decline both in exports and im- than 500,000,000 lire, was followed by a similar ports. France has reduced her excess of im- increase in January of this year, and the ports from the United States from 962,365,000 amount of discounted bills held by the bank francs in 1921 to 174,642,000 .francs for the has since been maintained at the level of about first quarter of 1922, but, because of the 4,500,000,000 lire, the increase for the 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 811 months ending April 30,1922, having amounted the aggregate amount of deposits at the three to about 1,200,000,000 lire, or 36 per cent. banks having remained practically stationary To a certain extent this increase of discounts in the following two months. With regard to was presumably the result of now acquisitions correspondents'" credit balances, the decrease, of Treasury bills by the bank, as well as of the which amounted for the three banks combined discounting of commercial paper. On the to 774,000,000 lire (from 10,138,000,000 lire other hand, the increase in outstanding loans on November 30, 1921, to 9,364,000,000 lire, must be entirely explained by the financing of on March 31, 1922), was likewise practically business organizations. Although it is true confined to the month of January. that the increase 6f nearly 1,700,000,000 lire The effect of the business depression and of in loans of the Banca d'ltalia, which took place the curtailment of credit is seen in the decrease between December 20 and December 31, 1921, of balances due from correspondents, from was not maintained and was followed by a 3,951,000,000 lire, on November 30, 1921, to partial decrease in January and subsequent 3,158,000,000 lire, on March 31, 1922. Outmonths, the amount of outstanding loans of standing loans of the three banks combined the bank at the end of April (3,540,000,000 decreased during the same period from 1,064,lire) was still 31 per cent over that on Novem- 000,000 lire to 915,000,000 lire. This deber 30, 1921, and 65 per cent larger than that crease, which followed upon one of 13 per cent on April 30, 1921. from the beginning of 1921 to the end of On the other hand, the increase of commer- November, reflects the further redaction of cial bank-note circulation which was caused by stock exchange transactions. The amount of the Banca di Scon to crisis, and which amounted discounted bills held by the three banks defor the Banca d'Italia to more than 1,500,000,- creased during the period under consideration 000 lire, or nearly 22 per cent, in the last 10 from 7,794,000,000 lire to 7,336,000,000 lire. days of December, 1921, was followed by a It may be noted, however, that while the disdecrease beginning with January, and on April counts of the Banca Commerciale and of the 30 the commercial circulation of the bank was Credito Italiano decreased, respectively, 9 per less than at the end of November, 1921. The cent and 17 per cent, those of the Banco di aggregate note circulation of the three banks lloma showed a very notable increase (from of issue, for the commercial account and for that 778,000,000 lire to 1,214,000,000 lire). of advances to the Treasury, decreased from 19,209,000,000 lire on December 31, 1921, to PRICE MOVEMENT. 17,710,000,000 lire on April 30, 1922, or nearly The temporary advance in wholesale prices 8 per cent. A new expansion of note circula- of commodities between June and October, tion may perhaps be expected, however, in 1921, was followed by a downward movement, connection with the financing of the Banca which became very pronounced beginning with Nazionale di Credito, the successor of the January, 1922, At the end of May, 1922, Banca Italiana di Sconto. Professor Bachi's index number for all com- One development in connection with the modities stood at 84, as compared with a banking crisis has been the growth of deposits monthly average of 93 in the year 1921, and at the banks of issue in the first three months with 108 in November, 1920, when the peak of of this year, following upon a decrease in the high prices was attained in Italy. Average last 10 days of 1921, which amounted for the monthly prices in 1920 are taken as 100 in this Banca d'ltalia alone to 174,000,000 lire. comparison. Prices in May were still, however, Between December 31 and March 31 deposits somewhat above those of June, 1921, when the at the Banca d'ltalia increased from 697,000,- previous low level was attained. 000 lire to 1,001,000,000 lire, and the increase As may be seen from the table given elseat the other banks of issue was in about the where in this issue, the largest decrease iri same proportion. In April, however, deposits recent months has taken place in the prices of at the Banca d'ltalia decreased by 111,000,000 animal foods, for which the May index number lire. was 94, as compared with an average of 116 The increase of deposits at the banks of issue for the year 1921, and with 129 in October, was accompanied by the withdrawal of de- 1921, when prices of this class of commodities posits from private banks. The aggregate had reached the highest level ever attained. deposits at the three leading banks (Banca The decrease has thus amounted to 27 per Commerciale, Credito Italiano, Banco di 'Roma) cent as compared with last October, and to decreased from 2,640,000,000 lire, on Novem- 19 per cent as compared with the monthly ber 30, 1921, to 2,040,000,000 lire on March 31, average for 1921. 1922. The largest decrease, however, took Prices of vegetable foods, which had likewise place in the months of December and January, reached the highest point in October, 1921, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

812 FEDERAL RESERVE BULLETIN. JULY, 1022. decreased nearly 9 per cent between that month The representatives of Great Britain, Italy, and May, 1922, when the index number for this and Belgium agreed: to this proposal. The group was 106, or nearly the same as the French representative, however, acting under monthly average for 1921. This is the only instructions from Paris, refused to accept any group for which prices in May were higher than plan which would tend to reduce Germany's the 1920 average. reparations indebtedness. The Reparation The May index number for the textile group Commission (France dissenting) sent a majority was about the same as the average for 1921. note to the bankers' committee giving it full Those for tiie groups of chemicals and of minerals liberty to consider the conditions under which and metals showed a decrease of 13 per cent each it believed the loan could be floated. as compared, with that average. The May, The refusal of Franco, Germany's chief cred- 1922, indexes for these three groups of com- itor, to discuss any reduction of reparations, modities were, respectively, 50 per cent, 45 per induced the bankers to adjourn for an indeficent, and 50 per cent below those of the spring nite time. In their final statement they demonths of 1920, when the peak of high prices clared that the failure to float an international was reached for these groups. loan was duo mainly to the lack of unanimity among the members of the Reparation Com- GERMANY. mission to discuss any change in the amount and payment of reparations, and to the fact REPARATIONS AX.D THE FOREIGN LOAN. that the credit standing of German}" and the security offered by her do not warrant a loan The acceptance by Germany of the 'Reparaunder present conditions. tion Commission's terms to balance the budget, The failure to float a loan through the interto stop inflation, and to make the Reiehsbaiik national bankers' commit tee loaves the reparaindependent of the Reich was made condition question unsettled, as Germ any based her tional upon the receipt of a foreign loan—a acceptance upon the condition that she be matter which, the international bankers' comgiven a foreign loan. Meanwhile, however, mittee in Paris then had under consideration. Germany paid on Juno 16 the monthly install- The Reparation Commission, after two days ment of 50,000,000 gold marks due under the of consideration, accepted. Germany's reply moratorium. A new agreement was also as satisfactory, and continued the partial reached between Franco and Germany which moratorium granted her for the year 1922. tends to facilitate, the payments in kind to bo The reply of the German Government and made by Germany. A few days later the comthe decision of the '.Reparation Commission mittee on guaranties appointed by the Repawas communicated to the bankers' committee. ration Commission left for Berlin" to start its The hitter at an earlier stage of the conference work under the terms of the moratorium. It had notified Germany that a loan of was also reported that at the meeting in London §1,000,000,000 or of any larger amount was between Premiers Lloyd-George and Poincare out of question until Germany accepted in full on June 19 it was decided that the next stop of the conditions of the ultima turn of the Reparathe Reparation Com mission would be to intion Commission. vestigate the financial condition of Germany, It was thus generally believed that the satisand to find out whether the Gorman Governfactory reply of the German Government and ment is able, without the assistance of a forthe decision of the Reparation Commission eign loan, to-balance its budget and to stabilize had cleared the way for the consideration of an its finances. international loan to Germany which would enable her to pay off a part of her war indebted- THE FORCED LOAX. ness and to balance her finances. The bankers then appointed a committee to study the ques- In accordance with the demands of the tion, and after several days' deliberation Reparation Commission, and to meet the huge readied the conclusion that an international deficits of the budget, the German Governloan on any large scale could bo floated only ment incorporated in the so-called "tax if the total amount of reparations to be paid compromise" a clause which permits it to by Germany was definitely fixed and reduced. raise funds through a forced loan. The The bankers' commit-tec also asked the Repara- Reichstag passed the tax compromise bill sometion Commission, by whom it was invited to time in April, and appointed a committee to consider the loan, that it bo given permission draw up a project for the compulsory loan. to outline a plan under which such a loan could The purpose of the loan is to raise 1,000,000,000 bo floated with success, and to make such pro- marks in gold, or about 60,000,000,000 paper posals as it might doom necessary. marks. It was pointed out that a forced loan Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JuLr, 1922. FEDERAL RESERVE 813 is the only way to create now funds in the 1,200,000,000,000 paper marks. To raise a country, as it was thought impossible to raise sum of (io,OOO,OOO',OO() marks it is therefore any considerable amount by further taxation necessary to assess 5 per cent of the total capital. or by the floating of a voluntary loan. Since this proposal was made in April the value The loan as originally projected was to be of the mark has further declined, so that at the non-interest bearing up to October 31, 1925; to end of June 60,000,000,000 paper marks wouJd bear 2\ per cent interest on the par value from not yield more than half of the desired amount in November 1, 1925, to October 31, 1930; and 4 gold. per cent after the latter date. The finance committee of the Reichstag, however, changed TJJIC FORMIC-NT TRADE SITUATION". this clause to the effect that immediately after October 1, 1925, the loan bears 4 per cent on Germany's ability to pay reparations and to its par value. After 1925 a part of the loan stabilize her Una noes depends to a very large may be repurchased by the Government at extent upon the condition of her foreign trade. market value. The movement of commodities from and to All individuals, corporations, and estates who Germany during the last few months shows will pay property taxes in January, 1928, are re- some interesting features, and indicnies to,what quired to subscribe to this loan. The assess- extent Germany's productive power and out put ment is based, as in the case of the "wealth capacity depend upon her imports. tax," on the value of the property as of Decem- In December, 1921, Germany had a favorable ber 31, 1922. Properties of not more than balance of trade for the first time since the 100,000 marks, and those not exceeding armistice. The surplus of exports over imports 1,000,000 marks, consisting of capital invest- lasted for three months—December, 1921, ments which for the year 1921 did not yield January and February, 1922. It was then bemore than 50,000 marks, were to be, according lieved in many circles that Germany had to the original proposal, exempt from the loan. reached a position where she could not only The Reichstag committee changed the second offset her imports, but also accumulate funds part of the clause so that only persons over the -abroad which could, be used for the payment of age of 60 can enjoy this exemption. The limit of her war debts. The total imports and exports loan exempt capital, consisting of investments, for the three months showing a favorable balwas placed at 300,000 marks, with an animal ance of trade are shown in the following table: yield of not more than 30,000 marks. The rate of subscription as originally drafted was 2 per-GERMANY'S FOREIGN TRADK VKOM DIXKUBKR 1,192!.. TO cent for the first 250,000 marks; 4 per cent for MARCH.!.. 1922 (EXCLUDING UORSL-\S AND VEHICLES). the next 250,000 marks; 6 per cent for the next 250,000 marks; 8 per cent for the next 250,000 Balance (excess marks; and 10 per cent for all other fortunes. Imports. Exporls. ( e )f x i. c m es p s o r o i: f s — ex - ; The Reichstag committee changed the scale po r Is-I- ). somewhat, so as to include 1 per cent for the Month. first 100,000 marks and 2 per cent for the next Quantity (in Value 150,000 marks. The rest of the scale remained .1,000 (iT1 i in.-y un (in unchanged. m Io e n t s ri ) c . ^ md < Jl« ™ v i - | m IO e J f I r S ic ). ' ! Ions). m UK a K - M 'k K s N ). ) All individuals and corporations subject to -— _! .1 .- .-: subscription to this loan must assess themselves December.- 2.080 3:{, 707 ' MttO • • 1,,V>-1 : H-S47 voluntarily not later than October, 1922. The .January 2,::!00 I 12,773 • 2:027 , 1 l,o2S i -282 -H,7;V> February 1.-J75 •' 12', 017 i L7I.7 ! 14', ,">:$<) i -1-272 j +2. 192 purpose of the voluntary assessment was to raise funds during the current year, it being evident Total..'.' 5,870 ' 3S;.>27 • 701 that the Government could not undertake to assess within a ft>w months the capital owned the pern by every individual or corporation in Germany. }' was able to accumulate fumls abroad In order to avoid later payments at a perhaps aggregating 5,094,000,000 paper marks. lower value of the mark, the law provided heavy A more careful analysis, however,, of the punishments if the voluntary assessment is nature and quantity of goods imported and ''considerably'7 below the final assessment exported from and to Germany shows that the made by the Government. Securities quoted favorable balance of trade for the above-menon German stock exchanges are to bo valued at tioned period is due not so much to an in- 75 per cent of their quoted value on April 28, crease in the quantity and value of exports as 1922. to a decrease in the country's imports. It It was estimated that the total German prop- also shows that a favorable balance of trade erty subject to this loan amounts to through a reduction, of imports can not be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

814 FEDERAL RESERVE BULLETIN. JULY, 1922. maintained without impairing Germany's pro- GERMANY'S FOREIGN TRADE, ductive power and lowering the standard of living of a large part of the population. MAY 1 TO DECEMBER 31, 1921. German importers, during the fall of 1921, fearing a further decline in the value of the Value (in mark, bought large quantities of raw material ; m in e . t 1 r ,0 ic 00 1 m ,0 a 0 r 0 k ,0 s 0 ). 0 and foodstuffs abroad. These accumulated tons). stores enabled them to reduce their imports Imports ; 17,399 78,005 during the following months. A comparison Exports : 13,721 00,586 of the quantity of imports of farm and forest Excess of imports 3,078 12,079 products, by far the most important commodi- Monthly average: ties imported into Germany, for September, Imports • 2,175 9,833 October, and November, 1921, with the next- Exports 1,715 8,323 following three months will make clearer the Average monthly excess of imports ; 400 1,509 purchasing polic}^ of German importers. DECEMBER 1, 1921, TO FEBRUARY" 28, 1922. IMPORTS OF FA mi AND FOREST PRODUCTS INTO GERMANY. Imports k870 38,527 Exports • 701 43,021 Quantity Value (in Excess of imports 100 15,094 Month. ( m in e 1 tr ,0 ic 00 m 1 a , r 0 k 0 s 0 ). Monthly average: • tons). Imports | 1,957 12,842 Exports 1,901 11,510 1921. Average monthly excess of imports ' 40 i •i 1,598 September. 1,054 I 7, 1.31,962 October .1,230 '9,829, lit) Mo vein her. 9-17 ! 8,647,586 1 Excess of exports. M To o t n al thly average for the 3 months. 3 1 , , 2 0 3 7 7 9 I ' 25 8 , , 6 5 0 3 8 6 , , 6 2 6 2 4 1 The monthly average of imports during the three months showing a favorable balance December., 634 8,878,081 1922, declined from 2,175,000 metric tons, the general J F a e n b u ru ar a y ry .. . . 4 5 3 3 8 7 7 7 , , 5 5 0 8 8 3 , ,5 0 0 9 7 0 average for 1921, to 1,957,000 metric-tons. The return to normal buying abroad after the Tolal. .* 1,009 ! 23,909,078 Monthly average for the 3 months., 530"! 7,989,893 accumulated stocks had been depicted is reflected in the export and import figures for The heavy purchases during the fall further March and April. depreciated the value of the German mark. It h en a a d b , le h d o w G ev e e rm r, an a w m h e o r l c e h so a m nt e s e t f o fe c r t e d i u n c e t ha th t e i ir t Imports. Fex xpToiorrttss. , • ' Ex o c y c o s r s c of x p im or p ts o # rts imports of raw materials during the following . m av o e n ra th g s e , o so f t 1 h ,0 a 7 t 9 t , h 0 e 0 y 0 d m ec e l t i r n i e c d , t o fr n o s m f o a r m th o e n t f h ir l s y t Month. t Q ity u a ( i i i- n ' I v ( i m t Q i 1 ty u ,0 a 0 ( n 0 i - n ' 1 000 1 V ,00 a (i 0 l n u ,0 e 00 period to 536,000 metric tons, or less than tons). marks). t0IJS^ marks). half, during the second period under consideration. March, 1922... 2,045 22,911. 2,153 2.1,238 i 492 1,073 At the end of February, when the stores of April, 1922.... 2,889 28,249 2,170 22,949 ! 713 5,300 ! raw materials and especially foodstuffs decreased, and German production was running Those figures indicate a large increase of the risk of being curtailed, importers were imports and the maintenance of exports at again in the market. The balance of trade about the same level as before. * for March and April indicates clearly the A further anaylsis of German foreign trade effect of this resumption of buying abroad. as to groups of commodities (see table on page The excess of imports over exports amounted 815) shows two outstanding factors. The bulk in March to 1,634,000,000 paper marks and in of German imports consists mainly of agricul- April to 5,300,000,000 paper marks. tural products, minerals, and mineral oils, while That Germany's favorable balance of trade her exports are largely manufactured products. from December, 1921, to March, 1922, was more The adverse balance of trade for the first two largely due to a decrease in imports than to groups of commodities is so large that it outan increase in exports can also be seen from the weighs the favorable balance of the seven other following table, which compares the imports important groups. A decrease in the quantity for 8 months in 1921 with those of the three imported in those two groups is almost imposmonths having a favorable balance of trade. sible, as it would reduce the standard of living Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 815 of a large part of trie German population and no bearing on the country's needs. The imwould curtail the country's productive capacity. ports of cotton, wool, hemp, and flax also fall The group of farm and forest products in- under the group of farm products. The total cludes a very large variety of commodities. value of these commodities imported amounted The most important item, however, is food. to 8,770,502,000 paper marks. The aggregate The total value of the food imported for the total value of all farm and forest products imfirst quarter of the year amounted to 12,605,- ported during the first quarter of the year 000,000 marks, or nearly 20 per cent of the amounts to 176,629,000 metric tons, repretotal value of imports. This figure does not senting a value of 30,020,000,000 paper marks, include imports of live stock, tobacco, and bev- or about 62 per cent of the total value of Gererages. The total value of imported, live stock many's imports. This figure in itself shows amounted! to 587,000,000 marks. A consider- that a decrease in German imports would mean able part of these imports were accounted for a decrease of available foodstuffs and consumpby 12,688 horses, which were imported mainly tion goods, resulting in undernourishment of a for reparations purposes and have practically part of the population. GERMANY'S FOREIGN TRADE FOR THE FIRST QUARTER OF 1922, CLASSIFIED ACCORDING TO PRINCIPAL GROUPS OP COMMODITIES. [Quantity in metric tons; value in thousands of marks.] Imports. Exports. Balance (excess of imports— ; e xcess of exports-]-). j Quantity. Value. Quantity. I Value. Quantity. Value. January. Farm and forest products * ' 536,505.4 7,508,090 156.157.7 1,5-16,191 -380,317.7 -5,961,899 Minerals and mineral oils 1,586,247.1. 1,330,219 1,1.73,297.4 I 821,478 —412,949.7 -508,771 Chemical and pharmaceutical products, dyes and dyostuffs. 15,81.1.6 239,825 226.466.8 I 1,509,834 | +210,652.2 + 1,270,009 Manu factured textiles and textile products, human hair, etc. j 10,260.0 1,541,752 17,370.3 2,4.10,980 +7,110.3 +869,228 Leather, leather goods, furs, and skins I 686. 8 98,654 4,918.8 782,335 -i-4,232.0 +683,681 Paper, cardboards j 5, 523.2 22,939 42,629.1 .^ 562,675 +37,105.9 +539,736 Pottery , ' 7,115.3 16,431 50,735. 5 268,726 +43,620.2 +252,295 N M o a n c p h r i b n c e i r o y i , i s e l m ec e t t r a i l c s a l a s n u d p p p r l o ie d s u , c a t n s d vehicles j 13 1 8 , , 7 9 4 0 2 7 . . 8 ? ° . ! 1,67 7 2 6 , , 6 3 1 7 8 2 2 4 3 8 2 , , 6 5 9 9 9 3 . . 8 8 i . 2 1, , 7 9 5 3 6 9 , , 7 8 1 0 7 ! + + 9 4 3 6 , , 8 7 5 9 1 2 . . 0 3 + + 1 1 , , 2 6 6 8 7 0 , , 1 3 5 1 6 5 Allother: '....• , • 6,182.0 266,0-17 74,258.1 j 1,928,887 I +68,07.1.1 + 1,662,840 Total i 2,308,981.7 j 12,773,007 2,027,125.3 ! 1-1,527,627 j -281,859.4 +1,751,620 February. Farm and forest products 1 ' 438,372.4 7,583,507 124,135.3 1,335,677 -31.4,237.:. —6,247,830 Minerals and mineral oils , 883,594.0 1,009,520 981,863.0 ! 692,097 +98,269.0 I -317,423 Chemical and pharmaceutical products, dyes and dyestuffs.. 22,823.5 I 236,052 255,054.4 j 1,611,405 +232,230.9 I + 1,375,353 Manufactured textiles and textile products, human hair, etc. 9,530.5 j 1,710,760 14,117.9 2,673,074 +4,587.4 , +962,314 Leather, leather goods, furs, and skins 589.5 I 133,235 1,667.1 747,281 + 1,077.6 +614,046 Paper, cardboards ; 4,1.03.7 ! 20,377 32,576. 5 558,078 +28,472.8 i + 537,701 Pottery.. 6,926.9 19,422 31,793.9 206,768 +24,867.0 ! + 187,346 Nori precious metals and products 102,868.4 1,112,499 183,257.3 2,942,993 +80,388.9 : + 1,830,494 ' A M l a lo ch th in e e r r y, electrical supplies, and vehicles ! \ 4 1 , ,6 6 3 1 0 1. . 3 4 1 4 8 1 0 , , 7 2 3 0 8 1 5 68 4 , , 1 7 0 1 1 5 . . 6 3 2 1 , , 0 7 5 14 7 , , 2 7 5 7 6 5 + +6 5 3 3 , , 4 0 6 8 0 5 . . 0 2 + + 2 1 ,0 ,5 1 3 6 4 , , 0 0 3 5 7 5 Total. 12,017,311. 1,747,282.3 14,539,404 +272,201.7 j +2,492,093 March. Farm and forest products l 791,412.4 | 14,928,566 ; 154,321.7 1,834,550 -637,090.7 -13,094,016 Minerals and mineral oils 1,610,607.1 1,935,283 . 1,305,141.7 1,151,807 —305,465.4 -783,476 Chemical and pharmaceutical products.dyesand dyestu: 49,746.0 443,144 ] 195,927.8 2,226,337 .+ 146,181.8 + 1,783,193 Manufactured textiles and textileproduiLCtS Inl-.ma- hair,' 14,692.2 3,072,993 16,398.5 3,745,587 ! + 1,706.3 +672,594 Leather, leather goods, furs and skins. 997.2 215,551 2,827.6 1,299,962 ! + 1,830.4 + 1,084,411 Paper, cardboards 6,000.0 40,005 44,029.4 809,618 • +38,029.4 + 829,61.3 Pottery 6,255. 6 20,265 51,887.6 409,237 ; +45,632.0 +388,972 N on precious metals and products 157,467.9 1,865,287 . 224,389. S 4,267,788 j +66,921.9 +2,402,501 M Al a l c o h t i h n e e r ry, electrical supplies, and vehicles 5 1 , , 6 8 2 1 2 8 . . 4 6 ! j 2 1 1 8 0 7 , , 5 27 6 5 3 . 1 5 0 6 1, , 1 5 6 2 6 0 . . 0 7 2 2 , , 7 7 1 6 0 9 . ; 2 3 6 8 6 8 ! I + +5 9 4 5 , , 6 5 7 4 . 4 1 . , 3 4 + + 2 2 , , 5 5 5 2 8 2 , , 8 9 2 9 5 1 Total 2,644,619.4 22,918,032 ! 2,152,610.8 2.1,284,540 | -492,038.6 -1,634,392 Total imports and exports for the three months. Farm and forest products 1 1,766,290.2 30,020,1.63 434,611.7 4,716,418 -•1,331.675.5 -25,303,745 Minerals and mineral oils 4,080,448.2 4,275,052 3,460,302.1 2,665,382 | -620, L4.0.1 -1,609,670 Chemical and pharmaceutical products, dyes and dyestuif:.. 88,381.1 • 9L9,02l ! 677,449.0 5.3 L7,576 i +589,061.9 +4,428,555 Manufactured textiles and textile products, human Iiair, etc. 34,482.7 6,325,505 : 47,886.7 8,829,641 | + 13,404.0 +2,501,136 Leather, leather goods, furs and skins 2,273.5 447,140 9,4L3.5 2,829,578 ! +7,11.0.0 + 2,382,138 Paper, card boards 15,626.9 83,321 119,235.0 1,990,371 ! + 103,608.1 + 1,907,050 Pottery 20,297.8 56,118 131,417.0 881,731 i + 111,119.2 + 828,613 Non precious metals and products 399,079.1 4.650,434 . 640,240.9 10,1.50.585 : +24.1,1.61.8 -i 5,500,141 Machinery, electrical supplies, and vehicles. 5,386. 5 '305,385 159,935.4 6,524;758 I + 151,518.9 +6,219,373 All other I 16,445.7 656,81.1 243,524.1 6,412,531 j +227,078.4 +5,755,720 Total 0,428,714.7 I 47,739,250 5,027,018.4 50,351,571 -501,690.3 +2,612,321 I i Live stock excluded under quantity; included jmder value. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

816 FEDERAL 'RESERVE BULLETIN. JULY, 1922. iron ore and manganese are the most impor- into the 1913 domestic trade. A deviation tant items of the second group. The total from this standard was made, however, in the imports of these two commodities amounted case of agricultural products whose output to 2,244,399 metric tons, or nearly 35 per cent is strong!)' affected by seasonal influences. of the total quantity imported during the pe- For such commodities the average value for a riod under consideration. 5-year period, 1909-1913, was used as a cri- Germany's exports, as seen from the table terion. A trade turnover value of 5,000,000 below, consist mainly of manufactured products, kronor was set as the minimum for the inchemicals, and coal. The exports of coal for clusion of the majority of the commodities. the first quarter of the year, excluding the In certain, instances products with a value 4,560,000 tons shipped for reparations account, of 1,000,000 kronor were included in order to amounted to 2,629,04.5 metric tons. Fertilizers obtain balanced, proportions between different , and dyes tuffs are the most important chemical commodity groups with characteristic price products exported from Germany. The value movements. The final selection comprised a of exported dyes and dyestuffs during the list of 160 series of market quotations. .Kach period under consideration amounted to nearly commodity was weighted according to its 2,000,000,000 paper marks. The value of iron estimated trade value in. 1913. The aggreand iron products, not including machinery, gate weight or value represented by the comwas 7,486,000,000 paper marks. Machinery, modities amounted to 1,783,000,000 kronor not including electrical and technical products, | according to 1913 prices, or about two-thirds exported during this period amounted to :>f the total domestic trade of Sweden. 3,646,000,000 marks. I Adequate representation appears to have Another interesting feature of Germany's been given to the classes of commodities in foreign trade is the relation of value to quan- various stages of manufacture. Finished or tity. The quantity of goods exported or im- fabricated products make up about 54 per ported rises only slowly, while their value cent of the total value of the listed commodiincreases very rapidly. Exports in January, ties, while raw materials, semimanufactured for instance, amounted to 2,027,125 metric articles, and foodstuffs represent 46 per cent tons, representing a value of 14,527,000,000 of the aggregate turnover value. Vegetable paper marks, while in March these figures rose foodstuffs is the most heavily weighted comto 2,152,611 metric tons, but of a value of modity group, being allotted 27 per cent of the 21,284,000,000 paper marks. The rise in the total weight. Including also animal foodstuffs, value of Germany's foreign trade is due to the the foods group as a whole represents 40 per cent decrease in the purchasing power of the mark of the total weights. The influence exerted by and to the steady increase of prices in Germany. the textile group is about 16 per cent and that of fuels and. lubricating oils about 3 0 per cent. SWEDEN. The 160 series of quotations are arranged RECENT STUDIES O.I.'1 TRICES. into 13 main, categories, some of which are An official price investigation undertaken at again classified into subordinate divisions. the close of the war by the Commerce Depart- Monthly indexes were computed for each ment of Sweden has recently been concluded. series of quotations as well, as for each sub- As a result a new series of index numbers has group and genera! group by taking a weighted been prepared, and is given in. Komrnersiella average of the percentage variation in prices Meddelanden for May 26, 1922. The indexes (using the corresponding months of 1913 as a constructed for commodities1 and commodity base). The actual, price material upon which groups measure the fluctuations in monthly the indexwas constructed is reproduced by the prices since January, 1920, in terms of the compilers in Kommersidla Meddelanden. Inprices for the corresponding months of 1913. formation is also presented regarding the precise Thus January, 1921, is expressed as a per- market specifications and. the respective weights centage of January, 1913, etc. For individual of all the articles included. Below is shown the commodities, on the other hand, additional classification, of the commodities into general monthly indexes are also computed, using the and subordinate groups. The weights assigned to the principal groups of commodities are inaverage price during the entire year 1913 as a dicated in. the table at the bottom of page 818. base. The field, of this official inquiry is limited to the course of wholesale prices from GROUP J. VEGETABLE FOODSTUFFS. the beginning of 1920, and no effort has been 1. Grain. made to cover the abnormal war period. Wheat, rye, barley. The selection and. inclusion of commodities 2. Breadstul'fs and cereals. Wheat .flour,, rye flour, prepared oats, bread in the index was largely determined by the (two series). relative rank of the different articles entering 3. Sugar (four series) and coffee (two series). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL. RESERVE BULLETIN. 817 GROUP IT. ANIMAL 'FOODSTUFFS. In addition to the group index numbers J. Live slock. which are reproduced in. a subsequent table, Cattle (three series'), pigs, sheep. the Commerce Department constructed a gen- 2. Meats. Beei, veal, pork, multon. eral all-commodities index and one covering 3. Dairy producis. raw materials and manufactured articles as Unskimmed milk (three series), cream (three separate groups. These three series of index series), butter (two series), margarine, cheese, numbers are shown in the table below: eggs. GROUP IN. FEED AND FORACJE. [Respective months, 1913-100.] Oats, corn, bran, linseed cakes. GROUP IV. FERTILIZERS. Lime (two series), superphosphates, Chile saltpeter, All-com- Hae- Manu- Month. inodities mal erials. factured potash. index. goods. GROUP V. FUEL AND LUBRICATING OILS. 1. Coal (three series) and coke (two series). 1920. 2. Wood (two series). Tannary 318 858 33(1 3. Charcoal. FebruaVy ;S 300 349 March./. 378 3-5.5 » 4. Fuel oil, kerosene (two series;, benzine. April 371 377 807 5. Lubricating oils. May 374 388 367 June 370 382 870 GROUP IVroI.n oOrReE.S, METALS AND MANUFACTURES OF. July 370 887 307 Other metals. August 375 889 363 September .- 370 3S3 359 Copper, lead, tin, zinc. October 358 379 310 3. M anufac 1 ures o i iro n. November 388 355 325 Iron beams, bar iron, iron, plates (two series), December , 300 320 291 nails (lour series), bolts, nuts, and screws. 3921. 4. Products of other metals. J anna ry 272 270 27:] Copper plates, brass plates, copper wire. M Fe a b r r c u h ary 2 24 5 9 0 2 2 1 3 9 9 3 9" 0 ) 1 7 GROUP VII. BUILDTNG MATERIAL. April 289 228 249 May 230 217 240 Mot/tar, cement (two series), bricks (three series), June 228 213 231 rooh'ng tiles, window glass. July 210 209 221 August 21L 202 210 GROUP VIII. LnruEit PRODUCTS. iSepiember 201. 185 211 October 191 177 200 Hewn lumber, sawn spars, unplaned boards (two N ovembor 189 171 201 series), planed boards. December 1S8 170 20 i GROUP IX. PULP AXD TAPER. 1922. 1. Pulp (two series). Ja nuary ISO 1(K) .197 February 178 158 195 2. Cardboard, roofing paper. March..":.. 178 15S 191 3. Paper. Wrapping paper (two series), newsprint" paper, book paper (two series), writing paper. As is evident from these figures the prico GROUP X. FIBEUS AND FABRICS. movement in Sweden reached its peak in the 1. Fibers. summer of 1920, and up to March, 1922, the Wool (two series), flax. decline had carried prices down over 50 per 2. Yarns and twine. Wool yarn, worsted yarn (two series), cotton cent. The relationship between prices of raw yarn (three series)j linen yarn (two series), materials and manufactured articles is strikbinder twine. ingly represented in the two other series of 3. Fabrics and knit goods. indexes. These show that in Sweden, as in Woolen textiles (three series), cotton textiles (four seri(-?s\. jute textiles (three series), hos- other countries, prices of raw materials exceed iery and stockings (three series). prices of fabricated goods in periods of rising GROUP XI. IITDES AND LEATHER. prices, while in times of depression the latter J. Hides (four series). show a tendency to decline more slowly. The 2. Leather. highest price attained by any commodity Sole leather (two series), upper leather (two series), shoes (four series). group was noted in the case of coal, which rose to a point ten times its pre-war value. The GROUP XII. RUBBER GOODS. Galoshes (4 series). price fall in the fuel group was also greater than in other commodity classes-. Vegetable food- GROUP XIII. OIIEMTCO-TECTTNICAL PRODUCTS. 1. LiJiseed oil. stuffs felt the stimulus of rising prices the 2. Paints and dyes. least. This group, however, does not include Zinc white", aniline dyes. the individual commodities which showed the 3. Tallow. slowest tendency to rise, such as iron ore, non- 4. Stearine candles and soap. 5. Soda. ferrous metals, and hides. 6. Tar (throe series). 7. Matches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

818 FEDERAL RESERVE BULLETIN. JULY, 1922. VALUE OF COMMODITIES DISTRIBUTED ACCORDING TO which shows the value of the commodities RANGE OF PRICE FLUCTUATIONS. arranged according to their relative prices. [March, 1913=100. Millions of kronor.] An interesting sidelight on the dispersion in the series of indexes is obtained by splitting the numbers into docils, as in the following r S e c l a a l t e iv o e f 1920. M 1 a 9 r 2 c 2 h . , table. The upper limit in March, 1920, was the prices. extremely high figure of 1,000, whereas in 1922 the figure had been reduced to less than half. 50-100 000-650 . 13 : The lowest extreme, on the other hand, shows 100-150 050-700 i 23 150-200 700-750 '• 15 1 a drop below pre-war prices. 200-250 750-800 : 250-300 800-S50 300-350 850-900 I 57 350-100 900-950 ... 400-450 950-1,000 ; 15 ! ! March, March, -150-500 1,000-1,050 ! 2 1 1920. 1922. 500-550 550-600 1,783 : 1,783 Lowest index number.. 182 | 70 First decil: 236 j 118 It is interesting to note that in March, 1922? S T e h c i o rd n d d e d c e i c l il 2 27 5 1 0 ' 1 15 3 1 9 price fluctuations in general were confined to Fourth decil 291 158 Median 31.9 ; 171 comparatively moderate limits, and were on a Sixth decil 350 I 179 Seventh decil 387 | 1.94 much lower level than was the case in March, Eighth decil 451 218 1920, when a very striking diversity of price Ninth decil 548 I 255 Jliehost >!)(!(! i 429 fluctuations prevailed. The spread in these All-commodities index. 178 two periods is indicated in the table above, Mode 256 j 171 GROUP INDEXES. [Respective months, 1913=100. Weights allotted to each group are in parenthesis.] Raw Chemand ico manu- techni- Year and month. i ;: s Y t t f a u O c b f O g f l c s d e - . ' : • st m f u A o f a o f l n d s. i- f F o a e r n a e d g d e. z F t e i e l r i r s - - . e l F u o a a i b u n t l. i r d 1 e n * i l - g : . ! ! o p t f f u a u a r n c i o r c d r t e - d s o d - n M b g r o l i a r c s t k s a . , r , , T p P a a u p nd e lp r. ! I T fa a e b n x r d i t c i: s.1 r C id h er.1 j g h o e o r ds. m p u r a r c a a c n o a n w t d d l s u , - metal fac- : indus- tured. i tries. (483) i (235) (88) (44) (171) ! (115) 37) ' (78) 41) I (302) ! (13) (10) (44) Average for year 1920.. 262 304 288 340 606 359 356 . 350 509 : 444 297 318 423 Average for year 1921.. 214 I 223 189 256 213 185 274 225 272 : 261 177 309 222 I 1920. January 229 . 329 296 339 518 311 326 301 4fi5 ' 327 290 475 February.. _248 ! 313 307 339 5(59 322 330 327 374 . 471 ! 327 290 499 March 252 1 3.15 314 339 (501 359 33(5 [ 323 432 1 47.1.; 324 290 499 April 263 309 315 347 (530 393 336 ' 357 493 I 4S1 I 319 290 459 May 261 ! 306 310 347 GOO 404 355 i 3(50 524 476 1 320 290 441 June 2(38 j 292 299 347 699 411 368 ! 3(52 534 ! 472 3.12 290 432 A Ju u ly gust 2 2 7 6 . 8 1 . • i 3 2 0 8 9 9 2 2 6 7 6 8 3 33 4 6 7 ( (5 5 9 8 9 4 3 4 9 0 1 0 3 3 7 7 9 3 j 3 3 6 6 6 2 5 57 3 3 8 I 4 4 6 57 5 I , 3 29 0 3 2 3 2 5 9 7 0 4 4 1 0 4 4 September. 272 303 268 336 (562 373 379 I 3(56 I 008 45:5 ; 285 357 400 October 276 | 300 268 336 651) 319 382 I 3(53 561 i 401 i 281 357. 378 November.. 272 ' 292 275 336 565 3.11 ' 354 ; 363 I 546 ' 394 j 241 357 344 December.. 258 | 290 262 336 441 285 i 357 I 348 5 4 0 7 1 2 ; 321 ; 238 357 334 1921. j I January , 237 ' m\ 234 282 306 2(52 , 327 ! 316 410 : 302 i 214 357 297 M A J J A M N F S D O u u e e u p o e c a a l n p b y c t g r v y r e o t i r c e u e e l u b h m m s m e a t b r r b b y e e e r r r — , , 2 2 2 2 2 2 2 2 1 1 1 2 2 2 2 2 2 0 2 9 8 8 2 0 3 0 2 0 8 7 5 5 5 i i ! ! ! j ' 2 2 2 2 2 2 2 2 1 1 1 - 2 0 5 4 2 1 9 9 8 1 1 6 4 1 2 6 9 7 5 5 8 3 ! ! ! i ! 2 2 2 1 1 1 1 1 1 1 1 . 0 5 5 6 9 8 1 1 9 9 7 1 4 1 0 4 6 1 5 4 1 0 2 2 2 2 2 2 2 2 2 2 1 2 2 S 2 7 7 2 7 8 8 2 0 2 0 9 9 0 9 2 2 1 7 2 2 2 2 2 2 1 1 1 1 1 ( 3 2 5 1 8 6 8 4 0 7 5 1 1 9 3 5 4 2 7 8 0 4 2 2 2 1 1 1 1 1 1 1 1 . 3 5 0 4 4 7 8 1 4 8 6 ( 5 3 5 5 3 1 7 9 7 5 9 , ] , i . ! . ; | ' 3 2 3 2 2 2 2 2 2 2 2 3 2 2 3 3 6 6 5 8 9 6 0 2 5 0 0 4 5 0 8 2 8 i I i j ; 1 i ' \ ! 2 2 2 2 2 2 1 1 1 1 1 8 6 0 5 7 8 3 2 7 9 8 3 8 9 5 5 0 0 0 4 7 7 ! I i 3 3 3 2 2 2 2 2 2 2 2 . 2 5 7 0 7 2 0 0 1 5 1 1 9 8 7 1 7 7 2 9 5 2 j • ! ! ' . ! i 3 2 2 2 2 2 2 2 2 2 2 8 3 3 3 0 3 9 3 3 4 9 3 1 7 3 0 3 9 7 7 2 5 ! I j j i ! i i 1 1 1 1 1 1 1 1 1 1 1 ( . 6 6 5 5 9 9 6 8 8 5 8 1 1 9 7 3 7 0 4 6 5 4 3 3 3 3 3 3 2 2 2 2 2 5 5 5 5 5 5 4 1 4 4 4 7 7 7 7 7 7 2 2 2 2 2 i I I i I I 2 2 2 2 2 2 2 2 2 2 2 1 7 7 0 1 2 2 3 3 2 3 3 9 1 9 9 9 7 8 2 4 7 1922. January... 177 i 166 148 172 168 140 210 i 1(58 198 ! 231 i 150 242 214 February., 176 ! 165 150 169 161 137 • 204 168 190 ! 231 148 242 ! 205 March 180 i 159 159 169 164 138 205 168 185 i 225 142 242 206 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 819 SWEDISH PRICES COMPARED WITH AMERICAN the English index of 168 constructed by the AND BRITISH. Svensk Handelstidning. This publication ascribes the variation in the indexes partly to Another price index of current interest, the fact that the English compilers assign because of its usefulness in making inter- certain commodities, such as the lesser metals, national price comparisons, has been compiled hides, and leather, an undue influence in the by the Syensk Handelstidning. The object of all-commodities index. The price decline in this publication in computing the new index is these articles, which has been more marked to analyze the value of the Swedish krona in than in the case of staples of greater industrial relationship to other exchanges. The recent importance, has necessarily lowered the index discussion in economic circles regarding the as a whole. real parity of exchange by determining the A comparison of the Swedish with the Engrelation of price levels in various countries lish all-commodities index reveals the fact that brought out the general paucity of reliable the English pound sterling has lost approxistandards for comparison. To overcome this mately the same purchasing power as the deficiency, index numbers for the United Swedish krona. In the middle of February States and England were compiled on the same the pound was about 8 per cent under par in basis as its own index for Sweden, using the Sweden, while the difference between the same number and kind of commodities. It Swedish and English wholesale price level as was impossible to derive absolutely comparable indicated by these figures was only 1 or 2 price statistics with respect to flic quality of per cent. Even if a fraction of this margin commodities, and even the most discriminating of difference between the exchange rates may selection necessitated a certain amount of be attributed to the different base used in the omissions, but these were chiefly items of computations, the principal explanation acminor importance in the group of agricultural cording to Svensk Handelstidning is the fact requirements for the United States. A certain that the prices of certain commodities, which inaccuracy might be attributed to the index are not exported from one country to the other from the fact that the base periods used for on account of high costs of transportation, do both England and the United States cover the not become adjusted in accordance with the year 1913, whereas in the case of Sweden the exchange situation. The general conclusion is last six months of 1913 and the first half of reached, therefore, that there is no real over- 1914 are used. valuation of the krona in relation to the pound sterling. The index number compiled by Svensk INTERNATIONAL PRICE INDEX, FEBRUARY, 1922. Handelstidning for American prices stood in [Svonsk Ilandclstidning.] February at 132, as compared with the index of 152 of the Bureau of Labor Statistics. Part Sweden.1' England.'- United of this discrepancy is due to the fact that the Stales .2 latter takes into account also the price changes in consumers' goods, such as shoes, clothing, All-commodities index 1.66 168 132 Vegetable foodstuffs 170 ! 183 127 housefurnishings, etc., the prices of which de- A Ra n w im m al a f t o e o ri d a s l t s u f f f o s r agriculture.. 1 1 5 7 9 0 l 1 o 6 o 2 (1 1 7 1 8 9 ) cline more slowly than those of raw^ materials Coal and coke 186 . 163 160 and semimanufactured commodities upon Fuel oil 1.79 ! 193 149 Metals 130 ! 134 109 which the index of the Svensk Handelstidning W Bu o i o ld d i n p g u l m p aterials 2 1 2 7 6 8 ; 2 1. 1 8" 0 ) 1 1 6 3 6 2 is based. Hides and leather 97 ! 101 101 Although the level of prices appears to have Textiles 138 158 146 been appreciably lowrer in America than in Mean deviation3.. 38 ' 37 23 Sweden in February, 1922, the exchange rate, on the other hand, closely approximated par- 1 July, 1913-June, 1914=100. 2 Calendar year, 1913=100. ity, a combination of circumstances which s Weighted, average of the differences between the group index numbers and the all-commodities index. handicaps the restoration of normal conditions in the trade relations of the two countries. According to this computation, the all- Since the leveling of the rates of exchange commodities index number for Sweden and has practically taken place, there is no further England are very closely consistent with each pecuniary advantage or disadvantage to acother, although the level in the latter country crue to or be borne by importers and exporters is higher by 2 points. The calculation indi- from the exchange item in trade between Swecates that the price indexes of the Economist den and the United States. For this reason and the Times for February, namely, 158 and the relationship of international price levels is 156, reveal too low results as compared with the paramount factor affecting trade at the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

820 FEDERAL RESERVE BULLETIN. JULY, 1922. present time. The price of commodities in sugar, the index for the latter registering 120 in dollars in Sweden is higher than the level of February, as compared with the Swedish index prices in the United States; therefore the pur- of 200. chasing power of American traders is less in Computing weighted index numbers for the Sweden than at home, in other words, Swed- three groups of commodities as classified above, ish, export articles are in general too dear in the Svensk Haridelstidning obtains the fol- American currency for the most advantageous lowing results: international trade. On the other hand, the prices in kronor of commodities in the American market are less than prices existing in Swe- IT. in. den. This situation makes the American product undervalued in relation to the Swedish Svceden 144 " 143 " 191 United States. J28 • 12.1. | 110 output and affords Sweden a buying profit but adversely affects the selling advantage of the These figures bring out clearly the fact that United States. The great distance between the differential between the international price the United States and Sweden presumably limindex for Sweden of 166 and the index for the its the reciprocal interchange of commodities United States of 132 is attributable not only to a greater extent than in the case of Sweden to the wide divergence in prices of commodiand England, and hence prevents the same deties which are indifferent to exchange fluctuagree of harmony between the level of prices. tions;, but also in no small degree to the diver- Analyzing the commodities entering into the gence in the other two groups. While this price index with a view to ascertaining the group classification is only roughly approxicause of the divergence, the Svensk Handelsmate, it emphasizes nevertheless the wide martidning groups the articles into three categin between the Swedish index of 144 for gories. The first comprises commodities sensigroup I and the corresponding American index tive to exchange fluctuations; the second, or of 128. The divergence is too wide to be intermediate group, those products which under accounted for by random differences in the normal conditions are not imported, or exported comparability of the data and too large 10 be but which figure in international trade when sustained at the present prevailing rate of exexchange rates are sufficiently attractive; the change. The conclusion to be drawn from this third group, those commodities which for ecostudy of prices would seem to be that either nomic reasons do not enter into trade and are certain. Swedish price quotations may be exnot influenced by exchange movements. The pected to decline or that the exchange value of commodities thus classified are listed below: the dollar may be expected to rise. I. ii. III. ARGENTINA. .Sensitive under Son si five : abnormal o\- Static commodities Financial and economic developments in commodities. | ci Ian go condi- not sensitive. tions. Argentina have been following a satisfactory course. Unlike many Latin American coun- Corn. pork. ' ;Whea!.. Potatoes. tries, Argentina is not a ''one-product" nation. Chile saltpeter. ! Rve. Sugar. Kerosene. Uarlov. Cat. tie. Her principal exports are foodstuffs, wool, and I? en zinc-. Oats. Cheese. hides—staples that are needed throughout the Copper, col ion. ! 1 killer. Wool, hemp. 'Load. Coal and coke. world. Argentina has enjoyed an unusual Julc, hides. Tin. Pig iron. Sole leather. Zinc. Building materials. period of prosperity as a result of war condi- Wood pulp. Cement and bricks. ; tions, which naturally has aided the development of her resources. These conditions, The assignment of wheat to the intermediate however, resulted in overdevelopment of cergroup is clue to factors connected with the tain industries, due to temporary and abrelationship between the sliding tariff rates on. normal demand by the belligerent nations. imported wheat and the market price of do- She is gradually recovering .from her post-war mestic wheat. The reasons for placing sugar crisis and disposing of the surplus goods prein group 111 are too complicated to enter into viously purchased. Complete return to normal the present discussion, but it is clearly evident conditions depends principally on continued that" there is very Jit tie relationship between purchasing by the European countries of such the Swedish and American price quotations on staples as she is able to export. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 821 FOREIGN TRADE. Imports. EN ports. The total foreign trade of Argentina from Year. 1912 to 1921, in thousands of pounds sterling, Price.1 " Value. Quantity.1 Price.1 Value. is shown in the table following: 1.9 LO.... 100 1 100 ' 100 .100 100 100 L9L2.... 109.4 10«.3 I .117.7 131.8 97. 8 128.9 L913.... 119,8 ! 109.9 130.8 .130. I. 98.0 133.4 1914.... 77.3 110.8 ; 85.1 102.2 I 1.01.3 1.03.0 Year. I Exports. Imports. .1915.... 04.5 i 120.8 . SO. 0 11.0. 1 1.49.0 1910. .. 01.8 ; 100.0 j 90. 0 J T2! 0 j 131.4 147.3 1 1 1 1 9 9 9 9 . 1 1 1 1 5 3 2 4 "j ! ! 1 j 1 1 0 . 9 1 7 2 9 5 9 , , : , 8 2 8 3 0 8 2 4 3 3 8 0 ! : j : 9 0 8 0 8 3 8 0 , ! , , 2 4 8 4 0 ( 9 8 > 3 5 8 7 5 1 :i 4 4 5 0 . . , , 5 9 7 S 4 o 9 5 0 i 0 2 . 1 1 1 1 L 9 9 9 9 9 2 1 1 2 1 1 . 8 0 9 7 . . . . . . . . . . . . . . . . ( 5 4 7 S 1 7 5 2 2 5 . . . . . 4 0 0 3 I . i ' I 2 2 2 2 1 9 0 7 2 9 ( 4 7 2 8 5 . . . . . 0 9 3 3 1 1 : " 2 1 1 1 1 2 . 0 3 7 0 ; 0 1 2 8 ;. . . . 2 . 9 8 0 0 1 J3 1 S 7 7 O . . . 4 3 1 i ' 1 1 1 . 7 7 0 0 5 3 . . . 3 5 I 2 2 2 1 1 0 4 0 3 0 5 1 0 0 0 . . . . . 0 0 0 L 5 1910 : .11.3; 105 j 72,50! 40,9:i4 1 1 9 9 1 1 8 7 -.....- 1 .1 5 0 8 8 ,7 :9 0 4 ; 1 ) j ! 7 9 5 9 , , 3 1 1 0 . 9 1 3 59 3 ^ ^ ) 5 3 9 3 7 1 Average invoice price of all commodities, 1910=100. 1919 : 201,152 : 129,850 74,290 1920 : 199:459 109. 109 30.350 FINANCIAL AND BANKING CONDITIONS. 1921 ! 133,000 125', 750 7,250 The natural result of the increased supply of available funds in Argentina, due to her The effect of war demand for Argentine prod- greatly increased favorable balance during the ucts is clearly marked in 1915, when she sold, "war, lias been a rapid development of the goods to foreign countries in an amount exceed- resources of the country, as well as a considering that of the previous year by over £35,000,- able increase in deposits with banks. The fol- 000. Imports, on the contrary, showed a con- lowing table represents the gradual increase siderable reduction, which was naturally due in bank loans and deposits during the last to the complete closing of the German markets. eight years, according to the combined state- The result was that in one year the favorable ments of condition of the leading Argentine trade balance of Argentina was increased, to banks. about £55,000,000. Her purchasing power [In millions of paper pesos.1 was thus increased to the extent shown in the figures of 191(5, when imports increased in value .Date. Deposits.; Loans. over £12,000,000, and. the favorable trade balance was reduced to £40,964,000. .December 31: At the close of the war, when shipping 1911 1 212 1. 195 1 '•) 15 1 409 i; 242 facilities were in. excess of demand, and the 1010 1,057 1,317 world had. entered a period of commercial ex- 1 1 9 91 1 8 7 . . 2 2, , 8 O -1 i 3 l j ' K 1,8 5 8 5 4 3 pansion, Argentina increased her purchases 1919. 2,978 ' 2,097 J <)9() 3 505 • 2 ISO abroad to such a considerable extent that in October 31, 1921 3,391 1 2, 407 i 1920 her-imports showed an increase over the previous year of more than £30.000,000 and her Since 1914 deposits and loans have infavorable" trade balance fell to £30.350,000. creased 181 per cent and 108 per cent, re- Argentina's trade situation in. 1921 followed a spectively. Decreases in deposits in 192.1, as different course. The purchasing power of the compared with the figures for the previous world was limited and during the first 10 year, are insignificant. One of the main reasons months Argentina exported 1,591,000 tons of which account for such a stable banking posiwheat, against 5,030,000 in 1920. ' Exports of tion has been the action taken by the Governcorn during the same period fell from 3,444,000 ment in prohibiting the exportation of gold tons in 1920 to 2,395,000 tons in 1921, and from the country. This action has caused those of flax seed dropped from 1,129,000 tons severe, criticism as well as praise. Prohibition in 1920 to 898,000 in 1921. Chilled and frozen of gold, exports from Argentina was followed meat exports amounted to 4,379,000 tons in by great depreciation of her currency, so 1920, against 3,885,000 tons in 1921. Thethat in the month of July, 1921, the" New favorable trade balance was reduced to £7,- York quotation for 100 Argentine paper pesos 250,000 in 1921, which was the lowest figure reached a low level of $28.37 as compared with since 1913. §47.65, the high point quoted in December, The following table shows the .course of trade, 1917, par of exchange being §42.45. The both in terms of quantity and value. The table following shows the movement of exchange in the level of prices is also included. change rates at New York for sight drafts in The index numbers are calculated with 1910 as dollars per 100 Argentine paper pesos since a base. January, 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

822 FEDERAL RESERVE BULLETIN. JULY, 1922. stream of European immigrants into Argentina 1920 1921 1922 had contributed largely to keeping that country Month. ! in close touch with Europe. High, j Low. : High. ', Low. . High. Low. The investments of England alone in Argentina amount to £328,000,000, as follows: January 43.150 43.000j 35.875 ,33. 250 36.625 33. 250 February 43.600 43.000 35.420 i34.210 i37.000 35.750 Railways " £263, 000, 000 M Ap a r r i c l h i 4 4 3 3 . . 2 6 5 2 0 5 4 4 2 3 . . 6 0 7 1 5 0 i I 3 3 3 4 . . 4 7 2 5 0 0 3 31 3 . . 4 4 5 2 0 0 '3 3 6 7 . . 1 62 2 5 5 3 35 4 . . 6 8 2 7 5 5 Industrial enterprises 16, 000, 000 May 42,675 !42.270• 33.295 i29. 882 36.875 36.125 Others 49,^000, 000 June 42.720 41.550 32. 570 30.120 36.750 35.750 J A u u ly g ust > 4 3 1 9 . . 9 2 0 0 0 0 3 3 8 6 . . 6 9 0 0 0 5 3 3 0 0 . . 1 6 2 2 0 5 2 2 8 8 . . 3 3 7 7 0 5 Total £328,000,000 S O e c p to te b m er b er ! ' 3 3 7 o . .6 3 0 7 0 5 3 34 6 . . 4 0 6 6 5 0 3 3 3 3 . . 7 0 5 0 0 0 3 3 0 1 . . 0 62 0 5 0 ! The situation has changed since the outbreak N ovomber • 34.750 32.875j 32.900 32.100 : of the war. Europe has had no funds available December : 35.625 32.625 ! 33.625 32. 125 I- for foreign investment, and Argentina found herself in a position where she had to apply to Gold held by the Caja de Conversion in 1921, the United States for financial assistance. It amounted to 480,000,000 pesos, or 80 per cent is worthy of note, however, that American capiof the currency in circulation, against 224,000,tal has been invested in Argentina mainly in 000 pesos in 1914. Government obligations. These investments The present banking situation is indicated in arc not of a permanent character in the same the following table, showing the condition of sense as investments in business enterprises the leading Buenos Aires banks on March 31/ like railroads and industries where the capital 1922: usually remains more or less permanently invested for a long period of years. There have CONDITION OF THE PRINCIPAL BUENOS AIRES BANKS, been two important American loans made to the INCLUDING BRANCHES IN ARGENTINA, AT THE CLOSE OF BUSINESS ON MARCH 31, 1922. Government of Argentina since the signing of the armistice. The first loan of $50,000,000, [In thousands of paper pesos.] due in 1923, was offered here in October, 1921, I 1 Discounts at 991, and bore interest at 7 per cent per Name of bank. Deposits. and Total j Capital. annum. The second loan floated was for : overdrafts. cash. $27,000,000, bearing interest at the same rate, due in 1927, and was offered here at 99. Naoion Argentina 1,279,023 . 884,118 430,012 150,039 Espafiol del llio de la Plata 302,839 j 285,582 82,440 98,907 BUSINESS FAILURES. Proyiiicia do Buenos Aires 330,321 258,183 128,388 02,500 Londrea v Kio de la Notwithstanding the general improvement in Ita P l l ia a t y a .. I . t " io do la Plata. 1 18 9 5 3 , , 9 8 2 2 ( 4 5 I : 1 1. 7 0 0 3 , , 3 2 1 1 8 4 8 49 4 , , 0 5 9 9 9 2 2 9 2 , ,7 0 2 5 7 9 financial conditions felt in Argentina during the Anglo Sud Americano.. 13!),9oO i 100,585 30,940 11,339 present year, business failures have increased in Xucvo italiano 115,327 • 90,985 30,345 I 5,000 Britanico de la America number. A definite betterment of the situation del Snd 80,907 ! 00,093 27,078 j 10,309 Frances c Italiano 71,390 j bo, 054 17,175 j 5,082 as a whole evidently can not be expected until Aleman Transatlanlico - .02,014 ' 44,790 24,525 i 8,295 the liquidation naturally accompanying the Frances del Bio dc la Plata 57,399 52,805 15,007 31,818 present readjustment period has come about. Na N ti e o w n a Y l o C rk ity Bank of 52,382 I 49,572 21,004 2,944 The table following gives the liabilities during 13. First National Bank of the first four months of 1922: Boston 40,109 ' 30,078 15,252 4,711 14. Galicia y Buenos Aires. 45,800 I 45,070 10,299 17,182 Paper pesos. 15. 1 talo-Sucl Americano... 43,249 ' 30,070 15,205 7,110 in. JltaloBolga 40,170 29,157 12,999 4,545 January 10,955, 296 17. Holandcs de la America February 7, 920, 052 18. Po d p e u l l S ar u d A rgentino " 3 3 5 0 , , 7 9 7 9 2 2 • ! 3 4 2 4 , , 3 3 3 1 0 0 1 9 0 , , 2 1 4 0 3 1 1 8 0 , , 8 5 5 1 4 5 March 15, 622, 759 19. Oomercial del Azul 34,914 : 47,833 5,057 2,475 April - 16, 333, 720 20. Londres y Brasil 32,838 22,703 11,427 4,832 21. Gc ic r a rn d a e n l i c S o u d d e la Amer- : 28,307 j 20,027 7,499 4,053 Total 50,831,827 2 23 2 . . A R r o g y e a n l t i B ne a ) n k U o ru f g C u a a n y ad o a . .. . 1 .1 2 2 , , 8 1 9 0 1 8 ! i 1 9 9 , , 3 2 9 80 5 3 4 , , 8 5 4 9 4 8 2 2 , , 7 3 0 5 0 5 Corresponding figures for the same months 24. American Foreign Bank- of 1921 were 44,568,291 pesos, as against ing Corporation 10,049 ; 11,580 3,312 2,355 25. Americano del Itio de i 16,098,233 pesos in 1920. la Plata : '' 4,028 0,138 1,847 1,517 20. Escandinavo Argentino. 3,032 3,718 1,710 3,500 27. Chile y Argentina • 1,881 4,082 472 3,000 BRAZIL. 28. ConiLsionista Argentino. 1,010 1,091 84 1,000 29. Espafia y America i 853 1,230 103 1,711 Recent developments in Brazil convey the Total ! 3,329,198 ! 2,522,550 1,031,015 501,701 impression that although a slight improvement I I has been manifested, especially in the Brazilian Previous to the outbreak of the war Argen- exchange, conditions have not changed matetina was being developed mainly by European rially. It is difficult, therefore, to find a solid capital. European funds have always been basis which would lead one to expect an immecheaper than American funds, and the constant diate and sustained betterment. Considerable Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 823 concern has been expressed by the more con- contos paper. The external debt of Brazil servative of Brazilian bankers over the frequent amounts to £102,930,000; 322,249,000 francs; and heavy loans floated by Brazil in the United and $50,000,000, according to official figures. States and England since the armistice. The The internal debt totals 1,347,943 contos paper. value of her currency and the market value of The Brazilian gold reserve amounts to 83,766 coffee are closely connected. Her ability to contos. The following table presents receipts repay her borrowings depends in large measure and expenditures of the Government of Brazil upon the exchange situation and consequently for the year 1921 : upon the price of coffee. There are clear indications that arrangements Paper for further loans by governments of Brazilian Gold equivalent Paper • To tal paper (milreis). (milreis). (milrcis). j (milreis). States are about to be initiated. A statement of the Government of Brazil, published in May 12 Receipts 62,190,678 190,613,532 483,382,117 679,995,619 by the Journal do Commercio of itio do Janeiro, Sums annulled 4.1,316 : 135,198 15,146,789 15,281,988 reads as follows: Net receipts.., 62,149,362 196,478,333 ; 468,235,328 664,713,661 We are authorized to announce that the Government, Expenditures 53,039,460 ! 173,153,346 •; 548,283,511 721,436,888 knowing that certain States of the Republic are seeking to Less I 5,274 ; 17,260 694,601 711,862 raise loans abroad, deems it opportune to declare that it can Net expendiassume no present or future responsibility for them, as they tures 53,034,185 173,136,080 547,588,939 720,725,025 are due solely to the initiative of the States concerned. There seems to exist at present in Brazil a Deficit: 664,713,661 -720,725,025= 56,011,364 paper milrcis. feeling that the business situation has reached a BANCO DO BRASIL. point where renewed activity in the development of the country is warranted. It would The following are the latest statements of appear, however,-that present world conditions condition of the Banco do Brasil, dated March demand that principal attention be devoted to 31, and April 29, 1922: reconstruction rather than to extensive new [In milreis.] development. The Brazilian Congress has appointed commissions to inquire into the finan- Mar. 31,1922. j Apr. 29,1.922. cial conditions of the country, and it is to be hoped that their work will result in specific recommendations along conservative lines. Capital unpaid 0,230,404 ! 5,174,024 The following table shows loans floated by Premium on. shares 1,557,280 " 1,293,185 Bills discounted 436,959,612 438,385,738 Brazil since the armistice: Loans in current account 416,797,176 466,563,227 Bills receivable: Foreign 18,723,596 17,236,697 Domestic 157,043,401 , 155,016,715 Due. Oil a e t r . e ' e P cn er t. Amount. C Se o c ll u a r t i e ti r e a s l i d n e p li o q s u it i e d d a t a io s n security 237,6 56 2 7 8 , , 3 8 5 0 0 9 i ! 252,0 5 3 5 2 8 , , 5 8 5 1 6 3 Securities deposited '. , 179,052,320 ! 177,503,526 Branches and agencies in Brazil 253,512,952 | 255,170,007 Floated in United Stales: Correspondents abroad 41, 1.96,212 | 36,475,565 Brazil external 19-11 98 §50,000,000 Correspondents in Brazil , 3,391,294 : 3,535,388 Itio Grande do Sul 1916 99 10,000,000 Securities owned by banks 77,119,887 77,027,127 Sao Paulo i 1936 97 10,000,000 Real estate 5,287,164 5,489,647 Porto Alegrc ' 1.96 L 99 3,500,000 Liquidation or Banco da Repubiica do Rio dc Janeiro | 19-16 98 12,000,000 Brasil 138,709 ' 140,433 Rio de Janeiro (refunding) j 1917 103 13,000,000 Furniture and fixtures 1,302,401 1,395,959 Rio dc J an eiro 193 L 96 10,000,000 Collections in Brazil 94,488,939 j 99,139,420 Sao Paulo i 1952 100 4,000,000 Rcdiscoun t department 224,829,534 267,231,341 Do I 1943 95 8,500,000 Sundry accounts 11,613,274 ' 12,658,787 Paulista Ity. Co i 19 J 2 99 4,000,000 Cash: " Cyi enti rali RT-V y. ofi* •B•••* razi•! l | 1952 96. 25,000,000 in currency 102,020,384 89,795,798 State of Santa Oatharina. 1947 101 5,000,000 In other form 11,638 11,638 Total dollar loans | ! ! I 155,000,000 Total assets. 2,269,472,836 2,361,841,681 Brazil (coiTee) j 1952 96.i V£ £2,000,000 LIABILITIES. | Capital ! 100,000,000 100,000,000 Floated in London: I Reserve fund • 26,601,428 26,881,816 Brazil (coffee) | 1952 £7,000,000 Premium on shares 1 " 1,557,280 1,293,185 Fund for liquidation of old accounts I 10,566,937 10,474,390 Profit and loss account ' 2,524,743 2,259,346 FINANCIAL POSITION. Deposits in current account with interest, i 347,993,876 341,86.1,0L8 Deposits in limited aecoun.1 ; 37,529,878 39,077,651 The financial position of Brazil was dis- Deposits without interest 342,113,296 ! 322,190,104 Deposits ai fixed dates : 226,603,615 I 246,184,972 closed in a message read before both Houses at •Securities deposited and in guarantee 416,681,129 429,536,082 the opening of the ordinary session of Congress. C C o o r r r r e e s s p p o o n n d d e e n n t t s s a in b r B o r a a d zil 2 5 , , 8 1 2 0 5 7 ,8 ,6 .1 3 . 0 5 i 6 1 , , 8 8 3 0 9 2 , ,9 1 9 01 1 Receipts, which were estimated at 108,439 Branches and agencies in Brazil j 240,492,452 | 267,189,708 National Treasury, exchange account ' 8,888,889 " 8,888,889 contos gold, and 671,154 contos paper, only Bills receivable ; 240,315,890 210,-117.475 Compensation, for checks (cleared) 8,466,385 15,162' 392 amounted to 61,149 contos gold, and 468,235 Bonus and dividends 1,074,32 V 1,026,914 contos paper. The expenditures, estimated at Rediscount department 224,829,534 267,231,341 Sundry accounts 25,209,734 27,191,303 75,660 contos gold, and 714,495 contos paper, amounted to 53,034 contos gold, and 548,588 Total liabilities i 2,269,472,836 2,361,841,681 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

824 K13SKRVE BULLETIN. JULY, 1922. CHILE. Chilean producers for the purchase of 2,750,000 long tons of nitrate. Of this amount, they The difficulties which have affected the proscould only sell about 1,450,000 tons. The cost perity and development of Chile in the last two of the mineral was calculated at £25 per ton, years have been almost entirely due to the conincluding freight, loading, and. storage charges. dition of her nitrate and copper industries. At present, with the reduced price of nitrate Chile may be classed in the group of " oneand low freight charges, the cost of the mineral product" countries. Although, she exports has been figured at £15 per ton. The importers food staples and wool in considerable quantientered into an agreement with the Chilean ties, her mineral products predominate, so that Government and nitrate producers with a view the wealth and prosperity of the country arc to solving the problem. The principal terms regulated by the marketability and price of her of the agreement, reached on October 11, 1921, nitrates. are as follows: At present Chile is experiencing an acute state of depression. There is practically no The Nitrate Association has entered into an agreement market in the world for her principal export with, the pool, including American purchasers, by which the association will reduce selling prices to JOs. Gd. per staple. With the outbreak of the war Chile quintal for the month, of October; lls. per quintal for Nolost the markets of Germany, Russia, and vember, 1921, to April, 1922, inclusive, 10s. 9d. per quin- Central Europe, but the abnormal demand for tal for May, .1.922; and l()s. 3d. per quintal for June. 1922. this commodity by the belligerent nations, After the latter date the association is free to fix soiling which required it for the manufacture of ex- prices. The association is to pay a compensation of Is. 8d. per quintal on new purchases of nitrate shipped before plosives, gave considerable impetus to the March 31. 1922: Is. per quintal on shipments from April I. nitrate industry. This was only a temporary to June 80. 1922; and 4d. per quintal on shipments from condition, for immediately after the signing of July 1. 1922, to June 30, 1923. The association guarantees the armistice the Allies ceased now purchases further that the minimum -total compensation will amount to £1,500,000. of nitrate for military purposes from Chile. On the other hand, Germany was compelled Before the outbreak of the war, Chile sold during the war to manufacture her own nitrates, roughly 2,500,000 tons of nitrate of soda a year. and it is estimated that she is now able to It is not expected that during 1922 Chile's produce 360,000 tons of nitrogen per annum, nitrate exports will amount to over 1,500,000 equivalent to 2,300,000 tons of nitrate of soda. tons. This, is a critical situation, especially The other nations of Central Europe are not in when it is taken into consideration that large a position to make purchases of this com- stocks of nitrate have been accumulated, in the modity because of the depreciation of their "oucinas" in Chile ready for export. In July, currencies, although they are in great need of 1921, about 1,100,000 tons of nitrate were held it for fertilizing purposes. Not only Germany in stock. Production since then has been rebut other nations, such as the United States duced from 240,000 tons to 80,000 tons per and England, are proceeding to manufacture month, with the result that about 50,000 men their own. nitrogen fertilizers. It would seem, arc out of employment in the nitrate district. therefore, that a considerable increase in the It seems that there is but little to warrant hopes volume of Chilean nitrate exports is not likely for a material improvement of the nitrate into be expected shortly, unless natural nitrate dustry within the near future and conseof soda can be sold cheaper than the artificial quently for the betterment of the economic product. situation of Chile as a whole. The industry In the middle of 1920, when prospects for expects new orders to be placed by the middle the nitrate industry appeared favorable, Euro- of 1923, when the stocks of nitrate at present pean and American exporters contracted with held in Europe have been exhausted. I 1920 1921 1022 Month. High.- Low. High, Low. High. Low. Hi oh. Low. High, Low. January ; 28.010 20.880 21,190 20.200 ' 22. 000 L9.750 14. 730 13. 1.20 10.750 ! 9. 500 Kebruarv ; 27.322 20.312 20. 150 17.710 j 23.000 2L.875 11.390 J 3.0.10 .1.1.125 9. 750 M arch. / ! 30.300 27.322 .18.970 17.300 23.500 21.500 14.700 13.780 1.1,875 11.000 A pril ! 31.100 29.370 20.330 .1.8.730 i 23.000 22.500 13.780 ll.OoO JI.375 11.000 May i 33.280 31,550 20.500 19.(100 j 23.000 20.250 ! 13.000 11. L7700 | 1.2. 500 11. 250 Juno ! 33. 780 32. 9,50 21.100 20.570 I 22.000 i 19.500 i 1.1.720 JO. Got) 12.875 11.125 July .! 33.390 32.570 20. 000 18.875 • 22.500 | 21.250 10.025 10. 000 August; i 33.080 31.370 22. 000 20.000 ! 23. 190 18.750 10. 500 9.500 September | 32.21.0 30. 080 20. 000 19.000 I 23. 190 U. 0!i2 .11,750 9.875 October \ 30. 170 25.300 21.250 20.000 •' 10. 000 1.0. 500 12.000 .10. 750 November j 25.510 22. 220 20.500 20.500 ! 15. 500 13.4.10 11.025 10.750 December 22.780 18.830 20.500 19.310 ! 19.9J0 13.590 10.875 10. 500 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL, RESERVE BULLETIN. 825 Chilean exchange has followed a course paral- proper control of exchange, is highly desirable. leling changes in the condition of the nitrate in- So far, Peru is the first country in Latin dustry. After a few months of relative strength, America to institute such a system. the Chilean peso has shown decided weakness Chile has nevertheless met with success in lately, having reached the lowest point at the floating her foreign loans. A loan of £1,500,000 middle of April, when the American dollar was was placed in London last January. This quoted in Chile at 11.20 pesos. Before the amount, according to the Minister of Finance, outbreak of the war the rate for dollars in will be sufficient to meet the foreign expenses Chile fluctuated from 5 to 6.50 pesos. During of the Chilean Government during the present the war, on account of the sudden and. abnor- year. Loans floated in the United States by mally heavy demand for Chilean nitrates, the the Government of Chile since the armistice rate jumped to 3 pesos to the dollar. As late are presented in the following table: as July, 1920, dollars were quoted in Chile at less than 5 pesos, or more than 20 cents American in- c c u at r e re s n t c h y e f p lu er c t p u e a s ti o o . n s T o h f e C h p i r l e e c a e n d p in e g so s t a i b n l e U n in it d e i d - o T ff i e m re e d , . Maturity. t r e a r t c e s . t States currency values since January, 1918. Chile, external Feb., 1921 Feb., 1941 In addition to the nitrate situation, the most Do .. Oct., 1921 Oct., 1926 important factors affecting Chilean currency Do Nov., 1921 Nov., 19-16 are the volume of paper money issues and the Total state of government finances. CURRENCY AND FINANCE. Resumption of specie payments, so often deferred, has been again postponed until the end of the current year. The first steps in this direction were taken in 1895, when a law was passed to redeem the outstanding paper currency at the rate of 18d. per Chilean peso. A conversion fund for this purpose was consistently built up from 1898 until 1904 out of the proceeds of certain taxes. This fund, which was never used, served to give to Chilean currency a certain degree of stability. In December, 1904, a new law was enacted postponing the conversion from January 1, 1905, until the end of 1910, and further decrees have been passed postponing the date of conversion to December 31, 1922. A feeling of uncertainty in exchange values as well as speculation on a large scale have been the result of such policy. Official statistics reveal that a reduction of 32,000,000 pesos was effected in January. The total outstanding circulation on January 31 was given as 292,395,970 pesos. It does not seem, however, that current conditions at present warrant a deflation of the currency. It is likely that new issues will soon be made by way of replacement. - It is generally held that the banking system of Chile is not adequate for effectively handling her financial requirements. Judging from opinions expressed by the leading financial reviews of the country, Chile realizes, like several other Latin-American countries, that the establishment of central banking in some form . that will as far as possible render the national currency independent of the variations of foreign trade, and that will provide for the 112292—22 5 CCOCQO Offered at- Amount. 99 824,000,000 99 9, 500,000 10, 500,000 44,000,000 1 On June 15 interior debt bonds of the Republic of Chile were offered in New York to the amount of 10,000,000 pesos. These bonds, in coupon form, are in denominations of 1,000 pesos and bear interest at the rate of 8 per cent. It seems likely that further foreign loans will be necessary in order that current expenses may be met. The National Treasury of Chile at the beginning of the current year was faced with a deficit of over $25,000,000. There are no figures vet available of Government revenue for 1921. ECONOMIC AND FINANCIAL CONDITIONS IN CUBA. COMMERCIAL AND INDUSTRIAL POSITION. Cuba is the largest of the' West Indian Islands. It is divided into six Provinces, with a total area»of 44,215 square miles and a population of 2,888,895 inhabitants, as follows: Habana 3,174 698,383 Pinar del Rio 5,212 261,198 Matanzas 3,260 312, 704 Santa Clara ' .8,266 657, 697 Cainagiioy i 10,076 228,913 Orion te | 14,227 730, 000 Total 44,215 ! 2,888,895 Irregular mountain chains cross the island in all directions, forming healthful and fertile valleys and plateaus. The two most important rivers are the Cauto, about 200 miles long and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

826 FEDERAL RESERVE BULLETIN. JULY, 1922. navigable for light vessels, and the Sagua la year 1919 was as follows: 200,000 tons of Grande, which is also navigable for about 20 iron ore; 70,000 tons of copper; 18,000 tons miles. Cuba has about 6,500 miles of coast of manganese; 10,000 tons of asphalt; and line, with 54 harbors. The most important 8,000 barrels of oil. are Bahia Honda, Habana, Matanzas, Sagua, The cattle-raising industry is well developed and Nuevitas on the north coast and Guan- in Cuba, especially in the Province of Camatanamo, Santiago de Cuba, and Cienfuegos on giiey, where there are excellent grazing lands. the south. The principal cities are Habana, Recent reports give the following estimates of the chief seaport and capital of the island, live stock for Cuba: Cattle, 3,703,928; horses, with a population of about 350,000 inhabitants, 720,040; mules, 53,264; donkeys, 2,882. Santiago de Cuba, which is a very important The forests of Cuba are rich in almost all agricultural and mining center, Camagiiey, and kinds of valuable timber. Mahogany, cedar, Matanzas. and rosewood are found in abundance. It is Cuba occupies an enviable geographical posi- estimated that the Government owns about tion. Her proximity to the markets of the 1,250,000 acres of forest lands. United States, Mexico, and the north of South America affords a most advantageous position FOllEIGN TRADE. for the development of her trade. Her soil is fertile and rich in minerals. Sugar is Cuba's Trade conditions in Cuba depend almost enmain source of wealth, but the planting of to- tirely upon the sugar crop and market. The bacco, coffee, cocoa, corn, cotton, and henequen problem of greatest urgency which has conis also well developed. The following table in- fronted the Government since 1920 has been dicates the production of sugar in Cuba during the proper disposal of the enormous stocks of the last 11 fiscal years: sugar held in warehouses at the seaports. This sugar had been produced at high prices and became almost unsalable after the sudden Crop of— Tons. Crop of— Tons. fall in price. On the other hand, the warehouses of Habana were glutted with all kinds 1910-11 1 483 451 1916-17 3,054,997 of imported articles, purchased at top prices 1911-12 1,895 984 j1917 18 . . 3,473,184 1912-13 2 483 537 11918-19 4,009,734 in foreign markets, the majority in the United 1 1 9 9 1 1 3 4 - - 1 1 4 5. .... 2 2, , 6 5 0 9 8 7 , , 9 7 1 3 4 2 ; 1 1 9 9 1 2 9 0 - - 2 2 0 1 3 3 , , 7 9 3 7 5 4 , , 4 1 2 1 5 6 States. Consignees were unable to find their 1915-16 3,034.272 i goods, perishable staples were damaged, and a chaotic condition was created by the conges- Tobacco is not grown everywhere in the tion of Habana harbor, the facilities there island. It is estimated that not more than 3 being inadequate for handling the extraorper cent of the land is suitable for tobacco dinary emergency that arose. The war degrowing. Most of this land is located in the mand for sugar and the consequent rise in its Province of Pinar del Rio. Coffee is not grown price had brought about a state of prosperity on a considerable scale at present. Soil con- with consequent overtrading never before exditions, however, are excellent for its cultiva- perienced by Cuba. This period came sudtion, and in the middle of the last century denly to an end in the fall of 1920, when an Cuba's coffee exports averaged 25,000,000 kilos era of readjustment began. The settlement of per annum. Later on, when sugar-cane grow- outstanding accounts will not be finally ing was found to be more profitable than arranged for many months. Over purchasing, coffee, planters abandoned the cultivation of congestion of ports, banking collapse, late and this commodity, and sugar cane was planted bad shipments, and inability on the part of instead. Large quantities of coffee are con- Cuban commercial houses to collect outstandsumed in Cuba, and the importation of this ing accounts from their debtors are factors staple into the country is a source of con- which have all contributed to the present siderable revenue for the Cuban Government. critical situation. Adjustments of various The Province of Oriente is the richest in kinds have been tried, such as allowing long minerals, but mines are also located in the terms of payment, making considerable reduc- Provinces of Camagiiey and Pinar del Rio. tions in commercial debts, and having com- According to the Cuban law, products below modities reshipped to ports of origin. Neverthe immediate surface do not belong to the theless, the situation as a whole appears to be owner of the land. Exploitation of mineral still far from normal. Trade in foodstuffs is in products is, therefore, a matter of Govern- better condition than that of textiles or hardment concession. According to statistics of ware, 35 per cent of the total textile accounts the Department of Agriculture of Cuba, the in the island being still reported as subject to mineral production of that country during the arrangement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL, RESERVE BULLETIN. 827 The foreign trade of Cuba suffered a severe The figures for recent months indicate that reverse during the year 1921. The following trade conditions in Cuba are gradually improvtable, giving the value of Cuban exports and ing. The market is not as yet in healthy conimports during the calendar years 1920 and dition, but, due to an increasing demand for 1921, indicates that in 1920 Cuba had a foreign sugar and tobacco products from Cuba, the trade balance in her favor amounting to purchasing power of that country is being $236,992,096, whereas in 1921 the value of strengthened. Cuba's imports exceeded that of her exports by $78,304,359. The reason for this sudden BANKING SITUATION. change was the decrease in exports of sugar October 8, 1920, marked the beginning of a and tobacco products. financial panic and commercial liquidation in Cuba. A fever of gambling and speculation FOREIGN TRADE OF CUBA. had resulted from the high prices of sugar and Imports into Cuba. Exports from Cuba. other Cuban products. Land values had risen Countries of origin L and destination, i" enormously, and while most banks conducted 1920 1921 1920 1921 their affairs in a prudent manner, several had United States $404,385,767 $265, 548,658 #626,915,178 $222, 541,281 not resisted the temptation to speculate and Other American j countries ! 36,435, 851 23, 391,239 25,134,137 5, 732, 895 had indulged in operations attended with con- G ermany ! 2,879, 504 5,374,980 458,392 Spain .'! 27,974,309 13,654,172 7,011, 517 2,480,288 siderable risk. Money was freely advanced on France : 16,879,245 9,356,096 13,005,079 4,905,475 sugar in storage to a high percentage of its cur- United Kingdom.. I 17,703,999 17,128,166 98,354, 736 27,232, 572 Other European | rent value, allowing only a small margin which countries 7,784,300 6,750,039 ". 17,961,25-1 4,441,235 All other countries. I 42,973,717 15,231,749 I 5,596,887 10,338,602 in some cases did not amount to more than 10 per cent of the market value of the collateral. Total j 557,016,692 356,435,099 I 794,008,788 278,130,740 Advances were made against future crops upon Figures showing Cuban exports by commodi- an estimated production basis as well as ties during the fiscal year 1920-21 are not against plantations, lands and centrals. This available. The following comparative table situation, having as a basis a temporary and gives a clear indication of the importance of fictitious price for sugar, came to a sudden end sugar and tobacco exports from Cuba during as soon as the price started downward. As a the fiscal years 1915-16 to 1919-20, in com- result, Cuba has been subjected to a severe parison with her other export staples: financial crisis from which she has not as yet recovered. EXPORTS FROM CUBA BY CLASSES OF COMMODITIES. President Menocal signed a decree for a moratorium on October 10, 1920, as an emergency 1915-16 1916-17 I 1917-18 1918-19 1919-20 measure. When it became evident, however, Animal and • that certain banks w^ere heavily involved in animal products i S3, 460,799 $3,266,645 $2,877,978! $3,388,994S2,168,753 loans on sugar and property, the value of Sugar and mo- which had been considerably reduced, deposilasses 255,943, 707 279,229,879 322, 759,784:407, 870, 889784,051, 805 Fruits, grains, tors became panic-striken. It was then clear and vegctablcs , 3,547,299 3,217,909 2,-184,063! 2,149,945 2,327,319 that adjustment to new conditions on the part Marine prod- i of the financial institutions of the island would ucts j 210,421 257,785 211,197 264,233 428,006 Mineral prod- result in heavy losses which would seriously ucts 7,298,010| 12,101,388 11,772,727 10,047,290 7,003,090 Forest prod- impair the stability of large banks, whereas the ucts 980,873; 1, 898, 111 994,138 747, 878 1,307, 515 weaker ones could not be expected to survive. Tobacco 25, 759, 860j 27,315, 99332,028,520 40, 836,83154,326,149 Miscellaneous. 39,600,409 29, 752,073 7,996,313 12,749,151 3, 525,.7O4 The Government was called upon to pass legis- Total... 336, 801,378 357,039, 783 381,124,720 178,655,211 855,138, 341lation especially designed to protect the interests of the small institutions, and on January The following table shows Cuba's foreign 27, 1921, laws were passed by the Cuban Contrade for the fiscal years 1911-12 to 1920-21: gress, called the Torriente law^s, providing for the gradual repayment of commercial indebted- [In thousands of dollars.1 ness within 105 days after promulgation of the law. On January 31, 1921, President Menocal Fiscal year. Exports. Total. signed a bill previously passed by Congress i creating a banking liquidation commission of 1911-12 146,788 267,017 1912-13 165,208 301, 018 a temporary character, the members of which 1913-14, 170,797 304,805 1914-15 219, 447 347, 579 were appointed by the President. The secre- 1915-16. 336, 801 537, 825 tary of finances acted as a member ex-officio. 1916-17 357,040 618,417 1917-18 381,125 683, 749 The commission was empowered to take posses- 1918-19 478,655 ! 794,341 1919-20 855,138 1,290,396 sion of the assets of the institutions which 1920-21 395,915 968, 492 might come under the terms of the legislation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

828 FEDERAL RESERVE BULLETIN". , 1922. and to dispose of them in such a manner as 1. Banco Federal de Cuba, Cienfucgos. .. Mar. 1,1921 would best serve the interests of the credi- 2. Banco Nacional de Cuba, Habana Apr. 1.1, .1921 3. Banco Trillo y ITermanos. Moron May 9,1921 tors. The details for the liquidation of the 4. Banco Penabad Areces y Compaiiia, institutions in question were to be carried out Habana May 10,1921 by liquidating committees appointed by the 5. Banco Inter nacional de Cuba, Habana. May 23,1921 liquidation commission, the members to be 6. Banco Francisco Diaz Vega, Ciego do Avila May 30,1921 appointed and removed by the commission 7. Banco J. A. Bances y Compaiiia, Hawhich would supervise the work of the said bana " June ], .1921. committees. 8. Banco Espaiiol de la Isla de Cuba, Ha- Institutions were declared in suspension of bana ..... June 6,1921 9. Banco de Propictarios Industrials y payments whenever they were found to come Arrendatarios, Habana June 14,1921 within certain conditions described in articles 10. Banco Victor E. Escartin, Moron July 18,1921 870 and 871 of the commercial code, as amended 11. Banco Hispano Cubano de Oriente, in June 24, 1911. Such institutions were re- Santiago de Cuba.. .'. Oct. 11,1921 12. Banco Alonso Exposito y Compafiia, quired to request in writing that the commis- Moron Nov. 7,1921 sion consider them in suspension of payments 13. Banco J. SilverioylIermanos,Placetas. Dec. 6,1921 within 48 hours after it was discovered that they 14. Banco Digoii y Hermanos, Habana Reorganized. were in that condition. Bank creditors were 15. Banco Demetrio Cordova y Compafiia, Habana Reorganized. given the right to present to the commission 1G. Banco D. Fernandez y llermanos, Carpetitions to the effect that debtor banks be con- denas Reorganized. sidered in suspension of payments. Upon re- 17. Banco Agapito Garcia llano, Guira de ceipt of such a request the commission was to Melena Reorganized. call a meeting of the owners of the bank and to In addition to the above-named institutions, take the necessary steps toward creating a the banking house of H. Upmann & Co., of liquidating committee for the bank. Habana, suspended payments on April 30, The management which the commission was 1922. The first 10 of these institutions are in to take over under this provision included process of definite liquidation, in accordance credit institutions and banks of issue and dis- with the provisions of the respective liquidating count, found under circumstances specified in committees. The three next banks may be Sections VII and VIII, Chapter I, and Book II reorganized or liquidated. Their affairs have of the Commercial Code. All other mercantile not been definitely settled. The last four have institutions and private banks and bankers, been reorganized and have resumed operations. having as their principal business to receive Liquidation and disposition of the assets of money on deposit and to carry current and the institutions taken over b}T the liquidating savings accounts with corporations, societies, committees have not been rapid, owing to the or persons also fell under the jurisdiction of the many difficulties encountered by the respective liquidation commission. committees in collecting the accounts due to The liquidating committees were required the banks resulting from the general economic within three months after an institution had stringency in the island. The creditors of the been declared in suspension of payments to pro- institutions under consideration have become pose to the commission, the stockholders of the impatient for the reimbursement of their funds institution under their charge, and the credi- deposited with the banks, and in several cases tors, a plan for reorganization of the bank, pro- private committees have been appointed with a vided the amount lost did not amount to more view to obtaining a more expeditious liquidathan 50 per cent of the subscribed capital and tion of the affairs of particular institutions. surplus of the institution, and provided all Branches of foreign banks operating in Cuba creditors would be reimbursed in full within a have also shared the difficult financial situation year's time. If the reorganization plan did not and their losses have been proportionate to their meet with the approval of the creditors, or if investments in sugar in storage, plantations, the stockholders refused to accept it, the insti- and lands. Several of these institutions are at tution was to be liquidated. The liquidation present supervising the manufacture of sugar in commission law has been supplemented by the centrals tendered to them as collateral for decrees of April 12, 1921, May 15, 1921, and advances made to owners, with the hope of July 8, 1921. These decrees outline in greater recovering in the future their sugar investments detail the organization and manner of pro- which at present appear as bad or doubtful cedure of the liquidation commission as well as loans. These foreign branches arc at present the liquidating committees. rendering Cuba considerable financial assist- Seventeen banks have been taken under ance, and their presence in the field prevented a jurisdiction of the liquidation commission on complete paralysis of the banking business in the dates specified, as follows: the fall of 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BTJLLETIX. 829 State Banks and Trust Companies. Num- Amount ber of of ADMISSIONS. banks. capital. The following list shows the State banks and trust companies which were admitted to membership in the Federal New chartc's issued 18 §5,590,000 Reserve System during the month ending June 30, 1922, Restored to solvency .„ . . 0 0 Increases of capital approved 16 3,805,000 on which date 1,657 State institutions were members of the Aggregate of new charters, banks restored to solsystem. vency, and banks increasing capital 34 9,395,000 Liquidations 5 235,000 Capital. Surplus. Total Reducing capital1 2 250,000 resources. Total liquidations and reductions of capital.. 7 485,000 Consolidations of national banks under act of Nov. District No. 3. 7,1918 .• 3 2,350,000 Jcnkintown Trust Co., Jenkin- Aggregate increased capital for period 9,395,000 town, Pa $125,000 $260,000 S3,355.093 Reduction of capital owing to liquidations, etc 485,000 Provident Trust Co., Philadelphia, Pa 2,000,000 5,000,000 i 7,709,440 Not increase 8,910,000 Union Savings Bank & Trust Co., Wilkosbarre, Pa 222;300 66,690 ; 834,319 1 Includes 1 reduction in capital aggregating S200,000 incident to con- District No. /+. solidation under act of Nov. 7,19 L8. Beavor County Trust Co., New Fiduciary Powers Granted to National Banks. Brighton, Pa 400,000 160,000 '. 1,284,275 District No. 5. During the month of June the Federal Reserve Board | i Old Dominion Trust Co., Rich- approved applications of the national banks listed below mond, Va 1,000,000 • 1,000,000 i 4,616,394 for permission to exercise one or more of the fiduciary powers named in section 11 (k) of the Federal reserve act District No. 6. as amended, as follows: Farmers & Merchants Bank, 1. Trustee. Athens, Ala , » 80,000 50, .000 ! 798,481 2. Executor. Farmers State Bank, Lincolnton, Ga 25,000 15,000 204,863 3. Administrator. 4. Registrar of stocks and bonds. District No. 7. ! 5. Guardian of estates. Auburn Park Trust & Savings 6. Assignee. Bank, Chicago, 111 200,000 30,000 246,927 7. Receiver. Commercial State Savings Bank, 8. Committee of estates of lunatics. Detroit, Mich 1,000; 000 200,000 j 2,931,052 9. In any other fiduciary capacity in which State banks, District No. 8. trust companies, or other corporations which come into competition with national banks are permitted to act Louisville Trust Co., Louisville, Ky 806,100 161,220 i 4,286,931 under the laws of the State in which the national bank is Corydon State Bank, Corydon, located. Ind....: 39,100 7,900 ' 76,430 The numerals opposite the name of each bank indicate Bank of Pontotoc, Pontotoc, Miss. 100,000 40,000 ; 799,336 Jefferson Bank, St. Louis, Mo 200,000 150,000 i 3,391,447 the power or powers it is authorized to exercise, as given below: District No. 11. First State Bank, Roby, Tex 40,000 . 286,484 District No. 12. Place. t D N ri i o s c - . t Name of bank. g P r o a w nt e e r d s . Farmers & Merchants Bank, Burbank, Calif 50,000 6,000 365,131 Farmers State Bank, Coulee City, i BallstonSpa, N. Y. Ballston Spa National Ito9. Wash 25,000 2,500 122,220 Bank. Dover Plains, N. Y. Dover Plains National Ito9. Bank. Reorganization.—The Provident Life & Trust Co. of Philadelphia has Nutley, N. J First National Bank , Ito9. been reorganized and its banking and trust company business transferred Dover, Del do Ito9. to a new corporation named the Provident Trust Co. of Philadelphia, Median icsburg, Pa.. .do. Ito9. which company has been admitted to membership. Newtown, Pa do 1 to 7 and 9. • Merger.—Greensville Bank and Farmers & Merchants Bank, Eniporia, Philadelphia, Pa... National Bank of Com-1 to 9. Va., merged under name of Citizens Bank of Emporia. merce. Conversion.—Lincoln Trust Co., New York City, converted into Lin- Richmond, Ky Madison National Bank.... 1 to 5, 7 to 9. coln National Bank. Columbus, Ohio Huntington National ! 2, 3, 5 to 7. Absorbed by national bank.—State Savings & Mercantile Bank, Bank. Wichita, Kaiis. Baltimore, Md National Bank of Balti-I 1 to 9. Insolvent.—El Paso Bank & Trust Co., El Paso, Tex. more. Voluntary liquidation.—Security Savings Bank, Brigham City, Utah; Charleston, W. Va... Charleston National Bank.! 1 to 9. Dollar Savings Bank & Trust Co., Bellaire, Ohio. Montgomery, Ala First National Bank 2, 3, 5 to 9. Columbia City, Ind.. ....do 1 to 9. Monterey, Ind do 1 to 3, 5 to 9. Torre Haute, Ind do Ito9. New National Bank Charters. Pine Bluff, Ark Simmons National Bank..! 1 to 9. St. Louis, Mo Security National Bank I 1 to 9. Savings & Trust Co. The Comptroller of the Currency reports the following Jamestown, N. Dak.. James River Nationali 1 to 3, 5 to 7 increases and reductions in the number and capital of Bank. | and 9. Orange, Tex Orange National Bank Ito9. national banks during the period from May 27 to June 23, First National Bank..... Ito9. Long Beach, Calif... 1922, inclusive: i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

830 FEDERAL EESERVE BULLETIN. JULY, 1922. LAW DEPARTMENT. Amendments to the Federal Reserve Act. tion to their capital stock and surplus, an assessment sufficient to pay its estimated expenses and the salaries of its The following bills amending section 10 and members and employees for the half year succeeding the section 9 of the Federal Reserve Act, respec- levying of such assessment, together with any deficit tively, have been passed by both Houses of carried forward from the preceding half year. Congress and approved by the President and The first meeting of the Federal Reserve Board shall be held in Washington, District of Columbia, as soon as may are now law: be after the passage of this act, at a date to be fixed by the Reserve Bank Organization Committee. The Secretary [PUBLIC—No. 230.—67TH CONGRESS.] of the Treasury shall be ex officio chairman of the Federal Reserve Board. No member of the Federal Reserve [S.2263.] Board shall be an officer or director of any bank, banking An act to amend the Federal Reserve Act approved December 23, 1913. institution, trust company, or Federal reserve bank nor hold stock in any bank, banking institution, or trust com- Be it enacted by the Senate and House of Representatives of pany; and before entering upon his duties as a member of the United States of America in Congress assembled, That the Federal Reserve Board he shall certify under oath to section 10 of the Federal Reserve Act, approved December the Secretary of the Treasury that he has complied with 23, 1913, is amended to read as follows: this requirement. Whenever a vacancy shall occur, other SEC. 10. A Federal Reserve Board is hereby created than by expiration of term, among the six members of the which shall consist of eight members, including the Federal Reserve Board appointed by the President as Secretary of the Treasury and the Comptroller of the Curabove provided, a successor shall be appointed by the rency, who shall be members ex officio, and six members President, with the advice and consent of the Senate, to appointed by the President of the United States, by and fill such vacancy, and when appointed he shall hold office with the advice and consent of the Senate. In selecting for the unexpired term of the member whose place he is the six appointive members of the Federal Reserve Board, selected to fill. not more than one of whom shall be selected from any one Federal reserve district, the President shall have due The President shall have power to fill all vacancies that regard to a fair representation of the financial, agricultural, may happen on the Federal Reserve Board during the reindustrial and commercial interests, and geographical cess of the Senate by granting commissions which shall divisions of the country. The six members of the Federal expire with the next session of the Senate. Reserve Board appointed by the President and confirmed Nothing in this act contained shall be construed as takas aforesaid shall devote their entire time to the business ing away any powers heretofore vested by law in the Secof the Federal Reserve Board and shall each receive an retary of the Treasury which relate to the supervision, annual salary of §12,000, payable monthly, together with management, and control of the Treasury Department and actual necessary traveling expenses, and the Comptroller bureaus under such department, and wherever any power of the Currency, as ex officio member of the Federal Re- vested by this act in the Federal Reserve Board or the serve Board, shall, in addition to the salary now paid him Federal reserve agent appears to conflict with the powers as Comptroller of the Currency, receive the sum of $7,000 of the Secretary of the Treasury, such powers shall be exannually for his services as a member of said board. ercised subject to the supervision and control of the Secretary. The Secretary of the Treasury and the Comptroller of the Currency shall be ineligible during the time they are in The Federal Reserve Board shall annually make a full office and for two years thereafter to hold any office, report of its operations to the Speaker of the House of position, or employment in any member bank. The Representatives, who shall cause the same to be printed appointive members of the Federal Reserve Board shall be for the information of the Congress. ineligible during the time they are in office and for two Section three hundred and twenty-four of the Revised years thereafter to hold any office, position, or employment Statutes of the United States shall be amended so as to in any member bank, except that this restriction shall not read as follows: apply to a member who has served the full term for which "SEC. 324. There shall be in the Department of the he was appointed. Of the six members thus appointed by Treasury a bureau charged with the execution of al 1 laws the President one shall be designated by the President to passed by Congress relating to the issue and regulation of serve for two, one for four, one for six, one for eight and the national currency secured by United States bonds and, balance of the members for ten years, and thereafter each under the general supervision of the Federal Reserve member so appointed shall serve for a term of ten years, Board, of all Federal reserve notes, the chief officer of unless sooner removed for cause by the President. Of the which bureau shall be called the Comptroller of the Cursix persons thus appointed, one shall be desigated by the rency and shall perform his duties under the general direc- President as governor and one as vice governor of the Federal tions of the Secretary of the Treasury. Reserve Board. The governor of the Federal Reserve "No Federal reserve bank shall have authority here- Board, subject to its supervision, shall be the active execu- after to enter into any contract or contracts for the erective officer. The Secretary of the Treasury may assign tion of any building of any kind or character, or to authoroffices in the Department of the Treasury for the use of ize the erection of any building, in excess of $250,000, the Federal Reserve Board. Each member of the Federal without the consent of Congress having previously been Reserve Board shall within fifteen days after notice of given therefor in express terms: Provided, That nothing appointment make and subscribe to the oath of office. herein shall apply to any building now under construction." The Federal Reserve Board shall have power to levy semiannually upon the Federal reserve banks, in propor- Approved, June 3, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 831 [PUBLIC—No. 279.—67TH CONGRESS.] reason of violation of law, or unless it shall be terminated by act of Congress hereafter enacted." [S. 831,] SEC, 2. That all acts or parts of acts providing for the An act to amend the proviso in paragraph 10 of section 9 of the Federal extension of the period of succession of national banking Reserve Act amended by the act of June 21,1917, amending the Federal associations for twenty years are hereby repealed, and the Reserve Act. provisions of paragraph second of section 5136, Revised Be it enacted by the Senate and House of RepresentativesStatutes, as herein amended shall apply to all national of the United States of America in Congress assembled, Thabtanking associations now organized and operating under the proviso in paragraph 10 of section 9 of the Federal any law of the United States. Reserve Act amended by section 3 of the act of June Approved July 1, 1922. 21,1917, amending the Federal Reserve Act be amended to read as follows: "Provided, however, That no Federal reserve bank shall Commercial Failures Reported. be permitted to discount for any State bank or trust While commercial failures in the United States still company notes, drafts, or bills of exchange of any one considerably exceed in number those of last year, the borrower who is liable for borrowed money to such State margin of increase is narrowing and the 1,254 defaults bank or trust company in an amount greater than that reported to R. G. Dim & Co. for three weeks of June comwhich could be borrowed lawfully from such State bank pare with a total of 893 for the corresponding period of or trust company were it a national banking association." 1921. The statement for May, the latest month for which, Approved July 1, 1922. complete returns are available, discloses 1,960 insolvencies for $44,402,886 of liabilities, as against 1,356 failures for $57,066,471 in May last year. In point of number, the defaults in May this year are less than in any previous Amendment to National Bank Act. month since last October, while the indebtedness is the The following bill amending section 5136 of lightest in eight months. Separated according to Federal the Revised Statutes has been passed by both reserve districts, the May statistics show more insolvencies than in that month of 1921 in all districts except the Houses of Congress and approved by the eleventh district,, but the fifth, sixth, seventh, and eighth President and is now law: districts report smaller liabilities. FAILURES DURING MAY. [PUBLIC—No. 262.—67TH CONGRESS.] [H. R. 9527.3 Number. Liabilities. An act to amend section 5136, Revised Statutes of the United States, District. relating to corporate powers of associations, so as to provide succes- 1922 1921 1922 i 1921 sion thereof for a period of ninety-nine years or until dissolved, and to apply said section as amended to all national banking associations. First 186 97 $3,476,746 ! 783,066 Second 419 222 16,605,233 172,495 Be it enacted by the Senate and House of RepresentativesThird 87 69 1,568,262 ! 516,894 of the United States of America in Congress assembled, ThaFtourth 173 102 3,359,073 969,231 Fifth 169 99 2,544,963 • 657,764 section 5136 of the Revised Statutes of the United States Sixth 179 148 3,784,262 j 750,423 be amended so that the paragraph therein designated as Seventh 231 169 4,254,855 ', 624,522 "Second" shall read as follows: Eighth 117 101 1,750,033 i 612,058 Ninth 79 59 1,342,341 ' 203,396 "Second. To have succession until ninety-nine years Tenth 70 67 1,294,560 • 073,219 from July 1, 1922, or from the date of its organization if Eleventh... 84 92 2,175,351 •: 851,774 organized after July 1, 1922, unless it shall be sooner dis- Twelfth.... 166 131 2,247,207 ; 851,629 solved by the act of its shareholders owning two-thirds of Total 1,960 .1,356 44,402,886 . 57,066,471 its stock, or unless its franchise shall become forfeited by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

832 FEDERAL RESERVE BULLETIN. JULY, 1922. PRICE MOVEMENT AND VOLUME OF TRADE. INTERNATIONAL WHOLESALE PRICE INDEXES—UNITED STATES AND ENGLAND. Wholesale prices in the United States showed a marked increase in May, having advanced 6 per cent, according to our index number compiled for purposes of international comparison. Prices in England show the same tendency with an increase of 2.4 per cent over the April number. The various group indexes did not, however, rise similarly in the two countries. Raw materials increased 9 per cent in the United States and only 1 per cent in England, while consumers' goods increased 4.4 per cent in England and only 2.5 per cent in the United States. The continued increase in prices of cattle, wool, cotton, and copper, caused the British index of raw materials to rise. Consumers' goods were influenced by an increase in bacon, ham, mutton, and beef, although coffee and tea continued to decline. In England, producers' goods rose 3 points, goods exported 3 points, and goods imported 5 points, while the corresponding groups in the United States increased 9, 11, and 4 points, respectively. In June the Federal Reserve Board's index number for the United States rose 4 points to 162, while the Board's index for England decreased 2 points to 169. INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES AND ENGLAND FEDERAL RESERVE BOARD, 1919-1922 AVERAGE PRICE LEVEL OF 1913 = 100 500 500 450 450 400 400 350 350 300 300 250 200 150 150 -UNITED STATES - ENGLAND (IN STERLING) ENGLAND (CONVERTED TO GOLD BASfS ) 100 100 80 80 J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M J. J. A. S. 0. N. D. 1919 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 833 INDEX NUMBER OF WHOLESALE PRICES IN THE UNITED STATES.—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISONS.1 Average prices in 1913=100.) I Con- Year and month. Goods GGooooddss sumers' All comproduced, imported. goods. modities. 1919, average. 214 I 174 209 198 221 211 1920, average. 242 I 191 235 237 244 239 1921, average. 14S I 108 1,41 142 160 148 1921. ! May -.148 105 139 145 152 145 June 140 I 102 133 14.0 154 142 July 143 i 103 134 136 162 145 August; 144 i 104 133 133 1.67 146 September. 144 | 105 138 .133 .1(32 146 October .143 107 140 132 158 1.45 November. 142 108 J4I .128 157 145 December.. 140 111 1.40 .127 153 142 1922. January... 139 110 14.1 | 127 1.50 142 February. 143 1.1.0 145 j 127 155 146 March..'.. 144 111 147 ! 126 157 147 April 115 150 j 129 156 149 May loo 119 164 | .137 160 158 June J59 123 169 i 141. 164 .162 i The index number of the Federal Reserve Board has been constructed primarily with a view to international comparisons of wholesale prices The number has been published monthly since May, 1920, but is computed for the years 1913,1919, and the first of 1920 as well. For detailed information regarding the make-up of the number, reference may be made to the FEDERAL RESERVE BULLETIN for May, 1920, pages 499-503. The commodities included in the different groups are listed there with exact specifications and markets indicated. The "weights" assigned to the different commodities in constructing the index numbers are also given in detail. Revisions in prices or weights appear in BULLETINS for June, 1920, June, 1921, and May, 1922. The index of "goods produced" consists of 85 quotations (30 raw materials, 24 producers' and 31 consumers' goods). These include agricultural products (such as grains, live stock, and textiles), minerals, and lumber, among the raw materials; yarns, leather, semifinished steel products, refined oils, chemicals, buiiding 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 aFe 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. INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES 1920-1922 CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON AVERAGE PRICE LEVEL OF 1913 - 1OO 500 500 4-50 450 -ALL COMMODITIES -RAW MATERIALS 400 •GOODS IMPORTED -PRODUCERS GOODS 400 •GOODS EXPORTED •CONSUMERS GOODS 350 350 300 250 / \ m \ 200 7 150 150 100 100 60 80 M A. M. J. J. A. S. O. N. D. J. F. MA. M. J. J. A. S. 0. N. D. J. F. M. A. M. d. J. A. S. M. A. M. J. J. A. S. O. N- D. J. F. M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. J. J. A. S. 1920 1921 1922 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

834 FEDERAL, RESERVE BULLETIN. JULY, 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.] Year and month. Goods Goods Goods Raw Pr e o r d s u ' c- Con er s s u ' m- All com- ve C rt o e n d - to produced.imported. exported.materials. goods. goods. modities. gold basis. 1919, average 238 247 275 226 261 241 241 221 1920, average 315 294 438 291 355 292 314 242 1921, average 207 171 183 197 178 219 201 159 1921. May 209 167 182 198 179 216 201 164 July 204 164 174 192 165 222 196 146 August , 202 165 168 193 161 223 195 146 September , 199 170 171 195 165 212 194 148 October , 192 163 175 187 166 200 187 149 November , 182 154 164 177 153 191 177 144 December 176 152 158 173 147 186 172 147 1922. January , 174 149 158 171 147 181 170 148 February 171 148 151 168 144 181 167 150 March 172 147 153 170 j 142 183 168 151 April 171 148 152 167 I 143 183 167 151 May 174 153 155 169 ! 146 191 171 156 Juno 172 154 158 167 | 147 i 186 169 154 ! 1 The British index number is the second of the series of wholesale price indexes to be completed by the Federal Reserve Board for the purpose of international comparisons. It was published for the first time in the FEDERAL RESERVE BULLETIN for February, 1922, but is also computed for the years 1913,1919 1920, and 1921. Detailed informration 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 includeclin the different groups is furnished there with exact specifications and markets indicated. The "weights" assigned to the different commodities in constructing the index numbers are also given in detail. The commodities which form the basis for the index number are for the most part the same as those used in the Federal Reserve Board index of American prices. . The index of" goods produced" consists of 55 quotations (16 raw materials, 26 producers' and 13 consumers' goods). These include agricultural products (grains, live stock, wool, and hides), pig iron, coal and coke among the raw materials; cotton yarns, woolen yarns and wool tops, semifinished iron and steel products, building materials, chemicals, leather, etc., among the producers' goods; cotton cloth, boots and shoes, food products, and tobacco among the consumers' goods. The index of "goods imported" consists of 43 quotations (23 raw materials, 9 producers' and 11 consumers' goods). These include American and Australian wheat, American tobacco, American and Egyptian cotton, Australian wool, Straits tin, American copper, Swedish lumber, etc., among raw materials; West Indian sugar, India jute, Para and plantation rubber, American petroleum products, etc., among the producers' goods; and Argentine beef, American pork products, coffee, tea, kerosene, etc., among the consumers' goods. The index of "goods exported or reexported" includes cotton, wool, coal, pig iron, etc., among raw materials; cotton and woolen yarns, iron and steel products, rubber, etc., among the producers' goods; and cotton cloth, boots and shoes, coffee, tea, and tobacco among the consumers' goods. The index numbers of "raw materials," "producers' goods," and "consumers' goods" consist of the commodities mentioned above which fall into these classes, whether they are of domestic or foreign origin. The raw materials group includes 39 quotations, the producers' goods 35, and the consumers' goods 24. •t*•h•"- e* *- *•*f-> o* llo-^w J.».iVn> gi^j .miL\,ori.nvutJhL,.i v\T;iih..e!U ii nLJd.J e1x-4V Mn.Ju.VLmL/JLbJ. eOrU pisi^ Lc oY1nOsUt1r uI,-LcAWte Vd/V ./hll^eVr-1e1V /aJ.n.L d\J l islrJ .oLVr/ d|;iinlUaV>rOil yV< Cr*\e/±Ja. dIMyU fJoltrU pClulJLbVLl iKc./aCtLi koJXnKJ Ob yUA Jt.Vh/LJeJL 1\j\0J thL-1 1oO r V1v.L5iXt»hV/ VoL fJ Oe aLCcl>lh>v7 Om OolKnJ\.ttlhi.V. 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 = 1OO 500 450 450 ALL COMMODITIES RAW MATERIALS 400 400 \ GOODS EXPORTED 350 350 \ \ \ 300 300 x 250 250 \ \ \ (•••••• ...... ^:* • 200 • s 200 m * o o ». •# \ 150 150. 1 100 100 80 80 M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. U. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. M. A. M. J. J. A. S. O. H. D. J. F. M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. J. J. A. S. 1920 1921 1922 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN'. 835 INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES FOR PRINCIPAL CLASSES OF COMMODITIES—BUREAU OF LABOR STATISTICS—REGROUPED BY FEDERAL RESERVE BOARD.1 [Average prices in 1913 =-100.] Raw materials. Pro- Con- Year and month. p A r t o g u d r r i u c a c u l t l s - .!p A ro n d im uc a t l s , i j pr F o o d r u e c st ts. p M ro i d ne u r c a t l s. r t a e T w r o i a t m a ls l a . - d g u o c o e d r s s . ' s g u o m o e d r s s . ' A m l o l d c i o ti m es - . 1920, average 2 256 183 235 240 235 252 243 1921, average 2 „ 133 108 187 151 140 161 153 1921. May ; 131 104 205 188 149 140 153 151 July 122 109 203 177 145 134 153 148 August 123 112 200 175 145 132 162 152 September 142 104 194 172 146 133 160 152 October 134 105 193 176 145 133 158 150 November 129 103 200 178 145 130 157 149 December 129 102 208 178 146 130 155 149 1922. January 129 107 207 177 | 147 127 151 148 February „. 139 117 207 176 ! 153 127 153 151 March 141 118 207 176 ! 153 128 153 152 April 143 115 206 181 154 .128 151 152 May 151 116 203 192 159 132 154 1 As the index number of the Bureau of Labor Statistics (which is based upon 315 quotations) has been reclassified by the Federal Reserve Board, the raw materials group consists of approximately 78 quotations, the producers' goods of about 80, arid the consumers' goods of 158. Raw materials have been subclassified into agricultural products (mainly grains, cotton, and tobacco), based upon 19 quotations, animal products based upon the same number, forest products based upon 11 quotations, and mineral products based upon 27 quotations. The FEDERAL RESERVE BULLETIN for October, 1918, contains a list of the commodities in each group. The weights are the same as those used by the Bureau of Labor Statistics. 2 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. 3 On account of the revision of the Bureau of Labor Statistics index, the old "all commodities" scries was discontinued with the April number. In order to give a more concrete illustration shown in the table have been obtained from the of actual price movements in the United States, records of the United States Bureau of Labor there are also presented in the following table Statistics; except in the case of bituminous coal, monthly actual and relative figures for certain prices for which have been obtained from the commodities of a basic character. The prices Coal Age. AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES. [Average price for 1913=100.] Co C r h n i , c N ag o o . . 3, Co N tt e o w n , O m r i l d e d a l n i s n . g, no W M rt h i h n e e n a r e t n , a p N sp o o r li i . s n . 1 g , , W r h e C d e h a w i t c , i a N n g t o o e . r . . 2, g C oo a C d tt h l t e i o , c a c s g t h e o o e . i r c s e , , H st h i e d e e e a r s v s , , y C p n h a a i c c t k i a v e g e r o s . , H C og h s ic , a l g ig o h . t, Year and month. p A b r u v ic s e e h r a p e g l e . e r p R t r i e i v c l e a e - . p A p r v i o c e u e r n a p d g e . e r p R t r i e i v c l e a e - . p A b r v u ic e s e h r a p e g l e . e r p R t r i e i v c l e a e - . p A b r u v ic s e e h r a p e g l e . e r p R t r i e i v c l e a e - . p A p r o v ic u 1 e e 0 n r 0 a d p g s e e . r p R t r i e i v c l e a e - . p A p r v o ic e u e r n a p d g . e e r p R t r i e i v c l e a e - . p A p r o v i u c e e n ra p d g e s e . r p R t r i e i v c l e a e - . 1913 SO. 6155 100 SO. 1270 100 SO.8735 100 $0.9863 100 $8.5072 100 SO.1839 100 $8.4541 100 1919 1.5800 257 .3185 251 2.5660 294 2.5370 239 17.4957 206 .3931 210 18,3260 217 1920 1.3968 227 .3301 260 2.5581 293 2.5225 256 14.4856 170 .3122 174 14.7106 174 1921 .5648 92 .1414 111 1.4660 168 1,4353 146 8.7803 103 .1390 76 8.8913 105 1921. May . 60(50 99 .1178 93 1.4923 171 1. 5680 159 8. 4250 99 ..1188 65 8.4550 100 July .6015 98 .1147 90 1,4384 166 1.2291 125 8.4063 99 .1388 75 10.2000 121 August .5578 91 .1290 102 1.3953 160 1.2373 125 8. 7750 103 .1405 76 10.3950 123 September... . 5344 87 .1963 155 1.4825 170 1.2769 129 8.3750 98 .1406 76 8.5000 101 October .4647 76 .1913 151 1.3191 151 1.1938 121 8.8750 104 .1481 81 8.1800 97 November... .4728 77 .1750 138 1.2535 144 1.1758 119 8. 5625 101 .1580 86 6.8688 81 December... . 4669 76 .1713 135 • 1.2594 144 1.1767 119 8.2188 97 .1650 90 7.0250 83 1922. January . 4738 77 .1650 130 1.2995 149 1.1960 121 8.1500 96 . 1650 90 8.1600 97 February .5572 91 .1656 130 1.5219 174 1.3816 140 8.6375 102 .1600 87 10. 2625 121 March .5606 91 .1669 131 1.5003 172 1.3567 138 8.7313 103 . 1388 75 10.5875 125 April . 5759 94 . 1681 132 1. 5628 179 1.3914 141 8. 4063 99 . 1338 73 10.5000 124 May . 6093 99 .1937 153 1.5893 182 1. 3558 137 8.6150 101 . 1460 79 10.6600 126 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

836 FKDERAI, RESERVE BULLETIN. JULY, 1922. AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES—Continued. [Average price for 1913=100.] I ; • e g W a r s a o t d o e e l r , s n , O m s h c a i o o r u , k r i e e - t d - s , | . Hem Y lo o c r k k , . New- Y N e f e l l l w o o o w r Y i n p o g i r , n k e . , I ! I C ru o s n p al o , o t b f a i m t t u i m m ne i i n ; n e f o . s o u , . s b , . j I i P C s o p o c a o a l t , h b a o t i n t m u ta m i s n , i e n f s . o o , u .b s . , i j v C il o l k e e , , a C t o fu n r n n e a ll c s e - . I Pittsburgh. j Columbus. Y m ea o r n a th n . d i I Average I j Average | Rela- ' Average Rela- price per Rela- Average . Rela- Average I Rela- Average | Rela- j Average Rela- ! price per .' tive j price per tive | Mfeet tive price per \ tive price per j tive price per ! tive I price per i tive i pound. price, j Mfeet. price. . manufac- price. short ton. price. short ton.; price. long ton. price. ! short ton.! price. i ! tured. I I 1913.. SO. 4710 ! 100 $24.2273 100 $44. 5909 100 I SI. 3200 100 i $1.5710 100 ! $5.0613! 100 $2.4396 i 100 1919.., 1.1894 I 248 39.7500 164 78. 8333 177 ! 8.1639 ! 161 4.7375 ! 194 1920... .9712 • 203 56.6667 234 145.4167 326 ! 6.0433 458 | 5.8891 375 9.4265: 186 10.8163 : 443 1921... . 5076 | 108 40.8960 169 93.7083 210 ! 2.2030 167 ! 3.1804 202 10.5544 209 3.6361 ! 149 1921. May .5091 108 41.0000 169 91.0000 204 • 2.1310 161 3. 4940 222 10.2910 ! 203 3.3250 136 July . 4909 104 37. 5000 155 91. 0000 204 ; 2.0750 157 3.2000 i 204 10.5048 i 208 2.9063 ! 119 August .4727 100 37.2500 154 ! 92.0000 206 2.1300 161 3.0600 ! 195 10.6036 ! 210 2.8000 I 115 September.. .472? 100 37.2500 154 92.0000 206 2.2310 169 | 2.9190 • 186 10.7075 j 212 3.1875 i 131 October . 4727 100 37.2500 154 90.0000 202 I 2.1800 165 : 2.6800 ! 171 10.7125 ! 212 3.2750 ! 134 D N e o c v e e m m b b e e r r . . . . . , 5 5 0 2 9 7 1 3 1 1 1 0 2 8 3 37 7 . . 2 2 5 5 0 0 0 0 1 1 5 5 4 4 ! • 9 9 5 1 . . 5 0 0 0 0 0 0 0 2 2 1 0 4 4 i 2 2. . 1 1 5 5 0 0 0 0 1 1 6 6 3 3 i i 2 2 . . 4 1 5 9 0 5 0 0 , ! 1 1 5 4 6 0 1 1 0 0 . . 6 7 8 0 5 6 9 3 ! 2 2 1 1 1 2 2 2 . . 9 7 7 5 0 0 0 0 i ! 1 11 2 3 2 1922. January .5818 124 37.2500 154 i 95.5000 214 , 2.1500 . 163 2.1500 137 10.6935 ! 211 2.7500 i 113 February... .6727 143 37.2500 154 95.5000 214 i 2.1500 ! 163 2.0750 . 132 10.6944: 211 3.0375 ! 125 M Ap a r r i c l h. . . 7 7 2 2 7 7 3 3 1 1 5 5 4 4 3 37 7 . . 2 2 5 5 0 0 0 0 1 1 5 5 4 4 j , 9 9 5 5 . . 5 5 0 0 0 0 0 0 2 21 1 4 4 , j 2 2 . . 0 0 3 0 8 0 0 0 , | 1 1 5 5 4 2 1 1 . . 8 9 2 75 5 0 0 : I 1 1 1 2 6 6 1 1 0 0 . . 6 6 9 9 3 4 9 3 ; ; 2 2 1 1 1 1 3 4 . . 2 4 5 7 0 5 0 0 ! 1 .1 3 8 3 3 Mav .7273 154 37.2500 154 i 90. 0000 202 ! 2.7500 ; 175 10.6100! 210 6.0000 246 Copper, ingot, Petroleum, crude,! Cotton yarns, Leather, sole, Steel billets, electrolytic,' Pennsyylvania, ghenango Valley, northern cones, hemlock, No. 1, Bessemer, New York. at wells. at furnace. 10/1 Boston. Chicago. Pittsburgh. Year and month. Average ' Rela- Rela- j Average Rela- Average ! Rela- Average ; Rela- ! Average Rela- Average Relaprice per | tive tive I price per tive price per tive price per I tive price per tive price per j tive pound, price. price. ! barrel. price, long ton. | price. pound. I price, pound. price. long ton. j price. *l 1913. 50.1573 100 | $2.4500 100 $14.7058 i 100 $0.2213 i 100 $0.2821 100 $25.7892 ! 100 1919. .1911 131 4.1346 169 27.6971 188 .5340 241 j4 .5283 187 40.5385 , 157 1920. . 1797 184 5.9750 244 42.2692 ;. 287 .6245 i 282 ! .5342 189 56.2596 | 218 1921. .1262 104 3.3144 135 21.6683 147 .2904 j 131 .3583 127 34.3846 : 133 1921. I ! Mav .1283 , 113 3.3500 137 22.0000! 150 .2491 113 I .3700 131 37.0000 143 July .1253 ! 100 2.2500 92 19.3750 I 132 .2411 109 ! .3500 124 32.2500 ! 125 August .1173 100 2.2500 92 18.2000 | 124 .2586 i 117 ! . 3100 121 29.6000 . • 115 September. . 1200 j 105 2.3125 94 19.1250; 130 .3446 | 156 .3400 121 29.0000 i 112 October . 1268 ! 107 3.1250 128 j 19.1875 130 .3832 : 173 | . 3400 121 29.0000 j 112 November.. .1303 107 3.9000 159 ! 19.0000 129 | .3655 : 165 i .3400 121 29.0000 I 112 December.. .1356 107 4.0000 163 ! 18.6250 127 : .3391 i 153 ! . 3400 121 i 29.0000 i 112 1922. i January .1355 107 3.3000 135 18.1500 123 i . 3259 147 j .3400 : 121 i 28.0000 ; 109 February... .1288 107 3.2500 133 | 17.7500 121 ! .3127 141 ! .3500 I 124 | 28.0000 ! 109 March .1272 107 3.2500 133 17.9375 122 i .3136 142 j .3500 | 124 28.0000 ! 109 April . 1263 116 3.2500 133 i 20.0000 136 | . 3136 142 ! .3500 124 29.5000 : 114 May .1315 125 3. 2500 133 24;6000 167: .3313 1.50 ! .3500 124 34.0000 ! 132 Flour, wheat, S ta te n b e k u l , r p g P l h i a t . t t e s s - , i : I o P p S i e t t n e ts e - b h l u e r a a rg r il t h s h , , , j 2 W - P 32 h o ' i s r l s a c t d e ro e d s l p s y b h a r i r e a n d . s , , st B e g e e o r e o s f d , , C c n a h a r i t c c i a a v s g e s o , . Cof N fee e , w R Y io o , r N k o . . 7, st ( a 19 n 1 d 8 a w , r d s a t r a ) p , n a d te ar n d ts g N r e a S w n u u g Y l a a o r te , r d k , . Year and Minneapolis. month. ; Average Eela- | Average Rela- I Average Rela- Average Rela- Average Rela- IAverage Rela- Average j Rela- : price per tive , price per tive i price per tive price per tive price per tive price per! tive price per tive . pound. price. , long ton. price. ! pound, price pound. price. pound. price, i barrel, price. pound, price. 1913. i $0.0148 100 ! $30.0000 100 I tf). 7767 SO. 1295 $0.1113 100 j $4.5837 | 100 $0.0427 100 1919. .0271 183 49.2642 164 I 1.6274 .2333 .1785 ! 160 , 11.9982 262 .0894 209 1920. I .0328 222 53.8269 179 ! 1. 8250 .2304 . 1198 108 ! 12,6750 277 .1267 297 1921. .0193 130 45.6538 152 i 1.1792 .1627 .0719 65 ." 8.3264 | 182 .0616 144 1921. May . 0220 149 47.0000 157 1.2500 .1650 . 0621 8. 7150 191 . 0632 148 July .0185 125 47.0000 157 i 1.1500 .1490 .0647 8.9000 194 .0546 128 August .0178 120 47.0000 157 j 1.1500 .1600 .0703 8.1200 177 .0583 137 September... .0164 111 47.0000 157 1.1500 .1595 .0789 8.3188 181 .0559 131 October , .0160 108 45.2500 151 1.1500 . 1644 .0813 7. 4250 162 .0519 122 November...; .0152 103 40.0000 133 1.1500 .1725 .0883 7.1700 156 .0517 121 December...; .0150 101 40.0000 133 ! 1.2500 .1640 .0931 6. 8813 150 .0500 117 1922. i January .0150 101 40.0000 1.2774 .1538 .0963 I 7.0000 153 i .0480 112 February .0139 94 40.0000 133 I 1.3000 . 1450 .0902 7. 9750 174 .0492 115 March .0139 94 40.0C00 133 i 1.2500 .1450 .0959 ! 7.8125 170 ! . 0516 121 April .0148 100 40.0000 133; 1.3000 . 1450 .1083 ! 8.1438 : 178 i . 0519 122 May . 0156 105 40.0000 133 1.3500 . 1450 .1098 | 8.0600 i 176 . 0527 123 133 4 > On Toledo market, average for last 6 months of 1913. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL. RESERVE BULLETIN. 837 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- iindex 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). Y m e o ar n t a h n . d R F t U S q B i e e o t u ( n o 1 a s d n o i e a 0 t e s t e t r r 4 e r ) a v d s a . d - ; 2 e l t B t U S i q S L i c o u t u t n s a a a n o r o b i t ( t e s t f e t 4 i o e a ) a s 0 s r . d u - - ; 2 4 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 - * f ; - ! ' i i | I i j i U B m d c T K t ( i 1 n o o o r o o e i 5 m i a a n m s f d t 0 r d ) g e i d - ; . - e - d ! | ( R 9 F t U B 8 i K e d e o n o q s d o n i e i a n u m e s t r r o g e r ) v d ; a . t - d 2 e a l - G ( l t F 4 l e i m t a e 5 s r i B t e n a t i o S i n u s n e c q d ) t o l r c i - a u d . a m e - ! - e e t ; e - u 7 1 m J ( 0 n 6 9 3 a I B 0 2 o t 8 f P t d i t a 1 a d l r t e u c l h c o i 1 r y a r o t e h ) 9 f i i ; m n . , r 2 i n e 2 e 0 d s g - - , 1 1 ! ! \ j i : i ( Z 7 F m m f t 7 e i u G r e i a a o r t s e c n t i n d ) e o r i . y k n i - r * m - ; - g - ( R 3 t m S m t i 8 a G e i s t e a a o c i m e c c s n h t d r ) h o i t y e i . - s m s - 2 s ; - - - ; I ! H S t t S q i i w a d o v u n (( n e e n o 44 d n d s i 77 tt n ) a e s e . g k - l n 6 s ; - ! i | j . : . j N (( C 0 C 9 0 9 RR mm m tt o m aa 33 k i k hh ie e n r n o e o i oo rr i c s w c v s i s i i s dd i nn ) o k a o s a s u k ). a ii oo m , t * t * , - m - e y ii - - - ; - • • ! j !! j ' t F m i m t D i d i n e a e o e s a r n d ) n n k . d i - 7 ; - s e - B D m t S m e i e t e e l t i g p o a s n c i ) t a d s t u . i r s i s m o - t i - - f ; 1913. 100 100 100 ! 100 100 100 100 i. 100 8 100 : 1914. 98 101 95 ! UOO 116 ions "100 22 100 1919. 211 206 217 ; 241 357 364 330 I 322 294 1920. 239 226 246 •• 314 l 314 510 624 1,580 1,480 j 347 377 382 1921. 148 147 182 i 202 I 201 345 578 1,862 1,911 ' 211 I 269 250 1921. May 145 145 183 '• 206 I 201 329 547 i 1,483 1,308 ; 218 294 257 Juno 142 142 179 • 202 197 325 500 1,438 1,366 " 218 291 254 July 145 141 176 : 198 i 196 330 520 . 1,517 1,428 ; 211 300 253 August 146 142 174 i 194 ! 195 331 542 ! 1,798 1,917 ! 198 297 256 347 September 146 141 172 191 ' 194 344 580 i 1,843 2,067 182 287 224 364 October... 145 142 169 185 • 187 331 j 599 i 2,067 2,460 I 175 286 202 368 November. 145 141 168 176 . 177 332 595 279§ 3,416 ' 174 276 186 368 December. 142 140 170 171 ' 172 326 595 : 3,348 3,487 : 172 188 368 1922. January... 142 138 168 168 170 314 577 : 3,562 i 3,665 170 260 178 361 February.. 146 141 169 I 165 167 306 562 . 3,955 : 4,103 ' 166 253 177 350 March 147 142 166: 163 108 307 633 4,876 5,433 : 164 240 382 347 April 149 143 166 163 167 314 527 : 6,101 ! 6,355 165 236 178 340 May 158 148 167 161 . 171 317 52,1 6,573 ! 6,458 164 231 177 3-13 June 162 150 165 . 169 325 537 ! 6,809 j 7,030 230 179 350 July...... 7,978 !. 180 Aus- South tralian Cal- • Shang- Bul- | Cairo; Africa; Com- cutta, Japan; i hai; Peru; garia; Poland; i Depart- Office of mon- New Dutch India; Bank of ;Bureau of Depart- Direc- ed en Ira 1 J merit of Census wealth; Zealand; East i Depart- Japan Markets, ment of tion j Statisii- Statis- and Sta- Bureau Depart- Indics; ment of for Ministry Statis- Generale! cal Office tics (23 tistics of Cen- ment of Statis- Statis- Tokyo of ! tics de la | (72 com- com- (187 sus and Statis- tical tics (75 (56 com- Finance : (58 commodities.) modi- com- Statistics tics. Bureaus | com- modi- ; (147 com-i modities). modi- (92 com- ! mod- ties).* i modi- i ties).^ ties). modi- ties).2 ! tiCS).23 • ties).' ! 13 100 100 9 100 100 100 I 100 12 100 104 i* 100 J i»100 96 104 225 181 180 178 281 ' 198 236 • 24129 ! 220 299 245 , 218 212 226 | 204 259 140 238 180 192 167 201 166 181 200 ! 145 | 205 May... 1,945 179 201 187 184 ! 191 145 204 June.. 1,680 160 ! .162 200 183 J78 I 192; 148 202 July... 1,721 164 : 169 159 200 183 183 . 196 j 145 201 Aug... 1,730 166 ! 160 197 184 184 ! 199 149 205 Sept... 1,758 176 ! 160 197 188 187 | 207 148 205 Oct... 2,052 186 155 156 195 175 184 ' 219 i 146 203 Nov... 2,061 181 i 151 : 191 170 180 214 ! 144 195 Dec... 2,155 170 148 j 189 166 180 ; 209 i 146 190 j j 168 ".. 147 I 186 164; 178 206 j 149 190 169 ,. 147 j 181 163 ! 179 204 ! 150 191 153 ;. 146 ! 180 164 j 182 201 j 152 19Q 148 • 144 148 ;. 164 . 182 197 ' 150 187 141;. 155 166 I 187 194 ! . 139 j. ! i See following pago 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 3 End of month. 17 Jan. 1, 1913-July 31, 1914= 100. « Beginning of month, but not always the first. 18 Average annual expenditure, 1913= 100. »Middle of month. "Feb., 1913-100. • End of year and end of month. 20 Average for month until September, 1921; thereafter prices as of 15th i First of month. 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. 23 As oflast Wednesday in month. 11 July 1,1912-June 30,1914-100. 24 December figure. » July, 1914-100. 25 January, 1914=100 . "End of July, 1914-100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

838 FEDERAL RESERVE BULLETIN. JULY, 1922. THE POLISH INDEX. tion of the index published by the Federal Statistical Bureau for Germany, and the in- The index number for Poland, which appears dexes for Switzerland, Holland, Norway, Bulin the foregoing table for the first time, is garia, Cairo, the Union of South Africa, the compiled by the Central Statistical Bureau Dominion of New Zealand, and Peru. The in Warsaw. The index number is constructed index numbers for the Dutch East Indies and on the basis of prices in January, 1922, as 100, Belgium were described in the BULLETIN for but as published in the BULLETIN it has been March, 1922. Lack of space prevents the pubrecomputed on the basis of prices of January, lication of group index numbers for these coun- 1914, as 100. The index consists of 72 com- tries, but they can be obtained at any time modities, classified under eight headings: (1) upon request. In the case of the two Amer- Cereals and vegetable foods; (2) animal foods; ican index numbers, 1913 is used as the basis ; (3) groceries a,nd sugar; (4) hides and leather; in the original computations. In most other (5) raw materials and textiles; (6) metals and cases in which 1913 appears as the basis for the coal; (7) building materials; (8) chemicals and computation, the index numbers have been miscellaneous goods. The all-commodities in- shifted from their original bases. The compudex, which is the only figure published in the tations in these cases are, therefore, only ap- BULLETIN, is an unweighted geometric average proximately correct. In certain cases July, of these group indexes. The prices are fur- 1914, or the year immediately preceding that, nished by the grain and merchandise exchanges is used as the base. Since the figures are for and by large industrial and commercial enter- the most part received by cable, the latest prises and apply to the latter part of each are subject to revision. In certain cases the month only. The figure for January, 1914, index numbers for the war years were published applies to 58 commodities only, owing to the in various issues of the BULLETIN in 1920. fact that conditions in Poland make it impossible for the bureau to obtain the prices of a REVISION OF UNITED STATES BUREAU OF larger number of commodities for 1914. ..The LABOR STATISTICS INDEX. recomputation of the index number on the 1914 The United States Department of Labor, base involves therefore a certain amount of through the Bureau of Labor Statistics, unavoidable error. announced in June that its series of wholesale price index numbers has been completely re- OTHER INDEX NUMBERS. vised. An explanation of the revision is con- The BULLETIN for January, 1920, contains a tained in the following statement issued by . description of the French, Australian, Japanese, the Bureau of Labor Statistics. and Canadian indexes. A description of the This revision consists of (1) a regrouping of the commodmethod used in the construction of the Swedish ities and the addition of a considerable number of new index number appeared in the BULLETIN for articles, and (2) the use of the 1919 census data for weight- Februar}^, 1921, the new Italian index number ing purposes in place of the 1909 census data formerly employed. was discussed in the April, 1921, issue of the In preceding reports of the bureau the plan was followed BULLETIN, and the method used by the Frank- of confining an article to a particular group, regardless of furter Zeitung in the case of the German index its fitness for inclusion also under other group designanumber was described in the BULLETINS of Feb- tions. With the new plan articles properly falling under more than one of the classifications adopted have been ruary and March, 1921. The index of the included under each classification. For example, struc- United States Bureau of Labor Statistics has tural steel, nails, and certain other metal products used been completely revised since the June BULLE- in building have been put in the group of building materials as well as in that of metals. Similarly, food articles TIN was issued. The new index numbers will produced on the farm that reach the consumer practically therefore take the place of the old series, be- unchanged in form, as potatoes, rice, eggs, and milk, are ginning with this month. Further details of included both among farm products and among foods. the revision are presented below in connection In computing the general index number for all commodities, however, such articles have been counted only with the group index numbers of the Bureau once, thereby avoiding duplication in the final result. of Labor Statistics. A description of the index A transfer of an article to a different group has been made number of the Federal Reserve Board for the in a few instances in revising the classification of commod- United States may be found in the BULLETIN ities. for May, 1920. The Danish index has been The weighting of the prices used in constructing the index numbers for the different groups of commodities by constructed only recently, is based upon the the new 1919 census figures of production, instead of the prices of 33 commodities, and is roughly weight- 1909 data used in preceding reports, conforms to the plan ed according to consumption. The new British contemplated by the bureau at the inception of its weighted index number, compiled by the Board of Trade, index number system in 1914 of revising the weighting factors every ten years as new census information should was described in the March, 1921, BULLETIN. become available. All computations have been carried The December, 1921, issue contains a descrip- back to 1913 in order to insure comparability of the figures Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 839 and also to provide a pre-war standard for measuring able. For comparison with the new series, the old general wholesale price changes. index of all commodities is shown in the last column of The following table gives the revised index numbers the table. Publication of the old series was suspended for the several commodity groups from January, 1913, to with the April, 1922, figures. the latest month for which complete information is avail- REVISED GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS. [1913=100.] Metals All comn Year and month. F p u r a c o r t d m s. - Foods. cl C o a l t o n h t d i h n s g. F li u g e h l t i a n n g d . . m p u a r c e o n t t d s d a . - l B m r i i u a n a i l t g l s e d . - - i C ^ c h s- e = m - l ! g o H S o d u s ™ s . e " - Mi n s e c o e u l s la . - i N n e d w ex - . in O d l e d x. 1913.. 100 ! 100 100 100 100 100 100 100 100 100 100 1914.. 103 ! 102 98 93 85 92 101 100 95 98 100 1915.. 104 105 98 88 99 94 134 100 95 101 101 1916.. 123 121 127 126 162 120 181 106 121 127 124 1917.. 190 167 175 169 231 157 202 125 148 177 176 1918.. 218 188 228 170 187 172 215 153 156 194 196 1919.. 231 207 253 181 162 201 169 184 175 206 212 1920.. 218 220 295 241 192 264 200 i 254 j 196 226 243 1921.. 124 144 180 199 129 165 13(5 195 ' 128 147 153 1913. January... 98 I 99 99 100 107 101 100 100 106 100 100 February.. 98 ! 98 100 101 105 102 101 100 | 105 100 100 March 98 98 100 101 105 103 101 100 103 100 99 April 99 98 100 98 104 103 101 100 100 100 98 May 97 97 100 98 103 103 100 100 98 99 98 •June.. 98 99 100 98 101 102 100 100 100 99 100 July 99 101 100 99 98 99 100 100 100 100 100 August 100 102 100 101 98 99 100 100 98 100 101 September.. 103 103 101 101 98 99 100 100 100 102 102 October.... 103 102 101 102 97 i 98 100 101 98 101 101 November. 103 103 101 102 94 ! 97 100 100 97 100 101 December.. 103 101 100 99 89 i 96 98 ! 100 9G 99 99 1914. January... 103 101 99 98 100 94 98 100 February.. 103 100 99 98 100 I 96 99 99 March...... 102 98 100 98 100 I 98 98 99 April 102 I 95 98 97 100 I 98 98 98 May 101 I 96 95 97 100 ! 99 97 98 June 101 97 91 96 100 i 95 97 99 July 103 ! 99 91 95 100 93 97 100 August 106 I 109 89 96 100 94 101 103 September. 106 i 111 89 109 100 96 102 104 October 101 : 106 88 108 100 92 97 99 November. 102 I 106 88 107 100 91 97 98 December.. 101 ! 105 88 107 100 96 97 98 1915. January... 104 106 94 87 82 88 108 99 99 98 99 February. 105 108 > 95 86 86 89 116 99 93 99 101 March 104 106 95 84 88 90 118 99 93 99 99 104 105 96 82 90 90 118 99 93 99 100 105 105 : 96 82 96 93 116 100 93 100 101 June 101 102 : 96 81 102 93 123 100 93 99 99 July 104 104 i 96 81 105 94 130 100 94 100 101 August 103 102 i 97 85 103 93 136 100 93 100 100 September. 101 99; 99 91 104 94 143 100 92 100 99 October 106 102 ! 101 94 105 98 151 100 93 102 101 November.. 104 106 I 105 98 110 101 165 100 I 95 104 103 December.. 105 108 ! 107 103 122 104 179 101 100 108 106 1916. January 110 109 110 113 133 110 184 103 I 110 113 110 February.. 110 110 114 115 142 113 204 103 : 105 115 112 March 111 112 117 119 156 118 206 104 108 119 114 April 113 114 118 120 164 120 200 104 • 110 121 117 May 115 115 120 120 168 121 193 105 j 114 122 118 June 114 115 122 , 122 164 120 191 105 120 123 119 July 117 117 125 | 121 158 120 175 107 ! 120 123 119 August 125 122 128 116 157 120 157 107 ! 121 126 123 September. 131 126 130 120 160 121 158 107 | 124 130 128 October 136 134 137 128 164 124 164 109 132 136 134 November. 147 141 147 155 174 126 167 111 139 146 144 December.. 146 137 154 163 199 132 172 111 147 149 146 1917. January.... 152 140 158 171 198 138 173 118 149 153 151 February... 157 145 157 178 204 140 173 119 150 . 157 156 March 166 148 158 174 218 144 181 120 151 162 161 April 184 164 164 164 230 155 186 121 153 173 172 May 196 175 167 178 240 159 194 121 151 183 182 June 195 171 174 183 267 169 195 123 153 185 185 July 196 169 181 176 292 168 205 129 153 188 180 August 202 175 186 167 282 167 211 129 150 189 ; 185 Se ptember. 202 176 185 160 260 167 223 130 147 187 i 183 October 207 180 185 153 207 156 231 130 142 183 181 November., 212 181 191 161 183 156 223 131 140 183 183 December.. 207 181 195 163 183 158 228 133 140 182 182 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

840 FEDERAL RESERVE BULLETIN. JULY, 1922. REVISED GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS-Continued. [1913=100.] Year and month. F p u r a c o r t d m s. - Foods. cl C o a l t o n h t d i h n s g. F li u g e h l t i a n n g d . M m p u a r c e e n o t t t d a d s a . l - l s B m r i i u n a a i l t g l s e d . - - 1 i c C d a r l h s u e g a m s n . - d f H u g r o o i n n o u i g d s s s e h . - ' M n i e s o ce u l s l . a- A in N l d l e e w c x o . mmo i d n i O d ti l e d e x s . . 191S. January 2L1 182 201 164 183 161 223 137 145 184 185 February 211 183 205 164 184 161 227 138 145 186 186 March...... 211 179 211 165 184 164 229 140 147 187 187 April.. 213 181 220 166 184 169 228 144 152 190 190 May 209 180 226 169 185 170 222 146 155 190 190 Juno 210 180 233 169 184 172 205 152 160 191 193 July.... 217 185 238 175 189 177 209 159 159 196 198 August 227 189 239 175 190 179 2L2 161 160 200 202 September 234 195 245 176 190 179 210 163 161 204 207 October. :. 225 198 215 176 192 177 211 164 163 202 204 November 225 204 241 • 179 191 177 209 164 164 203 206 December 227 206 233 179 187 177 194 163 163 202 206 1919. January 224 203 220 J78 175 176 181 167 166 199 203 February 216 194 210 178 170 173 169 165 163 193 ' 197 March... 224 199 203 178 163 171 162 164 161 190 201 \pril. 230 205 205 177 153 109 160 167 160 199 203 May ... 234 210 216 178 153 173 161 168 161 202 207 June 226 204 243 ISO 154 189 102 180 167 203 207 July ... 241 210 262 181 160 209 167 183 177 212 218 August 242 214 276 184 162 226 170 188 187 216 226 September 225 205 283 188 161 229 170 190 189 210 220 October.. 227 205 291 189 162 229 173 194 187 211 223 November 237 210 304 188 164 232 176 217 189 217 230 December 242 220 317 189 168 248 182 222 189 223 238 1920. January.. . 247 231 339 194 175 274 189 239 194 233 248 February 237 222 346 199 190 293 195 242 197 232 249 March... 237 220 344 208 197 297 205 242 200 234 253 April 243 238 336 231 203 300 210 242 20o 245 265 May 241 248 328 239 202 293 213 247 208 247 272 June 237 243 314 250 200 275 212 248 205 243 269 July 233 238 300 259 202 269 212 275 203 241 262 August 218 221 286 269 202 255 209 274 199 231 250 September 210 215 266 281 200 255 205 273 195 226 242 October 187 201 245 280 191 240 198 271 188 211 225 November 173 190 226 264 176 21.5 181 260 179 196 207 December 152 170 215 254 160 204 164 242 166 179 189 1921. January.. 143 162 196 247 153 192 153 217 154 170 177 February 133 151 188 225 147 ISO 149 217 14.7 160 167 March. . 127 151 183 212 140 173 143 216 139 155 162 -Vpril 117 144 176 205 138 167 135 216 130 148 154 Mav ns 139 173 200 138 165 134 209 126 145 151 June . . .. 114 137 172 191 133 163 133 196 125 142 148 July 119 141 172 186 124 160 129 180 123 141 148 August... 123 146 171 184 117 156 129 179 119 142 152 September 124 142 178 181 116 156 131 179 118 141 152 October 124 140 180 189 116 159 131 180 118 142 150 November 121 139 180 197 114 163 129 178 . 119 141 149 December 120 136 180 199 113 158 127 178 121 140 i49 1922. January 122 131 176 195 112 157 124 178 117 138 148 February 131 135 174 191 110 156 123 177 117 141 151 March .130 137 172 191 109 155 125 1.75 117 142 152 •Vpril. 129 137 171 194 1.13 156 124 175 116 143 152 May ... 132 138 175 216 119 160 122 176 116 148 j une 131 140 179 225 120 167 122 176 114 150 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 841 GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE. [1913=100.] I Meat ! Other Iron and Other ' Other Total All com- Year and month. ! Cereals. and fish. '• foods. steel. Cotton. textiles, j articles. not food. modities. i i i 1913 average.. 100 100 100 ! 100 100 100 100 100 1920 average.. 273 406 252 j 486 362 j 274 340 314 1921 average.. 195 243 180 i 193 174 j 197 198 202 1921. May.. 199 220 ! 22S 216 249 193 183 ! 166 ! 201 201 206 July 202 213 , 215 210 228 185 180 i 161 I 194 192 198 August 205 216 I 210 210 222 172 176 ' 159 189 186 194 September. 195 200 j 201 199 207 161 213 163 j 190 187 191 October.... 170 184 ! 193 183 194 158 225 i 170 190 186 185 November. 157 178 i 195 177 181 153 199 ! 169 183 176 176 December.. 153 181 ' 186 173 172 152 188 | 167 178 171 171 1922. j January... 149 176 182 166 149 180 I 169 ' 174 167 February. 155 i 178 187 174 162 145 168 104 169 161 165 March 159 | 166 186 171 159 143 172 ! 159 167 159 163 April 150 i 171 186 172 158 113 173 160 164 159 163 May 159 I 174 181 172 158 142 179 166 103 160 164 I GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU. [1913-1 DO.] Sugar, Raw Year and month. A fo n o im ds a . l V f e o g o e d ta s b . le cofl c e o e c , o a a n . d Foods (20). Minerals. Textiles. Sundries. ma ( t 2 e 5 r ). ials m Al o l di c t o i m es - . 1913 average 100 100 100 100 100 100 100 100 100 1920 average 503 427 422 459 449 737 524 550 510 1921 average 380 330 343 355 275 355 374 338 345 1921. June 349 308 338 357 261 278 341 300 325 July 353 364 393 366 253 290 343 301 330 August 371 337 352 355 245 321 350 312 331 September 373 311 389 352 253 388 370 338 344 October 345 305 305 323 262 391 365 338 331 November . 331 306 324 321 277 388 362 341 332 December 324 303 300 313 269 375 364 337 326 1922. January 309 289 306 302 258 363 350 324 314 February 303 288 318 301 242 315 341 311 306 March 341 285 326 317 242 326 328 300 307 April 362 310 320 335 215 319 324 297 314 May 362 310 319 334 249 338 323 303 317 June 363 318 334 341 255 364 322 313 325 GROUP INDEX NUMBERS—ITALY—RICCARDO BACHI. [1921-100.] Year and month. Ve fo g o e d ta s b . le A fo n o im ds a . l Chemicals. m B a u t i e ld ri i a n l g s. m Al o l di c t o i m es - . 1921 100 100 100 1922. January 112 ' 114 February 109 i 112 90 March 107 ; 97 85 April 105 i 103 84 May 106 ; 94 84 112292—22- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

842 FEDERAL RESERVE BULLETIN. JULY, 1922. GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG. [Middle of 1914= 100.] Year and month. A p t u g u r c r o r t i a s d c . l - ul- le t T a il t e e h x s e - , r. M a i l n s e . r- la M n i e s o ce u l s - . m c t A i o o e m l d s l . i - - Year and month. A p u t g u r c r o r i t c s a d . u l - l- le f T a il t e a h x o e - r. M a i l n s e . r- l M an i e s o ce u l s - . m c t A o i o e m l d s l . i - - July, 1914 100 100 ! 100 100 100 1921. 1920 average... 1,223 3,107 I 1,925 1,417 1,580 i' Beginning of— 1921 average.... 1,678 2,880 ! 2,268 1,672 1,862 j December.. 3,159 6,427 5,635 2,418 3,348 Begi J n u n ly ing 1 o 9 f 2 — 1. 1,265 2,107 ! 1,780 1,566 1,51 . 7 : j | ' ! i j Beg J m i a n n n u in a 1 g r 9 y o 2 f 2 — . 3,351 6,427 4,025 2,984 3,562 August 1,867 2,240 i 1,811 1,525 1,798 ' February... 3,551 6,827 4,520 3,393 3,955 September. 1,841 2,560 : 1,935 1,582 1,843 I: March 4,712 7,200 5,650 4,016 4,876 October 1,981 3,200 I 2,337 1,705 2,067 j| April 5,794 9,147 7,028 4,983 6,101 November. 2,766 4.613 3,251 2,057 2,798 || May 5,829 10,053 7,709 5,934 6,573 |; June 6,073 10,347 7,771 6,221 6,809 J 7,260 11,920 10,124 6,639 7,978 GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABOR.1 [1913-100.] Year and month. G a r n a d ins An a i n m d a ls! ' ssar x f O o t o h d e s r . Textiles. le H a i t d h e e s r , , Metals. m Im e p n l t e s - . i t n B e g r u i i m a l l d s a - , - ! ; F l u ig e h l t a i n n d g, c D h a r e n u m d g i s - m c A o o m l d l i - fodder. meats. etc. lumber, j cals. ties. 1913 100 100 100 100 100 100 100 100 100 100 i 100 100 100 1 1 9 9 2 2 0 1 , 2 1 6 5 3 0 1 1 9 4 8 9 2 1 0 5 4 7 ! 2 1 6 7 1 2 2 1 5 8 8 1 3 1 0 8 3 9 1 1 9 1 2 0 2 l 0 o 3 O 2 2 4 4 5 0 22618 1I i 2 2 5 1 5 8 2 1 0 7 4 7 2 1 4 8 6 2 1921. June 146 146 124 169 183 180 106 154 236 218 ! 212 175 179 July 146 143 133 157 174 179 106 147 236 217 | 207 175 176 Aujrust 152 143 142 182 173 181 101 145 237 192 I 206 176 174 September... 144 133 141 170 170 183 100 143 235 189 206 171 172 October 127 134 149 171 162 185 100 143 234 190 210 169 160 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 133 129 149 155 176 99 142 231 180 206 163 168 February 145 140 141 204 155 174 97 141 216 179 204 164 169 March 149 138 122 204 158 174 96 137 213 174 206 166 166 April 152 143 127 203 157 174 95 135 213 174 ; 206 165 166 May 153 144 116 202 154 175 95 136 213 173 I 221 166 167 June 143 144 117 180 153 180 99 137 213 173 ! 221 162 165 i Unimportant groups omitted. COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following table are presented statistics RETAIL PRICES IN THE UNITED STATES, PARIS, SWEDEN, showing the trend of retail prices and the cost AND ITALY; COST OF LIVING IN UNITED KINGDOM AND of living in the United States and important GERMANY. European countries:* [July, 1914=100.] Germany; 1 1 P 0 9 a 1 0 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 e h e n s o if e — f t e t d i h a n r e d e t o e U c x o t n h n i n e t s e u t d J r m u u S c l b y t t e e a , r d t s 1 e — 9 o s 1 , n t 4 t h t h , o h e b s e a e o b s r e a i f . g s o i i r s n T a o t h l h f e b 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 n K f l d y t i e , h n x e g 1 9 d u y 1 o s e 4 m e a = s r , p U S r r t e n i a c t i t a e t e e i s s l d . , 1 d o U f o K l m n i i v i , n i t c g n e o - d g s . t 2 p P r r e i a c t r a e i i s s l . , 1 S p w r r e i e t c d a e i e s l n . , S B F t c a u e o t d r i s s e t e t a o r i a u c f l , al p I r r t e i a c t l a e y i s l , .4 January, 1914, as a base. living.* The American index number, constructed by the Bureau of Labor Statistics, was based upon the retail prices of 22 articles of food, weighted according to family consumption, until January, 1921, when it was 1920 199 249 371 298 5 813 454 increased to 43 articles reported by dealers in 51 important cities. The 1921 150 226 337 237 1 047 548 method of weighting continues the same, although the actual "weight" applied has been changed. 1921. o M f T i o n h t i h s e t e r r y B r a o i r t f t i i s c L h l a e b i s n o a d r s e c x w o n n e s l u l i . s m ts b R e o e r f t a t o h i f l e t c r h e l e o t a th c il o i n s p g t r ic o p e f r i s c l i n e v o s i , n t r g o e n n c l t o y s n , o s a f t n r f u d o c o t t d e h s d e t u b c ff o y s s t t b h o u e f t i ; J A M u u a ly g y ust ] 1 1 4 4 5 2 5 2 2 2 2 2 1 2 2 9 8 3 3 3 1 1 0 7 7 6 2 2 2 3 3 3 4 2 7 1,0 9 8 4 8 6 5 0 3 5 5 0 3 1 4 fuel, lighting, and miscellaneous household items are also taken into |September. 150 220 329 228 1,062 542 consideration. The index number is weighted according to the im- : October... 150 210 331 218 1,146 581 portance of the items in the budgets of working-class families. November. 149 203 326 211 1,397 583 The retail price index for Paris, compiled by the French General December. 147 199 323 202 1,550 585 Statistical Office, consists of retail prices of 13 different commodities, 1922. weighted according to the average annual consumption of a working- January... 139 192 319 190 1,640 576 man's family of four persons. Eleven of the commodities included in •February.. 139 188 307 189 1,989' 558 this index are foods, and the other two are kerosene and alcohol. |March 136 186 294 185 2,302 546 The Swedish index number consists of the retail prices of foodstuffs, April 136 182 304 182 3,175 fuel, and lighting and is based upon the prices of 51 articles in 44 towns May 136 181 317 178 3 402 (in 1920, 50 articles in 49 towns), weighted according to the budget of June 180 307 3,779 a workingman's family which before the war had a yearly income of 179 2,000 kronor. The German cost of living index furnished by the Federal Statistical 1 Average for the month. <19i3-100. Bureau is based upon the average for 46 cities and includes food, fuel, 2 Beginning of month. • Average for 11 months light, and rent. »1913-14-100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 843 FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, NORWAY, JAPAN, AND GERMANY. In the following table are presented figures current f. o. b. values. The same method is followed in Japan and Sweden. In France and Italy the value of foreign trade is estimated showing the monthly value of the foreign trade not in terms of current prices but in terms of those of some earlier, dated of a group of important European countries usually the preceding year. None of the figures presented below include the import or export and Japan.1 of gold and silver. In the case of England and France, group figures are given as well as total values, while in the case of the other countries total values only are presented. This does not mean that group figures 1 Currencies have not been converted to a common unit, nor are are not obtainable, merely that they are either delayed in publication methods of valuation the same in all countries. In England imports or appear not to be of such general interest as the French and English are given current c. i. f. values in England; exports and reexports, material. FOREIGN TRADE OF THE UNITED KINGDOM. [In thousands of pounds sterling.] Imports. Exports. i m R a a t w e- Articles \ Miscel- m R a a t w e- Articles- Miscel- Reex- Year and month. Food, rials and wholly laneous, wholly I laneous, ports. d a ri n n d k, m ar a ti i c n l l e y s ma o i r n ly in i c n l g ud- Total. ma o in r ly i ! in i c n l g ud- ! tobacco. manu- parcel manu- | parcel post. factured factured.; post. Monthly average: 1913 24,184 23,485 16,134 259 64,061 2,716 5,825 34,281 ! 949 9,131 1920 63,817 59,196 37,787 254 161,387 4,245 12,126 93,312 : 1,523 18,563 1921 47,271 22,598 20,421 268 90,557 3,122 5,297 49,055 i 1,126 8,921 1921. May 50,094 16,711 19,282 221 2,101 1,437 38,662 7,232 July 42,090 20,232 18,005 431 80,757 2,702 2,775 ! 36,705 9,362 August 50,584 19,589 18,194 214 88,581 3,124 7,058 i 39,936 9,998 September - 48,410 20,465 17,905 338 87,119 3,300 6,997 | 44,009 8,595 October ... 44,475 21,256 18,691 : 320 84,742 3,466 7,359 I 50,328 10,386 November. 41,246 29,946 17,913 • 154 89,259 3,586 7,046 i 51,094 9,823 December . 39,063 27,792 18,291 i 165 85,312 3,187 7,446 ! 47,364 9,204 1922. January .. 33,972 24,565 17,710 241 75.488 2,861 7,032 51,824 8,459 February . 32,257 20,220 16,576 322 69,375 2,754 6,869 48,000 10,174 March 45,261 22,095 20,309 i 215 87,879 3,270 8,465 51.760 10,154 April 40,097 21,404 18,962 ! 199 80,661 3,011 7,376 44,336 9,200 May 43,075 25,358 20,207 i 175 88,814 3,045 8,757 51,073 8,965 June 81,298 8,720 FOREIGN TRADE OF FRANCES Imports. Exports. In thousands of francs. In thousands of francs. In ' I In Year and month. thou- - — thou- Food. m r R i a a a w l t s e . - M ar t a t u n i r c u e l f d e a s c . - Total. s m a t n o e d n tr s s i . c o f ; : : Food. m r R i a a a w l t s e . - M ar t a t u n i r c u e l f d e a s c . - P p a o r s c t e . l Total s m a t n o e d n t s r s i . o c f Monthly average: 1913 2 151,465 412,144 138,169 701,778 3,685 • 09,908 154,841 301,420 47,182 573,351 1,810 1920< 989,576 2,096,379 1,072,787 4,158,741 4,211 j 217,733 509,485 1,413,548 100,479 2,241,245 1,071 19213 517,158 1,033,170 412,045 1,962,373 3,165 ! 161,031 463,219 1,007,413 , 104,430 1,796,092 1,333 1921. Mays 419,229 690,553 455,726 1,565,508 2,250 151,724 415,057 986,583 95,271 1,648,635 1,168 Julys 434,001 704,069 33 L, 047 1,469,117 2,164 123,303 439,534 925,868 74,350 1,563,055 j 1,194 August3 6 5 9 5 J 5 . ,5 9 4 7 5 2 I 1, 8 2 5 04 5 , , 2 6 1 9 3 7 3 32 2 9 0 , , 4 0 9 5 4 2 2 1 , , 2 7 2 3 5 1 , , 6 2 7 9 9 4 2 3 , , 5 9 9 9 3 3 1 1 4 1 0 2 , , 4 6 6 5 7 4 4 4 4 4 5 4 , , 3 8 1 9 2 1 1 1 , , 0 0 8 8 7 4 , , 4 1 4 9 3 3 9 8 5 2, , 9 8 3 5 3 2 1 1 , , 7 7 2 7 5 4 , , 0 65 9 3 2 1 1 , , 1 03 7 5 2 Septembers.. 717,091 1,191,860 318,000 2,226,951 2,809 132,424 482,376 1,04.1,594 : J 03,078 1,759,472 1,252 Octobers 564,012 1,446,125 323,593 2,333,730 5,161 157,180 478,875 992,256 i 120,343 1,748,654 1,515 Novembers 754,671 1,856,148 543,445 3,154,264 5,197 259,605 549,495 1,193,161 180,059 2,1S2,320 2,507 December^ 1922.6 January 352,572 887,253 247,827 1,487,652 3,396 121,526 458,460 994,852 63,903 1,638,741 1,554 February 385,021 1,137,855 324,150 1,847,026 4,126 153,892 448,455 1,106,507 144,458 1,853; 312 1,520 March 460,765 1,005,463 465,737 1,931,965 4,434 130,595 456,930 1,189,712 99,431 1,876,668 1,570 April 438,000 983,000 323,000 1,744,000 3,787 130,000 461,000 1,231,000 134,000 1,962,000 1,794 May 504,000 996,000 310,000 1,800,000 4,396 132,000 498,000 1,127,000 111,000 1,868,000 1,538 1 Not including gold, silver, or the reexport trade. Latest figures subject to revision. 2 Calculated in 1913 value units. 8 Calculated in 1919 value units. French foreign trade figures are originally recorded in quantity units, and the value of the trade is calculated by applying official value units to the quantities imported and exported. Normally the monthly statements of trade appear computed at the rates of the year previous, and only at the end of the year is the trade evaluated at the prices prevailing during that year. Because of the disturbed price conditions in France during the past two years, 1919 price units are being applied to the 1921 trade. * Calculated in 1920 value units. »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

844 FEDERAL RESERVE BULLETIN. 1922. FOREIGN TRADE OF ITALY, SWEDEN, NORWAY, AND JAPAN.1 Italy. Japan. (In millions of (In millions of lire.) yen.) Year and month. Imports.. Exports. Imports. Exports. Imports. \ Exports. Monthly average: 1913 304 61 53 1920 2 1,322 195 162 1921 135 104 1921. May 150 105 July »5i>7 ! 110 99 August 39S1 ; 132 106 September.. 3 962 : 129 96 October.... 3 1,101 : 130 112 November.. 3 1,125 • 152 121 December.. 3 1,521 ; 161 146 1922. January .. 1,309 179 i ^7 February. 1,050 198 ! 101 March 1,169 208 ! 115 April 185 i 129 May 169 I 154 i Subject to revision. 2 Based on 1919 values. 3 Based on actual current prices. « Estimates of Farmand. FOREIGN TRADE OF GERMANY.* Imports.2 Exports.3 Merchandise. ; Merchandise. Year and month. Gold and ! Gold and silver (in I I silver (in | thousands T oo r> ff m mm i aa ll rr in kk T ss i . c ! ! T n Is e na tr nt i h c d os t U o (") i f l s . ' i o th f o m us a a r n k d s s ), In o f m m i a ll r i k o s n . s m I e s n a tr n i t d c h s o t o o u f n - s. Monthly average: 1913 36,553 j 890 6,073 j 8,450 841 6,141 1920 1,570 ! 17,773 5,776 1,651 1921* "i7,"756T 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 j 10,642 I 2,533 26,832 7,492 1,871 October 60,693 13,814 | 3,095 30,013 9,681 1,973 November.. 5,312 1 12,273 I 2,535 44,073 11,886 1.908 December.. 4,922 1 13,702 2,086 86,227 14,468 1,930 1922. January... 132,336 12,6-11 2,309 134,054 14,394 2,027 February., 46,409 12,001 1,475 57,425 14,482 1,747 March 7,566 22,919 2,645 46,898 21,285 2,153 April 12,315 ! 28,261 45,708 22,955 2,760 MHaayy. 32,400 3,810 27,200 2,090 1 Latest figures subject to revision. 2 Not including philanthropic gifts. 3 Not including deliveries on reparations account. 4 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

JULY, 1022. FEDERAL RESERVE BULLETIN. 845 INDEXES OF INDUSTRIAL ACTIVITY. ENGLAND. Production (long tons, 000 omitted). Exports. Per cent Raw , of uncotton Ship ton- Railways Iron and Cotton : employed Year and month. Coal. Pig iron. i i S n c a n a g t n g e s o d e s t t - . l s Fi s n t i e s e h l. ed s s v a ( u t i n h s p d i o p b s u l l y o e - f n t c i a o o g t n n e o s n ( u t g s r n ) r u . o d c s e - s r o ( n m 0 m e 0 i t 0 t i l t , t e 0 e o s 0 d n 0 ). t f o m a ( n s c l a t s t o e u n , n e r 0 u g l e 0 - s 0 ( f s o m a q o c a . o t n ; u y o u r d o - e s o s ., a to m ( n C l i s o t o , t n a e 0 g l d 0 ) 0 . I 1 • 1 a i 2 a m p n , m 0 p s a • 0 n u > o t 0 e r r n o , e l 0 g x y d 0 i- 0 omitted). omitted). persons. Monthly average: 1913 23,953 855 i 639 12,002,699 ! ! 414 «596 6,117 1920 j 19,108 : 670 756 646 1,397 i 13,603,131 : 1,546 j 271 374 2,078 1921 13,696 ! 218 I 302 238 ' 1,234 : 13,312,983 ' 1,108 '•• 142 244 2,055 1921. j May ' 14 ! 6 306 • 1,281 498 99 147 14 j 1.8 July i 2 15,215 10 I 117 137 : 1,310 1,088 64 179 816 14.8 August j 16,589 94 ' 434 321 1,194 1,311 77 214 3,103 i 13.2 September \ 16,517 158 i 429 322 : 1,060 3 3,282,972 1,297 133 268 3,407 ! 12.2 October 221,090 236 ! 405 304 ! 1,123 i 1 325 156 345 3,406 I 12.8 November 17,875 272 444 i 330 . 1,216 1,368 194 366 3,594 15.7 December 2 22,591 275 i 381 I 292 I 1,271 6 2,640,319 1,306 205 333 4,309 16.2 1922. ! January... 17,693 288 328 ! 271 1,298 253 342 4,021 16.° February. 19,764 300 i 419 321 1,240 ! 224 254 4,014 15.2 March.... 19,921 390 ! 549 1,112 7 2,235,998 . 296 307 5,201 14.6 Aoril 2 22,875 394 • 404 1.181 258 305 4,097 14.4 May 19,146 408 : 432 1,143 272 345 5,057 13.5 1 Average of 4 quarterly estimates. * Work suspended on all but 1,918,319 tons. 2 Five weeks. e Yards. 3 Work suspended on all but 2,094,000 tons. 7 Work suspended on all but 1,619,000 tons. * End of month. FRANCE.1 Year and month. t d i p i P r u o r o i o g c n n - - . C t s d p i r t u r o e u o c n e d - - l . e c im on t C p i f s o o o o u r n a r m l . te p d - R f t p s o o a t u o r n w i m o r c t i n e o c p m . d o n - - t - - s H t C o a o c v t k t r s o e n a .2 t , • ! ' s f p s o i t R l u o r i k m o r a c t i n w e o m p . d n - - - im T p o o ta rt l s . I I e T x o p t e a r l t.. I p\ r R a r o « e i i n f l c w c e t £i h i a p p e y t a s s l' . ! 3 j r e N e m c ou e f p m i u l v o nb i y n e- g r ed municipal Thousands of metric tons. Metric ; ! s b 5 a T a 0 n h l d e k o s s i u lo o - o - f f j : i ' M to e n tr s i . c s m a T t n o h e d n t o s r s u i . c o - f s m a T t n o h e d n t o r s s u i . c o - f s f a T r n a h d n o s c u s o - . f P a a id ri s i . n i grams. ! " I"" "I Monthly average: 1913 M34 4 391 1,558 ! 27,428 i 274 j 629 : 3,685 1,840 ; r» 165,892 1920 286 254 ! 2,005 19,577 j 225 ! 390 ! 4,211 | 1,071 ! 479,894 3,022 1921 280 : 255 i 1,472 16,666 i 169 j 206 3,165 I 1,333 516,397 20,671 1921. April 292 ! 257 , 1,0 "6 I 12,696 j 6 167 I 25 L 3, -100 1,154 i 578,516 37, 758 May 283 : 2.U 731 ! 7.710 ! 169 161 2, 250 1,168 430,088 ! 29,032 July 267 ' 223 ! 660 . 6)539 ! 131 51 2,164 1,194 10,616 August 255 ! 232 1 1,065 : 10,700 132 202 2,593 1,035 9,706 September. 244 ' 236 1,874 ! 11,769 131 261 3,993 1,172 7.486 October 256 | 260 i 1,301 ! 25,757 ! 181 385 2,809 1,251 5; 348 November.. 295 277 3,291 • 29,059 192 277 5,161 1,515 483,216 3,730 Bcember.. 301 ! 302 ! 2,895 I 30,835 i 208 382 5,197 2,507 ; 641,887 4,175 1922. January.., 312 315 ' 1,676 14.870 ; 188 502 3,396 ! 1,554 454,323 4,658 February.. 323 317 2,153 11,714 163 467 4,126 1,520 468,175 4,385 March 386 367 2,081 20,978 127 408 4,434 ! 1,570 472,779 3,546 Anril 383 324 I 1,538 17,391 138 207 3,787 I 1,794 608,764 2.447 May 442 : 3o4 I. 169 4,396 • 1,538 472,607 1,636 3 une 958 I 1 Latest figures subject to revision. 2 End of month. 3 Railways included are: State railways, Paris-Lyon-Mediterrane*, Nord, Orleans, Est, Midi, Alsace-Lorraine and Guillaume-Luxembourg Railways. * Does not include Lorraine. r> Excludes the Alsace-Lorraine and Guillaume:Luxembourg Railways. 6 Figures for 3 weeks. "' Figures of June 24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

846 FEDERAL RESERVE BULLETIN. JULY, 1-922. GERMANY.1 Production (in 000's of Imports (in metric Exports (in metric Ship arrivals in | Unemploymetric tons). tons).2 tons)." Hamburg. • ment. Number of Year and month. Coal. Coke. I o r r o e n .8 t C on o . t * - tu I i a f r r r a n o o e c d s n - n .5 ; s D t a u n y f e d fs s . I ! r_n1 Num- r t o 0 T t n t ( e e o e m 0 a n o g r d n 0 g e e n i ) i s ' s e d t . t s - ; - - ' u u t m p r c n P n a l e e o e o i e d n n o f m y r e t n t - - . - p p r u ( o e S e l n 0 i a o c m r t n 0 e i s e a y d g 0 m o i i t e t v e ' n - s d - - s ! ted). Monthly average: 1913 14,425i 2,72l| 7,269 212,163 1,224,951! 43,424 541,439 21,812|2,881,126j 1,256 1,182! 2.9;. 1920. 10,945! 2,098: 9,323 49,290! 537,535' 12,490 145,883 8,462' 608,749 401 374 3.81 366 1921 1 ll,35r 2,327| 10,251 200,264 619,194 30,894^ 203,681 8,530, 5L8,937i 700 794, 2.8 310 1921. : April : 11,906 2,387! 10,373 609 653.. July ! 10,731 2,218; 10,065i 155,200' 493,434! 35,176; 177,773 7,353 453,1731 809 888' 2.6; 314 August 11,727! 2)247 10)606! 278,661 356,3971 52,433 240,071! 9,618 613,739 942 955 2.21 267 September ll,607J 2,278 10,359 262,915 564,8271 28,766' 225,331 i 10,156 649.158 957 1,018: 1.4! 232 October ! 11,977: 2,396 10,567 273,496 919,82"2"!' 29,739 246,115 10,255 576', 048 915| 1 0471 1.2 186 November , 11,708: 2,344; 10,479 191;932: 937,268; 27,242 233,204 9,953 569,657 838 881; 1.4! 150 December ! 11,923! 2,420: 11,029! 97,499; 790.811 28,313: 214,812 9,212 640,877 503 873 1.6! 149 1922. ! i January ; 12,16s1 2,472 10,978 83,3821 941,972' 23,426! 221,743 9,552 752,3401 745! 875- 3.3 165 February , ll,456i 2,199 10,091 19,119! 492,705, 17,915: 172,709 9,332 669,433 461 716; 2.71 200 March : 13.418' 2,513 12,260 10,791 809,722 26,130J' 2"1•1•, 97—9 12,299 795,200 969 . 209 April , , 11,289 2,511! 10,634 13,009j 865)778. 24,070 200,677 11,095 795,940 May 12,136. 2,532 11,442 1 Latest figures subject to revision. 2 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. 5 Not including machinery. SWEDEN. i Exports. Shipping. i Railway i Production t o ( n 0 s 0 ) 0 . 's of metric Unem- I Im c p o o a r l ts, Net tonnage of I o v c f tr o a f a r r l f u r e f i i i m e c g d , h e t : ! I | fu B rn i l n a a c s e t s n m u p m l e o n y b t - e , r Year and month. U m ( b 0 n c e o 0 p u t 0 a l e b a r ' r s i d n s c s ) o e . d f ( m 0 P t p o 0 a e u 0 n p t l ' s r s e p i ) r c o . f ( m 0 to 0 e n 0 t s ' r s ) i . c of 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 j r o a m n t ( i o 0 l e n w S 0 t s 0 t r a a ) i 's y . c t e s I ! I | i . r P o ig n. in s I a g t r n e o o e d n t l s. : ! C p p h u a e p m lp e i . r cal ! o ( o p p f e e t r r o a c t t e a io n l) n t . w p v o e c a r r i c o k e a f m 1 s n 0 . - e 0 n Entered, j Cleared. _..| __. Monthly average: 1913 1,147 1,147 49 ":. 112 1920 306 234 677 692 ' 991 g! 79 107 1921 162 122 519 482 i 589 276 1921. April 16 : 10 28 432 361 576 1 18 41 ! 40 203 July 119 i 41 20 455 487 503 16 I 41 : 14.9 261 August 205 ! 66 148 592 536 575 15 37 ! 15.7 235 September 325 i 49 279 609 536 566 16 I 41 16.4 227 . October 370 54 219 670 595 691 j 16 44 | 15.7 263 November 361 i 99 192 601 578 721 ! 22 i 57 '. 384 December 356 ! 104 246 575 582 558 17 ! 69 I 16.5 473 1922. January 87 28 114 409 485 18 j 482 February 25 11 62 285 255 i 630 i 17 ! 479 March ^ 63 36 197 617 509 I 730 I 22 381 April 66 21 206 524 485 622 I May 99 70 230 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

847 JULY, 1922. FEDERAL. RESERVE BULLETIN. NORWAY. Tonnage of loaded Exports (in metric tons). Import t s o n (i s n ) . . metric vessels in foreign Unemployment. trade (000 omitted). Receipts of railroads Ratio of | Year and month. her S r a in lt g ; s. News- | * p e p i a £ u c p l aa p e ln r . - Ch p p e a u m p lp i e c . r al o N f i l t i r m at e e . Co c k o e a a l. nd M o in il e s r . al Entered. Cleared. k f t r r f r o ( e r a 0 o n i f 0 g f m e i 0 h c r t ). t b o p u e l n i m o r n e s y e h m 8 e m - i d p - I N o p p f u e l u o m r n y b 1 e e 0 e m d 0 r trade •vacancies. unions. Monthly average: 11992200 21,462 ! 6,420 32,161 17,639 9,787 152,350 238 283 5,480 3.8 ! 1921. 12,219 • 3,813 22,577 ! 8,225 6,821 88,875 7,236 I 186 290 5,129 18.5 ! j 1921. i January 27,2-13 7,179 17,413 23,066 13,567 86,000 17,165 ! 199 288 4,931 12.6 387 February 18,900 4,109 18,785 7,671 : 15,585 9.1,100 6,796 i 168 287 5,080 16.6 440 March 12,887 5, 205 19,204 5,073 ; 10,657 71,900 7,4,10 I 185 33 L 5,117 17.9 403 April 12.319 3,783 17,287 4,693 i 5,7(55 l.o, 700 16,052 I 126 257 5.692 20.1 304 May 1)218 61.0 6,1.19 3,980 | 1,082 1,100 2,266 ! 118 194 4) 856 18. 6 403 .June 2,(51.7 2, 162 7,255 1,-178 i 2,900 .15,545 .1.18 199 4,509 19.0 493 July 4,504 5,165 27,707 j 7,780 ! 2,141 , 55,100 7,905 | 181 288 5,020 19.6 400 August 12,308 '6,46a 32,935 ! 9,051 . 2,948 ! 167.200 1,539 I 251 316 5,587 17.4 275 September... 20.3L0 1,175 26,598 ] 2,956 ! 5,354 | 149)000 95 | 238 298 5,245 17.2 376 October 13)380 1.829 29.672 i 6,918 ! 2,726 j 151,000 ! 1,319 ! 243 283 5,395 18.7 403 November... 6,728 (>) 001 36)999 9,291. I 9,930 ! 124,800 ; 7,312 i 202 205 5,469 19.7 537 December... U,5J8 -j,647 30,954 16,739 I 12,122 | 147,700 I 3,103 ! 203 329 4,642 25.1 661 1922. I i January.. 21,932 5,9.14 25,442 15,559 i 6,687 I .121,500 13,681 I 18.1 286 ' 24.3 602 February. 13,558 5,115 13,563 9,925 j 3,163 i 190,000 8,434 j 190 288 l 26. 8 563 March 11,909 10,147 22,825 .15,647 . 67,295 j 213,500 17,154 503 April 7,973 8,666 38,298 18,863 I 29,241 j 171,800 15,282 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

848 FEDERAL RESERVE BULLETIN. JULY, 1922. FOREIGN TRADE INDEX. upper leather were the largest since May, 1920, and exports of structural iron and steel the There are presented below the usual indexes largest since March, 1921. Exports of cottondesigned to reflect the movements in foreign seed oil were less than in any month since Autrade of the United States, with the fluctua- gust, 1920. The gain in exports of consumers' tions due to price changes eliminated. The goods was the result of gains in exports of all of commodities chosen for these indexes are those the individual commodities except illuminating for which prices are compiled by the Federal oil, which showed a loss of 32.3 per cent. Reserve Board in the preparation of its inter- The volume of imports recovered somewhat national price index.1 from the decline suffered in April. The only main group which continued to decline was pro- INDEX OF VALUE OF FOREIGN TRADE IN SELECTED ducers' goods. Most of the commodities in this COMMODITIES AT 1913 PRICES. group showed substantial increase, but they were [Monthly average values, 1913=100.] not sufficient to offset the losses in imports of 1 Exports. Imports. India rubber and cane sugar. Imports of nitrate of soda, manila hemp, and burlap were m R ri ( a a 1 a t l 2 w s e- g d P e o u r r o o c s d ' - - s g s C e o u o r o m s n d ' - - s T c ( o o 2 m t 9 a - l m r R i ( a a 1 a t l w 0 e s - g d P e o u r r o o s c d ' - - s g s C e o u o r o m s n d ' - - s T co ( o 2 m t 7 a - l i a t n h n c e d r e l M a a r s g a e e r c s o h t , f s i 1 n 1 9 c 5 2 e . 0 2 J , a p r n e e u s r p a e r c y c e t , n i t v 1 e 9 i l 2 n y 1 . , i m O T p c h t o o e r b r t e s e r w , o 1 f a 9 s 2 r 0 a a , w n com- (10 (7 modi- com- (12 (5 modi- materials, due mainly to a 63.1 per cent inmodi- com- com- ties). modi- com- com- ties). ties). modi- modi- ties). modi- modi- crease in silk imports and a 47 per cent increase ties). ties). ties). ties). in imports of lumber, which were the highest since August, 1920. Imports of flaxseed show 1913, vear.. 100.0 100.0 100.0 JOO.O 100.0 100.0 100.0 JOO.O 1919, year.. 88.9 155.1 .1.83.6 115.3 157.5 192.9 147.5 168.4 a very marked recovery since last month but 1920, vear.. 92.2 158.7 133.6 107. 5 135.8 227.5 138.8 168. 8 other losses and gains were small and evenly 1921, year.. 103.1 11.6.9 124.1 108.9 113.6 162. 8 141.4 135.6 distributed. Imports of consumers' goods 1921. Ta nuary 105.2 208.6 1.26.2 120.2 74.5 130.9 123.9 102,6 increased 10.5 per cent during May. Tea February,. 91.0 162.4 119.4 104.1 118.2 113. 7 135. 4 130. 1 imports remained practically unchanged, and March 78.0 135.1 120.2 : 92. 7 160.6 177.2 178.9 169. o April 76.5 .132.5 116.4 90. 5 .153.3 177.6 185. 1. 167.1 imports of cocoa were about two-thirds as Mary 97.6 96. 4 110.8 i 100.3 98.7 150.0 162.1 127.2 June 107.9 94. 2 132.2 111.5 94.5 152,3 1.30.4 120. 8 rge as last month. There were increases in July 111.6 78.6 133.8 1 112.9 99.3 126.6 121.4 112.6 August 142.7 99.6 160.7 1 142.1 116.8 165.1 129.8 136.0 imports of coffee, bananas, and olive oil, the September. 115.7 89.7 L42.3 118.6 1.02 8 .137.7 99.3 1.14.6 last being the largest since August, 1921. October 121.7 107. 0 113.2i 118.4 96.1 1.73.5 1.16.5 1.26.9 November. 95.1 100. 2 106.2 '• 98.1 115. 1. 199.4 149.2 150.6 December.. 93.8 96.0 107.8 j 96.9 133.0 219. L 164.8 168.7 1922. January... 82. 6 104.3 1.29.7i 9-1.5 118.4 228.7 135.2 1.60.1 February. 68.5 86.0 j .127.6 i 82.6 123.3 281.3 133. 5 183.4 SAVINGS DEPOSITS. March 89.8 121. 7 : .156.5 1.06.9 148. J. 306.8 .161.1. 206.5 April 90. o 120.9 i 150.5. 106.0 125. 5 236.1 152. 0 169.1 May 78.3 128. 8 ! 155.4 99.4 14:1.6 227.9 168.0 177.9 Savings deposits of 862 banks on June 1, ! 1922, are compared with deposits for the same The volume of exports declined during May, banks on May 1, 1922, and June 1, 1921, in the due to a very heavy curtailment of exports of following table. The figures for districts No. 1 raw materials. Exports of cotton and of corn, and No. 2 are exclusively those of large mutual the two most important commodities in the savings banks, but in all other districts reports raw-materials group, decreased 20 per cent and of other banks are included to make the figures 41 per cent, respectively, while exports of thoroughly representative. In all districts wheat increased 93 per cent. Exports of where reporting commercial banks subdivide anthracite coal were the lowest on record and their time deposits, statistics of savings deposits bituminous exports were the lowest since subject to notice (excluding time certificates of December, 19.19. Exports of producers' goods, deposit) are used. This is in accordance with the least important of the three export groups, the definition given in the Board's regulation showed a substantial increase, which was very D, series of 1920. generally distributed throughout the group During May the volume of savings deposits copper wire, acetate of lime, and cottonseed increased in all Federal reserve districts except oil registering the only declines. Exports of No. 1 (Boston), No. 3 (Philadelphia), and No. 9 (Minneapolis). The largest relative increase 1 The list includes 27 of the most important imports the value of which in deposits was one of 6.0 per cent in District in 1913 formed 49.3 per cent of the total import values, and 29 of the most No. 10 (Kansas City), while the most important important exports the value of which in 191.3 formed 56.3 per cent of the total export values. The classification of the original list of commoditi s decrease was in District No. 9 (Minneapolis), used was given in the July, 1920, BULLETIN. The classification of 11 additional commodities of imports was given in the April. 1921, BULLE- and amounted to 1.2 per cent. Districts No. 4 TIN, and 2 additional commodities in the November, 1921, BULLETIN. (Cleveland) and No. 7 (Chicago) are the only Exports of gasoline have been altered to include naphtha. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETTX. 849 districts which had smaller savings deposits on the grain trade, in which a fairly steady-'demand June 1, 1922, than on June 1, 1921. for shipping space developed. Very little forward charter business was closed during the month, most charters calling for prompt de- Number District. of June 1, 1922. May 1, 1922. . Juno 1, 1921. livery. Time chartering was not in evidence banks. except in the West Indian trade. No. 1 . 64 SI,091,620,000 $1,092,416,000 SI,065.954.000 \To 2 30 1.701,562,000 1.700,636,000 1,638,673', 000 No. 3 80 423,582,000 '426,745.000 415,768'000 No. 4 16 377,299,000 376,115,000 388,387'. 000 \'o 5 93 268,659,000 262,969,000 244,367,000 REPORT OF KNIT-GOODS MANUFACTUR- No. 6 82 157,652,000 155,256', 000 151,010,000 No 7 190 737,848,000 735,153,000 750,133,000 ERS OF AMERICA. No. 8 . 35 114,341,000 111,990.000 105,5-18,000 No. 9 14 70,825,000 71,687,000 112,400,000 No. 10 60 81,176,000 76,558,000 76,022,000 The total production of winter and summer No. 11 .. 121 69,804,000 68,858,000 66'. 462,000 No. 12..:.... 75 747,296,000 742,928,000 7i-l, 57-1,000 underwear for the six months ended May 31 was as follows: Total. 862 5,841,664,000 5,821,311,000 5,732,298,001 Number Actual ! INDEX OF OCEAN FREIGHT RATES. of mills produc- Per cent * The accompanying table shows the monthly re i p n o g. rt- (do ti z o e n n s). ! ; nor o m f al. fluctuations in ocean freight rates prevailing between United States Atlantic ports and the November.. 1921. 692,452 ' 86.5 principal European trade regions. The figures December.. 5i8,376 j 77.0 are derived from the actual rates quoted on 1922. January 640,489 79.1 the following commodities: Grain, provisions, February 663,316 : 84.1 cotton, cottonseed oil, and sack flour. For March 756,2J9 ' 92.9 April 5521^ 885 , 82.7 the methods used in constructing the index May 518,150 j 74.2 see the August, 1921 ; BULLETIN, pages 931-934. W Su i m nt m er e r u u n n d d er e w rw ea e r a r (M (M a a y y ). ) . . . 2 2 9 2 8 0 , , 0 0 8 7 0 0 ! : 7 7 0 9 . . 5 7 RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND Order and production report for month ended EUROPE TRADE. May 31, 1922, follows. The number of mills [January, 1920, rates=100.] producing was 33. i United States Atlantic ports to— Per cent Dozens. : of normal Month. U K d n o i i n m t g e . d - ; A F t r la e n n t c i h c. B N e l e a l a g t n n h i d d u e s m r- . S u c a a v n i d a i . - i ; M t n e e r e a r d a n i- - . Eu A r l o l pe. Unfilled orders first of month 595,337 : , p . roduction. New orders received during .month. 474,872 ; 90.5 1921. Total (A) 1,070,209 January... 60.7 30.2 341 42.9 43.2 43.3 February. 54. 7 27.7 29.2 30.9 43.8 38. f> Shipments during month ; 25)1,761 55.0 March 49.3 24.6 28.3 30.8 42.2 35 9 Cancellations during month 11,227 2.1 April 50.1 32.6 30. 6 29. 4 35.7 39.0 May 50.0 35.0 38.2 31.3 34.6 40.1 Total (13) i 302, f,88 June 42.7 34.7 38.3 31.3 31.0 37. 0 July 42.5 33.2 37.0 29.0 34.7 30. 8 Balance orders on hand June 1 (A minus B)...: 707,221 i August 42.9 33.4 30.7 28.4 34.3 3(5.7 Production , 4 03.872 \ 77.0 September 41.8 32.7 35.8 28.2 33. (5 30.0 October... 37.0 28.5 30.7 2o. 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 Thirty-three representative mills which reported for April and May, 1922, furnish 1922. January... 31.7 22.7 23.3 23.4 • 32.2 27.1 the data for the following table: February. 34.7 25.7 25.2 23.3 31.8 29.1 March 33.1 26.5 24.9 23.4 30.1 28.3 April 27.3 24.8 22.7 24.0 ! 27.1 25.4 [In dozens.] May 27.9 25. 5 22.8 23.4 i 27.4 25.7 June 27.5 26.1 23.0 23.4 i 27.4 25. 7 ! (33 A m p i r l i l l s).i(33 M Tr a u y l ls). I Gain. Loss. Ocean freight rates were but little changed in June as compared with May, quotations in Unfilled orders end of month..' I 595,337 767,221 : 171.881 ! most trades holding their previous levels and New orders j 2-16,11-1 474.872 : 228,428 i Shipments ! 326.717 i 291',761 i 34,956 in some cases advancing a trifle in the latter part Cancellations 11,711 11,227 : i 3, 484 Production ! 392,578 403,872 11,294 | of the month. The most activity occurred in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

850 FEDERAL RESERVE BULLETIN. JULY, 1922. PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1 April, 1922. May, 1922. W go h od it s e . g D o y o e d d s. P g r o in o t d e s d . Total. W go h od it s e . g D o y o e d d s. P g r o in od te s d . Total. Total finished yards billed during month: District 1 12,354,188 21,176,576 8,579,971 46,658,086 12,198,986 22,141,927 9,098,392 47,999,916 2 5,666,219 1 953 872 3 805 137 18,251,100 5 551,175 2,236,646 3,523,557 18,849,771 3 7,997,423 5,484,538 13,481,961 7,458,408 5,853,521 13,311,929 5 5,814,994 65,544 5,880,538 7,336,431 89,157 7,425,588 6' 787,187 1,129,517 1,916,704 1,492,083 1,753;654 3,245,737 8 964,869 1,421,932 Total 32,620, Oil 29,810,047 12,385,108 87,153,258 34,037,083 32,074,905 12,621,949 92> 254,873 Total average per cent of capacity operated: District 1 52 67 47 54 60 52 60 2 57 39 40 59 63 47 68 3 100 63 81 99 73 86 5 53 53 75 75 6 50 64 96 111 8 40 62 Average for all districts 61 66 46 58 70 68 51 67 Total gray yardage of finished orders received: 11,432,189 17,986,471 7,099,816 39,500,925 14,290,521 22,585,536 9,346,662 51,696,875 2. 5,540,082 3,793,480 3,827,325 17,483,899 7,071,043 4,943,311 5,724,508 22,466,873 3 7,761,795 6,007,213 13,769,008 7,998,093 5,840,979 13,839,072 5 5,733,246 99,220 5,832,466 9,240,976 153,383 9,394,359 212,283 2,380,697 2,592,980 172,890 1,650,497 1,723,387 8.. . 1,366,225 1,721,442 Total 30,679,595 30,267,081 10,927,141 80 545 503 38 773 523 35,073,706 15,071,170 100,842,008 Number of cases of finished goods shipped to customers (case equals approximately 3,000 yards): District 1 5,676 6,019 2,714 25,035 6,032 6,617 2,703 27,126 2 2,933 437 8,732 3,090 598 11,416 3 4,427 1,633 6,060 4,594 2,216 6,810 5 1,714 3.362 1,967 4,215 6 000 000 000 000 8 166 292 Total 14,750 8,089 2,714 43,355 15,683 9,431 2,703 49,859 Number of cases of finished goods held in storage at end of month: District 1 4,987 4,962 3,178 24,368 5,100 6,047 1,953 24,437 2 4.478 731 11,964 4,573 1,021 12,615 3. .. . '499 457 5 966 360 393 5,940 246 2,101 263 1,755 6 000 324 000 900 8 296 168 Total 10,210 6,150 3,178 45,019 | 10,296 7,461 1,953 45,815 Total average work ahead at end of month (expressed in davs): District]. 3.9 7.5 13.0 7.5 4.0 10.0 13.0 8.3 2 7.8 7.1 7.7 5.9 11.0 10.0 11.0 8.1 3 . . 9.3 9.1 9.2 10.0 7.9 9.1 5 6.4 6.4 16.0 16.0 6 . . . 0.0 4.7 0.0 20.0 8 ! 5.0 4.4 Average for all districts 5.9 7.8 12.0 7.2 8.6 9.8 12.0 9.1 i The National Association of Finishers of Cotton Fabrics at the request of the Federal Reserve Board have arranged for a monthly survey within the industry. The results of the inquiries are herewith presented in tabular form. The secretary of the association makes the following statement concerning the tabulation: The accompanying figures are compiled from statistics furnished by 35 out of 58 member firms of this association. It is probably fair to state that in the absence of having specific detail at hand, but according to our best estimate it is probably well within the fact that the figures given for the various classes of work would cover, approximately, the following percentages of the entire industry: White goods, 72 per cent: dyed goods, 62 per cent; printed goods, 30 per cent. The figuresg iven represent reports from exactly the same finishersf or the two months, both for the totals and for the subdivisions and, therefore, are strictly comparable. NOTE.—Many plants were unable to give details under the respective headings of white goods, dyed goods, and printed goods, and reported their totals only; therefore the column headed "Total" does not always represent the total of the subdivisions but is a correct total for the district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 851 PHYSICAL VOLUME OF TRADE. number of cotton spindles active during the month, although cotton consumption showed The indexes of business registered an upward an increase over April as well as over May, 1921. movement during May. The volume of agri- The gross tonnage of vessels built was concultural movements is considerably higher than siderably less than in April, whereas the output in April. While mineral extraction figures of locomotives was larger than in any month so show an increase over last month, they are far this year. Car loadings were not equal to much lower than in May, 1921. Manufacturing the figures for May, 1921, but were larger than shows increased activity, especially in the case in April, the increase being most noticeable in of the steel industry. shipments of ore. The receipts of grain and flour at 17 interior centers showed remarkable gains over last INDEXES OF DOMESTIC BUSINESS. month and May, 1921. The receipts of wheat, corn, and oats were practically double, and rye [Monthly average of 1919=100.] receipts were three times as great as in April. AGRICULTURAL MOVEMENTS. Movements of live stock paralleled those of grain and showed an increase over May, 1921, Total ' j ! Leaf figures and a greater increase over those of last Date. agricul-j I Total |P( Fruit. tobacco. month. Shipments of stockers and feeders from 34 markets took a marked upward turn and 1921. showed a much higher figure than in May of January 105.0 96. 5 97.9 110.8 94.6 195.7 last year. The number of animals slaughtered M Fe a b r r c u h a .. r " y . 7 8 9 1 . . 4 1 j j 7 7 3 6 . . 9 4 6 7 6 7 . . 7 5 7 57 7 . . 8 1 1 9 3 5 7 . . 5 4 2 1 9 8 7 1 . . 4 1 under Federal inspection, while considerably April 06.3 ! 74.2 60.5 51. 3 175.1 24.1 May 73.6 ; 77.3 71.7 67.4 139.0 8.9 higher than in April, were lower than for May, June 82.2 ; 81.9 96.0 57.8 183.3 4.1 1921. Little change occurred in the export of J A u u ly gust 1 9 1 3 6 . . 4 7 | 6 8 8 5 . . 1 4 1 19 5 5 1 . . 9 5 5 56 2 . . 0 7 12 8 3 6 . . 4 8 5 1 4 2 . . 7 1 meat products. September .' 115.3 I 85.9 151.6 114.7 79.9 79.3 October 130.9 ] 107.0 121.3 195. 3 69.9 107.6 Cottonseed receipts once more showed a November 104.6 ! 99.2 65. 3 163.2 31. 7 188. 5 December 93. 9 82.0 79.0 133.4 83.6 117.0 marked decrease and totaled only 13,559 tons, whereas May, 1921, receipts amounted to 70,467 1922. January 91.8 83.8 76.8 96.1 113.2 tons. Tobacco sales at loose-leaf warehouses February 77.7 76.5 92.3 43.3 55. 5 101.2 for May indicated the usual seasonal decline. A M p a r r i c l h 5 7 7 0 . . 4 7 7 7 9 1 . . 2 8 4 7 9 3 . . 6 0 4 37 2 . . 0 8 1 10 3 3 0 . . 0 4 2 5 7 . . 5 5 Both receipts and shipments of lumber from St. May 82.6 90.2 92.5 50.1 105.7 3.9 Louis were higher than last month, but lower 1 Combination of 14 independent series. than in May, 1921. The anthracite production for May, while MINERAL PRODUCTS. somewhat higher than in April, was almost ~"™~T i negligible in size, due to the coal strike. Bitu- Total Bi- Anm to i n n s o , u w s h co ic a h l p w ro a d s u a c ti 2 o 8 n p fo e r r M ce a n y t w i a n s c r 2 e 0 a , s 2 e 8 7 o ,0 v 0 e 0 r Date. p u m e r c r o i t a n s d l . - - 1 t c n u o o m a u l i s . - t c c h o i r t a a e l - . C p le e r u t u r m d o e . - Iron. C p o e p r. - Zinc. Lead.a April, but far below the production for May, 1921. By-product coke production for May showed a 14 per cent increase over last month 1921. anuary 102.8 105.5 100.8 120.3 94.8 80.0 65.9 109.1 and a 60 per cent increase over May of last year. February.. 87.5 80.8 104.8 111.2 76.0 71.2 45.2 94.3 March 86.8 79.6 100.8 130.2 62.6 83.0 40.0 86.1 Crude petroleum production increased slightly, April 78.7 72.2 104. 8 127.3 46. 8 47.6 42.1 77. 8 and 1,511 producing wells were completed, a J M un ay e .... £ 8 3 4 . Q 7 8 88 7 . . 7 3 1 1 0 0 5 2 . . 9 0 1 12 3 8 3 . . 4 6 4 4 1 7. . 9 8 2 1 2 8 . . 6 1 4 4 9 5. . 9 5 7 7 s 4 ! . o 6 gain of 69 over the number of new wells in April. July 76.7 79.6 95.9 128.1 33.9 16 6 39 4 72.4 August j 82,8 90.5 97.9 130.2 37.4 19.9 37.2 87.8 The iron and steel industry continued to September. 81.6 91.9 96.9 116.3 38.7 19.5 36.6 79.7 show an increase in activity, and the unfilled October 93.9 114.6 103.1 113.2 48.9 22.9 37.0 100.4 November . 86.0 94.2 93.3 120.0 55.5 20.8 53. 8 103.3 orders of the United States Steel Corporation December.. 82.0 81.1 81.4 133.3 64.7 17.3 56.0 103.2 amounted to 5,254,228 tons, the largest 1922. amount since May 31, 1921. Zinc production January 90.0 98.5 85.1 137.1 64.3 24.1 60.3 101.0 February.. 94.9 107.3 92.0 129. 7 63.9 34. 8 57.8 93.4 showed an increase, and copper production March 117.1 131.5 119.1 149.1 79.9 57.6 67.5 93.0 April 58.6 41.3 3 141.9 81 3 71 3 65 6 88 8 registered a further large gain. Both produc- May 67.9 53.1 *.6 147.7 90*. 5 82-6 69! 8 89! 0 tion and shipments of automobiles continued to increase. There was little change in the 1 Combination of 7 independent series. 2 Revised figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

852 FEDERAL, RESERVE BULLETIN. JULY, 1922. INDEX NUMBERS OF DOMESTIC BUSINESS 1919 - 1922 PER PER CENT CENT 140 140 130 130 120 120 110 110 100 100 90 90 80 80 70 70 60 60 50 50 40 40 • AGRICULTURE 30 -MINING 30 •MANUFACTURE 20 20 10 10 0 - J. F M. A. M. J. J. A. S. 0. N. D. J. F, M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. J- J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. O-. N0. D. 1919 1920 1921 1922 INDEXES OF DOMESTIC BUSINESS—Continued. COMMODITY MOVEMENTS. PRODUCTION OF MANUFACTURED GOODS. Per cent of aver- Total! ! I age, same month, Date. i ! m tu a r n c - .l i ^ i L b lI o T r tl . - p P e a r - , i j l P e e u t m ro . - t T il e e x s - . Le e a r t . h- Food.jjb T ac o c - o. M 19 a 2 y 2 , . A 1 p 92 ri 2 l . , M 19 a 2 y 1. , 1919-192L. April, May, i 1922. 1921. 1921. ! i January i • 84. 5 87.6 67. 87.8:. 127.7 72.0 63. 5 88. 2! 87. 8 February... | 77.4 69.6; 75. 7 79. 51 106.8 73.11 62. 8 77.4 94.1 GRAIN AND FLOUR. March • 87.8 62.5 89.3 84. -1; 113.0 90. 8| 72.0 88. li 106.1 April : 83.1 48.3i 87. o! 81. 7! 113.8 91. 5l 75. 8 84. 0 95. 5 Receipts at 17 interior M|y| 84.4 50.8 100.4; 72.41 114. 7j 95.0 83.2 82.2 99. 3 centers (000 omitted): June ! 87.1 39.9 89.6 70.2! 11.0.11101. 9 81.1 85.1 106. 8 Wheat (bu.) 30,126 16,892 25,514 156. 8 98.8 132.8 July : 80.1 31.9. 85. 3 65.65 108.3| 91. 5 76.3 85.5 100. 6 Corn (bu ) 27,364 15 357 20,940 189.4 1.09. 3 144.9 August j 90. 7 45. 3i 99. 7 75.6, 110.6: 103.4 85.7 98. 5 117. 2 Oats (bu.) 21,471 .10,810 15,524 125. 2 73. 3 90. 5 September .1 90.2 46. T- 92.9 78.6! 110.2 105. 5 80.3 92.8; 111.6 live (bu ) 4 564 1,417 1,369 145. 5 42.7 43.6 October ' 94.6 61.3' 103.1 90. 8j 119.71104. 8 86. 2 99.; 115. 8 Barley (bu.) 2,933 1,881 2,551 64.6 40. 3 56.1 November.. 89. 5 6?>.0: 100.6 95. 8; 117. l.|100.4 90. 9 89.4 102, 9 Total grain (bu.). 86,458 46,358 65,898 147.8 86. 0 112.6 December.. 81.3 50.8" 92.2 91.1- 119.6- 99.7 93.0 85. 2 76.8 Flour (bbls.) 2,204 1,992 1,498 112.9 124.1 76.7 Total grain and 1922. ! Hour (bu.) 96,377 55,323 72,640 143. 2 90.5 108.0 January 87.0 63. 41 100.7 95. Oi 119.0112.2 88.2 91.3 90. 6 February... 80.2 69. 3; 9~>. 4 90. Oi 108.6 96. 8| 78.1 83.8 March 90. 9 94.3 102.5 108.4 123.9 110077.6.! 78. 5. 98.4 Shipments at 14 interior April 84. 7 97.0 98.1! 99.9 124. -I1 91.3 70. 7. 84.9j 89.6 centers (000 omitted): May 97.5 107. 8' 121. lj 112.3; 132.2j 105.8 70.4 96.81 108.1 Wheat (bu.) 26,268 11,837 18,675 110.5 56.1 78.6 1 C O o a r t n s ( ( b bu u . ) ) 2 22 1 , 8 98 3 8 8 1 1 5 3 , 4 3 0 5 0 0 1 12 5 ,7 4 4 4 7 7 2 1 2 3 3 7 . . 1 8 1 11 6 4 8 . . 4 4 1 7 60 4 . . 7 3 1 Combination of 31 independent series. Ryc(bu.) 7,783 1,558 1,309 147.7 25.3 24.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 853 COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. Per cent of aver- Per cent of average, same month, age, same month, 1919-1921. 1919-1921. May, April, Mav, April, May, 1922. 1922. 1922. 1922. 1921. May, April,! May, May, April May, 1922. 1922. 11921. 1922. 1922. 1921. GRAIN AND FLOUR— LIVE STOCK—continued. continued. Shipments at 15 west- Shipments at 14 inte- ern markets (head, rior centers (000 000 omitted): omitted—Continued. Cattle and calves... 551 384 424 112.5 86. 2 86.6 Barley (bu.) 2,800 1,251 1,683 85.5 36.4' 51. 4 Hogs ., 695 630 645 95. 1 87.7 88.5 Total grain (bu.). 81,677 43,396 49.861 138.9 84. 3 84. 8 Sheep 332; 289 416| 95.7 79. 8 123.4 Flour (bbls.) 3,624 3,032 2,534 111. 7 107.3 78.1 Horses and mules.. 10; 16; 11 55.8 64.2 59.9 Total grain and _L Hour (bu.) 97,9841 57,041 61,264 133.5 88.8 83.5 Total ." 1, 579. 1,319 1,496 100. 3 85.0 95.0 Stocks at 11 interior Shipments of stockcrs centers at close of and feeders from 34 month (000 omitted): markets (head, 000 W C R O o y a h r e t n e s ( a ( b ( t b b u u ( u . b . ) . ) u ) .) 4 1 1 1 0 5 7 , , , , 7 3 8 5 4 6 2 6 6 9 0 3 2 2 5 6 3 3 0 , , , , 2 3 8 9 9 2 4 1 6 9 1 1 2 1 3 4 0 , , , 7 9 5 3 8 6 2 3 3 7 7 9 3 3 15 3 2 2 6 9 0 5 - . 9 4 . . 2 8 3 34 9 9 0 6 8 3 3 . . . . 7 2 ; 5 l j 1 : 2 1 3 1 9 3 8 7 7 . . . . 2 8 1 7 om C H S i h a o t e t t g e t e s l d p e ) a : nd calves... 359i 23 9 5 1 7 3 ! 2 1 1 1 2 2 5 9 ' 1 1 1 9 2 1 3 1 . . . 9 1 8 6 5 0 5 0 . . . 6 6 3 6 7 5 5 3 4 . . . 7 6 1 Ba T rl o e t y a l ( g b r u a . i ) n (bu.). 76,1 64 3 1 9 1 10 1 5 , , 4 8 7 5 6 3 4 V 0,696 21 2 3 4 . . 4 8 1 3 8 4 0 . .6 l! ; 1 4 14 1 . . 1 7 . Total 571; 381' 356J 107.2! 68.0 66.9 Slaughter at principal Total visible supply centers under Federal (ooo omitted): inspection (head, 000 Wheat (bu.) 67,853 88,722 26,875 155.4 129.2 61.5 omitted): Corn (bu.) 31,170 39,502 17,708 364.4 337.8; 207.0 Cattle 702 590i 560 1.10.5j 99.8 88.1 Calves 401! 365. 367; 106.91 99.9 97.7 Receipts at 9 seaboard Hogs 3,716 2,946! 3,274 105.2 98.1 92,6 centers (000 omitted): I Sheep 872: 739; 985j 102.6. 71.0 115.9 C W o h rn ea ( t b ( u b . u ) .) 1 6 2 ,1 ,7 46 92 8 5 , , 5 3 7 7 4 0 1 4 5 , , 8 0 0 5 8 2 2 9 57 6 . . 4 3 ! | 4 4 8 4 5. . 6 8 ! 1 2 1 0 3 1 . . 4 3 Total 5,69.L: 4,640' 5,186 105.5J 92.8 96.1 B R F O l a y a T T o r t e u o o l s f e ( r l t t y b o ( a a b ( l l u u b ( u r g . b b g ) . r ( ) u l r a b s a . i . ) u i n ) n . ) (b a u n . d ). 4 3 3 2 3 8 1 1 , , , , , , 4 0 7 7 8 9 9 6 2 7 7 1 7 2 6 0 3 1 1 : ; ! : 2 2 3 0 7 1 1 1 , , , , , , 5 5 1 1 2 3 5 0 3 3 2 9 4 9 0 7 1 3 2 3 4 1 l 0 1 l . , , , , , , 5 0 5 2 4 8 0 1 1 2 4 2 ( 6 9 4 1 3 ) l j ! | 1 1 2 1 1 8 1 3 2 8 0 2 1 3 6 3 4 . . . . . . 3 7 2 1 8 | ' 1 1 8 1 9 9 3 3 2 6 9 9 4 7 . . . . . . 4 4 4 5 5 1 1 ! 9 7 9 3 3 8 7 5 3 5 2 9 . . . . 0 5 0 1 . . 9 6 M m h o e o a m o B P L l t n d s i o e a t , t i e m r t h n e k f " g d b s p ) : r ( a c o a n l o t d b d l u d s c c - m l . s t o , t s u o se t r 0 t a 0 o g o 0 n e f . 5 6 9 2 4 3 , , , 4 0 5 2 7 3 1 4 6 ! ' 5 6 8 2 9 9 , , , 8 8 3 2 9 4 9 2 1 ! ' 9 1 1 8 0 5 9 1 , , , 9 6 87 6 3 7 2 1 ! 3 5 1 6 7 6 . . .2 1 6 s : ! 5 1 3 7 2 3. . . 4 0 8 16 9 7 2 3 2 . . . 4 0 1 Stocks at 8 seaboard Exports of certain meat centers at close of products: month (000 omitted): Beef: Wheat (bu.) 5,020l 6,412 3,789 67.01 92.5 50.6 Canned 268 132 326 6.7 8.1 8.2 Corn (bu.) 5,9071 7,187 1,185 855.6; 662,4 Fresh 217, 158 191 3.4| 1.2 3.0 Oats(bu.) 2,745j 1,277 1,108 137. 81 51.41 Pickled or other Rye(bu.) 761: 1,405 535 55. 5| 71.1 39.0 cured 1,928 Barley (bu.) 1,3821 1,395 1,301 62. 5"' 47.7 58.8 Hog products- Total grain (bu.). 15,815! 17,676 7,918 114.9: 115.8 57. 5 Bacon 19,070 Wheat flour production Hams and (bbls.).... 8,073 7,823 89.3 83.8 93.0 shoulders Lard Pork, pickled.. LIVE STOCK. DAIRY PRODUCTS. Receipts at 59 principal markets (head, 000 Receipts at 5 principal omitted): markets (000 omit- Cattle and calves.., 1,867 1,457 1,532 109.4 91.6 ted): Hogs 3,720 3,047 3,313: 98.1 92.7 Butter (lbs.) 60,208; 125.8: 120.2 Sheep 1,646 1,205 1,8871 104.2 80.6 119.4 Cheese (lbs.) 19,567' 100.81 125.1 Horses and mules Eggs (cases) 2,1011 128.0 126.3 (43 markets) 20i 27 18l 62.8' 66.5 57.4 Cold-storage holdings Total , 7,253! 5,736 6,7501 102. Oj 89.4 94.9 at close of month (000 omitted): Creamery butter Shipments at 54 prin- (lbs.) cipal markets (head American cheese 000 omitted): (lbs.) 17,814 105. li 88.8- 122.0 Cattle and calves.. 775 555 593: 107.8 88.0 82.5 Eggs (cases) 6,844l 133.4: 134.6! 113.5 Hogs , 1,115 1,057 1,040 92.6 94.6 86.3 Sheep 803 558 915 104.7 83.5 119.3 OTHER AGRICULTURAL Horses and mules PRODUCTS. (43 markets) 19 26 17 63.4 66.0 54.8 Total 2,712i 2,196 2,565j 100.4j 89.4 95.0 Cottonseed (tons): Received at mills.. Crushed Receipts at 15 western On hand at mills at; markets (head, 000 close of month omitted): Cottonseed oil (lbs., Cattle and calves.. 1,308 985 1,063 111.4 90.5 000 omitted): Hogs 2,734 2,401j 98.5 87.1 86.5 Production Sheep 936j 741 1,098 99.9 74.7 117.1 Stocks Horses and mules. 12 17 12 64.2 64.9 62.3 Oleomargarine consumption (lbs., 000 Total , 4,990J 3,838 85.0; 93.2 omitted) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

854 FEDERAL RESERVE BULLETIN. JULY, 1922. COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. Per cent of aver- Per cent of average, same month. age, same month, 1919-1921. 1919-1921. May, April, May, April, May, 1922. 1922. 1921. 1922. 1921. May, April, May, Maay, Apprriill, May 1922. 1922. 1921. 922. 11992222 . 1921 OTHER AGRICULTURAL FOREST PRODUCTS— PRODUCTS—con. continued. Tobacco sales at loose- Naval stores at 3 southleaf warehouses (lbs., eastern ports—Con. 000 omitted): Rosin (bbls.)— Virginia dark 49 50 1,313 10.7 2.7 16.5 Receipts 93,019 58,015 61,213 154.8 233.0 101.9 Bright belt- Stocks at close Virginia 2 of month 251,823 255,326 312,293 121.9 121.8 151.2 North Carolina. South Carolina. FUEL AND POWER. Total 2 Burley 2,265 2,139 1,301 169.7 55.6 97.5 Coal and coke (short Western dark 2,393 5,137 23.1 32.1 125,8 tons, 000 omitted): Bituminous coal Grand total 3,257 4,582 7,753 55.4 34.6 131.9 production (est.)- 20, 15,780 33,330 55.4 48.5 91.0 Anthracite coal— Sale of revenue stamps Production for manufactures of (est.) 26 7,497| .5 97.9 t P o o b r a t c o c o R ico ( a e n x d c lu P d h i i n l- g Cok S e h - ipments •i 5,794 98.4 ippine Islands (lbs., Beehive pro- 000 omitted): duction (est.). 528 300 33.0 48.4 Cigars (large) 569,209 501,393 555,497 95. 87.3 93.4 By-product, Cigars (small) 56,503 49,720 55,349 98.0 80.1 96.0 production Cigarettes (small)..4,601,373 31.,453,061 4,136,085 127.1 101.5 114.3 (est.) 2,227 1,590 Manufactured to- Crude petroleum: bacco 32,511 28,565 28,672 100.7 92.5 Production (bbls., Fruit shipments from 000 omitted) j 46, 44,635! 41,985 128.5 127.6 116.1 California (carloads): Stocks at close of Oranges 3,151 3,469 4,710 60.4 67.1 90.3 month (000 omit- L D e e m ci o d n u s ous 1,8 2 2 1 9 '94 6 7 5 1,250 13 1 3 6 . . 7 4 1 1 1 3 0 6 4 . . 8 5 9 6 1 6 . . 4 4 Pr t o e d d u ) cing oil wells 245, 234,8 155,267 179.2 175.2 113.5 Apples, shipments (car- 85 (number) 1,442 1,405 81.0 87.8 75.3 loads) 1,156 1,796 108.3 89.0 140.2 Oil refineries: Apples, cold - storage 1,496 Total production holdings (bbls.) 952 1,930 (000 omitted)— White potatoes, ship- 1,119 Crude oil run ments (carloads) 19,562 20,094 196.5 166.9 139.! (bbls.) 42, 38,364 36,990! 125.4 117.2 109.0 Strawberries, ship- 14,461 Gasoline (gals.) 513, 472,920 448,568| 130.1 128.8 113.6 ments (carloads) 12,742 2,439 270.8 186.9 127.1 Kerosene (gals.) 173, 188,809 145,225! 101.0 108.1 84.4 Sugar, 7 ports (long 6,016 Gas and fuel ! tons): (gals.) 936, 791,643 ! 139.1 116.1 112.7 Receipts 556,511 557,186 351,249 Lubricating 817,368! Meltings 577,330 531,962 339,850 (gals.) 79, 72,945 101.6 93.9 89.1 Raw stocks at close Stocks at close of 70,000 of month 276,890 316,973 263,539 month (000 omitted)— FOREST PRODUCTS. Crude oil (bbls.) 35,476 32,752 20,816 202.6 191.2 122. 9 Lum N b u er m ( b M er f o e f e t) m : ills- K G Ga e a r s s o o s li e a n n n e e d ( ( g g a a f l l u s s . e . ) ) l 3 8 1 5 8 6 , ,6 8 0 9 7 0 3 8 2 9 5 2 , , 8 2 3 6 6 8 4 8 5 0 2 0, , 4 4 9 3 6 8 13 8 0 5 . . 3 7 13 8 4 8 . . 9 0 1 1 2 2 1 1. . 6 8 S W o e u s t t h e e r r n n p p i i n n e e . . . . 1 5 7 2 2 1 5 7 4 1 1 5 9 5 1 Lu (g b a r ls i . c ) ating 1,321,43811,282,8011,163,389 154.2 156.8 135.8 Prod D u o c u t g i l o a n s - fir 119 125 113 Electric ( p g o a w ls e .) r pro- 226, 237,230 261,760 118.8 127.1 137.4 Southern pine.. | 437,479 369,008 389,745 106.3 91.8 94.7 duced by public util- W estcrn pine.. i 158,153 107,892 110,162 109.4 84.0 76.2 ity power plants (000 Douglas fir | 411,529 308,308 294,762 116.0 111.6 83.0 kw. hours): Shipments- Produced by water S W D o o e u u s t g t h c l e a rn s rn f p p i i r i n . n - e . e . . . . . . . . I j ! 5 4 1 0 3 6 7 1 0 , , , 7 8 9 6 0 7 7 9 5 4 1 3 2 3 2 2 1 0 , , , 4 1 ~ 2 0 ~ 4 8 4 3 2 7 3 0 0 4 , , , 6 0 6 C 0 *5 3 2 1 1 1 2 1 4 4 7 4 . . . 0 6 2 1 1 1 2 0 2 4 9 8 . . . 0 4 4 1 6 0 7 2 . . 0 7 Pr p o o d w uc e e r d by fuels..2 1 , , 1 6 7 26 3 , , 7 2 1 2 1 3 2 1 , , 1 4 0 92 9 , , 2 4 4 5 9 9 1 1 , , 3 9 2 4 2 1 , , 2 5 0 6 1 5 1 12 0 0 5 . . 9 0 1 9 1 9 8 . . 6 6 1 8 0 5 9 . . 3 9 St m oc o k n s t ji— at end of i j Total 3,799,934 3,601,708:3,263,766114.4 109.9 Southern pine..il,023,3701,087,3o01;,229,982 91.4 97.9 109.9 Receipts at Chicago METALS. and St. Louis 587,407 446,03.7 354,9^2 171.9 130.6 103.9 Shipments at Chi- Iron and steel (long cago and St. Louis I 383,748 275,969 242,452 176.1 126.6 111.2 tons, 000 omitted):1 Oak flooring— | Pig-iron production 2,361 2,307 1,065 113.8 109.i 51.3 Number of milJs: 25 Steel-ingot produc- Production j 21,914 19,892 12,609 tion 2,634 2,711 1,003 127.4 133.8 48.5 Shipments 25,2i>l 22,227 12,702 Unfilled orders, Stocks at end U. S. Steel Corp.. 5,636 5,254 5,118 80.5 76.1 73.1 of month I 23,534 26,615 35,764 Structural steel (long Unfilled orders.; 40,417 33,501 9,240 tons): Naval stores at 3 south- Fabricated struceastern ports: tural steel con- Spirits of turpen- tracted for, tontine (casks)— nage 146,900 66,900 160.7 73.2 Receipts 28,658 13,139 26,364 127.3 131. 117.1 Silver production of the Stocks at close United States (troy of month 4,601 11,081 38,650 15.0 30. 126.1 ounces, 000 omitted).. 4,258 4,139 4,2771 1 Figures for June, 1922, May, 1922, and June 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 855 COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. Per cent of aver- Per cent of average, same month, age, same month, 1919-1921. 1919-1921. May, April, May, April, S 1922. 1922. 1922. 1922. April, May, May, 'April,1 May, 1922. 1921. 1922. 1922. i 1921. METALS—continued. HIDES AND LEATHER. Copper production Sales of raw hides and (lbs., 000 omitted)... 88,714 76,601 24,235 skins during month Zinc (lbs., 000 omitted): (number, 000 omit- Production 54,838 51,012 36,052 ted): Stocks at close of Cattle hides , 663 month 80,818 103,456 167,442 Calfskins 811 Tin (lbs., 000 omitted: Kip skins 166 Imports 8,490 10,526 2,022 220.1 236.8 52.4 Goat and kid , 1,401 Deliveries to facto- Cabretta , 25 ries 10,618 11,189 2,744 303.8 76.6 Sheep and lamb 1,608 Stocks at close of Stocks of ra;v hides and month 4,303 6,117 5,759 skins at close of month (number, 000 •i TEXTILES. omitted): 3! Cotton (bales, 000 omit- Cattle hides 36 i 5,553 7,411 90.2 88.9 125.1 ted): Calfskins 3,319 3,131 3; 715 114.3 123.9! 127.9 Sight receipts 594; 431 111 103.9 79.4 136.0 Kip skins 903 832 1,021 116.2 105.7! 131.4 Port receipts 4911 450 595 106.3 93.8 128.7 Goat and kid 9,840 9,40a 8,789 73.6 79.81 65.8 Overland move- Cabretta 9.19 705 1,244 49.7 44.6 67.3 ment . ^ 67 62 85| 83.9 80.3 105.2 Sheep and lamb 11,142 11,836 13,334 110.0 111.5 131.7 American spinners' Production of leather: takings 367 212 288j 158.0 99.7 124.3 Sole leather (sides):1,320,6351,327,0371,561,220 Stocks at ports and Skivers (do/xns)... 16,099 16,065 14,499 interior points— 1,503 1,759 2,689! 62.6 71.2 119.6 Oak and Union har- Stocks at mills 1,420 1,458 1,279 97.4 97.1 87.8 ness(sides stuffed) 90,813 91,598 57,480 Stocks at ware- Boots and shoes, output houses 2,5611 3,214 4,740 139.8 80.5 132.4 (pairs, 000 omitted): Visible supply 3,001 3,399 4,512 74.8 81.8 112.4 Men's 6, 6,802 Consumption by Women's 8, 8,922 mills 496| 447 441 101.2 92.3 i9.9 Other 11, 11,470 Spin dies active dur- I ing month (number, 000 omitted). 31,653- 31,389 94.5 94.0 98.1 MISCELLANEOUS MANU- Wool: FACTURES. Consumption by mills (lbs., 000 Woodpulp (short tons): omitted) 51,888 56,929 81.9 101.7 Production 331,694 297,467 216,101 113.9 74.2 Percentage of idle Consumption 257,986 236;837 165,324 119.0 100.2 76.3 machinery on Shipments 54,151 43,991 38,858 90.8 84.0 67.7 first of month to Stocks, end of total reported1— month 232,453 212,896 288,216 95.5 94.4 118.4 Looms wider Paper (short ions): than 50-inch Newsprintreed space— 37.3 20.; 145.7 152.7 80.1 Production 129,950 111,861 124.2 75.4 Looms 50-inch Shipments 130,043 115,167 82,776 119.3 76.2 reed space or Stocks, end ol less , 35.3 36.0 25.2 142.9 119.6 102.0 month , 24,781 24,874 31,198 91.7 115.4 Sets of cards.... 13.9 16.4 21.6 71.7 92.7 111.3 Book production 82,574 70,507 52,642 111. 4 98.' 71.0 Combs 29.7 10.9 205.3 204. 8 82.6 Paper board produc- Spinning spm- tion 176,790 164,327 122,801 108.8 105.' 75.5 dlcs, woolen.. 14.5! 17.3 20.6 74.0 99.4 105.1 Wrapping paper pro- Spinning spin- duction 71,494 61,562 53,084 119.0 105.4 88.4 dles, worsted. 33.2! 38.4 10.1 219.9 252. G 66.9 Fine paper production 30,129 27,420 17,484 122.0 114.9 70.8 Percentage of idle Building materials (000 hours on first of omitted): month to total Fire-clay brickreported- Production 46,794 41,446 24,958 111.3 95.1 59.4 Looms wider Shipments 44,120 38,458 22,791 102.9 90.1 53.1 than 50-inch Stocks, end of space 37.6 41.6 19.9 month 152,259 150,292 137,178 1.10.0 107.9 99.1 Looms 50-inch New orders 51,041 45,851 21,075 111.1 98.4 45.8 reed space or Unfilled orders 45,300 39,402 33,830 38.6 34.5 28.8 44.8 46.6 30.1 Silica brick- Sets of cards 10.31 13.8 19.8 Production 12,233 9,830 2,621 Combs 20.8 27.3 1.4 Shipments 10,704 10,485 5,543 Spinning spin- Stocks, close of dles, woolen.. 11.4 15.2 18.6 month 37,845 36,316 44,399 Spinning spin- Face brickdles, worsted. 34.7 37.9 10.4 Production 54,867 46,767 37,734 123.7 132.5 85.1 Raw silk: Shipments 56,433 47,326 30,474 Imports (lbs., 000 Stocks in sheds omitted) 4,217i 2,574 4,437 107.0 76.7 112.6 and kilns 121,540 122,041 121,185 107.9 114.8 107.6 Consumption(bales) 33,284j 24,24" 27,209 Unalled orders Stocks at close of at close of month 20,826j 19,268 20,54lL month 87,626 69,638 41,298 8.9! 46.5 1 Figures for June 1,1922, May 1,1922, and June 1, 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

856 FEDERAL RESERVE BULLETIN. JULY, 1922. COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. Per cent of aver- Per cent of average, same month, age, same month, 1919-1921. 1919-1921. .May, April, May, May, April, May, 1922. 1922, 1921. 1922. 1922. 1921. May. 'April,! Mav, May, April, May, 1922: , 1922. I 1921. 1922. 1922. 1921. MISCELLANEOUS MANU- TRANSPORTATION—COn. FACTURES— con. Revenue-freight loaded Building materials (000 and received from omitted)—Contd. connections, etc.— Cement (bbls.)— Continued. Production 11,176 9.243 9,281 Coal 371.230 302,2091 659.669 53.0 48.01 94.1 Shipments..... 12,719 8,592 9,-188 Coke 39^587 34.007 22;132 112.9 96.7 63.1 Stocks, at close I Forest products 273,204 233; 5591 207,995 113.5 99. 6 86. 4 of month 12,897 14,498; 12,450 Ore 82,735 40,215 101,17.1 46.7 61.7 57.1 Rubber (lbs., 000 omit- j Merchandise, l.c.l.. 08-1,2921,010,168 906,849 157. 6 146. 8 131. 8 ted): Miscellaneous ,348,15.11.161,095 1.006,625 105. 6 96. 8Si 78.9 Imports of crude rubber 36/727] 43,107 23,891 j 89.2 86.0, 58.0 Total , 522,01113,031,i1m9 1oJ 3I,T17U8 ,n0i1'33 103.9 97.31 93.8 C on sumpt i on by tire manufactur- ' ! ers 29,068i 2-1,125, 12,450. Re c v la e s n si u fi e e - d I r a e c i c g o h r t d l i o n a g d t e o d, Pn o e m um itt a e t d ic ): tires (000 I s g i e o o n g s r : aphical divi- Inne S S P r t h r t o o t i i u c c p d k b m u s e c e s t n io ( t 0 s n 0 , 0 d o o m m e i s t - - 2 2 5 , , , 7 6 5 2 3 2 2 o 3 : | 5 2 2 J . , 0 4 4 8 6 0 7 4 1 : ; 4 2 2, , ^ 1 0 5 0 8 2 1 6 . ! ! E A P So o a ll u c s e t a t g e h h h r e o n e r n n n t y as 5 8 6 1 7 3 8 6 7 3 3 4 , , , , 8 4 2 2 8 7 0 8 8 8 5 1 i ! ; | 6 7 5 1 0 1 1 4 5 1 1 7 / . , , 7 8 1 5 5 6 5 0 9 5 8 4 ! : : j 7 4 6 1 8 6 5 4 2 4 5 0 , , , , 9 0 8 7 1 1 1 8 0 0 1 3 1 1 1 9 2 1 0 3 9 5 2 . . . . 7 8 4 8 1 1 9 9 0 1 4 6 1 4 . . . . 9 9 9 9 3 6 2 9 . . . . 5 4 5 2 ted S P ) h r : o ip d m uc e ti n o t n s, . domes- 2,971 2,65l| ! 2,210 N C So e o u n rt t t h r h a w w l e e w s s t t e e e s r r t n n ern 5 4 2 7 2 5 8 8 6 ^ . , 2 5 3 8 1 5 8 7 4 ! : ! 2 4 4 2 2 0 4 1 8 , , , 7 2 9 5 4 0 6 0 9 ! ! ! 4 4 2 4 4 4 6 1 6 , , , 4 7 3 0 6 3 4 0 5 1 1 1 0 0 0 0 3 5 . . . 4 3 1 9 9 9 4 4 6 . . . 9 8 97 9 4 . . . 2 9 0 St t o ic c ks , 2 1\ . 9 1 3 9 9 0 2 7, , 2 3 3 2 0 9 ; 4 2 , ,3 7 4 5 3 2;. Freigh T t- o c t a a r l sur plus 3,522,011:3,031,191 3,178,013 103.9 97.31 93.8 Solid tires (000 omitted) (number): S S P t h r t o o i i c c p d k m u s c e t n io ts n , domes- 17 (3 0 11 1 1 5 7 2 4 ; ' 2 4 6 3 5 5 0 ! . . . Frc i C T B g o o o h a t x l a l - l ear short age 1 1 , , 7 0 4 1 9 2 4 4 3 3 3 8 7 6 4 4 9 2 3 2 3 6 5 9 3 0 3 4 5 . . . 9 6 8 3.2 1. . 4 9 Auto P m ro o d b u il c e t s i : on (num- (number): Sh be ip r T P ) m a — ru s e s c e n k n t s g s- er cars 2 2 3 3 1 , , 1 8 8 2 9 9 1 2 9 1 6 , , 8 7 6 S 2 S . ' . . Bad C T - B o o o o r a t d x a l e l r ears, total... 3 3 1 4 6 0 9 0 9 5 5 , , , , 8 4 1 7 2 3 9 J 2 4 9 8 ; 3 3 22 9 9 3 7 75 4 1 4 ,, , , , 6 70 , 6 5 07 5 5 3 47 3 3 8 11 ! ! 3 3 1 1 1 9 4 5 5 6 4 1 5 5 5, , , 0 ,3 0 0 1 4 3 4 4 0 0 7 0 0 2! 1 1 1 6 8 1 4 7 4 9 4 . , . . 7 5 9 8 1 1 1 8 6 5 2 9 2 9 0 . . . . 9 8 1 8 1 1 1 1 4 5 5 5 4 5 5 0 . . . . 0 9 5 8 Railroad (carloads) 31,324 31,334! 18,6081. Vessels cleared in for- Priveaways ! j eign trade (not tons): (machines)... 28,700 22,381". 15.193!. "American 2,621,206 2,388,7052,1.13,881 108.1 105.6 87.2 B o a t ( m a - Foreign 2,55-5,505 2,495,385 2,910,341 98.0 115. 3 111. 7 chines) 7,3GG 2,960; 2,381 Locomotives (number): \ Total ;>, 174,7.L1J4,884,090 5,024,222102.9 110.4 99.9 Domestic shipped.. 64 56 10. o 48.7 Perecnlape of Amer- Foreign completed. 16 18 29. (> 13.6 33.3 ican, to total 50. 7 48-9! 42.0 105.3 96.1 87.4 Vessels built in the Panama Canal traffic United States and (tons, 000 omitted):i officially numbered Total cargo traffic.. 1,046 960; 137.8 140.4 119.6 by the Bureau of American vessels... 4<)9 459' 370 ^Navigation: ' I .British vessels 297 287I 310 Number ; 1.33 106 116 72. 68.4 63.4 Commerce of canals at Gross tonnage j 21,419 34,308 132,622 9.0 13.8 55.8 SauIt S1:e. Marie (000 omitted): 2 TRANSPORTATION. | K ast bound- - Railroad operating sta- i Grain other tistics: i | than wheat Net ton-miles, rev- (bushels) 12>932 26,735 11,359 enue and non- Wheat (bushrevenue (000,000 els) 12,438: 24,662, 10,418 omitted) 21,728 32,905 i 25,582 89.4 105.3 92.5 Flour (barrels). 924J 1,155j 1,150 Net tons per train.. 614 691 637 85.2 102. 96.7 Iron ore (short Net tons per loaded tons) 6,618; 1,380 2,893 car I 24.4 27.8 26.9 87.1 110.3 97.5 Total (short ! tons)....... 7,597; 2,946 4,628 Revenue-freight loaded j Westbound— and received from i Hard coal con ncctions, classi- (short tons).. 2,100; 247 fied according to na- Soft coal (short ture of product (short tons) 247,542 202,988 3,027 tons): Total (short Grain and grain tons) ! 468,7911 370,629 3,451 products 189,845 136,975 161,244 128.6 96.3 109.2 Total freight Live stock 132J 967 112,963 112,326: 107.394.2 90.6 (short tons)..•8,066,117J3,316,645j 8,078 J Figures for April, 1922, March, 1922, and April, 1921. '-Figures for June, 1922, May, 1922, and June, 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL, RESERVE BULLETIN. 857 BUILDING STATISTICS. BUILDING PERMITS IN 166 SELECTED CITIES. [Collected by the 12 Federal Reserve Banks.] NUMBER OF PERMITS ISSUED. D c N i i t ( s o i 1 t . e r 4 s i 1 ) c . t D c N i i t ( s o i 2 t . e r 2 s i 2 c ). t D c N i i t ( s o i 1 t . e r 4 s i 3 c ). t D c N i i t s o i t . e r s i 4 ) c . t ' i I D c N i i t s o i t . e r s i 5 c ) . t | | D c N i i t s o i t . e r s i 6 ) c . t! D c N i i s t ( o i 1 t . e r 9 s i 7 c ). t D c N i i t s o i ( t . e 4 r s i 8 c ). t D c N i i t s o ( i t . e 9 r s i 9 c ). t \ D c N i i o t ( s i 1 . t e r 4 s i 1 c ) 0 . t D c N i i o t s ( i . t e 9 r s 1 ic ) 1 . t D c N i i o t ( s i 2 . t e r 0 s i 1 c ) 2 . t c T i ( t 1 o i 6 e ta s 6 l ). 1921, j 1 May. 2,412 8,140 3,187 5,107 4,170 . 2,770 6,132 • 1,9 2,528 2,655 2,473 8,525 ! 50,373 1922. January.. 878 4,176 1,623 1,724 I 2,18S i 2,155 3,498 i 1,141 523 1, 3ou j 1,653 8,293 i 28,884 February. 1,024 4,210 2,081 2,619 I 2,305 ; 2,566 4,815 ; 1,434 517 1,758 ! 2,114 7,600 ; 33,043 March 2,367 13,284 3,557 4,986 4,101 : 3,211 8,806 i 2,218 1, 493 2,711 : 2,623 11,196 60,453 April.. 3, Oil 9,056 4,386 6,149 : 4,397 3,215 11,546 2,650 3,342 3,103 | 2,586 10,966 64,407 May.. 2,018 10,136 3,991 6,666 : 5,321 3,443 13,799 • 2,955 3,391 3,554 I 2,79t 11,266 j 69,334 VALUE OF PERMITS ISSUED. District No. District No. District No. District No. District No. District No. District No. 1(14 cities). 2 (22 cities). 3 (14 cities). 4 (12 cities). 5 (15 cities). 6 (14 cities). 7 (19 cities). 1921. May. So, 850,526 £55,493,186 16,244,792 | $10,451,771 $8,332,123 $5,074,822 : $14,914,403 1922. January... 7,380,701 50,145,296 6, 878,523 5, 713,209 8,352,615 3,734,262 ! 18,905,561 February. 9, 280,827 50,372, 553 8,275,338 7, 829,585 7,513,542 4,630,052 20, 419,417 March 10,995, 500 119,964, 783 14,116,292 13,814, 868 11,329, 049 6,021,211 33,747,135 April 13,812,829 54,704,292 17,020,500 15,693,183 11,971,471 4,951,558 35,089,503 May 9,109,108 57,843,585 13,844,813 22,614,081 13,318,592 7,262,167 53,806,499 District No. District No. j District No. District No. ' District No. Total (166 8 (4 cities). 9 (9 cities). 10 (14 cities). 11 (9 cities). 12 (20 cities). cities). 1921. May S2,690,521 $4,571,734 j S6,098,407 $4,190,778 I 817,703,732 $142,283,795 1922. January 2,579,894 2,110,424 5, 023,603 4,960,078 | 22,872,876 138,631,902 February 4,150,487 1, 569,774 4,336,011 4,419,789 ; 18,917,868 141,715,243 March 5,012,607 4,526,209 7,165,925 5,630,336 27,432,286 ! 259,754,421 April 0,076,684 8,196,110 '8,384,552 6,228,385 I 30,195,052 i 212,324,119 May 7,413,855 9,913,853 10,807,081 4,752,042 28,271,238 239,017,520 VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS. [F. W. Dodge Co.] VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS. District District District District DivStrict District District Total No. 1. No. 2. No. 3. No. 4. No. 5.i No. 7. No. 9.2 (7 districts). 1921. May 817,954,231 858,816,766 823,373,200 833,915,207 $23,023,500 854,867,976 $8,841,467 $220,792,350 I 1922. January... 15,302,453 54,962,847 12,128,900 21,066,282 j 14,002,399 29,182,324 3,613,148 150,258,353 February.. 14,799,476 60,152,424 11,828,700 20,602,823 | 16,518,079 32,344,424 5,192,824 161,438,750 March 26,212,330 90,088,870 24,558,100 2^9,u,6u6i1,,w05o8 i 24,116,011 58,081,526 11,933,270 204,651,165 April 42,196,915 117,814,585 24,795,800 38,089,754 i 25,618,120 64,236,566 9,878,501 322,030,241 May 31,589,783 91,441,141 25,739,294 58,432,714 I 32,268,767 71,117,055 12,455,410 i 323,044,164 VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS. 1921. | May.. 36,933,658 $30,963,442 $6,816,800 $9,188,212 | $6,961,450 $9,779,947 $2,323,242 $78,990,751 1922. ! January... 4,767,597 35,652,203 6,280,200 0,279,459 ; 6,597,861 10,601,761 1,0-19,594 71,228,075 February.. 4,179,914 38,657,156 5,647,700 5,5-15,073 I 7,299,608 9,388,615 962,757 71,680,853 March 11,897,086 51,116,514 9,552,500 10,641,177 ' 9,796,405 17,225,204 2,348,511 112,577,397 April 13.524,827 53,677,473 10,408,700 16,127,627 ! 10,297,280 17,661,586 4,175,963 125,873,456 May....... 14,018,303 39,943,547 11,168,868 19,121,798 ! 13,009,760 24,574,835 4,240,047 126,077,158 i North and South Carolina not included prior to May, 1921. 2 Montana not included. 112292—22 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

858 FEDERAL RESERVE BULLETIN. JULY, 1922. RETAIL TRADE. (Chicago), 21 stores in district No. 8 (St. Louis), 4 stores in district No. 9 (Minneapolis), 19 The following tables are a summary of the stores in district No. 10 (Kansas City), 22 stores data obtained from 452 representative depart- in district No. 11 (Dallas), and 32 stores in ment stores in the 12 Federal reserve districts. district No. 12 (San Francisco). Figures for In districts Nos. 1, 2, 5, 6, 7, 9, 11, and 12 the Lancaster in district No. 3 (Philadelphia) are data were received in (and averages computed shown separately for the first time this month. from) actual dollar amounts. In districts Nos. A comparison of monthly changes in activity 3, 4, 8, and 10 most of the material was received of different types of retail business since Januin the form of percentages, and the averages ary, 1919, is shown in the second of the folfor the cities and districts computed from such lowing tables. The 159 department stores are percentages were weighted according to vol- located in districts Nos. 1, 2, 5, 6, 9, 11, and ume of business done during the calendar year 12, while the mail-order houses do business in 1921. The changes in retail trade for the all parts of the United States. Chain-store United States as a whole are obtained by com- figures are based upon the total sales of the bining the district percentages after multiply- same reporting chains for each month, but the ing them by a system of weights based partly actual number of stores in these chains varies on population and partly on banking resources. slightly. There have been added this month The tables for the month of April are based on 5 shoe chains and 4 music chains. reports from 26 stores in district No. 1 (Boston), The department-store business continues to (>4 stores in district No. 2 (New York), 100 improve steadily, while the chain-store sales stores in district No. 3 (Philadelphia), 31 stores fluctuated but slightly from last month, with in district No. 4 (Cleveland), 25 stores in dis- the exception of the shoe chains, which have trict No. 5 (Richmond), 36 stores in district fallen somewhat from the Easter volume of No. 6 (Atlanta), 62 stores in district No. 7 sales. COMPARISON OF SALES OF DEPARTMENT STORES AND MAIL ORDER HOUSES 1919 - 1922 ( AVERAGE MONTH. 1919 = 100 ) INDEX 4- INDEX' NUMBERS NUMBERS 1 1 180 180 160 160 U 14-0 • I •Ji I n / r : ) \ I I/ / * 140 120 1 \ 1 l\ I / 120 ll V 100 It 17/ VA y /k 100 \ k V /^ 80 V jj \ \ r / / \ \ 80 \ / w-v 1 / 60 60 40 40 DEPARTMENT STORES (153) 20 MAIL ORDER HOUSES (4) 20 1 J. F. M: A.;M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. 1919 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1922. FEDERAL. RESERVE BULLETIN. 859 CONDITION OF RETAIL TRADE. [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 orders at close, of sales as compared with corre- at close of month compared month to aver- month to total spondingperiod previous year. with— age monthly purchases sales same during previous District and city. period. calendar year. j Jan. 1,1922, to Same month Previous Jan. 1,1922, to | close of— previous year. month. close of— April, May, April, May, 1922. 1922. April, May, April, May, April, May, 1922. 1922. 1922. ! 1922. 1922. 1922. 1922. 1922.' District No. 1: B O o u s t t s o i n de.... -8 8 . . 3 7 -2 5 . . 5 5 - - 2 8 . . 5 3 ! - - 0 7 . . 8 1 3 0 .0 .6 • : i '-0 4 . . 4 9 1 0 . .1 9 - - 1 0 . . 2 8 3 4 0 6 2 0 . . 5 8 2 4 9 5 4 3 . . 5 2 5 4 . . 9 9 5 5 . . 7 7 District.... 3.7 -3.9 —2.2 3.2 1.4 -1.1 338.1 329.9 5.8 5.7 District No. 2: I New York and Brooklyn. 4.4 5.3 I -3.4 -1.6 4.4. 1.6 0.9 -4.7 I 357.1 347.9 5.1 4.6 Buffalo i -9.8 • 1.6 -14.0 -10.7 0.1 -4.0 -3.1 -3.2 ; 454.0 430.8 4.2 4.4 Newark -3.7 j -0.6 | -1.5 -1.3 J.5 -1.1 -1.2 -2.9 351.6 350.9 3.1 3.6 Rochester -1.9 -1.7 ' -7.9 -6.6 -7.3 -2.4 -1.9 -0.8 368.3 365.1 7.0 3.6 Syracuse -7.1 | -2.8 ! -9.1 -7.7 -14.0 -16.3 -0.2 -4.6 406.9 395.2 4.2 3.9 Bridgeport "... -0.1 ; -6,4 -12.2 -11.0 -1.4 4.0 0 9 1.6 443.3 445.3 4.2 5.6 Outside -2.0 i 2.6 -2.0 -1.0 6.4 -0.7 0.2 -3 0 594.7 575.3 5.7 6.9 District 2.3 3.6 -4.4 -2.7 j 3.5 0.9 0.6 I -4.2 360.0 351.4 5.2 5.0 District No. 3: Philadelphia 5.1 -5.8 -4.3 0.9 — 1.1 2.4 ! -2.8 330.5 333.8 6.7 6.2 Trenton 6.2 -5.3 -3.0 4.7 2.5 1.7 -2.0 495.6 454.2 Wilmington 20.2 -12.0 -7.4 -16.5 -19.0 -1.3 0.8 730.4 691.4 '3.Y "3*2 Chester 9.3 -29.5 -24.7 -5.1 -1.5 -0.7 -0.5 , 491.6 , 339. 5 Harrisburg 4.4 -0.5 -0.9 I. S.1 -6.0 0.7 1.7 408.1 411.2 Lancaster -6, -10.7 ' 3.1 -0.5 471.0 10.8 Outside 1.3 -4.8 -11.1 -10.2 2.2 -0.7 -4.0 'his. 2 501.5 5.0 5.3 District 5.0 0.1 ! —7.1 -5.7 1.0 -1.5 1.2 -2.7 396.3 392.3 6.2 6.1 District No. 4: Cleveland 2.5 6.7 -10.3 -6.7 9.0 7.6 0.5 -2.5 378.3 ! 368.3 5.8 Pittsburgh..... -3.3 -3.5 -19.6 -15.8 -4.4 -7.5 2.1 ; -3.9 397.8 ! 352,1 5.0 5.2 Cincinnati —3.5 0.7 -8.7 -6.9 12.0 -0.4 1.3 I -5.9 | 540.5 522.0 8.3 7.7 Toledo 4.8 2.5 -8.1 -5.3 -0.4 -1.8 0.6 j -4.6 484.1 455.4 4.2 4.3 Outside 1.5 6.3 -11.8 -7.0 2.4 -0.2 1.3 i -1.2 494.5 467.4 11.0 8.9 District -0.7 1.0 -13.9 -10.3 2.5 — 1.3 1.3 j -3.7 426.9 396.3 5.8 5.7 District No. 5: Baltimore 2.9 -3.5 -12.6 -10.7 0.7 0.2 -2,1 -4,9 405.0 392.9 4.5 6.0 Richmond -1.7 4.0 -9.7 -6.9 1.8 -0.5 -0.1 -3.1 412.6 392.2 4.8 4.8 Washington -4.2 -1.6 —1.0.8 -8.9 8.8 6.2 -0.8 -2.8 427.5 416.4 2.9 3.7 Outside -8.0 i —5.6 -18.6 -15.8 2.9 2.8 -0.1 -1.2 556.0 533.1 4.0 5.9 District -1.3 : -2.5 -12.6 -10.5 3.6 2.5 -1.2 -3.5 433.1 419.5 4.2 5.4 District No. 6: Atlanta -0.9 -2.7 -16,3 -13.4 16.2 16.6 2.3 -1.1 604.5 570.4 3.8 3.5 Birmingham.. .. -9.9 -4 1 -28.2 -23.4 -2.1 -5.5 5.8 -5.6 599.6 560.1 5.6 5.8 Nashville -8.6 -4.0 -11.1 -9.5 -4.3 -2.1 0.0 -1.1 523.8 491.0 4.1 5.1 New Orleans 3.6 -7.8 -12.3 -11.4 1.6 -0.2 -1.0 -4.7 500.4 488.2 4.0 3.2 Savannah -7.7 -14.5 -23.7 —21.8 -11.4 -10.7 -0.9 -1.3 566.5 607.8 5.8 5.9 Outside -0.6 -10.5 -12.1 -12.0 -1.7 -4.2 -3.9 -4.8 653.0 611.8 2.4 2.0 District -1.6 -7.2 -15.6 -13.8 0.6 -0.7 0.0 -3.9 549.1 527.8 4.3 4.1 District No. 7: 2.3 -7.3 -7.8 -15.9 9.6 1.2 -0.5 -1.4 343.6 426.7 Detroit 10.0 13.3 -2.8 0.8 -3.2 -2.5 -0.1 -4.0 342.0 322.1 8.8 10.0 Milwaukee.. -5.2 -6.5 -13.0 —11.6 -7.2 -5.0 0.7 1.1 632.8 611.4 4.6 3.8 Indianapolis 1.2 6.2 -5.8 -3.2 10.8 10.7 -0.1 -1.8 337.1 325.7 5.9 Des Moines -7.7 -13.8 10.0 -0.6 319.4 5.3 Outside -7.9 -16.6 —is. 6 -2.7 -1.5 608.9 *584.°9 5.2 **4."6 District 0.7 2.9 -9.3 -6.8 -1.2 — 1.5 -0.6 -2.5 444.5 438.2 6.5 6.7 District No. 8: St. Louis -4.2 -2.3 -12.9 -11.1 -0.5 -3.3 0.6 -2.6 356.9 361.9 5.4 5.8 Louisville -5.9 -2.7 -11.2 -7.9 -8.0 -11.4 -10.7 -5.1 602.4 588.6 2.6 1.9 Memphis -2.2 -4.1 -13.1 -11.2 1.3 -0.7 0.2 -0.7 574.2 553.3 6.5 9.6 Little Rock 2.7 -17.7 -19.6 -18.9 10.8 15.5 2.6 -4.1 470.4 427.3 4.1 3.0 Outside -8.4 -7.1 -14.5 -12.8 -2.5 -4.8 -2.7 -2.7 597.0 507.2 3.8 3.0 District -3.7 -4.1 -13.3 -11.4 -0.4 -2.5 -0.9 -2.8 437.1 430.2 5.1 5.3 District No. 9 —6.8 —2.3 -10.7 -1.1 4.3 -3.4 2.0 567.0 541. 2 5.9 5.8 District No. 10: Kansas City -10.0 -6.1 -14.4 -12.6 -9.9 -0.1 -9.6 563.6 ! 490.3 2.2 1.2 Denver -6.5 -1.4 -9.8 -8.2 4.5 1.8 -1.8 646.0 663.3 7.6 8.3 Outside -0.8 -5.3 -9.0 -11.7 4.0 5.9 -0.7 i -2.5 610.8 558.8 6.7 7.5 District -5.3 —1.5 -10.9 -11.0 5.6 0.4 0.3 -4.6 605.3 567.6 5.3 5.4 District No. 11: . Dallas J -13.7: -7.0 -16.0 -14.1 -1.8 1.0 0.2 0.3 470.8 462.4 5.3 7.2 Fort Worth .! -12.9 I -4.8 ' -22.0 -16.4 -2.4 -4.1 0.7 -4.9 553.2 526.3 3.2 3.6 , Houston 0.4 -1.5 | -9.5 -7.8 -1.3 -5.2 -0.8 -0.6 483.6 474.3 7.5 1.0 Outside .1 -13.5 !-10.3 | -20.2 -18.1 -6.4 -10.5 -5.3 -9.1 •468.6 430.3 3.6 4.5 District .| -11.1 , -6.6 ! -17.2 -14.5 -3.1 -4.2 -1.5 -3.3 484.0 445.0 5.0 5.5 District No. 2: I L03 Angeles 5.8 24.0 0.4 4.9 16.3 1.1 0.2 461.2 433.9 8.2 9.0 San Francisco.. -2.7 19.5 —5.3 0.3 10.5 4.8 3.7 -8.7 493.2 450.4 7.9 10.0 Oakland i -ii.51 3.1 -16.3 -12.5 10.1 3.7 -3.1 0.1 623.9 602.8 Seattle ! -2.2 i 9.4 -7.5 -3.8 -10.2 -7.5 -0.8 -0.4 454.2 435.1 6.3 11.4 Spokane I -3.6 ! -8.1 -13.0 -11.9 2.8 1.8 1.0 -3.5 721.1 694.2 4.8 Salt Lake City- ! -9.0 ! -3.3 -17.4 -14.2 2.4 2.2 1.9 -3.4 566.6 542.9 5.0 District : -1.3 i 15.5 —5.6 -1.2 -4.3 -9.0 1.9 -6.3 491.9 462.7 7.2 9.1 United States j -0.6 0.8 -9.7 -7.5 I 1.1 -0.7 0.1 -3.3 i 446. fl 426.8 5.6 ) I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

860 FEDERAL RESERVE BULLETIN. JULY., 1022. AVERAGE MONTHLY VALUE OF RETAIL TRADE, [Average month, 191.9=100.] Chain stores. "Department Mail-order (159 s t s o t r o e r s es). (-1 h o h u o s u e s s es). Grocery Five and Drug Cigar Shoe Music (10 chains). ten (4 (7 chains). (3 chains). (5 chains). (4 chains). chains). 1919. January... 80.1 89.4 70.2 92.7 •74.8 68.1 65.3 February.. 73.1 86.0 72.3 83.7 77.0 59.6 78.2 March 82.0 95.7 90.8 90.6 93.7 76.2 89.7 April 91.5 92.9 93.9 95.3 91.7 107.0 86.0 May. 81.3 94.3 90.4 94.4 102.1 103.3 81.6 June 74. 5 90.3 80.3 93.1 92,2 92,4 75.7 July 76.1 101.2 87.9 100.8 98.2 88.6 76.2 August 82.1 98.0 94.6 101.5 99.9 104.0 86.9 September. 102. 1 100.2 92.5 98. 5 90.2 107.1 105.6 Octobcr... 155.9 119.8 107.9 104.0 110.2 128.8 133.7 November. 1-18.2 111.5 112.1 103.8 114.9 127.2 127.3 Docombor.. 140. 4 120.2 1.95.1 135. 0 149.0 136.9 193.5 1920. January 120. 2 127.4 85.6 114.9 100.8 90.1 94.7 February... 122.2 128.1 82.6 107.5 106.1 76.2 95.0 March..'.... 130.7 147.9 111.1 117.2 120.3 121.6 112.9 April 107.5 153.8 110.0 110.0 123.2 133.6 91.3 May 90.4 152.4 112.9 11.5.8 135.6 146.6 91.9 Juno '. 87.3 149.8 108.9 1L7.0 129.6 128.3 93. 9 July 80.7 159.3 112.0 123.8 137 3 119.8 84.7 August 80.2 143.3 11.1.1 119.8 129.2 91.0 101.6 September.. 90. 5 142.0 111.7 119.4 136.6 111.7 118.7 October 103.7 142.0 129.9 123.4 151.0 -143.2 126.6 November.. 125.5 140.0 125.7 114.2 133.9 135.2 132.1 .December.. 97.9 137.8 214.0 149. 5 180.5 155.0 179.1 1921. January 09.1 124.0 80.1 117.3 11.9.9 85.8 79.0 February... 01. 8 118.4 92.9 1.10.7 116.5 82.5 78.3 March..'.... 95.1 128.7 12L.1 123.0 131.8 141.0 81.9 April 77.5 121.7 111.9 121. 8 134.7 139.7 75.1 May CO. 2 118.8 112.2 119.2 129.5 136.5 65.1 Jurie 02. .1. 110.0 109.7 120.0 127.8 127.6 59.9 July 49.3 115.1 108.0 122,1 128. 5 100.9 55. (i August 50.4 i 121.4 110.0 119.8 127.6 86.6 71.6 September.. 72.7 | 118.3 113.4 1.1.9.4 128.0 103.1 82.3 October.... 88.0 • 1.35 2 141.9 124.2 138.0 135.4 99. 2 .November.. 83.3 j 133. 5 131.1 115.2 124.8 119.1 107.0 December.. 80.3 ! 144.5 24.1.0 140.1 172.7 149.6 172.6 1922. January.,. 05.3 135. 8 94.0 117.0 111.0 80.0 71.7 Fel.ruary. 59.4 127. G 100.8 1L4.5 109.3 80.7 75.0 March 83. 5 145.4 118.4 123.2 124.3 102.0 80.0 April 77.0 137.4 134.9 120.3 124.5 150.3 78.9 May 1 09. 4 130.5 129.0 122.9 128.8 127.1 80.9 1 Partiv estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL EESUEVE BULLETIN. 861 JULY CROP REPORT BY FEDERAL RESERVE DISTRICTS. Forecasts of crop production issued by the larger than the estimates for 1921, an increase United States Department of Agriculture as of about 40,000,000 bushels in spring wheat of July 1, 1922, are shown in the table below, being partly offset by a decrease of about together with estimates of production in 18,000,000 in winter wheat. A spring wheat 1921. crop exceeding that of 1921 by about 42,000,000 The forecast of corn production is about 220,- bushels is expected in the Minneapolis district. 000,000 bushels less than the estimated produc- Winter-wheat production in the Kansas City tion in 1921, smaller crops being forecast in district according to present indications will be all the Federal reserve districts, except Rich- 221,000,000 bushels, or about 37,000,000 less mond and San Francisco. The largest de- than last year. The cotton crop this year is crease, amounting to about 60,000,000 bushels, expected to bo over 11,000,000 bales, or over is reported for the Chicago district. Wheat 2,000,000 more than in 1921, and the oats and production, on the other hand, is forecast as hay crops will also be larger. PRODUCTION OF CORN, WHEAT, COTTON, OATS AND HAY, BY FEDERAL RESERVE DISTRICTS—FORECASTS OF THE DEPARTMENT OF AGRICULTURE AS OF JULY 1, 1922, COMPARED WITH ESTIMATED PRODUCTION FOR 1921. [In thousands of units of measurement.] I." ! Total when:it WinUT wheat \ Spring wheat Hay, tame and , t.<)in (bushels), j (bnshds). (bushels). : (bushels). ! Motion (bales;.* Oats (bushels). wild (tons). Federal reserve district. 1922 1921 . 1922 ; 1921 , 1922 1921 1.922 : 1921 1922 1921 1922 1921 Boston 14,447 313 "... 9.S551 8,247 3,372 New York.. 3"), 927 42,872 362; i... 39,123 26,500 5,295 Philadelphia, 64,418 09' 416 182:. 26,902. 22,216 2,643 Cleveland. 201.091 209,377 •168|. 68,781: 53,40'i 5,787 Richmond 175', 113 .173,687! 1,638 1,547 22,496! 19,830 3,418 .Atlanta... 214,019 250,250 2,280. 1,693 IS; 889' 21,987 3,190 Chicago... 907,019 967,277 , 820:. 445,935! 385,091 16,034 St. Louis. 386,970 416,543 332 2,202 1,662 10,37:1 59,090 6,934 Minneapolis 296,839 302,344 7,208- .188,233; 146,275;". 301,757 229,772 16,877 Kansas City 407,371 412,1581 !58,280 15,020 12],8441 865 4691- 137,551 .163,401 15,589 Dallas "... 113,118 180,803 381' 3221 3.9(56 2,499: •U, 365: 36,858 1,6 H San .Francisco 11,601 11,193 36,878 ,943' '2 97 2 67 30,599 34,343 16,022 Total 2,860,215 3,080,3721 816,936 794,893 569,276: 587,032 247,660 207,861. » 11,065 37,9-16: 1,186,626 1,060,737 106,780, 96,802 1 Figures for 1921 are revised on the basis of census returns. »In addition the following amounts were estimated grown in Lower California (Mexico): 1.921, 50,000 bales; 1922, 75,000 bales. 3 Cotton grown outside of cotton belt included as follows: 1921, 9,000 bales; 1922, 17,000 bales. CONDITION OF WHOLESALE TRADE. PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN MAY, 1922, AS COMPARED WITH THE PRECEDING MONTH (APRIL, 1922). Groceries. Dry goods. Hardware. Bo s o h t o s e s a . nd Furniture. Drugs. Au p t l o i e s s u . p- Stationery. Farm im- Auto tires. District. Per b N e u r m o - f Per b N e u r m o - f Ter b N e u r m o - f Per ' b N e u r m o - f Per Per b N er u m o - f Per Num- Per b N e u r m- of cent. firms. cent. firms. cent. firms. firms. firms. i No 2 8 5 42 0.6 8 28.4 11 —4.4 10 2.3 0 2.0 6 No 3 17.4 50 -0.4 15 4.1 27 6.3 15 No 4 12,8 26 2.0 13 12.6 12 1.6 13 ! i No 5 12.6 48 -6 9 16 3.9 171-15.9 19 12.6 12 i No 6 16 8 37 —4.2 23 3.4 22—25.5 10 21 2.6 0 10.6 3 2.6 6 j . No 7 11.8 30 14.6 1L 13.9 12 — 8.9 10. 5 8 19.1 5 No 9 10 8 38 16.1 5 9.0 10 —6.6 4 — 15.5 7 No 10 8 5 9 -3.3 7 11.3 8 12.3 6 6. i 4 50.0 6 28.5 7 No. 11 5.8 12 1.2 12 3.5 12 -13.3 4 3.3 8 15.2 . 4 ! No. 12 13.6 32 6.8 U 14.3 22 0. 4 14 5.7 16 5.0 8 8.2 20 -2.7 26 3.8 23 8.5 17 PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN MAY, 1922 , AS COM PARED WITH THE SAME MC>NTH LAST YEAR (MAY, 1921). No 2 -0.7 42— 11.1 g 13. 9 11 -9.5 10 7.6 6 6.1 No 3 1 4 50 — 9.8 15 — 1.6 27 0 6 15 i No 4 —7 3 36 —4. 5 13 8.6 12 — 1 9 13 i No 5 1.2 48 -7.7 16 4.7 17 1.8 1*9 12.6 12 No 6 -1 6 37 7.2 22 1.5 22 2.2 10 18 1 21 9 3 6 o 101.7 6 No 7 0 9 28 10.9 11 25.0 12 10.8 7 6 7 45 6 5 No. 9 1.4 38-11.6 5 6.9 10 4.9 49.1 7 No 10 0 2 9 —0.7 7 13.8 8 5 1 6 6 5 4 50 0 6 82,0 7 No 11 -5 2 12 —6.1 12 — 1.2 12 —2.3 4— 10 8 8 125.9 4 No. 12 3.4 32 10.5 14 23.7 22 -2.5 14 3.8 11.0 5.7: 20 1.0 26 •51.1 23 -7.3 17 ! 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

862 FEDERAL RESERVE BULLETIN. JULY, 1922. FEDERAL RESERVE AND MEMBER BANK DEVELOPMENTS DURING YEAR ENDING JUNE 30, 1922. EARNING ASSETS HELD BY THE FEDERAL RESERVE BANKS. [In thousands of dollars.] Bills discounted. ; Bills ^JSt? ^ United States securities. Member Date. e a T a s r o s n e t i a t n s l g . Total. G S o e m o b c v l e u i e g n r r e a t n d - - m n p C . e a o r e p m c . e i a r s - l . a c p n u s A a t d l o t p g u l c r e i r i k v r - a . e l - a a B c n e c a c r e n s e p k ' s t - . - a a T c n r c c a e e d p s e t . - s b c n e a o e c o n r l u l t a k a e r l e t s s - d ' Total. B a a c a n c n c e k e p e s t r . - s' a a T c n r c c a e e d p s e t . - Total. i c e C n a d e d t n e r e t e s i b s f i t o s - - . f n B a o o n t n e d d s s . tions. eligible paper. 1921. June 30 2,050,757 1,751,350 637,590 842,0% 234,129 ' 8,456 13,853 15,226 40,223 40,130 93 259,184 224,664 34,520 July 30 1,903,954 1,641,612 577,774 801,491 230,337 6,089 13,817 12,104 17,977 17,912 65 244,365 210,354 34,011 Aug. 31 1,757,488 1,491,935 545,176 695,691 222,427 1,715 10,684 16,242 35,320 35,278 42 230,233 196,225 34,008 Sept. 30 1,685,885 1,413,013 490, 844 671,810 216,000 845 9,466 18,048 45,042 44,916 126 227,830 191,742 36,088 Oct. 31 11,591,668 1,313,027 462,436 621,900 199,077 899 11,162 17,553 86,110 86,055 55 192,521 155,938 36,583 Nov. 30 11,459,866 1,182,301 476,360 486,313 190,879 447 10,952 17,350 72,954 72,824 130 204,544 172,291 32,253 Dec. 31 U, 523,516 1,144,346 485,233 452,331 178,707 338 9,985 17,752 145,263 145,045 218 233, 528 183,492 50,036 1922. Jan. 31 11,207, 111 838,885 363,586 281,387 167,621 1,180 8,274 16,837 74,935 74,833 102 293,085 202,586 90,499 Feb. 28 11,214,166 712,577 284,614 256,335 150,969 234 6,351 14,074 93,458 93,356 102 407,889 250,931 156,958 Mar. 31 11,241,345 680,467 260,781 258,848 141,283 177 6,188 13,190 105,270 105,110 160 455,506 246,248 209,258 Apr. 30 1,187,861 510,104 185,743 168,523 137,275 118 5,445 13,000 90,677 90,570 107 587,080 328,751 258,329 May 31 1,193,091 471,490 171,106 150,224 132,594 103 5,235 12,228 118,182 118,101 81 603,419 358,771 244,648 June 30 1,177,995 461,418 167,241 147,123 130,626 81 3,757 12,590 161,112 160,332 780 555,465 335,632 219,833 i Includes municipal warrants—October, $10,000; November, $67,000; December, $379,000; January, S200,000; February, 5242,000; March, §102,000. DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, RESERVES, AND RESERVE PERCENTAGES OF THE FEDERAL RESERVE BANKS. [Amounts in thousands of dollars.] Deposits. Total de- Reserves. posits and Federal Federal Reserve Date. Member notes in reserve Amount held. percent- Total Govern- bank- Other circulation. notes in Amount Excess age. ment. reserve deposits. circulation required. (free gold). account. combined. Total. Gold. 1921. June 30 1,675,217 43,446 1,603,845 27,926 2,648,086 4,323,303 2,627,494 2, 167,659 1,645,560 981,934 60. S July 30 1,683,048 32,680 1,625,123 25,245 2,549,626 4,232,674 2,697,032 2,543,039 1,608,917 1,088,115 63.7 Aug. 31 1,690,754 46,809 1,618,901 25,044 2,481,466 4,172,220 2,787,920 2,641,061 1,584,348 1,20*3,572 66.8 Sept. 30 1,704,807 98,540 1,581,032 25,235 2,482,427 4,187,234 2, 879,33.1. 2, 728,372 1,589,653 1,289,678 68.8 Oct. 31 1,732,898 43,086 1,658,627 3.1,185 2,421,426 4,154,324 2,934,960 2,791,272 1,575,085 1,359,875 70.6 Nov. 30 1,742,830 45,913 1,670,362 26,555 2,366,006 4,108, 836 2,989,142 2, 849,447 1,556,392 1,432,750 72.7 Dec. 31 1,876,082 95,951 1,753,217 26,914 2,409,392 4,285,474 3,010,252 2,874,995 1,620,385 1,389, 867 70. 2 1922. Jan. 31 1,790,685 82,810 1,677,837 30,038 2,179,052 3,969,737 3,062,705 2,908,958 1,498,361 1,564,344 77.2 Feb. 28 1,799,401 53,759 1, 710,249 35,393 2,196,058 3,995,459 3,079,784 2,946, 739 1,508,214 1,571,570 77.1 Mar. 31 .1,834,811 87,588 1,708,761 38,462 2,194,743 4,029,554 3,105,039 2,974,784 1,520,081 1,584,958 77.1 Apr. 30 1,849,442 51,981 1,754, 844 42,617 2,169,420 4,018,862 3,128,306 2,995,425 1,515,073 . 1,613,233 77.8 May 31 1,870,153 54,295 1,782,004 33,854 2,141,184 4,011,337 3,130,497 3,007,621 1,511,027 1,619,470 78.0 Jane 30 1,883,329 33,093 1,820,377 29,859 2,152,962 4,036,291 3,144,542 3,021,767 1,520,350 1,624,192 77.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 863 DAILY AVERAGE FIGURES OF EARNING ASSETS, CASH RESERVES, DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES OF THE FEDERAL RESERVE BANKS. [Amounts in thousands of dollars.] Federal. Federal Month. e a a T s r o s n e t i a t n s l g . res C e a r s v h es. de T p o o t s a i l ts. n c r a e o i c r s t c t e e u u s r a v l a i l e n - p R e a e r g s c e e e . r n v t e - Mon l.h. e a a T s r o s n e t i a t n s l g . res C e a r s v h es. de T p o o t s a i l ts. n c r a e o i c r s t c t e e u u s r a v la i l e n - p R e e a r s g c e e e r . n v t e tion . tion. 1921. .; 1922. I J une 2,175,175 2,605,779 1,723,271 : 2,682,560 | 59.1 |i January,.. 1,301,134 3,043,984 1,800,989 2,272,057 74.7 July 2,012,699 2,655,179 1.696,481 2,604,750 | 61.7 !i February.. 3,070,045 1,814,446 : 2,176,529 76.9 August 1,841,596 2,740,388 1.691,137 2,512,348 i 65.2 , March -i 1,215,050; 3,095,762 1,794,895 2,195,131 77.6 September 1,740,474 2,836,396 1,716,162 2,493,910 j 67.4 j April 3,114,928 1,822,788 2,190,447 77.6 October 1,640,740 2,905,727 1,728,029 ! 2,456,121 I 69.4 I' May '! i, ibo, ooi 3,126,773 l', 877; 269 | 2,153,053 77.6 November 1,520,283 2,964,419 1,732,504 2,402,442 71.7 ! Juiic .1 1,188,849 ,3,136,375 1,892,591 : 2,138,430 ! 77.8 December 1,517,194 2,994,982 1,755,226 , 2,416,096 .! 1,166,617 ! COMPARISON OF CONDITION OF EACH FEDERAL RESERVE BANK IN MAY 1921 AND 1922, BASED ON DAILY AVERAGE FIGURES. [Amounts in thousands of dollars.] i Total earning assets. Cash reserves. | Total deposits. i F n e a d c e t r u a a l l r e c s i e r r c v u e l a n t o io te n s . Reserve percentage. Federal reserv•» ban!:. \ Actual. Adjusted.i - 1921 1922 1921 1922 i 1921 1922 1921 1922 1921 1922 1921 1922 Boston ." i 132,705 . 80,832 263,364 207,005 i 111,178 121,231 255,820 150,500 71.8 76.2 72,9 76.2 N ew York j 693,417 282,770 787,033 1,162,062 664,977 715,995 725,618 621,592 56.6 85.0 57.8 85. 0 Philadelphia 186; 589 99,833 184,850 225,673 • 103,-108 108,68 L 232,357 184,110 r-,0. L 77.1 55.1 77.1 Cleveland ! 176.327 119,616 2-83,322 248,566 i 141,743 140,511 272,812 198,100 68.3 73. 4 68.7 73.4 Richmon d \ 123; 925 59,988 78,738 99,039 56.563 59,795 130,975 87,763 42.0 67.1 35.1 67.1 Allan la 126,030 43,429 99. 826 J 38,329 ! 16,332 50,033 158.279 117,431 48.8 82.6 48. 8 82.6 Chicago : 377,165 187,226 384,961 474,277 , 244,021 202.917 463,5LI 364,4.32 51. 4 75.6 54. 4 75.6 St. Louis ! 90,482 53,446 102,906 103,296 ! 65.512 71.412 109,1.29 72,535 58.9 71.8 58.9 •71. 8 Minneapolis 81., 128 4i;514 43.122 68,571 ; 43,452 46,881. 63.44.0 50,463 40. 3 70.5 36.1 70. 5 Kansas City '• 101,25-1 67,751 78,459 85,320 ! 74,4-19 79,023 ^~K 766 59,021 49.0 61. 8 49.0 61.8 Dallas 73,274 36,753 3S, 586 48.4-18 i -Hi. 098 •17. 81,!. 52,281 26.539 39. 2 65. 2 33.3 65.2 San Francisco : 188,498 115,691 196,480 266,181 : 119,090 .112.916 237,358 220,567 55.0 73.2 55.0 73.2 Total 2,353,791 1,188,849 2,541,6 M 3,126,773 , 1,71.7,123 1,S77, 269 2,7S7,379 2,153,053 56. 4 77.6 56. 4 77.0 : 1 Adjusted percentages are calculated after increasing or reducing cash reserves held by the amount o." accommodation .xlended to or received'from other Federal reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

00 DISCOUNTED BILLS, F. R. NOTES AND TOTAL RESERVES OF EACH FEDERAL RESERVE BANK 1921 AND 1922 •RESERVES NOTES •DISCOUNTS MILLIONS OF DOLLARS 500 400 BOSTON CLEVELAND ST. LOUIS 400 300 300 200 200 100 •.. .. . L ! •••••• •••.• •••• • •••- •"•• ..-.. 1 100 -r '-.. 0 0 400 300 200 ICO 0 1 400 300 d 200 f1 i — !— 100 0 iz! 300 800 200 \ CHICAGO X 1 700 100 600 0 —^— 500 500 SAN FRANC1<SCO PHILADELPHIA j 400 400 """-"•"•4— 1 : ! . •••. 300 300 •••.•••• • ••.••••.-••••. i '•-...••• -^ \ 200 200 ! 100 •"•••V 100 0 J. F M. A. M. J. J. A. S. 0. N. D. J. FM.. A. M. J. J. A. 5j. 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. J. F. M. A. M. J. J: A. S. 0. N. D. 1921 1922 1921 1922 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 865 REDISCOUNTS AND SALES OF BILLS BETWEEN FEDERAL RESERVE BANKS. [End of month holdings. In thousands of dollars.] [Plus sign indicates net amount of bills acquired from, and minus sign net amount of bills rediscountod with or sold to, other Federal reserve banks]. Date, Boston. Y N o e r w k. d P el h p i h la i - a. C la lo n v d e . - m R o ic n h d - . Atlanta. c C a h g i- o. Lo S u t. is. I M ap i o n l n i c s. - Kansas F c S i r s a a c n n o - . Total 1921. June 30 +9,405 +38,024 -24,849 -13,175 ' -9,405 47,429 July 30...... +13,896 +37,530 I +8,986 -25,000 -.1,850 -12,530 j—21,032 60,412 A oSc u ep g p . i t;.. 3 3a 1 u0 . + + 2 2 1 6 , , 8 7 5 1 3 6 ! i + + 3 2 4 0 , , 7 9 6 3 8 3 1 + + 11 6 , , 4 8 2 2 2 0 -2 -2 4 0 , , 8 0 5 0 3 0 -1 — 6 8 ,8 ,9 8 2 1 0 -1 -2 4 , , 0 7 8 6 0 8 . . ' - - 2 1 4 6 , , 6 3 1 9 0 4 6 0 8 0 , , 3 2 0 0 4 8 Oct. 31 ..;+17,958 '+18,328 i +5,664 -14,900 -14,1.95 -3,428 .1 -9,427 41,950 Nov. 30 1 + 10,246 ; +4,324 I +242 -4,321 j -7,488 ! -3*,j0 0r\0r\n 14,812 Dec. 14 | +1,000 ! "I- .j -1,000 1,000 I NOTE.—No paper lias been under rediscount between Federal reserve banks since Dec. 14, 1921. VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS. [Amounts in thousands of dollars.] Bills discounted. Bills purchased. "United States securities. Munic- Month. c T la o a s t l s l a e l s , . Amount. c A h v r a e a r r t g a e e g d e . A tu v m r e i r a l a - y g . e o N a f c u m b c m o a o n m - b k e - s r Amount. c A h v r a e a r r t g e a e g d e . A tu v m r e i r a t a - y g . e Bonds. V n i o c t t e o s r . y T n u o re t r e y a s s . - c i C n a e d e te r d e t s i - b f o i t - - f r w a ip n a a t r l s - . dated. ness. 1921. Per cent. Days. Per cent. Days. Tune 4,799,534 3,674,977 6.14 19.29 5,745 04,673 5. HH 28.83 1,040 13,624 1.044,620 July 3,847,005 3,735,078 ('). 02 16.18 5,607 46,670 5.70 31,20 4,(526 60,031 August 3,663,163 3,513,003 5.76 15.76 5,453 107,303 5.31 25.33 210 942 41,615 September... 3,650,263 3,033,109 5.75 17.22 5,427 81,883 5.35 25.89 50 11,253 523,908 October 3,729,581 3,489,208 5.02 14.78 5,572 139,081 4.97 25.77 0,840 10 10,775 83,592 10 November... 3,525,792 3,231,271 5.03 14.42 5,622 161,999 4.00 2o. 00 9,178 122,070 .,, 663 December 4,S70,435 4,108,566 4.91 1.1.67 5,676 230,101 4.41 23.39 03" 20,785 • 15,500 435,107 312 1922. January 2, (552,593 2,345,767 4.84 13.75 5,340 103,508 4.28 31.01 1,011 54,376 (5,770 141.101 60 February 2,524,757 2,080,373 4.77 11.94 4,847 139,021 4.21 .31.99 4,270 5.1,092 114,884 135; 060 51 March 2,616,259 1,753,097 4.70 15.39 4,701 144,352 3.92 33.91 15,044 42,2(56 99,38(5 562,114 April 1,666,618 1,308,056 4.60 15.80 4,738 95,725 3.48 35.28 10,129 31,002 58,803 156,243 May 1,384,725 1,113,931 4.59 17.44 4,630 150, C07 3.28 37.01 2,170 9,791 20,919 87,277 Total... 38,930,725 33,446,556 5.43 15.25 1,464,923 , 4.38 j 29.24 '' 47,409 209,987 3(56,090 3,394,004 1,090 i ! EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS, ALSO FISCAL AGENCY DEPARTMENT EXPENSES REIMBURSABLE BY THE UNITED STATES TREASURY, FROM JANUARY 1, 1921, TO JUNE 30, 1922. Jan. 1 to July 1 to Jan. 1 to Jan. 1 to July 1 to Jan.1 to June 30, Dee. 31, June 30, June 30, Dec. 31, June 30, 1921. 1921. 1922. 1921. 1921. 1922. ! Earnings: Current expenses: Discounted bills 568,648,719 $10,9-19,956 1515,456,378 Salaries SO, 105, 111 .$10,373,139 | 59,014,420 Purchased bills 3,789,989 1,444,152 1,942,551 Cost of Federal reserve cur- V. S. securities 3,291,05") 2,902,799 8,361,672 rency, including taxes on Other 953,540 824,395 877,074 Federal reserve bank note circulation 2,990,837 ! 2,827,999 : 1,261,1-10 Total 76,083,303 46,181,302 26,038,275 Other 5,479,912 j 5,283,067 | 4,303,267 Total.. 17,581,860 j 18,484,205 i 15,178,827 !: Current not earnings.. 59,101,443 j 27,097,097 11,459,448 j1 Dividends paid... 3,033,276 3,086,397 3,120,798 Fiscal a..g„e naccyy dd(e p,artment penscs reimbursable by United Slat es Treasury 2,300,511 219,243 129,196 RATES OF EARNINGS ON EARNING ASSETS OF THE FEDERAL RESERVE BANKS FROM JUNE, 1921, TO MAY, 1922. Total j Dis- Pur- United , | Total Dis- I Pur- United Date. earning | counted ' chased Statessc-. Date. earning counted \ chased States se- ! assets, i bills. I bills. curities. !l assets. bills. bills. curities. i I i .. — j.-. I . 1921. | Per cent* , Per cent) Per cent, Per cent. 1922. Per cent. Per cent. Per cent. Per cent. June.. 5.67 6.20 | 5.97 2.40 !' January 4.62 4.99 4.44 3.16 July 5.60 6.09 I 5.90 2.31 ••' February 4.47 4.90 4.25 3.58 August 5 5 . .4 3 2 5 5 5. . 8 9 5 1 ! 5 5 . .3 3 0 3 2 2 . . 4 33 9 i ' i !A M p a r r i c l h 4 4 . . 3 2 4 5 4 4 . . 8 7 3 5 4 3 . . 0 8 6 3 3 3 . . 7 7 7 2 September.. 5.25 5.69 I 5.04 2.38 !'May 4.08 4.68 3. 50 3.70 October 4.99 5.39 I 4.91 2.08 !! November.. 4.74 5.11 | 4.50 2.92 '; December-- i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

866 FEDERAL RESERVE BULLETIN. JULY, 1922. FEDERAL RESERVE BANK DISCOUNT RATES IN EFFECT JULY 1, 1922 AND 1921. Paper maturing within 90 days. Agricultural a n d Secured by- Bankers' accopt- live-stock paper Commercial, agri- an cos maturiiig maturing after Federal Reserve cultural, a n d within 3 mon ths. 90days but with- Bank. Treasury notes Trade acceptances. live-stock paper, in 6 months. and certificates Liberty bonds and n. c. s. of indebtedness. Victory notes. 1922 1921 1922 1921 1922 1921 1922 1921 1922 1921 1922 1921 Boston 4 4 6 4 6 6 4 6 New York 4 4 6 4 6 4 6 4 6 P C R h l i e c i v h la e m d la o e n n l d p d hia.... 4 4 4J 1 4 4 4 4* 1 1 5 6 a\j 1 4 4 41 1 1 6 6 6 4 4 4 4 1 i 6 6 6 6 4 4 A4" 2 4 4 1" 6 6 D & 4 4 4 h J 4 6 6 G Atlanta 41 1 6 41 6 44 I 6 44 6 44 6 Chicago 41 6 44 64 44 64 44 6 4.!- 64 St. Louis 4* 6 41 6 6 44 54 44 6 Minneapolis 5 6 5 64 6* 5 6 5 6^ Kansas City 5 6 5 6 5 ! 6 5 6 5 6 Dallas 5 6 , 5 6 6 5 6 5 6 San Francisco... 41 6 41 6 6 41 41 6 NOTE.—On July 1,1921, progressive discount rates wore in effect at the Federal Reserve Bank of Kansas City, under the provisions of which excess borrowings of member banks were subject to a 1 per cent increase for the first 100 per cent by which such borrowings exceeded the basic line, arid thereafter to an increase of 2 per cent. These progressive rates were discontinued on Aug. lo, 1921. FEDERAL RESERVE CLEARING SYSTEM OPERATIONS FROM MAY 15, 1921, TO MAY 31, 1922. Number of items handled.i Amount of items handled.1 Number of banks on par list. Drawn on— Drawnpn— Member banks. I • Number Banks Banks Banks ! Banks I i of en M d o iD n g th — Total. F re e s d i e n e r r v a e l F o re u e s t d e s e r id v ra e e l ; I U S n pa it t e e d s Total. F re e s d i e n e r r v a e l ; ! o F re u e s t d s e e i r d r v a e e l U S n ta it t e e d s State m N e o m n- - ba n o n o n k t s bank bank Treas- bank • bank Treas- Total. banks ber and and ; tirer. and j and urer. Nation- and banks. branch branch I branch ! branch al. I trust cities. cities. | cities. i cities. companies. Thousands of items. Thousands of dollars. 1921. May 15 42,282 8,702 30,344 3,236 9,325,882 5 890,811 2,945,461 489,610 ! 28,528 8,179 1,568 j 18,781 .1,937 June 15 44,960 9,428 32,783 i 2,749 9,848,000 6,214,105 3; 154,225 479,670 i 28,491 8,178 1,597 i 18,716 1,965 July 15...... 43,721 9,361 31,276 • 3,084 9,854,512 6,175,536 3,139,629 539,347 ' 28,378 8, .1.72 1,607 18,599 2,040 Aug. 15 41,865 9,127 30,254 2,484 9,304,290 0,783,051 3,123,219 398,020 i 28,342 8.171 1,621 18,55) 2,078 Sept. 15 42,518 a, 251 30,840 i 2,427 9,317,016 5,719,746 3,186,338 410,932 1 28, 298 8.172 1,623 18, :03 2,121 Oct. 15 44,S12 9,575 32,227 1 3,010 10,298,779 *>,50J.068 3,329,285 468,426 j 28,191 8, .176 1,627 18, 388 2,200 Nov. 15 45,283 9,585 32,457 : 3,241 9,949,830 0,248,037 3,265,292 436,501 ! 28,124 8,172 1,633 18,319 2,218 Dec. 15 46,352 10,224 33,270 2,858 10,135,243 6 368,326 3,371,129 395,788 : 28,04-4 8,195 1,632 18,217 2,263 i 1922. Jan. 15.:.... 45,072 9,939 32,168 ! 2,965 10,203,575 6,590,145 I 3,178,149 434,981 27,912 8,218 1,629 18,065 ! 2,350 Jan. 31 43,510 10,075 31,103 ! 2,332 10,744,192 7,356,526 1 3,015,808 37.1,858 27,923 8,222 1,630 18,071 2,321 Feb. 28 39,198 9,019 28,035 j 2,144 9,997,547 7,017,023 I 2,579, 737 400,787 27,875 8,223 1,633 18,019 j 2,318 Mar. 31 48,917 11,611 34,377 ! 2,929 12,346,733 8,561,088 ! 3,246,566 539,079 27,849 8,235 1,638 17,976 I 2,301 Apr. 29 46,126 10,799 32,217 j 3,110 11,481,374 8,061,074 3,032,981 387,319 27,847 8,258 1,646 17,943 2,293 May 31 48,741 11,523 34,430 2,788 11,981,179 8,419,776 3,216,558 344,845 27,827 8,261 1,648 17,918 2,279 1 Exclusive of duplications on account of items having been handled by more than one Federal reserve bank or I ranch. 2 Incorporated nonmember banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 867 CURRENCY RECEIVED FROM AND PAID TO MEMBER AND NONMEMBER BANKS FROM JUNE, 1921, TO MAY, 1922. [In thousands of dollars.] I I Total. Boston. Now York. Philadelphia. Cleveland. Richmond. Atlanta. Month. Re- Pay- Re- I Pay- j Re- Pay- Re- Pay- Re- Pay- Re- Pay- ! Re- Payceipts. ments. ceipts, j ments. | ccipts. ments. ceipts. ments. ceipts. ments. ceipts. men ts.' ceipts. ments. 1921 June 674,061 534,617 64,888 58,695! 225,183 171,337 59,933 59,146 53,042| 38,890 23,222 20,356 28,401 16,370 July 662,570 538,019 63,270! 59,491 234,747 166,713 57,362 54,492 46,537j 34,938 20,166 18,615| 26,142 17,843 August 635,134 521,651 63,91oj 60,3121 222,150! 169,864! 62,821 55,517 43,574: 36,516 20,899 17,826' 25,837 15,689 September 611,618 581,973 61,538i 59,1971 206,648! 173,751! 60.780 57,676 43,295' 38,233 19,019 24,075; 22,673 32,422 October | 616,046 537,620! 65,192 57,097, 198,3L3i 166,020| 57', 037 44,142 43,053j 35,049 20,349 22,089.: 27,507 18,919 N o v ember | 629,985 547.580! 65,027! 58,0281 208,487 179,2511 55,187 57,168 43,738! 39,406 21,522 20,778. 26,907 16,957 December \ 724,837 739,151 73,409! 79,106j 229,011 228,728 64,360 66,625 53,162 48,938 25,119 26,859! 31,733 31,357 i 1922. j I January i 724,022 440,092 72,516, 53,065i 231,629 145,443 60,273 39,581 55,966 23,325 23,314 12,368 34,309 15,280 February I 502,682 508,014 60,1101 65,554, 156,571 166,821 44,515 52,729 o3r5, ,2O776A'1 Q35^, f6tO2Q3 16,205 15,140: 23,750 17,536 March 599,591 587,945 71,507! 76,348: 187,729: 190,956, 52,132 55,769 39,182! 37,227 19,004 18,258! 27,132 22,150 April 597,814 549,779 72,364| 68,911i 186,927 168,600 53,999 50,744 "_~_ ,."-"_". ! 4_0.,,0..0.8.. 20,537 18,508! 22,695 20,910 May 632,491 591,926 79,804. j 81,232. 193,487 194,172! 53,774 46,007 42,9821 36,097i 22,254 18,400' 24,890 26,554 Total 7,610.851 1,681.367 813,540' 777,066:2,480,882 2,121,656' 682,1731 639,596•539,015' 444,250j 251,610 233,272! 321,976 251,987 Monthly average... 634^ 237 556; 781 67,795| 64,756| 206,740 176,8051 56,848 53,300 44,920 j 37,021! 20,968 19,439 26,831 20,999 Chicago. St. Louis. Minneapolis. Kansas City. Dallas. San Francisco. Month. Receipts, Receipts. m P e a n y t - s. Receipts. m P e a n y t - s. Receipts. m P e a n y t - s. Receipts. m P e a n y t - s. Receipts. m P e a n y t - s. 1921. June 90,068; 77,340 39,872 27,843 11,809 6,548 17,591 14,509 17,602 7,907 42,450 35,676 •July 83,918! 74,877! 35,426 28,015 11,194 6,884 17,387 14,682 20,238 46,183 52,834 August 78,264! 78,180| 34,785 27,988 10,426 7,960 16,803, 13,501 16,079 39,581 29,632 September... 84,337; 78,079i 34,9291 38,710 10,229 9,476 17,366 14,316 12,730 13,111 38,074 42,927 October 85,937, 79,709! 38,212j 38,577 10,501 9,536 17,693 13,400 14,814 9,046 37,438 44,036 November... 85,899; 82,188! 39,519j 30,601 10,781 7,522 18,201 13,707 15,304 7,247 39,413 34,727 December... 99,128! 106,8931 53,085 36,365 11,292 9,607 20,607 16,460 14,641 12,311 49,290 75,902 1922. January 103,144 69,6461 40,213 25,220 11,113 5,443 19,510 10,260 16,044 5,919 55,391 34,542 February 66,227] 73,445 30,351 29,479 7,795 6/170 14,003 11,101) 13,033 7,151 34,846 27,265 March 80,1331 87,292, 36,611 32,469 9,056 7 471 1.7,192 17,223 13,833 8,709 46,080 34,073 April 86,020 83,843! 35,881 29,649 9,063 9,245 16,148 12,751 1.2,296 8,007 '12,646 38,603 May 87,6051 87,281j 37,066 31,007 10,8071 8,498 17,630 13,214 12,707 8,514 49,185 43,950 Total 1,030,680! 978,773 455,950 375,923 124,066 94,360 210,131 165,124 179,921 105,193 520,877 494,167 Monthly average... 85,890j 81,564.! 37,996 31,327 10,339 7,863 17,511 .13,760 14,993 8,766 43,406 41,181 FEDERAL RESERVE BANK NOTES OUTSTANDING AND COLLATERAL PLEDGED WITH THE UNITED STATES TREASURER AS SECURITY THEREFOR. [In thousands of dollars.] Collateral pledged with United | i I CollateralpledgedwithUnited Federal Out- States Treasurer as security ,1 Federal : Out- i States Treasurer as security r b e a s n er k v s e ' st ( a a n s d r i e n - g s fo e r r ve o u b t a st n a k n d n i o n t g e s. F ederal re- u ji r b e a s n er k v s e ' ' st ( a a n s d re in - g! ! s fo er r v o e u b ts a t n an k d n i o n t g e s F . ederal re- Date. b n il e i t t y li a o - n po U r n te i d te d by Dak!. b n il c i t ty li a o - n. po U r n te it d e d byj. n c t o i i r o t c e n u s . l * a in - T S u r t r a e y a ) le . s s - Total. ! i i t P A if i c i t c t t m c a e te a r s n - . se U S c O u n t t a r i h i t t t e e e i r s d es. n ci t o r i t c o e u n s l . a 1 in - T S u r t r a e y t ) a e . s s - I Total. t P A if i c i t c t t a m c te e a s r n - . se U S c O u n t t a r i h t i t e t e e i r d s es. 1921. 1922. June 30 132,568 150,772 230,605 ! 215,875 14,730 'Jan.31 82,811 111,140 126,394 113,000 13,394 July 30 125,046 136,200 224,105 ' 209,375 14,730 . Feb. 28 j 80,717 105,525 110,360 96,966 13,394 Aug. 31 109,864 121,766 208,355 I 193,875 14,480 i Mar. 31 80,575 97,443 102,394 89,000 13,394 Sept. 30 100,378 120,989 185,769 i 172,375 13,394 j Apr. 29 ! 77,135 91,363 95,569 83,000 12,569 Oct. 31 85,515 124,763 159,769 j 146,375 "1 3,3~9"4 !i May 31. ! 70,553 87.607 87,219 77,000 10,219 Nov. 30 75,862 118,533 139,394 ! 126,000 13,394 i; June 30.. 67,351 8O',495 84,219 74,000 10,219 Dec. 31 83,690 116,670 126,394 I 113,000 13,394 !' 1 Represents amount of bank notes outstanding less notes held by issuing banks, also less notes on which the issuing bank has extinguished its liability by the deposit of lawful money with the United States Treasurer for their retirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

868 FEDERAL, RESERVE BULLETIN. JULY, 1922. (iOLD SETTLEMENT FUND-—AVERAGE WEEKLY CLEARINGS, TRANSFERS, DEPOSITS, AND WITHDRAWALS FROM JUNE 17, 1921, TO JUNE 15, 1922. [In thousands of dollars.] Clearings and transfers. Deposits. Withdrawals. Balance By trans- in fund Monthly period o tiding— Gold. r F e f e e s d r e e r t v r o a e l of a p t e e r n io d d.1 agents' fund. 1921. July 14 | 1,265,052 1,16-1,964 100,088 29,737 9,221 11,414 30,500 391,293 Aug. 18 i 1,257,758 1,180,792 76,966 30,237 18,324 13,516 31,200 410,513 Sept. 15 ' 1,181,793 1,102,380 79,413 30,673 15,517 11,536 21,300 463,847 Oct. 20 ! 1,439,986 1,320,969 119,017 30,579 14,953 12,573 29,220 482,540 Nov. 17 ! 1,326,811 1,287,028 39,783 25,671 3,830 12,757 35,002 409,507 Dec. 15 1 1,327,085 1,297,247 29,838 45,282 4,916 13,075 12,800 506,801 1922. ! Jan. 19 ! 1,318,835 1,285,740 33,095 35,851 6,752 11,629 38,700 408,174 Feb. 16 | 1,250,762 1,227,762 23,000 42,818 10,494 15,928 17,750 516,712 Mar. 16 '. 1,352,758 1,335,883 16,875 24,551 8,076 10,705 39,000 480,559 Apr. 20 : 1,364,462 1,337,462 27,000 23,784 8,165 11,587 17,063 497,051 May 18 ! 1,403,426 1,395,801 7,625 24,441 8,761 12,117 24,750 482,392 June 15 -.. 1,442,574 1,427,324 15,250 20,240 9,479 8,263 11,625 52.1,709 1 Exclusive of amounts in Federal reserve agents' fund. UNITED STATES TREASURY CERTIFICATES AND TREASURY NOTES ALLOTTED THROUGH FEDERAL RESERVE BANKS FROM JULY 1, 1921, TO JUNE 30, 1922. ! Certificates issued in anticipa- Federal reserve bank. c a e n r T d ti f o n i t c o a a t l t e e s s . c m e i r n a t L i t f u o i 1 a c r 9 i n a 2 n 2 te g . s i t n io — n of tax payments due Treasury notes maturing in— 1922 1923 1924 1925 1926 Boston §318,237,900 .•536,468,500 886,834,000 $43,300,000 $37,423,-100 S63,118,200 ' 851,093,800 New York 1,684,615,900 164,315,500 122,648,500 208,850,000 116,615,100 . 428,127,600 , 311,059,200 Philadelphia 324,872,900 44,578,500 90,498,500 35,300,000 40,597,200 | 65,994,700 17,904,000 Cleveland 335,124,300 40,944,000 98,118,000 45,300,000 36,500,000 • 64,467,300 • •19,795,000 Richmond 113,318,100 14,704,500 34,296,500 17,300,000 14,219,000 I 19,515.900 13,252,200 Atlanta : 78,009,200 12,620,000 26,291,000 14,600,000 5,931,700 • 14,451'000 ' 4,112,500 Chicago 513,403,900 55,190,000 146,754,500 70,000,000 43,210,700 I 132,283,900 65,% 1,800 St. Louis 142,581,200 17,452,000 38,537,500 20,000,000 16,212,500 29,634,200 ' 20,745,000 Minneapolis 106,038,500 14,449,000 31,151,500 17,300,000 13,810,000 21,550,700 j 7,747,300 Kansas City 136,906,800 17,608,500 39,891,000 20,000,000 11,074,500 37,822,900 I 9,909,900 Dallas 70,929,200 10,430,500 26,913,000 12,000'000 5,419,000 11,132,700 , 2,004,000 Fan Franpisco 234,166,700 32,506,500 70,538,500 35,300,000 19,000,000 45.641,700 \ 31)180,000 Total ' 4,058,204,600 I 461,267,500 1,112,472,300 539,250,000 390,706,100 : 936,740,800 j 617,767,700 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 869 PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON THE LAST REPORT DATE IN EACH MONTH SINCE JUNE, 1921. [Amounts in thousands of dollars.] 1921 June 29. July 27. Aug. 31. Sept. 28. Oct. 20. Nov. 30. Dec. 28. Number of reporting banks 817 814 812 809 807 806 Loans and discounts, including bills rediscountcd with Federal reserve banks: Secured by United States Government obligations 672,296 637,550 609,197 576,626 564,818 521,885 512,520 Secured by stocks and bonds (other than United States i G overnmen t obligations) ''• 3,002,994 2,975,522 2,922,720 2,996,667 3,010,953 3,113,709 3,165,481 Allother : 8/208,427 8,046,975 7,959,327 7,999,600 7,816,405 7,699,365 7,542,233 Total loans and discounts, including bills rcdis- ' • counted with Federal reserve banks.". i 11,883,717 11,060,0*7 11,491,244 11,572,893 11,422,176 11,334,959 11,220,234 United States bonds 865,254 866,979 870,054 877,894 885,818 911,369 950,270 United States Victory notes • 171,501 165,594 165,219 166,064 161,527 155,774 170,639 Untied States Treasury notes ; 115,341 58,361 50,861 149,320 111,576 122,697 125,559 United States certificates of indebtedness i 221,025 98,765 157,738 169,296 93,742 188,479 222,855 Other bonds, stocks, and securities j 2,074,305 2,038,963 2,024,094 2,021,789 2,054,411 2,051,236 2,090,025 Total loans and discounts and investments, inelud- . ing bills rediscounted with Federal, reserve banks..1 15,331,143 14,888,709 14,759,210 14,957,256 14,729,250 ! 14,764,514 14,779,582 Reserve with Federal reserve banks i 1/241.465 1,237,555 1,217,579 1,241,664 1,268,844 1,267,522 1,267,107 Cash in vault j 327', 468 315,554 289,714 304,912 300,975 296,053 339,799 Net demand deposits | 10,046,398 10,002,061 9,967,547 9,865,599 10,192,114 10.269,971 10,174,437 Time deposits I 2,933,118 2,905,293 2,924,701 2,925', 188 i 2,965,968 2,997,931 2,998,213 Governmen t deposits | 387,378 95,460 j 167,104 547,173 80,759 128,104 257,073 Bills payable with Federal reserve banks: I Secured by United States Government obligations ] 319,001 289,459 265,667 223,609 224,705 I 238,197 258,656 All other I 5,618 619 . 671 1,078 1/235 ! 1,555 2,302 Bills rcdiscountcd with Federal reserve banks: I Secured bv United States Government obligations ! 93,920 85,390 ' 70,409 56,255 39,372 ! 38,257 34,326 All other.". I 796,797 737,047 619,205 594,329 541,247 405,452 402,937 1922 Jan. 25. Feb. 21. Mar. 29. Apr. 20. May 31. June 28. Number of reporting banks. 804. 804 801 799 799 Loans and discounts, including bills rcdiscountcd with Federal reserve banks: Secured by United States Government obligations 450,892 435,557 394,157 353,830 316,816 285,373 Secured by stocks and bonds (other than United States Government obligations) 3,074,170 3,092,451 3,108,010 3,249,810 3,488,765 3,465,247 All other 7,393,4.67 7,322,506 7,339,931 7,242,469 7,100,636 7,032,501 Total loans and discounts, including bills rediscountcd with Federal reserve banks 10,918,529 10,850,514 10,842,098 10,846,109 10,906,217 10,783,121 United States bonds 997,133 994,864 1,029,226 1,100,465 1,180,570 1,264,277 United States Victory notes 188,076 144,330 61,881 81,864 112,521 40,526 United States Treasury notes 120,430 295,891 387,809 385,779 417,943 534,974 "United States eertifieates of indebtedness 197,61.3 168,631 130,841 159,158 123,681 260,796 Other bonds, stocks, and securities 2,111,963 2,087,932 2,092.394 2,137,294 2,287,779 2,304, 747 Total loans and discounts and investments, including bills rcdiscountcd with Federal reserve banks 14,533,744 14,542,162 14,544,249 14,710,669 15,028,711 15,188,441 Reserve with Federal reserve banks I 1, 250,355 1/268,930 1,293,212 1,325,346 1,364,418 1,440,290 Cash in vault | 278,480 269,541 276,028 277,638 279,827 278,457 Net demand deposits j 10,270,792 10,244,738 10,308,949 10.676/347 11,049,461 11,123,877 Time deposits | 3,021,337 3,091,027 3,130,607 3,183,745 3.231,920 3,380,434 Government deposits 168,462 301,320 199,231 207,665 132,271 123,674 Bills S e p c a u y r a e b d l e b w y i U th n i F te e d d e S ra ta l t r e e s s e G r o ve v e b r a n n m k e s n : t obligations i 170,651 119,914 95,090 57,197 66,759 96,534 All other/ ." 837 809 416 1,002 215 204 Bills rcdiscountcd with Federal reserve banks: Secured bv United States Government obligations 16,215 10,378 7,122 3,005 1,686 967 All other/ 221,590 190,086 164,942 98,249 88,122 66, 868 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

870 FEDERAL, RESERVE BUIJLETIN. JULT, 1923. ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM. [In thousands of dollars.] Mar. 10,1922. June 30, Dec. 31, b ( a 1 9 n 9 , 2 7 k 1 4 s , 5 ). b ( a 1 9 n 9 , 2 7 k 1 7 s , 9 ). All b ( m 9 a , n 8 e 1 k m 6 s ber N b ( a 8 a t , i n 1 o k 9 n s 2 al n bb a N t aa i o nn o n k n - s al banks). banks). ((11,,6624 bbannks). RESOURCES. Loans and discounts 18,191,423 17,468,936 17,145,605 11,280,340 5,865,265 Overdrafts 14,588 14,582 15,530 11,294 4,236 Customers' liability on account of acceptances 412,571 343,559 295,349 169,887 125,462 United States Government securitiesl 2,661,078 2,647,793 2,754,846 2,028,544 726,302 Other bonds, stocks, and securities2 3,443,577 3,512,891 3,503,001 2,085,951 1,417,050 Banking house, furniture, and fixtures 608,812 642,503 657,343 440,176 217,167 Other real estate owned 80,786 87,152 100,143 57,578 42,565 Cash in vault 529,764 478,416 468,974 335,252 133,722 "Reserve with Federal reserve banks 1,624,662 1,758,341 1,722,637 1,124,707 597,930 Items with Federal reserve banks in process of collection 448,765 477,042 428,162 312,900 115,262 Due from banks, bankers, and trust companies 1,353,614 1,449,637 1,613,918 1,234,594 379,324 Exchange for clearing house, also checks on other banks in same place.. 1,085,375 777,439 804,275 519,497 284,778 Outside checks and other cash items 100,607 106,333 73,477 41,171 32,306 Redemption fund and due from United States Treasurer 36,264 36,672 36,481 36,481 United States securities borrowed 35,710 28,544 28,544 Other securities borrowed 381 1,146 1,146 Other assets 344,011 276,749 286,638 163,210 123,428 Total. 30,935,897 30,114,136 29,936,069 19,841,582 10,094,487 LIABILITIES. Capital stock paid In 1,858,710 1,867,821 1,886,172 1,288,803 597,369 Surplus fund 1,557,719 1,557,475 1,561,043 1,035,664 525,379 Undivided profits less expenses and taxes paid 716,076 667,711 508,438 229,364 Due to Federal reserve banks 24,593 25,521 23,501 17,641 Due to banks, bankers, and trust companies , 2,688,096 2,834,645 3,141,962 2,522,850 619,112 Certified and cashiers' or treasurers' checks outstanding 563,443 438,336 534,310 350,076 184,234 Demand deposits 13,292,177 13,176,122 12,949,744 8,443,038 4>506,706 Time deposits 6,366,032 6 450,629 6,662,398 3,836,969 2,825 429 United States deposits 389,910 306,103 329,503 212,934 116,569 Total deposits 23,384,851 23,231,356 23,641,418 15,383,508 8.257,910 Bills payable (including all obligations representing money borrowed other than rediscounts) 812,241 655,304 366,459 275,089 91,370 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 1,296,638 797,658 472,520 323,737 148,783 Cash letters of credit and travelers' checks outstanding 25,185 16,437 18,566 4,716 13,850 Acceptances executed for customers 418,165 346,555 296,199 171,332 124,867 Acceptances executed by other banks for account of reporting banks 13,722 22,245 20,556 13,869 6,687 National bank notes outstanding 703,654 716,968 719,074 719,074 United States securities borrowed , 100,324 102,675 82,444 53,722 28,722 Other securities borrowed 2,830 6,121 7,249 6,103 1 146 Other liabilities , 105,782 125,810 126,567 57,527 69,040 Total. 30,935,897 30,114,136 : 29,936,069 19,841,582 10,094,487 1 Includes United States Government securities borrowed by national banks. * Includes other bonds and securities borrowed by national banks. DEBITS TO INDIVIDUAL ACCOUNTS BY BANES IN PRINCIPAL CENTERS. [Amounts in thousands of dollars.] Distribution by Federal reserve districts. Total New Month. (141 York centers). City. Boston. Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. M ap i o n l n i e s. - K C a i n t s y a . s Dallas. F S ra an ncisco. 1921. June 33,172,20017,754,8211,508,055 18,355,750 1,,622,499 1,751,903 677,168 728,734 3,827,910 767,442 551,296 992,057 453,,3951[,935,991 July 31,088,539 16,339,685 1,427,960 16,907,780 1,,5523,296 1,620,986 660,222.735,144 3,781,428 721,113 497,081 994,617 424,4191L, 794,493 August 29,719,04115,186,0931,309,938 15,683,072 1,407,355 1,521,031 677,107 704,823 3,874,899:702,906 534,7381, 025,141 435>,,55110011L, 842,521 September.. !31,226,647 16,102,523 1,335,469 16,617,939 1,,500,5861,585,995 666,886 796,832 3,848,068;757,622 611,332*1,022,182. 5125,,9871'.,970,749 October 133,852,71717,610,3211,588,903 18,170,7401,,5558881118671,689,784 743,458 858,216:4,068,910 861,238 618,1361!,006,694 567' ,447 52,097,324 N D o ec v e e m m b b e e r r . . . . 3 3 2 7 , , 9 5 9 4 7 1, ,1 6 8 9 4 9 1 2 7 0 , , 4 5 9 7 2 4 , , 2 8 2 9 4 9 1 1 , , 6 5 4 8 1 5 , , 3 7 2 3 1 5 1 2 8 1 ,0 17 1 8 8 , , 5 3 3 1 3 5 1 1 , , 55 7 11 6 55 6 2 3 0 8 6 9 1 1 , , 8 6 7 4 3 3 , , 0 9 9 1 5 9 7 7 2 9 4 3, , 2 2 3 3 9 2 i 7 83 8 1 5 , , 3 2 7 5 9 2 3 4 3 4r ,, r8 1 8 19 2 5 7 , , 4 1 6 6 1 6 7 8 9 6 9 7 , , 2 4 8 3 9 9 5 5 3 7 9 2 , , 4 6 8 7 9 0 9 9 6 92 6 , , 5 2 9 2 4 4 5 5 2 7 7 7 , , « 4 ™ 61 2 «5 5, , , , 2 0 5 6 2 5 , , 1 0 1 6 8 1 1922. January — 34,93% 29119,064,575.1,928,02119,644,5511,583,0081,709,252 630,971 774,821338,858,652 858,795 490,647 950,7591 520,5191,979,295 February... 30,582,96716,543,4281,611,605 17,02492,6—1 ,4"31", 5"93MUJ 1,"538,886 535,864' 676,9603,523,914 739,485 452,962 872,689! 460,1491,709,434 March...... 36,928,489120,397,1091,857,809120,977,9 „1.71,628,11711,665,926 618,568 781,076 4,389,187 859,417 552,4499771,., 012,2781 524,469 2,061,228 April ::::K36;,383,212 20,716,5941,760,157J21,326,—27 7l,569,312jl,744,376 614,409 710,303 3,945,171 826,599 507,591 956,757 470,8271,951,433 M Ju a n y e . . 3 3 7 9 , ,2 9 3 7 1 0, ,0 6 0 7 6 9 2 2 2 1, ,0 6 6 5 3 3 , , 3 6 8 7 2 9 1 1 ,9 , 9 83 2 7 ,8 , 9 93 8 9 2 2 2 2 , , 6 2 9 6 3 8 ," ,y 5" 9 9 i " 1l 2 11 1 1,, , 6 7 63 2 34 0 4,' , 3 6 , " 1 4 ' 43 "9 1 ' 1 1 4.j , 9 7i4 2 ;1 7 7, , 4 9 2.0l 4 8l 8 266 6 86 8 4 1 , , 8 1 5 6 3 7 i | 7 7 6 8 4 5 , , 3 2 9 6 7 0 4 4 , , 3 0 2 9 6 7 , , 0 9 5 5 8 7 9 9 1 3 1 0 , , 3 8 4 8 6 7 5 56 4 4 0 , , 1 99 15 2 5 2 :2 r3 1 1 . L , , 0 0 2 8 6 1 , , 8 8 4 1 9 3 1 : 4 4 7 8 9 6 , , 0 7 9 0 7 7 2 1 , , 0 9 4 9 7 5 , , 4 2 8 15 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 871 GOLD AND SILVER IMPORTS AND EXPORTS INTO AND FROM THE UNITED STATES, JUNE 1, 1921, TO MAY 31, 1922, BY MONTHS AND BY PRINCIPAL COUNTRIES. [In thousands of dollars.] Gold. Silver. Gold. Silver. Months. p I o m rt - s , p E o x rt - s. E p x i o m c r e t - s s . s p I o m rt - s , j j p E or x t - s. E p x i o m c r e t - s s . s Months. p I o in ts - . p E or x t - s. E p x i o m c r e t - s s . s p I o m rt - s. p E or x t - s. E p x i o m c r e t - s s . s —r 192L 1922. June 43,576 ! 773 42,803 3,627 1,424 2,203 January 26,571 25,708 6,496 3,977 2,519 July 64,248 j3,735 60,513 4,513 6,113 1600 February... 28,739 1,732 27,007 4,786 7,092 12,306 August 84,902 ! 672 84,230 7,853 3,743 4,110 March 33,488 963 32,525 6,953 4,302 2,651 September... 66,086 : 2,449 63,637 4,488 4,946 1458 April 12,244 1,579 10,665 4,800 5,109 1309 October 47,100 7,576 39,530 7,510 4,782 2,728 May 8,994 3,407 5,587 5,512 5,677 U65 November... 51,298 j 607 50,691 5,912 4,804 1,108 December... 31,666 I2,162 29,504 5,516 7,145 1,629 Total- 26,518 472,400 67,966 58,114 9,852 Gold. Silver. Principal countries. Principal countries. Imports. Exports, j Imports Exports. e E x x p c o e r s ts s . England , 139,004 1 139,004 England 182 11,239 11,057 France i 136,466 : i 136,466 ; China 3 17,024 17,021 Canada I 23,357 2,462 i 20,895 Canada 4,029 4,536 . 507 Sweden j 61,848 i ! 61,848 French East Indies 3,168 3,168 Hongkong 534 • 9,147 I i 8,613 Hongkong () 10,566 10,566 M B B G r r e e i i r x t t m i i i s s c h a h o n I O y n c d e i a a nia 1 1 1 5 2 6 9 , , , , 5 9 4 9 5 2 1 2 7 0 0 5 : '• 5 5 , , 4 4 1 8 9 6 I 1 1 1 2 9 0 , , , 9 9 9 2 2 9 7 0 5 1 1 I I ; ; J M B G a r e e p i r x t a m i i n s c a h o n I y ndia , 4 5 5 , , 7 8 2 9 1 6 7 2 2 6 1 , , , 1 0 9 4 6 0 8 6 4 * 2 4 5 6 1 3 , , , 1 , 9 7 8 3 0 2 3 6 4 6 1 Allother 82,897 | 4,004 78,893 Allother *. 12,117 1,463 2 10,654 Total. 498,918 26,518 472,400 Total- 67,966 58,114 2 9,852 1 Excess exports. 2 Excess imports. 3 Less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

872 FEDERAL RESERVE BULLETIN. JULY, 1922. 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 May, 1922: VOLUME OF OPERATIONS DURING MAY, 1922. United States securities purchased. Total. Federal reserve bank. Bi f l o ls r d m is e c m ou b n e t r ed B o i p ll e s n b o m u a g r h k t e i t n . M w u a n rr i a c n ip ts al banks. Bo n n o d t s e s a . nd i C n e d r e ti b f t i e ca d t n e e s s o s. f purchased. May, 1922. May, 1921. Boston . $103,476,527 $22,698,022 $61,000 $3,189,500 $129,425,049 $446,189,530 New York 277,364,585 66,604,872 20,865,100 49,901,500 414,736,057 2,351,007,947 Philadelphia 184,306,505 11,347,849 1,753,000 164,000 197,571,354 400,273,682 Cleveland 121,408,595 6,300,811 12,000 12,746,000 140,467,406 361,311,092 Richmond 72,364, 287 355,300 72,719,587 213,117,652 Atlanta 27, 286,131 2,815,333 993,550 31,095,014 153,503,164 Chicago 97,450,064 27,801,744 5,354,300 16,141,000 146,747,108 426,024,860 St. Louis 65,439,358 3,966,249 289,400 4,431,500 74,126,507 139,851,997 Minneapolis . . .. 20,890,721 2,231,400 663,500 23,785,621 68,130,889 Kansas City 18,737,487 19,000 14,000 18,770,487 73,095,345 Dallas 15,830,408 702,805 16,533,213 60,495,342 San Francisco 109,376,617 7,994,576 1,350,000 26,000 118,747,193 347,857,286 Total: May, 1922 1,113,931,285 150,606,561 32,909,750 87,277,000 1,384,724,596 May, 1921 4,253,863,731 138,601,205 8,362,850 640,031,000 ""o," 040," 858* 786 5 months ending May 31,1922.... 8,600,821,618 633,614,050 528,610,800 1,081,794,500 8111,029 10,844,951,997 5 months ending May 31,1921.... 32,913,795,366 702,690,923 8,894,650 1,430,455,057 35,055,835,996 VOLUME OF BILLS DISCOUNTED DURING MAY, 1922, BY CLASSES OF PAPER, ALSO NUMBER OF MEMBER BANKS ACCOMMODATED. Cu p st a o p m er ers' Member ban n k o s t ' e s c . ollateral Bankers' acceptances. secured by Commercial Agri- Live- Federal reserve bank. Govern- paper, cultural stock ment Secured by Otherwise n. c. s. paper. paper. Dollar obligations. G o o b v li e g r a n t m io e n n s. t, secured. Foreign. Domestic. cha e n x g - e. Boston $373,850 $37,701,600 •• $65,018,847 $327,880 $3,710 1,311,385 207,202,800 66,702,710 959,352 5,816 Philadelphia 393,556 145,029,995 38,435,498 342,192 Cleveland 227,870 92,597,948 $153,000 26,911,858 353,835 175,212 Richmond 336,546 55,172,675 321,000 11,850,165 4,153,852 11,777 Atlanta .. 171,805 12,010,400 215,300 9,982,748 3,967,144 678,554 Chicago 598,671 60,614,412 375,650 25,791,408 10,013,803 St Louis 274,673 41,059,626 21,478,110 2,281,347 127,274 $102,520 Minneapolis 13,536 8,372,750 1,149,793 5,504,897 3,511,836 2,333,819 Kansas City. 110,815 10,215,935 3,207,708 1,625,055 3,577,680 Dallas 10,121 3,650,617 ""693," 666" 3,966,773 5,124,177 2,368,272 ""io,"666" San Francisco 123,519 58,740,074 23,744,295 22,400,949 2,939,094 1,116,529 "$44," 987" Total: May, 1922 3,946,347 732,368,832 26,652,038 301,251,671 35,599,5(57 10,398,643 44,987 112,520 April, 1922 9,224,460 874,574,676 • 24,071,482 350,861,499 35,270,278 10,291,053 612 288,685 May, 1921 129,890,303 2,578,728,882 23,152,575 1,427,211,911 50,828,201 27,794,905 6,562,956 April, 1921 144,923,290 3,121,034,325 23,440,690 1,532,536,979 50,764,789 21,683,355 7,404,447 Total reduced to a Trade acceptances. common maturity basis.1 Member banks. Total, Federal reserve bank. all classes. Per cent Number in Accommodated. Foreign. Domestic. Amount. of total. district May 31. Number. Per cent. Boston $50,640 $103,476,527 $53,191,150 4.8 434 206 47.5 New York.... ,182,522 277,364,585 113,347,309 10.2 801 351 43.8 Philadelphia.. 105,264 184,306,505 101,810,138 9.1 710 371 52.3 Cleveland 988,872 121,408,595 92,739,088 8.3 883 351 39.8 Richmond 518,272 72,364,287 89,956,852 8.1 631 370 58.6 Atlanta 260,180 27,286,131 85,070,669 7.6 531 323 60.8 Chicago 56,120 97,450,064 184,075,543 16.5 1,443 763 52.9 St. Louis 115,808 65,439,358 82,439,164 7.4 598 277 46.3 Minneapolis-. 4,090 20,890,721 77,328,979 7.0 1,023 412 40.3 Kansas City.. 294 18,737,487 55,784,972 5.0 1,146 429 37.4 Dallas. 7,448 15,830,408 69,687,775 6.2 862 444 51.5 San Francisco. 267,170 109,376,617 108,499,646 9.8 847 339 40.0 Total: May, 1922.. 556,680 1,113,931,285 1,113,931,285 100.0 9,9C9 4,636 46.8 April, 1922. $14,687 458,046 1,308,055,478 9,906 4,738 47.8 May, 1921.. 4,253,863,731 9,770 5,632 57.6 April, 1921. 10,863,972 4,912,651,847 9,739 5,568 57.2 1 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (17.44) for system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN". 873 VOLUME OF BILLS DISCOUNTED DURING MAY, 1922, BY RATES OF DISCOUNT CHARGED, ALSO AVERAGE RATES AND MATURITIES. Federal reserve bank. 4£ per cent. 5 per cent. Total. d r A a a y t v e e b ( r a 3 a s 6 g i 5 s e - ). m A a v t e u r r a i g ty e . Per cent. Days. $103 47fi 527 $103,476,527 4.50 8.96 New York 277,364,585 277.364.585 4.50 7.13 Philadelphia 184 306 505 184.306,505 4.50 9.63 Cleveland 121,408,595 121.; 408,595 4.50 13.32 Richmond 72,364,287 72,364/287 4.50 21.67 Atlanta . 27,286 13L 27.286,131 4.50 54.36 Chicago 97,450,064 97,450,064 4.50 32.93 St. Louis.. 65,439,358 65,439,358 4.50 21.97 Minneapolis $20,890,721 20.890.72L 5.00 64.55 Kansas Citv. . . 18,737,487 18,737,487 5.00 51.91 Dallas ". 15,830,408 15.830.408 5.00 76.75 San Francisco 109,376,617 109,' 376,! 617 4.50 17.30 Total- May, 1922 1,[)58,472,669 55,458,616 1,113,931 285 4.59 17.44 April, 1922 1,206,774,345 101,281,133 1, 08,055,478 : 4.60 15.86 VOLUME iOF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING MAY, 1922, BY CLASSES. Total reduced to Bankers' acceptances. Trade acceptances. a common maturity basis.1 Total bill Federal reserve bank. Foreign. Domestic. ex D ch o a ll n a g r e. Total Foreign. Domestic. Total. Amount P of e r t o c t e a n l. t "Boston £14478446 S7899,630 S319,946 60S,0?? 822.698.022 $14,469,301 9.50 New York. 474 55-1 11948,174 1 182.14-i 63,604,87? . 6fi!604]872 34.018.175 22 58 Philadelphia 8683,3'X) ? 309,529 355,000 11347,840 . 11,347,849 15.140.870 10.05 Cleveland 5 998 944 961,867 110)000 6300 811 1 ! 6.300.8H 10,475 126 6.95 Richmond 60,000 295,300 355,300 1 355,300 '613)668 .40 -\ tlanta •* 249S 630 316,703 2,815,333 2,815,333 1.900,985 1.26 Chicago..'. 994 ?83 5,114,941 462,520 ?,7801,744 27)801.744 58,904,426 39.11 St Louis 2,337,831 928,418 700,000 3,966,249 1 3,966,249 9,664,849 6.41 Minneapolis Kansas City 19 000 19,000 19,00 11,478 .07 Dallas 415 641 262,164 25,000 709.805 ! 702,80-: 582.688 .37 San Francisco 345,319 2 183,365 465,892 7,994,576 7,994,576 j 4,824,995 3.20 Total, Mav, 1922... 114746968 32239,091 3,620,502 150,606,561 i 150,606,561 150,606,561 100.0 April, 1922.. 68,347,551 23875,815 3,297,242 95;520,608 $204,243 $204,243 95,724,851 A M p a r v i , l . 1 1 9 9 2 2 1 1 .. . . . 8 75 5 ,6 ? 0 ft 5 ~ , l 3 1 ? 2 3 5 2 2 7 8 , ,2 2 9 2 0 4 , . 0 4 8 8 9 9 2 1 5 7 , , 5 5 4 1 7 6 , , 8 3 5 8 3 1 1 1 2 3 1 7 , , 4 9 1 7 1 9 , ,6 59 6 5 5 2,0 6 9 2 9 1 , , 1 5 7 4 6 0 2,0 6 9 2 9 1 , , 1 5 7 4 6 0 1 1 3 2 8 3 , , 6 5 0 1 1 0 , , 2 7 0 7 5 1 1 1 Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (37.01) for system. VOLUME OF ACCEPTANCES PURCHASED DURING MAY, 1922, BY RATES OF DISCOUNT CHARGED, ALSO AVERAGE RATES AND MATURITIES. ! I Federal reserve bank. 3 per cent. 3£ per cent. 3| per cent. 3f per cent. 3& per cent. 3£ per cent. 32 per cent. 35 per cent. Boston $12,700,481 $7,339,929 $2,405,25f) $187,682 S52,855 $5,819 New York 8,487,040 8,318,028 975,002 48,794,802 30,000 Philadelphia.. 4,728,849 5,730,375 611,297 277,328 Cleveland 4,179,125 1,844,872 9,880 $193,084 ; Richmond •I- "I Atlannttia.. 1,753,768 530,822 9,000 Chicago ! $7,505,070 7,924,751 9,968,654 5,381,402 20,000 1,807 St. Louis 3,457,102 409,147 100,000 Minneapolis Kansas City I ; Dallas • I 702,805 San Francisco j 2,244,900 ! 1,052,345 2,116,781 1,020,008 1 1,100,037 191,579 8,335 ;. Total, May, 1922 1 9,749,970 43,238,498 37,481,554 8,029,787 50,378,729 294,434 201,419 i 7,686 April, 1922 ' 2,995,943 11,759,839 20,281,625 47,705,861 1,883,138 928,201 : 950,475 112292—22 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

874 FEDERAL BESEBVE BULLETIN. JULY, 1922. VOLUME OF ACCEPTANCES PURCHASED DURING MAY, 1922, BY RATES OF DISCOUNT CHARGED, ALSO AVERAGE RATES AND MATURITIES—Continued. Federal reserve bank. 4 per cent. 4£ per cent. 4J per cent. 5 per cent. Total. - d r A a a y v t e e b r ( a a 3 s g 6 i 5 e s - ). m A a v t e u r r a i g ty e . Per cent. Days. Boston $22,698,022 3.23 23.59 New York... 6(5, (!04,872 3.43 18.90 Philadelphia. 11,347,849 3.28 49.38 Cleveland $33,358 $40,492 6,300,811 3.20 61.53 Bichmond... 8355,300 ! 355,300 4.56 63.92 Atlanta 5.15,743 : 2,815,333 3.71 24.99 Chicago 27,801,744 3.21 78.41 St. Louis 3,960,249 3.19 90.19 Minneapolis.. • I- Kansas City. $19,000 19,000 5.07 j 22.36 Dallas.. 702,805 3.17 I 30.68 San Francisco. 37,791 222,800 7,994,576 3.25 | 22.34 Total, May, 1922 ! 71,149 263,292 871,043 ' 19,000 150,60-3,501 3.28 ! 37.01 April, 1922 363,748 744,064 i 1,129,812 j i 95,724,851 3.48 35.28 i Includes $49,173, $520,034, §50,000 and $5,000 of acceptances purchased at 3T 9 r, 4£, 4§, and 4? per cent, respectively. NOTE.—All Federal reserve banks use 350 days to the year in calculating interest on bills bought in open market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 875 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 May, 1922: AVERAGE DAILY HOLDINGS OP EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARNINGS DURING MAY, 1922. Average daily holdings of— Earnings on— Annual rate of earnings on- ! i Federal reserve bank. A o l f l e c a la rn ss in es g Dis b c m m s m - ted 1 l bills. se U S cu n ta r i t i t e t e i s d es. o c a f l s i a A s e n s e a g l s t l r e s n . s - co b D u il i n l s s t - . e d ; | | I i c b h p i u a l r s l _ s e . d ! ' ] U s * n t * a ? i t t £ e e £ d s " o c a f l s i a A s n e s e l g a s t l r e s n . 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 U s S e t n t i c a e i u t t s e r e . i s d - |_ \Per cent Per cent Per cent Per cent Boston $80,831,727 $22,069,256!S9,482,161 $491,,280,310 S267,245 S84,400. $27,2251S155,620! 4.50 3.38 3.72 New York 282,770,284 51.190,792' 33,553,332 198i,, 026,160. 908,146 195,680| 102,183: 610,2831 3.78 4.50 3.59 3.63 Philadelphia... 99,832,600 49; 503,706i 18,351,616 31,977,278| 347,185 189,250l 55,138; 102,797 4. 4.50 3.53 3.78 Cleveland.. 119,61G, 412 46,304,8681 6,900,228 66,411,316 413,068 177,083! 19,363! 216,622! 4.06J 4.50 3.30 3.84 Richmond 53,817,362; 1,377,283 4,793,400i 229,212 215,057j 5,881: 8,274 4.50 4.71 5.03 2.03 Atlanta 43,428,785 35,199,941 1,198,423 7,030,4211 158,776 141,574 4,482: 12,720, 4.17 4.59 4.27J 2.06 Chicago 187,226,393 70,184,439: 20,360,428 96,681,526 651,533 278,294' 57,8651 315,374 4.10 4.67 3.351 3.84 St. Louis...... 53,445,488 23,151,576; 2,659,770 27,634,142s 182, 745 89,931i 7,538' 85,276 4.03 4.57 3.34 3.63 Minneapolis 41,514,000 26,989,000' 14,525,000! 161,049 119,1581. 41,891! 4.54 5.15 3.40 Kansas City... 67,751,493 25,575,1251 17,839 42,158,529 241,338 108,656! 77 132,605 4.19 5.00 *5."67 3.70 Dallas 36,752,701 31,697,870 89,331 4,965,500 147,613 137,0101 263 10,340, 4.73 5.09 3.47 2.45 San Francisco. 115,691,389 45,943,337. 9,082,890 60,665,162 411,971 176,8091 26,446 208,716! 4.19 4.53 3.43 4.05 Total: May, 1922. 1.., 188,849,3171 481,627,272i 103,073,301 601,118,744' 4,119, 88.1 912,902; 306,4611,900,518i 4. 4.68 3.50; 3.70 Apr., 1922 1'',19100,0,00033,,5588l1| a576,630,605; 93,085, 741 520,197,135, 4,149,528 244,220| 292,534jl,612,399, 4.25 4.75 3.83J 3.77 May, 1921.2,35133, ,779944,,3300001111,,8966,646, OOS1 84,391,913 302, 753,439 11,571,365 10,55k02,633i 428,792| 639,940" 5. 6.29 5.98! 2.49 Apr., 1921 2,527,253,406J2,139,981,742110,372,481|276, 899,183,12,154, 787 11,124,586 541,685! 488,516 i 5. 6.32 5.971 2.15 HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of May figures. In thousands of dollars.1 Custom- c M o e ll m at b e e r r a l b n a o n t k e s s ' . j Bankers' acceptances. Trad a e n c a e c s c . epters' paper Federal reserve bank. Total. I ! 1 e b s o t m y e i b c o l i u i n G n g r s e o e a . n v d - t - e b S o r y t e n b i c o m l G u i n g r e s o a e . n v - d t - s O e w c t u h is r e e e r d - . paper, A t g u r r ic al ul- p s L a t i o p v c e e k - r. Foreign. Do ti m c. es- c D h e a o x n l - l g a e r . I .Foreign, Do ti m c. es- Boston 24,677 722 11,630 11,835 416 70 New York 43,156 418 23,845 17,026 1,148 719 Philadelphia 49,409 738 38,207 9,607 716 141 Clevcl and 49,405 711 28,777 39 17,121 ; 899 439 1,419 Richmond 47,672 639 110 21,353 I 9,460 39 782 Atlanta 32,597 364 4,317 116 15,578 I 10,011 1,788 423 Chicago 66,920 544 20,236 18,020 ! 27,545 366 S M t. i n L n o e u ap is olis 2 2 9 5 , , 8 9 3 7 2 8 24 22 0 i ! 8 1 , ,9 2 5 2 5 5 513 1 3 4 , , 6 0 3 4 2 3 : : 1 6 3 , , 5 2 9 9 2 2 6, 4 3 7 8 0 4 103 1 1 8 5 0 9 Kansas City 24,206 250 3,753 i 5,653 10,853 Dallas 31,331 32 I 1,327 347 3,843 ! 15,393 9,746 643 San Francisco 46,307 329 8,592 10,894 14,413 I 7,495 4,251 333 Total: May 31,1922 471,490 5,009 166,097 12,228 150,224 • 98,620 33,974 ! 5,235 Apr. 29,1922 510,104 7,797 177,946 13,000 168,523 i 100,595 !36,680 I 15 5,430 May 31,1921 1,907,913 159,563 i 627.681 12,006 855,608 152,749 76,718 ! 7,803 134 Apr. 30,1921 2,076,569 211,106 I 726', 546 12,137 869,733 .149,223 81,187 I 7,665 117 16,334 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

876 FEDERAL RESERVE BULLETIN. JULY, 1922. HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of May figures. Tn thousands of dollars.} All classes ]Bankers' acceptances Trade acceptances. Federal reserve bank. Pur- Dis- Total. cha in sed cou fo n r ted Total. Foreign. Domestic. Dollar Total. Foreign. Domestic. open member exchange. market. banks. Boston 10 853 10 783 70 10 783 7 486 3 037 260 70 70 New York 44,766 44', 047 719 44,0.17 34^889 7,395 1,763 719 719 Philadelphia 15,877 15,736 141 15,658 11,446 3,743 469 2L9 78 141 Cleveland 10 697 9 278 1 419 9,278 8,176 992 110 1,419 1,419 Richmond 1 929 1 147 782 1 147 727 420 782 782 Atlanta 1 118 '695 423 695 429 266 423 423 Chicago 21,633 21 267 366 21,267 13,675 7,328 264 366 366 St. Louis 5 346 5 084 262 5 184 4,150 684 350 162 3 159 Minneapolis 'l80 ISO ISO 180 Kansas City 5 . . .. 5 Dallas . . .. 1 361 718 643 718 416 277 25 643 643 San Francisco 9,755 9,422 333 9,422 6,610 2,452 360 333 333 Total: May 31,1922 123 520 118,204 88,004 26,599 3,601 5,316 81 5,235 Apr. 29, 1922 96,240 90,688 68,306 19,29* 3,088 5,552 122 5,430 May 31,1921 99,045 84,711 57,766 16,343 10,602 14,334 352 13,982 Purchased in open market: Mav 31, 1922 118,182 118,101 88,001 26,496 3,601 81 ' 81 Apr.29,1922 90,677 90,570 68,306 19,176 3,088 107 107 May 31,1921 75 457 75,239 49,962 14,705 10,572 218 218 Discounted for member banks: May 31, 1922 .. 5 338 103 103 5,235 5,235 Apr. 29,1922 5 563 118 118 5 445 15 5 430 May 31,1921 23,588 9,472 7,804 1,638 30 14,116 134 13,982 HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS. [End of May figures. In thousands of dollars.l Member banks. Nonmember I Branches banks and Federal reserve bank. Total. Non- ba a n n k d ing P b r a i n v k a s te . ! • age ° n f cies National. national. corpora- j foreign tions. banks. Boston 10,783 6,624 2,938 1,128 93 New York 44,047 16,516 13,379 7,141 3,817 3,164 Philadelphia.. 15,658 .6,456 4,080 2,377 1,223 1,522 Cleveland 9,278 5,054 2,829 883 184 328 Richmond.... 1,147 1,147 .1. Atlanta 695 I 349 346 Chicago 21,267 I 10,556 8,964 1,348 118 281 St. Louis 5,184 | 1,838 2,075 873 346 52 Minneapolis... Kansas City... Dallas 278 75 San Francisco. 2,861 933 306 452 Total: May 31,1922 37,750 14,683 6,117 5,874 Apr. 29, 1922 28,593 12,108 9,201 5,452 May 31,1921 21,443 12,318 9,651 9.519 Purchased in open market: May 31,1922 37,659 14,683 6,117 5,874 Apr.29,1922 28,482 12,103 9,201 5,452 May 31,1921 18,310 10,053 9,517 8,9L5 Discounted for member banks: May 31, 1922 91 Apr.29,1922 111 May 31,1921....: 3,133 2,265 134 : 604 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. TEDEEAL, RESERVE BULLETIN. 877 BANKING CONDITIONS BY FEDERAL RESERVE DISTRICTS. Developments in Federal reserve and mem- Dallas and San Francisco, which show increases ber bank conditions for the country as a whole of $1,500,000 and $4,100,000, respectively. are discussed in the paragraphs on the banking A comparison of Federal reserve bank discounts situation in the Review of the Month, page on June 21, 1922, with those on November 5, 773. The chart on page 774 shows Federal 1920, when the peak of the loan account was reserve bank and member bank developments reached, is presented in the table below. This since the beginning of 1921. Changes in the table shows for November 5, 1920, total holdcondition of individual Federal reserve banks ings of discounted bills by each Federal reand of reporting member banks in each re- serve bank and total bills discounted for its serve district are shown in the text tables here own member banks, the difference between presented and in the general tables on the these two items being the amount of interfollowing pages. district accommodation on that date. In com- For the system as a whole a decrease of paring the discounts on June 21 with those of $65,700,000 in the holdings of discounted November 5 the difference, both absolute and paper is shown for the four weeks ending June relative, is shown for total holdings and for 21. Reduced totals of discounts are shown bills discounted by each reserve bank for its for all the reserve banks, except those of own member banks. DISCOUNTS OF FEDERAL RESERVE BANKS. [Amounts in millions of dollars.] November 5,1920. Decrease since Nov. 5, 1920. Inter Federal re- June 21, In bills discounted Bills dis- serve bank ac- 1922, In holdings. for own member Total counted commodation. hold- banks. hold- for own ings. ings. member banks. Ex- Retended. ceived. Amount. • Per cent. Amount. Percent. Boston m 119 52 24 147 95 New York.... 988 44 34 910 954 97 Philadelphia.. 944 149 32 44 137 105 70 Cleveland 181 89 141 42 188 47 52 Richmond 230 125 10 40 75 85 68 Atlanta 115 177 38 31 108 146 83 Chicago 139 483 3 60 420 423 St. Louis 480 153 34 19 100 134 Minneapolis... 119 108 25 27 56 81 75 Kansas City... 83 161 42 21 98 140 87 Dallas 119 109 29 33 47 76 70 San Francisco. 80 166 47 119 119 72 166 Total.... 2,827 2,827 225 i 225 422 i 2,405 j 85 2,405 85 Federal reserve bank discounts declined banks in the Boston district thus amounted to from $2,827,000,000 at the peak to $422,000,000 80 per cent, while the decrease in its total holdon June 21., 1922, a decline of $2,405,000,000, or ings of discounted paper was 86 per cent. 85 per cent. In considering the decline for Similarly for Philadelphia, and especially for each reserve bank separately the figures are Cleveland, the reduction in accommodation to affected by interdistrict accommodation. For its own member banks was materially smaller instance, the Boston bank on November 5, than the reduction in total holdings of dis- 1920, held $171,000,000 of discounted bills. counted paper. In Cleveland the reduction in Of this amount, $119,000,000 represented bills total holdings amounted to $188,000,000, or 82 discounted for member banks m the Boston per cent, while the reduction in accommodation district and $52,000,000 bills discounted for to its own member banks was only $47,000,000, other Federal reserve banks. On the latest or 52 per cent. Outside of these three banks, report date Boston's holdings of discounted namely, Boston, Philadelphia, and Cleveland, bills had declined to $24,000,000, a decrease of which were extending accommodation on No- $147,000,000, of which $95,000,000 represents vember 5, 1920, and the San Francisco bank, a reduction in discounts for its own member which was not a participant in interdistrict banks, and $52,000,000 the liquidation of ac- accommodation, all the other banks were recommodation extended to other reserve banks. cipients of accommodation from other reserve The decrease in discounts for its own member banks on November 5, 1920, and for these Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

878 FEDERAL RESERVE BULLETIN. JULY, 1922. banks the decline in accommodation to their $910,000,000, or 96 per cent, while its accommoown member banks was larger than the decline dation to its own member banks declined by in their holdings of discounted paper. For $954,000,000, or 97 per cent. The next largest instance, in the case of the Atlanta bank the reductions in discounts for member banks are holdings on November o., 1920, were $139,000,- shown for the Chicago, St. Louis, and Kansas 000, but in addition to this the bank had re- City banks, while the reductions were the least discounted with other reserve banks $38,000,- pronounced in Dallas, Philadelphia, Richmond, 000 of bills discounted for its own members, and especially Cleveland, where discounts for the total accommodation extended by this member banks were only 52 per cent less on bank to its members being $177,000,000. On June 21, 1922, than on November 5, 1920. June 21, 1922, this total had declined to Federal reserve bank holdings of Govern- $31,000,000, a decline in holdings of $108,000,- ment securities, which decreased by $40,700,000 000, or 78 per cent, and a reduction in accom- for the system during the four weeks under modation to member banks in the Atlanta dis- review, show the largest decrease, of trict of $146,000,000, or 83 per cent. Similarly $24,900,000, for Chicago, and the next largest, the Dallas bank, which had reduced its hold- $14,400,000, for New York, smaller decreases ings by 59 per cent during the period, reduced being shown for Boston, Philadelphia, and its loans to its own member banks by 70 per Minneapolis, the total for Richmond remaining cent. The largest reduction, both absolutely unchanged, while small increases are shown and relatively, is shown for the New York for all the other reserve banks, the largest Federal Reserve Bank during the period, increase, amounting to $3,100,000, being shown whose holdings of discounted bills declined by for Kansas City. CHANGES IN PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK BETWEEN MAY 24 AND JUNE 21, 1922. [Amounts in millions of dollars.] Total reserves. Discounts. G overnment Total deposits. Federal reserve Reserve securities. notes in circulation. percentage. Federal reserve bank. Increase. Decrease, Increase. Decrease, j Increase. \DecrcaSC. Increase. Decrease. Tn rrease. Decrease. May 24. June 21. Boston 10.8 6 3 f> o o 3 0 76 0 72 2 New York 3.5 so9 14 4 49 3 2 9 85 2 ; 87 9 Philadelphia 6.8 f>0 10 3.3 2.T 76^8 1 80 7 Cleveland 1.1 sn i 1 i 1 3 69 5 ' 69 7 Richmond 3 2 11 2 2 69 4 Atlanta 1.5 2 4 .2 2.2 1.8 82 3 83.0 Chicago 26 0 /\ 24 0 9.7 1.0 76.0 . 81.3 Rt Louis . . 8.3 2 \ .8 1.6 2.7 72 0 68.4 Min noil polis 4 i 1.7 3.4 .6 68 0 70.3 TCan^as Citv 5.8 2 6 3.1 5.4 i .1 62.7 i 64.5 Dallas 2.4 1 5 .5 1 5 6 i 04 3 ' 61 8 Ban T'ranci^co 8.9 ; 4,i 1 1 7 73 4 70.2 .... 1 Total ! 12.4 65 7 i 40.7 62.8 ! 1.9 77.5 79.1 1 i Cash reserves of Federal reserve banks show York, Chicago, Dallas, and San Francisco an increase of $12,400,000 for the four weeks, banks show advances. As a consequence of the largest increase of $26,000,000 being shown the increase in reserves and the decrease both for Chicago. Deposits, which declined by in deposit and in note liabilities, the reserve $62,800,000 for the system as a whole, show a percentage of the system as a whole advanced reduction of $49,300,000 for the New York trom 77.5 per cent on May 24 to 79.1 per cent bank and of $9,700,000 for the Chicago bank, on June 21. Higher reserve percentages are while the other banks show but moderate shown for the majority of reserve banks, changes in this item. A slight reduction in though the percentage shows a reduction in the Federal reserve note circulation was due to Boston, St. Louis, Dallas, and San Francisco declines in the Philadelphia, Cleveland, Rich- banks, all of which report decreases in their gold mond, Atlanta, St. Louis, Minneapolis, and holdings and all, except St. Louis, increases in Kansas City banks, while the Boston, New their note circulation during the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 879 CHANGES IN PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT BETWEEN MAY 17 AND JUNE 14, 1922. [In millions of dollars.] Increase or decrease in— Fede d r is a t l r i r c e t s . erve L di o s a c n o s u n a t n s d . U G n s o e i v t c e e u d r r n it S m i t e a e s t . n e t s O s s t t e h o c e c u r k r s b i , t o i a e n n s d . d s, Demand deposits. Time deposits. ! i 1 A re c s a c e t o rv F m e e m d b e o a r d n a a l k ti s o . n 1 Increase. Decrease. Increase. Decrease. Increase, Decrease. Increase. Decrease. Increase. Decrease, j Increase. Decrease. B oston 21 i 16 19 34 17 2 New York 15 ! 129 22 141 5 2 New York City... 29 ! 120 21 148 1 Philadelphia 5 . .. ! 5 2 11 2 3 9 1 8 io 5 Atlanta 5 3 2 2 3 6 2 1 6 3 .. . 1 s 1 14 5 2 1 1 9 1 5 Citv of Chicago 7 3 19 i fi 4 St Louis . . . 8 5 5 4 2 2 Minneapolis 7 1 2 10 1 3 Kansas City 4 j 12 2 13 4 2 Dallas 2 6 2 1 1 San Francisco 1 8 1 6 16 4 Total 28 ! 200 51 230 68 - • 1 35 As was stated in the Review of the Month, New York City alone. No increase under this the outstanding features in member bank head is shown for the member banks in the developments for the four weeks are the city of Chicago. Corporate security holdings, decline in commercial loans, accompanied by- which increased $51,000,000 for the system as increases in Government and other securities a whole, show increases for most of the disand in loans supported by corporate obliga- tricts, though the Philadelphia and Chicago tions. While the total increase in loans and districts show small declines, the decline for discounts for all reporting banks was the city of Chicago being larger than that for $28,000,000, the increase in New York City the district. alone was $29,000,000 and that in the Boston Demand and time deposits of reporting district $21,000,000, while reductions in loans member banks show increases in most of the are shown in the Cleveland, Richmond, Chicago, districts, owing chiefly to the building up of St. Louis, and Dallas districts. The increase deposits in anticipation of income tax payof $200,000,000 in United States Government ments on the day following the report date. securities held by reporting member banks was Further reductions in accommodation at Feddistributed through all the reserve districts, eral reserve banks are reported for member $120,000,000 being the share of the banks in' banks in all the reserve districts, except Dallas. CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR [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. June. May. June. May. June. May. June. May, Boston 195,846 207,005 121,327 121,231 153,470 150,500 71.3 76.2 New York 1,173,711 ,162,062 762,334 745,995 621,970 621,592 84.8 85.0 Philadelphia.... 225,616 225,673 109,187 108,681 180,283 184,110 77.9 77.1 Cleveland .... 240,715 | 248,566 142,027 140,541 197,745 198,100 70.8 73.4 Richmond 108,366 99,039 60,026 59,795 84,660 87,763 74.9 67.1 Atlanta 139,834 50,762 50,033 115,419 117,431 84.1 82.6 Chicago 501,244 474,277 262,790 262,917 364,012 364,432 80.0 75.6 St. Louis 96,179 I 103,296 70,637 71,412 69,074 72,535 68.8 71.8 Minneapolis 67,289 68,574 45,985 46,881 49,139 50,463 70.7 70.5 Kansas City 87,950 i 85,320 79,965 79,023 57,850 59,021 63.8 61.8 Dallas 45,985 48,448 47,328 47,814 26,339 26,539 62.4 65.2 San Francisco... 253,631 ! 266,184 140,223 142,946 218,469 220,567 | 70.7 73.2 Total: 1922 3,136,375 ! 3,126,773 1,892,591 1,877,269 2,138,430 2,153,053 77.8 77.6 1921. 2,605,779 i 2,541,640 1,723,271 1,717,423 2,682,560 2,787,379 59.1 56.4 1920. 2,102,985 j 2,078,822 1,974,537 j 1,987,323 3,113,949 3,089,737 143.3 M2.4 1919. 2,248,265 2,246,087 1,940,647 1,944,547 2,500,969 2,534,112 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

880 FEDERAL, RESERVE BULLETIN. JULY, 1922. CONDITION OF FEDERAL RESERVE BANKS. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, MAY 31 TO JUNE 21, 1922. RESOURCES. [In thousands of dollars.] New Phila- Cleve- Rich- St. Minne- Kansas San Total. Boston. York. delphia. land. mond. lante. Louis. apolis. City. Dallas. F ci r s a c n o - . Gold and gold certificates: May 31 324,740, 14,215 215,652 3,221 13,161 3,026 5,505 23,769 6,515 8.316i 2,542 8,637 20,181 June 7 323,745' 13,971 215,127 5,480 13,309 3,038 23.866 4,233 8;324: 2,505 8,895 19,459 June 14 316; 43oi 13,491 208,425 5,449 13,248 3,096 5!558 23,851 4,073 8,364j 2,462 9,218 19,197 June 21 318,614; 13,471 210,531 5,531 13,303 3,152 5.615. 23,975 4,269 7,374; 2,496 9,536 19,361 Gold settlement fund—F.R. j I Board: May 31 486,689: 21,988 126,067 57,969 46,344 37,956 26,040 71,776 2,250 23,452 30,651 13,153 29,043 June 7 502,204' 11,304 149,420 50,355 34,678 41,079 27,550 76,756 16,966 23,212 25,711 14,112 31,061 June 14 504,7071 25,651 115,101 58,687 40,879 39,155 26,163 91,708! 4,554 26,457 33,233 12,187 30,932 June 21 531,290! 34,510 133,538 58,412 39,238 35,37.r 23,082 90,837 16,468 26,559 32,098 8,215 32,958 Gold with F. R. agents: I May 31 ' 2.140,891, 137,600 798,785 155,492 174,596 54,448 98,125 357,487 65,929 30,169| 48,967 19,711 199,582 June 7 2,128,242 135,994 798,570 153,244 175,154 53,058 103,267! 352,745 58,533 31,892! 48,009 19,296 198,480 June 14 2,142; 118 133,681 804,541 150,435 172,007 56,583 102,371; 362,436 64,110 31,3351 48,383 20,000 196,236 June 21 2,121,6801 131,666 804,346 153,440 169,191 55,487 10i;328! 357,724' 57,940 30,752| 49,614 19,506 190,686 Gold redemption fund: May 31. 55,301 13,373 10,000 4,221 3,021 4,251 1,761 6,968 935 3,437. 1,800 2.052 3,482 June 7 55,881 9,476 8,882 5,200 3,934 4,530 1,000 10,75^ 1,752 1.518s 2,208 i;883 4.741 June 14 44,534: 5,979 -7,594 6,573 5,336 4,653 1,124! 4,810 1,456 L540 1,278 1,391 2,800 June 21 48,3761 7,296 6,213 7,172 4,659 4,32' 1,453! 8,281 1,796 1,832 1,373 1,034 2,940 Total gold reserves: May 31 3,007,621j! 187,1761,150,504 220,903 237,122 99,681 131,431I 460,000 75,629 65.374 83,960 43,553 252,288 June 7 3,010,072!: 170,7451,171,999 214,279 227,075 101,705 137,355! 464,124 81,484 64,946 78,433 44,186 253,741 June 14 3,007,794', 178,80511,135,661 221,144 231,470 103,487 135,216 482,805 74,193 67.696 85,356 42,796 249,165 June 21 3,019,960 186,9131,154,628 224,555 226,391 98,341 131,478 480,817 80,473 6667,517: 8855,558811 38,291 245,945 Legal tender notes, silver, | etc.: I | May 31 122,876!! 19,430; 22,038 6,138 7,500 7,501 4,792 16,594 19,060 960: 6,223 5,752 6,888 June 7 123,994 16,196 24,297 7,814 7,8691 7,619; 5,593; 18,255 17,879 824 5,388 5,562 6,698 June 14 128,684; 15,274; 29,664 7,739 8,684i 7,671 6,153 18,706 16,665 • 873 5,484 5.928 5,843* ,Tune21 127,715:; 13,552-29,908 7,997 9,509 7,235 6,127 19,784 15,828 641 5,226 5,851 6,054 Total reserves: I ' May 31 3,130,497 206,6061,172,542 227,041 244,622 107,182 136,223 476,594 94,689 66,334! 90,183 49,305 259,176 June 7 3,134,066!" 186,9411,196,296 222,093 234,944 109,324! 142,948j 482,379 99,363 65,770) 83,821 49,748 260,439 June 14 3,136.478 194,0791,165,325 228,883 240,154 111,158 141,369 501.511 90,858 68,569 90,840 48,724 255,008 June 21 3,147,675 200,495'l,184,536 232,552 235,900 105,576 137,605 500;601 96,301 67,161 90,807 44,142 251,999 Bills discounted: Secured by U. S. Government obligations— May 31 171,106 12,352 24,263 38,945 29,488 15,928 4,681; 20,780 8,46,r 1,977 3,94' 1,359 8,921 June 7 148,949! 8,282: 23,274 34,884 24,599 13,499 4,228 19,360 7,88£ 1,744 3,189 1,528 6,474 Jnne 14 140,639 ! 8,236' 25,799 32,567 22,002 14,156 3,244 17,085 6,43(J 1,704 2,739 1,372 5,305 June 21 140.7131 8,507 18,327 32,765 22,922 12,G58 3,214 17,508 6,775 3,879 2,645 2,212 9,301 Other bills discounted— i i May 31 300,384! 12,325 18,893 10,464 19,917 31,7441 27,916 46,140 21,367 24,001i 20,259 29,972 37,386 June 7 271,305 11,632, 16,028 10,335 19,167 29,200! 27,192 41,940! 11,686 22,760: 20,246 29,783 31,336 June 14 272,978 12,042 16,938 9,287 18,832 27,853i 26,711. 39,612 12,26c 22,978' 19,833 29,908 36,719 June 21 ! 280,855: 15,271 15,266 11,41 19,169 27,895 27,671, 42,494 12,17" 22,8501 18,502 30,692 37,462 Bills bought in open market:! ! : May 31 118,182 10,783 44,047 15,736 9,278 1,147 695' 21,267 5,084 71! 9,422 J J u u n n e e 7 1 4 i 1 1 3 2 6 3 , , 1 9 8 7 3 5 ! 1 2 8 0 , , 6 4 9 6 4 1 i ' 37,910 2 1 0 9 , , 3 8 0 5 5 7 1 1 3 4 , , 1 5 3 4 6 9 8 8 6 3 3 0 671 j l 2 1 0 2 , , 9 8 3 8 3 2 5 9 , , 5 5 9 9 4 7|. ;i 2 1 , , 0 7 0 8 2 1 1 1 6 6 , ,7 0 6 7 4 0 June 21 1 121,467:: 22,130; 23^ 518 17,49; 14,446 834 15,788 9,597l. 2,189 14,598 U. S. bonds and notes: j I May 31 i 244,648j: 4,476j 48,605 23,553' 27,124 1,233 279 34,850 11,651 7,362! 28,295 2,811 54,400 June 7 ....j 243,775'| 4.576: 47,927 23,553I 27,124 1,233 156 34,258 11,681 7,752 28,299 2,81 54,400 June 14 1 238,308 ! 4,573 51,447 23,553I 27,124 1,233 128 24,956 11,668 8,111 28,299 2,81< 54,400 Junc21 227,374: 4,574 45,448 23,553! 26,392 1,233 387 24,468 11,410 4; 392: 28,301 2,81! 54,400 U. S. certificates of indebtedness: One - year certificates (Pittmanact)— May 31 77,000, 5,950! 21,000 6,000 6,000 3,560 8,667 3,571 4,000! 4,32: l,90C 5,332 June 7 77,000li 5,950| 21,000 6,000' 6,000 3,560 8,667 3,571 4,000J 4,32] l,90C 5,332 June 14 75,500 ! 5,950' 19,500 6,000 6,000 3,560 8,667 3,571 4,000! 4,32: l,90C 5,332 June 21 74,000,= 5,450 19,500 5,500 5,500 3,560 8,667 3,571 4,000 4,32: l,90C 5.332 Other certificates— !| i M Ju a n v e 3 7 1 ! | 2 2 9 8 7 1 , , 1 7 0 7 1 1 1 ;: ! 3 4 8 7 , , 1 9 0 28 3 , ' 1 12 2 2 3 , , 9 1 0 8 1 5 2,0 8 7 18 0 1 i 3 4 9 2 , , 3 4 8 0 7 1 3 3 1 1 5 52 3 . , 9 4 3 4 1 4 1 1 3 5 , , 9 4 2 12 3; j 3 3, , 4 4 0 9 9 7 1 , 8 9, , 2 S 0 5 1 f ; 2 5 5 0 C C 3 2 1 7 6 7 J J u u n n e e 2 1 1 4 1 2 3 5 1 4 5, , 8 1 7 6 5 0 , 1 • • 4 3 9 5 , . 4 1 7 1 8 0 ' 1 1 1 0 3 6 3 , , 3 0 2 2 4 5 2 1 , ,— 570 4 4 3 0 , , 0 1 4 0 1 9 1,02 3 8 1 5 3 6 8 , , 1 5 6 5 1 6 1 1 6 5 , , 3 0 6 8 6 3 , j 4 4 , , 1 5 6 0 4 3| 1 9 1 , , 2 9 2 9 f 5 50C 3 3 1 7 7 2 Total earning assets: ll ' ; May 31 1,193,091! 83,989. 279,993 95,516 131,194 53,612 40,301 185,148 64,061; 40,837i 65,68 37,015 115,738 June 7 1,171,313'! 97,062' 269,040 97,147 132,427 48,355 38,977 178.089 55,832' 39,665, 65,26 38,529 113,928 J J u u n n e e 2 1 1 4 l 1 ,0 ,1 9 6 8 7 ,5 ,2 6 7 9 5 J : j 1 1 9 0 1 0 , , 0 7 4 4 2 0 ; ' 2 2 2 7 8 3 , , 3 1 8 4 3 7 9 9 2 3 , , 0 8 3 3 1 4 1 1 2 3 8 1 , , 5 5 3 4 8 8 4 4 6 7 , , 1 63 8 2 0 3 3 8 8, , 6 8 2 6 1 7 1 1 5 4 9 7 . , 3 4 6 8 3 1 5 5 9 8 , , 8 6 9 0 7 8 : 3 40 9 , , 9 6 5 2 7 4 ! 6 6 4 5 , , 4 7 2 6 2 6 ! 3 4 8 0, , 5 2 8 7 4 7 1 1 1 2 8 1 , , 8 4 3 6 7 5 Bank premises: j !> \ i M J J u u a n n y e e 3 7 1 1 4 4 4 4 0 0 1 , , , 9 0 6 7 7 9 4 2 4 - , i 1 1 j 5 5 5 , , , 2 2 2 6 3 1 5 5 5 ! ' ! 8 8 8 , , , 4 4 4 7 5 7 0 4 0' 6 6 6 0 0 0 0 0 0 5 5 5 , , , 2 2 1 3 6 1 9 6 5 2 2 2 , , , 5 5 5 7 7 7 1 1 1 1 1 1 , , ,3 3 3 4 5 0 2 8 8 7 7 7 , , , 4 4 5 6 6 4 8 8 3 9 9 9 2 2 2 1 1 1 9 9 9 1 1 1 4 4 4 4 4 4 , , , 9 9 9 7 6 7 4 o 5 ! 2 2 2 , , , 0 0 0 9 9 9 ! : 1 1 1 1 , , , 1 0 1 5 3 3 0 7 1 June21 41,368!' 5,210' 8,655' 600 5,304 2,571 Ml" 7,552 928 914 4,975,' 2,09 l ll Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN". 881 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, MAY 31 TO JUNE 21, 1922—Contd. RESOURCES—Continued. [In thousands of dollars.] I New , Phial- Cleve- Rich- At- Minnc-. Kansas ! San Total. ! Boston. York. ;dclphia. land, mond. lanta. apoiis. I City. Dallas. 1 1 F ci r s a c n o - . Five per cent redemption fund against F. 11. bank i I notes: I May 31 7,580: 422 93]: 700 539' 188 468 711 2,023 2571 916 146! 279 June 7 7.518 422! 040" 700! 539 i 188 468: 675 2,023 216 916 146. 279 June 14 7,639! 422I 899 700! 539! 188 •168j 708 2,023 351 916 146i 279 June 21 7,565j 422 899 700! 539 1881 467; 684': 2.023 302 916 146 279 I Uncollected items: May 31 454,938! 40,722 97,503 40,590 45,923 11,-125! 18,277| 54,885' 24,161 12,036 32,964 19,033 27,413 June 7 525,893 50,935 101,754 42,675 46,700 44,549, 24,467! 66,133' 33,617 14,556 36,434 24,180 36,893 June 14 624,732 61,960 139,578 00,30 Li 02,014 53,146 23,6901 76,073! 33,7151 15,238 38,703 22,924 42,357 June 21 580,959 57,224 124,608! 50,243" 57,340 47,663! 22,967 75,635| 32,341 15,095 37,973 20,975 38,889 All other resources: May 31...'. 20,490 888 4,419- 665; 1,580 280' 136 1,832: 728 1,437 1,047 2,043 5,435 June 7 20,684 950, 4,505! 698 1,758 149" 155 1,9141 778 1,487 l,058: 1,835 5,367 June 14 20,829 1,041 4,(65! 718 1,751 1771 169 1,8391 807' 1,395 1,001! 1,811 5,422 June 21 15,672 616' 2,7851 479' 1,022 405: 163 578: 1,336 724! 1,832 4,870 Total resources: May 31 4,847,268 337,8621,563,8421 365,118: 428,973 205,258- 196,713 726,638 186,583, 121,815 195,761 i 109,633409,072 June 7 4,903,468' 341,575 1,581,011| 363,9131 421,607 205,136 208,357 736,688! 192,531, 122,608 192,4661 116,530 418,043 June 14 4,998,027 363,457 1,592,08l| 380,039 441,305 21-1,872' 205,675! 747,037j 188,221i 127,421 200,857 114,003i 423,053 June 21 4,891,808 355,009 1,519,866 376,605' 128,6-19 202,583! 201,184 732,815 190,779| 124,432 201,161 j 109,772418,653 LIABILITIES. Capital paid in: May 31 101,729 7,981 27,391 8,979 11,576 5,515 4,270| 14,559 4,694 3,568 4,612 4,192 7,359 June 7 101,859 7,981 27,483 8,9911 11,587 5,542. 4,275! 14,5591 4,700 3,568 4,619! 4,193 7,361 Juno 14 101,879 7,981 27,480 8,991. 11,603 5,542 4,27l! 14,560| 4,708 3,568! 4,6201 4,192! 7,363 Juno 21 105,079 7,981 27,570 8,9911 11,603 5,536 . 4,271! 14,615; 4,770 3,568| 4,621 4,193j 7,360 Surplus: May 31 215,398! 16,483 60,197! 17,945' 22,509j 11,030 29,025i 9,388 7,-168!, 9,616: 7,39lj 15,199 June 7 215,3981 16,483 60,1971 17,945! 22,509 11,030 9,111, 29,025! 9,388 7,468! 9,6461 7,39-1 i 15,199 June 14 215,3981 16,483 60,1971 17,915, 22,509 11,030 9,1111 29,025: 9,388 7,468i 9,646; 7,391 15,199 June 21 215,398' 16,483 60,197! 17,945. 22,509 11,030 9, 111 29,025 9,388 7,468. 9,6461 7,391 15,199 Reserved for Government franchise tax: May 31 2,236 227 310 201. 385: 333 261 100 June 7 , 2,207 261 198j 209'. 410 393!. 355 275 100 June 14 2,231 239 229 i 224. 412j. 363 273 100 June 21 2,231 277 81 25li. 417 406!. 363 140 Deposits: Government- May 31 54,295 1,410 14,912 2,890, 3,875 8,32li 2,1341 4,689 4,690 2,046 2,951! 2,0-44 4,303 June 7 39,574 364 18,601 1,747; 1,006j 1,002! 3,069 3,181 2,286 1,074 1,430: 1,881 3,930 June 14 73,273 3,127 18,3-1.9 4,4-J0i 6,4631 6,697 5,147j 9,284 2,791 3,639 2,776! 2,792 7,768 Juno 21 10,383 138 514 425! 729 771 995 717 448 l,088i 810 2,943 Member bank—reserve account- May 31 1,782,001 117,030 720,343 103,301 140,833! 5-1,5451 45,182 250,930 67,969 44,791 76,2931 43,931 116,553 June 7 1,823,961 117,381 743,188 104,886! 140,542j 57,389: 50,5151 258,1481 68,529 42,960 73,051", 46,357 121,015 June 14 1,821,450 125,860 732,835 107,305 111, 053! 55,175' 48,052! 256,5921 45,561 76,999! 46,290 121,201 June 21 1,812,010 123,618 718,106 108,256' 141,485j 55,095j 49,736. 219,2731 71,085 •15,22.1 80,884; 44,238 125,010 Other deposits— I May 31 33,851 720 11,618 793! 1,159| 259 j 1951 1,629' 600 339 575: 142 15,825 June 7 j 33,455 481 11,338 796i 1,361 242' 331 1,642 687 393 4621 139 15,580 June 14 j 34,313 413 13,956 1,1711 1,3-19! 249 j 411: 1,780! 531 309 j 388 131 13,622 June 21 32,006 603 10,993 956j 939j 290' 429 1,868 1,082 295 790 182 13,579 Total deposits: May 31 • 1,870,153i 119,160 746,903 106,987 145,867 63,125! 47,811 257,2-18! 73,259 47,176 79,819 46,117 136,681 June 7 i 1,896,990! 118,226 773,127| 107,429- 142,912' 58,633. 53,915: 262,9741 71,502 44,427 7-1,943 48,377 140,525 June 14 !1,929,0361 129,400 765,140| 112,916 118,865 j 62,121' 53,610 267,656 67,8 49 49,509! 80,163 49,216 142,591 Juno 21 | 1,854,399 124,359 729,6131 109,637! 143,153 56,156| 51,160 251,8581 72,615 46,3241 82,762i 45,230 141,532 F, R. notes in actual circu- I lation: j ! i i May 31 , 2,141,184 149,000 625,216 181,518' 198,627| 85,771; 115,466; 365,474= 70,732 49,515' 57,577! 26,256 216,002 June 7 ! 2,141,531 153,499 620,153 j 180,669' 197,302, 85,856 116,204' 364,821 69,910 49,554! 58,153, 26,727 218,650 J J u u n n e e 2 1 1 4 i i 2 2, , 1 1 2 2 6 2 , , 3 6 0 1 4 0 j ' 1 15 5 3 1 , , 2 5 3 6 9 1 6 6 1 1 6 7 , , 1 8 5 1 9 0 j 1 1 7 7 8 8 , , 7 1 7 7 6 2 . 1 19 9 5 8 , , 5 0 3 57 2: 8 8 1 3 , , 4 6 9 20 4 : 1 1 1 14 4 , , 7 8 1 4 4 8 i ' 3 36 6 3 0 , , 6 1 5 8 0 8 6 6 8 8 , ,6 2 9 39 4: 4 4 8 9 , , 9 2 3 54 3: 5 5 8 7 , , 0 7 2 5 0 8 . 2 26 5 , , 2 9 2 0 9 6 2 21 1 7 7 , , 5 2 2 3 5 3 F. R. bank notes in circu- ' lation—net liability: ' May 31 '. i 70,553 5,479 16,799: 5,609. 5,508; 2,93.1 5,032J 8,091 3,357 3,289! 7,883, 2,770 3,805 June 7 i 71,812; 5,668 17,395 5,598 5,414j 2,932: 5,102 8,1-12 3,348 3,397, 8,420 2,778 3,618 June 14 , 68,000! 5,656 14,094 5,633' 5,-189. 2,869 4,949 7,968 3,348 3,316| 8,473: 2,731 3,474 June 21 ; 67,689j 5,148' 15,593j 5,138; 4,934j 2,831' 4,820 7,976 3,404! 3,261j 8,485 2,682 3,414 Deferred availability items: : May 31 ' 423,217i 38,440 82,716"! 42,818' 43,3371 35,565' 13,7991 48,274s 24,297! 9,426' 35,128 21,049 28,368 June 7 ; 450,4971 38,310 81,240; 4i; 921: '10,222' 39,82-4* 18,50ti 53,084 32,793' 12,7841 35,550 25,322j 30,943 June 14 ! 535,464| 50,943 104,408| 54,427 53,052, 47,5231 17,6261 63,697. 33,297, 13,202, 39,058 22,814 35,417 June 21 ! 500,049: 46,311 9-4,4941 55,001i 49,192i 42,085, 16,1521 61,732 31,4431 13,120! 36,467 22,30ll 31,751 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

882 FEDERAL RESERVE BULLETIN. JULY, 1922. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, MAY 31 TO JUNE 21, 1922—Contd. LIABILITIES—Continued. {In thousands of dollars.] [ San Total. Boston. Y N o e r w k. d P el h p i h la ia - , C la le n v d e , - j i m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. M ap i o n l n is e . - . j K C a i n ty sa , s: j F ci r s a c n o - . All other liabilities: ! May 31 19,798! 1,092 4,247 1,061 1,549 906j 833 3,967, 855 1,040: 835 1,855! 1,558 June 7 20,174! 1,147 4,218 1,151 1,661 909i 850 4,080; 857 1,055! 860 1,739! 1,647 June 14 20,409; 1,191 4,377 1,127 1,730 90i! 845 3,9131 935! l,065! 866; 1,750! 1,676 June 21 20,659| 1,211 4,505 1,170 1,726 905! 847 3,959; 920i 1,074 1,743. 1,732 Total liabilities: May 31 4,847,268j 337,862 1,563,842 365,118 428,973 205,258 196,713 726,638! 186,583 121,815 195,761 109,633 409,072 June 7 4,903,468| 341,575' 1,584,011 363,913 421,607 205,136 208,357 736,688 192,534; 122,608: 192,466 j 116,530 418,043 June 14 , 4,998,027 363,457 1,592,084 380,039 441,305 214,872 205,675 747,037i 188,221| 127,424! 200,857i 111,003 423,053 June 21 4,891,808 355,0091,549,866 376,605 428,619; 202,583.. 201,-.184 732,815| 190,779 124,432 201,161| 109,772J 418,653 : ! I MEMORANDA. Ratio of total reserves to deposit and F. R. note I liabilities combined—per . cent: May 31 78.0 77.0 85.5 78.7 71.0 72. o: 83.4 76.5 65. 8- 68.6 65.6 68.1 73.5 June7 77.6 68.8 85.9 77.1 69.1; 75.7! 84.0 76.8 70.2! 70.0 63.0 66.2| 72.5 June 14 77.4 69.1 84.4 78.5; 69.2; 75. 8 83.9; 79.9 66. 5. 69.7 65.9 64.9! 70.9 June 21 79.1 72.2 87.9 80.7 69.71 75. 5 83.0; 81.3 68.4 70.3 64.5 61.8! 70.2 Contingent liability on bills purchased for foreign correspondents: May 31 34,349 2,392 13,527 2,672 2,686! 1,637 1,179 3,899 1,540 885 1,573 852' 1,507 June 7 34,556 2,392 13,816 2,621 2,687' 1,605: 1.179! 3,899 1,540 885 1,573 852; 1,507 June 14 34,561 2,514 12,758 2,756 2,824 1,688! l,240j 4,099 1,619! 930 1,653 895' 1,584 June 21 34,578 2,514 12,775 2,756 2,824| 1,688' 1,240i 4,099 1,6191 930 1,653 896! 1,584 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS 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 Total. days. days. days. days. days. ! Bills discounted: May 31 471,490 253,849 47,831 72,833 45,929 51,048 June 7 420,25-1 i 216,767 48,248 61V953 43,204 50,082 June 14 413,617 210,195 46,370 61,953 44,112 50,987 June 21 421,568 ! 221,015 39,608 61,529 46,375 53,041 Bills bought in open market: i May 31 118,182 47,714 i 20,122 26,565 ' 19,106 4,675 June 7 136,183 39,608 ! 27,267 40,176 j 24,347 4,785 June 14 -. 123,975 27,454 | 29,269 36,652 i 25,564 5,036 June 21 121,467 31,868 27,022 40,548 I! 15,415 6,614 United States certificates of indebtedness: May 31 358,771 74,249 500 4,679 35,160 244,182 June 7 374,101 70,973 7,144 34,199 3,900 257,883 . June 14 391,375 69,306 1.000 31,717 3,900 285,455 June 21 328,160 33,700 I '500 26.329 37,652 229.97P Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 883 FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS* ACCOUNTS ON WEDNESDAYS, MAY 31 TO JUNE 21, 1922. [In thousands of dollars.] Total. ! Boston. Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n i e s. - | Dallas. Francisco. I I Netamount of F. R. notes I received from Comptroller of Currency: •> May 31 3,300,574 269,687 1,112,643 251,159 246,334 121,207 185,545 494,282 106,974 63,980 89,303 48,614 310,846 June 7 3,294,971 268,081 1,113,303 248,912 247,472 124,817 184,686 493,040 106,588 63,703 | 88,346 48,199 307,824 J Ju u n n e e 2 1 1 4 J 3 3 , , 2 2 8 7 4 9 , , 0 6 3 9 1 6 2 2 6 6 3 5 , , 7 7 5 6 3 9 1 1 , , 1 1 1 0 6 8 , , 2 9 4 0 2 2 2 2 4 4 4 6 , , 1 1 0 0 7 2 2 2 4 4 7 6 , , 5 9 8 2 9 5 1 1 2 2 2 3 , , 2 3 4 4 5 2 1 1 8 87 6 , , 7 7 9 4 1 7 4 4 9 8 3 7 , , 9 7 3 3 9 1 1 1 0 0 5 6 , , 8 2 9 6 5 5 6 63 2, , 9 5 8 6 3 6 ;; ; 8 88 7, , 5 3 5 2 1 0 4 48 8, , 4 9 1 0 0 3 3 30 0 4 6 , , 5 0 7 8 0 0 F. R. notes on hand: ! 62,983 ; 87,551 ' 48,410 May 31 i 788,764 111,550 i 276,830 45,720 31,920 29,190 65,084 90,340 26,250 11,655 | 19,900 19,395 60,930 June7 ! 768,022 101,050 I 272,470 43,920 31,920 32,910 64,004 90,220 24,450 11,795 ; 19,600 18,953 56,730 June 14 760,897 101,050 j271,150 43,920 28,440 32,690 67,429 84,620 23,450 12,165 ! 19,300 19,953 56,730 June 21 761,281 98,250 |271,150 39,920 33,905 31,819 67,549 91,700 23,450 11,175 i 18,300 19,633 54,430 F. R. notes outstanding: May 31 2,511,810 158,137 835,813 205,439 214,414 92,017 120,461 403,942 80,724 52,325 ! 69,403 29,219 249,916 June 7 12,526,949 167,031 840,833 204,992 215,552 91,907 120,682 402.820 82,138 51,908 i 68,746 29,246 251,094 June 14 12,518,799 164,719 837,752 202,182 218,485 90,652 120,362 403; 111 82,815 51*401 j 69^020 I 28^950249,350 June 21 2,522,750 165,503 845,092 204,187 213,684 90,426 119,198 402,239 82,445 51,808 j 69,251 28,777 250,140 Collateral security for I F. R. notes outstanding: i Gold and gold certiii- I oates— May 31 407,413 5,300 356,925 13,275 2,400 8,760 13,052 7,701 June7 409,863 5,300 356,925 13,275 2,400 11,210 13,052 7,701 June 14 416,122 5,300 363,184 13,275 2 400 11,210 13,052 7,701 June 21 416,122 5,300 363,184 13,275 2,400 11,210 13,052 7,701 Gold redemption fund- May 31 131,428 14,300 40,860 14,103 11.321 3,653 5,725 14,842 1,117 3,607 2,010 15,021 June7 128,804 12,694 40,645 11,855 ll',879 2,263 4,867 15,100 3,023 2,840 2,649 1,595 19,394 June 14 134,167 10,381 40,357 14,046 13,732 3,788 5,971 15,791 3,100 2,283 4,023 2,299 18,396 June21 121,963 40,162 12,051 10,916 2,692 : 4,928 16,079 1,700 3,254 1,805 16,080 Gold fund—F. R. Board- I May 31 1,602,050 118,000 401,000 141,389 150,000 50,795 90,000 342,645 I 52,300 16,000 45,360 10,000 184,561 June 7 1,589,575 118,000 I 401,000 141,389 150,000 50,795 | 96,000 337,645 ' 4"4 ,30—0 16,000 45,360 10,000 179,086 V F? U u iJ n u e n 2 e 1 14 1,5 1 8 ,5 3 9 ,5 1 9 ,8 5 291 11 1 8 8 , ;0 0 0 0 0 0 i I 4 4 0 0 1 1 , , 0 0 0 0 0 0 1 1 3 4 6 1 , , 3 3 8 8 9 9 1 1 4 4 5 5 , , 0 0 0 0 0 0 5 5 2 2 , , 7 7 9 9 5 5 9 9 4 4 , , 0 0 0 0 0 0 3 3 4 4 6 1 , , 6 6 4 4 5 5 4 4 9 2 , , 8 8 0 0 0 0 1 1 6 6 , , 0 0 0 0 0 0 4 4 4 6 , , 3 3 6 6 0 0 1 1 0 0 , , 0 0 0 0 0 0 1 17 7 4 7 , , 6 8 0 4 6 0 Eligible paper— Amount required— May31 370,919 20,537 37,028 40,947 39,818 37,569 | 22,336 46,455 14,795 22,156 20,436 .9,508 50,334 June7 398,707 31,037 42,263 51,748 40,398 38,849 i 17,415 50,075 23,605 20,016 20,737 .9,950 52,614 June 14 376,681 31,038 33,211 51,747 46,478 34,069 | 17,991 40,675 18,705 20,066 20,637 I8,950 53,114 June 21 401,070 33,837 40,746 50,747 44,493 34,939 17,870 44,515 : 24,505 21,056 19,637j 9,271 59,454 Excess amount held- I May31 195,158 14,923 43,148 2,991 18,734 10,222 10,779 41,614 20,042 1,332 3,765 22,541 5,067 June 7 141,547 7,571 30,306 5,724 14,640 4,123 14,513 31.969 1,514 4,040 2,703 23,242 1,202 June 14 148,390 9,701 31,351 3,937 7,729 8,666 12,619 28;904 9,586 4,292 1,939 24,086 5,580 June 21 128,679 12,071 13,550 1,794 11,939 5,825 13,725 31,235 4,035 5,363 1,513 25,777 1,852 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

884 FEDERAL RESERVE BULLETIN. JULY, 1922. CONDITION OF MEMBER BANKS IN LEADING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM MAY 24 TO JUNE 14, 1922. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [In thousands of dollars.] New Total. Boston. York. Idelphia. Number of reporting banks: May 24 799 May 31 799 June 7 799 June 14 800 Loans and discounts, including bills rediscounted with F. R. banks: Secured by U. S. Gov- | eminent obligations— I i I May 24 317,712 17,912 107,123 25,130 34,035 12,714 9,410 5'J, 782, 14,273! 8,354 11,119! 4,593 10,201 May 31 310,810 18,058 1.00,100! 24,90" 33,002 32.382! 9,294; 58,277! 14,248! 8,9431 10,889 4,492 10,1.05 June 7 I 313,105i 17,470 104,0821 23,791 32,055 12,497: 8,492^ 57,857 10,305- 8,999! 10,305! 4,4841 15,568 June 14 309,197| 10,083 101,3811 22,939 32,389 12,297, 8,255| 50,35') 10,170 8,487. 10,078 4,577 15,179 Secured by stocks and bonds (other than U. I i S. Government obligations)— May 24 3,442,848 209,4901,041,554 21.0,947 328,709 115,253 50,504i 409,954 123,194 31,73') 05,218' 44,073 140,140 May 31 3,488,705 209,0101,(507,002 213,281 333,133 lll,058j 58,158j 484,871 124,337 31,910! 05,2)1 43,034 145,904 June 7... I 3,502,022 225,0391,000,099 228,022 327,414 113,937! 50,928! 476,582; 120,523 34,278 05,255 43,071 144,274 June 14 | 3,525,859 229,222 1,072,174 219,540 329,809 111,879 50,310;' 495,00?)121,084 34,851: 05,191. 43,385. 140,802 All other- May 24 7,102,475 501,412 2,290,331 317,587 027,955 303,024 284,849! 10)4,839-277,552 193,158 350,754 180,447: 697,967 May 31 7,100,630 500,9502,253,073 310,080 023,940 305,197 280,993 1043,302.275,910 194,487 351,870 189,060 098,490 June 7 7,072,325 504,035 2,248,054 315,295 025,528 302,932: 283,4')5.1 027,610 272,423 194,476 350,345 190,230 697,920 June 14 7,108,941 559,702 2,277,909 315,180 024,949 302.314 290,337|i:026,897!274,020 199,305. 354,214 180,821 690,507 Total loans and discounts, including bills rcdiscountcd with F. R. banks: I May 24 !l0,923,035 788,820 4,045,008 553,004 990,759 431,591 350,709! 1,591,080 415,019 233,248: 427,091 235,1131 800,308 May 31 |10,908,217 788,024:4,023,235 554,873 990,081 429,237 354,4451,580,510 414,495 235,343; 428,02 5237,780: 800,559 JTu n"e 7" . . 10,887,452 80'i,544 4,0l9,435 507,108 985,597 429,300 348,885,1,5')2,C" 409,251 237,753! 425,905 237,791: 857,708 June 14 , 10,943,997 805,0)7 4,05 ;, 521 557,071 987,1-17 429,490 354,902:1,578,259! 412,480 242,043 j 429,483 234,783; 858,548 U. S. bonds: May 24 1,184,000 70,528 479,215 51,773 134,957 50,513 25,224: 117,307! 37,703! 19,937 40,038 32,7731 100,032 May 31 1,180,570 77,234 485,401 51, 193 130,742 56,186: 2O5.t, 2O4/717-. 1IK15 ,5K115 ."'?! O1;, 3Q778U 119 f,9t5 (\7X T 47A,70 3l!5Ot 32,810 103,203 June 7 , 1,202,051 77,912 493,709 52,250 142,395 50,747: 23,251 • 110,214 2% 715 20,510 50,442 32,084' 100,156 June 14 , 82,005 510,052 54,814 142,440 50,819: 25,757, 115,703 27,83-3 24,958! 51,203 32,999i 107,890 U. S. Victory notes: May 24 , 103,511 3,833 50,351 10,590 7,085 758i 698 7,454 3,521 1,756 897j 9,673 May 31 112,521 3,835 01,003 12,310 7,321. 706 744 10,100 2,505 -„„: 2,079 1,250! 9,592 Juno 7 117,407 3,848 05,259 13,305 7,501 700 905 10,442 2,293 293! 1,927| 1,2(55 9,483 June 14 130,240 5,718 78,193 11,440 8,220 790 1,348 11,310 2,422 286' l,934i 4,893 9,686 U S. Treasury notes: May 24: 419,703 15,349 238,041 15,180 23,532 3,804 1,620 40,591 6,532 8,219 5,440! 0,258 18,459 May 31 417,943 14,979 270,310 15,134 21,844 4,050 1,708 43,799: 7,284 8,219 5,350; 0,257 18,997 June 7 426,942 17,175 272,73(5 14,943 22,789 4,076; 1,0231 43,039! 10,448 8,219 8,257] 4,828! 18,800 June 14 420,875 13,988 275,310 15,402 21,773 4,407 1,02-ji 43,415j 11,238 7~ ,1'3"7" 88.,2277-51 ! 4' ,8"2"'8•, 19,416 U. S. certificates of indebtedness: May 24 125,49(! 2,040 53,038 " 5,271 4,100 2,231 2,981 14,900! 5,019 5,647: 7,072! 5,011 10,914 May 31 123,081 2,144 53,213 5,219 4,703 2,325 3,054 15,035! 4,224 5,698| 5,913; 5,025 15,928 June 7 214,429 5,531 81,885 7,827 18,487 4,827 6,708 26,739! 8,999 10,447 8,4021 7,957 20,020 June 14 193,898 7,992 8'..), 852 0,353 9,593 3,449 4,098 21,501 i 8,297 6,028 8,709i 0,022 25,004 thcr bonds, stocks, and securities: May 24 ; 2,238,527 102,343 805,702 182,300 270,105 51,707 33,107 395,703' * 81,439 22,548 53,079: 8,335; 160,039 May 31 2,287,779 102,094 833,177 183,243 275,740 51,717 33,281 404,225 94,205 23,049 53,242; 8>290! 164,910 June 7 2,274,038 lt;3,878 841,129 178,094 270,378 52,230 32,889 398,003 82",3"4'-7 23,015 54,202! 8,341 163,406 June 14 2,272,287 109,383 834,380 178,238 270,107 53,12o 32,722i 395,184 81,928 23,503j 00^ 8I4j 7,883 103,989 Total loans and discounts and investments, including bills rodiscounted with I F. 11. banks: May 24 14,994,872 1,048,919i5,708, 818,8501,437, 2J4 540,064 414,405 2,173,540 549,233 289,888. 541,082! 288,987 1,177,485 May 31 i 15,028,711:1,049,510J5,730,005 821,9811,430,437 544,287 418,479 2,175,844 549,0911 292,559 542,245 292,024 1,170,249 June 7 15,122,3191,074,888!5,774,213 833,527| 1,453,207 548,018 417,324 2,15.5,545 540,053 300,243 549,195 292,80-3 1,182,239 June 14 115,212,9911,084,753 5,847,911 823,9481,445,28o 545,147 420,453 2,165,372 544,201! 304,555 555,418 291,408 1,184,539 Reserve with F. R. banks: i j ! May 24 1,403,471 87,493" 091,274 07,590 90,009 33,712 28,502j 188,028! 45,439! 10,475. 45,584! 22,817 i 80,542 May 31 1,304,418 81,085: 000,887 04,900 97,89G 32,978 27,008i 187,1501 40,08.)! 20,9i)2 46,305! 21,752' 7o, 779 June 7 1,398,452 81,403: 081,434 05,935 98,001 35,573 32,080 193,285! 44,893j 18,82.ii 43,777! 23,545! 79,091 June 14 1,393,433 88,139" 071,3181 68,044 99,059 33,423 29,988 191,382 40,675 21,087 i 40,430' 23,797 78,891 Cash in vault: May 24 i 280,842 17,438! 88,099 14,233 28,170' 13,901 12,339! 51,449 0,719 6,135! 11,8'54 8,810! 21,025 May 31 279,827j 18,0i)5| 88,232 14,170 2:J,059i 13,755 9,903! 52,768 7,255 6,4131 11,912 10,3.12, 20,327 June 7 282,1931 17,312 91,134 14,465 28,733 13,938 9,080i 53,478 6,897 6,077! 12,294 8,905 19,880 June 14 283,829! 18,398' 90,522 15,093 28,891 13,870 9,415, 52,7u8 7,231 6,070; 12,201 9,310. 20.0G0 Net demand deposits: j | May 24. ilO, 953,438 782,953 5,028,534 057,055 800,798 313,229 239,4451,414,188 319,459 175,556 421,271 205,540 594,808 May 31 '11,049,401 782,250 5,091,125 002,943 812,100' 312,067 238,7501,422,458! 313,504 184,12 -3418,750 20J,587 601,795 June 7 ]ll,015,520 795,099 5,040,3731 668,741 813,97l! 318,279 244,3631,402,944 319,031 185,162 410,548 203,281 007,728 June 14 |ll, 198,4441 80S,422i5,102,27l| 607,954! 818,2411 315,540 245,7791,421,955! 318,100 19107| 425,5381 203,548 613,420 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 885 PRINCIPAL RESOURCES AND LIABILITIES OP MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM MAY 24 TO JUNE 14, 1922—Continued. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued. [In thousands of dollars.] Total. Boston. m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. M ap i o n l n i e s. - K C a i n ty s . as Dallas. F c S i r s a a c n n o - . J_ Time deposits: May 24 3,242,943 213,423 590,883 50,218 474,300! 139,810 147,847 000,005| 102,383 70,103 110,281 05,121 .539,900 May 31 3,231,920 213,512! 590,187 50,3i>9 475,271; 141,581 147,724 007,570! 158,340 7(5,530 110,745 G5,500;534,573 June 7 , 3,305,027 2l0,918| G4O,3'5O 50,404 478,4291 144,(577 148,590. 070,883, 100,419 70,928 113,050 00,828! 537,541 June 14 3,281,607j 219,732| 001,241 50,324 482,22 Lj 144,0G2i 149,333! 072,508 100,508! 77,038 114,144 04,420' 544,870 Government deposits: May 24 131,874| 10,85'J 47,534 9,231 13,014 4,2l4i 3,.344i 18,018: 4,957; 2,530 3,092 10,192 May 31 132,2711 10,857 47,534! 9,2:51 13,190 4,214. 3,45'5 1.7,958! 4,95f5 5,'282 2,530 2,894 10,127 June 7 , 288,259 23,033 97,043 i 21,090 29,835 8,513 7,70S. 41,083. 10,800 10,437 8,810 0,449' 22,792 June 14 250,484 20,884 82,925 18,499 25,722 7,393' 0,799l 3:5,1001 9,414 8,804 8,050 5, 714j 20,108 Bills payable with F. R. banks: I Secured by U. S. Government' obligations- May 24 , 70,545! 2,018 22,9931 11,157 14,831 2991 5,349i 1,847 551 95: 3,315 May 31 00,759 4,277 10,217! 12,025 10,229 5,788 218! 7,129 3,878 451 1,157 4,790 June 7 , 51,985 1,075 10,320| 9,828 11,719 4,589- 218 0,099 3,950: 235 5(52 150 2,040 June 14 49,007, 924 13,210: 9,538 9,507 5,001; 210 5,252. 2,058 225 402 90 1,264 All other- j..;.. j May 24 221 . 221 May 31 2lo!. 215 June 7 212. 212 June 14 20S.. 200 Bills rediscounted with F. R. banks: : Secured by U. S. Gov- i eminent obligations— s May 24 : 2,039j 95 599! 405- 112 230 21 3L5: 95l 10. 70 May 31 1,08'J: 94 174| 510 92! 199 40 315; 90| 10 70 J J u u n n e e 7 14 ! 1 l, , 5 25 0 2 l; 8 8 0 0 j 4 3 4 0 0 0 1 ; 4 3 0 8 5 0 14 5 0 7 : i 1 2 7 0 ( 9 3 3 1 2 2 ! ! 5 ! 3 9 1 1 1 ! 88 0 (5 5 2 All other— i May 24 93,155 9,366' 18,230 6,43l! 14,192 12,242 2,8421 9,235! 3,898: 2,853 2,907 2,872 8,027 May 31 88,122 7,927 10,404 5,078 12,00.5 10,295! 2,701! 8,433 11,001 -2,398! 3,321 2,921 10,437 June 7 02,892 7,010: 8,239 5,507 12,042 8,0(54: 2,083! 5,139 1,755, 1,193 3,523 2,994! 4,143 June 14 05,115 7,197 8,544: 4,893 11,787 7,402' 2,37o! 3,132 2,0911 1,457 3,302 2,804! 9,470 MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. J 1 Number of reporting banks: May 24 272 10 8! 15 May 31 272 10 16 8.' 15 June 7 272 10 16. 8i 15 June 14 273 10 16! 8l 15 Loans and discounts, including bills rediscounted with F. R. banks: Secured by U. S. Government obligations- May 24 217,942 14,322 95,470 22, 952| 9,190 2, 205 1,532' 46,299 10,481 5,507 2,901 1,411 5,666 May 31 218,521 14,013 94,887 22,696 8,850 2,200 3,625= 47,619 10,497 5,405 2,957! 1,417! 5,683 June 7 210,872 14,187 93,763 21,495! 8,090 2,230! 1,61.1.! 47,434 12,663 5,519 2,523; 1,425 5,326 June 14 214,701 12,815 95,643 20,689! 8,550| 2,198! 1,636' 46,024 12,528 2,444 1,415 5,145 Secured by stocks and bonds (other than U.S. Government obligations)— May 24 2,526,100 159,9601,463,465 190,509j 130,853 15,010 11,477: 351,111 93,334 14,562 18,420; 10,196 61,209 May 31 2,579,640 161,1091., 491,393 192,390 142,245 14,950 12,790 365,780 94,630 14,401 18,345! 9,979 61,622 June 7 2,588,483 176,2921,493,244 207,289 133,681" 15,277 10,802: 350,727 91,027 14,766 18,444 9,297 61,637 June 14 ,.. 2,614,172 180'"" 1,504,682 199,284 134,270! 15,003 10,885: 373,291 92,030 15,529 18,326! 9,477 61,287 All other— May 24 4,497,100 420,8752,011,992 285,721 279,70s! 00,077 50,252; 084,178 168,696 90,399 126,907; 47,011' 271,290 May 31 4,440,639 420,7: "",972,478 284,219 275,777 59,640 51,178 608,020 167,294 92,113 126,128' 49,469j 272,988 June 7 4,420,915 424,51 ,966,972 282,762 280,352i 59,038 50,156 n6"52,143 165,045 91,387 125,936! 48,856 273,085 June 14 4,449,382 418,373 1., 994,896 283,980 281,500l 00,927 50,053 653,177 166,365 92,929 127,604! 47,065 272,441 Total loans and discounts, including bills rediscounted with F. R. banks: May 24 7,241,154 595,157 3,570,927 499,182 425,757| 77,292 63,2611,081,588 272,511 110,468 148,228! 58,618! 338,165 May 31 7,238,800 596,45.13,558,758 499,3111 426,878! 76,796| 65,593!l,082,025 272,421 111, 979 147,430! 60,865; 340,293 June 7 7,226,270 615,0823,553,979 511,540^ 422,7231 77,1511 62,509ll,()56,304 268,735 111,672 146,9031 59,578! 340,04S June 14 7,278,255 611r290;3,595,221 503,959j 424,398 78,128 62,574 1,072,492 270,923 114,066 148,374! 57,957! 338,873 U. S. bonds: I May24 689,159 32,748j 428,997 38,726 13,400 5,119 4,752 55,724 21,757 6,260 18,302 54,475 May31 32,587 435,254 38,182 15,456: 5,064 4,792 54,049 10,876 6,594 18,609J 8', 918, 54,884 June 7 33,143 440,884 40,007 18,573 5,024; 5,568 52,228 11,379 7,068 19,343! 8,9471 54,484 June 14 723; 37, 461,334 42,199, 17,820 5,013; 5,550 49,961 12,550 8,128| 19,451: 9,196 54,626 U.S. Victory notes: May 24 78,949; 1,815' 52,442 1O,216| 74 2; 3,248 811 519: 255 4,305 May 31 88,415 1,813: 57,575 11,918 485; 1! 8,872 2,309 84 770 258 4,323 June 7 93,177 1,823 61,166 12,887! 590; 9,136 2,095 861 624. 260! 4,502 June 14 108,416 3,379 73,700 11,147; 611 9,779 2,207 73 668j 2,1031 4,576 167 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

886 FEDERAL. RESERVE BULLETIN". JULY, 1922. PRINCIPAL RESOURCES AND LIABILITIES OP MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM MAY 24 TO JUNE 14, 1922—Continued. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued. [In thousands of dollars.] Boston. Y N o e r w k. d P el h p i h la ia - .j C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. M ap i o n l n i e s. - K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . U. S. Treasury notes: May24 324,674 13,631 256,307 13,317! 1,302 26,280 1,974 2,621 2,503 6,739 May 31 322,484j 13,598 259,370 13,284: 643 23,473 349 2,524 2,503 6,740 June 7.. 331,174! 15,806 261,790 13,063! 294 23,196 2,497 5,132 2,999 6,397 June 14 333,700 12,707 264,371! 13,416| 297 100 24,792 2,926 5,149 6,943 U. S. certificates of indebtedness: May 24 82,780 1,721 48,628 4,814 834 274 1,833 6,912 4,648 3,734 1,788 3,516 4,078 May31 81,069 1,829 48,481 5,043 833 274 1,833 7,431 3,792 3,435 661 3,480 3,977 June 7 138,512 4,719 75,621 7,368 4,316 1,487 3,048 14,4P" 7,504 5,185 V 5,159 7,796 June 14 134,215 7,490 80,667 6,105 2,525 1,153 2,436 10,7J 7,318 3,795 1,632 3,533 6,802 Other bonds, stocks, and securities: May 24 1,240,979 71,151 614,177 147,492 60,291 4,201 3,012 179,917 53,330 8,915 12,152 1,374 84,967 May 31 1,284,089 71,212 640,263 148,4491 58,528 4,159 3,232 185,422 65,660 8,977 12,202 1,373 84,612 June 7 1,269,140 71,922 647,169 142,861 59,441 4,127 3,072 182,103 53,755 8,967| 12,416 1,377 81,930 June 14 1,260,755 75,354 640,374 143,229 58,886 4,376 3r- 178,670 52,673 9,113 12,192 792 82,027 Total loans and discounts and investments, including bills rediscounted with F. R. banks: May24 i 9,657,695 716,223 4,971,478 713,747| 501,658 72,860 ,356,407j 357,468 129,458 183,610 75,165 492,729 May 31 !9,700.122 717,490 4,999,701 716,1871 502,823 86,299 75,452 ,361,272 355,407 131,069 182,196 77,397 494,829 June 7 : 9,754,921 742,475 5,040,609 727,732, 505,937 87,795 74,259 , 337,396! 345,965132,978 186,298 78,320 495,157 June 14 ,9,838,834 747,882j5,115,667 720,0551 504,537 88,776 73,796 ,346,456! 348,597 135,175 187,466 76,580 493,847 Reserve with F. R. banks: ,1 May 24 !,1,043,645 71,311' 644,S20j 60,91s1 26,442 6,497 4,677 133,582 33,711 7,1 5,492 31,449 May 31 ! 1,003,455 65,6961 614,39l! 58,727: 27,224 5,957 4,960 133,893 31,216 11,011 16,696 5,542 28,139 June 7 1,035,385 65,301' 637,268! 59,814 30,566 5,794 7,328 136,326 33,096 9,042 14,439 6,183 30,228 June 14 :.j1,022,230; 72,232. 62t,477| 61,978' 34,198 4,452 5,218 131,664 28,898 11,347 16,934 6,494 27,338 Cash in vault: ! May 24 150,517i 7,818! 76,085! 11,752^ 1,106 1,833 29,584 3,115 2,110 2,470 1,483 5,790 May 31 150,866 8,320! 75,421 11,676 980 2,191 29,690 3,300 2,378 2,512 1,493 5,403 June 7 153,380; 8,249 77,558 11,927 993 1,714 30,240 3,229 2,183 2,665 1 479 5,845 June 14 154,093; 8,295 77,552 12,569 1,063 1,788 29,484 3,35!~ 2,157 2,604 1,443 5,870 Net demand deposits: May 24 7,743,291 609,723 4,538,360: 577,525 202,833: 45,921 40,440 986,854 219,288 83,139 154,291 59,428 225,489 May 31 :7,818,935 610,49014,600,115 582,370 2.14,186 44.683 42,280 986,569 212.092 86,889 154,266 62,371i 222,624 June 7 7,774,283 622,397|4,554,345 588,004' 213,879 45; 811 42,878 965,043 217)902 86,427 147,267 60,898! 229,432 June 14 7,913,613 632,873|4,673,518 587,2461 214,684 46,123 42,531 966,516 218,246 90,826 154,620 60,548 225,882 Time deposits: May 24 1,522,498 86,322! 401,352 33,774; 273,325 23,381 23,339 314,908 93,8371 27,747 11,325 8,267 224,921 May 31 1,511,0371 86,332 393,628' 33,984 273,854: 23,342 23,097 315,083 90,163' 27,372 11,350 8,325 224,507 June 7 1,569,633 86,685; 441,503 33,831j 277,852 23,356 23,241 318,125; 90,763 27,742; 10,961 8,325 227,249 June 14 1,546,623 96,959 j 401,256 33.7881 280,247 23,360 23,262 319,952| 90,739 28,382 11,388 8,398 228,892 Government deposits: May 24 94,928 9,365! 44,851 8,620! 2,309 1,016 215 13,119 3,952. 2,483 2,149 2,412 4,437 May 31 95,436 9,365 44,851! 8,620; 2,309 1,016 328 13,124 3,951| 2,939 2,149 2,412 4,372 June 7 206,978 20,642| 90,881 19,829: 5,444 2,489 1,174 30,075 8,330 5,208 6,603 5,168 11,135 June 14 180,050 18,357 77,678! 17,415 4,8211 2,187 1,083 26,516 7,315 4,224 5,950 4,553 9,951 Bills payable with F. R. banks: Secured by U. S. Government obligations— I May 24 32,846 1,400 12,790 9,979, 1,228! 763 3,020 394 38 3,200 May 31 27,935! 2,950' 2,750 10,977 770: 1,150 4,115 576 38 4,575 June 7 18,497i 4,038 8,680! 920! 130 1,105 1,1401 2,450 June 14 17,279 •-95I 4,915 8,440' 1,050. 248 730 817 950 AU other- May 24 May 31 June 7 June 14 Bills rediscounted with F. R. Secured by U. S Government obligations- May 24 1,501 95; 592 405 300 May 31 1,184 167 510| 300 June 7 l,034| 439 405 June 14 930| 359 380 All other- May 24 49,945! 8,311 9,754 6,367 7,676. 2,329 5,586 971 1,839 25 5,884 May 31 45,970 7,151 2,866 5,028 5,415; 1,569 4,859 8,425 1,768 73 8,032 June 7 31,363 6,757 3,381 5,477 6,894 1,284 2,931 2,183 133 1,233 June 14 33,940! 5,744 3,950 4,870 7,018 1,181 750 1,866 35 7,310 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY. 1922. FEDERAL RESERVE BULLETIN. 887 BANK DEBITS- Volume of business for the four weeks^ending centers. Figures are shown for a total of 248 June 21 was, on an average, about 3 per cent centers, of which 165 are included in the below the level maintained for the preceding summary by Federal reserve districts, because four weeks. This difference is relatively in- for these centers comparable figures for the significant and is accounted for by the fact that four weeks and for the corresponding period the week ending May 31 included Decoration in 1921 are available. Day, observed as a legal holiday in most of the reporting centers. For New York City alone, DEBIl S'TO INDIVIDUAL ACJC0UNT3 where the volume of stock exchange trans- AT BANKS IN actions was not maintained on so high a level REPORTING CLEARING HOUSE CENTERS as for the preceding four weeks, the decrease C)EBITS FOR 1921 _ DEBITS FOR 19,12 in the volume of business was nearly 6 per ( IN BILLIONS OF DOLLARS ) cent, while for the other cities there is practi- 12 • I 12 11 11 cally no change shown in the weekly average. These figures may indicate that, except for 10 t 10 the inclusion of the short week, business 9 i J AA 9 \ kjAl volume outside of New York showed an upward 8 A \ A \ 8 trend during the period under review. 7 V v| \ r 7 11 V j As compared with the corresponding period 6 6 last year, the average volume of business for 5 I j\ 5 the four weeks under discussion was larger by 4- s.r A A \ A M 4 \\ \ v y v Y"w \ about 12 per cent. For New York City alone 3 3 the weekly average was larger by 18 per cent, 2 Z while for the other centers it was larger by 1 1AND 2: BANKS IN | NEW YORK CITY 1 about 5 per cent. It appears, therefore, that :AND4*. BANKS IN ALL REP0RT1NG CENTER!i 0 - 1 L - 0 in so far as these figures are indicative of business conditions there has been but a mod- 5 5 erate improvement over last year, except in ^ 1 AA A W New York, where the security market has been 3 V *\ J ^ V \ 3 decidedly more active. 2 2 The volume of business is measured by debits 1 1 to individual accounts as reported to the BANKS 3UTSIDE OF NEW YORK CITY Federal Reserve Board for banks in leading 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.] 1921 ! Number I of centers Week ending- Week endingincluded. May 31. | June 7. June 14. June 21 Juno 1. June 8. June 15. June 22. J_ Boston 388,670 484,563 502,563 518,140 387,625 465,763 454,199 449,483 New York 4,084,637 5,526,392 5,098,738 5,201,249 3,917,777 4,343,576 4,370,030 4,272,136 Philadelphia... 331,961 425,901 395,987 : 442,434 331,158 379,028 390,156 418,962 Cleveland 372,393 459,104 448,066 ! 512,177 367,771 419,504 455,145 478,121 Richmond 186,340 235,539 208,433 219,771 187,648 205,420 216,677 209,323 Atlanta 157,397 176,276 179,627 186,927 156,849 161,441 170,476 173,813 Chicago 790,611 1,078,443 965,008 1,060,910 811,682 892,352 917,066 928,178 St. Louis 210,254 239,619 220,071 233,714 197,821 215,415 223,664 215,852 Minneapolis 104,984 145,582 121,550 132,514 113.774 147,944 139.927 132,148 Kansas City.... 206,601 246,577 247,203 j 251,042 199;371 237,296 234,386 234,911 Dallas 113,900 134,302 131,023 I 134,608 118,628 130,411 136,487 136,057 San Francisco.. 367,661 468,974 506,607 395,171 472,250 463,576 457,279 Total.. 165 7,315,409 9,641,291 8,987,243 9,400,093 7,185,275 8,070,380 8,171,789 8,106,263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

888 FEDERAL, RESERVE BULLETIN. JULY, 1922. DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS—Continued. DATA FOR EACH REPORTING CENTER. [In thousands of dollars.] 1922 1921 Week ending- Week ending— May 31. June 7. ! June 14. June 21 June 1. June 8. ! June 15. June 22. District No. 1—Boston: Bangor, Me 2,757 3,629 : 3,367 3,258 3,192 4,189 j - 4,493 3,684 Boston, Mass 272,128 338,922 : 359,957 359,304 269,918 323,516 I 310,723 307,921 Brockton, Mass 3,637 4,511 j 4,776 5,039 Fall River, Mass 5, S53 6,566 ! 6,876 7,745 j 4,543 5,030 5,806 6,183 Hartford, Conn 18,393 23,345 ! 20,617 22,453 I 16,663 21,961 : 19,972 20,504 Holyoke, Mass 2,552 3,104 ! 2,852 3,632 ! 2,397 2,961 3,464 3,076 Lowell, Mass 3,3S9 4,925 : 4,61.1 4,704 j 3,634 4,805 4,629 5,149 Lynn, Mass 4,249 6,214 5,511 5,043 I. Manchester, N. II 3,177 3,925 I 4.371 4,353 ! 4,168 5,299 4,460 4,467 New Bedford, Mass 4,957 6,552 i 6,076 7,136 I 5,418 5,685 ! 7,307 5,932 New Haven, Conn 15,150 18,359 ! 16,142 18,075 ! 16,228 18,391 16,101 17,020 Portland, Me 6,43.1 6,41.9 I 7,579 i 7,902 j 6,453 8,001 I 7,159 6,801 Providence, R. I : 24,892 29,363 i 35,063 ! 38,935 ! 25,936 30,784 ! 34,118 32,401 Springfield, Mass 11,349 16,351 j 14,351 i 16,824 I 11,056 14,551 j 13,272 15,101 Watcrbury, Conn 6,173 8,026 5,490 j 8,548 ! 5,672 6,636 6,053 5,894 Worcester, Mass 11,469 15,077 : 15,211 I 15,271 : 12,347 13,954 16,642 15,350 District No. 2—New York: Albany, N. Y 23,998 21,372 j 22,651 ! 25,571 22,673 26,535 23,246 26,548 Binghamton, N. Y 3,689 4,478 ! 4,206 I 4,451 3,473 4,025 i 3,802 3,791 Buffalo, N. Y 50,599 62,095 :. 61,737 ' 62,573 48,837 55,351 : 57,467 Elmira, N. Y 2,490 3,269 3,141 3,674 Jamestown, N. Y 2,829 3,979 j 3,732 3,721 Montclair, N. J 2,035 3,309 i 3,034 3,097 Newark, N. J 46,242 61,505 50,414 63,708 New York, N. Y 5,964,722 5,376,326 4,957,8.14 5,054,218 3,798,321 4,204,745 4,233,380 4,129,636 North New Jersey Clearing House Association 26.398 38,100 32,243 40,769 Passaic, N. J :... A, 876 6,971 j 5.968 6,742 4,596 5,524 5,380 5,408 Rochester, N. Y 24,727 41,005 j 33,278 33,694 27,044 33,180 34,053 32,351 Stamford, Conn : 2,168 3,418 | 3,158 3,000 j Syracuse, N. Y 12,026 14,145 ! 13,084 14,000 I 12,833 14,216 j 12,702 13,710 District No. 3—Philadelphia: | Allentown, Pa 4,888 6,489 | 5,564 6,095 Altoona, Pa " 2,784 3,210 • 3,385 2,989 2,763 3,242 ; 3,190 2,767 Camden, N. J 8,787 1O',986 i 10,233 12,331 Chester, Pa 3,443 4,261 4,096 4,960 3,847 4,095 : 4,459 4,696 Harrisburg, Pa 5,848 6,687 i 7,447 6,787 5,374 7,210 I 7,056 6,479 Hazleton, Pa 1,662 2,1.06 ! 2,102 2,060 Johnstown, Pa 4,746 5,24.6 I 4; 826 4,699 4,985 5,055 4,866 5,245 L L a e n b c a a n s o t n e , r , P P a a 3 1 , , 9 0 0 5 9 2 5 1 , , 1 2 8 3 8 7 5 1 , , 0 1 9 8 9 5 I 5 1 , , 2 15 2 2 4 4,101 4;943 i 4,871 4,731 Norristown, Pa 601 836 801 '•• 725 Philadelphia, Pa 266,257 343,016 320,087 , 360,260 261,125 295,273 i 307,859 334,377 Reading, Pa 6.394 9,481 7,994 7,951 7,345 8,635 i 7,267 8,352 Scranton, Pa 9,368 13,181 10,855 12,648 12,768 15,835 ! 15,754 17,211 Trenton, N. J 9,421 11,14L 10,701 12,215 8,800 10,706 i 11,100 10,958 Wilkes-Barre, Pa 6,653 8,242 I 6,808 8,497 7,181 8,611 i 8,546 8,495 Williamsport, Pa 3,393 4,566 ! 4,263 4,406 3,258 3,663 i 3,644 4,435 Wilmington, Del 6,698 8,444 6,998 8,069 6,297 7,919 ! 7,621 7,412 York, Pa 3,047 3,208 3,428 3,729 3,314 3,841 I 3,923 3,804 District No. 4—Cleveland: Akron, Ohio 9,926 13,802 13,383 15,583 10,107 13,981 14,321 14,445 Butler, Pa 1,996 2,498 . 2,428 • 2,374 Canton, Ohio 5,931 9,142 | 8,419 9,641 Cincinnati, Ohio 52,397 67,824 ! 67,990 80,422 48,421 55,066 63,034 65,806 Cleveland, Ohio 101,780 138,632 128,623 ' 141,046 103,042 118,237 126,580 130,259 Columbus, Ohio 24,946 27,969 27,139 j 29,852 23,497 25,649 28,397 30,369 Connellsville, Pa 932 1,303 ' 1,311 1,136 Dayton, Ohio 11,312 13,546 12,413 I 14,030 11,448 12,634 i 11,985 12,657 Eric, Pa 5.395 : 6,356 6,252 ! 6,030 5,458 5,898 ; 6,602 6,478 Grcensburg, Pa 3,772 4,141 4,234 ! 4,066 3,872 3,334 ; 4,568 4,120 Homestead, Pa 585 841 : 765 j 758 Lexington, Ky 3,355 4,115 4,677 I 4,578 3,173 3,541 3,595 3,655 Lima, Ohio 2,184 3,225 I 2,972 " 3,561 Lorain, Ohio 898 1,246 1,144 1,332 New Brighton, Pa 1,642 2,272 2,195 2,099 O P Sp i i t l r t i C s n b g it u f y i r , e g l P h d a , , P O a hio 13 2 3 5 , , , 1 6 3 9 2 3 6 6 8 15 3 4 4 , , , 8 0 4 1 7 4 3 6 9 | j | 15 3 4 4 , , , 0 5 9 2 5 5 6 3 9 ' 18 3 4 9 , , , 1 3 1 2 1 3 1 3 8 13 3 2 5 , , , 1 0 7 2 3 6 6 5 6 15 3 2 6 , , , 8 3 9 0 8 7 1 0 9 ; i i 17 2 3 1 , , , 4 5 2 7 7 54 9 5 18 3 2 6 , , , 0 6 4 1 4 0 5 2 5 Toledo, Ohio 27,551 32,522 35,021 : 39,095 Warren, Ohio 2,257 2,315 ! 2,699 '' 2,499 Wheeling, W. Va , 8,315 i 8,607 8,880 9,590 7,688 8,244 7,782 Youngstown, Ohio ' 10,005 j 11,774 11,937 10,408 10,138 9,915 10,511 10,488 Zanesvillc, Ohio 1,855; 2,493 : 2,529 2,365 District No. 5—Richmond: ; Asheville, N. C ! 3,315 I 4,081 ! 4,352 4,071 Baltimore, Md I 78,150 i 96,747 83,727 98,653 88,938 91,179 101,287 97,513 Charleston, S. C : 4,934 5,888 , 5,706 5,424 5,186 6,011 5,900 5,700 Charleston, W. Va i 5,477 9,427 ! 8,643 9,085 Charlotte, N. C ! 5,824 8,132 " 6,326 7,548 5,043 5,409 5,525 7,331 Columbia, S. C ! 4,000 5,145 5,133 5,846 3,958 3,791 4,260 3,991 Cumberland, Md i 1,475 1,903 1,913 1,899 Danville, Va = 1,524 1,911 1,632 1,608 Durham, N. C i 2,590 3,976 3,178 4,404 G G r r e e e e n n s v b il o le ro , , S N . . C C ! j 3 2 , ,9 6 3 0 1 0 4 4 , , 0 1 2 0 2 3 ;; 3 3 , , 5 2 8 6 3 9 3 3, , 1 5 0 4 8 9 2,200 3,115 3,082 3,548 Hagerstown, Md I 1,500 2,321 ! 1,867 1,670 Huntington, W. Va ; 3,927 5,201 | 4,751 5,166 4,178 j 5,173 *5," 789 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 889 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS—Continued. DATA FOR EACH REPORTING CENTER. [In thousands of dollars.] 1922 1921 Week ending— Week ending— May 31. •Tune 7. June 14. June21. j Junel. June 8. June 15. June 22. District No. 5—Richmond—Continued. Lynch burg, Va 3,229 4,403 3,950 i 4,052 Newport; News, Va 1,357 1,276 1,684 :; 1,676 Norfolk, Va 14,571 17,551 18,227 I 15,341 11,463 14,146 15,701 15,424 Raleigh, N. C 3,800 4,900 4,300 ' 3,600 3, 700 4,050 4,011 3,900 Richmond, Ya 22,537 30,734 24,851 25,976 22,123 25,262 24,815 23,067 Roanoke, \ra 3,770 5,397 4,673 5,987 S W p a a s r h ta i n n g b t u o r n g , , I S .) . . C C ; 38 1, , 7 2 8 8 5 0 5 2 1 , , 0 79 7 6 5 4 2 7 , , 2 8 3 7 5 6 I | 4 2 4 , , 1 8 0 6 2 4 36,483 j 42,556 42,466 38,530 Wilmi ngton, N. C (i, 717 5,423 4,267 f 4,245 4,376 4,728 4, 794 4,530 W'iilston-SalCTii. N. C 4,379 5,67.1. 8.055 j 7,775 District No. 6—Atlanta: Albany, Ga 746 937 821 . Atlanta, Ga 22,534 24,595 25,059 26, 22,622 24,160 22,837 23,298 A ugusta, (la 5,726 6,51.1 6,943 5, 4,801 4,923 4,572 5,184 Birmingham, Ala 15,428 15,444 15.876 16, 12,520 13,226 13,572 13,807 Brunswick, (la 443 574 587 Chattanooga, Term 5,785 7,319 7,213 7. 6, 703 7,670 8,144 7,095 Columbus, (.Ja 2,249 2,488 2,590 2, Cordele, (.5 a 184 274 240 Dothan, Ala 355 428 381 Elberton, Ga J93 197 197 Jackson, Miss 1,853 2,160 3.264 2,5' .1 ackson ville, Fla 10,309 10,692 1.1,100 10,323 10,024 10,366 9,515 Knoxville, Tenn 4,658 5,792 5,499 i 5,127 5,565 5,652 5,832 Macon, Ga 3, i.86 3,938 3,772 I I; 3,651 3,555 4,180 3,881. Meridiaii, Miss ],437 2,057 1,948 ! Mobile, Ala 5,388 5,814 5,569 | 5,337 6,073 5,177 5,562 Montgomery, Ala 3,030 3,568 3,6.11 I 5, 2,785 3,011 2,220 2,349 Nashville, Tenn 12,702 17,951 15,011 | 3, 15,053 18,828 27,660 26,714 Newnaii, (Ja 283 267 300 14, New Orleans, La 51,562 o~>, 539 62,501 66, 51,239 46,756 48,651 52,604 Pensacola, Fla 1,300 1,475 1, 463 1, 1,505 1,626 1,687 1,528 Savannah, (Ha 9,630 10.456 9,614 9. 8,734 9,581 8,989 9,647 Tampa, Fla 4,709 5/776 5,046 5,4.1.3 5,098 5,565 4,997 Yaldosta, Ga 808 767 1,086 Yicksburg, Miss 1,330 1,376 1,350 1, 1,036 1,345 1,204 .1,199 District No. 7—Chicago: Adrian, Mich 477 888 906 791 Aurora, 111 •• 2,068 3,190 2,790 2,948 .Bay City, Mich 2,153 2,417 2,128 2,461 2,180 2,244 2,255 2,297 Blooniington, 111 2,069 2,580 2,101 2,072 2,061 2,371 2,02,1 2,132 Cedar Rapids, Iowa 3,919 5,867 5,371 , 4,987 8,767 9,854 10,755 9,252 Chicago, 111 514,686 722,014 625,775 | 704,427 532,241 574,824 595,536 588.879 Danville, 111 1,800 2,500 2,200 ; 2,300 Davenport, Iowa 6,885 8,192 7,650 j 7,951 5,479 6,915 5,562 6,090 Decatur, 111 2,592 3,584 3.056 : 3,0-18 3,024 3,197 3,171 2,831 Des Moines, Iowa .12,0.19 18,584 16,040 11,560 18,354 14,579 16,866 Detroit, M ich 99,052 323,450 130,508 102, 150 108,337 111, 189 122,042 Dubuque, Iowa 2,339 3,343 2,938 2,654 2,767 2,736 2,584 Flint, Mich 5,370 5,844 5,916 7,483 4,874 5,079 4.997 4,283 Fort Wayne, Iiid 5,936 7,601 7,195 7,136 6,215 6,028 7,643 7,543 Gary, I rid 3,231 I 1,990 2,994 2,687 | Grand Rapids, Mich 12,050 ! 15,530 1.4,000 14,735 i 1.5,076 L7,750 18,904 20,522 1 ndianapolis, I nd 26,974 j 33,710 34,343 36,466 i 26,392 33,374 35,273 32,556 Jackson, Mich 3,914 ! 3,880 5,036 3,851 I 3,516 2,518 2,529 3,302 Kalainazoo, M ich 3,344 ' 4,138 3,714 4,361 I 3,431 4,107 4,068 5,086 Lansing, Mich 4,763 7,830 5,909 0,029 • 3,940 5,392 5,100 6,231 M ason City, Iowa 1,983 2,620 2,571 2,888 ' Milwaukee, Wis 44,672 57,788 56,222 57,070 46,359 50,543 oiS, 168 oo,113 Moline, 111 1,683 2,590 1,865 1,955 1,718 2,511 1,835 2,204 Muscatine. Iowa 860 1,169 1,046 1,086 Oshkosh. \Vis 1,700 2,400 2,000 2,500 Peoria, 111 ('), 085 9,472 7,928 8,901 6,125 8,334 6,507 7,653 Rockford, ill 3,641 4,854 4,599 4,626 4,179 4,842 4,351 4,669 Sioux City. Iowa 14,110 17,420 16,429 16,422 6,732 8,528 8,279 9,090 South Bend, Tnd 5,405 8,470 6,840 7,945 5,237 6,522 6,423 7,892 Springfield, 111 4,072 5,862 5,887 6,028 i 4,708 5,093 5,533 5,825 Waterloo, Iowa 2,878 3,393 3,406 3,470 2,164 2,868 2,652 2,636 District No. 8—St. Louis: East St. Louis and National Stock Yards, 111 .| 6,986 9,849 9,397 ! 9,086 7,143 ! 9,398 10,266 7,387 Evansville, Ind ! 6,056 ; 6,867 6,744 6,486 4,138 j 4,987 5,202 5,482 Fort Smith, Ark 2,783 Greenville, Miss I 851 1,182 785 • 785 Helena, Ark ! 878 968 930 ; 939 Little Rock, Ark 7,611 9,725 9,098 ! 9,424 7,304 8,931 9,491 9,072 Louisville, Ky 29,899 32,704 31,445 i 32,825 24,91.6 30,416 32,630 30,522 Memphis, Tenn 21,072 26,671 24,069 i 23,000 15,373 18,855 20,878 18,487 Owensboro, Ky 857 1,108 9S5 ! 1,107 Quincy, 111 1,596 2,777 2,149 j 2,191 1,998 2,414 2,242 2,243 St. Louis, Mo 133,797 147,047 134,327 ' 147,358 133,993 136,964 110,175 139,434 Springfield, Mo 3,237 3,979 2,842 | 3,344 2,956 3,450 2,780 3,225 District No. 9—Minneapolis: Aberdeen, S. Dak. 862 1,506 1,629 i 1,287 1,123 1,436 1,471 1,309 ' Billings, Mont 1,276 1,719 1,576 ; 1,616 1,395 1,888 1,760 1,540 Dickinson, N. Dak 249 260 222 ' 212 Duluth, Minn 13,123 26,698 14,661 15,099 19,803 18,917 18,444 15,879 Fargo, N. Dak 2,199 2,912 2,741 2,526 2,152 I 2,763 I 2,615 2,461 112292—22 <) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

890 FEDERAL RESERVE BULLETIN. JULY, 1922. DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS—Continued. DATA FOR EACH REPORTING CENTER. [In thousands of dollars.] 1922 1921 Week ending- Week ending- May 31. June 7. June 14. June 21. June 1. June 8. June 15. June 22 District 'No. 9—Minneapolis—Continued. Grand Forks, N. Dak , 1,208 1,496 1,417 1,279 972 1,199 1,096 1,172 Great Falls, Mont 1,286 1,336 1,319 1,341 1,662 2,234 1,927 1,826 Helena, Mont 1,586 2,383 2,174 1,833 1,715 3,362 2,115 2,142 Jamestown, N. Dak 312 459 533 394 Lewistown, Mont 621 834 623 698 Minneapolis, Minn 54,085 67,576 62,399 65,382 56,861 81,521 75,310 67,791 Minotj N. Dak 640 802 111 767 Redwing, Minn 414 661 532 511 St. Paul, Minn. . 124,746 133,472 i 27,898 i 35,812 22,215 " 28," 053 27,716 30,632 Do 29,184 39,885 33,514 40,630 Sioux Falls, S. Dak 2,517 3,138 3,030 3,673 3,517 4,111 4,495 3,928 Superior, Wis 1,366 1,627 1,708 1,533 M64 1,487 1,926 2,347 Winona, Minn 730 1,719 1,133 973 1,052 1,121 District No. 10—Kansas City: Atchison, Kans 1,045 1,113 1,106 1,201 1,055 1,179 1,257 1,262 Bartlcsvillc, Okla 2,445 2,650 2,692 2,424 1,971 1,956 2,092 1,971 Casper, Wyo 2,244 3,251 3,254 3,163 Cheyenne, Wyo 1,323 1,838 1,645 1,673 1,753 1,998 3,077 2,482 Colorado Springs, Colo 1,968 3,566 3,070 2,513 2,118 2,226 2,657 2,994 Denver, Colo 30,084 35,067 32,390 33,958 29,232 33, 384 33, 542 32,262 Enid, Okla 2,093 2,717 2,750 2,708 Fremont, Nebr 544 1,091 839 804 Grand Island, Nebr 900 1,255 911 1,038 Grand Junction, Colo 548 688 653 628 Guthrie, Okla 351 563 617 515 Hutchinson, Kans 2,026 2,692 2,915 3,060 Independence, Kans 2,023 1,673 2,523 2,887 Joplin, Mo 2,138 2,769 2,678 2,799 1,955 2,262 2,298 2,105 Kansas City, Kans 3,672 3,273 3,191 3,911 3,039 3, 501 3,466 3,604 Kansas City, Mo 60,371 72,018 76,660 62,463 | 73,288 68,679 72,670 Lawrence, Kans 653 1,161 925 1,153 McAlester, Okla * 632 916 909 883 Muskogee, Okla 5,116 5, 897 5,433 6,009 3,601 3,743 3,913 3,861 Oklahoma City, Okla 15,006 24,749 21,036 19,846 16,326 19, 837 20,145 19,156 Okmulgee, Okla 2,419 2,660 i 2,085 2,342 Omaha, Nebr.... 39,032 47,609 ! 46,071 46,395 33, 818 45,478 42, 537 43,037 Parsons, Kans 468 1,353 I 694 1,164 Pittsburg, Kans 774 1,035 1,028 1,160 .1. Pueblo, Colo 3,304 3,579 3,622 3,352 2,924 2,508 2,636 St. Joseph, Mo 9,854 12,049 11,959 12,058 13,176 15,117 15,646 15,070 Topeka, Kans 2,627 3,581 3,352 3,303 2, 818 4,077 3,833 3,615 Tulsa, Okla.: 23,400 20,331 34,291 27,160 15,670 17,183 21,934 20,407 Wichita, Kans 8,520 10,067 11,132 10,376 12,067 9,310 10,415 District No. 11—Dallas: Albuquerque, N. Mex 1,827 2,336 2, 238 2,434 1,355 2,243 1,656 1,882 Austin, Tex 2,273 3,857 3,327 2,619 2,717 2,794 2,646 2,467 Beaumont, Tex 2, 536 3,248 3,438 3,992 2,454 3,541 3,151 3,178 Corsicana, Tex 688 796 946 942 Dallas, Tex 26,475 32, 880 35,502 27,325 31,066 31,754 31,791 El Paso, Tex 6,000 7,654 7,818 8,316 6,487 ; 9,249 8,903 Fort Worth, Tex 24,180 24,440 24,447 22,946 17,430 | 18,840 19, 890 19,120 Galveston. Tex 12,671 12,432 12, 513 14,346 20,639 18,774 23,517 19,839 Houston, Tex 19,719 22,778 23,200 24,424 20,740 i 23,376 23,497 28,504 Roswcll, N. Mex 405 567 598 487 San Antonio, Tex 5,872. 7,876 6,785 5,866 8,459 8,071 8,170 6, 549 Shreveport, La 6,420 7,435 7,310 7,596 5,779 6,371 6,239 Texarkana, Tex 1,326 1,495 2,315 1,959 1,113 1,098 2,157 1,786 Tucson, Ariz 1,410 1,904 1,843 1,522 1,580 1, 852 1,722 2, 577 W^aco, Tex 3,191 3,965 3,109 2,550 3,136 3,105 3,222 District No. 12—San Francisco: Bakersfield, Calif 2,702 2,414 2,374 2,351 Bellingham, Wash 1,193 1,826 1,734 1,978 Berkeley, Calif 2,469 4,428 4,029 4,084 1,933 3,217 2,726 2,851 Boise, Idaho 2,273 3,030 2,696 2,622 1,690 j 2,200 2,286 2,580 Eugene, Oreg 1,872 1,336 1,922 2,216 Fresno, Calif 7,085 9,629 9,617 9,684 6,795 i 8,802 8,660 8,927 Long Beach, Calif 5,729 7,764 7,650 7,155 4,347 | 6,112 5,392 5,459 Los Angeles, Calif 88,879 116,704 119,106 125,070 89,482 104,294 103,758 103, 830 Oakland, Calif 15,151 22,325 19,337 20,818 17,101 20,390 18,135 17,380 Ogden, Utah 3,711 4,237 4,038 3,000 3,243 3,410 3,315 Pasadena, Calif 4,622 6,129 6,372 5,913 3,908 5,545 5,529 5,082 Phoeniz, Ariz 4,267 4,458 4,477 5,056 Portland, Oreg 26, 506 30,627 30,826 36,366 30,336 | 30,758 40,259 34,580 Reno, Nev 1,668 3,340 2,414 2,510 2,199 1 2,611 2,669 2,612 Ritzville, Wash 143 186 188 145 Sacramento, Calif 9,566 14,283 13,164 19,218 10,365 14,833 11,451 11,877 Salt Lake City, Utah 10,526 13,681 12,197 12,300 10,115 16,064 14,353 14,029 San Bernardino, Calif 1,123 1,700 1,722 1,408 San Diego, Calif 7,479 8,960 9,087 8,987 5, 823 8,220 8,386 5,493 San Francisco, Calif I 132,258 175,001 158,147 180,072 157,214 176,727 178,126 San Jose, Calif ! 3,506 4,702 5,181 4,001 j 3,370 4,035 4,130 3,536 Seattle, Wash : 23,486 34,149 38,161 35,541 26,184 37, 844 32,432 30,973 Spokane, Wash 10,717 11,917 10,275 11,615 ! 8,912 12,034 11,499 11,519 Stockton, Calif i 3,259 5,098 5,544 5,003 3,226 4,184 4,371 5,100 Tacoma, Wash ' ' 6,882 10,267 8,644 9,351 7,174 9,086 8,325 8,239 Yakima, Wash , 1,889 2,722 2,489 2,414 1,997 2,031 1 — 1,771 i Debits of banks which submitted reports in 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL RESERVE BULLETIN. 891 GOLD SETTLEMENT FUND. INTERBANK TRANSACTIONS FROM MAY 26, 1922, TO JUNE 22, 1922, INCLUSIVE. [In thousands of dollars.] Changes in ownership of gold Transfers. Daily settlements.. through transfers Balance in Federal Reserve Bank. and settlements. f c u lo n s d e o at f period. Debits. Credits. Debits. Credits, Decrease. Increase. Boston 5,000 1,000 448,413 447,308 5,105 32,899 New York 11,000 110,000 1,793,804 1,647,182 47,622 119,128 Philadelphia... 17,000 1,000 511,686 523,025 4,661 47,840 Cleveland 1,000 437,073 446,20.5 8,132 47,703 Richmond 16,000 2,000 378,286 403,821 11,535 35,628 Atlanta 13,000 167,818 180,767 51 22,045 Chicago 29,000 867,919 932,859 35,940 106,355 St. Louis 6,000 413,801 412,346 4,545 21,030 Minneapolis 7,000 115,394 128,833 6,439 26, £47 Kansas City... 11,000 "4,'666" 291,057 308,411 10,354 30,914 Dallas 5,000 1,000 151,273 150,874 4,399 9,386 San Francisco-. 14,000 4,000 211,875 206,768 15,107 30,257 Total four weeks ending- June 22, 1922 129,000 129,000 5,788,399 5,788,399 76,945 j 76,945 529,732 May 25, 1922 27,500 27,500 5,713,197 5,713,197 488,014 June 23,1921 346,594 346,594 4,789,406 4,789,406 403,621 May 26,1921 175,638 175,638 4,939,248 4,939,248 GOLD AND SILVER IMPORTS AND EXPORTS. IMPORTS INTO AND EXPORTS FROM. THE UNITED STATES, DISTRIBUTED BY COUNTRIES. GOLD. SILVER. Countries. May. Eleven m M on ay th . s ending May. Eleven m M on ay th . s ending 1921 1922 1921 1922 1921 1922 1921 1922 IMPORTS. Denmark. $1,656,423 $2,255,218 S3,128,857 §14,834,484 S370 $370 $844 France 9,725,929 543,754 %, 354,853 128,983,454 8,106 $30,642 137,453 237,890 Germany. 3,686 84 14,982 19,924, 893 85,522 12,725 169,814 5,726,340 Greece 1,139,445 5,003 252,039 Neth orlands.. • 2,656,899 16,203,960 4,186,976 24,846 1,669 Spain 99,V322 4,800 3,456,837 330,167 758 3,433 110,555 71,797 Sweden . ... . 7,796,160 1,919,853 38,309,143 55,278,447 5,250 36,645 1,964 United Kingdom—England... 18,806,945 20 304,195,246 120,494,505 •1,104,993 8,118 1,270,619 171,105 Canada. 140,468 103,298 27,625,683 19,120,435 171,877 139,311 3,457,901 3,522,561 Central American States 683,844 4.14,449 5,539,357 5,876,195 274,772 15 L, 024 2,5.1.1,464 1,502,459 Mexico 689,323 648,164 5,181,534 5,248,212 4, 523,439 4,230,508 33,977, 593 43,635, 374 West Indies 832,695 524,215 4,777,507 3,634,588 2,023 32,060 83,094 574,466 Argentina 194,175 2,471,831 265,191 4,600 29,600 12,638 Chile . 17,461 2,274 194,251 425,628 59,599 76,706 2,717,176 1,401,878 Colombia 1,119,060 396,237 13,743,356 8,828,495 13,678 12,501 696,113 217,336 Peru 143,620 107,132 1,407,555 1,576,938 648,114 718,645 6,941,133 5,958,003 Uruguav... . 218,421 2,963,430 4,112,636 25,347 v enezuela 525,375 162,097 1,166,170 990,755 41 65. 1,290 1,637 China 1,690,429 1,706,631 3,732,089 7,018,768 946 794 1,288,698 3,041 British Tndia... 4,305,252 15,599,800 14,863,765 386 426 11,718 771,797 1,622,670 1,001,094 484,175 Hongkong 680,666 11,702,483 534,429 192 204 Philippine Islands 73,411 52,262 1,045,997 1,113,639 454 537 17,962 16,263 British Oceania 2,673,156 81,035 10,528,795 12,821,417 130 107 3,183 1,657 All other 3,439,332 72,434 23,728,371 23,249,947 51,019 94,377 1,074,318 758,188 Total 58,171,386 • 8,993,957 594,983,329 455,341,637 6,956,077 5,511,553 55,803,578 64,338,554 EXPORTS. United Kingdom—England 85,565 1,039,487 540,661 8,622,530 11,002,217 Canada 169,592 126.676 3,797,177 2,303,672 145,773 246,061 2,612,704 4,367,786 Central American States 12,127 2,000 370,005 8,543 Mexico 231,265 . 349,898 6,429,455 4,885,628 53,610 189,730 2,064,550 2,033,286 West Indies 494 3,000 793,494 3,350 5,192 2,031 895,915 38,200 312,000 239,500 762,703 Peru .. 3,653,376 China 12,000,000 291,622 1,930,140 15,204,257 16,876,749 British India .. 2,639,134 1,414,461 5,418,939 777,676 2,035,182 6,087,322 Dutch East Indies 160,010 600,000 320,010 French East Indies 2,290,000 3,168,000 Hongkong 661,170 124,240 8,989,420 9,132,415 816,475 1,676,456 12,727,002 10,085,550 Japan ... 92,537,289 6,309,248 1,610,204 All other 3,700 174,062 3,668,387 . 450 31,268 649,696 Total. . . 1,062,521 3,406,658 132,764,299 25,744,528 2,352,609 5,676,755 51,112,161 56,690,256 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE CLEARING SYSTEM. QO CD to OPERATIONS DURING MAY, 1922. [Numbers in thousands. Amounts in thousands of dollars.] Items drawn on banks located i Total items handled, including Number of nonmember in own district. ! Items for- Items for- duplications. banks. Items drawn Total items warded to warded to on Treasurer handled, exclus- other Federal parent bank Federal b re r s a e n r c v h e . bank or o r r e I b n se r a r F v n e e c d h b e r a c a n i l t k y. O b e r u r a b a t n l s a i c n r d h e k e s e o c F r i r e v ty d e . - of S t U at n e i s te . d ive o t f i o d n u s p . lica- res b a e n r r a d v n e c t h h b e e a i s n r . ks o in r t s o a t r m b ic e r t a . d n i c s h - Number. Amount. N b u e m r. - Amount. N b u e m r. - | Lount. N b u e m r. - Amount. N b u e m r. - Amount. N b u e m r. -Amount. 1922 19212 1922 19212 i Boston 592 508,272 3,754 389,139i 138 18,664 4,484 916,075 198 45,329 4,1 4,053 961,404 920,319 New York 2,078 3,.982,623 617,4761 999 92,629 7,946 4,692,728 1,081 121,434 4,641 9,048 8,014 818,803 2,792,386 Buffalo 218 ' 84,643 '456 54,124; 13 1,944 687 140,711 122 20,843 19,738 851 750 181,292 169,048 Philadelphia 1,829 737,554 2,290 248,325 176 25,617 4,295 1,011,496 672 130,800 4,967 4,393 142,296 1,084,943 Cleveland 725 226,679 1,383 150,615; 50 4,435 2,158 381,729 35! 5,881 29 5,182 2,222!1,505 392,792 342,731 Cincinnati 217 115,463 845 73,257 63 6,40431,134 3196,709 14: 5,819 13 3,468 1,161 1,004 205,996 202,965 Pittsburgh 506 225,635 93,4751 47 3,901 1,449 323,011 76; 35,346 27 6,357 1,552 1,337 364,714 375,780 Richmond 120 119,815 1, 248,193! 52 6,186 2,105 374,194 162 i 58,005 40 8,637 2,306 2,063 440,836 396,520 Baltimore 272 154,296 741 67,220! 53 6,397 1,066 227,913 115 34,126 79 7,504 1,261 1,034 269,543 245,042 Atlanta 656 156,495 372 39,886! 39 4,831 1,067 201,212 29; 9,718 26 4,203 1,122 492 215,133 109,723 Birmingham 263 36,323 169 12,377! 12 1,063 444 49,763 18; 10,643 32 22,220 494 435 82,626 63,753 i Jacksonville 59 22,619 170 17,520 9 822 238 40,901 32j 7,543 8 1,863 278 241 50,367 48,116 Nashville 58 27,447 206. 18,742 15 1,536 279 47,725 lol 2,074 6 951 300 289 50,750 52,494 New Orleans 68 44,362 120 13,593 40 5.104 228 63,059 35: 8,286 6 606 269 236 71,951 71,463 Chicago 1,049 587,000 3,924 314,108| 355 51,001 5,328 952,109 296j 28,638 9 2,499 5,633 4,721 983,246 898,821 Detroit 299 159,024 558 49,6881 32 2,854 889 211,566 lol 3,664 4 2,047 908 666 217,277 177,997 St. Louis 324 230,880 1, 79,534: 140 4.105 1,857 314,519 43: 5,231 11 791 1,911 1,630 320,541 264,460 Little Rock 47 20,629 301 15,7951 9 770 357 37,194 10 1,301 31 2,003 398 327 40,498 39,486 Louisville 109 58,841 461 23,118j 37 3,943 607 85,902 9 606 2 130 618 523 86,638 79,750 Memphis 81 29,031 174 9,344, 13 1,129 268 39,504 2 277 1 219 271 218 40,000 32,032 D M S K a a a i n n l n l n H O P S H D E L O s a F e a a l o o s o m e e r k a s l . s a r l n u t l . p P e t a n a C v s A l o L n h a h c t a e i l a a n o i t o a s n r i s y s n g k m o d c e e o . a l . e C . s C . i : i t . t y . y . . . . . . 3 3 1 2 1 1 1 6 5 4 5 7 2 9 0 2 7 4 3 1 1 0 3 2 3 4 8 3 3 6 3 8 5 1 1 1 1 3 3 3 2 4 5 4 5 0 2 1 9 0 8 4 3 1 3 8 1 3 7 8 2 0 5 5 , , , , , , , , , , , , , , 3 2 5 9 6 2 0 7 2 9 4 0 6 3 3 , 3 3 6 4 7 3 9 3 0 7 3 5 0 3 6 0 0 1 ' 9 9 2 5 3 0 2 7 8 ,1 1 1 1 , , , , 3 3 5 3 2 9 5 2 2 4 2 1 3 8 6 2 7 7 2 7 1 4 1 1 4 3 8 1 3 2 0 1 2 0 2 1 1 6 9 1 . 3 3 9 2 6 5 8 2 1 7 1 2 - 7 4 9 5 8 2 1 5 0 5 1 5 1 , , , , , , , , , , , , , 2 5 9 2 3 3 8 8 0 6 5 l 0 4 8 1 5 4 0 i 9 3 7 1 6 3 o 8 2 3 1 0 2 5 2 7 2 9 3 = l i : | ! 3 3 6 4 4 3 9 1 1 1 1 7 4 6 2 7 4 9 4 6 8 . ! ; ! l 4 1 3 0 2 3 5 9 3 2 6 1 1 1 1 , , ; , , . , , , , , , , 1 5 3 0 3 7 7 3 6 4 5 3 6 8 7 3 5 3 0 8 4 8 9 2 6 1 1 1 2 8 7 2 7 5 4 4 5 2 2 1 1 ! , | ! | ; ! 3 1 1 1 1 3 , , , , 4 3 4 7 4 2 9 6 7 5 1 7 7 0 5 4 2 7 9 6 3 7 1 9 0 4 1 2 0 5 5 9 5 3 4 0 5 1 5 3 3 2 2 2 1 1 1 2 6 4 5 6 2 2 9 2 8 0 9 8 1 1 2 0 3 7 5 8 5 6 3 1 8 , , , , , , , , , , , , , 4 8 3 6 0 8 8 8 1 3 7 3 8 3 9 4 4 7 5 9 5 3 4 6 1 5 1 2 0 1 1 3 6 5 4 2 8 . 4 1 ! 7 2 1 2 4 4 7 2 6 8 1 1 0 1 7 7 7 4 6 6 5 7 2 8 2 3 1 ; : ; ! : l 1 3 1 1 1 3 5 9 2 2 2 2 7 6 1 1 ^ 8 , , , , , , , , , , , 5 7 3 6 5 9 8 6 8 8 0 0 2 9 7 1 3 8 1 4 4 8 0 8 9 1 3 1 5 6 0 6 5 3 0 7 J 3 6 4 1 1 4 6 2 7 3 9 7 1 5 3 4 3 9 6 4 2 9 1 1 , . , , , , ' , , , , , 2 3 1 0 7 4 1 7 2 7 6 0 1 5 9 8 1 1 5 2 3 4 6 7 2 3 7 2 1 6 1 9 5 4 0 2 0 0 = ; 5 2 1 1 1 1 , , , , , 0 8 5 0 8 4 3 7 2 4 2 6 8 6 2 3 6 3 6 4 6 2 1 7 3 4 4 7 7 3 2 2 3 7 1 4 5 3 3 1 ' i 2 1 1 1 , , , , 7 2 6 7 7 4 2 4 2 7 4 9 1 1 5 5 8 . 2 0 2 2 7 5 9 8 8 2 8 4 1 9 4 2 6 8 3 5 5 7 3 2 2 2 1 1 1 6 9 2 5 5 2 5 3 3 9 0 0 1 8 7 3 4 6 4 4 4 5 3 2 5 8 , , , , , , , , , , , , , 6 9 6 0 6 4 8 1 4 8 9 0 4 9 7 0 0 9 8 6 5 1 1 9 8 5 4 6 4 3 4 2 5 9 5 5 1 3 7 3 2 2 1 1 1 2 4 6 9 2 7 3 8 7 0 8 3 9 0 4 7 8 1 3 3 4 1 9 5 6 7 , , , , , , , , , , , , , 2 4 9 0 9 7 3 6 0 7 2 2 9 . 3 0 5 4 9 5 4 9 0 7 5 4 1 4 8 0 2 2 4 9 6 2 2 6 5 5 ! ! ! : ! Seattle 114 17,697 241 15,4171 39 5, 883: 394 54.836 22; 5,3o2j 4.600: 458 396 64,788 64,144 Spokane. 40 196 10,526 2,637; 246 30^ 860 13 2,022' 2,891i 275 223 35,773 33,365 Total: May... 1.1,523 S, 419,77034,418 3,213,236: 2,788. 344,845.*48,741311,981,1.793,739 663,5J0; 786 162,873153,266 46,434 12,807,562 10.209,953 9,909 April.. 10,799J8,031,074 32,206 1,030,1911 3,1.10; 3S7,319. 46,126 11,481,3734,649 632,607j 73X 145,15650,51351,743 1.2,259,137 llj837,622] 9,904 lj932 1 Incorporated banks other than mutual savings banks. 2 April 16 to May 15, 1921. 3 Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee banks as follows: Cincinnati 9 000 items. SI 585 000; Minneapolis, 2,000 items, $1,289,000; Omaha, 1,000 items, §448,000; total, 12,000 items, 83.322,000. ' NOTE.—Number of business days in ocriod for Atlanta was 24; for Portland 2o; Birmingham. Jacksonville, New Orleans, and Little Rock 27: and for other Federal reserve bank and branch cities 26 days. " ' • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Jui/r, 1.822. FEDERAL RESERVE BULLETIN. 893 MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL RESERVE SYSTEM, JUNE 1, 1922. General stock. U a G s . H o a S e v s . l s e d e r T t n i s r n m e o a e t f s h n t u e t h . r 1 e y H a F e n . l d d R . a b g y b e a n o n r t k s f s . o 3 r U H . a e S S n l . d y d s T o t F r e u e . m t a s R . s id u . e ry U c A a . a p m S S n i . d y o t a T s u F t n r o e . e t m u - a R t p s . s . u e id r r y e Gold coin and bullion $3,774,470,231 S364,483,500 $2,297,525,545 3417,840,287 G old certificates 523,366,215 171,254,684 Standard silver dollars | 378,371,851 "* "9," 852," 803*' 9,534,974. 58,645,275 Silver certificates I • 39,648,564 259,161,992 Subsidiary silver 271,658,822 ""i7," 793," 559* 24,775,922 229,089,341 Treasury notes of .1.890 1,000 1,527,243 ' United States notes 346,681,016 3,607,761 48,916,008 294,157,247 federal Reserve not ? 2,511,810,960 2,248,415 352,743,321 2,156,819,224 Federal Reserve Ba: i k notes 87,607,400 1,202,444 6,518,232 79,886,724 National bank notes 755,900,702 18,274,379 12,525,485 725,100,838 Total: Juno 1, .1922. 8,126,500,982 417,462,861 3,315,555,266 4,393,482,855 ! $40.08 May 1, 1922.. 8,147,006,394 410.867,210 3,317,670,252 4,418,468,932 • 40.36 .lurid, 1921. 8,144,987,895 499,236,987 2,562,692,917 5,083,057,991 ! 47.09 May!., 192 L.. 8,128,219,183 508,349,193 2,512,465,834 5,107,404,156 ! 47.38 1 Includes reserve funds held against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of national-bank notes. Federal Reserve notes and Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in trust for the redemption of outstanding gold and silver certificates and Treasury notes of 1890. 2 Exclusive of amounts held with United States Treasurer in gold redemption fund against Federal Reserve notes. DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT JULY 1, 1922. Paper maturing within 90 days Agricultural Secured by- Bankers' and live-stock acceptances paper Federal reserve bank. Commercial,' maturing maturing T c r e e r a ti s f a u ic n ry a d t e n s o o te f s L a i n b d e n r o t v v t i e c b s t . o o n ry ds acc T ep r t a a d n e ces. a p a n a g d p r e i l c r iv , u e l n t - . u s e r to a . c l s , k . 3 w m i o th n i t n hs. af b 6 te u m r t 9 o w 0 n i t t d h h a i s y n , s, indebtedness. Boston 4 New York.... 4 Philadelphia.. Cleveland 4 Richmond 4ir Atlanta 4 4h 4 Chicago 4 St. Louis 4i t Minneapolis... 5 f Kansas City... 5 Dallas 5 5 San Francisco. 5 4J 5 5 4J 4* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST RATES. OO In the following table are presented actual discount and interest rates A comparison between rates prevailing during the 30-day period ending prevailing during the 30-day period ending June 15, 1922, in the various cities June 15 and the 30-day period ending May 15 shows the same tendency to in which the several Federal reserve banks and their branches are located. stabilization that has been in evidence since February. Prime commercial A complete description of the several types of .paper for which quotations are paper in the open market continues to show the most marked decline, with the given will be found in the September, 1918, and October. 1918, FEDERAL •lowering of rates for interbank loans second in importance. Compared with RESERVE BULLETINS. last year all the rates are lower. DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING THE 30-DAY PERIOD ENDING JUNE 15, 1922. Prime commercial paper Bank 3 e 0 r t s o ' a 9 c 0 c d ep ay ta s n . ces, Collateral loans—stock exchange. Ordinary District. City. Customers'. Open market Int lo er a b n a s n . k C lo a a t n tl s e . S w e a c r u e r h e o d u b se y s c e u c s u to n 30 to GO 4 to 6 30 to 60 4 to 6 Indorsed. d U or n s i c n d - . Demand. 3 months. m 3 o n to t h G s. receipts. L b i o b n c days. months; days. months. II. L. C. II 1 C. IL L. a ILL. C. //. L. C. IL L. C. //.£. C. ILL. C. IL. C. II L. C. 7/.L C. H. L.C. ILL. N N N N N o o o o o . . . . 5 3 4 2 1 .... C N C R B B P P e h i i u l i o w t e n c i f s t v l f h c s t a a e o i m b Y d l n l n o u a e n o o r n l a n r g p d t k d h i h * ia f f 6 7 6 7 i i 4 % 4 5 5 5 5 1 1 1 1 5 6 6 6 6 61 t 6 6 f f f 7 t t i ff 6 6 6 5 5 4 6 4 4 6 5 4 1 4 " . 4 4 5 4 4 4 4 1 , 6 4 4 4 4 1 1 1 -4-1 6 4 6 4 4 6 4 1 1 1 4 4 4 4 5 4 4 1 " 4 4 4 . ? 4 41 i -44. 6 6 6 f f 5 6 8 i i 1 4 4 6 5 f f f 5 t t t ? 1 6 6 6 5 6 5 1 -71 4 3 5 8 1 3 4 3 3 1 £ 4 3 3 3 1 £ 1 -3* 4 6 3 4 •> - 8 M d 4 S 3 3 0 3 § 3 ' 4 V 3 0 -1 1 1 - _ -3-4, 4 6 6 6 7 7 f f i i 1 f 4 4 5 4 3 t 4 1 1 1 . 6 5 6 6 5 4 4 1 1 -5 6 7 6 f f 7 i i 5 6 6 6 6 6 5 5 5 6 f 5 6 7 7 6 f i i 4 J 1 4 4 5- * 1 4 -6 6 6 6 6 5 5 5 6 6 f f i i 5 6 f ft t .t- 6 6 6 I 6 6 6 6 7 t 5 Baltimore fi 8? fi 515-]- G 5451 fi fi 'V- fi ftT-53 fi ff 6 fi No. G . Atlanta . 7 7 41- fi 4? 41 41 4]- 4144 7 6 ft-1-54. 51 8 tj 6 8 ft 8 ft"fi1 8 ft 6 7 J N N B a e i a c w r s k m h s v O i o n i n l r g l v l e e h i a l a l n m e s 8 8 f 6 5 f 7 6-7 8 7 8 8 *6 f 6 f t t } 6 f 7 -7 4-1 41 4.} 6 4 5 £ 4 £ 4 5 4 1 1 | 5 6 * ' 8 8 3 f fi J * 3 * - ? 6 4 -7 5]- 34 4 -41 8 6 7 8 6 f f i t 6 7 J -7 7 8 8 8 -16 ( f \ t 6 f 7 -7 7 8 s 8 6 f 7 i 6 7 -7 8 8 6 f 7 i 6 7 -7 7 7 7 8 No 7 Chicago 4?- 5 -6 4-}5 -6 7 ftT-6 7 4.1. 5 -6 7 41-5 -6 7 4] 5 -6 fi Detroit g5 5 G ft" 6 6 41 6 fi 546 3-3-3-' 3-^ 3- 3:I- 7 5* 6 fi-1 ft 6 fi ft' 6 fi ft 6 No. 8 S L t o . u L is o v u il is le fi* 4 5 1 5 6 4. f f 4 5 £ 1 4 4 J £ 4 4 4 .1- 4£ 4 4 4 1 1 6 fi 5 5 5 5 1 1 3§33 3§ 32 3g 3g 6 fi 3 ft 6 5 f 6 i * 4 f 1 t 6 6 6 fi t 6 6 7 516 f 5 ft Memphis.. 8 G 6 8 fi 6 7 fi 8 fi 6 8 ft 7 7 7 fi 6 Little Rock 8 6 7 8 6 7 5 41 5 7 ft 8 7 7 8 7 7 8 7 7 8 7 8 No. 9.... H M e i l n e n n e a apolis.. 6 8 51 Si- 6 8 5 7 1 " 6 7 44 4-1 44 8* f 7! f 6 7 6 7£ 414 4J 5 41-44, 6 8 6^ 6 7 6 74 7 6 8 71 7 r71 6 8 f No. 10.... K Om an a s h a a s City 8 5 f 4 t , G 61 8 7'} 6 64 5 5 4 41 4 4 £ | 5 4 41 7 7 X f 6 i 7 7 s 5 6 7 8 8 7 8 8 6 7 8*6 6 7 8 g 6 6 7 Denver 8 81 6" 41 4-1 4^ 4141 41 8 6 7 7 6 61 7 6 7 6 8 6 7 8 6 7 No. 11.... D O a k l l l a a h s oma City 7 8 6 5 ~ 1 6 8 1 7 8 f 5 i 1 * 6 8 7 51 6 7 516 7 8 f 5 t 7 6 1 8 0 5 8 10 8 5 G£ 1 7 0 f 6 i 6 8* 1 8 0 6 7 8 1 8 0 6 7 7 E H l o P us a t s o o n 1 7 0 6 5 1 G 8 1 7 0 fsi 6 8 51 4? 5 10 8 8 7 ft 6 8 1 8 0 7 10 8 fi 7 1 s 0 fi 8 7 10 s 7 7 7 10 Q 6 7 Q No 12.... San Francisco ft 5 54,-6 fi4546 41. 4 41 4-1 4 41 j fi 6 41. 3-J 3? 41 3-1 (; 6 ft 6 fi1-ft 6 ft fi 6 7 fi 6 -64. Portland ... 8 4 61 8~4 7 4$ 4 41 4?- 4 41 7 f>~6 7 %" 7 ^" 7 ft 7 9 7 8 7 Seattle 8 6 7 8 fi 7 51 4-1 44 4 7 fi1- 7 3g- 51 6 3-J 41 8 6 7 8 ft 7 8 ft 7 ft] n 8 fi 7 • S S a p l o t k L a a n k e e City 8 8 6 6 7 7 8 8 fi 6 7 i M 4$ 4 41 4J 4 7 7 G-T- 7 7 8 8 7 6 7 8 R 7 7 7 8 7 8 8 g" s 7 8 ^ \ 8 7 7 8 71, Los Angeles 8 4£6 8 416 7 41 41 5 4141 |8 516 7 4 4 7 3J31 8 7 8 6 7 8 6 7 8 6 10 6 7 COCC mcrs id by srtv ds. C. I* f5t fi*6 6 6 ft 5 i ft 6 ft.51 I 41 6 fM fi 54-61 fi fi £ - 4 51 5 7 fi 6 8 fi 6 -7 5>o 51 8 8 8 5 6 7 fi 64 8 6 6 10 fi 7 8 5 61- 10 8 ' 7 5 6 7 6 8 7 s ft 7 8 7 ft 7 8 5 7 1 Rates for decreased paper secured by prime bankers' acceptances, 51, 2-2, 3-5. CD to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1022. FEDERAL RESERVE BULLETIN. 895 FOREIGN EXCHANGE. foreign trade from Germany, with its very low rate of exchange, to Japan, whose exchange Leading European exchanges, which showed rate is not far below par. The weight assigned an upward trend during the latter part of May to Germany in the computation of the index partly in anticipation of the outcome of the declined from 99 in May to 83 in June, while International Bankers7 Conference in Paris, that assigned to Japan rose from 83 in May to continued to advance during the first week of 109 in June. June, when the peak for the month was A comparison of average exchange rates for reached. When it became known, however, the month under review with the rates prethat the conference was unable to agree on a vailing in June, 1921, shows that substantial loan to Germany, these currencies began to advances were made by all of- the leading curshow slow but stead}^ recessions, which were de- rencies, with the exception of slight recessions cidedly accentuated during the last part of the shown for the Italian lira and the Japanese yen, and the very decided fall in the value of month following the assassination on June 24 of the German mark, which dropped from 1.44 Walter Kathenau, the German foreign mincents to 0.32 cent during the period. It is to ister. At the end of the month nearly all the this depreciation of the German mark, acleading currencies were quoted at lower figures companied by an increase in the trade with than at its beginning, though a slight advance Germany, that the decline in the general forwas reported for the Japanese yen and a more eign exchange index, from 59 for June, 1921, to material increase for the Chilean peso. 56 for the most recent month, is attributable. Average rates for the month of June show If the German mark had been eliminated from but slight change from the averages reported the currencies on which the foreign exchange in May, except that the German mark de- index is based the index would have risen from clined still further, reaching a new low of 26J 68 for June, 1921, to 77 for June, 1922, instead cents per 100 at the end of the month, this drop of falling from 59 to 56. This indicates to being reflected in the June average of 1.34 per what extent the general index is depressed by cent of par, compared with 1.44 per cent the the low value of the German mark and also demonstrates that it is the decline of the mark month before. The advance in the general which has caused the decline in the general index number from 53 in May to 56 in June is index during the past 12 months. attributable almost entirely to a shift in our F(DRIEIGN EXCHANGE 1NDEX 1918 - 1922 r GEINERAL INDE <^NCE 117VLY ENTINA IGLAND *MANN t • • • • e a o WF"rHERLiWDS \H PERCENT PERCENT 110 110 PAR- • ^ 90 V \ "r 90 80 • —v 80 \ \ \ \ y 70 70 \ v A 60 \ s\ "s. 60 \ \ / \ \ \• ——-"*»^ / 50. \ 50 40 *• •—•^ 40 / y 30 30 . ^ 20 20 •• 10 •• • ••••,•• 10 ••• N. D. J. F. M. A.M. J. J. A. S. 0. N. D. J. F M. A.M. j. J. A. S. 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. 1918 1919 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

896 FEDERAL, RESERVE BULLETIN. JULY., 1922. FOREIGN EXCHANGE RATES. [General index for Juno, 1922, 56; for May, 1922, 53; for June, 1921, 59. Rates in cents per unit of foreign currency.] COUNTRIES INCLUDED IN COMPUTATION OF INDEX. Low. High. Average. Weight. Par ..Monetary unit. of exchange. June. May. June. May. June. Belgium | Franc j 19.30 7.9400 ! 8.2700 8. 1400 8.4600 42.60 43.32 Denmark j Krone , 26.80 21.1500 ' 21.1900 22.1800 21.9200 80.81 '• 79.85 France ; Franc 19.30 8.3500 . 8.9700 9.1500 9.2200 45. 11 47.25 Germany Reichsinark 23.82 .26-15 .3165 .3740 .3639 1.3+ 1.44 Great Britain Pound 48(5.65 438.3800 442.9100 150.9500 445.1000 91. +8 91.36 Italy Lira 19.30 1.6100 5.0800 5.2300 5.3600 25.71 27.25 Netherlands Florin 40.20 38.1800 38.2200 39.0900 39.0400 96.29 96.14 Norway : Krone. 26.80 16.0300 17.9900 17.9000 18.7800 63.68 68.93 Spain ; Peseta 19.30 15.4600 15.5300 15.8700 16.0000 81.28 81.25 Sweden j Krona. 26.80 25.1900 i 25.6000 26.1100 25.9500 96.30 96.17 Switzerland : Franc. 19.30 18.9000 i 19.0600 19.1800 19.3900 98.65 i 99.51 Canada ; Dollar 100.00 97.9965 98.3299 99.1347 99.1181 Argentina ! Peso (gold) 96.48 80.3100 81.5300 83.3200 83.8800 Brazil ! Milreis 32.44 13.5600 13.5500 13.9000 13.9400 Chile Peso (paper).... 219.53 11.9375 11.3125 13.0000 12.6250 China Shanghai tael. 2 (W). 85 77.9800 76.1400 79.9500 81.9600 India Rupee 48.66 28.5600 27. 8900 29.1800 29.1600 Japan.- Yen 49.85 -17.5000 47.2500 47.9800 47.5300 OTHER COUNTRIES. Par Low. Hig Average. Inde o x f p (p ar e ) r . * cent Monetary unit. of exchange. June. .May. June. May. Tune. May. June. May. Austria Krone 20.26 0.0048 0.0095 0.0093 0.0125 0.0067 0.0112 0.03 0.06 Bulgaria Lev 19.30 .7096 .6767 .7483 .7267 .7358 .6930 3.81 3.59 Czechoslovakia Krone 20.26 1.9081 1.8908 1.9483 1.9486 1.9236 1.9207 9.49 9.48 Finland... Markka 19.30 2.1031 2.0475 2.2763 2.1038 2.1616 2.0821 11.20 10.79 Greece Drachma 19.30 3.0300 4.1600 4.2300 4.4900 3.8346 4.2685 19.87 22.12 Hungary Krone 20.26 .0953 .1188 .1228 .1299 .1079 .1261 .53 .62 Poland Polish mark 23.82 .0220 .0244 .0255 .0259 .0237 .0249 .10 .10 Escudo , 108.05 7.0700 7.6800 7.7300 8.0600 7.5096 7.8285 6.95 7.25 Leu 19.30 . 6129 .6872 .6869 .7069 .6584 .6967 3.41 3.61 Yugoslavia / \ K D r i o n n ar e 2 1 0 9 . . 2 3 6 0 1 . . 3 2 1 6 5 7 3 5 1 . . 3 3 3 5 9 2 2 9 1 . .4 36 4 2 7 2 1 1 . . 3 47 6 7 9 1 7 1 . .3 34 8 4 0 6 1 1 . . 3 4 6 5 2 0 2 2 1 7. . 1 7 5 0 7 1. . 7 5 9 1 Cuba Peso 100.00 99.7750 99.7750 99.8906 99.9001 99.8357 99.8517 99.84 99.85 Mexico do 49.85 48.3350 48.7350 48.7188 49. 3650 48.4812 49.0768 97.25 98.45 Uruguav do 103.42 79.8800 78. 7600 82.6300 80.4000 80.9450 79.7627 78.27 77.13 China Mexican dollar.. . 2 48.11 56.5500 55.1600 57.9000 59.0500 57.1938 57.3781 118.88 119.26 Dollar 2 47.77 57.3100 55.8800 58.3900 59. 5700 57.7208 57.7796 120.83 120.95 Straits Settlements Singapore dollar... . 56.78 50.5800 50.0800 51.6300 51.1700 51.1435 50.7592 90.07 i 89.40 1 Based on average. J1913 average. Average price of silver per fine ounce: In London (converted at average rate of exchange), S0.71953; in New York, S0.71604. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1922. FEDERAL TIESERVE BULLETIN. 897 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.] , i • De l c a p o n o u d s n it t a s n , a d B n T a d n re k n a o o s t u f e r E y n a . c g - - I | n G « o „ v „ e .. r „ n Nine Lo b n a d n o k n s .3 clearing Year and month. Average of end of Per Per \ Per Per month figures: cent. cent. • cent. cent. 1913 44 4f* 11.7 1920 15.2 1921 10.3 1921, end of— May 1,152 1,315 1,114 June 1.222 1,374 1.166 July 1,202 1,355 ; 191 August 1,166 1,347 1,179 September 1,159 1,321 1,186 October 1,124 1,33S 1,196 306 i 1,802 November 1,108 1,300 1,205 311 ! 1,793 December 1,060 1,260 1,191 315 i 1,818 1922, end of— January 1,154 1,192 i 333 j 1,826 February 1,089 1,152 ' 357 j 1,802 March-..: 1,030 1.097 ! 369 ! 1,7-47 April 951 1,'oeo : 378 1,737 May ,, 943 1,061 1,745 June 965 1 Less notes in currency notes account. 3 Held by the Bank of England and by the Treasury as note reserve. 8 Average weekly figures. 4 Compilation of London Joint City and Midland Bank, British Government loans for national purposes excluded. 6 Compilation of London Economist. Ratio of net profits to ordinary and preferred capital of industrial companies, exclusive of railways, mines, insurance companies, and banks. Applies to earnings disclosed during the quarter and has therefore a probable lag of six months. FRENCH FINANCIAL SITUATION. [Amounts in millions of francs.] Bank of France.* Situation of the Governm;enntt.. Value of Savings ! Advances —• • s n to ew ck excess Y m ea o r n a th n . d res G e o rv ld es. Silver po D si e t - s.3 C t i i r o cu n l . a- i p m G u t e o o r n p v t t o e h s r f e n o es - r r G e m v o e v e n e n u r t n e. - * In d t e e b rn t. al E d x o te b r t n .5 al c P e p 3 r n e i t c t p u e p e a r e o l r f - a u n p p i d s o l a s n b u c o e e t d s n h d e po w si o i t t r s h ( - +) of rente.6 French drawthe war.3 market.7 als (-). 1913, average ; 3,343 629 830 I 5,565 35,000 86.77 — 65 59 1920, average 8 3,586 253 3,527 38,066 I 26,000 57.34 4,654 + 48 10 554 1921, average j •3,568 274 2,927 37,404 | 25,300 56.56 1,100 + 67 550 192J. May 3,570 272 3,041 38, 233 26, 200 ,004 310,510 75,164 57.15 892 + 63 666 June 3,572 274 2,861 37,422 25,000 ,030 56.26 621 45 582 July » 3,573 275 3,252 36,941 25,100 ,242 '229,'055' ~35,' 286 56.35 2,345 + 52 438 August » 3,574 277 2,749 36,783 24,900 ,016 56.50 152 + 72 467 September..., 9 3,575 277 2,509 ' 37,129 24,900 ,011 56.20 234 + 68 553 October , »3,575 278 2,563 37.154 25,100 ,305 54.30 3,355 + 33 463 November • 3,576 • 279 2,563 36,336 24,500 1,051 54.90 434 - 0.5 505 December •3,576 ' 2,743 36,487 I 24,600 1,228 |« 242,758 j 54.75 853 + 38 527 I j 1922. January •3,576 280 2,392 36,433 23,000 j 1,323 •' 56. 55 759 + 41 489 February •3,577 281 2,429 36,151 22,500 i 1,014 ! I 59.55 5,062 +100 489 March •3,578 282 2,236 35,528 ! 21,500 ! 1,154 i 243,857 ! 35,716 56.70 377 + 49 455 April •3,579 283 2,412 35,787 ; 22,100 ! 1,381 i 57.60 -459 4- 58 i 411 May 9 3.579 284 2,303 35.982 i 23,100 : 1,176 57.70 + 50 454 June 3,580 285 2,448 ' 36,039 i 23,300 ! T 57.95 1 End of month figures. 4 From indirect taxation and Government monopolies. 3 Includes Treasury and individual deposits. 6 Foreign debt converted to francs at par. »Under the laws of Aug. 5 and Dec. 26,1914, July 10,1915, and Feb. 16,1917. 6 Last Wednesday in the month. 7 Figures of the "Association Nationale des Porteurs Francais de Valours Mobilieres." Bonds issued by the Government and the railroad companies not included. 8 No • t N in o c t l u in d c i l n u g d i l n f9 g 7 8 a , b 0 o 00 u t t 0 0 1, 0 9 4 f 8 r , a 0 n 0 c 0 s ,0 0 h 0 el f d r a a n b c r s o a h d e ld fr o a m br o J a a d n . u ary thro 1 u 0 g A h v e A ra u g g e u s fo t r a 1 n 1 d m 1, o 9 n 48 th ,0 s 0 . 0 ,000 fran "• c s E s fr t o im m a t S e e i p n t e t m he b e F r r e th n r c o h u S gh en D at e e c . ember. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

898 FEDERAL RESERVE BULLETIN. JULY, 1922. ITALIAN FINANCIAL SITUATION." [Amounts in millions of lire.] Leading private banks.1 Banks of issue. Government finances. Y m ea o r n t a h n . d Cash. d c s L u c o p e o d a o u o i n a r s f n n r n - d r e t d o s s - - m , , i s D d t c p e s u o e n o e p r a t n r o s n e t d . s o d - - - c L o a d o u i n a s n d - n t s s. s G e r r e o v - ld e. s T e r o r e v t - a e l . i D l m t i s t a e d i a b e p e a n - i s o n l . d s i d - - l c C a m i c t r o i i e c a m o r u l n - - - . a C ti c o s i o t c r f n a c o t t u u h e f l o n e . a r t - n r S e c o t n u t a e c r t - e y s. m T s li e u r c e r e r t v y a a r e e s l - - . - S t t b r u h e e i o l r r a l y m r s s t . - - p d T u e o b b t l a t i . l c n p t a n u a P d a n o e x l r u d p s i a r r o n t i e m f l c i n r v i o o i g e o e - n m s - - p b I s n r n e e t i u i c d r c e s m u e e s r s x o - i . f - 4 ents. month.1 1913, end of Dec. 129 2,007 1,674 857 1,375 1,661 318 2,284 499 117 1920,end of Dec. 1,308 10,539 15,810 7,074 1058 2,077 2,563 8.088 10,743 13,200 1921, average... 1,200 16,242 16,001 7,509 1 1.07-1 2,020 2,352 9.304 9,064 1,019 87.12 1921. end of— May 1,021 17, 489 1(5,645 6,951 1,070 2,165 2,198 8, 809 9, 219 2.546 349 106,721 607 85.84 July 1,140 16,851 16,704 7,156 1,076 1,990 2,290 9,433 8,507 348 20,276 693 78.71 August — 1,131 17,024 16,672 7,315 1,079 1,964 2,143 9,491 8,352 348 21,173 108,729 1,381 82.87 September. 1,052 17,223 16,825 7,327 1,073 1,966 2,124 Q. 785 8,395 21,612 564 K7 fU October... 1,364 "17.185 17,022 7,816 1,086 1,990 2,243 ! 9,746 8,554 2,546 22,997 110,754 1,404 91.07 November. »1,174 3 12,844 «12,778 7,810 1,089 1,948 2,151 9-435 8,485 648 83.99 December . "1,997 3 11,797 312,502 10,020 1,092 1,999 2,913 10,30-1 8,505 24 600 i1' onn 1,458 ! SO. 13 1922, end of— J anuary ... 3 1,426 3 11,334 311,616 10,156 1,109 1,996 2,848 10,183 8,570 909 96.61 February.. 3 1,081 3 11,446 311,482 10,029 1,100 1,971 2,562 9.631 8,626 1,366 94.10 March 3 965 311,407 311,403 9,833 1 118 1,956 2,687 ' 9^589 8,523 759 88.82 April 3908 311,752 311,708 10,113 1,122 1,964 2,473 9.360 8,350 1,337 88.43 Mav 9,323 1,105 1,963 2.572 0 .'259 8,061 667 93.13 June. . . i 1 454 94 83 : i a Latest figures subject to revision. 1 Banca Commerciale Italiania, Banca Italiana di Sconto, Credito Italiano, Banco di Roma. * Revenues from state railways; from post, telegraph, and telephones; from state domain; from import duties on grain; and from Government sales of sugar are not included. » Excluding Banca Italiana di Sconto. * Figures for 1921 are based on quotations of Dec. 31,1920=100. Those for 1922 are based on quotations of Dec, 1921 =-100. s Revised. GERMAN FINANCIAL SITUATION." ^mounts in millions of marks.] Index numbers Reichsbank statistics. Situation of the Government.! of securities prices.* | Value of Darlehns- -jnew stock Year and Discounts.1 scheine an i d s s b ue o s nd month. in circu- _ . . placed on Gold Note , lation.i Receipts Revenue Treasury German 25 15 se r r e v - e.1 t c r o e D u a i s n s u - te ry d I | m p C a e p r o c e i r m a . l - la ci t r io cu n - .1 Deposits.1Clearings. t f a r x o e m s. r o a f i lw st a a y t s e . s b ta il n ls d i o n u g t . - 1 market. stocks. bonds. bills. _L "I 1913, average 1,068 1,958 668 6,136 207 I 13 »220 1920, average. 1,092 47,980 53,964 17,702 57,898 13,145 . 1921, average 1,056 83,133 80,952 20,213 89,297 8,861 I "6," 285"j "2," 358' 192,832 2,655 1921. May 1,092 64,764 71,839 14,093 : 66,454 9,043 6,108 1,841 176,738 ! 1,468 j ;... June 1,092 81,173 75,321 20,393 I 68,764 8,705 : 5,735 2,028 185.127 I 2,238 I July , 1,092 79,982 i 1,136 77,391 15,824 I 78,337 8,358 i 5,566 | 2,269 190,'770 ! 1,507 August 1,024 84,044 i 1,002 80,073 13,650 79,172 7,837 j 5,145 2,416 202,872 | 1,228 September.. 1,024 98,422 I 1,142 86,384 19,980 | 98,004 7,610 : 4,908 2,599 210,504 i ^S4 October 994 98,705 ' 881 91,528 18,303 | 119,496 i 7,316 ! 6,185 2,825 | 218,000 November... 994 114,023 ! 1,446 100,944 25,313 ! 140,493 | 7,330 ; 7,044 3,397 I 226,676 7,135 269 US1 December... 995 132,331 1,062 113,639 32,906 | 120,835 I 8,325 ' 8,016 4,329 246,921 5,965 206 *147 1922. January 126,160 1,592 115,376 23,412 i 116,680 8,046 4,415 255,678 4,831 223 152 February 996 134,252 1,857 120,026 26,526 ! 109,816 7,977 9,614 i 4,659 262,817 2,101 222 154 March 997 146,531 2,152 130,671 33,358 170,357 8,701 14,065 ; 7,096 271,935 6,416 274 169 April 1,001 155,618 2,403 140,420 31,616 175,977 9,183 13,193 8,997 280,935 3,992 265 268 May 1,003 167,794 3,377 151,949 33,128 j 9,440 17,619 : 10,984 289,246 4,152 242 2G7 June 1,004 186,126 ! 4,752 169,212 37,174 I 10,374 311,600 224 298 a Latest figures subject to revision. f 1 End of month. * Calculated by the Frankfurter Zeitung with prices of 25 stocks, 10 domestic and 5 foreign bonds (prices as of Jan. 1,1921—100). These figures, recently revised, now include subscription privileges which were heretofore omitted. Figures are as of beginning of month. •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

JULV, 1922. FEDERAL RESERVE BULLETIN. 899 SWEDISH FINANCIAL SITUATION. [Amounts in millions of kroner.] Business Foreign Riksbank. S G itu o a v t e i r o n n m o e f n t t h . e Jo b in a t n -s k t s o . ck dur P in ro g b t i e m ll s s o te n d th.* m d o u u fa r n r i e i l t n - s h g .1 i c n h d e a e x n x - g .* e Index o V fs a t l o u c e k num- issues ber of regis- Year and month. Value stock tered Bills of the prices— during l G c a b i o o n u o i n d l l n - d . l c a N i t r i o c o t u e n - . po D s e it - s, C in le g a s r . - F d S u e t n a b d t t e e . d F d S i l e t n o a b g a t t e t . - c b o R w d u a i i i n n k s t t k h s - e - . d a c L n o d o u a n d n t i s s s . - N b u e m r. - Value. N b u e m r. - ( a r f k e b o c r n r r u o c e o r n i i a - g e a d s n A list.i m t o h n e th. =100). 191.3, end of December.. 102 235 108 628 20 139 2,287 4,314 ; 2 309 258 24 1920, average 269 733 226 3,596 1,281 248 476 6,008 3,586 : 6 196 112.9 176 61 1921, average 280 661 193 2 715 389 5,948 6,907 15 432 121.8 121 31 1921, end of— Mav 282 651 178 2 441 1,320 230 378 5,983 8,201 23 454 123.3 116 18 June... 281 679 157 2,479 1,331 128 365 5,949 7,376 18 433 126.6 110 33 July- 280 629 177 2,528 1,341 134 363 5,930 7,383 ,' 17 413 119.3 125 67 August 285 632 152 2,316 1,360 137 345 5,937 6,515 16 353 119.5 120 31 September 275 672 113 2,609 1,368 60 330 5,901 5,786 10 493 121.4 114 13 October 276 650 126 2 310 1,393 63 341 5,837 6,449 13 505 124.9 107 1 17 November 275 628 188 2,364 1,409 77 354 5,735 6,089 : 13 491 124.0 104 19 December 275 628 331 3,305 1,433 78 464 5,656 6,298 10 528 126.3 107 21 1922, end of— January 275 563 337 2,332 1,434 84 421 5,654 6,345 ! 9 509 126.6 109 18 February 274 579 346 2,122 1,435 87 429 5,572 6,272 10 398 1.29.2 94 18 March 274 626 312 2,354 1,435 90 447 5,474 7,559 13 513 128.3 89 23 April 274 582 301 1,936 1,433 92 404 5,430 6,965 12 400 126.6 100 15 May 274 567 293 380 5,378 7 581 10 430 124.8 115 9 June 274 585 I 5,388 1 Source: Kommersiella Meddelanden. NORWEGIAN FINANCIAL SITUATION. [Amounts in millions of kroner.] Norges Bank Private commercial banks (103). Year and month. ho 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 . C C l h e r a i r s i t n ia g n s ia a . t di L sc a o o n a u d n n s ts. Deposits. r a e g s T g o o r u e t r g a c l a e t s e . Ban ci k e r s u . pt- Number, 1914, end of July 184 123 14 88 1920 average. 147 451 102 419 652 3,921 3,382 32 1921, average. 147 417 111 443 537 3,840 3,338 86 1921, end of— April 147 422 106 437 484 3,872 3,335 5,126 92 May 147 416 106 427 460 3,868 3,293 5,102 74 July 147 428 100 452 541 3,958 3,343 5,249 96 147 421 110 455 580 3,954 3,340 5,256 101 September 147 416 85 426 637 3,844 3,319 5,224 102 October 147 411 113 453 589 3,742 3,275 5,196 78 147 395 121 439 538 3,677 3,231 5 113 89 147 410 141 476 551 3,508 3,305 4,944 81 1922 end of— 147 378 131 433 524 3,413 3,202 4,H05 88 February 147 376 141 428 494 3,346 3,172 4,754 76 March 147 385 151 449 628 3,280 3,124 4,690 108 April 147 386 143 447 516 3,302 3,118 4,755 May 147 375 152 446 3,307 3,086 »Includes balances abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

900 FEDERAL RESERVE BULLETIN, JULY, 1922. JAPANESE FINANCIAL SITUATIONS [Amounts in millions of yen.] Bank of Japan. Tokyo banks. Year arid month. circ N u o la te tion. fo r S r e p s n e e o r c t v i e e e s.2 d l O o is a r c d n o i s n u a a n n r t y d s. A on d b v f i o a ll r n s e c . ig es n m p C G o e u o s n r v i r t t e e s d r n i n e n t - . - i d n P e r J p i a o v p s a i a t t e n s . as T s T l o o o o c a k i t n y a a s o t l ed c t l T o e b a o t a a r k n i l n y k i o g n s, d A ( i T v s r c o e a o r k t a e u y g n o e t Japan. bank. the month. market). 1913, average 363 216 47 333 364 8.38 1921., average 1,226 1,200 107 297 1,932 2,572 9. 00 1921. End of— June 1,2,18 1,2.18 82 312 | 1,980 2,670 8.9.1. July 1 172 1,172 43 330 1,987 2,341. 8. 36 August 1,192 1,192 107 345 1,951 2,816 8.43 September .1,232 1,232 .1.01 293 1,955 2,627 8.28 October 1,255 1,255 157 309 1,993 2,679 8. 50 November 1,283 1,264 197 325 1,989 2,783 8.79 December 1,546 1,246 298 203 2,000 3,340 9.20 1922. End of— January 1,377 1,241 224 277 | 35 1,984 2,246 9.02 February 1,246 1,223 172 ! 328 j 27 1,950 2,438 9. 02 March 1,289 1,289 248 I 422 ; 29 . 1,963 3,099 9. 09 April J,226 1,263 267 | 520 ! 30 I 1,980 2,809 9. 34 May .1,203 1,203 1.78 469 | 33 | 1,973 3,143 June 1,3-14 1,223 179 | 373 | 43 , 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 snecie segregated against notes only. It includes gold credits abroad as well as bullion and coin at home. s During January, February, April, October, November, and "December, 1913, Government deposits averaged 4,1.93,000 yen. During the remainder of the year there was au average monthly overdraft of 8,942,000 yen. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Acceptances: Page. Condition statements: Held by Federal reserve banks 876 Federal reserve banks—• Page. Purchased by Federal reserve banks 873 June 880 Agricultural movements, index of 851 Year ending June 862 Argentina: Member banks in leading cities— Business failures 822 June 884 Condition of principal Buenos Aires banks. . .. 822 Year ending Ju ne 869 Exchange rates 822 Cost of living in England and Germany 842 Financial statistics 821 Cotton fabrics, production and shipments 850 Foreign trade 821 Credit information, foreign, method of handling 795 Australia, wholesale prices in 837 Crop report by Federal reserve districts 861 Bank debits: Cuba: June 887 Economic and financial conditions 825 June. 1921-June, 1922 870 Foreign trade 827 Brazil: Liquidation of banks 827 Business and financial conditions 822 Moratorium 827 Condition of Banco do Brasil 823 Currency receipts and payments. June. 1921-May, Loans floated 823 1922.: : ' :. 867 Building statistics 857 Debits to individual account: Business and financial conditions: June 887 Argentina 820 Year ending June 870 Brazil 822 Denmark, wholesale prices in 837 Chile 824 Deposits: Cuba 825 Federal reserve banks, year ending June, 1922. 862 England 807, 845, 897 Savings, of commercial banks 848 France 808, 845, 897 Discount and open-market operations of Federal Germany 812, 846, 898 reserve banks: Index of 772 Acceptances held 876 Italy 810, 898 Acceptances purchased 873 Japan 844, 900 Bills discounted 872 Norway 847. 899 Bills held 875 Sweden 816, 846, 899 Earning assets held 875 United States 776, 877 During year. 862 Canadian price index, description of 801 Number of banks discounting 872 Charters issued to national banks 829 Rates of earnings on earning assets during year. 805 Rediscounts and sales of bills between Federal Charts: reserve banks during year 865 Assets and liabilities of Federal reserve and Volume of— member banks 774 During May 872 Comparison of sales of department stores and During year 865 mail-order houses 858 Discount rates: Canadian price index 805 England 807 Debits to individual account 887 In effect July J.,- 893 Discounted bills, Federal reserve notes, and In effect July 1. 1921 and 1922 866 total reserves of Federal reserve banks, 192 L Prevailing in various centers 894 and 1922 864 Dividends of Federal reserve banks 865 .Foreign exchange index 896 Earnings and expenses of Federal reserve banks Index numbers of domestic business 852 during year 865 Seasonal variations in the wood-pulp industry.. 790 Egypt, wholesale prices in 837 Wholesale prices in England 834 England: Wholesale prices in the United States 833 Business and financial conditions 807, 845, 897 Wholesale prices in the United States and Cost of living 842 England 832 Discount rates 807 Check clearing and collection: Foreign exchange 807 Gold settlement fund transactions 891 Foreign trade 808, 843 Number of banks on par list 892 Index of industrial activity 845 Operations during May 892 Wholesale prices 834 Operations during the year 866 Failures, commercial 831 Chile: Federal reserve act, amendments to 830, 831 Currency and finance 825 Federal reserve bank notes outstanding, June, 1921- Exchange rates 824 June, 1922 867 Loans floated 825 Federal reserve banks: Nitrate industry 824 Condition of .* 880 Clearing-house bank debits 887 Discount and open-market operations 872 Commercial failures 831 Review of operations for year 862 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

II INDEX. Page. Federal reserve note account 883 Manufactured goods, index of 852 Fiduciary powers granted to national banks 829 Maturities: Fiscal agency department, expenses, year ending Acceptances purchased 873 June 30 865 Bills discounted and bought 873, 882 Foreign credit information, method of handling 795 Certificates of indebtedness 882 Foreign exchange: Member banks: Argentina 821 Condition of 884 Chile 825 June, 1921-June, 1922 869 England 807 Abstract of 870 France 810 Number discounting during June 872 Index of 895 Number in each district 892 Foreign trade: State banks admitted to system 829 Argentina 821 Mineral products, index of 851 Cuba 826 Money, stock of, in the United States 893 England 808, 843 National banks: France 809, 843 Charters issued to 829 Germany 813, 844 Fiduciary powers granted to 829 Index of 848 New Zealand, wholesale prices in 837 Italy 844 Norway: Japan 844 Financial conditions 899 Norway 844 Foreign trade . 844 Sweden 844 Wholesale prices 837 France: Ocean freight rates 849 Business and financial conditions 808, 845, 897 Par list, number of banks on 892 Capital issues 808 Per capita circulation 893 Foreign trade 809, 843 Peru, wholesale prices in 837 Indexes of industrial activity 845 Physical volume of trade N..... 851 Retail prices in Paris 842 Poland, index numbers for 838 Wholesale prices •. 841 Prices: Freight rates, ocean 849 Retail, in principal countries 842 Germany: Wholesale, abroad 837 Business and financial conditions 812, 898 Wholesale, in the United States 832 Cost of living 842 Rates, discount 866, 893, 894 Foreign trade 813, 844 Reparations payments, German 812 Indexes of industrial activity 846 Reserve ratio of Federal reserve banks... 774, 878 Reparations situation 812 Reserves, deposits, and note circulation of Federal Wholesale prices 842 reserve banks 862, 879 Gold imports and exports: Resources and liabilities: During month 891 Federal reserve banks 878,880 During year ending June 30 871 Member banks in leading cities 879. 884 Gold settlement fund transactions: Retail prices in principal countries 842 During month 891 Retail trade, condition of 858 During year ending June 30 868 Review of banking conditions, year ending June 30. 862 Holland, wholesale prices in 837 Revised Statutes, amendment to section 5136 831 Imports and exports: Savings deposits of commercial banks 848 Gold 871,891 Silver imports and exports: Silver 871, 891 During month 891 Index numbers: During year ending June 30 871 Canadian price index, description of.. 801 South Africa, wholesale prices in 837 Foreign exchange 895 State banks: Industrial activity, England, France, Germany, Admitted to system 829 and Sweden 845 Abstract of condition 869 Ocean freight rates 849 Sweden: Physical volume of trade 851 Financial conditions 816, 899 Retail prices in principal countries 842 Foreign trade 844 Swedish price index 819 Index of industrial activities 846 Trade and production 843 New index number of wholesale prices 819 Wholesale prices abroad 837 Retail prices 842 Wholesale prices in the United States 832 Wholesale prices 837 India, wholesale prices in 837 Switzerland, wholesale prices in 837 Interest rates prevailing in various centers 894 Trade: Italy: Foreign. (See Foreign trade.) Business and financial conditions 810, 898 Physical volume of 851 Foreign trade : 844 Retail 858 Retail prices 842 Wholesale 861 Wholesale prices 837,841 Treasury certificates and notes allotted through Japan: Federal reserve banks, June, 1921-June, 1922 868 Financial statistics 844,900 Wholesale prices: Foreign trade 844 Abroad 837 Wholesale prices 837 Canadian price index 801 Knit goods production 849 In the United States 832 Law department: Swedish price index 819 Amendments to Federal reserve act 830, 831 Wholesale trade, condition of 861 Amendment to section 5136 of Revised Statutes. 831 WTood-pulp finance 787 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS Oklahoma City DALLAS® — BOUNDARIES OF FEDERAL RESERVE DISTRICTS -—-BOUNDARIES OF FEDERAL RESERVE B'RANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis