Federal Reserve Bulletin, 1922-11

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

FEDERAL RESERVE BOARD, Ex officio members: -, Governor. A. W. MELLON, ; EDMUND PLATT, Vice Governor. Secretary of the Treasury, Chairman. I ADOLPH C. MILLER. D. R. CRISSINGER, ; CHARLES S. HAMLIN. Comptroller of the Currency. ! JOHN R. MITCHELL. W. W. HOXTON, Secretary. | WALTER WYATT, General Counsel. j WALTER W. STEWART, W. L. EDDY, Assistant Secretary. ! Directory Division of Analysis and Research. W. M. IMLAY, Fiscal Agent. \ M. JACOBSON, Statistician. J. F. HERSON, I E. A. GOLDENWEISER, Associate Statistician. Chief, Division of Examination and Chief Federal j E. L. SMEAD, Reserve Examiner. • j Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL. (For the year 1922.) DISTRICT NO. 1 (BOSTON) PHILIP STOCKTON. DISTRICT NO. 2 (NEW YORK) PAUL M. WARBURG, Vice President. DISTRICT NO. 3 (PHILADELPHIA) L. L. RUE, President. DISTRICT NO. 4 (CLEVELAND) CORLISS E. SULLIVAN. DISTRICT NO. 5 (RICHMOND) J. G. BROWN. DISTRICT NO. 6 (ATLANTA) EDWARD W. LANE. DISTRICT NO. 7 (CHICAGO) JOHN J. MITCHELL. DISTRICT NO. 8 (ST. LOUIS) FESTUS J. WADE. DISTRICT NO. 9 (MINNEAPOLIS) G. 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. Deputy governor. Cashier. Boston Frederic H. Curtiss Chas. A. Morss C. C. Bullen W. WUlett. W. W. Paddock NtwYork - Pierre Jay Benj. Strong J.H.Case L. H. Hendricks.i L. F. Sailer J. D. Higgins.i G. L. Harrison A. W. Gifbart.» E. R. Kenzel Leslie R. Rounds.i J. W. Jones.i Ray M. Gidner.1 G. E. Chapin1 Philadelphia R. L. Austin George W. Norrls Wm. II. Huttjr W. A. Dyer. Cleveland D.C.Wills.. E. R. Fancher.... M. J. Fleming H. G. Davis. *• Frank J. Zurlinden Richmond Caldwell Hardy George J.Seay C. A. Peple Geo. H. Keesee. A. S. Johnstone * JohnS. Walden» Atlanta Joseph A. McCord M. B. Wellborr L. C. Adelson M. W. Bell. J. L. Campbell Chicago Wm. A. Heath J. B. McDougai C.R. McKay W. C. Bachman.1 S.B.Cramer K. C. Childs.* JohnH. Blair J. H. Dillard.» D. A. Jones.i 0. J. Netterstrom.1 A. H. Vogt.i Clark Washbume.i St. Louis Win. McC. Martin IXC. Biggs 0. M. Attebery J. W. White. Minneapolis John H. Rich R. A. Young W. B. Geery B. V. Moor©. S. S. Cook Frank C. Dunlop > Kansas City Asa E. Ramsay W. J. Bailey C. A. Worthington J. W. Helm. Dallas...... W. B. Newsome B. A. McKinney R. G. Emerson R. R. Gilbert. San Francisco John Perrin J. U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk*. L. C. Pontious* » Controller. 3 Assistant to governor. «Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: Minneapolis: Buffalo branch W. W. Schneckenburger. Helena branch R. E. Towle. j Cleveland: Kansas City: 1 Cincinnati branch L. W. Manning. Omaha branch L. H. Earhart. 1 Pittsburgh branch Geo. De Camp. Denver branch C. A. Burkhardt. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Atlanta: El Paso branch W. C. Weiss. New Orleans branch Marcus Walker. Houston branch Floyd Ikard. Jacksonville branch Geo. R. De Saussure. San Francisco: • Birmingham branch A. E. Walker. Los Angeles branch C. J. Shepherd. Nashville branch J. B. McNamara. Portland branch Frederick Greenwood. Chicago: Salt Lake City branch R. B. Motherwell. Detroit branch R. B. Locke. Seattle branch C. R. Shaw. St. Louis: Spokane branch W. L. Partner. Louisville branch W. P. Kincholo©. Memphis branch J. J. Heflin. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN. The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. It is printed in two editions, of which the first contains the regular official announcements, the national review of business conditions, and other general matter, and is distributed without charge to the member banks of the Federal Reserve System. Additional copies may be had at a subscription price of $1.50 per annum. The second edition contains detailed analyses of business conditions, special articles, review of foreign banking, and complete statistics showing the condition of Federal Reserve Banks. For this second edition the Board has fixed a subscription price of $4 per annum to cover the cost of paper and printing. Single copies will be sold at 40 cents. Foreign postage should be added when it will be required. Remittances should be made to the Federal Reserve Board. No complete sets of the BULLETIN for 1915,1916, 1917, or 1918 are available, HI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. General summary: Page- Review of the month 1267 Business, industry, and finance, October, 1922 1274 The first three years of German reparation: Part I—The treaty of Versailles , 1288 Treasury refunding loan 1272,1296 Foreign branches of American banking institutions 1298 Official: Rulings of the Federal Reserve Board 1286 State banks admitted to system 1285 Fiduciary powers granted to national banks 1285 Charters issued to national banks 1285 Edge Act corporation authorized 1287 Business and financial conditions abroad: Railway situation in Great Britain and France 1300 The German coal situation 1308 Current economic conditions in Argentina and Brazil 1314 Economic and financial conditions in Mexico 1318 Currency and banking in South Africa 1324 Prices in Uruguay 1333 Price movement and volume of trade: International wholesale price index—United States, England, France, Canada, and Japan 1335 Comparative wholesale prices in principal countries 1338 Comparative retail prices and cost of living in principal countries 1342 Indexes of industrial activity—United Kingdom, France, Germany, Sweden, and Japan 1343 Foreign trade of principal countries 1345 Foreign trade index 1348 Ocean freight rates 1348 Report of knit-goods manufacturers of America 1224 Production and shipments of finished cotton fabrics 1225 Physical volume of trade 1226 Building statistics 1232 Retail trade 1233 Wholesale trade 1235 November estimate of corn production, by Federal reserve districts Commercial failures 1285 Banking and financial statistics: Domestic— Discount and open-market operations of Federal reserve banks 1237 Condition of Federal reserve banks 1244 Federal reserve note account 1247 Condition of member banks in leading cities 1248 Savings deposits 1224 Bank debits 1251 Operations of the Federal reserve clearing system 1256 Gold settlement fund 1255 Gold and silver imports and exports 1257 Money in circulation 1258 Discount rates approved by the Federal Reserve Board 1258 Discount and interest rates in various centers 1259 Foreign exchange rates 1260 Foreign—England, France, Italy, Germany, Sweden, Norway, Japan, and Argentina 1263 Charts: Prices of raw materials and consumers' goods 1268 Price and production of cotton, wool, and pig iron 1269 Banking progress in South Africa 1327 International wholesale price index—Federal Reserve Board 1335 Index numbers of domestic business 1226 Average monthly value of sales of chain stores Debits to individual accounts 1251 Foreign exchange index 1261 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 8 NOVEMBER, 1922. No. 11 REVIEW OF THE MONTH. volume of business. As a factor influencing the economic wealth of the Nation greater Developments in the business situation duroutput may be regarded as more fundamental ing the past year have resulted in current than price changes, but the readjustments in conditions which differ widely t Recent course from those prevailing during prices during 1921 helped to bring about inof business. creased production. Business was emerging the first half of 1921. At that from depression and the new confidence created time business was endeavoring to adjust itself by the change in prices led to the placing of to a continued fall in prices, industry was inacorders and contracts. Price readjustments tive, and unemployment large. Since the bewhich stimulate production have a different ginning of this year the level of prices has been significance from price advances which conadvancing and the volume of industrial output tinue after industry has reached its productive increasing. The series of changes by which capacity and when further advances register this new condition was brought about constimerely competitive bidding. tute so important an influence on the course of business as to call for some account of the The character and extent of the influence process. Effects of a business resumption are exercised by prices become evident only when so uneven among various industries that the the readjustments between cerprocess of readjustment may continue for Price readjust- ^ n g T0U p S o f prices are consome time before a general change of direction ^f * some detail. Duris noticeable. Looking back over the recent ing the downward swing ot the period, however, it is now possible to discern price level from the peak in May, 1920, to the certain well-marked movements that have beginning of relative stability in June, 1921, taken place. Some of the developments are the prices of raw materials fell 45 per cent to still too much within the present to be fully an index of 135 (prices in 1913 = 100), while apprehended, but their significance is clearer the prices of goods bought by consumers fell even in short retrospect than at the time they only 39 per cent to a level of 153. The cost of occurred. The purpose in reviewing the move- materials fell more rapidly than the prices at ments of prices, production, and the volume of which finished products could be sold—a rebusiness is not to draw from the record any adjustment which offered an incentive to cerinferences about the future, but merely to tain lines of industry to resume business activdescribe and measure the changes already ity and to increase output. Monthly changes effected. in the prices of these two groups of commodities from January, 1919, to September, 1922, In general outline, the course of readjustare shown graphically in the accompanying ment has been clear and well defined. After chart. The groups, which include 88 raw the decline in the levels of production and materials and 199 consumers7 goods, are a reprices during 1920-21, production began to inclassification of certain commodities used by crease in July, 1921, and at about the same the Bureau of Labor Statistics in constructing time prices entered upon a period of relative its index of wholesale prices. stability. Early in 1922 prices joined production in the upward movement, and the The period of relative stability in prices, combined effect of the two was to increase the which extended from June, 1921, to January, 1267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1268 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. 1922, furnished a basis for business recovery. and in metal products. In considering the in- During the first six months of this period the crease of the price level since the first of the index of wholesale prices alternated between year it is important to distinguish between 142 and 141—a longer period of relative sta- those advances which have been accompanied bility than the business community had expe- by either a present or prospective decrease in rienced during five years preceding. This rela- supply, as in coal and cotton, and those intive constancy in the general average was, in creases, as in building materials, where the fact, the result of diverse movements within advance has been accompanied by larger outthe system of prices. Important readjust- put. Recently the prices of commodities have ments among groups during these eight months been affected by the difficulties of distribution were the increase of 7 per cent in the prices of arising out of the car shortage. farm products and the decrease of 15 per cent Percentage changes in the price indexes of in the prices of metals and metal products. groups of commodities during the periods re- Higher prices for the farmers' products coming ferred to above are shown in summary in the at the crop-marketing time enlarged his buying table below. Column 1 shows the per cent of power, while the lower prices of iron and steel decline from the peak in May, 1920, to the called forth new orders. beginning of stability in June, 1921; column 2 shows the readjustment among the groups PRICES during the period when the general level was ( AVERAGE. 1913= IO0 ) relatively stable; and column 3 shows the PER CENT CENT 240 change from the low point in January, 1922, 220 220 to the latest month available, September, 1922. 200 200 PERCENTAGE CHANGES IN INDEX NUMBERS OF GROUPS 180 . \.CONSUMERS GOODS f\ 180 OF COMMODITIES BETWEEN SELECTED DATES. 160 \ X 1 J \ 160 140 14O January, 120 RAW MATERIALS 120 Commodity groups. Se 1 p 9 t 2 e 2 m , t b o er, 1922. 100 100 80 80 | All commodities i Farm products 60 60 Foods Cloths and clothing *o 40 Fuel and lighting Metal and metal products 20 20 Lumber and building material Miscellaneous 0 House furnishing goods 1919 1920 1921 1922 Chemicals and drugs In January, 1922, came the turning point The course of production in basic industries for the current upward movement in prices. also reflects the readjustments incident to busi- From that month until August the index of Changes in the &ess recovery. The general inwholesale prices increased from 138 to 155, an volume of pro- crease in output which began advance of 12 per cent. All of the important duction. i J \j 1921, coincided with n n f groups shared in the rise, the fuel group lead- the beginning of tfcie period of price stabilization ing the advance with an increase of 39 per and preceded by six months the advance in the cent. The influence of the higher price of coal price level. As in prices, the changes in the was reflected in increased prices of coke, pig general level of production were the outcome iron, and other commodities in which the cost of diverse movements in different industries. of coal is a large factor. During September, The textile industry, for example, began its inwhen coal prices fell in response to larger sup- j creased production a half year earlier than iron ply, the general index decreased to 153, the \ and steel. During the first six months of 1922, effect of the decline in the fuel group being I when the output of pig iron was declining, the partly offset by advances in building materials ! average level of production continued to fall. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922, FEDERAL RESERVE BULLETIN. 1269 COTTON WOOL ( AVERAGE 1919"100 / AVERAGE 1919 = WO) PER PtR PER CENT < • - CENT CENT CENT s 120 \ k 120 ACTIVE MACHINERY f - MJLL CO^SUMPTION y ^ i i\ too too 100 / ^ - \ V V V v i\ / 80 *—. J 80 tt. - A / j r RICE / ** V j 60 60 u j V5^5- PRICE -f \ 1 40 1 40 " " "-• 20 20 •„_ - — - —— 0 0 1919 1920 1921 1922 191S 1920 1921 1922 By the middle of 1922, a year after the general j year, but during August production was greater advance began, the output of 34 kinds of manu- than in any month since June, 1920. Prices factured goods for which monthly production of cotton and wool were, of course, affected by figures are available rose above the level of many complex factors, but important among 1919. The production of minerals reached its these was the resumption of industrial activity. peak in March, 1922, because of the large pro- The relationship between production and prices duction of bituminous and anthracite coal, and i indicated by the chart is an instance in a single then declined during the months of the miners' j industry of what occurred generally during strike. In spite of this decline the index of the this period—a lag of the price level behind the combined output of the mines and factories ! level of production. was as high in July, 1922, as the 1919 index of j Production and prices of pig iron also show monthly production in these basic industries. I this tendency, prices in 1920 mounting after Of particular interest is the textile industry, production reaches the peak and production because it was among the earliest* to feel the in 1921 starting upward in advance of prices. effect of business reaction in 1920, and one Both the decline and the revival of activity in of the first to recover. For the purpose of in- iron and steel came six months later than in dicating the course of the industry through PIG IRON this period of readjustment, the mill consump- ( AVERAGE 1919 =100 ) tion of cotton and the activity of woolen ma- C P E E N R T C P E E N R T PRICE/" \ chinery have been charted, together with the 160 160 price movements of cotton and wool. The change in each of the series is measured by 140 140 'A - A\ comparison with the monthly average of 1919. 120 \ i\y \\ / 120 Prices fluctuated over a wider range than pro- I s duction, continuing upward in 1920 after pro- 100 / 100 duction had reached a maximum and falling // V 80 80 to relatively lower levels in the subsequent \ v^ 7 Jj decline. Production reached its low point at 60 \y 60 the close of 1920 and began to recover, while 40 V-7 40 prices of materials did not begin to increase PRODUCTION until eight months later. The strikes in the £0 20 New England mills curtailed the production of Q Q 1919 1920 1921 1922 cotton textiles from April to July of the present Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1270 FEDEBAL. RESERVE BULLETIN. NOTEMBBB, 1922. the textile industry. In general, during this by changes in the volume of investment and period the renewed demand by consumers for speculation. During the first half of 1921, such commodities as clothing and shoes pre- with the decline in production and price and ceded the demand by business men for indus- the decrease in speculative activity, total trial equipment and steel products. During debits were continuously below the level of recent months the output of iron and steel has 1920. In the latter part of the year, however, been checked by a shortage of cars available with production increasing, prices fairly stable, for distributing the products. Here, as in and the usual seasonal influences operative, other industries, the after-effects of the strikes bank debits began to rise. This rise reflected of the railroad shopmen and the coal miners also the revival of stock exchange activity, as are being felt in production and in prices. indicated by the fact that in New York City Despite the strikes, however, since the be- debits advanced 36 per cent between August ginnirig of the year the movement of goods has and December, 1921, while for centers outside maintained a high level. Each month the total of New York City the increase was 17 per car loadings have been above the average of cent. the corresponding months of the three pre- For every month of 1922, except January, ceding years. During the months of the coal the total of checks drawn has been larger than strike the loading of coal fell to approximately a year ago, and for September, 1922, the total 50 per cent below the three months' average of was 14 per cent in excess of September, 1921. previous years, but was more than offset by the This increase has not been confined to any increased loadings of other goods. The freight single locality, nor to any one form of business movement of heavy structural material tended activity. In every Federal reserve district, to maintain the total loadings. whether primarily agricultural in character or Activity of the building industry, which has chiefly industrial, the level of bank debits for been a feature of the business recovery, has car- recent months has been higher than last year. A ried with it a demand for materials which has closer analysis of bank debits in New York City increased production in basic industries. Dur- and in other centers shows that the rise has not ing 1922 the volume of building contracts and been caused merely by speculative activity, the monthly production of lumber, cement, and and that during recent months speculation has brick have been greater than for the corre- played a smaller part than earlier in the year. sponding month of last year. Contracts for building residences were the first to increase, BANK DEBITS IN 1922. but later the contracts for other classes of [In millions of dollars.] buildings grew in volume, and after June, 1922, Percentage above (+) when contracts for residences passed the high or below (—) 1921 debits. point, an increasing proportion of total con- Month. I i Ne C w i t Y y. ork O c t e h n e t r e r 1 s 4 . 0 struction consisted of buildings for nonresi- •• New York- Other City. centers. dential purposes. The extensive character of J_ these building operations, the influence exerted January 19,065 ! 15,870 = -4.8 ! -9.5 February.. 16,543 I 14,040 +9.3 ! -1.3 by them upon other industries, and the fact March 20,397 i 16,531 : +17.5 j +2.5 April 20,717 ! 15,666 . +26.7 • +1.3 that they have been general throughout the May 21,654 | 16,317 • +26.1 i +9.2 June 22,063 | 17,168 +24.3 ! +11.4 country have been important factors in in- July 19,713 i 16,316 +20.6 I +10.6 August 18,287 I 15,817 +20.4 ; +8.8 creasing the total volume of business. September. 19,215 j' 16,523 : + 19.3 I +9.3 I One of the best single indicators of the total volume of business transactions is bank debits. Throughout the year the figures for New These figures, reflecting mainly York City, where the volume of bank debits is Bank debits as amount of checks drawn on affected by security transactions, show a much index of business banks in 141 leading clearing- larger increase over the preceding year than volume house centers, have been af- the figures for other centers, but the difference fected by the movements of commodity prices narrows decidedly during the more recent and production already described, as well as months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1271 NOVBMBEE, 1922. FEDERAL RESERVE BULLETIN. The increase in the volume of business and While this table does not show how loans the changes in prices and production have not changed during the months between the call been paralleled by correspond- dates, yet it reveals certain trends. In most The demand ing changes in the volume of of the districts increases in loans during the bank lending. The relation be- latter part of the period are recorded, the intween the member banks and crease starting as early as December, 1921, in their borrowers on certain dates is indicated the Boston, Cleveland, and Atlanta districts, by the statements of condition of all member and in March, 1922, in the New York, Richbanks. Lack of parallelism between the volume mond, Kansas City, Dallas, and San Franof business and the volume of bank credit cisco districts. There are four districts, howis apparent from the fact that between June, ever, where no advances in loans were noted on 1921, and June, 1922, the loans and dis- June 30, 1922. These districts are Philadelcounts of member banks decreased 5 per cent, phia, Chicago, St. Louis, and Minneapolis. while during the same period,the price level ad- More recent figures available for member vanced 5.6 per cent; production in basic indusbanks in leading cities indicate that a decided tries increased 24 per cent and the volume of upward trend in the demand business, as measured hj bank debits, ex- Recent increase for loans has been manifest panded 19 per cent. In spite of the resumption in member bank j August. Total since tlie eR( of of business activity, the process of loan liquidaloans and discounts of these tion, which began in November, 1920, more banks increased between August 30 and Octothan a half year after prices and production ber 18 by $544,000,000, increases being shown reached their peaks, has continued almost withfor member banks in all the Federal reserve out interruption until a short time ago. During districts. The big increases reported are for the period when loans and discounts were deloans secured by stocks and bonds—$280,000,creasing there was a considerable increase in 000—and for all other loans, largely commerbank investments. In view of the many faccial, $239,000,000. The figures indicate that tors which influence the movements of bank while the increase in loans secured by stocks loans, no close relation to the physical volume and bonds, which represents in the main an of trade is to be expected. Prices in 1922 increase in speculative rather than in commerare lower than in 1920, and industry, even cial and industrial activity, occurred chiefly in though active, can consequently be financed the eastern centers, notably in the New York, with a smaller volume of credit than two years Boston, Philadelphia, and Cleveland districts, ago. Moreover, the continued loan liquidacommercial loans show increases in all the distion in certain lines of industry has furnished tricts, though the largest increases are reported funds to finance new business without expanding the total of loans. The loans and discounts for the New York and Chicago districts. of all member banks, by Federal reserve dis- Increased loan activity during recent weeks tricts, on each call date between June 30, 1921, has been accompanied by a slackening in the and June 30, 1922, are shown in the following banks7 investment operations. Omitting for table: a moment the developments of the most recent week, it appears that member banks in lead- LOANS AND DISCOUNTS OF ALL MEMBER BANKS. ing cities between August 30 and October 11, [In millions of dollars.] while increasing their loans by $357,000,000, June 30, Dec. 31, Mar. 10, June 30. 1921. 1921. 1922. 1922. ' liquidated a total of $88,000,000 of investments, of which $65,000,000 represents Gov- Boston 1,336 i ],306 1,305 1,308 New York I 5,110 ' 4,894 4,709 4,799 ernment securities and $23,000,000 corporate Philadelphia ! 1,080 ' 1,029 1,033 1,022 Cleveland 1,684 I 1,602 1,605 1,624 securities. On October 15 the Treasury allot- Richmond 884 i 866 853 855 Atlanta 687 i 680 657 654 ted $511,000,000 of refunding bonds, and the Chicago 2,870 ! 2,719 2,706 2,701 St. Louis 774 i 764 751 739 condition of the reporting member banks on Minneapolis... 758 ! 712 687 Kansas City... 907 ! 858 i 843 October 18 reflects this operation by an in- Dallas 638 . 594 i 585 588 San Francisco. 1,478 . 1,455 ! 1,435 1,476 crease of $142,000,000 in holdings of United Total ; 18,206 j 17,484 17,161 17,296 States bonds, this increase being considerably Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1272 PEDEKAL KESEBVE BULLETIN. NOVEMBER, 1922. more than sufficient to offset the liquidation of business have not until recently led member investments during the preceding 10 weeks. banks to seek accommodation at Federal re- The increase of loans by reporting member serve banks. The extent to which member banks during the last few weeks has been ac- banks will turn to the reserve banks in the companied by increased bor- immediate future will largely depend upon the Demands upon i f the Federal re- course of production and prices. When the rowngs rom f reSeFVe serve banks. Between August present seasonal demand for credit has passed banksf 30 and October 25 discounted it will be easier to determine the degree to bills held by Federal reserve banks increased by which the recent increase in borrowings at $65,000,000, all the districts showing increases reserve banks has been caused by a general except Minneapolis, Dallas, and San Francisco. upward trend in business. This resumption in the demand for reserve bank credit on the part of member banks is no doubt partly seasonal in character and partly the out- The governor's of the Federal reserve banks come of the growth in the volume of business. and the Federal reserve agents held their regu- On October 25 the amount of discounted bills lar fall conferences in Washheld by Federal reserve banks was $469,000,000, Conferences at . . j ,t i i» r\ 4. Washington. m£ton durmS *ne week ot Octorepresenting a reduction of 84 per cent from the ber 8. The governors and total of $2,827,000,000 held on November 5, agents met separately for the discussion of 1920, the date when borrowings by member matters pertaining to operations of the Federal banks reached the highest figure. Thus memreserve banks and joint sessions were held with ber banks repaid their borrowings from the re- the members of the Federal Reserve Board. serve banks as the liquidation of their own On November 3 the Federal Reserve Board loans proceeded. Because of the nature and designated W. B. Newsome as Federal reserve function of the reserve banks the decline in agent and chairman of the their discounts was much more rapid relative to Personnel. board of directors of the Federal its total than the reduction in loans of member Reserve Bank of Dallas for the term ending banks. Furthermore, the extent of repayment December 31, 1922, to fill the vacancy created has been much greater for member banks in by the death of Wm. F. Ramsey, which ocleading cities than for banks outside of these curred on October 27. cities, as is evident from the fact that bills discounted for reporting member banks in leading cities decreased 95 per cent between November TREASURY FINANCE. 5, 1920, and August 30, 1922, while discounts Latest returns for the refunding loan of for nonreporting banks outside these cities de- October 16, 1922, as compiled by the Treasury creased but 50 per cent. The increase of Department, show that the cash subscriptions $107,000,000 in borrowings between August for the new 4J per cent Treasury bonds of 30 and October 18 reflects an increase of 1947-1952 totaled $1,399,851,900, while allot- $147,000,000 in accommodation to reporting ments on cash subscriptions received totaled member banks, offset by a decrease of $40,- $512,390,000. In addition, subscriptions ag- 000,000 in accommodation to nonreporting gregating $252,060,900 were received in the member banks. Liquidation of reserve bank form of exchanges of 4| per cent Victory notes loans was thus much more complete for city and December 15 Treasury certificates, makbanks than for country banks, but liquidation ing total subscriptions for the offering in of loans to city banks came to an end in midexcess of $1,651,900,000. Subscriptions on the summer of 1922, while the liquidation of loans exchange offering were allotted in full, so that to country banks still continues. the total allotments on both cash and ex- In considering the relation between the volume change offerings slightly exceed $763,400,000. of credit and the volume of business during the In accordance with previous announcement, current year, the outstanding fact is that credit allotments of cash subscriptions were made on a requirements arising out of the expansion of graduated scale, all subscriptions for amounts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVBIMBEB, 1922. FEDERAL RESERVE BULLETIN, 1278 not exceeding $10,000 for any single sub- $500,000, 20 per cent; subscriptions for over scription being allotted in full; subscriptions $500,000 but not exceeding $1,000,000, 15 for over $10,000 but not exceeding $50,000, per cent, and subscriptions for over $1,000,000, 40 per cent; subscriptions for over $50,000 but 10 per cent. The results of these allotments not exceeding $100,000, 30 per cent; sub- by Federal reserve districts are shown in the scriptions for over $100,000 but not exceeding following table: Cash subscriptions. Exchange subscrip- Federal reserve tions redistrict. Received. Allotted. 1 $10 u , n 00 d 0 e r a . nd $ S 10 5 , 0 1 , 0 0 0 00 t . o 5 8 5 1 0 0 ,1 0 0 ,0 0 0 0 to . $1 $ 0 5 0 0 , 0 1 , 0 0 0 00 t . o $ S 5 1, 0 G 0 O ,1 O 0 ,O 0 O t O o . 81,0 O 0 v 0 e ,0 r 00. ce ( a i i l n v l e o f d t u t e l a l d n ). d Boston $113,390,400 862,700,300 $49,015,900 S3,025,200 §2,844,600 84,906,800 $1,632,500 $1,275,300 819,508,408 New York.. 667,994,100 198,382,100 109,261,700 9,874,300 9,822,400 23,366,000 16,355,700 29,702,000 146,589,600 Philadelphia 103,788,500 46,484,200 32,523,900 3,478,000 2,034,800 4,087,400 1,767,500 2,592,600 7,545,600 Cleveland... 100.355,300 40,200,000 27,785,000 2,192,000 .1,488,000 3,335,000 1,850,000 3,550,000 18,210.700 Richmond.. 37; 070,800 20,345,800 15,865,900 1,072,900 534,300 1,602,700 1,120,000 150.000 3,662; 200 Atlanta 29,608,100 14,158,100 10,077,400 1,224,400 483,800 1,560,000 262,500 550; 000 2,450,000 Chicago .134,942,800 52,992,000 34,705,300 3,544,400 2,219,000 5,602,000 3,808,800 3,112,500 22,120,800 St. Louis... 55,300,100 31,244,200 24,625,200 1,633,200 1,737,600 1,719,000 562,500 966,700 7,097,300 Minneapolis . 33,369,300 9; 551,700 5,522,600 399,200 346,500 1,004,000 600,000 1,679,400 2,242,500 Kansas City 40,564,900 12,000,000 5,954,100 1,016,200 752,500 1,932,700 994,500 1,350,000 5,270,700 Dallas 16,076,800 5,439,200 2,900,300 379,400 529,500 980,000 ' 300,000 350,000 1,762,100 San Francisc0. 67,390,800 18,892,400 9,322,300 1,879,000 921,500 2,553,000 1,047,500 3,169,100 12,752,900 Total. ... 1,399,851,900 512,390,000 327,559,600 29,718,200 23,711,500 52,648,600 30,301,500 48,447,600 1252,060,900 1 Includes $2,848,100 allotted to the Treasury. The successful consummation of this large Treasury certificates, about $48,000,000 represents Pittfinancial operation marks the second phase in man Act certificates which will be retired this year through the recoinage of silver bullion, while about 8100,000,000 the execution of the loan refunding policy of loan certificates maturing October 16, 1922, will be inaugurated in 1921 by the present adminispaid out of funds already in hand. The retirement of tration. The first phase may be said to cover these certificates will leave only tax certificates outstandthe period from April 30, 1921. when the ing, and it will- in any event continue to be desirable, Treasury first announced its refunding pro- with income and profits tax payments as large as they are, for the Treasury to have outstanding at least $1,000,000,000 gram, to the close of September of the present of tax certificates in amounts and with maturities conyear, during which the short-term debt, i. e., forming to the quarterly tax payments. This correthe debt maturing within about two years spondingly reduces the amount of necessary refunding from the beginning of the period, was reduced into other securities. from about $7,500,000,000 to about $3,500,- After October 16, 1922, the next maturities fall on 000,000, through refunding of about $2,743,- December 15, and include about $870,000,000 face amount of 4f- per cent Victory notes called for redemption, and 000,000 into Treasury notes with maturities about $420,000,000 of maturing tax certificates of series spread over the period from June 15, 1924, to TD and TD2-1922, against which the Treasury will receive September 15, 1926, and the retirement of the in December about $250,000,000 of income and profits balance. The second phase of the refunding taxes. On January 1, 1923, the $625,000,000 of war savprogram may be said to have been entered ings certificates become payable, but the Treasury has already announced, as you know, a new offering of Treasury with the placing of the present long-term resavings certificates with a view to refunding as much as funding loan, which matures in October, 1952, possible of the maturity into obligations of the same but may be redeemed on or after October 15, general character and with the same appeal to the needs 1947, on four months7 notice. of the small investor. The Treasury will shortly announce special facilities for the exchange of maturing war savings A general idea of the scope of operations in certificates for the new Treasury savings certificates, and this field during the near future may be had plans in this manner to provide for a substantial part of from the following extracts from Secretary the war savings maturity. The only Treasury certificates Mellon's letter addressed on October 9 to all maturing in the second half of the fiscal year 1923 are banks and trust companies: about $266,000,000 on March 15, 1923, and about $273,- 000,000 on June 15,1923, both of which are covered by. the There will fall due this fiscal year about $1,100,000,000 income and profits tax payments estimated for those of Treasury certificates of indebtedness, about $625,000,000 dates. On May 20,1923, the remaining $930,000,000 of 4f maturity value of war savings certificates of the series of per cent Victory notes will mature according to their 1918, and about $1,800,000,000 ol Victory notes. Oi the terms. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1274 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. BUSINESS, INDUSTRY, AND FINANCE, OCTOBER, 1922. Difficulties in handling the increased freight traffic due to car shortage have become an important factor in the current industrial situation. The total number of cars loaded increased during September, chiefly because of heavy loadings of coal and live stock, and during the last week of the month the car loadings were greater than for any week since October, 1920. The increase in production of bituminous and anthracite coal was checked in the latter part of September by the general shortage of cars, a shortage of over 40,000 coal cars developing in less than a month after the settlement of the strike. A shortage of box cars appeared in the first week in August, and by October 7 amounted to 71,063 cars. The difficulty in securing cars for shipment has led to some curtailment of production in lumber and finished steel products. The output of pig iron and steel ingots, however, has expanded steadily since August. Cotton and woolen mills continue to operate at close to capacity and shoe factories have a large volume of business. Agricultural receipts, particularly those of live stock, continue to be heavy. The number employed at industrial establishments throughout the United States increased 2 per cent during September and the average pay per worker is also higher. The largest increases in number of workers occurred at textile mills and at railroad-equipment factories. Following the wheat harvest, surpluses of common labor are now appearing in the West, while increases of activity in the coal and steel industries have caused local shortages of unskilled labor in industrial sections of the East. Certain establishments which manufacture goods with a seasonal demand, such as agricultural implements and automobiles, have decreased their forces. The chief reporting lines of wholesale trade showed improvement during September. Increases in sales of hardware and furniture as compared with August, 1922, and September, 1921, reflects the large volume of residential building during recent months. Seasonal declines occurred in sales of farm implements and automobile supplies, but sales were much larger than a year ago. Retail trade continued to improve during September and department-store sales were larger in all districts than in September, 1921. The wholesale price index of the Bureau of Labor Statistics declined from 155 in August to 153 in September. This drop was chiefly due to the decline in coal prices after the opening of the mines. Prices of building materials and metals continued to rise as a result of the prolonged building activity and the scarcity caused by traffic embargoes and the car shortage. Bank debits to individual accounts in 140 cities, excluding New York, were 4 per cent larger in September than in August, 1922, and 9 per cent larger than in September, 1921. In New York City debits in September were 5 per cent larger than a month earlier and 19 per cent larger than in 1921. Loans of reporting banks in leading cities show an increase of $366,000,000 for the four weeks ended October 18, and their demand deposits show an advance of $245,000,000. Investments of these banks in United States securities, which showed some decline during the early part of the period, increased by $144,000,000 during the last week when the Government floated its first post-war long-term bond issue. Discounted paper held by the Federal reserve banks shows an increase for the four weeks ended October 25 of $49,000,000, their holdings oi acceptances increased by $20,000,000, while Government securities held by these banks declined . by $43,000,000. Federal reserve note circulation expanded by $55,000,000 during the period. The reserve ratio shows a decrease from 78.4 to 77.6 per cent. This change in the ratio resulted from the increase in note liabilities, which was only partially offset by an increase of $9,000,000 in cash reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVBMBEB, 1922. FEDEBAL, RESERVE BUIXETIN. 1275 AGRICULTURE. cipal feature in most districts. The deterioration in the condition of the crop is very The latest estimates for most crops are above general throughout the cotton-growing section, the final estimates for 1921 and well above the but the condition is lowest in Georgia and 10-year average, so that 1922 will rank as a South Carolina. In district No. 11 (Dallas) good crop year. Preparation of the ground the decline is attributed to the army worm and and seeding of winter wheat has made good the weevil. The cooler weather in October, progress in various sections of district No. 10however, has checked the premature opening (Kansas City). Both in that district and in of the bolls. district No. 8 (St. Louis) seeding is somewhat FRUIT. retarded by observance of the fly-free dates With the exception of grapes, the bulk of the and also by the dry weather. Corn and oats deciduous fruit crop of California has been showed the largest decreases during Septemshipped. A shortage of refrigerator cars for ber in prospective production. In district No. 8 (St. Louis), where the husking of corn is grape shipping has been very keenly felt, as the well advanced, the returns indicate that qual- crop has been especially good. The yield and ity is somewhat under the average, owing to the carload shipments of pears and plums also premature ripening and damage from insects. showed increases as compared with the two pre- In district No. 7 (Chicago) the yield per acre was vious years. Early varieties of apples have equal to or a little better than a year ago, and been harvested and marketed, and harvesting the October 1 estimate indicates a total pro- of later varieties began during September. duction for the district closely approximating The forecasted yield in apples is smaller than that of 1921. The barley and rye crops show the 1921 final estimate. The reduction has decided increases compared with last year. occurred mainly in Washington, where the District No. 12 (San Francisco) reports a very quality as well as* the quantity is unsatisfacgood crop of barley, which is about 12,000,000 tory. Prices obtained for early apples were bushels larger than that of last year. lower than those of last year, owing to the abundant apple crop in tlie East. Late fruit The crops which have shown the most marked declines compared with previous years are crops in district No. 8 (St. Louis) are large and sugar beets, peanuts, ancl grain sorghums. truck gardens are in good condition. The condition of the rice crop in Louisiana re- Prices of both oranges and lemons show a mained unchanged during the month and is marked advance over last month and Septem- 1.1 per cent above the 10-year average for ber, 1921. The condition of oranges and grape- October 1 and 3 per cent aliove the estimate fruit in Florida has improved during September, for that date last year. In California the the fruit developing excellent sizes. Last harvest was delayed by September rains, but month's estimateof 15,000,000 boxes will probano damage was reported. Sugar cane in bly be exceeded. Louisiana declined in condition for the third TOBACCO. successive month, but the condition on October The condition of the tobacco crop has im- 1 was approximately equal to the 10-year proved slightly during the month and on Octoaverage. Prices paid to producers for the ber 1 was only 2.6 per cent below the 10-year principal crops are lower than they were a year average. Weather has been favorable for marago and materially below the 10-year average, keting and the crop is being rapidly sold in disalthough the decline during September was less trict No. 5 (Richmond). Most of the South than usual for that month. Carolina crop has now been marketed. Sales at the Virginia markets during September totaled COTTON. 1,585,313 pounds for an average of $20.84 per The condition of the cotton crop has further 100 pounds, compared with 1,719,206 pounds declined, from 57 per cent on August 25 to 50 at an average price of $16.69 per 100 pounds per cent on September 25, and there has been during September, 1921. District No. 4 (Clevea corresponding reduction of 440,000 bales in land) reports that on account of the dry sumforecasted production. Prior to October 18, mer the burley crop will be smaller than was 6,962,034 bales had been ginned, compared anticipated. The condition of the crop in Tenwith 5,497,364 bales and 5,754,582 bales on nessee and Kentucky, however, indicates a subthe corresponding dates in 1921 and 1920. The stantial increase over the 1921 yield. The price of middling upland cotton at New Orleans entire crop in that section, in both the burley on October 18 was 22.50 cents, compared with and dark districts, has been cut and housed. 20.75 cents on September 20. Cigar manufacturers in district No. 3 (Phila- These figures indicate that the crop is open- delphia) report a continued improvement in ing faster than usual, and the rapidity with demand, and most of the larger manufacturers which the staple is being picked is the prin- are operating at capacity. Stocks of cigars in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1276 FEDEBAL. RESERVE BULLETIN. NOVEMBEK, 1922. the hands of manufacturers are decreasing and apolis market was the continued improvement are at present very light. Most raw materials in demand in spite of strengthening of prices. can be secured in any quantity desired, but the In district No. 12 (San Francisco) output for price trend is upward for all grades of tobacco, 48 mills in September was 129,422 barrels rrices of cigars are firm but reports of advances larger than for 53 mills in August, mainly in are rare, as the present policy of manufacturers response to domestic demand. Production of is to continue current prices. 11 leading mills in district No. 8 (St. Louis) was the largest for any month this year and AGRICULTURAL MOVEMENTS. showed an increase of 3 per cent over last month. In district No. 10 (Kansas City) Grain receipts at 17 interior centers totaled flour production was slightly smaller than last 134,623,165 bushels in September, a slight in- month and about 9 per cent less than during crease as compared with last month and Sep- September last year. The acute car shortage tember a year ago. Receipts of corn showed appears to be the most discouraging as well the most noteworthy increase, and receipts of as the outstanding feature. Buyers are said wheat, oats, and rye declined slightly. Wheat to anticipate a large supply of wheat when receipts at Chicago were greatly reduced, the car shortage is over and are waiting to reaching the lowest point since June, whereas take advantage of the expected price reducreceipts at Minneapolis showed an increase of tions. A great improvement in the export 75 per cent compared with last month. Corn trade is reported from district No. 10 (Kansas receipts at Chicago were practically double the City), and to a less extent in district No. 8 receipts during August, and increases of 363 (St. Louis), in contradiction to earlier reports per cent and of 135 per cent were registered at that Canadian competition was undermining Indianapolis and Milwaukee. Grain prices in- our foreign flour business. Thirty-six millers creased steadily during the nrst half of October. in district No. 7 (Chicago) report reductions Carload shipments of fruits and vegetables in output of 9 per cent compared with last during September show increases compared month and 6 per cent compared with Septemwith last month and with last year, and the ber a year ago. total for the current season to date is well LIVE STOCK. above the total for the corresponding period last year. Weekly figures, however, indicate Movement of live stock to market was very that the peak was passed, in September, as heavy during September and showed increases total shipments during the first weeks in Octo- both as compared with August and with ber began to show a decline. Compared with September last year. Receipts of cattle and last month the most noteworthy increases calves, sheep, horses, and mules at 15 western were in shipments of apples from the barrel markets were larger than during August, and section, cabbage, celery, grapes, sweet potatoes, the reduction in receipts of hogs which occurred and late white potatoes. Peach shipments is customary at this time of year. Receipts of show an increase of 154 per cent compared cattle and calves totaled 1,839,143 head, an inwith last September, and shipments for the crease of almost 30 per cent compared with season to September 30 are 27.5 per cent larger last September. Receipts of hogs amounted than the total for last season. Shipments of to 2,032,510 head, and receipts of sheep were citrus fruits during August were considerably 1,315,599 head, about 20 per cent less than less than during July or than during August, during the corresponding period last year. 1921. Total shipments from January to District Ko. 10 (Kansas City) reports that the September also show a 40 per cent reduction dry weather has forced large numbers of range compared with the corresponding period last cattle to the Missouri River territory and Midyear. dle West, where feed and water are abundant. Receipts of cattle in that district were the FLOUR. largest for any month since November, 1919, Flour production during September was and receipts of calves exceeded any previous 13,785,000 barrels, compared with 12,271,000 month. The greatly reduced receipts of hogs barrels in August and 13,349,000 barrels in was due to the unseasonably warm weather September, 1921. This increased output was and to the abundance of corn in the country particularly noticeable in districts No. 9 for feeding purposes. Pastures and ranges suf- (Minneapolis) and No. 12 (San Francisco). fered from a lack of moisture throughout Sep- In the former district production increased tember, but were benefited by rains in early 11.6 per cent compared with last month and October in most sections. The drought was was slightly larger than in September, 1921. most severe in the western part of district No. The most encouraging feature of the Minne- 11 (Dallas) and in district No. 12 (San Fran- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL. RESERVE BULLETIN. 1277 cisco). In district No. 8 (St. Louis) reports during October. Quotations for stove coal relative to live stock are almost uniformly fav- vary from $8 to $9.50 per ton. orable and the pastures are in good condition. Coke production increased substantially dur- Live-stock prices have shown a general upward ing September. The output of by-product coke tendency during September and early October, was 25 per cent larger than in August, while and demand continues to be active. beehive ovens increased their output 12 per Reports from 35 meat-packing companies cent. The price of Connellsville foundry coke show increases of 6.9 and 4.9 per cent in dollar declined slightly during October. sales as compared with August and with September last year. Operations of meat packers PETROLEUM. in district No. 10 (Kansas City) continued at the high level of July and August. Wholesale Total production of crude petroleum declined prices for practically all meats are higher than from 46,295,000 barrels in August to 45,246,000 a year ago, and both foreign and domestic de- barrels in September. Daily average producmand is good. Stocks oi pork and lard at tion, on the other hand, advanced from Kansas City continued to decline, but are larger 1,500,677 barrels in August to 1,508,200 barrels than they were on September 30, 1921. in September, and this increase in rate of output continued during the first two weeks of October. Total stocks of American and Mexi- COAL. can oil in this country were augmented by Production of bituminous and anthracite 1,363,000 barrels and aggregated 273,264,000 coal was maintained at a nearly uniform weekly barrels at the end of September. Drilling rate during the first month after the strikes I operations were somewhat further reduced and were settled. The September production of the number of new wells completed declined bituminous coal totaled 40,964,000 tons, as com- from 1,709 in August to 1,572 in September. pared with 22,261,000 tons in August and 35 In district No. 12 (San Francisco) daily r 105,000 tons in September, 1921. The pres- average production of crude petroleum inent rate of production is only slightly higher creased 6.4 per cent during September and than the September average and is lower than reached a new maximum rate of flow. Shipthat prevailing during October in 1918, 1919, ments also increased, but are still at a conand 1920. The chief limiting factor continues siderably lower level than production. The to be a shortage of railroad cars, although a number of new wells completed and the daily shortage of miners is also reported in a few average new production in California showed sections. Production in the central Pennsyl- large increases as compared with August. vania fields was considerably reduced during Daily average production also increased in early October by these causes and by lack of district No. 10 (Kansas City), but the increase water for boilers, resulting from the prolonged only amounted to 0.7 per cent. September drought. Both, district No. 3 (Philadelphia) well completions in the States of Kansas, and district No. 4 (Cleveland) state that buyers Oklahoma, and Wyoming were more numerous are curtailing purchases in hope of securing than in August, but the number of rigs and lower prices. September receipts of soft coal wells drilled showed a substantial decline. in district No. 9 (Minneapolis) were twice as Both total daily average production and initial large as in September, 1921, as a result of a con- production of new wells in district No. 11 sistent effort to prepare for the early northern (Dallas) were lower in September than in winter. August. Prices for crude oil continue un- Anthracite production amounted to 4,979,- changed throughout the mid-continent and 000 tons in September, as compared with 161,- coastal fields. 000 tons in August and 7,124,000 tons in September, 1921. The weekly output has been IRON AND STEEL. about 1,900,000 tons since the middle of September. During the current year to October 10 Production of iron and steel increased conanthracite lake shipments from Buffalo totaled siderably during September, but the total only 133,000 tons, as compared with 3,249,- monthly output was still substantially smaller 000 tons in the corresponding period of 1921. than in July. Pig-iron production amounted District No. 3 (Philadelphia) reports that de- to 2,034,000 tons, as compared with 1,816,000 mand is becoming somewhat less insistent. tons in August and 2,405,000 tons in July; Substitution of bituminous coal and fuel oil while steel-ingot production aggregated 2,374,has so depressed the market for steam sizes 000 tons in September, as compared with that some producers are storing a part of their 2,215,000 tons in August and 2,487,000 tons output. Price quotations did not change in July. The number of furnaces in blast Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1278 FEDEKAL RESERVE BULLETIN. NOVEMBER, 1922. was increased from 142 to 188, which is only been a decided growth in the output of solid three less than the maximum for the current tires. Prices of tires have registered a steady year. Steel mills have been much embarrassed decline and are now at the lowest point on during October by a shortage of shipping record. facilities, and some mills have curtailed their NONFERROUS METALS. activity. Structural-steel business is con- The price of lead improved during October, tinuing to expand, however, due to a few while there was a slight decline in prices of very large contract awards. The unfilled copper and zinc. The price of common lead at orders of the United States Steel Corporation New York was 6.50 cents on October 18, as at the end of September amounted to 6,692,000 compared with 6.10 cents on September 20 and tons, which was the largest aggregate since 5.75 cents on August 16. Production was 4.8 February, 1921. Pig-iron prices nave shown a per cent larger in September than in August. distinct downward tendency since October 1, Shipments of lead ore in district No. 10 (Kansas due to the importations of foreign iron, while City) increased from 5,803 tons in August to prices of most finished steel products are 7,526 tons in September, while the average unchanged. price received was $3.47 per ton higher. Oper- Reports from district No. 3 (Philadelphia) ators7 stocks total about 200 tons, as compared state that iron and steel plants are now opwith 1,700 tons a year ago. erating at about 75 per cent of capacity. Zinc prices fluctuated considerably during Machine and machine-tool factories have been the last month. The price of prime western receiving exceptionally heavy orders and have brands at St. Louis rose from 6.70 cents per advanced their prices. District No. 4 (Clevepound on September 20 to 6.875 cents on Sepland) reports that the more highly finished tember 25, declined to 6.625 cents on October lines of steel such as sheets, tubular goods, wire 11, then advanced to 6.80 cents on October 16. products, and tin plate are in stronger demand Slab zinc production increased from 31,423 tons than plates, shapes, and bars. Purchases of in August to 33,134 tons in September, while steel rails for 1923 delivery immediately prior zinc stocks declined to a total of 18,806 tons. to the price advance on October 1 are esti- Shipments of zinc ore in district No. 10 (Kansas mated to have totaled 1,500,000 tons. Iron City) increased substantially during September, and steel producers in district No. 6 (Atlanta) and there was an advance of $1.78 per ton in have been hampered by a shortage of freight the average price received for ore. cars. Fewer big sales are reported, but a considerable business is being done in small lots. The price of refined electrolytic copper delivered at New York, which had been stabilized for several months at 14 cents per pound, AUTOMOBILES. declined to 13.875 cents during October. Sep- Automobile factories curtailed their produc- tember mine production totaled 95,665,000 tion during September. The output of passen- pounds, a decline of 5.1 per cent as compared ger cars was 186,151, a decline of 24.7 per cent, with August. Silver production declined 4.3 while truck production totaled 18,353, a decline per cent during September to a total of of 22.8 per cent. A reduction in factory opera- 5,324,873 troy ounces. Factory consumption tions is customary at this season of the year, of tin has recently been very large and aggreand it is worthy of note that the September gated 5,050 tons in September, as compared output was substantially larger than in 1921, with 4,150 tons in August and 2,605 tons in especially in the case of trucks. Factory ship- September, 1921. ments were also considerably smaller than in August, but larger than in September, 1921. COTTON TEXTILES. District No. 7 (Chicago) reports that automo- Although there was a decline in cotton conbile factories have been hampered by the sumption during September from the high shortage of railroad cars. As a result, automo- point reached in August, the cotton textile biles driven away or shipped by boat were a industry is still operating at close to capacity. much larger proportion oi total shipments in In fact, the 495,344 bales consumed in Sep- September, 1922, than in September, 1921. tember made the largest figure for that month According to district No. 4 (Cleveland) there is in any year since 1917. This total was only still a strong demand for closed-car bodies. 6 per cent smaller than in August, in which Manufacturers, however, find difficulty in mak- month consumption was the greatest in over ing closed cars of good quality at the prices two years. Furthermore, the number of cotton which most consumers desire to pay. Tire spindles active during September—33,296,513 — production has been larger this year than in was over 2 per cent greater than the August 1921, except in July and August. There has total. More spindles were active in the cotton- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1279 NOVEMBER, 1922. FEDERAL RESERVE BULLETIN, growing States than during last year, whereas centage of activity in worsted spindles inin the other States the reverse was true. creased during the same period from 74.8 per Within recent months the activity outside the cent to 81.4 per cent. More worsted spindles growing sections has been increasing. were active than on any date since March. Advances in prices have been general through- The woolen spindles are still relatively more out the country for various grades of yarns and active than are the worsted machines, although goods. This is attributed by district No. 3 the actual number of spindles in operation is (Philadelphia) to the improved demand, the greater for the latter group. Activity among light stocks, and the upward trend of raw- carpet and rug looms also made a further gain. cotton quotations. The general level of prices Reports from various districts indicate inof cotton goods is now approximately the same creased buying of raw wool since the middle as that prevailing a year ago. Striking ad- of September, although district No. 3 (Philavances were made by print cloths, sheetings, delphia) notes that there has been no feverish and drills. activity, as buying has been more for mill Improvement in the demand for both yarns account than for speculative purposes. Reand goods was reported by district No. 3 ceipts and shipments of raw wool at Chicago (Philadelphia), and manufacturers of goods are during September were reported by district No. operating at over 80 per cent of capacity on a 7 (Chicago) to be greater than during August one-shift basis. Mills in district No. 5 (Rich- but less than those of a year ago. The price mond) are also receiving a good demand for trend of wool in both domestic and foreign their products and are generally sold up until markets is upward. This tendency is attribthe end of the year. Many firms are running uted by district No. 3 (Philadelphia) to a world night shifts. Detailed reports from 31 cotton- scarcity of fine marines and to light stocks of cloth manufacturers in district No. 6 (Atlanta) domestic wool. give statistical evidence of the status of the Demand for both woolen and worsted goods industry during September. Production was in district No. 3 (Philadelphia) has increased, 16 per cent and shipments 7 per cent less than and worsteds for men's wear are selling in in August. This was partly due to the short- larger quantities than they were a year ago. ness of the month, as the number of employees Mills generally have reduced their stocks to a at the end of the month was slightly larger. minimum.. Orders for both weaving and knit- Stocks declined 10 per cent and orders on hand ting yarns have also increased in the Philaat the end of the month were 32 per cent larger. delphia district, particularly for the former. Furthermore, comparison with last year is District No. 7 (Chicago) reports that the favorable, as production, shipments, and num- weather in September stimulated sales of ber of employees all advanced from 10 to 16 woolen and worsted goods. Prices throughout per cent and stocks declined nearly 40 per cent. the country are considerably stronger, and Returns from 30 cotton-yarn manufacturers quotations on spring lines have been advanced show a betterment since August similar to that by some firms. The advance in worsteds was noted in cotton goods, and as compared with relatively greater than that on woolens. last September an even greater improvement occurred. Orders were 80 per cent, shipments CLOTHING. 20 per cent, and production 30 per cent larger than they were a year ago. Sales of clothing reported by 22 firms in district No. 2 (New York) were nearly 30 per cent larger during September than during the WOOLEN TEXTILES. same month last year and over 3 per cent Substantially increased activity in the pro- greater than in August. The greatest imduction of woolen textiles is shown by statistics provement occurred in the case of men's for active machinery on October 1, and im- clothing. Manufacturers report an excellent provement in demand for these products dur- demand for ready-to-wear apparel. In. district ing September and October was indicated by No. 3 (Philadelphia) clothing firms are operatreports from the various Federal reserve banks. ing at from 75 to 100 per cent of capacity, but On October 1, 72.4 per cent of total looms the warm weather of early fall was a deterrent wider than 50-inch reed space were active, to buying. District No. 8 (St. Louis) reports which, although smaller than in September, that more seasonable weather in late Septem- L921, is the largest percentage since last De- ber and early October caused a decided imcember. This is a continuation of the upward provement in buying, but September sales were tnovement begun last June. The activity of 5 per cent below those of September, 1921. the narrow looms also increased. A greater Makers of ready-to-wear clothing in district number of w^oolen spindles were active on No. 7 (Chicago) report that fall orders during October 1 than on September 1, and the per- this season were 13 per cent smaller than 17134—22 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1280 FEDERAL, RESERVE BULLETIN. NOVEMBER, 1922. during the corresponding period of the 1921 September as compared with those of August season. Production of suits during September by firms selling to wholesalers, and of 34 per was oyer 20 per cent less than during last Sep- cent by those selling to retailers. Both groups tember and totaled only two-thirds of the report approximately 40 per cent improvement August output. Shipments were also smaller. in orders as compared with September, 1921. On the other hand, six tailors to the trade Shipments were larger than in August, but indicate increases of nearly 50 per cent over smaller than during last September. Producfigures for both August and last September in tion also fell below that of a year ago, but in the all items—that is, orders, production, and case of firms selling to the retail trade gained shipments. 13 per cent above the output for August. Stocks on hand were larger than on September SILK TEXTILES. 30 1921, whereas unfilled orders were smaller. ? In district No. 6 (Atlanta) cotton-hosiery Sales of broad silks during September in mills reported a further increase in orders durdistrict No. 3 (Philadelphia) were larger than ing September, although the total volume during the previous month and also exceeded booked was less than in September, 1921. sales in September, 1921. The demand, how- Production declined slightly from the August ever, is not yet considered to be satisfactory output, but exceeded that of last September, and is poor for some lines. Production schedand the number of employees at the end of the ules in the Philadelphia district average not month was larger than on both August 31, 1922, more than 60 per cent of capacity. Prices of and September 30, 1921. Unfilled orders on raw silk advanced considerably in the few hand were one-sixth smaller than at the end of weeks prior to the middle of October and August, despite the increases in orders booked, reached the highest point since 1920, but purthereby indicating a larger volume of shipments. chases were curtailed, and quotations have recently fallen to some extent. Manufacturers have made but slight advances in the prices of UNDERWEAR. goods. Underwear production, both in dozens and in Paterson and North Hudson manufacturers per cent of normal, declined during September reported very substantial gains in production and was less than during any month within the during September and October, and in the past year except July. The output for 52 mills former city 40 per cent of the total available reporting for September totaled 513,572 dozens. looms were being operated on October 21. Comparative reports from 40 mills showed de- This is to be compared with 30 per cent on creases of from 8 to 11 per cent in unfilled or- September 23, 1922, 22 per cent on August 28, ders, new orders, shipments, cancellations, and 1922, and 21 per cent on October 22, 1921. production, which were largely due to curtail- Production in the less important center of ment in the winter lines. North Hudson is greater in per cent of capacity Ten firms in district No. 3 (Philadelphia) also than in Paterson, but recent increases have report declines in winter underwear during Sepbeen smaller, and fewer looms were active on tember as compared with August in all items October 21 than on the corresponding date last except shipments, which were one-eighth larger. year. Part of the recent improvement in these Orders fell off over 25 per cent, production 4 centers is attributed to settlement of labor disper cent, and unfilled orders 36 per cent. On putes, but most of it is due to larger demands the other hand, 14 firms in the Philadelphia disfor merchandise. trict making summer garments note increases HOSIERY. in all items except shipments as compared with August. Their reports, however, indicate that During September and early October the business is much less favorable than it was a hosiery industry in district No. 3 (Philadel- year ago, as production declined 36 per cent, phia) experienced a belated improvement, and shipments nearly one-half, and orders booked a fair volume of orders for future delivery was 85 per cent as compared with September, 1921. received. The silk and silk liber lines, which Stocks, on the other hand, more than doubled. have had a poor demand until recently, shared in this betterment, as well as the cotton wear. SHOES AND LEATHER. The cheaper lines are selling best, and the recent gain in sales has been particularly favorable to Prices of Chicago packer hi HAS increased durmakers of seamless hosiery. Reports regarding ing the first three weeks of October and sales heather goods are conflicting. Returns from were in considerable volume. There have been manufacturers of various lines show an increase further advances in prices of goat and sheep of over 100 per cent in orders booked during skins, but the gains are comparatively small. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDEKAL, RESERVE BULLETIN. 1281 Tanning activity varied materially in differ- was at its highest. Newsprint statistics for ent branches of the industry and in differ- September show a purely seasonal decline in ent sections of the country during October. production below the August figure, but ship- Tanners in district No. 7 (Chicago) reported ments- increased further. Stocks continued some reduction in sales during September, their decline. * which they attributed to a resistance to rising District No. 1 (Boston) reports show that prices. District No. 3 (Philadelphia), on the quotations on finished paper have not advanced other hand, states that sales of heavy leather in proportion to the increased demands and to to both the shoe and belting trades are large. the advances in raw material prices. Both Upper leathers are also moving freely, and tan- mills and wholesalers in district No. 3 (Philaneries in Philadelphia have advanced wages 20 delphia) received excellent demand for all per cent. Demand for chamois and hat leath- grades of paper during September and October, ers is especially strong. Prices of glove leather and nearly all mills are operating at capacity. are advancing, and glove factories are operating Some manufacturers are refusing future orders on a larger scale than in August. at current prices. The paper and pulp industry Shoe production totaled 28,961,051 pairs in in district No. 4 (Cleveland) showed continued September, as compared with 28,077,392 pairs in improvement, and in district No. 7 (Chicago) August. Eight concerns in district No. 1 (Bos- employment in paper factories was equal to ton) report that September production was 11.6 that during August and one-fifth larger than per cent less than in August, but 11.7 percent during last September. Dealers in the Chicago greater than in September, 1921. Shipments district report gains in sales during September. by seven of these firms decreased 11.8 per cent as compared with August, and unfilled orders t LUMBER. declined 23.4 per cent. In district No. 3 (Philadelphia) 44 reporting firms increased their out- Lumber cut declined during the latter part put 1.6 per cent during September. New orders of September, and the total cut during the were 38.7 per cent larger than in August and the month for 551 mills reporting to the National volume of unfilled orders increased 3.3 per cent. Lumber Manufacturers' Association amounted Shipments and stocks declined 1.4 per cent and to 1,207,220,000 feet, in comparison with 14.1 per cent, respectively. Retail shoe sales in 1,326,684,000 feet for 535 mills in August. the Philadelphia district also increased 38.8 per Railroad shipments of forest products decreased cent during September and were 18.2 per cent from 260,282 cars in August to 246,441 cars larger than in September, 1921. The rate of in September, owing largely to a shortage of turnover is also higher than a year ago. Prices cars. paid by retailers are rising, but this has been Four lumber associations in district No. 12 only reflected to a small degree in consumers7 (San Francisco) report declines of 1.9 per cent prices. Production of 34 concerns in district in production, 8.6 per cent in orders, and 0.8 No. 7 (Chicago) was 2.4 per cent less than in per cent in shipments for September, as com- August, but 39.1 per cent larger than in Seppared with August. Comparisons with September, 1921. September shipments were 8.5 tember, 1921, show large increases for all items, per cent smaller than in August, while both varying from 19 per cent in orders to 58 per stocks and unfilled orders declined during the cent in production. Logging operations conmonth. Sales of 11 reporting interests in distinued to increase during September, and the trict No. 8 (St. Louis) were 12 per cent less in supply of logs was 10 per cent larger on October September than in August. Trade in men's 1 than on September 1. Some shingle mills shoes is exceptionally good in that district. have been closed on account of labor disputes Sales of women's shoes/however, are less than and an inadequate supply of railroad cars. usual at this season, due to radical changes in Reports of 115 mills belonging to the Southstyles. ern Pine Association in district No. 6 (Atlanta) PAPER. showed that production, orders, and shipments Recent gains in the paper industry have been registered pronounced declines during Septempronounced and were general among the various ber, while stocks increased. Some plants have grades and the different sections of the country. been obliged to close on account of inability to Newsprint production and shipments during obtain cars. Operations of 43 southern pine August were the largest recorded, and stocks mills in district No. 11 (Dallas) were also curwere the smallest since January, 1920. Pro- tailed during September. Good grades of lumduction of the other principal grades of paper ber are in better demand than the cheaper and production and shipments of wood pulp varieties. In district No. 9 (Minneapolis) produring August exceeded similar figures for any duction and shipments of eight reporting comother month since the fall of 1920,"when output ipanies declined in September, but there was an Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1282 FEDERAL, RESERVE BULLETIN. NOVEMBER, 1922. increase of 52 per cent in the volume of new among clerical workers. The outstanding feaorders. ture in that district, however, is the increase of BUILDING. employment in the metal and machine industries. Employment in the coal and steel in- The value of contracts awarded in seven dustries of district No. 3 (Philadelphia) showed Federal reserve districts (compiled from sta- marked improvement during September. There tistics gathered by the F. W. Dodge Co.) is a pronounced shortage of unskilled labor. totaled $244,261,613 in September, which was Railroad shops and locomotive factories have 15.3 per cent less than in August and 7.4 per also largely increased their forces. The Penncent greater than in September, 1921. Sep- sylvania State Department of Labor reports tember was the fourth successive month in that the volume of unemployment in six cities which a decline was registered by total con- of Pennsylvania declined 81.6 per cent during tra ts let, but there continued to be a wide the first nine months of 1922. 'District No. divergence of movement in the several districts. 4 (Cleveland) also reports a shortage of common Districts No. 2 (New York), No. 3 (Philadel- labor. Blast furnaces and steel mills in the phia), No. 5 (Richmond), and No. 9 (Minne- Pittsburgh section have increased their operaapolis) showed decreases in the value of con- tions. The seasonal slackening in the autotracts, the greatest decline amounting to 43 mobile and rubber-tire business has caused per cent in district No. 3. Increases occurred some unemployment in Toledo and Akron. in districts No. 1 (Boston), No. 4 (Cleveland), The lumber industry is employing many addiand No. 7 (Chicago), each increase being tional workers in district No. 5 (Richmond). slightly in excess of 9 per cent. The volume of Employment has increased also in the textile, residential building decreased slightly during leather, and metal industries. There is a September in five of these seven Federal reserve surplus of tobacco workers. The shortage of districts, but these decreases were more than railroad cars has resulted in some reduction counterbalanced by increases of 19 per cent in of employment at coal mines and lumber mills district No. 2 (New York) and 36 per cent in in district No. 6 (Atlanta). There is a considdistrict No. 4 (Cleveland). Statistics of numerable demand for cotton pickers. ber and value of building permits issued in 168 Reports from 219 firms in district No. 7 cities are published on page 310. (Chicago) showed that the number employed Demand for building materials continues to increased 0.8 per cent during September and be strong, and prices have been advancing for the average pay per man increased 1.8 per several months. Both cement and brick pro- cent. Manufacturers of automobiles and agriduction reached the highest level this year dur- cultural machinery curtailed their forces 9.5 ing August, but have been somewhat curtailed per cent and 7.2 per cent, respectively. On since then, as it has been difficult to secure rail- the other hand, factories manufacturing buildroad cars in which to ship them from factories. ing materials, machine tools, steel, stoves* musical instruments, and shoes reported sub- EMPLOYMENT. stantial gains. A number of plants in district The volume of employment and the average No. 8 (St. Louis) which have been embarrassed wage per worker both increased during Sep- by a shortage of fuel increased their operations tember. Employment at 2,653 manufactur- during September. Employment has iming establishments scattered throughout the proved in the packing industry, and road build- United States increased 2 per cent, while the ing continues to absorb large numbers of total pay roll increased 3.8 per cent. Car unskilled workers. The demand for farm labor building and repairing plants, cotton-finishing continues to be strong in district No. 9 (Minnefactories, and woolen mills reported the largest apolis) , and unemployment is largely confined increases in number employed. Factories man- to striking railroad shopmen. In districts No. ufacturing agricultural implements, automo- 10 (Kansas City) and No. 11 (Dallas) a surplus biles, and tobacco decreased their forces. of unskilled labor has developed. Reports There is still a considerable surplus of clerical from 348 industrial plants in the Kansas City workers in the large cities. district, however, showed an increase of 3.2 per cent in the number of employees. There Reports from district No. 1 (Boston) indiis some unemployment among skilled building cate that employment increased during Sepcraftsmen and oil workers in Texas. Shorttember. The industries which showed the, ages of bricklayers and carpenters are reported largest gains were textiles, shoes, jewelry, from district No. 12 (San Francisco). The cordage, and celluloid. The granite industry supply of steel workers and clerical workers in is still much curtailed. Some unemployment California still exceeds the demand. exists in district No. 2 (New York), especially Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVKMBJ-Ui, 1022. FEDERAL RESERVE BULLETIN. 1283 WHOLESALE TRADE. Scattered reports from dealers in farm implements, auto supplies, and auto tires indicate PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES seasonal declines in their sales during Septem- IN SEPTEMBER, 1922, AS COMPARED WITH THE PRECED- ber, but trading in these lines was in excess of ING MONTH (AUGUST, 1922). that of a year ago. Sales of drugs were gen- Minus sign (—) denotes decrease.j erally larger. In boots and shoes, of the seven reporting districts all except No. 6 (Atlanta) Groceries. Dry goods. Hardware. .Drugs. and No. 8 (St. Louis) show improvement over August. On the other hand, only the Atlanta District. c P en er t. j ! N )( ' ; u r m o - f N f b ir e u m r m o s - . f c P e e n r t. c P e e n r t.' i; f N b ir e u m r m o s. f - w di i s t t h r ic S t e p re te p m or b te e d r, a 1 s 9 u 2 b 1 s , t a a n n d ti a s l a l g e a s i n w a e s r e c o la m rg p e a r r e i d n but two other districts. • Xo 9 7.9 42 0.1 8 7.6 6.7 6 X X n o. 3 4 4 1 .4 7 , 67 2 1 7 3 . . 4 9 22 1 5 5 . . 3 4 35 — 0 0 .1 .4 16 RETAIL TRADE. Xo 2.9 ! 45 2. 1 15 9.8 19 8.0 13 X V o o .6..# -0 5 . . 8 9 • : 3 4 7 0 -2 0 . . 2 8 2 1 . 0 1 -0 5 .5 .3 2 1 4 7 0 7 . . 2 0 1 3 3 Distribution at retail has shown a marked im- Xo. —3.5 i 16 —2.8 3 3 3 provement during September, Seasonal de- X Vo o. 9 10 — 8 6 .0 5 I • 52 -19 5 . 4 2 6 5 -5 3 . . 3 8 1 1 3 2 3.3 : 5 mand is in large measure responsible, but the 11 22.(5 ' 1L —5.2 Jl 21.4 12 1.3 8 improvement is also due to increased industrial No.12 ... 8. 4 ' 31 6.7 15 1.0 22 -4.9 i 9 activity and the filling of demands previously delayed by labor difficulties. September sales PERCENTAGE OF INCREASE (OR DECREASE) JX NET SALES of 502 department stores were substantially IN SEPTEMBER. 1922, AS COMPARED WITH THE SAME larger in August arid were 11.9 per cent larger MONTH LAST YEAR (SEPTEMBER, j921). than in September, 1921. The warm weather | Minus sign ( —) denotes decrease.] during September tended to reduce fall buying of clothing, but, on the other hand, radical style Groceries, j Dry goods. • Hardware. I Drugs. changes had a stimulating effect on sales of women's garments, so that in general clothing District. p I l . ) V e u r m of - ' : Per bi't.v"ir cuii. P(!r W-' J>er 'w sales showed satisfactory increases. Demand cent':nrms.l ce ,L n H t"l . :f:irr i m rrnQ s . ttUl. ;f f irms.=: Cent. !! fi firms. in most districts was for medium or lowpriced goods. Increased sales compared with No. 2 5.9 —.:>. o 8 : 21.6 11 i 8.0 :. last September were reported in all- districts, No 3 1 5 -0.2 22 • 16.0 35 : 5.2 ranging from 0.7 per cent in district No. 10 No. 4 3.6 -1.1 ...= 24.7 i :-r-4. No. 5 i—0. 2 -8.5 9.2 i 19 3.5 13 (Kansas City) to 18.8 per cent in district No. N No o . 7 6... . 4 7 -22 2 . . f 3 i 2 1 1 0 •• 1 9 8 . . 1 6 ! 2 1 4 7 : 1 2 9 . . 8 1 1 3 3 4 (Cleveland). With the exception of a 12 Xo. 8. . —7.3 0.5 13.7 ! per cent decline in district No. 3 (Philadelphia), Xo. 9 —1.6 -0.3 6 : 14.0 ! 13 No. 10 . . — 4.7 -S.I 5 • 9.0 12 —6.5 5 all districts report larger stocks on hand than X X o o . . 1 1 1 2 1 1 7 3 . 4 9 -1 1 .0 .7 1 1 1 5 . i J 3 7 3 .2 .0 2 1 2 2; 1 . 2 1 . . 0 0 8 9 at the end of August. Districts No. 1 (Boston), No. 11 (Dallas), and No. 12 (San Francisco) are the only districts showing an increase in stocks Further general improvement occurred in compared with last year. The substantial gains wholesale trade during September. This trend in sales compared with a smaller augmentation was particularly pronounced in hardware and of stocks increased the rate of turnover during furniture, in which lines sales were in most dis- September. The ratio of outstanding orders at tricts materially greater during September the end of September to purchases for 1921 was than during either August, 1922, or September, 8.6 per cent, which was slightly lower than at 1921. This was no doubt due to the large the beginning of the month. volume of building completed this year. In dry goods recessions from the August figures PRICES. were noted in 5 of the 11 reporting districts, and business was poorer than during last In September, for the first time in the current September in every district except No. 7 (Chi- year, the general level of wholesale prices moved cago), No. 8 (St.' Louis), and No. 12 (Sandownward, the index numbers of the Fed- Francisco). Groceries were materially better eral Reserve Board and the Bureau of Labor than last year in districts No. 11 (Dallas) and Statistics showing decreases of 1 and 2 points, No. 12 (San Francisco), but in other sections respectively. The most influential factor in changes were smaller, ranging from a decrease this movement was the drop in coal and coke of 7.3 per cent in district No. 8 (St. Louis) to prices. Pig iron and the metals, however, still an increase of 6 per cent in district No. 2 continued to rise. The prices of agricultural (New York). products, which fell so markedly the previous Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1284 FEDERAL. RESERVE. BULLETIN. 1922. month, recovered to some extent during Sep- came to the United States during the month tember. Lumber prices rose considerably. the largest amount, $8,442,000, was imported The Federal Reserve Board index shows from Great Britain, $4,843,000 from the Neththat goods in a semimanufactured state are erlands, and $2,070,000 from France. The still steadily increasing, particularly steel prod- movement of gold from England is partly in ucts. As with raw agricultural products, so in connection with the payment of $50,000,000 of the case of foods and staples, there were diverg- interest on Great Britain's debt to the United ing price trends. Flour and meats continued States. The statement also shows the importato decline, while butter, eggs, and milk showed tion of $971,000 from China, of $674,000 from decided increases. Nearly all of the chief im- Mexico, and of $651,000 from Colombia. Net ported commodities increased in price during gold imports for the nine months ending Sep- September. tember of the present year totaled $201,265,000, In the Bureau of Labor Statistics index the compared with $547,631,000 for the correspondfuel and lighting group declined 27 points, but ing period in 1921. Net imports of gold since both of the groups of metals and metal products August 1, 1914, aggregated $1,743,354,000, as and building materials rose 8 points. A rise of shown in the following exhibit: 2 points occurred in each of the three groups of farm products, cloth and clothing, and chem- [In thousands of dollars.] icals and drugs. Foods remained unchanged. I i Excess of FOREIGN TRADE. I Imports. Exports. imports. The most striking fact disclosed by the pre- Aug. 1,1914, to Dec. 31,1918 1,776,016 705,210 ! 1,071, 406 Jan. 1 to Dec. 31,1919 76,534 : 368,185 j i 291, 651 liminary foreign trade returns for September Jan. 1 to Dec. 31,1920 417,068 '• 322,091 i 94,977 is the radical decline in the value of imports. Jan. 1 to Dec. 31,1921 691,248 | 23,891 j 667,357 Jan. 1 to Sept. 30,1922 j 214,408 13,143 ' 201, 265 From the year's high level of $281,400,000 in August there was a reduction of approximately Total i 3,175,874 \ 1,432,520 j 1,743,354 $50,000,000, or over 17 per cent, in September. 1 Excess exports. Exports, on the other hand, increased from $301,800,000 in August to $317,000,000 in Sep- Silver imports for September were $6,370,tember, with the result that the excess of 000 and silver exports $3,735,000, the net result exports amounted to $85,000,000, in contrast being a gain of silver amounting to $2,635,000. to the very low balance of $20,000,000 in the The bulk of the silver imported during the previous month. Compared with the same month, $4,155,000, came from Mexico, $891,period of last year, exports have been at a 000 from Peru, and $727,000 from Canada. lower level this year to date, while imports have Silver exports, on the other hand, went largely been higher, in consequence of which the favor- to Hongkong, China, and British India. Net able balance of trade has been materially re- exports of silver since August, 1914, totaled duced. The trends in the volume of merchan- $436,124,000, as may be seen from the followdise imported and exported, as shown by the ing exhibit: Federal Reserve Board's foreign trade index, {In thousands of dollars.] have recently corresponded more or less with the changes in the reported values, and from Imports. Exports. Excess of this point of view also imports are higher and exports. exports are lower than they were a year ago. Aug. 1,1914, to Dec. 31,1918 203,592 483,353 279,761 Jan. 1 to Dec. 31,1919 89,410 239,021 149,611 GOLD AND SILVER MOVEMENTS. Jan. 1 to Dec. 31,1920 88,060 113,616 25,556 Jan. 1 to Dec. 31,1921 63,242 51,575 1 11,667 Jan. 1 to Sept. 30,1922 53,163 46,026 1 7,137 Net gold imports for the month of September were $27,917,000, compared with $18,136,000 Total. 497,467 | 933,591 436,124 during August, Of the $29 ? 316 ; 0QQ which 1 Excess imports, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVMMBHB, 1922. FEDERAL RESERVE BULLETIN. 1285 State Banks and Trust Companies. New National Baiiak Charters. Admissions. The Comptroller of the Currency reports the following increases and reductions in the number and capital of The following list shows the State banks and trust com- national banks during the period from September 23, to panies which were admitted to membership in the Federal October 27, 1922, inclusive: reserve system during the month ending October 31, 1922, on which date 1,657 State institutions were members of the system: Num- Amount ber of of banks. capital. I Capital. | Surplus. Now charters issued £1,265,000 Restored to solvency 25,000 increase of capital approved l 1,085,000 District No. 1. j Aggregate of now charters, banks restored to Federal Trust Co., Boston, Mass....! SI, 500,000 I $20,300,992 solvency, and banks increasing capital 2,355,000 District Xo. 2. I ' Liquidations 850,000 Westwopd Trust Co.,West\vood,NT..T. 100,000 ! 820,000 138,008 Reducing capital2.. 575,000 7,806,302 Total liquidations and reductions of capital.. .'• 12 1,425,000 Bank of Europe, New York, N. Y.. 450,000 | 225,000 District No. 8. j \ 7, 1918.. ioiLS of national banks under act of Nov. . " 3 2,300,000 Greenwood Bank & Trust Co., | • 955,607 Aggregate increased capital for period 2,355,000 Greenwood, Miss ; 200,000 ! />(), 000 Reduction of capital owing to liquidations, etc. 1,425,000 District Mo. 12. j j 207,582 Net i ncrease 930,000 Cowlitz Valley Hank, Kelso, Wash..! 30, 000 | 10,000 1 includes one increase in capital of $50,000 incident to a consolidation Absorbed by State member bank.—Metropolitan Trust Co. and the Back under act of Nov. 7, 19IS. Bay National Bank, both of Boston, Mass., absorbed by the Federal * Includes t>vo reductions tn capital aggregating §475,000 incident to Trust Co. of Boston. consolidations under act of Nov. 7, J'J1S."S Change in name— Gandy State Bank, South WhiUey, Ind., to Mayor State Bank, South Whitley, Ind. Voluntary liquidation.—Hank of Murtaugh, Martangh, Idaho. Commercial Failares Reported. Fiduciary Powers Granted to National Banks. In point of number, failures in the United States now make a closer comparison with the totals of a year ago, During the month of October the Federal Reserve 1,215 defaults being reported to R. G. Dun & Co. during Board approved applications of the national banks listed three weeks of October, as against .1,135 for the corrspondbelow for permission to exercise one or more of the fidu- ing period of 1921. The returns for September, the latest ciary powers named in section ll(k) of the Federal reserve month for which complete statistics arc available, disclose act as amended, as follows: 1,560 commercial insolvencies for about $36,900,000 of 1. Trustee. liabilities. Both as to number and amount, this is the 2. Executor. best monthly exhibit for a year past, and the September 3. Administrator. indebtedness is slightly less than that of the same month 4. Registrar of stocks and bonds. of last year. Separated according to Federal reserve dis- 5. Guardian of estates. tricts, the reductions in number of failures, as compared 6. Assignee. with the number for September, 1921, are reported by the 7. Receiver. first, third, sixth, ninth, eleventh, and twelfth districts, 8. Committee of estates of lunatics. although these decreases are more than offset by the increases in the other six districts. In respect of the liabil- 9. In any other fiduciary capacity in which State banks, ities, the September totals are smaller than those of the trust companies, or other corporations which come into corresponding month of last year in the first, seventh, competition with national banks are permitted to act ninth, tenth, and eleventh districts, the improvement in under the laws of the State in which the bank is located. The numerals opposite the name of each bank indicate the seventh and eleventh districts being especially marked. the power or powers it is authorized to exercise, as given below: FAILURES DURING SEPTEMBER. I 1 Dis- Liabilities. Place. j trict Name of bank. Powers No. granted. 1921 Marietta, Ohio Citizens National Bank . •1 to 7 and 9. Springfield, Ohio. Mad River National j1 to 7 and 9. SI, 479,198 82,725,247 Bank. 12,209,811 .10,439,409 Rocky Mount; N. C I Planters National Bank.; 1 to 9. i, 1.07,680 978,7.1.3 Washington, 1 >. C | Second National Bank.. I1 to 8. 3,848,535 2,815,406 Delphi, ind j Citizens National Bank .' Ito9. 4,269,453 1,692,840 East St. Louis, 111 j Security National Bank. I1 to 9. 2,705,0-41 2,328,764 Lawrence, Kans j Merchants National j Ito8. 3,863,88-1 6,777,026 Bank. ; 2,41.7,725 2,383,404 Kansas City, Mo.. Gate City National Bank.j1 to9. 575,947 980,47.1 .Do Continental National Ito9. 738,243 1,042,641 Bank and Trust Co. ; 1,480,222 2,872,281 Long Beach, Calif. Long Beach National :Ito9. 2,152,387 1,984,635 Bank. \ San Antonio, Tex.. Frost National Bank.... 1 to 9. Total 1,566 \ 1,466 36,908,126 | 37,020,837 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1286 FEDERAL RESERVE BU"LLETIN. NOVEMBER, 1922. RULINGS OF THE FEDERAL RESERVE BOARD. Bills of exchange drawn in good faith against actually embody a comprehensive definition of the existing values within the meaning of section 13 of « ange drawn in good faith pllrase bills of excn tr»e Federal reserve act. £ ^^ ^^ ^^ ^^ ^ gain?t The Federal Reserve Board was recently meaning of the third paragraph of section 13 asked to rule upon the question whether grow- of the Federal reserve act. The question under ers' drafts drawn on and accepted by coopera- what circumstances a bill of exchange may be tive marketing associations doing business in thus considered to be drawn in good faith the manner described in the rulings published against actually existing values is a question on page 1199 of the October, 1921, BULLETIN, which the board finds impracticable to answer and page 931 of the August, 1922, BULLETIN, comprehensively, because it is a question of are bills of exchange drawn in good faith against fact, and the question whether in any given actually existing values, so as to be excluded case a bill of exchange should be held to have from the 10 per cent limitation prescribed in been drawn in good faith against actually existthe third paragraph of section 13 of the Federal ing values necessarily depends upon the circumreserve act on the aggregate amount of paper of stances of that case. It seems desirable, however, any one borrower which a Federal reserve bank to review and summarize prior rulings in which may rediscount for any one member bank. the board has laid down certain general prin- Each of the associations referred to is a non- ciples dealing with this subject, and it is believed stock and nonprofit corporation whose mem- that these general principles are sufficiently bers consist exclusively of growers of the par- comprehensive to furnish valuable guides in ticular crop to be marketed by the association, answering most of the questions which may who have agreed to sell and deliver their entire arise in this connection. If situations should crops to the association. The agreements also arise which are not sufficiently covered thereby provide in substance that title shall pass to the board prefers to deal with them as they the association at the time of delivery, that the arise and on the basis of the circumstances association shall have absolute control over involved in each case. the commodities delivered and over the resale 1. Bills of exchange arising out of bona fide thereof, and that the association shall have sales.—In all the cases in wThicn the board has power to borrow money upon such commodities been asked to determine whether a particular and pledge the commodities for money bor- bill of exchange is a bill of exchange drawn rowed. The price at which the commodities against actually existing values the bill in quesare sold by the growers to the association is not tion has grown out of a purchase and sale transfixed at the time of that sale, but the commod- action, and the board has uniformly held that ities are pooled according to grade, and after it must be a bona fide sale and that the bill all of a particular pool has been sold the pro- must be drawn for the whole or part of the purceeds are distributed pro rata among the pro- chase price in order to qualify it as a bill of ducers who have contributed to that pool. exchange drawn in good faith, against actually The board ruled that where a member of existing values. The board has held, for exsuch an association delivers his crop to the ample, that a bill drawn by the owner of goods association, and at substantially the same time against his agent or against a fictitious drawee, draws a draft on the association, which is for the purpose of borrowing money rather than accepted by it and discounted by the drawer of paying for goods sold, can not be considered at his own bank, such a draft is a bill of ex- as drawn against actually existing values. change drawn against actually existing values (1916 BULLETIN, p. 684.) Whether or not a within the meaning of the third paragraph of bill of exchange must grow out of a sale transacsection 13, and is, therefore, excepted from the tion in order to be considered as drawn against limitation in question. actually existing values is a question which This ruling is in line with prior rulings of the does not appear to have been specifically raised, board in which it has been held that a bill of and the board will not pass upon it at this time. exchange drawn by the seller of goods sold and For the purposes of this review, however, it will delivered on the purchaser and accepted by be assumed that the bills of exchange discussed the purchaser may be treated as a bill of herein do arise out of bona fide sales, involving exchange drawn against actually existing an actual transfer of title from seller to buyer. values, when it is drawn at the time of, or 2. Bills must be in form and substance valid within a reasonable time after, the sale and bills of exchange.—The Federal Reserve Board delivery of the goods, so as to warrant the has uniformly held that in order to be conassumption that the goods are in the posses- sidered as a bill of exchange drawn in good faith sion of the purchaser, either in their original against actually existing values, a bill must form or in the shape of the proceeds of sale. primarily be a valid and negotiable bill of ex- In connection with this ruling tile board was change drawn in good faith. Bills drawn also requested to make a ruling which would against a fictitious or "dummy" drawee, or in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1287 NOVEMBER, 1922. FEDERAL, RESERVE BULLETIN. which the drawer or prior indorsers are released, actually existing values, because at the time the have for this reason been held not to conform to bill was drawn the goods were not in the possesthe requirements of the term ^bills of exchange sion of the drawee. (1918 BULLETIN, p. 975.) drawn in good faith/7 irrespective of the ques- 5. Bankers' acceptances.—The board has also tion of the value against which they may be ruled that bankers7 acceptances of the kinds drawn. (1916 BULLETIN, pp. 227,463,608; 1919 described in section 13 of the Federal reserve BULLETIN, p. 1055; 1922 BULLETIN, p. 933.) act should be considered as bills of exchange 3. Bills discounted before acceptance.—Bills of drawn in good faith against actually existing exchange may be considered as drawn against values. The amendment of October 22, 1919, actually existing values even before acceptance, to section 5200 of the Revised Statutes exbut in such case they must be accompanied by pressly included such bankers' acceptances shipping documents, warehouse receipts, or within the classification of "bills of exchange other such documents securing title to the drawn in good faith against actually existing goods sold. When a bank discounts a bill prior values," and while this amendment does not to acceptance, it has no recourse to the drawee, i amend section 13 of the Federal reserve act, it who has as yet incurred no obligation on the i was the board's opinion that the phrase "bills instrument, and if it desires to treat the bill as| of exchange drawn in good faith against actudrawn against existing value, it must be in a '• ally existing values," as used in section 13, position to enforce a claim against the existing should constructively be held to include bankvalue wThich is the foundation of the bill, and ers' acceptances of the kinds described in that must consequently have a lien in some form section. (1919 BULLETIN, p. 1055; 1922 BULagainst the goods sold, evidenced by a bill of LETIN, p. 933.) lading, warehouse receipt, or some other docu- 6. Distinctions between section 5200 of the mentary evidence of title. (1916 BULLETIN, Revised, Statutes and section 13 of the Federal p. 683;" 1917 BULLETIN, p. 196; 1919 BULLE- reserve act.—Care should be taken to distin- TIN, p. 1055; 1922 BULLETIN, p. 933.) guish between the provisions of section 5200 4. Accepted bills.—As seen above, a bill of of the Revised Statutes and section 13 of the exchange accompanied by documents securing Federal reserve act with regard to bills of extitle to the goocls sold may be considered as change drawn in good faith against actually drawn against actually existing values, and this existing values. The two provisions, while is true whether the bill be discounted before or to some extent similar, and consequently after acceptance. Ordinarily, however, upon easily confused, are different in two important acceptance by the drawee, the attached docu- respects: (1). The third paragraph of section ments will W removed, and if a bank then dis- 18 is a limitation on the rediscount power count the bill it will rely solely upon the obliga- of Federal reserve banks, and section 5200 a tions of the parties to the bill and have no limitation on the lending power of national direct claim to the goods sold. In such a case banks; (2) there is only one express excepthe board has held that the bill may still be tion to the limitation of section 13 and sevconsidered as drawn against actually existing eral to the limitation of section 5200. Paper values if it is drawn contemporaneously with, or which is not subject to the limitation of secwithin a reasonable time after, the shipment or tion 5200 of the Revised Statutes, therefore, delivery of the goods sold, and there are rea- may be subject to the limitation contained in sonable grounds to believe at the time the bill the third paragraph of section 13 of the Federal is drawn that the goods are in existence in the reserve act. hands of the drawee, in their original or manufactured form, or in the shape of the proceeds Edge Act Corporation Organized. of their sale. In other words, in order that bills of exchange not secured by documents of On August 24,1922, the Federal Reserve Board title may be considered as drawn against ac- approved the articles of association and ortually existing values, it must appear that the ganization certificate of the Federal Pacific drawer has furnished to the drawee some com- Banking Corporation, a corporation organized modity of value which, when converted into under the provisions of section 25 (a) of the Fedmoney, will enable the drawee to pay the bill eral Reserve Act, commonly known as the at maturity, and that this commodity is in ex- "Edge Act." The capital of this corporation istence in some form in the hands of the drawee is $2,000,000 and its home office is in San Franat the time the bill is drawn. (1917 BULLETIN, cisco, Calif. It is incorporated for the purpose pp. 196, 287; 1918 BULLETIN, p. 975; 1919 of engaging in the business of international or BULLETIN, p. 1055; 1922 BULLETIN, p. 933.) foreign banking or other international or Bills of exchange not secured by documents foreign financial operations. Pending the issue conveying title, which are drawn by the seller of a final permit to commence business the coragainst the purchaser and accepted before the poration has authority to exercise only those sale or delivery of the goods to the purchaser, powers which are incidental and preliminary should not be considered as drawn against to its organization. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1288 FEDEKAL, RESERVE BULLETIN. 1922. THE FIRST THREE YEARS OF GERMAN REPARATION.1 INTRODUCTION. of dollars,2 in terms of 1913 prices. Of the 132 billions of gold marks which Germany was The history of the first three years of reparacalled upon to pay for damage to persons and tion is an account of a gradual evolution of property, France, on account of her enormous ideas, largely in response to economic conlosses through devastation, was to receive 52 ditions. At the outset, beginning with the per cent and Great Britain 22 per cent. So armistice, through the British general election far Germany has paid in cash arid kind a net and the discussions of Versailles, the main amount of about 7 billions of gold marks, consideration was, How much ought Germany to be divided between the Allies, and in the to pay? Thus, in the treaty Germany was meantime the French Government has exdeclared responsible for all the loss and damage pended nearly 50 billions of francs (paper) on caused by the war. Economic conditions, the restoration of the devastated aroas, lie however, showed. Germany's incapacity to pay work being still, far from completion. this huge amount; hence a reduction in the demands, by delimitation in the peace treaty It has now become apparent that reparation of the claims to be laid against her for satis- is not a problem to be treated as a disconnected faction. It was decided she should pay only unit for politico-economic negotiations. A the amount of damages to persons and property. third important development since the armi- The determination of the exact amount of stice has been the growth abroad of the idea Germany's reparation liabilities was postponed of the inseparability of reparation from interunder the terms of the treaty in order to national debts, of international payments from permit of more exact computation of the internal industrial prosperity, of internal prosdamages suffered than was possible at that . perity from the location oi political boundstage. j aries. No distinct point of time can be named from which these developments date. They During the second period—from the peace are psychological, and have evolved themselves, treaty to the second London ultimatum - the gradually assuming their due proportion, be- Reparation Commission, had the power in coming observable little by little. fixing her liability to consider in greater detail Germany's paying potentialities. The amount The problem has now reached the stage was finally iixed at 132 billions of gold marks— where this development is easily perceptible. a figure which obviously would have been un- For this purpose no more than a plain stateacceptable at the Peace Conference. ment of historical fact is necessary. The purpose here is to present a brief account of the For some time after that reparation remains, chief events in the history of the reparation on the surface, a settled question. Then, problem, without partisan criticism or the owing to accumulating evidence of not far elaboration of any particular thesis as the distant default, begins the third series of confoundation for any proposed remedy for the ills ferences and parleys, lasting up to the most of the present situation. recent of all. These negotiations have been As a preliminary guide to the more detailed characterized by concessions, one after the survey which appears in the subsequent other, to the economic facts of the situation. articles, the following table presents a con- In Great Britain the trade depression and the densed chronological statement of the outrecognition of the effect of Germany's paystanding dates and events of which mention ments upon the export trade of the Allies will be made: have tended to lay peculiar emphasis on these factors. France, however, has still to receive CHIEF DATES AND EVENTS IN THE FIRST THREE YEARS any considerable portion of what she has OF GERMAN REPARATION. already expended on the restoration of her devastated areas. Germany's prospects are Nov. 11,1918.. .Armistice concluded. Germany to make "reparation for damage done." critical. June 28,1919...Treaty of Versailles signed. Germany It has been estimated that the war cost, in to pay for damages to persons and pure material expenditure, some 84 billions property. Apr. 19-26,1920...Conference of Ban R-emo. Mr. Lloyd George suggests meeting with German i This is the first of a series of four articles prepared by Mr. W. ¥. Crick, of the Division of Analysis and Research. This series is intended to representatives. bring together in connected form such facts as are necessary to a clear understanding of the reparation situation as it presents itself to-day. The present article deals with those terras of the treaty of Versailles which concern the reparation problem. The second article will relate May 14-16,1920... Conference of Lympne. Franco-British the history of the subsequent negotiations as far as the fixing of G ermany's commission of experts set up to conliability in April, 1921. A third article will bring up to date the subsequent modifications of the reparation demands; while the fourth will sider methods of payment. discuss the fulfillment of the demands made at various stages in the negotiations, including the payments to date. 2 Estimate of Mr. Harvey E. Fisk, " French Public "Finance." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL RESERVE BULLETIN. 1289 June 19-22,1920. . _ Lympne-Boulogne conversations. In- which went on at Versailles regarding the ternational loan for Germany reparation sections of the treaty. These, while suggested. of great value as showing the existence in em- July 2-4,1920.. .Brussels Conference. France to receive 52 per cent of German payments, bryo of policies which later became clearly de- Britain 22 per cent. fined, are primarily diplomatic rather than July 5-16,1920.. . Spa Conference. German delegates pres- economic. ent. Percentages confirmed. Coal demands reduced. I. THE TREATY OF VERSAILLES. Dec. 16-22,1920...Brussels Conference of allied and German experts. Suggestion made that While the present article can not claim to be Allies be given a first charge on Ger- a complete digest of the treaty provisions, cerman customs receipts. tain clauses of minor importance having been Jan. 24-30,1921.. .First Paris Conference. Forty-two anomitted, it is believed to contain all the vital nuities and ]2 per cent levy on exports agreed on. " Sanctions " formu- provisions directly related to the subject of lated. reparation. The precis form has been thought Mar. 1-7,192J First London Conference;. German con- preferable to the annotated text, both from ditional counterproposal to pay M0 considerations of space and from a desire to billions of gold marks rejected. Materials and labor for reconstruction reduce the diplomatic terminology necessarily offered. Ultimatum delivered. employed to a rendering to which the general Apr. 24,1921 German proposal to United States reader is more accustomed. For purposes of Government, conditional on loan. verification the reader is referred to the foot- Offer to take over part of allied debt notes to which in all cases the references are to United States. United States Government refuses transmission of. relegated. proposal to Allies. For the sake of simplicity and order the pres- Apr. 27,1921 Decision of Reparation Commission anent chapter is divided into four sections, into nounced. Germany to pay 132 billions of gold marks and Belgian debt which the various provisions of the treaty have to Allies, in annuities of 2 billions been sorted. These are as follows: plus 26 per cent on exports. Guarantees committee set up. A. General principles and provisions. Apr. 29,1921 Second London Conference assembled. B. The Reparation Commission: Its powers and May 5,1921 Second ultimatum to Germany. Occu- duties. pation of Ruhr threatened. C. What Germany is to pay. May 11,1921 Unconditional acceptance of decision D. How Germany is to pay. by Germany. A. GENERAL PRINCIPLES AND PROVISIONS. Oct. 6.1921 Loucheur-Rathenau agreement signed The opening provision of the part1 of the at Wiesbaden, arranging for direct supply of restoration materials to treaty devoted to reparation was inserted evi- France. dently to placate those who insisted upon the Oct. 20,1921 Reparation Commission approves the moral right of all the allied belligerents to agreement in principle. claim payment of the whole cost of the war July 20,1922.... .Amended agreement comes into operation. from Germany. In it the Allies affirmed, and Germany accepted, full responsibility for all the Jan. 8,1922 Cannes Conference assembled. Pro- loss and damage suffered by the Allies. The gram for 1922 agreed on. January following article, however, reverting to inand February payments reduced. Mar. 21,1922 Reparation Commission announces de- escapable facts, recognized that the resources tails of conditional partial moratorium of Gfermany are not adequate to make comfor 1922—720 millions in cash, 1,450 plete reparation. Hence, as a compromise, millions in kind to be paid for the Germany undertook to make reparation for all year. May 24,1922 Committee of experts meets to consider " damage done to the civilian population loan to Germany. Finds loan impos- * * * and their property * * * by sible under present schedule of pay- land, sea, and from the air,77 and for damages, ments. defined in detail below, such as pensions, al- July 12,1922 Germany presents formal request for 2-2-years' moratorium. lowances, etc.2 In addition, Germany was to Aug. 7-1.4,1922..-Third London Conference. France re- make special provision, by an issue of bearer fuses to grant moratorium without bonds to the Reparation Commission, payable further guarantees. May 1, 1926,3 for the reimbursement of Bel- Aug. 31,1922 Reparation Commission grants sixmonths' moratorium, payment to be gium for all sums borrowed from the Allies up in treasury bills, guaranteed in man- to November 11, 1918, plus interest at 5 per ner satisfactory to Belgian Govern- cent. Furthermore, Germany was to make ment. For the sake of brevity, no account is given 1 Part VIII. 2 Annex I. in the following discussion of the negotiations 3 Oi'j at Germany's option, on any previous May 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1290 FEDERAL RESERVE BULLETIN. N ov n M P. 1-: R, .19 2 2. restitution of cash, animals, securities, and upon Germany was that of indemnifying those property seized, which could be identified, and nationals who should be dispossessed of propwhich in no case was to be credited to her as erty and interests by the Allies under certain payment of a part of her reparation liabilities. exceedingly broad powers given to the Repara- Certain property, chiefly works of art and tion Commission by article 260. This most historical valuables, was specifically cited for remarkable provision will be dealt with in a restitution.4 As an addition to actual repara- later section.7 The same responsibility lies tion, Germany was also to pay the salaries and upon Germany in connection with the cession expenses of the instruments set up to exact of the Saar district, etc. reparation, namely, the Reparation Commission As opposed to the severity of these condiand its staff and the Army of Occupation. tions, there arc three principles favorable to In order tp cany out these obligations, Ger- Germany enunciated in the treaty. Firstly, many submitted to the direct application of in accordance with Mr. Lloyd George's memoher economic resources to the physical restora- randum of March 25, 1919,® the period during tion of the invaded areas, the values of any which Germany was to make reparation was goods supplied and services rendered being, of fixed at 30 years, with the proviso that if any course, credited to her reparation account. balance remained over to be paid at the end She undertook, moreover, to "pass, issue, and of that period it might, at the discretion of the maintain in force any legislation, orders, and Reparation Commission, be postponed for decrees that might be necessary to give com- later settlement or otherwise dealt with as the plete effect to" the reparation provisions of allied Governments might determine. Secthe treaty—an elastic clause, particularly as ondly, it was laid down that in determining it is not clear whose judgment as to what must Germany's liability and considering Germany's be done, and when, is final. Reparation, it capacity to pay, the commission should give is recognized, shall not only have priority over her the opportunity of presenting arguments. the service or liquidation of any domestic loan, Thirdly, in determining the details of reparabut shall be a first charge on the assets and tion, the economic life and efficiency of Gerrevenues of the German Empire and its con- many were to be considered by the commisstituent States. Further, the principle is rec- sion. It was recognized at the time of the ognized that German taxation should be at making of the treaty that Germany's industrial least as heavy, "proportionately" (another efficiency was severely handicapped by shortvague term, not conjoined to any specific basis age of food and raw materials. Hence, it was of comparison), as that of the Powers repre- provided that such supplies of food and raw sented on the Reparation Commission. Ger- materials as were essential to enable Germany many admits that, in case of "voluntary"5 to meet her obligations should be imported, default in reparation payments, the Allies shall while the payments required to be made* before have the right to take steps such as "economic May 1, 1921 (20 billions of gold marks) should and financial prohibitions and reprisals, and be considered as inclusive of payment for these in general such other measures as the respec- commodities. Furthermore, in deciding what tive Governments may determine to be neces- should be required of Germany in the way of sary in the circumstances," ° none of which steps deliveries of animals, machinery, reconstrucshall be regarded by Germany as acts of war. tion materials, etc., the commission was to As regards the valuation of goods, etc., handed " take into account such domestic requirements over by Germany in part payment of repara- of Germany as it deemed essential for the tion, the Reparation Commission is left, in maintenance of Germany's social and economic most cases, with a free hand, to place upon life," so that "the industrial life of Germany them such values as it considers just. Excep- be not so disorganized as to affect adversely tion to this rule is made in the case of coal to the ability of Germany to perform the other be handed over (see p. 1294), while in assessing acts of reparation." the total claims against Germany the principle is to be followed that damages for the B. THE REPARATION COMMISSION." restoration of devastated areas shall be assessed at the cost at the time of carrying out the The treaty set up, as an instrument for the work. Another heavy responsibility placed execution of its reparation provisions, the Reparation Commission, a body with enormous duties and very considerable powers. The * r> P It a r i t s V no I t I I d , e S a e r c . w I h I. at constitutes "voluntary" default. Presumably, legal status of the commission is that of an under the powers given in. Annex II, §12 (see p. 1291, column 2), t':ie Reparation Commission would judge as to Lncjiroumstaiiccs of the default. 6 Annex II, §18. Even on the principle of ejusdem generis, these 7 See p. .1292, column i. powers are extremely wide, especially as there is presumably no higher 8 "Trie duration for payments of reparation ought to disappear, if authority to which could be taken for adjudication the question of the possible, with the generation which .made the war." legality of any particular measure taken.. 9 See, on most points, Annex li of Tart Vlli of the treaty. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL, RESERVE BULLETIN. 1291 agent appointed to fix, collect, and distribute mimicated would in general be a mere aggrega- Germany's reparation payments. Its duties and tion of the individual claims of the Allies. powers are, however, more or less strictly defined. Nevertheless, in view of certain restrictions on Under the terms of the treaty the constitution the totals to be demanded (which are dealt of the commission is somewhat novel. It con- with in their appropriate place) the problem sists of one delegate each from Great Britain, might resolve itself into one of the allocation France, Italy, the United States, Japan, Belgium, of available commodities between the various and the Serb-Croat-Slovene State. Only five of claimants. these, however, may take part and vote at any Furthermore, to the commission was allotted particular session. The first four powers named10 the duty of valuing the receipts on account of have this privilege at all sessions; but of the last- reparation. These included all the various three only one participates, each one when kinds of commodities (except coal) to be matters specially affecting it are under discus- delivered, the rights and properties in the Saar sion. Thus Japan is included when maritime district, the Government properties taken over matters are being discussed, Belgium when with ceded areas,11 and in general any "transrestoration of her devastated regions is con- fers under the present treaty qf property, cerned. Its proceedings are to be in private rights, concessions, or other interests." Again, unless determined otherwise for special reasons. the commission was to decide what portion of It is not "bound- by any particular code or the German Federal and State debts should be rules of law or by any particular rules of evi- taken over by the Powers to whom territory dence or of procedure, but shall be guided by was ceded.12 justice, equity, and good faith." Hence its The management of the bond issues to be made methods of procedure could scarcely be pre- by Germany, both as required in the treaty and scribed in more elastic terms, or better pro- as later to be determined by the commission, tected from possible juridical criticism. The was placed in the hands of that body. commission is to continue in existence until all Besides these various duties, the commisamounts due are received and distributed by sion was given other powers of considerable it among the Allies. value—powers which subsequently it has' had The most important task allotted to the frequent cause to exercise. In the first place, commission was the determination of Ger- to the commission itself was given the'right many's total liability under the treaty and the to interpret the reparation clauses of the arrangement of a ''schedule prescribing the treaty. Secondly, it might from time to time time and manner for securing and discharging review Germany's resources and capacity to the entire obligation within a period of 30 pay. In the course of such examination it is years from May 1, 1921." Clearly, this was required to ascertain that reparation shall an undertaking requiring an immense amount have a claim prior to the service or liquidation of investigation and, in addition, a still larger of any domestic loan, and that German taxaamount of foresight. The results of this work tion is as heavy "proportionately" as that of were to be communicated to Germany not later the Powers represented on the commission. than May 1, 1921, and during the course of its In accordance with these periodic investigawork Germany was to be given an opportunity tions, the commission was given power to to-be heard by the commission. In addition, extend the date or modify the form of payment. this side of the commission's work involved the This latter power is somewhat limited by the determination of Belgium's debts to the Allies,, proviso that, for certain very important steps, with interest thereon at 5 per cent, which Ger- a unanimous vote of the commission is remany was to pay. quired. Such actions include the postpone- Beyond these, in the matter of reparation in ment of any payment beyond 1930, the amount kind, the commission was intrusted with the and conditions of issues of bonds and the time duty of supplying Germany with the tonnage and manner of distributing them, the interpreand specifications of ships to be built and deliv- tation of provisions in the reparation part of ered; the total requirements of the Allies in the the treaty, and the cancellation of any part shape of animals, machinery, reconstruction of the debt. Further, in no case might it materials, etc,; the amounts of coal required to cancel any part of the debt unless specifically be delivered; and the requirements of the authorized so to do by the component gov- Allies in the form of dyestuffs and- chemical ernments. Thirdly, the commission was given drugs. This function was, of course, mainly complete power over German exports of gold of a routine nature, since the figures com-- until May 1, 1921. Up to that date no gold was permitted to leave the country without "> The United States has not availed itself of this right, being represented,however, at the deliberations of the commission by an unofficial observer. ii Art. 25G. See p. 1293, column i. is Art. 254. See p. 1295, column 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1292 FEDERAL, EESERVE BULLETIN. NOVEMBER, 1922. the approval of the Reparation Commission. (5) Capitalized cost of pensions to disabled and depend- And, lastly, for the period of one year the com- ents, on the basis of the French scales at the time of the treaty. mission was given the power to name any (6) Assistance rendered by the allied and associated rights or interests held by German nationals Powers to prisoners of war and their dependents. in any public utility undertakings in Russia, (7) Separation allowances, on the basis of the French China, Turkey, Austria, Hungary, Bulgaria, scales at the times of payment. (8) Damage for forced or unjustly paid labor. or former German territory which it could re- (9) Damage to property of the allied and associated quire the German Government to acquire and Powers or of their, nationals through seizure, injury, or hand over to it, the German Government destruction. assuming the obligation of indemnifying its (10) Damage in the form of levies, fines, etc., imposed by dispossessed nationals.13 The rights and in- Germany on the civilian population. terests so acquired would be valued by the Over and above these charges Germany, as commission itself and such value would be stated above; was to reimburse Belgium for all credited to Germany's reparation account. It sums borrowed from the allied and associated is not clear in whose power lay the interpreta- Powers up to November 11, 1918, together with tion of this particular provision, which is interest at 5 per cent per annum from the dates included in the financial clauses,14 and not in of the granting of the loans. This amount is the reparation part, of the treaty, but it is payable in gold marks on May 1, 1926, or (at perfectly obvious that enormous powers of Germany's option) on any previous May 1. expropriation were thereby placed in the hands In addition, interest at the rate of 5 per cent of the commission. per annum was to be charged against Germany from May 1, 1921 (the date of the fixing of the C. WHAT GERMANY IS TO PAY. amount), on the total amount due to the Allies, less payments up to that date and less the In addition to actual damages for which amount covered by bonds already issued to the Germany was liable to pay compensation, Reparation Commission. Another item of there were two other liabilities imposed on her. interest to be added to the total due from Firstly, she was to restore all cash, animals, Germany was that on expenditures arising securities, and property seized, in such cases in out of the repair of material damage underwhich they could be identified. Secondly, taken between November 11, 1918, and May 1, she agreed to pay the expenses of the army of 1921. occupation and the salaries and expenses of The fact that no definite amount was stated the Reparation Commission. The size of the in the treaty as representing Germany's total second liability will be better realized when the liability did not mean that until the amount time comes to consider the carrying out of the was fixed (i. e., until May 1, 1921) there should treaty. be no payments. Partly in order to coyer The main item in the account, however, is current expenses, Germany was to pay during that composed of "damage done to the civilian 1919, 1920, and the first four months of 1921 population of the Allies and their property a sum of 20 billions of gold marks, the manner * * ,* by land, sea, and from the air/' of payment to be determined by the com- This damage was very specifically defined in mission. Out of this amount would be paid a later section of the treaty.15 The categories the expenses of the armies of occupation as of damages for which Germany was to make well as the cost of such goods and raw materials compensation were as follows: as the commission found it necessary for the (1) Damage to injured persons and surviving depend- sake of economic efficiency to import. Any ents by personal injury to or death of civilians. balance remaining over would be credited to (2) Damage to civilians and dependents caused by Germany's reparation account. cruelty, violence, or maltreatment (including the results It is fairly clear from a study of these proof imprisonment, deportation, internment, exposure at sea, forced labor). visions that the Peace Conference recognized, (3) Damage to civilians and their dependents by acts on the one hand, the validity of the French coninjurious to health, capacity to work, or honor. tention that it was impossible at the moment (4) Damage by maltreatment of prisoners of "war. to estimate with any reasonable precision the claims to be laid against Germany, and, on the i* Art. 260. The treaty contains several other provisions affecting private property rights. For example—art. 297(b)—the . \ llics '' reserve the other hand, the fact that it was impossible to right to retain and liquidate all property, rights, and interests belonging * * * to German nationals, or companies controlled by them, within determine for some 30 years ahead a nation's t te h r e r i i r t or t i e e r s r it c o e r d ie e s d , t c o o l t o h n e i m es , b p y o s t s h e e s si p o r n e s s , e n a t n t d r ea p t r y o . t ' e 1 cto F r u a r t t e h s e , r in (a c r lu t. d i 7 n 4 g ) capacity to produce a net surplus to conthe French Government was empowered to "retain and liquidate" all tribute to the reparation of the Allies' damages. the property, rights, and interests which German nationals, or societies controlled thereby, possessed in Alsace-Lorraine on Nov. 11, 19LS. Ger- Hence the treaty's elasticity with reference to many agreed to compensate directly her dispossessed nationals, and this matter. Plence, on the one hand, the there was no corresponding credit to be given to reparation account. " Part IX. postponement of the determination of Ger- 15 Annex I. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL. RESERVE BULLETIN. 1293 many's liability and, on the other hand, the A second issue of gold bearer bonds, to be delivered various provisions for postponement of install- forthwith, to the amount of 40 billions of marks, bearing interest at the rate of 2-J- per cent per annum during the ments, for periodic revision of the claims, and years 1921 to 1926, and at 5 per cent thereafter, with the for cancellation of any portion of the liabilities. addition of a further 1 per cent, beginning 1926, for amortization. An undertaking, in writing, to be handed to the com- D. HOW GERMANY IS TO PAY. mission at once, to issue, at such time as the commission was satisfied of Germany's ability to meet the interest and In this section the subject becomes a matter sinking-fund obligations involved, a further 40 billions of of provisions for elasticity of another sort—qual- gold marks of 5 per cent bearer bonds, of which the time itative elasticity. And here there are three and mode of payment of interest and principal would be as ordered by the commission. main considerations underlying the whole of this portion of the treaty. Firstly, the needs These bonds, when distributed by the comof tho Allies in the way of commodities were mission, might be disposed of outright to indigiven prior claim. Secondly, the maintenance viduals in place of Governments. Germany's of German efficiency was to be sought. And liability to the Governments would be then by thirdly, the avoidance of injury to the indus- so much reduced, being transferred to the inditries of the Allies by way of loss of markets* was vidual holders of the oonds. In this manner aimed at. Consequently many of the provi- the circulation of the bonds is perfectly in acsions relating to the supplying of commodities cordance with the provisions of tho treaty. to the Allies were made in the form of options, The payments in kind which Germany was which might or might riot be exercised, accord- to make, or might be called upon to make, ing as the Allies weighed the benefits and in- were very varied and were stated wdth careful juries which might follow from their fulfillment. exactitude. The various categories will be As a covering clause, it was laid down that considered in detail. * payment might be required in gold, chattels, 1. Reconstruction materials.™—By the end properties, commodities, business rights, con- of 1919 the allied Governments were to file cessions, ships, securities of any kind, or curren- with the Reparation Commission lists showing cies of any State—their values in gold to be de- (a) what animals, machinery, equipment, tools, termined W the commission. Furthermore, it etc., destroyed during the war, they desired to wa,s stated specifically that credit should be have replaced by similar articles; and (6) given to Germany in respect of the following: what reconstruction materials, machinery, furniture, etc., they desired to have Germany man- (a) Any final balance in favor of Germany under Part ufacture for them for purposes of restoration. ill. Section V. which refers to tho cession of Alsace-Lorraine; Part X, Section III, which refers to the settlement The commission, in view of these requests, of debts between nationals of the late enemy countries would then formulate their total demands and through clearing houses; Part X, Section IV, which pro- present them to Germany. As a checi: on the vides for compensation for damages or injury to or seizure commission, however, there were inserted in of property rights in enemy countries. (b) Amounts due to Germany in respect of transfers this portion of the treaty, not only a general under Part .1.1.1. Section .IV, dealing with the cession of the principle, stating that Germany's own re- Saar Basin; Part IX. which has to do with property, etc., quirements were to be considered,17 but also ceded with German territory; Part XII, which provides a special requirement that articles actually in for iho surrender by Germany of some of her tugs and boats plying on rivers internationalized by the treaty (Rhine, use in Germany should only be seized if there Elbe. "Oder. etc.). were no free stock available. Furthermore, (c) i:Amounts which, in the judgment of the Repara- in no case should more than 30 per cent of the tion Commission, should be credited to Germany on acequipment, etc., of any one establishment or count of any other transfers under the present treaty of property, rights, concessions, or other interests." But in undertaking be seized. no case was credit to be given for cash, animals, securities, The following immediate advances of aniand property restored to their owners from whom they had mals were required of Germany, the details of been seized. breed, etc., being specified: In accordance with the plan agreed upon at the Peace Conference the main bulk of Ger- To many's indebtedness was to be covered by , To France. Belgium. bond issues as an acknowledgment of the obligation. The details of the issues were as fol- Horses 30,500 10,200 lows : Bulls 2,000 : 2,000 Milch cows.. 90,000 ; 50,000 Heifers . 40,000 A first issue of 20 billions of gold marks, in bearer bonds, Rams 1,000 i 200 to be delivered to the commission forthwith, payable with- S G h o e a e t p s : 1 1 0 0 0 , , 0 0 0 0 0 0 ] •• 20,000 out interest on or before May 1, 1921. These bonds were Sows ! ! 15,000 to be amortized by the payment of the 20 billions of gold marks due prior to that date. 16 Annex IV. Seep. J290,column 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1294 FEDERAL, RESERVE BULLETIN. NOVEMBER, 1922. The delivery of agricultural machinery, as cal drugs as the commission might fix, but in provided for in the January, 1919, renewal of no case were the amounts demanded to exceed the armistice agreement, covering a wide variety 50 per cent of the German stock of each parof machines, was to continue. The commission, ticular kind demanded. In addition, until of course, was to fix the value of all such de- January 1, 1925, the Allies were given the opliveries and give credit for the same to Ger- tion to demand delivery during any particular many's reparation account. six months of amounts of specified kinds up to 2. Coal, etc.18—Some large options were ac-25 per cent of the German production of those corded to the Allies by Germany to demand kinds in the preceding six months. the delivery of vast quantities of coal. These 5. Shipping.21—Germany agreed to make options were as follows : good, ton for ton and class for class, ail allied To France—delivery of 7,000,000 tons per merchant ships and fishing boats lost or annum for 10 years, plus an amount equal to damaged owing to the war, and at the same the deficit in the actual production of the mines time "waived all claims of any description of the Nord and Pas de Calais in each year, against the allied and associated Governments as compared with their pre-war annual produc- in respect of the detention, employment, loss, tion. The total amount delivered, however, or damage of any German ships or boats.77 was not to exceed 20,000,000 tons in any of the Hence all German shipping already in the hands first five and 8,000,000 tons in any one of of the Allies was to become their property, on the last live years. Delivery during each of the condition that each paid into the reparation three years following the treaty of 35,010 tons account the excess of the fair value of the ships of benzol, 50,000 tons of coal tar, and 30,000 retained over that of the ships apportioned to it tons of sulphate of ammonia. to replace war losses. To Belgium—delivery •of 8,000,000 tons of By the treaty Germany, as a contribution coal annually for 10 years. toward this obligation, ceded to the Allies the To Italy—4,500,000 tons of coal in the year property in all German merchant ships of 1,600 ending June, 1920; 6,000,000 in the next year; tons gross and upward; one-half of the German 7,500,000 in the following; 8,000,000 in 1922- merchant ships between 1,000 and 1,600 tons 23, and in each of the succeeding six vears, gross; one-fourth of the German steam trawlers; 8,500,000 tons. one-fourth of the other German fishing boats The prices for coal were not to be fixed by the (fractions being calculated in terms of tonnage commission, but were prescribed in the treaty. and totals including shipping under con- Those for benzol, coal tar, and sulphate of struction). All of this shipping was to be ammonia were to be the same as those charged handed over to the Allies within two months of to German nationals. Prices for sea-borne coal the treaty's coming into force. Germany, were tcP be the same as the German export moreover, undertook to build for the Allies price f. o. b. German ports, or British export during the next five years such shipping as price f. o. b. British ports, whichever were the should be specified by the commission. lower. For overland coal, the German.pit-head In addition, claims were waived to all Gerprice to German nationals, plus the lowest man vessels sunk during the war which later freight to the frontiers, provided that the pit- might be salvaged, and, as regards shipping, head price were not greater than that of British Germany was to restore within two months all coal for export. The Reparation Commission identifiable boats of inland navigation coming was to notify Germany of the deliveries re- into her possession since August 1, 1914, and to quired and to credit Germany's account with make good the losses of the Allies in river craft the value thereof. by cession of an equal amount of her own, pro- 3. Soar Basin.19—-All the coal deposits, con-vided that the amount should not exceed 20 cessions, machinery, equipment, means of com- per cent of Germany's river fleet as on Novemmunication, and buildings belonging to the ber 11, 1918. mines in the district, as defined in the treaty, 6. Submarine cables22—The treaty named were ceded to France for a period of 15 years, certain specific submarine cable rights betheir value to be assessed by the Reparation longing to Germany which she was to renounce Commission and Germany to indemnify her in favor of the principal allied and associated dispossessed nationals. Powers,23 their value being credited to repara- 4. Dyes and chemical drugs.20—Germany gave tion account. the Allies the option to require as part of reparation payments such dyestuffs and chemi- si Annex Til. 22 Annex VII. 2:} Great Britain, France, Italy, United States, Japan. w Annex V. 19 Art. 15. o Annex VI. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL RESERVE BULLETIN. 1295 7. Miscellaneous.—In addition to the above, in comparison with it, of relatively small im- Germany was to be credited with.— portance. That between the Allies and Bulgaria, signed on November 29, 1919, at Neuilly, (a) The value of nonmilitary material handed over at the time of the armistice.2'1 imposed a payment of 2$ billions of gold (b) The value of public utility interests demanded by francs as reparation, in half-yearly payments. and delivered to the Reparation Commission.25 The July .1, 1920, and January 1, 1921, pay- (c) The value of German Government property in areas ments were to represent interest at 2 per cent ceded to the Allies, which vras to be paid direct to the commission by the recipient Governments (France 20 and Bel- on the total from'January 1,1920. Thereafter, gium being exempted from this provision). each half-yearly payment would include interest (d) The proportion taken over by the recipient Govern- at 5 per cent on the outstanding capital sum, ments Yvith ceded areas of the debt of the German Empire the whole of which would be extinguished by and of the States to "which the areas belonged, as these debts stood on August 1, 1914, the proportion taken over to January 1, 1958. AD interallied commission be determined by the commission arid paid direct to the was to be set up at Sofia to consist of one commission (France being exempted from this provision member each from the British Kmpire, France, respecting Alsace-Lorraine, in consideration of Germany's and Italy, and of a n on voting member reprehaving refused to take over a part of the French debt in 1371). sentative of Bulgaria. In the event of default Following the transmission to Germany of in reparation payments, this body might conthe draft of the treaty, a long memorandum of trol, to any extent and for any period it might "observations" thereon was prepared by the think necessary, the collection of taxes, sources German peace delegation and remitted to the of revenue, disbursement of the proceeds, etc. Allies. Count Brockdorfi- Rantzau, spokes- .Reparation payments were to be made through man for Germany, therein made an offer of a this body to the Reparation Commission set lump sum of 100 billions of marks, 20 billions up under the Versailles treaty. While the thereof being payable by Slay 1, 1926, the re- interallied commission had no power of itself mainder, without interest, over 50 to 60 years. to reduce or postpone payments, it might It was pointed out by the Allies, however, in recommend to the Reparation Commission a rejecting this proposal, that at 6 per cent the reduction of any particular payment, or of the present value of the amount would be only capital sum, and the latter might grant a about 30 billions of marks. The Allies7 reply reduction or postponement by a majority vote. made only minor modifications in the treaty, Bonds covering a part or the whole of the but gave German}' an opportunity to submit amount due might be called for by the Reparawithin four months from the signing of the tion Commission, which might dispose of them treaty a scheme, together with estimates, as it thought fit, such bonds being a direct evidence, and arguments, for the liquidation of obligation of the Bulgarian Government. her reparation indebtedness by a lump-sum The treaty with Austria, signed at St. Gerpayment, b}^ the carrying out of reconstruction main-en-Laye on September 10, 1919, was, in work, by supplying labor, materials, technical its general provisions, almost identical with service, etc. Such scheme and evidence, it was the Versailles treaty. It recognized Austria's stated, would be carefully considered by the responsibility for damages caused, by her ag- Allies, and a reply given within two months. gression and her inability to pay the whole' XOTE.—For purposes of calculating the periods men- cost thereof. The authority for tlie execution tioned in the treaty, the date is used Avhon the first proces of the reparation provisions was the commisverbal of ratification by Germany and three of the prin- sion appointed under the Versailles treaty, The with the added provision that a special section of the commission was to be appointed to deal Italy, and Japan—October, 1919. On the other hand with Austria. It was given, only consultative the "''date of the coming into force of the treaty" is for powers, except so far as the commission chose each Power the date of ratification by that Power.27 to delegate other powers to it. By May 1, ADDENDUM—OTHER TREATIES. 1921, the commission was to determine Austria's total liability, and by that date Austria The various other treaties which were con- was to pay such an amount as the commission cluded subsequently to the Versailles treaty are, demanded, out of which, as in the case of Germany, would be paid the expenses of the 21 Art. 2.")0. Tills includes various items, two of iho most important forces of occupation and the Cost of approved imports. The Austrian section of the commission was to be composed of delegates from 5,000 motor lorries were to be delivered within 36 days. the United States, Groat Britain, France, 23 Art. 2(50, see p. V292, column 1. 2G "in view of the terms on which Alsace-Lorraine was ceded to (Ger- Italy, Greece, Poland, Rumania, the Serbmany in 1871." The reason for Belgium's exemption is not specifically Croat-Siovene State, and Czechoslovakia. Of state'd. 27 Miscellaneous provisions. 17134—22 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1296 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. these the first four were in voting to have the second of the expenses of the forces of occutwo votes each. The remaining States were pation. Turkey was to pay for all loss or damto have one common representative. In work- age suffered by civilian nationals of the Allies ing out the claims against Austria the com- in respect of their persons or property through mission was ordered to take account of the the negligence or the action of Turkish authordiminution of the country's resources resulting ities prior to the treaty. Furthermore, Turkey from the territorial provisions of the treaty. agreed to make reparation to the European The system of covering the indebtedness by Commission of the Danube for damages susbonds, as set out in the Versailles treaty, was tained by that body. At the same time, all applied with small modifications to Austria. claims held against Turkey by Germany, Aus- As regards payments in kind demanded tria, Bulgaria, and Hungary were transferred forthwith, several categories of demands were to the Allies. dealt with. The Austrian merchant fleet not The United States Senate having voted being large enough to compensate the Allies against ratifying the treaty of Versailles, a for all their damages, the whole of that fleet separate bipartite treaty was concluded with was ceded to the Allies, together with river Germany at Berlin, signed on August 25, 1921, craft up to 20 per cent of the total possessed; and ratified by both parties in October of that all this to be delivered within two months. year. The brevity of this treaty is due to the The following animals were to be handed over fact that it consisted in the main of a reservaas an immediate advance: tion of most of the rights accruing to the United States by the terms of the Versailles To the treaty, together with a repudiation of the Kind of animals. To Italy. Se S r l b o - v C e r n o e at- T m o a n R ia u . - '' entanglements7' and responsibilities into State. which it led them. The preamble to the treaty of Berlin contained a part of the joint Milch cows 4,000 1,000 1,000 resolution of Congress, approved by the Presi- Heifers 1,000 300 500 Bulls 50 25 25 dent on July 2, 1921, from which tne following Calves 1,000 1,000 1,000 is quoted: Working bullocks.. 1,000 500 500 Sows 2,000 Draft horses 1,000 1,000 * -* -x- There arc expressly reserved to the United 1,000 1,000 States and its nationals any and all rights, privileges, indemnities, reparations, or advantages, together with the right to enforce the same, to which it or they have In addition, during the six months following become entitled under the terms of the armistice signed the treaty, such furniture as the commission November 11, 1918, or any extension or modification demanded was to be supplied. thereof, or which were acquired or are in the possession of Five-year options were accorded the Allies the United States of America by reason of its participation in the war or to which its nationals have thereby to demand annual delivery of timber and timbecome rightfully entitled, or which under the treaty of ber manufactures, iron and iron alloys, and Versailles have been stipulated for its or their benefit; magnesite, these amounts to bear the same re- or to which it is entitled as one of the principal allied and lation to the Allies7 pre-war annual importa- associated Powers, or to which it is entitled by virtue of any act or acts of Congress, or otherwise. tions from Austria-Hungary as the resources of the present Austria bore to those of the pre- Germany accords these rig;hts, which are war Austro-Hungarian Empire. mentioned specifically as being those con- The.treaty with Turkey was signed at Sevres tained in Section I, Part IV, and in Parts V, on August 10, 1920. All reparation claims, VI, VIII, IX, X, XI, XII, XIV, and XV of except as provided elsewhere, were waived by the Versailles treaty. Further, the Allies, owing to the large reductions in * * * while the United States is privileged to par- Turkish revenues due to the territorial re- ticipate in the Reparation Commission, according to the arrangements made under the treaty. A finan-terms of Part VIII of that (the Versailles) treaty, the cial commission was created, consisting of dele- United States is not bound to participate in any such commission unless it shall elect to do so. gates from France, the British Empire, and Italy, with a consultative Turkish representative, with large powers over the economic life of the country. It was to approve the budgets REFUNDING LOAN OF OCTOBER 16, 1922. presented to the Parliament, to supervise execu- On October 9 the Secretary of the Treasury tion thereof, to regulate and improve the curissued the following letter to banks and trust rency, and to conserve and increase Turkey's companies in the United States: resources. This commission was to have at its disposal all the Turkish revenues, which were I am sending you herewith a copy of the official Treasury Department circular announcing the offering of 4Jper cent to be applied in the first instance to the pay- Treasury bonds of 1947-1952, for which subscription books ment of its own salaries and expenses, and in open to-day. The offering is for 8500,000,000, or there- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL RESERVE BULLETIN. 1297 abouts, with the right reserved to the Secretary of the to provide for a substantial part of the war-savings ma- Treasury to allot additional bonds to the extent that 4| turity. The only Treasury certificates maturing in the per cent Victory notes or Treasury certificates maturing second half of the fiscal year 1923 are about $266,000,000 on December 15 are tendered in payment. March 15, 1923, and about $273,000,000 on June 15, 1923, The new bonds will be 25/30 year bonds, dated October both, of which are covered by the income and profits tax 16, 1922, maturing October 15, 1952, and redeemable at the payments estimated for those dates. On May 20, 1923, option of the United States on and after October 15,1947. the remaining $930,000,000 of 4| per cent Victory notes The bonds will be issued in both coupon and registered will mature according to their terms. form, in denominations of $100 and upward. Applications The maturities which remain and have to be refunded will be received through the Federal reserve banks, and the Treasury will meet through issues of refunding securithe Treasury is prepared to make deliveries promptly upon ties, properly adjusted to market conditions, and 1 believe allotment and payment. Subject to the limitations on the it will be able to meet them, as it has in the past, without amount of the offering, allotments will be made in full, disturbance to the markets and without strain on the in the order of receipt of application, upon subscriptions financial machinery. During the course of the refunding for amounts not exceeding $10,000 for any one subscriber, operations which have been in progress the Treasury has and upon subscriptions for which cither 4J per cent Victory issued from time to time Treasury certificates of indebtednotes or Treasury certificates maturing December 15 are ness, Treasury notes, and Treasury savings certificates, all tendered in payment. Other applications for amounts relatively short-term. These operations have been sucexceeding $10,000 for any one subscriber will be received cessful and have been accomplished without disturbance subject to allotment. to the market for outstanding securities. With the an- This is a refunding issue, and it affords a particularly nouncement of ;the bonds now offered, the Treasury is favorable opportunity to holders of 4? per cent Victory adding to its list a refunding issue of long-time bonds, on a notes to acquire a long-time Government bond on attractive basis which should prove particularly attractive to interms in place of Victory notes which will mature or be vestors. These bonds will provide, through exchanges redeemed within the next few months. I am, therefore, and otherwise, for a substantial part of the heavy maturiaddressing this letter to the heads of all banking institu- ties falling on December 15, and the success of the offering tions in the country, and asking you to provide every will leave only a normal amount of financing to be placed possible facility for investing in the new bonds. I hope on that date. that you will also make a special effort to bring the offering It is four years since the Treasury lias offered to the to the attention of your customers, large and small, for it people of the United States an issue of long-time Governis the Treasury's desire to secure the widest possible dis- ment bonds. During that period it has been financing tribution of the bonds among investors. itself on a short-term basis, and it has succeeded, with I think you will be interested in this connection to know your cooperation, in placing with investors thi-oughout the what has already been accomplished in the refunding of country a great volume of Treasury certificates and the short-dated debt and what still remains to be done. Treasury notes. Now that the time has come for a longer- On April 30, 1921, when the Treasury first announced its term operation, I am looking forward with confidence to refunding program, the gross public debt, on the basisof your continued support, and hope that, as with previous daily Treasury statements, amounted to about $24,000,- offerings of Government securities, you will give your best- 000,000, of which over $7,500,000,000 was maturing within efforts to the distribution of the newTreasury bonds among about two years. On September 30, 1922, the toral gross investors. debt on the same basis stood at about $22,800,000,000, and of the early maturing debt about $4,000,000,000 had already been retired or refunded, chiefly into short-term Treasury UNITED STATES OF AMERICA. notes with maturities spread over the next four fiscal years. There will fall due this fiscal year about $1,100,000,000 of FOUR AND ONE-QUARTER PER CENT TREASURY BONDS Treasury certificates of indebtedness, about $625,000,000 OF 1947-1952. maturity value of war-savings certificates of the series of 1918, and about $1,800,000,000 of Victory notes. Of the (Dated and bearing interest from October 10,1922. Due October 15, Treasury certificates, about $48,000,000 represents Pittman 1952. Redeemable at the option of the United States at par and Act certificates which will be retired this year through the accrued interest on and after October 15, 1947. Interest payable April 15 and October 15.) recoinage of silver bullion, while about $100,000,000 of loan certificates maturing October 16, 1922, will be paid out of The Secretary of the Treasury invites subscriptions, at funds already in hand. The retirement of these certificates par and accrued interest, from the people of the United will leave only tax certificates outstanding, and it will in States, for 4-J- per cent Treasury bonds of 1947-1952, of an any event continue to be desirable, with income and profits issue of gold bonds of the United States authorized by the tax paj-ments as large as they are, for the Treasury to have act of Congress approved September 24, 1917, as amended. outstanding at least $1,000,000,000 of tax certificates in The amount of the offering mil be 8500,000,000, or thereamounts and with maturities conforming to the quarterly abouts, with the right reserved to the Secretary of the tax payments. This correspondingly reduces the amount Treasury to allot additional bonds up to a limited amount of necessary refunding into other securities. to the extent that 4} per cent Victory notes or Treasury After October 16, 1922, the next maturities fall on De- certificates of indebtedness of Series TD or TD2-1922 are cember 15, and include about 8870,000,000 face amount of tendered in payment. 4} per cent Victory notes called for redemption, and about $420,000,000 of maturing tax certificates of Series TD and DESCRIPTION OF BONDS. TD2-1922, against which the Treasury will receive in December about $250,000,000 of income and profits taxes. The bonds will be dated October 16, 1922, and will bear On January 1, 1923, the $625,000,000 of war-savings cer- interest from that date at the rate of 4J per cent per annum : tificates become payable, but the Treasury has already payable April 15 and October 15 in each year, on a semiannounced, as you know, a new offering of Treasury savings annual basis. The bonds will mature October 15, 1952, certificates with a view to refunding as much as possible of but may be redeemed at the option of the United States on the maturity into obligations of the same general character and after October 15, 1947, in whole or in part, at par and and with the same appeal to the needs of the small investor. accrued interest, on any interest day or days, on four The Treasury will shortly announce special facilities for laonths' notice of redemption given in such manner as the the exchange of maturing war-savings certificates for the Secretary of the Treasury shall prescribe. In case of parnew Treasury savings certificates, and plans in this manner tial redemption the bonds to be redeemed will be deter- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1298 FEDERAL RESERVE BULLETIN. NOVKMBEK, 1922. mined by such method as may be prescribed by the Secre- amount for which it shall be qualified in excess of existing tary of the Treasury. From the date of redemption desig- deposits, when so notified by the Federal reserve bank of nated in any such notice, interest on the bonds called for its district, except upon subscriptions for which Victory redemption shall cease. The principal and interest of the notes or Treasury certificates of indebtedness of Series TD bonds wall be payable in United States gold coin of the or TD2-1922 are tendered in payment. Treasury certifipresent standard of value. cates of indebtedness of Series i)—1922, maturing* October Bearer bonds with interest coupons attached will be 16, 1922, of Series TD-1922 and TD2-1922, both maturing issued in denominations of $100, $500, §1,000, $5,000, and December 15, 1922 (with any unmaturcd coupons at- $10,000. Bonds registered as to principal and interest will tached), and Victory notes of the 4f per cent series, be issued in denominations of $100, $500, $1,000, $5,000, whether or not called" for redemption, vail be accepted at $10,000, $50,000, and $100,000. Provision will be made the Federal reserve banks at par, with an adjustment of for the interchange of bonds of different denominations accrued interest, as of October 16, 1922, in payment for and of coupon and registered bonds and for the transfer of any Treasury bonds of 1947-52 now offered which shall be registered bonds, without charge by the United States, subscribed for and allotted. " Victory notes in coupon under rules and regulations prescribed by the Secretary form must have all unmatured coupons attached, and if in of the Treasury. registered form must be duly assigned to the Secretary of The bonds shall be exempt, both as to principal and the Treasury for redemption, in accordance with "the interest, from all taxation now or hereafter imposed by the general regulations of the Treasury Department governing United States, any State, or any of the possessions of the assignments. Payments must be made when and as United States, or by any local taxing authority, except (a) herein provided under penalty of forfeitui of any installestate or inheritance taxes, and (6) graduated additional ment previously paid and of all right ana interest in the income taxes, commonly known as surtaxes, and excess- bonds allotted. profits and war-profits taxes, now or hereafter imposed by As fiscal agents of the Unit (id States, Federal reserve the United States, upon the income or pro/its of indi- banks are authorized and requested to receive subscripviduals, partnerships, associations, or corporations. The tions and to make allotments thereon on the basis and up interest on an amount of bonds and certificates authorized to the amounts indicated by the Secretary of the Treasury by said act approved September 24, 1917, and amend- to the Federal reserve banks of the respective districts. ments thereto, the principal of which does not exceed in Allotment notices will be sent out promptly upon allotthe aggregate $5,000, owned by any individual, partner- ment, and the basis of allotment will "be publicly ship, association, or corporation, shall be exempt from the announced. taxes provided for in clause (b) above. Bonds will be delivered promptly after allotment and Any of the bonds which have been owned by any person upon payment, and coupon bonds may be delivered prior continuously for at least six months prior to the date of his to October 16, 1922, to subscribers for amounts not in death, and which upon such date constitute part of his excess of S10.000 who make payment in full upon allotestate, shall, under rules and regulations prescribed by the ment. The Federal reserve banks may issue interim Secretary of the Treasury, be receivable by the United receipts pending delivery of the definitive bonds. States at par and accrued interest in payment of any estate Further details may be announced by the Secretary of or inheritance taxes imposed by the United States, under the Treasury from time to time, information as to which, or by virtue of any present or future law upon such estate as well as forms for application, may be obtained from the . or the inheritance thereof. The bonds will be acceptable Treasury Department, Division of Loans and Currency, to secure deposits of public moneys, but do not bear the Washington, D. C, or from any Federal reserve bank. circulation privilege and are not entitled to any privilege A. W. MELLON, of conversion. Secretary'of the Treasury. TREASURY DEPARTMENT, APPLICATION, ALLOTMENT, AND PAYMENT. OFFICE OF THE SECRETARY, October 9, 1922. Applications will be received at the Federal reserve banks, as fiscal agents of the United States. Bankinginstitutions generally will handle applications for subscribers, but only the .Federal reserve banks arc authorized Foreign Branches of American Banking to act as official agencies. Institutions. Within the limitation on the amount of the offering, applications from any one subscriber for an amount of Following is a list of foreign branches and bonds not exceeding 810,000 will be allotted in full, and affiliations of American banking institutions, allotments thereon may be made upon application. Applications for amounts in excess of 810,000 will be including national banks, trust companies, and received subject to allotment. The right is reserved to other corporations organized under American reject any subscription for an amount in excess of $10,000, State charters. This list does not contain the and to allot less than the amount of bonds applied for and names of institutions having no foreign to close the subscriptions at any time without notice. The Secretary of the Treasury also reserves the right to branches, though organized to finance foreign make allotment in full upon applications for smaller trade or to undertake foreign financial operaamounts, and to make reduced allotments upon or to tions, particularly the two so-called Edge reject applications for larger amounts, and to make classicorporations, organized under section 25 (a) fied allotments and allotments upon a graduated scale; and his action in these respects will be final. of the Federal reserve act. Nor does it include Payment at par and accrued interest for any bonds the names of a few banks controlled by Ameriallotted must be made on or before October 1(5, 1922, or on can capital and operating in Mexico and later allotment; provided, however, that persons who Central America under charters granted by desire to make payment in installments may pay 50 per cent on October 16, 1922, or on later allotment, and the the respective foreign Governments. The balance on November 15, 1922, with accrued interest to banks are grouped under two general heads— that date on the deferred installment. Any qualified (1) national and other member banks, and depositary will be permitted to make payment by credit for bonds allotted to it for itself and its customers up to any (2) all other institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1022. FEDERAL RESERVE BULLETIN. 1299 MEMBER BANKS. Asia Banking Corporation, New York: Branches— Bankers Trust Co., New York,,N. Y: . Shanghai, China. Branches— Hankow, China. Paris, Franco. Peking, China. Equitable Trust Co., New York, N. Y: Tientsin, China. Branches— Hongkong, China. London, England. Manila, Philippine Islands. Paris, France. . Canton, China. Mexico City, Mexico. Singapore, Straits Settlements. Representatives— Bank oj Central and South America, New York: Bombay, India. Branch at Hamburg, Germany (Monckeberg, Ecke Calcutta, India. Pauls trasse). Hongkong, China. Owns or controls the following affiliated banks Yokohama, Japan. taken over from the Mercantile Bank of the Berlin, Germany. Americas: Do not conduct regular banking business, but Banco Mercantil Americano de Caracas (Venezuela) execute foreign exchange and Investment trans- (100 per cent of stock owned): Caracas, La Guayra, actions under specific instructions of Equitable Maracaibo, Valencia. Trust Co., New York. Banco Mercantil Americano del Peru (99.9 per cent of Farmers Loan cfr Trust Co., New York, N. Y.: stock owned; 1 share owned by a member of the Farmers Loan & Trust Co. (Ltd.), London (two executive committee): Lima, Arequipa, Callao, offices). A British company—all stock owned by Chiclayo, Piura, Trujillo. Farmers Loan & Trust Co., New York, N. Y. Banco Mercantil.Americano de Colombia (100 per cent R oprosentati ves— of stock owned): Medellin, Barranquilla, Bogota, London, England. Cali, Cartagena, Girardot, Manizales. Paris, France. National Bank oj Nicaragua (51 per cent of stock (No banking business transacted.) owned; remainder owned by Government of Nica- First National Bank, Boston, Mass.: ragua): Managua, Blue fields, Granada, Leon. Branch— Banco Merca/ntU de Costa Rica (82.26 per cent of stock Buenos Aires, Argentina. owned; remainder held in small lots by various Guaranty Trust Co., New York, N. Y.: local people): San Jose. Branches— Empire Trust Co., Neiv York, N. Y.: London, E ngl and. Branch— Paris, France. London, England. Brussels, Belgium. Equitable Eastern Banking Corporation, New York, N. Y.: Havre, Franco. Branch— Liverpool, England. Shanghai, China. Antwerp, Belgium, Represen tati ves— National City Bank of New York, New York, N, Y.. Bombay, India. Branches— Hongkong, China. Argentina: Buenos Aires, Rosario. Yokohama, Japan. Belgium: Antwerp, Brussels. Do not cond.net regular banking business, but Brazil: Pernambuco, Rio de Janeiro, Santos, carry out specific instructions of Equitable East- Sao Paulo. ern Banking Corporation, mainly in foreign ex- Chile: Santiago, Valparaiso. change transactions. Cuba: Artemisa, Bayamo, Caibarien, Camaguey, International Banking Corporation, New York, N. Y,: Cardenas, Ciego de Avila, Cienfuegos, Colon, Branches— Guantanamo, llabana (subbranches, Galig.no, China: Canton, Hankow, Harbin, Hongkong, Cuatro Caminos), Manzanillo, Matanzas, Nue- Peking, Shanghai, Tientsin. vitas, Piriar del Rio, Placetas del Nortc, Dominican Republic: Barahona, La Vega, Puerto Remedios, Sagua la Grande, Sancti Spiiitus, Plata, Sanchez, San Francisco de Macoris, San Santa Clara, Santiago, Yaguajay. Pedro de Macoris, Santiago de Los Caballeros, England: London—City Branch, West End Santo Domingo City. Branch. England: London. France: Paris. France: Lyons. Italy: Genoa. India: Bombay, Calcutta, Rangoon (Burma). Peru: Lima. Japan: Kobe, Tokyo (subbranch), Yokohama. Porto Rico: Ponce, San Juan. Java: Batavia, Soerabaya. Russia: Moscow,1 Petrograd.1 Philippine Islands: Cebu, Manila. , Uruguay: Montevideo, Calle Rondeau (sub- Spain: Barcelona, Madrid. branch). Republic of Panama: polon, Panama. Venezuela: Caracas. Straits Settlements: Singapore. Mercantile Bank of the Americas, New York City, in OTHER INSTITUTIONS. process of liquidation. (See Bank of Central and South American Foreign Banking Corporation, New York: America.) Branches— Mercantile Overseas Corporation, New York City, owns Habana, Cuba. and administers the Mercantile Overseas Corporation in Cristobal, Panama, Canal Zone.2 Guayaquil, Ecuador. Panama City, Panama.2 Park-Union Foreign Banking Corporation in liquidation, Rio de Janeiro, Brazil. conducted in the office of the Asia Banking Corporation, New York. Mexico City, Mexico. 1 Temporarily 2 Formerly branches of Commercial National Bauk, Washington. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1300 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. BUSINESS AND FINANCIAL CONDITIONS ABROAD. THE RAILWAY SITUATION IN GREAT Ministry of Ways and Communications/' the BRITAIN AND FRANCE. name being changed a little later to "Ministry of Transport.' J Very wide powers were granted Following the period of Government oper- to the new Minister of Transport, the duties ation of railways in Great Britain and France, of the Board of Trade in relation to railways, which was inaugurated early in the war, inland waterways, roads, harbors, and piers important legislation was enacted almost being transferred to him. The Board of Trade, simultaneously in the two countries affecting on the other hand, retained its functions perthe future operation of the railways and their taining to trade and foreign commerce. The relations to the respective Governments. A bill provided that for a period of two years little more than a year has now elapsed since longer the new ministry should retain possesthe new legislation went into effect, and sion and control of the railways which had been sufficient data are now available to justify a taken over by the Government in the early days review of these recent developments and the of the war. Among other things, it was prosteps leading up to them. vided that the Minister of Transport should prepare within two years a program of future GREAT BRITAIN. action. Important among the provisions of the bill was that creating a rates advisory com- THE END OF GOVERNMENT CONTROL. mittee The Minister of Transport had to refer all questions of changes in rates to this com- At the very beginning of the war the British mittee for their advice, but all executive power Government assumed control of all the most lay with him. * important railways of the United Kingdom, leaving only certain minor lines under the Soon after the bill was passed and went into management of their owners. Early in the effect, the date being August 15, 1919, a railway war the Government also had declared itself advisory committee was formed to carry on in favor of extending control over the railways certain of the functions of the railway executive for a period of two years after the war, and of committee, which as a department of the Board continuing the guarantee of net earnings for of Trade during the war had carried into effect such a period. It was realized that this would the plans and orders of the Government. With require additional legislation, inasmuch as the the passing out of existence of the railway exrailways were taken over under the act of 1871 ecutive committee, the railways formed also a which permitted Government control only so standing committee of general managers to long as an emergency existed. Nothing very represent their interests. definite, however, in the direction of a post- On June 24, 1920, the Minister of Transport's war policy for the railways was outlined until proposals for the permanent management of in August, 1918, the Government appointed a the railways were given to Parliament in the select committee on transport to study the form of a "white paper." The idea of nationproblem. The committee, in presenting its alization of the railways was rejected, but the second report in November, 1918, gave the principle of the elimination of competition was following as its preliminary conclusions: upheld as promoting economy of operation. The railroads of the United Kingdom under Your committee considers— this scheme were to be amalgamated into seven (1) That the organization of the transport agencies of the country—and particularly of the railways—can not be groups, each managed by a board of directors allowed to return to its pre-war position. elected by the shareholders, but on which the (2) That the temporary arrangements for the control of employees w^ere also to be represented. As to railways and canals during the war would not be satisrevenue, Parliament was to lay down the prinfactory as a permanent settlement. ciple that rates and fares should be such as to (3) That unification of the railway system is desirable under suitable safeguards, whether the ownership be in give the companies a net revenue equivalent to public or private hands. pre-war amounts. If there was any surplus The committee proceeded to enumerate beyond this the Government was to havfe a several possible ways of carrying out these share. Disputes concerning wages and workrecommendations, some involving private and ing conditions were to be put before the central others public ownership. AH of the general wages board and the national wages board. plans, it is interesting to note, pointed in the The Ministry of Transport was to have authority direction of further amalgamation and unifica- to require companies to make capital expendition. tures, to impose standards as to equipment and On February 26,1919, the Government intro- plant, and to compel cooperation between duced a bill into Parliament "to establish a roads. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. EEDEKAL RESERVE BULLETIN. 1301 Certain parts of this plan were subjected to (c) The institution of new group rates, or the cancellawidespread criticism. The railways objected tion, modification or continuance of existing ones. (d) The variation of any toll payable by the trader. to the proposed grouping, to workers being (e) The determination" of the amount" to be allowed for represented in the management, to the State terminal or private siding privileges. taking part of the revenue, and especially to (/) The reasonableness of any charge made by a company. the future powers of the State in relation to the (g) The reasonableness of contentions as to damage in transit or liability as to damage. railroads. Finally, after much public discus- (h) All questions concerning passengers' luggage. sion and debate, a modified plan for dealing The classification of articles in the first place with the railways was incorporated in a bill is to be by the rates advisory committee which which on May 11, 1921, was introduced into is to continue until that work is done. Schedthe House of Commons, and was passed by ules arc to be submitted to the new tribunal Parliament in August. under this classification and after they have been approved are to be put into effect. From THE RAILWAYS ACT OF 1921. that time they will be the only lawful rates. Subsequent changes can be made only on appli- The act of 1921, which took effect on August cation to the tribunal. All exceptional rates 15, 1921, is divided into six parts as follows: are to cease to exist after the day the schedules I. Reorganization of the railway system. go into effect, but new exceptional rates can II. Regulation of railways. be made if they are not less" than 5 per cent III. Railway rates. IV. Management and wages board. or more than 40 per cent below the schedule.. V. Light railways. These rates must be reported to the minister VI. General. fourteen days beforehand. The rates charged Part I.—The new grouping of railroads is on the roads are to yield an amount, allowing somewhat different from that proposed by the for efficient and economical management, equal "white papers'7 and more nearly in accord to the net revenue in 1913 with allowance for with the ideas of the railway association. interest on capital expenditures not yielding a There are to be four groups—the North- return in 1913. The tribunal is empowered to western, Midland, and West Scottish; the change rates so that the revenue will conform Northeastern, Eastern, and East Scottish; the to this standard. Western; and the Southern. Schemes for Part IV.—In case of disagreement between amalgamation and absorption of subsidiary the railways and the trades unions, the act procompanies are to be presented to the Minister vides that all questions as to wages, hours, of Transport not later than January 1, 1923, and conditions of work are to be referred to the and to be referred by him to an amalgamation central wages board or, on appeal, to the tribunal. These schemes were to come into national wages board. The central wages effect not earlier than June 30, 1922, nor later board as reconstituted consists of eight reprethan July 1, 1923. The progress already made sentatives of the companies and eignt of the in carrying the amalgamations into effect will employees. be referred to below. Such, briefly, was the legislation enacted Part II.—The rights of the wState are con- and machinery set up at the time the railways siderably cut down as compared with the were returned by the Government to their former plan. The railway and canal commis- owners on August 16, 1921. sion or the Minister of Transport can, however, require a railway company to afford reasonable PROGRESS OF AMALGAMATIONS. services and facilities to the public, and to make capital expenditures involving an outlay of not As a result of this legislation, approximately more than £100,000 in any one case. 120 separate railway undertakings, including Part III gives effect to the proposals of the all the railways of Great Britain, large and rates advisory committee's report of 1920 on small, are to be combined into four distinct the revision of rates. A new body, the rail- groups or corporate entities. Under the terms way rates tribunal, was established, consisting of the act of 1921 the necessary amalgamation of one person experienced in commerce, one in schemes are to come into operation not later railroads, and a lawyer who must be the chair- than July 1, 1923, and the present companies man, besides a staff of ten persons. are allowed until the end of 1922 to come to The functions of this important tribunal, voluntary agreements among themselves upon resembling in many respects the Interstate the terms of union. Where the companies can Commerce Commission of the United States, not agree, the amalgamation tribunal decides relate to— the matters at issue. The tribunal, moreover, must approve all amalgamation proposals in (a) Alterations of classifications. detail before they go into effect. (&) Variations or cancellation of through rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1302 FEDERAL RESERVE BULLETIN. NOVEMBER, .1922. The chief difficulties so far encountered in CHANGES IX RATES. carrying the new plan into effect have arisen out of the conflicting interests of stockholders The rate situation in Great Britain has been in the different railways to be combined. somewhat unusual. Throughout the war Since the railway act specifies which of the freight rates remained essentially unchanged four great groups each railway company shall at about the pre-war level. After the war, enter, the questions at issue have centered however, since the railroads were not making around the financial terms to be arranged be- expenses and the Government was averse to tween the present companies. This has in- meeting its guarantee from general taxes, the volved a nice adjustment, not merely between Minister of Transport asked for a revision of companies that have always been in a strong rates, Accordingly, on December 16, 1919, position and others that for years have never the rates advisory committee announced its paid a dividend, but also between the different policy for revision. Rates on short hauls classes of stockholders and bondholders in the were to be increased more proportionately than same company. Under these circumstances it rates on long hauls, and those on valuable is not surprising that the progress toward uni- goods more than on less valuable goods. Infication has been slow; perhaps rather it is to creases were to be in the form of percentage be wondered at that, with all the difficulties in increases, for the most part, with small advances the way and the numerous interests involved, in flat rates. On January 15, 1920,^ this first so much has alreadjr been accomplished. interim revision went into effect, bringing increases ranging from 25 per cent to 100 per cent. Progress has thus far been mostly in the The first revision, however, proved inadequate, nature of preliminary consolidations of two or for the roads were showing a deficit at the rate more companies within the proposed larger of £54,500,000 annually, which the Governgroups. Several such consolidations have been ment desired to have made up in 11 months. negotiated, voted upon favorably by the stock- The committee, therefore,recommended further holders affected, and approved by the amalgaincreases in freight rates, which were put into mation tribunal. For instance, the Great effect in September, 1920. These several Western Eailway—the most important comchanges taken together resulted in advancing pany in the new western group—by the end the general level of freight rates to about 100 of February of this year had come to terms with per cent above the pre-war level. five of the six other constituent companies in its group, and on March 25, 1922, this prelim- Shortly after the railways were returned to inary amalgamation was approved by the their owners on August 16. 1921, certain reamalgamation tribunal. In the northwestern ductions were made in the hope of stimulating group the London & North-Western Railway, business. On November 1, 1921, the English which had already absorbed the Lancashire & and Welsh companies reduced rates on raw Yorkshire, announced that a preliminary agree- materials to assist the steel trade, and on ment had been effected in March of this year January 1, 1922, reductions were made in with the important Midland Railway. The coal rates, those on certain other raw maproblems of consolidation have been especially terials, and on iron and steel in Class B. Class difficult in the northeastern group, which in- A and Class B rates generally, rates on iron cludes several of the strongest railways of and steel in Class C, and some others were Great Britain along with others in a much reduced as from May 22, 1922. Finally, on less favorable position. Nevertheless, in Jul}^ August 1, 1922, there was a general reducsix of the more prominent railways in this group tion of rates by the English and Welsh comannounced the financial terms for consolida- panies, especially affecting those rates that had tion that their directors had determined upon. not already been reduced. These recent changes This plan is to be submitted in due course to have brought both class and exceptional rates the stockholders of the six companies concerned down to 75 per cent above pre-war instead of and, if approved, will then be laid before the 100 per cent above that level. The Scottish amalgamation tribunal for its sanction. In the railway companies, while not reducing rates on southern group the terms of a preliminary local traffic, announced that as from August 1, scheme of amalgamation, as agreed upon by 1922, through traffic of all classes would be the directors of the London & South-Western charged the same rates as obtained on the Railway and the other constituent companies of English and Welsh lines. The amount inthe southern group, were announced on October volved in these reductions represents a consid- 20, 1922. Additional plans are being actively erable saving to the business community, and negotiated in the different groups, the details the changes are expected to exercise a favorof which, however, have not been announced. able influence upon trade. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL RESERVE BULLETIN. 1303 FRANCE. provide a satisfactory basis for the relations between the railroads and the public until the The close relations existing between the expiration of the several concessions. Under railways of France and the treasury draw attenthese conventions the railways were regarded tion to the fact that the railroad problem in as monopolistic enterprises, conceded to private that country is one not merely of industrial corporations, but held under the control*of the economics but also of public finance. The end State, to prevent abuse of their privileges. of the war left French railways in a very un- There was no idea of competition between the satisfactory condition, which became worse in lines; each system serves a distinct territory. the trying months of 1920 and 1921. Since the The railway corporations were closely assopassage of the law of October 29, 1921, a disciated in their finances with the public treastinct improvement has taken place and the ury, to the extent of aid for extension of lines situation is now much more promising., and a guaranty of interest on their bonds and of The French railways may be divided into dividends on their stocks. The amount of this three groups. In the first group is the comguararitjMvas based upon the actual conditions pany known as the State Railways (Chemins existing at the time of the conventions. This de For de l;Ktat) which is the successor of the ; guaranty of return was not a gift from the Railway of the West, bought out by the State treasury, but took the form of advances made in 1908, and operated by the Government since to cover deficits, bearing interest at 4 per cent. the beginning of 1909. ' The securities of the When any line had paid off its advances from West are still quoted, but it is regarded as a the State, the dividends might be increased up concern in liquidation. The second group, to specified amounts. Beyond that limit the Compagnies d'Interet General, includes the surplus was to be shared by the company and live great railway corporations, and, since the the State. war, the Chemins de Fer d'Alsace et dc Lorraine et du Guillaumc-Luxembourg. These On the whole, the conventions worked well. latter lines are administered by the State, and Length of line doubled in the 30 years between being small, are not of great importance. The 1883 and 1913, growing from 20,700 kilometers third group is composed of minor lines (Com- to 41,000 kilometers. Kates declined about pagnies Secondaires) of which the largest are 28 per cent. Financially the plan proved a the Algerian State Railways and the Oran Rail- marked success. The Est, Paris-Lyon-Mediway, both in Africa. That group will not be terranee, and the Nord had paid off the adconsidered in this article. vances from the Government, the Paris-Lyon- Mediterranec having even paid into the Govern- The following table shows the size of the ment about 12,000,000 francs under the proprincipal lines: visions for the division of surplus. The Midi was nearly in equilibrium, while the Orleans, making the poorest showing of the private lines ^ Railway. g D a a n t i e z a o t f i o o n r- . c E o v n p ce i o r s f a s i l o io n n , i | j T in o t t o i o a p l n e ] . r i a n - c had a total deficit of only 17,000,000 francs. The State Railway had a deficit of about 84,000,000 francs, counting certain charges Stale Railwayl June, ISoo i Kilom 9 e . t 0 e 1 rs 1 . inherited from the period of its private Palis-J J y on.-y Lcdi terran ee (with - ,' operation. out Algerian lines') July, 1857 ! 1958 9,781 Nord ' Sept., 1845 I 1950 1 3, SJ50 There were, however, some important draw- Orleans Aug., 183S ; 1956 7,469 list Dec., 1845 ! 1951 5,027 backs to the system. The approaching expira- L M i i n d e i s of Alsace-Lorraine and Guil- Nov., 1852 i ; i960 i 4,117 tion of the concessions, varying with the diflaume-Luxembourg ' 2,228 ferent roads between 1914 and 1960, caused uncertainty as to their ultimate future, and • The date of organization is that of the Chemins de Fer de l'Oucst» which was purchased by the State in 1908. this, of course, was reflected in their credit, so that borrowing became increasingly expensive. The total length of lines now in operation is The system of rate making was unsatisfac- 41,463 kilometers, or about 26,000 miles. The tory, the rates having some flexibility within six systems (excluding the lines acquired dur- the limits of the established schedule called the ing the war) represented about two-thirds of the " cahier des charges77. Theoretically, the initiamileage and 95 per cent of the railway revenue tive in rate charges was to come from the railof the entire country before the war. roads, subject to the approval of the Ministry Prior to the war the relations of the railroad of Public Works. The tendency was to keep corporations to the Government were defined the rates low, which, however, did not cause by ""the " Conventions of 1883," and it was hardships to the roads until the violent price expected that except in the eventuality of pur- changes incident to the war. The rate schedules chase by the State, these conventions would were exceedingly involved, while the variations Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1304 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. of rates on the different lines emphasized the Following the conclusion of hostilities, little need of a system of charges uniform on all time was lost in returning the railways to the lines. Another disadvantage lay in the private control. Without waiting to determine individualism of the various lines, leading to a eventual policy, this was done by a decree of serious lack of standardization of equipment, February 3, 1919. But the situation of the and to the failure to cooperate with inland roads became rapidly worse. Prices, espewaterways. cially of coal, continued to rise, reflecting, as The financial structure of the railroads, they had not completely done during the war, which will be taken up in detail later, also the serious depreciation of the franc. brought certain disadvantages. Out of a total While wage costs had greatly increased capitalization in 1913 of about 18,000,000,000 during the war, the largest single increment francs, 16,000,000,000 francs represented under this head came with the obligatory bonded indebtedness, while the shares with eight-hour law of April 23, 1919. This law voting power constituted only about one-ninth is the principal reason for the enormous inof the capital engaged. As much of the stock crease in the number of employees, which rose was held by small owners, it was not difficult from 393,000 in 1913 to 467,000 in 1920. The nor very expensive for interested persons to law was put into force abruptly, with the secure control of any railroad. The proportion result that the railways whose old personnel of bonds to stocks is even higher now. had already been depleted, and to an extent From these considerations, the conclusion disorganized by the war, were obliged to hire seems warranted that, although the Conven- great numbers of untrained, not to say incomtions of 1883 did not produce an ideal basis for petent, employees, thus adding an extra the conduct of French railways, they had burden. achieved, on the whole, satisfactory practical The following table shows the situation of results. the roads during these years: FRENCH RAILWAYS DURING THE WAR. RECEIPTS AND DEFICITS OF THE SIX FRENCH RAILWAYS. 1913-1920.1 This situation was changed for the worse from [In millions of francs.] the outbreak of the war. A centralized system of military administration was immediately Year. I Receipts. Deficit imposed on them from necessity. Almost onetenth of their personnel was called away to 1913.. 2,020 79 1914.. 1,733 311 military duty, although the great majority of 1915.. 1,815 272 railway workers of military age were simply 1916.. 2,233 217 1917.. 2,433 287 mobilized at their respective jobs. But the 1918.. 2,969 448 1919.. 3,851 1,369 necessities of recruiting personnel, whether be- 1920.. 5,393 2,772 cause of increased traffic, or reductions of force by mobilization, death, retirement, or other 1 Source: Bulletin Financier of the Credit Suisse, June 30,1922. Later figures show the 1921 deficit as 2,981,000,000 francs. causes, occasioned the companies no small As might be expected, the stocks and bonds difficulties. of these companies reflected the gravity of Further, the rise in commodity prices, while their financial situation, despite the guaranty rates remained practically stationary during of revenue. The following table from L'Economost of the war period, obliged the companies to miste Francais, shows the change: take advantage of the State guaranties mentioned above. This left two of the lines, the [Price, in francs.] Nord and the Paris-Lyon-Mediterranee, in a most difficult position, as their concessions ex- Common stock (par 3 per cent bonds, pired December 31, 1914. Their arrangements value 1,000 francs). Seri 5 e 0 s 0 A f ( r p a a n r c s v ) a . lue Railway. with the Government were, however, extended July, Feb., July, Feb., and they were allowed to meet their deficits by 1914. 1920. 1914. 1920. the issue of securities, pending final arrange- Nord 1,692 930 404 307 ments to be made after the conclusion of hostil- Est 905 651 425 322 ities. To make matters worse, a considerable Orleans 1,300 910 417 336 Paris-Lvon-Mediterranc-e 1,231 701 404 309 part of the lines of the Nord and the Est was in Midi 1,095 795 416 312 the zone of war or actually in the hands of the enemy. Even when the lines were not actually The most urgent need was for an increase in subject to the rigors of the front, rough usage, rates which would correspond to increased costs abnormal traffic, and undermainteriance caused and to the depreciation of the currency. The costly depreciation. pressure of this condition is shown by the fact Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL RESERVE BULUSTIX. 1305 that the coal bill of the railways was 183,000,- the bureaucratic administration of business 000 francs in 1913 and 781,000,000 francs in affairs, which even many of those theoretically 1919, while wages and allowances had risen inclined toward nationalization regarded as too from about 800,000,000 francs in 1913 to high a price to pay for the possible advantages. 2,745,000,000 francs in 1919. An increase in During the years of 1920 and 1921 the needs rates of 25 per cent, granted by the law of of French transportation received thorough March 31, 1918, had proved insufficient, as consideration and discussion, which led to the prices continued to rise during that year and conventions between the Government and the following, down to the spring of 1920. The the lines, signed June 28, 1921, reproduced deficits continued to mount, adding to the in the law of October 29, 1921, embodying embarassments of the treasury, burdened with the plan of M. Le Troquer. Minister of Public the charges of the war and facing those of Works. The result is a system which provides reconstruction. To make the railroads self- for close cooperation between the lines, while supporting, a further increase was granted retaining flexibility and the advantages of (law of February 14, 1920). The passenger private initiative. The benefits of Government rates were raised 45 per cent for third-class control seem to have been retained, and to passengers, 50 per cent f.or second, and 55 per counteract its disadvantages incentives are procent for first class. Freight rates in general vided to stimulate efficiency of operation and advanced 115 per cent. The drastic effect of encourage economy. The plan provides for a this increase is shown by the fact that it raised superior council (Conseil Superieur des chemins some tariffs to 500 per cent of their pre-war de fer), with the president appointed by govscale. In comparison with the advances in ernmental decree, and 60 members. Of these, commodity prices, the average increases in 30 represent the railroads, of which 12 represent freight rates do not seem to be excessive. the employees, being elected by them. The The two acts outlined above—the return of other 30 are to represent the public interest, 10 the lines to private control and the increase of of them being public officials, and all appointed rates—prepared the way for a general dis- by the ministry. The Director of Railways, an cussion of the whole railway question in France. official of the Ministry of Public Works, sits with As was stated earlier, the Conventions of 1883 the council as representative of Government. had worked well, but the experience of over Of the members at present representing the 30 years had shown the advisability of some public interest on the council, seven are delechanges. The situation arising from the war gates from municipal chambers of commerce, and its aftermath made a complete revision of five from important industries, four from the policy imperative. First of all, as the table agricultural associations, three from maritime above has shown, the advances by the Govern- enterprises, and three from miscellaneous orment to the roads, as measured by the annual ganizations. This council has exceptionally deficits, had reached figures which practically wide powers, as it must be consulted on all precluded repayment. But to offset these questions of common interest to all the lines, liabilities, the roads had enormous counter- in technical, commercial, administrative, and claims against the Government. The financial financial matters. It considers the construcrelations of the treasury and the roads were in tion of new lines, relations with other forms of an almost inextricable tangle. Apart from transport, such as waterways, the question of this was the older and more persistent problem rates, signals, policing, agreements with foreign of providing France with a unified, self- lines, etc. The Minister of Public Works is supporting railway system, instead of a num- not absolutely bound b}^ decisions of the counber of more or less individualized railway cil, but in case of a difference the minister systems, requiring frequent advances from must accord the council a second hearing. public funds, and reluctant to cooperate with The minister is given great authority', each other or with other forms of transporta- especially in the matter of rates. He can tion. lower particular rates at will, and effect Numerous projects were proposed, varying general reductions on the advice of the council. from Government ownership of all lines to a He can enforce his decisions by legal means, private monopoly of the combined systems. while under the conventions, the only weapon The Confederation Generale du Travail of the Government was the threat of puradvanced a scheme for nationalization, and chasing the recalcitrant road. As for raising the great strike of May 1, 1920, centered rates, the superior council is to propose them around this demand. But extreme plans found and the Minister of Public Works may accept little favor with the French public, of whom or reject them; but such proposed increases perhaps 3,000.000 are holders of railway become automatically effective unless the securities. There was a strong feeling against minister, on consultation with the Minister of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1306 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. Finances, files objection within one month. called a " prime de gestion" (bonus for opera- However, in case the proposed rates exceed tion). This is divided into two phases, the certain fixed limits, they must be submitted "prime du reseair' (bonus for the company) to Parliament. and "prime du personnel" (bonus for the em- The roads agreed to construct certain new ployees). These are determined by rather lines, bearing one-fifth of the expense, instead complex calculations, being based on the imof the guaranty of 25,000 francs per kilometer provement shown over the results of the year under the conventions. The State's share, at 1920. In the year 1921 one-third of this bonus its request, may be advanced by the roads, to went to the companies and two-thirds to the be repaid by annuities. employees. Finally, provisions were made for the amortization of bonds before the eventual FINANCIAL PROVISIONS OF THE LAW OF OCTO- expiration of the concessions or franchises, and BER, 1921. for the purchase of any line by the State.in case it was found advisable. The State agreed to restore the lines de- One of the most interesting features of the stroyed or damaged by war to their condition whole scheme is that forbidding strikes, inserted of August 2, 1914, and the roads waived any to prevent the recurrence of the critical days of further claims for damages. The guaranty 1920. Every dispute between roads and emof revenue is assumed to have ceased in 1914, ployees becomes the object of compulsory arbiand thus the amounts advanced under the tration before a tribunal of five members, two guaranty of revenues down to January 1, representing the employees, two representing 1921, arc considered offset by the claims of the interested road, and a fifth to be designated the companies against the Government, the by those members of the superior council not slate being wiped clean. personally connected with the railroads. From its receipts each road will keep the Except for the powers reserved by the State sums necessary to meet its operating expenses, or entrusted to the council the individual railinterest on bonds, limited dividends, other roads preserve their liberty of action as of costs, and its bonus or premium (prime de before the war. They are free to choose their gestion). Lines showing a deficit may draw own officers and employees and to maintain upon a common fund (fonds commun)^ Surtheir own discipline. pluses of the more favored roads are paid into Although the law was made retroactive to the common fund, to which for the present January 1, 1921, that year hardly offers a fair •money is advanced from the State treasury; test of its worth. But the results were moderand from 1921 to 1926, inclusive, all deficits in ately satisfactory, as is shown by the followingthe common fund are to be met by the State. table covering the year 1921: In case this fund becomes too large, all advances having been paid of? and reserves estab- [In millions off •anes.] lished, the surplus belongs to the State—though t a h i c s o e n v ti e n n g t e u n a c l y it * y w is o u v l i d rt u c a a l l l l y f im or p o a s s r i e b d le u , c a ti s o n su c o h f Railv/ay. KcceLpts. O p in e p g n e s e r e a x s t - - . c C h a a p rg it e a s l . d T ef o i t c a i l t. rates. This plan establishes the financial solidarity of the railway systems, and rates are to Noi'd 985 1,060 169 244 be adjusted with that fact in mind. Est 9.1.0 907 163 160 Paris-Lyon-Mediterranec 1,670 1,734 362 426 But while this plan contemplates that the Orleans 924 1.094 217 stronger roads, such as the Est, Nord, and the Midi... 420 '499 104 183 Etat 995 1,486 196 687 Paris-Lyon-Mediterranee, will assist in sup- Total 5,904 6, 780 1,21.1 2,087 porting'the weaker lines, all are given an incentive for efficiency and economy. In the Conventions two sorts of dividends had been These figures, taken from L'Economisto provided for—the guaranteed dividend (revenu Europecn, are the latest available. They do guaranti) and the possible dividend (dividende not exactly correspond with the figures pubreserve). The latter might be paid, when lished in the official Bulletin de Statistique, as earned, before division of surplus with the State the latter includes some sums received but not became obligatory. The possible dividend was, earned during 1921, etc. They show a notable of course, materially larger than the guaranteed reduction of the 1920 deficit; and one line—the dividend—in the Est more than twice as large. Est—succeeded in meeting its operating ex- The guaranteed dividend remains,1 the other penses. About one-third of the total deficit is having been abolished under the new law; but that of the Etat, a system which serves an agrito provide incentive a new scheme was devised, cultural region comparatively thinly popu- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDEBAL RESERVE BULLETIN. 1307 latecl. The following table shows the bonus GENERAL COMMEXTS ON FRENCH RAILWAY due each road for the year 1921: FINANCE. Francs. Est 4. 840, 000 In considering French railways, one im- Midi 955, 000 portant fact must always be held in mind. Orleans 7J7,000 The private companies are only concession- Nord 5,049, 000 Paris-Lyon-Meditcrranee 966, 000 aires. At the expiration of their concessions, the lines go to the State. Consequently all The bonus for the Est passed the figure, after bonds are scheduled for amortization before which one-half of the surplus must be paid to the concessions expire. Elaborate provision the common fund. has been made for the payment of equities For the six main systems other data show existing at that time, and also, as was stated improvement. The average operating ratio above, for the purchase, under exceptional was 63 per cent in 1913, 134 per cent in 1920, circumstances, of any line before the expiraand had declined to 114 per cent in 1921. The tion of its concession." average number of employees, given as 393,000 in 1913, rose to 467,000 in 1920, and shows a The following table prepared by the Credit small decline to 462,000 last year, though the Suisse shows the capital structure of these item of salaries and wages increased. This was lines, as of the end of 1921: 810,000,000 francs in 1913, 3,290,000,000 francs [In millions of i'raiKs.j in 1920, and 3,410,000,000 francs in 1921. Railway. Stocks. : Bonds. CURRENT OPERATIONS. One of the most significant facts is that the Etat 3 -17X OrJ cans 300 i 4 ^77 railways seriously damaged by the war have Nord 232 ! 4 060 been doing very well. The table below sum- M Ks i t d i . 2 1 Q 25 2 ! ! 2 1 ? 1 6 4 8 2 marizes the damage done and the repairs Paris-!/yon-Medilcrranee (,m inus Algerian lines)... 400 8,013 effected up -to July 1, 1922, for all the French railways affected by the war; Total 1,349 23,339 Railway, main lines: Destroyed, 2,404 kilometers. In comparison with American railroads, this Reconstructed, completely. arrangement seems to have too large a propor- Bridges destroyed, 1,503. tion of bonded indebtedness —18 to 1. But Bridges repaired, all. actually, under the Conventions of 1883 or the Railway, local lines: Destroyed, 2,407 kilometers. law of 1921, the proportion between the two Restored, 1,328 kilometers. makes comparatively little difference. Bridges destroyed, 481. The capitalization per mile is on the average, Bridges damaged, 517. rather higher than that of American lines, if the Bridges finally repaired, 539. franc is taken at par, In addition, reparation deliveries from Germany included 2,600 locomotives and 70,000 cars. Kilometers! Miles The figures for the current year show marked liailuay. tarnation operated i operated improvement over those of last year. The (francs). ai 1 e 9 n 2 d 1 . of • 'k ( i £ lo -" m m e il t e e = r ) I : gross receipts of the larger French railways during the period from January 1 to Sep- Etat 3.478.000.000 i 9,0JI ! 5,625 tember 2, 1922, were as follows: X O o rl r e d a ns 1 1 4 , . 6 29 7 2 7 , , 0 0 0 0 0 0 ,0 ^ 0 0 0 0 0 i I 3 7 , , 8 8 3 0 0 0 ' : 4 2 , , 8 3 7 9 5 5 Est. 2.560,000,000 i 5,027 i 3,140 Midi: •!',267,000,000 4,119 | 2,575 Paris-Ly on-Mediterranee 18,1.1.3,000,000 9,781 • 6,1.1.3 Gross receipts, Increase over Percentage Railway. Jan. I to Sept. same period of increase. 2,1922. 1921. In dollars Hail way. • Capitalization per mile. atofr.=$l. Frames. Francs. Etat 658,995, 000 52,945,000 8.74 M P N O E a s r o i t h r d r i i d i s a - n L s yon-Mediterranee... 1,1 6 6 3 5 4 5 9 0 8 2 4 3 0 9 , , , , , 5 3 2 0 9 8 4 4 5 9 0 5 0 0 5 , , , , , 0 0 7 0 0 0 0 6 0 0 0 0 5 0 0 6 6 6 1 4 8 5 6 2 , , , , , 9 9 5 0 1 8 8 0 3 7 4 3 9 0 3 , , , , , 0 0 0 8 0 C 0 0 1 0 0 0 5 0 0 J 1 4 l 6 0 . . . . . 2 8 1 9 1. 2 5 3 X O E E o s t r a t l r e t d ans 1 F ,7 9 8 6 r 9 a 1 6 1 8 2 n 9 5 , c , , , 0 0 0 0 s 0 . 0 0 0 0 0 0 0 3 1 1 1 5 9 6 2 8 2 3 3 , , , , 4 0 0 6 0 0 0 0 0 0 0 0 Alsace-Lorraine and Guil- Midi. 492,000 98,400 laume-Luxembourg 309,919,000 29,325,000 10.45 .Paris-Ly on-M editerranee. 1,375,000 275,000 —f •• ~ The excellent showings made by the Nord While many problems remain to be solved, and Est reflect the activity in restoring the the outlook for the French railways seems devastated regions which they serve. hopeful. There is still considerable dissatis- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1308 FEDERAL. RESERVE BULLETIN. NOVEMBER, 1922. faction over the rigid acceptance of the eight- many to believe that the present coal shortage is hour day, which has recently been somewhat artificial, it is nevertheless true that a severe modified in the case of the clerical forces. coal shortage exists. This shows that Ger- But so far the railways have avoided the crisis many's difficulties are not merely of a financial which this fall has tied up a part of the shipping nature, growing out of the depreciation of her industry. The system of labor representation currency, but also that her industries rest upon and the "prime du personnel" have promoted an unstable basis. A survey, therefore, of the good relations and allayed unrest. Train sched- present coal situation and the causes of the preules are nearly at their pre-war normal of service. vailing coal shortage is useful since it enables Electrification is being pushed, notably on the one to understand the instability of Germany's P. L.M., Orleans, and Midi, and numerous other economic situation and the reasons why it has improvements are being installed. There is agi- become steadily worse. tation for reduced rates, but, realizing the need of securing the financial stability of the lines, PRODUCTION AND FOREIGN TRADE. the Supreme Council has decided to continue the present average rates until May, 1923. the The output of coal in Germany immediately general principle being that the rates should after the outbreak of the war (see Table I) correspond with the level of prices. The law, showed an erratic downward movement. This which was passed by a large majority a year was caused partly by the decrease in the numago, seems to have met the expectations of its ber of employees who were mobilized for war sponsors. Altogether, so far as can be observed service and partly by the decreased demand, at this time, the railways of France are at present since Germany was unable to export coal in a satisfactory condition, with good prospects abroad to the same extent as before the outof improvement, unless involved in general pobreak of hostilities. The production of coke, litical or economic disturbances not associated however, was well maintained throughout the with their own industry. entire war period, mainly due to the great demand for by-products of coke for war purposes. While the output of coal and coke has thus THE GERMAN COAL SITUATION. been lower during the last fevy years than that of 1913, the output of lignite has increased Germany to-day faces a coal shortage that considerably. This increase is due to several tends to influence the entire economic future of causes, prominent among which are the transfer the country. The abundance of cheap coal, of coal fields to other countries, which made coupled with labor paid for in paper marks, coal scarcer, and the fact that many German have been the main secrets of Germany's ability industries and private households who are unto produce goods cheaper than any other nation able to purchase the more expensive coal meet since the armistice. The prevailing coal short- their fuel needs by the much cheaper lignite. age, however, has changed this situation to a In addition, several new inventions have made v§ry large extent. Not only has it tended to the use of lignite more profitable. bring the price of German coal near the world In discussing Germany's coal supply menprice level but it has also necessitated the im- tion should also be made of the production portation of large quantities of foreign coal. of briquets, which are made both of coal It has further increased the cost of production and lignite. Coal briquets contained for the to such a degree that at the present time the period 1913 to 1919, about 93 per cent of coal, coal question is one of the most important eco- the rest being tar (pitch). nomic problems which the country faces. Coal From the figures of production alone, howoutput has to be considered in connection with ever, it is impossible to ascertain what the reparation payments, since large quantities of present coal situation is. The coal exports and coal must be delivered monthly to the Allies. imports of the country must first be analyzed It plays also an important role in Germany's before conclusions as to consumption and the balance of trade, and above all it exercises great resulting coal shortage can be drawn. influence on the productive capacity of the Both exports and imports (see Table II) country. The loss of the Lorraine iron mines, show almost the same downward tendency. which makes Germany's industries largely de- During the war coal was Germany's principal pendent upon foreign iron ore, enhanced further commodity in her trade with neutral countries, the importance of Germany's coal resources. such as Scandinavia, Holland, and Switzerland, where it was exchanged primarily for foodstuffs. The rapid increase in the coal exports in 1920 of coking coal in Continental Europe, inducing and 1921 is due largely to deliveries for repara- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL, RESERVE BULLETIN. 1309 tion account, the free exports being smaller are discussed later. This figure gains further than those of the previous years. in importance if one considers that Germany's A brief analysis of imports by countries of exports of coal for 1921 have also decreased origin (see Table III) shows also that distinct by 19,000,000 metric tons as compared with changes have taken place during the last few 1913. In calculating the amount of coal years. Coal imports from Holland, Belgium, consumed in Germany, lignite has been conand the territories of the former Austro-Hun- verted into terms of coal by assuming that 9 garian Empire have decreased to a very large tons of German lignite and 3 tons of Boheextent. The Dutch imports represent mainly mian lignite are each equal to 2 tons of coal. transshipments from England and reflect the The report of the Reichs Kohlenrat (Federal general status of Holland's present coal trade. Coal Council) for the year 1921 contains inter- The great quantity of American coal imported esting data, comparing the use of domestic during 1920 is due mainly to various trade re- coal for the years 1913, 1920, and 1921. These strictions prevailing in Europe after the armis- figures are presented in the following table in tice. condensed form : Coal exports, on the other hand, have been largely influenced by reparation deliveries, CONSUMPTION OF DOMESTIC COAL IN GERMANY. which are also the main cause of the great [Quantities in thousands of metric tons.] change in the countries of destination. Before the war Austria-Hungary and Holland were 'Available supply G 19 e 2 r 1 m F an ra y n 's c e b , e B st e lg c i o u a m l , c a u n st d o m Ita er ly s, h w el h d i le th e d u le r a in d g - Avail- Tlonttnall ePx>p-iowrit sQ. . to D K e n li t v e e n r t i e e > s i c fo o r n s d u o m m p e t s i t o i n c . I able ing places. " Free exports" of coal from Ger- Year. I fuel many, that is, those not included in reparation I at end 1 Per- i ' Per- ! Index deliveries, are of even less importance than of year. WeightJ L j+Q||f |A\ 'eight. oftotaf' Wei§nt' (1913= i supply.! supply.! 100). shown by the official figures, if it is borne in i mind that shipments to Poland, Danzig, 1913 45,422 | j 148,392: 100.0 Memel, and Austria are regulated by the peace 1920 137,620 2244,,228622 17.6 j 15,634 . 11.4 113,000 76.4 treaty, and exports to the Saar Basin by the 1921 147,119 c 2 \r- 7 r , m 2 o 13 -in 1 * 8 * .5 -i o I 1 rrv 8 o ,5 . 98 t n ; r* 12 t i . /\ 6 n ns\ 119,00 n 0 /\ r; Wiesbaden agreement. Thus, only shipments to Czechoslovakia, Holland, Switzerland, and Domestic consumption. Scandinavian countries may be regarded as "free exports." Industry, household, Year. and agriculture. Gas, water,! CONSUMPTION. Railroads. and elec- . If the amount of coal produced in Germany tricity. ! Weight. (19 I 1 n 3 d = e 1 x 00). is added to that of coal imports, and the coal exports are deducted, the result gives the 1913 i 14,004 j 11,628 : 122,760 100.0 approximate amount of coal for domestic 1920 j 16,590 i 14,867 - 83,000 67.4 1921 ! 16,782 j 14,697 89J000 72.1. consumption. (See Table IV.) A mere presentation of figures showing total coal available for consumption would, however, not give a According to the above figures, the amount true picture of the situation, since territorial of German coal made available for domestic changes have resulted in a decrease of the pop- needs during 1921 shows a decrease of 28,000,ulation in Germany. For this reason per 000 metric tons, or of 19.2 per cent as compared capita consumption" figures have been com- with 1913. puted. Coal consumed in Germany during It is of interest to note that while industry, 1921 was less by 40,000,000 metric tons than the household, and agriculture received less the consumption in 1913. This figure, how- fuel during 1920 and 1921, railways, gas, water, ever, is too large, since it refers also to the and electrical plants received more coal during territories which have been ceded to other the past two years than during 1913. Railways countries. Alsace-Lorraine, the Saar Basin, during 1921 received 2,780,000 tons more than Luxemburg, and the eastern Provinces ceded in 1913, and gas, water, and electrical plants to Poland consumed about 23,000,000 tons. 3,070,000 tons more. This increase is due Thus the territory constituting the present largely to the greater use of coal of a lower Germany consumed during 1913 about 158,- quality. The situation of the railroads with 000,000 tons, as compared with 134,000,000 regard to coal reserves is, however, precarious. tons for 1920 and 139,000,000 tons for 1921, an Reserves on hand on July 15, 1922, were, underconsumption or shortage of about 20,- according to reliable sources, 750,000 metric 000,000 metric tons. This does not take tons, as compared with 3,500,000 metric tons account of the altered needs of industry, which for the same date in 1913. The consumption Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1310 FEDERAL BESERVE BULLETIN. NOVEMBER, 1922. of foreign coal by the Federal railways, it was many (sec Table V), where many industrial stated, is such that without this coal the traffic sections depend on Silesian coal. efficiency would suffer considerably. The decrease during 1921 is to be ascribed The above-mentioned shortage of 20,000,- to the occupation of Upper Silesia by the 000 metric tons of coal during .1921 has further Polish irregulars. The output for the first increased during 1922, mainly due to the con- six months in 1922 amounted to 16,185,000 tinuous decrease in the coal output. Produc- metric tons, the distribution of which, after tion, for instance, amounted in July to 9,589,- deducting the quantity used hj the mines 000 metric tons and in August to 10,206,000 themselves, was.as follows: metric tons, which is, respectively, 1,995,000 Metric tons. metric tons and 1,378,000 metric tons below Former plebiscite area 1, 334,000 the monthly average production for the first Germany b\ 700! 000 Poland/. 3, 670', 000 six months of the present year. Austria 1,105, 000 The coal situation has further been aggra- Czechoslovakia 260, 000 vated by the greater requirements for coal for I taiy 543,000 Danzicv 123; 000 domestic consumption. During the war Ger- Memel 54. 000 many was forced to develop new industries and Hungary 82, 000 to create commodities which she previously bought from abroad. Due to the lack of From these figures it is evident that the petroleum, which is mainly imported, Ger- Upper Silesian coal was mainly used by Germany was compelled to establish many gas many, and that henceforth Germany will have and electrical plants in order to provide light to import large quantities of coal from Poland. for many small towns and villages which The statement is often made in the German previously depended entirely upon petroleum press that the transfer of the majority of coal for lighting purposes. The loss of the iron and mines in operation in Upper Silesia to Poland steel factories located in Alsace-Lorraine also decreases the quantity of coal available for necessitated the establishment of new plants needs in Germany, since the exportation of coal which further increased the demand for coal. from Poland into Germany is not assured. This is based upon the fact that many mines in Polish Upper Silesia have changed their CAUSES OF Til1'] PRESENT COAL SITUATION. ownership. Of the total coal mines, 11.5 per The facts in the present coal situation having cent formerly owned by the Prussian State are been analyzed, it is now desirable to review the now the property of the Polish Government. causes that have brought about the existing In addition, other mines have been acquired by shortage. These are mainly the cession of British, French, and Polish companies. Acimportant coal fields by Germany, the forced cording to the peace treaty and the Geneva coal deliveries for reparation account, and the agreement, Poland is bound to permit the exdecrease in the output of the mines retained by port of coal to Germany for 15 years. Polish Germany. In addition to these major causes railroads, however, have in several instances there are also others of less importance, such refused to carry coal from Upper Silesia into as the great drought, which made the carrying Germany. To indicate the real loss which of coal on the rivers very difficult, and the rail- Germany suffered from the cession of Upper road strike in February, 1922, which greatly Silesia, the coal fields which have not been disturbed the distribution of coal. opened should also be considered. Before the (a) Cession of Upper Silesia.—Through thewar Germany's coal wealth to a depth of 1,200 loss of the Lorraine, Saar, and Upper Silesian meters was estimated at 184,768,000,000 metric coal fields Germany's pre-war capacity de- tons, of which 96,000,000,000 metric tons are creased as compared with that of 1913 by about in the ceded part of Upper Silesia. 49,700,000 metric tons, or 26.15 per cent. By (6) Coal deliveries.—Coal deliveries under the far the most important coal fields lost, however, peace treaty are the second cause of the present are those of Upper Silesia, which during 1913 coal situation. Including coke and lignite, coal produced 43,801,000 metric tons of coal. The shipped to the Entente in accordance with output of the part ceded to Poland amounted article 236 of the treaty of Versailles amounted in 1913 to 33,000,000 metric tons, or 75 per to 2,419,000 metric tons for 1919, to 15,632,000 cent of the total Upper Silesian output. Not metric tons, or 11.36 per cent of the total available including the Saar, the Palatinate, and the supply, for 1920, and to 18,069,000 metric tons, Lorraine coal fields, this in itself represents a or 12.64 per cent, for 1921. The total shiploss of about 20 per cent of Germany's total ments of coal to Belgium, France, and Italy up coal output. The largest proportion of coal to July 1, 1922, under the terms of the peace produced in Upper Silesia was shipped to Ger- treaty, amounted to about 47,000,000 metric Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAX. RESERVE BULLETIN. 1311 tons. German coal shipments to France alone The forced coal deliveries disturbed to a very from the date of the armistice on November 11, large extent the "free coal shipments," 1918, to January 1, 1922, amounted to 27,202,- especially those of Great Britain. Her exports 300 metric tons. Distribution, by periods, was of coal to the above-named countries have as follows: decreased rapidly. For instance, France,which during 1913 imported from Great Britain Tinder the protocol of Luxemburg: Metric tons. 12,776,000 metric tons of coal, imported dur- Nov. 11, 1918, to Aug. 31, 1919 4, 371, 700 ing 1921 only 6,396,000 tons, showing thus a Under the peace treaty: Sept. 1, 1919, to Jan. 10/1920 2,145,200 loss of imports of British coal about equal to Jan. 10, 1920, to Dec. 31," 1920 10, 635,000 the increase in the imports of German coal. Jan. 1, 1921, to Dec. 31, 1921 10,049,000 Italy's coal imports from England show a still Total coal deliveries for the first six months greater decrease, declining from 9,647,000 in 1922 amounted to 9,600,000 metric tons. metric tons in 1913 to 2,905,000 tons in 1920 Reparation deliveries are fixed for three months and to 3,383,000 tons in 1921. It would, howin advance. For May, June, and July they ever, be erroneous to ascribe this great slump were 1,916,000 metric tons and for the three in the British coal exports entirely to reparation months from August to October, inclusive, deliveries, for the total coal exports from Great 1,725,000 metric tons. It was further stipu- Britain decreased from 58,100,000 tons in 1913 lated that should Germany's coal production to 20,100,000 tons in 1920 and to 18,800,000 increase sufficiently, deliveries to the Allies tons in 1921. During the last few months of should be increased by about 20 per cent. Loss 1922 British coal exports showed an upward of the Upper Silesian coal fields and the de- movement, mainly due to increased German crease of the Ruhr output reduced Germany's imports. productive capacity to such an extent that the (c) Decrease of output.—A third cause of the deliveries for August, September, and October present coal shortage is the decline in the outhad to be decreased to 1,610,000 metric tons. put of almost all, German coal mines. Coal During several months Germany was unable production fell from an average working day's to deliver the stipulated amount of coal. output of about 480,000 metric tons in January Since, however, the Reparation Commission in- and February and 500,000 tons in March to sisted upon delivery in full, an agreement was about 403,000 tons in June. The greatest reached between the interested parties whereby drop iii the coal output took place in the Ruhr Germany was allowed to purchase coal in Valley, where the six-month daily average for Great Britain and ship it at her expense to 1922 is 319,161 metric tons, as compared with France and Belgium. The huge shipments of 384,020 tons for 1913. The monthly output coal for reparation account and the increased of coal in this district during 1921 and 1922, as imports of British coal for domestic German compared with that of 1913, is shown in the consumption have brought about an unusual following table: transport situation. German coal is being shipped down the Rhine to provide French Month. 1913 1921 1922 railways, gas and electrical plants with fuel, I while the same barges carry British coal up the , Metric • Metric Metric Rhine for southern and central German con- I tons. | torn*. ions'. sumption. To avoid this double cost of trans- J F a e n b u ru ar a y ry l j 3 3 8 8 9 3 , , 4 0 9 8 3 8 . | 3 3 3 4 2 0 , , 9 6 0 0 4 9 I 3 3 2 2 2 2 , , 0 4 9 1 0 6 portation, the German Government made a M Ap a r r i c l h . ...#, I 3 3 8 8 3 2 , , 4 5 4 5 5 0 ; I 3 3 0 0 7 3 , , 4 6 0 5 7 5 I i 3 3 3 2 3 6 , , 8 6 0 3 2 7 proposal that it be permitted to ship British May ," 381,915 J299,123 3 JO, 844 Jmlc | 383,455 i 307,053 i 298,036 coal direct from Great Britain to France and Belgium, but this was not agreed to by the Six-month average : 384,020 ; 314,962 | 319,181 Reparation Commission. July : ! 375,939 I 298,817 | 302,469 August -1 376,740 ! 299,334 j As already indicated, France, Belgium, and September ; 372,938 302,072 ! Italy are the largest recipients of German coal. N O o ct v o e b m er b er ; 3 3 8 6 6 6 , , 2 4 6 8 1 4 " ' 3 3 2 0 0 9 , , 5 5 2 1 2 4 ' ! Deliveries during 1921, amounting to 18,000,- December ' 377,279; 318,991 i 000 metric tons of coal, and of coke and bri- Twelve-month average ...; 379,840 310,866 j quets converted to coal equivalents, were distributed as follows: The decrease in the coal output is the direct result of the labor situation and above all of the [In thousands of metric tons.] shortening of the working day. Up to November 18, 1918, a shift was 8£ hours; from that Coal. Coke. ' Briquets. time until April 1, 1919, 8 hours; from "then until April 9, 1919, *1\ hours; and since then 7 France ' 6,504 j 3,83S i 475.6 Belgium ; 2,598 • 134 ! 75.5 hours. The abolition of overtime, which started Italy I 2,544 j 62.8; in March, 1921, was not entirely offset by the 17134—22- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1312 FEDERAL RESERVE BULLETIN. NOVEMBER, 1022. increase in the number of employees, and consumed by gas plants, as fixed by the Fedmeant a loss of approximately 38,000 metric eral coal commissioner, was 624,000 tons, it v tons daily, or an annual loss of about 11,000,000 being assumed that this amount would cover metric tons. After prolonged negotiations two-thirds of their actual needs. As a matter between employers and unions, an agreement of fact, however, they received only the folwas reached on August 24, 1922, according to lowing quantities: which the Ruhr miners pledged themselves to , Metric tons work two hours overtime three days a week. 1922—January 265, COO These additional six hours a week, it was February 286, 000 March..' 234, 000 estimated, would increase the total German coal April ; 327,000 output by about 500,000 metric tons a month, May 341, COO and will tend to decrease considerably the The large gas plants of Mannheim, Nuremimports of foreign coal. berg, Dresden, and Leipzig reported that during The productive capacity of the mines was July they had supplies only for two, three further seriously affected by the emigration of and one-half, five, and six days, respectively. miners to other trades and districts. According Other important gas and electrical plants, to a report of the Federal coal council, more especially those located at the northwest coast, than 25,000 miners left the Ruhr coal mines to depend almost entirely upon British coal, large engage in other trades. The number of em- quantities of which it is reported are also conployed miners decreased from 561,158 during sumed by many industries located in central April to 545,640 in May, and to 535,861 in June. and southern Germany. Use of British coal A slump in the building trade, which sot in for domestic consumption has increased rapduring the end of the second quarter of the idly, since even railways have been forced to year, induced many miners to return to the coal purchase large quantities of foreign coal. Immines. It was reported that during July the ports of coal from Great Britain for the year number of employees increased by about 3,600. 1913 amounted to about 9,000,000 metric tons, or to about 750,000 metric tons per month, EFFECTS OF THE COAL SHORTAGE. while those for July, 1922, were about 1,200,000 metric tons, an increase of 62 per cent. The immediate results of the prevailing coal The shortage of coal and the ever-increasing shortage are manifold and tend to influence the importance of foreign coal forced the German productive capacity of German industries, the Government to suspend the import tariff of balance of trade, and practically all phases of 40 per cent ad valorem on coal. At first this Germany's economic life. In German circles it tariff was abolished only for four months, is also feared that a severe lack of coal, coupled namely, from March 31 to August 1, 1922. with unemployment, may not be without When the coal shortage became more acute, serious effects upon the internal political the period was extended until March 31, 1923. situation. The result of this action was an immediate Many German industrial concerns have been increase in imports, as may be seen from the unable to provide themselves with coal for the following table: winter, and it is generally believed that a large percentage of them will be forced either IMPORTS OF COAL, COKE, AND BRIQUETS. to close or to decrease their activity, which in turn will cause unemployment. The railways, [In metric tons.] which during 1920 and 1921 had coal reserves for about 25 days, report that their present Month. Coal. ! Coke. i Briquets. stock is only for 12 days, and is steadily decreasing. On June 1, 1922, the consumption 1922. March 28-1,979 514 3,302 of coal by the mines had been decreased by April... -1,038 I 1,516 May 333^704 j 9,838 330 10 per cent, and since this reduction did not Juno 789,799 34,456 3,944 bring satisfactory results, a further 10 per cent July 1,542,223 27,619 S, 365 August 1,721,173 52,400 ; 7,|18 decrease was decided upon on June 20, 1922. Gas and electrical plants, which previously were using only two or three kinds of coal, Total coal imports for the first six months are at the present time forced to experiment amounted to 2,102,215 metric tons, as comwith more than 45 different kinds, which pared with 552,857 metric tons for the last half further tends to increase the cost of gas and of 1921, and as already stated imports are electricity. These plants are also suffering steadily increasing. from a severe coal shortage. Thus, for in- The consumption of foreign coal tends to stance, the monthly average of coal to be increase the unfavorable balance of trade and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1313 NOVEMBER, 1922. FEDERAL RESERVE BULLETIN. thus exercises a depressing influence on mark until recently the cost of coal could almost exchange. Since the imported coal is in almost entirely be figured on a mark basis, at present all cases paid for in gold or in high valued for- the use of foreign coal makes such a calculaeign currencies, it necessitates an additional tion impossible. All these factors tend to insale of paper marks. Foreign coal also brings crease the cost of production of German goods, in a new element of uncertainty in the price make exports more difficult, and may uliticalculation of German manufacturers. Whereas mately lead to serious unemployment. Table I.—PRODUCTION OF COAL, COKE, AND LIGNITE IN GERMANY. [In thousands of metric tons.] Coal. Briquets. ! Ruhr. Year. Coke. Lignite. | ! Pcrccnt- S U il p e p s e ia r . i , b - a ai' I | d is O tr t i h c e t r s , i • l T o U1 . > , !i jj Coal. Lignite. | Actual. : ago of i total. 1913 1 114,487 j 59.8 1 43,435 I 13,217 18,970 190,109 I 34,630 87,233 6,993 21,493 1914 i 98,285 i 60.8 I 36,990 10,032 16,072 161,385 I 28,597 83,694 6,194 21,098 •J9L5 86,778 ; 59.1 i 38,107" 8,384 13,598 146,867 i 27.2L7 87,948 6,583 22,750 1916 94,563 ! 59.2 j 41,723 8,903 13,980 159,169 341202 94, ISO 6,299 23,484 1917 99,365 i 59.2 42,752: 10,265 15,305 167,747 "34,700 95,543 5,556 21,54L 1918 j 96,017 ! 60.6 i 39,648 9,989 12,600 160,908 i 34,428 100,599 5,484 22,709 J9L9 : 71,154 I 60.9 j 25,701' 8,981 10,871 1.16,707 ! 22,710 93,648 4,081 19,301 1920 i 88,408 ! 67.3 ! 31,686 11,247 131,341 i 25.177 111,880 4,938 24,273 1.921 i 94,115 i 68,9 I 29,639 12,456 136,210 I 27;921 123,0L1 5,688 28,243 1922 (first 6 months) I j... *| 69,505 ! 14,607 65,887 2,606 14,221 I Table II.—IMPORTS AND EXPORTS OF FUEL. fin thousands of metric tons.] Imports. Exports. I 1 Year. I Coal Coal j b a r n i d q u c e o t a s l . Coke. T co o a t l a . l i I TL 4 l% cr mnt ; Gtp ' ! j b L r i i g q n u it e e t s, l T ig o n t i a t l e.* b a r n i d q u c e o t a s l . Coko. T co o a t l a . l 3 Lignite. b L r i i g q n u i et t s e . li T gn o i t t a e l .4 1913.. ! 10,566 593 11,357 i 6,987 121 7,350 36,877 6,411 ! 45,422 60 861 2,643 1914 6,496 360 i 6,976 ! 5,628 131 6.021 I 29', 166 3,858 ' 34,310 47 805 2,460 1915 2,550 89 2,668 i 5,133 147 5,574 18,066 3,714 I 23,018 ! 39 522 1,605 1916 1,378 105 ' 5,296 130 5,686 ! 20,768 4,134 26,280 ! 37 502 1,543 1917 511 105 ! 3,917 95 ; 4,202 16,026 3,004 20,031 ! 25 353 1,084 1918 200 25 : 233 ! 3,015 56 i 3,183 13,575 2,409 • 16,787 ! 31 243 760 1919 19 49 ! 1,868 38 : 1,982 5,749 3,421 ! 10,310 I 13 246 751 1920 334 2 j 335 i 2,356 42 2,482 I 15,341 5,228 i 22,512 •! 72 261 4,342 1921 1,369 8 ! 1,370 ; 2,757 2,757 | 19,325 5,434 ! 26,570 I 5 36 986 2,994 1922 (6 months) «... 2,193 52 I 2,181 j 1,188 15,987 ,. i 4,280 558 ' 5,097 j 9 176 1 Coke converted into coal. « Figures of lignite briquets converted to lignite equivalents. a Lignite briquets converted into lignite. a Estimated. 3 Figures of coke converted to coal equivalents. 6 Reparations deliveries not included. Table III.—IMPORTS OF COAL, COKE, AND BRIQUETS INTO GERMANY, BY COUNTRIES. [Metric tons.] Country. 1913 1919 1920 j 1921 Country. 1913 1919 1920 1921 J _ Great Britain ; 9,203,543 ! 12,877 j 577,488 I France i 17,007 i 20 984 I 20 Netherlands ! 545,700 2,148 . 45 j 71,427 : United States 46,230 258,906 96,541 Austria-Hungary : 516,763 1386 ! 137,757 116688.,550044 :;i| AAffrriiccaa.. - i ' 3,005 ! Belgium '...". : 847,498 3,521 540 1 Saar. 26,542 i 543,439 1 Czechoslovakia. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1314 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. Table IV.—CONSUMPTION OP FUEL. [Thousands of metric tons.] Total Per head 1 Total Per head Year. Coal. Lignite. coal and of popula- Year. Coal. Lignite. coal and of populalignite.1 tion. lignite.1 tion. Tens. Tom. 1913 156,044 91,940 179,742 2.68 1918 144,354 103,022 168,664 2.51 1914 . . 131,051 87,253 156,118 2.33 1919 106,446 94,879 128,412 2.11 1915 126,518 91,917 149,422 2.25 1920 109,163 110,020 134,715 2.23 1916 134,408 98,323 158,784 2.41 1921 111,010 122,774 139,519 2.31 1917 148,367 98,661 172,161 2.62 1 I 1 Figures of lignite converted into terms of coal. Table V.—SHIPMENTS OF UPPER SILESIAN COAL. Sliipments to— pro T d o u t c a t l ion ! : Germany. Year. of Upper Plebiscite Poland, Czccho- ' Silesia. a U re p a p e o r f Au a s n t d ria, TJltanll > _ ' • I S D l a o n v z a i k g i , a , ! j Outside of Percentage Silesia. Hungary. ' and Meihel. Upper of total 1 Silesia. production. 1920. 27,857 !j 8,322 > 5,119 ! 660 j 1,121 12,550 | 45. 05 1921. 25,983 j | 7,736 i 5,103 I 929 11,257 43. 32 CURRENT ECONOMIC CONDITIONS IN ARGENTINA AND BRAZIL. ARGENTINA. The live-stock industry.—According to a report of the agricultural statistics division Foreign trade.—Notwithstanding the fact of the Government of Argentina, the number that there are at present in the economic of loans on live stock and agricultural prodsituation of Argentina a number of unfavor- ucts has been gradually decreasing; and able factors, such as the drop in imports and since prices for cattle are materially improvexports, reduced stocks of wheat, wool, and ing the live stock and agricultural industries linseed, and excessive rainfalls, economic read- may bo considered as approaching more justment is progressing satisfactorily and normal conditions. Figures showing the numgeneral conditions remain favorable. The diffi- ber and amount of live stock and agricultural culty in collecting items drawn on the interior, loans for the first semester of the current year, due to a recent drop in Argentine exchange, are as follows: has tended to restrict imports and purchases on a large scale, whereas the closing of the Number i Amount in crop season has resulted in a reduction of ex- Month. of loans. \ paper pesos. ports. Figures showing the exports of some of the principal Argentine products during the first 1922. January... 1,085 ! 24,371,603 nine months of the current year, as compared February. .1,149 ! 28,3i4,o54 with the same period of 1921, are indicated in March 1,345 ! 24,518,668 April 1,714 i 2.1,339,825 the following table: May 1,185 : 20,278,429 June 1,120! 23,358,436 Total. 7,598 :- 142,21.4,516 Exports from Jan. 1 to Sept. 30 (000 The classification of these loans as reported omitted). Commodity. by the division of agricultural statistics follows : 1921 1922 Wheat tons.. 1,561 3,204 Loans on— Xumber.! Amount in Corn.. do 2,125 1,437 ; paper pesos. .Lip seed . .do .. 1,001 731 U M F e lo u ef t u t r o i . n .. . . : c q a u rc a a d r s t o s e e r s s . . . . 3 1 , ,9 2 8 5 3 0 8 5 3 2 , , 2 3 3 0 7 0 6 7 L O i t v h e e - r s t p o r c o k d u c c o t l s lateral.. 3 3 j . 2 4 1 7 7 7 : 4 9 - 3 1 , , 9 1 8 9 5 4 , , 2 6 9 6 2 5 Machinery and tools. 901 4,08-1,559 i Figures for 8 months. Total., 7,598 ; 142,214,516 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1922. FEDERAL, RESERVE BULLETIN. 1315 The report further states that up to June 30, stipulates that the Government shall place at 1921, the total number of operations amounted the disposal of the Argentine Transandine to 116,330, with a value of 1,438,775,115 paper Railway Co. an amount not to exceed 2,500,000 pesos, and the number of loans effected was gold pesos for financial purposes. The terms 49,601 for a total value of 842,602,624 paper of the contract entered into foy the Governpesos. Further forced liquidation of cattle ment with the Argentine Transandine Railway loans seems less probable at present than at the Co. provide for joint administration of the middle of the current year. The speculators and Chilean and Argentine Transandine Roads, middlemen who had become prominent during and according to the message of the executive the war period have been eliminated. The this company has requested that an additional Banco de la Nacion has been a powerful factor 1,500,000 pesos be granted by the Government in the improvement of the cattle industry of to be used in financing the electrification of 45 Argentina through the extension of long-term kilometers of the Argentine line connecting credits. According to an official statement of with the Chilean line. The committee of pubthe Minister of Agriculture issued on September lic works of the Chamber of Deputies has 2, 1922, the estimated number of cattle in reported on a bill which was submitted by the Argentina was placed at 28,000,000 and the executive in 1919, and again in 1921. This bill number of sheep at 46,000,000. The number provides for the construction of a surface water of meat cattle in Argentina will probably show drainage system in the Federal capital. The a decrease in the next few years until a new executive lias been authorized to proceed with level is reached, but the quality of cattle, it is the construction of such a drainage system and stated, is likely to improve. Considerable at- to issue national sanitary work bonds'in an tention has been devoted to the raising of dairy amount not to exceed 120,000,000 pesos, in cattle and these will probably increase in I series,, as the work proceeds. These bonds are number. The general tendenc}^ in the sheep to bear interest from date of issue at the rate of industry has been toward the raising of fewer 6 per cent per annum, with cumulative amorsheep and producing a better quality of wool. tization of 1 per cent, and service is to be met With regard to the hog industrv, it appears that out of the revenues derived from the works to more attention is now being given to it and a to be constructed under the terms of the steady'increase in the number of animals avail- authorization. able for export is anticipated. In the produc- The executive of Argentina, in a message to tion of live stock in Argentina there is the ad- Congress, has recommended the cancellation vantage of low costs on account of cheap land of the indebtedness of the Republic of Paraguay and labor as well as of mild weather conditions. as outlined in article 3 of the peace treaty of Government finances.—The customs revenue February 3, 1876. This indebtedness origiof the Argentine Government for the first seven nated from damage to public property and months of the current year amounted to expenses of the Paraguayan war. The bill as 140,198,009 paper pesos. This sum compares recommended by the President follows: unfavorably with the customs receipts for the same period in 1921, which amounted to The public debt, recognized and accepted by the 151,189,466 paper pesos. Comparing the esti- Republic of Paraguay under the terms of the treaty of peace of February 3, 1876, as owing to the Argentine mate of revenue from this source for the period Republic on account of indemnity for the expenses of the above mentioned with the actual receipts, a war incurred by the latterj(art. 3, par. 1), and on account of deficit appears of 22,949,153 paper pesos. damage tQ public property (par. 2), is hereby declared President Irigoyen recently sent to the canceled, as are also the interest payments stipulated in article 4 of the said treaty. Argentine Chamber of Deputies a bill which would authorize the municipality of Buenos The President of Argentina sent a message Aires to issue bonds in an amount not to to Congress on September 8, 1922, asking apexceed 30,000,000 paper pesos, with interest proval of an ad referendum contract that had at the rate of 5 per cent. The purpose of this been entered into by the National Governissue is to provide funds to be used exclusively ment with two New York banking firms for the paying of streets in the municipality of for a loan of up to $212,000,000 American Buenos Aires. The service and amortization currency, as the equivalent of the sum of of these bonds would be derived from a tax to 500,000,000 Argentine paper pesos at par of exbe levied on the properties benefited by the change. This conditional loan has for its purpaving. Whether the Argentine Congress will pose the consolidation of the national floating approve the bill is still uncertain. Another debt and the repayment of the Government's infinancial project of importance submitted to debtedness to the Banco de la Nacion Argentina, Congress by the executive has been an amend- and is to be known as the foreign loan of 1922. ment to Law 11174 of October 13, 1921, which IThe message of the President to Congress ex- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1316 FEDERAL RESERVE BULLETIN. N o Y H M BE K , 19 2!i. plains that the contract provides for a loan of BRAZIL. §100,000,000 American currency, with the Foreign^ trade.—General trade conditions, as option on the part of the bankers to loan $112,000,000 more, at 6£ per cent interest, reported in the October BULLETIN (p. 1191), have not undergone material change. The The loan is to be floated at 97, and provides for recent decline in Brazilian exchange has been a 1 per cent cumulative annual amortization. generally attributed to the shortage of coffee General strikes in Buenos Aires.—The Departbills, to the present reduction of exports, and ment of Labor of Argentina has published to the fact that there has been a large demand statistics showing that during the period of six for foreign exchange to cover future purchases. .years from 1916 to 1921 a. total of 120 strikes The financial problems facing the Government took place in Buenos Aires affecting 663,902 have also been given as a reason for the present workmen, as shown in the following table: depression in trade. The opinion has been freely expressed by business men in Brazil that Average measures will have to be taken looking toward Year. N s u t m ri b k e e r s . of N w u o m rk b m er e n o . f n w u o m rk b m er e o n f the improvement of the exchange situation; per strike. otherwise cancellation of foreign purchases may be expected, entailing disturbance of markets 1916 9 24,853 2,759 and of business in general. It is hoped, how- 1917 15 105,126 7,008 ever, that with the stabilization of political 1918 17 43,625 2,566 1919 37 2-16,7.1.5 6,679 conditions and the stimulation of trade afforded 1920 30 115,483 3,849 1921 12 128,100 10,675 by the centennial celebration, a marked im- Total 120 603,902 5,589 provement may be expected shortly. The condition of the cotton, rice, and cocoa crops is reported to be satisfactory, and the heavy rain- Of the total number of strikes, 42 were sucfalls in the State of Sao Paulo increase the cessful and affected 135,641 workmen; 52 probabilities of a large coffee crop for the strikes, affecting 460,541 workmen, were un- 1922-23 season. The'live-stock industry, on successful; and the other 26 strikes, affecting the other hand, is still considerably depressed. 67,720 workmen, were partially successful. Coffee shipments during the first semester of The causes of the strikes in the Federal capital 1922 amounted to 65 per cent of all exports. were as follows: This percentage had only been equaled in 1919. The price of coffee has shown a remarkable increase during the present }-ear. The following Causes assigned. Number of Number of strikes. workmen. table shows the amount, value, and average I value per bag of coffee exported from Brazil Wages GO \ 135,036 during the first semester of the years 1913 and Hours 6 4,175 Organization 37 277,136 1919 to 1922, inclusive: "Working conditions S 37,000 Various causes 11 210,^oo According to the estimates of the Depart- Thousands! of bags, i bag, in ment of Labor, the total loss to workmen for milrois. the six years under review amounts to about j 48,000,000 paper pesos. The classification of 4 09(i 209,769 the strikes by industries for the same period , / " , , 4 45 2 4 5 6 4f 5 i 9 2 , . 9 9 2 6 1 8 ! 1 85 was as follows: 731 :>84;777 i 6V •>990 657,251 j 110 Number of Number of Exports of cocoa during the same period in Industries. strikes, j workmen. 1922 amounted to 15,519 tons, against 26,872 tons in the first semester of 1921, thus showing C Fo lo o t d h s i t n u g ffs 1 8 2 i 7 9 9 , , 4 5 8 2 3 5 a considerable reduction. On the other hand, Lumber 17 ! J8,220 the exports of sugar during the same periods Typographical.. 1,800 Metallurgical... 8 ! 20,050 amounted to 113,549 tons and 69,652 tons, B Tr u a i n ld s i p n o g rtation. 3 1 5 7 ! j 2 3 20 2 , , 5 7 2 0 f 0 t respectively. Exports of hides did not under- Tanning I. i 1,200 go material change, but exports of frozen and Electrotechnical L ! 1,000 Paper 2, 700 chilled meat from Brazil suffered a severe Various 276,698 reduction. During the first six months of 1921 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1817 VEDEEAI, .RESERVE BULLETIN. Brazil exported 55,741 tons of meat and during [In Ibousands of milreis,] the same period in 1922 this amount was reduced to 12,358 tons. Receipts. Expenditures. An o n r u s a u l r p d l e u fi s c i ( t + ( ) — . ), The extent to which prices of export and Year. import commodities in Brazil still continue inflated as compared with the year 1913 is Gold. Paper. Gold. Paper. | Gold. \ Paper. shown in the following table of values of exports 1913.. 153, 704 394,322 91,208 629,690 +62,496 ! -235,368 and imports in 1921 on the basis of 1913 1914... 78,665 280,721 52,343 505,620 +26,322 ' -224,899 values: 1915.. 48,31.5 209,144 70,028 510,620 -30,708 ! -307,476 J916.. 62) 130 342,184 88,635 517,591 -26,505 , -175,457 19.17... 65,966 368,062 105,454 571,239 -39,488 i -203,177 191.8.. 104,969 378; 7S7 80,002 692,603 +24,9(57 i —3L3.81.0 1919.. 81,469 430,330 122,275 676,758 -40,806 : -246; 428 1 12 months. \ 1920.. 119,383 459,782 104,358 480', 044 + 15,025 ; —20,262 ! 6 months, 3921.. 62,149 468,235 53,034 547,5S9 +9,115 ! -79; 354 1922.. 92,276 727,673 85,931 831,155 +6,345 :•-1.103,482 ' " |"~ ; .1922. ; .1.913 J 1921 : 1 Bud set as approved. - ; : i • • • ------- - - .KXPOHTS. ! | The municipality of Eio do Janeiro has ob- Volume (ions) • 1,382,000 j 1,019,000 975,000 A dual values' (con f;os) i " 98!, 707 ! 1,709,722 ; 1,008,664 tained authorization to float a loan for $30 ; - Value on basis of .19i.3'(contos) ; '- i I j.'$62,490 , 092,250 000,000 in the United States. The finance Difference in favor of actual values ! \ 347,2'12 3 J{>i 414 JM/terence (per cent) • 25.5 45.6 committee of the lower house in granting to IMPORTS. the prefect authority to contract this loan recommended also the indorsement of the Federal Volume (tons) 5.i;22,000! 2,578,000 1,598,000 Actual values (contos) 1,007,495 ! J, G89,839 705', 075 Government. The loan is to be guaranteed by Value on basis of J 913 (con tos) . : 44'X 416 274.856 Difference in favor of act ual values 1,246,42;; 430,219 real estate taxes and transmission of property Difference (per cent) ' 2SI. 2 156.4 taxes, and the proceeds will be "used for the consolidation of a considerable part of the debt According to the above table, the actual of the prefoitura." The terms of the loan are value of exports in currency was 25.5 per cent not }^et known. The debt of the city of Rio higher in 1921 than the value of these exports de Janeiro in • United States dollars, pounds on the basis of 1913 unit values, and 45.6 per sterling, and Brazilian currency is given as cent higher in 1922. Owing to the considerable follows: fall in exchange, actual values of imports in currency are much higher in 1921 and 1922 t f h ir a s n t o se n m t e h s e te b r a s o is f o t f h e 1 9 c 1 u 3 r r v e a n l t u e y s e . ar, D u n r o i t n w g i t t h h- e I ; '. St U a l l n a e r i s t s e . d d ol- s P te o r u li n n d g s . c B c u o r r a n r z t e o i n l s i c a o y n f , reis. standing the continued fall in exchange, the actual currency value of imports was only Loans with Federal guaranty • 1.3,000,000 1,291,480 | 156.4 per cent higher than in terms of 1913Loans without Federal guaranty.' L2,000,000 6,11.6,940 j 112,086 unit values, as compared with 281.2 per cent Total debt J 25,000,000 7,408,420 112,086 in 1921. This reduction undoubtedly has been the result of deflation of prices abroad. According to official reports the municipality Government and State finances.—The condiof Rio do Janeiro is in need of funds not only tion of the finances of the Federal and State to meet expenditures arising out of several Governments of Brazil have followed a course improvements under way, but also in order to parallel to the general economic development of meet the budget deficits. The following table the country, as is indicated by the frequent shows the municipal revenues collected and attempts on the part of various State and expenditures effected during the years 1920 city governments of Brazil«to float loans in and 1921, in milreis: the United States in addition to the internal loans placed with local institutions in Brazil. Since 1907 the receipts and expenditures of 1920 1921 the Government of Brazil have shown a continued deficit. The following table gives the Receipts ' 57.397,614 65,544,883 .Expenditures 7('»J 093,355 82,320,627 figures of revenues and expenditures and yearly deficits since 1913: .Deficit i8,695,741 16,781,744 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1318 FEDEEAL RESERVE BULLETIN. NOVEIUBER, 1922. The governor of the State of Bahia has cent, and will be charged with floating mortstarted negotiations for a loan of 70,000 gage loans issued by the agricultural credit; contos of re-is to be used in the consolidation banks which are to be established in tne of the foreign debt. The interest mentioned different States and under their respective in this connection is 6 per cent and the price of guaranties. The full amount of bonds, it is issue 95. A loan for $5,000,000 was floated reported, will not be offered for sale at once, early in October by the State of Bahia. The since this would have a detrimental effect on interest rate was placed at 8 per cent and the the market, but the Banco do Brasil will use a price of issue at 99* for the first $2,000,000, considerable part of its own resources until it and at 100£ for the balance of $3^000,000. is found desirable to make use of the Govern- The proceeds of this loan, which matures on ment bonds. October 1, 1942, are to be used for the construction of State highways. According to the terms of the contract, the Government of ECONOMIC AND FINANCIAL CONDITIONS the State of Bahia is under obligation to meet IN MEXICO. the conditions of this loan in preference to any other loans present or future. It is reported In the September and October issues of the that the authorities of the State of Coara are BULLETIN (pp. 1080 and 1195) the commercial, negotiating for a loan in the United States for agricultural, and mining conditions, as well as 82,000,000, the proceeds of which are to be used the condition of the live-stock industry, the for improvements in the city of Fortaleza. petroleum industry, and foreign trade in Mex- According to recently published reports, the ico were discussed. The following article con- Government of the State of Scrgipe is negoti- tains a discussion of the country's monetary ating with a southern banking institution for a conditions and an analysis of the railroad situaloan of §500,000, to be used in the electrifica- tion. tion of the street car and lighting system of MONETARY CONDITIONS. Aracaju, the capital of the State. This State, which is the smallest in Brazil, has no foreign According to the currency law of the Mexican debts. As a supplement to the financial infor- Republic, dated March 25, 1905, which remation regarding the State of Sao Paulo given in mained in force until the Carranza regime, the the October BULLETIN (p. 1193), the following theoretical unit of the monetary system of that table is presented showing the financial condition country is represented by 75 centigrams of pure of that State as of December 31, 1921: gold. This unit is denominated a peso. The old duro or silver peso, which contains 24.4388 ASSETS. grams of pure silver, is declared to have a legal In nrilreis. value equal to the said 75 centigrams of pure Property of the State 337,272,894 Bonds and other securities 2', 881,660 gold. The Mexican peso is divided into 100 Active debts 120,786,161 Balance for the year 1922 99,882, 169 cents, and the coins in use at present are of Balance in savings accounts 40,736,173 the following denominations: Compensation account in the liabilities 75,558,598 Gold coins—20 pesos, 10 pesos, 5 pesos, 2-h Tol.al assets 077,117,655 pesos, 2 pesos. LIABILITIES. Silver coins—1 peso, 50 cents; 25 cents, 10 External debt 201,008,535 Internal debt , 266,583,000 cents. Floating debt 30,970,219 Tredits from savings^ deposits, etc 82,618,71.7 Nickel coins—5 cents. valorization operation: Balance from Federal loan of Bronze coins—5 cents, 2 cents, 1 cent. £3,000,000 is £569,190 at exchange of 16d 8,337,850 State patrimony—net assets 11,840,735 According to the currency law above referred Fompensation account in the assets 75,558,598 to, the gold coins are composed of 900 thou- Total liabilities 677,117,655 sandths of fine gold and 100 thousandths of On August 24, 1922, the President of Brazil copper. The peso consists of 9,027 ten-thousigned a law providing for a credit in an sandths of pure silver, and 973 ten-thousandths xmount not to exceed 400,000 contos of reis to of copper. Its equivalent in American curbe used in assisting agricultural enterprises. rency is $0.4985. The other silver coins are According to the terms of the decree, the loans composed of 800 thousandths of silver and 200 will be handled by the Banco do Brasil, which thousandths of copper. The bronze coins are will open an agricultural credit department. composed of 95 parts of copper, 4 of tin, and The Government is authorized to issue, tnrougn 1 of zinc. The nickel coins are made of comthe department mentioned; bonds of the public mercially pure nickel. debt up to the amount above indicated. This The right of coining belongs exclusively to department is authorized to issue mortgage the executive. Under ordinary conditions new bonds at a rate of interest not to exceed 5 per silver coins are struck and issued in exchange Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL, BESEEVE BULLETIN. 1319 for gold coin or bullion in the proportion of American bills, a new decree was issued OD 75 centigrams of pure gold per peso. This June 6, 1921, prohibiting the circulation of ruling ceases to bear effect when the bullion foreign currencies, the text of which follows: value of the silver coins is greater than their ARTICLE I. From and after July 1, next, the importation coinage value at the legal parity adopted. and circulation in the Republic of bank notes of all kinds Gold coins and silver pesos are unlimited legal of foreign currency except gold is and shall be prohibited. tender, but the other silver coins are legal tender The forms of currency to which this article refers may not only to an amount not exceeding 20 pesos in be used as conventional and substituted symbols of the national currency. one single payment. Nickel and bronze coins ARTICLE II. Persons disobeying the terms of this decree are legal tender in amounts not exceeding 1 peso by the importation or circulation of any forms of currency in one and the same payment. Mexico was to which it refers, shall be liable to a hne equal to twice placed on a gold basis in 1916. The country the amount, calculated in domestic gold currency, of the forms of currency which they have attempted to introduce now has only a metallic circulation, with gold or circulate, and shall be liable, likewise, to the confiscaas a basis and silver and bronze coins used as tion of such currency imported or circulated. subsidiary currency. It is interesting to note ARTICLE 111. The penalties mentioned in the foregoing that in 1895 there were 13 mints in Mexico. article shall be applied by the judicial authorities of the federation, and in each case the actual currency in ques- This number was reduced to four in 1904, due tion which it has been attempted to import or circulate to the betterment in the facilities for trans- shall remain under bond in the respective administrative portation of the mineral from the mine to the office. mint. At the present time there is only one The vicissitudes through which Mexico has mint in operation in the Republic, which is passed on account of the revolutionary paper located in Mexico City. money issues started in 1913, when the Govern- A decree enacted on November 13, 1918 ment of General Huerta obliged the banks of ; modified the currency laAy of 1905. No change issue to emit notes in amounts far superior to was made in the theoretical unit of the mone- those authorized under the banking law of 1897 tary system, but the old peso ceased to be which was then in force. The circulation of coined and was no longer to be considered as these notes was made obligatory, and the legal tender. The silver coins continued to be banks were not obliged to exchange them. in denominations of 10, 20, and 50 cents, 800 The paper currency of the State banks was thousandths fine with 200 thousandths copper. made legal tender throughout the Republic by According to this decree, the law of March 25, a decree issued on January 7, 1914, subject to 1905, was to continue in force with its addi- the following conditions: tions and amendments, when not in conflict (1) The interested, banks to conserve in their vaults the with the provisions of the decree of November metallic reserves provided for in their concessions. 13, 1918. (2) Creation of a special fund to be known as the "guarantee fund of the fiduciary circulation" to be established A great scarcity of circulating medium has to guarantee redemption of bills in coin, in case of any been felt in Mexico since early in 1918. Due to institutions being unable to meet their responsibilities. the increase in the price of silver in foreign This fund to be formed by each bank paying in coin an markets, the silver coins of Mexico began to annual assessment of three-fourths of 1 per cent of its authorized emission of notes, up to S5,000,000; one-half of disappear from circulation. In order to meet 1 per cent of any amount exceeding 85,000,000, and less the situation, the Government authorized the than $10,000,000; one-fourth of 1 per cent for amounts more issue of gold coins of a value of 2 and 2.50 than 810,000,000 and less than $20,000,000; and onepesos. A decree enacted on November 13, eighth of 1 per cent for sums beyond that amount. Payments to be made in advance during the first three busi- 1918, provided that the old 1-peso pieces ness days of the months of January and July. should not be used as coin, since they had (3) The guarantee fund to be supervised by four unrepractically disappeared from circulation. The munerated commissioners, two elected by the State banks, same decree ordered as substitution for the one by the clearing house of the capital, and one by the department of finance. It is further stipulated that the fractional circulating currency the coining of guarantee fund shall be deposited as a special deposit with new silver pieces, as follows: One-peso coins, the national bank, or with any other banking institution with a weight of 18 grams—14£ grams fine; 50 designated by the Government finance department. centavos, with a weight of 9.265 grams—7.25 Another decree was issued on the same date grams fine; coin of 20 and 10 centavos, with an authorizing banks to issue notes in amounts amount of pure silver and a weight in propor- three times the value of their cash on hand. tion to the other pieces. The value of the notes issued by the State In March, 1921, an order was issued by the banks under the above stipulations decreased Government to the effect that no gold should in value gradually, and the present quotations leave Mexico without proper official authoriza- for these notes on the Mexico City Stock Extion, and in order to further avoid the exporta- change are either nominal or exceedingly low tion of. gold from the country in exchange for in comparison with their face value. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1320 ."FEDERAL, RESERVE BULLETIN. X o v E M HK it, 19 2 2. The first revolutionary paper money was decree was to withdraw from circulation the issued by the Carranza faction according to the infalsificable issues. According to recent reprovisions of a decree dated April 26, 1913. ports the infalsificable issue has supposedly This issue, known as the Monclova issue or " dos boon eliminated, but the decree is still in force. caritas," was not to exceed 5,000,000 pesos, but In the peninsula of Yucatan the Comision in December of the same year it was found Keguladora established its paper currency, to necessary to increase the amount by 20,000,000 be used as circulation medium in that section pesos, and in February of the following year of the country. This paper, rated in 1920 at the amount was raised again by 50,000,000. 85 centavos to the Mexican peso, was subse- This last issue was called the Constitutionalist quently repudiated. Of the 60,000,000 pesos issue. Upon the arrival of the Carranza army printed, 40,000,000 were burned by the Governin Mexico City in August, 1914, it was found ment and the balance left in circulation. necessary to convert the previous issues and to emit additional paper currency to meet the THE RAILROADS OF MEXICO. expenses of the campaign in the south. Therefore, on Npvembor 19, 1914, authorization was The first railroad in the Mexican Republic given by the Carranza government for a new was built in 1854, when a line 10 miles long issue of' 130,000,000 pesos. At the same time was laid between the port of Vera Cruz and the the metallic currency in the country had dis- village of Tejeria. Some time afterwards the appeared from circulation. Small pieces of Central Government of Mexico granted a concardboard were printed to take the place of the cession to an English syndicate to build a railsmall coins. In the north, under authoriza- road from Veracruz to the capital, and the tion of Carranza, other paper currencies were main line was finally opened on January 1, issued by several factions, among which were 1873. After this date, an era of considerable notable those of Villa, Obregon, and Pablo railroad building was inaugurated, under the Gonzalez. The printing of the different issues supervision of General Diaz, who became Prewas poor and counterfeiting was common. At sident of the Eepublic in 1876. The average a certain period there were 22 kinds of paper yearly railway construction in Mexico from currency in circulation, and it is estimated that 1877 to 1882 was 482 miles. In 1875 there the total amount of paper money issued during were in that country 3(50 miles of railroads; the first two periods of the Mexican revolution in 1886 there were 3,675 miles; in April, amounted to 671,954,221 pesos. The printing 1897 there were 7,126 miles, and at the end of the constitutionalist issues was continued in of 1 7 900 there were 8,460 miles completed Veracruz while the Carranza government under Federal concession. These figures do was established there. The final issue of paper not include lines built under State concessions. money was also authorized by the Carranza In 1905 the length of the railroad lines was ingovernment in Mexico City. This paper money creased to 10,557 miles, and, according to the was known as "infalsificables" (noncounter- message of President Diaz delivered on Sepfeitable). According to the decree authorizing tember 16, 1910, on the one hundredth annithis issue a metallic reserve was to be deposited versary of the independence of Mexico, there with the treasury amounting to 20 cents were in operation in that country 15,260 miles Mexican for every infalsificabio peso issued. of railways under Federal jurisdiction and 3,007 The constitutionalist issues were exchanged for miles under State jurisdiction. infalsiiicables at a certain rate. All business Railways in Mexico have been built, as in transactions with paper money issued by the other Latin American countries, each one to constitutionalist government were prohibited serve a special purpose, and no special attenunder heavy penalties. Of this issue 400,000,tion has been given to develop any general plan. 000 pesos were put in circulation. Their value In consequence, some parts of the country are as currency suffered a gradual depreciation, and thickly covered with railways, whereas other upon the restablishment of the country's sections have remained undeveloped on account monetary system on a metallic basis in 19*18, of the lack of railways or other means of quick the redemption of the infalsificablc issue was transportation. As an example of this the case effected through the payment of railroad fares, of the port of Acapulco may be taken. freight charges, and import and export duties Acapulco is the best natural port of the country in that currency according to the terms of a situated in the State of Guerrero, which is one Government order. A decree4 effective March 1, of the richest States of Mexico on account of its 1920, provided for a surtax of 10 per cent on all fertile soil and mines, but due to the mountainimports and exports. This tax was to be met ous character of this State no railroad conin Mexican gold or infalsiiicables at the rate of struction has been undertaken so far. The 1 peso to 10 centavos. ^The purpose of this same applies to the port of Mazatlan, which is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1321 NOVEMBER, 1922. FEDERAL BESERVE BULLETIN. separated from the central plateau by the Isthmus Railway, which connects the port of western range of mountains. Vera Cruz with the Tehuantepec Railway. The incorporation of several railway lines Another important line controlled by the Nainto the National Railways of Mexico was tional Railway System is the Pan American started in 1903, when the Government began Railway, which starts at the station of Picacho to purchase the controlling interest of three of on the Tchuantepcc Railroad and extends to the most important railways in the country. the border of Guatemala. The most important The consolidation did not take place, however, narrow-gauge lines belonging to this system are until 1909. The Government owned 50.3 per the Interoccanio Railway, which is 736 miles cent of the stock. This company gradually in length, running from Yera Cruz to Mexico absorbed other roads, and in 1914 it became City, and the Mexican Sou them, 282 miles in by far the most important railway system of length, connecting the city of Puebla with the Mexican Republic. The mileage of the Ejut'la in the State of Oaxaca. National Railways of Mexico and date of in- The most important privately owned railcorporation into the system are shown in the ways in Mexico are the following: The Mexican following table: Railway, which extends from the port of Vera Cruz to Mexico City, is 340 miles in length. i Year incor- The Tehuantepec Railway, which crosses the Name of railroad. Mileage. porated. isthmus from Puerto Mexico to Salina Cruz, was owned jointly before the revolution by the National R. 11. Co. or Mexico 1,379 j 1909 Mexican Government and its builders, Messrs. Mexican Central Ry. Co 3,428 I 1909 Mexican International R. It. Co LiOOS 19L0 Pearson & Co., of London, each having an Hidalgo & Northeastern R. R. Co. 1009 Mexican Pacific Ry. Co 1909 equal amount of capital invested. This line Vera Cruz & Isthmus Ry. Co. 1913 has 220 miles of track. The Mexican North- Pan American R. li. Co 297 191*1 Mexican Southern Co. and Interocvanic liy. of west orn .Railway was incorporated under the Mexicoi * 1908 laws of Canada. It runs from Ciudad Juarez to Chihuahua and has 512 miles of track. The i Including other subsidiaries of the National R. K. Co. of Mexico and the Mexican Central Ry. Co. (Ltd.) operated under rental contract. Southern Pacific Railway of Mexico is owned The concessions granted by the govern- by the Southern Pacific Railway of the United ment of General Diaz to private companies for States. The United Railways of Yucatan had railroad construction provided for the sur- 500 miles of railway in operation in 1918. render of the roads to the Government after The seizure of the Mexican railroad lines by a certain period, which usualty amounted to the Carranza government in December, 1914, 90 years, upon the payment by the Govern- marks the beginning of an era of disintegrament of compensation for rolling stock, build- tion of the railroad system. Military needs bigs, and materials on. hand at the date of the were given preference, and, although practransfer. tically all lines suffered considerably, those of On December 4, 1914, the Carranza gov- the north show the consequences of the revoernment enacted a decree seizing the National lution more severely; their buildings, stations, Railways of Mexico as well as those privately large sections of tracks, and bridges were owned, and under an official bureau started to destroyed and their rolling stock also destroyed operate all the Mexican railway lines under the or rendered unlit for service. According to the .name of Constitutionalist Railwa\rs of Mexico. report for the fiscal year ending June 30,1918, At the time of the Government seizure the the total mileage given to the Constitutionalist National Railways of Mexico owned 5,896 Railways of Mexico was placed at 7,494 miles, miles of track and controlled an additional of which 613 were not in operation for various 2,716 miles. The following lines were owned: reasons. Two years before, in 1916, the dis- The National Railway, "with 1,218 miles, integration of the railways had already become extending from Nuevo Laredo to Mexico manifest. The following table comparing the City. This is one of the most important rail- rolling stock of the National Railways of Mexico ways in Mexico, since it is the shortest route to on June 30, 1913, and the rolling stock belongall parts of the country from the eastern sec- ing to the Constitutionalist Railways in 191G, tion of the United States. Next in importance will give a clear idea of the considerable reis the Mexican Central, with a mileage of duction due mainly to destruction during that 3.516 miles, extending from Ciudad Juarez to period of three years. Attention must be Mexico City and traversing the groat cent ml (;alled to the fact that the system of Constiuplands. Of importance also are the Mexican fc-utionaJist Railways comprised at that time International Railwav and the Vera Cruz & all th.o> railways of Mexico with few exceptions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1322 FEDERAL, RESERVE BULLETIN. control defaulted, and interest payments have National railways, Constitutionalist been in arrears since. Dividend payments 1913. railways, 19.1.(5. stopped likewise, and during the year 1917-18 Rolling stock. Standard \ Narrow : Standard j Narrow earnings amounted to only SI,067,386. At gauge. ; gauge. ! gauge, i gauge. the end of the following fiscal year thereresulted a deficit of 22,372,606 gold pesos, and Passenger coaches 435 i 118 i 414 : 101 for 1919-20 the deficit increased to 23,557,264 Freight ears 16,661 1,831 i 13,222 i 1,397 Locomotives (gauge not gold pesos. The profit and loss statement of specified), 729 679 the National Railways as of June 30, 1920, f shows a total deficit of 169,445,025 gold pesos. The scarcity of freight cars brought about According to the latest reports the net earnings disorganization of trade. This situation was for the year 1920-21 have been placed at still further aggravated by the action of local 16,012,675 pesos. This amount is more than authorities, who in 1915 almost paralyzed all half the sum needed in 1923 to meet the movements of freight by placing- all sorts of debt; service and interest on the debentures of restrictions on supplies leaving the section this system of railways under the agreement under their jurisdiction. recently concluded between the international bankers' committee and the Finance Minister Only those repairs which were essential to of the present Government of Mexico. This the continuance of traffic were made while the agreement is now awaiting approval by the railways were in the hands of the Carranza Mexican Senate. government. In a report prepared by the director general of the Constitutionalist Rail- The most important line- which remained in ways and published on June 30, 1921, the fol- operation throughout the year 1919 was that lowing estimates were given as the cost of running from Laredo to Mexico City. Interest immediate repairs needed in the National was still being centered in military operations Railways' property. mainly and congestion of merchandise at the customhouse of Laredo was the cause of much general concern. The same situation prevailed ESTIMATED COSTS OF NEEDED HEPAIIIS ON NATIONAL in the port of Vera Cruz, whore at the beginning RAILWAYS. of 1921 it was estimated that from 40,000 to [In Mexican pesos; peso=*30.4985.] 50,000 tons of freight were held for transportation to the interior. The Mexican Railway, a Tracks (includes purchase of 16,080 cross ties, British company, was seized first in November. 86,671 tons of rails, accessories,' and tools) .. 27, 393, 617 Buildings (repairing and reconstruction)..... 2, 774,000 1914, and during the entire period under Signal, water, and fuel stations (repairing and Government supervision only the most necesreconstructing) 769, 000 sary repairs were made. This has been one of Loading platforms, fences, and. other small the most prosperous railroads of Mexico. The structures 379. 000 .Bridges 8, 558, 048 net earnings for 1913 amounted to 5,006,900 Rolling stock: pesos, but only small payments on account of To replace equipment destroyed or con- compensation were made by the Carranza demned during revolution 5, 000, 000 government during its control. The second To repair equipment now in use 4, 00Q-, 000 seizure of the road took place in 1917, but in 1921 it was returned to its owners. Total 48, 873, 665 The contract of operation of the Tehuantepec From the time when the railroads were Railway by Messrs. S. Pearson & Son was seized until November, 1916, practically all canceled immediately after the seizure of the revenues collected by the Constitutionalist property in April, 1917, The amount of Railways were in paper money. All rates were S3,750,000 in treasury bonds bearing interest increased from time to time, but never in pro- not to exceed 3 per cent was paid by the Carportion to the severe decline in value of the ranza government for the acquisition of the several issues of paper currency then in circula- property and for losses sustained during the tion. In November, 1916, the old rates were revolution. The Mexican Northwestern Railreestablished, to be collected in coin or "in- way of Mexico is reported to have suffereS. the falsificables'7 (the last paper issue of the Car- most on account of the revolution. Several of ranza government) at their market value, with the most important battles were fought in the result that the finances of the railways villages on this line. The Southern Pacific were greatly improved. The net earnings of Railway was not seized until 1917, but its the National Railways during the year 1912-13 losses from revolutionary causes have been were placed at $10,563,168. This amount was considerable. It is reported that the losses reduced to §1,143,305 in the year 1913-14. sustained by this line between 1910 and 1913 At that time the railways under Government amounted to §4,020,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. rEBEEAL, RESERVE BULLETIN. 1323 On June 1, 1921, President Obregon appoint- National Railways of Mexico 6 per cent secured gold notes ed a personal representative to study the rail- (secured by Government obligations): (a) National Railways of Mexico secured gold notes, road situation, with a view to bringing about series B. increased efficiency. Steps were taken toward (6) National Railways of Mexico 6 per cent 3-month the reorganization of the National Railways secured gold notes. System, and new locomotives were purchased (c) National Railways of Mexico 6 per cent 3-year secured gold notes. in the United States, the results of which were (d) National Railways of Mexico 6 per cent secured soon apparent in the increased movement of gold notes, series C. merchandise from important centers. New National Railways of Mexico 6 per cent secured notes consideration is again being given to the con- (secured by National Railways of Mexico bonds): (a) National Railways of Mexico 2-year 6 per cent struction of the Tampico-Mexico City and secured gold notes, due June 1, 1915. Acapulco railway, which would form a trans- (b) National Railways of Mexico 6 per cent secured continental highway and be of great benefit notes, due July 1, 1916. to the country. Other plans are being formed Tehuantepec National Railway 5 per cent gold loan, series A, due June 30, 1953. for the construction of new railroads, but no Tehuantepec National Railway 4& per cent gold loan, definite reports are available with regard to series B, due June 30, 1953. the materialization of these plans. The following table shows in tabulated The latest estimate available with regard to form the amounts of the different railway the amount of capital invested in the railways obligations included in the agreement: of Mexico was prepared b}^ the American consul at Chihuahua "in 1912. The total amount of National Railways guaranteed 4s §50, 748, 575 Vera Cruz & Pacific 4Js 1,000,000 American capital invested in Mexican railway National Railways prior lien 4J-s 84, 804,115 stocks was placed at $235,464,000, and in rail- National Railroad prior lien 4Js 23., 000,000 way bonds at §408,926,000. English capital National Railroad 4s, 1951 24, 740,000 invested in railway stocks was reported at Mexican International prior lien 4s, 1977 4, 206, 500 Mexican International prior lien 4£s 5, 850,000 881,237,800 and at 887,680,000 in bonds; Pan American 5s, 1934 " 2, 003,000 French capital in railway bonds at 817,000,000; Pan American 5s; 1937 1, 484^ 000 Mexican capital in railway stocks at §125,- Mexican Central priority 5's 1, 374, 000 440,000 and at 812,275,000 in bonds. Other National Railways equipment 5s 1,112, 456 countries were reported as having invested National Railways notes 331 662; 131 Tohuantepec second mortgage 4?>-s 2,000, G00 875,000 in stocks and 138,535,380 in bonds. Miscellaneous ......'. l', 75()i000 The first steps toward the resumption of payments on the obligations of the National Total railroad debt 243. 734, 777 it ail ways of Mexico were taken during the The text of the agreement in connection with conference held between the committee of the reorganization of the National Railway international bankers and the Mexican Secre- System follows: tary of Finances in June, 1922. According to The holders of outstanding railway bonds and notes shall the" plan of readjustment, the following bonds, present their existing securities to be stamped with the notes, and other national railway securities agreement of the Mexican Government assuming Ihe payare included, in the readjustment plan: ment of principal, interest, and a sinking fund of the securities. For all amounts paid by the [Mexican Govern- National Railways of Mexico guaranteed general mortgage ment on account of the railroads for such interest, principal, 4. per cent 70-year sinking fund redeemable £old bonds, and sinking fund the Government will be a creditor of the due October 1, 1977. railways in the same manner as is provided in the execu- Vera Cruz & Pacific Railroad Go. first-mortage 4£ per cent tive decree and plan of readjustment and union of the gold bonds, due July 1, 1934. Mexican Central'Railway Co. (Ltd.) and National Rail- National Railways of Mexico prior lien 4J per cent 50-year road Co. of Mexico with respect to payments made on sinking fund redeemable gold bonds, due July 1, 1957. account of its guaranty of the general mortgage 4 per cent National Railroad Co. of Mexico prior lien 44 per cent bonds of the National Railways of Mexico. gold bonds, due October 1, 1926. The liens created on the railway properties by the National Railroad Co. of Mexico first consolidated mort- present mortgages and indentures in favor of the railway gage 4 per cent gold bonds, due October 1, 1951. securities now outstanding are to be held by a trustee or The "Mexican International Railroad Co. first consolidated trustees satisfactory to the international committee, and mortgage 4 per cent gold bonds, duo September 1, 1977. are not to be enforced unless the Government is in default Pan American Railroad Co. first-mortgage 5 per cent gold in its obligations under this plan, when they may be bonds, due January 1, 1924. enforced in favor of the holders of railway securities. Pan American Railroad Co. general mortgage 5 per cent The Government will make prompt return of the railgold bonds, due January 1, 1937. ways to private management, details of which are to be Mexican Central Railway Co. (Ltd.), 5 per cent priority arranged. bonds, due July 1, 1939. Ten per cent annually of the gross receipts of the railways Mexican Central Railway Co. (Ltd.), equipment bonds. is to be set aside and paid over currently, as herein providassumed by the National Railways of Mexico, as follows: ed, toward the Government debt service, including the (a) First series dated April 1, 1897. railway debt, and proper provision is to be made there- (6) Second series dated October 2, 1899. for in the rates by surcharge or otherwise. (c) Series No. 8 dated August 17, 1906. Until the full cash payment of current interest on the (d) Series No. 10 dated January 1, 1907., bonds is resumed, the net operating revenues of the rail- (e) Series No. 11 dated March 22, 1907.. ways are to be added to the fund provided for the Govern- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1824 FEDERAL RESERVE BULLETIN". NOVEMBER, 1922. ment debt service, and thereafter are to be applied to the £1,000,000 and in 1892 over £4,500,000. In service of tlie railway securities. 1898 over £16,000,000 were produced, and in The Mexican Government recognizes the obligation to 1916, the peak year, with no gold premium, restore the railroads, including rolling stock, to the same condition that they were in when the Government took the figure approached closely to £40,000,000. them over, and will make every effort to do it (viz, such With regard to other industries, it is worthy restoration) as soon as possible. of notice that in the year ended June 30, 1920, Railway notes that have matured, or are about to mature, with a total factory output for the Union will be extended for a reasonable length of time. valued at nearly £93,000,000, the value added The full debenture interest would require to materials brought to factories was but more than $11,000,000 per annum, whereas the £39,000,000. This amount is considerably less net earnings amount at present to about than the total value of the gold and diamond §3,000,000. It seems, therefore, that under output for 1920—£34,500,000 and £14,750,000, the above arrangement the holders of bonds of respectively. The fact that of the total factory the Mexican railways will be benefited if the output mentioned, £35,000,000 consisted of agreement is confirmed, but the holders of the food and drink, £7,250,000 of building and stock of this system must wait for some time contracting materials, and £4,500,000 of heat, before any earnings can be applied to the pay- light, and power, suggests that such manufacment of dividends. turing as the Union does undertake is almost wholly for home consumption. NOTE.—Mexican foreign trade figures for 1921 as reported in the table on page 1198 of the October, 1922, BULLETIN, The foreign trade figures bear out this fact must be corrected in view of later information from official in no uncertain manner. The following tables sources. The bureau of special taxes of the Secretary of show the relative importance of the various Finance in Mexico gives imports in 1921 as 525,018,093 classes of South African imports and export pesos, exports as 729,426,933 pesos, and the excess of exports ^204,408,840 pesos. The large favorable balance in pre-war and post-war years. of trade indicated by these figures is to be accounted for by increases in exports of petroleum and other mineral products, which as a group are reported at 661,590,857 IMPORTS OF VARIOUS CLASSES, BY VALUE.1 pesos in 1921, or over 90 per cent of the total export traae. [Expressed as percentages of total.] 1913 1914 1919 1920 19212 CURRENCY AND BANKING IN SOUTH AFRICA.1 A Li r v ti i c n l g es a f n o i r m u a se ls i . n . agriculiure 0.06 0.34 0. 86 0.51 0.59 (including agricultural machinery from 1919) 1. 82 1. 77 2. 00 1.73 2.58 I. INTRODUCTORY. Food and drink . 18.14 16.97 9. 55 13. 82 10.81 Raw materials for manufacture 9. S2 8. 55 8.73 8.73 8.01 Among the financial developments in South Manufactured articles 69.28 71.93 77.48 73. 96 70.95 Imports from Rhodesia .28 .44 1.38 1.25 LOG Africa during the past few years, the most striking is the establishment of a central bank 100.00 100.00 300.00 100. 00 100.00 in a gold-producing country, which has tem- 1 Including Government stores; excluding specie. porarily abandoned the gold standard. The 2 Excluding Government stores ami specie. resemblance between many of the provisions of the legislation creating the bank to those of EXPORTS OF VARIOUS CLASSES, BY VALUE/5 the Federal reserve act adds further interest- [Expressed as percentages of total.] to a consideration of these developments. It is desirable, therefore, before coming to a de- ; 1913 1914 1919 1920 1921 * scription of the financial organization of the country to present certain facts concerning its Living animals : 0.06 0.09 0.05 0.08 0.08 resources, industry, and trade. Agricultural and pastoral i products .: 18.39 22.76 32.26 29.23 28.46 It would be difficult to find a country whose Product of mines i 77.90 71.31 61.45 60.51 61. JI products are so homogeneous as are those of Other articles '•• .64 . 90 1.87 1.98 1 05 Exports to Rhodesia , .82 1.34 . Hi, 1.48 1.7» South Africa. Gold is the foundation of the Imports roexported . i 2.19 3. 60 4.02 6.72 6.92 country's prosperity. Although mining began | 100.00 J00.00 100.00 100. 00 100.00 at a fairly early date, it was not until the early nineties that, owing to the introduction of the 3 Including ships' stores; excluding specie. < Excluding ships' stores and. specie. cyanide process, production reached large proportions. In 1388 its value was less than These figures show the great predominance of manufactures in the import trade and of 1 In the preparation of this article the chief sources of information minerals in the export trade, the latter, howhave been the official publications of the Union Government (office of census and statistics), the Journal of the Institute of Bankers in South ever, showing a steady decline, with an in- Africa, besides various British and foreign periodicals, pamphlets, and creasing importance of agricultural products. scientific j ournals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1325 NOVEMBER, .1922. FEDEBAL BESERVE BULLETIN. At the same time, the homogeneity of the esting to observe the increased importance of imports is much less marked than of the ex- exports to foreign countries during and since ports. The seven leading imports together the war. comprised only 38.8 per cent of the total. But, The Union comprises an area slightly larger on the other hand, in 1920 the six leading than that included in the three States of exports were gold (£35,500,000), sheep's wool Texas, New Mexico, and Oklahoma. It has, (£16,000,000), diamonds (£11,500,000), coal too, a slightly larger population, with this (£5,000,000), hides and skins (£4,250,000), important distinction—that whereas in the and wattle bark (£1,000,000); and these to- three States mentioned there are only about gether comprised 82.8 per cent of the total 750,000 negroes, there are in South Africa but exports. 1,500,000 whites. Hence industry in South In foreign trade, South Africa is predom- Africa is based upon low-paid native labor to inantly dependent upon Great Britain, both an extent which renders the prosperity of the as a source of imports and as a market for gold-mining industry largely dependent upon exports. Hence, in part, the important in- a plentiful supply of colored workers. In Defluence exerted by British upon South African cember, 1920, there were over 190,000 natives banking methods. The following trade figures employed on mines and works in the Transare indicative of the large place occupied by vaal, 97,000 of whom were recruited from the United Kingdom in South Africa's foreign Portuguese territory. trade. Of the four Provinces in the Union—the Cape, Natal, Transvaal, and the Orange Free IMPORTS FROM VARIOUS PARTS OF THE WORLD, BY VALUE.1 State—the second is by far the most thickly populated. Outside of this area the popula- [Expressed as percentages of total.] tion clusters thickly around the gold mining areas of the Transvaal, the diamond fields of 1913 1914 1919 1920 19212 the Cape Province, and the industrial areas at the southeast and southwest corners of the United Kingdom 50. 77 59.37 4689 54. S3 54 76 Cape, while elsewhere, owing to vast areas of Other parts of British Empire 11. 98 13.01 16•16 ]2.83 1143 semidesert and desert, the population becomes progressively sparse. Total British Empire.. 68.75 72. 38 6335 67. 00 66.19 Foreign countries 31.25 27.62 3865 32.3-1 33.81 100.00 100.00 1C0.00 100.00 100.00 II. BANKING DEVELOPMENT PRIOR TO THE 1 Including Government stores; excluding specie. ACT OF 1920. 2 Excluding Government stores, noi; allocated. The growth of banking in South Africa has continued steadily, though slowly, during the EXPORTS TO VARIOUS PARTS or THE "WORLD, BY VALUE.'1 past 30 years. The following table has been extracted from a more complete one, compiled [Expressed as percentages of total.] by the Union government from figures fur- 1913 1914 1919 1920 1921 4 nished by the banks themselves: United Kingdom. 88.67 81. 99 75.54 68.37 75.3o Other parts of British Em- PRINCIPAL ASSETS AND LIABILITIES OF SOUTH AFRICAN pire 3. 06 5.08 6.13 9.02 0.61 BANKS, 1891-1921, ON DECEMBER 31 OF EACH YEAR. Total British Empire.. 91. 73 90.07 81.67 77.39 81.97 [Thousands of pounds sterling.] Forei frn countries 6.i-o 6.93 15. 5i 17.69 12.45 Sh t i in p p o e u d g h p a o s st stores and 1.82 3.00 2. 79 4.1)2 5.58 ASSETS. 100.00 100.00 100.00 100.00 100.00 Bills Coin Ad- dis- Securi- '* Excluding specie. Year. and vances. count- ties., Total. * South African produce. bullion. ed. Owing to the absence of a mint in South 1891 4,473 4,209 5,611 2,095 21,54(> Africa, exports of specie are negligible in im- 1896 9', 280 10,093 7,926 3,495 42,451 portance, while imports arc naturally of much 1 1 9 9 0 0 6 1 8 8, ' 1 8 1 0 0 9 2 lo 8 . ,7 S 8 U 5 1 8 1 , , 3 4 6 1 2 7 6 5, , 6 3 8 6 4 5 6 5 5 4 ; , 2 3 4 1 4 7 greater extent. In 1920, for example, they 1911 7,851 26,609 14,477 4,557 72,284 1916 6,961 33,878 14;398 7,740 87,230 amounted tp over £4,000,000, almost wholly 1920 12',]f>3 60,65L 30,488 8,707 137,295 from the United Kingdom, the currency stand- 1921 19^009 50,568 24,346 10,140 127,720 ard being the English sovereign. It is inter- 1 Including gold certificates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1326 FEDERAL. RESERVE BULLETIN. NOVEMBER, 1922. LIABILITIES. By far the greater part of the banking business of the country is now transacted by two Year. Notes. p m o D d a s e e n i - - t d s. p T o d i s e m i - t e s. f s u e H n r e v d - e . c P a u a p p i i d ta - l. Total. b t 1 h a 9 e n 2 S 2 k ) s t a . o n f d T £ a h 3 r e d 6 , l , 0 a w 0 r i g 0 t e h ,0 s d t 0 e 0 b p * a o f n s o k i l t l o l a i w t a b e t i d h l e it b i p e y s r e t ( h s o e e n n A N t t p a i r m ti il o e 3 n i 0 a s l , Bank of South Africa with £31,000,000. No LS91 939 6,415 5,680 764 2,596 21,546 other bank (excepting the reserve bank) has 1896 2,047 20,183 6,813 1,213 3,222 42,45.1 1901 2,251 22,607 10,172 2,124 7,219 54,244 deposits of over £1,000,000. 1906 2,075 20,076 20,977 3,398 5,057 65,317 1911 2,379 23,322 21,070 3,025 4,797 72,284 The banking structure is similar to that of 1 L 9 9 1 2 6 0 3 9 , , 4 4 3 6 2 9 3 5 0 8 , , 9 7 0 1 7 7 2 4 4 3 , , 3 6 7 1 9 5 2 4 , , 7 2 9 1 3 3 5 5 , , 1 5 9 4 7 3 1 8 3 7 7 , , 2 2 3 9 0 5 the United Kingdom in that it consists of a 1921 9,183 49,403 41,595 4,303 5,463 127,726 system of branches of big banks all over the country, rather than of independent banks of Perhaps the most noteworthy feature of the all sizes. The National, with its head office table lies in the fact that, while cash reserves in Pretoria, and the Standard, with its in have only doubled, the total liabilities have London, have 418 and 370 branches, respecincreased" six-fold. The situation is in part tively, throughout the Union as well as in improved by the fact that, in addition to southwest Africa, Basutoland, and other British coin and bullion, the banks held in 1921 some territories. The Netherlands Bank, whose head £6,500,000 as balances with the reserve bank. office is at Amsterdam, operates in the Prov- Nevertheless, in South Africa, as elsewhere, a inces of the Cape, Transvaal, and the Orange much larger credit structure now stands upon Free State, while the Stellenbosch has no the available supplies of metal than was the branches, operating only in the town from case 30 years ago. That this is not by any which it takes its name. The Colonial is not means a "pure war development is proved by a check-paying bank, although it publishes comparing the increases between 1891 and returns under the acts of 1917 and 1920. 1911, with those between 1914 and 1921. Even before 1920 there were four laws in Some of the figures for the years 1905 to 1921 operation to control banking, principally with have been plotted on the accompanying graph. the object of protecting the public in the matter From these curves it will be seen that South of note issue. These arc still effective, subject Africa provided no exception to the world-wide to the amending provisions of the act of 1920. expansion of credit and currency during, and for The earliest of these was the Cape Colony Act a short time after, the war. As elsewhere, prices, No. 6 of 1891, which required note-issuing and hence banking figures, appear to have be- banks having their head offices outside the come more or less stabilized on a considerably Province to deposit Government securities in higher level, with a much smaller metallic basis exchange for bank notes up to the par value for the credit structure. of the bonds. These notes were then guar- Along with the growth of banking resources anteed by the Union government and became has gone a stead}^ reduction in the number legal tender throughout the Province. It of banks doing business. In the statistics for should be noted that, by the locality clause, 1891, quoted above, the returns of eight banks only the Stellenbosch would be exempted from are included. In 1892, however, the African the deposit of bonds. The Transvaal Law No. Banking Corporation absorbed the Worcester 2 of 1893 and Orange Free State Ordnance Commercial Bank (Ltd.). _ In 1900 a new No. 20 of 1902 permitted banks to issue notes bank—the Robinson S. A. Banking Co.—was up to the amount of their paid-up capital, with founded, only to be liquidated five years later. a cash reserve of one-third. No such laws In 1910 the National Bank of South Africa were ever enacted in Natal. In 1917, by the absorbed the National Bank of the Orange passage of the Union Act No. 7 of that year, Free State, in 1912 the Bank of Africa, and in all banks were required to furnish the treasury 1914 the Natal Bank. In 1920 the African with detailed returns of assets and liabilities Banking Corporation amalgamated with the at the end of each quarter, and such further Standard Bank, the latter giving its name to returns as the treasury might need to ensure the new concern. This left but three banks— compliance with the bank-note laws. the Standard, National, and Netherlands. In Out of these legal requirements grew a someaddition, there remained the Stellenbosch—a what complex currency system, in which, small local bank—while the number was added apart from distinctions as to issuer, there were, to by the inclusion in 1921 of the Colonial on account of the provisions of the Cape Colony Banting and Trust Co. The National City law, two classes of bank notes—legal tender Bank of New York entered the South African and other—both of which were redeemable in field in 1920, but withdrew in 1921. gold at the bank of issue. These were com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

132? NOVEMBER, 1922. FEDERAL, RESERVE BULLETIN. bined for convenience in the table and dia- the native workers in the Witwatersrand in gram below, but are carefully distinguished in gold, coupled with the fact that many of these the returns. Up to 1914 they were roughly were from Mozambique, a Portuguese colony, equal in amount, but from that date the non- gave increased facilities for evasion of the law. legal tender notes secured a predominance, The treasury estimate placed the gold distheir amount in 1921 being over four times as appearing from circulation between April 1, large as that of legal-tender notes. 1918, and March 31, 1920, at nearly £3,000,000, The gold in circulation was the English despite the strengthening of the embargo in sovereign, minted in England and shipped over, September, 1919, to prohibit export to Mozamfor besides the notes already mentioned bique. British gold coin, and subsidiary silver and After the war, to great difficulties were copper to the same amounts as under English added heavy losses on the part of the banks in law, were legal tender. The position regarding replenishing their gold reserves, owing to the the gold coinage became very acute during the removal of war restrictions on the bullion war, the banks having the greatest difficulty market in July, 1919, and the immediate in persuading the Imperial Government to appearance of a premium in terms of sterling. consent to the export of gold coin in the So that at the time the banks were paying as required amounts—a fact which was in part high as 28 shillings for bullion to be coined into responsible for the large expansion of note a sovereign in England they were legally issues shown in the figures above. bound to pay out upon demand a sovereign for The inconveniences of the situation were every 20-shilling note presented for redemption. accentuated by the heavy illicit exports, which During the war, then, South Africa was as the Government, through geographical con- far from a gold standard as was Great Britain, siderations, was unable to prevent. The though it could not conserve its gold supplies, export of gold coin was, as in other countries, even under those circumstances, owing to its prohibited at the outbreak of war. But the inability to cope with illicit gold exports. high price of gold in the eastern markets and Moreover, expansion of the currency was facilithe comparative ease of carrying it over the tated by the permission granted to issue notes border attracted a great deal of coin out of the of £1 and of 10s., the old limit having been £5. country. Furthermore, the practice of paying The result was a rise in prices, which put the BANKING PROGRESS 1NSOUTH AFRICA COMBINED STATISTICS OF SOUTH AFRICAN BANKS END OF YEAR FIGURES, 1905-1921 MILLIONS OF POUNDS STERLING 60 50 30 30 20 20 10 10 0 ) 0 ) 0 ) 0 ) 0 ) 0 ) 0 ) 0 ) 0 ) 0 ) 0 ) 0 ) 0 ) 0 ) 0 0) 0)0)0)0)0)0)0)6)0)0)0)0)0)0) O) 0) O) 17134-22 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1328 FEDERAL, RESERVE BULLETIN. NOTEMBKR, 1922. gold mines in a most unfavorable position. be in proportion to the lag between the rise Throughout the war the gold output was sold in the exchange value of sterling and the at the fixed price of 77s. 9d. per standard corresponding fall in South African commodity ounce, by agreement between the Bank of prices and wages. Hence the gold producers England, the mining companies, the South in general are not eager for the return to the African banks, and the Union -government. gold standard and the disappearance of the This meant that while costs of production, premium, while the banks and the general freight, etc. (which the producers were re- public are strongly in favor of a reversion to the quired to pay), were rising, the price of the pre-war conditions of currency and exchange. product was unaffected. A new agreement was effected, however, between the Bank of III. STEPS LEADING TO THE PASSAGE OF THE England and the Union government, which ACT OF 1920. came into operation on July 24, 1919. This allowed for the sale of the gold in London by Such, briefly, was the position which the the producers' agents, N. M. Rothschild & Sons, act of 1920 was intended to ameliorate. One at the best price obtainable. At the same of the principal directions of agitation was time the imperial treasury authorized the along the line of the effort to establish a mint Bank of England to issue licenses for the in South Africa to obviate the difficulties and reexport of gold within five weeks of its expense incidental to replenishing the coinage arrival in London. So that practically a free by imports of specie from England. For a market for bullion (as distinct from specie) decade past, the question had been discussed, was then reopened. but in December, 1916, had received a quietus by a minute addressed to the imperial secre- Nevertheless, the comparative unprofitabletary of state for the colonies by the lords of ness of production up to that time, forcing the treasury. In this document the opinion elimination of some of the least profitable was expressed that the establishment of a mines, together with general deterioration of mint would not be advantageous to the mineral resources, caused a noticeable decline Union government, the assumption being that in gold production^ as suggested in the following a gold-producing country is ill advised to table: coin all or most of the gold it produces, unless its specie requirements arc likely to absorb GOLD PRODUCTION AND PRICES IN SOUTH AFRICA, 1914— 3921. most of the gold coined. South Africa, of course, falls far short of this standard. The position became so acute, however, that Gold output "Wholesale Year. of Transvaal price early in 1919 the Minister of Finance announced (value in £). index. that steps would be taken to establish the desired gold mint, and legislation was passed 1914.. 35,656,814 100 in the following session to that end. 1915. 38,628,437 117 1916.. 39,489,522 134 In other respects numerous suggestions ]917. 38,306,381 154 1918. 35,758,636 168 were made, some authorities holding the view 1919. 1 35,389,091 181 1920. 1 34,635,947 245 that the alleviation of the post war difficul- 1921. 192 ties was procurable through an immediate return to a free gold market. The leading • l Not including premium. opponent of this view was Mr. (now Sir) It was established by the low-grade mines Henry Strakosch. In view of these differcommission, set up by the Government in ences of opinion, the Government called a June, 1919, and corroborated hy expert opin- conference, which met in October, 1919, to ion, that many mines were saved by the gold advise them on the questions of establishing premium, and could only exist under its "natural" exchanges between South Africa encouragement. Twenty-one mines, produc- and the rest of the world and a free market for ing over £1,000,000 of gold per month, were gold in the Union. The resolutions adopted included in this category. These arc experi- by the conference were as follows: encing great difficulty in adjusting costs to 1. (a) That the establishment of natural exchanges and the falling price of gold, and the problem, in of a free market for gold in the Union is desirable; (6) relation to the economic future of the country, that to this end the establishment of a mint and a refinery should proceed with the utmost dispatch; (c) that the is being found exceedingly difficult of solution. gold^ producers be requested to take steps to secure a The disappearance of the gold premium will, modification of their selling agreement with, the Bank of of course, coincide with the return of sterling England, so as to permit of the termination at short to parity with the dollar, and the bad effects notice;(d) that the embargo on the export of specie from the Union be not continued after the establishment of the of this movement upon the gold industry will mint. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL RESERVE BULLETIN. 1329 2. During the course of their investigations the con- ever, no cleavage of opinion along party lines ference have been impressed with the necessity for one and, with one amendment, the bill as presented uniform bank act for the whole of the Union and would was passed in July, 1920, the act coming into impress upon the Government the urgency of the introduction of such a measure in the next session of Parlia- operation on December 17 of that year. ment which should provide, inter alia, stringent provisions against inflation of currency. IV. THE CURRENCY AND BANKING ACT, 1920. At the beginning of 1920, in response to a The gold problem.—In order to regularize request from the Prime Minister, Mr. Henry and gradually to improve the situation with Strakosch expressed his views on the problem, respect to the premium on gold and the efforts his opinion being published in pamphlet form. to return to a gold standard, the first chapter In this much-discussed monograph, a return to of the act provided for the issuance by the " natural exchanges" was determinedly optreasury of gold certificates to an amount equal posed, it being argued that such action would to the face value of good-weight coin and produce violent fluctuations in exchange on all £3.17.10J per standard ounce of bullion or light countries not on a gold standard, and hence coin presented there, subject, in the latter case, jeopardize trade with England; that it would to a brassage charge to be fixed by regulation. encourage imports from abroad and exports of These were to be full legal tender and redeemcapital and impede home production. Hence able in gold on demand at the treasury. But it would be impossible to return to and mainwhen there existed a premium on gold in the tain a gold standard. On the contrary, the Union the Governor-General might proclaim report suggested the issue by the Government the suspension of redeemability while the preof gold certificates having 'lOO per cent gold mium lasted, and during that time the treasury backing, but inconvertible so long as gold might require any bank to deposit there a part commanded a premium; and the establishment or all of the gold coin held by it or on its behalf, by private capital of a central reserve bank, receiving gold certificates in exchange. The following in principle the Federal Reserve opponents of the bill in Parliament secured System of the United States, which would hold the reserves of the country and have a monop- their only success in this chapter by the inseroly of note issue based on 40 per cent gold and tion of a clause limiting the term of the sus- 60 per cent short-term commercial paper. pension provisions to June 30, 1923. The next step was the appointment, in Constitution of the Central Reserve Banlc.— The banking provisions of the act are in many March, 1920, of a select committee to inquire respects copied directly after the United States into the effects of the embargo on the cost of Federal reserve act, to the appropriate sections living and the question of its removal, and the desirability and practicability of modifying of which references will be made. These will the laws relating to banking and currency. be found on page 1331 at the conclusion of this The committee considered at great length the section of the article. pamphlet and oral evidence of Mr. Strakosch, The bank, situated at Pretoria, was to have a and that they were much influenced by his capital of £1,000,000, which might be increased opinions is patent from the arguments adduced by the board of directors with the consent of the and recommendations made in the report. treasury. Not more than one-half of this was Among other things, the report stated (a) that to be subscribed by the banks in the Union, the removal of the embargo might in time in proportion to their paid-up capital and surcompletely denude the country of its specie plus, in each case a minimum of 5 per cent being reserves; (&) that a sudden rise of the exchanges set. The remaining half was to be offered to to gold parity would seriously injure the the public at par, any amount not subscribed Union's industries and produce a financial to be taken up by the treasury. The liability crisis in gold mining, and would encourage the of shareholders was limited to the amount unwithdrawal of capital from the Union, dis- paid on their shares.® couraging its entry; (c) that the Union cur- The management of the bank was entrusted rency should be restored gradually but defi- to a board of 11 directors. Two of these, apnitely to an effective gold basis; and (d) that a pointed by the Governor-General for a term central reserve bank should be established. of five years, being men of tested banking ex- Immediately upon the receipt of this report perience, were to act as governor and deputy a bill based thereon was introduced into governor of the bank, giving their whole time Parliament. The bill met with much opposi- to the bank's affairs and receiving a salary tion, on the ground that the issue of the pro- fixed by the board. These wore to have no posed gold certificates constituted a definite interest in any other bank. Three directors abandonment of the gold standard, throwing were to be appointed b}^ the Governor-General, open the road to inflation. There was, how- and three, elected by the nonbank stockholders, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1330 FEDERAL, RESERVE BULLETIN. NOVEMBER, 1922. were to be actively engaged, one in agriculture, curities of the Government or local authorities one in commerce, and one in industry. These which had less than six months to run/ But it six might not be directors, officers, or employees might invest not more than the amount of its of any other bank, nor members of Parliament capital and reserve in the securities of any or of any provincial council. The remaining government up to two }rears maturity, and three, experienced in banking or finance, were might invest its staff and superannuation funds to be nominated by the stockholding banks and in any Union government securities. At the appointed by the Governor-General, but no same time it was permitted to buy and sell any stockholding bank could vote in the election of securities for its customers. The bank was directors. These last nine were to be elected specifically prohibited from investing in real for a three-year term, the early terms being so estate and from purchasing any bank shares, or arranged that one director of each class would loaning on their security. retire annually. All were to be British sub- The collateral against which it might loan or jects, resident in the Union.6 advance included stock, debentures or bills of The profits of the bank, after allowing for the Union government or local authorities bad and doubtful debts, depreciation, superan- having not more than six months to run, elinuation of staff, and " all such items as are usu- gible paper, and gold coin and bullion or docually provided for by bankers/7 were to be ap- ments of their shipping or storage. Advances portioned to a 6 per cent cumulative dividend on mortgages of fixed property were prohibited. on paid-up capital and to a reserve fund until Other miscellaneous powers included dealing the reserve equaled 25 per cent of the paid-up in and lending gold and bullion, taking custody capital. Thereafter, one-half of the surplus and management of mone}rs, securities, and over the 6 per cent was to go to reserve, one- other valuables, and acting as agent for any quarter to the Government, and one-quarter to bank, domestic or foreign. On the other hand, the stockholders, so long as the last quarter sundry restrictions prohibited it from engaging did not exceed 4 per cent on the paid-up capital. in trade in any way, making unsecured loans Any surplus over 4 per cent would go to the or advances, drawing or accepting bills payable Government. After the reserve had been otherwise than on demand, accepting deposits built up to 100 per cent of paid-up capital, for a fixed term, and paying interest on current dividends might be paid up to 10 per cent, the accounts. surplus going to the Government.0 But so Currency reform.—The Central Reserve Bank long as the export of gold or the convertibility was given the sole right of note issue for 25 of gold certificates was restricted, no dividends years. But until the complete substitution of in excess of 6 per cent might be paid, the differ- reserve bank notes for those of other banks ence between 6 per cent and 10 per cent being becomes practicable these latter may continue devoted to the strengthening of the bank's to be issued, under certain conditions: a 40 gold reserves. per cent gold reserve must be kept against the Powers and duties of the hank.—The bank was circulation, and, in addition to the duty heregiven the power to appoint agents and corre- tofore levied under an act of 1911, a 3 per cent spondents and to establish branches inside tax on the amount of circulation in excess of and, with the consent of the treasury, outside, that outstanding on December 31, 1919, must the Unionf to act as bankers and financial be paid. agents for the Government; and to fix its dis- When the bank was in a position to issue its count rates. Its business consisted in part of own notes, it was provided that the treasury the issue of notes, the receiving of deposits, and should fix a date on which the other banks the collecting of money for corporations and should cease to issue or reissue theirs. From individuals. It might buy, sell, or rediscount that date all previous laws relating to note promissory notes, bills of exchange, or other issues would be invalid, and each bank would commercial paper bearing at least two good pay, for a period of two years, a tax of1 onesignatures, having not more than 90 days to fourth of 1 per cent per month on its outstandrun; agricultural and live-stock paper having ing circulation. Two years thereafter all up to six months to run up to 20 per cent of its banks were to pay over the amount of their total discounts; and paper for carrying or outstanding notes to the reserve bank, which trading in Union government securities up to would then assume the liability for their 90 days provided it bore the indorsement of a redemption. bank. It might further buy or sell sight The notes of the bank are redeemable on drafts, acceptances, or bills drawn in or on ut- demand at the place of issue in gold specie or side countries.* gold certificates, and are good for payment of As a further guaranty of liquidity the bank taxes, duties, fees, etc., payable to the Union was empowered to buy or sell only those se- or provincial governments. They are secured Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL, RESERVE BULLETIN. 1331 by a minimum of 40 per cent gold and for the banks in the Union to subscribe to the reserve remainder of their par value by commercial bank, while in the United States only the 8,000 paper, as well as by a first charge on all the national banks were compelled to join the bank's assets.-f The provisions for the sus- Federal Reserve System, or forfeit their pension of the reserve requirements under a national charters, the" 20,000 State banks being graduated tax on the deficits are identical, in left free to determine their own course. fact if not in terminology, with those of the Two points in the act call for distinctive Federal reserve act.0 mention. In the first place, the provisions for Reserves.—In addition to the reserve against the reform of the currency, looking toward notes, the bank must keep a 40 per cent specie uniformity and centralization of issue, go much or bullion reserve against deposits and bills further tlian do those of the Federal reserve payable.-f Not more than 20 per cent of this act. In this matter again, there is a striking amount may be in the form of silver, and only similarity to British methods. The act of one-quarter may be held outside the Union, 1844, providing for the eventual surrender of and then only when permitted by the treasury all private bank-note issues in England to the and when earmarked for the bank's account. Bank of England, while much slower in its All banks in the Union are required to keep action,1 had the same end in view and was as a reserve at the central bank of 13 per cent thorough in method.2 The result of this against their demand liabilities * (other than change from the American to the British model notes) and 3 per cent against time liabilities, to is that the powers of emission of the banks in the public.h For three years, however, a S6uth Africa must be surrendered, while those minimum of 10 per cent on the former is con-of the national banks in the United States only ceded. The penalties for infraction of this may, in a very much longer period. rule are heavy, for. besides having to pay a The second important distinction lies in the fine at the rate of 10 per cent per annum on the nature of the bank's dealings. Here again the deficit, a bank may make no new loans nor English pattern is followed. The Bank of pay any dividends until the reserve is brought England is far from being a bank solely for up to the required level. bankers and the Government. On the other Publicity.—The treasury is empowered at hand, apart from their fiscal functions, the any time to inspect the books and records of Federal reserve banks are in the main bankers' the reserve bank and to demand returns from banks, their open-market operations being reany other bank.* The bank must supply stricted by law and moderate in volume. The weekly returns, in the form specified, •? as well asSouth African Central Reserve Bank is percopies of the annual accounts, to be published mitted to deal with the public, and the preby the treasury, and all banks in the Union are scribed form of weekly statement requires three required to furnish the treasury with monthly separate subitems—"Government," "bankers," returns. In these must be shown the amounts and " other " deposits. To the extent to which of notes issued or payable in the Union, and in the bank utilizes these powers, then, it is in circulation; demand and time liabilities to the direct competition with the other institutions public in the Union; gold and subsidiary coin operating in the Union. and gold certificates held in the Union; and the 1 Finally, it is noteworthy that the institution reserve balances at the central bank. founded under this act is the first true central Distinctions between the act of 1920 and the bank to be established in the British dominions. Federal reserve act,—A fundamental distinction exists between the bases of the Federal Reserve REFERENCES TO COMPARABLE SECTIONS OF THE FEDERAL System and the South African Central Reserve RESERVE ACT. Bank. It lies in the fact that at the time of the a Section 2. South African act the great bulk of the business & Section 1; section 4, as amended June 21, 1917 (section was done by three banks, now reduced by 2), and September 26, 1918; section 10, as amended fusion to two. With the two or three other March 3, 1919, and June 3, 1922. financial institutions which have retained their c Section 7, as amended March 3, 1919. d Section 3, as amended June 21, 1917 (sections 1, 6). autonomy, these compose the entire corporate membership of the reserve bank. In this The last private note issue (that of Fox, Fowler & Co.) lapsed, by respect of concentration of banking functions absorption, in 1021; but for several years past the private circulation had been of practically negligible importance. is seen perhaps most conspicuously the influ- 2 After the passing of the act no bankers, except those already issuing, ence of British methods. Partly owing to this were to issue notes and then not in excess of their circulation at that time: no bank whose issue lapsed for any reason, could resume the issue factor, and in part to centralized legislative of notes: by the act of 1.833, joint-stock banks were expressly permitted to establish themselves in London, without the power to issue notes, machinery, the South African act required all hence a note-issuing bank, on combining with one 'of these, lost its right of issue; if a country bank lost its right to issue, the bank might be authoried by the Queen in Council to increase its fiduciary issue by two- 1 That is, liabilities payable within 30 days or subject to less than 30 thirds of the amount of the lapsed issue, This right has not been fully days' notice. taken advantage of. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1332 FEDERAL RESEKVE BULLETIN. NOVEMBER, 1022. e Section 13, as amended March 3, 1915, September 7, of other countries would have similar disturbing 1916, and June 21, 1917 (sections 4, 5); section 14, as effects to those of a disparity in the case of the amended September 7, 1916, and June 21, 1917 (section 6); section 15. South African currency. Apart from exchange / Section 16, as amended September 7,1916. and June 21. difficulties, however, the lag in the case of 1917 (section 7). internal purchasing power would force several Q Section 11. of the gold mines to close down, and physical h Section 19, as amended August 15, 1914, and July 21. 1917 (section 10), and September 26, 1918 (section 14)! conditions would in many cases make perma- * Section 21. nent the cessation of operations. Quoting i Section 11. Doctor Vissering and Professor Oassel in support of his view, Sir II. Strakosch was led to V. THE ACT IN OPERATION. the conclusion that "to resume specie payments Gold.—In accordance with the provisions of * * * at a definite and early date would be the act, the issue of gold certificates by the disastrous.77 The select committee of 1920 treasury was begun immediately after its com- having reported that "it was not practicable ing into operation and proceeded so rapidly to fix any definite time limit77 for that step, the that by February 12, 1921, there were £8,123,- author recommended the deletion from the act 067 of this form of money outstanding. Dur- of the clause limiting irredeemability to June ing the ensuing 16 months, however, the in- 30, 1923. crease was comparatively slow, only £2,000,000 In October, 1921, the Government called a being added by June 3, 1922. There being a conference to consider this same question. o premium on gold, the redecmability of the The conference gave its opinion that a definite certificates was suspended immediately. This, attempt to bring about the necessary deflation however, does not permit of any reduction of by June 30, 1923, might result in a grave and gold backing, an amount of gold being held violent crisis. Accordingly it suggested the equal to that of the certificates outstanding. provisional extension of inconvertibility until The act has produced no perceptible improve- June 30, 1925, with the proviso that if in the ment in gold production. Oil the contrary, in meantime gold should reach its normal price, 1921, 8,114,581 ounces fine were mined—a re- the Governor-General's power to suspend reduction of 39,000 from the 1920 figure. In the demption should automatically lapse. At the first five months of 1922, largely owing to same time the reserve bank should be authorstrikes and political disturbances, only 1,791,- ized to take steps to prevent any further infla- 347 ounces were mined in the Union. tion of the currency. On the other hand, the The price of gold in London has fallen very conference recommended the immediate aboliconsiderably since the time of the act's passage. tion of all restrictions on the export of gold On December 31, 1920, it was £5 16s.Id. per bullion—a step on the advisability of which two ounce fine. By June 30, 1921, it was 110 shil- members of the conference strongly disagreed lings, and the end of the year saw it below the with their six colleagues. In addition the 100 mark. On September 29, 1922, it had somewhat novel suggestion was made that, "if reached £4 13s.lOd. While the decline in the necessary, the law be altered so as to prevent premium on gold has been large, it by no means, a debtor discharging his obligations (unless follows that it will entirely disappear by June with the consent of the creditor) in any form 30, 1923, when the suspension provision lapses. of money other than that specified in the con- This contingency was early foreseen in South tract.77 "At the time of writing no definite deci- Africa itself, and Sir Henry Strakosch was again sion has been arrived at by the Government, called upon to make recommendations as to but it would seem very unlikely that an autothe manner in which the limitation clause of matic return to convertibility on July 1, 1923, the suspension of redeemability provision will be permitted, through failure to amend or should be dealt with. In his memorandum the delete the limitation clause. author pointed out that to return to gold par- Banking.—The foundation of the Central ity demanded the most drastic deflation, which Reserve Bank in December, 1920, was accommight seriously damage the country's indus- panied by the appointment as governor of Mr. tries. Moreover, since the external purchasing W. H. Clegg. This fact is of peculiar signifipower of a currency unit responds more readily cance in that Mr. Clegg had spent 34 years in than its internal purchasing power to changed the service of the Bank of England, having monetary conditions, the country's specie re- risen at the time of the appointment to the serves would be seriously depleted. Further- office of chief accountant in that institution. more, even if by a "huge effort of deflation77 Of the total capital to be raised, £300,000 the progress toward coincidence between in- was allotted to banks, the remainder being ternal and external purchasing power were offered to the public at par. Up to June 18, accelerated, the violent fluctuations in the case 1921, however, when the list was closed, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

XOVEMKKK. 1.922. FEDERAL RESERVE BULLETIN. 1333 amount applied for was only £365,000, leaving CASH RESERVES IN THE UNION. £335,000 to be taken up by the Government. This fact gives rise to a situation in which, by- June 30,1921. June 30,1922. contrast with the Federal Reserve System, the Government has a large interest as stockholder Gold coin and bullion.: £1,398,287 £543,547 in the operations of the bank. Subsidiary coin 1,130,031 1,449,706 The reserve bank notes, in denominations of G old certificates held in Union 3,907,259 2,782,179 South African reserve bank notes 4,229,298 £1, £5, £20, and £100, were ready for issue in Balances in South African Reserve Bank . 5, 698,80O 6,142,220 January, 1922, and by July 29, 1922, the Total 12,194,427 15,146,950 amount in circulation was nearly £6,500,000. Percentage of reserve to deposits 15.21 20.22 At the same time between December 31, 1921, and June 30, 1922, the circulation of the other The changes since 1920 * are, of course, most banks within the Union was reduced by less conspicuous on the assets side. The gold, gold than £1,250,000. certificates, and subsidiary coin have been re- The nature and growth of the bank's opera- duced hj 61 per cent, while this gap has been tions up to the present time are indicated in filled by £6,250,000 of balances at the reserve the following table: bank and by reserve-bank notes. It will be noted that the amount of balances more than LIABILITIES AND ASSETS OF THE SOUTH AFRICAN RESERVE meets the normal reserve requirements of the BANK ON JULY 16, 1921, AND JULY 29, 1922, act. [In pounds sterling.] The statement prescribed for the Central Reserve Bank in Schedule II of the act is in some respects similar to that required of the July 16,1921. July 25, 1922. Federal reserve banks. Thus, in the item " gold coin and bullion," the amount held outside the LIABILITIES. Union must be separately stated, but by con- C R a e p se it r a v l e p aid up . . .. 293,391 1,000,000 trast with the American returns, gold certifi- Notes in circulation 6 -126*646 cates are also separately stated. There is no Bankers' deposits 5,853.195 5,551,89-1 Other liabilities (:>; 253 57,871 distinction as to the security behind bills dis- Total 6,152,839 13,011,492 counted, but they are split up into "domestic" and "foreign." Deposits arc divided, along ASSETS. the American lines, into "'Government," G G o o l l d d c c o e m rti f a ic n a d t e b s ullion 5,4O2,1S 1 .I 5 8,9 2 2 1 ? 8 ; . 1 3 0 5 3 0 "bankers," and "other," thougli the last has Subsidiary coin 11 250,022 a different meaning, consisting of deposits made Bills discounted 250,000 317,836 Loans to Government 2/200,000 by the public. Other loans and advances . 500,000 56' 800 Investments 1.000,000 Other assets : 632 41,381 Total ' 0,152,839 13,041, 192 PRICES IN URUGUAY. The National Bureau of Labor of the Uru- The bank's not profit for the nine months guayan Government has recently released the ending March 31, 1922, was £45,524. This, it- following table of average prices and correwill be seen, represents just about 6 per cent per sponding index numbers of articles of prime annum on the capital stock. necessity for the years 1913 to 1921, inclusive. The following composite statements of the The prices prevailing in 1913 have been taken institutions furnishing returns under the act of as the base and the index numbers of all com- 1920 give some indication of the reaction of the modities for that year are given as 100. The other banks to the new arrangements: list of comriiodities is primarily one of foodstuffs, and the table, therefore, suggests the LIABILITIES TO THE PUBLIC IN THE UNION. trend of the cost of living in Uruguay since the outbreak of the war. It may be noted from this table that general prices reached a peak in June 30,1921. June 30,1922.. 1920, when several commodities had advanced to more than 250 per cent of their level in 1913. J^egs-il-tender notes . . £1,787,326 £1,341,623 O{hernotes .~ 6,747,567 6,255,014 The index numbers for 1921, on the other hand, Pemand deposits 41,886,838 40.231,422 Time deposits 29.770;il6 27j067,881 show the result of the liquidation period which s Total 80,191,847 74,895,943 i See table on pp. 1325, 1325, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1334 FEDERAL, RESERVE BULLETIN". NOVEMBER, 1922. began during 1920. It is of particular interest prices of meat is responsible to a large extent to note the striking decrease in the prices of for the difficult economic problems which beef and mutton, two of the most important Uruguay has been obliged to face during the Uruguayan products. The severe drop in last two years. AVERAGE ANNUAL PRICES OF SELECTED COMMODITIES IN URUGUAY. Edible oils. Rice. ! Sugar. Farina. Spaghetti. Hardtack. Beef tallow. Corn meal. i Year. Average Index Average Index Average Index Average Index Average Index Average Index Average Index Average Index price' num- price num- price num- price num- price num- price num- price num- price numper kilo. ber. per kilo. ber. per kilo. ber. per kilo. ber. per kilo. ber. per kilo. ber. per kilo. ber. per kilo. ber. 1913 ! 0.40 .. .. .. .( 0.14 100.0 0.15 100.0 0.11 100.0 1 0.11 100.0 0.12 100.0 0.28 100.0 0.08 100.0 1914 I . 55 110307..05 .18 128.6 • 90 133.3 .09 81.8 1 .19 109.1 .12 100.0 .25 89.3 .09 112.5 1915 i .53 132.5 .20 142.9 .23 153.3 .09 81.8 ! .16 145.5 .15 125.0 .24 85.7 .09 112.5 1916 ! .53 132.5 .20 142.9 .25 166.7 .10 90.9 ': .13 118.2 .11 91.7 .27 96.4 .08 100.0 1917 ! . 67 167.5 .23 164.3 .29 193.3 .12 109.1 I .16 145.5 .13 108.3 .30 107.1 .10 125. 0 1918 I 1.06 265.0 .27 192.9 .32 213.3 .14 127.3 i .15 136.4 .13 108.3 .31 110.7 .10 125.0 1919 ... : I. 02 255.0 .31 221.4 .35 233.3 .15 136.4 ; .16 145.5 .15 125.0 .36 128.6 .10 125.0 1920 : 1.14 285.0 .36 257.1 .41 273.3 .14 127.3 ' .22 200.0 .18 150.0 .43 153.6 .12 150.0 1921 : 1.04 260.0 .28 200.0 .31 206.7 .11 100.0 ! .23 209.1 .19 158.3 .33 117.9 .12 150.0 ! : Wheat flour. Eggs. Milk. Crushed corn. Flour bread. Beans. Table salt. Coarse salt. 1 Aver- Aver- Aver- Aver- Aver- Aver- Aver- Aver- Year. age Index age Index age Index age Index age Index age Index age Index age Index price num- price num- price num- price num- price num- price num- price num- price numi P°r ber. per ber. per ber. per ber. per ber. per ber. per ber. per ber. i kilo. dozen. liter. liter. kilo. kilo. kilo. kilo. 1913 . 1 0.08 100.0 0.22 100.0 0.08 100.0 0.10 100.0 0.10 100.0 0.19 100.0 0.04 100.0 0.02 100.0 1914 : .09 112.5 .29 131.8 .06 75.0 .11 110.0 .14 140.0 .19 100.0 .08 200.0 .02 100.0 1915 j .12 150.0 .28 127.3 .07 87.5 .10 100.0 .15 150.0 .24 126.3 .09 225.0 .03 150.0 1916 1 .09 112.5 .29 131.8 .08 100.0 .10 100.0 .13 130.0 .23 121.1 .08 200.0 .03 150.0 1917 • .12 150.0 .31 140.9 .08 100.0 .11 110.0 .14 140.0 .23 121.1 .10 250.0 .04 200.0 1918 ! .10 125.0 .32 145.5 .08 100.0 .12 120.0 .14 140.0 .22 115.8 .10 250.0 .04 200.0 1919. . i .11 137.5 .35 159.1 .09 112.5 .10 100.0 .14 140.0 .22 115. 8 .11 275.0 .05 250.0 1920 .! .15 187.5 .41 186.4 .10 125.0 .12 120.0 .18 180.0 .24 126.3 .13 325.0 .04 200.0 1921 .| .16 200.0 .38 172.7 .09 112.5 .12 120.0 .20 200.0 .23 121.1 .13 325.0 .04 200.0 Semola. Vinegar. "Mate," tea. Beef. Mutton. Pork. Sweet potatoes. Irish potatoes. • Year. Aver- Aver- Aver- Aver- Aver- Aver- Aver- Averago Index age Index age Index age Index age Index age Index ago Index age Index price num- price num- price num- price num- price num- price num- price num- price numk p i e lo r . i j ber. li p t e e r r. ber. k p i e lo r . ber. k p i e lo r . ber. k p i e lo r . ber. k p i e lo r . ber. k p i e lo r . ber. filo. ber. 1913 . 0.16; IOO.O 0.08 100.0 0.28 100.0 0.22 100.0 0.30 100.0 0.42 100.0 0.05 100.0 0.06 100.0 1914 .16 ; IOO. o .11 137.5 .30 107.1 .17 77.3* .21 70.0 .33 78.6 .05 100.0 .08 133.3 1915 .19 : 118.8 .11 l.:>7,5 .30 107.1 .20 90.9 .20 66.7 .37 88.1 .06 120.0 .11 183.3 1916 .16 100.0 .20 250! 0 .30 107.1 .21 9o. 5 .24 80.0 .40 95.3 .06 120.0 .08 133.3 1917 .18 112.5 .12 150.0 ' .30 107.1 .20 90.9 .24 80.0 .44 104.8 1 .05 100.0 .11 183.3 19:8 .19 118.8 .14 175.0 | .30 107.1 .22 100.0 .24 80.0 .45 107.1 j .07 140.0 .12 200.0 19 9 .19 118.8 .15 187.5 .33 : 117.9 .27 122,7 .26 86.7 .45 107., 1 .06 120.0 .10 166.7 1920 .22 137.5 .16 ; 200.0 .44 i 157.1. .27 122.7 .29 95.7 .45 107.: 1 .06 120.0 .10 166. 7 1921 .22 137.5 .16 .40 i 142:9 .19 86.4- 70.0 .42 100.0 .05 100.0 .10 166.7 ! 200.0 •21 Alcohol. D a e l n c a o t h u o r l e . d Charcoal. Wood. Kerosene. Tobacco. Matches. Aver- Year. Aver- Aver- Aver- Aver- Aver- Aver- age age Index age Index age Index age Index age Index age Index price Index price num- price num- price num- price num- price num- price num- per numper ber. per ber. per ber. per 100 ber. ber. per ber. dozen ber. liter. liter. sack. pieces. liter. kilo. boxes. i 1913 0.46 i 100.0 0.26 100.0 1.25 100.0 1.00 100.0 | 0.08 100.0 1.40 100.0 0.08 100.0 1914.*... .51 110.9 .27 1 103 8 1.03 82.4 1.04 104.0 i .09 112.5 1.79 127.9 .19 237.5 1915... . .55 i 119.6 .23 88 5 .98 78.4 .97 97.0 .09 112.5 1.82 130.0 .19 237.5 1916 .58 126.1 .25 96.2 ' .89 71.2 .99 99.0 .10 125.0 1.82 130.0 .19 237.5 1917 ... . .66 143. 5 .27 ! 103 8 .83 66.4 .98 98.0 .12 150.0 1.88 134.3 .20 250.0 1918 .74 160. 9 .30 115.4 1.22 97.6 1.03 103.0 .16 200. 0 1.92 137.1 .22 275.0 1919... . .88 191.3 .27 103 8 1 31 104 8 1.22 122.0 .17 212.5 1.86 132.9 .22 275.0 1920 1.09 237. 0 .26 100. 0 1.25 100.0 1.17 117.0 .17 212. 5 1.98 141.4 .25 312.5 1921 1.47 319.6 .27 103.8 1.25 100.0 1.16 116.0 : .17 212.5 2.01 14.3.6 .24 300.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL RESERVE BULLETIN". 1335 PRICE MOVEMENT AND VOLUME OF TRADE. INTERNATIONAL WHOLESALE PRICE INDEX. During September the trend of wholesale prices in all countries covered by the Federal Reserve Board's index was downward, ranging from a decrease of one point in the United States to eight points in Japan. Prices in England were only one point higher than those in the United States with reference to 1913. When all indexes are converted to a gold basis, the closest approximation is between British and Canadian prices. The prices of raw materials and of consumers' goods declined in all five countries during September. Producers' goods, or commodities in a semimanufactured state, on the other hand, either increased or remained unchanged, except in Japan, where there was a decided general decrease in this group. Prices within the trade groups show that, whereas goods exported from all these countries, except France, decreased, the prices of goods imported rose with the exception of those in Japan. Prices in general are falling from the July level, which in all five countries was the peak of the current year to date. In England prices have been relatively steady, with a spread of but seven points during the year. The July peak in Japanese prices came in a two months' sudden rise from the year's low point in May. In the other countries (United States, France, and Canada), prices increased steadily from the beginning of the year up to July. The decline during August and September has, however, brought prices in Japan, England, and Canada to the lowest point of 1922. INTERNATIONAL WHOLESALE PRICE INDEX FEDERAL RESERVE BOARD 600 6C0 550 S 550 500 / \ F CA R N A A N D C A E 500 450 \ 1 •• JAPAN 450 / \ 400 400 350 350 •s. •s 300 300 \ 250 \ 250 • v 200 *• 200. \ 150 150 100 100 J. F M. A. M. J. J. A. S.O. N. D. J. F. M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A.M. J. J. A. S. Q. N. D. 1919 1920 1921 1S22 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1336 FEDERAL RESERVE BULLETIN. NOVEMBER, 1022. INTERNATIONAL WHOLESALE PRICE INDEX—FEDERAL RESERVE BOARD. Based on prices in respective currencies. Converted to gold basis. Year and month. ------- j England. France. Canada. Japan. U S n ta i t t e e s d . England. France. Canada. Japan. 1913, average 100 ! 100 100 100 100 100 J00 100 100 100 1919, average 211 ; 241 207 2il 221 199 1920, average 239 1 314 478 250 239 242 185 223 1921, average 148 ! 201 321 167 181 148 159 124 150 175 1921. i September , 146 194 301 158 192 146 148 113 141 186 October 145 I 187 295 149 202 145 149 111 136 193 November , 145 i 177 292 145 197 145 144 109 133 189 December 1J42 | 172 287 145 193 142 147 117 135 186 1922. January 170 144 191 142 148 121 137 181 February 146 I 167 283 149 185 148 150 128 145 176 March 147 168 287 150 182 147 151 134 145 173 April 149 167 152 180 149 151 143 148 171 May , 158 171 154 180 158 156 : 143 152 171 June 161 169 303 153 184 161 154 138 151 176 July , 165 171 151 192 165 156. 131 152 184 August , 165 168 297 149 184 165 154 122 149 176 September 164 165 292 144 176 161 150 116 144 169 INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES.* [Average prices in 1913=100.] Year and month. pr G o o du o c d e s d.im G p o or o t d e s d. ex G p o o o rt d e s d. mat R er a i w als. du P c r e o r - s' su C m o e n r - s' m A o l d l i t c i o e m s - . goods. goods. 1919, average 214 174 221 209 19S 221 211 1920, average 242 191 235 235 237 244j 239 1921, average 148 108 136 141 142 160 148 1921. September •. 144 106 149 l 138 133 162j 146 October 143 107 14f> 140 132 158 145 November 142 108 143 141 128 157! 145 December 140 111 141 j 140 127 153! 142 1922. January 139 110 139! 141 127 150 142 February 143 110 142 145 127 155i 145 March ]44 111 144 1-47 126 157! 147 April 146 115 144 : 150 129 156 149 May 155 119 155; 164 137 160 158 June 158 124 163 , 107 141 164 161 July 162 128 165 ! 177 143 163 165 August 162 127 162 184 114 156 165 September 161 128 157 LSI 147 154 161 October 161 135 163 179 150 156 165 1A complete description of the United States index number, as originally published, may be found in the May. 1920, BULLETIN, pages 499-503. Revisions in prices or weights appear in the BULLETINS for June, 1920; Juno, 1921; and May, 1922. INDEX NUMBERS OF WHOLESALE PRICES IN ENGLAND. 1 [Average prices in 1913=100.] Year and month. pr G od o u o c d e s d .; I i m G p o o o rt d e s d .! : ex G p o o o r d te s d.I mat R e a r w ia - ls. d g P o u r o c o e d r - s s . ' goods. ,goIdbasls. 1919, average. 238 l 217 : 275 226 261. 241 ' 241 221 1920, average. 315 ! 294 438 291 35.5 292 : 314 : 242 1921, average., 207 ! 171 183 197 178 219 i 201 . 159 1921. September-. 199 : 170 j 171. 195 MB 2.1.2i; 194 : 148 October 192 • 163 ; 175 187 166 200!! 187 I 149 N D o ec v e e m m b b e e r r . . . . 1 1 7 8 6 2 i ! 1 15 5 2 4 ! : 15S 1 1 7 7 3 7 1 1 5 4 3 7 1 18 9 6 1 1•;! 1 1 7 7 7 2 : ' 1 14 4 7 4 ! 1922. January 174 149 I 158 171 1,17 181Ij 170 ! 148 February... 171 148 ' 151 168 1.4.4 181;: 167 , 150 March 172 147 j 153 170 142 183 168 j 151 April 171. 14S : 152 167 143 183!• 167 151 May 175 153 I 155 109 146 191;i 171: 156 June 172 1.54 ! 158 167 148 186ll 169: 154 July 172 158 158 168 147 190;| 171 ! 156 August 170 155 159 170 143 lcS3 168 : 154 September.. 165 157 151 166 143 177| 165 ! 150 October 160 161 j 149 165 14} 170 163 14.s 1 A complete description of the British index may be found in the February, 1922, issue of the BULLETIN", pages 1-47-153. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1337 NOVEMBER, 1922. FEDERAL, RESERVE BULLETIX. INDEX NUMBERS OF WHOLESALE PRICES IN FRANCE.* [Average prices in 1913=100.] Year and month. pr G od o u o c d e s d.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 aw rials. 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 - . Co to b n a v g s e o i r s l t d . ed 1920, average • 460 536 512 506 433 474 478 185 1921, average 322 313 288 341 248 348 321 124 ,, 1921. September 298 314 276 328 240 309 301 11. 0 ctober 291 314 291 319 238 304 295 Ill November 290 304 294 315 233 305 292 109 December 284 303 283 313 230 294 287 117 1922. January 284 295 277 308 229 299 286 121 February 2S2 286 275 300 227 300 283 128 March 28S 282 272 305 229 306 287 134 April.... 302 282 274 318 228 327 299 143 May 305 288 279 322 226 333 302 143 June 305 295 292 327 230 327 303 138 July 306 308 297 332 236 325 306 131 August 295 309 290 329 233 303 297 122 September 2S7 320 301 322 234 296 292 116 1 A complete description of the French index may be found in the August, 1922, issue of the BULLETIN, pp. 922-929. INDEX NUMBERS OF WHOLESALE PRICES IN CANADA.1 [Average prices in 1913=100.] Year and month. • p ro G d o u o c d e s d , i i m G p o o o rt d e s d..ex G p o o o r d te s d. 1 m a R te a r w ials. C t o o b n a v g s e o i r s l t d . ed 1919, average... 207 ; 204 220 197 ! 188 227 207 199 1920, average.., 249 • 253 I 268 235 255 270 1 250 223 1921, average.. 168 i 164 i 181 155 .' 174 183 167 150 ! 1921. September.. 158 : 155 175 147 .. 159 174 158 141 October 148 i 153 149 136 : 153 166 149 136 November.. 144 j 151 138 131 152 164 145 133 December.. 144 i 151 137 131 ' 149 164 145 135 1922. January 143 151 139 132 i 147 161 144 137 February... 148 150 152 138 ' 147 164 149 145 March 150 150 151 140 ; 146 166 150 145 -April 152 151 153 142 ' 146 169 152 148 May 153 157 154 145 • 147 168 154 152 June 151 162 149 143 ! 150 168 153 151 July 153 165 154 143 ; 152 171 154 152 August 146 166 144 136 I 154 166 149 149 September.. 110 170 133 133 I 154 157 144 144 October.... 141. 171 134 135 ; 155 J58 145 115 A complete description of the Canadian index may be found in the July, 1922, issue of the BULLETIN, pp. 801-808. INDEX NUMBERS OF WHOLESALE PRICES IN JAPAN, i [Average prices in 1913--= 100.] Goods i Goods \i Ravi imported, ex ported./materials 153 I 151 ! 153 > 151 ! 157 | 166 I 167 ! lfiO ; 156 1A complete description of the Japanese index may be found in the September, 1922, issue of the BULLETIN, pp. 1052-1059. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1338 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES. ALL-COMMODITIES INDEX NUMBERS.! EUROPE. Year and month. L M g t a B r i y b i u e n o m l i o - r s f ; . - 2 B G S g B u t e t a i a r n u c r e t e i a l i a - a r l s ; u a - l . m D a e r n k - ; B F G u r e a r n e n e a c r u e a . ; l 1 F m f tu G u r Z a a n r c e n t n g i e r y - k - . r 5 ; - Bu t G i r c e e a a r l - u.6 R B .i a c c c h a i r . d 8 o N t C B i l o s a e e u f t n t n i r S h c d e t e r s t a s a a . r ; u 7 - - l O N R t ( i C m e e a o k v n r h i w o u s i r a i k n e a s ) o . - y ; 9 - P C S O o t e t i l f n a c a fi t t a n c i r l s e a d - . l ; I o n f s G ti e tu og te - t U id a n o n i c d n h e g l . s ii L S D l o w a r r n i e . t d z n J ; e z . r . - 3 (128) (33) (45) (98) (38) (100) (53) (93) (58) (74) (47) (71) 1913 . . 100 100 100 100 100 100 12 100 1914 "100 103 "100 101 is 100 106 95 105 16 115 "100 101 116 100 1915 137 138 137 142 133 145 159 119 145 1916. is 268 164 187 153 202 222 233 141 185 1917 667 228 262 179 299 286 341 166 244 1918 830 293 339 217 409 392 345 207 339 1919 1,166 294 357 416 364 297 322 204 330 1920 1,940 382 510 19 1,997 1,486 624 282 377 221 347 1921 2,006 250 345 i'J 2,127 1,911 578 181 269 190 211 195 1921. September 364 1,758 224 344 2,067 580 180 287 183 182 181 October 372 2,052 202 331 2,460 599 169 286 185 175 184 November 374 2" 061 186 332 3 416 595 165 276 184 174 182 December. .. 369 2,155 188 326 3,487 595 165 269 183 172 178 • 1922. March 350 2 287 182 307 5 427 5,433 533 161 240 73,729 176 164 171 April 344 2,514 178 314 6,722 6,355 527 161 236 75,106 185 165 163 May... .... 348 2.695 177 317 7,379 6,458 524 165 231 78,634 176 164 161 June 356 2,438 179 325 7,811 7,030 537 166 230 87,694 177 164 160 July 360 2,489 180 325 9,140 9,957 558 159 232 101,587 165 161 August ... 360 2,526 180 331 13,935 17,990 571 147 227 135,786 163 163 September 364 2,531 178 329 28,919 27,420 • 582 225 152,365 158 163 October 385 176 337 44,089 56,600 601 221 155 163 November 180 94,492 169 EUROPE—con- NORTH AND SOUTH tinued. AMERICA. ASIA ANDOCEANIA. AFRICA. Year and month. B U T o K d n r a o i a r i n m t d d g e e ; d o - . f S U K t d a n o i t i n m i t s g e t ; d - .4 o U B S S f t t u t n a i L a r c i t t e t a e s i e a b s . s d u - o ; r C m D a e e n p n a a t d r o a t- f ; m D P e e e p n r a t u r o ; t f - o a B t f t n i A r s u C d a t u r i e l c e S s i n s a a - t s . ; u a * u - sM n ( C S a o h i n h f h n a a c i i i F n s ) n e ; i t a . g - r 2 y - 1 „ B I D S n E u t t i u d a r a c e i t t a s e c i a t l s h s u - ; . D m c S I t u ( e n e i C t c t p a n d t a s t a t a i l . i a - e r ) s o t ; - f - ( B J T J a o a a p n k p a k v a n n o o .6 ) f ; Z m D S e N t e e a t i a p l n c e a t a t w s i n r . s o d t - - f ; m ( D E S C t e e t g i a a p n c y i t r a s t i p o . r s o t t ) - f - ; a O C A t S n i f e s f d o f r t n i u c i i s S c c t e u h a s t s a o : . - f (150) (45) (404) (271) (58) (92) (147) (75) (56) (106) (23) (187) 1913 100 100 100 100 100 22 100 100 100 1914 101 98 101 104 15 100 23 100 24 100 96 104 25 100 100 1915 126 101 110 120 141 112 97 123 102 1916 159 127 135 146 132 128 117 134 124 127 19J7 206 177 177 176 155 147 147 151 168 145 19J8 226 194 206 212 170 232 180 192 175 207 lf>S 1919 242 206 217 220 180 133 281 198 236 178 225 170 1920 314 295 226 246 238 218 140 226 204 259 212 299 231 1Q21 201 182 147 182 205 167 145 186 181 200 201 171 1921. September .. 191 175 141 172 205 160 148 188 187 207 197 169 October 185 163 142 169 203 156 146 175 184 2.19 195 180 143 Novem bcr 176 161 141 168 195 151 144 170 180 214 191 171 December 171 157 140 170 190 148 146 166 180 209 188 160 1922. March 163 157 I 142 167 190 146 152 164 ' 182 201 180 153 April 163 158 143 168 187 148 150 164 182 197 180 148 132 184 159 148 167 186 155 146 166 187 194 177 141 Juno 163 159 150 165 156 144 167 i 183 197 175 139 July 163 157 155 166 157 145 168 i isi 201 177 138 131 August 159 152 155 164 155 142 102 • 178 195 177 139 September 157 150 j 153 163 158 139 176 193 174 138 October ! 154 162 143 177 190 i The number of commodities or quotations used in the computation is April, 1914=100. of each index, is indicated by figures in parentheses at head of each « July l, 1912, to June 30,1914=106. column. is July, 1914=100. »Average oflast half of month* 16 Dec. 31, 1913, to June 30,1914=100. »P'irst of month. "January, 1914-100. * End of month. is December figure. * Beginning of month—not always the 1st. 19 January figure. • Average ior the month. *o Average for month until September, 1921;^thereafter prices as of 15th ^ Based upon price of 52 commodities during 1920; 53 during 1921. of month. «38 commodities prior to 1920; 76 commodities during 1921. Average 21 As oflast Wednesday in month. for the month. 22 February, 1913=100. • End of year and end of month, 23 As of Jan. 1. w 15th of the month. s* End of July, 1914=100. ii Middle of month. 2s Jan. 1,1913, to July 31,1914-100. " July 1,1913, to June 30,1914=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL EESEEVE BULLETIN". 1339 The foreign index numbers published on the In only a few of the index numbers is 1913 preceding page are constructed by various for- used as the basis in the original computations. eign statistical offices, and are sent to the Fed- In most cases in which 1913 appears as the eral Eeserve Board by cable. The I basis for the computation the index numbers BULLETIN for January, 1920, contains a description of the have been shifted from their original bases. French, Australian, Japanese, and Canadian The computations in such cases are, therefore, indexes. A description of the method used in only approximately correct. In certain of the the construction of the Swedish index number index numbers July, 1914, or the 12 months' appeared in the for February, 1921; period immediately preceding is used as the BULLETIN the British index number, compiled by the base. Board of Trade, was described in the March, A description of the international price index 1921, BULLETIN; and the Italian index num- numbers of the Federal Reserve Board for the ber was discussed in the April, 1921, issue.. United States, England, Canada, France, and The December, 1921, BULLETIN contains a de- Japan may be found in the BULLETINS for scription of the index published by the Federal May, 1920; February, 1922; July, 1922; August, Statistical Bureau for Germany, and the in-1922; and September, 1922, respectively. A dexes for Switzerland, Netherlands, Norway, comparative summary table showing the Bulgaria, Egypt, the Union of South Africa, the Board's international index for these five Dominion of New Zealand, and Peru. The in- countries appears on page 1336. dex number for the Dutch East Indies was Index numbers showing the price levels of described in the BULLETIN for March, 1922, separate groups of commodities in the United that for Poland in the BULLETIN for July, 1922, States and a few foreign countries axe prewhile a description of the Belgian index may be sented on the following pages. Group index found in the October, 1922, issue. The revised numbers computed by the Federal Reserve index of the United States Bureau of Labor Board as part of its international series of Statistics was first published in the July, 1922, price indexes will be found on pages 1336, 1337 BULLETIN; and a description of the Frankfurter of this issue. Zeitung's revised index was given in the issue The revised series of group index numbers for September, 1922. Lack of space prevents for the United States, showing the Federal Rethe publication of group index numbers for serve Board's regrouping of the new index of many of these countries except occasionally, the Bureau of Labor Statistics, based upon 404 but they can be obtained at any time upon quotations, was published for the first time in request. Reference may be made to the the September, 1922, A similar BULLETIN. September, 1922, BULLETIN, pp. 1092-1100, regrouping by the Federal Reserve Board of for a more complete series of" group index the old index of the Bureau of Labor Statistics numbers than appears in this issue. first appeared in the October, 1918, issue. GROUP INDEX NUMBERS—UNITED STATES—COMMODITIES IN BUREAU OF LABOR STATISTICS INDEX REGROUPED BY FEDERAL RESERVE BOARD. Raw materials. Pro- Con- All Year and month. p A r t o g u d r r i u c a u c l l ts - . p A ro n d im uc a t l s. pr F o o d r u e c st ts. p M ro i d n u er c a t l s. r t a e T w r o i a t m a ls l a . - d g u o c o e d r s s . ' s g u o m o e d r s s . ' com ti m es o . di- (21) (21) (11) (35) (88) (117) (199) (404) 1913 100 100 100 100 100 100 100 100 1919 250 221 211 180 218 179 211 206 1920 255 186 312 236 229 214 231 226 1921 134 110 1G6 185 142 135 159 147 1921. September , 141 105 154 168 137 128 156 141 October 135 107 162 174 138 126 154 142 November 130 103 175 178 137 125 153 141 December 130 103 169 179 137 125 151 140 1922. January 130 109 167* 178 139 123 146 138 February 140 121 166 177 146 118 118 141 March 141 122 165 178 147 120 150 142 April 145 120 167 180 148 122 149 143 May 152 122 174 202 157 125 150 148 June 146 123 186 211 159 127 151 150 July 147 130 188 241 171 129 152 155 August ?. 138 127 191 261 173 129 149 155 September .. .. 136 132 199 236 168 132 150 153 October .... 147 132 204 218 166 135 152 151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1340 FEDERAL, RESERVE BULLETIN. NOVEMBER, 1922. GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS. Year and month. F p u r a c o r t d m s. - Foods. cl C o l a t o n h t d i h n s g. F li u g e h l t i a n n g d . pr M m o e a e d t n t u a d a c l l t s s. Bu m r i a i l a l d l e s i - . ng ic C d a r l h s u e g a m s n - . d j jfu H g r o i o n n o u i g d s s s h e . - co i m t A ie m l s l . od- (56) (HO) (65) (20) (37) (41) (43) (31) 1913 ; 100 100 100 100 100 100 100 J9J9 231 207 253 181 162 20 L 169 1920 ! 218 220 295 241 192 264 200 1921 124 144 180 199 129 165 136 1921. September 124 142 178 181 116 156 131 October j 124 140 180 1S9 116 159 131 November : 121 139 180 197 114 163 129 December 120 130 180 199 113 158 127 1922. January : 122 131 176 195 112 157 124 February 131 135 174 191 110 156 123 March ! 130 137 172 191 109 155 125 April ' 129 137 171 194 113 loo 124 May ; 132 138 175 216 119 160 122 June ' 131 140 179 225 120 167 122 July i 13") 142 180 254 121 170 121 August 131 138 181 271 126 172 122 September ! 133 138 183 244 134 180 124 October ! 138 140 188 226 135 183 124 GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU. "I Sugar, A11 indus- Year and month. A fo n o im ds a . l | | Ve fo g o e d ta s b . le cof c f o ee c , o a a . nd | Minerals. Textiles. Sundries. ma t t r e i r a i l als. m A o ll d c it o i m es - . ; ((88)) j ((88)) | ((44)) j (7) (6) (12) (25) (45) j 1913 average.. 100 ! 100 100 100 100 100 100 i 100 .1919 average.. 392 313 ! 253 272 444 405 373 | 357 1920 average.. 503 427 ! 422 449 737 524 550 i 510 1921 average.. 330 j 343 275 355 374 338 ! 345 1921. October.. 345 i 305 ' 305 262 391 365 338 331 1922. July 293 i 265 392 326 322 li 325 August 354 292 ! 336 275 421 330 "334 ! 331 September. 346 ! 279 j 333 279 41.8 341 339 329 October 341 ! 283 : 311 309 446 347 3*7 I 337 GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG. [July, 1914=100.] Foodstuffs Textiles and and I AH com- Year and month. luxuries. leather. ! " (26) (16) (21) (98) July, 1914 100 100 100 100 100 . 100 January, 1920.. 1,972 3,407 2,719 1,101 1,343 ! 1,997 January, 1921.. 2,019 3,810 2,780 1,776 1,594 j 2,127 January, 1922. 3,840 7,168 5,178 3,149 3,159 4,238 1922. Beginning of— July 6,323 13,938 12,168 6,881 6,750 ' 9,140 August 13,691 21,910 18,355 10,993 8,519 ! 13,935 September. 29,175 36,398 42,6-18 21,605 19,352 j 28,919 October 38,595 72,688 54,905 32,134 35,025 44,089 November.. 88,980 153,896 128,982 72,038 57,683 94,492 GROUP INDEX NUMBERS—GERMANY—FEDERAL STATISTICAL BUREAU. [1913=100.] Goods Goods All com- Year and month. Year and month. produced. imported. modities. (16) (22) (38) 1913 average 1922. 1919 average June 6,540 i 9,479 7,030 1920 average July 9,168 i 13,854 9,957 1921 average August 15,080 i 32,490 17,990 September. 24,280 43,110 27,420 October 49,850 90,340 56,600 October Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1341 , 1922. FEDEBAL KESERVE BULLETIX. GROUP INDEX NUMBERS—ITALY—RICCARDO BACHI. Other Year and month. 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. vegetable Sundries. m A o ll d c it o i m es - . products. (25) j (13) ! (11) (12) (16) (6) (5) (12) (100) 1920 . . 100 '. 100 : 100 100 100 100 100 100 100 1922. Jan liar v 112 ; m ! 73 72 64 92 112 94 92 June . . . 109 : 97 • 76 74 57 76 105 87 86 July 112 ' 100 : 68 76 61. 79 113 91 89 August 115 i 100 • 69 78 63 81 119 93 92 September 112 : 110 : 70 80 65 81 120 95 93 October 113 ! 114 ! 72 85 69 86 124 96 96 GROUP INDEX NUMBERS—SWEDEN—GOTEBORGS HANDELS OCH SJIOFARTSTIDNING.i [July 1, 1913-Jime 30,1914=100.] Vege- i Eaw ma- j Hides ! Year and month. f t o a o b d l s e A fo n o im ds a . l i I j c f t o u e r l r t i a u a # l r r s e i - , I ! j Coal. Metals. lea a t n h d er. Textiles.j I Oils. m A o ll d c it o i m es - . (16) (7) ! (5) j (2) Co) (7) (3) (5) (5) (2) (47) 1913-14. 100 100 ! 100 ' 100 100 100 100 i 100 100 100 100 1919.... 261 409 340 ! £04 258 286 308 ! 211 330 1920.... 262 296 312 i 1,007 278 371 675 ! 215 324 294 347 1921.... 210 220 ! 227 | 285 159 243 310 ! 107 144 228 211 1921. September. 183 208 207 : 223 I 130 191 178 | 108 166 191 182 1922 i June. 174 165 170 i 155 j 121 209 144 i 87 172 154 164 July 174 164 167 i 160 121 215 149 ! 88 179 154 165 August 168 168 162 ' 167 123 213 149; 90 170 154 163 September. 146 179 160 ' 169 119 215 : 154 ! 90 171 150 158 I i Formerly published in Svensk Handelstiding. GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE. Other Year and month. Cereals. an M d e f a is t h.: f O oo th d e s r . T fo o o t d a , l j i : ! I ro s n te a el n . d m a e n ta d ls te O x t t h i e le r s .; | ar O ti t c h l e e r s. no T t o f t o a o l d. :' , •m Al o l d c it o i m es - . ! minerals (17) (17) I (19) (53) (24) (20) (16) (97) (150) 1913 average.. 100 | 100 ' 100 ! 100 |i 100 100 100 i 100 100 100 100 1920 average.. 273 : 263 | 278 | 272 i! 406 252 480 i 362 274 340 314 1921 average.. .1 194 | 219 , 214 i 209 I1 237 179 192 | 173 I 196 197 201 1921. j i I; I September. 195 200 j 201 I 19G 11 207 | 161 213 163 190 187 j 191 1922. June- 151 173 i 179 169 157 I 139 187| 167 163 160 i 163 July 156 170 i 181 K)9 156 i 138 191 ! 168 162 160 i 163 August 151 169 j 161 160 151 ! 142 186 ! 167 160 159 i 159 September. 142 174 152 156 149 140 185 I 169 161 158 i 157 GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABOR. Year and month. ! I f G o a r d n a d d i e n r s . |A m n a i e n m a d t a s l . s1 D p u r c a o i t d r s y . - t F v a a r b e n u g l d e i e t s - s . i I I f O o t o h d e s r . Textiles, ! ; le H a e i l t d h c e e . s r , , m Iin e p ri l t e s - , ! l t u i B e n m r u g i i b a l m l e d s r - a , . -1 l i F g u h e t l i n a g n . d: c D h c a a r e n u l m s d g . i s - m c t A o i o e m d l s l . i - - (15) j. (17) (9) (20; (25) (20) (ID (10) (14) (10) (16) (264) 1913.. i 100 100 1 100 100 100 100 100 100 100 100 100 100 100 1919 i 227 199 ! 192 206 222 285 213 173 228 171 201 205 217 1920 i 263 198 j 204 261 258 303 192 203 245 268 255 204 246 1921. i 150 149 1 157 172 181 189 110 150 240 211 218 177 | 182 1QOI ml September 144 133 j 141 j 170 170 183 100 143 235 | 189 206 172 1922. ml June 143 144 | ISO i 133 180 99 137 213 i 173 221 162 165 S J A u e u l p y g t u e s m t ber 1 1 1 2 3 4 1 0 3 i I 1 1 1 3 3 4 2 8 3 j , ' 1 1 1 2 2 2 0 8 0 ; ! j 1 1 jf) 3 7 O 7 8 : I i 1 1 1 5 5 5 6 2 4 1 1 1 8 8 8 1 4 1 ; ' | 1 i 1 o 0 0 o 5 5 j ! 1 1 1 4 4 3 4 2 8 2 2 2 1 1 1 8 6 6 ! | | 1 1 1 7 7 7 9 9 8 | | 2 2 25 3 4 7 4 3 | 1 1 1 6 6 6 0 0 1 1 1 1 6 6 6 4 3 6 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1342 FEDERAL KESERVE BULLETIN. NOVEMBER, 1922. COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following table are presented statistics showing the trend of retail prices and the cost of living in the United States and certain other countries: INDEX NUMBERS OF RETAIL PRICES AND COST OF LIVING. Retail prices. Cost of living. Year and month. U St n a i t t e e s d . F (P ra a n ri c s e ). 1 Italy. Sweden. (V A i u e s n tr n i a a ). Belgium. ( G 46 e r c m it a ie n s y ). G (B e e rm rli a n n ) y . Poland. S l w a i n tz d e . r- U K d n o i i n m t g e . d - ( I b B n a o d y m i ) a . - A S f o r u ic t a h . 1913 2 100 1914 3 100 «100 8 100 3 100 <100 5 100 6 100 3166 ?100 3 100 3100 3 100 1920 199 371 454 298 813 1,080 249 155 1921 150 337 548 237 434 1,047 1,236 210 226 173 133 28,622 1921. September. 150 329 542 228 422 1,062 1,212 39,817 203 220 185 130 October 150 331 581 218 439 1,140 1,340 48,656 199 210 183 128 November. 149 326 583 211 451 1,397 1 767 47,628 192 203 182 127 December.. 147 323 585 202 53,300 447 1,550 1,934 46,740 189 199 179 124 1922. January 139 319 576 190 66,900 418 1,640 1,903 46,883 186 192 173 122 February.. 139 307 559 189 77,000 394 1,989 2,177 48,085 175 188 165 120 March 136 294 546 185 77,800 372 2,302 2,740 52,358 170 186 165 120 April 136 304 524 182 87,200 368 3,175 3,177 58,627 162 182 162 122 May 136 317 530 178 109,300 365 3,462 3,455 63,914 156 181 163 122 June 138 307 179 187,100 373 3,779 4,149 68,406 155 180 163 121 July 139 297 522 179 264,500 372 4,990 6,122 78,798 159 184 165 120 August 136 289 181 593,200 369 7,029 10,271 90,823 154 181 164 120 September. 137 291 180 1 130 600 11,376 16,368 179 October 140 290 178 19,504 21,306 178 1 Average for the month. 4 Apr. 15, 1914=100. e August, 1913-July, 1914=100. 2 Average for the year, 6 1913-1914=100. 7 June. a July. The American index number, constructed by the by the Federal Statistical Bureau and includes food, fuel, Bureau of Labor Statistics, was based upon the retail light, and rent. prices of 22 articles of food, weighted according to family The Berlin index, computed by Dr. R. Kuczynski, is consumption, until January, 1921, when it was increased based on the minimum cost of subsistence for a workingto 43 articles reported by dealers in 51 important cities. class family of four persons in Berlin. The groups in- The method of weighting continues the same, although cluded in the budget are food, clothing, heating, lighting, the actual "weight" applied has been changed. The and rent. original basis, that of the year 1913, has been shifted to The Polish Central Statistical Office furnishes an index July, 1914. including food, clothing, heating, lighting, rent, and mis- The retail price index for Paris, compiled by the French cellaneous expenditures. Official prices are used for General Statistical Office, consists of retail prices of 13 dif- State-controlled goods, but when the official ration is less ferent commodities, weighted according to the average than a standard budget the balance is reckoned at the annual consumption of a workingman's family of four trade price. The system of weighting is according to a persons. Eleven of the commodities included in this theoretical budget for a working-class family of four index are foods, and the other two are kerosene and persons in Warsaw. alcohol. The Swiss index number, computed by the social The Italian retail price index for the most important statistics service of the Bureau of Labor, is based on an cities, computed by the Italian Ministry of Labor, consists investigation into household budgets made in 1920, and of retail prices of 21 commodities. Of the commodities refers to about one-third of the entire cost of living of the included, 20 are foods and the other commodity is char- family of a skilled worker. coal. The British index number of the cost of living, con- The Swedish index number consists of the retail prices structed by the Ministry of Labor, consists of the retail of foodstuffs, fuel, and lighting and is based upon the prices not only of foodstuffs, but of other articles as well. prices of 51 articles in 44 towns (in 1920, 50 articles in 49 Retail clothing prices, rents, and the cost of fuel, lighting, towns), weighted according to the budget of a working- and miscellaneous household items are also taken into conman's family which before the war had a yearly income sideration. The index number is weighted according to of 2,000 kronor. the importance of the items in the budgets of working- The Austrian index, computed by the Paritatische class families. Kommission, includes food, clothing^ fuel, lighting, and The Indian index, including food, clothing, heating, rent. Prices, collected from cooperative associations and lighting, and rent, is computed by the labor office secrefirms, are those ruling on Vienna markets. An average is tariat. Prices are collected twice a week from 10 retailers obtained for each article and weighted according to the in Bombay. The index is weighted according to the theoretical weekly expenditure of a normal person. average aggregate expenditure of the whole of India during The Belgian index number of cost of living, constructed five years before the war. by the Ministry of Labor,- consists of the retail prices of 30 The South African index, computed by the Office of commodities, weighted according to a standard budget Census and Statistics, includes food, heating, lighting, and based on an inquiry into the expenditures of 848 families rent. Until December, 1919, it was weighted according to of the laboring and small middle classes. a standard budget, but since then the aggregate expendi- The German cost of living index for 46 cities is furnished ture method has been adopted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL RESERVE BULLETIN. 1343 INDEXES OF INDUSTRIAL ACTIVITY IN FOREIGN COUNTRIES. UNITED KINGDOM. PRODUCTION. Unemployed Year and month. Coal. i . r P o ig n. i S i n c a n g a t n g e s o d e s t t - l . s i s s F t h e in e e d l - . s c v u o R i p s t p a i t b o w ly l n e . , 3 m t s u I a f t r a a r n e o n c e e d n - u s l . - C m tu o f a a r t n c e to - u s n . - Coal. co R t a to w n. w R o a o w l. h R w id a e e w t s. s H a a d i l n d t r e y d e d s . , V u s t c t e n i r o o s d u s n n e c e - . r - ls c V le e a s r s e e d ls . p a i a 1 0 m e s p 2 m 0 u r p , a s 0 0 r o r t o e 0 o e n i n d 0 n x l g , s y - - - . Long Long | Long Long I Long Long i Gross tons tons tons tons Bales i tons Sq. yds. tons | Pounds Pounds Pounds Pounds tons. Tons Per Monthly average: (000). (000). (000). (000). (000). j (000). (000,000) (000). 1(000,000) (000,000)(000). (000). (000). (000). cent. 1913 23,953 855 639 I " 414 2 596 6,117 j 181 6,927 5,189 2,003 5,652 1920 19,108 670 756 646 1,397 i 271 374 2,078 I 158 4,02') 6,277 3 603 3,049 1921 13,696 218 302 238 1,234 j 142 244 2,055 98 4,792 2,469 3,313 3,032 1921. August 16,589 94 434 321 1,194 77 214 3,103 63 1,549 3,777 13.2 September 16,517 158 429 ; 322 1,060 133 268 3,407 74 7,655 2,636 3,283 i 4,104 12.2 October 3 21,090 236 405 i 304 1,123 156 345 3,406 733 6,407 4,226 .. ..J 4 056 12.8 November I 17,875 272 444 I 330 1,216 194 I 366 3,594 195 8,967 4,504 • 3,944 I 15.7 December * 22,594 275 381 !• 292 1,271 205 333 4,309 166 7,875 3,800 2,640 i 4,003 16.2 1922. | January 17,693 288 328 271 . 1,298 253 342 4,021 134 90 4,557 4,186 I 3,919 16.2 February 19,76-1 300 415 321 1,240 224 254 4,014 99 .112 12,184 12,882 ! 3,903 15.2 March 19,921 390 549 369 ; 1,112 296 307 5,201 83 123 4,568 4,102 2,236 I 4,814 14.6 April 322,875 394 404 294; 1,181 258 305 4,097 101 117 3,164 3,590 , | 4,184 14.4 May 19,146 408 462 334 1,143 272 345 5,057 120 138 2,994 2,471 , i 5,104 13.5 June 15,827 369 400 3J.6 i1 111 236 315 4,794 127 97 2,772 3,393 1,920 ! 4,975 12.7 July 23,135 399 473 342 ! 252 447 5,064 111 79 7,390 2,982 , i 4,828 12.3 August 19,151 412 528 270 381 6,146 81 107 7,281 4,422 ! 5,885 12.0 September 325,681 430 556 853 279 400 7,083 60 52 7,339 3,616 1,617 ! 5,731 11.9 i Figures for end of the month. 2 Expressed in yards. s Figures for 5 weeks. FRANCE. PRODUCTION. | EXPORTS. I TRANSPORTATION. Unem- Cotton | ployed Year and month. stocks ; Raw Receipts , receiving Pig iron, Crude | Havre.* j Total. Total. | i c c o o t n to su n m fo p r - consump-consump- c V le es a s r e e l d s . i i prin o c f ipal j m a u i n d i c in ipal tion. ' | tion' ;rail ways.2 Paris. Metric Metric Bdles* ' Metric ; Metric Metric Metric Metric Tom Francs Monthly average: •tons (000). tons (000). (000). -tons (000) Mom (000). tons. tons. tons (000) (000). (000). Number. 1913 4 434 4 39i 274 | 1,840 3,685 27,428 629 1,558 2,176 5 165,892 1920 286 254 225 ! 1,071 4,211 19,577 390 2,005 1,412 479,894 3,022 1921 280 255 169 i 1,333 3,165 16,666 206 1,472 1,802 516,397 20,671 1921. August 255 232 132 1,035 2,593 10,700 202 j 1,065 2,039 518,517 9,706 September. 244 236 131 1,172 11,769 261 1,874 1,972 697,979 7,486 October 256 260 181 1,252 25,757 385 1,301 2,007 5,348 November. 295 277 192 1,515 5,161 29,059 277 3,291 1,862 483,216 3,730 December.. 301 302 208 2,507 5,197 30,835 382 | 2,895 1,992 641,887 4,175 1922. January... 312 315 188 1,554 3,396 14,870 502 1,676 1,735 454,323 4,658 February.. 323 317 163 1,520 4,126 14,714 2,153 1,744 468,175 4,385 March 386 : 367 127 1,570 4,434 20,978 2,081 1,934 472,779 3,546 April 383 ! 324 138 1,794 3,787 17,391 207 1,538 2,088 2,447 May 442 364 169 1,538 4,396 18,090 404 2,058 2,340 472 607 1,636 June 416 358 145 1,799 4,307 32,380 391 1,829 2,473 504,431 958 July 428 j 369 153 1,936 4,223 26,325 566 1,631 2,523 651,720 602 August 447 397 135 1,788 4,512 16,291 579 1,767 2,399 546,310 606 September. 99 2,616 4,138 720,210 410 1 End of the month figure. 2 Railways included are: State Railways, Paris-Lyon-Mediterranee, Nord, Orleans, Est, Midi, Alsace-Lorraine, and Guillaume-Luxembourg. 3 Bale of 50 kilograms. < Figures do not include Lorraine. 5 Excludes the Alsace-Lorraine and Guillaume-Luxembourg Railwajrs. 17134—22 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1344 FEDEKAL BESEEVE BULLETIN. NOVEMBER, 1922. GERMANY. PRODUCTION. EXPORTS.1 IMPORTS.1 UN M EM EN PL T O . Y- Appli- Ma- cants Unem- Year and month. ! Iron Half for ployed c C a o n o k d a e l . Lignite, • m i a r a o n n d n u- e a l n e d c- * Coal.2 w R o a o w l. m tu f a a r n c e - u d - t C o o n t .3 - o Ir r o e n .4 A H v r e a r s m i s v e b a l u s ls r i n g o . f e a v v 1 e 0 a r i 0 l y - p r e e i r n c s g e o i n v s factures, silk. able State plies, posi- aid. tions. Metric, Metric, j tons tons \ Metric Metric Metric Metric Metric Metric Metric Metric Tons. Number Monthly average: (000). (000). i tons. tons. tons. tons. tons. tons. tons. tons. Number.] (000). Number. (000). 1913 17,003 7,266 541,439 60,919 21,812 2,881,126 16,608 920 43,424 1,224,951 1,256 ! 1,182 1920 13,043 9,303 | 145,883 46,772 8,462 608,749 & 4,025 5 232 12,490 537,535 401 i 374 366 1921 13,664 10,241 j 203,681 39,037 8,530 518,937 11,860 393 30,894 619,194 700 : 794 165 310 1921. August 13,974 10,606 : 240,071 37,456 9,618 613,739 14,725 328 52,433 356,397 942 955 142 267 September 13,885 10,359 : 225,331 34,615 10,156 649,158 17,688 447 28,766 564,827 957 1,018 132 232 October 14,373 10,567 2~46,115 33,067 10,255 576,048 12,5106 774 29,739 919,822 915 1,047 128 November 14,052 10,479 233,204 35,697 9,953 569,657 12,628 346 27,242 937,26.8 838 j 881 136 150 December 14,343 11,029 214,812 46,397 9,212 640,877 10,984 28,313 790,811 •503 ! 873 148 149 ! 1922. January 14,640 10,978 221,743 39,470 j 9,552 752,340 10,400 347 i 23,426 941,972 745 j 875 150 165 February 13,655 10,091 172,709 45,689 | 9,332 669,433 26,202 383 ! 17,915 492,705 461 716 145 203 March 15,931 12,260 211,979 48,813 '12,299 795,200 26,988 440 i 26,130 809 722 894 I 969 113 213 April 13,800 10,634 200,677 46,112 11,095 795,940 24,091 462 j 24,070 865', 778 972 I 1,112 113 116 May 14,670 11,437 209,432 47,354 12,629 701,941 25,619 ""* 26,112 1,519,365 1,143 '•• 1,244 107 65 June 11,416 10,487 213,220 49,347 16,335 528,766 15,723 436 22,037 1,159,329 1,092 ' 1,287 103 29 July 11,972 11,411 212,365 44,162 12,671 199,961 14,119 435 26,085 961,768 793 ; 1,065 106 20 August 12,780 12,147 198,408 50,978 12,616 121,359 11,011 459 20,915 996,962 1,005 ! 1,171 109 15 September 610,157 945 i 1,208 122 i; 1921 averages based on 8 months. 2 Not including coal for reparations account. 3 Includes linters. * Includes manganese ore. s Average based on 6 months, f' Coal, excluding coke. SWEDEN. PRODUCTION. TRANSPORTATION. Unemployed Year and month. Freight workmen I P ro ig n. st I e r e o l n in a g n o d ts U b n o p a l r a d n s e . d P p a u p lp e . r Coal. e V n e te ss r e e l d s . c V le e a ss re el d s . o c n a r S ri t e a d te va p c e a r n 1 c 0 ie 0 s. railways. Metric tons Metric tons Cubic Metric tons Metric tons Net tons Net tons Metric tons I Monthly average: (000). (000). meters (000). (000). (000). (000). (000). (000). Number. "1191133 61 49 328 • 71 408 I 1,147 1,147 830 112 1920. 39 37 306 I 73 234 i 677 692 991 107 1921. 26 17 162 40 122 519 589 276 1921. August 17 15 205 66 148 592 536 575 235 September. 16 16 325 49 279 609 536 566 227 October 16 16 370 54 219 670 595 691 263 November. 18 22 361 99 192 601 578 721 384 December.. 19 17 356 104 246 575 582 558 473 1922. January 18 13 114 442 409 485 February.. 17 17 62 285 255 630 479 March 22 22 197 617 509 730 381 April 19 21 206 524 485 622 368 May 24 31 230 600 633 578 257 June 21 24 500 172 596 738 645 215 July 19 27 608 214 625 787 715 203 August 539 104 i 294 694 765 172 September. 508 113 229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEIt, 1922. FEDERAL RESERVE BULLETIN. 1345 JAPAN. PRODUCTION. | TRANSPORTATION. i Raw i silk Year and month. Cotton ! fa S b il r k ics | stocks, fa S b i r l i k cs T™n : ' •\ c V l e e se w sse e si d es l s ; „' c F— a r r G r :1„ i S c . d h,t cc R o i e pp f " ts (habiitayc). Pounds ! Yards Tons Tom Yen Monthlv average: (000). \ Bales. Piculs.* Pkulx. Piculs. (000). Picuh. (000). (000). (000). 1913" 16,857 J 2,302 113,374 7,921 13,162 2,075 2,923 11,723 1920 I 53,in 14,557 I 2,264 74,839 i 28,465 | 46,918 2,216 4,548 27,589 1921 44,538 I 58,477 21,836 ' 1,702 73,064 22,277 2,324 4,342 31,182 1921. July 44,632 56,283 22,684 ' 54,158 i 24,406 182 2,419 4,229 29,971 August 46,244 55,0.12 25,808 ' 44,479 19,080 323 2,552 4,141 32,958 September. 45,559 59,450 22,563 36,996 : 13,309 101 i2,328 4,286 30,580 October 45,969 53,535 24,006 53,506 '• 13,289 218 2,491 4,625 34,960 November 45,658 48,832 29,169 53,484 16,707 296 2,611 4.610 31,729 December 46,78.1 44,766 37,250 68,032 • 20,382 371 2,718 < 922 32,520 1922. January 46,488 I 40,561. 16,924 1,080 61,4L4 19,124 1,161 41,724 462 j 2,749 j 4,102 28,576 February 46,605 | 32/213 18,102 1,551 63,719 24,990 1,168 93,411 I 594 2,817 ! 4,261 28,036 March 49,644 i 44,70L 16,647 2,003 123,605 24,194 1,084 64,865 . 637 3,094 j 5,066 36,337 April 40,777 27,380 1,669 138,226 24,725 707 76,416 ! 2,971 : 4,968 42,074 May 18,293 35,147 1,977 146,354 25,821 ! 580 24,753 ' 3,287 I 5,225 38,486 June 18,547 29,569 | 2,176 139,057 29,713 490 68,415 i 3,024 4,965 32,1.80 July 45,484 34,541 j 1,793 433 37,431 i 2,987 I 1 One hiki equals two pieces. 2 A picul varies from 133 to 140 pounds avoirdupois. FOREIGN TRADE OF PRINCIPAL COUNTRIES. In the f olio wiinn g_ tables are presented figures from official sources showing the monthly value of the foreign traiddee of a group of European countries, India, Canada, Brazil, Japan, and the United States. FOREIGN TRADE OF UNITED KINGDOM. [In thousands of pounds sterling.] IMPORTS. j Total Year and month. 1^ Articles l i a M n n i c i e n s l o c u g e u d l - s - ,' , , Total. ! F d a o r n i o n d d k , , ifa * f * iu ? d i i Articles « la M n i e s o ce u l s - , 1 Total. p R o e r e t x s - . e p r x a e o p n e r o x d ts r - . ts parcel : j tobacco. parcel post. ; post. ,factured. factured. .. | j Monthly average: 1913 ; 24,184 23,485 i 16,134 259 61,061 I 2,716 5,825 j 34,281 949 i 43,770 j1 9,131 52,901 1 1 9 9 2 2 0 1 ; 4 6 7 3 , ,8 2 1 7 7 1 | 2 5 2 9 , , 5 1 9 9 8 6 2 3 0 7 , , 4 7 2 8 1 7 2 2 5 6 4 8 1 9 6 0 1 , , 5 3 5 8 7 7 ; 3 4 , , 1 2 2 4 2 5 1 5 2 , , 2 1 9 2 7 6 4 9 9 3, , 3 0 1 5 2 5 1 1 , , 1 5 2 2 6 3 i ! 1 5 1 8 1 , , 6 2 0 0 0 6 !{ 8 1 , 8 9 , 2 5 1 63 1 6 2 7 9 , , 5 7 2 6 1 9 1921. I September j 48,410 j 20,465 ! 17,905 338 87,119 3,300 6,997 44,009 942 55,248 8,595 63,843 October. 44,475 21,256 i 18,691 320 84,742 3,466 7,359 50,328 1,113 !62,265 10,386 72,651 November, 41,246 29,946 i 17,913 154 89,259 3,586 7,046 51,094 1,169 !62,895 ! 9,823 72,718 December. 39,063 27,792 I 18,291 I 165 85,312 3,187 7,446 47,364 1,378 • 59,375 9,204 68,579 1922. I January 33,972 I 24,565 17,710 241 2,861 7,032 51,824 1,429 ! 63,147 8,459 71,606 February.. 32,257 : 20,220 16,576 322 69,375 ii 2,754 6,869 48,000 712 1 58,335 10,174 68,509 March 45,261 I 22,095 20,309 215 87,879 !! 3,270 i 8,465 51,760 1,085 64,581 10,154 74.735 April 40,097 ! 21,404 18,962 199 80,661 !, 3,011 ! 7,376 44,336 785 I 55,508 9,200 64,708 May 43,075 25,358 20,207 176 88,814 1 3,045 8,757 45,073 1,171 ] 58,045 8,965 , 67,010 June 39,936 ! 25,242 18,857 263 84,298 ;! 3,044 7,671 40,556 875 j 52,146 8,720 1 60,866 J A u u ly gust 3 3 7 8 , , 7 8 6 1 2 7 ! \ 2 2 4 4 , , 1 23 4 7 1 2 1 0 8 , , 3 5 2 7 6 9 4 1 3 5 2 1 8 S. 1 2 , , 7 6 8 6 4 1 ' i j ! 3 2 , , 1 80 0 6 5 8 8 , , 9 0 0 4 0 1 4 47 8 , , 1 4 4 5 9 5 ' 1, 8 11 7 7 8 | j 6 6 0 0 , ,4 0 1 3 9 2 ! , l . 7 8 7 _ , , 5 ,3 50 _1 0 _ 4 7 4 . I 6 6 7 8 , , 5 7 3 3 6 3 September. 35,555 21,848 19,244 296 76,944 ,! 3,154 10,099 48,301 897 ! 62,511 !| 6,381 68,892 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1346 FEDERAL RESERVE BULLETIN. NOVEMBER, 3922. FOREIGN TRADE OF FRANCE.1 i In thousands of francs. In thousands of francs. Year and month. ; thou- Raw Manufac- i sands of Food. mate- | tured | Total. I metric Food. rials. ! articles, i ! tons. Monthly average: 1913 151,465 412,114 138,169 701,778 3,685 69,908 ! 154,84.1 301,421 47,182 573,351 i 1,840 1920 989,576 2,096,379 1,072,787 4,158,741 ! 4,211 217,733 i 509,485 | 1,413,548 ! 100,4792,241,245 I 1,071 1921 517,158 1,033,170 412,045 1,962,373 ' 3,165 161,031 i 463,219 j 1,067,413 , 104,4301,796,092 1,333 1921. September 691,972 1,204,213 ! 329,494 2,225,679 ; 3,993 146,467 ; 444,891 ! 1,087,413 95,852 1.774.653 '' 1,172 October 717,091 1,191,860 318,000 2,220,951 i 2,809 132,424 ! 482,376 j 1,041,594103,078 1,759,472 : 1,252 November 564,012 1,446, 125 ! 323,593 2,333,730 , 5,161 1.-7, ISO i 478,875 992,256 120,343 1.748.654 : 1,515 December 754,671 1,850,148 i 543,445 3,154,264 | 5,197 259,605 I 549,495 ' 1,193,161 180,059 2,182,320 : 2,507 1922.2 January 352,572 887,253 i 247,827 1,487,652 I 3,396 121,526! 458,460 i 994,852 !63,903 1,638,741 ! 1,554 February 385,021 1,137,855 i 324,150 1,847,026 i 4,126 153,892 !448,455 1 1,106,507 i144,458 1,853,312 , 1,520 March 460,765 1,005,463 i 465,737 1,931,965 ' 4,434 130,595 ,456,930 j 1,189,712 |99,431 1,876,668 ; 1,570 April 43S,000 983,000 i 323,000 1,743,640 3,787 136,000 •461,000 | 1,231,000 1,34,000 1,962,997 1,794 May.... 504,000 996,000 ' 310,000 1,810,125 4,396 132,000! 498,000 ; 1,127,000 1|11,000 1,886,964 I 1,538 June3 483,358 1,082,371 ! 285,448 1,851,184 4,307 1,799 July 476,813 1,200,764 ! 318,109 ! 1,995,746 4,223 113,435 . 37-1, <!59 | 885,029 ! 59,6191,433,042 ; 1,936 August.: 510,597 1,096.903 ' 352,229 1 1,959,729 ! 4,5.12 179,407 I 408,005 i 931,066 ! 157,836 1,676,000 ' 1,788 September 473,000 1,087,000 i 333,000 1,893,000 ! 4,138 141,000 ' 477,000 i, 055,000 i 68,0001,741,000 i 2,616 1 Not including reexport trade. 2 Imports calculated on basis of actual declared value. 3 Value of exports not available. Beginning with June, exports calculated on 1921 value units. FOREIGN TRADE OF GERMANY. IMPORTS.1 EXPORTS.* I Merchandise. Merchandise. Year and month. i Gold and Gold and 1 silver (in i silver (in ! thousands In thou- thousands In thoum s e a tr n i d c s to o n f s,, of marks). In o f m m il a l r i k on s. s m s e a tr n i d c s t o o n f s. Monthly average: 1913 36,553 6,073 8,450 841 6,141 1920 1,570 17,773 5,776 1,651 19213 17,756 ! 9,910 2,194 34,901 8,295 1,715 1921. August 35,765 9,382 2,111 i 13,514 I 6,S70 1,828 September.. 26,674 10,642 2,533 / 20,832 j 7,492 1,871 October 60,693 13,814 3,005 !j 30,013 : 9,681 .1,973 November.. 5,31.2 12,273 2,535 |! 44,073 ' 11,886 1,908 December.. 4,922 13,702 2,086 ,| 86,227 i 14,468 1,930 1922. January... 132,336 12,641 2,309 i 134,054 14,394 2,027 February., 46,409 i 12,001 1,475 j 57,425 14,482 1,747 March 7,566 i 22,919 2 645 46,898 21,285 2,153 April 12,315 i 28,266 2,889 I 51,451 22,948 2,176 May , 31,910 I 32,417 3,810 | 75,844 27,080 2,093 June 18,018 j 34,364 4,029 ! 109.298 30,232 1,880 July....... 37,215 j 45,748 4,798 ! 124', 178 35,708 1,636 August— 39,445 i 56,472 4,676 | 152,906 60,295 1,407 1 Not including philanthropic gifts. 2 Not including deliveries on reparations account. 3 Average for 8 months. Figures covering first 4 months of 1921 are not available. NOTE.—Currencies have not been converted to a common unit, nor are methods of valuation the same in all countries. In England, Sweden, India, Japan, and Brazil imports are given c. i. f. values; exports and reexports current f. o. b. values. In France and Italy the value of foreign trade is estimated not in terms of current prices, but in terms of those of some earlier period, usually the preceding year. In the Netherlands imports are given in declared values for about 110 articles of the import schedule. In other cases official valuations are applied to both imports and exports. Canadian imports and exports are quoted at the fair market value at the point of origin. In the United States imports represent either actual foreign market value or the export value including any export tax imposed by the country of exportation, whichever is higher; exports are expressed in terms of their value at the time of exportation, with the exception of reexports from bonded warehouses, which are expressed in their import value. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL, RESERVE BULLETIN. 1347 FOREIGN TRADE OF ITALY, NETHERLANDS, SWEDEN, CANADA, BRAZIL, INDIA, AND JAPAN. i Italy. Netherlands. Sweden. Canada. Brazil. India. Japan. '• (In millions of (In millions of (In millions of (In millions of (In millions of (In millions of | (In millions of lire.) guilders.) kronor.) dollars.) milreis.) rupees.) : yen.) Year and month. Im- Ex- Im- Ex- Im- Ex- | Im- Ex- Im- Ex- Im- Ex- i Im- Exports. ports. ports. ports. ports. ports. '] ports, ports. ports. ports. ports. ports. ports. ports. 1 Monthly average: 1913 .' 304 j 2.10 () C2) li 71 ! 68 ! 56 ! 31 84 134 205: 61 53 1920 | .1,322 650 278 142 •• 281 ; 19L j. 89 i 107 174 146 173 272i 195 162 1921. i 1,041 1 657 187 114 I; 106 91 103 101 141 142 280 21.4 135 104 1921. June... 121 93 128 123 195 165 148 107 July 557 441 171 105 98 : 94 163 162 177 173 110 99 August I 981. 587 187 143 103 113 104 1.44 208 196; 132 106 September | 962 659 197 136 126 ! 105 101 183 197 200 129 96 October ! 1,101 683 179 115 101 | 99 112 166 235 182 130 112 November ! 1,125 718 ]76 107 95 i 103 96 155 264 199 152 12 L December I 1,521 85Q I 180 97 112 ! 108 113 175 1 232 218j 161 146 1922. !!• ! January 1,309 620 ; 152 86 77 : 61 47 92 199 276 230 179 87 February ; 1,056 '. 716 ! 153 86 49 38 47 101 161. : 189 222 1.98 101 March ! 1,169 719 180 113 109 7.1 61 131 172 = 215 277! 208 115 April. ; 1,313 I 691 : 167 93 102 60 33 127 187 i 178 239j 185 129 May... ! 1,248 •• 586 194 108 97 90 70 127 141 .19.1 273 169 154 June... 151. i 10! 93 104 73 129 149 164 192 157 146 July... 164 105 83 113 72 109 154 182 244 142 144 August 179 100 105 [ 132 74 ! 146 182 212 252 137 145 September 165 128 109 ! 123 134 149 1 Italian yearly figures for 1.921 based on average for six months only, 2 Dutch figures for 1913 not comparable with later figures. FOREIGN TRADE OF UNITED STATES. [In thousands of dollars.] Merchandise. Merchandise. i Year and month. ! Gold. I Silver, : i ; ! C uu m ss r r f i a ee u o a t d ii l r e s nn e - c F c s tt t o r i o i u i u oo n n o f n d n d f d s e i - - ! w p F s a t h o u r o o o t i r l d l l y s l - y1 " f M ^ u f i / " a j a : ® 1 c . n ] - e1 ] u-M r t e f a u f a a r o n c e d r u - s y - c T m h o e a t r n a - - l ' 1 Gold.Silver, C u m r s r i f a e a o u t l r d i e s n e - c F c s o t t r o i u Z n u n o f d d f ; d i e s w - - 1 i • h p F s o t a o o u l r o r f l t d f y l s y - M f t f t u f ^ a a o r c h n e r - e u s r - ! M r t e f u f a a o a r c n d e r - u s y - c T m h o a e t n r a - - l i xnanu-' and con- dise.1 manu- and : manu-j con- ' dise.2 I ing. I ani- s t u i m o p n - . fa i c n t g u . r- f a o n o i d - i ! tu fa re c d - . factur- s t u io m n p . - ; : mals. mals.! ing. Monthly average: 1913 ! 5,309: 2,989j 50,414! 18,399 16,529' -28,354 34,453' 149,383 j 7,650 5,231 64,072 14,132! 27,069 33,077| 64,998i 207,002 1920 ! 34,756: 7,:'»38!145,995 48,136H03,178j 66,871 73,060 439,873 I 26,841 9,468155,897 76,499! 93,050i 79,875, 267,071. 685,668 1921 | 57,606! 5,270 71,090; 25,331' 30,737; 28,669 51,577 209,085 1 1,991 4,298j 82,002i 57,681 55,809! 33,323 135.450 373,760 1921. ! | September I 66,515 4,565 60,815 16,588! 18,465' 26,324 53,973: 179,283 2,449 4,947| 68,391.' 67,869 62,936| 28,295 91,296 325,774 October • 47,110; 7,510= 59,400! 23,326 23,883 27,707 51,6(:5! 188,028 7,57(V 4,782!121,322; 40,205 48,018 28,129 98,323! 343,597 November I 51,860' 5,912 70,039 i 29,338 26,205 30,398 53,365: 211,027 607! 4,804. 88,545j 30,052 41,449) 33,260 95,538; 294,437 December ; 31,685 5,516 94,016! 32,707 25,473' 32,083 51,171 237,373 2,162 7,145; 89,950 28,737 38,282! 35,145 98,370; 296,306 1922. i J F a e n b u r a u r a y r y , , 2 2 8 6 , , 7 5 0 7 1 1 4 6 , , 7 4 7 9 1 6 ' 8 8 2 0 , , 6 9 3 7 9 1 " ! j2 2 2 7 , , 3 4 7 9 0 8! !2 2 7 5 , , 7 9 6 0 2 0 3 3 4 0 , , 0 2 4 7 1 2 14 4 9 9 , , 3 8 7 1 5 1 ! 2 2 1 1 5 7 , , 7 1 4 9 3 5 :" : ! 1,7 8 3 6 2 3! : 3 7, , 0 9 9 7 2 7 ;: 5 7 5 2 , , 8 8 9 3 5 8 ! ! 2 3 7 1 , , 7 0 9 5 9 4 4 4 5 3 , , 1 0 6 1 4 9 ! ! 3 3 2 5 , , 1 1 9 4 3 3 8 91 4 , , 8 6 1 8 .0 4 1 j250,748 March 33,488 6,953! 86,910 28,756; 36.014 42,820; 59,8&o!256,178 ll 963: 4,302! 73,001! 34,507 58,8991 43,632 112,7651330,267 April.. 12,244 4,800 69,804!25,711132,482: 37,252 50,820^ 217,073 j! 1,579! 5,109| 79,511 31,174 47,372 37,969 113,8761318,100 May 8,994 5,5.12' 88,088i 31,264 34,785 39,398 58,2c4j 252,817 | 3,407 5,677164,441 34,143 50,376 40,467 112,112!307.689 June 12,969 6,346 91,146 26,170 37,346 46,471 58,439' 260,391 !i 1,601 6,004; 70,219j 41,000j 55,485! 39.086 121,284] 334,684 July 42,987 6,957 87,298127,596 38,511i 48,398 49,464, 252,128 j 645 6,289!60,024:41,958140,226: 35,'676 109,544 301,313 August 19,092, 4,944,110,285! 22,489!42,404 48,430: 55,858 281,412 956j 3,861!47,872 61,339; 40,071i 35,708 104,8711301,S04 September :.. 24,464! 6,370: 86,818 18,769 24,023 41,026 54,0&8j228,795 1,399 3,735! 66,619:55,142' 42,231 35,566 106,542 313,092 1 Including .miscellaneous merchandise imported. 2 Including miscellaneous and foreign merchandise exported. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1348 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. FOREIGN TRADE INDEX. upper leather and structural steel and steel plates brought the total considerably above There are presented below the usual indexes last month. A continued decrease in the exdesigned to reflect the movements in foreign ports of sugar was mainly responsible for the trade of the United States, with the fluctua- lowering of total exports of consumers7 goods. tions due to price changes eliminated. The Lard and illuminating oil also decreased. commodities chosen for these indexes are those i All classes of imports registered decided defor which prices are compiled by the Federal clines during September, llefined copper was Reserve Board in the preparation of its inter- the only incoming raw material which showed national price index.1 % a gain over August. Raw silk and cotton each declined more than 30 per cent and tobacco over 50 per cent. Large decreases were also INDEX OF VALUE OF FOREIGN TRADE IN SELECTED COMMODITIES AT 1913 PRICES. noted in hides and skins, lumber, tin, and pulp wood. In producers7 goods the most marked [Monthly average values, 1913=100.1 reductions occurred in imports of india rubber and cane sugar, while burlap showed the only Exports. i Imports. pronounced gain. As is usual in September, all items listed as consumers7 goods showed de- Raw d P u ro c - - s C u o m n - - T. I Pro- , Con- creases. Imports of tea declined 18 per cent, m m c r ( i o a o 1 a m t d l 2 e s i - - - m g c e o ( o o r 1 o m s d 0 d ' i - s - S e T rs' m T t c i ( o o e o 2 m t s d 9 a ) i - . l - c 1 o i m o : s ' 1 c 4 om is - \ ! c * o ° m k - s ! ! ^o « d * i • " *• c 3 o 0 f f p e e e r c 1 e 4 n t p , e a r n d c e b n a t n , a o n l a iv s e o v o e i r l 4 a 0 n p d e r c o c c e o n a t . over ties). commodities). INDEX OF OCEAN FREIGHT RATES. 1913, year.. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1919, year.. 88.9 155.1 183.6 115.3 157.5 192.9 ; 147.5 168.4 1920, year.. 92.2 158.7 133.6 107.5 135.8 227.5 138.8 168.8 The accompanying table shows the monthly 1921, year.. 103.1 116.9 124.1 108.9 113.6 162.8 141.4 135.6 fluctuations in ocean freight rates prevailing i 1921. between United States Atlantic ports and the January 105.2 208.6 126.2 120.2 i 74.5 130.9 123.9 102.6 February, .i 91.0 162.4 119.4 104.1 118.2 143.7 135.4 130.1 principal European trade regions. The figures March , 78.0 135.1 120.2 92.7 : 160.6 177.2 178.9 169.5 are derived from the actual rates quoted on 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 i 98.7 150.0 162.1 127.2 the following commodities: Grain, provisions, June i 107.9 94.2 132.2 111.5 94.5 152.3 130.4 120.8 July i 111.6 78.6 133.8 112.9 99.3 126.6 121.4 112.6 cotton, cottonseed oil, and sack flour. For A Se u p g t u e s m t ber 1 1 4 1 2 5 . . 7 7 9 8 9 9 . . 6 7 1 1 6 4 0 2 . . 7 3 1 1 4 1 2 8. . 6 1 1 10 1 2 6. 8 8 1 1 6 37 5 . . 7 1 1 9 2 9 9 . . 3 8 1 1 3 1 6 4 . . 0 6 the methods used in constructing the index O No c v to e b m e b r e .. r . 1 9 2 5 1 . . 1 7 1 1 0 0 7 0 . . 0 2 1 1 0 1 6 3. . 2 2 1 9 1 8 8 . . 1 4 1 9 1 6 5 . . 1 1 1 19 7 9 3 . . 4 5 1 1 1 4 6 9 . . 5 2 1 1 2 5 6 0 . . 9 6 see the August, 1921, BULLETIN, pages 931-934. December. 93.8 96.0 107.8 96.9 133.0 219.1 164.8 168.7 RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND 1922. January... 82.6 104.3 129.7 94.5 118.4 228.7 135.2 160.1 EUROPE TRADE. February. 68.5 86.0 127.6 82.6 123.3 281.3 133.5 183.4 March 89.8 121.7 156.5 106.9 148.1 306.8 161.1 206.5 [January, 1920, rates=100.] April 90.5 120.9 150.5 106.0 125.5 236.1 152.0 169.1 J M u a n y e ; ! 7 8 8 0 . . 3 3 1 1 2 2 8 4 . . 8 3 1 1 6 5 9 5. . 4 2 1 9 0 9 7 . . 4 4 1 1 4 4 8 4 . . 7 6 2 2 2 7 7 3 . . 9 3 i 1 1 6 3 8 7 . . 0 3 1 1 9 7 1 7 . . 0 9 United States Atlantic ports to— July | 79.1 124.0 133.5 95.0 146.9 266.3 i 137.5 187.7 August I 88.8 90.0 126.3 96.7 174.2 255.5 120.3 194.2 September.; 91.2 98.9 111.5 96.2 143.3 182.7 90.6 148.6 Month. United French N la e n th d e s r- Scandi- Medi- All King- Atlantic. and navia . terra*" Europe. dom. Belgium. nean. Volume of exports in September was practically the same as in August. Raw materials 1921. and producers7 goods showed increases, but J F a e n b u r a u r a y r y ! j 6 5 0 4 . . 7 7 3 2 0 7 . . 2 7 3 2 4 9. . 2 1 4 3 2 0 . . 9 9 4 43 3 . . 8 2 4 38 3 . . 5 3 were counterbalanced by declines in consum- March : 49.3 24.6 28.3 30.8 42.2 35.9 April 50.1 32.6 36.6 29.4 35.7 39.0 ers7 goods. The only raw materials which May 50.6 35.0 38.2 31.3 34.6 40.1 June 42.7 34.7 38.3 31.3 34.0 37.6 declined during September wore wheat, corn, July-,- 42.5 33.2 37.0 29.0 34.7 36.8 lumber, and refined copper. Cotton and bitu- August 42.9 33.4 36.7 28.4 34.3 36.7 September 41.8 32.7 35.8 28.2 33.6 36.0 minous coal showed the most pronounced October 37.0 28.5 30.7 26.7 33.3 32.3 November 33.5 25.0 25.2 24.0 32.9 28.8 gains, and the total of raw materials exported December 32.4 22.7 22.9 23.3 32.3 27.2 was larger than for any month this year. Small 1922. gains in all producers7 goods except sole and January 31.7 22.7 23.3 23.4 32.2 27.1 February 34.7 25.7 25.2 23.3 31.8 '29.1 March 33.1 26.5 24.9 23.4 30.1 28.3 1 The list includes 27 of the most important imports the value of which April j 27.3 24.8 22.7 24.0 27.1 25.4 in 1913 formed 49.3 per cent of the total import values, and 29 of the most May i 27.9 25.5 22.8 23.4 27.4 25.7 important exports the value of which in 1913 formed 56.3 per cent of the June i 27.5 26.1 23.0 23.4 27.4 25.7 total export values. The classification of the original list of commodities July i 28.8 25.9 22.6 23.0 26.4 25.9 used was given in the July, 1920, BULLETIN. The classification of 11 August ! 29.2 23.4 20.7 22.4 24.0 24.6 additional commodities of imports was given in the April, 1921, BULLE- SeptombiT ' 27.0 24.1 19.1 22.6 22.2 23.4 TIN, and 2 additional commodities in the November, 1921, BULLETIN. October | 25.3 23.9 18.9 22.9 21.6 22.7 Exports of gasoline have been altered to include naphtha. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL RESERVE BULLETIN. 1349 SAVINGS DEPOSITS. Order and production report for month ended September 30, 1922, follows. The number of Comparison of sayings deposits on October mills reporting was 43. 1, 1922, with deposits on September 1, 1922, Dozens. and October 1, 1921, are shown for 881 banks Unfilled orders 1st of month 1, 370, 492 distributed throughout all sections of the New orders received during month 494, 998 United States. The figures for districts No. 1 Total (A) 1, 865, 490 and No. 2 are those of large mutual savings banks, but in all other districts reports of Shipments during month 586, 863 other banks are included to make the figures Cancellations during month 8, 597 thoroughly representative. In all districts Total (B) 595, 460 where reporting commercial banks subdivide Balance orders on hand Oct. 1 (A-B) 1, 270, 030 their time deposits, statistics of savings de- Production 457, 941 posits subject to notice (excluding time c'ertifi- Forty representative mills which reported cates of deposit) are used. This is in accord- for August and September, 1922, furnish the ance with the definition given in the board's data for the following table: regulation D, series of 1920. [In dozens.] ^During September the volume of savings deposits increased in nine Federal reserve districts. Declines were registered in districts No. 3 (Philadelphia), No. 6 (Atlanta), and No. 11 (Dallas). The largest gain was shown in Unfilled orders end of month 992,183 165,377 district No. 5 (Richmond) and amounted to New orders 363,476 291,309 i , 72,167 Shipments 505,110 456,686 I , 48,424 1.8 per cent. During the year ending October Cancellations 11,782 8,597 ; 3,185 1 savings deposits increased in all districts. Production 399,503 358,342 i 41,161 The most important increases were 12.8 per NOVEMBER ESTIMATE OF CORN PROcent in district No. 8 (St. Louis) and 13.2 per DUCTION. cent in district No. 11 (Dallas). Following is a table showing, by Federal re- [Amounts in thousands of dollars.] serve districts ; the preliminary estimate of corn production issued by the United States De- Nura-1 partment of Agriculture as of November 1, Sept. 1, Oct. 1, District. OUT Ol • 1922. 1921. 1922, compared with the forecast made in Octobanks.! ber and the estimate for 1921: No. 1 Boston) 64 1,108,924 1,104,435 1,061,285 PRODUCTION OF CORN, BY FEDERAL RESERVE DISTRICTS. No. 2 New York) 30 1,744,493 1,728,310 1,657,028 No. 3 Philadelphia) 80 420,090 422,128 409,904 [Nov. 1,1922, estimate of the Department of Agriculture. In thousands No. 4 Cleveland) .18 383,995 380,941 379,358 of bushels.] No. 5 (Richmond) 93 274,199 269,220 245,192 N N N N N N o o o o o o . . . . . . 9 8 1 1 6 7 1 0 ( ( ( ( C M S A ( ( D K t h t . i i n l a a c L a l n n a l n o e a s g t a u a s o a p ) s i ) ) s o . ) C l .: i i s t ) y) 2 1 3 1 7 6 1 1 5 9 8 1 5 3 7 1 1 8 9 7 8 1 5 0 0 3 5 7 9 , , , , , , 8 3 1 1 4 7 3 0 2 2 5 6 6 3 7 7 4 7 7 1 1 8 7 7 7 1 5 8 8 3 9 6 9 , , , , , , 6 9 6 7 1 6 8 0 1 9 9 9 6 6 5 9 5 4 7 1 1 6 7 6 8 0 5 4 6 5 3 1 1 , , , , , , 6 8 2 7 9 9 1 7 8 8 4 5 1 8 8 8 2 0 Federal reserve district. n ( m P a N r r a o 1 e y t 9 v l e i 2 . e m 2 f s o 1 t i ) i - r . - Oc f t o . r e 1 c , a 1 s 9 t 2 . 2, n m P a r r 1 a e y 9 t l 2 e i 1 e m . s fo t i- i r - No. 12 (San Francisco) 75 782,673 772,150 709,498 Total 881 5,974,079 5,706,722 Boston , 13,220 13,256 14,447 New York 33,564 36,260 42,872 Philadelphia.. 64,000 59,416 69,416 Cleveland 208,100 204,684 209,377 Richmond 180,288 177,638 173,687 REPORT OF KNIT GOODS MANUFAC- Atlanta 207,651 204,128 250,255 TURERS OF AMERICA. Chicago 978,997 966,204 967,277 St. Louis 394,428 391,149 416,543 Minneapolis. - 270,167 265,326 302,344 The total production of winter and summer D Ka a n ll s a a s s City.. 3 1 9 4 2 1 , ,6 2 4 0 1 3 3 1 8 4 3 0 , , 4 1 4 7 8 8 4 1 4 8 2 0 , , 1 8 5 0 8 3 underwear for August is compared with San Francisco 11,849 11,712 11,193 previous months in the following table : Total.... 2,896,108 2,853,399 3,080,372 The preliminary estimate shows an increase Number Actual of 43,000,000 bushels in corn production, com- 1922 of mills producreport- tion pared with the forecast made in October, the ing. (dozens). crop being larger in every important producing district. Compared with 1921, however, this ATDlil 53 522,035 May 47 518,150 year's corn crop is lower by 194,000,000 bush- June 47 564,893 els, and compared with the average for the five July 50 422,872 August 49 519,511 years 1917-1921, this year's corn production S ep t ember 52 513,572 Winter underwear (September). 42 318,220 falls short by about 52,000,000 bushels, or 2 per Summer underwear (September), 27 195:352 cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1350 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. PRODUCTION AND SHIPMENT OF FINISHED COTTON FABRICS.1 August. September. W go h od it s e . g D o y o e d d s. P g r o in o t d e s d . Total. W go h od it s e . g D o y o e d d s. P g r o in o t d e s d . Total. Total finished yards billed during month: District 1.'. 16,088,423 24,544,825 9,814,405 1 52,627,483 12,260,208 21,574,598 10,145,265 47,246,265 District 2 8,026,229 1,664,778 3,285,016 16,684,216 6,892,553 2,031,862 1,575,782 15,327,972 District 3 7,761,719 6,630,080 14,391,799 7,855,034 7,534,986 15,390,020 DDiissttrriicctt 56 8,2 6 5 4 2 2 , , 9 97 5 9 5 1,74 5 3 7 , , 3 76 1 9 4 2 8 , , 3 3 8 1 6 0 , , 2 7 9 2 3 4 . 8,2 4 7 5 8 6 , , 3 3 4 9 7 4 1,61 1 0 0 , ,8 4 6 3 2 2 2 8 , , 0 2 6 8 6 9 , , 8 2 2 0 6 9 Districts : 2,478,968 2,221,251 Total 40,772,305 34,640,766 13,099,421 96,879,483 35,742,536 32,765,740 11,721,047 90,541,543 Total average per cent of capacity operated: District 1 69 82 53 66 57 75 50 61 District 2 73 44 32 50 72 35 28 54 District 3 97 82 89 100 83 92 District 5 66 66 76 76 District 6 0 72 0 57 District 8 100 93 Average for all districts 72 77 49 66 69 71 46 65 Total gray yardage of finishing orders received: District 1 . 12 962 333 22 413,399 8 445 379 46 372 919 14 440 389 27 877 701 8,836,215 54,911,459 District 2 " 5,434,130 2,714,687 2,962,776 13,800,942 8,363,220 3,354,301 4', 301,759 21,338.973 District 3 7,935,135 7,252,518 15,187,653 8,490,015 6,985,722 15,475,737 Districts . . 6 976 466 55,324 7,031,790 9 495,300 60,649 9,555,949 District 6 89 372 2 516 157 2,605,529 68,873 1,946,637 2,015,510 Districts 2.249,921 2,553j 278 Total 33,397,436 34,952,085 11,408,155 87,248,754 40,857,803 40,225,010 13,137,974 105,850,906 Number of cases of finished goods shipped to customers: District 1 6,174 7,424 3,318 28,353 4,866 7,004 2,775 26,905 District 2 3 022 139 7 692 4 503 340 9 883 District 3 4*, 797 2,690 7,487 5^ 285 3,034 8,319 Districts 1 501 3,783 1,584 4,235 District 6 . . o 0 0 0 District8 733 502 Total 15,494 10,253 3,318 48,048 16,238 10,378 2,775 49,844 Number of cases of finished goods held in storage at end of month: District 1 5 113 5 685 2 397 23 743 4 812 5 612 2,543 22,423 District 2 5 605 361 12 476 6 848 532 12 832 District 3 ... . '294 410 7 314 '285 475 7,700 District 5 1,351 1,356 District 6 430 378 District 8 212 201 Total 11,012 6,456 2,397 45,526 11,145 6,619 2,543 44,890 Total average work ahead at end of month (expressed in days): District 1 2.4 11 10 8.1 4.2 IS 14 11 District 2 9.3 4.3 4.7 5.4 13 6.2 12 9.4 District 3 14 12 13 15 18 17 Districts 14 14 12 12 District 6 0 18 0 37 Districts 7.6 10 Average for all districts 7.9 10 i 9.3 8.7 9.1 14 14 12 1 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 34 out of 58 member firms of this association. It is probably fair to state that in the absence of having specific detail at hand, but according to our best estimate it is probably well within the fact that the figures given for the various classes of work would cover, approximately, the following percentages of the entire industry: White goods, 72 per cent; dyed goods, 62 per cent; printed goods, 30 per cent. The figuresg iven represent reports from exactly the same 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

NOVEMBER, 1922. FEDERAL, RESERVE BULLETIN. 1351 PHYSICAL VOLUME OF TRADE. tons in August, while the anthracite mines produced 4,979,000 tons as compared to The indexes of domestic business continued 161,000 tons in August. Beehive and byto move upward during September, especially product coke output increased in September. those representing agricultural and mineral The production of both pig-iron and steel products. Wheat receipts were smaller than in ingots reached the highest level since 1920 in the corresponding month last year, whereas r}^e October. Copper production declined somereceipts were more than double those for last Sep- what from the high August total, but with the tember. Wheat flour production which has in- exception of last month was higher than for any creased each successive month since April other month since December, 1920. The outreached a total of 13,785,000 barrels. Both re- put of slab zinc is still mounting, while stocks ceipts and shipments of live stock from 15 west- continue to decline. Tin consumption by ernmarkets were larger than any previous month factories increased materially over that for this year. The number of cattle slaughtered August and stocks at the end of the month under Federal inspection showed a slackening, declined more than 50 percent. which is customary during September. The number and value of permits issued in 168 The consumption of both raw cotton and raw selected cities declined but were much larger silk by manufacturing establishments decreased than those for last September. Freight car slightly during September as compared to loading of all commodities except coal and live August but were well in advance of the con- stock were less in September than in August sumption for the corresponding month last but the increases in these two commodities year. Stocks of cotton showed the regular were so decided that the total car loadings seasonal increase during September. for September were slightly larger than for The output of bituminous coal in September August. rose to 40,964,000 tons compared to 22,328,000 INDEX NUMBERS OF DOMESTIC BUSINESS 1919 - 1922 PER PER CELNT '\ CENT 140 140 \ A j 130 130 120 t 1 fk I • \v *• r /1 ?A - I \ r 1 \ \ l\ ... j 120 110 I 110 \ A "•f » 100 / V v^ T ... + . . \ Y / / 100 90 \.-ff 90 y ':•/,-• \ 80 J "' > V* J i 80 V i' 70 V 70 SO 60 50 50 40 40 AGRICULTURE FINING 30 MANUFACTURE 30' 20 20 10 10 J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A M J. J. A. S. 0- N D 1919 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1352 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. INDEXES OP DOMESTIC BUSINESS. INDEXES OP DOMESTIC BUSINESS—Continued. [Monthly average of 1919=100.] MINERAL PRODUCTS—continued. AGRICULTURAL MOVEMENTS. D 19 a 21 te . . ! | , a g t T r u i o r c e t u a . l i l - T m a o n a t l i a s - l . g T ra o in ta s l . , Cotton. Fruit. b L a t c e o e a - f o. Date. ! i | ! T p m o r o r i o a t n d a l - - l t n c u B o o m i a u - l i s . - , i | | j t c A c h o i r n t a a e - l - . p C le e r u t u r m d o e - . j j ' Iron, C p o e p r. - ! | Zinc, i Load. January 105.0 96.5 97.9 i 110.8 94.6 195.7 | UCtS. February 81.1 73.9 66.7 77.1 95.5 297.4 March 79.4 76.4 77.5 57.8 137.4 181.1 A M p a r y i l j ' 6 7 6 3. . 6 3 7 7 4 7 . . 2 3 6 7 0 1 . . 5 7 5 67 1 . . 4 3 1 13 7 9 5 . . 0 1 2 8 4 . . 9 1 Janu 19 a 2 r 2 y . 1 90.0 85.1 137.1 64.3 24,1 60.3 I 101.0 June * ; 82.2 81.9 96.0 57.8 183.3 4.1 February.. i 94.9 107.3 92.0 129.7 63.9 . 34.8 57.3 i 93.4 July ! 93.4 68.1 151. 9 52.7 123.8 12.1 March i 117.1 131.5 I 119.1 149.1 79.9 i 58.0 07.5 : 93.0 August 116.7 85.4 195.5 . 56.0 86.4 54.7 April i 58.6 41.3 i .3 141.9 81.3 , 71.7 65.6 . 88.8 S O e c p to te b m er b er ! 1 1 1 3 5 0 . . 3 9 1 8 0 5 7 . . 9 0 1 1 2 51 1 . . 6 3 ; ! 1 1 1 9 4 5 . . 7 3 6 7 9 9 . . 9 9 1 7 0 9 7 . . 3 6 J M u a n y e i 1 6 7 7 0 . . 9 6 5 5 8 3 . . 4 1 ! 1 . . 6 1 1 1 4 4 3 7 . . 8 7 9 9 2 0 . . 6 5 ' 8 8 9 3 . . 0 7 6 7 9 2 . . 8 6 8 8 9 9 . . 1 0 November ; 104.6 99.2 65.3 163.2 34.7 188. 5 July ! 65.4 44 5 j J.6 148.0 94.2 ; 85.0 81.2 84. 4 December 93.9 82.0 79.0 133.4 83.6 117.0 August I 67.5 58.3 ! 2.2 147.1 i 93.9 79.9 96.7 September.I 99.9 107.3 ; 67. 7 143.8 89.1 84.3 95.3 1922. January 88.9 91.8 83.8 j 76.8 96.1 113.2 February 77.7 I 76.5 92.3 43.3 55.5 101.2 PRODUCTION OF MANUFACTURED GOODS. March.. 70.7 ! 79.2 73.0 42.8 130.4 27.5 April... 5 8 7 2 . , 4 6 9 7 0 1 . . 2 8 9 49 2 . , 6 5 ; i 3 5 7 0 . . 0 1 1 1 0 0 3 5 . . 0 7 5 3 . . 9 5 iTotal' '. ; I j j j J J u u l n y e 7 7 9 5 . . 8 1 8 8 1 8 . . 2 7 1 7 0 7 6. . 4 1 : 3 4 3 3 . . 4 0 ! 9 5 3 9 . . 8 3 1 1 2 . . 5 3 m uf a a n c- - . i n b , l eeL , j iL b u e m r. -, ! p P e a r - . ! i l P e e u tr m o . - j l t T il e e x s. - • Le e a r. t h-! " ,? L ooa • ' , b , ac T c o o - . August 2106.7 96.5 153.8 ; 48.3 | 43.1 2 55.2 .ture.i! j j 1 September ! 2 [28.8 106.6 150.6 1 139.5 38.0 2 83.9 1921. I 1 Combination of 14 independent series. 2 Partly estimated. January 84. 5j 87.6| 67.7. 87.8 127.7 72,0 63.51 88.2-, 87. 8 February... 77.4 69.6! 75.7| 79.5 106.8 73. li 62.8 77.4! 94.1 MINERAL PRODUCTS. March 87.81 62.5 89.3 84.4 113.0 90.8 72.0! 88.1! 106.1 April 83.1| 48.3 87.5' 81.7 113.8 91.5; 75.8 84.0i 95.5 ! Total! -D, Crude J M u a n y e 8 84 7 . . 4 1 : ! 50.3 100 1 . . 4 6 ! 7 7 0 2 . . 2 4 1 1 1 1 4 0 . . 7 1 1 9 0 5 1 . . 0 9 8 81 3 . . 1 2 ; 8 8 2 5 . .1 2: 1 1 9 0 9 6 . . 3 8 Date. p I tumi- ^ co p al e . t ll r ei o im -i 'i pgP" I Zinc. I Lead. J A S u e u l p y g t u e s m t ber . 9 9 8 0 0 0 . . . 7 2 1 ! , 1 3 4 46 1 5 . . . 9 3 ! 7 ' | 9 8 9 9 5 2 . . . 7 3 9 i i 6 7 7 5 5 8 . . . 6 6 6 1 1 1 1 0 1 0 8 0. . . 6 2 3 1 1 9 0 0 4 3 5 . . . 5 4 5 7 8 8 6 5 0 . . . 7 3 3 ! . j 9 8 9 5 2 8 . . . 5 8 5 ^ ' ' 1 1 1 1 1 0 1 7 0 . . . 6 2 6 J M A M J J A F N D S O a u u e e p u o e c a a n n l p b r y t c g v y r u e 1 o i c t e r u e l 9 e a b h u m 2 m s m r e 1 t a y . r b b r b e e y e r r . r . . . . . : I , ; ! ! ; j | I u 1 c 8 8 8 7 8 7 9 0 8 8 8 8 t 3 7 8 4 6 6 3 6 1 2 2 2 s . . . . . . . . . . . . 9 7 7 5 . 8 7 9 0 6 8 8 0 i 1 1 8 7 7 8 7 9 9 8 9 8 0 1 9 0 9 2 8 1 0 7 4 1 5 4 . . . . . . . . . . . . 6 6 2 7 8 9 5 3 2 5 1 6 1 1 1 1 1 1 1 9 9 9 8 . 0 0 0 0 0 0 0 5 7 3 1 2 4 0 4 0 5 3 . . . . . . . . . . . 9 9 0 4 3 8 8 8 8 1 9 ; i ! ! j j | 1 1 1 1 1 1 1 1 1 1 1 1 1 3 2 3 2 2 1 3 1 1 2 3 2 3 0 0 8 1 0 3 7 6 0 3 8 . . . . . . . . . . . . 6 4 0 2 2 2 2 3 3 3 3 1 4 3 6 4 3 3 6 9 7 4 4 5 8 6 7 2 3 4 1 6 7 8 5 4 . . . . . . . . . . . . 7 4 8 6 9 7 0 8 9 9 5 8 4 8 8 2 2 7 1 1 2 1 1 1 7 3 2 0 2 6 0 1 9 9 8 7 . . . . . . . . . . . . 6 0 6 0 6 9 8 2 9 5 1 3 4 3 4 4 4 3 3 3 5 5 0 9 7 6 5 5 9 7 3 6 . . . . . . . . . . 0 4 0 6 2 9 5 0 2 8 i ] I i ! ! ! ! ! , | ; 1 1 1 1 7 7 7 9 8 7 7 8 0 0 0 0 2 4 9 8 4 7 6 7 0 3 9 3 . . . . . . . . . . . . 4 6 7 0 3 8 4 1 8 2 3 1 J J J S N D F A A O M M u a u e e p u c o e a a n l n p b y t r g c v y r e u o t i c 1 r e u e l e a 9 b h u m s m 2 m r e t 2 a y r . b b b ry e e e r r r . . . . . . . ! 1 I . 1 I i 1 ; 1 1 9 9 8 8 9 8 9 9 8 8 0 0 9 4 9 1 8 4 0 5 0 7 0 4 . . . . 6 5 3 . . . . . . . . 7 ! ; ! 1 6 9 l 2 3 0 9 j j 1 , ! I . : ; 1 1 6 6 6 5 9 9 6 9 9 0 8 0 6 6 4 3 9 4 8 4 4 8 7 7 . . 8 . . . 0 . . . . . . 3 . 8 1 4 1 3 9 3 4 0 8 1 : ! i - ! ! 1 1 1 1 1 1 9 1 9 .1 1 0 2 0 0 0 0 0 2 8 1 0 9 0 1 . 3 0 4 4 . 1 6 . . . . 2 5 . . . 2 1 . 1 . 1 4 6 3 5 2 . . ; 1 . I i . . : 5 ' 4, 1 1 1 1 1 9 9 9 9 9 9 9 0 1 1 1 0 5 5 4 0 9 0 0 8 0 2 0 7 . . . . . . . . . . . . 0 7 0 8 9 8 9 4 6 7 3 8 1 1 1 1 1 1 1 1 1 1 1 1 3 0 1 2 1 2 1 1 4 4 3 3 2 8 9 3 4 9 6 9 7 1 9 3 . . . . . . . . . . . . 6 7 4 2 6 2 9 0 1 1 2 8 ! 1 1 1 1 1 1 1 1 0 1 9 9 9 1 9 0 0 1 0 0 4 2 6 9 1 0 5 0 7 7 8 5 . . . . . . . . . . . . 7 7 1 7 3 6 9 4 0 8 2 8 i 1 ! ; 1 ; : i 9 9 7 7 8 7 7 8 7 8 7 7 8 0 8 8 0 3 6 0 2 0 2 9 . . . . . . . . . . . . 2 5 7 4 9 4 0 2 1 4 5 1 1 ! : ! ! : ! ; i | | ! 1 J 9 9 9 9 8 8 8 8 9 9 0 0 9 8 6 6 5 4 9 8 1 7 1 4 . . . . . . . . . . . 5 2 . 4 9 9 8 5 3 7 8 o 5 1 ! 1 . 1 1 ; 1 j 1 1 1 1 1 1 1 . 9 9 7 8 0 8 0 3 1 1 2 1 0 8 6 9 8 4 2 3 4 5 1 9 . . . . . . . . . . . . 6 4 8 6 1 9 1 8 8 8 6 8 1 Combination of 7 independent series. 1 Combination of 34 independent series. COMMODITY MOVEMENTS. Per cent of aver- I Per cent of aver- age same month i a 1 g 91 e 9 s - a 19 m 2 e 1 , month I Sept., Aug., 1919-1921. Sept., Sept., : 1922. 1922. 1922. 1921. Sept.,! Aug.,'Sept., 1922. 1922. , 1921. Sept.,'Aug., Sept., ! 1922.' 1921. GRAIN AND j FLOUR—Continued. ! GRAIN AND FLOUR. Stocks at 11 interior Receipts at 17 interior centers at close of j centers (000 omitted): month (000 omitted): Wheat (bu.) 59,7691 62,644 64,67o! 99.3! 93.61 107.4 Wheat (bu.) 18,708 11,852: 29,727 65.3 Corn (bu.) 34,7321 22.05S 37,334 140.2! 134.2| 150.7 Corn(bu.) 8,072 4,390: 7,795 158.51 Oats(bu.) 22,880 26,519 21,792 86.3: 77.1 ,2.2 Oat,s(bu.) 29,562 32,018 52,137 96.9 Rye (bu.) 11,979 14,085 5,488 203.5 319.5 99.7 Rye(bu.) i 3,736 2,213 2,4821 67.4 Barley (bu.) 5,081 4,121 5,086 ;9.8 77.1 89.7 Barlev(bu.) "j 1,295! 980| Total grain (bu.) 134,441 129,427 134,370 109.6; 101.5 109. JS Total grain (bu.).j Flour (bbls.) 3,924 2,990 3,421 141.2 121.8 123.1 Total visible supply (000 omitted): Total grain and Wheat (bu.) , flour (bu.) 152,100 142,880 149,765 112.5! 103.1 110.8 ;i Corn (bu.) Oals(bu.) Shipments at 14 interior centers (000 omitted): Receipts at 9 seaboard Wheat (bu.) 32,941 51,883 42,727 90.4: 128.8 117.3 centers (000 omitted): ! Corn (bu.) 17,873 19,964 27,706 132.0j 175.9 201.7 Wheat (bu.) Oats(bu.) 14,366 i 17,840 15,342 99.1' 116.0 105.8 Corn (bu.) i Ryo (bu.) 10,043' 11,903 5,512| 247. Oj 402,8 136.3 Oats (bu.) i Barley (bu.) 3,055: 2,152 3,6761 90.1! 57.0 108.4 Ryc(bu.) i ],L86! 228.2| 210.2" Barley (bu.) j 4,7691 .154.2 63.4 Total grain (bu.). 78,278. 103,748 94,993; 108.2 140.7 131.4 Total grain (bu.). 43,442 91.3 124.6 106.7 Flour (bbls.) 6,404: 4,846 5,474 143.2 116.7 122.4 Flour (bbls.) 2,358 87.61 .103.4; 116.2 Total grain and j Total grain and flour (bu.) 107,098 125,553 119,625 115.8 135.9 129.4 flour (bu.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL BESEBVB BULLETIN. 1353 COMMODITY MOVEMENTS—Continued. Per cent of aver- Per cent of average same month age same month 1919-1921.. 1919-1921. Sept., Aug., Sept., Sept., Sept., 1922. 1922. 1921. 1922. %& 192J. Sept.,Aug., Sept., Sept., A ug Sept. 1922. 1922. 1921. 1922. .1.921. GRAIN AND LIVE STOCK— FLOUR—Continued. Continued. Stocks at 8 seaboard Exports of certain meat centers at close month I products (lbs., 000 (000 omitted): omitted): Wheat (bu.) 10,277 11,208 17,6271 56.8! 75.8 97.4 Beef- Corn (bu.) 1,007 7821 999| 130.3! 106.2 129.3 Canned 287| 2o8 287 51.2 51.1 Oats(bu.) 2,768 2,814 1,8631 134.8 158.090.7 Fresh 209| 300; 239 10.3 7.6 Rye(bu.) 558 339 l,640j 36.61 37.1 107.7 Pickled and Barley (bu.) 2,3.56 3,414 3,812. 59. Oj 75.0 95. 4 other cured... 2,8411 2,6211 2,857 108.1 106.8 108.7 Hog products- Total grain (bu.). 16,966 18,557 25,941 64.1 81.6 98.1 Bacon 30,4488J 32,591! 44,718 63.7 64.0 93.6 Wheat flour produc- Hams and tion (bbls.) 13,785 12,271 13,349 112.11 104.6108.6 shoulders 20,592! 18,761: 17,138 139.3 68.9 115.9 Lard 61,120 68,907' 104,741 97.5 123.4 167.1 LIVE STOCK. Pork, pickled.. 3,384' 2,990 133.2 133.8 99.3 Receipts at 59 principal I markets (head, 000 DAIRY PRODUCTS. omitted): Cattle and calves... 2,137 1,894 108. Oj 110.2 86.7 Receipts at 5 principal Hogs 3,016 2,647 122. 8[ 126.8105.9 markets(000 omitted) j 50,546 103. 112.2 113.1 Sheep... 1^13 2,555 72.4i 69.6 83.4 Butter (lbs.) 46,419 62,494! 14,841 156.3 125.5 96.8 Horses and mules Cheese (lbs.) 17,729 19,819! 919 96.1 102. J 108.4 (43 markets) 23 21| 53.21 40.0 28.7 Eggs (cases) 815 l,028i Cold-storage holdings at Total 7,089 7,117] 98.2! 99.5 91.2 close of month (000 omitted): Shipments at 54 princi- Creamery butter j 90,123 88.9 83.1 pal markets (head, (lbs.).'! 96,367 112,039, 000 omitted): American cheese 44,842 81.9 87.6 74.2 Cattle and calves... 1,234 1,031 118.0 118.6 86.6 (lbs.) 49,455* 53,625! 6,275 128.1 135.5 102.2 Hogs 1,143 1,052 948 125.0 122.7 103.7 Eggs (cases).... 9,608i Sheep 1,233 885 1,376 68.1 57.8 76.0 Horses and mules OTHER AGRICUL- (43 markets) 36 22 20j 50.7 41.6 28.5 TURAL PRODUCTS. Total 3,646 2,990 31,2,25500| 94.9j 90.3 84.6 Cotton seed (tons): 574,970 162.9 159.9 137.5 Receipts at 15 western Received at mills.. 680,841 90,931 304,298 145.8 105..0 133.5 markets (head, 000 Crushed 332,281 48,816! omitted): On hand at mills at ! 270,169 163.5 90.9 127.2 C H S H h a o o e t g r t e s l s e p e s a a n n d d c m al u v l e e s s .. . . . 2 1 , , 0 31 3 2 5 3 9 , 2 1 1 , , , 6 1 1 3 8 8 1 9 5 3 7 1 l 1 , , , 6 4 7 5 1 8 1 2 7 4 5 j ! 1 1 6 6 2 0 1 1 1 9 . . . 1 . 3 4 8 1 6 4 2 1 4 0 3 1 . . . 1 9 5 6 .4 1 3 8 7 0 1 4 7 6 . . . . 7 6 0 3 Co o t m t P S on i t r c t o o s t l c e e o d k e d s u s d e ) c : t o o io i f l n m (lb o s n ., t h 00 . 0 .. 34 5 7 4, , 9 2 0 2 6 8 5 1 10 5 3 , , , 0 3 9 3 5 9 8 4 5 f | i i . 9 5 9 0 , ,5 8 7 0 6 3 1 J2 3 9 9 . . 5 3 81.8 1 1 4 1 1 9 . . 0 3 Total 5,216 5,024 94.1 98.4 87.8 O s le u o m m p a t r i g o a n r in ( e lb s., c 0 o 0 n 0 - 17,723 63.4 46.3 69.8 Shipments at 15 western omitted) 16,113 11., 754 m om ar i k tt e e t d s ) : (head, 000 To le b a a f c c w o a r s e a h le o s u s a e t s l o (l o b s s e . - , I C H Sh a o e t g t e l s p e and calves... 6 6 1 7 8 8 6 5 8 4 1 1 6 7 0 5 8 8 4 4 0 1 1 5 1 2 4 4 3 . . . 6 4 O j 1 5 2 1 5 4 14 . . 7 8 .4 1 6 8 0 7 7 7 . . . 7 6 7 000 B r o i m g V h i i t t r t g e b i d o n ) i l : a t- , dark.. 1, 1,650 14.8 46.6 Horses and mules.. 27 16 15 57.51 42.7 31.8 North Carolina. 45,247 18,160 41,756 84.1 158.1 77.6 South Carolina. i 2,288 28.2 Total 2,307 2,137 8L6 91.3 81.4 B W u e r s le te y rn dark 1,0 1 0 2 9 1 1,1 1 6 7 2 8: | 2, 2 3 6 46 5 4 2 5 6 . . 9 4 6 33 6 . . 3 0 1 5 0 7 6 . . 9 6 Shipments of stockers Sale of revenue stamps and feeders from 34 for manufacture of markets (head, 000 tobacco, excluding omitted): Porto Rico and Cattle and calves... 596 446 391 121.7 131.1 79.7 Philippine' Islands Hogs 33 30 38 64.81 85.4 74.1 (000 omitted): Sheep 525 350 551 55.3! 52.3 58.2 Cigars (large) 625,772 641,164! 614,428 100.51 105.3 98.6 Cigars (small) 55,497 60, 498: 55,800 1O-4.2| 115.8! 104.8 Total 1,154 77.5! 79.1 65.8 Cigarettes (small)..5,554,3016,373,890J4,791,398 131.9 lol'.oj 113.8 Manufactured tobacco (lbs.) 33,807 38,021' 31,489 101.2 112.6,1 94.3 Slaughter at principal Fruit shipments (car- i centers under Federal loads): i I i o n m sp i e tt c e t d io ): n (head, 000 I L G e r m ap o e n fr s uit 78 1 9 1 83 5 3 7 ' | 57 4 4 6 Cattle 796 761 100.8 102.6 87.2 Oranges 1,173 1,5611 2,993 Calves 353 345 321 107.4l 108.4 97.7 Apples 4,312 2,385i 3,384 H Sh o e g e s p 2 1 , ,0 7 1 4 3 7 2 1 , ,0 8 2 8 4 8 2 1 , ,2 4 4 2 9 3 1 8 2 2 8. . 8 3 i j 1 8 29 7 . . 9 4 ! 1 1 1 0 3 1 . . 6 5 Ap h p o l l e d s in , gs c ( o b ld b - l s s t . o , ra 0 g 0 e 0 I omitted) 1,397 ! 792 Total 4,910 5,018 4,682 109.6 112.6104.5 W m hi e t n e t s p ( o c t a a r t l o o e a s d , s ) ship- 23,2441 17,399j 20,010 Meats, cold storage Sugar, 7 ports (long holdings at close of tons): month (lbs., 000 Receipts 243,571 501,203' 240,211 omitted): Meltings 312,909, 540,024! 262,8171 B P e o e r f k products 4 5 8 3 9 , , 5 5 6 1 6 4 6 4 1 8 9 , , 2 6 9 7 1 1 4 5 7 9 1 , , 8 9 2 0 2 1 7 47 4 . . 1 5 J 7 4 5 0 . . 6 9 , 7 5 1 2 . . 9 6 Ra m w o s n t t o h cks, close of 180,5771 262,959| 137,39o! Lamb and mutton. 3,539 3,376 5,9931 26.8! 40.9i 45.4 Figures for July and August, 1922, and August, 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1354 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. COMMODITY MOVEMENTS—Continued. j Per cent of aver- I Per cent of average,same month I age same month 191S-1921. ! 19.19-1921. Sept., | Aug., Sept., Sept., Aug., Sept., 1922. i 1922. 1921. 1922. 1922. 1921. Sept., Sept., Sept., Aug., Sept., 1922. 1921. 1922. 1922. 1921. FOREST PROD- FUEL AND UCTS. POWER—Continued. Lumber: I Oil refineries—Contd. Number of mills- ! Stocks at close of National Lum- | month (000 omitber Mfg. Assn. 55l| 53oj 454 ted)— Southern pine.. 150 153 186 Crude oil (bbls.) 34,030! 35,287 16,374i 206.4 205.5 99.3 ; Western pine...j 50 52i 53 Gasoline (gals.). 703,738! 772,909! 567,616; 159.3 143.8 128.5 Douglas iir 116! 120; 103 Kerosene (gals.) 285,5201 324,5861 389,893! 80.5 88.3 109.9 Production (ft., Gas and fuel 000,000 omitted:) i (gals.). , 366,612,1,358,8701,243,446J 147.4 148.7 134.1 National Lum- Lubricating ber Mfg. Assn. 1.207 1,327, 825 116.3 119.6 79.5 220,668' 226,691! 242,53o| 121.7 120.5 133.8 Southern pine..I '36SJ 401/ 385 93.7 101.3 98.0 Western pine...! 83 116.4 117.6 62.0 Electric power pro- Douglas fir j 232 118.9 119.1 80.4 duced by public util- Shipments (ft. i ity power plants (000 000,000 omitted)—i kw. hours): National Linn- Produced by water ber Mfg. Assn.: 1,007, 1,230! 828 114.1 118.4 88.6 power !l, 524,2431,101,576!. 100.0 73. 6 Southern pine.. 30 L 434 76.2 109.8 Produced by fuels.. 2,538,852,2,273,127,. 133.4i 120.1 Western pine... 133 15Gi 90 122.3 131.7 82.1 Douglas fir 298 385J 217 124.6 110.9 90.6 Total.. 4,063;,,009955j-;3,374,703 118.5! 99.6 Receipts at Chicago I and St. Louis METALS. I (M ft.) 548,378 500,116 388,740 137.5 136.9 97.5 I Shipments at Iron and steel (long Chicago and St. tons, 000 omitted): 2 Oa L k o u f i l s o o (M rin f g t. - ) 332,417 343,651 246,602 130.5 142.6 96.8 S P t i e g e -i l r - o in n g p o r t o p d r u o c d t u io c- n 2,628 2,034 1,247 123.6 92.4 58.4 S P h ro ip d m uc e t n io ts n 2 2 5 3, , 9 6 0 7 3 2 i 6 0 6 3 9 7 1 16 4 , , 8 9 3 0 7 0 Un ti f o il n led orders, U. 2,872 2,374 1,617 120.6 106.5 67.9 Stocks at end of S. Steel Corpora- Un m fi o ll n e t d h orders. 2 35 0 , , 9 1 5 2 7 0 2 3 1 7 , , 0 1 5 7 4 3 3 9 3 , , 5 4 5 15 2 Fa ti b o r n ic ated s : truc- 6,902 6, 4,287 100.5 94.6 62.4 Naval stores at 3 south- tural steel coneastern ports: tracted for, ton- Sp ti i n ri e ts ( ca o s f k s t ) u — rpen- Silver n a p g r e oduction of 135,069 141,561 86,000 Receipts 29,954 30,000 28,786 108.9 101.7 104.7 United States (troy St o oc f k m s o a n t t h close 28,444 26,041 54,949 67.5 74.0 130.5 j Co o p z p s. e , r 0 00 o p m ro it d te u d c ) tion 5,325 5,562J 4,212 Rosi R n e ( c b e b i l p s t . s )— 92,487 93,737 83,484 109.8 103.0 99.1 Zi ( n l c b s ( . l . b 0 s 0 ., 0 0 o 00 m o i m tte it d te ) d . ) .. : . * 95,665 100,838j 20,927 122.4 123.0 26.8 Stocks at close Production 79,880 66,268 29,076 of month 334,785 329,189 322,898 145.4 145.9 140.4 Stocks at close of month 36,086 37,6121 141,648 FUEL AND POWER. Tin (lbs., 000 omitted): Imports 7,379 8,219: 5,796 83.1 93.8 65.3 Coal and coke (short Deliveries to factons, 000 omitted): tories 11,312 9,462i 5,835 123.3 111.1 63.6 Bituminous coal Stocks at close of production (est.). 40,9641 22,261 35,105 93.3 52.9 80.0 month 2,806! 1,756 Anthracite coal- Production 4,979i 161 7,124 77.6 2.1 111.0 Coke- I TEXTILES. Beehive production (est.). 606' 289 47.8 43.4 22.8 Cotton (bales, 000 By-product, omitted): production, Sight receipts 1,389 541 1,145 163.4 129.6 134.7 (est.) 2,244| 1,794 1.423 Port receipts 803 198 175.7 73.7 146.1 Petroleum (crude): Overland move- Production (bbls., ment 41 39 106 82.1 68.8 213.0 000 omitted) 45,246| 46,521 36,508 125.6 122.6 101.4 American spinners' Stocks at close of 367 404 447 109.9 131.2 133.9 month (000 omit- Stocks at ports and ted) 273,264! 271,901 172,874 189.4 189.4 119.8 interior points i 1,280 695 2,382 70.0 42.1 130.1 Producing oil wells Stocks at mills 1,065 1,118 103.3 94.1 108.4 (number) 1,572: 1,709 788 92.3 93.9 46.3 Stocks at ware- Oil refineries:1 houses 3,217 1,550 HI? 100.5 64.0 134.7 Total production Visible supply ! 2,228 1,597 3,944 72.3 51.6 128.0 (000 omitted)— Consumption by Cr ( u b d b e ls . o ) il run 43,817! 44,378 36,045 121.5 127.7 99.9 ! Sp m in i d ll l s e . s : . active dur- 527 5 103.6 109.2 101.4 Gasoline (gals.). 549,958i 55699,,7711 431,577 137.2 144.2 107.7 ing month (num- K Ga er s o s a e n n d e (g f a u l e s l .) 184,3831 192,924 143,652 100.2 112.0 78.0 Wool: ber, 000 omitted). 33,297 32,499 33,875 97.8 95.9 99.5 (gals.) 784,450 122.9 131.0 102.1 Consumption b Lubricating mills (lbs., 00 (gals.) 91,715 66.473 115.6 122.1 86.5 omitted) 54,771 57,340 i Figures for August, 1922, July, 1922, August, 1921. - Figures for October, 1922, September, 1922, October, 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVBMBEK, 1922. FEDERAX, KESERVE BULLETIN. 1355 COMMODITY MOVEMENTS—Continued. I Per cent of aver- Per cent of average same month age same month 1919-1921. 1919-1921. Sept., Aug., Sept., Sept., Aug., Sept., 1922. 1922. 1921. 1922. 1922. 1921. Sept.,Aug., Sept., Sept., Aug., Sept., 1922. 1922. 1921. 1922. 1922. I 1921. TEXTILES—Coritd. | MISCELLANEOUS MANUFACTURES. Wool—Continued. i Wood pulp (short tons): Percentage of idle j Production 272,697 282,570 193,479; 108.4 111.21 76.9 machinery on 1st Consumption 239.801 258,871 184,609! 111.0 116.3 85.5 r o e f p m or o t n ed th — t 1 o total S St h o i c p k m s, e nts end of 54,318 52,962 4422,445599 8888.77 86.7; 69.3 Lo t o h m an s 50 w -i i n d c e h r | Paper m (s o h n o t r h t tons): 178,517 209,957. 186,454 110.1 111.6! 115.0 reed space ! 27.6 35.3 23.7 93.2 113.1 80.1 Newsprint- Looms 50-inch Production 125,402 133,230 98,8981 113.5 116.0! 89. 5 C Se o r t m e s e b o d s f s c p a a r c d e s or 2 2 1 3 1 3 . . . 6 7 8 3 2 1 2 4 5 . . . 5 0 7 2 2 1 2 5 4 . . . 3 8 3 "i 1 6 8 4 0 7 0 . . . 3 1 0 1 1 6 1 2 6 3 1 . . . 8 2 2 9 9 9 1 5 7 . . . 6 2 4 Book S S t h m o p i c p r o k o m n s d , t e u h n e c t t s n i d o n o ... f 1 8 2 1 7 8 6 , , , 7 8 1 8 1 9 2 0 4 1 8 3 1 7 4 9 , , , 9 4 9 2 9 0 2 0 2 9 3 5 0 , ,2 7 4 8 1 5 7 11 7 3 . . 1 1 1 7 1 7 7 . . 1 7 ' , 1 8 2 5 4 . . 6 0 S ' p d i i n e n s i , n w g o s o p l i e n n - .. 15.3 17.1 22.4 62.7 68.4 91.4 Pa d p u e c r tio b n oard pro- 198,248 195,115 62,416 110.8 111. 4; 78.8 Sp d i l n e n s, i n w g o s r p st i e n d - . 18.6 25.2 8.6 133.8 125.4 61.9 W p r r a o p d p u in c g ti on paper 70,329 74,315 1(30,207 j 105.5107.6J 85.2 Percentage of idle Fine paper produc- 59,09o! 109.1 113.6| 91.7 house on 1st of tion 31,576 33,081 month to total Building materials (000 20,555 109.3 116.7 71.1 reported- omitted): Looms wider Clay fire brick— s th p a a n c e. 5 . 0 .. -inch 27.6 36.4 25.8 S P h ro ip d m uc e t n io ts n 5 4. 2 8 , , 6 8 9 3 3 9 5 49 1 , , 0 8 7 2 5 8 2 25 4 , , 9 6 3 4 1 1 1 1 0 0 3 0 . . 0 0 1 10 1 4 0 . . 2 7 4 5 9 2 . . 2 0 Looms 50-inch Stocks, close of C Se o l r t e e m s e o s b d f s c s a p r a d c s e or 28 6 8 . . . 7 8 T 1 | 4 1 1 1 1 4 . . . 7 2 5 2 2 2 1 7 . . . 4 0 5 Silic U N a n e m b w fi o r l l i n o e c r t d h d k - e o r r s ders. 1 5 7 5 9 9 6 , , , 7 5 8 7 1 9 1 1 9 1 5 7 6 2 4 2 , , , 3 8 3 9 7 0 9 6 0 1 2 2 4 7 5 1 , , , 0 5 0 3 1 1 3 2 7 1 1 7 2 1 8 9 6 . . . 7 6 8 1 10 1 7 6 . . 4 7 1 5 2 0 6 5 5 . . . 7 3 0 Sp d i l n e n s, i n w g o s o p le in n - .. 11.9 13.8 20.9 P S r h o ip d m uc e t n io ts n 1 1 2 1 , , 8 3 6 3 1 2 11,687 4 4, , 1 9 7 7 8 0 Sp d i l n e n s, i n w g o s r p st i e n d - . 16. 28.6 7.8 St m oc o k n s, t h close of 37,108 35,743 45,436 Raw silk: Face brick- Im o p m o i r t t t s e d ( ) lbs., 000 3,887j 5,547 87.5 143.4 103.5 P S r h o ip d m uc e t n io ts n 4 5 3 1 , , 6 6 2 7 1 4 4 4 6 6 , , 7 84 1 9 0 3 4 4 1 , ,0 8 6 4 6 8 79.5 78.4 C St m ( o o b c n o a k l n s s e t s u h ) a m t ( b p c a l l o t e i s s e o ) n of 3 3 4 6, , 7 2 9 1 5 2 . | 3 3 4 2 , ,5 7 1 7 5 2 31,229 S U t n c a o f l n c o i d k l s l s e e k d i o i n f l o n s m r s h d o e e d n r s s th , 1 8 0 0 0 , , 8 5 8 5 6 9 9 7 1 5 , , 3 8 3 2 9 5 1 4 2 0 5, , 8 3 5 8 0 7 8 8 5 9 . . 6 1 75.1 1 4 0 4 7 . . 5 1 Cement (bbls., 000 HIDES AND omitted)— LEATHER. Production 11,424 11,664 10,027 Shipments 12,444 14,361 11,329 Stocks, close of Sales of raw hides and month 4,726 5,746 6,953 skins during month Rubber (lbs., 000 omit- (number, 000 omit- ted): St s o te k c d C S C C K G i k ) n : h s a a a o i s e p l b t a o f t e r t s f l s p e e k r a a k t a i a n h t t i n w a n n d i s d s d h k c e i l s l i d o a d s e m e s b an o d f 3 1 1 1 , , , 3 1 5 5 2 5 6 8 8 0 4 8 9 9 5 6 7 J ] ; 2 1 1 1 , , , , 5 2 1 2 1 2 4 1 1 1 4 2 5 6 1 4 4 1 1 1 , , , 8 0 6 1 5 2 4 8 8 2 8 2 1 8 Pn o e m u I C P m m i r o t e r t o t i p n u a r e r d s o s t b e d u i u r b c ) c t m : e s m t r i p o t a t i n o n i r o e u f n s f a c ( c r 0 t u b u 0 d y r 0 e - 4 2 2 4 8 , , , 5 0 3 5 0 4 1 5 5 3 5 2 3 4 , , , 9 7 3 0 3 3 5 9 2 3 1 4 9 1 , , , 5 9 4 2 4 7 6 9 6 142.7 167.0 111.2 m om o C n i a t t t t h t e l d e ( ) n h : u id m es ber, 000 5,5151 5,343 91.1 100.5 S St h t o i i c c p k m s ents, domes- 4 2 , , 6 5 1 0 2 2 3 4 , , 0 6 3 2 0 9 2 3, , 0 0 4 4 1 7 C K a ip lf s s k k i i n n s s 3, 9 6 9 7 0 4 ! 3, 9 5 4 8 9 3 3,4 9 7 3 5 8 1 lO 2 O 1. . 5 o ! ! 1 9 1 4 4 . . 8 9 Inne P r r t o u d b u e c s t : ion 3,501 3,808 3,275 C G Sh a o e b a e r t p e a t n a ta d n d k l i a d mb 1 8 0 , , 6 8 4 4 1 7 1 0 5 1 9 1 , , 6 1 2 6 9 9 3 7 4 1 1 2 0 , , 6 7 7 0 4 9 6 6 1 4 6 9 2 2 6 . . 4 .7 | li 1 7 4 1 7 1 6 . . . 3 4 5 S St h t o i i c c p k m s ents, domes- 3 5, , 1 5 6 5 5 9 4 5 , ,2 2 0 2 7 0 2 3 , , 6 8 4 2 6 8 Prod S u o c le ti l o e n a t o h f e l r e a (s th id e e r: s).1,491,4981,509,3641,507,185 Solid P r t o ir d e u s: ction 84 37 O Sk a h i k a v r e n r e s a s n s ( d d o z u e (s n n i i s d o ) e n . s .. S St h t o i i c c p k m s ents, domes- 200 1 5 6 0 2 stuffed) 131,265- 130,103 49,507 Automobiles: Production (num- Bo p o u t t s ( a p n ai d r s s , h 0 o 0 e 0 s , o o m u i t t - - | be T P r) a r — u ss c e k n s ger cars.. 1 1 8 8 6 , , 3 6 5 2 8 8 24 2 7 3 , , 3 7 1 8 6 7 | Men's 8,514, 7,949 Shipments- W Ot o h m er e s n's 11 8 , , 7 7 0 4 6 1 ! 1 9 1 , , 0 0 6 6 2 6 ; Ra lo il a r d o s a ) d (car- 25,950 32,814 19,002 Driveaways Total.. 28,9611 28,0771. (machines)... 30,055 36,754 13,S40 Boat (ma- 1 Figures for Oct. 1,1922, Sept. 1,1922, Oct. 1,1921. chines) 8,002 10,096 2,959 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1356 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. COMMODITY MOVEMENTS—Continued. Per cent of aver- Per cent of average same month age same month 1919-1921. 1919-1921. Sept., Au Sept., Sept., Aug., Sept., 1922. 19 1921. 1922. 1922. 1921. Sept., Sept., Sept..Aug., Sept., 1922. 1921. 1922. 1922 1921. MISCELLANEOUS I TRANSPORTA- MANUFAC-I TION— Continued. TURES—Contd. Freight-car surplus Locomotives (number): (number): Domestic shipped.. 113: 130 50 117.7 122.6 52.1 Total 5,843 70,455 172, 420 8.3 59.4 245.8 Foreign completed.; 6 21 53: 10.3 12.7 91.4 Box 201 3,850j 42,093 1.2 9.5 242.3 Vessels built in the ! ' Coal 3,486 54,566j 98,048 9.3 101.8 261.5 United States and i . : officially numbered ! Freight-car shortage by the Bureau of ! (number): Navigation: j Total , 130,325 58,670; 3,621 271.0 105.1 7.5 Number ! 76 95 67 56.3 57.9 49.6 Box , 66,529 35,819 2,478 229.8 117.9 8.6 Gross tonnage | 15,834 11,511 105,352 6.4 4.31 42.4 Coal 38,954 13,835 142 328.9 83.8 1.2 Bad-order cars, total... 291,645 321,624 374,087 116.3 127.1 149.2 TRANSPORTA- TION. Vessels cleared in foreign trade (net tons): Railroad operating sta- American 3.049,976 2,903,423i3,091,960 100.1 95.1 101.5 tistics: Foreign 3,428,781 3,274,088 2,903,253 114.4 98.7 97.9 Net ton-miles, rev- i enue and nan- • , Total. 6,478,757 6,177, oil 5,995,213 107.7 97.0 99.7 revenue (000,000 i omitted)i ! | 27,073 30,382 Percentage of Net tons per 't ra"in . ...i 645 670 American to total 47.1 47.0 51.5 92.8 104.3 101.6 Net tons per loaded Panama Canal traffic car 25.0 27.4 (tons, 000 omitted): i Total cargo traffic.. 1,211 839 167.7 97.0 Revenue freight loaded American vessels... 582 380 and received from British vessels 367 202 connections, classi- Commerce of canals at fied according to na- Sault Ste. Marie (000 ture of production omitted): (short tons): Eastbound— Grain and grain Grain other products 252,795 240, 865 105.3 116.2 114.0 than wheat Live stock 133,492 128,686 109.6 110.0 92.9 (bu.) 15,728 13,738 14,382 231.3 230.3 211.5 C C o o a k l e 4 3 4 7 3 , ,2 6 4 3 4 9 7 2 0 1 5 , , 4 5 0 7 3 9 9 8 1 4 . . 0 1 5 8 6 8 . . 3 5 4 8 8 6. . 9 3 W Flo h u ea r t ( b (b b u ls . . ) ) . . . . . . 37,520 9 1 , , 2 20 1 3 7 28,120 2 15 2 3 5 .2 .5 1 1 4 1 4 2. . 6 5 148.9 Forest products 1 260,282 201,103 91.6 104.3 81.4 Iron ore (short 1,560 1,516 Ore I ,190J 123,984 88.8 133.3 48.5 tons) 8,936 98.3 149.8 53,3 Merchandise, 1. ca.. t, 917 L1,, 037,350 972,296119.2 116.5 117.7 Total (short 6,658 3,610 Miscellaneous 1,441,702 1L,,467,169jl,251,499 9S.6 103. 85.6 tons) 9,809 111.0 151.0 65.9 Westbound- 8,451 5,018 Total 4,050, 868 3,930,16113,645, 415 101.3 101. 91.2 Hard coal (short tons).. 11 281 4.7 122.4 Revenue freight load- Soft coal (short ed, classified accord- tons) 2,354 185 994 168.5 10.2 ing to geographical Total (short divisions: tons) 2,535 477 1,464 135.8 20.3 78.4 Eastern 984, 511 921,683 875,315 102.5 96.8 91.2 Total freight Allegheny 805, 550 811,662 713,940 104.2 99.8 85.9 (short tons).. 10,986 10,286 115.9 116.3 68.4 Pocahontas 116, 719 133,388 132,108 76.9 96.0 87.0 Southern 523,151 51.0,707 516,933 96.9 98.1 95.8 Northwestern 658,485 697,519 554,682 100.0 114.4 84.2 Central western 614,644 585,954 573,074 106.6 104.7 99.4 Southwestern 291,808 279,363 104.5 99.3 100.0 Total 4,050,868 3,930,161 3,645,415 101.101.7 91.2 i Figures for August, 1922, July, 1922, August, 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL, RESERVE BULLETIN, 1357 BUILDING STATISTICS. BUILDING PERMITS IN 166 SELECTED CITIES. [Collected by the 12 Federal Reserve Banks.] NUMBER OF PERMITS ISSUED. District District District District District District District District District District District District Total c N it ( o i 1 e 4 . s 1 ). c N it ( o i 2 e . 2 s 2 ). c N it ( o i 1 e 4 . s 3 ). c N it ( o i 1 e . 2 s 4 ). c N it ( o i 1 e . 5 s 5 ). c N it ( o i 1 e . 4 s 6 ). c N it Q o ie . 9 s 7 ). c N it o ie . s 8 ). c N it o ( ie 9 . s 9 ). c N it ( o i 1 . e 4 s 1 ) 0 . c N it o i . e s 1 ) 1 . c N it ( o i 2 . e 0 s 1 ) 2 . ci ( t 1 i 6 es 6 ). 1921, September. 2,442 7,895 2,990 4,124 3,389 j 2,847 9,024 2,036 1,975 2,739 2,598 11,174 53,233 1922. i January 878 4,176 1,623 1,724 2,188 I 2,155 3,498 1,141 523 1,336 1,653 8,298 28,884 February 1,024 4,210 2,081 2,619 2,305 I 2,566 4,815 1,434 517 1,758 2,114 7,600 33,043 March 2,367 13,284 3,557 4,986 4,101 I 3,211 8,806 2,218 1,493 2,711 2,623 11,196 60,453 April 3,011 9,056 4, 3N6 6,149 4 397 ! 3,215 11,548 2,050 3,342 3,103 2,586 10,956 64,407 May 2,018 10,136 3,991 6,666 5,321 ! 3,443 13.799 2,955 3,391 3,554 2,794 11,266 69,334 June 2,945 9.o72 3,024 5,839 4,509 3,085 11,89« 2,507 2,422 2,888 2,545 10,150 61,990 July 2,597 7,761 3,029 4,680 3,756 2,978 10,385 2,291 2,125 2,467 2,238 9,415 53,722 August , 2,873 7,828 3,044 5,093 4,018 3,130 11,112 2,354 2,244 2,778 2,534 11,596 58,604 September 2,717 8,424 3,680 4,789 3,997 ! 3 114 10,553 2,373 1,923 2,029 2,223 11.291 57,893 VALUE OF PERMITS ISSUED. District No. District No. District No. I District No. District No. District No. District No. 1 (14 cities). 2 (22 cities), i 3 (14 cities). ! 4 (12 cities). 5 (15 cities). 6 (14 cities). 7 (19 cities). 1921, September. So, 799,540 $47,360,128 : $7,820,694 •• 812,730,36 L 89,284,277 $5,019,328 $24,937,967 1922. January 7,380,701 50,145,286 ! 6,878,523 5,713,209 8,352,615 3,734,262 18,905,561 February.. 9,280,827 50,372,553 ! 8,275,338 7, 829,585 7,513, 542 4,630,052 20,419,417 March 10,995,500 119,964,7S3 ! 14,116,292 ' 13,814,868 11,329, 049 6, 021,211 33,747,135 April 13,812,829 54,704,292 17,020,500 i 15.693,183 11,971,471 4,951,558 35.089,303 May. 9,109,108 57,843,5S;o . 13,844,813 ! 22,614,084 13,348,592 7,262,167 53,806,499 June 10,657,535 73,352,564 I 18,177,759 22,428,251 15,736,766 6,498,677 49,934,583 July 9,174,687 47,144,023 ! 15,898,696 ! 26,558,680 15,514,625 7,516,036 38,151,182 August 16,633,819 49,210,637 = 15,352,655 I 22,036,882 11,605,153 7,985,212 40,452,972 September. 8,343,783 56,670,108 I 15,868,670 i 25,076,766 12,969,812 6,326,074 31,550,169 I 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, September. So, 820,805 84,004,238 \ 86,286,923 85,680,968 $20,134,993 $154,880,312 1922. January 2,579,894 2,110,424 5,023,603 4,960,078 ; 22,872,876 138,631,902 February... 4,150,487 1, 569,774 4,336, Oil 4,419,789 j 18,917,868 141,715,243 March 5,012,607 4,525,209 7,165.925 5,630,336 i 27,432,286 259,754,421 April: 6,076,684 8,198,110 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 I 6,020,186 8,894,131 5,276,819 ! 29,598,278 252,431,008 J A u u ly g . ust 5 5 , , 6 8 9 1 8 5 , , 7 8 9 0 2 5 I ! 8 7 , , 2 6 8 6 4 3 , , 6 4 5 4 9 3 8 9 , , 0 7 4 9 0 3 , , 6 3 0 5 6 2 5 5, , 0 8 1 6 0 1 , , 2 6 0 5 4 0 ] ; 2 2 9 2 , , 4 3 2 9 4 1 , , 3 0 3 1 2 6* 2 2 2 0 1 9 , , 6 6 0 1 5 3 , , 6 4 8 3 2 6 September. 5,384,0:12 I 4,737,015 8,352,4-40 4,980,057 ! 23,968,073 204,227,009 VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS. IF. W. Dodge Co.] VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS. District District District District District District District Total No.l. No. 2. No. 3. No. 4. No. 5. No. 7. No. 9.1 (7 districts). I 1921, October 820,498,363 $74,429,237 $18,295,400 820,909,803 $19,463,402 $36,250,434 $8,047,792 8203,954,431 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 11,828,700 j 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 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 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 28,708,377 25,362,187 52,224,001 I 83,159,795 9,304,326 303,548,695 August 26,780,103 80,810,922 43,818,9M 20,983,619 50,811,596 | 56,954,434 8,249,905 288,409,490 September 29,245,087 64,298,556 24.947,916 22,997,450 34,034,723 j 62,219,681 5,868,200 244,261,613 October 25,305,051 65,060,956 20,439,852 19,684,627 35,164,630 52,048,241 4,523,126 222,226,483 VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS. 1921, October $8,094,387 839,738,113 So, 449,400 S8,991,474 85,937,599 811,660,499 $2,256,545 $82,128,017 1922. January .i 4,767,597 35,652,203 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 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 13,524,827 53,677,473 10,408,700 16,127,627 ! 10,297,280 17,661,588 4,175,963 125,873,456 14,018,303 39,943,547 11,168,808 19,121,798 i 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 i 17,434,095 28,206,838 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 August 11,945,451 29,091,738 8,828,607 6,320,030 13,409,258 18,833,050 2,535,590 90.903,784 September 11,509,627 34,536,710 8,142,367 8,595,717 12,736,605 15,011,664 2,453,723 92,986,413 October 13,552,663 33,237,936 10,072,200 7,416,108 13,729,840 20,291,379 2,227,614 100,527,800 i Montana not included. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1358 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. RETAIL TRADE, A comparison of monthly changes in activity The following tables are a summary of the of different types of retail business since Janudata obtained from 502 representative depart- ary, 1921, is shown in the second of the folment stores in the 12 Federal reserve districts. lowing tables. The 176 department stores are In districts Nos. 1, 2, 3, 5, 6, 7, 9, 11, and 12 the located in districts Nos. 1, 2, 3, 5/6, 9, 11, and data were received in (and averages computed 12, while the mail-order houses do business in from) actual dollar amounts. In districts Nos. all parts of the United States. The United 4, 8, and 10 most of the material was received States index for department stores has been in the form of percentages, and the averages recomputed by weighting the districts accordfor the cities and districts computed from such ing to the buying power, as measured by popupercentages were weighted according to volume lation and banking resources. Chain-store of business done during the calendar year 1Q21. figures are based upon the total sales of the The tables for the month of August are based on same reporting chains for each month, but the reports from 25 stores in district No. 1 (Boston), actual number of stores in these chains varies 64 stores in district No. 2 (New York), 144 slightly. stores in district No. 3 (Philadelphia), 28 stores Mail-order business for the month of Sepin district No. 4 (Cleveland), 25 stores in dis- tember shows a great improvement over August trict No. 5 (Richmond), 37 stores in district and is higher than for any month since last No. 6 (Atlanta), 58 stores in district No. 7 April. Sales of all types of reporting chains (Chicago), 21 stores in district No. 8 (St. Louis), have increased during the month and are sub- 23 stores in district No. 9 (Minneapolis), 16 stantially larger than during September, 1921. stores in district No. 10 (Kansas City), 21 stores The greatest improvement over last year's sales in district No. 11 (Dallas), and 31 stores in is shown in sales of grocery, five-and-ten, and district No. 12 (San Francisco). Figures for music chains. Sales of shoe and music chains Altoona, in district No. 3 (Philadelphia), are have registered the greatest increase during the shown separately for the first time this month. month. AVERAGE MONTHLY VALUE OF SALES GROCERY CHAINS, FIVE AND TEN CENT CHAINS AND SHOE CHAINS 1919-1922 ( AVERAGE MONTH, 1919 = 100 ) INDEX i INDEX NUMBERS I NUMBERS 2*0 \ 240 ROCERY CHAINS (16) H 220 I H V O E E A C N H D A T IN E S N ( C 5 E ) NT CHAINS (4) l| 220 4 200 II 200 i 180 180 II ii ,". 160 V 160 w / \ /' Tt-0 / 14-0 ..••jrNt W 120 120 . A i IA 100 K/ V? W/• XI 100 60 t : 80 —\J** c 60 60 4-0 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. 0. J. F. M. A. M. J. J. A. S. 0. N. D. 1919 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL, BESEKVE BULLETIN. 1359 CONDITION OF RETAIL TKADE IN THE FEDERAL RESERVE DISTRICTS. . [Minus sign (—) denotes decrease.] Percentage of Percentage of average stocks outstanding or- Percentage of increase in net Percentage of increase in stocks at close of each ders at close of sales as compared with corre- at close of month compared month to aver- month to total sponding period previous year. with— age monthly purchases dursales for same ing previous District and city. period. calendar year. July 1,1922, to Same month July 1,1922, to tc 1 S m 9 e 2 b p 2 . . e r,: ! | g 1 A 9 u 2 u s 2 t - . , I ! Sept., : Aug., p S r e e p v t i ., o us A y u ea g r . . , ; 'P S r e ev p i t o ., us I m A o u n g th .. . Sep cl t o ., s e ; o A f— ug., S 1 e 92 p 2 t . ., A 19 u 2 g 2 i 1922. 1922. 1922, 1922. ! 1922. i 1922. 1922. 1922. I. District No. 1: I I B O o u s ts to id n e 1 1 7 0 . . 5 1 j 5 L . 9 2 j ; 11.1 0 6. . 5 S -4 6 . . 4 7 -0 4 . . 3 7 ! 1 7 3 . . 2 0 • i 1 1. . 2 7 3 4 5 33 8 . . 0 8 ! I 3 4 0 5 2 0 , . 0 0 7 7 . . 6 4 District 17.9 ' 5.5 ' 10.0 5.1 3.5 3.2 . 1.1.4 j 1.6 376.4 i 407.0 7.9 District No. 2: New York and Brooklyn IS. 5 i 7.6 ; 10,1 4.9 -1.1 0.4 ; 10.7 ! 3. 0 417. 0 453.5 8.1 8.6 Buffalo 9.5 ; 2.1 ! 2.9 -0.8 -7.2 -2.8 " 10.6 i 0.6 440. 8 462.2 9.1 7. 5 B R N S O y r o e u D i r c w t d a i s h g s c i a e t d u e i r s k c p s i t e c e o t r r t I I i ! j 1 . 1 1 1 1 6 . 5 1 6 2 1 . . . . . . 0 1 1 7 7 8 I I I ! I 4 6 5 7 7 1 . . . . . . 3 9 6 4 5 3 i ! ' ' i 3 C 7 0 5 5 . . . . . . 7 2 4 2 0 3 - - 6 2 4 3 2 1 . . . . . . 0 8 4 6 5 3 - — - - - 1 0 0 J 0 0 L . . . . 8 . 9 7 . 6 O () - - - 1 1 -7 1 7 8 . .4 . . 4 0 o ; ! i 1 1 9 7 9 2 0 1 . . . . . . 4 4 2 3 9 2 ; i i i j i -0 0 4 4 1 8 . . . . . . 8 S 3 4 8 8 4 3 4 4 4 5 1 0 0 7 S 0 2 1 6 5 3 8 . . . . . . 5 0 6 5 7 0 3 4 3 4 4 5 4 8 3 8 5 7 4 6 8 3 3 0 . . . . . . 6 0 0 0 9 3 6 7 7 5 8 8 . . . . . . 4 8 8 0 2 8 I j j 7 6 9 7 5 7 . . . . . . 3 3 3 8 0 2 District No. 3: | P A h ll i e la n d to e w lp n h ia ! ' 2 1 1 8 . . 3 5 2.8? I | ! -,.x 1 9 2 . . 0 5 ! ! . 3.2 4 (5 1 4 2 4 . . 0 0 402. S 4 9 . . 2 3! 8.5 Altoona i 8.2 8.9 ;. 514. 8 11.5; liarri.sburg j 36.3 19.1 i iO. 1 509.0 522.0 7.4 Johnstown 0.4 -3.9 I -5.1 9.4 ! (). 3 480. 8 477. I Reading j 18.2 5.6 4.7. 10.0 i 3.1 663.7 651.6 10.6 Scrantoh -12.5 -12.8 I 15.1 9.0 i 11.6 519. J 512.0 17.3 ! 33. 0 Trenton ! 15. 2 7.3 -0.5 4.0 i 3.8 489. 4 496.1 Wilkes-Barre | —3.1 -11.0 -4.2 11.8 ! 6.0 577.1 595.3 Wilmington '• 26. 0 5.2 -12.6 9.0 ! 9 9 800. 7 807. 6 8. (> I 7.3 Outside I 13.2 j 1.7 1.7 : 12.0 ' 4.4 611.8 609.0 9.0 l 9.5 District i 15.3 ! 1.5 ! — 1.9 1.1.9 ! 4.2 482.5 476. 2 9.0 i 9.0 District No. 4: \ i Cleveland i 27.9 -0.04 3.4 : 0.0 ! 378. 5 3S2.7 7.6 10.3 Pittsburgh i 18.0 9.1 i - 9.1 — 11.0 : 8.5 I 6.3 40S. 0 415. 7 7.4 8.5 Cincinnati I 3.5 1 2.8 j -1.0.9 -14.9 ] 9.4 . 3.4 571.0 535.0 8.8 10.8 Toledo j 12. 0 8.9 -2.8 : 5.4; 3.2 388.4 432. 1 6.4 6.9 Outside | 25.0 i 19.4 i 17.2 3.2 • 7.0 : 7.3 540. 7 488.5 10.8 j 14.2 District 18.8 ! 10.8 I 10.4 — o. / I -5.7 ! 8.4 | 5.6 433.5 424.4 7.8; 9.4 District No. 5: I ! Baltimore i 10.6 i 1.1 j -7.8 : 15.7 ! 2.5 465.9 j 493.9 8.4 ' 7.5 Richmond I 21.6 j 26.4 i -4.5 ! 11.6 ! 5.2 371.2 449.4 13.4 ! 12.5 "Washington 7.3 -4.8 i 5.2 ! 12.0 ; 10.1 509.9 I 509.2 6.5 ! 7.4 Outside. ! 8.8 -4,7 I -4.3 ! 11.3 i 1.1 567.6 ! 575.5 7.0 ; 7.0 Distri D ct is N tr o i . c 6 t : I ! L0.6 | 0.8 i I -2.9 ( 13.4 i 4.9 483.0 I 508.3 8.0 , 7.8 Atlanta ! 8.9 I 11.1 , 10.7 13.9 j 5.6 591.1 ; 632.4 fi.ll 9.6 Birmingham ! 21.9 i 21.3 ! 0.8 7.0 ' 6.1 470.7 I 500.9 7.2 •: 7.0 Chattanooga 0.5 -15.3 : -14.1 3.3 I -17.1 295.2 ' 996.0 1 Nashville 11.1 2.1 -5.8 6.1 5.7 575.1 599.3 6.9 1 9.0 New Orleans -3.8 -8.2 I -0.2 7.2 5.2 565.3 573.3 11.2 i 11.0 Savannah -9.6 -12.7; • -17.3 : 9.2 2.6 704.4 I 708.2 6.2 8.7 Outside 4.2 i -4.0 : -17.8 I 13.4 6.9 634.2 656.6 5.7 ; 9.7 District 3.8 ' -1.6 I -3.9 ; 8.6 , 6.0 550.1 ! 593.4 8.0 ! 9.5 District No. 7: Chicago ". 0.6 I 5.3 | -9.5 j 6.9 j 4.2 310.9 I 390.1 5.1 ! 6.7 M De il t w ro a i u t kee 2 4 8 . . 6 2 18.1 ! 1.1 ! -ill 13,4 3 66 3 1 5 . . 5 3 I ! 394.3 1 6 1 . .1 0 i !., 11.1 Indianapolis. 10.6 Des Moincs 8.6 I 5.7 | 3.16.2 6.8 i. Outside 5.2 -3.4 -4.1 8.1 j 9.2 588.5 District 15.2 I 7.6 -2.4 2,7 j 10.6 428.8 District No. 8: j St. Louis 9.9 -0.5 -4.4 5.0 I 10.0 470. 3 Louisville —0.6 —5.5 -18.9 13.1 I 14.7 395.1 Memphis i 19.3 11.8 -11.9 i 15.1 ! 1.8 534.4 Li ttle Rock —5.6 -8.2 -0.8 ! 16.8 7.7 557.2 Outside 4.9 9.0 -2.7 i 6.6 6.0 552.3 District 8.6 0.9 -7.0 8.7 8.8 480.8 District No. 9 4.1 -0.1 -2.8 4.8 472.9 District No. 10: ! Kansas City -2.6 -13.4 ! -6.2 12.3 I 530.0 Denver •. -4.1 -5.7 6.2 i 517.4 Outside 5.9 -9.1 —3.'3 j 8.2 ! 19.2 ! 578.9 District 0.7 -9.5 -3.3 i 5.5 j 12.7| 542.5 District No. 11: Dallas 25.5 2.5 -10.7 ' 3.7 ! 9.8 ! 471.4 Fort Worth 16.4 -5.1 -10.4 8.9 | 10.0 ! 536.1 Houston 3.0 0.9 -4.9 4.2 I 12.5 I 591.9 Outside -6.1 -13.8 -15.7 8.9 i 13.9 i 507.2 District 10.4 -4.2 -11.0 6.0 i 11.5 ' 511.3 District No. 12: i Los Angeles | 4.3 ! 7.2 -20.4 i 4.1 -3.3 I 411.6 San Francisco , 3.9 ! 4.3 -1.2 | 7.6 5.4 45S. 1 Oakland 3.6 j 0.4 -0.8 I 5.6 6.6 ! 571.3 Seattle ...I 8.6 13.0 -0.1 I 4.0 13.1 ! 388.8 Spokane I -6.1 -5.6 o.3 ; 4.5 5.3 j 653.4 Salt Lake City J -0.4 0.2 -3.4 ! 6.5 6.8 ! 5917 District 3.7 5.7 --7".6I i 5.7 4.1 455.7 United States 11.9 3.2 8.1 6.5 ! 457. 4 17134—22 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1360 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. VALUE OF RETAIL TRADE. [Average monthly value 1919=100.] De- Mailpart- ordcr 1919. 1921. I January 75.7 86.1 89.4 ! 70.2 ! 92.7 74.8 ilJanuary 101.6 69.1 124.6 | 86.1 ! 117.3 119.9 February 68.9 73.1 86.0 ' 72.3 ' 83.7 77.0 February 87.3 64.8 118.4 i 92.9 ' 110.7 116.5 March 85.4 82.6 95.7 90.8 j 96.6 93.7 March 116.3 95.1 ! 128.7 121.1 i 123.6 131.8 April 98.3 91.5 92.9 93.9 . 95.3 91.7 April 111. 7 77.5 | 121.7 111.9 ' 121,8 134.7 May 98.1 81.3 94.3 96.4 , 94.4 102.1 May 111. 3 60.2 ! 118.8 112.2 j 119.2 129.5 June 93.1 74.5 90.3 86.3 93. .1. 92.2 June 108.5 62.1 116.0 109.7 120. 6 127.8 July 77.2 76.1 101.2 87.9 , 100.8 98.2 July 79.7 49.3 115.1 108.0 , 122.1 128. 5 August 77.6 82.1 98.6 94.6 . 101.5 99.9 August 83.2 56.4 121.4 116.0; 119. 8 127.6 September 96.4 102.1 100. 2 92.5; 98.5 96.2 September 92.7 72.7 118.3 H3.4 ; 11.9.4 128.0 October 124.6 155.9 11.9.8 1.07.9 ' 104.6 110.2 Octobsr 127.8 88.6 135.2 141.9 124.2 138.0 November 122.1 148.2 111. 5 112,1 \ 103.8 114.9 November 121.3 53.3 133. 5 134.1 ; 115.2 124.8 December 182.7 146.4 120.2 195.1 I 135.0 149.0 December 175. 8 80.3 144.5 241.6 , 146.1 172.7 1920. 1922. I January 104.9 120.2 127.4 85 6 114. 106. January i 87.2 65.3 ! 135. 8 94.6 117.0 111.0 February 85.4 122, 2 128. 1 82 6 107. 106. February i 80.0 59.4 ! 127.6 100.8 114. 5 109.3 March 120.0 130. 7 147. 9 111 1 117. 120. March ! 101, 5 83.5 ' 145.4 118.4 123.2 124.3 April 11.7.5 107.5 1.53. 8 110 6 110 123. April ' 111,9 77.1 i 137.4 134.9 120.3 124.5 May 124.0 90.4 152.4 112 9| 115. 135. May I 113.9 69.9 . 136. 5 129.6 122.9 128.8 June 118.0 87.3 149. 8 108.9 i 117. 129. June I 105. 8 68.8 133.2 124.9 123. 5 105.8 July 92.2 80.7 159.3 112 o i 123. 13" July i 78.4 58.4 ' 129. 5 126.3 125.7 127.3 August 90.9 80.2 143.3 111 119. 129. August | 84.8 57.2 • 137.4 .130.4 127.9 126.9 September 106.9 90.5 142.6 1.1.17 i 1.19. 136. September 102.5 1 76.1 i 138.3 136.1 135". 4 October 131.9 103.7 142.6 129 9 i 123. 151. November 135.9 125. 5 140.0 125.7 1 114. 133. December 180.7 97.9 137.8 214.6 ! 149. 180. A Partly estimated. CONDITION OF WHOLESALE TRADE. PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN SEPTEMBER, 1922, AS COMPARED WITH SEPTEMBER, 1921. Auto tires. District. No. 2 No.3 No. 4 No. 5. No. 6. No. 7 No. 8 No. 9 No. 10. No. 11 No. 12 21 PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN SEPTEMBER, 1922, AS COMPARED WITH THE PRE- CEDING MONTH (AUGUST, 1922.) No. 2... 7.9 42 0.1 8 7.6 11 17.7 10 6.7; -9.6| No. 3... 1.4 67 27.4 22 5.3 35 24.1 12 .1! 16. No. 4... 4.7 13.9 i 15.4 -.4'. No. 5... 2.9 45 2.1 is; 9.8 19 13.5 19 11.0! 10: 8.0! 131 •. No. 6... -.8 37 -2.2 2Li 5.3 24 -6.2 ,11 14.8i 19; 7.0, 3| ;. 4! -l.i No. 7... 5.9 40 6.8 10 -.5 17 21.3 10 ! ! .2: 131-16.3 No. 8... -3.5 16 -2.8 5! 3.3 3-12.0 6 • !i No. 9.. -6.0 • 52'-19.4 6j -5.3 13 3.9 6 .1-51.0 No. 10. 8.5 7 -5.2 5i 3.8 12 10.6 6; 3.31 5 !. No. 11. 22 6 11 —5.2 lli 21.4 12 5.9 2, 4.31 si :. 1-16.6 5; No. 12. 8.4 31 6.7 15, 1.0 2.2 14 15. 5 lfy -4.9! 9i -4.9. 3.6, 28i -3.8 24> -7.0 21 22 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDEEAL* RESERVE BULLETIN. 1361 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 September,, 1922: VOLUME OF OPERATIONS DURING SEPTEMBER, 1922. ! United States securities purchased. Total. Federal reserve bank. m c e o m B u i b n ll e t s r e d d b i a s fo - n r ks. B o i p ll e s n b m ou a g r h k t e i t. n Bonds and Certificates of p M w ur u a c n r h r i a c a i s n p e t a s d l . September, September, notes. indebtedness. 1922. 1921. Boston $151,774,919 823,227,615 82,060,000 $22,707,000 S202,769. $361,689,198 New York 391,409,970 109,248,537 90,889,100 252,962,500 844,510i 1,561,218,110 Philadelphia 166,725,590 2,771,960 1,037,350 3,890,000 174,424; 280,490,156 Cleveland 93,866,327 | 10,892,703 1,036,400 636,500 106,431, 231,416,308 Kichmond 75,707,957 | 708,100 76,416, 226,412,844 Atlanta 35,792,177 ! 6,100,532 386,650 134,000 42,413, 137,488,607 Chicago 109,232,905 I 24,871,644 16,008,500 31,744,500 181,857, 333,920,311 St. Louis 69,051,278 ! 200,000 821,500 70,072, 133,337,983 Minneapolis 11,689,183 i 9,147,750 1,848,000 22,684, 52,564,483 Kansas City 19,574,480 i 277,000 405,500 29,000 20,285, 72,916,330 Dallas 14,549.371 ; 4,117,346 150,000 18,816, 66,064,545 San Francisco 124,983,528 i 34,637,323 280,000 159,900, 192,743,987 Total: September, 1922 1,267,357,685 j 217,052,760 120,971,250 315,203,000 1,920,584,695 ;. September, 1921 3,033,108,667 | 11,303,300 523,968,000 3,650,262,862 9 months ending Sept. 81,882,895 30, 1922 13,439,405,613 | 939,843,900 2,255,561,500 $137,632 ' 18,005,075,756 | 9 months ending Sept, 1,370,127,111 30,1921 46,870,022,669 41,269,750 3,101,288,557 51,015,800,507 1,003,219,531 VOLUME OF BILLS DISCOUNTED DURING SEPTEMBER, 1922, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOMMODATED. Member banks' collateral Customers' notes. Bankers' acceptances. Federal reserve bank. se G c p u o a r v p e e d e r r n b - y Secured by Other- Co n p m . a m p o. e e r r s , c . ial A p t g a u r p r ic a e u l r . l - ' ! i p s L a t i o p v c e e k r - . znent obli- Government, wise Foreign, j Domestic. Dollar gations. obligations. secured. exchange. Boston i $242,775 $51,240,800 §102,821,253 $416,181 S7,872 Now York : 1,489,952 294,5S8,450 94,768,177 420,876 5,855 Philadelphia ! 121,885 117,097,350 49,289,512 153,767 C- leve-l an• d- 49 084 70,709,900 $178,000 21,612,464 141,378 : 79,608 Richmond 120,037 58,797,545 2,012,000 11,648,473 2,866,668 i 22,893 Atlanta 102,424 6,591,850 196,800 25,208,8.16 3,157.852 I 151,222 Chicago 149,461 61,775,977 13.1,000 39,350,927 7,720;889 St. Louis 182,716 48,131,230 17,671,869 2,395.548 j 86,437 $33,000 Minneapolis... 6,785 5,301,270 '"470," 878 3,580,927 1,744,072 j 563,576 Kansas City.. 81,340 9,382,080 4,889,248 1,704,164 3,515.906 ..! Dallas 5,614 5,574,336 "461*296 4,839,291 1,191,944 2,353,185 San Francisco. 87,110 73,080,022 20,907,084 28,815,393 1,245,655 ! 647,431 Total: September, 1922...j 2,639,183 802,270,810 24,357,058 404,496,350 23,158,994 j 7,433,985 33,000 . August, 1922 1,592,541 727', 893,985 26,072,966 303,907,508 25,994,308 | 6,434,590 7,540 September, 1921... 46,059,694 1,564,636,534 34,920,255 1,318,405,581 43,283,772 ! 15,212,842 2,605,480 August, 1921 j 48,321,668 2,021,810,753 33,017,993 1,344,637,416 1,417,632 41,288,185 ! 13,745,037 Trade acceptances. Total m re a d t u u c r e i d ty to b a a s i c s o .1 mmon Member banks. Total all Federal reserve bank. classes. Number in Accommodated. Foreign, j Domestic. Amount. P o e f r to ce ta n l t . , S d e i p st t r . i 3 c 0 t . Number. Per cent. i Boston $46,038 $154,774,919 $76,956,539 6.1 429 160 37.3 New York 136,660 391:409,970 188,458,816 14.9 804 264 32.8 Philadelphia.. 63,076 166: 725,590 96,624,865 7.6 714 300 42.0 Cleveland 1,095,893 93:866,327 77,159,743 6.1 882 278 3L.5 Richmond 240,341 75: 707,957 83,974,527 6.6 629 328 52.1 Atlanta 383,213 35', 792,177 119,853,498 9.4 540 298 55.2 Chicago 104,651 109'. 232,905 268,046,262 21.2 1,4.44 715 49. 5 Sti Louis 550,478 69:051,278 102,483,373 8.1 606 271 44.7 Minneapolis... 21,675 111 689,183 41,787,007 3.3 1,019 288 28.3 Kansas City... 1,742 19.574,480 59,770,893 4.7 1,151 316 27.5 Dallas 123,705 14,549,371 51,305,721 4.0 863 425 49.2 San Francisco. 200,833 124,983,528 100,936,441 8.0 836 301 36.0 Total: September, 1922.. 2,968,305 1,267,357,685 1,267,357,685 100.0 9.917 3,944 August, 1922 2,402,539 1,094,305,977 9,917 4,042 40. 8 September, 1921. $7,984,509 3,033,108,667 9,807 5,427 55.3 August, 1921 8,824,506 3,513; 063,190 9, S02 5,453 55.6 i Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (13.43) for system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1362 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. VOLUME OF BILLS DISCOUNTED DURING SEPTEMBER, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Average Average Federal reserve bank. 4 per cent. 4£ per cent. Total. rate (365- maturity. day basis). Per cent. Days. Boston §154,774,919 $154,774,919 4.00 6.68 New York 391,409,970 391,409.970 4.00 6.46 Philadelphia. §166,725,590 166,725,590 4.50 7.78 Cleveland 93,866,327 93,866,327 4.50 11.04 Richmond... 75,707,957 75,707,957 4.50 14.89 Atlanta 35,792,177 35,792,177 4.50 44.96 Chicago 109,232,905 109,232,905 4.50 32.95 St. Louis 69,051,278 69,051,278 4.50 19.93 Minneapolis.. 11,689,183 11,689,183 4.50 48.00 Kansas City.. 19,574,480 19,574,480 4.50 41.00 Dallas.. 14,549,371 , 14,549,371 4.50 47.35 San Francisco j 124,9 124,983,528 4.00 10.84 Total: September, 1922 671,168,417 j 596,189,268 1,267,357,685 4.36 I 13.43 August, 1922 602,016,980 ! 483,415,225 .1,094,305,977 4.34 13.48 1 Includes §8,873,772 of bills discounted at 5 per cent. VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING SEPTEMBER, 1922, BY CLASSES. I Total reduced to a Bankers' acceptances. Trade acceptances. I common maturity I basis.* ! Total bills j Federal reserve bank. |_ • purchased. !• ! Foreign. Domestic. Dollar. Total. Foreign. Domestic. Total. Amount P of e r t o c t e a n l. t L Boston |$ 15,560,985 $7,641,630 i $25,000 $23,227,615 ! S23,227,615 |$21,094,747 9.7 New York , 84,848, oil 19,980; 355 | 3,131,000 ,107,959,866 j 81,139,956 $148,715 $1,288,671 i109,248,537 I 99,263,499 I 45.7 Philadelphia I 1,872,093 819,86'7. I ' 20,000 ! 2,771,900 !.... 2,771,960 i 3;880,499 ! 1.8 Cleveland • 7,857.560 757,962 201,971 i 10,817.493 i : 75,210 75,210 10,892,703 " 14,348,7"8"9" \ ' 6.6 Richmond ; 112,500 595;600 708,100 !. 708,100 825,225 I .4 Atlanta ! 4,796,332 304,200 6,100,532 ". 6.100,532 6,085,479 1 2.8 Chicago 17,622,683 j 842; 261 406,700 2-1.871,644 " = 24;871,644 33,329,273 ! 15.4 St. Louis 200,000 ; I '200,000 : I 200,000 251,127 .1 Minneapolis Kansas City ! 277,000 277,000 i ! 277,000 436,842 .2 D Sa a n ll a F s r ancisco 2 3 4 , , 6 4 8 3 6 5 , , 2 72 6 0 8 , 3 41 8 . 1 0 , , 0 4 7 2 8 1 74 50 6 , , 0 1 0 8 0 8 i ! 3 4 4 ,1 , . 5 1 9 7 2 , , 3 3 4 2 6 9 j 44,994 ! 44,991 : i 34 4 , , 6 1 3 1 7 7 , , 3 3 2 4 3 6 3 3 3 , , 7 82 0 9 8 , , 1 1 2 5 7 3 ! i 1 1 5 . . 7 6 Total: Sept., 1922 ... 160,792,652 270,374 4,580,859 i215,643.885 ; 1,184,950 j 223,925 1,408,875 217,052,760 217,052,760 100.0 Aug., 1922.... 144,236,793 287,658 6,303,646 |184,828',097 ! 379,034 j... 379,034 185,207,131 ; Sept., 1921.... 54,691,113 23,591,388 3,489,516 i 81,772,017 : 110,878 ' 110,878 I 81,882,895 |..'. ! Aug., 1921.... 79,762,451 21,711,986 5,795,624 ,107,270,061 j 32,984 • 32,984 107,303,045 | 1 Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (51.24) for system. VOLUME OF ACCEPTANCES PURCHASED DURING SEPTEMBER, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Average Federal reserve bank. 3 c e p n e t r . 3 c J- e n p t e . r 3-A c - e n p t e . r ; 3 c } e p n e t. r 3 c § e n p t e . r 3 c £ e n p t e . r 3 c 5 e p n e t. r ! c 3? e n p t. e r c 3 e | n p t e . r 4 c e p n e t r . ' i 4 c J e p n e t. r Total. r ( d 3 a a 6 t y e 5 m e r A r i a a t v t y g u - . e basis). Per cent. Days. Boston ,313,013,457i$7,831,028 $1,319,3S0 $965,576 563,782 $25,842 $8,550". $23,227,615 3.10 46.54 New York ! 25,874,32017,814,173 S746,251 j 61,703,2721,390,039 1,57i; 81467,353 78,015 . $3,300, 109,248,537 3.20 46.56 Philadelphia 2,343,5131 3"1 3'~, 447" 1 40,000' 75,000i 2,771,960 3.08 71.73 Cleveland 5,302,763 2,518,611| 168,5181 2,756,601 70,000 76"2l6"IIIIIIIII 10,892,703 3.18 67.50 Richmond .! 1-10,000 8568,100 708,100 4.3l! 59.72 Atlanta 481,974! 2,778,279; 210,000| 543' 578 175,709 600,000 1,310,992 6,100,532 3.57! 51.11 Chicago 10,779,873, 7,369,491; 82,371 i 5,566,909 549,000 524,000 24,871,644 3.17.1 68.66 St. Louis 200,000.. 200,000 3.17j 64.34 Minneapolis Kansas City 277,000 277,000 4.56; 80.81 Dallas 2,036,513 1,071,873.'... 877,602 31,358 100,000 4,117,316 3.21 46.15 San Francisco -1« A4 ,r0\f\f\ 86r\t ,2/» 1t 64 i *1-*S*4C\ ,7d 64 <"v2: ,41r\0-t ; £\-l /\91,210, 4,121,633- 570,0 884,325 41,716;$79,125 . ,. 34,637,323 3.141.50.04 Total: S%e:p>t..,. 1922 73,918,629J54,659,3121,29S, 350,77,068,975J3,726,012 3,745,279 93,195228,2811 79,125 79,510j2,156,092 217,052,760 3.19! 51.24 A u \ I 19 114,057,588J22,327,233 .J47,244,862i 191,002 515,803 5,841 3.10| 42.18 1 Includes $75,000 of acceptances purchased at 5 per cent. NOTE.—All Federal reserve banks use 360 days to the year in calculating interest on bills bought in open market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL RESERVE BULLETIN. 1363 HOLDINGS OF EARNING ASSETS, BY CLASSES. Following is a set of tables giving a detailed analysis of the different classes of earning assets held by the Federal reserve banks at the end of September, 1922: AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARN- INGS DURING SEPTEMBER, 1922. Average daily holdings of— Earnings on- Annual rate of earnings on- Federal reserve bank. A of l a l e s c a se l r a n t s s i s . n e g s . co b D u il n i l s t s - e . d c b h P i a u l s l r e s - . d se U S cu n ta r i i t t t e e i s d es. e c a la r A o n s l s f i l n es g 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 I : ' U s S e t n t i c a e i u t t s e e r . i s d - e c a la r A o n s l s f i l n e s g | ; c b o D i u l i n l s s - t , edc 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 assetsl assets. Per ct. Per ct. Per ct. Per ct. Boston $79,299,983 $2"), 384,571 $12, S24,6951841,090,71.7 $236,847 SS3,596 532,325! SI 20,926; 3.63 4.01 3.07 3.58 New York 278,251,537 53,220,397! 69,253,357:155,777,783: 8.1.1,289! 175,072 :! 78,151.458,066' 3.55 4.00 3.13 3.58 Philadelphia 100,601, i 93 40,138,742j 26,851,59S: 33,610,853 325,3351 148, 410, 67,678 109,217! 3.93 4.50 3.06 3.95 Cleveland 125,910,842 26,881, SOoi 33,858,5041 65,170,473 390,615i 99,581" 86,379 204,65o| 3.78 4.50 3. lQj 3.82 Richmond 43,347,322. 38,239,2221 407,200 4,700,90!) 150,903; 141,513 1,515 7, 875j 4.24 4.50 4.5131 2.04 Atlanta '42,418,712: 33,490,858 2,656,976 6,270,878 145,303| 123,971 = 7,790 13,542 4.17 4.50 3.571 2.63 Chicago 103,747,217! 54,077,104 14,188,8931 35,481,160 331,596 200,165: 35,914 95,5171 3.89 4.50 3.08i 3.28 St. Louis 64,748,348! 22,181,556 14,330,825 28,235,9o7i 206,9*52 82,085 36,268 88,579 3.89 4.50 3.08: 3.82 Minneapolis 39,433,999' 26,362,633 13,053,333' 143,191 104,886 , 38,234 4.42! 4.84 i 3.56 Kansas City 64,255,270 19,432,143' 76,733 44,746,400 215,67.1.! 77,112 ""375 138,184 4. OSi 4.83 5.94J 3.76 Dallas 42,767,245, 33,778, Oil! 3,243,734; 5,745,503 152,196; 131,472 8,218 12,506 4.33; 4.74 3.08i 2.65 San Francisco 128,555,363 43,424,945 $2,093,643 53,036,775, 402,013 146,196 80,952 174,865' 3.811 4.10 3.07; 4.01 Total: Sept., 1922.jl, 113,337,037; 416,612,107,209,786,158486,920,439' 3, 511,89li 1, 51.44,,0089 535,565. 1,462,166: 3.84 4.42 3.11 3.65 Aug., 1922..1,053,098,2121 396,243,184 159,020,8511497,824, 877; 3,445,3-1-lj 1,502,777; 420', 119; 1,522; 410 3.85 4.47 3.11 3.60 Sept., 1921. jl, 740, 473,882 1,445,689,968 40,020,253J254,763, '361/ 7,647,567 6,951, 881 i 175,311 520,375 5.35 5.85 5.33 2.49 Aug., 1921...1,844,940,407 1,558,012,798 38,157,531248,770,073 8,492,069 7,826,240! 173,556, 492,273 5.42 5.91 5.36 2.33 NOTE.—The figures in the first, fifth, and ninth columns include average daily holdings of municipal warrants, earnings, and annual rate of earnings thereon, as follows: Minneapolis, §18,333, $71, and 4.69 per cent. HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of September figures. In thousands of dollars.] I Custom- c M o e ll m at b e e r r a l b n a o n t k es s , ' Bankers' acceptances. ! 1 Trad a e n c a e c s c . epters' Federal reserve bank. Total. e b s r y p e n c a m G u p r e e o e r n v d t - e b S r y e n c m G ur e o e n v d t - O w th is e e r- n p . a p e. e s r, . i , ! A p g t a u r p i r c a e u l r l- p L s a t i o p v c e e k r - For- Domes- i D°Ilar i For- I Domeso t b io li n g s a . - obliga- secured. eign. tic. eign. tic. tions. Boston 36,443 428 9,440 25,600 862 10 i 103 New York 70,079 486 49,620 19,116 592 265 Philadelphia 41,333 219 28,500 12,171 364 79 Cleveland 25,173 338 12,626 159 10,129 571 245 : 1,105 Richmond 42,773 300 14,157 1,453 17,728 8,658 59 : 418 Atlanta 37,791 179 1,864 S7 23,878 10,408 1,031 : 344 Chicago 60,983 156 16,890 3o 21,370 22,139 393 St. Louis 28,753 169 8,658 11,812 7,286 358 ! 33 437 Minneapolis 25,953 17 2,186 329 3,944 11,812 7,467 j 198 Kansas City 22,996 118 2,685 5,6S5 4,731 9,775 ! 2 Dallas 29,614 23 1,910 202 5,791 10,096 11,339 ! 163 San Francisco 41,805 120 11,691 10,144 7,184 9,304 3,173 189 Total: Sept. 30,1922. 463,696 Aug. 31,1922. 397,448 Sept. 30,1921. 1,413,013 67,870 428,974 Aug. 31,1921. 1,491,935 82,053 463,123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1364 FEDERAL, RESERVE BULLETIN. NOVEMBER, 1922. HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of September figures. In thousands of dollars.] Bankers' acceptances. Trade acceptances. Federal reserve bank. ch P a u s r e - d co D u fo n is t r - ed. in open member market. banks. Boston 17,319 17,216 103 17,216 10,508 5,708 103 New York. 85,436 85,17d 265 83,842 64,531 15,624 1,594 Philadelphia. 22,267 22,188 79 22,116 17,801 3,985 151 Cleveland. 39,783 38,678 1,105 38,628 31,491 7,037 1,155 Richmond. 1,202 784 418 784 113 671 418 Atlanta, 5,301 4,957 344 4,957 4,126 831 344 Chicago. 17,205 16, 812 16,812 13,111 | 3,405 St. Louis 12,008 11,538 11,571 11,038 433 Minneapolis 198 Kansas City 279 Dallas 6,823 San Francisco 40,283 Total: Sept. 30,1922 248,104 242,917 189,688 46,415 5;187 ! Aug. 31,1922 183,514 179,367 143,963 29,587 4 147 ! Sept. 30,1921 55.353 45,761 29,145 15,022 9,592 Purchased in open market: Sept. 30,1922 242, 884 Aug. 31,1922 179,324 Sept. 30,1921 44,916 Discounted for member banks: Sept. 30,1922 3,696 .„..„... Aug. 31,1922 3,295 : 116 Sept. 30,1921 9,466 91 HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS. [End of September figures. In thousands of dollars.] Member banks. Nonmcm- Branches ber banks Private and Federal reserve bank. Total. National. Non- I I an in d g b c a o n r- k- banks. o a f g e fo n r c e i i e g s n National. i positions. banks. ! Boston 21.6 9,492 5,372 2,002 350 New York 842 31,142 20,0.13 9,756 10,600 : 6,331 Philadelphia.. 116 9,3i4 0,431 2,880 2,415 I 1,076 Cleveland 628 10,229 15,647 3,609 1,958 1,185 Richmond 7S4 644 110 Atlanta. 957 740 2,193 2,024 Chicago 81.2 I 7,939 7,125 1,004 St. Louis 571 I 4,872 6,119 547 33 Minneapolis Kansas City... 277 : 277 Dallas 660 ! 3,072 2,486 538 210 j 348 San Francisco. 054 i 16,951 1.1,481 4,910 3,427 3,255 Total: Sept. 30, .1.922 242,9.17 100,672 82,867 27,900 19,139 12,339 Aug. 31, 1922 179,307 74,182 01,808 23,2-10 12,482 7,649 Sept. 30, .1921 45,701 17,896 16,111 5,215 2,644 3,865 Purchased in open market: Sept. 30, 1922 242,884 ! 100,639 82,867 27,900 19,139 12,339 Aug. 31,1922. 179,324 j 74,147 61,800 23.246 12,482 7,649 Sept. 30,1921 ,910 j 17,767 15,859 4; 813 2,635 3,842 Discounted for member banks: Sept. 30,1922 33 ! 33 Aug. 31,1922 43 I 35 Sept. 30,1921 845 j 129 252 432 23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL RESERVE BULLETIN". 1365 BANKING CONDITIONS, BY FEDERAL RESERVE DISTRICTS. For the four weeks ending October 18, 1922,corporate securities show an increase of $17,reporting member banks in all the Federal 000,000 in New York City, offset by a dereserve districts show increases in their loan crease of $7,000,000 in the other cities. Deaccount, the aggregate increase for all the mand deposits advanced by $245,000,000, of reserve districts being $366,000,000, of which which $127,000,000 is reported for the mem- $112,000,000 is reported for New York City ber banks in New York City. The only and $65,000,000 for Chicago. Government district for which demand deposits of reporting security holdings also show a total increase of member banks do not show an increase is $69,000,000, all the Federal reserve districts Kansas City, where a nominal decline is except Atlanta, Minneapolis, and Dallas re- shown. Time deposits show a moderate inporting larger totals than four weeks earlier. crease in all the districts except Boston and Government security holdings declined for the New York. Accommodation at Federal refirst three weeks of the period, but show an in- serve banks increased by $110,000,000, of crease for the week ending October 18 as a re-which $49,000,000 was in New York City and sult of the issue by the Government of the $18,000,000 in Chicago. refunding loan on October 15. Holdings of CHANGES IN PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT BETWEEN SEPTEMBER 20 AND OCTOBER 18, 1922. [In millions of dollars.] Loans and dis- United States Gov- Other bonds, Accommodation at Federal reserve counts. e ti r e n s m . ent securi- r s i t t o i c e k s. s, and secu- Demand deposits. Time deposits. b F a e n d k er s a . l reserve district. Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. .. .... .. TJoston 24 g 31 4 New York 123 14 IS 133 11 56 New York City. 112 1 17 127 15 49 Philadelphia 25 6 2 10 I 3 Cleveland 23 19 1 3 9 Richmond 8 1 8 5 Atlanta- 21 1 1 13 2 2 Chicago SO 6 2 11 17 24 City of Chicago. ()O 4 4 7 12s 18 St. Louis 22 13 i 1 Minneapolis 5 1 Kansas City 9 ] 5 Dallas 16 4 i 15 3 !. - - - 1 San Francisco 10 5 2 12 6 Total 366 69 10 29 110 .. A comparison of Federal reserve bank dis- j cities and for nonreporting member banks is counts for reporting member banks in leading | presented in the table below: FEDERAL RESERVE BANK DISCOUNTS FOR REPORTING AND FOR NONREPORTING MEMBER BANKS IN EACH DISTRICT. [Amounts in thousands of dollars.] Total disco b u a n n ts k s f . or member Disc m o e u m nt b s e f r o r b r a e n p k o s r . ting Disco m un e t m s b fo e r r n b o a n n r k e s p . orting Pe p o r f o c r t e o t n i t n t a a g l g d e m is e d c m i o s u b c n o er t u s n . b ts a n f k o s r a r r e e - Federal Reserve district. Nov. 5, Jul v 26, Oct. 18, Nov. 5, July 26, Oct. 18, Nov. 5, July 26, Oct. 18, Nov. 5. July 26, Oct. 18, 1920. 1922, 1922. 1920. 1922, 1922. 1920. 1922. 1922. 1920. 1922. 1922. Boston 119,330 26,047 30,675 97,907 16,513 21,956 21,423 9,534 8,719 82.0 63.4 71.6 New York . 988.263 30,610 102,506 950,071 15,469 89) 980 38,192 15,141 12,526 96.1 50.5 87.8 Philadelphia . 148! 971 41,278 •12,452 115,068 15,737 20,381 33,903 25,5-11 22,071 77.2 38.. 1 48.0 Cleveland 88,538 24,967 42,384 73,842 7,700 25,945 14 696 17,267 16,439 83.4 30.. 8 61.2 Richmond . 125,461 35,809 43,283 70,520 8,064 19,520 48,941 27,745 23,763 61.0 22.5 45.1 Atlanta . 176,902 29,968 35', 734 119.152 4,123 13,325 57,750 25,845 22,409 67.4 13.8 37.3 Chicago 482,664 52,246 82,923 377.980 7,196 40,756 104,684 45,050 42,167 78.3 13.8 49.1 St Louis 152,964 16,027 25,673 115' 163 2,495 11,192 37,801 13,532 14,481 75.3 15.6 43.6 Minneapolis . 108.300 25,934 23,275 72,920 2,732 2,997 35,380 23,202 20,278 67.3 10.5 12.9 Kansas City . Kii; 072 18.205 24,089 118,502 2,254 10,351 42,570 15,95.1 13,738 73.6 12.4 43.0 Dallas . 108,871 33;856 21,525 49,845 3,943 5,636 59,026 29,913 15,889 45. 8 11,6 26.2 San Francisco . 165,489 45)034 36,580 111,465 1L; 60() 11,538 54,024 33,428 25,042 67.4 25.8 31.5 Total .2,826,825 379,981; 511,099 2,278,435 97.832 273,577 548,390 282,149 237,522 80.6 25.7 53.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1366 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. FEDEKAL RESERVE BANK DISCOUNTS FOR REPORTING AND FOR NONREPORTING MEMBER BANKS IN EACH DISTRICT—Con tinued. Increase (+) or decrease (—) in total Increase (+) or decrease (—) for report- Increase (+) or decrease (-) for nondiscounts. ing member banks. reporting member banks. Federal Reserve 'district. Nov. 5,1920, to July 26,1922, to Nov. 5,1920, to July 26,1922, to Nov. 5,1920, to July 26,1922, to July 28,1922, Oct. 18, 1922. July 26,1922. Oct. 18,1922. July 26, 1922. Oct. 18,1922. Amount. Percent. Amount. Percent. Amount. Percent. Amount.Per cent.Amount. Per cent.Amount.Per cent. ~~l ••• Boston —93. -78.2 • +4,628 +17.8 -81,394 -83.1 +5,443 +33.0 -11,889 -55.5 -815 -8.5 New York -957; -96.9 : +71,896 +234.9 -934,602 -98.4 +74,511 + 4S1.7 -23,051 -60.4 -2,615 -17.3 Philadelphia -107, -72.3 +1,174 +2.8 -99,331 -86.3 +4,644 +29.5 —8,362 -24.7 -3,470 -13.6 Cleveland -03, -71.8 +17,417 +69.8 -66,142 -89.6 + 18,245 +236.9 +2,571 + 17.5 —828 -4.8 Richmond -89, —71.5 +7,474 +20.9 -68,456 -89. 5 + 11,456 + 142.1 -21,196 -43.3 -3,982 -14.4 Atlanta — 146, -83.1 +5,766 +19.2 -115,029 -96. 5 +9,202 +223.2 -31,905 -55.2 -3,436 -13.3 Chicago -430, -89.2 +30,677 +58.7 -370,784 -98.1 +33,560 +466.4 -59,634 -57.0 -2,883 -6.4 St. Louis -136, -89.5 +9,646 +60.2 -112,668 -97. 8 +8,697 +348.6 -24,269 -64.2 +949 +7.0 Minneapolis -82, -76.1 -2,659 -10.3 -70,188 -96. 3 +265 +9.7 -12,178 -34.4 -2,924 -12.6 Kansas City -142, -88.7 +5,884 +32.3 -116,248 -98.1 +8,097 +359.2 -26,619 -62.5 -2,213 -13.9 Dallas....; —75, -68.9 i -12,331 -36)4 -45,902 -92.1 +1,693 +42.9 -29,113 -49.3 -11,024 -46.9 San Francisco -.120, -72.8 j -8,454 ! -18.8 -99,859 -89.6 -68 -.6 -20,596 -38.1 -8,386 -25.1 Total. -2,446,844 -86.6 +131,118 +34.5 -2,180,603 -95.7 +175,745 + 179.6 -266,241 -48.5 -44,627 -15.8 The dates shown in thcTtable are November November 5, 1920, and July 26, 1922. The 5, 1920, when the peak of credit expansion range of percentages of decline for the other was reached, July 26, 1922, when the discounts eleven districts is between 24.7 per cent in for reporting member banks were at their Philadelphia and 64.2 per cent in St. Louis. lowest, and October 18, the latest available During the most recent 12 weeks, increases date. During the period between November in borrowings from Federal reserve banks by 5, 1920, and July 26, 1922, total holdings of reporting member banks are shown for all paper discounted for member banks declined the districts, except Dallas, San Francisco, in all the Federal reserve districts, the largest and Minneapolis, the decrease in the first percentage of decline, 96.9 per cent, being named district being substantial—$12,000,000, shown for New York and the smallest, 68.9 or 36 per cent. Increases in the different disper cent, for Dallas. During the twelve tricts were uneven, ranging from 3 per cent weeks after July 26, increases in discounts in the Philadelphia district to 235 per cent are shown for nine of the Federal reserve dis- in the New York district. Of the total intricts. Continued liquidation was reported crease of $131,000,000, the New York banks' for the Minneapolis, Dallas, and San Francisco share is about §72,(300,000. Among the membanks, the largest proportion of liquidation, ber banks outside of the leading centers conamounting to 36 per cent, being shown for tinued liquidation is shown for the most re- Dallas. Of the increases, by far the largest, cent 12 weeks in all the districts, except amounting to $72,000,000, is shown for the St. Louis, where an upward turn is recorded. New York reserve bank. The decreases are of varying amounts, and in In comparing the changes during the first the case of the Dallas district they total as period for reporting member banks and for much as $14,000,000, or 47 per cent. In nonrcporting member banks, it is to be noted none of the other districts does the reduction that, while drastic reduction of loans is re- amount to as much as 30 per cent. ported by both classes of banks, the reporting The general inference to be drawn from this member banks in leading cities reduced their table is that during the period from Novemborrowings from the reserve banks by about ber 5, 1920, to July 26, 1922, member banks 96 per cent, while the banks outside of these in leading cities liquidated their indebtedness cities show a reduction of only 49 per cent. to . the Federal reserve banks much more For the banks in leading cities reductions rapidly and more completely than did member are shown in all the districts, the percentages banks outside of the leading cities. The of reduction ranging from a minimum of 83 liquidation, though differing somewhat from per cent for Boston to over 98 per cent for district to district, amounted to over 80 per New York and Chicago. The banks in smaller cent for the reporting member banks in every places also show liquidation for every district district, while for nonreporting member banks but one. In Cleveland, where Federal reserve one district showred an increase and the bank credit was not utilized by member liquidation did not exceed 65 per cent in the banks in the district to the same extent as case of any district. During recent weeks in other reserve districts, the borrowings of the resumption of borrowings from the member banks outside of the large centers reserve banks has been almost entirely by the show an increase of about 18 per cent between city banks, the country banks in all the dis- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL, RESERVE BULLETIN. 1367 tricts, except St. Louis, reporting further Federal reserve bank loans increased by over liquidation. $104,000,000 for the first two weeks of the A statement showing the principal items of period, but declined by about $55,000,000 durthe condition of the Federal reserve banks for ing the second two weeks, the net result being each week between that ending September 27 an increase of $49,000,000 for the four weeks. and that ending October 25 follows: Similarly, Federal reserve notes in circulation, which increased by $77,000,000 during the first [In millions of dollars]. two weeks, declined by $22,000,000 during the second two weeks. X moderate increase in Federal cash reserves, accompanied by a net addition of s C e r r a e v s - e h s. co t B o u d i t i n l s a l t - s l e . d, G s m e t o i c v e e u e s n r r . t i n - - p T o d o s e t i - a ts l . n r a c e o c i s t r t e e c u r s u v a m - l e R r e a s t e io rv . e r $ e 5 m 5, a 0 i 0 n 0 in ,0 g 0 0 n e t a o r l n y ot c e o n c s i t r a c n u t l , a ti h o a n s , w re i s t u h l te d d e p i o n s it a s lation. decline of the reserve ratio from 78.4 to 77.6 per cent. Sept. 27 3,203.1 420.2 451.4 1.840.1 2,243.4 78.4 Changes in the principal resources and lia- Oct. 4 3,213.0 434.2 483.3 1, 877.7 2,274.7 77.4 bilities of each Federal reserve bank for the Oct. 1] 3,210.0 524.8 474.6 1.922.2 2,320.1 75.7 Oct. 18 3,2L4.2 511.1 446.9 1,956.1 2.315.4 75.2 four-week period ending October 25 is shown in Oct. 25 3,211.9 469. 4 408.6 1,841.8 2.29S.5 77.6 the following statement: CHANGES IN PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK BETWEEN SEPTEMBER 27 AND OCTOBER 25, 1922. [Amounts in millions of dollars.] Total reserves. Discounts. Gov c e u rn ri m tie e s n . t se- Total deposits. no F te e s d i e n ra c l i r r c e u se la rv ti e on. Reserve percentage. Federal reserve bank. Increase. Decrease. Increase. Decrease. Increase. Decrease, Increase. Decrease. Increase. Decrease. Sept. 27. Oct. 25. Boston 10.5 4.5 0 7 5 6 2.1 81.9 76.7 N Ph e i w la d Y e o lp r h k ia 7 1 11.1 3 1 9 . . 6 3 41 . . 7 7 0 3. .] 7 II. 6 9.3 8 7 3 5 . . 2 7 8 75 3 . . 7 4 Cleveland 7.2 4.9 10 7 7.1 6.4 71.9 74.0 Richmond 9.1 1.6 . 5 3.6 8.9 76.7 76.4 Atlanta 3.0 2.2 .4 2.1 5 7 79.9 78.0 Chicago 24.7 12.4 12.4 7.6 8.7 87.7 83.7 St. Louis 17.0 3.4 3.1 10.6 63.1 68.6 Minneapolis 11.5 2.2 7.0 2.1 4.0 65.9 73.0 Kansas City 2.7 8 1 9 3 5 63 8 63 9 Dallas .8 10.6 7.6 5.4 21 67.5 61.7 San Francisco 1.7 4.3 .6 2.4 1.0 67.4 67.1 Total 8.8 49.2 42.8 1.6 55.2 78.4 77.6 ... . CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR OCTOBER AND SEPTEMBER, 1922. [Daily averages. Amounts in thousands of dollars.] I Fedoral reserve notes Total cash reserves. Total deposits. in circulation. Reserve percentages. Federal reserve bank. October. September. October. ; September. October. September.! October. September. B N o ew st o Y n ork j 1,0 2 5 5 9 2 , , 2 51 1 8 4 1,1 2 0 4 6 3 , ; 3 0 5 1 2 8 ! i 7 1 2 2 0 7 , , 1 0 8 9 4 6 7 1 2 2 2 2 , , 5 9 4 6 8 8 6 1 0 9 7 7 , , 7 3 7 8 9 4 6 1 1 8 1 8 , , 3 9 1 4 3 7 7 7 7 9 . . 8 8 7 8 7 2 . . 9 9 Philadelphia... 233,315 217,839 112,084 I 112,194 195,305 182,496 75.9 73.9 Cleveland 273,295 260.858 149,087 I 149,683 223,160 •211,789 73.4 72.2 Richmond 115,413 109,932 60,333 ! 59,764 94,053 81,303 74.8 76.3 Atlanta 139,103 130,449 51,746 i 50,327 124,162 116,550 79.1 81.2 Chicago 554,264 573,470 266,684 ! 268,6i6 391,325 383,126 84.2 I 88.0 St. Louis 103,131 85,879 65,850 I 64,152 85,642 73,809 68.1 I 62.3 Minneapolis... 76,343 69,523 47,157 ! 46,516 56,238 51,820 73.8 70.7 Kansas City... 95,339 92,926 83,306 I 83,095 66,843 62,649 63.5 63.8 Dallas 64,725 55j0L2 55,238 ! 50,475 43,720 37,816 65.4 62.3 San Francisco. 244,853 242,162 137,597 ! 135,962 223,402 220,839 67.8 67.9 Total: 1922 3,211,513 3.192,420 1,876,362 ; 1,866,300 j 2,309,013 i 2,225,457 76.7 78.0 1921 2,905,727 2,836,390 1,728,029 1,716,162 2,456,121 1 2,493,910 69.4 67.4 1920 2,162,178 2,139,280 1,867,589 ! 1,912,070 3,336,768 i 3,275,535 143.1 M3.3 1919 ! 2,207,386 2,157,932 j 1,980,676 i 1,930,969 2,738,394 i 2,627,295 1 48.5 150.4 1 Calculated on basis of net deposits and Federal reserve notes in circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1368 FEDERAL RESERVE BULLETIN. 1921s. CONDITION OF FEDERAL RESERVE BANKS. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCTOBER 4 TO OCTOBER 25, 1922. RESOURCES. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P el h p i h la i - a. C l l a e n v d e . - m R o ic n h d - . Atlanta. c C a h g i o - . 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 r is a a c n n o * * J_ Gold and gold certificates: O O c c t t . . 4 11 2 29 7 5 0 , , 3 1 4 5 1 8 1 1. 6 5 , , 0 8 0 9 1 0 1 1 1 5 5 0 5 , , 2 0 5 8 1 7 6 6, , 2 0 1 8 1 2 j 1 1 3 3 , , 7 7 5 7 8 4 3 3, , 9 9 0 2 0 7 5 5, , 5 4 2 5 0 8 2 2 5 5 > , 6 5 4 5 9 9 3 3, , 8 8 7 0 7 4 7 7 , ,4 4 7 7 0 3 2 2, , 7 7 7 5 7 8 9 9 , , 5 5 8 7 7 5 2 20 0 / ,1 2 8 5 7 4 Oct. 18 257,920 16,122 ! 142,532 6,393 13,814 4.155 5,570 25,750 3,655 7,500 9,753 19,880 Oct. 25 277,029 16,214 181,429 0,492 j 13,904 4; 358 5,570 25,883 3,722 7,511 2*717 9,865 19,958 Gold settlement i fund—F. R. Board: O O c c t t . . - 1 1 .1 5 5 8 7 8 0, , 5 2! 9 9 I. 3 2 8 9 , , 3 3 5 6 0 2 1 9 .3 7 . , 1 9 ,0 3 7 1 9 4' 4 H00 I,, .97 V57 O11 X !I 6623,,10.0211 3 4 5 0 , , 2 7 7 5 9 5 3 2 1 7 , , 0 6 1 4 0 0 1 1 2 0 2 7 , , 9 4 0 2 9 0 2 2 2 3 , , 0 7 0 1 0 2 2 22 5 , , 4 3 3 0 6 8 3 27 3 , , 2 5 0 8 9 7 2 2 5 1 , , 5 8 7 4 0 9 3 3 0 5 , , 9 6 4 7 8 4 Oct. 18 591,159 34,650 204,410 31,449 58,462 33,500 22,520 83,111 19.811 21,710 31,075 2-1,329 28,736 Oct. 25 015,876 32,303 198,541 36,335 68,171 39,011 22,779 95,388 21)950 24,982 28,270 18,000 29,450 Gold with F. It. agents: Oct. 4 2,194,932 182,526 i 771,617 158,833 ! 176,490 63,038 93,609 380,797 62,600 30,391 53,812 20,022 183,131 Oct. 11 2,192,910 179,73(5 731,405 166,879 ', 180,09401,853 102,331 383,183 70,009 42,002 59,547 25,710 188.988 Oct. 18 2,163,465 177,430 711,173 164,755 I 180,298 65,093 101,36t 378,178 72,297 42,144 58,804 25,355 185)974 Oct. 25 2,124,432 184,018 (580,984 103,810 180,777 64,123 100,627 369,459 70,845 41,058 58,178 20)606 183,341 Gold redemption fund: Oct. 4 55,949 9,474 5,488 10,728 3,899 3,441 1,124 11,549 2,107 1,383 1,830 1,063 3,857 Oct. 11 61,100 11,271 8,075 6,504 3,808 3,474 1,709 14,240 2.249 1,874 1,728 1,354 4 754 Oct. 18 71,269 12,5.12 10,359 8'. 878 4' 145 3,454 1,970 18/297 2)115 1,840 2,085 1,122 4,480 Oct. 25 67;156 4,960 8,438 5; 003 4,231 3,928 2,000 20,008 2,513 2,035 2,304 1,363 3,713 Total gold reserves: Oct. 4 3,089.280 246,240 11,030,723 216,594 i 256,208 105,685 131,807 546,874 91,183 70,000 91,993 58,509 242,849 Od. 11 3,089)9*0 230,370 |l,021,420 220,425 I 260,737 110,042 I 137,203 530,498 100,477 74,382 91,201 62,221 244,944 Oct. 18 3,080,813 240,7.1.4 1,008,474 211,475 I 250,719 100.802 .1.31,424 505.000 97,878 73,200 94,754 60,559 239,082 Oct. 25 3,085,093 237,555 1,049,392 212,300 207,083 112; 050 130,982 516)738 99,030 70,180 91,469 55,810 236,4.02 Legal-tender notes, silver, etc.: Oct. 4., 123,725 11,270 3+,510 15,935 9,258 0,702 0,239 19,565 5,712 978 3,479 6,183 3,804 Oct. 11 120,037 10,032 33,780 10,414 7,913 6,800 5,942 19,010 5,321 804 3,599 6,124 3,572 Oct. 18....- 127,381 12,-117 35,802 10,905 8,327 8,107 5,631 20,400 5,018 827 3,789 6,163 3,998 Oct. 25 126,835 12,228 34,407 16,185 8,896 8,878 6,042 20,585 5,294 863 3,486 6,225 3,746 Total reserves: Oct. 4 3,213,005 257,510 1,005,203 232,529 I 265,526 112,447 138,046 500,439 90,895 7!.533 95,472 64,692 246,653 Oct. 11 3,210,017 246,402 jl, 055,206 230,839 208,650 116,902 143,145 550,108 105,798 75)246 94,800 68,345 248,516 Oct. 18 3,214,197 253,131 1,101,276 228,380 205,040 114,909 137,055 520.006 1.02,890 74.033 98,543 66,722 243,080 Oct. 25 3,211,928 249,783 1,083,799 228,491 1 275,979 120,928 137,024 537)323 104,324 77)01.9 94,955 62,005 240,208 Bills discounted: Secured by U.S. Government . obligations— v Oct. 4 156,318 9,379 30,529 27,247 j 14,094 11,034 4,305 25,216 7,498 1,901 2,189 1,613 11,653 Oct. 11 232,280 11,652 110,201 29,359 i 21,693 13,849 2,060 24,713 5,131 1,071 2,306 1,490 8,029 Oct. 18 194,155 9,899 57,515 28,926 24,240 15,727 3,910 28,204 7,208 1, 700 5,435 2,038 9,221 Oct. 25 195,510 12,192 63,061 30,093 21,599 14,484 2,697 25,008 9,259 1,876 3,542 1,313 9,726 Other bills discounted— Oct. 4 277,878 10,778 21,248 10,339 I 11,697 28,742 32,800 41,399 19,158 22,570 20,028 24,222 28,897 Oct. 11 292,506 22,775 40,000 10,917 14,380 27,789 30,240 41,148 18,049 22,190 17,321 21,135 26,544 Oct. 18 316,944 20,770 44,991 13,520 18,144 27,550 31,818 54,719 18,405 21.509 18,054 19,487 27,359 Oct. 25 273,889 17,750 22,865 10,893 15,830 20,773 29,554 44,703 19,000 22,082 19,623 18,218 25,992 Bills bought in open market: Oct. 4 235, -15S 17,924 81,370 21,188 i 37,091 7S4 5,209 17,151 10,544 101 6,303 37,727 Oct. 11 246,620 20,617 85,589 19,840 30,902 944 4,205 17,711 9,023 101 8,000 43,622 Oct. 18 256,815 23,843 85,401 20,293 35.804 1,221 7,935 10,101 8,810 101 8,585 42,601 Oct. 25 257,691 26,299 78,670 22,143 34; 5S1 1,739 9,746 14,801 9,005 392 10,092 44,103 U. S. bonds and notes: Oct. 4 253,042 11,289 77,535 24,017 27,895 1,241 151 10,394 18,761 13,124 27,537 2,816 37,682 Oct. 11 236,145 11,172 68,797 23,017 27,040 1,241 140 9,538 18,761 7,199 27,530 2,816 37,682 Oct. 18 226,210 11,278 53,447 24,139 27,047 1,241 134 13,575 18,701 8,114 27,370 2,816 37,682 Oct. 25 206,0:0 11,601 38,184 24,107 27,647 1,241 202 8,773 18,812 7,592 27,343 2,816 37,682 U. S. certificates of indebtedness: One-year certificates (Pi ttman Act)— Oct.4 48,000 2,750 11,500 3,000 3,000 3,460 2,999 ! 6,667 3.571 3,000 3,321 1,900 2,832 Oct. 11 46,030 2,750 11,500 3,000 3,000 2,900 2,999 ! 6,107 3,571 2,500 2,821 1,900 2,832 Oct. 18 43,500 2,750 10,000 i 3,000 3,000 2,960 2,999 1 5,007 3,571 2,500 2,821 1,900 2,332 Oct.25 41,000 2,250 10,000 : 2,500 2,500 2,960 2,999 4,607 3,571 2,500 2,821 1,900 2,332 Other certificates— Oct.4....... 182,299 16,709 73,657 ! 6,7fi3 29,065 2,031 . 18,504 4,446 2,886 13,011 3,765 11,462 Oct. 11 192,41.9 17,627 74,104 ! 6,454 29,0H5 2,031 j 27,809 4,232 2,820 13,051 3,765 11,461 Oct. 18 177,191 17,006 70,800 i 5,668 18,734 2,031 28 725 4,231 2,087. 10,116 6,340 11,393 Oct. 25 161,576 14,722 50,927 i 5,155 18,809 2,031 31 599 4 231 1,838 12,252 8,559 11,393 Municipal warrants: Oct.4 15 15 Oct. 11 15 15 Oct. 18 27 27 Oct. 25 27 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL RESERVE BULLETIN. 1369 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCTOBER 4 TO OCTOBER 25, 1922—Continued. RESOURCES—Continued. [In thousands of dollars.]. Total. Boston. Y N o e r w k . j I d P el h p i h la i - a. C la le n v d o . - ! I m R o ic n h d - . .Atlanta. c C a h g i o - . Lo S u t i . s. M ap i o n l n i e s. - K C a i n ty sa . s Dallas.1 F c S i r s a a c n n o - . I Total earning assets: Oct. 4 1,153,010 74,829 301,845 93,154 123, 442 48,261 : 47, 555 119,331 63,978 43,556 - 66,187 40,619 130,253 • Oct. 11 1,245,985 86,593 390,257 93,193 132, 752 40,783 | 41,687 127, 086 58,767 36,395 ' 63,196 39,106 130,170 Oct. 18 1,214,842 85,612 322,1.54 101, 552 127,629 48,705 :4S 833 146,991 61,046 36,003 64, 503 41,166 130,648 Oct. 25 1,135,753 84, 874 263,707 94, 891 121,026 47,197 47, 229 130, 211 64, 544 35,915 ;65,973 48, 89S 131, 288 Bank premises: Oct. 4 44,522 5, 251 9, 646 603 6,431 2,571 • 1,766 7,703 951 I 961 ; 5,060 2,093 1,486 Oct. 11 44,605 5,251 9, 647 603 6,464 : 2,571 j 1,781 7,704 952 I 961. . 5,060 2,093 1, 518 Oct. 18 45,099 5,251 9,908 603 6,583 2,571 •• 1,8317, 715 952 ! 978 5,096 2,093 1, 518 Oct. 25 45, 241 5, 251 9,938 613 6,590 2,571 1,867 7,715 959 i 978 5,096 1,570 5 per cent redemption fund against F. R. bank notes: Oct. 4 3,852 422 574 250 239 173 I 468 665 223 198 400 146 94 Oct. 11 3,764 422 574 250 239 173 ; 468 665 223 110 400 146 94 Oct. 18 3,750 422 499 250 239 148 ! 468 665 223 196 400 146 94 Oct. 25 3,750 422 499 250 239 148 ! 468 665 223 196 400 146 94 Uncollected items: Oct.4 631,701 60,970 145, (139 54,086 56, 291 53,594 23, 632 75,815 38, 560 16,390 ! 42,639 26, 741 37,344 Oct.11 649, 385 61,471 134, 828 50, 665 56,113 57, 938 26, 033 74, 555 43, 998 1.8,646 ; 49,523 28,456 47,159 Oct. 18 798,439 72,982 j 190; 195 64, 545 76,431 65,683 30,116 93, 818 50, 752 20, 314 ! 48,185 48, 495 Oct. 25 653,483 59,874 I 143,959 52, 677 57,963 57,265 25,852 80,156 39,766 21,085 43, 532 28,715 42,639 All other resources: Oct. 4 14,604 I 494 2,148 534 1,178 i 523 145 466 506 1,316 i 642 1,908 4,744 Oct. 11 15,114 ! 510 2,388 544 1,226 : 531 141 649 504 1,267 i 675 1, 905 4,774 Oct. 18 14,787 I 558 2,123 549 1,060 ! 569 117 626 506 1,262 | 663 1, 912 4,812 Oct. 25 14,940 ; 545 2,028 564 1,082 | 544 155 622 532 1,390 ! 701 1,924 4, 853 Total resources: Oct. 4 5,060, 694 399,476 1,525,115 381,156 '453,107 ! 217,569 211,612 770, 419 201,113 133,954 . 21.0,400 136,199 420, 574 Oct. 11 5,168, 870 400,649 jl, 592, 900 382,094 465,444 : 224,898 213,255 760, 767 210, 242 132,625 ! 213,711 140, 051 432,231 Oct. 18 5, 291,114 417,956 !l, 629,155 395, 879 476,988 i 232,645 21.8, 450 775,911 21.6,375 132,786 : 217,390 1.48, 932 428,647 Oct.25 5,065,095 400,749 jl, 503,930 377, 486 462,879 : 228,653 212,595 758,692 210,348 136,613 I 210,657 143, 841 420,652 LIABILITIES. Capital paid in: Oct. 4 106,220,| 8,090 ! 27,805 9,194 11,689 5,623 4.343 14,745 4,787 3,562 ! 4. 567 4,199 ; 7.616 Oct. 11 106.271 I' 8,135 j 27,805 9,194 11,689 5,638 4.343 11,745 4.787 3,562 • 4,567 4,199 I 7,607 Oct. 18 106', 327;l 8,135 27,835 9,196 ! 11,689 5,638 4', 343 14.753 4', 787 I 3.559 4.585 4,204 I 7,603 Oct. 25 106,277:| 8,135 j 27,770 9,196 i 11,689 5,638 4,346 14,753 4,787 ! 3; 559 ! 4,585 4,209 . 7,610 Surplus: Oct. 4 215,398!! 16,483; 60,197 17,945 22,509 I 11,030 9,114 29,025 9.388 .' 7.10S 1 9,646 ! 7,391 I 15,199 Oct. 11 215,398ij 16,483 ! 60,197 ! 17.945 22,509 ! 11,030 9,114 29,025 9,388 j 7; 468 9,646 I 7,304 i 15,199 Oct. 1.8 215,398i| 16,483 ; 60,197 17^945 I 22,509 11,030 9,114 29,025 9; 388 7,468 . 9,646 7,394 I 15,199 Oct. 25 215,398 'J 16,483 ! 60,197 I17,945 | 22,509 | 11,030 9,114 29,025 9; 388 ! 7,408 : 9,610 j 7,394 ' 15,199 Depo G s o it v s e : rnment— ! I Oct. 4 14,901 • 79 4,944 j 823 | 1,889 30 703 1,018 1 1,174 811 781 1,037 : 1,612 Oct. 11 12,457 I 13 09 I 835 . 1,991 2,22L 1,542 277 ' 1,600 840 907 1,005 I 1,097 Oct. 18 12,545 901 17S ! 1,998 j 601 i;eoo 758 j 1,351 409 1,739 1,336 ' 1,501 Mem O b c e t r . 2 b 5 ank- 23,659 : 1,080 8,236 | 905 | 1,650 1,3G0 1,602 l,J02 , 1,5-11 1,133 1,155 2,020 ! 1,803 reserve ace'I— Oct. 4 '1,842,508 1 126,842 j702,210 ' 115,432 ! 146,180 58,628 52,354 268,632 i 62,276 47.542 i 81.314 50,457 j 130,641 Oct. 11 ! 1,890,841 i 125,295 j769,834 , .108,347 I 147; 265 59,273 49,364 256,908 i 65,2o2 44,82L 79,816 51,331 j 135,335 Oct. 18 .1,921,277 : 130,805 i 781,805 , 114,723 j 151,350 5S, 582 51,702 2,")7,94() '62, 716 42,707 , 80,813 54,305 133,769 Oct. 25 11,799', 931 : 128,545 i 685,870 ' 105,383 ! 145,43-1 01,291 49.780 218,240 ! 62,372 47,260.! 79,454 55,079 j 131,223 Other deposits— j Oct. 4 20,288 ! 635 I 10,223 654 1,190 ! 243 302 1,314 ! 749 290 i 558 229 i 3,901 Oct. 11 18,927 i 132 11.410 613 740 j 60 105 691 ! 521 176 i 522 150 ; 3,807 Oct. 18 22,285 . 601 ! is;530 I 479 951 188 269 1.247 : 661 235 ; 780 181 ! 3,103 Total de O po c s t. i t 2 s: 5 | 18,ISO 305 9,869 i 330 I .864 135 341 1,120 I 540 370 ! I 669 187 ! 3,44-1 Oct. 4 h, 877,697 ]' 127,556 i717,377 116,909 I 149,259 58,901 53,359 270,964 I 64,199 48,643 I 82,^53 51,723 136.154 Oct. 11 [1,922,225 I. 125,440 781313 :107,795 j 149,996 61,554 51,011 257,876 j 67,373 45,837 i 81,305 52,486 140^39 Oct. 18 1,956,107 1 132,307 ' 795;418 !115,380 •• 154,299 59,371 53,571 259,945 64, 728 43,4 U ! 83,332 55,882 138,133 Oct. 25 jl. 841,770 i 129,930 703,975 !106,678 i 147.954 62,786 51,723 250,462 64,453 48,769 81,278 57,292 136,470 F. R. notes in actual circulation: Oct.4 12.274,651 196,347 ,610,763 I 186,928 i 215,999 90,506 121.500 385,448 80,272 55,204 j 65,573 43,092 223,019 Ofit. 11 i2,320,115 199,382 !611,984 198,913 226.320 93,270 123; 783 390,979 j 82,941 56,403 ! 60,528 43,9(54 225,648 Oct. 18 12,315,437 200, 790 !605,330 ' 195,080 j 222,289 95,262 I 124,637 393.2S6 ! 86,425 56,911 i 67,478 41,430 223,519 Oct. 25 2.298,536 195,535 595,140 ! 195,183 ! 225,111 95,433 I 123,919 391,785 i 87,541 56,753 ' 67,410 43.369 221,351 F. R. bank notes in circulation—net I liability: Oct. 4 44,726 : 2,100 ! 9,647 2,458 • 2.931 I 2,733 I 2,779 6,113 3,431 ! 2,385 i 6,217 2,387! 1,545 Oct. 11 42,715 ! 2,088 • 9,681 1 2,508 ! 2.932 ! 2,285 2,843 5,714 ' 3,382 j 1,806 ! 5,525 2,382 i 1,569 Oct. 18 40,613 ! 2,139 i 8,412 i 2,483 : 2,939 ! 2,280 2,822 5,455 ! 3,396 j 1,826 ' 5,431 2,356 ! 1,074 Pet. 25 37,995 • 1,625 - 8,311 1,958 ."2,418 I 2,362 2,758 4,549 3,424 ! 1,808 j 5,419 2,306 I 1,057 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1370 FEDERAL RESERVE BULLETIN. NOVEMBER, 1022. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCTOBER 4 TO OCTOBER 25, 1922—Continued. LIABILITIES—Continued. .[In thousands of dollars.] Total. Boston. Y N o e r w k. : . d P e h lp il h a i - a. C la lo n v d e . - c C a h g i o - . Lo S u t. is. M ap i o n l n i e s - K C a i n ty sa . s Dallas. c F S i r s a a c n n o - . Deferred availability items: Oct. 4 518,334 47,335 94,231 ' 46,060 48,636 47,592 19,301 60,785 38,115 15,267 40,545 25,743 34,724 Oct. 11 537,899 47,554 96,588 : 44,068 49,825 49,943 i 20,956 59,030 41,423 16,101 44,937 27,936 39,538 Oct. 18 632,430 56,458 126,432 i 53,998 61,075 57,857 22,737 69,987 46,694 18,133 45,676 32,995 40,388 Oct. 25 539,773 47,343 103,053 • 44,677 50,883 50,160 19,468 62,659 39,744 16,786 41,012 27,522 36,466 All other liabilities: Oct. 4 23,668 1,565 5,095 j 1,662 2,084 1.184 1,216 3,339 921 1,425 1,199 1,661 2,317 Oct. 11 21,247 1,567 5,332 1,671 2,173 1^178 1,205 3,398 948 1,448 1,206 1,690 2,431 Oct. 18 24,802 1,644 5,531 ! 1,797 2,188 1,207 1,226 3,460 957 1 448 1,242 1,671 2,431 Oct. 25 25,346 1,698 5,484 j 1,849 2,315 1,244 | 1,267 3,459 1,011 1,470 1,301 1,749 2,499 Total liabilities: Oct. 4 5,060,694 309,476 1,525,115 j 381,156 453,107 217,569 211,612 770,419 201,113 133,954 210,400 136,199 I 420,574 Oct.11 5,168,870 400,649 1,592,900 • 382,094 465,444 224,898 213,255 760,767 210,242 132,625 213,714 140,051 432,231 Oct. 18 5,291,114 417,956 1,629,155 i 395,879 476,988 232,645 218,450 775,911 216,375 132,786 217,390 148,932 428,647 Oct. 25 5,065,095 400,749 1,503,930 :. 377,486 462,879 228,653 212,595 756,692 210,348 136,613 210,657 143,841 420,652 MEMORANDA. Ratio of total re- I serves to deposit and F. R. note j liabilities com- I bincd—percent: Oct. 4 77.4 79.5 80.2 i 76.5 72.7 75.3 78.9 86.3 j 67.1 68.9 ! 64.4 68.2 68.7 Oct.11 75.7 75.9 75.7 ' 77.2 71.4 75.5 81.9 84.8 I 70.4 I 73.6 . 64.2 70.9 67.9 Oct. 18 75.2 76.0 78.8 I 73.6 70.4 74.3 76.9 80.5 68.1 ' 73.8 ! 65.3 66.5 67.: Oct. 25 77.6 76.7 83.4 i 75.7 74.0 76.4 78.0 83.7 68.6 I 73.0 63.9 61.7 67.1 Contingent liability I on bills purchased for foreign correspondents: Oct. 4 31,966 1,974 14,850 I 2,163 2,217 1,325 ! 973 3,218 1,271 | 730 ! 1,298 703 ; 1,244 Oct. 11 31,832 2,347 11,890 i 2,163 2,637 1,575 I 1,157 3,826 1,511 I 1,543 836 ' 1,479 Oct. 18 35,265 2,347 15,323 ! 2,163 2,637 1,575 1,157 3,826 1,511 868 1,543 836 : 1,479 Oct. 25 33,377 2,108 15,510 I : 1,901 2,367 1,415 1,039 3,436 1,357 | 779 ' 1,386 751 I 1,328 .1 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] Total. Within 15 i 16 to 30 31 to 60 61 to 90 Over 90 days. I days. days. days. days. Bills discounted: Oct. 4 434,196 243,163 52,473 73,414 47,193 ! 17,953 Oct. 11 524,786 339,574 52,240 i 70,095 45,007 | 17,870 Oct. 18 511,099 317,057 48,671 76,228 49,570 : 19,573 Oct. 25 469,399 288,140 47,353 73,473 39,810 | 20,623 Bills bought in open market: Oct. 4 235,458 53,255 47,950 | 64,058 53,087 ! 17,108 Oct. 11 246,620 70,709 43,587 ! 63,963 54,021 i 14,340 Oct. 18 256,815 69,241 39,106 • 66,345 68,183 j 13,940 Oct. 25 257,691 65,797 35,594 j 69,753 74,176 i 12,371 United States certificates of indebtedness: Oct. 4 230,299 23,550 I 4,250 ! 1,298 I 62,045 | 139,156 Oct. 11 238,419 29,620 ; 3,100 : 15,863 i 63,035 126,801 Oct. 18. 220,691 27,161 45,528 ; 15,685 ! 132,317 Oct. 25 202,576 100 42,699 | 5,220 | 148,751 Municipal warrants: Oct. 4 15 12 Oct. 11 15 12 Oct. 18 27 24; Oct. 25 27 24 ', Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1371 NOVHMBEE, 1922. FEDERAL RESERVE BULLETIN. FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, OCTOBER 4 TO OCTOBER 25, 1922. [In thousands of dollars.] Boston.. d P el h p i h la i - a. M ap i o n l n i e s. - : j K C a i n ty sa . s Dallas. F ci r s a c n o - . Set amount of F. R. notes received from Comptroller of the Currency: Oct. 4 3,481,292 i 290,013 1192,567 247,001 '• 264,507 124,857 I 195,028 508,652 i 125,001 68,302 88,248 61,511 315,575 Oct. 11 3,489.306 I 296,223 il188,843 242,016 . 267,811 129,172 ! 197,754 • 505,037 i 129,184 68,872 • 88,984 61,228 314,152 O O c c t t . . 2 1 5 8 ' • '$ 3 , , 5 5 3 1 1 6 , , 0 8 7 8 4 8 1 • 2 2 9 9 3 9 , , 9 5 1 0 7 5 1 I1 1 9 9 5 5 , , 9 78 1 5 8 2 2 4 4 9 4 , , 9 9 2 8 2 4 i 2 2 7 7 1 0 , , 7 9 1 9 6 4 1 f1if3 3 \ 0 3 , ,9 /1 0 7O 1 : 2 1in 0 9n 1 9 , ,,7 0 7 8U 4 4i 6 Ij ! r5:n0 5 t>8 1 , 0 ,6i , \' 33 7 '3 1 i 3 ' • • 1O 3 U8 1 , , 1 3 8U 5 3 77 9 , 1l 159 7 70 0 , , 7 2 6 1 9 5: • 9 8 0 9 , , 2 2 1 1 5 1 ! 6 6 4 4 , , 5 7 1 9 5 1 ! 3 3 1 1 3 5 , , 5 3 3 2 8 5 F. R. notes on hand: Oct. 4 i 798,352 ; 79,200 i317,410 40,820 . 32,340 26,650 : 68,134 82,720 ! 25,360 10,030! 13,650 j 15,128 56,910 Oct. 11.... I 781,292 i 82,200 ,347,410 24,820 : 29,440 29,050 i 68,764 78,240 i 28,360 9,620 ; 12,770 I 13,708 56,910 Oct. 18 j 794,442 ! 77,200! 354,090 34,820 : 31,340 27,350 ! 69,564 76,640 ' 25,810 11,120 13,570 16,72S 56,210 Oct. 25 I 842,252 | 82,200 |390,770 29,820 31,540 29,090 : 70,404 83,840 27,970 10,960 ':12,770 16,678 56,210 F. R. notes outstanding: ! Oct.4 2,682,910 i 210,813 845,157 206,181 [ 232,167 98,207 ! 126,894 425,932 I 99,641 58,272 74,598 46,413 258,665 Oct. 11 2,708,014 ! 214,023 841,433 217,226 2""3•8' 37—1 ! 100,122 : 128.990428,797 | 100,824 59,252 76,214 47,520 257,242 Oct. 18 2,722,446 ! 216,717 841,695 215,102 210,376 i 103,122 I 130)220 431,993 ! 103,061 59,095 75,671 48,066 257,328 Oct. 25 |2,688,822 il 217,305 805,148 215,164 239,454 | 104,811 ' 130,642,126,873 105,189 59,809 77,445 47,867 259,115 C ollateral security for F. R. rfotes outstanding: Gold and gold I certificates— Oct.4 416,507 5,300 363,184 13,275 j 2,400 11,610 13.052 | 7,686 Oct. 11 416,509 5,300 363,184 13,275 ! 2,400 11,610 13.053 : 7,687 Oct. 18 416,507 5,300 363,184 13,275 I 2,400 ! 11,610 13,052 7,680 Oct. 25 386,507 5,300 333,184 13,275 i 2,400 I 11,610 13,052 7,686 Gold redemption fund— Oct.4 125,188 14,226 37,433 9,944 13,215 ! 2,243 : 4,709 16,152 ' 2,756 3,339 3,452 ! 3,336 14,383 Oct. 11 126,843 11,436 37,221 9,990 11,819 4,058 i 4,934 15,538 | 3,199 j 2,549 3,187 I 3,023 19,889 Oct. 18 133,925 19,130 36,989 10,866 12,023 2,898 3,961 16,534 ; 3,887 ' 2,092 4,4-14 2,669 18,429 Oct. 25 127,104 15,718 36,800 10,927 12,502 1,328 i 3,227 I 15,814 i 3,935 1,606 3,818 3,920 17,509 Gold fund— F. R. Bo O ar c d t — .4 1,653,237 163,000 371,000 i 118,889 150,000 j 60,795 " 86,500 370,645 ! I 48,300 ! ' 20,000 • ;50,360 . 15,000 168,748 Oct. 11 1,649,588 163,000 331,000 156,889 155,000 ! 57,795 i 95,000 367,645 ! 55,800 | 27,000 !56,360 | 15,000 169,099 Oct. 18 1,613,033 153,000 311,000 j 153,889 155,000 ! 62,795 95,000 361.644 j 56,800 . 27,000 |54,360 ! 15,000 167,515 Oct. 25 1,610,821 163,000 311,000 152,889 155,000 j 62,795 j 95,000 353.645 • 55,300 \ 27)000 j54,360 15,000 165,832 Eligible paper- Amount re- i i ! quired— Oct.4... 488,008 : 28,287 73,540 47,348 55,677 i 35,169 j 33,285 39,135 .! 36,975 21,881 20,786 ! 20,391 75,534 Oct. 11.. 515,074 I 34,287 110,028 , 50,347 58,277 ! 38,269 . 26,656 43,614 30,215 16,650 16,667 I 21)810 68,254 Oct. 18.. 558,981 :39,287 130,522 50,347 60,078 " 37,429 "' 28,856 53,815 30,764 16,951 16,867 ' 22,71.1 71,354 Oct. 25.. 564,390 ' 33,287 124,164 i 51,318 58,677 I 40,688 ! 30,015 | 57,414 i 34,344 18,151 19,267 ! 21)261 75,774 Excess i ! amount held— Oct.4... 166,227 15,794 58,449 i 6,159 6,648 I 7,816 i 8,916 44,629 225 1,703 1,528 ! 11,588 2,742 Oct. 11.. 235,972 ; 20,757 116,710 . .988 14,270 i 3,363 9,710 39,958 j 1,988 6,479 3,120 ! 8,750 9,879 Oct. 18.. 181,946 ' 15,231 47,455 : 4,671 17,812 ." 5,615 !14,670 45,131 i 3,719 5,300 7,322 i 7,190 7,830 Oct. 25.. 141,712 22,95-1 31,335 i 4,630 10,022 i 1,607 ] 11,807 27,753 i 3,586 4,868 4,290 i 14,206 4,054 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1372 FEDERAL RESERVE BULLETlK. NOVEMBER, 1922. CONDITION OF MEMBER BANKS IN LEADING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM SEPTEMBER 27 TO OCTOBER 18, 1922. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. f [In thousands of dollars.] l| San Total. ! Boston. Y N o o r w k. d P el h p i h la ia - .j ! C la le n v d e . - m R o ic n h d - . At t l a a . n -1 ! Ch g i o c . a- Lo S u t. is. M ap i o n l n i e s. - K C a i n tv sa . s ': Dallas. F ci r s a c n o - . i ! .— Number of reporting banks: Sept. 27 790 i 105 i 56 i 40 , 109 33 52 I Oct. 4 786' i 105 j 41 i 109 32 52 j 66 Oct. 11 787 i L7 105 ' 56 ! 41 i 109 32 I 52 I Oct. 18 787 ! 105 j 56 j 41 ! 109 32 i 52 j Loans and discounts, in- I I cluding bills rediscounted with F. R. banks: Secured by U. S. Government obliga- I tions- Sept. 27 , 261,442 I: 13,408 ' 84,551 16,251 ! 29,540 9,632 7,052 46,280 I 15,227 8,344 I 10,322 4,273 I 16,562 Oct.4 , 264,025 jl 14,756 ! 79,865 16,108 | 29,507 10,765 7,151 5J, 118 j 15,310 8,424 I 10,113 4,352 i 16,556 Oct. 11 203,333 I 13,853 84, 534 15,673 30,215 10,337 7,044 45,847 ! 15,362 8,429 10,318 4,300 ! 17,421 Oct. 18 284,015 i! 15,963 100,650 16,067 j 30,001 10,886 7,577 45,734 I 15,293 10,067 10,884 4,288 16,605 Secured by stocks and i bonds (other than U. I S. Government obligations)- j Sept. 27 3.589,810 222,301 1,655,884 '246,012 ! 350,462 ,115,499 58,407 519,930 126,664 I 39,243 j 72,126 ' 40,539 142,743 Oct. 4 3,618,941 230,5.1.6 1,663,896 '250,649'< 351,816 115,70256,550 527,401 il24,174 i 39,664 i 72,132 • 41,048 145,393 Oct. 11 3| 612.; 942 j 229, 538 1,623,021 !257,268! 356,551 ! 118,459 56,527 536,361i127,484 39,598 i 73,452 I 48,218 146,465 Oct. 18 -3,761,800 2"3"7"; 4"1~3 ,1,723,646'252,282 j 354,895 '118,129 58,865 569,855129,786 i 40,974 74,833 ! 49,893 151,229 All other- ! 1 i I Sept. 27 17,136,275 574,218'2,224,811 J321.668 647,072 i 306,098 305,047 1,007,772,277,968 196,196 J348,762 |209,259 717,404 Oct. 4 17,168,342 569,321 (2,236,926 ,325,847 ! 648,582 311,552 311,312 1,009,122'285,688 i 190,508 352,384 210,538 716,562 Oct. 11 /, 242,171 577,360,2,259,366 !335,176 i 651,438 1315,051 318,870 1,018,755!283,986 196,800 351,260 ' 210,845 723,264 Oct. 18 7,259,054 579,245 2,265,565 ,334,920 ! 651,105 .312,592 321,935 1,016,675i290,365 195,748 1351,565|213,861 725,478 Total loans and discounts, including bills rediscounted with F. R. banks: Sept. 27 110,987,527,' 809,927 13,965.246'583,931 1,027,074 i431,229 370,506 1,573,982'419,859 |243,783 431,210 254,071 876,709 Oct. 4 111,051,308 !, 814,593 3,980i6871592,60411,029,905 438,019 375,013 1,587,641 ,425,172 238,596 !434,629 ;255,938 878, oil Oct. 1.1 j 11,1] 8,446 820,751 i 3,966,921608,117 ! 1,038,204 1443,847382,441 1,600,963 426,832 '244,827 1435,030. 1263,363 887,150 TJ. S O . c b t o . n 1 d 8 s : 11,304,869 832,621 ; 4,089,861|603,269 i j 1,036,001 I 1441,607388,377 1,632,264 i435,444 ,246,789 j437,282 268,042 893,312 Sept. 27. 1,381,003 ! 94,792 ' 563,532! 58,730I 163,428 ! 59,187 29,027 134,287 ; 37,589 ! 24,606 58,257 34,792122,776 Oct. 4... 1,, 380,,542 i 95,294 i! 56.1,6331 57,264j 166,732 ! 61,217 29,263 130,298 ' 38,684 I 23,576 57,879 ' 34,828123,874 Oct.ll 11,364,192 95,975 ;; 554,939I 56,215• 164,701 : 60,596 25,346 130,581 j 36,512 j 22,865 j 57,940 I 34,882123,640 Oct. 18 1], 506,289 109,297 ;; 616,460! 68,707 1.80,246 I 63,101 29,418 139,937 47,615 ! 25,705 60,507 i 35,200 130,096 U.S. Victory notes: ' I Sept. 27 35,833 I 1,759 j 1J.039 3,025 1,672 ! 184 628 4,109 I 4,601 288 1,406 ; 518 6,604 Oct. 4 31,341 I 1,681 11,182 1,025 1,906 I 112 636 4,685 !3,223 345 1,569 i 527 4,450 Oct. 11 40,663 I 1,727 I 15,86-1 1, M9 2,273 ! 129 641 5,885 j3,252 1,102 1,508 ' 527 6,606 Oct. 18 39,605 i 1,276 1 14,234 3,318 2,650 j 268 1,378 4,159 , 3,2i3 264 1,589 ! 537 6,689 U.S. Treasury notes: Sept. 27 , 617,943 ! 24,045 ! 3S9,539 26,380 37,512 j 4,154 3,048 71,461 j7,224 9,878 15,254 j 8,387 21,061 Oct. 4 636,037 21,809 i 406,397I 26,707 35,824 3,709 4,562 71,030 ;10,515 9,877 i 15,120 1 8,143 22,344 Oct. 11 1 636; 643 22,056 j 404,111 26,218 36,601 ! 3,839 2,679 70,391 !10,872 9,883 j 15,226 ! 8,081 26,686 Oct. 18 ' 651,762 21,637 ; 401,041j. 27,032 39,440 I 4,193 2,856 80,518 16,240 9,883 ! 15,740 j 5,916 27,266 U. S. certificates of in debt- ! I! ! edness: Sept. 27 184,127 11 6,355 56,808 i 9,394 7,310 j 3,975 7,935 35,989 9,315 6,145 j 10,319 6,788 23,794 Oct. 4 j 166,769 . 7,563 49,902 . 6,474 i 6,582 I 3,855 5,488 35,127 6,203 5,246 10,685 6,760 22,884 Oct. 11 i 147,682 |! 7,742 40,529 j 5,794 ' 6,667 3,825 6,743 34,117 6,007 3,863 I 9,541 6,356 16,498 Oct. 18 j 135,290 •! 6,574 34,560 j 6,993 I 5,651 - 2,914 7,223 31,369 4,419 4,985 9,422 6,390 14,790 Other bonds, stocks, and sc- , \< curities: : ,i I Sept. 27 ! 2,247,210 ! 172,788 773,955 '184,097 I 281,294 1 56,034 33,117 405,146 ; 84,878 i 26,986 | 62,140 7,452 159,323 Oct. 4 ! 2,244,282 j!167,964 i 778,924 ,182,309 , 278,305 ' 56,155 33,676 405,655 I 85,536 I 27,425 I 62,221 7,462 158,650 Oct.ll '2,255,276 1 169,148 i 783,821 1180,107 " 279,639 I 56,358 33,654 405,322 j 86,766 j 27,446 | 59,614 ! 8,433 164,968 Oct. 18 2,247,115 :,169,340 , 774,873 ! .182,850 ! 280,357 i 56/703 34,262 408,239 86,522 j 27,254 j 59,744 | 8,497 158,474 Total loans and discounts !j and investments, includ- • i ing bills rediscounted with j F. R. banks: j Sept. 27 '15,453,643 il ,109,666 55,7,7<60,119.865,557 J,518,290i554,763 444,261 2,224,974 1563,466 ,311,686 '578,586 312,008 1,210,267 Oct. 4 '15,510,279 .; 1,108,904 '5'5,7,788!,725 :866,383 1,519,254 |563,067 1448,638 2,234,436:569,333 '305,065 1582,103 '313,658 1,210,713 Oct. 11 '15,562,902 1,1,117,399 |5|o,,776<6,185 1877,600 1,528,085 ,568,594 .451,504 2,247,259 570,241 1309,986 578,859 '321,642 1,225,548 Oct. 18 15,884,930 !.1,140,74515,931,029 .892,169 1,544,345 ;568,786 J463,514 2,296,486 J593,483 |314,880 1584,284 '324,582 1,230,627 Reserve with F. R. banks: ' ! Sept. 27 |1,358,358 f 85,219 ! 626,948 i 69,178 107,610 ! 35,267 ' 29,008 189,656 ! 35,104 21,612 : 46,683 j 23.9L6 Oct. 4 il, 396,780 !" 88,6911 638,758 ' 74,262 101,135 , 36,162 33,886 202,699 ! 37,843 23,974 i 49,874 23,662 85,834 Oct. 11 =1,440,372 !' 84,926j 704,933 ' 66,460 103,173 3.5,816 30,285 189,238 i 40,285 I 20,521 I 48,270 | 24,764 91,701 Oct. 18 11,465,215 i- 89,140j 714,213 j 72,796 106,978 I 35,308 32,804 192,021 ! 38,063 | 18,1.29 ' 49,387 j 26,299 90,077 Cash in vault: 1 Scpt.27 j 28J,349 i" 18,522 88,124 ! 15,267 28,695 ; 13,131 9,424 51,911 I 7,250 6,052 j 12,117 20,405 Oct.4 ; 281,801 !: 18,625 87,188 ' 15/264 29,442 • 13,527 I 9,579 52,894 I 7,396 6,191 11,760 19,942 Oct.ll ! 300,382 h 19,997 95,473 ! 18,095 29,970 ! 14,004 10,463 54,263 i 7,868 6,890 11,949 20,516 Oct. 18 ! 295,809 !i 20,010 88,833 I 16^925 31,501 ; 14,442 9,754 55,665 i 10,118 6,404 11,855 20,255 Net demand deposits: j I Sept. 27 11,085,421!i 808,606 4,847,523 695,195 875,704 326,791 260,425 1,437,964 1323,167 198,286 1448,209 639,987 Oct.4 ,11,168,378 ! 825,04814,879,6791702,514 878,8 L7 '334,2221256,505 1,450,474 '327,175 194,760 454,612 ! 641,893 Oct.ll .11,256,711 ; 823,30514,883,686;711,563 884-, 899 1337,0741263,492 1,475,937 |333,058 197,735 452,517 I 662,361 Oct. 18 11,305,835 ! 834,65114,975,426'706,817 878,127 332,227 i263,955 11,448,031 .'327,737 196,976 448,543 I 656,113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL RESERVE BULLETIK. 1373 PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM SEPTEMBER .27 TO OCTOBER 18, 1922—Continued. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued. [In thousands of dollars.] Boston. Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . A t tl a a .. n- K C a i n ty sa . s \ 1 c F S i r s a a c n n o - . Time deposits: i Sept. 27 '.. 3,573,401. 246,742 779,049 i 56,194 503,405 145,266 153,920 : 700,355 172,033 80,803 1117,821 65,949 551,864 Oct. 4 3,584,586 244,007 783,243 j 56,400 505,173 1.45,999 154,928 •. 701,726 :172,252 83,312 ill 6,944 66,386 554,216 Oct. 11 3,579,652 243,869 770,1.79 ! 56; 447 512,224 145,731 155,206 j 699,816 |l73,181 83,241 1117,557 66,606 555,595 Oct. 18 3,603,873 242,978 771,082 ' 56,1.31 513,738 146.700 1155,103 ! 719,308 '174,177 82,483 117,515 67,091 557,567 Government deposits: Sept. 27 146,493 1.1,909 5.1,184 10,208 14,168 4,512 4,621. !.17,983 6,415 5,251 5,543 3,668 11,028 Oct. 4 125,733 10,117 43,739 9,183 12,074 3,858 3,934 i 15,396 5,538 4,510 4,738 ! 3,138 9,508 Oct. 11 100,424 8,148 34,985 i 7,338 9,63L 2,987 3', 1.4.6 I12,265 4,428 3,5S6 ! 33,779933 ! 22,551100 7,607 Oct. 18 302,561 33,355 124,437 i 28,686 14,571 11,007 10,438 29,284 22,117 i 6,831 6,681 3,891 11,263 Bills payable with F. R. banks: Secured by U. S. Government obligations— Sept. 27....: 63,741 2,411 1.5,294 j 9,405 10,027 ! 5,468 595 j 8,150 j 3,738 88 ! 2,130 880 5,555 Oct. 4 80,003 3,099 28,954 ' 8,397 3,858 I 5,850 2,249 ! 15,341 3,684 98 : 1,210 640 6,623 Oct. 11 155,571 5,573 102,352 I 10,692 I 10,852 j 5,998 95 13,574 ! 1,338 1.23 ! 1,364 725 2,885 Oct. 18 119,113 5,210 48,949 ! 9,727 13,247 | 8,110 1,654 17,810 3,023 473 4,180 1,040 5,690 All other- Sept. 27 813 145 ! 500 j 168 Oct. 4 997 20 ! 825 j 152 Oct. 11 692 20 j 525 147 Oct. 18 20 I 470 142 Bills rediscounted with F. i R. banks: Secured by U. S. Gov- ! eminent obligations- Sept. 27 1,910 . 54 474 ; 105 ! 81 106 51 77 502 ! 405 Oct.4 620 I 54 105 ! 72 94 50 77 44 81 Oct. 11 i 823 ! 182 ; 105 I 69 89 44 77 89 82 Oct. is ; 844 1 59 105 I 14 85 94 79 266 100 35 All other— Sept. 27 ; 92,682 13,062 j 17,694 6,855 | 6,684 8,434 7,531 9,216 6,225 3,21.7 5,418 i 4,861 3,485 Oct.4 ! 100,186 13,097 i 17,049 j 6,923! 6,421 10,721 1.0,269 9,953 7.387 2,0L6 6,881 i 4,359 5,1.10 Oct. n j 120,657 18,864 , 35,789 ! 7,853: 8,991 10,602 8,658 9,105 6', 796 2,442 : 4,280 i 4,010 3,267 Oct. 18 • 152,988 16,687 ! 41,031 j 10,549 !12,664 10,855 1.1,577 22,8G7 7,903 2,523 I 6,071 i 4,590 5,671 MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. [In thousands of dollars.] Number of reporting banks: , I Sept. 27 287 25 ! 10 I 15 Oct. 4 265 23 | 10 15 Oct. 11 266 24 ! 8 10 15 Oct. IS 266 24 8 '- 10 15 Loans and discounts, including bills rediscounted with F. R. banks: Secured by U. S. Government obligations—; Sept. 27... ! 172,374 10,758 ! 73,826 14,322 6,368 1 2,088 1,357 37,124 11,412 5,5S8 2,274 1,317 5,940 Oct.4 i 173,894 12,140 69,724 14,254 6,329 ; 2,100 1,44941, 898 11,370 5,591 2,315 I 1,179 5,54.5 Oct. 11 j 172,753 11,252 74,443 13,898 6,329 2,050 i 1,44736,486 12,028 5,590 2,272 1 1,361 5,597 Oct.18 ! 193,054 13,180 90,515 14,350 6,361 ; 2,036 i 1,68436,597 11,672 7,237 2,440 I 1,411 5,541 Secured by stocks and j bonds (other than U. i S. Government obli- 1 cations)— | ' Sent. 27 12,650,764 17Q.216 1,479,554224,901 149,031 ! 16,257 10, 403 394,786 93,864 18,698 • 17,989 I 9,18162,888 Oct.4 j2,683,983 178,674 1,488,195229,139 150,350 ! 18,127 9,768 402,635 97,179 19,333 8; 175 !9,170 63,220 Oct. 11 2,665,689 178,565 1,449,648236,164 152,226 I 18,316 9,446 412,940 95,541 18,901 20,188 '9,299 63,455 Oct. 18 |2,798,745 185,539 1,546,052 |231,497 148,419 I 18,405 10,459 445,421i 98,163 20,233 ' 20,842 i 9,531 64,184 All other- I Sept. 27 4,432,302 434,814 1,942,694292,924 295,581 65,274 47,784i 631,433; 165,581 96,740 '118,37! 53,192 287,907 Oct.4 4,433,441 430,210 1,953,615296,712 293,499 64,466 49,553 624,121•167,190 94,469 118,489 56,559 287,558 Oct. 11 4,486,412 435,556 ',1,973,706305.226 293,836 65,830 51,057 631,8511164,572 93,691 116,883 57,155 292,049 Oct. 18 ;4,484,525 437,585 11,976,340 304J654 293,898 64,393 48,492 628,3471167,132 A9T7 ,f2tO81 1! 11 11 1_r5 ,/W0V9I4 59,838 291,471 Total loans and discounts, I including bills rediscounted with F. R. banks: Sept. 27 l7,255,440 615,788 3,493,074:532,147 450,980 83,619 59,544 1,063,343 1273,857121,024 138,641 63,690 356,733 Oct. 4 17,294,298 621,024 3,511,534:540,105 450,178 84,693 60,768 1,038,654 J275,739119,393 138,979 66,908 356,323 Oct. 11 |7,324,854 625,373 3,497,797 555,2S8 452,391 80,193 61,950 1,081,277 1273,141123,182 139,343 67, 815 361,101 Oct. 18 ,7,476,324 636,304 !3,612,937i550,501 448,678 84,834 60,635 l,110;365 276,937 124,751 138,376 70,780 361,196 U.S. bonds: Sept. 27 794,983 40,217 I 491,804 ! 44,498 28,283 4,549 4,862 59,471 21,105 6,494 ! 23,359 9,157 61,164 Oct.4 787,140 39,774 \ 487,519 i 42,8151 28,704 4,553 4, — 58,379 22,105 5,731 23,604 9,292 61,726 Oct.ll 775,768 40,635 : 480,687 ; 41,771 28,876 4,605 55,624 20,467 4,993 i 23,535 9,297 60,397 Oct.18 871,566 51,349 i 532,072 53,521 31,342 5;217 5,390 i 57,393 29,351 7,211 ! 24,319 10,137 64,281 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1374 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM SEPTEMBER 27 TO OCTOBER 18, 1922—Continued. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [In thousands of dollars.) Total. Boston.! N-e-w d P el h p i h l a ia - . i C la lo n v d e . - m R o ic n h d - . A t t a la . n- Ch g i o c . a- Lo S u t. is. M ap i o n l n i e s. - K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . U.S. Victory notes: Sept. 27 23,597 1,200 9,908 2,972 161 1 3,616 i 2,454 29 54 2,913 Oct.4 i 19,879 1,120 I 10,041 959 173 1 4,134 ! 906 87 430 54 1,974 Oct.ll I 20,142 1,160 ! 13,704 1,127 171 1 5,288 ! 930 844 352 54 2,511 Oct.18 ! 23,333 214 i 11,439 3,282 162 737 3,562 879 6 397 65 2,590 U. S. Treasury notes: j Sept. 27 500.107 j 19,055 ! 373,259 23,914 6,782 867 50,089 5,786 ... 5,745 3,500 10,146 Oct. 4 517,482 j 17,334 . 388,316 24, 580 6,464 617 964 49,654 9,244 ...I 5 774 3,400 11,135 Oct.ll 513,540 ! 17,615 386,132 23,702 6,273 617 964 49,001 9,245 ! 5,879 3,200 10,918 Oct. 18 j 523,723 : 17,887 i 383,148 24,503 7,232 754 1,174 55,378 12,740 i '•• 5,840 3,005 12,062 U. S. certificates of indebt- ; edness: Sept. 27 114,744 5,522 50,540 8,516 3,812 1,599 3,497 19,198; 8,314 2,803 I 3,361 2,908 4,674 Oct. 4 : 103,335 6,830 44,801 5,499 3,932 1,839 3,224 18,657 5,505 1,904 3,361 3,124 4,659 Oct.ll 92,510 7,009 35,428 5,218 3,827 1,839 3,224 18,188 5,308 1,657 3,326 3,020 4,466 Oct. 18 84,203 : 5,830 30,330 6,402 3,022 1,588 3,906 16,891 3,581 2,234 3,309 3,104 4,006 Other bonds, stocks, and ' j securities: : Sept. 27 1,212,588 ' 81,831 . 581,862 150,590 62,184 6,498 2,888 171,682 53,356 11,602 12,821 76,308 Oct.4 1,208,823 '•• 77,775 585,430 1147,523 61,483 6,480 2,905 171,222 54,346 11,728 12,646 1,065 76,220 Oct.ll 1,211,104 | 77,929 585,500 j 145,238 61,482 6,352 2,912 172,133 55,318 11,790 ; 12,763 1,834 77,853 Oct. 18 1,212,482 | 78,011 583,577 1147,272 63,209 6,469 2,859 173,458 54,534 11,661 j 13,148 2,039 76,245 Total loans and discounts and investments, including bills rediscounted with F. R. banks: Sept. 27 9,901,430 i 763,61.3 5,003,447762,637 552, 202 97,132 71,756 1,307,399 364,872 141,952 :184,216 80,275 511,938 Oct. 4 9,930,957 763,857 j 5,027,641761,497 550,934 98,182 72,784 1,368,700 367,845 |138,843 184,791 83,843 512,037 Oct. 11 9,943,921 769,721 14,999,228772,344 553,020 99,809 73,947 1,381,5111364,409 1142,471 185,198 85,220 517,246 Oct. 18 L0,191,631 .789,595 ! 5,153,503785,481 553,645 98,862 74,701 1,417,050 378,052 jl45,863 185,389 89,130 520,360 Reserve with F. 11. banks: i Sept.27 | 981,900 68,564 ! 580,573 63,306 34,351 5,432 5,402 133,390 23,323 11,246 15,288 6,745 34,286 Oct. 4 si, 014,576 70,616 ! 592,955 68,223 31,352 5,760 6,560 143,724 25,500 13,276 17,658 6,873 32,073 O~ ct' . 1"1 1,054,841 67,758 ! 655,436 60,943 32,333 5,859 5,540 131,339 27,946 9,062 16,533 6,873 35,219 Oct. 18... 1,076,256 71,875 665,748 66,517 33,622 5,454 6,503 134,230 25,663 8,549 15,690 7,492 33,913 Cash in vault: Sept.27 ! 151,266 8,351 | 74,377 12,567 7,910 982 1,860 29,646 3,450 2,242 2,330 1,504 6,047 Oct.4 ! 149,261 8,185 1 73,077i 12,512 8,065 963 2,041 29,160 3,381 2,285 2,156 1,468 5,968 Oct. 11 161,454 9,092 81,173 I 14,899 8,329 967 1,963 28,973 3,656 2,392 2,251 1,718 6,041 Oct. 18 j 156,084 : 8,612 74,960 13,828 8,605 1,051 1,869 31,449 3,695 2,072 2,420 1,473 6,050 Net demand deposits: ! ; Sept. 27 |7,704,196 623,545 14,357,471 616,350 52,874 41,179 990,053 222,103 94,470 156,567 62,451 248,649 Oct.4 !7,761,598 637,496 !4,385,7J0 623,133 236,807 54,532 41,778 998,605 226,079 I 93,206 i 157,13663,295 243,761 Oct. 11 7,802,222 j 634,198 |4,385,252 1633,040 236,768 56,064 44,077 1,012,569 1230,785 i 93,828 ! 157,72266,474 251,445 Oct. 18 17,850,679 ' 645,313 4,173,873 627,343 231,311 53,701 43,652 990,449 226,642 i 94,726 1153,399 69,531 246,739 Time deposits: : Sept. 27 1,75S,310 112,761 j 551,949 39,943 I 296,465 24,254 19,518 328,505 99,457 I 34,413 11,337 9,273 230,465 Oct.4 jl, 762,711 108,927 557,061 40,131 ! 297,779 24,230 19,723 328,717 99,812 ! 35,007 11,301 9,397 230,626 Oct. 11 :1,750,593 108,944 542,231 40,108 | 303,610 24,212 19,786 325,383 100,296 34,848 11,324 9,526 230,325 Oct. IS 11,770,827 109,029 542,318 39,959 304,703 24,321 19,822 342,627 100,702 34,743 11,458 9,434 231,711 Government deposits: ; Sept. 27 106.687 10,314 46,606 9,425 6,532 1,504 1,325 11,385 5,150 1,760 3,916 2,336 6,434 Oct.4 | 91)484 8,750 39,834 8,478 5,457 1,285 1,125 9,754 4,458 1,499 3,347 1,999 5,498 Oct. 11 j 73,286 7,032 31, 863 6,776 4,484 1,029 900 7,766 3,564 1,195 2,679 1,599 4,399 Oct. 18 228,410 26,624 111,879 26,990 6,279 1,701 2,854 16,364 18,386 3,363 3,877 2,253 7,840 Bills payable with F. R. banks: Secured by U. S. Government obligations—! Sept. 27 ! 28,300 2,111 10,030 8,155 419 2,410 250 38 .-.687 4,200 Oct.4 46,534 2,374 20,980 7 447 1,022 654 5,396 1,876 98 687 6,000 Oct.ll 116,610 4,548 93,555 9,042 1,396 4,509 250 123 687 2,500 Oct. 18 73,349 4,310 41,630 8,427 2,085 '654 9,855 450 123 4,950 All other— | Sept.27 Oct.4 Oct.ll Oct. 18 Bills rediscounted with F. R. banks: Secured by U. S. Government obligations— Sept.27 1 1,028 54 474 105 362 Oct.4 ! 196 54 105 Oct.il i 366 182 105 Oct. 18 239 59 105 All other— Sopt.27 49,751 12,937 13,277 6,855 3,421 2,500 465 6,090 1,036 740 840 1,288 302 Oct.4 ; 52,276 12,882 12,725 6,923 2,461 3,467 801 5,970 962 451 1,278 1,337 3,019 Oct. 11 18,804 28,667 7,853 4,706 3,062 509 5,515 264 816 1,123 1,080 1,570 Oct. 18 | 96,717 16,687 33,353 10,549 6,822 3,248 1,050 17,994 66 1,057 1,843 3,350 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1375 NOVEMBER, 1922. FEDERAL RESERVE BULLETIN. BANK DEBITS, centers, of which 165 are included in the summary by Federal reserve districts, because for For the four weeks ending October 25 the these centers comparable figures for the four volume of business, as measured by bank weeks and for the corresponding period in 1921 debits, continued the upward course begun are available. during the preceding five weeks. The level of debits for the period was on an average 18.7 per cent higher than for the preceding five DEBITS TO IN DIVIDUAL ACCOUNTS weeks. During the week ended October 18 the volume of debits was $9,868,000,000, the AT BANKS \H REPORTING CLEARING HOUSE CENTERS highest record for the year with the single -DEBITS FOR 1921 -DEBITS FOR 1922 exception of the end-of-quarter week ending ( IN BILLIONS OF DOLLARS ) Aprils. Compared with the corresponding period in 1921, the debits for the four weeks were on an average level 19.5 per cent higher. This spread between the two years compares with about 13 per cent shown in August and September. The increase in the volume of business for New York City was 21 per cent over the preceding five-week period, while outside of New York City it was 16 per cent. Compared with last year, New York City figures were 28 per cent higher and figures for the I ! centers other than New York were 11 per cent __1 AND 2: 3ANKS IN NEW YORK CITY ~~3 AND4* BANKS IN ALL REPORTING CENTERS higher. It is to be noted that the volume of debits for the outside centers was higher during the week ending October 18 than for any week in 1922 or in 1921, with the exception of the week ending January 4, at the turn of 1920-21. The volume of business is measured by debits to individual accounts as reported to BANKS OUTSIDE OF NEW YORK CITY the Federal Reserve Board for banks in leading Jan. Feb. Map. Apr. May June July Aug. Sept. Oct. Nov. Dec. centers. Figures are shown for a total of 250 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS. SUMMARY BY FEDERAL RESERVE DISTRICTS. [In thousands of dollars.] ! 1922 1921 Federal reserve district. o N f u c m en b t e e r r s , Week ending— Week ending— included. Oct. 4. Oct. 11. Oct. 18. Oct. 25. Oct. 5. Oct. 11-12. .Oct. 19. Oct. 26. No. 1—Boston 510,143 472,995 542,023 507,831 472,802 375,399 573,538 458,107 No. 2—New York 5,303,375 5,206,468 5,297,016 5,304,373 4,516,858 3,466,985 4,668,077 3,858,707 No. 3—Philadelphia 434,466 484,583 461,151 399,888 313,750 459,881 353,412 No. 4—Cleveland 509,699 464,372 523,167 493,239 445,281 359,682 489,464 405,452 No. 5—-Richmond 232,652 212,919 226,451 216,290 234,577 255,381 No. 6—Atlanta 221,667 198,613 218,259 205,827 211,796 182,669 221,052 188,161 No. 7—Chicago 1,070,261 978,629 1,119,834 1,030,968 985,093 782,658 1,082,872 941,567 No. 8—St. Louis 258,966 255,190 284,511 249,961 239,769 219,774 259,633 209,884 No. 9—Minneapolis 105,867 154,853 174,021 153,453 160,002 137,002 159,860 141,166 No. 10—Kansas City... 260,580 279,442 275,348 242,164 227,948 248,884 234,740 No. 11—Dallas 170,159 134,691 185,104 176,271 186,948 138,186 167,643 153,294 No. 12—San Francisco.. 522,707 517,902 533,372 511,648 501,368 420,572 475,765 Total... 165 9,700,272 9,321,678 9,867,783 9,586,360 8,596,546 6,825,433 9,149,133 7,625,224 17134—22 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1376 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS—Continued. DATA FOR EACH REPORTING CENTER. [In thousands of dollars.] 1922 1921 Week ending— Week ending— Oct. 4. Oct. 11. Oct. 18. Oct. 25. Oct. 5. Oct. 11-12. Oct. 19. Oct. 26. District No. 1—Boston: Bangor, Me 4,650 : 3,774 3,329 3,319 5,139 3,597 4,065 3,844 Boston, Mass 338,805 ! 318,603 371,286 340,055 318,357 255,555 403,425 318,167 Brockton, Mass 4,700 4,401 5,612 4,875 Fall River, Mass 7,923 6,682 8,496 8,485 7,678 6,261 8,373 7,077 Hartford, Conn 25,715 22,399 31,160 21,565 26,096 17,485 23,456 16,626 Holyoke, Mass 4,249 | 4,024 3,801 4,041 3,115 2,434 3,742 2,757 Lowell, Mass 5,721. : 4,772 5,320 5,524 4,592 3,977 6,176 4,570 Lynn, Mass 5,023 ! 5,360 8,095 6,410 Manchester, N. H 4', 399 : 4,521 3,860 4,001 4,876 3,807 5,396 4,106 New Bedford, Mass: 0,120 I 6,256 8,378 8,335 5,719 5,103 8,370 6,571 New Haven, Conn 20,417 ! 18,706 19,280 18,148 18,101 13,471 19,728 15,420 Portland, Me 13,300 . 8,298 9,031 8,074 9,399 9,457 7,598 6.474 Providence, R.I 36,239 35,520 37,470 43,329 34,053 20,472 40,438 40,379 Springfield, Mass 17,879 j 10,338 16,424 18,042 14,337 11,007 16,856 13,694 Waterbury, Conn 8,024 7,157 6,904 7,195 6,316 4,712 7,285 4,993 Worcester, Mass 10.030 15,945 16,678 17,7.18 15,024 12,001 18,630 13,429 District No. 2—New York: Albany, N. Y.... 20,575 j 22,408 19,915 18,029 22,130 15,803 20,196 16,647 IUnghamton, N. Y. 4,701 ' 5,031 ' 3,626 4,127 4,098 : 3,304 4,981 3,597 13 u tfalo, N. Y , 73,092 : 04,267 67,274 64,850 04,070 46,049 73,382 53,947 Elmira, N.Y •• 3,809 3,891 3,938 3, 836 Jamestown, N. Y i 3, 825 3,801 3,989 3,731 Montclair, N: J j 3,202 2,047 2,755 2,078 Newark, N. J. i 03,468 : 53,403 58,050 57,221 •I- New York, N. Y : 5,132,725 | 5,061,257 5,151,813 ,105^ 932 4,373,399 3,304,389 4,514,005 j 3,741,327 No. New Jersey Clearing House Associa- j tion | 44,391 j 39,040 39,054 30,402 Passaic, N. J j 0,329 6,403 6,784 0,222 4,839 4,418 5,999 5,005 Rochester, N. Y ! 43.031 ! 32,974 33,487 31,278 32,598 23,020 34,212 25,534 Stamford, Conn - j 3,508 : 3,504 2,878 2,579 Syracuse, N. Y " 10,262 ; 14,008 14,117 13,929 15,124 9,882 ; 14,702 , 12,650 District No. 3—Philadelphia: Allentown, Pa 8,522 ! 7,456 6,587 6,367 Altoona, Pa 4,030 3,230 3,790 3,445 3,164 2,535 3,622 I 3,107 Camden, N. J 11,172 9,740 11,472 9,142 Chester, Pa 0,115 4,972 7,313 4,452 4,711 3,499 5,744 ! 3,939 Harrisburg, Pa 9,185 7,235 8,684 7,378 7,963 5,363 7,766 j 5,812 Hazleton, Pa 2,827 2,538 2,498 2,303 Johnstown, Pa 6,441 5,448 5,412 ! 4,841 5,218 4,005 ! 5,005 ! 4,067 Lancaster, Pa 6,248 6, 203 6,157 5,615 5,534 4,286 i 6,046 4,479 Lebanon, Pa 1,446 1,622 1,597 1, 302 Norristown, Pa ; 918 1,018 933 804 Philadelphia, Pa 368,713 ! 340,708 ! 390,377 371,510 311,743 242,202 ! 366,539 276,758 Reading, Pa 8, 508 I 8,934 9,169 8,806 7,841 7 750 ! 9,004 i 6,686 Scranton, Pa 14,782 ! 21,011 14,304 16,786 15,389 14,855 j 14,030 i 16,258 Trenton, N. J 11,987 .' 11,935 12,694 12,111 10,240 9,192 ! 13,689 i 10,526 Wilkes-Barre, Pa 9,427 | 8,645 9,420 7,909 11,186 7,664 ' 10,130 8,584 Williamsport, Pa 5,850 ! 4,236 4,683 4,443 4,233 4,151 4,874 3,649 Wilmington, Del 9,057 I 7,319 8,167 9,427 8,254 5,475 5,926 York, Pa 5,540; 4,5,90 4,413 4,428 4,412 2,773 3,621 District No. 4—Cleveland: Akron, Ohio 14,473 14,225 12,814 14,609 14,302 9,536 13,246 12,665 Butler, Pa 2,947 3,290 2,431 2,684 Canton, Ohio 9,325 10,184 9,905 8,324 Cincinnati, Ohio 71,172 , 67,167 74,009 67,740 59,842 | 50,025 I 78,732 61,091 Cleveland, Ohio 144,947 118,700 164,624 127,614 124,203 84,375 i 136,417 102,972 Columbus, Ohio.., 31,490 j 30,353 j 34,935 31,194 27,709 23,710 ; 31,465 25,513 Connellsville, Pa 1,807 | 1,638 ! 1,518 1,286 Dayton, Ohio 14,107 j 11,283 ! 15,632 14,446 12,980 12,812 13,419 12,663 Erie, Pa 7,201 : 7,029 7,003 6,549 7,441 5,675 5,868 5,485 Greensburg, Pa 4,973 6;030 5,027 3,882 4,867 4,869 Homestead, Pa 1,485 873 717 Lexington, Ky 5,116 3,788 4,555 4,585 : 3,410 3,054 4,290 3,409 L N L i o e m w ra a i , B n , O r i O h g i h h o i t o on, Pa 4 2 1 , , , 0 5 7 0 4 3 8 0 8 1 2 3 , , , 2 0 4 0 6 0 6 5 4 2 3 1 , , , 5 2 2 5 1 8 1 8 4 3 J; ,0 9 2 4 4 7 0 8 7 i •I- Oil City, Pa 3,215 4,004 3,446 295 ! 2,218 ! 1,500 2,602 2,620 Pittsburgh, Pa 181,775 179,051 167,787 ' 3,603 ! 165,279 j 147,134 174,496 153,893 Springfield, Ohio 4,555 4,032 5,, 764 192,252 ! 3,353 3,190 3,707 3,539 Toledo, Ohio 44,103 47,470 37,700 4;,902 : Warren, Ohio 3,037 3,146 3,284 234 Wheeling, W. Va 10,805 . 8,721 11,377 732 I 7,656 i 5,598 9,034 8,286 Youngstown, Ohio 15,406 | 11,046 15,131 593 ! 12,490 i 9,191 11,321 8,447 Zanesville, Ohio 2,820 2,900 3,146 2,818 : District No. 5—Richmond: Asheville, N. C 4,655 5,049 4,903 4,483 Baltimore, Md 93,702 79,174 88,307 81,467 112,468 87,943 131,144 94,655 Charleston, S. C 5,841 5,010 4,666 4,889 6,186 5,674 5,380 5,709 Charleston, W. Va 9,190 9,207 9,207 8,894 Charlotte, N. C 8,955 8,260 9,114 8,486 6,554 7,101 7,202 5,844 Columbia, S. C 0,092 6,490 5,387 5,921 6,591 5,389 5,576 5,050 Cumberland, Md 2,159 1,779 2,140 1,840 Danville, Va •. 2,421 3,024 3,596 3,716 Durham, N. C 4,361 4,470 4,948 5,962 Greensboro, N. C 4,844 5,017 ' 4,855 4,504 .1. Greenville, S. C 4,700 4,800 5,200 3,700 4,582 5,042 3,648 Hagerstown, Md 2,985 2,078 2,370 2,183 Huntington, W. Va 5,315 5,253 6,249 5,247 •4," 393* *3,'772 5,772 "4,"434 Lynchburg, Va 5,478 4,540 4,736 4,224 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1377 NOVEMBER, 1922. FEDERAL EESEBVE BULLETIN. 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— Oct. 4. I i District No. 5—Richmond—Continued. Newport News, Va 1,709 1,487 1,682 1,601 Norfolk, Va 16,832 17,978 17,441 : 18,318 Raleigh, N. C 5,900 7,400 4,700 ; 9,400 Richmond, Va 31,943 29,022 35,275 i 32,017 Roanoke, Va 5,418 5,388 6,192 • 5,460 Spartanburg, S. C. 2,871 2,972 3,320 : 2,582 Washington, D.( 47,149 43,870 44,091 ! 40,834 Wilmington, N. C 5,623 5,662 6,021 -• 6,011 Winston-Salem, X. C 6,533 7,306 11,994 i 6.781 District No. 6—Atlanta: Albany, Ga 1,322 1,1.30 1,300 " 1, Atlanta, Ga 28,723 29,167 30,8-16 27,311 Augusta, Ga 7,881 7,146 8,342 : 7,568 Birmingham, Ala I 24,530 23,443 24,579 I 18,896 Brunswick, Ga. 660 778 622 I 677 Chattanooga, Tcnn 8,4 37 7,632 8,624 i 7,253 Columbus, Ga 3,245 3,835 3,502 I 3,646 Cordelo, Ga <V74 610 600 i 492 Dothan, Ala. 1,034 800 900 i 1,023 Elberton, Ga '310 259 246 J 244 Jackson, Miss 2,559 2,851 3,034 2,557 .1 aeksonville, Fla 10,360 9,908 10,537 i 11,231 9,000 i 8,445 ! 10,371 | 8,71.1. Knoxville, Tonn 6,930 5,871 7,605 i 5,813 8,485 ! 6,518 ! 8,007 I 5,676 Maco.li, Ga 5,385 4,917 5,293 I 4,830 4 773 ! 4,432 i 4,811 j 4,228 Meridian, Miss 2,183 2,450 2,730 ' 2,397 Mobile, Ala 7, 111 5,792 7,788 j 7,526 8,431 ! 5,380 6,188 ! 6,355 Montgomery, Ala 5,182 5,170 5,539 | 5,330 4,978 I 4,361-1 4,618 | 3,819 Nashville, Tonn ! 17,154 16,740 17,257 j 17,146 28,478 j 29,323 i 29,840 ' 28,185 Ncwnan, Ga I 585 422 394 j 462 Now Orleans, La J 79,788 63,911 72,862 I 72,957 62,877 i 52,722 ! 74,333 I 61,049 Pensacola, Fla "...! 1,550 1,287 1,351 ! 1,411 1,500 ; 1,317 i 1,443 1,092 Savannah, Ga.. 11,086 10,430 10,931 14,800 13,860 ; 14,100 ! 10,800 Tampa, Fla 5,701 5,380 5,549 ; 5,357 5,724 ! 4,956 ! 5,129 j 4,4.08 Valdosta, Ga... 1,090 1,211 1,087 1,013 Yicksburg, Miss 1,819 1,819 2,107 | 2,267 1,878 j 2,271 ! 1,849 District No. 7—Chicago: Adrian, Mich 782 742 775 ' 659 Aurora, 111 3,159 2,637 3,681 | 2,959 ••I- Bay City, Mich 3,020 2,403 2,482 I 2,440 3,050 i 2,238 i 2,509 ! 2,362 Blooinington, 111 2,560 1,859 2,435 2,233 2,486 ; 1,914 i 2,469 j 1,911 Cedar Rapids, Iowa 5,996 5,816 5,150 4,922 10,595 10,409 i 10,461 i 9,044 Chicago, 111 689,607 648,408 752,272 ! 654,477 655,888 i 491,607 717,306 j 620,854 Danville, 111. 2,400 2,500 2,600 2,300 Davenport, Iowa 9,81.1 8,900 8,023 7,609 7,275 ' 7,285 6,927 j 7,219 Decatur, ill 3,331 .3,189 3,475 3,556 3,038 ! 2,388 i 3,551 ! 2,794 Des Monies, Iowa 16,613 13,665 17,137 I 19,363 16,487 j 16,754 ! 16,346 j 15,868 Detroit, Mich 136,394 114,724 122,664 J 143,468 109,700 ! 91,761 j 135,918 ' 114,577 Dubuque, Iowa 3,081 3,095 2,892 ! 3,304 3,043 : 2,717 • 3,205 | 2,633 Flint, Mich 5,728 5,959 5,279 ! 7,421 5,946 ! 4,596 ! 5 770 ' 5,327 Fort Wayne, Ind 9,029 7,387 7,518 ! 6,971 5,576 ! 5,829 ! 7,554 ! 6,317 Gary, Ind i 3,037 2,620 3,185 ! 2,563 Grand Rapids, Mich \ 15,075 14,179 | 16,136 14,920 21,40i | 19,712 ! 21,ioi 20,462 llarnmomij Ind I 3,290 2,770 i 3,100 3,570 Indianapolis, Ind I 34,759 28,045 i 41,903 32,194 30,001 1 24,657 ! 38,227 31,351 Jackson, Miss ] 4,275 3,878 i 4,325 4,234 3,757 ! 3,254 \ 3,651 3,950 Kalamazoo, Mich | 4,822 4,480 | 4,884 ! 4,350 4,059 j 3,793 i 3,979 4,124 Lansing, Mich j 6,100 6,100 6,400 6,533 5,155 j 4,229 j 5,100 5,397 Mason City, Iowa I 2,504 2,053 2,076 2,519 Milwaukee, Wis ! 69,493 57,065 63,850 I 63,828 58,542 | 54,670 ! 60,114 53,674 Moline, 111 1,496 1,542 | 1,886 i 1,920 1,767 ! 1,556 | 2,144 1,522 Muscatine, Iowa „ 1,536 1,762 i 1,516 ; 1,467 Oshkosh, Wis 2,200 2,400 ! 2,300 Peoria, 111 9,163 10,528 I 9,160 8,397 I 6,204 ] 9,203 7,223 Rockford, 111 4,972 6,013 5,181 ! 4,550 4,501 i 4,496 • 4,089 4,088 Saginaw, Mich 4,375 4,878 5,046 J 4,785 Sioux City, Iowa 17,137 17,259 17,205 I 16,105 9,062 ! 8,190 ' 8,384 i 7,191 South Bend, Ind 8,042 8,695 7,979 ! 8,080 6,446 ! 5,504 ': 6,899 : 5,847 Springfield, 111.. 5,906 5,242 5,849 ! 5,161 5,522 ' 5,543 i 4,792 j 5,006 Waterloo, Iowa 3,851 4,081 I 4,169 3,399 j 3,352 ! 3,123 2,826 District No. 8—St. Louis: East St. Louis and National Stock Yards, ! 111. i 10,643 I 10,255 10,136 10,280 8,002 ' 8,232 8,539 ! 8,259 Evansville, Ind : 7,512 ' 6,650 6,949 ' 7.349 4,942 ' 4,776 | 6,090 | 4,918 Fort Smith, Ark 3,420 ! 3,410 3,677 • 3,551 j Greenville, Miss.... •• 754 ! 968 1,013 ; 933 i Helena, Ark...." , 1,346 ' 2,230 2,240 , 2,106 Little Rock, Ark. \ 13,800 | 15,432 15,166 ! 15,491 I 14,382 10,454 13,896 10,740 Louisville, Ky 31,807 i 32,531 35,416 ; 33,635 28,158 i 24,456 34.612 28,892 Memphis, Tenn ! 35,200 j 34,078 39,333 38,068 34,502 | 32,428 34; 768 29,135 Owensboro, Ky ; 937 j 1,187 1,212 i. 1,025 Quincy, 111 • 2,332 2,543 2,665 ! 2,377 2,294 ' 1,745 ! 2,575 2,060 St. Louis, Mo ! 154,749 150,925 171J528 I 139,896 i 144,516 : 134,832 I 156,314 123,341 Springfield, Mo ! 2,923 2,776 3,318 . 2,865 2,973 1 2,851 j 2,839 2,539 District No. 9—Minneapolis: j Aberdeen, S. Dak 1,524 1,374 1,429 ! 1,217 1,588 ! 1,566 ! 1,498 I 1,304 Billings, Mont 1,819 1,700 2,100 ! 1,975 2,120 i 1,673 I 2,171 j 1,798 Dickinson, N. Dak 328 309 416 i Duluth, Minn : i 26,545 24,241 1 25,037 ! 20,467 1 22,*249"l 19*266'j 26J578*! 18,882 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1378 FEDERAL RESERVE BULLETIN. NOVEMBER, 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- Oct. 4. Oct. 11. Oct. 18. Oct. 25. Oct. 5. Oct. 11-12. I Oct. 19. Oct. 26. District No. 9—Minneapolis—Continued. Fargo, N. Dak 3,484 3,469 3,272 3,250 2,985 2,735 i 3,550 2,722 Grand Forks, N. Dak. 2,095 2,572 2,738 2,328 1,793 1,739 ' 2,448 1,970 Great Falls, Mont 2,352 2,132 1,627 2,238 1,831 Helena, Mont ; 2,035 2,640 2,763 2,398 3,244 2,715 ! 3,132 2,918 Jamestown, N. Dak '; 539 612 580 484 Lewistown, Mont i 1,496 1,520 1,567 1,438 Minneapolis, Minn ! 82,856 80,066 89,252 80,558 86,838 69,855 84,288 75,338 Minot, N.Dak j 1,295 1,235 1,784 1,543 ! Red Wins, Minn I 638 517 500 479 St. Paul, Minn j 138,946 1 31,846 1 40,529 1 35,230 30,213 | 35,002 29,622 Do I , 44,518 36,201 46,925 40,962 Sioux Falls, S. Dak " | 3,580 3,700 3,616 3,302 4,113 4,033 4,179 3,579 Superior, Wis j 1,869 2,009 i 2,181 1,792 1,836 I 1,947 1,857 2,106 Winona, Minn 1,114 1,236 1,104 | 936 1,147 1,230 1,157 927 District N o. 10—Kansas City: I Atchison, Kans i 1,320 j 1,552 1,504 ! 1,285 1,329 1,289 1,317 1,232 Bartlesville, Okla | 2,711 2,155 2,275 ! 1,992 1,808 1,541 2,121 1,469 Casper, Wyo } 3,305 i 3,845 3,821 ' 3,'962 Cheyenne, Wyo ! 2,394 i 3,119 2,839 ; 6,388 2,922 2,220 1,658 1,342 Colorado Springs, Colo „ | 2,708 ! 2,965 2,899 2,774 2,716 2,486 2,649 2,346 Denver, Colo 38,262 39,116 42,639 ! 49,910 34.651 30,168 32,414 34,002 Enid, Okla 2,874 2,874 j 2,598 Fremont, Nebr 772 741 724 802 Grand Island, Nebr 1,434 1,527 1,469 I 1,492 Grand Junction, Colo 574 I 748 690 ! 755 Guthrie, Okla 768 813 922 i 999 Hutchinson, Kans— 3,086 3,130 2,908 Independence, Kans 2,224 1,830 2,914 i 1,923 Joplin, Mo 2,587 2,583 3,001 ! 2,473 2,539 2,242 2,346 1,072 Kansas City, Kans 4,301 3,909 3,536 I 3,357 3,477 3,062 3,295 3,202 Kansas City, Mo 83,297 75,704 82,726 I 85,163 77,073 75,106 71,824 Lawrence, Kans 1,142 i 1,098 I 1,040 | 776 McAlester, Okla 1,311 j 1,116 1,499 1,162 Muskogee, Okla 7,662 I 7,571 I 8,103 8,111 j 3,926 3,982 3,750 3,934 Oklahoma City, Okla 22,388 ! 18,394 ! 18,939 i 17,082 j 21,130 22,271 21,335 21,429 Okmulgee, Okla 2,132 ! 1,880 I 1,868 ! 1,690 i Omaha, Nebr 49,440 48,856 54,072 ! 47,724 i 41,803 34,840 48,117 41,9 Parsons, Kans 976 965 I 918 i 1,020 ' Pittsburg, Kans 1,171 1,123 i 1, 325 i 1,252 Pueblo, Colo 3,003 3,670 I 3,288 3,858 3.931 4,003 4,141 5,488 St. Joseph, Mo 15,089 14,232 16,201 13 931 16,866 15,299 17,219 17,549 Topeka, Kans 3,220 3,808 3,850 3,225 4,217 3,425 4,751 3,613 Tulsa, Okla 19,813 21,292 22,513 18,973 13,082 15,489 13,101 14,949 Wichita, Kans 10,698 11,654 11,057 j 9,102 10,694 10,525 10,202 9,307 District No. 11—Dallas: Albuquerque, N. Mex 2,063 2,468 2,429 2,142 1,947 1,725 1,687 1,771 Austin, Tex 4,780 4,642 5,165 4,031 3,735 3,349 3,653 2,757 Beaumont, Tex 3,092 3,900 3,802 3,776 3,054 2,665 3,643 3,111 Corsicana, Tex 1,252 1,430 1,599 1,201 Dallas, Tex 45,408 41,037 52,673 47,611 42,669 33,827 44,689 39,202 El Paso, Tex 6,508 6,761 6,903 7,175 6,997 6,758 8,207 7,044 Fort Worth, Tex 21,966 22,846 | 23,460 23,875 27,430 27,312 28,412 28,842 Galveston, Tex 30,739 29,048 29,128 29,852 27,853 18,753 19,068 21,360 Houston, Tex 31,302 29,824 35,538 33,312 50,394 23,025 32,915 28,550 Roswell, N. Mex 702 852 670 732 San Antonio, Tex 6,992 7,622 7,655 6,935 6,805 4,872 i 7,767 6,123 Shreveport, La 7,663 7,828 8,088 7,596 5,985 8,155 7,103 Texarkana, Tex 1,646 1,502 l',796 . 1,550 1,647 1,440 1,800 1,473 Tucson, Ariz 1,578 1,670 lj627 2,022 1,681 1,655 i 1,700 1,696 Waco, Tex 6,422 5,543 6,320 j 5,902 5,140 4,920 | 5,947 ' 4,262 District No. 12— San Francisco: I. Bakersfield, Calif 2,523 2,123 1,956 I 1,733 Bellingham, Wash 1,726 1,825 1,943 1,689 Berkeley, Calif 3,901 5,535 3,942 3,634 3,674 2,839 4,672 2,856 Boise, Idaho. 2,993 3,034 3,018 2,957 3,151 2,916 2,705 3,015 Eugene, Oreg.. 1,815 2,700 2,220 2,600 Fresno, Calif 14,533 15,511 18,747 17,022 13,532 19,521 16,818 15,189 Long Beach, Calif 9,206 7,920 11,009 9,569 5,555 4,721 6,683 5,407 Los Angeles, Calif 126,900 117,872 132,573 123,543 109,743 90,312 128,073 103,040 Oakland, Calif. 22,742 29,947 26,294 22,363 19,538 17,895 19,512 16,904 Ogden, Utah 4,366 5,037 5,473 4,886 3,754 4,092 3,131 3,656 Pasadena, Calif 5,713 5,775 6,020 6,331 5,340 4,377 6,066 4,966 Phoenix, Ariz 4,140 4,337 4,065 4,432 Portland, Oreg 41,045 38,579 38,999 36,412 35,709 31,647 40,668 40,717 Reno, Nov 2,831 2,678- 2,769 2,684 2,468 2,231 2,951 2,471 Ritzville, Wash 197 202 216 142 Sacramento, Calif 17,537 16,328 18,605 13,263 17,523 14,998 19,151 j 15,978 Salt Lake City, Utah.. 14,718 14,569 14,921 14,419 16,600 11,232 16,222 j 13,084 San Bernardino, Calif.. 1,466 1,596 1,468 1,351 San Diego, Calif 8,531 8,584 9,404 8,864 7,354 6,133 8,337 7,177 San Francisco. Calif... 175,358 173,162 166,277 172,901 182,458 149,785 207,314 179,526 San Jose, Calif 5,978 6,277 5,258 6,815 ! 5,534 4,774 6,488 5,507 Seattle, Wash 37,017 35,798 39,000 37,461 ' 37,573 29,718 38,180 30,126 Spokane, Wash 12,549 12,130 13,417 11,599 13,347 9,342 13.988 9,581 Stockton, Calif 5,521 5,631 4,808 5,803 6,486 4,321 6; 016 5,056 Tacoma, Wash 8,656 10,903 10,077 8,364 8,737 6,880 11,750 | 8,029 Yakima,Wash 2,612 2,761 2,758 3,292 2,838 4,123 j 3,480 i Debits of banks which submitted reports in 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE CLEARING SYSTEM. OPERATIONS DURING SEPTEMBER, 1922. [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- Items for- duplications. banks, b F a e n d k e o ra r l b r r e a s n er c v h e . s T b e n r r v a F e n e c d b h e a r n c a k i l t y r o e . r - O e b r r u b a a t l a n s n r i c d e k h s e e o c F r r i v t e e y d . - I o t n o e f m S T t U s r a e t n d a e i r s s t a u . e w r d e n r T o d o f l t e d a d l u , p i e t l e x i m c c a l s u t i s h o i a v n n e s - . r o e t w s b h a e r e n a r a r d r v n d e F c t e h e h b d e d e a i s e t n r o . r k a ' s l p o a r w d i r t n a e o i s r n s d t b t a r e r i m b d a c a n t e . t n c o k h Amount. N m u b m e a m n b k b er s e . r of On par list. ! Sept. Sept. Sept, i Sept, i Sept. j Sept. ber. ber. Amount. N b u e m r. - Amount. N b u e m r. - I i Amount. d b u e m r. - Amount.^m-!Amount 1922 19212 1 3 92 0 2 , . 19 1 2 5 1 , . 19 3 2 0 2 , . I 1 1 9 5 2 , 1. 1 3 19 0 2 , 2 . I | 1 19 5 2 , 1. Boston i 567i 540.064: 3,535 396,79s' 189 16,573 4,291, 953,435 203 47,348 1,000,783' 893,254 429 437 260! 255!. New B Y uf o f r a k lo I ( 2,2 19 1 5 6 ! ^ 4,49 8 6 6 , , 2 3 4 2 0 1 , , 4, 4 9 4 2 7 5 66 5 1 5 , , 6 2 6 3 2 4 1 1 1,07 1 4 6 1 9 1 3 , , 9 4 8 94 8 8,2 6 1 58 5 1 . 5,2 1 5 4 1 3 , , 3 5 9 4 6 3 1,0 1 6 3 1 0 1 2 3 4 1 , , 7 4 2 6 0 7 5,3 1 8 8 7 5 , , 7 6 9 6 6 6 ! : 2,6 1 7 6 3 S , , 4 5 2 9 1 1 72 8 0 4 ; 7 8 1 5 0 26 78 1 ; j 25 7 1 7 ; - . Philadelphia ; 1,797i 794,465, 2,225 281,794! 173 25,431 4,195: 1,101,690 408 92,331 1,194,021! 1,040,045 714 700 4791 464;. Cleveland 704i 257,043, 1,384 160,576 93 6,822 2,181! 424,441 6,415 6,774 437,630 339,325 314 317 514; 5211. Cincinnati...... 202i 124,697' 831 77,270 78 9,124 * 1,1221 3212,744 5,153 4,011 1,019 221,908! 193,660 224 221 314| 321. 1, Pittsburgh 484 244,461! 879 103,037 54 5,256 1,417, 352,754 7777 38,936 8,466 1,234 400,156 326,286 344| 342 252; 237. Richmond 117 124,499i 1,926 276,274 54; 5,159 2,097; 405,932 149 63,426 9,323 2,054l '478,681! 411,014 468! 462 705! 742 571 566 Baltimore 258' 144,661, 729 75-370 56 6,043 1,043 226,074 103| 38,102 8,099 l,028| 272,275 243,084 1611 158 263; 271. Atlanta 623' 171,661, 383 46,643 40 4,307 1,046! 222,611 23| 8,920 3,674 492 235,205! 107,073 239; 221 a90 110, 481 519 Birmingham... 200i 40,965: 178 14,284 13, 1,289 391 < 56,538 18. 14,424 30,193 486 101,155! 63,9031 83! 75! 32 31 119 121 ' Jacksonville 64, 17,884' 146 14,216 101 1,010 220i 33,110 26 3,988 1, 190! 38,1841 35,275 76i 68 63! 145 148 N Ne a w sh v O il r l l e eans.... 6 5 9 7 1 | 2 3 9 9 , , 5 98 7 3 6 ! ' 2 1 1 1 2 2 2 1 0 4, , 3 0 8 4 1 8 3 2 9 6 , | 7 1 , , 2 80 39 3 2 2 9 2 5 0 1 6 5 1 1 , , 6 42 0 7 3 i! 1 2 1 , , 5 36 6 7 3 267! 5 7 5 3 , , 2 6 2 1 8 1 1 j 4 7 9 4 , , 2 1 0 4 8 5 8 5 6 6 , : 8 5 5 4 1 5 4 0 5 1 . 2 1 2 6 3 0 2 1 2 6 9 0 Chicago , l,054! 636,157 3,920 334,073 433 47,380 5,407! 1,017,610 34,127 4,879 1,054,263 914,323 1,318' 1,318 4,002,. S K M D S a t a a . i n n l n L l S S P S H L H D n E L O D L M O s a F o a e s e p a o l o o i r o e e m k e u s e a a l t o a s r u l n P u t t l t m i p t t e n a r k a C l i s v A t s l a e o o s L n c h h l a a p t e s i v e l a i n i a o n o a t n o h r i s t R i y g s n e . k m d l i c s l e o e o e a l c e C C k s i . . i t . t . y . y . . . . . I ' ' 1 4 2 2 3 1 2 3 1 1 2 3 8 0 0 4 5 5 3 7 6 9 5 2 4 8 7 7 8 " 7 1 6 8 8 8 9 9 6 7 2 0 2 9 6 0 4 7 '4 1 ! ! | 1 ! | , , J ! ' i ! ' j 2 1 1 1 1 2 3 2 6 4 4 2 4 9 3 3 S 4 5 2 5 2 3 6 5 9 2 9 9 0 6 5 9 2 3 2 1 6 4 2 ; , ; , , , , , , , , , , , , , . , O 5 2 4 4 5 2 7 3 3 2 4 6 6 4 6 8 1 6 3 1 8 2 1 0 3 5 7 0 8 2 5 4 9 5 9 O 2 1 4 8 8 3 8 2 3 9 8 6 9 6 5 0 2 ! , : . , ' ' 1 l 1 1 1 , , , , , 3 3 3 4 4 2 2 3 3 3 1 3 4 2 9 5 5 5 1 1 5 7 6 7 2 2 2 9 7 8 5 9 2 3 1 6 0 6 6 9 8 0 9 3 0 3 6 4 7 9 7 3 0 6 2 4 9 9 5 4 ^ ! , , ! 1 ! . i 2 9 2 8 2 2 6 3 2 1 9 3 4 1 5 8 1 1 1 6 4 5 7 2 3 8 5 4 9 3 1 8 6 3 4 1 9 4 2 , , , , , , , , , , , , , , , , , , , , 2 8 2 8 4 9 3 5 4 8 7 1 1 4 1 2 2 3 5 4 3 8 2 7 9 9 8 4 9 9 0 5 1 6 0 2 1 0 4 8 8 6 5 3 4 7 5 3 9 5 3 7 3 4 2 2 5 0 5 2 1 1 1 2 6 2 0 4 3 3 1 1 3 1 1 8 2 8 2 3 3 7 2 8 3 3 8 J 1 ! ! ' 1 1 ' j | l 6 1 1 4 6 6 9 9 2 4 3 4 1 5 1 1 1 1 9 1 0 4 , , , , , , , , , . , , , , , , , , , 9 3 1 3 0 3 7 2 4 9 4 7 7 4 7 5 6 5 8 7 6 4 2 7 3 0 1 9 8 8 9 4 7 3 2 1 2 0 9 8 1 8 2 3 7 3 8 3 8 8 8 4 1 8 0 4 2 2 8 1 1 1 ! j ; ' ! ! . ' : ! ! ! * 1 1 1 1 1 1 » , , , , , , ' 8 9 0 5 8 8 3 2 2 3 4 2 4 4 5 5 8 1 7 8 0 4 6 7 4 6 3 2 8 4 8 0 8 8 0 0 9 0 1 1 4 4 5 0 2 8 0 3 2 0 2 4 7 8 3 1 7 1 1 | ! ! ; ; 1 ! j i : i | 1 ; 3 3 3 3 2 3 1 2 5 5 3 4 2 2 5 4 8 7 2 1 8 2 2 4 1 9 5 7 6 2 0 4 5 8 5 3 9 7 2 8 8 5 8 4 , , , , , , , , , , , , , , , , , , 5 5 2 0 4 4 2 9 8 2 7 4 2 5 0 1 4 4 3 0 6 2 6 2 7 5 4 3 9 1 9 9 4 9 2 2 1 5 2 9 1 4 2 2 4 4 6 8 9 2 1 4 5 0 i ! ; ; ! ' ; . ' ' ' 2 1 2 0 4 H 8 2 2 8 5 9 6 1 ! ! ! ; i i 3 1 1 1 2 3 3 2 4 5 8 2 5 3 4 7 1 7 1 1 5 6 , , , , , , , , , , , , , , , , , , 7 1 9 7 3 1 6 8 6 5 3 4 2 2 1 1 7 9 2 8 7 8 0 1 7 9 3 6 3 7 1 6 9 9 0 5 3 4 7 3 0 5 0 8 4 9 7 1 9 7 4 8 0 9 1 0 2 6 1 9 , i , : , ' : ! . ' ! , ' i 1 1 6 6 3 9 4 2 4 4 3 0 1 1 1 1 1 1 , , , , , , , , , , , , , , , 6 9 5 0 9 2 9 3 2 8 0 1 1 4 7 4 3 3 2 8 8 6 3 8 9 0 2 4 7 6 7 8 7 0 9 7 8 8 1 6 0 6 7 0 2 2 5 8 1 2 1 3 3 3 5 7 1 1 ! ! : ; j 2 1 1 1 1 1 , , , , , , 0 8 7 7 3 2 2 6 3 4 3 2 2 4 7 4 7 3 7 1 2 0 5 0 5 5 2 2 4 1 3 5 1 2 9 0 1 8 8 9 6 4 6 3 3 5 1 0 6 9 8 6 3 5 8 5 1 3 2 5 ! ; 3 2 2 3 3 2 2 1 1 1 6 3 4 9 4 3 6 3 8 3 7 2 9 5 3 6 5 0 3 0 3 0 7 2 3 5 8 0 3 4 6 5 9 3 1 6 0 4 3 1 , , , , , , , , , , , , , , , , , , , , 6 6 4 1 7 0 6 1 3 5 9 9 4 8 0 0 2 5 1 2 6 8 4 7 5 2 7 5 4 2 3 7 5 9 0 6 8 4 7 3 6 7 2 5 8 8 2 6 9 2 2 2 0 9 6 3 9 9 2 5 1 1 1 ! ; , ! ! ! ; | | ! 2 4 2 2 2 1 1 3 7 3 6 3 2 9 9 2 4 1 4 7 5 7 0 8 3 9 6 5 0 7 4 1 1 7 5 4 6 9 4 1 3 7 0 3 5 , , , , , , , , , , , , , , , , , , , 2 4 2 2 2 4 7 8 6 3 1 8 1 4 4 5 7 2 2 0 8 8 4 9 5 3 8 3 4 3 4 9 0 7 8 8 6 6 8 4 4 5 0 0 6 5 8 8 8 8 2 7 1 5 1 5 3 1 ^ 1 1 l ; ! ! , ; , , ' ' j 6 3 4 2 8 3 1 1 1 1 1 1 1 1 1 5 5 1 6 3 2 9 2 3 6 6 6 8 9 5 6 7 0 9 2 9 0 4 4 4 1 8 5 1 8 6 5 9 3 5 6 0 9 8 6 - . 1 ; . : , | , ' i 1 j ! 6 8 3 2 2 3 2 3 1 1 1 1 1 1 1 1 0 5 6 6 5 1 3 9 7 3 7 6 2 6 6 3 8 3 0 7 3 5 2 9 9 1 5 5 1 1 6 0 1 1 5 3 4 2 2 1 1 2 1 1 , , , 4 7 4 2 2 2 4 9 2 2 2 3 7 1 1 1 1 1 2 0 2 2 6 5 0 7 8 3 0 7 1 2 5 5 9 4 4 5 0 9 8 5 9 5 4 8 3 8 4 9 2 7 2 7 9 2 1 0 ! 1 ! ! ! ! | i 1 1 ! | j 2 1 1 , , , 5 2 2 2 5 9 2 3 8 2 1 1 1 4 1 1 1 7 4 2 1 9 5 8 6 1 7 6 6 8 2 8 0 5 3 8 4 8 4 1 6 4 9 1 6 0 0 0 - 8 0 2 8 ! 9 : | 1 8 , | : l 1 j , i . . . ( L . . ' . . . . . . . . . . . . . . . , . . . . 1 1 1 7 5 5 2 5 4 6 1 7 5 4 8 1 16 1 7 1 Total: ! | I September 11,6969,355,722 34,560 3,514,998 3,140; 395,037,349,4111313,269,859! 3,437j 662,587 176,138 53,637 46,67914,108,584|l0,175,591' 9,917' 9,795 17,863 18,503! 2,276 2,121 August ...11,582!8, ! 8 05,142 ; 3 4,209 I 3,268,680 2,475j 405,488i 48,280! 12,482,226i 3,430, 625,249J 164,10152,497 45,93613,271,576jl0,136,135i 9,919 9,792 17,865 18,550| 2,281 2,078 1 Incorporated banks other than mutual savings banks. 2 Aug. 16 to Sept. 15. 3 Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee banks follows: Cincinnati, 11,000 items, $1,653,000; Minneapolis, 3,000 items, 82,046,000; Omaha, 1,000 items, 8403,000. Total, 15,000 items, .'54,102,000. NOTE.—Number of business days in period for Baltimore, Detroit, San Francisco, and Los Angeles was 24, and for other Federal reserve bank and branch cities, 25 days. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1380 FEDERAL, RESERVE BULLETIN. NOVEMJJKR, 1922. GOLD AND SILVER IMPORTS AND EXPORTS. . IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Gold. Silver. Countries. IMPORTS. Denmark . $469 j S3,236,497 !S.17,769,576 !?219 $370 France 690,866 2,070,389 !153,310,244 16,970,838 S53, 278 8,870 I 152,668 202,505 Germany 519,579 2,766 16,348,745 i 13,642 843, 241 16,445 | 5,036,023 698,034 Netherlands 820,277 4,842,500 18,501,045 I 4,958,516 1,669 2,474 Norway 542,120 1,534,985 i 8,422,690 1,700 ! 4,111 4,644 Spain/. • 3,243,238 34,943 307 i 16,328 71,819 Sweden 605,036 113,608 54,872,011 32,501,205 366 I 5,280 1,790 United Kingdom: , i England 16,955,333 8,442,467 160,063,787 84,441,232 ! 41,730 j 42,688 1,184,966 I 191,898 Scotland 151,320 i Canada „ !, 082,467 231,941 31,0.19,001 8,945,454 196,738 i 727,316 2,976,667 4,411,914 Central America 481,782 250,522 4,773,043 !3,454,696 56,784 ! 90,977 1,510,443 1,082,148 Mexico 437,103 674,190 4,044,241 i 4,524,172 2,696,850 . 4,155,275 26,643,560 36,862,589 "West Indies 605,602 120,402 6,163,479! 1,606,331 47,968 ! 32,624 292,071 493,681 Argentina 9, 797 9,946 928,020 I 20,983 3,113 , 312 18,592 6,149 Chile 163,535 17,377 283,772 ! 354,425 114,021 ' 75,318 1,331,466 1,505,840 Colombia 589,034 651,371 8,805,761 i5,655,558 14,230 j 50,313 130,805 • 217,532 Peru 158,552 191,181 1,022,978 !1,151,560 373,759 : 3,886,546 5,849,068 Uruguay 406,255 5,277,339 j 273,689 224 i. 3,077 I 2 167 Venezuela 90,320 53,741 1,042,350 j 705,812 ; 30 ; 19 2,586 2,262 China 836,482 970,556 37,379,222 !5,796,986 334 ! 4,940 7,775 6,684 British India !, 392, 564 27,195,724 302 i. 11,155 ! Dutch East Indies 106,828 227,447 782,485 '1,171,999 7,698 ! 74,797 383,019 470,808 11 on gk ong 5,580,825 i 14,730 396 75 Philippine Islands 122,861 143,377 958,575 j 499,766 | 3,095; 1,675 16,670 7,656 British Oceania 85,388 79,571 13,954,772 '3,800,785 ! 77 | 221 4,310 1,154 Egypt. 736,439 2,242,729 335,173 58 All other. 189,153 9,680,000 18,612,137 10,83J,484 33,218 | 194,999 683,492 1,071,867 Total. 66,085,253 29,315,941 561,177,005 |214,407,571 4,488,359 ! 6,370,279 44,304,850 53,163,329 EXPORTS. Spain 200 200 ' 707,000 i Sweden 2,643,013 ' 78,000 ! 600 600 United Kingdom—England. 3,264 ! 3,264 ,2,073,618 I 175,407 9,619,802 7,211,099 Canada 277,897 686,026 1,805,345 ! 1,549,596 , 266,983 | 301,764 1,896,600 1,767,049 Central America ! 12,127 i 1,043 j 281,343 6,850 Mexico "140," 999 372,025 5,304,749 i 3,344,794 235,987 109,753 1,789,674 1,744,182 West Indies 449 250,844 5,749 ! 10,000 1,646 419,437 26,805 Colombia: 10,000 239,500 805,703 China 100,000 I 100,000 1,052,461 763,590 6,952,768 15,232,731 British India 55,000 30,000 55,000 I 4,395,339 \ 1,025,464 651,923 2,872,057 7,204,863 Dutch East Indies , 60,000 j 435,010! French East Indies 528,000 1,320,000 Hongkong "i,"974,*645- 190,990 3,402,135 j 2,282,570 • 64,025 |1,719,775 7,588,604 10,291,079 Japan 217,170 ! 2,655,636 47,237 Allother "ir>,"853 24,600 ! 229,194 720* 900 367,986 Total. 2, 448,741 1,398,607 13,545,886 j 13,142,643 . 4,946,751 j 3,735,178 34,844,321 46,026,184 DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT NOVEMBER 1, 1922. Paper maturing within 90 days. Agricultural Secured by- Bankers' and live-stock acceptances paper Federal reserve bank. Commercial, maturing maturing Trade agricultural, within after 90 days, Treasury notes 1 Liberty bonds acceptances. and live-stock 3 months. but within and I paper, n. e. s. 6 months. certificates of indebtedness. Boston 4 4 4 New York 4 4 4 Philadelphia.. 44 Cleveland 4* 4h 44 Richmond 44 Atlanta 44 4^; Chicago. 44 St. Louis 44 ^ 4-| Minneapolis... ^ J Kansas City.1.. 4* 44 42 Dallas ? 44 4 San Francisco. 4 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL RESERVE BULLETIN. 1381 GOLD SETTLEMENT FUND. INTERBANK TRANSACTIONS FROM SEPTEMBER 22, 1922, TO OCTOBER 26, 1922 INCLUSIVE. [In thousands of dollars.] Changes in ownership Transfers. Daily settlements. of gold through trans- Balance in Federal reserve bank. fers and settlements. I f c U lo I) s (i e ^ o t f I period. Debits, l Credits. Debits. | Credits. Decrease. ! Increase. i Boston 30,500 6.000 698,341 708,353 14,488 : 31,513 New York 27,500 122,500 2,596,471 2,484,953 16,518 I 183, 111 Philadelphia... 17,000 6,500 789,746 ! 809,908 9,662 42,849 Cleveland , 26,500 1,500 623,862 I 669,602 20,740 72,203 Richmond 20,000 1,500 533,03(5 560,704 9,168 34,729 Atlanta , 12,000 5.000 275,469 I 286,969 4,500 23,109 Chicago 20,500 15,000 1,269,731 I1,233,409 41,822 100,824 St. Louis 7,000 13,000 I 594,302 ' 612,713 24,411 24,420 Minneapolis... 10,000 7,500 i 167,232 184,513 14,781 28,725 Kansas City..., 5,500 500 430,236 423,794 "*5,"442" 22,996 Dallas 8,000 500 ! 305,007 313,543 17,981 San Francisco.. 12,500 500 i 310,797 305,769 32,452 Total 5 weeks ending— Oct. 26,1922 197,000 197,000 8,594,230 8,594,230 84,298 84,298 614,912 Sept. 21,1922 118,500 118,500 I 7,126,677 7,126,677 528,538 O\JVc>Ot.. 2*.i7. ,1J9LO2^1J. • 429,552 429,552 I 6,497,759 6,497,759 497,573 Sept.22,1921 \ 549,586 549,586 i 5,841,285 5,841,285 415,517 MONEY IN CIRCULATION OCTOBER 1, 1922, [Source: United States Treasury Department circulation statement.] ! Stock of money Money held by j Money in circulation. the U. S. Trcas- ; Kind of money. i in the United ury and the F. i States. K. System. i Amount. Per capita. Gold coin and bullion 1 S3, S74,178,711 S3,461,284,263 ! S412,894,448 S3.75 Gold certificates 2 (686,114,659) 471,157,930 i 214,956,729 1.95 Standard silver dollars 402,754, 404 342,172,915 ,' 60,581,489 .55 Silver certificates 2(321,903,265) 44,125,527 i 277,777,738 2.52 Treasury notes of 1890 * (1,501,823) 1,000 : 1,500,823 .01 Subsidiary silver 270,772,00-1 34,414,974 '• 236,357,030 2.15 United States notes 346,681,016 65,187,741 '• 281, 493,275 2.56 Federal reserve notes 2,668,880,610 419,024,673"i 2,249,855,937 20.42 Federal reserve bank notes. 61,219.400 8,692,911 ! 55,526,489 .50 National bank notes 760,75i; 197 30,799,862 | 729,951,335 6.63 Total 3 4,876,861,796 J 4,520,895,293 41.04 Comparative totals: Sept. 1,1922 8,303,549,241 3 4,918,091,521 j 4,393,506,927 39.93 Oct. 1, 1921 8,150,752,689 I 3 4, 601, 232, 481 4, 664, 697, 904 42.99 Apr. 1,1917...... 5,312,109,272 I 3 3, 8%, 318,653 4,100,590,704 39.54 July 1,1914 3,738,288,871 j 31, 843,452,323 3, 402,015, 427 34.35 Jan. 1,1879 1,007,084,483 I 212, 420, 402 816,266,721 16.92 1 Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents. 2 These amounts arenot included in the total, since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under the 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, reserve system and money in circulation to arrive at the stock 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST RATES, CO 00 In the following table are presented actual discount and interest rates Comparison of discount and interest rates prevailing in various centers prevailing during the 30-day period ending October 15, 1922, in the various during the 30-day period ending September 15 and the 30-day period ending cities in which the several Federal reserve banks and their branches are October 15 shows a slight upward tendency. The increase is most marked located. A complete description of the several types of paper for which in rates for prime commercial paper in the open market and for bankers' quotations are given will be found in the September, 1918, and October, acceptances. Compared with last year all rates are lower. 1918, FEDERAL RESERVE BULLETIN. DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING OCTOBER 15, 1922. Prime commercial paper. Collateral loans-stock exchange. Ordinary loans to District. • City. Customers'. : Open market. S w r e a e c r c u e e r h e ip o d u t s s b . e y s c e u c s u t r o e m d e b r y s Liberty bonds. No.l... I Boston L. a //. 4 L * . 4 C 4 . \ I I 5 I - . i L 4 . 1 C 5 . ! j I 3 I 1 . L 3£ . 3 C $ . No. 2.... New York i 44 41 44 4 4-41 : 6 4 44-5 i 4 3J- 3*-4 Buffalo 4 4-41 6 44 5 i 6 5 6 ; No. 3.... Philadelphia 44 5 5J4 44 : S 41 No. 4.... Cleveland 4" 4.} : ;: 1 Pittsburgh 4i 41 6 3i| 3-& 34 ! Cincinnati 5 51 ! G 5-1 6 5 5-51 i 4' 4 4 No. 5... Richmond 41 j 45 4 41 5 6 Baltimore 5 5 No. 6.... Atlanta 4 41 ! 44 4 44 Birmingham 44 4H> 8" 41 41-5 Jacksonville Now Orleans 5 61 Nashville 6 7 No, 7.... Chicago 41 43-5 Detroit 5 51 No. 8..., St. Louis 41 51 Louisville 5 G Memphis 6 6 Little Eock 6 7 No. 9.... Minneapolis 5.} 6 Helena 7 7 No. 10.. Kansas City Omaha Denver Oklahoma City No. 11... Dallas El Paso Houston No. 12... San Francisco Portland 6 7 Seattle 8 6 7 Spokane 8 61 61 Salt Lake City 8 7 8 Los Angeles 10 6 1 Rates for demand paper secured by prime;bank&sf[acceptances, high 5, low 3J, customary 4-5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL, RESERVE BULLETIN. 1383 FOREIGN EXCHANGE. Sterling exchange advanced from $4.3869 rates on countries in the Far East the rate on on October 2 to $4.4748 on October 18. This China was lower at the end of the month than advance was due in part to the improvement at the beginning, while the rates on India and in the Near Eastern situation, and also to ship- Japan advanced. As a consequence of these ments of gold to the United States in connection movements of individual rates the general with interest payments on the British war debt. foreign exchange index for October was 67, By October 31, however, sterling had receded compared with 68 a month ago, and 61 in to $4.4536. Improvement for the month is October, 1921. noted also in Dutch, Norwegian, Spanish, and The German mark has continued its down- Swedish exchanges. These advances are in ward course almost uninterruptedly since the sympathy with the rise in sterling, but prob- beginning of September. At the end of October ably reflect also a heavy demand for foreign cur- the mark rate was 2.17 cents per 100 marks, or rencies by holders of German marks. The flota- about 0.14 per cent of its par value. tion in the New York market of a loan of $18,000,000 by Norway was also a factor in the situation. GERMAN MARK RATE The French and Belgian francs and the Italian ( PER CENT OF PAR ) 10.0 10.0 lira, on the other hand, show decided declines, 8.0 [ 8.0 the rate of 6.89 cents on the French franc re- S.O •«———— 1 ' 6.0 ported on October 26 being the lowest since 5.0 5.0 4.0 4.0 January, 1921. These declines are ascribed to 3.0 3.0 the continued difficulties in arriving at a solu- 2.0. tion of the reparations questions and to heavy V 2.0 \ buying of foreign currencies to pay for fooci -s.o and raw materials purchased in the United 0.8 A— 0 1 . . 8 0 States and South America. Canadian exchange 0 O . . 6 5 \ V 0 0. . 6 5 was consistently above par throughout the 0.4 0.4 month and has resulted in gold shipments to 0.3 \ 0.3 \ Canada from the United States for the first 0.2 time since the armistice. Argentine exchange \ 0.2 shows some improvement, while Brazilian and J. F. M. A. M. J. J. A. S..O. N. D. 0. F. M. A, M. J. J. A. S. 0- N. D.0.1 Chilean exchanges show slight declines.^Of the 1921 1922 t FOREIGN EXCHANGE INDEX 1918 - 1923 -GENERAL INDEX (EXCLUDING GERMANY) " ~ •• ARGENTINA ENGLAND *NETHERLANDS --—JAPAN « PER CENT 110 PAR _L 90 SO 70 60 EO 40 30 20 10 N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. £. 0. N. D. J. F. M. A. M. J. J. A. S. J0.. FN.. 0M.. A. M. J. J. A. S. 0. N. D. 1918 1319 1920 1921 1322 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1384 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. FOREIGN EXCHANGE RATES. [General index for October, 1922, 67; for September, 1922, 68; for October, 1921, 61. Rates in cents per unit of foreign currency.] COUNTRIES INCLUDED IN COMPUTATION OF INDEX. j Index (per cent Low. High. Average. of par), i Weight.* Par Monetary unit. of ex- October, October. S*epgt£em- October. Se b p e te r. m- O b c e t r o . - te S m ep b - er. O b c e t r o . - j i t e S m e b p c - r. Belgium Franc , 19.30 6.3900 7.1000 7.1500 7.4400 6.8580 7.2332 35.53 37.48 32 31 Denmark Krone 26.80 19.9200 20.2700 20.5900 21.4700 20.1908 21.0552 75.34 78.56 12 12 France Franc 19.30 6.8900 7.5400 7.6100 7.8700 7.3704 7.6592 38.19 39.68 95 100 Great Britain Pound 48G.65 436.6000 447.4800 447.3400 443.8484 443.0696 91.20 91.04 261 263 Italy Lira 19.30 ! 3. 8900 4.1700 4.3000 4.4100 4.1720 4.2676 21.62 22.11 42 42 Netherlands Florin 40.20 ; 38.7000 38.6300 39.2000 39.0100 38.9624 38.7932 96.92 96.50 37 38 Norway Krone 26.80 | 17.1600 16.6100 18.2600 17.1300 17.8600 16.8272 66.64 62.79 9 9 Spain Peseta 19.30 ; 15.1300 15.1000 15.3900 15.5200 15.2496 15.2992 79.01 79.27 20 20 Sweden Krona. 26.80 26.3900 26.2400 26.7700 26.5800 26.6488 26.4568 99.44 98.72 23 23 Switzerland Franc 19.30 j 18.0300 ' 18.6000 18.7300 19.0200 18.4208 18.7908 95.44 97.36 9 | 10 Canada Dollar 100.00 I 100.0122 99.8184 100.1399 100.0069 100.0807 ; 99.9332 100.08 99.93 187 | I Argentina Peso (gold) 96.48 j 80.3200 j 79.6800 82.2500 82.7000 81.4140 | 81.0832 84.38 l 84.04 31 ! 30 C B h ra il z e il M. P r. e ui s li o rce xi ( os p aper)....; , 31 3 9 2 . . 5 4 3 4 I i 1 1 3 1 . . 2 0 5 2 0 0 0 0 ! 1 1 1 3 . . 4 38 5 0 0 0 0 1 13 1 . . 8 5 0 7 0 0 0 0 j | 1 1 4 3 . . 0 6 4 4 0 0 0 0 1 1 3 1 . . 6 3 0 4 6 7 8 6 ! i 1 1 3 2 . . 7 5 2 3 7 9 6 2 3 6 4 9. , 6 9 7 8 " | . 3 7 8 0 . . 2 6 9 5 3 1 1 3 ! i 3 1 0 3 China Shanghai tael... 3 66.85 73.0700 ' 76.4800 76.7400 ;77.7700 74.8500 I 77.0140 111.97 j 115.20 52 I 51 India Rupee 48.66 28.4200 . 28.3200 29.1000 ;29.0300 28.8424 I 28.7412 59.27 59.07 29 ! 29 Japan Yen 49.85 47.9300 47.7300 48.2100 48.4800 48.0732 ! 48.0996 96.44 96.49 117 j 115 OTHER COUNTRIES. Index (per cent of Low. High. Average. par).1 Par Monetary unit. of exchange. October. te S m e b p e - r. October- ! temper. October' toX. I October. te X. Austria Krone 20.26 0.0014 0.0013 0.0014 0.0015 0.0014 0.00L4 0.01 , 0.01 Bulgaria Lev 19.30 .6314 .6133 .7000 .6558 . 6481 .6380 j 3.36 ! 3.31 Czechoslovakia Krone 3.0997 3.0019 3. 5922 3.5078 3.2845 3.2306 ;. Finland Markka 19.30 2.2119 2.1488 2.4886 2.2063 2.3239 2.1741 j 12.04 '• 11.26 Germany Reichsmark 23.82 .0216 .0594 . 0551 .0801 . 0332 .0684 ! .14 ! .29 Greece Drachma 19.30 2.0100 2.0400 2.8800 2.8900 2.3896 2.4724 ! .12.38 j 12.81 Hungary Krone 20. 26 . 0390 .0390 .0411 .0515 . 0402 .0423 ' .20 j .21. Poland Polish mark .0071 .0112 .0118 .0146 . 0095 .0127 !. Portugal | Escudo 108.05 3.7200 3,7700 6.7000 5.4300 4.8760 4.8256 4.51 4.59 Rumania j Leu , 19.30 .6106 .6009 .6531 .7350 . 6261 . 6559 3.24 3.40 Yugoslavia 19.30 1 . .3 3 6 4 4 0 2 0 1 . . 2 0 6 5 2 8 8 6 1 . . 4 8 7 8 0 5 6 0 1 . . 3 4 7 7 2 5 8 7 1 . .6 4 2 0 2 4 2 0 1 . . 3 2 2 9 1 2 1 6 8.41 6.70 Cuba ; Peso.... 100.00 i 99.8125 99. 8188 99.9125 99.9375 99.8700 99.88 99.87 49.85 I 48.1719 48.2125 48.4125 48.3875 48.2917 48.3006 96.87 96.89 Mexico ! do.. Uruguay ': do 103.42 I 76.1400 76.6200 77.7600 79.5300 77.0756 78.0132 74. 53 75.43 China Mexican dollar.. 3 48.11 53.4000 55.fi000 55.6900 57.2100 54. 5508 56.1500 113.39 116.71 Hongkong j Dollar 3 47.77 54.0000 56.9200 57.1600 57.9200 55.9552 57.3080 117.13 119.97 56.78 51.0800 51.2500 52.0400 52.0000 51. 7840 51.6440 91.20 90.95 Straits Settlements Singapore dollar. Average price of silver per fine ounce, in London (converted at average rate of exchange), S0.68956; in New York, $0.68405. 1 Based on average. 2 The weights used in calculating the general index for October are based on trade figures for the 12 months ended Aug. 31. The use of trade figures for a period ending 2 months, instead of 1 month, prior to the index month as before will enable the Federal Reserve Board to issue the index on the first or second day of each month without impairing the comparability of the figures. s 1913 average. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL RESERVE BULLETIN. 1385 FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES. A summary of banking and financial conditions abroad is presented statistically in the accompanying tables. ENGLAND. [Amounts in millions of pounds sterling.] Deposit and note ac- Government float- N^ne London clearing counts, Bank of Eng- ing debt. banks.3 land and Treasury. Iff! it! o-S Year and month. •3 ' I » I s u; •a t ! 5 1 Average of end of i month figures: • 1913 | 57 38 ! 15 : | ! 1,370 1920 | 103 348 ! 147 I 146 !1,078 ! 219 i 1,297 I 3,252 1921 | 108 327 i 136 | 157 i1,139 ! 182 I 1,322 97 1,176 309 I 1,768! 2,911 1921, end of— ! September | 106 314 118 157 i1,159 i 161 ' 1,321 99 1,186 302 1,771i 2,641 October | 104 312! 175 157; 1,124 i 214 1,338 102 1,196 ' 306 1,802| 2,938 November j 106 313i 144 157 !1,108 , 193 I 1,300 96 1,205 ; 311 1,793I 2,921 December i 107 326i 123 157 |1,060 200 1,260 106 1.191 : 315 1,818; 3; 173 1922, end of— j I January 103 , 305! 135 157 I1,039 !116 1,154 114 1.192 ' 333 1,826 •• 3,399 February 102 , 298j 138 157 | 957 i 112 1,069 111 1,152 I 357 1,802 i 3,088 March 103 300I 151 157 882 147 1,030 103 1,097 i 309 1,747 , 3,452 April 102 ! 303i 134 157 ! 759 |193 951 107 1,065 i 378 1,737 ! 3,305 May 103 ! 298 130 157 ! 771 |172 943 109 1,001 ; 392 1,745 1 3,307 June 103 ! 29o 131 157 ' 761 205 96-") 113 1,070 . 388 1,755 1 2,917 July 104 j 296I 122 154 755 • 159 914 110 I 1,056 : 386 1,730 j 3,236 August 103 , 293j 124 154 715 !153 868 105 1,020 i 390 1,688 . 2,885 September :01 ! 289I 121 154 724 I 148 872 104 1,007 381 1,660 1 2,690 October 101 I 287I 125 154 j 740 |179 919 105 1,033 | 3701,686 ! 3,124 I 1 Less notes in currency notes account. 2 Held by the Bank of England and by the Treasury as note reserve. 3 Average weekly figures. 4 Compilation of London Joint City and Midland Bank, British Government loans for national purposes excluded. 3 Statist figure revised to exclude "Germany, 8 Compilation of London Economist. Ratio of net profits to ordinary and preferred capital of industrial companies, exclusive of railways, mines, insurance companies, and banks. Applies to earnings disclosed during the quarter and has therefore a probable lag of six months. FRANCE. [Amounts in millions of francs.] Bank of France. Government finances. | \raiue of i Savings Y m ea o r n a th n . d , 1 re G se o r l v d es.1re S s i e l r v v e e r s. po D si e t - s.2 Ci t r i c o u n l . a- A p m G u d t e o o r v n p v o a t t o e f n h r f s e c o n e e - s r - s I- r G e m v o e v e n e n u r t n e . - . ._ 2 .. In d t e e b rn t. a . l _ . 1 . E d x e t b e t r . n 3 a < l' . P e re r n i n t c t e p e d e o r f - j a u n F p p i d s s r l o t n a s e o n e u c n b c w e e c o k t d s h h n e d ! ; j I | ; p e d b w o o x r a f s i o a c n i t d e w r h t k e s s - - s - s ( , + I ! ) j | A b o d P v a f a a e n i t r r k l h a i y s s e g . e ! the war. market, als (—). 1913, average j 3,343 629 ! 830 5,565 320 35,000 86. 77 1920, average 3,586 253 ; 3,527 38,066 1 26,000 1,005 57.34 1921, average 3,568 274 2,927 37,404 ; 25,300 1,103 56.56 1921. September ! 3,575 277 2,509 37,129 I 24,900 1,011 56.20 Octobor 3,575 278 2,563 37,154 1 25,100 1,305 35,286 54.30 November ! 3,576 279 2,563 36,336 i 24,500 1,051 54.90 December ' 3,576 280 2,743 36,487 ! 24,600 1,228 6 242,758 34,779 54.75 1 1922. • January ! 3,576 280 2,392 1 36,433 23,000 1,323 56.55 February i 3,577 281 2,429 36,151 22,500 1,014 59.55 March | 3,578 282 2,236 ' 35,528 21,500 1,154 243,857 35,716 56.70 April i 3,579 283 2,412 ". 35,787 ! 22,100 1,381 57.60 May I 3,579 284 2,303 " 35,982 i 23,100 1,176 57.70 June.. i 3.580 285 2,448 ! 36,039 i 23,300 1,225 57.95 July 1 3,582 285 2.432 i 36,050 ! 23,000 1,472 248,283 35,685 58.25 August ; 3,583 286 2,170 ! 36,385 ! 23,900 1,168 60.10 September ' 3,584 287 2,199 i 36,603 ; 2-1,000 1,154 61.10 October .-...; 3,635 2,170 ! 36,694 ! 23,600 58.25 1 Not including gold reserve held abroad. 4 Figure for the last Wednesday in the month. 2 From indirect taxation and Government monopolies. 5 Average for 11 months. 3 Foreign debt converted to francs at par. 8 Estimate in the French Senate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1386 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. ITALY. [Amounts in millions of lire.] ! Leading private banks.1 Banks of issue. Government finances. l Loans, Y m ea o r n a th n . d i l Cash. ( • i ! d c s u c p o e d o a o u i r f s n n n r r - e o d t ' d - s m - , : ! ! ! j D s d i c p e t o u o s o n p o r n t a o r s t e d n s . o - - - d c L o a d o u i n a s n d - n t s s . ! ; Gold , Total D t o ie p s o . s- l c C a m i c t r o i i e c a o m r u l n - - - . t a C i c o i c r n c o u u f l o n a r t - m T s H e r e e e r t a v r a e s e " l - . - I ; ! . i S t h r t e o e a r rm t s " ents. • 1913, end of Dec. j 129 J 2,007 ; 1,674 857 1,375 i 1,661 i 318 2,284 499 : 117 1920,endofDec.j 1,308 ' 16,539 15,810 7,074 1,058 i 2,077 ! 2,563 8,988 2,268 ' 161 1921, average...! 1,200 10,242 1 16,001 j 7,509 l',074 1 2,020 I 2,352 9,304 | 2,267 , 170 1921, end of— , | September.1 1,052 ! 17,223 . 16,825 | 7,327 1,073 i 1,986 : 2,124 9,785 8,395 2,267 ! 159 October...! 1,364 j 17,185 • 17,022 7,816 1,086 '• 1,990 ' 2,243 9,746 8,554 2,267 ' 159 November.! 6 ifi74 0 12,844 312,778 7,810 1,089 ! 1,948 i 2,151 9,435 8,485 i 2,267 I 159 December .:6 1,997 11,797 :*12,502 1 10,020 1,092 j 1,999 ! 2,91310,304 8,505 ; 2,267 1 170 1922, end of— I January...; '1,426 '6 11,334 ;«11,616 ' 10,156 1,109 ! 1,996 I 2,848 10,183 8,570 2,267 ! February..! »1,081 I 6 11*446 ,«n,482 1 10,029 1,100 I 1,971 j 2,582 9,631 8,626 2,267 i March I 3 965 1 6.1.1,407 in 1,403 j 9,833 1,118 I 1,956 2,687 j 9,589 8,523 2,267 April ; 3 9081 6 11,752 j*H,7O8 1 10,113 1,122 1,964 ! 2,473 9,360 8,350 2,267 3 841! 6 11 732 311,698 i 9,323 1,104 1,963 j 2,572 9,259 8,061 2,267 June ! 3 845! 611,980 3n 863 ! 9,505 1,106 1,976 ! 2,740 9,615 8,049 2.2G7 July j 3 861i 6 12,118 isi 1,890 1 9,051 1,125 1,991 i 2,524 9,947 8,050 2,267 August j 3 703; 6 12,161: -811,883 j 9,086 1,125 2,02-1 i 2.605 ! 9,695 8,050 September.; j ! 1 8,801 1,125 2,024 i 2;-199 ! 9,924 8,0u6 * Banca Commerciale Italiania, Banca Italiana di Sconto. Credito Italiano, Banco di Roma. 2 Includes paper circulation of the State and of banks on account of the State. 3 Revenues from state railways; from post, telegraph, and telephones; from state domain; from import duties on grain: and from Government sales of sugar are not included. < Figures for 1921 are based on quotations of Dec. 31, 1920=100, Those for 1922 are based on quotations of Dec, 1921«-100. s Revised. e Excluding Banca Italiana di Sconto. GERMANY. [Amounts in millions of marks.J Index of securi- Reichsbank statistics. Government finances. Value of ties prices.8 ..__.._ jDarlehns-j ,newstock| Y m ea o r n a th n . d bills. ! Corn- la c N i t r i o o c t u n e - .1 ! Deposits.Clearings. i k s l n a c a t h s c i s i e o r e i n c n n u . e - i - : ! ; R t e f X a r I c x U o e 1 e m L i s L p , t s ! R r Uo a f e i. i v l Ms w e t n aa a t u t y ee e s , ! I 1 i l T Ub a r li n tl e llS d a s i s Uo n u Uu g r t y t . -- 1 1 , I i ! , p a U m G l n a i t d s c eS a s e rO r b u m d k n e o e aa s n o t i nl , d n i j | j i o s + t ™ oc 2 » k l 5 & re - 1 i ] I b V c i/ n i 1 n d / 5 s ia - 1 counted. : | i._. 1913, average 1,068 1,958 i 668 6,136 207 ! 13 i 3220 ! I L. 1920, average 1,092 47,980 5533,996644 17,702 57,898 13,145 i 1921, average 1,056 83,133 80,952 20,213 89,297 8,861 ! 6,285 i 2,358 I 192,832 ! 2,655 ! 1921. September.. 1,024 98,422 1,142 86,384 19,980 ; 98,004 j 7,610 ' 4,908 i 2,599 i 210,504 i 1,534 October 994 98,705 881 91,528 18,303 119,496 ' 7,316 i 6,185 I 2,825 i 218,000 j November... 994 i 114,023 1,446 100,944 25,313 ! 140,493 ! 7,330 i 7,044 3,397 I 226,*76 ; 7,135 <269 December... 995 132,331 1,062 113,639 32,906 i 120,835 8,325 • 8,016; 4,329 I246,921 . 5,965 & 147 1922. ! January 126,160 1,592 115,376 23,412 ;116,680 i 8,046 ' 8,802 ! 4,415 j255,678 i 4,831 223 152 February 996 134,252 1,857 120,026 26,52(5 ,109,816 ! 7,977 ! 9,614 I 4,659 ;262,817 i 2,101 222 i 154 March 997 146,531 2,152 130,671 33,358 | 170,357 8,701 . 14,065 1 7,096 I271,935 i 6,416 274 ! 169 April 1,001 i 155,618 2,403 140,420 31,616 ; 175.977 ' 9,183 ' 13,193 i 8,997 !280,935 ' 3,992 265 ! 268 May 1,003 ; 167,794 3,377 151,949 33,12S i 179; 370 I 9.440 ' 17,619 i 10,984 !289,246 1 4,152 242 ! 297 June 1,004 186,126 4,752 169,212 37,174 ,191,414 I 10,374 ! 17,776 i 12,781 311,600 2,762 224 298 July 1,005 ".207,858 8,122 189,795 1 39,976 i 213,493 i 12,234! 21,547 ' 15,396 307,810 2,330 282 430 August 1,005 • 249,766 21.704 238,147 56,124: 374,856 I 13,383 i 31,466 ! 18,053 !331,000 2,468 299 662 September.. 1,005 | 349,770 50;234 316,870 110,012! 473,715 i 13,995 I 31,692 ! 25,332 ! 451,000 7,937 445 1,933 October*.... 1,005 i 477,201 101,155 459,457 104,779! 14,009 . 604,000 653 2,662 > End of month. * Calculated by the Frankfurter Zeitung with prices of 25 stocks, 10 domestic and 5 foreign bonds (prices as of Jan. 1,1921—100). These figures recently revised, now include subscription privileges which were heretofore omitted. Figures are as of beginning of month. 3 End of March, 1913. 4 As of Nov. 10,1921. & As of Dec. 30, 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1922. FEDERAL, RESERVE BULLETIN. 1387 NORWAY. [Amounts in millions of kroner.] Norges Bank. : Private commercial banks (103). Year and month. Gold Note • i Loans and iciearings ati Lijf Js Total Ban c k ie r s u . ptholdings. circulation.' i discounts. ;Christiania.| dis ^ ts . r a e g s g o r u e r g c a e t s e . i I • Number. 1914, end of July 184 123 i 14 i 8S i. 1920, average 147 451 ; 102 i 419 | G52 3,921 3,382 32 1921, average 147 417 i 111 I 443 ! 537 3,840 3,338 5,164 1921, end of— September 147 416 ' 85; 426 "| 637 3,844 3,319 5,224 100 October 147 411 113 i 453 I 589 3,742 3,275 5,196 79 November 147 395 i 121 ! 439 j 538 3,677 3,231 5,113 88 December 147 410 | 141 I •476 j 551 3,508 3,305 4,944 84 1922, end of— ! January 147 378 i 131 ; 433 ! 524 3,413 3,202 4,805 89 February 147 376 i 141 I 428 j 494 3,346 3,L72 4,755 78 March 147 385 I 151 449 ! 628 3.280 3,124 4,690 107 April 147 386 ! 143 447 516 3,302 3,118 4,755 78 May 147 375 ! 152 446 525 3,3(;7 3,086 4,783 129 June 147 385 ! 133 I 441 532 3,354 3,080 4,804 94 July 147 382 j 137 445 400 3,364 3,083 4,810 63 August 147 385 I 133 I 445 468 3,295 3,036 4,781 79 September 147 384 i 135 ! 444 447 3,200 3,004 4,737 59 i i Includes balances abroad. SWEDEN. [Amounts in millions of kroner,] Riksbank. Go fi v n e a r n n c m es e . nt Jo b in a t n -s k t s o . ck ! dur P in r g o b t i m e ll s s o te n d th.1 | i F ch o e a r x e n - i g g e n ! I | Value ofstock ness Index issues vear and month9 G l c a b i o o n u o i d n l l n - d . l c a N i t r i o c o t u e n - . po D s e i - ts. C in le g a s r . - F d S u e t n a b d t t e e . d F d S i l e t n o a b g a t t e t . - co R w B d u i i i i n k s l t - t l h s e s - d i ] ! ! | a c L n o d o u a n d n t i s s s . - ! renciieess num- d m r t u e e t o h r g r n i e e i n s t d h - g . bank. 1913, end of December. .1 102 235 108 585 628 20 139 2,287 4,314 2 309 258 24 1920, average 269 733 226 3,596 1,281 i 248 476 6,008 3,586 6 196 112.9 176 61 1921, average 280 661 193 2,715 5,948 6,907 15 432 121.8 121 31 1921, end of— September , 276 672 113 2,609 1,308 i 5,901 5,786 10 493 121.4 ! 114 13 October 276 650 126 2,310 1.393 | 341 5,837 6,449 13 505 124.9 ; 107 17 November 275 628 188 2,364 i;409 I 354 5,735 6,089 13 491 124.0 I 104 19 December 275 628 331 3,305 1,433 I 464 5,656 8,298 10 528 126.3 j 107 21 1922, end of— 1 January 275 563 337 2,332 1.434 84 421 5.654 6,345 9 509 126.6 i 109 18 February 274 579 340 2,122 1', 435 87 429 5', 572 6,272 10 398 129.2 : 94 18 March 274 626 312 2,354 1,435 90 447 5,474 7,559 13 513 128.3 1 89 23 April 274 582 301 1,936 1,434 92 404 5,430 6,965 12 400 126.6 100 15 May 274 567 293 380 5,378 7,581 10 430 124.8 I 115 50 Jane 274 585 247 320 5,388 6,599 10 ?62 125.6 ! 113 . 63 July 274 551 243 307 5,268 . 0,417 12 374 127.0 i 113 I 35 August 271 559 213 293 5,221 5,461 6 300 128.8 110 22 September 274. 605 288 5,181 371 130.5 103 1 Source: Kommersielia Meddelanden. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1388 FEDERAL RESERVE BULLETIN. NOVEMBER, 1922. JAPAN.! [Amounts in millions of yen.] Government Bank of Japan. Tokyo banks. finances. Index Year and month. l c a N i t r i o c o t u n e - . r n S e o p s f t e e o e r c r s v i . e e 2 c L o a d o u n i a s n d - n ts s . f v o b a A r i o n e l d n c i l g s - e . n s J d m i G a e e ts p r p e o n a o i n v n - n s t - - . J d i a v e t P s p p a r i o t a i - e n s n - . ! j j h C a o a n n s d h . l T o o an ta s l , i i l T c in l o e g a t s a r . - l A c r d o a a v i g u t s e e e n - r . t - l I o n n a t a e n l r s - . E lo n x a a t n e l s r . - C je p a c r p t o e i - t d al p s r e t i c i o c e u e f s r s i . - 3 ! 1913, average 363 216 47 () 7 ! 333 ' 364 ! 8.38 1,075 1,484 32 1921, average 1,226 1,200 107 297 50 ! 1,932 ;........ 2;572 ; 9.00 1,956 1,044 186 ! 194 1921. End of— September 1,232 1,232 101 32 ! 293 1,955 : 2,627 ! 8.28 2,026 1,362 191 202 October 1,255 1,255 157 30 j 309 1,993 " 2,679 8.50 2,088 1,362 198 198 November 1,283 1,264 197 30 ! 325 1.989 , 2,783 ' 8.79 2,118 1,362 14.6 190 December 1,246 1,246 298 26 I 203 2;ooo 3,340 s 9.20 2,149 1,362 222 191 1922. j End of— January I 1,377 1,241 224 56 277 35 i 110 1,984 1,743 ' 2,246 9.02 83 i 196 February I 1,246 1,223 172 26 ! 328 27 i 113 1,950 1,751 • 2,438 9.02 2,162 1,362 ! 200 188 March i 1,289 1,289 248 58 ' 422 29 141 1,963 1,749 i 3,099 9.09 2,185 1,359 : 163 182 April 1,226 1,263 267 61 i 520 30 ! 130 1,980 1,761 . 2,809 9.34 2,235 1,359 "' 217 160 May 1,203 1,203 178 50 I 469 33 120 1,973 1,748 i 3.143 9.42 2,264 1,359 " J10 168 June 1,344 1,223 179 98 ' 377 43 ! 122 1,998 1,798 3' 178 9.45 2,241 1,359 ! 121 170 July 1,224 1,220 133 82 i 427 35 127 1,970 1,802 2,766 9.38 101 165 August | 1,280 1,132 241 90 i 488 30 i 115 1,928 1,783 2,582 9.42 September I 1,237 •1,069 134 115 382 29 . 145 1,921 1,822 ; 2,750 9.38 October 1,236 1,068 • 160 142 ! 437 33 I 126 1,926 1,812 j 2,697 1 Figures apply to last day of month in case of Bank of Japan to last Saturday of the month for other items. 2 This includes the specie segregated against notes only. It includes gold credits abroad as well as bullion and coin at home, s Tokyo market. * During January, February, April, October, November, and December, 1913, Government deposits averaged 4,198,000 yen. During the rest of the year there was an average monthly overdraft of 8,942,000 yen. ARGENTINA. [Amounts in millions of pesos.] Banks.1 Banco de la Nacion. Caja de Conversion. Liabili- Clear- j ties of Year and month. ppa D ops c ei - trs).' | ( c v p o D a a a a u u n d p is c n d e - - e t r s s ). Gold C , a j s h P . aper. po D s e i - ts co D a a u n dd i L d n s - C - t C s S Gold C . ash. p P e a r - . ( B p A i u a n i i p e n r g e n e s r s o ) s . I I : ! (p J c N a a ir t p o i c o t e u e r n - ) . ' | ; | s G e r r e o v - l e d . ( m d p b r u c u a a o r i p p n e n i e n t k s t - r h g - ). •(paper). i End of— 1913. 1,464 1,541 62 435 541 ! 478 32 j 180 1,471 S23 i 263 14 1 1 9 9 1 2 9 0 . . 3 3 , , 0 5 1 3 0 0 2 2, , 1 5 1 0 3 5 6 4 6 6 ; j 1,0 7 8 7 1 1 1 1 , , 2 4 5 1 0 2 = 6 8 7 0 6 4 3 2 9 5 : j 2 4 6 0 8 6 2 3 , , 8 6 0 1 5 2 i 1 1 , ,3 1 6 7 3 7 : ' 3 4 2 7 0 6 3 1921. 3,375 2,543 36 ' 1,087 1,310 I 23 | 410 3,045 1 363 i 476 12 1921. i End of— A Se u p g t u e s m t ber. 3 3 ; , 4 4 4 4 7 4 2 2 , , 5 4 1 9 9 2 3 3 8 6 • • 1 1, , 1 0 5 9 2 3 1 1 . . 3 3 4 5 9 0 i 8 81 2 . 8 6 . I 2 2 4 3 4 4 0 3 3 1 | ' 3 3 , , 0 0 9 7 3 6 1 1 , , 3 3 6 6 3 3 4 4 6 6 6 6 1 8 2 October 3,391 2,467 36 1 1,172 1,311 803 i 23 448 | 2,909 1,363 466 16 November. 3,359 2,501 36 1,150 1,293 840 • 23 463 !2,133 1,363 466 13 December.. 3,375 2,54.3 36 1,087 l,3L0 866 i 23 ; 3,482 1,363 466 13 1922. End of— January 3,362 2, 529 36 1,064 1,3.10 419 j 3,014 1,363 466 10 February.. 3,362 2,565 36 994 1,3.1.0 913 j 383 I 2,593 1,363 466 8 March 3,31.3 2,51.2 36 98 L 1,272 884 I 383 3,298 1,363 466 16 April 3,304 2,489 36 999 1,283 887 • 393 :. 1,363 466 17 May 3,278 2,461 35 1,016 1,294 906 ; 386 I3,016 1,363 466 13 June 3,326 2,461. 35 1,060 i;329 933 ! 395 j 2,716 1,363 466 8 July 3,308 2,473 35 1,013 1,322 920 : 399 !. 1,363 466 7 August 3,356 2,491 35 1,041 1,353 946 : 407 i 1)363 466 ,7 September. 3,379 2,514 1,048 1,346 950 i 402 ,. 1,363 466 10 35 1 Including figures of Banco do la Nacidn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

I N D E X. Acceptances: Page, Germany: Page. Held by Federal reserve banks 1364 Coal situation 1308 Purchased by Federal reserve banks 1362 Cost of living , 1342 Argentina: Foreign trade 1346 Business and financial conditions 1314,1388 Index of industrial activity 1344 Foreign trade 1314 Reparations, review of, during past three years 1288 Live-stock industry 1314 Wholesale prices 1338,1340 Government finances 1315 Gold imports and exports 1284,1380 Australia, wholesale prices in 1338 Gold settlement fund transactions 1381 Belgium: Gov ernors of Federal reserve banks, conference of 1272 Cost of living 1342 Index numbers: Wholesale prices. 1338 Foreign exchange 1383 Bills of exchange drawn against actually existing values within the Foreign trade 1348 meaning of section 13 of the Federal reserve act, rulings on 1286 Industrial activity—England, France, Germany, Japan, and Bond issue, Treasury 1272,1296 Sweden 1343 Branches, foreign, of American banking institutions 1298 Ocean freight rates 1348 Brazil: Physical volume of trade 1351 Business and financial conditions 1316 Retail prices in principal countries 1342 Foreign trade 1316,1347 Wholesale prices abroad 1334,1336,1338 Government finances 1317 Wholesale prices in the United States 1336,1338,1340 Building statistics 1282,1357 India: Business and financial conditions: Cost of living 1342 Abroad 1300-1334,1385-1388 Foreign trade '. 1347 In the United States 1267,1274 Wholesale prices 1338 Canada: Italy: Wholesale prices 1337,1338,1341 Financial conditions 1386 Foreign trade 1347 Foreign trade 1347 Charters issued to national banks 1285 Retail prices 1342 Check clearing and collection: Wholesale prices 1338,1341 Gold settlement fund transactions 1381 Japan: Number of banks on par list 1379 Financial statistics 1388 Operations of system during October 1379 Foreign trade 1347 China, wholesale prices in 1338 Index of industrial activity 1345 Coal situation in Germany 1308 Wholesale prices 1337,1338 Condition statements: Knit goods production 1349 Federal reserve banks ' 1365,1368 Member banks: Member banks in leading cities 1365,1372 Condition of. 1365,1372 Corn crop estimate ' 1349 Foreign branches of 1298 Cost of living: Mexico: Austria - 1342 Monetary conditions 1318 Belgium 1312 Railroads 1320 England 1342 Money in circulation 1381 India 1312 Netherlands: Germany 1342 Foreign trade „ 1347 Poland 1342 Wholesale prices 1338 South Africa - 1342 Newsome, W. B., appointed Federal reserve agent at Dallas 12.72 Switzerland 1342 New Zealand, wholesale prices in 1338 Cotton fabrics, production and shipments 1350 Norway: Currency and banking conditions: Financial conditions 1387 Mexico 1318 Wholesale prices 1338 South Africa 1324 Oceanfreight rates 1348 Debits to individual account 1270,1375 Peru, wholesale prices in 1338 Denmark, wholesale prices in 1338 Physical volume of trade 1351 Deposits, savings, of commercial banks 1349 Poland: Discount and open-market operations of Federal reserve banks... 1361 Wholesale prices 1338 Discount rates: Cost of living , 1342 Federal reserve banks 1380 Price readjustment, discussion of 1267 Prevailing in various centers 1382 Prices: Dutch East Indies, wholesale prices in 1338 Retail, in principal countries 1342 Edge Act corporation organized 1287 Wholesale, abroad 1336,1338,1340 Egypfc, wholesale prices in 1338 Wholesale, in the United States 1283,1336,1338,1340 England: Railway situation: Cost of living 1342 England 1300 Financial statistics 1385 France 1303 Foreign trade 1345 Mexico 1320 Index of industrial activity 1313 Ramsey, William F., Federal reserve agent at Dallas, death of... 1272 Railway situation 1300 Reparations, German, review of/during past three years 1288 Wholesale prices 1336,1338,1341 Retail prices in principal countries 1342 Failures, commercial 1285 Retail trade, condition of 1283,1358 Federal Pacific Banking Corporation, organization of, under Edge Rulings of the Federal Reserve Board: Act !. 1287 Bills of exchange drawn in good faith against actually existing Federal reserve agents, conference of 1272 values within the meaning of section 13 of the Federal reserve Federal reserve note account 1371 act 1286 Fiduciary powers granted to national banks 1285 Savings deposits of commercial banks 1349 Foreign branches of American banking institutions 1298 Silver imports and exports 1284,1380 Foreign exchange index 1383 South Africa: Foreign trade: Central reserve bank 1329 Argentina 1314 Cost of living 1342 Brazil 1316,1347 Currency and banking conditions 1324 Canada 1347 Foreign trade 1324 England 1345 Gold production 1328 France 1346 Wholesale prices [" 1338 Germany 1346 Spain, wholesale prices in 1338 India 1347 State banks admitted to the system 1285 Italy 1347 Sweden: Japan 1347 Financial conditions 1387 Netherlands 1347 Foreign trade 1347 South Africa 1324 Index of industrial activity 1344 Sweden 1347 Retail prices 1342 United States 1284,1347 Wholesale prices 1338,1341 Index of 1348 Switzerland: France: Cost of living 1342 Financial conditions 1385 Wholesale prices 1338 Foreign trade 1346 Treasury bond issue 1272 1296 Index of industrial activity 1343 Uruguay, prices in 1333 Railway situation 1303 Wholesale prices: Retail prices in Paris 1342 Abroad 1336,1338,1340 Wholesale prices 1337,1338,1340 In the United States 1283,1336,1338,1340 Freight rates, ocean 1348 Wholesale trade 1283,1360 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS KANSAS C KANS. 2/-- OKLA. Oklahoma City DALLAS® SETKB—J J TEXAS BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES -: • FEDERAL RESERVE BRANCH CITIES © FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis