Federal Reserve Bulletin, 1922-08

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

FEDERAL RESERVE BOARD. Ex officio members: \ W. P. G. HARDING, Governor. A. W. MELLON, EDMUND PLATT, Vice Governor. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. D. R. CltlSSINGER, CHARLES S. IIAMLIN. ' Comptroller of the Currency. JOHN R. MITCHELL. W. W. TTOXTON, Secretary. I WALTER S. LOGAN, General Counsel. W. L. EDDY, Assistant Secretary. \ W. II. STEINER, i Acting Chief, Division of Analysis and Research. W. M. IMLAY, Fiscal Agent. M. JACOB SON, Statistician. J. F. IIERSON, j E. A. GOLDEN WEISER, Associate Statistician. Chief, Division of Examination and Chief Federal UE. L. SMEAD, Reserve Examiner. Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL. (For the year 1922.) DISTRICT NO. 1 (BOSTON) PHILIP STOCKTON. DISTRICT NO. 2 (NEW YOMK) PAUL M. WARBURG, Vice President. DISTRICT NO. 3 (PHILADELPHIA) L. L. RUE, President. DISTRICT NO. 4 (CLEVELAND) CORLTSS 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. H. 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 BANES. ! Federal Reserve Bank of— Chairman. " Governor. ! ! | Boston j Frederic H. Curtiss.. .! Chas. A. Morss I C W . . C W . B . u P l a le d n dock W. Willett. • New York | Pierre Jay . Benj. Strong , ! J. H. Case L. II. Ilendricks.i L. F. Sailer J. D. HIggms.i ! G. L. Harrison A. W. Gilbart.* E. R. Kenzel Leslie R. Rounds.i ! J. \V. Jones.» Ray M. Gidney.i Philadelphia i R. L. Austin.... .! George W. Norris. Wm. II. Huttjr W. A. Dyer. Cleveland J). C. Wills . E. R. Fancher M. J. Fleming II. G. Davis. Frank J. Zurlinden Richmond i Caldwell Hardy George J. Seay C. A. Peple Geo. II. Keesee. R. H. Broaddus A. S. Johnstone » John S. Walden * Atlanta Joseph A. McCord.. M. B. Wellborn... L. C. Adelson M. W. Bell. J. L. Campbell i Chicago Win. A. Heath J. B. McDougal... C. R. McKay W. C. Bachman.i S. B. Cramer K. C. Childs.i John H. Blair J. H. Dillard.i D. A. Jones.* O. J. Netterstrom.i A.H. Vogt.1 Clark Washburne 1 St. Louis Win. McC. Martin .: I). C. Biggs O. M. Attebery J. W. White. Minneapolis. JohnH. Rich .! R. A. Young W. B. Geery B. V. Moore. S. S. Cook..' Frank C. Dunlop 1 Kansas City Asa E. Ramsay.. .; W. J. Bailey C. A. Worthington J. W. Helm. Dallas Wm. F. Ramsey. .1 B. A. McKinney.. It. G. Emerson It. R. Gilbert. San Francisco John Perrin .: J. U. Calkins Win. A. Day W. N. Ambrose. IraCh-rk" L. C. 1 'ontious * 1 Controller. -' Assistant to governor. 3 Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS, Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: i Minneapolis: I Buffalo branch j W. W. Schneckenburger. Helena branch j It. E. Towie. 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 A. II. Dudley. Dallas: i Atlanta: El Paso branch : W. C. Weiss. New Orleans branch Marcus Walker. Houston branch Floyd Ikard. Jacksonville branch ! Geo. R. De Saussure. San Francisco: Birmingham branch • A. E. Walker. Los Angeles branch | C. J. Shepherd. Nashville branch : J. B. McNamara. Portland branch • Frederick Greenwood. Chicago: : Salt Lake City branch • R. B. Motherwell. Detroit branch : R. B. Locke. Seattle branch C. R.Shaw. St. Louis: s Spokane branch W. L. Partner. Louisville branch W. P. Kincheloe. Memphis branch J. J. lleflin. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN. The FEDERAL RESERVE BULLETIN is the Board's medium of communication member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. It is printed in two editions, of which the first contains the regular official announcements, the national review of business conditions, and other general matter, and is distributed without charge to the member banks of the Federal Reserve System. Additional copies may be had at a subscription price of $1.50 per annum. The second edition contains detailed analyses of business conditions, special articles, review of foreign banking, and complete statistics showing the condition of Federal Reserve Banks. For this second edition the Board has fixed a subscription price of $4 per annum to cover the cost of paper and printing. Single copies will be eold 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: Vw Review of the month 901 Business, industry, and finance, July, 1922 910 Federal Reserve Board's price index for France 922 Redemption of Victory notes outstanding ,. •... 929 Official: Rulings of the Federal Reserve Board 931 Law department 933 State banks admitted to system 921 Fiduciary powers granted to national banks 921 Charters issued to national banks 922 Banks granted authority to accept up to 100 per cent of capital and surplus 922 Business and financial conditions abroad: : The Hague Conference 935 Russia's foreign indebtedness and international trade 936 Survey for France, Italy, Germany, Sweden, Argentina, Brazil, and Chile 942 Economic and. financial conditions in Cuba 960 Price movement and volume of trade: International wholesale price indexes—United States, England, and Canada 963 Comparative wholesale prices in principal countries 967 Comparative retail prices in principal countries 971 Foreign trade—United Kingdom, France, Italy, Sweden, Norway, Japan, and Germany 972 Indexes of industrial activity—England, France, Germany, and Sweden 974 Foreign trade index 976 Ocean freight rates 977 Report of knit-goods manufacturers of America 977 Production and shipments of finished cotton fabrics -. .- 978 Physical volume of trade 979 Building statistics 985 Retail trade 986 Wholesale trade 988 August crop report, by Federal reserve districts 984 Commercial failures 921 Banking and financial statistics: Domestic— Discount and open-market operations of Federal reserve banks 989 Condition of Federal reserve banks 997 Federal reserve note account : 1000 Condition of member banks in leading cities 1001 Savings deposits , 976 Bank "debits : .' 1004 Operations of the Federal reserve clearing system 1010 Gold settlement fund ." 1008 Gold and silver imports and exports 1009 Money in circulation 1011 Discount rates approved by the Federal Reserve Board 1011 Discount and interest rates in various centers 1014 Earnings and expenses of Federal reserve banks, six months ending June 30, 1922 1012 Foreign exchange rates 1015 Foreign—England, France, Italy, Germany, Sweden, Norway, and Japan 1017 Charts: Movement of principal assets and liabilities of Federal reserve and member banks 988 Index numbers oil wholesale prices in France 928 Index numbers of wholesale prices in the United States and England 963 Index number of wholesale prices in the United States—constructed by Federal Reserve Board for purposes of international comparisons 964 Index numbers of wholesale prices in England 965 Index numbers of domestic business 979 Monthly value of sales of chain stores 986 Debits to individual accounts 1004 Foreign exchange index 1015 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 8 AUGUST, 1922. No. 8 REVIEW OF THE MONTH. show that the upward movement of failures reached its peak in number during December, With the rapid progress toward more normal 1921, and January, 1922, and has since been conditions in business and banking that has steadily receding, while in amount of liabilities been characteristic of the past a definite "peak" was reached in December, Establishment f hs, there has been of normal credit. ow mont ' 1921, with distinct, although somewhat irregassociated a change in the charular, recession since that month. This conacter of credit and collection conditions. This clusion also agrees with data derived from other improvement throws a valuable light upon the sources. Comparing the present situation with general banking situation. As business imthat which existed after 1907, it is interesting proves, collections after a certain period become from a chronological standpoint that the peak better and business more truly liquid. Bankin number of failures was reached in January, ing is correspondingly nearer to the standards 1908, subsidence occurring quite steadily and of liquidity which represent or correspond to largely from that month onward. The early real soundness in mercantile and financial symptoms of trouble in 1907 had hardly made organization. Changes in business credit are, themselves felt much before June, while bank therefore, of significance, not merely in them- suspension was agreed upon in October. After selves, but also because of their direct bearing the panic of 1893, a peak in number of failures upon the banking position. This closeness of was reached about the close of that year, the relationship has long been recognized by all most acute stage of the panic occurring during who were interested in central banking practice the early spring, with bank suspension later. or theory. The Federal reserve act recognized In both 1907-3 and 1893-94 liabilities showed the necessity of scientific study and analysis of roughly the same course as the number of failcredit and laid a basis for regular and careful ures. During the troubles of 1920-21 the collection of data on the subject, while the arrival at the peak in commercial failures has regulations and rulings of the Federal Reserve been somewhat longer deferred than on either Board have steadily called for the complete of the other two preceding occasions. Recesanalysis of commercial credit conditions. Of sion of prices started, it will be recalled, in fundamental importance in the study of such May, 1920, while a high point in liabilities of conditions are the situation as to terms of sale, failed concerns was not reached until March of varying as it does from time to time; the meth- the following year, and was again exceeded at ods employed for the systematic study and the close of 1921 and opening of 1922. analysis of credit conditions (to both of which the board has devoted continuous study for a COMMERCIAL FAILURES. long time past); and the position as to business [B. G. Dun & Co.] embarrassments. The latter are most fre- NUMB EH. quently taken as an index of change in business Month. j 18S» i ISO! 1920 conditions, although the other elements just ! 1... cited are to be regarded as of equal or greater January... 1,3551 1.9 M> 5691 1,895 2,723 importance, though not usually so treated. M Fe a b r r c u h a . ry. 3,20L>j 4,30! '9 S 2 5 4 3 ! | 1 1 , ,6 3 2 3 1 9 4 5 9 6 2 6 i 1 1 1 . . 0 3 4 3 1 6 2 2, , 4 3 . 3 6 1 3 April I) ! 1,309 504 1,487 2,167 The following compilation shows the present May l\ 3J99I 2,73! 857| 1.379| 547. 1,356 1,960 June ;) ! 815j 1' 112 674i 1,32C 1,740 situation with respect to failures, contrasted July 777 1,232' 681 j ], 441 August;;;:::::::::[ 4,015! 2,80S. 850! 1,199j 073 J, 562 ^ J* J ^ with that which existed after Septembbeerr I) j 856 1,026! 677; 1,166 October... ,139i 1,187 !)•-# 1,713 Credit and the _ . _ _ November 4,826! 3, 979 ,180! 1,120, 1,050: 1,988 depression of the panic of 1907 and after December. I 1,331Gi 1,217" 1,525 2,444 a19r2e0 -t2h1o.se of R. G. Dun & Co., and seem to Total. 15,2-12 13, 11,721 j 1-V)90. 8, SSI 19,622 13,384 901 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

•902 EEDEKAL RESERVE BULLETIN. AUGUST, 1922. COMMElieJAL FAILUREs—-Con tinned. had the effect of giving time for the extrication LIABILITIES. of these concerns from their difficulties if they ([In thousands of dollars.] held out prospects of future recovery. It undoubtedly avoided great numbers of indus- * Month. 1907 ' 1908 ; 1920 ; 1921 1922 trial catastrophes which would have occurred under the old system and which would have January ! j1.3,628: 27,10(ll 7, 240|52,137 73.796 February 47,338| 64,13" LO; 28-51 27!055, 9,763!GO, 852 72,608 entailed great losses. It was at one time felt M Ap a r r i c l h.." j ' i R, 164s 21;r>4'; 1 1 3 2 . , 2 6 2 9 - 9 1 i 1 6 38 7 . , 5 4 6 0 S 9 7 7 1 3 , ,0 6 5 0 9 8 that this process might go too far and result May 9,9051 13, 10',826i57' 066 44, '103 Jurio 16, 4-H>i 14, 32', 991 i31,639138,243 in preserving a good many concerns that actu- July \\ 1.21,541; 37,59i 12.33")! 14', 21,906" 42, 774! August: lo',19S! 23. 28,373'42,901 j ally had no claim to existence. Study of the September 18,935i 12. 29.55*:37,021 j October 82,469, 29,411 27; 415; 15; 38'.9L.r>j53.059 figures of failures and consideration of the November 17,037; 1.2, 30,758 53,470 December 36.297j L4. 58,873!87, 502 relatively long period of months over which 95,4311 41,848 Total I 346,78()| 172,993 197,3S0'222 310.295,1221627, 401 i373.717 they have been protracted shows that such a i i i i ' : , i ' fear was without foundation. The facts thus set forth have an important The financial situation of business houses, bearing upon the working of the Federal reas a whole, after this period of severe strain serve system; partly as affordand its effect upon them, is Fe W de o ra rk l ing r e o se f r v th e e m to g a 1 test . of t , h e s J y s ,- t , e m, pa , rtly bu S si i n t e u s a s t i h o o n u s o es f . indicated in the financial statesystem. as snowing how the system ments submitted by such houses itself has reacted upon the to their banks in 1922. In spite of the marked commercial situation. Federal reserve exten- increase in both the number and liability of sion of credit, it will be recalled, did not reach failures at the opening of the present year, the its highest level until about six months after 1922 statements show material improvement recession of credit had set in, or at about the over a year ago in most lines. Especially is beginning of November, 1920, when the portfolio this true with respect to the "liquid" position, of bills held was $3,127,000,000 (November 5). as shown by the current ratio, or comparison When this fact is considered it will be observed of quick assets with current liabilities. As is that the working of the banking system as now well known, this test is very frequently emorganized has tended to make the approach ployed by credit men. The current ratio is to a "peak" more gradual. The high record materially higher this year than last, reflectfor any month of 1920-21 in volume of liabili- ing changes in several other items in the ties was in December, 1921; while the low statement. Merchandise inventory had alpoint, subsequent to May, 1920, was in July ready been written off to some extent in 1920 of the same year. Failures for the former date to correspond with lower values resulting from were approximately one-fourth in value those the drop in prices experienced in many lines of the latter. For the disturbance of 1907, the during that year. But, by and large, the high point (in value) was about three and one- January, 1921, statements showed considerhalf times the aggregate during the lowest able inventory on hand. In fact, in some lines it was greater in point of physical volume, month of the period. The relatively slower even if not when measured in terms of dollar advent of widespread commercial embarrassvolume, than it had been at .the opening of ment is the more remarkable when the larger 1920. In 1921 considerable further writing volume of assets employed by the community off occurred, and. furthermore-, stocks themas well as the larger volume involved in failselves were considerably reduced. This was ures during 1920-21 is considered. Bankers a usual reaction from the situation which met the situation more adequately than ever had existed when business reached its peak before, carrying concerns that were in difficulof activity. Business houses at that time ties until it became certain that they could had placed orders aggregating several times not be saved, The organization of creditors their actual requirements, and then found committees, created to give to bankers and that the entire quantity ordered was delivothers a participation in the operation of enered. v As a result, business men have curterprises that were financially embarrassed, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, .11)22. FEDERAL BESEBVE BULLETIN. 903 tailed greatly the volume of their "forward" shown by the borrower, while profits are orders, in addition to keeping smaller stocks taking the place of previous operating defion hand. In seasonal lines especially, whole- cits. This process of readjustment has gone salers and retailers have compelled manufac- further in some industries than in others. turers to carry stocks of goods, because they Some lines experienced price decreases at an themselves have ordered their own supplies early date and wrote off inventory correonly from time to time as needed. spondingly, but in others prices changed more At the same time that inventory was slowly and readjustment to the new conditions written down, sales decreased (reflecting in part was delaved. Accordingly, in these lines the the lower price level prevailing), while "pay- J>*~"Icay, 1922, statements show improvement ables" remained at their full amount. Ac- far less than the average, but a better outlook cordingly, the current position became lower. is indicated for the mid-year statements. In At the present time, however, stocks are much such lines progress has been made only since smaller, and inventory has been pretty well the opening of the present year. written off. Corresponding to this decrease, During the last few years the length of the although somewhat less in amount, there has credit period granted the buyer by the seller been a decrease in the volume of accounts has increased perceptibly. and notes payable. As inventory has been Mercantile ^is is not, however, reflected credit conaitions. 7 ' reduced, obligations have been repaid. The to a very marked degree m the great decrease came in 1921, and is reregular terms of sale which arc quoted in difflected in the January, 1922, statements. ferent industries. On the contrary, these tend This decrease in payables, however, has been in many cases to continue unchanged; if busimuch more largely in the nature of a reducness houses do not universally adhere to them, tion of indebtedness of business houses to it is nevertheless felt that they represent an banks than of business houses to each other. ideal or standard condition and as such exert Receivables show a relatively smaller dea wholesome influence. Furthermore, the crease than do payables. This corresponds shortening of terms evident during the period in part to the smaller dollar volume of busiof prosperity generally did not go far enough ness, but also reflects a lagging in paying to supplant the regular terms, but rather merchandise creditors. The relatively greater represented exceptions to them. Accordingly, decrease in merchandise than in payables has the record of collections affords a much more resulted in a decrease in net worth. Many accurate indication of the trend of mercantile firms showed deficits from current operations credit conditions. Collections have two asduring the past two years, and the surplus pects: The extent to which buyers take cash account suffered correspondingly. Since the discounts or anticipate the due dates of their opening of the present year, however, volume bills, and the promptness with which they of business has increased, and actual earnpay at the time the bills are due net. Business ings are again generally shown. houses obtain from the banks the major part The above analysis indicates that the of the funds they use to take advantage of the financial position of business houses is decash discount. As heavier demands are made cidedly better than a year ago. Inventory upon the banks toward the peak of prosperity, on the whole has been written off sufficiently. funds are less easy to obtain and accordingly the It has also moved from distributers7 hands, number of those who discount their bills tends so that stocks maintained have been conto decrease. Such, in fact, appears to have siderably reduced. Trade obligations have been the case early in 1920. In 1921, after not yet shown a corresponding decrease, but business conditions had unmistakably changed, liquidation of indebtedness to banks has made the number of those taking the cash discount great progress. Finally, the bankers in genmay likewise be expected to have been relaeral do not at present need to make certain tively small, and during the present year only allowances when considering the net worth gradual improvement is shown. Collections, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

904 FEDERAL RESERVE AUGUST, 1922. as distinct from discounting of bills, show a of loan is afforded by the following figures for similar condition. The relatively slower de- national banks taken from the annual report crease in receivables already noted affords an of the Comptroller of the Currency for 1921. indication of this tendency, and trade reports [In thousands of dollars.] confirm it. In short, merchandise creditors Paper had to carry their customers when the latter secured were unable to move their inventory. This | ; wi P th a p o e n r e b p y e rs o o t n h a e l r or more Paper securities, condition is reflected in the reports at various : ind o i r v f i i d r u m al b s y e c s u to re c d ks i m n e c r lu c d h i a n n g - Total. times in the past that new purchases were paid , names (not and bonds. dise, ware- I secured by house more promptly, while old accounts already out- ! collateral). receipts, etc. standing were but slowly reduced. Collections have continued to lag relatively until Jun c 30, 1919 : 5,848,884 3,438,385 i 1,331,359 I 10,618,628 late this spring, May and June in particular 1 1 9 9 2 2 0 1 ! 7 8 , , 2 3 1 1 4 2 ; , 2 1 0 4 0 8 2 3 , , 6 1 9 1 9 7 , ,8 1 9 6 0 7 1 1 , , 7 6 8 02 2 , , 7 3 1 9 7 9 ! ' • 1 1 1 3 , ', 6 2 0 1 6 2 ,0 ,4 3 8 2 9 evidencing improvement. The period under consideration affords in- In considering these data it should be teresting evidence of the relative degree of remembered that the figures in the first and liquidity of the various classes third columns may represent in part loans, the proceeds of which were employed by the recipii- of loans made b7 banMn« ?" ents for capital purposes. The decrease in stitutions. There is always difloans secured-by stocks and bonds between ference of opinion as to this matter. The view 1919 and 1920, in the face of an increase in generally accepted for many years was that unsecured loans and commodity loans, thereloans growing out of commercial transactions fore possesses only limited significance. Most were most liquid; more recently this has been important appears the fact that the decrease seriously questioned. No hard and fast rule in commodity loans between 1920 and 1921 can be laid down. It is, of course, true that was relatively smaller than in the case of either loans made for capital purposes are not liquid. of the other two classes of loans. But, as just This has been amply demonstrated by the indicated, in considering the above figures it experience of the last several years. Borshould be borne in mind that loans are not rowers who undertook plant expansion with classified according to the actual use made of funds borrowed from the banks, hoping to the proceeds, and thus the source from which repay the loans shortly out of anticipated the borrower is enabled to liquidate the loan profits, were in a difficult situation when gen- can not be fully determined. eral conditions changed and profits did not A prominent aspect of the general situation materialize. The plant did not provide the this spring has been the issue of bonds by inwherewithal to repay the loan. Bui those dustrial enterprises. The prowho borrowed apparently for commercial pur- Present status ceeds of many of these have poses in many cases likewise experienced dif- of banks. been used to pay up bank loans ficulty. In the expectation that prices would or to supply working capital. The experience continue to rise, they accumulated stocks of of the last several years has shown the need commodities, which, when economic reaction of keeping a sufficient margin of working set in and prices fell, proved far in excess of capital, at the same time that the necessity for market demand and had to be revalued at the writing off inventories, etc., has in some cases new and lower price levels. Loans meanwhile decreased the capital invested in the business. remained unchanged in amount, and current Accordingly outstanding short-term indebtedoperations, especially in view of diminished ness has been funded, or obligations incurred sales, did not.provide the means of repayment. to supply additional funds. While this process Accordingly it became necessary for creditors to is relatively more expensive than bank borrowcarry such borrowers temporarily while the ing, it has the advantage of providing the busiloans remained "frozen." Some light upon ness house with funds for a longer period of the relative degree of liquidation of each class time, and permitting the concern to retire the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL, RESERVE BULLETIN. 905 obligations when convenient out of future little difference is now reported. Paper of the earnings. very "largest" names, however, is on the whole While this development has been taking scarce. These concerns are in a strong finanplace, banks' loans direct to customers have- cial position now, especially where they adopted been decreasing until lately. In fact, both the a conservative dividend polic y and did not pay m issue of bonds and the flotation of paper in the out completely the substantial profits they open market have played a considerable role made. Furthermore, in view of the decreased in enabling business houses to liquidate their volume of business, their requirements are less. indebtedness to the banks. As pointed out in At the same time it may be noted that the the July BULLETIN, banks have otherwise in- market on the demand side at present shows vested the funds so released. This has taken a more normal tendency. Large city banks are the form of increased purchase of paper in the now purchasing for their own account, while open market and of heavier purchase of secur- there is less country bank buying. ities of one kind or another, as well as of in- Bank credit methods have been adapted to crease in loans on securities. But enlargement the changes in general business conditions. At of commercial demand may now be expected, certain times some informawith the increase in business activity which is tion is more imPort'ant; at other taking place. Tn these circumstances the ques- times other information. Two tion now confronts our banking institutions, years ago market conditions were unstable and what is the "portfolio policy" which they constant shifting occurred. Special attention should pursue? How should they endeavor to was therefore given to obtaining statements strike a balance between the different uses to more frequently and supplementing them with which they put their funds, in order to render operating data and data as to the probable maximum service to the business community? high point of borrowings. At the present time, The open market for commercial paper re- while more data are probably obtained, emphasis is chiefly placed upon the ability and flects clearly both the general business situation character of the men behind the concern. Older in relation to the borrower and The commercial i nce of surplus funds business houses are approved by reason of the th ex ste paper market. . .. fact that they succeeded in passing through the m tne hands ol banking instituprevious period of stress, but close scrutiny is tions. While dealers' outstandings on the made of the past history of those connected whole show a steady increase from the low with new concerns. A development of the past point reached in the latter part of 1921, paper two years has also been the use, when applying remains scarce. The increased volume of paper for credit, of a financial budget by business in the market is due, not to increased business houses to supplement the statement proper. demands, but rather to a shift of borrowing This practice has been confined largely to those from customers7 own banks to the open market houses whose statement is only fair. It is because of the lower level of rates prevailing probably largely the outcome of inquiries by in the latter. Many firms are reported to have banks as to what the peak of the concern's taken advantage of the situation to "clean up" indebtedness would probably be, and how the with their own banks. Added to this is the fact concern would liquidate the debt. The shiftthat, with the present volume of business ing conditions found two years ago further carried on at lower unit cost, many houses find caused banks to follow commodity price flucat most a small amount of bank accommoda- tuations more closely, as well as to consider tion suffices in addition to the funds they can particularly the influence of general business obtain in the open market. New borrowing is conditions in the industry, which often overstrictly limited and confined largely to current shadow the immediate situation of the individual concern. Slight change in loan forms requirements. Several months ago it was felt is, however, shown, only minor modification by some banks that poorer names were in relain the interest of greater security to the lendtively better supply .than first-class names, but Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

906 FEDERAL RESERVE BULLETIN. AUGUST, 1022. ing bank being reported in more or less isolated The above survey indicates clearly that the cases. credit problems confronting both business Changes which have occurred on the foreign houses and banking instituside of the credit practice of banks are also Banking and tions change to a marked decredit. noteworthy—particularly so in gree from time to time during Foreign bank view of the developments the course of the business cycle. Furthermore, credits. which have been taking place it is seen that the methods adopted, both by in the organization of our banks for the treat- banks and business houses, to deal with these ment of foreign credits. The experience of the credit problems change accordingly. New depast two years has resulted in credit study of vices arc introduced from time to time, and the same sort that has been employed in the varying importance is attached to existing analysis of domestic conditions. Heavy losses devices and methods in an effort to provide suffered in connection with foreign advances the maximum degree of safety and liquidity are currently ascribed to lack of information in the credit system. It is clearly desirable analogous to that obtained through domestic that central banking institutions be fully cogcredit study by those most conversant with nizant of developments. No less is it desirable the situation. The fact that banks in extend- that the banking system maintain close contact ing commercial accommodations against for- with the various methods used, and that it itself eign shipments have almost uniformly insisted employ such of these methods from time to upon retaining right of recourse to the local time as it deems desirable. Only in this way house engaged in the particular transaction may it maintain the most effective regulation and have, of course, extended such accommo- of the general credit system. Activity along dation in the majority of cases to concerns the lines indicated is necessary to supplement whose credit was known to be sound, has in the more general regulation of credit by the large measure acted as a buffer against loss, traditional method of the discount rate. To but only indirectly, since the local exporting the extent that this is realized the functioning or importing house has had to bear the brunt of the banking system is made more effective. of losses. Such houses, however, which do The Federal Reserve Board's usual indexes not themselves have good credit connections of general production and marketing condiabroad have found it necessary to rely on the tions are shown in the following banks for credit information as to foreign Index of busi- table. Coal production was customers. Experience has shown that where ness conditions. slightly higher than in May, such credit information was obtained from whereas shipments of grain and lumber were foreign branches of American banks it has somewhat lower. Iron and steel production usually been of satisfactory character. This continued to be much higher than in the correhas increased regret at the tendency to reduc- sponding month of 1921. tion in the number of foreign branches, but has led business houses largely engaged in the [000 omitted.] export trade to feel the necessity of attempting June, 1921. ' June, 1922. | May, 1922. s a y s m te o m re t t o h o c ro o u v g er h t o h r e g a f n o i r z e a i t g i n o n fi o e f l d t . h e I i n r c s r o e m di e t •I T — oi•al. t R iv e e la , - jTotal. l R i e v l e a . - _ 1 . T ot | L t R iv e e la . cases they are dispatching skilled credit men Receipts of live stock al 15 western markets (head) 4,928! 100.0' 5,141 104.3, 4,991 101.3 to travel abroad in the territory in which the Iloccipis of grain at 17 interior centers (bushels) 93, ! IOO.O, .,019 83.51 86,458 92.6 business is being done; while American banks, Sight receipts of cotton (bales) 1" 100. 0: 507 76.8! 594 90.0 shipments of lumber rein those countries in which they still maintain ported by 3 associations (Mfeel).." 079 100. 0 957 HO. 9j l,10J 162. 2 branches, are tending more and more to de- Bituminous coal production (short tons) 8521100.0; 22,309 65.91 20,290 59.9 velop their credit systems on the lines pursued Anthracite coal production (short tons) ; 7S6; 100. ol 84 1.1; 35 .4 in domestic trade. The experience of 1920-21 Crude petroleum production (barrels) 100. Oi 45,247 11.2.1: 46,473 115. 2 has unquestionably emphasized the necessity Pig-iron production (long tons) 100.0, 2,361 221.7 2,307 210.6 of such action and is tending to bring about a Steel-ingot production (long I tons) 003 i 100. Oi 2,634 262.6 2,711 270.3 marked alteration of methods. Cotton consumption (bales).'. 100.0. 5081 110.0| 496 107.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, :1922. FEDERAL, RESERVE BULLETIN. 907 Net gold imports for the month of June Developments in the banking field during the totaled $11,368,000, as compared with net five weeks ending JuLy 19 differed but little imports of $5,587,000 in May. from those described in the Nearly 70 per cent of the total sliuSon BULLETIN amonth ago. Liquigold imports for the month, dation of commercial loans by §12,969,000, came from Europe. Arrivals of the member banks continued, but was more gold from Great Britain, mainly of South than offset by the increase in investments, African origin, after a practical suspension for mainly in United States securities. Total two months, totaled §4,160,000, while other loans and discounts of about 800 member banks imports from Europe consisted chiefly of ship- in leading cities show a total reduction during ments from Danish and French ports. Gold the five weeks under review of $136,000,000, of exports for the month totaled $1,601,000, most which §46,000,000 represents a reduction in of which was consigned to Hongkong and loans secured by Government obligations, Mexico. Net imports of gold since August 1, $7,000,000 a reduction in loans secured by cor- 1914, totaled $1,654,949,000, as may be seen porate and other obligations, and $83,000,000 from the following exhibit: a reduction in all other loans and discounts, composed largely of commercial loans proper. [In thousands of dollars.] Under the general head of investments United States bond holdings of the reporting banks Tmports. I i E m x p c o e r s ts s _ of show a continuous growth, aggregating $46,000,000 for the five-week period. Changes Aug. 1, 1914, to Dec. 31, 1918 1,776,616 705,210 1,07.1,406 Tan. 1 to Dec. 31, 1919 7(5,534 : 3(58, "185 1 291,651 in the other classes of Government ocurities Jan. 1 to Dec. 31, 1920 417, OoS ; 322,09!. 9"'4 ,9"7""7 Jan. 1 to Dec. 31, 1921 i 691,248 i 23.891. ' 607.357 are traceable largely to the refunding opera- Jan. 1 to June 30, 1922 ! 123,005 : 10,143 ! 112; 80O tions of the Government, involving the ex- Total. 3,084,471 : 1,429,522 1,654,949 change of Victory notes for Treasury notes ! j 1 Excess exports. bearing a lower rate of interest and maturing three and one-half years from June 15, and to Silver imports for the month were valued at the issuance on that date of a new series of $6,346,000 and silver exports at $6,004,000, Treasury certificates. Investments in corleaving thus an excess of imports of $342,000, porate securities showed an upward trend until as against an excess of exports of $165,000 for July 5, but declined during the two subsequent the preceding month. Over 70 per cent of the weeks, and the July 19 total is only about silver imports is credited to Mexico and over $10,000,000 larger than five weeks" before. 12 per cent to Peru, the remainder coining Total loans and investments of the reporting mainly from Canada and Central America. banks fluctuated between $15,264,000,000 on Nearly three-fourths of the silver exported June 21 and $15,188,000,000 a week after and during the month was consigned to China and stood at $15,197,000,000 on July 19, a decline Hongkong, while shipments to England and of about $16,000,000 for the five weeks, but an British India account for nearly 20 per cent of increase of §247,000,000 since July 20 of last the total silver exports for the month. Net exyear. Investments in Government securities ports of silver since August 1, 1914, totaled constituted 14 per cent of total loans and in- $440,530,000, as shown in the following exhibit: vestments on July 19, 1922, compared with 8 [In thousands of dollars.] per cent about a year ago, while the corresponding share of "all other77 loans and discounts ! Tmports. Sports.! shows a decline during the same period from 54 to 46 per cent. As against substantial reduc- Aug. 1, 1914, to Dec. 31, 1918. 203,592 483,353 i 279,761 tions in Government and other demand depos- Jan. 1 to Dec. 31, 1919 89,410 239,021 149,611 Jan. 1 to Dec. 31, 1920 88,060 ! 113,616 i 25,556 its, time deposits show a stead}^ advance of Jan. 1 to Dec. 31, 1921 j 63,242 I 51,575 j 111,667 Jan. 1 to May 31, 1922 ! 34,8T" 32,161 i 2,731 $205,000,000 for the period under review. Total : 479,196 919,726. 440,530 Borrowings of the reporting banks from the Federal reserve banks advanced to $206,000,000 1 Excess imports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

908 FEDERAL RESERVE BULLETIN. AUGUST, 1022. on July 5, mainly in connection with the large REPORTING MEMBER BANKS. holiday demands for currency. Since then the [In millions of dollars.] return flow of currency has enabled the banks Redis- • to reduce substantially the ;e borrowings from b ™r I Loans a c n o d u b n i t l s l s j I Ratio of Net b th o e r ro re w se in rv g e s b o a f n r k e s p . ort T in h g e m pr e o m po b r e t r i o b n a n w k h s ic c h o n t s h t e i- Date. , 0 °l\ and ;l m n e v n e ts s > t- p F a e w y d i a e t b h ra l e l • - a ( • c 4 c - d S o a - m 2 ti + m o 3 n o ) - . de d i m e ts p a . o n s d reserve ; tute of the total discounts held by the reserve banks. ; banks was 35.5 per cent on July 19, compared Time 14. 800 .10,944 4,269 116 0.8 11,198 with 27.9 per cent five weeks earlier. June 21. 799 !10,885 4,379 I 123 8 11,192 June 28. 799 :10,783 41405 I 165 l!1 11,124 The following exhibit presents the principal July 5... 796 10, 839 4,401 ; 206 1.4 11,088 July 12.. 795 10,839 4,372 142 9 11,199 changes in the condition of reporting member July 19.. 795 10,80S 4,389 158 I!0 1.1,101 banks during the five weeks under review: 1 Including rediscounts with Federal reserve banks. WEEKLY CHANGES IN PRINCIPAL ASSETcJ AND LIABILITIES c • FEDERAL RESERVE BANKS REPORTING MEMBER BANKS 1 RESERVE RATIO 6 U.S.SECURITIES 1 LOAMS SECURED BY U.S. OBLIGATIONS 6 OTHER LOANS (Largely Commercial) 2 TOTAL DEPOSITS _ DISCOUNTS SECURED BY 2 U.S. GOVERNMENT OBLIGATIONS 7 NET DEMAND DEPOSITS 3 CASH RESERVES U.S.GOVERNMENT OBLIGATIONS 3 ACCOM MODATION AT F. R. BANKS 8 TOTAL LOANS AF. R.NOTE CIRCULATION 8 TOTAL DISCOUNTS A STOCKS, BONDS ETC. 9 TOTAL LOANS AND INVESTMENTS 5 PURCHASED ACCEPTANCES 9 TOTAL EARNING ASSETS 5 LOANS SECURED BY STOCKS AND BONDS MILLIONS' MILLIONS BILLIONS BILLIONS DOL O L F ARS DOL O LA F RS DOLLARS DOL O L F ARS 17 17 3000 H V .. 3000 16 9 16 p- \ \ \ 2500 V% \ i 2500 15 15 -V \ \ <J \ \ 2000 \ \ V 2000 14 14 Y\ \ V\ 1500 ^ 1500 13 H8 **, \ 13 [7 w \ ^ \ V\ 12 12 1000 X \ N. 1000 11 11 " 500 3. A \ i V*>• -** \ V\ > \ */ 500 10 \ 7 •\^v 1 \ A A 'N*A K ? '% 10 ... o 9 6 9 MILL O IO F NS! RES O ERVE \ DOLLARS\— RATIO 3000 ~* - 8 V. 8 S PER CENT 7 7 2500 3 \•s \ 1 9 0 0 0 6 6 s 2000 2 k t A 80 5 5 70 4 4 1500 ,** 60 1 50 3 5 v>«^« ^= ^" > S 3 1000 40 30 2 •v 4 *»«-•-s ** 2 500 20 1 2 J: V N -•• 1 10 - - - J. F. M. A.M. J. J. A. S. O. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A M. J. J. A. S. 0. N. D J. F. M. A. M. J. J. A. S. O. N. D. 1921 1922 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 909 At the Federal reserve banks the principal show an increase of $34,600,000 for the period developments for the five weeks ending July and cash reserves an increase of $33,800,000 26 include a further reduction of $41,600,000 The Chicago bank reports the largest increase in discounted paper and of $14,700,000 in Gov- in gold reserves, $59,300,000, smaller increases ernment securities, as against an increase of being shown for five other reserve banks, while $34,700,000 in acceptances purchased in open the New York, Philadelphia, Atlanta, St. Louis, market. Total earning assets of the reserve Minneapolis, and Dallas banks show decreases banks on July 26 stood at $1,076,900,000, as in their gold reserves. With Federal-reserve compared with $1,098,600,000 five weeks ear- note circulation practically unchanged and the lier and $3,421,600,000 at the peak reached on increase in deposits practically offsetting gains November 5, 1920. Decreases in discounts for in reserves, the reserve ratio of the reserve the five weeks under review are shown for all banks shows but a nominal advance from 79.1 the Federal reserve banks except Boston and to 79.2 per cent. Net liability of the reserve . Dallas, which show small increases, by far the banks on Federal reserve bank notes declined largest reduction being reported for the Cleve- from $67,700,000 on June 21 to $63,600,000 five land bank, whose discounts declined from weeks later. $42,100,000 on June 21 to $25,000,000 on July Weekly changes in the principal asset and 26. During the first two weeks of the period liability items of the Federal reserve banks discounts showed an upward tendency, partly are shown in the following exhibit: as the result of end of fiscal year settlements FEDERAL RESERVE BANKS. and of currency demands in connection with [In millions of dollars.]. the July 4 holiday, but for the next three weeks i $ a n 3 c 8 F r r e 0 e e d , a d 0 u s e 0 e c r 0 d a t , i l 0 o 0 t n r o 0 e s f e o $ r r o n 2 v m , 1 e J 9 u n 4 l $ y , o 4 3 t 9 0 2 e 8 0 6 , , c 9 0 i i 0 s 0 r c 0 0 s u , h 0 l o o 0 a w n 0 ti o n J n o . u , n l y w J h u 5 i l c y h i n 5 h r a e t d o - - • ,• u > a „ l , G ._ ' iI | iI r cs uC e a r a v ssn e h .sJ • co t } B o d ~ £ t i i ~ r l a s ~ l f - l s : . • i ! G s mm i e o t c i v ee e u e nn s r - r t - t n - \ de TT p oo o tt s aa i ll t s.! '' 1 i nn ca r F oo i e t c tt r e i s ee tc o d u e ss u n e r al ii . r v la nn a e - : l ; Rliee ra ss t ee i rr o vv . e sponse to the holiday demand for currency, June 21 ! 3,147.7 j 421.6 ! 555.5 ' 1,854.4 2.126.3 79.1 declined to $2,126,800,000 on July 26, this June 28 3,148.4 ! 469.1 i 556.6 , 1,939.3 2.124.4 77.5 July 5 | 3,133,9 . 498.9 ' 550. 5 1,884. 7 2,191.3 76.8 amount being but $500,000 in excess of the July 12 : 3,157.0 I 429.9 | 556.8 i 1,924.9 2,158.1 77.3 July 19 j 3,169.3 ! 443.5 ' 541. 8 ! 1,942.5 2,132.8 77.8 June 21 figure. Increases of $36,100,000 in July 26 : 3,181.5 j 380.0 j 540. 8 j1,888.1 2,126.8 79.2 Government deposits and of $3,200,000 in members7 reserve deposits, together with a re- Mr. W. J. Bailey has been elected Governor duction of $5,600,000 in other deposits, resulted of the Federal Reserve Bank of Personnel. in an advance of $33,700,000 in the reserve Kansas City, effective July 1, banks' total deposit liability. Gold reserves 1922, to succed Mr. J. Z. Miller, Jr., resigned. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

910 FEDERAL EESEKVE BULLETIN. AUGUST, 1922. BUSINESS, INDUSTRY, AND FINANCE, JULY, 1922. The outstanding feature of the greater part of the month has been the continuance of business and industrial activity at the relatively high rate recently attained. In fact, production has shown further increases in some lines, while in those which normally would be noticeably affected by seasonal influences, decreases on the whole have been relatively slight. At the same time, prices have continued their upward tendency, the index number of the Federal Reserve Board for June being 162, an increase of 4 points over the May figures, further increases being indicated for July. As the current month progressed, the effects of the coal and railroad strikes began to make themselves felt. This influence has served recently to restrain productive activities in various lines, noticeably iron and steel. The plans recently announced by the administration are expected to relieve the situation. The output in various lines of manufacture showed further improvement in June. This was particularly noticeable in the case of iron and steel, copper, automobiles, and tanning. In the textile industries, increased output of both cotton and woolen goods was reported during June, although some seasonal recessions have been experienced since the opening of July. Construction activity has been well sustained, only slight recessions occurring in June, and the production of lumber and other building materials accordingly has continued at a high level. The amount of bituminous coal mined in June showed a considerable increase, but since the opening of the present month has fallen off greatly. Coal stocks have consequently been further drawn upon. Anthracite production has been negligible, and stocks, with the exception of pea sizes, are practically exhausted. Petroleum output continues large, and stocks are, in fact, accumulating. A further reduction in the number of persons out of work was reported during June, and scarcity of labor continued to be noted, especially in the building trades. Certain districts also reported a scarcity of agricultural labor. Unemployment remained a factor only in those lines, such as textiles, coal, and transportation, in which labor difficulties exist. Agricultural prospects are still very satisfactory for the country as a whole, although there has been a considerable deterioration in the condition of wheat and oats. Fruit crops are reported to be above the average, and the tobacco outlook in general excellent. The cotton crop shows some improvement during June, but it is still too early to estimate the amount of damage from the boll weevil. In wholesale trade there was a general improvement in most lines during Juno. Grocery sales in particular w^ere large and showed increases in all districts over last year. The majority of the districts likewise reported an increase in dry goods sales as compared with May. Boot and shoe sales declined during the month of June, and the situation in respect to hardware in most of the districts was not so satisfactory as in recent months, although generally better than a year ago. The volume of retail trade was well sustained during June, although slightly less than in May. Financially there have been few new developments noted for the month. The Federal Reserve Banks of Dallas and San Francisco reduced the discount rate to 4-J- and 4 per cent, respectively. Of much interest has been the announcement by the Treasury on July 26 calling for redemption on December 15, 1922, of, approximately $1,000,000,000 of the 4-| per cent Victory notes. Federal reserve bank portfolios show littlp change, while member bank loans, other than those secured by stocks and bonds, show a downward tendency. Foreign exchange rates have remained steady, except for the mark, which reached the lowest figure to date. The foreign trade figures for June show a substantial increase over May both for imports and exports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL. RESERVE BULLETIN. 911 In district No. 8 (St. Louis) cotton made good AGRICULTURE. progress under improved weather conditions. The average condition of winter wheat on Fields in this district, as a rule, show the July 1 was 77, compared with a condition on results of intensive cultivation and are clean June 1 of 81.9 and a condition of 77.2 on July and clear of weed growth. Numerous reports 1, 1921, and is four points below the 10-year of the presence of boll weevils have been average for July 1. The production estimate received, but it is impossible as yet to deterfor the entire'United States is 569,276,000 mine the extent of the damage. District No. bushels—practically 38,000,000 bushels under 10 (Kansas City) reports an increased acreage, the June 1 estimate. The major part of this while the condition of the crop indicates an loss occurred in district No. 10 (Kansas City), improvement over the May condition and is a due to premature ripening and shriveling of shade better than a year ago. The weevils the grain during the dry weather and to the appeared much earlier in this district than last difficulty of securing sufficient workers when year, but are being actively combated, and in the crop rapidly matured. The harvesting of some sections their number has decreased since spring wheat in district No. 8 (St. Louis) is their first appearance. The condition of the completed. Early returns show uneven con- crop in district No. 6 (Atlanta) is less favorable ditions, the chief source of complaint being the than in May, due to excessive rains and the light weight of the grain, due here also to pre- activities of the weevil. Tennessee alone of mature ripening. District No. 7 (Chicago) and the States in that district reports that the crop district No. 12 (San Francisco) report deterio- •as a whole is in splendid condition—decidedly ration of the crops during June. A long period above the average. The Georgia crop has sufof unusually dry weather in the latter district fered the most, due to continuous rains which has seriously damaged the condition of spring prevented cultivation, induced the growth wheat and has reduced the yield of winter of grass, and leached out much of the ferwheat both in quality and quantity. tilizer. The condition of the oats crop has greatly deteriorated throughout the oats-growing sec- TOBACCO. tion, and some fields have been abandoned. Corn has made good progress during June in Reports from tobacco-growing districts are district No. 8 (St. Louis) and in district No. very favorable, and in district No. 5 (Rich- 10 (Kansas City). In the latter district, how- mond) the growth is well advanced. The ever, the rains, which were badly needed in slight damage from heavy rains is confined to early July, did considerable damage through low and poorly drained fields. The estimated floods and soil washing, so that in spite of the production from the increased acreage is increased acreage the yield will be less than 161,515,000 pounds. The South Carolina crop, in 1921. The barley harvest in California has which is at present being cured, is reported as been practically completed, and the yield is of rather inferior quality, due to excessive estimated at 36,720,000 bushels, an increase of moisture during the growing season. The 7,020,000 over last year's crop. The white burley tobacco crop in district No. 4 (Clevepotato crop is generally very good, and the land) is in excellent condition. It is believed sweet potato crop is unusually good in district that a large part of the crop will be cut in No. 8 (St. Louis). The sugar-cane crop in August, and early cutting means good quality. Louisiana is estimated at 19 per cent less than Practically all of the old burley has been sold last year, due to unfavorable weather condi- and the farmers appear well satisfied with the tions. work of the marketing association. A continuation of the June increase in business still COTTON. prevails among the cigar manufacturers in During June weather conditions were favor- district No. 3 (Philadelphia). The larger able, and the cotton prospects improved in firms, especially those located in Philadelphia, most districts. The price of middling upland and haying a national distribution, report cotton at New Orleans on July 12 was 21.7 that their business has shown a decided imcents, as compared with 19.4 cents on June 14. provement. Demand during the summer Cotton stores at mills and public warehouses months is stimulated by a large vacation trade on June 30 amounted to 3,268,000 bales—about in the better grades of cigars. Orders are 41 per cent less than on June 30, 1921. The still very largely for immediate delivery, but Texas acreage is estimated to be approximately there is a growing tendency on the part of 11 per cent greater than last year's, with a fore- jobbers and wholesalers to order ahead and casted yield of 3,525,000 bales, compared with return to the old practice of placing orders for a total production of 2,200,000 bales in 1921. regular weekly shipments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

912 FEDERAL RESERVE BULLETIN. AUGUST, 1922. FRUIT. receipts at four leading markets in district No. 10 (Kansas City) show decreases as compared with In district No. 12 (San Francisco) the last month and with June, 1921, receipts for warm weather has hastened the maturity of the w~heat year 1921-22 ending June 30 show an the fruit crops, and there have been no reduc- increase of 23,734,350 bushels, or 6.7 per cent tions in previously estimated yields. The over the receipts for the previous '1920-21 estimates for the peach and pear crops are well wheat year. "This increase reflects something above last year's production. Car-lot ship- of the activities of farmers in disposing of their ments of fresh deciduous fruits are expected to wheat under the more favorable market prices be unusually large this season, and grape of recent months." Grain prices, which congrowers estimate that they will require over tinued to decline early in July, have shown a 40,000 cars to move their crops. The apple tendency to recover since the middle of the prospect in Georgia continues to improve and month. the production will probably be greater than FLOUR. for several years. The crop for the entire United States is estimated at 94,239,000 Flour production during June was 8,136,000 bushels, compared with the 1921 yield of barrels, compared with 8,073,000 barrels during 63,612 bushels. The yield of Georgia peaches, May and 8,087,000 barrels during June, 1921. however, lias been less satisfactory than was In district No. 9 (Minneapolis), however, outanticipated a month ago. Production of put decreased from 1,889,755 barrels in May to watermelons is running above that of last year, 1,829,635 barrels in June, an increase of 7.1 due chiefly to increased acreage, and the canta- per cent over June last year. The mills in loupe production has been three or four times district No. 10 (Kansas City) manufactured that of last year. The fruit crop in district 1,535,506 barrels of flour in June, a decrease of No. 10 (Kansas City) is the best for several 1.2 per cent compared with last month, but an years and is bringing very large revenue to the increase of 7.8 per cent compared with June growers. Prices of deciduous fruits are ex- last year. Output of 11 leading mills in dispected, however, to be slightly lower than in trict No. 8 (St. Louis) was 223,428 barrels, or 1921, due to the abundant crop. The condi- 23 per cent less than during May. Forty-two tion of oranges in Florida improved during mills in district No. 7 (Chicago) produced June, but there was no similar improvement in 412,456 barrels, an increase of 12 per cent over the condition of grapefruit, which is below that last month and of 22.9 per cent over the corof a year ago. Shipments of citrus fruits from responding period last year. In district No. 12 California are somewhat smaller than during (San Francisco) production of 63 mills amounted May and substantially less than in June last to 480,738 barrels, compared with 520,800 year. Prices of oranges are well above last barrels produced by 65 mills in Ma}^. Throughyear's price, but there is a reduction in prices out June the demand for flour from all sources of lemons. was quiet in district No. 8 (St. Louis). Domestic buyers there and in district No. 12 (San GRAIN MOVEMENTS. Francisco) were taking only what they needed for immediate distribution. Reduced flour Grain receipts at 17 interior centers totaled buying during the month,is probably the re- 78,018,402 bushels, a decrease of 10 per cent sult of an anticipated price decline, in response compared with last month, but are still well to falling wheat prices. Export interests have above the April figure. Receipts of corn and made some inquiries, especially since the first barley increased, but there was a marked of July, for flour to be milled from the new decline in receipts of wheat, oats, and rye, crop, but in both districts contracting for with flour receipts showing practically no future requirements has been unusually light. change. In the cases of wheat, corn, and oats, receipts at Chicago register the most important LIVE STOCK. changes and are responsible for the difference between total receipts this month and last, Movement of cattle, calves, and hogs to other increases and decreases practically offset- market during June was greater than during ting each other. June wheat receipts at the 17 June, 1921, but the reverse was true of sheep. centers totaled 21,092,993 bushels, a decrease Receipts of cattle and calves at 15 western of 30 per cent as compared both with May and markets declined during June, but receipts with June, 1921. Receipts of corn during of hogs and sheep this month were slightly June amounted to 32,693,596 bushels, an in- larger than during May. Receipts of cattle and crease of 19.5 per cent compared with last calves during June totaled 1,228,489 head, a month and a decrease of 12.8 per cent com- decrease of 6 per cent compared with last pared with last year. Although June wheat month and an increase of 5 per cent compared Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 913 with June a year ago. June receipts of hogs with 35,000 tons in May and 7,786,000 tons were 2,865,301 head, an'increase of 3,6 per in June, 1921. The number of unbilled cars cent over May receipts and of 7 per cent over of anthracite at the mines was reduced from those of June, 1921. Receipts of sheep 2,815 on April 8 to 525 on July 8. All anamounted to 1,038,519 head, an increase of 11 thracite mine workers, except maintenance per cent as compared with last month and a men, are reported by district No. 3 (Philadecrease of 8 per cent as compared with June delphia) to be still on strike. last year. A survey recently completed by Stocks of both anthracite and bituminous the "United States Department of Agriculture coal have shrunk steadily since April 1 and shows a net increase of 14.5 per cent in the are now very low. This condition is most number of pigs raised in the Corn Belt States serious in New England and the Northwest. during the first half of 1922 as compared with District No. 1 (Boston) reports that hard coal the first half of 1921. It is suggested that this stocks are nearly exhausted, except for pea increase may overcome the present shortage in sizes, while soft coal reserves are " dangerously meat stocks. District No. 12 (San Francisco) low." Reports from district No. 9 (Minnereports that unusually hot and dry weather has apolis) indicate that stocks at Duluth and caused a rapid deterioration of pastures in the Superior on July 1 were only about one-third Pacific Northwest and in the Intermountain as large as a year ago, while stocks at Minne- States during June, and hay crops in these apolis and St. Paul were only one-fifth as great sections will be light. At present, however, as on July 1, 1921. live stock is reported to be in good condition, By-product coke production increased from dry grass and stubble forage affording a suffi- 2,537,000 tons in May to 2,580,000 tons in June, cient supply of feed for current needs. and is now very near the maximum monthly Sales of 31 packers show an increase of 0.2 output. Beehive coke production also inper cent in June as compared with May, and of creased, and amounted to 458,000 tons in 7.1 per cent as compared with June, 1921. A June, as compared with 432,000 tons in May. few companies report improvement in rural Prices of Connellsville furnace coke advanced buying, but this has been offset to some extent from $6.50 per ton on June 13 to $9.50 per ton by a falling off in sales in the coal mining dis- on July 11. tricts. Storage stocks of cured meats and lard PETROLEUM. at principal packing points in the west show substantial increases over those on June 1, but Crude petroleum production continued are still below those for a year ago. through June and the first half of July at about the same high level as in May. The total flow of United States wells amounted to COAL. 45,247,000 barrels for 30 days of June, as com- Production of bituminous coal in June pared with 46,473,000 barrels for 31 days of amounted to 22,309,000 tons, as compared May. Drilling operations continued to inwith 20,290,000 tons in May and 33,852,000 crease during June, and the number of new tons in June, 1921. The steady acceleration wells completed totaled 1,662 in comparison of mining activity, which w^as the feature of with 1,511 in May. Stocks of oil continue to the months of May and June, was not main- accumulate rapidly. tained during July, and there was a con- District No. 12 (San Francisco) reports little tinuous decline in average daily production change in the June level of production from from the week ending June 24 to the week that prevailing in May, while the number of ending July 22. This decrease in output new wells completed increased from 64 to 68. during July was largely due to congestion of In district No. 10 (Kansas City), also, drilling railroad traffic at the mines of Kentucky and activity showed considerable acceleration and West Virginia, which is a result of the strike 753 wells, with 149,020 barrels of production, of railway shopmen. Demand for all grades were completed, in June, as compared with 669 of bituminous coal increased substantially wells which had a 144,780 barrel output in after the reduction of freight rates on July 1. May. The number of new wells drilled in Railroads, steel mills, and cement plants have district No. 11 (Dallas), on the other hand, been particularly active buyers. High-grade declined from 507 in May to 473 in June. In steam coals have been in great demand, but that district there has been a marked reduction are now difficult to obtain. in the output of the Mexia field, but the Anthracite production is still practically Pioneer field continues to add important new negligible on account of the strike, and con- producing wells. sists mainly of river dredgings. The June There has been some divergence in moveoutput amounted to 84,000 tons, as compared ment of crude-oil prices during July. On July 4210—22 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

914 FEDERAL RESERVE BULLETIN. AUGUST, 1922. 15 the leading refining company in California month. The output of passenger cars announced a general reduction of 25 cents per amounted to 262,384, an increase of 13.2 per barrel in its buying prices for all grades of oil cent over May, while the June production of in the San Joaquin Valley and Whittier- trucks totaled 25,372, an increase of 9.4 per Fullerton fields. A similar reduction of 25 cent. Carload shipments registered a slight cents per barrel was announced early in July decline, but this was partly counterbalanced for leading grades of mid-continent crude oil. by increases in the number of driveaways and District No. 11 (Dallas), on the other hand, shipments by boat. Replacement buying conreports an increase of 25 cents per barrel in tinues to be an important factor in the en- Curry crude oil, and the prevalence of increased larged demand. Reports from 230 dealers in premiums for both Mexia and North Texas district No. 8 (St. Louis) indicate that sales of crude oil. Refinery prices for gasoline have new cars increased in both cities and rural disshown a tendency to soften during July, but tricts, while the used-car market was stronger there has been an increase of 25 cents per than in any previous month this year. There barrel in the price of bunker oil at New York. has been a large increase in the percentage of closed cars to total passenger cars, and this has caused a very great improvement in the body IRON AND STEEL. industry. District No. 4 (Cleveland) reports Conditions in the iron and steel industry that most of the increase in volume of truck have continued to be encouraging, although production is confined to the three-quarter ton there is temporarily some curtailment of ac- trucks. tivity due to the coal and railroad strikes. NONFERROUS METALS. Unfilled orders of the United States Steel Corporation increased 7.3 per cent during June Production of all important nonferrous and amounted to 5,635,531 tons at the end of metals continued to increase during June and the month. June production of pig iron and mine operations were, as a whole, on a largersteel ingots totaled 2,361,028 tons and 2,634,477 scale than in any month since August, 1920. tons, respectively. This represented an in- Copper production totaled 93,739,847 pounds, crease in average daily output as compared which was 5.7 per cent in excess of the May outwith May, although the total production of put and 420 per cent larger than in June, 1921. steel ingots showed a slight decline. A num- Demand continues to be about sufficient to ber of blast furnaces were forced to bank dur- absorb the increased production, as is eviing the third week in July, and operations of denced by a maintenance of the general selling steel mills are reported to have slackened some- price of electrolytic copper delivered at New what, due to the shortage of fuel and of ship- York at about 13.875 cents per pound since ping facilities. District No. 3 (Philadelphia) early in June. There has recently, moreover, reports that one of the most encouraging fac- been considerable improvement in the average tors in the present situation is the diversity of price received for copper exports. Domestic demand, while district No. 4 (Cleveland) states inquiries are generally for moderate tonnage, that in some lines, particularly certain types of but orders are numerous.. Conditions in the steel bars, deliveries on new orders require zinc industry are also improving steadily, three or four months. The continued activity although the revival is much more gradual of automobile factories has resulted in an than in the case of copper. The June output active market for sheets, while builders con- of retorts was 28,547 tons, which was 4.1 per tinue to purchase large quantities of shapes. cent higher than in May and 48 per cent Railroad demand continues good, and orders greater than in June, 1921. Stocks of zinc for over 100,000 new cars were placed during declined from 40,409 tons on May 31 to 29,576 the first six months of this year. The market tons on June 30, and are now less than the for machinery and machine tools is improving, amount required for one month's consumption. and the stocks of tools are being gradually The general selling price at St. Louis rose from reduced. Prices of most iron and steel prod- 5.425 cents on June 14 to 5.80 cents on July 19. ucts have advanced during July, while pre- Shipments of zinc ore from district No. 10 miums are being paid for prompt delivery of (Kansas City) were slightly larger in June than certain grades of steel. Slight recessions have in May, while the average price per ton rose been reported, however, in certain grades of from $29.51 to $31.96. pig iron. Pig lead production was about 1.6 per cent higher in June than in May. The market AUTOMOBILES. price at New York is unchanged at 5.75 cents Automobile production continued to ex- per pound, while the price at St. Louis has pand during June for the sixth consecutive shown a decided decline. District No. 10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 11)22. FEDERAL RESERVE BULLETIN. 915 (Kansas City) reports that the surplus stocks white goods, dyed goods, and printed goods. of lead ore were entirely exhausted during Orders received increased slightly, whereas June. Drilling operations are under way in shipments fell off a little. There was an avermany parts of the district. June silver pro- age of 9.4 days' work ahead at the end of the duction amounted to 4,760,160 ounces, an in- month as compared with 9.1 days at the end crease of 12 per cent over the May output. of June. The greatest increases in total finished yards billed occurred in district No. 1 COTTON TEXTILES. (Boston), and the average percentage of capacity operated during the month declined Cotton consumption and active spindles in in all reporting districts except No. 1 (Boston) June showed an increase over the May figures, and No. 8 (St. Louis). and consumption was greater than during June of last year, but in July uncertainty as to WOOLEN TEXTILES. the prospects for the new cotton crop and fluctuations in raw cotton prices have been de- The active buying noted in the raw-wool terrent influences in the cotton textile markets. market during May, when the domestic clip In district No. 1 (Boston) more cotton was was coming into the market, has subsided. consumed in June than during any month District No. 1 (Boston), however, reports that since the strike started early in February, and, a fair amount of wool is still being sold each although the questions involved are not yet week. In district No. 3 (Philadelphia) trading settled, the industry in that district is now is reported to be extremety quiet. District operating at close to 70 per cent of maximum No. 7 (Chicago) also reports a decline in actual capacity. Uncertainty as to the raw cotton sales, although shipments of raw wool from situation is discouraging future buying of cot- Chicago arc larger than in May. From diston goods. Orders for yarns in district No. 3 trict No. 10 (Kansas City) comes the informa- (Philadelphia) are more numerous than the}7^ tion that sheep growers have been selling their were prior to June 15, but individual sales are wool this season at prices ranging around 40 smaller in size. On the other hand, extreme cents a pound as compared with 11 cents, quietness is reported to be the distinguishing the prevailing quotation in the spring of 1921. feature of the cotton goods business in that It is generally reported, however, from the district. The price question is also of impor- central markets that the recent rapid price tance there and in district No. 5 (Richmond). advances have been halted, and some moderate District No. 6 (Atlanta) reports that cotton recessions have occurred since the latter part cloth production in 35 mills was 8 per cent of June. greater during June than in May and 46.2 per The event of chief importance in the woolencent in excess of the June, 1921, output, but goods market was the announcement on July shipments were 13 per cent and orders 7.8 per 17 of prices on spring lines by the largest cent smaller than during May. These items producer. The opening quotations, reflecting showed an increase, respectively, of 34 per the recent advances in raw wool to only a cent and 65 per cent over the figures for last small extent, were on the whole a little higher June. The situation among the yarn manu- than those at last year's opening, but were facturers was more favorable, and June pro- lower on many lines than prices prevailing duction exceeded the May output by 30 per more recently. The woolen industry in discent, while shipments were only 3.6 per cent trict No. 1 (Boston) is operating at over 80 less and orders were slightly larger than in per cent of capacity, which is less than last May. As compared with June, 1921, all items summer and is at a much lower rate than that showed marked betterment and production prevailing during the early months of this year. was 77.6 per cent, shipments 37 per cent, and In district No. 3 (Philadelphia) there has been orders over 40 per cent greater. Prices in a slight improvement in the demand for general are firm and many items are advancing, worsteds and a decline in that for woolens, reflecting the recent rise in the raw cotton but woolen mills are operating at 80 per cent market. of capacity, whereas the worsted output is only about 50 per cent of the possible maxi- COTTON FINISHING. mum. The third district further reports that Reports from 35 of the 58 members of the the yarn markets are inactive. Yarn prices National Association of Finishers of Cotton have been unchanged since July 1. District Fabrics show an increase in total finished yards No. 7 (Chicago) reports that manufacturers billed from 92,254,873 yards in May to are receiving a satisfactory volume of orders 99,874,093 in June. The improvement oc- for fall delivery, although less than usual at curred in all three of the groups, namely, this time of the year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

916 FEDERAL RESERVE BULLETIN. AUGUST, 1.922. Department of Commerce statistics indicate any month since last October, with the excepa slight increase in production in June, as the tion of January and May. The advance in percentage of idle machine hours on July 1 to prices of raw silk noted in June caused a lull total hours reported continued the decline in buying, according to reports from district noted during the previous month. For looms No. 3 (Philadelphia), and since July 10 a wider than 50-inch reed space there was a de- decline in quotations has resulted. cline in the percentage of idle hours to total from Broad silk manufacturers in district No. 3 37.6 on June 1 to 36.2 on July 1. For smaller (Philadelphia) are beginning to receive more looms the percentage fell from 44.8 to 40.1. orders as jobbers' stocks, which have been large The rate of decline in idle hours was practically for some months, become smaller. Most orders the same for both woolen and worsted spindles. continue to be for delivery immediately or in The former fell from 11.4 to 10.1 per cent and the near futures Production has also increased the latter from 34.7 to 31.5 per cent of the in that district, and plant operations now total reported. Despite improvement within tverage 50 per cent of capacity as compared the last two months, manufacturing activity, with 40 per cent during the previous month. as indicated by the above figures, is still less Manufacturers' stocks are large because of than that prevailing during the 12 months continued production during the period in prior to April of this year, except in the case which jobbers were supplying retailers' deof woolen spindles, which are more active mands. than at any time within the last two years. Statistics from Paterson show that operations on July 15 amounted to 24.83 per cent of total CLOTHING. available loom hours, as compared with 24.25 per cent on July 1, 21.39 on June 17, and Inactivity generally prevailed in the clothing 42.54 on July 16, 1921. Out of a total of trade during June and July. In district No. 2 15,000 looms 3,993 were operating on July 15. (New York), sales by 21 firms in June were In the north Hudson section, 2,048 looms from 93 per cent of those of June, 1921. The posia total of 4,115 were producing on July 15, tion of the trade in that district has also and the percentage of loom hours operated to declined since last month, as May sales were the total was 45.23, to be compared with 51.65 114 per cent of those during the corresponding per cent a year before. No material change month of 1921. Sales of men's clothing by 8 occurred in this percentage during the prefirms were 9 per cent less in June than they ceding month. were last June, but those of women's clothing by 14 firms were only 2 per cent less. Manu- HOSIERY. facturers, however, report that orders are now beginning to be placed in larger volume. In New business received by hosiery manufacdistrict No. 7 (Chicago) there was an increase turers in July fell below the volume of the prein the production of men's clothing by 5 firms ceding month. Reports from district No. 3 of 173 per cent over May, but a decline of 20 (Philadelphia) indicate that manufacturers of per cent in the number of suits shipped. As woolen and full-fashioned silk hosiery are not compared to June, 1921, there were decreases affected by the present dullness as much as are of 20.7 per cent in production and 11.6 per cent producers of seamless silk and artificial silk in shipments. Orders for fall received this hosiery, because the former were booked to season were 18.8 per cent less than those booked capacity for the next three months, whereas during the corresponding period last year. the latter have nearly filled the few contracts Seven tailors to the trade in that district re- they have which call for future delivery. June ported a falling off from May of 31 per cent figures for the Philadelphia district in the case in orders, 27 per cent in production, and 29 of 36 firms selling to the wholesale trade show per cent in shipments, but as compared to last little change in production as compared with June there were increases of approximately May, a slight reduction in finished stocks, in- 40 per cent in all three of these items. Cloth- creases of 10 per cent in orders booked and of ing firms in district No. 8 (St. Louis) report 6 per cent in shipments, and a decline of 16 that orders for future delivery- are in excess of per cent in unfilled orders on hand at the end those of last year. of the month. All items are larger than were the coresponding figures for June, 1921. The 1.2 firms selling to the retail trade reported SILK TEXTILES. increases of 13 per cent in production, 15 per Raw silk consumption fell from 33,284 bales cent in orders, 9 per cent in shipments, and 20 in May to 29,529 bales in June. This figure is per cent in unfilled orders on hand as compared also smaller than that for last June, 31,192 to the May figures, with a decline of 8 per cent bales, but exceeds the amount consumed during in finished product on hand. Production was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 917 31 per cent greater than during June, 1921, and during last June, whereas shipments were 55 stocks were larger by 38 per cent; orders and per cent and unfilled orders 47 per cent less than shipments showed little or no change, but un- the June, 1921, figures. Seven firms producing filled orders were nearly 30 per cent less than winter underwear report increases in June over they were a year ago. Cancellations for both the May figures of 7.5 per cent in output, 21 per groups of firms were smaller in June than cent in finished stocks, and 145 per cent in during May. orders, which with only a 47 per cent growth in Reports from four mills in district No. 6 shipments resulted in a 15 per cent larger (Atlanta) reflect a decline in business said to be volume of unfilled orders on hand. The better usual during the summer months. Manufac- position of the group making winter garments is, tures were smaller than in May by 5.5 per cent, of course, seasonal. Prices for fall weights are orders booked declined 20 per cent and unfilled firm and generally higher than the opening quoorders on hand 4 per cent, whereas stocks of tations of last January. hosiery were 2.3 per cent and of raw material 34 per cent larger than at the end of May. SHOES AND LEATHER. Increases over June, 1921, ranged from 22 per cent in production to 56 per cent in unfilled Sales of hides and skins were large during orders. Finished stocks were slightly smaller the first three weeks of July and prices of than a year ago. Chicago packer hides have continued their strong upward swing which began in April. Calfskin prices have advanced even more UNDERWEAR. rapidly than hides, and goatskins have been Production of underwear during June by 47 sold during July at prices from 10 to 20 per producers totaled 564,893 dozens, which was an cent higher than those prevailing in the early increase of 46,743 dozens over the May output part of June. of the same number of mills, and 5,302 dozens Demand for leather continued to improve over the figures for 60 mills in June, 1921. The during June and July. Prices have advanced output for June of this year was only 72.2 per from 5 to 15 per cent, and the volume of both cent of normal, a decline from 74.2 per cent in domestic and foreign sales has increased. May, but an improvement over June, 1921, in The improvement has been shared by almost which month production was only 65.5 per all branches of the industry, but is perhaps cent of normal. Manufactures of winter under- most pronounced for calf, kid, and glove wear increased from 298,080 dozens in May to leathers. District No. 3 (Philadelphia) re- 345,605 during June. On the other hand, the ports that prices of all heavy leather are from output of summer garments was only 219,288 2 to 3 cents per pound higher than in June. dozens, a nominal reduction from the previous Leather belting sales continue to increase, month, which is, of course, to be expected at reflecting a general improvement in industrial this time of the year. activity. Comparative reports for 26 mills show a loss The volume of shoe production in June in new orders booked, which, together with an showed a seasonal decline of about 5 per increase of 54,524 dozens in shipments, caused cent for the country as a whole, and amounted a decline in the volume of unfilled orders on to 25,559,094 pairs. Reports from eight imhand at the end of the month. All of these portant concerns in • district No. 1 (Boston) items showed exactly opposite tendencies dur-^ indicate that the output of New England ing May. Cancellations decreased further. factories was about 0.7 per cent larger The percentage of new orders received in June than in May and 19.1 per cent larger than to normal production for that month, as re- in June, 1921. Shipments and new orders ported by 38 mills, was 77.9 per cent; ship- of seven [of these reporting firms increased ments were 66.5 per cent; cancellations, 1.9 12 per cent and 5.3 per cent, respectively, per cent, and production, 80.5 per cent of above the figures for May. In district No. the normal production for these same mills. 3 (Philadelphia) 46 manufacturers report re- Returns from 14 firms making summer under- ductions of 8.6 per cent in production and 9.8 wear in district No. 3 (Philadelphia) show a per cent in shipments during June, but new decrease in production during June of 40 per orders were 17 per cent larger than those cent below. May and 55 per cent below June, received in May. Orders for early autumn 1921. Orders booked, however, increased 35 delivery continued to be placed in considerper cent and shipments fell off 30 per cent as able volume during July, and factories are compared with May, resulting in an increase ot reported to be better supplied with business unfilled orders on hand of 53 per cent. Orders than for several months. Production of 25 booked were 20 per cent greater in volume than shoe firms in district No. 7 (Chicago) increased Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

918 FEDERAL. RESERVE BULLETIN. AUGUST, 1022. 6.1 per cent during June, but the volume of what smaller in June than in May, while shipshipments continued to decline. There was ments and orders both increased. The physical a substantial increase in the volume of un- volume of lumber sold by 18 reporting retail filled orders. June sales of shoes reported by companies in that district was 26 per cent 11 manufacturers in district No. 8 (St. Louis) larger than in May and 8 per cent larger than in were from 3 to 14 per cent larger than in May, June, 1921. while the volume of new orders was much BUILDING. stimulated by an increasing firmness in prices. Factory operation in that district' was at Building operations continued at a record from 92 to 100 per cent of capacity. rate throughout June in almost all sections of the United States. The value of contracts awarded in seven Federal reserve districts LUMBER. (compiled from statistics gathered by the Lumber cut, shipments, and new orders were F. W. Dodge Co.) amounted to $311,688,517 all slightly less in June than in May, but in June, as compared with $323,044,164 in May were each about 50 per cent larger than in and $207,985,005 in June, 1921. In four of June, 1921. The total cut of the slightly vary- these seven districts there was some decline in ing number of mills which report to the the value of contracts let, but June contracts National Lumber Manufacturers Association for district No. 7 (Chicago) totaled more than was about 1,032,868,000 feet in June, as com- in any month since October, 1919; while figures pared with 1,055,854,000 feet in May and for district No. 3 (Philadelphia) were the 748,680,000 feet in June, 1921. The volume of largest since April, 1920. Residential building new orders reported weekly to the association reached a new high level during June, and conhas shown a downward tendency since the tracts awarded for such purposes in seven latter part of May and only amounted to Federal reserve districts aggregated $128,- 161,756,252 feet in the week ending July 8, as 632,327, which was 86 per cent greater than in compared with 301,837,237 feet in the week June, 1921, 218 per cent greater than in June, ending May 20. Railroad shipments of forest 1920, and 34 per cent greater than in June, products also registered a moderate decline in 1919. Construction of houses and apartments June, aggregating 271,358 cars, as compared is now proceeding at a rate which is conwith 273,204 cars in May. siderably higher than is necessary to care for Conditions in the lumber industry of district the estimated annual growth in population. No. 12 (San Francisco) continued to improve However, as a result of the accumulated shortduring June, and both production and ship- age of the war years, the present rate would ments of 194 reporting mills were higher than have to be maintained several years before in May. New orders were less than the cut for housing accommodations could be restored to the first time this year. Lumber was shipped as high a level as that existing in 1914. Stain large quantities from the Pacific Northwest tistics of number and value of building perto the Atlantic Coast States and southern Cali- mits issued in 166 cities are published on fornia, but there was a considerable reduction page 985. in foreign shipments. Log production is now District No. 1 (Boston) reports that building reported to amount to about 95 per cent of continued to be very active during July, and normal capacity, and present prices for logs are that the total volume of construction under the highest in the history of the industry. way in New England is larger than for several District No. 6 (Atlanta) reports that the cut years. The cost of construction is slowly of 117 mills belonging to the Southern Pine rising, as a result of increased costs for labor Association aggregated 308,552,342 feet in and materials. Higher building costs are also June, as compared with 346,992,585 feet cut by reported from district No. 3 (Philadelphia,), 122 mills in May. Excessive rainfall has but they have not as yet resulted in any noticegreatly hindered logging in certain sections and able curbing of activity. District No. 4 has forced some mills to reduce operations. (Cleveland) reports an unprecedented volume The production of 41 reporting southern pine of suburban house building. A number of mills in district No. 11 (Dallas) increased large business structures are under way in slightly during June, while orders and ship- Pittsburgh and Columbus. Building operaments were slightly smaller than in Ma; tions in district No. 8 (St. Louis) have been Prices of southern pine have continued steady somewhat retarded by delayed deliveries of with a few minor reductions. materials. A shortage of skilled workers in Production of reporting lumber manufac- building crafts is reported from many sections turers in district No. 9 (Minneapolis) was some- of the country. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 919 EMPLOYMENT. Reports from 173 firms in district No. 7 (Chicago) show that there was an increase of 6.1 per Employment conditions continued to im- cent in the number employed during June, prove during June and the first two weeks of while the average pay per worker increased 2.5 July, despite a considerable amount of volun- per cent. The largest gain in employment was tary unemployment due to strikes in the coal, reported by railway repair shops, while the railroad, and textile industries. The supply most marked decline occurred at box and conof agricultural labor seems about sufficient to tainer factories. Some difficulty is being exmeet the demand for the country as a whole, but perienced in obtaining a sufficient number of a scarcity has developed in certain sections. bricklayers and plasterers. District No. 8 (St. There has also been a shortage of skilled or Louis) reports a scarcity of both skilled and semiskilled workers in the building trades, unskilled workers in the steel and building inrailroad equipment plants, machine and tool dustries, but states that there has been a satisfactories, textile mills, and lumber plants. factory supply of farm laborers at the same District No. 1 (Boston) reports that the de- wage rates as prevailed last year. A strong mand for men in the metal-working industry demand is reported from district No. 9 (Minneis very large and that the supply of dependable apolis) for plasterers, plumbers, and electrifarm labor is totally inadequate to meet current cians and for permanent farm labor. needs. There has been some decline in the call A survey of 311 industrial plants in district for men skilled in the building trades, and a No. 10 (Kansas City) on July 1 shows that surplus of carpenters, painters, and paper there was very little change in the number emhangers is reported from Springfield. Reports ployed from that on June 1. The unemployed from district No. 2 (New York) indicate a in the cities have been absorbed by the harvest growing scarcity of unskilled workers, whereas and threshing demand of rural districts. Disthere are still more applicants than vacant posi- trict No. 11 (Dallas) reports increased employtions in the clerical and skilled manual occupa- ment of metal miners, as a result of the reoptions. The New York State Department of ening of several mines in Arizona and New Labor reports that employment in factories Mexico. District No. 12 (San Francisco) states throughout the State increased 2 per cent, and that the number of men on the pay rolls of 40 that average wage payments also continued to manufacturing firms in Los Angeles, Portland, increase. The most important increase in San Francisco, and Seattle was 43,410 on June employment was noted at railroad equipment 30, an increase of 1.6 per cent as compared with factories and repair shops. The New York figures for May 31. An improvement is noted Merchants Association estimate the number in the demand for both skilled and unskilled of unemployed in New York City during June workers in the agricultural, lumber, and buildat about 295,000, a decline of 14 per cent ing industries. since October, 1921. In district No. 3 (Philadelphia) the Pennsylvania State Department WHOLESALE TRADE, of Labor estimates that 82.400 persons were unemplo3^ed on July 15 in the cities of Altoona, PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES Harrisburg, Johnstown, Philadelphia, Scran- IN JUNE, 1922, AS COMPARED WITH THE PRECEDING MONTH (MAY, 1922). ton, and Williamsport, a decrease of 20.8 per cent from the total on June 15. Labor short- [Minus sign (—) denotes decrease.] ages are reported in the steel, building, and textile industries. District No. 5 (Richmond) reports that textile mills, lumber plants, tobacco factories, and furniture factories are employing approximately their average number of workers, while there is a shortage of labor in certain of the building trades. The number of employed has increased in all the leading cities of district No. 6 (Atlanta). There has been a substantial increase in employment at Alabama and Tennessee coal mines, while operations of Mississippi lumber mills are deterred by a shortage of labor. 16 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

920 FEDERAL RESERVE BULLETIN. AUGUST, 1922. PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES trict except No. 7 (Chicago), where there was IN JUNE, 1922, AS COMPARED WITH THE SAME MONTH an increase of 17 per cent, which, however, LAST YEAR (JUNE, 1921). was the first gain in this item since January and is attributed to improvement among the Groceries. Dry goods. Hardware. Boots and larger stores. Drug sales show slight and varyshoes. ing changes among the reporting districts, District. ranging from an increase of 5.6 per cent for Num- Num- Numcent. firms. c P en er t. f b i e rm r o s. f f b i e rm r o s. f c P e e n r t. f b i e rm r o s f . f a i v d e e c s r to ea re s s e i o n f d 5 i . s 5 t r p ic e t r N ce o n . t 1 f 0 o r (K 15 a n s s t a o s r e C s i i t n y ) di to strict No. 3 (Philadelphia). They are larger No. 2.. 7.1 42 -11.7 8 11.5 11 -17.7 10 than they were last June in all districts except No. 3.. 1.9 51 -11.9 14 0.5 28 No. 4.. 0.1 25 -7.6 13 10.1 12 No.-5 (Richmond), No. 10 (Kansas City), and No. 5.. 3.8 44 0.04 16 -0.08 18 -8.7 i9 No. 6.. 7.0 34 5.4 23 -2.3 21 -7.3 8 No. 11 (Dallas). Furniture sales increased 12 No. 7..•••"• 7.3 39 6.4 12 18.9 21 17.2 10 per cent for 14 stores in district No. 12 (San No. 9.. • 7.9 42 -2.9 2 10.8 11 -11.4 5 No. 10. 5.9 12 2.9 6 15.9 13 Francisco) and slightly in district No. 5 (Rich- No. 11. 1.2 12 -9.1 12 0.5 11 No. 12. 18.4 30 2.7 16 18.9 21 -5.0 16 mond), but fell off in*No. 6 (Atlanta), No. 10 (Kansas City), and No. 11 (Dallas). A substantial improvement as compared with June, Improvement in sales of wholesale groceries 1921, is noted for all reporting districts. Farm occurred during June in every reporting disimplements are in much better demand than trict with the exception of district No. 6 (Ata year ago, but June sales were materially lanta), where there was a slight decline as below those of May. compared to the May figures. Some of this increase is attributed by district No. 3 (Phila- RETAIL TRADE. delphia) to the active demand for sugar for preserving and canning. There has also been Distribution at retail continued in large a substantial rise in the price of this staple. volume duriog June, but was on a smaller scale An encouraging feature of the June returns is than in May. The decrease under last June's the increase over last June reported in every sales was due partly to unfavorable weather, district. This is the first time since 1920 for but particularly to the coal and railroad strikes. some districts that sales have been larger than Vacation needs have been a factor in the in the corresponding month of the previous purchasing for the month, and the increases in year. This, too, may be attributed to the better residential building have been reflected in the demand for sugar and, according to district No. buying of house furnishings. In agricultural 2 (New York), to the higher level of prices. districts the excellent crop prospects have Dry goods sales also improved in June, ex- increased the purchasing power of the farmers cept in districts No. 6 (Atlanta) and No. 11 during the past few months. (Dallas), whereas in comparison with figures for Reports from 464 department stores in the last June increases and decreases were evenly United States indicate a decrease of 1.3 per divided among the reporting districts, with cent in the dollar value of sales as compared the size of the changes heavier in case of the with a year ago. Reference to the table on declines. Hardware sales receded or improved page 987 shows trade in district No. 7 (Chicago) only slightly in most sections of the country. to have registered the most important increase, Districts No. 9 (Minneapolis), No. 10 (Kansas 3.9 per cent, while the trade of district No. 11 City), and No. 12 (San Francisco), however, (Dallas) suffered a decrease of 10.2 per cent. report substantial improvement in June sales The selling value of stocks on hand at the end over those for May. District No. 3 (Phila- of June throughout the United States was 1.4 delphia) attributes the falling off in June sales per cent less than on the same date a year ago to the coal strike and states that dull business and 5.3 per cent less than at the end of May, in July is also reported. Credit is generally 1922. The rate of turnover has improved in given to the present building boom for the spite of the decreased sales, as the ratio of larger volume of hardware sales this June as stocks to sales is 405.1 as compared with 426.8 compared with June, 1921, which is found in for last month. The increasing ratio of outall districts except No. 5 (Richmond) and No. standing orders to purchases for 1921 reflects 6 (Atlanta). the continued placing of fall orders. Wholesale business in boots and shoes declined during June infour out of the six reporting PRICES. districts. This falling off in sales is said to be sea- The Federal Reserve Board index number of sonal by district No. 6 (Atlanta), as the booking wholesale prices for June stood at 162. This of fall orders has not yet begun. Sales are also is 4 points higher than the index for May, and smaller than they were last June in every dis- represents an increase of 2.5 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1022. FEDERAL RESERVE BULLETIN". 921 Cotton, cattle, lumber, pig iron, coke, and The numerals opposite the name of each bank indicate coal show a marked rise in price. Slight the power or powers it is authorized to exercise, as given below: increases ha,ve also taken place in hides, leather, tobacco, cement, silk, and yarns. Dis- Powers, Prices of grains have dropped decidedly, while Place. trict Name of bank. granted. nonferrous metals have remained unchanged. No. The Bureau of Labor Statistics index rose in June to 150, an increase of 2 points. The Larchmont. N. Y... 2 Larchmont National Bank 1 to 9. New York,N.Y.... 2 Lincoln National Bank.... 1 to 9. largest gains among groups of commodities Riverton, N.J 3 Cin n amin son National Ito9. Bank. are fuel and lighting (9 points) and building Philadelphia, Pa... 3 Southwestern National 1 to 8. materials (7 points). Foods, cloths and cloth- Bank. Stroudsburg, Pa 3 Stroudsburg National 1 to 9. ing, and metals also increased. Farm products Bank. Lexington, Ky 4 Phoenix National Bank 1 to 9. fell 1 point, while chemicals and house furnish- & Trust Co. ing goods did not change, Raleigh, N. C 5 Citizens National Bank... 1 to 9. Aurora, 111 7 Merchants National Bank. 1 to 9. Freeport, 111 7 Second National Bank Ito9. Washington, Iowa.. 7 Washi n gton National 5 to 8. FOREIGN TRADEi. Bank. Corning, Ark 8 First National Bank 1 to9. Columbia, Ky 8 do 1 to 3, 5 to 8. The official returns for June disclose a sub- Sedalia, Mo 8 Third National Bank 1 to 3, 5 to 7. stantial gain over the preceding month in the Bismarck, N. Dak... 9 First National Bank 1 and 9. Durango, Colo 10 Burns National Bank 1 to 7. value of exports, while a somewhat smaller Okanogan, Wash... 12 First National Bank 1 to 9. Rosalia, Wash 12 Whitman County National 1 to 9. increase is reported for imports. Specifically, Bank. exports rose from $308,000,000 in May to $334,000,000 in June, and for the same months imports increased from $253,000,000 to State Banks and Trust Companies. $260,000,000. The excess of exports over ADMISSIONS. imports for June amounted, therefore, to $74,000,000, which is larger than the export The following list shows the State banks and trust balance in any previous month since last companies which were admitted to membership in the Federal Reserve System during the mo.nth ending July 31, October, with the exception of April, when the 1922, on which date 1,655 State institutions were members balance was approximately $100,000,000. In of the system: the fiscal year ending with June, exports were valued at $3,770,000,000, as compared with $6,517,000,000 in the previous fiscal year. i Capital. Surplus. Total This reduction by nearly 50 per cent in the value of our export trade is partly accounted District No. 3. j for by the lower price level prevailing in Ilightstown Trust Co., Hightstown, N. J. j 8100,000 $16,000 S319,853 1921-22. There has nevertheless been a District M. 6. j material shrinkage in the volume of our overseas trade. Imports have also diminished Planters Bank, Carlton, Ga \ 25,000 3,000 92,732 Farmers Bank of Crawford, Crawford, ; in value, the total for the fiscal year just closed Ga ! 100,000 50,000 | 544,317 being $2,608,000,000 as against $3,654,000,000 Ba G n a k of Locust Grove, Locust Grove, : j 25,000 5,000! 129,722 in 1920-21. Consolidation and change of name.— The First State Savings Bank, Evart, Mich., a member bank, and the Evart Savings Bank of Evart, a nonmember bank, have consolidated under the name of Evart State Fiduciary Powers Granted to National Banks. Bank, which continues membership. Converted into national banks.—Northwestern State Bank, Bcllingham, Wash.; First State Bank, Garfield, Wash.; Citizens Bank, Emporia, Va. During the month of July the Federal Reserve Board Insolvent.—Sfcockmens State Bank, Browning, Mont. approved applications of the national banks listed below Withdrawals.—Midwest Reserve Trust Co., Kansas City, Mo.; Battery for permission to exercise one or more of the fiduciary- Park Bank Asheville, N. C. Change of name.—Jenkintown Trust Co., .Tenkintown, Pa., to Jenkinpowers named in section 11 (k) of the Federal reserve act town Bank & Trust Co.; Old Dominion Trust Co., Richmond, Va., as amended, as follows: to State & City Bank & Trust Co. 1. Trustee. 2. Executor. 3. Administrator. 4. Registrar of stocks and bonds. Commercial Failures Reported. 5. Guardian of estates. 6. Assignee. A further narrowing of the margin of increase in number 7. Receiver. of failures over those of last year has recently been wit- 8. Committee of estates of lunatics. nessed, the 1,205 defaults reported to R. G. Dun & Co. 9. In any other fiduciary capacity in which State banks, during three weeks of July comparing with a total of 985 trust companies, or other corporations which come into for the corresponding period of 1921. The returns for competition with national banks are permitted to act June, the latest month for which complete statistics are under the laws of the State in which the bank is located. available, disclose 1,740 commercial insolvencies in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

922 FEDERAL, RESERVE BULLETIN. AUGUST, 1.922. United States for $38,242,450 of liabilities. The number INTERNATIONAL PRICE INDEXES. of June failures is less than that of all months since last October, though being considerably in excess of the 1,320 The French Index Number,1 defaults of June, last year, and the indebtedness is the smallest of all months back to last September. In June, The fourth in the scries of wholesale price 1921, the liabilities aggregated $34,839,375. Separated according to Federal reserve districts, the June statement indexes, being constructed by the Federal Rereveals numerical increases, as compared with last year's serve Board for purposes of international comreturns, in all districts except the third district, while the parison, traces the course of prices in France indebtedness is larger in the first, second, fifth, seventh, ninth, and twelfth districts. from January, 1920, up to the present time. The indexes previously published in this series, FAILURES DURING JUNE. those for the United States, Great Britain, and Canada, include 1919, but the industrial dis- Number. Liabilities. organization which prevailed in France in that District, year made it impractical to compute the French 1922 | 1921 | 1922 ' 1921 index before the beginning of 1920. The purpose of this series of index numbers First 150 136 ; $4,888,902 I S2,546,879 Second 273 232 ! 7,642,247 ! 4,736,685 is to provide a more accurate means of com- Third 57 71 1,573,360 j 1,939,408 paring changes in the level of wholesale prices Fourth.... 136 98 3,521,377 ! 4,744,487 Fifth 137 82 2,183,739 j 1,478,512 on an international basis, by constructing S S i e x v t e h nth... 2 1 3 4 0 7 1 1 3 4 0 0 i 2 6 , , 0 36 4 9 1 , , 8 0 3 1 1 3 ; I 3 4 , , 5 4 2 7 2 6 , , 5 2 1 8 1 3 price indexes for several different countries ac- Eighth.... 125 102 ! 1,525,233 i 1,974,278 cording to a uniform plan, thus eliminating Ninth 79 31 i 1,307,894 ! 454,553 Tenth 86 73 ! 2,149,987 . 4,764,647 any variations in the series which might be Eleventh.. 114 105 2,481,679 | 2, 588,787 due to differences in construction. The method Twelfth... 206 120 2,557,188 1,412,345 which has been used in the construction of the Total • 1,740 1,320 ; 38,242,450 34,639,375 Federal Reserve Board's price indexes has been explained in previous issues of the BULLETIN.2 New National Bank Charters. Each index in this series is a weighted arith- The Comptroller of the Currency reports the following metic average of from 90 to 100 price quotaincreases and reductions in the number and capital of tions for about 70 commodities. The weights national banks during the period from June 24 to July 28, represent the quantity of production and trade 1922, inclusive: for each commodity in 1913 in the country to which the index applies; for example, the in- Num- Amount ber of of dexes of "goods imported" represent the relabanks. capital. tionship of the quantity of goods imported in New charters issued 15 §1,210,000 1913 at their prices in that year to the same Restored to solvency 0 0 Increases of capital approved 46 6,534,850 quantity of goods at their prices in 1920 and the succeeding years. When this method of weight- Aggregate of new charters, banks restored to solvency, and banks increasing capital 61 7,744,850 ing was chosen it was recognized that important Liquidations 19 2,825,000 changes had occurred in the quantity of pro- Reducing capital i 3 2,065,000 duction and trade since 1913, but it was felt Total liquidations and reductions of capital 22 4,890,000 that the situation in that year was more nearly Consolidations of national banks under act of Nov. t}^pical of the normal industrial life of the 7,1918 3 11,025,000 countries concerned than in any year since Aggregate increased capital for period < 7,744,850 that time. Another and very important reason Reduction of capital owing to liquidations, etc 4,890,000 for using the 1913 figures as weights is that Net increase 2,854,850 complete production figures are not available 1 Includes 1 reduction in capital aggregating §2,000,000 incident to con- for any postwar year. solidation under act of Nov. 7,1918. The "All commodities indexes" represent the successive values of "goods produced" plus Acceptances to 100 Per Cent. "goods imported." Six group indexes are Since the issuance of the July BULLETIN the following regularly published for each country, giving banks have been authorized by the Federal Reserve price variations for (1) raw materials, (2) pro- Board to accept drafts and bills of exchange up to 100 per ducers7 goods, (3) consumers7 goods, (4) goods cent of their capital and surplus: Republic National Bank, Dallas, Tex. imported, (5) goods produced, and (6) goods -Central National Bank, Richmond; Va. exported. The weights for each one of these groups have been checked, wherever possible, Chattanooga Discontinued as Reserve City. 1 Prepared under the direction of F. M. Williams, of the Division of Effective August 1, the designation of Chattanooga as a Analysis and Research, with the assistance of R. P. Cornwall. reserve city has been terminated. Fe 2 b S r e u e a F ry E , D 1 E 9 R 2 A 2 L ; M RE a S y E , R 19 V 2 E 2 ; B a U n L d L E Ju T l IN y, , 1 M 92 a 2 y . , 1920; June, 1920; June, 1921; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 923 by multiplying the given quantity figure by board is indebted to the Bulletin de la Statis™ the 1913 commodity price and comparing the tique Generale for certain price quotations for result with pre-war value figures obtained from 1920 which appeared in its January, 1921, other sources, and, if necessary, revising the issue and which are not available elsewhere. quantity figure. In certain cases the weights All the quotations used in the index (with two for semifinished goods have been increased for exceptions) have been obtained from pubthe purpose of giving representation to highly lished sources. The broad-silk quotations' manufactured products for which price quo- (those for tafeta and mousseline) are furnished tations are not available. In weighting hay by a private firm in Lyon, through the courand certain other agricultural products (in the tesy of the American consul in that city. The case of the French index these include live most conspicuous omissions from the index, stock, meat, and potatoes) estimates of the aside from those mentioned above, are shoes, amounts leaving the farms, rather than the woolen cloth, and linen cloth. It has been actual production figures, have been used as impossible to obtain regular quotations for weights. these commodities either before or since the war. THE CONSTRUCTION OF THE FRENCH INDEX. Practically all of the production figures used in weighting the French index have been obtained In the case of France, the weighting of a from three publications of the French Governwholesale price index with 1913 production ment, the Annuaire Statistique de la France, and trade figures is especially open to question. the Statistique Agricole Annuelle de la France, The change wrought by the war in French in- and the Rapport General sur Tlndustrie dustrial life was greater than that which oc- Fran? aise; s& Situation, son Avenir, published curred in the United States, England, or by the French Ministry of Commerce in 1919. Canada. On that account allowances have been Production figures for finished and semimade to include the production, imports, and finished manufactured products have in most exports of Alsace-Lorraine in the case of raw cases been obtained from the last-named cotton, cotton manufactures, iron ore, iron and volume. French statisticians have criticized soft steel products, potash, and coal. On the the figures of the Rapport General as being other hand, the omission of flax from the import incomplete, but the fact remains that they furgroup, woolen yarn from the " goods produced;; nish the best information obtainable in regard group, and wheat and wheat flour from the to French production in many lines. The pro- "goods exported" group testify to the changes duction figures for butter and cheese are estiwhich have taken place in the business life of mates based on the number of milch cows in France itself in the last eight years. The only France, since there has been no census of dairy other deviation from the 1913 figures occurs in products in France since 1892. the weights for linen yarn, which have been The import and export weights represent the reduced by two-thirds in the "goods produced" "general trade'7 of France (minus the transit and "goods exported" groups. This change trade when that item is of any importance). seemed advisable because of the fact that This method was used in making up the import France is still to a great extent cut off from her and export weights in order to include the renormal supply of Russian flax and because export trade and yet to eliminate goods which many of the iinen yarn producers in the Lille are shipped through France without actually district have not yet returned to their pre-war entering into French trade. The following productive capacity. tables list the price quotations which make up The Federal Reserve Board French index the various groups of the French index. The number is made up of 39 raw materials price least satisfactory is the export group, for the quotations, 36 price quotations of producers7 reason that French export trade is so largely (semifinished) goods, and|23 price quotations made up of highly manufactured commodities for consumers' (finished): [goods. The mecha- that do not lend themselves readily to price nism of price reporting was not so well developed comparisons over a period of years. In 1913 in France in 1914 as in the United States and the value of the commodities included in the England, and the reporting services which did export index totaled only 33 per cent of exist at that time were badly disrupted by war, total French exports in that year, as comso that the task of collecting prices for France pared with 62 per cent in the case of the has been a particularly difficult one. The' import index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

924 FEDERAL RESERVE BULLETIN. AUGUST, 1922. A. GOODS PRODUCED. Weight Commodity. j Grade. Unit. Market. Source. (000's omitted). I. Raw materials. \ Wheat Native, red 100 kilos ! Chartres Bulletin des Halles, Bourses ot 70,. 000' Marches, Rye For grinding. do.. .do. .do. 12,700 Oats Gray j do.. i .do. ....do ,. 51,800 Barley Native, for grinding ! do.. -I do ....do 10,400 Corn Native ' do.. .! Brienon... .....do 5, 400 Cattle Live, third quality j lkilo.... .1 LaVillctte .do 1,171,000 Sheep .do .do. do do 181,000 Hogs .do. do.. .do. do 917,000 Hides Ca u t n tl d e e , r 1 . 10-119 d. k.; cow, 59 d. k. and 50 kilos.. .1 1 Ha P l a le ri s a . ux Cuirs, I ! Marcel Dclamaire. 1,920 Skin D s o C G a o l a f t , 16-24 d. k Piec d e o.. "II ! " d d o o ... | | d d o o 1, 2 03 40 0 Silk Raw, Cevenncs (extra and first grade), lkilo.... ! Lyon ; Bulletin des Hallos, Bourses et : 647 11-13,12-16. Marches. Flax White, superior quality do ! Lille ....do 22,000 Hay First quality 520 kilos... I Montrouge ....do 5,300 Iron ore Briey Metric ton At mine La Mctallurgic 43,000 Coal Scmibituminous, run of mine, 30-35... do.... Nord and Pas de L'Usine, La Metallurgy Calais districts, 44,700 Do Bituminous, run of mine, 30-35 do.... do ....do Coke Metallurgical .do.... do •....do 4.000 P Z i i g n i c r . on P G . o R od . 3 g , r a o d r e d s inary 100 k d i o lo . s .. . . .. M La c u P r l t a h c e e - e d t e -M P o a s r e is ll . e .1 , L L a 'E M co e n t o a m llu is rg te i e Frangais 9; ooo Lead Ordinary grades do.... .do. . do 679 Aluminum 98-99 per cent, in ingots of 3 kilos or do ! do 300 more. do.... 135 Lumber Oak, ordinary up to 0.29 in width and Nancy ' La Technique Modernc up to 8 meters loiig. Cubic meter. 7,900 Do Poplar planks, all sizes do ! do do II. Producers' goods. Sugar Beet, raw, No. 3 100 kilos j Paris |:Bulletin des Halles, Bourses et 9,300 j Marches. Cotton yarns A A m m e e r r i i c c a a n n c c o o t t t t o o n n , , w w a a r r p p , , d 2 iv 8 i d b e o d b , i n N o. 20! : 1 kil d o o , E R p o i u n e a n l i i L'In d d o u . s . trie Textile. 295,000 Silk .yarns".".".!!!!".!" France, extra 1 kilo Lyon Bulletin des Halles, Bourses et 625 Marches. linen yarn No. 35, woof, wet Package of Lille .do.. ],500 16 kilos. Leather Native, crust lkilo Paris L'Index des Industries aux Cuirs Do Native, smooth .do.. .do.. .do.. 45,800 Iron and soft steel Beams, ordinary I and P. N ..i do La Place de Paris. La Metallurgie. , products. Do Plates, 3 xn/m do ....do.. .do 73,800 Do Shapes do .do.. .do., Do Rails ! do do.. .do., Hard steel Special grade for tools ! do ....do.. .do., 8,400 Tin plate 0.25 m/m., 510 by 710 in., 112 sheets to ; Caso of 82 Paris... .do.. 463 a case. : kilos. Copper products... Copper wire, red, 9-10 and over i 100 kilos do do 1,090 Glass , Window, 3d choice Case Sy g n o d t i i c a a n t t s dos d N e e s - La Technique Moderne. 390 verres a vitres. Brick. Domestic, 1st quality Per t h o u- Paris .do.. 475 • sand. Cement Portland, 2d quality i Metric ton.. ....do ....do 1,930 Paper White, for printing, 48-55 gr. and over.! 100 kilos ....do Le Papier 7,000 Sulphate of am- 20-21. per cent '. j do Paris La Technique Moderne.. 750 monia. Sulphuric acid 53° Baume : do ..do.. .do., 11,600 Tartaric acid First, white, crystallized, powdered, j lkilo .do.. .do.. 8,580 or granulated. Muriate of potash.. 50 to 60 per cent of potash (Alsace) .100 kilos.... .do- .do.. 1,500 Alcohol.. Denatured, 90° Hectoliter.. do. .do., 3,000 Turpentine HP 100 kilos.... Chambre Syndi- .do.. 250 cale des Couleurs et Vernis. Glycerine Brown, 28°.. .do., Marseille .do., 200 Colza oil Refined .do.. do .do.. Peanut oil Industrial... .do.. do .do.. 4,000 III. Consumers' goods. i Wheat flour Good . 100 kilos., Paris La Reforme Economique ! 64,910 Sugar Refined ' do..., Lyon Bulletin de la Statistique Gene"rale..j 9,700 Beef Hindquarters, 3d quality lkilo Hallos Centrales, Bulletin des Ilalles, Bourses et ' 619,000 Paris, Marches. : Mutton 3d quality j do .do. .do. 96,000 Pork products.. Ham ! do .do., .do., 486,000 Butter Normandy j do .do., .do.. 154,000 Cheese Camembert, Normandy ! 100 cheeses. .do.. .do.. 800 Margarine Oleo I 100 kilos.... Marseille La Reforme Economique 265 Potatoes Common white j 100 kilos Ilalles Centrales, Bulletin des Hallos, Bourses et 68,000 Paris. Marches Wine Red and white ! 1 hectoliter. Bcziers do 44,000 Soap Brown, extra pure i 100 kilos Marseille do 3,600 Cott D on o cloth., R Ca e l n i f c o o r t c , e 2 , 3 2 - 0 4 - , 2 2 0 0 -20, 20-26 , \ |1 , met .p e _ r Epinal L'Industrie Textile 2,400,000 Broad silk.... Moussoline, good quality, plain color.. 1 meter Lyon Private firm Do Taffeta, all silk, plain color do do .....do 48,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 925 B. GOODS IMPORTED. Weight Commodity. Grade. Market. Source. (000's omitted). I. Raw materials. Wheat Plata,soft Marseille j L' Economistc Francais 20,800 Corn.. Plata, red Bordeaux ' Bulletin dos Halles, Bourses et 6,150 ; Marches. Cotton, raw Louisiana .50 kilos Havre i L'Economiste Frangais 8,330 Wool, raw Buenos Aires, grease 1 kilo do do 3,300 Silk, raw Japanese filature H, 13-15 do Lyon I do. Do Canton, best, 7-11/9-11,16-18 j do .do ; do Oilseeds Peanuts, Coromandel ! 100 kilos Marseille 'Bulletin des Halles, Bourses ct 3,700 i .Marches. Cattle hides. Rio de Janeiro, salt 50 kilos Havre j L'Index des Industries aux Cuirs.. . 3,200 Tin E" ngl"is h* C"•o rnwal"l lOOkilos La Place de Paris. L'Economiste Francais 100 Copper Ingots, suitable for brass ....do do do. 970 Lead Ordinary grades ....do do ! do. 803 Zinc G ood grades ....do do do. 380 Coal German, run of mine, bituminous, Metric ton... By rail at frontier.! L' Usine, La Mctallurgie.. 20-25. i 30,000 Do. German Ruhr, coking coal, 8-25 • do do do Coke... Ruhr foundry ! do do ; La Metallurgie 3,078 II. Producers'goods, Linseed oil H. P. lOOkilos.... Chambrc Syndi- : La Technique Modcrne 1,200 cale des Coulews ct Vends. , Hemp., Naples, extra... .do. Marseille B ullctin des Ilalles, B ourses ct 261 ; Marches, Jute.. British Indian. do do do. 1,330 Rubber ' Para, fine... lkilo Paris La Technique Moderno. 16,900 Tin plate ! 0.25 m/in, 510 by 710 m Case of 82 do j La .Metallurgie 418 kilos. Leather | B ox calf, black, plain, grade B Foot ' do ! L'Index des Industries anx Cuirs h Do | Kid, black, first choice .do. .do. .do. 40,000 Gasoline Refined 1 hectoliter.. do ' B ulletin des Halles, B ourses et 2,600 . Marches. Nitrate of soda., lOOkilos do ! La Technique Modemc 3,240 ///. Consumers' goods. Coffee i Santos, good average. 50 kilos.., Havre L'Economiste Frangais 3,600 Cacao ! Caraquo, natural do. do ! do 683 Cheese Gruyere, Swiss lOOkilos.... Ilalles Centralcs, j Bulletin des Halles, Bourses et 210 Paris. ; Marches. Kerosene Refined, available 1 hectoliter. Paris ' do. 1,300 Lard ! American, in tierces lOOkilos.... .do 1 La Roformc Economique 61 Rice Indo-China do . Ly„o n .... i Bulletin de la Statisticue Generate.. 1,660 Wine Spanish, red and white, 12 per cent... 1 hectoliter..' 1 B 3/ o v« rd ,l« e « a ux *B>"uS.l.Tl1e_tJ'i n -d3 es H1 i a._ ln les_ , iBi o_ urses c_ti 5,600 ! Marches. Olive oil ' Tunis, Spanish 100 kilos Marseille. ..do 230 C. GOODS EXPORTED OR REEXPORTED. I Weight Commodity. Grade. Unit. I Market. ' Source. (000's omitted). I. Raw materials. Cotton, raw Louisiana, ordinary. 50 kilos : Havre i L'Economisto Francais. 1,520 Wool, raw j uGrer&eassue, , xB>uueeunuoss AAiirreess .....• ji uluO-KO.IkJ.UiloS s udoo uduo 430 Silk, raw ! Cevennes, average extra and first or- I 1 kilo , Lyon | B ulletin des Halles, Bourses et j der, 11-13,12-16. : | ! Marches. Do ! Canton, best, 7-11,9-11,16-18 > do ' do ' L'Economiste Francais. 2,500 Do Japan, filature, H, 11-13 do i do ; do Hides and skins Cattle hides, 110-119 d.k ' 50 kilos I Halle aux Cuirs, | Marcel Delamaire | Paris. ! Do i Cowhides, 59 d. k. and under do I do do 1,607 Do ! Calfskins, 16-24, d. k do i do ! do Iron ore I Briey i 1 metric ton. i At mine La Metallurgie 18,600 Pig iron j P. R., No. 3, ordinary ! do | Mourthe-ot-Moselle do 1,400 II. Producers1 goods. | J j • j Vegetable oils j Colza oil, refined | 100 kilos I Marseille ; La Technique Modern© Do jj Peanut oil, industrial I do ; do | Bulletin des Halles, Bourses et 818 Glycerine... Brown, 28° do I ' do I 'La MM T a e r c hc h h n e i s q . ue Moderne Rubber Para 1 kilo \ Havre ! do 11,000 Linen yarn No. 35 woof, wet 1 package, : Lille Bulletin des Halles, Bourses et 300 I weighing ' ; Marches. i 16 kilos. : ! Iron and soft steel ! Beams, ordinary, I and P. N ' lOOkilos Paris I La Metallurgie , products. i I : | Do i Plates, 3 m/m do : do ' do 7,000 Do Shapes, first quality • do ' do do , Do Rails ! do ; do do Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

926 FEDERAL RESERVE BULLETIN. AUGUST, 1922. C. Goods exported or reexported—Continued. Weight Commodity. Grade. Unit. Market. Source. (OOO's omitted). II. Producers' goods- Continued. Hard stoel ! Special, for tools 100 kilos ! Paris La Mctallurgie. 2,423 Semifinished cop- Copper wire, red, 9-10 and over i do | do. do .... 269 per products. [ i Cotton yarn '> American cotton warp, 28-bobbin I lkilo Epinal. L'Industrie Textile. Do ; American cotton warp, divided, No. ! do ! Rouen. do 12,000 ! 20. I ! III. Consumers' \ \ \ goods. I ! Cotton cloth : Calicot, f, 20-20 j Meter Epinal do Do , Renl'orce, $, 20x20, 20-26 j do do do 875,000 Broad silk ; Plain taffeta, all silk, 100 cm. wide i do Lyon Private firm Do • Mousseline, pure silk, 100 cm. wide ! do -do. do 24,000 Cheese \ Camembert, Normandy i 100 kilos... Halles Centrales, Bulletin des Hallos, Bourses et 234 Paris, Marches. Butter | Normandy j 1 kilo .do. do 17,770 WWine i! Rd ! Rde d and whhite i t Ht Hectoliter.. 1 Beziors do : 3,030 Sugar Refined 100 kilos.... I Lyon La Statistique Gcneralo 1,630 Coffee ' Santos, good average 50 kilos Le Havre L'Economiste Franc, ais 1,200 Cacao I Caraque, natural do ' do do 443 , : Brown, extra ! 100 kilos.... , Marseille Bulletin des Hallos, Bourses et 520 Marches. I REPRESENTATION OF INDUSTRIES IN THE PRICE that of 34,000,000,000 francs spent in France INDEX. in that year 18,900,000,000 francs, or 55.9 percent, were spent for food. The index thus constructed gives the following representation to the various branches of THE EFFECT OF GOVERNMENT CONTROL ON French business life: FRENCH PRICES. RELATIVE VALUE OF COMMODITY GROUPS REPRESENTED Throughout the first 18 months of the period IN THE FRENCH INDEX NUMBER OF WHOLESALE covered by this index number prices in France PRICES. were very largely affected by the price control exercised by the French Government. They In 191.3. In 19 M 20 a . v, are still affected by that control to some extent because of the Government regulation of the Grains 23.3 15. b price of alcohol, and its control and sale of the Live stock and meats 14.0 11.3 German coal, coke, and sulphate of ammonia Other foods 15.2 12.3 delivered on reparations account. The com- Total foods 52.5 42.1 Textiles . 13.8 25. 7 modities included in the Federal Reserve Iron and steol products 13.3 10.3 Board's price index for France which were still Coal and coke. G. 4 9.4 Other "mo,1f>.lf? nnrj TniTifirqis 2.9 2.3 being regulated by the Government in 1920 B H u id il e d s i n a g n d m le a a te th ri e a r ls 2 2 . . 8 5 2 3 , . 4 3 are kerosene, gasoline, coal and coke, alcohol, Chemicals . . .. 1.4 1.0 sulphate of ammonia, wheat, wheat flour, vje, Miscellaneous 4.4 3.r> and sugar. Government control of sugar Grand total 100.0 .100.0 prices ceased in August, 1920, and of prices for wheat, wheat flour, and rye in August, 1921. The change in the relationship of the value Control of gasoline and kerosene was relaxed of foods to the total value of the commodities in July, 1921, and an announcement of January included in the index from 1913 to May, 1920, 11, 1922, stated that the State's supply of is accounted for by the regulation of grain kerosene had been entirely disposed of and that prices by the Government, which persisted up importers were no longer required to purchase to August, 1921. The relative importance of from the State a quantity equal to their agricultural and food products in the 1913 imports. index seems to be in accordance with the The effect of Government control of the organization of French life at that time. prices of these important commodities during M. Rene Pupin in his study, "La Richesse de 1920 was to keep the general level of French la France devant la guerre/' estimates that in prices somewhat lower than it would other- 1911 the products of French agriculture were wise have been. It also changed the moveworth 12,500,000,000 francs and the products ment of the general level of prices in 1920. of French industry 11,500,000,000 francs, and Most commodities not controlled by the Gov- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 927 eminent reached their highest prices in France THE COURSE OF FRENCH PRICES. in April or May, 1920, while the Governmentcontrolled prices were at their peak in the The accompanying graphs trace the course autumn of that year, and the upward move- of French prices, according to the groups into ment of French price indexes in August, 1920, which the^ Federal Reserve Board index is is to be explained by a radical increase in divided. The highest point was reached by Government prices of wheat, wheat flour, and the index for imported goods, which regisrye in that month. tered 655 in May,* 1920, but the "goods exported" index was not far below it, and it reached 653 in the same month. The fact COMPARISON WITH THE STATISTIQUE GEXKRALE that the index for goods produced in France INDEX NUMBER. was at that time 140 points below the indexes The only other wholesale price index pub- for goods entering into foreign trade is lished for France at the present time is that accounted for, in the first place, by the fact compiled by the Bureau de la Statistique that prices of some of the most important Generale, the French Government's statistical commodities in the " goods-produced" index office. Although the general trend of the were still being kept very low hj the French Federal Reserve Board's new index follows Government in the spring of 1920, and, in the that of the index of the Statistique Generale second place, by the fact that prices of textiles, in several important respects,1 the level of the which arc imported into France in large Board's index is distinctly lower than that of quantities in their raw state and exported as the other number and the trend is different in semifinished and finished goods, rose to great the spring and summer of 1920 and in the heights at this time. . autumn of 1921. The difference in the level In France prices of raw materials rose of the two indexes is to be explained by higher as compared with their 1913 level than the fact that, while the Statistique Genorale did either consumers' or producers7 goods, in index consists exclusively of food and raw spite of the fact that the Government regumaterials prices, the Board's index represents lated the prices of raw sugar, wheat, rye, coal, wholesale prices of semifinished and finished and coke. The shortage of raw materials in products as well. The difference in the France in 1919 and 1920, which caused the trend of the two indexes is caused largely extreme price rise, is too well known to need by the difference in the representation of comment. The index for prices of consumers7 nonferrous metals and of iron and steel goods did not rise so high as that for raw main the two indexes. The Statistique Generale terials, while the index for semifinished goods is an unweighted arithmetic index of 45 at its peak was the lowest of the three groups. price quotations, of which two represent This latter fact is the result, in part at least, iron products and four represent nonferrous of the Government regulation of coal prices, metals. In 1920 nonferrous metal prices fell which influence the price of semifinished very rapidly, while iron and steel prices did goods to such a large extent. During the not begin to decline until the end of the sum- spring of 1920, before the industrial depression mer. The fact that nonferrous metals are and the break in raw .materials prices began, relatively so important in the Statistique the Government kept domestic coal prices Generale index caused it to break sharply in relatively low, and this helped to keep down April, 1920, while in the case of the Federal the prices of some of the important producers7 Reserve Board index the decline began a goods, notably those of iron and steel prodmonth later and was more gradual. In this ucts, at the time when textiles and nonferrous connection it is interesting to note that the metal prices were at their height. Statist index in England, which is constructed The fact that French prices in the late in much the same way as the Statistique spring of 1922 were about 200 per cent above Generale index, gave April as the peak for their 1913 level, while prices in the United prices in that country, while the indexes of States were only about 60 per cent above the Board of Trade and the Federal Reserve that level, should be considered in connection Board for England gave May as the month with the great increase in the note circulation when the high point of the general price level of the Bank of France. In 1913 the average was reached. note circulation in France amounted to 5,565,000,000 francs; in 1920 it averaged 38,066,000,000 francs; in 1921, 37,404,000,000 1 See the graph on p. 928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

928 FEDERAL, RESERVE BULLETIN. AUGUST, 1922. INDEX NUMBERS OF WHOLESALE PRICES IN FRANCE 1920 - 1922 ( AVERAGE PRICE LEVEL OF 1913 = 100 ) 750 700 FEDERAL RESERVE B0AR£) SROUP INDEX NUMBERS •f*t\— 650 A 600 '£% \\ 550 / \zl 500 V 1 \ \ \ 450 \\ / \ 400 \ 350 \ \ ^ 300 -s. r —.7.r. 250 200 150 -ALL COMML->D/r/Es "RAW -GCQ£S IMPORTEL•> -PROL -GOOl^S EX/iQRTE0 100- 80 750 700 650 600 550 500 450 400 350 300 250 200 150 100- 80 i ill 750' 700 650 600 550 500 450 NX 400 350 300 250 200 \$Q •f?/ALS SGQOt - S GOOl -100 • C'HMPAP^IQASU WITH ATWFE5 IMnPlf Miiypr^C 700. •wmrniritOUinj YY 1 3 n Ul ntrt iroUEi/v V\UM OtLf\Us ~" n 650 z\ U tf N j}/ /TE /?> D t STATES t I 600 A N / —»~.FR FR A A N N C C E E ,C , 0 IN NV F E R R A T N E C D S T \ O GOL h D BAS " IS 550 NGLAND CCNVkRTEDT0 GOLD \ N U l 500 \ r 4S0 400 350 ^. ^^ —-^ 300 s 250 V \ N j 200 V \ \ A 150 IST1QLEGENl RALEINDEX -FEDERAL/f ESERVJZ.BOARD INDtX FORFRANC?E X • 100 ,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. 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 1920 1921 1922 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 929 francs; and at the end of June, 1922, although FEDERAL RESERVE BOARD INDEX OF AMERICAN PRICES it had fallen to 36,039,356,000 francs, it re- AND THE BRITISH AND FRENCH INDEXBS REDUCED TO mained at about 650 per cent of its 1913 level. A GOLD BASIS. The course of French prices during the period [1913 average priccs=100.] covered by the Federal Reserve Board's inclex has been affected also by Government price Federal Federal regulation, by a shortage of commodities, and Federal Reserve Reserve Reserve Board Board later by business depression and falling off in Board index of index of demand. Month. index of British French American prices prices The following table gives the all-commodi- prices. converted converted to gold. to gold. ties' index and the various group indexes for 1920, 1921, and through May, 1922. 1920. January 248 237 201 February... 248 227 171 INDEX NUMBERS OF WHOLESALE PRICES IN FRANCE. March 253 207 188 April 267 276 189 [Constructed by the Federal Reserve Board for the purpose of intcrna May 269 274 221 tional comparison. Average prices in 1913=100.] June 262 278 217 July 254 265 215 August 210 245 197 Month. G d p u o r c o o e d - d s .p G o i o r m t o e - d d s .p G o o o r o x te d - d s . m r R ia a a l t w s e . - g d P o e u r r o s o c d ' - - s. g s C o e u o o r m s d n ' - s - . m c t A i o o e m l d s l . i - - N D S O e o c e p t c v o t e e e b m m m er b b b e e e r r r . . . . . . 2 1 2 1 1 9 7 3 4 6 9 2 2 2 1 1 3 1 8 9 1 4 6 8 1 1 1 1 2 6 4 8 9 9 2 1 J M N J M A S O F j 'V u a u e e o c u a a n l p n p b t v y g r y r o u e t r c i e u . e b l a u h m m s e r a t y r b r 1 b y e 9 . e r 2 r 0 . . . . o 4 4 4 4 4 4 4 4 4 4 7 8 9 0 8 9 5 1 9 5 l2 3 7 4 1 1 4 8 9 8 4 - 6 5 5 5 4 5 6 4 5 5 4 5 3 2 7 0 7 8 1 5 4 9 2 4 0 4 9 9 7 5 2 5 L 6 5 6 4 5 5 5 5 4 4 4 0 3 3 9 0 5 6 6 3 0 8 1 3 6 9 0 3 3 3 5 0 9 . 5 5 5 5 5 4 5 5 5 4 4 L 5 1 0 0 4 8 2 9 2 5 9 3 8 9 8 3 3 6 0 0 5 4 4 3 4 4 4 3 4 4 4 44 9 9 8 1 8 5 3 5 0 7 1 8 6 2 7 9 7 3 2 8 3 . 5 4 4 4 5 3 4 4 5 4 5 8 4 9 0 0 8 2 0 9 6 3 . 7 6 6 3 2 9 8 8 8 5 1 4 5 4 5 4 4 4 4 5 5 4 8 5 0 9 8 0 7 4 3 2 1 3 6 0 7 5 0 9 1 7 5 7 A J J A N J S O F M M D u u a e e u p o c e a n l n a p b t y g r v c y r u o e t i c r u e e e l b a u h m s m m r e a t y r b b b ry e e e r . r r . . . . . . . . ' 1 1 1 1 1 1 1 1 1 1 1 1 - 4 4 4 4 4 5 4 4 4 6 5 1 5 6 5 5 6 2 5 2 8 2 6 7 I I • ! j I 1 1 1 1 1 1 1 1 1 1 1 1 5 6 4 4 4 1 6 4 4 8 8 7 3 6 7 9 4 8 6 4 6 8 0 2 . I i ' I j 1 1 1 1 1 ] 1 1 1 1 1 1 3 2 1 2 1 1 0 2 4 3 2 2 1 0 7 9 1 3 9 5 0 5 6 6 . December... 422 408 373 452 350 430 420 1922. M F Ja e a n b r u c ru a h r a y r 1 y ' 92 1 . . • 3 3 3 8 4 6 7 8 6 3 3 3 4 3 8 9 3 0 3 3 3 5 3 0 2 0 5 3 4 3 8 0 5 2 6 8 3 2 2 0 7 6 4 6 9 3 4 4 8 2 0 2 4 4 3 3 3 8 6 4 7 4 5 J M A F a e p a n b r r u i c r l u a h a ry ry .. .. 1 1 1 1 4 4 4 4 9 7 6 2 I : ! 1 1 . 1 1 5 5 4 5 1 0 8 1 1 1 1 1 3 2 4 2 4 1 3 8 April 334 326 280 354 259 361 333 May 15S ! 156 143 May. 330 285 209 335 240 368 323 June 317 279 256 332 226 347 311 July 317 282 261 328 232 348 312 August . 304 290 261 322 229 330 302 TREASURY REFUNDING OPERATIONS. September 298 314 276 328 240 309 301 N O o ct v o e b m er b er .. 2 2 9 9 1 0 3 3 1 0 4 4 2 29 9 4 1 3 3 1 1 9 5 2 2 3 3 8 3 3 30 0 5 4 2 29 9 2 5 In announcing on July 26 the call for re- December 284 303 283 313 230 294 287 demption before maturity of about half the 1922. Victory notes outstanding, and the offering J F a e n b i r l u a a r r y y ... 2 28 8 2 4 2 2 8 9 6 5 2 2 7 7 5 7 3 3 0 0 S 0 2 2 2 2 7 9 3 2 0 9 0 9 2 2 8 8 3 6 of a new issue of $300,000,000 or thereabouts March 288 282 272 305 229 306 287 of short-term Treasury notes, the Secretary \ pril 302 282 274 318 228 327 299 May. .. 305 288 279 322 226 333 302 of the Treasury addressed the following letter to banks and trust companies: The final chart on page 928 shows the Federal DEAR SIR: The Treasury is announcing to-day a call Reserve Board index for the United States, for for the redemption on December 15, 1922., of about half England, and for France, the last two adjusted of the 4f per cent Victory notes which remain outstandin accordance with their respective foreign ing, and at the same time is offering on the usual terms a new issue of $300,000,000, or thereabouts, of short-term exchange rates on New York. The spread Treasury notes bearing interest at 4-} per cent, with probetween the lines showing the three indexes vision for additional allotments up to a limited amount in indicates the difference between gold prices in exchange for 4-| per cent Victory notes. the three countries and shows that French These two operations mark an important further step in the development of the Treasury's refunding program, gold prices were relatively low during 1920 and and I am sending this letter to the president of every bank- 1921. At the present time gold prices in ing institution in the country in order to draw attention France appear to be coming closer to the level to the significance of the announcements and ask the of prices in the United States. The following cooperation of the banks in affording to their customers ample facilities for investing in the new notes. The call table gives the figures upon which this graph for the partial redemption of 4J per cent Victory notes is based. affects about $1,000,000,000 face amount r > iotes, and 4210—22 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

930 FEDERAL RESERVE BULLETIN. AUGUST, 1922. makes the notes thus called for redemption payable on accomplished through the operation of the sinking fund December 15, 1922, leaving the balance of the Victory and other public-debt expenditures chargeable against liberty loan to mature on May 20, 1923, according to its ordinary receipts, the application of surplus revenues to terms. The notes called for redemption bear the dis- the retirement of debt, and the reduction of the balance tinguishing letters A, B, C, D, E, or F prefixed to their in the general fund. At the same time the Treasury has serial numbers, and can thus be readily distinguished been engaged, through its refunding operations, in disfrom the notes not affected by the call. Copies of the tributing substantial amounts of the remaining shortofficial circulars will come to you from the Federal reserve dated debt into more convenient maturities, and in this bank of your district and additional copies may be obtained manner has refunded about $2,250,000,000 of early maturupon application. ing debt into Treasury notes of various series maturing in The notes now offered for subscription are designated 1924, 19-25, and 1926. As a result of these operations the Treasury notes of Series 13-1926, are dated August 1, 1922, amount of outstanding Victory notes has been reduced will mature. September 15, 1926, and will not be subject from over $4,050,000,000 on April 30, 1921, to about to call for redemption before maturity. The amount of SI,990,000,000 on June 30, 1922, and the amount of outthe offering is $300,000,000, or thereabouts, but the Secre- standing Treasury certificates from over $2,800,000,000 to tary of the Treasury reserves the right to allot additional about $1,825,000,000. In addition there are about $625,notes up to a limited amount to the extent that 4f per 000,000 of war savings certificates of the series of 19.18 cent Victory notes are tendered in payment. Subscrip- which become payable on January 1, 1923, so that on tions may be closed at any time without notice, and the June 30, 1922, there still remained outstanding about right is reserved to reject any subscription and to allot $4,440,000,000 of short-dated debt, all of which matures less than the amount applied for. Holders of outstand- in the current fiscal year. ing 4$ per cent Victory notes, whether or not called for The refunding of this debt, most of which will have to redemption, thus have an opportunity now, within the be accomplished within the next 10 months, presents a limitations of the offering, to exchange their notes for problem of first importance. The $300,000,000, or therenew securities of the Government bearing interest at abouts, of Treasury notes offered for subscription on the 4J per cent and running for a period of over three years usual terms will provide for the Treasury certificates after Victory notes would mature or be redeemed. Appli- maturing August 1 and for the Treasury's remaining cash cations for the Treasury notes now offered will be received requirements between now and September 15, 1922, while in regular course through the several Federal reserve the offering to allot additional notes in exchange for 4| banks, as fiscal agents of the United States, from which per cent Victory notes should accomplish the refunding further particulars concerning the offering may be obof some more of the Victory Liberty loan and correspondtained. This is the fourth exchange offering which the ingly reduce the amount of Victory notes to be provided Treasury has made in order to facilitate the refunding of for upon redemption or maturity. At the same time the the Victory Liberty loan, and on this offering, as on call for the redemption of about half of the outstanding previous offerings, 1 hope that banks and trust companies Victory notes before maturity will make that much of the throughout the country will extend to their customers Victory loan payable on December 15 of this year, and every possible assistance in effecting exchanges. enable* the Treasury to deal with it before maturity by The Treasury's program for dealing with the short-dated appropriate refunding loans. This will mean that by debt of the Government has now progressed to such a January 1, 1923, the outstanding Victory notes will have point that I believe it is worth while to recite what has been reduced to about $1,000,000,000, or, in other words, already been accomplished and call attention to what a manageable maturity which can be dealt with as opporremains to be done within the current fiscal year. On tunity offers without spectacular refunding operations April 30,1921, when the situation was first outlined in my that would upset the security of markets and disturb the letter of that date to the chairman of the Committee on course of business and industry. Ways and Means, the gross public debt on the basis of The current offering of notes is thus an essential part of daily Treasury statements amounted to about $23,995,- the refunding program on which the Treasury is engaged, 000,000, of which over $7,500,000,000 was short-dated and the banking institutions of the country by extending debt maturing within about two years, made up of over their facilities for the exchange of outstanding 4f per cent $4,050,000,000 in Victory notes, over §2,800,000,000 in Victory notes for the new notes will be performing an Treasury certificates of indebtedness, and about $650,important service for the country as well as for their 000,000 in war savings certificates. By June 30, 1922, the customers.. gross public debt had been reduced to about $22,963,- Cordially yours, 000,000, a reduction of about $1,032,000,000 during the period of 14 months. This reduction has taken place, for A. W. MELLON, Secretary. the most part, in the short-dated debt, and has been To the president of the bank or trust company addressed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL, RESERVE BULLETIN. 931 RULINGS OF THE FEDERAL RESERVE BOARD. Eligibility of paper of cooperative marketing associations.I of a sale and transfers title in the tobacco to the association and gives the association full Several questions were recently submitted to control over the tobacco and over the resale the Federal Reserve Board with reference to thereof, so that unless the form of the transthe eligibility of paper created by a tobacco action is to be disregarded the proceeds of the growers' cooperative marketing association for association's notes may be said to be used for rediscount at Federal reserve banks. the commercial purpose of buying the tobacco The association in question, like that de- from the growers and the association's notes scribed in the ruling published on page 1199 may be considered eligible for rediscount when of the FEDERAL RESERVE BULLETIN for Octo- they have maturities not in excess of 90 days ber, 1921, is a nonstock and nonprofit corpora- and when they otherwise comply with the protion, and its members consist exclusively of visions of the law and the board's regulations. growers of tobacco who have agreed to sell It is true that the sales of tobacco by the growand deliver to the association all the tobacco ers to the association have the unusual feature grown by or for them, or acquired by them as that the purchase price is not fixed at the time landlords or lessors. The agreements between of delivery, but is dependent upon the price the growers and the association provide for the at which the tobacco is resold by the associadistribution of the proceeds of each pool pro- tion, so that the risks incident to resale by the rata among the growers who have contributed association are borne by the growers; and for to that pool. The association is given power this reason the board has held that for some to sell the tobacco in such form and upon such purposes the transactions between growers and terms as may be deemed most advantageous such associations should be regarded in subto the growers, it being contemplated that a stance as consignments rather than sales. Conpart of the tobacco will be sold without being sidering, however, that a cooperative marketing redried and that such of the tobacco as can not association is a nonprofit corporation and in be sold at a reasonable price in that form will the last analysis the participating members be redried and stored by the association and rather than the association itself must assume sold as there is a demand for redried tobacco. the ultimate risk of loss and must benefit directly The association is also specifically given the from any gain resulting from the operation of right to "borrow money in its name on the the association, these transactions between the tobacco, through drafts, acceptances, notes, or association and its members conform to the otherwise, or on any warehouse receipts or bills usual type of sale as closely as they can conof lading or upon any accounts for the sale of sistently with the nature and purposes of an tobacco or on any commercial paper delivered association of this character. In other words, therefor"; and it is agreed that the association there is no material difference between these "shall prorate the money so received among transactions and ordinary sales except that the growers equitably, as it may determine, the sellers, the growers, have the ultimate hope for each district and period of delivery." of gain and risk of loss resulting from resale by (1) The first question is as to the eligibility the purchaser, the association, and this differfor rediscount at Federal reserve banks of ence exists by reason of the relation that necnotes made by the association and discounted essarily exists between the association and its at banks for the purpose of obtaining funds members; so that to conclude that the transwith which to make payments to the growers actions are not sales when considered from the for tobacco delivered by them. This question point of view of the association would be in depends upon whether the payments are to be effect to say that it is impossible for the regarded as payments on account of the pur- association and its members to engage in chase price of goods bought by the association, purchase and sale transactions between in which case the proceeds of the association's themselves. notes may be said to be used for a commercial The board is of the opinion, therefore, that purpose, which would make the notes eligible, the notes of the association, the proceeds of or are to be regarded as advances or loans, in which have been or are to be used to make which case the proceeds must be said to be payments to the growers for tobacco delivered used for a finance purpose, which would make to the association, may be considered eligible the notes ineligible. for discount by Federal reserve banks with The agreement between the association and maturities not in excess of 90 days, provided, the growers puts the transaction in the form of course, that the notes comply in other re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

932 FEDERAL RESERVE BULLETIN. AUGUST, 1922. spects with relevant provisions of law and the It is well recognized that agricultural prodregulations of the Federal Reserve Board. ucts should not be dumped upon the market (2) The second question relates to the eligi- as soon as grown, but on the contrary should be bility of drafts drawn upon the association by marketed gradually as and when there is a the growers, accepted by the association, and normal demand. Consequently, the carrying discounted by the growers at their banks. As of tobacco and other agricultural products was held in the ruling published in the October, for such periods as are reasonably necessary 1921, BULLETIN, such drafts are eligible for in order to accomplish the orderly marketing rediscount as agricultural paper if the proceeds thereof is a legitimate and necessary step inciare used by the growers for an ag icultural dent to normal distribution, and the board purpose. The point is made, however, that has held heretofore that a farmer's note which practically the only use which the growers are is drawn, or the proceeds of which are used, to likely to make of the proceeds of such drafts finance the carrying of the farmer's products when discounted is to pay debts previously for such reasonable period is a note which has incurred by them in growing and harvesting been issued or drawn for an agricultural purthe crop, and that, unless this can be held to pose within the meaning of section 13 of the be using such funds for an agricultural pur- Federal reserve act and which may, therefore, pose, little or no agricultural paper can be be eligible for discount by Federal reserve created in this way. banks. It is hard to imagine how a grower In defining the character of notes, drafts, could use the proceeds of a loan to finance the and bills of exchange eligible for rediscount, carrying of a crop except by using them to in Section II of its Regulation A, the board meet obligations or make necessary expendihas determined that " (a) It must be a note, tures which would necessitate the immediate draft, or bill of exchange which has been issued sale of his crop if he did not obtain a loan. or drawn, or the proceeds of which have been It must be recognized, however, that there used or are to be used in the first instance, in is a distinction between carrying agricultural producing, purchasing, carrying, or marketing products for such periods as are reasonably goods in one or more of the steps of the process necessary to effect orderly marketing and mere of production, manufacture, or distribution, speculative withholding from the market, at a or for the purpose of carrying or trading in time when there is a normal demand, in the bonds or notes of the United States." The hope ultimately of obtaining a higher price. board has held heretofore that for all practical Such withholding is not an agricultural purpurposes any note which is secured by Govern- pose within the meaning of section 13, and if a ment bonds usually may be considered to be marketing association should engage in such drawn either for the purpose of carrying or a speculative holding of a crop instead of trading in those bonds within the meaning of marketing it in an orderly manner, drafts the Federal reserve act, and it should not be drawn to finance the growers of such a cropx incumbent upon a Federal reserve bank to look during the holding of it for speculation should further than that fact in order to determine not be considered to be drawn for an agriculthe technical eligibility of such a note. That tural purpose. The exact dividing line between holding was based on the theory that if the legitimate carrying and speculative withholding owner of bonds has obligations which he can not is, of course, very difficult to determine. The meet without cither selling his bonds or bor- question of whether a doubtful case falls on rowing money on them, the borrowing of money one side or the other of this line is a question on such bonds with wh ch to meet his obliga- of fact which it is not for the Federal Reserve tions enables him to "carry" the bonds. Simi- Board to determine but which should be deterlarly, money borrowed by a grower to enable mined rather by the local bank whose custohim to meet his obligations without selling his mer desires the loan and by the Federal reserve crop immediately enables him to "carry" the bank if the paper representing the loan is offered crop. When a grower delivers his crop to a for rediscount. cooperative marketing association which is (3) The third question relates to the eligiactually engaged in orderly marketing, there- bility of paper created by the association and fore, and when the grower is obliged to borrow secured by warehouse receipts for tobacco money for ordinary general purposes, such as stored in warehouses which, although they may the payment of obligations previously incurred be owned by the association or by corporations in growing or harvesting the same crop, a draft organized and controlled by the association, drawn by the grower on the association for a yet have independent management and organipart of the market value of the crop may zation. Inasmuch as the eligibility of paper properly be considered to be drawn for an other than bankers' acceptances is not deagricultural purpose. pendent upon the existence of character of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVH BULLETIX. 933 collateral security, the question whether such by warehouse corporations organized by it paper of the association is technically eligible would come within the principles set forth in for rediscount is not dependent upon whether that ruling. Inasmuch as this association the warehouse issuing the receipt offered as takes title to the tobacco and is given full concollateral security is independent of the bor- trol thereof and is, moreover, specifically given rower. The character of a warehouse receipt the right to borrow money in its own name on or other security offered as collateral for paper warehouse receipts issued against the tobacco, other than bankers' acceptances is material it is clear that it can store the tobacco and only as bearing upon the acceptability of the obtain negotiable warehouse receipts conveypaper as distinguished from its eligibility, and ing security title. The board has indicated the question of the acceptability is for the already the general principles to be applied by determination of the Federal reserve banks Federal reserve banks in determining under rather than the Federal Reserve Board. what circumstances warehouses arc to be con- The subject of the eligibility of bankers' sidered independent of the borrowers in passing acceptances drawn by cooperative marketing upon bankers' acceptances, and the applicaassociations against warehouse receipts covering tion of those principles to specific cases involves agricultural commodities was discussed in a questions of fact which are primarily for the ruling published on page 963 of the FEDERAL determination of the Federal reserve banks. RESERVE BULLETIN for August, 1921, and ac- (See rulings on pages 31, 634, and 862, receptances drawn by the association now under spectively, of the 1918 BULLETIN.) consideration against warehouse receipts issued LAW DEPARTMENT. The act approved July 1, 1922, broadens the rediscount section excludes from consideration as money privilege of member State banks and puts them upon borrowed, as did the old provision of section a basis of equality with national banks in this respect. 9 of the Federal reserve act, the discount of The act approved July 1, 1922, the text of bills of exchange drawn in good faith against which was published in the Law Department actually existing values, and the discount of of the FEDERAL RESERVE BULLETIN for July, commercial or business paper actually owned 1922, amended section 9 of the Federal reserve by the person negotiating the same, and act by striking out the following proviso in provides also that certain other kinds of paper, the tenth paragraph: which were not referred to in section 9, may be discounted in excess of the normal limit of 10 That no Federal reserve bank shall be permitted to per cent of the bank's capital and surplus. The discount for any State bank or trust company notes, effect of the amendment is, therefore, to drafts, or bills of exchange of any one borrower who is liable for borrowed money to such State bank or trust broaden the rediscount privilege of member company in an amount greater than 10 per centum of the State banks and to place these banks on an capital and surplus of such State bank or trust company, equality with national banks in this respect. but the discount of bills of exchange drawn against actually The amendment does not, of course, affect any existing value and the discount of commercial or business paper actually owned by the person negotiating the same part of section 9 except the proviso which is shall not be considered as borrowed money within the specifically referred to, and under the terms of meaning of this section. the sentence that immediately followed this and substituting in lieu thereof the following: proviso it is still necessary that "The Federal reserve bank, as a condition of the discount That no Federal reserve bank shall be permitted to discount for any State bank or trust company notes, of notes, drafts, and bills of exchange for such drafts, or bills of exchange of any one borrower who is State bank or trust company, shall require a liable for borrowed money to such State bank or trust certificate or guaranty to the effect that the company in an amount greater than that which could be borrower is not liable to such bank in excess borrowed lawfully from such State bank or trust company were it a national banking association. of the amount provided by this section, and will not be permitted to become liable in excess The provisions of section 5200 of the Revised of this amount while such notes, drafts, or Statutes determine the amount which a single bills of exchange are under discount with the customer may legally borrow from a national Federal reserve bank." bank, and the effect of the amendment to section 9 of the Federal reserve act is, therefore, to ANALYSIS OF SECTION 5200 R. S. permit a Federal reserve bank to rediscount for a member State bank the eligible paper of In view of this amendment, and for the infora customer of that State bank whenever the mation of member State banks particularly, total loans of the State bank to that customer the Federal Reserve Board deems it approare not in excess of the limits prescribed by priate at this time to republish the analysis of section 5200 of the Revised Statutes. This the provisions of section 5200 of the Revised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

934 FEDERAL RESERVE BULLETIN. AUGUST, 1922. Statutes which was previously published on SOME EXAMPLES or WHAT MAY BE LOANED TO ANY page 1055 of the FEDERAL RESERVE BULLETIN ONE CUSTOMER UNDER SECTION 5200 OF THE REVISED for November, 1919. STATUTES, EXPRESSED IN TERMS OF PERCENTAGE OF THE LENDING BANK'S CAPITAL AND SURPLUS. The analysis states the amount which may be loaned to any person, company, firm, or corporation (including in the liability of a Illus- Illus- Illus- ! trationtration tration company or firm the liability of the several 1. 2. 3. members thereof) under the various clauses of section 5200, as last amended by the act Per cent..Per cent.Percent. (A) Accommodation or straight loans... 10 | 5 approved October 22, 1919. These amounts (D) Notes secured by warehouse receipts, etc.. I 15 15 are stated in terms of the percentage of the (E) Notes secured by a like face amount of i United States "Government obligations. | 10 : 10 15 paid-in and unimpaired capital and surplus of the lending bank. Total. 35 I 35 35 (B) Bills of exchange drawn against actually i No limit imposed by Character of loans. Amount loanable. existing values. * j law. (G) Commercial or business paper j Do. (F) Notes secured by at least iO5 per cent of | Do. (A) Accommodation or straight loans, j Xfaximum limit, 10 per cent of United States Government obligations., whether or not single name. j bank's paid-up and unimpaired capital and surplus. WHAT A FEDERAL RESERVE BANK MAY REDIS- (B) "Bills of exchange drawn in good j No limit imposed by law. COUNT FOR ITS MEMBER BANKS. faith, against actually existing values." The law expressly provides that this phrase shall also include: A Federal reserve bank may not, of course, (a) Drafts and bills of exchange secured by shipping documents under any circumstances, rediscount paper conveying or securing title to other than that which is eligible under the goods shipped. (/J) Remand obligations, when terms of the Federal reserve act. So also secured by documents covering commodities in actual the limitations imposed upon the amounts process of shipment, of rediscounts which Federal reserve banks (c) Bankers' acceptances of the kinds described in section 13 of may make for member banks, whether State of the Federal Reserve Act. or National, are determined by the provisions of the Federal reserve act and are not in any (0) Commercial or business paper ((of ; No limit imposed by law. other makers)) actuallyy owned by the way affected by the amendment to section person, company, corporattiion, or firm 5200. negotiating the same. Under the provisions of section 13 of the (D) Xotes secured by shipping docu- | 1") per cent of bank's capital Federal reserve act any Federal reserve bank ments. warehouse receipts, or other : and surplus, in addition to may rediscount for any member bank, whether such documents conveying or securing . the amount allowed under title covering readily marketable non- • (A); or if the full amount State or National, eligible paper of any one borperishable staples, including live stock.! allowed under (A) is not No ban!; may make any loan under j loaned then the amount rower to the extent of 10 per cent of the member (D), however. j which may be loaned in the bank's capital and surplus, but it is expressly manner described under (a) Unless the actual market value (D) is increased by the provided that " this restriction shall not apply of the property securing the obliga- loanable amount not used tion is not at any timeless than 11.5 under (A). In other words, to the discount of bills of exchange drawn per cent of the face amount of the ! the amount loaned under against actually existing values." note, and (A) must never be more (b) Unless the property is fully cov- I than 10 per cent, but the In the opinion of the Federal Reserve Board ered by insurance, arid in no event j aggregate of (A) and (D) shall the privilege afforded by (D) ; may equal, but not exceed, this phrase " bills of exchange drawn against be exercised for any one customer j 25 per cent. actually existing values" includes "drafts or for more than 6 months in any con- j secutivc 12 months. j bills of exchange secured by shipping documents conveying or securing title to goods (E) Notes secured by not less than a like 10 per cent of bank's capital face amount of bonds or notes of the and surplus, in addition to ed" and "bankers' acceptances of the United States Issued since April 24,1917, the amount allowed under kinds described in section 13 of the Federal or by certificates of indebtedness of the (A); or if the full amount United States. allowed under (A) is not reserve act," even though section 13 (unlike loaned, then the amount which may be loaned in the amendment to section 5200) does not the manner described un- expressly state that those two classes of paper der (E) is increased by the loanable amount not used are bills of exchange drawn against actually under (A). In other words, the amount loaned under existing values. In the opinion of the board, (A) must never be more however, accepted demand bills on which the than 10 per cent, but the aggregate of (A) and (K) drawer is released from liability are not " bills may equal, but not exceed, 20 per cent. of exchange" within the meaning of section 13, and must, therefore, be included in deter- (F G ) ov N e o r t n e m s e s n e t c u o r b e l d ig a b t y io ns U n o i f t e t d h e s k ta in te d s s ' No u n l d im er i t, r b eg u u t la th ti i o s n p s riv o i f l eg th e e , mining the limits on the amount of paper of described under (K) the face amount of ! Comptroller of the Cur- any one borrower which a Federal reserve which is at least ccjual to 105 per cent of ' rencv, expires December the amount of the customer's notes. 31,1922. bank may rediscount for any member bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 935 BUSINESS AND FINANCIAL CONDITIONS ABROAD. THE HAGUE CONFERENCE. present. On July 16 the Russians asked to meet the conference again, and on July 19 they In accordance with plans made at Genoa presented their proposals. They stated then the non-Russian commission of economic ex- that if the experts would refer their proposals perts, representing 25 nations, met at The to their Governments they would ask the Hague on June 15 to discuss the program and Russian Government whether, assuming that procedure to be followed in subsequent ses- credits in the sense intended \vere not forthsions with the Russian delegates. The con- coming, the debts due by former Russian ference was organized on the basis of a general Governments wrould be recognized; and commission, with three subcommissions on whether, furthermore, the Russian Governcredits, debts, and private property. In its ment would agree to give effectual compensapreliminary sessions the general commission tion to foreigners for nationalized property, decided to formulate no program or order of provided that terms were left to be decided procedure until the Russians came. between the Russian Government and the On June 26 the Russians arrived at The persons concerned. The non-Russians did Hague. They insisted on meeting the com- not feel that these proposals were a satisfacmission on credits first, since for them credits tory basis on which to continue negotiations, were of prime importance. On the other especially as they would have to wait seven hand, from the point of view of the other days to hear from Moscow. At the same time powers represented at the conference the recog- they stated that if the Russians loyally carried nition of Russian debts was regarded as a pre- out their proposals it would contribute to the requisite in any discussion of credits. The establishment of confidence necessary for re- Russians, however, in meeting with the subcom- construction and would create an atmosphere missions on debts and private property refused favorable for further negotiations. The nonto recognize the debts of former Govern- Russians then proceeded to bring the conments or the principle of the restitution ference to a close. On the recommendation of of private property. They would be will- the subcommissions, resolutions were adopted ing to make certain concessions along these to the effect that the delegates from the various lines provided that they were granted suffi- countries would use their influence to prevent cient credits and were assured of a moratorium their nationals from accepting concessions from of 20 to 50 years. Even so, they stated, it the Soviet Government involving property in would be as a matter of expediency, not of Russia formerly owned by foreigners. right. The Hague conference, therefore, came to an In order to understand the economic situation end without arriving at a basis for negotiations in Russia more fully, the non-Russian commis- between the Russian Government and the sion asked for a statement of the Russian budget other nations. The Russians and the other and of other financial affairs of the Govern- groups of delegates, it should be remembered, ment. The figures that were presented, although came to the conference with views diametriinconsistent with other data previously made cally opposed as to the logical and proper public in Russia and elsewhere, nevertheless approach to the problems in hand. The nonserved to emphasize the deplorable condition Russian delegates took the position that of the country. The circulation of paper recognition of debts by Russia must precede money was shown to have increased so enor- any discussion or negotiation with regard to mously that currency stabilization and the re- credits. They felt that such recognition was habilitation of the country are hopeless without essential to slunv Russia's good faith and to financial assistance from abroad. In spite of restore confidence abroad as to Russia's intenthis fact and the repeated warnings from the tion to meet her obligations. The Russian non-Russian experts that credits could be ob- delegates, on the other hand, regarded credits tained only when confidence was restored, the as the matter of most vital importance; but Russians refused to retreat materially from they were unwilling to recognize Russia's debts their position with respect to debts and prop- in advance of receiving credits to an amount erty rights. approximating their requirements. They went Finally, on July 13, after trying ineffec- to The Hague expecting to bargain for credits in tually for three weeks to obtain any basis for return for industrial, mining, and other ecoan agreement, the other delegates sent word nomic concessions in Russia. They based their to the Russians that they would not meet them hopes upon the rich natural resources of their again unless the Russians had new proposals to country, in which they expected foreign Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

936 FEDERAL RESERVE BULLETIN. AUGUST, 1022. capitalists would be willing to invest. The was stated to be 182,000,000, whereas the non-Russians refused to conduct negotiations number of persons at present under control of along these lines, and, since neither side would the soviet regime docs not exceed 130,000,000, modify its position, the conference ended according to Russian official figures. It is not in a deadlock. necessary to survey the territory under Russian rule. Nothing in this respect is fixed and RUSSIA'S INDEBTEDNESS AND FOREIGN TRADE. changes are likely to take place from day to day. In western Europe, countries like Fin- One of the results of the conferences at land, Esthonia, Latvia, and Lithuania have Genoa and The Hague, and especially of the been entirely carved out of Russia. Poland commercial treaties concluded by representareceived her most important territory from tives of the soviet regime with a number of former Russian lands, while Rumania acquired western European nations, has been to lift the Russian Province of Bessarabia. In the many of the barriers which have surrounded Caucasus and Ukraine several attempts were Russia for more than three years. The vast made to establish new border States, but natural resources of the country and the lack in most cases without success. In Siberia, of domestic funds have always attracted foreign also, important changes took place. Subsecapital. As a result, foreigners have always quently, however, the number of persons under been particularly interested in the political and soviet control has increased considerably. The business conditions of this country. The extent of more recent territorial changes can be World War and the Russian revolution inseen by comparing the figures of 1919 with flicted severe losses upon the old Russian those of later date. In 1919 the total popula- Empire. Valuable territory was lost; production under soviet control was 8*5,000,000; at tion in most industries ceased; transportation, the end of 1920, 100,000,000; while at the including railroads and navigation, reached an present time, June, 1922, 130,000,000. extremely low degree of efficiency; and, in- The economic policy of the soviet governstead of being, as it once was, the granary of a ment underwent important changes since 1918, large part of Europe, exporting largely food and three distinct periods can be traced: (1) and food products, Russia is at present forced The breaking up and destroying of the old systo import bread for the starving population. tem through nationalization and confiscation; - Russia to-day may be said to be without (2) the creation of a ne/vv, highly centralized production or transportation. With a curapparatus entirely operated and controlled by rency whose purchasing power approaches the State; (3) the new economic policy tending zero, and with the unstable business and toward decentralization of industry and trade, political conditions now prevailing, it is not a restitution of private property, and a more country for the business man who looks toward friendly attitude toward foreign concessions. immediate trade and interchange of commodities, but merely a potential market for the These three phases of Russian economic deinvestor. Russia, above all, is in need of velopment can be seen in the internal as well capital to rebuild her railroads, to stabilize her as the external policy of the soviet regime. currency, and to increase the productive power The internal policy is expressed in the attitude of the country. of the Government toward banking, currency, production, and transportation, while the atti- This is the first of a series of articles which tude toward foreign trade and foreign indebtwill survey the most important phases of edness marks its external policies. The foreconomic conditions in Russia. It should be eign trade of Russia, as will be seen later in kept in mind, however, that the country is in this survey, has dwindled to a very small pera chaotic condition, and that figures bearing centage of its pre-war volume and can recover on Russia's economic life are far from being only after the productive power of the country wholly reliable. has been increased. This, however, can take place only with the aid of foreign capital, which GExYERAL ECONOMIC SURVEY. will not go into the country until the status of property held by foreigners and Russia's in- It is very difficult to compare the present debtedness to other countries are fixed. Hence "Russian Socialist Federal Soviet Republic" these two points were the main topics of dis-^ with the Imperial Russian Empire as it existed cussion at the Genoa and Hague conferences before the war. Not only has the economic and seem to be the crux of the Russian question. structure with respect to distribution of wealth and income been changed entirely, but the I. RUSSIA'S FOREIGN INDEBTEDNESS. political borders of the country have also undergone important engages. Shortly before As in the case of the indebtedness of most the war the population of the Russian Empire European countries, Russia's domestic as well Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 937 as foreign debts were incurred mainly during Rubles. the war. In January, 1914, the total debts of Pre-war debts 4, 200, 000,000 Foreign Avar loans 7,428,000, 000 the Russian Government were: Guaranteed loans 870,000,000 Rubles. Municipal loans 422, 000| 000 General loans 5, 726, 661, 481 State railway loans 3, 097, 862, 866 Total 12, 920,000,000 State guaranteed loans 3, 803, 216, 579 These debts represent merely Government or Total 12, 627, 744, 926 Government-guaranteed loans. They do not They were largely long-term loans, bearing include loans of private organizations, railinterest from 3 to 6 per cent. It is difficult roads, public utilities, etc., floated and held to state how much of these debts was held abroad. abroad. France claims that about one-third After the inauguration of the soviet regime, of Russia's total pre-war indebtedness was the question of cancellation of debts became owned by French citizens, and the "Bureau des acute, and in January, 1918, the Council Biens et Interets Prives/' an association for of .the People's Commissaries passed a dethe protection of French capital invested in cree whereby the entire indebtedness of the Russia, estimates the total holdings of Russian Russian Government, domestic as well as pre-war Government securities at 8,926,728,650 foreign, was canceled. The principal clauses gold francs. As British and Belgian citizens of the decree, translated from the original held large blocks of Russian Government or Russian, follow: Government-guaranteed securities, one might (1) All state loans concluded by the Govsafely state that between one-third and one-half ernment of the Russian landowners and Rusof Russia's pre-war debt was held abroad. sian bourgeoisie, which are enumerated in the From the outbreak of the war in August, inclosed statement, are being annulled (can- 1914, until November, 1917, debts of about celed) as of December 1,1917. The December 25,000,000,000 rubles were incurred as follows: coupons are not subject to paymenl. Loans raised, in rubles of one-tenth an im- Rubles. (2) In the same way all guaranties are being perial or in foreign currency 2, 794, 931, 228 annulled, which have been given by the above- Loans, raised in rubles of one-fifteenth of mentioned Governments on the loans of an imperial 11,696,041,767 various concerns and institutions. Short-term loans at home 6, 500, 000, 000 Short-term loans abroad 4,179, 963, 000 (3) Absolutely and without any exceptions all foreign loans are being annulled. Total 25,220,936,895 (4) Short-time obligations and series of the The above figures include domestic and for- state chancellery are remaining in force. eign loans. The exact sums subscribed or Interest on them is not paid, but their obligafloated abroad can easily be traced, as the}7 were tions have the same validity as the credit issued in the currencies of the respective for- notes. eign countries. Government loans floated by Paragraph 4 was included mainly to provide Russia during the war in some of the allied additional currency, as the printing press could countries are: not put out enough currency to meet the de- Original currency. mands of the Government. Certificates of Great Britain (pounds) 568, 200, 000 short-term notes were declared legal tender France (francs) 3, 950, 000, 000 and put on an equal basis with the notes al- Japan (yen) 255, 000. 000 Ttaly (lire) 36, 000, 000 ready in circulation. The rest of the decree United States 1 (dollars) 223, 000,000 deals mainly with the rights of holders of small Russia's total indebtedness in November, amounts of internal loans, and does not refer 1917, at the time of the accession of the present to foreigners. Attention is called to the wordregime to power, thus consisted of two ele- ing of the decree which explicitly states that ments, as follows: " all foreign loans are canceled absolutely and without any exceptions.M This decree im- Rubles. Pre-war loans 12, 627, 740, 926 poses a loss upon foreign investors as well as War loans 25,220,936,895 Governments, especially Great Britain, France, Belgium, and the United States, of about Total 37, 848, 677, 821 13,000,000,000 gold rubles. Out of this total indebtedness about 13,000,- The soviet regime was not satisfied with the 000,000 rubles, or 32 per cent, were held cancellation of the total Government indebtabroad. The foreign holdings may be classi- edness, but also nationalized all private propfied as follows: erty in „ the country. Thus all enterprises owned or controlled by foreigners became the 1 Of this amount, loans with private banks and the United States property of the Russian state. The nation- Treasury were: (1) Five-year 5£ per cent gold Treasury bonds, $25,000,- 000; (2) internal 5£ per cent ruble bonds of 1910; (3) three-year O-J per alization was carried through without any cent credit, $50,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

938 FEDERAL RESERVE BULLETIN. AUGUST, 1022. compensation to the original owners. In addi- Francs. tion, the Government confiscated the property Russian State bonds 6, 480, 212, 000 Russian railway bonds 212, 575, 000 and deposits of domestic and foreign banks, Russian railway bonds quoted "en thus increasing the total losses suffered by for- Ganque" 42, 333, 000 eigners. Russian railway bonds quoted officially... 1, 676, 706, 000 The countries most affected by the cancella- Bonds of Russian land credit banks 451, 791, 000 Credit Foncier Mutuel bonds. 63, 111, 000 tion of debts and the nationalization of private Bonds not quoted in France 750, 000, 000 property are France, Great Britain, Belgium, Various Russian industrial securities 1, 675, 000, 000 the United States, and, to a smaller degree, Italy. In these and other countries protective Total 11, 351, 729, 000 committees have been formed by the holders of All these debts were held by private citizens. claims against Russia. Germany, it may be The French Government appeared as Russia's noted, was never a large investor in Russian creditor only after the outbreak of the war, enterprises. Her total investments in Russia when it advanced to the Russian Government at the end of the war probably did not exceed funds of an approximate value of 4,000,000,000 1,000,000,000 rubles, but as all debts between francs. This amount consisted mainly of Russia and Germany were provisionally cantreasury bonds negotiable through the Bank celed by the treaty of Rapallo no further considof France, transfers for all unpaid materials, eration need here be given to German holdings. and Russian coupons accepted in payment of subscriptions to French loans. The total Rus- CLAIMS OF FOREIGN COUNTRIES AGAINST sian indebtedness to France, therefore, accord- RUSSIA. ing to the above figures, is: Francs. France.—The cancellation of debts and the Pre-war debts 11, 351, 728, 650 nationalization of private property by Russia War debts , 4,000,000, 000 affected to a very large extent the national wealth of France. A large proportion of her Total 15, 351, 728, 650 pre-war savings were invested in Russian These figures do not differ materially from Government, railway, and municipal securiestimates of the Russian Government, of ties. They were widely distributed among about 13,000,000,000 francs, in which sum, small and large investors and actively traded however, the item "various Russian securities77 in on the Paris stock exchange. It is diffiis not included. But the above total docs differ cult to obtain accurate figures of the total from data taken from other French sources. claims of French citizens against Russia. Thus, for instance, the French Minister of There are many elements of uncertainty, Foreign Affairs estimated Russia's war debts such as the value of stocks and property to France at 5,000,000,000 francs and the total left in Russia, w^hich can not be accurately pre-war indebtedness at 16,000,000,000 francs. valued. It is, however, possible to give The total indebtedness would thus be 21,000,more or less reliable figures of the amount 000,000 francs, not including Russian interior of Russian pre-war Government obligations war loans subscribed in France and various held in France. According to estimates of French properties and concessions estimated the "committee for the protection of French at 7,000,000,000 gold francs. property in Russia," based upon sums paid Belgium.—As in the case of France, it is in interest, the par value of these securities difficult to determine with accuracy the total amounted to 8,926,728,650 gold francs. Their value of Belgian capital invested in Russia. actual value decreased rapidly and they were Unlike France, however, Belgium was not c[uotcd in June, 1914, at 8,000,000,000 francs; mainly interested in Government securities, in February, 1917, at 5,210,000,000 francs; but invested largely in industrial, mining, and and in January, 1920, at 3,170,000,000 francs. public utility enterprises. M. Witneur, secre- After that period Russian securities ceased tary of the Association for the Protection of Belto be quoted regularly on the Paris stock gian Owners in Russia, estimated the total exchange. If the sum of 750,000,000 francs value of the claims of Belgian citizens against for bonds not quoted in France and 1,675,- Russia at 3,500,000,000 francs. It is diffi- 000,000 francs for various Russian industrial cult to check the accuracy of this sum, since shares are added, the total of French investthe bulk of the claim consists of properties, ments in Russia before the war amounts to largely of industrial and mining enterprises, the 11,351,728,650 gold francs, consisting of the value of which can be only roughly estimated. following items: M. Witneur divides the Belgian claims into four Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 939 categories and estimates the respective values The items specified in group 3 are: as follows: Cash deposits in banks and other institu- Francs, tions 193,000,000 (1) Industrial property (properties of Safe deposits in special boxes 87,000,000 industrial and public utility enter- Francs, Amounts due from Russian debtors to Belprises) 2,350,000,000 gian creditors 125, 000,000 (2) Government obligations and similar funds 640,000, 000 Total 405,000,000 3) Financial properties 450,000,000 4) Miscellaneous properties 105,000,000 Group 4 includes such items as houses, furniture, land property, and other valuables Total 3,545,000,000 left by Belgian citizens in Russia. A further analysis of these four groups Although the aggregate of group 1 is ver}' shows the following details. Group 1 is com- large, it nevertheless seems plausible, since posed of the following items: it is generally known that Belgian capital controlled many Russian industrial and 37 mining, coal, and metallurgical enter- Francs. public utility enterprises. With regard to prise3 1,160, 000, 000 81 various industrial enterprises 680,000,000 the other three groups, however, there are 43 public utility enterprises 582,000,000 certain items which appear more or less open to question. Total 2,350,000,000 Italy.—The claims of the Italian Government Group 2 comprises the following securities: and Italian citizens against Russia are not large and are classified in the table below. Francs. Government loans 385,000,000 They are stated mainly in foreign currencies, Railway loans 103,000,000 the actual value of which can not very well be Municipal loans 37,000,000 determined. Russian bonds arc given at nom- Loans not specified (mainly war loans)... 115,000,000 inal value, although it is a well-known fact that Total 640,000,000 they were sold considerably below par. APPROXIMATE CREDITS OP THE ITALIAN GOVERNMENT AND OF ITALIAN CITIZENS AGAINST RUSSIA. Currency. Creditors and classes of credits. Sterling. French German francs. marks. (a) Credit of the State, subscription to bonds of national Russian loans 34,855,500 ! (&) Credit of syndicate of Italian banks for war materials furnished Russian Government i (c) Credits of banking institutions and private persons: (1) Bank deposits in bonds and in cash in Russian institutions and active accounts opened in Italy 19,235,444 2,713,591 j 600 (2) Commercial (supplies, goods billed, various operations) 4,537,522 1,950,938 ' 147,373 (3) Bonds of Russian public debt (nominal value) 200,000,000 (4) Expropriations and forced abandonments of industrial establishments, 45,523,808 real property, administrations, and other property l3,912,9« Total. 149,228 39,520,029 j 147,973 1 Value of real property. Great Britain.—The claims of the British small and was incurred mainly during the war. Government and British citizens against Russia Including the claims of American citizens filed have not been published in detail. Russian with the Treasury Department, estimated at Government loans held in Great Britain, in- $350,000,000, all debts probably do not exceed cluding the advances of the British Govern- $800,000,000. ment, have been estimated by Russian officials Russian loans floated either entirely or to be about 5,000,000,000 gold rubles, while partly in the United States have been as British sources place the figure at £650,000,000. follows: To judge from various statements made by high British officials at Genoa and The Hague, the (1) $25,000,000, 5J per cent 5-year gold Treasury bonds. They were issued in November, 1916; fell due on Decemtotal amount of British capital invested in ber 1, 1921. Principal and interest was made payable in Russian industrial and mining enterprises must New York in United States gold coin. The semiannual be very high, and probably surpasses by far interest payment due December 1, 1919, was defaulted on that date. the total claims of France and Belgium. (2) Internal 5J- per cent ruble bonds of 191G. The total United States of America.—Russia's indebtedissue amounted "to 2,000,000,000 rubles. How much was ness to the United States is comparatively subscribed in the United States is uncertain. These Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

940 FEDERAL RESERVE BULLETIN. AUGUST, 1022. bonds arc redeemable in Russia and in rubles. Their the soviet officials soon recognized that Govvalue in United States currency depends thus upon the ernment monopoly and high centralization of ruble exchange. international trade were the main obstacles to (3) §50,000,000, (H per cent 3-year short-term notes, due July 10, 1919. Interest was payable in United States any further development. In 1921 the severe gold coin. This loan is a direct external obligation of the restrictions regarding domestic trade were Russian Government. superseded by more liberal provisions, which, The advances made by the United States to however, did not affect the attitude of the the Russian Government may be seen from the soviet with regard to the monopoly and the following figures showing the situation at the centralization of foreign trade. This policy beginning of February, 1922: of the soviet officials as to foreign trade was severely criticized at the Ninth Soviet Congress Principal amount of obligations 8192, 001., 2<)7 in December, 1921. It indorsed the monopoly Interest accrued and unpaid up to and including the last interest period 30, 558, 955 of foreign trade, but objected to its centralization, and decided that other institutions Total indebtedness 223, ! 60, 252 should be created for the carrying on of foreign Interest paid prior to February, .1.922 5,107, 536 trade between Russia and other countries. As a first step, the Central Organization of Cooper- II. RUSSIAX FOREIGN TRADE. ative Societies, or Centrosoyous, endeavored to Having considered Russia's indebtedness to regain its old rights and privileges, and started foreign countries, we pass now to the commer- to operate as an independent institution. In cial relations of Russia with other countries. addition, new corporations were created by the By the decree of the Peoples7 Commissariat of State in which private individuals, domestic as April 24,1918, the entire foreign trade of Soviet well as foreign, were permitted to participate. Russia was made a Government monopoly. According to the decree of March 13, 1921, Private persons, corporations, and trade organi- the following organizations and institutions zations were strictly prohibited from undertak- were permitted to engage in foreign trade: (1) ing any transactions involving the shipment of The Commissariat for Foreign Trade; (2) coopgoods to or from Russia. A Commissariat for erative societies; (3) State institutions; (4) Foreign Trade was established, vested with un- combinations of such State institutions (sorestricted power regarding all matters of export called trusts); (5) provincial Soviets; and (6) and import. It prohibited the foreign trade stock companies founded by the Government operations of cooperative societies and thus for that purpose. All these organizations and completed the Government monopoly. A sub- institutions, with the exception of the Central ordinate organization called "The Foreign Organization of Cooperative Societies, are sub- Trade Council" was established, with the duty ject to the supervision of the Commissariat for to pass on the various applications of Govern- Foreign Trade. ment institutions for the exportation and im- The greatest hope of the soviet regime seems portation of goods. to be based upon the foreign trade corporations. During 1918, 1919, and 1920 very little inter- They maybe founded only by State institutions, national trade was carried on between Russia who hold at least 51 per cent of the total stock. and other countries. Most of the border terri- The/rest of the shares may be offered to private tories wTerc occupied by antisoviet troops, and individuals, domestic as well as foreign. A the blockade by the western European coun- number of foreign trade corporations have been tries made any business transactions with Soviet established up to the present time, the most Russia practically impossible. That under important of which are: such conditions Russian foreign trade should (1) The Russian Export & Import Co. All shrink to almost nothing is self-evident, and shares are held by soviet institutions. can be seen from the following figures: In 1913 (2) The German-Russian Trading Co., the Russia's total exports amounted to 1,476,- minority stock of which is held by German 081,000 pood, but in 1919 to only 1,252,000 capitalists. pood, or 0.07 per cent of the pre-war volume, (3) Naphtexport, organized for the collecand in 1920 to-only 676 pood. tion and sale of all mineral-oil products. The The treaty with Esthonia and the trade shareholders are the Commissariat for Foreign agreement with Great Britain, concluded in Trade, the State Fuel Board, and the Azer- March, 1921, practically ended the foreign bayan and Grosny Petroleum Administration. blockade. Other countries, such as Germany (4) Koshirio. Its main business is the buyand the border States, established trade rela- ing and selling of hides, leather, and other tions with. Russia a little later. animal products and raw materials. The share The lifting of the blockade did not materi- holdings are divided between the Commissariat ally improve the foreign-trade situation, and for Foreign Trade, the Supreme Economic Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 941 Council, and the Central Soyous, which insti- ORGANIZATION OF STOCK COMPANIES. tutions hold shares for 9,000,000 gold rubles. II. The Commissariat of Foreign Trade also organizes The rest of the shares, par value 6,000,000 gold with the confirmation of the Soviet of Labor and Defense, rubles, are held by a group of German mer- special stock companies—Russian, foreign, or combined— chants. Among the comparatively large num- for the purpose of attracting foreign capital, of preparing ber of corporations in which foreign capital export goods within the country, of selling them abroad, has been invested, the following may be men- and of importing articles necessary for the reestablishment of national economy and for internal barter. Such comtioned as among the most important: (1) panies may be organized for trading in general, or for spe- Russanglolyes, a Russian-English company, cial operations, or for special lines of trade; and for their carrying on trade between Russia and Great transactions within the country and abroad these stock Britain; and (2) the Russhollandlyes, a com- companies may use the facilities of the Commissariat of Foreign Trade" or establish their own offices. They may pany of similar nature, which carries on trade also organize and operate industrial establishments for with Holland. German capitalists are now the production of export goods. Such stock companies very active in Russia, their interests covering may be organized, also, by other State organizations, on practically every branch of industry and trans- condition that they receive the approval of the Soviet of Labor and Defense and that they work under the control portation. of the Commissariat of Foreign Trade. The Commissariat A translation of the soviet decree of March of Foreign Trade is to participate in the discussions of the 13, 1922, superseding that of June 11, 1920, is Soviet of Labor and Defense when the by-laws of such reproduced below. companies are under consideration. RECENT DEVELOPMENT OF FOREIGN TRADE. TEXT OF SOVIET DECREE ON FOREIGN TRADE CONTROL. To foster foreign trade and to facilitate credit for institutions engaged in international I. The foreign trade of the Russian Socialist Federal commerce, the Commissariat for Foreign Trade Soviet Republic is a state monopoly, conducted by the Commissariat of Foreign Trade on the following principles: contemplates the establishment of a bank for (a) Export.—(1) The Commissariat of Foreign Trade dis- foreign trade with a capital of 25,000,000 gold poses on foreign markets of export merchandise produced rubles. The organization of this institution is by State organizations or by itself. The proceeds are put the same as that of other corporations. The into the State "valuta" fund. (2) The Commissariat of Foreign Trade disposes on for- capital stock will be divided into 50,000 eign markets on a commission basis, under contract, of shares, of which 25,500, or 51 per cent, will merchandise turned over to it by State organizations or be held by the Commissariat for Foreign prepared by itself, by trusts, or by cooperatives, and uses Trade, the remainder to be offered to domestic the proceeds to buy goods in foreign markets, according to orders of the above-mentioned organizations. and foreign investors. The bank will be (3) The Commissariat of Foreign Trade is given the under control of a board of directors elected by right to permit Government organs, trusts, or cooperatives the shareholders. Negotiations are also proto engage in direct dealings in foreign markets, their conceeding for the -establishment of a Central tracts and agreements being subject to previous approval of the Commissariat of Foreign Trade or its representatives. Asiatic bank to facilitate foreign trade in (4) The Centrosoyus is given the right to market its central Asia. export goods by direct contract with foreign cooperatives Statistics of Russian foreign trade are not in agreement with and under the control of the Commisvery accurate, and due allowance must be sariat of Foreign Trade and under its general direction. (b) Import.—(1) The import orders of the several Peo- made for that fact in dealing with them. ple's Commissariats and central organizations, made in The figures for 1921, however, arc more accordance with state plans, are executed (by the Commis- reliable than those of previous years, for the sariat of Foreign Trade) with participation of experts and reason that since 1921 the frontiers of the specialists chosen by those organizations. These specialists are entitled to initiative as far as technique is con- Russian Empire have been more or less fixed cerned. and have not undergone such changes as were (2) Purchases of State organizations on commission basis frequently taking place before. This analysis (see subdivision (a), par. 2) in more important cases are conducted with direct participation of the members of will, therefore, be confined mainly to the trade those organizations. of 1921 and of the first two months of 1922. (3) The Commissariat of Foreign Trade is given the According to Russian sources, the foreign right to permit the above-mentioned organizations to make trade of Soviet Russia for 1921 was: their purchases in foreign markets directly, but on condition that their contracts and agreements must be approved in advance by the Commissariat of Foreign Trade. Qu (1 a ,0 n 0 ti 0 ty V (1 a ,0 lu 0 e 0 (4) The same procedure is applied to the Centrosoyus pood). gold rubles). and other all-Russian cooperative unions. At the same time, the Centrosoyus is given the right to deal directly with foreign cooperatives, and in order to carry on such Imports 55,306 248,557 dealings it may have agencies abroad, but working in Exports 12,963 20,200 agreement with the Commissariat of Foreign Trade and Total 68,269 268,757 under its general control. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

942 FEDERAL RESERVE BULLETIN. AUGUST, 1922. Although these figures show a decided in- DISTRIBUTION OF IMPORTS INTO RUSSIA, BY COUNTRIES, crease over the last three years, they are very IN 1921. small and insignificant when compared with prewar figures. During 1913, the last normal year, Per cent Russia's foreign trade amounted to 1,220,- Country. Pood. of total imports. 500,000 gold rubles in imports and 1,420,900,- 000 rubles in exports. The trade figures for Great Britain... . 19,478,000 35.2 1921 constitute, however, only 2.8 per cent of Germany 13,253,000 24.0 United States .> 8,725,000 15.0 the quantity and 9.6 per cent of the value of the pre-war figures of foreign trade. Even after making allowances for loss of important The share of the Scandinavian countries was territories, these figures show how great the 10 per cent. The United States shipped chiefly decrease of Russia's foreign trade has been. food and food products. Fifty per cent of the A further analysis of imports and exports to imports from Germany were agricultural maand from Russia shows another very important chinery and implements, while 62 per cent of change. Before the war imports into Russia shipments from Great Britain were food and were mainly machinery, finished products, and clothing. Russia's best customers during this food products, ranking in the order named. period were Great Britain, taking 47 per cent The food products imported consisted of lux- of Russia's total exports; Latvia, 22.7 per cent; uries such as tea, coffee, wine, and spices. Ex- Norway, 12.9 per cent; and Germany, 5 per ports were made up largely of grain, which cent. amounted to 56 per cent of the total, forest The foreign trade for January and February, products and raw materials coming next in 1922, showed a further increase of imports over rank. At the present time, 44.8 per cent of the exports. The total imports for the two months total volume of imports consists of food and amount to 14,039,500 pood, against exports of food products, while such goods as are ex- 1,241,100 pood. Exports, therefore, during ported are mostly partly finished forest prod- these two months are only 8.85 per cent of the ucts, which amount to 70 per cent of exports. total volume of trade. They were in January The following table analyzes the imports of 18.98 per cent, but dropped in February to 2.39 Russia in 1921, according to the main classes of per cent. The reason for this situation is the commodities: increased imports of food products shipped mainly from the United States. In February alone 4,021,500 pood of food products, or 4*7 Quantity Value Percentage. percent of the total imports, were shipped from Class of commodities. | (in 1,000 (in 1,000 the United States to Russia. j pood). gold). Quantity. Value. FRANCE. Food and animals \ 20,04.1.4 32,122 36.3 ! 12.9 Food products i 669.0 79,210 1.2 ! 31.9 Wood, wood products, and I ECONOMIC CONDITIONS DURING THE FIRST SIX 793.2 1,008 .4 Pottery 76.5 453 .2 MONTHS OF 1922. Fuel 16,399.3 5,571 29.6 i 2,2 Raw products and chemicals. 608. 7 4,005 1.1 1.6 A review of the past six months shows little Ores, metals, and metalproducts 1]»148-4 58,367 20.3 23.5 change in French economic conditions. Al- Paper 1,763.8 7,954 3.3 3.2 Flax 598.6 30,411 1.0 12.2 though it appears that at no time since the Clothing 72.1 26,263 .1 10.6 war has France passed through a period of Various, including 2,653,329 ! pood for starving population! 3,135.3 3,133 5.6 1.3 depression so severe as in a number of other Total 55,306.3 248,497 100.0 100.0 countries, conditions are now noticeably better than a year ago and somewhat better than at As seen from this table, necessities of daily life the beginning of this year. Consideration of a constituted three-fourths of Russia's total im- number of leading factors in the economic ports. The exports of Russia consisted mainly situation offers a measure of the extent of this of half-finished forest products. The principal improvement. items of the 12,963,000 pood of goods exported Unemployment.—Foremost among the inwere 9,577,809 pood of wood and half-finished dexes of prosperity are unemployment statiswood products; 618,000 pood of flax; 48,000 tics. Figures on this subject are not complete, pood of wool, hides, and skins; 396,000 pood of as they show only those persons who come benzine. Oil products amounted to only within the scope of certain governmental 157,000 pood. funds. These exist in only 31 departments The countries sharing the bulk of Russian out of 90 and in 233 municipalities. As out of imports were Great Britain, Germany, and the 264 funds in existence only 73 are actually United States. functioning, it will be appreciated that their Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 943 reports are more in the nature of an index quire elaboration. The two following tables than of a complete picture. show the production of pig iron in metric tons: In December, 1920, 39,522 persons were Monthlyreceiving unemployment allowances. The ac- Year, averages. companying table shows the trend of these 1913 434, 000 figures since that time. 1919 201, 000 1920 276, 000 1921: 1921—Continued. 1921 280,000 January 63, 962 November 10,346 1922 (5 months) , 369, 000 February 89,039 December 10,032 March 91,225 1922: These last three years include the Alsace- April 84,896 January 9,640 Lorraine production, with a monthly average May 70,383 February 9,244 of 93,000 metric tons. A statement by June 47,331 March 7,915 July 33,7311 April 6,354 months shows steady progress in this in- August 28,665; May 5,686 dustry. September..... 21, 797 i June 4, 534 October 14,322 | 1921: 1921: January 293,000 December 301,000 Since these figures cover the important indus- February 292,000 ' March :.. 300,000 Average 280,000 trial centers where unemployment is "most likely April 292,000 ' to appear, notably in Paris, where about two- May ,. 283,000 1922: thirds of those receiving allowances reside, the June 285,000 January....... 312,000 data are fairly satisfactory. A still more en- July.. 267; 000 February 323,000 August 255, 000 March 385,000 couraging evidence of industrial activity is September 244^000 April 383,000 found in the figures for June 30, showing that October 256,! 000 May... 442,000 while 10,139 were out of work, 10,085 posi- November 295^000 tions were reported seeking workers. From the low point of last September, the Various reasons may be given to account figures show a marked and steady advance. for this situation. ' The following may be men- It will be noted, however, that even with the tioned—the number killed and disabled in the addition of the valuable fields of Alsace and war, the vast amount of labor required to Lorraine, production is below the 1913 figure. restore the devastated regions and to repair the Clearing-house returns.—Clearing-house figaccumulated deterioration of physical wealth ures are not perfect indexes of business acfrom the war period, and the facility with tivity, for the reason that they include items of which the French workman turns to agriculture speculation. In France, their usual disadif other work is slack. Further, French relief vantages are aggravated by fluctuations in systems have been by no means prodigal, of the gold value of the franc (external value) unemployment doles, thus offering little enand its commodity value (internal value). couragement to idleness. The comparatively small use, also, which the An enormous amount of materials and labor French people make of checks impairs the value have been, and for some years will continue to of this indicator. Since, however, clearingbe, required for the restoration of the devashouse figures have some utility for comparative tated regions and other repair work. If capital is purposes, the following table is presented available this will keep France busy for some showing the clearings of Paris, in millions of time; and capital seems to be in large supply. francs. To make these comparisons more The materials for this work have been largely effective, the index number of wholesale prices of French origin. Practically the only reparais also given (1913 base). tions in kind received by France have been coal, the latest available figures for which were published in last month's BULLETIN. TO Wholesale the end of April general reparations in kind Month. Clearings. price index. received in France totaled 9,000,000 gold marks. In addition to the reconstruction of 1921. the devastated regions, there is throughout January... 16,426 407 February. 14,187 377 France an enormous amount of what may be March 14,447 360 called deferred maintenance work. Railroads, A M p a r y il 1 1 5 5 . , 9 5 7 9 6 9 3 3 2 4 9 7 farms, dwellings, and factories depreciated June 15;144 325 seriously during the war period. 1922. Production of pig iron.—The activity in January.. 12,229 314 February. 11,745 306 restoration is appearing distinctly in the in- March.... 12,286 307 April 9,859 314 crease in the production of pig iron, the value May 11,805 317 of which as an index is too well known to re- June 11,855 325 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

944 FEDERAL RESERVE BULLETIN. AUGUST, 1922. Taking into consideration the decline in Financial conditions.—While production and prices, the figures for the first quarter of 1922 trade show improvement, the financial situatend to show that the volume of business ac- tion is less distinct. The statements of the tivity is about the same as that of last year. Bank of France as of the end of December, Balance of trade.—French foreign trade is 1921, and June 29, 1922, follow: showing marked improvement. It is impossible to come to any definite conclusions from [In thousands of francs.] a study of the monetary value of French foreign trade, as exports were still computed on Dec. 31,1921. June 29,1922. a table of prices established in 1919 until the end of June, 1922. But a comparison of ton- Note circulation.. 36,487,457 36,039,355 Deposits 2,743,206 2,448,373 nages gives ground for encouragement. Discounts 2,505,826 2,331,739 Loans 2,174,769 [Thousands of metric tons.] Imports* Exports. The greatest volume of note circulation was in the first week of the year, reaching 37,421,- First five months: 830,000 francs, declining to a low of 35,281,- 1913 17,992 8,330 790,000 francs in the third week in March, a 1921 15,243 6,470 1922 20,138 7,977 total maximum decrease of 2,140,040,000 • francs, or about 6 per cent. On June 29 note This shows that in quantity French foreign circulation had advanced again to 36,039,trade is approximating pre-war levels. 355,000 francs, as compared with 37,422,- In addition to this healthy trend of foreign 087, 000 francs at the end of June, 1921. But trade, revenue from tourists has been very while the note circulation was undergoing this large this year, affecting the invisible balance small contraction, the volume of short-term of trade in favor of France. Although definite treasury bills wTas mounting. The net increase statistics of tourists and their expenditures of treasury bills in each of the first five months are not published, it is believed that the figures of the year, as compared with the preceding of 1913 are largely surpassed, and perhaps month, has been as follows: multiplied several times. Before the war one of the largest invisible items of the trade bal- 1922: Francs. January , 1,366, 829, 900 ance was the income from foreign securities. February 305,430, 000 So many of these held by France are now in March 746, 706. 000 default that their importance in the balance of April 689,242,000 trade has been reduced; but it is by no means May 1, 362, 000,000 improbable that, even though visible foreign Total increase, first 5 months 4, 470,207,900 trade figures run against France, the income from external securities and from tourists will The increase in treasury bills and the deswing the balance in her favor for the year. crease in note circulation have tended, in fact, Freight receipts.—Although not a perfect to offset each other, but the item of treasury index, the gross receipts of all French railways bills is often ignored. Such bills may be used are also useful in showing the activity of trade. by the Government in settling its obligations in lieu of opening credits with the Bank of 1.922: Francs. France, which would result in an increased January 454,323, 000 note circulation. In some respects these treas- February 468,175,000 ury bills resemble interest-bearing currency, March 472, 779,000 April 608, 764,000 although their influence upon credit, prices, and May 472,607,000 exchange is difficult to measure. June 504,430, 000 Capital issues.—During the period under These indexes indicate recent improvement consideration a large number of new capital but do not show anything in the nature issues have been put out. As was implied in of a boom in business as yet. In fact, a boom earlier paragraphs of this article, a great part of based upon the reconstruction of ruins and the this capital goes, not into creating new capital repair of general deterioration of the physical assets, but rather for repairing the wreckage equipment existing in 1913 would not be en- and forced undermaintenance of the war tirely sound. period. Recent figures are given in the following exhibit: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, i922. FEDERAL RESERVE BULLETIN. 945 [In thousands of francs.] ulation, however, is well employed; there is a great amount of necessary work at hand and Industrials apparently a large amount of available capita] ce a l n l d an m eo i u s- s. Railroads. to facilitate that work. There are indications (in pig-iron production and railroad revenues) 1922. that distinct improvement may soon appear. First quarter 6,198,738 1918,069 The volume of foreign trade is near pre-war April 458,559 3 150,703 May 643,824 185,971 levels, and the balance of trade is being favorably affected by the expenditures of tourists 1 Does not include 94,340,875 lrancs issue sold in England by the in France. On the other hand, it must be Faris-Ly on-M editerranee. -'.Does not include figures for the Orleans line, nor the 336,352,658 remembered that a great part of the labor, francs issue floated in the United States by the Paris-Lyon-Mediterranee. energy, and capital of France are now, and for some years to come will be, devoted to restor- Foreign exchange.—In attempting to analyze ing the real assets of the country to the physithe economic situation of France at the present cal condition of 1913. Until that is done relatime, with a view to discovering the trend of tively little can be undertaken in the way of conditions, very little help can be derived from new projects. a study of exchange rates. During the first five months of the year the gold value of the REPARATIONS. franc advanced and then in one month canceled its gain. The following table shows the Reparations are always uppermost in French course of the franc in New York from the be- thought, although so far their direct influence ginning of the year: on French economic conditions has been much less than the discussion devoted to the problem January 3 $0. 0803 January average 0816 would lead one to suppose. Tt is true that coal February average 0873 deliveries have been important. The total March average 0900 amount of coal delivered to France, including April average 0923 the credits for the Saar mines, is valued at May average 0912 2,300,000,000 gold marks, according to a dis- June average 0876 The high point reached this year was SO.0935 patch of June 30, 1922, from Berlin. From on April 24, though the May high (May 1) was November 11, 1918, to April 31, 1922, reparations in kind, excluding coal, d}^estuffs, etc., $0.0922, and the June high (June 6) was delivered under Appendix IV of the treaty, $0.0915. were as follows: From the first trading day of the year to the high point the advance was about 16 per cent. Gold marks. Belgium 389,000 Several reasons were given for the rise. Among Italy 6,327,000 these the decline in note circulation was given Serbia 37, 204, 000 a very prominent place and was an undoubted France 0 aid to speculation for the advance. Deliveries in kind for the devastated regions Starting from the June high of $0.0915 on to the same date have been apportioned as June 6, and following the adjournment of the follows: bankers' conference, which had failed to pro- Gold marks. duce an acceptable plan of action, the franc Belgium 18, 041, 000 declined precipitately. This decline was as- Italy 6, 327, 000 Serbia l, 233,000 cribed to the uncertainties of German politics, France 8, 991, 000 to purchases of dollars in anticipation of grain and cotton movements, to the reparation pay- Cash reparations which, with the July 15 ments, to English pressure for interest on her payment of 32,000,000 gold marks, have loans to France, and to other causes. While reached a total of almost 1,500,000,000 gold it is impossible to state a positive conclusion, marks, are held by the Reparations Commission. it is by no means improbable that a part of the The Wiesbaden agreement, providing for reprise of the franc was caused by speculative arations in kind according to a rather elaborate sentiment encouraged by several promising plan, had not been adopted by France up to factors, which neither individually nor collec- June 30, 1922, and consequently has never tively .justified the advance, and that what had gone into operation. It may be made effective been built on such an insecure foundation in the near future. crumpled easily on bad news. Meanwhile, the uncertainty of the present Summary.—From the foregoing survey no outlook is apparent. In three and a half very distinct conclusions appear. The finan- years France has received approximately cial or monetary indexes have registered little 9,000,000 gold marks in kind, while the prochange during the past six months. The pop- gram calls for" 950,000,000 gold marks delivered 4210—22 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

946 FEDERAL BESEBVE BULLETIN. AUGUST, 1922. in kind this year alone. Consequently a new [Millions of lire.] plan is being sought. The latest proposal First semester, 1918 1,149. 0 provides for the construction by German work- Second semester, 1918 1, 886. 4 men, with German materials at German cost, of great public works throughout France. The Total 3,035. 4 press accounts mention water-power developments, harbor developments, inland waterways, First semester, 1919 1, 497. 6 and the channel tunnel. The cost of this Second semester, 1919 1, 533. 2 interesting program is estimated at 18,500,- 000,000 paper francs. The plan has not Total 3,030. 8 matured sufficiently to make possible any First semester, 1920 2, 557.1 definite conclusions with regard to the practicability of such proposals. Second semester, 1920 2,400. 4 ITALY. Total 4,957.5 First semester, 1921 1, 939. 9 The industrial situation in Italy is still unsatisfactory. The severity of the depression Second semester, 1921 583. 0 may be measured by three indexes—the vol- Total 2,522.9 The greatest volume of capital available for ume of new capital available for industry, the industrial development was in 1920, when the market price of industrial shares, and the figure was thirty-seven times that of 1913. In volume of unemployment. 1921 the total, though enormously greater than Capital investment.—In Italy very accurate 1913, was only about one-half that of the peak figures are at hand, not only of capital issues (inyear. cluding both new enterprises and new capital One of the best available measures of this inadded to old concerns) ,but of " disinvestments.'' dustrial expansion is the index of wholesale " Disinvestments" are reductions of investprices. The figures of Professor Bachi, based ment capital by failure, reorganization, etc. on 1901-1910 prices, slunv an index of 120 for The difference between investment and "dis- 1913 and 748 for 1920. During that period, investments" is the net investment of the therefore, prices had advanced about six times, month. while the volume of capital issues had expanded The war caused an enormous increase in thirty-seven times, showing distinctly that the industrial activity in Italy, which w^as shown increase of commodity prices was only one facin the increase of new capital available. The tor of this great expansion. totals of new capital issues (net investments) were By 1920, also, the volume of "disinvestin 1911, 159,300,000 lire; in 1912, 168,900,000 ments" began to be significant, though it was lire; and in 1913, 133,600,000. The outbreak not until the latter half of 1921 that it became of the war virtually stopped investment^ the ominous. total for 1915 reaching only 72,300,000 lire, or [Millions of lire.] one-half that of 1913. In 1916 the war boom set Capital Capital in, with a net investment of 276,050,000 lire. In Period. increase. decrease. 1917 the figure was 1,333,700,000 lire, almost First semester, 1919 i 1,558 79.0 exactly ten times the amount of 1913. This was Second semester, 1919 1 1,603 70.6 the result partly of the increase in prices, but First semester, 1920 | 2,707 149.9 Second semester, 1920 ! 2,512 111. 7 still more of the enormous activity generated by First semester, 1921 1 2,130 191.0 Second semester, 1921 1,330 ! 746.7 war demands. By this time inflation was an important factor, but the true situation was not generally realized, for two reasons: (a) the peg- In the latter half of last year the ratio of ging of the lire exchange concealed the ex- capital increase to capital decrease was as 2 ternal measure of values, and (b) the utility to 1. The first column in the table above of index figures in measuring the value of money shows that the flow of new capital into Italian was not so well appreciated as it is now. As a industry had been checked; the second column, matter of fact, too, such artifices as subsidies, which corresponds in part to figures of the Government price fixing, etc., combined to volume of business failures in the United States, befog the indexes. The following table shows reflects the depression which had already bethe amount of subsequent new capital issues: come acute, particularly in the iron industry. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 947 Enormously overdeveloped to meet war needs, o th f at p w ea a c s e - t t h im e e fi rs r t e a in dj d u u s s t t m ry e n t t o s . fee I l t th s e h o s u e l v d e ri b ty e Industry or business. ce 1 D m 91 e b - 9 e . r, ce 1 D m 92 e b - 0 e . r, ce 1 D m 92 e b - 1 e . r, M 1 a 9 r 2 c 2 h . , noted that the index of wholesale commodity prices shows only a moderate decline from Banks 109 103 94 90 Railroads. 92 62 50 52 the 1920 average of 748 to a 1921 average of Transportation: 692. Consequently this sudden decline in the Land 85 70 58 61 Sea. . . . . 103 83 54 47 last half of 1921 seems to represent a drying Cotton 119 137 125 115 Jute 95 118 102 108 up of capital investment rather than any Wool 104 101 118 118 deflation of commodity prices. As a matter Linen •121 152 155 124 Silk 147 172 153 128 of fact, the strong deflationary movement Mining 104 74 53 50 seems to have started with February, 1922, the 1 M r a o c n hinery. 9 8 0 7 4 5 7 5 3 1 2 7 1 1 4 8 January, 1922, average being identical with Automobiles 112 72 56 47 Electrical 93 67 67 68 the average for the whole year 1921. The Chemical. . 93 80 59 54 decline from the average of 1920 (748) to the Sugar 107 108 .101 97 Other food products 112 106 107 98 average for January, 1922, was only 56 points. Waterworks 100 j • 87 90 87 Realtv 1.05 100 100 93 The decline during the months of February Miscellan eous 104 130 112 103 and March, 1922, alone was 53 points. The financial effects of this decline in commodity Average .. 104 | 9G 85 78 prices must be awaited in later figures. The average of security prices has declined The distribution of capital investment is 22 per cent since the end of December, 1918. instructive, as it shows which lines of industry At that time the exchange was still pegged have so far felt the depression most severely: near its parity. As the above percentages are based on prices in paper lire, it is evident that they do not reflect gold values. I New capital (millions ! of lire). However, very little satisfaction can be Industry or business. found in deductions based on the gold ex- 1920 1921 change value of seriously depreciated currencies. A better index is that of wholesale Banking 1,015.5 198.2 commodity prices. In the period under dis- Chemical 372.1 237.4 Electrical 407.4 465.7 cussion the averages were (1901-1910 base): Textile 551.3 272. 5 Manufacturing. 236.1 137.0 19181 ! 491 Transportation. 300.0 44.7 Commercial 267.7 261.2 1919 438 Miscellaneous.. 368.4 181.2 1920 748 1921 692 1922: The only industry which still was capable of January 692 attracting large amounts of capital in 1921 was February 674 the electrical. March.." 639 Although the concerns which engaged most It will be noted that, while during 1920, extensively in war work were overdeveloped, prices were making a sensational rise of about it may be doubted if Italian industry as a 300 points, most securities were nearly stationwhole is overdeveloped. Not only is there a ary in price. During the next year, while certain amount of war devastation to be re- wholesale prices showed little change, the deconstructed but there is a great amount of cline in security values was noticeable. In the undermaintenance, taking the word in its first quarter of 1922 the decline both in prices broadest sense, accumulated during the war and securities was severe. The total decrease in period. But it appears that Italian industry commodities by this scale is about 15 per cent, is not at present attracting much capital while the drop of security prices in paper lire for such undertakings. is about 25 per cent. In spite of this drastic Current valuation of industrial shares.—The decline, there is little evidence that foreign same causes which have discouraged the invest- capital is being attracted into Italian indusment of new capital have reduced the valuation tries in any considerable amounts. of the shares of existing concerns. At the Unemployment.—The figures for unemployrecent General Assembly of the Associazione ment are further evidence of the severity of Bancaria Italiana interesting figures were the depression. Although Italy has a combrought out showing the current values of the paratively small devastated area, it suffered, principal groups of industrial shares. The figures of December, 1918, are taken as a base. 1 As Italian industry changed so radically during the war, there is no advantage in making comparisons with 1913 figures in this connection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

948 FEDERAL RESERVE BULLETIN. AUGUST, 1922. like the other belligerents, a long period of No reliable comparative figures are available severe undermaintenance, which has by no for wages, but it is a known fact that they also means been made up. It appears that, as yet, have increased between 30 and 50 times over capital is not available to undertake the the pre-war level. In so far as the increase in needed work of restoration. The following wages and salaries has followed closely the rise figures show the situation: in the cost of living, the purchasing power of the population was not impaired. UNEMPLOYMENT IN ITALY AT FIRST OF EACH MONTH. The steady rise in prices created a desire to exchange paper notes for tangible commodities, 1921. Number. — 1922. Number. which resulted in a great activity in production July .". 388,744 January 541, 775 and in imports and exports. The volume of im- August 435,194 February 606,819 ports into Germany decreased in January and September 470,543 March 576,284 October... 473,216 April .... 498.606 February but increased during the following November 462,368 May. 431,724 four months, and their value, due to the depre- December 512,260 ciation of the mark, rose rapidly. The quantity of imports showed an upward movement, with The peak of unemployment was reached a monthly average so far this year amounting about the first of February, but a serious to 2,895,000,000 metric tons, as compared proportion of a population of less than with 2,194,000,000 metric tons for 1921 and 40,000,000 is still without work. It remains 6,073,000,000 metric tons for 1913. The to be seen whether this decrease in unemployexports of the country show the same upward ment represents an improvement in industry tendency and indicate an improvement over or a readjustment of labor, by the return to 1921. , However, they were unable to offset the farms of workmen drawn into industry the balance of imports and thus caused a during the period of war-time inflation. further decline in the value of the mark. The monthly average quantity of exports GERMANY. was 2,013,000,000 metric tons in the first half of 1922, as compared with 1,715,000,000 ECONOMIC CONDITIONS DURING THE. FIRST SIX metric tons in the year 1921 and 6,141,000,000 MONTHS OF 1922. metric tons in 1913. German economic conditions during the past The capital market throughout the six half year were largely governed by two factors: months was active, but very irregular. The (1) The steady decrease in the exchange value total amount of securities issued was 24,253,of the mark, and (2) the rapid increase in 000,000 marks and exceeded by 12,654,000,000 prices. It may be said that the prevailing marks the issues of the same period in 1921. business activity and " prosperity" of the Prices of bonds, domestic as well as foreign, country were wholly the result of these two increased considerably. An interesting feature basic phenomena. The effects of continued in the bond market was the rise in the price and progressive currency inflation, such as is of Government bonds. Their average monthly now taking place in Germany, are cumulative, quotation for 1922 showed an increase of 49 and have resulted in foreign exchange depre- points over 1921. Prices of stocks, on the ciation, accompanied by a more rapid increase other hand, showed no important movement, in prices and wages. This fact is illustrated in and were influenced to a very large extent by the following table, which compares indexes of the money situation prevailing in Germany. the volume of outstanding paper notes, the The monthly average index number of the value of the dollar in Berlin, and wholesale Frankfurter Zeitung, based on 25 stocks, prices in Germany at the opening of each stood at 222 in January, 263 in March, 238 month in the current year. The figures for in May, and 229 in June. These figures show January, 1922, are put equal to 100. an upward movement at the beginning of the year and a downward tendency at the end. They further indicate that stocks were more Month. ci N rc o u te la s t i i o n n . . t i h n V e B a d l e u o r e l l l i o a n r f .i W G p e r h i r c o m e le s a s n i a n y le . m or a r l k e . ss independent of the valuation of the The shortage of money, which appeared at 1922. the end of 1921, became more acute during January.. 100.0 100.0 100.0 February. 103.6 109.5 111. 0 1922. The increase in the amount of paper March 107.8 143.1 136. 7 notes, from 113,000,000,000 marks in January April 116.5 155.3 I 171.2 May 125.9 153.7 I 184.4 to 169,000,000,000 marks on June 30, did not June 136.9 167.4 j 191.0 offset the more rapid increase in prices and wages. The money stringency was further 1 Monthly average. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 949 aggravated because a number of banks were two parts. The first part explains the manloaded with a considerable amount of new ner in which the control over Germany's securities which they could not dispose of in the finances will be exercised by the guaranties open market. Interest rates for commercial committee. This committee will nave full and stock exchange purposes increased in some access to all records connected with the Govinstances from 4 per cent to 9 per cent.- The ernment's finances and will have two members forced loan, combined with heavy taxation and accredited to the Reich's Finance Ministry. the hoarding of money abroad, tend further to The second part of the memorandum deals curtail the supply of money available for in- with the exportation of capital. In addition, dustrial and business purposes. Germany is to furnish the committee at short The figures of the Reichsbank, issued from intervals with full statements regarding reveweek to week, reflect clearly the prevailing nues, expenditures, and floating debt. The situation. The amount of discounted treasur}7 control is to be effective November 1, 1922. bills has risen constantly, increasing during the The German Government, it was announced, past six months by 68,278,000,000 marks. The has accepted the terms of the memorandum. shortage of money caused a further increase in the amount of discounted commercial paper, GERMAN BANKING DURING 1921. which increased from 1,746,000,000 marks at The financial statements of the largest the beginning of the year to 4,752,000,000 marks German banking institutions, made public at at the end of June. the end of June, together with the annual report of the Reichsbank, show to what extent GERMAN REPARATIONS. Germany's economic situation has differed from that in other countries. While the rest Recent developments in the reparations sit- of the world went through a period of readuation may briefly be reviewed as follows: At justment and deflation, which caused heavy Cannes the Allied Supreme Council fixed the iosses to both banks and mercantile institutions, reparations payments for 1922 at 720,000,000 Germany witnessed one of the greatest boom gold marks in cash and 1,450,000,000 marks in periods since the " Grander jahre." The flood kind. In accordance with the Cannes agree- of new paper notes, closely followed by a ment, Germany paid 31,000,000 gold marks rapid rise in prices, increased the business every 10 days from January 16 to April 15. activities of the banks, with the result that For the rest of the year she was to pay items such as deposits and loans advanced 50,000,000 gold marks* at the 15th of each into billions of marks and the turnover into month up to November, and 60,000,000 gold trillions. The issue of 32 billion new securities marks monthly in November and December. further increased the business of the banks. Germany paid the installments due in May and The increase in the amount of the various June, but on July 12 she presented to the items in the case of certain banks is partly Reparations Commission a formal request for due to the concentration of banking in fewer complete relief from the remaining cash pay- hands, a movement which continued throughments during 1922, including the reduced in- out the year. The larger banking institutions stallment of 32,000,000 gold marks due July 15. absorbed a number of smaller banks and re- Her representatives further asked "that the placed them by their own branches. The moratorium be extended for the cash pay- most important merger which occurred during ments provided for 1923 and 1924 under the the year is the fusion of the Bank fur Handel schedule of May 5, 1921." In its reply to the und Industrie (Darmstadter Bank) with the German Government the Reparations Com- National Bank fur Deutschland. The final mission insisted that the July installment fusion took place in November, 1921. The be paid, but promised to consider the merged institutions have a combined capital rest of the German request after the guar- and surplus of 1,050,000,000 marks and operate anties committee had made its report. under the name of "Darmstadter and National Upon receipt of the latter's report the Bank." Reparations Commission issued a memoran- The principal items of the combined statedum on July 22 outlining the conditions under ment of the largest German banking instituwhich it would be willing to consider a mora- tions, presented below, depict very well the torium. The memorandum gives the guaran- unsound and "feverish" economic situation ties committee full supervision over Germany's prevailing in Germany throughout the entire revenues and expenditures and is divided into year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

950 FEDERAL RESERVE BULLETIN. AUGUST, 1922. FINANCIAL STATEMENTS OF PRINCIPAL GERMAN BANKS, DECEMBER 31, 1921. [Tn millions of marks.] Deutsche Bank. C D es i e s l c l o sc n h to a - ft. Drosdncr Bank. Dar B m a s n ta k d . ter National Bank. und C P o r m iv m at e r B z ank. Increase Increase Increase Increase Increase Increase 1921 over 1921 over 1921 over 1921 over 1921 over 1921 over 1920. 1920. 1920. 1920. 1920. 1920^ ASSETS. Cash, and with Reichsbank 1,479 269 2,531 1,433 839 169 714 • 277 683 348 345 123 Other bank deposits 3,863 2,678 3,340 2,163 2,734 1,839 2,626 2.203 566 353 578 391 Bills and treasury notes 24,244 8,216 8,878 2,648 3,480 1,712 3,670 ' 674 1,201. 598 3,012 606 Other quick assets 1,222 394 839 540 1,901 1,309 2,685 2,212 1,620 1,074 2,422 1,772 Total quick assets 30,808 11,586 15,588 6,783 13,953 4,835 9,695 5,367 4,070 2,375 6,357 2,685 Nonliquid assets 8,027 5,515 6,678 3,211 5,506 2,928 4,648 2,906 1,580 665 3,243 1,682 LIABILITIES. Capital stock 400 400 90 550 290 368 148 262 112 350 150 Surplus 450 72 240 100 361 281 196 .149 25 322 v 272 Deposits, etc 38,835 17,101 22,266 10,153 19,454 7,763 14,345 8,274 5,651 3,040 3,601 4,368 Percentage of quick assets to liabilities 76 85 66 69 62 70 49 64 44 45 41 58 PROFIT AND LOSS STATEMENT. Miscellaneous earnings 465 195 3,052 123 323 148 223 111 105 60 141 60 Earnings on interest . . 695 25 L 364 144 478 248 359 204 160 94 311 183 Cross profit 1,172 449 679 275 836 412 577 314 267 155 453 2,422 Net profit 278 104 222 68 203 89 34 78 40 98 50 Dividends (per cent) 24 18 20 16 16 ' 12 14 10 14 10 16 12 Reserves 130 504 99. 29 50 20 • 50 20 50 30 30 10 Turnover, in billions 2,125 844 1,463 623 1,664 1,574 737 355 The capital and surplus of all banks, although funds for private business transactions. The largely increased, were entirely out of propor- large banks were unwilling to discount treasury tion to deposits. This situation impaired to bills of the State to the same extent as in a large extent the liquidity of practically all former years, which resulted in ever increasing banks. The percentage of quick assets to holdings of treasury notes by the Reichsbank. quick liabilities decreased and reached a dan- Another item of interest is the rapid increase gerously low point in some institutions. This of deposits carried with other banks. Such decrease in the liquidity is the more remarkable, deposits undoubtedly consist to a large extent as it occurred for the first time in many years. of funds deposited with foreign banks by cus- The increase in deposits, coupled with a tomers who prefer to hold them abroad. From great demand for capital, increased the earn- the available data, however, it is impossible to ings and expenditures of all banks. The bulk determine the amount of funds kept abroad, of the income was derived from interest and since both domestic and foreign deposits arc commissions charged to the customers, who at combined in one item. A separation of these the prevailing stage of business activity could two classes of funds would be very desirable, easily bear the burden. The ever increasing inasmuch as the foreign deposits are not so expenditures of the banks must ultimately liquid as the domestic, which can be withdrawn prove fatal when the income decreases more upon demand. rapidly than expenditures can be reduced. The resumption of business relations with German banks were perfectly aware of the foreign countries continued steadily during the unsound conditions upon which their earnings year. New affiliations were made abroad, are based, and made ample provisions for the especially in Holland. The branches in Loncoming storm. Their dividends, although high, don and in other former enemy countries were were small if compared with the huge sums set not reopened, so that a large percentage of aside for reserves and the large depreciation Germany's foreign trade which before the war charges made during the year. would have been financed through London A more detailed analysis of the assets of the was financed through Amsterdam. The forbanks shows one wholesome fact, namely, the eign business of the banks consisted largely in increasing tendency toward private as against providing foreign credits to German importers government financing. Government paper and in the buying and selling of foreign exchange. held by banks decreased steadily and released The latter was carried on very extensively and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL EUSERVE BULLETIN. 951 caused the failure of at least one important 000,000 marks in 1920 and 4,500,000,000 marks banking institution, the Pfalzische Bank. in 1919. The sources of these huge earnings were the large amount of discounted treasury ANNUAL REPORT OF THE REICHSBANK. bills held in the portfolios of the bank, the profits from foreign exchange transactions, and The report of the Reichwbank for the past the sale of 24,000 kilograms of gold to the year reflects the same situation as do the state- Reich. The expenditures, including losses of ments of the large commercial banks. The 8,100,000,000 marks incurred in guaranteeing steady decline in the value of the mark both at foreign currency credits for the Reich, home and abroad, coupled with the huge defi- amounted- to 9,712,921,629 marks. The net cits of the Government and the increasing un- profits for the year were 64,806,169 marks. favorable balance of trade, created requirements which the Reichsbank met by the issue SWEDEN. of paper notes. During the year the number of notes in circulation rose rapidly and increased Current reports from Sweden reflect a by 44,834,000,000 marks. The tremendous noticeable improvement in the industrial outinflation and the depreciation of the currency look and gradual progress toward the complealso accounted for the huge turnover figures of tion of business readjustment. In general, the Reichsbank, which during 1921 reached 20 wage deflation, the settlement of important trillion marks. The increase of notes out- labor conflicts, an increase of employment, the standing and the turnover for the last four reduction of freight rates and taxation, and years can be seen from the following figures: the stabilization of commodity prices are some of the outstanding developments in the first half of 1922. Notes in c?imila- Year. lion. Turnover. THE PULP AND PAPER INDUSTRIES. 1918 22,187,000,000 3,312,900,000,000 Evidence of a distinct revival of productive 1919 35,698,000,000 1920 68,805.000,000 "i 2." 770," 736," 666." 666 activity is apparent in several of the basic 1921 113, m, ooo, ooo 20,090,60J, MO', 000 industries. The betterment is particularly noticeable in the chemical pulp industry, which Except for the great increase in the amounts came almost to a complete standstill in the of the various items, especially in the number early part of last year and has been laboring of discounted treasury bills and in the volume under the greatest difficulties in its history. of income and expenditures, no important In the first half of 1921 the demand for sulphite changes took place. cellulose, which is the particular specialty of The metallic reserves fluctuated only slightly the Swedish pulp industry, was adversely and stood at a monthly average of 1,073,345,000 affected by the general curtailment of output gold marks, as against 1,104,037,000 in 1920. in the paper mills throughout the world. The gold reserves, however, decreased from For this reason large stocks of sulphite pulp 1,091,600,000 in December, 1920, to 995,400,- were necessarily on hand in the paper mills, 000 in December, 1921, or by 96,200,000 gold and no further orders were placed in the open marks. This decline was largely due to the market. A large part of such orders as were use of 68,000,000 gold marks for reparations placed, moreover, went to Germany, Norway, payments. and Finland on account of the foreign exchange Discounted treasury note$ held by the bank advantage afforded by their depreciated currose from 57,626,000,000 gold marks at the rencies. But for the fact that the market in beginning of the year to 132,330,000,000 at the Sweden was sustained by the demand from the end. This upward movement runs parallel United States, the industry would have been with changes in the floating debt of the Reich, in a disastrous position. Not only was it which increased from 152,000,000,000 marks affected by the depressed conditions in the at the beginning of 1921 to 247,000,000,000 in paper market, but it also was handicapped by December of the same year. The increase in prolonged labor conflicts, a combination of the holdings of treasury bills by the Reichsbank circumstances which curtailed production of is due to the inability of the public or banks sulphite during 1921 to an amount representing further to absorb treasury bills. At the begin- about two-thirds of the normal annual output. ning of 1921, 62 per cent of the total floating The production in the first quarter of the presdebt was held by the public, whereas at the ent year, notwithstanding the continuance of end of the year only 46 per cent was so held. the exchange advantages of the competi- Gross profits of the Reichsbank for the year tive pulp-producing nations, has increased were 9,800,000,000 marks, as against 7,800,- to a point which indicates that the industry is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

952 FEDERAL RESERVE BULLETIN. AUGUST, 1922. approaching the period of recovery. The EXPORTS OF LUMBER. manufacture of sulphite pulp in the first quarter of the present ye&r amounted to 151,000 tons, The lumber industry, which is the most or 70 per cent of the factory capacity, in con- important in the national economy of Sweden, trast to about 126,000 tons, representing the has likewise experienced a decided stimulus quarterly average of production in 1921. during the first quarter of the current year. A similar revival has taken place in the In 1921 the industry suffered from the effects manufacture of sulphate pulp, the production of the overproduction of the first half of the of which normally amounts to somewhat less preceding year. Foreign trade in 1921 reflects than one-fourth of the output of sulphite. particularly the difficult position in which the Production of sulphate in 1921 amounted to industry was placed. The quantity of lumber only about 43 per cent of the productive exported in 1921 amounted to only a little facilities of the plants, but according to the over one-half of the quantity normally exstatistics for the first quarter of the present ported, namely, 544,000 standards, which is the year there is every indication that the total lowest figure reported since lumber production output will approximate three-fourths of the became a key industry. The present year, on mill capacity. Not only do production figures the other hand, has seen a marked improvegive prospects of better conditions in the pulp ment in foreign trade in Swedish lumber industry, but also the foreign trade returns products. About 54,000 standards were exwarrant the same conclusion. In the first ported during the first three months of the four months of 1921 exports of paper pulp, present year, as compared with about 31,000 including mechanical and the two kinds of in the corresponding period of the previous chemical pulp, amounted to 24,900 tons, while year. Altogether the wood shipments for the for the corresponding months of the present first four months represent about 22 per cent year exports totaled about 95,000 tons, an of the calculated shipments of the present year, increase of 171 per cent. while in 1921 only 4 per cent of tho year's shipments had left the export centers in the same The same influence of renewed demand is period. The foreign trade figures for 1922 being felt in mechanical wood-pulp production. thus far published, however, do not give a true This branch of the industry, it should be noted, indication of the extent of the revival in the was at no time during 1921 quite so seriously industry, since lumber shipments do not gain affected as were the chemical pulp lines. This momentum until May, with the opening of is attributable to the fact that the newsprint navigation to the northern Baltic ports. An paper market, the outlet for ground pulp, was acceleration of export activity, already well better able to sustain itself than the market begun, may therefore reasonably be expected for the more specialized grades of paper upon within the present summer. Considerable dewhich the chemical pulp industry depends. mand for Swedish lumber products is being This circumstance and the general absence of manifested in France, due to the progress of labor troubles, except in a few local and reconstruction work in the devastated regions. sporadic instances, combined to keep the England also has been buying recently in mechanical pulp industry from approaching larger volume, while Spain, heretofore chiefly collapse. The productive output was, nevera customer of Finland, has lately been placing theless, greatly curtailed, amounting to only her orders with Sweden as a result of her about 48 per cent of normal capacity. During tariff controversy with the former country. the first quarter of 1922 production had increased to 70 per cent of the facilities of the plants. IRON AND STEEL PRODUCTION. In the paper industry, which is closely allied with pulp production, a similar improvement The iron and steel industry was characterized in production may bo noted. In the case of by an unprecedented period of depression in wrapping and newsprint paper, the output in 1921. Pig-iron production amounted to but the middle of April, 1922, amounted to 90 per 313,000 metric tons, the lowest figure in half cent of the normal capacity of the factories. a century. Only 68 blast furnaces, or about Production of other varieties of paper increased half of the total number available, were in to a point twice as great in April, 1922, as in operation during 1920. Production of pig the summer of the preceding year. As in the iron in March, 1922, still continued on a small case of pulp, the exports of p'aper|in the [first scale, but showed an improvement over the four months of this year also showed a small output in any of the eight preceding months, but nevertheless perceptible increase as com- thus indicating a slight upward trend in the pared with corresponding periods of last year. industry. Evidences of revival are more dis- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 953 tinctly apparent in the March production Swedish goods has recently been considerably figures for steel manufacture, which show an reduced. output of 24,000 tons, the highest yield since The textile manufactures of Sweden are December, 1920, but still only a little more experiencing a decided quickening of activity. than half of the monthly average in 1913. In This industry, in fact, is one of the few which contrast to low production in the iron and steel has recently shown a steady increase in labor industry, 1921 witnessed a considerable in- personnel. A rapid reduction in the number crease in the amount of iron ore mined. The of unemployed textile workers began as early quantity of iron ore produced was no less than as the middle of 1921, and during the last 43 per cent greater than in the preceding year, half of the year unemployment figures fell and came close to the volume produced in 1913 from 40 per cent to about 8 per cent at the and the three subsequent years. This increase close of December. This ratio was still further was mainly to be noted in the mines operating reduced on the 1st of April of this year. for the production of export ore of high phos- The revival of productive activity is, however, phoretic content, for which there was a con- more or less uneven within the textile industry siderable foreign demand during 1921. In the as a whole, particular branches such as woolen iron industry the number of persons employed manufacturing still being obliged to face serious may be taken as accurately reflecting the difficulties. The significance of the general position of the industry. The number of increase in textile manufactures is all the more workers in the iron mines operating chiefly for noteworthy when considered in conjunction the export trade had increased to 76 percent of with the fact that imports of textile goods in the normal number on May 1, 1922, as com-1921 and the first quarter of 1922 have been pared with 59 per cent on September 1, 1921. very heavy. This indicates that the Swedish The mines operating mainly for domestic conmarket is at present able to assimilate large sumption, on the other hand, showed a decrease quantities of foreign textiles and clothing in from 37 per cent of normal employment on addition to the normal domestic output. January 1, 1921, to 33 per cent on May 1 of the All of the more important industries of present year. In the iron works an increase of Sweden have already made drastic wage 12 per cent had occurred in the period between reductions in order to bring expenses of pro- September 1, 1921, and the beginning of May. duction down to a more reasonable basis. Not only did the iron-mining industry show a Up to May, 1922, new wage agreements have very striking increase in production during affected about 200,000 workers. The follow- 1921 but also a noteworthy expansion in the ing table indicates the wages within a number volume of foreign shipments. of the more important industries expressed as A total of 4,333,000 metric tons of ore was an index with the wages of January, 1914, as a exported in 1921, as compared with 3,736,000 base : tons in 1920. INDEX OF HOURLY WAGES IN REPRESENTATIVE CONDITION OF OTHER INDUSTRIES. INDUSTRIES. Many of the manufacturing industries, on [January, 1914=100.] the other hand, are still in an uncertain position. On April 1, 1922, the labor personnel Latest in this group of industries had fallen to 25,200, Industries. Peak wage wages. agreewhich represents a decrease of 58 per cent from men is. the number employed on September 1, 1920. In.certain lines, especially those filling orders Textile: for Soviet Russia, there is a considerable con- M W e o n men 3 4 7 1 6 5 i 2 2 2 5 6 0 centration of employment, but the manufac- Tanning: Men... 348 : 258 Boots and shoes: turing industries as a whole continue in a Men 325 ; 238 slack condition. During 1921 the competition Suga W r: omen 383 254 from German sources was relatively keen, but Men 432 243 Women 374-439 ' 207-243 this has not been aggravated on any large Building trades: scale during the present year. Difficulties C M a a r s p o e n n s ters... 3 3 5 8 8 7 2 2 3 5 9 8 relating to German export trade control, in Laborers 440 290 Tinners 369 246 addition to delays in production, render the Painters 320 220 delivery of German goods less satisfactory, Coal mining 383 217 thereby counterbalancing to a certain extent the competitive exchange advantage which the Distribution as well as production! has begun German goods enjoy. [Moreover, the differ- to show evidences of the beginning of trade ential between the prices of German goods and revival. The total volume of goods carried Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

954 FEDERAL RESERVE BULLETIN. AUGUST, 1922. on the State railroads in March amounted to The Banco de la Nacion Argentina has 730,000 tons, which is the highest figure re- adopted resolutions providing for substantial corded since the end of 1920. Freight tariffs assistance to cattle raisers in the way of longhave already been subjected to a series of term credits not to exceed five years and for downward revisions, but railway rates are amounts not over 50,000 pesos (paper) in each still maintained at a height which seems out case. of relation to the reduced level of wholesale The wool industry, on the other hand, has prices. According to an official report of the shown remarkable improvement lately, due to Swedish Tariff and Treaty Commission dated the reopening of the German and Belgian mar- March 2, 1922, index numbers for different kets. Exports of wool amounted to 378,465 freight tariffs on the State railways vary from bales during 1921, against 232,691 bales in the 204 to 458, using 1913 rates as the base. The previous year and 349,200 during 1919. average freight rate for carload lots in com- Heavy stocks of this commodity that were parison with pre-war figures stands at 253, held over since 1919 have been disposed of. while the rate on smaller shipments is repre- This fact, coupled with decreased production sented by the index 327. As a result of its as a result of the commercial depression of findings, the commission has officially recom- 1920, leads to the belief that supply will not mended extensive and early reductions in exceed demand in the coming years and the freight rates by both State and private rail- wool industry will be active and prosperous. ways in order to hasten the revival of agricultural and industrial activity. FINANCIAL AND BANKING CONDITIONS. ARGENTINA. According to authoritative reports from Buenos Aires, the Federal Government is in MEAT AND WOOL INDUSTRIES. negotiation with London bankers for a loan of £10,000,000, one-half of which will be used A general feeling of depression still seems to in the extension of State railroads and the other prevail in the meat producing circles throughhalf to cancel certain Government short-term out the Argentine Republic. Cattle prices obligations. The floating debt at the beginhave not materially increased. Estancia ownning of the current year has been reported at ers, not having been successful in finding suf- 650,417,478 paper pesos, about $232947,000 at ficient purchasers, have had to keep part of ; prevailing exchange rates, as follows: their herds and flocks over the winter, involving heavy additional expenses. Prices for cat- Advances to the Government by the Banco Paper pesos, tle prevailing in Argentina at present are not de la Nacion Argentina on current account. 110, 644, 928 exceedingly low if compared with prices in Other advances of the same institution 7.1, 999, 663 Loan of $50,000,000 11.7, 772, 728 pre-war years. The considerable difference be- Treasury bills .1.2, 630, 272 tween prices for meat and its by-products in Short-term loans 275, 769, 887 producing centers and those in consuming cen- External debt service 7, 600^ 000 ters is mostly due to the excessive cost of dis- Balance from previous years 19, 000, 000 Other credits 35, 000, 000 tribution and transportation, a condition which would be improved, in the opinion off Argentine Total 650,417, 478 financial authorities, if the cattle industry in Argentina paid off 2,500,000 paper pesos in that country were organized upon a basis of reimbursement of short-term loans maturing more extended cooperation. Cost of producon May 31, and renewed 15,000,000 pesos for tion is higher than in pre-war years, thus six months, with interest at the rate of 5f increasing the financial difficulties of cattle per cent. raisers. Exports of frozen and chilled meat The floating debt of the Province of Buenos showed a general decrease during 1921, al- Aires is estimated at about 80,000,000 paper though an appreciable increase in exports of pesos, and the exigencies of the situation seem frozen beef took place in the last quarter of the to indicate the advisability of contracting a year, as shown in the following table: new loan to consolidate such indebtedness. It EXPORTS OF FROZEN AND CHILLED MEAT FROM ARGEN- has been reported that this Province will cancel within six months its outstanding foreign loan TINA DURING 1921. of 1913 for £421,890, which originally amounted Frozen lamb Frozen beef Chilled beef to 11,100,000 francs and was floated through (carcasses). (quarters). (quarters). the Credit Mobilier Francois, and that an internal loan for 50,000,000 pesos has been First quarter.. 873,500 1,294,500 304,900 recommended by the governor. Second quarter 653,300 659,300 463,700 Third quarter. 598,600 483,600 768,600 The floating debt of the Province of Santa Fourth quarter 320,800 528,900 610,800 Fe amounts to 17,000,000 paper pesos, accord- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 955 ing to the message delivered by the governor to the provincial legislature, and it is very likely Gold. Legal currency. that provincial loans for that amount will be floated in the near future. LIABILITIES. Capital 150,038,9-12.14 The Banco de la Nacion Argentina has been Surplus... 21,262.541.67 Conversion *und, law 3871 30,000,000.00 successful in meeting the difficulties created by Conversion account 35,892,783.59 the severe financial depression during the last Mobilization of the conversion fund, laws 9479 and 10251 45,454,545.45 year. Reference has already been made to the Deposits, time and demand 3,197..210.05 1,294,143,388.97 Discounts, interest unearned but financial assistance rendered" by this institution collected S48371.54 29,839,720.27 to cattle raisers, who have profited by the Due to branches 25.00 13,150,369.47 Other liabilities 30.96 527,760.30 provisions of Law No. 9644 on rural property guaranties, and have obtained long-term loans Total 94,200,962.81 1,533,154,726.60 amounting to 132,867,723 pesos on December According to statements of the Treasury De- 31, 1921. partment of Argentina, the total custom receipts . Other industries also received substantial during 1921 amounted to 243,458,791 paper help from the Banco de la Nacion. During pesos, as compared with 297,685,843 pesos in 1921 loans were granted by this institution to 1920. This decrease has been explained by a finance production and marketing of staples to reduction in the returns from duties on exports, the following extent: which only amounted to about 50 per cent of Paper pesos. the estimates. Internal revenue during the Cotton 373,090 Rice 278, 050 month of March amounted to 8,525,268 paper Sugar 409, 221 pesos, as compared with 7,644,409 pesos for Chickpeas 185,038 the same period in 1921, or a difference in Tobacco ,. 77,600 favor of the former of 880,858 pesos. On the Wines 2.440,284 Lumber 50, 394 other hand, the Buenos Aires customhouse Cheese 485,000 collected to April 20, 57,550,610 paper pesos The movement of loans and discounts, as against 65,514,676 pesos for the same period deposits, and cash on hand of the Banco de la last year, or a decrease of 7,964,066 pesos. Nacion for the years 1905, 1913, and 1919 to Liabilities of commercial failures during the 1921 is shown below: month of May are placed at 12,592,032 pesos, against assets of 11,182,169 pesos. A schedule ! I Cash. indicating liabilities of commercial failures i ! L d o is a c n o s u a n n ts d , Deposits, ... since January, 1922, was published in the July End of- I ; cu l r e r g e a n l. cy. cu l r e re g n al c y. : | , (, M • : .: c L u e r g re a n l. cy. issue of this BULLETIN. . BRAZIL. 1905 ; 164,295,894 176,781,405 11,328,868 ! 51,257,251 1913 i 477,695,736 541,383,243 i 32,272,702 ! 180,056,047 The general situation in Brazil appears to 1919 i 676,005,331 1,249,730,567 38,958,628 , 267,963,298 1920 ! 803,846,069 1,412,351,161 i 24,725,707 405,731,497 be easier than at the beginning of the year, and, 1921 ; 904,104,160 1,310,049,978 ' 23,174,114 i 410,159,748 according to local opinion, the worst is over. Recent political developments in Brazil have The following statement shows the condicontributed to hinder the process of finantion of the Banco de la Nacion Argentina at cial readjustment, but with the help of the the close of business on May 31, 1922: Government confidence has been restored and a general improvement is expected shortly. Legal currency. FOREIGN TRADE. ASSETS. Due from foreign correspondents Although it is true that Brazilian markets Advances on current accounts 326,699,293.02 Bills receivable 2,560,614.36 have reached a point where depletion of stocks Accounts for collection guaranteed.. 15,638,218.60 Bills discounted and rediscountcd... 39,712.00 562,183,382.14 would make new purchases necessary, the Rediscounts (law 9479 and 9577) 17,560,757.68 figures of Brazil's foreign trade during the first Doubtful debts i 14:328,963.39 Heal estate 23,799,403.33 four months of 1922 do not show a,n appreciable National public funds j 9,802,701.05 21,740,389.15 improvement in the import situation. Foreign Mobilization of conversion fund, I laws 9479 and 10251. ' 20,000,000.00 exchange is undoubtedly the basic factor oper- •Furniture and fixtures j 988,166.70 Due from the Treasury, law 10251...! 71,999,663.25 ating against buying on a large scale, importers Conversion account I 81,574,507.48 purchasing only in amounts sufficient to meet Due, according to the agreement j with Eneland and France, law | current demands. Although in terms of vol- 10350 / i 33,839,115.29 Cashonhand ! 23.257,116.75 386,179,182.40 ume imports into Brazil during the period Other assets ! 536,670.00 7,902,185.10 above referred to indicated a substantial in- Total ; 94,200,962.81 ; 1,533,154,726.60 crease over the same period in 1921, in terms Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

956 FEDERAL RESERVE BULLETIN. AUGUST, 1922. of value a decrease of £14,817,000 was regis- ume during the same period, but increased in tered, or a reduction of over 50 per cent. value, as may be seen in the folio wing f com- Exports, on the other hand, decreased in vol- parative table: FOREIGN TRADE OF BRAZIL. METRIC TONS (GROSS WEIGHT). Imports. Exports. Balance in. favor of or against exports. 1913 1919 1920 1921 1922 1913 1919 1920 1921 1922 1921 1922 January 456,754 218,520 163,735 268,033 187,592 124,292 193,704 147,483 180,022 162,314 -88,011 -25,249 February 452,035 194,802 246,811 236,581 213,038 93,899 177,273 117,800 149,147 142.733 -87,431 -70,305 March 518,298 223,011 259,569 205,262 305,995 85,556 179,256 178,336 175,549 150)516 -29,71.3 -155,480 April 521,314 216,659 248,084 190,938 265,456 76,205 157,649 162,653 148,428 186,166 -42,510 -79,290 Total 1,918,431 852,992 918,199 900,814 972,081 379,952 707,882 606,272 653,146 641,759 -217,668 -330,321 VALUE IN POUNDS STERLING (000 OMITTED). January 6,236 6,000 6,520 10,451 2,833 7,829 8,814 12,272 4,949 6,168 5,502 +3 335 February 5,354 6,757 8,641 6,990 3.152 5,561 10,859 10,930 4,591 5,022 -2,399 + 1,870 March . 6,187 6,559 7,645 6,732 4,197 4,403 10,923 13,854 5, 111 5,511 1,621 + 1 314 April 5,849 6,204 8,278 4,759 3,933 3,515 10,296 10,021 4,501 5,915 -258 + 1,982 Total 23,626 25,520 31,084 28,932 11,115 21,308 40,892 47,677 19,152 22,616 -9,780 + 8,501 The total import trade during the first four show a balance favorable to Brazil of 8,501,000 months of 1922 increased in volume over the pounds sterling as compared with a debit balsame period in 1921 by 71,267 tons; the un- ance of 9,780,000 at the end of April, 1921. favorable balance of trade, consequently, A final table is presented showing exports of turned from 247,668 tons in 1921 to 330,324 Brazilian products by groups of commodities tons for the same period of four months in during the periods of January 1 to March 31 1922. In terms of value, however, the-figures in the years 1913 and 1919 to 1922. Quantity. Value f. o. b., contos of reis (paper). 1913 ; 1919 1920 1921 1922 1913 1919 ! 1920 1921 1922 Animals and their products (tons) 10,431 i 47,578 39,611 ! 40,816 16,057 10,109 73,695 72,982 i 49,131 34,824 Minerals and their products (tons) 23,661 89,204 32,574 i 106,063 37,571 2,275 10,920 5,065 S 12,631 4,780 Vegetables and their products (tons)1... 252,585 ! 376,501 353,068 339,279 375,994 102,385 115,926 163,157 : 102,976 115,715 Coffee (1,000 bags)..,. 2,744 4,088 2,877 | 3,304 3,475 149,260 342,692 253,357 j 195,962 364,612 Sundries 14,323 ! 32,862 15,489 ! 15,256 22,496 2,862 19,803 10,202 i 8,518 11,937 Total of exports (26 commodities and sundries) 303,747 i 550,233 443,619 ! 504,718 455,593 266,891 563,036 | 504,763 | 369,218 531,868. I Increase (+) or decrease (—) in Value f. o. b., equivalent in £1,000. 1922 compared with 192L 1913 1919 1920 . 1921 1922 Quantity. re C is o ( n p to a s p e o r f ) . | £1,000. Animals and their products (tons) 674 4,000 5,361 1,947 1,094 -24,759 -14,307 -853 Minerals and their products (tons) , 152 593 371 502 150 -68,492 -7,851 -352 Vegetables and their products (tons)l 6,824 6,294 11,983 4,087 3,635 +36,715 + 12,739 -452 Coffee (1,000 bags) 9,951 18,637 18,591 7,775 11,446 + 171 +168,650 +3,671 Sundries 192 1,072 750 340 ' 376 +7,240 +3,419 +36 Total of exports (26 commodities and sundries) 17,793 30,596 37,056 14,651 16,701 -49,125 + 162,650 j +2,050 i Coffee excepted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 957 PERMANENT VALORIZATION PLAN. structure of the country would suffer in consequence of a decrease in exports and the re- The Brazilian National Congress has passed sulting adverse effect upon the balance of trade. a bill providing for permanent protection of prices of coffee and other produce. This EXCHANGE SITUATION. plan authorizes the Government to buy coffee up to a maximum of 300,000 contos paper for In spite of the increased gold reserve, the valorization purposes. A translation of the exchange situation has not shown improvement. bill in question follows: Local financial authorities contend that so long as banks and exchange are under official Chapter II, article 6, of the project for permanent protection of national agricultural and pastoral products pro- restrictions, those factors which under normal vides for the establishment of an institution which will conditions would favorably affect the exchange be administered by a commission composed of the Secre- situation will lose most of their force. tary of Finance as president, the Secretary of Agriculture as vice president, and five other members of recognized In the June issue of the FEDERAL RESERVE important iinancial and commercial standing, to be ap- BULLETIN a table was published showing the pointed by the President of Brazil. monthly range of Brazilian exchange rates in I. The Institution for the Permanent Protection of New York from January, 1916, to March, 1922. Coffee will be domiciled in the Federal Capital. Branches The following table indicates the changes and agencies may be opened in such important towns as considered necessary by the Government. which occurred during the three subsequent II. (Omitted in source.) months, and serves as a supplement to the III. The functions of the Institution for the Permanent table referred to. Protection of Coffee will be as follows: (a) To grant loans, at moderate rates of interest and for periods to be determined by the commission, against coffee Month. High. | Low, stored in reliable warehouses or establishments owned by the Brazilian Union or the States. (6) To purchase coffee and withhold it from the market 1922 April.. 13.690 ; 13.470 at any time the commission may deem necessary for May.. 13.940 i 13.550 purposes of price stabilization. June.. 14.125 I 13.875 (c) To inaugurate an information and propaganda bureau, with a view to increasing consumption and suppressing The total amount of paper currency in cirsubstitutes. culation at the close of 1921 has been placed IV. The capital of the Institution for the Permanent Protection of Coffee will be 300,000,000 milreis paper. at 1,900,000 contos. The following indicates V. This amount will be obtained from the following the gradual increase in paper currency since sources: 1913: (a) Profits derived from sale of stock already held by the Government. Milreis. 6) Net benefits from other coffee operations. 1913 601,488:304 c) Contributions by the States. 1914.. 822,496:019 d) Internal or external loans, provided the Executive 1915 982, 089:528 is able to obtain suitable terms as to time and interest; 1916 1,122, 559:762 and, should it be considered necessary,— 1917 •. 1, 389,414:967 (e) To issue paper currency in amounts sufficient to 1918.. 1, 679,176:059 complete the amount required as capital. The Govern- 1919 1, 729, 061:523 ment is hereby authorized to issue the necessary amounts. 1920 1, 730, 000:000 VI. Emissions will be guaranteed by that part of the 1921 1, 900, 000:000 gold reserves tendered as guaranty for paper currency, The gold reserves of Brazil have increased not referred to as guaranty under decree No. 3546 of since the beginning of the present year. On October 22,1916, as well as by 80 per cent of the coffee purchased by the commission, or by warrants in favor of May 31, the total gold reserves in the Caixa other parties. de Oonversao and the Treasury was 85,203 VII. As operations are concluded, notes corresponding contos, against 83,766 contos at the close of to the emissions will be burnt monthly. 1921. Of that amount, 1,011 contos, the VIII. Should it be considered necessary to obtain warrants against coffee purchased by the commission in order equivalent of £113,710, are in the hands of the to raise funds, such warrants shall be on a basis of 50 agents of the Brazilian Treasury in London. per cent of the current prices of coffee. This represents profits accrued from pur- Vehement criticism has been expressed by chases of Brazilian Government securities in some of the most conservative financial author- that market to the amount of £1,500,000. ities of Brazil with regard to the advisability of The ratio of gold reserve to total circulation adopting such a project. They seem to object is at present 4.4 per cent. strongly to the issuing of new Government paper currency, which would only aggravate ESTIMATED BUDGET FOR 1923. the already serious exchange situation. Furthermore, although the planter would un- The estimates for expenditures for 1923 doubtedly be benefited by the proposed plan, have been sent to the National Congress for consumption would decline and the economic discussion. Reducing all amounts to paper Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

958 FEDERAL RESERVE BULLETIN. AUGUST, 1922. currency, the 1923 budget shows a net deficit 443,753,136 pesos represent exports. These of 171,252:000 paper milreis, as follows: figures are 73,776,428 pesos and 347,768,236 pesos, respectively, below those of 1920. This decrease is distributed as follows : Gold Paper contos. contos. IMPORTS. Revenue 95,156 652,755 Pesos. Expenditure 87,191 847,902 Products of extractive industries 27,021,662 Manufactured products 45, 711, 892 Deficit 195,147 Coin and precious metals 1,042, 874 Surplus . . 7,965 Premium on gold, 200 per cent, at 9d. exchange 15,930 23,895 Total 73,776,428 Net deficit 171,252 EXPORTS. The budget estimate for 1923 is based on Products of extractive industries 342, 78§J.68 figures for the 1922 budget, vetoed by the Manufactured products . 4, 378, 315 v President, and still under discussion in Con- Coin and precious metals 601, 753 gress. It is to be expected that substantial Total 347, 768, 236 changes will be made to reduce the deficit for 1923 to a considerable extent. The proposed The general reduction in the foreign trade of expenditures by the different ministries for Chile is almost entirely due to the precarious 1923 have been as follows: situation of the nitrate industry. Chile's mainstay is nitrate, and until the heavy stocks still held in Europe and in the "oficinas" in Chile In contos of reis. are completely disposed of, no material im- Ministry. provement may be expected. Out of the total Gold. Paper. decrease of 347,768,236 pesos in exports for the year 1921 the sum of 342,788,168 pesos corre- Justice and Interior : 3,240 94,438 Foreign Affairs 5,398 2,467 sponds to extractive industries. Of this figure Marine. 4,100 84,074 nitrate showed a reduction of 253,033,602 pesos War 1,700 128,150 Public Works. 474 288,946 from the total of the previous year, copper A Fi g n r a i n c c u e lture... 61, 3 9 6 1 3 6 2 4 0 7 2, , 1 7 1 1 7 0 followed with a decrease of 56,610,903 pesos, and wool with a decrease of 22,242,341 pesos. Total.. 77,191 847,902 I The purchasing power of the country has been, consequently, substantially reduced. Stocks A comparison of estimated budget figures for of nearly all kinds of manufactured articles are 1923 can not be made with those for 1922, since still heavy, and in a considerable number of the latter are still under discussion by the commodities sales have been made at a loss in National Congress, but the revenue for 1922, order to create ready cash. The following which is not expected to undergo material table gives the figures of Chile's trade with sevchange, will compare with that of 1923, as fol- eral important countries in 1921. The increaslows : ing volume of trade between Germany and Chile during that year is worth noticing. In contos of reis. [In gold pesos of 18d.] Year. Gold. Paper. Countries. Imports. Exports. 1922 92,276 652,755 1923. 95,156 727,673 United States 105,096,104 74,462,652 Great Britain 102,771,205 67,524,549 Increase or decrease for 1923 +2,880. -74,918 Germany 38,034,092 15,051,267 France 22,341,017 21,867,342 Belgium 10,432,403 3,307,798 Italy 7,092,220 9,030,186 CHILE. Spain 6,920,936 2,558,673 Holland 3,256,304 15,722,138 Sweden 2,846,224 779,934 FOREIGN TRADE. Norway 2,442,696 686,794 Japan 1,998,231 5,332,612 The annual message of the President of Chile was read at the formal opening of the National These figures do not include nitrate exports. Congress on June 1. According to his exposi- Exportation of that commodity to all countries tion of the country's economic and financial totaled 182,758,629 pesos during 1921. developments during 1921, the foreign commerce The following is a comparative table showing of Chile with the entire world in that year was the figures of Chile's foreign trade from 1911 to placed at 825,055,642 gold pesos (of 18d.), of 1920 in terms of United States currency, conwhich 381,302,506 pesos represent imports and verting the Chilean gold peso at the par rate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 959 of 36.5 cents United States currency (18d. IMPORTS INTO CHILE. sterling). [In thousands of dollars.] Difference in Country of origin. 1916 1917 1918 1919 1920 Year. Imports. Exports. fa o v r o a r g o a f in ( s + t ) exports (-). United States 34,459 63,535 74,260 •70,027 51,199 United Kingdom 20,050 23,566 29,728 j28,423 42,401 Peru 5,596 10,176 11,588 11,788 12,398 1913 8120,274,001 8144,053,312 +5524,379,311 France 3,462 5,152 5,037 : 6,277 10,320 1914 98,461,195 109,381,534 + 10,920,339 India 4,551 5,341 9,183 8,814 1915 55,922,218 119,529,802 +63,607,674 Germany 453 68 255 7,692 1916 81,220,102 187,458,432 + 106,238,330 Argentina , 2,513 7,682 11,307 j 3,853 6,224 1 1 1 9 9 9 1 1 1 8 7 9 1 1 1 5 4 2 9 6 9 , , , 4 1 6 8 6 0 3 7 3 , , , 3 0 1 3 3 1 1 4 5 2 2 1 9 5 1 1 9 5 , , , 8 9 6 6 8 9 3 5 6 , , , 2 6 4 7 5 9 7 8 5 + + - 3 1 1 3 3 0 0 2 ,7 , , 3 6 8 8 9 6 2 6 , , , 6 3 2 7 8 4 3 0 3 B M Sp r e a a x z i i n i c l o , 2 1 , , 4 0 1 7 3 3 7 3 4 3 2 , , 2 8 4 5 6 5 3 1 4 I 2 4 , , 6 7 4 8 6 2 9 6 1 j I 4 l 1 , , r6 4 4 3 8 8 7 7 8 3 3 3 , , , 3 2 2 5 3 0 3 0 8 1920 166,103,811 288,905,301 + 122,801,490 Sweden , 717 800 ! 1,173 • 789 3,102 Belgium 67 4 i 4 9 2,500 Norway , 541 295 ! 212 232 2,062 Due to the complete closing of the German Italy , 1,752 1,652 1,302 1,305 2,061 and central European markets, the foreign trade J B a o p l a iv n ia 5 19 9 9 0 1, 6 1 5 9 9 3 4 1 , . 2 3 9 2 3 7 2 1 , ,3 9 5 4 5 1 1 1 , , 0 5 7 3 0 8 of Chile during 1914 showed a considerable Netherlands 351 116 256 66 1,007 All others 2,274 2,795 3,965 2,367 .3,923 reduction. The favorable balance of trade of the country was reduced by over $13,000,000 Total , 81,220 129,603 159,167 146,483 166,104 and the purchasing power of Chile was thus considerably impaired. The effects of this EXPORTS FROM CHILE. situation were reflected in the following year, [In thousands of dollars.] when imports fell by over $42,000,000, while exports, on the other hand, showed substantial Country of destination. | 1916 1917 i 1918 I 1919 1920 increases. The result was that the favorable 1._ _ L balance increased from $10,920,339 in 1914 United States 92,034 154,943 178,483 47,623 ;125,737 to $63,607,674 in 1915. Purchasing power was United Kingdom 48,147 55,269 66,476 25,984 59,823 France 14,088 11,643 1,548 5,758 11,543 greater, and consequently imports showed Netherlands , 2,415 2,764 3,391 7,602 considerable increase during the next year. Spain 1,567 1,570 771 3,123 6,151 Japan 1,409 3,639 3,019 3,090 5,461 Exports also increased due to the growing Argentina 4,492 7,577 9,616 5,005 5,207 demand by the belligerent nations for Chilean ni- g P g er y u p . 9 3 4 3 2 0 1 1 , , 2 2 6 3 6 1 6, 9 6 6 3 2 2 5, 3 2 5 1 6 8 j 4 3 , , 7 9 8 6 0 8 trates for the manufacture of war materials, and Belgium 509 ! 3,540 Italy 1,886 i 4,795 | 475 1,064 3,473 at the end of 1916 the favorable balance in- Germany 37 2,673 creased to $106,238,330. The year 1917 marked H D a en w m ai a i r . k 1 1 , , 4 3 1 9 9 3 1, 6 6 6 9 0 7 I j 6 9 0 4 6 4 ! 2 2 , , 2 5 9 8 1 7 the beginning of a period of overtrading and Bolivia. 757 1,453 i 2,905 2,922 ! 2,183 Australia 1,178 1,333 : 654 j 195 j 1,604 expansion. Nitrate was exported in unprece- All others 8,565 5,054 | 6,052 i 4,152 ! 6,150 dented quantities at high prices. Correspond- Foreign merchandise exported 2,782 ! 3,192 j 13,141 i 5,664 ! 4,612 ing war wages were paid to the workers who On orders 4,055 ' 1,897 ! 258 ! 167 i 29,520 spent freely, and purchases abroad were made in Total I 187,458 \ 259,985 . 291,863 115,697 288,905 great quantities. Imports at the end of the year reached the figure of $129,603,115; This abnormal situation continued until 1919, when PUBLIC FINAXCE. the demand for nitrate became far more The Chilean National Congress has still unlimited and a period of liquidation and read- der consideration the budget for the current justment was inaugurated. The balance of year. According to a statement of the Minister trade for this year underwent a very severe of Finance before Congress, the total expendichange. As compared with a favorable balance tures for 1922, excepting those which will be of $130,382,380 in 1918, the foreign trade fig- met with special funds, will amount to approxiures shifted to an adverse balance of $30,786,673 matety 322,714,849 paper pesos and 55,747,976 for 1919. Exports of nitrates in 1920 aregold pesos. The balances resulting from special placed at 535,602,880 pesos against 127,077,042 laws enacted in 1921, creating obligations for in 1919. 1922, amounting to 6,596,474 pesos, should be The following table presents imports to and added to the probable total expenditures. exports from Chile for the years 1916 to 1920, Those for 1922, representing expenditures of by countries of origin and destination: 1,173,537 pesos, should also be added. Un- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

960 FEDERAL RESERVE BULLETIN. AUGUST, 1922. foreseen and probable special expenditures interchange of views as well as the reaching of have been placed at 10,000,000 pesos. On the a better understanding of the position of the other hand, the revenues for the current year two Governments. This will undoubtedly have been estimated at 59,832,000 gold pesos, prove beneficial in the consideration of financial which would create a surplus of 4,084,024 gold assistance which may be extended to Cuba pesos. The receipts in paper currency are when matters such as the budget are adjusted. placed at 206,806,115 pesos, to which amount The question of a loan by the United States there must be added the surplus in gold revenue to Cuba for $50,000,000, applied for by the converted into paper pesos, which makes a Government of that country, is still in sustotal paper revenue of 219,058,187 pesos. A pense. It is believed that a study of recent deficit may thus be expected of about 121,- Cuban budgets will throw light upon the ques- 426,673 paper pesos. This deficit will have to tion whether a loan is really needed or to what be made up, according to the Secretary of extent Cuba is entitled to financial assistance, Finance, by the floating of a loan. The following table indicates the figures for budget and revenue of the Government of Cuba since the fiscal year of 1910-11: ECONOMIC AND FINANCIAL CONDITIONS IN CUBA. Fiscal year. B or u e d s g t e im t l a a t w e. o R b e t v a e in n e u d e . In the July issue of the BULLETIN (p. 825), 1910-11 $30,996,599 $36,345,367 the commercial position, foreign trade, and 1911-121 34,024,582 37,842,506 1912-13 33,974,147 39,602,318 banking conditions of Cuba were discussed. 1913-Ui... 37,756,914 39,623,399 1914-15 38,862,905 37,977.652 The following article continues the considera- 1915-161... 40,369,994 40,992,501 tion of economic and financial conditions in 1916-171 42,828,497 52,054,947 1917-18 45,921,521 64,534,136 Cuba, with a discussion of public finance and 1918-19... 64,430,773 70,028,628 1919-201 66,621,151 93,004,954 imports and exports of foreign currencies. 1920-211... 71,993,003 107,923,087 BUDGET AND FOREIGN DEBT. 1 No budget for the year was approved by Congress; amounts represent figures submitted to Congress by the President. A financial mission was appointed by the According to this table, the revenues ob- President of Cuba in August, 1921, for the tained by the Government have always expurpose of approaching the American Govern- ceeded expenditures, with exception of the ment and financial authorities. Its object was year 1914-15. It must be borne in mind, to bring about a mutual understanding between however, that the budget provides for regular both countries, in an endeavor to solve the expenses, but presidential decrees and laws present difficult economic problems of the passedj^by Congress during the fiscal years island. The sugar tariff and readjustment of provide^for additional appropriations, so that Cuba's financial affairs were the two most im- expenditures at the end of any given year are portant matters considered. far in excess of the budget appropriations. Although no definite understanding or ar- The following table indicates the percentage rangement was concluded, the visit of the distribution of expenditures for the budgets of mission to the United States made possible an 1914-15 to 1922-23: Budget, Project, Project, Budget, Budget, Project, Project, Budget, Project, Items of expenditure. 1914-15. 1915-16. 1916-17. 1917-18. 1918-19. 1919-20. 1920-21. 1921-22. 1922-23. Public debt 11.07 15.73 14.47 9.74 9.38 15.40 14.18 14.36 13.39 Congress 2.21 2.20 2.17 2.77 2.39 2.45 3.00 3.63 3.38 J udiciary.. . . 4.58 4.59 4.33 4.24 3.80 3.70 5.32 5.69 5.33 Total 17.86 22.52 20.97 16.75 15.57 21.55 22.50 23.68 22.10 Executive: Presidencv. . .42 .42 .39 .38 .33 .33 .35 .33 .31 State... 2.26 2.40 2.24 2.23 1.96 2.03 2.06 2.12 2.13 Justice. . .57 .57 .54 .52 .41 .42 .41 .67 .44 Interior 9.61 9.35 9.77 9.57 9.72 9.01 9.16 11.05 11.78 Treasury . . . 7.51 6.32 6.34 6.36 6.23 6.15 5.77 5.37 5.70 Treasury, additional 1.04 1.19 1.13 1.09 3.52 1.83 2.00 2.93 2.74 Public instruction 12.91 13.00 13.05 13.96 16.15 14.75 13.65 15.87 14.79 Public works. 12.67 12.10 12.63 14.04 10.95 10.25 11.81 6.76 7.47 Public health and charities .. 10.59 9.93 9.72 12.23 9.55 8.95 8.46 8.92 8.93 Agriculture, commerce, and labor.. 2.62 2.65 2.44 2.68 2.17 2.07 2.00 1.86 1.58 War and navy. . 18.46 19.55 20.78 20.19 23.44 22.66 21.83 20.44 22.03 Total.. . . 78.66 77.48 79.03 83.25 84.43 78.45 77.50 76.32 77.90 Reserve fund 3.48 Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

961 AUGUST, 1922. FEDERAL RESERVE BULLETIN. The figures for the budget of 1921-22 are health, and public works. Provision for the represented, as readjusted by the President on reserve fund was made only for the year January 9, 1922, and those for the budget of 1914-15. The following table indicates . the 1922-23 are estimates submitted to Congress changes made in the budget during the war on November 14, 1921. The Cuban budget for period. The first column shows the budget the current year has been balanced at S54,800 figures for the first year of war when conditions r 000 and represents a cut of §9,622,665 from the in Cuba were normal. The second column original project. presents figures for the year 1918-19, when A comparison of the percentages for the Cuba was enjoying a period of wide prosperity 1919-20 budget and those for 1921-22 reveals and inflated trade. The fiscal year 1921-22 that the appropriations for nearly every was a period of liquidation and adjustment. division were increased at the expense of The budget figures for the year 1921-22 are provisions for public debt, agriculture, public shown in the third column of this table: Budget. I'"erccntagcs- Items of expenditure. 1914-1.5 1918-19 1921-22i 1914-15 1918-19 1921-22 Public debt.. . . 84,457,963 S6,044,210 $8,623,651. 11.07 9.38 14.36 Congress... ... 889,620 1,511,138 2,178,060 . 2.21 2,39 3.63 Judiciary 1,843,480 • 2,450,26 L 3,421,672 4.58 3.80 5. 69 Total : 7,191,063 10,035,909 14,223,383 17. 86 15. 57 23.68 Executive: Presidency 168,080 209,620 200,620 .42 .33 .33 State " 911,679 1,261, 804 1,275,204 2. 26 1.96 2.12 Justice 229,000 265,260 403,100 . 57 .41 .67 Interior. 3,870,960 6,261,586 6,639,624 9.61. 9.72 11. 05 Treasury.... 3,022,098 4,01.8,728 3,225,10 L 7.51 6. 23 5.37 Treasury, additional... 41.9,299 2,263,204 1, 758,701 1.04 3. 52 2. 93 Public instruction 5,196,421 10,406,127 9,528,317 12.9L 16.15 15. 87 Public works . 5,101,666 7,056,140 4,059,225 12.67 10.05 6.76 Public health and charities . 4,264.388 6,1.52,341 5,354,207 10. 59 9. 55 8.92 Agriculture, commerce, and labor 1,056,260 1,400, 880 1,116,450 2.62 2.17 1.86 War and navy 7,431,992 15,099,171. 12,273,316 18.46 23. 44 20.44 Total 31,671,843 54,394, 864 45,833,895 78.66 84.43 76.32 Reserve fund 1,100,000 3.48 Grand total 40,262,906 6-1,430,773 60,057,278 100. 00 100.00 100.00 1 Projected. The budget for 1922-23, according to the provide for current expenditures and also for project presented to the Congress of Cuba, the payment of the floating debt. No satismade provisions' for expenses totaling factory solution has as yet been reached in $64,422,665. As revenues were placed at regard to this loan, but the budget has been $54,000,000, there was a deficit of over finally balanced at $54,800,000. The follow- $10,000,000. The Government of Cuba, tak- ing table serves to compare the budget figures ing into account this fact and also that actual for 1921-22 with, the projected budget for yearly expenditures always exceed those pro- 1922-23 and with a suggested budget presented vided for in the budget, started negotiations by a high official of the United States Governfor a loan in the United States, with which to ment for the same period: Budget of Per cent for— Items of expenditure. r b 1 e 9 y a 2 d 1 d j - u e 2 s c 2 t r e e a d e s P 19 r 2 o 2 je -2 c 3 t, . fo S r u b g u 1 g 9 d e 2 g s 2 e t - t e 2 d 3. Budget, Project, Project, ]STo. 19. 1921-22. 1922-23. 1922-23. Public debt .$8,623,651 ! 88,623,651 $8,623,651 14.36 13.39 ! 15.97 Congress 2,178,060 j 2,178,060 1,700.000 3.63 3.38 i 3.14 Judiciary 3,421,672 3,435,671 2,600;000 5.33 i 4.82 Total 14,223,383 14,237,382 12,923,651 23.68 22.10 ! 23.93 Executive: Presidency 200,620 200,620 200,000 . 33 .31 ! .37 State 1,275,204 1,371,604 1,000,000 2.1.2 2.13 1.85 . Justice (including census).. 403,100 286, 100 390,000 .67 .44 . .72 Interior 6,639,624 7,589,440 j 5,400,000 1.1.05 11.78 ; 10.00 Treasury 3,225,101 3,670,777 2,900,000 5.37 5.70 i 5.37 Treasury, additional 1,758,701 1,767,701 1,500,000 2.93 2,74 2.79 Public Instruction 9,528,317 9,529,717 :8,600,000 .15.87 14.79 ! 15.92 Public works 4.059,225 4,813,840 ;4,800,000 6. 76 7.47 | 8.89 Health and charities 5; 354,207 5,752,042 i 4,800,000 8.92 8.93 I 8.89 Agriculture, etc 1,116,450 1,013,900 :1,000,000 1.86 1.58 I 1.85 War and navy 12,273,346 14,189,542 i 8,500,000 20. 44 22.03 15. 74 Total 45,833,895 | 50,185,283 | 39,090,000 76.32 77.90 I 72.39 Reserve or surplus.. j... I 1,986,319 3.68 Total 60,057,278 "64,422,665 |547"600,~000 100.00 i 100.00 , "lobToo 4210—22- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

962 FEDERAL, BESEKVE BULLETIN. AUGUST, 1022. The imperative need of limiting expenditures [Amounts in United States dollars.] for the current year is all too obvious. In the m pr e o n p t o s o e f d fi c b ia u l d s ge a t n , d h i e g m h p s l a o l y a e ri e e s s d p u a r id in g to t G he o v w er a n r - , Amount. Due date. • \ Lr I oPs j T t".I II a PJ m . a t tii o i ldl o r I n t f1 i . oU z 1r awhen living expenses in Cuba were exorbitant, were not reduced. The provision for army Per j and navy was increased by almost $5,000,000 FOREIGN DEBT. cent. ; Loans of Spcyor & Co.... { f j>» gjg, 000 Mar. 1, 1944 5 ! 12,076,500 over the previous year, which amount alone Aug. 1, 1949 i 4i 812,000 exceeds the total sums allotted to a number of J F a e n b . . 22 1 , , 1 1 9 9 2 4 3 9 ' j 5 ! 860,000 " important departments of the Cuban Govern- _r Total foreign debt.; 66,500,000 r ment. Appropriations for the departments of Total amounts , interior and state were also considerably in- paid for amorti- , creased. It is not only in the matter of - z d a e ti b o t n on foreign : .: 13,748,500 salaries, which amounted to 61 per cent of the total budget for 1921-22, but in the proper INTERNAL DEIST. control of Government finances with a view to Internal debt, 1905 11,169,800 5 i 798,500 Extension oi' internal 7,000,000 Nov. —, 1931 5 j 2,000,000 keeping within the limits prescribed by the debt, 1917. budget figures, that immediate consideration Treasury bonds, 1917 30,000,000 Dec. 31, 1929 0 j 4,434,800 will have to be given by the Cuban Govern- Total internal debt 48,169,800 Total amounts ment. Heretofore the President of the Re- paid for amorti- I zation on interpublic has had the power to create special nal debt 7,233,300 appropriations outside of budget figures,, there being no reserve fund with which to meet such Tot i a n l t e f r o n re a i l g n d e a b n t. d .. ; ! 114,669,800 \ expenditures. Total a m o 11 n t s The indebtedness of the Cuban Government paid for ainorti- j zation on foreign on July 1, 1922, the beginning of a new fiscal and inter n a 1 debt ; 20,981,800 year, were considerable. It remains to be seen whether the revenue collected during the fiscal year of 1921-22 has been sufficient to The most immediate payment of importance, meet expenditures, which, according to the a loan of $5,000,000 by Morgan & Co., falls budget provisions alone, will amount to due on January 22, 1923. Against this loan, $60,057,278. The following table indicates which was floated at 99^, the Government of the revenue obtained by the Government dur- Cuba gave its note for one year for $5,000,000, ing the first nine months of the fiscal year with interest at 6 per cent, and deposited bonds 1921-22: as collateral security, the majorit}?" of which were Cuban Government obligations. 1921: 1922: July $5,518,055 January... .. $4,334,506 August 5,361,653 February.. .. 4,570.067 IMPORTS AND EXPORTS OF FOREIGN September... 4, 630, 486 March.... .. 5, 599; 478 CURRENCIES. October 4,239,669 November.... 4, 350, 931 Total.... 42,737,849 According to statements of the chief of the December 4,133, 004 Coinage Bureau of the Cuban Treasury De- Placing the average monthly receipts at partment, the total of foreign currencies ex- $4,800,000, by the end of the year the total ported from Cuba during the calendar year revenue would amount to $57,137,849, which 1921 amounted to $91,740,230. The table will not be sufficient to cover the expenditures below indicates in detail the distribution of provided for by the budget as readjusted by currency exports in gold, silver, and paper decree No. 19. currency. Imports of currency into Cuba The table in the next column indicates the during "1921 were placed at $20,088,015, of present status of the Cuban debt. which $17,645,082 were American currency. 1 Gold. Silver. Paper currency. i i Amounts Equiva- Amounts Equiva- Amounts Equiva- Total Currency of— I in lent in Rate of lent in Rate of lent in U. S. • respective in U. S. ! respective ex- in U. S. respective ex- in U. S. currency. j foreign cur- foreign change. cur- • foreign change. curunits. rency. units. rency. units. rency. United States ' 255,000 S255,000 90.701,213 $90,701,213 £90,956,213 Spain I 57,580 10,940 j 92,222 j §0.145 $13,372 4', 711,015 SO. 1525 S 718,521 ' 742,833 France i 114,260 21,881 ! 399,617 .091 3,637 25,518 Mexico ' 13,776 6,819 218 • .40 5,500 .1825 1,004 7,910 England ! 940 10 0 4,552 12 10 0 ! 4.325 182 10 0 4,395 802 5,408 Other countries ! 1,264 1,084 2,348 Total.. .1. 300,456 ! 13,513 91,426,261 ! 91,740,230 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 963 PRICE MOVEMENT AND VOLUME OF TRADE. INTERNATIONAL WHOLESALE PRICE INDEXES—UNITED STATES, ENGLAND, AND CANADA. In June our index number of wholesale prices in the United States stood at 162 which was ; an increase of 4 points over the May number. Prices in England moved in the opposite direction, our index number showing a decrease of 2 points, while prices in Canada remained nearly the same, falling 1 point. In the group index numbers it is to be noted that raw materials declined 2 points in both England and Canada, and rose 5 points in the United States. Producers' goods, on the other hand, rose in all three countries, while consumers' goods followed closely the trend of the allcommodities index numbers. In the United States prices advanced for wool and cotton, coal and coke, and also for lumber, cattle, and pig iron. In England prices of raw materials showed an increase in some of the metals, but wool decreased and lumber remained the same. In Canada the only increases are found in furs, lumber, cattle, copper, and lead. Among producers' goods there is a rise in leather, yarns, paper, cement, and sugar in the United States and Canada, but in England only cotton yarn and jute show an increase. In the group of consumers' goods, the general trend of prices in the three countries is entirely dissimilar. The United States index for this group was influenced principally hj increases in the prices of fruits, cotton cloth, sugar and butter. INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES AND ENGLAND FEDERAL RESERVE BOARD, 1919-1922 AVERAGE PRICE LEVEL OF 1913 = 100 500 500 4-50 450 400 400 350 350 300 300 250 250 \ 200 200 150 150 - UNITED STATES - ENGLAND (IN STERLING) •ENGLAND (CONVERTED TO GOLD BASIS) 100 100 80 80 J. F. M. A.M. J. J. A. S.O..N. D. J. F. M. A. M. J. J. A.S. O. N. D. J. F. M. A. M. J. J. A.S. O.N. D. J. F. M. A. H J. J. A. S. 0. N.D. 1919 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

964 FEDERAL RESERVE BULLETIN. AUGUST, 1922. INDEX NUMBER OF WHOLESALE PRICES IN THE UNITED STATES—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISONS.! [Average prices in 1913=100.] Year and month. pro G d o u o c d e s d , im G po oo rt d e s d , ex G p o o o rt d e s d , i j m a R tor a ia w ls . \ UH g lUul P o ILcp o r Ooo o d ir:r - t> s s;, . ' s g u C o m o o e d n r - s s , ' j. m A o H d i c t o ie m s. - ! 1919, average 214 174 221 ; 209 198 221 211 1920, average 242 . 191 235 ! 235 237 244 239 1921, average 148 108 136 j 141 142 160 148 1921. June 110 •• 102 1.26 140 154 142 July 143 • 103 1.26 134 1.30 162 145 August Ml : 104 127 133 133 Io7 146 September 144. 105 149 13S 133 162 146 October 113 107 146 140 1.32 158 145 November 142 I OS 143 14 L ! 128 157 145 December 140 111 14 L 140 127 153 142 1922. i January 139 ; no 139 141 i 127 • 150 142 February 143 1J0 142 145 . 127 155 146 March 144 ! 111 144 147 I 120 157 147 A M Ju p a n r y e il .- 159 , ! 1 1 1 1 2 1 9 3 5 1 1 1 5 G 4 5 5 4 i 1 1 1( 5 0 3 0 9 4 I I 1 1 14 2 3 1 9 7 . 1 1 1 5 6 6 6 0 4 1 1 1 4 5 6 9 8 2 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. pages assigned to the amerent commodities in constructing i 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 tex-tiles), minerals, and lumber, among the raw materials; yarns, leather, semifinished steel products, refined oils, chemicals, building materials, etc., among the producers' goods; and potatoes, meats, flour, rice, eggs, dairy products, fruits, cotton and woolen cloths, underwear and hosiery, boots and shoes, and kerosene among the consumers' goods. The index of "goods imported" consists of 19 quotations (10 raw materials, 7 producers' and 2 consumers' goods). It includes Egyptian cotton, Australian and South American raw wool, Japanese and Chinese silk, South American hides, Straits tin, and Canadian lumber among tha raw materials; plantation and Para rubber, Chilean nitrate, cane sugar, burlap, sisal, etc., among producers' goods; and tea and cotfee for consumers' goods. coffee, cotton cloth, boots and shoes, and kerosene the consumers' goods. The index numbers of "raw materials," "producers' goods," and "consumers' goods," consist of the commodities mentioned above which fall into these classes, whether they are of domostic or foreign origin. The raw materials group include 40 quotations, the producers1 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 1S13 = 1OO 500 80 M. A. M. J. J. A. S. O. N. D. U. F. M. A. M. 0. 0. A. S. O. M. D. J. F. M. AM. . MA.. JM.. JJ. .J .A A.. SS.. 0. HI D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A.M. J. J. A. S. 1920 1921 1922 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1022. FEDE11AL EKSEJIVE BULLETIN. 965 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. jpr G od o u o c d e s d.jim G p o o o rt d e s d .. ex G p o o o rt d e s d, ma R te a r w ials. P g r o e o r o d s d ' u s c . - C g on o er o s s d ' u s m . -; m A o ll d i c t o ie m s - . I ! g v ol e C d r O t b e T a d l- s i t s o . 1919, average.. i 238 247 i 275 226 261 241 241 221 1920, average.. 315 294 i 438 291 355 292 314 242 1921, average.. 207 171 | 183 197 178 219 201 159 1921. June 208 i 163 ! 179 196 173 213 197 153 July 204 i 164 ' 174 192 165 : 222 196 146 August 165 168 193 161 j 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 j 191 177 144 December 176 152 158 173 147 | 186 172 147 1922. January... 174 149 158 171 147 : 181 i 170 | 148 M F M A Ju e p a n a b r y r e i r c l u h a . r . y .. . . 1 1 1 1 1 7 7 7 7 7 2 4 2 1 1 1 1 1 1 1 5 5 4 4 4 4 3 7 8 8 1 1 1 1 1 5 . 5 5 5 3 5 8 3 2 1 1 1 1 1 1 6 6 7 6 6 9 7 0 7 8 1 1 1 1 1 4 4 4 4 4 7 6 2 4 3 : i : . 1 1 1 1 1 8 9 8 8 8 6 1 3 1 3 ; : i : ! 1 1 1 1 1 7 6 6 6 6 1 8 7 7 9; 1 1 l 1 1 . 5 5 5 5 r 1 1 6 4 )0 1 The British index number is the second of the series of wholesale price indexes to be completed by the Federal Reserve Board for the purpose of international comparisons. It was published for the first time in the FEDERAL RESERVE BULLETIN for February, 1922, but is also computed for the years 1913,1919, 1920, and 1921. 'Detailed information regarding the make-up of the number may be found in the FEDERAL RESERVE BULLETIN for February, 1922, pages 147-153. The entire list of commodities included in the different groups is furnished there with exact specifications and markets indicated. The "weights" assigned to the different commodities in constructing the index numbers are also given in detail. The commodities which form the basis for the index number are for the most part the same as those used in the Federal Reserve Board index of American prices. The index of" goods produced" consists of 55 quotations (16 raw materials, 26 producers' and 13 consumers' goods). These include agricultural products (grains, live stock, wool, and hides), pig iron, coal and coke among the raw materials; cotton yarns, woolen yarns and wool tops, semifinished iron and steel products, building materials, chemicals, leather, etc., among the producers' goods; cotton cloth, boots and shoes, food products, and tobacco among the consumers' goods. The index of "goods imported" consists of 43 quotations (23 raw materials, 9 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. The "all commodities" index is obtained by combining the group indexes of domestic and foreign goods. It consists of 98 different quotations. As a general rule quotations have been obtained from trade journals which have well organized price collecting services, or from individual firms. The American consul in London supervises the collecrion of the. prices each month and cables them to the "United States about the 7th of the following month. The index number is constructed here and is ordinarily ready for publication by the 10th or loth of each month. INDEX NUMBERS OF WHOLESALE PRICES IN ENGLAND 1920 -1922 CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON 500 AVERAGE PRICE LEVEL OF 1913 = 1OO 450 400 \ .————.GOODS IMPORTED • GOODS EXPORTED 350 \ 300 \\ 250 \ 200 kl X: I 150 | - -p..v.^ — ; o 100 80 tfAGOL 500 450 RAW MATERIALS 400 CONSUMERS GOODS 350 \ 300 250 \ 100 so 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. AM. . SA.. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. H. J. J. A. S. 1920 1921 1922 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

966 FEDERAL RESERVE BULLETIN. AUGUST, 1022. INDEX NUMBERS OF WHOLESALE PRICES IN CANADA—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISONS.! [Average prices in 1913=100.1 Year and month. im G p o o o r d te s d. ex G p o o o r d te s d.ma R te a r w ials. d g u P o c r o o e d - r s s . ' s g u C o m o o e n d r - s s . ' m A o ll d c it o i m es - . 1919, average. 220 197 188 227 207 1920, average. 208 235 255 270 250 1921, average. 181 155 174 183 167 1921. June 190 157 168 176 165 July 185 153 164 177 163 August 188 155 162 182 166 September. 175 147 159 174 158 October 149 136 153 166 149 November. 138 131 152 164 145 December.. 137 131 149 164 145 1922. January... 139 132 147 161 144 February. 152 138 147 164 149 March 151 140 146 166 150 April 153 142 146 169 152 May 154 145 147 168 154 June 149 143 150 168 153 1 A complete description of the Canadian index may be found in the July, 1922, BULLETIN, pp. 801-806. 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. pr F o o d r u es c t ts. p M ro in d e u r c a t l s. r t a e T w r o i a m ta 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 2 333 ; 235 240 235 252 I 243 192L, average'^ 208 : 187 151 140 1.61 I 153 1921. i May 205 188 149 1.40 153 j 151 June 204 1.82 .14.") 137 I 152 i 148 July 203 177 145 134 153 .148 August 200 175 145 132 162 ' 152 September 1.94 172 146 : 133 1.00 152 October 193 176 145 ! 133 j 158 150 November 200 J78 145: 130 1.57 i 149 December 208 178 146 130 155 149 1922. January 207 I 177 147 ' 127 , 151. 148 February 207 I 176 153 I 127 ! 153 151. March 207 ! 176 153 I 128 . 153 1.52 April 206 i 181 154 ' 128 ! 151 152 May 203 : 192 159 132 j 154 1 As the old index number of the Bureau of Labor Statistics (based upon 315 quotations) has been rcclassificd by the Federal Reserve Board, the raw materials group consists of approximately 76 quotations, the producers' goods of about 80, and the consumers'' goods of \oS. Raw materials have been subclassiflea 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 RESFJIVE BXTLLETIN for October, 1918, contains a list of the commodities in each group. The weights arc the same as those used by the Bureau of Labor Statistics. 2 These reclassified averages, with the exception of those for the "all commodities," arc based on the 12 monthly, not the weeklv, 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" series was disconl iuued with the April number The revised index of the Bureau of Labor Statistics is being regrouped by the Federal Reserve Board in the same manner as the old index presented In this table, The board's new regrouping will appear in the next issue of the Bulletin and regularly thereafter. ' ' ' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, AUGUST, 1922. FEDERAL RESEEVE BULLETIN. 967 COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES. ALL-COMMODITIES INDEX NUMBERS.i Year and month. 1 D g B e iu p e m a l- r ; t - Gf g e B a ri u r o i l a r - a ; l m D a o r n k - : : G Fr e a n n e c r e a ; l ! j It'ilv i (Cnris- Institute Sweden: ; ! o m f e S ri t tt a -i ;, SS t t i a c t a is l - j ; i F :i i d n o a n n de s . - » ' j . ^ U .• c ^ al f " ! ; : tistics.2 ! Bureau, i '• ! (130) i I (33) ; (45) 1913... 1914... 1915... 1916... 1917... 1918... 1919 ; | 1,166 1920 • 1,940 1921 • 2,006 | 1921. June 1,680 i 1,438 July 1,721 : 1,517 October 2,052 2.067 November 2,061 j 2,798 ! December 2,155 ! 3,348 ' January 2,172 3,562 ; 3,665 59,231 February 2,272 3,955 1,103 63,445 March 2,287 4,876 i 5 433 ! 73,465 , April 2,514 6,101 6,355 j 75,106 ! May 2,695 j 573 : 6,458 ' 78,634 June 2,436 6,809 ' 7,030! 230 ! 87,820 j July 7,978 ! 232 United, King- B St u a r t e e a s: u 1 j C D a c n j) a a d iM a: - | i ' r ^ C ;C ^ J l 1 r : V ," j B t u ra re li a a u ; i (S h h a a i) n ; g - In K di a e s s t ; dom; i of Labor! merit- of i oL^i,, ,of Censiisl Ministrv. Statisti- (Board of; 1 Trade. | 1,000 1,174 1,345 1,542 1,679 1,808 2,449 1,922 1922. January February March" April May June July A The number of commodities or quotations used in the computation is July 1,1913, to June 30, 1911=100. of each index is indicated by figures in parenthesis at head of each « April, 191.4= 100. column. is July 1, 1912, to June 30, 1914=100. a Average of last half of month. is Middle of .1914= 100. 3 First of month. " Doc. 31, 1913, to Juno 30, 1914=100. «.Kud of month. is January, 191.4=100. B Beginning of month—not always the 1st. 19 December figure. 6 Average for the month. 21 Average for month until September, 1921; thereafter prices as of 15th 7 Based upon price of 52 commodities during 1920; 53 during 1921. of month., « 38 commodities prior to 1920; 76 commodities during 1921. Average 22 As of last Wednesday in month. for the month. 23 February, 1913-100." s End of vear and end of month. 24 July, 1914=100. io 15th of the month. 25 As of Jan, 1. " Middle of month. ze End of July, 1914=100. "^Prices as of the 1st of month. a? Jan. 1, 1913, to July 31,1914=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

968 FEDERAL RESERVE BULLETIN. AUGUST, 1922. INTERNATIONAL PRICE INDEX NUMBERS—FEDERAL RESERVE BOARD. i In terms of local currencies. :| Converted to gold basis. Unifed Year and month. States. Canada, i Franco. England. -! ; England. France. I Canada. - L 1913. 100 i 100 100 i 100 100 100-; 100 1919.. 207 I 241 !j 211 : 221 199 1920. 250 : 478 314 .! 239 ! 242 185 I 223 1921. 167 i 321 201. I, 148 ! 1.59 12-1 .| 150 ]921. Juno 165 : 311 197 !! 1 12 153 130 147 July 163 j 312 196 :; 145 i 146 126 I 144 August' 166 I 302 195 . 146 1.46 121. ! 150 September. 158 ! 301 191 '• 146 , 1.48 113 I 141 October 1-19 : 295 187 j 145 ' 1,19 111 I 136 November. 145 [ 292 . 177 i' 1 15 , 144 109 ! 133 December.. 145 : 287 172 :. 112 147 117 I 135 1922. January... 114 286 170 142 j 148 | 121 ! 137 M F a e r b c r h u . a .. r " y . . . 1 1 1 5 9 0 i i 2 2 8 8 3 7 1 1 6 0 8 7 !:j 1 1 - .4 lf 7 l i ' ! 1 15 5 0 1 i i 1 13 2 4 8 . | 1 1 4 4 5 5 April 152 ! 299 167 :i 149 151 | 143 I 148 May 154 302 17L 158 j 156 i 143 ! 1.52 June 153 I 169 ! 162 !! 154 ! The foreign index numbers published on the preceding described in the BULLETIN for March, 1922, while a page are constructed by various foreign statistical offices, description of the Polish index may be found in the and are sent to the Federal Reserve Board by cable. The July, 1922, BULLETIN. Lack of space prevents the BULLETIN for January, 1920, contains a description of the publication of group index numbers for these countries, French, Australian, Japanese, and Canadian indexes. but they can be obtained at any time upon request. La A description of the method used in the construction of the case of the two American index numbers, 1913 is the Swedish index number appeared in the BULLETIN used as the basis in the original computations. In most for February, 1921; the new Italian index number was other cases, in which 1913 appears as the basis for the discussed in the April, 1921, issue of the BULLETIN; and compulation, the index numbers have been shifted from the method used by the Frankfurter Zeitung in the case their original bases. The computations in these cases of the German index number was described in the BULLE- are therefore only approximately correct. In certain TINS of February and March, 1921. The newly revised cases July, 1914, or the year immediately preceding that, index of the United States Bureau of Labor Statistics is used as the base. Since the figures are for the most appears in the July, 1922, BULLETIN. The Danish index part received by cable the latest are subject to revision. % is weighted roughly according to consumption. The A description of the international price index numbers British index number, compiled by the Board of Trade, of the Federal Reserve Board for the United States, was described in the March, 1921, BULLETIN. The England, and Canada may be found in the BULLETINS December, 1921, issue contains a description of the for May, 1920, February, 1922, and July, 1922, respecindex published by the Federal Statistical Bureau for tively. The board's index for France is fully described Germany, and the indexes for Switzerland, Holland, on pages 922-929 of this issue. Norway," Bulgaria, Cairo, the Union of South Africa, Index numbers showing the price levels of separate the Dominion of New Zealand, and Peru. The index groups of commodities in some of the more important numbers for the Dutch East Indies and Belgium were countries are presented below. REVISED GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS. 1913 1920 1921 1921. Juno July Angus!.- September October November December 1922. January February March ..'. April May Jmic Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 969 GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE. [1913=*100.] I Other Year and month. Cereals. an M d e f a is t h. f O o t o h d e s r . T fo o o t d a . l Ir s o t n e e a l n . d me a t n a d ls Total A m l o l d c i o ti m es - . .minerals. 1913 average., 100 i 100 100 100 100 100 100 1920 average.. 273 , 263 278 272 406 252 314 1921 average.. 195 222 214 210 243 ISO 202 i 1921. June. 200 218 220 . 213 240 • 189 180 162 199 i 196 202 July 202 ; 213 215 ! 210 228 185 180 161 194 192 198 August 205 " 216 210 , 210 222 172 176 159 189 i 186 194 September. 195 200 201 ' 199 207 161 213 163 190 187 191 October 170 184 193 ; 183 194 158 225 170 190 j 186 185 November.. 157 178 195 = 177 ' 181 153 199 169 183 176 176 December.. 153 : 181 186 , 173 172 152 188 167 178 171 171 1922. January... 149 176 • 182 169 106 149 180 169 174 167 168 February. 155 i 178 | 187 ! 174 162 145 168 164 169 161 165 March 159 ' 166 I 186 j 171 1.59 143 172 159 167 159 163 April 15t) ! 171 ! 186 ! 172 158 143 173 160 164 159 163 May .. .. 159 ! 174 ' 181 172 158 142 179 166 163 1.60 164 June 173 179 169 157 139 187 167 163 160 163 i GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU. [1913-100.] Year and month. A fo n o im ds a . l V f e o g o e d ta s b . le co S f c f o u ee c g , o a a r a , . nd Foods (20). Minerals. " Textiles. Sundries. ma R ( t 2 e a 5 r w ) i . als m A o ll d c it o i m es - . J913 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 3-13 355 275 355 374 338 345 1921. July 353 36-1 393 366 253 290 3-13 301 330 August . . . .. 371 337 352 355 215 321 356 312 331 September 373 311 3S9 352 253 388 370 338 344 October 315 305 305 323 262 391 365 338 331 November 331 306 324 321 277 388 362 341 332 Dop.ftiTibo.r 321 a 303 300 313 269 375 364 337 326 1922. January 309 289 306 302 258 303 350 324 314 February 303 288 318 301 242 345 341 311 306 March 341 2S5 326 3t7 2-12 326 328 300 307 April... 362 310 320 335 215 319 321 297 314 May 362 310 319 334 249 338 323 303 317 j une 363 318 334 341 255 372 322 313 325 Julv 359 293 339 330 265 392 326 322 325 GROUP INDEX NUMBERS—ITALY—RICCARDO BACHI. [1921=100.] i Year and month. foods>.. foods. Chemicals. Textiles. an M d i n m e e ra ta ls ls. m B a u t i e l r d i i a n l g s. p v r e O o g d t e h u ta e c b r ts le , i Sundries. m £ ocu £ ti S es. 1921. 100 1.00 100 100 ! 100 100 100 . 100 100 1922. January... 112 114 73 72 i 64 11.2 94 92 February. 109 112 73 62 111 i 92 90 March 107 97 72 59 103 " 87 85 April 105 1(>3 70 63 I 58 92 88 84 May 1.06 94 67 66 i 58 96 . 88 84 June 109 97 76 74 i 57 105 87 86 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

970 FEDERAL RESERVE BULLETIN. AUGUST, 1922. GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG. [Middle of 1914=100.] All Agricul- i 1 All Miner- j l M an is c c o e u l- s . I m co o m d - i- Year and month. p tu ro ra d l - i ' M a i l n s e . r- i i l M an is e c o e u l- s .! : m co o m d - i- I I ties. ucts. 'leather. i i ties. ! July, 1914 100 100 100 ; 100 ; 100 1922. 1920 average I 1,223 3,107 1,925 I 1,417 I 1,580 Beginning of— 1921 average | 1,678 2,268 ! 1,672 i 1,862 January 3,351 6,427 4,025 , 2,984 I 3,562 February... 3,551 6,827 4,520 i 3,393 3,955 1921. ! | March 4,712 7,200 5,650 i 4,016 4,876 Beginning of— I ! April 5,794 9,147 7,028 • 4,983 ] 6,101 August ' 1,867 : 2,240 1,811 1,525 1,798 May 5,829 ! 10,053 7,709 ! 5,934 6,573 September 1,841 : 2,560 1,935 1,582 1,843 June 6,073 10,347 7,771 " 6,221 j 6,80© October 1,981 • 3,200 2,337 1,705 2,067 July 7,260 i 11,920 10,124 i 6,639 ! 7,978 D No ec v e e m mb b e e r r .. | 3 2 , , 1 7 5 6 9 6 I j 4 6 . , 6 4 1 2 3 7 3 5 , , 2 63 5 5 1 2 2, , 4 0 1 5 8 7 2 3, , 3 7 4 9 S 8 i i i GROUP INDEX NUMBERS GERMANY-FEDERAL STATISTICAL BUREAU. [1913 = 100.] Goods j Goods All com- Goods Goods All comproduced : imported modities produced imported modities Year and month. (10 com- ! (22 com- (38 com- Year and month. (16 com- (22 com- (38 commodities), modifies). modities). modities). modities). modities). 1913 average. 100 100 100 1922. 1920 average. 1,253 2,652 1,486 January 3,383 5,075 3,665 1921 average., 1, 786 2,533 1,911 February 3,763 5,800 4,103 March 5,027 7,463 5,433 1921. April 5,985 8,203 6,355 July 1,369 1,721 1,428 May 6,026 8,617 6,458- August 1,913 1,935 1,917 June 6,540 9,479 7,030 September. 1,952 2,643 2,06? October 2,235 3,585 2,460 November.. 2,967 5,662 3,416 December.. 3,170 5,071 3,487 GROUP INDEX NUMBERS—SWEDEN—SVENSK HANDELSTIDNING. [July 1, 1913-Junc 30, 1914=100.] Date. }'?&; Animal R f a t o e w r r a i g a m r l a i s - - Coal. Metals. Bu m r i a i l a t d l e s i - . ng W pu o l o p d . , le H a a i t n d h d e e s r. Textiles. s. m Al o l d i c t o ie m s - . culture. 1913-14. 1.00 • 1.00 100 100 100 100 100 100 100 100 100 1920 202 • 290 312 1,007 278 371 075 21.5 324 294 347 1921 210 | 220 227 285 159 243 310 107 144 228 211 1921. June 937 200 236 371 .149 224 280 108 129 207 218 July 230 227 21.6 315 149 199 197 112 133 191 211. August 2!7 230 2.14 250 1.30 198 183 107 132 191. 198 September. 1X3 208 207 223 130 191. 1.78 108 100 191 182 October 107 198 200 202 130 21.1 109 119 1.01 1.87 175 November - 10.1 196 1.97 194 133 239 1.81 .108 149 179 174 December.. 150 ISO 202 197 134 213 189 110 140 179 172 1922. January... 108 .1.73 202 .179 131 228 189 104 144 179 170 February. 1.70 ' 159 170 ISO 130 220 178 97 138 179 i 166 .March 173 , 153 108 170 129 225 167 91 140 179 ! 104 April 171. i I5) 109 177 128 229 159 90 1.40 162 165 J M u a n y e 1 1 . 7 71 0 . 154 1 1. 7 7 0 0 1 1. 7 5 9 5 . 1 1 2 24 1 2 2 . 0 1 9 2 1 1 4 4 4 7 1 1 5 7 0 2 1 1 5 5 4 4 1 L 6 0 4 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1.922. FEDERAL RESERVE BULLETIN. 971 GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABOR.1 [1913-100.] | Grains j Animals' I Hides, J Build- | Drugs Ail Year and month. : fo a d n d d e r. j i m a e n a d ts. tabfet (Textiles, lea e t t h c e . r, ! i Metals, m I e mp n l t e s - . ! ' j , l i u n t m g e b r m i e a a r l - . s , ' F ' u . e li l g h a ti n n d g ; . ; " a a c l n s h d e . mi-m c t o i o d e m s i - . - 1913 100 100 100 100 100 100 100 i 100 100 100 ! 100 100 100 1920 263 , 198 204 261 258 303 192 I 203 245 268 255 I 204 246 1921 , 150 i 149 157 i 172 181 189 110 150 240 211 ' 218 ! 177 182 1921. I I July 146 143 133 157 174 ' 179 106 ! 147 | 217 ' 207 175 176 August 152 : 143 142 182 173 j 181 101 | 145 i 237 192 i 206 176 174 September. 144 : 133 141 | 170 170 183 100 i 143 235 189 206 171 172 October 127 134 149 171 162 185 100 ! 143 ! 234 190 ' 210 169 169 D N e o c v e e m m b b er er.... 1 1 2 3 5 1 ; 1 1 1 2 3 2 1 1 5 7 8 0 1 1 7 8 0 8 1 1 5 59 8 I ! 1 17 7 6 9 i 1 o 0 o 0 ! j 3 14 4 1 0 ! 2 2 3 3 2 2 ! | 1 18 8 0 0 ' 2 2 1 1 1 1 1 16 6 6 5 1 1 7 6 0 S 1922. January. 133 129 149 155 ! 176 99 ' 142 231 I 180 206 163 168 February.. 145 140 141. 204 155 ! 171 97 I 141 216 j 179 ! 204 164 169 March 149 | 138 122 204 158 174 96 ! 137 2.13 174 | 206 166 166 April 152 ! US 127 I 203 157 174 135 213 174 206 165 166 May 153 144 116 ; 202 154 175 136 213 173 ; 221 166 167 June 143 I 114 117 . 180 153 180 99 i 137 213 173 221 162 165 1 Unimportant groups omitted. COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following table are presented statistics been shifted to the July, 1914, base. The German index showing the trend of retail prices and the cost uses 1913-1914, as a base. The American index number, constructed by the Bureau of living in the United States and important of Labor Statistics, was based upon the retail prices of 22 European countries: articles of food, weighted according to family consumption, until January, 1921, when it was increased to 43 articles INDEX NUMBERS OF RETAIL PRICES AND COST OF LIVING. reported by dealers in 51 important cities. The method of weighting continues the same, although the actual [July, 1914=100.] ''weight" applied has been changed. ; 1 ! The British index number of the cost of living conm Y o e n a t r h. p i S r J r t e n i a c t i t a e t e e i s s l d . ; 1 . d o f o X K m l J i n i ; v n i i l c g n c o - d g s . t 2 , i , , . j p ( F r P r r e i a a c t r a n e i i s c s l . e ) 1 ; Sw re e t d ai e l n ; i l i 1 1 K \ G 5 l c c t i S r v o m i s i n c t a g i ! o w > . f 3 " L ,' ; ! P It r alY: s p a c R t n o r r e i d n u c t s a c e i i t s m d l e e d n i c s r o l a c o t b t e t i y h l o o l i a n n n t n . l h g y e e o p o T u r M f i s h c e f i e o n h s i o i o , n s d u t r d s r e s t e y e u n x h f t f o s o s n , f l u d a b L m n u i a d b t t b e e t o o m h r r f e s i o s c c t o a o w h n r s e e e s t r i i o s g a a t f h l s r s t f t o e u i o c d e f l t l e a , a t s k h c l i e c e a g n o s h r r w t d e i i n i n t e n a t g l o g i l , l . i to the importance of the items in the budgets of working- 1920 , 199 2-19 ! 371 298 i ;> 813 i ^54 class families. 1921. 150 220 i 337 237 ! 1,047 •• 548 The retail price index for Paris, compiled by the French 1921. j' I | General Statistical Office, consists of"retail prices of 13 Julv 145 219 ' 30C> 232 ! 963 1 501 different commodities, weighted according to the average August; 152 222 ! 317 234 ! .1,045 ' 534 September. 150* 220 i 329 228 j 1,062 1 542 annual consumption of a workingman's family of four per- October... 150 21.0 331. 2L8 | 1,146 . 581 sons. Eleven of the commodities included in this index NOT ember i 149 203 1 326 211 1 1,397 ' 5S3 are foods, and the other two are kerosene and alcohol. December. 147 199 , 323 202 ! 1,550 i 585 The Swedish index number consists of the retail prices Jan 1 u 9 a 2 r 2 y . .. - ! 139 1.92 : 3L9 190 j 1,640 | 576 of foodstuffs, fuel, and lighting and is based upon the prices February.i 139 188 , 307 189 i 1,989 559 of 51 articles in 44 towns (in 1920, 50 articles in 49 towns), March 136 186 291 185 . 2,302 ! 546 weighted according to the budget of a workingman's A M p a r v i l ! , 1 1 . 3 3 0 6 . 1 1 .8 8 1 2 . 1 i 3 31 0 7 1 1 1 . 8 7 2 8 ! | 3 3, , 1 -1 7 6 5 2 ; . family which before the war had a yearly income of 2,000 June 180 | 307 179 j 3 779 i kronor. July ! 181 !. The German cost of living index furnished by the Fedi eral Statistical Bureau is based upon the average for 46 1 Averagefor the month. 2 Beginning of month. 31913-L4--100. cities and includes food, fuel, light, and rent. * L9.L3=100. & Average for11 inonlhf- The Italian retail price index for the most important Throe of these index numbers- -those for the United cities, computed by the Italian Ministry of Labor, con- Kingdom, France, and Sweden—arc constructed on the sists of retail prices of 21 commodities. Of the coinbasis of prices in July, '.1914 =100. In the case of the modi tics included, 20 are foods and the other commodity United States, the original base, that of the year 191.3, has is charcoal. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

972 FEDERAL RESERVE BULLETIN. AUGUST, 1922. 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 cither 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. Raw ! iArticles ! Miscel- i I Articles i Miscel- Year and month. Food, wholly ; laneous, Food, : wholly •. lancous, or i includ- | drink, ! or . incJudmainlv ! ing \ TotaL and i mainlv i ing parcel ! tobacco. parcel post. | post.. factured I I.._.. i .!...._.. _... I Monthly average: 1913 ' : 24,184 23,485 16,134 i 259 i 64,061 2,716 5,825 ' 34,281 43,770 9,131 1920 ' 63,817 j 59,196 37,787 ! 254 I161,387 4,245 12,126 93,312 i 111,206 18,563 1921 ' 47,271 22,598 20,421 j 268 ! 90,557 3,122 5,297 j 49,055 | 58,600 ! 8,921 I 1921. ! Ju no | 51,915 18,389 17,600 278 | 88,182 2,439 1,125 ! 33,058 38,152 7,083 July i 42,090 20,232 18,005 431 80,757 2,702 2,775 ! 36,705 43,172 9,362 August i 50,584 19,589 18,194 214 ' 88,581 3,124 7,058 39,936 51,346 9,998 September • 48,410 20,465 17,905 338 j 87,119 I 3,300 6,997 j44,009 55,2,18 8,595 October i 44, -175 21,256 18,691 320 • 84,742 I 3,466 7,359 50,328 62,205 10,386 November • 41,246 29,916 17,913 151 • 89,259 ! 3,586 7,016 '51,094 62,895 9,823 December .. • 39,003 27,792 18,291 165 i 85,312 j 3,187 7,446 ; 47,364 59,375 9,204 1922. J F a e n b u ru a a ry r y ; 3 3 3 2 , , 9 2 7 5 2 7 2 2 4 0 , , 5 2 6 2 5 0 1 16 7 , , 5 7 7 1 6 0 , ! 3 2 2 4 2 1 i i 6 7 9 5 , , 3 4 7 8 5 8 i I 2 2 , , 8 7 6 5 1 4 : . 6 7 , , 8 0 6 3 9 2 ! i 4 5 8 1 , , 0 8 0 2 0 4 6 5 3 8 , , 1 3 4 3 7 5 . 1 8 0 , , 4 1 5 7 9 4 March ,' 45,261 22,095 20,309 I 215 87,879 ! 3,270 . 8,465 , 51,760 64,581 i 10.154 April 40,097 21,404 18,902 ; 199 ' 80,661 I 3,011 7,376 ' 44,336 55,508 ' 9,200 May 43,075 25,358 20,207 ! 176 i 88,814 ' 3,0-15 88,775577 45,073 58,015 8,965 June 39,936 25,242 18,857 ! 264 • 84,298 j 3,044 7,671 j 40, Xti 52,146 ! 8,720 FOREIGN TRADE OF FRANCE.1 Imports. Exports. In thousands of francs. In thousands of francs. Year and month. i ! th I o n u- th I o n u- Raw Manufac- •sands of I Raw Manufac- sands of Food. m ri a a t ls e . - ar tu ti r c e le d s. Total, Food. ! i m ri a a t l e s. - ar tu ti r c e le d s. TotaL . 1 m to e n tr s i . c Monthly average: ! I 1913 2 ' • 151,165 ; 412,144 138,169 701,778 3, 685 69,908 | 154,841 301,420 ! 47,182 573,351 1,840 1920< ! 989,576 I2,096,379 1,072,787 4,158,741 ! 4,211 217,733 509,485 1,413,548 ;100,479 2,241,245 ! 1,071 1921 3 i 517,158 j 1,033,170 412,045 1,962,373 ; 3,165 161,031 i 463,219 1,007,413 '104,430 1,796,092 1,333 ! 1921. i June ! 490,615 871,374 361,545 1,723,534 2,047 148,237 i 540,722 977,129 i 84.370 1,750,404 : 1,405 Julys j 434,001 7 8 0 5 4 5 , ,6 0 9 6 7 9 3 3 3 2 1 0 , , 0 0 4 5 7 2 1 1 , , 4 7 6 3 9 1 , , 1 2 1 9 7 4 ! 2 2 , , 1 5 6 9 4 3 1 11 2 2 3 , , 6 3 5 0 4 3 • 4 4 4 3 5 9 , , 3 5 1 3 2 4 1, 9 08 2 4 5 , , 1 8 9 6 3 8 I i 7 82 4 ' ' , , 9 3 3 5 3 0 1 1 , , 7 5 2 6 5 3 , , 0 0 9 5 2 5 i ' 1 1 , , 1 0 9 3 4 5 August 3 j 555,545 1,204,2 L3 329,494 2,225,679 j 3,993 146,467 444,891 1,087,4-13 ! 95,852 1,774,053 j 1,172 Septembers : 691,972 l,191,S60 318,000 2,226,951 • 2,809 132,424 4S2;376 1,041,594 j103,078 1,759,472 , 1,252 Octobers I 717.091 1,446, 125 323,593 2,333,730 I 5,16.1 ! 157,180 478,875 992,250 120,343 1,748,654 i 1,515 Novembers I 564', 0J 2 1,,8 56,,148 543,445 3,154,264 | 5,197 259,605 549,495 1,193,161 '180,059 2,182,320 i 2,507 Decembers | 754,671 I 1,856,148 1922.5 - | January ' 352,572 887,253 247,827 1,487,652 I 3,396 121,526 |458,460 994,852 63,903 1,638,741 1,554 February I 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 i 460,765 j 1,005.463 465,737 1,931,965 4,434 130,595 i 456,930 1,189,712 i 99,431 | 1,876,068 , 1,570 April ! 438,000 j 983,000 323,000 1,743,040 3,787 136,000 !461,000 1,231,000 134,000 i 1,902,997 ! 1,794 May I 504,000 . 996,000 310,000 1,810,125 i 4,396 132,000 498,000 1,127,000 I 111,000 j 1,880,904 1,538 1 Not including gold, silver, or the reexport trade. Latest figures subject to revision. 2 Calculated in 1913 value units. 3 Calculated in 1919 value units. French foreign trade figures are originally recorded in quantity units, 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. 5 Exports calculated in 1919 value units. Imports calculated on basis of actual declared values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, .1.922. FEDERAL RESERVE BULLETIN. 973 FOREIGN TRADE OF ITALY, SWEDEN, NORWAY, AND JAPAN.1 Italy. Sweden. Norway. Japan. (In millions of (In millions of (In millions of (In millions of lire.) kroner.) kroner.) * yen.) Year and month. Imports.. Exports. Imports, i Exports.Imports. • Exports. imports. Exports. Monthly average: 1913 304 210 71 68 46 33 61 53 1920 a 1,322 I 2 650 281 : 191 253 104 195 162 1921 106 : 91 128 63 135 104 1921. fime . 93 69 10-1 36 118 107 Julv 3 557 3441 98 94 134 61 L10 99 •Vugust. «981 i 3 5S7 103 i 113 14S 19, 132 106 September 3 962 : 3 659 126 105 176 S? 129 96 October » 1.101 i 3 6S3 101 99 153 8? 130 112 November . , «lf'l25 ' «718 95 103 146 65 152 121 December »1.521 3 856 112 • 108 129 8? 161 146 1922. 1.309 620 77 61 179 *7 February 1,056 716 49 ! 38 198 101 March. 1,169 719 109 71 20S 115 April i 1,313 691 102 60 185 129 May 97 90 169 154 fune 157 146 J . ..._..._ I 1 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 1 Gold and ! silver (in silver (in \ o th f o m u a sa rk n s d ) s . In o f m m i a ll r i k o s n . s I !m I e s n a tr n i t c d h s o t o o u n f - s. o th l o m u a s r a k n s d ) s . ; , In o f m ma il r l k io s> ns ] m I s n e a t n r t d i h c s o t o u o f - ns. Monthly average: 1913 36,553 6,073 8,450 ; 841 6,141 1920 1,570 17,773 ! 5,776 ! 1,651 19214 17,756 ; 9,910 2,194 34,901 8,295 j 1,715 1921. June , 154 6,409 1,824 30,081 5,438 1,509 July 8,376 7,572 1,925 37,567 6,175 1,558 August 35,765 9,382 2,111 ' 13,514 6,670 1,828 September. 26,674 10,642 2,533 j 26,832 7,4.92 1,871 October 60.693 i 13,814 3,005 ! 30,013 9,681 1,973 November.. 5^312 12,273 2,535 ! 44,073 11,886 1,908 December.. 4,922 13,702 2,086 i 86,227 14,468 1,930 1922. January... 132,336 12,641 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 28,266 2,889 51,45.1 22,955 2,760 May 31,747 32,412 3,8.1.0 75,844 27,076 2,093 June 31,364 4,030 30,232 1,880 I 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

y/4 FEDERAL RESERVE BULLETIN AUGUST, 1922. INDEXES OF INDUSTRIAL ACTIVITY. ENGLAND. Production (long tons, 000 omitted). Exports. Per cent Raw of un- Year and month. Coal. Pig iron. i i n S 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 b s v c a ( u a t i o n h l s p t e d i o t p b s s o u ) l l n o . y e - * f n t S c i a o o h g t n n o e i p s n ( u t g s t r n o ) r u . o d n c s e - - s r R o n ( m a 0 m e i 0 i t l 0 t i w t l , t e 0 e o a s 0 d n y 0 ) s . I t f o r m a o ( n s c l n a t s t o e u n , n a e 0 r u g l n e 0 - s d 0 ( f s C o m a q o c o . o a t t u ; y n t o r o d u o e n s o - s ., o to m ( n C l i s o t o , t n a e 0 g l d 0 ) 0 . 1 e a i 2 m m a p n , m 0 p s p a 0 u l r t o o 0 o e r n , e y l x 0 g y d e i 0 - d 0 omitted). omitted). persons. Monthly average: 1913. 23,953 855 639 i 2,002,699 414 «596 6,117 1920 ]9 108 670 756 646 i 397 1 3 603 J31 i 546 271 374 2,078 1921 13,696 2L8 302 238 1,234 13,312,983 1,108 142 244 2,055 1921. June 1 3 185 1,379 3,530,047 520 65 154 8 17.8 July 2 15,215 10 117 137 1,310 1,0X8 64 179 816 14.8 August 16 5S9 94 434 321 1,194 1,311 77 214 3,103 13.2 September.. . J 0,517 158 429 322 1,060 3 3,282,972 1,297 133 268 3,407 12.2 October 22I,090 236 405 304 1,123 1,325 156 345 3,406 12.8 November 17,875 272 444 330 1,216 1,368 194 366 3,594 15.7 December 2 22,594 275 381 292 1,271 B 2,64*6,315 1,306 205 333 4,309 16.2 1922. January 17 693 288 328 271 1,298 253 342 4,021 16. f> 19 764 300 415 321 1 240 224 254 4,014 15.2 March 19i921 390 549 369 1,112 7 2,235.998 29o 307 5,201 14.6 April 2 22 875 394 404 292 1,181 258 305 4,097 14.4 Mav 19 146 408 462 1,143 272 345 5,057 13.5 June 15,827 369 400 1,919,504 12.7 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. 1 Work suspended on all but 1,619,000 tons. 4 End of month. FRANCE.1 Pig Crude Coal Raw cot- r si R lk a i w mt d i p i r u r o o o c n - - n . t s d p i t u r o e o c n e - - l . im t p i f o o o n r r . ted s t u i m on u . - 3 b o u n u - j : im T p o o t r a t l s , j ! ex T p o o t r a t l s . | ! l'F ' r lm en i ^ i ' ml e N m o u p f m l u o b n y e - e r d Year and month. receiving municipal Thousands of metric tons. M to e n tr s i . c s b 5 a T a 0 n h l e k d o s i s u l o o o - f - f 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 . o c - f s m a T t n o h e d n t o s r s u i . o c - f s f a T r n a h n d o s c u s o - . f P a a id ri s in .1 grams. Monthly average: 1913 -» 434 1 4 391 1,558 : 27,428 , 274 629 3,685 1,840 ; a 165,892 1920 286 ! 254 2,005 i 19,577 ! 225 390 4,211 ; 1,071 479,894 3,022 1921 280 I 255 1,472 16,666 ; 169 206 3,105 ! 1,333 j 516,397 20,671 1921. i June 285 ' 245 608 14,013 ; 136 174 2,017 [ 1,1.05; July 267 ! 223 660 6,539 i 131 51 2,164 ! 1,194 10,616 August 255 j 232 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 1,301 25,757 181 385 2,809 1,252 5,348 November.. 295 277 3,291 29,059 192 277 5,161 1,515 483,216 3,730 December.. 301 302 2,895 30,835 208 382 5,197 2,507 j 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 i 14,714 163 467 4,126 1,520 468,175 4,385 March 386 j 367 2,081 j 20,978 127 408 4,434 1,570 472,779 3,546 April 383 324 1,538 1 17,391 138 207 3,787 1.794 608,764 2,447 May 442 364 2,058 I 18,090 109' -10-1 4,396 1,538 472,607 1,636 June 145 958 1 Latest figures subject to revision, s End of month. 8 Railways included are: State railways, Paris-Lyon-Meditorranfe, Nord, Orleans, Est, Midi, Alsace-Lorraine, and Guillaume-Luxembourg Railways. « Does not include Lorraine. & Excludes the Alsace-Lorraine and Guillaume-Luxembourg Railways. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 975 GERMANY. (O P O r O o 's d o u f c m tio e n tric Imports (metric tons).1 Exports (metric tons).1 i S n h i H p a a m rr b i u va rg ls . Un m em en p t l . oytons). Num- Num- Ton- ber of ber of Year and month. Iron nage appli- unemc C a o n o k d a e l . n L i i t g e - . w R o a o w l. m t H s u f a a i r l a c n e k l - u d f . - Iron ore.2 t C on o . t 3 - m t i u a f r a a r n o n c e d n - u s. - M c e e a p r l a y l e l c i c s e a h t u s r n i p i ! n d - - - s D t a d u n y y f d f e e s s . Coal.< b N sh e u r i m p o s - f . t r o t o ( e e ( m 0 n g r n 0 e e i i s s 0 d t t ) - - e a c a v v 1 a f b o 0 e a n l r r i 0 t e l y s - a p p r S e i l e d i o c t r n e a y s ( g o i t 0 e v e 0 n d - 0 s ted). posi- omittions. ted). Monthly average: 1913 17,003 7 266 16 608 920 1 224 951 43,424 541 439 60 919 21,812 2 881,126 1,256 1,182 1920 13,043 9,303 "4,025 s 232 537,535 12,490 145,883 3 46,772 8,462 608,74.9 401 371 169 366 1921 13,604 10,241 11,860 393 619,194 30,894 203,681 39,037 8,530 518,937 700 794 165 310 1921. .Tune 12,5.1.8 10,055 8,529 288 462,741 25,025 162,297 43,455 6,877 355,582 612 588 169 357 July ,. 12,949 10,065 10,81.5 354 493,434 35,176 177,773 51,416 7,353 453,173 809 888 151 314 A ugust 13,974 10,606 14 725 328 356 397 52 433 240 071 37 456 9 618 613,739 942 955 142 267 September 13 885 10,359 17 688 447 564 827 28,766 225,331 34,615 10,156 649 158 957 1 018 132 232 October .. 14,373 10 567 12 506 774 919 822 29 739 246 115 33 067 10 255 576 048 915 1 047 128 186 November 11,052 10,479 12,628 346 937,268 27,242 233,204 35,697 9,953 569,657 838 881 136 150 December 14 343 11 029 10,984 388 790,811 28,313 214 812 46,397 9,212 610 877 503 873 148 149 1922, January 14,640 10,978 10,400 347 911,972 23,426 221,743 39,470 9,552 752,340 745 875 150 165 February 13.655 10,091 26,202 383 492,705 17,915 172,709 45,689 9,332 669,433 461 716 ' 145 200 March 151931 12,260 26,988 440 809,722 26,130 211,979 48,813 12,299 795,200 894 969 113 209 April 13,800 10,634 24,091 462 865,778 24,070 200,677 46,11.2 11,095 795,940 Mav 14,666 11,440 25,619 486 1,519,365 26,112 209,432 47,354 12,629 701,941 June 6 9,037 1,092 1,287 1 Import and export figures for first 4 months of 1921 not available; 1921 averages based on 8 months. 2 In eludes man ga n ese ore. 3 Includes linters. 4 Not including coal for reparations account. 0 Average base on 6 months. s Coal, excluding coke. SWEDEN. Exports. Shipping. R tr a a i f lw fic a , y Pro m du et c r t i i c o n t o (O n O s) O . 's of Unemvolume Blast ploy- Year and month. U m (O b n c e o O p u t a O l b e a r r ' i d n s c s s e ) o . d f (O m t P p O o a e u n O p t l s r ' p e s ) i r c . of I ( m O m to O c p e o n O t o a s r ' r l s ) i t . c s o , f f l o o N r a e e d i o t g e m t d n o i t r M t m r t e e a s a d d s g e e ). e l s ( o 0 i f n 00 o r o c m a f t n ( a o i f 0 l r e r n 0 S w r t e 0 s t r i i a e a ' g ) i s y . c d t h e s t ir P o i n g . in s I a g t r n e o o e d n t l s. o ( o f p u p f e r e t r n i o r n a a c ta c t e i e l n o ) s t . n w n p v m o u e c a r m r i e c o k e n a f s b 1 m n . t 0 e , - e 0 r n Entered. Cleared. Monthly average: - 1913 328 71 408 1.147 1,147 830 61 49 112 1920 306 73 234 '677 692 991 39 37 107 1921 162 40 122 519 482 589 26 17 276 1921. May 44 18 6 463 431 423 17 M July 119 41 20 455 487 503 19 16 14.9 261 August 205 66 148 592 536 575 17 15 15.7 235 325 49 279 609 536 566 16 16 16.4 227 October . -. 370 54 219 670 595 691 16 16 15.7 263 November 361 99 192 601 578 721 18 22 384 356 104 246 575 582 558 19 17 16.5 473 1922. J3.HU3XV 87 28 114 442 409 485 18 13 482 February 25 11 62 285 255 630 17 17 479 63 36 197 617 509 730 22 22 381 66 21 206 524 485 622 May 99 76 230 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

976 FEDERAL RESERVE BULLETIN. AUGUST, 1922. FOREIGN TRADE INDEX. most important increase was in exports of wheat, which were the largest on record. Ex- There are presented below the usual indexes ports of other grains, cotton, copper, and designed to reflect the movements in foreign bituminous coal also showed increases as comtrade of the United States, with the fluctuapared with last month, and exports of leaf tions due to price changes eliminated. The tobacco suffered the most important decline. commodities chosen for these indexes are those There was a slight decrease in exports of profor which prices are compiled by the Federal ducers7 goods, resulting from decreases in ex- Reserve Board in the preparation of its interports of sole leather, structural iron and steel, national price index.1 steel plates, cottonseed oil, fuel and .gas, oil and gasoline. Exports of steel rails registered the INDEX OF VALUE OF FOREIGN TRADE IN SELECTED only important increase in the group. COMMODITIES AT 1913 PRICES. [Monthly average values, 1913=100.] The volume of imports continued to increase during June, and with the exception of last Exports. Imports. April reached the highest point since June, 1920. Substantial gains were recorded in immm R ri ( i a a 1 a a a t l 2 w l te s e --: !! 1 g d P eo ( u r r 1 o c os 0 - - d , s g ^ C o o o n d - s ' , T ( a 2 t 9 a* Raw d P e u r r o s c ' - - i ! I e s C u r o s m ' n - - m T co ( o o 2 m t d 7 a i - l - b g p r u o o t r u ts p c , o o s n f h s o u ra w m w e e d r m s a 7 a m t g e a o r r i o k a d l e s s d , a d n t e h d c e l i p n l r e e o . a d s u t T c e h i r e m s 7 i p n g o c o r r e o ta a c n s js e t , m tie o s d ) i . - ;i m co o m a S- m co o m di - - ; i tt [ ie - s - )' - = - ™ -,- ^ . , c o m m o - d i , - c j o m m o - di- ties). in imports of raw materials resulted from inties), j ties). ; , ; tlcs)* I ties), ties). creases in imports of copper, tin, hides and skins, silk, and lumber, in the face of very sub- I 1913, year. 100.0 100.0 100.0 100.0 100.0, I •100.0 i 100.0 100.0 stantial decreases in imports of tobacco and 1 1 9 9 1 2 9 0 , , y y e e a a r r . . 9 8 2 8. . 9 2 1 1 5 58 5 . . 7 1 ! i 1 1 3 8 3 3 . . 6 6 1 10 1 7 5 . . 5 3 1 13 5 5 7 . . 8 5 ! ' 2 1 2 9 7 2 . . 5 9 ! ! 1 1 3 4 8 7 . . 8 5 1 1 6 6 8 8 . . 4 8 wool. Imports of hides and skins and lumber 1921, year. 103.1 116.9 | 124.1 108.9 113.6 162.8 | 141.4 135.6 were the largest since July and August, 1920, i 1921. respectively. In the group of producers7 goods, January... 105.2 208.6 126.2 120.2 74.5 130.9 123.9 102.6 February. 91.0 162.4 119.4 101.1 118.2 143.7 135.4 130.1 India rubber, cane sugar, and burlap, the most March 78.0 135.1 120.2 92.7 160.6 177.2 178.9 169.5 important items, showed the largest gains. April 76.5 132.5 116.4 90.5 153.3 177.6 185.1 167.1 May 97.6 96.4 110.8 100.3 ! 98.7 150.0 162.1 127.2 The only losses were in the imports of que- J J u ul n y e i i 1 1 0 1 7 1 . . 9 6 9 78 4 . . 6 2 1 1 3 3 2 3 . .8 2 1 1 1 1 2 1 . . 9 5 ! ; 9 99 4 . . 3 5 1 1 2 5 6 2 . . 6 3 1 1 2 3 1 0 . . 4 4 1 1 1 2 2 0 . . 6 8 bracho, nitrate of soda, and manila hemp. August ! 142.7 99.6 1 160.7 142.1 116.8 165.1 129.8 i 136.0 The decrease in imports of consumers7 goods September j 115.7 89.7 , 142.3 118.6 ! 102 8 137.7 99.3 i 114.6 Octobqr... 121.7 107.0 1 113.2 118.4 . 96.1 173.5 116.5 126.9 was due to losses in four of the five commod- D N e o c v e e m m b b e e r r . i 9 9 5 3 . . 1 8 1 9 0 6 0 . . 0 2 : ! 1 1 0 0 7 6 . . 8 2 9 96 8 . . 9 1 i 1 1 3 1 3 5 . . 0 1 2 1 1 9 9 9. . 4 1 1 1 6 4 4 9 . . 8 2 I j 1 15 6 0 8 . .7 6 ities included, ranging from 4.7 per cent in tea 1922. I ! imports to 33.7 per cent in imports of cocoa. January... 82.6 | 104.3 129.7 94.5 ! 118.4 228.7 ] 135.2 I 160.1 Imports of bananas alone showed an increase. February. 86.0 ! 127.6 82.6 | 123.3 281.3 ! 133,5 i 183.4 March 121.7 156.5 106.9 148.1 306.8 . 161.1 ! 206.5 April 90.5 120.9 , 150.5 106.0 125.5 236.1 ' 152.0 ! 169.1 May 78.3 123.8 '•155.4 99.4 144.6 227.9 ' 1G8.0 I 177.9 June 8G.3 124.3 , 169. 2 107.4 148.7 273.3 137.3 ' 191.0 SAVINGS DEPOSITS. The volume of exports during June not only recovered the loss sustained last month but Savings deposits of 852 banks on July 1, 1922, reached the highest point since October. The arc compared with deposits for the same banks largest relative increase was in consumers7 on June 1, 1922, and July 1, 1921, in the followgoods, exports of which were greater than dur- ing table. The figures for districts No. 1 and ing any month since May, 1920. With the No. 2 are exclusively those of large mutual exception of wheat flour and boots and shoes, savings banks, but in all other districts reports every commodity in this group showed in- of other banks are included to make the figures thoroughly representative. In all districts creased exports as compared with last month. where reporting commercial banks subdivide Exports of hams and shoulders were the largest their time deposits, statistics of savings desince August, 1919, with the exception of posits subject to notice (excluding time certifi- August, 1921, and sugar exports were the largcates of deposit) are used. This is in accordest on record. Exports of raw materials, which ance with the definition given in the board's registered an increase of 10.3 per cent over last regulation D, series of 1920. month, are still below the figure for May. The During June the volume of savings deposits 1 The list includes 27 of the most important imports the value of which increased in all Federal reserve districts. The in 1913 formed 49.3 per cent of the total import values, and 29 of the mostmost important increases during the month important exports the value of which in 1913 formed 56.3 per cent of the total export values. The classification of the original list of commodities were 2.9 per cent in district No. 12 (San Franused was giverKin the July, 1920, BULLETIN. The classification of 11 additional commodities of imports was given in the April, 1921, BULLE- cisco) and 3.0 per cent in district No. 5 (Rich- TIN, and 2 additic fi.commodities in the November, 1921, BULLETIN. mond) . Exports of gasoline' &ve been altered to include naphtha. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 977 in other trades and leaving the all-Europe Num- j index practically unchanged from the level of District. ber of ! July 1,1922. | June 1,1922. July 1,1921 banks. , the previous month. Pronounced activity was displayed in the charter market for steamers to No.l 64 '$1,097,919,000 $1,091,620,000 $1,067,743,000 carry coal from British ports to the United No. 2 30 ! 1,738,814,000 1,701,562,000 j 1,672,087,000 No.3 424,063,000 423,.rs82,000I 414,354,000 States. A very considerable number-of vessels No. 4 18 381,994,000 377,299,000 392,492,000 were chartered for such business, and charter No. 5 93 276,648,000 268,659,000 243,289,000 No. 6 78 154,099,000 150,698,000 150,251,000 rates on coal advanced materially as a result No.7 U89 751,070,000 737,848,000 753,315,000 No. 8 35 115,556,000 114,341,000 106,343,000 of the active demand for shipping space. No. 9 14 71,300,000 70,825,000 69,880,000 No. 10 60 81,769,000 80,379,000 75,614,000 No. 11 116 72,576,000 70,946,000 66 619,000 No. 12 75 768 704,000 747,296,000 726,318,000 Total 852 5,934,512,000 5,835,055,000 i 5,738,305,000 REPORT OF KNIT GOODS MANUFAC- TURERS OF AMERICA. 1 Two banks previously included have been merged into one. The total production of winter and summer INDEX OP OCEAN FREIGHT RATES. underwear for the six months ended June 30 was as follows: The accompanying table shows the monthly fluctuations in ocean freight rates prevailing between United States Atlantic ports and the Number Actual of mills produc- Per cent principal European trade regions. The figures report- tion of normal. ing. (dozens). are derived from the actual rates quoted on the following commodities: Grain, provisions, 1921. cotton, cottonseed oil, and sack flour. For December 49 519,231 67.0 the methods used in construction the index 1922. see the August, 1921, BULLETIN, pages 931-934. January 55 642,490 68.4 February 53 663,346 72.0 . March 54 756,249 74.3 April 53 522,035 72.0 RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND May 47 518,150 74.2 EUROPE TRADE. Jane 47 564,893 72.2 AVinter underwear (June).. 38 345,605 72.4 [January, 1920, rates=100.] Summer underwear (June) 25 219,288 71.9 1 United States Atlantic ports to- Order and production report for month ended June 30, 1922, follows. The number of Month. United i Nether- mills producing was 38. King- French ! lands dom. Atlantic! and Belgium Per cent Dozens. of normal. 1921. January 60.7 30.2 34.1 February 54.7 27.7 | 29.2 Unfilled orders first of month 808,500 March i 49.3 24.6 28.3 New orders received during month 413,254 77.9 April | 50.1 32.6 36.6 May i 50.6 35.0 38.2 Total (A) 1,221,754 June j 42.7 34.7 38.3 July | 42.5 33.2 37.0 Shipments during month 352,694 66.5 August | 42.9 33.4 36.7 Cancellations during month. 10,218 1.9 September j 41.8 32.7 35. 8 October | 37.0 28.5 30.7 Total (B). 362,912 November j 33.5 25.0 25.2 December 32.4 22.7 22.9 Balance orders on hand July 1 (A minus B)... 858,842 Production 426,845 50.5 1922. January 31.7 22.7 23.3 27.1 February 34.7 25.7 25.2 29.1 March 33.1 26.5 24.9 28.3 Twenty-six representative mills which re- April 27.3 24.8 22.7 25.4 ported for May and June, 1922, furnish the May 27.9 25.5 22.8 25.7 June 27.5 26.1 ' 23.0 25.7 data for the following table: July 28.8 25.9 I 22.6 25.9 [In dozens.] As the foregoing table indicates, changes in ! May I June j ocean freight rates during July were compara- (26 mills).'(26 mills). Loss. tively small. In most trades the tendency ! was toward slightly lower levels, but grain Unfilled orders end of month 692,26z5 646,306 45,959 rates from American ports to the United King- New orders 435,296 386,369 48,927 Shipments 261,291 315,815 54,524 dom advanced somewhat toward the end of Cancellations 11,032 9,834 1,198 Production 369,409 372,969 3,560 July, counterbalancing the declines registered 4210—22 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

978 FEDERAL RESERVE BULLETIN. AUGUST, 1922. PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1 May, 1922. June,1922. W goo h d 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 goo h d 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. ... 12,198,986 22,141,927 9,098,392 47,999,916 13,937,588 22,599,446 10,260,643 53,727,846 2 5,551,175 2,236,646 3,523,557 18,849,771 4,999,045 2,344,550 4,1.97,156 19,835,144 3. 7 458 408 5 853,521 13,31L, 929 7,793,552 6 528 034 14 321 586 5 7,336,431 89,157 7,425,588 8,239,917 64,820 8,304,737 6 1,492,083 1,753,654 3,245,737 788,244 1,128,238 1,916,482 8 1,421,932 1,768,298 Total 34,037,083 32,074,905 12,621,949 92,254,873 35,758,346 32,665,088 14,457,799 99,874,093 Total average per cent of capacity operated: District 1. / 60 71 52 60 65 79 62 67 2 63 52 47 68 48 62 56 60 3 99 73 86 97 72 84 5 75 75 68 68 6 96 111 0 45 8 62 75 Average for all districts 70 68 51 67 66 75 61 67 Total gray yardage of finishing orders received: District 1. 14 290 521 22,585,536 9,346,662 51,696,875 15,667,611 23,036,942 11.016,873 57,381,660 2 7,071,043 4,943,311 5,724,508 ' 22,466, 873 6,910,760 3,592,237 5,073,582 19,026,664 3. 7,998,093 5,840,979 13, 839,072 8,078,178 6,895,391 14,973,569 9,240,976 153,383 9,394,359 6,905,446 58,076 6,963,522 g 172,890 1,550,497 1,723,387 116,646 1,493,820 1,610,466 g 1,721,442 2,811,679 Total 38,773,523 35,073,706 15,071,170 100,842,008 37,678,641 35,076,466 16,090,455 102,767,560 Number of cases of finished goods shipped to customers (case equals approximately 3.000 yards): District 1 6,032 6,617 2,703 27,126 6,277 7,347 2,972 28,162 2. 3 090 598 11,4L6 2,691 501 8,820 3 4,594 2,216 6,810 4,664 2,219 6,873 5 1 967 4,215 1,976 4,306 6. 'ooo 000 000 000 8 292 326 Total 15,683 9,431 2,703 49,859 15,608 10,067 2,972 48,487 Number of cases of finished goods held in storage at end of month: District 1 5,100 6,047 1,953 24,437 4,768 5,767 2,790 24,667 2. 4,573 1,021 12,615 4,735 1,051 11,409 3 360 393 5,940 243 402 6,338 5 263 1 755 316 1,857 6. 000 900 000 315 8 168 206 Total 10,296 7,461 1,953 45,815 10,062 7,220 2,790 44,792 Total average work ahead at end of month (expressed in days): District 1 4.0 10.0 13.0 8.3 4.8 11.0 14.0 9.2 2. 11.0 10.0 11.0 8.1 17.0 5.5 8.3 8.4 3 10.0 7.9 9.1 11.0 11.0 11.0 5. .. . 16.0 16.0 6.8 6.8 6 .0 20.0 .0 26.0 8. 4.4 12.0 Average for all districts. 8.6 9.8 12.0 9.1 8.1 10.0 13.0 9.4 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: WThite goods, 72 per cent; dyed goods, 62 per cent; printed goods, 30 per cent. The figures given represent reports from exactly the same finishers for 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

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 979 PHYSICAL VOLUME OF TRADE. for June of last year. Beehive coke production increased moderately during June com- The business indexes for June showed little pared with the May figure, and showed an change. The comparative stability was due to output twice as large as that for June, 1921. a balancing of increased demand by increased Total crude petroleum production showed little impediments to production, which resulted change, but 151 more producing wells were from a shortage of fuel and transportation completed than in May. facilities. Production of pig iron showed a small With the exception of corn, the receipts of increase in spite of fuel difficulties, reaching a all grains at 17 interior markets experienced total of 2,361,028 tons, which was larger than a drop in June as compared with the unusually any month since January, 1921; 2,634,477 tons high figures for May. Receipts of flour for of steel ingots were produced in June, a figure June were only slightly different from the somewhat less than that for May, but larger May figure, but showed a total which was than for any other month since October, 1920. 152 per cent in excess of the receipts for June, Unfilled orders of the United States Steel Cor- 1921. Receipts of live stock at 59 markets poration were approximately 300,000 tons in and shipments at 54 markets showed a small excess of the May figure and larger than in any decrease as compared to last moiith's figure, month since April, 1920. Allnonfcrrous metals but were higher than for June, 1921. Re- showed further increases in production and ceipts of butter arid cheese at five principal zinc w^as at its highest point since the close of markets showed higher figures than in any 1920. The production of both passenger month for several years, and amounted to automobiles and trucks was greater in June 93,139,000 pounds of butter and 22,756,000 than in May. A. total of 114 locomotives pounds of cheese. were completed in June as compared ,to 80 Xhe anthracite production for June was for May. Cotton consumption increased dur- 84,000 tons, which was more than double the ing June and reached a higher total than in May output but only about 1 per cent of the any month this year except April. usual production. Output of bituminous coal Shipments of ore again this month were refor June, while 2,000,000 tons above the May sponsible for practically the whole increase in figure, was only 65 per cent of the production car loading figures. INDEX NUMBERS OF DOMESTIC BUSINESS 1919 - 1922 PER PER CENT CENT K 140 140 \ 130 130 - v 1 120 /-h r \ _i 120 i r 110 -WT 'i—? 1 \ ,"; 110 A_ \! I.,., 100 / 100 J - 1 90 V 90 30 \ J \ 80 *\ 70 */ V w 70 V 60 60 50 50 40 40 AGRICULTURE t t11N1NG 30 30 MANUFACTURE 20 20 10 10 J. F. M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. J. 0. A. S. 0. N. O. J. F. M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. J. J. A. S. O. N. D. 1919 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

980 FEDERAL RESERVE BULLETIN. AUGUST, 1922. INDEXES OF DOMESTIC BUSINESS. COMMODITY MOVEMENTS. [Monthly average of 1919=100.] Relative index. AGRICULTURAL MOVEMENTS. June, May, June, Date. ag T tu r o i r c t e a u . l 1 l- T m a o n a t i l a - s l . g T ra o i t n a s l . Cotton. Fruit. b L a t c e o a c - o f . L 1922. 1922. 1921. J 1 u 92 n 2 e . , 1 a 2 y 2, , J 1 u 92 n 1 e . , 1921. January 105.0 96.5 97.9 110.8 94.6 195.7 GRAIN AND FLOUR. February 81.1 73.9 66.7 77.1 95.5 297.4 Receipts at 17 interior March 79.4 76.4 77.5 57.8 137.4 181.1 centers (000 omitted): April 66.3 74.2 60.5 51.3 175.1 24.1 Wheat (bu.) 21,093 30,126 30,342 106.4 156.8 153.0 May 73.6 77.3 71.7 67.4 139.0 8.9 Coin (bu.) 32,694 27,364 35,817 116.5 189.4 127. 7 June 82.2 81.9 96.0 57.8 183.3 4.1 Oats (bu.) 19,139 21,471 21,922 94. 5 125.2 108. 2 July 93.4 68.1 151.9 52.7 123.8 12.1 Rye(bu.) 1,824 4,56-1 1,465 73.6 145. 5 59.1 August 116.7 85.4 195.5 56.0 86.4 54.7 .Barley (bu.) 3,269 2,933 3,859 50.4 64.6 59. 5 September.. 115.3 85.9 151.6 114. 7 79.9 79.3 N O D c o e t c v o e e b m m er b b e e r r . . . . . . 1 1 9 0 3 3 4 0 . . . 9 6 9 1 9 8 0 9 2 7 . . . 2 0 0 1 6 7 2 5 9 1 . . . 0 3 3 1 1 1 6 3 9 3 3 5 . . . 2 4 3 6 3 8 9 4 3 . . . 9 7 6 1 1 1 0 8 1 7 7 8 . . . 6 0 5 Fl T ou o r ta ( l b g b r l a s i . n ) (bu.). 7 2 8 , , 0 1 1 .9 9 8 8 2 6 , , 2 4 0 5 -1 8 93,4.05 1 13 0 5 1 . . 0 2 1 14 1 7 2 . . 9 8 1 5 21 3 . . 1 2 Total grain, and 1922. Hour (bu.) 83,411 96,377 97,299 98. 8 14;}. 2 115.2 January 88.9 91.8 76.8 96.1 113.2 February... 77.7 76.5 92.3 43.3 55.5 101.2 Shipments at 11 interior March 70.7 79.2 i 73.0 42.8 130.4 27.5 centers (000 omitted): A M Ju p a n r y e il 8 5 7 7 2 5 . . . 4 6 1 9 8 7 0 8 1 . . . 2 7 8 i i ; 4 9 7 9 2 7 . . . 6 5 1 3 5 4 7 3 0 . . . 0 0 1 1 1 9 0 0 3 3 5 . . . 0 8 7 5 3 1 . . . 5 9 5 C W O o a h r t n e s a ( ( t b b u ( u b . . ) ) u.) '.. 2 2 1 2 1 7 , , , 5 7 0 0 1 4 2 6 8 2 2 2 6 2 1 , , , 2 8 9 6 3 8 1 8 8 - 2 2 3 1 1 1 , , , 5 3 6 5 8 5 0 1 6 1 1 1 3 2 6 5 7 2 . . . 5 4 5 2 1 1 2 1 3 3 0 7 . . . 8 5 1 1 1 8 2 5 7 9 9 . . . 4 9 2 Rye(bu.) 2,986 7,783: 1,428 93.3 147.7 44.6 1 Combination of 14 independent series. Barley (bu.) 2127- 2,800 2,225 49.6 85.5 18.6 MINERAL PRODUCTS. Total grain (bu.). 66,589 81,677 58,210 130.1 138.9 113.8 Flour (bbls.) 3,551 3,624. 2,114 118.3 111.7 70.4 Date. T p u m e r c o r o i t a t n s d a l . - - 1 l t i c u i B o O m i a L - l i I . - S ! : A t c h c o n r i a t 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.2 Stocks T o f a l t t o a u l r 1 g 1 ( r b a i i u n n . t ) e a r n io d r 82,584. 97,984! 67,752 127.7 133. 5 104. 7 centers at close of month (000 omitted): J F M A M a e p a a n b r r y u 1 i c r l 9 a u h 2 r a 1 y r . . y . . . . 1 7 8 7 8 0 9 2 0 7 5 . . . . . 6 2 8 3 5 1 1 1 1 1 0 0 0 0 0 2 0 4 0 4 . . . . . 0 8 8 8 8 1 1 1 1 1 3 3 2 1 2 3 0 7 1 0 . . . . . 6 2 3 2 3 4 6 4 9 76 4 6 2 7 . . . . . 0 8 6 9 8 i I ; 4 8 8 2 7 7 2 0 3 1 . . . . . 6 6 0 0 2 4 6 4 4 4 2 0 5 5 5 . . . . . 0 9 9 2 1 1 9 8 7 7 0 4 8 7 6 9 . . . . . 3 0 8 1 1 C B R W O o a y a h r r t c n l e s e ( a ( b y ( t b b u u ( ( u . b b . ) ) .) u u . . ) ) :.... 2 3 1 1 4 0 , , , 3 8 4 6 8 5 5 8 5 4 6 7 7 ( 3 4 1 1 . 0 1 5 7 , , , , 7 6 3 8 5 4 4 6 1 6 7 1 9 9 3 : | 2 1 1 3 9 7 , , , , 4 2 8 9 2 0 7 1 5 1 7 4 4 3 0 2 2 1 3 8 1 6 1 0 1 7 0 2 . . . . . 9 9 5 1 3 3 1 2 3 2 2 5 0 5 9 4 6 . . . . . 4 9 8 2 8 2 2 6 5 0 1 6 6 2 3 9 . . . . . 4 2 4 7 3 J J u u n ly e 7 8 9 8 . . 6 7 1 9 0 5 5 . . 9 9 1 1 2 2 8 8 . . 4 1 4 33 1 . . 9 8 i ; 1 1 6 8 . . 6 1 4 39 9 . . 4 5 7 7 2 4 . . 4 6 Total graii) (bu.). j 68,199 76,139i 52,718 197.' 213.4 152.8 A S N D O e u o e c p c v g t 1 t o e e u e 9 m b m s m 2 t e 2 b b b r . e e . e r . r r . . 1 9 9 9 8 1 0 1 4 1 4 . . . . . 5 9 2 6 1 1 9 9 9 8 0 7 6 3 1 3 . . . . . 9 9 3 4 1 1 1 1 1 1 3 2 1 1 3 0 0 3 6 3 . . . . . 2 0 2 3 3 3 3 4 6 5 7 8 8 4 5 . . . . . 4 7 9 7 5 i i ! ! I ii 1 2 2 1 1 9 2 0 9 7 . . . . . 9 9 8 5 3 3 3 3 5 5 7 6 7 6 3 . . . . . 6 2 0 0 8 1 1 1 7 8 0 0 0 9 7 0 3 3 . . . . . 7 8 4 3 2 To c o t l m a o C W O l s i e o t v a h t m t i e e s s o d a i ( f b ( ) t b b : l u m e ( u b . . s ) o u ) u n . p ) th p l ( y 0 0 at 0 4 3 5 8 3 3 , , , 8 0 3 1 6 6 6 8 5 6 3 & 7 1 2 , . 8 1 , 5 7 4 3 0 2 . ! 4!. 2 2 1 7 , , 0 3 2 6 7 3 2 1 8 75 8 . . 0 8 3 15 6 5 4 . . 4 4 2 7 3 5 9 . . 4 0 January... 98.5 85.1 137.1 64.3 24.1 60.3 101.0 February. 107.3 ! 92.0 129.7 63.9 34.8 57.3 93.4 Receipts at 9 seaboard i March 131.5 119.1 149.1 79.9 57.6 67.5 93.0 centers (000 omitted): j April 41.3 ! .3 141.9 81.3 71.3 65.6 88.8 Wheat (bu.) I 13,391 ] 2,703" 16,629 99.8 123.9 May 53.1 ! .6 147.7 90.5 82.6 69.8 89.0 Corn(bu.) 5,204 (>,223J 5,386 189.9 200.6 19-1.3 June 58.4! 1.1 143. 8 92.6 92.7 72.6 90.4 Oats(bu.) ! 7,280 8,731' 1,90-1 L12.3 283.31 37.2 Rye(bu.) i 4,278 3,771'= 1,180 113.1 82.7 31. 2 1 Combination of 7 independent series. Barley (bu.) ! 1,494 2,063! 658 53.3 111.7 23.5 2 Revised figures. Total „._.„ 31,707 33,-191 25,75; 113.7 133.1 92.3 PRODUCTION OF MANUFACTURED GOODS. Flour (bbls.) 1,579 1,870 1,715 85.5 101.8 92.8 Total grain and . Total Date. m uf a ac n - - Steel.L b u e m r. - p P e a r - . P le e u tr m o- . t T il e e x s - . Le e a r t . h- Food. ba T c o c - o, flour "(bu.) i 38,814 41,907 33,474 107.2 126.3 92.4 ture.1 Stocks at 8 seaboard centers at close of 1921. month (000 omitted): J F a e n b u r a u r a y ry... 7 8 7 4 . . 4 5 6 8 9 7 . . 6 6 6 7 7 5 . . 7 7 7 8 9 7 . . 5 8 1 1 2 0 7 6 . . 7 8 7 7 2 3 . . 0 1 6 6 2 3 . . 8 5 7 8 7 8 . . 4 2 9 8 4 7 . . 1 8 C W o h rn e a ( t b ( u b .) u .) : I 3 5 , ,9 4 1 0 . 3 9 5 5 . , 9 0 0 2 7 0 J ; 2 3 , ,4 1 8 3 f 6 1 3 0 0 9 3 . . 9 3 8 6 5 7 5 . . 0 0 , , 2 0 2 1 8 .7 .1 M A M p a a r r y i c l h 8 8 8 4 7 3 . . . 4 8 1 4 6 5 8 0 2 . . . 3 3 5 1 8 8 0 9 7 0 . . . 3 5 4 7 8 8 1 2 4 . . . 7 4 $ 1 1 1 1 1 1 3 4 3 . . . 0 7 8 9 9 95 1 0 . . . 0 5 8 7 7 8 2 3 5 . . . 0 2 8 8 8 8 2 8 4 . . . 2 0 1 1 9 9 0 9 5 6 . . . 3 5 1 B O R a y a r e t l s e ( ( y b b u u ( . b . ) ) u .) j i I 1 3 , , 2 1 3 2 9 6 4 9 4 ! ! 1 2, , 7 3 7 -1 8 6 5 2 1 ; ; 1 1 ,6 ,0 1 6 5 5 51 9 7 3 1 4 - 8 0 29 . . 1 3 .1 1 5 0 3 5 7 2 . . . 8 5 5 1 : 5 4 1 1 2 7 . . . 8 7 4 June 87.1 39.9 89.6 70.2 110.1 101.9 81.1 85.1 106.8 July 80.1 31.9 85.3 65.6 108.3 94.5 76.3 85.5 100.6 Total grain (bu.). 14,109: 15,815; 8,503 114.9; 05.8 A Se u p g t u em st ber . 9 90 0 . . 2 7 4 46 5 . . 7 3 9 92 9 . . 9 7 7 7 8 5 . . 6 6 1 1 1 1 0 0 . . 6 2 1 1 0 0 3 5 . . 4 5 8 8 5 0 . . 7 3 9 92 8 . . 8 5 1 1 1 1 1 7 . . 6 2 W ( h b e b at l s f . lo ). u . r . . production 8,136: 8,073i 8,087 89. 3! 108.8 N O o ct v o e b m er ber.. 9 8 4 9 . . 6 5 6 6 4 6. . 0 3 1 10 0 0 3 . . 6 1 9 9 5 0 . . 8 8 1 1 1 1 9 7 . . 7 1 1 10 0 0 4 . . 4 8 9 8 0 6 . . 9 2 9 8 9 9. . 4 8 1 10 1 2 5 . . 9 8 LIVE STOCK. December,. 81.3 56.8 92.2 94.7 119.6 99.7 93.0 85. 2 76.8 Receipts at 59 principal 1922. markets (head, 000 January 87.0 63.4 100.7 95.0 119.0 112.2 88.2 91.3 90.6 omitted): M J M A F u e p a a n b r r y e i c r l h uary... 9 9 8 8 8 0 4 0 . . . . 9 7 1 2 1 1 6 9 9 0 0 7 9 4 7 4 . . . . . 0 3 3 8 8 1 1 1 9 9 2 0 0 5 8 1 2 4 . . . . . 1 1 5 4 4 1 1 1 9 9 0 1 1 9 0 8 2 0 . . . . . 9 0 4 3 6 1 1 1 1 2 0 2 3 3 8 4 2 . . . . 6 4 2 9 1 1 1 9 9 0 0 0 1 6 7 8 7 . . . . . 3 8 6 9 4 7 7 7 7 7 0 0 8 8 2 . . . . . 7 4 1 5 4 9 9 9 8 8 6 6 8 4 8 . . . . . 5 8 9 9 5 1 9 8 8 0 8 9 3 8 . . . . 4 6 8 1 C H H Sh a o o ( e t 4 g r t e s 3 s l p e e m s a a n a r d n k e d c t a s m l ) v u e l s e . s . . " ! ! • i 1 ] 3 , , , 6 7 7 5 7 0 1 0 6 3 4 ' ! ; 1 1 3 , , , 8 7 0 0 2 4 2 7 0 0 6 ' ; 1 1 3 , , 5 , 8 4 7 .1 9 1 3 2 7 3 1 1 4 9 0 0 9 8 4 2 . . . . 8 6 6 1 1 9 6 0 0 2 8 9 4 . . . . 1 4 2 8 0 9 9 4 G 5 4 7 . . . . 0 3 7 0 Total | 7,203! 7,253J 6,895J 102.0. 97.5 1 Combination of ?4 independent series. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 981 COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. Relative index. Relative index. June, May, Juno, May, June, 1922. 1922. 1921. i Juno, May,: .Tune, 1922. 1921. May,! Tune, 1922. 1922, . 1921. 1922. 1922. ! 1921. LIVE STOCK—COn. OTHER AGRICULTURAL PRODUCTS. Shipments at 54 principal markets (head, Cotton seed (tons): 000 omitted): Received at mills.. 17,93o! 13,559 77,484 33.0 15.8J 142.5 Cattle and calves... 099! . 775] 591 i 104.0107. 8 88.5 Crushed 21,823 36,210 98,040 20.3 23.9i 118.7 Hogs 1,110 1,114 1,107; 92.7 92.6! 93.4 On hand at mills at Sheep 770 801 750 101.6 104.7, 98.8 close of month 19,431! 23,319 109,309 31.8 25.9 178.7 Horses and mules Cottonseed oil (lbs.): I (43 markets) 13 53.1 03.4i 47.4 Production 7.115! 12,389 30,411 26. 25.,9 114.0 Stocks 12,194 23,80J 47,851 24.0 29.0 96.5 Total 2,461 98.3 100.4 93.3 Oleomargarine consumption (lbs., 000 Receipts at 15 western omitted) 12,765 7,014 52.8 45.0 markets (head, 000 omitted): i Tobacco sales at loose- Cattle and calves... 1,228 1,308 1,117 104.6 111. 4 95.1 leaf warehouses (lbs., H H Sh o o e g r e s s e p s and mules.. 2 1, , 0 8 3 0 9 5 2, 9 7 3 3 6 4 2 1, , 1 0 3 7 1 2 8 1 9 4 0 5 6 1 . . . 8 4 9 9 6 9 4 . . 9 2 1 1 1 4 E 0 2 )5 1 , . 6 . 1 3 00 V B 0 r i o r i m g g i h i n t t i t a b e e d d l ) a t : rk 49 .10.7 Total 5,1-11 4,991' 4,928 101.1 101.7 96.9 V N i o r r g t i h n i C a arolina. Shipments at 15 west- South Carolina ern markets (head, 000 omitted): Total C H a o t g tl s e and calves... 7 4 0 8 5 9 6 5 9 5 5 2 . 7 4 0 1 4 5 1 9 0 2 8 . . 8 3 1 9 1 5 2 . . 4 5 9 9 2 1 . . 6 8 B W u e r s l t e e y rn dark H Sh o e r e se p s and mules.. 412 32 1 2 0 : ' 404 8 1 4 0 5 4 . . 4 7 9 5o 5 . . 7 8 1 4 02 4 , . 3 8 Grand total Total 1,614 1,579' 1,531 99.5 100.3 94.3 Sa f l o e r s o m f r a e n v u e f n a u c e tu s r t e a s m o p f s Shipments of stackers tobacco, excluding and feeders from 34 Porto Rico and Philmarkets (head, 000 ippine Islands (lbs., om C H Sh i a o t e t t g t e e l s d p e ) a : nd calves... 3 1 5 0 8 5 7 2 3 1 5 6 6 K 9 : > ! ' 1 3 8 9 2 8 5 1 1 12 0 3 5 1 6 . . . 7 0 8 1 1 9 2 1 3 1 1 . . . 1 9 5 4 7 8 9 7 0 . . . 4 0 8 00 C M C C 0 i i i o a g g g n m a a a r r u r i s s e f t t a t ( ( t e c s l e a d m t s u r ) g a r : ( e e l s l d ) m ) al t l o ) - .. .1 4 ,6 5 0 6 5 1 9 6 , , , 3 2 5 7 0 0 3 9 3 1 ! 4,2 6 1 1 5 9 8 0 , , , 7 4 1 2 9 7 8 5 5 1 9 9 2 8 5 7 . . . 0 8 1 1 9 9 1 9 7 0 . . . 2 5 6 Total 544 570! 315117.4 107.2 68.0 bacco 32,511 31,738 100.7 97.9 Fruit shipments (citrus) Slaughter at principal from California (carcenters under Fed- loads): eral inspection (head, Oranges 2,191 3,151 52,3 60.4 134.3 000 omitted): Lemons 1,829 1,829 2,230 103.0 133. 125.6 C Ca a l t v tl e e s 7 38 2 9 5 4 7 0 0 1 2 ' | 6 3 1 7 0 0 1 11 0 L 3 . .5 1 10 1 6 0 . . 9 5 9 9 8 8. . 9 3 Ap (c p a le rl s o , a s d h s) ipments 1,096 1,163 422 424.7 108.4 163.5 Hogs 4,046 3,717; 3,618 105.2 99.5 Apples, cold-stor- Sheep 1,028 872 1,110 107.7 102.6 116.9 a (b g b e l s.) holdings 314 944 445 Total 6.188 5,692| 5,744 110.2 105.5 102,3 White potatoes, shipments (car- Meats, cold - storage loads) 21,645 20,-322 17,629 139.4 195.8 115.8 holdings at close of Strawberries shipmonth (lbs., 000 ments (carloads). 2,677 12,857 1,763 107.1 270.8 70.5 omitted): Sugar, 7 ports (long Beef 56,892 64,506i 109,552 37.3 36.1 72.0 tons): Pork products 634,845 591,241! 801,387 63. 65.6 80.6 Receipts 508,299 556,511 264,462 Lamb and mutton. 2,312 2,071' 15,877 23.7 17.6 162,4 Meltings 532,052 577,330' 301,835 Exports of certain meat Raw stocks at close products (lbs., 000 of month 277,150 276,890 244,253 omitted): Beef- FORF.ST PRODUCTS. Canned 237 268. 187 5.3 6.7 4.1 Lumber (M feet): Fresh 2171 107 2.0 3.4 1.8 Number of mills- Pickled or other 189 Southern pine.. 157 •172 190 cured 1,928. 2,004 82.5 73.8 64.4 Western pine.. 51 52-! 55 Hog products— 2,567 Douglas fir 120 119' 114 Bacon 19,070| 35,012 36.5 39.2 Production- Hams and 24,067 Southern pine.. 379,838 437,479 365,970 102.5 106.3 98.8 shoulders 31,553 24,988' 18,537 69.3 90.8 40.7 Western pine.. 163,127 158,153! 121,648 103.1 109.4 76.9 Lard 57,249 50,817! 67,656 75.6 95.8 89.4 Douglas fir 350,284 411,529| 232,407 119.9 116.0 79.5 Pork, pickled.. 3,000 2,342| 3,338 86.8 83.0 96.3 Shipments— Southern pine.. 413,617 507,767 371,183 114.4 124.0 102.6 DAIRY PRODUCTS. Western pine... 172,205 160,809! 76,874 150.81 144.2 67.3 Douglas fir 371,418 431,975! 230,970 134.2i 117.6 83.5 Receipts at 5 principal Stocks at end of markets(000 omitted): month- Butter (lbs.) .'. 93,139 68,893: 82,882 120.8 125.8107.5 Southern pine.. 931,0081,023,370 1,220,355 83.0 91.4 108.8 Cheese (()lbs.) 22,756 18,809: 21,619 106.4i 100.8 101.1 Receipts at Chicago Eggs (cases) l/~ 2,587 1,539 111.7 128.0 89.1 and St. Louis 626,992 587,407J 372,453 160.6 171.9 95.4 Cold-storage holdings at Shipments at Chiclose of month (000 cago and St. Louis 403,305 383,748| 253,848 167.4 176.1105.4 omitted): Oak flooring- Creamery butter j Production 23,495 21,9141 13,636 (lbs.) 13,125 3,830! 21,682 61.51 46.1 101.7 Shipments 28,646 25,251 11O3 ,n7o6f17 American cheese ! Stocks at end (lbs.) 15,346 10,867, 17,814 105. l' 88.8 122.0 of month 20,245 23,534 oi,ooo 8,043 4,648: 6,844 133.4, 134.6 113.5 Unfilled orders 38,434 40,417| 11,095 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

982 FEDERAL, RESERVE BULLETIN. ArrGUST, 1922. COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. ! Relative index. Relative index. Juno, May, June, June, May, June, 1922. 1922. 1921. June, May, June, 1922. 1922. 1921. June, Mav, June, 1922. 1922. 1921.' 1922. 1922. 1921. FOREST PRODUCTS— METALS—continued. continued. Copper production(lbs., Naval stores at 3 south- 000 omitted) 93,740, 88,714 19,434i 121.5 114.8 25.2 eastern ports: Zinc (lbs.,000 omitted): Spirits of turpen- Production 57,094: 54, 38,996* 84.5 77.3 57.5 tine (casks)— Stocks at close of Receipts 28,823! 29,295 533 97. 130.1 113.6 month 59,152 179,778'... Stocks at close Tin (lbs., 000 omitted): of month 13,3591 4,795 41.4 15.7 122.7 Imports 12,552, 8,490 4,133j 243.3 220.1 80.1 Rosin (bbls.)— Deliveries to .facto- Receipts 90,588 95,712 9431114.6 159.3 102.4 ries ll,49l[ 10,618 3,562| 188.6 296.6 58.5 Stocks at close Stocks at close of of month. 293,083 253,787 308,34li 137.7 122.8 144.8 month 5,311; 4,303 FUEL AND POWER. Coal and coke (short Cotton (bales, 000 omittons, 000 omitted): ted): Bituminous coal Sight receipts 507 594 660 103.9 124.5 production (est.). 22,309 20,290 33,852 57.7 55.4: 87.5 Port receipts 365. 491 106.3 Anthracite coal— Overland move- 483! Production ment , 82". 67 83.9 (est.) 84 35; 7,7! 1.1 .5: 100.1 American spinners 113 Shipments ....! 6,032 100.7 (takings) , 372 367 158.0 Coke- Stocks at ports and 411 Beehive pro- interior points 1,187: 1,503 2,660 62.6 duction (est.) 458 432 232 44.5 33.0 22.5 Stocks at mills 1,332; 1,420 4,205 96.9 97.4 87.7 By - product, Stocks at wareproduction houses 1,936| 2,561 4,306 62.0 139.8 137.8 (est.) 2,580 2,537 1,408 Visible supply 2,568; 3,001 4,454j 67.6 74.8 117.2 Crude petroleum: Consumption by Production (bbls., mills 508i 103.1 101.2 93.8 000 omitted) 45,247 46,473 40,354 125.1 128. 5111.1 Spindles active dur- Stocks at close of ing month 31,. 8771 31,653 32,761 94.5 94.5 97.1 month (000 omit- Wool: i ted) 254,901] 246,059 162,463 180.7 180.0 115.2 Percentage of idle Producing oil wells machinery on Oil ref ( i N ne o ri . e ) s - : -. 1,662 1,511 1,471 88.0 81.0 78.0 f to ir t s a t l o r f e p m o o rt n e t d h — to 1 Total production Looms wider (000 omitted)— than 50-inch C G K r a e ( u s r b d o o b s e l l i e s n n . o e ) e i ( l ( g g a r a l u s ls n .) .' 5 1 4 1 7 2 3 3 , , , 6 5 8 5 6 2 9 2 4 4 1 3 3 4 6 0 1 , , , 9 3 6 4 4 3 1 " 4 1 1 1 0 3 2 1 0 5 . . . 1 0 4 1 1 8 0 1 6 0 9 . . . 1 1 0 Lo r r e e o e e m d d s s s p p 5 a a 0 c c -i e e n c o h r 3 33 6 . . 4 4 3 35 7 . . 3 3 18.7 1 1 3 2 1 0 . .1 5 1 1 4 4 5 2 . . 7 9 6 90 7 . . 6 1 Ga (g s al a s. n ) d fuel 936,742 826,355 129.1 115.4 C Se o t m s b o s f cards 2 14 5 . . 2 0 J | 2 13 7 . . 9 1 ! 2 1 1 1. .3 0 . 1 6 3 1 9 . . 7 7 2 7 0 1 5 . . 7 3 9 6 2 1 . . 6 4 Lu (g b a r ls i . c ) ating 79,848 101.6 85.0 Sp d i l n e n s i , n w g o s o p l i e n n - .. 14.3| 14.5 20.5! 60.1 74.0 86.1 Stocks at close of month Spinning spin- I (00 C 0 r u o d m e i o t i t l e d (b ): bls.)--- 8 3 5 5 6 , , 4 6 7 0 5 7 7 2 5 1 0 , , 0 6 0 4 9 4 2 1 0 3 2 0. , 3 6 1 1 1 2 6 1 . . 8 8 Pe h r o c u en r d s t l a e g o s e , n w f o i o r f r s s t i t d e o l d e f . 31.9 ,33.2 9.8 170. 219.9 52.4 Gasoline (gals.) 318,890 435,057 85.7 117.7 month to total Kerosene (gals.)... 1,321,438.,248,664 154.2| 138.6 reported- Gas and fuel (gals.) 226,293 260,883 118.8! 137.4 Looms wider Lubricating (gals.) than 50-inch Electric power pro- reed space... 36.2 37.6 17.5 duced by public util- Looms 50-inch ity power plants (kw. reed space or .hours): less 40.1 44.8 26.3 Produced by water Sets of cards... 9.0 10.3j 17.9, power. 1,584,827 1,646,616 1,215,972107.2 106.3 82.3 Combs 18.8 20.8; ! Produced by fuels. 2,246,68112,179,145 2,028,121125.0 122. 5112.8 Spinning spindleSj woolen. 10.1 11.4 18.2: . Total , 3, S31,508 3,825,761 3,244,093117.0 115.2 99.1 Spinning spin- METALS. Raw silk: dles, worsted 31.5 34.7 6.6 Iron and steel (long Imports (lbs., 000 tons, 000 omitted): i omitted) 5,077 4,217 i 3,871 139. 107.0 106.1 Pig - iron produc- Consumption(bales' 29,529! 33,284 31,192 tion , 2,400 2,361 86c 113.2 113.8 40.8 Stocks at close of Steel-ingot produc- month 26,89s] 20,826 15,521 tion , 2,487 2,634 803 122.0 127.4 39.4 Unfilled orders 17. HIDES AND LEATHER. S. Steel Corporation 5,776 5,636 4,83C 80.5 80.5 67.3 Sales of raw hides and Structural steel skins during month tons): (number, 000 omit- Fabricated struc- ted): tural steel con- Cattle hides j 77,3701 769,971 724,543 tracted for (ton- Calfskins .1,019,2791,001,155 960,363 nage) 119,000 146,20C 66.0 81.0 Kip skins. 182,634 151,7431 206,7 Silver production of the Goat and kid 1,234,299H, 069,21l! 909,0641. U. S. (troy ounces, Cabretta , 27,650! 61,1251 38,334!. , 000 omitted). 4,760 4,258 4,022 Sheep and lamb..., 2,737,603,2,134,002! 978,5361. 1 Figures for July, 1922, June, 1922, July, 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL. RESERVE BULLETIN. 983 COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. i Relative index. Relative index. June, May, Juno, ! June, May, June, 1922. ! 1922. 1921. i June, May, June, 1922. 1922. 1921. June, May, June, 1 1922. 1922. 1921. 1922. 1922. 1921. niDES AND LEATHER— MISCELLANEOUS MANUcontinued. FACTURES— con. Stocks of raw hides and Inner tubes (000 omitskins at close of ted): month (number, 000 Production 3,131, 2,971 omitted): Shipments, domes- Cattle hides 5,317! 5,3G2 7,078 89.2 90.2 118.0 tic 3,974' 2,939 3,233 Calfskins 3,598, 3,320 3" ,8~9"1 116.3 114.3! 125.7 Stocks 6,187 7,190 3,835 Kip skins 876." 903 1,026; 105.21 116.2- 123.2 Solid tires (000 omit- Goat and kid 10,799 9,839 9,680'. 73.9 73.6' 60.3 ted): Cabretta 878! 919 1,219' 52.8 49.7| 73.3 Production 66, 58 28 Sheep and lamb 10,9711 11,142 13,755; 100; 11 110.0.125.6 Shipments, domes- Production of leather: tic 63, 61 50 Sole leather (sides).1,358,973,1,320,6351,521,521!. Stocks 170! 171 240 Skivers (dozens).'..j ' 1m6"^ 8~15"j 16,099 14,753". Automobiles: Oak and Union har-i Production, numness (sides stuffed) 95,953; 90,813 57,196:. ber)— Boots and shoes, output Passenger cars.. 262,3841 231,829 (pairs, 000 omitted): Trucks 25,337722i| 23,189 Men's 0,2141 6,495 Shipments— •>•• Women's 8", 257'. 8,714 Railroad (car- Other 11,0881 11,692 loads) 33,000! 34,321 20,268!. Driveaways MISCELLANEOUS MANU- (machines)... 3O,5Oo! 28,760 18,83i|. FACTURES. Boat (m a- Wood pulp (short tons):| chinos) 7,900 3,947;. C P S r h o o i n p d s m u u c m e t n i p o t t n s i on • j | 3 25 1 4 0 3 8 , , , 9 2 6 7 5 6 8 9 2 | i 2 3 5 5 3 4 7 1 , , , 1 9 6 5 8 9 1 6 1 1 1 3 6 8 6 3 9 , , , 6 4 3 4 0 8 0 6 9 I i 1 1 8 1 1 2 8 6 . . . 1 1 9 1 1 9 1 1 0 3 9 . . . 8 9 0 6 7 7 1 0 6 . . . Loco D F m o o r o m e t i i e g v s n e ti s c c ( o n s m h u i m p p l p b e e t e e d r d ) . : . . 6 4 7 7 3 4 6 3 : 6 92 6 . . 2 3 2 5 9 5 . . 6 7 4 7 2 0 . . 6 6 Stocks, end of Vessels built in the month 246,072 232,453 275,559: 103.2 95.5 114.9 United States and of- Paper (short tons): ' ficially numbered by Newsprint— the Bureau of Navi- P S St h r o o i c p d k m u s c , e t n i e o t n s n d of 1 1 2 2 8 7 , , 6 2 4 3 - 0 1 ' j 1 1 2 3 9 0 , , 9 0 5 4 0 ." 9 8 2 7, , 7 2 2 9 4 3 . 1 !1 11 1 4 4 .4 .6 1 1 2 1 4 9 . . 2 3 8 7 2 9. . 0 1 vig N G a r u t o i m s o s n b t : e o r nnage 16,9 1 5 2 9 9 21,4 1 1 33 9 173,8 1 8 6 5 0 : 6 5 1 . . 9 4 7 9 2 . . 0 7 6 7 0 6 . . 4 2 month 23,367| 24,781 26,629! 91.4 91.7 104.1 Book production \ 83,517 82,574 53,934 113.5 111. 4 73.3 TRANSPORTATION. Paper board production j 183,7591 176,790 130,177 110.6 108.8 78.4 Wrapping paper pro- ; Railroad operating staduction 68,371 71,491 50,332 111.5 U9.0 82.1 'tistics:1 Fine paper production. 31,291 30,129 17,511 119.: 122.0 66.7 Net ton - miles, rev- Building materials (000 enue and nonomitted): revenuo (000,000 Clay fire brick- omitted) Production 48,367 46,791 26,967 107.8 111. 3 60.1 Net tons per train.. 614 674'. 85.2 93.5 Shipments i 45,772! 44,120 21,862 j 105.4102.9 50.4 Net tons per loaded Stocks, end of car 24.4 27.8'. 87.1 99.3 month ! 153,517| 152,259 142,283 j109.8 110.0 101.7 New orders j 57,805i 51,041 22,397. 141.9 111.1 55.0 Revenue freight loaded, Unfilled orders.' 56,861j 45,300 34,365' 48.7 38.6 29.4 and received from Silica brick- connections, classi- Production 11,57SJ 12,233 4,150:'. fied according to Shipments 10,670 10,704 2,621 . nature of product Stocks, close of (short tons): i month 38,7'y4.i7"-rI!) 37,845 45,928. Grain and grain i I . ! i Face brick- products ! 171,658' 189,845! 179,488. 112.5128.6 117.6 Production 59,756! 54,867 41,303^ 129.7 123.7 89.7 Livestock I 126,5351 132,967' 120,163! 105.2107.3 100.0 Shipments 56,762j 56,433 34,266. Coal ! 406,190 371,230' 687,063! 53.9 53.0 91.2 Stocks in sheds ' I Coke ! 40,873! 39,587| 20,833! 110.9112.9 56.5 and kilns .118,7561 121,540 118,192' 106.2 107.9 105.7 Forest products.... 271,358j 273.204j 221,350i 109.0 113.5 88.9 Unfilled orders Ore.... i 234,236' 82,735- 130,750i 96.4 46.7 53.8 at close of Merchandise, 1. c. 1. jl, 060,194J1.084,292! 951,366, 147.3 157.6 132.2 month 89,860J 87,626 42,476 96.9 96.8 45.8 Miscellaneous ! 1,379,654! 1,348,151' 1,099,554! 103.3 105.6 82.3 Cement (bbls., 000 omitted)— Total 3,690,6 !, 522,0113,410,567 102.2 103.9 94.5 Production 11,245 11,176 9,296. Shipments 13,470 12,749 10,5771. Revenue freight loaded, j St o o f c k m s o a n t t h close 10,668j 12,897 11,150!. t c o l as g s e i o fi g e r d a ph a ic c a c l o r d d i i v n i g - j , Rubber (lbs., 000 omit- sions: ted): Eastern ' 830,063 .833,405! 827,575! 94.1 102.7 93.9 Pn o e m I C u m m • i o t t t r i u t p n a u r e r s o e t b d e u i r c b r ) m t s : s e r p t t i m o r io o f a n s n c u ( r f 0 u a b 0 d c y 0 e - 3 5 9 1 , , 6 9 5 8 5 6 | 3 2 6 9 , , 7 0 2 6 7 8 2 3 1 4 , , 2 6 0 2 8 5 135.9 19.2 90.5 C A N P S S o o o e o ll n c u u r e a t t t t g r h h h h a h w w e o l r e n e e n w n t s s a y e t t s e e s . . r r t . n n e . rn ; j ; , I 4 6 7 5 2 1 8 4 1 6 8 6 5 8 2 3 8 1 , , , , , , 4 4 9 9 1 6 9 3 1 9 2 7 7 1 0 6 8 3 6 5 5 2 1 4 8 6 7 2 5 7 1 7 4 8 6 8 3 , , , , , 8 2 2 3 5 ,2 8 8 5 8 1 7 8 8 4 7 1 8 ' , ' ! : , ' 7 5 2 4 4 1 0 0 5 9 7 5 3 5 1 2 4 5 , , , , , , 8 3 5 2 9 1 7 0 2 1 2 5 9 6 2 2 1 2 ! ! ' ! ' | 1 9 1 1 1 1 0 5 2 0 0 1 0 . 6 7 1 8 . 6 5 . . . . 4 6 4 3 1 1 1 1 1 9 2 0 1 0 0 3 9 0 5 3 5 . . . . . . 8 4 4 8 3 1 1 1 9 9 8 9 0 0 4 7 3 8 4 4 . . . . . . 4 2 8 2 3 1 Production 2,839j 2,722J 2,313 Shipments, domes- 3,133J 2,639 2,644!. Total '3,690,698 3,522,011J3,410,567J 102.2 103.9 94.5 5,042; 5,523 4,154i. Stocks*.".".!!!!!!!!!! i Figures for May, 1922, April, 1922, and May, 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

984 FEDERAL RESERVE BULLETIN. AUGUST, 1922. COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. Relative index. Relative index. June, May, June, June, i May, i June, 1922. 1922. 1921. June, May, I June, 1922. 1922. !. 1921. June,: May,June, 1922. 1922. 1921. 1922. j 1922. 1921. TRANSPORT ATION—COn. TRANSPORT ATION—COn. Freight car surplus: Commerce of canals at total 239,225 305,198 373,791 108. h 119.91 169.5 Sault Ste. Marie (000 Box 60,101 69,714 146,298 64.4 67.7 156.7 omitted):2 Coal 147,558 195,439 162,537 170.2 184.5 187.4 Eastbound— Freight car shortage: Grain other Total " 4,803 1.714 663 11.« 4.8! 1.6 than wheat Box 1,397 1' 094 6.4 5.6! . 9 (bu.) 6,987 12, Coal 3,148 423 310 24. X: 3.91 2.4 Wheat (bu.)... 17,209 Bad-order cars, total. -. 340,822 327,704 341,337 144. h 159.9! 145.0 Flour (bbls.)--. Vessels cleared in for- Tron ore (short eign trade (net tons): tons) 8,913) 6,6is| 4,357J. American 2,625,434 2,621,206 3,058,679 91.6 108. li 106.7 Total (short Foreign 3,028,052)2,553,505 3,094,452 103.8 98.0: 106.1 tons) 9,827 7,597! 5,0121. Westbound- I | Total 5,653,486 5,174,7116,153,131 97.8 102.9| 106.4 Hard coal (short Percent of Ameri- tons) 6|" 446,. can to total 46.4 50.7 49.7 105.3| 100-5 Soft coal (short 1721 Panama Canal traffic | tons) 248 4871. (tons 000 omitted):* Total (short Total cargo traffic.. 1,159 1,046 793 144.3 137.81 98.8 tons) I 408 468 127|. American vessels... 609 499 416 Total freight ! British vessels 319 297 230 (short tons).. 1391. 10,23o! 8,066 1 Figures for May, 1922, April, 1922, May, 1921. 2 Figures for July, 1922, June, 1922, July, 1921. AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS. Forecasts of crop production, issued by the in excess of last year's estimated production. United States Department of Agriculture as of While the forecast of spring wheat production August 1, 1922, are shown in the table below, in the Minneapolis district was considerably together with estimates of production in 1921. larger than was expected a month ago, there is The forecast of corn production is consider- a material decline in winter wheat crop exably better than was expected a month ago, pectations in the Kansas City district. The and the present forecast falls only about cotton forecast for the year is 11,449,000 bales, 63,000,000 bushels below the 1921 estimate. which is about 400,000 bales better than was For the Chicago, St. Louis, and Kansas City expected a month ago and about 3,500,000 districts, in which the larger part of the corn bales more than last year's production. Both crop is raised, the August forecasts are con- the oats and the hay crops arc expected to be siderably better than were expected in July, better than last year, the latest forecast being The wheat forecast, on the other hand, is not so even higher than July expectations. good as that of a month ago and only slightly PRODUCTION OF CORN, WHEAT, COTTON, OATS, AND HAY, BY FEDERAL RESERVE DISTRICTS—FORECASTS OF THE DEPARTMENT OF AGRICULTURE AS OF AUGUST 1, 1922, COMPARED WITH ESTIMATED PRODUCTION FOR 1921. [In thousands of units of measurement.] Corn Total wheat Winter wheat Spring wheat Cotton Oats Hay, tame and (bushels). (bushels). (bushels). (bushels). (bales). (bushels). wild (tons). Federal reserve district. 1922 1921 1922 1921 1922 1921 1922 1921 1922 1921 1922 1921 1922 I 1921 Boston 12,842 14,447 492 313 492 313 9,569 8,247 4,940 ! 3,372 New York 34,809 . 42,872 10,006 9,778 9,605 9,416 401 362 39,301 26,500 7,937 1 5,295 Philadelphia.... 64,495 ! 69,416 23,228 21,126 23,021 20,944 207 182 26,302 22,216 3,319 i 2,643 Cleveland 211,957 I 209,377 42,532 35,254 42,032 34,786 500 468 66,606 53,402 7 111 i 5,787 Richmond 182,563 ! 173,687 28,922 24,863 28,922 24,863 1,699 : 1,547 21,988 19,830 3,845 i 3,418 Atlanta 220,712 i 250,255 5,716 5,677 5,716 5,677 2,330 1,693 19,025 21,987 3,154 ! 3,190 Chicago 952,502 967,277 72,468 62,922 66,913 58,102 5,555 4,820 480,822 385,091 19,762 ! 16,034 St. Louis 429.388 416,543 72,448 66,442 72,140 66,110 308 332 2,241 1,662 40,538 59,090 7 861 I 6,934 Minneapolis 285,464 302,344 215,438 153,483 9,180 7,208206,258 146,275 336,291 229,772 20,055 16,877 Kansas City 468,418 442,158 226,636 271,130212,482258,286 14,154 12,844 870 140,060 163,401 16,934 15,589 Dallas 142,252 180,803 8,891 21,986 8,649 21,664 245 322 4,190 2,499 41,442 I 36,858 1,504 j 1,641 San Francisco 11,548 11,193 98,421 121,919 63,149 79,976 35,272 41,943 199 167 29,209 34,343 13,946 ; 16,022 Total 3,016,950 3,080,372 805,201 794,8 541,809 1587,032 263,392 207,861 Hl,449 7,946 1,251,156 jl, 060,737 110,368 96,802 1 In addition, the following amounts were estimated grown in Lower California (Mexico): 1921, 50,000 bales; 1922, 79,000 bales. 2 Cotton grown outside of cotton belt included as follows: 1921, 9,000 bales; 1922, 20,000 bales. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 985 BUILDING STATISTICS. BUILDING PERMITS IN 166 SELECTED CITIES. [Collected by the 12 Federal Reserve Banks.] NUMBER OF PERMITS ISSUED. i Districtj District District District District \ DistrictDistrict District District j District District District Total c N it o ( i 1 . e 4 s 1 ). | c N it o ( i 2 . e 2 s 2 ). N ( o 1 . 4 3 c N it ( o i 1 . e 2 s 4 ) , I j c N it ( o i 1 e . 5 s 5 ). c N it ( o i 1 . e 4 s 6 ). c N it ( o i 1 . e 9 s 7 ). c N it o ( i . 9 e s 9 ) . ' I I c N it ( o i 1 . e 4 s 1 ) 0 . c N i o t ( . i e 9 s 1 ) 1 . c N i o t ( . i 2 e 0 s 1 ) 2 . ci ( t 1 i 6 es 6 ). cities). 1921. '• June : 2,517 7,534 2,874 4,564 4,045 i 2,800 5,930 1,971 I 2,166 2,617 8,199 47,156 1922. January , 878 4,176 1,623 1,724 ' 2,188 2,155 3,498 523 1,336 1,653 8,298 28,884 February • 1,024 4,210 2,081 2,619 2,305 2, 566 4,815 517 1,758 2,114 7,600 33,043 March ! 2,367 13,284 3,557 4,101 3,211 8,806 1,493 2,711 2,623 11,196 60,453 April I 3,011 9,056 4,386 . 6,149 ; 4,397 3,215 11,546 3,342 3,103 2,586 10,966 64,407 May : 2,018 10,136 '•• 3,991 i 6,666 i 5,321 3,443 13,799 3,391 3,554 2,794 11,266 69,334 June 2,945 9,572 3,624 I 5,839 4,509 3,085 11, 898 2,422 2,545 10,156 61,990 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), j 6 (14 cities). 7 (19 cities). 1921. June. S6,602,647 §48,312,504 S7,875,639 815,658,897 88,779,653 S4,723,709 §20,593,319 1922. January... 380,701 50,145,296 6,878,523 5,713,209 8,352,615 3,734,262 18,905,561 February. 280,827 50,372,553 8,275,338 7,829, 585 7,513,542 4,630,052 20,419,417 March 995,500 119,964,783 14,116,292 13,814,868 11,329,049 6,021,211 33,747,135 April 812,829 54,704,292 17,020,500 15,693,183 11,971,471 4,951,558 35,089,303 May 109,108 57,843,585 13,814,813 22,614,084 13,348,592 7,262,167 53,806,499 June 657, 535 73,352,564 18,177,759 22,428,251 15,736,766 6,498,677 49,934,583 District No. District No. District No. District No. District No. Total (166 8 (4 cities). 9 (9 cities). 10 (14 cities). 11 (9 cities). 12 (20 cities). cities). 1921. June S4,448,228 85,602,586 $5,452,181 $4,155,740 Ho, 450,694 §147,655,797 1922. January 2,579,894 2,110,424 5,023,603 4; 960,078 !, 872,876 138,631,902 February 4,150,487 1, 569,774 4,336, Oil 1 4 . ,4 U 1 UV 9 / , , 7 U 8 (O 9 j !, 917,868 141,715,243 March 5,012,607 4,526,209 7,165,925 5,630,336 i 259,754,421 April 6,076,684 8,196,110 8,384,552 6,228,385 30,195,052 212,323,919 May 7,443,855 9,913,853 10,807,084 4,752,642 28,271,238 239,017,520 June 5,855,459 6,020,186 8, 894,131 5,276,819 29,598,278 252,431,008 VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS. [F. W. Dodge Co.] VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS. District District District District District District District Total No. 1. No. 2. No. 3. No. 4. No. 5. No. 7. No. 9.1 (7 districts). 1921. July 819,298,334 $54,500,566 i 813,563,100 835,669,377 841,119,866 $12,651,007 8192,829,219 1922. January 15,302,453 54,962,847 | 12,128,900 21,066,282 14,002,399 29,182,324 3,613,148 150,258,353 February 14,799,476 60,152,424 I 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 29,661,058 24,116,011 58,081,526 11,933,270 264,651,165 April 42,196,915 117,814,585 i 24,795,800 38,089,754 25,618,120 64,236,566 9,878,501 322,630,241 May 31,589,783 91,441,141 i 25,739,294 58,432,714 32,268,767 71,117,055 12,455,410 323,044,164 June 36,259,420 81,614,205 26,630,900 30,668,191 46,801,800 77,560,940 12,153,061 311,688,517 July 24,910,926 ' 79,819,084 28,7(58,377 25,362,187 52,224,001 83,159,795 9,304,325 303,548,695 VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS. 1921. July , 86,672,758 822,546,142 82,971,900 88,319,248 85,335,545 87,382,427 83,758,504 856,986,524 1922. January 4,767,597 35,652,2*03 6,280,200 6.279,459 6,597,861 10,601,761 1,049,594 71,228,675 February 4,179,944 38,657,156 5,647,700 5,545,073 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 j 11,168,868 19,121,798 13,009,760 24,574,835 4,240,047 126,077,158 June , 12,518,840 40,483,063 11,275,517 16.036,790 17,434,095 2,677,184 128,632,327 July 12,644,574 33,364,787 7,826,581 8;074,163 15,406,301 20,633,345 2,415,438 100,365,189 1 Montana not included. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

986 FEDERAL RESERVE BULLETIN. AUGUST, 1922. RETAIL TRADE. ary, 1919, is shown in the second of the following tables. The 159 department stores are The following tables are a summary of the located in districts Nos. 1, 2, 5, .6, 9, 11, and data obtained from 463 representative depart- 12, while the mail-order houses do business in ment stores in the 12 Federal reserve districts. all parts of the United States. Chain-store In districts Nos. 1, 2, 5, 6, 7, 9, 11, and 12 the figures are based upon the total sales of the data were received in (and averages computed same reporting chains for each month, but the from) actual dollar amounts. In districts Nos. actual number of stores in these chains varies 3, 4, 8, and 10 most of the material was received slightly. in the form of percentages, and the averages for the cities and districts computed from such There was a pronounced improvement in percentages were weighted according to vol- mail-order business during June, which is quite ume of business done during the calendar year unusual at this season of the year. Cigar busi- 1921. The changes in retail trade for the ness showed a rather marked reduction and United States as a whole are obtained by com- was smaller than in any month since Septembining the district percentages after multiply- ber, 1919. Comparison with Juno, 1921, shows ing them by a system of weights based partly an increase in business of all types of reporton population and partly on banking resources. ing stores, except cigar and shoe stores. The tables for the month of June are based on The course of business of grocery chains, 5 reports from 25 stores in district No. 1 (Boston), and 10 cent chains, and shoe chains is shown 64 stores in district No. 2 (New York), 104 on the accompanying chart by months since stores in district No. 3 (Philadelphia), 33 stores January, 1919. Allowance should be made for in district No. 4 (Cleveland), 25 stores in dis- the fact that many new stores have been added trict No. 5 (Richmond), 37 stores in district by reporting chains in making comparisons No. 6 (Atlanta), 63 stores in district No. 7 between the level of the curves in different (Chicago), 20 stores in district No. 8 (St. Louis), years, but the seasonal trends indicated within 21 stores in district No. 9 (Minneapolis), 17 any single year are nevertheless highly sigstores in district No. 10 (Kansas City), 22 stores nificant. It will be noted that Christmas buyin district No. 11 (Dallas), and 32 stores in ing causes a very sharp peak in the sales of 5 district No. 12 (San Francisco). Figures for and 10 cent stores each December, while shoe Reading in district No. 3 (Philadelphia) are chains have seasons of heavy selling every shown separately for the first time this month. spring and autumn. Grocery business, on A comparison of monthly changes in activity the other hand, has no marked seasonal of different types of retail business since Janu- tendencies. AVERAGE MONTHLY VALUE OF SALES OF GROCERY CHAINS, FIVE AND TEN CENT CHAINS AND SHOE CHAINS 1919-1922 INDEX ( AVERAGE MONTH, 1S19 = 100 ) INDEX NUMBERS NUMBERS 1 24-0 ROCERY CHAINS f 16) IVE AND TEN CENT CHAINS (**•) 220 H - OE C i HAINS (5) J j"; 220 200 i\ 200 100 it . ID 180 160 qi :p \_ -. 180 / \ Wi 120 \ i- i f 120 100 V 5 —L 100 \.J 80 ^ // 60 ?// 60 60 4=0 20. 20 • 0 J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A..M. J. J. A. S. 0. M. 0. 1919 1920 1921 .1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 987 CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS. [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 sales as compared wit]I corre- at close of month compared month to aver- of month to sponding period prevkms year. with— age monthly total purchases sales for same ,during previous period. calendar year. District and city. Jan. 1,1922,to Same month Previous Jan. 1,1922, to • closeof— previous year. month. close of— May, June, May, June, 1922. 1922. 1922. 1922. May, June, May, June, May, June, May, June, 1922. 1922. 1922. 1922. 1922. 1922. 1922. 1922. District No. 1: Boston . .. . 5.5 1.0 -0.8 -0.4 4.9 3.9 —1.2 -4.2 294.5 288.4 5.7 6 6 Outside -2.5 -.7 -7.1 -6.0 -.4 1.3 -.8 -3.8 453.2 * 440.4 5.7 6.5 District 3.7 -.6 -2.2 -1.7 3.2 3.1 -1.1 -4.1 329.9 322.4 5.7 6.6 District No. 2: New York and Brooklyn 5.3 1.7 -1.6 -1.0 1.6 2.1 -4.7 -4.9 347.9 341.8 4.6 4.9 B uflalo 1.6 —1 3 —10.7 -9.1 -4.0 -4.4 —3.2 -8.9 430.8 404.4 4.4 7 1 Newark —.6 —3.8 —1.3 —1.7 -1.1 —.2 -2.9 -8.1 350.9 342.0 3.6 5 6 Rochester -1.7 -4.6 -6.6 -6.3 -1.4 -2.1 -.8 -2.3 365.1 346.1 3.6 3.7 Syracuse -2.8 "-1.6 -7.7 -6.7 -16.3 -15.1 -4.6 .6 395.2 388.3 3.9 3.8 Bridgeport .... -6.4 —6.7 —11.0 -10.3 4.0 .9 1.6 .3 445.3 444.5 5.6 8 1 Out side 2.6 .7 -1.0 -.7 -.7 -1.5 -3.0 2.5 575.3 564.5 6.9 3.8 District . 3.6 1 0 -2.7 -2.1 .9 1.1 -4.2 -5.2 351.4 344.6 5.0 5 2 District No. 3: Philadelphia. .. . 1.4 .7 -4.3 -4.1 -1.1 -6.8 -2.8 -7.7 333.8 314.4 6.2 7.6 Trenton .7 1 6 -3.0 -2.4 2.5 — 4 -2.0 -3.4 454.2 439.8 Wilmington 9.2 1.9 -7.4 -5.4 -19.0 -17.3 .8 .3 691.4 664.0 3.2 4.3 Chester -6.8 12 7 24.7 -22.7 —1.5 —.5 1,339.5 Harris burg —.6 —1.1 -.9 —1.5 —6.0 5.6 1.7 -2.8 411.2 445.9 Lancast er -6.8 -9.1 -10.7 -10.0 -3.1 -4.9 -.5 -3.6 471.0 481.3 10.8 12.9 Reading 1 0 3 8 4.7 —1.4 592 2 8 2 Outside.. -4.8 -12.2 -i6.2 -13.1 -.7 2.3 -4.0 -.8 501.5 473! 2 5.3 5.3 District . . .. .1 —1 9 -5.7 —5.8 — 1.5 -4.2 —2.7 -5.4 392.3 389.6 6.1 7 3 District No. 4: Cleveland 6.7 7 7 —6.7 -4.6 7.6 5.4 -2.5 -2.9 368.3 369.1 5.6 8 2 Pittsburgh -3.5 -4.0 -15.8 -13.9 -7.5 -8.2 -3.9 -3.5 352.1 357.6 5.2 5.7 Cincinnati .7 -4.3 -6.9 -6.6 -.4 2.4 -5.9 -8.9 522.0 512.0 7.7 12.4 Toledo 2.5 2 9 -5.3 -2.8 —1.8 —1.7 —4.6 -4.8 455.4 444 1 4.3 4 9 Outside 6.3 3.0 -7.0 -8.9 -.2 -1.7 -1.2 -2.1 467.4 428.7 8.9 12.3 District 1.0 4 -10.3 -9.0 —1.3 -1.9 —3.7 —4.0 396.3 393. 7 5.7 7 4 District No. 5: Baltimore -3.5 -5.1 -10.7 -9.1 .2 -.3 -4.9 -6.2 392.9 385.4 6.0 6.7 Richmond 4.0 -3.4 -6.9 -6.3 -.5 -1.8 -3.1 -3.2 392.2 376.8 4.8 4.4 Washington -1.6 -7.6 -8.9 -8.6 6.2 6.2 -2.8 -2.4 416.4 407.6 3.7 5.2 Outside ... -5.6 -14.5 -15.8 -15.8 2.8 5.9 -1.2 -.8 533.1 501.3 5.9 8.4 District --2.5 — 7 1 -10.5 -9.6 2.5 2.8 —3.5 -3.8 419.5 408.0 5.4 6 1 District No. 6: Atlanta —2.7 —5 9 -13.4 —11.8 16.6 7.5 —1.1 -7.3 570.4 375.3 3.5 1 8 TJirminfrham .. -4.1 -8.1 -23.4 -20.4 -5.5 -4.1 -5.6 -.8 560.1 646.0 5.8 6.2 Nashville. .. -4.0 -1.1 -9.5 -8.2 -2.1 -1.8 -1.1 -2.6 491.0 428.7 5.1 6.3 New Orleans -7.8 -10.6 -11.4 -11.3 -.2 -1.2 -4.7 -8.4 488.2 479. 7 3.2 7.5 Savannah ... .. -14.5 -15.9 -21.8 -20.9 -10.7 -12.6 -1.3 -3.8 607.8 598.2 5.9 4.8 Outside — 10.5 —9.0 -12.0 —11.7 -4.2 -5.3 -4.8 -5.5 611.8 545.7 2.0 4.5 District -7.2 —8.8 -13.8 —12.6 -.7 -2.4 -3.9 -5.9 527.8 514.1 4.1 6.1 District No. 7: Chicago —7.3 4 5 — 15.9 —.3 1.2 4.9 -14 —7.9 426.7 293.4 Detroit 13.3 14.8 .8 1.5 -2.5 -4.2 -?:! -5.3 322.1 320.0 10.0 13.1 —6.5 —11.6 -5.6 611.4 3.8 6.2 —3.2 10.7 —1.8 325.7 5 9 - 7 3 11.5 4.4 —5.7 308 6 7 5 Outside -8.0 -6.4 -15.0 -13.1 -1.5 -6.3 -3.0 -4.0 584.9 506.9 4.0 5.2 District . . . 2.9 3.9 -6.8 -5.3 -1.5 -4.0 -2.5 -4.9 438.2 381.7 6.7 9.5 District No. 8: St. Louis -2.3 —2.9 — 11.1 -9.4 -3.3 -5.8 —2.6 -1.5 361.9 355.0 5.8 6.3 Louisville .. -2.7 -6.7 -7.9 -7.6 -11.4 -16.1 —5.1 588.6 585.6 1.9 2.8 —4.1 14.2 —11.2 -7.4 —15.5 —.7 -19.9 553.3 517.0 9.6 5.5 Little Rock . -17.7 -13.4 -18.9 -18.2 15.5 10.4 -4.1 -5.7 427.3 391.7 3.0 3.9 Outside —7.1 .2 -12.8 -12.6 -4.8 -3.6 -2.7 -2.8 507.2 539.1 3.0 3.5 District -4.1 -1.4 -11.4 -9.6 -2.5 -7.2 -2.8 -5.8 430.2 417.7 5.3 5.6 District No. 9 —2.3 —5.8 —10.7 -10.2 4.3 2.0 2.0 -2.7 541.2 5.8 8.3 District No. JO: Kansas City -6.1 —6.1 —12.6 — 11.1 —9.9 .8 —9.6 —16.5 490.3 470.1 1.2 6.6 Denver —1.4 1.6 -8.2 -6.2 4.5 3.4 -1.8 -5.2 663.3 526.7 8.3 13.0 Outside —5.3 —1.8 -11.7 —8.4 5.9 5.2 —2.5 -4.7 558.8 561.3 7.5 7.9 4.5 —2 7 —11.0 —9 1 3.2 —4 6 —9 2 567 6 518 9 5 4 8 8 District No. 11: Dallas -7.0 —8.2 —14.1 -13.2 1.0 -8.6 .3 —7.3 462.4 461.2 7.2 6.5 Tort Worth . .... -4.8 -9.0 -16.4 -14.9 -4.1 -6.5 -4.9 -5.0 526.3 513.3 3.6 7.9 —1.5 —7.1 —7.8 —7.8 -5.2 —2.8 —.6 —14.0 474.3 448.0 1.0 4.1 Outside — 10.3 —15.4 —18.1 —17.7 —10.5 —16.1 —9.1 -9.5 430.3 429. 6 4.5 4.2 District -6.6 -10.2 -14.5 —13.8 -4.2 -9.3 -3.3 -8.9 445.0 456.8 5.5 5.8 District No. 12: Los Angeles 24.0 7,1 4.9 5.2 1.1 -5.5 -9.9 -4.8 443.9 425.1 9.0 12.1 19.5 4.4 .3 .9 4.8 1.8 -8.7 -7.6 450.4 450.6 10.0 12.1 Oakland 3.1 —4 8 —12.5 —11.1 3.7 .7 .1 —7 0 602 8 576 9 Seattle 9.4 5.7 -3.8 -2.1 -7.5 -.4 -.4 -2.9 435.1 419.8 11.4 10.5 —8.1 —4.3 —11.9 -11.5 1.8 2.6 —3.5 —6.3 694.2 667.2 6.9 10.6 Salt Lake City -3.3 -5.5 -14.2 -12.6 2.2 4.1 -3.4 -5.7 542.9 526.9 7.3 District 15.5 3.0 -1.2 -.7 -9.0 —1.9 —6.3 —6.0 462.7 463.0 9.1 11.3 United States .8 -1.3 -7.5 -6.5 — 7 -1.4 -3.3 -5.3 426.8 405.1 5.8 7.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

988 FEDERAL RESERVE BULLETIN. AUGUST, 1922. AVERAGE MONTHLY VALUE OF RETAIL TRADE, [Average month, 1919=100.] Chain stores. Department Mail-order (159 s t s o t r o e r s es). (4 h h o o u u s s e e s s). Grocery Fi t v en e a (4 nd Drug Cigar Shoe Music (16-chains). chains). (7 chains). (3 chains). . (5 chains). (4 chains). i_ 1921. January 103.7 69.1 124.6 86.1 117.3 119.9 85.8 79.0 February... 88.4 64.8 118.4 92.9 110.7 116.5 82.5 78.3 March 116.9 95.1 128.7 121.1 123.6 131.8 141.0 81.9 April 112. 5 77.5 121.7 111.9 121. 8 134.7 1.39.7 75.1 May 112.5 60.2 118.8 112.2 119.2 129.5 136. 5 65.1 June 110.9 62.1 116.0 109.7 120.6 127. 8 127.6 59.9 July 79.2 49.3 115.1 108.0 122.1 128. 5 100.9 55.6 August 82.0 56.4 121.4 116.0 119.8 127.6 86.6 71.6 September-. 94.5 72.7 118.3 113.4 119.4 • 128.0 103.1 82,3 October 130.4 88.6 135.2 141.9 124.2 138.0 135.4 99.2 November-. 125.0 83.3 133. 5 134.1 115.2 124.8 119.1 107.0 December.. 182.4 80.3 144.5 241.6 146.1 172.7 149.6 172.6 1922. January... 93.9 65.3 135.8 94.6 117.0 111.0 '' 80.0 71.7 February.. 81.8 59.4 127.6 100.8 114.5 109.3 , 80.7 75.0 March 105.1 83.5 145.4 118.4 123.2 124.3 : 102.0 80.6 'April 113.6 77.0 137.4 134.9 120.3 124.5 : 156.3 78.9 May , 116.9 169.4 136.5 129.6 122.9 128. 8 127.1 80.9 June , 110.9 191.7 13-3.2 124.9 123.5 105.8 1123.1 81.3 i Partly estimated. CONDITION OF WHOLESALE TRADE. PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN JUNE, 1922, AS COMPARED WITH THE PRECEDING MONTH (MAY, 1922). Groceries. Dry goods. Hardware. Bo s o h t o s e a s. nd Furniture. Drugs. Al p tg c ^P" Stationery. p F l a e r m m e i n m ts - . Auto tires. District. | 1 c P e e n r t. N b fi e u r r m m o - s f . c P e e n r t. b N fi e r u r m m o s - f . c P e e n r t. b N fi e r u r m m o s - f . c P e e n r t. N b fi e r u r m m o s - f . per Num- c P e e n r t. N b fi e u r r m m o s -, . f .t ul p L p " ® fi [ rm ! b N s e . u r m o - f c F en or t. b N fi e r u r m m o s - . f c P e e n r t - . b N fi c r u r m m o s - . f ; t en p , l' ',-i b N fi e r u r m m o s - f . j 1 • No.2 14.1 42 91 11 3 6 10 4 6 6 -,, V. r, No. 3 9.2 51 11 14 98 I 5 5 15 No.4 11.8 25 13 =*0.!8 12 1.1 13: ::::::::: :::::: No. 5 0.7 44 9.5 16 -4.0 18 — 2.8 19 1.91 9 -1.8 11! . No. 6 1.3 34 -4.6 23 —4.1 21 —9 4 8 —4 9 17 2.0 * 01 3 23 1 6 No. 7 18.2 38 6.8 12 1.5 21 —3.1 10 0.6 i] ii.4 16 No. 9 . 18.2 49 14.0 8 1 31— 11 6 6 7 7 No. 10 9.4 16.0 6 6.0 13 —6.9: 7 5.6 29 4 No. 11 3.1 -2.8 12 — 1.8 11 —4.4: 3 —0 3 7 i —30 8 4 j N®. 12 10.9 30 1.5 16 7.8 21 0.7 16 12.4i 14 2.5 8; 8.0 18""io.'o""26 -1.7 25 30.8 22 PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN JUNE, 1922, AS COMPARED WITH THE SAME MONTH LAST YEAR (JUNE, 1921). Groceries. Dry goods. Hardware. shoes. Furniture. Drugs. Au p t l o i e s s u . p- Stationery. piSn^j^to tires. District. cent. B Per N b fi e r u r m m o s - ; f Per firms. Pcr Per beHf Per Num- Pcr N b fi e r u r m m o s - f . c P e e n r t. N b fi e u r r m m o s - f . c P e e n r t. N b fi e u r r m m o - s 1 . f . ! c p p en ^ t i > N b fi e u r r m m o s - f . No.2 7.1 42 11.7 8 11.5 11— 17.7 10 10.0 6 —6 6 6 No. 3 1.9 51-1.1.9 14 0.5 28 1.6: 15 No. 4 0.1 25 —7.6 13 .10. J 12 8.3i 13 | No. 5 3.8 44 0.04 16-0.08 1.8"—8.*7 19" "9.'3 q —1.6! H N0.6 7.0 34 5.4 23 -2.3 21 -7.3 8 27.2 17 8.5! 4 19 1 3 66 7' 6 No.7 9.4 38 6.4 12 18.9 21 17.2 10 7.81 11 57.7 io No.9 7.9 42 -2.9 2 10.8 11-11.4 5 i 54 9 71 No. 10 5.9 12 +2.9 6 15.9 13 12.9 7 —2.0. 5 No. 11 1.2 12 -9.1 * 1? 0.5 11 +3.0 3 —6.5 7 44 8 A No. 12 18.4 30 2.7 16 1.8.9 21 -5.0 16 11.9 14 7.3! 8 7.3 18 7.0 26 13.8 25i i. i! 22 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 989 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 June, 1922: VOLUME OF OPERATIONS DURING JUNE, 1922. United States securities Federal reserve bank. co B m u i e l n l m t s e d b d i e s f r o - r Bil i l n s o b p o e u n ght purchasedi M w u a n rr i a c n ip t a s l Total. franks. market. Bonds and Certificates of purchased. June, 1922. June, 1921 notes. indebtedness. Boston. $82,738,512 S30,022,774 $1,108,100 875,939, 500 8189,808,886 $333,568,864 New York 345,164,080 66, 858,834 95,493,000 464,429,500 971,945,414 2,066,886,849 Philadelphia... 186,639,246 14,165,210 10,626,350 10,062,000 221,492,806 431,834,973 Cleveland 121,959,918 5,072,614 500,000 35,605,500 I 163,138,032 372,482,872 Richmond 71,671,628 i 513,200 72,184,828 247,186,656 Atlanta 21,845,215 ! 2,581,474 1,352,500 2,997,000 I 28,776,189 132,348,665 Chicago 93,238,347 j 35,663,234 15,729,700 38,146,500 i 182,777,781 455,443,258 St. Louis 90,922,695 609,936 3,256,250 31,454,500 126,243,381 177,168,747 Minneapolis 21,288,029 ' 4,413,150 3,758,000 ! 29,459,179 68,661.719 Kansas City.... 14,393,268 11,919,250 6,307,000 • 32,619,51.8 77,4io; 034 Dallas 16,825,424 1,910,971 2,075,000 i 20,811,395 67,654,755 San Francisco.. 92,632,354 18,095,779 "" 2," 500," 666' 8,689,500 ! 121,917,633 368,886,171 Total, June, 1922 1,159,318,716 175,494,026 146,898,300 679,464,000 . 2,161,175,042 . J une, 1921 3,674,977,034 64,673,129 15,263,900 1,041,619,500 j. 4,799,533,563 6 months ending j I June 30,1922... I 9,760,140,334 809,108,076 675,509,100 1,761,258,500 j $111,029 13,006,127,039 I 6 months ending June 30, 1921...! 36,588,772,400 ] 767,364,052 24,158,550 2,475,074,557 39,855,369,559 VOLUME OF BILLS DISCOUNTED DURING JUNE, 1922, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOMMODATED. Member banks' collateral Customers' notes. Bankers' acceptances. Federal reserve bank. o se b G c l p i i u 0 n g a r v a e p e e t n d e i r t r o n b n - y s. G o S b o e l c v i u g e r r a e n t d i m o b n e s y n . t O se th c e u r r w ed is . e Co n p m . a e m p . e e s r r , . cial c p u A a lt g p u r e i r r - a . l p s L a to i p v c e e k r - . Foreign, j Domestic/ Boston 8301,910 838,765,900 543,112,712 8380,927 8106,381 New York 1,220,186 266,934,535 74,927,537 970,907 13,117 Philadelphia 326,590 138,927,560 47,042,171 302,373 Cleveland 310,576 93,407,890 $129,173 26,856,717 256,083 j 84,471 ! Richmond 272,021 54,804,150 520,000 12,263,663 3,420,949 i 38,153 I Atlanta 84,418 7,395,050 283,300 9,676,606 3,625,760 . 543,776 ' Chicago 1,496,562 52,667,536 590,000 30,767,306 7,635,816 I St. Louis 140,456 81,916,364 6,500 5,897,904 2,602,034 135,523 ! 525,000 . Minneapolis 16,672 11,356,240 843,i02 3,967,092 3,193,578 j 1,895,514 j I I Kansas City 76,055 6,173,130 1.6,000 3,958,907 1,446,062 : 2,723,114 '• i :. Dallas 2.1,899 4,398,844 768,540 4,028,960 4,485,589 •. 3,103,391 I I ' San Francisco 159,187 36,749,742 22,853,442 | 27,559,332 3,856,085 ! 1,141,022 889,974 ! j. Total: June, 1922 4,426,532 793,496,941 26,010,057 290,058,907 32,176,163 9,784,462 §89,974 25,000 ! May, 1922....' 3,946,347 732,368,832 26,652,038 301,251,671 35,599,567 10,398,643 ! 44,987 1.12,520 : June, 1921 96,160,831 1,961,999,011 29,408,562 1,490,444,999 56,233,595 \ 26,926,398 $3,790,373 May, 1921 129,890,303 2,578,728,882 23,152,575 1,427,211,911 50,828,201 1 27,794,905 6,562,956 Total reduced to a Trade accopta n ces. common maturity basis.1 Member banks. Total Federal reserve bank. all classes. Per cent Number • Accommodated. Foreign. Domestic. ! Amount. of total. in ldistrict. N umber. Per cent Boston 870,682 | 882,738,512 863,397,823 5.5 433 205 47.3 New York 1,097,798 i 345,164,080 167,652,073 14.4 803 328 40.8 Philadelphia... 40,552 186,639,246 •! 106,270,285 9.2 711 347 48.8 Cleveland 915,008 121,959,918 ! 92,559,279 8.0 884 331 37.4 Richmond 352,692 71,671,628 i 81,058,354 7.0 630 356 56.5 Atlanta 236,305 21,845,215 68,936,346 5.9 532 300 56.4 Chicago 81,127 j 93,238,347 189,941,009 16.4 I 1,4.44 754 52.2 St. Louis 198,9.14 I 90,922,695 56,733,350 4.9 605 249 41.2 Minneapolis... 15,831 I 21,288,029 70,134,762 6.0 1,023 415 40.6 Kansas City... 14,393,268 49,526,554 4.3 1,152 381 33.1 Dallas 18,201 ; 16,825,424 76,137,698 6.6 862 431 50.0 San Francisco. 223,570 ! 92,632,354 j 136,971,183 11.8 849 339 39.9 Total: June, 1922. 3,250,680 ! 1,159,318,716 | 1,159,318,716 100.0 j 9,928 ; 4,4.16 44.7 May, 1822.. 3,556,680 1 1,113,931,285 ;. I I 9,909 ! 4,636 June, 1921. $10,013,265 3,674,977,034 9,770 5,745 58.8 May, 1921.. 9,693,998 j 4,253,863,731 9,770 5,632 57.6 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (15.61) for system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

990 FEDERAL RESERVE BULLETIN. AUGUST, 1922. VOLUME OF BILLS DISCOUNTED DURING JUNE, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Average Federal reserve bank. ; 4 per cent. 4i per cent. 5 per cent. Total. (36 ra 5 t - e day m A a v t e u r r a i g ty e Per cent. Days. Boston $30,810,653 $51,927,859 -$82,738,512 4.32 11.96 Now York 135,266,909 209,897,171 345,164,080 4.24 7.58 Philadelphia. 186,639,246 186,639,246 4.50 8.89 Cleveland 121,959,918 121,959,918 4.50 11.85 Richmond 71,671,628 i 71,671,628 4.50 17.66 Atlanta.. 21,845,215 21,845,215 4.50 49.27 Chicago 93,238,347 • 93,238,347 4.50 31.81 St. Louis 90,922,695 : 90,922,695 4.50 9.74 Minneapolis... 1521,288,029 21,288,029 5.00 51.44 Kansas City... 14,393,268 14,393,268 5.00 53.73 Dallas 16,825,424 16,825,424 5.00 70.66 San Francisco. 92,632,354 j 92,632,354 4.50 23.09 Total: June, 1922. 166,077,562 940,734,433 j 52,506,721 1,159,318,716 4.54 15.61 May, 1922.. 1,058,472,669 55,458,616 1,113,931,285 4.59 17.44 VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING JUNE, 1922, BY CLASSES. Bankers' acceptances. Trade acceptances. T m o o ta n l r m ed a u tu c r e i d ty t o b a a s c i o s m .1 - Total, Federal reserve bank. bills purchased. Foreign. Domestic. Dollar Total Foreign. Domestic. Total. Amount. Per cent exchange. of total. B ton $20,460,106 $8,1.02,668 SI,460,000 S30,022,774 $30,022,774 831,247,778 17.8 New York 52,462,557 11,739,359 1,879,560 66,081.476 S777,358 .$777,358 66,858,834 39,841,882 22.7 Philadelphia 10 694 686 2 932,868 505,000 14 •too 32 656 32,656 14,165,210 17,319,513 9 9 CIPY eland 3,459,316 1.408,298 205,000 5,072,614 5,072,614 4,912,898 Richmond 165 450 347 750 Si 3^00 513,200 501,889 O Atlanta 2 309,974 271,500 2,581 j474 2,581,474. 1,886,760 1.1 C-hicacro 761 196 8 360 814 541 224 35 35 663,234 59,7L8 544 34 0 St L/Ouis 574 936 ' 35,000 936 609,936 1,714,660 1 0 Minneapolis Dallas 1,012,950 673,021 225,000 1,Q10,071 1,910,971 2,020,981 San Francisco 14,007,824 3,962,955 125,000 18,095,779 18,095,779 16,329,121 9.3 Total: June, 1922.. 131,908,995 37,834,233 4,940,784 174,684,012 810 014 810,014 175,494.026 175,494,026 100.0 May, 1922.. 114,746,968 32,239,091 3,620,502 150,606,561 150,606; 56L June, 1921.. 43,000,328 17,263,676 4,334,512 64,598,516 74 613 74,613 64,673,129 May, 1921.. 85,207,323 27,224,489 25,547,853 137,979,665 621. 540 621, 540 138,601,205 i Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (37.57) for system. VOLUME OF ACCEPTANCES PURCHASED DURING JUNE, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Federal reserve bank. 3 per cent. 3-J per cent. 3£ per cent.3§ per cent.3J per cent. 13$ per cent.3f per cent. Boston $4,334,006 S20,383,391 $5,020,816 $114,408 $84,267 $55,000 New York 80,429 16,720,022 1,825,256 373,141 47,567,861 220,000 $72,125 Philadelphia 3,575,261 8,898,116 1,659,176 19,490 13,167 Cleveland 4,608,355 87,440 19,355 188,210 7,457 "i44,"347 Richmond Atlanta 1,298,375 314,451 123,500 Chicago 21,464,655 10,461,129 1,670,450 2,067,000 St. Louis Minneapolis Kansas City Dallas 1,910,971 San Francisco 1,240,586 12,813,051 1,893,093 1,700,668 191,501 256,880 ; Total: June, 1922.. 30,694,937 77,703,346 12,470,682 4,294,062 48,168,506 539,337 j 216,472 May, 1922.. 9,749,970 43,238,498 37,481,554 8,029,787 50,378,729 294,434 201,419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL BESEEVB BULLETIN. 991 VOLUME OF ACCEPTANCES PURCHASED DURING JUNE, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES—Continued. Average Federal reserve bank. 3£ per cent. 4 per cent. 4J per cent. Total. (36 ra 5 t - e day m A a v t e u r r a i g ty e . basis). Per cent. Days. Boston $30,885 $30,022,774 3.19 39.10 New York 66,858,834 3.37 22.39 Philadelphia... . . 14,165,2 L0 3.19 45.94 Cleveland $17,450 5,072,614 3.19 36.39 Richmond.. 8513,200 5.13,200 4.56 36.74 Atlanta 845,148 2,581,474 3.97 27.50 Chicago 35,603,234 3.12 62.91 St. Louis ... . . 609,936 3.17 10.56 Minneapolis Kansas City Dallas 1,910,971 3.17 39.73 San Francisco 18,095,779 3.19 33.90 Total' June 1922 30,886 17,450 .1,358,348 1.75,494,026 3.22 37.57 May, 1922 7,686 71,149 871,043 1150,606,561 3.28 37.01 1 Includes $203,292 and $19,000 of acceptances purchased at 4J and 5 per cent, respectively. NOTE.—All Federal reserve banks use 360 days to the year in calculating interest on bills bought in open market. HOLDINGS OF EARNING ASSETS, BY CLASSES. Following is a set of tables giving a detailed analysis of the different classes of earning assets held by the Federal reserve banks during June, 1922. AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON. AND ANNUAL RATES OF EARNINGS DURING JUNE, 1822. Average daily holdings of— Earnings on- Annual rate of earnings on- Federal reserve bank. A of l a l e s c s a l e r a n t s s i s . n e g s Dis b c i o ll u s n . ted c • h b P a i u l s l r e s - . d se U S c n u ta i r t t i e e ti s d es. o a f s i A s e n e a l g l t r s n . - 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 - o c a l f s i a A s n e s e l a g s l t e r s n s . - co b D u il i n l s s t - , ed c b h P i a u l s l r e s - . d U s S e t n t i c a e i u t t s e e r . i s d - Per cent Per cent Per cent Per cent Boston $93,826,065 $21,798,524 §20,006,769 $52,020,772. 8287,886 $80,089 $52,576 $155,221 3.73 4.47 3.20 3.63 New York 278,125,909J 51,099,960 35,996,026 191,029,923; 845,736 184,128 101,250! 560,358 3.70 4.38 3.42 3.57 Philadelphia... 96,251,724! 46,228,790! 18,827,6971 31,195.237J 321,328 170,650 51,0841 99,594 4.06 4.50 3.30 3.88 Cleveland 127,636,038 39,169,163 13,754,312! 74,712,563; 414,807 144,911 36,287! 233,609 3.95 4.50 3.20 3.80 Richmond 47,943,896 42,234,323 916,173 4,793,400! 170,990 159,424 3,563! 8,003| 4.34 4.59 4.73 2.03 Atlanta 39,276,645 30,910,932 913,617 7,452,096; 131,577 115,160 3,235' 13,182 4.08 4.53 4.31 2.15 Chicago 159,856,554 61,019,738: 18,516,716' 80,320,100' 525,518 230,433 48,441; 246,644! 4.00 4.59 3.18 3.74 St. Louis 57,440,526; 20,831,841; 8,332,955i 28,275,7271 189,857 77,770 21,847i 90,240' 4.02 4.54 3.19 3.88 Minneapolis... 40,106,000 26,169,600 13,936,400; 144,335 107,885 36,450 4.38 5.01 3.18 Kansas City... 65,046,104 22,550,6161 5,000 42,490,488 222,002 92,351 21; 129,630! 4.1, 5.00 5.04 3.71 Dallas 39,432,738 31,918,125! 2,084,113| 5,430,500 149,907 133,015 5,479 11,413 4.63 5.07 3.20 2.56 San Francisco. 121,674,30-ij 44,856,800 15,827,475! 60,990,029; 413,181 166,196 41,485 205,500 4.13 4.51 3.19 4.10 Total: June, 1922.. 'l, 166,616,503 438,788,415 135,180,853 592,647,235 3,817,124 1,662,012365,2681,789,844 3.98 4.61 3.29 3.67 May, 1922.. 1,188,849,317| 481,627,272! 103,073,301,604,148,744, 4,119,8811,912,902306,4611,900,518 4.08 4.68 3.50 3.70 June, 1921.. 2,175,175,179-1,817,748,880 54,7.15,853 302,710,44610,131,273 9,265,160268,315 597,798 5.67 6.20 5.97 2.40 May, 1921.. 2,353,794,3601,966,646,008 84,394,913,302,753, 43911,571,365 10,502,633 428,792; 639,940 5.79 6.29 5.98 2.49 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

992 FEDERAL RESERVE BULLETIN". AUGUST, 1922. HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of June figures. In thousands of dollars.] Custom- M co e l m lat b e e r r a l b n a o n te k s s . ' Bankers' acceptances. Trad an e c a e c s c . epters' Federal reserve bank. Total. by p a ( p i e o r v- obliga- se O w c t u h is r e e e r d - . m n p C . e a e o r p . m c e i s a r - . l c p u A a lt p g u r e i r r - a . l ' p s L a to p iv c e e k r. Foreign. Do ti m c. es- c D ha e o x n l - l g a e r . Foreign. | 1 D ?£ ' es ' " tions. 1 Boston 30,796 748 ! 9,993 19,353 529 106 67 New York 66,289 677 46,400 17.635 ! 1.1J8 ! 459 Philadelphia 48,241 416 32.813 ... 14.155 i 712 ! 145 Cleveland 37,301 634 22,803 30 11.462 1 HI 5 404 1 053 Richmond 41,216 454 . 12,800 244 17.955 9,043 63 i 657 Atlanta 29,110 147 2,217 100 14,793 9,761 1,800 292 Chicago 63,130 19L iR.nr>2 291 20,812 25,437 347 St. Louis 18,529 173 6.988 3 4,115 6,51.4 471 81 j 184 Minneapolis 27,850 22 3,277 398 4,028 12,751 7,181 | 193 Kansas Citv 20,841 221 2,572 16 2,815 5,103 10,114 i Dallas 32,264 34 i nxx 368 4,880 14,743 11,113 ! 38 San Francisco 45,851 266 ! 6,255 11,140 15,120 9.15fi 3,592 j 322 Total: June 30, 1922 461,418 3,983 ifiS 2-W 12,590 147,123 Qr>. 782 34,844 81 ... 1 3,757 May 31, 1922 471,490 5,009 •" 166-097 12,228 150,224 98>)20 33,974 103 ! 5,235 June 30,1921 1,751,350 113,803 523,787 15,226 842,096 157,871 76,258 7,779 677 80 ! 13,773 May 31, 1921 1,907,913 159,563 627,681 12,006 855,608 152,749 76,718 7,804 1,638 30 134 13,982 HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES [End of June figures. In thousands of dollars.] All classes. Bankers' acceptances. Trade acceptances. Dis- i Federal reserve bank. cou fo n r t ed i • Total. Foreign. Domestic.ex D ch o a ll n a g r e. Foreign, j Domestic. member i banks. ! Boston 25,150 I 25,083 67 ! 25,083 16,713 6,827 1,543 67 67 New York 46,995 ! 46,536 45,866 36,962 7,750 1,154 1,129 670 | 459 Philadelphia... 19,148 ! 19,003 18,893 14,333 3,980 580 255 110 ! 145 Cleveland 17,769 : 16,716 1,053 | 16,716 14,244 2,167 305 1,053 1,053 Richmond 1,368 ! 711 657 i 711 226 485 657 657 Atlanta 937 645 292 645 389 256 292 292 Chicago 21,822 21,475 347 21,475 15,135 5,916 424 347 347 St. Louis 11,804 11,539 265 11,620 10,291 965 364 184 184 Minneapolis... 193 193 193 193 Kansas City... 5 5 Dallas 2,914 2,876 38 2,876 2,127 724 25 38 ! 38 San Francisco. 16,845 16,523 322 16,523 13,722 2,661 140 322 ! 322 Total June 30,1922 ! 164,950 160,413 124,142 31,736 4,535 4,537 780 3,757 "M ay 3' 1, 1922.. 123,520 118,204 88,004 26,599 3,601 5,316 . 81 5,235 June 30,1921 62,532 48,586 36,249 9,169 3,168 13,946 173 13,773 Purchased in open market: June 30,1922 161.112 160,332 124,142 31,655 4,535 780 780 May 31,1922 118,182 118,101 88,004 26,496 3,601 81 81 June 30,1921. ,.. 40,223 40,130 28,470 8,492 3,168 93 Discounted for member banks: June 30,1922 81 81 3,757 3,757 May 31,1922 5,338 103 103 5,235 5,235 June30,1921 8,456 7,779 j 677 13,853 ! 13,773 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL, RESERVE BULLETIN. 993 HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS. [End of June figures. In thousands of dollars.] Member banks. Nonmember Bra a n n c d hes banks Private agencies Federal reserve bank. Total. and banks. of National. na N tio o n n a - l, i b co a r n p k o i r n a g - f b o a r n ei k g s n . tions. _! Boston. 13,076 8,358 3,304 154 191 New York 21,610 i 12,864 ! 4,910 3,305 3,177 Philadelphia.. 893 6,622 : 5,361 I 2,703 1,581 2,626 Cleveland 716 I 7,871 j 5,942 ! 1,706 847 350 Richmond 711 711 i Atlanta 645 ! 356 289 C St h . ic L a o g u o is 6 4 2 7 0 5 ! j 1 4 0 , , 5 4 8 0 3 2 5 9 , , 1 3 0 7 4 8 1 1 , , 2 1 8 5 4 4 : I 5 2 9 5 6 6 2 5 8 3 5 Minneapolis... Kansas City... 5 j 5 Dallas 876: 909 1,525 : 200 I 167 75 San Francisco. 523 I 6,337 5,829 j 1,699 | 1,285 1,373 Total, June 30, 1922 160,413 ! 72,482 54,650 16,960 , 8,191 8,130 May 31, 1922 118,204 ! 53,780 37,750 14,683 ! 6,117 5,874 June 30, 1921 48,586 ' 18,871 13,949 9,009 i 3,470 3,287 Purchased in open market: June 30, 1922 160,332 I 72,444 54,607 16,960 i 8,191 8,130 May 31, 1922 118,101 • 53,768 37,659 14,683 ! 6,117 5,874 June 30, 1921 40,130 I 15,280 11,507 6,960 ' 3,391 2,992 Discounted for member banks: June 30, 1922 38 43 May 31, 1922 103 j 12 9L J une 30, 1921 8,456; 3,591 2,442 2,049 , 79 295 BANKING CONDITIONS BY FEDERAL RESERVE DISTRICTS. Developments in Federal reserve and mem- ! Francisco, but the bulk of it, amounting to ber bank conditions for the country as a whole ; $104,000,000, is reported for New York City are discussed in the paragraphs on the banking ! banks, the decrease for the Boston district being situation in the review of the month, page 907, I $22,000,000 and for the Chicago district $14,and graphically shown in the chart on page 908. 000,000. Demand deposits of reporting member The text tables here presented show changes in I banks declined by $97,000,000 during the period condition of individual Federal reserve banks I under review, a much larger decline in New York and of reporting member banks in each reserve : City being partially offset by increases elsedistrict. where. Time deposits, on the other hand, in- As is stated in the review of the month, the I creased by $206,000,000, of which $160,000,000 principal change in the condition of member represented the share of New York City banks. banks for the five-week period ending July 19 A table comparing total loans and discounts was a decrease of $136,000,000 in loans and dis- of reporting member banks on January 7, 1921, counts and an increase of §110,000,000 in Gov- the earliest date for which separate figures for ernment securities held. Liquidation of loans loans and discounts are available, and on July, is shown for reporting member banks in all the 1922, with demand deposits for the same dates districts except Cleveland, Atlanta, and San is given below: 4210—22 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

994 FEDEEAL RESERVE BULLETIN. AUGUST, 1922. TOTAL LOANS AND DISCOUNTS, NET DEMAND DEPOSITS, AND RATIO OF DEPOSITS TO LOANS OF REPORTING MEMBER BANKS IN LEADING CITIES. [In millions of dollars.] Total loans and discounts. Net demand deposits Ratio of p d e e r p o c s e i n ts t. to loans- Federal reserve district. Deerease. Increase. Jan. 7, July 19, Jan. 7, July 19, Jan. 7, Sept. 21, July 19, 1921. 1922. 1921. 1922. 1921. 1921. 1922. Amount. Per cent. Amount. Per cent. Boston 934 783 151 16.2 784 799 15 1.9 83.9 84.9 102.0 New York 4,987 3,954 1,033 20.7 4,954 4,971 17 .3 99.3 106.2 125.7 New York City 4 488 3,492 996 22.2 4! 453 4,470 17 .4 99.2 107.6 128.0 Philadelphia 682 558 124 18.2 673 686 13 1.9 98.7 98.7 122.9 Cleveland 1 111 996 115 10.4 898 852 *46 1 5.2 80.8 74.5 85.5 Richmond 488 424 64 13.1 340 331 !9 12.6 69.7 61.1 78.1 Atlanta . 453 356 97 21.4 238 246 8 3.4 52.5 53.8 69.1 Chicago 1,932 1,565 367 19.0 1,322 1,448 126 9.5 68.4 74.3 92.5 City of Chicago 1 269 1 052 217 17.1 925 983 58 6.3 72.9 77.8 93.4 St. Louis 507 413 94 18.5 325 312 1 13 U.O 64.1 62.1 75.5 Minneapolis 308 234 74 24.0 187 190 3 1.6 60.7 60.7 81.2 Kansas City 536 427 109 20.3 399 436 37 9.3 74.4 80.0 102.1 Dallas 288 234 54 18.8 212 207 15 12.4 73.6 73.9 88.5 San Francisco . 993 864 129 13.0 606 623 17 2.8 61.0 62.7 72.1 Total 13,219 10,808 2,411 18.2 10,938 11,101 163 1.5 82.7 85.2 102.7 Loans and discounts of reporting member (3) The importation of gold from abroad. banks declined by $2,411,000,000, or 18.2 per Net imports of gold to the United States cent, between January 7, 1921, which was not were $780,000,000 between the beginning of far from the peak date, and July 19, 1922. 1921 and the end of June, 1922. Another Declines are shown for. all of the reserve dis- way of stating this is to say that deposits tricts, but are less pronounced in the Cleveland, can increase either through loans granted by Richmond, and San Francisco districts than in the banks to their customers and credited to the rest of the country. While loans were their accounts; through the purchase of securideclining throughout this period, demand ties by the banks and the crediting of the deposits of reporting banks reached their lowest sellers7 accounts with the proceeds, or through level in September, 1921, and increased in the deposit of cash. Cash deposits in turn most of the districts since that time. Since can consist either of currency withdrawn January, 1921, deposits show an increase of from domestic circulation, or of gold imported $163,000,000, or 1.5 per cent, declines being from abroad. During the period under disshown only for the Cleveland, Richmond, St. cussion the liquidation of loans exerted an Louis, and Dallas districts. influence toward the reduction of deposits, The increase in deposits, which is shown for but this was somewhat more than offset by the latter part of 1921 and for 1922 in the face the increase in investments and the deposit of loan liquidation, reflects three major fea- of domestic currency and of foreign gold. tures of recent financial developments: (1) The economic causes back of these develop- An increase in the banks' investment in ments are worthy of consideration. Deposits Government and other securities. Between generally tend to increase in relation to loans January 7, 1921, and July 19, 1922, the invest- in times of depression. This is due partly ment account of the reporting banks increased to the gradual reduction of inventories by by $1,048,000,000, of which §795,000,000 merchants, who pursue a hand-to-mouth represents the increase in holdings of United policy and build up their deposit accounts in States obligations. Since a substitution of preparation for the revival of business. It is investments for loans in a bank's portfolio due also in part to the gradual liquidation of does not affect the deposit account, this frozen domestic and foreign loans, especially growth of investments explains over $1,000,- as the upward swing of business begins to 000,000 of the difference between the changes manifest itself. This liquidation of loans, shown in loans and in deposits. (2) Contrac- to which no deposits correspond on the books tion of the currency, chiefly the reduction of of the banks, as these deposits have been Federal reserve note circulation, which de- previously drawn out, tends to increase the clined by $1,137,000,000 between January 7, ratio of deposits to loans. In addition, in a 1921, and July 19, 1922. Currency contrac- depression there is less strain on the resources tion represents the excess of cash deposits of business, with a consequent slowing down received by the banks over cash withdrawals. in the turnover of deposits and an increase Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 995 in the length of time that deposits remain 122.9 per cent, in the Boston district 102 per in the banks. This also results in a relative cent, and in the Kansas City district 102.1 per increase of deposits as compared with loans. cent. None of the other districts show de- During the past two years the decline in prices posits in excess of loans. In the Atlanta disreduced the public demand for currency and trict they constituted only 69.1 per cent of correspondingly reduced withdrawals of de- loans, the ratio being relatively low in all the posits in currency from the banks by busi- southern districts and in the middle and far ness concerns and private individuals, who west, although in Chicago the ratio was 92.5 needed less cash to transact their business. per cent. In general, the table shows that, All these causes have operated to increase while there has been nearly as much loan the ratio of deposits to loans, wThich was 82.7 liquidation in the interior of the country as in per cent on January 7, 1921, rose to 85.2 the industrial centers on the coast, the relative per cent on September 21, 1921, when de- increase in deposits has been more pronounced posits began to increase, and advanced further in the latter. An explanation of this difference to 102.7 per cent on the latest report date. may be found in part in the fact that the It is interesting to compare this ratio for liquidation of foreign loans was largely condifferent sections of the country. On July fined to the industrial centers, and that this 19, 1922, deposits in New York City banks liquidation of foreign obligations by the shipconstituted 128 per cent of loans and in the ment of gold was an important factor in entire district of New York 125.7 per cent; the reduction of loans out of proportion to in the Philadelphia district the ratio was deposits. CHANGES IN PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT BETWEEN JUNE 14 AND JULY 19, 1922. [In millions of dollars.] Accommodation at Federal reserve Loa c n o s u a n n t d s . dis- e U r n n i m te e d n t S t s a e t c e u s r i G ti o e v s - . Oth a e n r d b s o e n c d u s r , i t s i t e o s c . ks, Demand deposits. Time deposits. Fede b ra a l n r k e s s . erve district. Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. Boston 22 7 1 9 10 1 New York 102 69 7 191 168 56" New York City. 104 64 5 203 160 62 Philadelphia 6 7 18 1 3 Cleveland 9 9 1 34 8 'A Richmond 2 2 15 i 3 Atlanta 1 2 1 2 3 ! Chicago 14 12 3 25 • 7 ! 2 City of Chicago.. 20 8 4 17 1 1 St Louis 2 6 3 2 Minneapolis 8 2 1 Kansas Citv 2 9 11 2 1 Dallas 1 1 1 3 1 San Francisco 5 5 5 10 4 2 Total 130 110 10 97 206 42 Liquidation of loans and discounts, amounting $14,700,000, the largest decrease amounting to to $41,600,000, for the 12 Federal reserve banks $38,800,000 being reported for the Chicago combined during the five-week period ending bank, while the St. Louis, Minneapolis, and San July 26 was reported, the Boston and Dallas Francisco banks showed smaller reductions. banks being the only ones reporting increases. For the other eight reserve banks increased The heaviest decline, amounting to $17,100,000, totals of Government securities are shown, the was reported by the Cleveland bank. Govern- principal increase, amounting to $15,900,000, ment security holdings show a decrease of being shown for the New York bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

996 FEDERAL RESERVE BULLETIN. AUGUST, 1022. CHANGES IN PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK BETWEEN JUNE 21 AND JULY 26, 1922. [Amounts in millions of dollars.] Federal reserve Total reserves. Discounts. G s o e v c e u r r n it m ie e s n . t Total deposits. n F o e t d e e s r t i a i n l o n c re . ir s c e u r l v a e - pe " r R c e e s n e t r a v g e e. bank. Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. June 21. July 26. Boston 8.0 2.3 3.4 .9 10.2 ! - - 72.2 72.2 New York 11.3 3.0 15.9 24.2 1.0 87.9 85.6 Philadelphia 21.0 2.9 4.1 .7 1.3 SO. 7 74.0 Cleveland 11.2 17.1 4.3 o. 7 i 69. 7 71.7 Richmond 3.7 4.8 4.2 ;;•••;;: 5:2 75.5 78. 8 Atlanta 5.4 .9 1.3 3.3 83.0 > 81.6 Chicago .. 60. o 7.8 38.8 11.7 3.1 8L.3 89. 0 St. Louis 11.1 2.9 3.8 9.2 . .: l.s 68. 4 65.6 Minneapolis .8 1.1 1. 7 70.3 71. 7 Kansas City 1.7 2.9 i.i 1.3 .8 61. 5 66.0 Dallas.. 2.3 .9 1.0 2.2 .2 61.8 57.0 San Francisco .2 1.7 2.1 L S .9 70. 2 70.6 j Total. 33.8 41.6 14.7 33.7 . 5 79.1 ! 79.2 i ! ! No substantial change in Federal reserve reserves and an increase in deposit liabilities. note circulation is shown, increases shown Other banks for which reduced reserve ratios for the Boston, Chicago, and Kansas City are shown are the Philadelphia, Atlanta, St. banks being practically offset by declines Louis, and Dallas banks. The Boston bank's reported for the other banks. The reserve reserves remained unchanged at 72.2 per cent. ratio, which advanced from 79.1 to 79.2 per The largest increase in reserve ratio, from 81.3 cent for the system as a whole, shows varying to 89 per cent, is shown for the Chicago bank, changes for the different districts. For the reflecting chiefly the increase of $60,500,000 in ,New York bank a decline from 87.9 to 85.6 per the bank's cash reserves. cent is shown as a result of a decrease in CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR JULY AND JUNE, 1922. [Daily averages. Amounts in thousands of dollars.] Total cash reserves. Total deposits. j percentages. Federal reserve bank. July. June. July. I June. July. Juno. July. June. Boston 207,436 195,846 124,461 121,327 :: 162,942 I 153,470 72.2 71.3 New York 1,136,406 ,173,711 739,801 762,334 . 627,653 621,970 83.1 84.8 Philadelphia 221,195 225,616 110,713 109,187 ; 180.393 180,283 76. 0 77.9 Cleveland 244,702 240,715 145,616 142,027 • 198^ 095 197,745 71.2 70. 8 Richmond 107,879 108,366 61,058 60,026 : 80,664 84,660 76.1 74.9 Atlanta 136,783 139,834 50,914 50,762 ! 113,238 115,419 83.3 84.1 Chicago 557,730 501,244 266, 532 262,790 i 371,527 364,012 87. 4 80.0 St. Louis 88,441 96,179 65,261 70,637 ! 67,725 69,074 66.5 68.8 Minneapolis .- 68,640 67,289 46,260 45,985 49,627 49,139 71.6 70. 7 Kansas City 92,900 87,959 83,772 79,965 58.935 57,850 65.1 63.8 Dallas 42,577 45,985 47,562 47,328 26)440 26,339 57. 5 62.4 San Francisco 253,587 253,631 140,168 140,223 220,166 218,469 70.4 70.7 Total: 1922. 3,158,276 3,136,375 1,882,118 1,892,591 2,157,405 i 2,138,430 78.2 77. 8 1921 2,655,179 2,605,779 1,696,481 1,723,271 2,604,750 2,682,560 61.7 59.1 1920 2,118,899 2,102,985 1,909,221 1,974,537 3,143,465 3,113,9-19 143.7 M3.3 1919 2,176/779 2,248,265 1,959,758 1,940,647 2,523,960 2,500,969 1 50.4 152.6 1 Calculated on bapis of net deposit? and Federal reserve notes in circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 997 CONDITION OF FEDERAL RESERVE BANKS. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 28 TO JULY 2G, 1922. RESOURCES. [In thousands of dollars.! San Total.- I Boston. Y N o e r w k . ; d P c h lp il h a i - a. C la lo n v d e . - : : in R o i . c u h d - . Atlanta, Chicago. Lo S u t. is. ! Gold and gold certificates: ! June 28 316,937 ' 13,8*20 207,847 ! 5,600 13,368 3,229 5,659 24,049 4,215 7,1.89: 2,525 9,753 19,683 July 5 .117,0-10 i 13,671 207,977 I 5,471. 1.3,31.3 3,259 5,670 24,136 4,276 7,174 i 2,54.1 10025 19,527 July 12 .317,832 | 13,874 207,669 5,472 1.3,378 3,318 5, 621 24,314 4,324 7,211 : 2,550 10,309 19, 792 July 19 31.7,980 ; 1.3,976 207,273 ; 5,499 13,225 3,286 5,645 24,482 4,438 7,231 i 2,577 10,467 1.9, 881 July 26 317,459 j 14, 100 206,765 " 5,657 13,300 3,316 5,668 24,770 4,083 7,280 ! 2,585 9822 20, 113 Gold settlement fund— i 1\ R. Board: June 28 532,351 I31, 125 156,274 42,-764 45,120 i 39,655 2.1,492 89,223 16,145 23,404 ! 27,506 8205 31,438 July 5 51.8,079 I39,4.13 70,207 !51,526 44; 548 !37,575 27,945 1.37,088 18,096 27,885 i 30,548 7,43 L 26,4.17 July 12. 514,590 I 36,093 88,734 j 44,149 43,891. :34,231 22.846 150,055 6,033 28,661 ! 26,733 6089 27,075 July 1.9 490,620 j33,002 53,4.70 :46, .144 45,910 35,3.13 2i; 424 148,817 8,681 29,438 ! 32,723 4466 3.1,232 July 26 498,309 31,061 92,991 29, 891 50,699 | 38,790 19,1.83 134,273 11,398 27,991 j 28,930 5151 27,951 Gold "with F. R. agents: . June 28 2,123,373 129,470 804,156 | 153,315 170,010 : 5544,,5546 101,027 364,604 57,570 30,452 : 50,937 : 19,221 1.88,065 July 5 2,123,816 126,713 803,9-16 :. 156,301 j 170,026 ". 5533,6,614 100,518 360,207 57,422 29,932 50,162 ! 19,8"" 195,066 July 12 2,161,560 140,089 803,771 | 159,382 I 172,612 • 5577,, 7749 99, 730 366,844 60,030 29,675 53,456 19,545 198,677 July 19 2,195,062 146,264 833,587 1 16.1,032 17l!054 56,811. 98,912 57,646 29,194 i 52,705 20,216 198,789 July 26 2,197,645 148,315 833,440 161,960 169,699 o~y, 838 98,418 : 56,081 29,609 ; 54,021 19,803 194,562 Gold redem ptioti fu nd: i June 28." 48, 207 8,725 5,11.3 7,996 2,182 3,973 1,119 j 10,290 1,437 . 1,823 i 1,479 726 3,344 July 5 61,142 10,833 9,066 8,943 2,944 3,920 1,086 | 13,673 1,999 I 2,130 1,770 921 3,857 July L2 41.. 851 6,712 7,880 2,674 3,193 3,879 1,398 j 6,223 1,844 | 2,070 1,994 994 2,990 July 19 41; 673 9,422 • 6,789 3,787 3,495 3, 793 1,579 ! 3,156 1,729 : 2,278 ! 2,231. 742 2,672 July 26 41,118 6,3J8 5,782 5,054 3,663 3,851 1,527 j 5, 155 1,683 1,630 ! 2,377 589 3,459 Total gold reserves: June 28 3,020,868 183, 1.40 ,173,390 209,675 230,680 101,403 ! 129,297 : 488, L66 79,367 I62,868 : 82,447 37,905 I 242,530 July 5 3,020,677 190,630 ,091,196 222,241 230,831 98,368 I 135,219 i 535, 164 81,793 ' 67,1.21 ; 85,021. 38,226 244,867 July 12 3,035, 833 1.96, 768 , 108, 054 :211,677 ; 233,074 99,177 ! 129,595 | 547,436 72,231 • 67,617 I 84,733 36,937 ! 248,534 July 19 3,045,335 202,664 ,101,119 216,462 233,684 99,203 127,560 : 545,307 72,494 68,141 I90,236 35,891 i 252,574 July 26 3,054,531 199, 824 , 138,978202, 562 237.361 101,795 124,796 i 540,097 73,245 66,510 ! 87,913 35,365 | 246,085 Legal 'tender notes, silver, eic: | June 28 127,198 .1.1,991 30,443 !i 7,, 484 I 10,142 7,298 j 6,362 ' 20,235 15,651 ! 709 ' 5,041 6,042 i 6,100 Julv 5 11.3,252 8, 706 27, 184 j 7,10") i 8, 813 6,556 ! 6,390 I 17, 872 13,636 ' 604 i 4,775 6,306 ! 5,305 July 12 121,207 8,950 31,536 I 7,533 I 9", 47—2 6,686 ; 6,243 : 20,676 13,5-10 i 536 , 4, 708 6,086 ! 5,231 July .19 123,987 8,537 33,611 i 8,404 ! 9,159 6,718 I 6,952 21, 11.7 12, 175 ' 601 : 4,890 6,427 i 5,396 July 20 126,967 8,685 34,255 ! 8,992 ! 9,693 7,496 i 7,421 ! 21,018 11,982 i 644 i 4,584 6,503 j 5,694 Total reserves: June 28 3. 118,366 195,131 . 203,833 217,159 j 240,822 108,701 135,659 508,401 95,018 j 63,577 i 87,488 43,947 ! 248,630 July 5 3', 133,929 199.336 ; 118,380 229,346 I 239.644 104;924 : 141,609 553,036 95,429 I 67,725 89,796 44,532 ! 250,172 July 12 3,157,040 205, 728 , 1.39, 590 21.9,210 " 242.; 546105,863 . 135,838 568,112 85,771 I 6688,115533 89,441 43,023 I 253,765 July 19 3,169,322 211.201 , 134,730 224,866 I 242,843 1.05,921 134,512 566,424 84,669 I 68, 742 i 95, 1.26 42,318 257,970 July 26 3, .181, 198208', 509 ,173,233 211,554 ! 247,054 109,291 132,217 561,115 !8855,222277 67,154 : 92,497 41,868 i 251,779 Bills discounted: || I Secured by U. S. Government ob- I | ligations- June 28 189,909 12,427 70,233 32,660 '23,640 12,544 ! 2,456 ! 14,769 I 7,576 2,746 ! 2,889 1.220 6, 7-J9 July 5 185,390 10. 1.14 68,295 30,365 1 23,795 12,009 ! 2,204 , 17,298 j 6.658 1,978 | 2,373 i; 378 8,923 July.12 157,555 8,201 58,506 29.628 '15,339 .1.2,864 i 2,031 ! 13,815 ! 5; 722 1,625 1,613 1,028 7,183 July 19 176.263 6,523 69.495 30', 021 I22,400 11, 760 2,488 j 14,198 i 5,898 1,666 i '1,513 i; 183 9,118 July 26 115; 238 7.970 16', 216 29,263 :14,828 9,665 1,796 ; 14,949 | 5,054 1,514 , 1,470 J, 476 11,007 Other "bills dis- ! counted— June 28 279,192 14,795 j 17.607 .1.2,055 !13,310 27,700 27,629 42,090 12,011 23,945 18,225 31,536 38,289 July 5 3.1.3,482 23,587 ! 40' 200 13,453 117,597 26,610 26,939 42,850 11,562 23,994 17,687 30,745 38,258 Julv .12 272,387 1.5,505 i 15,182 9,859 I .19,318 26,369 26,761 39,362 11,211 23,514 16,937 31,562 36,807 July .19 267, 205 .12,930 ! 2-1,231 8,128 13,553 26,257 28,574 37,473 11,203 23,168 16,863 32,002 32,823 July 26 264, 743 18^ 077 •I 14,391 12,015 j10,139 26,144 28,172 37,297 10,973 24,390 16,735 32,380 34,027 Bills bought in open I market: Juno 28 151, 060 24,206 j 46,226 18,201 ' .16,200 870 667 16,318 11,538 2,876 16,953 July 5 155,065 23,520 46,924 17,901 ! 16,062 7L0 I 1,306 19,167 11,511 2,498 15,461 July 12 157,675 22,17L •16,363 19,711 16,988 496 746 19,568 13,856 2,512 15.264 July 19 1-18,970 19,055 40,399 2i; 013 j15,316 423 ! 670 i 20,106 14,415 2,917 14; 656 July 26 156,138 .19,138 37,572 24,734 ' 21,738 409 j 904 : 15,893 15,344 2,909 17,497 U. S. bonds and notes: J J u u n ly e 5 28 2 2 2 1 4 6 , , 6 2 3 3 8 7 i 4 1 , , 5 5 6 6 7 7 : 6 5 6 6 , , 2 5 5 7 0 4 2 23 3 ; . 5 5 6 8 1 1 2 2 6 6 , , 3 3 9 9 2 2 1 1 , , 2 2 3 3 3 3 I . 2 1 0 8 8 8 i ! 7 8 , , 3 6 5 4 5 2 1 1 1 1 , , 4 4 1 10 0 I ! 4 4 , , 7 7 0 5 2 1 2 2 8 8 , , 3 30 0 2 2 2 2 , , 8 8 1 1 6 6 4 47 7 ; . 8 8 1 1 0 0 July 12 208,424 4,567 51.956 23,581 26,893 1,233 241 I 7,182 11,453 ' 4,738 28,454 2,816 45,310 July 19 201,901 4, 566 49; 358 -! 23; 581 26,893 1,233 265 j 6,254 1.1,767 1 4,590 28,378 3,316 41,700 July 26 20i; 621 4,567 •19,358 j 23,580 26,893 1,233 147 I 6,219 11,916 4,343 28,370 3,316 41,682 U. S. certificates of indebtedness: i One-year certificates (Pittman Act)— June 28 74,000 ! 5,450 19,500 j 5,500 ' 5,500 3,560 6,699 8,667 3,571 4,000 4,321 1,900 i 5,332 July 5 74,000 ' 5,450 .19,500 I 5,500 5,500 3,560 6,699 8,667 3,571 4,000 4,321 1,900 ! 5,332 July 12 74,000 ! 5,450 ! 19,500 I. 5,500 ! 5,500 3,560 6,699 8,667 3,571 I 4,000 4,321 1,900 . 5,332 July 19 74,000 ! 5,450 I 19,500 ; 5,500 ! 5,500 3,560 6,699 8,667 3,571 ! 4,000 4,321 1,900 ' 5,332 July 26 72,000 i 5,450 " 18,500 ' 5,500 ' 5,500 3,560 6,199 8,667 3,571 ' 4,000 4,321 1,900 • 4,832 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

998 FEDERAL RESERVE BULLETIN. AUGUST, 1922. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 28 TO JULY 26, 1922—Contd. RESOURCES—Continued. [In thousands of dollars.] i 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 , - i | m R o ic n h d - . Atlanta. Chicago. Lo S u t. i s, i M ap i o n l n i e s. - i K C a i n t s y a . s ! : | F c S i r s a a c n n o - . J !. U. S. certificates of indebtedness—Con. Other certificates— June 28 257,969 38,501 92,730 3,805 2,031 41,132 10,207 4,524 12,993 775 7,462 July 5 260,271 j36,939 94,605 5,405 43,935 2,031 38,302 10,551 I 4,783 12,993 1,765 8,962 July 12 274,349 i35,929 127,769 5,410 43,945 2,031 17,991 10,715 4,339 12,993 1,765 11,462 July 19 265,948 I38,397 118,624 5,410 43,945 2,031 17,645 10,726 I 3,439 13,003 1,265 11,463 July 26 267,175 ! 38,575 119,274 5,410 43,955 2,031 17,959 10,752 I 3,489 13,003 1,265 11,462 Municipal warrants: June 28 JulyS July 12 4 July 19 9 July 26 9 Total earning assets: June 28 1,179,768 99,946 312,546 95,785 128,851 45,907 39,670 130,33 L 56,313 39,966 | 66,735 41,123 122,595 Julv5 1,204,445 104,177 326,098 96,205 133,281 44,122 39,387 134,926 55,263 39,457 65,681 41,102 124,746 July 12 1,144,394 91,823 319,276 93,689 127,983 44,522 38,509 106,585 56,528 38.220 ! 64,318 41,583 121,358 July 19 1,134,296 86,921 321,607 93,653 127,607 43,233 40,727 104,343 57,580 36,872 ; 64,078 42,583 115,092 July26 1,076,927 93,777 255,314 100,502 123,053 41,011 39,249 100,984 57,610 37,775 | 63,899 43,246 120,507 Bank premises: June 28 41,568 5,248 8,743 600 5,332 2,571 1,424 7,552 928 914 4,976 2,093 1,187 J J u u l l y y 5 12 ..r 4 4 1 1 , , 6 98 4 5 2 5 5 , , 2 2 4 4 9 9 8 8 , , 7 75 4 0 5 6 60 0 1 0 5 5 , , 3 5 7 8 0 7 2 2 , , 5 5 7 7 1 1 1 1 , , 4 49 2 9 4 7 7 , , 5 5 5 8 2 0 9 9 3 3 6 6 99 9 11 1 44 7 4 4 , , 9 9 7 7 6 6 2 2 , , 0 0 9 9 3 3 1 1 , , 2 22 1 6 2 July 19 42,417 5,249 601 5,660 2,571 1,546 7,632 936 99220 '. 44,998866 2,093 1,267 July 26 42,494 5,249 8,993 601 5,671 2,571 1,553 7,631 944 923 I 4,986 2,093 1,279 5 per cent redemption fund against F. R. ! bank notes: June 28 7,587 422 899 700 539 188 468 753 I 2,023 254 916 146 279 July 5 7,496 422 700 539 188 468 719 2,023 197 916 146 279 July 12 7,551 422 700 539 188 468 715 ! 2,023 256 916 146 279 July 19 7,496 422 700 539 188 468 726 I 2,023 190 916 146 279 July 26 7,527 422 849 700 539 188 468 721 ! 2,023 276 916 146 279 Uncollected items: June 28 511,571 48,919 104,799 45,114 51,126 43,360 20,734 65,507 !28,091 13,375 35,126 37,017 July 5 i 514,725 47,269 119,444 41,338 52,132 42,774 18,802 61,698j 25,393 13,947 34,663 19,838 37,427 July 12 ! 611,733 63,210 141,071 50,123 55,409 49,017 23,154 74,727 '32,556 16,131 40,319 22,713 43,303 July 19 ' 592,345 58,518 134,269 47,720 58,079 47,611 23,440 76 199 32,842 15,001 38,475 21,184 39,007 July 26 ; 537,883 49,388 119,069 44,568 52,474 43,146 65,298 ;30,372 13,452 36,728 24,055 37,294 All other resources: i June 28 \ 15,988 636 . 507 1,072 358 166 562 1,371 757 1,838 July 5 : 16,206 631 ' 2,701 496 1,078 604 110 831 ! 498 1,350 717 1,851 5,339 July 12 ; 16,069 657 ! 3,130 534 1,159 298 117 714 ; 505 1,353 729 1,841 5,032 July 19 1 16,186 693 3,105 541 1,223 315 121 736 I 524 1,357 763 1,827 4,981 July26 ! 16,805 722 3,401 596 1,283 340 121 768 i 545 795 1,830 5,028 Total resources: June 28 4,904,848 350,302 |1,633,788 359,865 427,742 201,085 198,121 713,409 182,935 119,457 195,998 107,550 414,596 July o !4,918,413 357,084 !l, 576,267 368,685 432,044 195,183 201,800 758,762 179,542 123,590 196,749 109,562 419,175 Julvl2 4,978,772 367,089 1,612,716 364,857 ! 433,223202,459 199,585 758,433 178,319 125,030 200,699 111,399 424,963 July 19... 4,962,062 363,004 .1,603,566 3o*6o8 ,0n8Di1 i 435^951 199,839 200,814 756,060 178,574 123,082 204,344 110,151 418,596 July 26 4,863,134 358,067 1,560,859 358,521! 430,074196,547 195,647 736,517 176,721 120,956 199,821 113,238 416,166 I LIABILITIES. Capital paid in: Juno 28 .... 105,078 7,981 27,570 8,991 11,603 5,538 4,271 14,615 4,770 3,569 4,622 4,186 7,362 July 5 105,217 7,981 27,572 9,003 11,603 5,598 4,279 14,620 4,767 3,571 4,623 4,186 7,414 July 12 105,224 7,980 27,572 9,003 11,603 5,592 4.280 : 14,619 4,769 3,571 4,623 4,194 7,418 July 19 105,239 7,981 27,572 9,003 11,603 5,592 4.281 I 14,621 4,769 3,573 4,201 7,421 July 26 105,198 7,981 27,572 8,999 11,603 5,591 4,281 ! 14,658 4,770 3,574 4,549 I 4,199 7,421 Surplus: June 28 215,398 16,483 60,197 17,945* 22,509 11,030 9,114 I 29,025 9,388 7,468 9,646 !7,394 15,199 July 5 215,398 16,483 60,197 17,945 22,509 11,030 9,114 I 29,025 9,388 7,468 9,646 j7,394 15,199 July 12 215,398 16,483 60,197 17,945 22,509 11,030 9 114 '29,025 9,388 7,468 9,646 7,394 15,199 July 19 215,398 16,483 60,197 17,945 22,509 11,030 9,114 29,025 9,388 7,468 9,646 i7,394 15,199 July 26 215,398 16,483 60,197 17,945 22,509 11,030 9,114 29,025 9,388 7,468 9S646 I 7,394 15,199 Deposits: Government- June 28 43,780 3,071 10,223 3,810 3,103 4,846 3,037 3,123 I 2,360 1.711 2,316 2,411 3,769 Julys 36,677 127 9,520 4,097 307 1,048 2,615 10,733 1,941 l',435 1,763 1,061 2,030 July 12 20,837 426 5,306 1,703 1,197 664 2,061 368 ; 1,726 860 1,792 1,275 3,459 July 19 49,376 2,092 16,529 3,867 1,718 1,384 4,252 j 1,972 1,205 6,824 2,470 4,227 July 26 46,455 1,985 12,482 2,<614 2,459 4,277 3,025 4,805 | 3,041 1,526 2,893 2,711 4,637 Member bank—reserve account— June 28 865,199 119,715 805,166 ! 103,347 140,261 55,253 47,623 240,565 ! 66,380 41,515 i77,141 44,772 123,461 July 5 818,996 122,517 724,200 I 107,467 144,205 54,617 51,382 263,825 ! 64,695 45,800 75,479 44,469 120,340 July 12 875,229 122,403 771,550 L0(i,053 1.43,122 57,336 47,963 272,456 i58,964 '•44,355 77,169 46,038 127,820 July 19 864,145 123,553 759,212 108,555 148,117 57,708 48,514 267,886 ; 60,008 !43,139 77,509 44,649 125,295 July 26 815,278 .122,907 731,617 LOS,459 145,440 55,799 47,140 257,151 : 59,807 j42,804 I78,124 44,577 124,453 Other deposits— ! June 28.: 30,297 408 10,941 773 1,479 229 1,753 • 621 ' 285 ; 531 163 12,586 July5 29,029 428 10,436 841 1,394 268 595 1,577 i 618 315 : 522 179 11,856 July 12 28,871 399 10,637 ; 1,344 1,015 248 476 1,971 ! 545 462 ; 434 197 11,1.43 July 19 29,010 394 10,732 1,351 1,174 234 518 1,422 I 581 304 393 169 11, 738 July 26 26,381 384 9,740 ! 823 961 266 516 1,566 i 613 291 I 392 165 10,664 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN". 999 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 28 TO JULY 26, 1922—Contd. LIABILITIES—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. 1 d P e h lp il h a i - a. C la le n v d e . - [Atlanta, Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F S ra an ncisco. Total deposits: June 28 11,939,276 123,194 107,930 144, 843 60,328 i 51,188 1 245,441 69,361 43,511 79,988 47,346 139,816 July 5 1,884,702 123,072 744; 156 112,405 1145,906 55,933 i 54,592 I 276,135 67,254 47,550 77,764 45, 709 134,226 July 12 -1,924,937 123,228 787,493 109,100 I145,334 58,248 "50,500 ! 274,795 61,235 45,677 79,395 47,510 142,422 July 19 1,942,531 126, 039 786,473 ; 113,773 151, 009 59,326 51,868 273,560 62. 561 44,648 84,726 47, 288 141,260 July 26 1,888,114 125,276 753,839 ! 108,896 j148,860 60,342 :50,681 263,522 63,461 44,621 81,409 47,453 139,754 F. R. notes in actual ' circulation: : June 28 2,124,422 157,164 618, 785 177, 870 197, 279 81,896 i 113,336 : 362,162 67,307 48,628 57, 267 25,624 217,104 July 5 2,194,323 162, 748 642, 355 183, 751 200, 004 82, 780 I 114.573 ! 376, 21368, 787 50, 547 59,143 27, 250 226,172 July 12 12,158,122 164, 875 622, 754 180, 087 201,269 80,970 ! 113; 478 I 373,185 67,717 49, 927 58.958 25,963 218,939 July 19 2,132,848 161, 816 616,469 178,133 195, 387 79, 791 i 112, 696 | 369, 03966,907 49, 482 58; 975 26,283 217, 870 July 26 ,2,126,809 616, 779 177,105 195, 555 ~ — 111,403 367,079 66, 458 49, 051 58, 807 26, 022 216,648 F. R. bank notes in ! circulation—net j liability: June 28 • 67,259 5,192 15,719 i 5,133 4,921 2,756 i 4,743 , 7,820 3,352 3,182 8,510 2,712 3,219 / J J u u l l y y o 1 2 i 6 6 8 7 , , 1 3 4 8 6 0 5 5 , , 1 1 8 8 0 2 1 1 5 6 , 3 93 8 5 7 i j 5 5 , , 1 1 3 3 8 8 4 4 , , 9 9 3 7 2 7 2 2 , ,7 7 4 5 9 8 ! ! 4 4 , , 8 8 4 9 8 8 7 8 O 7 , , , ™7 0 UJ4 1 .O«6 8 3 3, , 3 2 4 8 3 9 3 3 , , 1 0 1 7 1 1 8 8 , , 5 54 2 9 4 2 2 , , 6 6 8 5 9 8 3 3, , 1 2 4 6 4 2 July 19 66, 053 4,928 15, 540 ! 5,138 ! 4,991 2,779 4,758 7, 543 3, 291 3, 041 8, 371 2, 593 3,080 July26 63,622 4, 714 ! 14, 244 I 5,078 I 2,747 ! 4,259 7,879 3,312 2,995 8,367 2,605 2,534 Deferred availability items: j June 28 1 430,314 80,361 40, 582 44,799 38,246 14,203 50,673 27,788 11, 652 34,796 18, 499 29,929 July 5 ! 430,161 40,312 81, 649 39, 229 45, 635 35,947 13,215 51, 057 25, 265 9,964 36, 026 20.711 31,151 Julyl2 ! 486,360 48, 071 94,636 42, 329 46, 012 42,732 16, 240 54,941 31,036 13, 942 38,478 2i; 952 35,991 Julyl9 1 479,274 44, 453 93,197 I 42, 808 40,166 16,964 58, 795 30, 825 13, 494 20,714 31,930 July 26 ! 442, 713 38, 837 83,994 !39,117 45, 047 37,262 I 14, 759 50, 851 28, 463 11, 837 23, 861 32, 702 All other liabilities: • ! June 28 ' 23,103 1, 502 j 4, 826 i 1,414 1,788 1,291 ' 1,266 3,673 969 1,447 1,169 1,789 1,967 JulyS | 20,496 .1,308 I 3,951 I 1,214 1,455 1,146 • 1,129 792 1,379 1,023 1, 654 1,751 July 12 ! 21,351 1,270 4,129 j 1, 255 1, 519 1,129 ; 1,125 4,122 831 1,374 1,050 1,697 1, 850 July 19 : 20,719 1, 304 4,118 ! 1,281 1, 513 1,155 : 1,133 3,477 833 1, 376 1,015 1,678 1,836 July 26 21,280 1,310 4, 234 I 1,381 1,612 1,139 I 1,150 | 3,503 1,410 1,060 1,704 1,908 Total liabilities: June 28 4,904, 848 j 350,302 1,633, 788 427, 742 201, 085 '198,121 i 713, 409 182,935 119, 457 195,998 07,550 414,596 July 5 4,918, 443 = 357, 084 ;1, 576, 267 432, 044 195,183 201, 800i 758, 762 179, 542 123, 590 196, 749 09,562 419,175 July 12 4,978,772 ' 367,089 1,612,716 364,857 433,223 202,459 : 199,585 758,433 178,319 125,030 200,699 11,399 424,963 July 19 14, 962, 062 • 363, 004 '1, 603, 566 435,951 199, 839! 200, 814 756, 060 178, 574 123, 082 204,344 10,151 418, 596 July 26 j4, 863,134 358, 067 1, 560, 859358, 521 430,074 196, 547; 195,647 736, 517 176, 721 120,956 199, 821 L3, 238 416,166 MEMORANDA. I • ! I Ratio of total reserves to deposit and F. R. ; note "liabilities com- \ \ bined—per cent: ! June 28 77.5 69.6 83.3 76.0 70.4 76.4 82.5 i 83.7 69.5 69.0 63.7 60.2 July 5 " 76.8 • 69.7 80.7 77.4 69.3 75.6 83.7 ! 84.8 70.1 69.0 65.6 61.0 ' 69.4 July 12 77.3 71.4 80.8 75.8 70.0 76.0 82.8 j 87.7 66.5 71.3 64.6 58.6 ; 70.2 July 19 77.8: 73.4 80.9 77.0 70.1 76.1 81. 7 j 88.1 65.4 73.0 66.2 57.5 I 71.8 July26 79.2 j 72.2 85.6 74.0 71.7 78,8 81.6 i 89.0 65.6 71.7 ' 66.0 57.0 1 70.6 Co o n n t i b n i g ll e s n t p u l r ia ch b a il s i e t d y ; ! j I i for foreign corre- i '. spondents: i ! June 28 .! 34,586 2,514 12, 783 2,756 2,824 1,688 1,240 I 4,099 1,619 1,653 1,584 July5 j 34,592 2,514 12, 789 2,756 2,824 1.688 1,240 I 1,619 930 1,653 1,584 July 12 ! 26,378 1,932 9,621 2,118 2,171 1,297 953 ! 3,150 1,244 715 1,271 1,218 July 19 1 25,993 1,900 9,513 j 2.134 1,275 953 3,097 1,223 703 1,249 677 ! 1,187 July 26 1 25,867 1,880 9, 540 j 2, 060 2; 112 1,262 953 j 3, 065 1,210 1,235 670 i 1,185 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] Within 16 to 30 31 to 60 61 to 90 Over 90 Total. 15 days. days. days. days. days. Rills discounted: June 28 469,101 263,576 38,675 61,811 50,208 54,831 JulyS 498,872 289,805 39,586 64,650 53,983 50,848 July 12 429,942 224,711 39,243 59,959 57,801 July 19 443,468 247,264 33,234 58,007 59,402 45,561 July 26 379,981 187,036 30,536 58,108 59,744 44,557 Bills bought in open market: June 28 154,060 59,415 27,845 43,064 15,156 8,580 JulyS 155,065 66,992 29,628 34,629 16,580 7,236 July 12 157,675 58,775 I 37,783 34,562 20,220 6,335 July 19 148,970 59,016 30,883 27,831 24,888 6,352 July 2 156,138 52,682 29,203 27,978 31,065 15,210 United States certificates of indebtedness: June 28 331,969 4,106 1,500 26,292 40,873 259,198 July 5 334,271 5,813 22,930 14,027 42,057 249,444 July 12 348,349 10,645 24,235 3,900 52,792 256,777 July 19 339,948 22,959 3,900 38,361 47,541 227,187 July 26 339,175 23,261 4,689 42,965 41,870 226,390 Municipal warrants: . June 28 ! July 5. July 12. July 19. July 26. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1000 FEDERAL RKSKRVK BULLETIN. AUGUST, 1922. FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, JUNE 28 TO JULY 26, 1922. [In thousands of dollars.] Boston, i Y N o e r w k. d P e h lp il h a i - a. C la le n v d e . - m R o ic n h d - . la A n t t - a. c C a h g i- o. Lo S u t. is. M ap in o n li e s - . K C a i n ty sa . s Dallas. F S r a an n cisco. Net amount of F. II. notes received from Comptroller of Currency: Tune 28 3,294,062 261,557 1,131,490, 247,982 245,708 j121,305 185,946 490.81.9 106.025 62,683 87,074 48,124 305,349 July 5 3,301,379 264.800 1,141,332 245,969 246,304 I 120,373 184,938 491)981 104)877 62,443 86,299 47,753 304,310 July 12 3,341,921 263)176 '1,149,418 244,050 250,369 ! 120,008 190,149 498,299 110,884 62,866 87,293 50,369 315,040 July 19 3,350,935 271,351 ,1,149,583 247,700 249,412 l 119,070 189,332 501,167 111.000 62,945 86,542 50,040 312,793 July 26 ',338,365 268,402 1,152,345 251,127 247,057 ! 118,097 188,337 495,214 111)035 62,360 85,858 49,627 308,906 F. II. notes on hand: June 28 756,577 91,650 i 271,150 45,120 33,405 ! 31,520 67,049 86,120 22,450 11,650 17,900 19,633 58,930 JulyS 739,542 90,850 i 271,250 42,920 32,140 ! 31,520 66,914 84,460 22)450 9,695 16,800 18,413 52,130 July 12 752', 412 81,650 '• 277,650 34,920 33,620 ! 31,470 70)994 88,900 27,250 9,695 16,800 21,333 58)130 Julv 19 767.067 91,250 : 277,650 34,920 35,120 30,910 72,404 88,900 27,250 10,500 16,400 20)833 60,930 July 26 766;402 88,250 : 277,650 40,920 36,720 30,610 71,724 88,180 27,150 10,035 16,100 20,433 58,330 F. R. notes outstanding: June 28 2,537,485 169,907 : 860.340 202,862 212,303 89.785 1IS,897 404,699 83,575 51,033 69,174 28,491 246.419 July 5 2,561,837 173,950 j 870,082 203,049 214)164 88,853 118.024 407,521 82)427 52.748 69,499 29,340 252,180 July 12 2;589,509 181,526 ! 871)768 209>130 216,749 88,538 119)155 409.399 83,634 53)171 70,493 29,036 256,910 July 19 2,583,868 180,101 I 871,933 212,780 214,292 88.160 116,928 412)267 83,750 52,4.45 70,142 29,207 251,863 July 26 2,571,963 180,152 ! 874,695 210,207 210,337 87,487 116,613 407,034 83,885 52,325 69,458 29,194 250,576 Collateral security for F. R. notes outstanding: G old and gold certificates— June 28 416,123 5,300 363,184 13,275 2,400 11,210 13.052 7,702 July 5 416.122 5,300 363,184 13,275 2,400 11)210 13)052 7 701 July 12 416,122 5,300 363,184 13,275 2,400 11,210 13,052 7,701 July 19 416,122 5,300 363,184 13,275 ! 2,400 11,210 13,052 7.701 July 26 416,522 5,300 363,184 13,275 i 2,400 11,610 13,052 7,701 Gold redemption fund- June 28 127,309 16,170 39,972 14,926 11,735; 1,751 1 4,127 14,959; 3,560 1,400 2,577 1,519 14,613 July 5 -. 124,985 13,413 39,762 12,912 11,751 j 3,819 3,118 15,622 4,412 '880 3,802 2,148 13,346 July 12 126.010 11,789 39,587 10,993 14,337 2,954 2,330 15,200 4,020 1.623 3,096 1,844 18,237 July 19 127', 651 7,964 39,403 13,643 12,779 5.016 I 4,512 16,207 3,136 L142 4.345 2,515 16)989 July 26 124,016 15.015 39,256 11,071 11,424 4,043 ; 3,518 13)255 4)671 1,557 3,661 2,102 14,443 Gold hind—F. R, Board- June 28 1,579,941 108,000 401.000 138,389 145,000 52,795 94,500 349,645 42,800 16,000 48.360 10,000 173,452 July 5 1,582,709 108,000 401.000 143,389 145,000 49,795 95', 000 344', 645 41,800 16,000 46'. 360 10)000 181,720 July 12 1,619,428 123,000 401)000 148,389 145,000 54,795 95.000 351,644 44,800 15;000 50)360 10,000 180,440 July 19 1.651,289 133,000 431,000 147,389 145,000 51)795 92.000 352,645 43,300 15)000 48) 360 10,000 181,800 July 26 1)657,107 128,000 43.1,000 150. 889 145,000 i51,795 ,92)500 362,644 39,800 15,000 50. 360 10,000 180,119 Eligible paper- I Amount required- June 28... 414,112 40,437 56,181 49,547 42,293 35,239 !17,870 40.095 26,005 20,581 18.237 9,270 58,354 July 5 438,021 47,237 66,136 46,748 44,138: 35,239: 17,506 47', 254 25)005 22,816 19)337 9,491 57,114 July 12.... 427,949 41.437 67,997 49.748 44,137 :30,789 !19,425 42.555 23.604 23,496 17.037 9,491 58,233 July 19.... 388', 806 33)837 38,346 51,748 43,238 31,349 i 18,016 43,415 26'104 23,251 17)437 8,991 53,074 July 26.... 374,318 31,837 41,255 48) 247 40)638 "•31,649 18,195 31,135 27)804 22,716 15,437 9,391 56,014 Excess amount held— June 28... 192,536 10,991 73,481 3,468 9,806: 5,507 12.704 33,041 5.110 5,798 2,879 26,248 3,503 Julys 197,610 9.984 84,320 3,931 13,230 3,060 12) 783 31,912 4) 690 2,680 698 24,997 5,325 July 12.... 148,684 4)440 50,165 3,030 6,093 8,502 ! 9,954 30,190 7,163 1,386 1,480 25,518 763 July 19.... 196)436 4,671 93,959 3,165 7,892 6,729 , 13,541 28,347 5,407 1)329 939 27,045 3,412 July 26.... 149,486 13)348 24.439 9,776 5,006 • 4,414; 12,516 37.001 3,561 2,987 2, 768 27,331 6,339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1022. FEDERAL RESERVE BULLETIN. 1001 CONDITION OF MEMBER BANKS IN LEADING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JUNE 21 TO JULY 19, 1922. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [Amounts in thousands of dollars.] Total. d P e h lp i h la i - a. C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. Lo St u . is. M ap i o n l n i e s. - K C a i n t s y a . s I T N limber of reporting banks: ! Time 21 i 799 49; 107 84! 109 52 June 28 1 799 49! ...108 84: .109 52 68 July 5 1 796 49 i .107 84; .1.09 52' 68 July 12 i 795 49, 106 84 109 521 68 July 19 ! 79i 49| 106 84! 109 52! Loans and discounts, includ- i ing bills re-discounted with F. R. banks: Secured by U. S. Govern- : merit obligations— | June 21. I 289,312 17,07ij 93,038 18,398 31,974 12,14o! 8,212 54,011I 16,127 8,554 10,073 4,633 15,073 June 2 8j 28o', 373 16,2391 90,371 19,128 31,690! 12,865i 8,451. 50,885i 16,200: 9,749 10,182 4,672, 14,941 July 5 ! 228866,538 16,021. 90,192 17,943 30,858 12,144; 7,940 46,356 15,904! 10,299! 10,456 4,704 23,121 July 12 ! 270,993 15,529i 86,034 16,032 30,650 12,021; 7,783 46,215' 15,673 10,213! 10,271 4,595! 15,977 July 19 262,671 U, 616 79,956 15,401 34,348 11,570] 7,738 42,810 15,509 i 9,165 10,250 4,540 16,768 Secured by stocks and bonds (other than U. S. ! Government obligations)— June 21. 3,512,046 194,1381,714,413 216,803 330,605 135,347 55,106 477,849 119,4511 35,784 62,887 43,1841 146,479 J Ju u l n y e 5 2 8 3, , 4 , 65,2 • 4 "" 7 " 21,5 ,720.,1 ,63,7,775 2 2 1 1 9 9 . , 8 2 7 9 8 4 ) ! 3 3 3 3 2 1 , , 7 4 3 0 . 8 1 1 1 1 1 1 5 8 , , 9 2 6 4 9 0 5 5 4 9 , . 5 1 2 5 5 4| 4 4 8 7 4 6 , , 1 7 4 2 1 6 1 1 2 2 0 3 , , 4 0 3 5 7 5 . ! 3 3 1 0 , , 7 7 4 5 6 4 6 6 4 3 , , 4 3 6 6 7 5 4 4 3 2 , , 1 7 5 4 4 6 ! , 1 1 4 4 6 4 , , 7 9 9 6 8 8 July 12 , 33,,555316,,077584' 222244,,632349 ."11,,76.7184',, 903057 225,121! 330,162! 113,444 58', 883i 495,640 122,988'. 32,029 65,900 41,979: 147,977 July 19 33,5531.697,25843' '2"1' 0;"02"7'' 11"',"6"5"'1 ,0—86\ 230,0041 332,440! 117,116 58,133; 507,633 123,429) 31,770 65,299 42,645; 149,675 All other- June 21 7.083,429 575,520:2,266,995 31.4,669 624,45el 300,988 289,8111,010,564 272,0171! 191,558 352,410 188,325': 696,116 June 28 7,032,501556,40412,232,730 316,690: 623,3571301.369 291,1 oOll'015,593 267,9911 191,997 351,514 188,853 694,853 Julvo 7,001,732 556,238!2,214.817 317.3211 629,727! 294', 726283,418i 1018,279 269,752! 191,916 349,775 186,574! 689,189 July 12 7,03.1,414 555,995 2,221J 21; 315; 246! 634,283] 300,567 284,874!.!.021,304 272,545! 190,748 348,424 186,813i 699,494 July 19 7,025,59r 558,025:2,222,9631 312,415 629,588 295,4.45 290,234ji;014,128 273,547= 193; 424 351,705 186,737 697,384 Total loans and discounts, including bills rediscouiited w J it u h n F e . 2 R 1 . banks: 10,884,787 786,732 4,074,446 549,8701 987,035; 428,48 J 0 ! . 353,129 1,542,424 407,595 235,896 425,370 236,1421 857,668 June 28 10,783,12.1 788,363 3; 960.876; 555; 696! 987,778! 430,203! 354,1264,550,619 404,628 232,500 425,061 236,679: 856,592 July 5 10;839,348 797,198:4,019,944' 554,5581 991,993, 425,110,: '3 50,512 1,5"4" 1,"3"6"1j 408,711 233,961 424,698 234,024; 857,278 July 12 10.839,161 796,148!3,985,162 556,399j 995,0951 426,0321I 351,540.1,563,159! 411,206! 232,990! 424,595 233,387 863,448 July 19 10,807,529 782,668 3,954,005 557,820' 996,382! 424,131! 356', 105!i; 564; 5711 412;485! 234', 359 427J254 233,922. 863,827 U. S. bonds: I June 21 1,247,6S9 83,822' 517,390' 54,524 141,621; 56,972! 26,646. 119,540: 28,722: 24,097 52,472 33,063, :108,820 June 28 1,264,277 86.643: 522,752 54,888! 143,720: 57,650 27.135; 118,872,! 29; 152 25,523 53,621 34,023i :110,298 July 5 1,269,883 88;129 • 524,160, 54,463: 146,187! 57,0591 27; 646! 118,8911 28,552, 25,479 53,010 34,730; 111,577 July 12 J, 276,041 90,552i 526,376' 54,467! 145,323! 55,956! 27,481 118,472 28,718 26,317 55,125 34,848= :112,406 'July 19 .1,286,484 88;835! 532,837! 55,340! 148,292! 55,423! 25,636 119j 5431 30,552: 25,642 56,524- 34,927; 112,936 U. S. Victory notes: I ' June 21." 54,902 1,608 s 19,729I 7,697i 2,305 683 i 1,389! 6,025 1,786! 244 1,929 2,771! 8,786 Juno 28 40,526 1,627, 9,620 7,456i 1,561 597 1,820, 3,956| 2,340i 235 2,055 893' 8,367 JulyS 37,386 1,649' 9,652; 7,449 1,517 77l! 708! 3,396! 2,032! 235 1,383 567; 8,027 July 12 39,096 1,630 9,8031 8,523! 1,684 703. 726 3,955, 2,233; 2561 1,329 600 7,654 July 19 42,981 2,017; 11,753 9,419I 1,732 721 1,643 3,746! l,939j 281 1,172 570 7,988 U.S. Treasury notes: June 21 505,427 19,734: 329,565 20,164i 27,462 3,250 1,710 48,091! 10,939i 7,237 12,938 V 18,608 June 28 i 55334;4 979744 19,731 344,3501 19.429: 28,444 3,0201 1,716! 60,066! 10,661 7,157 13,161 8,' 18,784 July 5 534.356 19,756! 343,925' 19,663; 28,150 4,212| 1,722 59,738 10,456! 8,157 12,916! 6,872 18,7S9 July 12 515,647 19,769 349,610 19,708i 27,487, 4,229! 1,722 49,45l| 9,765: 7,157 6,012! 6,872 13,865 U. S J . u c ly e r 1 ti 9 f icates of indebted- 531,674 19,793, 352,008 20,148 31,393' 3,7941 1,711s 57,477; 7,378 7,157 5,002! 6,953 18,860 ness: I June 21 272,042 12,167! 121,590' 13,310i 18,038 5,298 26,797, 11,012 11,702 9,618 7,004 26,873 June 28 260,796 7,982i 127,464! 12,767; 11,299 3,874 7,798, 29,143 10,4S0j 9,583 10,292 6,432 23,682 July 5 248,102 8,900 126,6021 10,820 9,453! 3,5971 7,784! 28,301, 9,444 9,503 9,928 6.043 17,727 July 12 ; 250,129 9,290; 117, 664 10,796 8,857 3,256 6,789; 29.536' 9,366, 8,003 18,432 6,024 22,116 July 19 ! 246,536 6,908! 129,536 8,835; 9,824 3,208 6,0241 23,446 11,592 7,213 16,941 5,703 17,306 Other bonds, stocks, and securities: . June 21 ; 2,298,804 171,747: 836,643^ 183.175 277,609 53,531 33,015I 409,108 79,928 24,057 56,707: 7,956 165,328 June 28 ' 2,304,747 170.936; 842,185; 185,034•282,812 54,765 33,166! 401,532! 80.387 24,164 56,2441 8,112 165,410 July 5 ,2,310,430 170;347; 837,422! 185.2361282,340 54,232 33,133 406,584' 81,149 23,461 58,573 8,163 169,790 July 12 ! 2,290,911 168', 2741 835.295 182,953 278,182! 54,718 33,298: 401.294 81,491 23,108 57,232 8.158 166,908 July 19 , 2,282,214 168,756, 827,458: 184,998,275,222! 54,588 33.830 397;815 81,528 23.729 58.669; 7,211 168,410 Total loans and discounts and ! investments, including bills rediscoimted with F. R. banks: June 21 15,263,6511,075,810;5,899,3631 828,7401454,070 548.214 424,522,2,151,985 539,982 303,233 559,034' 292,6651,186,033 June 28 15,188.44l!l,075,282 5,807.247 835.270,1455,614 550', 109'425.761!2.164,188 537,648| 299,162 560,434 294,5931,183,133 July 5 '15,239,505 l,085,979'5,861.705, 832,189'l!459,640 544,981:42i; ,r>05i2; 158,271: 540.344 300,796 560,508. 290,399:1,183,188 July 12 15,210,985 1,085,663 5,823,910! 832,846ii456,628-544,894!421,5562,165,867 542',779| 297,831 562,725: 289,889; 1,186,397 July 19 15,197,418 l,068,977i5'. 807,597, 836,560^4()2,845.541,865.424,94912,166,598, 545,414] 298,381 565,559. 289,286|1,189,327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1002 FEDERAL RESERVE BULLETIN. AUGUST, 1922. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JUNE 21 TO JULY 19, 1922-Continued. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued. [Amounts in thousands of dollars ] I . ; d P e h lp i h la i - a. C la le n v d e . - L S o t u . is, |M ap in o n li e s - . ; J K C a it n y s . a Dallas. F c S i r s a a c n n o - . Reserve with F. R. banks: June 21 1,385,971 658,6821 99,185 33,524 31,578 182,264 45,833 21,224; 50,900, 22,305 82,730 June 28 1,440,290 743,876! 64,051 99,068 33,516 29,8211 177,0-16 41,770 18,073 46,686 23.072 80,489 July 5 1,400,669 663,417' 69,604 99,895! 34,296 33,766j 200,430 40.441 21,894! 45,147! 22,287 80,412 July 12 1,438,146 707,154! 65,787 99,2151 35,129 30,057, 206,338 3.1,921 20,310, 45,795i 23,684 86,142 July 19 1,432,051 —,012j 68,567 102,761 35,903 31,0361 200,961 36,626 19,359 46.906, 2222,339911 85,204 Cash in vault: 1 June 21 276,845! 17,364! 87,529' 14,861 28,573| 13,999 9,005! 52,801 6,603 5,860, 1.1,871! 8,675 19,704 June28 278,457J 18,064 88,8571 14,863 28,324! 14,137 9,190, 50,953 6,555 6,291! 12,215i 8,655 20,353 July 5 298,258 18,116! 94,471j 15,172 28,278! 13,736 9,794 56,170 7,820 5,903, 11,969! 9,725 25,104 July 12 298,115 20,056! 96,669' 15,687 29,803 14,084 10,010 54,943 6,841 6,5891 12,558 9,258 21,617 July 19 283,549 18,892j 87,221j 15,268 29,051 13,741 9,332 52,059 6,647 5,826| 16,194 9,196 20,122 Net demand deposits: June 21 11,192,404 791,933'5,187,646! 665,015 831,752 320,904 244,50011,387,760 318,786 189,114j 434,3991 207,855 612,740 June 28 11,123,877 786,609'o, 107,474! 667,252844,801i 327,080 244,819il,400,916 307,995 186,643' 433,2811 208,737 608,270 July 5 11,087,684 802,06714,999,952: 675,705 840,633' 329,278250,953'l,421,586 320,758 190,343,' 436,586j 206,697 613,126 July 12 11,199,139 808,316,5,037,857 684,436 849,1351 330,408 248,29811,459,849 319,500 192,234^ 442,6171 209,523 616,966 July 19 11,101,473 799,125'4,971,466 686,153 852,096 330,940 245,7171,447,486 311,926 190,226j 436,060! 206,983 623,295 Time deposits: June 21 3,328,680 232,245 619,7511 50,787 488,278 148,280 149,576 677,051 161,743 78,086i 114,485i 64^80 543,718 June 28 3,380,434! 231,462.: 665,806! 50,838 486,157 149,473 150,442 681,109 159,965 77,417! 115,956! 64,964 546,845 July 5 3,470,561! 233,252, 749,856j 50,684 493,406 146,329 149,967 680,179 163,037 77,282, 115,138 65,544 545,887 July 12 3,482,541; 233,239 762,387! 51,086 490,648 144,961 150,796 679,276 162,397 77,307! 114,916 65,525 550,003 July 19 3,487,015| 229,391.' 769,398 51,232 490,342 144,750 151,872 679,718 163,156 77,278i 115,777 65,419 548,682 Government deposits: June 21 178,444 15,589 61,450 14,063 17,583 5,404 5,562 20,586 6,765 4,763 7,139 4,683 14,857 June 28 123,674 11,208 41,452! 9,478 13.262 3,460 3,760 14,165 4,610 4,207 3,159 10,024 July 5 12L,428i 11,208 41,452; 8,527 li;830 3,629 3,755 14,057 4,610 4,288 4,! 3,159 10,024 July 12 110,070i 10,089 37,300. 7,675 11,543 3,315 3,372 12,546 4,131 3,844 4,397 2,843 9,015 July 19 100,245 9,079 33,566i 7,675 10,681 3,048 3,035 11,383 3,730 3,414 3,959 2,559 8,116 Bills payable with F. R. banks: I Secured by U. S. Government obligations— . June 21 50,230 1,31.0 6,495i 9,165 10,471 4,577 653j 6,298 2,918 2,225 644 900 4,574 June 28 96,534 3,325 54,835' 10,727 11,579 4,312! 153! 3,854 3,768 963 744 2,274 July 5 94,862 1,605 55,145| 8,949 11,699 3,127 145 5,059 3,925 148 522j 298 4,240 July 12 73,752 1,584 46,705i 8,658 3,724 5,095 145 2,519 2,034 38 72 3,178 July 19 96,049 59,745 9,257 10,386 4,187, 745 3,454 2,025 22 4,850 All other- June 21 205 205 June 28 204 204 JulyS 184 184 July 12 365 "266!! 165 July 19 182 182 Bills rediscounted with F. R. banks: Secured by TJ. S. Government obligations— June 21 225 109i 31 105 10 62 June 28 967 359 225 20 91' 31 10 July 5 1,183 506 225 55 102. 31 10 63 J J u u l l y y 1 19 2 1, 9 0 7 3 9 0 87 52 7 8 5 5 5 5 1 1 1 1 9 8 7 8 1 ! 30 3 6 7 5 500 7 8 8 2 1 1 0 6 97 All other- June 21 72,183 11,079 8,270 6,620 11,965 6,934; 3,952 6,224 2,232 1,233 1,817 3,283 8,574 June 28 .*.. 66,868 9,327 9,814 5,916 3,003 6,166 2,028 1,887| 2,317 3,589 9,318 July 5 110,164 19,073 32,909 11,222 6,035 3,628 6,872 2,060 1,8231 2,608 3,477 11,788 July 12 66,786 10,705 8,355 4,729 12,797 5,496 3,053 4,044 1,555 1,660 2,099 3,684 8,609 July 19 60,339 5,918 18,6481 2,794 7,879 5,506| 4,516 2,705 1,482 1,190 3,222 4,151 MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. [Amounts in thousands of dollars.] Number of reporting banks: June 21 273 26 8 50 13 10 16 8 15 June 28 274 26 8 50 13 10 16 8 15 July 5 273 26 8 50 13 10 16 8 15 July 12 272 26 8 50 13 10 16 8 15 July 19 272 26 8 60 13 10 16 8 15 Loans and discounts, including bills rediscounted with F. R. banks: Secured by U. S. Government obligations- June 21 194,984 13,857, 82,403j 16,046 8,101 2,186i 1,644 43,810 12,498 5,608 2,424 1,480 4,927 June 28 190,542 13,125 79.590i 16,989 7,958: 2,134! 1,926 40,592 12,511 6,807 2,416 1,610 4,884 July 5 183,632 13,6461 79,691 16,023 7,150' 2,155| 1,622 36,179 12,432 5,912 2,411 1,575 4,836 July 12 176,539 12,657 75,941 14,091 7,137! 2,308; 1,575 36,032 12,222 5,652 2,329 1,545 5,050 July 19 165,467 11,744 13,470 6,918, 2,328; 1;599 32,926 12,006 5,768 2,416 1,477 5,035 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 1003 PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANK IN LEADING CITIES ON WEDNESDAYS FROM JUNE 21 TO JULY 19, 1922—Continued. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [Amounts in thousands of dollars.] Boston. Y N o e r w k d P e J lp ii b la i - a. C la le n v d e , - m R o ic n h d - . la A n t t - a. Chicago Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F c S i r s a a c n n o. - Loans and discounts, etc.— Continued. Secured by stocks and bonds (other than IT. S. Government obligations)— June 21 2,608,672 145,3021L,552,164 197,102 134,576 15,031 i 10,581 356,601 89,972 16,232 17,869 9,562 63,680 Juno 28 2,552,291 166,; 9981L', 471,921;200,581 135,416 15,042 10,057 360,484 90,587 11,163 17,912 9,714 62,416 July 5 2,628,079 174,t, 5511L, 540,776'197,896 134,5381 21,793: 10,698 352,293 93,311 12,326 18,138 9,458 62,301 July 12 2,612,511 175,>, 079 L1, 506,097 204,157 134,032 15,367; 10,958 369,877 93,742 12,776 18,261 9,275j 62.890 July 19 2,586,941 160,1,3991L, 477,786 208,663 133,574 15,559j 11,578 380,383 94,480 12,676 18,286 9,2931 64; 264 All other- June 21 4,445,239 436,2288-4 1.,986,351 282,938 281,092 59,73l! 48,731 644,882 163,671 89,505 126,950 46,887 278,217 Juno 28 4,395,845: 418,4455:8 1.,951,4141 284,824 278,370 61,544: 49,997 647,924 160,751! 90,737 125,572 48,373| 277,881 JulyS 4,382,253! 420,1651,936,949 287,481 282,053 57,746. 49,343 647,069 163,079| 90,395 124,577 47,941; 275,455 July 12 4,398,048 419,2551,940,9201285,765 284,891 62,894; 48,541 647,241 165,232. 91,025 123,205 47,573i 281,506 July 19 4,397,628 421,4'7"2"1,".,94-1,082! 283,186 286,032 60,5061 50,481 639,121 166,899 91,7501 124,084 47,724 282,291 Total loans and discounts, including bills rediscounted with F. R. banks: June 21.... 7,248,895 595,443 3!., 620,918 496,086 423,769i 76,948! 9561[,045,293 266,141 111,345 147,243 57,929 346,824 June 28 7,138,678 5—98' 581 3,502,925 502,394 421,744j 78,720 980 IL!, 049,000263,849 108,707 145,900 345,181 JulyS 7,193,964 608,362 3,557,416 501,400 423,7411 81,69*1 663 LI, 035,541 268,8221 108,633 145,126 58', 974 342,592 July 12 7,187,098; 6"0" 6,9913,522,958 504,013 426,060 80,569! 074 LI, 053,150 271,196 109,453 143,795 58,393 349,446 July 19 7,150,036 593,6153,491,648 505,319 426,524 658 LI, 052,430 273,385| 110,194 144,786 351,590 U. S. bonds: June 21 724,767 38,485 460,570 41,930 16,516J 5,017] 5,550 52,415 13,116: 19,678 9,138 55,198 Juno 28 , 729,226 39,585 462,357 42,160 17,4571 4,923! 5,455 51,465 13,391. 19,954 9,169 55,985 JulyS 731,5411 39,659 463,315 41,491 19,641 4,526: 5,455 50,657 12,992! 20,626 9,266 56,692 July 12 733,991 39,934 464,486 41,378 19,687: 4,526' 5,301 49,408 13,226 21,197 9,261 57,517 July 19 741,215 37,663 471,010 42,135 20,302; 4,544 3,701 50,240 14,902: 22,557 9,261 57,437 U.S. Victory notes: June 21 37,988 189 16,525 7,416 'lOll 2 4,775 4,632 June 28 26,232 202 7,990 7,419 108. 1 3,379j 4,225 July 5 24,998 224 8,079 7,403 111. 1 2,861| 4,204 July 12 27,281 201 8,288 8,408 114L 1 3,466! 4,305 July 19 30,491! 579 10,148 9,322 77;. 701 3,172 4,470 U. S. Treasury notes: June 21 17,532 316,061 18,134 1,655 100. 30,5751 6,508 June 28 434,816 17,531 332,145 17,441 827 100!. 41,649i 6,181 July 5 433,069 17,532 331,726 17,514 927 100!. 41,204' 6,510 July 12 421,273 17,545 336,82l| 17,557 1,228 30,888 6,530 July 19 433,749 17,569 338,815! 17,997 6,976 ioo:; 38,918 6,592 U. S. certificates of indebtedness: June 21 188,287 11,292 114, 12,058 3,008! 1,119 4,106 . 13,551; 8,209 7,941 June 28 189,053 7,295 120,668,: 11,515 2,957; 871 4,106 16,241 7,772 7,158 July 5 185,260 8,194 120,3961 9,977 2,557 771 4,106, 15,895 6,947 5,734 July 12 184,205 112,513! 9.953 2,015 771 16,650 6,929 5,880 July 19 189,513 6,294 124,301! 8', 329 3,164! 771 10,919 10,255 5,969 Other bonds stocks and se- I curities: June 21 J 1,282,208 77,498 642,179 148,198 58,551: 4,600 3,125! 191,709' 50,484 792! 83,723 June 28 1,280,684 78,553 647,033 149,361 59,292! 4,769 3,224; 181,201 51,152 792, 83,484 July 5 1,283,152! 77,809 643,154 149,992! 58,870; 5,840 3,112: 186,714 51,930 758 83,199 July 12 1,273,913 77,910 644,540 147,8111 59,795! 6,130 33,330088ii 117799,330099 52,137 742 81,016 July 19 1,260,505 78,895 635,618 150,871! 55,637! 3,400 174,885 51,934 735, 81,189 Total loans and discounts and investments including bills rediscounted with F. R. banks: June 21 9,890,583 723,8221 503,600' 87,790 73,739,1,338,318 343,653 134,454 191,292 77,769 504,826 June 28 9,799,289 730,290 502,385; 89,383 74,- 766' 1,342,9951 342,734 130,694 190,825 78,138! 502,214 JulyS 9,851,984 727,777 505,847! 92,9311 74,337:1,332,872 347,047 130,224 190,560 75,592' 498,931 July 12 j 9,827,701 729,180| "" 92 090 73,579|l,332,93l| 350,022 130,303 190,177 75,0011 504,694 July 19 !9,805,509 733,973' 512,680| 89,8011 75,334i 1,330,564 353,560 130,099 191,316, 74,780 507,247 Reserve with F. R. banks: I J J J u u u n n l e y e S 2 2 8 1 "..! 1 1 1 , , , 0 0 0 2 7 2 0 9 0 , , , 6 9 8 5 5 7 0 8 2 7 6 7 1 1 6 , , , 5 8 4 0 1 4 5 7 0 6 6 6 1 9 1 3 9 6 , . , 5 8 1 4 2 9 1 3 4 1 ! 6 5 6 7 3 4 , , , 4 6 0 0 8 4 4 3 4 i ; ; 3 3 3 2 3 2 , , , 3 9 7 8 2 5 4 1 7 ! : : 5 4 5 , , , 8 4 2 2 8 0 0 5 5 : : 6 4 5 , , , 2 5 ( 0 6 5 3 8 95 1 1 1 2 4 2 7 0 3 , , , 9 2 6 1 4 6 6 8 4 3 3 2 3 0 8 , , , 5 3 3 8 1 9 3 4 5 1 1 7 0 1 , , , 8 9 0 1 2 0 7 7 8 1 1 1 5 8 6 , , , 0 5 8 4 1 9 1 6 1 ; 5 6 6 , , , ! 5 5 9 8 6 2 3 2 2 0 8 9 , , , 4 8 1 2 6 8 7 4 0 July 12 i 1,002,715 Ho, 885 657,029' 60,393! 31,612| 5,732, 5,883 146,549 23,595 10,455 15,931; 6,403 33,248 July 19 ;.J 1,053,781 69,030 647,397' O2,539j 30,703: 5,691; 0,105' 145,529 24,372 8,820 15,824. 6,280 31,485 Cash in vault: • J J JJ u uu u l n l n yy e e 5 2 2 . 1 8.. 1 1 1 1 1 6 5 6 4 4 0 2 1 9 9 , , , , , 9 2 9 4 4 0 6 1 2 2 6 6 3 5 1 9 8 , , 0 2 9 2 - 4 1 7 7 7 7 8 9 4 6 2 4 , , , , , 5 7 3 8 0 3 4 1 6 1 1 0 0 6 2 1 i ' ; . 1 1 1 1 1 2 2 2 2 2 , , , , , 0 4 7 2 4 3 - 4 3 7 i 3 o 8 5 l 1 l i ! 7 8 7 8 8 , , , , , 5 5 3 9 1 6 2 1 2 3 4 9 7 8 6 I • ; ! | 1,0 9 8 8 9 0 3 6 5 7 6 9 9 5 0 ! 1 2 1 1 1 , , , , , 0 9 8 6 6 - 0 0 8 5 1 7 9 1 1 9 1 - 3 3 2 2 2 1 0 8 9 8 , , , , , 0 2 2 4 6 5 3 8 6 8 0 6 7 0 0 3 3 3 3 3 , , , , , 2 1 2 1 7 1 4 9 0 8 1 1 3 7 2 2 2 2 1 1 , , , , , 9 0 0 2 8 8 7 1 2 3 0 3 3 7 8 1 ! | | 2 2 2 2 2 , , , , , 7 2 5 5 6 9 2 8 6 4 6 7 4 8 6 ; 1 1 1 1 1 , , , , , 7 4 6 5 6 5 0 3 2 4 3 9 2 4 4 9 6 5 6 5 , , , , , 1 4 4 9 6 1 5 8 6 9 6 8 6 8 8 deposits: J J J J . u u u u n l u j l y y y e e 2 i 2 55 1 8 1 L 9 2 2 . :;;;;;;;;;;;;;;;';; , 1 ' : : 7 7 7 7 7 , , , , , 8 8 7 7 9 3 4 6 2 6 8 2 3 3 7 , , , , , 4 5 3 6 3 0 3 4 3 4 2 3 0 0 06 f 6 6 23 % 1 1 0 , 6 2 9 , , , 2 0 0 1) 1 2 9 1f 0 5 2J 4 1 I ! , ' 4 4 ,7 5 7 3 0 0 9 0 , , 2 9 5 7 9 0i 5 9 : ! 6 6 5 5 ? 0 0 8 9 8 4 7 7 5 5 , , , , , 3 0 0 2 1 5 5 8 0 5 1 1 1 9 5 ! ! ; : ! 2 2 2 2 2 2 2 1 2 2 9 9 4 4 1 , , , , , 3 2 0 7 5 3 6 8 2 2 2 0 8 7 9 J ] : ' 4 4 4 4 4 8 7 9 7 9 , , , , , 5 3 6 5 2 4 3 7 7 1 7 8 4 9 8 4 4 4 4 4 0 0 2 3 1 , , , , , 5 8 1 0 8 1 7 3 7 1 8 5 7 2 7 ! 9 9 9 9 9 8 5 5 7 8 0 3 9 0 8 , , , , , 9 0 5 6 4 1 3 1 4 8 7 9 9 3 4 | 2 2 2 2 2 2 1 1 1 2 1 9 6 1 3 , , , , , 9 6 5 2 5 0 5 0 9 6 9 1 9 9 6 8 8 8 8 5 8 8 9 , , , , 6 9 2 7 2 9 9 3 1 1 7 6 1 1 1 1 1 6 5 6 6 6 9 1 2 0 0 , , , , , 8 7 1 4 6 2 4 3 4 9 3 9 3 2 1 : , ' 6 6 6 6 5 0 1 9 0 0 , , , , , 0 5 9 1 5 2 4 1 5 8 4 1 6 4 4 ; 2 2 2 2 2 2 3 3 3 2 7 2 8 0 8 , , , , , 6 3 1 2 2 5 3 9 6 4 4 7 5 1 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1004 FEDERAL RESERVE BULLETIN. AUGUST, 1922. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JUNE 21 TO JULY 19, 1922— Continued. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [Amounts in thousands of dollars.] Number of reporting banks. Total. Boston. Y N o e r w k . | d P cl h p i h la i - a. F S r a a n ncisco. Time deposits: J J u u n n e e 2 2 8 1 1 1 , , 6 5 2 8 < 3 .7 9 7 6 9 5 . .1 1 . 0 0 2 3 , , 7 6 5 8 2 9 ! : 4 41 6 9 5 , , 7 1 8 0 1 8 . : : 2 2 8 8 1 4 , , 8 5 9 5 9 6 3 3 2 2 2 4 , , 5 4 9 9 0 2 2 23 3 2 2 , , 5 0 4 6 7 7 J J u u l l y y 5 J2 . 1 1 , , 7 7 1 2 . 7 5 ; . 1 6 4 3 3 5 J 1 O 0 S 3 , ,4 8 5 7 4 6 ' • 5 5 4 5 7 5 , , 0 8 5 2 2 1 : 2 28 8 8 9 , , 6 7 2 3 5 4 3 3 2 22 1 , , 4 0 8 2 1 5 2 2 3 3 1 7 / ,3 7 8 3 4 8 July 19 1,726,364 98,950. 560,705 288.267 320,648 236,430 Government deposits: Juno 21 . 128,418 13.713 57,355 i,18i June 28 89,161 9^942 38,695 5,519 July 5 87,887 9,942 38,695 5,519 July 12 79,213 8,948 34,818 4,961 July 19 72,052 8,053 31,336 4,468 Bills payable with F. R. banks: Secured by U. S. Government obligations- June 21 25.901 200 4,520| June 28 67; 238 1,715 48:720! July 5 70,024 1,195! 50;110i July 12 57,488- l,095! 43,330i Julvl9 73,138 580. 57,520; All other- June 21 June 28 July 5 July 12 '. July 19 Bills rediscbunted with F. R. banks: Secured by U. S. Government obligations- June 21 409 78! June 28 745 71 July 5 919 89 July 12 729 m July 19 20.1 All other- 87: June 21 40,685 10,227! 2,774 36171 o,823' 1,569 /5 3,593 1,08S 150; 1,4881 35 7,246 J J u u n ly e 5 28 3 7 5 4 , . 9 6 1 8 7 6 .1 8 .7 , , 0 8 6 -4 3 6 I ! 2 3 6, , 7 5 8 0 2 6 j 6 8 8 6 0 6 6 9 ! 3 1 , ,9 7 8 1 6 9 ! ! 1 1 , ,7 8 8 9 7 0 2 1 6 1 1 L 3 4 , , 0 82 69 4: 9 8 1 0 2 1 7 77 5 3 0 | i 1 1 , , 3 4 3 6 6 8 j . 85 7 7 , , 7 3 7 8 9 0 July 12 33,265 9,972: 3,506! 1729: 3,0521 1,568 326 2,236 653 6381 1.3S6. 5,1.99 July 19 29.790 5,414. 14,021i 2 7781 1.453 1,525 361 1,2-ir 569 50! 1'. 298 . 1,080 j • BANK DEBITS. DEBITs TO INDIVIDUAL ACXOUNTS Volume- of business for the five weeks ending AT BANKS IN July 26 was on a level about 3 per cent lower REPORTING CLEARING HOUSE CENTERS than that maintained for the preceding four )EBITS FOR 1921 DEBITS FOR 1922 ( IN BILLIONS OP DOLLARS ) weeks. The 3 per cent decline reported last month was thus repeated, the downward trend ii 11 u being attributable largely to the mid-summer 10 10 dullness of business. For Now York City the 9 k k i vS k A 9 decline was 4 per cent, compared with 6 per 8 A. S\f\\ \r x r A \A M 8 cent shown last month. V K\ vVA% J- \J\ That this reduction in the volume of business 7 V V j 7 is largely seasonal rather than cyclical is indi- 6 6 s c y a s te te d m b} as ^ a th w e h f o a le c t ar t e h a 1 t 6 t p h e e r c fi e g n u t r e h s i gh fo e r r a t n h d e 4 5 J rA. \ V A\ \ J AM \ 4 5 for New York City 24 per cent higher than 3 3 corresponding figures for 1921. The spread 2 2 between the two years shown last month was 1 AND 2: BANKS IN NEW YORK CITY 1 12 per cent for the system and 18 per cent for 2AND4: BANKS IN ALL REPORTING CENTER! 0 - i l 1 1 I I - O New York City alone, so that when related to last year's trend the most recent live weeks 5 V 5 show an increase in business activity as com- 4 M A A A 4 / *' \ / V \ \ pared with the immediately preceding weeks. 3 3 The volume of business is measured by debits 2 2 to individual accounts as reported to the 1 1 Federal Reserve Board for banks in leading BANKS DUTSIDE OF NEW YORK CITY centers. Jan. Feb. Mar. Apr.' May June'July Aug.'Sept. Oct.' Nov.' Dec. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 1005 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS. SUMMARY BY FEDERAL RESERVE DISTRICTS. [In thousands of dollars.] Num- 1922 1921 ber of Week ending- Week ending— centers included. June 28. | July 5. July 12. ! July 19. July 26. June 29. I July 6. July 13. July 20. July 27. i Boston 412,576 481,991 449,698 493,701 482,210 401.918*! 432,780 431,939 467,988 374,231 New York..., 4,940,708 1 4,816.262 4.906,346 4,649,606 4,582,601 ! 3,742;943 i 4.217.547 3,874,472 3,946,421 3,592,910 Philadelphia. 389.293 I 359,656 398,819 '468,148 374,513 369,089 j 383.503 364,908 386.721 328,947 Cleveland 469,940 506,901 471.379 475,626 j 454,569 391.940 : 423,415 ! 418.283 414,091 384,273 Richmond 194,677 201,984 217.824 204,928 ! 184,597 j 201,660 l- 215,763 j 211,296 200,962 176,911 Atlanta , 167,986 186,111 180,553 175.252 161,662 '. 155.526 , 180,5-10 ! 167.774 181,486 156,621 Chicago 904,466 927,844 959,780 980,563 907,821 I 802,780 ! 855,469 913,871 920,427 844,077 St. Louis , 206,613 239.598 231,925 ! 228,729 I 193.933 : 185,158 • 203,360 ' 207.199 213,175 183,548 Minneapolis.. 121,419 122,986 137'609 ! 129,340 '. 125,165 118.491 I 120,782 , 129.609 125,172 119,536 Kansas Citv.. 241,452 244,476 264,186 254.828 ' 234,350 209,658 j 221,590 I 235.860 241,590 232,189 Dallas :.. 113.987 123,770 128,985 127i226 114,064 I 121,191 119,686 128,771 131.267 112,234 San Francisco 442,287 443,916 500,640 j 483,612 I 427,455 • 406,109 I 433,595 i 460,642 398,969 398,092 Total... 165 i 8,605,404 j 8,655,495 8,847,744 | 8,671,559 j 8,242,940 I 7,106,469 j 7,808,030 \ 7.544,624 7,628,269 6,903,569 DATA FOR EACH REPORTING CENTER, I In thousands of dollars.) 1922 1921 Week ending— Week ending— j ! June 28. July 5. July 12. July .19. July 26. ! June 29. ! July 6. July 13. ! July 20. | July 27. District No. 1—Boston: Bangor, Me 2,774 3,408 3,367 3,235 2,931 [ 3,242 i 3,514 4,093 . 3,348 1 3,184 Boston, Mass 284,194 330,678 297,377 344,497 352,606 ! 281,563 ! 288,633 295,258 330,913 , 257,183 Brockton, Mass 3,787 4,212 4,465 4,633 3,941. . Fall River, Mass 6,417 6,833 7.470 6,681 5,926 . 5,017 5,542 5,923 5,729 Hartford, Conn 20,511 25,559 22; 775 22,787 21,069 j 18,417 22,276 20,863 18,221 Holyoke, Mass 2,628 3,440 3, 301 3,173 2,968 ! 2,819 2,931. 2,956 2,507 Lowell, Mass .• 3,383 4,346 5,265 4,718 4,150 3,846 4,496 4,743 4,001 Lynn, Mass 5,479 5,456 5,901 5,745 5,606 :. Manchester, N. H 3,280 3,988 3,834 3,783 3,313 j 3,873 4,105 4,559 4,382 4,512 New Bedford, Mass 5,663 6,679 6,436 6,902 5,920 ! 4,947 5,085 5,987 . 6,594 i 5,138 New Haven, Conn 13,656 18,102 20,401 23,105 18,106 1.3,727 18,231 17,198 • 18,178 ! 15,094 Portland, Me....: 7,259 9,069 8,697 7,822 7,451. 5,239 5,701 7,309 6,499 j 6,792 Providence, R.I 29,699 31,948 33,163 31,075 25,237 : 29,238 33,319 30,043 31,515 ' 25,664 Springfield, Mass 13,548 15,890 17,209 14,1,70 14,082 ! 1.1,624 13,851 12,800 11., 590 j 10,222 Water bury, Conn 5,093 6,209 6,258 6,456 5,925 5,239 6,313 5,188 '• 5,639 4,366 Worcester, Mass 14,471 15,842 14,145 15,297 12,526 I 13,127 14,836 14,259 14,845 j 11,618 District No. 2—New York: Albany, N. Y 20,955 31,051 21,285 34,767 20,729 31,373 37,006 23,673 18,563 I 18,264 Binghanton, N. Y : 3,635 4 111 4,418 4,154 3,624 I 3,361 4,274 3,977 I 3,747 ! 3,447 Buffalo, N. Y • 54,207 76,799 67,292 63,180 59,287 ; 49,498 69,064 61,146 ! 56,115 i 49,708 Elmira, X. Y i 3,501 3,464 3,624 3,609 3,048 ! Jamestown, N. Y i 3,082 3,542 3,749 3,817 3,645 ! Montclair, N. J \ 2,241 2,304 2,681 2,351 2,199 i Newark, N. J ' 50,784 59,792 54,864 56,209 5] 272 New York, N. Y = 4,815,943 4,647,704 4,763,690 4,496,357. 4,454,686 ! 3,617,372 4",050,119 3,737, 133 3,821,102 j 3,483,112 Northern Now Jersey Clear- j ing House Association ' 33,073 36,740 35,677 35,218 38,041 Passaic, N. J 1 5,880 3,747 5,551 5/361 5,345 I 4,616 5,070 5,694 4,514 Rochester, N. Y ' 28,271 36,740 28,081 32,852 26,177 ! 24, 599 ' 35,991 28,580 27,700 j 23,050 Stamford, Conn j 2,442 2,731 2,835 2,718 2,304 !.. :. Syracuse, N. Y 11,817 16,110 16,029 12.935 12,753 12,124 16,023 14,269 13,226 10,815 District No. 3—Philadelphia: ! Allentown, Pa i 5,779 6,802 6,638 5,932 Altoona, Pa j 3,042 2,630 3,347 3,116 2, 3,187 | 2,759 3,209 3, U6 2,895 Camdcn, N. J ' 9,046 8,344 9,932 10,670 Chester, Pa 3,813 4,024 4,693 4,796 3, 3,881 • 3,800 i 4,078 4,753 ! *3"914 Harrisburg, Pa 6,560 7,299 7,765 8,657 6,541 6,835 : 6,853 7,115 I Hazleton, Pa 1,829 2,389 2,325 2,255 ij Johnstown, Pa 4,443 4,471 4,791 4,964 4; 5,102 i 4,765 : 4,962 4,913 ! 4,068 Lancaster, Pa 5,110 5,040 5,268 • 5,306 4, 4,277 : 4,391 • 4,390 4,217 j 3,966 L X e o b r a ri n s o to n w , n P , a Pa 1, 8 2 5 8 1 8 1,3 7 5 5 1 5 1, 8 3 3 5 5 8 I I 1,1 8 8 7 0 3 1, Philadelphia, Pa 32.1,312 288,133 324,151 ! 395,117 307, 295,195 i 311,122 ' 289,66-8 312,507 259,427 Reading, Pa 7,354 7,330 7,998 : 7,824 7, 8,486 i 8,630 !. 8,1.34 6,147 Scranton, Pa 11,244 12,133 12,920 j 10,614 10, 16,096 : 14,213 ! 1.7,474 11,959 17,145 Trenton, N. J 11,103 • 11,887 11,992 ! 12,099 11, 10,013 I 9,793 i 10,552 14,521 10,254 Wilkes-Barre, Pa 7,493 8,148 7,046 6,801 5, 8,135 i 7,000 j 8,578 8,178 8,182 Williamsport, Pa 4,447 4,094 4,380 4,321 3, 3,529 : 4,089 4,295 3,925 3,388 Wilmington, Del 6,790 8,189 8,098 8,062 9,651 11,019 ! 7,132 7,378 6,362 York, Pa 3,936 3,608 4,368 4,295 3,479 ! 3,717 i 3,717 4,139 3,427 District No. 4—Cleveland: Akron, Ohio 14,717 12,278 15,932 13,294 14,673 12,976 14,700 13,662 15,216 13,083 Butler, Pa 2,249 2,710 2,812 2,186 2,093 Canton, Ohio 7,313 8,134 9,424 9,344 9,062 Cincinnati, Ohio 73,770 65,820 67,345 72,222 61,711 56,149 = 58,132 j 59,871 63,294 j 55,021 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1006 FEDERAL RESERVE BULLETIN. AUGUST, 1922. DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS—Continued. DATA FOR EACH REPORTING CENTER—Continued. [In thousands of dollars.] 1922 1921 Week ending- Week ending- June 28. July 5. July 12. July 19. j July 26 June 29. ; July 6. July 13. July 20. I July 27. District No. 4—Cleveland—Con. Cleveland, Ohio 124,263 148,367 131,172 141,308 \ 122,822• 102,281 i 117,554 122,935 112,857 j 104,438 Columbus, Ohio 35,403 28,877 32,546 31,977 j 29,736| 27,343 | 27,242 29,242 31,350 26,401 Connellsville, Pa 1,308 906 1,121 1,178 1,202 Dayton, Ohio 12,082 16,354 15,932 14,071 ! 13,035 11,196 I 13,568 12,952 13,137 ! 12,839 Erie, Pa 5,788 6,240 6,142 6,021 . 5,558 5; 449 ! 5 892 6,405 5,536 I 5,606 Greesnburg, Pa 3,720 3,721 3,981 4,485 ! 4,125 4,924 5,109 : 3,919 Homestead, Pa 625 1,044 808 797 | 587 Lexington, Ky 3,780 5,476 5,182 4,457 . 3,689 3,143 j 4,166 3,097 3,595 3,134 Lima, Ohio 3,006 3,251 3,680 3,560 ! 3,022 Lorain, OMo 1,233 1,410 1,195 1,226 ! 1,080 New Brighton, Pa 1 982 2,704 2,354 2,196 , 2,028 Oil City, Pa 3,071 3,525 3,086 2,800 ' 3,013 2,161 ! 2,453 1,992 1,934 , 2,033 Pittsburgh, Pa 169,242 177,738 162,563 158,401 i 167,515 145,778 i 152,123 139,406 141,526 ' 136,825 Springfield, Ohio 3,585 5,372 4,957 4,776 ! 4,614 3,377 "• 4,007 4,400 4,171 I 3,344 Toledo, Ohio 33,926 39,804 43,869 j 36,575 Warren, Ohio 2, 2,578 2,412 3,122 ' 2,221 Wheeling, W. Va 9,221 9,052 8,724 9,512 I 10,123 7,544 7,273 7,305 6,521. 7,214 Youngstown, Ohio 11 292 24,081 13,817 12,302 i 13,955 10,670 12,423 11,492 9,845 9,816 Zanesville, Ohio 2,397 2,969 2,724 2,465 ! 2,473 District No. 5—Richmond: AsheviUe, N. C 3,487 4,137 4,348 4,734 I 4,156 Baltimore, -Md 88,225 80,876 92,514 83,068 ! 76,267 93 899 i 99,260 101,330 94,092 87,814 Charleston, S. C 4,330 0,199 6,955 5,380 6, 111 5,000 ; 7,019 6,742 5,220 5,149 Charleston, W. Va 6,809 6,550 7,308 8,014 7,266 Charlotte, N. C 6,267 7,877 7,281 6,880 8,387 5,750 5,865 4,994 4,555 4,433 Columbia, S. C 4 155 5,151 4,100 4,073 3,450 5,630 I 4,300 4,985 4,653 3,713 Cumberland, Md 1,805 2,156 ' 2,317 2,047 1,099 Danville, Va 1,615 1,492 2,192 1,719 1,498 Durham, N. C 4,211 3,921 4,526 4,176 . 5,741 Greensboro, N. C 3 242 3,285 3,714 4.293 3,104 Greenville, S. C 2,906 • 4,112 3,790 3;317 3,437 2,543 3,640 2,574 2,472 2,390 Hagerstown, Md 1 829 2,326 2,360 1 710 Huntington, W. Va 4,842 4,903 4,742 4,661 4,711 4,353 4,540 *4,*960" 4,995 4,229 Lynchburg, Va 3,796 5,096 5,243 4,018 3,457 Newport News, Va 1,820 2,024 2,183 1,596 1,406 Norfolk, Va 15,230 15,296 16,642 17,096 12,774 12,131 13,888 15,147 13,799 11,582 Raleigh, N. C 3,900 3,700 3,800 8,000 4,100 4,400 4,350 4,100 4,900 3,870 Richmond, Va 20,848 27,044 25,318 24,809 23,224 21,766 26,505 23,087 24,259 19,036 Roanoke, Va 4,371 5,514 5,227 5,455 j 4,485 Spartanburg, S. C 2 009 2,232 2,082 2,066 1,781 Washington, D. C 40,021 42,927 47,434 43,480 37,909 41,548 41,357 37,830 37,621 30,443 Wilmington, N. C 3,953 3,899 5 248 4,164 4,227 4,640 5,039 5,547 4,396 4,252 Winston-Salem, N. C 5^080 6,386 5,245 5,0(31 4,471 District No. 6—Atlanta: Albany, Ga 760 807 792 787 Atlanta, Ga 21,627 27,927 25,894 25,887 21,538 20,473 24,697 23,577 23,652 20,230 Augusta, Ga 4,789 4,438 5,535 5,081 4,840 4,007 5,308 5,326 5,116 4,408 Birmingham, Ala 18,184 17,520 16,093 15,616 11,991 14,552 10,696 12,025 10,595 Brunswick, Ga '512 600 752 540 599 Chattanooga, Term 6,471 6,864 6,754 6,483 I 6,174 6,839 7,906 8,222 8,205 6,460 Columbus, Ga 1,861 2,405 2,684 2,148 2,026 Cordele, Ga 154 149 216 198 146 Dothan, Ala 366 502 450 506 368 Elberton, Ga 121 183 212 136 i 155 Jackson, Miss 2,172 2,171 2,967 2,331 1,635 Jacksonville, Fla 9,510 10,861 10,002 10,713 8,905 8,804 i 9,788 9,965 9,954 7,887 Knoxville, Tenn 6,190 6,925 5,928 6,014 5,505 4,495 6,197 4,688 6,721 4,570 Macon, Ga 3,910 4,503 4,634 5,208 4,127 3,731 j 4,166 3,997 4,599 3,519 Meridian, Miss 1,580 1,695 1,918 1,788 1,655 •I- Mobile,Ala 5,265 6,187 5,677 5,601 5,349 5,097 5,709 5,820 5,733 4,702 Montgomery, Ala 3,081 3,185 3,164 3,259 2,844 2,602 2,400 2,171 2,547 2,390 Nashville, Tonn 14,170 16, 572 15,843 15,465 13,096 23,844 24,992 22,277 33,177 25, 821 Newnan, Ga : 283 706 417 325 330 New Orleans, La i 60,549 62,376 62!, 021 59,885 56, 219 48,954 56, 872 54,601 52,866 50,027 Ponsacola, Fla 1,258 1,553 1,362 1,283 1,268 1,234 1,406 1,464 1,407 1,3S2 Savannah, Ga | 8,604 9,996 9,758 7,943 8,222 8,172 10,329 8, 761 9,186 8,453 Ta mpa, Fla • 4,400 5,186 5,222 5,174 6,687 4,237 4,908 4,976 5,110 4,238 Valdosta,Ga i 827 917 1,116 915 770 !. Vicksburg, Miss : 1,069 1,354 1,239 1,163 1,272; 1,046 1,310 1,233 1,188 939 District No. 7—Chicago: | Adrian, Mich \ 746 750 706 551 ;. Aurora,111 2,625 2,555 2,992 2,605 2,531 L Bay City, Mich 2,231 ! 2,495 2,166 2,162 i 2,027 2,224 2,624 2,292 2,044 Bloomington, 111 1,916 2,210 j 2,285 2,484 2,087 2,144 2,720 2,074 2,465 2,054 Cedar Rapids, Iowa .' 4,293 5,780 ! 8,637 8,344 6,245 , 8,403 9,613 10,347 9,025 8,253 Chicago, 111 583,940 575,910 i 595,856 611,936 555,001 i 523,449 544,121 548,414 586,027 546,417 Danville, 111 2,400 3,100 ! 3,300 2,900 2,100 . Davenport, Iowa 9,887 ! 7,605 8,623 5,562 7,151 6,056 5,957 6,034 Decatur,Ill.... 2,996 3,060 ; 3,498 3,301 3,380 : 2,550 2,673 3,035 3,996 3,436 Des Moines, Iowa 15,694 15,328 17,362 15,991 14,675 ; 14,396 13,391 15,386 15,787 14,237 Detroit, Mich 116,981 127,100 130,381 139,130 141,881 ' 89,665 104,800 160,515 122,774 106,407 Dubuque, Iowa 2,754 3,150 3,300 3,022 2,247 j 2,379 3,212 2,581 2,603 2,499 Flint,Mich 5,914 5,302 5,116 5,575 5,040 1 4,876 5,639 5,074 7,465 4,994 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 1007 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS—Continued. DATA FOR EACH REPORTING CENTER—Continued. [In thousands of dollars.] 1922 1921 Week ending- Week ending- June 28. ! July 5. July 12. July 19. July 26. June 29. July 6. July 13. July 20. July 27. District No. 7- -Chicago—Con. ! Fort Wayne, Ind'. | 6,829 7,951 ! 7,917 7,151 7,207 Gary, Ind " 2,916 • 3,218 I 2,743 3,308 2,479 Grand Rapids, Mich i 13,406 12,682 i 14,372 15,133 13,479 Hammond, Ind ' 3,278 ' 3,602 3,1,60 3,100 Indianapolis, Ind 32,876 32,922! 35, 863 36,379 31,336 Jackson, Mich. * 5, 584 4,120 • 4,063 4,323 4,871 Kalamazoo, Mich 4,270 3,888 " 4,203 4,416 3,876 Lansing, Mich 6,524 6,735 6,507 6,264 5,695 Mason City, Iowa 2,256 2,139 2,329 2,023 1,864 : Milwaukee, Wis 49,329 59,526 57,927 56,546 57,040 I Moline/lll i 1,328 1,969 3,129 2,569 1,680 Muscatinc, Iowa \ 887 1,108 1,170 1,018 Oshkosh, Wis i 2,100 2,300 1,900 2,500 1,900 Peoria,Ill ' 7,864 8,175 : 8,770 8,655 7,994 7,948 Rockford, 111 | 4,373 4,791 i 5,190 4,771 4,300 5,811 Sioux City, Iowa ! 15,383 15, 762 16,612 16,433 14,549 8,162 South Bend, Ind 6,264 8,216 8,802 8,055 6,093 5,372 Springfield, 111 | 4,639 7,415 6,317 5,761 5,054 ; 6,957 Waterloo, Iowa ! 3,142 3,734 3,573 3,535 2,947 i 2,769 District No. 8—St. Louis: j East St. Louis and National i Stock Yards, 111 9,648 8,349 10,704 094 8,356 Evansville, Ind -. 7,398 9,100 8,542 7,221 5 541 4,811 Fort Smith, Ark i 2,473 2,351 2,302 2,124 2,248 Greenville, Miss j 601 674 ! 1,226 699 490 Helena, Ark ! 795 878 ! 939 1,040 1,008 Little Rock, Ark [ 8,475 8,048 ! 8,251 8,416 7,129 i 8,259 7,337 9,194 8,063 7,710 Louisville, Ky ! 32,394 34,511 ! 33,543 32,101 28,697 ! 28,82.1 29,307 31,397 ! 28,698 25,330 Memphis, Tenn 22,044 24,295 23,860 23,057 19, 17,401 19,887 16,915 ! 22,471 16,158 Owensboro, Ky | 991 1,097 1,633 1,244 Quincy, 111 j 1,984 2,030 2,323 2,220 906 I 1,789 2,093 2,286 2,628 i 2,016 St. Louis, Mo 122,239 150,414 I 141,666 143,884 426 113,397 129,196 129,121 135,318 ! 116,855 Springfield, Mo 2,431 2,851 j 3,036 2,934 2,537 ! 2,324 2,875 2,638 2,498 2,346 District No. 9—Minneapolis: j Aberdeen, S. Dak j 1,087 1,229 1,537 1,339 1,266 1,229 1,167 1,536 1,397 1,024 Billings, Mont ! 1,802 1,767 1,973 1,824 1,383 •• 1,486 1,667 1,854 1,574 1,573 Dickinson, N. Dak i 193 288 298 318 221 . Duluth, Minn ! 14,643 15,437 15,977 15,756 14,537 16,301 i 15,498 17,559 15,381 13,780 Fargo, N. Dak i 1,993 2,861 2,930 3,029 2,291 2,133 2,654 3,041 2,466 2,387 Grand Forks, N. Dak 948 ! 1,397 1,392 1,303 1,153 : 905 j 1,146 1,216 1,219 1,034 Great Falls, Mont : 1,554 1,487 1,498 1,346 1,314 1,514 1,352 1,526 1,636 1,568 Helena, Mont 1,903 2,002 2,601 2,088 2,093 '•• 2,136 2,657 2,481 2,287 1,845 Jamestown, N. Dak ; 390 372 537 418 410 '. Lewistown, Mont ; 653 852 794 755 664 j. M M i in n n o e t a ,N po . l D is a , k M inn i i 60, 5 0 9 1 4 2 62,6 9 6 8 4 8 69, 8 4 2 3 9 0 64,1 8 8 5 8 8 62,6 8 1 1 6 6 | I. 8} 837 60,946 65,153 64,686 | 58,582 S R S W S i u t e o . i p d n u P e w o D x r a n i i o u F n o a l a g r , , , U , M M W M s i , i n i n i S s n n n . n D ak : j : 13 3 2 7 2 1 , , , , 4 5 8 6 5 o 4 8 0 3 0 o 6 1 4 0 2 o * 3 2 1 1 3 3 7 , , , , , 3 7 2 7 3 6 2 0 7 5 6 0 4 2 5 6 0 7 i 13 3 3 4 1 1 9 , , , , , 2 2 6 0 9 5 9 5 3 8 6 5 7 4 8 2 8 7 1 3 3 3 1 7 1 , , , , 8 6 9 9 6 4 5 7 7 5 9 9 1 7 0 5 2 1 1 3 3 3 1 7 2 , , , , 4 3 6 8 3 0 2 4 6 5 6 3 0 0 4 j ; . L . 2 4 1 6 , , , 7 5 6 8 9 8 9 7 4 7 3 6 2 4 1 6 1 , , , , 2 7 6 0 2 9 0 6 7 7 2 9 • 2 2 1 7 4 , , , , 4 0 6 1 0 8 0 4 5 2 7 9 I 2 3 1 1 7 , , , , 8 1 9 5 6 7 5 3 3 3 3 7 3 3 1 1 , , , 9 2 7 7 9 2 2 9 6 7 8 2 District No. 10—Kansas City: I Atchison, Kans : 1,121 1,116 1,216 1,279 1,047 ; 1,104 970 1,204 1,558 1,126 Bartlesville, Okla ; 3,007 3,072 2,587 2,519 2,186 ! 1,965 2,219 2,073 2,645 1,812 Casper, Wyo ; 3,428 3,413 3,150 2,915 3,222 Cheyenne, Wyo ; 1,973 1,721. 2,007 2,288 2,230 , 1,920 I 2,538 I 2,132 .1,746 1,382 Colorado Springs, Colo | 2,279 2,922 | 3,307 2,713 2,622 i 2,269 ! 2,316 i 2,719 I 2,696 2,645 Denver, Colo I 33,324 34,676 38,608 34,229 34,186 ; 32,657 32,115 i 31,020 30,838 30,216 Enid, Okla 2,420 2,986 ! 3,115 3,421 3,016 ! Fremont, Nebr 624 772 ' 843 715 739 Grand Island, Nebr 1,199 1,152 1,216 1,264 i 1,118 Grand Junction, Colo— ' 511. 577 653 462 563 Guthrie, Okla 579 565 607 612 ' 471 Hutchinson, Kans 2,610 2,674 3,804 3,364 : 3,716 Independence, Xans 1,803 2,439 1,943 2,437 i 1,708 Joplin, Mo 2,734 2,636 2,844 2,477 ' 2,248 1,750 i 1,673 2,042 2,028 1,681 Kansas City, Kans 4,826 3,217 3,175 5,128 ! 3,752 3,582 ! 3,339 3,0.12 3, 719 2,896 Kansas City Mo i 71,9-18 71,149 70,297 71.501 i 66,630 60,689 i 63,567 72,010 76,533 74,037 Lawrence, Kans ' 1,016 1,001 1,043 '847 • 818 McAlester, Okla 699 803 921 769 683 Muskogee, Okla j 5,947 4,815 5,964 6,160 i 6,275 3,050 j 3,825 | 3,202 2,859 2,823 Oklahoma City, Okla I 16,986 20,533 21,149 20,938 i 18,097 16,465 ! 21,058 20,570 19,466 17,763 Okmulgce, Okla ! L626 1,984 2,133 1,709 i 1,758 Omaha, Nebr 44,302 43,183 48,152 46,503 43,520 38,595 ; 38,052 I 41,316 44,6 45,073 Parsons, Kans 860 916 1,001 880 | 968 Pittsburg, Kans 1,014 1,049 1,211 1,081 ' 971 Pueblo, Colo 3,417 3,707 4,512 4,251 : 3,602 2,788 4,482 : 4,192 3,790 St. Joseph, Mo 9,931 13,153 16,177 14,826 ! 12,401 12,887 13,551 i 16,453 16,971 17,372 1 Debits of banks which submitted reports in 1921, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1008 FEDERAL RESERVE BULLETIN. AUGUST, 1022. DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS—Continued. DATA FOR EACH REPORTING CENTER—Continued. [In thousands of dollars.] 1922 1921 Week ending- Week ending- Juno 28. July 5. July 12. July 19. July 26. June 29. July 6. July 13. July 20. July 27. District No. 10—Kansas City- Continued. Topeka Kans 2,849 3,249 4,163 3,38.1. 3,046 2,620 3,985 4,495 3,409 2,773 Tulsa Okla 26,531 22,591 27,602 24,831 22,394 18,669 1.7,378 16,954 15,134 14,954 Wichita. "Cans 10,277 12,736 .12,426 11,804 10,114 8,648 10,522 12,466 13,535 11,713 District No.'11—-Dallas: Albuquerque, N. Mex 1,764 2,280 2,734 2,312 1,767 1,357 1,891 2,124 1,744 1,398 Austin, Tex 2,472 2,997 3,485 2,407 2,326 2,268 2,541 3,265 2,271 2,163 Beaumont, Tex 2,612 3,110 3,610 3,363 2,907 2,649 2,908 3,350 3,133 2,482 Corsicana Tex 762 856 1,016 773 575 Dallas Tex 29,243 30,01.7 31,258 32,104 27,391 27,799 27,81.9 27.607 33,960 25,022 Fl Paso Tex 6,528 7,768 8,313 6,871 6,863 7,405 7,750 7) 093 6,343 5,695 Fort Worth, Tex 21,486 20,970 2L,876 19,795 2.1,170 19,941 18,420 18,920 20,1.10 21,420 Galveston, Tex 11,991 14,251 14,542 17,574 12,896 15,980 16,344 19,222 20,965 17,474 Houston, Tex 19,848 23,450 21,450 2.1,872 20,998 25,176 24,342 28,045 24,258 20,500 Rosowcll N Mex 465 466 585 775 611 San Antonio Tex 4,901 4,801 6,930 7,008 5,430 7,306 5,646 6,875 6,401 5,559 Shreveport La 7,205 7,420 7,261 7,652 6,722 5,684 6,034 5,957 5,555 5,299 Texarkana, Tex 1,469 1,571 1,742 1,811 1,508 1,140 1.580 1,182 1,515 975 Tucson, Ari/ 1,767 1,767 1,824 1,705 1,649 1,782 1,089 2,038 1.852 1,462 Waco, Tex 2,701 3,368 3,960 2,752 2,437 2,704 3,322 3,093 3,160 2,785 District No. 12—San Francisco: Bakersfield Calif 2,974 2,493 2,602 2,408 2,245 "Bpllinsrham "Wash 1 633 1 603 I 497 1 848 1 587 Uerkolov, ('alii 3,033 3,581 4,186 3,918 2,793 2,325 2,774 3,234 2,970 2,391 Boise Idaho 3,267 3) 034 3,229 2,731 2,526 2,675 2,388 3,207 3,034 2, 705 Eujzent' Orefr 1 786 1 518 2 18L 2,14L 1,862 Fresno Calif 8,156 9,200 10,057 9,915 8,584 .... 7,971 9,170 8,300 7,599 Lon{j Beach Calif 6.563 8,537 9,151 9,704 8,254 46,,982645 6,441 6,042 5,866 5,137 Los Angeles, Calif 115;046 106,4.08 123,252 120,451 108,23.1 92,355 98,610 104,876 99)727 93,122 Oakland, Calif 17,218 18,955 23,093 19,703 17,146 1.6,629 19,942 18,682 18,1.09 16,111 Oujden l^tah 4,168 3)501 4,348 3,973 3, 270 2,731 2,908 3,208 3.088 1,938 Pasadena Calif 5,206 5,646 6', 963 6,019 5,053 4,390 5,337 5,303 5,195 3,965 Phoeni\ \riz 4 344 4,513 3,884 4,142 3,564 Portland Orejr 30,551 32,495 32,969 32,171. 28,01.0 29,523 30,702 31,650 29,503 28,179 Reno, Nev 2,446 2,991 2,713 2,625 2,569 2,718 3". 517 3,084 2,170 2,323 "Rit/villp Wash 109 L49 167 129 106 Sacramento, Calif 12,327 1.2,611 15,739 15,266 12,790 .11,231 11,275 13,705 12,769 11,8.1.0 Salt Lake Oil v, Utah .12.224 13,543 13,728 13,489 11,305 11,468 13, 514 .1.3,937 1.3) .181 11,357 San Bernardino Calif 1' 400 1,275 1,911 1,528 1,334 San Dies?o Calif 9,340 9,804 10,680 9,590 7,970 7,271. 8,490 9,503 7,841. 6,636 San Francisco, Calif 153,783 158,885 171,043 170,191 148,682 158,310 158)645 1.69,216 126.400 152,789 San Jose Calif 4,0L6 5,093 5,966 4,610 3,922 3,517 5,0.12 5,039 i 4)169 3,910 Seattle, Wash 31,818 25,688 35' 145 31,529 32,937 27,989 29,335 33,727 31.577 26,763 Spokane Wash 9,240 8,967 9,968 11.116 8,999 8,984 10,96.1. 11,259 10,357 9,000 Stockton, Calif . 4,321 4,539 5,870 5,149 4,150 3,642 4,405 4,890 4,156 3,965 Tacoma, Wash 7,841 8,269 10,079 8,995 8,257 6,61.1 9,373 8.744 8,637 6,7-19 Yakima, Wash. 1,723 2,169 2,461 2,467 2,007 1,951 1,995 2,166 .1,920 1,643 GOLD SETTLEMENT FUND. INTERBANK TRANSACTIONS FROM JUNE 23, 1922, TO JULY 27, 1922, INCLUSIVE. fin thousands of dollars.] i Changes in ownership Transfers. Daily settlements. ! of gold through trans- j Balance 'n Federal reserve bank. i fers and settlements. close Oi period. Debits. Credits. Debits. Credits. Decrease. Increase. Boston : 5,000 2,000 530,313 544,042 10,729 ! 32,629 New York ! 7,000 10,000 2,113,326 2,084,473 I 86,324 Philadelphia 8,000 660,541 657,257 34,056 Cleveland ! 4,000 581,060 587,322 2,262 | 47,965 Richmond ' 2,000 3,000 432,048 436,246 5,198 | 40,475 Atlanta. 208,207 207,026 1,181 20,923 Chicago 5,000 6,000 1,108,768 1,143,975 36,207 134,632 St. Louis 6,000 484,871 463,785 15,086 11,443 Minneapolis 146,572 148,789 2,217 28,665 Kansas City.... 4,000 2,000 380,501 386,735 4,234 31,948 Dallas 181,611 175,296 6,315 4,571 San Francisco.. 6,000 285,121 277,993 1,128 30,676 Total five weeks ending- July 27,1922 35,000 i 35,000 7,112,939 7,112,939 60,847 60,847 i 504,307 June 22, 1922..... ! 136,000 | 136,000 7,296,400 7,296,400 529,732 July 28, 1921 ; 380,084 : 380,084 5,765,340 5,765,340 421,776 June23, 1921 1 413,598 413,598 0,005,904 6,005,904 403,621 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN. 1009 GOLD AND SILVER IMPORTS AND EXPORTS. IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Gold. Silver. Countries. IMPORTS. Denmark $232,891 $1,089,626 ! S3,361,748 $18,924,110 S370 S844 France 7,482, 1-16 . 667,019 j 103,836,999 129,650,473 S4,568 87,223 ; 142,021 245,113 Germany 14,982 19,924,893 82,997 1.8,045 ; 252,811 I 5,744,385 Greece 1,139,445 5,003 15,435 267,474 I Netherlands 4-19,907 :. 16,653,867 4,186,976 24,846 ! 1,669 Spain 57,703 .. . 3,514,600 330,167 . 158 110,555 I 71,955 Sweden 6,347,500 . 15,851 41,656,643 55,294,298 . 36,645 1 1,9M United Kingdom: England .18,509,346 ; 4,008,638 322,704,592 ! 124,503,143 10,627 10,882 1,281,246 ; 181,987 Scotland 151,320 151,320 Canada 4,230,452 • 388,664 31,862,135 : 19,509,099 506,118 ; 350,362 3,964,019 3,872,923 Central America 4.91,224 j 297,638 6,030,581. j 0,173,833 j 115,836 I 204,103 2,627,300 1,706,562 Mexico 308,278 ! 591,106 5,-189,812 | 5,812,318 • 2,261,534 ! 4,519,223 36,239,127 48,151,597 West Indies 1,277,712 27,621 6,055.219 3,662,209 65,624 ' 79,717 148,718 654,183 Argentina 1,549 . 2,473; 380 265,191 ' 886 : 30,486 12,6o8 Chile 10,033 I " "233^605"i 204,284 659,233 131,346 I 67,314 2,818,522 1,469,192 Colombia 764,580 ! 422,969 j 14,507,936 9,251,164 . 8,715 ! 17,673 • 704,828 2. Jo, 009 Peru 78, 118 i 137,758 j 1,485,673 : 1,714,696 j 309,280 776,875 7,250,413 6,7J1,878 Uruguay 6,567 2,969,997 • 4,112,636 ! 2,763 2,763 25,3i7 Venezuela 36,673 , """45^561" 1,202,843 1,036,316 : 2,057 ! 1,199 3,347 2,8 6 China 454,186 I 322,116 14,186,275 7,340,884 ; 1,183 : 16 1,289,881 3,057 British India .1,5-15,988 .. 1.7,145, 788 14,863,765 i 224 I 650 11,718 Dutch East Indies 169,576 j 77,818 941,373 i 1,700,488 I 30,000 47,640 1,031,094 531,815 Hongkong 14,730 LI,702,483 I 549,159 j. 75 192 279 Philippine Islands 111,994 60,428 1.157,991 ' 1,17-1,067 2,019 1,146 19,981 17,409 British Oceania 99,041 189,885 10; 627,836 : 13,011,302 ! 1,332 136 4,515 1,793 Allother 904,952 1,223,283 14,633,323 24,473,230 : 74,728 243,957 1,149,046 1,002,145 Total. 43,576,476 j 12,968,636 638,559,805 i 468,310,273 \ 3,627,272 | 6,345,744 59,430,850 70,681,298 EXPORTS. United Kingdom—England.. 85,565 236,857 788,505 8,859,387 11,790,722 Canada 158,430 I 69,368 3,955,607 2,373,040 167,943 123,472 2,780,647 4,491,258 Central America 12,127 1,000 2,500 371,005 11,043 Mexico 600,473 j 419,885 j 7,029,928 5,305,513 33,269 171,876 2,097,819 2,205,162 West Indies 2,000 I 793,494 : 5,350 2,800 1,066 898,715 39,266 Colombia 33,000 239,500 795,703 Pern ; 3,653,376 : China j 12,000,000 i 147,825 2,681,089 15,352,082 19,557,8.^8 British India 100,400 I 1,414,461 ! 5,519,339 60,298 440,719 2,095,480 6,5*8, Oil Dutch East ladies 40,000 ! 600,000 360,010 French East Indies ! 2,290,000 i. 3,168,000 Hongkong 14,700 ; 893,180 I 9,004,120 10,025,595 480,130 1,759,624 13,207,132 11,845,174 J A a l p lo an ther 75,921 II j 92, 1 5 7 3 4 7 , , 0 2 6 8 2 9 ! 3,744,308 293,888 2,"570* 6,60 3 3 1 , , 1 2 3 6 6 8 1, 6 6 5 1 2 0, , 2 2 0 6 4 6 Total. 773,603 > 1,600,754 133,537,902 ! 27,345,282 1,424,010 6,004,421 ! 52,536,171 62,694,677 4210—22- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE CLEARING SYSTEM. o OPERATIONS DURING JUNE, 1922. O [Numbers in thousands. Amounts in thousands of dollars.] Items drawn on banks located Total items handled, including Number of nonmember in own district. Items for- Tteins duplications. banks. Federal b re ra se n r c v h e . bank or re I o s n e r r F b v r e e a d n b e c a ra h n l k O e u r b a ts l a i n r d e k e s e o F r r v e e d- I o t n o e f m S T t s U r a e t n d a e i r s s t a u . e w d re n r d h T u a c o p n lu t l d a i s c l l i e v a i d t e t i e , o m o e n f x s s . - e o w b a r t a n r h a b l a d r e a n d r r n e c e t F h s k h d e e s e e r i t s d v r o . - e f t t o o - i d b ) n r i a w b s p n s t r a a a r k a r r i m n d c e o c e n t e r . h d t Number. Amount. of N b u m a m n e k m b s e b . r er O l n i s D t. ar . I • No li t st o J n par city. branch city. i N h u e m r. - \ 1 , N b u e m r. . - 1 ; * N b u e m r. .- 1Amount. I i N h u e rn r - . , : 4 A Nutn-'| A mount. 1922 1.9212 1922 .19212 I 1 .J 3 0 u 2 0 n 2 , e . J 1 u 3 9 0 2 n , 2 e . 1 i ! 1 . 9 1 J 2 5 u 1 , n . e . 1 J 3 9 u 2 0 2 , n . e J 1. 1 u 9 5 n 2 , 1 e . N Bo e s w t B o Y u n f o fa r l k o i 2,( 606! ,2 5 5 8 5 3 8 2 , , , 1 0 8 4 5 0 9 8 5 5 3 ; . 8 0 4 3 7 7 6 5 5 1 j 6 4 5 0 5 2 5 3 , , , 5 0 5 6 8 9 6 3 2 1,0 1 5 8 1 3 1 4 1 2 0 2 1 5 , , , 3 2 2 0 1 4 0 0 0 4 8, , ' 1 6 7 6 2 4 4 2 7 . ! 5,0 9 1 1 8 44 0 1 . , ,8 7 5 9 O 5 K 0 1 s ; ! 1. ' 0 2 9 0 1 3 2 0' 7: 1 2 5 2 1 - 1 ', 1 , , 1 8 1 1 7 2 8 7 3 2 4 6 0 18 • ; i. 7 1 4 6 11 8 9 4, . ' 8 2 9 2 * 1 2 . 3 4 1 4 S , , 4 8 0 7 0 1 9 5 7 1 5 ' , , 0 1 1 3 3 8 5 6 1 , . ) 9 6 7 7 4 3 8 9 3 " 2,9 9 1 3 8 8 5 4 2 , , , 6 3 4 1 6 6 7 9 3 4 7 3 1 8 3 9 4 4 70 3 8 7 8 4 2 25 5 7 5 7 8 ; | j 2 2 5 5 7 1 5 7 ' Philadelphia 1,9331 767,588 2,325! 274,776 156 30,972 4,41.4 I,073;333: 652 135,173 5,06(5 4,762 l,20S,509i 1,134,-101 711 700 474 455 Cleveland 757 246,054 1,138. 157,232 91 6,850 2.286- '410,736! 33! 7,278 "29 ""5," 51.6 2,318 1,627 A7.\,rm 3-19/290 316 315 511 523 Cincinnati 216 115;346 8611 74,282 75 7,458 > 1)1.63! 3 198,9871 .13 5,2S0 13 3,705 1, 1'. 049 207,973; 203;351j 223 222 312 325 •"i!:::::: Pittsburgh 235,690 907! 97,082 51 4,586 1,501 337,358 81 = 41,666 28 6,657 1,613 1)390 385,681! 389,3»5J 345 342 251 236 Richmond 120l .1.22,862 1, 9801 263,787 50 5,793 2, 1501 392,442 155' 59,839 37 9', 061 2,342 2,226 461,342. 435,042! 468 460 706! 756 577 j 554 Baltimore 274 149,739 770! 71,284. 64 7,059 228,082 108 35,35! 7)644 1,300 1.092 271,080' 256,105! 162 160 2631 2741 Atlanta 683 139,692 354 38,789 39 9,163: 1^0731 187)611 251 8,550 23 4.030 1,121 536 200,224: 107.007 231 21.7 ! 107 485 52(1 Birmingham... 255 34,879 162 11,465 11 1,111 4281 47,155 lxl 11,492 29 21)515 475 456 80.462 66)511 82 72 33 119 122 Jacksonville 61 20,249 162 16,051 9 767 • 232! 37;067i 23 5,145 7 1,343 262 25-11 43] ^r>. 45,391 70' 68 63 64 145 .1.4.5 Nashville 60 27,882 229 .18,559 12 1,055i 301: 47', 496! 16 2,651 8 991 325 335 51,1411 53.127 87l 84 145 116 162 1.57 New Orleans... 59' 41,570 116 13,410 38 13,44.4! 213 j 68,424 39 .10,322 539 257 259! 79', 285 76)505 561 52 51 51 223 221. Chicago 619,958 4,177 330'. 451 378 3'.290' 5,639' 981/iM || 33,2<X: 10 3.563 5,9*5 5,026' J,02i;552! 955,413' 1,3091 3,975j 4,005 Detroit 189,837 592 53)967 " 41 3; 788. '9411 247,592 151 5,114 4 i;529 960i 745j 254,235 200,974; 12l| ' 254 258 St. L L o i u tt i l s e Rock.... 32 6 3 4 ' : | 2 1 3 9 3 , , 9 75 7 9 9 1, 2 4 9 7 5 0 8 15 2 , , 2 3 8 1 9 0 124 7 8,4 6 8 8 6 0 ! . 1,9 3 1 66 7 ! , 3 3 2 5 4 , , 9 5 4 5 S 5 1 4 1 , , 2 14 38 6| 3 12 3i! 1 1, , 9 3 9 3 9 5 1,9 4 6 0 9 8 11,6 3 9 5 6 1 ! 3 3 3 9 0, , 1 0 2 9 8 3 ! 2 4 8 1 N , , 4 0 6 9 3 o ! 3-S 7 2 0 ] 36 7 4 0 ! J 1,7 2 1 30 . ! 2 1, 2 7 3 5 2 0 Louisville 104| 56,881 466 25,306 29 4,875! 599 87,062 1,339 128 613 525 88,529; 79,539 95 95 j 342 342: Memphis 80! 27,372 174 9,265 10 1,756! 264 i 38,393 32-i 246 267 234 38,965 32,891' 58 54 ' 188 183 156 167 Minneapolis 246! 109,710 1,571 80,489 44 6,643! 1 1,863 •3 197,782 i 17,075 222 1,946 1,823 215,079' 210,887 827 814 2,419 2,547 175 79 Kans H a e s l e C n i a ty | 33 2 0 4 . j 21 8 3 , ,1 4 6 0 2 8 1,4 2 1 15 7 9 1 2 1 , , 8 2 6 8 2 3 81 7 1 1 0 , , 0 6 8 8 1 2 1,8 2 2 46 8 ! ; 31 2 6 0 , , 7 7 0 7 6 2 3 2 5 , , 7 8 9 2 0 0 i ' 1 1 1 3 , , 0 0 3 6 3 8 1 2,1 2 3 5 2 3 ,3,0 2 2 3 5 9 36 2 5 4 , , 5 5 9 9 4 5 ^ 37 2 6 4 , , 0 0 7 9 6 0 ! 3 1 3 9 3 6 3 2 3 0 2 1 1,4 2 3 0 4 8 ! 1,4 2 5 23 8 4 D Sa a n ll P S S S E H L D O O a F p a e s o o l o k m e r l a o r s a n l u t P t t a k a n v l t s A a h L h a l a c t e e s o o n n n a i a r o s m n e g d k c e e o a l e C C s i i t t y y . . . 2 3 1 1 1 1 0 1 7 3 0 4 4 4 6 5 7 7 7 5 1 . 2 4 0 6 2 1 2 1 1 1 . = ^ ! 1 1 3 3 3 2 4 4 5 1 6 1 1 2 8 3 4 6 7 5 4 3 3 1 0 9 , , , , , , , , , , , , 6 0 5 2 1 9 9 3 8 2 5 0 4 8 5 6 4 9 8 4 4 8 2 7 7 2 5 8 7 1 5 6 3 5 3 3 1 1 , , 2 5 3 5 3 2 4 2 3 9 3 1 0 6 4 0 3 6 1 0 9 4 5 3 1 4 1 3 6 1 4 2 0 9 2 7 1 3 6 2 9 2 1 2 3 1 1 5 8 6 4 9 6 5 6 2 0 0 6 4 , , , , , , , , , , , , 7 5 9 4 9 6 2 7 4 4 5 8 5 8 7 3 4 5 2 0 9 4 9 8 1 1 1 1 4 7 2 6 6 0 8 3 5 4 S 4 2 3 2 7 H 1 2 6 8 3 5 8 2 5 8 ; ! , ! ' i i , 1 1 1 1 5 6 3 3 2 1 1 1 5 1 1 0 , , , , , , , , , , , , 5 0 8 5 3 3 9 8 2 2 5 7 2 6 5 8 0 3 0 2 0 7 7 6 0 6 2 9 5 0 5 8 4 8 3 4 ! : ! , ! , ' ' • 1 1 » , , 4 0 3 4 5 4 2 7 1 7 0 8 4 1 8 4 9 7 2 5 2 3 ( 4 8 6 0 2 5 4 3 7 7 1 ! : : 4 - j ! : ! : i 3 2 2 2 1 4 5 6 5 0 2 2 5 6 2 1 9 2 2 3 4 4 9 0 6 1 8 2 2 , , , , , , , , 0 , , , , 1 1 0 9 5 4 4 7 3 3 7 5 0 4 7 4 7 9 3 9 2 6 3 4 7 1 4 ! 8 8 7 7 9 2 3 9 1 1 1 j ! ! : ' 2 10 3 4 4 2 2 1 7 1 7 l 3 5 2 3 5 l 4 5 9 8 8 5 ! 1 ! , | i 1 1 3 2 5 5 9 3 6 1 1 1 7 8 , , , , , , , , , , , , 3 0 1 6 5 8 4 9 2 6 5 0 8 7 9 9 1 9 4 2 3 3 8 3 4 7 8 6 8 5 6 2 8 7 4 l 1 ; ! ! ! ! ; ! | 3 4 6 4 6 4 1 1 ' 0 5 8 7 9 4 6 4 6 9 1 j ! 1 4 4 5 6 5 4 2 1 8 1 0 , , , , , , , , , , , 1 1 2 2 6 0 4 0 8 1 6 7 2 8 4 9 9 0 0 9 1 3 2 6 4 5 5 9 5 5 0 5 4 3 8 1 1 1 1 , , , 4 6 3 4 4 6 2 8 2 9 1 7 1 8 7 3 7 0 4 3 9 1 8 9 3 5 3 5 3 9 4 3 6 9 0 0 : 1 1 1 , , , 0 " 3 8 5 3 4 7 4 2 7 1 4 2 5 2 1 1 4 8 1 4 7 9 5 8 0 8 2 8 6 7 0 7 9 " 3 1 ! ! 2 2 2 1 1 i 5 6 9 2 5 3 3 6 7 0 2 % 6 3 9 7 7 3 7 8 6 7 3 , , , , , , , , , , 7 6 3 7 0 6 5 1 3 4 2 1 2 4 7 0 3 2 4 7 0 5 9 9 3 5 0 2 2 0 8 9 2 9 8 l 1 1 : i ! ; ; : | j 2 1 2 21 9 2 5 6 4 8 7 3 3 4 7 . 1 9 4 2 6 4 5 8 6 2 1 1 , , , , , , , , , ) , , 2 1 4 7 6 7 1 0 4 1 2 6 8 9 6 0 2 1 5 0 7 7 8 6 3 8 9 6 3 7 6 9 9 4 2 4 " 1 * : : 4 6 2 1 2 1 1 1 1 1 6 0 6 5 0 3 3 6 7 0 6 6 . 1 6 5 8 0 3 1 7 6 0 6 6 ; ! 1 ' | 3 6 2 1 2 1 1 1 1 1 2 7 3 6 6 3 6 7 8 8 6 3 8 1 2 5 1 2 4 ! . | i 4 2 9 2 7 2 1 1 1 1 1 8 6 5 3 0 5 5 6 9 7 5 2 0 1 6 2 4 4 7 4 1 3 4 ! ! . 1 i 1 5 2 2 2 1 1 1 1 1 4 8 6 7 8 0 6 7 1 7 6 8 9 0 6 1 3 1 5 6 1 1 ! 1 | ; 1 4 1 6 2 2 6 Total: June... 11,850 8,884,27435,717|3,362,860 2,938, 457,533j350,519! n2,707,928! 3,73 1 0 2 1 697,635 161,412 55,060J49,33613,566,975 10,772,4031 9,925 9,775117,889.18,716| 2,275 1,965 May... 523 88,,419,776'34,418 3,213,236 2,788' 344,845: 48,7411 11,981,179| 3,739 663,510! 162,873:53,266k), 434 12,807,562:10,209,953 9,909 9,747:17,918J18,781: 2,280 1,937 i 1 Incorporated banks other than mutual savings banks. » May 16 to June 15, 1921. 3 Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee banks, as follows: Cincinnati, 11,000 items, SI ,901,000; Minneapolis, 2,000 items, $940,000; Omaha, 1.000 items, §420,000. NOTK.—Number of business days in period for Boston, Atlanta, Birmingham, Jacksonville, Nashville. New Orleans, Little Kock, Memphis, Dallas, El Paso, and Houston was 25, and for other Federal bank and branch cities, 26 days. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETTN. 1011 MONEY IN CIRCULATION JULY 1, 1922. The table printed below showing money in held by the Federal reserve banks (other than money held circulation presents figures comparable with by or for Federal reserve agents, and Federal reserve notes held by the issuing banks in their own vaults) was included those previously printed under the title " Money in the" amount in circulation. Under that method of held outside the United States Treasury and the computing money in circulation transfers of gold between Federal reserve system." This change in title is a Federal reserve bank and a Federal reserve agent reoccasioned by the fact that the United States sulted in an apparent change in the amount of money in circulation, and there are instances where the circulation Treasury revised its circulation statement statement owing to such transfers showed a decline in beginning with the issue for July 1, 1922. In money in circulation when, as a matter of fact, there had commenting on this change the Treasury says: been an actual increase, and an increase when in fact there had been a decrease. The new form shows a per capita On the new form of statement only money outside of circulation on July ], 1922, of §39.87. whereas under the the Treasury and the Federal reserve banks is included in form of statement heretofore used, it would have been circulation/ In previous circulation statements money $49.17. [Source: United States Treasury Department circulation statement.] : i Money held I Money in circulation. ! Stock of by the U.S. i Kind of money. J money in the Treasury and i United States. | the F.* R. | Amount. Per capita. system. G old coin and bullion iS3,785,520,512 S3,368,394,320 I 8417,126,192 S3. 80 Gold certificates ' «(695,000,480) 521,058,270 I 173,342,219 1.58 Standard silver dollars ' 381,176,85L I 323,103,509 ! 58,073,342 .53 Silver certificates j 2 (304,066,593)1 38,731,219 | 265;335,374 2.42 Treasury notes of 1890 j 2 (1,510,543)1 1,000 1,509,543 .01 Subsidiary silver j 271,464,942 j 41,900,963 j 229,563,979 2.09 United States notes ' 346,68.1,016 54,338,020 ! 292,342,996 2.66 Federal reserve notes 2,555,061,660 416,348,629 j 2, 138,713,031 19. 49 Federal reserve bank n otes 80', 495,400 8,627,459 I 71,867,941 .66 National bank notes 758J 202,027 30,520,991 727,681,036 6. 63 Total. 8,178,602, 408 j 3 4,803,624,380 j 4,375,555,653 | 39. 87 Comparative totals: Junol, 1922 8,126,500,982 j » 4,750,990,689 4,370,409,991 i 39. 87 July 1,1921 8,096,033,684 3 4,176,065,219 4,839,611,851 j 44.78 Apr. 1,1917 5,312,109,272 "3,896,318,653 4,100,590,704 39. 54 July 1, 1914 3,738,288,871 a 1,843,452,323 3,402,015,427 34.35 Jan. 1, 1879 1,007,084,483 3 212,420,402 816,266,721 16.92 1 Does noL include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents. 2 These amounts are not included in the total, since the money held in trust "against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bullion and standard silver dollars, respectively. 3 Includes gold held in trust against gold certificates and standard silver dollars held in trust against silver certificates and Treasury notes of 1890, the aggregate of which should be deducted from the sum of money held by the United States Treasury and the Federal leseno system and money in circulation to arrive at the slock of money in the United States. The amounts of such gold and silver held in trust as of the date of this statement are shown in parentheses in the first column. DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT AUGUST 1, 1922. Paper maturing within 90 days. ! Agricultural Bankers' and live-stock Secured by— acceptances i paper Federal reserve bank. Commercial, maturing : maturing I . T i c n r e e d r a t e i s b f a u i t c n r e a y d d t n e n s e o s t o s e f . s L a i n b d e n r o t V y te i c b s t . o o n ry ds acc T ep ra ta 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 t r e o a . c l, s k . 3 w m i o th n i t n hs. j ! a b ft 6 e u r t m 9 w o 0 n it t d h h a i s n y . s, -I- Boston 4 4 4 4 4 New York 4 4 ! 4 4 4 4 Philadelphia... 4* 44 44 44 44 R C A C i l h t e c l i a v c h n a e m g t l a a o o n n d d 4 4 4 4 4 * 4 4 4 4 4 4 4 4 4 4 J 4 4 4 4 4 J 4 4 4 4 4 4 4 4 4 4 4 4 4 £ St. Louis 4i 4* 4J 44 44 44 M D K Sa a a i n l n n l s a n F a s e r s a a p C n o c i l i t i s y s c . . o . . . . . 4 5 4 5 4 4 5 4 4 5 4 4 4 4 5 5 4 5 4 4 5 4 * 5 5 4 4 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK FOR THE SIX MONTHS ENDING JUNE 30, 1922. O I—i EARNINGS. to San !! 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. K C a i n ty sa . s Dallas. F ci r s a c n o - . i Discounted bills .1*15,456,378 i 8750,377 '81,963,078 81,362,821 !si,42C>, 348 $1,631,510 81,212,102 82,316,208 §700,592 j $861,001. $942,032 I 8979,772 81,250,477 P U u n r i c te h d a s S ed ta t b e i s l ls securities . . ! ! 1 8 , , 9 3 4 6 2 1, , 0 5 7 5 2 1 ! 7 929 5 2* 3 5 , , 7 29 0 29 9 33 t f 2 i , * 7 6f 9 5i 9 0, , 29 1 X8 9 r0 1 t S3 45 :3 ? 4U ; , 8X 0 d4 5 f0 8 t ' 1 8 10 9 01 4 1 , , 8 77 7 11 9 44 ! ! . 4 5r> 8 0( , ,) 8 8 1 48 5 34 • ! 3 ' 1 4 10 04f , , i0 L .2 7 90 2 29 1,3 3 7 0 4 0 , , 8 0 5 9 0 7 3 4 4 1 3 , , 2 05 2 3 5 153,415 i 57 3 3 , , 5 0 1 7 4 1 5 6 9 , , 1 0 7 8 3 1 7 1 9 7 3 6 , , 7 6 7 0 8 7 Transfers, net earnings 7,163 i 4,749 i. 803 983 j 628 Deficient: reserve penalties 313,391 . 4,987 2.\ 708 6,777 13.398 I 47,000 : 24,779 23,893 24,048 j 60,724 '. 23,652 24,765 31,600 Miscellaneous 557,120 . 8,235 .197, 774 6,718 , 2,778 j;847 1,240 152,560 8,671 1,044 92,853 29,222 54,178 Total earnings 26,638,275 • 1,742,531 j 5,044,037 2,168,21.4 I 2,443,800 | .1,780,075 j 1,394,322 \ 4,108,411 ; 1,177,589 ; 1,077,227 ; 1,636,350 j 1,099,013 2,308,640 CURRENT EXPENSES. I Salaries: [ j Bank officers , 81,237,733 S70,250 $247,244 864,749 ISI10,050 $77,317 881,375 SI 84,681 $77,794 854,140 385,535 865,701! 8118,897 Clerical staff i 7,337,209 474,131 1,830,419 499,102 I 549,871 385,305 : 254,897 '" 987,784 436,180 236,977 : 5.14,089 350,772 ! 811,622 All other ! 1,039,478 08,300 224,907 ! 69,177 ; 104,058 60.092 i 34.133 178,728 32,100 19,803 79,805 68,554 99,155 Governors' conferences 2,647 173 222 i 04 ! 210 44 i '200 70 159 i 202 302 261 . 728 Federal reserve agents' conferences : 7.1.7 ! 197 40 ; 88 .1 84 308 Federal Advisory Council 5,012 i 250 250 374 : 516 444 380 623 542 710 390 250 283 Directors' meetings 76,583 ! 3,048 11,465 3,074! 4,511 2,941 11,215 4,341 6,289 6,043 14,046 3,41.9 5,591 Traveling expenses 1 153,517 j 5,356 14,909 9,249 10,055 12,992 • 10,549 i 22,479 11,073 14,982 9,060 14,597 17,610 Assessment; for Federal Reserve Board expenses. 331,471 i 25,395 90.803 27,749 35,119 17,117 13,835 45,060 14, 551 11,479 14,819 I 12,061 : 23,477 w. Legal fees j 40,185 j 766 3^ 482 841'. 11,900 i 8,150 1,365 2,8.16 1 6,002 2,486 ! 512 , 1,805 I Insurance (life, fidelity, casualty, workmen's j i compensation and general liability) 205,588 16,791 42,772 j 37,016 8,902 j 15,986 i 16,094 49,406 24,087 ' 12,053 14,966 11,236 15,729 Banking house: Taxes. 130,379 38,900 14, 592 10, 729 17,441 20,451 5,400 '. 1,222 i 8!0 7,279 15,979 3,576 Fire insurance 4,174 1,169 174 614 004 175 .. 85 i. 1,173 7 173 W Light, heat, and power 91,842 13,957 10,184 ! 18,001 I 4,235 6,815 5,353 1,671 j 575 15,960 11,590 3,441 cj Repairs and alterations (not of permanent I character) 48,420 22 732 ! 11,1.39 : 3,599 11,265 I »! ! 14 j 1, 237 18,099 I 1,428 j 685 All other 17,273 360 2,265 9,938 727 ! 761 ! I 102 j 10 3,110 i Rent 589,100 37,995 180,319 749 83.254 2,490 12,536 i 155,117 35,920 ! 21,509 8,808 3,003 47,340 Fire insurance—furniture and equipment 5,784 185 173 17 '482 241 149 i 1,791 481 ' 223 735 410 897 Office and other supplies 230,300 17,111 27,505 18458 21,126 17,000 8,202 ! 42,391 1.0,290 , 12,595 19,403 17,148 24,945 Printing and stationery 413,132 44,390 44.932 291904 34,611 24,601 15,747 : 65,545 ! 19.535 i 23,829 • 28,898 28.360 52,780 Telephone 100,471 11,127 25'. 009 11,778 8,327 3,058 I 2.521. ; 1.0,352 : 4,217 1 3,994 5,329 I 6; 255 I 8,444 Telegraph 298,228 4,507 34; 657 s880 19,519 16,101; 3.1.; 204 31,538 2i;744 : 1.1,205 38,549 ; 32,418 I 47,780 Postage (other than, on money and security ! shipments) 535,031 39,082 61,627 37,411 i 39,112 43,652 28,053 I 08,405 45,151 : 38,539 59,221 34,716 40,002 Expressage (other than on money and security i shipments) 23,639 j 1,743 i 2,141 1,979 . 1,326 1,41.8 i 973! 1,824 1,497 ' 425 2,626 1,844 5,843 Security shipments 74,087 I 0,737 i 20,875 3', 033 8,853 3,949 ! 1,810 ; 3,855 j 4,368 I 2,393 7,089 2,249 8,270 Currency and coin shipments 403,890 I 59,801 97,162 59; 406 44; 499 24,027 25,730 : 55,757 ; 18,414 9,841 17,381 24,986 26,286 Federal ^Reserve currency: Original cost, including shipping charges 803,347 6,228 325,379 ! 76,894 : 77,099 37, 1.62 43,111 59,604 ! 4,400 20,363 35,443 3,664 108,000 Cost of redemption, including shipping charges 207,243 30,465 ! 52,654 30,259 i 28,955 10,385 19,953 9,239 i 5,331 i 13,349 22,190 10,197 22,266 Taxes on Federal reserve bank note circulation.. 190,550 i 17,723 • 45; 523 17,750 Li, 971 7, 575 14,857 i 19', 754 ! 9, 000 9,190 22,328 6,879 6,000 All other expenses 383,275 j 20,578 ' 66,13.1 22,278 35,920 13,854 14,915 | 03,003 i 18,135 ! 19,155 23,583 27,203 57,860 Total current expenses 15,178,317 i 1,017,403 : 3,484,567 \ 1,077,426 1,277,467 836,239 j 662,700 j 2,069,438 807,124 557,633 j .1,072,768 I 755,699 I 1,559,793 i 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECAPITULATION. .Earnings $26,638,275 |$1,742,531 S5,644,037 $2,168,21.4 $2,443,866 $1,780,075 !|1,394,322 $4,108,411 $i, 177,589 j$l,077,227 !$1,636,350 \$l,099,013 '$2,306,6i,4 C640 Current expenses I 15,178,317 ; 1,017,463 ; 3,484,567 ! 1,077,426 1,277,467! 836,239! 062,700 ; 2,009,438 807,124; 557,633 | 1,072,768 755,699 ! 1,559,7799^3 Current net earning .; 11,459,958 j 725,068 2,159,470 1,090,788 : 1,166,399 943,836 I 731,622 ' 2,098,973 ; 370,465 519,594 563,582 343,314 746,847 Dividends paid j 3 ]20 797 ] °'iQ9 'n,o 0n 20 :C1"1 5O',A f72 67.on" O/ln ' 'iic> 12>;7 01 '72 i 164,971! 127", 095 • 434,511 139,494 107,016 138,074 125,918 221,319 REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT. "Total expenses Tan. 1 to Tune 30,1922 §429,364 §19,780 $53,159 S 1.9,305 $33,319 $19,580 1 $20,474 $51,1.66 j $28,833 SOS, 157 ! §49,1.37' $26,636 $39,818 Amounts reimbursable Tan. 1, 1922 63,113 2,216 3,910 2,101 7,148 1; 299 | 3', 485 11,488 ; 5,280 8,737 : 10,319 j 3,113 4,017 Total 492,477 21,996 57,069 21,406 40,467 20,879 i 23,959 62,654 ! 34,113 70,894 ! 59,456 j 29,749 43,835 Reimbursements received during 1922 362,284 18,996 19,798 19,059 33,483 16,405 ! 16,323 53,440 ; 27,815 63,763 | 46,371. ! 1.8,424 28,347 Balances reimbursable July 1, 1922 130,193 3,000 37,271 2,347 6,984 4,4i4 j 7,636 9,214 . 6,298 13,131. 13,085 ; 11,325 15,488 i w d 1 o 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST KATES. In the following table are presented actual discount and interest rates pre- A comparison between rales prevailing during the 30-day period ending vailing during the 30-day period ending July 15, 1922, in the various cities July 15 and the 30-day period ending June 15 shows that relatively little in which the several Federal reserve banks and their branches are located. change has occurred. Rates for indorsed bankers' acceptances were generally A complete description of the several types of paper for which quotations lower. Prime commercial paper in the open market, which has shown the are given will be found in the September, 1918, and. OOcctt o*ber, 1918, FEDERAL most marked decline during the past year, averaged about the same as last RESERVE BULLETIN'S. month. Compared with the corresponding period last year, all the rates are lower. DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING JULY 15, 1922. Prime commercial paper. Bankors' acceptaiicos, Collateral loans—stock exchange 00 to 90 days. Ordinary District. City. Open market. I Interbank ; loans. Cn in- Indorsed. dorsed. Demand. 30 to 60 4 to G days. months. _ _j 77. L. C. i 77. L. C. ! II. L. C. I 77. L. C. \ II. L. C. 77. L. C. No. J... Boston : 5£ 41 4 4 ! 4" 4 4* ; 3 3 3 : 31 3 3 4i No. 2... New York* | 64 44 4 4 -4J| 4.', 4 54 3 3J-34I 54 3 3f-i Buffalo i 7 l 4J ! 44 41 0 No. 3... Philadelphia 5 4 4 j 4J 4 4-1 IS 4^ 44 No. 4... Cleveland 5 0" Pittsburgh 4* 4} 4i ! 41 41 4i i 0 3 3 3 Cincinnati 0 5 0 i.O 54 0 : o 4 4 4 No. f>... Richmond ; 4} 4" 41 j 6 5 0 Baltimore 5 5:} OS No. 6... Atlanta 4i 0 ! 0 4? ! 5 4i - i !o o o 5 0 Birmingham 04. 04 | 7:} 5i 0J 5J 6i .) acksoiivillc 54. 64. i 8 0 6^ 1 0 0-J- Nevv Orleans 5 54.-6 4-1 I4*4 5 G •"5""3J":i"-5" '7*"o"'64 8" 5 6 No. 7... N Ch a i s c h a v g i o lle 0 44 . 7 5 -54* I 8 6 444 4| 444 41 ' 0 I 0 i6 4:|5 -5.' Detroit: 5 0 i 7 444 4| 3 2*3 3 3 0 4 o4 No. 8... St. Louis 44 54. 0 4 5 1 544 44 0 Louisville 4441 | 444i 6 10 5 0 Memphis 6 Lit Me Rock 0 7 No. 9... MiiMcapoJis o44i4:| 6 4£ 33 4 44, 4 4-i 5J6 Helena 8 7 74 P-7 8 8 No. 10.. Kansas City 4 1! . . ..1 5 0 Omaha 4444 0 i 0 7 Denver 444 41 6 -7 5 6-1 Oklahom a City 0 410 0 0 8 No. 11.. Dallas 0 H 6 5 04 El Paso 108 8 8 0 8" Houston 6 0 7 No. 12.. San Francisco 5 4-1 4± a5 4}t4:} (i 113 3-i 5 34 3-J 5 0 Portland 44 4 4± 4 I 7 0 7 Seattle. 5i 4 41 . _ 4 ! 7 78 72 *6 *3 0 6 7 Spokane 5J 4 4i ! 54 4 4i : 7 7 7 Salt Lake City '4-14 4 4 4 I 7 7 7 Los Angeles 7 41 5 I' 41 44 I 8 3-1 04 1 Rates for demand paper secured by prime bankers' acceptances, 44,, 2-i, 3 34.. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1922. FEDERAL RESERVE BULLETIN". 1015 FOREIGN EXCHANGE. to be increasingly manifest in July as the hopes of an agreement on a feasible settlement of Ger- Foreign exchange rates remained steady in many's international financial obligations be- July, the further drop of the German mark come more remote. Short-lived rallies in the being the only notable feature. Sterling rates, mark rate, caused chiefly by speculative interests which showed a moderate upward trend toward are to be observed in July. At the end of the the end of June, continued to advance slowly month the mark was quoted at 15.27 cents per in July, reaching a peak of 84.4605 on the 24th 100, or at about two-thirds of 1 per cent of par. but receding to $4.4447 by the end of the month. All the other leading European currencies, with The French franc, quoted at 9.1.0 cents at the the exception of the Dutch florin, the Swedish opening of June, slowly lost ground, with some krona, and the Swiss franc, showed sympathetic fluctuations, throughout the months of June declines during the month. Only slight changes and July and on the 31st stood at 8.11 cents. are shown in the values of Canadian, South The progressive demoralization of the German American, and Oriental currencies. mark, which was accelerated by Rathen.au7s The general foreign exchange index declined assassination toward the end of June, continued. from 5(3 in June to 54 in July. FOREIGN EXCHANGE INDEX 1918 - 1922 •GENERAL INDEX •FRANCE ITALY -ARGENTINA • ENGLAND • GERMANY - — -—NETHERLANDS « JAPAN PERCENT 110 PAR 90 80 70 60 50 40 30 20 10 N. D. J. F. M. A. M. J. J. A. S. 0. H. 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. N. D. 1S18 1319 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1016 FEDERAL RESERVE BULLETIN. AUGUST, 1922. FOREIGN EXCHANGE RATES. [General index for July, 1922, 54; for June, 1922, 56; for July, 1921, 59. Rates in cents per unit of foreign currency.] COUNTRIES INCLUDED IN COMPUTATION OF INDEX. Low. High. Average. r Weight. Par of Monetary unit. exchange. July. June. July. June. ' July, j June. July. . June, j July. June. i Belgium : Franc 19. 30 7.4400 7.9400 8.0200 ; 8.4400 7.8068 8.2212 40.45 42.60 30 28 Denmark j Krone 26. 80 21.4200 21.1500 ' 21.7000 I 22.1800 21.5364 21.6562 80.36 80.81. 17 13 France ! Franc 19.30 7.8000 8.3500 j 8.5300 9.1500 8.2372 8. 7646 42.68 45.41 72 77 Germany Iteichsmark... 23.82 .1527 ! .2645 j .2497 ! .3740 .2041 ! .3185 ! .86 1.34 81 83 Groat Britain Pound 480.65 442.4000 i 438.3800 | 446.0500 450.9500 444.6368 '445.1862 ' 91.37 91.48 231 240 Italy j Lira .19.30 4.6400 ! 4.7400 5. 2300 4.5748 ; 4.9619 : 23.70 25. 71 36 36 Netherlands I Florin 40.20 | 38.5000 | 38.1800 ! 38. 8900 39. 0900 38.7684 I 38.7069 96.44 96.29 40 32 Norway • Krone 26.80 ; 1.6.3900 ! 16.0300 j 17.1.300 17.9000 1.6.6832 !17.0654 | 62. 25 63.68 9 9 Spain." ' Peseta 19.30 , 15.4700 j 1.5.4600 ! 15.6700 15.8700 15.5632 i 15.6869 : 80.64 81.28 19 ; 14 Sweden j Krona 26.80 ! 25.000 I 25.4900 ! 26.1 LOO 26.1400 25.9128 i 25. 8092 96.69 96.30 j 10 i 14 Switzerland I Franc 19.30 i 18.9700 ; 18.9000 ! 19.2100 19.1800 19.0952 : 19.0388 i 98.94 98.65 8! 7 Canada j Dollar , 100.00 j 98.2514 | 97.9965 ! 99.3472 ! 99.1347 ' 98.9231;! 98.8401 \ 98.92; 98.84 171 • 174 Argentina ! Peso (gold) 96.48 ! 80.8900 i 80.3400 | 83.0900 83.3200 i 81.8468 I 81.8554 ! 84.83 • 84.84 36 34 Brazil ; Milreis. 32.44 : .13.4900 13.5600 : 13.6200 13.9000 ! 13.5520 i 13.7215 : 41.78 ' 42.30 26 34 Chile ! Peso (paper)... M9.53I 12.7000 i 11.9375 | 13.6100 13.0000 | 12.9701 12.6394 ; 66.41 64.68 20 17 China Shanghai tael. 2 66.85 ! 77.1100 77.9800 ". 79.7100 79.9500 ! 77.8176 79.0342 116.41 1.18.23 ! ; 49 India I Rupee 48.66 28.6600 28.5600 29.0400 i 29.1800 j 28.8908 28.9112 59.37 • 59.4.1. 31 30 Japan Yen 49.85 i 47.6500 47. 5000 47.9300 i 47.9800 47. 7688 47. 7504 95. 83 95.79 1.12 ; 109 OTHER COUNTRIES. ! Par of Low. High. Average. • ! Index p ( a p r e ) r . i cent of Monetary unit. i exchange. "! July. June. ^ July. , June. July. I June, i July. June. j Austria Krone 20.26 0.0028 0.0048 I 0.0052 0.0093 0.0038 0.0067 0.02 0.03 Bulgaria Lev. 19.30 .7200 . 7096 . 7483 . 7183 . 7293 .7358 3.78 3.81 Czechoslovak ia Krone 1.9103 1.9081 2.4122 1.9483 2.1845 1.9236 Finland Markka... 19.30 2.0750 2.1031 2.2513 2.2763 2.1162 2.1616 11.12 11.20 Greece Drachma. 19.30 2.7200 3.0300 ! 3.1800 4.2300 2.9596 3.8346 15.33 19.87 Hungary Krone. 20.26 .0581 . 0953 . 0978 .1228 . 0760 . 1079 .38 .53 Poland Polish mark.. . 0163 . 0220 . 0221 .0255 .0185 . 0237 Portugal Eseudo "108105" I 7.0400 7.0700 7.3300 7.7300 7.1568 7. 5096 6.62 6.95 Rumania Leu. 19.30 ! .5550 . 6129 . 6475 . 6869 . 6045 .6584 3.13 3.41 Yugoslavia \ f D K i r n o a n r e 1 . . 1 2 7 9 7 4 1 0 1 . . 3 2 1 6 5 7 3 5 1 . . 3 3 2 0 4 2 3 9 1 . . 3 4 6 4 2 7 2 1 1 . .2 3 2 0 1 5 8 3 1 . . 3 3 8 1 0 4 1 6 6.33 7.15 Cuba... Peso... 100.00 99.7750 99.7750 ! 99.8250 99.8906 . 99.7981 99.8357 99.80 99.84 Mexico. do. 49.85 48.2625 48.3350 48.8625 48.7188 . 48.5229 48.1812 97.34 97.25 Uruguay. .do : 103.42 80.2500 79.8800 81.9000 82.6300 81.3956 80.9450 78.70 78.27 China Mexican dollar. 2 48.11 56.3000 56.5500 j 57.7500 57.9000 50.7528 57.1938 117.96 118.88 Hongkong Dollar. 2 47.77 57.6000 57.3400 58.6600 58.3900 57.9104 57.7208 121.29 120.83 Straits Settlements. Singapore dollar.. 56.78 50.3300 50.5800 51.0000 51.6300 50.7184 51.1435 89.32 90.07 1 Based on average. * 1913 average. Average price of silver per fine ounce: In London (converted at average rate, of exchange), $0.71311; in New York, $0.70693, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1022. FEDERAL RESERVE BULLETIN. 1017 FINANCIAL STATISTICS FOR ENGLAND, FRANCE, ITALY, GERMANY, SWEDEN, NORWAY, AND JAPAN. A summary of banking and financial conditions abroad is presented statistically in the accompanying tables. BRITISH FINANCIAL SITUATION. [Amounts in millions of pounds sterling,] I : ! De l c a p o n o u d s n i t t a s n , a d B n d a T n r k e n a o o s t f u e r E y n a . c g - - • : <Gove i r n n g m d e e n b t t. f loat- ! j Nine Lo b n a d n o k n s .3 clearing Year and Hi I month. 0 I 1st !|! a i £ Average of end Of | month figures: 1913 29 57-! 38 1,370 ; 1920 103 348 147 146 ! 1,078 219 j : s 3,252 1921 108 327 136 ! 157 I 1,139 182 ! 1,322 97 i 1,176 309 i 1,768 2,911 1921, end of— | July j 109 32f> I 122 j 157 ' 1,202 150 i 1,355 ; 101 1,191 • 1,785 2,961 August 107 319 ' 137 ! 157 i 1,166 180 , 1,317 100 1,179 i302 1,764 2,787 September 100 314 i 118 157 : 1, 159 161 1,321 ],lh6 302 1,771 2,641 October j .104 312 I 175 157 1,124 214 1,338 102 1,196 '306 1,802 2,938 November 106 313 I 144 157 j 1,108 193 i 1,300 ' 96 1,205 ;311 1,793 2,921 December 107 326 : 123 157 : 1,060 200 1,260 ! 1,191 31.5 1,818 3,173 1922, end of— ! January 103 ! 305 135 i 157 i 1,039 116 ' 1,154 ; 114 ! 1,192 333 1,826 . 3,399 February : 102 298 138 | 157 957 112 ! 1,0*9 ' 111 | 1,152 i357 1,802 3,088 March j 103 3' 00' 1• 5-•1 157 I 882 147 , 1,030 ; 103 ! 1,097 369 1,747 3,452 April ! 102 303 134 157 | 759 193 ! 9-"l ! 107 : i,065 ;378 1,737 3,305 May ! 103 298 130 157 : 771 172 943 ••109 ! l', 061 3'92 1,745 3.307 June 103 29") 131 157 ,' 761 205 ( 965 "-113 1,070 i 388 1, 755 2,917 1 Less notes in currency notes account. ' Held by the Bank of "England and by the Treasury as note reserve. 3 Average weekly figures. 4 Compilation of London . 6 Compilation of London mines, insurance coinpa FRENCH FINANCIAL SITUATION. [Amounts in millions of francs.] Bank of France.1 Situation of the Government. ! Value of! Savings new ; banks, ' Advances; • stock j Y m ea o r n t a h n . d j • re G se o r l v d es. ! re S s i e l r v v e e r s. po D s e it - s.2 C t ir io cu n l . a- !- p m G u t e o o r r p v i t o t e h r s f e n o e - s r J i j 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 dobt.5 c P e r 3 n i t c p e p e r e o r f - ! an p i d s la s c u b e e o d s n d i po o s f o i t d r s e ( - + ) 1 n c ^ l? l _ ^ a u - f y n } p ® I : the O w f ar.3! : r p e e n t t u e. a f l i j Ij u m p Fa o rre n kn e t c h th. e 7 j , als (—). 1913, average j 3,343 . 629 , 830 5.565 :. 320 35,000 !. 86.77 I - 65 59 1920, average I 8 3,586 ! 253 ! 3,527 38,066 .. 26,000 1,005 57.34 ! 4,654 i + 48 10 554 1921, average I • 3,568 274 2,927 37,404 ! 25,300 1,103 56.56 I 1,100 I + 67 550 1921. July 93,573 275 3,252 I 36,941 j 25,100 1,242 229,055 : 35,286 56. 35 2,345j + 52 438 A Se u p g t u em st. b er.. . 9 9 3 3 , . 5 5 7 7 4 5 2 27 7 7 7 2 2 , , 5 7 0 4 9 9 i 3 37 6 , , 1 7 2 8 9 3 2 2 4 4 , , 9 9 0 0 0 0 1 1 , , 0 0 1 1 1 6 I , i! 5 5 6 6 . . 2 5 0 0 2 1 3 5 4 2 - + f 6 7 8 2 4 55 6 3 7 October 9 3j 575 : 278 2,563 j 37,154 25,100 1,305 I , 54.30 3,355 + 33 463 November.. 9 3,576 ! 279 2,563 ; 36,336 ! 2< 500 1,051 I 54.90 434 ' - 0.5 505 December.. 9 3,576 ! 2S0 2,743 36,487 24,600 1,228 "242,758 54. 75 853 ' + 38 527 i 1922. January 93,576 280 2,392 23,000 1,323 i i i 56-55 ! + 41 489 February "3,577 281 2,429 . 36,151 . 22,500 1,014 | ! 59.55 , 5,062 +100 489 March 93,578 282 i 2,236 ' 35,528 21,500 1,154 I 243,857 , 35,716 i 56.70 ; 377 ! + 49 455 April "3,579 283 I * 2,412 . 35,787 • 22,100 1,381 ! ! 57.60 ! 459 i + 58 411 May 93,579 284 j 2,303 ' 35,982 i 23,100 1,176 i 57.70 j 644 ' + 50 454 June 3,580 285 ! 2,448 36,039 i 2233,330000 ! I ! 57.95 \ + 53 1 End of month figures. 4 From indirect taxation and Government monopolies. 8 Includes Treasury and individual deposits. 5 Foreign debt converted to francs at par. « Under the laws of Aug. 5 and Dec. 26,1914, July 10,1915, and Feb. 16,1917. • Last Wednesday in the month. 7 Figures of the "Association Nationale des Porteurs Francais de Valeurs Mobilieres." Bonds issued by the Government and the railroad companies not included. 8 Not including 1,978,000.000 franCvS held abroad from January through August and 1,948,000,000 francs from September through December. »Not including about 1.948,0,00,000 francs held abroad. *° Average for 11 months. u Estimate in the French Senate.. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1018 FEDERAL RESERVE BULLETIN. AUGUST, 19!22. ITALIAN FINANCIAL SITUATION.* [Amounts in millions of lire.] Leading private banks.1 Banks of issue. Government finances. I Loans, j Y m ea o r n a th n . d Cash. i i | ! I ! d c s u c p o e d o a o u r i f n n n r r s d o e d t - s m - - ,, 1 1 i i i D d c i s e t p o u e n s r e o p t r a o s n e t . s n d o - - d - L a o n a d ns s G e r r o e v - ld e. s T e r o r e v t - a e l . i l D m t i t s a e i d a b e p e a n s i - o n l . d i s d - - l c a C m i c t r o i i e c o a m r u l n - - - . a C ti c oo s i o t c f r f n a c o tt t u u h f h e l o n ee . a r t - ! n r S " o e c t t gn u a e c r s t J - - e yJ ! s m ll e ii u ec r e v r t y rr a e ee l . -- - j I I j S t t b r h u e e i o r r l a m y l r s s t . - - Total :n p u d e u s r f in ro g m . sec.ri ! ents. ! month.* I i 1913, end of Dec 129 2,007 i 1,674 857 ' 1,375 I 1,661 318 2,284 199 , 117 1920,end of Dec. 1,308 10,539 ! 15,810 7,074 ; 1,058 I 2,077 2,5f53 8,988 10,743 13,200 1921, average... 1,200 16,242 j 1(5,001 7,509 1,074 j 2,0^0 2,352 9,301 9,06i ! i,"6l9"i""87*i2 1921. end of— j Juno 1,078 ;; 1V>47! 17,391 7,438 i 1,0 3 ! 1,989 2,366 i 9, 437 8,722 ; 1,525 | SO. 76 July 1,140 ! 16,851 16,704 7,156 1,076 , 1,990 2,290 j 9,433 8,507 ! 348 20,276 ! 693 ! 78.71 August .... 1,131 ! 17,024 1 16,672 7,315 1,079 ! 1,961 2,143 9,491 8,352 i 318 21,173 1108,729 1,381 j 82.87 September. 1,052 ! 17,223i 16,825 7,327 1,073 1,966 2,124 9,785 8,395 : 21,612 : 564 87.04 October ... 1,304 I 8 17,185 ; 17,022 7,816 1,086 1,990 2,243 9,746 8,554 | 2,546 :. 22,997 i 110,754 i 1,401 91.07 November. «1,174 ! 3 12,844 312,778 7,810 1,089 ' 1,948 2,151 9,435 8',485 ' ' 648 83.99 December . •1,997 j 3.11,797 \'12,:.O2 10,020 1,092 1,999 2,913 10,304 8,505 24,600 U1,900 • 1,458 80.13 1922, end of— January...j31,426 • 311,334 !3U,616 10,156 1,109 1,996 2,848 10,183 8,570 909 I 96.61 February..• 3 1,0811 » 11,446 1811,482 i 10,029 1,100 1,9U 2,5;>2 9,631 8,626 1,366 I 9944.010 March 1 3 9(35! 3 1L 407 I'll,403 i 9,833 1,118 1,9">6 2,687 9,589 8,523 759 ! 8888.8822 April 908' M 1,752 '311,708 : 10,113 1,122 1,964 2,473 9,360 8,350 1,337 May ! 3 1 1,732 '311,699 i 9,323 1,104 1,963 2,572 9,259 8,061 667 93.13 June 9,.540 '1,124 L,977 2,741 9,615 8,019 1,454 94.83 j a Latest figures subj. ct to revision. 1 Banca Commerciale ltaliania, 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 f:>r 192L are basod on quotations of Dec. 31, 1920=100. Those for 1922 are based on quotations of Dec, 1921 = JOO. . 5 Revised. GERMAN FINANCIAL SITUATIONS I Amounts in millions of marks.] Index numbers Reichsbank statistics. ; Situation of the government. of securities prices.2 Value of Darlehns- — new stockj kassen- and bond! Year and I Discounts.1 scheine month. in circu- , Gold Note lation.1 Receipts I Revenue! Treasury PGennan 25 15 i! serrev"e.1ij counted m C e o rc m ia - l l c a i t r io cu n - .1 Deposits.1Clearings t f a r x o e m s , i ! r o a f i lw st a a y te s , ; ' s b t i a l n ls d i o n u g t . - 1 ' i ma rket. stocks. bonds. ! treasury paper. | bills. I I .i. 1913, average.... 1,068 1,958 668 6,136 : 207 13 »220 ! 1920, average...! 1,092 47,980 53,964 i 17,702 57,898 13,145 1921, average...! 1,056 83,133 80,952 20,213 89,297 8,861 6,285 i 2,358 ! 192,832 2,655 , 1921. June 1,092 81,173 75,321 20,393 68,764 8,705 5,735 ! 2,028 I 185,127 ' 2,238 i July 1,092 79,982' 1,136 77,391 15,824 78,337 8,358 5,566 2,269 190,770 1,507 , August 1,024 84044 1,002 80,073 13,650 79,172 7,837 5,145 , 2,416 ! 202,872 1,228 i September 1,024 98,422 1,142 86,384 19,980 98,004 | 7,610 4,908 2,599 210,504 , 1,534 October 994 98,705 881 91,528 119,496 ! 7,316 6,185 i 2,825 ' 218i000 i 2,889 ; November 994 114,023 : 1,446 100,944 25,313 ' 140,493 i 7,330 7,044 ' 3,397 226,676 7,135 <269 US1 December 995 132,331 ; 1,062 113,639 32,906 i 120,835 j 8,325 8,016 i 4,329 , 246,921 5,965 5 206 >147 1922. January 126,160 1,592 115,376 23,412 116,680 8,046 8,802 ' 4,415 255,678 | 4,831 , 223 152 February 996 134,252 1,857 120,026 26,526 109,816 7,977 9,614 i 4,659 262,817 ! 2,101 j 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 1,001 155,6! 8 2,403 140,420 31,616 175,977 9,183 13,193 ! 8.997 280,935 i 3,992 I 265 268 May 1,003 167,794 3,377 151,949 33,128 I 179,370 9.440 17,619 10,984 289,246 I 4,152 242 297 J J u u n ly e 1 1 , ,0 0 0 0 4 5 2 1 0 8 7 6 , , 8 1 5 2 8 6 8 4 , , 1 7 2 5 2 2 3 1 8 6 9 9 , , 7 2 9 1 5 2 3 39 7 , , 9 1 7 7 0 4 i j 19.1,414 1 1 0 2 , , 3 2 7 3 4 4 311,600 ..2.,.7,6.2.. j| 2 2 8 2 2 4 4 2 3 9 0 8 •!• a Latest figures subject to revision. 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 omittecL. Figures are as of beginning of month, 8 End of March, 1913. « As of Nov. 10,1921. e As of Dec. 30,1921, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, .1022. FKDKRAL RESERVK B17LLETIX. 1019 SWEDISH FINANCIAL SITUATION. [Amounts in millions of kroner.] Busi- ; Riksbank. S G itu o a v t e io rn n m o e f n t t h . e Jo b in a t n -s k t s o ' ck ;du P r r i f n e g t m ed ontl,. jd n f ^ a e i g s l , - s * an Fo g e r e x ei - gn month.1. Value Index ofstock num- issues Year and month. Value b st e o r c o k f r te e r g e is d l G c a b i o o u n o i l n d l - n d . Note po Drw s e i - t s ! ! rCl in ole g nar s r . - Fu g S n t e d b t e L d F S d i l e t n o a b g a t t e t . - co b l w B d l u a i i i n i n k s t l t l k s h - e s - . d a c L n o d o u a n d n t i s s s , - j | N b u e m r. - j ! Value, N b u e m r. - ( r a f o k e b o c f n r r r u o c e o t r n i i h a - g e a e d s n p A ri c li e s s t — ." d m u t o h r n i e n th g . =100). 1 1 9 9 2 1 0 3 , , a e v n e d r a o g f e December.. 2 1 6 0 9 2 : 2 78 3 3 5 : ' 2 1 2 0 0 8 . 3,596 1, 6 28 2 1 8 . 20 4 13 7 9 6 • 6 2, , 2 0 8 0 7 8 4 3 , , 3 5 1 8 4 6 : 3 1 0 9 9 0 i 112.9 2 n 5 o 8 6 2 1 4 1921, average 280 i 661 . 193 ! 2,715 389 5,948 : 6,907 432 : 121.8 , 121 31 1921, end of— Juno 281 | 679 ! 157 2,479 1,331 128 365 5,949 7,376 18 433 | 122,6 110 33 July 280 629 177 !2,528 1,341 J34 363 . 5,930 : 7,383 • 17 413 ! 119.3 125 67 August 285 632 i 152 2,316 1,360 137 345 I 5,937 : 6,515 : 16 353 ! 119. 5 120 31 September 276 672 ' 113 2,609 1,368 60 330 ! 5,901 I 5,786 ,• 10 493 12.1.4 114 13 October 276 650 i 126 j2,310 1,393 63 341 I 5,837 6,449 i 13 505 i 124.9 107 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 j 126.3 107 21 1922, end of— January 275 ! 563 ! 337 i 2, 332 1,434 84 421: 5,654 6,345 9 509 126.6 109 | 18 February 274 i 579 34G i 2,122 1,435 87 429 5,57-! 6,272 10 129.2 94 ! 18 March 274 I 626 ; 312 I2,354 1,435 9-) 447 5,474 7,559 13 513 128. 3 89 23 April 274 I 582 ! 301 '1,936 1,433 92 404 , 5,430 6,965 12 400 126.6 i 100 | 15 May 274 : 567 . 293 ,. 38a! 5,378 7,581 10 430 124.8 i 115 1 9 June 274 , 5,888 •| 1 Source: Kommersiella Meddelanden. NORWEGIAN FINANCIAL SITUATION. [Amounts in millions of kroner.] Norges Bank. Private commercial banks (103). Bankrupt- Year and month. C C l h e r a is ri t n ia g n s i a a t . dis L c 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 . cies. Number, 1914, end of July I. 1*4' 123 , 14 I 88: 1920, average I 147 451 102 ! 419 ; 652 3,921 3,382 32 1921,average ! 147 417 111 .. 443 j 537 3,840 3,338 86 1921, end of— • j Juno : 147 . 41S . 107 •140 j 508 3.8S3 3,303 116 July 147 ! 428 : 100 j 452 ! 541 3,958 3,313 5,249 96 August 147 421 110 ' 455 ! 580 3,95-1 3,340 5,256 101 September 147 410 85 1 426 j 637 3,844 3.319 5,224 102 October 147 , 411 ! 113 | 453 ' 589 3,742 3,275 5.1% 78 November 147 , 395 121 439 : 538 3,677 3,231 5; 113 89 December 147 i 410 141 476 I 551 3,508 3,305 4,944 81 1922, end of— \ , January j 147 378 '• 131 433 j 524 3,413 3,202 4,805 88 February..... ! 147 376 141 428 ! 494 3,346 3,172 4,754 76 March 147 385 151 449 628 3.280 3.121 4.690 108 April 147 386 143 447 516 3,302 3,118 4,755 May 147 i 375 152. 446 3,307 3,086 1 Includes balances abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1020 FEDERAL RESERVE BULLETIN. AUGUST, IO:.'2. JAPANESE FINANCIAL SITUATIONS [Amounts in millions of yen.] Bank of Japan. Tokyo banks. Year and month. Current Total Tokyo Average Note Specie Ordinary Advanceess Govern- Private loans bank discount circulation.! ^li?® • d lo is a c n o s u a n n t d s. ! | on b f i o l r l e s. iggnn m po e s n it t s d i e n - i d n e J p a o p s a it n s . as T so o c k i y at o ed c t l o ea ta ri l n i g n s, (T r o a k te yo Japan. bank. the month. market). 1913, average. 363 216 47 i 33 CO 7 ! 333 364 8.38 1921, average. 1,226 1,200 107 ! 39 297 50 , 1,932 2,572 9.00 1921. End of— July 1,172 1,172 43 | 23 330 7(> : 1,987 2,341 8.36 August 1,192 1,192 107 I 31 345 35 1,951 2,816 8.43 September. 1,232 1,232 101 ! 32 293 30 1,955 2,627 8.28 N O o ct v o e b m er ber. 1 1 , , 2 2 5 8 5 3 1 1, , 2 2 6 5 4 5 1 1 5 9 7 7 : j 3 3 0 0 3 3 0 2 9 5 . 3 3 1 7 . 1 1 , , 9 9 8 9 9 3 2 2 , ,6 7 7 8 9 3 8 8 . . 5 7 0 9 December.. 1,546 1,246 298 ; 26 203 35 2,000 3,340 9.20 1922. End of— January.., 1,377 1,241 224 56 277 35 ! 1,984 2,246 9.02 February. 1,246 1,223 172 26 328 27 ; 1,950 - 2,438 9.02 March.... 1,289 1,289 248 58 422 29 1,963 3,099 9.09 April 1,226 1,263 267 61 520 30 1,980 2,809 9.34 May 1,203 1,203 178 50 469 33 1,973 3,143 9.42 June , 1,344 1,223 179 98 377 43 : 1,998 3,178 July 1,224 1,220 133 82 427 35 1 1 Figures apply to last day of month in case of Bank of Japan, to last Saturday of the month in the case of the other items. 2 This includes the specie segregated against notes only. It includes gold credits abroad as well as bullion and coin at home. 3 During January, February, April, October, November, and December, 1913, Government deposits averaged 4,193,000 yen. During the, remainder of the year there was an average monthly overdraft of 8,942,000 yen. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Page. Page. Acceptances: Cost of living in England and Germany 971 Banks authorized to accept up to 100 per cent of Cotton fabrics, production and shipments 978 capital and surplus 922 Credit situation, discussion of 901 Held by Federal reserve banks 992 Crop report, by Federal reserve districts 984 Purchased by Federal reserve banks 990 Cuba: Agricultural movements, index of 980 Budget for 1923 960 Argentina: Debt : 960 Commercial failures 955 Economic and financial conditions 960-962 Condition of Banco de la Nation 955 Imports and exports of foreign currencies 962 Financial and banking conditions 954 Currency in circulation 1011 . Meat and wool industries 954 Debits to individual account 1004 Revenues 955 Denmark, wholesale prices in. 967 Australia, wholesale prices in 967 Deposits, savings, of commercial banks 976 Bailey, W. J., elected governor of Federal Reserve Discount and open-market operations of Federal Bank of Kansas City 90i) reserve banks: Bank debits 1001 Acceptances held 992 Belgium claims against Russia: 938 Acceptances purchased 990 Brazil: Bills discounted 989, 990 Budget for 1923 957 Bills held 992 Foreign exchange • 957 Earning assets held 991 Foreign trade 955 Number of banks discounting 989 Valorization plan 957 Rates of earnings 991 Building statistics 985 Volume of 989 Business and financial conditions: Discount rates: Argentina 954 In effect August 1 1011 Brazil 955 Prevailing in various centers 1014 Chile 958 Dividends of Federal reserve banks 1013 Cuba 960 Earnings and expenses of Federal reserve banks, England 1017 six months ending June 30 1012 France 942,1017 Egypt, wholesale prices in 967 Germany 948, .1.018 England: Index of 906, 979 Claims against Russia 939 Italy 946,1018 Cost of living 971 Japan 1020 Financial conditions 1017 Norway 1019 Foreign trade 972 Sweden 951.1019 Index of industrial activity 974 United States 910-921 Wholesale prices 963, 965, 969 Canada, wholesale prices in 967, 971 Failures, commercial 921 Charters issued to national banks 922 Federal reserve banks: Charts: Condition of 907, 993, 997 Assets and liabilities of Federal reserve and Discount and open market operations of 989 member banks 908 Earnings and expenses of, six months ending Comparison of sales of chain stores 986 June 30 1012 Debits to individual account 1004 Foreign exchange index 1015 Federal reserve note account 1000 French wholesale price index 928 Fiduciary powers granted to national banks 921 Index numbers of domestic business 979 Fiscal agency department expenses, six months Wholesale prices in England 965 ending June 30 1013 Wholesale prices in United States 964 Foreign exchange: Wholesale prices in United States and England. 963 Brazil 957 Chattanooga discontinued as a reserve city 922 France 945 Check clearing and collection: Index of 1015 Gold settlement fund transactions 1008 Foreign loans to Russia 936 Number of banks on par list 1010 Foreign trade: Operations during June 1010 Brazil 955 Chile: Chile 958 Foreign trade 958 England 972 Public finance 959 France 944, 972 Clearing-house bank debits 1004 Germany 973 Commercial failures 921 Index of 976 Condition statements: Italy 973 Federal reserve banks 907, 993, 997 Japan 973 Member banks in leading cities 907, 993,1001 Norway 973 Cooperative marketing associations, eligibility of Russia 940 paper of 931 Sweden 973 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

II INDEX. Page. Pago. Franco: Mineral products, index of 980 Business and financial conditions 942,1017 Money in circulation 1011 Capital issues 944 National banks: Claims against Russia 938 Charters issued to. 922 Foreign exchange 945 Fiduciary powers granted to 921 Foreign trade..." .. 944, 972 New Zealand, wholesale prices "in 967 Freight receipts 944 Norway: Index of industrial activity 974 Financial conditions 1019 Pig-iron production ." •... 943 Foreign trade 973 Price index, description of 922 Wholesale prices 967 Reparations 945 Retail prices in Paris " 971 Ocean freight rates 977 Unemployment .- 942 Par list, number of banks on 1010 Wholesale prices 967, 969 Per capita circulation 1.0! 1 Freight rates, ocean 977 Peru, wholesale prices in 967 Germany: Physical volume of trade 979 Annual report of the Reichsbank 951 Poland, wholesale prices in 967 Business and financial conditions 948,1018 Prices: Condition of largest banks 950 Retail, in principal countries 971 Cost of living. 971 Wholesale, abroad 963-971 Wholesale', in the United States 963, 964, 966 Foreign trade 973 Rates, discount 1011,1014 Indexes of industrial activity 975 Redemption of Victory notes by Treasury 929 Reparations . 949 Wholesale prices 967, 970 Rediscount privilege of State member banks broad- Gold imports and exports 907,1009 ened by act of July 1, 1922 933 Reparations. German 945, 949 Gold settlement fund transactions 1008 Governor of Federal Reserve Bank of Kansas City Reserve ratio of Federal reserve banks 909, 996 elected... ". 909 Reserves, deposits, and note circulation of Federal Hague Conference 935 reserve banks 996 Holland, wholesale prices in 967 Resources and liabilities: Imports and exports: Federal reserve banks '. 997 Gold 907,1009 Member banks in leading cities 1001 Silver 907,1009 Retail prices in principal countries 971 Index numbers: Retail trade, condition of 920, 986 French price index, description of 922 Rulings of the Federal Reserve Board: Foreign exchange 1015 Eligibility of paper of cooperative marketing Foreign trade : 976 associations 931 Industrial activity, England, France, Ger- Russia: many, and Sweden 974 Foreign indebtedness 936 Ocean freight rates 977 Foreign trade 940 Physical volume of trade 979 Savings deposits of commercial banks 976 Retail prices in principal countries 971 Silver imports and exports 907.1009 Trade and production 980 South Africa, wholesale prices in 907 Wholesale prices abroad 967 State bank members: Wholesale prices in. the United States 963 Admissions to system Oil India, wholesale prices i ri 967 Rediscount privilege broadened by act of Interest rates prevailing in various centers 1014 July 1, 1922 ." " ..' S 33 Italy: Sweden: Business and financial conditions 946.1018 Financial conditions , 951, 1 C.1.9 Capital issues 946 Foreign trade S)" 3 Claims against Russia 939 Index of industrial activity 97 t 5 Foreign trade > 973 Iron and steel prod uction." 952 Retail prices 971 Lumber exports I?c2 Unemployment 947 Pulp and paper industries Vol Wholesale prices 967, 969 Retail prices 971. Japan: Wages 953 Financial statistics 1020 Wholesale prices 967, 970 Foreign trade 973 Trade: Wholesale prices 967 Foreign. (See Foreign trade.) Knit goods production 977 Physical volume of.. 979 Law department: Retail 920, 986 Rediscount privilege of State member banks Wholesale 919,988 broadened'"by act of July 1, 1922 933 Manufactured goods, index of 980 Unemployment: Maturities: France • 942 Acceptances purchased 991 Italy : 947 Bills discounted and bought 990, 999 United States 919 Certificates of indebtedness 999 Victory notes, redemption of. by Treasury 929 Member banks: Wholesale prices: Condition of 907, 993, 1001 Abroad 963-971 Number discounting 989 French price index 928 Number in each district 989 In the United States 963, 964, 966 State banks admitted to system 921 Wholesale trade, condition ofm 919, 986 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS IOWA CHICAGO^ l*rl u— Denver. '0 KANSAS CITYl KANS. iMissTi AL/Vi) Savanri BOUNDARmS O1" FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis